Full text of Commercial and Financial Chronicle : February 2, 1929, Vol. 128, No. 3319

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r•

The.

financial

brontrie
VOL. 128.

SATURDAY,FEBUARY 2 1929.

NO. 3319.

economies and savings. As a condition of its approval the Commerce Commission stipulates that
PUBLISHED WEEKLY
provision must be made for the taking over of cerTerms of Subscription—Payable in Advance
tain so-called short lines which intervened in the
12 Mos. 6 Mos.
Including"Postage—
$10.00
$6.00 proceedings. The Central authorities express entire
Within Continental United States except Alaska
0.75
11.50
In Dominion of Canada
13.50
7.75 satisfaction with the terms and conditions laid
and territories
Other foreign countries, U. S. Possessions
The following publications are also issued. For the Bank and Quotaothers is down and the merger arrangements, we may assume,
tion Record the subscription price is $6.00 per year; for all the
$5.00 per year each.
will now be carried through in short order.
MONTHLY PUBLICATIONS—
COMPENDIUMS—
BANE AND QUOTATION RECORD
PUBLIC UTILITY—(semi-annually)
RECORD
The amalgamation is important on its own acMONTHLY EARNINGS
RAILWAY & INDUSTRIAL—(four a year)
STATE N DAM u meipaL—(semi-annually)
count, being a consolidation scheme of the first magTerms of Advertising
still more because it is looked
45 cents nitude, but perhaps
Transient display matter per agate line
On request
Contract and Card rates
upon as a forerunner of other consolidations, espe°smut° OPTICS—In charge of Fred. H. Gray. Western Representative.
Street, Telephone State 0613.
III South La Salle
cially the union of roads and systems not at present
LONDON Crrricz---Bdwards & Smith, 1 Drapers' Gardens, London, E. C.
linked together in the way that the New York CenWILLIAM B. DANA COMPANY, Publishers,
tral roads are. During the last few years the Com•
Front, Pine and Depeyster Streets, New York
put a veto upon a great many
merce Commission has
Published every Saturday morning by WILLIAM B.DANA COMPANY. propositions for the acquisition of other roads until
President and Editor, Jacob Seibert; Business Manager, William D. Riggs
Treas., William Dana Seibert;Sec.. Herbert D.Seibert. Addresses of all, Office of Co many had begun to feel that the Commission would
turn down all propositions of that kind. As a matThe Financial Situation.
ter of fact, in a report made public June 2, 1927,
recomThe action of the Inter-State Commerce Commis- an examiner for the Commission had actually
to the plan for the mended that the Commission deny the petition of the
sion in giving formal approval
the unifiunification of the -New York Central Lines is a step New York Central for carrying through
that propositions
in the right direction and furnishes occasion for a cation plan, mainly on the ground
for includfeeling of much satisfaction. Along with the favor- of that kind should not neglect provision
short lines. The concluable returns of earnings which have been coming in ing appropriate connecting
case makes it
from the different railroads of the country for the sion now announced in the Central
the Commission is fully prepared to
month of December, it has had the effect of reviv- apparent that
of merger where the ciring confidence in railroad shares on the Stock Ex- sanction propositions
of the case warrant it and the arrangechange. At least the "rails" have been stimulated to cumstances
the interest of the public and
new activity and have enjoyed sharp advances all ments are deemed in
the roads themselves.
around, New York Central stock assuming strong of
As it happens, President Coolidge has seen fit to
leadership and rising to above 200, the stock touchhe considers its
ing that figure for the first time on Thursday and chide the Commission for what
its dilatoriness in
shortcomings, more especially
/
advancing still further to 20414 on Friday.
long.
Unification Plan simply reaching conclusions. There certainly has been
In essence, the Central
decision in some leading cases.
provides for the merger of the auxiliary and sub- delay in reaching a
the delays
sidiary roads in the Central system with the parent For ourselves, we are inclined to think
and have arisen out of the incompany. All the different roads involved are now have been inevitable
difficulty of
controlled through stock ownership, this ownership volved nature of the cases and the
and sifting the facts. What particularly
amounting in the case of the Michigan Central to gathering
over 99% of the entire stock outstanding and in the excited the displeasure of the President was the time•
case of the Cleveland Cincinnati Chicago & St. Louis, consumed in the railway mail cases, where the points
or "Big Four," to over 91% of the common shares at issue were under consideration for about three
outstanding and to over 84% of the preferred stock years and where the Commission ruled that the Govoutstanding and in the case of the Chicago Kalama- ernment must pay $15,000,000 a year additional,
zoo & Saginaw to the full 100% and likewise the making $45,000,000 for the three years. But from
full 100% in the case of the Evansville Indianapolis the very nature of the case, this railway mail matige Terre Haute and to over 97% in the case of the ter called for the gathering of a very extensive array
Cincinnati Northern. The unification plan aims of facts and figures, and also required numerous
at absolute amalgamation of the different roads tests in weighing at different points. In this state
concerned with the Central itself through 99-year of things it is easy to perceive that the inherent
leases and the acquisition of the small minority in- difficulties may have been such that with the utmost
terests still outstanding. The object, of course, is diligence it was not possible to expedite the case any
the elimination of many items of expenses that can- more than was actually done.
The President seems to have been especially vexed
not be avoided so long as the properties remain sepa,with what he terms the retroactive feature of the
rate units and it seeks also the attainment of other

'financial Chronicle




600

FINANCIAL CHRONICLE

[Vol. 1284

railway mail deoision, but on analysis, it appears at the Federal Reserve
institutions after the contracthat the decision is:not really retroactive in the com- tion of the previous
three weeks. This appears from
mon acceptance of the meaning of the word. The the fact that the
discounts at the 12 Reserve banks
commission .simply makes its decision as to rates combined
stand at $820,634,000 the present week
date from the time of the filing of the petition for (Jan. 30) as against
$782,114,000 a week ago (Jan.
higher rates. Nothing could be more eminently fair 23). The holding
s of acceptances bought in the open
and proper. The Commission having found that in- market are somewh
at lower,standing at $435,609,000
creased pay was due, it is difficult to see what other against $454,218
,000. Holdings of U. S. Government
course was open to it. The old rates of pay securities are
also slightly lower. Altogether, total
were questioned and the Commission had to de- bill and security
holdings this week are $1,467,039,cide what the rates should be. This having been de- 000 against $1,447,3
91,000 last week, but comparing
termined the rate had to be applied for the whole of with $1,234,9
86,000 a year ago on Feb. 1 1928. Fedthe period since the old rates had been challenged. eral Reserve notes
in circulation are again someWhile the Commission by its action in the New what lower, being
$1,645,494,000 against $1,660,967,York Central case has made it plain that no ob- 000 last week. Gold
Reserves at the same time have
stacles will be allowed to stand in the way of mer- risen from $2,648,090,000
to $2,667,184,000.
gers and amalgamations that are inherently sound
and in the interest of all concerned, it deserves to
The stock market the present week has followed
be noted that a railroad consolidation bill spon- much the same course as in
the weeks immediately
sored by Senator Fess of Ohio, said to have the ap- preceding. It was decided
ly irregular in the early
proval of President Coolidge and President-elect days of the week with sharp
advances in many of
Hoover, is about to be submitted by a subcommittee the specialties, but also extensiv
e declines in numerof the Senate Inter-State Commerce Committee. Ac- ous other stocks and with
little indication of any
cording to the Washington correspondent of the New general trend, either up
or down. The tone altoYork "Times," the Fess bill, which has been under gether was hesitating
and halting. Money rates
constant revision for months, is designed to permit were not much of a drawbac
k, call loans on Monday
the railroads to acquire other systems and to bring at the Stock Exchange
having been 6% with an adabout consolidations and combinations—in a word, vance to 7% on Tuesday
and to 8% on Wednesday,
to speed railroad mergers. The Ohio Senator is which was a more
moderate rise than had been feared
said to be of the opinion that the bill would pro- in view of the prepara
tions that had to be made for
duce, if enacted into a law, the greatest change in the 1st of Februar
y interest and dividend disbursethe railroad situation since the Government re- ments. On Thursda
y the market underwent a great
turned the roads to their owners after the war. This change. There
was no longer the slightest hesitancy
bill appears to have real merit and it is to be hoped or halting, but
a great display of buoyancy. The
that it will receive early consideration and be speed- "rails," even
during the early part of the week, had
ily advanced to passage. Then, indeed, would the been showing
unusual strength as a result of the deoutlook for the railroads be greatly improved.
cision of the Inter-State Commerce Commission favorable to the New York Central unification plan.
Brokers' loans still keep mounting in a very dis- Now the railroad
stocks led in a broad upward movequieting fashion. This week's return is for the close ment with large
and general advances, New York
of business on Wednesday night and shows a further Central touchin
g 200. The copper stocks also were
increase in the huge sum of $116,000,000 in the total again taken in
hand and advanced with great rapidof these loans on securities to brokers and dealers ity.
by the reporting Member banks in New York City
Under the impetus of the advances in these two
(the number of such reporting member banks in- groups of stocks, the
whole market swung upward
cluded being no longer disclosed), bringing the with a force and persiste
ncy that has not often been
grand aggregate of such loans up to $5,559,000,000, witnessed. On Friday, notwithstandin
g the further
at which figure comparison is with $3,816,000,000 at expansion in brokers'
loans, the upward sweep of
the corresponding date a year ago, showing an in- prices was
carried still further, though there was
crease for the 12 months in the prodigious sum of some reaction before
the close. The railroad stocks
$1,743,000,000. It is needless to say that this es- were again a
conspicuous feature and New York
tablishes a new high peak in all time, since that Central went
as high as 20414 There were like/
.
follows inevitably from the fact that the previous wise demonst
rations for higher prices in several
week's total already enjoyed that distinction as did other groups.
Dealings were again of moderately
that for the week before. For an outsider, there large volume,
getting close to 5,000,000 shares on
seems nothing to do about the matter, as the thing several days of
the week. Last Saturday the sales
goes on week after week, beyond recording the fact. on the New York
Stock Exchange were 2,402,750
meanwhile indulging the hope that the movement shares; on
Monday they were 4,978,900 shares; on
will be reversed before it ends in disaster.
Tuesday 4,291,600 shares; on Wednesday 4,284,450
In this week's further increase the loans made by shares; on Thursday 4,679,750 shares
and on Friday
the reporting member banks for their own account 4,970,700 shares. On the New York
Curb Market the
and those made for account of others have both con- transactions last Saturday
aggregated 1,439,500
tributed in an important degree, the loans for own shares; on Monday they were
2,358,200 shares; on
account having increased from $1,010,000,000 to $1,- Tuesday 1,950,200 shares; on
Wednesday 2,061,100
091,000,000 and the loans for account of others from shares; on Thursda
y 1,933,400 shares and on Fri$2,579,000,000 to $2,615,000,000. The loans made for day 1,821,300 shares.
account of 'out-of-town banks have remained unSpecialties again were a conspicuous feature in
changed at $1,853,000,000.
the dealings and most of them have large advances
Unfortunately, also, there is the present week a to their credit for
the week, though a few were lagrenewed increase in borrowing by the member banks gards, or else showed
an ebbing tendency. General




F12 1929.]

FINANCIAL QHRONICLE',

601 .

_ • _
stated, the railroad stocks have been
As already
Electric closed. yesterday at 256 against 253 on Friless so than the copper
/
Amer. Tel. & Tel. closed at 21978 star performers hardly
day of last week;
4
/
2
1
/ shares. New York Central touched 2041 yester135
against 206%; National Cash Register at
2
1
/
and closed at 202 against 195 the previous
.
/
against 137; Inter'l Tel. & Tel. at 223 against 21934 day
;
1
/
Hudson closed at 204 against 1952
Carbon & Carbide at 219 against 217; Radio Friday; Del. &
Union
;
2
/
against 1211 New Ha2
1
/
/
2
1
/ against 3601 8; Baltimore & Ohio at 127
Corporation of America at 402
at 225%
2
1
/
2
1
/
t 142 ; ven at 97 against 86%; Union Pacific
Montgomery Ward & Co. at 141% agains
/
Pacific at 26434 against 250;
220; Canadian
/
Victor Talking Machine at 15778 against 148%; against
Southern Pacific
270; Sears, Roe- Atchison at 206% against 198%;
Wright Aeronautic at 275 against
/
132; Missouri Pacific at 7478
2
1
/ against
buck & Co. at 166 against 169%; International at 136
/
Kansas City Southern at 9434 against
64%;
/
4
1
/
Nickel at 67 against 70; A. M. Byers at 15834 against
/
estern at 10634 against 104%;
American & Foreign Power at 04% 93; St. Louis Southw
against 161;
/
1
/
-San Francisco at 1192 against 11714;
1
/
4;
/
against'811 Brooklyn Union Gas at 1932 against St. Louis
49%; Rock
nsas-Texas at 53 against
/
191; Consolidated Gas of New York at 1161 8 against Missouri-Ka
112
4
/
Esland at 1373 against 135; Gt. Northern at
/
117; Columbia Gas & Electric at 155 against 14978:
2
/
Pacific at 1111 against
/ Northern
2
/
Public Service Corporation of N. J. at 911 against against 10914;
62%
/
1081 8; and Chic. Mil. St. Paul & Pac. pref. at
/
2
1
/
88 ; American Can at 11634 against 113%; Allied
4
/
/
Chemical & Dye at 291 against 27818; Timken Roller against 573 .
Warner Bros. Pic2
1
/
/
Bearing at 7878 against 78 ;
European securities markets have been irregular
tures at 129% against 126%; Commercial Solvents
price movements restricted in trading
2
1
/
/
Corp. at 24534 against 232 ; Mack Trucks at 109 this week, with
very broad. Both the British and the
against 111; Yellow Truck & Coach at 40 against that was never
markets followed with the keenest atten42; National Dairy Products at 137 against 131%; Continental
trend of the New York Stock Exchange, and
;
1
/
4
Western Union Tel. at 2053 against 1962 West- tion the
interest was also displayed in the ininghouse Electric & Mfg. at 161 y. against 145%; a great deal of
movements. The London Stock ExJohns-Manville at 238 against 233; National Bellas. ternational gold
in the opening session of the week
Hess at 204 against 206; Associated Dry Goods at change was dull
securities
2
1
/ with shares generally easier. Gilt-edged
65% against 66; Commonwealth Power at 126
with the major portion of
y along
/
/
/
against 12134; Lambert Co. at 13214 against 13378; shaded off slightl
only oil and
t 77%; and Bol- the list of industrials and other stocks,
2
1
/
Texas Gulf Sulphur at 77 agains
g a hardening tendency. Addirubber stocks showin
.
/
ster Radio at 70 against 6834
caused a downward
lower the early part of the tional selling Tuesday again
The steel stocks were
departments of the market. Some imweek, but recovered much of their losses in the up- trend in most
shown in the late dealings, however,
swing the latter part. U. S. Steel closed yesterday provement was
extended over into Wednesday's market
4
2
1
/
at 187 against 1873 on Friday of last week. Beth- and this
issues were leaders in the upward
/
2
1
/
lehem Steel at 86 against 841 8; Republic Iron & International
movement,stimulated by the rise at New York. Gilt
1
/
2
1
/
Steel at 85 against 83 ; and Ludlum Steel at 802
improved very slightly. Business
.
/
against 821 2 In the motor group General Motors edged shares
markedly Thursday, with fears of ad/
closed yesterday at 8278 for the new stock against slowed down
rates a dominant factor in the mar85 on Friday of last week; Nash Motors closed at vancing money
funds were quiet along with British
/
112% against 11634; Chrysler Corporation at 111% ket. British
International list
2
1
/ stocks generally, although the
against 118%; 1 Studebaker Corporation at 95
able activity. This was atmeasur
1
/
/
against 97; Packard Motor at 1382 against 14234; again showed
from America. Prices
/
at 8914 against 87; and Hupp tributed to insistent buying
Hudson MOtor Car
yesterday's market, with trading more
/
Motor at 791 8 against 79. In the rubber group Good- were steady in
earlier sessions. Industrials were
year Tire & Rubber closed yesterday at 131 against active than in the
demand with gramophone, tobacco, arti129 the previous Friday and B. F. Goodrich at 100 in better
issues well supported. The
/
2
1
/
against 97 , while U. S. Rubber closed at 5178 ficial silk and textile
gilt-edged division also was firm.
/
against 50% and the pref. at 871 2 against 87.
The Paris Bourse showed a better tone during
The copper stocks were the spectacular feature in
of the other European
the week's forward movement and the price of the most of the week than any
active and prices were firm
metal yesterday advanced further from 17 to 17%c. exchanges. Trading was
, notwithstanding
per lb. Anaconda Copper yesterday closed at 127 in the opening dealings, Monday
ng sales based on the advance
/
against 1231 2 last Friday; Kennecott Copper closed fairly extensive realizi
ed, and bank,
1
/
/
at 161 against 15318; Greene-Cananea at 1802 of last week. These were easily absorb
stocks led the market as a whole
against 177%; Calumet & Hecla at 54% against metal and electrical
was again firm
/
53%; Andes Copper at 50% against 501 8; Chile to higher levels. The Paris market
trading slowing down in anticipation
Copper at 92 against 89%; Inspiration Copper at Tuesday, with
opening
4
/
483 against 46%; Calumet & Arizona at 127% of the month-end settlements. After a weak
the Bourse staged a further recovery
against 125; Granby Consol. Copper at 89% against Wednesday,
gave tone
/
/
8818; American Smelting & Rfg. at 11934 against based on strength in the same groups that
market earlier in the week. The month-end
/,
11078 and U. S. Smelting Ref. & Min. at 68% to the
under favor1
/
.
against 682 In the oil group Atlantic Ref. closed liquidation Thursday was accomplished
confidence.
/
yesterday at 601 2 against 59 on Friday of last week; able conditions and in an atmosphere of
marked
4
1
/
/
Phillips Petroleum at 3978 against 39 ; Texas Money was plentiful and share values were
The Beray.
;
2
/
Corp. at 61% against 611 Richfield Oil at 45 up. The tone was again firm yesterd
y and
1;
/
Oil at 40 against 402 Stand- lin Boerse was listless at the opening Monda
against 44%; Marland
with final quo/
1
/
ard Oil of Ind. at 982 against 901 8; Standard Oil prices dragged throughout the day,
lower. The
/
N.J. at 501 8 against 51%;Standard Oil of N.Y. at tations generally -two to three points
of
s Tuesday because
/
8
/
.
%
418 against 425 ; and Pure Oil at 24% against 2414 market became extremely nervou




602

FINANCIAL CB1CONICLE

of the suicides of two prominent Berlin bankers, Carl
Boettcher and Max Dukas, partners in the banking
house of Katz & Wohlauer. As a result prices dropped rapidly until leading banking firms intervened
and prevented what threatened to become a drastic
break. Losses were general and heavy. A degree of
steadiness was manifested Wednesday, althou
very little business was transacted. In Thursd
session the Boerse showed greater confidence, although rumors of failure were current. Month-end
settlements were easy, but trading remained within
narrow limits. The declining tendency was again
resumed yesterday.

[Vols. 128.

concerned that the American experts, while serving
apart from the United States Government, nevertheless are in understanding with the Government
"
Mr. Morgan and Mr. Young sailed for Paris last
nigs on the Aquitania.

Consideration of the Kellogg Treaty renouncing
war as an instrument of national policy was begun
in several important European Parliaments this
week, and it is expected that ratification will shortly
be announced by Britain, France and Germany,
among others. Formal statements were made
in
London,'Monday, to the effect that the British Government intends to ratify the compact without resKeen interest was again displayed this week in all ervati
ons or further discussion, as soon as the Doimportant capitals regarding the forthcoming meet- minio
n Governments are in a position to act also.
ings of•the Experts' Committee on German repara- The
Conservative Government was questioned in
tions, which will assemble at Paris on Feb. 9 for its
Parliament, Monday, by Commander Kenworthy, of
first scheduled meeting. Early this week,Dr.Hjalmar the
Labor Party, as to when the pact was to be
Schacht; President of the Reichsbank and one of the broug
ht before the Commons. Sir Austen Chambertwo German experts, was in Paris for conferences lain,
the Foreign Secretary, replied: "Opinion in
with M. Emile Moreau; Governor of the Bank of both
houses of Parliament from the first declared
France. A statement was issued in Paris to the itself
so strongly in favor of ratification, and this
-effect that Dr. Schacht's visit was merely one of view
was so unanimously expressed in the course of
courtesy in return for a visit M. Moreau paid him the
debates which have already taken place, that any
some time ago in Paris, but the French capital was
further discussion of the Treaty appears to his Majnevertheless filled with rumors of important discusesty's Government unnecessary. The Government
of
sions of reparations between the two bank officials. the
United Kingdom proposes, therefore, to deposit
Dr. Schacht returned th Berlin Tuesday.
their ratification as soon as the Governments of
the
In London it was stated Wednesday, according to
Dominions are in position to act." In reply to a fura dispatch from Edwin L. James,special correspondthere question, the Foreign Secretary said: "As reent of the New York Times, that the former Allied
gards reservations, there are no British reservations
Governments are-now in agreement and that they
any more than there are American reservations
."
will indicate to the Experts' Committee soon after
Ratification by the French Parliament is expected
it meets that an acceptable final plan for a repar
a- within a fortnight, according to an Associated
Press
tions settlement should provide payments from Gerdispatch of Wednesday from Paris. The Foreign
many for as many:years as they must pay the United
Affairs Committee of the Chamber decided to report
States. Statenients are under preparation, the refavorably for ratification and appointed a Deputy to
port says, combating from a legal point of view the draw
up a report. This will be ready within a week,
contention that the'Dawes plan was only intended it
was said, so that ratification of the compact can be
to be operative over -a period of 37 years. This is put
on the calendar of the Chamber forthwith. A
merely the period provided in the Dawes plan for the bill
ratifying the treaty was introduced in the Reichamortization of the railroad and industrial bonds, it stag in
Berlin on the same day. It will come up for
was pointed out, whereas:no stated time was fixed
debate Feb. 2, and no difficulty is expected in securfor the operation of' the plan itself. These points ing
prompt passage. The Government of Yugoslavia
were brought out, the Times correspondent indicated, ratifi
ed the pact last Saturday.
as the forerunner of an attempt to make the operaTreaties of arbitration and conciliation between •
tion -of- the • projected new plan coincide with the the
United States and Hungary were signed at the
period of time
-62 years— during which the Allies State Department in Washington
, late last week, by
have to pay'the United States.
Secretary of State Frank B. Kellogg and Count LasIn Paris extensive preparations were under way zlo
Szecheny, Hungarian Minister to Washington.
for the meetings at the Hotel Astoria, where the The
compacts are similar to those which have been
principal negotiationain Paris will take place after concl
uded between the United States and a number
the initial meeting-at the Bank of France. It was of
Governments in the past year. Additional treati
es
learned by the Paris correspondent of the New York of arbitr
ation and conciliation were concluded early
Evening Post, Thursday, that alternates have not this
week between the United States and Abyss
inia
been invited to sit in-the sessions, which will, there- at Addis
Ababa by American Minister Addison
E.
fore, be attended only by the fourteen experts, unles South
ard and King Tafari Makonnen. Signi
s
ng of
a principal should be absent for any reason. In the treati
es by the King constitutes ratification
by
Washington, the American experts, Owen D. Young the Ethiopian
Government, the State Department
and J. P. Morgan, held final conference with Mr. announced,
s
Wednesday. It was indicated that
fif'Coolidge, Wednesday, preparatory to their departure teen arbitr
ation treaties and eleven conciliation
for Paris. They conferred with Mr. Coolidge for an treati
es have been signed by the United State
s since
hour and a half and later talked with Secretary of Secretary Kello
gg took office. Eighteen arbitration
State Kellogg and Secretary of the Treasury Mellon. and eleven
conciliation treaties are still
in
The meetings were officially described as calls of process of
negotiation. Among the latter
are
respect before the departure of the two American ex- the arbitr
ation and conciliation compacts which
perts for Europe." The chief significance of the meet- it is propo
sed to sign with Great Britain.
ings," a Washington special to the New York Times These have
been before the British Government for
said, "was the•notice•it afforded the other powers some time and
were the subjects of formal queries




FEB, 2 1929.]

FINANCIAL CHRONICLE

603

solved the problem at once. Nearly fifty nations
represented at Geneva have been trying to find a
common measure for a limitation of armaments. I
venture to say it is inconceivable that with patience
and at the proper and opportune moment the friends
of disarmament should not be able to resolve the
technical difficulties which hitherto have prevented
their reaching an agreement. We have a widely scattered empire, the connections of which pass across
the oceans and seas. The United States is.a compact
nation, upon a continent separated by the ocean from
the passions, troubles, hatreds and prejudices of the
Old World, and is self-supporting, self-contained,and
independent. Between.their circumstances and ours
• Naval armaments and the problem of their effec- there is an immense gulf fixed by history, and
tive limitation have come in for a good deal of dis- geography. Their needs are different from opts, our
cussion in international councils during the past needs different from theirs. Here in Britain we pride
week. While debate has been in progress on the fif- ourselves on our loyalty to friendship. I said ,in-this
teen cruiser bill in, Washington, an important state- town not so long ago that this country would not
ment by Sir Austen Chamberlain, Foreign Secretary sacrifice an old friend to a new -one., alt was a;phrase
in the British Cabinet, has served to clarify greatly which,taken in connection with-another subject, was
the troublesome matter of agreement on limitation. misunderstood in some quarters of America. -I reIn the meantime, also, the question has been raised peat tonight that we have no nearer.or.dearer-friendwhether a new type of cruiser which Germany has ship that our friendship with the United States- - As
been able to develop has not robbed the present dis- we seek to be loyal to other friends,,so we will seek to.
cussion of limitation of much of its import_ In Italy, be loyal to that nation which-is nearest awl- most
the Council of Ministers, with Premier Mussolini akin in racial and moral outlook of all the nations of
•
presiding and holding seven of the thirteen Cabinet the world."
These statements aroused great interest throughportfolios, decided on a program for laying down
thirteen new war vessels. Finally, the Administra- out Great Britain, where the press, regardless of
tion in Washington began preparations for the forth- political affiliations, joined in praising the Foreign
coming conference in Geneva of the Preparatory Secretary for his efforts to minimize the "supposed
Commission for a Disarmament Conference of the antagonism between this country and the United
League of Nations.
States on the subject of naval armaments." This
The statement by Sir Austen Chamberlain, made editorial comment by The Morning Post of London
at a function in Birmingham last Saturday, at which was echoed by Liberal and Labor journals. The
American Ambassador Alanson B. Houghton was question of limitation of navies was also raised in
present, concerned the difficult point of parity be- the House of Commons, Monday, by Commander
tween the British and American navies. "We admit Kenworthy, Labor M. P., who asked Sir Austen for
freely and willingly the parity between the United an indication as to whether the Government intends
States forces and our own," Sir Austen said. "This to reply to Secretary Kellogg's note of last Septemis an admission which we have never made to any ber rejecting the Anglo-French naval compromise
other nation and which we should have made to no agreement, but.stating American willingness to conother nation," he continued. These remarks were sider an alternative basis of limitation. Sir Austen
prefaced by the statement that "there is at bottom replied: "It is, of course, open to either Government
but one difference we have had with the American at any time to make fresh proposals to the other if
Government, a difference which resulted in the fail- they think they can usefully do-so; The whole matter
ure of the three-power naval conference at Geneva, a is under consideration by his- Majesty's • Govdifference as to how we shall apply limitation of ernment. At present we have no fresh proposal
•
naval armaments fairly and justly to our different to make."
circumstances and conditions. It is ,important to
The thorny issue of the construction of 10,000 ton,
observe that the difference between us even then was cruisers armed with 8-inch guns, so much discussed
not a difference of principle." Indicating at this at the three-power Geneva conference a year. and a
point that fundamentally, parity was freely admitted half ago, was given a new -twist -by.-construction of
by the British Government, Sir Austen added:"That "Panzerkreuzer A" by- the German Government,
is the real problem about which so much has been which is not bound by the Washington naval treaty.
said and which, just because of our sensitiveness to This vessel, a London dispatch of Jan:29 to the New
anything which even for a moment divides us from York Times indicates, is far superior in coMbat.powour friends across the seas, has grown out of all pro- ers to the cruisers America and England are now
portion in public controversy, until there is a certain building. The Washington Treaty set-10,000 tons as
danger that by talking about it so much we shall the limit of the size of future cruisers and ,8-inch
really create a difficulty which does not exist, and guns as the limit• of their armament. The German
magnify out of all proportion whatever difficulties crusier is to be • a 9,000 ton -ship, carrying heavier
do exist.
•
guns than are •allowed on -treaty-cruisers and with
,"The problem is to find some conclusion whereby superior protective power, albeit with less speed. As
we , can measure naval strength so that the parity the ship mounts six 11-inch guns and is stoutly arm.
which both nations desire may be reached at levels ored, it is commented by the naval expert of the
which will not increase the armaments of the world, Ddily Telegraph that she could "blow any. cruiser
Nit bring a reduction. Do not let anyone on either with 8-inch guns, out of the water." "It-seems inOP of the Atlantic be,discouraged -if
, have not evitable, therefore,",this authority.,adds,.;"that the

in the House of Commons, Wednesday. In reply,
Sir Austen Chamberlain stated that the delays were
occasioned by the need of obtaining and studying
opinions from all the British Dominion Governments. Further exchanges of opinion would be necessary, he indicated, before a reply could be sent to
America. "In this connection," the Foreign Secretary said, "it should be remembered that the attention of all our Governments was, for a considerable
part of last year, concentrated on negotiations for
the treaty for renunciation of war. It was necessary
to bring these to a conclusion before taking up more
. definitely the question of an arbitration treaty."




604

FINANCIAL CHRONICLE

[Vol,. 128.

Oerman type of ship will upset the balance of power party. British unemployed, meanwhile, according
which the treaty was designed to stabilize."
to the returns of the Ministry of Labor, totaled
Italian naval construction, accord:ng to the decis- 1,435,000 on Jan. 14, or 241,187 more than were union arrived at by the Council of Ministers in Rome employed a year earlier.
on Jan. 25, is to be resumed actively in June. The
program decided on concerns the laying down of two
Diplomatic representations have been made by the
battle cruisers of 10,000 tons each, two light scouting United States State Department, through the usual
cruisers of 5,000 tons each, four destroyers and five channels, to the French Foreign Office concerning
submarines. The Council meeting was devoted the proposal of the French tax authorities to assess
largely to naval affairs, for besides the regular mem- additional levies against American and other forbers, there were present Admiral Sirianui, Under- eign concerns operating in France as subsidiary
Secretary of the Navy; Admiral Marquis Thaon di French corporations. American Government offiRevel and Admirals Acton and Burzagli. The Coun- cials, according to a dispatch of Jan. 29 to the New
cil also decided, a Rome dispatch to the Associated York Times, have pointed out to theTrench that the
Press said, that the light scouting cruisers shall have application of the new 18 per cent tax provision,
a corresponding armament of the Condottiere type. which is now under review by the French Supreme
Italy already is building four vessels in that cate- Court, would probably force most of the American
gory. "The decision met only acclaim in Govern- companies to transfer their factories and offices to
mental and newspaper circles," the dispatch re- other European countries where the taxation is less
ported. "It was hailed as a measure necessary for severe. "If Americans are forced to to go to that
the security of the nation and no word was breathed length," the reports continue, "it will be possible
concerning the expense of the undertaking."
for them to continue their French business through
•.' Action taken by the United States Government in native French agents and as the latter, under French
preparation for the meeting of the Preparatory Dis- tax laws, are exempt from the taxes over which the
armament Conference in Geneva on April 15, con- present controversy arose, the French. Government
sisted of the recall of Hugh S. Gibson, American would lose accordingly the several millions of dollars
Ambassador to Belgium, for conferences concerning a year which it now receives in taxes from such
the American program at that meeting. Mr. Gibson American enterprises. It is understood that the
Is due to arrive in New York on the Leviathan Feb.23 American representations have been listened to with
and is expected to return to Europe at the head of much attention and the Foreign office is believed to
the American delegation to the conference. "In the have promised to reply as soon as the necessary indiscussions here over the details of the forthcoming vestigation can be completed."
sessions, he will act as a bridge between the outgoing
Some divergence of views is reported among AmerCoolidge and the incoming Hoover administrations," icans in Paris as to the intentions of the French tax
a Washington special of Monday to the New York authorities in levying the tax. It is held in some
"Times" said. "He will go over the subjects with the quarters that the tax is aimed primarily at "cerpreEent Administration and will then continue his tain foreign concerns, which until now have avoided
studies under the new Administration until late in payment of the 15% profits tax and the 18% tax on
March," the report added. From Geneva it was re- distributed profits or dividends by the simple proported on the same day that Erik A.Colban, director cedure of showing no profits whatever." Elsewhere
of the disarmament section of the League of Nations, it is contended that the tax officials have already
had departed for a tour of European capitals in order intimated their plans for collecting the new 187 tax
0
to discuss the agenda for the meeting.
frem everyone. "In order to conform to the require.
ments of this tax," the dispatth adds; "the foreign'
A tour by the Prince of Wales through the coal companies would be forced to produce a. statement
mining regions of Durham and Northumberland In French of the earnings and profits of their parent
again called attention in England this week to the companies and all the branches outside France: This
bitter poverty and hardship that prevails in this would entail another unfair burden, according to
afflicted section of Great Britain. The tour was un- foreign business men here, and the net'result of the
dertaken by the Prince, not only as heir to the throne, whole situation would be to make the further conbut also as royal patron of the Miner's Relief Fund. duct of business in France on the present basis not
Something like 900,000 miners are out of employment worth the effort."
in.this district and in South Wales, owing to the
plight of the British coal industry generally, and
Swift action by the Government in Spain, Tuesconditions have been getting worse for several years, day, nipped in the bud a revolutionary movement
with little hope of improvement. It was chiefly in that was described as "nation-wide" by the Premier
the hope of relieving the conditions here that succes- and Dictator, Primo de Rivera, although it gained
sive British Governments fostered their schemes of real headway only in Ciudad Real, 100 miles south
emigration 'to the Dominions, and their "transfer- of Madrid, where a regiment of light artillery reence of industries" plans. By these means thousands volted. The first news of the movement was given
of the miners have already been sent overseas, or out by General de Rivera in a statement before the
trained for employment in other trades. Those that National Assembly. "The Government believes it a
have remained are in distress that is truly appalling, duty in loyalty to the Assembly and to the country
for their troubles are in no sense of their own mak- to state," he said, "that an outbreak timed for last
ing. The Prince made his own way through some of night all over Spain has signally failed everywhere
the muddy roads on his trip through the coal dis- except at Ciudad Real, where the First Regiment of
tricts. "This is positively ghastly," was his exclama- Light Artillery in the garrison there revolted .this
tion as he groped his way through dark poveity- morning and brought its guns into the stret, occustricken cottages. He concluded his tour Thursday pying the small barracks of the city guard, placing
and proceeded to Melton Mowbray to join a hunting its guns on the road crossing and stopping railway




Via. 2 1929.]

FINANCIAL CHRONICLE

traffic on up and down lines. The Government is
resolved to suppress the revolt at onceand to take precautions to prevent any repetition in thefuture." The
men in the ranks who simply followed the orders of
their "misguided superiors" would not be held responsible, he declared, although he assured the As:sembly that the officers would be punished. After
the'Assembly meeting, the Premier issued a statement announcing that the Government had easily become master of the situation at Ciudad Real. The
revolt was also reported to have shown itself at Valencia, Barcelona and Corunna, without, however,
making any progress in these cities. Numerous arrests' were promptly made throughout Spain in connection with the movement, reports indicating that
former Premier Sanchez Guerra and his son Raphael
were among those held. A rigorous censorship was
immediately applied on all outgoing dispatches. Reports from French cities on the frontier indicated
that three officers of the light artillery regiment
which held Ciudad Real for a few hours had been
sentenced to death.

605

by Premier Mussolini before the Change:in Government which resulted in the establishment of a royal
dictatorship in Belgrade, the reports said. It Was
indicated, moreover, that the Italian Government
had only postponed the negotiations to a time when
Yugoslavia's internal situation would be more settled.

Efforts to adjust the difficalties between China
and Japan which center around the Tsinan incident
in'Shantung, the occupation of Shantung Province
by Japanese troops, the new tariff regulations of the
Nanking Nationalist Government of China and the
renewal of the commercial treaty between the two
countries, have continued in recent weeks in, conferences at Shanghai and Nanking ,between accredited representatives of the two nations. Notwithstanding the appointment of a new delegation by the
Tokio Government late in January, the deadlock remains unbroken. An accord on the new tariff was
,18,
officially reported to have been!reached on Jan.
and this, it is believed, made. possible the freerintroduction of new'rates yesterday at.Chinese ports.
Several treaties were concluded in eastern Europe All other important Governments- had previously
during the past week; an additional pact was dis- conceded tariff autonomy to China: The negotiacussed in the Balkans, while in one case a treaty tions otherwise apparently hinge on the "fade-savof friendthip was calmly allowed to lapse. A treaty ing" tactics of Oriental negotiatorS. . As a preliminwas 'signed at Moscow, Jan. 25, between Germany' ary to further Consideration of the matters in disand Soviet Russia by M. Maxim Litvinoff, Assistant puta, the Japanese are reported .to 'desire an admisCommissar of Foreign Affairs, and Ambassador .-zion on the part of the Chinese that the native troops
Herbert von Dirksen. The two States pledged them- acted in such a manner at Tsinan as to require-an
selves in the treaty to submit all disputes between apology from Nanking. The Chinese in their .turn
them to a joint commission consisting of two Ger- ask an apology from Japan for sending troops into
mans and two Russians, which is to meet normally the province. With neither Government disposed to
once each year but which may be convoked at any apologize to the other, the deadlock continues and
time on the request of either Government. It will be negotiations are resumed and broken nff and again
in no sense a "commission of arbitration," a Moscow resumed. American marines, meanwhile, have been
dispatch to the New York "Times" said, but what evacuated from Tientsin, the last 700 leaving for
the Germans call a "commission of mitigation," that California late in January. Fifteen hundred mais, one to examine conflicts and suggest means of set- rines remain at Shanghai for possible emergencies.
tlement. Germany took the initiative in the negotia- In a military conference conducted by Chinese leadtions for the treaty, which is described as "a natural ers at Nanking throughout January, it was decided
adjunct to the Berlin treaty of non-aggression and to cut the standing army from 1,500,000 to 600000
neutrality, signed in April 1926, which mentioned men and to reduce military expenses and centralize
the desirability of some such convention." The So- the command. The task of demobilizing almost
viet also concluded last week a "Treaty of Friend- 1,000,000 men in China, almost all of. them with no
'ship and Commerce" with the Iman of Yemen, an in- other means of livelihood, is an exceedingly delicate
dependent State in the southwestern part of Arabia, one.
about 74,000 square miles in area, bordering the
Red Sea and adjoining the British territory of Aden.
There have been no changes this .week in' the
Negotiations for the conclusion of a Greco-Bulgar- rediscount rates of any of European central Banks.
ian treaty of friendship, proceeding at Athens under Rates continue at 63/2% in Germany and Austria;
the aegis of Italy, were reported last Sunday to have 6% in Italy; 53/2% in Norway; 5% in Denmark;
reached an advanced stage. The treaty already has 43 in London, Madrid, Holland and Sweden;
%
/
2
.been drawn up, the reports said, but signature has 4% in Belgium, and 33/2% in France and Switzerbeen held up by the demand of the Greek Govern- land. London open market discounts are 4 3-16@
ment for regular payment by Bulgaria of repara- 434% for short bills, against 434% on Friday. of
tions and annuities. It is intimated by Athens news- last week,and 4 5-16% for three months bills, against
papers, according to a cable to the New York 4 5-16@43 % the previous Friday. Money on call
A
"Times," that the question of a Bulgarian outlet to in London was 37 3
/ on Wednesday, 'but 23 %
%
4
the'Aegean Sea will be answered by Greece offering yesterday. At Paris open market discounts remain
to Bulgaria the use of one of her harbors on the at 3 7-16% but in Switzerland there has been , an
Aegean as a free port. Expiration of the halo- advance from 3 3-16 to 334%. ,
-Yugoslav treaty of friendship last Sunday, despite
.attempts by Belgrade to renew it, caused some anxThe latest weekly statement of the Bank of Engiety in the Yugoslav capital, but no concern at all land issued on Thursday for the week ended Jan.
in -Rome. Italian refusal to renew the treaty was 30 shows a loss in gold of £364,836 and an increase
explained in Rome dispatches as due to the unset- in note circulation of £278,000;'thereby causing a
tled internal situation in Yugoslavia. A totally new decrease in the reserve of £643,000. -The ratio of
-treaty, much more ample in scope, was contemplated reserve to liabilities decreased slightly going down




606

FINANCIAL CHRONICLE

from 50.33% to 49.73%; this time last year the ratio
stood at 35.56% and two years ago (1927) at 27.90%.
Public deposits increased 0,379,000, "bankers
accounts" decreased £2,631,000 and "other accounts"
increased 081,000; when consolidated these items,
comprise "other" deposits so that the loss in that
item amounted to 0,250,000. Loans on Government securities rose £1,015,000 and loans on "other"
securities dropped £221,000; this latter item is now
sub-divided into two headings namely, "discounts"
and "advances," which fell off £1,106,000 and
"securities" which rose £885,000. Gold holdings
total £152,978,126, against £155,877,928 in the
corresponding week last year, and £151,032,135 in
• 1927. Notes in circulation now aggregate (including
• the fiduciary currency taken over) 055,044,000
.compared with £135,835,635 last year and £137,937,175 in 1927. The minimum rate of discount of
the Bank of England remains unchanged at 432%.
Below we furnish comparisons of the various items
of the Bank of England return for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
Jan. 30.
Feb. 1.
A
Circulation
13355,644,000 135.835,635
Public deposits
19,229.000 14,341,039
Other deposits
96.072.000 97,582,865
Hankers' accounts 58,210.000
Other accounts— 37,862.000
Govt. securities
50,501,000 35,258,288
Other securities_
25,597,000 55,027,452
DLsct. At advances 9,657,000
Securities
15,946,000
Reserve notes St coin 57,330,000 39,792,293
Coln and bullion_ _2152,978,126 155,577,928
Proportion of reserve
to liabilities
49.73%
35.56%
Bank rate
4
45%

•

[VOL. 128.

dropped 113,360,000 marks. On the assets side of
the account gold and- bullion dropped 106,000 marks,
bills of exchange and checks 108,735,000 marks,
advances 14,973,000 marks, and other assets 120;899,000 marks. Deposits abroad remained unchanged. Silver and other coin rose 19,398,000
marks,reserve in foreign currency increased 7,266,000
marks,notes on other German banks 5,768,000 marks,
and investments, 1,049,000 marks. Below we give a
comparison of the various items of the banks return
for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
for Week.
Jan. 23 1929. Jan. 23 1928. Jan. 23 1927'
Assets—
Reichsmarks.
Reichsw:arks. Reichsmarks. Reichsmark:.
Gold and bullion
Dec.
106.000 2,623.282,000 1,863.428,000 1,834,717,000
Of which depos.abr'd_ Unchanged
85.626.000
81.437,000 128,420.000
Res've in Torn curr—Inc. 7,266,000 163.475,000 306.501.000'. 501,450,000
Bills of exch.& checks.Deo. 108,735.000 1,784,103,000 2,078,059,000 1,379,704.000
Silver and other coln_ _Inc. 19,398.000 147.065,000
80.074.000 133,753,000
Notes on oth.Ger.bks_Inc. 5,768.000
30,635,000
26,931.000 .• 19,717,000
Advances
Dec. 14,973,000
40.698.000
23.453,000
9,613,000
Investments
Inc.
1,049,000
93.345,000
93,256,000
89,638,000
Other assets
Dec. 120,899,000 442,367.000 564,964.000 656,575,000
Notes In circulation_ _Dec. 271,174,000 3,809,245,000 3.628,594,000 2.976,732.000
Oth.dally matur.oblIginc. 173,302,000 783.141,000 707,997,000 1,084,972,000
Other liabilities
Dec. 113,360,000 186,201,000 279.794,000 .203;590.00
0

1926.
1925.
Feb. 3.
Feb. 4.
A
137,937.175 141.954.160 125,464,780
9,537,115 13,767,508 11,048,724
108,189,513 106,737,142 134,913,063
1927.
Feb. 2.

Call money on the New - York market followed
an upward course for the greater part of this week,
reflecting the heavier demands for funds occasioned
by the month-end settlements. The official rate
28.875,769 .43,002,247 67,503,461 for call money at
the beginning of the week was
74,162,986 73,336,225 73,688,034
6%, and this figure was maintained all that day
Bank withdrawals for
32,844,980 22,308,947 22,858,406 on the Stock Exchange.
151,032,135 144,513,107 128,573,186 the day aggregated $10,000,000,
but sufficient funds
15)A% were offered to cause an overflow into the outside or
1834%
27.90%
5%
4%
5%
street market, where trades were negotiated at 532%•
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 The rate was advanced to 7% Tuesday, after reBank of England on the British Government's decision to return to gold standard.
newals were fixed at 6%. Funds were only in fair
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 supply and withdrawals by the banks of about
held up to that time in redemption account of currency note issue.
$20,000,000 brought about the tightening. Additional withdrawals Wednesday of about $25,000,In its statement for the week ended Jan. 26, the 000
caused a further advance in demand loans to
Bank of France reveals a decrease in note circulation 8%.
This figure attracted additional funds, howof 290,000,000 francs, reducing the total amount to ever,
and after the demand was satisfied concessions
62,152,515,805 francs in comparison with 62,442,515,- were offered
in the outside market late in the after805 francs last week and 63,153,515,805 francs the noon.
The official rate eased off again Thursday to.
week before. Creditor current accounts rose 1,137,- 7%, and
some loans were negotiated in the outside
000,000 francs, while current accounts and deposits market
at 69%, notwithstanding withdrawals of
dropped 813,000,000 francs. Gold holdings now ag- about
$20,000,000. In yesterday's market the rate
gregate 33,995,440,752 francs, having increased opened at
7%, but withdrawals of approximately
1,972,656 francs during the week, but credit balances $40,000,000
brought further • tightening, and an
abroad decreased 147,433,495 francs. French com- increase
to 8% was posted. Brokers'loans against
mercial bills discounted declined 455,000,000 francs stock and
bond collateral, as reported by the Federal
and advances against securities 46,000,000 francs, Reserve
Bank of New York for the week ended Wedwhile bills bought abroad rose 16,000,000 francs.
nesday night, increased $116,000,000, the total
Below we furnish a comparison of the various items
establishing another new high record. Additional
of the Bank's return for the past three weeks.
gold engagements were reported during the week
BANK OF FRANCE'S COMPARATIVE STATEMENT.
for shipment from London to New York, while
Changes
Sagas as of
far Week.
Jan. 26 1929 Jan. 19 1929. Jan. 12 1929. definite announcement was made that at least another
Francs.
Francs.
Francs.
Francs,
Actual imports at New York
Gold holdings_ _ __Inc. 11.972,656 33.995,440.752 33.983,468,096 33,709.295,194 $5,500,000 is to come.
Credit bals. abed_Dee. 147,433,495 11,789,204,404 11.936,637,899 12,543,191,211
for the week ended Wednesday were $9,898;000, of
French commercial
bills dIscounted_Deo. 455.000,000 3,431,678,829 3,886,678,829 4.003,678,829 which $7,270,000 came from London
and $2;500,000
BM bought abr'd_Inc. 16.000,000 18,625,366,872 18,609,361,872 18,427.36L872
Adv.agst.secure—Dec. 46,000,000 2,197.766.460 2,243,766.460 2.294,766,460 from Canada. Exports were $150,000.

Note circu1ationDec. 290,000.000 62,152.515.805 62,442,515,805 63,153.515,805
Cred.cum.acc'ts_Inc.1,137,000,000 20,206,915,407 19,069,915,407 18,526,915,407
Carr.acc'ts dep_Dec.813,000,000 7,154,566,909 6,341,566,909 6,088,556,909

In its statement issued Jan. 26, for the third week
:in January, the Bank of Germany reports a decrease
in note circulation of 271,174,000 marks, reducing
;the total to 3,809,245,000 marks, as against 3,628,594,000 marks last year and 2,976,732,000 marks'in
1927. Other daily maturing obligations showed a
,gain of 173,302,000..marks. while other liabilities




Dealing in detail with the call loan rates 'on. the
Stock Exchange from day to day, all loans On Monday were at 6%,including renewals. On Tuesday
the renewal rate was still 6%, but on new loans.therewas an advance to•7%. On'Wednesday the renewal
rate was marked up to 7%,and on new loans.there was
an advance to 8%. On Thursday all loans were at
7%, while on Friday there was-again an advance to'
8% after renewals -had been effected at • 7%; For

FEB.:2 1929.]

FINANCIAL CHRONICLE

607..

ment of gold fron London, they are keenly averse to
any advance in the Bank of England rate which'
might be interpreted as unfavorable to general
business in Great Britain. While money rates in
New York have eased somewhat during January,
they remain sufficiently firm to attract foreign funds
in considerable volume. The higher rates for bankers
acceptances which have prevailed for the past few
weeks are considered particularly attractive to
foreign short-term funds and consequently adverse,
to sterling, Continental, and most other exchanges.
From now on, as a seasonal matter, sterling and.
the European currencies should develop firmness, but'
In the market for bank and bankers' acceptances the strong demand for money in New York offsets
no change in rates has occurred this week and the the seasonal trend. Montagu Norman, Governor of
posted rates of the American Acceptance Council the Bank of England, arrived in New York on Tuesremain at 5% bid and 4 8% asked for bills running day and while he is here will spend most of his time
/% bid and 5% asked for bills running with the Federal Reserve Bank officials. He has
30 days, 51
60 and 90 days, 51
4% bid and 5%asked for 120 days, made no statements to the press, nor is it expected
and 5%% bid and 53,% asked for 150 and 180 days. that he will do so. Nevertheless, his visit is considThe Acceptance Council no longer gives the rates for ered particularly timely in view of the movement of
call loans secured by bankers' acceptances, the rates gold from London to New York now in progress. The
varying widely. Open market rates for acceptances gold and exchange situations are expected to furnish
have also remained unchanged as follows:
the basis of his conversations with bankers here.
SPOT DELIVERY.
Many bankers believe that the gold movement, which
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked. is now so spectacular, will come to a sudden talt.
Prime eligible bills
534
531
534
534
5.4
5
It is conceivable that England will permit a gold
—90Days— —60Days— —30Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
movement of perhaps $25,000,000, but before many
Prime eligible bills
534
5
534
5
5
434
weeks, according to well-informed sources, the seaFOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
534 bid sonal trend of exchange in favor of Great Britain will
Eligible non-member banks
534 bid
gradually lead to a firmness and it would not surprise
some should the rate closely approach 4.86.
There have been no changes this week in Federal
This week the Bank of England shows a loss in
Reserve Bank rates. The following is the schedule
gold holdings of £364,836, the total bullion standing
of rates tow in effect for the various classes of paper
at £152,978,126 as of Jan. 30, which compares with
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES £155,877,928 on Feb. 11928. On Saturday last, the
AND MATURITIES OF ELIGIBLE PAPER.
Bank of England sold £24,212 in gold bars and exRate in
ported £17,000 in sovereigns, and received £53,000
Federal Reserve Bank.
Effect on
Date
Previous
Feb. 1.
Established.
from abroad. On Monday the Bank sold £3,451 in •
Rate.
5
Boston
July 19 1928
gold bars. On Tuesday the Bank sold £827,524 in
43.4
5
New York
July 13 1928
4%
5
Philadelphia
July 26 1928
gold bars and bought £474,300 in gold bars. On
434
5
Cleveland
Aug. 1 1928
434
5
July 13 1928
Richmond
434
Wednesday the Bank exported £3,000 in sovereigns.
5
July 14 1928
Atlanta
44
5
July 11 1928
Chicago
434
On Thursday the Bank sold £3,385 in gold bars and
5
July 19 1928
St. Louis
434
434
Apr. 25 1928
Minneapolis
4
exported £5,000 in sovereigns and earmarked £500,43.4
June 7 1928
Kansas City
4
43.4
May 7 1928
Dallas
4
000 in sovereigns for account of an unnamed foreign
June 2 1928
Ban Francisco
43.4
4
central bank. On Friday the Bank sold £22,015 in,
Sterling exchange has been under pressure for gold bars and bought £2,592 in gold bars. Of the
five successive weeks and on Thursday moved down gold available in the London open market on Tuesto a new low for the year when cable transfers sold day £300,000 were obtained for New York, and
at 4.84 25-32. The range this week has been from £480,000 for an unknown buyer, and £40,000 were
4.84 13-32 to 4.84N for bankers' sight, compared taken by the home trade and India. As noted
with 4.84 7-16 to 4.845s last week. The range for here last week, $7,500,000 in gold was engaged
/
cable transfers has been from 4.84 25-32 to 4.85, in London. This gold is officially accounted for
compared with 4.847 to 4.85 the previous week. by the Federal Reserve Bank this week. In ad%
At present rates for sterling bankers expect that the dition, however, it would seem that New York
export movement of gold from London to New York bankers have further engaged $5,000,000 or more.
which began last week will be greatly accelerated Brown Brothers & Co. are importing $3,000,000 gold.
unless the Bank of England and the Federal Reserve The transaction is said to be strictly on a foreign exauthorities can devise ways of offsetting the move- change basis. Dillon, Read & Co. have purchased
ment. The lower sterling rate, combined with the $2,500,000 gold. A London dispatch states that the
gold imports from London, are believed to preclude unknown buyer which secured £480,000 on Tuesday
any possibility of an increase in the New York at 84s. 113 d.per fine ounce was the Bank of England
/
Federal Reserve Bank rate of rediscount. On the which resold the metal for account of New York at
other hand, bankers are inclined to believe that the 84s. 11Md., giving the bank a profit of about £50.
Bank of England cannot defer much longer an in- The action of the Bank of England, the dispatch
crease in the present 4
rediscount rate. Con- states, both this week and last, in bidding for gold in
siderable anxiety is expressed in London regarding the open market above its statutory minimum buying
the continued export of the metal to New York and price of 84s. 9 9-11d per ounce, is evidence of an
while British interests regret the prevalence of an effort on the part of the Bank to avoid further depleexchange position which justifies the outward move- tion of its own gold reserves and consequent rise in.

time:'loans' the -rate remained at 732@7%% per
annum- for all periods'from 30 days to six months
until Thursday when the quotation was reduced to
73'®7M for 30 days and to 73/2% for all other
%
.
periods. The latter figure held good also on Friday,
but the -rate for 30 days was down to 734%. The
commercial paper market continues unchanged.
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
less well known the figure is 5%%. New England
mill paper sells at 53/2@5%%.




gog

FTNANCIAL CliE01sTrCLE

the Bank rate:•Theee two purchases above the statu- , French francs have been in the lightest demand:
ttit. niinimtira 'price'are the first to be made since The downward movement this week was nothing Mort
•
;
the \Var.
than a regulatory movement to keep the franc on an
At.the Port of New York the gold movement for even keel with respect to the European currencies.
the week Jan. 26-lan. 30, inclusive, as reported by The rate is entirely under the control of the Bank of,
the•Federal Reserve Bank of New York, consisted of France, which moves it up or down at will through
imports of $6,898,000, of which $7,270,000 came from exchange operations generally designed to protect its
the United Kingdom, $2,500,000 from Canada, and gold stock from seepage to Berlin. This week•the
$128,000 chiefly from Latin America. Gold exports Bank of France shows an increase of 11,972,656 francs
consisted of $150,000, of which $100,000 was shipped in gold holdings. Paris estimates that at present the
to Venezuela and $50,000 to Germany. The Federal Bank of France holdings of foreign exchange amount
Reserve Bank reported no change in earmarked gold. to 30,533,000,000 francs, or approximately $1,191,Canadian exchange continues at a discount although 500,000, of which it is generally supposed that about
more than $50,000,000 in gold has been shipped from one-half represents credits in the United States.
Canada to New York in recent weeks. As noted Nevertheless it is believed that the Bank of France
above, $2,500,000 gold was received from Canada will not proceed much further with its earmarkings
this week.
of gold here.
Referring to day-to-day rates, sterling on Sata Italian lire have been ruling slightly lower, as was
day last sold off in a dull market. Bankers' sigl t •to be expected in view of the lower rates prevailing in
2
was 4.843/@4.84 9-16; cable transfers, 4.84%@ most of the exchanges, although lire have been in
4.84 15-16. On Monday the market had a slightly greater demand than most of the other Continental
firmer tone. The range was 4.84 15-32@4.84% for currencies. Reports early in the week, which lacked
bankers' sight and 4.84%@4.84 15-16 for cable authoritative confirmation, stated that the Italian
transfers. On Tuesday the market was fairly firm. Government has taken steps to prohibit short selling
Bankers' sight, 4.84 17-32@4.84%; cable transfers, of Government and other securities and will hence4.84%@4.85. On Wednesday sterling was weak. forth regulate security transactions more stringently.
The range was 4.84 7-16@4.84% for bankers' sight Cables to New York bankers regarding the rumors
and 4.84 13-16@4.84% for cable transfers. On say:"No regulation has even been issued for suppressThurklay sterling moved down to a new low for the ing short sales of Government or any other stock.
year. The range was 4.84 13-32@4.84 9-16 for Stock brokers have always been obliged since before
bankers' sight, and 4.84 25-32@4.843/2 for cable the war to furnish daily lists and the number of shares
transfers. On Friday the range was 4.84 7-16© they have dealt in, but without specifying clients,
4.843/b for bankers' sight and 4.84 13-16@4.84% for and this is still the same." Milan dispatches during
cable transfers,. Closing quotations on Friday were the week stated that the increase in the rediscount
4.84 7-16 for demand and 4.84 13-16 for cable rate of the Bank of Italy from 532% to 6% at the
transfers. Commercial sight bills finished at 4.843 s; beginning of the year is Commented upon as distinctly
/
60-day bills at 4.80 9-16; 90-day bills at 4.783 ;docu- unseasonal, since funds for investment are usually
%
ments for payment (60 days) at 4.80 9-16, and seven- abundant at this time of year. Banks belonging to
day grain.bills at 4.833 . Cotton and grain for pay- the cartel have reduced rates on deposits according to
%
ment closed at 4.84%.
pre-arrangement, but the reduction is % of 1%, instead of % of 1%, as originally planned.
The Continental exchanges have been dull, moving
The London check rate on Paris closed at 124.09
with the adverse trend which has affected sterling. on Friday of this week, against 124.06 on Friday of
In the main the demand for exchange in most mar- last week. In New York sight bills on the French
kets has been for dollars rather than for other units. centre finished at 3.9032, against 3.90 11-16 a week
Practically all exchanges are at a discount with re- ago; cable transfers at 3.90%, against 3.90 15-16,
spect to the dollar. German marks have been and commercial sight bills at 3.903, against 3.903.
noticeably weak and in Thursday's trading made a Antwerp beiges finished at 13.89 for checks and at
new low for the year, when cable transfers sold down 13.89% for cable transfers, as against 13.893 and
to 23.74. The full effect of the recent cut in the 13.90 on Friday of last week. Final quotations for
Reichsbank's rediscount rate is now being felt in Berlin marks were 23.73 for checks and 23.743.
Germany and short-term money rates are inclined for cable transfers, in comparison with 23.75 and
to ease off still further, so that a second reduction 23.76 a week earlier. Italian lire closed at 5.233j for
in the rate to probably 6% is expected almost every bankers' sight bills and at 5.233/2 for cable transfers,
week. The demand for dollars in Berlin is strong as against 5.233, and 5.233/2. Austrian schillings
for transfer of funds to New York. There is some closed at 14.07 on Friday of this week, against 14.07
discussion in Berlin with regard to the resumption on Friday of last week. Exchange on Czechoslovakia
of gold sales by the Reichsbank. Up to the present finished at 2.963/8, against 2.9620; on Bucharest at
the Reichsbank buys, but does not sell the metal. 0.60%, against 0.603; on Poland at 11.25, against
It is felt in some quarters that were a free gold market 11.25, and on Finland at 2.52, against 2.52. Greek
established in Germany, an outward movement of exchange closed at 1.29 for checks and 1.293/ for
2
gold to the United States would be witnessed. As cable transfers against 1.29 and 1.293/.
2
noted above in the discussion on sterling, another
shipment this week of $50,000 gold to Germany was
The exchanges on the countries neutral during the
reported by the Federal Reserve Bank of New York. war have been dull, as for many weeks past, and are
This brings the total of such small shipments in a showing a tendency to move very closely with sterling
period of 24 weeks to $1,242,000. Considering the exchange. However, the Scandinavian units reflect
low rate of the mark with respect to the dollar, it less softness, but this is due to their greater inactivwould appear that these shipments are special trans- ity, and current rates are largely nominal. Holland
actions unrelated to exchange movements.
guilders have been selling lower than at any time this.




•

FINN

2. 1929.]

FINANCIAL CHRONICLE

year pr On Thursday's market Amsterdam exchange
was, carried to a new low for the year, when cables
sold At 40.06, and, yesterday the rate was still lower
at 40.053/2. The rate is now only a point or two
above the gold import point, and it is considered possible in some quarters that guilders may go low enough
to make shipments of gold from Amsterdam to New
York profitable. However, should money rates in
New York become more normal, or should sterling
exchange find support otherwise, the seasonal trend
of exchange should become more favorable to the
guilder. The outstanding feature of the neutral
exchanges this week is, of course, the sharp drop in
pesetas. The decline in the peseta is due to reports
of a political character relating to the attempt to
overthrow the Government of Primo de Rivera by
force. On first reports of the attempted rebellion,
the peseta dropped sharply, and so far as exchange
traders could discover there was no official attempt to
support the unit. When the news of the attempted
revolution came out on Wednesday peseta cables
opened at 16.00, which was off 283/ points from Tues2
day's close. The rate declined steadily to 15.88,
which compares with the low for 1928 of 16.09.
Bankers' sight on Amsterdam finished on Friday
2
at 40.033/, against 40.07 on Friday of last week;
cable transfers at 40.053/, against 40.09, and com2
mercial sight bills at 40.00, against 40.033/. Swiss
2
francs closed at 19.223 for bankers' sight bills and
at 19.233 for cable transfers, in comparison with
19.23 and 19.23% a week earlier. Copenhagen
checks finished at 26.653 and cable transfers at
26.663 , against 26.653/2 and 26.67. Checks on
%
Sweden closed at 26.71 and cable transfers at 26.723/,
2
against 26.72 and 26.73%, while checks on Norway
finished at 26.64 and cable transfers at 26.653/,
2
against 26.643/ and 26.66. Spanish pesetas closed at
2
15.97 for checks and 15.98 for cable transfers, which
compares with 16.323/2 and 16.333/2 a week earlier.
The South American exchanges have been unusually quiet. • Argentine pesos have continued steady
and are only slightly lower after the firmness of last
week. Continued improvement in Argentine exchange is expected owing to the extremely favorable
prospects for the harvest and export season. Brazilian milreis are showing a tendency toward weakness.
General business in Brazil has continued at a very
slow pace for several months. The Bank of Brazil
has refrained from discounting paper for the past
two years, it is understood, in order to prevent undue
inflation. The public press of Rio de Janeiro and
other Brazilian cities have been attacking the
financial condition of about thirty corporations,
which has caused considerable nervousness in local
commercial circles. A widespread feeling of pessimism is evident in Brazil over the present depression
in the coffee markets. Coffee constitutes about 70%
of the total exports of Brazil. Argentine paper pesos
closed on Friday at 42.16 for checks as compared
with 42.18, and at 42.22 for cable transfers, against
42.24. Brazilian milreis finished at 11.94 for checks
and at 11.97 for cable transfers, against 11.94 and
11.97. Chilean exchange closed at 12 1-16 for checks
and at 123/2 for cable transfers, against 12.10 and
12.15, and Peru at 4.00 for checks and at 4.01 for
cable transfers, against 4.00 and 4.01.

609,

ure and have ruled slightly lower than a week ago!
The weakness in yen and the inactivity in the silver
units is due to a large extent this week to reports of
an unfavorable political character from Shanghai,
suggesting the probable failure of current negotiaL:
tions between the Chinese Nationalist Government
and Japan with regard to Shantung and tariff difficulties, and refusal of the Japanese to give definite
promise of withdrawal of troops from Shantung
Province. These political rumors offered opportunity for bear speculation in yen at the Chinese centres.
Closing quotations for yen checks yesterday were
453@45 7-16, against 45 5-16(4)453/2 on Friday
of last week. Hong Kong closed a 49.70@49%,
%
against 49.80@49 15-16; Shanghai at 623®633/2,`
against 623 @62%; Manila at 49%, against 4
%
9%;
Singapore at 563.@56 5-16, against 56%@56%;'
Bombay at 36%, against 36%, and Calcutta at 369
against 36%.
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 ACTzi OF 1=4
JAN.26 1929 TO FEB. 11929. INCLUSIVE.

onetary
Country and 5!
Unit.

Noon Boeing Rate for Cable Trenoefers so New York.
Value In United &atm Mosey.
Jan. 26. Jan. 28. Jan. 20. Jan. 30. Jan. 31. Feb. 1.

$
EUROPEAustria, schillIng .....140559
138914
Belgium, belga
007200
Bulgaria, ley
Czechoslovakia, krone 029594
266625
Denmark. krone
England, pound ster
4.848750
ling
025169
Finland, markka
.039084
France, franc
Germany,reichsmark. .237507
012913
Greece. drachma
400854
Holland. guilder
174308
Hungary, pengo
052340
Italy, lira
266496
Norway. krone
111933
Poland, zloty
.044362
Portugal, escudo
.006020
Rumania,len
.163310
Spain, peseta
.267304
Sweden, krona
Switzerland. franc__ .192326
Yugoslavia, dinar-- .017580
ASIAChina.649375
Cheloo tact
642343
Hankow tael
627232
Shang tact
661458
Tientsin tadl
Hong Kong dollar__ .996428
.
Mexican dollar_ - .452250
Tientsin or Pelyang
.452083
dollar
.448750
Yuan dollar
364264
India, rupee
.953216
Japan, yen
Singapore(8.8.)dollar. .558666
NORTH AMER.997573
Canada, dollar
999781
Cuba, peso
.485875
Mexico, peso
Newfoundland, dollar .994906
SOUTH AMER.Argentina, peso(gold) .957634
.119388
Brazil, milreis
.120633
Chile, peso
1.027538
Uruguay. Peso
.970900
Colombia, peso

.140588
.138926
.007218
.029595
.266648

$
.140550 .140535
.138931 .138911
.007215 .007205
.029593 .029591
.266629 .266640

.140572
.136922
.007217
.0295.14
.266654

$
.140544
.1319929'
.007210 ,
.029592
.266628

4.848885 4.849453 4.848424 4.847864 .848179
.025171
.025161 .025167
.039087 .039090 .039075 .039068 .039071
.237564 .237535 .237479 .237373 .237426
.012915 .012915 .012909 .012910 .012909
.400865 .400872 .400759 .400605 .400526
.174322 .174281 .174295 .174267 .174300
.052344 .052349 .052345 .0523:13 .052335
.266477 .266498 .266478 .266479 .206473
.111975 .111931 .111925 .111925 .111925
.044200 .044145 .044225 .014110 .044150
.006023 .006018 .006017 .006018 .006025
.163313 .163237 .159014 .160004 .1594191
267280 .267291 .267266 .267268 .267223
.192313 .192304 .192291 .192291 .192294
.017582 .017573 .017573 .017575 .017573
.650416
.643437
.627571
.663750
.496607
.453000

.651250
.644375
.628035
.664166
.497125
.453000

.453333
.450000
.364278
.452400
.558750

.453333 .453333
.449583 .449583
.364368 .364250
.453118 .452562
.558666 .558666

.997452
.999843
.485833
.994937

.997398 .997456 .997413
.999781 1.000000 1.006028
.487333 .487000 .486833
.994781 .994812 .994812

.652916 .653125
.644687 .642031
.628750 .628303
.664583 .664791
.497142 .496607
.453750 .453125

.957892 .957859 .9580&.
.119380 .119362 .119443
.120634 .120639 .120589
.027749 1.026488 1.026449
.970900 .970900 .970900

.650833
.642812
.627321
.663750
.496071
.453000

.454375 .454166
.450625 .450833
.364567 .363975
.452406 .452562
.558666 .558958

.956032
.119438
.120726
1.026661
.976900

.997319
.999997
.487186
.994741
.957886
.119427
.120687
.026973
.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
The Far Eastern exchanges continue dull and ir- Reserve Bank of New York was creditor at the Clearregular. Japanese yen have been under slight press- ing House each day as follows:




610

FINANCIAL CHRONICLE

DAILY CREDIT BALANCKS.OF NEW YORK FEDERAL RESERVE HAM
CLEARING HOUSE.

[Vol,. 128.

generally restored to normal conditions." "I do not
claim," said Mr. Coolidge, after reviewing the progThursday. Friday,
AooreOate
ress that has been made in various lines, "that acSaturdav. Monday. Ittet.iay.
for Week.
Jan. 26. .Jos. 28. Jan. 29. J.30. Jan. 31. Feb. 1.
tion by the National Government deserves all the
$
$
8
$
G
6
5
130,000,0001 114.06u.000 156,000,000 138,000,005 135.000,000 157,000,000 Cr. 830.000,60
credit for the rapid restoration of our country's busi-Note.=-The'foregoing heavy credits reflect the huge mass of checks which come ness from
the great depression of 1921, or for the
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, steady progress'that has since taken place. Unquesoperations with the Clearing
however, reflect only a part of the Reserve Bank's
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 tionably, however, wise governmental policies, and
New Uork 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 particularly wise economy in Government expendiBank for collection for the account of the local Clearing House banks.
tures with steady reduction of the national debt,
have had a dominant influence. The people gained
The following table indicates the amount of bulconfidence in themselves because of increasing con-•
lion in the principal European banks:
fidence in their Government."
Mr. Coolidge gives full credit to the co-operation
Feb. 2 1928.
Jan. 311929.
Banks ofi
of the various Federal departments and bureaus for,
Total.
Silver.
Gold.
Total.
Gold. I Silver.
the marked gains that have been made. In place of,
£
I
£
£
I
E
155,877,928
152,978,126 155,877,928
England__ 152,978,126
271.963,526221.753,269 13,717.023235.470.292 "forty-three independent departments and establishd
271,963,526
France
994,600 90,082.200
Germany b 126.882,800 c994,600 127,877,400 89,087.600
,102.377,000 28,120,000 130,497.000,104.234,000 27.646.000131,880,000 ments each operating under its own customs and
Spain
54.638,000' 46,978,000 3,691.000 50,669,000
Italy
I 54.638.000
Netheri'ds 36,212,000 1.901,000 38.1i3.00a 35,929,000, 2,386,000 38.315,000 rules, utterly regardless of the existence of other deNat. Belg_ 25,8.57,000 1,267,000 27,124,00 , 21,180,000, 1,243.000 22,423,000
Switzer! d_ 19,286,000 1,785,000 21,071,000 18,052.000, 2,487,000 20,539,000 partments," with "little community of thought or.
12.991,000
I 13,103,000 12.991.000'
13,103.000
Sweden_
611,000 10,723.000 harmony of
491.000 10.603,000 10.112,000
Denmark _ 10.112,000
action," and with "deep-seated hostility
I 8,180.000
8.159,000 8,180.000
8,159.000
Norway
between certain Government agencies," effective
Total week 821,568,452 34,558.600856.127,052 724,374,797 52,775.623777.150.420
Prey. week 827,822,707 34,336,000862,158.907 723,442,872 52.620.623 776,063.495
committees have been formed of representatives of
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held the various departments "to simplify and unify proc As of Oct. 7 1924.
abroad, the amount of which the present year is £2,481,300.
cedure and eliminate tortuous, wasteful and unbusid Silver is now reported at only a trifling sum.
ness-like methods." The hundreds of Federal forms•
Federal and State Budgets and the Financial that were in use when the business organization of
Outlook.
the Government was initiated have been reduced to
President Coolidge's address on Monday, at the thirty-eight, 602 standardized specifications "cover
meeting of the business organization of the Govern- in large part the entire field of Federal requirement, was a striking review of eight years' operation ments," and one form of Government lease has taken
of the Federal budget system. When the budget the place of several hundred departmental leases.
system was inaugurated, in June, 1921, the task of "Out in the field we have our area coordinators and
rehabilitating the national finances, said Mr. Cool- Our 280 Federal business associations, with sixtyidge, "looked almost impossible of accomplishment. three more in the making. These unique Government
The entire Government structure was permeated agencies are spreading the gospel of efficient governwith extravagance. The expenditures of that fiscal ment economically administered. They are our most
year, exclusive of debt reduction, were about $5,000,- trenchant exponents of co-operation." They also, it
000,000. The interest charge alone was more than may be observed, emphasize strikingly the immense
$1,000,000,000, and our outstanding indebtedness expansion of Federal activity in the field of business
was nearly $24,000,000,000. The business of the and the ordinary daily life of the people. To the
country was prostrate. Its different branches of extent to which they help business and the national
agriculture, commerce, banking, manufacturing and life instead of dominating or interfering with it, such
transportation were suffering from severe depres- agencies are to be commended, but the Federal ension. Employment was difficult to secure. Wages croachment against which Mr. Coolidge has more
were declining. Five million people were out of than once expressed himself is still a danger, and the
work. The price of securities, even of Government danger is not lessened merely because, viewed from
bonds, was very low. It was difficult to find any the standpoint of centralized administration and conmarket for commodities. Confidence in our entire trol, the encroachment is efficient.
economic structdre had been shaken. Progress had
The dark cloud on the horizon is the alarming instopped." The enormous expenditures necessitated crease in the cost of State and local government.
by the World War, together with the extravagance "From $3,900,000,000 in '1921," President Coolidge
-which a great-war always entails, had brought the reminded his hearers, "the National Industrial ConGovernment to a point where it was living beyond ference estimates that" this item of national expendiits means, "using up its capital" and with the sav- ture "reached $7,931,000,000 in 1927. This is such a
ings of previous years exhausted.
heavy drain on the earnings of the people that it is
Eight years of a budget system,joined to the rigor- the greatest menace to the continuance of prosperity.
ous economy which Mr. Coolidge has enforced, have It is a red flag warning us of the danger of depreswitnessed a gratifying change. From an expenditure sion and a repetition of the disaster which overtook
of about $5,000,000,000 in 1921, a steady reduction the country in the closing days of 1920. It is a warnbrought the total for 1927, exclusive of payments on ing that should be heeded by every one entrusted
the public debt, to less than $3,000,000,000. A re- with the expenditure or appropriation of public
duction of $6,667,000,000 in the debt has been funds. It is the reason that further commitments
achieved, with a saving in interest of $963,000,000. by the national Government for any new projects not
"Four reductions in taxes have returned to the people absolutely necessary should be faithfully resisted."
approximately $2,000,000,000 a year which would
A striking illustration of this warning was given,
have been required had the revenue act of 1918 re- as it happens, on the very day on which President
mained in force." As for the economic situation in Coolidge spoke. On Monday Governor Roosevelt of
general, "less than two years from the time when New York laid before the Legislature the first of the
the lowest point was reached the country was very budgets which a recent amendment of the State Con-




FEB. 2 1929.]

FINANCIAL CHRONICLE

stitution requires the Governor to submit. The aggregate recommendations of $256,418,774.58 made by
Governor Roosevelt exceed by $23,775,073.48 the appropriations of $232,643,701.10 made by the Legislature of 1928. This very considerable increase in the
already heavy cost of the New York State Government is not confined to any one department or a
small group of departments, but is spread over nearly
all of the departments of administration under
which the budget figures are presented. Not many
States, is may safely be said, have a better financial
system than New York will have under the new budget scheme, while in many of the States the methods
of raising and appropriating public money are, it is
to be feared, appreciably less efficient and offer more
open opportunity for extravagance and waste. We
shall know before many months whether even the
budget system which Governor Smith carried
through will prove an effective bar to raids on the
State Treasury. President Coolidge is well advised
in insisting that unless the reckless expenditure of
public money by States and municipalities is
checked, and a regime of economy substituted for the
present regime of piling up taxes and bonded debts,
the gains of sound financial methods in the national
field will be neutralized by the ruinous outlays of
State and local Governments.
How long, one naturally asks, can the policy of
rigorous economy and severe pruning of Federal expenditures be kept up? Brigadier General Lord, Director of the Bureau of the Budget, who also spoke at
the Washington meeting on Monday, made it clear
that while economy ought to continue to be practiced, the period of reduced Federal expenditure had
closed. The 1927 figure of a little less than $3,000,000,000 is, he declared,"the lowest expenditure level
this Government will ever see. The country is growing, expanding, developing gloriously. Its population is increasing-105,000,000 in 1920, and 120,000,000 in 1928 . . . When the legitimate operating expenses fail to show development and growth, it will
be evidence that something is radically wrong with
the Republic. From now on we can look for steady
increase in necessary national expenditures. This,
however, does not change budget policy nor weaken
the demand for the strictest economy in Federal
operations. Rather that demand is strengthened."
This, then,is the problem. The growth of the country will call for increased Federal expenditure. What
has been saved in operating expenses during the past
eight years can not well be further extended, since
we have probably saved about all that can be saved
on the present scale of operating costs. All that can
be done, apparently,is to continue to scrutinize with
the utmost care the new expenditures that will be
called for and administer them with as much economy as possible, at the same time that the burden
of new taxesfrom which additional expenditure must
chiefly be met is kept as light as may be. General
Lord declared that "we are committed to the important task" of bringing the debt balance "down to
$15,000,000,000 in three years," although he did not
make clear in what the "commitment" consists or
where the $2,600,000,000, plus interest, needed to accomplish the result was to be found. President Coolidge, in turn, has set himself strongly against a
deficit, and evidently intends that the books shall
balance when he leaves the White House. It will be
for Mr. Hoover, who will inherit a financial situation
indefinitely better than that which confronted Mr.




611

Coolidge, to see to it, with the aid of Congress, that
such huge increases of Federal expenditures as those
called for by naval construction, flood control and
farm relief are kept within bounds and economically
administered, and that tax revision does not add to
the burdens of business out of proportion to the
revenue obtained.
The Guaranty of Deposit System.
In our issue of Jan. 5,'29, page 37, we printed an
excerpt from "Commerce Monthly" of the National
Bank of Commerce of New York, showing the breakdown of the bank deposit guaranty system in all but
two States. The States abandoning the law were
Washington, Oklahoma, Texas, South Dakota, North
Dakota, Mississippi and Nebraska. The statement
show that in these States the Guaranty Funds are
in a total arrears of something like seventy-five millions of dollars, the amount of the'whole not being
determinable because while in some of the States the
law has been repealed outright in others it is expiring by a lingering death, the banks being unable
or unwilling to meet the assessments or being afforded an opportunity to withdraw and save further
demands upon them, leaving the deficit unprovided
for. In the editorial correspondence of the New
York "Times" we have on Jan. 6 a succinct account
of the condition in the State of Nebraska. It is
stated in the following excerpt: "The dilemma is
that of paying off $10,000,000, more or less, of the
claims of depositors in insolvent banks with no
funds in sight with which to make the payments.
The bankers assert that they cannot longer stand
the drain of special assessments, and there is grave
doubt whether the taxpayers will consent to a tax
levy sufficient to make up the deficit, rehabilitate
the system and give the bankers a chance to start
over again with a clean slate. And yet this deficit is
widely recognized as some kind of obligation, moral
if not legal, against the State as well as its banking system. . . . The honor of the State is concerned because the law establishing the system constitutes a promise to the depositor to see that he will
be protected. The protection offered by the banks
to the depositor is not just a mutual guarantee of
the banks; it is a guarantee which the State in a
measure stands behind and undertakes to see fulfilled." A suit has been filed with 439 of the 739
banks in the States parties 'thereto, and 120 additional in sympathy therewith, to gain relief from
the burden of the special assessment which is above
the regular assessment of one-tenth of one per cent.
which the U. S. Supreme Court, it is said, has found
lawful and reasonable. "The allegation against the
special assessment is that it violates the Fourteenth
Amendment to the Federal Constitution; that it discriminates against the State banks in favor of National banks, which are not parties to the guarantee
system; that it is confiscatory, and that it is taking
property without due process of law. The assessment amounts, it is charged, to about 8% of the
capital of the banks annually, which is less than
many of them are able to earn."
It is fortunate, we think, that this suit has been
filed, which will inevitably bring the whole question
of the right and efficacy of this guaranty system
into the open, at a time when the legislatures are
meeting in many of the other States. The proposal
to guarantee deposits continues to bob up at intervals and in unexpected places, though it has been in

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FINANCIAL CHRONICLE

[VOL. 128.

trouble since its inception. Being wrong in prin- banking in the United States as faithful and timeciple, it can never be made right by statutory enact- honored as it is, the legislature that yields to this
ment. Every bank stands on its own bottom. Con- disgruntled demand for insured deposits casts a
fidence is its mainstay. Ability and watch-care and slur on the highest business form we have. And it
capital are its strength. To make the solvent bank does discriminate against the State banks by the repay for the failed one is unjust and inequitable. quirement of a guaranty, for according to the prinSooner or later there must come a breakdown. As ciples and practice of banking as a business, accordproven by the resultant bank insolvencies since the ing to normally safe conduct, a State bank is as
war in agricultural States there is no way to pre- good, as solvent and serviceable as a National.
vision the coming failures, no way therefore to fix
a reasonable assessment to pay losses. And beThe Five-Day Week.
fore this thought is another. To undertake to make •
Efforts by electrical and other trade unions to
all the depositors pay for the few that are unfortunate in their selection of a bank of deposit is so- bring about a five-day week brings to the fore a
cialistic (for the fund must come out of the deposits, movement that though latent must some time be met.
unless it comes possibly out of the taxes collected There seems to be an inevitable desire on the part
from all the people). And if in the face of this gen- of the unions to shorten the hours of labor. On the
eral collapse of the system any legislature now dal- other hand, there is linked up with this the idea that
lies with the system it will be forewarned. The ac- wages can thus be maintained at the present high
counts read that for a series of good years after en- level, and even increased. Only a few years ago one
actment these laws have justified themselves. We of the labor leaders announced that the policy of the
are inclined to think this an exaggeration—we know unions required that the wage scale must be kept up
of no instance where the law has not operated under in order to offset the lost labor due to the increasing
protest from the start, and many of them with only introduction and use of machinery and its conseslight, comparatively, losses have had to be amended quent mass-production. It is difficult to understand
or reconcile these shifts of opinion. Varying in quan•and the system reorganized from time to time.
tity according to the state of "the times," there is
Everyone knows what caused the strain of recent
years on banks in the Middle West. It was the land just so much work to be done. What is not done by
inflation during and following the war. There was machinery must be done by hand. What is not done
an overloading in non-liquid assets; farms had to by hand to-day must be done to-morrow. Unless,
be taken over by banks, good lands that cannot now and here is the flaw in the reasoning, what is not
be sold in the market without loss. In Nebraska one done to-day by hand may be done to-morrow not by
proposal to relieve the guarantee strain is that the hand but by machinery. And this is a direct result
State shall buy these foreclosed farms—but this of shortening the hours of hand labor—that the madoes not solve the difficulty for no one knows when chine is invoked to do what the hand falls to do, for
the State will be able to dispose of them. We find time will not wait. The speed craze has invaded proin this example one of the fundamental objections duction as well as sport. And the building trades
to this system. It is a blind form of insurance with- do not escape the general temper of the people.
It is unfortunate, we think, that mankind is in
out any means of regulation of banking methods.
Any other boom in prices of commodities unduly such a constant hurry, but it is true. And being
enhancing price may cause failures, and unless in true, -to cut down the working week to five days will
sound times the assessment fees can be set high undoubtedly force into use a larger amount of maenough to cover a series of disastrous failures in any chinery, thus destroying the opportunity for what
possible bad times then the guaranty is without we may term hand labor, to the ultimate loss of
force. This high rate when there is no urgent need hand labor and the wages therefor. If unemployfor it, cannot and will not be borne by the banks, ment looms above the first change from prosperity
and it soon swamps the system by its extortion. In to adversity, those who now advocate a five-day week
one State the old law has been abandoned but an will find that the machine is no respecter of days.
assessment by the State on the particular bank for It will work on Saturday as well as on Monday. It
that particular bank's depositors in case of failure, will not be compelled to seek for the opportunity to
to be held by the State Treasurer up to the time work. Being largely automatic, it waits not on the
when it equals the original capital stock, is being pleasure of the employee but on that of the employer.
tried in its place. But is this segregation any bet- Thus if the desire of the union is to preserve work
ter than if the same amount were set aside as a sur- for the working man, it should stand ready to work
plus? It earns nothing for the bank during the when and where there is work to be done. Otheryears of collection and to this extent weakens the wise, the employer, being always the owner of the
bank. There is hardly a phase of this "system" machine, will have the whip-hand in all controverthat is consonant with good banking. First of all, sies over hours and wages. Shortening the week
it places a doubt on the ability of the banks to re- does not add to the amount of work to be done. It
main solvent. Why should a bank making liquid shifts the work from the man to the machine. The
loans on safe conditions and quick returns ever fail? off-days increase, the opportunities decrease. Speed
Against embezzlements the banks can insure them- triumphs. The man who seeks for work not only
selves. In truth, they seldom do fail. They are finds fewer days when there is a demand for work,
among the soundest institutions we have; and they but is met constantly by the impassive willingness
gladly welcome proper and pertinent supervision by of the machine to work in his stead. As a policy
for labor, to inaugurate a fixed and stereotyped fivethe State.
The relation of bank and depositor is that of debt- day week must in the end prove to be a fatal one,
or and creditor. Against what other business condi- unless, as we have said, mankind is willing to wait.
But advocates on the outside talk of the need
tion of a like nature do we lay a guarantee? We
think it is worth while to consider the fact that with to humanize the factory. They seem to think that




FEB. 2 1929.]

FINANCIAL CHRONICLE

613

it is not true that men work better after two days
the employer is soulless and overworks the men, that
not ap- of idleness than after one. It is not true that five
they must have leisure for culture. It does
pear that the working men are very much concerned days of work will produce more and pay higher
about this. They do want time to play, or to rest; wages than six, unless the machine fills the gap with
they want to keep some work over for to-morrow, increased production. If organized labor wants to
and they want to maintain the wage scale by seem- compel the use of more machinery, it is taking the
ingly making the work more precious by making it right road in advocating a five-hour day. As a mat(within a given space of time, say the week) more ter of fact, there are certain industries that must
scarce. This, as we see, being a fallacy, cannot in consume six days. There are industries that must
,
the end contribute either to work, leisure or cul- employ night hours. And if it is proposed to put ail
workers on a five-day week, then let us have no overture; for if we assume a five-day work week will accomplish these things, a four-day work week will time and no extra pay therefor. There are fundaaccomplish more, and we can go on to a three-day mental and vital vocations such as farming that comwork week. The humane quality of a three-day work, pel work when the opportunity or season is propiweek is not and cannot be established. And as to a tious. And lastly, let us ask, if organized labor
six-day work week, science has not shown it to be wants to do the right thing as a component part of
burdensome. This, it has been determined, is about the whole of industry, why does it seek to make a
the time that can be occupied by work without detri- soft place for itself alone, why does it seek for itself
ment to the physical system. Besides, there is in- alone a five-day week when it knows this is imposvolved the religious question of a "day of rest" and sible to other workers just as imp.ortant in the
a day devoted to worship, a day that naturally di- scheme of things?
vides the time into weeks.
• The Human Factor in Industry.
If work, not play, is the object of life, we do ill
Professor Cathcart of the University of Glasgow
to attempt to shorten the number of work hours and
days to which life shall be devoted. Work, not play, opens his new book on The Human Factor in Indusis natural self-expression, without which we do not try (Oxford Univ. Press) with a declaration made
live at all. Work produces all that we have, and nearly a century ago by Butler, in "Erewhon ;" that
indicates all that we are. Work is joy; idleness is the day was coming when man would be reduced to
near to pain. All work and no play is not an ideal the status of a "mere machine-tickling aphid." His
existence, but all play and no work would be intol- comment is that when all is said and done, man is
erable. Work, as so often said, is a blessing, not a and must always be the variable in every industrial
curse. Recreation follows work. The whole trend calculation and the most interesting factor in inof this shortening of the customary hours and days dustry, for he is not a machine but a sentient being.
In the strength of this conviction he writes a book
of work is to degrade work for work's sake. We
may indeed come to the five-day week as an adopted which embodies the results of his research work as
custom, and it is easily believable that five days is a professor of physiological chemistry. To sustain
enough to do the necessary work of the world. But his opinions he carries the discussion through chapto stereotype five days and to standardize employ- ters on Physiology, Fatigue, Monotony, Alleviations,
ment to that time, destroys the liberty of the indi- Environmental Factors and Industrial Personnel,
vidual to work for himself. If custom or the State showing the oneness of the problem in the different
is to control the hours and days of work, what will conditions, and dealing with it in a direct and praccontrol the unfilled hours, that they conduce to true tical manner.
With man as the most important cog in the inrest and culture? We need the freedom to work
when, where, how, and for whom, we will, more than dustrial machine, it is singular that knowledge of
we need the freedom to employ the idle hours in rest the human body and the method of its upkeep, even
or play. Our whole civilization has been built up on as applied to himself, is overlooked by the employer.
six-day weeks, and while we have worked hard, we Because it is so perfect an organism the co-ordinahave prospered and are unwearied.
tion of its parts for every form of service, from the
On the practical side this effort of trades unions impulse of the brain to the severest physical effort,
of organized labor simply to establish a five-day week is the measure of efficiency. Whether in master or
is an interference with orderly and harmonious man, neglect or indifference to the condition of any
growth and functioning in industry. The unorgan- part even in the times of smallest use may be as disized masses who work are compelled to go on in the astrous as neglecting the condition of a part of a
old way. They, however, must wait upon the pleas- great machine. It is far more important than a
ure of those who work five days. Inside the unions question of food supply or of calories. The mind,
one trade is made to wait on another. And at last the feeling, even the inborn impulses of his class are
it cannot be for the best that trades workers em- a part of the man, and unless they act harmoniously
ploy a shorter time than clerks and salaried men. It in him he fails in service. The wonder, the author
tends to create an aristocracy of leisure without any thinks, is that the work of the world goes on so
basis of benefit to the whole body of workers. What smoothly as it does. He passed, therefore, at once to
we should have is more liberality in the apportion- the question of fatigue, its cause and its alleviation.
ment of work. We should have more freedom in the
Fatigue is known to all, but is very difficult to
education of apprentices. If we had a system of sub- explain or define. It is a normal physiological constitutes the worker could select more nearly his own dition which may become pathological. No test has
time off and industry would not suffer. But there yet been devised by which the degree of fatigue can
seems to be an idea abroad that apprentices steal the be measured, nor do we know just what happens
legitimate dues of skilled workmen and that the lat- when it occurs. We know that the eyes are tired,
ter by putting off until to-morrow what should be the legs drag, the arms hang heavily, or the body is
done to-day make employment more steady and more weary, but whether the trouble is in the eyes, in the
remunerative. This is a fallacy on its face.
muscles, or in the nerves connected with them, or




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FINANCIAL CHRONICLE

beyond the nerve and in the brain, we cannot tell.
The real effect of the fatigue seems to lie in the brain
and in the lagging muscle or the connecting nerve
which only report the lesion. Confirmation of this
appears in the fact that a man can carry almost any
amount of work when he has sufficient interest,
while on the contrary, if he has a grievance or loses
heart he falters.
Many tests have been applied to industrial fatigue
at its source. But when they are tried so many
qualifications arise that the results vary greatly.
Amount of output, loss of time, accidents, &c., all
fail. Tables are given, but they have only relative
value. Even when the attempt is made to adjust
the natural movements of the individual to the requirements of the machine and a common rhythm is
created, it breaks down before the larger and more
perfect co-ordination of the mechanical system with
its central power plant and necessary interaction.
When this is complete the man stands apart.
,With him, even with the best intentions, habit, custom, tradition, mere mental inertness, may block the
best work of improved machines. An illustration is
adduced from an old well established factory in
England during the war. A new shop was erected
and was staffed to produce 5000 standard articles
per week, calculated on the basis of the output of the
older shop. An entirely new staff had to be created
and trained, and within six months they were producing 13,000 articles. The older hands, with practically the same equipment, did not approach this
result. They were held in the grip of a routine
which it was impossible to break. Similar instances could readily be found in American factories.
It is a condition not limited to industry. It is
abundantly evident wherever the pressure of the
times is felt and business of any kind is speeding up
or called to reorganize.
Monotony, also, is a large though obscure element
in the personal equation. Routine creates facility,
but it inevitably tends to create a mental lethargy
which makes it difficult to focus attention anew. It
may pertain to work performed with pleasure, but
when ease of performance makes the work largely
automatic the mind wanders to other things pleasant
enough to make monotony attractive. But the resuit often is that the idleness of the mind proves a
fertile ground for discontent.
For these and similar reasons alleviating fatigue
is the all important factor in all human industry.
Since Robert Owen, a hundred years ago, ran his
cotton mills on a 10 hours' day as against the 15
/
1
2
and 16 hours' day prevailing elsewhere and found
his production little changed there has been endless
discussion as to the expediency of the attempt. In
1893 the experience of the Salford Iron Works, reducing the hours from 53 to 48 per week with a slight
increase of production, much experiment has been
successfully made and the question now is largely as
to an 8 or 9 hour day with the trend to the shorter
one. The results are given in detail, varying of
course with the nature of the work.
An essential element in most forms of work is the
introduction of suitable periods of rest. It will
vary with the nature of the work and with the individual, but it is now understood to mean increase in
the total output. Whatever the exact reason the
fact is accepted, and the question has become how
long the rest, and in what form. Change of attitude,
ef surroundings, or of mind, all are effective. The




[VOL. 128.

record of many experiments, covering the position of
the worker, the character of effort required, etc., is
given, but there is much more yet to be learned.
The question of the environment is today attracting attention. Ventilation, heating, lighting, design of machinery, all have significance. The
danger of vitiated air and of certain gases, the effect
of perspiration in lowering the bodily temperature,
and the methods of eliminating these evils in use in
various establishments, are recorded in detail. Noise
also is studied with its effect on the operative. When
it is rhythmical, all, both men and women, try to adjust their efforts to its beats. Much attention is
to-day given to the height of work tables and desks,
and the form of seats, and the little regarded adjustment of these to the needs of the worker. Even the
difference of effort exerted in a push or a pull for a
required result is found important.
All this leads up to the supreme importance of the
personnel in the industrial problem. It plays a
vital part in every industry, indeed in every human
occupation. As yet there is no exact information
for determining fitness in advance. A large labor
turn-over is always undesirable, mistakes of judgment are often costly, and uncertainty and diversity
of judgment on the part of supervisors is great.
Many tables are available for different classes of
work but still little is known of the evolution of
aptitude.
Women are now almost everywhere a new element
in the problem. There is no doubt as to their capacity. Physical differences can be readily measured and will usually be adjusted so that it will
prove advantageous both to employer and employed.
In light work they equal, and may exceed men; in
heavy work it is rated at about two-thirds. But
there are so many other elements of the problem
that are undetermined but important that the question is still open to much further investigation and
experience. The psychological differences are quite
as important as the physical and must be kept in
mind in determining individual situations. As a
class women appear much the more industrious,
stand repetitive work better, and learn quicker, but
as a rule lack initiative and have less aptitude for
training than men, their endurance of strain is
usually less than men's, but increases with shorter
hours.
The amount of wages is always important, but it is
materially affected by other considerations. Environment is easily recognized and appraised. But
beyond that lie the employee's security of continued
employment, provision for old age, and possible interest for him in the business and its prosperity, as
well as the manner of his treatment. All are important. If the conditions of his work are such as
to bring him a real feeling of satisfaction, if the at
mosphere is right, then it is rarely the size of the
pay that is decisive. A man's work, if it is a
measure of what he has put into it, if it is appreciated, and stands in some more or less direct relation to his own success in life, breeds contentment,
he is proud of his work.
The employee does his best work under these conditions and obviously he is then also most valuable
to his employer. To maintain this condition a wise
employer will secure the best results of his own endeavors when he ceaselessly studies to apprehend
and adjust all the conditions within his control.
And he will find that these extend beyond his melt

FEB. 2 1929.]

FINANCIAL CHRONICLE

to their outside life, their thoughts, their interests,
their children and their homes.
America has produced not a few less conspicuous
employers who have followed the example of the
great leaders of industry whose names are household
words in their own England and France, and in
some of the small as well as the large European
states.
The immense and widely distributed prosperity,
the extravagant expenditure, and the general condition of individual irresponsibility, increase rather
than diminish the importance of attention to the
human factor. No business is so large that this
factor can be overlooked, or so small as to make it
unimportant. On the contrary, the size and success
of the one may awaken new ambitions in those whose
work it measures, and the personal closeness possible in the other is the best insurance of faithful
service. Happily of both there not infrequently evidence.
BOOK NOTICE.
"Investment Trusts in America," by Marshall H.Williams,
recently published by the Macmillan Company, is a convenient and enlightening handbook that should serve a

615

useful purpose in starting the investor along the lines of a
thorough understanding of these newcomess in the field of
stock investments.
The author tells of the development of investment trusts
both in England and America, discusses the raising of
capital, the operation and management, earnings and reserves, the general management type of trust, and fixed,
limited and specialized trusts.
He also gives valuable statistics concerning leading American trusts and their earnings.
Earnings of North Carolina Joint Stock Land Bank
for 1928.
1928 can be said to have been a typically bad
Although
agricultural year in North Carolina, Southgate Jones, President of the North Carolina Joint Stock Land Bank reports
net earnings of 8151,916, equivalent to $21.70 a share on the
7,000 shares of capital stock paid in, which is an increase of
$1,685 over 1927, according to Schultz Brothers & Co.,
Cleveland, Ohio, specialists in land bank securities. The
advices received from the latter add:
Net

Noteworthy is the fact that on Dec. 31 the bank set up their legal reserves to 20% of their capital stock as required by the Federal Farm Loan
Act and from this time on shall be required to carry only 5% of net earnings to reserve account.
The bank has been paying dividends at the rate of 8% and the book
value of the capital stock as of Dec. 31 1928 was $171.53 Per share.
As of Dec. 31 1928, the bank had mortgage loans in force amounting to
$14,983,070: farm loan bonds outstanding, $13.800,000; real estate. $115.539: capital stock paid in, 3700.000; surplus, reserves and undivided profits
of 3500.803.

Listings on the New York Stock Exchange for the Year 1928
The aggregate of new and additional corporate $2,399,399,015, $229,990,446 and $2,631,945,535 re1927.
securities on the New York Stock Exchange during spectively in
Among the principal features in connection with
the calendar year 1928 (apart from Government
the year's, listings we observe the following:
and municipal issues) was the biggest on record
1. The advent of several additional foreign government
and exceeded the previous year's total by over $929,- issues and municipal loans: These include the Common000,000. In this the comparison is in accord with wealth of Australia with two loans aggregating $90,000,000,
the actual corporate financing for the twelve months Denmark with two loans aggregating $85,000,000, the RePoland with a loan of $62,000,000, the Argentine
as reprsented by stock and bond issues offered in public of
Government with two loans aggregating $60,000,000, Peru
the investment market by corporations, where there with a loan of $49,750,000, Chile with a loan of $45,912,000,
has also been a considerable increase over the offer- Buenos Aires with three loans aggregating $47,842,500, Coings of the year preceding. Full details regarding lombia with a loan of $35,000,000, Rio de Janeiro with a
the latter appeared in our issue of Jan. 19, pages loan of $30,000,000, and Brazil with a loan of $41,500,000.
The Exchange authorized the listing during 1928 of two
309-322 in our article on "New Capital Flotations."
issues of the United Kingdom of Great Britain and Ireland,
The latter compilations constitute an accurate index viz: £388,777,644 4% funding loan, 1960-1990 and 12,088,of new financing done and cover the entire country. 173,638 5% war loan, 1929-1947. We exclude both issues
The Stock Exchange listings relate to an entirely from our compilation with the exception of £2,000,000 (apdifferent thing. They embrace not only new but also proximately $10,000,000) of the 4% funding loan offered in
in April 1928, because their inclusion would be
old securities which have just found their way to this marketinasmuch as it cannot be said they found a true
misleading,
the Exchange, and they have reference alone to the market here, the entire sales of the 5% war loan for inNew York Stock Exchange. They also include se- stance up to the end of 1928 have been no more than $263,curities replacing old securities, which process oc- 000. Issues carried in our compilations include only those
curs chiefly in cases of recapitalization and of re- offered in the American markets.
2. The listing during the year of additional "American
organizations. The latter have been few, whereas
shares" and "American certificates" against foreign securirecapitalizations have been on the increase in re- ties. These American shares and certificates are issued
cent years.
against securities of foreign corporations deposited with
The total corporate listings for the twelve months en American trust company which holds such securities
of 1928 aggregated $6,190,234,157, a new high rec- and distributes the income received therefrom to holders of
ord for any twelve months' period in the history of American shares and American certificates. Five such Isviz: Belgian National Rya
the Exchange. The 1928 total compares with 5,261 sues were listed during 1928,
"American shares," Rhine-Westphalia Electric Power Corp.
millions in 1927, 4,803 millions in 1926, 4,277 mil- "American shares," Debenhams Securities, Ltd. American
lions in 1925, 2,972 millions in 1924 and 3,879 mil- shares, Kreuger & Toll Co. American certificates, and
lions in 1923. As in previous years, our totals, while North German Lloyd American shares.
excluding Government and municipal financing, 3. A large increase in the total of public utility securiboth stocks and
both foreign and domestic, include securities of for- ties listed, millions as bonds, the combined total aggrecompared with 1,108 millions in
gating 1,804
eign corporations. The listings of Government and 1927.
municipal issues, while not included in our general
4. There is also to be noted the large number of foreign
totals, are shown in separate tables below. Of the public utility companies whose securities were listed on the
total of corporate bonds and stocks listed, $3,074,- Exchange during 1928. These include companies domiserving in Italy, Norway, Germany, Japan and
059,384 represents the amount issued for new capital, ciled and
Austria.
&c., $443,339,549 old issues never previously listed,
Corporate bonds listed reached a total of $1,838,189,380,
and $2,672,835,224 securities issued for refunding showing a small decrease from the total of $1,851,961,700
purposes or the replacing of old securities, as against for 1927, which was the record of any single year in the




616

[vol.. 128.

FINANCIAL CHRONICLE

history of the Exchange, and comparing with 1,091 mil- and stocks listed duririg the last ten years by each of the
lions in 14)26, 1,576 millions in 1925, 1,040 millions in 1924 different groups mentioned:
and 1,268 millions in 1923. Of the 1928 total railroad bonds
Bonds.
Stocks.
foot up $626,503,066 against 591 millions in 1927 and 246
millions in 1926. Of the 1928 total, 149 millions were isPublic
Indus. &
Indus. &
Public
Railroad.
Railroad.
Utilities.
MUM!,
Miscell.
Utilities.
sued for new financing &c., and 576 millions for refunding
•
3
8
$
$
$
purposes.
1922.- 626,503,066 407,186,300 704,500,000 533,603,989 1396823452 2,421,617,350
1927_ _
Public utility bonds listed in 1928 aggregated $407,186,300 1926.. 591.746,000 386.131.500 874.084.200 320,436,200 722.494,135 2.366,442,961
246.643,000 345,551,500 499,474.500 93,955,290 594,557,424 3.022.937,694
against 386 millions in 1927 and 345 millions in 1926. Of 1925_ _ 634,183,468 448.344,172 493,714,467 211,528,440 432,310,099 2.057,169,261
1924._
1,224,694,600
the 407 millions listed in 1928 265 millions were issued for 1923._ 951,866.85, 343,819,900 244,766,66b 203,965.921 504.253.164 1.860.138,388
329,100,741 382,953,500 556,300.000 171.500.23e 579,445,089
1922__ 669,344,650 398.447,700 514,630,100 519,967,400 289.079.132 1.975,478,838
new financing and 141 millions for refunding purposes.
1921.. 314,912,600 145,187,900 335,809,578 76,743.500 219.228.895 803 751,291
293,816,550
Industrial and miscellaneous bonds listed in 1927 foot 1920_ _ 9ns 951 700 70,300,000 124,778,156 9,10
87.122.800 70.408.255 1,997,867,598
1010
AO 0117 100 Ac 401 AAA
RAK 9011 77 000 4911
WM RAO 017
up $704,500,000; this compares with 874 millions in 1927,
the latter having been the largest on record. Of the 704
In the following tabulations we undertake to show how
millions listed in 1928, 469 millions represented new capital, much of the listings in the above were for foreign purposes.
We give first the amounts of securities of foreign corporaand 235 millions were for refunding purposes.
The volume of stock listings for 1928 reached the enor- tions per se, and secondly the amounts of securities of Amermous total of $4,352,044,791, being a new high record for ican corporations issued for acquiring or financing and deany single year in the history of the Exchange. The 4,352 veloping properties outside the United States. Both
millions In 1928 compare with 3,409 millions in 1927, 3,711 amounts, as already stated, are included in the totals of cormillions in 1926 and 2,701 millions in 1925. Of the 1928 porate listings in the above.
total, railroad stocks foot up $533,603,989, of which 101 mil- SECURITIES OF FOREIGN CORPORATIONS PLACED
IN THE UNITED
lions were issued for new capital and 382 millions for reSTATES AND LISTED ON THE NEW YORK STOCK EXCHANGE.
funding purposes. The 533 millions for 1928 compares with
Bonds.
Stocks.
320 millions in 1927 and 93 millions in 1926.
Industrial&
Public
Public
Industrial&
Public utility stocks listed aggregated $1,306,823,452, a
Railroad.
Utilities. Mtscellan's. Railroad.
Utilities
Miscellan's.
new high record, against 722 millions in 1927 and 594 millions in 1926. Of the 1,396 millions listed In 1928 1,165 1928
203,352,000 46,572,339 2,988,720 82,970,060
15,750,000 98,102,500
_51.909.500 174,352,500
400.000
millions represented new capital, &c., and 212 millions were 1927 -.- 106,376,000 136,726,000 143.226,000 39,934.300
1926
23,293,000
1925
119,007,000 17,266,000 35,500,000
843,700
for refunding purposes. Industrial stocks listed during 1928 1924
11,962,000 18,000.000 28,500,000
8,407,918
aggregated $2,421,617,350 against 2,366 millions In 1927 1923 - _ 13,352,500
63,900.000
15,931.000
1922 _ 104,500,000 4,750.000 41,145.000
87.287,400
and 3,022 millions in 1926. Of the 2,421 millions listed 1921
2,500,000
75.000,000
128,000
1920
1,000.000
6,489.926
in 1028 922 millions were for new capital, and 1,125 mil- 1919 ___ 50,000,000
1,240,000
6.139.300
lions were for refunding purposes, whereas 374 millions
represented old issues never previously listed on the Ex- SECURITIES OF AMERICAN COMPANIES ISSUED FOR FINANCING
OPERATIONS OUTSIDE UNITED STATES,
change.
Mocks.
As in recent years, it must be taken into account that in
Bonds.
many cases the shares listed were of no par value and
Public
Industriai&
Public
Indusirial dr
Utilities.
iscellan's Railroad.
Railroad.
are represented by more or less nominal figures. Although
$
this practice has to a certain extent changed the compari- 1928 _
25,000,000 31,500,000 144.339,323 86,755,025
51.236.176 33,428.240
33.000,000
sons of the total stocks listed as expressed in dollars, still 1927 — 7,500.000
1926 _
38.569.973 68.135,418
5,500,000 15,000,00
0
the value of comparisons is in no way Impaired, as the fig- 1925 68.149.667 40,642,000
25.479.000 86,250.000
1924 36,000.000 25,775,934 5,792,760
500.000
ures given represent the stated or declared value of the 1923
2,247.000 2,618,500 10,000,000 10,000.000 19,118,300 43,589,885
1922 _
5.250,000
3,848.000 24,820,700
shares as reported in the companies' latest balance sheets.
1921 _
5.000,000 1,280,600
38,528,300
20,580,900
27,117,000
The total of note issues put out in 1928 but not listed on 1920.
1919 _
8,589.700 34,040.800
3.959,000
the Exchange, as compiled at the end of this article, shows
a decrease as compared with 1027. The amount in 1928
Government issues, foreign and domestic, as already
reached $216,162,000 as compared with 273 millions in 1927, stated, are not included in the above tables. The follow427 millions in 1926, 424 millions in 1925, and 335 millions In ing is the aggregate amount of such issues listed or author1924. This table of note issues includes principally notes is- ized to be listed for the past ten years:
sued for extensions or renewal of maturing bonds or notes, GOVERNMENT BONDS LISTED ON THE NEW YORK STOCK EXCHANGE
or represents short-term financings. Our object in referring to this table here is because companies in taking care
U. S. Government
Foreign Issues
Securities,
Total.
(Incl. Canadian)
of their immediate wants through this class of financing
8250.000,000
$888,639,000
$1,138,639,200
act to that extent to diminish the volume of stocks and bonds 1928
1927
494,898.100
602,831.500
1.097,729.600
1926
494,898.100
613,188.000
1.108,084,100
that would normally be presented for listing on the Ex- 1925
607.700,000
607.700,000
1924
200,000,000
588,720,750
change.
788,720,750
1923
al00,000,000
235.929,500
335,929,500
The following table embraces the record of aggregate 1922
502.500.000
502,500,000
1921
a55,000.000
452,500.000
507,500,000
corporate listings for each of the last ten years:
1920
520.578.760
520,578,700
1919

CORPORATE LISTINGS ON NEW YORK STOCK EXCHANGE.
Issued for New
Capital, /tr..

Old Issues
Now Listed.

Replacing
Old Securities.

Total.

1928
1927
1926
1925
1924
1923
1922
1921
1920
1919

C
884,883,600
1.092,920.490
852,762,800
1,040,620,116
597,242,100
637,040,556
867,634.961
525.652,059
388,708,500
211,074,311

$

stocks.
1928
1927
1926
1925
1924
1923_
1922
1921
1.920_
1919..

8
953,305,766
746.613.210
238,906,200
512.51..321
406,587,832
619,351,290
698,808,139
226,202,119
•15,621.906
68.132.729

8
1,838,189,366
1.851.661.700
1,091,669,000
1,576.242,107
1,090,453.421
1.268,354.246
1.582,422.450
795.910.078
938.891,706
321,00/.540

2,189,175,784
1.306,478,525
1.421,884,695
L.060.308.991
625.206,192
917,756,581
981,000.977
368,765,100
1,131,237,916
5 .615.760
05

443,339,549 1,719,529,458
217,562,446 1,885,332 325
687,584,274 1,601,981,439
344,713,098 1.33 .2N .711
, ,
1.020,605.601
286.501,896
346.922,069 1.316,905.054
1.467,062,739
335,061,659
249.931.033
981 037.553
343,522,220 ' r
1 11 I '''' •I7
236,060,904
464.'
157.828

4,352,044,791
3.409.373,296
3,711,450,408
2.701.007.
8u°
1,932,313 686
2.611.083.707
2,784,025.370
1,099.723 686
2.155.3-8 653
'
1.26A Cl' '''2

Bonds.'

12,428,000
25,107,500
36,623,489
11,962,400
15,979,350
44,055.900
4,564,300
41,795,500

•Government issues foreign and domestic not herr Mel
shown separately
Note.—Applications for the listing of trust company receipts and of securitie:
marked "R-amented" (If preparatory to reorganization), or of securities stamped
"SEISItfiterl" or "assessment paid"—the
securities therm:elm, having previously been
liSted—are not included in this table.

In the following we classify the figures so as to Indic-late the amounts under each leading head, namely, railroad, public utility and Industrial and miscellaneous companies. This table shows at a glance the volume of bonds




55 000.000

a New York City obl gations.
$4,500.000,000 Victory Loan

b1,516.611 735

171.611,735

b Including State and munic pal obligations and

Railroad bonds listed during 1928 as noted above footed
up 626 millions. Chief among the issues are Chicago Milwaukee St. Paul & Pacific 5s of 1975 aggregating $103,383,986 and $179,082,880 cony. adj. mtge. 5s of 2000 of the same
company, both Issued under the reorganization plan of the
old company. Other issues worthy of note are $100.000,000
St. Louis-San Francisco 41 2s Issued to refund existing bonds,
/
&c., $48.000,000 Chesapeake Corp. coll. trust 5s issued for
working capital, &c., 831,000,000 New York, New Haven &
Hartford 1st & ref. 41s issued principally to repay U. S.
/
2
Government loans, $30,942,000 Boston & Maine 1st 5s issued
to repay U. S. Government loans, $29,400.000 Southern Pacific 41 issued to refund existing bonds, and $20,000,000
/
48
Union Pacific 4s issued for refunding purposes.
Of the 407 millions of public utility bonds listed the following are worthy of notice: $45,000,000 Public
Service
Electric & Gas Co. 1st & ref. 42 issued for refunding
/
1s,
and for additions; $60,000,000 Philadelphia Co. secured 5s,
issued for refunding purposes and for the acquisition
of
control of constituent companies; $35,000,000 Cin. Gas
&
Electric Co. 1st 4s issued for the purpose of acquiring constituent companies; $35,000,000 Philadelphia Electric Co.

FEB. 2 1929.]

617

FINANCIAL CHRONICLE

20.000,000
Budapest, City of, Hungary, ext'l sinking fund 68. 1962
3.4,11,500
1st lien & ref. 4%s issued for refunding purposes and for Buenos Aires (Argentina), City of. ext'l 5 f 68, ser 0-2, 1960
3,366.000
s f 68.
are: Buenos Aires (Argentina), City of, ext'l ext'l a ser 0-3. 1060
41,101,000
additions and betterments. Other large-size issues
f 6s, 1961
(Argentina), Province of,
Buenos Aires
sinking fund
Postal Telegraph & Cable Corp. coll. trust 5s; Chile, Republic of. railway refundingfund 68. 19616e. 1961--- 45,g.000
$85,251,800
,000
35.
Colombia, Republic of, ext'l sinking
2
1
/
$24,719,500 Public Service Corp. of N. J. 4 s; $20,000,000 Copenhagen (Denmark) City of, 20-year 4%5, 19531937---- 12.0),000
2.547,000
Cordoba (Argentina). City of, ext'l sinking fund 7s,
12.000.000
North American Edison Co., and $20,000,000 Utilities Power Cundinamarca (Colombia), Dept of, ext'l s f 6;is, 1959
30.000,000
-year external 5Sis, 1955
Denmark. Kingdom of,30
%
1
/
55.000,000
-year external 4%s, 1962
& Light Corp. 52 debs.
Denmark, Kingdom of,34
5.000,000
acimin s f 5%8, 1940
Of the 704 millions of industrial bonds listed, the follow- Dominican Republic 14-year customs fund 5)4s, 1958
15,000,000
Finland, Republic of, external sinking
principal issues: $75,000,000 Youngstown Sheet Great Britain and Northern Ireland, United Kingdom of.4% al0,000,000
ing are the
funding loan. 1960-1990
17,000.000
& Tube Co. 1st 5s, issued principally for refunding pur- Greek Government secured 40-year 68, 19581946
10.000.000
68,
$50,000,000 International Match Corp. 5s, issued to Hamburg (Germany), State of, 20-year 1960
15.000,000
poses;
Irish Free State external sinking fund 5s.
B. 1962 30.000,000
Sinclair Kingdom of the Serbs, Croats and Slovenes est'l 7s,ser1954
acquire French Government bonds; $42,000.000
9.000,000
Medellin (Colombia), Municipality of, external 6;is,
8.452.000
State of, secured external
1
/s,
°rude Oil Purchasing Co. 52 issued for refunding pur- Minas Geraee (Brazil),external sinking fund 68, 63i5, 1958
30,000.000
1963
of,
Norway, Kingdom
4,951,000
poses; $40,000,000 Phillips Petroleum Co. 5%s, issued to Nuremberg (Germany) City of, external 25-year 68, 1952
12.000.000
of, external sinking fund 55, 1963
reduce current indebtedness and for working capital. Other Panama, RepublicPeruvian nat'l loan ext'l 6s (1st series), 1960 49.750.000
Peru, Republic of.
62.000,000
(stabilization loan), 1947_
large industrial issues are: $35,000,000 National Dairy Prod- Poland, Republic of, ext'l s f 7sext'l sinking fund 6%5,1953
30.000,000
Rio de Jantho (Brazil), City of,
9.950.000
-years f 78, 1966_ _ _.
ucts Corp. 5%s; $40,000,000 United Drug Co. 5s; $30,000,- Rio Grande do Sul (Brazil), State of, 40sinking fund 6s. 1968 23,000,000
Rio Grande do Sul (Brazil), State of, ext'l
Inland Steel Co. 1st 4%s and $30,000,000 Shell Pipe Saarbrucken (Saar Basin), City of, sinking fund 6s, 1953__... 2,974,000
000
4.434.700
Styria (Austria), Province of. external sinking fund 78. 1946
2.500.000
Line Corp. 5s.
Tolima (Colombia), Dept of, external secured 7s, 1947
3)4% Treasury bonds, 1940-43..„.. 250.000.000
States of America
Foreign industrial bonds listed include two farm loan United Austria, Province of. ext'l sinking fund 6%s, 1957
7.500,000
Upper
29,726.000
issues of $50,000,000 and $26,000,000 respectively of Ger- Vienna (Austria), City of, external sinking fund 68. 1952
10.000,000
-year external 78, 1958
Warsaw (Poland), City of, 30
man Central Bank for Agriculture; $25,000.000 Batavian
$1.138.639.200
Total
Petroleum Co. 4%s, $20,000,000 North German Lloyd 6s;
April 1928 the Guaranty Trust Co. offered £2,000,000 of the 49'
amn
$20,000.000 Mortgage Bank of Chile 6s; $15,000,000 Gen- funding loan (1960-1990) in the New York market. Following the formal
eral Electric Co. of Germany 6% debentures, and three is- offering the officials of the New York Stock Exchange authorized the listing;
of the total outstanding bonds of this issue, viz.: L388,777.644 and sub0
3
2 0
r2
'0
i es
l
to
sues aggregating $12,804,000 of the Mortgage Bank of Co- ragutly opprgvg i,irblistong thetie1itE.1;734 8 5% theloan g929
wa ex o
.000 of
lombia.
from our totals above, because their
loan offered in the New York market)
Issues carried
Inclusion therein would be misleading for our
Among the stocks of railroad companies listed we note in our compilations include those only offered in purposes.
the American markets.
$118,745,900 5% pref. stock and 1,150,822 shares of comThe purposes on account of which the several bond and
mon stock of no par value of the Chicago, Milwaukee, St.
stock issues listed during the year were issued are given in
Paul & Pacific, issued under the reorganization plan; $61,376,550 capital stock of the Pennsylvania RR., issued for the following tables:
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1928.
additions, improvements, &c.; $47,132,400 6% preferred
Purpose of Issue.
Amount.
Company and Class of Bonds—
stock of the St. Louis-San Francisco Ry., issued for re- Ala Gt13ou 1st con 4s ser B. 1943-- $5.206,000 Refunding working cap
48.000.000 Pa • indebt,
Corp cony coil tr 5s- _
funding purposes; $42,271,300 capital stock of the New York ChesapeakeP & Pac ser A 58, 1975-100.924.456118sued under reorganization
Chic Mu St
Plan
ser
do cony adj
Central RR., issued for improvements, &c., and $38,573,- Chicago & WestmtgeconsA 68. 2000176.625.2601 Repay advances
281.000
4s, 1952.
Ind
refunding
& St L ref& impt 4%5 E'77_ 15.000.000 Expenditures. &c
C C C
000 common stock of the Boston & Maine.
Cleve Un Term Co 1st 4%s C '77-- 5,000.000 Construction.
The principal stock issues of public utility companies Int Gt Northern 1st 5s ser C. 1956_ 5,500.000 Capital expenditures
4s, 2003_ 12,650.000 Expenditures & bettermls
gen
listed were; 6,062,744 common shares of Consolidated Gas Lehigh Valleypriorcons 4)48 D '78_ 13,600.000 Refunding
lien
Mo-Kan-Tex
& Ohio ref & impt 4%8,'77.. 13,879.000 Cap expend,red of bonds
Co. of New York issued as a stock split-up and for the ac- Mobile
Nash Chatt & St List 4s, 1978- - 16,800,000 Refunding
quisition of control of the Brooklyn Edison Co. and 871,372 New Orleans Texas & Mexico
111.400 Cony of income bonds
1st 68 ser 13, 1954
5.900.000 Acquis of securities
shares (no par) $5 preferred stock of the same company,
1st 4;is ser D. 1956
& Hartford
issued in part payment for the acquisition of the Brook- NYNH 4Sis, 1967
31.000.000 Repay U S Govt. working
1st & ref
capital,
lyn Edison Co.; $185,903,200 capital stock of American Tele256,000 Each for Prov Co dohs
49' debs, 1957
2,384.000 Repay loan,
phone & Telegraph Co., issued for corporate purposes; 14,- Norf& Sou 1st & ref 5s ser A.1961- 29.400,000 Refunding work cap. &el
Pacific Co 4;is, 1968
271 common shares, 88,644 shares of $7 pref. stock, 1,193,- Southern
$482.517,116
Total
049 shares $7 2d pref. stock and 36,832 shares $6 pref. stock
LISTED SECOND SIX MONTHS OF 1928
(all of no par value) of the American & Foreign Power Co.. RAILROAD BONDS Bands—
Purpose of Issue.
Amount.
Company and Class of
issued in connection with the company's program of ex- Atch Top & Santa Fe Calif-Ariz 14,691.000 Repayment of advances
Lines 1st & ref 4)4s ser A.1962__ 2,623,000 Expenditures,refunding
pansion in foreign countries; 340,406 shares common stock, Atl Coast Line RR gen unif s'64
Red U Sloan,&c
Boston St Maine 1st 5s ser AC,1967 30,942.000
792,367 shares $6 pref. stock and 972,214 shares $5 pref. stock Can Pacific 47,, perpetual deb stk__ 5,000.000 Construction
24,009.000 Refunding, &c
St P gen 4%s. 1989..___
(all of no par value) of American Power & Light Co., is- Chic Mil &P & Pac ser A 5s, 1975- - 2.459,530 Issued under reorganization
Chic M St
2.457.6201131=
sued principally for the acquisition of its constituent comdo cony adj mtge ser A 58, 211116 12,000.000 Refunding,expenditures
& R G West ref & impt 5s '78238.800 Cony of income bonds
panies, and $27,500,000 5% pref. stock of Duquesne Light Co. Den Tex & Mex 1st 58 ser B,1954-NO
63.000 Ezell for Prov Co debe
NYNH & Hartford 4% debs '57_
issued to redeem the existing 7% preferred stock and for Paris-Orleans RR (France) 5;is '68 10,750,000 Refunding
consol mtge 434e
St L-San Fran Ry
additions and betterments.
100,000.000 Refund existing bonds, &c
series A.1978
20.000.000 Refunding
The industrial and miscellaneous stocks listed include Union Pacific 48, 1968
4%8 C. 1978.. 17.867,000 Acquisition, cap expends
2,230,720 shares capital stock (no par value) of Drug, Inc.; Wabash Ry ref & gen 58 B.1966
894.000 Refunding
Wheeling & Lake Erie
709,145 no par shares common stock and $34,384,390 6%
$243,985.950
Totalpref. stock of Abitibi Power & Paper Co., 1,056,192 no par
MONTHS OF 1928.
PUBLIC UTILITY BONDS LISTED FIRST SIX
Purpose of Issue.
Amount.
shares common stock and 801,511 shares (no par value)
Company and Class of Bond—
Co, ist &
& Lt
$7 pref. stock of Goodyear Tire & Rubber Co.; $22,517.400 Columbus Ry Pow1957
$13,000.000 Refunding. improvements.
refunding 4%8.
&c
common stock and $22,517,400 7% preferred stock of Lehigh Meridional° El Co,1st 7s, A,1957- 11,626,500 Extensions,
MU El Ry & Lt Co. ref & 1st mtge 1.161,000 Each for gen & ref 58
Portland Cement Co.; 683,062 shares (no par value) comseries B. 1961
58,
Hydro-El Nitrogen Corp,
mon stock of Republic Iron & Steel Co.; 1,958,785 no par Norwegimpt 5;i5 ser A 1957
20,000,000 Construction.acquis.&c
ref&
60.000,000 Refunding acquis of control
shares common stock (represented by voting trust certifi- Philadelphia Co,sec 5s sex A,1967of constituent cos
Sex Corp of NJ cony 4%5 1948 24.719.500 Refunding, &c
cates) of Crown Zellerbach Corp. and 904,958 shares com- Pub
Pow Corp 65
Rhine-Westphalia El
15,000,000 Additions, &c
mon stock (no par value) of the Stanley Co. of America.
1952Co Ltd,6348,1952 7,650.000 Reduce bank loans. &c
The following table shows at a glance the foreign Gov- Shinyetsu El Pr
$153.157.000
Total
ernment bonds listed on the Exchange during 1928. It
OF 1928.
must be borne in mind that our figures cover only the PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS
Purpose of Issue.
Amount.
Company and Class of Bonds—
foreign government loans actually listed or authorized to be Adriatic El Co.(Italy) 7s, 1952- - - $5,000.000 Additions to plants.
% debs, 1142 11,996.500 Acquisitions.
Nat Gas
listed and which have been offered in the American mar- Am Gas & ElCorp 634 1968
35,000.000 Acquis constituent co
Co,1st 48
Cin
Fed Lt & Tr Co (Stmpd) 1st In 5s
kets. The totals do not show the full amount of foreign
1,805.000 Extension, additions.
1942
government issues floated in this country, since some Lombard El Co(Italy) let 7s, 1952- 9,826,000 Construction. &c 58
150.000 Each for gen & ref
1st & ref5sser B,1961- Mil El
others were brought out which did not find their way to No AmRy
Edison Co 5%% dabs, 1963 20.000,000 Pay unfd debt. corp purP
6,000.000 Refunding,corporate PurP
Oslo Gas& El Works 5s, 1963
&c
the Stock Exchange.
Phila. El Co let In & ref 4345. 1967- 35.000.000 Refunding, additions.
GOVERNMENT AND MUNICIPAL BOND ISSUES LISTED AND
AUTHORIZED TO BE LISTED DURING 1928.
hue
Akershus (Norway), Dept of, external sinking fund 5s, 1963-- $8,000,000
Antioquia rlombia). Dept of,ext'l secured 75, 1957. 3d ser _ _
4350.000
Antioquia Colombia). Dept of, ext secured 7s. 1945. ser"D" 3.750.000
!
.
Argentine &Lion, Govt of. ext'l fes (railway issue), 1960
.
Argentin° Nation, Govt of ext'l 5 tis 1962
20.000.000
Australia, Commonwealth of, 30
-year 58 ext'l loan, 1957
40.000.000
Australia Commonwealth of. ext 1 4 45, 1956
50,000.000
Berlin, City of, Germany. 30
-year ext I
1958
15,000,000
Brazil, United States of, earl sinking fund 6)4.. 1957
41.500.000
Brisbane, City of, Australia. 30
-year 5a. 1957
7,500.000




Postal Tel & Cable Corp col tr 58,
35.251.800 Exch. for sec. of constit 008
1958
Public See El & Gas Co, lit 8z ref
45.000.000 Refunding, additions, &c
4)48, 1967
Roth Gas & El Corp gen 434s. 1977 6.000.000 Refunaing. construction
Tyrol Hydro-El Pow Co (Austria)
3,000.000 Plant extension
78, 1952
Utll Pow & Lt Corp 5%% dabs,
20.000.000 Acquisitions. &c
1947
United Elect Pow Corp
20.000,000 Refunding, wk MP.ICC
1st 65, 1953
Total

6254.029.300

618

FINANCIAL CHRONICLE

INDUSTRIAL BONDS LISTED FIRST SIX MONTHS OF 1928.
Company and Class of BondsPurpose of Issue.
Amount.
Am Cyanamid Co 5s, 1942
55.000,000 Acquisitions, &c
Agricultural Mtge Bank,Colombia,
6s, 1947
5,000.000 Corporate purposes
Batavian Petroleum Co 4s,1942.. 25,000.000 Corporate purposes
Certain-teed Prod Corp 5S4s. 1948_ 13,500,000 Acquisitions; corp purposes
Crown Cork & Seal Co Inc 6s 1947.. 5,500,000 Refunding, acquis'ns, &c
International Cement Corp 5s, 1948 18,000.000 Red pref stk, acquis, &c
International Match Corp 5s. 1947 50.000.000 Acquis French Govt bonds
Mtge Bank of Colombia 7s, 1946._ 5,845.000)Refunding higher coupon
78, 1947
2,959,000
rate bonds; reimburse
634s. 1947
4,000.000
bank. &c
National Dairy Prod Corp 5Sis '48 35.000.000 Red Nis & pref stock, &c
Paramount Famous Lasky 6s, 1947 16.000,000 Expansion, &c
Phillips Petroleum Co 534s, 1939
40,000.000 Red current debt: wkg can
Purity Bakeries Corp 55, 1948
8,000,000 Red pref stock, &c
Sharon Steel Hoop Co 534s, 1948._ 7,000.000 Refund'g, corp purposes
Sinclair Crude Oil Purchasing Co
5345. 1938
42,000,000 Refunding
Shell Pipe Line Corp 5s, 1952
30,000.000 Additions, often's, &c
United Drug Co 55, 1953
40,000,000 Liquidate Mass company
Total

$352,804,000

INDUSTRIAL BONDS LISTED SECOND SIX MONTHS OF 1928.
Company and Class of BondsPurpose of Issue.
Amount.
Abraham & Straus mc5)4 debs, 1943
$5,150,000 Erection store building
Agricultural Mortgage Bank,
Colombia,6s, 1948
5,000,000 Repay loans, corp purposes
Albany Perforated Wrapping Paper
Co 6s. 1948
3,000,000 Refunding,corp purposes
American Ice Co deb 5s, 1953
6.000,000 Refunding
Bank of the Silesian Landowners'
Ass'n (Prussia) 1st 6s, 1947
6,000.000 Granting of loans
Colon Oil Corp 6% debs, 1938._ 10,000,000 Construction, &c
Commercial Inv Trust Corp
6% debs, 1948
15.000.000 Corporate purposes
Container Corp of Am 5% debs,'43 6,000,000 Acquis constituent co
General Cable Corp 1st 534s. 1947- 16,000.000 Acquis constituent cos
General El Co (Germany)
6% debs, 1948
15,000,000 Capital expenditures
German Central Bank for Agriculture-Farm loan 6s, 1960
50,000,000 Funds for farm loans
Farm loan 6s, 1938
26.000,000 Funds for farm loans
Inland Steel Co 1st4SO,1978_ _ _
30,000,000 Red of bonds & pf stk, Scc
Kingdom of Norway Municipalities
Bank 5s, 1967
6,000.000 Loans to municipal bodies
Marion Steam Shovel 1st 6s, 1947_ 3,498,000 Acquis constituent co
Mortgage Bank of Chile es. 1961... 20,000,000 Construction loans, &c
Mortgage Bank of the Venetian
Provinces (Italy) 20-yr 7s, 1952_ 4,962.000 Agricultural, &c, loans
National Dairy Products Corp
5Si% debs, 1948
500.000 Acquis constituent cos
NY Dock Co 5% notes, 1938
5.500.000 Working capital. &c
North German Lloyd 6s, 1947.... 20,000.000 New construction, &c
Saxon State Mtge Inst (Germany)
7s, 1945
4,716,0001Working capital to Saxon
634s, 1946
3,870.000f industries
Transcontinental Oil 1st 6Si5, 1938 12.000.000 Refunding, working capital
White Sewing Mach 6,0 debs. 1940 2.500,000 Working capital, &c
7
Youngstown Sheet & Tube Co
1st 55, 1978
75.000.000 Refunding,corp purposes
Total

$351,696,000

RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1928.
Company and Class of StockPurpose of Issue.
Amount.
Atch Top & Santa Fe capital stock 9,219,000 Refunding
Belgian Nat'l Rys 150,418 "Amer.
shs"(represTg partic prof stock)a10,454,051 Old stock just listed
Boston & Maine common
38,573,000 Old stock just listed
Canadian Pacific Ry ordinary__ _ 31,592,400 Improvem't property, &c
Chesapeake & Ohio common
166,900 Cony of preferred
Chic Mil St Paul & Pac common
(1,118,158 shs)
*111.815,8001 Issued under reorganization
do 5% preferred
116,843,100f plan
Illinois Central common
1,512,300 Cony of preferred
Missouri-Kan-Tex preferred
8,327,500 Conversion of bonds
New York Central capital stock....
297.000 Improvements. &c
New York Chic & St Louis pref.__ 3,345.400 Additions, improvem'ts,&c
N Y N H & Hartford prof
604,000 Red of U S Govt debts
Norfolk & Western common
14,000 Conversion of bonds
Pennsylvania RR capital stock
59,498,950 Additions, improvem'te,&c
Western Maryland common
105,000 Cony of 2nd pref stock
Wheeling & Lake Erie common_40.300 Conversion of preferred
Total
$392,408,701
a Each American share represents five shares of participating preferred
stock of 500 Belgian francs each.
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1928.
Company and Class of StockPurpose of Issue.
Amount.
Belgian Nat'l Rys 11.843 Amer shs a923,088 Old stock just listed
Canadian Pacific ordinary
3,602,800 Improvements .3rc
Chesapeake & Ohio common
119,800 Conversion of preferred
Chic Mil St Paul & Pac common
(32,664 shares)
*3,266.4001 Issued under reorganization
do
preferred
1,902.8001 plan
Del Lackawanna & West corn
130.500 Acquis Lack & Montrose
Illinois Central common
932,000 Conversion of preferred
International Rys of Cent America
common (315.000 shares)
*31,500,000 Exch for shs of $100 Par
Missouri
-Kansas-Texas pref
5.504,400 Conversion of bonds
New York Central capital stock... 41,974,300 Refunding
N Y N H & Hartford pref
348,600 Refund U S Govt debts
Norfolk & Western common
165.000 Conversion of bonds
Pennsylvania RR capital stock_
2,878.600 Improvements, &c
St Louis-San Francisco 6% pref._ 47,132,400 Refunding
Western Maryland common
804,500 Conversion of 2nd pref
Wheeling & Lake Erie common_
10.100 Conversion of preferred
Total
$141,195,288
a Each American share
participating preferred
tock of 500 Belgian francsrepresents five shares of
each.
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1928.
Company and Class o, StockPurpose of Issue.
Amount.
Amer & Foreign Power Co Inc
Common 9,559 sirs)
*219,847
$7 pref (8&419 shs)
*8,641.900 Program of expansion in
ig 2d Prof (1.168,386 shs)
foreign countries
*116,838,600
$6 pref (35,463 shs)
*3,546,300
American Power & Light Co
Common (88.658 shs)
*8.865 800 Stock div, acquisitions, &c
$6 preferred (789,185 shs)
*75015 500 Acq Wash Wtr Pr Co, &c
Amer Tel & Tel Co capital stock__ 11,762,900 Corporate purposes
Amer Water Wks & Elec Co corn
(34.064 shs)
*340.640 Stock dividend
Detroit Edison Co cap stock
319.200 Cony of debs
Duquesne Light Co 5% pref
20.000,000 Red of 7% prof
Electric Power & Light Corp
Common (11,049 shs)
*232,0291Acquisition of constituent
$7 preferred (20.070 shs)
2
Engineers Pub Ser Co Inc corn * 007 000j companies, &c
(104,849 atm)
*3,001,972 Red of $7 pref stock
Federal Light & Trac Co corn
128,430 Stock dividends
Gen Gas & Elec Corp class A corn
(9.926 shs)
*248.150 Corporate purposes
Int Tel & Tel Corp cap stock
1,300,000 Expenditures, &c
National Power & Light Co corn
(2.870,211 shs)
*
36,451.680 Exch Leh Pow Sec Corp stk




[VOL. 128.

Company and Class of StockAmount
Purpose of Issue
North Amer Co corn (256,848 shs)- *2.568,480 Stock dividends
North Am Edison Co $6 pref
(56,000 she)
*5,600.000 Cony of debentures
Pacific Gas & Electric Co common_ 6,207,650 Additions, extensions, Sre
Pacific Lighting Corp common
(1.127,459 shs)
*16,295.450 Old stock just listed
Peoples GasLt & Coke Co cap stk..
298,900 Improvements, add'ns, &a
Philadelphia Co common
396.550 Stock dividend
do 607 preferred
7,977,600 Conversion of bonds
Philadelphia Rap Tran Co pref
7.000.000 Corp purp, refunding, &c
Public Service Corp of N J
Common (441,463 shs)
*7,946,334 Cony or debentures
607 preferred
24,675,200 Acq stk of subs, wk cap, &a
Southern California Edison Co
5,317,825 Extensions, impts, &c
Standard Gas & Electric Co
Common (94,384 shs)
*3,209.056 Corporate purposes
34_pref (525,480 shs)
*26.274,000 Each for 8% prof stock
Util Pr & Ift Corp el A (127,392 sh) *3,073,969 AcquIs of property, &c
Total
$409.666,962
PUBLIC UTILITY STOCKS LISTED SECOND SIX MONTHS OF 1928.
Company and Class of StockAmount.
Purpose of Issue.
Am & For Pr Co corn (4,712 shs)__
*108,376
do $7 preferred (2.225 shs)__-- *222,500 Program of expansion in
do $7 2d prof (25,563 shs)
*2,55 .3001 foreign countries
do $6 pref (1,369 shs)
*136,900
Amer Natura Gas Corp $7 pref
,
(49,980 shs)
*4,498.200 Acquis constituent cos
Amer Water Works & Elec Co corn
(34,931 shs)
349,310 Stock dividend
American Power & Light Co
Common (251,748 shs)
*25,174,800 Stock div, acquls, &c
$6 pref (3.182 shs)
*318.200 Acq Wash Wat Pow Co
55 pref (654,605 shs)
*65.460.5001Acquisition of Montana
$5 pref stpd (317,609 shs)
*31.760.900
Power Co
Amer Tel & Tel Co cap stock
174,140.300 Corporate purposes
Brooklyn Manhattan 'Fran Corp
Common (769,911 shs)
*31,331,8331Exchange for voting trust
$6 pref (249,468 shs)
*24,946,800
certificates
Commonwealth Power Corp corn
(149,551 shs)
*10.319,019 Corporate purposes
Consol Gas (N Y)
Common (6,062,744 shs)
*381,952,772 Stock split-up, acquit; of
Brooklyn Edison Co
$5 prof (871,372 shs)
*79.294,852 Acquis Brooklyn Edison Co
Detroit Edison Co capital stock.-- 13,330.900 Imps, cony of bonds
7
Duquesne Light Co 50 1st pref.-- 7,500,000 Additions and betterments
Engineers Public Service Co
*11,378,364 Cony of .55 pref ac uis„ &c
$5 cony pref (320,000 shs)
32.000,000 Ref of $ pref stock
Elec Power & Light Corp
Common (4.054 shs)
*85,1341Acquisition of constituent
$7 pref (7,565 shs)
*756.500j companies
Federal Lt & Trac Co corn
131,005 Stock dividends
Gen Gas & El Corp cl A (15,496 sh) *387.400 Corporate purposes
Class B (12,970 shs)
*324,250 Corporate purposes
Internat Tel & Tel Corp cap stk-. 10.778.700 Exch Postal Tel stock, &c
North Amer Co corn (240,249 shs_ - *2,402,490 Stock dividend
North American Edison Co $6 pref
(24.780 shs)
*2,478,000 Cony of debentures
Pacific Gas & Elec Co common...._
467,325 Additions, extensions, &c
Pacific Ltg Corp corn (122,646 shs) •1,839,690 Expansion, acquisitions, &c
Peoples Gas Light & Coke Co corn.. 4,888,800 Extensions, additions, &c
Postal Tel & Cable Corp 7_7 pref.. 28,342,500 Acq Mackay Cos corn stk
0
Public Service Corp (N
Common (341,000 shs)
*7,502,000 Conversion of debentures
6% preferred
8,188,3001Acquis stocks of sub cos.
$5 pref (81,410 shs)
8.141,000) working capital, &c
Rhine-Westphalia Electric Power
Corp (71,160 American shs)___ _ a2,988,720 Old stock just listed
Southern California Edison Co corn
309,350 Extensions, &c
Standard Gas & Elec Co $4 prof
(131,370 shs)
*6,568,500 Corporate purposes
Utilities Power & Light Corp class
A (146,000 shs)
*3,796,000 Acquis of properties, &c

Total
5987.156.490
a Each American share issued by the National City
York
as depositary, represents 100 reichsmarks par value, ofBank of New stock
the common
(bearer shares) of the Rheinisch-Wastfalisches Elektrizitatswerk AktienGesellschaft,deposited under the deposit agreement,dated as ef Aug. 1 1928.
INDUSTRIAL STOCKS LISTED FIRST SIX MONTHS OF 1928.
Company and Class of Stock
Purpose of Issue.
Amount.
Abitibi Pow & l'ap Co Ltd corn
(721.118 shs)
*18,864,935 Exch for old ctfs and scolds. of constituent cos
Abitibi Pow & Paper Co Ltd 6% pf 34,259.700 Red of funded debt and
pref. stocks of subs
Adams Express Co pref
111,800 Exch for common stock
Air Reduction Co com(676,204 shs)*14,373,665 Exch for old no par shares
Ajax Rubber Co corn (180,180 shs) *1,801,800 Atm McClaren Rubber Co
Albany Perforated Wrapping Paper
Co (60,000 shs)
*1,200,000 Erect bldg,corp purposes
Amer Brake Shoe & Fdy Co corn
(25,188 shs)
*314,850 Stk div., scouts constit co
Amer Hide & Leather Co corn
(112,741 shs)
*1,127,410 Exch for $100 par shs
Am La France & Foamite Corp
corn (609,300 shs)
*2.437,200 Exch for $10 par shs
Amer Machine & Fdy Co corn
(14,581 shs)
*48,854 Corporate purposes
American Metal Co Ltd 6% pref..- 8,396,200 Exch for 7% cf, work cap
Amer Type Founders Co com
187.300 Working oapital
Amer Writing l'aper Co corn v t c
(2.960 shs)
*8,8801Issued per reorganization
Amer Writing Paper Co prof
228,100J plan
Anaconda Copper Mining Co corn. 12,549,800 Cony of bonds
Archer-Daniels-Midland Co corn
(13,712 shs)
*812,436 Acquisition
Armour & Co Ill cl A (v t c)
940,970101d stocks just listed
class B (v t c)
8,767,275f
Austin Nichols & Co Inc common
(150,000 shs)
*833,972 Exch for voting trust ctf
Barker Bros Corp
corn (150,000 shs)
*3,205,4451Red of prof stks and exch
% pref
3.000.0001 for stock of operating
co
Barnsdall Corp class A
2.345,500 Stock div, acquisition. &c
Beacon Oil Co corn (31,888 shs)
*414.544 Pay mtges, working capital
Borden Co capital stock
15,999,450 Acq of constituent cos
Brockway Motor Truck Corp
Common (179,891 shs)
*1,201,955101d stocks just listed, ac
7% preferred
3.000,0001 quisition Ind Truck Corp
Bucyrus-Erie Co corn
4,828,800}Acquisition of Bucyrus Co
do 7% preferred
6,461,400
and Erie Steam Shovel
do $2.50 preferred
2,085,570
Co
Bush Terminal Co corn (66,529shs) *2,454,833 Red pref
stock, stk dive
Butteriek Co corn (210,787 shs)
*4,217,280 Exch for $100 par shs, red
of 5% notes
Calumet & Heels Consol Corp cap_
28,675 Consol constituent cos
Canada Dry Ginger Ale Inc stock
(1.911 shs)
*8,848 Working capital
Certain-teed Products Corp corn
(33.000 shs)
*1,419,000 Actor's of constituent cos
7% preferred
6,158,500
Chickasha Cotton 011 Co stock_ 2,025,000 Exch 1st & 2d prof &c
Old stk just listed, stk dlY
Childs Co corn (3,918 shs)- *78,360 Stock dividend
Christie Brown & Co Ltd corn
(21,000 shs)
*325,500 Corporate purposes
Commercial Inv Trust Corp coin
(1.000 shs)
*20,000 Working
Consol Cigar Corp 6Si% pref._ - - 11,000.000 Redeem capital
6% notes
Consol Film Industries Inc pro
(300,000 shs)
*7,500,000 Acquis of old company

FEB. 2 1929.]

FINANCIAL CHRONICLE

Purpose of Issue.
Amount.
Company and Class of StocksContainer Corp of Amer class A___ 5,397,28010Id stocks just listed
*3,649,483J
Class B corn (508,289 shs)
Continental Can Co,corn (202,404)*16,597,128 Acquis of constit cos, work
capital
Coty Inc,cap stock (18.462shs)-*95.448 Stock dividend
Curtiss Aeroplane & Motor Co,Inc,
corn (72,686 shs)
*3,634,300 Red of prof stock
Cushman's Sons Inc,$8 pref(3,007
*300,700 Stock dividend
shs)
-Hammer Mfg Co,corn
Cutler
2.750,000 Old stk just listed, red of
preferred stock
Debenhams Sec, Ltd (81,300 Am
she ea Am sh repro§ 12 deposited
ordinary shares of Sc ea)
1.219,500 Old stock just listed
Devoe & Reynolds Co, Inc, cl A
*505,500 Acquisition of properties
(15,000 shares)
Drug Inc, cap stk (2,167,144 shs)-*58,056,538 Acquis Sterling Prods and
United Drug Cos
(B I) du Pont de Nemours & Co,
6% debenture stock
10,157.500 Plant expansion
Eitington-Schild Co, corn (450.744
*9.445,015 Old stk just listed. acquis,
shares)
working capital
% preferred
5,000,000 Red of bonds, work cap
El Auto-Lite Co. com(813,973 sits) *3.410,407 Exch for old she and stk of
S L Battery Corp
do preferred
3,407,900 Each for pref A & B stk of
S L Battery Corp
Electric Boat Co stk (8,760 shs)_ _ _
*114,975 Acquis of constit co
Equitable Office Bldg, Corp, corn
(4,654 shs)
*190,814 Cony of pref stock
Federal Motor Truck Co. cap stk
(11,314 shs)
*56,570 Stock dividend
Fidelity-Phenix Fire Ins Co,stock_ 10,000.000 $25 par she each for $100
per share
Fox Film Corp cl A (267.216 shs) _ 1
'19,235,000 Acquisitions, work cap
(Geo A) Fuller Co partic pref
(45,000 shs)
*4,500,000 Capital account
Gardner Motor Co,cap stk
1,250,000 Exch for no par she, wk cap
General Asphalt Co,corn
315,400 Cony of prefstock
General Cable Co corn (440,000)- - *8,360,0001Acquisition of constit cos
do Class A (197,314)
*3,748,966f
Gen Ice Cream Corp,corn (289,400
shares)
*6,767,856 Acquis of ice cream mfg cos
(B F) Goodrich Co, corn (143,694
shares)
*10,035,930 Working capital, &c
Goodyear Tire & Rubber Co
Common (798,437 shs)
*1,000,000 Each for old etfe
$7 cum pref (801,511 shs)
*80.151.100 Refund old securities
GothamSilk Hosiery Co.IncCom voting (172,740 shs)1*1.995.040 Exch. for v t c,stock div
Corn non-voting (6,348 shs) - - - f
Graham-Paige Motors Corp, corn
(1,372,400 sirs)
*9.606.800 Each for ctfs of Paigenet Motor Co, work CaP
Granby Consoi Mng Smelt & Pow
Co., Ltd, cap stock
739,700 Development
(F W)Grand 5-10-25 Ot Stores.Inc
Common (265,261 shs)
*1,684.722 Exch for old stock.&c
Preferred
2,500,000 Corporate purposes
Grand Un Co $3 pfd(100.000 shs) *5,000.000 Exch for stks of Constit cos
Hamilton Watch Co,6% pref
4,800,000 Acq Ill Watch Co
Hupp Motor Car Corp,corn
244,281 Stock dividend
Ind Oil ,St Gas Co,stk (9,600 shs)- - *200,041 Corporate purposes
Int Cement Corp. corn (56,200 shs) *2,532,302 Acquit; additional plants
International Harvester Co corn-.-- 2,118,000 Stock dividends
do Preferred
2,324,300 Working capital
International Paper Co 7% pref
18,769,800 Capital expenditures, &c
International Silver Co com
3,039,900 Redeem 6% bonds
Johns-Manville Corp
Common (750,000 shares)
*15,000.000101d stocks just listed
7% preferred
7.500,000f
(Julius) Kayser & Co
Common (59,400 shares)
*3,861,000 Working cap., cony, of bds
Keith-Albee-Orpheum Corp
Common (1.067,107 shares).
*21,859,2361Acquisition of constituent
7% preferred
10,000,000 f companies
Keivinator CorpExchange Elec Refrigera,Capital stock (1,126,755 shs)_ *10,490,223f tion ctfs, work's cap
Kraft Cheese Co common
215,750 Acquis, stock dividend
Kraft-Phenix Cheese Co corn
12,502,375 Acquis constit co's,stk dive
Kroger Grocery & Baking Co
Common (1,050,423 shares)
*5,252,117 Old stock just listed
Lambert Co cap stock (100,000 shs) *420,000 Cony of deferred stock
Lehigh Portland Cement Co corn..., 22,517,400 Old stock just listed
do 7% preferred
22,517,400 Stock dividend
Life Savers. Inc
Capital stock (50,000 shares)*208,500 Working capital
Lehn & Fink Products Co
Common (10.000 shares)
*350,000 Purchase of notes
Liquid Carbonic Com-Capital stock (32,085 shares)
*1,860,930 Conversion of bonds
Loew's Inc corn (272.398 she)
*4,085,970 Stock dividend, &c
do $6.50 pref stk (150,000 shs)_*14,175,000 Corporate purposes
MackTrucks.Inc corn (22.244 shs) *111,220 Stock dividend
(R H)Macy & Co corn (17,500 shs) *1,400,000 Capital account
Maytag Co-Com (1,600,000 shares)
*160,000 Issued to old stockholders
000}
1st $6 pref (100,000 shares)
*10,000.000
per recapitalization plan,
$6 pref (320,000 shares)
*320
,working capital
McCall Corp corn (263,993 she).- *6,969,606 Old stock just listed
McKeesport Tin Plate Co10Id stock just listed, red
Capital stock (300,000 shares)_ _ 4
'14,861,567f of bonds
Moon Motor Car Co
Common (59,000 shares)
*354,000 Corporate purposes
Motor Products Corp
Common (130,406 shares)
*1,304,060 Old stock just listed
National Dairy Products Corp
Common (65,710 shares)
*985,650 Acquis constituent co's
National Supply Co corn
1,705,000 Acquis constituent co's
Oppenheim Collins & Co,Inc
-Capital stock (20,000 shares)
*535.000 Stock dividend
Otis Steel Co corn (59.056 she)__-- *295,280 Working capital, &c
Owens Bottle Co common
915,325 Stock dividend
Paths Exchange Inc
Common (74,824 shares)
*374,020 Working capital, &c
Patin° Mines & Enterprises Consol
(Inc)cap stk (Amer she ctfs)
2,788.500 Old stock just listed
Penn-Dixie Cement CorP pref
588,800 Acquisition of properties
Postum Co, IncCapital stock (12,165 shares).- _
*145.980 Working capital, &c
Pressed Steel Car Co-.
Common (376,341 shares)
*12,544,700 Exchange for $100 Par shs
Purity Bakeries Corp
Common (472,415 shares)
*4,847,595 Exch for Cl A and B stocks
$6 preferred
*2.855,438 Red & exch for ci A stock
Remington Rand 7% prof
109,0001Acquisition of stock, &c of
8% 2d preferred
35,2001 constituent cos
Republic Iron & Steel Co corn
(596.000 shs)
*46.673,040 Exch for $100 per shs, acq
Trumbull Steel Co
Richfield Oil Co of Calif Corp stock 11,103.331 Cony of bonds, stk div, &C
Schulte Retail Stores Corp corn
(5.580 shs)
*558,000 Stock dividend
Simmons Co corn (99,285 shs)..
*1,985,700 Working capital
Standard Commercial Tobacco Co
Common (239,400 shs)
*1,399,000 Old stock just listed
Standard Oil Co, N J corn
1,912,375 Corporate purposes
Standard Oil Co, N Y ca_p stock
3,198.875 Corporate purposes
Standard Sanitary Mfg Co
Corn (3.234,486)
*26,954,050101d stock just listed
Preferred stock
4,786,4001
Texas Corp capital stock
80,051,150 Amnia Calif Petr Corp,
gen corn Purposes




619

Cornioany and Class of StocksAmount.
Tide Water Associated Oil Co corn
(17,280 shs)
*167.869
Tobacco Products Corp div ctfs
series A
x1,318,620
Trico Products Corp corn (274,460
shares)
*713,596
Underwood Elliott Fisher Co corn
*16,895,750
(675.830 shs)
7% prerred

Purpose of Issue.
Working capital
Dividends
Old stock just listed

Exch for ctfs of old Underwood Typewriter Co and
stock of constituent cos.
3,200,000 Exch for pref of Underwood Typewriter Co
1.257.490 Stock dividend

United Cigar Stores Co of Am com_
U S Industrial Alcohol Co corn
*24,000,000 Exch for $100 Par she
(240,000 shs)
Universal Pipe & Radiator Co corn
*1,750,000 Red of pref stock
(50,000 shs)
Victor TalkingMachine Co corn
*6,034,785 Cony of$6 Preferred
(204,569 shs
*139,605 Stock dividend
(V) Vivaudou Inc corn (9,307 shs)
Warner Quinlan corn (115,644 shs)_ *1.619.016 Corp purposes, acquisition
Warren Bros Co corn (41,344 shs) *1,488,384 Expansion
Western Dairy Products Co
I*5,255,005Illegals of constituent cos,
Class B (226,284 shs)
1 working capital, &c
Class A (131,312 shs)
Wright Aeronautical Corp stock
*186,785 Working capital, &c
(37.357 shs)
957,650 Acquis German company
Yale & Towne Mfg Co cap stock
$920,670,021
Total
x Representing common stock of United Cigar Store Co. of America
deposited with Guaranty Trust Co. (series A.65.931 she, maturing Jan. 16
1931;series B,65.931 shs., maturing April 16 1931).
INDUSTRIAL STOCKS LISTED SECOND SIX MONTHS OF 1928.
Purpose of Issue.
Amount.
Company and Class of StocksAbitibi Power & Paper Co
*2,028.702 Acquis. of constituent co's
Common (78,027 shs)
124,690 Exch. pref stocks of subs
6% preferred
27.400 Exchange for corn stock
Adams Express Co 5% pref
Adams-Millis Corp
*156,000 Acquis constituent co's
Common (156.000 shs)
Air Reduction Co corn (20,590 shs) *432,390 Acquis constituent co's
American Beet Sugar Co
*7,038,000 Working cap, acquisitions
Common (153,000)
Amer Brake Shoe & Foundry Co
*128,304 Stock div. acquisitions
Common (10,368 shs)
Amer Chicle Co corn (186,595 shs)- *1.865.950 Stock split up
1,174,160 Old stock just listed
Amer Druggists Syndicate com
Amer Encaustic Tiling Co, Ltd
*140,361 Redeem pref stock
Common (10.797 shs)
Amer Home Products Co
*1,755,000 Acquisition
Common (65,000 shs)
1,600,200 Each for 7% pref, &c
Amer Metal Co 6% pref
Amer Sumatra Tobacco Co
*36,750 Stock dividend
Common
Amer Writing Paper o-*38,9611Exchange for old 7%
Common v t c (38.961 shs)_--*7,792,100) preferred stock
Preferred (77,921 Mas)_ -Anchor Cap Corp coin (144,000 shs) '3.600.750'Exchange Monitor Secnr.
*3.750.000f Corp stock
$6.50 pref (37,500 shs)-----Anaconda Copper Mining Co corn- 19,708,550 Conversion of bonds
101d stock just listed, cony.
Andes Copper Mining Co*86,755,025f of bonds
Common (3,470,201 shs)
Archer Daniel-Midland Co
*1,576.126 Working capital
Common (26,714 shs)
2,090,6751
27775101d stocks just listed
Armour & Co (Ill) class A (v t c)
,
Class B (v t c)
Arnold Constable Corp
*1.625,554 Extension of business
Common (116.111 shs)
50,000,000 Exchange of $25 par shs
Atlantic Refining Co corn
for $100 par
6,560,525 Cony of cl B and 6% bonds
Barnsdall Corp class A
Bayuk Cigar Inc corn (20.418 sirs)- *449,196 Conversion df 2nd pref
*18.748 Pay mtges, working cap,&c
Beacon Oil Co corn (1,679 shs)
14,939,300 Acquis constituent co's
Borden Co common
Brockway Motor Truck Corp
*435,500 Conversion of pref stock
Common (8.710 shs)
Brunswick Term & Ry Sec Costock
*614.922 Expansion
(*27.951 shs)
364.100 Acquisition of constituent
Bucyrus-Erie Co 7% prof
9.405 companies
$2.50 preferred
(2,635 she)-- *263.500 General corporate purposes
Burns Bros class A
*105,320
Class B (2,633 shs)
Burroughs Adding Machine Co
*5,000,000 Stock dividend
Common (200,000 shs)_ -*99,750 Stock dividend
Bush Terminal Co corn (6,650 shs)Consol Copper
Calumet & Eisele
42.050 Consol of constituent co's
Co common
Canada Dry Ginger Ale, Inc
*185,332 Acquis, working capital
Common (46,333 shs)
Cannon Mills Co corn (990.355 shs)*18,423,900 Acquis of constituent cos.
'Each for Central Aguirre
Central Aguirre Associates*3,448.980J Sugar Co stock
Common (689,796 shs)
Certain-teed Products Corp
*3,999,000 Acquis constituent cos
Common (93,000 shs)
137,000 Exchange old pref stocks
7% preferred
525,000 Acquisitions
Chickasha Cotton Oil Co,com-- -Chrysler Corp,corn (1.675,514 shs)*26,708,224 Acquis. Dodge Bros, &c
*115,010 Stock dividends
City Stores Co, Cl B (8.215 shs)_ _ _
Columbia Graphophone Co, Ltd
z4.350.000 Old stock just listed
American shs (1,740.000)
-Columbian Carbon Co
*1,286,496 Expansion of business
Common (40.203 shs)
Commercial Credit Co
*1,051,200 Acquisition
shs)
Common (90.000
Commercial Inv Trust Corp
*3,203,080 Amu's, stock div, &c
Common (160.154 shs)
*87.392 Stock dividend
Cora Solvents Corp,corn (4,354shs)
172.0001Acquisition of constit cos
Container Corp of Am cl.A
640.000)
(80.000 shs)
Class B
Continental Can Co, Inc
*6.289.361 Stock div, acquisitions
Common (749.991 shs)
Coty,Inc.cap stk (983,286 shs)_ _ - *1,270.896 Stock split-up
Crown ZellerbachCorpCommon v t c (1955.8.78 shs) *39,178.079 Acquis of constit cos
Curtiss Aeroplane & Motor Co
*874,590 Expansion, &c
Common (58.306 shs)
Davison Chemical Co
*2,920,800 Acquisition
Common (80,000 shs)
cap stk (63,576 shs)_ _-- *2,161,584 Acquis constit cos
Drug,
(E I) Inc.du Pont de Nemours & Co
*7.517,100 Acquisition, &c
Common (150,342 shs)
1,395,000 Acquis constit company
6% debenture stock
Eaton Axis & Spring Co
*80.000 Acquisition
Common (20,000 shs)
Eitingon Schild Co., Inc
*214.940 Cony, of pref stock
Common (10,434 she)
Electric Auto Lite Co
Common (70.869 shs)r
*737.0371Acquisition of U El L
734.900f Battery Corp
Preferred
Emerson-Brew Ingham Corp-'946,000 Part payment of notes
Class A (20,000 shs)
Equitable Office Bldg Corp
*9,340.000 Stk split-up cony. pref
Common (891.534 shs)
Federal Motor Truck Corp
Common (24,070 shs)
*120.349 Stock dividends
Fidelity-Phenix Fire Ins 00,Com-- 10.000.600 Exchange for $25 par she
Fiorsheim Shoe CoA (236,293 shs)
*1.181,4651Exchanged for old stk. &Clas
6% preferred
7,250,000f
Follansbee Bros Cc
Corn (180.000 shs)
*4,500,000 Old stock Just listed
cl A (148,452 shs)- *4,602,012 Pay bonds, &c, work Ca.
Fox Film Corp,
Gen Amer Tank Car Corp
Common (211.609 she)----J
*1.058.045 Acquisitions

620

FINANCIAL CHRONICLE

Company and Class of Stocks—
Amount.
Purpose of Issue.
General Asphalt Co.common_ _ ___
45,000 Cony of pref stock
Gen Cable Corp, corn (17,500 sha)*332.500
Class A (10.986 ells)
'202,7341 Acquis. of constit cos
77 preferred
15,000.000
I
Gen Ice Cream Corp,corn (5.925)•138,645 Cony of pref stock
General Mills, Inc—
Common (385.650 she)
*3,856,500lAcquis of constit cos
6% preferred
17.000,0005
Gilistte Safety Razor Co—
Common (l00.000 shs)
*1.660,000 Stock dividend
Glidden Co coin (100.000 sbs)
*500.000 Retire funded debt
(Adolph) Gobel, Inc—
Common (348.757 shs)
*3,018.069 Acq stock of constit co, &C
Corp_
Gold Dust
Common (v t c)(405,021 shs)
*1,498.578 Acquis constituent co's
Goodyear Tire & Rubber Co—
(Exchange for old certifiCommon (257,755 shs)
*257,7551 cates, corp. purposes
Graham-Paige Motors—
Common 16,235 sirs)
*113,645 Working capital
(F & W)Grand 5-10-25c Stores,Inc
Common (3.252shs)
*20487 Exch for old common
Grand Union Co corn (197,866 slur) *201.250 Each for stk ofconst co's &C
$3 preferred (61,974 shs)
"3,098,700 Acq of constituent co's, &c
Grant, IV 'I' Co—
(Old stock just listed, pref
Common (518,424 shs)
*3,836,337) stock of sub co's
Grasselli Chemical Co pref
13,724.200 Old stock just listed
Harbison-Walker Refractories Co—
Common (1,440,000 shs)
*36,000,000 Exch for $100 par share
Hawaiian Pineapple Co corn
12.450,500 Old stock just listed
Holland Furnace Co—
(Exchange for $100 par shs
Common (395.330 shs)
*3,953.3001 stock dividends
Hupp Motor Car Corp corn
521,770 Stock dividend
Independent Oil & Gas Co—
(Each for corn stock and red
Common (670.451 shs)
*18,913.5305 of bonds & pref stock of
( Manhattan 011 Co. &c
Indiana Refining Co com
961.000 Conversion of preferred
7% refunding preferred
2.047,400 Exch for 7% preferred
Industrial Rayon Corp—
(Exchange for old stock,
Common (186.805 shs)
*11,208,3001 corporate purposes
International Business Machines
Corp cap stock (28.933 shs)
"932,105 Stock dividend
Internet Combustion Eng Corp—
Common (149.000 shs)
"4.470.000 Acquis constituent co's
International Harvester Co—
Common (4.409,185 shs)
"105,949,276 Each for $100 par shares
7% preferred
1,839,100 Corporate purposes
Internet Nickel Co (N J) com
5,074.700 General corporate purposes
International Nickel Co of Can—
Common (3.087.768 shs)
*12.765.7001Is.sued per plan of Inter'!
7% preferred
1,924.5001 Nickel Co (N .1)
International Paper & Power Co—
Class A (759,3 .shs)
Class B (759.323 shs)
1'52,500,000 Exchanged for stock of InClass C (759.323shs)ternational Pap Co
Paper
7% preferred
1 60,778,400
International Printing Ink Corp—
Common (270.173 shs)
*2.701,7301Acquisition of constituent
Preferred
7,000.0001 companies
Interstate Department Stores, Inc
Common (270.173 shs)
"1,037.8051Acquisition of constituent
7% preferred
3.250.0001 companies
Jordan Motor Car Co—
Common (74.000 shs)
*1.110.000 Working capital
Kaufmann Dept Stores. Inc com
7.500,000 Old stock just listed
(Julius) Kayser & Co—
Common (v t c)(74.000 shs)
*1,157,520 Conversion of bonds
Keith-Albee-Orpheum Corp—
Common (133 982 shs)
"1,679.640 Acquit; of constituent co's
Kelly-Springfield Tire Co—
(Exchange for $25 Par ails.
Common (1.063.840 she)
refunding
30.082.300
Holster Radio Corp-Exchange for old stock and
Common (822.916 shs)
"10.880.486
stocks of constituent cos
-Phoenix Cheese Co corn__ —
Kraft
373.550 Stock dividends
-Phoenix Cheese Corp6% pfd 6,000.000 Acquis of old company
Kraft
Kreuger & Toll Co—
"Amer ctfs" (2,095.041 shs)
y11,202,620 Working capital
Kroger Grocery & Baking Co—
(Stock dividend, acquisition
Common (414.049 shs)
"7.866.9311 of constituent companies
Lehn & Fink Products Co—
Common (120.000 shs)
"3,000,000 Exch for managem't stock
Liquid Carbonic Corp—
Common (64.291 shs)
*2.571,640 Cony, of bonds. amnia. &c
Louisiana 011 Rofin Co (50,000 shs) "200.000 General corporate purposes
McKesson & Robbins Inc
-Common (674,488 shs)
*6.744,8801 Acquis. of assets, &c of
do
16,095.0001 constituent companies
7c7c Preferred
Mack Trucks Inc Corn (19.947 shs)
*99,735 Working capital
(R H)Macy & Co corn (735,000shs)'22,725,000 Bond red., corporate purp
Manhattan Electrical Supply Co—
Common (32,500 shs)
*2,112,500 Red bank loans, corp purp
Marmon Motor Car Co—
Common (200,000 shs)
*3,960.000 Old stock just listed
Melville Shoe Corp—
*440,830 Stock split-up
Common (354,132 shs)
*6,000,000 Old stock just listed
Mengel Co Corn (240,000 shs)
Mexican Seaboard Oil Co—
*346.927 Development of property
Common (49,561 shs)
Mid-Continent Petroleum Corp—
*1,694,430 Acquisitions
Common (56,481 shs)
Mohawk Carpet Mills Inc—
*15,000,000 Old stock just listed
Common (600.000 shs)
Montgomery Ward & Co, Inc-(Red funded debt of subs,
*13,888,0701 work capital
Common (396.802 shs)
Motor Wheel Corp—
Common (117.500 shs)
*1,375,000 Stock dividend
Mullins Mfg Corp—
$7 prof (30,000 shs)
"3,000,000 Red old pref, work cap. &c
National Dairy Products Co—
Common (335,836 shs)
*2.686,688 Acquisitions
National Surety Co—
Exchange $50 par shs for
Capital stock
15,000,000
$100 par
Nickel Holdings Corp—
Exchange for int. Nickel
Common
Co(NJ)stock
138,936
North German Lloyd—
American shares (175.000)
a8,333.333 Old stock just listed
011 Well Supply Co common
500,000 Working capital
Paramount Famous Lasky Corp—
Commo” (2.076,481 shs)
*63,122,030 Stock snlit-up, acquisition
Park & Tilford Inc corn (4,019 shs)
"60,285 Stock dividends
Pathe Exchange Inc—
Common (50,088 she)
*250.440 Managerial services
Pet Milk Co corn (450,000 shs)
*7,912.817 Old stk just listed. work cap
Pierce-Arrow-Motor Car Co—
Common (197,250 shs)
*197.250fIssued for financing plan
do
6% preferred
8,000,0001 of 1928
Pillsbury Flour Mills, Inc—
Common (30,606 shs)
*306.060 Cony of pref stock
Postum Co, Inc corn (2,950.128 shs)*20,227.095 Stock div, acquisitions
Prairie 011 & Gas Co corn
60,636.450 Old stock just listed
-Pressed Steel Car Co
Common (29,229 shs)
"974,300 Cony of securities
Purity Bakeries Corp—
Common (266.478 shs)
*3.330,975 Acquis, cony of pref stock
Radio-Keith-Ornheum Corp—
Class A (1,355,924 shs)
"18,710,751 Acquis of constit cos
Republic Iron & Steel Co—
Common (87,062 shs)
"7,052,022 Acquis, constit cos
Richfield Oil Co, corn
6.751,825 Acquisitions
Royal Baking Power Co—
Common (800,000 shs)
*10,000,000101d stocks just listed
6% preferred
10.000,0001
Safeway Stores. Inc—
Common (567,704 sirs)
*11,538.587(Exch, for old certif: acquis
of constit companies
70/ preferred
4,745,200 Exch for old certificates
3,915.000 Exch for old certificates
0% preferred




[Vol.. 128.

Company and Class of Stocks—
Amount.
Purpose of Issue.
Savage Arms Co,corn (184,786 shs) "9,239.300 Exch for $100 par shs
Schulte Retail Stores Corp—
Common (15,234 shs)
*152,340 Stock dividends, &c
Sears Roebuck & Co—
Common (185,000 shs)
"4,625.000 Stock dividend
Seneca Copper Mining Co—
Common (150.660 shs)
*753,300 Development
Shubert Theatre Corp—
Common (34.900 shs)
*1,902.050 Working capital
Simmons Co,corn (715 shs)
*14,300 Working capital
Simms Petroleum Co,corn
1.149.200 Cony of6% notes
South Porto Rico Sugar Co—
Common (67,794 Os)
*2.033.820 Stock dividend
Spang Chalfant & Co—
Common (750,000 abs)
*3.750.000Exch for old stocks. 506% preferred
13.750.0001 Quist Lions, &c
Spiegel, May,Stern Co—
Common (175,000 ebs)
"5.000.000 Acquis of predecessor co
Standard Oil Co ('N J) corn
1.951.825 Corporate purposes.
Standard Oil Co(N Y)cap stk_ _ _ _ 3,292,300 Corporate purposes
Stanley Co of America—
Common (904,958 shs)
*39.696,327 Old stock just listed
Sun Oil Co,corn (91,272 shs)
"3.103.248 Stock di vs, acquis, 8:c
Superior Oil Co,corn (172.860 ebs)_ "1,210,020 Wkg cap, red of debt, esc
Texas Corp,corn
551,875 Acquis,constit Co
Tide Water Assoc Oil Co—
Common (59.676 shs)
"895.140 Working capital
Tobacco Products Corp—
Div ctfs series C
x659,310 Dividends
Transcontinental Oil Corp—
Common (100,000 shs)
*660,000 Working capital
Truscon Steel Co. corn
5,298,220 Old stock just listed
Union Tank Car Co,cap stk
97,200 Working capital
United Biscuit Co—
Common (120.109 shs)
*2,402,180 Acquis of constit cos
United Cigar Stores Co of Am,corn 1,011,890 Stock div, acquisitions
United El Coal Cos—.
V t c corn (216,165 shs)
*1,945,485 Old stk just listed, red of bd
U S Cast Iron Pipe & Fdy Co—
Common
12.000.000 Exch. of 820 par sirs for
8100 par
$1.20 1st pref(600,000 shs)
*12,000.0001Exch. for old pre stock
$1.202d nref(180.000 shs)
'3,600.0001
U 8 Industrial Alcohol Co common
(80.000 shs)
"2,800.000 Redemption of pref stock
U .8 Rubber CO corn (810,000 sha).*81,000.000 Exch for $100 par shares
Universal Pipe & Radiator Co corn
(100.000 shs)
*3.300.000 Extension, pay bank loans
Victor Talking Machine Co corn
(26.626 shs)
*772,154 Conversion of 2d pref
Waldorf System Inc corn (20,000
shares)
"12,200 Acquisition
Walgreen Co 634% pref
4,500,000 Red 8% pref, wkg capital
Warner Bros Pictures Inc commonOld stock just
listed,
(660,474 shs)
*330,2371 cony of cl A and exch
Stan.ley Co
Preferred (8,000 she)
*400,000 Exch Stanley Co of Am etk
Warner-Quinlan Co corn (133,435
shares)
*2.001.525 Cony of debs and prefstock
Wesson 011 & Snowdrift Co Inc
common 300,000 shs)
1'15,847,590 Old stock just listed
$7 preferred (144.500 she)
Western Dairy Products Co Cl H
(3,000 shs)
*15,000 Acquis of sub co stock
(H F) Wilcox 011 & Gas Co corn
(428,967 shs)
*10,837.153 Old stock just listed
Willys-Overland Co common
399,445 Capital expenditures
Wright Aeronautical Corp stock
(12,643 shs)
*63.215 Working capital, &c
Yale & Towne Mfg Co capital_ _ _ _
42.355 Acquisition
(L A) Young Spring & Wire Corp
common ((30,000 shs)
"4.515,000 Old stk just listed, wkg cap
Total
$1.500,947,329
* Includes shares of no par value. The amounts given represent the
declared o- .tated value.
a Each American share represents 200 reichsmarks par value of common
stock of North German Lloyd deposited with Guaranty Trust Co.depositary.
x Representing common stock of United Cigar Stores Co. of America
deposited with Guaranty Trust Co. (series C. 65,931 shares) maturing
July 16 1931.
y American certificates represent 20 kroner par value participating
debentures of Kreuger & Toll Co.
z Each American share represents one ordinary share (par 10 shillings)
deposited with Guaranty Trust Co., depositary.
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1928.
Railroads—
Amount.
Maturity.
Date,
Rate.
Seaboard Air Line Ry
57,500,000
Feb. 1 1928 Feb. 1 1931
5%
Total railroad company notes first six months
87.500.000
Public Utilities—
Maturity.
Amount.
Date.
Rate.
Assoc Telephone Utilities Co___5%
Mar. 1 1928 Mar. 1 1929 82,000.000
Cent Atlantic States Sec Corp 654% Mar- 1
1.000,000
1928 Mar. 1 1933
Central Indiana Power Co
454% June 1 1928 June 1 1930
3,000.000
Central States Edison Co
syi% Apr. 2 1928 Apr. 1193!
675.000
Central West Public Service Co.5%
Jan 2 1928 Jan. 1 1929
882,000
Columbus Electric & Power Co.
.454% May 1 1928 May 1 1933
2.500,000
May 1 1928 May 1 1929
Commonwealth Telephone Co...5%
650.000
Community Telephone Co
Mar. 1 1928 Mar. 1 1929
5%
1,400,000
do
Mar. 2 1928 Mar. 2 1929
do
do
5%
240,000
Dixie Gas & Utilities Co
Feb. 1 1928 Feb. 1 1931
6%
1,500,000
Electric Public Utilities Co
May 1 1928 May 1 1931
5%
3,000,000
June 1 1928 June 1 1929
General Telephone Utilities Co.
.5%
3,500,000
Kentucky Power & Light Co___.5Si% Apr. 1 1928 Apr. 1 1930
600,000
Lake Ontario Power Corp
535% July 1 1928 July 1 1929
375,000
Minnesota Northern Power Co....5%
June 1 1928 June 11911
500,000
National Gas & Electric CorP- --9 % Feb. 1 1928 Feb. 1 1931
1,800,000
Northern Indiana Telephone C0-6%
May 1 1928 May 1 1931
300,000
Jan. 1 1928 Jan. 1 1929
Northwestern Pub Utilities Inc.
.5%
350,000
Ohio Valley Gas Corp
Jan. 1 1928 Jan. 1 1933
7%
400,000
Scranton-Spring Brook Water
Service Co
1929-1933
414% Dec. 15 1927
5,000,000
Southern States Utilities Co.. 5%
Mar. 15 1928 Mar. 15 1929
1,500,000
Standard Public Service CorP
Feb. 1 1928 Feb. 1 1929
500,000
5%
Texas Cities Gas Co
May 1 1928 May 1 1930
534%
2,500,000
United Telephone Co
Apr. 15 1928 Oct. 15 1928
5%
600.000
Western Utilities Corp
534% June 1 1928 June 11911
1,050,000
Total public utility company notes first six months
Date.
industrial and Other Companies Rate.
Apr. 1 1928
American Service Co
6%
Aransas Compress Co
Mar. 15 1928
6%
Assoc Dyeing & Printing Corp...6%
May 1 1928
Biflex Products Co
Dec. 1 1927
6%
(The) Butteriek Co
Mar. 1 1928
5%
Carter-Mayhew Mfg Co
1534% Feb. 15 1928
Central Properties Co
May 1 1928
6%
Century Rubber Works
Apr. 1 1928
OH
Distributors Discount Corp
514% Feb. 1 1928
Flnsterwald Furniture Co
Jan. 1 1928
6%
Fulton Finance Co
Mar. 1 1928
6%
Georgia-Kincaid Mills
Jan. 1 1928
5%
(H W) Gossard Co Chicago 111-6%
Sept. 1 1927
Houston 011 Co of Texas
5ii% June 1 1928
Houston (Tex) Press Co
5li% Dec. 15 1927
Indiana Farmers Guide Pub Co--6%
Apr. 2 1928
Kraft-Phenlx Cheese Co
43S-5% Mar. 1 1928
Interstate Term Warehouses inc.6i4% Oct. 1 1927
Nov. 1 1927
(Henry) Jassy Land Co
La Salle Bldg Corp
Feb. 1 1928
6%
La Salle Hotel
Aug. 1 1927
6%
Landis Machine Co
514% Mar. 1 1928
Level Club Inc
4 ii-5ii% Dec. 15 1927
Live Poultry Transit Co
534% Apr. 2 1928

Maturity.
Apr. 1 193
0
May 1 1938
Dec. 1 1937
Mar. 1 1930
1929-1933
May 1 1938
Apr, 1 1938
Feb. 1 1931
1930-1938
1928-1932
1928-1935
Sept. 11932
June 1 1938
1929-1939
1930-1936
1929-1931
Oct. 1 1932
Nov. 11932
1929-1938
1929-1937
1929-1943
1928-1931
1929-1938

$35,822,000
Amount.
$3,150,000
700,000
2,750,000
7,000,000
2,000,000
500.000
1,500.000
500,000
5.000.000
700,000
1,300,000
700,000
625,000
8,000,000
250.000
200,000
5,000.000
400,000
120,000
100,000
500,000
500.000
750.000
200.000

VES. 2

FINANCIAL CHRONICLE

1929.]

Rate.
534%
Marine Mortgage Co Inc
Mercantile Accept Corp of Calif-634%
Motor Transit Corp
6%
Northwestern Terra Cotta Co--_6%
Pacific Fruit & Produce Co
6%
(William F) Pelham Co
6%
piggly Wiggly Pacific Co Inc_7%
Pitney-Bowes Postage Meter Co_6%
Real Estate Board Bldg Co...-.534%
Richfield 011 Co of Calif
534%
Roland Park Homeland Co
534%
Shaffer 011 & Refining Co
6%
Sigmon Furniture Mfg Co -5 %
(T L) Smith Co
6%
Southern Bankers Secur Corp_ 5%
Union Furniture Co
7%
United Business Publishers Inc--514%
Van Dusen-Harrington Inc
534%
Wallace Bdge & Struc Steel Co 655%
Weil-McLain Co
5%

h Date.
Apr. 1 1928
Nov. 15 1927
May 1 1928
Apr. 1 1928
Dec. 1 1927
June 1 1928
Jan. 1 1928
Dec. 1 1927
July 15 1927
June 1 1928
Feb. 1 1928
Mar. 1 1928
Dec. 20 1927
Dec. 1 1927
May 1 1928
Jan. 1 1928
Apr. 1 1928
Apr. 2 1928
Jan. 1 1928
May 1 1928

Maturity.
1929-1938
1928-1930
May 1 1931
Apr. 1 1931
1928-1937
1928-1932
Jan. *1 1938
Dec. 1 1937
1929-1937
June 1 1931
1933-1935
Mar. 1 1933
1929-1938
Dec. 1 1937
May 1 1938
1929-1933
Apr. 1 1943
July 1 1938
Jan. 1 1934
1929-1935

Amount.
100.000
200,000
750.000
800,000
850,000
500,000
500,000
500.000
210,000
5,000,000
400,000
10.000.000
175,000
600,000
1,000,000
100,000
2.175,000
3,000,000
250,000
1,000,000

621

was $409,232,278. These amounts are all very large
and are far in excess of all previous yearly totals,
which as to this particular record runs back over
a period of seventy years.
The number of defaults last year was, as has been
previously stated, a new high record. But the number of concerns entering into business has also increased very rapidly during the past few years.

This fact naturally would account for a somewhat higher
insolvency record. Measured by the ratio of defaults to
firms in business, the percentage for 1928 was 1.08. This figTotal industrial and miscellaneous companies first six months__ 870,550.000
compares with 1.07% for 1927 and was higher than for
Total railroad, public utility and miscellanoues cos. first six months 113,872,000 ure
the four preceding years back to 1922, the year of the prePRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS 1928.
vious high record as to the number of defaults, the ratio in
Public Utilities—
Rate.
Date.
Maturity.
Amount.
April 20 1928 April 20 1929
Amer States Public Service Co--5%
5350.000 that year having been 1.19. A still higher percentage was
5%
Nov. 1 1928 Sept. 1 1929
Atlantic Public Utilities
700.000
Brooklyn-Manhattan Tr Corp-6%
Aug. 15 1928 Aug. 15 1929
10.000,000 shown in 1915, the year following the declaration of war
Commonwealth Pub Serv Co__ _5%
Dec. 1 1928 Dec. 1 1929
600,000
Continental States Utilities, Inc.54% Dec. 1 1928 Dec. 1 1929
1.000,000 in Europe, when the ratio was up to 1.32. The latter figInterstate Public Utilities Corp .5%
June 15 1928 June 15 1929
1.800.000
only three years back to 1875,
Middle West Utilities Co
534% Aug. 1 1928
1929-1931
30,000,000 ure had been exceeded in
North Boston Light Properties--5%
Jan. 2 1929 Jan. 2 1932
3,500,000 those three years being 1876, when the ratio was 1.33; 1877,
Standard Telephone Co
5%
June 1 1928 Dec. 1 1928
2.650,000
State Line Generating Co
534% Dec. 1 1928 Dec. 1 1930 14.000.000 1.36; 1878, 1.55, the percentage for 1878 being the high
Western Tel & Tel Co
6%
May 1 1928 May 1 1933
110,000
point during this period of 54 years. In 27 years of these
Total public utility company notes second six months
$64.510.000
54, the ratio was under 1% and in the other 27 years over
Industrial & Other Companies— Rate.
Date.
Maturity.
Amount.
Balaban & Katz Corp
1929-1938
5Si% Nov. 1 1928
$5,000,000 1%. Since 1920 it has been under 1% only once, and that
Beach Hotel Co
6% June 25 1928 July 1 1931
1.850,000
the number of failures last year was
Bowman-Biltmore Hotels Corp .6% July 1 1928
July 1 1931
1,500.000 was in 1923. While
Butler Brothers
Oct. 1 1928
6'7
1929-1938
1,900,000 large, the computation, taking into account the increase in
Davidson Co
6%
Sept. 15 1928
1929-1938
1,200,000
Electric Products Corp
July 1 1928
6%
1929-1932
200,000 the number of business firms, shows' that there has been
Federated Publications Inc
6%
Nov. 1 1928 Nov. 1 1943
2,500.000
Greyhound Lines Inc
8%
July 1 1928
1929-1932
240,000 no unusual stress.
(3D) Halstead Lumber Co
1929-1938
854% June 1 1928
200.000
The volume of credits of all descriptions in recent years
(Walter E) Heller & Co
June 27 1928
6%
1930-1933
1,000,000
Hibernia Mtge Co Inc
1931-1938
514% Aug. 1 1928
100.000 has been at an unusually high level and the same thing
Hader s Inc
6%
July 1 1928
1929-1938
300.000
(Henry E) Huntington, Estate obi%
Nov. 1 1928 Nov. 1 1933
9,500.000 would naturally be reflected in the total of defaulted inLeBlond-Schacht Truck Co
6 A % Dec. 1 1928 Dec. 1 1929
500,000
COB) McClintock Co
Oct. 1 1928
6%
1929-1938
250,000 debtedness. Perhaps the average amount involved in each
Missouri-Kansas Pipe Line Co-8%
Dec. 1 1928 Dec. 1 1929
500,000
Mortgage Security Corp of Amer 5A% July 1 1928 July 1 1929
1,000.000 default for the different years would best tell the story of
Motor Transit Corp
6%
May 1 1928 May 1 1931
250,000 the change that has taken place in this respect from year
National Trade Journals Inc__ —6%
Nov. 1 1928 Nov. 1 1938
2,800.000
Pacific Public Service Co
53470 Nov. 1 1928 Nov. 1 1930
3.400.000 to year. For the nine years of the present decade this
Petoskey Portland Cement Co. 6%
1929-1938
Aug. 1 1928
1,500.000
Printing Center Bldg
1929-1943
Feb. 1 1928
%
475.000 average has varied from $33,230 for each default in 1920,
Read Drug & Chemical Co
Nov. 1 1928
6%
1929-1931
200,000
Redlick Furniture Co
May 1 1928
7%
1929-1938
150.000 to $18,795 in 1926. Following the unfavorable conditions
St Bernard Realty Co
6%
1929-1940
Sept. 1 1928
300.000 which developed in 1920, '21 and '22, when mercantile failSpencer Corp
6 A % Nov. 1 1928
1930-1940
500,000
Waco Hilton Hotel Co
6%
May 15 1928
465,000 ures were very numerous and losses heavy, there was a
Total industrial and miscllaneous company notes second six months_ 337.780.000 gradual change for the better in the three or four succeedTotal public utility and mlscell. company notes second six months.--- 102.290,000
Total railroad companies for 1928
7,500,000 ing years, accompanied by a lower average of indebtedness
Total public utility companies for 1928
100,332,000 for that period, 1926, as noted above, being the low point.
Total Industrial and miscellaneous companies for 1928
108,330,000
Total railroad, public utility and miscall, companies for 1928
216,162,000 The average indebtedness to each default in 1928 was a
Total as reported for 1927
273,755,000
Total as reported for 1926
427,124,500 little higher than in 1926, being $20,554 and with the exTotal as reported for 1925
424.784,050
Total as reported for 1924
335,100,000 ception of 1926 was below the corresponding figures for
Total as reported for 1923
247,022,500 each year back to 1919.
That these averages have been high during the entire
decade is apparent from the record of earlier times. In a
Mercantile Insolvencies in 1928.
stress as that of 1915, the average indebtedness
Insolvencies during the past six or eight years in year of such was but $13,644; in 1893, a very trying year,
to each default
the United States have been very numerous. The It was $22,751, and in no year did the average exceed the
number has naturally shown some variation from latter amount during the 45 years between 1875 and 1920.
year to year, and yet considering changing condi- In 1873 the average was slightly in excess of $44,000 for
tions, the variation has not been especially wide, nor each failure but it is unlikely that any year since 1873
year
has the movement been uniform. Mercantile de- has approached that then in respect to the seriousness of
experienced.
the financial collapse
faults in 1928 were slightly higher than in 1927—in
In part, the larger sums involved in mercantile defaults
fact, the number was larger than that reported in in recent years has been due to a considerable increase in
any preceding year, even the year 1922, which here- .the number of large failures and for much larger amounts
tofore has held the record. The total indebtedness than ever before. The separate tabulation covering defaults
involved in these failures has also been heavy, the involving in each instance $100,000 of liabilities or more,
is complete for more than thirty
amount last year being well up to the high average which 25 years ago the average of the years, shows that
larger defaults to
20 or
that has prevailed in almost every year since 1920. the total number of all insolvencies was about 1.5% of the
In connection with both the number of defaults and total. For the past eight years it has been 3.5% of the tothe indebtedness shown, however, there are qualify- tal of all defaults. Furthermore, the average indebtedness
ing circumstances which must be given considera- in the last eight years, for both the larger failures and
for those where the amount in each instance was less than
tion.
$100,000, has been nearly double the
. It. U. Dun & Co., the Mercantile Agency, on whose the earlier period. In the following amount reported in
table comparison is
records our comments on failures are based, report made covering a period of years:

23,842 mercantile defaults in the United States last
year. This compares with 23,146 similar insolvencies in 1927 and 23,676 in 1922, the latter the previous high record. Total liabilities last year were
$489,559,624, against $520,104,268 in the preceding
year. The high record of defaulted indebtedness was
$627,401,883 in 1921. Since that time the amount
has been higher than it was in 1928 for each year excepting only in the years 1925 and 1926. The latter
was the low point for this period of eight years, and




NUMBER OF FAILURES FOR OVER 8100,000 WITH THE AMOUNTS
INVOLVED.
Manufaallrine.
No.
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917

Liabilities.

Trading.
No.

339 8106,602,483 223
389 138,612,044 223
321
84.195.987 221
282
97,786,959 234
353 205,768,703 225
383 214,929,790 284
369 132.790.993 337
410 162,495.458 343
230
89.933.982 139
100
29.644.087 38
132
44.171,393 46
147
43.435.232 53

Agents and Probers.

Liabilities,

No.

I.

860.486,788
65,065.375
52.441.209
61,178,322
55,152.254
70,989.189
73,234,665
88.337.955
84,609.853
8.1158.247
13,780.850
18,678.534

127
126
68
75
72
76
162
120
84
53
52
50

S8
61
34.
49.323,772
39.428,426
35.218.676
117.817.168
124.292,740
67.264,207
18.186,209
23.610,722
24747.252

[Vol,. 128.

FINANCIAL CHRONICLE

622

Some improvement appears for last year as to the larger
failures in the manufacturing division. This Is true both
as to the number of defaults and the amount of liabilities,
the reduction for the latter being quite marked. There is
also somewhat smaller liabilities for 1928 for the larger
failures in the trading and brokerage classes. The number
for the two divisions last mentioned, however, is practically
the same in both years. For all three classes for the year
Just closed the large failures number 689 involving $224,599,775 of indebtedness. In 1927 the number of similar defaults was 708 for $265,387,741 of liabilities. Not only
were the figures for 1928 lower than in 1927 but the number of the larger failures last year was reduced as compared with four of the seven preceding years.
The first three months of 1928 mainly accounted for the
Increase in the number of defaults for that year as compared with 1927. Further increases were shown later in
the year—in fact, eight of the twelve months of 1928 reported a larger number of failures than in the corresponding months of the preceding year. The four months in
which reductions appeared were April, July, November and
December. It was in the last two months of the year that
the marked change for the better was shown. Liabilities
were distributed quite normally throughout 1928, being, as
is customary, somewhat reduced after the first quarter. In
respect to the amounts involved, March and August were
the high points of the year and June and July the months
when the smaller sums were recorded.
Below we append a statement of the number of failures
quarterly for the past two years; also, the amount of liabilities reported, and the average for each quarter:
DISTRIBUTION OF MERCANTILE FAILURES IN UNITED STATES BY
QUARTERLY PERIODS.
1927.

1928.
No.

Average
1408509

No.

Liabilities.

Average
Liability.

First
Second
Third
Fourth

7,055
5,773
5,210
5,804

$147.519,198
103,929,208
121,745,149
116,368,069

820,910
18.000
23.750
20.049

6,843
5,653
5,037
5,813

$156.121,853
125,405,665
115,132,052
123.444.698

823,502
22.184
22,857
21,235

PYear

23,842

$489,559.624

$20,533 23.146

8520.104.268

$22,471

All three classes into which the record of insolvencies is
separated report an increase in the number of defaults
over those of 1927. There were 5,924 failures classified
under the manufacturing division with total liabilities of
$182,478,119; 16,477 similar defaults in the trading section, involving $225,301,426 of indebtedness, and 1,441 of
agents and brokers for $81,780,079. In 1927 the insolvencies in manufacturing lines numbered 5,682 with liabilities
of $211,504,826; 16,082 in the trading section for $228,104,421, and 1,382 defaults among agents and brokers involving $80,405,021 of indebtedness. Relatively, the very large
trading division makes somewhat the best showing as to
the increase in the number of insolvencies, but as to the
liabilities the reduction for 1928 as compared with 1927
was almost wholly in the manufacturing class; trading liabilities were only slightly less in 1928 than they were in
1927, while a small increase appears for last year in the
division embracing agents and brokers. In the following
table the figures are compared for three years:

Failures by States.

FAILURES BY BRANCHES OF BUSINESS.
NUMBER.
1928. 1927. 1926.
Manufacturing
Trading
Agents and brokers

LIABILITIES.
1927.

1928.

1926.

5,924 5.682 5,395 $182,478,119 8211,504,826 8158,042,016
18,477 18.082 15.288 225,301,426 228,194.421 201,333.973
1,441 1,382 1.110 81,780,079 80.405.021 49.856,289

Total commercial_ 23,842 23,146 21,773 8948,559,824 1520.104,268 3409,232,278

In the trading class there are five very large divisions
which will account for practically 40% of all the commercial insolvencies in the United States; also for 60% of all
trading failures. First and foremost in this group of
five trading divisions is that of the grocery line and trades
allied therewith, for which the number of defaults last
year was 3,785 and the liabilities $30,504,000. It is doubtful whether the number of defaults in this line has ever
been exceeded before. Likewise, as to some of the other
large divisions. Among the five mentioned are general
stores, the clothing and furnishing business, dealers in dry
goods and allied lines, and hotels and restaurants. All of
these five classes are grouped in the trading section. Undoubtedly the large number of defaults in some of these
lines has been due to special influences and one of the
principal causes is the competition of chain stores.




In the clothing lines insolvencies increased last year over
the preceding years—in fact, the number was in excess of
that shown for the four years prior to 1928; the liabilities
also were very large. There was a small decrease last
year in the number of defaults in the dry goods trade and
the liabilities reported were smaller than in several of the
preceding years. Failures of general stores, which in a
marked degree reflect conditions in the South, were fewer
In number last year than for any year back to 1922. It was
in the last mentionei year that defaults of general stores
were more than twice as numerous as they were in 1928.
The indebtedness involved last year was also very much less
than for any of the five preceding years. Failures among
hotels and restaurants increased in 1928 and the amount
of liabilities was very large. The heavy indebtedness reported was occasioned by the insolvencies of a number of
Important hotel enterprises in different sections of the country. Defaults in this class of business have been especially
numerous, and for considerable amounts in the past three
or four years.
As to other classifications in the trading division there
were five other important trading lines, which show an
Increase in the number of defaults last year over 1927.
These comprise hardware, drugs, Jewelry, dealers in books
and stationery and dealers in furs, hats and gloves. Liabilities for four of the five divisions last mentioned were
also larger last year than in 1927, the only exception being
that of dealers in books and stationery. Two other leading
trading lines reported separately show fewer trading defaults last year than in the preceding year. One was dealers in shoes and leather goods, and the other dealers in
furniture. With an increase in eight of the leading trading
classifications, out of the fourteen for which separate returns are made, the greater number of trading defaults
in 1928, as compared with every year back to 1922, are chiefly accounted for. Liabilities of trading failures were in
the aggregate slightly less last year than in 1927, but with
the exception of 1927, they were only exceeded in the disestrous years 1921 and 1922.
On the other hand, manufacturing failures last year,
while showing an increase in the number of defaults, were
for a considerably smaller amount of indebtedness than in
1927. In this division, also, there are fourteen separations and for nine of them insolvencies show an increase in
1928. The increases were mainly in the classes embracing
machinery and tools; in the lumber division which includes
builders; manufacturers of clothing and allied lines; furs
and hats; and bakers. A small increase also appears for
manufacturers of shoes and leather goods. Fewer defaults
last year than in 1927 occurred in the sections covering textile lines, including both cottons and woolens; the printing
trades, and producers of beverages and tobacco lines. The
large reduction in liabilities was mainly in the Iron and
foundry classification, where there were some heavy failures in 1927; also, but to a less degree, in the cotton goods
division; for the printing trades, and for shoes and leather
goods. On the other hand, some increases appeared last
year in the indebtedness reported in five sections, the important ones being woolens, lumber, furs and bakers.

A gratifying feature of the report of insolvencies by geographical divisions for 1928 is the reduction in the number
of defaults in most of the Southern States, and the much
lower indicated losses in that section. Failures in the South
for a period of several years have been quite numerous and
the losses have been large. This has been true especially
as to particular States. Last year the increase in the number of all mercantile insolvencies as compared with the
preceding year was equivalent to 3.1%. Yet in the South
the number of defaults in 1928 shows a reduction of 8% from
those of 1927. Likewise, the total liabilities reported in
the South last year were very much less than in the preceding year, the reduction for 1928 amounting to 14.2%.
The Western section, embracing States west of the Mississippi River and as far south as Kansas, omitting the three
Pacific Coast States, also show fewer mercantile defaults
last year than in 1927, and considerably smaller defaulted
indebtedness than in the preceding year.
With the high record of insolvencies in the United Statea
as to number for the year 1928, the increase is very largely
in the three Middle Atlantic States, but is also contributed
to by the New England States, by the five Central Eastern

PEB. 2 1929.]

FINANCIAL CHRONICLE

623

Twelve of the fifteen Western States west of the MissisStates, embracing among others, Ohio and Illinois, and
three sippi River and north of Arkansas and Oklahoma, showed
the States on the Pacific Coast. The increase in the
mercantile defaults last year than in 1927, and for
sections other than the Middle Atlantic States is small. fewer
New Hamp- most of these States liabilities were also considerably reIn the New England section, only one State,
The important States in this section where subshire, reports fewer mercantile defaults last year than in duced.
that State insolvencies are few stantial reductions are shown include Missouri, Minnesota,
the preceding year and in
Colorado, Montana and Utah. In all three
in number. There was a considerable increase Last year Iowa, Nebraska,
only
State nearly 60% of all failures divisions there were fewer failures in 1928, excepting
in Massachusetts, in which
for the class embracing agents and brokers, where some
in New England occurred, and some increase as to the numfailures in Missouri last year expanded both number of defaults also appeared in Connecticut, where slightly large
In ber and liabilities. The only remaining section embraces
under 20% of the New England failures are shown.
Coast States and here there was a growth
Maine and Rhode Island failures last year were more nu- the three Pacific
manufacturing division that the in number for last year, owing to a large increase reported
merous. It was in the
Liabilities also for that State for 1928 were
New England States suffered most severely, but while the by California.
there was some curtaildefaults in that section was very heavy, but for all three States
number of manufacturing
ment, compared with the preceding year. The reduction
larger than in the preceding year, the liabilities for 1928
insolvencies last year in both Washington
in the New England States in manufacturing lines was very in the number of
and Oregon was quite marked. There were fewer trading
much less than the amount reported in 1927. On the other
in the Pacific Coast States than in 1927,
hand, trading failures last year in New England were fewer failures last year
the brokerage
reported in but defaults in manufacturing lines and in
in number than in 1927 and the indebtedness
division increased.
1928 was only slightly less than for the earlier year. There
Some unusual defaults in the brokerage division raised
was, however, something of an increase last year in New
the indebtedness for that class in the United States as a
England in defaults among agents and brokers.
amount. Three-fourths of the numInsolvencies in all three of the Middle Atlantic States whole by a considerable
ber and practically 75% of the total indebtedness involved
were much more numerous last year than they were in
and brokers were confined to five
1927 but the total of indebtedness reported for the two years In the class for agents
or six of the Eastern States, to the States of the Central
was practically the same. New York as well as Pennalso the Pacific Coast States. New
sylvania shows some reduction for last year as to lia- East, to Missouri and
total involved,
makes up for the dif- York contributed a considerable part of the
bilities, but New Jersey more than
though the amount for that State was smaller last year than
ference by an increase. All three classes into which the
failure report is separated, Show more numerous defaults In the preceding year.
in the Middle Atlantic group for 1928 than in 1927 and the FAILURES IN THE UNITED STATES ACCORDING TO GEOGRAPHICAL
SECTIONS.
increase is quite marked in both the manufacturing and
trading sections. As to the indebtedness, there is a small
Banking
Commenter/Patient.
Failures
increase for 1928 for manufacturing lines, but a consider1928.
Mobilities.
Number.
ably larger amount is involved in trading liabilities last
No. MatMkt.
1928.
1927.
1928. 1927.
year than in the preceding year. On the other hand, the
31,125,000
2
2,555 2,465 348,521.219 355,074,657
indebtedness shown for the class embracing agents and New England
2,164,500
4
6.349 5.167 157,105,086 156,560.049
Middle Atlantic
43,008.861
2.353 2,545 57.022,588 67,e36,857 76
brokers, while very much less than the amount reported South Atlantic
16,734,777
Southern Central.— 2,274 2.487 38.791,652 43,805.473 39
12.214,143
for the other two sections, is much less in 1928 than it was Central Eastern
4,606 4,550 111,124,056 100.544,720 35
47.608.558
2,100 2,379 32,403,591 43.690,065 200
Central Western
in 1927.
3,026,000
9
7,903,243
6,854,617
617
584
Western
3,767,766
7
3,021 2,936 37,736,815 44,689,204
In the South, as already stated, fewer mercantile insol- Pacific
23,842 23,146 $489,559,624 3.520.104.268 372 8129,649,605
reported for 1928 than in the preceding year in
vencies were
United States
Maryland, Virginia, North and South Carolina, Florida,
Failures in Canada.
Alabama, Mississippi, Louisiana, Oklahoma and Texas.
There was some increase, however, in the number of deInsolvencies in Canada in 1928 showed quite a marked
faults last year in Georgia, Kentucky, Tennessee and Ar- reduction from each year back to 1920. There were 2,120
kansas. Liabilities, too, in most of the Southern States Canadian mercantile defaults reported last year for $53,were less last year than in the preceding year. Georgia, 420,199 of indebtedness. The number in 1927 was 2,182
Kentucky and Tennessee, with more numerous failures, and the liabilities $34,461,595. The high point attained by
show a decrease in indebtedness. In Florida, while busi- Canadian failures was in 1922, when the number was 3,695
ness failures continued heavy, there was a marked decrease for $78,068,959. The number for each year since 1922 has
in number in 1928 from 1927 for that State. Liabilities, shown a constant reduction. The improvement last year
however, for Florida continued very large, and last year, in was wholly in the trading division, so far as the number is
spite of the decrease in the number of defaults, the amount concerned. The number for trading concerns was 1,460
reported exceeded that of 1927. All three classes into with liabilities of $24,540,931, these figures comparing with
which the return is divided, showed fewer failures and 1,544 similar defaults in 1927, for $16,566,799. Both manua reduction in indebtedness in the South for 1928, as com- facturing failures and those of agents and brokers in Canpared with 1927. The decline is naturally heavier in the ada showed some increase last year. The number as to the
trading section, for that is by far the leading class in the first mentioned division was 607 for $17,032,983 as comSouth. In the East manufacturing defaults constitute fully pared with 502 involving $15,347,401 in 1927, while for the
one-third of all failures, while in the South they are only brokerage class there were 145 defaults in 1928 owing $11,about one-eighth.
846,285 against 136 in the preceding year for only $2,547,Failures in the Central Eastern States last year in- 395 of indebtedness.
creased slightly over the preceding year. Quite a large
Only two of the ten different geographical divisions into
addition appears in the report for Illinois and a few more which the Canadian report is separated show a larger numInsolvencies occurred last year in both Ohio and Wiscon- ber of failures in 1928 than in the year prior thereto. The
sin. The two remaining States in that section, Michigan leading section is the Province of Quebec, where insolvenand Indiana, however, show some reduction in the num- cies last year were more numerous than in the preceding
ber for 1928, the decrease for Michigan being quite large. year and liabilities much heavier. The increase for this
Liabilities also for this section last year exceeded those of Province was especially marked in the manufacturing and
1927 by more than 10%, six of the other seven sections brokerage classes, in both of which some large failures
reporting a reduction In indebtedness. Some large fail- occurred, especially for brokers. The Province of Ontario
ures in Illinois occasioned a considerable increase in the reported fewer defaults last year than in 1927 but the inamount involved for that State and there were much larger debtedness involved was much larger than in the preceding
liabilities reported for Michigan last year, chiefly as to year for all three divisions, manufacturing, trading and
that State in the brokerage class. In this division also brokers. In British Columbia, Manitoba, and Saskatchesome heavy brokerage defaults for Illinois appear. The wan there were fewer failures last year but for the two
increase in the number and in the indebtedness for the sections first mentioned liabilities showed an increase, while
Central Eastern section was wholly in the trading and brok- the reverse is true as to Saskatchewan. In the other Proverage classes, failures in the manufacturing division being inces, fewer defaults were reported for 1928, but for some
fewer in number last year than in the preceding year, and of these Provinces the amount involved was larger though
for a considerable lower total of liabilities.
the difference was not very great. As to branches of bust-




624

FINANCIAL CHRONICLE

ness, the machinery, clothing, shoes and fur divisions make
the least satisfactory xhibit in the manufacturing section.
Some improvement appears, however, in the lumber class.
Among traders, there was some improvement for most of
the fourteen separate divisions, especially ix the case of
general stores, dry goods, shoes, furniture, hardware and
jewelry. On the other hand, there was quite an increase
as to defaults of dealers in furs and hats and under the
head of books and stationery.
CANADIAN FAILURES FOR LAST THREE CALENDAR YEARS.
Number.
1928. 1927. 1926.
Manufacturing
Trading
Aftents and brokers

Llabiltttes.
1928.

1927.

1926.

502
506
527 $17,032,983 515.347,401 *16,465,754
1,469 1.544 1,548 24,540,931 16,566,799 17,320.905
145
136
121 11,846.285
2.547.395
3.296,223

Total commercia1_ 2,120 5.182 2,196 553,420,199 534,481.595 537,082.882

Banking Failures.
Banking defaults in 1928 make rather the best showing
since 1920, with the single exception of the year 1922 When
bank failures in the United States were somewhat reduced
both as to the number and the total of the defaulted indebtedness. Insolvencies among banks last year reported by

[VOL. 128.

R. G. Dun & Co. were 372 with total liabilities of $129,649,605, against 394 in 1927 involving $143,449,246 of indebtedness. Again, as in recent preceding years, the greater
part of the indicated losses occurred in the Central Western
States, the section embracing Minnesota, Iowa, Missouri,
North Dakota, Nebraska and Kansas. Little more than
one-half of the banking failures for last year occurred in
those States, while the liabilities for that division were
about 40% of the total amount. Furthermore, there was
an increase for these States over 1927. Next in importance
comes the South and for that section also there were more
banking failures last year than in the preceding year. Quite
a number of banking defaults were reported for South
Carolina, Georgia and again for Florida; also, for Arkansas. Practically 85% of all banking defaults last year were
in the two groups of States above mentioned. A few small
banking failures were reported in Ohio, Indiana, and Illinois; a few in the Mountain States, but not so many there
as in 1927; also, in the three Pacific Coast States. For the
geographical division last referred to the number last year
was only 7 against 25 in 1927. In Massachusetts, Rhode
Island and New York a few banking insolvencies occurred
but they were small and of little importance.

Unification of New York Central Properties Declared to be in Public Interest—Plan
Conditionally Approved by Interstate Commerce Commission—Order Helci
Open Six Months to Give Company Time to Comply with Stipulation Requiring Offer to Acquire Connecting Short Lines.
Unification of the properties of the New York Central
RR. system, involving 11,507 miles of line and 26,090 miles
of track, by lease by the New York Central for 99 years of the
properties of the Michigan Central and the Cleveland Cincinnati Chicago & St. Louis (Big Four) railways, together
with their subsidiaries, was found to be in the public interest
in a decision made public by the I.-S. C. Commission on
Jan. 26, subject to a condition that before the leases become
effective the New York Central shall offer to acquire connecting short lines owned by the Boyne City Gaylord &
Alpena; Chicago Attica & Southern; Federal Valley; Fonda
Johnstown & Gloversville; Ulster & Delaware, and Owasco
River railways. The entry of the order of authorization and
approval, however, was withheld pending compliance with
the condition. For this purpose the record in the case will
be held open for six months.
The Commission found to be in the public interest the
acquisition by the Cleveland Cincinnati Chicago & St. Louis
Ry. of control, under lease, of the railroad properties of
(a) the Cincinnati Northern RR., and (b) the Evansville
Indianapolis & Terre Haute Ry.; and the acquisition by
the New York Central RR. of control, under lease, (a) of
the railroad system of the C. C. C. & St. Louis, including all right, title and interest of the latter company
In the properties of the Cincinnati Northern and the
Evansville Indianapolis & Terre Haute, the Peoria &
Eastern and the Kankakee & Seneca; (b) of the railroad
system of the Michigan Central RR., and (c) of the
railroad properties of the Chicago Kalamazoo & Saginaw
Ry.
The New York Central owns 90% or more of the stock of
all of the railroads which it seeks to lease for a period of 99
years, but contended in its plea that unified operation would
be possible under one management and upon a more efficient
and economical basis if the new arrangement were permitted.
The Commission in its statement of the case explained the
purpose of the proposal as follows: "It was testified on behalf
of the applicants that the railroads of the New York Central,
the "Big Four" and the Michigan Central comprise the major
portion of the system known as the New York Central Lines.
The properties of these three carriers are operated as separate
units, but the companies are under common control. While
such control has enabled some progress to be made in the
unification of terminals and co-ordination of operation, the
necessity of protecting earnings of each carrier prevents
further unification and co-ordination. The purpose of the
proposed leases, it is stated, is to bring about handling of the
properties by one strong operating unit. Under the applications filed, the Big Four would take ever under lease the
Cincinnati Northern and the Evansville, Indianapolis &
Terre Haute, and the New York Central would in turn lease
the Big Four and other less important lines involved in the

deal."




Throe commissioners, Messrs. Eastman, McManamy and
Taylor objected, basing their objections upon various points,
notable among them that the leasing would in effect amount
to a consolidation which it would be difficult, if not impossible, to untangle if future developments made some other
arrangement appear wise and embarrassing to a later consolidation program.
Commissioner Taylor, saying that it was a matter of
knowledge that a new consolidation bill was being prepared
by Congress in response to the Commission's suggestion,
added: "I think that this grant, which permits the most important so-called unification of any of the railroads of the
United States before Congress has spoken again upon the
subject, is at least premature."
A point made by Commissioner McManamy is that, while
there was insistence on the taking over of a few short lines
which had intervened, sixty-two short line carriers whose
railroads connect with the New York Central were omitted
from the picture simply because they had raised no objection.
Since the sixty-two had neither sought to intervene nor make
serious propositions to the New York Central to be taken
over, the majority of the Commission held that "these carriers will therefore be dismissed from further consideration
at this time."
The short lines which did intervene and ask to be included
in the unification follow: The Boyne City, Gaylord & Alpena,
The Federal Valley, Chicago Attica & Southern, Delaware
& Northern, Fonda Johnstown & Gloversville, Owasco River
Ry., Southern New York Ry., Ulster & Delaware, Casey &
Kansas and the Kansas & Sidell. After reviewing the arguments presented by these companies, the Commission decided
upon the condition that the New York Central must offer to
take over the short lines named.
The New York Central, the Commission said, held that,
since the case related merely to the lease of the properties
which were already part of the New York Central Lines,
and did not involve the building up of a large system, this
was not an appropriate occasion for considering the inclusion
of any so-called short-line railroads. "But the short lines
reply," the Commission stated, "the distinction is one of
degree and not of principle, and there is no suggsetion in the
terms of the statute of any distinction of the kind claimed by
the applicants. The Ohio interests apprehend that the
appropriate occasion for considering the question of including
short lines may not arise for 99 years."
It is proper to state that in June 1927, Examiner Ralph
R. Moister recommended that the Commission deny the
application of the New York Central. (See full text of
report in V. 124, p. 3271.)
A. H. Harris, Chairman of the Executive Committee of
the New York Central Lines, Jan. 26 issued through the
Associated Press the following statement in connection with
the decision of the I.-S. C. Commission:

FIBR. 2 1929.]

FINANCIAL CHRONICLE

625

-S. C. Commission and through the Dominion of Canada. to Windsor. Ont., thence to Detroit,
We are very well satisfied with the decision of the I.
announced to-day, which grants the application made by the New York Mich., and across the southern part of the Lower Peninsula of Michigan
and along the south shore of Lake Michigan to Chicago. Connecting
Central for leave to unify its system by taking leases of the Michigan Cen
teal. Big Four and other roads. The terms and rentals proposed have been system lines form a network of railroads in southern Michigan and include
found to be just and reasonable, and the common control and management also branches from Detroit and Jackson which converge at Bay CitY,
whence a line extends northward to Mackinaw City on the Straits of
of the system lines has been declared to be in the public interest.
The short lines present a problem which the Commission feels must Mackinac.
The Kalamazoo was organized under the laws of Michigan in 1883 for
be dealt with, and we are prepared to proceed to negotiate with such of them
as the Commission has named with a view to taking them over upon the a Wm of 99 years. This company owns and operates a line of railroad
commercial value, to be approved by it.
extending from Woodbury, through Kalamazoo, where connection IS
basis of their
made with Michigan Central and New York Central rails, to Pavilion
follows:
The full text of the report of the Commission
Junction, all in the State of Michigan. The Kalamazoo also owns a line
from Pavilion Junction to Pavilion. Mich.. approximately 9.44 miles.
By the Commission:
Exceptions to the report proposed by the examiner were filed by the which is leased to the Grand Trunk Ry. system.
The Cincinnati Northern is a corporation which was organized in June
parties hereinafter referred to as the minority stockholders, and the case
has been orally argued. Our conclusions differ from those proposed by 1894 under the laws of Ohio. The line of this carrier extends from a connection with the main line of the Michigan Central at Jackson, Mich.,
the examiner.
This is a consolidated proceeding upon applications concurrently filed, to a connection with the Big Four's Cincinnati-Springfield line at Franklin,
Ohio, 205.14 miles. From Franklin to Cincinnati. 5.86 miles, the Cinon July 29 1926, by the Cleveland Cincinnati Chicago & St. Louis Ry.,
hereinafter called the Big Four,and the New York Central RR.,hereinafter cinnati Northern operates over the line of the Big Four.
The Terre Haute was organized in June 1920 under the laws of Indiana
called the New York Central. carriers by railroad engaged in the transportation of passengers and property subject to the Inter-State Commerce for the purpose of taking over, for ownership and operation, certain railroad properties formerly owned by the Evansville & Indianapolis RR.
Act.
By its application, recorded in Finance Docket No.5688, the Big Four The line of the Terre Haute extends southward from a connection with a
asks authority under paragraph (2) of Section 5 of the Act to acquire control, line of the Big Four at Terre Haute to Evansville, 139.77 miles. all in
under lease, of the railroads and property (a) of the Cincinnati Northern the State of Indiana. It appears that this company also operates over
RR. and (b) of the Evansville Indianapolis & Terre Haute Ry., hereinafter 6.49 miles of railroad under trackage rights.
With further reference to physical relationships of the various railroad
respectively referred to as the Cincinnati Northern and the Terre Haute.
The New York Central's application, recorded in Finance Docket No. properties concerned, there have been furnished in the record condensed
5690, is for authority under paragraph (2) of Section 5 to acquire control, profiles from which it is contended that gradients of the various system
under lease, (a) of the railroad system of the Big Four, including railroads lines are such as to form natural channels for the flow of traffic between
and properties now controlled and operated by thet company under lease the Atlantic seaboard and Michigan, the Middle West, &c.
or otherwise, the railroads and properties herein proposed to be leased to
Mileage.
the Big Four, and the railroads and properties of the Peoria & Eastern Ry
The following statement is a recapitulation of testimony as to operated
and of the Kankakee & Seneca RR., the latter to be transferred, by the
proposed lease, to the New York Central for operation in conformity to main-line mileage involved in the unification proposed herein:
Miler.
Owned and Leased
certain contracts of the Big Four relating thereto: (b) ot the railroad system New York Central Lines—
6.876.89
of the Michigan Central RR.. hereinafter called the Michigan Central. Big Four
2
,220.85
including railroads and properties controlled and operated by that company Michigan Central
L755 85
62:3 0
under lease or otherwise: and (c) of the railroad and properties of the Chi- Kalamazoo
205.14
Cincinnati Northern
cago Kalamazoo & Saginaw Ry. hereinafter called the Kalamazoo.
139.77
Terre Haute
Request is also made in both applications for authority under any and
Total
10,76020
all other pertinent provisions of the Inter-State Commerce Act to enter
747.51
into the proposed indentures of lease, to exercise the rights therein granted. Linea operated under trackage right.
and to assume and carry out the obligations and agreements therein conGrand total
11,507.81
tained. The record contains no further reference to these requests. ManiIncluding second, third and fourth main-line tracks, yard tracks and sidfestly they lack sufficient particularity to present any definite matter for
involved in the proposals 26.090.38 mlles of track, of which
our consideration. Responsibility for obtaining all authority necessary in ings, there are
1.244.54 miles are used under trackage agreements.
the premises must remain with the applicants.
The Governor of Ohio entered protest against the application recorded
Traffic Relationships.
in Finance Docket No. 5690 unless the Federal Valley RR., hereinafter
The Big Four has a peculiar value to the New York Central Lines. Big
called the Federal Valley, is taken over by the New York Central. The
system lines traverse territory in Ohio, Indiana and Illinois which is
Public Utilities Commission of Ohio intervened on behalf of the people Four
well settled, has diversified industries, and is growing. The lines of the
of the territory served by the Federal Valley.
these important industrial and agricultural sections of the
A hearing was held at Washington, D. C.. in January. 1927. Parties Big Four in
connection with the main stem of the New York Central,
permitted to intervene prior to and at the hearing may be classified generally Middle West, in
afford transportation facilities between that territory and the Atlantic
as carrier companies owning and operating relatively short lines of railroad.
reaching Ohio. Mississippi and Illinois River crossings,
minority stockholders, and labor. industrial and commercial Organizations seaboard, and by
York Central Lines to connections w th the South, Southhaving interests in Athens and Morgan Counties. Ohio. and will be referred extend the New
West. The Big Four originates coal in Illinois. and, through
west and
to herein, by classes, as the short lines, the minority stockholders, and the
Cincinnati gateway, handles Kentucky and West Virginia coal, which
Ohio interests, respectively. The intervening minority stockholders will the
moves In system interchange to New York Central and Michigan Central
be designated with greater particularity, as follows: The protective committee of the Cleveland Cincinnati Chicago & St. Louis Ry. common stock- territories.
With reference to the Michigan Central and New York Central lines
holders, as the protective committee: and the New York Central Securities
which traverse opposite shores of Lake Erie, it is stated that by reason of
Corp. as the securities corporation. The minority stockholders ask that
switching absorption tariffs through traffic may originate at the same points
the application of the New York Central be denied.
and receive the same deliveries via either line. Through traffic in both diAt the original hearing, testimony adduced in support of the contentions rections comprises about 10% of the total traffic handled by the lines. The
of the short lines was not contradicted, the applicants having been content movement eastbound predominates and this traffic converges at Buffalo,
to contest its relevancy. Subsequently, however, the applicants sought from which point the New York Central's main stem affords the only system
the opportunity to be heard In the matter. This request was granted and,
route to the Atlantic seaboard. At the Niagara frontier the New York
accordingly, the applications came on for further hearing In January. 1928.
Central interchanges with the Michigan Central through traffic destined
Leave to intervene was granted to seven additional short lines, of which two
to points west and northwest of Lake Erie. and retains for movement over
withdrew without producing witnesses; and the State of Michigan interits own lines through traffic (not otherwise routed by shippers) destined to
vened on behalf of the Boyne City Gaylord & Alpena RR., hereinafter
points south and southwest of the lake. Through traffic to or from Chicago
called the Alpena, and the people served thereby,
and points west may be routed by the shipper, at the same rates, over the
line of the Michigan Central or over the New York Central's Chicago,
Purpose of Proposals.
Buffalo line. With respect to the industrial territory of southern Michigan.
It was testified on behalf of the applicants that the railroads of the New widely served by both carriers, it appears that the New York Central.
York Central, the Big Four, and the Michigan Central comprise the major In conjunction with the Big Four, handles coal and raw materials inbound,
portion of the system known as the New York Central Lines. The proper- while the Michigan Central originates the finished products of manufacture.
ties of these three carriers are operated as separate units, but the com- It is contended that the lines of the Michigan Central and the New York
panies are under common control. While such control has enabled some Central are essentially complementary, and that this complementary relaprogress to be made in the unification of terminals and co-ordination of tionship under common control has continued,with advantage to the public,
operation, the necessity of protecting earnings of each carrier prevents for nearly 50 years.
further unification and co-ordination. The purpose of the proposed
The Cincinnati Northern' freight traffic consists principally of coal
leases, it is stated, is to being about handling of the properties by one strong moving through the Cincinnati gateway and handled in interchange with
operating unit.
the New York Central and the Michigan Central. The freight traffic
Physical Relationships.
of the Terre Haute also consists largely of coal delivered to the Big Four
distribution. The Terre Haute's line extends
The New York Central is a corporation which was formed in 1914 under at Terre Haute for system
the Big Four's line from Danville to Cairo,
the laws of New York, Pennsylvania, Ohio. Michigan, Indiana and Illinois in the same general direction as
distant on the opposite side of the Wabash River,
by the consolidation of 11 carrier companies, including the New York but is from 25 to 35 miles
Central & Hudson River RR. and the Lake Shore & Michigan Southern and the lines serve different territories. It is stated that the lines operated
and the New York Central do not serve the same terRy. The agreement of consolidation provides that the consolidated com- by the Kalamazoo
is silent as to the particular function performed by
pany shall continue for 50 years. Properties operated by the New York ritory, but the record
Kalamazoo in the New York Central Lines.
Central include a main stem extending from New York City to Chicago by the
Testimony concerning the number of junction points at which traffic
way of Albany and Buffalo. N. Y., Erie, Pa., Cleveland and Toledo, Ohio,
of the lessor and lessee companies Is sumand Elkhart, Ind.; and various connecting lines, owned,leased and operated is interchanged between lines
under trackage rights, in the States of New Jersey, New York, Massachu- marized below:
Big
Mich. Kala- Cincinnati Terre
setts, Pennsylvania, Ohio, West Virginia. Indiana. Michigan and Illinois,
Four. Cent% memo. North'n. Haute, Total.
20
22
1
and in the Dominion of Canada.
45
New York Central
2
a
2
a
5
1
8
The Big Four was formed in 1889. under the laws of Ohio and Indiana, Big Four
b
a
3
2
1
by the consolidation of three constituent companies. In general, the Michigan Central
Big Four system, including lines leased, owned, and operated under trackGrand total
56
age rights, comprises a through line extending from a connection with New
a Lines do not connect. b See line 2, column 2.
York Central rails at Cleveland, through Indianapolis, Ind., to St. Louis.
Mo.; lines radiating from Indianapolis to Peioria, Ill., to Chicago, to
Upon the basis of an eight-day test period ended March 23 1926, the
epringfield, Ohio, and to Cincinnati, Ohio; and intersecting north-and- average daily interchange of all cars, loaded and empty, between lines
south lines from Danville, Ill., to Cairo. Ill., from Benton Harbor, Mich., of the lessor and lessee companies is estimated as follows:
to Louisville, Ky., and from Cincinnati to Springfield, whence two lines
Big
Terre
RataMichigan
One.
diverge to Toledo and to Columbus, Ohio, and beyond.
Four.
Central. Northern. mazoo. Haute.
The Michigan Central is a Michigan corporation. The main stem of New York Central
2.324
1,741
59
23
a
5
395
396
442
this carrier, formed by the inclusion of lines operated under lease and Big Four
Michigan Central
b
247
75
under traeltage rights, extends from Buffalo, Suspension Bridge. and
other points on the Niagara frontier, along the north shore of Lake Erie
a Lines do not connect. b See.lbae 2, column 2.




626

FINANCIAL CHRONICLE

During the year ended Sept. 30 1926 cars interchanged between the
various lines aggregated 1,979.703. of which 1,193,472 were loaded and
786,231 were empty. The interchange 'between the Big Four, the Cincinnati Northern, and the Terre Haute during the same period amounted
to 168.662 loaded cars and 138,348 empties, a total of 307.010 cars.
Intercorporate Relations.
Construction of various railroads now forming parts of the New York
Central Lines appears to date back to 1826. In 1873, certain individuals,
Identified generally as the Vanderbilt group, who a ready owned a majority
of the capital stock of the original New York Central RR. (incorporated
1853). acquired control of the Lake Shore & Michigan Southern By. Co.
The same group subsequently acquired control of the Canada Southern
By.,lessor of the Suspension Bridge-Windsor line operated by the Michigan
Central (1876), of the Michigan Central itself (1878), and of the Big Four
(1589). Eventually the interests of the Vanderbilt group in these companies
were transferred to one or the other of the major constituent companies
entering into the consolidation of 1914. Control of the Cincinnati, Northern,
the Kalamazoo, and the Terre Haute dates from 1901. 1906 and 1920.
respectively.
Prior to June 27 1922, the New York Central owned $30,207,700, or
approximately 64% of the common stock of the Big Four, but did not own
any of the preferred stock. On the date mentioned we authorized the New
York Central to acquire further control of the Big Four by the purchase
of additional stock, common and preferred. Control of Big Four by New
York Central,72 I.C.O. 96. It is conceded in the records that officers of the
New York Central had in mind that if two-thirds of the stock were acquired.
a lease of the Big Four properties might be consummated without persuading
minority stockholders that it was to their advantage.
Carrier companies involved in the proposal of the New York Central are
now controlled, directly or indirectly, by that company as indicated in the
following tabulation of stock ownership.
Par Value Owned by N. Y. C. Owned Si! MinorCompanyOutstanding.* or a Subsid'y Co.
fly Interests.
Big Four
Par Val. P. C.
P. C.
Par Val.
Common stock
$47,028,700 $42,941,100 91.31 $4,087,600 c8.69
Preferred stock
9,998,500 8,468,100 84.69 1,530,400 15.31
Michigan Central
152,300 0.81
18,736,400 18,584,100 99.19
Kalamazoo
180,000 100.00
450,000
a270,000
Cincinnati Northern
3,000,000 62,931,600 97.72
68,400 2.28
Terre Haute
4,290,000 b4,290,000 100.00
* All shares of the par value of $100. a Owned by the Michigan Central.
b Owned by the Big Four. c Of which 32,360,900 is represented by the protective
committee.
Common executives serve both the New York Central and the subsidiary
companies, the parent company and the subsidiaries also having interlocking directors. While the boards are not identical in personnel, 13 of
the 15 directors serving the Big Four and the Michigan Central also serve
the New York Central in similar capacities.
Book Investment.
Information, according to the books of the carriers, as to investment in
road and equipment and other investments, current assets and liabilities,
funded debt, &c., is contained in balance sheets as of Nov. 30 1927, submitted in the record. The properties of the Big Four are in excellent
condition. 98% of all main tracks having been relaid with new and heavier
rail in the five-year period 1921-1925. Passenger equipment is maintained
to the New York Central standard. On Nov. 1 1925, the Big Four had a
lower percentage of locomotive and freight cars in bad order than any of
five standard railroads.
Income and Dividends.
There are also furnished in the record income statements of the lessor
and lessee companies for each calendar year from Jan. 1 1921 to Dec. 31
1926, and for the 11 months ended Nov. 30 1927. The minority stockholders contend that, beginning with 1925, the amounts of net income
shown for the Big Four and the Michigan Central should be increased
because of a change made in the method of accounting for pensions whereby
amounts earned in those periods were charged not only for pension payments actually made, but also with estimated amounts required to be
paid in the future on account of pensions going into effect in those periods.
Recent years. beginning with 1921, have witnessed increased efficiency
in the operation of Big Four properties. The loading of freight trains has
steadily improved and the operating ratio decreased from 80.7% in 1921
to 72.8% in 1925. Tonnage and revenue statistics for the five-year period
are as follows:
Total Railway
Freight
YearOperating Revenue.
Revenue.
Tonnage.
1921
$79,793,593
$56,289,898
30,043,000
1922
84,665,690
61,596,944
35,828,000
1923
94,941,444
69,395,847
44,856,000
1924
87,712,381
64,101,391
43,072,000
1925
92,061,069
68,196,253
45,387,000
Since 1922 the Big Four passenger revenues have remained fairly constant.
Increases in freight traffic have not been limited to particular classes or
commodities. For example, manufactured products and miscellaneous lossthan-carload freight, and forest products, have increased approximately
50% and 40% respectively, over similar tonnage handled in 1921. Unless
the consumption of fuel should diminish in Big Four territory, varying
economic conditions affecting the production of coal in various districts
would not necessarily affect the Big Four's coal traffic, except possibly
as to length of haul, since the carrier can continue to supply coal from
other districts served.
The table immediately following presents a resume of testimony as to net
ncome earned per share of Michigan Central stock, and per share of Big
iFotr common stock, after provision for the preferred, and as to dividends
actually paid, together with ratios computed therefrom:
Stock
Net Income Div. Paym'ts Ratio of Divs, to
Big Four, common
per Share. Net Ine.per Sh.
per Share.
1921
34.95
1922
33.9%
35.00
14.74
1923
17.0%
4.00
23.55
1924
31.2%
5.00
16.03
1925
23.2%
5.50
23.65x
1926
29.2%
23.95x
7.00
1927*
b
17 26x
.
Michigan Central:
1921
14.5%
6.00
41.23
1922
20.5%
68.41
14.00
1923
26.4%
75.66
20.00
1924
27.5%
72.73
20.00
1925
26.8%
102.40x
27.50
1926
33.1%
105.69x
35.00
1927*
44.5%
a89.77
c40.00

[Vol,. 128.

The protective committee challenges the significance of the decrease in
the Big Four's net income indicated by a comparison of the figures for
1926 and 1927. From comparative statistics for 11-months periods of
each of these years it appears that total operating revenues decreased only
2.5%, or 1.6% less than the average derline of 4.1% for 11 principal railroads in the Northeast. The decrease in net operating income was 16.7%,
which was about 3.3% in excess of the corresponding decline in the case of the
New York Central. The protective committee surmises that the less
favorable showing of the Big Four's earnings in 1927 may be due to variation in policy as to maintenance expenditures, which, in the case of the
Big Four, were reduced only 1%. as compared with a reduction of
2.7%
in the case of the New York Central and an average reduction of 7% for
roads in the Central Eastern district.
Concerning dividend policies it was testified that during the years 1923
to 1926, 10 well-conducted railroad companies of the United States have
paid as dividends about one-half of amounts available for that
purpose
and retained the remainder for other corporate purposes. During
the Past
five years the New York Central has paid dividends on its common stock
amounting to approximately 51% of available funds. The table next
following affords a comparison of dividends paid on Michigan Central
stock and Big Four common stock, with net earnings of those companies
In the years 1921-1926:
Michigan
Big
Central.
Four.
Aggregate net income
$95,645,003 $52,959,880
Less dividends on preferred stock
2,999,550
Dividends paid
Ratio of dive. to net income available (per cent)

$95,645,003 $49,960,330
22,952,090
25
*12,4605

• Common stock.
Preliminary Transactions.
The decision to lease the properties of the Big Four and Michigan Central
was definitely reached by New York Central executives some
time during
the winter and spring of 1926. As a result of certain negotiations conducted
in the early months of that year nearly 7,000 shares of Michigan Central
stock were purchased at $1,000 per share. Offers made to Big Four stockholders from time to time had been largely accepted and the shares still outstanding in the hands of other parties were scattered among a large number
of holders, so that there seemed to be no one representing all such
stockholders with whom negotiations might be had, although it would appear
that the existence of the protective committee was known
at the time
application was made to us. In any event, every one who considered
the leases was interested from the viewpoint of the new
York Central,
and ideas of minority stockholders as to appropriate rentals under
the
proposed leases were neither sought nor obtained, except as opportunity
for expressing their views may have been accorded the minority
at stockholders' meetings called for the purpose of passing upon prior action by
thb boards of directors.
Studies of the subject of rentals led to the preparation of certain memoranda hereafter referred to in this report. In this connection it is stated,that
a great many considerations enter into the question as to
what is a fair
rental under a lease, and that It is a matter ofjudgment.
Execution of the proposed leases was authorized on June 9 1926, by the
common directors of the lessor and lessee companies, subject to the consent
of the holders of not less than two-thirds in amount of the
capital stock of
the respective companies. It appears that during
September 1926, the
consent of a sufficient number of the stockholders was given in all cases
except that of the proposed lease from the Big Four to the New York Central
Voting upon that proposal by the New York Central of the Big Four stock
owned by it was enjoined by interlocutory decree in a suit brought
in the
United States District Court at Cincinnati. On
Nov. 17 1927, the decree
W55 reversed by the Circuit Court of Appeals,
Sixth Circuit, in an opinion
In which the Court expressed the view that, making
in
the findings required
by the statute. it is our duty
to protect both public and private interests.
but observed that our orders in such matters are subject to judicial review
on behalf of a stockholder, whence it follows that, before a lease can be made
effective, an objecting stockholder has the right to present his case before
two tribunals, both of which
are charged with the duty of Protecting his
Interest. Cleveland, C., C. & St. L. By. Co. v. Jackson. 22 F.(2d) 509.
Action by the stockholders of the Big Four followed in Jan. 1928.
Provisions of Proposed Leases.
The proposed leases are fundamentally alike. They are to be dated,
for identification, as of Oct. 1 1926, and each loose is to be for a term of
99 years except as rights, titles, interests, and estates in leaseholds, contracts, &c., of the lessor companies may expire and not be renewed. In
general, each lease covers all the lessor's owned and leased lines of railroad,
leaseholds, and all other properties, real. personal, and mixed, contracts
and franchises (except the franchise to be a corporation), equipment,
materials and supplies, after acquired property, and securities and investments (excepting, however, the books and records of the lessor, special
deposits, and securities issued or assumed and nominally outstanding),
and the lessor assigns to the lessee, during the term of the lease, the
income
from securities, investments, &c..of the lessor. Special provision is made for
the transfer to the lessee of cash and current assets, other than materials
and supplies, mentioned above, for the application of such assets
to the
liquidation of current and deferred liabilities, and for an accounting with
respect thereto upon the expiration or earlier termination of the lease.
As rent for the demised premises, the lessee covenants and
agrees to Pay
to the lessor, or for its account, sums required to maintain its
corporate
existence, taxes and special assessments levied upon the properties, interest
on issued or assumed securities now outstanding and hereafter issued
or
assumed by the lessor rentals and charges accruing under leases and contracts, &c., for which the lessor is or may become liable, and specified
amounts upon each share of the lessor's capital stock not owned by the
lessee.* The rentals thus last reserved are equivalent to annual dividends
upon the various stocks at the following rates:
Big Four stock-Preferred --------------------------------------------Common--------------------------------------------------------- 5%
-Michigan Central stock-------------------------------------------------10%
Cincinnati Northern stock----------------------------------------------50%
Kalamazoo stock ------------------------------------------------------12%
Terre Hautestock------------------------------------------------------ 6%
4%
Since each lessee expressly waives all right to participate as stockholder
of the lessor In any dividend or distribution during the term of the lease
from rentals payable thereunder, the extent of the obligation ultimately
to be assumed by the New York Central in that regard is limited to minority
holdings. Minority stockholders are accorded the option of accepting such
rentals or selling their stock to the lessee st fair values to be determined by
agreement or by arbitration.

•Estimated, upon the basis of figures available for first 11 months and the ratio
of net income for similar months of 1926 to net income earned during the entire year.
x As adjusted by the minority stockholders for pension payments charged in ad• Also, in the case of the proposed Michigan Central lease, such dividends on the
vance. less income tax.
shares of Michigan Central stock pledged as collateral with the Guaranty Trust Co.
a Data not available for adjustment mentioned in preceding note.
of New York, trustee under the New York Central dc Hudson River RR. Co.'s colb Not available in record.
lateral trust indenture dated April 13 1898, as will enable the trustee to pay the 3Pi%
C Notincluding 50% extra dividend from accumulated surplus paid in Sept. 1927. interest due on $21,550,000 of bonds secured by the pledge of such stock.




FEB.

2 1929.]

FINANCIAL CHRONICLE

The lessee further agrees to maintain the leased properties, to assume and
perform during the term of the lease obligations of the lessor under existing
leases, mortgages, and other contracts relating to the premises, and to
indemni.y the lessor against all loss or damage arising out ot operation
of the properties by the lessee.
For any expenditures for capital purposes, including the making of
extensions, additions, and betterments, and the discharge of outstanding
securities, the lessee is to be entitled to be reimbursed with stock, bonds, or
other securities of the lessor. Shares of stock are to be accepted by the
lessee at their fair value, not less than par, as agreed upon or determined
by arbitration. Bonds, notes, &c., are to be accepted at face value, but
upon termination of the lease there is to be an accounting between the
parties as to any difference between the face value and the fair value of
such securities. Advances by the lessee of amounts which may be necessary
to be paid by the lessor under guaranties of securities of other companies
or as contributions or advances to terminal or other companies are to bear
no interest during the term of the lease.
The issue of securities by the lessor is to be subject to the consent of the
lessee, which will have the right to elect the class of securities to be issued
and to determine the terms and conditions thereof, subject to our approval.
Any saving or benefit resulting from refunding or rearranging securities of
the lessor is to inure to the benefit of the lessee during the term of the lease.
Regarding securities and investments to be taken over by the lessee or
thereafter acquired by the lessor, the lessee is to be entitled to receive and
own all current income accruing thereon, to vote all shares of stock, to
pledge or otherwise dispose of such securities with the approval of the directors of the lessor, and to receive, subject to the lease and as a part of
the leased premises, all amounts which may become payable or distributable
upon such securities or investments other than ordinary current dividends,
Interest, and income, and to apply the same in such manner and for such
purposes as may be approved by the directors of the lessor upon written
request of the lessee.
Provision is made for termination of the lest° and reentry in case of default, for the substitution of successors and assigns of the parties, for arbitration of disputes, and for modification of terms and provisions with the
exception of those pertaining to rentals and to the appraisement and purchase of minority shares of the lessor.
Under the terms of the proposed leases, the lessees may abandon, retire.
sell, or otherwise dispose of any line or lines of railway, etc., not required
in the judgment of the lessees for proper operation and maintenance of
the demised premises.
The Issues.
Issues raised by the proposals of the applicants and the contentions of
Interveners relate generally to the test of public interest prescribed by the
statute, to terms and conditions of the proposed leases, and to our jurisdiction under the provisions of law invoked.
Reasons Urged In Support of Proposals.
On behalf of the applicants it is contended that the New York Central
Lines have been built up with a view to a properly coordinated system.
The opinion was expressed in the testimony that the leases are steps leading
in the direction of consolidation.
In practice It is expected to maintain existing routes and to comply
with routes designated by shippers, but it is hoped that arrangements
ultimately may be worked out with the shippers, with our approval, and
with foreign connections, which will afford freedom of operation as to the
routing of freight and thereby promote better and more economical service.
In the testimony,advantages expected to accrue to the public are approached
from the viewpoints of traffic, transportation, accounting, and maintenance of equipment.
1. Revision of routes, both within the system and interline, has been
hampered by a proper regard for minority interests. The proposed leases
would eliminate objection, on that score, to the short
-hauling of lessor
lines. Any changes with respect to internal routes and interchange gateways would be made subject to approval by us, the shipping and traveling
public, and foreign connecting lines. Considering the large amount of
mileage which would be under single operating control, the volume of
traffic, and the possibility of using alternate routes. it Is thought that
substantial improvements may be made. Shorter routes should lower
transportation costs and increase net earnings, but no estimate or definite
remits is ventured.
There are at present three major traffic departments for the lines involved.
Each of the traffic departments is to be maintained, with no change in
tariff and rate jurisdiction. Michigan Central-New York Central, lessee,
and Big Four
-New York Central, lessee, are to be used as trade names.
Under single operation, rates of the several trade units are to be interchangeable so that it will be possible to improve routings of traffic. No
routes desired by the public are to be closed, but, in the absence of contrary
shipping instructions, the most efficient will be considered the regular
routes. Freight will be solicited for movement over the most economical
routes, the unit obtaining the traffic to get credit for the traffic regardless
of the route over which it is forwarded. The cost of solicitation will remain
substantially the same as at present. If shorter routes are used as freely
as anticipated the resultant saving in mileage will be quite large. Diversion
of traffic from longer routes is not, generally speaking, to interfere with
local service. It is not expected that all the traffic will necessarily take
the
shorter routes.
2. Possible new routes, graphically illustrated in the record, are practicable operating routes and can be used advantageously for the transportation
of traffic. Most of them are available for use at present, but in
some instances physical improvement would be necessary were a large volume
of
traffic diverted to such routes. In March, 1927, a study was
made of
traffic moving through certain gateways, during a period of 10
days, for
the purpose of determining the approximate volume ot such traffic
capable
of movement via more direct routes and the saving in mileage
which might
be effected by rerouting. It appeared from this study that
approximately
63 % of the cars passing through the particular terminals
could have
moved, under other circumstances, by shorter routes. Upon the
that the period selected was fairly typical, an adjustment of assumption
the results of
the study to an annual basis showed a potential aggregate
saving of 11,796,789 car-miles per year through direct routing. Applying car-mile
costs to this possible saving, the decrease in transportation
expenses would
amount to approximately 31.000.000 annually. The figures
submitted are
merely indicative of possibilities, but the amount stated is
claimed to be
probably an underestimate of what might be done.
Unified operation as proposed would also tend to
reduce yard movements and terminal switching now required, to permit the
routing of freight
away from congested terminals, and to bring about better
train building.
At points common to lines of two or more of the companies
terminal operations are conducted on a contractual basis which involves
intricate and
accurate accounting and which is subject to change with
changing conditions of various kinds.
From the transportation viewpoint, benefits of the
proposals of the
applicants are summarized as follows: Savings In car miles,
affecting time
In transit and deliveries; a better car supply, through
expeditious move-




627

ment of traffic; and substantial economies in the cost of operation through
more effectual train grouping, reduced yard operations, and elimination of duplicated effort and simplification of accounting at common
terminal points. No estimate has been furnished as to amounts of money
which may thus be saved for the stated reason that the matter is so complicated that any attempt to make an estimate would be open to serious
question as to the accuracy of the result.
3. Operation of the various lines as a unit would permit the adoption of a
unified accounting system adapted to the needs of the organization as a
whole, as contrasted with exact accounting now required for each company.
Economies could be effected by the substitution of arbitrary charges for
detailed accounting required in the matter of joint facilities and by the
simplification or elimination of records, reports, bi ling, correspondence,
etc., incident to the exchange of equipment, equipment repairs, Interline
freight and passenger traffic, and joint expenses. The applicants' witness
was confident that substantial economies in accounting would follow
unified operation, but explained that, in his opinion, economies do not
always mean a cash saving, but sometimes afford the opportunity of getting
more service for the same money.
4. The major advantage of the proposed leases from the viewpoint of the
repair of equipment would be in relation to main shops where general repairs
are handled. It appears that mainship facilities are generally adequate
except at West Albany, N. Y., and Collinwood. Ohio, on the New York
Central, and at West Detroit, Mich., on the Michigan Central, where
extensions estimated to cost $7,000,000 are in contemplation. Through
use of facilities available on the Big Four these expenditures can be indefinitely deferred, with a resulting saving in carrying charges. Other economies
may be effected by the combination or closing of some smaller shops, and
for the future it would be beneficial to consider any extensions or replacements of existing facilities from the viewpoint of a unit rather than from
that of two or three carriers. Unified operation of the lines would permit
increased flexibility in the repair of equipment and would facilitate the
transfer oflocomotives from one line to another for transportation purposes.
The Short Lines.
The applicants have undertaken to furnish information concerning the
-line situation. Including lines not exceeding 500 miles, but
general short
excluding lines owned, controlled, or operated as parts of general railroad
systems, it is stated that there are 71a short-line railroads which connect
with the New York Central Lines. Of these railroads, 9a are represented
by interveners herein, leaving 62 which have not intervened or had any
part in this proceeding. The latter are classified as follows:
Power
Blectricity.(x)
Steam.
Total.
Affiliated with or controlled by industries_ _ _ _
32
37
Independent of industrial affiliation or control_
14
11
25
462,045.30

Total
Aggregate mileage

16
2,016.54

82
*4,061.34

x Wholly or in part. • Affiliated with or controlled by industries. 1,593.78 miles.
'
The following tabulation summarizes the applicant's classification of
the 71 short lines as to connections.
Lines Connecting with New York Central Lines and—
No Other
Railroad.
Industrially affiliated or
controlled:
Steam
Electric •
Total
Independent:
Steam
Electris •
Total

One Other
Railroad.

Two or
More Other
Railroadt.

Total.

10
2

5
1

20
2

35
5

12

6

22

40

3
5

3
1

13

6

12

8

4

19

31

19

20
10
41
71
Grand total
• Wholly or in part.
From data contained in reports to us. where available, supplemented by
reports to State authorities and reports to stockholders, and from data
contained in books of reference and in records of the New York Central
Lines, an exhibit was compiled and submitted in the record to present,
for all the connecting short lines, information concerning location, ownership or control, financial position, income, equipment, and traffic, and
indicating whether or not joint rates are in effect.
It is stated that no serious propositions have been made to the management of the New York Central Lines with respect to terms and conditions
under which any of the non-intervening short lines desire or may desire
to be included in the proposed unification. We assume that the 62 shortline carriers whose railroads connect with the New York Central Lines,
but which have not intervened herein, and those parts of the public served
by those carriers, are content, for the present at least, with existing conditions. These carriers will therefore be dismissed from further consideration at this time.
In addition to the Alpena and the Federal Valley, there are eight other
short-line interveners. These parties will be designated as follows: Chicago.
Attica & Southern RR., as the Attica; Delaware & Northern RR., represented herein by its receivers, as the Dealware; Fonda, Johnstown &
Gloversville RR., as the Fonda; the Owasco River Ry., as the Owasco;
Southern New York Ry., Inc., as the Southern; the Ulster & Delaware
RE., as the Ulster; and the Casey & Kansas RR. and the Kansas & Sidell
RR.as the Casey and the Moll, respectively.
Testimony of officers of the companies, and of citizens and representatives of various organizations and industries in territories served. was
adduced to show facts pertaining to corporate history and status; location,
mileage, connections, and physical characteristics of the lines; scope and
topography of territory served, together with statistics and other information concerning population, resources, industries, commodities Produced, available railroad facilities, highways, and other physical and
economic conditions; relationships of the various lines to the New York
Central Lines; traffic, including the nature, volume, and movement of
freight transported, and the volume of traffic interchanged with the New
York Central Lines; public need for the service performed by the respective
short lines and the effect on communities served solely by short lines if
those carriers are not strengthened or if their operation should be discontinued; benefits and economies which might be expected to flow from inclusion of the short lines in the New York Central Lines; investments In
properties owned by the short lines; and legislative history of the consolidation provisions of the interestate commerce act.
To this evidence the applicants responded, at the second hearing, with
testimony relating, among other things, to the the physical condition of
the properties of the short lines; the cost of rehabilitating the properties
a Counting as one the continuous line formed by the Casey & Kansas and KaLlital
& Side railroads.

628

FINANCIAL CHRONICLE

[voL. 128.

to system standards; the realtion between claimed economies and increased mated cost of rehabilitating the lines to system standards for a logging
egserating expenses due to higher wages which in some instances might line of the better class is $76,471, and system operation would involve
Mew absorption into the New York Central system and a higher standard additional expense, over and above savings, amounting to $67.233, beof maintenance under system operation; impending changes in properties casue of higher standards of maintenance, wage agreements, &c., applicable
due to various causes and Involving altered conditions and additional ex- on the New York Central Lines. With respect to a contention that the
penditures; available highways, and motor-vehicle competition; volume, New York Central would receive revenues of about $80,000 per year in
nature, and movement of traffic; routes; rates; history ot various projects excess of earnings now accruing to it from traffic handled in interchange
with special reference to financial practices; and difficulties incident to with the Alpena, it is answered that the contemplated movements would
determination o' any satisfactory basis or acquisition of the properties require cancelation of many routes, modification of may rates, and denial
of the shippers' right to designate the routing of their freight.
by the New York Central.
The Alpena's line from Boyne City to Alpena is the only railroad which
Boyne City, Gaylord ct Alpena Railroad Company.
traverses lower Michigan from east to west between the northern exThe Alpena's main line extends eastward across the northern portion of tremity of the southern peninsula to the Pere Marquette Railway Company's
the lower peninsula of Michigan from Boyne City, on Pine Lake,an estuary line between Ludington and Saginaw, a distance of 175 miles, and Is also
of Lake Michigan, through Moore Gaylord, and Atlanta. to Alpena, on the only railroad serving Montmorency County, the eastern half of Otsego
Thunder Bay, an arm of Lake Huron, a distance of about 92 miles, with a County, the southwestern part of Alpena County, and the northern half
spur from Moore to Boyne Falls, 1 mile, and other spur tracks and sidings of Oscoda County. This area is compared in the record to the combined
aggregating approximately 49 miles. The lines connect at Boyne Falls areas of the States of Connecticut and Rhode Island.
with a line of the Pennsylvania RR. system, at Gaylord with the Michigan
The testimony impresses us that an important section of the State of
Central's Mackinac division, and at Alpena with the main line of the Michigan is in a state of transition from specialized industry to a more stable
Detroit & Mackinac RR, which also has a branch from Alpena westward condition of industrial diversification; that the line of the Alpena is strato a point called Hillman.
tegically located to assist in, and ultimately profit from. the development
The project began with the construction of 7.31 miles of track from of this territory; and that, in the interest of the people of Michigan, the
Boyne City to Boyne Falls for logging purposes by the Boyne City & line ought to be preserved. If possible, to the end that such development
Southeastern RR.. which was organized in 1893 by stockholders of the may not be unduly retarded.
W. A. White Co., a lumbering concern. Between 1893 and 1905. other
Chicago, Attica & Southern Railroad Company.
manufacturing concerns became established at or near Boyne City. In
the latter year, the railroad properties then in existence were acquired by
The Attica intervened in this proceeding to put the facts concerning
the Alpena, which built further extensions and finally completed construc- its condition and circumstances before us in order that it may be determined,
tion to the city of Alpena in 1918.
in connection with our consideration of the proposals of the applicants.
Practical exhaustion of the timber supply is reflected in statistics of the whether the properties of the Attica should be allocated to the New York
Alpena's traffic. The ratio of the volume of forest products to tonnage Central Lines. It is contended that the properties should be included in
transported decreased from 96.6% in 1902 to 65% in 1922 and to 56% In the proposed unified system.
1926. In the latter year. of 70.719 tons of forest products moving over
The main line of the Attica extends from La Crosse, in La Porte County,
the Alpena's lines. 30.409 tons were pulpwood, a low-grade commodity southward through Wheatfield, Percy Junction. Swanington, and Veedersmoving only for short distances, and 15.461 tons were logs, posts, poles, burg, to West Melcher, in Parke County, 120 miles, with a branch from
and cordwood. Lumber and timber, with which were grouped box shook, Percy Junction, through Morocco, to a point in Newton County at or near
staves, and headings, amounted to less than 8,000 tons.
the Indiana-Illinois State line. 20 miles, all in the State of Indiana. These
The total population, urban and rural, served by the Alpena is estimated lines were formerly parts of the Coal Railway division of the Chicago &
at between forty and forty-five thousand. Comparative statistics for 1910 Eastern Illinois Railroad, and acquisition and operation thereof by the
and 1920 indicate a decline in population in the decade. The populations Attica was authorized by us in November 1922. 76 I. C. e 169. From
of the five agency stations along the lines are as follows: Boyne City. 4.284; La Crosse northward to Wellsboro. Ind.. 15 miles, the Attica has trackage
Boyne Falls, 241; Gaylord, 1.701; Atlanta, 261; and Alpena 11.101. As rights over the Pere Marquette Railway. The Attica's tines connect with
previously indicated. Boyne Falls, Gaylord. and Alpena are served by lines other railroads as follows: At Wheatfield and at Morocco, with lines of
of other carriers. There are good highways between Boyne City and Boyne the New York Central; at Swanington and at Veedersburg, with lines of
Falls. 7.3 miles, and between Atlanta and Hillman, 15.5 miles. It is the Big Four; and at various points with lines of other systems, including
stated that Boyne City and Alpena are thriving towns with good industrial the Pennsylvania. the Baltimore & Ohio, the Erie, and the New York,
prospects. Farming is the principal industry in the remainder of the Chicago & St. Louis, or Nickel Plate.
territory. In 1926. this industry furnished traffic amounting to over 15,000
The Attica is engaged in freight service only. Its lines traverse eight
tons.
counties, passing through a rich agricultural section producing corn, wheat,
re While exploration has failed thus far to reveal the presence of oil in the and oats, and having an aggregate population of 154.407. Many farming
territory, there are near Boyne City large deposits of cement rock and at communities and towns are dependent upon the Attica for the transporvarious points along the line large deposits of gravel, a commodity in much tation of outbound products and inbound fertilizer, household necessities,
demand In the large cities of southern Michigan. The attorney general of and other commodities. It was testified by residents of the territory that
Michigan represents that the concern of the State for the territory in preservation of the service performed by the Attica is of vital importance
question is being manifested by large expenditures for roads,schools, and the to the economic and social welfare of the people residing along. and in
assistance of agriculture.
territory tributary to, the lines.
The Alpena's traffic is chiefly interline freight. During the years 1922The following statement presents analyses, in the record, of traffic
26. 79% of the freight originated on the lines and 21% was received from handled during the four years from 1923 to 1926. inclusive:
connections. The volume and character of commodities transported in
1928.
1924.
1925.
1923.
this period are shown by the following tonnage analysis:
Commodities and SourceTons.
Tons.
Tons.
Tons.
Products of1926. Farm products:
1922.
1923.
1924. 1925.
80.258
3.903
5.757
Oroginated
41.614
Farms
7.750
8.611
6.960
61.258
53.711
2,914
From connections
9.419
9.944
3.644
Animals
9,480 11.258
9.335
1.998
1,398
18,840 39.286 50,933 37,116 17.243
Mines
63.170
45.258
Forests
282.720 276.922 258,398 112,055 70.719
63.254
55.109
Manufactures and miscellaneous__ _.109.500 88.703 79.742 46,002 18.266 Animal products:
3,430
4,774
2,841
Originated
7.840
5.130
4,962
4,505
5.110
L. e. I. freight
7.880
749
1.398
From connections
520
241
433.400 429.910 408,330 213,000 124,770
4,179
6.170
8.360
8.101
The volume of interchange with other carriers in 1926 was as follows: Mine products:
6.020
29.955
Originated
Detroit & Mackinac. 3,170 tons, or 3.3%: Michigan Central, 47.106 tons.
15,597
183.448
98:iii
117.598
From connections
97,971
or 48.7%; and Pennsylvania. 46,406 tons. or 48%. The Michigan Central's
share Is said normally to be about 60%.
189.468
147,553
98,884
113.568
Results of operation of the Alpena's properties from Jan. 1 1922. to Forest products:
4.041
4.635
1,993
Originated
3,394
Sept. 30 1927, were as follows;
33,246
17,355
From connections
4.317
98,924
Net Income
Net
from Railway
21,990
37,287
7,711
100,917
Income.
Operations.
$88.178.73
*31.108.89 Manufactures and miscellaneous:
1922
22,952
21,492
21,759
20,828
Originated
89.876.44
11,927.66
1923
31.507
78.033
From connections
24.014
59,457
•1,910.59
113,200.70
1924
*64.297.59
28.718.87
1925
54.459
99,525
44,840
81,216
*89,134.49
4,185.94
1928
'43,401.48 Lees-than-carload freight:
13,335.10
1927 (nine months)
1,280
541
944
281
Originated
2,170
2,364
2.574
From connections
2,270
• Deficit.
The losses sustained are attributed to expenses incurred for car hire and
2.905
3,450
3,518
2,531
for interest. The former charge ranged from $22,861.86 in 1926 to $54,- Total:
127,918
78,482
102.332
87.899
Originated
070.72 in 1923.
171.148
302.131
130.515
From connections
282,998
Is is contended on behalf of the Alpena that its lines provide the only
232,847
299.088
380,813
railroad service at the town of Boyne City, are a guaranty of the future
350,897
of a great area which has only begun to develop, and preserve competitive
Interchange traffic handled by the Attica during 1925 and 1926 was
conditions at Boyne Falls and Alpena; that the only alternatives which the divided among connecting line,,
as follows:
future holds for the carrier are acquisition of its properties by the New York
1926.
1928.
Central or abandonment: and that the former alternative would make New York Central Linea:
Tons.
Tons.
New York Central:
continued operation of the railroad economically and efficiently possible
32.118
Outbound
58,254
without creating an undue drain on the New York Central system. EconoInbound
21.743
7,403
mies possible of accomplishment through elimination of duplication in
Big Four:
expense under system operation are estimated at $43,050 per annum. The
Outbound
15.858
10,106
Inbound
30,741
28,485
attorney general of the State of Michigan joins in the contention that
operation of the Alpena's lines is required by public convenience and
Total
100,258
104,248
necessity, and urges that operation of the properties as a part of the New B. & 0. System:
Baltimore & Ohio RR.:
York Central Lines is the only practicable solution of the carrier's difficul1,805
Outbound
1.881
ties. The applicants contend that the track between Boyne Falls and
148
Inbound
77
City could be operated by the Pennsylvania as a spur but that the
Boyne
Cincinnati Indianapolis & Western RR.:
remainder of the Alpena's properites should be abandoned.
12,092
Outbound
5,013
91.304
Inbound
51,339
We On June 15 1928, the Alpena's stockholders adopted resolutions authorizing the directors to offer to sell all the assets and properties of the cor105.347
Total
58.310
New York Central in consideration of the assumption by
poration to the
Other carriers:
95.471
128,811
Outbound
that carrier of the Alpena's bonds, or payment of the bonds with interest
90.837
81,328
Inbound
July 1 1928. to the date of payment, and of payment of the further
from
sum ef $277,247.92 in cash or interest-bearing notes. Upon the passing
188,108
188,139
Total
the Alpena would guarantee to discharge all current
Total:
of such consideration,
167,142
202,065
liabilities, etc.. aggregating $539,843.58, and deliver the properties free
Outbound
234.571
148,832
Inbound
liens and charges other than the lien of the mortgage securing
from all
$800,000 of bonds.
the
*391,713
850,697
Grand total
There is testim.ony for the applicants that the Alpena's tracks, both
roadway structures are in poor condition. The esti• Includes 11,100 tons of company coal and freight.
steel and ties, and

g




F.2

1929.]

FINANCIAL CHRONICLE

629

Combined operating revenues declined from $115,471 in 1922 to $71.955
The New York Central Lines' share in the interchange tratfic amounted
In 1926. Balance sheets of the two companies as of Dec. 31 1927, show
to 25.6% of the total in 1925 and 29.7% in 1926.
Annual deficits sustained by the Attica amounted to $26.720.65 in 1923, corporate deficits aggregating $81,569.43.
On behalf of these interveners it is urged. In the interests of the consuming
$44,883.32 in 1924, and $15.603.45 in 1925. Gross freight revenues earned
In 1925 amounted to $311,764.34. of which $99.448.59 was earned on public in general and of the inhabitants of the territory served, that the
Central Lines. Not including railroads be taken over by the New York Central under some plan which
traffic interchanged with the New York
revenues accruing on the movement of grain eastward from Chicago, the would be equitable both to the applicants and to the present owners. The
applicant's revenues on the traffic interchanged with the Attica were applicants reply that analyses of the traffic of the railroads disclose no basis
were $135,520.76. During the first 10 months of 1927. net Income amount- for allocation of the properties of the Casey and the Sidon to the New York
ing to $14.010.99 was earned by the Attica, as compared with a deficit of Central Lines. In this contention we concur.
$38.358.20 sustained in a like period of 1926.
Delaware and Northern Railroad Company.
The eastbound grain can move in transit through Chicago only over the
New York Central Lines because of backhauls involved in movements over
The line of the Delaware extends from a connection at ArkviIle with the
lines of other connections. It is estimated that the Attica receives 17% main line of the Ulster to a connection with the New York,
Ontario 8z
and the New York Central Lines receive 83% of revenues earned on these Western RR at East Branch, N. Y.. a distance of 37.52 miles.
This line
through shipments.
is said to traverse four townships having an aggregate population of 12.845,
The record also contains an analysis of the carload traffic handled by the
and to provide the only railroad service in that territory except at the
Attica in 1927. to the following effect:
junction points. The Delaware's properties have been In receivership
since March 25 1921.
BILLING.
The territory served is largely agricultural and includes one of the richest
dairying sections in the State of New York. but the territory also has
Overinterline.
Rebilled
Total.
Commodities.
Local.
head.
numerous other industries. While the dairy and agricultural products move
Received. Forwarded Junctions
principally to New York City over the lines of the Delaware. the Ulster,
and the New York Central, other shippers tind it more advantageous to
Products of:
route their products via East Branch over the New York. Ontario & Western
Agriculture
1,248
9
158
1.788
270
83
2
776
Animals
283
93
409
9
due to a more favorable rate situation. The receivers now obtain a large
52
Mines
8
1,393
--1,049
2,502
amount of such traffic, on which they enjoy the maximum haul. If the
13
3.810
Forests
15
91
31
3.780
rates over the lines of the Ulster and the New York Central should be
Mi.& miscall
183
804
732
467
3,526
5,712
reduced so as to be equally advantageous as the through rates now existing
Total
739
2,484
2,420
1,547
7,348
14.518
over the New York, Ontario & Western's line, the receivers fear they would
From this statement it appears that in the year mentioned products of lose the greater part of this valuable traffic because of shorter distances via
agriculture and animals moving over the Attica's lines amounted to 2.544 the tormer route.
The receivers intervened herein because they apprehended that the New
ears, or 17.5% of the total. The movement of cars received from one
connecting line and delivered to another aggregate 7.348 cars, or 50.6%. York Central might acquire the properties of the Ulster without also aoThe applicants adduced testimony intended to show that much of this quiring the Delaware's line. Since the line does not now connect with the
movement involved wasteful transportation. It is contended that of 776 New York Central system, and such connection would be affected only
cars Interchanged between the Attica and the Big Four In the first 11 through occurrence ot the contingency mentioned, we deem it appropriate
months of 1927, the movement via the Attica's lines represented wasteful that the case of the Delaware be dismissed from further consideration unless
routing in the case of 702 cars and bad routing in the case of 13 cars. Of and until the matter of unification of the Ulster's properties with the system
664 cars of oil from Lawrenceville. Ill., on the Big Four's Cairo division, proposed by the applicants approaches consummation.
many could have reached destination via the New York Central Lines.
Federal Valley Railroad Company.
The applicants urge that many shipments of overhead or bridge traffic
The Federal Valley owns and operates in the State of Ohio a line of railmoving via the Attica's lines are hauled over circuitous routes and that this
practice Is stimulated by compensation of off-line agents upon a commission road extending from a connection with a line of the New York Central at
basis. Objectionable as this practice may be. the effort has doubtless Palos, In Athens County, in a southerly direction across the southeastern
been to keep the lines in operation. The application of another remedy corner of Morgan County, to Lathrop, in Athens County. Ohio. a distance
of approximately 16 miles.
should serve to correct the situation.
The dm of the Federal Valley traverses a fertile valley surrounded by
Public Interest in the preservation of the Attica's facilities and service is
reflected In the fact that in 1922 contributions, public and private, amount- high hills. There are four coal mines along the line and the territory coning to $241,700 were made In aid of the new carrier's project, and the tains important deposits of bituminous coal. limestone, and shale. No
further fact that assessment of the properties has been substantially reduced other railroad enters this territory. Highways do not afford adequate
means for the transportation of commodities produced and consumed In
by State taxation authorities.
The applicants further contend that the Attica's properties would be of the valley and the cost of trucking would be prohibitive. The population
no value to the New York Central as a secondary line as there are already dependent upon the service performed by the line of the Federal Valley is
in the territory system lines with more favorable grades and facilities and estimated at 10,000. Abandonment of the line would seriously affect inmore frequent train service, which afford better routes for through tratfic. dustries and investments of these people.
This contention takes no heed of the necessities of that part of the public
Practically all of the Federal Valley's traffic is handled in interchange
immediately dependent upon the service performed by the Attica.
with the New York Central. From the beginning of operations on Feb.
We have given consideration to further contentions of the applicants 1 1918. to Jan. 1 1926, coal traffic originating on the Federal Valley's line
that the Attica's properties are in poor physical condition; that rehabilitation averaged over 90.000 tons per annum. During 1926, only 5,742 tons of
necessary to restore the lines to system standards is estimated to cost coal were shipped. Effort is being made to overcome the subnormal con$1,156.400; and that under unified operation of the lines by the New York dition of the coal industry in Ohio. With the resumption of normal operaCentral, additional annual expense of $251,571 would be Incurred on tions, coal deposits reached by the Federal Valley will furnish a large
account ot higher standards of maintenance, the application of standard and dependable tonnage on which the New York Central will receive the
wages. etc. Yet we are persuaded that the lines are apparently incapable long haul. The volume of freight traffic, other than coal, handled over the
of successful independent operation, that the Interests of the people of an line increased from 3.092 tons in 1923, to 11,128 tons in 1925,and to 33,619
important agricultural section of Indiana require that the service per- tons in 1926.
Income accounts of the Federal Valley between Jan. 1 1921. and Dec.
formed over the lines be preserved, if possible, and that the flow of traffic
Indicates that the lines are a natural and logical adjunct of the unified 311925. show that deficits were sustained each year. These annual deficits
system proposed by the applicants.
ranged from $33.895.35 to $52.565.84, with amounts somewhat less than
years subsequent to 1923. For 10 months of 1926, the
Casey and Kansas Railroad Company and Kansas and Sidell Railroad Company. the maximum In
deficit was $38,907.22.
The Casey and the Sidon. incorporated in 1919,are under common control.
With the exception of a few hundred feet. the line of the Federal Valley
They operate railroads, parts of properties formerly owned successively by a is laid
with 56-pound rails, which have been in place for many years and
number of predecessor companies dating back to a period prior to 1879, are in bad condition. Cuts and fills are narrow. While the general conwhich connect and form a continuous north-and-south line in eastern
dition of bridges is good, a majority of them are not sufficiently strong to
Illinois from Side'', through points called Hume, Brocton, Barton, Kansas,
-ton cars and the type of locomotive used by the New York Central
carry 70
Westfield and Casey, to South Casey. a distance of 45.72 miles. The
In adjacent coal fields. Two tunnels limit the size of box cars capable of
Side11 owns that part of the line between Side11 and Kalmar. 26.19 miles,
being moved over the line.
and the Casey operates the part between Kansas and South Casey, 19.53
The cost of rehabilitating the line to New Yerk Central branch-line
miles. The continuous line connects at Bidet' with the Chicago & Eastern
standards is estimated at $150,790. The estimated annual expense of
Illinois RR. and Is intersected at Hume by the Baltimore & Ohio RR., at
maintenance as a system branch is $37.500. Operating expenses would be
Brocton by the New York. Chicago & St. Louis RR., at Barton, by a line
substantially increased. The Federal Valley is not on the standard scale
of the Pennsylvania, at Kansas by a line ol the Big Four,and at Casey by a
of wages and working conditions are different from those obtaining on the
second line of the Pennsylvania.
Central. The applicants contend that if the line is to be conThe territory tributary to the line is estimated to extend on either side for New York
operation at all. it would be more economical and more in the
distances of from 10 to 20 miles and to have a population of approximately tinued in
public interest that it be operated under local management as at present.
40 persons per square mile. Westfield, with a population of about 1,000,
We have heretofore given consideration to the importance to the public
Is the largest community along the line. The territory traversed is an
afforded by the Federal Valley, and observed that many
agricultural section producing grain and livestock. At points exclusively of the service
business men would be seriously inconvenienced if the line were
served there are six grain elevators having an aggregate capacity ot about farmers and
abandoned. 89 I. C. 0. 489. Since the line connects and interchanges
740,000 bushels. About 60% ot the grain produced in the territory is
York Central Lines, there can be no question as
marketed, the remainder being used for feeding purposes. Livestock traffic only with the New
affiliation with the proposed system.
shipments originating on the line total about 1.000 cars a Year. The to its physical
animals move largely to markets at Indianapolis, Chicago, and St. Louis.
Fonda, Johnstown and Gloversville Railroad Company.
A great deal of the grain is routed over the Big Four's line. Highways in the
territory are chiefly dirt roads.
The railroads operated by the Fonda consist of lines aggregating 88.77
Passenger traffic over the lined in question is negligible. Substantially miles. all in the State of New York, as follows' (1) a single-track line from
all the freight traffic is handled in interchangeable with other carriers. Fonda, through Johnstown. Gloversville, an I Broadalbin Junction. to
Tonnage statistics show substantial decreases in recent years in the volume Northville. approximately 25.5 miles; (2) a branch from Broadalbin Juncof traffic moving over the line. In 1927, traffic was interchanged with tion to Broadaibin. 6.15 miles; (3) a double-track line trom Gloversville.
connecting trunk lines and between the Casey and the SideII, as follows:
through Johnstown. to a point called Upper Creasing. thence along the
Casey—
Tons north bank of the Mohawk River and through Fort Johnson and Amsterdam.
Big Four--------------------------------------------------------- 7.337 to Schenectady. approximately 32.5 miles; (4) a single-track line from
Pennsylvania------------------------------------------------------ 31,682 Gloversville to Fonda. abmt 8.75
miles; (5) a line from Gloversville to
Bidell------------------------------------------------------------ 14.352
Johnstown, approximately 4 miles: (6) street railways in the cities of
Total---------------------------------------------------------- 53,371 Gloversville, Johnstown. and Amsterdam; and (7) a single-track line from
Amsterdam to Hagaman,about 2.25 miles. The lines described in brackets
Big
--------------------------------------------------------- 18 195 (2) and (5) are operated under lease. Electric
power is used in the operaBaltimore & Ohio-------------------------------------------------- 32:977
7 39s tion of all the lines except these described in brackets (1) and (2) Lines
:
Chicago & Eastern Illinois-----------------------------------------New York. Chicago & St. Louis------------------------------------- 686 of the Fonda connect with the New York Central Lines at Fonda and Port
Pennsylvania
2,487 Johnson. and with the Schenectady Railway at Schenectady. The lime
Casey
288 do not physically connect with any other
railroads.
Lines of the Fonda afford the only railroad facilities serving Fulton
Total
65,011
Total
118,382 County and a substantia portion of the southern part of Hamilton County.




630

FINANCIAL CHRONICLE

N. Y. Fulton County is about 516 square miles in area and has approximately 46.000 people. Most of the leather gloves manufactured in the
United States are made in Fulton County and other important industries
conducted in that territory include tanneries and silk textile factories.
There are 377 manufacturing plants located at points along the NorthvilleFonda line. In 1926, the assessed value of real estate in Fulton County
was $52,753,000. The portion of Hamilton County served by the Fonda is
largely a region of summer resorts.
During the six-year period from 1921 to 1926, inclusive, the Fonda
carried 1,635.001 tons of revenue freight, of which 1,557,976 tons, or about
95%, were interchanged with the New York Central at Fonda. It appears
that the volume of interline passenger traffic handled in connection with the
New York Central is substantial and practically all mail and express carried
by the Fonda is interchanged with that carrier.
Net income was earned in each of the years 1921 to 1926. but declined in
amount steadily since 1923. During the first 11 months of 1927, a deficit
of $38,406 was sustained.
It is contended on behali of the Fonda that its lines must be included in
the applicants' system in order to preserve and maintain the properties in a
healthy condition to serve the territory Involved. Practically the entire
segment of the line between Broadalbin Junction and Northville is included
in properties condemned for the location of a power project. The applicants
concede that the Fonda's steam railroads are a logical affiliation of the New
York Central and state that, if it were possible to segregate these lines,
excluding the part north of Broadallain Junction, from the Fonda's electric
railways and noncarrier properties and to determine the terms and conditions upon which they should be acquired, the New York Central would be
prepared to provide for their inclusion in its system.
°tease° River Railway.
The Owasco began operation in 1881. It is engaged exclusively in
switching service in the city of Auburn, N. Y.. and operates over a total
of 3.258 miles of track, consisting of 2.441 miles of main line and 9.817
mile of yard tracks and sidings. The main line if formed by the inclusion
of (1) a leased track extending from a connection at York Street with the
Lehigh Valley RR., through the plant of the International Harvester Co.,
to and beyond a connection with the New York Central RR. at Pulsifer
Street, (2) that part between Pulsifer and Garden Streets of the New
York Central's line, over which the Owasco has trackage rights, and (3)
an owned line, excepting 977 feet, which part is leased, extending from the
connection with the New York Central's line at Garden Street to a point
near the intersection of Lincoln and Canal Streets, hereinafter referred to
as the southern segment. The right to oprate over the New York Central's
track has been in effect since 1887. The misting trackage agreement Is
not limited as to term but may be terminated by either party upon 30
days' notice. The Owasco operates as an independent common carrier,
but is controlled by the International Harvester Company, which is the
largest shipper on the road.
Auburn has 62 industries, of which 16 are served exclusively by the
Owasco. Distances from industrial plants served by the Owasco to points
of interchange with the trunk lines range from 0.5 mile to 1.3 miles in the
case of the New York Central and from 1.5 to 2.1 miles in the case of the
Lehigh Valley. A witness testifying on behalf of industries served by the
Owasco but not affiliated therewith, stated that if the shippers were assured
of continued operation of the line, they would not be concerned whether
the Owasco's properties are acquired by the New York Central or by some
other carrier, but that cessation of operation would seriously affect the
industries, possibly to the extent of necessitating the removal of their
plants to other sites or other cities. Of the 16 plants exclusively served,
13 are on or adjacent to the southern segment,2 are adjacent to the segment
operated under trackage rights, and only 1, a plant of the proprietary
company, is reached by the segment between York and Pulsifer Streets.
During the period 1921-1926, the Owasco handled 30,653 revenue cars,
or an average of 5,109 cars per annum. Of 5,417 revenue cars switched in
1926, 4,601 cars, or 84.9% were line-haul cars, to or from points beyond
Auburn, handled in terminal switching service. The following table is
indicative of the interchange between the Owasco and the respective
connecting trunk lines:
-Lehigh Valley
New York Central
Per Cent
Cars
Cars Per Cent
33.3
1,533
1926
46.7
3,068
37.5
1,665
1927
62.5
2,776
*74.1% of the total tonnage.
The Owasso has suffered deficits amounting to $352.22 in 1923,$3,944.29
in 1924, $983.40 in 1925, and $888.72 in 1926. There was also a deficit
in 1927. The rates received by the Owasco range from $3.15 to $8.10
Per car according to the nature of the service performed. It is contended
that the Owasco can not be successfully operated unless relief can be secured
through increased divisions or through acquisition and operation of its
properties by the New York Central.
Counsel ,or the Owasco has outlined various types or orders which, It
is contended, we are authorized to enter so as to protect the short lines
and the public dependent upon them. It Is counsel's opinion that at order
requiring acquisition of essential short lines is most equitable and harmonious with the spirit of the transportation act, 1920. but, in the event
that this action is declined, it is requested that we enter a conditional order
similar to that in Control of Gulf & Ship Island RR.,991. C. C. 169, 173,
175, and that we protect the Owasco in the matter of through routes and
Joint rates and divisions. rhe applicants contend that the real grievance
of the Owasco is that it does not receive allowances regarded by it to be
sufficient, and that this position relegates the intervention ot this party
to a divisions controversy.
Southern New York Railway, Inc.
The Southern, which is controlled by the Mohawk Limestone Co., owns,
and operates by electricity, a single-track line extending from Mohawk
through Richfield Springs and Index, to Oneonta, 55 miles, with a branch
line from Index to Cooperstown, 3 miles, all in the State of New York;
and also operates under trackage rights over lines of the New York State
Rys., from Mohawk t Utica and from Mohawk to Herkimer. The main
line connects at Mohawk, as previously indicated, with lines of the New
York State Rys. and, by means of tracks of that company, with a line of
the New York Central, at Richfield Springs with a branch line of the
Delaware. Lackwanna & Western RR., and at Oneonta with a line of the
Delaware & Hudson Co. The New York State Rys, operates electric railways and is controlled by the New York Central.
The territory traversed by the Southern's lines is primarily a farming
section in which dairying is the principal industry, but where sheep raising
and poultry farming are also extensively conducted. The population of
communities along the lines is about 72,700, with approximately 50,000
more in tributary territory. Twelve communties are served exclusively
by the Southern. Witnesses testified that continued operation of the
Southern's properties is of vital interest to the people of the territory served.
While the Southern carried 100,000 passengers in 1926, its passenger
traffic has been affected by motor-vehicle competition and by abandonment
of street-railway service formerly performed in the city of Oneonta. In




[VOL. 128.

1923, the Southern carried but 52,350 tons of freight; in 11 months of 1927.
the freight traffic over the lines had grown to 165,301 tons. A large part
of the increase appears to be due to the development of affiliated industries
at points along the lines. Thus, in 1927. products of mines comprised
3,364 cars, or 74%, of the carload traffic handled by the Southern. The
division of the 1927 freight traffic according to interchange with connections was as follows:
Forwarded Received
Total
Cars
Cars
Cars
Delaware & Hudson
1,225
s2
Delaware,Lackwanna &Western
839
294
545
New York Central
102
34
68
Local

1,804

1,024

2,828
1,733

Total

4,561
Joint rates with the New York Central have recently been established,
but that carrier does not expect any substantial increase in the share of the
Interchange traffic obtained by it, due to the location of industries and
operating conditions.
The Southern's operating ratios have been high, ranging from 114.70%
in 1923 to 150.38% in 1926, but falling to 109.24% in 11 months of 1927.
On Nov.30 1927, the accumulated debit to profit
-and-loss was $636,683.89.
A witness for the Southern expressed the opinion that it would be practicable for the properties of that carrier to- be operated by the New York
State Rye. The applicants contend that, in so far as it is a carrier of
freight, the affiliation of the Southern is clearly much greater with the other
trunk lines than with the New York Central, and point out that the New
York State Railways is a separate and distinct corporation.
The Southern is not antagonistic, but friendly, to the New York Central.
and has intervened in this proceeding in order that its status may be determined in connection with the first general plan of unification presented
by any of the carriers with the lines of which the Southern's lines connect.
The indicated flow of traffic does not impress us that the line of the Southern,
should be considered primarily a feeder of the New York Central Lines.
Ulster& Delaware Railroad Company.
The Ulster owns and operates a main line extending from Kingston.
through Phoenicia and Arkville, to Oneonta, 106 miles, with branches from
Phoenicia,through Kaatersklll Junction,to Kaaterskill, 19.2 miles, and from
Kaaterskill Junction to Hunter, 2.7 miles, all in the State of New York.
The main line connects at Kingston with lines of the New York Central
and the New York, Ontario Se Western By., at Arkvllle with the line of the
Delaware, and at Oneonta with a line of the Delaware & Hudson Co. The
eastern part of the territory is mountainous and largely given over to summer
resorts. The western part also has summer resorts and is a highly developed
dairying section. Investments in hotels, dairy farms, and creameries
dependent upon the Ulster's service are estimated at more than $20,750,000.
Traffic statistics show that during 1925 the Ulster carried 193,028 passengers, 423,235 tons of freight, and 990,608 40
-quart cans of milk and
earned $85,788.23 from the transportation of mail and express. Of this
traffic, 97,844 passengers, 117,777 tons of freight, all the milk, and a large
percentage of the mail and express were handled in interchange with the
New York Central. Annual gross revenues accruing to that carrier from
all traffic Interchanged with the Ulster are estimated at not less than
$750,000.
Operation of Its properties by the Ulster resulted in net incomes of
$15,795.61 and $11,124.82 in 1923 and 1924, respectively, but deficits of
$.98l,$111,696,and $112,802 were sustained in 1925, 1926, and 9 months
of 1927, respectively. The volume of freight transported declined from
586,152 tons in 1923 to 394.408 in 1926. In the latter year, passenger
revenues amounted to only 57% of similar earnings in 1922.
Pertinent testimony adduced on behalf of the applicants is to the effect
that in 1925 the shipments of anthracite coal over the Ulster's lines amounted
to 292,852 tons, or 69% of the total freight traffic, and contributed more
than 50% of the entire gross revenues from all traffic over the lines. This
coal originates on the Delaware & Hudson system. Other routes, superior
in point of distance and grades, are available for the movement of this
traffic except for a relatively small proportion destined to points local to the
Ulster's lines. The applicants contend that use of the line of the Ulster
in road-haul service for a large part of the coal is unnecessary, but, that, if
it be concluded that the anthracite coal can not be handled otherwise than
by use of that line, then it follows that the affiliation of the Ulster with the
Delaware & Hud.son Company is closer than with the New York Central.
We are persuaded that, regardless of the coal movement, the Ulster's
line is clearly supplementary to and operated in connection with the New
York Central to a very considerable extent.
Public Interest.
The applicants contend that control of the lessor lines under lease, as
proposed, would be in the public interest because the proposed leases are a
natural step in the evolution of the New York Central Lines and because
of advantages expected or hoped to accompany unified operation.
On
behalf of the short lines it Is replied that the applicants made no
material
showing in she record of public gain to
result from their proposals, but
presented testimony, hedged about with qualifications, as to possible
incidental opportunities for internal economies which might bo expected
to follow in any case, and have entirely ignored major considerations
with
which the public is primarily concerned. Thus, it is
contended, the
applicants have failed to sustain the burden of proof.
Provisions of the interstate commerce act pertaining to acquisitions of
control and to the consolidation of the railroads of the United States into a
limited number of systems were enacted as section 407 of the transportation
act, 1920. From the legislative history of the statute it is argued on behalf
of the short lines that consolidation was the real aim of
Congress and that
when it undertook to relieve carriers from the operation of
anti trust laws,
etc., as provided in paragraph (8) of section 5, Congress did
not intend
merely to exempt large and strong systems from the
limitations of prior
policy but, on the contrary, intended to bring about
combinations of weak
and strong railroads of the country, and decisions of the
Supreme Court are
cited in support of the proposition that a fundamental purpose of the
act is to
preserve and maintain weak railroads which are reasonably necessary in the
public interest. It is urged that the provisions of paragraph
(2) of section 5.
were enacted to permit combination or unification of lines,
in ways not
involving consolidation, in the interim between the effective date of the
statute and the time when conditions precedent, prescribed by
paragraphs
(4) and (5),shall be fulfilled, and attention is directed to doubt
as to Proper
interpretation of the limitation "not involving the
consolidation of such
carriers into a single system for ownership and operation,"
imposed upon
our power to approve and authorize acquisitions of control.
The short lines point out that the applicants are seeking
to take an important step in the direction of complete consolidation of the properties
watch It now controls, and that the only remaining step
necessary to be
taken is one which would change at most only the legal and technical status of the companies. The New York Central system would be so thoroughly
integrated, the unification of the lines would be so complete, it is contended.

FINANCIAL CHRONICLE

FEB. 2 1929.]

that little incentive would remain for the taking of further steps and, under
the present state of the law, no means are provided to compel the applicants
to consolidate or to propose consolidation.
Since this proceeding relates merely to the lease of properties which are
already part of the New York Central Lines and does not involve the
building up of a large system the applicants contended that this is not an
appropriate occasion for considering the inclusion of any so-called shortline railroads. On brief, but nowhere in the testimony, it is stated that
when appropriate occasion arises for the consideration of these questions,
they will be approached by the New York Central in a spirit of cooperation
looking to their proper solution with all due regard to the public interest.
But,the short lines reply,the distinction is one of degree and not of principle.
and there is no suggestion in the terms of the statute of any distinction
of the kind claimed by the applicants. The Ohio interests' apprehend that
the appropriate occasion for considering the question of including short
lines may not arise for 99 years.
The short lines ask that the pending applications be denied, or if the
authority sought is granted, that conditions be imposed requiring the
applicants to make provision for the incorporation in the unified system,
upon reasonable terms, of short lines party hereto. Two of these interveners suggest, as a third alternative, that the record be held open for a
reasonable length of time to afford the applicants opportunity to amend
their applications so as to provide for the inclusion of appropriate short-line
railroads. As an alternative in the case of the OWOSCO, it is requested that
we enter a conditional order similar to that in Control of Gulf& Ship Island
R. R.. supra.
The applicants, on the other hand, ask that the short
-line interventions
be dismissed upon one or more of the following grounds: That interventions not for the purpose of preventing adoption of the plan, but for the
purpose of requiring further extension of the plan, are not permissible under
the provisions of paragraph (2) of section 5; that we may not condition our
approval herein upon the making or offering to make acquisitions of control
other and different than those proposed by the applicants; that the short
lines have failed to produce adequate data upon which we may find that the
public interest requires allocation of their lines to the New York Central
system; and that the interveners have failed to furnish adequate data upon
which we may prescribe terms and conditions upon which their lines should
be included in the proposed unification plan. If these findings are refused
as to any abort line, and we find that such intervener's properties should be
Included in the unified system, then the applicants ask that we prescribe
the terms and conditions upon which the properties should be included.
Terms and Conditions.
The minority stockholders contend that rentals reserved to them are
inadequate and that other provisions of the proposed leases are likewise
inadequate to protect the rights of the lessor companies.
Among reasons assigned in support of their contentions, the minority
stockholders state that, as the majority stockholder, the New YorkCentral
Is a fiduciary for the minority and must show, with all doubts resolved in
favor of the minority, that the transaction is fair; that the value of the
leased premises is an element to be considered, especially in the case of
railroad leases, because under authority conferred by Congress we have
determined what, under all of the circumstances, is a fair return upon railroad properties; that under the provisions of sections 8809 and 8813 of the
General Code of Ohio, rentals reserved for leased railroads situate wholly
or in part within that State shall be equal at least to net earnings of the
leased railroad for the fiscal year next preceding the one in which the lease
Is made, and that no company shall lease its road unless the lessor receives
full and adequate security for the payment of the rental and for the preservation of its property; that evidence as to what the market price of stocks
of the lessors should be is incompetent since responsible officers of the New
York Central did not testify how the matter of rentals was determined;
that our records contain no example of any lease of a substantial railroad
where the rental reserved bears so low a relation to earnings as in the
present case; that provisions of the leases for arbitration of the value of
stocks and purchase of minority interests are burdensome, afford no real
protection,and are further objectionable because it is not the business of the
directors of a corpoation to force stockholders to sell their stock; that the
only possible way to determine fair rentals, namely, by negotiation at
arm's length, was not attempted, nor were minority stockholders consulted,
or any independent judgment sought in the matter; that provisions concerning the issue of securities by the lessor companies are oppressive and
Improper because these companies are dominated by the ultimate lessee;
and that, for similar reasons, provisions for remedies upon default and for
arbitration of disputes between parties to the leases are either unenforceable or of no real value. It is urged that the terms of the leases are more
favorable to the New York Central than to the lessors because the former
Is to receive as its own property all net earnings derived from operation
of the lessor lines, including any augmentation of net earningsfrom savings
which may bo effected.
The applicants have replied that the quasi-trust relationship of the majority stockholders to the minority does not disqualify the majority from
dealings with the corporation from which profit or advantage would be
derived, but that in view of the dominant position of the New York Central,
it is proper that the proposed transactions be scrutinized for entire good
faith and fairness of terms. As for advantage expected to accrue to the New
York Central, as lessee, the applicants cite language in our decision in
Lease of L. & N. E. RR., 124 I. C. C. 81, to the effect that the surrender
to the owners of leased property of financial benefit which the consolidation
plan contemplates should accrue to the carriers for the benefit of the public
through reduced rates and improved service, would impose upon the carriers
too heavy a burden of fixed charges. With respect to values of properties
proposed to be leased, the applicants point out that there has been no final
valuation of the properties, and contend that the figures in protests of the
carriers should not be used to test reasonableness of the rentals; further,
that the provisions of section 15a afford no assurance as to the return
which will be realized by the properties. The applicants urge that in the
exercise ofsound judgment in determining rentals under the leases practical
constructive guides were in demand and that it was considered that a proper
solution of the problem would be aided by consideration of normal or
average relationships between net income and market value. In long-term
commitments, they assert, consideration should not be confined to current
conditions in total disregard of uncertainties of the future, and the use of
recent net income as the basis of the computation is considered to be very
favorable to the minority. Concerning the provisions of the Ohio statutes
the applicants point to paragraph (8) of section 5, providing for relief from
the operation of anti-trust laws and all other restraints or prohibitions by
law, State or Federal, in so far as may be necessary to enable carriers to
do anything authorized by any order made by us under and pursuant to
preceding provisions of section 5, and cite cases in which we have held that
State statutes were inapplicable. In reply to objections of the minority
to other provisions of the proposed leases, the applicants direct attention
to the New York Central's willingness, expressed at the hearing, that language with respect to which the minority entertain doubt or apprehension
be altered or amended to the satisfaction of the minority.




631

In support of their contention that the terms of the leases are reasonable
and just to the minority stockholders, the applicants adduced testimony
as to the studies made on that behalf. In March, 1926, there was prepared a statement showing the relation of net earnings to the average
market price for the years 1924 and 1925, of the stocks of certain major
carriersx, for the purpose of determining how earnings were reflected in
market price over a period of time. In these computations the New York
Central, the Michigan Central, the Big Four, and the Pittsburgh & Lake
Erie,also a subsidiary of the New York Central, were first included in,and
then excluded from, the list of carriers to which reference was had.
Applying composite ratios thus ascertained to net income per share
earned by the Michigan Central and the Big Four in 1925, the following
market values were reflected for the stocks of those companies:
Market Value Per Share.
includino New
Excluding New
York Central Lines
Stock—
York Central Lines
Big Four,common
$182.60
$177.00
790.00
Michigan Central
766.00
Using similar data for nine major carriersy, including the New York
Central, for the years 1915 to 1925,inclusive, it was calculated, in a memorandum dated June 11 1926, that the earnings were 11% of the average
market price of all the stocks for the 11-year period, from which it was
inferred that stock earning 11% had a market value of par. On this basis
the value reflected for the stocks of the three companies not wholly controlled would be as follows:
1924.
1925.
1926.
1927.*
$211
$146
$210
Big Four, common
$152
912
Michigan Central
920
661
816
292
Cincinnati Northern
259
231
298
*Net income estimated as explained above.
In preparation for the bearing, further calculations were made of the
ratios borne by earnings to market prices ofstocks of 10 standard railroads,z
Including the New York Central, in the years 1924 and 1925. Application
of composite ratios ascertained for these roads as a whole to net earnings
per share of the Michigan Central, Big Four,and Cincinnati Northern, produced the following results:
Market Value Per Share.
Stock—
1924. 1925. 1924-25.
Big Four, common
$164
$136
$194
Michigan Central
726
845
618
Cincinnati Northern
251
270
242
A witness for the applicants considered the rental fixed in the proposed
lease of Big Four properties as of distinct benefit to the minority stock.
The market value of such stock would respond to the rental to be paid by
the lessee. It is claimed that the rental would probably give the Big Four
stock a value it would not otherwise have.
It was testified that as a rule, under conditions prevailing in 1924 and
1925. as well as at the time of the first hearing, a guaranteed stock had a
market value yielding 5% or better, that is to say, a stock having a guaranteed return of 5% sold on the market at par. In examples cited, of which
four out of five were cases of carriers whose properties are leased to the
New York Central or subsidiary companies, the bases of yield ranged from
4.71 to 5%. It is thought that the 10% rental for the Big Four would
reflect a market value of $200 per share of that company's common stock,
on a 5% basis, and approximately 3213 per share on a basis of 4.75%.
As a result of falling interest rates,at the end of 1927 the yield basis of the
guaranteed stocks included in the examples had declined so that the range
was from 4.26 to 4.80%,or an average yield of approximately 4.5%. Stock
values reflected by consideration of the proposed rentals on a 4.5% basis
are computed as follows:
$222
Big Four, common
1111
Michigan Central
Cincinnati Northern
267
Counsel for the securities corporation contends that the average yield of
4.5% is not more stable than the 4.75% basis initially used for the reason
that a much lower average must be reached before a normal situation is
established in this regard: The protective committee contends that the
market value of the stock is not relevant to the question of fair rentals
under the leases.
It was the view of the applicants' witness that where railroad earnings
are not distributed as dividends but are put back into the property, the
value of the property, and, as a rule, the return therefrom, are increased,
but be conceded that undue withholding of dividends may tend to depress
the market value of stock, and great fluctuations having nothing to do with
the intrinsic value of the properties may occur in common stock values.
It is stated that the proponents of the leases intended that the terms be
fair and, In the effort to be fair from all angles of the situation, made provision in the leases that minority stockholders may have their shares valued,
and purchased by the lessee at the price determined by arbitrators. In
such valuation the effect of the leases is to be considered or disregarded as
the option of the stockholder.
The proposed leases provide that if the lessee and any stockeolder electing to sell his shares to the lessee are unable to agree as to the fair value of
the stock, such value is to be determined by three appraisers to be chosen
by or on behalf of "said parties" pursuant to procedure provided in the
leases for the appointment of arbitrators. The latter are to be chosen one
by each of the "parties hereto" and one by the two so chosen. After hearing both parties to the controversy, and taking such testimony and making
such further investigations as they may deem necessary, the arbitrators
are to make an award in writing. It Is further provided that toe fees and
expenses for appraisement of the stock shall be paid by the lessee.
The protective committee Is apprehensive lest the arbitrators be appointed
by the parties to the leases, in which case the selection of the arbitrators
would be controlled by the New York Central. The applicants state that
It seems inconceivable that the language of the provisions could be construed in such wise as to deprive the stockholder of an arbitrator el his
own selection. We think the words "said parties." first above quoted.
clearly refer to the parties to controversies concerning the values of the
stocks involved and not to the parties to the leases.
In October. 1926, an Investment banker was requested to review the
terms of the leases. Testifying on behalf of the appllcants, the banker
stated that, in general the terms of a lease should be regarded fair and
reasonable if the stockholders of the lessor are guaranteed a fixed annual
income equal to that which they would receive by way of dividends and if
the rental is sufficient to cover reasonable dividend payments which the
x Atchison, Topeka & Santa Fe Ry. Co., Atlantic Coast Line R. It. Co.. Chess
make & Ohio Ry. Co.,Illinois Central It. R. Co., Louisville & Nashville It. It. Co..
Lehigh valley R. It. Co., Nashville, Chattanooga es St. Louis Ay., Norfolk &
Western Ry. Co., Reading Company, Southern Ry. Co., Union Pacific R. It. Co..
New York Central, Big Four, Michigan Central, and Pittsburgh & Lake Ma
R.It. Co.
y Atchison. Topeka & Santa Fe, Illinois Central, Union Pacific, New York
Central, Pennsylvania R. R. Co., Baltimore & Ohio It, It, Co., Lehigh Valley.
Southern Pacific Co., and Northern Pacific Ry. Co.
z Atchison, Topeka & Santa Fe. Atlantic Coast Line. Illinois Central, Louisville
& Nashville, Norfolk & Western. Union Pacific, New York Cenhal, Pennsylvania.
Baltimore & Ohio and Southern Pacific.

632

FINANCIAL CHRONICLE

earning capacity of the lessor would justify. Considering abnormal conditions prevailing from 1919 to 1921. earnings in the favorable period
from 1923 to 1926. dividend policies of 12 carriers a,including the Big Four
and the Micnigan Central. margins of earnings over dividends, the elimination of risk to the stockholders, certain special factors and conditions
affecting or which may atfect the traffic of the Big Four and the Michigan
Central, and financial policies observed by the lessors, the witness expressed
the opinion that the rentals provided by the leases are just and reasonable
to the stockholders of the Michigan Central and the Big Four and, in view
of the risks involved, as high as the New York Central could reasonably
be expected to guarantee. In response to the inquiry whether he had
considered the fact that the New York Central's risk from the leases is
almost negligible because the amount of money payable as rentals is confined only to the minority stockholders, the witness stated that he had not
distinguished between the majority and the minority in considering the
fairness of the leases.
Evidence as to the reasonableness ot the teems of the leases from the
viewpoint of the public interest is to the effect that various circumstances.
including the large corporate surplus, represented to a large extent in the
properties, have contributed in justifying a rental as high as $50 per share
in the case of the Michigan Central. and generally, that in view of the
preponderance of New York Central interests in the various stocks, the
aggregate amount of rentals actually to be paid as returns on minority
shares is comparatively small and would ha /43 no appreciable effect on the
credit oi the ultimate lessee. Waiver by the lessees of the right to participate as stockholders in rentals under the leases has been mentioned.
Maximum amounts payable annually while shares of stock remain outstanding in tae hands of minority holders as at present would be as follows:
Number of
Dividend
Amount
shares
rate or
payable
Stock—
involved.
rental %
as rental.
Big Four, preferred
15,304
$78.520
5
Big Four, common
40,876
10
408.760
Michigan Central
1,523
60
76.150
Cincinnati Northern
12
884
8,208

[VOL. 128.

of the carriers concerned into a single system for ownership and operation
within the meaning of paragraph (2). It seems necessary oaly to refer
to many other instances in which we have held that control effected by
means similar to those here proposed did not constitute consolidation of
the carriers involved into a single system for ownership and operation
within the meaning of paragraph (2) of Section 5.
A major purpose of the Transportation Act. 1920, by which paragraph (2)
of Section 5 and related provisions were enacted and inserted in the Interstate Commerce Act, is to preserve "substantially the whole transportation system," Dayton-Goose Creek Ry. v. U. 8., 263 U.S., 456. 478.
Short lines as well as trunk lines are parts of the national transportation
system. In order that effect may be given to the intention of Congress
It is essential that remedies calculated to avoid loss of transportation
facilities be applied where and as possible.
With respect to these remedies we have heretofore said that union of
weak with strong lines is one of the ends which Congress apparently had
most definitely in mind and given notice that every carrier proposing
unification of railroad properties in advance of eventual consolidation
should assume the burden of making reasonable provision in its plan for
the possible incorporation of connecting short lines unless omission from
the plan or abandonment of any such line or lines be justified. Nickel
Plate Unification, 105 I. C. C., 425, 449.

Findings.
Upon the facts presented, we find that the proposed acquisition by the
Big Four of control of the railroad properties of the Cincinnati Northern
and the Terre Haute, and the proposed acquisition by the New York
Central of control of the railroad system of the Big Four, including all
right, title, and interest of the Big Four in the properties of the Cincinnati
Northern, the Terre Haute, the Peoria & Eastern By., and the Kankakee
& Seneca RR., the railroad system of the Michigan Central, and the
railroad properties of the Kalamazoo, under, and for the considerations
and upon the terms and conditions set forth in the proposed leases, which
considerations and terms and conditions we find to be just and reasonable
in the premises, will be in the public interest.
We further find that preservation of the lines of the Alpena. the lines
of the Attica, the line of the Federal Valley, the steam railroads of the
Fonda, that part of the Owasco's properties hereinbefore referred to as
the southern segment, and the lines of the Ulster is required by public
convenience and necessity and for the maintenance of an adequate transportation system, as conceived and provided for by the Transportation
Act, and that they are shown to be complementary to and properly
apportionable to the New York Central system.
We therefore find that our authorization of the unification herein proposed should be upon the express condhion that before said leases become
effective, the New York Central shall offer to acquire the lines of the
Alpena. the lines of the Attica, the line of the Federal Valley, the steam
railroads of the Fonda, that part of the Owasco's properties hereinbefore
referred to as the southern segment, and the lines of the Ulster, for considerations equal to the commercial value of the respective properties
as determined by agreement between the parties, or by arbitration in
the manner prescribed in said leases for valuation of minority shares of
stock of the lessors, and hereafter approved by us; and provided further,
that the right to determine bona fide compliance with the -foregoing condition is hereby expressly reserved in us; and further provided, that acceptance of and compliance with the conditions precedent herein prescribed
shall not be interpreted as relieving the New York Central from the further
operation of the law respecting consolidations or as excusing that carrier
from further responsibility for the representation made on its behalf that
on appropriate occasion for considering the inclusion of so-called short
line railroads, these matters will be approached by the New York Central
in a spirit of cooperation looking to their solution with all due regard
to the public interest.
Accordingly, the entry of our order of authorization and approval
herein will be deferred until compliance with said condition has been
shown by proper proof of all pertinent facia relating to the communication
of said offers to the short
lines concerned, the course and details of negotiations had thereon, and final acceptance or rejection, as the case may
be, of said offers by the
respective short liner. For this purpose, the
record herein will be held open for six months from the date hereof, and
on receipt and consideration
of such proof a final order will be entered.

.$589.638
•This amount does not Include any sums payable to the Guaranty Trust Company
of New York, trustee under the collateral trust indenture of April 13 1898.
Including estimates of Income for 1921, and tieing adjusted figures, where
available, claimed by the minority, averages of amounts earned per share
during the six-year period 1922-1927 may be compared with annual rentals
reserved to minority stockholders under the proposed leases, as follows:
Average net
Ratio of
earnings per
Rental
rental to
Stock—
share.
earnings %
Per share.
Big Four, common
$19.86
810
50
Michigan Central
85.78
50
58
In this connection the minority cite matters. involving railroad leases,
heretofore considered by us, for the purpose of comparing ratios of rentals
tnere reserved to earnings of the lessor companies concerned.
The minority reier to our tentative valuations of the properties of the
Big Four and of the Michigar Ce Ira] and to values claimed in protests
filed by those carriers. These interveners then undertake to adjust such
tentative valuations tor changes subsequent to the valuation dates, &C.,
with result as follows:
Tentative
Value Claimed.
Valuation.
in Protest,
Big Four—
July 11915
8164,163,042 8315,782,433
November 30 1926*
257.879,413
408.719,773
Michigan Central—
June 30 1918
399,344,283
April 30 1926*
428,917,602
*As adjusted by Interveners.
The protective committee contends that net railway operating income
equal to 5.75% of the figures thus shown for the Big Four, after adjustment
for non-operating income and income charges ahead of dividends, and
Provision for dividends on the preferred stock, Is equivalent to $14.48 per
share of common stock on the basis of tentative, valuation and $32.92 Per
share on common on the basis of value claimed in th.. carrier's protest.
Final valuation of the properties of the New York Central, the Big Four.
and the Michigan Central has not been completed, and nothing herein is
to be construed as anywise affecting the determinations hereafter to be
made by us in those matters.
The ratios of annual rentals reserved to the minority under the proposed
Commissioner Eastman, dissenting, said:
leases of Michigan Central and Big Four properties, to the equities of
Assuming that the unification here proposed is one which we have power
stockholders in all assets, as shown by the books of those carriers,is indicated
to authorize and which should be approved, I am in accord with the
In the following statement:
condition which the majority attach relative to certain short lines. How
ever. I am unable to agree with the assumptioi.
Outstanding Stock.
Stockholders' Equity. An- Ratio
These are applications for authority to "acquire" control, but it is conNo. of
Corp. Sury.
ceded that in all the cases control exists. It seems clear that what is really
ren- Per
Per
Carrier Shares. Par Value.
(a)
Total.
Share. tat. Cent.
proposed is not an "acquisition" of control, but a closer union of properties
Big Four_ 570,272 $57,027,200 858,029,986 $115,057,186 8201.75 810 (b)4.95 which are already under common control, and that the result will be for
all practical purposes a consolidation of the carriers into a "Angle system
MichiganCentral. 187,384 18,736,400 101,136,029 119,872,429 639.78 50
7.81 for ownership and operation." Convincing evidence to this effect is afforded
by the tact that the economies prophesied are to be accomplished largely
(a) Balance sheet as of Nov. 30 1927.
by operating changes which hitherto have been "hampered by a proper
(b) Computed on the basis of tentative vs uation, as adjusted by the protective regard for
minority interests." The properties under the new form of
committee, lees funded debt, this ratio is approximately 5.79%•
union are certainly to be operated as a "single system." and
apparently
The difference In the ratios, as between the Big Four and the Michigan with only
one interest which needs to be considered so far as ownership is
Central, would seem to give effect in some measure to the history of the concerned.
What is proposed is, in my opinion, beyond the scope of our
carriers as to earnings.
Jurisdiction under paragraph (2) of section 5 of the interstate commerce act
The provisions of the proposed leases for the purchase of minority
The present New York Central is, as stated in the majority report, the
stock at values determined by bona fide arbitration appear to furnish result of a
consolidation of 11 carrier companies which was consummated
adequate means for equitable adjustment of grievances of dissatisfied In 1914.
The 99
-year leases here proposed are said to be "steps leading in
minority stockholders.
the direction Of consolidation." Apparently this awkward and rather
comAttention has been directed in the record to the collateral trust in- plicated plan of
unification through leases was resorted to instead ot such
denture dated April 13 1898 made by the New York Central & Hudson a plan as was
followed in 1914, merely in the hope of bringing the transRiver RR., a corporate predecessor of the New York Central, to the action within
the scope of paragrPab ( )of section 5 and because we have
2
Guaranty Trust Co. of New York. trustee, to secure not exceeding $21,- no present
authority, In view of the fact that no final plan of consolidation
550,000 of 344% collateral trust bonds, due Feb. 1 1998. Certain stock has been
adopted under paragraph (5). to approve an actual consolidation
of the Michigan Central is pledged with the trustee under this indenture. of properties. For
the reasons above stated. I do not believe that tne plan
It has been averred that by virtue of certain provisions of the indenture falls within the scope
of paragrapn (2). However, even if our jurisdiction
the consent of the holders of 75% In amount of the collateral trust bonds bep
assumed, there are substantial reasons for withholding approval or what
outstanding is prerequisite to the voting of the Michigan Central stock is
owned by the New York Central for the making of the proposed lease
Long term leases are usually a poor way of combining properties, because
of the properties of the subsidiary company. On behalf of the New York of the fixed charges which they involve. Such
financial objections are
Central this averment is denied without assigment of reasons because the minimized here,
since the stock of the lessor companies is largely held
position Is assumed that the question is not properly raised In this pro- within the system. But there are other objections
which ought to give us
ceeding. The question presented is one which we can not undertake to pause. We are asked to find that for 99 years fair and
reasonable rentals
decide.
for the respective properties will be amounts sufficient to pay the following
Jurisdiction.
dividends upon common stock:
On behalf of the securities corporation it is contended that the New Michigan Central
50% 1 Kalamazoo
6%
12% Terre Haute
York Central's proposal violates the spirit, if not, indeed, the letter, of Cincinnati Northern
Big Four
10%
4%,
paragraphs (2), (4), (5). and (6) of Section 5 of the Inter-State Commerce
It is true that no dividends are to be paid upon stock held within the
Act, in that the proposed acquisitions of control involve consolidation
system, but our finding has the same effect as it all of the stock were held
a Ten carriers listed In footnote a, and Big Four and Michigan Central.
outside. Incidentally I find nothing in the majority report justifying the




FEB. 2 1929.]

FINANCIAL CHRONICLE

633

the traffic organizations, although it is stated that the three major traffic
departments will be maintained. Possible new routes, most of which
"are available for use at present," will be developed. Certain savings in
car miles, estimated to produce a "possible saving" of approximately
$1,000,000 annually, may be brought about. Yard movements and terminal switching may be reduced so that freight may be routed away from
congested terminals and certain accounting operations in connection therewith may be installed. Economies in accounting will be brought about by
the elimination of certain records, reports, billings and correspondence
incident to the exchange of equipment, equipment repairs, interline freight
and passenger traffic, and joint expenses. Maintenance of equipment costs
are to be reduced by the joint use of all repair shops, thereby making
certain additional unit extensions now contemplated unnecessary. There
are other minor features, but these represent the principal ones. If these
economies are practical, why have they not long ago been made effective
by the present organization?
The New York Central owns substantially all of the stock of these various
carriers. In some it is 100%.and in all cases, with the exception of the preferred stock of the Big Four, it is substantially above 90%. The majority
report states:
Common executives serve both the New York Central and the subsidiary companies, the parent company and the subsidiaries also having interlocking directors.
While the boards are not identical in personnel, 13 of the 15 directors serving the Big
Four and the Michigan Central also serve the New York Central in similar capacities.
The record does not disclose why with practically complete ownership
and with common executives such minor changes in operating methods as
are here brought forward to make a showing of public interest cannot be
made effective without further acquisition by means of a lease. And in
any event the alleged economies which were presented are so indefinite and
so hedged about with qualifications that they are entitled to little if any
weight.
My third objection is to the complete disregard which is shown throughout this record for the welfare of the short-line connections. The applicants
contend that this is not an appropriate occasion for considering the inclusion
-line railroads, and nowhere in the record is it indiof any so-called short
cated when such an appropriate occasion might arise. Under the circumstances the suggestion of some of the short-line interests that the appropriate
occasion for considering the short lines may not arise for 99 years is wholly
justified.
My conception of what the Congress had in mind when it included in
the Transportation Act the provision for the consolidation of railroads is
that systems of railroads should be created which would adequately serve
all of the territory properly tributary to each system which would necessarily include connecting short lines. Certainly Congress did not reverse
public policy to the extraordinary extent of exempting railroads from the
provisions of the anti-trust laws and other restrictive laws merely to make
It possible for the large and strong systems to consolidate thereby making
the strong stronger and the weak helpless.
In the Nickel Plate Case, 105 I. C. C.425, we said:
But the Importance of the Problem of the short lines In their relation to this subject
cannot be too strongly emphasized. One of the chief criticisms of the unifications
which have been proposed or suggested has been that certain of them do not embrace
related weak lines, although the union of the weak with the strong lines Is one of the
ends which Congress apparently had most definitely in mind.
We further said:
Every applicant should assume the burden of making reasonable provision in it
plan for the possible incorporation of every connecting short line now in operation
in the territory covered or to be covered by the Proposed grouping or unification.
No branch lines or short line now in operation within the territory in question should
be left out of the consideration unless by affirmative testimony the abandonment
of operation of such line or its omission from the plan has been justified.
The above statements represent very definite and, to my mind, sound
principles, yet the applicants in this case have wholly disregarded them.
Of late the question has not received the consideration which I believe
The record shows that connected with the New York Central Lines are 72
it deserves, for it involves a principle fundamental in rate regulation.
-line railroads in varying degrees of prosperity, yet their welfare has
short
There are no doubt equities which should be considered in the application of
been disregarded and consideration is not to be given them until some
this principle to a particular existing property,such as the Michigan Central.
time in the very indefinite future. It is true the majorliy have required
The thing of vital importance is the recognition of this principle for future that consideration be given to certain short -line interveners, but, to my
guidance. I have faith that it will eventually be recognized, for it rests mind, that does not meet the needs of this situation.
upon a basis which is eminently rational. All that the public served should
One of the most important problems confronting us is the disposition
in reason be required to pay the private owners of railroad and other public or preservation, if you please, of what are known as the short-line railcompensation to insure the faithful and
utility prope rties Is sufficient
roads. During 1927, 574 short lines reported to us. Of these, 253 inefficient performance of the public service which they undertake to render curred an actual deficit. How long they can survive under such conincluding the supply of capital necessary for the extension of the service. ditions is problematical. Therefore, in my opinion, our expressions in
If, however, in times of prosperity the public is able and willing to provide the Nickel Plate case, above quoted, should govern in all applications for
earnings which are in excess of what is needed for such compensation, it consolidation. And I think it appropriate to state here that I am not
ought in reason to be possible to use such earnings, either for the retire- in accord with the views expressed in our annual reports that we should
ment of debt or for the extension of the plant, in such away that the burden
be relieved from the task of preparing a plan of consolidation. If conupon the public for the future will be decreased or in any event will not solidations are to be made, they should be in line with a definite and
be increased. This is nothing more than the sound economy which is comprehensive plan prepared by someone not financially interested in
universally recognized in wholly public enterprises. It is an economy,
the result, so that public and not private interest may be first served.
however, for which there Is no incentive and which is, indeed, impossible
In no other way can what I believe to be the purpose of the Transportation
of application under the theories of valuation and fair return which are
Act be effectuated. That there are difficulties, I admit, but none that
now generally followed.
are insurmountable.
Since th:re is no recognition whatever of this principle In the approval
I also disagree with the policy of consolidating railroad properties by
of 50% dividends annually for 99 years upon the stock of the Michigan
means of long-term leases, particularly when, as here, the owner is both
Central, not to mention some of the other rentals which are approved, I
and lessee.
would be unable to join in the majority report even if I were of the opinion lessor
No reason appears on this record for haste in disposing of this application.
that we have jurisdiction in the premises.
The service is said to be efficient and the returns liberal. To my mind
this consolidation can not be lawfully granted at this time and, in any
Commissioner MeManamy, dissenting, said:
be granted without adequate consideration being
With the finding of the majority that the acquisition by the New York event, it should not
connecting short lines'. If they are not before us in this
Central RR. of the control under lease of a group of properties generally given to all
consideration should be given under docket No. 12964, Conknown as the New York Central Lines, which have long been owned by the record, then
which has long been before us.
New York Central and operated as separate units under the control of the solidation of Railroads,
Commissioner Taylor, dissenting, said:
parent company, will be in the public interest, I disagree. To my mind
the record falls far short of establishing that as a fact.
The New York Central system is now, for all practical operating purMy first objection goes to the question of our right, under paragraph (2) poses, under common control, and there seems to be no definhe present
of Section 5, to approve this consolidation. It is stated that the purpose public interest which requires the granting of these appolcations, which.
of the proposed leases is to bring about handling of the properties by one in my opinion, will result in a virtual consolidation of the lines concerned.
strong operating unit. The record shows practically complete ownership
We have asked Congress to relieve the Commission of the duty of adopting
of the properties here involved by the New York Central RR., and the a complete plan of consolidation and it is a matter of knowledge that a
avowed purpose of the parent company in executing the proposed leases is new bill is being prepared in response to our suggestions.
to operate them as a single system. To hold that the acquisition here sought
One result of the granting of these applications will be that it relieves
and authorized is not a consolidation of such carriers into a single system the applicants from the operation of certain Federal and State laws, which
for ownership and operation, and therefore beyond our power under the law, might otherwise be invoked in the public interest. While authority is
Is disregarding the substance and grasping at the shadow. My objections granted subject to "further operation of the law respecting consolidation."
with respect to this, however, have been fully stated in former dissents and after the so-called unification has been completed it will become exceedingly
need not be further discussed here. See Cllnchffeld Railway Lease, 91 difficult, if not impossible, to separate any of the component parts of
action
1. C. C. 113.
the system or to make any change in its unified structure, if such
My next objection goes to the question of public interest. To my mind, should be necessary in the public interest. Therefore, while the reservathe showing of public interest here made Is woefully inadequate. Pnblic tions in terms provide for the possibility of change resulting from a new
interest is to be promoted by certain operating economies which it is stated law, the power to make such change will be impaired, if not destroyed.
can not be brought about under the present organization. The principal after these unifications are effected.
so-called
ones are: Revision of routes which "it is thought" will result in substantial
I think that this grant, which permits the most important
improvements, and that because of such revision lower transportation costs unification of any of the railroads of the United States, before Congress
and increased net earnings will result. Some changes are to be made in has spoken again upon the subject, is at least premature.

rentals In the case of the Kalamazoo and the Terre Haute, and very little
in the case of the Cincinnati Northern, although no doubt these matters
are covered in the record. There is more in the report with respect to the
Michigan Central and the Big Four, but the inadequacy even there Is
shown by the following qualifying statement:
Final valuation of the properties of the New York Central, the Big Four,
and the Michigan Central has not been completed, and nothing herein is
to be construed as anywise affecting the determinations hereafter to be
made by us in those matters.
Now it is all very well to insert such a caveat, but how effective will it be?
There is nothing more important than good faith in the public regulation
of railroads and other utilities. After we have found, for example, upon a
formal record that a rental equal to 50% upon common stock for a period
of 99 years Is a fair and reasonable rental for the properties of the Michigan
Central, can we in good fiath at some later time fix a valuation of those
properties for rate-making purposes which may prevent the earning of
such a rental? I doubt whether that question can be answered in the
affirmative, or will be so answered by the courts, however we may answer
it ourselves.
It may be that we now know enough about the probable valuations of
these properties to be reasonably sure that the rentals proposed will not
be inconsistent therewith. There is some indication of this in the report,
so f..r as the Rig Four is concerned, but very little in the case of the Michigan
Central and none at all in the case of the other properties. But even if we
have such knowledge, it is based upon our customary valuation practice,
and I am not wholly in accord with that.
Stating it baldly, it seems to me an indefensible anomaly that the public
served should be required to pay 50% dividends annually upon the stock
of a road like the Michigan Central. It means requiring the public to pay
6%, or some such return, upon property acquired or constructed out of
surplus earnings provided by the users of the road in addition to dividends
upon stock which have far exceeded limits of reasonable liberality. This
is an issue which 20 years ago attracted much attention. It was, for instance. discussed at length in Advances in Rates-Western Case, 20 I. C. C.
307, decided in 1911, and I call attention to the conclusion there reached,
at pages 342-343.
We are not here dealing with the value of this property nor with the
definition of value, whether value means investment, cost of reproduction,
or something else; our position is that a railroad may not increase rates
upon shippers for the reason and as an outgrowth of the fact that it has
accumulated out of rates a balance of profit which has been invested in the
property. This investment must take care of itself; it must bring a return
for itself, either in increased traffic or in the reduction of expenses of operation. There is no justification for the investment of this surplus if it is
to have the effect of increasing the rates upon the shippers over the original
line. If the theory is to be recognized that by Increasing the value of
their property by puttting back operating revenue into the property a
carrier may as a legal right increase rates, then the shipper is worse off each
time he pays a rate which allows a revenue over and above a reasonable
return upon the original investment.
I also call attention to what was said as to this question by Senator
Cummins as late as February 11 1918. in his minority report upon the
Federal control act:
The truth is that the railway properties of the United States have been,
to a very considerable degree, constructed or acquired out of excessively
high rates exacted from the public. The railway theory has been that the
public ought to contribute, through rates for transportation, sums that
are not only sufficient to make return upon the capital invested but sufficient to build up and increase the properties, and the outcome of the theory
is that the public, having contributed the capital must again pay for the
use of the property so acquired.
The time has come to repudiate a theory so destructive and unjust, and
to establish permanently the principle that the public shall not be required
to pay interest upon that part of the value of railway property which is
constructed or acquired through the surplus earnings after outside or independent capital is fully compensated.




634

FINANCIAL CHRONICLE

[voL. 128.

RECORD OF PRICES ON ST. LOUIS STOCK EXCHANGE.
On this and the following page we furnish a complete record of the high and low prices for both
stocks
and bonds made on the St. Louis Stock Exchange for each month of the last three years. The compilatio
n
is of course based on actual sales, and covers these and nothing else.
For the year 1925 see Chronicle of Feb. 5 1927, page 697.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR
YEAR 1928.
1923—STOCKS

January February
March
April
May
June
July
August
September
October
November December
Par Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High
$ per share S per share $ Per share $ Per share $ per share S per share
$ Per share Per share $ per share $ per share $ per share per share
BANK & TRUST COMPANIES
American Trust
100 193 195
12
Boatmen's National Bank,
.100 170 170
First National Bank
100 331 336
Franklin-American Trust 100
Lafayette-South Side Bank 100
Mercantile Trust
100 ia" Eft
.
)
.
Merchants-Laclede Nat Bank, 300 300
MississippiValley Trust_ _100 350 355
Nat Bank of Commerce
100 162 169
State National Bank
100 185 200
St Louis Union Trust
100 460 460
Title Guaranty Trust
100
United States Bank
100 135 135

195 205
170 172
338 345

1981z 205
170
330
200 210
325 330
335 335
550 554 55 iiE 540 545
295 295 300 300
555" 355
346 346
158 162 15784 166" 157 190

55 115 170
.329 339 320

ia" 460- 56
::::

1767 iii ;: 1- 19112 175 175 170" 116- 168 175
2 " -- "
7
325 337 330 336 325 330 320 328 326 330 la" 185 56
210 225 215 215 200 200 200 200 200 205 329 330 330
_ 205
350 400
iii- 516- 851 i16- 655 Eii" 55 550" 545 547 56 466
543 550 541
295 300 306 306 305 305 305 305
30212 306
-335 33712 335 343
556 516
1 ii2 21 18 2 912 17734 18212 5062 1./73; 173 180 340 340 340
-3
0 0
165 172 165
188 188 18
0 180 180 184 18212 18212 18212 18212 180 180 180
, 475 475 475 480 480 480 460 461_
166"
490 490 475 477 475
1812 1812
__
130" IRV130 130 130- 130" ___
-

166" 185 112 .
336 345
56 400

340
205

548 546575
360 360
381 395
16912 169 184
180 180 180
480 500 500
_

gi

MISCELLANEOUS
American Credit Indemnity_25 70 7312 87 8912 65 66
65 65
64 68
60 63 62 62
Aloe (A. S.) Co corn
63 63
20 35 3512 35 35
3312 -513- 3412 4012 34 3513
334 35
4
35
4
4
327 34
8
Preferred
55 If%
100 103 10312 10312 104 103 1081 10212 104 10414 10412 10212 10412 55 16i- 3312 10312 323 323 33 34
4
- 10212
104 104 103 104 103 10312 10412 105
Baer-Sterns
-Cohen corn
• 22 22
214 22
4
213 2212
_--First preferred
7
7
100 100 100
1013 ____
99 99
4
---- 99
-65 93
94 94
Second preferred
100 _
_ 100 100 ---- ---- 9812 9812
95 95
Beek and Corbitt pref
100
93 95 ------71
Bentley Chain Stores units_-- ---- ------- 77 16- 76 78 75 80 75 Vi "io" 16 82 82 "a" 11"
76
76 80
Common
*
---21
25 27
2812 -5512 I11- -a" 161;
2
Prefer,red
•
---45 4812 46 47
46 51
Berry Motor
47 4812
•
15 15
15
15
15
15
18
Best Clymer
18
-• 2234 26
23 24
23 2314 2314 27
2212 24 -55 2322 "56 22 -56" if"
"5 18 1312 26 10 1712
Boyd-Welsh Shoe oom
• 3812 40
40 40
393 4212 40 41
4
39 45
40 4212 4112 4112 41
42
4612 39 40
40 - 39 4114 4112 43
Brown Shoe common
• 48 483 4812 504 4718 483 4912 5512 49 52
4
4
45 48
47 50
48 4814 4612 527 60 54
8
4612 4812 4434 46as
Preferred
100 120 12012 11912 11912 119 11912 117 11812 118 120 11812 121 11934
120 119 119 119 120 11812 11812 118 118 117 120
Bruce (E. L.) Co common ___-• 45 50
48 50
47 50
46
48
4912 52
50
51
4912 50
47 47
45 45
44 44
43 45
Preferred
100 98 9812 100 10012 9912 10012 993 100
4
9912 100 100 10012 100 100 100 100 56 166" 9812 101
99 99
Burkart(F) Mfg common
• 16
173 1412 1612 1212 1518 14
4
16 4 15
,
1614 12
15
12
1312 10
1312 11
1212 10
1212 9
Preference
10
9
• 2278 24
9
12
21 23
2214 213 243 22 24
19
4
4
2012 2212 20 22
20 2112 21 22
1918 20
1812 20
Century Electric corn
17 20
100 140 145 140 145 135 145
130 136 130 130 130 130
115 130 121 125 121 130 125 130
Certain-teed Product 1st pf.100 11812 121 11912 120
11614 11614 11918 11918
2d preferred
100 105 10712 108 108
Champion Shoe Mach 1st pf 100 ____ ____ 100 10112 la" kW'5514 103 101 105
55 1611 ioi" 16i" ja" 1661- 56 166- -96" 161" la" 16i- la" 1144
2
- 2
Chicago Ry Equip com
25.
12
1112 1112 11
12
12
11
11
8
8
6
6
7
7
Preferred
25 18
18
19
19 20
19
19
20 20 "5" 16" -5" -16"
19
1812 19
17
18
Coco-Cola Bottling Sec
17
1712
1 21 21
2112 2212 36
21
4
323 4712 38 47
384 56
5512 6 59 6312 55 62 3914 40 37 40
-14
Consol Lead & Line A
100 14 15 "ii" If% 11
13
12
14
12
1718 12
16
13 1312 12
1414 12
134 1014 12
9
12
10
Corno Mills Co
124
100 _
80
80
75 75
77 78
10212 10212 110 110 110 110
Crunden-Martin pref
135 135
100
100- 166Eisenstadt mfg pref
100 iloo" 166job" 166- -ai 100
l
"a" If
Elder Dill common
• 2312 2312 29 32
3213 38" 30 3214 30 31 56" 34 31 32 -56 33 -55 34 -55" 111;
28 3412 30 35
100 72 76
76 80
76 8012 80 90
78
74
80 80
78 80
76
77
7412 78
75 80
7812 8012 80 8012
First preferred
100.
10812 10812 111 111 110 110 11012 11012 110 114
110 110 110 110
Emerson Electric pref
100 10214 105 103 105 107 107 103 10312 103 105 109 110 109 110
ioi 110
Ely-Walker D G common____25 3034 33
--2978 3034 29 297 2812 293 2812 293 108 108 108 108 108" 108" 1O6'i 101312
30 31 4 30 3114 3012 31
,
8
4 28
2912 29 2912 29 3312 29 3215
1st preferred
100 115 116 116 116 117 117 119 120 117 120 118 118 110 113 4 11312
114 114 115 114 114 110 113 109 110
2d preferred
100 90 94
9014 9012 90 91
9012 9212 90 91
90 90
90 90
91 9112
93 93
Fred Medart mfg cons
88 90
29 3612 33 36
28 31 -55 27
37
31
32 35
24 25
25 26
2212 2212
-a" -- - 20 20
26
Fulton Iron common
• 1112 12
1612 1512 163 14
12
13
123 1212 13
4
4
1612 15
16
16
15
10
10
10
11
6
Preferred
912
100 59 59
77 7912 78
78
60 64
75 75
78
78
81 85 85 85
85 85
78 81
78 78
Globe-Democrat pref
70 70
100 _
114 114 117 11812
_ 11312 11312
117 11712 11614 11614
_
11112 11112 114 117
Granite 11I-Met mg
to _
300 32c 310 35c 340 40c 4lo 42c 43c 43e 43c 43c 44c
45c 40c 45c 50c
52e 902
1
Hamilton-Brown Shoe
25 20 30
24 25
25 29
2712 244 26
25
18
267 21
8
24
1912 21
1912 24
1912 20
20 24
21
16
Harry L. Hussmann Ref com-• 34 37
38 397 38 38
3812 40 41
38
2
3012 34
29 3212 27 27
20 25
27 27
Huttig S & D corn
22 2512 20 2112 20 23
2212 2612
• 20 2112 20 27
21
21
20 2114 20 2212 20 21
20 2112
Preferred
100 95 95
9/2 96
95 99
95 9712 97 97
97 97
97 97
94 9414
95 95
92 92
_
Hydraulic Press Brick corn. 100 418 458 414 5
414 6
44 312 4
4
4
414 414 5
4
45
8 414 45
8 4
414 3
3
4
34
3
Preferred
100 7514 81
7412 75
75 87
774 78
7712 8112 78 8212 77 81
78 80
71
80 813 75 79
7312
3
73 4 75
4
Income Leasehold common__25 1712 1712 18
25 25
23 23
18
24 24
25
Independent Packing com___• 1612 1212 1912 20
17
187 18
8
1912 17
197 1722 19 -1. 5. 178 1784 1 8 16 25
8
4
74
14 -*fit;
14
12
16
/4
173 10
4
Preferred
100 105 105
10314 10314 103 104
104 104 -__- 95 102
95 96
80 80
65 65
96 96
International Shoe corn
• 62 65 6412 7412 7118 7312 73 87
83 86
7912 85 803 83 80 8112 74 8012 70 7712 717 808 72 75 4
3
Preferred
100 10912111 110 112 11212 113 111 11212 111 112 110 11112 10912 110 110 113 110 111 111 11112 111 11112 109 1113
Johansen Bros Shoe com_ -- -• 3412 35
6
37 3912
35 3512 34 3412 34 363 36 45
3612 3712 37 41
39 39
34 36
Johnsen-Stephens-Shinkle__ _• 50 5512 50 50
48 4812 4812 70 65 6512
48 48
"55 59 5612 60 5934 69 61 65 62 674
Kennald & Sons Corp pref_100-105 105
Koplar Co pref
•
-65 54 -55 53 52 - 3- -a 52 5lI 52 "5112 "9"i1"4 "KT2 "0;
61 4
Laclede-Christy C P corn.
..100 __-- ---- 40 40
"5" 16
51 51
---Preferred
100
100 100 55 fa- 56- 166 100 100 loo" 166- 100 100
----65" Ii" '65- 61"
Laclede Gas Light corn
too ..__ _ ___
200 200
Preferred
100 100 120 105 105 103 104
C66- 10012 1062 10134 1- - 595- 166.
-- 155" 102 ioi" 16i 56 166"
614
Laclede Steel
100 180 185
566- 166 198 198 210 225 225 225
300 300 300 320 325 390
Landis Machine common____25 _--- ---43 5012 4572 49
43 46
46 47
4412 4412 42 4412 43 47
44 46
4512 46
Mahoney-Ryan Aircraft
-__5 -------19 234 19 26
21
21 25 4 18
163 2214 1612 2112
3
4
Marathon Shoe common___25 -- ------____
_ — 56 6012 5234 56
54 54 4
,
Meletld Sea Food corn
•
---- ---30 30
Meyer-Blanke Co corn
•
---191g 191 1914 20
51 16"
4
Moloney Electric corn A
•
5513 16
- 5412 55 4 54 58
4
3
5312 578
Preferred
4
too 99 191 9812 9812
97 If" -15" 166" ioo" 105
Missouri-Illinois Stores corn., 17
•
4
21 2212 2113 2212
1734 2112 2114 23 223 23
1712 18
18
-a ler
Preferred
100 110 110
-Missouri Portland Cement_.25 38
52 "5" 161- "5" 14144
2
4412 39 42 "55 45 "4111 44
2
-iiTy 7614
-5" 1612
Part paid
25 38 4312 38 41
42 45
39 45
McGuay-Norris mfg
5 23 2534 2314 29 29 40 41 42 58 5
National Candy common
lila If -15" -113- 18 -10.1- -5" - 14 18 1912 1734 19
• 22
2012 23
- 4
4
ii
,
2312 1812 22 4 183 2114 20 22
4
1st preferred
100 116 120 • 120 120 1153 117 116 119
110 112 110 110 108 10812
4
_ 10812 10812
2d preferred
100 104 104 106 106 105 105 103 10312 101 16512 10114 103" 10112 103 103 103 100 100
66 16612
Pedigo-Weber Shoe corn
6 96
36 45
35 40
• 3612 383 38 37
36 37
36 37
35 39
4
36 40
35 36
37 39
34 3612 323 3512
Pickrel Walnut
4
•
2112 2224 2112 23
227 24
8
23 4 24
3
2312 2414 2214 23 4
Planters Realty pref
3
100 "65" 93
93 93
9311 9311
PolarWave I & F"A"
• 32 33
46
35 3814 351 .- " 37* 16 40 40
40 40, ---- -33 34 4 -59 16
4
- ,
Rice-Stir D G common
• 21 22 2014 21
4
20 203 1912 2012
2212 23, 2112 2314 203 2114 20 21
4
8
20 23
16" 185j 27 22 15.31st Preferred
4
100 115 116 115 11512 10912 115 11212 117 113 11312 110 115 110 110 108 10912 108 109 108 108 105 108
10812 10812
2d preferred
100 104
101 102 10212 99 100
99 993 99 993 97 9912 95 100
4
4
96 983
Schoeneman (J) 1st pref_100 98 104 102 102 100 10212 102 10212 101
4
97 9712 97
99 99
9912 99 99
98 98
99 101
95 95 95 98
Scruggs
-V-B D G corn
25 1614 20
18
- -16- -2012 19 2058 l8l 21 1712 1812 1712 18
9116
16
1612 174 19
1812 1614 18
1st preferred
100 8212 83 85 85
7722 8212 77
79
79 82
81 81
83 85
80 80
78 82
2d preferred
100 80 80 80 81
7912 8312 80 81
"a" 16 80 80 80 80
80 85
Scullin Steel preferred
• 31
3312 41
34
4
34 3614 3312 35
3212 16" 383 45
3212 35
3412 3712 3312 36
3212 34
3312 39 -55" 161;
Securities Investment com
• 30 3014 3018 32
3212 3212 ____ _- 32 32
33 35
30 33
32 363 353 375 36
30 30
4
4
8
Preferred
39
100 ____ ____
109 109 109 109 106 106
55 105 105 105
10612 108
Sedalia Water pref
100 ____ ____
10012 10012 56 1661;
101 10214 101 101 10114 1611 10012 10112
2
Sheffield Steel corn
• 43 45
44 1:112
"iii" 16- -65 79 7514 79 68 58 5912 65 65 87 6434 6512 61 68 65 67
Sleloff Packing corn
• 18
1814 1612 18
17
17
,
18
17
17
17
163 163 1718 17 8 17
17
8
18
17
4
1612 17
1712 174
Skouras Bros A
• 39 41
37 4212 40 4512
3712 41
40 45
46
43 54
3712 39
54 "a" "Ei" 52 5812
43 43
Smith-Davis mfg corn
*
13911 14112
3 1,84 2:9
2
179
0
0
0
10
10
Southern Acid common
• 46 -- "5" 1614
40 4018 4012 45
-5 47 795 46
4412 14 2 44 WI;"a" 16" 4412 444
-1Southwestern Bell Tel pref_100 1173 47.12
4 11914 11812 119 11812 121 118 119 11812 120
11712 11914 11714 11814 118 120 11912 IRA. 118 120 11712 12112
Stlx-Baer & Fuller corn
• 297 31
/
30 333 30 33
2712 28
4
3014 3334 33 34
2912 33
30
27
3512 383 354 374 3312 38
33 36
4
St Louis Amusement A
• 36 37
29 29
36
30 30
36
30 36
20 24
28 2$
St Louis Car common
10 16
17
17 "2"6" 19 22
20 24
23 32
20 20
25 32
20 20
20 20
20 20
24 25
Preferred
100 105 10712
10014 10112 101 102 101 102 102 102 51 16a 101 101 10111 10112 101 101
_ 100 101
St Louis Pub Service cora____• 20 25
2 23
4
27 323 2518 29
4
22 23
227 25
23 2712 243 31
3
25 28
25 26
20 23
19
2212
Preferred A
• SO 82 80 83
8312 89
80 84
80 87
79 82
7812 81
82 85 82 84
8412 88
79 81
78 80
St Louis Screw & Bolt com_25 17
17
22 22
22 25 30 30 24 24
---- 2012 2012
2212 25
Title Insurance Corp
25 _
---- 25 25
---Wabash Tel Sec pref
105 105
----




ioa-

N 197

FINANCIAL CHRONICLE

FEB. 2 1929.]

635

MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1928—(Concluded).
1923—STOCKS (Concluded).

March
April
January February
Ju2y
May
August
June
September
November December
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share 3 Per share i per share $ per share $ per share
Wagner Electric corn
• 3712 40 37 41
40 59 51 7912 72 120 61 8612 77 9513 9413 112 108 126 116 13912 13413 15612 121 17612
Rights
Part
New—when and ---- issued_li -- -- .
- 39 45
Preferred
100 14112 -- 12 9. - 14 69 102 ioo 1- 9
1
8 91
-- - 2
6112 io. fo612 Ha 16612 ioi fa io- 166 iO5- fa- H44168 - ioi- ail, 208 10811
4
-12
BONDS
City & Sub P S 5s A
1934 92 9214 9134 9214 92 93
9213 93 9112 9212 9112 9212 9014 9112 91 92
9112 9112 903 9113 91
4
9113 9114 9114
Citizens Ind Tel 6s
1950 ----------------------------------------1001210012 ------------------------10114 10114 ----- ---- --94 9418 9414 9413 9458 947 -------- 95 9518 95 95
E St Louis & Sub Ry 5s.....1932 94 94
8
95 9514 95 95
95 95
12 9512 1512 9512 96
Houston Oil Co 6 itt
1935 10312 10312 1031210312 10312 10312 1033 1033 1033 1033 1033 103 4 ---- ---- ---- ---4
4
4
4
4
3
Houston Oil Co 554s
-- ---- --__ ____ _--- ___- ---- ---- ---- ---_ ioi fa joi 1- 614 joii2fa -55- 161
6
- -13
1928 --------1003 --- 165i4 1 - 3- 16018 10038 100 1001 __-_ ---- -.-- --,- ---- ---- ---- ---- ---- ---- ---- ---Kinloch Telephone 6s
81003
- 68
0
8
---- ---Kinloch Long Dist Tel 5s _ _1929 ----------------1001410014 --------100 100 --------993
4100 ___- ---- ---- ---. ____ ____ _--- ---- ---- -Laclede Gas Light
1953 1051410514
-104 10434
3
Moloney Electric Deb 5 Y;s1943 --------------------------------------------------------9712 9112 iii2 -sii12 9714 9712 962 --- ii --9 12
6
95
Nat Bearing Metals 6s
4
1947 993 100 101 101 --------10112 102 1
1034 0178 102 10212 103 104 104 103 1034 103 1034 103 103 1034 10313
Pierce Buildina 5s
1936
Pontiac Building Ext 6s 1932 ----------------9613 6612
-- ----------------98 - . _
9612
a
Scruggs V-B 7s
serial l2118
1Dm1001221
--------------------------------96129124 93 2 9934 --------9999122 9loo 159 65 - 6.
4
0 1- 4
Scullin Steel 68
0814 99
1941 9812 9934 0834 99
99 10014 100 101 100 100 4 100 10012
112 100 1004 10018 10012 100 10012 9913 9912
3
Southwestern Bel Tel 5s I954
.
- ---- ---10412 10412
---- ---- ---- ---- ---- ---St Louis Car 6s
1935 11501- 116 11315i2 1661 --------10012 161 i65i4 f663 ------------------------102 f65 joii216f3 10114 Ion iiio 1663
..
4
12
- :
4
4
4
St Louis City 4s
St Louis Mer Bridge 6s__1929 --------------------------------100 166 ------------------------100 166 5614 - 4 ---663-- ---- -United Rys 4s •
1934 85 855 85 8514 85 8518 54 9512 84 843 84 85
8
8
84 8412 8312 -8412 85
84 8412 84 85
8
414 80 -8213
Wanner Ellsetrir 7,
corini
102 um, 103191031, 1033. Inn. InalA um. Inn 1031,1031,103h 104 10418 103 103 104 104 ____ ____ ____ ____
• No par value.

MONTHLY RANGE OF PRICES ON ST LOUIS STOCK EXCHANGE FOR YEAR 1927.
1927—STOCKS.

March
April
January February
August
November December
September
October
June
May
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

BANK & TRUST COMPANIES 3 per share $ per share $ per share S per share $ per share per share $ per dare
BOatmens National Bank100 150 155 152 152 150 15112 15214 155 152 154 1534 154
First National Bank
100 251 257 267 267 270 270 270 270 275 285 275 280 ii5- 275
Franklin Bank
100
17212 17212 1724 17212
---Lafayette South Side Bk_100 290 290
---Merchants Laclede Nat Ilk_100 280 284
2g2- 282 iio- 280
iio- 279
Nat Bank of Commerce. .100 15912 163 155- 166 155 158 155 15712 lin- 155 iiso- 152 160 152
State National Bank
100 164 164 165 165
168 168 165 16512 1871218712
United States Bank
100 _
American Trust
16i 2 jai- 164 166 166 164 164
- 1100 164 165 151 1EMercantile Trust
100 430 430 428 4304 428 430 428 430 428 428 429 430 427 fir
Mississippi Valley Trust__ _100 290 290 290 290 285 286 285 286
285 290 289 295
South Side Trust
100.
St Louis Union Trust
100 _
------- 370 370
Title Guaranty Trust
16100 40 40
-------

--_-

____

"iiir

S per share $ per share 3 per share $ per share per share
156 158
162 169 16112 168 16712 170
27212 275 272 280 300 320 315 320 325 330
---- 170 170 1701:17012 175 175 200 200
305 305
---. E14 282 282 282 iio- 282 Ho- al:l2
151 152 1513415412 153 165 160 16612 ug 170
167 168
170 170 18712 190
119 13214
167 1731 170- fa
:
.
428 430
475 56412 564 594
294'2 300
300 335 340 360
_
180 180
400 400
iio 450 450 455
20 20

MISCELLANEOUS
American Credit Indemnity_25 53 5412 53 53 53 53
3412 36
50 52
58 60
57
61 62 61 65
56
50
3
531 52 4 60
77 77
Aloe (A 5) Co corn
33 34
20 32 3212 32 34
34 37
3514 3512 35 3512 35 3613 35 3513 35 35
35 36
3512 37
3512 36
Preferred
10014 102 102 10212 10212 1021 10134 10212 10212 104 10214 103 10112 103 1011
100
:10214 102 1023 103 104
4
Baer•Sternb-Cohen corn
20 22
•
15 9 129
20 20
9 20 --------20 21
5
79
2212 221 2114 2212 2012 21
9
22 22
First preferred
100
-91 97 -66 98 96 96
96
9912 9912 100 10013
96
---- 944 9413 95 9538
Second preferred
97 97
99 99
100
9514 96
96
96 ---- ---- ---- --97 97 ---- ---- 96 96
Beck & Corbitt pref
-61 if100
973 973 95 9712 ----------------93 93
4
4
__---Berry Motor
15
15
15
:
15
15
15
Best-Clymer
az 35 35 -55- 35 ____ 34 26 30 27 27 25 26 26 26
51 41
41
20
Boyd-Welsh Shoe common- • 40 4012 4514 42
3914 41
38 394 37 39
4014 4113 3913 4012 3913 401 38 3913
4
373 3912 3812 393 393 41
4
4
4
Brown Shoe common
3112 32
:
• 324 341 32 33
313 34
4
42 463 43 474 434 473 4412 50
45
41
4
3414 35
4
3312 363 3712 38
4
Preferred
100 1101:11212 1084 111 112 11412 115 116 114 116 116 1181: 118 118 11813 121 119 119 120 120 ____ ____ 11712 120
Bruce (E L) Co common
35 3512 35 3512 35 3512 35 35
• 35 36
34 34
3412 3412 34 45
35 3512 34 34
44 45
Preferred
9714 9714 97 97
100 97 9712 97 97
97 97
97 97
97 9714 97 9714 97 984
97 97
97 97
97 97
Burkart (F) Mfg units
•
---- 30 3114 30 304 29 2914 29 293
---4
Common
15
•
ii- -ii- 16 -1612 a- -Hi 16- -ilia 19
---- ---- ---Preference
•
4
24 243 24 26
23 2514 23 24
2312 24
---Central C & C common __I00
50 50
Century Electric corn
115 11612
100
12
Hi- 115 HI 120 120 iii" 125 128 . .84 Ili" 130 162 158- facs 155- fifCertain-teed Prod 1st pref_100 -06 1- 6- 105 fa
107 107 10712 10812 110 112 110 110
1
6 12
114 115 115 116 114131181±
Second preferred
100 101 101
97 100 ---- ---- ---- ---_
Chicago Ry Equip corn
29 29
- 3- -5Oi64
25 2812 30
171 16
17 -17- -17
16
19
5
2434 25
2
2138 If3- -19 20
11951
Preferred
25 25
25 2312 2312 24 25
23 2614 22 23
20 21
le- 20 20
2123
21
Coca-Cola Bottling Sec
1312 1812 18
1
16
2112 20 21
211 2112
:
1611 1612 1812 1618 -11 -1f18
3
Consol Lead & Zinc "A"
16
1713
• -15 --- -13- 15 4 14
1114 1634
11
12
15
4
12 123 12 123 -11 -163 1113 12
13
4
124 13
14
40 40
omo Mills Co
100
C
---- --- ---- --- ---- ---- ---- ---40 40
105 105 10512
Curiee Clothing preferred_100 16:1- 16i10434 1043
4
Eisenstadt Mfg pref
:
100 -------- 100
-66- - - flitia__— ior fa- 98* 101 Roo- 166- io6Elder Mfg common
1814 1814 1812 1812 1512 2014 2013 20 2014
____
4
4
19 4 193 181 183 18
3
4
A'
10; -- -------3
72
70 71
70
66 6812 64 65 62 4 63 664 67 66 70
ioo- far ioo- 1041- 10412 105 105 107
First preferred
108 108 m
-i._ 166.
10612 108
2
Emerson Electric pref
10814 10814 110 110 10734 111
102 102
faEly-Walker D G common___25 3214 -so
314 35
35 3814 3218 361 3114 3312 3012 35
52lo 3355 - -1- 31 3212
i- 4 62 2
32 3414 -514 Ii i3 16
112 11212 11311 116 115 116
First preferred
____
100
4
1113 112 11112 11112 113 113 11112 11312 112 11313 116 11714
Second preferred
90 90
100 90 90
901 91
90 91
:
87 8712
91
92
---- ---- 89 90
Medart(Fred) Mfg corn
28 301y 3118 3118 30 31 -56- 16• 2812 29
_
29 29
30 30
283 29
4
Preferred
100 99 100
iiii- 10 101 102
-312
Hi- 101
102 102
Fulton Iron common
-io- 10 -1014 1114 9 9 8 1314 1112 1214 Hilt -111- 11 1112 11 11 11 11 -11- -111;
12
• 11
- 4
Preferred
55 55
100 60 60
50 55
60 60
fi-59 59
58 58
45 60
53 53
Globe-Democrat pref
114- 114
,
115 115 114 114 115 115
199 169 iii- f
144 1412
115 115
Hamilton-Brown Shoe
39
36I2 -12i21 12 36
1: :
37 39
2
302 31 32 1 30 31
36 37
351, 392 35,2 30 331 34 36
:
38
34 37 -55f2 38 -51 - - -54- Hussman (H L) Ref4 cora--__• 3312 35
31
3212 31
324 317 32
8
3212 31
311 31
32
31
31
32
301 31038
s
Huttig S & D corn
24 28
28 28
• 28 30
2313 27
225* 25
27 27
:
:
22 221 2112 221 21
19 22
24 25
2234
Preferred
1004 10112 100 10012 100 10012 100 100
ed
ion 10112 10112
9612 9012 954 9512 96 96
961 97
9612 99
9612 98
:
Hydraulic Press Brick com_100 514 7
412 612 41
44 412 4
4 5
8 5
5
413 43
412 43
414 5
4 414 4111
4 412 514 412 514 45
Preferred
72 7414 70
100 79 8113 75 78
71
7514 7712 75 76
73 75
69 73
4
74 75
75 77
72 8112 793 82
12
Income Leasehold common 25 16
1712 171:
16
2
-_-- ---- --.
---- ---- ---- ---- _ -- -- 1- ....
Independent Brew 1st pref_100 5
2--------113 1
5
2
Independent Pitching corn_ _* 2412 25
24 25 -55- 23 -61 22 -HI If- -51- 24
21 /14 2112 24
12
...._2122 20 4 2114 1821- -15 W3
Preferred
110 110 109 110 no 110 110 110 110 110 110 110 110 110 108 110 10412 107 103 106
100 10814 1084
International Shoe con:
• 1591:1601 158 16514 163 1681 166l2 18412 1723 185 17812 18712 18612 195 195 200 1997 21612 202 23912 225 23
:
:
4
54 1
7
56 5
8
5
9
a Common
•
61
56
65
Preferred
2
100 108 109 - iOi- fal- 10812 109 109 1091: 106- 1161- jai 110 109- f1 - 10812 111 109- 1161- 10914 110 10912 111 109 1104
6
2 :
-2
Johansen Bros Shoe com____• 30 30
30 30
30 30
29 29
28 29
26
28
35 35 4 34 35
32 36
28 31
33 341: 3412 35
1
5012 5212 50 65
Johnson-Stephens-Shinkle_• 5412 55
55 60
54 5612
5712 58
57 58
54 54
57 5912 --------56 57
55 56
Kennard & Sons Carp cons_100 -------125 126
Preferred
100
107 107
Laclede Gas Light pref
100 96 105 ioi- 127 iii" 115 iii"
iio- 140
104 I07'z jai- fa- 165- fa- ioi- fa- ioo- fa 100 100
Rights
5 12
5
57
8 5
Laclede Steel
100 165 185 180 180 1(51 lifi" iio- if6" 165 170 166 fa- 165 166
166 166 175 180
56- 190
Moloney Electric pref
IGO 102 101 10212 100 102
-14 99 9912 98 4 100
3
66- 6612 993411)
011
Missouri-Illinois Stores corn199 9934 19414 1414 1414 141: 1412 1412 1514 100 100 10012 10012 100 10114 jar 111
_* 1414 19
15 8 15 4 15 4 15 4 133 1412 13
1313 163 157 16
5
14
4
8
1753
3
17
3
8
3
15
18
Preferred
150109 109
107 108 107 108 106 10912 106 108 110 110 110 110 __-- ---- 110 110
Missouri Portland Cement-25 Si
45l 53 -43- 54 -56- 63
a- 4012 44 4112 47 40 4112 40 4134 374 4112 39 42 37 3012 3712 33
Rights
4
514 3
5 3 318
Part paid
•
37 16: -51 Ii- _-_-_ -.. . -56- - ;
39 40
!
6
0
- "iii
McQuay-Norris Mfg
-i5• 1814 2112
191: 1912
2014 2014
4
National Candy common___100 874 90 84 917 86 92
s
-6612 l9774 -65- 1-6i- 1o2i2 1161- io6- 107 98 108 98 100 95 9814 23 2334 22 243
-2
Common------__________ 4.
22 4 23 -ii- 3
al; -51; IiFirst preferre
jai) 112 112 lii iff- iia- 113 iia- 113 110 113 112 11212
113 113 111 111
Second preferred
100 105 103 10312 103 103 10312 107 107 107
100
103'z 103':Hi- 1-63-1-2
10312 143 102 142
36 0 11 3834 03
4
:
Pedigo-Weber Shoe corn
30 3212 30
33
33
• 31
30
33
3513 -2612
3514 3712 35 367 35 36
34 37
33 34
8
Planters Realty pref
9311 94
100
94 94
931 9312 934 9312
:
Polar Wave I & F"A"
• 32 33 -55i434
3214 34
3214 34 -55- IA 3212 3312 31
32
Rice-Stir D G common
• 2114 2214 2014 217 1914 201: 194 2018 1918 191 1918 20
8
8
197 203 2937 2 23111: -255 - 4 4- -22 1
8
50 8 i-114 5
4 2907'8 392
i4 22
4
1 2
i 1 1 -1: 4 ii123
3
First preferred
22 2 11 2
4
100 10312 108 1033 109 109 110 10613 110 110 110 110 110 108 108 108 108 108 110 111 112i; -59C3 - 2 4 25 , I12i
___
Second preferred
99 9912 100 100, 99 100 100 100
100 99 9912
9912 100
99 99
99 100
9912 100 100 102 102- 16i- 102 104
Schoeneman (J) 1st pref
100 --- -99 100
98 100
99 99
Scruggs-V B D G common___25 2012 22 -612112 if1- -2014 21
2
16- 17 1812
2113
15
1912 18
17
16
First preferred
83 83
100 84 84
73 76
77 80
72 73
82 85
74 80
72 73
Second preferred
100 82 82
78 80
-56- 16- 82 82
78
75
78
75 75
74
7914 80
Scullin Steel preference
-8812 39 -55- *
al, 38 3814 36 38 341: 3514 33 3412 3111 3314 3112 34 30 3212 30 334
Securities Investment com
• -50 2 - : 371 40
-17 18
3412 35
35 36
34 35
34 34
34
34 34
34
Preferred
105 105 HA- 104
100
105 105 --,-3
Sheffield Steel common
• 2512 2612 2512 274 27 2812 27l 2812 261: 27l -2812
265 - 2134
iii: -2/ - 2 -5.i2 - 2 2912 3912 271 35
361161Sieloff Packing corn
• 18
18
184
18
17
18
---- ---_ ____ -- _--- ----




2312 ii" "iii- ii- "ii- 11"

----

----

9934

----

---.

_1--

13:
--

-,;,-,-

_-_-

____

-WIT.

...-

"ii ii" iiiz

---

.ii.

yg. _jar
, yi.

[VoL. 127.

FINANCIAL CHRONICLE

636

MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1927—(Concluded).
1921—STOCKS (Concluded)

April
May
March
November December
June
July
August September October
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

5 per share $ per share $ per share $ Per share $ Per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
40 4218 40 41
4234 44
39 40 --------32 38 38 40 3812 40 35 38
Skouras Bros "A"
42 46
35 41
• 46 48
Southern Acid common
4314 45 3912 4012 40 40 --------36 3678 38 3812 39 47 4312 45 45 4512 45 48
• 45 4512 45 45
Southwestern Bell Tel pref_100 11512 117 116 11714 11434 117 11512 11612 116 11812 11612119 116 11714 11614 11814 11512 118 117 118 11712 119 11712 120
27 27
2914 30 28 29
26 27 26 27 26 3014 2838 30 28 2938 2814 29
Stix-Baer & Fuller corn
* 31
3134 2912 31
2812 3112
44 4578 44 44 43 44 41 43 40 42 41 41
39 41
39 40
35 36
St Louis Amusement "A".. * 45 45 43 45 41 46
10 17 1812 17 17
16 1612 1614 1634 17 183g 18
1812 1712 1712 1712 1712 1712 1712 1712 1712 ---- ---. ---- ---St Louis Car common
Preferred
100 96 9812 97 9712 97 97 9612 102 100 100 100 100 100 10014 98 98
97 98
98 98 --------98 100
St Louis Pub Service com____* 1812 19
1834 2012 1814 1812 183 21
4
21 26. 24 26
2514 3034 2612 2812 28 2912 29 3078 2812 30 27
St Louis Screw corn
25 _
100 10078 101 10112 105 105 105 --------104 105 105 105 ------------------------10412 10412 ---- ---- ---Union Biscuit 1st pref
Wabash Telep Sec pref
100 ------------------------103 103 103 104 104 106 105 10512 1053 10534 --------10512 106 - — ____ -_-4
2134 28 2712 393 33 3912 3112 34
21 22
4
Wagner Electric corn
• 1812 24 20 21
3034 34 31 33 29 31
28 32 30
Preferred
74 75 76 83 84 90 8734 90 8714 88 87 8712 8614 88 85 87 87 88
100 70 74 68 70
8812
Waltke (Wm) & Co corn
74 77 76 77 75 7912 6912 7712 7014
• 5112 5812 5512 70 69 8618 75 82 7512 77 73 76 70 78
--------111 113 ____ ____ 11212 11212 11112 11112 --------111 111 --------11214 113
Preferred
100 112 11212 111 111

28
------39
95
71

BONDS
ESt Louis & Sub Ry 5s___1932 8614 8818 90 9012 90 9012 9112 92 9114 9212 88 90321 8812 90 8834 9212 9314 9312 933 9414
94 9414
4
1935 103 10338 10314 10334 10312 10334 10312 104 10312 1037 10312 10312 10314 104 10314 10338 10312 10334 10312 10334 10314 104 10312 10312
Hbuston 011 Co 634s
2
Independent Brewing 6s.J942 30 30
Kinloch Telephone 6s_ _1928 --------10114 10114 10114 10114 101 10118 ----------------10114 10114 --------10114 10114 --------10014 1003 ---- ---4
Kinloch Long Dist Tel 59_1929 100 10018 100 10014 10018 10014 10018 10012 10014 10014 10014 10014 --------10014 10038 10012 10012 --------10012 10012 10012 10012
Missouri-Edison Elec 5s.....1927 100 100
1936

Pierce Building Ss
Scruggs-V B 7s
Scullin Steel 68

100 10018 --------100 100
99

9912 99 100

99

99

serial 10014 10014 100 10014 10014 10014 10014 101
10012 101 100 101
1941

St Louis & Sub gen 5s
C-Ds
St Louis City 4s
St Louis Car 6s
United Rys 4s
C-Ds

1923 --------81
1923 82 82 80

81
80

_ —__
_-_- ____ _-__ ___ ____ ____ ____ __-____ ____ ____ ---- --- ____ ____ _----------101 101
100 10014 100 100

84 8412 81 8512 ----------------86
8012 8212 8212 8512 ___ ____ 8312 8312 85

4
1935
9934 10014 993 9934 100 100 100 10014
4
1934 7612 7738 7614 7714 753 7714 7634 8014 7912 80
7512 7614 757 793 783 793
8
4
2
4
1934 7614 77
7618 77
nol. no
on
no
ago. 8411.4 0.1211103,. 11101.111113,

a Four shares for one share.

----------------100 10014 100 10014 10014 10014 9912 100
9914 100 99 993 9812 99 983 9914 9834 9914 99 99
s
4
___ _-88 --------86 88
87 8512 87 8612 88

9912 9934 100 100 100 100 99 100
7934 8012 8012 84 8214 833 8218 8314
4
7938 80 80 8214 82 83 8214 8314
1018.809
1119
in.,

8614 8634 --------81
85 87 87 8812 88
9934 100 100 10014
82 83 8234 8334
8112 8212 8214 8334
1111 1012, Int trtl

9115
9212

10018 10012
833 864
4
8414 85
12
In, 105

* No par value.

MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1926.
April
fay
March
June
August September October
January February
July
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Nigh

1926—STOCKS
BANK AND TRUST
COMP ANIES
Par
Boatmen's Bank
100
Franklin Bank
100
First National Bank
100
Lafayette-South Side Bk100
Merchants-Laclede Nat Bk_100
Nat Bank of Commerce----100
State National Bank
United States Bank
100
American Trust
100
Mercantile Trust
100
Mississippi Valley Trust
100
St Louis Union Trust
100
Title Guaranty Trust
MISCE1 LANEOUS
American Credit Ind
Rights.
American Inv "B"
A S Aloe common

$ per share 8 per share $ per share $ per share $ per share $ per share s per share 5 per share 5 per share $ per share $ per share $ per sham
153 157 160 160

180 16014 --------168 16012 155 156

158 158

156 15612 155 156

iia

153 155

153 154

- --------248 2i1
---- ____ ____ ___
-_-_
__ _ ___
162 164 160 1113
--

127 127 12612 126k
1155 lei --------------------------------166 1fki____ _.„.
___,
____
410 410 414 417 425 425 420 422 420 420 416 420 1914 420 416 418 420 420 415 420 4W 4i0 423- 423 _ 296 297 298 298 ------------------------285 286
267 270 275 275 ----------------298 298
____--321 321 321 323 321 321 ____ ____ 31812 320 316 321 321 325 328 330 325 325 325 325 --------327 327

25 53

55

50

50

49

50

• 14
20

14

14

14

14

14

Common
*
*
Berry Motor
Best-Clymer
•
Boyd-Richardson 1st pref__100
Boyd-Welsh Shoe common- —•
100
Brown Shoe pref
Common100
•
Common
100
Bruce (E L) Co pref
Common
•

155 156

jib
228 230 --------230 235 233 233 2311223312 252 iii iii iii iio 246 Zii iii
------------------------250 260 --------255 255 ----------------290 290 ---- -_-_
__
270 270 273 275 ------------------------------------------------280 280
163 166
155 15812 158 171 160 170 16212 166 167 170 160 169 16014 16314 164 165 164 168 ------

60
_
14

5483 55
53 511353 60 5112 5212 55 52 52 53 54 55 55 53 54
____ ____ ____ ____ ___- -- ____ --__ ____ ____ ____ ____ ____ 30c 50c 400 600
14
14
14
14 1412 ---- ---- --- --_ __- —___ - _ _
_
_
_ _

24's 241z
28'2 2914 28 2858 28 26
i2
-31
31 --------27 28 ----------------22 - - ----------------15 TE iii -11
59 62 56 6012 57 60 5712 59 5712 58 52 54 4834 51 --------40 45
8014 65 60 66
60 61
111 111 --------------------------------------------------------114 14 _ _---38 39
38 41
40 42 4014 44 4012 4312 4018 42 40 43 3914 4314
4112 44 42 4414 3512 42 38 41
107 8 111 108 110 110 110 109 10912 108 109 108 109 10712 108 107 108 10814 10914 109 110 109 110 110 11011
7
141141
7
_—
8 34
-4
32
2
z
8 16- -5i- Itil "ilia -311- -iii2 1i- -ii- 1634 -53, ,
14 1i12 ii 423 33 3612 30 34 30 - - - 561 4
97 97 97 97 97 97 97 98
100 10034 100 101 101 10118 -_-- --_ 993 100 99 100 99 99 97 97
/
4112 44 42 4212 40 40 3914 3914 39 39 38 39 36 37 36 30 353 37
52 5234 52 5212 43 51

-- 100 ------------------------ 110 116 115 116 114 116 iii 115 ----------------117 117
Century Electric corn
4
Certain-teed Prod lot pref_100 10212 105 103 105 10 105 9812 10012 101 10112 100 102 101 101 1001s 10114 --------104 106 106 1016 1053 110
997 9978
8
92 9512 95 95 --------85 85 --------87 88 90 90 9414 9414 97 97 98 98
100
Second preferred
25 26 26 --------26 26 --------25 25 24 25 25 25 ----------------2312 2312 ---- ---- ---- ---Chicago Ry Equip pref
38 40 ------------------------30 30 2712 30 28 28 28 28 - _ -- _ _ _ 28 28
Common
25 43 45 38 41
---- —
-- Consolidated Lead & ZInc20 50 --'2 5514- 1612 1912 154 -4 1 2i12 53 -------------------- 183 23
1fli
i 5,- 1 2
_ _ __ __ __ 5,- -•
"A"
____ ____ 101 104 101 10112 10112 102 102 102 ----------------101 102 101 10112 104 105 10412 10612
100
Curlee Clothing pref
100
Eisenstadt mtg pref
6
Ely-Walker D G 1st pref_100 10712 10712 log 166 itiiiiiiii ioi iliti ioit 161 ioiT2 iiii iag 168 iiii 16ti ioi 16i iiiii2 coil: ioi 1- 6 in 112
8512 86 87 87
Second preferred
100 87 90 8811 90 90 90 87 87 87 871z 87 87 84 84 84 85 85 85 86 86
2912 3014 31 35 3112 34 28 331: 30 3312 3214 3412
Common
25 32 3312 3114 3212 2972 3114 2812 2934 281z 2912 29 31
- - _ 102 103 __-- —_ 10118 10162 101 101 --------101 101 101 101 105 105
Emerson Electric pref
100 100 10412 10212 10338 10214 1024
------------------------------------------------98
Fred Medart bug pref
100
.
3312 32 33 3012 32 --------3030
3----------------2930
1
• 3214 34 -55- -_30 30 ___. ____
Common
4
100 113 11312 1133 11334 112 112 112 11212 ----------------110 110 113 13 113 13 --------116 116
Globe Democrat pref
44 4512 440 45 45 45
3
43 4412 4112 43 36 4
42
8
Hamilton-Brown Shoe
25 50 4 57 46 50 4 43 49 43 45 43 46 44 46
34 3512 35 3712 34 35 34 35 36 368
3734 39 34 39 34 3712 34 35 34 35 36 36
(H L) Hussman Refr com____• 39 41
4
-------101 101
Huttig S & D pre(
100 102 103 102 103 102 103 --------101 103 102 103 10112 10112 --------102 102 100 102
• 3512 4212 40 44 3312 4014 34 35 3212 331z 31 3212 32 3312 32 3212 313 3114 29 31
29 31
4
Common
30 30
76 773 773 8211
8
Hydraulic Press Brick pref_100 97 9712 90 96 88 89 85 8712 85 87 85 87 82 84 80 84 8112 8312 80 80
4
312 312 338 338 312 4
512 314 314 334 44 312 5
312 312 3
Common
100 614 614 512 612 5
314 414 8.1.
25
Income Leasehold corn
9
612 7
Indep Brewing lot pref____100 ------------------------6
Indep Packing pref
0412
__ 10412 1- 107 10712 109 109 110 1 0 10011 1100 ----------------107 10712 107 10712 10534 10534 106 166 ____
0912
-1Common
• 26 27 26 29 253 2714 2 , 26
2512 26
t
4
25 2512 25 25
2612 2512 26
25 2512 2512 -25 2514
25 25
11112 1091:111 109 1 is 107 110 107 10812 10712 108 10714 108 10714 108 107 108 107 109 108 10812
International Shoe pref___100 110 11134 110
Common
• 170 17512 165 17312 150 170 14934 ISO '5 148 140 15012 149 168 160 168 159 16012 159 160 153 162 158 164
Johansen Shoe corn
• 40 45 35 40 35 38 30 33 .....
32 28 3012 31 36
30 30
34 3438 30 30
3438 36
33 33
Johnson-Stephens-Shinkle_s 86 9812 60 85 60 74 60 64
55 58
50 .
56 56
58 58
53 53 60 80 60 60 58 58
Laclede Gas Light pref____100 ----------------8412 85 87 87 88 88
___ 8612 8712 ----------------86 88
7 88 86 90
100 150 150 150 150 148 150 148 15014 151 15112 148 :....8 ____ ____ 155 157 160 160 160 160 --- —__ - Laclede Steel
__-_100
Sfeletio Sea Food pref
Hissour1-1111nols Stores pfd_100 110 110 110 110 ----------------104 1E34 ioi 164 1115 101 ioi 1- 6
6
--Common
* 16 1734 1612 17
1412 15
1512 614 --------15 15
I514 15 15
1514 1512 15 1512 15 -147 147 15 15
8
8
100
Holoney Electric pre(
— 100 100 100 100
Hissouri-Portland Cement.
62 67 8038 6414 4 i2 - - -;151 Silt -Li- Ift- -iiis li- -L5 4 - -1- -Eiiis 111- -ii- ii- -ita- -56 - 54 5712 55 5712
i - 61
m
4
1
1 b9 2
HcOuay-Norris Mfg
• 1612 18
17 1912 19 19
1712 1712 17 17 ----------------------------------------17 17
1512 1512
National Candy 1st pref___100 110 110 --------106 109 108 108 --------------------------------107 10712
4
_ _ 1073 10734 ----100 ---------------- 104 104 102 102 ----------------10382 10312 --------100 101 100 10114 100 101 104 104
Second preferred
____- 100 8812 92 75 92 74 81
Common
70 75 75 76 75 79
8212 8514 77 83 7612 79 77 78 8612 9018 8658 9112
Pedigo-Weber Shoe corn
• 38 39 34 38 29 3412 30 33 27 30 28 31
33 3534 35 35 32 35 321z 34 3112 3612 34 38
3
100 -----------------------------------------9411...
Planters Realty pre(
95 95 95 --------95 Wits
94 2 ----------------98_
,
,
.
378 3 3 37 3
• 3712 3734 37
3112 3
32 33 32 3412 34 37
s
34
4
3138 3212 31 314 31 32
3
3212 34
Polar Wave I & P "A"
100 108 109 108 108 108 10812 1081210812 108 108 --------106 106 --------106 10712 10612 10612 106 107 10212 100
Rice-Stir D G 1st pref
100 100 10212 10112 102 101 10112 100 10012 10012 101 100 100 994 100 100 100 9912 100 97 98 --------98 99
Second preferred
• 2412 2512 2412 2512 2112 2438 213 2312 217. 221g 2134 22 2111 22 211: 241: 223 24 21 23
8
19 2112 20 2212
Common
4
92 92 ______ 90 91 --------90 90. 90 90 ----------------89 89 87 89 85 85
Scrubbs-V-B D G 1st pref__100 91 91
Second preferred
100 1l7'2 120 118 120
Common
25 --------30 30 ii 16 iti II ii I558 ii - 4 ii ii ii Il
2l2 ii lit, ii 218ii- -2258 II iiis Common
100 106121001: 107 107 105 107 105 107 --------106 106 107 10712 --------107 107 ---- ___- ---- ---- --,Scullin Steel pref
if41 4434 ---------------- 40 - ---Investment com__•
-- 40 45 40 4112 4111 43 41 41 --------41 41
Securities
26 2912
• ------- 26 -28 25 28 25 27 24 26 25 2634 26 28
261z 2778 26 2714 26 2612 25 28 2512 27
Sheffield Steel cons
18 18
• 21 22 21 211 20 2112 20 20
19 10
19 20
18 19
19 19
18
19 19
19
19 19
Meloff Packing corn
• 5114 59 4812 52 46 50 4612 60 4514 49 47 51
51 52 5114 58 60 57 50 5312 50 5012 16 48
Simons Bros •'A"
45 4858 45 48 45 47
47 50 43 46 4254 44
• 50 5184 6012 523 48 51
4312 451: 43 4438 4318 49
4
Southern Acid common




FHB. 2 1929.]

FINANCIAL CHRONICLE

637

MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1926—Concluded.
1926—STOCKS(Concluded)

March
January February
April
July
May
August September October November December
June
Low High Low Mph Low High Low High Low High Low High Low High Low High Low High Low ;Itch Low Mph Low High

$ per share $ per share $ per share S Per share $ per share $ per share S per share $ Per share S Per share 3 per share $ per share $ per share
Southwestern Bell Tel Pfd-190 1121311312 113 114 11214 11414 11212 11314 113 115 11314 11514 114 115 113 115 11318 11512 11324 11418 114 115 114 11618
/
3
4
/
3
4
• 34 351 3314 35 29 3214 29 31 29 8 30 2912 30 294 29 2818 2912 30 3312 32 3212 32 3214
4
See-Baer & Fuller cons
/
3
4
/
3
4
5
3118 33
St Louis Amusement "A"___• 55 594 52 53 47 52 46 50 50 52 48 50 48 50 49 50 50 50 48 48 46 4612 46 564
/
3
4
ISO 9434 97 94 9514 ----------------90 95 93 93 92 9414 93 93 914 9314 9012 92 90 93 N 9712
St Louis Car prof
/
3
4
Common
19 1614 16:8 16 1612 16 16 ------------------------14 14 ----------------1512 1512 --------1513 1512
*
St Louis Pub Serv cons
1714 20 16 18 1614 17 1614 17 16 174 1712 174 17
/ 84 19 1911
3
4
United By. pre,
914 914
0-08
100 7 4 10
8
5
Common
100 200 20c 15e 15e --------50 10c 100 10e ic ioe i80 iie ioe lie__ _ _____ ___ ____ ___ ____ _:::
Wagner Electric Prof
100 8212 85 80 83 70 80 73 7.5 6514 73 67 69 613 70 68 69 66 - - 70 70
/
4
76 684 70 71 73
Common
/
3
4
• 30 3412 26 30 20 27 2112 2312 20 2312 20 2212 137 2112 17 21
17 2212 20 2712 19 21
4
181/ 22
(Wm) Waltke & Co pref---100 10412 108 105 108 105 106 104 105 105 10512 106 106 106 10712 --------108 108 10834 1083 --------11012111
4
Common
• 42 444 4013 4414 40 43 40 42 4212 47 46 494 47448'z 4712 48 4712 4912 45 48
612 60 50 504
BONDS
American Bakery 68
1927
Dallas Aut Tel is
1927
_ i1313 11
1932 8314 8414 8311 85 8413 85 8414 8412 94 8414 84 8411 8534 8514 86 87 86 86 86 8712 8612 87 8612 861s
IS St Louis & Sub Ry 5s
Houston Oil 634s
1935
100 100 99 100 9958 100 1004 100 10014 100 10088 10014 10084 100 10114 10218 10234 10314
/
3
4
/
3
4
/
3
4
/
3
4
Bidets Brewing 6s
1942
Income Lease hold Co ist5s 1936 --------9212 9212 --------93 II
Einloch Telephone 63.-1928 102 10214 102 102 --------102 10214 --------10214 10214 102 102 102 1112 --------1013410124 10112 10112 1011.10132
.
Kinloch Long Dist Tel Ss_1929 ____ -_-- 922 100 4107 100 991 100 100 10014 10018 10012 10014 1001s 10014 1004 100 101112 --------100 100 100 100
7
8
8
Laclede Gas Light 5.Ks.-1953 --- --_
_ ---- -_-_
_
_
_
_
. _
102 102
_
.
Missouri-Edison Stec 5s 1927
iflO kiois --------100 faii jai) 116 ioore foliti ioiire iiiole Hsi foli Dia 166 100 loo iii5- foliG Hsi iciii _
"
Pontiac Bldg Est 68
Scruggs-V-B 7s

1932 95
seas 103

st Louis Mer Bldg Term 58.1930
Louis & Sub gen

St
C-Ds
St Louis City 3.65%
48
4s
4s
United Railway 48
.r -De
0
Plan.* In 0.

95 ------------------------------------------------93

los --------103 o----------------103 o

112 ----------------102 1iii
jai:1111_ iiiii4 1-0-2- _
.
so

____ __ ____ ___ ___ ___ ____ __ ____ _
5s____1923 87 ails Hie II ii" Ii iire 1114 iti iii --------80 16 80
88 --------94 95 793 4 80 8112 '
1933 89 90 9112 9112 --------7924 79 4 81 8112 8112 82 -- ---- ---- ---- ---- ---- ---- ---- 791s 793 81
3
/
4
1931
1934 ib
1934 74

..,.i

993g 9934
ii iiz il ii - faii ia - 7612 771 ii -- ii - ii " ii
Ifs4 7654 78
iii r
/6;
fii
fits
li ii
77 7614 774 7712 7712 7712 7812 7612 77'2 753 763 7614 77 752 7614 753 7614 7614 77 75
4
4
14
4 1% 4
1,1111.1/111. In, mu'.
Inn Inn, Inn 1MI. 11111.

071. 071. 07

814

- ii —
fi
ifis
7614 7611 77

00

0122/ lIVIL

•No par value.

Although industry turned out its products on a
The Outlook for 1929 Confident, Supported large scale, demand and consumption did not fall in
by Sound Underlying Conditions.
arrears. The result is that inventories have not
By John G. Lonsdale, President St. Louis Clearing House Association
accumulated beyond a moderate level and corporaand The National Bank of Commerce in St. Louis.
tion treasuries have been enabled to store up surBusiness in St. Louis and its trade territory, in
pluses of cash and liquid assets.
common with most sections of the United States,
Great significance for American business is athas entered the new year in sound condition and on
tached to the progress toward final settlement of
a high level of activity, with fair assurance of conthe economic aftermath of the world war, and the
tinued prosperity.
apparent nearness of complete stabilization in
The first month of 1929 generally has lived up to
Europe. These developments are already being reexpectations in commerce and industry. Early
flected in discernible improvement in world comJanuary trade in some lines felt the effect of heavy
merce. The foreign demand for American products
Christmas buying, but this was offset in large
expanded on a broad scale during the past year.
measure by the cold weather that later arrived to
Bank clearings as reported by The St. Louis
act as a stimulus for seasonal goods.
Clearing House Association showed a substantial
Factories, for the most part, have started the new
gain over 1927, the figures for 1928 being $7,566,year with ambitious plans for production with the 304,781 as compared with $7,387,457,273 in 1927.
result that employment conditions have been bet- Debits likewise gained, the 1928 total being $15,tered. Likewise, wholesale and retail houses have 078,162,798 as against $14,397,350,241 for 1927.
laid plans for conservative increases in trade.
All in all, it may be said that business has passed
Agriculture, the basic industry, has begun the new
through a successful year in point of production,
year in a distinctly improved condition. Record
earnings and employment. It has entered 1929
crops in the St. Louis trade territory in 1928, comwith a feeling of confidence supported by sound unbined with higher prices for some farm products,
derlying factors. Credit has kept pace and appears
have brought increased buying power for the farmer.
ample for all commercial demands. It would,
A reflection of the large crops in the past year is
therefore, seem that 1929 will see a continuation of
seen in the enormous shipments of grain handled by
prosperous times.
the Merchants Exchange of St. Louis, which reports
it broke all previous records with total receipts of The Progress of the St. Louis Stock Exchange.
112,390,000 bushels.
In reviewing the activities of the St. Louis Stock
The business year of 11928 throughout the nation Exchange during the year 1928, it is very gratifying
was notable for an extraordinary volume of in- to note the substantial increase in the volume of
dustrial production, together with improved indus- sales for the period.
trial earnings. The forward movement of business
The total of shares traded in increased from 466,gathered momentum after the opening months and 336 during the year 1927 to 1,770,984 during the year
there was but little slowing down in the pace of 1928. The money value of such transactions intrade during the summer. Another fact worth creased from $25,451,565 during the year 1927 to
recording is that business completely disregarded $58,959,638 in 1928. However, the demand for
the old bugaboo of a poor showing during a presiden- bonds during the same period decreased from $3,tial campaign year.
835,000 to $2,365,000. In most issues the market for
Not only were industrial volumes large, but in the securities was upward.
important lines of steel, building, automobiles and
During the year a Stock Exchange Clearing House
a few others, they were without precedent. Business was incorporated and has been functioning very satprofits joined in the upward trend and a good many isfactorily.
large corporations enjoyed greatly improved returns.
The outlook for 1929 is most encouraging.




638

FINANCIAL CHRONICLE

[Vox,. 128.

The activity of the real estate market is indicated
St. Louis Real Estate Review for the Year 1928—
by statistics covering transfers and deeds of trust
Encouraging Prospects for 1929.
in St. Louis and St. Louis County. There were 35,By Lawrence E. Mahan, President Real Estate Mortgage Trust Co. of
194 transfers in 1928 as compared with 33,100 in the
St. Louis.
A real estate review of St. Louis and its metro- year 1927. Deeds of trust recorded last year aggrepolitan area during the year 1928 will serve as an gated 40,950 in an amount of $687,348,824 as comaccurate barometer of conditions in the trade terri- pared to 37,394 in an amount of $241,171,034 in the
tory in the South and West. The year was marked preceding year. The amount of mortgages foreby a well-balanced development in all branches of closed was less than in the year 1927, there having
been $3,557,052 in 1928 as against $4,106,154 in 1927.
the real estate field.
Taking into consideration all business factors in
There were issued during the year 12,626 buildexpendi- St. Louis, we are entering the year 1929 with encouring permits with an aggregate construction
ture of $42,819,495, a slight increase over the year aging prospects in the real estate field.
1927. It must also be borne in mind that a large
amount of construction was done by the municipal- Course of Security Prices in
Kansas City, Mo.
ity which does not appear in the building permit
There is no Stock Exchange in Kansas City, but
record.
the Prescott, Wright, Snider Co. keep a record of the
Foremost in local interest was the widening of
Olive Street which resulted in almost doubling the securities having a market in that city, and they have
adjacent property values and the completion of the courteously placed that record at our disposal. The
Court House structure, a forerunner of the proposed table below shows the high and low prices of these
securities for the calendar year 1928, together with
City Plaza projects.
St. Louis is becoming more and more popular as the bid and asked prices Dec. 31, the close of the
a site for home and branch offices of nationally year. The record having been very carefully preknown concerns. During the past year from twenty pared, is believed to be absolutely reliable. As Colto thirty new concerns located in St. Louis each gate-Palmolive-Peet common is traded on the New
York Curb,and the Diversified Investments preferred
month.
The average annual absorption of office space for and Sheffield Steel common are listed on the Chicago
the past several years has been approximately 150,- Stock Exchange, the quotations in those particular
000 square feet. During the year 125,000 square cases have been taken from the records of the respecfeet of space was rented to new tenants and 333,000 tive exchanges, though it is believed there has been
square feet of office space was absorbed through as much or more trading in these stocks in Kansas
expansion, against 120,000 square feet lost by con- City.
RANGE OF PRICES IN SECURITIES LOCAL TO KANSAS CITY.
traction, making a total increase of space for the
of vayear of 338,000 square feet. The percentage
Range In 1928. Price Dec.31'28.
Name of Security.
cant office space in St. Louis at the close of 1928
Low. High.
Bid. Asked.
is approximately 2% less than in 1927.
STOCKS—
American
103
Roof Corp.
101
102
100
Industrial space scored an increase of 3,794,284 AssociatedAsphalt& Teleg. 7%8% pref
Telep.
pref
105
100
10334 105
Associated Telep. & Teleg., Class D
56
55
5234
5836
square feet last year over the preceding year's total. Benzo-Gas Motor Fuel Co. pref
-27
2734
25
-Butler Manufacturing Co.7% pref
10134
10134 103
55
ao
66
49
Sixty-three new enterprises and 118 expansions were Central Coal & Coke Co. pref
45
60
40
Central Coal & Coke Co. common
38
70
85
Surety &
80
60
recorded during the year, as compared with 65 new Central PalmoliveInsurance Corp
101
99
101
Colgate
100
Peet Co.6% pref
78
76
*Colgate Palmolive Peet Co. common
7534 12336
enterprises and 95 expansions during 1927.
58
5634
as
Cook Paint & Varnish Co. $4 pref
aa
10334 105
105
102
Diversified Investments,
St. Louis continues to maintain a well-balanced H. D. Lee Mercantile Co Inc. 7% pref
56
53
62
52
103
105
10234 104
and diversified industrial group. Not more than Irving Pitt Manufacturing Co. 7% pref
110
10734 11034 109
Kansas Gas & Electric Co. 7% pref
108
11334 110
112
Co.
11% of its laborers are employed in any one indus- Kansas City Power dc Lightpref $6 prof
38
82
38
42
Kansas City Public Service
20
834
4
6
Service common
Kansas
lead- Kansas City PublicYards Co.5% pref
try and less than 27% are employed in the five
86
8334
-84
City Stock
City Stock Yards Co.
total num- Kansas City Structural Steel commonpref..- 110 116 112 lea
ing industries. It is significant that the
Co. 8%
100
102
Kansas
100
Lucky Tiger Comb. Gold Mining Co
6.50
7.90
6.50
6.60
ber employed in the five leading industries is less National Telep. & Teleg. 7% pref
100
107
105
107 «.11
class A
5134
National
5334
5234
534
industry in some Sheffield Telep. & Teleg. pref
Steel Corp. 7%
than the total employed in a single
10234 106
103
105
*Sheffield Steel Corp. common
95
4834
67
6634
of the other large cities.
BONDS—
American Asphalt Roof Corp.
It is interesting to note that of industrial addi- Central Coal & Coke Co. 6s 6348_1929-36 101 10234 101
--1933-42 101
10134 101
--1944 10134 104
Central Coal & Coke Co. 654s
102
tions during 1928, 11 were engaged in the manufac- Dickey, W.S.. Clay Mfg. Co. 6s
1929-40 99
gg
1684
10034
& Coal 6s
1932-41 9934 10134
9934 10034
ture of clothing, 8 in chemical fields, 8 in warehous- Dierks LumberCorp.650
1929-37 99
Fred H. Fitch
10134 100
101
1929-39
ing, 6 in building supplies, 5 in food products, 5 in x Kansas City Bolt & Nut 650 Ry.5s_1941 101 10234 10034 56Kansas City Clay Co. & St. Joe
3154
3534
27
1951 81
Kansas City Public Service 6s
79
933.4
82
printing and engraving, 5 in furniture manufactur- Long Bell Lumber 6s
1931 94
96
9834
9834
1942-3-6 8754
Long Bell Lumber 6s
9234
9234
9034
ing,4 in automobile accessories, 2in aircraft produc- Methodist Hospital Ft. Worth 6s
1929-42 98
101
100
101
1946 98
Pickering Lumber Co.6s
100
9856 100
tion, 2 in laundry and 7 miscellaneous.
1929-35 100
Ritz Bldg.. Tulsa. Okla., 650
102
-100
1948 9834 101
Sheffield Steel Corp. 554s
9934 101The residential units showed an increase of 1,723 Wichita U.S. Yards 6s
1934 99 t4 mote In'
units over the year 1927, or a net gain of 31.54%.
*Paid stock dividends. x Called Feb. 1 1929.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 1 1029.
Severely cold weather in many parts of the country has
stimulated trade in heavy winter wear, shoes, rubber and
coal especially in the big towns and cities. Retail trade
has Increased where roads were passable. Weather conditions in the Northwest have interrupted railroad and other




traffic. In other words, the very low temperatures are
both good and bad for trade, good where transportation
is kept up and bad where the roads are blocked. Some reports say that the sales of rails, cars and oil well supplies
are larger. There is a better business in furniture. The
weather has cut down the output of lember, and the buying
orders exceed it. While the coarser cotton goods have been

FEB. 2 1929.]

FINANCIAL CHRONICLE

-quiet some descriptions have been in steady demand, especially gingham and other dress goods; blankets, flannels,
towelings and so on. New lines of overcoatings opened for
the fall of 1929 season by the American Woolen Co. and
other producers have attracted wide attention among buyers, with a substantial actual business. Worsted dress fabrics have been in good demand. Broad silks have sold
more readily, especially printed goods. Raw silk was
quiet and steady.
Leather has declined in response to lower prices for hides.
some Central Western tobacco markets are lower. Gasoline prices have been reduced. Crude oil prices have again
declined in new directions. The Southern fertilizer factories, it is stated, are running on full time. Carloadings
are larger than those of a year ago, but smaller than at
this time in 1927. Detroit employment is still increasing.
It is now 289,611 against 285,644 a week ago, 223,502 a
year ago, 215,601 in 1927 and 263,842 in 1926, the peak
being in September 1928 when it was 300,739. At the
South it is stated that the textile mills are running close
to full time while at northern centers there is some letting
down if anything in the activity.
Virhea recently declined 5 cents owing to profit-taking in
a somewhat overbought market, but of late some recovery
has set in and the net loss this week is only fractional. Still
Argentine wheat has been offered more freely and the effect would no doubt be more apparent but for the intensely
cold weather in the American winter wheat belt where the
snow covering was insufficient and some damage is reported. The season for crop scares in this country is near
and in fact, the conditions already give rise to apprehension. Corn prices have been tending upward, only interrupted by reports of beneficial rains in Argentina after prolonged hot dry weather. There have been some intimations
of an export demand for American corn, but it does not
seem to have been large. The very cold weather at the
West, however, has called forth a big feeding demand there.
Oats have changed but little, on the whole being steady.
The farm consumption of this grain, it is said, being unusually large. As to rye, it has declined somewhat with wheat,
but there is said to be some possibility of another short
crop in the United States this year. Provisions have declined somewhat, but in the long run it is believed that
European purchases of lard will be much larger than those
of last year. Sugar has declined several points on futures
and prompt raws are down to 2e. cost and freight, at which
price it is said that sales of perhaps 150,000 bags have been
made here. Coffee has advanced moderately, the grip of
the Defense Committee still being unshaken. Besides, there
have been reports of a better spot demand. The supply of
the better grades of coffee is said to be anything but burdensome, though it is believed that sooner or later current
'prices must lead to considerable selling. Rubber has advanced about %c. as there is a good consumption and the
stock in London does not increase sufficiently to arouse
apprehension. Copper has advanced to 173 4c. in the do,
mestic trade and it appears that within a couple of days the
export sales here have been 20,000,000 pounds, while those
during the month of January are variously stated at 160,000,000 to 170,000,000 pounds.
Cotton in spite of very heavy liquidation during the
week ends practically unchanged on the old crop, which as
a matter of fact is a few points higher, while the next
crop is more noticeably higher. The short interest in cotton has been considerably increased and covering to-day as
well as buying by seemingly nervous spinners were the dominating factors. The outstanding feature, however, is the
resisting power of the market in the teeth of heavy selling
out of old long accounts. The market has taken such offerings with the minimum of effect, and the fact is exciting
comment among reflective members of the trade. At
the
same time cotton goods have been quiet or when they
have
sold on a fair scale it has been in some cases at lower
prices. Manchester's trade is less active. To-day
there
may be labor trouble in Lancashire growing out of the refusal of the Master Spinners to renew the agreement
with
operatives for the work of cleaning the mill machinery.
The stock market early in the week declined, but late
on
Tuesday recovered most of the earlier decline though
call
money was up to 7%. Latterly railroad shares have been
rapidly advancing and the net operating income of the
first
46 railroads to report earnings for December showed an
increase it 67.8% over December 1997. On Thursday stocks




639

advanced generally 3 to 7 points with the trading approximating 4,700,000 shares. The public resumed buying, too,
over the counter and on the Curb. Rail and copper shares
were prominent in the rise which continued on Friday,
though the advance in the general list was checked by a
rise in the call money rate to 8%.
New Bedford, Mass., reported that the cotton mills of
Massachusetts are running their 9,109,084 spindles at 67%
of single shift capacity, each spindle in place being run on
an average 5.9 hours a day, or 12 minutes more a day than
a month ago and 54 minutes more than a year ago. Some
companies report that all their textile mills are running
on full time with enough orders to keep them busy for some
time to come. Spartanburg, S. C., reported that some good
orders were received by cotton mills for print cloths, some
broad cloth,s &c., but there was said to have been little
profit. At Lowell, Mass., the Belvidere Woolen Mills which
had been closed for the past nine months, have been reopened and will be operated as a part of the Stirling Woolen
Mills.
Washington dispatches stated that department store sales
in 1928 were approximately 10% over 1927 and that the
largest increase was shown in wearing apparel and dry
goods. Montgomery Ward & Co.'s January sales set a new
record for any month in the company's history and the
increase, 37%, was the largest for any month since Febrvary
1924. It was the ninth consecutive month in which an increase was recorded over the same month of the preceding
year. The total sales for the month were $18,128,836
against $13,225,470 in the first month of 1928. Sears,
Roebuck & Co. showed an increase of 20.8% over January
1928. The company's sales were $29,271,280 against $24,240,148.
Early in the week it was 6 to 40 degrees below zere
in the American and the Canadian Northwest and 24 to 52
above in the South. Chicago had 12 above. Over Sunday here it was 19 to 34. On Jan. 23 the temperatures here
were 24 to 32 degrees; in Chicago over Sunday 12 to 24 degrees; in Cincinnati 20 to 32; in Cleveland 18 to 28; in
Kansas City 8 to 28; in Milwaukee zero to 22 degrees
above; in Seattle 18 to 24; in St. Paul 10 below to zero.
In New York on the 29th inst it was 19 to 24 degrees and
in the evening there was a wind of 48 miles an hour. On
the 29th it was 10 to 36 degrees below zero in the American and Canadian Northwest. In Chicago it was 14 degrees above zero. On Jan. 31 there was some snowfall in
the evening and the day's temperatures were 23 to 31 degrees; in Boston 20 to §I; Chicago 16 to 26; Cincinnati 16
to 24, Cleveland 16 to 20; Detroit 14 to 22; Kansas City
4 to 38, Milwaukee 8 to 20; New Orleans 52 to 66; Philadelphia 22 to 32; Portland, Me., 22 to 32; San Francisco
50 to 58. On Friday the thermometer here ranged between
20 and 27 degrees with a prediction far fair and colder.
Federal Reserve Board's Summary of Business Conditions in the United States—Industry and Trade
Continue Active.
The Federal Reserve Board, in its summary of business
conditions in the United States, reports that "Industry and
trade continued active in December, and the general level
of prices remained unchanged." "Banking and credit conditions at the turn of the year were influenced chiefly by
seasonal changes in the demand for currency and by requirements for end of year financial settlements," says the Board,
whose summary, issued under date of Jan. 28, adds:
Production.
Output of manufactures decreased in December, but the decline was less
than is usual during the month, and the Board's Index was slightly higher
than in November and above the level of a year ago. Smaller than usual
seasonal reductions were reported in the daily average output of steel,
pig iron, automobiles, copper, cement, silk, and flour, while cotton and
wool textiles declined considerably. Meat packing increased in December, reflecting a larger output of pork products, though beef and mutton
production was smaller. Volume of factory employment and payrolls was
larger than at this season of last year. Production of minerals was in
somewhat smaller volume in December than in November, reflecting
chiefly a large reduction in the output of bituminous and anthracite coal.
Production of copper and zinc ore on a daily average basis NM slightly
smaller, while petroleum output increased.
Preliminary reports for the first half of January indicate a steady increase in the output of petroleum and greater activity in the steel, automobile, coal, and lumber industries following the temporary lull during
the inventory period at the end of the year.
Building contracts awarded in 87 Eastern States declined sharply chain
December, as in the preceding month, and were smaller than in any December since 1924. The decline from November was attributable largely
to decreases fa awards for residential building and public works and
utilities. By districts, the largest declines over the preceding month

[VoL. 128.

FINANCIAL CHRONICLE

640

were in the Cleveland, Chicago, Boston and Richmond Federal Reserve
Districts, while increases were reported in the New York, Philadelphia
and Atlanta Districts.
Trade.
Department store trade showed greater activity in December than in the
preceding month, after allowance is made for the customary holiday In.
crease. Total sales for the month were the largest on record, exceeding
December 1927 by 1%, although there was one less trading day this year.
Increases over a year ago were reported for the New York and Philadelphia
Districts, while substantial decreases occurred in Atlanta and Minneapolis.
Distribution at wholesale declined seasonally and was smaller than a
year ago.
Freight car loadings in December and the first half of January showed
a slightly larger than usual seasonal reduction, but, as in earlier months,
were above a year ago.
Prices.
The general level of wholesale prices, as measured by the Index of the
United States Bureau of Labor Statistics, remained approximately the same
during December as in the preceding month. Average prices of iron and
steel, automobiles, copper, and building materials continued to advance
slowly, and prices of farm products, after declining during October and
November, also rose in December, reflecting higher average priees for
raw cotton, oats, rye, and some grades of wheat, offset in part by lower
prices for corn and cattle. In the first three weeks of January the price
of rubber advanced sharply, and wheat, corn, potatoes, and flour also increased, while silk and sugar decreased somewhat, and hides reached the
lowest level in more than a year.

of 1927. Sales of silk goods were unchanged from a year
ago, following decreases since May, and machine tool sales
continued in substantially larger volume than in the previous
year, although they dropped somewhat below the high level
of November. Drug sales showed the largest increase over
a year ago since June." The Bank adds:
Stationery sales, on the other hand, were smaller than a year ago,following increases in October and November. Sales of hardware and shoes
showed much larger decreases from a year ago than occurred in the two
previous months.
Stocks of silk goods and drugs continued larger than a year ago, while
stocks of diamonds and jewelry showed the largest decrease in more than
two years. Collections were slower in all lines with the exception of diamonds and jewelry.
Per Cent of AcPercentage Change counts Outstanding
Dec. 1928
Nos. 30
Collected
Percentage Change
Compared With
in Dec.
Dec. 1927.
in Net Sales.
Commodity.

Net
Sales.

Stock
End of
Month.

1927.

Year
1928
Dec.1921 Coen- •
pared'
Compared
With
Year
With
1928. Nev.'28. 1927.

Bank Credit.
Banking and credit conditions in January were influenced chiefly by
the seasonal decline in the volume of money in circulation. At the Reserve Banks the return flow of currency from circulation resulted in a
liquidation of member bank borrowing and small declines in Reserve Bank
holdings of acceptances and of United States securities. Total bills and
securities showed a decline of about $450,000,000 for the period from
Dec. 26 to Jan. 23 and were in about the same volume as in mid-summer
of last year.
At member banks there was an increase in the total volume of loans
at the turn of the year due chiefly to year-end financial settlements,
and the ,,emporary withdrawal of funds loaned by corporations in the
New York market. In January deposits and loans of member banks declined to approximately the level of the early part of December.
In the money market, rates on call loans declined sharply in January,
while rates on time loans on securities remained firm and rates on
acceptances advanced.

Groceries
-3.0
+2.5
70.5
67.4
Men's clothing
+8.1
---50.8
47.8
Women's dresses
--Women's coats and sults
-11.8
-------Cotton goods, jobbers. _ _ _
+1.1
-4.8
----Cotton goods,commission_ +18.1
____
__.
--Silk goods
*+20.0
51.6
44.8
Shoes
-31.3 -13.6
44.4
43.2
Drugs
49.0
39.7
+13.9 +22.1
-9.2
+1.0
53.2
Hardware
47.9
Machine tools
--1.7
......
Stationery x74.5
71.0
Paper
63.3
---63.0
+3.5
+14.2 1-4.0 )31.7
Diamonds
)32.8
Jewelry
-0.6

Commodity Stocks.
Stocks of commodities held at the end of 1928 were somewhat higher
than at the end of the previous year. Inventories of raw materials and
manufactured goods were each larger than a year ago.

December sales of large apparel stores were unchanged from a year ago,
but the figures for the completed year of 1928 showed a substantial increase
over 1927
The rate of department store stock turnover was higher in December
and the full year 1928 than in 1927. The rate of collections on charge
accounts continued to be higher than a year ago.

-14.5
-21.6
+83.3
-37.5
-12.9
+12.4
-0.8
-6.4
-18.9
-1.1
-5.5
+0.8
-6.0
-18.6
-2.3

-0.8
-0.2
-13.1
-9.0
-3.4
+1.0
-5.3
-12.0
+7.6
-3.7
+72.0
+1.9
+2.8
+1.7
-5.4

56.0
52.4
Weighted average .
- --+0.8
-4.0
*Quantity not value. Reported by Silk Association o America.
x Reported by the National Machine Tool Builders' Association.

-0.6

Retail Sales in New York Federal Reserve District Gain
in December 1928 as Compared with December 1927.
Department of Commerce Monthly Indexes of ProThe December final reports on department store business
duction, Stocks and Unfilled Orders.
in the New York Federal Reserve District showed sales 23%
Presenting on Jan. 31 its monthly indexes of production,
although there was one less trading
stocks and unfilled orders, the Department of Commerce larger than a year ago,
day than in December 1927. The Now York Federal Restates:
serve Bank reports that there were moderate increases in
Production.
New York Syracuse, Newark, Bridgeport and Southern
Industrial output during December, according to the weightedi ndex of
the Federal Reserve Board, showed a gain over both the preceding month New York, and a slight increase occurred in the Hudson
and December 1927, after adjustment for seasonal conditions. The principal River Valley district, but the remaining localities reported
gains over December 1927, occurred in iron and steel, non-ferrous metals,
department stores for
tobacco manufactures and automobiles. Mineral production, after adjust- decreases. Total sales of reporting
ment for seasonal conditions, showed a decline from November, but was the year 1928 proved to be 1.3% larger than in 1927, says
almost 10% greater than in December 1927.
the Bank, whose account goes on to say:

Unfilled Orders.
The general index of unfilled orders was higher at the end of December
than at the end of either the previous month or December 1927. As compared with November all groups showed higher forward business except
lumber, which declined. Contrasted with December 1927, all groups showed
larger unfilled orders except iron and steel and transportation equipment.
which were lower.
Index Numbers, 1923-1925=100.
ProdteetiOnRaw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board)
Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders;
Total
Textiles
Iron and steel
Transportation equipment
Lumber

Nov.
1928.

Dec.
1928.

Dec.
1927.

93
179
84
111
113
111
119
113
103

92
152
78
112
112
112
122
110
109

90
96
118
126

97
92

150
125

126

88
120
86
99
103
99
93
105
95
113
93
53
96
105
111
137
110
113

138
156
114

140
157
118
74
75
83
53
65

72
69
85
57
52

iig

Wholesale Trade in New York Federal Reserve District
in December Slightly Above that of Same Month
Previous Year.
According to the Feb. 1 "Monthly Review" of the Federal
Reserve Bank of New York, "wholesale dealers in this
District reported a slight increase in the volume of business
during December as compared with the corresponding month




Net
Sales.

Stock
End of
Month.

New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N.Y.State_
Contra N.Y.State
Southern N.Y.State. _ _
Hudson Riv. Val. Dist
Capital District
Westchester

+2.6
-0.3
-4.1
+3.5
+4.6
+4.8
+0.3
-3.0

+0.8
-1.3
+0.1
-1.5
+0.4
.
+3 4
-2.1
----

39:4
- --

+4.0
+0.5

-------

-----

All department stores.-Aonarel Stores

+2.5
__

+0.4
+0.2

45.0
49.7

133
150
113

73
72
76
49
77

Locality

Percentage Change Per Cent of Charge Percentage Change
Accounts OutYear 1928
Dec. 1928
Compared With standing Nov. 30 Compared With
Collected in Dec.
Dec. 1927.
Year 1927.
1927.

1928.

50.3
52.9
30.1

50.8
51.2
41.3
_- 33.4

32:1
-

38:5
-

45.6
480

Net
Sales,

Stock
on
Hand.

+1.2
-1.4
--0.7
-0.6
+4.2
+1.3
-0.4

-1.6
+1.1
-5.5
-4.9

+1.3

-0.7

4,1 A

_La el

-0.5
+0.1

Sales and stocks in ma or groups of departments are compared with those
of December 1927 in the following table:
Net Sales
Percentage Change
Dec. 1928
Compared with
Dec. 1927.
Cotton goods
Luggage and other leather goods
Books and stationery
Musical instruments and radio
Furniture
Women's ready-to-wear accessories
Toys and sporting goods
Linens and handkerchiefs
Hosiery
Women's and Misses' ready-to-wear
Men's furnishings
Rome furnishings
Shoes
Silverware and jewelry
Toilet articles nd drugs
Men's and boys' wear
Silks and velvets
Woolen goods
Miscellaneous

Stock on Hand
Percentage Change
Dec. 31 1928
Compared TVith
Dec. 311927.

+11.2
+9.6
+9.5
+8.3
+7.8
+7.2
+7.1
+7.0
+6.3
+5.6
+4.9
+4.3
+4.2
+3.6
+3.0
+2.8
-4.9
-20.5
+11.1

-7.5
-3.0
+4.4
35.6
-2.2
-3.6
-11.7
3.6
+5.6
+8.8
-8.4
+10.2
+14.2
-7.3
+11.4
+4.1
2.7
10.4
+1.0

FEB. 2 1929.1

FINANCIAL CHRONICLE

Loading of Railroad Revenue Freight Continues to
Increase.
Loading of revenue freight for the week ended on Jan. 19
totaled 931,880 cars, the Car Service Division of the American Railway Association announced on Jan. 30. Compared
with the preceding week, this was an increase of 17,693
cars, with increases being reported in the total loading of all
commodities except ore which showed a small decrease.
The total for the week of Jan. 19 also was an increase of 47,197 cars over the corresponding week in 1928, through a
decrease of 4,280 cars under the corresponding week in
1927. The details are outlined as follows:
Miscellaneous freight loading for the week totaled 316,942 cars an increase
of 7,122 cars above the corresponding week last year and 10.399 cars over
the same week in 1927.
Coal loading totaled 215,171 cars, an increase of 47,380 cars over the
same week in 1928 but 9.333 cars under the same period two years ago.
Grain and grain products loading amounted to 48,149 cars, a decrease
of 754 cars below the same week in 1928 but 3,675 cars above the same week
in 1927. In the western districts alone, grain and grain products loading
totaled 34,836 cars, an increase of 161 cars above the same week in 1928.
Live stock loading amounted to 32,240 cars, a decrease of 1,234 cars
under the same week in 1928 but 1,412 cars above the same week in 1927.
In the western districts alone, live stock loading totaled 24,910 cars, a
decrease of 556 cars under the same week in 1928.
Loading of merchandise lees than carload lot freight totaled 238,986
cars, a decrease of 4,233 cars below the same week In 1928 and 3,850 ears
under the corresponding week In 1927.
Forest products loading amounted to 59,319 cars, 3,373 cars below the
same week in 1928 and 6,002 cars below the same week in 1927.
Ore loading amounted to 8,383 cars, 143 cars above the same week in
1928 but 774 cars below two years ago.
Coke loading totaled 12,690 cars, 2,146 cars above the same week last
year and 193 cars above the corresponding week two years ago.
All districts except the Southern reported increases In the total loading
of all commodities compared with the same week in 1928 while all districts
reported Increases compared with the same period in 1927, except the
Allegheny, Pocahontas and Southern Districts which showed reductions.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1929.
1928.
1927.
Week ended January 5
798,723
754,247
933,890
Week ended Jan. 12
914,187
907.301
942.731
Week ended Jan. 19
931,880
884.683
936.160
Lotal

2,644,790

2.546,231

2,812.781

Decrease in Retail Food Prices in December.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for Dec. 15 1928, a decrease of a little less than 1% since
Nov. 15 1928; a decrease of about 1-10th of 1% since Dec. 15
1927; and an increase of about 50% since Dec. 15 1913.
Tho index number (1913=100.0) was 155.9 in December
1927; 157.3 in November 1928, and 155.8 in December 1928.
In announcing this Jan. 18, the Bureau says:
During the month from Nov. 15 1928 to Dec. 15 1928, 22 articles on
which monthly prices were secured decreased as follows: Oranges. 16%;
pork chops, 12%; bacon, 3%; sirloin steak, round steak, rib roast, chuck
roast, plate beef, ham, lard, strictly fresh eggs and raisins, 2%; leg of
lamb, canned salmon, storage eggs, bread, macaroni, sugar and bananas,
1%; and hens, oleomargarine and tea, less than 5-10ths of 1%. Seven
articles increased: Onions and cabbage, 9%; butter and navy beans, 2%;
and rice, canned tomatoes and prunes, 1%. The following 14 articles
showed no change in the month: Fresh milk, evaporated milk, cheese.
vegetable lard substitute, flour, cornmeal, rolled oats, cornflakes, wheat
cereal, potatoes, baked beans, canned corn, canned peas and coffee.
Changes in Retail Prices of Food by Cities.
During the month from Nov. 15 1928 to Dec. 15 1928, there was
a decrease in the average cost of food in 38 of the 51 cities as follows:
Portland,
Me.,3%; Boston, Bridgeport, Buffalo, Jacksonville, Mobile, Providence,
Seattle, and Washington,2%;Baltimore. Cincinnati, Cleveland,
Columbus,
Detroit, Fall River, Kansas City, Los Angeles, Milwaukee, Newark,
New
York, Norfolk, l'ortland, Ore., Richmond, Rochester. St. Paul, San
Francisco and Savannah, 1%; and Charleston, S. C., Chicago, Denver,
Manchester, Memphis, New Haven, Omaha, Philadelphia, Salt Lake
City,
Scranton and Springfield, Ill., less than 5-10ths of 1%. The
following
11 cities increased: Little Rock and Louisville. 1%; and Atlanta,
ham, Butte, Dallas, Ifouston, Indianapolis, Minneapolis, Peoria Birmingand Pittsburgh, less than 5-10ths of 1%. In New Orleans and St. Louis
there was
no change in the month.
For the year period Dec. 15 1927 to Dec. 15 1928, 25 cities
showed decreases: Baltimore, Boston, Now York and Philadelphia, 3%;
Cleveland,
Fall River, Peoria, Portland, Me., and St. Paul, 2%;Birmingham,
Bridgeport, Buffalo, Detroit, Houston, Jacksonville, Milwaukee,
Mobile, Newark,
Scranton and Springfield, III., 1%; and Columbus, Norfolk,
Richmond,
Rochester and Savannah, less than 540t11s of 1%; Twenty-five
cities,
showed increases: Los Angeles, Memphis and Portland, Ore.,
3%; Atlanta;
Little Rock, Louisville, New Orleans, Salt Lake City and
Seattle, 2%
Butte, Charleston, S. C., Cincinnati, Dallas, Denver,
Indianapolis, Kansas
City, Manchester, Minneapolis, Now Haven,Pittsburgh and San
Francisco,
1%; and Omaha, Providence, St. Louis and Washington, less than
5-10ths
of 1%. In Chicago there was no change in the year.
As compared with the average cost in the year 1913,food on Dec.
15 1928
was 07% higher in Chicago; 64% in Scranton and
Washington; 63% in
Atlanta;62% in Richmond;61% in Birmingham, Detroit, New
Haven and
pittaburgh; 60% in Buffalo. Dallas and Now York; 59% in
Cincinnati and
Philadelphia; 58% in Charleston, S. 0., Providence and St. Louis;
57%
in Baltimore. Boston and Fall River; 56% in Louisville, Milwaukee and
New Orleans; 55% in Manchester; 54% in Minneapolis and San
Francisco;
53% in Indianapolis; 52% in Cleveland and Memphis; 51% in Little Rock
and Newark; 50% in Kansas City; 49% in Omaha; 48% in Los
Angeles;
97% in Seattle; 45% in Jacksonville; 43% in Denver and Portland, Ore.;
and 36% in Salt Lake City. Prices were not obtained in Bridgeport,
Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland. Me..




641

Rochester, St. Paul, Savannah and Springfield. Ill., in 1913, hence no comparison for the I5
-year period can be given for these cities.

The Bureau's index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Click Plate Pork BaButSteak Steak Roast Roast Beef. Clips con. Ham Hens Milk ter. Ch'es

Year and Sir1'n Knd Rib

Month.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1910
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

---- 74.3 74.4 75.7 81.4 87.2 85.3

71.5 68.0 76.1
73.3 71.2 78.1
76.6 73.5 81.3
80.3 77.9 84.6

76.1 76.9 77.6 83.0 89.6 85.5
-_-_-_-_ 82.7 82.9 82.0 88.5 91.3 90.1
91.6 94.5 91.4 93.6 94.6 93.8
85.1 91.3 89.3 91.0 95.5 87.9
80.6 78.7 84.8
---- 91.2 90.5 90.6 93.5 97.4 97.7
91.0 89.3 93.6
0. 0
0
100.0 100.0 100.0 1- - - 0 1100.0 100.0 100.0 100.0 100.0 100.0 101;.0
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 100.5 94.4 103.6
101. 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
107. 109.7 107.4 106.9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 116.7
124 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
153.2 165.5 155. 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
164.2 174.4 164. 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
172.1 177.1 167. 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
152.8 154.3 147. 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
147.2 144.8 139. 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143. 126.3 106.6 144.8 144.8 169.1 164. 155.1 144.7 167.0
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
169.8 155.6 149.5 135.0 114.1 174.3 173.0 185.5 171. 157.3 143.1 168.1
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213 4 182. 157.3 138.6 165.6
167 7 106.4 158.1 148.1 127.5 175.2 174.8 204.5 173.2 158 4 145 2 170.1
188.2 188.3 176.8 174.4 157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2

- .0
0

1027Jan.-.. 160.6 158.3 153.0 141.9 124.0 174.3 181.1 211.2 180.3 158.4 152.5 170.1
Feb__ - March
Apr11.
May._
June_ _
July____
Aug- --Sept-Oct
Nov..-

161.0 158.7 153.5
161.8 159.6 153.5
164.6 163.2 156.1
166.5 165.5 157.6
166.0 165.9 157.1
171.7 170.0 160.1
172.0 170.9 160.1
172.4 170.9 160.6
172.0 170.0 161.1
171.3 169.5 181.1
172.8 171.3 163.6

141.9
142.5
145.6
146.9
146.9
149.4
149.4
150.0
151.9
153.1
156.9

123.1 171.0 179.6 210.8 180.8
123.1 174.3 179.3 210.0 181.7
125.6 175.7 178.2 210.8 182.6
125.6 173.3 176.3 209.3 180.3
125.6 165 2 174.4 206.3 170.4
126.4 166.2 172.6 203.0 167.1
126.4 179.5 172.2 201.9 166.2
128.1 193.8 172 2 200.0 166.2
130.6 197.6 172.6 199.3 167.6
133.9 172.9 171.5 197.0 167.1
138.0 156.2 167.8 192.9 167.6

158.4 153.5
158.4 154.6
157.3 152.5
156.2 139.4

170.1
168.8
167.9
167.4
156.2 135.2 167.4
157.3 134.2 167.0
158.4 134.2 167.4
158.4 139.4 170.6
159 6 145.4 173.3
159.6 147.3 174.7
160.7 152.5 176.5

1928
Jan____ 174.8 173.1 165.2 158.8 142.1 149.0 165.2 192.2 172.8 160.7 150.9 177.4
176.4 174.4 167.2 160.6 144.6 140.5 161.9 190.3 174.6 160.7 147.0 177.4
Feb_ _
March__ 176.8 175.3 167.2 161.3 146.3 138.2 159.3 187.7 174.6 159.6 149.5 174.2
AprIl___ 173.3 177.6 163.7 163.1 147.9 149.0 153.9 188.1 177.0 158.4 143.9 172.9
May _ _ 181.5 181.2 172.2 166.3 150.4 168.6 159.6 190 3 177.0 158 4 142.6 172.4
June... 186.6 186.5 175.3 172.5 152.9 165.7 160.0 192.2 174.2 157.3 140.7 172.4
July____ 195.7 190.9 181.8 180.6 157.9 177.6 162.6 198.5 172.3 158.4 141.8 173.3
Aug _-- 200.8 202.2 184.8 185.0 162.0 190.0 165.9 204.5 172.8 158.4 144.7 173.8
Sept____ 203.9 205.4 188.9 190.0 170.2 211 0 168.1 208.2 177.9 159.6 150.4 175.1
Oct...._ 198.0 200.0 135.9 188.8 171.9 179.0 167 8 206.7 177(1 15C C.. 150.1 175.6
Nov____ 193.3 194.6 183.3185.6 171.9 170.0 164.8 203.0 178.4 160.7 152.2 174.2
189.8191.5 180.3 181.9 168.6 149.0 160.4 198.5 177.9 160.7 154.8 174.2
Dec.

Corn
year and
PotaCofMonth. Lard. Eggs. Bread Flour Meal Rice. toes. Sugar Tea. fee.
1907
1908
1909
1910
loll
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1927
Jan _
Feb_
March
April
May. _ _
June
July

80.7
80.5
90.1
103.8
88.4
93.5
100.0
98.6
93.4
111.0
174.9
210.8
'33.5
186.7
113.9
107.6
112.0
120.3
147.5
138.6
122.2
117.7

126.6
124.1
122.8
120.9
120.3
119.0
119.0
119.6
Sept.__ 121.5
124.1
Oct
123.4
Nov
121.5

95.0 87.6
84.1
105.3 105.3
101.5 92.2
86.1
111.2 107.7
109.4 93.9
92.6
112.3 106.6
108.2 94.9
97.7
101.0 109.3
93.5
101.6 94.3
130.5 111.4
105.2 101.6
98.9
132.1 115.1
100.0 1- 010 100.0 100.0 100.0 100.0 100.11 100.0 1- - 0
0 .0
0
102.3 112.5 103.0 105.1 101.2 108.3 108.2 100 i 99 7
98.7 125.0 125.8 103.4 104.3 85.9 120.1 100.L 100.6
108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.1: 101.4
164.9 175.0 203.0 226 7 148.3 188.2 176.4 119.1 102 4
182.0 178.6 218.2 113.3 173.6 223.5 205 1281 145.3
197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.t 126.5
138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
151.0 167.9 184.8 180.0 127.6 211.1- 130.9 138.1 172.1140.6 167.9 181.8 170.0 133.3 288.2 125.5 141
171.1
131.0 166.1 166.7 173.3 123 0 223.5 132 7 142: 162 I
134.5 162.5 163.6 176.7 114.9 158.2 129.1 142.3 165.1
162.0
128.1
102.6
98.3
97.4
97.1
107.0
121.7
141.2
164.1
178.8
172.8

167.9
167.9
167.9
167.9
167.9
166.
166.
166.1
166.1
166.1
160.1
164.3

169.7
169.7
166.7
166.7

166.7
166.7
166.7
169.7
166.7
166.7
163.6
163.6

170.0
170.0
170.0
170.0
170.0
173.3
173.3
173.3
173.3
173.3
173.3
173.3

126.4 235.3
124.1 223.5
124.1 217.6
123.0 217.6
121.8 264.7
123.0 352.9
123.0 247.1
123.0 200.0
121.8 188.
120.7 176.5
119.5 176.5
118.4 176.5

136.4 142.1.
130.4 142.1134.5 142.6
132.7 142.6
132.7 142.3
132.7 142.1
134.5 142.5
132.7 142.6
130.9 141.0
130.9 142.5
130 9 142.5
129.1 142.1

Weighted
Food
Indes,
82.0
84.3
88.7
93.0
92.0
97.6
100.0
102.4
101.3
113.7
146.4
168.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160.6
155.4

154.3

168.5
167.4
165.4
163.8
161.7
160.7
159.7
159.1
158.7
159.
160.4
161.4

159.3
156.0
153.8
153.6
155.4
158.5
153.4
152.4
154.0
156.1
156.5
155.9

129.1 142.3 162.8
129.1 142.1 163.1
129.1 142.3 163.8
129 1 141.9 164.1
130.9 141 9 164.4
132.7 142.1 165.1
132 7 142.3 165.1
129.1 143 3 165.8
127 3 1423 166 1
125 5 142 5 106 4

155.1
151.6
151.4
152.1
163.8
152.6
152.8
154.2
157.8
158.8
157.3
155.8

1928
119.6 162.0 164.3 160.6
Jan
Feb... 115.8 124.0 164.3 160.6
112.7 107.2 162.5 160.6
March
April_.. 112.7 103.8 162.5 163.6
May
_ 114.6 108.7 162.5 169.7
115.2 112.5 164.3 172.7
June.
116.5 120.6 164.3 169.7
July
Aug.. 118.4 130.4 164.3 103.6
122.2 146.1 162.5 160.6
Sept14 157.4 162.5 157.8
2
Oct
121.5 171.9 162.5 154.5
'
Nov
118.4 169.3 160.7 154.5
Dec

173.3 117.2 176.5
173.3 117.2 176.5
173.3 116.1 200.0
176.7 114.9 205.9
6.7
114.9 194.1
176.7 113.8 170.6
176.7 114.9 135.3
176.7 113.8 129.4
176.7 114 129.4
176 5 113.8 129 4
176.7 112.6 129.4
176.6 113.8 129.4

123.6 142.3 166.8
121.8 142.1 166.8

Chain Store Sales in New York Federal Reserve District
Increase Nearly ay
e.
From the Feb. 1 "Monthly Review of Credit and Business
Conditions" of the Federal Reserve Bank of New York we
take the following regarding chain store trade:
Total sales of reporting chain store systems in December were nearly 8%
larger than a year ago
-a somewhat smaller increase than occurred in the
preceding four months. Drug chains reported the largest increase since
April 1927, and variety stores continued to show large increases over a year
ago. Chain candy stores had slightly larger sales than in December 1927,
following a decrease in November, but other classes of chains generally
reported smaller increases over a year ago than In the preceding month.
Sales of tobacco chains were slightly smaller than a year ago. Taking into
consideration the increases in the number of stores operated, the grocery
and drug chains were the only types to show increases over the previous
For the year 1928, total sales of reporting chain store organizations increased 9% from the 1927 figures, due mainly to large increases in grocery.
ten cent, shoo and variety chains. The increase was, however, only about
one-half as largo as in the previous year. Due in most cases to the opening

Number
of
Store.

Percentage Change
Year 1928 Compared
With Year 1927.

Total
Sales.

Sales
Per
Store.

Total
Sales.

Sales
per
Store.

Grocery
Ten cent
Drug
Tobacco
Shoe
Variety
Candy

+2.0
+9.8
+9.8
+6.7
+8.6
+18.4
+11.9

+7.4
+5.6
+13.3
-1.1
+1.9
+18.1
+0.8

+5.4
-3.8
+3.2
-5.5
-6.2
-0.3
-9.9

+11.6
+7.4
+4.3
-3.5
+8.2
+18.6
+1.3

+10.0
-1.5
-0.6
-6.3
-1.2
-0.3
-11.0

Total

+6.2

+7.8

+1.4

+8.9

+3.7

Active Future for Building Industry Predicted by
M. W. Alexander of National Industrial Conference Board.
The construction industry has ahead of it as busy a period
of years as it has ever had, acording to Magnus W. Alexander, President of the National Industrial Conference
Board, speaking before the New York Building Congress at
the Commodore on Jan. 24. In his comments Mr. Alexander said "there is no need of despairing of a continuance
of our business prosperity. The manufacturing industry's
problem to-day, according to his view, is not so much a
problem of possible over-production but rather of an underproduction of the kind of goods most in demand. He pointed
to the common experience that the new, be it an entirely
new, or an improved or merely a newly "styled" product,
always finds ready customers. As regards the construction
industry, which made another record during 1928, he sees
no indications of any serious decline in the trend of activity. Although residential building after the recent "boom"
has somewhat fallen off during the past three years, construction for industrial, commercial and other purposes has
more than offset it. Rapidly changing standards of housing for both residential and commercial use, he declared, indicate continued high activity in building in future years at
a pace faster than the normal increase in population growth
would call for. In part he spoke as follows:
"Look at it from what angle we may, there seems to be some disagreement as to the present status of our prosperity. Despite the rapid
increase in our national wealth and income, despite the many 'meloncuts' in form of extra and stock dividends and increased dividend rates,
our business prosperity has been characterized as 'spotty' and as 'profitless prosperity,' and constant complaints are heard about 'ruinous competition' and 'narrow profit margins.'
"The building construction industry may vary in many respects from
manufacturing and other industries, yet it seems to share the same complaints of sharp competition and narrow profit margins, not to forget
high wage levels. During the decade following the war, the building industry enjoyed a considerable boom. In 1918 there were in existence in
the United States nearly 8,000 corporations engaged in all sorts of construction; in 1925, there were more than 15,000, or nearly double
the number.
Yet, during 1918-1925, only 37 construction corporations, or leas than one-half of one per cent, of the number existing in
1918, reported $100,000 or more net income in any one or more years for
the eight-year period. The rest either reported less, or were losing money,
had consolidated with other companies or gone out of business. Evidently,
to the majority of building contractors, the cry of 'narrow profit margins'
or of 'profitless' or 'spotty prosperity' had real meaning.
"However much the construction business may differ from manufacturing
and other industries, the same economic principles necessarily determine
the general conditions prevailing in all of them. In manufacturing, since
the war, the producer has sought to adjust himself to high labor costs
at a time of declining prices by effecting lower cost per unit of product.
Through his policy, however, he has also created new problems for himself in intensified competition and narrow profit margins per sale.
"Manufacturers undertook to solve the problem largely by intensified
mechanization, increased use of power per worker and improved technical
processes. They have succeeded to such an extent that in 1925 it required, on the average for all manufacturing industries, only 73 wage
earners to produce what in 1914 required a force of 100 men.
"But while the better utilization of labor through mechanization and
greater use of power materially decreased the production cost per unit of
product, it must be remembered that such change in the productive process
was predicated on greatly increased production of standardized commodities.
Increased volume of production was resorted to as a means to reduce cost
of production and overhead per unit of product, with the result that the
total production of manufactured goods in the United States increased
from $23,800,000,000 in value in 1914 to $62,700,000,000 in 1925, an increase, even if we take into account the decrease in the purchasing power
of the dollar between these two years, of about 62%.
"During the same period, however, the population of the United States
increased by only 23%. It is obvious, therefore, why the struggle for
markets has become increasingly keen.
•
• •
"The bnilding industry just has completed another 'record' year of activity; yet, I am informed, complaints as to narrow profit margins and
sharp competition are as numerous in the construction field at the present
time as they are in other industries. Moreover, while wage rates in manufacturing hays been remarkably stable for the last few years, wage coats
in the building trades, having started to rise later than wages In other
trades and at a slower pace at first, still show a rising trend. As long
as building evotinues at the present high level of activity, there seems
to be little likelihood of any relief in that direction; but that very factor
suggests that muck may yet be accomplished through better utilimbion of
Labor and improvement is the technical processes, so as to reduce labor




Continued Gain in Detroit Employment.

Employment reported by the Detroit Employment Association for the week ended Jan. 29 totaled 289,611, an increase of 3,967 over a week ago and 66,109 over the corresponding week last year.
Ford Employment Rises to a New High Record.
The New York "Evening Post" in its Jan. 31 issue said:
Employment at plants of the Ford Motor Co. has increased to a new
high record, it was reported to-day in advices from Detroit. The new
Peak is 130,231, a gain of about 10,000 this month, This compares with
51,206 a year ago.

Automobile Production in 1929 Expected to Reach Unprecedented Volume in First Six Months Forecast
by Union Trust Co., Cleveland.

Observing that the automobile industry has entered the
new year with the highest production schedules on record,
the Union Trust Co. of Cleveland notes that estimates of
the year's results range from 5,000,000 to 5,400,000 cars and
trucks, compared with an output of 4,650,000 in 1928.
Notwithstanding this expectation, the prospect is for active
competition in the industry, says the company in its magazine, "Trade Winds." The article states:
There is every prospect that the number of cars made in the first quarter
and the first half will be unprecedented. Output for the first six months
may reach 3,000,000 cars and trucks. This would be a larger total than
for any full year before 1923.
One immediately stimulative factor is the reported low level of stocks
of cars in dealers hands. An actual shortage of low priced cars exists,
while stocks of all cars are estimated at 20% below one year ago.
It seems evident that the rated capacity of automobile plants of move
than 7.500.000 Is substantially above immediate prospective demand.
But the margin between demand and productive capacity has been wide
during the last decade, and this fact has not held back the automobile
industry nor limited the amazing growth of its prosperity. The industry
has a strict policy of holding outputs in line with demand, so that overproduction is unlikely.
The competitive outlook for the year is complicated by the fact that a
leading producer of cars has again swung into largo scale production, after
an extended period devoted to development of a new model. The main
problem of the industry in 1929 will be to gage correctly the extent of
probable demand for its product.
There are three main sources of consumption. The first of these is
replacement demand, the second is the demand from now buyers, and
the third is the export trade. The replacement demand in 1929 likely
will reach now heights, because there are now about 25.000,000 cars registered and In use. New buyers' demand will depend upon general prosperity and the continuance of the rapid increase of two-car families, while
the export trade probably will see further notable gain. The outlook Is
for an extraordinary volume of motor car production, a fact which should
have a stimulating effect upon many lines.

Annalist's Weekly Index of Wholesale Commodity Prices,

The Annalist Index of Wholesale Commodity Prices has
risen sharply this week to 147.3 from 146.2 last week, thus
showing the first increase so far this year. In reporting this
the "Annalist" says:
Contributory to this rise were substantial increases in farm and food
products, and more moderate increases in miscellaneous commodities, which
were in part offset by small declines in textile products and in fuels. A
minor advance occurred in the prices of metals, while prices of chemicals
and building materials remain unchanged from last week.
THE ANNALIST WEEKLY INDEX OF WIIOLESALE COMMODITY PRICES
.
(1913 Equals 100.)
Jan. 29 1929
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All commntlItlent

CACD6:•464.6C4i...

Percentage Change
Dec. 1928 Compared
With Dec. 1927.

costs, without necessarily reducing wage rates; any technical improvemen*
in, or the speeding up of construction furthermore will tend to reduce
the cost of financing and other overhead and will make possible accelerated
turn-over of capital.
"There is no need, however, of despairing of our prosperity; the manufacturing industry's problem is not so much a problem of over-production
as rather of under-production of the kind of goods in demand. For it is
common experience that the new, be it an entirely new article, or an improved product, or merely a newly 'styled' product, always finds ready
customers. The trend of construction shows no indication of any serious
decline; indeed, our rapidly changing standards of housing both for the
residential and commercial uses, would seem to indicate an entire rebuilding
of large sections in most of our cities within the next decade or two at a
rate faster than normal population increase would call for. Costs, however, must be kept down and reduced wherever possible. Further mechanization, engineering research and ingenuity, and such increase in speed as
is in accord with sound construction principles, appear to me the chief
means by which this end may be achieved."

(.4 ,
-40o. 0 0“.7. 0, •4
,

or new stores, all lines except grocery ohainseeported decreases in sales per
store.

Type of Store.

[VOL. 128.

FINANCIAL CHRONICLE

642

Jan. 22 1929. Jan, 311928.
145.7
143.2
155.3
166.3
125.3
153.9
134.6
127.1
146.2

150.0
152.3
151.5
158.0
120.1
151.7
134.0
125.3
147 7

Changes in Cost of Living in Thirty-two Cities from
1914-1928.

Changes in the cost of living in 32 cities and in the United
States as a whole were given out on Jan. 31 by the Bureau
of Labor Statistics of the United States Department of
Labor. The following tables 1 and 2, show changes in the

FEB. 2 1929.]

FINANCIAL CHRONICLE

total cost of living in 19 of these cities from December 1914
to December 1928, and in 13 cities from December 1917 to
December 1928. In addition, the tables show the changes
in each city from June 1920, December 1927 and June 1928,
respectively, to December 1928. The first column in the
tables shows the changes from the time this survey was first
taken up to December 1928. The second column shows the
changes from the date when prices were the highest to the
present. The third column shows the changes during the
year preceding December 1928 and the last column shows
the changes for the six month period preceding December
1928.

643

Business Activity in New England at Beginning of
1929 Higher Than at Any Similar Period Since 1925.
The Federal Reserve Bank of Boston states that "general
business conditions in New England during recent weeks
have been more satisfactory than at any time in the past
15 months, and "the Bank adds "it is significant that the
general level of business activity at the beginning of 1929
was higher than it has been at the first of any year since
1925." The Bank, in its Monthly Review Feb. 1, further
states:

The generally favorable conditions which prevailed during the latter
part of 1928 resulted in an index of 102.5, representing New England
-CHANGES IN TOTAL COST OF LIVING IN 19 CITIES FROM business acIvity for the entire year, as compared with 101.6, which was the
TABLE 1.
annual index for 1927. Although there was a slight improvement during
DEC. 1914, JUNE 1920, DEC. 1927, AND JUNE 1928 TO DEC. 1928.
the latter part of 1928 in the textile situation in New England, nevertheless,
conditions as compared with 1927 were on the whole less satisfactory.
Per Cent of Increase(+1
Per Cent of
The amount of raw cotton consumed in New England mills in 1928 was
or Decrease(-)from
Increase
from
smaller each month, on a daily average basis, than for the corresponding
City.
Dee-1914 June 1920 Dec. 1927 June 1928 month
in 1927, with the exception of December, and the total amount used
to
to
to
to
Dec. 1928. Dec. 1928. Dec. 1928. Dec. 1928. during the year was the smallest in a 10-year period. Raw wool consumption in New England mills increased considerably In November and DeBaltimore
73.9
-18.9
-0.3
+0.1
cember, as compared with these months in 1927, and at the beginning
Boston
68.2
-20.2
-0.8
+2.1
of 1929 a distinctly improved condition prevailed in the woolen and worsted
Buffalo
79.6
-18.9
-0.3
+0.5
industry. Activity in the boot and shoe industry in New England was
73.1
-19.3
Chicago
-0.7
+0.9
Cleveland
75.4
-20.4
-2.0
-0.5
considerably greater than in 1927, and total production was larger than
Detroit
77.4
-24.8
-0.9
+0.6
during any year since 1923. Although the greatest gain over the corresHouston
66.4
-21.6
-0.9
+1.4
ponding period of 1927 occurred during the first quarter of 1928. production
Jacksonville
69.1
-21.9
-2.3
+0.5
in New England was well maintained during the third and fourthquarters,
Los Angeles
71.0
-15.2
+0.2
+2.2
Mobile
65.7
-20.0
+0.1
+1.3
and in this district for the entire year a much larger percentage increase
New York
76.3
-19.6
-1.6
+1.1
over 1927 took place than in the other seations of the country. Despite
Norfolk
74.1
-21.6
+0.4
+1.5
the fact that the volume of new construction in New England in 1928 was
Philadelphia
74.5
-18.3
+2.1
-0.5
Portland, Me
66.6
-19.7
-0.2
the largest on record, there was a sharp decline during the fourth quarter,
+1.7
Ore
Portland.
52.4
-24.0
-0.3
+1.3
which reduced the volume to less than in the fourth quarter of 1927. The
San Francisco
61.7
-17.5
+0.6
+1.8
decline in the volume of new building, which began last autumn, continued
Savannah
59.1
-24.0
+0.6
+1.6
during January, 1929, and from preliminary reports it seems evident that
Seattle
67.1
-20.6
+0.1
+0.8
Washington
60.2
-20.4
-0.4
+0.3
there was a decrease from the January, 1928, volume in New England
as well as in other districts. Little change was noted in employment conTABLE 2.
-CHANGES IN TOTAL COST OF LIVING IN 13 CITIES FROM ditions during recent weeks, although there was a slight decline between
DEC. 1927, JUNE 1920, DEC. 1927, AND JUNE 1928 TO DEC. 1928.
Nov. 15 and Dec. 15 in the number employed in manufacturing establishments in Massachusetts' The aggregate amount of payrolls in December
was slightly larger than in November. Sales of New England department
Per uent.of Per Cent. of Increase (+)
or Decrease(-)from
Increase
stores in December were in practically the same volume as in December,
from
approximately one-tenth of one per cent having occurred.
City
.
Dec. 1917 June 1920 Dec. 1927 June 1928 1927, a gain of
For the entire year 1928 the sales volume was about 1.5% less than in 1927.
to
to
to
to
Dec. 1928. Dec. 1928 Dec. 1928. Dec. 1928. The sales of Boston department stores during the 10
-year period, 1919-1928
incl., show three definite "cycle" swings, while the change between the
Atlanta
+1.1
-2L2
15.6
+1.5
1919 annual volume and that in 1928 was an increase of slightly more than
Birmingham
-19.5
14.2
-1.3
+0.4
Cincinnati
32%. The underlying tone of the Boston money market on Jan. 21 was
-0.1
21.2
-17.6
+0.2
Denver
-0.3
-22.6
16.3
firmer than a month earlier. The asked rate on bankers' acceptances was
+1.2
Indianapolis
-21.1
18.5
-0.6
+0.3
advanced twice during the month to 5%.
Kansas City
11.3
-26.3
-0.5
+0.1
Memphis
19.7
17.5
+0.2
+0.9
15.2
Minneapolis
-19.7
-0.5
-0.2
New Orleans
19.5
-15.8
-0.3
+1.1
Pittsburgh
24.4
Business Conditions in Philadelphia Federal Reserve
-0.3
-16.6
+1.7
Richmond
-19.5
15.7
+0.3
-0.6
District Somewhat More Satisfactory Than at the
St. Louis
20.4
-19.1
+0.4
-0.8
Scranton
27.8
-15.6
-0.5
+0.7
Same Period a Year Ago.
Average U.S
20.9
-.0.4
.4.0 a
General business conditions in the Philadelphia Federal
The increase for the U.S.from 1913 to Dec. 1928, is 71.3%.

Reserve District are fair and somewhat more satisfactory
Tables 3 and 4 shows the changes from December 1914 than was the case at the same time last year, the Federal
or December 1917, to December 1928 in each group of items, Reserve Bank of Philadelphia reports in its February Busiand in the total cost of living, in each of the 32 cities:
ness Review. The bank further surveys conditions as folTABLE 3.
-CHANGES IN THE COST OF LIVING IN 19 CITIES FROM lows:
DEC. 1914 TO DEC. 1928 BY GROUPS OF ITEMS.

Activity at the turn of the year naturally has slackened, but the majority of reporting firms show confidence in the nearby outlook.
Per Cent. of Increase from Dec. 1914 to Dec. 1P28,
Industrial operations are well sustained for this season. Since the comin the Cost of
pletion of inventory taking some improvement has occurred in several
City.
House
basic lines. Current demand for finished manufactures is fairly active,
Fuel and Furnish- MiscelAU
although a number of reports indicate seasonal dullness. Forward business
Food. Clothing. Housing. Light. ingGoods laneous. Items.
on the books of most firms, while declining in the month, measure up
Baltimore
102.0
120.9
87.3
51.9
65.7
68.3
to the volume of the sante time last year. Output generally declined in
73.9
Boston
118.4
94.4
96.7
50.5
51.6
80.4
68.2
the month but exceeded that of a year ago.
Buffalo
104.2
128.5
54.9
117.8
69.4
72.4
79.6
Chicago
97.2
62.4
101.7
56.5
52.1
Factory employment and payrolls in Pennsylvania were smaller in
83.6
73.1
Cleveland
89.2
163.7
48.5
119.0
63.9
60.5
75.4
December than in November but larger than a year earlier. In Delaware
Detroit
81.2
55.7
131.1
77.0
62.5
78.2
77.4
and New Jersey, on the other hand, both the number of workers and the
Houston
131.1
51.4
89.3
33.6
30.1
86.4
66.4
Jacksonville ___
119.6
40.0
volume of wage payments increased during the month. The demand for
105.1
78.9
27.4
84.6
69.1
Los Angeles
108.4
44.7
110.9
51.5
49.8
70.5
71.0
workers by employers in this section, though slightly below the usual
Mobile
92.3
49.6
108.3
92.1
48.1
41.6
65.7
seasonal level, was noticeably more active than at the same time in 1927.
New York
53.0
96.4
98.3
118.8
88.4
68.6
76.3
Norfolk
55.0
86.1
100.3
118.2
71.8
39.6
74.1
Building contracts continued in large volume, and in 1928 they reached
Philadelphia. _ _
51.7
83.9
120.3
87.3
74.0
63.8
74.5
the highest total on record. The real estate market, on the other hand,
Portland, Me-- _ 57.0
112.3
97.3
102.4
64.8
20.9
66.6
is quiet and less active than a year ago. Public auction sales decreased
Portland. Ore- - _ 41.8
80.1
49.4
78.0
63.0
16.4
52.4
San Francisco__ _ 48.0
99.0
83.2
47.5
33.5
83.4
61.7
in the month but were still considerably larger than in any previous DeSavannah
35.0
118.8
69.0
87.0
59.6
33.9
59.1
cember.
Seattle
40.8
97.4
62.9, 132.6
68.3
54.1
67.1
Washington
58.2
99.4
73.8
41.0
65.2
31.0
60.2
The coal market is fairly active for this season. The labor situation
Is quiet and mining is well maintained. Production of both anthracite
TABLE 4-CHANGES IN THE COST OF LIVING IN 13 CITIES FROM
and bituminous coal in 1928, however, was smaller than that in 1927.
DEC. 1917, TO DEC. 1928, BY GROUPS OF ITEMS.
Distribution of goods compares favorably with a year ago. Railroad shipments in this section, though declining seasonally, have continued in
Per Cent. of Increase from Dec. 1917, to Dec. 1928,
larger volume than last year. Total shipments during 1928 did not equal
in the Cost ofthe total in 1927. Freight car loadings of. merchandise and miscellaneous
Citg.
House
commodities, however, were appreciably larger than in 1927 and 1926.
Fuel and Furnish- MiscelAU
Check payments have increased further in the month and the year.
Food. Clothing. Housing Light. Mg Goods laneous. Items.
The wholesale and jobbing trade has slackened somewhat after a fairly
2.9
Atlanta
14.9
0.4
36.3
35.3
38.2
15.6
active season in the closing months of the year. Sales in December inBirmingham- - - *2.2
*4.2
12.3
43.4
27.2
54.8
14.2
Cincinnati
creased about 4% as compared with the preceding month and were 1%
0.4
.5.5
14.7
49.6
61.6
57.1
21.2
06.3
Denver
19.8
8.2
39.3
54.1
33.8
larger than a year earlier. For the year as a whole, however, sales were
16.3
Indianapolis --- *0.3
3.2
32.3
12.6
52.0
30.4
18.5
smaller than in 1927.
06.0
Kansas City _
2.9
5.6
23.8
37.8
26.8
11.3
*4.9
0.2
Memphis
43.7
14.8
37.7
Clearance .sales characterize the current retail situation, and the volume
68.8
17.5
__
Minneapolis
0.7
.1.5
10.5
34.5
27.5
44.6
15.2
is said to compare well with a year ago. Christmas business more than
13.1
17.9
New Orleans_ _ 03.2
54.8
28.4
46.8
19.5
'equaled the volume of a year before, when sales are reduced to a daily
2.1
Pittsburgh
3.5
16.4
46.9
71.6
86.0
24.4
Richmond
.3.1
5.4
32.7
40.9
basis. The dollar volume of retail business in 1928 was less than in the
47.5
28.9
15.7
*2.2
2.5
19.5
23.1
38.7
74.2
At. Louis
20.4
previous year. Inventories of merchandise carried by retailers and whole4.3
15.3
29.3
Scranton
71.7
72.2
57.8
27.8
salers at the end of the year were smaller than a year before.
61.9
Average U.Si 54.8
99.7
107.1
55.9
81.3
71.3
Sales of ordinary life insurance in this section increased seasonally and
were appreciably larger than in December 1927.
*Decrease. X Prom 1913 to Dec. 1928.




644

Reviewing manufacturing conditions, the bank says:
The transition from the old to the new year resulted in characteristic
quiet in the market for manufactured products. Nevertheless, the demand has continued fairly steady, showing some improvement since the
turn of the year and the completion of inventory listing. The general
level of prices shows stability.
Business in iron and steel products continues active. There has been
a further slight increase in demand since the middle of last month and
sales exceed those of a year ago. Buying is diversified. Railroads, foundries, and manufacturers appear to be among the most active purchasers
at the present time. Prices of finished steel and pig iron have shown no
change during the month but remained appreciably above the level of a
year ago.
The market for textile fibers and manufactures reflects mixed conditions. The demand for raw wool and silk is well sustained, but that for
cotton is rather quiet. In the yarn market, thrown silk alone shows an
increasing amount of business. Piece goods are in fair seasonal demand,
but sales of broadsilks are more active than those of cotton or wool fabrics. Comparisons with a year ago generally are favorable.
Full-fashioned hosiery continues to move actively, though sales have declined somewhat during the month. Business in seamless hosiery has
turned slightly quieter than for some months past. The clothing market
In the main appears to be rather dull. The demand for floor coverings
Is moderate, though it still lags behind the volume at the same time last
year.
An index of prices of textile fibers shows strength and is nearly 3%
higher than a year ago. During the month quotations for spot cotton and
domestic wool have advanced while those for silk and foreign wool have
declined slightly. In cotton yarns and thrown silk there have been some
recessions, while woolen and worsted yarns showed practically no change.
Only woolen and worsted fabrics show advances, cotton piece goods remaining virtually unchanged and broadsilk declining somewhat. Manufacturers of clothing report some recession in prices, but makers of hosiery
and floor coverings show little change.
The market for shoes is fair and compares well with that of four weeks
ago but is slightly less active than a year ago. Business in leather
varies. The hide market has eased off somewhat; the quality of hides
at this season is inferior. The demand for goat skins is holding up well
and the supply continues ample. The spring and summer demand for
colored kid is active, while that for black kid is seasonally dull. Prices
of both remain firm and unchanged.
Sales by paper manufacturers have improved materially in the month,
following a rather quiet period at the end of the year. The volume also
compares favorably with that of a year ago. Paper prices continue firm
and unchanged. The cigar market, on the other hand, has slackened
noticeably since the active holiday season, although prices remain steady.
The yield of tobacco in this section was appreciably larger in 1928 than
in 1927: the value of this crop, as measured by prices on Dec. 1, was
nearly 16% larger than a year earlier.
Business in building materials is only fair at best, sales having decreased further since the middle of last month. Compared with a year
ago, however, they are just about equal, although sales of cement are
larger. Prices of building materials show little change.

As to wholesale and retail trade, the bank says:
Wholesale Trade.
Trading at wholesale is moving forward quietly, after an active preholiday season. Sales of drugs and paper have increased somewhat, while
those of dry goods, groceries, hardware, and shoes have decreased since the
middle of last month. Prices have continued fairly stable except for a
further advance on groceries.
The dollar volume of wholesale business in this district last year was
2.2% smaller than in 1927. In December, however, sales were about 4%
larger than in the previous month and 1% greater than a year earlier, in
spite of the fact that there was one less business day in December than
in the same month of 1927. Gains in the month and year were reported
by dealers in drugs and jewelry, whereas marked declines occurred in
shoes, dry goods, and paper.
Inventories held by dealers generally declined in the month. Collections
were larger in the month but not in the year, save for drugs and paper.
Retail Trade.
Business at retail is confined chiefly to clearance sales, the volume of
which compares favorable with that of a year ago. Prices have been
maintained at a fairly steady level, except for a few reports showing slight
declines.
Total sales in December, the peak month of the year, were slightly smaller
than in the same month a year earlier, but on a daily basis they were
somewhat larger. Both men's and women's apparel stores in Philadelphia
and credit stores showed increases, while department stores in Philadelphia,
apparel stores outside of Philadelphia, and shoe stores reported declines,
owing mainly to the fact that there were fewer business days in the
month than in December 1927. The dollar volume of retail sales for the
year was 2.4% less than in 1927.
Inventories carried by retailers at the end of the year were considerably smaller than a month and a year before. Stocks of shoes, however,
while also declining in the month, were larger than at the close of 1927.
The rate of turnover during the month and the entire year was somewhat
larger than a year earlier.

Employment and Wages in Pennsylvania and Delaware
During December-Declines in Pennsylvania as
Compared With Previous Month-Increases Shown
Over Year Ago.

Factory employment in Petutsylvania declined from
November to December, according to figures received by
the Federal Reserve Bank of Philadelphia from more than

800 manufacturing plants. Compared with a year ago, the
number of workers continued a little larger for the third
successive month, says the Bank, which adds:
Earnings also showed a small drop in the month, but an increase of over
3% In contrast with December 1927. Until August payrolls were below the
volume of a year earlier, but since September they have been somewhat
above the level prevailing in the last four months of 1927. Employe-hours
showed a gain of nearly 1% from November to December, according to
479 reports from various manufacturing lines in Pennsylvania.
The most pronounced increases in employment and wage payments
during the month occurred in the textile and transportation groups, while
the largest decreases were shown by the groups manufacturing lumber
products,foods and tobacco, metal products,and paper and printing.
Reports by city areas were highly diversified. Payrolls in the Sunbury,
Reading-Lebanon, Wilmington. Harrisburg, and Lancaster areas showed
the largest gains during December, while the Allentown-BethlehemEaston, Philadelphia, and Williamsport areas reported the greatest declines
as compared with their November totals. In contrast with a year before.
the Reading, Lebanon, Johnstown, Harrisburg, Pittsburgh, Wilmington,
Wilkes-Barre and Williamsport areas had the largest increases in wage
payments, whereas the Sunbury, Allentown-Bethlehem-Easton, Scranton
and Lancaster areas showed the largest declines.
The Philadelphia area showed the largest drop in employment during the
month, but not in the year, while the Sunbury and Reading-Lebanon areas
reported the most noticeable increases in the month.

Details as furnished by the Reserve Bank,follow:
EMPLOYMENT AND WAGES IN CITY AREAS.
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
of Philadelphia.)
Index Numbers-1923-1925 Averag100.
Employment
Payrolls
Percentage Change Percentage Change
No. of Dec. 1928 Sines
Dec. 1928 Since
Plants
Report- Nov.
Dec.
Nov.
Dec.
Sag.
1928.
1927.
1927.
1928.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg

78

Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York

-0.9

-3.5

-5.6

-7.1

12
34
21
13
29
11
241
91
62
31
26
21
22
29
43

-__
-0.6
-9.5
+0.5
+1.5
-1.5
-5.0
+0.1
+3.4
-1.4
+5.2
-0.4
-2.5
+1.5
-2.1

+4.2
+5.4
+1.1
-3.1
-8.7
-0.9
-0.5
+2.0
+70
+1.4
-13.5
+7.1
+10.6
+0.8
-0.5

__
+4.8
-1.5
__
+3.9
-0.7
-3.1
+0.2
+8.3
-0.3
+11.3
+1.0
-2.5
+5.7
____

+2.9
+13.1
-2.0
+14.4
-3.0
+0.0
-1.5
+10.6
+18.
2
-3.4
-13.0
+3.8
+3.1
+3.9
-0.4

EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Phiadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.)
Index Numbers. 1923-1925 Average100.

Grout)and Industry.

Employment
Payrolls
December 1928,
December 1928.
No. of
Plants
Per Dens
Per Cent
Change Since
Change Since
ReportDec.
.
fag. Dec.
Dee,
Dec. index Nov.
Index. Nov.
1928. 1927.
1928. 1927.

All manufg. industries (51).
Metal products
Blast furnaces
Steel works & rolling mills
Iron and steel forgings_ _
Structural Iron work
Steam and hot water heating 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 ears__ __
Railroad repair shops-Shipbuilding
Textile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing & finishing
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 puhlighing_
*Preliminary figures.

802
235
9
44
10
10

88.3
86.7
42.0
78.1
99.6
107.2

-1.3
-2.8
---+0.5
+5.8
+0.8

17
9
38
40
17
10
20
11
40
6
11
13
6
4
162
14
15
39
9
10
4
26
15
10
9
11
101
30
13
11
14
33
66
30
14
22
43
17
20
6
49
29
3
3
9
5
49
17
22
ft
4
57
13
6
38

89.8
87.4
89.6
107.5
140.8
99.7
86.2
102.5
*67.5
91.6
89.2
52.3
86.4
29.8
98.8
83.3
91.5
102.0
117.9
89.4
97.6
116.1
85.5
71.8
119.5
92.9
95.5
105.5
97.5
80.3
102.9
92.6
81.5
90.0
74.6
88.4
76.5
65.3
83.1
108.4
98.1
91.1
117.3
142.1
124.1
88.8
95.4
101.2
87.2
123.5
75.8
92.6
80.6
99.1
106.4

-1.3
+0.71
+2.2
+1.1
-28.4
+2.0
+1.1
-3.8
+1.5
-0.8
+6.3
-2.1
+1.2
+18.3
+1.1
+1.2
+0.7
+0.9
+0.9
+2.3
+0.7
+5.6
-7.6
-3.8
+7.9
-5.6
-4.3
-0.3
-2.5
-0.6
+0.5
-8.0
-0.5
+1.8
-0.9
-1.9
-4.6
-4.7
-5.0
-2.9
+0.4
-0.7
-1.6
+1.9
-1.7
+2.0
-0.3
+0.2
__
--4.8
-1.2
-1.6
-3.0
-4.3
+0.1

+1 11 1 1111+1++++1111±1+1+++11+1+1+1+1111111.41 ...,,,+. 1- 1...... w.,
,
..ww.Crwao W..pw...w00.2W0w0.42wm004maabzww=wo,um,wwww,,,pgam w000mp
,
;:
4W46656.-baoi.aMODbp.bbo.645i.2 .4Mic4.4i4kbLabbbi,Col4 ++ I
1
Ceb...b;4o 1
1 Ce 6 ,6MC06:

Call money lately has been easier than a month ago, but rates for
bankers' bills have advanced. The return of currency from circulation was
the principal factor in enabling member banks in this district to reduce
their borrowings from the Federal Reserve Bank. Loans on securities, as
reported by member banks in leading cities, increased, but commercial
loans declined.




[VoL. 128.

FINANCIAL CHRONICLE

92.8
93.0
44.7
83.4
117.6
110.9

-0.4
-2.3
-0.4
+0.7
+3.4
+1.0

+3.2
+12.3
-18.3
+7.9
+29.1
+13.4

100.9
96.1
95.2
119.9
149.0
112.5
93.2
97.2
*67.7
92.1
90.9
47.4
94.7
32.3
108.8
86.8
96.0
109.7
132.8
92.4
93.3
149.4
85.5
61.1
130.2
91.6
99.2
100.2
108.0
87.4
104.8
97.5
80.2
95.2
76.4
81.2
81.3
73.1
88.5
97.5
105.4
95.5
118.7
124.9
128.2
97.6
98.2
103.2
84.7
120.7
91.8
105.9
92.6
120.1
119.0

-1.5
+4.7
+2.3
+2.1
-32.5
+6.7
+5.5
-3.5
+4.0
-12.0
+12.8
+3.0
+6.9
+18.3
+3.6
-2.0
+10.3
+4.0
+3.9
+11.3
+4.0
+7.9
-19.9
-6.9
+8.2
-8.8
-1.7
-0.4
+1.0
+0.5
-2.5
-4.4
-4.0
+8.3
-5.8
-10.7
-10.3
-2.4
-13.4
-23.6
+0.6
+2.9
-3.3
-4.1
-5.0
+3.4
+3.8
+04
+10.4
-8.3
+12.8
-3.1
-5.5
-4.5
-0.8

+14.0
+17.2
+13.9
+20.6
+26.1
+38.2
+9.0
+26.9
-16.6
+16.7
+23.7
-27.6
+10.6
-23.3
-4.6
-7.4
-2.8
-8.2
+4.1
-16.9
-8.4
+3.8
--4.1
-32.3
-3.0
-9.0
+4.6
-4.6
-2.3
+5.0
+5.1
+6.4
+1.5
+15.1
-20.5
+25.3
-1.2
-3.7
+2.0
-6.9
+2.3
+4.7
-1.8
+12.1
-11.0
+5.3
-5.6
-5.4
-7.3
+1.1
-14.8
-3.9
-12.1
-5.0
+4.4

FINANCIAL CHRONICLE

FEB. 2 1929.]

EMPLOYEE
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA

645

PERCENTAGE CHANGES FROM NOVEMBER TO DECEMBER 1928.
Men's.

(Compiled by the Federal Reserve Bank of Philadelphia and the Department at
Labor and Industry, Commonwealth of Pennsylvania.1

All manuig. Industries (46)- 479
Metal products
173
Blast furnaces
7
27
Steel works & rolling mIlla
8
Iron and steel forgings
7
Structural Iron work
Steam & but water heat.app. 14
Foundries
33
32
Machinery and parts
Electrical apparatus
14
Engines and pumps
10
Hardware and tools
13
Brass and bronze products
8
Transportation eaulpment
31
Autinobiles
6
Automobile bodies and parts
8
Locomotives and cars
9
Railroad repair shops
4
Shipbuilding
4
Textile products
70
Cotton goods
11
Woolens and worsteds
9
Silk goods
21
Textile dyeing and finishing.
4
Carpets and rugs
5
Hosiery
5
Knit goods. other
8
Women's clothing
3
Shirts and furnishings
4
Foods and tobacco
45
Bread and bakery products._
18
Confectionery
5
Ice cream
8
Meat packing
9
Cigars and tobacco
5
Stone. clay and glass products_ 39
Brick, tile and pottery
19
Cement
8
Glass
12
Lumber products
33
Lumber and planing mills_
14
Furniture
15
Wooden boxes
4
Chemical products
21
Chemicals and drugs
12
Paints and varnishes
6
Petroleum refining
3
Leather and rubber products
27
Leather tanning
9
Shoes
10
Leather products. other
4
Rubber tires and goods
4
Paper and printing
39
Paper and wood pulp
9
Paper boxes and bags
3
27
Printing and publishing

+0.9 1.587 $.572
+0.6
.600
.606
-0.9
.589
.588
+0.1
.623
.632
+5.0
.559
.576
-4.5
.558
.566
-2.9
.593
.599
.604
+3.1
.604
+1.7
.613
.614
-5.8
.516
.519
+8.4
.611
.620
.529
.523
+5.1
-1.6
.538
.552
+4.8
.633
.635
9.1
.640
.661
+11.0
.624
.612
+4.5
.598
.610
+9.5
.684
.678
+16.9
.701
.693
.466
.453
+2.0
-9.7
.464
.462
.462
+10.5
.463
+6.2
.426
.420
-3.0
.486
.490
.522
+3.0
.524
.549
.510
+3.2
.418
-22.3
.391
.569
.383
-5.9
-11.0
.310
.312
.484
-2.1
.495
.519
.516
+1.0
.396
-2.3
.438
-2.4
.570
.567
.549
.561
-1.8
.322
.330
-12.2
.543
.549
-4.9
.524
.526
+7.5
.523
.535
-4.1
.597
.595
-19.5
-2.1
.537
.558
.571
.560
+6.1
.549
.578
-6.6
.376
-0.2
.378
.562
-1.5
.590
+1.5
.492
.489
.554
-5.0
.560
.581
-1.4
.620
.468
.479
+5.1
.523
.522
-2.8
.320
+11.2
.320
.512
.526
+5.0
.601
+16.0
.584
.607
.597
-1.1
.542
-2.0
.539
.322
.337
+1.8
.721
-0.1
.729

Average
*Weekly Wages.
Dec. I

,
,,,to,
tototzt.2ww...wwwt..1wwbat.wt.:mbzwwwwwwt.zw
2
w ....bownIt COCa0.-40owt.24.commombacon...wo...4momcotoconacoFccoom0000wo
wo.00,1
owalcocomomo.4.4ma,...votowcoc>wocpmcnoom,—...cogowczchooloww..wo

Group and Industry.

EmployeNo. of Hours
Average
Plants Change
Report- Dec. 28 Hourly Wages.
from
ing.
Nov.'28. Dec.
Nov.

Nov.
$26.18
28.48
29.52
28.99
29.30
28.48
30.60
28.62
31.41
25.50
29.11
23.92
25.09
28.52
32.69
31.12
24.95
27.70
31.47
22.16
24.99
20.33
19.13
26.07
23.96
28.18
20.40
15.53
16.43
20.61
28.62
18.59
31.84
30.80
14.99
27.84
24.69
31.31
27.08
24.11
22.47
27.70
18.43
28.70
27.00
27.22
29.55
21.91
25.04
16.01
23.33
25.96
30.50
30.27
15.82
33.63

*These figures are for the 802 firms reporting employment and wages.
EMPLOYMENT AND WAGES IN DELAWARE.
(Complied by Federal Reserve Bank of Philadelphia.)

Industry.

All industries
Foundries and in .chinery products
Other metal anufactures
Food Industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries

Number
of
Plants
Reporting.

Increase or Decrease.
Dec. 1928 Over Nov. 1928.
Employment.

28
4
5
3
3
3
4
6

+2.0
+3.1
+6.8
+8.1
+1.4
+2.3
-0.1

Total
Wages.

Average
Wages.

+6.8
+7.3
+7.9
+2.6
+10.9
+2.9
+4.6
+6.3

+4.8
+7.7
+4.6
-3.9
+2.6
+1.5
+2.3
+6.4

Seasonal Decline in Industrial Consumption of Electric
Power in Philadelphia Federal Reserve District
During December.
Industrial use of electrical energy declined seasonally in
December but was 4.3% larger than a year earlier, says
the Federal Reserve Bank of Philadelphia. Its advices
also state:
Total sales of electricity showed a slight gain in the month and a large
Increase in the year. The output of electric power by 11 systems also
was larger than in the precedtng month and a year before.

Hosiery knit during month
Net shipments during month
Stock on hand at end of month, finished and in the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month

December.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales

Change
from
December
1927.

17,743.000 k.w.
518,449,000 k.w.h.
96,893,000 k.w.h.
328.649,000 k.w.h.
92,907.000 k.w.h.
422,769,000 k.w.h.
96,639,000 k.w.h.
11.333.000 k.w.h.
85,306,000 k.w.h.
244.956.000 k.w.h.
4.168,000 k.w.h.
57,548.000 k.w.h.
183,240.000 k.w.h
81,174,000 k.w.h

-0.8%
+1.4%
+63.9%
8.2%
1.0%
+0.4%
+5.8%
+5.9%
+5.8%
-4.5%
-25.5%
+10.2%
7.7%
+10.6%

+25.9%
+15.5%
+245.7%
+22.0%
-1.7%
+18.8%
+11.7%
+6.8%
+12.4%
+5.7%
+230.9%
+4.9%
+4.3%
+94.1%

-22.1
19.6

-12.3
-15.8

-33.3
-30.5

-11.1
-15.7
-37.1
-22.4

Hosiery knit during month
Net shipments during month
Stock on hand at end of month, finished and In the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month

--7.4
-30.7
--4.0
-19.0

-4.6
-34.3
+4.7
+11.0

+3.0
29.9
-26.8
42.9

Athletic.

Total.

+6.1
+67.0

20.2
-0.2

+17.8
+85.2

-14.2
-11.7

+6.3
43.8
-3.2
-5.8

---0.3
---40.0
---75.8
+2.9

+1.9
-63.8
-56.7
-11.1

-1.9
34.9
-3.3
+2.4

Course of Automobile Trade in Philadelphia Federal
Reserve District.
Regarding the automobile trade in its district, the Philadelphia Federal Reserve Bank says:
Retail sales of now passenger cars in December declined materially as
compared with the preceding month and a year before. Business at
wholesale, as reported by 11 distributors, also was smaller than a year
earlier, but larger than in November. Sales of used cars decreased in the
Retail sales
month but were substantially larger than in December
on the installment plan also dropped from the November total but were
in number though not in value than a year earlier.
larger
Stocks of new cars carried by dealers generally declined in contrast with
those of a month and a year before. Inventories of used automobiles
likewise decreased in the month but were heavier than in December

1927.

1927,

December 1928 Change From
Automobile Trade--Philadelphia Federal
-11 Distributors.
Reserve District

December 1927.

November 1928.
Number

Value.

Number

Value.

+35.2%
+3.7% -13.9% -21.5%
-64.8
-52.1
-30.4
-21.3
-6.4
-0.6
-6.0
-3.6
-9.0
+74.9
-5.8
+45.8
-12.2
+33.0
-8.2
+10.7

Sales, new cars, wholesale
Sales, new cars, at retail
Stocks of new cars
Sales of used cars
Stocks of used ears

Merchandising Conditions in Chicago Federal Reserve
District-Drug Trade Only One Among Wholesale
-Gain in
Lines To Show Increase in December
Retail Trade.
The drug trade, where all firms reported gains in both the
monthly and yearly comparisons, was the only wholesale
line in the Chicago Federal Reserve District to show an
increase in December sales over the preceding month, while
half the groups had larger sales than a year ago, says the
Feb. 1 "Monthly Business Conditions Report" of the
Federal Reserve Bank of Chicago. Total sales for the year
1928, the Bank states, exceeded 1927 by 0.5% in groceries,
4.1% in drugs, 2.6% in shoes, and 19.7% in electrical
supplies. The year's sales were smaller in hardware and dry
goods by 2.8 and 0.6%, respectively. Prices in December
held generally firm. Details are presented as follows:
WHOLESALE TRADE DURING THE MONTH OF DECEMBER 1928.
Stocks at End of Month
Per Cent Change from

Net Sales During Month
Per Cent Change from
Preceding
Month.

Same Month
Last Year.

(32)-12.4
(11)-16.5
(12)-27 8
(14)+20.5
(7)-33.1
(33)- 1.0

Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies

(32)- 3.3
(11)- 5.1
(l2)+ 0.1
(14)+22.7
(7)- 7 9
(33)+26.0

Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Groceries-Hardware _
Dry goods_
Drugs
Shoes
Elec. Rupp_

Same Month
Last Year.

(29)--14.4
(11)-10.9
(12)-17.3
(13)- 0.2
(6)-14.5
(32)+ 2.3

(29)- 8.2
(111+ 0.3
(10)+ 4.6
(14)+14.0
(6)- 0.4
(32)+30.9

Preceding
Month.
(19)+
(81+
(10)(12)(5)(25)-

1.9
0.3
9.5
1.8
4.9
5.0

Same Month
Last Year.
(21)+10.1
(8)- 4.7
(10)-20.4
(121+ 4.0
(5)- 3.3
(251+ 9.5

Collections during Month.
Per Cent Change from

Ratio to
Net Sales
During
Month.

Preceding
Month.

Same Month
Last Year.

(29) 103.7
(11) 213.6
(12) 348.0
(14) 130.0
(6) 367.4
(32) 114.6

(25)+ 2.5
(9)- 5.9
(10)+15.1
(9)+19.2
(51+ 1.2
(21)- 4.0

(25)- 2.2
(9)+ 0.6
(9)- 0.9
5.9
(5)- 6.8
(21)+19.5

(7)+

Figures In parentheses indicate number of firms Included.

Regarding retail conditions, the Bank says:

96

department stores or the
-December sales at
Department Store Trade.
in the aggregate over November
Seventh district increased seasonally
last year by
In the latter comparison, the
and exceeded December
smaller centers and Chicago and Detroit stores showed aggregate gains,
while Indianapolis recorded a smaller total volume. Data for the year
over
indicate similar trends, the total for the district increasing
sale; being
Detroit showed the largest gain in this comparison,
lower on Dec. 31
in excess of a year ago. Stocks averaged
heavier than on the corresponding
than a month previous, but were
compared with
The rate of turnover for the month,
date of
against
averaged
last December, and that for the year
Collections increased
in December over November and
404.0 for
over a year ago, while accounts receivable Dec.
gained
In the yearly comparison. The ratio of December
in the monthly and
in 1928 or the
collections to the amount outstanding Nov.
was
same as in

50.5%
3.6%.

1928
1927;
15.5%

Report on Hosiery Industry in Philadelphia Federal
1927.
Reserve District.
The Federal Reserve Bank of Philadelphia makes avail- 56.1% 1927.
able the following preliminary report on the hosiery industry 11.7%
by 130 hosiery mills in the Philadelphia Federal Reserve
District from data collected by the Bureau of the Census:
1927.




-31.4
24.3

Boys'
Misses' & Infants'.
Childrens'.

ELECTRIC POWER-PHILADELPHIA RESERVES DISTRICT
-ELEVEN
SYSTEMS.
Change
from
November
1928.

Women's.

FullFullfashioned. Seamless. fashioned. Seamless.

5.1%

3.0%

10.8%

4.6%
1928
19.6%
54.8%,
411.2
1928
31
17.2%
40.3%
30

646

FINANCIAL CHRONICLE

-Twenty-five dealers and 21 department stores sold a
Retail Shoe Trade.
volume of shoes in December 33.2% larger than in the preceding month,
below last December. Sales for the year totaled 2.9% more than
but 2.1%
for 1927. Stocks on hand Dec. 31 declined 14.4% from a month previous,
though averaging 11.0% heavier than on the corresponding date of 1927.
Accounts outstanding on dealers' books the end of the month fell off 3.2%
in the month-to-month comparison and gained 11.3% over a year ago.
Collections were 2.8% less in Dece-aber than in November. but exceeded
those in Dec. 1927 by 33.2%.
Retail Furniture Trade.
-Aggregate sales of furniture and house furnish
logs by 25 dealers and 26 department stores in the district increased 13.5%
in December over the preceding month and were 3.0% above the volume of
last December. The volume sold during the entire year gained slightly
over 1927. December installment sale; of 20 dealers gained 2.1% in the
comparison with November and showed no change from the corresponding
month of 1927. Collections on installment sales were 2.3% larger than in the
preceding month and 11.3% above a year ago, while those on all sales
gained 10.4 and 4.9%,respectively, in the comparisons. Accounts receivable
showed a 3.7% gain on Dec. 31 over Nov. 30. and were 5.0% in excess of
the amount on the corresponding date of 1927. Stocks of dealers and
department stores at the end of the month totaled 7.5% below a month
previous, but averaged 9.5% heavier than a year ago.
Chain Store Trade.
-The December-November increase in aggregate
sales of 21 chains with 2,459 stores in operation, totaled 57.2%, and the
gain over December a year ago 12.3%, the nnmber of stores increasing
1.7 and 21.9% in these comparisons. Average sales per store showed a
gain of 54.6% over November, but a decline of 7.9% in the comparison
-shoe, musical instrument, grocery,
with a year ago. All reporting groups
cigar, drug, five-and-ten-cent, men's and women's clothing-recorded
in aggregate sales in the month-to-month comparison, and all
expansion
except musical instruments, cigars, and men's clothing reported increased
sales over Dec. 1927. For the year 1928 total sales gained 15.8% over 1927
while average sales per store fell off 4.2% from a year previous.

Manufacturing Activities in Chicago Federal Reserve
District-Midwest Distribution of Automobiles.
The Federal Reserve Bank of Chicago announces that distribution statistics for December indicate a larger number
of cars sold at wholesale in the Middle West than either a
month or a year previous. Retail distribution and sales of
used cars declined in the month-to-month comparison but
remained considerably heavier than the volume sold in the
corresponding month of 1927. The Bank in its Monthly
Business Conditions Report Feb. 1 adds:
For the entire year 1928 distribution generally was in larger volume
than in 1927. Deferred payment sales in December of 36 dealers reporting the item averaged 51.3% of their total retail sales, which compares
with 51.5% in November and 56.1% for 20 dealers a year ago.
The bank also has the following to say regarding manufacturing activities
and output.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
December 1928
Chances from
Nov.
1928.

Dec.
1927.

Companies
Yr. 1928
!included
Change
From
Nov. Des. Year
Year
1927' 1928. 1927. 1927.

New CarsWholesale
28
28
38
Number sold
+15.5 +186.4 +13.1
28
28
38
+5.2
Value
+7.2 +106.5
Retail
74
74
95
Number sold
-23.8 +120.9 +25.1
74
74
05
-23.0 +50.7 +13.9
Value
On hand end of month
44
44
Number
-7.5 +12.3 +17.2* 64
44
44
+1.8 +10.1* 64
-14.5
Value
Used Cars
74
74
95
-15.9 +55.3 +12.4
Number sold
Salable on hand
42
42
+2.2* 62
Number
+7.9 +20.1
42
42
+4.8 +34.9 +13.5* 62
Value
•Average monthly.
-Shoe factories in the Seventh
Shoe Manufacturing. Tanning and Hides.
Federal Reserve District reduced their operations 13.7% in December
from the preceding month, according to preliminary estimates released by
the United States Department of Commerce. Reports from representative
tanneries show district production and sales of leather as somewhat larger
than in November but less than last year. Leather prices closed at steady
to slightly lower levels than a month ago.
The Chicago market for packer green hides and calf skins, was not so
active as in November; purchases by district tanners also decreased, while
shipments from the city increased. Prices showed little change in December from the preceding period, but trended downward early in January.
Furniture.
-Orders booked, shipments, and unfilled orders on hand the
end of the month showed aggregate declines in December from November,
according to the reports of twenty-three furniture manufacturers of the
Seventh District; in the comparisons with a year ago, however, each item
registered a large gain. Orders booked were 35.1% less than a month
previous but 27.4% above those of December 1927. Shipments declined
13.3% from November, though showing a gain in the comparison with
figures for a year ago of 11.3%. The volume of shipments exceeded new
orders, and together with cancellations reduced unfilled orders on hand
Dec. 31 to 20.1% below those held Nov. 30; the amount, nevertheless,
was 18.5% over a year ago. The rate of operations averaged about the
same as during November and slightly exceeded that for Decemberl 927.
Automotrile Production and Distribution.
-1928 output of automobiles in
the United States not only exceeded the 1927 volume but was slightly
-the previous record year. Production of 3,826.613
larger than in 1926
passenger cars exceeded that of 1927 by 29.9% and the 1926 figure by 0.2%•
Truck output of 530,771 was 16.7% larger than a year ago and 10.2%
heavier than in 1926. December data show passenger car production of
205.144, which 18 5.6% smaller than a month previous but 93.4% greater
than a year ago; truck output of 27.991 fell 29.5% below November but
exceeded last December by 1.8%.

Volume of Employment in Chicago Federal Reserve
District Well Maintained-Status of Detroit Employment During December.
In its Monthly Business Conditions Report dated Feb. 1,
the Federal Reserve Bank of Chicago summarizes employment conditions in the District as follows:




[Vol,. 128.

The volume of employment in the seventh district was well maintained
during the period Nov. 15 to Dec 15, manufacturing plants with an aggregate
of about 345,000 workers reporting an increase ot 0.4%. Payroll amounts.
however, reflected a less satisfactory situation, seven out of ten industrial
groups reporting decreases, the average loss for all of the groups amounting
to 2.0%. Three groups registered increases in both men and payrolls: the
textile industries in which the manufacture of men's clothing is on a seasonal
upgrade; food products where meat packing, milk products, and tobacco
were responsible for the gains; and the leather industries, included the
manufacture of boots and shoes. Heavy declines in men and payrolls were
shown in the vehicles group, covering the making of railroad equipment
as well as of automobiles, in practically all building materials, and in rubber
products. Lumber showed a slight gain in men but a largo reduction in
the amount of payrolls. Metals likewise reported increased employment
with decreases in payrolls, probably the result of shorter working schedules.
At Detroit the volume of employment showed the usual seasonal decline
for December, the total report by the Employer's Association of that city
falling 10.9% below the figure for the last week of November. On Jan. 1
1929, the volume was 31.1% higher than on the corresponding date a year
ago-Jan. 3 1928. Some improvement in general employment conditions
was caused by the requirements of the holiday trade, retail and department
stores adding considerable numbers to their forces. The free employment
offices of Illinois report that while the ratio of number of applicants to
available positions remained unchanged from the preceding month at 144%,
the increase in the numher of well qualified and responsible men and women
out of work is adding a more serious aspect to the situation. Reports from
the Iowa oftices reflected an increase in unemployment, the ratio changing
from 197% to 247. For Indiana the ratio declined from 137 for November
to 123 in December, but rose sharply the first week in January to 170%•
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Number of Wage Earners
Industrial Groups.

Toml Earnings.
Week Ended.

Week Ended.

Per
Dec. 15
Dec. 15 Nov. 15 Cent
1928. 1928. Change. 1928.

All groups (10)
345,628 344,419
Metals & metal prods.
(other than vehicles)_ - 144,806 143.327
33.178 34,672
Vehicles
Textiles & textile products 24.736 24.258
Food & related products.-- 46.678 46,197
Stone. clay.& glass products 12,654 12,828
Lumber & Its products
29.088 28,935
9,300 9,356
Chemical products
Leather products
13,745 13,321
Rubber products
4,074 4,169
Paper and printing
27,369 27,356

Per
Cent
Noe. 15
1028. Change.

+0.4 89,127.572 $9,317,263 -2.0
+1.0
-4.3
+2.0
+1.0
-1.4
+0.5
-0.6
+3.2
-2.3
+0.1

3,835,682 3,908,380 -1.9
-11.8
594,797
536.810 +10.8
1,208,888 1,193,715 +1.3
370,781
391,158 -5.2
670,556
734,559 -8.7
247.887
251,862 -1,6
269,163 +8.7
292,655
101,523
103.773 -2.2
889.979
890.735 -0.1

Upward Trend of Business and Banking Activity Reported in Kansas City Federal Reserve District.
Inclustr:al, trade and banking activity in the Tenth [Kansas City] Federal Reserve District, after rising gradually
through the late summer and fall months, turned sharply
upward in December, and the year 1928 closed with the
general volume of business slightly higher than in 1927,
according to tile Feb. 1 issue of the Monthly Review of the
Federal Reserve Bank of Kansas City. In its summary of
conditions, the Bank adds:
The favorable conditions which provided an impetus for this record
volume of business were visible at the turn of the year and, allowing for
the usual slackness in January, the year 1929 had a very good start.
Evidence of this is seen in the daily volume of payments by bank checks
in thirty cities, which for the first three weeks of January were larger
by about 6% than in the corresponding period a year ago. Requirements
for freight cars for the first quarter of 1929, reported to the TransMissouri-Kansas Shippers Board by producers and shippers of 26 different
lines of commodities, exceeded the number of cars actually loaded during
the first quarter of 1928 by 2.5%.
The feature in the situation in this District during December was a
record volume of retail trade at reporting department stores. Sales for
the month were larger than in November by 51.8%, aid were slightly larger
than in December 1927. Wholesale trade was seasonally small in Decemher, although sales for the year combined for five lines were 1.7% larger
than in 1927.
Movements of farm products to Tenth District markets in December
were unusually large for the month and season. The year's receipts of
four principal classes of grain were larger than in any former twelvemonth period. The livestock trade in December was featurtd by heavier
supplies of hogs and sheep and lighter supplies of cattle and calves than
in the same month a year ago. The year's supply of hogs and sheep
also ran ahead of 1927, although the number of cattle and calves received
fell short of the preceding year's total. higher average prices, notably
on cattle, gave the livestock marketed in 1928 greater value than in any
year since 1920.
Annual inventories for 1928, reported by the Government and State
Boards of Agriculture, showed the production of farm crops in this District
was larger, although there was but a slight increase in value, as compared with 1927. The condition of winter wheat, on a slightly smaller
acreage sown, was reported generally good, the heavy rains and snows
over the area having provided ample moisture for the winter.
Industrial operations in this District during December were at a high
rate of activity for the final period of a year, and 1928 closed with production in heavy volume and better adjusted to market requirements than
in former times. The large output of flour in December and the year 1928
established new high records for this industry. At the meat packing plants
more hogs and sheep, but fewer cattle and calves were slaughtered in December and the year than in the corresponding month and twelve months
of 1927. The production of soft coal increased in December but showed
a small decline as compared with a year ago. Shipments of zinc ore were
larger in December, both in tonnage and value, than a year ago, but there
was little change in shipments and values of lead ores. The year's outgo
of both of these ores was smaller in quantity and value than in 1927.
The petroleum industry closed the year with the total output of crude oil
8.6% below that of 1927, which was the high record for production.
Building and general construction activity was at the law point of the
year in December, although a very substantial increase in the value of contracts awarded and a high valuation placed on permits issued, indicated
a large amount of construction for the early spring inent&s. The record

FEB. 2 1929.]

for 1928 shows the value of contracts awarded in the District was 16.7%
larger, and the value of permits issued in cities was 9.9% larger, than
In 1927.

Conditions in wholesale and retail trade In the district
are reported as follows:
Retail Trade in December.
Sales of department stores reporting to the Federal Reserve Bank of
Kansas City were larger in December than in any previous month. The
sharp upturn in trade, due to heavy holiday buying, carried the dollar total
of sales for the month 51.8% above that for November and 0.6% above
that for December 1927. For the year 1928 total dollar sales of all department stores reporting in this District were 0.8% higher than for the year
1927.
December sales of other reporting retail stores, although showing uniformly large increases over November, generally fell below those for December a year ago. Sales of men's and women's apparel were 0.7% less;
sales of shoes about 6% less; and of furniture, 15% less. Chain stores
handling feeds reported sales for the month were considerably larger than
in the same month in 1927, based on returns of identical stores reporting
for both years.
Stocks of merchandise in the hands of department stores at the close
of December were 19.0% below those one month earlier and 1.9% below
stocks at the end of December 1927.
Wholesale.
The dollar volume of December sales of reporting wholesale firms in this
District was smaller than in November by 17.2%, but larger than in December a year ago by 0.3%. Total sales of all reporting wholesale firms
for the year 1928 exceeded those for 1927 by 1.7%.
Reports by separate lines showed sales of drygoods, groceries, hardware
and furniture were smaller in December than in either the preceding month
or the corresponding month a year ago, while sales of drugs were larger
than in either of these two former months.
Sales for 1928, as reported in dollars for the five lines, showed increases
over 1927 in sales of groceries, furniture and drugs, and decreases in sales
of drygoods and hardware.
Inventories at the end of the year showed stocks of all five reporting
lines except hardware, were smaller than one month earlier, but larger
for all lines except drygoods and hardware than at the end of December 1927.

Business

Conditions in San Francisco Federal
District at Satisfactory Levels.

Reserve

The year-end brought no fundamental change in the
generally satisfactory condition of business in the San
Francisco Federal Reserve District, according to Isaac B.
Newton, Chairman of the Board and Federal Reserve
Agent, of the Federal Reserve Bank of San Francisco. In
his survey of conditions in the District, under date of Jan.26,
Mr. Newton also says:
Seasonal declines in industrial activity and in employment during December were smaller than in most previous years, retail sales expanded by
more than the usual amount; wholesale trade was in moderately large
volume; the supply at credit was ample for the needs of business, although
at somewhat higher rates than prevailed earlier in 1928.
Developments in marketing of agricultural products were seasonal in
character during December. A shortage of rainfall was reported from all
states of the District, with some damage to fall-sown grains and to livestock
ranges.
The industrial situation was marked by unusual activity at the copper
mines of the District and daily average production of copper reached the
highest rate ever reported, although the month's total output was slightly
below the total for November. Increases in production of the metal accompanied price advances to the highest levels quoted since early in 1923.
Production of crude oil increased substantially during Necember. Lumber
output was smaller than in preceding months, a usual seasonal movement
-down of logging camps and
resulting largely from the annual holiday shut
lumber mills.
Retailers of the Districs reported larger sales during December, 1928,
than during December, 1927, despite the fact that there was one less trading
day in December of the latter year. Sales of reporting wholesalers were
also larger than a year ago although seasonally smaller than in November.
1928.
An active demand for credit was experienced during 1928, particularly
during the closing months of the year. Increased use of bank funds was
accompanley by advances in interest rates, but at no time during the year
was there a lack of credit available to business at relatively moderate costs.
Changes in member bank and reserv.) bank statements at the year-end
were largely seasonal in character.

Lumber Demand Strong in January.
Softwood lumber demand during the four weeks of Jan.
1929, showed 11% increase over softwood production of
the same mills during the same period. Hardwood demand
registered 3% increase over output for the same weeks.
For the week ended Jan. 26, according to telegraphic reports
from 797 hardwood and softwood mills to the National
Lumber Manufacturers Association, orders called for
384,117,000 feet, as against orders for 427,220,000 feet
from 824 reporting mills the previous week.
A decline in both production and shipments was shown
for the week, as compared with the week ended Jan. 19, in
figures actually reported, but the fewer number of mills
overbalances the difference. The "Association" continues:
Unfilled Orders Increase.
The unfilled orders of 336 Southern Pine and West Coast mills at the
end of last week amounted to 975,569,730 feet. as against 945,158.386
feet for 336 mills the previous week. The 146 identical Southern Pine mills
In the group showed unfilled orders of 238,465,730 feet last week, as against
236.614,386 feet for the week before. For the 190 West Coast mills the
unfilled orders were 737.104,000 feet, as against 708,544,000 feet for 190
mills a week earlier.




647

FINANCIAL CHRONICLE

Altogether the 516 reporting softwood mills had shipments 101%, and
orders 112%, of actual production. For the Southern Pine mills these
Percentages were respectively 108 and 111; and for the West Coast mills
92 and 110.
Of the reporting mills, the 516 with an established normal production
for the week of 300,879,000 feet, gave actual production 97%. shipments
98% and orders 109% 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.
(Raised).

Softwood. I Hardwood. Softwood. I Hardwood
323
543
350
516
Mills (or units)*
292,338,000 49,073,000 308,225,000 53,402,000
Production
294,194,000151,167,000 298,639,000 50.833,000
Shipments
327,603,000 56,514,000 365,838,000 61,382,000
Orders(new business)
*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 190 mills reporting for the week ended Jan. 26 totaled
184,563,000 feet, of which 66,232.000 feet was for domestic cargo delivery,
and 38,842.000 feet export. New business by rail amounted to 66,655,000
feet. Shipments totaled 152,685,000 feet, of which 47,545,000 feet moved
coastwise and intercoastal, and 32,581,000 feet export. Rail shipments
totaled 59,725,000 feet, and local deliveries 12.833,000 feet. Unshipped
orders totaled 737,104,000 feet of which domestic cargo orders totaled
275,824,000 feet, foreign 262,888,000 feet and rail trade 198,392.000 feet.
Weekly capacity of these mills is 218,523,000 feet. For the 3 weeks ended
Jan. 19, orders reported from 123 identical mills were .08% above production, shipments were .06% under production. The same mills show an increase of 1.07% on Jan. 19, as compared with Jan. I, in orders.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 146
mills reporting, shipments were 8.23% airove production, and orders
11.07% above production and 2.63% above shipments. New business
taken during the week amounted to 72,349,682 feet. (previous week
79.271,184); shipments 70.498,338 feet (previous week 68,520,766); and
production 65.136,966 feet, (previous week 71,419,167). The normal production (three-year average) of these mills is 74,595.621 feet.
The Western Pine Manufacturing Association of Portland, Ore., reports
production from 31 mills as 23,662,000 feet. as compared with a normal
production for the week of 15,243,000. Thirty-four mills the previous
week reported production as 22,625,000 feet. There was a nominal decrease in shipments last week, and a marked decrease in new business.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 23 mills as 12.357.000 feet, as
compared with a normal figure for the week of 9,081.000. Twenty mills
the week earlier reported production as 10,416,000 feet. Shipments and
new business were slightly above those reported for the week before.
The California Redwood Association of San Francisco, reports production from 13 mills as 6,352,000 feet, compared with a normal figure of
7,425,000, and for the preceding week 6,594,000. Shipments showed some
increase last week, and new business was about the same as that reported
for the week earlier.
The North Carolina Pine Association of Norfolk, Va., reports production
from 72 mills as 9,675,000 feet, against a normal production for the week
of 14,550.000. Seventy-three mills the week before reported production as
10,339.000. There was no noteworthy change in shipments and new
business last week.
The Northern Pine Manufacturers Association of Minneapolis, Mimi.,
reports production from 9 mills as 4.035,000 feet, as compared with a normal
figure for the week of 6,111,000, and for the previous week 4,068,000.
There were notable reductions in shipments and new business last week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) reports production from
28 mills as 3,019,000 feet, as compared with a normal production for the
week of 3,994,000. Thirty-three mills the week earlier reported production
as 4,915,000 feet. Shipments showed some decrease last week, and there
was a notable reduction in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 42units as 8.601.000 feet, as coinpared with a normal figure for the week of 8.994,000. Sixty-six mills the
preceding week reported production as 11.698,000 feet. Shipments showed
a nominal decrease last week and new business a heavy reduction.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 281 units as 40,472,000 feet as against a normal production
for the week of 50,523.000. Two hundred and eighty-four units the week
before reported production as 41,368,000 feet. Shipments were slightly
larger last week, and new business slightly less.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR FOUR WEEKS AND FOR WEEK ENDED
JAN. 26 1929.
Normal
Production
Production. Shipments. Orders.
for Week.
Association—
263,805,000 260,085,000 270,381,000
-4 weeks
Southern Pine
65,137,000 70,498,000 72,350,000 74,596,000
Week (146 mills)
West Coast Lumbermen's—
615,487,000 566,663,000 650.343.000
Four weeks
168,101,000 154,287,000 187,14 ,000 169,879,000
,
Week (194 mills)
87,893,000 103,129.009 113.425,000
-4 weeks
Western Pine Mfrs.
23,662,000 25,635,000 26,441,000 15,243,000
Week (31 mills)
Calif. White & Sugar Pine—
58.333,000 90,369,000 86,652,000
Four weeks
12,357,000 20,695,000 20,128,000 9,081,000
Week (23 mills)
25,422,000 26,612,000 29,929,000
California Redwood-4 weeks_
6,352,000 7,636,000 7,830,000 7,425,01,0
Week (13 mills)
-4 weeks 38,481.000 38,278,000 31,116,000
North Carolina Pine
9,675.000 9,396,000 7,458,000 14.550.000
Week (72 mills
-4 weeks 15,789.000 23,908,000 28.886,000
Northern Pine Mfrs.
4,035,000 4,620,000 6,632,000 6,111,000
Week (9 mills)
Northern Hemlock & Hardwood—
Softwoods-4 weeks
19,843,000 10,246,000 14,232,000
3,019,000 1,427,000 1,616,000 3,994,000
Week (28 mills)
Softwoods—total 4 weeks.1,125,053,000 1119,290000 1244,964000
Week (516 mills
292,338,000 294,194,000 327,603,000
Northern Hemlock dr Hardwood—
Hardwoods-4 weeks
44,278,000 32.929,000 32,496,000
8,601,000 7,927,000 6,192,000 8,994,000
Week (42 units)
Hardwood Mfrs. Inst.-4 weeks_149,428,000 153,799,000 167,650,000
40,472,000 43,240,000 50,322,000 50,523,000
Week (281 units
Hardwood—total 4 weeks
Week (323 units)

_193,706,000 186,728,000 200,146,000
49,073,000 61,187,000 56,514,000

648

FINANCIAL CHRONICLE

[VOL. 128.

West Coast Lumbermen's Association Weekly Report. a picture of seasonal and season to season variations in
According to the West Coast Lumbermen's Association, visible supplies of Japan raw silk.
reports from 194 mills show that for the weeks ended Jan. 19
1929 shipments were 13.27% under output, while orders American Woolen Co. Opens Fall Overcoating Lines
Press at About Same Levels as Last Year.
exceeded production by 13.52%. The association's stateThe opening of fall overcoating lines by the American
ment follows:
Woolen Co. on Jan. 31 witnessed prices at about the same
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
194 mills report for week ended Jan. 19 1929.
levels as last season, says the "Journal of Commerce"
(All mills reporting production orders and shipments.)
whose account states:
Production.
Shipments.
Orders.
170.059.884 feet
100%

193,053,281 feet
13.52% over production

147.506.900 feet
13.27% under production

COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (229 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date)
Actual Production
• Weekly
Average Weekly
Average Weekly
Week Ended
Production 3 Weeks
Production
Operating
Jan. 19 1929.
Capacity.
Ended Jan 19 1929.
During 1928.
186,100.215 feet
243,042.427 feet
164,542,405 feet
192,022.669 feet
* Weekly operating capacity is based on average hourly production for the 12
am months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON FOR 190 IDENTICAL MILLS
-1928-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Week EndedJan. 19 '29. Jan. 12 '29. Jan. 5'29. Dec. 29 '28.
Production (feet)
188.235,884 162,462,405 113,719,389 74,413,844
Orders (feet)
Rail
Domestic cargo
Export
Local

190,993,281 156,359,330 133.642,044 118,441,442
74,616,048 58.836,782 53,597,539 46,591,878
74,851,353 68,394,332 46,891,544 42,362,925
33,156,872 20,005,215 22,554.877 22,861,275
6,625,964
10,598,084
9,123,001
8,369,008

Shipments(feet)
Rail
Domestic cargo
Export
Local

144,387,900 137,842,403 126,774,168 118,557,644
60,083,320 52,424,568 40,588,289 31,281,023
48,494,132 47,817,504 43,190.850 40,545,593
27,441,440
28,477,330 32.396,945 40,105,064
6,625,964
10,598,084
.8,369,008
9,123,001

Unfilled orders (feet)
RaIl
Domestic cargo
Export

708,543,609
192,471,686
256,871,158
259,200,765

665,193,408
179,008,634
230,394,729
255,790,045

652,796.590
175,601,796
201,457,113
266,737,681

633,540,023
141,826,629
199.210,807
292,502,587

106 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 3
Average 3
Weeks Ended
Weeks Ended
Week Ended
Jan. 21 '28.
Jan. 19'29.
Jan. 19'29.
Production (feet)
91,592.569
95,170.750
108,527,145
Orders (feet)
97,632.968
100,030,640
122,035,459
Shipments (feet)
81,731,404
86,235,868
91,596,527
DOMESTIC CARGO DISTRIBUTION
-WEEK ENDED JAN.12'29(117 Mills).
Unfilled
Orders
Week Ended
Jan. 12 '29.

Orders on
Hand Bebeg'g Week
Orders
Jan. 12 '29. Received.

CancelMama.

Feet.
Feet.
60,794,257 20,334,595
111,363,077 33,628,047

Feet.
Feet.
Feet.
201,707 18,670,654 64,256,491
218,07222,250.952 122,521,500

Total Wash.ee Oregon_ 172,157,334 53,962,642
Brit. Col.(16 Mills)
California
1,768,000
Atlantic Coast
11,718,762 5,310,371
Miscellaneous
995,944

420,379 38,921,606 186,777,991

Washington & Oregon
(101 Mills)California
Atlantic Coast

Shipments.

44,000 1,724,090
148,421 3,305,883 13,574,829
465,594
530,350

Total British Columbia 14,482.706 5,310,371

148,421 3,880,233 15,784,423

TRW dnrnmatir mrsrn

sem son 42 801.839 202.542.414

180 1140 nAn co 972 012

Visible Stocks of Japan War Silk in December 1928
Totaled 128,311 Bales-Peak Month with Exception
of December 1927, When Total Was 137,288 Bales.
Douglass Walker, Director of the Intelligence Bureau of
the National Raw Silk Exchange, has compiled the following
table showing the visible stocks of Japan raw silk (in bales)
from January 1923 to December 1928:
July
August
September
October
November
December
January
February
March
April
May
June_

1928-29
103.093
107,923
105,966
114.541
111,745
128,311

1927-28
101,586
112.415
112,101
119,940
125,864
137,288
105,687
-- 87,398
---- 87.581
---- 92,837
---- 91.821
---- 77.334

1926-27 1925-26 1924-25 1923-24 1922-23
79,848 75,545 64,392 63.231
86.761 87,729 77,749 36,558
95,407 87.919 78,057 26,293
103.971 96,821 85.989 57.647
-107,858 101,847 98.207 74,825
111,842 107,093 107,348 86,671
98,157 84,367 92,861 76,856 82,g1.2
88,759 77,847 78,644 68,960 63,125
86,183 77,907 76,259 68,900 59,661
83,706 74,834 76,789 64,867 51,781
78,542 67,203 75,205 65.615 54,311
77,666 58,241 70.823 58,786 47,047

The above figures, it is stated, include stocks in New York
as reported by the Silk Association of America, stocks in
transit, as reported by the Silk Association of America,
and stocks in Yokohama and Kobe, as reported by the
Yokohama Raw & Waste Silk Merchants' Association.
The stocks are as of the end of the month. Stocks as of
the end of August, September, and October 1923 (earthquake period) are estimated. There are two sources of
visible Japan raw stocks not included in this compilation.
While stocks in the Japan spot market include all unsold
stocks and stocks sold and under inspection, but not delivered, they do not include stocks sold, delivered and held
by exporters awaiting shipment. Figures as to Japan raw
stocks held at American mills are also not included, as
not being fully available, although the Silk Association of
America publishes in the "Silk Worm" a figure giving such
stocks for approximatey 50% of the trade. Aside from
these two items, the above statistics, it is averred, furnish




A few offerings were pegged up, but in some cases the advance represented a decrease in the price quoted at the latter end of the season, but
above that named at last year's opening. Boucles, for instance,show an advance of approximately 2c, when compared with prices with last fall, but
are actually priced a few cents less than closing figures. Advances in
some staple lines represent the cost of improving the blend and texture of
the fabric.

The paper quoted notes that fully 90 fabrics in about 3,000
styles were shown to buyers, many of whom are reported to
have placed substantial orders. We quote further from
the "Journal of Commerce" as follows:
New Merchandising Policy.
The opening marked the beginning of new merchandising methods
recently adopted by the company. Instead of varying prices for cloths in
the same range, the company will henceforth endeavor to concentrate
price in order that a,buyer, say, purchasing a number of fabrics in the
same group at varying prices, may be enabled to purchase his choices In
one range at one price. This Is regarded as a definite improvement in
the policy of the company and is regarded by many as favorable buyers
and stimulating business as well as eliminating price haggling.
Chief among the fabrics advanced in price is No. 15231. 31-ounce chinchilla, in all shades, which has been raised to $2.60. as against $2.44 last
fall, an advance of approximately 16c. Following are price comparisons on
several "key" offerings which indicate the trend of price for the fall season:
Assabet Mills.
Weight
Fall
Spring
Fall
No.
Style.
Ounce.
1929.
1929.
1928.
1011-Flannel
11
$1.82
$1.83
$1.77
7212
-Flannel
12
1.95
1.95
1.95
Cvercoatings.
Weight
Fall
Fall
No.
Style.
Ounce.
1929.
1928.
7224
-Pc. dye
24
$2.05
$2.05
1926
-Kersey
26
2.15
2.14
15231--Chinchilla
31
2.60
2.44
6833
-Pc. dye
33
2.52
2.52
Adjustment to Present Buying.
The overcoatings shown yesterday are the product of more than 25
mills and are being handled through Departments 2, 3 and 7. The popular
priced numbers are more diversified than ever before and are regarded as
strengthening the company's already strong position in this field.
Millmen commenting on the opening stated that the diversity and number
of lines shown indicate that the big company has gone far in adjusting Itself
to present conditions and that the very variety of fabrics is proof sufficient
that the organization is elastic enough to most rapidly changing conditions.
The opening, in the opinion of one long time jobber, clearly pictures style
trends for the fall season and graphically depicts latest development(' in
colors and weaves in such varied types of fabrics as fleeces, bouchles. soft
finished goods, fine lofty overcoatings, chinchillas, ratines, whitneys, twists.
California weights,camel's hair,fancy and fancy backs,kerseys and meltons.
Soft-Faced Fabrics.
The company Is well prepared to meet demands for such soft-piled fabrics as fleeces and boucles, particularly, and offerings of these types of
overcoatings are reported to be extremely comprehensive. The Assabet
Mills offer several lines of blue and oxford topcoatings adapted for the long
topcoat favored by collegians.
Chinchillas and whitneys are included in No. 1.530, 1,531 and 1.532,
the offerings of the Brown Mill. They are priced $3.20,same as last season.
The Norwich Mills offer a range of fancy overcoatings, five numbers,
which are lc less than last year and several 2c. more. Several fabrics in
the offerings of the Hartland Mill, which are priced about $5, have been
reduced 18c., a mark-down of about 3 per cent. The Moscoma Mills offer
$5 fabrics, which have been reduced about 3%, that is from 3c. to 18e.
Other fancy overcoating price comparisons follow:
Fall
Fall
MillNo.
1929.
1928.
Webster
1330
*2.15
$2.12
Pioneer
1361
2.55
2.67
Anderson
1412
2.00
1.95
Forest
1522
1.50
1.49
Among the outstanding offerings that favorably impressed buyers was
"Curly Tone", a fine quality curled fabric in piece dyes and mixtures.
Piece dyes are priced $6.50 and mixtures, $6.70.

Report of Finishers of Cotton Fabrics.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, arranges for a
monthly survey within the industry. The results of the
inquiries are herewith presented in tabular form. The
secretary of the Association makes the following statement
concerning the tabulation:
The figures on the attached memorandum are compiled from the reports
of 28 plants, most of which are representative plants, doing a variety of
work and we believe it is well within the facts to state that these figures
represent a cross section of the industry.
Note.
-(1) Many plants were unable to give details under the respective
headings of white goods, dyed goods, and printed goods, and reported
their totals only: therefore, the column headed "total" does not always
represent the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary
changes in equipment at various finishing plants, it is impracticable to
give average percentage of capacity operated in respect to white goods as
distinguished from dyed goods. Many of the machines used in a finishing
plant are available for both conversions, therefore the percentage of capacity
operated and the work ahead Is shown for white goods and dyed goods
combined.

PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
Dyed
Goods.

White
Goods.

November 1928.
Total finished yds. billed during month
District 1
2
3
5
8

Printed
Goods.

Total.

11,986,371 16,871,588 10,513,815 45,442,047
808,728 3,235,684 16,614,593
5.056,246
11.105,945
7,119,070 3,986,866
5.814,081
4,298,782 1.515.279
3,723.789
3,723.789

32,184,267 23,182.459 13,749,479 82.700.435
Total
Total gray yardage of finishing orders
received
12,991,876 17,328,553 11,837.787 44,399,996
District 1
6,253,760 4.602.829 2,174.993 16,507,613
2
11,488,789
7,662,546 3.826.243
3
6.223,357
4,980,081 1,243,276
5
4,036.877
4,036,877
8
35.925,140 27,000,901 14,012,780 82,656,632
Total
No. of cases finished goods shipped to
customers
25,671
4,944
3,290
4,883
District 1
3,874
11,880
783
2
6,329
2,137
4,192
3
3.275
3,275
5
1,981
1,981
8
Total
No. of cases of finished goods held in
storage at end of month
District 1
2
3
8
Total
Total average % of capacity operated
District 1
2
3
5
Average for all districts
Total average work ahead at end of
month expressed in days
District
2
3
5

18,185

7,884

3,290

49.136

3,280
4,164
740
1,981
728

3.149
885

2,812

16.077
12.278
5,522
1,961
728

4,034
10,853
White and Dyed
Combined.
59
55
64
55
163

2,812

36,588

85
100

63
65
64
55
163

61

90

85

3.8
2.7
2.8
2.5
15.3

20.8
6.0

7.1
3.8
2.8
2.5
15.3

3.6

18.8

5.5

Average for all districts

December 1928.
Total finished yds. billed during month
District 1
2
3
5
8

Dyed
Goods.

White
Goods.

Printed
Goods.

Total.

binders is returning to growers better prices than in 1927 because of the
higher average grade of the crop. The average price per pound being
paid for all cigar leaf is reported at 22.1 cents compared with 21.7 cents
a year ago.
Flue Cured tobacco is estimated at 723,436,000 pounds compared with
715,944,000 pounds in 1927. Prices showed marked improvement late
in the season, due to a large increase in export requirements. The average
price of all sales is expected to be about 17.9 cents per pound, compared
with 21.3 cents for the 1927 crop.
Burley production is estimated at 269,469,000 pounds compared with
180,197,000 pounds in 1927. Late reports, however, from the more important producing areas, indicate that the tobacco is running lighter in
weight than was expected and some revision downward may be necessary
on the basis of sales reports at the close of the season. The quality of the
crop is unusually high, and prices are mounting in consequence. The
average price per pound to burley growers in 1927 was 23.2 cents. The
average price reported for 1928 is 26.1 cents, with the probability of prices
for the season averaging higher.
Maryland tobacco is low in production and quality, due to excessive
storm damage during the growing season. The crop is estimated at 21,700,000 pounds compared with 26,176,000 pounds in 1927.
One Sucker tobacco is estimated at 22,086,000 pounds in 1928, compared
with 13,056,000 pounds in 1927. Quality is considerably better than that
of a year ago and the price per pound is better, 13.1 cents per pound
compared with 10.6 cents in 1927.
Green River air cured tobacco from the Henderson and Owenboro district is estimated at 24,500,000 pounds compared with 18,110,000 pounds
in 1927. Somewhat better prices are being paid for the crop, the reported
average being about 11 cents compared with 9.1 cents in 1927.
Virginia Sun Cured tobacco produced 5,536,000 pounds, about the same
as in 1927. The quality was materially lowered by weather conditions
and the average price per pound to growers is lower, 8.5 cents compared
with 13.1 cents in 1927.
Fire Cured tobacco production is estimated at 140,324,000 pounds in
1928 compared with 111,760,000 pounds in 1927. Virginia dark fired,
which was decreased in acreage and damaged by excessive rainfall, is
estimated at 21,824,000 pounds, compared with 26,560,000 pounds in
1927. Clarksville and Hopkinsville is estimated at 82,300,000 pounds
compared with 63,000,000 pounds a year ago, and Paducah 30,700,000
pounds compared with 18,000,000 pounds in 1927. Both types suffered
some frost damage and early season weather damage. The tobacco is
reported to be lighter in weight than expected. The estimates given
are a maximum. Henderson fire cured is estimated at 5,500,000 pounds
compared with 4,200,000 pounds in 1927. The quality of fire cured tobacco in general is below that of the 1927 crop. Prices tend to improve
as the marketing season advances and the season average for the group is
expected to be but little below that of the smaller and better crop of
1927.

8,691,177 17,053.765 12.214.831 42,530,049
566,540 3,299,139 15.470,123
4,753,021
7,331,945 4,197.581
11,529,526
4.935,433 1,062,880
5.998,313
3,583.888
3.583,868

Total
29,295,444 22.885,766 15,513,970 79,111,879
Total gray Yardage of finishing orders
received
10,716,710 13.709,583 11,506,161 38,110.844
District 1
2
5,534,871 3,892,306 2,071.686 15,546.642
3
6,778,299 3,516,964
10,295,263
5
5,334.363 1,324.811
6,659,174
3,805.023
8
3.805,023
32.169.266 22,443,664 13,577.847 74,416,946
Total
No. of cases finished goods shipped to
customers
3,957
3,041
4,516
22,477
District 1
4.875
500
13,388
2
2,118
4,035
6,153
3
3,740
3.740
5
1,829
1,829
8
Total
No. of cases of finished goods held in
storage at end of month
District I
2
3
5
8
Total
Total average % of capacity operated
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in days
District 1
2
3
5.
8
Average for all districts

18,995

6,575

3.041

47,587

2.867
4.543
946
1,759
736

3,562
470

3,286

17,826
12,329
6,028
1,759
736

4,032
10.851
White and Dyed
Combined.
58
51
58
50
149

3,286

38.678

82
90

Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out
on Jan. 23 its monthly report on the exports of the principal
grains and grain products for December and the twelve
months ended with December, as compared with the corresponding periods a year ago. Total values of these exports were larger.in December 1928 than in December 1927,
$28,070,000 being the value in December 1928 against
$25,170,000 in December 1927. Exports of barley in December 1928 were 6,549,000 bushels as against 3,425,000
bushels in December 1927; exports of malt 361,000 bushels
against 249,000 bushels; exports of corn 6,187,000 bushels
against 1,108,000 bushels; exports of oats 984,000 bushels
against 376,000 bushels; exports of rice 43,978,000 pounds
against only 19,740,000 pounds, and exports of wheat
7,641,000 bushels against 6,917,000 bushels. Exports of
rye and wheat flour, however, went out in smaller quantities
in December this year as compared with December last year.
The details are as follows:

62
60
58
50
149

DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.

58

85

62

3.5
2.6
3.3
3.8
19.2

20.2
10.1

6.7
3.6
3.3
3.8
19.2

3.7

19.0

5.6

All Types of Tobacco in United States Show Increased
Production.
Despite increased production of practically all types of
tobacco during the past season as compared with the 1927
crop, the better quality of most types is yielding somewhat
better prices than in 1927, according to the Bureau of Agricultural Economics, United States Department of Agriculture. The Department's announcement of Jan. 18 says:
An increase of 24,863,000 pounds in the production of cigar leaf tobacco, distributed over many producing districts, but with the most pronounced increase in Wisconsin, as compared with production in 1927, is
shown in revised estimates for the 1928 crop. The increase in Wisconsin
was accompanied by excellent quality, but quality in many other areas,
notably the Connecticut Valley, is relatively poor. Production of Pennsylvania seed leaf increased by nearly 3,500,000 pounds over 1927 production.
Prices being paid for cigar leaf are a reflection of quality rather than
quantity, the bureau says. The sharply increased production of Wisconsin




649

FINANCIAL CHRONICLE

FEB. 2 1929.1

December.
1927.
3,425,000
Barley, bushels
$3,507,000
Value
249,000
bushels
Malt,
1,108,000
Corn, bushels
5944,000
Value
24,000
Cornmeal, barrels
549,000
Hominy and grits, pounds
378.000
bushels
Oats,
$214,000
Value
6,682,000
Oatmeal,pounds
$373,000
Value
19,740,000
Rice, pounds
$798,000
Value
6.989,000
Rice, broken, pounds
$170,000
Value
1,259,000
Rye, bushels
$1,405,000
Value
6,917,000
Wheat, bushels
$9,031,000
Value
1,126,000
Wheat flour, barrels
$7,450,000
Value
484.000
Biscuits, unsweetened, pounds_
348,000
Biscuits, sweetened, pounds_ _
795,000
Macaroni,pounds
Total value

1928.

12 Months End. December,
1927.

1928.

6,549,000 37,973,000 54,377,000
$3,183,000 $35,432,000 544,848,000
361,000
2,869,000
3,279,000
6,187,000 13,428,000 25,799,000
55,880,000 811.432,000 $26,368,000
25,000
387,000
275,000
1,985,000 23.145,000 11,502,000
984,000 10,053,000 10,481,000
$475,000 $5,269,000 $5,217,000
14,101,000 66,562,000 84,074,009
$552,000 $4,020,000 $4,293,000
43,978,000 239,596,000 288,702,000
$1,579,000 $9,742,000 $10,878,000
10,250,000 70,403,000 90,257,000
$279,000 82,058.000 52,357,900
489,000 35,941,000 14,499,000
$512,000 839,677.000 $17,377.00
0
7,641,000 168,307,000 92,666,000
$9,151,000 8239,504,000 $119,887,000
939,000 12.826,000 11,949,000
55,449,000 $85,332.000 973,817,090
511,000
6,618,000
6.7-.
000
,
3,920,090
4,871,000
298,000
9.979,000
8,468,000
1,209,000

$25,170,000 $28,070,000 $443,767,000 5315,693.000

Domestic Exports of Meats and Fats for December.
The Department of Commerce at Washington on Jan. 24
made public its report on the domestic exports of meats and
fats for December. This shows that in the month of December 1928 the total value and quantity of meats and meat
products exported was smaller than in December 1927,
29,685,509 pounds being shipped in December 1928, against

WM&
650

FINANCIAL CHRONICLE

33,011,342 pounds in December 1927, and valued at 85,237,255 against 85,509,720. The quantity and value of animal
oils and fats exported in December, however, was somewhat
larger than in the corresponding month a year ago.
For the twelve months ended with December the exports
of meats and meat products were larger in quantity but
smaller in value than in the twelve months of the preceding
year while exports of animal oils and fats were larger in
both quantity and value. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of December
1927.
Beef and veal, fresh lbs
Value
Beef, pickled, &c., lbs
Value
Pork, fresh, lbs
Value
Wiltshire sides, lbs
Value
Cumberland sides, lbs
Value
Hams and shoulders, lbs
Value
Bacon, lbs
Value
Pickled pork, lbs
Value
Oleo oil, lbs
Value
Lard. lbs
Value
Neutral lard, lbs
Value
Lard compounds, animal fats,
Pounds
Value
Margarine of animal or vegetable fats, lbs
Value
Cottonseed oil, lbs
Value
Lard compounds,vegetable fats.
Pounds
Value
Total meats 4: meat products,
P.,s-ds
alue
Total animal oils and fats.
Pounds
Value

I

1928.

12 Months Ended Dec.
1927.

1928.

267,472
164,811
333,487
553,076
695,980
490,856
588.253
566,427
1,020,320
867,241
$181,189
3137,405
39,994
177,817
$23,004
$8,457
546,491
595,668
$90,666
$86,981
9,905,417 8,518.363
51,853,721 51,755,186
9,346,695 9,593,177
$1,332,340 51,420,783
1.939,786 1,976,432
5254,263
5296,719
4,432,650 3,314,937
$722,714
5392,576
62,855,241 86,357,697
58.502,160 510,854,222
1.769,477 1,170,826
5265.351
3151,824

1,737,742
8343,784
14,767,932
51,626,151
8,235.058
51,505,325
652,954
3124,167
8,804,533
$1,632,769
122,613,240
525,319,569
105,649,020
316,684,137
29,270,940
54,174,901
78,781,070
59,599,363
681.302.778
592,034,613
20,396,671
53,003,462

2,051,654
5442,075
9,364,979
51,175,095
11,412,601
51,773,671
931,112
5140,169
5,511,740
$896,268
124,148,631
523,305,970
117.686,967
516,680,807
33,402,029
54,732,755
62,779,381
58,280,861
759,722,195
598,700,668
23,749,830
53,225,117

507.231
568,873

385,085
549,631

8,988.286
51,084,350

4,713,368
5613,219

52,627
58.820
8,302,960
$744,589

32,198
E6.889
3,818,986
5392,681

795,785
5128,791
67,981,717
55,937,557

644,565
5107,064
51,702,246
54.656,725

295,009
$47,072

724,916
$85,053

5,431,387
5714,598

5,680,959
5759,569

33.011,342 29,685,509 388,771,343 398,325,081
$5,509,720 $5,237,255 571,011,209 567.721,789
70,786,791 92,158,938 814,435,931 865,481,554
59,702,218 511.553,899 5108,388,088 $112,512,336

Domestic Exports of Canned and Dried Foods in
December and the Twelve Months.
The report of the exports of canned and dried foods, released by the Department of Commerce at Washington on
Jan. 24, covers the month of December and the twelve
months period ending with December for the years 1928
and 1927. The report in detail follows:
Month of December. 12 Mos. End. December.
1927.

1928.

1927.

1928.

Total canned meats, pounds
742,246 18,601.034 14,693,730
1,006,313
Value
5303,671 5256,063 55,913,468 55,323,976
Total dairy products, pounds
7,994,425 8,783,374 118,699,654 128,323,693
Value
31.226,190 51,316.178 517.421,570 $18,502,114
Total canned vegetables, pounds_ _ _ 6,719.340 7,543,512 80.846,299 91,164,768
Value
5589.190 5752.115 57,487.433 58.692,885
Total dried & evaperated fruits, lbs. 66.463,239 60,376,618 481,689,722 585,197.003
Value
54,222,131 54,401,631 533,796,980 539,613.858
Total canned fruits, pounds
35,189,833 38.714,962 247,878,805 305.762.314
Value
53,097,158 53,272,053 522,631,980 526,758.812
Beef, canned, pounds
108.627 2,752.348 1,899,225
236.589
$35,182
5912.073
Value
588.427
$676,110
Sausage. canned. Pounds
122,358 3,844.420 2.037,954
174,734
$37,393 51,149,071
$51,662
Value
3682,490
Milk. condensed, (sweetened),lbs-- 2.345,003 2,891,898 34.981,081 38,762,549
Value
5368,216 $459.514 $5,517,428 56,191,185
Milk. evaporated (unsweetened)lbs. 4,532,260 4,820,709 68.047,141 76.788,833
Value
5453,156 5500,283 37,182,446 57,904,541
Salmon. canned, pounds
1,660,478 5,195,223 38,247,932 40,951,505
Value
5303,998 5760,856 $6,028,960 $7,661,536
Sardines, canned. pounds
8,185.478 11,103,187 79.439,503 80,253.474
Value
8658,494 $823,849 56,817,662 56.522.711
Raisins. pounds
21,369,417 17,547.246 177.434,912 226,489,734
Value
51,363,345 5896,719 512,302.431 $12,675,171
Apples, dried. pounds
5,327,375 10,834,026 27,663.994 35,150,527
Value
$664,520 51,195,579 52,998,402 34,146,135
Apricots, dried, pounds
1,505,841 1,352,231 20,913,280 23.843.482
Value
3234,211 5209,136 53,510,213 53,546.562
Peaches, dried, pounds
642,581 1,000,348 6,516,966 9.810,263
Value
3963,419
5671 019
592,191
558.302
Prunes, dried, pounds
35,097,400 27,920,714 229.589,930 267,704,390
Value
51,710,828 $1,851,913 812,613,770 516,221,083
Apricots, canned, pounds
3.610,193 3,290,710 25.917,495 28,765,080
Value
5350,511 $301,713 52,476,128 52,643.681
Peaches, canned, pounds
12,472,155 10.962,965 8,176.750 90.237.
Value
$992,814 $858,249 56,519,473 57.667,410
Pears, canned, pounds
8.458,722 11,903,419 61,889.768 78,265,549
Value
$862,477 $1,089,279 $6,204,671 57.508,627
Pineapples, canned, pounds
6.051,465 6,983.034 45.993,434 54,394,244
Value
5.508.197 5593,322 54,207.633 $4.885.206

Quarterly Report of Tobacco Stocks to Be Issued by
Department of Agriculture in Accordance With
Provisions of Gilbert Bill.

Issuance of quarterly reports of tobacco stocks by classifications and standards to be established by the United
States Department of Agriculture, as provided in the Gilbert
Bill which was signed by the President Jan. 14, has been
delegated to the Bureau of Agricultural Economics In the
Department of Agriculture. The Department, under date of
Jan. 24, says:
The new bill supersedes the Act of April 30 1912, providing for the
collection of tobacco statistics by the Bureau of the Census. It directs the




[VOL. 128.

Department of Agriculture to collect and publish information not only as
to stocks of tobacco by types, as previously reported by the census, but
reports of tobacco by groups of grades as well.
Under the terms of the new legislation, dealers, manufacturers, growers,
cooperative associations, warehousemen, brokers, holders or owners other
than original growers, are required to furnish the Department of Agriculture with information quarterly as of Jan. 1, April 1, July 1, and Oct.
1 of each year.
The reports will separate stocks of tobacco for the last four crop years,
including the year of the report from stocks held more than four years.
Nils A. Olsen, Chief of the Bureau of Agricultural Economics, discussing
the bill, declared that he "believes the segregation of stocks as to the
years of production should prove desirable as it is considered that tobacco
of the last four crops will be in direct competition with the crops to be
produced. Such segregation in the reports should assist farmers in marketing their tobacco and making their plans for future crops."
No funds are available under the Gilbert Act, but an estimate for the
necessary appropriation has been submitted to the Bureau of the Budget,
and it is expected that funds will be provided In the Second Deficiency Bill.
As soon as funds are provided, further announcement will be made by the
Bureau of Agricultural Economics as to the organization for =tying on
this work.

Petroleum and Its Products
-More Declines in Prices
as Production Soars.

With domestic crude oil production out of bounds and
establishing new high records from week to week, the position
of the market is still easy. A number of downward readjustments in posted prices have been made this week, and
it appears that declines are in prospect in sections of the
country not yet affected by the recent downward move
inaugurated in the Mid-Continent. Standard Oil of Califfornia, Union Oil, and other purchasing companies are expected to revise their light oil prices downward in line with
lower markets in the Eastern and Southwestern fields.
Efforts to secure further restriction in operations in the
Mid-Continent this week proved only partially successful,
and leaders in the industry are continuing their efforts to
cut down production totals through co-operative action
within the industry. The fact that the price cuts on light
oil have come so early in the year is generally regarded as
constructive, in that the lower price basis will have a tendency to restrict wildcatting,and thus curtail the bringing-in
of new production to some extent. Leaders in the industry
will meet in St. Louis on Feb. 11 to consider the form of
legislation worked up by committees of the American
Petroleum Institute which would carry out further the idea
of co-operative curtailment and conservation. The meeting
will be incidental to a gathering of the board of directors of
the A. P. I.
Discussion in oil trade circles regarding the effect of the
various investment trusts projected for the industry during
the past few weeks indicates that these trusts are expected to
exercise a constructive influence upon the industry. Operation of these trusts, it is believed, will simplify any financing
problems which may develop in the industry, and strengthen
the general market structure. Refiners are reported further
curtailing their crude runs to stills this week, and this curtailment is expected to carry through the current month.
Production of Venezuelan crude has fallen off a little,
output this week running approximately 393,000 barrels
daily, off 3,000 barrels a day from the peak production attained during December. Further gains in production
during the next few weeks are indicated by reports of field
operations, however. Royal Dutch continues the leading
factor, followed by Lago, Gulf, Creole, Falcon and British
Controlled Oilfields.
Crude oil price changes reported during the week were as
follows:
Jan. 26
-Canadian crude reduced be. a barrel to $1.90 for Petrolla and
81.97 for 011 Springs oil.
Jan. 26
-Ohio Oil Co. reduced Elk Basin and Grass Creek crudes 12c.
Per barrel; Rock Creek, 15c.; Lance Creek, 10c., and Big Muddy, 5c. per
barrel.
Jan. 26
-Ohio 011 Co. reduced Illinois, Princeton, Plymouth, Lima,
Indiana, and Western Kentucky crude 10c. a barrel.
Jan. 26
-Ohio Oil Co. reduced Wooster crude 15c. a barrel.
Jan. 26-Ohlo Oil Co. reduced Salt Creek crude 5 to I8c. a barrel, as
gravity.
to
Jan. 26
-Standard Oil of Louisiana and other purchasing companies
reduced prices on Arkansas and Louisiana cnides to conform with similar
cuts In Texas and Oklahoma oil.

Prices are:
Pennsylvania_ __ _$4.10 Bradford
Corning
1.65 Uma_

$4.10 Illinois
$1.45
1.50 Wyoming, 33 deg_ 1.21
Cabell ______ _ _
1.27 Plymouth
1.4o Indiana
1.18
Wortham, 40 deg_ 1.32 Princeton
1.45 Wooster
1.52
Rock Creek
1.9J Gulf Coastal "A" 1.20
1.18 Canadian
Cordcana. heavy- 1.00 Panhandle
Smackover,24 deg. .90
1.29
Buckeye..,.
3.90
3.85 Eureka
Oklahoma, Kansas and Texas
32-32.9
$1 08 Big Muddy.
$1.28
32 Lance Creek _
40-40.9
1.34
44 and above.
1 44 Bellevue
1.20
Louisiana and Arkansas
Markham
-1.00
32-32.9
1 08 Somerset_
1.75
1.17 California
1.17
14-14.9_
flpindleton, 35 deg. and up.
.50
Elk Basin
1 36
42-42.9
1.95

A

FEB. 2 1929.]

-GASOLINE CONTINUES ITS
REFINERY PRODUCTS
-KEROSENE SALES HEAVY.
DECLINE

There was no improvement in the gasoline situation this
week. A number of tankwagon and service station price
reductions are reported from various parts of the country,
and it is evident that the tankwagon and service station
markets are not yet thoroughly readjusted to the changed
conditions brought about by the recent reductions in crude
oil prices. Consumption in the East continues retarded this
week by the generally unfavorable weather conditions.
Export gasoline markets are firm, with prices unchanged
from last week's levels. There have been several inquiries
in the market for cargo lots of motor gasoline, but none of
this business has been closed as yet. Foreign buyers are
endeavoring to shade the prices established by the export
corporation, but have met with little success in the effort.
Cold weather has stimulated kerosene sales. Refiners this
week report a heavy movement in both tankcar and tankwagon markets, volume in some instances being reported at
record high levels for the season thus far. Export kerosene
sales are also larger this week, with prices well maintained.
Lubricating oils continue on the decline, and prices for Pennsylvania cylinder stocks show an aggregate decline of 1 cent
per gallon for the week. Business is slow in this braneh of
the market. Fuel oil business is good, and markets are well
maintained. Furnace oil sales in particular are running into
large totals, with refiners busy in getting out both tankcar
and tangwagon shipments.
The industry's code of ethics has not yet become effective,
and considerable price competition on gasoline is reported
from various parts of the country. In some quarters, the
belief is expressed that the large marketing groups are
strengthening their position as much as possible before the
code becomes effective. Vacuum Oil Co. is proceeding with
plans to actively enter gasoline marketing operations, and is
expected to put its brand on the Philadelphia market in the
near future. At present, the company is marketing gasoline
up-State through two subsidiaries, the Ray Oil Company
and Metro Filling Stations.
A chronological summary of the week's price changes
follows:
Jan. 26
-Pennsylvania refiners reduced kerosene Mc. per gallon.
Jan. 28
-Pennsylvania refiners reduced cylinder stocks lubricating oil
He. per gallon.
Jan. 29
-Standard Oil of Indiana, Sinclair Refining and Texas Corporation reduced service station gasoline 2c., and tankwagon gasoline lc. per
gallon in Standard of Indiana territory.
Jan. 29
-Standard Oil Co. of Ohio advanced tankwagon gasoline lc. a
gallon.
-Pennsylvania refiners reduced cylinder stocks lubricating oil
Jan. 30
Mc. per gallon.
C. per gallon at Chicago to
Jan. 31-U. S. Motor gasoline reduced
634c. to 7c.
31-Fuel oil. 28-30 gravity. advanced 23c. a barre at Chicago to
Jan.
El to E1.023 a barrel.
Jan. 31-Standard Oil Co. of New York reduced tankwagon and service
station gasoline prices 2c. per gallon in New York State above Peekskill.
Jan. 31-Standard Oil Co. of New York reduced tankwagon and service
station gasoline prices lc. per gallon in Vermont.

Prices are:
REFINERY PRODUCTS
-DOMESTIC GASOLINE PRICES LOWER
-EXPORT MARKET FIRMER.

Prices are:
Gasoline (U. S. Motor)
New York
10H Tampa
.10)4
.10)4 Jacksonville
Chelsea
12
07)4 New Orleans
+Oklahoma
10
Tiverton
12
Houston
Providence (deliv.) .12
.10
Boston (delivered)._ .12
.0674 Californhi
“Chicago
.07)(
Carteret
.10H Marcus Hook
10X North Texas
.07H
.10s4
Baltimore
.10H Philadelphia
Portsmouth
.10H
.1034 Norfolk
Note.
-The above prices are f.o.b. refineries, tank car ots, unless otherwise noted
Delivered prices are generally it. a gallon above the ref nery quotation.
•A number of the large refiners were still quoting Sc. to 9)4 c.
Gasoline (Service Station).
New York
.24 [ Charlotte
•
I Richmond
Balton
.21 I Charleston
17 I Sun Francisco
Baltimore
23 I Chicago
.22 i Wheeling
Norfolk
23 I Parkersburg
23 I New Orleans
Note.
-The above prices are retail prices at service stations and Include
taxes in States where a tax is imposed.
* Outside of Metropolitan New York the quotation is 17c.

23
23
is
1574
State

Kerosene.
05H I Philadelphia (deity.) .0074
New York
.081,4 I Chicago
New York (deity.).. .0914 I Philadelphia
.0814 Oklahoma
05H
Note -The above prices are f.o.b, refineries, tank car lots, unless Otherwise noted.
Delivered prices are generally lc. a gallon above the refinery quotation.
Bunker Fuel Oil.
New York
1.05 New Orleans
1.05 Norfolk
95
Baltimore
.90 California
1.05 Charleston
85
-The above prices are f.o.b. refineries; a charge of 5c. a barrel Is made for
Note.
barging alongside.
Gas and Diesel 011.
05H Diesel oil. New York
Gas oil, New York
2 00
-The above prices are f.o.b. refineries.
Note.
Export Quotations.
Gasoline, Navy, New York, cases_ .2640[Kerosene,s. w., New York,cases._ .1765
Bulk
11 I W. W., New York, casee
1890
Tank Wagon Prices.
17 I Kerosene, w. w.. New York
Gasoline, New York City
.15




651

FINANCIAL CHRONICLE

Crude Oil Production in United States Continues to
Increase.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended Jan. 26 1929, was 2,663,100 barrels, as
compared with 2,644,200 barrels for the preceding week,
an increase of 18,900 barrels. Compared with the output
for the week ended Jan. 28 1928, of 2,355,250 barrels per
day, the current figure shows an increase of 307,850 barrels
daily. The daily average production east of California for
the week ended Jan. 26 1929, was 1,894,800 barrels, as compared with 1,890,900 barrels for the preceding week, an
increase of 3,900 barrels. The following estimates of daily
average gross production in barrels, by districts, are for the
periods shown below:
DAILY AVERAGE PRODUCTION.
(Figures in Barrels).
Weeks Ended
Jan. 26 '29. Jan. 19 '29. Jan. 12 '29. Jan. 28'28.
717,950
723,650
723,650
670,250
Oklahoma
97.150
97,150
110,800
Kansas
97,350
59,550
58.750
76,900
Panhandle Texas
61,200
86,150
86,75087,600
72,450
North Texas
53,200
53,900
54,700
52,750
%Vest Central Texas
357,700
269,500
373,450
368,750
West Texas
21,500
20,70()
21,000
25,300
East Central Texas
41,700
38,950
23,150
Southwest Texas
43,500
36,650
North Louisiana
36,350
36,300
45,700
Arkansas
79,150
78,100
78,250
90,100
Coastal Texas
118,600
115,950
116,100
105,650
Coastal Louisiana
21,300
21,400
15,700
22,300
Eastern
111,600
111,750
112,500
109,000
52,400
53,150
Wyoming
50,100
52,900
10,850
10,400
kionuina
11,150
11,450
'olorado
6,850
6,850
6,950
7,100
2,250
New MeXi00
2,000
2,450
3,150
753,300
721,800
613,300
California
768,300
Total

2,663,100

2,644,200

2,593,650

2,355.250

The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, North, West, Cenral, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended Jan. 26. was 1,573,200 barrels, as compared with 1,565,300
barrels for the preceding week, an increase of 6,900 barrels. The Mid
Continent production, excluding Smackover, Arkansas, heavy oil was
1,521,750 barrels, as compared with 1,514,550 barrels, an increase of
7,200 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 EndedNorth LouisianaJan.26. Jan.19.
OklahomaJan.26. Jan.19.
14.950 16,500 HaynesvIlle
5,550
5,350
Logan County
11,200 11,300 Urania_
a oilitawa
5,750 5,850
23,300 23,300
durbank
Arkansas
19.050 19,150
litistow Slick
8,100 8,100 Smackover. light
6,900 6,900
Cromwell
40,400 40,400 Smackover, heavy
51,450 51,750
ieminole
42,000 43,500 Champagnolle
10,950 10,600
Bowlegs
8,550 9,000
Aeartght
Coastal Texas
100,100 96,500
Little River
7,100 7,200
. 68,050 70,450 West Columbia
Earlsboro
12,100 10,700
128,500 129,700 Pierce Junction
4t. Louis
10,100 9,700
. 27,900 27,300 Hull
Allen Dome
34,250 33,400
31,300 27,850 Sphidletop
Maud
900
800
Mission
Coastal Louisiana
Kansas4,000
4.100
7,250
7,450 Vinton
dedgwick County
East Hackberry
5,750 6,150
Panhandle Texas800
800
.
d utehtnean County._ __ 27,500 27,700 Sweet Lake
2,850 3,200
5,850 5,650 Sulphur Dome
;arson County
23,650 23,200
Iray County
Wyoming
.VosIA Terns
29,600 32,300
28,850 29,350 Salt Creek
A'hbarger
Montana
17,900 18,000
%reher County
Sunburst
6,750 7,100
We-t Central TurasCal forniaMacheiturd County__ 11,700 11,350
165,000 153,000
9,300 9,350 Santa Fe Sprhigs
srown Ccunty
181,000 182,500
Long Beach
West Texas49.000 49,000
. 19,200 18,900 Huntington Beach
Aetwan County
15,000 15,000
40,800 38,900 Torrance
Bowan) County
10,000 10.000
73,050 74,800 Dominguez
Prso a County
6.500 6,500
Crane & Upton Counties 49,750 49,800 Rosecrami
27,000 27.000
176,900 173,400 Inglewood
Winkler County
Nitdway-Sunset.....
73,000 73,000
Kan Central Texas55,000 55,000
Corateana Powell... .... 9,200 9,400 V entura Ave
SPRI “earti. .
32,000 28,C00
Southwest Toas18,500 18,000
13,000 13.100 Elwood-Goleta
Lellng
4,000 4,000
. 11,500 11,000 Kettleman Hills
Laredo District

Oil Production in Venezuela Reached a New High
Record in December 1928, amounting to 12,269,931
Barrels-Preliminary Output Figure for the Year
Ended Dec. 31 1928 Totaled 108,098,508 Barrels.
According to the January issue of "O'Shaughnessy's South
American Oil Reports," oil production in Venezuela for the
month of Dec. 1928 amounted to 12,269,931 barrels, a new
high record, being an increase of 978,561 barrels over the
previous monthly record in November. Output in December
1927 totaled 7,304,597 barrels, or 4,965,334 barrels below
the current figure.
Shipments in December 1928 were 10,010,113 barrels, also
a new high, and an increase of 349,622 barrels over the preceding month and 3,417,367 barrels over the total shipped in
December 1927.
Preliminary production for the year 1928 totaled 108,098,508 barrels as compared with 64,436,926 barrels in the previous year, while shipments amounted to 100,616,394 barrels in 1928 as against 54,593,304 barrels In 1927.
The above referred to report also contains the following
statistics:

652

FINANCIAL CHRONICLE

[VOL. 128.

PRODUCTION.BY COMPANIES(PARTLY ESTIMATED).
Price developments are inconsistent, reflecting wide variations in book(In Barrels of 42 Gallons)
ings in different classes of products. Some makers of cold-rolled strip
December
Daily
December
Daily
November
Daily
Average. have advanced quota tons $2 a ton to 2.95c. a lb., Pittsburgh or Cleveland,
1928.
1927.
Average.
Average.
1928.
V. 0. C
3,679,905 118,707 3,376,065 112,535 1.786,819 57,639 and a corresponding increase in fender stock puts No. 20 gage up to 4.35c.
Lago
3,745,430 120,820 3,722,066 124,069 2,102,007 67,807 and No. 22 gage to 4.50c. Large rivets have been marked up $4 a ton, to
Falcon Oil Corp
120,125
114,623
3,875
3,821
$3.10 per 100 lb., Pittsburgh and Cleveland. The rise in scrap is given
Gulf-Creole a__ _ 1,272,514 41,049 1,129,106 37,637
799,398 25,787
Gulf
9,837 as the reason for a possible advance in semi-finished steel.
530,531 17,114
304,982
535,320 17,844
Scrap has lost some of its bouyancy. Heavy melting steel scrap at
Gulf Venez.Pet 1.105,830 35,672
569.000 18,355
760,420 25,347
Caribbean Pet_ _ _ 1,620,246 52,266 1,468,020 48,934 1,482,411 47,820 Pittsburgh, after eight consecutive weekly advances, has declined 50c. a ton
B.C.O., Ltd__....159,350
6,710 to $19.25. Prices of old material
4,925
208.000
5,140
147,750
in other market centers, however, are
Gerel Asphalt Co_
1,677
36,000
52,000
1,267
1,161
38,000
steady or stronger, and heavy melting steel at Philadelphia has gone up
Total
12,269,931 395,804 11,291,370 376,379 7.304,597 235,632 $1.50 to $17.50.
Finished steel prices that have been feeling competitive pressure include
SHIPMENTS, BY COMPANIES (PARTLY ESTIMATED).
plates, shapes and bars and track supplies. On tie plates concessions of $1
(In Barrels of 42 Gallons)
to $3 a ton have been reported.
December
December
Daily
Dell,
November
Daily
Price irregularities are not in keeping with the total volume of steel
Average.
1928.
1927.
Average.
Average.
1928.
V0C
. .
2,916,209 94,071 3,190,300 106.343 1,719.987 55,483 bookings, which for most producers exceeds that of a year ago. Steel
Lag°
2,746.579 88,599 2,452,568 81.752 1,805,747 58.250 ingot output is holding at
between 85 and 90% with no indications of
Falcon 011 Corp- _ 120,125
3,821
114,623
3,875
Gulf
-Creole
1,309,880 42,254 1,298,580 43,286
706,500 22,790 declining.
Gulf
8,205
254,340
Railroad freight equipment bought totals 5,600 cars. The Rock Island
535,860 17,286
649,290 21,643
Gulf Venez.Pet 1,131,260 36,492
452,160 14.586 placed 2,250 cars, and the Canadian Pacific ordered 2,200 in addition to
875,130 29,171
Caribbean Pet
940.700 31,357 1,415,580 45,664 the 2,800 reported last week. The
1.107,000 35,710
St. Paul has issued inquiries for 4,150
B.C.0., Ltd_ -- 107,200
6,014
186,432
3,377
101,300
3,458
1,677 cars, the Chesapeake & Ohio for 2,500, the Texas & Pacific for 1,500 and
Gen'l Asphalt Co_
52,000
1,267
36,000
38,000
1.161
the Norfolk & Western for 1,000 car bodies. The Wabash and the Northern
Total
10,010,113 322,906 9,660,491 322,017 6,592,746 212,669 Pacific will shortly enter the market for 2,000 and 1.300
cars respectively.
a Creole proportion.
Rail orders embrace 49,000 tons for the Burlington. 30,000 tons for the
Southern Pacific and 30,000 tons for the Illinois Central, in addition to
Copper Prices Firm Despite Lessened Demand From 50.000 tons purchased by the Rock Island last week and 230)0 tons placed
by the Nickel Plate two weeks ago. The Soo Line is expected to buy
Domestic Consumers-Sales of Zinc Show Marked 15.000 tons.
Considerable pipe line business is pending, and a general contract has been
Improvement.
placed for a 100
-mile gas line for
El Paso Gas Co.
New Mexico to
Improved buying of zinc by both galvanizers and brass El Paso, requiring 11,000 tons the steel. Prospectsfrom better demand
of
for
manufacturers stood out in the week's developments in the for oil country pipe have been clouded by a renewed overproduction of
non-ferrous metal markets. The formation of an ore-selling crude oil.
Pig iron buyers show little interest in their second quarter requirements
agency in the Tri-State district is held accountable for the except in the Cleveland and Chicago districts, where some orders for addigreatly increased interest in zinc and sales for the period were tional tonnage for the current quarter have also covered tonnage for delivery
succeeding
the largest that they have been in two months,"Engineering through thetool buying three-month period.December,
Machine
is heavier than in
and some naanufaeand Mining Journal" reports, and goes on to say:
turers report January the best month in sales since 1919.
Steel exports in 1928, at 2,862,997 gross tons, were 31.2% above 1927
Foreign demand for copper was good, but domestic sales totaled only a few
thousand tons. Business in lead was somewhat better at unchanged prices. and the largest year's total since 1920. Finished and rolled steel gained
15.3% over 1927, reaching 1,953,041 tons. Scrap shipments, at 515,314
Tin prices were fractionally lower.
Despite lessened activity in copper on the part of domestic consumers tons, were lnore than double those of the previous year.
Imports of iron and steel in 1928 totaled 782, 694 tons, a gain of 4 1prices were well maintained at 17 cents for Eastern deliveries, and 173
3%
cents in the Middle West. Copper is now two cents higher than when wages compared with 1927.
record, totaling $497,155,Machinery exports in 1928 were the largest on
were last increased, and it is felt that a further rise in labor rates may be
in order, in which case an advance in copper prices might result. Brass 457, or a gain of 7% over the total for 1920, the previous peak year.
The "Iron Age" composite price for pig iron has declined from $18.42 to
mills have been the chief purchasers of late, the demand being largely
$18.38 a ton. The finished steel composite is unchanged at 2.391c., as the
for April shipment. Most consumers are now well covered through April.
Germany, which fell back in its takings of copper during the Ruhr strike following table shows:
period, has now resumed its place as the leading European buyer. ConPig Iron.
Finished Steel.
Jan. 29 1929, 2.391e. a Lb.
signments to France have also registered a healthy increase. From present
Jan. 29 1929, 518.38 a Gross Ton.
$18.42
2.391e. One week ago
indications between 60.000 and 70,000 tons of copper will be sold in the One week ago
One month ago
18.46
2.391e. One month ago
foreign market this month.
One year ago
17.67
2.3360. One year ago
10-year pre-war average
15.72
1.6890. 10-year pre-war average
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire nails, black pipe and black
Chicago,
Price of Refined Copper Increased-Price for Domestic These products make 87% of the sheets. furnace and foundry Irons at and BirUnited Philadelphia, Buffalo, Valley
States output of finished steel.
mingham.
Delivery 174 Cents-Reports of Possible Wage
Low.
High.
High.
Low.
1928__2.391e. Dec. 11 2.314e. Jan. 3 1928_318.59 Nov. 27 $17.04 July 24
Advance.
1927_2.453e. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
5 19.46 July
The price of refined copper was advanced on Feb. 1 for 1926_2.453c. Jan. 5 2.403e. May 18 1926___ 21.54 Jan. 13 18.96 July 13
7
1925.-2.560o. Jan. 6 2.3960. Aug. 18 1925_ 22.50 Jan.
the third time this year, said the "Evening Sun," of last 1924_2.789o. Jan. 15 2.4604. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923_2.824c. Apr. 24 2.446e. Jan. 2 1923- 30.86 Mar.20 20.77 Nov.20

night. It added:
The new price is 173C

cents, compared with a former quotation of 17
cents. So far only the domestic price has been advanced. It is expected.
however, that export copper now quoted at 17Yr cents will be raised to
173 cents. The new price is the highest in about six years.
The price of copper wire also was advanced 3.1, of a cent a pound to-day.
The higher price was established by the American Brass Co., which is a
subsidiary of the Anaconda Copper Co.
Recent buying of copper was ascribed in some quarters to rumors of
a prospective wage advance in the copper mining districts of Montana
and Arizona. According to the Engenieering and Mining Journal an increase of 5% will be made, based on 17
-cent copper. Important copper
Producers recently denied, however, that any agreement exists to base
wages on 17
-cent copper. The assumption among copper consumers was
that a raise in wages would precipitate an advance in copper metal.

What is undoubtedly the best January in the history of
the iron and steel industry from the standpoint of production
and the best peacetime January in point of new business
and specifications is closing, states the "Iron Trade Review"
of Cleveland in its issue this week. The "Review" continues:

From the nature of recent orders and pending inquiry, this gain will be
maintained. The great bulk of commitments represents tonnage requirements. specifications for which will flow over a number of months.
Delivery continues the prime factor in most finished steel markets, to
.he exclusion of price in mos, cases, despite what appears to have been a
record steel output in January. No user has yet had his operations seriously
retarded and little business has been swung by superior delivery, but producers steadily become less flexible.
Steel production on the whole exceeds a year ago, when the industry was
gathering its strength for the push that culminated
Steel Output Continues at High Level-Railroad De- in April. Chicago, as usual at this season because in an alltime record
of railroad tonnage,
mand Expands
-Pig Iron Price Again Shows Slight leads all districts. Steel mills there are operating at 90%, and the second
blast furnace in two weeks has been lighted.
Decline-Steel Price Remains Unchanged.
Pittsburgh producers are averaging 85% and those at Buffalo 88. Mills
Expanding demand from the railroads, increasing pressure In the Mahoning valley are as near capacity as operating conditions permit.
Sheet mills
for automobile steel and a sharp gain in structural awards strip and in every district save Chicago are approximating 100%, with
tin plate mills close to that rate. Steel corporation subsidiaries
have strengthened the position of steel producers as January are operating this week at 86%,up one point.
Considering iron and steel prices as a whole, elements of strength are
draws to a close, reports the "Iron Age" of Jan. 31, in its
preponderant. On finished steel specified by large users price, as before
summary of iron and steel conditions. The "Age" is further stated, is
secondary to delivery. Scrap is rising. Coke and semifinished
quoted:
steel are firm. Cold-rolled strip has been put up $2 per ton as of Feb. 1.
Improvement in railroad buying is of particular interest. To a steel Wire products makers claim to be booking at the $2 rise. Large rivets
trade that has become accustomed in recent years to regard restricted have been advanced $4.
purchases of rolling stock as a normal condition, the addition, in one week,
Pig iron, especially in the Pit.sburgh and Youngstown districts, is draggy
of 12,000 freight cars to the pending list is impressive. Orders for 110.000 and attractive business has been developing concessions. The effort
tons of rails, following the placing of 73,000 tons in the previous fortnight, to command a differential from moderate and small buyers of heavy finished
are aLso reassuring, and it is now predicted that bookings for the current steel is proving abortive, and the market is approaching a flat 1.00c.
winter buying movement, although about 10% smaller to date, will reach a Pittsburgh, basis.
total equaling that of a year ago.
Bars, supported by automotive and farm implement requirements, and
Motor ear output is still characterized by irregularity, with some builders plates, going chiefly to carbuilders, shipyards and tank fabricators, are
slow in increasing their production schedules, but demand for automobile in sharp competition for leadership of the heavy finished steel market.
steel has reached large proportions, taxing the capacity of body sheet mills Although structural projects in more than usual volume are now being
and supporting a high rate of operations among makers of strip steel and figured, the season is against heavy shape awards.
alloy steel bars. Production of flat-rolled products in the Mahoning
Plate mills at Chicago arc shipping against a total requirement of about
Valley established a new January record.
170,000 tons for a Milwaukee welded Pipe interest. The Federal Barge
Structural awards, at 66.000 tons, are the largest in many weeks. A Line will require 15,000 tons for its program. Refinery tanks placed at
Canadian refinery accounts for 23.500 tons, State bridge work in Alabama Detroit require 12,000 tons. Chicago fabricators have booked 6,800 tons
for 6,900 tons and two New York municipal projects for a total of 11,000 for West Texas tanks and are figuring on a pipe line taking 5,000 tons.
tons. Municipal and State work, railroad bridge construction and indus- The 14,000-ton pipe line at Albany, N. Y., may be placed soon.
Plate needs of carbuilders, especially at Chicago, are the heaviest in
trial building are counted on to offset in part an expected decline in investseveral years. The Rock Island is beginning to buy against its recent inment construction.




FEB. 2 1929.]

653

FINANCIAL CHRONICLE

quiry for 3,300 cars. The Milwaukee is taking figures on 4.150 cars, the
Chesapeake & Ohio on 2,000, the Texas & Pacific on 1,500 and the Norfolk
& Western on 1,000 bodies. These and previous inquiries make about
-tons of steel, in the market.
21,000 cars, taking over 200,000
Track material orders are extensive, considering the season. Of the
50,000 tons errant' placed by the Rock Island,49,300 tons by the Burlington
and 23,000 by the Illinois Central, 105 000 tons will be rolled by Chicago
mills. The remainder has been booked by the Colorado maker.
-mile pipe line, requiring 100,000 tons of
Oil interests proposing the 450
steel. from Louisiana to St. Louis have organized a subsidiary to facilitate
Milwaukee has finally rejected the low French bid on
Its construction.
9,000 tons of cast iron pipe and placed the business with three domestic
makers. Detroit has divided 5,700 tons of cast pipe evenly between French
and domestic makers.
Selling of pig iron in most districts continues light, but shipments are
heavy. Bessemer iron in the Mahonlng valley is off 25 cents. The
stronger scrap market at Chicago has stimulated demand for pig iron.
In Great British as in the United States, expanding demand for steel is in
prospect from the shipbuilding industry, states the "Iron Trade Review"
weekly radio from London. Pig iron producers in France and in the
English Midlands are advancing prices. Business is fair in Germany,
with no price increases in prospect.
Weakness in Mahonlug valley pig iron prices is neutralized by strength
in eastern Pennsylvanits, maintaining the "Iron Trade Review" composite
of fourteen leading iron and steel products at 336.25, which was the 1928
high.

thracite in the week ended Jan. 19 last totaled 1,789,000
net tons, as against 1,749,000 tons in the preceding week
and 1,103,000 tons in the week ended Jan. 21 1928. The
Bureau reports as follows:
BITUMINOUS COAL.

The total production of soft coal during the week ended Jan. 19.including
lignite and coal coked at the mines, is estimated at 11,735,000 net tons.
Compared with this output in the preceding week, this shows an increase
of 65.000 tons, or 0.6%. Production during the week in 1928 corresponding
with that of Jan. 19 amounted to 9,724,000 tons.
Estimated Untted States Produdion of Bituminous Coal (Net Tons) Ind. Coal Coked
1927 --28
1928-29-Coat Year
Coal Year
to Date.a
Week.
to Date.
Wed.
9,848.000 • 855,532.000
371,396,000
9,854,000
Jan 5
1,516,000
1.858,000
1,586,000
1.825,000
Daily average
386,397,000
10,865,000
383,066,000
11,670,000
Jan. 12_b
1,523.000
1,811,000
1,595,000
Daily average-- 1,945,000
376,121,000
9,724,000
394,801,000
11,735,000
Jan. 19_c
1,525,000
1,621.000
1,604,000
1,956,000
Daily average
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the coal year 1928-29 to Jan. 19
(approximately 246 working days) amounts to 394.801.000 net tons.
Figures for corresponding periods in other recent coal years are given below:
423,243,000nettons
376.121.000 net tons11925-26
1927-28
373,609.000 nettons
460,437,000 net tons11924-25
1926-27
The "Wall Street Journal" of Jan. 29 says:
above, the total production of soft
As shown by the revised figures
has been increased during the
Ingot production of the U. S. Steel Corp.
as a whole during the week ended Jan. 12 is estimated
past week. The current rate is between 86 and 87% of capacity, probably coal for the country
net tons. This is an increase of 1,816.000 tons, or 18.4%.
nearer the higher figure, compared with about 85% in the two preceding at 11,670.000
over the output in the preceding week when output was curtailed by the
weeks.
following table apportions the tonnage by States
change in their activities and New Year holiday. The
Independent steel companies have made no
figures for other recent years:
continue to run at slightly better than 82% of capacity, as in the previous and gives comparable
Estimated Weekly Production of Coal by States (Net Tons).
week. Two weeks ago the rate was around 80%•
Jan. 1923
Week Ended
For the entire industry the average Is now approximately 85%.contrasted
Jan. 12'29 Jan.5'29. Jan. 14'28 Jan.15'27 Arge.a
Statewith 833i% in the preceding week and better than 8234% two weeks ago.
434.000
491.000
375,000
324,000
346.000
Alabama
30.000
35.000
At the end of the January a year ago the Steel Corporation was running Arkansas
61,000
39,000
54,000
246,000 226,000
231,000
253,000
290,000
at around 85%, but independents were still down around 73 to 74%. and Colorado
1,605,000 1,251,000 1,450.000 2,112.000 2,111,000
Illinois
the average for the industry was approximately a shade above 80%.
659,000
651.000
425,000
342,000
414,000
Indiana
140,000
149,000
70.000
77,000
The American Metal Market is quoted as follows:
86,000
Iowa
103.000
127.000
78,000
60,000
69,000
Mills entered February with an unusual volume of shipping orders, in Kansas
607,000
960.000
981,000
985,000
866,000
Kentucky-Eastern
new business and in contract specifications. There has been no further
240.000
376.000
388,000
366.000
399,000
Western
55,000
72,000
62,000
53,000
accumulation during January but that is not unfavorable.
64,000
Maryland
32.000
17,000
16.000
12,000
15,000
From some aspects the steel situation does not appear as favorable at this Michigan
87.000
78.000
107,000
75,000
86,000
date as was to be expected from the predicdons made before the year opened. Missouri
82,000
67,000
81,000
68,000
73,000
73.000
but that is a familiar appearance at the end of January. At this date a Montana
62,000
70,000
50,000
63,000
New Mexico
50,000
31,000
51.000
54,000
year ago some disappointment was in evidence and is a matter of printed North Dakota
60,000
814,000
840.000
187,000
341,000
417,000
record, yet the year turned out to be a record one.
Ohio
63.000
73,000
83,000
74,000
95,000
Oklahoma
2,832,000 2.405,000 2,616,000 3,400.000 3,402.000
Pennsylvania
133,000
146,000
116.000
105,000
113.000
26,000
29.000
Automobiles and Railroads Now Consume About Tennessee
24.000
18,000
18,000
Texas
109,000
102.000
133,000
135,000
158,000
Utah
340,000,000 Pounds of Copper Annually.
211,000
267,000
254,000
227,000
274,000
Virginia
74,000
65.000
48,000
38.000
48.000
Copper annually consumed by two major forms of trans- Washington
1,168,000
W. Virginia-Southern_b 2,159,000 1,822.000 1,982.000 2.129,000
728.000
827.000
770,000
659.000
portation, automobiles and railroads, now reaches the
785.000
Northern_c
186,000
162,000
203,000
138.000
161,000
large total of 340,000,000 pounds, according to surveys just Wyoming
7,000
4.000
3,000
2,000
2,000
Other States
completed by the Copper and Brass Research Association.
bituminous coal_ _11,670,000 9.854,000 10,865,000 13,518,000 11.850,000
Total
Estimates of the Association, published in its bulletin Pennsylvania anthracite- 1,749,000 1,169,000 1,591,000 1.821,000 1,988.000

yesterday, Feb. 1, indicate a total of approimately 1,786,000,000 pounds of copper now in use in passenger cars of
American manufacture and in the railroad systems of the
nation to-day. The Association further states:

13,419.000 11,023,000 12,456,000 15,339,000 13,818,000
Total all coal
operations on the
a Average weekly rate for the entire month. b Includes
B. & 0.
N. & W.; C. & O.; Virginian; K. & M.; and Charleston Division of the
c Rest of State. Including Panhandle.

ANTHRACITE.
19 is estimated
About 250,000,000 pounds of copper are consumed by the automobile
The total production of anthracite in the week ended Jan.
Industry every year. The small item of oil tubing in crank cases alone at 1.789.000 net tons, an increase of 40.000 tons or 2.3% over the output
corresponding
requires approximately 2,000,000 pounds of the metal annually.
in the preceding week. Production in the week in 1928
There are about 21,000,000 registered passenger cars in the United with that of Jan. 19 amounted to 1,103,000 tons.
States. The amount of copper now in use in this class of cars alone totals
Estimated United States Production of Anthracite (Net Tons).
-28
1927 ------approximately 936.000.000 pounds.
1928-29Coal Year
Coal Year
The new Ford model "A" uses five pounds more copper than the old
to Date.a
Week.
Week Ended
model "T." This is an increase of 20%. Since the Ford car represented
62,451,000
1,286,000
60,909,000
1,169,000
5
47% of all registered passenger cars in the United States at the time the Jan
64,042,000
1,591,000
62,658,000
1,749.000
65,145,000
model was changed a substantial increase in the future automotive con- Jan. 12.1,
1,103,000
64,447,000
1,789,000
Jan. 19_c
two coal
sumption of copper may be expected.
a Lees two days' production in April to equalize number of days in the
In discussing the use of copper on railroads, the Asso- years. b Reviaed. c Subject to revision.
BEEHIVE COKE.
ciation estimates that between 75,000,000 and 100,000,000
week
The total production of beehive coke for the country during the
pounds of the metal are consumed annually by this form of of Jan. 19 is estimated at 114,300 net tons, as against 106,300 tons the
transportation. More than 850,000,000 pounds of copper week of Jan. 12 1929 and 84,000 tons the week ended Jan. 21 1928.
and its alloys are now in use on American railroads, it
Estimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
declares, adding that "the increasing importance of electrito
to
Jan. 19 Jan. 12 Jan. 21
Date..
Data.
fication promises an even larger consumption of copper in
56.800 242,000 184,900
93,400 85,600
Pennsylvania and Ohio
the future." The Association continues:
8.600 14.000 23,800 39,700
8.900
West Virginia
5.500 12,000
3,900
2.000
1,900
Present electrification represents about 100,000,000 pounds of copper and Georgia, Kentucky and Tennessee
5,000 11,100 12,900
4,000
3,900
Virginia
covers only a small portion of existing track mileage. The new electrifi- Colorado. Utah and Washington.... 6,200
4,300 17,000 14,200
6,100
cation program of the Pennsylvania and other roads are expected to add
114,300 106.300 84,000 299,400 243.700
United States total
approximately 90,000,000 pounds of copper to these requirements.
19,050 17,717 14,000 17,612 14,335
average
The 60,000 locomotives in service in the United States to-day contain Daily
a Minus one day's production in January to equalize number of days in the two
260.000,000 pounds of copper. Nearly 62,000 passenger and Pullman cars years. b Subject to revision.
account for 83,000,000 pounds of the metal. There are 240,000.000 pounds
According to the weekly estimate of the National Coal
of copper in the cars, numbering 2,400.000, that haul the nation's freight.
Rolling stock does not account for all the copper, brass and bronze used Association, computed from the preliminary car loading
by railroads. Automatic signals require 25,000,000 pounds of the ever- reports of the railroads, the total production of bituminous
lasting metals while shops and power plants have copper in service to the
Jan. 26
extent of 40,000,000 pounds. The magnitude of this latter figure is ac- coal in the United States during the week ended
counted for,in part, by the increasing use of electrical machinery in railroad was about 11,850,000 net tons, which is the largest total
shops. The private telegraph and telephone systems contain 76.000.000
has been attained during the present winter.
pounds of copper. Finally, there are about 20,000,000 pounds of the metal that
in railroad buildings throughout the United States.

Bituminous Coal, Anthracite and Beehive Coke Production Continues to Increase.
According to the United States Bureau of Mines, the
output of bituminous coal during the week ended Jan. 19
amounted to 11,735,000 net tons, as compared with 9,724,000
tons in the corresponding period last year and 11,670,000
tons in the week ended Jan. 12 1929. Production of an-




Monthly Production of Coal by States in December.
Below are given the first estimates of production of
bituminous coal, by States, for the month of December.
The distribution of the tonnage is based in part (except for
certain States which themselves supply authentic data) on
figures of loadings by railroad divisions, furnished to the
United States Bureau of Mines, by the American Railway
Association and by officials of certain roads, and in part on

654

FINANCIAL CHRONICLE

reports of waterway shipments made by the U. S. Engineer
Office.
The total production of bituminous coal for the country
as a whole in December is estimated at 43,380,000 net tons,
in comparison with 46,041,000 tons in November. The
average daily rate of output in December was 1,735,000 tons,
a decrease of 160,000 tons, or 8.4%, from the average daily
rate of 1,895,000 tons for November.
Anthracite production in the month of December amounted
to 6,226,000 net tons, as compared with 7,457,000 tons in
November. The average daily rate of output in December
was 249,000 tons, a decrease of 62,000 tons, or 19.9%,from
the rate of 311,000 tons for the month of November.
The Bureau of Mines has released the following statistics:
ESTIMATED PRODUCTION OF COAL BY STATES IN DECEMBER
(NET TONS)a.
StateDec. 1928. Nov.1928b Dec. 1927. Dec. 1928. Dec. 1923.
Alabama
1,415,000 1,418,000 1,397,000 1,970,000 1,456,000
Arkansas__,
170,000
165,000
166,000
179,000
104,000
Colorado
1,126,000 1,003,000
854,000 1,325,000 1,054,000
Illinois
5,890,000 5.386,000 6,237,000 8.644.000 6,394.000
Indiana
1,650.000 1,390,000 1,599,000 2,701,000 2,142,000
Iowa
330.000
310,000
333,000
535.000
504.000
Kansas
255,000
218,000
511,000
349,000
374,000
Kentucky-Eastern
3,580,000 4,210,000 3,264,000 3,929,000 2,434,000
Western
1,435,000 1,350,000 1,518.000 1,585,000
848,000
Maryland
263.000
260,000
223,000
298,000
152.000
Michigan
58.000
10,000
74.000
79.000
84,000
Missouri
343,000
305,000
492,000
350.000
288,000
Montana
275,000
330,000
363,000
333,000
284.000
New Mexico
237,000
244,000
274.000
282.000
236,000
North Dakota
270,000
334.000
246.000
166.000
114,000
Ohio
1,620,000 1,735.000
673.000 3.056.000 2,496,000
Oklahoma
332,000
320,000
427,000
325,000
342.000
Pennsylvania
10,850,000 11,570.000 10,225,000 15,142,000 11,741.000
Tennessee
480,000
412,000
529.000
510,000
427.000
Texas
65,000
75,000
99.000
120,000
87,000
Utah
600,000
460.000
485,000
576.000
415,000
Virginia
1,100,000 1.220.000
904,000 1,233.000
804,000
Washington
205,000
221,000239,000
198,000
West Virginia-Southern c 7,310.000 8.950,0001 9,363,000 {8,527.000 4,837,000
Northern d
2,888.000 3,360,000J
3,840,000 2,764.000
Wyoming
627,000
680,000
801.000
767.000
722.000
Other statese
6,000
24.000
18.000
20,000
5.000
Total bituminous coal- _43,380,000 48,041.000 41,114,000 57,180.000 41.242,000
Pennsylvaniaanthracite_. 6,226,000 7.457.000 5,990,000 7,478,000 7,530.000
Total all coal
49.608,000 53,498,000 47.104.000 84,658,000 48,772.000
a Figures for 1927, 1926 and 1923 are final. b Revised. c Includes operations on
the N. dr W.: C. dc O.; Virginian: K. dc M. and Charleston division of the B. ar 0.
d Rest of State. Including Panhandle. e This group is not strictly comparable in
the several years.

[VOL. 12S

TOTAL PRODUCTION OF ANTHRACITE, NUMBER OF WORKING DAYS
AND AVERAGE DAILY OUTPUT PER WORKING DAY IN
EACH MONTH OF 1928 AND 1927.a
1928.

Month.
January
February
March
April
May
June
July
August
September
October
November
December

1927.

Aver.
No. of Average
Production Work- per Work- Production
(Net Tons). ing
ing Day (Net Tons).
Days. (Net Tons)
5,690.000
5,582,000
5.497,000
6,909,000
8.124,000
5,301,000
4,475,000
6,883,000
6,036,000
8,554,000
7,457,000
6,226.000

25
24.5
27
24
26
26
25
27
24
26
24
25

Total
76.734.000
a Figures for 1927 are final.

303.5

Aver.
No. of Average
Work- per Working Day
ing
Days. (Net Tons)

6.516,000
5,812,000
6.056.000
7.078.000
7,947,000
7,207,000
4,993.000
7,694,000
6,596.000
7,353,000
6,864.000
5,990,000

25
23.5
27
25
25
26
25
27
25
25
24
28

261,000
247,000
224,000
283,000
318,000
277,000
200,000
285,000
264,000
294,000
286,000
230,000

253.000 80,096.000

303.5

264,000

228,000
228,000
204,000
288.000
312.000
204,000
179,000
255,000
252,000
329,000
311.000
249,000

- - ----Anthracite Shipments in December 1928 Exceeds
Similar Month in Preceding Year.
The shipments of anthracite for the month of December
1928, as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 4,844,050 gross tons. This is an
increase over production during the same month last year,
when the shipments amounted to 4,558,845 tons, of 285,205
tons. The holiday season is, of course, reflected in the low
production for December of both years. Shipments by
originating carriers for December were as follows:
Month of DecemberReading Co
Lehigh Valley
Central RR. of New Jersey
Delaware. Lackawanna & Western
Delaware & Hudson
Pennsylvania
File
New York. Ontario dr Western
Lehigh & New England
Total

1928.
1,041.471
686,070
461.454
744.547
650.993
439,011
488,677
124,752
207,075

1927.
939,741
698,244
481.594
677,620
613,789
443,078
389,839
119,517
195.423

4,844.050

4,558,845

Coke Production in 1928 Increases Over Preceding
Year.
According to the United States Bureau of Mines, the total
production of by-product coke in December was 4,316,891
net tons, and of beehive coke, 398,000 tons. The consumption
of coking coal in December is estimated at 6,830,000 net
tons, of which 6,202,000 tons was charged in by-product
ovens and 628,000 tons in beehive ovens.
A summary drawn from the monthly figures published
currently in 1928 shows the total production of by-product
coke for the year to be 48,205,577 net tons, and beehive
coke, 4,376,000 net tons. This is in comparison with 43,884,726 tons of by-product and 7,207,417 tons of beehive coke
produced in 1927.

Estimated Production of Coal in 1928 Lower Than in
Preceding Year.
The total production of bituminous coal during the calendar year 1928 is estimated at 492,755,000 net tons, as compared with actual production for the year 1927 of 517,763,352 net tons, according to the United States Bureau of Mines.
The 1928 figure represents the total of the weekly estimates
of production published currently during the year and will
stand until detailed statistical reports can be collected from
all the mines, a task that will not be completed for several
months. Judging from past experience, the final returns are
not likely to raise or lower the estimate more than 1%. The
following statement compares the preliminary estimates made
during the past four years with the actual figures as reported Indiana Miners Accept 1917 Pay-Men in Bicknell Field
Agree to Offer by Company of $5 a Day Wage
by the operators:
Reopening of Mine.
Actual Production as Later Per Cent
Associated Press advices from Bicknell, Ind., Jan. 29,
of Error
Preliminary Estimate.
Reported by Operators.
Year.
in
stated:
Net Tons. DatePublish
1924
1925
1926
1927
1928

483,280.000
522.967,000
578,290,000
.519,804,000
492,755,000

Feb.
Jan.
Jan.
Jan.
Jan.

1925
1926
1927
1928
1929

Net Tons. Date Publisled Estimate.
483,686,538 Nov. 14 1925
520,052.741 Nov. 20 1926
573.366,985 Nov. 12 1927
517.763.352 Sept. 29 1928

-0.1
+0.6
+0.9
+0.4

The table below presents the estimated production, by
months, in 1928 and the average output per working day in
each month, with comparable figures for 1927:
TOTAL PRODUCTION OF BITUMINOUS COAL, NUMBER OF WORKING
DAYS AND AVERAGE DAILY OUTPUT PER WORKING DAY
IN EACH MONTH OF 1928 AND 1927.a
1928.

Month.
January
February
March
April
May
June
July
August
September
October
November
December

1927.

Aver.
No. of Average
Production Work per Work- Production
(Net Tons). ing
ing Day (Net Tons).
Days. (Net Tons)
44,208,000
41,351.000
43,955.000
32,188.000
36,624,000
35.963,000
36,276,000
41,108,000
41,301.000
50,360.000
46.041.000
43,380,000

25.3
24.9
27
24.7
26.4
26
25
27
24.4
27
24.3
25

492,755,000 307
Total
a Figures for 1927 are final.

Aver.
No. of Average
Work- per Working Day
ing
Days. (Net Tons)
25.3
23.9
27
25.7
25.4
26
25
27
25.4
28
24.8
26

2.240.000
2,205,000
2,219,000
1,344,000
1,388.000
1,403,000
1.340.000
1,539,000
1.644.000
1,686.000
1.632,000
1,581,000

1,605,000517.763.000 307.5

1,684,000

1,747.000
1,861,000
1,628,000
1,303,000
1.387,000
1,383,000
1,451,000
1,523,000
1,693,000
1,865,000
1,895,000
1,735.000

56.660.000
52,697.000
59,911,000
34,538,C00
35,256.000
36,483.000
33.505,000
41.541.000
41.763,000
43.827.000
40.468.000
41,114,000

The total production of anthracite for the year 1928 is
estimated at 76,734,000 net tons, a decrease of 3,362,000
tons, or 4.2% from the output in 1927. This figure will
stand until the annual canvass of mines for 1928 is completed.




After being closed for many months, American No. 1 mine, one of the
largest in the bituminous coal field, opened here this morning with a
force
of 300 men under the 1917 scale, which provides a basic wage of $5
a day.
Forty deputy sheriffs were on guard, but no trouble was experienced.
Indiana miners and operators several months ago agreed to a settlement
on the basis of the 1919 scale, or at the rate of $6.10 a day. The
Knox
Consolidated Coal Co., owners of American No. 1 and other mines,
contended they could not open at the $0.10 scale. The company
obtained a
writ from the Superior Court in Indianapolis which authorized the
opening
of the mine at the lower rate and prohibited interference.

From the Chicago "Journal of Commerce" of Jan. 31,
we quote the following in the matter:
Non-unionism in the coal fields of Indiana spread Into the
Bicknell District yesterday. The Bicknell field has been a stronghold of the
United
Mine Workers of America in the State for many years.
The principal mines in the district have been idle for many
months in
the disagreement between the operators and the union officials
over the
wage question. The producers have insisted on the 1917 scale.
Last September the union gave the operators in the State a reduction
in
wages of approximately 17% from the Jacksonville levels.
The leading
company in the Bicknell field-the Knox Consolidated Coal Co.
-refused
to reopen Its four mines on that basis.
Union Charter Returned.
The company offered the miners $5 a day for common labor against
the
$6.10 paid under the 17% reduction. Yesterday 275 miners at the Knox
No. 1 mine turned in their charter to the union and went to work
at the
lower scale.
The Pennsylvania Railroad is the principal consumer of the
Knox Consolidated Coal Co.'s product. During the period of idleness at the
mines
In the Bicknell field the railroad has been buying its coal elsewhere.
It is conunon gossip in the market that the Pennsylvania
would not
purchase coal from the Bicknell field until the operators could establish a
competitive price on their coal with the product the carrier was
buying
In the mountain fields.
/n Receivership.
The history of the Knox Consolidated Coal Co. Is an interesting one.
It went into voluntary receivership about a year ago after a long period

1

FINANCIAL CHRONICLE

FEB. 2 1929.]

of idleness in the controversy with the union over a reduction in production
costs from the Jacksonville wage agreement.
The court authorized a reopening of the mines under the 1917 scale.
One or two attempts were made to operate but each failed. The miners
appeared willing enough to work but failure to obtain endorsement from
the state union officials of the reduced wage was a drawback to operation.
Yesterday the men took the case into their own hands. The local charter
was returned to the union headquarters at Terre Haute whereupon the
miners went back to work in defiance of their state union leaders. It
makes the operation a non-union mine, the first of its kind in the state outside of the group of non-union and co-operative mines in the Boonville
district just across the Ohio River from the non-union field in Western
Kentucky.
Keen Interest Displayed.
All of the operators in Indiana, Illinois and Western Kentucky are keenly
Interested in the development at the Knox No. 1 mine. It may be the

655

entering wedge in a general revision of the wage scale in Indiana to the
1917 level.
Mining conditions in Indiana are strikingly different from those in Illinois
where unionism is 100% strong. The Indiana shaft operators have a
steadily mounting strip production to compete with. Prices as between
the strip and the shaft product are held disastrously against the shaft
operators.
Production in Indiana is only half of what it was before the Jacksonville scale. The output has not improved much under the 17% reduction
so far as the shaft mines are concerned. Strip production has increased.
It was approximately 40% of the total in the state during December.
The strip coal dictates the price and prices on the strip product are low
by reason of the much lower mining costs as compared to the shaft operations. Shaft mines have been forced out of the market. Toe of many
-the Miami Coal Co.
-with seven mines on the St. Paul
other companies
railroad has been idle for more than two years. The company cannot
operate and make money in the present market.

Current Events and Discussions
The Week with the Federal Reserve Banks.
greater than the total reported for the corresponding week
The consolidated statement of condition of the Federal last year (1928).
(In millions of dollam.)
Reserve banks on Jan. 30, made public by the Federal
New York.
Reserve Board, and which deals with the results for the
Jan. 23
Feb. 1.
Jan. 30
1929.
1929.
1928.
12 Reserve banks combined, shows an increase for the Leann and investments-total
$7,075
$7,148
$6,988
week of $38,500,000 in holdings of discounted bills and
85,162
85,234
S 5,092
decreases of $18,600,000 in bills bought in open market and Loans-total
securities
*82.742
$2,758
$2,673
of $300,000 in Government securities. Member bank re- On other
All
2,419
*2.420
2,476
serve deposits increased $32,100,000, Government deposits Investments-total
1,913
1,915
1,896
$5,900,000, and cash reserves $21,700,000, while Federal
U.S. Government securities
$1,146
$1,139
$1,098
Reserve note circulation declined $15,500,000. Total bills
Other securities
767
775
798
and securities were $19,600,000 above the amount held on Reserve with Federal Reserve Bank
778
727
767
48
54
56
Jan. 23. After noting these facts, the Federal Reserve Cash In vault
Net demand deposits
Board proceeds as follows:
5,334
5,607
5,280
The principal changes in holdings of discounted bills for the week were
increases of $59,800.000 at the Federal Reserve Bank of New York and
of 88,700,000 at Boston, and decreases of $18,000.000 at Chicago, of
$6.100.000 at St. Louis, of 82,900,000 at Minneapolis, and of $2,700,000
at Cleveland. The System's holdings of bills bought in open market
declined 818.800,000 and of United States bonds and Treasury certificates
$700,000 each, while holdings of Treasury notes increased $1,200,000.
All of the Federal Reserve banks except Philadelphia reported declines
in Federal Reserve note circulation for the week, the principal changes
being decreases of $5,400,000 at Chicago, 82,700,000 at New York and
$2,100,000 at San Francisco and an increase of 84,000,000 at Ph ladelphla.

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 688 and 689. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Jan. 30 is as follows:

Total reserves
Gold reserves

Increase (+) or Decrease (-)
During
Week.
Year.
Jan. 30 1929.
$
2,835,197,000 +21,667.000 -135,433,000
2,667,184,000 +19,094,000 -131,794,000

Total bills and securities

1,467,039,000 +19.648,000

+232,053,000

Bills discounted, total
Secured by U.S. Govt.obliga'ns
Other Mlle discounted

820.634,000 +38,520,000
523,778,000 +52,335.000
296,856,000 -13,815.000

+397.202.000
+227.250,000
+169,952,000

Bills bought in open market

435,609,000 -18,609.000

+58.216.000

U.S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness-

201,771.000
51,599.000
99,572,000
50,600.000

-263,000
--745.000
+1.189.000
-707,000

-231,890.000
--10,302.000
-133.510,000
-88,078,000

Federal Reserve notes in circulation_ 1,645,494,000 -15,473,000

+68,509,000

Total deposits
Members reserve deposits
Government deposits

-14,805,000
-13,726,000
-5,970,000

2.437,097,000 +40,007,000
2,390,947,000 +32.086,000
18,036,000 +5,948,000

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 this week rose
$116,000,000 further and established another new high
record, the grand aggregate of these loans on Jan. 30 being
$5,559,000,000. This follows an increase last week of
$48,000,000 and the total this week is 31,743,000,000




Time deposits
Government deposits

1,200
23

1,178
23

1,097
23

Due from banks
Due to banks

97
889

103
970

111
a

Borrowings from Federal Reserve Bank

128

81

75

Loans on securities to brokers and dealers:
For own account
For account of out-of-town banks
For account of others

1,091
1,853
2,615

1,010
1,853
2,579

5,559

5,443

3,186

4,967
592

4,864
579

2,914
902

Loans and Investments-total

$2,049

$2,056

$1,958

Loans
-total

$1,601

$1,607

51.454

$880
721

n879
.728

a
II

Total
On demand
On time

1,267
1,497
1,052

Chicago.

On securities
All other
nvestments-total

448

449

504

$198
250

$196
252

$238
267

182
16

186
16

189
17

1,234
679
2

1.226
864
2

1.287
648
4

143
317

154
316

143
374

Borrowings from Federal Reserve Bank
65
*Revised. •1928 figures in process of revision.

78

11

17. 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

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 endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.

FINANCIAL CHRONICLE

656

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 Jan. 23:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Jan. 23 shows decreases for the
week of $127,000,000 in loans, of$6,000,000 in investments, of $245,000.000
In net demand deposits, and of $44,000.000 in borrowings from Federal
Reserve banks.
Loans on securities were $64,000,000 below the Jan. 16 total at all
reporting banks, declines of $80,000,000 reported by member banks in
the New York district and of $9,000.000 in the Chicago district being
partly offset by an increase of $20,000,000 In the Boston district. "All
other" loans declined $27,000.000 at reporting member banks in the San
Francisco district, $11,000,000 each in the Boston and New York districts,
and $63,000,000 at all reporting banks.
Investments show relatively little change for the week, holdings of
U. S. Government securities declining $4,000.000 and of other securities
$3,000,000.
Net demand deposits, which at all reporting banks were $245,000,000
below the Jan. 16 total, declined $117,000,000 at reporting banks in the
New York district, $38,000,000 in the San Francisco district, $36,000,0110
in the Chicago district, $26,000,000 in the Boston district. $14,000,000
In the Philadelphia district, and $9,000,000 in the St. Louis district. Time
deposits show relatively little change for the week, while Government
deposits declined $7,000,000.
The principal changes In borrowings from Federal Reserve banks for
the week comprise a reduction of $65,000,000 at the Federal Reserve
Bank of New York, and increases of $13,000,000 at Boston. $7,000,000
at Chicago. and $6.000,000 at St. Louis.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year
ending Jan. 23 1929 follows:
Inc.(+) or Dec.(—)
Since
Jan, 25
Jan. 16
.fan. 23
1928.
1929.
1929.
(In Million, of Dollars)—
+$785
*--$133
$22,133
Loans and investments—total
$16,062

•-3127

+$830

On securities
All other
Investments—total

$7,852
8,710
$8,071

•—$64
•-63

a
a 5

U.S. Government securities
Other securities
Reserve with Federal Reserve banks
Cash in vault

$3,116
2,954
1,730
244

—$4
—41
+2

+$96
—141
+2
—4

Net demand deposits
Time deposits
Government deposits

13,366
6,885
83

--245
---7

—383
+298
+2

1,170
2,962

*-57
*--59

—10
a

—44
554
Borrowings from Federal Reserve banks
•Jan. 16 figures revised. a 1928 figures in process of revision.

+293

Loans—total

Due from banks
Due to banks

Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Feb. 2 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The economic situation of Argentina throughout the month was satisfactory, but owing to a lack of rain it is believed locally that the corn
crop has been affected adversely. According to local trade estimates
(official estimates being unavailable as yet) this year's exportable surplus
of corn will range from ni to 4A million tons. The retail trade was
seasonally dull but Buenos Aires imports were active and the city's port
was very congested. Owing to new building projects and the depletion
of stocks, the outlook for imports of Gulf and Pacific lumber is bright.
Moreover, imports of these products are unofficially reported to have
been less in 1928 than during the previous year.
AUSTRALIA.
Rainfall in Australia in the past month was above normal, though
New South Wales is still suffering somewhat but not seriously as yet.
After a long droughty period in Queensland, monsoonal rains have brought
about satisfactory conditions. Victoria and South Australia have had
more rain than at this time last year, and in Western Australia it is reported
as normal. As a result the trade outlook has improved slightly because
of better crop prospects. The new wheat crop is now locally estimated
at 158,000,000 bushels, and it is expected that the exportable surplus
will reach 105,000.000 bushels. The quality is reported as unusually
good. Shipments of new wheat from New South Wales and South Australia
to Jan. 10 approximated 16,700.000 bushels. Commodity lines as a
whole are moving slightly better, with merchandise stocks lower, and the
outlook is more favorable than it was at this time last year.
AUSTRIA.
The relatively favorable conditions of recent months were maintained in
January in the principal Austrian industries, but a decline is feared in
certain branches dependent largely on German exports, owing to the
reported industrial reaction in Germany. The most important industries,
however, including iron and steel, electrical equipment, locomotive car
building, pulp, paper and chemicals, have substantial advance orders,
assuring the maintenance of approximately the present levels for many
months. The cotton and wool textile mills are still in a difficult position,
due, it is claimed, to the unusually large stocks of manufactured goods
and the unsatisfactory price situation. Winter cereals throughout the
Danube area are reported in an excellent condition, being covered by an
unusual amount of snow. The money market is distinctly easier, with
the domestic and foreign credits ample for current requirements.
BOLIVIA.
Some improvement in commercial conditions in Bolivia was reported
during January as compared with December. although one large importing
concern estimates that sales profits and importations are only half as
large as those of January 1928. Principal importers are continuing their
conservative policy and are extremely cautious in granting credits which




[VOL. 128.

are not expected to resume'normal extension until the final settlement of
existing international difficulties. As a result, prevailing business conditions in Bolivia require that American exporters continue to be unusually
cautious in the extension of credits. During January the demand for
groceries and textiles have been reported as good. In general, stocks of
most classes of imported goods are fairly low, but the turnover is poor.
A further depressing effect, chiefly upon sales of automobiles, is the beginning of the rainy season during the month. The fact that salaries
of Government employees continue to be in arrears is contributing to the
generally depressed retail trade.
BRAZIL.
General conditions in Brazil during January were better than during
December,the business tone was more optimistic, and exchange was firmer.
Gold is again being imported from Argentina, corresponding to the seasonal
movement of trade, as the total annual merchandise balance is heavily
in favor of Argentina. Money is bringing8g% for time deposits, and commercial discounts are averaging 9 to 12%. The Bank of Brazil is still not
rediscounting. Sugar stocks on Jan. 1 at Rio de Janeiro amounted to 133,000 bags of 60 kilos each, at Pernambuco to 867,000 bags, and at Sao Paulo
to 14,000 bags. On Jan. 25 they were: Rio de Janeiro. 189,000,Pernambuco
1,019.000 bags, and Sao Paulo 5,000 bags. Coffee stocks at Santos on
Jan. 25 were 1,000,000 bags, with the market firm and Price, slightly
higher during the latter half of the month. Heavy rains have caused some
damage to the coffee crop, but local commercial estimates still give 14,000,000 bags for the 1929-30 crop exportable at Santos. Most import lines are
moving slowly. Sao Paulo reports general business slow with a falling
off in buying owing to heavy rains. The good effects of increased rubber
prices have not yet been felt in the Para consular district.
BRITISH MALAYA.
The recent rise in rubber prices has had a very gratifying effect on general
business conditions and confidence is well maintained. The automobile
situation, however, is somewhat unsettled and important agency changes
are expected.
CANADA.
Although business in the Maritime Provinces and British Columbia is air
parently somewhat better than in the other sections of the Dominion, the
general volume of wholesale and retail trade is reported to be fair and improving. Cold weather and snow have stimulated the movement of winter
lines, although a substantial carry-over is anticipated, particularly in clothing accessories. Grocers are doing a normal business and hardware continuos active.
CHILE.
Merchandising activities declined slightly in the Santiago Region during
January, the decrease being partially attributed to the usual summer dullness and partially to the fact that many large firma are now taking inventories. However, trade movements continue at about the same levbs as
In January, 1928 and are considered very satisfactory. Reports from the
northern and southern regions indicate the maintenance of the good movement which has characterized all principal commercial centers for some time.
Several of the leading and more enterprising merchandising houses report
that 1928 was one of the most satisfactory years in recent times, taking
into consideration the volume of business and payment of outstanding
accounts, although all commerce felt the heavier disbursements resulting
from the new taxation and social legislation. The recent money tightness
has been accentuated by the heavy public buying of the internal bond issue
and is reflected in a further substantial increase in rediscounting with the
Central Bank, but discount rates continue at the same low levels established
during December when they ranged from 6 to 7%. Deposits and overdrafts with principal commercial banks show no substantial change and
collections continue good with no large failures reported. The agricultural
situation continues to be generally favorable, although some areas report
damages or reduced yields.
CHINA.
Increasing confidence in trade conditions is evident in the Shanghai and
Yangtze areas, despite sporadic outbreaks which still continue to exert a
disquieting effect upon trade in general. The general business situation is
marked by the usual quietness preceding Chinese New Year. with little
Interest shown in either imports or exports.
Temporary repairs on the Yellow River bridge at Tsinan have been completed and prospects are bright for the early resumption, after an interruption of two years, of through passenger traffic on the Tientsin-Pukow
Railway. Business in general throughout Manchuria continues at a high
level of prosperity, with, however, a temporary curtailment evident in
Purchases for railways and the arsenal due to recent political readjustments.
COLOMBIA.
Business in Colombia is generally dull, particularly orders for Imported
merchandise, as importers are limiting their buying to immediate needs.
Retail trade is reported slightly below normal. Collections are fair. The
recent low water in the Magdalena river which interfered with the free
movement of cargo caused merchants to raise the price of foodstuffs considerably. However, the condition of the river is slightly improving.
Undertone of business is improving on account of the better outlook for
foreign loans and the announcement by the Government of the reorganization of plans for public works.
COSTA RICA.
The seasonal post-holiday trading in Costa Rica is quiet, with the exception of building material which is accounted for by the increase in construction work since the dry season commenced. Freight congestion continues
at the port of Puntarenas, but the Government and others interested are
doing everything possible to relieve the situation. Work on road construction has begun, but street improvements in San Jose are Progressing
slowly. Coffee picking and shipping are well advanced.
CUBA.
CU .
The present month marked the startof the harvest of the 1929 sugar crop
but this has afforded but slight stimulation to business in general, and trade
during the first month of 1929 has been at a very low level. Business in
Habana is notably quiet, and the influx of tourists seems smaller than a
year ago. The continuance of low sugar prices, despite the remedial
measures of restriction taken during the past few years, has meant a serious
drain on the capital and credit resources of merchants and sugar mills alike
so that it has been difficult to finance current operations. The banks are
pursuing a policy of caution in extending credit. The removal of restriction
from the sugar industry has apparently increased the earnings of the Cuban
railways as compared with last year, when the grinding of the sugar crop
did not start until Jan. 15.
DOMINICAN REPUBLIO.
The dull conditions prevailing in commercial circles during December
continual into January with no apparent improvement in the economic
situation and no change expected for some months to come. The holiday
trade proved much lighter than was expected and it is reported that mer-

FEB. 2 1929.]

FINANCIAL CHRONICLE

657

movement
chants will have to carry over heavy stocks, notwithstanding that their or barley crops, which were being harvested. The heavsitourist
Sales of
Purchases made in anticipation of the holiday demand were smaller than in which began shortly after Jan. 1 continued throughout the month.
previous years. Present conditions are in sharp contrast to those of Jan. summer goods were stimulated by the tourists and hot weather, and the
1928, when general business, underwent an upward trend as a result of a trade in other lines was considered highly satisfactory. Imports continued
good holiday trade and an improvement in retail sales. Both wholesale and their steady rate while exports reached their peak, with wool and meat
retail trade are slow. Public and private construction continues at the low products moving out in large quantities.
level of December. The Government is gradually repairing the heavy damThe Department's summary also includes the following
ages to highways and bridges in the northern part of the Republic, resulting
the Territory of Hawaii and the Island
from the heavy fall rains. The grinding of the sugar crop,which began in with regard to
December, continues with fair prospects and it is estimated locally that Possessions of the United States:
sugar production will be approximately 382,959 short tons as compared to
HAWAII.
last year's outrun amounting to 412,308 tons. Unemployment is increasing
Prosperous conditions prevailed in Hawaii during 1928, it is reported,and
in the towns, but farm labor is finding ready employment. Prospects for
the outlook for 1929 is such that business leaders are looking forward with
the cacao and tobacco crops are fair.
confidence to an active and prosperous year. Retailers reported smaller
ECUADOR.
gross profits but increased net profits from Improved credit conditions.
The economic situation of Ecuador continues unsatisfactory and business
PHILIPPINE ISLANDS.
have been curtailed and collections
in general continues dull. Bank credits
As the result of slack demand from United States and England and of
continue difficult. Retail sales in Guayaquil are poor, although conditions
prices weakened somewhat during the past week
in the interior, particularly in Quito are said to be somewhat better, owing heavy receipts, abaca
with a few sellers in the market. Present quotations
largely to the fact that Government salaries are not immediately affected by but are now firming
of 139 pounds for grade F; 1, 29; JUS, 22; JUN, 18;
commercial conditions and afford a steady demand for merchandise. The are 32 pesos per picul
peso equals $0.50). Typhoon disturbances in the south
textile industry Is said to be prosperous, but a reported shortage of raw and L. 17. (1
shipments at present and receipts during the coming week
cotton is being investigated by the Government which may authorize the are delaying
will probably be lighter than the estimate of 32,000 bales. Arrivals of
temporary removal of the existing import duty on cotton.
abaca from the first of the year to Jan. 21 amounted to 78,000 bales and
GUATEMALA.
stocks at Philippine ports on January 23 totaled 152,000 bales. The week's
Business condidons in Guatemala during the past six weeks have im- copra market was quiet but steady. Arrivals were good and all mills
proved as compared with the fall months. Although the recent political operated. January receipts of copra at Manila up to 23 totaled 220,000
disturbances temporarily upset business, it has practically returned to sacks. Present prices for resecado (dried copra) are: f. o. b. Manila 12.50
normal. The volume of business transacted is still below that of last year, pesos per picul; Legaspi,from 12, to 12.125 pecos; Hondagua, 12 pecos; and
and stocks are heavier than during January 1928, but lighter than in Cebu,from 12.125 to 12.25 Pcios•
November. The credit situation is fairly normal but a number of instituThe seasonal dullness of trade is more marked than during the first
tions have restricted credits. Draft collections continue satisfactory, but half of the month, but it is not as pronounced as a year ago. Banks report
there is some complaint regarding retail collections. It is reported that collections slower than in December, but as good or better than in January,
Imports of merchandise, with the exception of foodstuffs, will be small 1928.
during the next 30 days. The coffee crop is apparently undamaged, alThe continuance of excessive rains has caused most sugar mills to delay
though some damage was sustained by the sugar cane. Coffee is moving grinding operations. The weather in the extreme southern part of the island
well and more than one-half of the 1928-29 crop has been marketed at has been more favorable and the mills in this locality are the only ones under
good prices.
way. Rains have stimulated the growth of the cane, but have kept the
HONDURAS.
sucrose content unusually low.
remains
The demand for construction materials and allied commodities
Business conditions throughout the Republic of Honduras continued
quiet during January and a general feeling of uncertainty exists. It is good.
reported that the coming coffee crop is above the average as to quantity
and quality.
HUNGARY.
Departure for Europe of Owen D. Young and J. P.
Hungarian business conditions improved somewhat in January, owing to
Morgan, American Members of International Comare fairly well occupied, with the
an increase in wheat exports. Industries
mittee of Experts,To Consider German Reparations.
exception of textiles and flour milling; the former is feeling the effects of
Czechoslovakian competition. The money market is liquid, with interest
Owen D. Young and J. P. Morgan, who were recently inrates between 6.5 and 6.75%; long-term loans are scarce.
JAMAICA.
Jamaica entered the new year in a less favorable economic position than
during the same period of 1928, when all factors were generally favorable.
Government revenues for the fiscal year beginning April 1 1928, show a
substantial increase, but exports have declined perceptibly. Bank deposits
are normal and collections slow. Retail business is somewhat less active,
partly the result of the decrease in tourist visitors during the month.
Building street and road construction continues active.
JAPAN.
Japan's adverse trade balance in January is estimated at 40.000.000 yen.
(Yen in January averaged approximately $0.456.) This is the lowest
adverse balance recorded for January in the past several years. It is
anticipated that legislative measured will be adopted providing for Government control of artificial fertilizers. Eighteen new items of domestic
manufacture have been recommended for preference over imported articles,
and include railway equipment of all kinds, electric and telephone equipment. Items now shown preference in official purchases include pig iron
and various steel products, certain dyestuffs and chemicals, woolen goods,
and miscellaneous technical appliances.

vited to serve as the American members of the International
Committee of Experts which is to consider the revision of
the German reparations payments, sailed for Europe last
night (Feb. 1) on the Aquitania. We have already referred
in these columns to the acceptance by Messrs. Morgan and
Young of the posts tendered them. The Committee on which
they will serve is expected to hold its initial meeting on Feb.
11. Before sailing for the other side, the two American
members conferred with President Coolidge at the White
House on Jan. 30, later the same day making separate calls
on Secretary of State Kellogg and Secretary of the Treasury
Mellon. From a Washington account Jan. 30 to the New
York "Times" we quote the following:

MEXICO.
Business in Mexico showed a slight improvement during January, but
merchants are generally disappointed by the turnover, as the substantial
upward movement anticipated did not materialize. Credits continue
restricted and collections are slow. A cautious tone still prevails pending
the outcome of the presidential elections this year. Definite improvement is
noted in certain trades notably shoes, hardware,and some drug lines.

calls of respect
All the conferences were officially described as
before the departure of the two for Europe.
showed
When met by correspondents, Messrs. Young and Morgan
an inquiry as to whether the
a disposition to parry questions. To
would come
problem of interallied debts in relation to reparations
asked in return how they
up in the committee sessions, Mr. Morgan
that." Mr. Young, for
could answer "a hypothetical question like
commercialization of repthe two, refused to discuss the prospect of
arations.
Question of Bond Issue in the Air.

NICARAGUA.
The improvement in local business noted during December has continued
during January. Sales are reported to be 25% better than last year and
collections are satisfactory. The circulation of the cordoba has increased to
4,160,000 as compared with 4,000,000 last month. Coffee shipments are
being held back in anticipation of the expiration of the present export tax
law on Jan. 26. It is estimated locally that 15.000 tons of coffee of very
good quality will be available for export.
PERU.
Building trades and farm labor are actively occupied and the more favorable economic situation has created a spirit of optimism as to the future
prospects of business, notwithstanding the existing dullness of trade during
the planting season.
SALVADOR.
General retail trading conditions in Salvador during January showed very
little improvement over December, although a marked increase in foreign
buying was noted, which Is accounted for by the usual pre-rainy season
purchasing before the roads become impassable. There is little demand for
sugar and the washed coffee market continues dull with little trading.
Unwashed coffee prices are advancing and the active market prices for
superior and current grades have increased to $22 and $21.50 (per 100
pounds) respectively. The general coffee situation is believed to offer no
cause for alarm.
UNITED KINGDOM.
A firmer tone rules in the various sections of the coal trade and there
have been some price advances. The industry has resumed its pre-holiday
level of output and a somewhat larger number of miners are now employed.
The announced registration of the Lancashire Cotton Corp. (Ltd.) would
seem to record definite progress in the negotiations to bring a large proportion of the British cotton spinning industry under central control.
URUGUAY.
Economic conditions throughout January in Uruguay were generally
satisfactory. The protracted period of hot and dry weather affected adversely the corn and fruit crops,but did not damage the wheat,linseed,oats




feasiWhen the interviewers persisted with an inquiry as to the
in part in the United States,
bility of floating a German bond issue
answer the inquiry, "because it deMr. Morgan said he could not
pends upon so many things."
The chief significance in the meetings with the President and the
Secretaries of State and the Treasury was the notice it afforded the
other powers concerned that the American experts, while serving
apart from the United States Government, nevertheless are in understanding with the government.
There was every evidence, after Messrs. Young and Morgan had
discussed the situation with the President, of a complete harmony of
views between them. That this condition will continue during the
sessions of the committee of experts was forecast when the American
representatives told Mr. Coolidge that they would keep him informed
of the progress of. the negotiations. They plan to follow the Same
course with respect to Mr. Hoover after he enters the White House.
It was stated on authority that no new element in the situation
had prompted the day's visits. It was merely for the purpose, it was
stated, of going over the situation in a general way and making certain that the principles of the problem were thoroughly understood.
Work May Last Into April.
The primary function of the committee of experts will be to de:
termine a total of German reparations and a period of years over
which payments should be made. It is expected that it will be unable
to conclude its labours until some time in April.
Its reports before becoming effective must be accepted by the
Powers concerned, the financial interests of the United States being
confined to the costs of its army of occupation in Germany and certain allowances for payment of claims arising out of the war. This
Is at present fixed at 254% of the total payments by Germany.

Thomas W. Lamont and Thomas N. Perkins, alternates
for Mr. Morgan and Mr. Young axe also understood to have

658

FINANCIAL CHRONICLE

last night. Jeremiah Smith Jr., of Boston, who as the
League of Nation's Commissioner undertook the reorganization of Hungary's finances, also accompanied Messrs.Morgan
and Young.
sailed

Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 31 1927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark foi foreign account is now
excluded, and gold held abroad for Federal Reserve banks
is now included; (3) minor coin (nickels and cents) has
been added. On this basis the figures this time, which are
for Dec. 31 1928, show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $4,973,168,182 as against $4,990,114,367 Nov. 30 1928 and
$5,002,955,681 Dec. 31 1927, and comparing with $5,698,214,612 on Oct. 31 1920. Just before the outbreak of the
World War, that is on June 30 1914, the total was only
$3,458,059,755. The following is the statement:
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Mr. Gilbert pointed out that he was not a member of the Commission of
experts and as a Government Agent for supervising reparations would
have no official connection with the body. Asked specifically if he had
had any understanding with Mr. Morgan or Mr. Young he answered in the
negative, adding that he might be called into conference with them and
if so, would be glad to contribute the advantage of his experience in reparations.

Mr. Gilbert's arrival in New York was noted in our issue
of Jan. 5, page 36.

00(00(0

United States of Governor Montagu Norman
of England—Confers with Officials of
York Federal Reserve Bank—Rediscount Rate

Arrival in
of

Bank

New

and Gold Imports.
....
aa-... Montagu Norman, Governor of the Bank of England,
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According to the "Journal of Commerce" of Feb. 1, ways

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8,281,523,377 43,741,985.036 1,869,770,295
8,619,444,799 d4,011,866,982 2,090,864,120
8,479.620,824 42,436,864.530 718,674,378
5,396,596,677 42.952,020,313 2.681,691,072
3,796,456,764 141,845,575,888,1,507.178,879
1,007.084,483I 4212,420,402i 21,602,640

.000
,0

ith the Reserve authorities to check the drop in sterling exchange
following the gold shipment to the United States the English banker
replied, "Not at all. I have not come here on business but simply
to pay a personal call upon the new governor of the Reserve bank
which I think is the right thing to do as I have not been to New
York since the death of my very good friend Benjamin Strong, I
shall be leaving again for London next week."

.
00

discount rate above the present 43 % level are being sought
in conference taking place at the Federal Reserve Bank of
New York, between Governor Norman and officials of the
local Reserve institution. From the paper referred to we
likewise quote as follows:

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S. Parker Gilbert, Agent General for Reparations
Payments Returns to Germany.
S. Parker Gilbert, Agent General for Reparations Payments, who arrived in New York on Jan. 3, returned to
Europe on the French line steamer Paris which sailed Jan.25.
According to the "Times" Mr. Gilbert in a short interview
with reporters in his cabin, declared that he was returning
to Germany without any instructions or any agreement
governing his relations with the International Commission
of economic and financial experts of which J. P. Morgan
and Owen D. Young were recently named members. The
"Times" added:

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e Thin total includes $16,404,494 of notes In precess of redemption. 8173.709.647
of gold deposited for redemption of Federal Reserve rates. 310.263.017 depoited
hr redemptien of Nati(nal banknotes. $2,430 deposited for retirement c.f addition,.
drcidation (Act of May 30 1908). and 37,529.886 deposited as a reserve against
postal savings deposits.
I Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
o Figure' revised to conform to changes effective Dee. 31 1927. Further revised
aguree for 1917 and 1921) used beginning( with Aug. 31 1928 statemeni..
Note.—Oold certificates are scoured dollar for dollar by gold held In the Treasury
for their redemption: silver certlficaue are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption: United States notes are
secured by a gold reserve of C86,039.088 held in the Treasury. This reserve
fond may also be used for the redemption of Treasury notes of 1890, which are
also secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank
Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or or gold and such
discounted or purchased Paper as is eligible under the terms of the Federal Reserve
Art
Federal Reserve banks must maintain a gold reserve of at Maid 411%, Including the gold redemption fund which IP IlAt be deposited with the United States Treasurer, aaalnst Federal Reserve notes In actual circulation. lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank note.. National hank notes are secured by finned States
bonds except where lawful money has been neposited with the Treasurer of the
Puttee States for their retirement. A 6% mod Is also maintained lawful money
with the Treasurer of the United states for the redemption of national banknotes
'cured by Government bonds.

05.

0

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0).

52F:ci

(I The amount of money held in trust against gold and silver certificate. and
statea. notes of 1890 should be deducted from this total before combining It with
Treasury
money outee of the Treasury to arrive at the stock of money In the United
outside

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our issue of Jan. 26, page 496, reached New York on the
0000N. V
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. .00..00 .6 aa aa-: steamer Aquitania on Jan. 28. In reporting Mr. Norman's
dt-4
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Ot,000
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a a-- a a
,_, _ .NM.. arrival, the "Times" of Jan. 29 said:
When informed of the report that he had come over to confer
72
'
1,448,961,1091

AU
Other
Money,
Held for
Federal
Reserve
Banks
and
Agents,
dolt. Hew n Res've against
Trust aoalnsi United States
Odd & Shyer
Notes
Certificates (& (and Treasury
Treas'y Notes
Notes
of 1890).
01 1890).
1
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6,606,553:7751 1,633,385,593

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MONEY HELD IN THE TREASURY

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8,431,009,373 43,713.243,391 1,888,697,793

MONEY OUTSIDE OF THE TREASURY.

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aaaaaa and means of preventing an influx of gold into this market
14000000000 from Great Britain without raising the Bank of
England

4
ilf,tizt2,>.822 .hig
air. .
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.14=it2- p•-' =. 0 zraoz,,
9
. 7; g.0 .gogg 2 .7 3-tgitij
30,

a Includes United States paper currency In circulation In foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Doea not include gold bullion or foreign cola other than that held by the Treantir7.
Federal Reserve Bank°. and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks Is included
c These amounts are not Included in the total since the money held in trust
Against gold and silver certificates and Treasury notes of 1890 is included under
gold coin and bullion and standard silver dollars. respectively.




From the paper referred to we likewise quote as follows: It was
rumored in banking circles yesterday that a general plan for cooperation has been sketched out roughly, and that the feeling is
strong that it will be possible to accomplish this objective.
The crux of the problem, as it presents itself at the current negotiations, i3 the domestic credit situation. An increase in the rediscount rate here would naturally bring an influx of gold from abroad,
thus leading to the necessity of a rise in the Bank of England rate
as a protective measure. However, with industrial revival in Great
Britain proceeding at a moderate price, a higher discount rate is
regarded as a real economic menace in that country.
Two important methods as regarded here as likely to be tried in
order to protect the British gold supply. The first is the possible
establishment of a private credit here which will be used ot buy exchange when it goes near the gold point. It is thought unlikely that
such a credit would be taken out at the Reserve bank, as then it
would have to be made the subject of public announcement. Hitherto, as far as known, credits arranged by the Reserve bank have been
announced in every case, and such an announcement is not thought
desirable in the present instance. Hence, the credit, if negotiated,
will, in all likelihood, be made through a large banking house. J. P.
Morgan & Co. is the fiscal agent of the British Government in this
country.
Another possibility is the purchase of bills in London by the local
Reserve Bank. Such an arrangement would have many novel elements, but would be in accord with the general policy of central

FEB. 2 1929.]

FINANCIAL CHRONICLE

bank co-operation, which has been in effect to some extent during
the past few years. The building up of credits in London by the
local Reserve bank would admirably suit the needs of the situation.
Montagu Norman is accompanied on his present trip to this country by Walter W. Stewart, now American advisor to the Bank of
England. Dr. Stewart was formerly Director of the Division of
Analysis and Statistics of the Federal Reserve Board and later a
member of the banking house of Case, Pomeroy & Co. Mr. Stewart
went to London last year on a three-year contract with the Bank of
England, and he is taking part in the current negotiations.
The Reserve Bank authorities here, according to some commentators, are divided at present upon the question of which element in
the situation ought to be given greatest significance in determining
the discount policy. On the one hand, it is felt that the most important factor is the growth of loans for account of "others" used
for Stock Exchange speculation. An attempt to check speculation
by means of an advance in the discount rate would, if successful,
lessen the demand for collateral loans and thus cut down loans
eventually.
To the other group, it is stated, the paramount issue is the possibility of a large gold movement from London to New York. An advance in the discount rate here would simply invite the investment of
British funds in the New York market.
One banker declared yesterday that "an advance in the discount
rate of the Bank of England would eliminate the necessity for an
advance here." Otherwise, he declared, such an advance will be
necessary even though it intensify those conditions which lead to
the
purchase of British gold by American institutions. Taking into account this attitude which implies either an advance of the British
or of the American bank rate, a prominent financier declared yesterday that Gov. Norman probably made his trip, in the hope of discovering a third alternative.

659

Revenues of French Government During November.
Under date of Jan. 14 a statement issued by the Bankers'
Trust Company of New York says:
Government revenue in France for the month of November amounted
to 4,007,469,000 francs. This does not include receipts of the
7%
first transfer tax, the inheritance tax and the Tobacco Monopoly, which
are allotted to the Autonomous Sinking Fund, nor those
of the Postal Administration entered in a separate budget.
According to figures of "Le Temps" transmitted to the Bankers Trust
Company of New York by its French Information Service, normal
and
permanent sources contributed 3,935,227,000 franca to this figure,
the
remaining 72,242,000 francs being derived from exceptional sources.
In
October, when taxation returns were particularly high, the receipts
from
normal and permanent sources reached 5,562,647,300 francs,
and in November 1927 they totaled 3,593,944,400. This year's figure resulted
from
the yield of direct taxes 1,318,996,500 francs, or an increase of 10,196,800
over November 1927, that of indirect taxes and monopolies 2,551,735,000
francs, or an increase of 317,235,000 over budgetary estimates and
of
338,881,000 over November 1927, and revenue from the public domain
64,495,500 francs, or 8,739,500 more than budgetary estimates and 7,795,200 more than during November 1927.
Among indirect taxes the most important increase was registered in the
yield of customs, which amounted to 130,470,000 francs snore than in
November 1927. Returns of the registration tax increased by 75,839,000
francs, and those of the turnover tax by 88,057,000 francs.
Besides the 1,318,996,500 francs of direct taxes collected for the State,
587,956,400 francs additional were collected for the departments and communes.
Receipts of the postal administration during the month totaled 252,435,000 francs, showing an increase of 19,485,000 francs over estimates and
of 50,756,000 over returns for November 1927.

Formal Gold Basis Discussed for Czechoslovak
New Agricultural Credits Law in Effect in Great
Britain—Agricultural Mortgage Corporation Ltd.
Currency.
Created—Bank of England Shareholder.
The following is from the New York "Times" of Jan. 27:
Official dispatches from Prague to the Czechoslovak Consolate General
An Act providing for agricultural credits has just come into
operation in Great Britain. Under the provisions of the here convey the information that the Executive Committee of the Czechoslovak National Bank discussed on Jan. 24 the establishment of the CzechoAct there was formed the Agricultural Mortgage Corp., slovak crown on an actual gold basis. The possibility ofsuch action had been
Ltd., as a result of the Government's efforts to assist the suggested previously. No decision was reached by the bank authorities.
As Czechoslovakia
agricultural industry of the United Kingdom which has basis of 2.96 cents to's currency has been stabilized on a gold exchange
the crown during the last six years, the actual effect
lately experienced very unsatisfactory conditions. Accord- of a gold standard would be theoretical, although of eventual importance
ing to adviees transmitted to Bankers Trust Co. of New as the final step in stabilization. Immediate settlement of the question is
York by its British Information Service, (and made public not expected.
Jan. 30) the scheme is conducted in conjunction with nearly
Senate Passes Resolution Authorizing Secretary of the
all the large banks,including the Bank of England, which are
Treasury to Negotiate Austrian Debt Agreement
shareholders in the corporation. The capital of the comand to Co-operate with Other Creditor Governpany consists of £650,000 in £1 shares. The advices from
ments in Floating Loan.
the Bankers' Trust Company add:
The Senate on Jan. 30, without a record vote, passed the
Loans on mortgages of agricultural land, not exceeding
two-thirds
of the land's value, will be granted for periods up to 60 years, and
will be resolution authorizing the Secretary of the Treasury to conrepayable by equal half
-yearly installments covering interest and repayclude an agreement for the settlement of the Austrian debt.
ment of principal; for a 60 year loan the rate of half-yearly
repayments
will be .C2 15 a per £100 for the full period of the loan, or
we noted in our issue of Dec. 29 (page 3627) the resoluabout $26 As
a year for 60 years on an initial loan of $500. Loans for
improvement tion passed the House on Dec. 11. The resolution, which
of land will be granted to landowners,subject to the approval of the
minister was reported to the Senate, without amendment, by Senator
of agriculture, for periods up to 40 years, a loan of 1100 being
repayable
-yearly installments of a each to include principal,
by 80half
Interest, and all Smoot, also provides for subordination of liens against Auscharges other than those made by the ministry of agriculture.
These rate; trian assets to enable the floating of a second reconstruction
are not necessarily permanent; they may be modified in the future as
cir- loan for Austria. From the "United States
cumstances may require or permit. It is hoped that farmers
Daily" of Feb. 1
will be able
to benefit from the launching of this scheme.
we take the following:
The United States has now agreed to the flotation of a reconstruction
loan to Austria which shall have first lien upon Austrian assets, it was
stated orally, Jan. 31, by the Secretary of State, Frank B. Kellogg, following passage by the Senate of a resolution (H. J. 340) authorlizng the Secretary of the Treasury to co-operate with other creditor nations to enable
Austria to float a new loan.
Secretary Kellogg explained that, after the Armistice. the United States
had participated in a first reconstruction loan of $95,000.000. The share
of the United States was $24.000,000.
However, Austria's condition was such, Secretary Kellogg stated, that
The further increase in Its gold reserve of 274
million franca reported it became necessary for her to raise
further loans and, commencing last
by the Bank of France this week was accompanied by decrease
of 420 year, negotiations were opened by Austria with all the other powers
millions in its holdings of exchange. The conclusion drawn
which
was that the had joined in the first loan, to provide for payments of
a certain sum each
Bank had sold 146 millions worth of foreign exchange converted
into gold. year, and giving Austria further opportunity to make a
loan for indusAt present the bank's total holdings of foreign exchange amount to
30,553 trial recovery.
million francs, or $1,191,500,000, of which it is generally
supposed that
All of the countries agreed to this. Secretary Kellogg stated, and Presiabout one-half represents credits in the United States. The
gold reserve dent Coolidge recommended the matter to Congress. This has new been
is now 33,983 millions, or $1,325,300,000, and the two accounts
correspond passed. By the new arrangement, the new loans will have first
to a note circulation of 62,442 millions. or $2,435.200,000. The
lien on
bank's ratio Austrian assets, instead of the first lien originally held by
the first Govern
of reserve to liabilities rose during the week from 41.27 to 41.69.
ment loans to Austria.
For several reasons It is believed that the ease in money on
the Paris
The proposed reconstruction loan on loans to be floated in behalf of
market will increase. The first reason is the issue of the
consolidation Austria are not to exceed 725,000.000 Austrian schillings (the
loan announced for Feb. 18, the purpose of which Is to convert
schilling is
the existing about 14.05 cents) and are to run for periods of not
6% bonds now in the hands of the Calm() d'Amortissement and
more than 30 Years
to consoli- from July 11929.
date a certain amount of defense bonds. The new bonds will be
redeemable
In forty years and will bear interest at 4%%. The exchange of
defense
bonds for the new bonds will obviously not provide fresh
money for the Germany Faces Labor Shortage Due to War—Rising
market, but that is not true of the consolidation of the 6 per
cents, which
Generation Held 3,500,000 Too Few.
are redeemable at 600 francs.
The Calm d'Amortissement will make a fairly large cash
The following Associated Press ad vices from Berlin appayment to
subscribers to the now bonds in order to equalize the valuation.
Further- peared in the "Times" of Jan. 27:
more, all old bonds whose holders do not wish to make exchange
will be
Germany's first generation of war children approaches maturity weakened
repaid in full in cash. The issue will therefore have the result
of placing by about 3,500,000 "casualties."
at the disposal of the market money which the Cahn will draw from its
acThe destruction of life and the shortage of births in the war years will
count at the Bank of France. The same result will follow the
purchase of have an important effect on the German labor
market and the developrental, which the Caisse is authorized to effect on the Bourse for
redemption ment of the republic. This fact becomes apparent
as the children born in
of the national debt.
1915 approach the end of their legal schooling.
Finally, instead of issuing bonds, as it usually does at this
season when
The urban labor question is engaging close attention of all German
fiscal receipts are lower than public expenditure, the Treasury will this
year municipalities, whose representatives meet every
meet requirements through drawing on its credit balance at
year in congress to comthe Bank of pare notes and agree on measures for
the good of their communities.
France, which has now reached nearly six and a half billions.
Unemployment had passed the 1,000.000 figure in December.although the
An item regarding the conversion of the short term debt Dawes plan calls for greater effort, more intensive production and
larger
of France into a new consolidation bond issue appeared in exports. Yet the trouble confronting German employers at the present
time is chiefly that there is not a sufficient number of skilled and ablecolumn Jan. 26, page 497.
these
bodied workmen to go round.

French Bank Sells Exchange for Gold—But Paris
Estimates Remaining Foreign Credits at $1,191,500,000, Half in America—French Government's
Debt Conversion Plans.
The following Paris account Jan. 25 appeared in the
New York "Times":




660

FINANCIAL CHRONICLE

It is estimated that Germany, owing to the World War, lost 3,500,000
babies that would otherwise have been born, and this is why there is to-day
a marked shortage of apprentices or learners in different trades, who would
In course of time become skilled artisans.
In a report by Prof. Hermann T. Morgenroth, eminent Munich statistician, it is shown that, whereas the wage-earning population between
15 and 65 within the present confines of the Reich has grown by 5,000,000
during the past decade, the generation below 15 has decreased by 4,000,000,
Moreover, the average worker's age has by reason of war, risen to a point
well past what is considered the peak of productiveness.
German workmen of the present day. Prof. Morgenroth declares, are
mostly "past their best," and the next generation is not coming up In
sufficient numbers to fill their ranks.
All signs, Prof. Morgenroth says, point to a coming great struggle between 1930 and 1935 by Industrial interests for the acquisition of strong
young workers.

J. Henry Schroder Banking Corp. Sees Possibility of
International Loans on German Reparations
Account.
An international loan or series of loans will form part of
the final German reparations settlement, in the opinion of
J. Henry Schroder Banking Corp., which believes, however,
that the arrangements which bankers can make for an international issue of securities with which to fund part or all of
the reparations or debt obligations will depend largely upon
conditions in the money markets of the world. "Both
Germany and her creditors have found it extremely difficult
to agree upon a capital sum which in the eyes of each seemed
reasonable," says the Schroder firm in its monthly review.
It goes on to say:
However, the first concern of the chief beneficiaries on reparations
account Is to determine the yearly amounts which shall be paid over the
-year period during which they must make payments on
remainder of the 62
their war debts. Since Germany feels obligated, under the Treaty of Versailles, to make no payments beyond the year 1951, some agreement will
have to be reached concerning the difference In the number of years involved
under these two concepts. On the other hand, with the payments on war
debts account a known factor, negotiations can revolve about this phase
of the matter, and need not be complicated by considerations of capital
sums and interest rates.
The groundwork done by the reparations officials and by the Transfer
Committee should facilitate the creation of the mechanics of the settlement.
Perhaps the greatest difference between the future arrangements and those
provided by the present Dawes plan will be the elimination of the Transfer
Committee. In that event, of course,some allowance will have to be made
In the agreements for whatever protection is now given to the German
mark against international transfers under the present plan.

Earnings of City Savings Bank, Ltd., of Budapest,
Hungary, for 1928 Double Previous Year.
The City Savings Bank, Ltd., Budapest, Hungary, will
report net profits of Pengoe 1,941,720.66, equivalent at the
present rate of exchange to about $339,000 in American currency, an increase of more than 100% over the $165,000 reported for the year 1927, according to cable advices received
by Colvin & Co. and George H. Burr & Co. Based on the
above figures, earnings for 1928 will be equal to about $5.64
per American share of the Bank stock. In view of the above
earnings, directors of the Bank are expected shortly to increase the dividend rate to 12% of the par value of the
Hungarian shares, equal to about $4.10 per American share.
This compares with dividends at the rate of 8% in 1925;
9.6% in 1926 and 11% in 1927. The Bank has paid dividends for each year since its establishment in 1892.
Mexico Reveals Grave Mine Crisis—Ministry of Industry
of Industry Says Companies Are Seeking Dissolution to Avoid Losses.
From Mexico City, Jan. 29, the New York "Times"
reports the following:
The existence of a grave crisis in Mexican mining centres is acknowledged
In a press communique issued to-day by the Ministry of Industry and Commerce. The document says substantially:
"The Labor Department of this Ministry is receiving numerous petitions
from mining companies, desirous of closing down definitely their operations
In mexico. A great variety of causes for this are given. Th emost frequent
due to the
reason cited is the impossibility of continuing work at a profit,
impoverishment of workable veins, and the next is the heavy drop in world
prices ofsome of the most valuable of Mexico's mineral productions."
mining
The circular states that all petitions have been passed to the
section of the Ministry for report and finally will go to the Conciliation
companies
and Arbitration Board for definite decision as to whether the
are or are not justified In cessation of active operations.
acknowledged
The impossibility of working certain minerals at a profit Is
due to the
the the Government, but it contends that there are other factors
arriving
Policies of the companies which may be taken into consideration In
out of work
at a decision as to whether they would be justified in throwing
thousands of operatives.
DISCUSSillg this question, the National Mining Chamber of Commerce
with
remarks that the ores now being worked in Mexico are not on a par
conquest.
those which existed during the boom that followed the Spanish
conquest only
The Chamber says that in the first years after the Spanish
of comthe richest veins were exploited, for during that period the lack
but the finest ores.
munications made it impossible to handle anything
of a lower
The result is that to-day most of the minerals remaining are
most
grade. Many companies of small resources soon worked out their
valuable ores and recently have been forced to suspend operations.
that many of the
Discussing another viewpoint, the Chamber notes
worked on such
most powerful companies in Mexico in recent years have




[voL. 128.

an intensive scale in order to cut down general expenses that they now
find themselves without natural reserves. Therefore they also must restrict
operations.
In order that Mexico's mining industry may continue on a satisfactory
basis, says the Chamber, new veins must be found to replace the mining
fields now worked out, and it quotes one of the best known mining men
in the State of Chihuahua, the richest producing region in the Mexican
Republic, as follows:
"It is extraordinary the number of mining problems which we have to
face from day to day. The constant stoppages of work show the absolute
necessity of the Government intervening energetically to put an end to
this most dangerous situation, for to close official eyes to a crisis is fatal.
TJnIess officialdom looks the question squarely in the face It will undoubtedly
develop into a grave factor in national activities and economic conditions.'

Offering of $4,000,000 Bonds of Province of Hanover
(Germany) for Harz Water Works System—Books
Closed.
Financing in the American market in behalf of the Province of Hanover, State of Prussia, Germany, to provide
part of its share of the cost of construction of a system of
waterworks in the Harz Mountains, was undertaken this
week, in the offering on Jan. 28 of a $4,000,000 bond issue
for the Province. The issue, which represents the second
series of the Harz Water Works Loan, was placed on the
market by Lee, Higginson & Co., the Illinois Merchants
Trust Company and White, Weld & Co. The bonds which
bear 6%% interest, were priced at 94% and interest, yielding about 7%. The purpose of the issue is indicated as
follows:
The proceeds of these bonds, together with an issue of $1,000,000 of
the first series offered in September 1927, will be used to provide part
of the cost of construction of a comprehensive system of waterworks in
the Harz Mountains being built to supply water to the City of Hanover and
the larger cities of the Leine Valley as well as to control floods and to
generate electric power.

The books on the new offering were closed on the opening of the same (Jan. 28). The new issue will be dated
Feb. 1 1929, and it will mature Feb. 1 1949. A cumulative
sinking fund, first payment November 1 1932, will be provided sufficient to retire the entire series by maturity.
The issue will be callable as a whole or in part on any interest date on and after Feb. 1 1934, at 102, decreasing on
Feb. 1 1939 to 100, and for the sinking fund on and after
Feb. 1 1933, at 100, plus accrued interest in each case. The
bonds will be in coupon form in denominations of $1,000
and $500. Principal and interest will be payable in Boston,
New York and Chicago at the offices of Lee, Higginson &
Co., Fiscal Agents for the service of this loan, in United
States gold coin of the- present standard of weight and
fineness without deduction for any taxes present or future
imposed by the German Reich or any taxing authority therein. The Governor (Landeshauptmann) of the Province of
Hanover, in advices to the bankers, supplies detailed information regarding the Province, its indebtedness, etc., from
which we quote in part as follows:
Security.
These bonds will be the direct and unconditional obligation of the
Province of Hanover and will rank equally with the bonds of the First
Series. The Province has never pledged any of its property as security for
a provincial loan and it has agreed that, if it should pledge, mortgage or
assign any of its revenue or property to secure such a loan, these bonds
will be secured equally and ratably with such loan.
This loan as well as the construction of the waterworks has been op.
proved by the competent authorities of the German Reich and of the
State of Prussia.
Debt.
The Province of Hanover has no direct external debt other than these
$4,000,000 of bonds and $1,000,000 of bonds of the first series offered
In September 1927. Its total internal debt, as of Jan. 1 1929, including
about $880,000 of revalorized loans, amounted to less han $10,800,000.
The total present direct debt of the Province, including this loan of
$4,000,000, therefore, amounts to less than $15,800,000 or $5 per capita.
The Province of Hanover also guarantees the liabilities of a provincial
bank, two provincial mortgage institutions and a provincial life insurance
company, the total liabilities of which on Jan. 1 1929 were about $106,000,000. Total combined debt and contingent liabilities of the Province thus
amount to about $121,800,000 or about $38 per capita.
The larger portion of these contingent liabilities consists of the guarantee
of obligations of the provincial bank and of the two mortgage institutions.
The mortgage bonds issued by these two mortgage institutions are secured
by first mortgages on farm and city real estate and the bonds of the
Provincial Bank by notes of communities and associations of communities.
The Province has guaranteed the obligations of one of these mortgage
Institutions for over 87 years, and those of the other mortgage institution,
of the provincial bank and of the life insurance company, for over eight
years, but at no time has it ever been called upon to make any payment
on account of its guarante e of any of these obligations.
Revenues and Espendttures.
The Province of Hanover has had a surplus of revenues over expenditures
in every year since 1900, except in the fiscal year ended March 81 1926,
when there was a small deficit of $36,000. The fiscal year ended March
31 1928 showed an excess of revenue of $600,000. For the year ending
March 31 1929 revenues and expenditures are estimated to balance at $18,'
540,000. There is a present maximum requirement for interest and sinking
fund on all loans, including this loan, of less than $1,200,000.

FEB.

2 1929.]

FINANCIAL CHRONICLE

The revenues of the Province include a proportionate share of taxes
levied by the German Government and the State of Prussia, income from
its own land and forests and income from various other miscellaneous
sources. When the revenues from all these sources are not sufficient to
cover all expenditures, the Province has the right to cover the deficit by
levying provincial taxes. In the budget for the year ending March 31
1929 such provincial taxes are estimated at $2,641,000.

Offering of $10,000,000 534% Certificates of Republic of
Cuba—Second Installment of Public Works Loan—
Books Closed.
An additional issue of $10,000,000 Republic of Cuba Public Works 5% serial certificates were offered on Jan. 29
by the Chase Securities Corporation, Blair & Co., Inc., the
Equitable Trust Company of New York, and the Continental
National Company of Chicago. Of the amount offered,
$2,500,000 will mature June 30 1932; $6,250,000 on Dec. 31
1932; and $1,250,000 on June 30 1933. The offering the present week was at 100 and interest to yield 5*.%. This is
the second installment of serial certificates to be issued in
connection with Cuba's vast program of public works. Last
October the same group of bankers sold at 99% an issue of
the same size and general description. A reference thereto
appeared in these columns Oct. 27, page 2303. Upon completion of the present issue, Cuba will have outstanding
$20,000,000 of the $60,000,000 certificates authorized by the
Public Works Law of 1925. The books on the present offering were closed Jan. 29. The certificates in the current offering will be dated Jan. 1 1929. The serial certificates are not redeemable prior to their respective maturities. They are coupon certificates in denomination of $1,000. Principal and semi-annual interest (June 30 and Dec.
31) will be payable in gold coin of or equivalent to the present standard of weight and fineness of the United States
of America gold coin at the Chase National Bank of the City
of New York in New York City or Havana, at the holder's
option, without deduction for any Cuban taxes present or
future. Information from Santiago Gutierrez de Cells, Secretary of the Treasury of the Republic of Cuba, and other
official sources, is supplied as follows by the bankers floating the certificates:

661

maturity. We are advised that the bonds were sold privately.
There is authorized $20,000,000 of these bonds to be outstanding in the hands of the public, $5,582,900, series "A,"
$5,518,100 series "B"; $2,299,000 series "C" and $5,377,000
series "D"; retired by sinking fund, $1,233,000. A cumulative sinking fund sufficient to retire the series "D" bonds
by maturity, is provided, payable semi-annually to call
bonds by lot at 100 and accrued interest on the next succeeding interest payment date. The bonds are callable as a
whole only, except for the sinking fund,at 10234 and accrued
interest on July 1 1935, and on any interest date thereafter.
The bonds are in coupon form in denominations of $1,000,
$500 and $100, registerable as to principal only. Principal
and semi-annual interest (Jan. 1 & July 1) will be payable
in U. S. gold coin at the office of Blair & Co., New York,
fiscal agents, free of all taxes, present or future, of the
Department of Antioquia and of the Republic of Colombia.
The proceeds of this issue will be used for new construction
on the Antioquia Railway, principally for the completion of a
2 1-3 mile tunnel on the division between Medellin and
Puerto Berri°, which it is expected will materially increase
the revenues of the railway. Information supplied by Pedro
J.Berrio, Governor of the Department of Antioquia also says:
Security.
-year External Secured Sinking Fund gold bonds are the direct
The 7% 20
obligation of the Department of Antioquia and are specifically secured by,
1. a first charge and lien on 75% of the revenues of the Department derived from tobacco tax, and 2. a first lien on the properties and earnings
of the Antioquia Railway (but not including the 36 miles of railroad formerly
owned by the Amaga Railroad which is subject to a mortgage of$1,483.440).
Including all extensions,additions and improvements constructed or acquired
with the proceeds of these bonds

Revenues.
For the past three years the proceeds (in Colombian dollars) of the
revenues assigned for the security of these bonds have been as follows:
Year End. 75% of Revs.
Net Earns.
Year ended
of Railway.
June 30. from Tobacco Tax.
Dec. 31.
Total.
81,430,825
1926
1926
81,406,571
82.837.396
1.612.000
1927
1.998.277
1927
3,610,277
1,680.000
1928
1928
2,455,405
4.135.405
Annual average.- 1,574,275
1.953.418
3.527,693
The average annual proceeds for the three fiscal years shown above from
the revenues assigned for the security of these bonds, converted at par of
exchange, were equal to 2.45 times the annual interest requirements on the
External gold bonds to be presently outstanding. For the last fiscal year
Security.
the proceeds from such revenues as shown above were equal to 2.87 times
The Public Works 5%%, serial certificates constitute direct obligations such annual interest charges and over twice annual interest and sinking fund
of the Republic of Cuba, under agreement ratified and approved by the requirements on the External gold bonds to be presently outstanding. It
Cuban Congress by law published in the Official Gazette on June 29 1928. should be noted that the net earnings from the railway for the period shown
They are expressly secured by a first preferential lien and charge to the above do not reflect the full benefit from the extension now under construcextent required for payment of principal and interest in each fiscal year, tion or portions recently completed.
on 90% of the normal revenues collected from certain taxes as provided
Finances.
by the Cuban Public Works Law of July 15 1925. The Republic agrees
The total debt of the Department of Antioquia as of Dec. 31 1928, incl.
to set aside in a special account in each such fiscal year 90% of the colloan, amounted to 838.252.277 (U. S.) or about $38 (U. 8.)
lections from the pledged revenues until the amount so set aside shall the present
per capita. Against this the Department owns properties, chiefly revenueequal the amount required in each year for the payment of principal and
producing, having an estimated value of over $37,000.000 (U. S.), without
interest of these serial certificates.
including any additions or betterments to be made from this issue.
The ordinary revenues of the Department, exclusive of income from and
Pledged Revenues.
expenditures on the Antioquia Railway, for each of the five fiscal years
The revenues pledged as security for these certificates include the tax
30 1928, exceeded ordinary expenditures.
imposed on automobiles and other vehicles, importation of gasoline, %% ended June system of the RepublicofColombia follows thatof the
United
The banking
tax on sales and gross receipts, the surcharge on customs duties, the tax
States, the Bank of the Republic being modeled after the Federal Reserve
on the export of money or its equivalent, the tax on the rent and income
of the United States. As a result of this sound fiscal system and the
of real property or property rights and 50% of the excess territorial tax. Bank
favorable trade position of the Republic, its currency enjoys a high degree
Also provision is made in the Public Works Law of July 15 1925 for inof stability, the present quotation being 98 cents U. S. per Colombian
cluding annually in the General Budget of the Nation an amount as a
collar (1 Colombian dollar at par of exchange equals 97.33 cents U. S.).
contribution to the special fund for public works, which, in accordance
with the provisions of said law, may aggregate $5,000,000.
Purpose of Issue.
The Public Works Law of 1925 contemplates a comprehensive
program
of improvements national in character and of great economic
importance
to Cuba. The program includes the construction of the
great Central
Highway of over 700 miles in length, traversing the island and
connecting
the various Provinces with Itavana ; the construction of
water works,
bridges, sewer and drainage systems, public schools and public
buildings.
The Public Works serial certificates are issued to
refund
of the Republic incurred for work completed and accepted indebtedness
in accordance
with the provisions of the Public Works Law.
General.
The present population of the Republic of Cuba is
of 3,500,000. The total funded debt of the Republic estimated in excess
as of the end of the
fiscal year, June 30 1928, was $93,443,600, of which
ternal. Floating indebtedness as of the same date $83,379,800 was examounted to approximately $4,500,000. During the six fiscal years ended
June 30 1928, the
ordinary revenues of the government exceeded the
by over $23,000,000. The currency in general ordinary expenditures
circulation, in Banks
and in the Treasury of the Republic as of June 30
1928, was estimated
to be more than $240,000,000.

$1,750,000 7% Bonds of Department of
Antioquia
(Republic of Colombia) Floated by Banking
Syndicate.
Blair & Co., Inc., E. H. Rollins & Sons and
Chase Securities Corp. floated on Jan. 30 an issue
of $1,750,000
Department of Antioquia (Republic of
Colombia) 7%
20
-year external secured sinking fund gold
bonds, series
"D." The bonds, which are dated July 1 1925,
due July 1
1945, were priced at 93 and interest to yield
7%% to final




Tenders Asked For Purchase of Argentine Government
Bonds.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, have notified holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, issue of Feb. 1 1927, sanitary works loan due Feb. 1
1961, to the effect that $147,701 in cash is available for the
purchase for the sinking fund of so many of the bonds as
shall be tendered and accepted for purchase at prices below
par. Tenders of such bonds with coupons due on and after
Aug. 1 1929, should be made at a flat price below par either
at the office of J. P. Morgan & Co., 23 Wall St., or the
head office of the National City Bank of New York, 55 Wall
St., before the close of business Mar. 4 1929. If tenders so
accepted are not sufficient to exhaust available moneys,
additional purchases upon tender, below par, may be made
up to May 2 1929.
Portion of External Gold Bonds of Province of Buenos
Aires (Argentine) Called For Redemption.
Hallgarten & Co. and Kissel, Kinnicutt & Co., as fiscal
agents, have notified holders of 6% refunding external
sinking fund gold bonds, dated Mar. 1 1928, due Mar. 1
1931, of the Province of Buenos Aires, Argentine Republic,
that there have been called for redemption at their principal
amount on the next interest payment date, Mar. 1 1929,
bonds of this issue in the aggregate amount of $211,500.

662

FINANCIAL CHRONICLE

On that date, the principal amount of the bonds will be
payable in New York at the offices of either of the fiscal agents
or in London, Amsterdam or Zurich at the offices of designated agerits.
Republic of Chile Bonds Drawn for
Redemption.
The National City Bank of New York, as fiscal agent, has
issued a notice to holders and owners of Republic of Chile
external loan sinking fund 6% gold bonds, due Sept. 1 1961,
to the effect that $80,000 aggregate principal amount of the
bonds have been drawn by lot for redemption at par on
March 1 1929, out of moneys in the sinking fund. Payment
on the drawn bonds will be made upon presentation and
surrender with all unmatured interest coupons attached,
at the head office of the National City Bank of New York,
55 Wall St., on March 1, after which date interest on the
drawn bonds will cease.
Portion of

Drawing of Bonds of State of Minas Geraes (Brazil).
The National City Bank of New York, as fiscal agent has
issued a notice to holders of the State of Minas Geraes
(United States of Brazil) OM secured external sinking
fund gold bonds of 1928, due Mar. 11958, to the effect that
$49,000 aggregate principal amount of these bonds will be
redeemed on March 1, next at par. Bonds drawn for redemption should be presented on that date with all interest
coupons maturing subsequently to March 1 at the principal
office of the National City Bank of New York, 55 Wall
St., where they will be paid through operation of the sinking
fund. Interest will cease on drawn bonds from and after the
redemption date.

[VOL. 128.

business correlated with inventories, and other pertinent facts bearing on
fundamental weaknesses. Diagnoses of individual cases, it is believed,
will furnish not only important data concerning the principal causes of
failure but also the contributing factors.
For several months the Department, with the co-operation of the National Retail Credit Association, has been conducting a nation-wide credit
survey covering credit methods and practices of going concerns. The new
study represents an individual but associated investigation of those which
have stopped or are experiencing serious difficulties.
According to Secretary Whiting all Information obtained will be held
strict confidential as to the identity of the firms or Individuals examined.
The results of the Investigation will eventually be published for the benefit
of American business as a whole.

Decrease in Bank Failures Reported by State Bank
Division of A B. A.
Decreases in bank failures in every section of the country
in the year ending June 20 1928, to a degree that cut the
comparable 1927 figures almost in half and gave the smallest
total for any year since 1923, are shown in a nation-wide
compilation issued at New York on Jan 27 by the State
Bank Division of the American Bankers Association. The
compilation, which it is announced is based on official figures
and covers returns for all states and the District of Columbia,
shows that 484 bank failures of all kinds were reported
during the fiscal year indicated as compared with 831 in the
similar preceding period. It is pointed out that this was a
drop of 347 bank failures or a decrease of almost 42% of the
1927 total. The announcement issued by the Association
also contains the following uniformation;

In detail, the compilation shows that 31 States and the District of Columbia renorted fewer failures in the 1028 period than the Year before, four
States reported an &mai number and in only four states were there more.
The States reporting more showed only nominal increases with the exception of Nebraska with a total of 48, an increase of 25 failures over the 1027
figure. Of the other three, Indiana with 21 failures counted only four more
than in the former year. West Virginia with 5 had an increase of two. while
Maryland reported only one failure, the first In four veers. On the other
hand, a number of the States in which bank failures declined reported
large
dropping
00 in the
Definitive Bonds of Department of Cundinamarca in thedecreases, Georgiafrom 97 tofromMichigan 1027 Period to only eight
1928 total, Iowa
70.
from 22 to six. Minnesota
(Colombia) Ready For Delivery.
from 83 to 42. Missouri from 51 to 33,South Carlolna from 51 to 12, South
Dakota from 47 to 10 and Texas from 31 to 8.
J. & W. Seligman & Co. as fiscal agents announce that
All told there were 14 states in which there were no bank failures at all
definitive bonds for the issue of $12,000,000 Department of reported in the 1928 period, nine of these also having a clean record in this
sinking fund gold 634% respect for two or more years. The States with the clean 1028 record were
Cundinmarca external secured
Delaware,
bonds of 1928, due Nov. 1 1959, are now ready for delivery Alabama, Arizona, Connecticut,Hampshire,District of Columbia, Maine,
Massachusetts, Nevada, New
New Jersey, New Mexico.
with May 1 1929 and subsequent coupons attached, in Rhode Island, Vermont and Washington.
The states recording declines in bank failures for the 1928 period were
exchange for and upon surrender of temporary bonds at the
Alabama, Arizona, Arkansas, California,
principal office of Central Union Trust Co. of New York, Florida, Georgia, Idaho, Illinois. Iowa, Colorado, District of Columbia
Kansas, Kentucky, Louisiana,
Y.
80 Broadway, N.
Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, North
Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South
Carolina, South Dakota, Tennessee, Texas, Washington and Wisconsin.
Bonds of Republic of Peru Drawn For Redemption.
In the four states of New York, Utah, Virginia and Wyoming, where the
count
J. & W. Seligman & Co., as fiscal agents for Republic of small,remained the same as the year before, the numbers of failures were
there being only
Utah
Peru secured 7% sinking fund gold bonds, 1927, due Sept. 1 and three in Virginia. one In New York and Wyoming each, two In
The State Dank Division's compilation segregates the failure figures as
1959, announce that $79,000 principal amount of the issue
to National banks and banks doing business under State laws. In this
have been drawn by lot for redemption on Mar. 1 1929, and, connection, it is
pointed out,there were on June 30 1928 only 7,691 national
upon presentation at their office on and after that date, will banks and 18.522 State Institutions. In the year ending June 30, 1927,
689 State banks were reported as failing, while in the similar 1928 period
105% and accrued interest.
be paid at
there were 413,a drop of 276,or 40%. National bank failures dropped from
142 to 71, a decrease of 71, or 60%. Both in respect to State and National
Study of Records of Bankrupt Firms To Be Undertaken banks the 1928 failures were the smallest since 1923.
In the National
in which
by Department of Commerce—Investigation in reported in the bank field there were 27 states20 for theno failures were
year previous.
1928 period, as compared with
Progress into Retail Grocery Trade in Louisville, In 20 States there were reported fewer national bank failures, seven had
more, five had the same number and 17 duplicated a zero record for 1927.
Ky.
In the State bank field there were 15 Jurisdictions reporting no failures
In an effort to lessen the number of commercial failures, the last year as compared with 11 In 1927. Thirty states reported fewer State
Department of Commerce announced on Jan 27 that it will bank failures than In 1927, seven had more, three an equal number and
scientific analysis of the records of nine duplicated the zero count of the year previous.

immediately undertake a
bankrupt firms to determine the fundamental causes of these
business mortalities. According to Secretary William F.
Whiting this investigation is advocated and supported by a
wide range of firms and business associations throughout
the country. Private specialists in bankruptcy and retail
credit including the Yale University law faculty, which is
particularly interested in certain phases of credit bankruptcy,
will co-operate with the Department in its autopsy of defunct
retail establishments. The Department's announcement
also says.
The preliminary work of the Investigation will be conducted as part of the
special grocery study now being conducted in Louisville. Kentucky. The
Louisville study has revealed the fact that out of a total of 1200 retail
outlets in the city one grocery store per day finds it necessary to close its
doors. At the same time it appears that 32 new stores start in business
each month.
Beyond the losses of the bankrupt merchants themselves, It is estimated
that as a result of failures the losses of wholesalers and owners of real estate
in Louisville run Into many thousands of dollars each month. Furthermore, every failure invariably contributes to a chain of economic difficulties
applying to all elements. Even the consumer has to help carry the burden
In the form of higher prices for the product he buys.
Statistics are now available, it is pointed out, on the number of bankruptcies; their nature. i.e. farmers, wage earners, manufacturers, prolessional men. etc.; assets and liabilities: distribution of assets among creditors
and similar information. The Commerce Department's plan contemplates
a study of the causes of the failures in much greater detail than ever before
attempted. It will be concentrated particularly on such factors as the
original financial structure, the relation of the investment to the size of the




New Code to Guide Investment Trusts—Rules Formed
by Committee of National Association of Securities
Commissioners
-37 States Represented.
From the "Times" of Jan. 27 it is learned that after
months of investigation of investment trust financing, which
has involved the sale of many hundreds of millions of dollars
of securities in the last two years, the National Association of
Securities Commissioners, representing the regulatory authorities of 37 States, has drawn up a standard set of rules
which it is intended to apply on a national scale to all investment trusts. In its account of the new rules the "Times"
stated:
In drawing up the rules the Association has had not only the support
of the various State Governments but also that of the large investment
trust organizers themselves who have co-operated in defining ethics that
would protect the legitimate trust and at the same time keep out any
organizations that resort to questionable practices In the sale of securities
to the public.
A uniform application blank has been drawn up which calls for full
information as to the organization and personnel or investment trusts
and provision is made for the various State commissioners to call for further
information regarding the securities held If in their opinion the Information
furnished appears to be inadequate.
New Code of Ethics.
The principal features of the new code of ethics follow:
1. The securities offered should be in marketable form anti negotiable
by endorsement.

FEB. 2 1929.j

FINANCIAL CHRONICLE

2. The personnel of the office and management should show a clear
record of good business repute and should be men of integrity and investment experience.
3. The officers, promoters or managers should make an investment
of their own funds sufficient to assure a personal interest in the proper
conduct thereof.
4. Certain essential fundamentals should be present in the charter or
agreement which should be of such character as to amount to a covenant with the investors. Some of these are as follows:
(a) Adequate provision in the charter or trust agreement or like indenture
definitely and accurately stating the plan and policy of operation.
(b) Provision for periodic statements of the financial condition of the
company, including balance sheet in detail, income and disbursement
statement, and, in the case of a fixed trust, an itemized list of investments
held in the portfolio, or, in the case of a management trust, a classification
ofinvestments held; this information to be furnished the share or unit holders
at periodic intervals.
(c) Provision that the capital assets cannot be distributed during the
life of the trust through dividends.
(d) Provision for the establishment of reserves and of surplus out of the
current net cash earnings from whatever source.
(a) Definite statement as to the cost of management and the
expense
incurred in the raising of capital.
(f) A clear statement of any privilege according the incorporators,
officers or managers.
Opinion of Committee.
"We believe that all States equipped with blue sky laws," says the report
of the Association's committee on investment trusts. "can, through a careful analysis of the applications, fairly judge the merits of the various
companies that may appear before them to the end that the honest and
ably managed companies will not be precluded from carrying on legitimate
and profitable enterprises.
"We believe that in time the practice of furnishing to investors and
prospective investors clear and adequate information which will enable
them to judge the management and to know in what way their funds are
being handled will tend to weed out the undesirable and loosely
managed
trusts and leave those institutions which are inevitably to become a more
important and ever-increasing factor in the financial growth of the country."
Jesse Craig, Securities Commissioner of Nebraska and President of the
National Association, is Chairman of the investment trust committee that
drew up the regulations. He is at the Hotel Roosevelt for a few days
and announced the deans of the provisions yesterday. The other members of the Committee are Donald M.Pomeroy of Minnesota, I. M. Bailey
of North Carolina, Robert C. Clark of Vermont, Judge F. T. Stockard
of
Missouri and H. 0. Hicks of Utah.

663

mine the effects of futures trading upon prices, apart from the
normal influences of supply and demand, and methods by
which the system can be made to serve best the economic
purposes for which it was created.
In addition the committee is expected to develop recommendations for the regulation of these marketing operations
by the exchanges themselves. The members of the committee who will undertake the study are, for the most part,
business men prominent in the production,financing, marketing and use of the commodities traded in. In addition to the
Chairman, they are:
Sydney Anderson, President Millers' National Federation, Washington
D. C.
Julius H. Barnes, grain exporter, former President of the Chamber of
Commerce of the United States, New York.
Charles deB. Claiborne, Vice-President, Whitney-Central National
Bank, New Orleans.
E. W. Decker, President, Northwestern National Bank, Minneapolis.
Professor H. G. Miley, Chairman. Department of Economics, University
of Nebraska, Lincoln.
Bernard A. Eckhart, President and Treasurer, B. A. Eckhart Milling
Company, Chicago.
Samuel T. Hubbard, Jr., former President, New York Cotton Exchange,
New York City.
W.B. MacColl, Secretary-Treasurer, Lorraine Manufacturing Company,
Pawtucket. R. I.
Lynn Stokes, President, Texas Farm Bureau Cotton Association, Dallas,
Bernard J. Bothwell, President, Bay State Milling Company. Boston.
J. W. Shorthlll, Secretary, Farmers National Grain Dealers Association,
Omaha.
Edgar B. Stern. Treasurer, Lehman, Stern and Company, Ltd.. New
Orleans.
William Jerome Vereen, Vice-President and Treasurer. Moultrie Gotten
Mills, Moultrie, Ga.
F. B. Wells, Vice-President. F. H. Peavey and Company. Minneapolis.

The committee will hold its first meeting at the Union
League Club, Chicago, February 4, when it is expected to
outline the scope of its study.

Grain Futures Trading Not Decreased by Federal
Regulation, According to J. M. Mehl of Grain
Futures Administration—Address Before Iowa
Farmers' Grain Dealers' Association.
Predictions that Government regulation of Boards of
Trade and grain exchanges would decrease the volume of
trade in grain futures have not been borne out, J. M. Mehl
of the Chicago office of the Grain Futures Administration,
of the United States Department of Agriculture, said Jan. 23
in addressing the 25th Annual Convention of the Iowa
Farmers' Grain Dealers' Association at Ft. Dodge, Iowa.
Mr. Mehl gave the volume of sales in all wheat futures on
the four principal markets—Chicago, Minneapolis, Kansas
City and Duluth—from 1923 to 1928. In 1923 the total
was about 9,500,000,000 bushels; in 1924 it was 11,000,000,000 bushels; in 1925 it was 20,000,000,000 bushels; in 1926,
15,000,000,000 bushels; in 1927, more than 10,000,000,000
bushels; and in 1928 more than 10,500,000 bushels. As the
Grain Futures Act became law in 1922 and was held constitutional by the United States Supreme Court on April 16
More Than a Billion Loaned by Industrial Banking 1923, it is evident, the speaker said, that the fears of its
opponents as to its probable effect on trading in futures were
Companies According to J. A. Reichart.
unfounded. He advised grain traders to look at the facts
More than $1,000,000,000 has been loaned by industrial
ruining their own business by talking it to death.
banking companies since the first company was organized before
Mr. Mehl said:
in this field, according to J. A. Reichart, President of
"Regulations requiring reports to be made to the Government under the
Clarence Hodson & Co., Inc., bankers for a nation-wide grain futures act, first became effective July 9 1923. That year, during
half of which the regulations were in force, showed the smallest total of
group of small loan and industrial banking companies, who
wheat
The
points out that the growth of this branch of financial activity trading 1n showed futures for the period 1923isto 1928, inclusive. that
the next smallest total. It
year 1927
interesting to note
has been co-incident with economic changes that have during eight months of 1927 the reporting requirements, in so tar as they
occurred in the service rendered by commercial banks. Mr. cover the operations of large traders, were suspended. In 1928 the regulations were reinstated. No one will claim that this action accounts for the
Reichart in his comments states:
increase in the volume of trading in future during 1928. But the facts
Final Findings of Committee.
The Committee was originally formed in 1927 and conducted hearings
last July in New York at which many leaders in finance appeared
before
It and gave their views of the investment trust situation. A preliminary
report on the subject was made last year and the present report
cons,itutes the final findings of the Committee on Investment Trusts, which
will guide the securities commissioners throughout tne country in
their
policy.
New York State has no Security Commissioner, these subjects being
administered under the Martin Act, which is enforced by the Attorney
General. However, while not officially represented in the
Association,
the Attorney General's office here is known to be in full sympathy with
the policies adopted.
The report of the Securities Commissioners' Investment Trust
Committee 18 considered particularly timely in view of the tremendous
expansion
that has taken place since the first of this year alone in investment
trust
activities. Last week one trust sold more than $100,000,000 of
securities
to the public, and another new organization S50,000,000, and this financing followed the recent organization of still another $100,000,000 investment corporation.
"The day of the individual trust controlling a billion dollars of resources
Is near at hand," said Mr. Craig yesterday. "It is imperative that uniform regulations exist throughout the country for the proper administra
tion of these organizations and the giving of full information to the investor as to just what he is buying when he purchases their securities."

In the early period of our national existence commercial loans
were made
for both personal and business purposes. As the nation
grew and our
banking system became more complicated, commercial
banks specialized
in supplying the credit needs of business
and business men. This has
made possible the commercial expansion which placed
this country in the
forefront among nations.
Recognizing the need of a credit service for
the individual, industrial
banks were formed for the purpose of specializing in the
business of personal
loans as contrasted with business loans. They based
their loans primarily
on character rather than collateral and have been successful
in establishing
themselves as a civic asset.

suggest the desirability of more careful statements on the part of those
who would have it thought that the grain futures act has annihilated specutive trading in grain futures. In the case of corn futures on the Chicago
Board of Trade and the Kansas City Board of Trade, the combined total
during 1928 exceeded 6,500.000,000 bushels, a large volume than for any
preceding year up to and including 1921.
"The records for years prior to 1921 are not available. Grain speculation
as a whole attained its record volume in 1925. Yet the volume of trading
in corn was larger during 1928 than in 1925. There is still a little business
done in grain futures despite so-called Government restriction. If any
one says it has driven from the market a few large speculators whose operations were necessarily such that they could not bear investigation, our
answer is that this 111 exactly what the law was intended to accomplish and
what every decent interest wishes to see accomplished.
"The truth is that the futures market has become firmly established as
an integral part of our grain marketing system. It may be used for gambling as well as for legitimate trading. There is hardly anything that can
not be put to improper use. It is coining to be widely understood, however.
that legitimate dealing in grain futures is a desirable and necessary part of
the present system of grain marketing."

Future Trading on Commodity Exchanges to Be Subject
of Study by Committee of U. S. Chamber of Commerce.
Futures trading on commodity exchanges, including grain
and cotton and other articles of commerce, will be brought under the scrutiny of a special committee of the Chamber of
Commerce of the United States, the personnel of which was
announced on Jan. 27. The committee will be under the Chase Securities Corporation Left as Only Strictly
Bond House.
chairmanship of William Franklin Gephart, Vice-President of
The following is from the "Herald Tribune" of Jan. 31:
the First National Bank of St. Louis. The purpose of the
Announcement in connection with
financing
Allestudy, according to the Chamber announcement, is to deter- ghany Corporation that the Guaranty to-day's bond New York for thefollow
Company of
would




664

FINANCIAL CHRONICLE

[VOL. 128.

which a membership
shortly with an issue of the latter's common shares calls attention to the right, if not exercised, can be sold. As the last price
for a reduction in the equity
entrance of another of Wall Street's great security houses into the field bought was $625,000, the rights, allowing
which a 25% increase in seats would cause, would be worth $125,000 each,
of common stock financing.
the Exchange governors are in
Up to a few weeks ago there remained but four of the large downtown and as 1,100 such rights would be issued,
vote themselves a "melon" of $137,500.000.
bond houses in the list of those that had adhered strictly to interest effect asking members to
It is a fact that between 20 to 30% of the present membership does not
bearing securities. These were Guaranty Company of New York, Chase Seof trading privileges which has made necessary the increase in
curities Corporation, Bankers Trust Company and Harris, Forbes & Co. avail itself
Several memberships are held by such men as John D. Rockefeller
Formation of subsidiaries by the last two since that time have been in- seats.
and J. Pierpont Morgan, who never appear on the floor, but who retain
terpreted as paving the way for equity financing, although no formal
their seats so as not to have to pay the full commission charges which nonhas been made in the case of the formation of the
statement to this effect
members must pay.
Bankers Company of New York. Guaranty's decision to enter the field
In addition, there are more than one hundred out-of-town members who
leaves Chase, for the time being at least, alone among the big institu- have no representative on the floor. Many members of that class have
tions that have neither taken up stock issues nor given some evidence of brokerage firms and thus are responsible for a great amount of increased
intention to do so.
business which must be handled by floor members of otner firms and by
the "$2 brokers," who trade only for their own account or for other members.
The result is that between 700 and 800 members have had to handle the
Guaranty Trust Co. of New York Sees Financial Condiof all bull
tions Arising from Speculative Movement Un- greatly increased business that has developed since the greatest
markets swung into its stride in March 1928.

corrected.
The Guaranty Trust Co. of New York, commenting on
the failure to inject corrective measures in the speculative
movement, states that "any unsettlement that may occur
will probably be traceable to financial rather than commercial influences." These comments are contained in this
week's edition, "The Guaranty Survey," issued by the company Jan. 28. "Although industrial expansion is in order at
this season and the stepping up of operations must accordingly be regarded as largely seasonal in character, the vigorous revival that has been reported in numerous lines is
distinctly reassuring," says the Survey. It adds in part:
It may now be said, therefore, with somewhat more confidence than
was possible a month ago, that present conditions favor the outlook for a
continuance of active and prosperous business at least during the next few
months and, as far as can now be seen, throughout the year. Coupled
with the auspicious start made by the leading Industrie. is the fact that
consumers' demand appears to be keeping pace with manufacturing operations, thus affording a sound basis for sustained activity.

Financial Situation a Cause of Uncertainty.
Any unsettlement that may occur will probably be traceable to financial,
rather than commercial, influences. There has been no essential change
in the speculative situation, which has occasioned so much concern among
conservative business leaders. The recession in stock prices in the early
part of December proved to be only a temporary setback, and the general
level of quotations now appears to be higher than at the end of November.
The movement of prices since the beginning of the new year has been
Irregular, with no pronounced trend; and the volume of trading has been
small in comparison with the movement of the last few months. On the
the whole, the losses sustained in the reaction ot last month seem to have
had a sobering eftect on the speculating public.
Nevertheless, the financial conditions arising from the speculative movement remain uncorrected. Brokers' borrowings from Federal Reserve
member banks rose nearly $300.000.000 during the three weeks ended
Jan. 16, and en that date stood only $11.000.000 below the peak figure
reported on Dec. 5. As long as this condition remains, there is little reason
to anticipate any essential cnange in the credit situation, with its possible
unsettling effects on trade and finance.

President Simmons of New York Stock Exchange
Urges Members to Seriously Consider Proposal to
Increase Membership.
The proposal to increase the membership of the New
York Stock Exchange from 1,100 to 1,375, detailed in our
issue of Jan. 26, page 500, is the subject of a letter addressed
to the members by President E. H. H.Simmons on Jan. 28,
in which members are asked to base their vote on a thorough study, not merely of existing conditions, but "of
future conditions as they are bound to develop in the work
of the Exchange." The letter follows:
NEW YORK STOCK EXCHANGE.
New York.
.
January 28 1929.
Office of the
President.
Members of the New York Stock Exchange.
Gentlemen:
You have received the Report of the Special Committee which I appointed to consider an increase in the membership of the Exchange, and
also a Cony of the Resolution adopted by the Governing Committee on
January 24. In connection therewith.
I hope every member of the Exchange will give the most serious consideration to this Resolution of the Governing Committee. There is a
very serious question involved and the final decision should represent the
carefully considered judgment of the entire membership. Your vote should
be based on a thorough study of the situation and an analysis, not merely
of existing conditions, but, as far as possible, of future conditions as they
are bound to develop in the work of the Exchange.
Please read the Committee's report and the Resolution of the Governing
Committee with great care. I would also ask you to read my address to
the Members, on this subject, on October 30 1928, which was sent to you
at that time.
I appeal to you to ignore all minor or personal influences In making
your decision, and look on the question from the point of view of the needs
of the Exchange, and particularly, of our obligation to the public and to
the country.
very truly. yours.
E. H. H. SIMMONS,
President.

From the "Times" of Jan. 26, we quote the following:
The plan submitted will be adopted unless a majority of the total membership votes against it. Assuming that 1,000 of the members vote In the
poll that will be taken between now and Feb. 7, more than 550 of that
number will have to vote negatively to defeat the plan. It would be possible, therefore, for a minority of the members to adopt the proposal should
any considerable number fail to vote.
Some of the present members bought their seats when prices ranged
between $3,000 and $7,000. Among these is William 13. Wadsworth, who
joined the Exchange in 1869, the first year that seats were salable and
when the highest price paid was $7,500. John D. Rockefeller, Sr., who is
never seen on the floor, bought his meat in 1883. when the maximum price
was $30,000.

Trading Inaugurated on Newly Organized MinneapolisSt. Paul Stock Exchange.
Trading on the newly organized Minneapolis-St. Paul
Stock Exchange had its inception on Jan. 28. According
to the Minneapolis "Journal" nearly 300 shares changed
hands in the first 20 minutes of trading. From the same
paper (Jan. 28) we take the following:
Active buying and selling did not begin until 11:10 a.m., when Neil
P. McKinnon, Secretary of the Exchange, sounded the gong. At 11:30
a.m., the traders had gotten about halfway through the listed stocks,
using the call system.
General Mills, preferred was the first active stock on the new exchange. Thirteen shares were asked at 98 and five were sold.
Minneapolis Steel & Machinery common displayed considerable activity, opening at 60 and advancing 1 point to 61. Five shares were
traded at 60 and 100 at 61, with a total of 255 shares transferred.
There was no trading at the opening of the session in Minneapolis
Steel & Machinery preferred. The bid advanced to 20% from
with an offer at 23. Buzza Clark was offered at 16%, with bids advancing from 14 to 15.
Resembles Traffic Court.
The stock exchange resembles traffic court in its system of fines and
penalties for infringement of rules. There are fines of $25 to $500
to be levied and suspensions of 30 days, 60 days and as much as a
year for infractions.
"Though the exchange isn't open to the public, we have the public in
view as our primary object," Mr. McKinnon said, "and every thing
will be done to safeguard the public's interests in securities."
of the
Trading seemed due to go on long past noon today, because
opening confusion. Ordinarily the trading is limited to one hour
from 11 a.m., to 12 noon. Today only a few stocks had been called
by the time the hour was half gone. George F. Piper, Jr., is President
of the Exchange. All the listings were northwest stocks and bonds.
Forty-six stocks were on the board for trading today. Among them
were:
preAutomotive Investment common, first preferred and participating
ferred; Emporium common and preferred; Gamble Robinson common
and preferred; General Mills common and preferred; Griggs-Cooper
common and preferred; Minneapolis Steel & Machinery common and
preferred; Minnesota Mining and Manufacturing, common; Minnesota
Northern Power common; Motor Transit common, 7 per cent preferred and participating preferred; Munsingwear common, Pillsbury
common, Southland Transportation 7 per cent. preferred; Tri-State
Telephone & Telegraph preferred; Truax-Traer cemmon, Union Public
Service common and 7 per cent preferred; Will Motors common and
preferred, St. Paul Fire & Marine, common, Buzza Clark and Universal Aviation.
Unlisted stocks up for trading here were Black Hills Utilities, Caterpillar Tractor, Carpenter-Hixon, Continental Telephone, Electric
Short Line, International Sugar Feed, International Stock Feed, Minneapolis Brewing, Minneapolis Threshing Machine Company, Munsingwear Corporation, preferred; Nicollet hotel, Savage Factories, St. Paul
Union Stock Yards, Strutwear Knitting, Trinity Portland Cement and
Vassar Swiss, preferred.

194

The Minneapolis paper reports that there hasn't been
a Stock Exchange in Minneapolis since 1913. It likewise
states that no speeches nor ceremonies marked the opening
of the Exchange. A reference to the organization of the
Exchange appeared in our issue of Jan. 26, page 502,

Day Clearing Branch of New York Curb Market.
Announcement was made on Jan. 30 by the Committee on
Clearing IIouse of the New York Curb Exchange that a
Day Clearing Branch would be established at 31 Trinity
The period within which members will record their vote Place about Feb. 1. The announcement stated:
At present
work of clearing securities traded in on the floor of
on the proposal will terminate Feb. 7. The "Herald-Tribune" the Exchange the performed by the Night Clearing Branch at 30 Broad
is
membership Street and although these quarters have been enlarged from time to time
of Jan.26 in referring to the proposed addition to
and the personnel increased, it has been found necessary, ewing to the tresaid in part:
The plan provides for the membership to be increased much as corporations enlarge their capitalization, by offering valuable rights. Each member would receive the "right" to one fourth of a new membership, and this




mendous strain placed upon the facilities of this organization as a result
of the vastly increased trading in Curb stocks, to alleviate the burden
by the establishment of the Day Clearing Branch.

FEB. 2 1929.]

FINANCIAL CHRONICLE

The Clearing House of the New York Curb Market has shown rapid
growth from its inception and Is now clearing upwards of 500 issues
which embrace upwards of 75% of the daily volume of business. The
extent of expansion may be better judged When it is stated that six years
ago, when the clearing system was established, the first list of securities
cleared number twelve in all.

665

The third factor is said to be the increased inflow of foreign funds, owing
to the simultaneous decline in domestic needs in Canada. Great Britain.
France and other countries which are attracted by the comparatively high
rates available to them in our call loan market.
The course of loans for the account of others has shown that year-end
requirements did not make for a serious reduction in the total. In the last
three weeks of 1928, the total dropped $170,000.000. In the first three
weeks of this year the total jumped $413,000,000. These figures reflect
only the loans made through New York reporting banks. The total in
each case would be swelled considerably ifloans made through money brokers
and various other agencies be included.
Heavy selling of Government securities and reduction of acceptance
holdings by the Reserve banks which took place during the week ended
Jan. 23, is now ascribed to a desire by the Reserve authorities to prevent a
plethora of funds so great as to possibly demoralize the call loan market.
Although the official rate on the New York Stock Exchange did not go
below 6%,loans were made outside by brokers aslow as5% at the beginning
oflast week. The selling of securities in the open market reduced the lending
power of the banks in the market,and thus tended to that extent to tighten
up the situation.

New York Curb Market TolOmit Volume of Individual
Sales from Ticker.
The Committee of Arrangements of the New York Curb
Exchange announced on Jan. 31 that commencing at the
opening on Monday, Feb. 4, the volume of all individual
sales will be omitted from the ticker, except that the opening
sale of each stock will be printed in full with the volume as
formerly. Arrangements have been made with the printer
of the sales sheets, Francis Emory Fitch, Inc., to compile
reports of individual sales from slips furnished by reporters
on the floor and to publish them on the sales sheets. Total New York Federal Reserve Bank on Money Market in
January—Loans "For Account of Others."
sales of individual stocks will be given to the newspapers
In discussing the money market in January, in its Feb. 1
and news agencies by means of special wire at various times
during the day.
issue, the Federal Reserve Bank of New York comments
on loans "for account of others" and observes that "the
Plans under Way for Hudson County 1(N. J.) Clearing experience of the year-end shows that the market may be
subjected to sudden and substantial withdrawals of funds
House.
Steps for the establishment of a clearing house for Hud- by individual lenders who have no general responsibility
son County, N. J., banks were taken at the reorganization toward the money market and who must have a primary
concern for their own particular business." The Bank notes
meeting of the Hudson unit of the New Jersey State Bankers
that "in making these loans corporations and individuals are
Association in the Trust Company of New Jersey Building,
in effect engaging in a banking function which, to many of
Jersey City, on Jan. 24, according to advices to the Newark
them at least,is outside the field of their previous experience,
"News," which says:
and outside the scope of their principal operations." We
There are 89 banks in Hudson and 47 of them are members of the Association. At the present time it is necessary to do all of the clearing of quote the Bank's comments at length herewith:
checks in New York City. This is inconvenient for many of the banks,
especially those in North Hudson.
It was stated at the meeting that a Commit'ee has been working on the
plan for a local clearing house for some time and that the arrangements
may be made with the Federal Reserve Bank for its establishment The
Erect'lye Committee of the Association was empowered to continue the
survey and It is probable the plans will mature within several months.
The Association has been meeting each month. Yesterday it was decided to have two business meetings and at least one social meeting a
year.
The following officers were elected: President R. J. Benda'', Hudson
City Savings Bank, Jersey City; Vice-President, William C. Heppenheimer
Jr., Trust Company of New Jersey, Jersey City; Treasurer, John Stroh,
Hudson Trust Company, West Hoboken; Secretary, Walter Connelly,
Commercial Trust Company, Jersey City.

The Executive Committee includes: Jersey City—William
J. Field, Commercial Trust Company; Kelley Graham, First
National Bank; Walter P. Gardner, New Jersey Title Guarantee & Trust Co.; J. G. Parr, Claremont Bank. Hoboken—
W. W. Young, First National Bank; Charles Fall, Hoboken
Trust Company. Jersey City—William A. Conway, Hudson
County National Bank; H. Kohlmeyer, Commonwealth
Trust Company, Union City; James J. Roe, First National
Bank, Union City; F. A. Berenbroick, Weehawken Trust
& Title Co., Weehawken; A. R. Towers, First National Bank
& Trust Co., Kearny.
Half Billion Jump Since Jan. 1 in Loans by "Others"—
Huge Inflow of Funds from Outside Sources Cuts
Call Rate.
Stating that considerable surprise has been aroused in
financial circles by the increase of nearly $500,000,000 in
loans which have been made to brokers "for the account
of
others" since the beginning of the year the New York
"Journal of Commerce" in its issue of Jan. 28 added:
This large

influx of outside funds,to a large extent unexpected, has
resulted In the establishment of a 6% rullng rate on call loans
and has at times
an aspect of greater ease to the money market than,
given
bankers stated.
the fundamental situation warranted.
Part of this great inflow of funds Is understood to
represent money
temporarily withdrawn shortly before the first of the year
for special
requirements. The great bulk of It, however, represents a
net addition to
the aggregate of outside money which has been loaned on
collateral, and
has raised the total of loans for the account of others to an
unprecedented
level. They now constitute nearly 48% of all loans reported by
the Federal
Reserve Bank of New York.
Three Factors.
The great increase that has taken place in loans for the
account of others
is ascribed to three chief factors, a survey of informed
opinion in the
financial district indicates. The most important item,
it is said, is the
placing of large amounts of funds on call by investment
organizations which
wish to keep their resources liquid under present conditions in
the securities
markets. As approximately $500.000,000 of new capital
has been raised
during the past two months by such investment companies, they
naturally
constitute a more important factor in the call loan market than
ever before.
A second important factor pointed out as increasing the
volume of loans
made for the account of ethers is the seasonal decline in the working
capital
needs ofindustry which generally takes place at this time. Leading
corporations, which habitually lend money on call, are thus in a position
to increase
such leans. Recent stock issues by many of these companies
have given
them large bank balances which they do not need immediately,
and therefore which they can profitably place on the call market pending
the normal
spring business needs for increased credit which will not be felt until
March
In most cases.




Money Market in January.
Customarily at the end of each year the New York money market is
subjected to a heavy withdrawal of funds for currency and for the seasonal
needs of banks and others all over the country. In January, after the
requirements of the holiday season and the year-end adjustments have
been met, there is normally a rapid return of both currency and credit.
This past year-end followed much the usual course except that the size
of the movement of funds was much larger than usual. Currency requirements were about normal but there was an extraordinarily large amount
of funds withdrawn from the call loan market by lenders all qver the world
who wanted to show large amounts of cash or who did not want to show call
loans in their year-end statements. The current available figures indicate
that during the past twelve months the total volume of loans to brokers and
dealers placed by New York City banks for their own account, as well as
for correspondent banks and "others" have increased approximately
$1,650.000,000. Of this increase $1,500,000,000 has been for account of
"others," that is, for individuals. firma, or corporations other than domestic
banks. Further call loans were made by these "other" lenders through
channels other than N. Y. City banks. In the last week of the year these
"other" lenders called about $400,000,000 of their loans. Correspondent
banks outside of New York City also withdrew approximately $70.000,000
during this same week. Largely because of these withdrawals the New York
City banks found it necessary to take over nearly $600,000,000 of call loans
In order to prevent demoralization of the New York money market.
This large increase in the loans of the New York City banks resulted In a
temporary increase in their deposits with the consequent need for an increase
in their reserves. To build up these reserves they were forced to increase
their borrowings at the Federal Reserve Bank of New York by $182.000.000.
This year-end experience demonstrates that these loans "for account of
others" are subject to rapid and large withdrawal by lenders whose relationship to the money market is very different from that of the banks which
used to provide most of the funds loaned on call. The large size of these
loans at the present time is due to unusual conditions, including unusually
large holdings of surplus funds by corporations and individuals built up In
Part, at least, by huge issues of new securities In recent years. But
primarily, rates for money in the call market which are abnormally high
relative both to other rates in this country and to rates abroad have induced
Individuals and domestic corporations, as well as foreign banks, having
surplus funds, to place their funds on call in the New York market rather
than to employ them elsewhere.
These are conditions subject to change. The experience of the year-end
shows that the market may be subjected to sudden and substantial withdrawals of funds by individual lenders who have no general responsibility
toward the money market and who must have a primary concern for their
own particular business. In such instances the borrowers of these funds
must turn to banks for accommodation usually at times when the banks are
under the greatest pressure for funds. To the extent that these loans by
others may be taken over by banks they become a charge against the
country's basic bank reserves which have been diminished through gold
exports during the period of heaviest increase in these loans.
It may be further noted that in making these loans corporabons and
individuals are in effect engaging in a banking function which, to many of
them at least, is outside the field of their previous experience and outside
the scope of their principal operations. Because of this aspect of the matter
and because of the general considerations previously mentioned, it is the
Policy of a number of large well-managed industrial corporations not to
make call loans.
Money Rates.
The return of funds to the New York market during January resulted in
the reduction of the call loan rate to 6% for a number of days during the
month, through there were increases to 9% in connection with mid-month
payments and to 8% at the month end. The tendency towards ease in the
call loan market was accentuated in the second half of the month by further
increases in loans made for account of others, only partly offset by decreases
in loans for the account of New York banks. As a consequence, the total
amount of loans to brokers and dealers reached new high figures.
A more fundamental tendency, however, toward firmer money was
indicated by two increases in the rates for bankers acceptances which raised
the offering rate for 90 day bills M % to 5%. These were corresponding
Increases in the buying rates of the Federal Reserve Bank of New York.
Rates for open market commercial paper were also slightly firmer at 534%
and yields on Treasury short-term securities were higher. The changes in
money rates during the month are shown in the following table.

666

FINANCIAL CHRONICLE

[VOL. 128.

MONEY RATES AT NEW YORK.
Amending section 403 Banking law, by empowering on approval of
Jan.311928. Dee.311928. Jan.301929. superintendent, a savings and loan association in a city of more than 30,000
to open therein one station for payment of dues, withdrawals, &c.
*6-8
*9-12
*334-5
Call money
Time money-90 day
4%
531
eommercial paper
4
531-31
Prime
Bills Amending Pennsylvania Banking Laws Introduced
5
4%
-day unindonied
33.4
Bill*-90
z5.53
in Legislature—State Banking Department Asks
z5.50
Customers' rates on commercial loans
z4.28
Treasury certificates and notes:
Extensive Changes—Fees Banned, Directors Lim4.81
4.42
Maturing June 15
3.87
ited in Use of Funds.
4.70
4.54
Maturing Sept. 15
Federal Reserve Bank of New York redisThe Philadelphia "Ledger" in Harrisburg advices Jan. 29
5
5
count rate
334
stated:
Federal Reserve Bank of New York buying
A series of 15 bills amending and revising banking and building and loan
5
3%434
rate for 90 day bills
association laws, prepared by the State Department of Banking, were
• Prevailing rate for preceding week.
introduced in the House to-day by members from Philadelphia and other
z Average rate of leading banks at middle of month.
parts of the State.
The Small
-Loans Act is amended to provide that the payment of $300
Bill Market.
or less in money, credit, goods or similar valuable considerations in conThe volume of American bankers' acceptances outstanding increased sideration for an assignment of wages is a legal loan. This does not vali$84,000,000 further during December to 31,284,000,000, an amount date, however, any wage assignment independent of the Act.
All loans and liens issued by a building and loan association are restricted
3204,000,000 larger than the volume outstanding at the end of 1927. At the
close of December, the Reserve banks' holdings of bills for their own ac- to not more than 70% of the fair market value of the real estate upon which
count were about $100,000,000 larger than a year ago, and their holdings the loans are made, according to provisions of another bill. This bill refor foreign correspondents were also about 3100,000.000 larger, thus absorb- stricts loans to a single borrower to not more than 5% of the total assets of
ing all of the increase in bills outstanding. During the first three weeks of the corporation if the loan is for more than $5,000.
Any officer of a bank or building and loan association accepting fees
January the amount of bills held by the Reserve banks in their own portfolio was reduced by about the same amount as in the corresponding period for obtaining loans from his own institution is subject to fine or imprisonment, a third bill provides. Officers, directors, solicitors or conveyancers
of last year, but the decline was smaller than occurred in 1927 and 1926.
The supply of new bills coming Into dealers' hands was smaller than of the institution are prohibited from taking fees, commissions, gifts or
in December, but nevertheless continued in substantial volume. In order other valuable things for the procuring of a loan for any person from their
to attract more investment buying and thereby obtain a wider distribution institutions.
Applications for Loans.
of bills, the dealers made two advances in their rates: the first, shortly after
the opening of the month,and the second on the 18th. As a result of these
All applications for loans from building and loan associations must
-day unendorsed bills be in writing, another measure provides, and these must set forth all
90
two advances, the open market offering rate for
% higher than the quoted rate at the end of December, important particulars regarding the real estate which Is to secure the loan.
became 5%. or
and the highest level since September 1921. Sixty-day bills also were ad- It is further provided by this measure that if the real estate stands in
-day, and 4, Sand 6 months the name of as raw man the equitable owner must execute the bond accomvanced 34% during the month, and rates on 30
%. The spread of %% between bid and offered rates panying the mortgage.
bills were increased
prevailed at the end of December was reduced to 34% in the case of
which
The provision of another bill are that bank officials using a bank's
-day maturity, but was unchanged for the longer money for their own use or the advantage of a business with which they
unendorsed bills up to 90
maturities. Two advances of 34% during the month raised the Reserve are associated are guilty of criminal embezzlement of misapplication of
-day bills to 5%.
bank's current minimum buying rate for 90
funds. A bank official, under this measure, who draws a negotiable instrument for a business with which he is connected for the purpose of defrauding
Commercial Paper Market.
the bank or deceivink the bank examiners is held to have committed a
The amount of commercial paper outstanding through 23 dealers was crime.
reduced seasonally during December, and at $383,000,000 on Dec. 31 was
Loans of more than 15% of a bank's capital and surplus to an officer
9% smaller than the outstandings a month earlier and 31% smaller than a of the bank or to any business in which the officer is connected, are also
During January, supplies of now paper increased somewhat, prohibited, unless the loan is secured by Federal or State bonds in amount
year ago.
though there were reports that new drawings were smaller than is customary at least equal to the loan.
for thatmonth. Bank investment demand for paper was reported in satisA penalty of $5,000 is provided by another of the series if a banking infactory volume,relative to the amount of new paper created. The prevail- stitution certifies a check without deposit of a sum not less than the amount
range for prime names remained at 531-534% until shortly after the mid- of the check. A year's imprisonment can be imposed in lieu of the fine.
ing
dle of the month, when 534% became the going rate for the bulk of the
Armistice Day Legal Holiday.
paper, with some sales reported 34% above and below that level.
Other measures In the Department's series repeal obsolete banking laws.
making Armistice Day a legal holiday, permitting trust companies to
retain among their deposits uninvested trust funds, provided collateral
Amendment Proposals to New York Banking Law to
of Federal or State securities are set aside, in their trust department; reCurb Loans for Speculative Purposes.
quiring all banking ins,itutions under the State Banking Department to
preserve all records for 10 years, authorizing
Regarding a bill amending the New York State Banking ing Associations into State banks and trust conversion of National Bankcompanies.
yesterday
Law, designed to curb speculation, Albany advices
Restraining the Secretary of the Commonwealth from approval of a
Banking has approved the name as
name of a bank until the Secretary of
(Feb. 1) to the "Wall Street Journal" stated:
Assemblyman Kelly's bill relating to "interest on collateral demand loans not conflicting with the name of another banking institution; making
ownership of ten shares of a bank's stock Minimum requirement for a
of not less than $5,000." amends section 115 of the State Banking Law
director or his continuance in office; authorizing mergers of National Bankand reads as follows:
companies, and for the consoli"Upon advances of money repayable on demand to an amount not less ing Associations with State banks or trust
dation of their Boards of Directors.
than $5,000, made upon warehouse receipts, bills of lading, certificates
of stock, certificates of deposit, bills of exchange, bonds or other negotiable
instruments, pledged as collateral security for such repayment, any bank
may receive or contract to receive and collect as compensation for making Nation-Wide Survey in Progress to Aid Acceptance
such advances any sum not exceeding eight per centum per annum, which
Market—Questionnaires to Bankers Throughout
may be agreed upon by the parties to such transaction."
Country on Portfolios—To Determine Conditions
amended to read as follows: "Upon advances of money.
Section 201 is
for Buying Bills.
repayable on demand to an amount not less than $5,000. made upon warehouse receipts, bills of lading, certificates of stock, certificates of deposit,
An informal committee of New York bankers has sent out
bills of exchange, bonds or other negotiable instruments pledged as collateral
securities for such repayment, an trust company may receive or contract a questionnaire to the banks throughout the country, seeking
to receive and collect as compensation for making such advances any slim to determine the extent to which and under what conditions
not e,ceeding eight per cent= per annum, which may be agreed upon by the
they are willing to purchase bankers' acceptances, it was
Parties to such transaction."
The bill is to take effect immediately if enacted into law. It has been learned on Jan. 30. Advices to this effect were contained in
referred to Committee on Banks, which probably will give a hearing.
the New York "Journal of Commerce" of Jan. 31, which

The same paper quoted Assemblyman Kelly as follows:

beheve this act will be of real value to legitimate business. Present
era of speculationls unhealthy, and, while trade and all bona fide enterprises should be encoruaged, frenzied finance needs to be curbed.
The 8% interest limit on collateral demand loans will keep this money
in the channels where it will be of real value. The temptation has been to
divert it to speculators whenever the call rate leaped to a high figure. This
has been in the past always to the embarrassment of legitimate business

likewise carried the following information:

This questionnaire is part of a nation-wide effort to broaden the accept
ance market and thus reduce the burden of acceptances carried by the
Federal Reserve banks at the present time against their will.
During the past sit months, holdings of acceptances by the twelve Reserve
Banks have increased to nearly the half billion mark. These bills are bought
at the buying rate prevalent in the open market, and thus the Reserve institutions are practically compelled to purchase these bankers' bills as offered
Men.
them, even if it is otherwise considered undesirable thus to Increase the
amount of reserve credit outstanding. It was to correct this semi-autoYork matic increase in Reserve acceptance holdings during periods of monetary
Banking Law Amendments Introduced in New
stringency that the Reserve authorities have been giving persistent indicaAssembly.
tions lately that they regard the establishment of a broader acceptance
Advices Jan. 30 from Albany to the New York "Journal market as essential.
Volume of Acceptances.
of Commerce stated:
The questionnaire of the New York bankers requests the out-of-town
Under the provisions of a bill introduced in the Assembly by De Witt C.
Domln:k, Republican of Orange County, section 397 Banking law is financial institutions to indicate the volume of acceptances they are likely to
amended by providing if by-laws so provide accumulations on free shares hold in their portfolios under various specified conditions. Among these
of a savings and loan association when withdrawn between dividend periods conditions are an increase In the rate, the making eligible of bankers' acceptances as legal reserves, etc. Based on the results of the questionnaire,
may tear dividends at proportion of last dividend paid.
Alexander H. Gamiest, Republican of Yonkers, introduced four other changes in present legislation and regulations governing acceptances are
likely to be formulated and suggested by the New York bankers for enactamendments to the banking law. They were:
Adding new section 403-A Banking law, empowering savings and loan ment.
In addition to the specification of various conditions under which the
associations to open one or more branch offices in a city where principal
place of business is located, the association to have a guarantee fund of executives of banks are asked to state whether or not they would purchase
acceptances for their institutions, the questionnaire letters solicit new sug$50.000 for each branch, and approval of the superintendent.
Amending section 378 Banking law to permit savings and loan associa- gestions. Bankers in the interior are requested to state plans of ther own
the application of which would bring them as buyers into the acceptance
tions to provide safe deposit boxes.
Amending Bank law relative to loans to members of savings and loan market. Later, the various plane offered will be tabulated and an effort
will be made to agree upon uniform action.
associations.




FEB.

2 1929.]

FINANCIAL CHRONICLE

667

Because of the large volume of acceptance business they do,the New York
institutions are interested in protecting as far as possible the market for
bankers' bills. It is generally realized that the withdrawal of Federa.
Reserve support would mean a very radical contraction of the bill market]
and make it impossible to create anything like the present volume of outstanding acceptances. Hence, under the urging of the Reserve authorities,
made in increasingly definite form in recent weeks, the present course of
action has been undertaken.
Pending the result of the present questionnaire, dealers have acted to
give some immediate relief to the situation from the Reserve Banks' viewpoint by raising the acceptance rates to roughly the same level as the rediscount rates. This gives some inducement to the member banks to buy
acceptances, but it is understood that the results have no been very great.
The present effort to further correct the situation by working out a broader
market for acceptances on a sounder basis is largely designed to prevent a
repetition of the situation which developed during the past six months.
The volume of outstanding acceptances is on the decline, because of seasonal
factors,and the holdings of bills by the Reserve institutions also are receding.
It is mainly to prevent a recurrence of rising bill holdings at a time when
credit restraint is desired by the authorities that the present steps are
being taken, although a more rapid reduction of bill holdings at present is
also regarded by the authorities as desirable, to judge from recent pronouncements.
Although the rising of rates on bills has been agreed upon among the dealers as a first move, this step was intended as a temporary one. Some of
the dealers fear that permanently high rates for bills will curtail the creation
of acceptances, forcing business into other credit markets. This factor is
considered particularly pertinent in view of the fact that in the past one
of the best selling arguments in favor of the acceptance has been its cheapness. Dealers estimate that the volume of new bills in January is likely to
be less than that reported by the American Acceptance Council for Decomber. despite the fact that the peak of the season is usually in February
or March after which there is a gradual decline until summer.

revisions here discussed as applying especially to the figures then published
for that date, for the preceding week, and for the corresponding week of the
preceding year. Comparable figures for the whole of 1927 and 1928 are
given in Tables 1-4 on pages 59-91 of this issue of the "Bulletin." *Comparable revised figures for one or more earlier years are in process of preparation and will be published later.
Since Jan. 9 1929, the weekly condition statement has shown in one
total—"loans on securities"—the figures heretofore shown separately for
"loans secured by United States Government obligations" and "loans
secured by (other) stocks and bonds," and has also shown in one total—
"borrowings at Federal reserve bank"—the figures heretofore shown
separately under the captions "Secured by United States Government
obligations" and "All over." Both of these combinations have been made
primarily in the interests of simplification.

A revision has recently been made in the schedules used by all member
banks for reporting their condition on call dates and by member banks in
leading cities for reporting their condition weekly. The principal changes
affecting the figures of loans and investments relate to the handling of
(1) "acceptances of other banks and bills of exchange or drafts sold with
indorsement of this bank" and (2) "real estate loans, mortgages, deeds of
trust, and other liens on real estate."
Bills sold by a member bank with indorsement have generally been reported in the past as part of their loans ("all other" loans), both on the
quarterly call report and on the weekly report. On the call report, however, they have been shown separately since May 1917, but on the weekly
report they were net shown separately until the middle of December 1928.
They will hereafter be consistently excluded from loans, principally on
the ground that most of the bills sold with indorsement reported by one
bank are included in the loans reported by other banks. Thus the new
procedure eliminates duplication. The amount of bills sold by member
banks with indorsement on recent call dates was as follows: I927—June 30,
$211,000.000: Oct. 10,$265,000,000: Dec. 31,$432,000,000; 1928—Feb.28,
8455,000,000; June 30, $436,000,000; Oct. 3, $434,000,000. For all member banks back figures of "all other" loans, total loans, and total loans
and Investments, exclusive of bills sold with indorse.ment, have been published in the Annual Report of the Federal Reserve Board for 1927 (Tables
33,35,39,77-78,81-82,84-86,91.92)and in the "Federal Reserve Bulletin"
(October 1928, PP. 730-732; December 1928. pp. 882, 887: January 1929.
pp. 55-58.
Loans secured by real estate have been reported separately by all member banks during recent years as part of the information requested by the
June call, but in reporting this item on this call some of the member banks,
partly by reason of the conflict or apparent conflict between the instructions
given to State banks by the Federal Reserve Board and by the State Banking
Commissioners of certain States, have included their "mortgages," or a
part of them, in their investments instead of in their
loans. The extent
of this practice so far as call dates are concerned is
not believed to have
been considerable, partly because there are
but few States in which the
Item in question has been treated as a part of investments
in reports made
to the State Banking Commissioner.
Beginning with the call for Oct- 3
1928, however, separate figures fot loans secured by
real estate have been
required from member banks on every call and new
instructions have been
Issued by the board and by the Comptroller of the
Currency in such form
as to require beyond all doubt that all "mortgages" be
included in this Item.
Corresponding instructions have also been recently issued
to all weekly
reporting member banks to the effect that hereafter all
mortgages should be
Included in "all other" loans and consequently in total
loans, and excluded
from investments. A special investigation made toward
the end of 1927
covering all weekly reporting member banks has
brought out the fact that
about 75% of their total loans on real estate, as
inclusively defined, were
being reported, on the weekly schedule. in "all other"
loans. A small
number of banks that were found to be following the
practice of reporting
a part or all their "mortgages" under "investments" instead of
"loans" were
requested to report separately the amount of this item
in weekly reports
submitted during 1928. These figures have been used
in
revised figures that appear on pages 59-91. The amount preparing the
of "mortgages"
thus transferred from the one category to the other,
for the entire group
of weekly reporting member banks, did not change much
during the
it was at its lowest point, about $450,000,000 in April, and at its year:
highest
point, about $470,000,001) in December. The range of
variation in individual Federal reserve districts was less than $5,000,000,
except in the
New York district, where it was about $15,000.000.
It will be noted that both of the revisions described affect the
figures for
"all other" loans and for total loans—one revision by way of
subtraction
and the other by way of addition.
Another revision in back figures, occasioned at the end of
1928 by the
withdrawal from the Federal reserve system (through merger
with a nonmember bank) of a large weekly reporting member bank in
Los Angelm
has been made at the same time. This bank had about $130,000,000
of
loans and investments.
The weekly condition statement of reporting member banks in
leading
cities that was issued for Jan. 9, contained a brief explanation of the
three

surplus
equal to 100% of their capital, and then each year carry 10% of their earnings to their surplus fund.
The Senator explained that his measure would cut off the 10% requirement and provide for an additional 2% dividend to member banks. Any
surplus after payment of the 2% dividend would be turned over to the
Treasury as a franchise tax.
"It is my opinion," the Senator added, "that the Government has
received an excessive share of the net earnings of the Reserve banks as a
franchise tax and a portion of this should go as an added dividend to the
member banks."

•One or more of the three revisions affects to some extent every Federal Reserve
district except one—the Kansas City district; the figures published for this district.
therefore, are the same as those published currently during 1927 and 1928.

Bill of Senator Glass Designed to Curb Speculative
Loans—Would Increase Reserve Against Time
Deposits—Another Measure Would Provide Additional Dividends to Member Banks.
A bill designed to reduce the amount of bank loans available for stock speculation was introduced on Jan. 26 by
Senator Glass (Democrat) of Virginia, one of the group who
took an active part in urging adoption of the Federal Reserve system. He also introduced another measure which
he believes would make the Reserve system more attractive
to banks. The Associated Press dispatches from WashFederal Reserve Board on Revision of Member Bank ington, from which we quote, added:
Reporting Service.
The effect of the first measure, he explained, would be to restore the
The recent change in the weekly statement of condition reserve against time deposits. He said that, since the rate on time deposits
been reduced to
money
of member banks, to which we took exception in our issue had transferred from 3% banks had manipulated their funds so thatSenator
demand accounts to time accounts. This, the
was
of Jan. 19, page 290,is the subject of comment in the January declared, increased the amount of money availabel for use on the call
number of the "Bulletin" issued by the Federal Reserve market.
The other measure would make the
atBoard (just come to hand) as was stated would be the case tractive by providing for an additional Federal Reserve system moreThe
dividend to member banks.
at the time. Under the head "Revision of Member Bank Senator said that existing law gave member banks 6% accumulative
dividends from the profits to Reserve banks. Further, he said the present
Reporting Service" the Board says:
law provided that Reserve banks must build up out of their profits a




Bill Amending Federal Reserve Act Giving Board
Power to Waive Assessments for Examination of
State Member Banks.

Efforts of Senator David A. Reed (Rep., Pa.) to secure
the passage of legislation granting the Federal Reserve
Board discretionary authority in the matter of assessment
of costs of examining member banks against the banks
examined, were blocked on Jan. 26 by Senator Glass, according to a Washington dispatch Jan. 27 to the New York
"Journal of Commerce." The dispatch says
The bill, sponsored by Chairman Norbeck of the Banking and Currency
Committee, was requested by Governor Roy A. Young of the Federal
Reserve Board, who had submitted the following statement:
"In its report to Congress covering operations for the year 1927. the
Federal Reserve Board recommended certain legislation, and among its
recommendations was one designed to give it discretionary authority to
waive charges for examinations of State member banks made by direction
of the Fderal Reserve Board or the Federal Reserve Banks. The reasons
which led the Board to recommend this legislation are set forth in the report,
and for your convenience. I am quoting the following therefrom:
"An amendment making it discretionary with the Federal Reserve
Board to assess the costs of examining member banks against the banks examined. The Federal Reserve Board has been handicapped in its efforts
to establish a more effective supervision of banking by the fact that the
present law requires the expenses of all examinations of member banks
made by the Federal Reserve Board or by the Federal Reserve Banks to be
assessed against the banks examined. The State banks object to bearing
the expenses of such examinations on the grcund that It subjects them to the
expenses of double examinations; since they are also required, either
directly or indirectly, to bear the expenses of examinations made by the
State authorities. Examinations made by State authorities frequently are
inadequate for the Board's purpose, since the State authorities are not
charged with the duty of enforcing the provisions of the Federal Reserve
Act and do not always consider it necessary to broaden the scope of their
examinations so as to disclose violations of the Federal Reserve Act. The
fear of having to bear the expense of double examinations has been frequently given as one of the reasons why more State banks do not join the
Federal Reserve system. The Board believes that an amendment granting
it the discretionary authority to waive charges for examinations, when
deemed advisable, would be very beneficial.
"The Board has asked me to call your attention to its recommendation
and request that consideration be given thereto by your committee, with
a view, if possible, of securing enactment of the necessary legislation during
the present session of Congress."

Senator Norbeck's bill was ordered favorably reported on
Jan. 17 by the Senator Banking and Currency Committee. A
similar bill was introduced in the House on Jan. 13 by
Representative McFadden, Chairman of the House Committee on Banking and Currency.

468

FINANCIAL CHRONICLE

Governor Norris of Philadelphia Federal Reserve Bank
Says Conditions Would Be More Sound and Satisfactory if Loans on Securities Were Smaller—Loans
by Corporations Disquieting.
The view that the country's condition "would be very
much more sound and satisfactory" if the volume of loans on
securities was smaller, was expressed by George W. Norris,
Governor of the Federal Reserve Bank of Philadelphia, in
addressing the annual convention in Philadelphia on Jan. 11
of the Building Material Dealers' Association of Eastern
Pennsylvania. Governor Norris also considers it "a disquieting feature that such a large proportion of these loans
should be made by firms or corporations that are not in
the banking business." Banks generally, said Governor
Norris, "feel a responsibility for the extension of credit of
this kind," but, he observed, "the individual lenders who
have come into the market within the last year naturally
feel no such responsibility. They draw their money out of
bank and loan it on Wall Street, solely because of the attractive rates that they can get. The money so loaned is
generally capital that is temporarily idle but which may at
any time be needed in their respective businesses. They
assume that it can be called and made available to them at
any time. That is not the fact." While noting that "it is
generally declared that 1928 was a year of stability, and that
we are enjoying an era of prosperity such as neither we nor
any other nation has enjoyed before," Governor Norris commented upon the increase in sheriffs' sales of properties in
Philadelphia, which, he said, rose from 1,200 in 1923 to
5,700 in 1927, 8,300 in 1928 and for the last two months
have been running over 1,000 a month. "It would be interesting to know," said Governor Norris, "why such a con" He added:
dition should exist in a period of prosperity.
"I cannot offer you any explanation with any certainty that
it is right, but my own guess would be that it is because we
have been living too fast and are trying too hard to 'keep up
" Governor NOtTiS'S address, delivered
with the Joneses.'
under the title "Changed Methods of Financing Business,"
follows in full:
A generation ago business was a rather haphazard affair. The average
business man had to guess at existing conditions,and had very little information upon which to base his expectations for the future. Then some of the
large corporations, such as the Standard Oil Co., the United States Steel
Corp., and a few of the largest New York banks, began to assemble data
for their own information and guidance. These figures were not available
to anyone but the officers and directors of the corporations, and their
Immediate circle of business or personal friends. Soon after the establishment of the Federal Reserve System in 1914. It began to assemble figures,
which were made available to the public through the monthly publications
of the Federal Reserve Board at Washington and of the twelve Federal
Reserve banks. These figures were much more comprehensive and much
more reliable than any that had previously been collected. Then a number
of statistical services were instituted, some of whose publications, issued to
their subscribers, are very informing. Being issued at more frequent
intervals than the Federal Reserve publications, they are apt to be more
up-to-date.
There has, however, been one difficulty about all this. Some commentator has recently stated, with a great deal of truth, that people now
suffer "not from inadequate Information, but from too much Information. The mass of statistics poured forth in magazines, newspapers, digests,
manuals, bulletins, services, and publications of all kinds, is bewildering to
all but the specialists and statisticians. The private individual has no time
to assimilate and digest it."
It would be beyond my power to present the business situation to you
with sufficient fullness to enable you to make any accurate forecast, and
even if it were within my power, the limitation of time would forbid. I
am therefore going to confine myself to caning your attention to a few of
the significant changes in business methods during recent years, with
particular reference to the financial side.
In the first place, the ordinary-size business man can now conduct his
operations with the benefit of much more exact knowledge of conditions
than was formerly available to him. At least once a month he gets reliable
Information as to production, consumption,stocks on hand,forward orders,
and market prices, of all the principal staples. He also gets an accurate
picture of collections, failures, foreclosures, money rates, and the amount
and character of bank credit in use. With all this information at hand, he
Is able to place his orders, fix his prices, and make his sales much more
intelligently than was possible under the old conditions. He still has,
however, the difficulties, first, of picking out from this great mass ot
statistical matter the information that Is really important to him, and then,
secondly, of interpreting this matter, and determining how and to what
extent it should influence his business policies.
Now I want to call your attention to a few of the significant changes that
have occurred in the last fifteen years. This fifteen-year period has been
one of very marked changes. Between the beginning of the present century
and the outbreak of the World War, business had proceeded along normal
lines, with no very marked feature outside of the temporary setback which
accompanied and followed the financial crisis of 1907. In 1914, however.
the World War broke out, and for the seven years following both business
and financial conditions were altogether abnormal. First, we had the
enormous demand for munitions and supplies from Europe, which
feverishly stimulated American industrial activities, and changed the position of the United States from a debtor to a creditor nation. Then we had
our own entry into the war, with the financial dislocation incident to the
issuance of approximately 30 billions of Government obligations, and the
Inflation which necessarily accompanied this war financing. We had also
the feverish competition for labor, which resulted in unprecedented wages,
and we had the dislocation of railroad service which made deliveries slow
by a
and uncertain. Then came in 1921 the inevitable deflation, followedwhich
gradual readjustment. The last five years are the only ones since 1913
can be considered normal.




VoL. 128.

Perhaps the most prominent single tendency running through all of
this period has been the tendency toward the consolidation or unification of
scattered units. The large corporations have grown larger. Drug stores
and grocery stores have been absorbed into "chains." The business of the
great mail order houses has enormously increased. Separate public utility
concerns have been gathered into great "holding companies." The same
tendency is now manifesting itself in the automobile trade, and the long
deferred consolidation of railroads is likely to come in the near future.
Large banks in every city have absorbed smaller banks.
In the field of finance and banking, figures have been reached which
are unprecedented, and which would have been regarded as unbelievable.
Transactions on the New York Stock Exchange have exceeded five million
shares a day. The loans used in financing these transactions have risen
to six billion dollars. Ten billion dollars of securities were issued in 1928,
following issues of fifteen billions in the two previous years. The loans
and the deposits of the banks of the country have enormously increased.
So have savings deposits, the assets of building and loan associations, and
the volume of life insurance. It is generally declared that 1928 was a Year
of stabillty, and that we are enjoying an era of prosperity Such as neither
we nor any other nation has ever enjoyed before.
In the building trade we find that wages have been steady throughout
the year, and that the price of materials, and therefore building costs,
rose in the early months of the year, and have since remained practically
stationary; that building construction was greater than in 1927, the increase being greatest in Industrial building, although smaller increases
are also shown in residential and commercial building: and that what the
statisticians call the "potential building demand," by which they mean
the excess of construction planned over construction started, is pretty good
throughoutthe country,and particularly good in the Middle Atlantic States.
At the same time, however, it Is to be noted that sheriff's sales of properties in Philadelphia rose from 1,200 in 1923 to 1,500 in 1924, to 2,000 in
1925, to 4,000 in 1926, to 5,700 in 1927, and to 8,300 in 1928, and that for
each of the last two months they have been running over 1,000 a month.
These figures, bad as they are, are probably better than for most other cities.
It would be interesting to know why such a condition should exist in
Period of prosperity. I cannot offer you any explanation with any certainty
that it is right, but my own guess would be that it is because we have
been living too fast and trying too hard to "keep up wtih the Joneoes."
There has been a general belief that conditions were good, and were constantly getting better; that wages and salaries would continue to Increase:
that temporary profits would be permanent: that lucky speculations in the
stock market could be indefinitely repeated; and that it was therefore a
wise Policy to "take chances"—to put money into a more expensive house,
to buy another or a better automobile, to buy radio, pianos and fur coats,
and to assume mortgages or deferred payment charges on many of these
purchases.
Bankers are proverbially shrewd and conservative, and the extension of
bank credit has not been on as liberal a scale as the extension of what is
called "consumer credit," but taking into account the diminution in our
gold reserve resulting from recent gold exports and ear-markings, the extension ot bank credit could not go very much farther without bringing it
to the point where conservative critics might regard it as over-extension.
In conclusion, I want to touch on two strictly financial features. I
have already alluded to the consolidation or absorption of banks. This
Is a tendency which I know is viewed with some alarm or regret by many
small business men, who have at least two fears in this connection—first,
that if they have a $10,000 line of credit with each of three banks that
are consolidated into one, they may not get a $30,000 line from that one
bank; and secondly, that their business may not be as attractive to a
large bank as it was to a small bank. I want to reassure you on these
Points. I do not think that either of these fears is well-founded. When
two or more banks are consolidated, the consolidated bank is extremely
anxious to hold as nearly as possible all of the business and accounts of
the banks that enter into the consolidation, and it is very unlikely that
they will alight any customer, or reduce his total line of accommodation
If it is justified by his statement.
The final point on which I would say a word is the volume of loans on
securities, to which you see such constant reference in the newspapers.
I believe that our condition would be very much more sound and satisfactory if these loans were smaller in volume. I believe also that it is a
disquieting feature that such a large proportion of these loans should be
made by firms or corporations that are not in the banking business. Banks
for the
generally—particularly the larger banks—feel a responsibility
extension of credit of this kind. The individual lenders who have come
Into the market within the last year naturally feel no such responsibility.
They draw their money out of bank and loan it on Wall Street, solely
because of the attractive rates that they can get. The money so loaned
is generally capital that is temporarily idle, but which may at any time
be needed in their respective businesses. They assume that It can be
called and made available to them at any time. This is not the fact.
A very responsible New York business and financial publication recently
made the statement that "It is the estimate of some of the larger New
York banks that of the call loans which they have outstanding, not more
than 25% could be called in should there be a sudden demand for funds."
The existence of this large body of outside loans, therefore, constitutes a
risk both to the lenders and to the borrowers. I think, however, that
It is a temporary condition. In former years it was the practice of most
American corporations and firms to operate on comparatively small per-months
manent capital, and to borrow liberally from banks on their three
or six-months notes. Many of them have taken advantage of the investment demand in recent years to make Issues of bonds or stocks, the proceeds
of which have constituted a large addition to their working capital. This
has not only reduced the amount of accommodation which they must
seek from banks, but has in many cases given them a surplus of capital
which they are now using temporarily in these Wall Street loans. It is
also true that many of the purchasers of these securities have not paid
for them in full, but are using them as security for collateral loans which
they have made from the banks. This accounts in large measure for the
minimally large ratio of "loans on securities" to commercial or other loans,
which are a feature of current bank reports. As these firms and corporations
have use for a larger proportion of their capital in their own business, they
will gradually reduce their Wall Street loans. and as investors pay off
their collateral loans out of savings or the proceeds of maturing obligations.
the "loans on securities" of the banks will gradually diminish. There
is no reason to suppose that either of these processes will be abrupt. I
think that we are in a transition stage, which will gradually work Itself out.
These are individual opinions which I am expressing to you frankly and
Informally, because I feel that an address of this kind should not ignore
either the favorable or the unfavorable aspects of a situation. We never
do have a situation where the sky is absolutely cloudless. We have
worked out of a great many more serious difficulties in the past, and there
Is therefore every reason to hope and believe that we shall work out of
our present difficulties. I am obliged to you for your attention, and
hope that this review of the situation may be of some interest to you,
and perhaps of some value.

FEB. 2 1929.]

FINANCIAL CHRONICLE

669

Secretary Mellon Sees Eventual Retirement of National COMPARATIVE STATEMENT SHOWING VOLUME OF OPERATIONS.
The following table presents in comparative form for the past
volume of the principal operations of the Federal Reserve Bank three years the
Bank Currency.
of
which are of such character that they can be expressed in quantitative New York,
terms. At
Eventually the National Bank currency will be retired, the close of business Dec. 31 1928, the total personnel of the bank, including the
Secretary of the Treasury Mellon indicated on Jan. 28 Buffalo Branch, numbered 2.482.
Supplying Currency and Coin—
1928.
1927.
1926.
according to the Washington correspondent of the New Currency paid out, received, or
redeemed:
York "Journal of Commerce" who in stating this on Jan. 28, Individual notes counted
666.298,000
640,967,000
605,280,000
Dollar amount paid and received 38,866.402,000 68,386,293,000 $7,945,912,000
added:
Coin paid out or received, a service
The Secretary recently notified Congress that he would have no recomPreviously performed largely by
mendations to make at this time as to the retirement of the National Bank
the Sub-Treasury, but now entirely in the hands of the Federal
notes, whose elimination from the currency system was contemplated by the
Reserve Bank:
Federal Reserve Act.
Individual coins received
1,341,373,000 1,189,801,000
1,129,026,000
The present is not considered the proper time to begin retirement. Mr.
Tons of coin received during
Mellon explained. However, he reiterated that these notes have no logical
year
7,352
8,458
5,611
place in the system.
Currency and coin shipments,
When retirement starts it will take place over a period of years. By renumber of shipments to & from
out-of-town banks during year
303,160
tirements of the bonds in annual blocks there will be no appreciable con284,288
284,630
Making Loans and Investments—
traction of currency and credit conditions will not be upset.
Bills discounted for member banks,
either discounted customers'
Secretary Mellon's decision that early retirement of Napaper or advances against the
tional Bank note circulation was inadvisable was referred
notes of member banks secured
by collateral In the form of Govto in our issue of Jan. 26, page 502.
ernment securities or commercial or agricultural paper:
Number of bills discounted
38.056
31,024
35,660
Dollar amount
$24,791,838,000 813,854,347,000 $17,242,348,000
Annual Statement of Federal Reserve Bank of New
Acceptances and Gov't obligations
York—Year's Net Earnings Nearly 8 Million Dollars
purchased for the account of this
bank and other Federal Reserve
in Excess of 1927.
Banks:
Dollar amount
$6,445,726,000 $7,403,868,000 94.490.000,000
In its fourteenth annual statement for the year ending
Collecting Checks, Drafts, Notes
and Coupons—
Dec. 31 1928, made public Jan. 22, the Federal Reserve
Cash items, mostly checks, handled
Bank of New York reports total net earnings of $18,483,842
for collection for banks in all
parts of the country:
compared with $10,647,759 for the previous year. The net
177,349,000
Number of Items
168,724,000
155.488,000
income shown in the bank's annual statement covering the
Dollar amount
$115,190,618.000E100.206,587,000 $93.068,875.000
Non-cash items, handled for colyear just closed is $11,018,433, contrasted with $3,720,601 in
lection, including drafts, notes
and coupons'
1927. The bank is required by law to accumulate out of net
Number of items
2,615,000
2,259,000
2,064,000
earnings, after payment of dividends, a surplus amounting to
Dollar amount
$2,803,037,000 $2.385,753,000 $2,065.742,000

100% of the subscribed capital; and after such surplus has
been accumulated to pay into surplus each year 10% of the
net income remaining after paying dividends. Any net
Income remaining after dividend payments and additions to
surplus is to be paid to the Government as a franchise tax;
no balance remained for such payments in 1928 or 1927.
Out of the net income for 1928 of $11,018,433, $2,743,725
was paid in dividends and $8,274,708 was added to surplus.
The following is the bank's profit and loss account for
the
two years:
PROFIT AND LOSS ACCOUNT FOR CALENDAR
YEARS 1928 AND 1927.
Earnings—
1928.
1927.
From loans to member banks and paper
discounted
for them
$12,210,526.66 $4,614,110.43
From acceptances owned
3,482,648.63 2,558.080.10
From U. S. Government obligations owned
2,421,172.24 2,960,562.64
Other earnings
368,694.55
515,005.63
Total earnings
818,483,042.08 810,647,758.80
Additions to Earnings—
For sundry additions to earnings, including income
from Annex Building
97,168.96
126,074.48
Deductions from Earnings—
For current bank operation. (These figures include
most of the expenses Incurred as fiscal agent of the
United States)
66,192,386.68 $5,955,030.69
For Federal Reserve currency, mainly the cost of
Printing new notes to replace worn notes in circulation, and to maintain supplies unissued and on
hand, and the cost of redemption
251,878.14
517,139.84
For depreciation, self-Insurance, other reserves,
losses, &it
1,117,513.57
581,081.33
Total deductions from earnings
$7,561,778.39 $7,053,231.86
Net income available for dividends, additions to surplus and payment to the U.S. Government
611,018.432.65 $3.720,601.42
Distribution of Net Income—
In dividends paid to member banks, at the rate of 6%
on paid-in capital
62.743,724.61 32.327,358.74
In additions to surplus—The bank is required by law
to accumulate out of net earnings, after payment of
dividends, a surplus amounting to 100% of the
subscribed capital; and after such surplus has been
accumulated to pay into surplus each year 10% of
net income remaining after paying dividends
8,274,708.04 1,393,246.68
Any net income remaining after paying dividends
and making additions to surplus (as above) is paid
to the U. S. Government as a franchise tax. No
balance remained for such payments in 1928 or 1927.
Total net Income distributed
$11,018,432.65 $3.720,601.42

The gross earnings by months and the ratio of net
earnings
are shown in the statement as follows:
EARNINGS BY MONTHS.
JanuaryJanuary
February
March
April
May
June
July
August
September
October
November
December

1928.
$1,039.631.08
867.890.88
999,249.28
1,165,227.13
1,423,236.24
1,752,645.84
1,784,315.68
1,630,214.68
1,888.208.46
1.968,589.60
1.717.395.37
2,246,437.86

$889, 27 .60
9 99
8 .
645,994.85
873,372.14
815,442.43
810.816.59
758,644.19
755,748.76
884,725.65
1,010,235.50
974,363.75
917,686.03
1,330.829.31

618,483,042.08 810,647,758.80
RATIO OF NET EARNINGS.
1928.
1927.
Per cent earned on capital paid in
24.1
9.6
Per cent earned on capital and surplus
10.1
3.7
Per cent earned on capital, surplus and deposits-1.1
0.4

We also reproduce as follows the comparative statement
showing the volume of operations for the past three years:




Annual Statement of Federal Reserve Bank of Chicago.
In its fourteenth annual statement, showing its condition
at the close of business Dec. 31 1928, the Federal Reserve
Bank of Chicago reports net earnings for the year,less charges
for depreciation, of $4,763,429; out of the latter $1,099,761
was distributed in dividends and $3,663,668 was transferred
to the surplus account. The capital paid in is shown as
$18,477,750 in the Dec. 31 statement, the surplus appearing
as $36,442,117.
Annual Statement of Federal Reserve Bank of San
Francisco.
Total earnings of $4,660,737 in 1928 are indipated in the
annual statement of the Federal Reserve Bank of San
Francisco for the year ended Dec. 31 1928. We give hereherewith the bank's statement of earnings and expenses for
1928 and 1927, the figures including the six offices of the
bank—the head office at San Francisco and branch offices at
Spokane, Seattle, Portland, Salt Lake City and Los Angeles.
EARNINGS AND EXPENSES AND DISPOSITION OF PROFIT.
Total Since
Organization
(Nov. 1914 to
1927.
Dec. 31 1928.)
1923.
Earnings—
$2,696,668.69 61,676.695.99 636.811.007.73
On loans to banks
630,905.95 15.052.731.03
1,175,042.47
On acceptances purchased
807,952.93 1.395.670.89 10.527,709.50
On U. S. Government obligations
debit18.926.65
150.168.90 1.869,205.99
Other earnings
Total earnings
64,660,737.44 $3,853,441.73 $64,260,654.25
Deductionsfrom Earnings—
For current bank operating expenses__ -$2,272,243.74 32,249.151.70 324,474,674.23
For assessments for Federal Reserve
Board expenses
50,339.54
54,788.66
557,1103.14
For Federal Reserve currency, printing, •
&c., cost
101.303.49
157,006.58
2,745.043.55
For furniture and equipment
16.119.48
144.047.76
1.445,500.63
For reserves. depreciation,&c
246,473.08
193,023.62 3,744.162.35
Total deductions from earnings

32.686.479.33 32,798.018.32 $32,967,183.95

Net income available for dividends, additions to surplus and payment to the
United States Government
61,974,258.11 $1,055,423.41 $31,293,470.30
Distribution of Net Income—
In dividends paid to member banks, at
the rate of6% on paid-In capital
$625,750.82 $547,061.58 $5.618.336.85
In addition to surplus—The Bank is permitted by law to accumulate out of
earnings a surplus amounting to 100%
of the subscribed capital: and after
such surplus has been accumulated to
pay into surplus each year 10% of the
net income remaining after paying
dividends
1,348,507.29
508,361.8$ 17,977.793.56
In payment to the U. S. Government,
representing the entire net income of
the bank after paying dividends and
making additions to surplus. (Federal Reserve notes are not taxed, and
this payment is in lieu of taxes on
notes and other Federal taxes.)
7,697.339.89
Total net income distributed
31,974.258.11 81,055,423.41 $31,293,470.30
RATIO OF NET EARNINGS(BEFORE RESERVES, DEPRECIATION. &C.).
1928.
1927.
1926.
Per cent earned on capital paid in _
22.21%
13.71%
24.28%
Per cent earned on capital and surplus
8.56%
4.95%
3.71%
Per cent earned on capital, surplus and
deposits
1.07%
.61%
1.05%

670

Representative Celler Commends Secretary Mellen in
Deciding Against Early Retirement of National
Bank Circulation.

In a letter addressed to Secretary of the Treasury Mellon

on Jan. 28, Representative Celler of New York (Democrat)
expresses approval of the decision of Mr. Mellon to postpone the retirement of National Bank Note circulation,
reference to which appeared in these columns Jan. 26, page
502. Representative Celler in his letter to Secretary Mellon
calls attention to the fact that "Salmon Chase, the able
Secretary of the Treasury under Lincoln, and founder of the
National Banking system, was a firm believer in National
Bank Notes secured by Government bonds." He adds that
in maintaining the National Bank circulation, Secretary
Mellon matches the wisdom of his "great predecessor." We
give herewith Representative Celler's letter:
January 28 1929.
Hon. Andrew W. Mellon. Secretary,
Treasury Department,
Washington, D. C.
Dear Mr. Secretary.—I am pleased to note your recent statement that you
are opposed to early retirement of National Bank currency, and that
commencing July 1 1929 you will utter those National Bank bills in reduced
sizes, and that the consols and bonds securing such money will be renewed
or replaced with new securities.
You are to be congratulated upon the wisdom of this policy. It would
have been inadvisable to withdraw national bank notes from circulation.
It is well known, of course, that such circulating currency is inelastic,
since its volume is likely to fluctuate more in accordance with the state of the
market for the bonds against which the currency is issued, than with
the needs of trade. Rigid and inflexible as is such currency, nevertheless,
there is evident need and demand for it.
The Federal Reserve System of issuing money (Federal Reserve Notes)
against rediscounted commercial paper supplies the necessary elasticity
to our currency. These Federal Reserve notes contract and expand with
trade needs.
The Federal Reserve Act provided that from 1916 onward the Federal
Reserve Banks were to purchase, to the exgent of 25 million per year for
20 years, the bonds bearing the National Bank circulation privileges, and
the bank notes outstanding against sueh bonds were thus to be retired.
In this way National Bank nmsw were to have been gradually withdrawn
from circulation. But what happened? At the close of 1921 bank note.circulation was the same as in 1914 and since 1921 comparatively few bonds have
been acquired and comparatively few bank notes have been acquired
and comparatively few bank notes have been withdrawn from circulation.
Why? There is evident demand for them. That demand precludes retirement. Perhaps it was felt the retirement of National Bank notes would
bring a currency shortage. To retire the bank notes means issuing of an
equivalent amount of Federal Reserve notes. A 40% gold reserve must be
held behind Federal Reserve notes. The setting up of such a large gold reserve might not be profitable nor expedient.
Of the 7,691 reporting National Banks on June 30 1928 there were 6,239
banks (with capital of 81,297,741,000) issuing circulating notes, and on
that date notes outstanding aggregated 8649,095,000. This shows the
importance and demand for this medium of circulating currency.
Such notes advertise the National Banks and thereby strengthen the
National Banking System. Such notes help establish the identity of the
bank of issue. Lhey make articulate, especially in the interior and rural
sections of the country, the voices of these 6.239 banks.
These notes are needed by National Banks in the face of intense competition from State banks.
Furthermore, this currency is an effective aid to the smaller independent
National banks in their struggle against the larger banks with their many
branches in those sections where branch banking is permitted. This aid
Is much needed by the small unit banks in States like New York, where
mergers and consolidations of powerful banking institutions are every day
occurrences.
Again, these notes are issued against consols, dated Apr. 11900. bearing
interest at 2% per annum, redeemable at pleasure of the United States
after 1930. The Panama Canal bonds, also bearing interest at 2%. are
the only other acceptable security for issue of circulating notes by National
Banks. Surety there is great advantage to any Government in borrowing
moony at a rate as low as 2%, and, remember, that rate remains the same
be the times good or bad. There has always been great demand for these
low interest bearing bonds, because they carry this circulation privilege.
No country in the world borrows so cheaply as the United States, just
because of this privilege. In the pre-war period while United States two
per cents, bearing the circulation privilege, were selling at about par,
British 23 % consols were selling only slightly above 70, and French 3
per cents rentes at about 85.
It would indeed be a mistake to deprive the Government of such cheap
means of borrowing.
Salmon Chase, the able Secretary of the Treasury under Lincoln, and
founder of the National Banking System, was a firm believer in National
Eank notes secured by Government bonds. In his report of 1862 he anticipated that such circulation privilege would facilitate the negotiation of
Government bond issues, and that a bank note currency would "reconcile
as far as practicable. the interests of existing institutions with those of the
whole people" and that there would thereby be provided" a firm anchorage
to the union of the States."
In maintaining the National Bank circulation you match the wisdom
of your great predecessor, Mr. Chase.
Yours sincerely,
EMANUEL CELLER, M. C., Tenth District, N. Y.

of Ogden Mills Father of Under Secretary of
Treasury 0. L. Mills.
Ogden Mills, son of the late Darius 0. Mills, and father
of Under-Secretary of the Treasury Ogden L. Mills, died at
his home in this city on Jan. 28. He had been ill about
three weeks, an attack of bronchitis having been followed
by pneumonia and erysipelas. Blood transfusions were
resorted to in the hope of effecting his recovery, but they
were without avail. Mr. Mills was born in Sacramento,
Death




[VOL. 128.

FINANCIAL CHRONICLE

Calif. in 1856. Reviewing his activities the "HeraldTribune" of Jan. 29 said in part:
Mr. Mill's Career.
Mr. Mills, the son of Darius Ogden Mills, only recently had begun
to relax somewhat from the responsibilities entailed by his active business life and to devote more time to the enjoyment of his patronage
of the arts and sciences.
• •
Father Built Mills Hotels
D. 0. Mills worked in New York as a bank clerk and was cashier
of a bank in Buffalo when work came of the gold strike in California

in 1849. He went West with the first wave of migration and organized the Bank of D. 0. Mills & Co. in Sacramento and later the Bank
of California, of which he was president for many years.
After thirty years' residence in California, during which he took
an active and prominent part in the development of that state D. 0.
Mills returned to New York in 1880. He built the Mills Budding in
Broad Street, then an imposing structure and one of the wonders of
the city; put up the Mills Hotels for the accommodation of the selfrespecting poor, and promoted other philanthropic and social enterprises.
D. 0. Mills married Jane Templeton Cunningham, of New York,
daughter of Mr. and Mrs. James T. Cunningham, in 1854, and they
had two children, Ogden Mills, who was associated with his father in
the latter's various enterprises and succeeded him in the management
of them, and Elizabeth Mills, who, in 1881, became the wife of White'
law Reid, editor of The New-York Tribune and later American Ambassador to the Court of St. James'.
Born in Sacramento.
Ogden Mills was born in Sacramento, Calif., in 1856, received his
elementary education in California and was sent East to complete
his studies at Phillips Exeter Academy and Harvard University. He
was graduated from Harvard in 1878 and entered the office of his
father, assisting in the latter's business and philanthropic activities.
Upon the death of D. 0. Mills, the business activities of Ogden
Mills, already exacting, became absorbing. He was president of the
Mills Estate, Inc., and of the Virginia & Truckee Railroad; vice-president of the Metropolitan Opera House and Real Estate Company, and,
for thirty years, of the Mergenthaler Linotype Company, in which he
retained a directorship when he declined renomination as vice-president in 1925. He was a director also in the Atlantic Coast Steamship
Company, the Chicago Transfer and Clearing Company, the City and
Suburban Homes Company, the Farmers' Loan and Trust Company,
the New York Central & Hudson River Railroad, the Niagara Falls
Power Company, the Southern Pacific Company and other corporations, and had been president of New York Tribune, Inc.
The only official post for which Mr. Mills ever had the time or
inclination was that of secretary to Whitelaw Reid when the latter
was Special Ambassador of the United States to Queen Victoria's
Jubilee in 1897.
Assisted Housing Projects.

He did, however, take an active interest in the housing work which
his father had begun with the establishment of the Mills Hotels, and,
in 1899, invaded the tenement section of the West Side, known as
Hell's Kitchen, with a housing project, putting up a block of model
tenements on Tenth Avenue south of Forty-second Street.
In 1913 Mr. Mills became a patron of the Legal Aid Society and
contributed considerable to its funds. Later he extended his activi.
ties into the fields of art, science and sport. He was a member of the
American Museum of Natural History and the Metropolitan Museum
of Art. To the former he gave 350 oil paintings depicting the life
of the American Indian, including the famous collection of George
Catlin and a "habitat group" of grizzly bears.
His Work for Museums.

It was at a meeting at the home of Mr. Mills, 2 East Sixty-ninth
Street, in 1925, that trustees of the American Museum of Natural
History voted to establish the endowment class of membership for
those who contributed $100,000 or more to the endowment fund of the
museum.
It is largely owing to the generosity of Mr. Mills that the collection of bronzes of the Metropolitan Museum of Art became one of
notable importance for its representative character and irrdividual
excellence.
Some of His Public Gifts.
Among the numerous public gifts of Mr. Mills, which included a
substantial one to Phillips Exeter Academy and another which enabled
St. Luke's Hospital in San Francisco greatly to enlarge its facilities,
was a new home for the nursing staff of the Home for Incurables, on
Third Avenue near 181st Street, the Bronx, where he succeeded his
father as president.
Building and equipment of the nurses' home were the gift of Mr.
Mills, who made it a memorial to his wife.

- Address on Budget by President Coolidge at Business
Meeting of Government—Rising Costs of State and
Local Governments—Urges Continuance of Economy to Maintain National Prosperity.
Pointing to the accomplishments under the budget system of conducting the finances of the Government, President Coolidge, in addressing on Jan. 28 the semi-annual
meeting of the Government's business organization, pointed
out that "in the short period of seven and one-half years, the
public debt has been reduced $6,667,000,000." The total
saving in interest alone from this and refunding operations
is $963,000,000," said the President, who further noted that
"four reductions in taxes have returned to the people approxfmately $2,000,000,000 a year which would have been required had the revenue act of 1918 remained in force. Two
and one-half million people have been entirely relieved of
all Federal taxation," he likewise observed. The President
warned that "it would be a great mistake to suppose that
we can continue our national prosperity with the attendant
blessings which it confers upon the people unless we con-

FEB. 2 1929.]

FINANCIAL CHRONICLE

Unite LO insist upon constructive economy in government.

The margin between prosperity and depression is always
very small," he added, and he cautioned, "a decrease of
less than 10% in the income of the nation would produce a
deficit in our present budget." The President called attention to the fact that "we still have an enormous public
debt of over $17,000,000,000. In spite of all our efforts
for economy," he said, "our great savings in interest and
our four reductions in taxes the expenses of the Federal
Government during the last year are showing a tendency to
increase. While much has been done in reducing the costs,
by far the largest item of credit is due for preventing increased expenditures."
In his comments he added:
A short time ago there were pending before the Congress, and seriously
being advocated, bills which would have doubled our annual cost of government. At the present time committees have reported, and there are
on the calendar in the Congress, bills which would cost more than a billion
dollars. Had there not been a constant insistence upon a policy of rigid
economy many of these bills would have become law.

Mounting costs of State and local governments were also
referred to by the President, who said:
From $3,900,000,000 in 1921 the National Industrial Conference Board
estimates that they reached $7,931,000,000 in 1927. This is such a
heavy
drain on the earnings of the people that it is the greatest menace to
the continuance of prosperity. It is a red flag warning us of the danger of
depression and a repetition of the disaster which overtook the
country in
the closing days of 1920. It is a warning that should be heeded by every
one entrusted with the expenditure or appropriation of public funds. It
is
the reason that further commitments by he National Government for any
new projects not absolutely necessary should be faithfully resisted.

671

Working in that spirit which forcefully asserts itself in time of need,
the executive and legislative branches of hte government, with the backing of the people, have inserted a golden page in our history. It fittingly
portrays that peace 'lath its victories no less than war. In the short
period of seven and one-half years, the public debt has been reduced $6,667,000,000. The total saving in interest alone from this and refunding operations is $963,000,000. Four reductions in taxes have returned to the
people approximately $2,000,000,000 a year which would have been required had the Revenue Act of 1918 remained in force. Two and one-half
million people have been entirely relieved of all Federal taxation.
One of the first essentials in the work of making the Federal Government a real business organization was the welding of the 'various departnients and independent establishments into a harmonious, efficient concern. We found forty-three independent departments and establishments
each operating under its own customs and rules, utterly regardless of the
existence of other departments which were parts of the same great establishment, the United States of America. There was little community
of thought or harmony of action. Deep-seated hostility between certain
government agencies existed.
That the National Government ought to be one great entity responsible for the happiness of 120,000,000 people was entirely overlooked in
the exclusive devotion of groups of Federal officials and employees to
one particular subordinate department. This same obsession often characterized the relation between bureaus in the same department. Heroic
effort was needed to substihne national loyalty for department and
bureau loyalty. Efficiency and economy in operation were hopeless under
such conditions. The situation called for a revolution in the attitude
of Government agencies toward each other. Exclusive devotion to their
subordinate even though important departments must give place to loyalty to the whole Government. To effect this great transformation a
wide co-ordinating plan was put into effect.

Creation of Government Business Organization.
Representatives from the various departments and establishments were
called together and organized into effective committees and boards to simplify and unify procedures and eliminate tortuous, wasteful, and unbusinesslike methods. In this way all the major activities of the Government were
studied and harmonized by the efforts of our own personnel. Out from
The President's address follows in full:
this study and effort sprang a business organization that compares favorMembers of the Government's Business Organization.:
ably with like establishments in the business world in efficiency and uniThe present fiscal year will bring to a close eight years of
conducting fied control. Harmonious co-operation has won.
the finances of the Government of the United States under the
In pre-budget days, not a single administrative form indicated there
budget
system. It was put into operation to save the country from
was such a thing as a National Government. The several departments
disaster. It has been fully justified by the results. In the first economic
instance, had their own business forms in varying and confusing multiplicity.
the President, of course, is responsible for the direction of the system.
In To-day we have 38 Federal forms displacing the many hundreds that
the second place, that responsibility is shared with the Congress
in making served to confuse business and add to the cost of government. Not a single
appropriations. In the next place, the responsibility for
efficient ex- specification contributed to good government business. To-day we have
penditures rests with the chiefs of the various departments.
But in the 602 standardized specifications which cover in large part the entire field
final analysis, success could have been achieved only by the
loyal co- of Federal requirements. We are using one uniform government lease
operation and faithful service of the great rank and file of the
government in place of several hundreds of departmental leases, while uniform conpersonnel. Tit that great body, of which you are the representative
s, the struction and supply contracts in connection with our standardized specipeople owe a debt of gratitude, which I especially wish
to acknowledge fications are contributing daily to good business and material saving.
at this last budget meeting of my administration. Without
their devoOur great real estate and rental interests, our hospitalization, our buying,
tion to the cause of constructive economy we could have
done nothing. selling and printing, our patent interests and office methods are subject
With it we have been able to do everything. The
victory has been to the same careful study and supervision. Out in the field we have our
their victory, and the praise should be their praise.
area co-ordinators and our 280 Federal business associations, with 68 more
When we began the task in June 1921 of
reconstructing our public in the making. These unique government agencies are spreading the gospel
finances, it looked almost impossible of accomplishmen
t. The entire of efficient government economically administered. They are our most
government structure was permeated with extravagance.
The expenditures trenchant exponents of co-operation. The intangible savings resulting
for that fiscal year, exclusive of debt reduction, were about
$5,000,000,000. from this co-ordinating work mounts into millions yearly. The work is
The interest charge alone was more than
$1,000,000,000, and our out- not spectacular, but it is the very foundation of good business. I bestanding indebtedness was nearly $24,000,000,000. The
business of the lieve that the Federal Government to-day is the best-conducted big busisiountry was prostrated. Its different branches of agriculture,
commerce, ness in the world. To these faithful workers in our co-ordinating agenbanking, manufacturing and transportation were suffering
from severe cies, in Washington and elsewhere, the country owes a great debt of gratidepression. Etnployment was difficult to secure. Wages were
declining. tude. This picture of widespread commitment to good government througFive million people were out of work. The price of
securities, even of out the service—and extravagant government is not good govesnment—is
government bonds, was very low. It was difficult to find
any market most inspiring and encouraging. We have demonstrated that saving results
for commodities. Confidence in our entire economic
structure had been from efficiency, and efficiency comes from saving.
shaken. Progress had stopped.
It is easy to see what the condition of the people
American Industry Attains High Point.
would be under such
circumstances. Those who had property, even though
it was much diLargely because of such work as this, less than two years from the
minished in values, could take care of themselves,
as they always can. time when the lowest point was reached, the country was very generally
But to those who were carrying on business
with borrowed capital and restored to normal conditions. From that time on there has been an
had outstanding notes and mortgages there
seemed nothing ahead but upward swing, broken only by short static periods or slight temporary
ruin. Wage earners and their families were
faced with want and misery. recessions. The closing months of 1928 and the opening weeks of 1929
The cause of this distress was not
difficult to ascertain. The country have seen Amercan industry and commerce at the
highest point ever
had been living beyond its means.
It had been spending much more attained in time of peace.
than it was earning, which meant that
it had been using up its capital.
In order to understand more clearly what the effect of these efforts
The savings of previous years were
being exhausted, principally through has been on the country, it is only necessary
to compare some of the
government extravagance.
major economic factors of 1928 with those of 1921. The output of our
This was not a pleasant picture to
behold. If relief were possible, factories increased during that interval nearly
60%; in some cases, such
those who were able to provide it could well
afford to be charged with as iron and steel production, it was more than
considering nothing but the material
doubled. The production
side of life, with advocating a penu- of the mining industries as
a group was at least 50% greater last year
rious and cheese-paring policy, and with neglecting
to supply the public than seven years before. The construction
needs. If a remedy could be found, when it
of new buildings was much
was put into operation busi- more than twice as great in 1928
as in 1921. The advance was especially
ness would revive, profits would increase,
employment would be plenti- notable and gratifying in the building
of homes and schools. Check
ful, wages would be good, the distress of the people
would be relieved, and payments outside of New York City, where
a general condition of contentment and
the volume is much affected
prosperity would prevail. What- by stock exchange transactions,
have increased by about 57% over 1921.
ever criticisms there might be against those who had
labored to secure Railway traffic has been about one-third greater
this result, the satisfactory condition of the country
than in the earlier year
would be a sufficient and has been carried on with far greater
anssrer end a sufficient reward.
efficiency and dispatch. The
number of automobiles registered is now nearly three times as great as
The evils and abuses of government extravagance
were perfectly ap- at the beginning of 1921, and
the number manufactured during 1928 was
parent. It was believed, and as experience has
demonstrated, correctly more than three times as great as during 1921.
believed, that the distress of the country would be relieved
Electric power production
if government last year was considerably more than double
extravagance ceased. It was for this purpose that the
what it was seven years before.
radical and revolu- From practically nothing, the business of radio
tionary system was adopted of centralizing in the
broadcasting has become
President the primary enormous, and the number of radio-receiving
sets produced exceeds 13,000,author's' for the recommendation of all departmental
estimates and es- 003. The burdens of our housewives have been
tablishing for his information and advice the Bureau of
immeasurably lightened
the Budget.
and their lives broadened by the introduction of numerous electrical conReduction in Expenditures Effected Since 1921.
veniences and devices, most of which were unknown a few years ago.
The extent that the financial reserves of our citizens have increased
Seemingly without effort, but actually by hard and
effective work, is strikingly apparent. Savings deposits rose from
916,500,000,000 at the
the change was wrought. Each of the succeeding years brought
an ever end of the fiscal year 1921 to more than $28,000,000,0
Increasing improvement in the business of government.
00 on June 30
Expenditures 1928. Between 1921 and 1927 the amount of life insurance in force
diminished until 1927 when, exclusive of the amount
applied to debt very nearly doubled, and the total of such
protection came to exceed
reduction, they reached a point below the $3,000,000,000 mark.
This was $87,000,000,000. The assets of building and loan associations
$2,000,000,000 below 1921. Billions were cut from the public
have risen
debt with a from lees than 92,901,000,000 in 1921 to more
than $7,178,000,000 in
large saving of interest. The first tax reduction came in November
1921, 1927.
was followed by three succeeding reductions. Funder were
and
saved to
The record of the advance in education in this country during recent
meet the cost of our much-needed public improvements, which had
been years has been truly astonishing. Figures for 1927 and 1928 are not
in abeyance florin the war period. Short-time notes and long-time bonds yet available, but in the
short period of six years, between 1920 and
were paid off lied refunded at lower rates.
1920, the number of students in our high schools, colleges and universi-




672

FINANCIAL CHRONICLE

ties grew from about three to nearly five millions. There has been an
immense increase in the output of reading matter of all kinds.
With all our increase in production, the numbers of persons employed
in several of our major activities have, apart from the sharp recovery
after the depression of 1921, tended to decrease. At present there are
fewer persons employed in manufactures, mining, railway transportation and
agriculture than in 1919, and the increase as compared with fifteen or
twenty years ago is decidedly less when compared with the total population of the country. This change means the elimination of waste and
is an evidence of advance in living standards. With the constantly rising
efficiency and greater production per man the quantity of goods available
per capita of the population has increased materially. It has also been
possible to set some workers free to furnish us services as distinguished
from commodities—services of distribution, automobile travel, recreation
and amusement. By this means the whole number of persons employed
has increased.
I do not claim that action by the National Government deserves all
the credit for the rapid restoration of our country's business from the
great depression of 1921, or for the steady progress that has since taken
place. Unquestionably, however, wise governmental policies, and particularly wise economy in government expenditures with steady reduction of
the national debt, have had a dominant influence. The people gained
confidence in themselves because of increasing confidence in their government. The reduction of taxation made possible by the cutting down of
government expenditures left more income in the hands of the people, enabling them to increase their expenditures, and thereby not only to obtain
greater comforts, but to add to the demand for commodities; it likewise
helped to provide funds for building up the capital of the country and
augmenting its productive capacity.
Public Needs Furthered.
The public needs have not been neglected. We have been able to
embark upon a building program which for public works, hospitals, and
our military housing requirements will cost nearly half a billion dollars.
We are amortizing the cost of the adjusted service certificate fund of
veterans of the World War and the retirement funds of our civil establishment at a cost of $132,000,000 a year. Additional funds are being devoted to flood-control work and improvements made necessary by disasters which have overtaken our own States and outlying territory. These
expenditures could not have been financed without an economical administration. We could not have had tax reductions and the added expense
of these necessary things without careful and orderly management of the
business of government.
In this period of greatest prosperity the purely business phases of
administration, the interests of commerce an dthe encouragement of industry, have not been permitted to absorb our attention and mortgage
our revenue to the exclusion of the more humane objects and purposes.
The duty and privilege of providing for our veterans and employees
who have need of relief have not been neglected. The Employees' Compnsation Commission in 1928 paid out $3,267,000 for the benefit of injured
government employees, while hte expenditure for pensions, compensation,
insurance, and care for the veterans of various wars exceeded in 1928
$600,000,000. In all these fields of need the government has disbursed with
generous hand, and its hospitals and homes for its wards thickly dot the
land. In times of great disaster it opened the doors of its Treasury.
On the artistic, altruistic and patriotic side there has been no parsimonious withholding. The beautiful Arlington Memorial Bridge that is
spanning the Potomac, the preservation and marking of historic spots, the
character of the public buildings being erected throughout the country,
eloquently deny the charge that we are only a commercial nation with
no regard for anything but the pursuit of the dollar. During these late
years there has been a steady growth of interest in the higher and better
things, and I am convinced that the tone and character of the nation has
constantly improved.
We are giving the people better service than ever before. The poetoffice is extending to the people, rich and poor, ever-increasing facilities.
The Public Health Service protects us from plague and other evils with
a painstaking care heretofore unequaled. In all our lives, sleeping and
waking, we are guarded and protected and helped by the Federal government in more and more ways. This has been done under the restrictions
of a policy of drasic economy, which have saved from waste the funds
to make increased and better public service possible. You certainly have
given abundant reason for being proud of our great government.
Public Debt Over $17,000,000,000.
In spite of all these remarkable accomplishments much yet remains
to be done. We still have an enormous public debt of over $17,000,000,000. In spite of all our efforts for economy, our great savings in interest
and our four reductions in taxes, the expenses of the Federal government
during the last year are showing a tendency to increase. While much has
been done in reducing the costs, by far the largest item of credit is due
for preventing increased expenditures. A short time ago there were
pending before the Congress, and seriously being advocated, bills which
would have doubled our annual cost of government. At the present time
committees have reported, and there are on the calendar in the Congress,
bills which would cost more than a billion dollars. Had there not been
a constant insistence upon a policy of rigid economy, many of these
bills would have become law.
Prosperity Dvendent Upon Economy.
It would be a great mistake to suppose that we can continue our national
prosperity with the attendant blessings which it confers upon the people
unless we continue to insist upon constructive econcmy in government.
The margin between prosperity and depression is alway very small. A decrease of less than 10% in the income of the nation would produce a deficit
in our present budget.
Rising Costs of State and Local Governments.
The costs of State and local governments are rapidly mounting. From
$3,900,000,000 in 1921 the National Industrial Conference Board estimates that they reached $7,931,000,000 in 1927. This is such a heavy
drain on the earnings of the people that it is the greatest menace to the
continuance of prosperity. It is a red flag warning us of the danger of
depression and a repetition of the disaster which overtook the country in the
closing days of 1920. It is a warning that should be heeded by every one
entrusted with the expenditure or appropriation of public funds. It is the
reason that further commitments by the national government for any new
projects not absolutely necessary should be faithfully resisted.
The results of economy which have meant so much to our own country,
and indirectly to the world, could not have been successful without the




[VOL. 128.

Bureau of the Budget. It has been able in eight years to reduce estimates
by $2,614,000,000. The ability with which that Bureau has been managed is due to its director. Since I have been President it has been
under General Lord. In all our meetings I have spoken of him in terms
of commendation. He has continued to justify all I have ever said in his
praise. I wish to take this last opportunity which I shall have during
my administration publicly to express to him again my appreciation of
the high character of his work and my increasing confidence in the
budget system. No friend of sound government will ever consent to see
it weakened. No one who admires fidelity and character in the public
service will ever fail to be grateful for the serviced of General Lord,
who will now address you.

Director of Budget Lord Says Budget System is no
Longer an Experiment—Proposes New Saving
Organization in Federal Casualty Club.
Declaring that the Federal budget system has come to
stay, Gen. H. M. Lord, Director of the Budget, speaking
on Jan. 28 at the semi-annual meeting of the Government's
Business Organization, added that "the fundamental importance of budgeting is so evident that it has become the
fixed policy Of the Government." Recounting what had
previously been effected through the budget system he stated
that "the current year thus far has not been a happy one for
the budget organization," General Lord referred to the fact
that "we haven't organized a new service club since the
advent of the much discussed Woodpecker Club," and in
telling those at the meeting that "the time is ripe and need
urgent for the installation of a new saving organization,"
he presented for their approval the Federal Casualty Club.
In making his suggestion, he said:
To acquire membership you will from now up to and including June 30
next let all vacancies remain unfilled, thereby contributing toward a
balanced budget the far from negligible sum of $12,500,000. This does
not contemplate the x%ithholding of promotions. It directs itself only to
the filling of vacancies by new appointments.

General Lord's address in part was given as follows in
the "Times":
The Federal budget system Is no longer an experiment. It Is not strange
that its entry into Government operation was regarded with misgivings by
administrators who through years of service had experienced little control
over their estimates and less control over their expenditures. It, however, has come to stay. Chief Executives, Cabinet officers, budget directors,
bureau chiefs will continue to play their parts and pass off the stage. but
the fundamental importance of budgeting Is so evident that it has become
the fixed policy of the Government. The manner in which the policy is
carried out, the methods of the Budget Bureau. may be legitimate objects
of criticism, but the system itself defies attack.
In budget discussions heretofore we have made our comparisons with
the year 1921. That was the last year free from budget control. The
total expenditure for that year, exclusive of debt reduction and postal
expenses, was 85,115,927,689.30. In 1927— six years later and six budget
Years that extraordinary outgo had been battered down to $2.974.029,674.62. This gave us a reduction of 82,141,898,014.68 in six years. The
figures I have given, which have been challenged, are exact—taken from
the records even to the last straggling penny—and I think can be understood even by the schoolboy who said he had no difficulty with algebra and
geometry, but couldn't understand mathematics.
That year-1927—was also distinguished as the year of largest surplus
3635,809,921.70, which you may recall we applied to the debt, saving
thereby 825,000,000 in annual interest.
Expenditures and Growth.
That 1927 figure of $2,974,029,674.62 is the lowest expenditures level
this Government will ever see. The country Is growing, expanding,
developing gloriously. Its population is increasing-105,000,000 in 1920
and 120,000,000 in 1928. You can't run a modern mogul locomotive for
the money that was sufficient to maintain and operate an old-style woodburning engine.
From now on we can look for steady increase in necessary national
expenditures. This, however, does not change budget policy nor weaken
the demand for the strictest economy in Federal operations. Rather that
demand is strengthened. With the growth of the country new important
projects will present themselves, calling for more money from the Treasury, and no matter how great the revenues, unless they are courageously
controlled and wisely directed into channels of useful and necessary purposes, burdensome additional taxes, or inability to carry on necessary
constructive work, will result. Certainly we contemplate no such possibility.
And the year 1927, with its record of smallest expenditure and biggest
surplus,forms the new starting point for budget operations. From now on
Instead of striving each year to reduce expenses below the preceding year.
we enter upon a new and equally important duty to see that advancing
costs are reflected in necessary development and constructive progress.
Expenditures in 1928 exceeded the 1927 record by S149,935,355.73,
This was almost entirely due to new legislation providing for new projects
of great national importance. We managed, however, with the aid of
$50.000.000 reduction in interest, to end the year with a surplus of $398,828,281.06. Of this amount $367,358,710.12 was applied to the debt
with an annual interest saving of $14,000,000.
The Present Year.
The current year thus far has not been a happy one for the budget
organization. An original estimated surplus of $252,540,283 was by new
legislation, including tax reduction, transformed into a threatened deficit
of $94,000.000. At the last meeting of this organization in June the
President called attention to this radical change in prospects, stated that
he nevertheless contemplated no deficit at the end of the year, and called
his executives and administrators into action, to work another transformation—to convert that $94,000,000 indicated deficit into an assured
surplus. By his direction the expendtiure program for the year was
radically modified. The pruning knife fell here and there and everywhere
In the grim fight for a balanced budget. Proposed expenditures of doubtful
Immediate necessity went under the guillotine.
As a result of this drastic action and an improvement in the revenue
outlook, the budget for 1930 as submitted to Congress showed a possible
surplus for the current year of $36,990.192. And while the flush of victory

FEB.

2 1929.]

FINANCIAL CHRONICLE

still mantled our cheeks unexpected and unheralded demands rudely
wiped out our $37,000,000 surplus and put in its place an apparent deficit
of about the same amount. But we are still fighting.
We haven't organized a new service club since the advent of the much
discussed Woodpecker Club. The time is ripe and need urgent for the
installation of a new saving organization, and so I present for your approval
the Federal Casualty Club. To acquire membership you will from now
on up to and including June 30 next let all vacancies remain unfilled,
thereby contributing toward a balanced budget the far from negllble
sum of 812.500.000. This does not contemplate the withholding of promotions. It directs itself only to the filling of vacancies by new appointments.
The estimates sent to Congress for 1930 call for $208,777,617.33 less than
the departments originally asked. Cuts in estimates made by the Budget
Bureau during the entire budget period—reduction made by direction of the
President before submission to Congress—totaled $1,961,681 076.49. This.
however, does not tell the whole story, for budget boards organized in the
various departments take their toll before the estimates are sent to the
Budget Bureau. The Treasury Department Budget Board, for example.
reduced estimated by S61.325.085.54. while the War Department authorities
shaved 8590.560.046 from estimates before sending them to the Bureau of
the Budget. Exclusive of reductions made by other budget boards we have
a total reduction under budget procedure oi $2.613,766.207.54.
The estimates for 1930 show a possible surplus of $60,576,182. This
result is reached without figuring into the equation pending legislation and
possible court action that may add millions to our expenditures and
seriously
threaten that narrow safety margin of 860,000.000. Facing these conditions the President stated that now estimates would meet with his approval
that would contribute to a deficit in 1930.
The National Debt.
•
The books of the Treasury Aug 31 1919, showed a gross national debt of
$26,596,701,648 01. By application of the various surpluses of the years
1920 to 1928. amounting to $3,091,000,000. through the operations of the
cumulative Sinking Fund Act, by foreign payment., tne brilliant refunding
operations of the Treasury Department and other factors, on June 30 last
that crushing total was reduced to $170304,293,201.43 This gave us an
actual reduetioe in a little less than nine years of $8 922.
408,446.58—an
average reduction of over a period of nine sears of $1,000,000,000 a year.
Could anything be more eloquent of the stability of our great Government
and the wisdom that has governed its administration.
We are committed to the Important task ot bringing that debt balance
down U 815,000.000.000 in three years. From July 1 to Dec. 31 last,
,
the debt was reduced by 5290,000000, which means an annual saving of
$11.000,000 In interest.
In June 1927, the Loyal Order of Woodpeckers was organized in the
Federal service to give the thousands of Federal workers a definite place
in the campaign for thrift. To become a member a saving ot at least
$I
a year must be made. With 568.715 employes there could be effected a
saving of more th.n a half million dollars a year, and that seemed worth
trying. Of course, the more Important purpose was the development of the
spirit of conservation of Government money, time and supplies.
The
proposal met with loyal response from the services.
The Interest of the taxpayer and the well being and happiness of more than
120,000.000 of people are Inseparably bound up in this policy of saving.
Thrift has won for itself p.rinanent and prominent place in Federal administration To you the everlasting credit, to you the gratitude of the people of
the country, and to you the respect and appreciation of the Federal service

President Coolidge Criticises Slow Moving Methods of
Inter-State Commerce Commission.
President Coolidge on Jan. 25 took occasion to express his
views on the failure of the Inter-State Commerce Commission
to expedite matters which it is charged. Only newspaper
accounts of his views are available, and one of these, from
Washington Jan. 25, appeared as follows in the "HeraldTribune."
The President was reported to-day as believing that the Commission will
;lever settle the question of valuation of the railroads, before that body
since
1906. Be does not blame the Commission in this case, because he thinks
such valuation is impossible and would 3100.000.000 to bring anywhere
near
conclusion. As soon as one phase of the situation was complete, he
believes.
another phase would present itself, and it would be necessary for
the commission to return to it.
The Commission has done as well as it could under the circumstances,
in
the President's view. When the proponents of valuation saw
they were
wrong, he believes, they did not press for it.
The President was represented as anticipating that the
Inter-State
Commerce Commission would reply to his references to its slow
action that
it might move faster if the Government furnished a larger
force and appropriated more money therefor. This reply, the President is
certain, is
the standard one made by all Government departments when
their activities
are in question.
The Inter-State Commerce Commission occupies a building to
itself at
Eighteenth Street and Pennsylvania Avenue, not far from the
White
The body is composed of eleven commissioners, a secretary, an House.
assistant
secretary,an assistant to the secretary and sixteen other officials,
in addition
to a corps of stenographers and lesser employees. In the opinion
of the
President there is no question of enlarging the staff of the
commission,
expecially at this time, when the question of maintaining a budget
surplus
for the incoming administration is a close one.
Commissioner Claude It. Porter, now assigned to draft a plan for
railway
consolidation, was appointed by President Coolidge to fill the
unexpired
term of Commissioner Hall, resigned and was reappointed
to serve the
seven-year term at a later date.
President Coolidge let it be known emphatically to-day that he was
not
at all satisfied with the dilatory tactics of the Inter-State Commerce
Commission. He believes that body could make itself stronger and its
services
greater to the country if it rendered decisions with more expedition.
The President was reported to feel that it was a good plan for
the Commission to prepare plans for the unification of the railroads.
However, it
was pointed out in his behalf, the law has required this ever since
he became
President and the Commission has consistently recommended at
the end of
every year that the law be repealed.
The Commission has now delegated one of its members,
Claude R.Porter,
to draft suggestions for railroad consolidations, but Mr.
Porter said tonight that nothing has been accomplished so far.
The President feels that the greatest objection to the
Commission is the
difficulty of getting any action out of it, as. for instance, in
the case which
involved the rates for transportation of mails. In a
decision announced
last summer the commission increased the mail rates for
Class 1
15% and for short lines by 80%. Moreover, the decision was railroads by
made retro-




673

active to the date of the filing of the petition for higher rates—roughly,
about three years. Since the increases proposed by the Commission
amount to about $15,000,000 a year, the decision meant that
the government was indebted to the carriers in the sum of about
345.000.000.
The President has refused to accept the validity of the decision.
The PostofTIce Department has contested the decision and, through
the
Attorney-General, it has been carried through the Court in Claims,
which
decided that the commission had the power to make the increase.
The
matter is now in the Supreme Court for a final decision.
Mr. Coolidge apparently holds the opinion that the present difficulties
might have been averted if the Commission had made its decision
within a
reasonable time.

Revise Rail Bill to Speed Mergers—Senate Subcommittee now Ready to Push Fess Measure for Early
Passage—Road Majorities to Rule.
A railroad consolidation bill by Senator Fess of Ohio,
said to have the approval of President Coolidge and President-elect Hoover, is about to be submitted by a subcommittee to the full committee of the Senate Inter-State
Commerce Committee, according to a Washington dispatch
Jan. 25 to the New York "Times," from which we also
take the following:
The Fess bill, which had been under constant revision for months, is
designed to permit railroads to acquire other systems by stock purchase,
bring about consolidations and operate the combinations under a new
name. Senator Fess believes the bill can be presented to the full committee Tuesday and passed by the Senate before this session ends.
According to the Ohio Senator, the bill would produce the greatest
change in the railroad situation since the Government returned the roads
to their owners after the war. Friends of the measure declare that both
Mr. Coolidge and Mr. Hoover feel that, with the bill's passage, the carriers
could proceed with improvements which have not thus far been made
effective because of the uncertain legislative situation. As drawn, the
bill would block out minority stockholders who have been successful in
preventing unification plans, notably in the attempt of the Van Sweringens
to put through their merger plans, which the Chesapeake & Ohio minority
group opposed.
Measure Has Wide Scope.
The bill provides a hearing for the minority group, but would automatically permit a railroad to join a consolidation if the majority stockholders
favor it and if Inter-State commerce rules and regulations are satisfied.
Consolidations, as differentiated from mergers, are made possible.
The Inter-State Commerce Bill of 1920 expressly prohibited consolidations.
Under the Fess Bill. It would be possible to form an entirely new
corporation to issue securities representing the value of all the carriers
in the consolidation, and operate under a new name, while the individual
companies would lose their identities.
The Inter-State Commerce Commission may order included in a consolidation any small or weak lines, even if the small lines do not want to enter
the consolidation and even if the consolidation interests do not want them.
If the Commission feels it to be in the public interest to include the weak
new, it would be given authority to make such an order. Objections
that the weak lines would boost their sale price sky high to defeat the
Commission's order have been met by a provision authorizing the Commission to prescribe the terms of the purchase.
Would Repeal Mandate or 1920.
The bill would repeal the mandate of the 1920 law, under which the
Inter-State Commerce Commission was ordered to chart a complete plan
of unification of railroads for the entire country. This mandate has been
protested time and again by the Commission, which contends it is utterly
unable to formulate such a plan. President Coolidge also has urged that
the mandate be repealed.
Some railroad authorities, among them the Van Sweringens, object
that the repeal would nullify the years of planning which they have carried
on independently. but Mr. Fess and other committee members do not
agree that this would be so.
Senator Fess says the bill would remove objections of State Commissions,
which contend that it is planned to enact a Federal or national corporation
act. The bill says on this point:
"Nothing in this title should be construed to authorize or provide for
the creation, directly or indirectly. of any Federal or national corporation:
and all the powers, rights, privileges and franchises granted by this Act to
any corporation now existing or hereafter created, are, and shall be deemed
to be, supplementary and in addition to or in modification of, the powers,
rights, privileges and franchises of such corporation granted by its charter,
or existing under the laws by virtue of which it was or may be created."
Majority Principle Adopted.
One provision is intended to dispose of the opposition of minority stockholders by permitting consolidation interests to condemn holdings of
minority stockholders under the right of eminent domain, if the I.
-S. C.
Commission approves a consolidation.
The Sub-committee, according to Senator Fess. realizes that this procedure is a radical departure from past and present practice, but believes it
fully justified.
"It is simply adopting the principle upon which everything is operated in
this country." said Mr. Fess. "In our Government affairs the majority
rules. The majority of every board of trustees rules. It seems to me we
propose only Government sanction or recognition, of an already established
and recognized practice."
Senator Watson, Chairman of the Senate I.
-S, C. Commission, has
talked over the proposed bill with Mr. Hoover, according to Senator
Fess. Almost without exception, Mr. Fess said, railroad and shipping
interests have declared themselves in favor of it.

Wage Increases Granted to Shopmen and other Workers
Workers on Pennsylvania R. R.
On top of wage increases announced on Jan. 29, amounting,
it is said, to $3,500,000 a year, and applying to 36,000 shop
craft workers on the Pennsylvania R. R., further wage
increases, reported as aggregating $450,000 a year were
granted on Jan. 31 to between 7,000 and 8,000 employes
of the maintenance of way and structural departments of
the Pennsylvania road. Regarding the increases granted
to the shopmen, the Philadelphia "Ledger" of Jan 30 stated

674

FINANCIAL CHRONICLE

that the advance was made at a conference on Jan 29,
between executives of the road and representatives of the
workers. The "Ledger" added.
The increase for the majority of the men amounts to 4 cents an hour
and will become effective February 1.
Several thousand workers affected are employed in Philadelphia and
nearby, the others being spread out over the entire Pennsylvania System.
sheetThey include boilermakers, machinists, blacksmiths, electricians,
metal workers, molders, carmen and car cleaners.
The base rate of all groups excepting carmen and car cleaners, was
raised from 78 to 82 cents an hour. The carmen were increased from a
base rate of 70 cents to 74 cents an hour. and the car cleaners, who were
-cent increase not long ago, were granted a 1-cent raise.
given a 2
T. H. Davis, General Chairman of the Association of Shop Craft Employes of the Eastern Region of the P. R. R., was Chairman of the Wage
Committee that met with railroad officials. The other representatives
of the workers were Charles Mode,Western Region; L. M.Graham, Central
Region, and J. J. Gluntz of the Altoona Works. Mr. Davis represented
the Eastern Region and the New York zone.
Representatives of the railroad included F. W. Hankins, Chief of Motive
Power; F. G. Grinishaw, works manager at Altoona, and H. A. Enoch!.
Superintendent of Wages and Labor, who presided.
The increase was granted, officials said, coincident with receipt of a
etter from the workers' organization requesting a wage conference.
Fifteen hundred workers in the West Philadelphia and South Philadelphia shops, 1,500 at Wilmington, 500 at Camden and 50 at Paoli are
affected.

The wage increases announced Jan 31 were likewise
granted at a conference between executives of the railroad
and representatives of the men. Reporting this Associated
Press advices from Philadelphia Jan. 31 said:
their
In the new rate all bridge and building foremen and inspectors and
assistants will receive an increase of $5 per month.
The wages of plumbers, water service repair men, blacksmiths, machinists, motor car repairmen, electricians, cabinet makers and bench
carpenters were raised four cents per hour.
Carpenters, bricklayers, painters, masons, iron workers and their helpers,
track laborers. pumpers, teamsters, chauffeurs, work equipment engineers,
firemen and assistant track foremen will receive an increase of one cent
per hour.
Track foremen obtained $2.50 per month raise.
The increase affects employes throughout the entire system. Among
those present at the conference in behalf of the employes were C. L. Hawkins of Youngstown, Ohio; T. C. Redmond of Philadelphia, J. N. Logan
of Kalamazoo. Mich., and C. A. Riegel of Richmond, Ind., regional chairman of the Pennyalvania system fraternity.
Herbert A. Enochs, Superintendent of the Wage and Labor Bureau of
the Eastern region, presided at the conference.

Wage Increase on Norfolk & Western R.R.
following is from the "Wall Street News" of yesterday
The
(Feb. 1).
Norfolk & Western RR. grants a 5% wage increase to the mechanical
department effective to-day, says a Roanoke. Va., dispatch.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
New York Coffee & Sugar Exchange membership sold to
new high records this week the seat of John W. Kirkner
having been sold to Robert E. Hutchinson for $23,750.
Previous to this T. Barbour Brown purchased the membership of W. A. Lamson for $22,000, this being the high record
up to that time and an advance of $1,000 over the last preceding sale.
On Friday Jan. 25 three memberships were sold at $21,000
each, an advance of $1,000 over the previous sale. The
buyer of all three seats VMS R. E. Atkinson. The seats sold
were those of Gus K. Worms, of Newman Bros. & Wor us;
Christian De Waal, of Stewart, De Waal & Co., and Edwin
H. Ma shall, deceased, formerly of Marshall & Willey,
Kansas City, Mo.

[VOL. 128.

such increase of stock be offered for subscription to the stockholders cf
record on a date to be hereafter fixed, at $200 per share, each stockholder
to have the right to subscribe to 2 7/10 shares for each share then held
by him, any shares not subscribed and paid for within a time to be fixed
by the Board of Directors to be sold or disposed of as the Board of
Directors or Executive Committee may determine at a price not less than
$200 per share. If such recommendation is approved the stockholders will
receive subscription warrants for full shares and fractional warrants for
less than full shares, such fractional warrants to be used only when combined with other fractional warrants so as to aggregate full shares.
The provision for the issue of stock to be eventually subscribed for by
the officers and employees is intended to encourage those upon whom the
stockholders must look for the growth and development of the business,
to reward meritorious and long continued service, and it is the aim of
your Directors that each and every officer and employee shall participate
directly in the progress of the Bank through stock ownership. Accordingly
the Board of Directors have unamiously recommended that 3,000 shares of
the par value of $100 each of such increase of stock be issued and sold at
$200 per share to Trustees to be selected by your Board of Directors to be
held for the benefit of the officers and employees of the Company under
such plan/or agreement and subject to such terms and conditions as may
be determined by your Board of Directors. This plan for profit sharing
by the officers and employees will be under supervision of Messrs. John J.
Raskob, Arthur Lehman, John J. Pulleyn, and William F. Kenny, four of
your Directors.

A new trust company is be- ing formed in this city under
the name of the Hibernia Trust Company and is expected to
start operations in April. The application to organize has
been approved by the State Banking Department. The institution will have a capital of $3,000,000 (par $100) and a
surplus of $2,000,000 and there will be an affiliated securities corporation with an initial capital of $750,000. The
stock of the new trust company is being subscribed for at
200 a share. The bank will locate in the Wall Street section
and will conduct a general banking business including savings department, checking accounts, trust department, commercial banking and foreign and domestic investment securities. The incorporators include the following: John F.
Barry, partner of Gilbert Eliott & Co., members of the New
York Stock Exchange; Richard Campbell of Gilbert Campbell & McCool; Patrick F. Cusick, member of the Stock Exchange; Philip De Kende, director Empire Trust Company,
United States Fidelity & Guaranty Company; Frank H. Hall,
counsel and director of the Corn Products Refining Company; Louis M. Josephthal of Josephthal & Co., members of
the Stock Exchange; Eugene F. Kinkhead of Kinkhead,
Florentine & Co., members of the Stock Exchange; F. J.
Lisman of F. J. Lisman & Co., members of the Stock Ex:
change; Peter J. Maloney, member of the Stock Exchange;
Minor C. Keith, President of the International Rallw of
Central America; Eugene Moran, President of the Moran
Towing & Transport Company; Rusell T. Mount of Duncan
& Mount, attorneys; T. 0. Muller, President of the Atlantic
Fruit and Sugar Company; John F. O'Ryan, President of
the Colonial Air Transport Company, Inc.; C. P. Stewart,
President of Frank B. Hall & Co., and Charles A. Whelan,
President of the United Cigar Stores Company.

The new $25 par value sto- ck certificates of the Chelsea
Exchange Bank of New York were expected to be ready
for delivery about February 1. Following the ratification
of the stockholders for the four for one split-up of the bank's
capital shares and approval by the Superintendent of
banks of the State of New York, stockholders have been
requested to present their $100 shares for exchange and
cancellation at once. The quarterly dividend at the annual
rate of $2.50 on the new $25 par value stock is payable April
The New York Cotton Ex-change membership of W. K. 1, 1929, to stockholders of record March 15 1929.
Jones was sold this week to Alvin L. Wachsman, for another
On Jan. 28 the Equitable T- rust Company of New York
for $38,000, a decrease of $7,000 from the last preceding
opened an office in the Bronx at 368 East 149th Street besale.
tween Courtlandt and Third Avenues. The trust company
The New York Rubber Exchange membership of John P. has leased the entire building at this address, has remodelled
Sullivan was sold this week to John L. Handy, for another it and has installed the most modern type of safe deposit
for $10,500, an increase of $500 over the last preceding sale. vault. This office, the sixth New York office of the Equitable, brings the banking services of the company into anThe Toronto Stock Excha- nge membership of John K. other expanding business section of New York. H. N. TapNives was reported sold to G. A. Somerville for $175,000.
pen, Assistant Secretary of the trust company, is manager
of this office and L. F. Timmerman is assistant manager.
Action on a proposal to increase the capital of the County
Hugh W. Davis, member of the Virginia bar for twentyTrust Company of New 'York at 07 Eighth Avenue, from
$1,000,000 to $4,000,000 will be taken by the stockholders at one years, has joined Industrial Finance Corporation as
a special meeting to be held on February 15. The notice to Vice-President, it is announced to-day by Arthur J. Morris,
the stockholders nssued on Jan. 25 by President James J. President of the corporation and founder of the Morris
Plan. Mr. Davis, a native of Norfolk, Va., was a member of
Riordan, says:
After the proposed increase the capital of the company will be $4,000,000 the firm of Hugh C. Davis and Hugh W. Davis. For the
and the surplus and undivided profits in excess of $4,000,000. Our past three years, Mr. Davis has also been associated with
resoruces now exceed $30,000,000.
Carl G. Fisher in his developments at Montauk Beach, Long
In view of the rapid growth of business of this Company your Board of
Directors is unanimously of the opinion that the interests of the stock- Island, and Miami Beach, Florida, and is a director of the
holders will best be served by an increase at this time of the capital stock Carl G. Fisher Company.
from $1,000,000 to $4,000,000, and recommends that 27,000 shares of




FEB. 2 1929.]

FINANCIAL CHRONICLE

The Industrial Acceptance Corporation has appointed Sylvester Roll, formerly a member of the Diplomatic Service,
to be one of the corporation's chief representatives in Paris,
France. The Industrial Acceptance is a subsidiary of Industrial Finance Corporation, which owns the Morris Plan
Corporation of America, Motor Dealers Credit Corporation,
General Contract Purchase Corporation, and numerous
other companies. Mr. Roll entered the diplomatic service
following his graduation from the University of Georgetown.
He was appointed Secretary of the American Legation in
Stockholm, the capital of Sweden. He served there two
years, resigning to return to America. In 1925 he joined
Industrial Acceptance Corporation.
The merger of the Chase National Bank of New York and
the Garfield National Bank, approved by the directors of
both institutions last November and ratified by the stockholders at their annual meeting on Jan. 8, became effective at the close of business on Saturday, Jan. 26. The
consolidation, which was arranged on a share for share
basis, adds the Garfield's assets of approximately $22,721,756 to the resources of the Chase National Bank, which
stood at the record total of $1,430,308,237 on Dec. 31. With
the consummation of the merger, the Garfield Bank becomes
a branch of the Chase National Bank, continuing its business at the same location, at the corner of Fifth Avenue
and 23rd Street. Items regarding the consolidation appeared in the "Chronicle" of Dec. 1, page 3042, and Jan. 12,
phge 198.

675

Merger as he was two weeks ago. Charles H. Sabin, President of the Guaranty Trust Co., likewise denied knowledge of a combination of the two
banks.

Similar rumors were the subject of an item in these columns

Jan. 19, page 350.
It was noted in the "Times" of Jan. 29 that the largest
single transfer of bank shares which has been made in a
block in recent financial history, and one which probably
will have far-reaching results, was completed on Jan. 28.
It was the purchase, said the account, by the banking firm of
Dillon, Read & Co. of 10,000 shares of the Bank of Manhattan Co. for $8,000,000 in cash. The shares closed on
Jan. 28 at $805 bid, $815 asked. The New York "Journal
of Commerce" had the following to say in its issue of Jan.
30, regarding the transaction:
Reports yesterday that Dillon, Read & Co.. in the purchasing of 10.000
shares of Bank of Manhattan, are seeking to gain control of the institution, were denied yesterday.
The purchase of Dillon, Read & Co.followed the merging of the Bank of
Manhattan and the International Acceptance Bank and unverified reports
that Paul Warburg of the International Acceptance Bank is seeking to
buy from the large stockholders of the Manhattan.
At the offices of the Bank of Manhattan it WM pointed out that the
purchase by Dillon, Read of 10,000 shares had not been made in open
market, but through a single transaction with the National American Co..
which had sold out its interest in the bank. To gain control it would be
necessary to buy a much larger volume of stock, which could not be done in
open market. It was declared by a spokesman for Dillon, Read & Co. that
the purchase had been made as an investment.

Irving
The Irving Trust Co. of New York on Jan. 31 announced
the appointment of Gustav H. Niemeyer, Vice-President and
General Manager of Handy & Harman, of 57 William Street,
The merger of the State Bank and Trust Company with as a member of the Advisory Board of its Market and Fulton
Manufacturers Trust Company became effective on Jan. Office, at 81 Fulton St. At the same time announcement was
28 when the seventeen offices of the State Bank opened as made of the following promotions and appointments of officers:
snits of Manufacturers Trust Company. Harold C. Richard, President of the State Bank, has become Chairman of
the Finance Committee and a director of Manufacturers
Trust Company. Other officials of the State Bank and
Trust Company who have been made executives in the
merged bank are as follows, with their new titles indicated
Vioe-Presidents: John Kneisel, Charles A. Smith, William B. Roth and
Harry W. Vogel.
Assiatant Vice-Presidents: John V. D. Garretson, Walter J. Gilpin,
Clarence E. James, Paul Muller, Frank A. Pappi, George W. Pierson,
Joseph A. Seokinger, Thomas E. Speer and Maxwell M. Teicher.
Assistant Secretaries: David G. Cathcart, Robert H. Fiedler, Adolph
Frey, John J. Grady, Walter H. Lindemeyer, Francis J. McGrath, Joseph
F. Maher, Chris. J. Ochs, Arthur A. Perfall, C. P. Ranges, William B.
Schrauff, James H. Vandenbree, William 0. Walter and Charles A. Wells.
Managers of their respective offices: William A. Dohrman, Frederick
W. Maas, Alexander 0. Schwartz, Joseph F. Spindler and Erwin H. Wipperman.
Assistant Trust Officer: Joseph E. Cosgrove.
Assoeiate Auditor: Chester Woodworth.

Nathan S. Jonas will continue as President of the combined institution, Henry C. Von Elm as Chairman of the
Executive Committee, and James H. Conroy as Executive
Vice-Presideat The consolidated bank starts with capital
and Surplus funds of more than $80,000,000,
deposits of
about $365,000,000 and resources of approximately $450,000,000. Customers total more than 400,000. The offices
added to the Manufacturers Trust Company include five
in
Manhattan, seven in Brooklyn and five in Bronx. Among
them Is the now State Unit recently opened by the
State
Bank at 681 Eighth Avenue, corner of 43d Street.
Mr.
Richard will make his headquarters in this office.
Items in
these columns in the last few weeks regarding the
merger
appeared in our issues of Jan. 19, page 352, and Jan.
26, page
508.

In the Out-of
-Town Office, Woolworth Building, New York—William F.
Doyle, to be Asst. Vice-President; Alfred P. Watson to be Asst. Secretary.
American Exchange Office, 60 Broadway—Henry Major. to be Asst.
Vice-President; John A. Phelan to be Asst. Secretary.
Market and Fulton Office,81 Fulton St.—Harry T.Jones to be Asst. Sec.
Twenty-first St. Office, Fifth Ave. at 21st St.—John F. Lawlor to be
Ann. Secretary.
Twenty-eighth St. Office, Madison Ave. at 28th St.—James L. Lanctot
to be Asst. Secretary.
Fifth Ave. Office, Fifth Ave. at 34th St.—Eugene G. Mahoney to be
Asst. V ,,-President.
Lincoln Office, 42nd St. at Park Ave.—Allen R. Cobb and Henry E.
Stubing to be Asst. Vice-Presidents.
Forty-ninth St. Office, 49th St. at Seventh Ave.—Harry J. Spiess to be
Asst. Secretary.
Bronx Office, Third Ave. at 148th St., Bronx—William J. Gehlen to be
Asst. Secretary.
New Utrecht Office, New Utrecht Ave. at 53rd St., Brooklyn—Mark L.
Corey to be Asst. Secretary.
General Office—George A. Bryson and Gustav Gardner to be Asst. VicePresidents; Wallace G. Broadhurst, Robert O. Effinger. Harry D. Milbank,
Thomas F. Wentworth and Roswell F. Young. to be Asst. Secretaries;
Eldred H. Brandon, to be Asst. Auditor.

The Bank of New York and Trust Co. announces the
resignation, effective Feb. 1, of F. C. Metz Jr., Vice-President, who is severing a long conneetion to enter the investment lealking field, having become associated with Palmer
& Co.
Following a meeting of the executive committee of the
Chatham Phenix National Bank & Trust Ce. of New York
this week, it was announced that R.J. Kiernan and Harry R.
Moody had been made Assistant Vice-Presidents of the
bank. Mr. Kiernan will be located at the Chatham Phenix
Branch at Fifth Ave. and 30th St. Mr. Moody will be at
the bank's main office, 149 Broadway, in charge of its appraisal division and travel bureau.

Charles A. Wight was elected a Vice-President of the
Farmers Loan & Trust Co. of this city on Jan. 29. Mr.
The next regular meeting of the Bankers' Forum,
New Wight will assume his new duties on Apr. 15

York Chapter, American Institute of Banking, will be
held
at the Building Trades Club, 2 Park Ave. (at 32d
St.)
Wednesday, Feb. 6. There will be an informal reception
at
6:30 p. m. Dinner is scheduled for.7 p. m.; addresses
at
8:15 p. et. The speakers will be Alexander Dana Noyes,
Financial Editor, New York "Times" on "The
Financial
Outlook"; Ivy Lee, Publicist on "Russia."
• Reports were again current this week of pending
negotiations looking to the consolidation of the Guaranty
Trust
Co. and the National Bank of Commerce in New York. The
"World" of Jan 30 in referring to the reports said:
Stocks of both banks have been moving upward at the
have one large stockholders, and their lines of business same rate. Both
dovetail into each
other,so a combination would be logical.
These institutions for nearly 12 years have been conducting, off
and on,
merger negotiations. James S. Alexander, Chairman of the
Bank of Commerce, Yesterday was as emphatic in his denial National
about the




upon his retirement as President of the Central Farmers Trust Ce. of West
Palm, Fla.
The main office of the Public National Bank and Trust

Company of New York, heretofore at Broadway and 25th
Street, is now at 76 William Street, the new headquarters
having been opened on Feb. 1. This is the first office to be
established by the institution in the Wall Street District
The move is a climax to 20 years' growth; the bank has increased without merger, from one office, with a capital and
surplus of $125,000, to 33 branches in addition to the new
main office, and a capital and surplus of $15,000,000. The
officers of the institution are: Emanuel C. Greaten, President; Joseph J. Bach, Executive Vice-President; A. S.
Bernstein, Vive-President; Samuel Palley, Vice-President,
and Walter G. Ferens, Viee-President and Cashier. The

676

FINANCIAL CHRONICLE

institution was founded in April, 1908, by Joseph J. Bach.
It now has total resoudces of about $140,000,000. The capital and surplus will be increased Feb. 5th from $15,000,000
to $20,000,000. Mr. Gerstine, President, was formerly VicePresident of the National Bank of Commerce in New York.
An item regarding the proposed change in the location of
the main office appeared in our issue of Jan. 19, page 353.
John P. Putnam was on Ja- n. 27 appointed an Assistant
Vice-President of the Guaranty Trust Company of New
York; he will assist in handling the Guaranty's business in
New England.
At a meeting of the board o- f trustees of the Bank of New
York and Trust Company this week H. B. Beer was appointed Assistant Secretary of the Madison Avenue Branch.
The Broadway National Ba-nk of this City, now in process
of organization, leased on Jan. 28 the ground floor space,
mezzanine and basement in the new twenty-six story building at Fifth Avenue and 29th Street, where it will establish
its home. As indicated in our issue of Jan. 19, page 353 the
institution will have a capital of $2,000,000 and a surplus
of $1,000,000. The institution is expected to begin business
about May 1. t It will include in its equipment fur storage
accommodation, a facility which the fur district will, it is
anticipated, take advantage of.
Edgar H. Hall, formerly Chief Clerk of the Interstate
Trust Company of New York, has been elected an Assistant
Secretary of that company. James B. Murray, formerly
Auditor, has been elected Comptroller.
An engraved gold watch was presented on Jan. 28 to
WIlliam M. Lindmark by Edward C. Delafield, President of
the Bank of America, N. A., in recognition of twenty-five
years of service to that institution.
An application has been made to the Comptroller of the
Currency to organize the De Beixedon National Bank of
Brooklyn, N. Y. It is proposed to organize the institution
with a capital of $500,000 and surplus of $125,000. The stock
will be offered at $125 per 100 share. The opening of the
bank is scheduled for Jan. 1 next year. The location decided upon is 23 Fourth Avenue, Brooklyn, N. Y. (corner of
Pocific Street). Bennett De Beixedon, attorney, commission
merchant, has undertaken the organization of the bank.
Associated with him as organizers, according to the Brooklyn "Eagle," are former Supreme Court Justice Russell
Benedict, Dr. H. Beeckman, Delator of St. John's Hospital,
and C. Lansing Hays, member of the firm of Merrill, Rogers,
Gifford & Woody, 60 Broadway, Manhattan.
The following directors of the Mechanics Bank of Brooklyn, which recently was merged into the Brooklyn Trust
Company, were elected directors of the Brooklyn Trust Company on January 25: Harry M. De Mott, John V. Jewell,
James H. Jourdan, John W. Fraser, Joseph Michaels, Joseph
J. O'Brien and Thomas H, Roulston. Thomas Murray, Jr.,
President of the Metropolitan Engineering Company, was
also elected a member of the board of the Brooklyn Trust at
the same meeting, and the new board will be made up of 26
members instead of 24 as formerly.

riroL. 128.

H. Gabb, according to the Hartford "Courant" of Jan. 19.
All the other officers were re-appointed as follows: John.
Pilgard, President; Dr. William H. Rosenfield, Second VicePresident; Bertha K. Pilgard, Secretary; Dudley Carleton,
Treasurer, and Albert C. Spafard, Assistant Treasurer. Mr.
Mulligan is President and a director of the Advance Printing
& Publishing Co. of Thompsonville, Conn., publishers of the
"Thompsonville Press; Secretary and a director of the Farmers' Loan & Mortgage Co.; Secretary and a director of the
Avon Co., and a director of the Bruce Co. During the World
War Mr. Mulligan was a director of the Knights of Columbus war relief.
Stockholders of the trust company at their meeting held
previously elected William J. Riley, Treasurer of the Hartford Lumber Co., and George A. Millard, Vice-President of
the Fuller Brush Co., directors.
At the annual meeting of stockholders of the Fallkill
National Bank & Trust Co. of Poughkeepsie, N. Y., on
Jan. 8, all the directors were re-elected. Guilford Dudley
declined a re-election as President, after 18 years' service,
and Edward J. Maguire previously Vice-President and
Trust Officer was elected President. At the same meeting
a stock dividend of 25% was voted.
Stockholders of the Schenectady Trust Co., Schenectady,
N. Y., at their recent annual meeting, approved a recommendation of the directors that $250,000 be transferred from
surplus and undivided profits account to the capital account by means of a 50% stock dividend, payable Jan. 30
to stockholders of record Jan. 24, according to the "Wall
Street Journal" of Jan. 28. The bank's capital is thus increased from $500,000 to $750,000 and surplus and undivided
profits account is reduced to approximately $1,343,000, as
against $1,592,875 as of Dec. 31 1928.
New officers of the Watsessing Bank of Bloomfield, N. J.,
are announced as follows: Allison Dodd, President; Denis
F. O'Brien, Vice-President; Charles Bradley, Vice-President; Wallace J. Ellor, Cashier, and Elwood M. Hill, Assistant Cashier. We are also advised that new officers
of the Bloomfield Trust Company of Bloomfield are Allison
Dodd, President; Robert M. Boyd, Jr., Vice-President; Alfred B. Van Liew, Vice-President; Denis F. O'Brien, VicePresident; Francis A. Schilling, Secretary and Treasurer; Raymond Edgerley, Assistant to the President, and
Charles S. Andrew, Assistant Treasurer and Trust Officer.
The Bloomfield Trust Company, the Watsesslng Bank and
the Bloomfield National Bank are affiliated institutions;
plans for the amalgamation of the Bloomfield National
Bank with the Bloomfield Trust Company are now under
way.
On Jan. 23 the Comptroller of the Currency authorized the
change of title from the "First National Bank of Glen Rock"
at Glen Rock, N. J., to the "Glen Rock National Bank."
At the same time approval was given to the plan to increase the capital from $60,000 to $100,000, and surplus
from $15,000 to $25,000. On Dec. 31 the deposits of the
bank were reported at $562,897, with total resources at
$683,566. The officers of the bank are: Henry C. Smith,
President; Philip C. Wadsworth and Clifford H. Ramsey,
Vice-Presidents; John C. Stevens, Vice-President and Cashier, and Nelson M. Park, Assistant Cashier.

The Lafayette National Bank of Brooklyn was granted
permission by the Comptroller of the Currency on Jan. 24
At meeting held on Jan. 23, the directors of the Asbury
to establish a branch office at 100 Livingston Street Brook- Park Trust Company of Asbury Park, N. J., approved an
lyn.
increase in the capital stock through the issuance of 1,500
Savings Bank of additional shares at $200 per share, which will raise the
The trustees of the Will- iamsburgh
$300,000. The surplus will be inBrooklyn at their regular monthly meeting on Jan. 8 elected capital from $150,000 to
$300,000 and undivided profits will
Henry H. Romer, formerly Assistant to the President, and creased—our surplus to
capital funds amounting to
Henry R. Kinsey, formerly Comptroller, Vice-Presidents and remain at $150,000—the total
board will be submitted to the
Charles H. Place, formerly Assistant Comptroller, was nemed $750,000. This action of the
shareholders for their approval about March 15. If the
to the position of Comptroller.
plan is approved, each stockholder will have the right to
The Huguenot Trust Comp- any of New Rochelle, N. Y., subscribe for one share of the new stock for every share
plans to increase its capital from $250,000 to $350,000. The held.
issuance of the additional stock was approved by the stockStockholders of the Beacon Trust Co. of Boston at their
holders on Jan. 11. The enlarged capital will become effective on March 11. The new stock will be issued at par, annual meeting on Jan. 22 ratified a plan recently decided
upon by the directors to establish a trust department, acnamely, $100 per share.
cording to the Boston "Transcript" of Jan. 22. Francis A.
William J. Mulligan was appointed First Vice-President of Cross, who formerly held a similar position with the Libthe Merchants' Bank & Trust Co. of Hartford, Conn., at the erty Trust Co., which was merged with the Beacon Trust
recent annual meeting of the directors, succeeding George Co. in December last, was named Trust Officer. At the




F.2 1929.]

FINANCIAL CHRONICLE

same meeting all the old directors were re-elected. Subsequently the directors at their annual meeting held the
same day re-appointed the officers, headed by Charles B.
Jopp, President. As of Jan. 8 1929 total deposits of the
Beacon Trust Co. were $39,636,441 and total resources $47,709,419. The capital of the company is $3,000,000 with surplus and undivided profits of $3,487,464.
The directors of the Tradesmen National Bank & Trust
Co. of Philadelphia have declared a quarterly, dividend of
$3 per share payable February 1 to stockholders of record at
the close of business Jan. 30.
A proposal to reduce the par value of the capital stock of
the Bank of Philadelphia & Trust Co., Philadelphia, from
$100 to $10 a share, and to issue ten new shares for each
share held, was approved at a special meeting of the shareholders on Jan. 29, according to the Philadelphia "Ledger"
of the following day.
According to the Philadelphia "Ledger" of Jan. 29, William S. Maddox has resigned as a Vice-President of the
Philadelphia National Bank, effective yesterdaay, Feb.
1,
to engage in a private banking business. Mr. Maddox entered the employ of the Philadelphia National Bank as
Credit Manager in January 1909 and two years later
was
promoted to Assistant Cashier. In January 1915
he became a Vice-President, the position he has now resigned.
--•-As of Jan. 15 the name of the Pelham National
Bank &
Trust Co. of Philadelphia was changed to the Tulpehoc
ken
National Bank & Trust Co.
The title of the First National Bank of Schuylkill
Haven,
Pa., was changed on Jan. 19 to the First National Bank
& Trust Co.
It is learned from the Washington (D. C.) "Post"
of Jan.
22 that directors of •the National Savings &
Trust Co. of
Washington at their annual meeting the previous day
voted
to transfer $500,000 from undivided profits to surplus
account, thereby increasing the latter to $2,500,000.
William
D. Hoover, the bank's President, reported the
best year in
the history of the institution. The directors
in addition to
the regular quarterly dividend of 3%, declared
an extra
dividend of 5%, and also voted extra compensa
tion to the
employees in recognition of their services rendered
. The
National Savings & Trust Co., which was incorporated
Jan.
22 1867, just 62 years ago, is said to
be the oldest savings
institution in Washington. It is capitalized at $1,000,00
0,
and Dec. 31 (the date of the last bank call) reported deposits of $13,245,929 and total resources of $17,191,246. The
officers are: William D. Hoover, President; Woodbury
Blair, First Vice-President; Frank W. Stone, Second VicePresident; Frank Stetson, Trust Officer; Charles C. Lamborn, Treasurer; E. Percival Wilson, Secretary; Frank R.
Ullmer, John W. Calvert and W. Hiles Pardoe,
Assistant
Treasurers; Bruce Baird and David Bornet, Assistant
Trust
Officers; A. J. Fant and John M. Boteler, Assistant
Secretaries, and Audley A. P. Savage, Auditor.

677

Maryland, will succeed Mr. Newcomer as Chairman of the
Board. Mr. Symington will continue as President of the
enlarged trust company. Continuing, the paper mentioned
said in part:
National Union Bank stock gradually has been advancing on the Baltimore Stock Exchange for some time in anticipation of the merger. Several
other banks attempted to acquire the institution. National Union stock
sold last on the market at 225, while Baltimore Trust was traded in yesterday at 183.
Under the terms of the exchange of stock National Union shares were
far out of line, one and a half shares of Baltimore Trust being worth at
yesterday's price 274.50.
Before accepting the chairmanship of the board of the Baltimore Trust
Company, Mr. Newcomer was President of the National Exchange Bank.
He now is President of the Baltimore Clearing Home Association.
Beside his wide financial activities, he has many public and semi-publia
interests. He has served on several State boards and civic committees and
been active in charity work. In the last Presidential campaign he supporta)
Governor Smith vigorously.
Mr. Goldsborough is an attorney as well as a banker, but he is chiefly
known for his political activities. He served two ternas as State's Attorney
of Dorchester county, one term as State Comptroller, one as Chairman
of the Republican State Central Committee and as Collector of Internal
Revenue for the Maryland district before he was elected Governor.
Mr. Symington has been President of the Baltimore Trust Company since
January 1927. He succeeded Eugene L. Norton, who was made Vie
Chairman of the board of directors.
At that time Mr. Symington was President of the Locke Insulator Company, first Vice-President of the Symington Company and a director of
the Gould Coupler Company.

Effective Monday of this week (Jan. 28) two Pittsburgh
banking institutions were consolidated, namely, the Third
National Bank and the Marine National Bank, under the
title of the former. The business of the enlarged Third
National Bank is being conducted in the Henry W. Oliver
Building, where the banking quarters of the Third National are located. According to the Pittsburgh "Post-Gazette" of Jan. 25, the combined deposits of the two banks
are in excess of $6,000,000. J. S. Brooks, formerly VicePresident and Cashier of the Marine National Bank, has
been made Active Vice-President of the enlarged bank, while
H. M. Schaefer, heretofore an Assistant Cashier of the Marine Bank, has been given the same office in the Third
National Bank. Hill Burgwin, former President of the
Marine National Bank, with Francis S. Guthrie, Walter J.
Wilson and Howard B. Salkeld, former directors of the
Marine National Bank, have been elected directors of the
Third National Bank. The Pittsburgh paper went on to
say:
The book value of the Marine National stock is approximately $203
per share, and about that price was paid for the stock, it is understood.
The Marine National has a capital stock of $300,000. As of December
31 1928 deposits were $2,602,933. Surplus and profits amounted to $307,373. Total resources were $3,685,472.
This bank owns the building at 301 Smithfield Street, its present quark
ten. It is likely this structure will be disposed of later.
The Third National, as of December 31 1928, had total deposits
of
$3,449,060. Capital stock is $500,000, surplus and profits
$425,542,
and total resources $5,008,424.
These banks are two of a group of the oldest national banking
institutions in Pittsburgh. The Third National will celebrate
its sixtydiftb
anniversary this year, having been organized in 1863. During
its career,
it has had but two locations, at Wood and Oliver, and in its present
quarters in the Oliver Building.
The Marine National was organized March 20 1875, and has
always been
at the present location. It was known for many years as the
banking
institution of the coal and river trade.

On Jan. 17, the Champaign National Bank of Urbana,
Ohio, and the National Bank of Urbana were merged under
An agreement was reached on Tuesday of this
week, Jan. the title of the Champaign National Bank of
Urbana with
29, to unite the Baltimore Trust Co., Baltimor
e, and the capital stock of $300,000.
National Union Bank of Maryland, that city,
according to
an announcement by Donald Symington, Presiden
The Detroit Board of Ocrmmeree has chosen John A.
t of the
first-named institution. The consolidation, which
will be Reynolds, Vice-President of the Union Trust Company, of
accomplished by an exchange of stock, will create
an $85,- Detroit, Mich., as Chairman of the newly-appointed Indus000,000 bank, which will continue the name of
the Balti- trial Development Committee. This Committee marks a
more Trust Co. Under the merger plan, accordin
g to the forward step in furthering the economic progress of DeBaltimore "Sun" of Jan. 30, stockholders of
the National troit. The personnel of the committee is selected from repUnion Bank of Maryland will receive one and
one-half resentative business men of the large commercial and Inshares of Baltimore Trust Co. stock for each
share of Na- dustrial institutions of the city, with a view to securing
tional Union stock held. As a result of the
exchange of the advice and counsel of men familiar with all phases
stock under the terms of the merger, the Baltimor
e Trust of Detroit manufacturing and business. This Industrial
Co. will increase its capital by $750,000 and its
surplus by Development Committee states as its aim that it is or$750,000, thereby giving the enlarged institution
a capital ganized to foster, encourage and aid in the development of
of $4,250,000 and a surplus of like amount. Terms of
the commerce, trade and industry within the Detroit metropolimerger, which have been accepted by the directors
of the two tan area in any way that will best acomplish those aims.
institutions, are subject to approval by the
respective stock- Mr. Reynolds, who has been selected as Chairman of the
holders and meetings of the latter will be called
later. Committee, is in charge of the Trust Relations Department
Waldo Newcomer will resign as Chairman of the
Board of of the Union Trust Company and is an authority on life
the Baltimore Trust Co. to become Chairman of the execu- insurance trusts. He has recently been appointed
for the
tive committee of the new bank, while Phillips Lee Golds- third successive time a member of the Insurance
Trust
borough, United States Senator-elect and former
Governor Committee of the Trust Company Division of the American
Maryland, now President of the Union National Bank
Bankers Association.
of
of




678
•

FINANCIAL CHRONICLE

Stockholders of the Gettysburg National Bank, Gettysburg, Pa., will hold a special meeting on March 5 to vote
on a proposal of the directors to reduce the par value of
the capital stock from $50 to $10 a share and to exchange
five new shares for each present share, according to the
Philadelphia "Ledger" of Jan. 26.

The First National Bank of Petersburg, Ill. (capital $100,000) and the Frackelton State Bank of the same place
(capital $100,000) were consolidated on Jan. 23 under the
charter of the First National Bank of Petersburg and under
the corporate title of the State National Bank of Petersburg,
with capital stock of $200,000.

(Vol.. 128.

(25,000 shares) in the ratio of one share of new stock for each
share of First National stock. Louis W. Hill, Chairman of
the Board of Directors of the First National Bank, and
George H. Prince, Chairman of the Board of the Merchants
National Bank, will head the Board of Directors of the
consolidated bank, while R. C. Lilly, President of the
Merchants' National Bank, will become President of the
new institution.
According to a dispatch by the Associated Press from St.
Paul on Jan. 29, printed in the Indianapolis "News" of the
same date, Mr. Hill, Chairman of the Board of the First
National Bank, has controlled that bank for many years
and will retain his holdings in the consolidated institution.

In his annual report to the stockholders at their meeting
Jan. 10, Edward W. Lane, Chairman of the Board of the
Atlantic National Bank of Jacksonville, Fla., announced the
formation of a subsidiary organization, the Atlantic National Co., to take over the investment securities business of
the institution. The new company is capitalized at $100,000.
Its officers are: Edward W. Lane, Chairman of the Board;
-PresiFrances B. Childress, President; W. 0. Boozer, Vice
dent; James A. Cranford, Secretary-Treasurer, and H. V.
The capital stock of the Union Trust Co. of Detroit was Martin, Assistant Treasurer. In reporting the matter in
increased from $2,500,000 to $5,000,000 at a special meeting Its issue of Jan. 11, the "Florida Times-Union" said:

The directors of the Omaha National Bank, Omaha, Neb.,
and affiliated institutions, announce that at a meeting of
the Board of Directors Jan. 11 1929, Walter W. Head, formerly President, was appointed Chairman of the Board
and W. Dale Clark, formerly Vice-President, was made
President. Mr. Head resigned the Presidency of the Omaha
National Bank to become President of the State Bank of
Chicago.

of stockholders on Jan. 29. The additional stock will be
sold at $300 a share. At the same time that this additional
stook of the Union Trust Co. is sold, a like number of shares
of the Union Co. of Detroit will be sold at $10 a share, making a total of $310 per unit. The authorized capital of the
Union Commerce Investment (the holding company of the
Union Trust Co.) was increased from $7,500,000 to $10,000,000 at a stockholders meeting held the same day.
Approximately $2,500,000 of this stock will be sold to stockholders at the rate of $300 per share. The ratio will be five
shares of new stock for each 14 shares of old stock. This
inerease in the capital of the Union Commerce Investment
Co. will enable it to subscribe for the increased stook of the
Union Trust Co., to which it will be entitled. The Union
Commerce Investment Co. was organized May 24 1928
under the laws of Delaware to function primarily as a holding company. It now holds practically all of the stock of the
Union Trust Co., the National Bank of Commerce and the
Griswold-First State Bank.
At a recent meeting of the directors of the National
Bank of Commerce and of the Griswold-First State
Bank, steps were arranged to effect the early consolidation of the National Bank of Commerce and the GriswoldFirst State Bank to operate under the National bank
charter. The affiliated institutions will soon be housed in
the new Union Trust Building.
Special meetings of the respective stockholders of the
National Bank of Commerce and the Griswold-First State
Bank are scheduled for Feb. 18 when action will be taken on
the proposed consolidation of the institutions.
A consolidation of the two largest banks in St. Paul,
viz. the First National Bank and the Merchants National
Bank, was approved by the directors of the respective
institutions on Jan. 28 and will later be submitted to the
stockholders. The resulting institution which will be known
as the First National Bank of St. Paul, will have a capital
of $5,000,000, surplus of $4,000,000 and undivided profits
of $1,000,000, or total capital resources of $10,000,000.
Combined deposits of the involved banks at the close of
last year totaled about $113,000,000 and their resources
were reported at the same time as approximately $129,000,000. In its issue of Jan. 29, the Minneapolis "Journal"
stated that according to plans of the directors the proposed
merger will become effective Mar. 1. The consolidation plan
includes the erection of a 16-story building at Fourth and
Minnesota Sts., St. Paul, adjoining and connecting with the
)resent First National Building. The bank will occupy the
first, second and third floors of both buildings. The Merchants Trust Co. and the Merchants National co., affiliated
institutions of the Merchants National Bank, are included
in the merger. These two companies, together with the
foreign department of the Merchants' National Bank, will
remain in the Merchants' National Building, but the bank
itself will move to the First National Building. Under the
merger plan, 50,000 shares of new stock will be issued.
Stockholders of the Merchants National will receive one-half
of this (25,000 shares) on the basis of 1 Yi shares for one share
.lif Merchants National, while stockholders of the First
,National Bank will receive the other half of the new stock




Mr. Childress has been manager of the Atlantic National bank's bond
department under the old system of operations. The Atlantic National
Company will continue to maintain a private telegraph wire to New York
for buying and selling high class bonds and other securities.
With the formation of this additional subsidiary company, the Atlantic
National bank will confine its operations strictly to commercial banking,
with a trust department.

At the subsequent organization meeting of the directors,
according to the paper mentioned, the following changes
were made in the personnel of the Atlantic National Bank:
J. E. Stephenson, formerly assistant Vice-President was
advanced to a Vice-Presidency, and H. V. Martin, was promoted from Assistant Cashier to an Assistant Vice President. The bank's roster is now as follows:
Edward W. Lane, Chairman of the Board; Thomas P.
Denham, President; John T. Walker, Jr., Executive VicePresident; D. D. Upchurch, D. K. Catherwood, W. I. Coleman, F. B. Childress and J. E. Stephenson, Vice-Presidents;
Wilson 0. Boozer, Vice-President and Trust Officer; C. 0.
Little and H. V. Martin, Assistant Vice-Presidents; G. E.
Therry, Cashier, and C. W. Wendell, G. W. Frazier, J. L.
Ingley, Charles D. Wynne and A. R. Foster, Assistant Cashiers.
Mr. Boozer (Vice-President and Trust Officer of the
bank) was promoted from Vice-Presdient to President of the
American Trust Co. as one of the bank's affiliated institu• tions.
The following is taken from the same paper:
In the course of his report, Mr. Lane explained in detail the exact relationship of the Atlantic National Bank and the subsidiary institutions,
emphasizing the fact that the bank has no stock interest in any other
corporation, but each stockholder by trust agreement owns an equal pro
rata part of the stock of the Atlantic Trust Company, a holding company
which owns all of the stock of the American Trust eompany, the Atlantic
National Company and the Atlantic Mortgage Company, and the controlling
interest in the Sanford Atlantic National Bank, the Palatka Atlantic
National Bank, Riverside Atlantic Bank, Springfield Atlantic Bank, and
Fairfield Atlantic Bank, the latter three institutions being located in
thig city.

Only one change was made in the personnel of the
Houston National Bank, Houston, Texas, at the directors'
annual meeting held recently. Walter G. Sterling, a director of the institute was appointed a Vice
-President. The
complete list of officers, according to the Houston "PostDispatch of Jan. 9 is now as follows: R. S. Sterling, Chairman of the Board; C. S. E. Holland, President; Melvin
Rouff, and J. W. Fincher, Active Vice-Presidents; Dr. J. Allen Kyle, Geo. L. H. Koehler, A. E. Kerr, E. P.
Sterling,
J. Milton Howe, and Walter G. Sterling, Viee-Presidents;
T. M. McDonald, Cashier; L. V. Hahn and Bryan Sparks,
Assistant Cashiers, and N. F. Pennington, Auditor.
These appointments were announced Jan. 22 by the Los
Angeles-First National Trust & Savings Bank, Los Angeles, following a meeting of the board of directors:

C. T. Wienke as General Auditor; V. B. Wood as Audit
,
r and R. B.
Knox, T. F. Mullens and E. F. Schnieders as Assistant
Auditors.
R. J. Downing, Manager of the Hanford Branch, as a
member of the
Hanford Executive Board.
J. B. Lind as Assistant Manager, Inglewood
Branch.

• The respective directors of the Los Angeles-First National Trust & Savings Bank, Los Angeles, and the Security
Trust and Savings Bank of the same city, on Jan. 25, ap-

F.2 1929.]

FINANCIAL CHRONICLE

proved a plan for the consolidation of the institutions under the charter of the first named institution. Formal agreement will be submitted to the stockholders of the banks at
an early date. The merger plan has been worked out on a
basis believed to be as nearly as possible equitable to the
stockholders of both banks. An announcement in the matter says:

679

THE WEEK ON THE NEW YORK STOCK EXCHANGE..
The movement of prices on the Stock Exchange was some-

what irregular during the early part of the present week, but
the trend has been strongly upward the latter part and
many new high records have been established among the
speculative favorites and also among the more conservative
issues. The most noteworthy feature of the week has been
The Los Angeles-First National Trust tz Savings Bank was established
in 1875 and the Security Trust & Savings Bank in 1889. The merger will the aggressive strength of the copper shares and the railroad
thus bring together two of the oldest as well as two of the largest banks stocks.
in Southern California. Upon completion of the merger, Los Angeles will
The report of the Federal Reserve Bank, made public after
have a bank with resources of more than six hundred million dollars,
the close of business on Thursday, showed a further increase
making it the eighth bank in size in the United States.
Each of the banks has, for many years, played a prominent part in of $116,000,000 in brokers' loans. Call money fluctuated
the development of this community and of Southern California. The con- between 6 and 8% reaching its maximum at 8% on
Wednes-solidated bank will be able to render a still more effective financial service to the many communities in which it will operate, extending from day afternoon and again on Friday.
San Luis Obispo and Fresno to Imperial County.
The trend of prices was more or less indefinite during the
J. M. Elliott will be Honorary Chairman of the Board; Henry H. Rob- short session on Saturday, some issues displaying a waiting
inson, Chairman; M. S. Helbrian, Vice-Chairman, and J. F. Sartori, President and Chairman of the Executive Committee. All officers and em- attitude while others moved upward or downward. The
ployees will continue for the present to function in the same banking most prominent feature on the upside was Amer. Telep. &
quarters until a central bank building can be constructed in which the Tel. which opened about five points above the previous
enlarged activities of the consolidated bank may be properly housed.
close. The initial price was again advanced later on and
Supplementing the above announcement, the following the stock finally closed at 220 as compared with the prestatement signed jointly by J. F. Sartori, President of the ceding final of 207. National Cash Register, on the other
Security Trust & Savings Bank, and Henry M. Robinson, hand suffered a bad break of 15 or more points from Friday's
President of the Los Angeles First National Trust & Sav- high of 14354. Peoples Gas made a new top and higher
ings Bank, was Issued:
prices were the rule for Brooklyn Union Gas. Many stocks
In the statement of Jan. 25 regarding the proposed consolidation of the showed gains in the first hour, but lost them before the close.
Los Angeles First National Trust & Savings Bank and the Security Trust
On Monday railroad hares moved to the front under the
and Savings Bank it was not then possible to give definite figures which
are now available; The two banks will constribute to the consolidated leadership of New York Central which opened on a block of
association $47,000,000 of capital assets which shall be mutually accept- 8,000 shares at 198 and later sold up to 199 the highest peak
able. The surplus assets of each bank together with all assets of their
respective securities companies shall be retained by the securities com- in the history of the company. Baltimore & Ohio moved
panies for five years to guarantee on each side the assets contributed by ahead a point or more and Norfolk Western made further
each to the consolidation. A new security company will be organized to progress upward. Public utilities continued to move ahead,
be owned beneficially by the shareholders of the consolidated bank. The
concentrating in the low priced stocks
par value of the stock both of the bank and of the new security company most of the activity
such as Electric Power & Light, National Power & Light
will be $25.
It is expected that the consolidation will be effective on April 1st at and others of the group. General Motors (old and new)
which time the stockholders of the Los Angeles First National Trust &
but receded later in the day, which was also
Savings Bank will have issued to them 550,000 shares of stock in the advanced at first
consolidated bank; this is the same number of shares which they now true of Nash and Hupp. Mack Truck reached a new high
hold. To the stockholders of the Security Trust & Savings Bank there at 114, but was subjected to pressure and closed at 110 with
will be issued 526,000 shares par value $25 for the 120,000 shares par value
about three points. Studebaker and Packard
$100 now held by them. 2,000 shares of the stock of the consolidated as- a net loss of
sociation will be sold to the new security company for cash at $100 a also were down about a point. National Cash Register lost
share, the stockholders of the consolidated association shall have the right more ground and International Nickel new had a further
to buy one share for each ten owned at $100 per share; thereafter 6,000
setback. Oil shares were heavy and United States Steel,
shares shall be sold to first securities company and 6,000 shares to security
company at $100 per share. As a result from the sale of this stock the common, dropped below its preceding close. American
capital of the new bank will be $30,000,000; surplus $15,000,000; un- Tel. & Tel. was strong in the early trading and broke into
divided profits $6,000,000; special reserve fund $2,200,000; and the
new high ground while American Smelting reached a new
new security company will have a capital account of $6,000,000. The
capital assets of the consolidated bank and the new security company will high for the present stock. Other active shares worthy of
exceed $59,000,000 and total resources of the bank will be in excess of note were International Harvester, Electric Auto Lite,
$600,000,000. For the time being it is proposed that the various oper- International Tel. & Tel. and Continental Baking. Public
ating units of the consolidating banks shall continue to operate much as
the market on Tuesday,
at present and in general with the same officers and personnel. As soon utilities assumed the leadership of
as the necessary changes in the building can be made the central administra- Commonwealth Power, Standard Gas & Electric, North
tive office of the consolidated bank will be located in the Pacific South- American, American Power & Light and Engineers Public
west Building at the corner of Sixth and Spring Streets.
Service all selling at new highs for the year and some in all
time. Railroad issues moved lower with the rest, New York The annual report of the Bank of New South Wales Central at 195, being down four points from its high of the
(head office Sydney) covering the fiscal year ended Sept. preceding day. New lows for the year were recorded by
30 1928 and presented to the proprietors at their ordinary Montgomery Ward, and Sears Roebuck, Amer. Tel. & Tel.
general meeting on Nov. 27, has just recently come to also was weak and slipped back about eight points from its
and losses were fairly well
hand. The statement shows net profits for the twelve high of the preceding day. Gains
balanced as the market closed on Wednseday though earlier
months, after deducting rebate on current bills, Interest on
movements were toward higher
deposits, and paying income, land and other taxes (amount- in the session most of the
levels. Public Utilities continued in the leadership and were
ing to 1294,345), reducing valuation of bank premises, proprices. North American, American •
viding for bad and doubtful debts, &c., &c., amounted to largely bought at higher
& Foreign Power, National Power & Light and Utilities
£1,184,943 and when added to 1170,616, representing the balreached new tops for the present moveance to credit of profit and loss brought forward from the Power and Light all
ment and some of them for the present form of capitalization.
preceding year, made a total of £1,355,559. Out of this
stocks developed great strength and New Haven
sum £561,906 was appropriated to pay three interim divi- Railroad
time since 1913. Motor stocks were
dends at the rate of 10% per annum, leaving a balance of crossed 90 for the first
irregular, Hudson moving higher while General Motors and
£793,654, which the directors recommended be allocated as
neglected. Chrysler was particularly
follows: £187,500 to pay the quarterly dividend at the rate Studebaker were
weak and dipped nearly four points to a new low for the of 10% per annum for the three months ending Sept. 30
1928; £187,000 to pay a bonus of 10s. per share, and £250,- year.
The specialties group was featured by General Electric •
000 added to the reserve fund, leaving a balance of 1168,which sold up 249% as compared with its previous close at •
654 to be carried forward to the current year's profit and
2
473/2. Westinghouse Electric also moved ahead at a rapid
loss aceount. Deposits are shown in the report at £64,pace and closed higher. American Tel. & Tel. again started 514,556, an increase of £2,960,000 over the previous fiscal
upward and crossed 221 to a new peak. United States
year. Total assets are given as £88,982,585 of which £33,Steel, common, ranged lower and Air Reduction, Johns713,232 are liquid assets. The paid-up capital of the bank'
Manville and National Cash Register all sold off. On •
Is £7,500,000 and its reserve fund (including the appropria- Thursday, speculative interest swung
around to the railroad
tion of £250,000 recommended by the directors) £5,900,000. shares and with few exceptions
prices moved briskly forward
The Bank of New South Wales, with which is amalgamated to higher levels and in some
instances- to the highest peaks
the Western Australian Bank, was established in 1817. in history. The noteworthy issues in this class included such '
Thomas Buckland is President and Oscar Lines, General stocks as New York Central,
Baltimore & Ohio, Norfolk
Manager.
Western and Southern Pacific. Other strong shares were




680

FINANCIAL CHRONICLE

Chesapeake & Ohio, Erie, Nickel Plate, Rock Island, Chicago
& Northwestern and Atchison. The demand for public
utilities continued unabated and new high records were
scored by Standard Gas & Electric, American & Foreign
Power and Columbia Gas. Westinghouse moved to the
front and sold up to a new peak price at 163. Motor shares
were again irregular, Chrysler and Nash being under pressure
while on the other hand Studebaker and Hudson were strong
and received good support.
The market opened strong on Friday but prices turned
irregular as call money again advanced to 8% for new
Loans. Railway shares assumed the leadership in the early
trading and new tops were registered by Chesapeake &
Ohio, Erie, Baltimore & Ohio, Atchison, Union Pacific,
Norfolk & Western, Missouri Pacific, Pere Marquette, New
Haven, Southern Pacific and Canadian Pacific. One of the
outstanding incidents of the afternoon was the sensational
rise of Atlantic Coast Line which bounded forward about
63 points to 190. New York Central again crossed 200
on a block of 10,000 shares and added four additional points
to this gain. Radio Corporation suddenly started upward
and closed at 386 with a net gain of 16 points for the day.
Copper shares continued strong and moved ahead under the
guidance of Greene Cananea. Some of the so-called specialties like General Electric and Johns-Manville attracted considerable speculative attention, the latter rushing up to a
new peak at 238. As the day advanced realizing brought
prices down somewhat, but most of the market leaders
retained a part of their early gains. The final tone was
good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
United
States
Bonds.

Stocks,
Number of
Shares.

Railroad,
vec.,
Bonds.

State,
Municipal &
Foreign Bonds.

Saturday
Mondny
Tuesday
Wednesday
Thursday
Friday

2,402,750
4,978.900
4,291,600
4.284,450
4,679,750
4,970,700

$3,743,000
6.596,000
6,286,000
6,328,000
7,226,000
6,004,000

$1,620,000
3,210,000
2,632,000
2,728,000
2,641,000
1.304,000

$81,000
190,500
377,000
432,500
407,500
608,000

Total

25.608.150

636.183.000

$14.135.000

[VoL. 128.

from 49% to 57% and at 56 finally. Power Corp. of Canada
after a decline from 105 to 101 ran up to 118% and ends the
week at 118%. Southeastern Power & Light corn. was up
from 783' to 90 with the final transaction to-day at 85.
United Gas Improvement moved up from 1755 to 1953,4
%
and finished to-day at 190%. Heavy trading in Standard
/
Oil (Indiana) advanced the price from 85 to 993s, the close
to-day being at 98%. The aviation group scored good
gains while there were many strong spots in the industrials.
A complete record of Curb Market transactions for the
week will be found on page 709.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
Feb. 1.

Stocks
(No. Shares)

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

1,439,500
2,368,200
1,950,200
2,610.100
1,933,400
1,821.300

Total

12,112.700

Foreign
Government

Rights

Domestic

44.700
107,300
69,400
83,200
98,200
83,800

1,199,000
2,078,000
2,280,000
2,680,000
3,589,000
2,186.000

202.000
368,000
395.000
338,000
331,000
170.000

486.600 I 614,012,000

1,801.000

ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Jan. 26.
Silver, per oz.d. 26 1-16
Gold, per fine
ounce
84.1154
Consols.2%%British, 5%-British, 434%. - French Rentes
(in Paris) fr..
_French War L'n
(in Paris)Jr--

Mon.,
Jan. 28.
26 1-16

Tues.,
Jan. 29.
263-16

Wed.,
Jan. 30.
26%

Thurs.,
Jan. 31.
263-16

Fri..
Feb. 1.
265-16

84.11%
5614
102%
9951

84.115
5614
10214
9951

84.1114
5614
1025(
9951

84.1114
5651
10251
995(

84.1114
5651
10234
9914

73.90

72.75

72.65

73.65

73.30

99

98.60

98.90

98.90

97.65

82.096.500

Week Ended Feb.. 1.

Sales at
New York Stock
Ezchange.

Week Ended Feb. 1.
1929.

Stocks
-No.of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad dr misc. bonds
Total bonds

1928.

Jdn. 1 to Feb. 1.
1929.

1928.

25,608,150

12,530,234

115,776,650

63.750,275

62,096.500
14,135,000
36,183,000

84.923.250
19,025,000
41,787,000

$14,498.500
63,284,500
169,756,000

$22.707,500
95,531,500
202.576,300

$52,414,500 $65.735,250

$247,339,000

$320,815,300

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA/AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 11929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sales

Shares. Bond Sales.

*49,771
.73.662
*80,327
.87.338
.90.092
65.752

820,000
34,000
40,000
31,000
54,500
16,000

063.318
0127,464
a118.586
a143,826
0107,138
a33,033

$19,000
26,400
38,800
36,500
22,500
1,000

05.083
07,450
05,821
07,708
07,901
010,204

$15,000
52,000
55,100
37,000
40.000
53.300

446.942

8195.500

591,365

$144,200

44,167

$252,400

580.679

6178,000 619,101

8160,500

55,100

$299,400

The price of silver in New York on the same days has been
Silver in N.Y., per oz. (cts.):
5651
Foreign
5651

5674

5614

5651

5651

COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a substantial increase compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ended to-day (Saturday, Feb. 2) bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 18.5% larger than for the corresponding week last year. The total stands at $14,269,276,960,
against $12,048,456,899 for the same week in 1927. At this
centre there is a gain for the five days ended Friday of 22.2%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended February 2.

Per
Cent.

Prey. week revised

•In addition, sales of rights were: Saturday, 1,021; Monday, 2,545: Tuesday,
1.096: Wednesday, 4.050; Thursday. 488.
S In addition, sales of rights were: Saturday, 3,300; Monday. 20,500: Tuesday.
10,000; Wednesday, 2,600; Thursday, 16,700: Friday. 900•
b In addition, sales of rights were: Saturday, 5,026; Monday, 11,941: TuesdaY,
9.246: Wednesday. 10,146: Thursday, 6.394; Friday, 10.106.
c3In addition. sakes of warrants were: Monday, 75: Tuesday/25: Thursday, 7%•

THE CURB MARKET.
Curb Market prices suffered a reaction in the early part
of the week though towards the close there was a rally with
sharp recoveries which extended to practically all groups.
Public utilities were by far the most spectacular. Amer.
Gas & Elec. corn. sold up from 148% to 174 but reacted
finally to 162. Amer. Light & Traction corn. gained some
19 points to 259 and ends the week at 254. Amer. Superpower corn. A, rose from 112 to 132% and sold finally at
126%. The corn. B improved from 119 to 133 and closed
to-day at 129. Commonwealth Edison advanced from
238 to 258 and reacted finally to 2443 . Electric Bond &
4
Share securities was an outstanding feature and on heavy
transaetions sold up from 212 to 2743 ,reacted to 2413. and
4
finished to-day at 2452 . Electric Investors was also conK
spicuous for an advance from 107% to 124, the close to-day
being at 121. Empire Power participating stock sold up




1928.

87.860.000,000
654,148,188
501.000.000
412,000,000
•110,000,000
120,000,000
165,934,000
190.623,000
162.414,416
213,902,965
111,022,226
79,713.934
50,143,623

86,433,000,000
602,846,288
475,000,000
457,000,000
112,229,094
123,000,000
176,043,000
154,787,000
161,149,066
137.702.048
105,869,321
86.045,709
60,098,045

+22.2
+8.5
+5.5
-9.8
-2.0
-2.4
-5.7
+23.2
+0.8
+55.3
+4.9
-7.4
-16.6

Thirteen cities,5 days
Other cities, 5 days

$10,630,902,352
1,093,495,115

89,084,769,571
1,042,152,925

+8.0
+4.9

Total ail cities. 5 days
All cities. 1 day

Total

1929.

811,724,397,467 810,126,922,496
2,544,879.493
1,921,534,403

+15.8
+34.4

114.209.276.960 112045 CIA Roo

..t. la a

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

Total all elf's.. Om. araalr
*Estimated.

Complete and exact/detailsiforlthelweekTeovered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and theraturday figures will not be available
until noon to-day.lfAccordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
- - the week previous
rw317 for
s
-the week ended Jan. 19. For
that week there is an increase of 30.5%, the 1929 aggregate
of clearings forlthelwhole country being $13,957,832,199,
against $10,691,420,931 in the same week of 1928. Outside
of this city the increase is only 13.6%. The bank exchanges
at this centre record a gain of 41.0%. We group the cities
now according tolthe Federal Reserve districts iniwhich they

are located, and from this it appears that in the New York
Reserve District (including this city) there is a gain of 40.6%,
in the Boston Reserve District of 2.9% and in the Philadelphia Reserve District of 14.7%. The Cleveland Reserve
District is favored with an increase of 12.3%, and the Richmond Reserve District with 7.6%, but the Atlanta Reserve
District suffers a trifling decrease, namely 0.2%. In the
•Chicago Reserve District the totals are larger by 23.0%, in
the St. Louis Reserve District by 7.6% and in the Minneapolis Reserve District by 4.7%. In the Kansas City Reserve District there is a gain of 6.7%, in the Dallas Reserve
District of 14.4% and in the San Francisco Reserve District
of 13.5%.
In the following we furnish a summary by Federal Reserve
.districts:
SUM MARY OF BANK CLEARINOS

1928.

Inc.at
Dec.

$
$
$
%
Federal Reserve Dists.
559,985,027
525,842,739
544,209,818 +2.9
let Boston....12 cities
9,455,414,304 6,723,543,336 +40.6 5,497,396,510
2nd New York_11 "
659,997,893
575,570,030 +14.7
551,168,627
Brd Philadelphial0 "
400,040,119 +12.3
398,959,261
449,298,567
8th Cleveland.. 8 "
171,136,764 +7.6
188,119,270
184,197,431
5th Richmond _ 6 "
197,571,230 -0.2
199,895,499
198,228,965
5th Atlanta__ __13' "
1,144,767,866
930,901,690 +23.0
901,667,549
7th Chicago_ ..20 "
218,830,085 +7.6
208,806,173
235,580,486
8th Bt. Louis._ 8 "
104,587,027 +4.7
98,608,471
109,486,586
Dth Minneapolis 7 "
218,542,152 +6.7
231,011,015
233,233,354
10th Kansas City12 .•
73,062,046 +14.4
83,596,907
74,551,653
11th Dallas
632,366,629 +13.5
490,739,584
12th San Fran_ _17 "
604,044,813
Total
129 cities 13,957,832,199 10,691,420,931 +30.5
Outside N. Y. City
4,637,638,102 4,093,357,028 +13.6

9,367,266,351
3,980,848,679

9,765,354,563
4,148,982,889

224 VIA FAO

Onn g.07K
,

flartarl.

21 oittna

1929.

dlts R. K7n

el. Ildl 'In 4-16 I

We now add our detailed statement, showing last week's
figures for each city separately, for the lour years:
Week Ended Jan. 26.
Clearings at
1929.

1928.

Inc.or
Dec.

1927.

1926.
$

First Federal Reserve Dist rict-Boston
422,798
Maine-Bangor__
540,057
4,187,574
Portland
3,734,279
Maas.
-Boston _ _ 495,000,000 485,000,000
1,683.206
Fall River__ _ _
1,291,203
Lowell
980,060
1,057,894
New Bedford _ _
944,758
1,232,366
5,706,822
5,384,938
Springfield _ _ _
3,111,645
3.815,824
Worcester
19,262,750
22,214,489
Conn.
-Hartford
7,842,721
9,116,532
New Haven...
16,106,200
14,513.800
R.I.-Providence
491,245
'N.H.-Manch'r.
553.684
Total(12 cities)

559,985,027

544.209,818

+27.7
-10.8
+2.1
-23.3
+8.0
+30.4
-5.7
+22.6
+15.3
+ 16.2
+11.0
-11.3

1,062,874
3,343,816
477,000,000
1,920,603
1,033,361
1,077,340
5,199,579
3,098,305
12,661,476
7,564,541
11,379,500
501,344

694,383
2,757,296
466,000,000
1,763,100
909,586
1,012.409
5,326,337
2,973,188
15,323,052
6,873,997
12.491,400
667,074

+2.9

525,842.739

516,791,822

York.
4,879,719
+12.7
4,997.264
1,083,400
+5.3
1,194,200
+31.3
46,368,487
51,625,145
1,218,546
+ 13.3
945,448
+ 12.0
1,083,855
1,377,095
+41.0 5,385,417.672 5,616,372,197
+29.9
11,008,463
11,747,615
+5.7
4,925,917
4,828,464
+ 14.1
3.618,759
2,890,874
+44.8
962.073
547,672
+8.1
36,829.619
32,227,813
-Total(11 cities) 9.455,414,304 6,723,543,336 +40.6 5,497,396,510 5,728,753,787

Second Feder al Reserve D istrict-New
5,293,939
4,698,837
N. Y.
-Albany _ _
1,274,300
1,341,941
Binghamton_ _ _
44,896,270
58,927,644
Buffalo
903,674
1,023,760
Elmira
1,150,396
1.289,035
Jamestown _ _
New York_ _ _ 9,320,194.097 6.611.063,903
12,087.821
15,687,432
Rochester
5,459,590
5,773,403
Syracuse
3,601,411
4,129,975
Conn.
-Stamford
620,680
898,637
'N. J.
-Montclair
37.786.454
40,854.441
Northern N. J_

Third Federal Reserve Dist rict-Phllad elphl a
1.341,678 +10.2
.Pa.
-Altoona__ _ _
1,478,406
4,290,350 -11.8
Bethlehem. _ _ _
3,828,249
1,225,861 -11.4
Chester
1,086,129
2,110,697 +2.6
Lancaster
2.166,564
Philadelphia... 630.000,000 544,000,000 +15.8
Reading
3,730,008 +19.1
4,441,393
Scranton
5.754,269 +8.1
6,222,369
3.675,733 -1.0
Wilkes-Barre..
3,639,546
York
1,662,277 + 18.0
1,961,739
N.J.
-Trenton.
7.779,157 -33.5
5,173,498
Total(10 cities)

659,997,893

575,570,030 +14.7

1,540.195
4,149,296
1,193,054
1,738,735
521,000,000
3,482,999
6,966,246
3,748,422
1,405,211
5,944,469

1.478,620
4,731,437
1,471.264
2,194,403
576,000,000
3,293,800
5.478,581
3,208,795
1,599,039
5,112,519

551,168.627

604,568,458

1929.

Inc. or
Dec.

1928.

1927.

1926.

$
$
Seventh Feder at Reserve 13 istrict.-Chl cage.
222,474
208.443
+6.7
220.505
176,737
Mich.
-Adrian _
969,979
718.993 +34.9
963,563
Ann Arbor..
1,287,023
282,287,495 169,399,553 +66.6 154,239,216 150,187.581
Detroit
9,314,901
7,267,751 +28.2
7,418,366
7,108.862
Grand Rapids.
2.470,623 + 120.6
5.393,018
2,000,000
2,504,000
Lansing
2,776,472 +30.5
3,623,830
2.473,171
2,230,773
Ind.
-Ft. Wayne
22,152,000
20,746,000 +6.8
21,408,000
18,947,000
Indianapolis _ _
2,812,128
2,596,000 +8.3
2,576,117
2.393,000
South Bend
5,427,993
4,713,860 +15.1
5.652.384
4,551,443
Terre Haute...
36,199,332 -13.3
38,867,443
31,382,457
39,620,622
Wis.-Milwaukee
2.859,179
2,681,259 +6.7
2.511,169
2,336,378
Iowa-Ced.Rap.
8,020,131
8,070,000 -0.6
7,772,007
8.860,874
Des Moines _
6,767,127
6,516,568 +3.8
6,641,507
6.522.000
Sioux City.- - 1,125.332 +3.9
1,169,657
1,051,118
875,097
Waterloo
1,404,877 + 14.1
1,382.411
1,607,679
1,335,311
Ill.-Blootn'ton _
748,287.939 651,609,928 +14.8 634,809,009 703,904.436
Chicago
1,230,481
1,160,600
1,214,656 -4.4
1,275,396
Decatur
5,596,221 -0.2
4.621.360
5,583,021
4,535,816
Peoria
2,978,861
+6.4
2,852,936
2,497,395
3,168,583
Rockford
2,606,961 -1.9
2.458,830
2,814,269
2,557,675
Springfield....
930,901,690 +23.0

Eighth Federa I Reserve Die trict.-St. L ouls.-

901,667,549

963,446,057

Ind.
-Evansville
Mo.-St.Louis..
Ky.-Louisville _
Owensboro._ _ _
Tenn.- Memphis
Ark-Little Rock
Ill.-Jacksonville
Quincy

5,298,106
137,200,000
49.215,868
549.521
27,506,555
14,220,473
293,121
1,296,842

4,585,224
134,500,000
42,234,069
432,301
21,640,189
13,780,883
281,054
1,376,370

+ 15.5
+2.0
+16.5
+27.1
+27.1
+3.2
+4.3
-5.8

4,766,202
135,300,000
33,375,065
468,319
21,147,159
12,229,347
302,930
1,217,151

4,592.317
140,600.000
31.522.672
489.000
24,361,655
13.814.830
343,448
1,292,683

Total(8 cities)-

235,580.486

218,830,090

+7.6

208.806,173

217,016,605

Ninth Federal Reserve Dist net- Minn eapolis
6,096,511 -7.7
5,626,945
Minn.
-Duluth _
70,270,712
65,602,857 +22.4
Minneapolis__ _
27,001,803 +0.7
27,183,085
St. Paul
1,941.791
1,676,976 +15.8
03.-Fargo,N
1,022,525 +5.6
1,078,421
S. D.
-Aberdeen
561,632
467,355 +20.2
Mont.
-Billings
2,719,000 +3.9
2,824,000
Helena

5.857.522
61,663.582
25.484,940
1,609.506
1,034.522
464,204
2394,195

6,286,473
68,744.158
28.978,447
1,517,728
1,165,350
438.492
2,416,982

104,587,027

+4.7

98,608,471

109,547,630

Tenth Federal Reserve District-Kane
394,060
330,701
Neb.-Fremont
463,026
624.946
Hastings
4,192,120
4,622,801
Lincoln
43,673,496
39,992,108
Omaha
3,293,711
3,018,033
Kans.-Topeka.
7,626,917
7.985,273
Wichita
Mo.-KansasCity 131,005,626 125,246,577
6,670,001
7,320,978
St. Joseph... _
32,688,961
27,980,236
Okla.
-Okla City
1,018,723
1,003,668
Colo.
-Col.Spgs
a
a
Denver
1,151,314
1,472,230
Pueblo

as City
-16.1
+3.5
-9.3
+9.3
+9.1
-4.5
+4.6
+9.8
+16.8
-1.5
a
+27.9

376,850
333,884
4,110.612
38,156,058
2.444.373
7.798,934
137,235,562
6,594,044
31,972,860
889,900
a
1,097,938

249,677
528,557
3,730,395
36.789.068
3,274.665
6,741,533
124.736.430
8,023,629
26,623,592
878.361
a
1,099,719

218,542,152

Total(7 cities)

109,486,586

+6.7

231.011,015

212,675,646

Eleventh Fede nil Reserve District-Da Ilas1,809,565 -1.3
1,786.218
Tex.
-Austin. _
47,634,535 + 17.8
56,102,170
Dallas
13.602,227
+7.9
14,675,390
Forth Worth,.
4,581.000 +26.6
5,752,000
Galveston
5,434,719 -2.8
5,281,129
La.
-Shreveport.

1,157.054
46.881.043
11,441,641
10,465,000
4,606,915

1,793,558
49.928,577
13.502,070
9,683,000
4,772,266

73,062,046 + 14.4

74,551,653

79,679.471

Franc solo
+15.6
36.889,132
+12.3
10,193,000
999,629
+ 18.1
30,011.819
+7.3
14,923,233
+3.5
-0.6
3,276,698
+30.0
6.732,836
+34.7 172,387,000
17,260,439
-0.6
+16.1
8,097,827
7,355,959
+20.2
+21.5
7,968,598
-2.9 164,975,000
+4.4
2.757,274
+32.8
1,500,000
+12.4
2.134,540
2,776.600
+9.8

41,042,368
10,363,000
1,128,054
35,115,638
15,644,511
3,269.166
6.670,651
149.996.000
19,087.704
6,551,896
7,219.492
5,089,107
177,304,000
2,409.738
1,354,914
1,901.687
2,409,100

Total(12 cities)

Total(5 cities).

233,233,354

83,598,907

Twelfth Feder al Reserve D istrict-San
41,346,214
47,775,929
Wash -Seattle..
11,650,000
13,078,000
Spokane
1,126,001
1,321,244
Yakima
32,086,710
34,408,493
Ore -Portland,.
16,238.984
16.804,141
Utah-S. L. City
3,233,079
3,212,492
Calif.-Fresno.._
7,256,268
9,359,299
Long Beach.,.
Los Angeles..- 232,872,000 172,894,000
17,291,095
17,183,596
Oakland
6,926,777
8,043,647
Pasadena
6,974.767
8,384,710
Sacramento_ _
5,007,712
6,061,793
San Diego...San Francisco. 196,193,774 201,933,000
2,807,611
2,825,681
SanJose
1,426,283
1,893.710
Santa Barbara.
2,001,828
2,249,104
Santa Monica _
2,165,400
2,377,200
Stockton

_Total(17 cities) 604,044,813 532,366,629 + 13.5 490,239,584 486,557,026
Grand total (129
13957,832.199 10691,420.931 +30.5 9,367,266,351 9,765,354,583
cities)
Outside N.Y.... 4,637,638,102 4.080,357,028 + 13.6 3,980,848,679 4,148,982,666
Week Ended Jan. 24.

Fourth Feder al Reserve D istrict-Clev eland-'Ohio-Akron....
5,171,000 +43.5
4.742,000,
7,419.000
6,909,000
Canton
3,450,618j
4,839,284
3,408,183 +42.0
3,459.177
Cincinnati....
78,431,075 + 1.7
69,645,2221 75.786.701
79,766,401
Cleveland
112,414,863 +16.2 122,654,863 116,000,000
133,000,830
Columbus
14,712,300,
17,166,700
15,000,000 +14.5
14,794,600
Mansfield
1,908,791 +27.1
1.935.227
2,425,530
1.841,319
Youngstown_ _
4,853,414
5,470,237 -7.2
5,076,082
5,056,545
iPa.-Pittsburgh. 199,605,570 178,235,970 +12.C1 176,965.617 172,586,609
Total(8 cities).

Week Ended Jan. 26.
Clearings at

Total(20 cities) 1,144,767.866
1927.

1926.
__
$
516,791,822
5,728,753,787
604,568,458
396,433,951
190,627,339
259,256,791
963,4-48,057
217,016,605
109,547,630
212,675,646
79,679,471
486,557,025

Week End. Jan.26 1929.

681

FINANCIAL CHRONICLE

FEE. 2 1929.]

400,040.119 +12.3

398.959,261

396,433,951

Fifth Federal Reserve Dist rict-Richm endW.Vit.-11unt'g'n
1,097,461
1,108,125
Va.-Norfolk__ _
5369,030
5,370,028 -3.3
Richmond _ _
56,694,000
43,901,000 +15.5
S.C.-Charleston
2,616,320
2,986,172 -12.4
Md.-Baltimore _
91,299,721
95.044,092 -3.9
D.C.-Washing'n
27.320.899
22,727,347 +20.2

1,384,271
6,234,264
50,936,000
2,781,587
103,578,098
23,205,050

1,262,366
8,817.597
57,156,000
3,709.837
97,780,654
21,960,885

+7.6

188,119,270

190,627,339

Sixth Federal Reserve Dist act-Atlant 0?Penn.-ChatVga
8.412,332
7,887.838 +6.6
Knoxville
2.912,000
3.000,000 -2.9
Nashville
+4.4
24,357.827
23,328,351
_
50,920,498
53,106,516 -4.1
Augusta
2,233,336
1,710,391 +30.6
Macon
2.061.131
2,238,388 -8.0
•Fla.-Jack'nville
18,791,654
19,579,647 -4.0
Miami
3,182,000
3.598,000 -11.6
26.452,410
23,084.802 +14.6
Mobile
1,973,751
1.387,134 +42.3
Mbwi.-Jackson _
2,762,000
2,046,000 + 14.8
Vicksburg
480,017
384,360 +24.9
513.-NewOrleans
53,691,009
56,859.803 -5.6

7,299,148
2,902,807
21,137,610
51,755,668
2,070,309
1,783,331
22,594,030
7,761,921
24,686,658
2.197,736
1,748,000
441,549
53,516,732

7,272,516
2.996,409
20,188,849
74,159,881
2.000,349
1,505,342
39,611,918
20.166,244
26,359,170
2,070,327
1,667,934
400.200
60,757,652

199,895,499

Cfearinge at
1929.

1928.

Inc. Or
Dec.

1927.

1926.

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _._.
New Westminster
Medicine Hat. _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
_
Prince Albert_. _
Moncton
Kingston
Chatham
Sarnia

$
164,964,886
173,645,623
48,004,400
26.560.933
9.569,285
6,002,301
3.701.154
6.171.021
11.845,572
2.728,333
2,690,967
3,929,450
5,799.808
4,733,752
496,055
596.540
2.118.079
1,198,627
1,485.743
803,365
1,003,174
501,566
937.653
895,665
1,152,363
5,242,534
370,666
906,225
852.148
678,775
778.907

$
148,198,627
147,919,269
46,035,681
19.951,578
6,479,266
4,667,924
2,572,184
6,015.931
10,576.460
2,477.947
2,378,159
2,897,822
5,213.250
4,165.949
453,951
360.334
2,146,047
1,104,976
1,183,507
796.931
661.285
330,607
834,901
833,667
1.124,985
4,117,556
360,711
759,269
767.906
1,025.067
478,463

%
+11.3
+17.4
+4.3
+33.1
+47.7
+28.6
+43.9
+2.6
+12.0
+ 10.2
+13.1
+8.0
+11.3
+ 13.6
+9.3
+52.8
-0.6
+8.5
+25.5
+0.8
+51.7
+51.7
+12.3
+7.4
+3.4
+27.3
+2.8
+19.4
+11.0
-33.8
+62.8

$
106,146,648
119,639,088
37,804,376
16,499.090
5.269.698
5.384.001
2.743,073
4,561.672
6,994,248
2,291,947
2,157,868
2,704,840
5,319.955
3,177,409
400,479
507,928
1,331,021
1,016,788
1,013.191
743,941
661,285
190.867
762,407
750,074
908,437
3,749,981
329.947
758.225
637,397
818.066
462,624

5
81,644,843
85.709.519
40,936,867
20,392,319
4,621,963
4,146.960
2.510.235
4,341,994
7,730.826
2,370,961
3,924,188
2,115,762
4,387,986
3.523,947
398.631
633.693
1,366,787
928,550
779,110
779,207
868.712
194,403
663,492
622,855
868,727
2,650,721
318,420
689.390
568,207

Total(31 citieS)

489,565.570

428,890,210 +14.7

335,736,569

280,384.275

259,256,79

Total(6 cities).

'Total(13 cities)

449,298,567

184,197,431

198.228.985




171,136,764

198,571,230

-0.2

a Manager of Clearing House refuses to report weekly clearings.

v Estimated.

THE ENGLISHIGOLD AND SILVER MARKETS.
We reprint thelifollowing from the‘weeldy circular of
Samuel Montagul&ICo.rof,London, written!under date of
Jan. 16 1929:
GOLD.
The Bank of England gold reserve against notes amounted to /154.284,469
on the 9th inst.(as compared with £153,123.339 on the previous Wednesday)
and represents an increase of £378,154 since April 29 1925, when an effective
gold standard was resumed.
About £60,000tbar gold was available in the open market this week and
was absorbed by the requirements of India and the trade.
The following movements of gold to and from the Bank of England have
been announced, showing an efflux of £114,308 during the week under
review:
Jan. 10. Jan. 11. Jan, 12. Jan. 14. Jan. 15. Jan. 16.
Received
Nil
Nil
Nil
Nil
Nil
Nil
Withdrawn
£14,958 £15.686 £30,177 £15,484 E20,862 £17,141
The total withdrawals consisted of £82,308 in bar gold and £32,000 in
sovereigns.
United Kingdom imports and exports of gold during the month of December 1928 are:detailed below:
Imports.
Exports.
Russia (U. S. S. R.)
£14,150
Germany
95
£4.765,390
Netherlands
11,562
4.000
France
61,013
154,089
Switzerland
112,810
Egypt
269.035
West Africa
73,316
Austria
62,915
Rhodesia
79.015
Transvaal
2,851,375
British India
109,728
Straits Settlements
67,918
Irish Free State..
201.700
Other countries
48,921
9.280
£3,656,055
/5,240,257
The Transvaal gold output for the month of December 1928 amounted
to 859,761 fine ounces, as compared with 872.484 fine ounces for November
1928 and 851,225 fine ounces for December 1927.
The following were the United Kingdom imports anti exports of gold
registered from midday on the 7th inst. to midday on the 14th inst.:
Imports.
Exports.
British West Africa
£22,359 Germany
E39,490
British South Africa
8,775 Netherlands
56,639
Other countries
4,484 France
21,968
Switzerland
20.500
Austria
21,900
British India
38,733
Other countries
12,342
£35,618

/211,572

SILVER.
The quiet tone of the market persists. China has both bought and sold,
and some inquiry has been received from the Indian Bazaars, but restriction of prices tend4to keep thetmarket narrow. In the week under review
there was scarcely any movement until yesterday, when price; fell ;id.,
there being little demand to offset offers of silver made by China operators
desiring to close bull contracts.
Silver has been forthcoming from the Continent. but America is asking
higher prices, the tendency in the latter quarter being, at the moment.
towards lending support.
The tone is perhaps a little uncertain, as the condition of the market at
present is such as to render it easily responsive to small pressure In either
direction.
After remaining at a discount of 1-16d. since Dec. 22 last, cash silver
was to
-day fixed at hd. discount as compared with the quotation for two
months' delivery.
The following were the United Kingdom Imports and exports of silver
registered from midday on the 7th inst. to midday on the 14th inst.:
Imports.
Exports.
France
Egypt
£29,560
Other countries
India
ilk.g11
106,300
Irish Free State
15.334
Other countries
10.799
£31,775

£161,993

INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Jan. 7. Dec. 31. Dec. 22.
Notesin circulation
18910
18910
18697
Silver Mill and bullion in India
10047
10088
10069
Silver coin and bullion out of India
Gold coin and bullion in India
3151
aiio
3110
Gold coin and bullion out of India
Securities (Indian Government)
4327
4.327
4233
Securities (British Government)
685
685
685
Bills of exchange
700
700
600
The stock in Shanghai on the 12th inst. consisted of about 63,500,000
ounces in sycee. 102,000.000 dollars and 4,000 silver bars, as compared with
about 62,500,000 ounces in sycce, 101,000,000 dollars and 4,400 silver bars
on the 5th inst.
Quotations during the week:
Bar Gold
-Bar Silver per Oz. Std.Per Oz. Fine,
Cash.
2 Mos.
Jan. 10
848. 113d,
26 7-16d.
26;id.
Jan. 11
26d.
84s. HA&
26 7-16d.
Jan. 12
26 7-16d.
84s. 11;id•
26;id.
Jan. 14
26 7-16d.
84s. 113id.
26;id.
•
-Jan. 15
26 5-16d.
84s. 11;id.
26;id.
Jan. 16
26%11.
84s. 11;id.
263jd.
Average
26.447d.
84s. 11.5d.
26.3768.
The silver quotations to
-day for cash and two months' delivery are respec
tively ;id. and 1-16d. below those fixed a week ago.

gommercial nutlAtiscellanconsBolts
Breadstuffs figures brought from page 761.-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:

Flour.

Receipts al
-

I

Corn.

Wheat.

Bye.

I Barley.

Oats.

.
bbls.1961bs.bush.60 lbs. bush.56 lbs.'bush. 32 lbs. bush.481b5. bush.561b3
44,000
176,0002,700,000
Chicago
526,000 143,0001
261,0001
291,000 518,0001 114,000
495,000
1,871,000
Minneapolis45,000
Duluth
115,000
409,000
15,0001
26,000
2,000
Milwaukee_ _ _
88,000
413,000
13,000
121,0001
43,0001
Toledo
2,000
88,000
54,000
161,000
3,0001
Detroit
22,000
17,000
6,000
26,000
Indianapolis..
162,000
650,000
13,000
St. Louis_ - 1,000
827,000 1,134,000
28,000
130,000
541,000
Peoria
16,
94,000
78,
162,009
538,000
0001
Kansas City....
1,025,000 1,783,000
134,000
Omaha
164,000
753,000
594,
St. Joseph234
6,000
441,000
Wichita
310
6,000
233,000
Sioux City_
2,000
84,000
278,000
38,
Total wk. '29
Same wk. '28
Same wk. '27

512,000
447,000
421,0001

5,713,000 9,604,000
5,945,
11,791,000
5,172,000 6,202,000

214,000
286,000
303,000

2,300,000 924,000
2,544,000 1,124,000
2,404,000 485,000

Since Aug.113,182,000 344,749,000 149,012,000 87,349,00072,856,00019,159.000
1928
1927
12,620,000317,055,000141,808,000 86,553,00051.373.00028,779,009
1926
12,250,000231,582,000123,907,000 86,717,00026.472,00021,120,000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 26, follow:
Receipts at-

I

Flour. I

Wheat.

Corn.

Barrels. I Bushels.
New York..
435,000
946,000
Portland, Me4,000
306,000
Philadelphia__
29,000
540,000
Baltimore_ _
19,000
471,000
Newport News
10,000
Norfolk
16,000
3,000
New Orleans*
54,000
60,000
Galveston_ -36,000
St. John, N.B
648.000
70,000
Boston
39,000
21,000

Bushels.
111,000
51,000
140,000
66,000
26,000
114,000
483,000
213,000
146,000

Total wk. '29 653,000 3,054,000
Since Jan.1'29 2,139,000 13,721,000

1.350,00
7,018,000

Oats. I Barley.
Rye'
Bushels. I Bushels. I Bushels.
134,008 319,000,
50,000
17,000
59,000
44,008 211.000
I
30,000

9,000

7: 1
6 00
8 0

73
22
" 74""
.
.000

309,000 743,000 747,009
1,336,000 3,418,000 1,091,000

Week 1928... 458,000 2,721,000
456,000
485,000 707,000 217,000
Since Jan.118 1,956,000 11,917,000 1,260,000 1,554,000 2,651,000 1,495,000
* Receipts do not include grain passing through New Orleans for foreign Porte
or through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Jan. 26 1929, are shown in the annexed
statement:
ExportsfromNew York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N.B
Houston
Mobile, Ala
Halifax

Wheat.

Flour.

Corn.

Oats.

Rye.

Barley.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
91,281
30,090
1,324,000 134,400
48,000 479,945
306,090
4,000
51,000
50,000
5,000
241,000
31,000
15,000
589,000 337,000
10,000
1,000
86,000
543,000
133,000
3,000
16,000 114,000
26,000
10,000
851,000
25,000
1,000
103,000
9,000
307,000 616,000
7,000
70,000
648,000 146,000
76,000
73,000 747,000
6,000
86,000
1,000

Total week 1929._ 3,984,000 2,447,400
Same week 1928_ 3.595.671 218.000

215,280
199.308

122,000
100,000

121,000 1,560,945
149.473 898,330

The destination of these exports for the week and since
July 1 1928 is as below:
Flour
Exports for Week
and Since
Since
Week
July 1 to-Jan. 26 July 1
1928.
1929.

Corn.

Wheat.
1Veek
Jan. 26
1929.

Since
July 1
1928.

Week
Jan. 26
1929.

Since
July 1
1928.

Bushels. Bushels, Bushels.
Bushels.
Barrels. Barrels.
Unite Kingdom- 67,625 2,132,362 1,175,000 53,014,620 750,000 5,911,110
Continent
103,235 3,397,404 2,773,000 146,132,420 1,688,400 9,350,962
Bo.& Cent. Amer.. 7,000
228,000
131,000
214,000
West Indies
48,000
9,000
578,000
289,000
7,000
Brit. No.Am.Col.
20,000
1,000
---Other countries_ _ 30,420
36,000 2.849,733
2,250
715,718
.
Total 1929
Total 1928

215,280 6,479,484 3,984,000 202,292,773 2,447,400 15,973,322
199,309 7,161,170 3,595,671 172,664,768 218,000 2,086,739

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Jan. 25, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
Exports.

Corn.

1928-29.
I 1927-28. I
Week
Since
Since
Since
July 1.
Jan, 26.
July 1.
July 1.

1928-29.
Week
Jan. 25. I

1927-28.
Since
July I.

Bushels.
Bushels.
Bushels. I Bushels. I Bushels. I Bushels.
North Amer_ 10,493,000352,842,000305,917,000 1,812,
4,483,000
19.970.
Black BeaI 1,827.00 13,198,000
2,024,000 9,080,000
Argentina_ _ _ 5,592,000 80,383,
200,036,000
57,386,000 2,118,000169,341,
Australia _ __ 4,752,000 47,224,00 32,711.000
India
8,240,000
,.
0th. countr's, 640,000 30,724,
20,912,000, 196,00J 20,572.441 14,973,000

Total ___ _121,477,000 514,261,000434,248,000

4,126,000211.710.' i o 232,690.000

Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.




[Vol,. 128.

FINANCIAL CHRONICLE

682

Imports.

1928.

I

1927.

8
$
I
$
January --168,712,467,176,319,79
155,804,975
February. 173,826,482154,105,6::
129,846,153
Junpri h____ 185,264,893 185.002,29 168.891.7 150.660,298
A arc
M el
,, 130,785,040 ,,
, ,
May
157,560,673 163,149,501 150,186,285139.497,479
144,666.805 l66,089.89t 147,075,390127,325,100
July
149,390.965 58,169,597 147,613,519 38,384,513
August- _ - 154,359,944 166,332,013 139,961,583 142.661,747
SCPtlifmbe 150,470,783 172,707.698{103,008,757 126.772,088
October
175,624,878 175,855,280170,708,771 137,849,733
Novembe 156,599,626 179,611,6881 169,650,612 156,060,057
Total

Customs Receipts
at New York.

Exports.
1928.

1927.

$
25,495,311
25,128,590
26,742,317
24,102,748
23,853,273
22,868,179
26,130,127
30,315,887
31,168,728
34,691,171
27,651,679

4
24,850,299
23,681,705
26,675,460
26,635,472
24,059,482
27.940,184
26,620,038.
30,852,625
32,593,22241,626,401
2'9,487,858

1782396634 1785279962 1611900531 1468899536 298.148,010 305,022,744

FEB. 2 1929.1

FINANCIAL CHRONICLE

Movement of gold and silver for the eleven months:
Silver-New York.

Gold Movement at New York.
Month.

1927.

1928.

I

Imports.

Exports.

I

1928.

1928.

1928.

1927.

$
1
IS
$
$
795,991 17,840.866, 50,866,1911 14,466,637
5,763,918, 14,060,6411 24.536,938, 2,084,371
899.7141 1,512,363, 96,975,664; 1,628,544
3,873,0681 3,853,056 94,843,0161 1,928,638
756,245
551.762, 27,257,660 82,603,409,
932,108
877,842'1 8,031,123 97,939,505;
605,267 5,215,9291 72,403,845: 1,090,730
863,544, 6,107,889,
781,0741
883,618
2,895,149, 1,714.313 3,417,9721 24.166.981
12,723,677,
495,910
526,7261 9,147,118
28,078,532,
727.412:
429,048: 34,200,361

January -February _
March___ _
April
May
June
July
August_
SeptemberOctober
November
Total

Exports.

Imports.

2,819,736
1,652,499
2,050,259
1,819,080
1,127,725
2,762,894
2,395,829
2,260,56
1.933,54
3,095,26
2,422,55

3.913.573
4,325,121
2,769,747
4,049,989
3,724,039
3,432,299
3,401,081
5,153,091
2,551,976
3,764,703
3,960,040

57,928,464 86,817,162525,323,388 91,285,351 24,339,940 42,045,659
'

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.

Arundel Corporation
*
Atlantic Coast L(Conn).50
Baltimore Com'i Bank A00
Baltimore Trust Co
50
Baltimore Tube prof.. _ _ 100
Benesch (I) & Sons pref _25
Black & Decker com
*
Preferred
25
C,entral Teresa Sugar_ _ _10
Century Trust
50
Chas & Po Tel of Balt pf100
Commercial Credit
*
Preferred
25
Preferred B
25
634% let pref
100
Warrants
Com Credit of NO pref
Consol Gas E L & Pr_.*
6% prof ser D
100
534% Pre( w I ear E100
5% prof series A__ _100
Continental Trust
Davis Drug units
Belton Tire & Rubber_
*
Eastern Rolling Mill
•
Scrip
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of Amer A_ _ _*
Finance Service com A_ _10
First Nat Bank w I
Houston Oil pref v t c._100
Mfrs Finance corn v t__ _25
lot preferred
25
2d preferred
25
Maryland Casualty Co_ _25
Maryland Mtge com
*
March & Miners Transp_ _*
Monon W Pa P 8 pref _ _ _25
Morris Plan Bank
10
Mortgage Security com.
.°
lot preferred
50
Mt Ver-Woodb Mills v t100
Preferred
100
Nat Union Bank of Md 160
New Amsterdam Cas Co 10
Northern Central By_ _ _50
Pa Water dr Power
*
Silica Gel COrP COM V t- - *
Southern Bank Sec Corp__
Standard Gas Equip
Preferred with warr _ _ 100
Un Porto Rican Sug nom.*
*
Preferred
Union Trust Co
50
United Rye & Electric_ _50
US Fidelity & Guar new_
US Fid & Guar Fire w I__ _
West Md Dairy Inc nom- •
Preferred
*
Prior preferred
50
Western Nat Bank
20
RightsComml Credit
US Fid & Guar new w I_ _ _

43
875
190
164
10
155
193
1,116
67
9
20
2734
4134 8,954
70
28
lc
2,000
200
42
11634
56
5334
2
26
55
27
227
17
1043.4
1334 10734
25
100
107
4,878
110si III
61
108 10834
35
102 103
269
290 290
25
5634 57
40
2
355
234
31
35
6,205
31
3434 3 13-20
12034 125
896
300 302
248
1134 12
566
19
19
234
59
426
5934
8634 87
135
29
55
2934
18
2034 2034
20
1834 19
165 170
650
3674 39
1,310
4634 4734
157
26
2
130
634
13
13
40
2
334
68
25
25
7
1334 14
25
8634 81
25
270 280
346
8734 8934
3,311
8634 8634
136
96
9934
2,282
28
100
2834
52
52
15

4134 4134
190
179
155
185
180
67
2734
4034 3734
28
lc
lc
200
199
116
116
15334
25
25
2634 2634
10234
12 3.4
25
103
100
102
290
3434
3434
12434
300
1134
19
87

165
3634

1334
270
8934
8634
96
52
4234
12
90
79
95
95

4
90c

Bonds
Baltimore City Bonds
4s sewer loan
1961 993.4
4s Jones Falls
1961
4s annex Impt
1954
Black & Decker6 Sis. _1937 150
Consol GEL & P 4 ii3 35
Ist ref(is ser A
1940
Danville Tract 1st 5s_ _1945 47
Houston 011 534% notes'38
Monon Valley Trac 58_1942
Nixon Nitration 6340.1937
Prudential Rahn 6%3_1943
Southern Bankers Sec 5538
Un Porto Rican Sugar
63.4% notes
1937 97
United Ry dr E 1st 4s_1949 64
Income 4s
1949 42
Funding 5s
1936
6% notes
1930
let 6s
1949 80
Warrington Auto Pts 6s_ _ _ __
_
Wash Balt & Annan 5s 1941 83%
...-

4034 4034
4134 4234
4734 4734
350 352
12
1234
9134
88
79
8334
118 118
96
95
95
95
40
40
334 5
890 110c

Range Since Jan. 1.
Low.
4134
179
15034
168
61
2634
31%
2734
lc
199
11334
5334
25
26
10234
12
25
9234
110
10634
102
290
5634
1
29
28
115
300
11
18
59
8634
27
2034
1734
164
31
44
2534
13
2
2234
13
8034
200
7734
8534
84
24
50

80 4034
384 39
82 47
50 339
1,452 1134
1,402 84
577 79
25 102
73 94
15
25 40
4,448
47.592

3%
92c

994
9934
9934
139
9834
10534
47
98
9334
99
103
103

9934 1,900 99
400 9934
9934
9934 3,000 99
150
74,500 120
9831 5,000 9834
106
4,000 10534
47
2,000 47
6,000 98
99
9334 4,000 9334
99
1,000 99
10334 35,500 100
103
5,000 101

97
6334
4134
62
90
79
100
80

97
6434
4134
63
9434
80
100
84

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

High.
4334 Jan
190
Jan
155
Jan
195
Jan
67
Jan
2734 Jan
42
Jan
28
Jan
lc
Jan
210
Jan
11634 Jan
62
Jan
26
Jan
26'% Jan
1043.4 Jan
1334 Jan
2534 Jan
11034 Jan
11034 Jan
10834 Jan
103
Jan
300
Jan
57
Jan
334 Jan
3334 Jan
33
Jan
125
Jan
310
Jan
12
Jan
19
Jan
6034 Jan
9234 Jan
2934 Jan
2134 Jan
1934 Jan
18334 Jan
39
Jan
4734 Jan
2634 Jan
40
Jan
434 Jan
25
Jan
15
Jan
82
Jan
280
Jan
93
Jan
88
Jan
100
Jan
2834 Jan
54
Jan

Jan 46
Jan 4134
Jan 4734
Jan 354
Jan
1334
Jan 9434
Jan 87
Jan 118
Jan 96

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan

Jan

40

Jan
5
Jan 120c

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

9934
9934
9934
150
9834
106
47
99
9334
99
10334
105

Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

3,000 963-4 Jan 97
Jan
32,000 6234 Jan 6334 Jan
32,000 41
Jan 43
Jan
13,600 60
Jan 63
Jan
3,000 90
Jan 9434 Jan
5,000 80
Jan 8334 Jan
1,000 100
Jan 100
Jan
24,000 7634 Jan RA
Tan

• No par value.

National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capital.
Jan. 23
-The New Providence Nat.Bank,New Providence, N.J.
Correspondent Milton M.Adler, Berkeley Heights,N.J. $50,000
Jan. 26
-The De Beixedon National Bank of Brooklyn in New
York, N. Y
Correspondent Bennett De Beixedon, 90 West Broad- 500,000
way, New York, N. Y.
CHARTERS ISSUED.
Jan, 21-The First National Bank in Siloam Springs, Ark
50.000
President, Geo.Tatum. Cashier,Connelly Harrington,
Jan, 22
-The Citizens National Bank of Front Royal, Va
60,000
President, R. T. Creasy.




683

CHANGES OF TITLES.
-The Seward National Bank of New York, N. Y. to "The Seward
Jan. 21
National Bank & Trust Co. of New York."
-First National Bank of Glen Rock, N. J., to "Glen Rock NaJan. 22
tional Bank.
-The Central National Bank of Attica, Ind., to "The Central
Jan. 25
National Bank & Trust Co. of Attica."
VOLUNTARY LIQUIDATIONS.
Capital.
-The First National Bank of Mountain Home.Idaho___ $100,000
Jan. 21
Effective Dec. 24 1928 Liquiating agent, First Security Bank of Mountain Home, Idaho. Succeeded by
First Security Bank of Mountain Home, Idaho.
Jan, 22
-The First National Bank of Stonewall, Okla
35,000
Effective Dec.31 1928. Liquiating agent, C.A.Acker,
Stonewall, Okla.
-The First National Bank of Gotebo, Okla
Jan. 26
25,000
Effective Dec. 27 1928. Liquiating agent, C. B. Finch,
Gotebo. Okla. Absorbed by Bank of Gotebo.
The First National Bank of Crestline, Ohio
75.000
Effective Jan. 21 1929. Liquidating agents, Wm.
Montieth and C. A. Stephan, Crestline, Ohio, and
W. D. Cover, Cleveland, Ohio. Succeeded by First
National Bank in Crestline, No. 13273.
CONSOLIDATION.
-The First National Bank of Petersburg, Ill
100,000
Jan. 23
The Frackelton State Bank of Petersburg. Ill
100,000
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The First
National Bank of Petersburg, No. 3043. and under
corporate title of "The State National Bank of
Petersburg," with capital stock of $200,000.
Jan. 26
-The Chase Nat. Bank of the City of New York, N.Y__60,000,000
The Garfield Nat. Bank of the City of New York. N.Y. 1,000,000
Consolidated today under the Act of Nov.7 1918,under
the charter and corporate title of"The Chase National
Bank of the City of New York," No. 2370, with capital stock of $61,000,000. The consolidated bank has
twenty-one branches all located in the City of New
York. (This number includes the branch located at
49 W. 33rd St., Borough of Manhattan, which was
re-authorized by Permit No. 448A, on Jan. 26 1929,
as listed below.)
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
-Lafayette National Bank of Brooklyn in New York, N. Y.
Jan. 22
Location of branch-100 Livingston St., Brooklyn, N. Y. City.
-The Chase National Bank of the City of New York, N. Y.
Jan. 26
-49 West 33rd St., Borough of Manhattan.
Location of branch

-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
32034
5 National Shawmut Bank
500
85 First National Bank
5034
10 Hamilton Woolen Co
34
21 Butler Mill
3 Merrimack Mfg.Co.,com.170 Si ex-div.
5074
15 Hamilton Woolen Co
15 Wm.Whitman Co., Inc., pref.95&cliv.
41
5 Arlington Mills
20 Connecticut Mills Co.. 1st prof.. 34
10 Worcester Consol. Street Ky.,
2234
1st pref., par $80
496-100 warrants Rockland Light
740.
& Power Co. v. t. c
7 Central Maine Power Co., 7%
10834 flat
preferred
10 Charlestown Gas & Elec. Co.
(undeposited), par $25.._....128 ex-d iv.
10 Haverhill Gas Lt. Co., par $25.._ 6034
200 Santa Fe Copper Mining Co.,
$20 lot
par $10
200 Eastern Utilities AssocIates.41 ex-div.
434
prof
20 Orpin Desk Co.,
15 Rockland Light & Power Co.,
cony. pref. v. t.c., par $50..9I ex-div.
21 Western Mass. Companies_ _82%-83%
60 Doane Towboat Co., capital
$500108
stock, par $10
10 Shawmut Bank Investment Trust 53%
England Public Service
35 New
78
Co., com., par $10
260
1 West Penn Steel Co
Gas Co. v. t. c.,
60 West Boston
3551-36
par $25
1 Hood Rubber Products Co., pref. 91
50 Old Colony Trust Associates . _ 61
50
2 units First Peoples Trust
73 Shawmut Bank Investml Trust_ 5434
170 Wickwire Spencer Steel Corp.,
250.
corn. v. t. c.

Shares. Stocks.
$ per Rh.
60 units Thompson's Spa, Inc.102 & div.
6 units First Peoples Trust
50
30 Graton dr Knight Co., corn
11
92 Metropolitan Storage Warehouse
5934
Co., common
10 Old Colony Trust Associates_ _ _ - 61
50 Merrimac Hat Corp.,corn
6894
59 Shawniut Bank Investm't Trust_ 55
250
25 Collyer Insulated Wire Co
222 Old Colony Trust Associatee--61-63
25 Municipal Gas Co.,7% pref.._ _ _ 75
400 Alaska Gold Mines, par $10:
3 Central Mother Lode Mines
Co., par $1; 200 Green Monster
Mines Co., par 50c.: 200 Island
Oil & Transport Corp., par $10;
200 Montana Consol. Coal &
Coke, par $10; 1,000 Troy Manhattan Copper Co., Par $10
;
280 Converse Rubber Shoe Co..
pref.; 100 Converse Rubber Shoe
$15 lot
Co., common
$2,000 Argentine Govt. (City) 6s.
due Sept. 1957; 82.000 Buenos
Aires (City), soy. Cos, due
Oct. 1960; $2,000 Yokohama 68,
due Dec. 1961; $2,000 Kingdom
of Denmark 68, due Jan. 1942:
$2,000 Australia 55, due July
$9.930 lot & int.
15 1955
Rights.
$ per Right.
90-14 Charlestown G.& E. Co---3%3%
Bonds.
$10,000 Leominster Shirley & Ayer
St. Ry. Co., ext. 4s, Feb. 1931...8 flat
.
-D
$500 Y Service Garage of Worcester 7s, due July 1960 (with 5
5 flat
shares common as bonus)

By Barnes & Lofland, Philadelphia:
$ per Si,.
Shares. Stocks.
$1,355.16 bond & mtge. of Wm. J.
Schmitz and Dorothy M., his
wife, to Raymond M. Barnes,
dated May 4 1928, on lots in
Upper Merlon Twp., King Manor
$500 lot
10 Mitten Bank Securitidir Corp.,
2434
pref., par $25
10 Mitten Bank Securities Corp.,
2434
common, par $25
183
1 Overbrook National Bank
11 Burlington County Trust Co.,
350
Moorestown, N. J
23 Continental-Equitable Title dr
460
Trust Co.. Par $50
3
634
4 Phila. Bourse, com.. par $50_ _
15 Ardmore(Pa.)Nat. Bk.& Tr.Co.250
906
10 Central National Bank
904
8 Central National Bank
10 Philadelphia National Bank_ --904Si
30 Bryn Mawr Ice Mfg. & Cold
3234
Storage Co., par $25
183
45 Overbrook National Bank
489
2 Northern National Bank
485
2 Northern National Bank
1 Northwestern National Bank__ A025
904
5 Philadelphia National Bank
15 Philadelphia National Bank-_ _903
15 Nat. Bk.of Germantown.par $10132
10 Pelham Nat. Bk. & Trust Co..-..120
2 Bk. of No. Amer.& Trust Co----485
5 Tradesmens Nat. Bk. & Tr. Co_ _587
15 Darby Bk. & Tr. Co., par $50_ -150
26 Mitten M.& M. Bank & Trust
125
Co. (unstamped)
849
10 Union Bank & Trust Co
840
16 Union Bank & Trust Co
4 Girard Trust Co
2105
11 Republic Trust Co., par $50_ .17634
15 Holmesburg Trust Co., par 550.235
27 Susquehanna Title & Trust
Co.. par $50
6234
10 Tioga Trust Co., par $50
191
5 Security Title & Trust Co..
par $50
70

Shares. Stocks.
$ Per Si,.
12 Manheim Trust Co, Dar 850...... 65
10 Fern Rock Trust Co.. par $50-127
_267%
10 Colonial Trust Co., par $50
2 Mfrs. Title dr Tr. Co., Par $50-- 64
3 Plaza Trust Co.,
50
($50 paid)
10 Nor. Central Tr. Co., par $50....16334
15 Nor. Central Tr. Co., par S&3....163
3 Chestnut Hill Title & Trust Co..
120
par $50
12 Blackwood(N. J.) Trust Co..--138
5 Haverford Township Title &
Trust Co., Brookline, Pa
60
10 Haddonfield (N. J.) Safe De165
posit & Trust Co.
3 Pennsylvania Sugar Co
245
36 Olean Bradford & Salamanca
lot
Ky., common
15 Olean Bradford & Salamanca81
Ky., preferred
81 lot
64 Phila. Life Ins. Co., par $10..
39 Hancock Knitting Mills, par 550 35
67
2 East Pennsylvania RR
10 Girard Life Ins. Co., par 310_ 29
56
15 Keystone Telphone Co., pref
25 John B. Stetson Co., com., no
965i
par
11 Little Schuylkill Nay., RR.
1
251%
4 City Nat. Bank dr Trust
379
2 Southwark Title & Trust
151
2 Ridge Ave. Passenger Ry
87
4 North Pennsylvania RR
$ per Right.
Rights.
2 4-8 Pennsylvania Co. for Ins. on
383(
Lives,&c
Corn Exchange Nat. Bank & Trust
Co. as follows: 19 at 101: 100 at
10034; 25 at 101; 100 at 10034: 200 at
100.
473
3 Fern Rock Trust Co
47
7 Fern Rock Trust Co
Per Cent
Bonds.
$5,000 Jessup dc Moore Paper Co.
70
1st 6s, 1945

[VOL. 128.

FINANCIAL CHRONICLE

684

By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per A.
Giant Mining & mining co.:
$2.300 Green Meadow Country
Club, Inc., inc. deb. 55: $25,000
1 Internat. & at. Nor. Ry. Co.:
The New Theatre 4% Inc. bond
6134 Mexican Oriental Interocean
ctf.: $250 Point Look-Out Impt.
Jr Internat. RR. scrip div. Mt.;
Co.5% mtge. bond: $9.37 West5 Live Stock Society of America,
ern Maryland RR. 1st mtge.
Dar $50; 100 The New Theatre:
50
-year 4% scrip W.: $22.72
15 N. Y. Concert Co., Ltd., par
Wabash Pittsburgh Term. Ry.
$50; 1 Roanoke Cruising de Hunt2d mtge. 50
-year 4% scrip CU.;
ing Assn., par $400; 5 St. Louis
*7.000 promisscry note of Joseph
Kennel Club, par $10; 5 United
S. Qualey. dated Mar. 5 1919,
Hunts Racing Assn., par 320;
int. 5%. 2-year: $5,000 promis78 Wabash RR., corn.; 10 Westsory note of Joseph 8. Qualey,
ern Pacific Ry.; 2,000 Quakins
dated July 5 1919, int. 5%, 20
$700 lot
Petroleum Co., no par
months; $8,000 promissory note
25 Vegetable Oil Corp., corn., no
of Joseph S. Qualey, dated Oct.
$15 lot
par; 50 preferred
15 1919, int. 5%, 18 months;
2 Anzeiger Pub.Co.(N.Y.). par $10 $5 lot
$2,000 promissory note of Joseph
7 Elsner & Mendelsohn (N. Y.).--$2 lot
S. Qualey. dated Feb. 26 1920,
54 Manhattan Fire Ins. Co.(N.Y.)$4 lot
int.5%,18 months;$5,000 Prom825 Salvador Mining & Milling Co.
issory note of Joseph S. Qualey,
$2 lot
(Ariz.), par $10
dated Apr. 7 1920, int. 5%, 12
100 Sedalia Copper Co. (Colo.),
months; $3,000 promissory note
$2 lot
par $10
of Joseph S. Qualey. dated July
$2,077.50 Mutual Fire Ins.Co.scrip32 lot
19 1920, int. 5%, 9 months;
25 certifs. N.Y.Turn Verein stock,
1 Clinton Hall Assn.: 105 Lake$2 lot
stated value $10 each
wood County Club; 10 Tennis
234 Huntington Bay His. Assn-S100 lot
Per Cent.
Club Co. (Brighton), Ltd., Par
Bonds.
£5; 40 Arden School for Girls,
-year 7%
$7,500 Bozart Rug Co. 10
$100 lot
Dar $50:25 Schindler Nat. Detecgold notes, series 1938
tive Agency, Inc.; 1 Albemarle &
$7,200 East Michigan & Toledo
11
PamplIco Cruising & Hunting
Ry. 55. 1958
$1,000 Seattle Rainier Valley RR.
'Y.
AWL.Dar $400:1A. C. Assn.,
10
Inc.; 10 Bryn Mawr Land & Imp.
let 6s, 1931
$1,000 Warren & Jamestown St.
Co.. par $50: 500 Candelaria
3034
Gold & Silver Mining Co., pref.,
Ry. 1st 55, 1934
par $5: 5 The de Hoven Opera
$14,421.78 In Huntington Bay Eta.
Co.; 5,500 El Grupo Mining Co.,
Assn. 6% notes. dated Dec. 1
$1,000 lot
1926; due Dec. 1 1929
Ear *5; 5,000 General Electrical
Display Co., Par $10: 200 Golden
By R.
Day & Co., Boston:
$ per Sh.
Shares. Stocks.
$ per Sh. Shares. Stocks.
81
National Bank
4 First
20 Plymouth Cordage Co
500
20 First National Bank
500 6-10 B.B.& R.Knight Corp.,corn$I per 1-10th
mon A
182
28 Spencer Nat. Bank, Spencer_
5 units Thompson's Spa, Inc.102 ex-div.
20 First Carolina Joint Stock Land
4034
Bank
13 45J. R. Whipple Corp., pref
50
Wamsutta Mills
23
4034 6 units First Peoples Trust
8234-8334
6 Bates Mfg, Co
15034 ex-cliv. 10 Western Mass. Cos
40 Hamilton Woolen Mills
5034 26 Colonial Mortgage Co., class A_ 2834
50
10 Continental Mills
120 6 units First Peoples Trust
10 Connecticut Mills, corn. A,
23 special units First Peoples Trust 3
par $10
51e. 20 Maas. Utilities Associates, prof.,
4434
5 Whitman Mills
16
par $50
25 York Mfg. Co
14
20 Derby G. & E. Corp.. $7 pref-- 9634
24534
27 Naumkeag Steam Cotton Co.130-13034 3 Collyer Insulated Wire Co
17034
6 Charlestown Gee es Elec. Co--_ 334 10 Collateral Loan Co
15 Amer. Glue Co., pretno ex-div. 42 Shawmut Bank Investml Trust 54)4
15
23 Saco Lowell Shops,corn
8
100 Shoe Lace Co., Ltd
2834
2 units First Peoples Trust
50 2 Saco Lowell Shops, 1st pref
9 Parker Young & Co.. corn
2834 20 units Thompson's Spa, Inc.102 ex-div.
50 Farms Co.,common A
15 New England Power Amin.. prof. 96
4
5 units Thompson's Spa, Ine-102 ex-div. 10 Boston Woven Hose & Rubber
9034
Co., common
50 Fall River Elec. Light Co.,
y. t. c.. Par $25
5634-5634 100 Old Colony Trust Associates.-- 61
65
6 Towle Mfg. Co
90 5 Draper Corporation
$ per Right.
1 Columbian Nat. Life Insur. Co-454
Rights.
30
5 Old Colony Trust Associates__ 83 2 Hyannis Trust Co
Per Cent.
Bonds.
20 Great Northern Paper Co.,
par $25
6534 $1.000 New England Southern
834 flat
1-3 Mass. Bonding & Ins. Co_ _.$235 lot
Corp. 58, Dec. 1933
5 B. B. & R. Knight Corp., pref.
$200 Kansas City Public Service
v. e.0
1234
Co.6s, July 1951, series A...75 Stint.

L.

By A. J. Wright & Co , Buffalo:
Shares. Stocks.
5 Per Bight.
$ per Sh. Shares. Stocks.
500 New Sutherland Divide, par
5 Kelter Qualitol, Inc., par $20_50c. lot
$10
$2 lot
1,000 Baldwin Gold Mines, par $1-2He.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Bangor & Aroostook, corn.(quar.)
Preferred (guar.)
Buffalo Rochester & Pittsburgh, corn...
Preferred
Delaware & Hudson Co.(guar.)
Green Bay & Western
Illinois Central, corn. (quar.)
Preferred
N.Y. Chic. & sc. L., corn. ar pref.(au.)

When
Per
Cent. Payable.

BooCks toted
Days Inclusive.

Apr. 1 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 28
Feb. 15 Holders of rec. Feb. 8
Feb. 15 Holders of rec. Feb. 8
Mar.20 *Holders of rec. Feb. 20
Feb. 11 Holders of rec. Feb. 9
Mar. 1 *Holders of roe. Feb. 8
Mar. 1 *Holders of rec. Feb. 8
Apr. 1 *Holders of rec. Feb. 15

Public Utilities.
Connecticut Ry
Lt.g., corn.& pt.(Mi.) •1yi Feb. 15 *Holders of rec. Jan. 31
East Kootenay Power, pref. (quar.).... •;L
Mar. 15
Federal Water Service, class A (guar.).- r50e. Mar. 1 Holders of rec. Feb. 8
Havana Elec. Ry., pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 8
Philadelphia Co , pref
°$1.25 Mar. 1 *Holders of rec. Feb. 11
Public Serv. El. & Gas,8% pref.(quar.) 134 Mar. 30 Holders of rec. Mar. la
Scranton-Spring Brook Water Service
$6 preferred (quar.)
Feb. 15 Holders of rec. Feb. 5a
$5 preferred (quar.)
Feb. 15 Holders of rec. Feb. 50
Southern Calif. Edison, pref. A (quay.).
Mar. 15 Holders of rec. Feb. 20
Preferred B (quar.)
Mar. 15 Holders of rec. Feb. 20
Southern Calif. Gas, corn.(No. 1)
Mar. 1 Holders of rec. Feb. 11
$6.50 preferred (quar.)
Mar. 1 Holders of rec. Feb. 11
Southern Cities Util., $6 pr. pf. (qu.)-Mar. 1 Holders of rec. Feb. 9
Banks.
National City (new $20 par stock)
Interim &v.for period Jan.1-Feb. 15'29

50c. Feb. 15 Holders of rec. Feb. 2

Miscellaneous.
Acme Wire, pref
2
Feb. 1 Holders of rec. Jan. 25
Allegheny Steel, corn.(in corn. stock)_ ./100
*Holders of rec. Feb. 15
•1% Apr. 1 *Holders of rec. Mar. 15
Aluminum Co. of Am., Pref. (quar.)
American International (in stock)
•2
Apr. 1
Stock dividend
•e2
Oct. 1
American Metal, corn. (quar.)
*75c. Mar. I *Holders of rec. Feb. 9
Preferred (guar.)
*$1.50 Mar. 1 *Holders of rec. Feb. 9
62340 Mar. 1 Holders of rec. Feb. 18
American Multlgraph, corn. (quar.)
American Radiator, con". (quar.)
$1.25 Mar.30
134 Feb. 15
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 9
Amer. Tobacco. corn. & coin. B (quar.)_ $2
Amer. Wringer, pref. (acct. accum.div.) *51034 Feb. 10 *Holders of me. Jan. 28
BaOhmalin, Emmerich & Co.,pt.B(No.1)
20e. Mar. 1 Holders of rec. Feb. 1
Bolen & Byrne Beverage, class A
Feb. 15 Holders of rec. Feb. 8
Bond & Mortgage Guarantee ((Mar.).




Name ar Company.

Pa
When
Cent. Payable.

Books Cased
Days Inclusive.

Miscellaneous (Continued).
Brooklyn-Lafayette Corp., el. A (guar.) 37340 Feb. 1 Holders of rec. Jan. 19a,
Bruck Silk Mills, Ltd.. (guar.)
250. Feb. 15 Holders of rec. Jan. 31
Mar,15 Holders of rec. Feb. 28
Buckeye Pipe Line (guar.)
$1
$4
Mar. 15 Holders of rec. Feb. 28
Extra
Bucyrus-Erie Co.. pref. (qua:.)
134 Apr. 1 Holders of rec. Feb. 210
Butler Brothers (guar.)
*234 Feb. 16 *Holders of rec. Feb. 4
Byers(A. M.) Co., Pref. (altar.)
•134 May 1 *Holders of rec. Apr. 15
Canadian Car & Fdry., pref.(quar.)
134 Apr. 10 Holders of rec. Mar.22
Celluloid Corp.
First Prof. panic. & $7 pref.(quar.)
$1.75 Mar. 1 Holders of rec. Feb. 10
*75o.
Central Nat. Corp., class A (No. 1)
City Ice St Fuel(Cleve)(qu.)
•90e. Feb. 20'Holders of rec. Feb. 15
City Radio Stores, corn.(qu.)(No. 1)--- 3734c. Mar. 1 Holders of rec. Feb. 150
Clinchfield Coal, pref.(guar.)
•134 Feb. 1 *Holders of rec. Jan. 25
Feb. 25'Holders of rec. Feb. 11
*2
Colorado Fuel & Iron, pref. (quar.)
Consolidated Bond & Share, pref.(qua- 134 Feb. 15 Holders of rec. Jan. 15
2
Mar. I Holders of rec. Feb. 20
Corno Mills
Corrugated Paper Box, Ltd., pref. (qu.) 134 M. 1 Holders of rec. Feb. 14
*50c. Mar. 30 *Holders of rec. Mar. 15
Coty, Inc.((mar.)
Stock dividend (quar.)
*ni 34 Feb. 27 *Holders of rec. Feb. I
Crosley Radio,new stock (quar.)
0258. Apr. I *Holdres of rec. Mar. 20
Feb. 15 *Holders of rec. Jan. 29
Crosley Radio (extra)
411
Crown Overall (quar.)
$2 Mar. I *Holders of rec. Feb. 14
334 Feb. 3 Holders of rec. Feb. 3
Cruden-Martin Mfg. Co., Prof
*S2 Mar. 15 *Holders of rec. Feb. 28
Cumberland Pipe Line(guar.)
Extra
•$4 Mar. 15 *Holders of rec. Feb. 28
Deere & Co., corn. (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 15
'134 Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
•500. Feb. 1 *Holders of rec. Jan. 20
Diamond Iron Works((Mar.)(NoMar. 15 *Holders of rec. Feb. 28
Diamond Match (quar.)
*2
$1.50 Feb. 15 Holders of rec. Feb. 1
Dow Chemical, corn. (guar.)
154 Feb. 15 Holders of rec. Feb. 1
Preferred (wax.)
Eiseman Magneto, pref.(quar.)
154 Feb. 1 Holders of rec. Jan. 21
Eitingon Schild Co., corn.((mar.)
'6234c Feb. 28 *Holders of rec. Feb. 15
•51.6234 Mar. 15 *Holders of rec. Mar. 1
Preferred (quar.)
Federated Business Publications
1st preferred (quar.)
6234c AM. 1 Holders of rec. Mar.20
•16c. Mar. 29 *Holders of rec. Mar. 14
Fifth Avenue Bus Securities(guar.)
General Asphalt pref.(guar.)
134 Mar. 1 Holders of rec. Feb. no,
•50c. Mar. 1 *Holders of rec. Feb. 14
General Bronze (quar.)(No. 1)
Globe-Democrat Publishing, pref.(qu.). 154 Mar, 1 Holders of rm. Feb. 20
Goodrich (B. F.) Co., prof. (quar.)
134 July 1 Holders of roe. June 10
Gorham Mfg., coin. (quar.)
500. Mar. 1 Holders of rec. Jan. 31
Common (quar.)
50e. June 1
Common (quar.)
500. Sept. 1
Common (quar.)
50o. Dec. 1
June 1 Subj.to stkholders. meet.
Common (payable in common stock)- 15
,
Gt. Atlantic & Pao. Tea, corn.(qua:.). *$1
mar. 1 *Holders of rec. Feb. 8
let preferred (guar.)
•$1.75 Mar. 1 *Holders of rec. Feb. 8
Group No. 1 011
$100 Feb. 20 *Holders of rec. Jan. 31
Feb. 28 Holders of rec. Feb. 15
Hart-Schaffner St Marx,Inc.,(guar.).- $2
Heyden Chemical Corp., pref
7
Feb. 8 Holders of rec. Jan. 28
Hormel(G.A.)& Co.(guar.)
*3734e Feb. 18 *Holders of rec. Feb.
Horn & Hardart of N.Y., pref.(Qom.)-- 41.75 Mar. 1 *Holders of rec. Feb. 11
Inland Steel, corn.(quar.)
•8734c Mar. 1 *Holders of rec .Feb. 15
Internat. Business Machines (quar.).._
$1.25 Apr. 10 Holders of rec. Mar. 22
International Nickel (quar.)
"$1.50 Mar. 1 *Holders of rec. Feb. 15
Extra
oss mar. 1 *Holders of roe. Feb. 15
International Silver. corn. (guar.)
134 Mar. 1 Holders of rec. Feb. 16
Common (extra)
2
Mar. 1 Holders of rec. Feb. 15
Interstate Iron & Steel, COM. (
Apr. 15 *Holders of rec. Apr. 5
(Var.)---- *81
Common (special)
*$1.50 Feb. 21 *Holders of rec. Feb. 15
Preferred (quar.)
•134 Feb. 28 *Holders of rec. Feb. 15
Kennecott Copper Corp. (stk. div.)
(o) Feb. 7 Holders of rec. Feb. 25
Kroger Grocery & Baking com.(guar.)
*Wm Mar. 1 *Holders of rec. Feb. 20
Common (payable in common stock).- *15
Am. 1 *Holders of rec. Mar. 10.
Lackawanna Securities
•$1 Mar. 1 *Holders of rec. Feb. 14
Landis Machine, corn. (quar.)
750. Feb. 15 Holders of rec. Feb. 5.,
Lehigh Portland Cement, pref.(quar.).. •134 Apr. 1 *Holders of rec. Mar. 14
Leighton Industries, class A (quar.)•37340 Feb. 15 *Holders of rec. Feb. 1
Class B (guar.)
•250. Feb. 15 *Holders of rec. Feb. 1
Libby-Owens Sheet Glass, pref. (guar.). '134 Mar. 1 'Holders of rec. Feb. 19.
Liggett & Myers Tobeeee,COM B
Mar. 1 Holders of rec. Feb. lb
$1
Common B (extra)
mar. 1 Holders of rec. Feb. 15
$1
Loewe,Inc., pref.(quar)
1.6234 Feb. 15 Holders of rec. Feb. 4
5.
Lunkenheimer Co.,common(quar.)
- *37lis Mar. 15 *Holders of rec. Mar.29.
Common (special)
*250. Feb. 7'Holders of rec. Jan.
Preferred ((mar.)
*Holders of rec. Mar. 20.
*1H Mar.30
Preferred (quar.)
Juno 29 *Holders of rec. June 19
Preferred (qua:,)
*IA Sept.30 *Holders of rec. Sept.2.0
Preferred (quar.)
'134 Dec. 31 *Holders of rec. Dec. 21
MacKinnon Steel Corp. 1st Md.(qoor.)- 1.34 Feb. 15 Holders of rec. Feb. 1
Medarts(Fred) Mfg.corn.(guar.)
500. Feb. 15 Holders of rec. Feb. 4
Metropolitan Royalty
100. Feb. 15 Holders of rec. Jan. 28
,
Muskegon Motor el A (qu.)(No.1)
•500. Mar. 1 *Holders of rec. Feb. 18
Class B (guar.)(No.1)
•250. Mar. 1 *Holders of rec. Feb. 18
National Brick, Prof.(quar.)
13.4 Feb. 15 Holders of rec. Jan. 31
Nat.Fireproofing, pref.(extra)
*7234e Apr. 15 *Holders of rec. Apr. 1
Nat.Food Products, class A (guar.)
6230. Feb. 15 Holders of rec. Feb. 4cs.
N.Y. Merchandise,corn.(guar.) *50c Feb. 1 *Holders of rec. Jan. 15
Common (extra)
*ace. mar. 1 "Holders of rec. Feb. 15
,
N. Y.Transportation (quiz.)
•500. Mar. 28 *Holders of rec. Mar. 13
Northern Warren Corp.Pf.(qu.)(No.1) •750. Mar. 1 *Holders of rec. Feb. 15
Ohio Seamless Tube(quar.)
Feb. 15 Feb. 6 to Feb. 151
$1
Apr. 1 'Holders of rec. Mar. 15
Omnibus Corp., pref.(quar.)
*2
Ontario Mfg.(uar.
•45e. Apr. 1 *Holders of rec. Mar. 20'
Extra
*150. Apr. 1 *Holders of rec. Mar. 20
Packard Motor Car(Monthly)
•250. Mar.30 *Holders of rec. Mar. 12
*250. Apr. 30 *Holders of rec. Apr. 12
Monthly
Monthly
4,250. May 31 *Holders of rec. May 11
Extra
*500. May 31 *Holders of rec. May 11
Pennsylvania Investing class A (qoat)- 6230. Mar. I Holders of rec. Jan. 310
Pure Food Stores, Ltd., 1st & 2d pt.(qu.) 154 Feb. 1 Holders of rec. Jan. 28
Pure Oil,common (quar.)
•25c. Mar. 1 *Holders of rec. Feb. 9
Saunders(Clarence)Stores,loo
750. Feb. 1 Holders of rec. Jan. 26
Common class A,series 1 (quar.)
154 Feb. 1 Holders of rec. Jan. 26
Preferred series A (guar.)
•500. Mar. 1 *Holders of rec. Feb. 15
Savage Arms,com.(quar.)
•$1.50 May 15 *Holders of rec. May 1
Second preferred (guar.)
St. Louis Car,coin
50c. Feb. 15 Holders of rec. Jan. 31
154 Feb. 1 Holders of rec. Jan. 24
Preferred ((uar.)
Securities Holding Corp. Ltd. pt.(guar.) 134 Feb. 1 Holders of rec. Jan. 15
Seneca Plan Corp., prof.(quar.)
73.4 Feb.1
Holders of rec. Jan. 15
Mar. 15 Mar. 1 to Mar. 15
Seventeen Park Ave., prof
3
75o, Feb. 15 Holders of rec. Jan. 31
Sherwin-Wills Co.corn.(guar.).--250. Feb. 15 Holders of rec. Jan. 31
Common (extra)
134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
$1.75 Ma. 1 Holders of rec. Feb. 20
Simons(H.)& Sons,Ltd,pfd.(qua:.)
Smith (A.0.)Corp.,corn.
30e. Feb. 15 Holders of rec. Feb. 1
134 Feb. 15 Holders of rec. Feb. 1
Preferred Mar.)
Smith (Howard)Paper Mills, pfd.(qu.). 114 Feb. 28 Holders of rec. Feb. I&
Southern Grocery Stores, corn.((Man)-- *12340 Mar. 1 Holders of rec. Feb. 15
Class A (guar.)
"6234e Mar. 1 Holders of rec. Feb. 15
•40c. Mar. 15 Holders of rec. Feb. 15
Standard Oil of N.Y.(lum%)
Standard Royalties-1
Feb. 15 Holders of rec. Jan. 31'
Wewoka Corp., pref. (mthly.)
Standard Sanitary Mfg., corn. ((liar.)
•420. Feb. 25 Holders of rec. Feb. 11
Preferred (quar.)
•154 Feb. 25 Holders of rec. Feb. 11
Stewart-Warner Speedometer (qUar.)
$1.50 Feb. 15 Holders of rec. Feb. 5m,
*e10 Mar. 1 Holders of rec. Feb. 1
Stlx-Baer-Fuller Co.(stock div.)
•$1.25 Mar. 1 Holders of roe. Feb.
Studebaker Corp.,corn.(quar.)
Mar. 1 Holders of ree. Feb.
Common (payable in common stock).- *fl
•fl
June 1 Holders of rec. May 1
Common (Payable in corn,stock)
*11
Sept. 1 Holders of rec. Aug. 1
Common (payable in coca. stock)
11
Dec. 1 Holders of rec. Nov.
Common (Payable in corn, stock).--- ,
•134 Mar. 1 Holders of rec. Feb.
Preferred (quar,)
Swan-Finch 011 Corp., Prof. (quar.)--- - •43340 Mar. 1 Holders of rec. Feb.
*400. Mar. 1 Holders of rec. Feb. 1
United Biscuit, common (guar.)
411 Mar. 1 Holders of rec. Feb. 11
Class A (quar.)
United States Steel Corp., corn.(qua:.). 154 Mar. 30 Holders of rec. Feb. 288.
h Feb. 27 Holders of rec. Feb. 2en
Preferred ((liar.)

FEB. 2 1929.]
Name of Company.

FINANCIAL CHRONICLE
Per
When
Cent, Payable.

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Van Malan Corp.. common (No. 1)
•25c.
Class A (guar.) (No. 1)
*65c. Apr. 1 *Holders of rec. Mar.22
V.0.C.Holding Co., Ltd., corn.& pref. *20
iply4 Feb. 1 *Holders of rec. Jan. 19
Waltham Watch, prof.(quar-)
Preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar. 23
Preferred (guar.)
'1k July I *Holders of rec. June 22
Preferred (guar.)
el% Oct. 1 *Holders of rec. Sept. 21
Wesson Oil & Snowdrift, pref. (guar.)._ *14 Mar. 1 *Holders of rec. Feb. 15
Wheatsworth, Inc., pref.(guar.)
*2
Mar. 1 *Holders of rec. Feb. 15
White (J. G.) & Co., corn. (annual).... 6
Feb. 16 Holders of rec. Jan. 31
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 15
Mineral Springs. corn.(qu.) 750. Apr. 1 Holders of rec. Mar. 20
White Rock
First preferred (guar.)
1
Apr. 1 Holders of rec. Mar. 20
Second preferred
3% Apr. 1 Holders of rec. Mar. 20
Will dz Baumer Candle. common
10e. Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15
Winter (Benjamin), Inc., pref.(quar.).._ $1.25 Feb. 15 Holders of rec. Feb. 5
YoungstownSheet & Tube,corn.(qu.).. *41.25 Apr. 1 *Holders of rec. Mar. 14
Preferred (qar.)
• 51.375 Apr. 1 *Holders of rec. Mar. 14
ZooIto Products Corp. (quar.)
25c. Feb. 15 Holders of rec. Feb. 5

Name of Company.
Trust Companies.
Interstate (qua:.)(No. 1
)
Interstate Corp.(qua:.)(No. 1)
Fire Insurance.
Bankers & Shippers (guar.)
Brooklyn:Fire Insurance
Employees Re-insurance
Pacific Fire

685
Per
When
Cent, Payable.

Books Closed
Days Inclusive.

Mar. 1 "Holders of rec. Feb. 16

•256. Mar. 1 *Holders of rec. Feb. 15
5
Feb. 6 Holders of rec. Feb. 4
$1.25 Apr. 1 Mar.20 to Apr. 11
'75c. Feb. 15 *Holders of rec. Jan. 31
$1.25 Feb. 4 Holders of rec. Feb. 1

Miscellaneous.
Acme Steel (guar.)
•1
Apr. 1 'Holders of rec. Mar.20
Alaska Packers Assoc. (guar.)
2
Feb. 9 Holders of rec. Jan. 31
Extra (from ins, fund net. income)... 2
Feb. 9 Holders of rec. Jan. 31
Alliance Realty, COm.(guar.)
/10 Feb. 20 Holders of rec. Feb. 6a
Preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 20.
Allis-Chalmers Mfg com (quar.)
$1.76 Feb. 16 Holders of rec. Jan. 25.
Alpha Portland Cement,common (guar.) •750. Apr. 15 *Holders of rec. Mar. 16
Preferred (guar.)
•21.75 Mar. 16 *Holders of rec. Mar. 1
Amer.Can..corn.(quiz.)
760. Feb. 16 Holders of rec. Jan. 31a
Amer. Chatillon Corp., pref. (quar.).... *31.75 May 1 *Holders of rec. Apr. 30
American Chicle,common (guar.)
*50o. Apr. 1 *Holders of rec. Mar. 12
Preferred (guar.)
*14 Apr. 1 *Holders of rec. Feb. 25
Below we give the dividends announced in previous weeks Amer. Encaustic Tiling
(n) Feb. 15 Holders of rec. Feb. mla
and not yet paid. This list does not include dividends an- Amer. European Securities, Pf.(qua:.). $1.50 Feb. 1 Holders of roe. Jan. 31
American Home Products (monthly)
25c. Mar. 1 Holders of rec. Feb. 14.
nounced this week, these being given in the preceding table.
Monthly
25c. Apr. 1 Holders of rec. Max. 14.
American Rolling Mill,common (guar.). *50c. Apr. 15 *Holders of ree. Apr. 1
Common (payablein common stock)._ 0/4
July 30 *Holders of rec. July 1
Per
When
Books Closed
Amer. Smelting & Refining. pref. (qu.). 14 Mar. 1 Holders of rec. Feb. la
Name of Company.
Cent. Payable.
Days Inclusive.
Amer. Solvents & Chem., panic. pref._ "31.50 May 1 *Holders of roc. Apr. 10
Amer. Sumatra Tobacco (guar.)
*14 Mar. 1 *Holders of rec. Feb. 15
Railroads (Steam).
Amparo Mining (quar.)
1
Feb. 9 Holders of rec. Jan. 31
Alabama Great Southern, preferred
$2 Feb. 13 Holders of rec. Jan. 11
Anaconda Copper mining ((Mar.)
$1.50 Feb. 18 Holders of rec. Jan. 12/4
Preferred (extra)
$1.50 Feb. 13 Holders of rec. Jan. 11
Archer-Danlels-Midland Co
Atoh. Topeka & Santa Fe. COM.(guar.)Mar. 1 Holders of rec. Jan. 250
Common (payable In common stook)_ /100 Mar. 1 Holders of rec. Feb. 19.
Baltimore & Ohio, corn.(guar.)
1k Mar, 1 Holders of rec. Jan. 120 Armstrong Cork, common (quit,)
•3734c Apr. 1 *Holders of rec. Mar. 9
Preferred (guar.)
1
Mar. 1 Holders of rec. Jan. 12a
Common (extra)
•1234c Apr. 1 *Holders of rec. Mar. 9
Central RR. of N. J.(quar.)
2
Feb. 15 Holders of rec. Feb. 4a Artloom Corp., pref. (qua:.)
"14 Mar. 1 *Holders of rec. Feb. 14
Chicago River & Indiana(annual)
410 Feb. 15 *Holders of roe. Feb. 8
Associated Apparel Industries
Hudson & Manhattan, preferred
Feb. 15 Holders of rec. Feb. is
Common (monthly)
*3340 Mar. 1 "Holders of rec. Feb. 19
Internet Rys of Cent Amer., Pref.(qu.). 1
Feb. 16 Holders of rec. Jan. 310
Common (monthly)
*334c Apr. 1 "Holders of roe. Mar. 21
Louisville & Nashville
33.1 Feb. 11 Holders of rec. Jan. 15a
Common (monthly)
*3340 May 1 *Holders of rec. Apr. 19
Maine Central, common (quar.)
Apr. 1 Holders of rec. Mar. 15
1
Common (monthly)
'33/se June 1 *Holders of rec. May 21
Preferred (guar.)
1
Mar. 1 Holders of rec. Feb. 15
Common (monthly)
*334c. July 1 *Holders of rec. June 20
New Orleans Texas & Mexico (qua:.)... 1,' Mar, 1 Holders of rec. Feb. 15a
Associated Dry Goods Corp, let Pf.(rill.) 134 Mar. 1 Holders of rec. Feb. 90
.
Norfolk & Western, corn. (qua:.)
Mar. 19 Holders of rec. Feb. 28a
Second preferred (quit.)
14 Mar. 1 Holders of rec Feb 90
Adj. preferred (quar.)
Feb. 19 Holders of rec. Jan. 3Ia Babcock Wilcox
1
14 Apr. 1 Hold. of rm. Mar. 20'29e
Co.(quiz.)
Pennsylvania (quar.)
87)4e Feb. 28 Holders of rec. Feb. la Balaban & Kate, corn. Monica)
&
•250. Mar. 1 "Holders of rec. Feb. 20
Peoria & Bureau Valley
Feb. 9 *Holders of rec. Jan. 19
Common (monthly)
*260. Apr. 1 "Holders of rec. Mar. 20
Reading Co., common (guar-)
$1 Feb. 14 Holders of rec. Jan. 17a
*14 Apr. 1 *Holders of roe. Mar. 20
Preferred (qugr.)
First preferred (guar.)
50o. Mar. 14 Holders of rec. Feb. 200 Bankers Security Tr.Co..ea. A
pl.(0u.) *14 Mar. 1 *Holders of rec. Feb. 16
Louts-San Francisco, pref.(qua:.)
St.
May 1 Holders of rec. Apr. 13. Hamadan Corp.corn. A & B (quar.)...
60o. Feb. 6 Holders of rec. Jan. 34
Preferred (quar.)
1k Aug. 1 Holders of rec. July la Baumann (Ludwig)& Co., 1st Pf.(on.).
134 Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. la
Beacon 011 peel (quar.)
$ 1.87
Feb. 15 Holders of ree. Feb. 1
Wabash preferred A (qua:.)
13 Feb. 25 Holders of roe. Jan. 25a Beech-Nut Packing (num.)
75e. Apr. 10 Holders of rec. Mar. 25s
Bethlehem Steel,corn
$1 May 15 Holders of roe. Apr. 194
Public Utilities.
144 Apr. 1 Holders of rec. Mar. 46
Preferred(gum.)
Allied Power & Light. $5 Prof.(qu.)
21.25 Feb. 1 Holders of rec. Feb. 1
Bigelow-Hartford Carpet, Pref.(quan). *134 May 1 *Holders of rec. Apr. 18
$3 cumulative preference (quar.)
75c. Feb. 1
Holders of rec. Feb. 1
Preferred (quar.)
*134 Aug. 1 'Holders of rec. July 18
Amer.& Foreign Power, 2d pref. A (qu.) $1.75 Feb. 1 Holders of rec. Feb. la
Preferred (guar.)
'134 Nov. 1 *Holders of rec. Oct. 18
Amor. Water Wks. & Elec., corn. (qu.).
25c. Feb. 1 Holders of rec. Feb. la Blattner's,corn.(guar.)
30c, Feb. 15 Holden; of rec. Feb. 2
Corn.(one-fortieth share corn.
(j) Feb. 1 Holders of rec. Feb. la
Preferred (quar.)
75c. Feb. 15 Holders of rec. Feb. 2
Associated Gas & Electric
Blew-Knox. new no par stk.(qu.)(No. 1) "250. Mar. 1 *Holders of rec. Feb. 18
46 preferred (qu.)
$1.50 Mar.
Holders of rec. Jan. 31
Borden Company,corn.(quiz.)
$1.60 mar. 1 Holders of rec. Feb. 15
$6.50 Preferred (guar.)
1.62% Mar.
Holders of rec. Jan. 31
Boss Mfg.. common
82.60 Feb. 16 Holders of rec. Jan. 31
Brazilian Tr.. Lt.& Pow.corn.(111.)
600. Mar.
Holders of rec. Jan. 31
14 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
Brooklyn Edison Co. (guar.)
2
Mar.
Holders of rec. Feb. 8a Brown Fence & Wire. cl. A(Wan)
*60c. Feb. 28 *Holders of rec. Feb. 15
Bklyn.-Manhat.Transit, pro!,sex A(on) $1.60 Apr. 1 Holders of roc. Apr.
la
*60e. Feb. 28 *Holders of rec. Feb. 15
Class B (No. I)
Canadian Hydro-Electric, 1st pref.(qu.) 134 Mar.
Holders of rec. Feb. 1
Brunsivlc.k-Balke-Collender, COTO. (en.).
75e. Feb. 16 Holders of rec. Feb. ba
Cent.& Southwest. Util. prior pt.(on.). 21.75 Feb. 1 Holders of rec. Jan. 31
250. Apr. 1 Holders of rec. Feb. 21.
Bucyrus
-Erie Co., corn.(guar.)
$7 preferred (quar.)
$1.75 Feb. 1 Holders of rec. Jan. 31
(113234 Apr. 1 Holders of rec. Feb. 21.
Convertible pref.(quan)
Chic. Rap. Transit, pr• Prof.(monthly). •1350. Mar.
*Holders of rec. Feb. 19
w• 354
Burma Corp. Am dep.rcte
*Holders of rec. Feb. 8
Prior preferred B(month's /
,
*600. Mar.
*Holders of roc. Feb. 19
t00%
Amer. dep.rots(extra)
*Holders of rm. Feb. 8
Columbia Gas & Elec., corn.(quar.). $1.25 Feb. 1 Holders of rec. Jan. 19a
$2 Feb. 16 Holders of rec. Feb. la
Burns Bros., class A (quiz.)
Preferred,series A (guar.)
114 Feb. 1 Holders of rec. Jan. 19a
Machine (special).... $2 Feb. 11 Holders of rec. Feb. le
Consolidated Gas of N. Y., COM. NUJ -The. Mar, 1 Holders of rec. Feb. Fie Burroughs Adding
California Dairies, pref.(quit.)
*31.50 Mar. I *Holders of rec. Feb. 8
Consumers Power. $5 prof.(guar.)
$1.26 Apr,
Holders of rec. Mar. 15
Mar. 15 Holders of rec. Feb. 28e
California Packing (quar.)
$1
Six per cent preferred (guar.)
134 Apr.
Holders of rec. Mar. 15
Mar. 31 Holders of rec. Feb. 28.
Calumet & Hecla Consol. COMM+(guar.) $1
6.6% preferred ((Mar.)
1.66 Apr.
Holders of roe. Mar. 15
134 Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd.(quiz.)
Seven per cent preferred (guar.)
Apr.
Holders of rec. Mar. 15
$1.75 Mar. 31 Holders of roc. Feb. 20
Canfield 011. corn.& Pref.(guar.)
Six per cent preferred (monthly)
6043, Mar,
Holders of rec. Feb. 15
51.75 June 30 Holders of rm. May 20
Common & preferred (quar.)
60c. Apr.
Six per cent preferred (monthly)
Holders of rec. Mar. 15
$1.76 Sent.30 Holders of rec. Aug. 20
Common & preferred (quit.)
6.6% Preferred (monthly)
65e. Mar.
Holders of rec. Feb. 15
81.76 Dec. 31 Holders of roe. Nov. 20
Common & preferred (qua:.)
65c. Apr.
6.6% preferred (monthly)
Holders of roe. Mar. 16
150. Apr. 1 Holders of rec. Mar. 15
Capital City Surety
Eastern Massachusetts Street Ry150. Feb. 15 Holders of rec. Feb. b
Centrifugal Pipe (guar.)
Feb. 1 Holders of rec. Jan. 31
First Prof. & sinking fund stock
3
14 Mar. 1 Holders of rec. Feb. 180
Century Ribbon Mills prof. (quar.)
Foreign Power Securities.6% prof• (qu.) 1% Feb. 1 Holders of rec. Jan. 31
en', Feb. 28 Holders of rec. Feb. lla
Certo Corporation (stock dividend)
Havana Elec.& Utilities 1st pt.(guar.)
$1.50 Feb. 1 Holders of rec. Jan. 19
250. Feb. 15 Holders of rec. Feb. 1
Chelsea Exch. Corp.. A & B
Preferred (guar.)
21.25 Feb. 1 Holders of rec. Jan. 19
2.50. May 15 Holders of rec. May 1
Class A & B (guar.)
Illuminating & Power Scour.. coca.(On.) $1.50 Feb.
Holders of rec. Jan. 31
250. Mar. 1 Holders of rec. Feb. 190
Chicago Yellow Cab Co.(monthly)
Preferred (guar.)
154 Feb. 1 Holders of rm. Jan. 31
750. Apr. 1 Holders of roc. Mar. Sc
Chickasha Cotton 011 (qua:.)
Kentucky Utilities junior pref.(qua:.).. •87)5c Feb. 20 *Holders of rec. Feb.
1
750. July 1 Holders of rec. June 10.
Quarterly
Keystone Telephone, pref.(guar.)
5$1
Mar.
*Holders of rec. Feb. 18
Chile Copper Co.(qua:.)
8734k Apr. 22 Holders of rec. Mar429a
Louisville Gas & Elec., oom. A & B (qu.) 4354c Mar.2 Holders of rec.
750. Mar, 30 Holders of rec. Mar. 2.
Middle West Utilities common (guar.)._ $1.75 Feb. 1 Holders of rm. Feb. 28a Chrysler Corp. common (quar.)
Jan. 31
M Mar, 1 Holders of rec. Feb. 15
Cltles Service,common (monthly)
Nat. Power & Light, corn.(quar.)
250. Mar.
Holders of roe. Feb. 136
Corn.(mthly.)(payable in corn. stk.).
54 Mar, 1 Holders of rec. Feb. 15
Nat. Water Works Corp., coin. A (qu.).
250. Feb. 1 Holders of ree. Feb. 5
50c. Mar, 1 Holders of rec. Feb. 15
Prof. and preference BB (mthly.)
Preferred A (guar.)
8754e. Feb. 1 Holders of rec. Feb. 6
Preference B (mthly.)
be. Mar. 1 Holders of rec. Feb. 15
North American Co., corn. (quar.)
f 234 Apr.
Holders of rec. Mar. 5
8734c. May 1 Holders of roc. Apr. 15.
City Stores Co., class A (quar.)
Preferred (quar.)
The. Apr.
Holders of rec. Mar. 5
•51.1c Mar. 1 'Holders of roc. Feb. 15
Cleveland Stone, CollUlaoll (quar.)
North American Edison Co., pt. (qu.).- $1.50 Mar.
Holders of rec. Feb. 15a
•50c. June 1 'Holders of tee. May 15
Common (quar.)
North Amer. Utility Secur., 1st pf.(qu.) .$1.50 Mar. 1 *Holders of
rec. Feb. 28
3
Common (guar.)
'SOc. 1 ept. 1 *Holden of rec. Aug 16
Northern States Power. Prof. (quar.)... 154 Mar. 1 Holders
of rec. Feb. 20
-Marx. corn. (guar.)
62340. Apr. 1 Holders of rec. Mar. 15.
Cohn-Hall
North West Utilities. prof.(quar.)
81.75 Feb. 15 Holders of reo. Jan. 31
Common (guar.)
6254c. July I Holders of tee. June 16
Ohio Edison,6% pref.(quar.)
Holders of rec. Feb. 15
1)4 Mar.
Community State Corp., A & B (quit.). 14 May 15 Holders of rec. May 10
6.6% preferred (qua:.)
Holders of rec. Feb. 16
$1.65 Mar.
14 Sept. 2 Holders of rec. Aug. 28
7% preferred (guar.)
Class A & B (guar.)
154 Mar.
Holders of rm. Feb. 15
134 Deo, 81 Holders of roc. Dec. 20
5% preferred (qua:.)
Class A & B (quar.)
Holders of rec. Feb. 16
154 Mar.
•334 Feb. 20 *Holders of rec. Feb. 9
Consumers Co., preferred
6% preferred (monthly)
500. Mar.
Holden( of rec. Feb. 16
•134 Apr. 1 *Holders of rec. Mar. lb
Prior preferred (quar.)
6.6% preferred (monthly)
She. Mar,
Holders of rec. Feb. 16
6234o. Feb. 15 Holders of rec. Fob. 10
Cont.Can,now corn.(qu.)(No.1)
Pacific Gan dv Elec..6% prof.(guar.).
- .3754c Feb. 16 *Holders of roe. Jan. 31
Crown Zellerbach Corp.. pfd. A (guar.) *$1.60 Mar. I *Holders of reo. Feb. 13
154% preferred (quar.)(No. 1)
•
34%c Feb. 15 *Holders of rec. Jan. 31
Convertible pre( (guar.)
•31.50 Mar. 1 *Holders of rec. Feb. 13
Pacific Lighting common (qua:.)
The. Feb. 16 Holders of rec. Jan. 310 Curtis Publishing, common (monthly)... •60c. Feb. 2 *Holders
Preferred (quar.)
of rec. Jan. /9
Common (extra)
'50e. Feb. 2"Holders of rec. .Tan. 19
Penn-Ohio Edison,7% prior pref.(qu.). •$1.25 Feb. 16 *Holders of roe. Jan. 31
Common (monthly)
*50e. Mar. 2 "Holders of rec. Feb. 28
Philadelphia Electric Co., corn. (guar.). 154 Mar. 1 Holders of rec. Feb. 16
50e. Mar. 15 Holders of rec. Feb. 260
'154 Apr. 1 'Holders of rec. Mar. 20
Preferred (guar.)
Phila. Huburbali Water. pref.(quar.)._ _
1 Si Mar. 1 Holders of roe. Feb. 9
Davis Mills(quiz.)
411 mar.23
Public Service Corp. of N.J.. corn.(qu.)
650. Mar. 30 Holders of rec. Mar. la Decker (Alfred) &Cohn,Inc., corn.(qu.) •500. mar. 1 *Holders of rec. Mar. 9
8% preferred (guar.)
*Holders of rec. Mar. 6
2
Mar. 30 Holders of rec. Mar. la
•144 Mar. 1 *Holders of rec. Feb. 19
Preferred (Qum)
7% preferred (guar.)
lx Mar. 30 Holders of roe. Mar. la
*14 June 1 *Holders of rec. May 22
Prtferred (quit.)
$5 preferred (guar.)
$1.25 Mar. 30 Holders of rec. Mar. la
Preferred (quit.)
*14 Sept. 1 *Holders of rec. Aug. 22
6% preferred (monthly)
50c. Mar.30 Holders of rec. Mar. la Dictaphone Corp., min. (qua:.)
050c. Mar. 1 *Holders of rec. Feb. 16
Southern California Edison. corn.(rm.). _
60c. Feb. 15 Holders of rec. Jan. 20a
Common (payable In common stock). 010
Southern Canada Power, corn. (quar.)_ _
Mar. 1 *Holders of tee. Feb. 15
2543. Feb. 15 Holders of rec. Jan. 31
Donalriluo Bridge. Ltd• Slum./
650. Feb. 16 Holders of rec. Jan. 29
Southern Colorado Power,corn. A (qu.).
50o.
Dunhill International (guar.)
$1
Southwest Gas Utilities. pref.(qua:,)...$ 1.6234 Feb. 26 Holders of rm. Jan. 31
Apr. 15 Holders of reo. APr• la
May 1 Holders of rec. Apr. 20
el
Stock dividend
Tampa Electric Co., corn.(qua:.)
Apr. 15 Holders of rec. Apr. la
600. Feb. 15 Holders of rec. Jan. 25a
Cl
Stock dividend
Common (1-60th share corn. stock.).._
July 16 Holders of me. July la
Feb. 15 Holders of rec. Jan. 25a
Stock dividend
el
Tennessee El. Pow.Co.,5% lat pt.(gU.)
(let. 15 Holders of von. net. le
Apr.
Holders of rec. Mar. It,
154
Duplan Silk Corp., common
6% let pref. (guar.)
150c. Feb. 1 Hoidens of rec. Feb. la
154 Apr.
Holders of rec. Mar. 15
Eastern Utilities Investing.88 prof.(dn.) $1.60 Mar. 1 Holders of rec. Jan. 31
7% let pref. (guar.)
154 Apr.
Holders of ree. Mar. 15
$7 preferred (qum.)
$1.75 Mar. 1 Holder's of roe. Jan. 31
7.2% let pref. (guar.)
1.80 Apr.
Holders of rec. Mar. 15
Eastern Utilities Associates, corn.(qu.).
6% let pref.(monthly)
50e. Feb. 15 Holders of tee. Jan. 25a
50c. Mar.
Holders of rec. Feb. 15
El Dorado 011 Works (qu.)(No. 1)
6% let pref. (monthly)
•3740 Mar. 1 *Holders of rec. Mar. 1
blle. Apr.
Holders of rec. Mar. 15
Emporium-Capwell Corp. (quar.)
50e. Mar,24 Holders of recs. Mar. la
7.2% let pref.(monthly)
60c. Mar.
Holders of rep. Feb. 15
Equitable Casualty & Surety
We. Feb. 15 Holders of roe. Feb. 1
7.2% let pref. (monthly)
60e. Apr
Holders of rec. Mar. 15
Evans Auto Loading,stock dividend.... .62
Union Natural Gan of Canada
Apr. 1 *Holders of roc. Mar.20
_
35c. Mar.10 Holders of rec. Feb. 28
Stock dividend
•e2
Extra.
Oct. I *Holders of Fee. Sept. 20
co. Mar. 10 mode, At re.', rots. 28
Fairbanks. Morse & Co., corn. (quit.).. •750. Mar.30 *Holders of rec. Mar. 12
United Gas Improvement (qua:.)
51.1254 Mar. 30 Holders of roe. Feb. 280
Preferred (quar.)
•154 Mar. 1 *Holders of rec. Feb. 11
West Penn Electric Co.. 7% Pref.(qu.)_
14 Feb. 15 Holders of rec. Jan. 2Ia Federal
Dyeing, corn. (spacial)
•12340 Feb. 15"Holders of rec. Feb. 1
Six per cent preferred (guar.)
154 Feb. 16 Holders of rec. Jan. 216 Fidelity Fur
Industrial Bank (guar.)
Wilmington Gas Co., preferred
•$1.50 Feb. 15 *Holders of rec. Jan. 31
Mar. I Holders of rec. Feb. 9.
Extra
•coo Feb. 15 *Holders of row T., q1
,




Name of Company.

When
Per
Cent. Payable

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Mar. 1 Holders of rec. Feb. 15
4
Finance Service Co., corn
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Firestone Tire & Rubber, 7% pref.(qu.) 13' Feb. 15 Holders of rec. Feb. I
First Federal Foreign Bkg. Corp.(qu.)._ $1.75 Feb. 15 Holders of rec. Feb. 1
$1.75 May 15 Holders of rec. May 1
Quarterly
124c Mar. 1 Holders of rec. Jan. 41
First Trust Bank Inc.(guar.)
74c Mar. 1 Holders of rec Jan. 31
Extra
500. Feb. 20 Holders of rec. Jan. 31
Fisher Brass, pref. (guar.)
Florsheim Shoe, pref.(guar.)
dl4 Apr. 1 Holders of rec. Mar. 15a
Follansbee Bros. Co., corn. (guar.)
50c. Mar. 15 Holders of rec. Feb. 28a
25c. Mar. 15 Holders of rer. Feb. 28a
Common (extra)
Preferred (guar.)
134 Mar. 15 Holders of rec. Feb 28
1150 Mar. 15 Holders or roc Mar 5
Foote-Burt Co., WM
*31 Apr. 1 *Holders of rec. Mar. 13
Gen'.Amer.Tank Car(guar.)
*31 July 1 *Holders of rec. June 13
Quarterly
Apr. 1 *Holders of rec. Mar. 13
*1
Stock dividend
July 1 *Holders of rec. June 13
*1
Stock dividend
Mar. 1 Holders of rec. Feb. 130
$1
General Cable class A (guar.)
134 Mar. 1 Holders of rec. Feb. 210
General Cigar, Inc., pref. (guar.)
Feb. 15 Holders of rec. Feb. 5a
El
Gen' Outdoor Advertising, cl. A (qu.)
*14 Feb. 15 *Holders of rec. Feb. 5
Preferred (quar.)
$1.25 Mar. 1 Holders of rec. Feb. la
Gillette Safety Razor (guar.)
Apr. 1 *Holders of rec. Mar. 16
374c*
Glidden Co.,corn.(guar.)
•124c Apr. 1 "Holders of rec. Mar. 16
Common (extra)
•134 Apr. I *Holders of rec. Mar. 16
Preferred .quar.)
76c. Feb. 10 Holders of rec. Jan. 25
Godman (H. C.) Shoe Co.(guar.)
Apr. 15 Holders of rec. Dec. 31
31
Goldwyn Investment Corp.,extra
Mar. 1 Holders of rec. Feb. 8a
Goodrich (B. F.) Co., common (guar.)._ $1
Apr. 1 Holders of rec. Mar. 8a
134
Preferred (guar.)
134 Mar. 1 Holden) of rec. Feb. 1
Gorham Mfg. 1s1 pref.(guar.)
Feb. 15 Holders of rec. Feb. 7
2
Great Lakes Dredge & Dock (quar.)
Feb. 15 Holders of rec. Feb. 7
2
Extra
14 Feb. 15 Holders of rec. Feb. 1
Greenway Corp. (guar.)
Si Feb. 15 Holders of rec. Feb. 1
Extra
•750. Feb. 15 *Holders of rec. Feb. 1
5% preferred (guar.)
*Holders of rec. May 1
Preferred (Ouse.)
5%
7
*7 Z %al. 2 *Holders of rec. Aug. 1
5% preferred (guar.)
*75c Nov. 15 *Holders of rec. Nov. 1
5% Preferred (guar.)
50r Mar. 1 Holders of rec. Feb 19a
Onion Watch, common (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 29
Guggenheim & Co. 1st Pfd.(guar.)
*500. Mar. 1 *Holders of rec. Feb. 15
Hale Bros. Stores (guar.)
14 Mar. 1 Holders of ref.. Feb. 90
Hamilton Watch (guar.)
150 Mar. 1 Holders of rec. Feb. 20
Hanes (P. H.) Knitting, corn. & corn. B
134 Apr. 1 Holders of rec. Mar. 20
(guar.)
Preferred
154 Mar. 20 Holders of rec. Mar. 50
Hanna (II. A.) Co., 1st pref
500 Mar. 1 Holders of rec. Feb. 18a
Harbison-Walker Refract.. corn. (guar.)
1 Si Apr. 20 Holders of reo. Apr. 103
Preferred (guar.)
500 Feb. 28 Holders of rec. Feb. 15a
Hawaiian Pineapple (quar.)
•250 Mar. 1 *Holders of rec. Feb. 15
Hazeltine Corp.(quar.)
Feb. 15 Holders of rec. Jan. 25a
Hershey Chocolate Corp., pref. (guar.). 1
134 Feb. 15 Holders of rec. Jan. 25a
Prior preferred (guar.)
350 Feb. 22 Holders of rec. Feb. 15
Hibbard, Spenoer, Bartlett Co. (mthly.)
350 Mar. 29 Holders of rec. Mar 22
Monthly
Hood Rubber Products, pref.(guar.)._ •134 Mar. 1 *Holders of reo. Feb. 20
Mar. 20 Holders of rec. Feb. 28
p5
Horn'Signal Mfg. cl. A corn
Mar. 20 Holders of rec. Feb. 28
p5
Class AA,common
8740 Mar. 1 Holders of rec. Feb. 15a
Household Products (guar.)
31.25 Apr. 1 Holders of rec. Mar. 110
Hudson Motor Car (guar.)
Hupp Motor Car (Stock dividend) (qu.) e234 May 1 Holders of rec. Apr. 15a
Stock dividend (guar.)
e234 Aug. 1 Holders of rec. July 15a
Stock dividend (guar.)
e234 Nov. 1 Holders of rec. Oct. 15a
•600 Apr. 15 *Holders of reo Apr. 3
Illinois Brick (guar.)
Quarterly
*60c July 15 *Holders ot rec July 3
Quarterly
*60. Oct 15 *Holders of rec Oct. 3
....
Imperial Tobacco of Gt. Brit. & Ire_.. _ *11
Bonus
(5)
*25
Stock dividend
Feb 15 Holders of roe. Jan. 25
31
Indiana Pipe Line (guar.)
Feb. 15 Holders of rev Jan 25
$1
Extra
Holders of rec. Feb. 4a
Ingersoll-Rand Co.. corn.(guar.)
750
Insuransbares Management, series A___ S1.05 Mar. I Holders of rec. Feb. 15
Holders of rec. Feb. 15
$1.05
C
Series
Holders of rec. Feb. 15
960.
Series F
Holders of reo. Feb. 15
810.
Series H
Holders of rec. Dec. 31
570.
Series B
Inter. Agricultural Corp.. Prior pf. (qu.) 134 Mar. 1 Holders of rec. Feb. 150
500. Feb. 28 Holders of rec. Feb. 180
Internat. Combustion Eng.corn.(qu.)
Int. Cont.Invest. Corp.corn.(guar.)... *250. Apr. 1
•250. J-ly I
Common (guar.)
May 1 .Holders of rec. Mar. 30,
Internat. Educational Publishing, pref._ $1
134 Mar. 1 Holders of rec. Feb. 5a
Internat. Harvester, Pref. (guar.)
500. Feb. 15 Holders of rec. Feb. la
Internat. Paper Co.. corn.(quar.)
600. Feb. 15 Holders of rec Feb. la
int. Pap k Pr., el. A rom (qu.)(No. 1)
600. Mar. 1 Holders of reo. Feb. 11
Internat.Safety Razor,class A (quar.)
500. Mar. 1 Holders of rec. Feb. Ila
Class B (guar.)
250.IMar. 1 Holders of rec. Feb. ha
Class B (extra)
*750.!Mar. 1 *Holders of rec. Feb. 15
Inter.Seam. Corp. of Am.. Acorn.(qu.)
*50c.IMar. 1 'Holders of rec. Feb. 15
International Shoe pref. (monthly)
*500.1Apr. 1 *Holders of rec. Mar. 15
Preferred (monthly)
*500.1May 1 *Holders of rec. Apr. 15
Preferred (monthly)
'500. June 1 *Holders of rec. May 15
Preferred (monthly)
'500.- July 1 'Holders of rec. June 15
Preferred (monthly)
.500.Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*500. Sept. I *Holders of rec. Aug. 15
Preferred (monthly)
*50c Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*500. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
•50e. Dec. 1 "Holders of reo. Nov. 15
Preferred (monthly)
•500. Jan 1'30 *Holders of rec. Dec. 15
Preferred (monthly)
250. Feb. 15 Holders of reo. Feb. 1
IntertYPe Corp., corn. (guar.)
250. Feb. 15 Holders of reo. Feb. 1
Common (extra)
500. Apr. 15 Holders of rec. Dec. 31
Investors Capital Corp., common
500. Mar. 30 Holders of rec. Feb. 28
Isle Royale Copper
Joint Security Corp
May 1 Holders of rec. Apr. 20
/1
Corn.(payableIn corn.stock)
Aug. 1 Holders of reo. July 20
Corn.(Payablein corn,stock)
ft
Nov. 1 Holders of reo. Oct. 20
fl
Corn.(Payablein oom.stock)
Jones dr Laughlin Steel, corn.(guar.).- *SI.25 Mar. 1 'Holders of rec. Feb. 13
1 X Apr. 1 Holders of rec. Mar. 13a
Preferred (guar.)
•12 Sic Apr. I "Holders of rec. Mar. 20
Kaynee Co., common (extra)
'Holders of rec. June 20
Common (extra)
1 Holder, of rre. Feb iOn
Kendal Co., part. pref. A (quar.)
Kinney (G. R.) Co., corn
25o. Apr. 1 Holders of rec. Mard2la
Mar. 1 Holders of reo. Feb. 18a
Preferred (quar.)
2
Knox Hat, prior pref.((Mar.)
31.75 Apr. 1 Holders of rec. Mar. ISO
K
Prior preference Crawl
$1.75 July 1 Holders of rec. June 156
Prior preference (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 166
4750Mar. 1 Holders of rec. Feb. 15a
Participating pref.(guar.)
(guar.0750June I Holders of rec. May 15,1
d7
Participating pref.(guar.)
Participating pref.
4750 Sept. 3 Holders of rec. Aug. 15a
Participating pref.(guar.)
5c Dec. 2 Holders of rec. Nov. 15a
07
Kresge (S. S.) Co.. corn. (guar.)
•400. Mar. 30 *Holders of rec. Mar. 11
Mar. 1 *Holders of rec. Feb. 11
Common (payable In corn. stock)_
150
Preferred (guar.)
•134 Mar. 30 *Holders of rec. Mar. 11
Lake of the Woods Milling, corn.(qu,). 800. Mar. I Holders of rec. Feb. 16
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 16
Lakey Foundry & Mach.•e24 Apr. 30 *Holders of rec. Apr. 15
Stock dividend
Stock dividend
•e234 July 30 *Holders of rec. July 15
Stock dividend
•e234 Oct. 30 *Holders of rec. Oct. 15
Lanston Monotype Machine /guar.)._ $1.50 Feb. 28 Holders of reo. Feb. 18a
Feb. 28 Holders of rec. Jan. 31a
Lehigh Coal & Navigation (guar.)
$1
1
Holders
Lehn & Fink Products Co.(guar.)
75c. Mar. 1 Holde of rec. Feb. 14
Glass, corn.(guar.) *50c. Mar. 1 *Holders of rec. Feb. 19
Libby-Owens Sheet
Lincoln Interstate Holding Co
15c July 1 'Laden. of reo. June 20
50o. Feb. 20 Holders of rec. Jan. 2Ia
Lit Brothers
$ 1.624 Feb. 15 Holders of reo. Feb. la
Louisiana Oil Reg., prof. (quar.)
. ..... •2fIr Feb 4 *Holders of rev Dec. 310
MacFadden Pubitratoma
25c. Mar. 1 Holders of rec. Feb. la
McIntyre Porcupine Mines (guar.)
40e. Feb. 11 Holders of rec. Feb. Is
McKesson & Robbins. corn. (guar.).87340 Mar. 15 Holders of Teo. Mar. la
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 21a
MallInson (H. R.)& Co., pref. (guar.)._
-




[VOL. 128.

FINANCIAL CHRONICLE

686

'II13 t;I:.

Name of Company.

When
Per
Cent. Payable

Books Closed
Days Inclusive.

Miscellaneous. (Continued)
1500. Feb. 15 Holders of rec. Jan. 256
Mary(R. H.).4 Co..corn.(guar.)
/5 Feb. 15 Holders of reo Jan. 250
Common (payableIn corn,stook)
Marathon Shoe, corn
87340 Feb. 2 Holders of rec. Jan. 25
Mar. 1 Holders of rec. Feb. 15
$1
Marmon Motor Car, corn. (guar.)
134 Feb. 15 Holders of rec. Jan. 31
Massey-Harris Co., pref. (guar.)
$1.25 Feb. 15 Holders of rec. Jan. 31
Mercantlle Stores, corn.(guar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
Mar. I Holders of rec. Jan. 14
$3
Merrimack Mfg., corn. (guar.)
Preferred
234 Mar, 1 'Holders of reo. Jan. 14
10c. Feb. 15 Holders of rec. Jan. 28
Metropolitan Royalty Corp
Ma
Mid mlontinentp. (quar.)
l .c Copper Co.
500. Feb. 15 Holders of rec. Feb. la
50c. Feb. 15 Holders of reo. Jan. 106
t
Preferred (guar.)
51.75 Mar. 1 Holders of rec. Feb. 10a
Miller (I) & Sons, com.(quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
31.624 Mar. 1 Holders of rec. Feb. 15
Minneapolis-Honeywell Regulator
.$1.25 Feb. 15 *Holders of rec. Feb. 4
Common
Common
.$1.25 Aug. 15 *Holders of rec. Aug. 3
Common (extra)
• 500. Feb. 15'Holders of rec. Feb. 4
•15,i Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
•15i May 15 Holders of rec. May 1
Preferred (guar.)
•1% Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
•1% Nov. 15 Holders of rec. Nov. 1
Preferred (quar.)
Mock, Judson, Gollaringer, Inc.
500. Feb. 15 Holders of rec. Feb. 1
Common (quar.)(No. 1)
$1.50 Mar. 1 Holders of reo. Jan. 26
Mohawk Mining
Mond Nickel-Amer. deposit rots, for
*/e 18 1-3 Feb. 21 *Holders of rec. Dec. 21
ordinary shares
Montgomery Ward & Co., corn.(quar.) *62340 Feb. 15 *Holders of rec. Feb. 4
*51.75 Apr. 1 "Holders of rec. Mar. 20
Class A (quar.)
Moody's Investors Service
750. Feb. 15 Holders of rec. Feb. la
Participating pref.(quar,)(No. 1)Mulford (H. K.) Co. common (qua?.)... •31.50 Feb. 15 *Holders of reo. Jan. 15
11
4
Feb. 15 *Holders of rec. Jan. 15
Common (extra)
Mprel nrred(,7 (quar.)
750. Mar. 1 Holders of rec. Feb. 14a
unsfegwear u re.
q
$1.50 Apr. 15 Holders of rec. Mar. 290
National Biscuit,co.
(quar.)
134 Feb. 28 Holders of reo. Feb. 150
750. Apr. 1 Holders of reo. Mar. 46
Nat. Dairy Products, corn. (guar.)
Apr. 1 Holders of reo. Mar. 46
fl
Corn. (payable In corn. stock)
July I Holders of roe. June 36
11
Common (payable In common stk.)
Oct
Common (payable In common stock). It
I Holders of rec. Sept. 30
01M Apr. 1 *Holders of reo. Mar. 4
Preferred A dr B (quar.)
National Fireproofing. pref. (guar.).
- 623.4o. Apr. 15 Holders of rec. Apr. 1
62,Sie July 15 Holoers of rec. July 1
Preferred (guar.)
623.4e Oct 15 Holders of rec. Oct. 1
Preferred (Oust.)
411.75 Mar 15 *Holders of rec. Mar. I
Nat. Lead, pref. A (quar.)
3740 Feb. 15 Holders of roe. Feb. 1
E
National Refining (guar.)
500. Feb. 15 Holders of rec. Fob. 1
II Holder* of roc Feb. 50
National Supply. eara • (
all" 1•- $1.25 Feb
Nehl Corporation, corn. (guar.)(No. 1). "250. Mar. 1 *Holders of rec. Feb. 10
50c. Feb. 15 Holders of rec. Feb. I
Nestie le Slur Co.class A ((luar.)
Mar. 1 *Holders of reo Feb. 15
- '131
Newberry (J. J.) Co., pref. (guar.).
50c. Feb. 18 Holders of reo. Feb. I
New Cornelia Copper (guar.)
Feb. 9 *Holders of rec. Jan. 19
*2
New Jersey Zinc
"750. May 1 Holders of rec. Feb. 1
Nichols Copper,class B
*75c.d Nov. 1 liolders of rec. Feb. 1
•14 Mar. 30 *Holders of rec. Mar. 20
1
N1e -liementZ.
(qua?.)
Classa n
on
uar pref. (gu )
'114 June 29'Holders of rec. June 19
Preferred
500. Feb. 15 Holders of rec. Feb. 1
Nineteen Hundred Washer A (qu.)
Feb. 20 Holders of rec. Jan. 31
111
North American Investment, COM
150. Mar. 1 Holders of rec. Feb. 11
North Central Texas 011(qu.)
400. Feb. 15 Holders of rec. Jan. 31
Ontario Steel Products,corn,(guar.).-134 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.).
Feb. 15 Holders of reo. Jan. 250
OPPenhelm, Collins & Co., corn. (guar.) $1
Feb. 15'Holders of rec. Feb. I
Co., pref. (guar.)._ 42
&
Oppenheimer
Otis Elevator
Feb. 15 Holders of rec. Jan. 186
Common (payable in common stock).- /15
Feb. 15 Holders of reo. Feb. I
SI
Overseas Securities
Park dr Tilford (stock dividend)
75c. Apr. 14 Holders of rec. Mar. 29
Quarterly
Apr. 14 Holders of reo. Mar. 29
el
Stock dividend (guar.)
"62340 Feb. 15 *Holders of rec. Feb. 1
Parker Pen, con]. (guar.)(No. 1)
Feb. 15 Holden, of rec Feb. 5
Penmans. Ltd., rommon loner.)
$1
Mar. 15 Holders of rm. Feb. 286
Pennsylvania Dixie Cement pf.(qu.)
Pick (Albert) Barth & Co.,Part. Pf,(qu.) 43340 Feb. 15 Holders of reo. Jan. 26
75o. Mar. 1 Holders of reo. Feb. 200
Phillips Jones Corp.,corn.(guar.)
Pittsburgh Steel, Prof. (guar.)
131 Mar. 1 Holders of reo Feb. 96
374c Mar 1 *Holders of rec Feb. 15
Poor & Co..corn.(quar.)
•50c. Mar. 1 *Holders of reo Feb. 15
Common (extra)
Apr. 1 *Holders of rec. Mar. 15
Pratt & Lambert Sr Co., corn.(quar.)_._ 4
11
25
Procter & Gamble Co.,corn.(guar.). - - *V Feb. 15 *Holders of rec. Jan.
134 Mar. 15
Procter & Gamble6% Pt.(quar.)
Mar. 15 *Holders of rec. Feb. 28
•134
Pro-phy-lac-tic Brush, pref.(guar.)
Feb. 15 Holders of reo Jan. 246
$1
Pullman Inc. (guar.)
14 Feb. 15 Holders of reo. Jan. 31
Pullman Company (guar.)
'134 Feb. 28 *Holders of reo. Feb. 1
Quaker Oats. preferred (guar.)
.500. Mar. 1 *Holders of reo. Feb. 18
Ranier Pulp & Paper, el. A (guar.)
•250. Mar. 1 *IIolders of rec. Feb. 18
Class B (guar.)
Mar. 1 Holders of ree. Feb. 130
Republic Iron & Steel, corn. (quar.).... $1
141 Apr. 1 Holders of reo. Mar. 1la
Preferred (guar.)
500. Feb. 15 'folders of rec. Jan. 196
Richfield 011 common (quer.)
Ritter Dental Mfg.,corn.(qu.)(No. 1) '62340 Apr. 1
51.336 Feb. 8 Holders of rec. Jan. 250
Royal Dutch N.Y.shares
500. Mar. 20 Mar 8 to Mar. 20
St. Joseph Lead Co.(guar.)
25o. Mar. 20 Mar 8 to Mar.20
Extra
50c. June 20 June 8 to June 20
Quarterly
250. June 20 June 8
to June 20
Extra
500. Sept.20 Sept. 10 to Sept.20
250. Sept.20 Sept. 10 to Sept.20
liuart rly
Ci xtrae...........................
.
St. Louis Screw &Bolt,corn.(guar.).--- *25e. Mar. 1 *Holders of reo. Feb. 25
•25e June I 'Ticklers (.1 roc May 25
Com.(guar.)
*114 Feb. 15 *Holders of reo. Feb. 1
Savage Arms.26 pref.(quar.)
8714e Mar, 1 Holders of reo. Feb. 156
(gum)
Schulte Retail Stores. coin.
to
sco
Common paya leiarj
c
n common stock). /34 Mar. 1 Holders of rec. Feb. 150
Feb. 15 *Holders of rec. Feb. 7
*4
Dillon Co.(qu
Feb. 15 *Holders of rec. Feb. 7
*3
Extra
Sears, Roebuck Sz Co
May 1 Holders of ree Apr. 136
el
Quarterly (payab)e In stork)
cur d In ian Secur
Seconity Nter aaemenCorp.,corn. A (qu.) 0500. Apr. 1 *Ilolders of reo. Mar. 15
.
.
Security
Feb. 20 *Holders of reo. Feb. 20
oil
First Investment fund, class B
Feb. 20 "Holders Of rec. Feb. 20
Second Investment fund, class B
500. Mar. 16 Holders of rec. Mar. la
Seeman Brothers, Inc., COM.(extra).-1234e. Feb. 25 Holders of rec. Feb. 11
(N
m (q .
s al Shoe,e
Se b y I ck
:o.)
:Pere s A . uar 1)
134 May 1 Ilolders of rec. Apr. 15
(
. l
n:
po mrdrn Stores,PpiU 0mbnq
hCommon0n Prof.d w
Sheffield SteelApr. I *Holders of rec Mar. 21
on
common stock)
0/1
July I 'Holders of rec June 20
Common
In common stock)
Oct. I 'Holders of roe. Sept. 20
stock).Common (payable In common
750. May 1 Holders of reo. Apr. 20
class
2
Feb. 15 Holders of rec. Feb. la
Sinclair Consol.011, pfd.(guar.)
500. Mar. 15 Holders of reo. Feb. 156
Skelly Oil (guar.)
81.75 Feb. 15 Holders of rec. Jan. 31
South Coast Co., pref. (quar.)
erret nuaru Co., corn. (guar.)-- *750. Mar. 15 *Holders of rec. Mar. 5
Sparks-Widh(agto )
*14 Mar. 30 *Holders of roe. Mar. 14
1.374 Feb. 15 Holders of rec. Jan. 28
Standard Investing. Pref.(quar.)
M.
134 Mar. 1 Holders of reo. Feb. 8
Standard 011(Ohio), D
'234 Apr. 1
Stelnite Radio(guar.)
*234 July 1
Quarterly
"24 Oct. I
Quarterly .
1% Apr. 1 Holders of rec. Mar. 15
.
Strauss(Robert T.)& Co., pfd.(qu.)
134 Mar. I Holders of rec. Feb. hill
Sun 011, preferred (guar.)
SI
Feb. 15 Holders of roe. Jan. 15
Swift International
3
Feb. 15 Feb. 1 to Feb. 15
1010 Fifth Ave. Inc. pref
e24 Mar. 20 Holders of reo. Feb. 230
Texas Pacific Coal sfe 011( in stock)
30o. Mar, I Holders of reo. Feb. 216
TbomPeon (John R.)(monthly)
134 Feb. 15 Holders of reo. Jan. 18
Tide Water Oil, pref.(guar.)
Tobacco Products Corp.. class A (guar.) 1 54 Feb. 15 Holders of reo. Jan. 250
25o. Feb. 15 Holders of rec. Feb. 15
Twelfth Street Store Corp.. corn.(guar.)
*500. Feb. 10 *Holders of reo. Jan. 18
Union Oil Associates (guar.)
500. Feb. 9 Holders of reo. Jan. I86
Union Oil of California (quar.)

131

PEB. 2 1929.]

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Name of Company.

Books Closed
Days /easels.

Miscellaneous (Concluded).
United Elec. Coal, corn.(quar.)
750. Mar. 1 Holders of roe. Feb. 15
Mar. 1 Holders of rec. Feb. 18
First preferred (quar.)
$2
General preferred (quar.)
81.75 Mar. 1 Holders of rec. Feb. 18
United Engineering & Foundry
Preferred (quar.)
•1;f Feb. 8 *Holders of rec. Jan. 29
United Paperboard. pref.(quar.)
$1.50 Apr. 15 Holders of rec. Apr. la
United Piece Dye Who.,corn
•34 Feb. 21 *Holders of rec. Feb. 1
Preferred (quar.)
*1 M Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
July 1 *Holders of rec. June 20
Preferred (quar.)
•1
1 *Holders of rec. Sept. 20
Oct
•154 Jan2'30 *Holders of rec. Dec. 20
Preferred (quar.)
United Securities, pref. (quar.)
1 M Apr. 2 Holders of rec. Mar. 15
U. S. Cast Iron Pipe & Fdy., Cora. (q11.) •50c. Apr. 20 *Holders of rec. Mar. 31
Common (quar.)
*50c. July 20 *Holders of rec. June 30
Common (quar.)
.
1500. Oct. 21 *Holders of rec. Sept.30
Common (guar.)
•50c. Jan20'30 *Holders of rec. Dec. 31
First A: second pref. (quar.)
*30c. Apr. 20 *Holders of rec. Mar. 31
First & second pref. (quar.)
•30c. July 20 *Holders of rec. June 30
First & second pref. (guar.)
•30c. Oct. 21 *Holders of rec. Sept. 30
First & second pref. (quar.)
*300. Jan20'30 *Holders of rec. Dec. 31
U.S. Fidelity & Guaranty Co.(qu.)
50c. Feb. 15 Holders of rec. Jan. 31
U. S. Hoffman Machinery (quar.)
Mar. 1 *Holders of rec. Feb. 18
•31
U. S. Leather class A participating and
convertible stock (quar.)
Apr. 1 Holders of rec. Mar. lla
$1
Class A partic. & cony. stock (.211.)- - $1
July 1 Holders of rec. June 10a
Class A partic. & cony. stock (qu.).- 81
Oct. 1 Holders of rec. Sept. 10a
U.S.Playing Card (quar.)
Apr. 1 *Holders of rec. Mar. 4
1951
U. S. Realty & Impt., corn. (quar.)
Mar. 15 Holders of rec. Feb. 15a
21
Utah Radio Products (stock &v.)
.te100 Feb. 10 *Holders of rec. Jan. 29
Valvoline Oil, corn.(in common stock)
Feb. 14 Holders of rec. Feb. 9
16
Vanadium Corp. (quar.)
750 Feb. 15 Holders of rec. Feb. la
Veeder Root Co
•62c Feb. 15 *Holders of rec. Jan. 31
Venezuelan Petroleum (quar.)
*50 Feb. 15 *Holders of rec. Jan. 31
Virginia Carolina Chem., prior pf. (qu.) •1M Mar. 1 *Holders of rec. Feb. 16
Volcanic Oil & Gas (quar.)
*35c Mar. 10 *Holders of rec. Feb. 28
Extra
*50 Mar. 10 *Holders of rec. Feb. 28
Quarterly
*35c June 10 *Holders of rec. May 31
Extra
'Sc. June 10 *Holders of rec. May 31
Quarterly
•350 Sept. 10 *Holders of rec. Aug. 31
Extra
'Sc. Sept. 10 *Holders of rec. Aug. 31
Quarterly
*35c Dec. 10 *Holders of rec. Nov.30
Extra
'Sc. Dec. 10 *Holders of rec. Nov. 30
wayagamack Pulp & Paper (quar.)
75c Mar. 1 Holders of rec. Feb. 15
Westfield Mfg.,corn.(quar.)
37.Mc Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
2
Feb. 15 Holders of rec. Jan. 31
Whitaker Paper,corn.(quar.)
•31.2 Apr. 1 *Holders of rec. Mar. 20
Common (extra)
*El Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
.
11si Apr. 1 *Holders of rec. Mar. 20
Widlar Food Products(No. 1)
37340 Mar. 15 Holders of rec. Feb. 15
Winsted Hosiery (quar.)
•2M May 1 *Holders pf rec. Apr. 15
Extra
4.1.6 May 1 *Holders of rec. Apr. 15
Quarterly
*2M Aug. 1 *Holders of rec. July 15
Extra
Aug. 1 *Holders of rec. July 15
Wolverine Portland Cement(quar.)
_
134 Feb. 5 Holders of rec. Feb. 15
Woolworth (F. W.) Co.(quar.)
$1.50 Mar. 1 Holders of rec. Feb. 9a
Wright Aeronautical Corp.(quar.)
50c Feb. 28 Holders of rec. Feb. 14a
Wrigley (Wm.)Jr. Co., corn.(mthly.)
•250 Mar. 1 *Holders of roe. Feb. 200
Monthly
.
•25e Apr. 1 *Holders of rec. Mar. 20a
• From unofficial sources. f The New York Stock Exchange has ruled that
stock
will not be quoted ex-dividend on this date and not until further notice I
The
New York Curb Market Association has ruled that stock will not be
quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. it Correction. e Payable
in stock.
I Payable in common stock. o Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
m American Encaustic Tiling dividend is one share for each share
held. New
York Stock Exchange rules stock be not quoted ex-dividend until
Feb. 18.
n Coty, Inc., declared a stock dividend of6%, payable in quarterly
installments.
o Kennecott Copper stock dividend is one share for each share
held subject to
stockholders' meeting Feb. 1.
p Payable in class A stock.
r Federal Water Service dividend payable in cash or class A
stock at rate of
one-fiftieth of a share for each share held.
s Imperial Tobacco of Gt. Britain dr Ireland bonus div. is is. 6d.
I New York Stock Exchange rules Certo Corp. be not quoted ex the stock
dividend
until March 1.
to Leas taxes and expenses of depositary.

687

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Jan. 25:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, JAN. 25 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep., Dep.01.140.
Gold. Including N. Y. and Banksand
Gross.
Bk. Notes Elsewhere. Trust Cs:. Deposits.

Loans.

Manhattan$
$
$
$
$
$
Bank of U.S
156.696.700 33,000 2,130,200 18,727,500 1,456,100 150,237,900
Bryant Park Bank
1,952,700 80,700 178,400
177,0002,061,800
Chelsea Exch. Bk. 22.293,000
1,864,000 1,090,000
22,334,000
Grace National__ 18,274,800 6,000
77,500 1.581,000 1,823,900 16.579,600
Harriman Nat'l__ 31,388,000 20.000 715,000 4,303,000 1,253,000 39.150,000
Port NIorris
4,255,100 36,400 111.700
226,800 127,000 3,554,300
Public National
116,948,000 35,000 2,029,000 7.243,000 3,319.000 111,465,000
Brooklyn
56,005,000 250,000 1,672,000 7,359,000
Mechanics
51,625,000
Nassau National_ 21,099,0)0 85,000 310,000 1,710,000 400.000 19,389,000
Peoples National_
8,300,000 5,000 124,000
578,000
98,000 8,150,000
Traders National _
2.809.700
__
55.000
350.600
36.300 2.320.500
TRUST COMPANIES-Average Figures.

Loans.

Cash.

Res've Dep., Depos.Other
N. Y. and Banks and
Gross
Elsewhere. Trust Cos. Deposits.

Manhattan$
$
$
50,738,700
American
738.500 11,734.400
17,231,500
Bk.of Europe & Tr
863,800
88,800
22,531,706
Bronx County
583,167 1,587,260
252,422,000 *37.298,000 4,799,000
Central Union
76,842,100 *4,949,400 2,994,800
Empire
17.564,108
Federation
222,843 1.240,983
16,810,000 *2,241,700
Fulton
324.600
273,007,000 2,445,000 40.460.000
Manufacturers
64,554,300 1,729,300 5,097,500
Municipal
69,829,485 3.583,333 7,697,364
United States
Brooklyn
61,632,000 1,372,800 11,037,300
Brooklyn
29,854,342 1,950,975 2.297,370
Kings County
Bayonne, N. 3
.Xfanhanloa
9.203.871
301.183
815.024

$
$
101,400 52,577,900
16,614,800
22,239.613
2,623,000 263,028.000
3,435,800 71,808,000
250,948 17,567,802
16,923,900
1,926,000 265,438,000
62,393,100
48,8
55.904.876
66,144,800
27,911,793
296.149

9.375.3.57

•Includes amount with Federal Reserve Bank as follows: Central Union, $36.399,000. Empire $3,387,000, Fulton, $2,117,100.

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.
Jan. 30
1929.

Changesfrom
Previous Week

Jan. 23
1929.

Jan. 16
1929.

.

$
$
$
$
85,850,000 Unchanged
85,850,000
Capital
85,860.000
111,768,000 Unchanged
111,768,000 112,037,000
Surplus and profits
invest'ts_ 1,120,619,000 +6,739.0001,113,880,0001,109,847,006
Loans, diac'ts &
687,305,000 -6,743,000 694,048.000 705,603,000
Individual deposits
134.336,000 -3.507,000 137,843,000 147,123,000
Due to banks
278,568.000 -1,436,000 280,004,000 280,347.ob0
Time deposits
2,879,000
-51,000
2,930,000
3.231.000
United States deposits_ _ _
30,652,000
-185,000
33,127,1',
30,837,000
Exchanges for Clg. House
75,350,000 -4,952,000
80,302,000
90.481,'''
Due from other banks_._
83,227.000
-890,000
84,117,000
86,169,000
Res've In legal deposles
9,022,000
-307.000
9,329,000
9.851.000
Cash in bank
- .
cal nnn
__van AM
791 nnn
1 175 AAA

Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with
Philadelphia Banks.
-The Philadelphia Clearing House
the capital and surplus. We give it below in full:
return for the week ending Jan. 26, with comparative figures
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING
HOUSE for the two weeks preceding, is given below. Reserve
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 26
1929.
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
*Surplus & Net Demand
Time
Clearing House
*Capital. Undivided
Deposits
Deposits
to be kept with the Federal Reserve Bank. "Cash in vaults"
Members.
Profits.
Average.
Average.
is not a part of legal reserve. For trust companies not
$
Bank of N.Y.& Trust Co
members of the Federal Reserve System the reserve required
6,000,000 13,324.400
64,903,000
8.197,000
Bank of the Manhattan Co_
16,000,000 28,775,400 177.625.000
40,659,000 is 10% on demand deposits and includes "Reserve with
Bank of America Nat Assn_ _ 25,000,000 37,384,600 142,360,000
48.777,000
National City Bank
90,000,000 76,986,700 a849,302,000 162,643,000 legal depositaries" and "Cash in vaults."
Chemical National Bank_ _ _
6,000,000 20,294,200 138.082,000
11,301,000
National Bank of Commerce_ 25.000,000 48,295,300 294,914,000
Beginning with the return for the week ending May 14 1928,
46,402,000
Ch at.Phenix Nat.Bk.& Tr.Co 13.500,000 15,460,600 163,772,000
41,724,000 the Philadelphia Clearing House Association
Hanover National Bank
discontinued show10,000,000 21,983,000 125,867,000
3,082,000
Corn Exchange Bank
11,000,000 17,857.000 176,213.000
32,145,000 ing the reserves and whether reserves held are above or below
National Park Bank
10,000,000 25,594,600 130,288,000
10,322,000
First National Bank
10,000,000 92.684,400 252,223,000
16,646,000 requirements. This will account for the queries at the end
Amer. Exch. Irving Tr. Co
40,000,000 54,084,000 370.955,000
52,401,000
Continental Dank
1,000,000 1,522,300
9.210,000
600,000 of the table.
Chase National Bank
60,000.000
500,000
1,000,000
11.000.000
5,000.000
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

77,490.800
3,382.100
1,900,200
15,912,900
6,772,700
77,387.200
6,187,200
22,577,900
63,377,000
3,771,400
4,087.800
25,938,100
23,113,900
27,098,900
3,965,400
7.000,000

6572,238.000
20,436,000
16,218,000
126,548,000
37,930,000
c341,531,000
55,659.000
36,526,000
d468,868,000
44,286,000
18,740,000
144,600,000
el22,939,000
f334,549,000
27,759,000
31,180,000

500,000

816,400

3,280,000

5,723.000

488,900,000 825,026,400 5,305,007,000

861,557.000

Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank __
State Bank & Trust Co
Bankers Trust Co
U.S. Mtge. & Trust Co
Title Guarantee & Trust Co_
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan 4: Trust Co_ _ _
Equitable Trust Co
Colonial Bank
Commercial Nat. Bk & Tr.Co.
Clearing Non-Members.
Mechanics Tr. Co., Bayonne_
Totals

68,133,000
1,169,000
211,000
8,311.000
58.169.000
50.668,000
5,928,000
2,556,000
79,038,000
5,258,000
2,398,000
22,123,000
20,339,000
46,413,000
7,512,000
2.709,000

' per official reports: National, Dec. 31 1928; State, Dec. 31
As
1928; Trust
Companies, Dee. 311028.
Includes deposits in foreign branches: (a) 3286,478.000; (b)
$13,861.000.
(c) $72,130,000; (d) 3109.625,000; (e) $10,215,000;; (7) 3127,380,000.




Week Ended Jan. 26 1929.
Two Ciphers( )
00
omitted.

Members of
Trust
F.R.System Companies.

$
57,683.0
Capital
176,857,0
Surplus and profits
Loans, discts. & invest. 1,026.594,0
42,399.0
Exch. for Clear. House
89,918,0
Due from banks
130.645,0
Bank deposits
Individual deposits.-- 618,910.0
213.730,0
Time deposits
963,285,0
Total deposits
Res. with legal deP0
s69.628,0
Res. with F. R. Bank_
10,012,0
Cash in vault*
79,640,0
Total res. & cash held_
Reserve required
Excess reserve and cash
In vault

1928.
Total.

Jan. 19
1929.

Jan. 12
1929.

3
9,500,0
67,183,0
67,183,0
67,183,0
18,521.0 195,378,0 195,378,0 195,279,0
97,816,0 1,124,410,0 1,122,083,0 1,129,222,0
801,0
43,460,0
44.918,0
45,006,0
542,0
90,460,0
94,213.0
97,397.0
3,416,0 134,061,0 139,667,0 140,845.0
45,954.0 664,864,0 671,867,0 673.133,0
26,273,0 240,003,0 238,503,0 236,889,0
75,643,0 1,038,928,0 1,050,037,0 1.050,867.e
7,752,0
7,752,0
9,173.0
8,086,0
69,628,0
69.782,0
70,287,0
2,546,0
12,558,0
13,351,0
12.914,0
10 298,0
89 938,0
83 01.0
83 133,0
?

•Cash in vault not counted as reserve for Federal Reserve members

688

128.

FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 31.rand 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 655, being the firstlitemrin our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THEIFEDERALTRESERVE BANKS AT THE CLOSE OF BUSRVESS JAN 30 1929.
Jan. 301929. Jan.23 1929. Jan. 16 1920. Jan. 9 1929. Jan. 2 1929. Dec. 26 1928. Dec. 19 1928.IDec. 12 1928. Feb. I 1928.
RESOURCES.
5
$
$
$
3
3
$
$
$
Gold with Federal Reserve agents
1,207,793,000 1,223,392.000 1,196,417,000 1,219,166,000 1,233,332,000 1,171,408,000 1,268.645,000 1,172,296.000 1,419,336,000
66,686,000
70,648,000
Gold redemption fund with U. S. Trees_
68,979,000
73,400,000
73,693,000
46,973,000
83,171.000
77,666,000
76,485,000
Gold held exclusively agst. F.R. notes 1,274,479,000 1,294,040,000 1,265,396,000 1,292,566.000 1,307,025,000 1,254,579.000 1,345,130,000 1,249,962.000 1,466,309.000
Gold settlement fund with F.R. Board._ 725,160,000 683,066,000 704,819,000 684,091,000 685,346,000 750,186.000 736.444.000 730,827,000 697,839,000
Gold and gold certificates held by banks_ 667,545,000 670,984,000 660,355,000 655,015,000 595,256,000 579,474,000 533,383,000 646,186,000 634,830,000
Total gold reserves
Reserves other than gold

2,667,184,000 2,848.090,000 2,630,570.000 2,631,672,000 2.587.627,000 2,584.239,000 2,814,957,000 2,626,975.000 2,798,978,000
168,013,000 165.440,000 162,065,000 151,435,000 130,898,000 104,588,000 108.800,000 118,878,000 171,652,000

2,835,197,000 2.813,530,000 2.792,635,000 2,783,107,000 2,718,525,000 2,688,827,000 2,723,757,000 2,745.853,000 2.970,630,000
Total reserves
96.488.000
96,532,000
91,881.000
Non-reserve cash
83,308,000
64,093,000
99,091,000
84,434,000
56.973,000
60,046,000
Bills discounted:
Secured by U. S. Govt. obligations- 523,778.000 471,443,000 525,735,000 558,186,000 757.451,000 713,759,000 582,722,000 650,795,000 296,528,000
296,858,000 310,671,000 296,089,000 318,361,000 394,013,000 453.820,000 363.988,000 377.557,000 126,904,000
Other bills discounted
Total bills discounted
BUM bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

820,634,000
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

51,599,000
99,572,000
50,600,000

52,344,000
98,383,000
51,307,000

62,679,000
122,478,000
63,186,000

52,666,000
113,425,000
73.151,000

52,666,000
120,818,000
70,469,000

Total U. S. Government securitiesOther securities (see note)

201.771,000
9,025,000

202,034,000
9,025.000

238.343,000
9,825,000

239,242,000
9,825,000

243,953,000
9.885.000

946.710.000 1,028,352.000
453.111.000 494,323,000

423,432,000
377,393,000

52,717,000
104,759.000
74,852,000

53,386,000
105.318,000
131 838.000

53,497,000
116,173.000
65.837,000

61,901,000
233,082,000
138,678,000

232,328,000
10,135,000

190.542.000
10.360 000

235,507,000
4,415.000

433,661,000
500,000

Total bills and securities (see note)..... 1,417,039,000 1,447,391.000 1,551,231,000 1.602,714,000 1.889,660,000 1,899,312,000 1 /00,723.000 1.762,597,000 1,234,986,000
Gold held abroad
731,000
731,000
730,000
728,000
728,000
729,000
Due from foreign banks (see note)
747.000
568,000
726.000
631.465,000 700,026,000 793,503,000 691,004.000 826,187,000 722,108,000 967,494,000 795,957,000 621,207,000
Uncollected Items
58,806.000
58,591,000
58,607,000
58,591,000
58,591,000
Bank premises
60.630.000
60.629,000
58,755,000
60,606,000
8,421,000
7.740,000
8.811.000
7,704.000
7,678,000
All other resources
7,715,000
10,455,000
8,375.000
10,061,000
5093,730,0005,125,193.0005,300,968,0005,242.914,000 5,584,714,000 5,443,401,000 5.418,479,000 5,435,846,000 4,981,035,000

Total resources
LIABILITIES,
F. R. notes in actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see note)
Other deposits

2,390,947,000 2.358,861,000 2,414,553,000 2,404,678,000 2,493,757,000 2,409,195,000 2.325,879.000 2,408.967,000 2.404,673,000
25,535.000
12.088,000
18.036,000
30,999,000
14,108,000
5,489,000
15,782,000
24.006,000
29,724,000
7,283,000
6,762.000
5,853,000
6,903,000
5,744.000
5,935,000
7,534,000
5,045,000
7.059.000
19,379,000
25,211,000
27,600,000
21,211,000
19,314,000
18,178,000
20,217,000
33,042,000
22,582,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

2,437,097,000 2,397.090,000 2,472,582,000 2,452,239,000 2,563,733,000 2,455,093,000 2,356,426,000 2,465,967,000 2,451,902,000
591,235,000 648,570,000 713,457.000 629,574,000 776,626,000 654,553,000 771.548,000 735,000,000 573,990,000
148,810,000 148,356.000 147,856,000 146,826,000 146,952,000 146,868,000 146,876,000 146,868,000 134,440,000
254,398,000 254,398.000 254.398,000 254,398,000 254,398,000 233,319,000 233,319.000 233,319,000 233,319,000
15,373,000
16,606,000
15,812.000
14,615,000
10,399,000
41,118,000
42,730,000
13,641,000
40,972,000

1,645,494,000 1.660,967,000 1,697,302,000 1,745,262,000 1.829.364,00011.910,833.000 1,869,192,000 1,813,720,000 1,576,985,000

Total liabilities
5.003,730.0005,125.193 000 6,300,968,000 5,242,914,000 5,584,714.000 5.443,401,000 5,418,479,000 5,435,846,000 4,981,035,000
,
Ratio of gold reserves to deposits and
63.1%
65.3%
62.7%
F. R. note liabilities combined
65.3%
58.9%
59.2%
61.9%
61.4%
69.5%
Ratio of total reserves to deposits and
67.0%
69.3%
60.3%
F. It. note liabilities combined
61.9%
69.4%
61.6%
64.5%
64.2%
73.7%
Contingent liability on bills purchased
for foreign correspondents
317,774,000 325,443.000 332,338,000 333,971.000 325,064.000 327,315,000 321.010,000 284,014.000 237,364,000
-$
$
$
Distribution by Maturities$
$
5
$
$
$
1-15 days bills bought In open market. 133,502,000 132,608.000 156,899,000 146,784,000 156,817,000 166,325,000 139,251,000 175,007,000 122,331,000
677,446,000 656,529,000 688,297,000 741,362,000 1,011,198,000 1,012,581,000 797.249.000 880,179,000 362,922,000
1-15 days bills discounted
12,965,000
780,000
23,020,000
5,000,000
10,126,000
21,790,000
19,885,000
80,690,000
1-15 days U. S. certif. of indebtedness
60.000
125,000
125,000
1-15 days municipal warrants
77,198,000
81,392,000
89.543,000
95,602,000
72,232,000
95,793.000
93,021.000
89.215,000
94,713.000
16-30 days bills bought in open market _
33,076,000
38,022.000
37.238,000
15,929,000
37,802,000
38.723,000
38,475,000
38.749,000
39,031,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
90.000
60,000
municipal warrants
60,000
16-30 days
160,109,000 141,848,000 139,511 000 129,680.000 131,901,000 143,448.000 147,077.000
97,967,000
31-60 days bills bought In open market _ 156,122,000
50,422,000
58,933,000
22,552,000
54,253,000
49,880,000
58,914,000
59.509,000
54,432,000
51,437,000
31-60 days bills discounted
22,928,000
22.913,000
55,577,000
28,000
23.073,000
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
76,359,000 100,252,000
80,845,000
72.446.000
97,221,000 104,083.000
71.311,000
46,947,000
93,531,000
61-90 days bills bought in open market.
31.801,000
40,430,000
15,571,000
31.328.000
35,162.000
33.383.000
31,148,000
33,616,000
42,387.000
61-90 days bills discounted
22.888,000
22.873,000
24.203,000
22,995,000
1,049,000
61-90 days U. S. certif. of Indebtedness_
61-90 days municipal warrants
5,044.000
3,750.000
4,018,000
4.000,000
4,563,000
4.041,000
4.388.000
4,492,000
3.436.000
Over 90 days bills bought in open market
15.282,000
13,148,000
17,869,000
18,133,000
16,301,000
12,905.000
6,458,000
18.124,000
11,562,000
Over 90 days bills discounted
27,308,000
27,599,000
28.275,000
27,243.000 , 27,561.000
78,101,000
55,711,000
28.859,000
26,478,000
Over 90 days certif. of Indebtedness....
Over 90 days municipal warrants
F. R. notes received from Comptroller__ 2,941.893.0002.963,997,000 2,982,912 000 3,001,234,000 3,013,124,000 3.009.974.0903,007.737,000 2.989,120,000 2,924.622,000
862,727,000 840,547.000 800.957,000 758,582,000 733.832,000 685,137,000 720,295.000 746,295,000 900,570.000
1'. R. notes held by F. It. Agent
2,079,166,000 2.123,450,000 2,181,955,000 2,242,652,000 2,279,292,000 2.324,837,000 2,287.442.0002,242,825.000 2,024,052,000
=-------

Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper

360,145.000 360,155.000 365,155,000 371,273.000 371.273,000 370,673,000 441.021.000 341,207,000 405,495,000
94,958,000 101.271,000
96,905,u00
98,442,000
94,785,000 101,890.000 112,742,000
98,968.000
90,144,000
757.504.000 766,269.000 736,304,000 746,622,000 763,617,000 703,830,000 732,839,000 729,109,000 901,099,000
1,217,957,000 1.197,449.000 1,202,034,000 1,314,853,000 1,562.351.000 1.588.168,000 1.350.802,000 1,443,842.000 765,210,000
_
0 .4, 'FA nnn Awl All non 2 458.451.0002.534.019.0002_705852 non 2 75Q 576 non2 A1Q 447 non g ale 1q4 nnn,
1
lied icni. nn.
order to show separately the.
amount of balances held abroad and amounts due
NOTE.
-Beginning with the staten ent of Oct. 7 1925. two new items were added iii
previously made up of Federal Intermediate Credit Bank debentures, was changed to
10 foreign correspondents. In addition, the caption. "All other earning assets,"
"Other securities," and the caption. "Total earning assets" to "Total bills and securities," The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSEIOF BUSINESS JAN. 30 1929
Two ciphers (00) omitted.
Federal Reserve Banlc of
-

Total.

Boston.

RESOURCES.
$
$
Gold with Federal Reserve Agents 1,207.793.0 53,999.0
66,686,0 6,535.0
Gold red'n fund with 15. S. Treas.
Gold held excl. asst. F.R.notes 1,274,479,0 60,534,0
Gold settle't fund with F.R.Board 725,160,0 41,514,0
Gold and gold ctfs held by banks 667,545,0 29,689,0
Total gold reserves
Reserve other than gold

2,667.184,0 131,737.0
168,013,0 19,141,0

2,835,197,0
Total reserves
91,881,0
Non-reserve cash
discounted:
Ellis
See. by U. S. Govt. obligations 523,778,0
296,856,0
Other bills discoueted

160,878,0
10,205.0
35,446,0
38.152,0

Total bills discounted
13111s bought in open market
U. S. Government securities:
Bonds
Treasury notes
Oertificatee of indebtedness

820,634,0 73,598,0
435,609,0 83.180,0
51,599,0
99,572,0
50,600,0

689,0
3,091,0
4.411,0

Total U. S. Gov't securities

201,771.0

8.191.0




New York.

Phila.

Cleveland, Richmond Atlanta. Chicago. St. Louis. Mtnneap, Kan.City. Dallas. San Fran,

$
$
$
$
$
i
$
$
$
8
$
242,272,0 108,201,0 137,021,0 52,503,0 74,760,0 232,907.0 30,443.0 40,485,0 55,211,0 19,184,0 154,807,0
14,128.0 7,035,0 6.622,0 2,268,0 4.583,0 7,625,0 5,483,0 2,583,0 3,634,0 2,509,0 3,681,0
256,400,0 115,236,0 143,643,0 54,771,0 79,343,0 240,532,0 .$35,926,0 49,068,0 68,845,0 121,603,0 158.488,0
282,271,0 23,869,0 68,355,0 10,428,0 16.373,0 134,014,0 f21.880.0 22,827,0 44,363,0 21,690,0 37,776,0
419,602.0 34,103.0 45,394,0 14,933,0 6,538,0 53,501.0 ;11,767,0 3,817,0 5,886,0 12,870,0 29,445,0
958,273.0 173,008,0 257,392,0 80,132,0 102,254,0 428,047,0 09,573,0 .75,712,0 109,094,0 56,253,0 225,709,0
40,212.0 9,411,0 11,830,0 10.823,0 11,619,0 16,893,0 ,18,705.0 ...2,844.0 (1 6.199,0 7,441,0 12,896,0
998,485,0 182,419.0 269,222,0 90,955,0 113,873,0 444,940,0 08,278.0 78,556.0 115,293,0 63,694,0 238,604,0
35,009,0 2.380,0 5,765,0 8,013,0 4,815,0 AL8,369,0 .
A4,443,0 1.395,0 .2,200,0 , 3,690,0 5,597,0
I4
*a
1
01
169,411,0 47,953,0 46,418,0 19.473,0 20,243,0 188,204,0 21,895,0 6.237,0 11.545,0 17,863,0 39,090.0
43,497.0 22,528,0 24.173,0 20,010.0 40.321,0 *49,485,0 .13,901,0 4,218,0 19,581,0 .s4,709,0 16,281,0
212,908.0 70,481.0 70,591,0 30,483,0 60,564,0 137,689,0 35,796,0 10,455,0 031,126,0 22,572,0 55,371,0
115,440.0 22,915,0 39,995,0 19.579,0 21,217,0 43,264,0 8,455,0 16,973,0 .8,372,0 120,674,0 52,645,0
06
548,0 1,152,0
585,0
1,384.0
29,0 19,937,0 7,125,0 4.519,0 g,7,755,067.813,0
63.0
12,682,0 10,307,0 28,530,0 1,062,0 3,558,0 7,989,0 11,562,0 4.618,0 A 902,0 ,, 2.175,0 13,096,0
10,555,0 3,884,0 1,213,0 1.288,0 7,954,0 2,355,0 1,770,0 61,108,0 A
12,121.0
3,943.0
26.187.0 21.447,0 32,962.0

3,427.0

4.875.0 35.880.0 21.042.0 10.907.0

9.702 0

o neon

17 In2 n

FEB. 2 1929.]
RESOURCBS (Concluded)
Two Ciphers (00) omitted.

FINANCIAL CHRONICLE
Boston.

Total.

•Other securities
Total bills and securities
Duo from foreign banks
Uncollected items
Bank premises
Allother

New York.

$

$
9,025,0

$

Phila.
$

689

Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.

S

3

$

3

$

$
775,0

$
1,500,0

8
6,000.0

$
750,0

354.535,0 114,843,0 143.548,0 62,489,0 89,656.0 216,833,0 65.293,0 39,110,0 50,781,0 59.234.0 125,768,0
222,0
70,0
74,0
34,0
100,0
28.0
29,0
18,0
24,0
24,0
53,0
169,547,0 52,558,0 61,902,0 50,089,0 21,695.0 77,572,0 28,506,0 11,593.0 35,836.0 25.050,0 35,779,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527.0 3,827,0 2,110,0 4,140,0
1.921,0 3,687,0
1,175,0
249,0 1,172.0
484.0 1,399,0
805,0
450.0
868,0
323.0
498.0 1,318,0

1,467.039.0 144,969.0
730,0
54,0
631,465,0 61,338.0
58,607.0 3,702,0
8,811,0
70,0

5,093.730,0 371,218,0 1,575,060,0 354.271,0 488.218,0 215,639,0 234,210,0 757,146,0 190,826.0 133,650.0 208,577,0 154,111,0 410,806,0
Total resources
LIABILITIES.
F. R. notes In actual circulation_ 1,645.494,0 132,057,0 319,820,0 130,310,0 199,193,0 77,150,0 127,196,0 275,171,0 60,056.0 59,970.0 66,065,0 40,962,0 157,544,0
Deposits:
Member bank-reserve acc't 2.390.947,0 146,617.0 963,955,0 134,252,0 183,537.0 70,082,0 66.261,0 349,665,0 82.907,0 51,463,0 94,110,0 72,356.0 175,742,0
18,036,0
Government
718,0
2,079,0
800.0 1,624.0 2,423,0
2,192,0 2,016,0 1,414.0
736.0
686,0 1,115,0 2,233,0
Foreign bank
6,903,0
460.0
2,574,0
598,0
634.0
248,0
851,0
242,0
286,0
155.0
205.0
205,0
447,0
21,211,0
Other deposits
89,0
8,688,0
71,0 1,221.0
821,0
87,0
80,0
350,0
257.0
212,0
26,0 9,311,0
2,437.097,0 147,884,0 977,294,0 135,719,0 187,016,0 72.871.0 68.782,0 353.353,0 84,919,0 52,611,0 95.213.0 73.702,0 187,733,0
Total deposits
Deferred availability items
591,235,0 60,574,0 150,394,0 49,081,0 59,499,0 48.044,0 21.167,0 70,672,0 28,442,0 10,047,0 33,359,0 25,990.0 36,047,0
148,810,0 10,615.0
Capital paid in
51,870,0 14,536,0 14,581.0 6,166,0 6,258,0 18,589.0 5,414,0 3,028.0 4,235.0 4,308,0 10,680.0
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 9,086.0 8,690,0 17,978,0
Allotheritabillties
16,698,0
917,0
4,400,0
524,0 1,604,0 1,009.0
1,253,0 2,919,0 1,175,0
912,0
619,0
540,0
824,0
Total liabilities
5,093,730,0 371,216,0 1,575,060,0 354,271,0 488,218,0 215,639,0 234,210,0 757,146,0 190,826,0 133.650.0 208,577.0 154,111,0 410,808,0
Memoranda.
Reserve ratio (per cent)
69.4
53.9
77.0
68.6
69.7
58.1
60.6
70.8
79.8
60.9
71.5
55.5
69.1
Contingent liability on bills our
chased for foreign correspond'
317,774,0 23,539,0
96,059,0 30,538,0 32,446,0 14,633,0 12,406.0 43,580,0 12,724.0 7,952,0 10,497,0 10,497,0 22,903,0
F. R. notes on hand (notes reel'
from F. R. Agent less notes I
Awl Alon 9/1 711 n
197 0700 5(1nal n 0/ nmn n 91 annn .21 5010 0, 7200 19 £990
circulation
R 1190
0 51110
10191 n AR A97 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JANUARY 30 1929.
Federal Reserve Agent at-

Boston.

Total.

New York.

3

Phila. ICIereland. Richmond Atlanta.' Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.

5

3

5

5

S

Two Ciphers (00) omitted$
$
F.R.notes ree'd from Comptrollex 2.941,893,0 235.846,0
F.R. notes held by F. R. Agent__ 862,727,0 77,075,0

I
$
I $
$
$
I
S
770,904,0 215,301,0 274,133,0 118,581,0 221,999,0 440,521,0 86,428,0 84.671.0107.508,0 65.330,0 320,671,0
323,805,0 34,500,0 41,930,0 19,541,0 63,310,0 131,620,0 13,950,0 16,589,0 31.560.0 14,247,0, 94,600,0

F. B.. notes Issued to F. R. Dank.. 2.079,166,0 158,771,0
Collateral held as security for
F. B.. notes issued to F. R. Bk.
Gold and gold certificates...-. 360,145,0 35,300,0
Gold redemption fund
90,144,0 10,699,0
Gold fund-F. It. Board
757,504,0 8,000,0
Eligible Paper
1,217,957,0 138,702,0

447,099,0 180,801,0 232,203,0 99,040,0 158,689,0308,901,0 72,478,0 68,082,0 75,948,0 51,083,0 228,071,0

Total collateral

171,880,0
50,000,0 6,690,0 27,350,0
7,500,0 14,167,0
12,258,0
15,392,0 10,424,0 12,021,0 6,813,0 7,210,0 1,907,0
1,943,0 1,318,0 3,851,0 2,926,0
55,000,0 97.777,0 75,000,0 39,000,0 40.200.0231.000.0 21,000,0 31,000,0 51,360,0 4 000,0
311,848,0 78.548,0 110,353.0 55,073,0 84,437,0 180,700,0 44,206,0 27,118,0 39.160,0 43,194,0

2.425.750.0 190.701.0

35,000,0
15,640,0
104,167,0
106,620,0

554.120.0 186.747.0 247.374.0 107.576.0 150.197.0 413.607.0 74.549.0 73.603 0 94.371.0 62.378.0 261.427.0

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 655 immediately
following which we also give the figures of New York reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange
or drafts sold with
endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and
bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S.
Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal
Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by Commercial paper, only a lump total being given.
The number of reporting
banks is now omitted: in its place the number of cities included has been substituted. The figures have also been revised to
exclude a bank in the San
Francisco district, with loans and investments of 6135.000,000 on Jan. 2. which recently merged with a non-member bank. The
figures are now given in
round millions instead of in thou.sands.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS ON JANUARY 23 1929. (In millions of dollars.)
Federal Reserve District.

Total.

Boston, New York

S

Loans and Investments-total

$
22,133

1,508

$
8,305

-total
Loans

18,062

1,139

7,352
8,710

477
662

(3,071
3,116
2,954

Phila.

S

Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank

684
802

369

2,238

343

165
204

1,245
992

109
234

100
18

790
67

81
15

924
478
2

5,869
1,720
25

48
112

554

Reserve with F. R.. Bank
Cash In vault

1,485

501
393

1,170
2,962

U.S. Government securities
Other securities

894

3,188
2,880

13,386
6,885
83

Investments
-total

6,068

1,730
244

On securities
All other

1,237

41

S

$
2,189

638

$
3,317

521

501

191
331

150
351

703

159

335
368

72
87

128
31

740
296
5

148
1,026
119

$

$

$

$

Dallas. San Fran.
$

737

389

685

501

$
1.947

2,567

534

258

447

364

1,284

1,173
1,394

249
285

76
182

145
302

123
241

396
889

137

750

203

131

238

136

663

69
68

358
392

83
120

74
58

117
122

94
42

396
267

41
12

41
10

264
38

49
6

26
6

59
11

38
8

113
20

1,047
958
8

369
241
2

332
230
4

1,839
1,274
5

408
241
2

217
141
____

513
179
1

319
139
8

787
990
21

60
167

104
225

55
104

85
12

226
451

62
146

48
86

127
220

66
112

139
191

35

59

20

4

123

23

1

14

19

44

681

*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
Jan. 30 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..

Jan. 301929. Jan. 23 1929. Feb. 1 1928.
as
$
242,272,000 ,. 242,371,000 299,259,000
14,128,000
15,952,000
14,657,000

Gold held exclusively scat. F. R. notes
Gold settlement fund with F. R. Board..
Gold and gold certificates held by bank.

366,400,000
282,271.000
419,602,000

358,323,000
380.336,000
422,498,000

Total gold reserves
Reserves other than cola

958,273,000
40,212,000

960,986.000 1.019.451.000
39,131.000
32,586,0110

Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations.._
Other bills discounted

998,485,000 1,000,117.000 1.052,037,000
35,009,000
36,053.000
28,052,000
169,411,000
43,497,000

97,310,000
55,847.000

100,623,000
13,671,000

Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness

212,908,000
115,440,000

153,157,000
120,436.000

114.294,000
103,615,000

1,384,000
12,682,000
12,121,000

1,384,000
13,007,000
12,901,000

5,212,000
48,685,000
37,799,000

Total U.S. Government securities._
Other securities (see note)

26,187,000

27,292,000

91,696,000

Total bills and securities (See Note)_.. _

354.535.000

300.885.000

309,605,000

313,916,000
U9,145,0011
396,390.000

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources

Jan. 30 1929. Jan.'23 1929. Feb. 1 1928.
5
5
$
222,000
169,547.000
16,087,000
1,175,000

223,000
184.033.000
16,087,000
1.020.000

216,000
171,700,000
16,516,000
2,598,000

1 575,060,000 1,538.418.000 1,581,524,000

LiabilitiesFed'I Reserve notes in actual circulation
-Member bank, reserve acct._
Deposits
Government
Foreign bank (See Note)
Other deposits

319,820,000
963.955,000
2,079.000
2,574,000
8,686,000

322,550.000
915.506,000
'2,004,000
'2,433,000
8,075.000

344,481.000
958,445.000
10,307,060
1,750,050
9,823,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

977,294,000
150,394,000
51,870,000
71,282,000
4,400,000

928,018.000
161,117,000
51,311,000
71,282.000
4,140.000

980,325,000
149,303.000
31,846.000
63,007,000
2,562,000

Total liabilities
Ratio of total reserves to deposit and
Fed'i Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence

1,575,060,000 1.538,418,000 1,581,524,008
77.0%

80.0%

79.4%

96,059,000

97.550,000

67,054,000

NOTE.-BeginnIng with the statement of Oct. 7 1925, two new
foreign correspondente. 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
assets." previously
"Other securities." and the caption "Total earning assets" to "Total bills and securities." made up of Federal Intermediate Credit Bank debentures, was changed to
The latter term was adopted as a more accurate description of the total of the
discount acceptances and securitie3 acquired under the provisions of Sections 13
and 14 oft he Federal Reserve Act, which,it was stated, are the only Items Included therein.




[VoL. 128.

FINANCIAL CHRONICLE

690

New York City Banks and Trust Companies.
(AU prices dollars per share.)

azeitto

glaniters'

Wall Street, Friday Night, Feb. 1 1929.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 679.
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.
Sales
Week Ended Feb. 1.for
Week
Par Shar

Range for Week.
Highest.

Lowest.

Jan
J 216
Jan 28 216 Jan 28 216
Jan 26 2% Feb 1 1% Jan 254 Feb
Jan
Jan 101
Jan 31 93
Jan 31 101

Jan 281 58
Feb 1) 89%
Jan 30330
Jan 29 79%
Jan 29 80
1
300k 14 Jan 28 15
6% Jan 28 6%
.50
4 136 Jan 26 137
10 86 Jan 30 86
1
110152% Jan 30 154
100 132 Jan 29 138
200 75 Jan 23 75
101 58
501 89%
200 325
2 79%
llOj 79%

Pitts Ft W & Ch pref _100
Rensellaer & Saratoga100
Wheel & L Erie pref _100

Highest.

1

Railroads

Market St Ry pref._ _100
Nat Rys of Men 1st p1100
New Orl Tex & Mex_100
Northern Central---50

Lowest.

$ per share. $ per share. t Per share.S per share.

2 216
Albany at Susqueh _ _100
2
Atch Topeka & SF rights 95,4
8 101
Buff Roth VP pref-100
Canada Southern_ _ - _100
Caro Cllnchf & Ohlo_100
Central RR of N J.._100
Cleve & Pittsburgh-100
III Centleased line--100

Range Since Jan. 1.

Banks-N.Y. Bid Ask Banks-N.Y Bid Ask Tr.Cos.-N.Y. Did
240 244 Equitable Tr_ 545
193 195 Public
America
Amer Union._ 235 245 Seaboard _ _ 835 850 Farm L & Tr_ 965
180 185 Fidelity Trust 470
Bryant Park" 275 375 Seward
305 325 Fulton
630
198 205 Trade*
Central
235 255 Yorkville __- 250 265 Guaranty_ _ _ 943
Century
- 260 275 Int'lGermanic 213
Chase
918 925 Yorktown"
Interstate__ __ 332
Chath Phenix
Lawyers Trust _
Brooklyn.
Nat Bk& Tr 675 685
. _-- 345 Manufacture
Chelsea Exch* 420 435 Globe Exch•
New $25 par 244
140
1400 1160 Mechanics.. 530 537
Chemical _
Colonial*
- Municipal* __ 595 602 Murray lilll- 318
(W
610 625 Mutual
Commerce _ _ 910 iiii Nassau
-1000
chester) ___ 380
Continental* _ 575 625 People's
160 175 N Y Trust_ __ 1075
Corn Exch _
805 820 Prospect
130
Rights
Fifth Avenue.2200 2300
Times Square_ 175
First
5250 5325 Trust Cos.
Title Gu & 'Pr 870
Grace
600- -- New York.
Hanover
780 solo Am Ex Iry Tr 524 529 U S Mtge &Tr 595
United States 3525
Harriman_ _
890 920 Banes Com'le
Italians Tr_ 410 420 WeetchesPr Tr 1000
Liberty
285 295
Manhattan* _ 840 850 Bank of N Y
Brooklyn.
& Trust Co_ 860 870
NationalCity.
_
New
309 313 Bankers Trust1135 1140 Brooklyn ____ 1060
Rights
590
0
45
Rights
111 114 Bronx Co Tr 105
Park
910 920 Central Union 2400 2450 Kings Co _ _ _ _ 2800
Midwood_ _ _ - 300
Penn Exch._ 175 185 County
.
_-510 518
Port Morris.- 900
____ Empire

Jan 26 5
Feb 1 98
Jan 28 74%
Feb 1 37
Feb 1105%
Jan 28 110

Jan
Jan
Jan
Jan

Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.

Int.
Rate.

Bid.

Jan
Jan
Jan

Mar.15 1929 _ _
Mar.151929.__
June 15 1929_ _
Sept.151929„.
Dec.151929...

355%
334%
434%
494%

992233
9911as
99"ss
99"ss
9911ss

Jan 31 152% Jan 154
Ja. 140
Jan 29 132
Jan 89
Jan 28 75

Jan 29 3%
Feb 1 98
Feb 1 7054
Feb 1 3294
Feb 1 102%
Jan 36 107

Jan 5
Feb 9955
Jan 7634
Feb 37
Fe' 10534
Jan 110

Jan
Jan
Jan
Feb
Feb
Jan
Jan

Jan 3535
Jan 104
Jan 78
Jan 92
Jan 6251
Jan 2534
Jan 5%
Jan 66
8%
J
Feb 99
Feb 1%
Jan 1%
Jan 110%

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

2
2234
De Beers Consol Mines _
100 8
Duluth Superior Traci si
DuPont de Nem new _ _2 2.300 16934
6,600 27
Duplan Silk
Dunhill Intemat rights__ 3,911 9

Feb 1 2234
Jan 26 10
Jan 29198%
Feb 1 2834
Jan 30 10

Feb 1 2294
Jan 31
Feb 1 155%
Jan 29 2694
Jan 28 9

Feb 22%
Jan
Jan 190%
sn 18
Jan 28%
Jan 11%

Feb
Jan
Feb
Jan
Jan

29 1251
30 27%
28 491
30 104%

Jan 13
Jan 28
Jan 5%
Jan 105%

Jan
Jan
Jan
Jan

Gen G & E pref A
Gen Motors new
Debentures(6)-

is
-100

29 13
3 28
28 551
3 10594

511 120
hat Nickel of Can pf _100
54
Int Paper at Power rts__ 164611
38,501 5%
Lambert Co rights
• 4.300100
Ludlum Steel pre!

Jan
Jzn
Jan
Jan

Marmon Motor Car rts__ 2,211 4% Jan
10240 Jan
Mexican Petroleum_ _100
.
h Jan
Mid Cont Petrol rights__ 79,211
Jan
21 101
Mllw Elec Ry & Lt pf100
.1 I 162% Jan
100
Montana Power
2 106 Jan
100
Outlet Co pref
64
Pirelli of Italy A wi._ _•26,6
Public Serv Corp of N
• 100 96
preferred (5)
1%
73 1
Rights
359700 74%
•
Radio Corp new
10 109
Rem Typewr 1st pre:1
Reynolds Tobac B newl 34,100 63%

Jan
Jan
Jan
Jan

Feb 1 114% Feb 11694 Jan
Jan
Jan 86
Jan 26 78
Jan nog Jan
Jan 31 109

20114% Feb 1 115
3.11 8131 Jan 30 86
200 110 Jan 31 110

Jan 120%
Jan 3%
Jan 6%
Jan 102%

Feb
Jan
Jan
Jan

26 4% Jan 26 3% Jan 6
Jan 275
28 240 Jan 28 240
31 Jan 1%
% Jan 28
29
Jan 101
Jan 26 101
26 101
3 178 Feb 1 162% Jan 178
Jan 109
Jan 30 106
3 106

Jan
Jan
Jan
Jan
Feb
Jan

29120%
28 3%
31 634
30102%

Feb 1 118
Jan 30
91
Jan 26 4%
Jan 26 100

Jan 28 6595 Jan 29 64

Jan 6595 Jan

Jan 28 953'
Jan 31 1%
Feb 1 71
Jan 26 109
Jan 29 63

Jan 96
Jan 194
Jan 83
Jan 109
Jan 66

Jan
Jan
Feb
Jan
Jan

Shell Transport Trad rts_ 1,000 6% Jan 26 6% Feb 1 5
31134% Jan 28 134% Jan 28 13034
So Porto Rico Bug pIlls
Standard Milling rights_ 7,11 1794 Jan 31 20 Jan 31 1795
Texas Corp 50% paid_2 3,100 38 Jan 3 40 Feb 1 38
111 61% Jan 28 61% Jan 28 6194
Full pald
2

Jan 7
Jan 13434
Jan 21
Jan 40
Jan 6194

Jan
Jan
Jan
Jan
Jan

Jan 29 1% Jan
Jan 4%
Jan 26 2
Jan 26 195 Feb 2
Feb 1 634 Jan 8%
Feb 1 53% Jan 60
Jan 30 2034 Jan 12094

Jan
Jan
Jan
Feb
Jan
Jan

Union Oil of Calif rights_ 42,600 1%
111 1,300 2%
U S Express
Thompson rights
6,500 1%
6%
9
United Dyewood pref ill
ii
Preferred
100 53%
50 120%
Unlv Leaf Tobacco pf 1

Jan
Jan
Jan
Jan
Jan

2: 96
31 1%
26 83
26 109
26 64%

1%
Jan 3
Jan 28 3%
Feb I 2
Jan 31 8%
Jan 31 8434
Jan 3 120

Jan 101% Jan
20 100 Jan 28 10134 Jan 26 GO
Jan
lIp
104 Feb 1 100% Jan 106
enpref
100 104 Feb 1
Walgre,
Jan 7% Jan
West'h'se El & Mfg rts_ 89,7
4% Jan 26 7;5 Jan 31 4

VaEiec&Powpf(6)_1Ii

Bank, Trust & insurance Co. Stocks.
Bank of Commerce_ _ 100
Eqult Tr Co of N Y_ _100

3,900
1201500

Jan 26,900
Jan 291559

1085
600
2950
320

Jan 15
Jan 654
Jan 137
Jan 86

Feb 1 3494
Jan 31 104
Jan 30 6994
Jan 31 89
Jan 30 60%
Jan 20 2434
Feb 1 4
Jan 30 57
Jan 28 3%
Jan 29 9434
Feb 1 1%
Jan 26 1%
Jan 28 110

Jan
Jan
Jan
Jan

400
1085
135
182
890
610
3625
1150

26 14
29 6
27 13596
30 8.5

Jan
Jan
Jan
Jan

Jan 31 35%
Jan 31 104
Jan 26 78
Jan 29 92
Jan 28 62%
Jan 29 25%
Jan 2: 5
Jan 28 66
555
Jan 3
Feb 1 99
Feb 1 135
Jan 28 154
Jan 2: 110%

21 13
31 28
100 5%
100 105

248
325

Jan
Feb
Feb
Jan
Feb

* 2.600 34%
Cavanagh-Dobbs
100 104
Preferred
• 3,090 78%
Celotex
200 70%
1
Preferred
'' 4,800 61
City Ice & Fuel
'' 4,100 24%
City Stores new
5,800 4
Class B rights
Columbia G & E new --•83.700 6054
Commercial Credit rts 64,700 351
200 9434
Consol Cigar pref__ _ _1
151
Continental Motors rts-- 14,1
15,400 1%
Cudahy Packing rts1' 11094
Cushman's Sons pi (8).•

Elkhorn Coal pref._.5I
•
Emporium Corp
*
Fairbanks Co
First Nat Ref 1st pi_ _100

950
219
340

Jan 58
Feb 8994
Jan 330
Jan 7934
Jan 80

11,400 13% Jan 31 15% Jan 26 13% Jan 17

Byers Co rights

490

Jan 28 58
Feb 1 8994
Feb 1 325
Jan 29 78%
Feb 1 79;5

*State banks. I New stock. z Ex-dividend. p Ex-stock div. y Elx-rights.

Industrial & Miscell.
3%
Allis-Chalmers rights- 15.9
20 98
Am & Foreign Pow pi6%
•34,500 70%
Am Intemat new
14.900 32%
Alleghany Corp
7.000102%
Pref A with warrants
211 107
Assoc Dry Gds 2d 0_1

Ask
552

Jan 26770
Feb 1 493

Jan 900
Jan 559

Jan
Feb

•No par value.

New York City Realty and Surety Companies.

434%

Asked.
9911ss
9911,1
9954.,
99"ss

Maturity.

Int.
Rate.

Bid.

Sept.151930-32
Mar.15 1930-32
Dec.15 1930-32
Sept.15 1929

334%
334%
395%
454%

962231 Non
9621n 96"ss
9611ss 962031
99", 100231

Asked.

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 U.S. Bond Prices. Jan. 28 Jan. 28 Jan. 29 Jan. 30 Jan. 31 Feb. 1.
First Liberty Loan
High
334% bonds of 1923-47_ _ Low(First 334)
Close
Total sales in $1,000 units_ _ _
Converted 4% bonds of High
1932-47 (First 4s)
Total sales in $1,000 units_ ....
Converted 494% bondrigh
of 1932-47 (First 4%s) LowClose
Total sales in $1,000 units_ -Second converted 49i% High
bonds of 1932-47(First LowSecond 4%s)
Total sales in $1,000 units_ __
Fourth Liberty Loan
(High
434% bonds of )933-38_ - Low(Fourth 491s)
Close
Total sales in $1,000 units _-Treasury
High
434s, 1947-52
tI.ow.

997n
99233
99'n
2
----

991ss
99
99
46
----

,
99 11
98"as
98"as
20
---

981111
991ss
98"ss 9811ss
98"ss 98"ss
65
9
- --

----------------100231 100213 100233 10111ss 100111 100'ss
100111
1001n 100
100231 100233 100
1002o 100233 100233
100233 100233 100
5
57
17
41
8
1
------------------------------ "---100'ss
100231
100233
60
1102283
110"ss
110231
7
____
-_ _ _
____
--:
2 ,
0 123
102,

Total sales in $1,000 units
High
LowClose
Total sales in $1,000 units--(High
3555. 1943-1947
Clime 102"ss
Total sales in 31,000 units_ __
11
(High
---____
Low_
*334s, 1940-1943
---Close
Total sales in $1,000 units_ _ _
____
_-.{ High
*3411, 1946-1956
--_
Lcw.
____
Clete
Total sales in Si.non mill,
___45, 1944-1954

99'11
99
99
40
----

--Miss
100233
100211
54
110123
1101's
110123
2
____
____
___
-____-___-_

---100'ss
100'ss
100231
112
110233
110Tss
110231
35
1052,3
10523,
1051ss
25
102%1

---Mist
100'ss
1002o
63
1102,1
110Ist
110283
59
105212
105
105in
65
2
0
1 0 %1

-----'""
---100',,
--.- 100'n
---- 100213
313
____
110'ss 11011n
110"ss 110"ss
10:::s
.
.
111.1 23 105
2
2
2
___. 10531
---- 1057s1
1
__-2
0111::
2
0
102%1 102 0

--- 102'n 10241 102'n 102"os
150
25
120
45
-- 972231 97"ss 97"ss 98
3
973;
97"ss 97"ss 97"ss 971131
tans
, 9711n 97"st 9751as 9720st
9711
56
4
30
1
2
--- 97"ss
---97"; 971131
97",--971's
---- 97"ss
------ 9711st
9711n 971'n
___ _
___
105
1
50

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
28 1st 434e
41 4th 4%s

to 100 110 Treas 4s
100
100233 to 1002s1 I

1101213 to 1101"ss

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 7-1608
4.8434 for checks and 4.84 13-16084.84% for cables. Commercial on
banks, sight, 4.84 7-32©4.84%; sixty days. 4.80 7-1604.80 9-16; ninety
days, 4.78 11-16@4.7834, and documents for payment, 4.79 15-160
and grain for payment, 4.83%.
4.80',,. Cotton for payment,
To-days' (Friday's) actual rates for Paris bankers' francs were 3.90 7-16
4.83%'
03.9034 for short. Amsterdam bankers' guilders were 40.010840.0351
for short.
Exchange at l'aris on London, 124.09 francs; week's range, 124.09 francs
high, and 124.04 francs low.
The range for foreign exchange for the week follows:
Checks.
Cables.
Sterling, Actual4.8451
4.85
High for the week
4.84 13-32
4.84 25-32
Low for the week
Paris Bankers' Francs
3.9034
3.90 15-16
High for the week
3.90 7-16
3.80 11-16
Low for the week
Amsterdam Bankers' Guilders
40.08
40.0934
High for the week
40.01
40.05
Low for the week
Germany Bankers' Marks
23.7551
23.76%
High for the week
23.72
23.74
Low for the week

(AU prices dollars per share.)
Alliance R'lty
Amer Surety _
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee

Bid
80
320
460
320

Ask
85 Mtge Bond_ _
330 N Y Title &
Mortgage_.
470
324 US Casualty_

385

393




Bid
133
655
450

Ask
140 Realty Assoc's
(Bklyn)corn
1st pref___
660
2d pref ____
470
Westchester
Title & Tr -

Bid

Ask

495
101
100

500

450

-The review of the Curb Market is
The Curb Market.
given this week on page 680.
A complete record of Curb Market transactions for the
week will be found on page 709.

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.

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday, Thursday,
Jan. 30.
Jan. 31.

Friday,
Feb. 1.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

Highest

PER SHARE
Range for Precious
Year 1928
Lowest

Highest

$ per share $ per share $ per share $ per share $ per share $ per share Shares
Railroads
Par $ per share $ per share $ per share $ per share
8
8
198 19918 19712 2007 1985s 1997 19914 2027 2027 2053 205 2083a 31,600 Atch Topeka & Santa Fe100 19614 Jan 2 2083 Feb 1 1823 Mar 204. Nov
8
8
4
8
10312 10312 103 10312 10318 10338 10318 10318 103 103
2,200 Preferred
103 103
100 10212 Jan 3 103% Jan 7 10212 Jan 10812 Apr
*175 17612 176 176
17512 176
178 18312 190 190
176 177
3,800 Atlantic Coast Line RR_.100 169 Jan 2 190 Feb 1 1574 Oct 19112 may
8
8
8
4
118% Jan 16 12812 Jan 1 1033 June 125 8 Dec
12014 1213 1205 12212 121 1217 1213 1233 12312 12512 126 12812 145,400 Baltimore & Ohio
100
4
4
5
7812 5775 79
8
79
7018 78
79
78
79
79
100 78 Jan 23 8014 Jan 8
79
794
1,600 Preferred
77 Nov 85 Apr
67 67
663 663
4
4 663 684 69
4
.663 68
4
698 6812 69
2.400 Bangor & Aroostook
50 6612 Jan 2 72 Jan 2
61 June 8414 Jan
0108 111 *108 111
10812
110 11038 •108 111 .107 111
10812
100 1063 Jan 2 11012 Jan 22 104 Dec 1153 T‘fay
4
40 Preferred
4
•103 105 .102 106 *102 106 *101 105 *103 105 .103 105
100 91 Jan 2 1093 Jan 5
Boston & Maine
58 Feb 91 Dec
4
7614 775
8 7618 7738 77
783
8 7918 807
8 7912 8012 79
7734 May
8038 55,900 Bklyn-Manh Tranv t c_No par 7214 Jan 4 807 Jan 30
8
5338 Jar
*9012 9238 .9012 92
*9012 92
9212 9212 9212 9212 9238 9238
No par 89% Jan 3 9238 Feb 1
400 Preferred v t c
82 Jan 95% May
3812 3938 3714 3812 3712 38
8 7,900 Brunswick Term & Ry Sec_100 37 Jan 4 4418 Jan 18
3914 40
37
384 3814 393
1412 Jar
477 Sept
8
55 .50
58 .50
55
55
55
.55
543 5434 *53
4
57
4
200 Buffalo & Susquehanna_ _ _100 543 Jan 26 57 Jan 4
3214 July
6412 Nov
5918 5912 5912 593 60
4
593 593
4
100 5312 Jan 4 60 Jan 29
4 5912 5912 .5912 61
59
530 Preferred
38 Sept 63 Nov
4
24712 25012 249 2523 246 24912 247 25118 2503 2554 25514 2643 73,100 Canadian Pacific
100 23312 Jan 8 2643 Feb 1 19512June 253 Nov
8
4
4
10012 10012
_ 10038 1005 .10012
8
101 101 .10012_ *10012
40 Caro Clinch & Ohio ctfs st'd100 100 Jan 14 101 Jan 26
98 Sept 1074 Max
7
-16
223 22712 19,600 Chesapeake & Ohio
21412 21514 21512 21- 21212 2 - -14 21312 21514 216 223
100 21212 Jan 29 22712 Feb 1 17512June 2183 Dec
4
100 21312 Jan 18 21312 Jan 18
Preferred
8
1358 131
4 135 14
8
1438 145 14,200 Chicago & Alton
1318 1318 133 143
1334 143
8
100 114 Jan 2 147 Jan 16
8
183 May
538 Jan
8 203 213
8
1912 2014 2018 215
8 20
2014 203 2112 2118 2138 18,800 Preferred
4
100 173 Jan 9 21% Jan 28
8
77 Feb 2638 May
8
*39
40 .38
42
*35
40
*36
40
40
40
100 40 Jan 31 413 Jan 17
100 Chic & East Illinois RR
.39
40
4
37 Feb 4814 May
60
62
6014 •60
62
611 6112 613 63
*60
100 53 Jan 28 6312 Feb 1
623 6312 2,300 Preferred
4
4
58 Aug 765
8May
2218 22% 2114 223
2138 213 2338 23
4 21
2118 22
4
100 19 Jan 15 237 Feb 1
237 74,100 Chicago Great Western
8
8
918 Feb 25 Dec
8 5514 597
8 577 5914 5738 589 58% 6338 6114 627 98,400 Preferred
8
100 4618 Jan 7 6338 Jan 31
5418 573
8
2012 Feb 503 Dec
8
352 3614 3612 3714 3618 3638 3614 3612 3612 383
34 Jan 7 3912 Feb 1
8 3818 3912 73,300 Chicago Milw St Paul & Pac__
2214 Mar 4012 Apr
583
5818 5834 5812 597
4 573 5838 5814 61
8 58
4
6112 6238 83,600 Preferred new
55 Jan 4 6258 Feb 1
37 Mar 5938 Nov
8814 887
89
8812 8812 88
8 88
8918 9012 897 9214 24,500 Chicago & North Western_100 867 Jan 7 9214 Feb 1
89
8
78 June 9414 May
.135 13612 .135 13612 *135 13612 .135 13612 .135 136
100 135 Jan 5 140 Jan 10 135 Dec 150 May
136 136
100 Preferred
8
13378 1355 133 13412 1353 13838 13612 139
135 13514 13
25.100 Chicago Rock 151 &Paciflc_100 13012 Jan 16 13978 Jan 19 106 Feb 13938 Not
4 136
4
107 107 .106 107 *106 108
100 10614 Jan 2 10814 Jan 25 105 Dec 11112 May
1063 1063
•107 108 *107 108
4
4
200 7% preferred
10112 10112 10112 10112 *10112 101% 1013 1013 1013 102
101 101
4
4
1,800 6% preferred
100 100 Jan 8 102 Feb 1
99 2 Dec 105 May
113 113 .110 115 .110 115 .110 115 •110 115
100 112 Jan 22 120 Jan 3 105 Aug 126 May
•110 118
100 Colordao & Southern
7814 7814 .78
79
80
80
79
78
*78
80 .7812 80
100 76 Jan 14 80 Jan 25
80 First preferred
67 July 85
Ap
57112 73
*7012 73 .7112 73
6912 691 .6912 73
*6912 73
100 6912 Jan 26 71 Jan 14
10 Second preferred
6912 Nov
85 Ma
67% 871z 6714 68 4 6814 6812 67
69% 693 70
4
100 6512 Jan 24 7038 Jan 2
6818 68
,
11,700 Consol RR of Cuba pref
6812 Dec 8738 Jun
81
7712 7712 7812 7812
78
80 .7712 793
100 7712 Jan 31 81 Jan 2
78
80 Cuba RR pref
80
4 81
79 Dec 94 Jun
196 1973 19612 198
202 205% 204 20714 28,600 Delaware & Hudson
1963 20612 203 206
100 190 Jan 2 20714 Feb 1 16314 Feb 226 Ap
4
127 128
127 12718 127 127
128 13112 131 13314 6,700 Delaware Lack & Western_100 127 Jan 10 13314 Feb 1 12514 Dec 150 AP
127 127
14 64
58
57
5812 59
57
.57
5812 5812 58
6,200 Deny & Rio Gr West pref.. _100 5514 Jan 2 64 Feb 1
59,
4 57
5012 Feb 65 4 AP
3
37
*312 4
37 Jan 9
.312 3 8 .312 4
100 Duluth So Shore & At1
318 Jan 8
7
100
.314 33
4 *34 378
3
%
3 Aug
634 Ja
6
6
512 552 5512 6
*512 6
5514 6
*512 6
100
600 Preferred
514 Jan 4
6 Jan 23
43 June
8
912 Ma
683 693
4
4 69% 727
6912 7038 6914 703
4 685* 70
8
100 663 Jan 9 753* Feb 1
7318 753 130,000 Erie
4
483 June 7212 De
4
81
613 6214 6214 627
8 6138 62
4
8
6218 6234 62
625
8 627 837 20,200 First preferred
100 61 Jan 17 637 Feb 1
8
50 June 637 Ja
55814 59
5912 60
59
60
•5814 59
100 58 Jan 1 6014 Jan 5
700 Second preferred
*5814 59
*58 4 59
,
4914 June 62
Ja
4
13,300 Great Northern preferred 100 10734 Jan 17 11238 Jan 5
11018 112
•108 10934 109 11038 109 1093 10812 109
10912 111
9312 Feb 11434 No
108 1083 10818 1084 10814 108% 108% 10914 6,200 Fret certificates
4
100 10514 Jan 17 1097 Jan 3
1074 10712 10712 108
8
9118 Feb 11134 No
8
3514 333 3518 3312 3412 3312 3612 3712 3914 161.300 Iron Ore Propertles__No par 2758 Jan 7 3918 Feb 1
3514 3614 335*
1914 June 333 Oc
8
52
53
4 52
52
55
5214 533
8,400 Gulf Mobile & Northern...._100 51 Jan 25 57 Feb 1
52
55
57
51
51
43 Aug 617 Mal
100 102 Jan 11 103 Jan 3
300 Preferred
102 1023 .101 103
4
•101 103 *101 102 *lot 103 •101 103
99 Aug109 Mal
.8
818
9
9
818 814 .814 9
200 Havana Electric Ry--_No Par
.8
.8
9
*8
712 Jan 2
83 Jan 4
4
7 Aug
173 Jun
4
60
60
60
100 56 Jan 7 60 Jan 12
60 .59
280 Preferred
5914 5914
5912 57
60 .57
.57
Si Dec 7818
439 439
10 Hocking Valley
100 410 Jan 8 450 Jan 22 340 July 473 Set.
0435 450 .411 440 .420 440 .420 440 .420 440
No,
5214 537
5412 53 535
Hudson & 3.1anhattan
8
3,400
100 5218 Jan 23 58% Jan 5
8 5214 545
523 5338 5338
4
.523 54
8
5018 Dec7312 Ap
*82
8412 8312 831 .130
82
833 x8312 8312
4
400 Preferred
100 82 Jan 25 84 Jan 18
*80
8412 82
81
Oct9312 Ap
4
4
13,600 1111nois Central
14214 1433 1433 152
4
4
100 14014 Jan 4 152 Feb 1 13134 Jan 1483 Ma;
4
1417 1413 1413 14114 1413 141 142
8
141
4
14212 14212 --------200 Preferred
100 141 Jan 15 14212 Jan 31 13012 Ja
•139 145 *13912 145 *140 145 •140 145
147 Ma;
*79
SO
7818 793
8 7818 7812 1.330 RR Sec Stock certificates_ __
7738 Jan 15 7912 Jan 28
7812 793* 79
7912 7878 79
75 July
823 Jun
8
8 53% 5514 537 5434 19,800 Interboro Rapid Tran v t c_100 48% Jan 4 577 Jan 23
543 563
4
557
8
5514 5212 561* 5412
54
29
Jan 62 Ma;
5518 5612 55
5518 2.700 Int Rys of Cent America_ _100 51 Jan 2 59 Jan 26
5S% 58% 558 5538 5618 561
8
3612 Mar 5218 No,
577 59
*56
57
58
5212 5212 2,300 Certificates
No par 50 Jan 10 5912 Jan 25 _
8
8 567 574 5618 565* 55
567 567
_
x7712 784 7614 7614
3
100 7614 Feb 1 8014 Jan 2
550 Preferred
7914 7914 78 4 79
78
78
697 Jan 82 Ma:
*775 78
8
8
338 .
318
100 Iowa Central
414
318 414 .318 414
100
318 Jan 30
414 *4
414 Jan 18
414 *4
2 Mar
54
57 Ma
8
92
93
93
927 948 9412 95
8
92
8.700 Kansas City Southern._ 100 8914 Jan 2 987 Jan 12
93
92
*
93
43 June 95 No'
.92
70
•69
70
200 Preferred
100 685 Jan 24 7012 Jan 15
8
70
683* 6819 *6812 70 .6812 70 .69
*69
6612 Aug
77 Ap
985
10014 10118 7,900 Lehigh Valley
8 9812 101
8 98
50 96 Jan 29 102 Jan 5
977
977
8 96
9612 9612 9612
8418 Feb 116
Ap
151 152
4
2,400 Louisville & Nashville.
100 14512 Jan 15 152 Jan 31 1393 Nov 15912 Ma
014624 148
14712 14712 14714 14714 1474 1473 1478 152
4
10 Manhattan Elevated guar 100 8314 Jan 4 87 Jan 3
85 .8212 8512 .8412 8512 .8412 85 2
854 85
,
851 .85
75
.85
Jan 96 Ma
5514 5318 5412 53
54
533 10,400 Modified guaranty
4
100 53 Jan 17 5712 Jan 11
55
5314 5314 5312 5512 54
40
Jan 64 Ma
100
.
8 4
•319 4
.33
Market Street Ry
4 Jan 3
33* 4
*33
8 4
*314 4
.3 8 4
3
43 Jan 22
2
318 Dec
712 Ma
537
3712 37
38 .37
3718 1,000 Prior preferred
4
100 37 Feb 1 3912 Jan 4
373 .37
38
3818 38
38
3812 Dec1 5434 Ma
14 314
312 312
234 3
234 318
314 314
Louis.. 100
234 Jan 30
23
4 3
11.200 Minneapolis & St
33 Jan 19
4
17 May
3
512 Ma
46
4512 4512 .
•40
45
•42
44 .42
1,000 Minn St Paul & SS Marie 100 4012 Jan 15 46 Jan 24
44
45 .40
45
40 June 5238 Ja
82 .80
4
4
*80
82
813 813 *80
83
100 71 Jan 14 87 Jan 23
200 Preferred
82
82
82
.80
7014 Dec 8734 Ma
8
*64
653 653 .6412 66
8
67
66
56112 6513 65
100 6112 Jan 4 66 Jan 25
110 Leased lines
65 .64
60 Dec 711,, Ja
59,400 mo-Kan-Texas RR___ _No par 494 Jan 30 54 Jan 4
495 50
8
4918 5038 514 5212 5214 54
50
513
8 495* 501
3012 June 58 De
8
8
1033 10412 1043 1047 .10418 1043 10414 1045 10438 1045 1043 105
4
4
8
3,700 Preferred
100 10318 Jan 4 105 Feb 1 10112 June 109 Fe
4
717 747 74,200 Missouri Pacific
8
s 6718 717
6418 645
8 645 667
8
100 6212 Jan 4 747 Feb 1
8
417 Feb 7614 Sep
s 645 85s 6518 667
133 1337 33,300 Preferred
1278 12812 128 129's 12914 1303 1293 1314 131 133
4
8
8
100 120 Jan 2 1337 Feb 1 105 Feb 1267 De
8
873
4 83
.84
83
873 .83
83 .83
873 .833 873
100 Morris & Essex
50 83 Jan 30 865* Jan 17
8
4 83
8212 Aug 89 JUE
19712 19712
•186 4 190
,
18612 18612 186 18014 18812 189 .190 195
170 Nash Chatt & St Louis_ _ 100 186 Jan 29 19712 Feb 1 17112 Aug 2043 Ma
4
14 2.400 Nat Rys of Mexico 2d pref.100
.312 384
Jan 8
312 312
358 Jan 25
3
312
3
4 3
314
33
8 32
8
314 33
2 Feb
512 At
1937 1947 19612 1995 19412 1973 1944 1955* 10512 200
8
19914 20414 152,900 New York Central
8
100 1865* Jan 8 20414 Feb 1 156 Feb 196.2 No
8
133 4 13418 1343 13512 13514 136
3
8
100 133 Jan 30 144 Feb 1 12114 Oct146 Ma
133 1354 136 1407 14018 144
9,200 NY Chic & St Louis Co
•10712 108 .10712 108
8
1077 1077s 10712 10712 1073 108 .10712 10812
100 10714 Jan 17 10914 Jan 4 10412 Aug110 Ja
500 Preferred
344 370
339 339
345 345
345 345
350 360
50 335 Jan 7 379 Jan 18 168
200 N Y & Harlem
350 350
Jan 505 At
8 8612 873* 8618 8812 8812 903
8618 867
975* 154,900 NY N It & Hartford
s
3
100 807 Jan 4 975 Feb 1
4 90 4 9314 93
543 June 823 Dl
8
4
11612 11612 11614 11614 11612 11638 1163 1173 118 118
118 11812 1,500 Preferred
4
4
1145 Jan 3 11812 Feb 1 112 Sept 117 Ma
8
28
28
2812 285
2912 2818 30 4 16,300 NY Ontario & Western_ __100 27 Jan 25 304 Feb 1
8 2712 2814 2714 274 28
3
24 Feb
39 Ma
97
12 98
914 03
4 .812 10
812 812
63 Jan 14
4
600 N Y Railways pref___ _No par
.8
934 Jan 26
838 88 .812
514 Jan
13 Ma
•373 39
4
39
41
41
41
3918 40
41
41
100 30 Jan 3 41 Jan 30
40
40
1.100 N Y State Rys pref
2312 Dec 43 Jul
4312 4312 44
45
46
44
46
45
*43
100 43 Jan 14 46% Jan 5
44
4312 44
1,300 Norfolk Southern
32 June 58 Nc
195 19714 19538 197
1963 1963 1963 1995* 202 20412 203 206
100 191 Jan 9 206 Feb 1 175 June
4
4
12,300 Norfolk & Western
19812 Nc
.8114 87 .8114 88 .8114 87
87
.81
*80
87
100 847 Jan 2 86 Jan 17
8
*8114 87
Preferred
848 Oct 90 Jut
*
1072 1073g 1083 10938 10818 109
8
100 10718 Jan 15 11212 Jan 4
10812 10912 109% 110% 110 11178 15,100 Northern Pacific
9238 Feb 118 Nc
107% 1074 10714 108
8
4
10712 108
100 10414 Jan 12 110 Feb 1
108 10812 10814 1097 1083 110:4 10,500 Certificates
905* Feb 11,5 Nc
.24
25 .23
25
2214 2214 .22
•22
25 .22
25
100 2112 Jan 16 26 Jan 18
25
100 Pacific Coast
1912 May
347 Ms
8
.35
40 .35
40 .35
3713
100 36 Jan 5 41 Jan 21
40
*35
3712 *35
First preferred
3712 535
40 Aug 70 - -Is
•25
2912 25
25 .25
2912 .25
2912
100 2112 Jan 10 30 Jan 15
2912 .25
2912 .25
150 Second preferred
2012 Aug 39 Ms
7812 7912 79
793
x7912 80
4 7812 7912 7812 79
788 80
50 7612 Jan 8 8214 Jan 18
65,100 Pennsylvania
617 June 767
81D.
31
*28
3112 33
3412 3412 347
33
30
10
33
30 .30
30 Jan 18 347 Feb 1
8 2,600 Peoria &Eastern
25 Mar 37a2Ms
1687 169
8
165 169
168 1743 11,000 Pere Marquette
167 167
16414 16414 16512 168
5
1000 1,08,2 Jan 4 1999734 Feb 28
110
436 jjaa2 3 743 .,a1,9226478 NovFOecl 1000
4
Jan. 1
51:4 1,1,lic
4 4 N:
99
99
99
987 99
99
8
99
993
4
993
4 99
993 *99
4
310 Prior preferred
•92
95
94
94
98 .96
94
94
95
*94
95
9612
400 Preferred
*503 53
*503 53 .5038 53
550 8 53 .503 53
3
50 50 Jan 9 50 Jan 9
8
•503 53
8
Phila Rapid Transit
50 Nov 565 At
8
.50-- *50
_
*50
_ _ •50 ---..
50
50.50 Jan 2 50 Jan 2
•50
50
10 Preferred
50 Mar
140 1- .139 140
40
1383 i
4
3- 138 139
4
14112 14212 1,400 Pittsburgh & West Va....IOO 138 Jan 30 1483 Jan 10 12114 Feb 5112 0
141 142
- 163 0
4
1053 1075* 1063 109
4
1063 108
50 10514 Jan 15 1157 Jan 31
8
10712 11214 11212 1158 11314 11512 57,000 Reading
9414 Feb 1193 Ms
8
43 .42
.42
43
.42
43
4218 4218
50 42 Jan 4 43 Jan 8
421 •42
43
43
300 First preferred
4112 Nov 46 Al
47
4612 4612 47
47
50 4612 Jan 28 4912 Jan 31
4718 473 4812 485* 494 493* 493
8 2,300 Second preferred
44
Jan 5078ME
5.66
69
66
6618 65
66
*6512 71
.6518 66
100 66 Jan 28 68 Jan 24
.67
71
400 Rutland RR pref
50 Feb
8
117 11712 1165 117
116 11638 11512 117
11612 11818 1173 1197 14.100 St Louis-San Francisco
100 11512 Jan 30 1207 Jan 3 109 Feb 77a -0,
4
8
122 In
945* 9434 9414 941
941 943
100 94 Jan 14 96 Jan 4
9414 9438 9412 9458 9412 96
5,200 1st pref paid
94 Dec 101 IMs
1045* 1051 1043 107
.
4
102 1041 10212 104
s
100 102 Jan 29 1 135* Jan 3
104 1103 1064 1097
9.200 St Louis Southwesteria
(
5712 Feb 124181N
.90
93 .90
911 .90
92 .90
92
92
•90
100 9012 Jan 2 92 Jan 15
92 .90
Preferred
89 July' 95 JE
• Bid and asked prices; no sales on this day. s Ex-dividend. a Ex-dividend and o‘
-rights.




y Ex-rights. 9 Ex-d V. of 1748 the shares of Chesapeake Corp stock.

692

New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday,. Thursday,
Jan. 30.
Jan. 31.

Friday,
Feb. 1.

$ per share $ per share 3 per share $ per share $ per share
1912 1912 1912 20
1912 195
8 194 2014
8 1938 197
225 23
8
2212 223 •22
4
227 23
23
8
23
23
133 134
1313 133
4
13212 13412 13412 1373 136 13814
s
15412 1557 154 15412 153 15412 1547 15612 1555 1583
8
8
8
8
9812 9812 9812 983
4 9812 9812 983 983 59812 983
4
4
4
12712 129
128 12812 128 129
12812 129 *12812 129
166 1683 169 174
4
17112 174
17312 1771z 176 178
3512 3512 3514 3514 3614 3614 .35
•35
36
36
48
534 44
51
4712 4518 50
52
51
51
*99 100
12 9712 *99 100
599 100
97
*99 100
22014 22112 219 221
21814 220
8
220 22414 2237 2257
8
823 83
4
83 8318 83 83
827 83
8
*823 83
4
•I0018
*1004
10018 10018 .98
_ _ *98
-*101 103 *101 .
103 *101 103
- *98
_ •100 103 *101 103
71
71
7118 7214 70
70
70 --71
71
743
4 7512 77
95
95
9714 9714 *9512 99
9512 9512 97
974 9714
97
85
85
843 8434 85 85
4
90
91
*83
.86
90
*86
4114 4112 414 4212 41
413
4 4118 413
4
4 4314 4614 453 4818
*42
4312 *42
4214 341
45
4212 4212 4614 463 50
42
4
3314 34
3314 334 333 333
4
8
4 3312 3312 333 36
36
3612
58
873 577
4
57
8 57
57 .57
58
8
5818 585s 587 5912
$ per share
197 197
8
s
223 23
4
1323 13312
4
1533 155
4
.983 99
4
128 12812
165 166
.34
36
54
557
8
*9914 100
2193 222
4
.83
8314

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Shares
Railroads (Con.)
Par
7,900 Seaboard Air Line
100
2.300 Preferred
100
28,900 Southern Pacific Co
100
14,100 Southern Railway
100
500 Preferred
100
270 Mobile & Ohio certits
100
4,000 Texas & Pacific
100
300 Third Avenue
100
7.300 Twin City Rapid Transit_..100
50 Preferred
100
20.800 Union Pacific
100
1,400 Preferred
100
50 Vicksburg Shrev & Pac _100
Preferred
100
11,300 Wabash
100
1,300 Preferred A
100
200 Preferred 11
100
94.000 Western Maryland
100
4.300 Second preferred
100
6,100 Western Pacific
100
2,200 Preferred
100

Industrial & Miscellaneous.
11,100 Abitibi Pow & Pap
No par
600 Preferred
100
1.400 Abraham & Straus____No par
250 Preferred
100
2,300 Adams Express
100
Preferred
100
2,800 Adams Millis
No par
38,000 Advance Iturnely
100
9,400 Preferred
100
6,900 Ahumada Lead
1
22,400 Air Reduction, Ine____No par
18,500 Ajax Rubber, Inc
No par
24,000 Alaska Juneau Gold M111_10
1,200 Albany pert Wrap Pap_No par
17,900 Allied Chemical & Dye_No par
1001 Preferred
100
6.900 Allis-Chalmers Mfg
100
6001
Leather_No par
I Preferred
4
3112 3212 3112 323
4 323 334 16.2001 Amerada Corp
334 3412 3318 343
4 3212 34
No par
22
2112 217
2214 2112 22
8 21
2112 2118 214 21
2114 3,600 Amer Agricultural Chem...100
71
70
2,7001 Preferred
71
4
7212 71
69
7018 684 70
6914 683 70
100
125 126 .125 126
12514 126
4 2,900 Amer Bank Note
12414 12514 12414 1273
12414 125
10
3,5001 Preferred
*6012 61
61
6014 61
*6012 61
*6012 61
6014 6014 61
50
1914 20
193 204 •19
4
*19
193
4 19
1912 174 1912 7,200 American Beet Sugar__No par
19
5912 60
1,0001 Preferred
59
60
*55
•59
.55
60 60
5912 60
60
100
8
43 8 444 43
5
11,600'Anzer Bosch Magneto_No par
424 425 43
44
423 4314 4212 427
8 42
4
30,400,Am Brake Shoe & F____No par
4714 477
8 4712 50
4912 5012 53
49
51
49
493
4 48
•121 125 *12212 125 *12212 125 *12212 125 *12212 125 *12212 125
I Preferred
100
3
8
1814 1914 1812 187
183* 1914 19, 19 4 1712 1912
8
1812 1914 18.200 Amer Brown Boveri ELM par
4 68
4
9901 Preferred
70
135
7012 703
693 703
663
8
4 71
71
704 71
100
8
8
1135 1147 1115 11414 11133 1127 10912 1117 x1094 11414 11414 1173 156,700 American Can
8
8
8
8
25
•14114 142 *14114 142
500 Preferred
14114 14114
14114 14114 •14114 142 *14114 142
100
3,800 American Car & Fdy__No par
9934 993
9914 997
8 987 10014 9812 99
9912 9812 99
8
4 99
118 118
500, Preferred
*118 120
11712 11712
118 120 *11712 122 *11712 122
100
300 American Chain pref
7212 7212 723 74
3
7212 75
79
4
575
79
575
79
575
100
55
8 55
5712 584 26,100 American Chicle
553
4 5412 567
57
58
55 4 567
3
5 56
No par
220 Prior preferred
11012 11012 *11014 ___ •11014 ___ 11414 11414 *11014 112 .11014 112
No par
93 1014 10
4
94 94
1012 10
1038 10
10,300 Amer Druggists Syndicate_ _10
1014
10
10
3,900 Amer Encaustic Tillng_No par
865
98
8 86
98
87
86
96
88
88
894 9012 91
*280 290 .280 290 *275 290 *276 290 •276 290 *276 290
American Express
100
974 135,900 Amer & Forn Power__ _No par
843
81
4 854 8912 893 9812 95 10112 94
8212 83
4
700 Preferred
1067 1067
8
8
*106 107 *106 107
106 106 *10814 107
106 106
No par
7,000 2d preferred
9912 100
983 99
4
*9612 97
9812 101
4
997 10012 1003 101
8
No par
812 812
200 American Hide & Leather.100
*812 9
*812 9
*9
*812 9
914
9
9
900 Preferred
*3212 33
33
3212 324 •32
33
33
33
33
324 33
100
825 8312 815 83
8
8
834 12,100 Amer Home Products...No par
80
8 8112
8118 7818 80
797 817
8
11,800 American Ice
8 3912 40
8
393 397
4
39 8 4012 3912 4014 393 397
5
8 393 40
4
No par
900 Preferred
3
95
4
9312 93 4 933 94
*9318 934 9318 9318 *9212 9314
.93
100
143 1437 141 14378 141 143
8
4
14214 14612 1463 1474 14512 14712 21.600 Amer Internal Corp___No par
74 4,600 Amer La France & FoamIte_10
714
74
712 74
712 712
714
4
74 74
73
8 73
100 Preferred
*6614 70
*6614 70
*66
70
*65
70
70
67
67
.60
100
8
11014 11112 8,600 American Locomotive_No par
11112 1124 110 110 111 11178 11038 111
11012 111
800 Preferred
11512 116
1164 11714 *116 11612 116 116
1163 117
4
117 117
100
4
1813 1813 18114 18412 183 18414 2.900 Amer Machine &Fdy __No par
183 18334 183 1833 181 183
4
4
550 Pre( (7) ex-warrants
115 115
115 115 *115 116 .115 116
116 115
*115 116
8 71
7234 43,500 Amer Metal Co Ltd___No par
683 725
8
69
8
685 704 6818 6912 68
7012 71
2,700 Preferred (6%)
122 124
*123 124
124 124
12318 124
123 12414 123 124
100
94
1,150 Amer Nat Gas prat_ __No par
8 94
8
947 947
947 96
8
96
97
*96
96
9712 97
16
9.400 American Piano
16
1538
8
15
.
314
175
8 177 174
1518
133 1514 15
8
No par
2,200 Preferred
.5112 53
55
463
4112 4112 42
8 46
484 494 5412 51
100
4
110 1133 137,400 Am Power & Light__No par
11212 118
964 98
9712 108
10414 1154 11012 120
8 2,100 Preferred
8
8
1015 1015 1015 1015
8
10118 10114 10114 10138 101 1011. 10078 101
No par
77
600 Preferred A
.76
76
4 76
5
3
75 4 753 *7512 80
3
854 75; 75 4 753
No par
4
82
4,100 Pre( A stamped
8 82
8
8112 8112 814 815 817
8114 815s 81
81
No par
81
32,300 American Radiator
201 205
200 202
200 202
20318 20318 2037 2067 19912 211
25
8
8
__
80 Preferred
___ •190 -_
195 195
150 150 •146 100
195 195
100
138 138 .135 13812 15.500 Amer Railway Express..
1385 140
8
100
13712 143
138 14012 *190138 138
8 5.600 American Republics___No par
535 555
8
57
574 5618 5612 54
524 54
5618 524 54 •
725 27,500 American Safety Itazor_No par
8
744 72
711
7112 7414 72
707 714 7014 7158 70
8
8
8 5.100 Amer Seating v t c
3414 3414 344 3478 3412 343
No par
8 344 354 3412 3514 343 347
5
533 15,000 Amer Ship & Comm__ _No par
414 518
358 44
4
4
4
4
34 4
92
10 American Shipbuilding_ -__100
*91
92
591
914 911 *9114 92
*9114 92
*9114 92
4
11214 11414 115 117
113 11612 11312 11614 11418 1173 11712 11934 168,900 Am Smelting & Refining_100
700 Preferred
13758 13734 •13714 13812 13712 13712 1374 1375 •1374 138 *13712 138
8
100
3,900 American Snuff
202 206
205 205
201 201
204 2043 203 203's 200 202
4
100
*110 112 *110 112 *110 112 .110 112 *110 112 *110 112
Preferred
100
7414 7718 7314 75 4 7012 7314 7119 73
7212 7425 7212 7512 30,600 Amer Steel Foundries_No par
3
160 Preferred
11212 11212
•11112 1121 11214 11212 *112 11212 112 11212 112 112
100
9414 9212 9412 9218 94
4
4 903 9112 26,300 Amer Sugar Refining
93
8
9212 905 913
91
100
2.500 Preferred
10812 109
109 10914 10934 1097 110 11018 110 1107 11012 111
8
100
8
565* 5733 5618 57
8
No par
8 5612 5613 5518 5514 2,600 Am Sum Tob
567 567
57
57
100 Amer Telegraph & Cable_,.100
*1812 Ill
19
19
19
*18
19
-- •1712 1912 *18
8
21712 2207 158,800 Amer Talon & Teleg
2 012 HO
.121514 221
2183 220
4
216 222
2123 217
100
4
18/ 18234 5,700 American Tobacco com____50
4
181 1823 1824 18812 185 1864 183 18512 181 181
14.800 Common class B
182 183
181 18112 182 188
183 1864 182 184. 4 18214 184
50
3
12012 12012 12014 1204 12012 12012 12014 12014 11914 12014 2,800 Preferred
•12014 122
100
*14512 1451 1454 1467 14634 149
151 153
8
153 155
3.900 American Type Founders_100
153 155
130 Preferred
1094 10912
3
.10714 108 *10714 108 010713 108
100
108 109
108 108
8914 76,200 Am Wat Wks & El
8218 834 8212 8412 844 9112 8912 9212 88
4
No par
613 z87
700 1st preferred
8
10212 10212
1027 104 •1024 104 .10212 1034 510212 103
103 103
5,200 American Woolen
8
23 8 234 234 234 2314 237
3
100
8
8 233 24
8
233 2312 233 24
8 4,700 Preferred
8 504 513
514 5114 5114 514 50
514 5014 51
100
5018 505
1278 14
1,900 Am Writing Paper ctfs_No par
14
14
*13 8 14
7
*13
14
14
14
143
8 14
700 Preferred certificate__ 100
4334
4212 4213 4212 43
4212 4212 *42
43 43
4214 43
8 6,600 Amer Zinc, Lead & Stnelt___25
39
39
414 423
407 41
8
3812 39
8
374 3812 377 43
2,500 Preferred
1053 108
4
10512 1051 105 10518 10418 105
105 105
25
106 108
8
8
12314 12414 1227 12458 12118 1237 1214 12314 12212 12612 12614 12712 368,400 Anaconda Copper Mining_50
5312 535
8 54
15,800 Anchor Cap
554 5338 553
8 5418 553
5634 58
8 553 58
8
No par
800 Preferred
114 11418 311218 114
*11418 115 *11413 115
No par
116 1164 11614 11718
8
3
8
8 484 49
5012 503 517 68,400 Andes Copper Mining_ No par
504 4914 50 s 4812 493
50
48
9812 101
:
1025 1041 12,100 Archer, Datels, Mid'Id_No Par
8
8
100 1027 10014 102
99 4 10212 10012 101
3
4
Preferred
4
4
•1113 115 *1113 115 *11134 114 *11134 114 *11134 114 .1113 114
100
*93
937
8 93
*9312 9412 9312 9312 1,800 Armour & Co (Del) pref_100
93
93
4 94
94
95
.,. 1718 173
8 1612 174
1712 20,200 Armour of Illinois class A-25
17
1612 167
s
1612 165
8 161z 17
84 04 29.600 Class 11
83
4 9
878
853 9
85
8
858 9
25
8 8 87s
5
24.400 Preferred
4 837 84
8
843
*84
*833 85
4
100
844 85
833 834 8412 85
8
3 , 35
5.
3514 354 3538 3658 36
364 6,500 Arnold Constable Corp_No par
3638 364 364 33
500 Artloom Corp
*2612 28
28
28
•2612 28
2818 287
No pa
a
2844 28
*27
28
20 Preferred
•99 100
•99 100
•99 100
10'
*99 100
F 91311t119814 *99 100
Ni
4834 49
4834 51
4912 51
8412
8414 8414 *84
*8414 85
140 142
141 142
1394 13914
*11012 III
11012 11012 .
3110.2 111
408 41412 403 407
412 412
96
96
.93
96
*94
*93
3414 34
3414
3414 3412 34
4912
4834 4912 50
48
50
*56
60 .56
60
5912
.56
4 4
33
33
4 4
34 4
11112 1145 1094 113
8
10714 11012
1013 1034
105 11
8
1014 103
4
814 812
85
8 83
818 812
4
•23
2414 23
233
8 234 233
4
27418 27734 275 278
269 277
•123 124 *123 124
123 123
176 177
17712 18012 179 190
10
10
•10
97 10
1014
8
71
*6912 70
*60
*6912 70

49
60
4912 5012 4914 50
84
85
84
85
84
84
13812 13812 13812 13812 13812 139
11012 111
111 III
11012 11012
397 403
399 399 *390 400
*93
96
.93
•93
96
96
34
34
34
34
334 34
48
5914 65
4812 4814 56
67
62
59
63
*56
59
33
g 4
33
4 37
8
33
4 37
8
10918 11018
1073 1094, 10814 111
4
8
104 104 103
1018 1012 10
85
8 9
838 812
812 9
234 2314
23
237
8 23
*23
272 275
274 280
285 29512
12212 123 *12212 123 •12212 123
185 189
18812 193 •189 190
8
97
8 97
*10
8 *97 10
1012
*6912 72
71
•69
*6912 71

L

• Bid sad asked prices: no Wes On this day.




s Ex-dividend.

y la-rights.

•

PER SH ARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

Highest

PER SHARE
Range for Preelotu
Year 1928
Lowest

Highest

$ per share
1812 Jan 2
20 Jan 2
128 Jan 2
14612 Jan 2
0812 Jan 2
12712 Jan 28
165 Jan 26
33 Jan 2
44 Jan 29
9712 Jan 29
2143 Jan 8
4
823 Jan 3
4
10018 Jan 18
_ .... . _. ..
70 Jan 29
94 Jan 2
8212 Jan 21
41 Jan 29
413 Jan 10
4
3318 Jan 25
57 Jan 28

$ per share $ per share $ per share
203 Jan 14
4
115 Mar 3012 Jan
8
24 Jan 14
Jan
17 Aug 38
13814 Feb 1 11758 Feb 13114 May
1583 Feb 1 13912 Feb 165 May
8
99 Jan 3
965 Sept 10214 Jan
8
1407 Jan 14 100
8
Jan 15912 Jan
178 Feb I
9912 Jan 1945 Oct
8
373 Jan 11
8
2818 Jan 4618 May
5814 Jan 25
3214 Sept 56 May
100 Jan 5
945 Oct 107 Feb
8
2257 Feb 1 18612 Feb 2247 Nov
8
8
837 Jan 4
8
8218 Oct 8714 Jan
99 Aug 111
10014 Jan 5
Jan
9914 Nov 10812 Mar
- .._ _
51 Feb 9614 May
.- 8 813 Jan 5
Feb 102 May
8812
1047 Jan 7
8
91 Jan 8
87 Feb 9912 May
484 Feb 1
313 Feb 543 May
4
4
8,May
3312 Feb 547
50 Feb 1
37 Jan 2
2814 Feb 3812 Dec
8
5212 Aug 6218 Jan
597 Jan 3

4018 Jan 4
83 Jan 21
13812 Jan 30
1093 Jan 16
4
389 Jan 16
934 Jan 22
314 Jan 8
48 Jan 29
5812 Jan 23
312 Jan 2
964 Jan 7
912 Jan 7
77 Jan 2
8
23 Jan 18
241 Jan 7
121 Jan 3
175 Jan 25
978 Jan 29
7014 Jan 16

547 Jan 22
8
8858 Jan 7
15912 Jan 3
112 Jan 2
424 Jan 24
96 Jan 3
357 Jan 15
8
65 Feb 1
67 Feb 1
43 Jan 21
8
1145 Jan 26
8
11 14 Jan 2
1014 Jan 8
25 Jan 3
29512 Feb 1
123 Jan 24
194 Jan 11
1118 Jan 14
73 Jan 17
425 Jan 3
8
235 Jan 15
8
733 Jan 11
4
13178 Jan 11
61 Jan 18
2012 Jan 16
60 Jan 23
474 Jan 17
53 Feb 1
124 Jan 23
2034 Jan 21
74 Jan 19
1184 Jan 8
1417 Jan 14
8
10612 Jan 3
120 Jan 29
77 Jan 7
5812 Feb 1
11414 Jan 30
11 Jan 2
98 Jan 31
298 Jan 2
10112 Jan 31

3614 Nov
76 Nov
90 June
109
Oct
195
Jan
93 Jan
3012 Dec
11
Jan
344 Jan
23 Jan
4
59 June
712 Jut e
Jan
1
223 Dec
4
146
Feb
12012 June
1154 Feb
918 Oct
69 Mar
2718 Feb
155 Feb
8
555 Feb
8
743 Jan
4
60
Oct
1434 July
36
Feb
153 Feb
8
394 July
120 Dec
105 Apr
8
4014 Apr
7012 Jan
13634 Jan
8814 July
11058 Aug
71 Dec
44 Dec
Jan
107
1012 Dec
53
Jan
Jan
169
2258 Feb

108 Jan 10
101 Jan 29
10 Jan 2
38 Jan 2
853 Jan 24
8
4318 Jan 3
94 Jan 3
1504 Jan 2
878 Jan 10
72 Jan 4
115 Jan 3
118 Jan 22
18834 Jan 11
11612 Jan 12
74 Jan 22
12614 Jan 14
9814 Jan 7
177 Jan 31
8
55 Jan 31
120 Jan 30
10158 Jan 31
76 Jan 16
8212 Jan 14
210 Jan 15
195 Jan 29
143 Jan 28
6434 Jan 2
7454 Jan 31
367 Jan 3
8
54 Feb 1
94 Jan 24
111)34 Feb 1
138 Jan 4
206 Feb 1
112 Jan 24
78 Jan 23
1123 Jan 16
4
9434 Jan 25
111 Feb 1
80 Jan 2
19 Jan 31
222 Jan 30
18612 Jan 28
188 Jan 28
12114 Jan 15
155 Jan 31
11011 Jan 2
9212 Jan 30
104 Jan 28
274 Jan 3
5838 Jan 2
1514 Jan 21
44 Jan 4
444 Jan 2
108 Jan 31
1287 Jan 22
8
5812 Jan 3
119 Jan 5
533 Jan 2
4
1107 Jan 9
8
116 Jan 11
95 Jan 30
1818 Jan 2
1014 Jan 2
86 Jan 24
404 Jan 2
2914 Jan 4
100 Jan 4

1043 June
4
81
Feb
814 Oct
31 Nov
59 Feb
Jan
28
Jan
90
Jan
71
514 Jan
Jan
56
87 June
10314 Oct
12912 June
110 Dee
39 Mar
109 Aug
964 Dec
123 July
4
38 Dec
6214 Jan
10012 Dec
7018 Nov
8112 Dec
1304 Jan
141
Oct
11012 Jan
5114 Feb
56
Jan
275 Nov
8
34 Aug
80 Sept
169 Feb
131 Mar
141
Jan
100
Oct
5018 June
109 June
55 Feb
100
Feb
46
Feb
1714 Dec
172 July
152 June
152 June
1153 Sept
4
1097 Aug
4

19112 Dec
152 Apr
143 Dec
85
Apr
747 Sept
8
45 May
618 May
110
Jan
293 Dec
142
Apr
210 Dec
120 June
703 Jan
8
120
Feb
9312 Nov
11012 May
735 Sept
8
32
Jan
211 May
1843 Dee
8
18478 Nov
126
Apr
14214 Nov

107 Nov
52 June
98
Oct
14 July
39 Aug
1012 Juno
34 Juno
63 Jar
8
40
Jan
54
Jan
48 Dec
10614 Dec
3618 Nov
5514 Feb
112
Oct
8638 Jan
1114 Jan
658 Jan
6718 Jan
3514 July
2814 Dec
99 Dec

115 Mar
7612 Nov
106
Apr
323 Nov
8
653 Nov
4
1913 Feb
533 Oct
4
57
Oct
1174 Oct
12014 Dec
5458 Dec
111 Dec
56 Nov
11278 Nov
11514 Mar
9712 June
234 Sold
1312 May
9112 June
5134 Apt
443s Mar
114 Mar

3112 Jan 30
2012 Jan 10
673 Jan 8
4
1225 Jan 7
8
60 Jan 3
17 Jan 2
51 Jan 7
8
413 Jan 2
45 Jan 16
124 Jan 23
1518 Jan 7
493 Jan 7
4
10912 Jan 30
141 Jan 3
9712 Jan 7
1164 Jan 3
724 Jan 23
4718 Jan 3
10912 Jan 2
9 Jan 25
83 Jan 8
288 Jan 7
7514 Jan 4
10512 Jan 3
967 Jan 2
8
9 Jan 12
3214 Jan 31
75 Jan 2
3818 Jan 16
9212 Jan 7
1405 Jan 7
8
714 Jan 31
67 Jan 28
108 Jan 19
113 Jan 3
176 Jan 7
11312 Jan 5
6014 Jan 7
117 Jan 3
94 Feb 1
13 Jan 2
38 Jan 2
8118 Jan 8
9912 Jan 2
73 Jan 7
803 Jan 15
4
1874 Jan 2
140 Jan 7
1297 Jan 16
8
5218 Jan 30
68 Jan 2
33 Jan 21
358 Jan 2
90 Jan 7
9312 Jan 16
137 Jan 2
200 Jan 30
110 Jan 11
643 Jan 7
4
11012 Jan 4
8318 Jan 7
1061 Jan 3
:
54 Jan 7
17 Jan 2
19314 Jan 8
175 Jan 8
17414 Jan 8
1194 Feb 1
13612 Jan 5
10712 Jan 8
6714 Jan 8
97 Jan 3
2314 Jan 29
50 Jan 29
1214 Jan 17
413 Jan 16
4
3712 Jan 30
1034 Jan 8
11514 Jan 15
5312 Jan 22
112 Jan 2
48 Jan 31
984 Jan 29
114 Jan 4
913 Jan 9
4
1612 Jan 28
84 Jan 25
82 Jan 7
33 Feb 1
2712 Jan 22
9712 Jan 9

85 Apr
1025 July
8
142 Dec
11412 June
425 Dec
9912 Mar
3312 Dec
65 Sept
693 Sept
4
4
53 Mar
995 Dec
8
1438 Jan
10 Nov
3114 Jan
25234 Nov
12758 May
200 Dec
1634 Apr
Apr
90
4378 Nov
26 Nov
7978 Nov
159 May
657 Jan
8
2412 Aug
613 Sept
8
443 Nov
8
4814 Jan
128 June
264 May
6578 May
11712 Nov
147
Apr
11112 Jan
13712 Mar
105 June
503 Dec
4
114 May
1512 Apr
86 Nov
310 Dec
85 Dec
110 May
100 Sept
1558 Feb
673 Feb
8
86 Nov
463 Aug
8
9912 May
150 Dec
1158 Oct
8512 Oct
115
Jan
134 Mar
1833 Dec
4
116
Jan
633 Nov
4
11712 May
993 Nov
4
25 Feb
90
Jan
95 May
10714 May
7712 Nov
8614 Nov

New York Stock Record-Continued-Page 3

693

For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CEN7'.
Saturday,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday
Jan. 30.

Thursday,
Jan. 31.

Friday,
Feb. 1.

Sales
for
the
Week.

STOCK
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

I

$ per share $ per share $ per share $ per share Id pr share $ per share Shares Indus. & Miscel. (Con.) Par $ Per share 1
*2914 30
30 30 1 2912 297
8
8
8 297 297 .2978 30
*2912 30
500 Art Metal Construction__ 10 2914 Jan 4
8
66
8, 644 657
667
/
1
8 657 673
8 635 647
8
8 6414 65
/ 647 653 21,400 Assoc Dry Goods
1
4
No par 6318 Jan 4
8
4
10214 10214 .10212 106 *102 104
•104 107
102 102 *102 104
100 102 Jan 31
200 First preferred
4514 4514 *4514 46
454 4514 4514 453
8 4512 46
4512 46
25 433 Jan 2
4
580 Associated 011
4
*3712 394 373 37
/ 37
1
4
/ 373
1
4
/
1
4 3712 3814 364 37
/ 367 38
1
4
8
3,800 Ati G & W I S S Line_ _No par 3618 Jan 8
•48
50
•48
50 .48
50
*48
4914 4818 4818 '
,
4814 50
100 48 Jan 25
100 Preferred
5814 59
/ 56
1
4
5612 5812 60
5814 5312 5512 5412 56
6212 189,600 Atlantic Refining
25 5312 Jan 29
11512 11512 116 116
116 116
116 11612 .11612 117
1167 1167
8
100 115 Jan 21
8
190 Preferred
10712 109 4 10714 10914 108 108
3
105 107
107 112
109 11134 9,800 Atlas Powder
No par 103 Jan 5
.105 10612 105 105
105 1053 *105 10612 10512 10512 105 10512
4
100 105 Jan 2
320 Preferred
.12
1212 •12
1214
12
12
.11
12
*II
12
12
No par 1112 Jan 2
1218
400 Atlas Tack
7
7 12
712 73
7
4
73
4
74 73
4
7
712
678 Jan 3
712 8
4,000 Austin, Nichols & Co_No par
40
.37
*37
40 .37
40
•38
40
38
38
36
36
300 Preferred non-voting___ A00 36 Feb 1
64
*6312 64
*63
64
64
64
64
64
64
.63
64
6212 Jan 2
300 Austrian Credit Anstalt
2418 2412 24
25
2318 2314 23
23
/ 2212 23
1
4
223 2312 3,700 Autosales Corp
8
No par 22 Feb 1
/
1
4
414 411 40
/
1
/
4
4018 3812 39
385 395 •384 3912 385 3914
8
8
/
1
50 38 Jan 14
1,500 Preferred
8
4438 444 .4414 45 .4414 45
/
1
4414 45 .4414 45
*4412 45
400 Autostr Sat Razor "A"_No par 4314 Jan 10
*231 240 .231 240 *231 240 .231 250 •230 240
240 240
300 Baldwin Locomotive Wk5_100 20 Jan 23
120 120
119 120
118 118
117 117
1163 1173 11612 118
4
4
100 1153 Jan 4
4
370 Preferred
4109 4 110
3
110 110
1091 1093 1093 110
/
4
4
4
109 1094 1093 11012
/
1
4
/
1
4
160 Bamberger (L)& Co pref_100 10814 Jan 2
*33
333
33
4 33
33
33
3212 324 .32
33 .32
33
400 Barker Brothers
No par 2812 Jan 14
*96
97
96
97
9512 0512 *95
9712 *95
97
/ •95
1
4
100 891 Jan 19
975
8
/
4
800 Preferred
2514 2514 *2514 25
/ 2518 253
1
4
4 2518 2612 2518 2518 25
25
1,500.Barnett Leather
8
No par 243 Jan 10
/ 40
1
4
414 423
/
1
4 4014 42
4078 4038 42
/ 4318 4414 44
1
4
451 232,200 Barnsdall Corp class A
/
4
25 40 Jan 29
*41
43 .40
42 .40
42
40
40
4212 4212 444 4412
700, Class 11
25 40 Jan 30
.110 114 *111 113
111 111
110 110 .110 113 *106 110
No par 106 Jan 8
200 Bayuk Cigars. Inc
•105 106
106 10612 loslz 10634 105 106
105 10512 .10512 106
100 105 Jan 3
3101 First preferred
23
24
2314 24
22
/ 234 2238 23
1
4
213 2234 2114 22
4
13,800 Beacon 011
No par 2114 Feb 1
944 944 93
9312 90
93
924 9214 93
95
9414 9512 3,700 Beech Nut Packing
20 90 Jan 29
124 1218 1212 13
1258 13
*1258
1234 121 1212 13
/
4
/ 3,000 Belding Hem'way Co__No par
1
4
1218 Jan 26
83
/ 83
1
4
/ 8114 8114 81
1
4
81
.81 82 .81
82
8114 8114
81 Jan 29
900 Belgian Nat Rye part pref_ ___
89
8718 883
*87
4 87 8714 .833 8714 864 874 871 873
4
/
1
3
700 Best & Co
No par 83 4 Jan 8
/
4
4
/
1
/ 84
1
4
8312 844 82
84
847
s
/ 8214 833
1
4
13 8218 8612 854 87 114,000 Bethlehem Steel Corp-100 8218 Jan 31
_
.122 12212 122 1223 122 122
4
122 123
122 122 *122 12218 2,400 Beth steel Corp pf (77)_100 1213 Jan 2
4
444 4714 4814 52
/
1
4812 544 5012 5112 4814 50
/
1
47
/ 4818 28,200 Bloomingdale Bros
1
4
No par 4214 Jan 21
.110 11012 .110 11012 .110 11012 *110 11012 .110 11012 11012 11012
100 110 Jan 4
70, Preferred
.9714 102 .97 102 .97 102 .97 102
*97 102
102 102
30 Blumenthal & Co pref__ _100 102 Jan 22
8514 84
8412 8412 85
/ 85 .84
1
4
844 84
/
1
84
*8418 85
No par 83 Jan 7
2,600,Bon Anti class A
94 93
3
914 914
9'4 914
914 94 *9
97
8 *9
10
914 Jan 8
600 Booth Fisheries
No par
•53
60
553
60
5318 5318 55
55 .53
59
*53
59
100 5318 Jan 29
2001 1st preferred
193 197
195 198
193 195
193 19414 192 19312 1913 193
4
50 17412 Jan 8
16,200 Bonden Co
13
13
13
13
•1218 13
*1218 13
*124 13
13
13
4
300 Botany Cons Mills class A_50 113 Jan 10
55
/ 563
1
4
8
8 5512 563
5212 5618 5418 5714 120,500 Briggs Manufacturing_No par 5212 Jan 31
4 5318 55
8 543 553
5 8 613
5
512 53
53
4 6
/
1
4
5
/ 63
1
4
8
4 *512 614 16,700 British Empire Steel
5
/ 6
1
4
418 Jan 8
100
1018 11
12
1312 1138 12
/ 1112 12
1
4
/ 11
1
4
1112 *1112 12
4
100
53 Jan 14
8,000 2d preferred
/
1
69
695
8 684 694 6714 6814 6718 68
67
694 68
6812 6,200 Brockway Mot Tr
Vo par 67 Jan 31
145 *134 145 *134 145 .130 145 .132 145 *132 145
.
3134
4
100 1363 Jan 24
Preferred 7%
.330 340 *320 340 .300 400 .325 340 .320 340 .320 340
100 300 Jan 2
Brooklyn Edison Inc
19812 20012 197 200
192 196
19614 19914 1963 198
4
19312 1954 15,800 BklYn Union Gas
No par 175 Jan 7
4334 44
433 43
4
45
/ *44
1
4
45
451 *45
/
4
4
4512 1,500 Brown Shoe Inc
No par 433 Jan 25
•117 118
-34 118 1184 .119 1191 .117 1184 119 119 *11812 119
/
1
/
1
100 118 Jan 8
40 Preferred
5112 524 514 521
/
1
50
/ 511j 5012 51
1
4
51
517
8 524 634 12,400 Brnne-Baike-Collander_No par 4914 Jan 17
/
1
38
38
38
384 37
/
1
/ 3814 3712 37
1
4
/ 373 377
1
4
8
8 37
/ 37
1
4
10 3618 Jan 3
/ 5,400 Bucysus-Er1e Co
1
4
45
/ 46
1
4
4618 4613 46
4638 455 464 45
8
/
1
/ 4612 4614 473
1
4
10 455 Jan 30
8
4 8,300 Preferred
.114 115
114 114
114 114 *11418 1143 .1144 1143 *11418 1143
4
4
4
100 112 Jan 3
40 Preferred (7)
120 120 *117 120 *119 121 *11738 121 *11514 121 *115 120
100 Burns Bros new clAcomNo par 120 Jan 21
333
8 34
34
3338
*33
32
30
3318 32
/ 3212 32
1
4
32
/
1
1,500 New class B cora__ No par 304 Jan 31
•103 105 *1033 105 *1035 105 *1033 105 *104 105 .104 105
/
1
4
4
8
4
100 1034 Jan 5
Preferred
.23712 240 *236 245
23912 2491z 247 25014 247 248 x247 247
6,100 Burroughs Add Mach_No par 234 Jan 18
774 78
77
773
4 7612 78
79
7812 80
84
847 88
8
/ 63.800 Bush Terminal
1
4
No par 7414 Jan 7
10712 10812 1083 1081 1084 10814 10812 10812 1083 1083 108 108
4
4
4
/
1
4
100 10514 Jan 5
150 Debenture
11512 11512 11512 11512 11512 1151 1153 115 *115 117 .115 117
4
/
1
4
50 Bush Term 13Idgs pref__ _100 114 Jan 15
1034 11
104 107
/
1
10 4 107
3
1014 104 101 105
/
1
/
4
8 104 10
/ 3,100 Butte & Superior Mining_10 1018 Jan 2
1
4
812 83
4
8
/ 8
1
4
/
1
4
814 84
/
1
84 83
/
1
8
818 8
/
1
4
5
818 Jan 30
84 812 7,900 Butte Copper & Zinc
354 36
/
1
35
351
36
3518 35 355
8 35
355
8 35
100 334 Jan 24
3618 6,500 13utterick Co
/
1
.160 160
1563 1581z 15512 157
4
157 157
/
1
4
/ 15512 158
1
4
1551 15834 3,000113yers de Co (A M)____No par 15512 Jan 29
/
4
112 121
11214 113
115 115
114 115 .115 121 .115 121
100 110 Jan 17
2901 Preferred
12714 1294 1273 1283 123 1251 119 12414 119 121
/
1
4
11812 1211 10,000 By-Products Coke____No par 108 Jan 8
/
4
75 8 7578 7518 "518 7518 75's 745 75
3
8
744 6412 75
751 3,900 California Packing_ ..No par 7418 Jan 31
/
4
.27
3158 •27
30 .27511 297 *27
/
1
4
30 .27
30
.27 3025 27 Jan 3
'California Petroleum
312 312
3
/ 35
1
4
8
34 31
/
4
314 31
/
4
10
3,4 313 '314
3 Jan 8
33
s 4.700 Callahan Zinc-Lead
123 1251 12212 1241 123 1233 1227 12578 126 12812 18,300 Calumet & Arizona Mining.1
12458 125
4
8
12114 Jan 7
53
52
53
/ 53
1
4
537
511 527
54
/
4
8 514 5514 52
25 44 Jan 8
547 85,500,Ca1umet & Ilecia
8
/ 79
1
4
7818 79't 78
793
7812 7912 78
794 79
/ 79
1
4
/ 791 10.900'Canada Dry Ginger Ale No par 78 Jan 4
1
4
/
4
451
45
*45
45
46
454 4518 45
45
45
/ 45
1
4
No par 4412 Jan 2
457
8 2,000 Cannon Mills
4470 480
469 470
470 48312 470 470
468 468
465 465
1,100 Case Thresh Machine_ - -.100 465 Feb 1
•125 128 .125 128 *125 128 •125 128 *125 128 *125 128
100 124 Jan 14
1 Preferred
4834 443 4712 46
48
48
48
47
4
4512 464 48
/
1
4714 25,900 Central Aguirre Asso_ _No par 371 Jan 11
/
4
8 473 485
4
/
1
8 4812 5212 108,900 Central Alloy Steel____No par 4618 Jan 7
8
/ 485 5018 484 4912 4812 493
1
4
4918 50
112 112 .11212
. 112 11212 112 112
.11212
- *1124 - 10 111 Jan 3
70 Preferred
,
42934 1614
1012 191,
2 19
1914 .19
1912 19 -19
19
li
19 Jan 4
700 Century Ribbon Mills_No par
7614 85 .764 85
.7614 85
.7614 85
•764 85
.7614 85
100 7614 Jan 5
Preferred
103 10412 10418 10512 103 1047 10212 103
/
1
4
8
8
/ 102 10712 1047 107
1
4
/
1
4
42,200 Cerro de pasco Copper_No par 1017 Jan 16
8
244 243
8
2533 2533 2518 2533 25
2512 243 25
4 2412 2514 6,300,Certain-Teed Products_No pa
2418 Jan 18
.79
8
/
1
4
80
7812 7812 777 77 *---- 75 ......_ 75
79
79
8
100 777 Jan 30
3001 7% preferred
84
/ 84
1
4
/ 844 86
1
4
9113 8912 924 883 89
/
1
80
87
90
8
No par 7712 Jan 7
10,4001 Certo Corti
2212 227
223 .22
4
8 2212 23
23 .213 23
224 2218 22
8
5,900 Chandler Cleveland MotNopar 20 Jan 24
---- ---- -- ---- ---- -_-- --- -... .22
23
____ ____
No par 2212 Jan 11
I Certificates
.39
40
40
40
40
41
.38
41 .---- 40 1.--- 40
No par 3612 Jan 7
400 Preferred
__
_ • _ 40
No par 37 Jan 9
Pref certificates
-83 83 8 -iii4 - - ; -i;ii2 ii- W4 - -37; -8334 8878 -87- 111 39:400 Chesapeake Corp
4 .1
.
-784
1
:
8
No par 8018 Jan 7
34
/ 3434 3412 3412 3312 343
1
4
8 3412 3412 34
35
/
1
4
344 344 2,000 Chicago Pneumat Tool No par 29 Jan 17
/
1
/
1
55
5518 55
5538 55
8 55
553
8 55
553
5518 55
Vs par 55 Jan 16
55
6,700 Preferred
*314 3312 *311 3312 .311 3214 .314 3212 3112 3134 323 323
/
1
/
4
/
1
/
4
No par 311 Jan 3
4
/
4
4
30.Chicago Yellow Cab
46
4612 4614 464 46
/
1
4812 4812 48
/
1
461 463 464 47
/
4
4
10 46 Jan 11
/ 4,6001Chickasha Cotton Oil
1
4
5618 57
57
/ 58
1
4
5612 57
/ 52
1
4
/ 5618 54
1
4
56
8
No par 525 Jan 30
5612 57
/ 18,200 Childs Co
1
4
89
897
8 89
901 8814 90
/
4
9218 9012 924 70,200 Chile Copper
883 8912 89
8
25 714 Jan 8
/
1
*99 4 100 .993 100
3
4
*9934 100
299 110
/
1
4
*993 110
4
110 110
10Hhristie-13rown tern ctfsNo par 102 Jan 3
11918 1204 11914 12212 11712 1203 1137 11812 11212 11514 1103 1154 641,600 Chrysler Corp
4
4
8
No par 1103 Feb 1
4
/
1
.50
51
.50
52
550
50 .50
52
52
50
.50
52
50 City Stores class A__ _No par 50 Jan 30
100 100 .9811 100
9812 9812 .97
9812 9812 9812
9812 .97
No par 9812 Jan 29
5001 Class B
688
68
68
68
68
/ 6918 6712 684 66
1
4
/ 67
1
4
6612 6612 4,500 Cluett Peabody & Co No par 6612 Feb 1
•1147 116 .1144 119 *11472 119
8
/
1
8
11472 1147 1147 1147 11472 11472
2
100 1147 Jan 23
2
2
601 Preferred
1704 171
/
1
171 1721 171 171
/
4
171 1714 17018 172
/
1
No par 16812 Jan 7
17318 1757 13,600Coca Cola Co
8
53
/ 543
1
4
4 53
544 53
/
1
5314 5212 5314 5113 523
No par 50 Jan 4
4 513 5234 8,300 Collins & Allernan
3
*0614 07
97
97
97
97
.97
9712 9712 98
.98 100
7001 Preferred non-voting_.100 93 Jan 3
71% 72
71% 7672 743 7712 733 75
100 665 Jan 8
8
7312 7412 733 75
8
4
57,100 Colorado Fuel 0.: Iron
13414 13812 135 1397 135 13772 13434 13712 136 148
8
14212 148
20,900:Columbian Carbon v t cNo par 124 Jan 7
14934 150
14718 1493 14714 1493 15
4
4
41,000'Colum Gas & Elec__No par 13612 Jan 2
018 166
1561 160
/
4
155 157
106 1064 107 1074 1067 10714 1064 1067 1064 1063
/
1
4
/
1
8
/
1
/
1
/
1
8
100 1054 Jan 18
4 1063 107
4
2,0001 Preferred
75
7612 715 76
8
7312 7714 7412 764 77
714 Jan 28
/
1
7912 7918 811 490,800 Columbia GraDhophone
/
1
/
4
5412 55
/ 5312 54
1
4
/ 53
1
4
5438 513 53
4
/ 5218 53 4 523 533 29,200'Commercial Credit____No par 5184 Jan 30
1
4
,
4
4
*25
26 .25
26
.25
26
*25
25 2412 Jan 2
26 .25
26
.25
Preferred
26
4.26
27
27
27
27
25 25 Jan 21
273
2712 2614 2614 .26
s 27
27
560 Preferred 11
10412 105
/ 10414 1054 104 1044 102 104
1
4
/
1
10312 10312 103 103
1,320 let preferred (652%)_100 102 Jan 15
18112 1853 190 193
8
/ 186 193
1
4
187 19212 191 194
190 19312 33,400 Comm Invest Trust___No par 13112 Jan 2
104 104
104 104 *10412 109 .105 109 *10412
100 104 Jan 26
109 .105 109
100 7% preferred
*9612 97
97
99
98
98 .97
100 94 Jan 3
08
97
98
98
0818 1,000 Preferred (0(0)
58
5912 593 6012 56
4
5912 55
100 2714 Jan 7
/ 5712 5612 611 58
1
4
/
4
593 11,400 Warrants
4
234 23612 234 24612 24014 248
242
/
4
29,400 Commercial Solvent5_No par 22712 Jan 8
2411 246
/
4
122 123
/ 1204 1277 127 13212 12812 241112 2411 243
1
4
/
1
8
34.500,Commonwealth Power_No par 10714 Jan 7
132
1274 130
12612 130
874 8718 88
8912 883 9014 91
4
91
894 91
8712 884 2,300 Conde Nast PublIca___No par 80 Jan 3
/
1
33
/ 344 3312 353
1
4
/
1
4 32
3314 314 334 311 3'212 32
/
1
/
4
/ 333 311,300 Congoleum-Nairn Inc_No par 2738 Jan 2
1
4
8
/ 8112 831/4 8114 827
1
4
823 83
8
8 81
/
1
4
No par 79 Jan 8
82
8118 823
4 824 8318 9,900 Congress Cigar
14
14 *1
112 •112
114
1 Jan 8
14
1,200Conley Tin Foll stpd No par
114
114
Ds
118
114
945
8 924 945s 9212 93
94
No par 914 Feb 1
92
Consolidated Clgar
921 6112 6214 6114 02
/
4
4.600
*93
94
93
93
93
95
100 93 Jan 28
.9212 96
.92
96
*SP'
96
300 Prior pref
27
2711 28
27
27
/ 2812 27
1
4
/
1
4
28
28 2 28
,
283 12,700 Consol Film Ind pref__No par 254 Jan 2
8
nos 11811 1154 1174 11412 1164 11418 28
/
1
/
1
11712 11518 1161 11514 11753 297,600 Consolidated Gas(NY) No par 10318 Jan 7
/
4
994 99l2 994 991/ 9912 9912 9912 9912 9918 993
4 9912 9912 9,400 Preferred
NO par 9812 Jan 2

Highest

PER SHARE
Range Jo Previous
Year 1928
Lowest

r1
• Bid and fistedD-ces: un sale 038 Me day. t Ex-dividend
2 2n.
.
of 100% In , stook z Fa-aflame'. y Ex-rights. s Shillings. S Ex-cliv. and ax-rights.




Highest

3 per share $ per share $ per share
3012 Jan 10
2512 Jan 341 Apr
/
4
703 Jan 10
4
4014 June 7512 Dec
107 Jan 15
9912 Aug 11378 Apr
47 Jan 5
3712 Feb 53 Sept
/
1
4
4318 Jan 11
3718 Feb 597 May
8
553 Jan 2
4
38
Feb 6514 Oct
68 Jan 2
50 Nov 6612 Dec
117 Jan 11 11412 Sept 11814 Jan
/
1
4
115 Jan 2
63
Jar 114 Dec
10612 Jan 14 102 July 11012 May
1512 Jan 3
814 Jan
173 June
8
10 Jan 11
43 Jan
8
914 May
4218 Jan 14
25 July 39
Jan
65 Jan 8
58
Oct 75 May
2912 Jan 7
612 Jan
34 Nov
/
1
4
437 Jan 23
8
25 Aug 41 Nov
50 Jan 11
43
Oct 5212 May
248 Jan 21 235 June 285 Mar
120 Jan 25 115
Oct 1244 Apr
/
1
11012 Feb 1 10714 Nov 1111 Jan
/
4
4
333 Jan 23
264 Aug 3514 Dec
/
1
97 Jan 28
9178 Dec 10112June
2914 Jan 15
2312 Aug 5212 Feb
464 Jan 3
/
1
20 June 53 Nov
46 Jan 3
20 Jure 5118 Nov
113 Jan 25
/
1
4
98 June 14012 Mar
10634 Jan 29 10312 Dec 1103 Mar
8
1214 Mar 2412 Dec
2812 Jan 8
101 Jan 12
70 July 10114 Dec
/
1
4
12 Dec 22
143 Jan 2
4
Jan
8478 Jan 3
825 Sept 9212 May
8
9312 Jan 3
533 Jan 102
4
Oct
8834 Jan 2
517 June 881 Dec
8
/
4
123 Jan 11 11618 June 125 Apr
547 Jan 29
8
33 July 50 Sept
/
1
4
111 Jan 16 10912 Jan 1113 July
4
118 Jan 2
87 June 122 Dec
8912 Jan 12
6514 Jan 8512 Dec
111 Jan 2
/
4
1212 Nov
514 Jan
63 Jan 18
4114 Mar 7218 Nov
/
1
4
2013 Jan 23 152 June 187
4
Jan
14 Jan 2
8 Aug 23 Jan
/
1
4
6318 Jan 3
2118 Feb 63
/ Oct
1
4
67 Jan 28
8
94 May
118 Jan
1312 Jan 28
12 Feb
214 Jan
45l3June 7512 Nov
73 Jan 2
/
1
4
145 Jan 2 110 June 150 Nov
334 Jan 23 2063 Jan 325 Nov
4
20012 Jan 28 139 June 20334 Nov
47 Jan 2
44 Dec 5512 Apr
119 Jan 9 115 Nov 120
Jan
554 Jan 18
2712 Feb 62 Sept
/
1
4
42 Jan 5
/
1
4
2412 Feb 483 May
4
495 Jan 5
8
334 Feb545 May
/
1
8
115 Jan 19 11014 Mar 117 Apr
127 Jan 11
9312 Feb127
Oct
39 Jan 14
157 Mar 433* June
8
1054 Jan 7
/
1
97 Feb1103 June
/
1
4
4
25014 Jan 30 139
Jan 249 Dee
8834 Feb 1
50 June 88 Dec
1083 Jan 28 1047 Aug 115 May
4
8
1163 Jan 19 111 Aug 11912 June
4
123 Jan 4
8
8 Aug164 May
/
1
4
/
1
912 Jan 3
418 Jan
1214 Nov
41 Jan 2
3712 Dec6712 May
192 Jan 2
/
1
4
9012 Jan 2063 Dec
4
1294 Jan 26 1081 Apr 118 Dec
/
1
/
4
1294 Jan 25
/
1
65 Mar 122 Dec
7812 Jan 4
6811 June 825 Sept
8
2978 Jan 25
2514 Mar 36 Sept
4 Jan 22
134 Mar
538 Ap,
131 Jan 5
89 Feb 133 Nov
80 Jan 19
2018 Jan 47 Nov
/
1
4
80 Jan 15
/
1
4
541 Jan 8612 May
/
4
4812 Jan 3
43 Dec 50 Sept
509 Jan 2 247
Jan 515 Nov
125 Jan 12 12012 Dec 13512 Mat
483 Jan 30
4
3814 Dee 3912 Dec
5212 Feb 1
8
2818 Mar 483 Dec
11212 Jan 28 107
Jan 1113 May
4
11 Aug 24
2012 Jan 2
Oct
82 Jan 17
77 Aug 92 May
113 Jan 2
5812 Jan 119 NON
281 Jan 2
/
4
2318 Dec 645 Apt
8
8112 Jan 11
75 Nov 100 May
9214 Jan 31
7012 Oct 8318 De(
23 Jan 11
512 Feb 24 NON
22 Jan 18
/
1
4
41 Jan 29
14 Mar 37 De(
/
1
4
40 Jan 14
89 Feb 1
6234 July 8118 Jaz
35 Jan 25 111 Aug 17312 De,
/
1
4
5614 Jan 11
.
36 Jan 7
29 Aug 43 Jaz
/
1
4
50 Jan 2
45 Dec 5612 Oc'
6012 Jan 2
37
Apr 64 Det
92 Jan 22
/
1
4
373 Mar 747 Nol
8
,2
110 Feb 1
76 Dec 131
Jaz
135 Jan 2
544 Jan 14012 Oc
/
1
52 Jan 2
514 Jan 5414 Jun
109 Jan 2
62
Jan 1147 Nol
8
723 Jan 3
4
60 Dec 1093 Ap
/
1
4
4
119 Jan 3 11112 Dec 12434 Ma
1754 Feb 1 127 Feb 18012 Oc
/
1
5612 Jan 11
4418 Dec 1111 Jai
/
4
98 Jan 31
90 Nov 109
Jai
7712 Jan 29
5212June 8412 Jai
148 Jan 31
79 June 1344 De,
/
1
160 Jan 31
8912 Mar 1404 De
/
1
1077 Jan 11 106 June 11018 Jai
8
883 Jan 9
4
61 Dec 84 No,
/
1
4
624 Jan 2
/
1
21 Feb 71 NO'
26 Jan 9
23 Feb 27 Ma:
2712 Jan 30
23 Feb 28 De
10534 Jan 24
85 June 107 No'
194 Jan 31
553 Mar 1407 No'
s
4
107 Jan 14
99
Jan 109 Ma:
99 Jan 28
923 June 9812 Au,
8
614 Jan 31
/
1
618 Aug 307 De
8
248 Jan 29 1377 June 25014 No
8
13212 Jan 29
624 Jan 11012 De
/
1
93 Jan 191
Oc
48
Jan 84
353 Jan 281
4
22 June 3112 AD
85 Jan 11
/
1
4
67 Feb 874 De
14 Jan 41
3 4 Ma:
3
14 Jan
9614 Jan 21
7912 Jan 100 De
96 Jan 71
944 Oct 10234 Ap
/
1
284 Jan 161
/
1
23 July 2912 Seri
11812 Jan 261 y74
Aug 17014 Ma:
99 Jan 8
/
1
4
97 4 Aug 105 Ma
,

694

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,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday
Jan. 30.

Thursday,
Jan. 31.

Friday,
Feb. 1.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots

PR SHARE
Rangefor Presious
Year 1928

Lowest
Highest
Highest
Lowest
•
$ per share $ per share $ per Mare $ per Share $ per Share i per share shares Indus. & Miscel. (Con.) Par
$ per share $ per share $ per share $ per share
515 514
5
534
5
5 18
4 8 518
478 5
7
5
54 23,900 Consolidated Textile_No par
478 Jan 2
63 Jan 15
8
214 Aug
612 Dee
21
2118 2012 2138 2012 207
8 2012 21
203
8 6,100 Container Corp A vot__No par 20 Jan 31 2312 Jan 9
20
204 20
20 Nov 36 Apr
1034 1034 1012 1034 1014 1012 104 103
8 10
8 9,800 Class B voting
1014 10
103
No par 10 Jan 31 1112 Jan 2
93 Oct 1914 Apr
4
5514 56
56
58
5712 594 58
15,400 Continental Baking el ANo par 474 Jan 8 607 Jan 17
59
573 5812 5712 58
4
8
2612 Apr 5312 Jan
1012 11
11
12
1112 12
1118 113
4 11
113
1114 39,800 Class B
8 11
No par
84 Jan 8 133 Jan 17
4
3 4 Apr
3
94 Dee
93 93
9212 934 9312 94
93 4 94
9312 9312 923 9312 3,300 Preferred
3
4
100 8812 Jan 2 97 Jan 16
73 Apr 9612 Jan
8 63
63 4 643
3
12 643
8 63
/ 64
1
4
627 63
8
8
4
12 625 635 2623 633 33,400 Continental Can Inc__NO par 60 Jan 19 643 Jan 8
8
4
4
53 Dee 1287 Sept
8
*124 126 *125 126 *125 126 *125 126 *125 126 *125 126
Preferred
100 1243 Jan 7 1243 Jan 7 123
4
4
Jan 128 Mar
3
9012 914 90 8 924 89
90
s
8914 9018 897 9212 910 927 10,900 Continental Ins
8
4
10 8712 Jan 2 9412 Jan 14
k
75 Feb 947 May
25 8 263
5
8 25
/ 26
1
4
24 4 2514 2312 243
3
8
4 2418 2512 x2412 253 119,900 Continental Motors__No par 1918 Jan 2 283 Jan 21
8
10 Mar 2013 Nov
8812 89
8814 887
8 8738 8812 8718 88
8712 883
4
8 873 8912 15,700 Corn Products Refining.._25 8614 Jan 15 917 Jan 3
8
643 Jan 94 Nov
8
*14313 144 *14314 14312 143 144 *14314 14412 *14314 14412 143 14313
390 Preferred
100 143 Jan 2 1443 Jan 19 13812 Jan 14634 Apr
4
773 80 4 79
4
3
8214 7512 807
8 73 4 7712 733 764 734 747 332,800 Coty Inc
3
8
4
No par 7118 Jan 12 8214 Jan 28
625 Dec 8978 Nov
8
29
29
2914 30
*29
3012 *28
700 Crex Carpet
3012 29
294 *2712 30
100 225 Jan 10 30 Jan 28
8
1212 Sept 27 Nov
•101 10114 *10013 10114 100 10012 100 100
420 Crown Will Pap 1st pf_No par 9978 Jan 8 10114 Jan 18
100 100
100 100
9612 Jan 1054 Oct
23
2318 2313 2312 234 23 8 *23
5
23
1,800 Crown Zellerbach
2318 23
2314 23
No par 224 Jan 25 2534 Jan 9
2314 Dec 2634 Nov
88
8912 8812 8912 88
8812 8612 873
4,200 Crucible Steel of America_100 8512 Jan 7 94 Jan 11
4 87
8714 89
87
6914 July 93 Feb
115 115
115 115 *113 115 *11112 1154 11518 11518 *11112 11518
300 Preferred
100 109 Jan 8 11518 Jan 31 111 Dec 121 May
22
22
22
224 2112 2212 224 2212 22 8 2314 22
9,200 Cuba Co
23
5
No par 2112 Jan 8 2413 Jan 3
Oct 2878 May
20
5
518
5
5
5
518
5
518
5
5 14
No par
534 518 2,100 Cuba Cane Sugar
478 Jan 17
713 May
512 Jan 3
43 July
8
1714 1714
1718 1714 17
2,700 Preferred
174 1658 17
1612 1612 17
17
100 1612 Jan 31
1878 Jan 3
133 Oct 323 Jan
4
8
1613 1638 1814 1613 16
1614 16
16
4 3,800 Cuban-American Sugar____10 1534 Jan 9 17 Jan 3
153 16
153 153
4
4
15 8 Dec 2414 May
3
•____ 95 . _ _ _ 95 *___ 95 5,...,_ _ 95 •_ _ _ r 95 *
5_
95
Preferred
100 9313 Jan 22 95 Jan 3
93 4 Dec 108 Feb
3
6
618
64 64 *54 614 *A 812 *514 615
700 Cuban Dom'ean Sug--No par
54 Jan 23
634 Jan 2
5 Nov
12
Jan
6
6
63 8 64
3
6314 63 4 623 634 623 62 4 6214 82 8 624 6312 5.400 Cudahy Packing
3
4
4
3
7
50 61 Jan 7 8773 Jan
54 Jan 7814 Aug
15538 1594 15514 156 4 1533 15512 1514 15312 15212 1547 153 1574 21,700 Curtiss Aer & Mot Co_No par 141 Jan 4 165 Jan 15
3
8
8
15
5318 Feb 1923 may
4
•221
.._ *221
•221
__ *221
__ •206
Cushman s Sons
_ ____
__ *206
No par 221 Jan 25 22514 Jan 15 14434 Jan 230
Oct
8123 117 *12234 115 *12114 .
10 Preferred (7)
-115 *12318 fis
124 114 *12313 125
100 12018 Jan 22 124 Jan 31 114
Jan 141 Sept
*63 6413 64
6412 6318 6318 63
6212 1,200 Cutler-Hammer Mfg
63
623 623
4
4 62
10 62 Jan 5 653 Jan 11
4
52 June 6513 Nov
725 73 4 737 75
8
3
11,100 Cuyamel Fruit
12 73 4 75
76
7418 75
7414 75
75
3
No par 63 Jan 3 76 Feb 1
49 July 63 Oct
83 8 64
3
64
8
64
663 6918 6718 687 111,000 Davison Chemical
8
66
677
68
3 86
No par 593 Jan 2 6918 Jan 31
8
3438 Feb 683 Nov
4
8454 4612 464 465 *454 4614 4 8 463 *4412 45
8
447 454 1,100 Debenham Securities
8
153
3
53 3812 Jan 2 467 Jan 24
8
36
Oct 491 Apr
/
4
12512 12512 125 125
125 125
320 Deere & Co pref
12514 1253 1253 1253 126 126
4
4
4
100 125 Jan 16 128 Jan 4 11512 Feb 12634 May
*23534 236
235 8 239
240 242
242 247
7
4,100 Detroit Edison
250 252
2463 250
4
100 224 Jan 2 252 Feb 1 16612 Jan 22414 Dee
58
5814 574 58
8
5912 583 5913 13,000 Devoe & Raynolds A__No par 554 Jan 7 594 Jan 31
57
573
4 5612 5712 58
40 Jan 61
Apr
*115 11514 *115 11514 115 115 *115 116 *115 116
201 1st preferred
115 115
100 112 Jan 7 11512 Jan 15 108
Jan 120 May
1573 1573 15713 1594 15734 15938 157 159
4
490 Diamond Match
4
160 160
158 160
100 157 Jan 30 16412 Jan 11 1343 Jan 172 Nov
8
952 97
2
93 10
4
934
934
9,300 Dome Mines, Ltd
912 9 8
94 10
5
912 912
No par
94 Jan 2 103 Jan 9
8
8 June
1313 Jan
12234 12314 12113 1223 1205 12112 120 12114 12012 1217 12013 1217
4
8
8 8,800 Drug Inc
8
No par 115 4 Jan 9 1243 Jan 14
3
4
80 Mar 12018 Nov
•70
71
7478 7,200 Dunhill International_No par 73 Jan 25 92 Jan 2
743 75 4 7412 747
4
3
8 747 7514 7314 743
8 74
8
554 Jan 995 Nov
8
*9938 101
300 Duquesne Light 1st prat _100 4913 Jan 24 1004 Jan 16
*993 10014 *995 10012 *9912 10012 100 100 *100 10112
4
8
993 Oct 11612 Mar
3
200.Durham Hosiery Mills B._ 50
514 Jan 14
7 Jan 14
3 Aug
812 May
3712 *3714 3712 *36
837
40 Preferred
37
37
3714 *3714 3712 *3714 3712
100 36 Jan 2 3714 Jan 30
3434 Oct 464 Jan
*182 183
182 183
18412 1897 12,700 Eastman Kodak Co____No par 18114 Jan 2 1897 Feb 1 163 Feb 1944 July
8
18218 184
18114 1833 1817 183
4
8
8
*127 130 *127 130 *127 130
10 Preferred
127 127 *127 130 *127 130
100 126 Jan 2 127 Jan 30 12313 Aug 134 Apr
7012 73
7018 7234 70
72
7358 727 763 81,100 Eaton Axle & Spring...No par 61 Jan 7 763 Feb 1
4
8
723
4 7212 74
4
26
Jan 6818 Nov
595 595
595 59512 600 600
900 E I du Pont de Nem__No par 493 Jan 8 680 Feb 1 310
675 680
595 595
665 665
Jan 503 Nov
*11712 1173 *11713 118
11778 11778 *11758 1177 1173 1175 •1173 1173
400 6% non-vat deb
4
8
8
8
8
8
100 1153 Jan 21 1187 Jan 8 114 July 12113 May
4
3
106 108
8
1077 10918 10814 1084 108 109 *10818 109'2 1073 108
3,300 Eisenlohr & Bros
4
25 957 Jan 2 11212 Jan 18
8
1218 Jan 99 Dec
*98
99
99
99
10 Preferred
*9518 98
•9518 99
*9518 99
*9518 99
100 9312 Jan 9 100 Jan 18
87 Nov 10012 Feb
38
38
38
2,400 Eitingon Schild
38
3712 38
3612 37
37
3712 3712 37
No par 3618 Jan 5 394 Jan 10
334 Aug 43 Nov
110 110
109 11018 *109 4 110
3
800 Preferred 63i%
10812 10812'108 109's 108 108
100 108 Feb 1 113 Jan 19 1013 Aug 1217 Nov
8
8
164 16718 16758 170
16314 168
163 16612 165 16818 16714 16912 178,300 Electric Autollte
No par 13418 Jan 7 170 Jan 28
60 June 1364 Dec
*112 115 *112 115 *112 115 *112 115 *112 115
20 Preferred
112 112
100 109 Jan 2 113 Jan 18 10812 Sept 11212 Dec
1312 135
8 1341 13 4 13 8 14
4
8 1414 143 10,100 Electric Boat
3
No par 1212 Jan 9 153 Jan 16
14
3
1414 1418 143
4
83 Aug
4
1738 June
4
6414 410,000 Electric pew 5 Lt
61
No par 4318 Jan 8 644 Jan 30
544 58'4 5 4 6
8
2
643
8 6012 63
5 4 6214 60
9
283 Jan 493 Dec
4
8
10814 1084 1077 1077 107 1073 1077 108
2,300 Preferred
8
8
8
108 108
3
4
1073 108
No par 10618 Jan 2 10814 Jan 23 105 Dec 11018 Mar
•13014 _ - •13314.. 13412 134
70 Certificates 40% paid
/ 133 13312'135
1
4
/
1
- 1344 134
/
1
4
/
1
4
12212 Jan 4 13412 Jan 29 12014 Nov 12978 Apr
907 36,600 Elec Storage Batt,ery___No par 8312 Jan 29 907 Feb 1
843 1;47
8
8
4; 84 - 33 83
54 /
4 854 1614 86
12 8513 854 863
8
69 Feb 9118 Dec
634 1,400 Elk Horn Coal Corp_ _No par
6
6
6
6
6
63
4 *6
6
618 618 *6
612 Jan 9
6 Jan 19
6 June
9 Jan
1112 1278 127 13
8
8 2,600 Emerson-Brant class A.No par 104 Jan 22 1334 Jan 2
13
4
*105 13
1112 1112 103 123
8
13
514 Feb
155 Dec
8
783 787
8 3,500 Endicott
4
8 783 788 7814 784 773 7818 773 7818 77
773
8
-Johnson Corp____50 77 Feb 1 833 Jan 4
4
4
3
743 Dec 85 Apr
4
*120 125 *120 125 *120 125 •120 125 "120 125 *120 125
Preferred
100 123 Jan 4 123 Jan 4 12114 Jan 12758 Dec
54 8 55
3
12 5514 563
594 106,800 Engineers Public Sery__No par 4812 Jan 4 604 Jan 31
4 5718 60
59
6018 59
6014 58
33 Feb 51 Nov
93 93
8,700 Preferred
9312 93 4 944 9912 98 104
3
/
1
99 10412 9512 98
No par 90 oar 12 10412 Jan 31
9012 Dec 10212 Oct
313 324 3112 32
4
/ 6,600 Equitable Office Bldg_No par 314 Jan 4 33 Jan 5
1
4
32
3214 32
325
8 3212 3212 3218 32
295 Oct 333 July
8
4
45
12 464 4514 4512 45
4518 45
45
4518 4518 444 4518 2,400 Eureka Vacuum Clean_No par 4412 Feb 1 5244 Jan 3
43 Dec 79 Jan
100 Exchange Buffet Corp No par 2214 Jan 15 2213 Jan 17
2214 2214 *2218 23
*2218 23
*2213 23 *2212 23 *2212 23
193 July 245 Oct
4
8
4778 477
8 4714 48
8 7,700 Fairbanks Morse
493 513
4
473 494 493 51
8
497 51
8
8
No par 437 Jan 8 513 Jon 21
8
4
3212 Jan 54 Apr
• 10 Preferred
10912 10913 *10914 111 *10914 111 *10914 110 *10914 111 *1091 111
/
4
100 108 Jan 17 1107 Jan 9 104
3
Jan 1143 May
4
8112 84
4
4 843 8612 8412 86
8214 843
8318 843 18,100 Federal Light & Trac
4
8413 85
15 8818 Jan 3 8612 Jan 29
42 Jan 71 Dec
50 Preferred
•10013 10112 *101 10112 *101 10112 *9934 10112 103 103 *10112 103
No par 993 Jan 17 103 Jan 2
4
98 Jan 109 Apr
2,000 Federal Mining & SmelVg_100 234 Jan 8 275 Feb 1 120 Apr 230 Dec
275
265 270 *265 300 270 270
275
265 265 *265 275
Preferred
*99 10012 *99 4 10012 *9912 10012 *9912 10012 •9912 1001 *9912 10012
12
3
100 100 Jan 4 100 4 Jan 7
3
9114 Jan 10212 Sept
1838 1834 1812 187
1818 1818 2,400 Federal Motor Truck__No par 1818 Jan 31 207 Jan 3
8 1853 19
8 1818 181
1812 187
165 Aug 257 May
8
8
s
1,800 Fidel Then Fire Ins N Y_ _10 101 Jan 22 106 Jan 2
10312 10312 102 1027 102 1024 102 10214 10212 10212 10212 103
3
754 June 10712 Dec
/
1
100 Fifth Ave Bus
/
1
•1178 13
8 1212 124
8
/ *117 13
1
4
/ *117g 12
1
4
/ *1178 12
1
4
/ 111 117
1
4
No par
/
4
1114 Jan
1178 Jan 31 13 Jan 3
1614 May
9518 1,400 Filene's Sons
92
944 94
944
*9112 92
94
92
924 92
92
No par 90 Jan 11 973 Jan 14
4
400 Preferred
*106 10718 106 106
10618 10618 •10512 106
106 106 *1074 -- -100 106 Jan 28 107 Jan 23
8
68
693
8 68
28 Apr 763 Dec
8
684 675 6818 663 673
4
8
4 6612 68513 664 687 20,000 First National Stores_ No par 66 Jan 21 71% Jan 2
1512 194 18
64,500 Fisk Rubber
19
173 184 1718 177
87 Aug 173 Jan
8
3
No par
4
153 Jan 8 2018 Jan 23
8 1718 1812 1813 19
8
*6912 7112 6912 694 68 68
900 1st preferred stamped___100 65 Jan 8 7213 Jan 14
673 673
55 4 Oct 9112 Jan
3
4
4 6
6612 68
8
88
900 1st preferred cony
82
12 8212 8014 8014 79
774 7712 7812
54
Oct 973 Jan
100 884 Jan 5 8212 Jan 25
79
7712 774 *75
4
37,900 Fleischmann Co
7712 7812 7712 7812 7712 7812 774 777
7812 79
65 June 893 Oct
No par 774 Jan 15 8438 Jan 2
8 7718 78
8
511 5114 1,400 Florsheim Shoe Cl A
/
4
52
494 Nov 5612 Nov
5112 52
52
No par 5114 Feb 1 54 Jan 8
5112 5112 514 52
5112 52
/
1
Preferred 6'7
*99 102
*99 102
*99 102
9818 Oct 100 Dee
*99 IO2 .99 102 .99 102
100 99 Jan 5 10218 Jtu218
8,500 Follansbee Bros
643 69
8
6518 663
567 Dec 8913 Dec
8
8 6412 66
No par 82 Jan 18 69 Feb 1
644 6412 6412 844 6312 64
100 Foundation Co
4612
*4712 50
*44
No par 45 Jan 22 53 Jan 22
47
*4712 50
•45
363 Oct 5712 Dee
8
47
12 4712 *4412 48
32,300 Fox Film class A
Jan 2 101 Janl 9
95
8
14 9612 9412 96
No par 934
72 June 1195 Sept
957
8 9412 957
9418 95
94
95
97
8
30 Franklin-Simon prof
8110 11.012 110 110 *110 11012 110 110 *110 11012 *110 11012
100 110 Jan 4 110 Jan 4 10812 Dec 113 Feb
3
513 25,500 Freeport Texas Co____No par 4812 Jan 3 547 Jan 25
4
43
51
3
3
525 53 4 5212 53 4 52
3
53
Oct 10914 Jan
5012 52
5012 51
200 Fuller Co prior pref._ __No par 101 Jan 8 104 Jan 11 102 Mar 1097 Apr
4102 104 *102 104 *101 104 *101 104 *10212 104
101 101
8
2914 37,400 Gabriel Snubber A____N0 par 24 Jan 2 295 Jan 31
25 8 2612 2618 2612 2512 2612 2614 2938 2838 295
7
8
15 Mar 2812 Jan
8 28
1534 17
No par 15 Jan 7 25 Jan 31
20 4 24 275,900 Gardner Motor
3
1758 1878 183 194 19 8 2112 21
714 June 173 Dec
25
8
3
8
9712 9912 9612 99
13,400 Gen Amer Tank Car
9542 97
No par 94 Jan 17 102 Jan 9
955 964 96
607 Feb 101 Dec
4
9738 9512 97
8
7412 7412 7312 7414 7212 734 72
8
8 7,700 General Asphalt
100 717 Jan 31 8114 Jan 12
734 743
68 June 947 Apr
7314 71% 73
8
/
1
4
11612 116 *11512 116
100 114 Jan 9 1204 Jan 12 11018 June 1414 Apr
8
11418 11518 11414 11414 11418 1147 114 11612 1,400 Preferred
100 General Baking pref__No par 1303 Jan 28 138 Feb I 132
*130 132
8
13038 13038 *13038 134 *1303 154
138 138
131 134
3
Oct 150 June
No par 3712 Jan 9 5614 Feb 1
473 493
8
8 4814 487
5614 36,200 General Cable
53
21 Feb
4
543
8 4613 483
4 463 4912 51
8
3 Nov
8
No par 81 Jan 8 11014 Feb 1
98
99
9712 99
56 Feb 883 Nov
98
99
4100 10914 10812 11014 35,000 Class A
973 993
4
4
810612 107
100 106 Jan 11 10713 Jan 21 102
100 Preferred
10612 10613 *10612 107 *10612 107 *10612 107 *10812 107
Oct 107
Oct
No par 63 Jan 8 71 Jan 24
12,100 General Cigar Inc
6912 704 68
4
71
69
5918 Nov 753 Feb
70 4 6912 70
6914 6812 683
3
69
8
Preferred
100 11214 Jan 5 122 Jan 24 11414 Sept 130
8
•11213 1247 *11212 122 *11212 120 *115 121 *11212 122 *115 122
24914 253
No par 222 Jan 2 2623 Feb 1 124 Feb 22112 Mar
24612 253
8
8
252 2623 140,800 General Electric
24618 2493 246 260 4 255 26114
8
3
Dec
1114 1138 111 1138 114 1138 111 1138 1114 1112 1114 1112 9,100 Speelal
10 11 Jan 3 114 Jan 9
/
4
/
1
11 Sept 12 June
/
4
1,400 General Gas & Elec A__No par 70 Jan 7 89 Jan 23
85 85
*7314 834 81
85
83
354 Jan 74 Nov
82
83
81
80
83
8100 10412 *100 104
Class B
No par 78 Jan 3 10412 Jan 22
100
37
100 100
*90 10212 *90 10212 *90 10212
Jan 80 Nov
8130 136 *126 130 *130 136 *130 135
210 Prof A (8)
No par 12112 Jan 12 134 Jan 24 121
129 129
130 130
Oct 144 Apr
230 Prof B (7)
*108 109 *108 109 *108 109
No par 1074 Feb 1 10912 Jan 9 105
/
1
4
/
4
1071 107
108 109
108 108
Oct 1147 May
8
400 Gen Ice Cream Corp No par 104 Jan 2 108 Jan 5
*100 107
107 1074 108 108
744 July 1054 Oct
100 110
100 109 *108 109
5512 8638 86
No par 83 Jan 8 894 Jan 18
8614 8512 87
8612 8718 9,300 General Mills
79 Dec 8412 Nov
8614 87
8614 87
g
*97
8
974 98
98
300 Preferred
100 977 Feb 1 100 Jan 4
8
98
977 977
8
98
9812 Dec 10014 Dec
89778 98
*977 98
8
----------------------23,700 General Motors Corp
21118 214 4 209 4 21312 20514 209
3
3
4
25 19418 Jan 7 2143 Jan 28 130 Jan 2243 Nov
-4
.
*12512 126 *1254 12512 12512 12512 1254 152 12514 2514 12512 /22 2,300 7% preferred
4
100 1243 Jan 10 12612 Jan 2 12312 Jan 12712 Apr
/
1
5012 504 504 503 *50
1,200 Gen Outdoor Adv A._ _No par 5014 Jan 8 52 Jan 2
*5013 51
51
49 Aug 587 Jan
8
51
51
52
*51
8
8 3318 3412 3318 33 3 334 34
7
8
33 8 347
8 5,100 Trust certificates____No par 3212 Jan 12 363 Feb I
363
35
3
294 Aug 5233 Jan
3418 35
7
8 95 8 997
8 974 101
954 957
No par 95 Jan 24 10418 Jan 3
8414 June 12358 Jan
9712 99 4 973 10212 1004 1024 30,400 Gen Ry Signal
3
8
8 7914 81
794 797
8012 81% 81
451z June 82 Jan
4 8012 8312 32,600 General Refractories. No par 74 Jan 8 8312 Feb 1
8112 80
813
12214 124%123 12514 12212 123% 120 4 1224 1214 1234 x123 12312 22,300 Gillette Safety Razor_No par 116 Jan 2 1263 Jan 25
4
9718 June 1233 Oct
3
8
481g 44
454 4712 46
/ 4612 454 454 443 45
1
4
8
447 12,300 Gimbel Bros
No par 43 Jan 9 4818 Jan 28
43
344 Mar 597 June
/
1
/
1
4
8
7
8612 85 8 85 8 *85
7
86
3,900 Preferred
86
85
100 84 Feb 1 90 Jan 3
8518 854 8414 85
87 Mar 101 June
84
8 4214 43
417 427
41
8
4218 41
8
3
4112 423 24,200 Glidden Co
No par 367 Jan 2 444 Jan 17
203 Jan 37 Dec
8
42
8
4118 417
104 10412 *10438 105 *1043 1043 *1044 105
/
1
4
/
1
4
370 Prior preferred
/ 104 105
1
4
10414 104
100 10312 Jan 3 105 Jan 7
/
1
4
95 Jar 105 Sept
8
5958 6012 5918 6014 584 594 564 584 7458 5
624 32.600 Gobel (Adolf)
No par 52 Jan 8 844 Jan 22
4212 Dec 624 Nov
/
1
814 59
/ 5714 78
1
814 777, 7838 7675 75
773 781, 7
8
Jan 4 82 Jan 19
164,700 Gold Dust Corp v t c
773
8
No par 7112
71
765 787
8
Jan 1434 Dec
745*
97
54,700 Goodrich Co (B F)
985* 9513 9713 954 9618 9418 983
9718 98
4
No par 9418 Jan 31 1053 Jan 2
6818 June 10914 Dec
4 98 101
8
1145 1145 •11418 115
8
*11414 115
600 Preferred
11418 1141 *11418 1147 1147 115
100 113 Jan 9 115 Jan 17 10912 Feb 1153 May
/
4
8
8
1284 13212 12542 1303 12742 133
7
2
s
1304 1327 132 135 8
13058 1344 48,600 Goodyear T & Rub__--No par 12212 Jan 7 140 Jan 9
4518 June 140 Dec
/ 10212 102
1
4
/
4
1021 102
/ 102 10212 10214 10214 1021 10214 1,400 1st preferred
1
4
1028 103
2
No par 102 Jan 30 1037 Jan 4
/
4
9212 Mar 105 Dec

•Bid and asked prices; no sales on this day. z Ex-dividend. a Kg-rights.




695

New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday, Thursday,
Jan. 30.
Jan. 31.

Friday,
Feb. 1.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

Highest

PER SHARE
flange for Precious
Year 1928
Lowest

Highest

$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ Per share $ per share $ per share $ per share
7312 74
7312 Dec 934 Apr
15,700 Gotham Silk Hosiery__No par 704 Jan 30 814 Jan 2
75
7512 7314 7478 7234 7314 7018 7212 7014 73
No par 65 Jan 16 7412 Jan 23
7112 721
68
73
67
67
6814 69
69 69
*6812 70
70 Dec 93 Apr
5,700 New
100 98h Jan 12 10114 Jan 5 100 Dec 130 Apr
*100 1043 10014 10014 100 100 •100 107 *101 107 *101 105
4
300 Preferred new
99
9814 9814 *98
*98
99
*98
99
*98
99
*98
99
95 Dec 112 May
70 Preferred ex-warrants__ _100 97 Jan 11 100 Jan 12
712 Jan 2 10 Jan 9
No par
8
67 Dec 125 Feb
8
*71
•75
8 81
812 811 *713 84 *712 83
812 *712 84
100 Gould Coupler A
4
4818 504 26,200 Graham-Paige Motors_No par 464 Jan 21 54 Jan 2
48
49 8 4818 49
5
4
163 Feb 6114 Sept
4
8 4812 50
501g 5114 493 513
No par 4314 Jan 25 4912 Jan 11
4538 461 *433 46
45
4612 4513 4612 *43
4
2612 June 56 Sept
1,900 Certificates
*43
45
45
87
87
883
865 88
8
8818 89
8814 891
3918 Feb 93 Deo
s
s
8912 885 903 20,900 Granby Cons M Sm & Pr_100 85 Jan 16 9133 Jan 22
4
100 773 Jan 30 86 Jan 3
7734 787
8 78
79
79
8014 79
*7913 80
8
6514 June 947 Oct
773 7912 2,000 Grand Stores
4
78
27
2818 2878 2818 2818 263 28
4
No par 263 Jan 29 324 Jan 2
2713 2712 275s 273
28
4
263 July 414 Oct
4
4 2,200 Grand Union Co
4
No par 503 Jan 19 5438 Jan 4
52
53
3
4612 Aug 623 Oct
5213 5113 5212 3,700 Preferred
/ 533
1
4
8 52
523 53
4
14 52
5212 53
125 125h 124 127
No par 11612 Jan 17 140 Feb 1 11134 Dec 12512 Sept
126 120
130 140
126 1275s 12412 126
10,700 Grant (W T)
4112 43
31
41
4 4138 4213 414 42
/ 411 423
1
4
434 44
3812 Dec
Jan
42
/
4
48,400 Great Western Sugar_ _ _No par 37 Jan 7 44 Jan 25
11734 1173 118 119
100 11612 Jan 16 11912 Feb 1 11212 Feb 120
4
•11714 11713 11714 11714 118 118
Jan
670 Preferred
119 11912
893
8June 17714 Deo
1734 17718 17018 17414 17018 17314 17018 1761 175 181 110,900 Greene Cananea Copper 100 168 Jan 14 1864 Jan 4
1733 178
4
93 Jan
434 Dec
512 Jan 3
47g Jan 9
.
1478 51
*47
4 8 44
7
44 47
8 *44 5
8 514
47
8 5
600 Guantanamo Sugar____No par
90 July 107
Jan
100 88 Jan 3 90 Jan 2
*89
*89
93
•89
93
•89
93
*89
94
*89
94
94
Preferred
51
4
Jan 734 Sept
100 66 Jan 7 743 Jan 21
713 713
4
72
73 8 72
3
72 8 7238 72
5
7114 714 717
4 71
8 2,300 Gulf States Steel
*107 10812 *107 10812 *107 10812 *107 10812,*107 10812 107 10812
100 107 Jan 22 10812 Jan 17 10338 Nov 110 Apr
Preferred
4
23 Jan 30 Jar
*25
26
25 25 Jan 7 263 Jan 5
253
4 253 26
253 253 *25
4
4
*25
26
4
26
26100 Hackensack Water
23 Jan 30 Dec
28
28
*28
30
28
28
25 28 Jan 4 30 Jan 8
*28
30
28
220 Preferred
30
293 *28
4
2512 Jan 29 June
*26
28
25 26 Jan 31 29 Jan 14
26
•26
28
*26
28
*26
28
26
40 Preferred A
273 273
4
4
8
8 4914 5012 4918 5014 4958 51
No par 494 Jan 31 55 Jan 10
503 5114 5018 5112 495 515
8
86.100 Hahn Dept Stores
11034 1113 110 111
100 10812 Jan 29 115 Jan 31
10812 11012 10834 1093 1083 10912 109 110381 10,000 Preferred
4
4
8
99 Aug 104 Apr
102 10214 10214 10214 *10214 10213 *10214 10212 10212 10212 10238 102341
100 101 Jan 2 10553 Jan 8
190 Hamilton Watch pref
59 May 97 Nov
9512 95121
9912 9912 98
98
95
9612 94
954 96
96
500 Hanna 1st pref class A___ _100 91 Jan 14 55 Jan 31
54 Dec 571 Oct
5412 5412 5412 5412 *4514 557
8 5412 5412 55
55
55
55 I
500 Harbison-Walk Refrac_No par 54 Jan 3 541 Jan 24
Jan
___I__.
•112
____ *112
100 112 Jan 14 11812 Jan 29 110 June 120
*112 ____ *112
___ *113
____ *112
Preferred
8
2312 Aug 275 Feb
*25
2518 2518 *2512 2618 2512 2512 2512 253
26
4 26
26
900 Hartman Corp class A_No par 2518 Jan 28 27 Jan 2
4
s
325 3314 3318 33
8
/ 324 33
1
4
1638 Aug 373 Dec
No par 3118 Jan 14 393 Jan 2
3213 3212 3438 10,900 Class 13
32
323
8 32
61 Dec 68 Nov
*62
20 6014 Feb 1 63 Jan 10
62
62 62
63
623
4 6012 6012 *61
6014 601:
62
900 Hawaiian Pineapple
Oct
112 1.164 11812 11812 *115 117 *115 118 *115 117 I 1,000 Helme (G W)
•111 112
25 110 Jan 2 118 Jan 29 105 Dec 120
7212 Dec
30 4 Jan
3
65 65
654 66
6912 68
65
6712 68
*6412 66
2,200 Hershey Chocolate___No par 65 Jan 28 7212 Jan 3
687
51
7014 Feb 89 Nov
8
82
5
827
8 8112 8112 8038 82
No par 80 8 Jan 29 857 Jan 3
8112 8214 82
8214 82
823
41 2,700 Preferred
•104 10412 *104 10412 *194 10412 *104 10412 *104 10412 *104 104111
100 104 Jan 4 10518 Jan 17 10014 Aug 105 Apr
Prior preferred
.
11.9
1514 Sept 304 Jan
20
4
18 Jan 7 203 Jan 2
*1814 20
No par
1912 *18
*18
1912 1812 1812 *18
100 Hoe (R) & Co
20 I
4
4018 Dec 493 Oct
46
46
No par 4114 Jan 3 50 Jan 16
4412 48
*43
46
45 45
4
13
46
47
47sI 4,300 Holland Furnace
1975 194 *184 19
8
18 Dec 367 Apr
No par 174 Jan 21 22 Jan 2
1814 1812 1818 1814 1818 1818 1812 18121
600.Hollander & Son (A)
67
Jan 80 Nov
74
74
100 7312 Jan 25 76 Jan 3
7312 7312 74
733 73 4 733 73_3
4
3
*733 74
4
74
4
700 Homestake Mining
Oct
6418 Feb 84
751 7612 7512 75 4 76
74 Jan 4 7912 Jan 7
No pa
7613 76
8 76
7712 7512 763
3
7614 3,600 Househ Prod Inc
874 8712 8712 8712 873 88
79 Dec 167 Apr
863 Jan 30 107 Jan 3
4
863 863
4
4 87
4
70
8
714 2oowe so Oid
41
8912 8 4 893 16:600 H usto n unl of Tex tem ctfs 10
500 H
3
405 Feb 73 4 Nov
8
687 687
8
8 6812 693
8
8 685 69
No par 6614 Jan 8 72 Jan 4
6814 7034
681s 69
75 Jan 994 Mar
8638 8812 863 88
8
8538 8714 863 8714 8718 8838 8838 90 111,700 Hudson Motor Car__ _ _No par 84 Jan 8 93 Jan 2
4
29 Jan 84 Nov
7512 Jan 24 82 Jan 28
80
791 81
7913 807
82
4
793
4 773 783
8 78
4 785 8014 152,400 HUPP Motor Car Corp_ ___1
8
8
213 Feb 383 Nov
4
3114 3012 3114 3038 3118 30
314 3114 31
4
303
4 303 3133 43,000 Independent 011 dr Gas_No par 30 Jan 31 3514 Jan 2
27
20
Oct 70 Apr
26
27
No par 2018 Jan 31 3212 Jan 2
2018 25
23
26
23
23 23
2338 2412 5,800 Indian Motocycle
93 Nov 115 Apr
4_ _ __ 96 *___ _ 951 *
100 95 Jan 4 95 Jan 4
9414 *____ 94 •_ _ 9414 *
94
Preferred
9 Feb 3938 July
4
10 29 Jan 8 423 Jan 28
3512 3838 3834 423
4 3612 4012 3212 36s 3514 363
4
3 353 373 266,100 Indian Refining
8
812 Jan 3714 July
10 28 Jan 7 4233 Jen 28
3412 3318 343
383
4 3712 4238 364 3918 31
33
3512 3714 140.1001 Certificates
*165 ____ •185 _... •180 250 *150 200 •150 200 *150 200
100 160 Jan 2 165 Jan 11 140 Dec 185 Nov
I Preferred
125 130
Oct
No par 121 Jan 2 135 Jan 18 118 Dec 146
1294 1207 128 12818 128 128
12814 129 •1263 130
8
1,100 Industrial Rayon
137 137
90 Feb 127 Nov
No par 120 Jan 3 137 Jan 26
135 137
130 135
135 135
136 136
135 137
1,100 Ingersoll Rand
46 Mar 80 Dec
873 88
8 90
No par 78h Jan 2 92 Jan 31
92
8714 897
8718 883
89
s 8712 89
23,1001Inland Steel
91
18 Feb 484 Nov
8
465s 4741 464 473
49
4613 46
484 494 42,800 Inspiration Cons Copper_ -.20 4318 Jan 7 497 Feb 1
8 464 474 46
114 12
84 July 2134 Jan
1113 114 1158 1134 1114 1134 1114 12
1134 1214 4,200 Intercont'l Rubber_ _ _No par 11 Jan 3 1414 Jan II
173 1712 1714 177
13 Feb 207 May
3
8
8
15 Jan 8 177 Jan 28
1614 1614
1638 17
173
No par
1614 1614 6,900 Internat Agricul
8 17
485 Mar 85 Dec
8
*8512 8712 8614 8614 8513 86
8812 8812 873 88
100 8312 Jan 7 8812 Jan 26
*853 868001 Prior preferred
4
4
8
4
4
Jan 16638 Nov
154 1553 153 1543 1524 1537 15218 1537 152 1524 8,700 Int Business Mach1irs_No par 1493 Jan 24 1553 Jan 3 114
15234 153
4
8
3
9114 92
56
Jan 947 Dec
947
8 94
935 953
8
8 94
9112 937
8 9212 957
95
38,100 International Cemedt__No par 8938 Jan 7 964 Jan 3
834 8411 8038 8412 793 82
4514 Feb 80 Dec
8013 821
801 8312
_8178 227,000 Inter Comb Eng Corp__No par 6818 Jan 7 87s Feb 1
11214 1124 112 11212 11.112 11112 *112 11212 11212 11212 al 11212 1,1001 Preferred
100 10812 Jan 2 11212 Jan 28 103 Mar 110 Sept
8
80 Dec 977 Dec
112 115
1974 1087 10914 114
11018 1123 1103 11212 10938 1113 84,200 International Harvester No par 9234 Jan 15 115 Jan 29
4
8
4
4
144 144 *144 146
145 145
144 144 *143 145 *143 145
100 14212 Jan 2 145 Jan 18 13614 Mar 147 May
9001 Preferred
9414 954 934 954 93 8 9514 934 94
85 Dec 1214 May
3
9312 94
934 9412 11,300 International Match pref_35 93 Jan 25 102h Jan 4
33 Mar
4
7 3 May
3
64 Jan 11
6 Jan 2
6
6
6
6
618
6 3 63
3
8
6
618
64
6
618 4,3001 Int Mercantile Marine_ _ _ _100
3418 June 4458 Jan
100 3612 Feb 1 3913 Jan 2
4
363 3712 363 37
4
38
3818 3712 374 37h 371
3612 37
7,300 Preferred
73 Feb 26912 Dec
/
1
4
4
651 6814 6514 6814 663 6812 744,200 Int Nickel of Canada_No par 4614 Jan 2 723 Jan 23
633 6714 6253 69
4
673 693
4
4
Oct 863s May
50
7312 Feb 1
66
70h 723 27314 731
4
67
70
6512 6511 6438 645s 65
t
refa ie a
:. 0
0
)
1
: ? ;0 Inrrn orrorl Irer___No par 5713 Jan 1
1
931
Jan
89 Dec 108
934 931 *9313 94
93
93h 931
100 894 Jan 15 9412 Jan 8
94 94
9233 92
341
22 Dec 341 Nov
3414 35
33
32
3111 32
x33
32h 3212 337
34h 48,400 Inter Pap & Pow cl A__No par 27h Jan 8 35 Jan 31
147 Dec 19 Nov
19
221
8
21
22
2112 221
18h 191
18
181
No par 153 Jan 16 2212 Jan 30
135 Dec
8
103 Nov
4
15
123
8 1238 1438 14h I6h
16
1134 123
8 12
No par 1058 Jan 10 163 Jan 30
In r54 47:12 211.'8
.1
ss
88 Dec 91 Dec
100 884 Jan 4 93 Jan 23
a
91
90
907
*9113 9213 9012 9214 9Q 90
• 13
91A. 9212 1,600 Preferred
473 Oct 60 Dec
4
5912 60 . _(6)111
3712 623
8 6078 611
62
s 62
6212 6Z7
5,900 lot Printing Ink Corp__No par 571 Jan 14 63 Jan 23
104 10518 •10412 115 *1
100 100 Jan 2 10518 Jan 30 100 Dee 100 Dec
•101 1051 *101 10518 *191 105
/a
115
200
4
4913 Mar 683 Jan
75
753
743 76
4
751
100 5512 Jan 4 7618 Jan 28
4 7414 75
75
7618 73
73
PreferredInternational Salt
70
2,
4
136 1473 143 145
4
100 131 Jan 22 1493 Jan 3 126 June 196 Jan
144 144
4
1343 1343 *133 135
4
*133 135
1,700 International Silver
Jan
4
100 11214 Jan 4 119 Jan 17 11214 Dec 131
4
4115 1183 *115 1183 *115 1,183 *115 1183 *115 116 *115 116
Preferred
3
/
1
220 2223 2204 22712 22112 2263 220 4 2243 222 22512 22212 226
40,400 Internat Telep & Teleg__ _ _100 19714 Jan 7 22712 Jan 28 13912 Feb 201 Dec
6112 Nov 90 Dec
81
80
844 8014 81
*8214 844 82
2,600 Interstate Dept Stores_No par 80 Jan 30 9312 Jan 2
*1113 11g
4
1
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dec
138 138 *13614 143 ** B 1f433
s
•135 13838 1373 139
23 4 Sept38 Jan
3
12
304 3018 2303 303
304 31
31
No par 29 Jan 2 314 Jan 28
4
30h 3112 3114 314 30
4 2,12 Intertype Corp
Oct61 May
47
8
564 56
1 53 Jan 2 573 Jan 28
56
55
5612 567
Creek Coal
56
s 56
7,400 Island
8
55
5612 564 573
773 Mar 179 Nov
4
s
15014 152 *148 130
15712 158
1523 156
4
No par 1467 Jan 18 15814 Feb 1
1574 15814 10,400 Jewel Tea, Inc
1483 150
4
8
*125
100 12412 Jan 3 125 Jan 8 1195 Nov 12513 Nov
____ 125 125
4125 ____ •125
____ •125 ____ *125
2g
964 June 202 Dec
No par 18012 Jan 7 238 Feb 1
227 23312 22518 233
222 22912 224 22914 223 23212 232 238
-Manville
82.50 Johns
120 120 *120 12012 12014 1201
119 119
100 119 Jan 21 12012 Jan 3 11812 Oct 122 Apr
120 120
119 120
720 Preferred
4
4
121 121
1213 12112
8
12113 12113 121 12112 12038 1203 1203 121
260 Jones dr Laugh Steel pref 100 11812 Jan 4 122 Jan 21 119 Dec 12414 May
255s Mar 4113 Oct
35 Jan 21
35 Jan 21
.26
36
36
*26
•26
36
30
*26
•26
36
Jones Bros Tea Inc,__No pa
1912 Oct
818 Aug
1213 Jan 14 1612 Jan 2
8
No pa
13
4
s 123 1314 125 1314 *?;278 11312 11,900 Jordan Motor Car
1312 1318 133
1314 13
?S
i
11214 11214 •11214 113 *11214
•11214 113 *11214 113 *11214 113
20 Kan City P&L lstpfB_NOpar 11214 Jan 9 11234 Jan 22 108 Aug 114 Apr
2912 Dec 34
Oct
•2938 3014 30
8 2912 2913 *2913 30
2938 2938 2938 295
30
900 Kaufmann Dept Stores_512.50 2912 Jan 31 33 Jan 5
625s Jan 92 Nov
4
4 8111 823
8212 83
4 834 833 12,300 Kayser (J) Co v t c
s
No par 803 Jan 24 88 Jan 3
813 813
8213 834 8112 83
4
15h May 5113 Nov
38 Jan 30 46 Jan 4
4018 403
Keith-Albee-Orpheum..No pa
38 1 117
4 3914 4014 *39
38
40
112 Inh 2,600
9
7512May 160 Nov
•125 126
i
119 119
100 118 Feb 1 138 Jan 5
122 122
125 125
900 Preferred 7%
1914 Dec 2513 Nov
s
2012 Jan 30 237 Jan 2
4 2012 224 2118 225 47,800 Kelly-Springfield Tire_No pa
21
217
8 21
213
203 2114 2012 203
4
554 Feb 93 Nov
•88
100 8812 Feb 1 944 Jan 9
*88
89
89
923 •88
4
8812 89
923 *88
4
9212 *88
200 8% preferred
58 Feb 101 Nov
*9312 98
100 9812 Jan 7 100 Jan 14
*9312 97
*93h 99
*9313 99
*9312 99
*9313 99
6% preferred
2213 Jan 56
Oct
64
5412 345 5614 541s 551
473 Jan 15 5614 Jan 28
4
5318 544 534 54
8
3h 5412 26,400 Kelsey Hayes Wheel_ _ _No pa
4110 ___ *110
100 109 Jan 21 110 Jan 8 106 Mar 111 Nov
____ *110
____ *110
_ *110 ____ *110
1638 17
4
7h July 2278 Apr
15 Jan 7 184 Jan 22
1614 17
No par
1538 1618 16,100 K:lvr?nfereed Corp
3
16
163
4 15 4 1614 153 16
ator
15313 154
8018 Feb 136 Dee
No par 15012 Jan 16 16318 Jan 4
1524 1557 1513 1543 15113 15414 15338 1613 1594 163 197,600 Kennecott Copper
4
8
8
51
51
377 Aug
52
5213 5012 5013 1,300 Kinney Co
521
51
No par 5012 Feb 1 5814 Jan 3
51
51
51
51
973 973
80p
"
8 97
874 Mar 1 "2 r
100 9312 Jan 2 974 Jan 21
3
973
8 9714 973
Preferred
4
3 963 97h 973 9712 9712 9712
370
66h 654 70
8
8 64
6853 693
4 6814 70Li 853 687
64 Jan 30 78h Jan 3
5114 Aug 954 Nov
68h 71
63.600 Kolster Radio Corp___-No pa
14 g633 36
3612 36
3612 353 36
32 Dec 42 Nov
3514 Feb 1 39 Jan 21
'Vo pa
4
353 354 3514 354 5,600 Kraft Cheese
s
4
•981 99
98
9
9914 D
10
0 98 Jan 19 993 Jan 2
99
98
•98
*9712 9812 •98
99300 PreferredDec 10114 Dee
8814 887
8 8614 883
10 84 Jan 16 91 Jan 30
65 Feb 913 Nov
87
8 851s 864 85
4 8614 873
4
877 12,200 Kresge (S 5) Co
8
86
4113 113 4113 115 *113 113
11314 1134 11314 11314 .113 11510 109 Jan 5 11314 Jan 23 11014 June 118 Apr
Preferred
20
21
•20
20
20
2012 20
•20
204 *20
20
1313 Jan 2714 Feb
20
20
1,800 KresgelDept Stores_ ___No par 20 Jan 30 23 Jan 2
4
70
75
*70
73
4
70
100 72 Jan 15 72 Jan 15
75
4
70
75
75 Aug
515 Feb
*7113 90Preferred
*70
75
1
Illh 11112 1107 1107 11012 11012 1094 1097 1097 1094 1093 1093
8
8
8
4
No par 109h Feb 1 114 Jan 5
8
87 Feb 1243 Nov
4
600 Kress Co
40
41
41
4113 415s 4013 4112 169,900 Kreuger & Toll
3612 Jan 3 424 Jan 17
414 4138 4213 403 42
3238 Dee 40h Oct
11418 1153 114 11518 1134 113
4
113 115
7314 Mar 13214 Nov
lir lip 113 lir 40,500 Kroger Grocery dr Ilkg_No par 113 Jan 23 12212 Jan 3
•236 243 *236 240 4
100 235 Jan 16 243 Feb 1 200
236 240 *236 240 •
Jan 260 Feb
100 Laclede Gas
4100 112 •100 112 *100 112 *110 112 *100 112 *100 112
100 102 Jan 4 102 Jan 4
99 Nov 12412 Jan
Preferred
2744 28
28
28
2712 2712 28
28
28
2812 *28
273 Feb 394 Apr
8
2812 1.700 Lago 011 & Transport_No par 2712 Jan 29 33 Jan 2
1334 1343 1324 1344 132 13338 131 1333 13112 13212 13113 1324 71.900 Lambert Co
4
3
4
No par 12718 Jan 22 13613 Jan 25
7912 Jan 1363 Nov
2238 2258 223 23
224 23
4
2214 23
No par 213 Jan 7 25 Jan 14
1714 Jan 2614 Oct
2278 23
2238 23
9,800 Lee Rubber Sz Tire
58
583
4 5718 5712 5714 38
5712 58
423 June 5812 Nov
4
1A12
4
2
58 . _ 5 14 1g: 4,mg Lehigh PortlandCement__ 50 5612 Jan 8 62 Jan 10
58
*10912 1095 10912 10913 1091 1093 10912 110
10912 10913 .1
4
100 1063 Jan 3 110 Jan 16 10614 Dec 110h May
4
63 8 6412 63 4 647
5
3
4
No par 623 Jan 2 6814 Jan 10
4
4 644 65
3
4 633 643
38
Jan 644 Oct
8 644 6512 65 4 663
11.100 Lehn & Fink
*31
32
*3118 33
32
*31
*31
No par 2914 Jan 7 393 Jan 5
33
*31
32
2812 Aug 4014 Nov
*31
33
Life Savers
9613 100
100 10513 10234 10412 96 10214 98 Igtv4 g771122 N:2 HIS4 Lirrtes B
8318 June 1224 Jan
ee t & Myers Tobacco__ _25 92 Jan 2 1051 Jan 28
1
2
995 10212 10134 10312 96 10238 98
974 99
25 8938 Jan 7 10312 Jan 29
8014 June 12312 Jan
•136 1363 13614 13614 *136 1363 *136 1363 •136 1363 *136 1363
4
4
100 136 Jan 3 1364 Jan 14 134 Aug 147 Apr
4
4
4
200 Preferred
473 4712 4814 484 48
3
4912 4912 49
4912 51
49
5
38 July 657 May
Locom Works___No par 451 Jan 21 5212 Jan 3
49
2,800 Lima
10512 1067 10538 1064 10558 1093s 106 108
8
10518 10614 1067 1097 20,000 Liquid Carbonic
No par 10312 Jan
6312 Feb 12412 Nov
11378 Jan 3
8
,
7418 754 7514 77
784 7914 773 803 205,000 Loew's Incorporated__.No par 6338 Jan 2 803 Feb 1
8
4918 June 77 May
7512 78h 775 80
8
8
3
108 108
10818 10914 109 10978 10912 11014 110 110 4 110 11018 3,900 Preferred
3
No par 1023 Jan 2 1103 Jan 31
3
994 Mar 1105 Apr
8
4
812 912
9
934
9
912
193s Aug
812 9
No par
812 8
712 Jan 19 10 Jan 24
53 Feb
4
/
1
4
812 83 23.800 Loft Incorporated
4
1
*3114 32
*314 32
31
3111 31h 31
*3112 32
Jan 35 Feb
26
•3I
3112
-NO Par 284 Jan 2 3212 Jan 5
200 Long Bell Lumber A.

4

•pm ma asked prices; no sales on this day. x Ex-dividend. v Ex-rights




696

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,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday, Thursday,
Jan. 30.
Jan. 31.

Friday,
Feb. 1.

$ Per share $ per share $ per share $ per share $ per share $ per share
6518 67
6418 663
4 6512 663
4 65
66
65
6812 68
693
4
•11712 118 .11712 118
11712 11712 .11712 118 *11713 120 *11712 119
2538 25.8 2512 2614 2558 2638 2512 263
8 253 2618 253 2618
8
4
.91
915 .91
95
90
91
88
90 .89
95
.89
95
1438 15
1412 15
1414 143
4 14
1412 1414 1438 1414 1512
.8912 9112 *8912 9112 *89
9112 8912 8912 .8912 9112 .8913 9112
4014 41
4014 41
407 463
8
4 45
467
8 44
4314 443
47
8
83 4 854 82
3
84
81
817
8 813 813
4
4 7812 81
80
3012
43
43
43
43
*43
4312 .43
4312 43
4238
4312 42
•10614
*10614
__ .10614
.*10614
*1064
•1064
__
0120 135 *120 135
--12412 12412 .125 135 .125 140 .125 140
--8318 8318 .83
85
*8314 85
*8318 85
*8318 85
.8318 85
11012 113
110 11414 10812 111
10814 1093 10712 10914 10814 1103
4
4
16912 16912 168 173
172 17212 .170 17212 .170 172 •170 171
•1914 1912 193* 193
4
1912 193* 19
1912 187 1918 19
194
8
6718 6712 683 707
8
8 68
695
8 6712 687
8 6714 7212 7112 73
343 3512 3418 3478 32
4
3414 33
343
8 327 33
8
3212 33
*10512 107
10512 10512 10512 10512 .104 105 .104 105
104 104
21
21
•20
23 .20
23
20
20
20
20
2012 2012

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SIIARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest

Highest

PER SHARE
Range for Precious
Year 1928
Lowest

Highest

Shares Indus. & Mace'. (Con.) Par $ per share $ per share $ per share $ Per share
18,1(10 Loose-Wiles Biscuit
25 64, Jan 28 745 Jan 5
8
8
4
4414 June 883 Sept
70 18t preferred
100 11613 Jan 12 118 Jan 17 11712 Aug 125 May
19,000 Lorillard
25 2412 Jan 21 2838 Jan 11
2334 June 4678 Apr
400 Preferred
100 88 Jan 4 93 Jan 16
8612 Dec 114 Mar
20,800 Louisiana Oil
No par 14 Jan 30 18 Jan 9
193 Apr
4
93 Feb
3
50 Preferred
100 8914 Feb 1 95 Jan 9
78 July 96
Apr
78,800 Louisville G & El A____No par 365g Jan 23 47 Jan 31
28 Feb 41 May
4,900 Ludlum Steel
No par 7714 Jan 4 873 Jan 18
8
8
253 Jan 897 Nov
8
1,200 MacAndrews & Forbes_No par 42 Feb I 46 Jan 4
44 Aug 573 Apr
4
...
Preferred
100 104 Jan 8 106 Jan 16 106
Oct 110 Nov
100 Mackay Companies
100 122 Jan 19 12518 Jan 15 10812 Mar 134 Mar
100 Preferred
100 831g Jan 26 8418 Jan 14
Oct
6814 Jan 86
79,900 Mack Trucks, Inc
No par 104 Jan 16 11414 Jan 28
83 Apr 110 Nov
2,500 Macy Co
No par 168 Jan 28 1863 Jan 2 y134 Aug 382 AUg
4
3,000 Madison Su Garden_ _ No par
1814 Jan 5 217 Jan 2
1814 Dec 34 May
8
42,800 Magma Copper
No par 66 Jan 16 73 Feb 1
43 4 Feb 75 Nov
3
8,000 Mallison (II R) & CO. No par 32 Jan 29 398 Jan 15
3812 Nov
Jan
16
110 Preferred
100 101 Jan 15 10513 Jan 18
Oct
8718 Jan 110
110 Manati Sugar
100 20 Jan 30 26 Jan 14
Jell
21 Nov 41
.4258 55
•425 50
8
*4318 50 .4318 50
4314 4314 *4312 45
100 Preferred
100 4314 Jan 31 5012 Jan 10
40 Nov 88
Jan
.31
32 .31
3113 31
31 '
030
317
8 3112 317
8 30
30
600 Mandel Bros
No par 30 Feb 1 3412 Jan 10
32 June 4012 Jan
32
323
4 313 3212 32
4
3212 3134 32
3214 33
333 3414 6,800 Manh Elec Supply_ __ _No par 3014 Jan 7 3734 Jan 14
4
2812 Sept 663 June
3
3314 3314 3314 3312 3318 3338 3318 333 *334 334 3318 333
8
8 3,700 Manhattan Shirt
25 3212 Jan 2 355 Jan 4
8
3134 Feb 43 May
•1514 1513 .15
1513 15
15
1412 1413 14
1,300 Maracaibo 011 Expl_ _No par 14 Jan 31 1714 Jan 3
144
15
15
1212 Feb 2512 Apr
40
403
8 3834 3934 38
3914 3714 3812 3818 3912 3918 4014 48.900 Marlin Oil
No par 3714 Jan 30 4718 Jan 3
4
33 Feb 493 Nov
.76
78
76
78
78
78
773 773
4
4 7612 77
773 773
4 2,40G Marlin-Rockwell
4
No par 74 Jan 15 797 Jan 21
8
4514 Mar 83 Nov
71
72
73
73 3 7014 72
7
70
70
6912 71
71
71
4,300 Marmon Motor Car _No par 6912 Jan 8 84 Jan 2
77 Dec 86 Deo
1658 1658 17
17
17
17
17
18
4
1,800 Martin-Parry Corp.... No par
1612 174 •163 1714
1614 Jan 21
18 Jan 2
124 Mar 255 June
8
•202 212
210 210
205 210 *205 210
1,600 Mathieson Alkali WorksNo par 175 Jan 9 2163 Jan 25 1173
206 21014 *208 210
4
4 June 190 Deo
*12058 121
120 12058 120 121 .120 121 •120 121 •120 121
180 Preferred
100 120 .Tan 28 12.5 Jan 2 115
Jan 130 Apr
1005 1013 10014 10112 9938 1005
8
4
8 9858 997
8 9812 99
99 10212 10,500 May Dept Stores
25 96 Jan 8 10812 Jan 10
75 July 11312 Nov
23
2312 2234 23
223 233
4
8 2214 2212 2214 223
8 2218 227
8 8,000 Maytag Co
No par 2218 Feb 1 2414 Jan 3
1712 Aug 3012 Nov
4234 4238 4238 4238 43
4312 43
435 24318 4312 4318 43 8 3,500 Preferred
8
,
No par 423 Jan 26 4518 Jan 3
8
4018 Aug 52 May
8812 88
•88
883
8 88
88
88
88
88
900 Prior preferred
88
8812
•88
No par 88 Jan 15 9018 Jan 10
8912 Dec 101 May
*7612 78
76
76
7512 7612 7612 7613 *7614 7612 7614 7612
800 McCall Corp
No par 73 Jan 10 80 Jan 22
56 Feb 80 Dee
•105 106
106 106
105 105
105 1063 107 109
11012 1113
8 1,360 A4cCrory Stores claw A No par 10034 Jan 4 1113 Feb 1
4
8
77 Feb 10978 Nov
105 105
106 106
105 10512 105 107
11034 111
3,000 Class B
107 110
No par 101 Jan 10 111 Feb 1
8012 Mar 1191 NOT
4
•114
__ •114 115
115 115
114 114
700 Preferred
1137 113% 114 115
8
100 1137 Jan 31 115 Jan 16 109 Feb 11812 Nov
8
.21
2112 21
21
21
21
1,000 McIntyre Porcupine Mines_ _5 21 Jan 2 2312 Jan 5
21
.21
2112 2114 214 z2I
1914 Sept 2812 Mar
74
743
8 74
775
8 757 7733 7518 79
7914 82
8012 814 86,300 McKeesport Tin Plate_No par 7112 Jan 8 82 Jan 31
6212 June 7838 Nov
5114 515
5153 513
4 503 5114 50 4 51
4
z513 533
3
8
507 52
4,800 McKesson & Robbins_No par 49 Jan 7 53's Feb 1
8
4518 Nov 5034 Dec
*5953 5978 59
% 5973 58711 593
8
8
58% 585 .585 5914 585 5912 3,300 Preferred
50 .5714 Jan 18 60% Jan 23
54 Nov 633* Nov
.65
6512 63
65
.6218 64 .6218 65
8,400 Melville Shoe
71
6218 6218 65
No par 624 Jan 31 72 Jan 3
607 Nov 70 Sept
8
30
3012 297 3018 283 293
4
4 273 2812 274 297
313
4
8,700 Mengel Co(The)
8 30
No par 2712 Jan 31 347 Jan 4
2514 July 41 Sent
*2512 257
8 257 257
8
8 257 257
2533 26
1,400 Metro-Goldwyn Pictures pf.27 24 Jan 10 2614 Feb 1
2614
26
253 26
4
2412 Dec 2718 May
5714 5814 5418 5812 513
5433 4612 51
54 178,900 Mexican Seaboard 011 No par 4612 Jan 30 693 Jan 3
51
533
50
4
43 Jan 73 Deo
8
333* 34
331 337
33
333
4 323 3314 33
4
343 z3418 35% 32,800 Miami Copper
8
6 3018 Jan 8 36 Jan 4
173 Jan 33 Dee
4
3312 3213 337
33
3218 33
3134 3213 3112 3214 3214 33
49,400 Mid-Cont Petrol
No par 3112 Jan 31
397 Jun 3
2518 Feb 4412 Nov
12012 121 *12012 1204 .12012 122
12012 12012 1203* 1203 •12012 122
400 Preferred
8
100 12014 Jan 18 121 Jan 4 10314 Feb 12012 Dee
414 412
414 42
414 43*
43 18,100 Middle States 011 Corp
414 412
4
8
414 43
4 Feb 1
10
518 Jan 3
23 Jan
8
738 May
314 314
3
3 14
3
33
8
3
314
3
314
3
3 18 3,500 Certificates
3 Jan 2
57 May
10
312 Jan 3
112 Jan
249 249
242 25314 24014 2444 238 242
2,800 Midland Steel Prod pref___100 238 Jan 30 26314 Jan 2 193 June 295 Nov
243 245
4
2393 244
*2414 25
24
24
.2312 24 4 2314 2312 *2313 24
3
900 Miller Rubber
2414
24
No par 2212 Jan 5 283 Jan 14
1812 Aug 27
4
Jan
74
754 754 7712 7418 7614 747 7818 7718 793
a
7812 63,000 Mohawk Carpet Mills_No par 7012 Jan 4 793 Jan 31
77
4
3918 Aug 757 Dec
13812 1423 1363 140
8
4
13
44 137
4 13513 14254 13912 14314 140 14512 175,300 Mont Ward&co111CorpNo par 13412 Jan 29 1567s Jan 2 11514 Dec 15612 Dec
613 63*
63
4 7
67
67
8 7
714
712 16,700 Moon Motors
718
74 74
No par
8 Jan 8
612 Jan 24
1112 May
53 Feb
8
3
312 3
3 2 33,
,
312 33*
312
33, 312 15,800 Mother Lode Coalition_No par
312
312 33*
33 Jan 3
4
33, Feb 1
23* Aug
44 May
1814 1812 1814 183
4 18
1838 177 1818 18
8
4,400 Motion Picture
18
1814 18
No par
1212 Jan 8 1834 Jan 28
5 Mar 147 Dec
22
22
21
213* 20
21
20
2034 2033 21
Moto Meter A
2112 3,800
21
No par 20 Jan 29 253 Jan 3
4
13 Mar 243 Sept
4
185 185 .17812 184
178 18012 18014 18014 183 193% 1893 191
4,400 Motor Products Corp No par 165 Jan 16 1943 Jan 22
4
4
94 July 2183 Oct
4
4318 4414 443 4614 443 457
4
8 445 4512 4433 45
4453 457 20,400 Motor Wheel
No par 4212 Jan 7 4614 Jan 28
5114 Oct
2512 Jan
75
7512 75
77
73
7514 7112 73 .7212 75
7,100 Mullins Mfg Co
70% 74
No par 705 Feb 1 817 Jan 4
8
8
6914 June 9514 Oct
100 100
100 100
100 1004 100 100
350 Preferred
4
98
9912 994 993
No par 98 Jan 17 10214 Jan 11
98 Dec 1047s Nov
5414 5414 54
55
5
412 5
54
8 3,500 Munsingwear Inc
412 54
54
5612 5612 577
No par 53 Jan 12 57% Feb 1
464 Mar 6211 May
5
7212 743
3 7312 75
723 75
7212 7312 7114 73
26,700 Murray Body
76
73
No par 68 Jan 16 773 Jan 17
4
2112 Feb 12414 Oct
1143 1175 112 117
8
4
1124 1147 11112 11313 111 115
112 11412 149,1001Nash Motors Co
No par 10214 Jan 4 1187s Jan 25
8014 Feb 112 igNov
294 2912 293 303
3
8 283 297
4
2834 29
8
285 283* 28% 293 11 900 National Acrne stamped_ __I
2818 Jan 7 313* Jan 2
74 Jan 3212ADee
20612 20612 203 207
2034 2044 19518 2027 195 1954 204 207
5,700 N t Heilas Iless
No par195 Jan 31 234 Jan 11
41
Jan 24914 Dec
0116 117 .116 11612 .11512 11618 11514 1157 .115 116
400 Preferred
115 115
8
100 115 Feb 1 118 Jan 3
9014 Jan 11812 Dee
190 190
190 1903* 189 1904 1893 190
11,900 National Biscuit
4
4
18912 1953 190 192
35 18712 Jan 2 205 Jan 4 15912 July 19514 Nov
144 144 .14312 145
14312 14312 *14312 146
300 Preferred
144 144 .144 145
100 14313 Jan 2 144 Jan 26 13712 Feb 150 Apr
12812 13612 13118 137
130 133
1303 13333 1313* 138
8
13413 139 256,900 Nat Cash Register A w IN° par 96 Jan 8 1433 Jan 25
4
4714 Jan 104% Dec
1314 13218 1313 1343g 1344 1373* 133, 135
8
8
8
133 1347 13512 13712 127,100 Nat Dairy Products..-No par 12612 Jan 7 1373* Jan 29
6412 Jan 13312 Dec
313* 313* 3134 32
32
327
8 327 347
4
343
34
4 333 3412 11,000 Nat Department Stores No par 2818 Jan 4 347 Jan 30
8
217 Jan 324 Oct
*9214 94
5
9214 94
94
94 .9214 95 .9214 95
300 1st preferred
.9214 95
100 94 Jan 22 94 Jan 22
Jan 102 May
91
3914 42% 383 40 8 384 39
4
3
3814 39
3918 3912 3818 3913 8,000 Nat Distill Prod elfs___No par 37 Jan 22 433 Jan 3
2914 June 5812 Jan
8
7012 7012 *69
7012 70
70
4
800 Preferred temp ctfs__No par 673 Feb 1 753 Jan 3
•69
•69
70
6912 673 69
5114 June 715 Jan.
4
4
*57
59
.5712 58
57
1,000 Nat Enam & Stamping___ _100 5212 Jan 4 6214 Jan 9
57
8
563* 563* 567 58% 5714 5914
2314 Mar 5719 Nov
14813 149
14812 14812 146 146 .144 146
14812 14812 14812 15012 2,000 National Lead
100 132 Jan 2 15812 Jan 9 115 July 136
Jan.
0140 142 .140 142
140 140
290 Preferred A
140 14112
140 140
140 140
100 140 Jan 2 14112 Feb 1 139
Jan 14714 May
118 118
118 118 .118 11934 .118 1193 118 120 .118 120
190 ereferred B
4
100 118 Jan 2 120 Jan 31 11212 Mar 122 July
4918 51
52
54 4 5214 5712 56
3
5912 5514 5812 554 574 480,800 National Pr & Lt
No par 4212 Jan 8 5912 Jan 30
217 Jan 469 Dec
8
154 1533 154 1533 15
1512 15
1412 1412 2,600 National Radiator
1512 1414 15
No par
1414 Jan 31
17 Jan 10
14 July 403 Jan
•40
46
.41
48
41
41
600 Preferred
.3812 4012
397 40 .3918 41
No par 38 Jan 7 41 Jan 29
36 Dec 9812 Jan
129 130
4
123 125
1253 129
5,600 National Supply
120 12514 124 12412 12412 125
50 120 Jan 30 144 Jan 2
8414 June 146 Dec
0116 119
116 116
116 116 .11414 116 *11414 115 .11414 115
130 Preferred
100 11512 Jan 9 116 Jan 15 114 Sept 119
Jan
143 150
145 146
14514 150
8,400 National Surety
148 1497 14514 1491 150 155
50 140 Jan 2 155 Feb 1 1384 Dec 150 Nov
°34112 344
342 342 '34112346 *34112 345
500.National Tea Co
4
4
34412 3443 3443 345
No par 340 Jan 24 370 Jan 2 160
Jan 390 Dee
*464 4512 45
4513 44
3 4312 4412 4412 483* 47
487 211,300 Nevada ConsolCopper_No par 393 Jan 16 4878 Feb 1
483
4
173 Jan 423* Dec
4
4514 463
8 4514 45 4 45 4 4614 457 4718 47
3
27,600 N Y Air Brake
3
463 49
477
4
No pa
423* Jan 7 49 Feb 1
397 Oct 5012 Nov
5212 5212 .51
5212 .51
8 54
9,400 New York Dock
55
52
5212 5412 5312 563
100 49 Jan 9 564 Jan 31
47 Aug 6414 Jan
.85
89 .85
89 .85
400 Preferred
89
89
*86
89 .85
87
89
100 8512 Jan 7 89 Jan 31
85 Sept 95
Jan
10214 10214 .10112 102
10112 10112 10112 10112 10112 1013* 101 101
170 NY Steam prat (6)._ __No par 100 Jan 25 103 Jan 10
9812 Oct 10513 May
0114 115
114 114
114 114
210 1st preferred (7)
114 114 .114 115
114 11414
No par 11212 Jan 3 11414 Feb I 102
Jan 115 Apr
95 8 963* 9512 9712 974 9812 9734 106
5
10314 1053 103 10512 93.700 North American Co
4
10 9033 Jan 7 106 Jan 30
5 Jan 97 Nov
58
5312 6313 • 5212 5312 *5312 54
53
53
400 Preferred
535 533* 5313 5312
50 5214 Jun 12 5414 Jan 9
51 Sept 555 May
8
103 1033 1034 1034 103 103
8
1,100 No Amer Edison pref_No par 1017 Jan 2 1033 Jan 15
3 10312 10318 10318
103 1034 *10
8
4
993 Oct 1057 Feb
4
5918 59
59
5918 69
5918 5812 5812 58
5812 3,900 North German Lloyd
5814 58
58 Jan 24 6414 Jan 12
634 June 6912 Nov
*49
4912 4814 4812 •4812 4912 *4814 4912 4814 4912 *4813 4913
150 Northwestern Telegraph__ 50 484 Jan 3 4912 Jan 4
48
Oct 55 May
*512 6
54 57
512 5 4
3
514 555
53
4 6
613 3,200 Norwalk Tire & Rubber__ __10
6
618 Jan 14
5 Jan 7
212 Mar
712 Sept
42
42
42
*39
.40
.40
42
42
42
.40
45
45
30 Preferred
100 4018 Jan 14 45 Jan 31
333 Jan 48 Sept
4
*612 63
4 *612 63
4 *612 64
64 64 .612 7
700 Nunnally Co (The)__ _No par
7
7
7 Jan li
612 Jan 25
63 Dec
4
13 May
2813 2812 2812 282
2812 2812 28
28
2618 273
8
8 263 26% 4,300 011 Well Supply
25 2618 Jan 31 32 Jan 3
2014 June 41
Jan
10312 104
104 104
104 104
104 104
10412 10412 104 104
170 Preferred
100 10218 Jan 5 wiz Jan 16
97 June 11012 Jan
83
9
4 9
9
918 918
9
9
83
4 914
8 4,400 Omnibus Corp
83
4 87
No par
812 Jan 7 10 Jan 22
712 Dec 154 May
90
•87
.87
90
89
.87
*87
89
89 .87
.87
89
Preferred A
100 833 Jan 2 87 Jan 24
4
8312 Dec 993 June
8
3
74
74
7412 7413 73 4 7433 7414 7414 7314 74
74
1,900 Oppenhelm Collins& CoNo par 73 Jan 18 793 Jan 3
74
4
673 Aug 881 Jan
4
65 .23
65
•23
65 .23
65 .23
r23
50 .23
Orpheum Circuit, Inc
50
18 May 70
Oct
86
91
88
884 .83
88
88
88
8614 8614 85
150 Preferred
85
100 85 Feb 1 954 Jan 2
75 May 104 Nov
305 330 .307 319
315 31512 319 31912 320 320
320 330
600 011* Elevator
50 276 Jan 7 335 Jan 19 1474 Feb 28512 Dec
122 1253 12414 12412 12413 12412 .122 12412 •122 125
4
1101 Preferred
125 125
100 122 Jan 8 125 Jan 24 11914 Jan 1263 July
4
404 407
8 4014 4114 3914 403
3918 4012 40
8 3914 40
4034 21.700 Otis Steel
No par 3714 Jan 2 424 Jan 18
1012 Jan 401 Nov
102 10212 101 101
10118 1017 101 10118
8
1,800 Prior preferred
11)1 10112 1014 102
8212 Jan 103 Nov
101 Jan 21 103 Jan 2
100
94
94
.92
94
*92
.92
92
92
91
91
94
200 Outlet Co
*92
No par 91 Feb 1 964 Jan 4
81 June 9918 Sept
91
3
90
4
91
91
903 93 4 90
92
913 927
4
91
7,800 Owens Bottle
90
25 81 Jan 7 95 Jan 23
7412 Jan 957 Apr
5638 564 574 5712 .5933 60
56
6412 64
6814 63
67
92,700 Pacific Gas & Elec
8
4312 Feb 5618 Nov
25 535 Jan 2 6814 Jan 31
4
4
4
803 z8014 813
76
4
4 77
79
9.500 Pacific Ltg Corp
*7214 7212 723 723 *733 76
69 Dec 853 June
No par 70 Jan 7 8134 Jan 31
8
317 3218 324 3214 324 3214 327 327
8
4
8
323 33
8
120 Pacific Mills
33
•32
26
100 3014 Jan 18 3312 Jan 17
Oct 3513 Nov
114
118
14
114
14
118
114
13
8
14
114
1 18 9,900 Pacific 011
114
113 Jan 10
118 Jan 2
I Sept
No par
214 Apr
17414 175
172 174
17512 182
177 1793 179 179
4
980 Pacific Telep & Teleg
16712 169
100 159 Jan 3 182 Jan 30 145 June 169 Dee
125 125
125 128
125 126 .125 128
110 Preferred
126 128 •125 128
Oct 125)2 May
100 1164 Jan 3 126 Jan 31 114
4
4
143 1448 1413* 1453 14118 14212 14014 1413 139 14214 1374 141 109,100 Packard Motor Car
564 Feb 163 Deo
10 1374 Feb 1 153 Jan 2
4212 43
43ty 44
3 44
43
4314 42
43
2,800 Pan-Amer Petr & Trans..... _50 42 Jan 30 50 Jan 4
4414 4414 43
3814 Feb 5512 Nov
4438 427 44
4538 43
453 51,800 Class 11
4413
45
4
4512 46
43% 45
374 Feb 587 Nov
8
50 427 Jan 30 5178 Jan 3
8
•1412 17
.1412 17 .144 1712 143 143
•1412 17
4
4
300 Pan-Am West Petrol B_No par 144 Feb 1
1712 Jan 3
1513 July 283 Apr
•1412 17
3
1112
11
978 11
1178 12
3
1014 104
103 104 3,700 Panhandle Prod 4: ref_No par
12
1112 Feb 214 May
97 Jan 30 154 Jan 3
8
12
.65
74 .65
65
75
75 .65
200 Preferred
65
.65
70
75
75
70 Feb 10614 May
100 65 Feb 1 76 Jan 16
644 6278 64
6334 6512 653 663* 240,200 Paramount Fam Lasky_No par 5512 Jan 2 6619 Feb 1
8
3
3
41
4714 Oct 563 Deo
6-=4 644 6433 65 4 63
3
8
3
84
81
15,700 Park & Tilford
84
841, 8538 84
82
853* 847 85 3 8312 847
8
No par 79 Jan 4 877 Jan 14
474 Oct 5633 Dec
8 1114 113*
1112 117
4
30,700 Park Utah CM
1114 12
11% 1218
113 12
1114 Jan 30 1313 Jan 3
34 Mar 98 Nov
1
114 12
/
4
1114 113
111 1214
4 1112 12
4
43,200 Pathe Exchange
113 12
No par
1114 Jan 4 147 Jan 9
9 Aug
12 8 1212 121g 1212
1412 Jan
,
25
26
2518 25
4 25
2612 2512 283
2512 2518 2518 4.400 Class A
26
No par 25 Jan 29 30 Jan 9
2 Feb
15 Nov
35 4 3612 353 3618 3612 3814 52,300 Patino Mines & Enterpr____20 344 Jan 7 393 Jan 12
3
37
3612 36
364 3653 36
3
812 Feb 34 Aug.
,
• Bid and asked prices; no sales on this day. 3 Ex-dividend. 0 Ex-rightv. S Ex-dividend and ex-rights.




New York Stock Record-Continued-Page 7

697

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,
Jan. 26.

Monday,
Jan. 28.

Tuesday,
Jan. 29.

Wednesday, Thursday,
Jan. 30.
Jan. 31.

Friday,
Feb. 1.

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 IS per s hare $ per share Shares Indus. & Miscell. (Con.) Par $ per share
20
21% 105 2014 20
20% 207
8
203 .20% 2014
2
197 2014 10,500 Peerless Motor Car
8
50 1918 Jan 25
3914 398 3912 4012 40
4014 3912 4014 40
417
8 41
4258 11,200 Penick & Ford
No par 38 Jan 2
*104 110 .104 110 *104 100 *104 110 *104 109 *104 109
Preferred
100 10412 Jan 4
97
97
10
11
10
•10
9
9
10
10
1012 1012
900 Penn Coal & Coke
9 Jan 30
50
23
231* 22
4
238s 22% 2314 223 2314 21
2114 21% 22
9,8001Penn-Dixle Cement____No par 21 Jan 2
9312 92
94
*93
*92
*9214 9414 92
93
94
*92
94
800 Preferred
100 8612 Jan 8
245 25112 2498 25412 *243 250 *244 245
240 2463 *240 245
4
9,300 People's G L 0 C (Chic)_ _100 208 Jan 11
2
4212 4212 4212 4212 4212 4212 4212 4212 4212 425
427 43
4,200 Pet Milk
No par 4218 Jan 16
•163 170 .163 170
16512 17912 177 180
1773 1773 .170 177
4
4
4,000 Philadelphia Co (Pittsb)___50 159 Jan 2
.49
*49
50
50
*49
50
*49
50
*49
50
*49
50
5% preferred
50 4812 Jan 15
2
532
2 5312
5312 5312
53
5312 *5312 533 •5314 54
4
0001 6% preferred
50 53 Jan 2
3112 323
3118 31
2 3118 317
8 31
313* 307 313
4 303 3112 11,000 Phila & Read C & I__ __No par 30 Jan 2
4
1814 19
173 1814
4
188 19
18
183
3 18
18
18
183
8 2,100 Philip Morris & Co., Ltd
10 17 Jan 8
90 .8812 90
90
8
.8812 90
*8812 90
8812 8812 *8812 90
100 Phillips Jones prat
100 8814 Jan 17
393
39% 3912 3814 393
8 3714 383* 373* 38
38
4 39% 397 35,100 Phillips PetroleumNo par 3714 Jan 29
34
347
3512 34
34
35
3312 34
33
33
33
33
5 33 „Tan 16
1,100 Phoenix Hosiery
8... .. 9912 8._ _ 9912 ._ _ 9912 *__ __ 9834 ____ 9912 9812
100 Preferred
983
4
100 9812 Feb 1
ii
3512 54
8
357
3434 335 3414 34
3.b
8
3414 3418 35
24,000 Pierce-Arrow Class A__No-par 283 Jan 3
4
85
8412 85 .83
84
84
83 83
8318 837
8 83
8318 2.900 Preferred
100 7212 Jan 2
23* 23
25
212 233
3 23
4
4
212 2%
212 23
4
212 25* 7,400 Pierce 011 Corporation
212 Jan 2
25
33
4 32
323 323
3114 3234 31
4
323
8 31
31
3134 313
4 2,200 Preferred
100 30 Jan 8
51
51
5
5%
5
514
5
5 18
5
5 14
47
8
5
14,300 Pierce Petram
47 Feb 1
No par
8
5812 593
58111 5914 5718 59
68
5912 5784 5938 583 5912 13,500 Pillsbury Flour Mills No par 57 Jan 2
4
•145 150 .144 145 *142 150 *140 150 *145 150 *145 150
Preferred
100 143 Jan 2
73
7218 7312 72
71
74
72
7212 73
73
7314 7414 5,900 Pittsburgh Coal of Pa
100 70 Jan 24
*92
92
923
4 92 92
92
*90
917
8 9014 9014 *91
917
8 1,200 Preferred
100 90 Jan 14
3014 .28
31
*28
*28
31
*28
31
.23
31
.28
31
Pitts Terminal Coal
100 3014 Jan 25
72
*66
71
*70
3 *70
70
70
*70
743 *70
4
43
74 4
40 Preferred
7 4
100 70 Jan 29
8314 848 8214 8312 8214 83
8112 82
82
82
82
82
3,300 Porto Rican-Am Tob cl A_I00 77 Jan 11
3918 303
4 37
39
387 393
8
4 391.2 393
4 40
4014 3912 4018 5,900 Class B
No par 36 Jan 4
903 4 10412 104 19
3
4
4
4
1033 1033 10414 10412 1043 105
4
104 105
2,100 Postal Tel & Cable pref___100 103 Jan 7
7433 7512 7418 7533 745 7518 733 7412 74
8
4
7433 76 106,900 Posturn Co, Inc
76
4
No par 703 Jan 2
5914 60
59
60
5912 59
583* 5912 58
6012 5912 6012 65,900 Prairie 011 & Gas
25 58 Jan 30
5512 543 5514 5414 .55
4
55
54
55
5418 56
5512 5633 30,200 Prairie Pipe & Line
25 5333 Jan 14
2114 2112 213* 2112 2114 213
4 203 21
4
21
2112 2114 217
8 8,000 Pressed Steel Car
4
No par 203 Jan 30
77
774 7714 77
77
77
.76
77 .76
77
77
77
800 Preferred
100 7612 Jan 8
2114 2112 203 203
4
4 20
2014 193 2014
4
203* 20
193 203
4
4 7,000 Producers & Refiners Corp50 193 Jan 31
4
.40
42
.40
42 .40
42
3012 3012 397 397
8
8 40
40
30 Preferred
50 3912 Jan 3C
.68
70 .66
70 .68
70
66
68 .66
70 .66
70
20 Pro-phy-lac-tic BrushNo par 6018 Jan 7
8912 8814 91
88
8814 9212 9112 9412 9114 9434 9034 9233 169,200 Pub Ser Corn of N J__No par 813 Jan 8
8
106 108
107 107
10712 1073 108 108
4
1073 108 x108 108
4
2,400 6% Preferred
100 104 Jan .5
8
1217 12214 120 1227 12112 123
8
123 123 .1227 12312 121 122
1,600 7% Preferred
100 119 Jan 8
8
•1463 148 •14612 148
147 147 .1463 180
4
148 148 .147 150
300 8% preferred
100 145% Jan 18
•10912 110
1005 10958 10912 10912 9013 109 *10814 109
8
4
10814 109
500 Pub Serv Elec & Gas pref _100 108 Jan 4
8518 8512 847 86
8
8414 8514 833 84 4 833 8614 8514 8638 23,300 Pullman, Inc
4
3
8
No par 833* Jan 31
185 19
8
1812 19
1818 1812 1818 1818 1612 18
173 182
4
5.200 Punta Alegre Sugar
50 1612 Jan 31
2414 247
8 2414 24% 233 2414 2312 24
4
2312 2412 2412 247
25 2313 Jan 30
•11312 11412 11312 11312 114 11418 11312 11412 11412 11412 11314 11314 32,500 Pure Oil (The)
200 8% preferred
100 112 Jan 14
134 134
133 1347 133 134
8
1333 1343 13358 1347o 1363 13934 7,200 Purity Bakeries
8
8
4
131 Jan 7
•150 180 *150 175 *150 175 940 180 940 190 940 190
Preferred
364 368
366 377
36912 373
369 36914 367 371
371 403
34,300 Radio Corp of Amer___No par 349 Jan 16
5518 5518 *5512 56
65
5512 .55
66
5514 66
*55
5612
700 Preferred
50 55 Jan 19
40% 41
40
41
39
4038 3718 383
4 371s 393
8 3914 4214 110,600 Radio Keith-Orp cl A__No par 37% Jan 30
723 7312 713 74
4
8
7133 727
8 7114 723
4 713 7312 72
4
7334
10 57 Jan 7
•100 1003 •190 1003 *100 1003 •100 1003 100 100 .100 10012 12,300 Real Silk Hosiery
8
8
8
50 Preferred
100 97 Jan 5
.12
1212 12
12
1134 1134 1112 1112 12
13
1312 1614 61,300 Reis (Robt) & Co
1112 Jan 30
No par
*80
8412 *7512 82
80
82
80
80
8512 94
95 101
15,000 First preferred
100 80 Jan 7
303 307
8
a 30
303
4 303 313
8
4 3114 3212 3214 327
2 323 3312 106,400 Remington-Rand
4
No par 29% Jan 24
*9012 91
8 907 91
9033 905
9012 9012 *90
901 *9012 91
100 9014 Jan 4
300 First preferred
*9312 98
*9312 98
*0212 9612 *9212 9612 .9212 961 *9212 9612
100 9312 Jan 19
Second preferred
2812 29
2818 287
8 2814 287
8 2818 2855 2818 283
8 28
2814 18,900 Reo Motor Car
10 28 Feb 1
4
8318 8412 8123 8312 813 8338 8118 8214 82
8212 8214 85
18,300 Republic Iron & Steel___ _100 81 Ja- 8
•112 112% 11212 11212 .11214 113
113 113
11312 11312 *11312 114%
400 Preferred
100 108% Jan 7
103* 11
103 107
8
8 1023 11
103 11
4
1012 107
8
1012 105* 6,000 Reynolds Spring
108 Jan 7
No par
157 1577 1574 15812 158 15
8
95* 15814 160
15912 16018 159 150
11,100 Reynolds (RJ) Top class B_25 155 Jan 8
•190_ _ .190
_ .•190 195 .190
__ _ .180 185 *180 190
25 190 Jan 3
Class A
5738 - 5 *57 - - 8 .5512 5612 5614 5614 *55
5/8
573
5614 5514 5614
5514 Feb 1
600 Rhine Westphalia Elec Pow__
44
4412 4318 443
8 413 4318 4218 43
423 44
4
4412 4512 38,600 Richfield 011 of Cal1forn1a25 413 Jan 29
4
7 4118 3818 4112 36
39
373
4 373 393
4
383 393
4
4 39
393 103,500 Rio Grande Oil
4
No par 3418 Jan 22
24514 249
245 245 *243 248
250 250
241 242
246 249
25 2384 Jan 16
1,200 Roasia Insurance Co
4
353 364 3512 353
38
365 37
3614
8
4 35
3512 35
36
7,200 Royal Baking Powder__No par 3112 Jan 22
•10112 105 *101% 105 •10112 10512 *10112 10512 .10112 10512.10112 10512
100 10212 Jan 23
Preferred
5112 513
4 513 513 *51 14 5133 507 5112 5014 51
4
4
8
518 5155 3,100 Royal Dutch Co(N Y shares)
5014 Jan 31
81
8
8312 763 86
8612 85
8218 84
79
88
8234 8612 164,900 St. Joseph Lead
10 62 Jan 7
1763 178
8
17814 1797 1783* 17912 176% 178
177 179
180 180
4,400 Safeway Stores
No par 17618 Jan 29
.95
96
*96
96
99 .96
9612 9512 9512
9612 96
96
600 Preferred (6)
100 94 Jan 10
•105 106 *10414 105 *10414 105 *10418 105 .10418 1043 104 104
4
100 Preferred (7)
100 104 Feb 1
4818 4633 47
4912 50
46% 473
4818 5012 47
8 463 4814 5,700 Savage Arms Corp_ _ _ _No par 4514 Jan 7
4
5
343 3518 3112 3412 31 5* 321 56,900 Schulte Retail Stores__No par 3112 Jan 31
4
35
3412 :353
3514 35
8 35
•110 112 .110 112
10912 10912 100 1003* 108 10912 10618 108
100 10618 Feb 1
570 Preferred
•1738 18
178s 173
8
175 173
173 1712 173 175
8
4 1714 177
*
8 2,700 Seagrave Corp
s
No par 15% Jan 2
1663 170
16134 16612 16512 16738 88,700 seam Roebuck & Co_No par 16012 Jan 30
2
16118 16412 16012 165
16314 167
3
512 6
54 6
3
53* 57
512 53*
8
512 5 4
512 53 19.600 Seneca Copper
4
512 Jan 2
No par
13278 133
13034 13034 1305* 131
128 131
12914 13233 12814 1303
4 7,800 Shattuck (1' G)
No par 12312 Jan 8
*45
48
48
4538 4538 *457 48
48
.46
478 .4523 48
200 Shell Transport & TradIng_.£2 43 Jan 25
273 273
4 27
27
2612 267
2712 263 2714 2612
8 267 273 53.800 Shell Union Oil
8
4
No par 2612 Jan 30
7112 713
4 7112 7214 705* 7112 70
7112 70
703
4 693 713 13.800 Shubert Theatre Corp_No par 6818 Jan 9
4
4
109 113
107 1123* 107 11033 10712 1097 1087 116
8
8
112 1157 122.600 Simmons Co
No par 92 Jan 8
22
22
2112 217
21
197s 2012 203 203 15,400 Simms Petrolem
8
8
213* 197 207
4
8
10 ..., 197 Jan 30
3614 373
38
4 374 383
3018 40
3718 3914 37
4 3838 39% 288,300 Sinclair Cons 011 Corp_No par 4 3614 Jan 30
908 11012 .108 11012 111 111
11018 11018 •110 120 904 120
100 -10912 Jan 10
200 Preferred
37
3512 3614 19.000 Skelly Oil Co
377
367
8 36
35
*3418 36
36
3412 35
25 34 Jan 18
•121 124
121 121 .110 119 .118 122
120 12212 .120 12212
200 Sloss-Sheffield Steel & Iron 100 120 Jan 3
908 112 *109 112 *108 112 908 112
108 112 *108 112
100 105 Jan 2
Preferred
143 143
4
4 15
153 *1414 15
8
.1412 15
15
1512 15
151
3,700 Snider Packing
No par 12 Jan 2
43
/ 433
1
4
4312 45
4414 447
8
4 46
423 45 .443 463
4
47
8,200 Preferred
No par 33 Jan 3
43
4314 4212 43
42111 427
8 4218 4212 4218 423
4 4214 43
12,300 So Porto Rico Sug
No par 41 Jan 22
584 5834 5714 597
8
5018 613
4 618 s 6318 633 6812 6414 6712 83,000 Southern Calif Edison
'
25 5355 Jan 4
38
38
3712 3712 38
38 .3712 38
3712 3712 37
37
1,500 Southern Dairies cl ANo par 37 Jan 7
1312 1312 1312 13 4 1312 137
1333 137
3
8 1358 1355 14
14
No par 13% Jan 8
1,700 Class 13
•115 117
115 115
115 115 915 117 .115 117 .115 117
100 115 Jan 2
30 Spalding Bros 1st pref
4 467 473
483 483
4
4 45
45
40
48
4714 4853 48
483
4,700 Spang Chalfant&Co IncNo par 45 Jan 29
*96
97
.96
97
.93
97
.9114 963
4 963* 963 *95
97
100 Preferred
100 96 Jan 22
•1114 12
9112 12
1133 115*
1112 1112 11% 115* •1112 12
120 Spear & Co
1138 Jan 23
No par
79
79
.7912 80
*79
7912 7912 7012 7012 7912 79
79
100 79 Jan 3
160 Preferred
4833 49
48
483
4 48
4814 4712 4814 475 493
8
495 52
8
38,200 Spicer Mfg Co
No par 45 Jan 7
891 9114 92
/
4
934 9278 9533 9518 100
101 105
105 113
90,800 Spiegel-May-Stern Co_No par 7714 Jan 15
36
38
36
37
37
377
3712 36
8 36
373* 36
38
17,800 Stand Comm Tobacco_No par 35 Jan 24
s
8814 89
883 893
4 803 915
4
8 92
997
8 9412 97
983* 96
77,100 Standard Gas & El Co_No par 82 Jan 8
.65
6612 6618 663
8 6614 6614 6614 663
8
4 663 6612 6618 6612 2,700 Preferred
50 65 Jan 2
13614 13612 134 135
135 140
135 139
135 1378 136 136
4,300 Standard Milling
100 134 Jan 28
128 12812 12612 128
122 12634 124 126
121 123
121 12812 4,794 Preferred
100 113 Jan 2
6714 68
6618 675s 6518 663
8 6658 6814 53,200 Standard Oil of Cal _No par 643 Jan 80
8 643 65 4 6514 665
3
4
4
513 5214 50% 52
50
5112 4912 5012 4914 5014 50
5012 154,400 Standard 011 of New-Jersey_25 4914 Jan 31
4218 4212 4112 423* 40
4114 4012 4118 403* 4118 41
42 165,700 Standard 011 of New York __25 40 Jan 29
75
65s 7
68
718 75*
7%
712
733 73*
7% 75
* 7,400 Stand Plate Glass Co...No par
4% Jan 2
24% 2412 24
2438 2218 2314 2214 2214 23
23
2214 2214
100 17 Jan 3
590 Preferred
50% 51
5118 62
511 54
/
4
5255 5312 68,400 Stand San Mfg Co--No par 4618 Jan 4
53
52
5212 53
*118- •118
_ .125
_ •125
_ .128
__ .128
_
___ _
100 11812 Jan 1r
Preferred
.4012 - - 4 78 41
0
41
4013 - - 7
4 8 407 6
8 4-0% 4018 1018 40% - - 8
401ioo Stanley Cool Amer_ ___No par
40 Jan 21
14114 14413 141 14383 137 14023 13718 139
13714 13914 13714 14014 34,500 Stewart-Warn Sp Corp_No par 12112 Jan 3
573 581
4
6818 63 4 64% 68
3
67
677
8 67
687
8 65
677 25,302 Stromberg Carburetor_No par 3523 Jan 11
4
97
98
95
98
9614 9212 9412 94
933*
9614 9514
1243 1243 1243 1243 .1243 1253 12434 1243 1243 9638 276,300 Studeb'r Corp (The__ No par 77 Jan 5
4
•1243 125
4
4
4
4
4
4
4 1243
4
100 1243 Jan 2
440 Preferred
4
3as 338
3% 3%
33
312
312 312
3
33*
3
33*
312 2.200 Submarine Boat
No par
3% Jan 8
61
62
62
62
60
61
60 6018 60
61
6012 62
No par 60 Jan 24
6300 Sun Oil
*103 104 .103 105
10314 1037 1037 1037 104 104
8
8
8
---------170 Preferred
100 100 Jan 3
814 8513
8
812
718 8
718 712
7
'2 7
%
77
8
No par
13 61,000 Superior Oil
2
7% Jan 29
4312 44
43
44
43
44
*4214 43
42
428 42
4212 2,100 Superior Steel
100 38 Jan 2
•19
193
4
193 20
4
19% 1912 10
10
98
19
19
10
50 177 Jan 19
1,700 Sweets Cool America
8
.8618 63
*614 65
, .614 684
6
612
618 618
6
6
No par
1,100 Symington
5 Jan 3
143* 148 *1312 1412 14
14
*13
14
1312 1312 133 133
8
4
No par
900 Class A
133 Feb 1
8
20% 20% 2014 2014 203 203 .103 2038 1912 20
4
4
4
20
20
1,000 Telautograph CorpNo par
1912 Jan 31
•Bld and asked prices; no sales on this day. z Ex-dividend. a Ex
-rights.




Highest
$ per share
2212 Jan 11
4458 Jan 4
110 Jan 9
12 Jan 20
27 Jan 5
94 Jan 22
25412 Jan 28
4512 Jan 3
180 Jan 5
484 Jan 11
537 Jan 24
34 Jan 8
20 Jan 23
9012 Jan 11
47 Jan 3
3733 Jan 22
9912 Jan 17
3778 Jan 9
8612 Jan 9
28 Jan 7
35 Jan 23
5% Jan 15
6378 Jan 15
15614 Jan 14
8334 Jan 9
100 Jan 5
3433 Jan 9
7814 Jan 9
8
843 Jan 26
503 Jan 2
4
105 Jan 31
783* Jan 5
655 Jan 2
8
57 Jan 22
233 Jan 2
4
7912 Jan 3
2578 Jan 3
43 Jan 3
823 Jan 14
4
943 Jan 31
4
108 Jan 26
1248 Jan 3
14818 Jan 31
8
1095 Jan 28
9178 Jan 3
2114 Jan 14
2812 Jan 3
11512 Jan 21
1393 Feb 1
4
410 Jan 5
67 Jan 3
467 Jan 4
8
765 Jan 22
8
100 Jan 15
1614 Feb 1
101 Feb 1
34 Jan 3
01 Jan 2
ge Jan 14
8
817 Jan 3
8834 Jan 2
11312 Jan 31
124 Jan 16
163 Jan 11
191 Jan 2
64 Jan 2
495 Jan 3
8
4178 Jan 25
25834 Jan 19
4314 Jan 2
10312 Jan 21
5534 Jan 5
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
5172 Jan 24
4112 Jan 8
11812 Jan 2
1918 Jan 17
181 Jan 2
63 Jan 5
4
13918 Jan 21
553 Jan 10
4
3014 Jan 3
7412 Jan 24
116 Jan 31
2378 Jan 3
45 Jan 2
111 Jan 29
40 Jan 22
125 Jan 19
112 Jan 18
157 Jan 21
s
47 Feb 1
4434 Jan 2
6812 Jan 31
42 Jan 2
153 Jan 12
8
11612 Jan 19
5214 Jan 3
97 Jan 17
13 Jan 11
8012 Jan -''
52 Feb 1
113 Feb 1
435 Jan 11
997 Jan 31
663 Jan 30
4
16314 Jan 18
133 Jan 12
7312 Jan 5
5512 Jan 3
4534 Jan 2
95 Jan 21
8
31 Jan 18
54 Jan 29
11812 Jan 15
4314 Jan 3
145 Jan 22
921 Jan 9
98 Jan 26
125 Jan 18
33 Jan 17
4
6812 Jan 10
10512 Jan 8
12 Jan 3
4814 Jan 21
20 Jan 24
73 Jan 14
8
163 Jan 14
4
22 Jan 4

PER SHARE
Range for Precious
Year 1928
Lowest

Highest

$ per share $ per share
1418 Sept 257 Mar
223 Jan 4112 Oct
103
Oct 115 Mar
1412 Jan
8 Aug
143 July 31 May
4
75 Sept 965 Apr
1513 Jan 217 Nov
4
4112 Dec 4614 Dec
145 Mar 17434 May
4512 Mar 49 Aug
513 Oct 57 Mar
4
273* June 393 Jan
4
15 Mar 2512 MaY
85 Apr 99 May
k
3514 Feb 537 Nov
21
Oct 38 May
94 Dec 10314 Feb
1812 Oct 307g Dec
5612 Oct 747 Dec
8
12 Mar
514 Apr
1614 Feb 50
Oct
312 Feb
623 Apr
323 Feb 587 Dec
4
8
Jan 1447 Dec
108
3618 June 78% Dec
81 May 1007 Dec
26 Feb 38 Dec
6318 Oct 82 Mar
4
533 July 854 Dec
2314 Aug
517 Dec
10033 Aug 106 Sept
8
613 July 13612 May
5012 Dec 6433 Dee
18 June 3312 Oct
70 Aug 9312 Oct
16 Feb 29% Nov
8
41 Feb 493 June
Feb
52 Nov 91
4112 Jan 8312 Dec
1038s Jan 115 May
Oct 12912May
117
Jan 150 May
134
10612 Dec 11012 Apr
777 Oct 94 May
175 Dec 347 Jan
8
19 Feb 3114 Nov
108 Mar 119 June
3
75 June 139 8 Oct
105 July 16614 Oct
8514 Feb 420 Dec
0412 Jan 60 May
3414 Dee 5112 Nov
247 Jan 605s Dec
8
8012 July 9712 Dec
15 Dec
512 Feb
6114 Feb 8912 Dec
2312 Jan 3612 May
8714 Dec 98 June
Jar
8818 Oct 100
2212 Jan 3514 Oct
4918 June 9412 Nov
102 June 112 Feb
147s June
814 Feb
128 Apr 16512 Nov
16512 Mar 195
50
Oct 61
2312 Feb 56

Mal
Dec
Nov
Nov
Dec
Dec
Oct
Dec
Dec
Dec

145 June
40 Dec
10412 Dec
4438 Jan
37 Mar
171 Dec
95 Dec
10612 Dec
3614 Dec
353 Dec
4
115 Dec
10 Feb
8218 Jan
Jan
2
8012 Feb
393 Jan
8
2314 Feb
543 June
4
553 June
4
1818 Feb
173 Feb
8
10212 Jan
25 Feb
102 June
10412 Oct
11 Dec
31 Nov
3212 Feb
4312 Jan
2412 Jan
9
Jan
109
Jan
26 July
97
Oct
1014 Nov
763 Nov
4
2312 Jan
6512 Sept
24
Oct
577 Jan
64% Dec
100
Jan

278
493
4
10412
64
7112
i
2013
97

97 Nov
Feb
53
373 Feb
4
283 Feb
214 Jan
10
Jan
34 June
Oct
118
35 Dec
7714 Feb
44
Jan
57
Jan
1211 Feb
3 Feb
3112 Jan
100
Jan
212 Feb
Jan
18
113* Feb
4 Aug
10 Aug
1514 Jan

115 De
80 No.
593 No'
4
4512 De
77 Fel
40 Fel
8
538 De
126% Ma:
693 Sep
4
12818 De
99 De
8712 Oc
127 Jun
614 Ma
77 No'
110 AP
1414 No'
567 No'
8
2312 Sep
7 ma:
193 AP
s
225 Ms:
8

10682 Dec

51 Dec
6712 Apt
Apt
129
1712 June
19712 Nov
712 Oct
14014 Oct
5711 Oct
39% Nov
8514 Nov
1013 Nov
8
2714 Nov
463 Nov
4
110
Oct
425s Nov
134
Fel
•
123 Mal
Ap.
20
60
Jat
4938 Ma)
5612 Nol
60 Mal
52
30
Ap
120
Ap
57% Do
100 AG
20 Pet
9238 Fel
515* Do
91 Nol
4014 Nol
845* Do
7112 Ma:
14212 De

698

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,
Jan. 28.

Monday,
Jan. 28.

$ per Mare 8 Per share
1712 18
18
1914
6114 618 605 6112
8
5 7812 77
77
7838
1638 1658 163 178
8
2134 22
2112 217
8
2118 2118
*2112 23
*44
444 44
4412
4812 4812 464 48
•10514 110 *10514 110
59
594 *56
58
1812 1834 1812 187
8
8814 8814 884 8814
.34
36
323 3331
4
*9412 9512 * 1 95
94 4
785 793
8
4 7818 7912
9731 9712 9714 98
10814 10814 10814 10812
•1712 18
1718 1718
174 21
*1741,21

Tuesday,
Jan. 29.

Wednesday, Thursday,
Jan, 30.
Jan. 31.

Friday,
Feb. 1.

$ Per share i Per Share $ per share S per share
19
1912 1812 1918 ., 18'2 1918 183 19
4
59 4 6012 595 6018 I 59 4 603
3
6018 617
8
3
7613 774 76
7714 7814
767 A 7688 78
175 1912 17
8
12 1818 1718 1814 175 1814
2114 207s 2114 2114 213
2114 213
4 21
4
2118 2114 2114 22
*2212 23
2112 2212
*44
45
44
45
44
45
4412 45
477 483
8
4 473 4818 4712 48
4
473 4814
4
10514 110 *10514 110 .10514 110 "10514 110
57
57
57
57
57
55
57
57
1814
1818 19
1814 18
18
1812 18
8712
4 87
8712 873
8
12 88
877 877 *87
s
3218 3212 31
3014 3012
3012 31
32
9412 9453 9412 95
4
9114 9414 933 94
4 775 784 77% 79
768 783
78% 7914
9714 9812 9718 98
97
97
9712
97
10814 10814 107 108 *10612 1074 10612 10612
*1714 18
*174 18
"1714 18
*174 18
*174 21
*174 23
*1714 21
173 173
8

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
Onibasis of 100
-share lots
Lowest

Highest




,Ez-divldend.

Lowest

Highelt

Shares Indus. & Miscel. (Con.) Par 5 per share 5 per share $ per share 5 per share
56,800 Tenn Copp di Chem_ _No par 1712 Jan 25 197 Jan 2
1012 Jan 197 Dee
65,700 Texas Corporation
25 5958 Jan 30 68 Jan 2
4
50 Feb 743 Nov
70,800 Texas Gulf Sulphur____No par 76 Jan 7 82 Jan 3
6218 June 8212 Nov
44,100 Texas Pacific Coal & 011
10 1614 Jan 25 194 Jan 2
1218 Mar 2658 Nov
30,700 Texas Pat Land Trust
1 2078 Jan 30 244 Jan 17
4
20 June 303 Apr
1,300 Thatcher Mfg
No par 20 Jan 21 27 Jan 3
22
Jan 3912 May
700 Preferred
No par 4212 Jan 10 48% Jan 5
45
Oct 5353 June
7,700 The Fair
No par 4514 Jan 4 517 Jan 15
Jan 5211 Dec
34
Preferred 7%
100 108 Jan 2 110 Jan 2 10412 Jan 11414 Oct
1,300 Thompson (J 11) Co
25 55 Feb 1 62 Jan 12
4
5614 June 713 June
38,400 Tidewater Assoc 011__No par
18 Jan 29 22 Jan 3
143 Feb 25 Sept
4
1,000 Preferred
100 87 Feb 1 90 Jan 2
4
8178 Mar 913 Dec
3,900 Tide Water Oil
100 3014 Feb 1 375 Jan 3
195 Mar 4112 Dec
8
800 Preferred
100 93 4 Feb 1 9712 Jan 17
3
863 July 10018 Dec
4
16,200 Timken Roller Bearing_No par 7614 Jan 24 150 Jan 3 1123 Mar 154 Nov
8
14,800 Tobacco Products Corp
100 97 Jan 31 102 Jan 11
93 Aug 11818 Apr
1,800 Class A
100 10612 Jan 31 112 Jan 3 1094 Aug 128
Feb
100 Dividend certificates A - --- 1718 Jan 28 174 Jan 24
19 Aug 2534 Jan
200 Dividend certificates1B
173s Jan 22 19 Jan 14
19
24 June
-3-

171g 175 •1718 17% 171 17 '
8
173
8
17
100 Dividend certificates C...._.. 16&Jan 18 211912 Jan 15
% 17, 178,, •1718 17,
101 1012 10
/
4
1014
9
1014
1012 82.100 Transc't'l Oil tern at_ _No par
914 10;' 10
914 Jan 30 13 Jan 2
s
914 97
*41. 4778 *46
*45
48
*46
48
47
47
47
' *46
*46
Transue & Williams St'l No par 46 Jan 23 52 Jan 2
424 43
4
/ 423 4312 42% 4314 4238 423
1
4
4 424 427
8 4212 4278 8,600 Trico Products Corp-No Par 41% Jan 15 4414 Jan 22
2912 2952 29
295
8 28% 293
4 283 283 •2812 287
4
8 2814 2914 3,900 Truax Truer Coal
4
No par 244 Jan 15 317s Jan 23
*52
53
53
53
*52
53
5212 524 5212 5212 52
52
1,000 Truscon Steel
10 52 Feb 1 615 Jan 3
8
107 1094 1053 109
105 107
10412 1074 107 11112 10812 11212 30,400 Under Elliott Fisher Co No par 91 Jan 7 11212 Feb 1
4
•125 126
125 125 *125 126 *125 126 •I25 126
125 125
20 Preferred
100 125 Jan 5 125 Jan 5
*3612 3812 3612 3612 3612 3612 36% 3618 36
3612 38
36
1,900 Union Bag & Paper Corp_ _100 347 Jan 4 43 Jan 14
212 21714 21314 2183 21612 225
21514 2193 216 222
4
219 225 129,700 Union Carbide & Carb_No Par 19612 Jan 7 225 Jan 31
4
50% 51
51% 52
494 503
493
4 49
8 4912 5012 15,455 Union 011 California
4 4914 493
25 4814 Jan 14 524 Jan 19
131 132
133 134% 13212 133
133 134 *132 13312 *131 13312 3,100 Union Tank Car
100 1217 Jan 15 1343 Jan 28
4
5112 5112 51
5112 50% 5118 50% 5114 5114 5212 5212 53
4,600 United Biscuit
No par 4812 Jan 2 5312 Jan 14
*125 130 •125
*125
*122
*125 ---- *125 -Preferred
100 120 Jan 19 126 Jan 24
2412 23% 24
7 10;2414 2414 24
2312 233
234 23
665 United Cigar Stores
4 2312 237
10 2312 Jan 2 2711 Jan 11
10314 10314 103 103 *10212 103
4
102 1023 103 103
4
10214 1023
800 Preferred
100 10112 Jan 16 104 Jan 2
7912 75
78
783
7812 75
8 78
76% 75
765
8 7512 78
33,500 United Electric Coal___No par 66 Jan 7 81 Jan 23
142 14812 145 150
140 4 1413 140% 143
3
154 15812 15414 157
28,700 United Fruit
4
No par 13918 Jan 24 15812 Jan 31
2314 2314 223 23 8 23 8 23 8 234 24
2212 23
4
5
7
7
2318 233
4 2,590 United Paperboard
100 16 Jan 7 2638 Jan 22
80
*7812 79
80% 804 •
*79
79
80
79
79
787 784
800 Universal Leaf Tobacco No par 76 Jan 9 814 Jan 23
8
88
5814 884 884 8812 87
5912 *8912 90
8814 *
*894 90
250 Universal Pictures 1st pfd 100 87 Jan 30 93 Jan 2
19
18
8
1912 185 19 8 18
187
8
,
1814 18
18
177 1818 7,100 Universal Pipe & Itad_No par
8
177 Feb 1 2214 Jan 2
8
*99 101
*99 101
*9812 101
*99 101
•91 101
*99 101
Preferred
100 10012 Jan 9 10012 Jan 9
454 4512 44
45 8 4312 44
3
4314 4312 43
4
431 433 44
/
4
5,000 U S Cast Iron Pipe & Fdy20 4214 Jan 9 4712 Jan 10
1834 183
1812 1812 1812 183
4 1812 1812 181g 183
183 104 4.600
4
4
1st preferred
1
No par 1818 Jan 15 19 Jan 11
1912 1912 *1938 194 194 193
8 193 1912 •19 2 195
8
8 1912 1912
,
800 Second preferred__ No par 1914 Jan 14 1912 Jan 24
15 2 154 1518 153
3
4 15
165 1738 14,700 U S Distrib Corp
8
153
3
8 1518 15 4 1518 17
No par 15 Jan 29 173 Jan 3
4
7712 7712 78
77
4 77
773 773
7612 78
4
797 80
2,200 Preferred
795
100 7612 Jan 29 8012 Jan 3
4.64 46
454 4612 46
4618 4514 4618 453 464 4512 46
2,500 U 9 Hoff Mach Corp_ __No Par 44 Jan 11 49% Jan 2
4
/
1
3
3
150 15312 150 2 154 8 14818 1493 14612 149 4 14612 153
/ 152 154
1
4
70,900 U S Industrial Alcohol__ _ _100 128 Jan 16 1547 Jan 25
3
4
8
124 4 124% 124 4 1243 *124 4 1353 1244 1247 1244 1247 *12412 125
3
3
4
1
2
90 Preferred
4
8
8
100 12414 Jan 8 1257 Jan 4
31% 32
315 32
3112 3158 3034 313
2
8 6,600 U S Leather
4 30 8 304 3012 315
3
No par 30 8 Jan 31 354 Jan 14
3
*5811 50
5812 5812 5753 58
57
5752 564 574 574 5814 5,500 Class A
No par 5614 Jan 31 61% Jan 14
•105 10512 105 105 *105 10512 *105 10512 10512 10512 106 107
600 Prior preferred
8
100 1025 Jan 7 107 Feb 1
85
8614 857 8731 86
8712 88
90 4 9014 97
3
963 997 72.800 U S Realty & Impt_ _No par 81 Jan 8 99% Feb 1
4
50
51
50% 61
4752 5012 48
513 523 95,200 United States Rubber
8
484 48
517
4
100 42 Jan 8 5514 Jan 14
87
8712 8612 87
12 8612 8712 87
874 877
6,600
87
let preferred
88
86
100 81 Jan 9 921s Jan 16
67 8 687
5
8 6712 683
8 65 8 6814 664 68
5
663 685/
4
3 68
695 27,500 US Smelting, Ref & Min_ _50 615 Jan 8 70 4 Jan 11
8
8
3
• / 56
554
56
1
56
5518 5514 *55
•5512 56
600 Preferred
557
8 5518 56
50 5518 Jan 24 58 Jan 3
2
18614 18912 1837 18914 183 187
1797 1833 1813* 1837 18312 18712 555,100 United States Steel Corp
8
4
15718 Jan 8 1923 Jan 25
4
143 14312 143 1437• 143 143
14234 14312 14312 14312 *14112 1413
4 3,400 Preferred
100 14118 Jan 4 1434 Jan 28
*104 107
10312 10512 10712 109
1087 1093 1073 1074 1073 1071
2
4
4
4
4 2,400 U 8 Tobacco
No par 9712 Jan 9 1093 Jan 30
4
*137
*137 ____ *137
_ *137
•137
...... Preferred
_ •I37
100 137 Jan 5 13812 Jan 23
•270 280 *280 290 *270 280 *270 290 *270 290 .270 290
Utah Copper
10 264 Jan 2 293 Jan 5
6
411 4178 413 4312 4312 45
4
8
464 49
4914 4514 467 412,300 Utilities Pow & Lt A__No par 40 Jan 8 493 Jan 30
/ 46
1
4
8
12
12
12
13
12'41 6,900 Vadsco Sales
1212 123
4 1214 1212 1214 1212 12
No par 117 Jan 24 1312 Jan 21
8
*77
*77
80
78
200 Preferred
77
77 *---- 77 *___ - 77 c____ 77
100 7614 Jan 24 82 Jan 16
10814 11014 107 10914 1063 10812 105 4 10712 10612 10912 x107 ', 109
27,700 Vanadium Corp
3
4
o par 953 Jan 7 1133 Jan 19
a
,
4
4
*30
*30
T2
33
*3112 32
32
"30
32
Van Raalte
32
*31
*30
28 Jan 2 35 Jan 17
No
*79
70
71
71
71
*70
30 1s1 preferred
71 .
70
71
71
*70
*70
100 60 Jan 2 724 Jan 17
913 913
4
4 88 8814 88
88
9114 3,600 Vick Chemical
8 90
884 8818 8812 885
No par 82 Jan 4 944 Jan 16
1485 1,5014 14918 15114 14812 1503 14958 1507 14912 1504 1504 158
8
82,900 Victor Talk Machine .No par 145 Jan 2 158 Feb 1
8
4
11214 1124 11238 11212 113 113
4 1,200 7% prior preferred
1123 1123
4
113 113 *11212 113
100 1113 Jan 2 114 Jan 15
4
234 26,500 Virg-Caro Chem
2318 24 4 2318 24
3
8 2214 2312 23
2214 233* 221g 227
No par 1814 Jan 8 243 Jan 26
4
6414 6502 6314 6412 837e 6412 6318 63s 6312 63% 6312 6414 7,300 6% Preferred
100 585 Jan 2 6512 Jan 26
8
97
97
97
973 973
8
97
700 7% preferred
2 97
97
3
96 8 96 4 *96% 97
5
8
100 944 Jan 2 973 Jan 28
10712 10712 *10712 109 *10712 109 *107 109 *108 109 *108 109
10 Virg Elec dr Pow pf (7)___ _100 10712 Jan 26 108 Jan 5
12
100 Virg Iron Coal & Coke 01-100 46 Jan 26 48 Jan 29
*
46
47
...
3.!
48
47
55 '
*48
48
*48
48
55
_ _ _ __
55
Vivadou (V)
No par
13 Jan 16 15 Jan 4
Preferred
ed
100
"5112 52" 51 52 51 52 51 11 51 52 5114 5312 420 Vulcan DetinnIng
.1i
-100 50 Jan 16 16 Jan -2
110 Preferred
*9412 9612 9412 9412 96
9612 9612 .96 961s 9712 98
100 91 Jan 4 98 Feb 1
96
49
*43
48
290 Class A
49
45 4 *43
3
•46
45 4 *43
3
100 40 Jan 2 49 Feb 1
45 4 45% 46
3
25
4 8.500 Waldorf System
12 25 4 2514 25
2414 243
3
1g 25
4 2414 243
No par 2414 Jan 31 274 Jan 3
2514 2434 25
26
2612 26
254 2578 2718 21,600 Walworth Co
/
1
4
par 234 Jan 8 273 Jan 24
265
8 24% 2514 25
2731 25
8Q
8(02 80
440 Ward Baking Class A_ _No par 7312 Jan 7 844 Jan 17
777 78
a'.
78
78
8012 80
80
80
N
79
18
1818 1818 18
17 Jan 8 2114 Jan 16
17
17
1712 171c 173* 8.000 Class B
No par
17%
/ 18
1
4
18
100 Preferred (100)
85
*8112 84
85
*8012 8512 *82
per 7912 Jan 2 874 Jan 15
84
85
*81
85
*82
1254 1273 1247 1267 12231 1254 12252 12812 127 129% 129 132 151.100 Warner Bros Pictures No pa 11612 Jan 7 134 Jan 21
8
8
No
par 5314 Jan 7 5914 Jan 22
8 543* 544 564 554 5612 56% 5712 16,300 Preferred
5514 554 55
557
541
4
4
373 38% 25,900 Warner Quinlan
No par 363 Jan 17 4278 Jan 2
3812 39
39
4
394 38
8 373 38
39% 3752 383
1,400 Warren Bros
151 151
o
15112 154
155 15612 155 4 1553 1,55 155 4 151 151
No par 151 Jan 24 170 Jan 2
3
3
4
90 First preferred
51
5012 Jan 4 52 Jan 8
*51
51
52
52
51
52
51
*51
*51
52
51
254 2512 25
25
2812 9.600 Warren Fdry & Pipe_ _ _No par 2412 Jan 29 3414 Jan 3
2512 2412 25
2412 25
2412 25
600 Weber 38 Heilbr
*774 7912 7718 78
80
No par 754 Jan 8 83 Jan 19
77
80 .
7812 7812 *77
7912 *77
100 Jan 8
100 Preferred
993 Jan
•100 103
3
100 100
*98 10018 •98 10018 •98 100%
*98 102
9712 99
,
98
995
8 9812 99
s
4
/ 9914 1043 104% 1063 1044 105 4 17,300 Wesson Oil& Snowdrift No par 9318 Jan 7 107 Jan 9
1
4
108 108
500 Preferred
10612 Jan 2 11112 Feb 1
108 11112
106
108 108 *106 108
108 108 *105
196 196
4
30,000 Western Union Telegram f_ lOO 1793 Jan 2 206 Feb 1
N par
200 206
193 19412 192 194
19012 19112 193% 197
45 4 467
3
465
8 46
8 4512 4614 4512 4612 4512 463
4814 12,700 Wstnghse Air Brake__ No par 454 Jan 24 4934 Jan 3
4 47
145 147
8
14652 156
15918 1647 223,000 Westinghouse Elea & Mfg 50 13712 Jan 15 165 Jan 31
1514 1573 15418 161% 159 165
4
*140 145
50 132 Jan
180 1st preferred
156 Jan 31
146 146 *160 153
150 152
153 156 •15312 156
22% 223
22 Jan 28 25 Jan 5
800 Weston Elec Instruml_No pa
2218
4 22
22
22
22
•22
2212 *22
2212 22
334 Jan 7 3514 Jan 16
*3312 341 *3312 34
No pa
Class A
12 *3312 3412 *3312 3412 *3312 3412 *3312 3412
108 108
108 108
330 West Penn Elea cl A__ _No pa 104 Jan
110 Feb 1
110 110
108 1084 108 108
108 108
10912 1091 10812 109 4 109 4 109 4 *10912 109 4 10912 109 4 1091a 10912
270 Preferred
100 108 Jan 8 11114 Jan 17
3
1
3
3
3
9812 991
170 Preferred (6)
4
983 98 4 9812 9812 9812 98 4 •98 100
100 973 Jan 25 102 Jan 17
4
4
3
993 100
1
11412 1141 11412 11412 11314 1144 114 11412 114 114
340 West Penn Power pref___ _100 113 Jan 8 1153 Jan 11
4
114 1143
4
*108 1081 *10812 10914 *10812 109 *10812 10914 •l0812 10914 10812 10812
10 6% preferred
100 10714 Jan 9 11012 Jan 16
55 55
1.400 West Dairy Prod cl A_No par 5312 Jan 1
577 Jan 3
8
5512 56
55
/ 554 55 8 55 4 55
1
4
5
3
/ 56 .55% 56
1
4
27% 28
273 28
4
2, 00 Class B
28
2914 Jan 19
274 273
4 26 Jan 1
4 2718 274 2714 27% 28
3112 321
32
32 8 31
8
7
Vo ; 3014 Jan 30 3612 Jan 3
N
3233 30
s 315 3218 15,310 White Eagle Oil& Refg.. o pa
30% 317
/ 31
1
4
464 473
8 46
464 455 4612 4532 4652 46
par 404 Jan 3 4812 Jan 15
8
4612 4612 481s 30,800 White Motor
461
*
45
45
464 4452 443
443 443
4
4 1,000 White Rock M M Spelt No 5r 43 Jan 2 484 Jan 8
a
0
45
3
3
4 44 4 44 4 *44
4012 4134 3812 4012 3938 40
4118 413
4 6.200 White Sewing Machine_No par 3812 Jan 29 48 Jan 2
4012 40
/ 40% 413
1
4
*55
*55
56
554 56
56
4.56l8 56
No par 56 Jan 22 577 Jan 16
*55
8
Preferred
5512 •
554 5512
2512 2714 25 2 2
24
23
2512 12.500 Wilcox 011 & Gas
1912 Jan 7 2714 Jan 28
2512 25
5
No par
24
718 2234 25
313
8 314 32
31
3114 314 305 313
3114 32 118,000 Willys-Overland (The)
5 3014 Jan 24 35 Jan 3
/ 3114
1
2
4
/
1
8 30
100 100 *100 102 *100 10012 •100 10012 "100 10012
*100 102
IOU Preferred
100 9953 Jan 25 103 Jan 3
1218 1214 12
1238 1158 12
1112 1112 3.100 Wilson & Co Inc
1112 Jan 4 1312 Jan 23
1152 1214 •1112 12
No par
25
*25
25% 25
2414 25
2438 2412 244 24% 2412 24% 3,400 Class A
No par 24 Jan 9 27 Jan 21
*7312 74
75
74
72
2,500 Preferred
73
73 4 72
6814 Jan 3 79 Jan 23
7212 7214 7212 72
3
212% 214% 210 21114 20652 2094 206 2073 2064 2113 208% 2107, 26,800 Woolworth (F W) Co
25 206 Jan 30 2224 Jan 3
8
8
581
5614 58
57
5512 56
4,40 Worthington P & M
0
56
100 4712 Jan 7 6212 Jan 17
55 4 57
5512 563
3
4 56
87
873
*8612 88
4 86
90
1,400 Preferred A
8614 86
9012 *83
100 86 Jan 29 9212 Jan 23
86 .85
79
78
78
700 Preferred B
*78
*76
78
4
76% 763
7612 7612 7618 77
100 7688 Jan 31 82 Jan 11
268 272
260 2674 263 269
269 273
28,900 Wright Aeronautical_ _ No par 25612 Jan 7 294 Jan 14
271 281
268 274
/
1
2 77 773
7518 75 4 754 773
3
4 77% 807
80% 27,900 Wrigley (1Vm Jr)
par 7318 Jan 2 804 Jan 30
2 7712 79% 78
*62
63
63
*62
62 62
Yale & Towne
6212 6212
62
25 62 Jan 11 65 Jan 2
62
62
62
393 414 39
8
3912 41% 52,20 Yellow Truck & Coach el Ito
40
0
4014 43
385s 39 4 3812 41
7
374 Jan 25 43 8 Jan 25
3
*____ 90
*65
90
90
200 Preferred
90 '---- 90 •__ 90 •__ 90
100 85 Jan 21 91 Jan 8
5 57
55
5512 57
0
5614 57
22.00 Young Spring & Wire_ _No par 534 Jan 8 6114 Jan 16
56
573
2 5714 6014 58% 60
114 11412 114 11414 11214 11212 •111 112
0
3,20 Youngstown Sheet & T.No par 107 Jan 8 1163 Jan 18
4
11014 11112 112 114

• Bid and asked prices no Woo 00 tins day.

PER SHARE
Rangefor Precious]
Year 1928

a Ex-rights.

No par value.

Ex rates.

,
19 1)..
63 June
4
4414 Dec
325 June
8
5514 Nov
63 June
119 Mar
30 Dec
13618 Feb
4234 Feb
110
Oct
3412 Apr
11214 Mar
22% Aug
103% Dec
5814 Oct
13112 June
1612 Dec
6038 June
9114 Nov
155 June
8
87% Sept
38 Dec
18 Nov
1812 Nov
1312 June
76
Oct
41 Dec
10218 June
1185 Sept
8
22
Jan
52
Jan
10034 Dec
6114 Feb
27 June
55 July
3912 Feb
51
Jan
1323 June
8
1385 Jan
8
86 June
12712 Jan
Jan
139
2812 Feb

Jan
60
758 Jan
43% Jan
Jan
58
525 Jan
8
10112 Jan
12 June
445 Jan
8
8812 Jan
10612 Dee
Oct
47
1104 June
78 June
2212 June
74 June
1912 June
1912 Jan
1412 Aug
70 Dec
1514 Dec
77 Dec
80% Aug
5134 Dec
26
Feb
140 June
4914 Nov
13 June
0918 June
98 Dec
87 Nov
105% Dec
13912 July
4218 June
8818 Jan
95 4 Jan
3
124 Jan
301 Jan
4
103 Juno
10712 Oct
9812 July
11312 Oct
103 June
5212 Dee
203 Jan
8
20% Feb
3014 Feb
344 Jan
3314 June
513 Aug
4
1714 Dec
1734 Jan
923 Jan
4
11
Oct
22
Jan
6314 Oct
1754 Feb
28
Jan
4614 Jan
41
Jan
69 Feb
68 July
6112 Nov
275 Feb
8
83 Nov
4534 Dec
834 June

23
116
1412 Nov
5912 Feb
44% Sept
637 DCO
8
937 Dec
8
126 Apr
4934 Feb
209 Nov
58 Nov
1284 May
Oct
57
135
Oct
345 Feb
8
11418 Apr
8912 Dec
148 Nov
8
277 Apr
8758 Nov
100 Feb
35% Oct
1053 Dee
4
53 Noll
1912 Nov
1914 De
2014 Jan
90% Jan
58% Jan
Oct
138
125% Nov
51 May
Apr
72
10012 May
9358 May
6314 Jan
1093 Jan
,
714 Nov
58 Dec
17212 Nov
14714 Apr
Oct
120
139 June
273 Dec
45 4 May
3

11112 Nov
40% Oct
78 Nov
85 Dec
1583 Nov
4
11212 Dec
20% Nov
6414 Nov
9912 Nov
11412 Apr
625 Jan
8
25% Jan
100
Jan
74 Nov
99 Sept
483 Nov
4
2814 Deo
26% Sept
123 Feb
295 Jan
8
9712 Jan
13914 Sept
5714 Dec
4478 Oct
19212 Apr
61
Apr
367 Oct
8
823 Dec
4
103
Jan
110 Dee
10834 Nov
201
Oct
57% Jan
144 Nov
139 Nov
2812 June
4012 May
Apr
1.12
11514 Apr
10412 Apr
118 June
113
Jan
Apr
78
49
Apr
38 Nov
4334 June
49% Nov
523 Deo
4
58 Dec
224 Nov
33 Dec
1044 Dec
Feb
16
35 May
773 Feb
4
2253 Nov
4
55 Nov
93 Nov
80 Nov
289 Nov
84 Aug
8412 Apr
4
573 Nov
Apr
96
4
563 Nov
115% Dec

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

699

Jan, 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"
-except for income and defasgted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 1.

P.

Price
Friday
Feb. 1.

Week's
Range or
Last Sale.

zc

U. S. Government.
High No.
Ask Low
Bid
First Liberty Loan
334% of 1932-1947
in 981182 Sale 981321 99722 182
Cony 4% of 1932-47
9915n Jan'29
J D
Cony 434% of 1932-47
1005n 129
in 100144 Sale 100
2d cony 434% of 1932-47
in
9913nDeo'28
Fourth Liberty Loan
434% of 1933-1938
AO 1003 Sale 100142 100742 602
,1
Treasury 4 yis _ _ _ _ _ _1947-1952 AO 1101542Sale 110544 1101542 107
1944-1954 3D 10542 Sale 105
Treasury 4,
10542 91
1946-1956 M
Treasury 3348
102",,Sale 1021,2 1021132 351
1943-1947 J D 971322Sale 973522 98
Treasury 3%s
93
Treasury 3345 June 15 1940-1943 in 9733n Sale 973122 973342 146
State and City Securities.
NYC 332% Corp st Nov 1954 MN
314% Corporate et_ _May 1954 MN
1936 MN
45 registered
1958 MN
45 reglatered
4% corporate stock
1957 MN
4;4% cosporate stock _
1957 MN
434% corporate stock _ J957 MN
.
.
4% corporate stock
1958 MN
1959
4% corporate stock
N
43:5 corporate stock
1960 MS
4345 corporate stock
1964 MS
43:s corporate stock
1966 AO
4413 corporate stock
1972 AO
1971 3D
4%s corporate stock
434s corporate stock
1963 MS
434s corporate stock
1965 J D
434s corporate stock_July 1967 J i

92

New York State Canal 4s_ _1960
4s Barge Canal
1942
4s Highway
Mar 1962

8812 Jan'29
884 Jan'29
9934 Mar'28
9912 June'28
9812 Jan'29
10458 Nov'28
10458 Nov'28
9712 Jan'29
98 Jan'29
9958 Jan'29
10014 Dee'28
10138 Nov'28
10112 Nov'28
10812 June'28
104
104
107 June'28
10418 1044
994 Aug'28
9934 Dec'28
10312 June'28

Range
Since
Jan. 1.

8912 Sale 8912
8812 Bale 8812
874 Sale 8712
934 Sale 9314
9318 Sale 93111
9334 Sale 9312
94 Sale 93
9212 Sale 92
93 9218
91
92
9212 92
10014 Sale 100

891
4
881
881
961
94
94
931
921
921
923
10014

10014 Sale
993 Sale
4
101 Sale
1003 Sale
4
100 Sale
100 Sale
10014 Sale
10014 Sale
964 Sale
9112 Sale
4
953 Sale
9512 Sale
8712 Sale
8
1023 Sale

1003
60
1001
60
101
44
1003
77
1003
37
Rol 206
1001
97
1003
8 46
967
47
917
21
123
96
87
873 136
103
67

99% 10112
99% 10034
9934 101
9934 10034
9958 10034
9952 1003
4
9934 1007g
9912 10014
9434 9714
91
9172
95
97
95
9612
8712 8814
10212 103

Bavaria (Free State) 610-1945 F A
Belgium 25-yr ext s 17348 3_1945 J D
1941F A
20-yr s f 8s
_ _1949 M S
25-year external 6
1955 J J
External s t es
External 30-years f 7s- _1955 J D
1956 M N
Stabilization loan 7s
Bergen (Norway) a f 8s _ _ _1945 MN
15
-year sinking fund es_ 1949 A 0
Berlin(Germany)816%6_ _ _1950 A 0
External sink fund es_ _ - -1958 .1 D
Bogota(City) ext'l s 18s._ _ _1945 A 0
Bolivia (Republic of) extl 83.1947 MN
19563 J
External sec 713
Bordeaux (City of) 15-yr 88_1934 M N
Brazil(U S of) external 8s_ _ _1941 J D
External e 16;is of 1928.1957 A 0
1957 A 0
Exti sf634501 19
27
7.(Central Railway) _J952 D
734s(coffee secur) (flat) _1952 A 0
Bremen (State of) extl 7s__ J935 M S
Brisbane (City) s 1 5a
1957 M S
Budapest (City) esti a f es _1962 J D
Buencle Aires(City)6 As_ _ _1955 J J
Eat' f 68 scr C-2
1960 A 0
Extl f es ser C-3
1960A 0
Buenos Aires (Prey) extl 68_1961 M S
Bulgaria(Kingdom)sf78... _1987 J J
StabTan Sf 7%s_Nov. 15'68

9512 961: 9512
961
8
4
1143 Sale 11434 1151
92
10914 Sale 10914 110
63
10614 Sale 106
10652 43
10012 Sale 100
1003 69
4
10614 Sale 106
1061
89
109 Sale 10838 109
86
11112 112 11112 112
4
10014 1003 100 Jan'29
4
99 Sale
41
91 Sale 9012
911
58
10212 Sale 10212 1031
6
102 Sale 102
1027
64
94 Bale 901:
94
44
10014 Sale 9978 1001
65
10818 Sale 108
109
30
9614 Bale 9512
9614 146
2
957 Bale 9532
9618 108
10014 Sale 100
1005
8 63
4
105 1053 10512 Jan'29
10114 Sale 10114 1024 41
9172 Sale 9112
9178
9
82
8014 Sale 8014
52
10112 Bale 10012 1011: 15
99
4
99% 993
993
4
2
9612 Sale 9612 100
10
93% Sale 93
9332 78
89 88
88
8814
97
97 Sale 97
45

95
9612
11412 1151:
108 110
10512 107
100 10072
10734 109
10534 10612
110 11212
100 101
973 99
4
9012 92
10212 104
102 104
9012 95
9912 10012
10534 109
944 964
94
imps
100 102
10512 10512
10114 10212
9112 93
8014 8312
10014 10112
9912 100
9612 10018
9212 933
4
88
90
97
9714

Caldaa Dept of(Colombia)734s'46 J J
Canada (Dominion of) 5s_ _1931 A 0
10-year 534
1929 F A
,
55
1952 M N
41
-is
1936 F A
Carlsbad (City) s f 88
1954 J J
Cauca Val (Dept) Colom 734s'53 A 0
Central Agric Bank (Germany)
Farm Loan.!7s Sept 15 1950 M S
Farm Loan s t 6s.July 15 1960 J J
Farm Loan s f es.Oct 15 1960 A 0
Farm Loan es ear A _Apr 15'38 A 0
Chile (Republic of)
20
-year externals f 76._ _ _1942 M N
External sinking fund 6s .1980 A 0
1961 F A
External a 1 es
iO6lJ J
Ry ref exti s f 6s
Extleinking fund es
1961 M S
Chile Mtge 18k 6345 June 30 1957 J D
13 (1,15 of 1926. _June 30 19613 D
Apr 30 1961 A 0
Guar at tis
Chinese(1Iukuang Ry)58___1951 3 D
Christiania (Oslo) 30-yr a 168'54 M S

9952 Sale 99
1003 Sale 10038
s
100 Sale 100
10514 Sale 10414
9812 Sale 9814
10612 10712 10612
10112 Sale 10014

98
100
100
103
9814
106
10014

Cologne(City)Germany 63451950
1961 J J
Colombia (Republic)6,
External s f (Is of 1928_ _1961 A 0
Colombia MIS Bank of 6345_1947 A 0
Sinking fund 75 of 1926...1948 M N
Sinking fund 7s of 1927-.1947 F A
1952 J D
Copenhagen (City)5s
1953 M N
25-yr g 4;is
Cordoba (City) eat 8 1 7s_ _ _1957 F A
External s 1 78 Nov 15 1937 M N
Cordoba (Prov) Argentina 781942 J J
Costa Rica (Repub)extl 7s.1951 MN
Cuba (Repub) fa of 1904___1944
External 58 of 1914 ser A_ _1949 F A
External loan 4%s ser C_ _1949 F A
sinking fund 5SisJan 15 1953 J J
Cundinamarca (Dept) Columbia_
1959 M N
Extl a f 6
e On the basis of $6 to the /sterling.




102
9314
93
9314
9314
99
99
92%
4118
100

Sale
Sale
Bale
Sale

9814
87
8612
90

Sale 102
103
Sale 93
9352
Sale 93
94
Bale 93
9312
Sale 93
933
4
Bale 9734
99
Sale 9812
9914
Bale 913
93
4
Sale 37
4118
101 10118 Jan'29

9534 Sale 95
9534
8912 Sale 8938
9012
8934 Sale 8912
90
88 Sale 87
8812
90 Sale 8912
9012
92 8912
90
92
9612 Bale 9814
963
4
884 Sale 8818
8812
963 Sale 963
4
4
97
95% Bale 955
5
955
2
100 Sale 997g 110
951s Sale 95
9512
10112 102% lovz 10181
10112 102 10112 10212
9512 97% 9712 Jan'29
1031s Sale 10212 10318
8612 Sale 8612
4 Cash sale.

18
8
18
19
16
6
7
13
2
36
42

100
41
101
58
10018 59
10514 100
9914 70
10712
6
10112 10
983
4
88
8714
9034

88

Price
Friday
Feb. 1,

Week's
Range or
Last Sale.

Range
BMWS
Jan,1.

Bid
High
Ask Low
High No.
Czechoslovakia(Rep of)88-1951 A 0 110 Sale 110
11012
991
1952 A 0 11014 Sale 110
Sinking fund 85 ear B
.4499"n
11012 19
9911899"n Danish Cons Municip Sa A 1946 F A 110 Sale 109% 11038
4
1946 F A 1094 109% 10914 110
9913
.21003n
Series 13 s f 85
7
---- Denmark 20-year extl es___ _1942 J J 10414 Sale 10414 10452 51
1955 F A 10078 Sale 100
Ext1 g 5348
10072 87
;isApr.15 1962 A 0 894 Sale 8914
993421001342
Extl g 4
8972 83
110 111"n Deutsche Bk Am part ctf 65_1932 M S 971a Sale 9712
98
23
105 106"42 Dominican Rep Cost Ad 5345'42 M 13 98 Sale 98
9818 le
1940 A 0 96 Sale 96
10212210311n
1st ser 534. of 1926
9612 11
0 9618 97 97% Jan'29
97 981122
2d series sink fund 5;is_ 1940 A
97182 981132 Dresden (City) external 7,_1945 MN 100 Sale 100
10012 14
Dutch East Indies extl 6s_ _ _1947 .1 J 103% 1033 1033
4
8 103 4 13
3
1962 M 13 103% Sale 10338 104
40
-year external Os
34
1953 M S 102% 103 10238
30
-year external 534s
10238
1
1953 M N 10312
30
-year external 534s
1023
4 10312
2
8812 8812
1948 J J 110 Sale 110
111
11
8812 8812 El Salvador (Repub) 8s
Finland (Republic) extl es_ _1945 M S 97 Sale 9612
9714 22
External sink fund 7a__ _ _1950 M 13 1004 Sale 100
10012 ss
973, l9812
1956M S 9812 Sale 9818
Externals f 6 Xs
99
50
1958 F A 90 4 Sale 904
Extl sink fund 5348
3
90 4 28
3
Finnish Mun Loan 6345 A 1954 A 0 9714 98 964 Jan'29 _
97%
External %a series B_ _ _ _1954 A 0 974 98 96
972 9712
9718 98
French Republic ext 7348--1941 D 11312 Sale 113% 115
96
1949 J D 1084 Sale 108
99% 9952
External 7s of 1924
10834 301
German Republic ext'l 7s_ _ _1949 A 0 10734 Sale 1074 108 140
1954 M N 1001g 102 10136 10152 12
- _ Gras (Municipality) 88
_
10372 200
Gt Brit Irel(UK of) 5%5_1937 F A 1031s Sale 193
1929 F A 116 Sale 116
10
-year cony 534111
11811 213
104 195
4% fund loan £ op 1960_ _ _1990 MN c8718 Bale c87
c8718 32
c9918
7
5% War Loan £ opt 1929-19473 D c99 Sale c99
20 1031 fat; Greater Prague (City) 7345_1952 MN 10614 10712 10618 10612 13
Greek G overnments f sec 75_1964 MN 98 Sale 97
98
1968 FA 853 Bale 843
4
Sinking fund sec 65
8572 77
4

Agric Mtge Bank s I 6s
1947 F A
Sinking fund es A_ _Apr 15 1948 A 0
Akershus (Dept) extl be__ 1963 MN
Antloquia(Dept)col 7s A_ 1945J 3
Externaisf7sserll
1945j
External a f 7a series C _ _ _1945 J
External s f 78 ser D
19453
External s t 7s 1st ser_ _ _1957 A 0
Extl aec a 7s 7s 2d ser _. 1957 A 0
Extl sec 1 7s 3d ger
1957A 0
Argentine Govt Pub Wks68_1960 A 0
Argentine Nation (Govt of)
Sink fund es of June 1925-1959 J D
EVA a t es of Oct 1925 _ _1959 A 0
Sink fund (is series A
1957 M
External es series B_ _Dec 1958 J D
Extl t es of May 1926 _ _1960 M N
External a f es (State Ry)_1960 M S
Mal 6a Sanitary Works__ -1961 F A
Ext es pub wks(May'27).1961 M N
Public Works extl 534s---1962 F A
Argentine Treasury 55 L._ _1945 M S
Australia 30-yr 5s_ _July 15 1955 J J
External 56 of l927 _Sept 1957 M S
Extl g 4348 of 1928
1956 MN
Austrian (Gott) a t 78
1943 J D

9812
87
8612
9012

El
14
•

Low

Foreign Cost. &Municipals.

10018
993
4
100
100
100
100
9972
100
9612
9114
95
95
87
10214

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 1.

8712
88
8712
9312
931s
9212
93
91
91
91%
99%

90 2
,
90
8912
981
4
9472
957
2
9414
9314
924
93
2
1007

1952 A0
Haiti (Republic) s 1 68
1946 AO
Hamburg (State) 63
Heidelberg (Germany)ext 7 Ms5053
Hungarian Munic Loan 734s 1945 S i
External s 1 78_ __Sept 1 1946 J J
Hungarian Land M List 7348'61 MN
Hungary (Kingd of) s 17%8_1944 FA
Irish Free State extls s f M 1960 MN
Italy (Kingdom of) ext'l 7s_1951 J D
Italian Cred Consortium 75 A1937 MS
1947 MS
Esti sec f 7s SEE B
Italian Public Utility ext 78-1952 J J
'
3
Japanese Govt £ loan 4s.._ _1931
1954 FA
-year 1 6%s
30
Leipzig (Germany) s I 721.--1947 FA
Lower Austria (Prey) 7;is_ _1950 3D
-year es 1934 MN
Lyons (City of) 15
Marselles(City of) 15-yr 6s_1934 MN
Medellin (Colombia) 6348..1954 3D
_
Mexican.Irrigat Asstng 4Sis _ 1943
Mexico(US)ext158 of 1896£ '45 Q
1945
Assenting fa of 1899
Assenting fe large
Assenting 4s of 1904
Assenting 48 of 1910 large--- Assenting 45 of 1910 small__
Tress Os of'13 assent(large)'33 JJ
Small
Milan (City, Italy) ext'l 6148'52 AO
Minas Geraes(State) Brazil1958 M
Extl f 6;is
Montevideo (City of) 713_ __ _1952 in

100 Sale
95 Sale
10312 1041
9612 Bale
913 9234
4
9712 Sale
10012 Sale
9614 Sale
97 Sale
96 Sale
933 Bale
4
944 Bale
9214 Sale
101% Sale
1003 Sale
8
9712 Sale
10018 Sale
9934 Sale
85% 89
23
26

Netherlands 6a (flat price.)_ _1972 M
1954 A0
30-year external 68
New So Wales (State) ext 581957 FA
Apr 1958 A0
f as
External s
Norway 20-year extl 6s_..1943 FA
1944 FA
20-year external 65
1952 A0
-year external es
30
1965 J D
40-year s 1 5348
158_ _ _ _Mar 15 1963 MS
Externals
Municipal Bank ext.'s f 58_1967 3D
Nuremberg (City) extl 135__.1952 FA
-year 51 65-1955 MN
Oslo (City) 30
1946 FA
Sinking fund 5345
_1953 in
Panama (Rep) extl 5
1961 3D
Extlsecsl6ls
Extl s f Se ear A. May 15 1963 MN
Pernambuco (State o1) ext 75 '47 MS
Peru (Republic of)
Extl s 1 sec 7148(of 1926).1956 MS
1959 MS
Extl s I sec 75
1960 3D
Nat Loan extl s 6s
1961 AO
S g es
Poland (Rep of) gold es_ _1940 AO
Stabilization loans f 7s_ _ _1947 A0
1950 J J
Extl sink fund g 8s
Porto Alegre (City of) Ss _1961 J O
Eat' guar sink Id 7 As....1966 J

107 Sale
10018 Sale
9412 Sale
943 Sale
4
10236 Sale
1025 Sale
8
10314 1031
10014 Sale
9634 Sale
93
931
9014 Bale
10112 Sale
9912 Sale
10212 Sale

101
Queensland (State) extl s f 7s 1941 A0
101%
1947 FA
25-year external es
100% Rio Gtande do Sul exile 88.1946 A0
10514
1968 3D
Esti a t es temp
99%
1966 N
Esti.17,of 1926
•
10712 Rio de Janeiro 25-yr B18.._ _1946 AO
102
1953 FA
Extl s f Ms
ROME (City) extl 6548
1952 A0
29
96
99
Rotterdam (City) eat' es _1964 MN
21
86
8832 Saarbruecken (City) es
1953 J J
47
8612 88 Sao Paulo(City)siga-Mar 1952 MN
88% 9034
1957 MN
58
Eat' s 6%8 of 1927
San Paulo (State) extl s 1 86.1936 J J
13 100 103
1950 J J
External sec 8 1 88
113
9234 94
External sf7, Water L'n_1956 MS
75
9212 94
1968 33
Extl a es S int rcta
71
9234 94 Santa Fe (Prov Mg Rep) 78 1942 MS
127
93
94 Saxon State Mtg Lost 7s_ .._ _1945 3D
31
9634 9934
Dec 1946 S D
Sfge;is
85
9712 100% Seine, Dept of(France)extl 7s'42
'
S
73
9112 93 Serbs, Croats le Slovenes 8.'62 MN
35
46
1962 MN
4118
Extl sec 78 ear B
101 10112 Silesian Landowners Assn 65_1947 FA
Solssons (City of) extl 65-1936 itI N
19
95
975 Styria (Prov) ext1 75
8
1946 FA
45
1939 in
8814 91
Sweden 20-year Os
62
8834 91
1954 MN
External loan 53.4.
26
8414 8812
88_1940 J J
Coufed'n 20-yr
9 89 9214 Swiss
Switzerland Govt ext 5348_ _1946 A0
4
8912 9514 Tokyo City 58 loan of 1912_ _1952 MS
9612 97
21
1961 A0
Extlaf53isguar
8712 8812 Tolima (Dept of) extl 7s_ _ 1947 MN
110
6
94 4 97
3
Trondhjem (City) hit 5348-1957 MN
2
95
4 9612 Upper Austria (Prov) 7s_ _ _1945 J D
3
9978 10018
Externals f 6%s_ _June 15 1957 J D
24
96
9644 Uruguay (Republic) extl 8s_1946 FA
34 10084 10112
1960 MN
External s f 68
27 10112 1021 Venetian Prot Mtg Bank 75_1952 A0
/
4
98 4 971y Vienna (City of) extl s I 66..1952 M N
,
31 10114 1031e Warsaw (City) external 76-1958 FA
Yokohama (City) exti es._ _1961 3D
13
Sale 8914

4 10038
993
9432
9534
10418 Jan'29

21
25

6712

26
5
11
48
58
120
21
14
56
34
114
29
11
39

6612

91
/
3
4
92
97
95
10012 10118
9512
9614
9834
9714
96
9612
9314
9312
94
9478
9214
9258
10034 10134
9912 1003
2
9712
9734
9912 10012
9958 100
8912
857
8
25
25
4934 Jan'28
32% 34 33
3318
3312 Jan'29
21
22 2112
227s
2314 Sale 2234
2314
20 4 Sale 2034
3
2134
3514 Jan'29
33
33
9014 Sale 893
4
904

93
102

Sale 93
Sale 102

961
103

10538 107
100
10012
9412
9434
9414
9414
102% 103
10258 103
10314 10376
10014 10132
9634
9714
93
931
8914
90
10112 10178
991
1001
10214 10218
10112 Jan'29
941g Sale 93
9414
9334 941 934
9414

sa

8
15
_
22
24
33
6
76
83
12

Low
High
109 111
10932 111
10914 111
109 11018
10412 1047
8
100 10134
8836 8918
9714 9818
9734 9812
96
9812
9312 97%
100 10112
10312 103 4
3
103 104
10252 10374
102% 10314
110 111
9512 9714
100 10012
9 1 99
79
12
90 92
964 9912
984
98
112 115
106% 10834
105% 107%
10014 1024
103 10412
116 1183e
c8111% 87%
c9811 100
4
104 10612
96
98
84 4 873
3
4
9934 101
9438 963
4
10312 10412
9578 100
9114 94
9814
95
997 10112
2
9514 9714
9634 97%
9412 91312
9314 94 8
7
94
9512
9112 94
10012 10214
9912 10012
9612 99
14
911 10014
4
938 100
f1574 89 4
3
25
25

-5535
331, 334
21
2112
2016
3512
33
891g
93
101

2236
2314
2212
37
12
36 8
5
91
9512
103 8
3

9 105 107
33 100 1003
8
9312 95
63
93 s 943
66
3
4
25 1024 10314
34 10212 10314
27 102 10378
41 10014 10134
65
9634 9712
14
8972 95
8812 90
35 10014 10252
33 9912 10114
1 10218 1021:
10114 10112
25
93 9414
17
9318 95

10714 Jan'29
10212 102% 16
92
8812
891
8812
901 160
21
82
821
167
8712
88
85
9812
99
5
10514 106
101
9
102

107 10712
10034 10212
881s 9014
8812 9011
81
8312
874 9814
98 99
10514 10612
10012 10232

111 Sale 109% 1105
7
8
9
1041s 104% 103% 10458
7
10512 Sale 10512 106
894 Bale 8914
9012 47
13
99
983 Sale 9838
8
108 Sale 10538 10612 21
9414 Sale 94
9514 29
915 Sale 9132
8
9114 106
1044 10412 10412 10412
5
9112
8912 9112 90
4
1134 Sale 113
12
113
9712 Sale 9612
9712
9
1067 107 10614 10714 20
8
10712 Sale 10678 10712 18
100 Sale 100
101
47
924 Sale 9112
9212 58
9712 Bale 9634
9712
9
9812 Sale 9812
99
9
943 Sale 9434
4
31
95
10712 Sale 10612 10812 84
93 Sale 93
9452 39
80 Sale 79
ao 74
84 Sale 83
35
84
98% Sale 984
28
99
92 Sale 92
9212 17
102% Sale 10214 10238 13
164 Sale 10358 10438 21
109% Sale 1093
4 11038 18
10234 Bale 10238 10312 38
78 Bale 7772
78
21
8834 Sale 8812
8834 29
91 Bale 90
904 21
9412 96 95 Jan'29
9812 Sale 97%
9812 12
87% Sale 8712
8734
7
1094 1091 10914 10914
6
97% Sale 9712
99
981
9118 Sale 9118
924 14
8772 Bale 8712
88
65
8412 Sale 84
8434 23
95 Sale 95
9514 29

1081: 11058
10312 10472
10514 106
8914 92
671, 991s
105 10612
93 95 4
5
901e 9114
10312 10412
9112
90
113 114
96
9812
10578 108
10512 10712
100 102
9314
91
9614 98
9814 9978
94
95
10512 10812
93 96
79
8112
821s 84%
98 99
9034 93
10172 10414
10358 105
10938 1103
4
10258 103 6
7
7712 781
4
8812 9012
90
91
94 4 96
3
9612 9812
8614 873
4
108 10914
974 9912
90 94
8612 88
8212 8514
95 964

10214 l023
88% Sale
894 Sale
82 Sale
88 Sale
9812 Sale
10514 106
101 10114

700

New York Bond Record-Continued-Page 2

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 1.

Price
Friday
Feb. 1,

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. I.

1/V.

Price
Friday
Feb. 1.

Week's
Range or
Last Sale.

5='2

Range
Since
Jan. 1.

Bid
Ask Low
High Chic Milw Sr St P (Concluded)
Utah No. Low
Ask Low
HIM
Bid
High No, Low
Railroad
Gen 4 As series a._ __ May 1989 J J 933 9438 935
8
8
935 9512
8
944 10
Ala Gt Sou 1st cons A 55.___1943 J D 1023 104 1023 Jan'29
10234 10234
4
4
Debentures 4s
1925 .1 D
717 Feb'28
8
1st Cons 4s ser 13
1943J D 9318
93
94
Jan'29
Chic Milw St P & Pac 58. _ _ _1975 F A -65i2Sale 93
94
94
93
9312 159
Alb ez Susq 1st guar 33s._...1946 A 0 86 85
86
85
Cony adj 5s
87
85
Jan 1 2000 A 0 793 Sale 7918
80
77
4
797 995
8
Alleg & West 1st g gu 4s
1998 A 0 8514 90
Chic & N'west gong 330_ _ _1987 NI N 75
8912 Nov'28
794 8012
7812 8012 Jan'29
Alleg Val gen guar g 45
1942 m s 9212 97
934 Dec'28
Registered
Q F
_
7712 Oct'28
Ann Arbor 1st g 4s_ _ July 1995 Q J 7614 77
1
7614 78
General 4s
7614
7614
1987 M N 89
9022 9014 9033 8
Atch Top & 8 Fe
-Gen g 433_1995 A 0 9114 Sale 9114
183
9114 933
93
Registered
4
94 Apr'28
@ F
Registered
4
A 0
8914 904
90
90
Stpd 48 non-p Fed In tax '87 51 N 8914 Sale 8914
_
4
9014
Adjustment gold 4s_ _July 1995 Nov 8512 87
1
86
86
87%
86
Gen 43.1's stpd Fed Inc tax..1987 51 N 10212 105 10612 Oct'28
Registered
Nov
8812 Jan'28
Gen 5s stud Fed Inc tax.
.1987 M N 10812 Sale 10812 10912 30
Stamped
July 1995 M N 847 Sale 847
.4 8
-757 -8 7 98 8
87
8
8
Registered
NI N
113 May'28
Registered
M N
Oct'28
89
Sinking fund 6s
1879-1929 A 0
10012 Jan'29
Cony gold 48 01 1909
1955 J D 8912
8818 90
89 Jan'29
Registered
A 0
10014 Oct'28
Cony 45 01 1905
1955 J D 9012
91
90
90 Jan'29
Sinking fund 5s
4
1879-1929 A 0 -66j4 995 993 Jan'29
4
Cony g 4s issue of 1910_ _1960 J D 8812 - Nov'28
91
90
Registered
A 0
9814 Nov'28
Rocky Nltn Div 1st 4s_ _1965 J J
14
913 - - -4 92
92
4
Sinking fund deb 5s
913 913
4
1933 M N 60:i4 Sale 10012 101
11
Trans-Con Short L 1st 48_1958 J .1 9114 9212 913
91 14 93
8
913
8 10
Registered
M N
4
1003 1003
4
1003 Jan'29
4
Cal-Aria 1st & ref 45s A1962 m s 9714 973 98
Jan'29
9714 9811
10-year secured g 78
4
1930.3 D 10214 192 10214
10234 23 10178 103
-34
All Knoxv & Nor 1st g 5s
1946 J D 10318 _
10314 10314
15
10314 Jan'29
-year secured g 6345. _ _ _1936 M S 10812 111 111
18 11014 11115
11114
Ati & Charl A L 1st 4 As A I944 ..1
96
Jan'29
96
96
Ist ref g 58
__
May 2037 J D 10412 105 10412 1053
9 10412 10512
8
let 30-year 55 series B_1944
.3 102 103 102
5 101 102
102
let & ref 4 As
96-May 2037 J D 9614 Sale 953
953 073
9612 38
4
4
4
Atlantic City 1st cons 4s
1951 J .1 851s 8912 874 Oct'28
Chic R I Sr P Railway gen 45 1988 .1 J 89 Sale 8712
8712 89
12
89
Atl Coast Line 1st cons 4s July 52 M S 9214 9314 913
893 924
4
914
Registered
J J
8814 Dec'28
Registered
9014 9014
M
9014 Jan'29
Refunding gold 45
1934 A 0 94 Sale 933
9412 -1156 -9334 91"
4
1964 _1 D
General unified 4 As
1
9714 974
9714
967 9718
8
Registered
A0
1)234 923
5
923
4
4
923
4
L & N coil gold 4s_ _ __Oct 1952 MN 90 Sale 893
17
863 91
4
4
Secured 4345 series A
9014
195251 S 9114 Sale 91
91
954
9212 165
Atl & Day 1st g 4s
1948 J J 73 Sale 73
2
73
75
73
Ch St L & N 0 NIem Div 48_1951 J D 8412 85
8914 Dec'28
2d 4s
1948J J 60
Jan'29
66
6712
Gold 5s
6614 66
June 15 1951 .1 D 104
105 fcTi"
Jan'29
_ _ _ _ 105
All & Tad 1st guar 45
1949 A 0 79
81
85 4 Dec'28
3
Registered
.1 D
107 Apr'28
Austin & N W Ist gu g 5s. _ _1941 .7
100 100
Jan'29
Gold 334s
99 101 100
June 15 1951 J D 834
8418 Jan'27
Ch St L & P let cons g 5s___ _1932 A 0
lOt fcif"
Jan'29
102 -102 101
Halt & Ohio 1st g 4s____July 1948 A 0 92 Sale 92
32
93
90
93
Registered
A 0
1015 June'28
8
July 1948 Q J
Registered
9114
0
91 14 9114 Chic St P NI & 0 cons 6s_ _1930 J D ioof4 fcif 101
_ 9114
11 iOO" 101
101
9888
1933 M 8 9812 Sale
20
9812 180
-year cony 43.0
99
98
Cons 6s reduced to 3 As_ .1930.3 D 96
9611 Jan'29
1)614 97
_
Registered
M S
98 June'28
Debenture 55
1930 M S 9818 98; 9812
0818 101
-7
983
4 11
Refund & gen 5s series A__1995 J D 1017 Sale 10012 10218 109 10012 1024
8
Stamped
M 8 9814 994 9818
2
9818 9813
9818
Registered
J D
_Chic '1' II& So East 1st 58_ _ _1960 J D 9812 Sale 9814
993 Dec'28
4
9
98 10012
9811
July 1948 A 0 10P Sale 10312 10412 35 113514 194 2
1st gold 55
1Inc gu 58
Dec 1 1960 M S 9012 9214 913
5
4
9134
9018 9212
1995 J D 10854 Sale 1083
Ref Sr gen as series C
4
Chic Un Sta'n 1st gu 434s A_ 1963 J J 994 Sale 99
4
10912 37 1083 110
09 10014
9914 32
PLE&W Va Sys ref 4s 1941 MN 933 9414 933,
934 22
4
923 94
8
1st 58 series 13
1963 1 J 102 103 103
1 103 103
103
1950 J J 102 Sale 102
Southw Div 1st 55
8 35 10011 10312
1027
Guaranteed g 5s
1944 J D 10112 Sale 10118 10112
4 10112 10212
Tol & Clia Div 1st ref 4s A_1959 J J 8214 Sale 8214
32
8214 8514
1st guar 6 As series C
83
1963 J J 116 Sale 1153
4 116
5 114 116
2000 m
Ref Sr gen 6s series D
10112 Sale 1014 1013
Chic Sr West Ind gen 113 Dec 19320 M
4 38 10014 162
10212 Dec'28
Bangor & Aroostook 1st 58_ _1943 .1 J 1034 Sale 10314
1 103 10314
10314
Comm! 50-year 45
1952 J J 8712 Sale 8714
8 "871s 13
8712
4
1951 J
Con ref 4s
834 8318
8312 12
1st ref 530 series A
8314 8412 8314
1982 M S 1033 Sale 1033
27 1033 105
4 105
4
4
Battle Crk & Stur Ist gu 313-1989 J D _
Feb'28 -- _
6818
Choc Okla Sr Gulf cons 5s_ 1952 M N
7
10412 Dec'28
4s_1936 J J
Beech Creek 1st gu g
_ ___ 95 Dec'28 - _ _
Cin Ii Sr D 2d gold 4 As
19372 J 9412 9712 9412 Jan'29
9413 9412
Registered
C I St L & c let g 48-Ang 2 1936 @
95 Aug'28 - - -F 9412 9614 9512 Dec'28
2d guar g 513
1936.1 2
97 June'28 Registered
Aug 2 1936 Q F
9714 Oct'28
Beech Crk Ext Ist g 3 As
1951 A 0 i718 81
82 Aug'28
Cln Lob Sr Nor 1st con gu 4s 1942 M N 873 92 88 Jan'29
88
_ "ii
4
Belvidere Del cons gu 334s_1943 .1 J 861
1944 J D 91 2- 14 -- Big Sandy 18t 43 guar
9114 91 4 Clearfield M NIah let gu 58-.1943
_
91-14
99
-1
_ _100 July'28
2 2 981
1927,j J
Bolivia lty 1st 5s
Cleve Cin Ch & St L gen 4s. _1993 J D 8912 91.
5
2- - 8912
89
8912
Vf"
Boeton & Maine let 58 A C_ _1967 M S 97 Sale 97
97i2 125
99
97
20-year deb 4 As
1931 J J 9818 Sale_ 98
9812
9 9778 9834
Boston& Y Air Llue ist 4s 1955
A 8114 Sale 814
8012 8112
5
8114
General 58 series B
1993 .1 D
Jan'29
112
_ 112 112
9 8 .3 J 9414 9612 943
Bruns 4, West 1st gu g 4s
8
1
9418 945
945
8
8
Ref Sr inapt 65 aeries A _ _1929 J .1 100 10025 99
10018 33
99 1014
Buff Roch & Pitts gen g 58- -1937 M S 10114 10612 10012 Dec'28 - -Ref & Rapt 6s ser C
19412 J 10312
- 104 8 10414 3 104 10414
1957 M N 91 Sale 903
Comm'430
4
913
4 30 -65772923
8
Ref Sr Inapt 5s ser D
1963 J .1 10132 102 1013
10338
5 10133 10338
Burl C it & Nor 1st & coil 58 1934 A 0 10014 102 102
5 113014 102
102
Cairo Div 1st gold 4s
1939.3 J ____ 9312 95 Nov'28
Cin W & M Div 1st g 413-1991 J 2 85
91
Jan'29
87
857 91
8
Canada Sou cons gu 58 A_ _ 1962 A 0 105 10514 105
5 105 1063
105
4
St L Div 1st coll tr g g 4s_ _1990 M N 875 89
8
88
875
7
8
874 8812
Canadian Nat 4 As_Sept 15 1954 M
9512
1
.4
9512 963
95
Spr Sr Col Div 1st g 413_ _ _ _1940 NI S 924 95 924 Dec'28
95741 9512
5
-year gold 4 As_Feb 15 1930 F A 9912 Sale 991,
9912 43
984 9912
W W Val Div let g 9s
1940 1 .1 915
Oct'28
8
_ 90
1957 J J 95 Sale 9478
30-year gold 440
944 06
9512 87
Ref Sr impt 4358 ser E_ __ _1977 J J 9618 Sale 96
96
98
9612 13
Canadian North deb s f 7s 1940 J D 1123 Sale 112
8
8
1123
1; 20 11118 1123 CCC&Igenconsg 65
19342 J 104 108 104
_ 104 104
Jan'29
1946 J
25-year 81 deb 63.4s
4 11418 1163 Cloy Lor & W con 1st g 58. _ _1933 A 0 10018 Sale 10018
1163
8
116 Sale 116
8
5 100 10112
10018
10-yr gold 4346_ _ _Feb 15 1935 F A
974 99
9814 --- 984
Cleve Sr Mahon Val g (rs_ -- -1938 i Jr
983
s
1
Oct'28
100
la
Canadian Pac Icy 4% debstoek
100
84
85
86
8518 Sale 844
CI Sr Mar Ist gu g 4 As_ _ _ _1935 M N 961
-6i9614
9614
_
tr 4As
Col
25
98
9714 99
9712 Sale 9714
Cleve & P gen gu 4 As ser 13_1942 A 0 994 101 1013 Mar'28
4
4Carb & Shaw 1st gold 4s__1210 j Ei
2M
_
_ 9818 Nov'28 - - - Series A 4 As
1942.3 J 9918 _ _ 100 Nov'28
Caro Cent 1st cons g 48
80 - - 8
80 Jan'29 .7514 80
8 9
Series C 3 As_ _ _
1948 SIN
91
Oct'28
Caro Clinch &0 1st 30-yr 56_1938 J D 100 101 100
Jan'29 - - -- 100 10112
Series D 330
803 8984
4
1950F A
893 Jan'29
4
1st & con g 65 ser A_ Dec 1552 J D 10712
_ _ 107 1083 Cleve Shor Line 1st gu 434s.1961 A 0 9912 Sale 9814
Jan'29
8
108
08
993
4
9913
1981 J D 87 98
Cart & Ad 1st gu g 46
4
- 873 Dec'28 4
Cleve Union Term let 5 As_ _1972 A 0 10812 Sale 1053
8 10618 14 10558 109
P 1st g 4a...1948 J
Cent Branch U
-8412 9112
8412 Jan'29 8212 85
Registered
Oct'28
A0
107
Central of Ga let gs_Nov
105
105 Dec'28 - -late I (is ser 13
53 iniii 10514
1973 A 0 105 Sale 1044
105
Consol gold 55
8 102
103
102 103 102
hits f guar 4AsserC
9914 101
19771A 0
Jan'29
101
Registered
M N
_
Jan'29 -- -- 100 100
100
1004 24 1997 10518 Coal River Ry 1st gu 45
10-year secured 6s_ _June 1929 .1 D ion f6612 100
05 8 0012
0018
90
1
90
1945I J D 90
8
917 90
Ref & gen 5345 series 8_1959 A 0
10472 105 Jan'29 -9512 9712
Colorado Sr South 1st g 4s_.. _1929,F A 994 100
8
997 Jan'29.
1959 A 0 ioi 104 10118 Jan'29
Ref & gen 5s series C
_- 10118 101 18
9912 994
Refunding & eaten 4 As_ 1935 M N 9614 Sale 9512
964 10
Chatt Div pur money g 48_1951 .0 D
_
9312 Jim'28
Col & H V 1st ext g 48
903 91
8
.Jan'29
1948!A 0 905 ____ 91
8
1946
Mac& Nor Div let g 5s
102 108 101
86Jan 29 ---- 101 for Col Sr '101 let ext 45
fa 8
0 N 2
9
1955 F A 913 ____ 0218 5 o;:28
4
47
6
Mid Ga & AtIdly pur to 5s 24 I
101 105 10318 Apr'28 - -- Conn Sr Passurn Itly 1st 48_ _ 1943'A 0
-Mobile Div 1st g 5s
101 105 105 Dec'28 Consol Ry deb 45
4
_ 953 Nov'28
1930 F A
Cent New Eng 1st gu 4s__ _ _ 1961 2J 8312 8412 8312
8312 84
8312
Non-cony 48
74
2
Jan'29
75
I954'1 .1 9534- - - 75
7118 73
Central Ohio reorg let4 As_ _1930 NI S 9712 9914 99
3
9714 99
99
Non-cony deb 48_ _ _ _J&J 1955.3 J 71
72
72
Cent RR & 13,kg of Ga coil 561937 M N 97
9712 977
977 9914
8
8
Non-cony deb 45_ _ _ _A&O 1955 A 0 71
977
8
1
6
2 jav 2
0
8
_73 4 73 Non:2
7. 7
_53_ 7
71
1987 J
Central of N J gen gold 58
10 110 11118
110 Sale 110
110
Non-cony debenture 48.. _ _1956 J J
73
75
1987 Q .1 109 111 109
Registered
3 109 1095 Cuba Nor lty let 5 As
8
109
014 61
19421J I) 897 Sale 8912
8912 9314
8
1987 .7
General 4s
_94 91 Dec'28 - Cuba RR 1st 50-year 58 g
1952.3 J 94 Sale 94
9412 27
94
96
Cent Poe 1st ref gu g 48
1949 F A 961-2 Sale 904
9058 42
9O3 9123
1st ref 734s series A
106
26 1003 106
1936J D 1034 Sale 102
8
Registered
F A
__
1st lien Sr ref 6s ser 13 _ _1936 J D ____ 957 954
88 Sept'28
9578
8
1
957 98
8
Mtge guar gold 334s Aug 1929 J D 99
99 99Jan'29 - - 9914 99
Through Short L 1st gu 48_1954 A 0 9114 9212 9138
903 913 Day Sr Mich 1st cons 4 As_ .19311.1 J 973 _
4
4
914
4
9734 Jan'29
4
_
973 973
4
4
1960 F A 1023 Sale 10214
Guaranteed g as
78 102 103
Del Sr Iludson let Sr ref 4s_ _ _1943,M N 92
4
103
5
9514 9218
913 9412
9214
4
, 30-year cony 58
1003 10412 Jan'29
8
193VA 0
10412 10412
Charleston Sr Sayn'h 1st 78_ _1936 J J 11318
1184 Aug'28
15
-year 530
12 10312 105
1937,M N 105 Sale 104
105
Ches& Ohio fund drimpts 58.19292 J
993 Dec'28
4
l0-year secured 78
8
102
1930!J D 1017 Sale 10014
78 10014 10314
1939 M N 11121-2 Sale 10212 10312
1st consol gold 55
2 10212 10422 D RR Sr Bldge 1st gu g 4s
9614 Aug'28
1936IF A
1939 M N
Registered
10214 Dec'28
Den Sr RU lat cons g 413
907
8 48 -Cio
92
54
1936 J J 90 Sale 00
1992 M 8 964 Sale 9814
General gold 430
963
Consol gold 4 As
4 17 "&sT, fo614
19361.1 J 934 9412 93
9412
8
93
9412
Registered
M
9518 9518 Den & It G West gen 56_ Aug 1955 MN 9612 Sale 9312
954 Jan'29
9612 244
9612
93
1930 F A 9912 Sale 99
-year cony 430
20
99
Ref Sr knot 5s ser B Apr 1978IM N
9912
9912 81
9158 Sale 9012
914 54
9012 93
54
Craig Valley let 55_ May 1 '40 J J 10012
_ 9034 Jan'29
Des NI & Ft I) lat gu 48
993 100
4
8
40
26
1935,2 2 3712 3934 387
33
40
Potts Creek Branch 1st 473_1946 J J 13712 "54 90 4 Sept,'28
_
3
31 18 3612 3412
Temporary ctfs of depositI36
15
30
36
R & A Div 1st con g 4s_, 1989 J J 8318 86
86 - 8
9; Des Plaines Vol 1st gen 4 AB-1947 M S 925 99 10214 Feb'28
Jan'29
86
8
19892 J _ 90
2d consol gold 418
3
824 83
Del Sr Mac let lien g 4s
8278
7614 Jan'29
83
1995 J D 7614 80
7614 /9
4
Warm Springs V let g 5s,1941 M 8
100 100
Geld 49
Jan'29
7912 75
100
Jan'29
1995 J I) 75
75
75
Champ Corp cony 513 May 15 1947 M N 1094 Sale 993
314
99 10014 Detroit River Tunnel 4 As_ _1961 M N 98
9814
99
4
10014
9814 10
98 1004
Chic & Alton RR ref g 35_ _ _ 1949 A 0 7018 707 70
69
70
Dul M Issabe Sr Nor gen 5e....1941 .1 J 10314
8
Jan'29
-- 10313 Aug'28
Ctf dep stpd Oct 1928 int
69
Dul Sr Iron Range let 58_ _ _ _1937 A 0 10118
60
101
69 Jan'29
Jan'29
l00l 101
Railway first lien 33-4t ...1950
71
68
9
1004 May'28
A 0
6814 Sale 6814
Registered
6912
Certificates of deposit......
Dul Sou Shore Sr Atl g56._ _1937 J J 8038 8284 8112 Jan'29
71
68
Jan'29
70
6712 70
8012 if12
Chic Burl & Q--111Div 3As_1949
4
86
East Ity Nlinn Nor Div 1st 48'48 A 0
8512
94
_855 87
8
Jan'29
854
854
94
94
Registered
J J
East T Va Sr Ga Div 5s_ _1930 J .1
9912 Jan'29
8512 Dec'28
99
9912
1949 .1 .1 112r 91- 925
Illinois Division 48
9211 93
-32 Cons let gold 58 g - 1956 51 N 10412 10554 10418 Jan'29
11
s
933
8
8
10418 10412
1958 M
General 4s
9154 9312 Elgin Joliet & East 1st g 5s...1941 MN 10012 10212 101 Jan'29
2
9112 93 934
9312
101 10312
Registered
M
El Paso & 8 W let 58
8
1023
8 1023
1985 A 0 1015 8
4
---- -- 933 Sept'28
1023 10.514
8
_,1977 F A 9712 Sale 97
lat & ref 4 AsserB
9912
97
9812 40
1971 F A 1033 10412 1047
Erie 1st consol gold 713 ext. _1930 M S 104 Sale 1033
1st & ref 56 serie8 A
2 10434 105
8
104
8
105
8
24 10212 104
1934 A 0 105
Chicago & East Ill 1st 6s
105 105
1st cons g 48 prior
8.58
4 21
Jan'29
19962 J 85 Sale 85
105
_
8412 857,
81
8518
86
C Sr E III Ity (new co) con 58_1951 MN 8112 Sale 81
19962 J
Regletered
Jan'28
823 100
8
1982 M N 10312 104 10312 10312
1st conaal gen lien g 49_ _ _ _1996 J J
:
g3;113- 774
Chic & Erie 1st gold 58
1 1031 106
79
7724 8Ol
'25
Chicago Great West 1st 4s 1959 M S 683 Sale 6818
6812 694
774 Nov'28
1998 J J
Registered
4
6914 216
7,
I
1133 1134
Penn coil trust gold 4s_ _-1951 F A
4
Chic Ind & LouLsv-Ref6s_.1247: I 1133
Oi 102 10118 1014 2 jooi. 1917
4 _
11334 Jan'29
;
Refunding goler5s
100 10312
823
4
50-year cosy 4eseries A __ _1953 A 0 823 83
4
83
100 102 8 100
Jan'29
- -74
:
824 841
Refunding 433 Series C_ -.1947 J J _
92
92
4
Series B
1953 A 0 8212 824 823
84
92 Jan'29
32
91
823 84
4
1966 M N 9934 1004 00 Jan'29
.
7
1St & gen 5s ser A__..
f93 10314
Gen cony 4s series D
4
1953 A( _858 8412 Dec'28
Ref & impt 503
4
lat & gen 63 ser 13_ Nlay 1966J J 1064 110
1967 M N OA Sale 943
8514 181
1 166 10812
065
8 1064
913 Vtili
4
-year 48_ _ 1956 J J 8712 9218 9214 Dec'28
Erie Sr Jersey lets 168.--1955 J . 109 1103 110
8
Chic Ind & Sou 50
Jan'29
no 11012
3
1091, 16 109 11112
Genessee River 1st a f 5s. _1957 J J 109 Sale 109
94
Chic L & East 1st 4 As_ -1969 J
_ _ _ 9918 Oct'28
M&8tPgeng48A_MaYlOSOJ J 8414 Sale 837
- - ; Erie Sr Pitts gu g 330 set' H-1940
8
6
Ch
32
Feb'28
85
8
J i 884 91 102
8818 Jan'29 - _
Registered
Series C 3As
Q
1940J J 8818 - .825 Dec'28
8
8838 88's
8
Est RR esti s f 7s
75
1954 MN 1043 Sale 104
75
1045
8 47 1034 10456
Gen e 3As ser 11_ .MaY 1989 J J 7412 79
75 Jan'29
9414 95 4
3
45
Gen 4 As series C__ _May 1989 J J 95 Sale 9414
95
Registered
100 May'28




95

t

New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Fob. 1.

7.1 •
'''''Price
ta 3
.i.. %
Friday
..... a,
Feb. 1.

Week's
..." .
Range or...1.'
Last sat.
ai tF

Pange
Since
Jan. 1,

BONDS
N. Y. STOCK EXCHANGE,
Week Ended Feb. 1.

701

r. •
Price
Friday
Feb. 1,

Week's
Range or
Last Sale.

Ret

Range
Since
Jan, 1.

Rid
Ask Low
-------- 99
.. _ _ 9 12 99
6312 96
9312
7614 Sale 753
4
39
44
30
94
97
94
107_ 107
1033 1057. 10334
4 - 8
993
993 WO
8
987 9913 9914
8
99 Sale 987
8
8514 89
86
743 75
8
973
4
74%
66i2 __ 97
11214 S
Sae
11218
10514 1053 105
98 ___
98

High No. Low
High
Bid
Ask LOW
High No. Low
High
Oct'28 _-_ ....__
_ Louisville & Nashv (Concluded)
9
1
99 - - ,
10-year sec 7s..
9 4
9
.May 15 1930 M N 10212 Sale 1023
8
1023
4 35 101 10234
9312
7
93
9312
1st refund 53 series A._2003 A 0 107 Sale 106
-ft
107
8
7 1053 107%
7714 67
753 80
4
1st & ref 58 series B
2003 A 0 10413 105 10414
10413
3 104 1057
2
50
130
2512 50
let & ref 4 Ms series C_.._.2093 A 0 975 9918 97%
97%
97% 99
Jan'29 ____
94
94
N 0 dr M let gold 68
1930 5 .1 1005, --- 9934
993
4
993 10014
4
Dec'28 ____
_ __
2d gold 68
19305 J 10014 Sale 1004
4 10014 10014
10014
Jan'29 ____ 10384 1094
Paducah & Mem Div 4a.1046 F A 9114
-- 9214 Dec'28
993 _ _ __
8
994 993
8
St Louis Div 2d gold 3s..1980 M S 65
69
6614 Dec'28
9914
1
9914 9912
Mob & Monte 1st g 4 Ms_ _1945 M
9818 _ _ _ _ 100 Sent'28
33
9813 99
99
South Ry joint Monon 413_1952 J J 887 Sale 887
8
8
8912 12 "igis 191;
Jan'29 ---8514 86
AU Knoxv & Qin Div 4s_ _1955 M N 91% Sale 91%
91%
9112 92
977
3
967 9 4
Louise Cin at Lox Div g 4)0'31 MN 99
* 83
9912 9912 Jan'29
9874 9912
Jan'29 ___
Mahon Coal RR 1st 55
1934 J .1
9912
97
6 7418 75 Manila RR (South Lines)40.193961 N 99,4 7414 74 Dec'28 1 74 -744
98
97
74
74
11214
2 11118 11214
1959 M N 77
let ext 45
80
75 Dec'28
1053
4 57 105 106
Manitoba SW Coloniza'n 5s 1934 J D
987 Jan'29
8
987 087
i
Oct'28 ___
____ _ _ __
Man GB&NW 1st 33-6s..1941 J J 88
89
88 July'28
Great Nor gen 78 series A
1936 .1 1 1113 Sale 11114
11218 131 11114 1125 Mich Cent Det & Bay City 55.31 M S 9918
4
_ 904 Jan'29
,
1(9t 99'2
Registered
J 5
_ 114 Apr'28 _
Registered
Q 51
100 4 Apr'28
3
_-_1st & ref 44s series A___ _1961 J 5 91 961 9612 Jan'29 ____
964 98
Mich Air Line 48
1940 5 J 93
9612 9112 Nov'28
_-__
General 53s series 13_ _1952 a J 107 1087 1084
19 1083 10934
109
Registered
4
J J
9218 July'28
General Ss series C
1973 a J 1023 1037 10238 103
8
12 10212 104
1952 MN 8514 86
1st gold 3 Ms
80% Jan'29
56E2 8584
General 43-65 series D_ _ _ _1976 J 5 94
9512 19
953 9418
8
94% 9714
1929 A 0 903 997 993 Jan'29
20-year debenture 45
8
4
4
993 9934
8
General 431s series E
1977 J 5 94
951j 9513
9512 11
9512 973
Registered
A 0
99
Oct'28
Green Bay & West deb ctls A_ _ - _ Feb 84
___ 85
Oct'28 ___- ___.
1940 A 0 9112 968, 961 Jan'29
_. Slid of N lst ext 58
4
-661 V(614
4
Debentures ctfs 13
Feb 28 Sale 28
28
25
28 -29% Milw L S & West imp g 5s_ _1929 F A 99 4 102
,
9912 9918
9912 Jan'29
Greenbrier Sty 1st gu 4s_ __ _1940 M N
__ 9312 Dee'28 -_-- --._
. Mil& Nor lstext 4,10(1880) 19345 D 96
98 97% Dec'28
Gulf Mob & Nor 1st 5 Ms_ _ _ 1950 A 0 932- 8 106
98 1057
Jan'29 ____ 106 196
Cons ext 4 Ms (1884). _.1934 J D 94 Bale 94
04 "fii"
94
1st M 55 series C
1950 A 0 ____ 101 102 Dec'28 __-- ---- -. Mil Spar & N W 1st gu 413_ 190781 S
9312 92
92
5 9134 92
Gulf & S I 1st ref & berg 583/1952 a a 107%
108
Jan'29 ____ 108 108
Milw & State Line 1st 3.413_1941 J J
90 Apr'28
Hocking Val 1st cons g 4,118_1999 a a 99 100 99
99
4
Minn & St Louis 1st cone 58_1934 M N 5518 60
983 99
5312
5312
2 "56
5434
Registered
1999 a 5 _ _ _
10213 May'28 _--- ---Temp ctfs of deposit_ .J934 M N 5012 51
-49
51
5314 37
5314
Housatonic Ry cons g 53.__ _1937 MN 973
9818 Jan'29 ____
4
98 -- ,
981
1st & refunding gold 4s_ _ _1949 M S 263 Sale 23
4
1918 35
35
391
H & T C 1st g 58 int guar. 1937 J 5
___ 102 Dec'28 -----------Ref & ext 50-yr 58 ser A_ _1962 Q F 17
19
18
15 8 20
3
20
44
Waco & N W div 1st 68_ _ _1930 m N 10218102
10014
Jan'29 ____ 102 102
Certificates of deposit.......... 1714
16
Jan'29
16
- 16
Houston Belt & Term 1st 58_1937 J a 99 102
Sale 99
99
10
99
99. M StPaz SSNI eons 4sintgu' 38
3
89 Sale 883
4
883 894
8914 20
4
Houston E & W Tex 1st g 50_1933 M N
1015 50013 Dec'28 -- --8
1938 J J 97 Sale 9512
1st cons Ss
-.
93 4 99
3
96
2
let guar 58 red
1933 M N
10014 Jan'29 ____ 10014 1901
Ist cons 58 gu as to int_1938 J J 984 Sale 97
.
963 99
9812 13
4
Find & Manhat ist 58 ser A.1957 F A 9713 101% 97
955 98
Sale
46
98
10-year coil trust 6 Ms_ _ _1931 M S 9934 Sale "34 10014 19
9934 101
Adjustinent income 58 Feb 1957 A 0 84 Sale 823
4
84
96
8112 84
1946 J J ____ 10013 101
let de ref 68 series A
101 102
Jan'29
1949 M S 93 Sale 93
25-year 5.118
92
94
94
12
1011nola Central let gold 4s__ _1951 5 5 94.4 ---- 954
954
1
91
let Chicago Terms f 48_ _ _1941 M N 934
951
9312 9318
9312 Jan'29
Registered95 May28
Mississippi Central let 5a_.1949 J J 9812
_ 9813
98
995
8
9813
1
1st gold 31-1s
65T4 ____ 8514
Mo Kan & Tex 1st gold 45_ _1990 J
8514 Sale 84
84
8538
8514 10
Registered84 Nov'28
klo-K-T RR pr lien 58ser 41_1962 J J 101 Sale 101
10114
9 10012 102
Extended 1st gold 3 Ms_ _1951 A 0 ii fii14 8612 June'28 --_- ---- - --.
1962 5 J 84
40-year 45 series B
85
85 Jan'29
85
885
1
1st gold 38 sterling
1951 M S 735
8 ___ 74 Sept'28
Prior lien 43-68 ser D
1978 J J 923 Sale 923
4
4
927
8 24
Collateral trust gold 48_.1952 A 0 91 9le
9254 9418
91
.a
91
9
91
933
,
Cum adjust 55 ser A _Jan 1967 A 0 10413 Sale 104
5
1043 106 10338 104 4
4
Registered
MN
__ 87
Oct'28 ____
____
_
Mo Pac 1st & ref 5s ser A_ 1965 F A 99 Sale 98
98 10138
9913 75
1st r efunding 48
1955 MN 92i8 Sale 92%
91
923
8 17
-924;
General 4s
1975 M S 75 8 Sale 7514
5
77
75
76
46
Purchased lines 33-f8
1952J a 834 8614 834 Jan'29
834 83 .
1st & ref 5s series F
197781 S 9713 Sale 974
3
9712 99
9814
Registered
a 5
_ 87 Nov'28 ____
. Mo Pee 3d 75 ext at4% July 1938 MN 973 977 9214 Dec'28 68
___
4
3
Collateral trust gold 4s_ __1953 M N 8812 Sale 88
91
12
873 - -9I
1978MN 98 Bale 973
1st & ref g 55 ser G
4
155 "9"52 4
9814 55
Registered
MN
9014 May'28 ---. Slob & Bir prior lien g 5s_ _.19465 J
101 103 Aug'28
Refunding 58
1955 M N 1053 196 105% Jan'29
4
165f 10 3
Small
4 -- ,
5 .5 100 Sale 99
100
I5
4 ";O"
-year secured 6 Ms
_1936 a 5 1104 Sale 110
16 110 111
1108
1st M gold 43
1945.5 J 88% 91
83% 89
40
88%
2
-year 411s
88 4
3
Ang 1 1966 F A 9914 Sale 99
g__9934 37
99 1001
Small
1945 J J
99
86
100
881s
Cairo Bridge gold 4s
1950 J 13 ____ 9412 864 July'28
Mobile & Ohio gen gold 4s 1938 M
9212 96
9213 Jan'29
92,g 93
Litchfield Div 1st gold 35_1951 5 5 743 777 7818 June'28 -_- ---- ---.
-----------.
4
Montgomery Div let g 5s_1947 F A 103%
8
_ 1033 Nov'28
4
Loulsv Div & Term g 3 Ms 1953 a 1 8212
8212
2
8212 84b,
Ref et iMpt 411s
824
1977 M S 93 9912 94
Jan'29
94
95
Omaha Div 1st gold 35
1951 F A 745 - __- 7712 Nev'28 ____ ---- -- -. Mob & Mar let gu gold 48._1991 M S 8518 95
4 757
8
86
86
854 86
4
St Louis Div & Term g 35_1951 J a
8
___ 763 Oct'28 ----------- Mont C.' 1st gu 6s
1937 5 J 106
ii.
_
106
Jan'29
106 106
Gold 33.18
1951 a 5 7693
Jan'29
8611 86
1st guar gold Ss
ii
1937 J J 101
101
101
2 101 101
Registered
Morris& Essex 1st gu 33-4s_.20005 D
77% 8012 7914 Jan'29
7812 8011
Springfield Div lst j 3415_1951 5 J
88 Dec'28 -----------Western Lines lst g 4s_ _ _ _1951 F A 8912 93 9014
9014
6
9018 901 Nash Chatt & St L 4s ser A.1978 F A 8934 907 90 8 Jan'29
8
894 90%
7
RegLstered
F A
92 Apr'28 ----------N Fla & S 1st gu g 5s
1037F A 10112 103 10118 Dec'28
Ill Cent and Chic St L & N 0
Nat Sty of Mex pr lien 4118_1957 J J
18 July'28
Joint 1st ref 5s series A___1963 J 0 10112 Sale 10112 10213 25 10113 1051
July 1914 coupon on
1734 ___ 183 July'28
4
1st & ref 43 series C___ _1963 a 0 9418 943 95
-ft
4
9412 1•53
95
Assent cash war rct No 4 on --- 1314 Sale 1314
10
l21 l31
1312 27
Guar 70
-year s f 43
1977 A 0
871 Aug'27
:
Ind Bloom & West 1st ext 48 1940 A 0
_ 91 Nov'28 ____
Assent cash war rct No 5 on
-- 1538 164 15% 15% 10 15;1 -1E4
Ind Ill& Iowa 1st g 48
1950 J 5 913 9314 92
8614- -Nat RR Mex pr lien 4 Ms Oct'26 :14
Jan'29 ____ ----92
92
2118
3812 July'27
and & Louisville 1st gu 4s_ 1956 5 5 __ 89
89
As nt cash war rct No 4 on se
Oct'28 ----------22 Sale 22
22
2218 33
221k
and Union Ry gen 5sser A _.1965 5 a 103
Jan'29 __ 103 1 3
1st consul 48
___ 103
1951
14
_ 22 Apr'28
Gen & ref 55 series B
1965 1 a 103 Sale 103
103
Assent cash war rct No 4 on -- - 10 103 103
10 &ice 10
10% 20 "io" Tit;
lot de Grt Nor 1st 65 ser A. _1952 a 5 10578 Sale 1043
Naugatuck RR let g 4e -.1954 M N 8318
8 44 103 106
4 1057
_ 86
Oct'28
Adjustment Os ser A July 1952 ---- 94 Sale 934
New England RR Cons 5s _ _1945 J J __ 99 9818 Oct'28
94
115
9014 96
Stamped
---Consul guar 48
7712 Feb'28
1945,5 J ia
87
8618 Jan'29
1672
let 58 series B
1956 J 1 947 9612 943
94
965 N J June RR guar 1st 48_ _ _ _1986 F A
17
4
95
8818 Nov'28
1st g 58 series C
1956 J J 943 9714 94
NO& N H 1st ref &imp 4MsA'52 S .1 8894
94
95
5
963 98
4
971k 97's
9718 Jan'29
Int Rye Cent Amer let 5a_ 1972 M N 80 Sale 80
New Orleans Term 1st 4s_ _ .1953J J 91 Sale 90
7912 82
813
18
842 91
4
91
5
1st colltr 6% notes._ _ _1941 M N 9318 Sale 9318
934 0412 N 0Texas& Mex n-c Inc 5s_19351A
9414 13
9912 997 9812
8
9812
9813 9912
1
let lien & ref 6 Ms
1947 F A 97 Sale 9612
let Ss series 13
97
7
1954 A 0 9912 Sale 99
96
9712
984 9944
993
4 31
Iowa Central 1st gold 58_ _ 1938 1 D 49
let 58 series C
50
51
487
s
1956 F A 101 Bale 101
40
50
58
101
10 101 101
Certificates of deposit
48 483 49
lst 4 Ms series D
4
78
1956 F A 93 Sale 95
4912 511
50
95
95
96
16
Refunding gold 4s
1951 M 13 1614 18
16
1st 5,11s series A
20
1954 A 0 102% Sale 1023
15
20 234
8 104
8
13 1023 1054
James Frank & Clear let 43_1959 a D 88 Sale 8772
8
877 891 N C Bdge gen guar 4 Ms_ _1945 J J 94
2
88
95% 96% Oct'28
Kan A & OR 151 cog 5s_ _ _ _1938 J 5 100 ____ 100
N YB&
994 lig.
Jan'29 ____
1st con g 55_ _1935 A 0
100 98% Dec'28
Kan & M 1st gu g 4s
1990 A 0 8414 Sale 8414
8414 8412 N Y Cent RR cony deb tls_ _1935 M N 16574 10612 10612 10713 10 106 108
844
1
Registered
81 N
107 Apr'28
K C Ft 9 & NI Ry sof g 45..1936 A 0
4
1998 F A 8812 8 4 88%
9114 92
Consul 48 series A
924 21
8
89
K C & M R & 13 1st gu .58_ _1929 A 0 913 Sale 91%
8
88% 89%
8
Ref& impt 4 Ms series A...2013 A 0 9912 Sale 9912 100
99
94)1
9914 Jan'29 ____
101
:
Kan City Sou 1st gold 3s.. _1950 A 0 993 100
991 1004
7218 75
74
Ref & impt Sa series C.__ _2013 A 0 10614 Sale 106
11
74
74
78
1063
Ref & (rapt Ss
4 85 106 107
12
Apr 1950 J J 99 Sale 9814
9814 99/
99
Registered
A0
44
106 Slar'28
Kansas City Term let 4s_ _1960 1 J
8912 32
88
901
Kentucky Central gold 43_ _1987 J J 88 Sale 88
8912
8912
2
8912 901 NY Cent & Hud Ely M 3 Ma 1i49;• 5_ 7912 Sale 7912
1: 1 :
3
1
81
42
Kentucky & Ind Term -00_1961 J J _8912 Sale4 95
7912 8214
_ 933
95
1
Registered
05
95
1 773 80
4
7812 Jan'29 __ _ _
Stamped
78% 7102
1961 1 J
93
9212 Oct'28
Debenture gold 4s
1934 M N 96% Sale 96
14
Plain
974 14
95 4 97%
,
1961 5 1 95
__ 95
Jan'29 ____
M N
95
Registered
95
Lake Erie de West 1st g 5.5._1937 J J 100
95
Jan'29 ____
95
95
- _ 1002 Jan'29 __ _
8
mai 100
30-year debenture 48
1942 5 J -6ii4 Iii 94
1
2d gold 58
Jan'29
114
94
,
1
1941
5
9912 1041
Lake Shore coil gold 3515.1998 F A 79
Lake Sh & Mich dog 3118.-1997 a D 9834 16312 100 Jan'29 ____
80
79
79
813
4
813
6
4
a
803 7912
4
7912
1
7918 811
Registered
1998 F A 75%80'! 78 Nov'28 __-Registered
1997 1 la _ - 80 8112 July'28 ____
_ _
Mich Cent coil gold 3 Ms_ _1098 F A 774 79
_
7718
25
774
6 -7iTs 7814
-year gold 48
e•;
7
1931 MI N ;
oSale 975
98
70
973 - Registered
8 98
1998 F A 7618 78 78 Nov'28
Registered
M N
9924 Apr'28
N Y Chic & St L let g 4,3.-1931 A 0 96 Sale 9538
Leh Val Harbor Term gu 50_1954 F A 103
96
96
20 "ii
Sale 103
103
2 103 105
Registered
1937 A 0 _iii, tiii,. 9613 Feb'28
Leh Val N Y let gu g 41.0_1940 J J
.
993 hum
4
998 994
4
9938 100
25
-year debenture 48
Lehigh Val(Pa) cons g 48_ _2003 M N
9712
9738 --ii -66i4 9738
8512 Sale 8512
8634
13
8512 8814
2d 6s series A 13 C
1931 M N 1087 Sale 1007
Registered
8
102
15 100% 10213
M N
_
86
Jan'29 ____
86
Refunding 5145 series A 197 1 M N 10634 Sale 10838 107
86
93 A O
4
General cone 4 Ms
4
81 1052 1074
2003 M N 983 Bale 985
13
1)914 22
963 991
4
Refunding 511s series 13_ 1978 J,1 s 106, Sale 0642
9 5 1 J 9 7 942 4
1
48
4
Registered
19
111 N
1967
044 24 106 107
38
Ref 43 series C
-se
9414 9412
1111111110100
NY Connect let gu 43 A_1953 F A 9412 Sale 944
-is
Lehi Valley RR gen Ss series 2003 MN 10312 1067 107
9418 97
95
67
8
_ 10378 10114
let guar Ss series B_ _ ___ _1953 F A
Leh V Term Ry let gu g 58_ _1941 A 0 10313 ____ 1034 Jan'29 ____ 107 1071
4
1015. 26 100 1013
Jan'29 ____ 10312 1031
N Y & Erie 1st ext gold 45_ _ 1933 M N _90_ 1 i _ 99091s
97 Ms
4
Registered
....
A 0
90
90
____
3d ext gold 41.15
Leb az NY Ist guar gold 4s...1945 M S
Nov'28 ___ _
99 90
Oct'28 ____
_
1930 A 0 £16
4th ext gold Ss
_
East 1st 50-yr Ss gu_1965 A 0 iiiii, 109
Lox &
99
99
99
99
2
107% Jan'29 ____ 107 1981
/
1
4
_ 98
NY de Greenw L gu g 5s_ _ _1946 M N 9538
Little Miami gen 48 series A.1962 M N
98
93
98
1
_ 8812 Dec'28 ___
rd
& Harlem gold 3 Ms_ _ .200081 N 83 ii4ife 83
Long Dock consul a 6s
83
1935 A 0 164i2 fdi 1o412 10412
83
83
1
5 1- 194-1 2 N Y Registered
64T2
Long Isld let con gold 5a July1931 Q a 981: 993 10114
8518 Apr'28
4
Jan 29 ____
10114 10114 N Y Lack & W lat & ref gu 5s'73 16 N 106E8 -_:.-_-_ 80 July'28
bit consol gold 43____July 1931 Q a 9T
___
97 2 97
,
97
1
97
1973 M N
let de ref gu 43is con
97
General gold 48
100
1938 5 D ____ 94
Oct'28
-_.
93
93
3
93
93
NYLE&Wlet7sext
1930MS
Gold 48
104 Feb'28
-1932 J D 93
95
9914 Dec'28 ......_
___ ..
1932 F A i&o" gif" 1300
e
NY & Jersey let 58
Unified gold 45
100" 10015
1949 M 5 89
933 89
8
89
1
89
90• NY & NE Boat Term 48._ _1939 A 0
Debenture gold Se
On
1934 J D 99 100 100
2
100
5
NYNH3cHn-edeb4s__ 1947M S ---99 100
iiis 15
30
-year p m deb Ss
- 86 Dec'28_
1937 M N 9914 Bale 9614
97% 25
96
Non-cony debenture 3M5_1947 M S 754 773 75% Jan'29::::
981
Guar Sh 13 Ist eon gu Ss Oct'32 M 8 9012 Sale 9013
Ws;
90's 18
2
90
1194586
Non-cone debenture 3118_ 19954 A 0
90:
Nor Sh )3 let con gu 543.0et'32 Q J 9812 100 100 Jan'29 ____
74 8 74 4
3
745. Jan'29 _3
100 100
Non-cony debenture 48_.l956 5 5 -ii5 1 1- 71%
2
81%
2- 2
2
Lou & Jeff r3dge Co gd g 4s_1945 M 8 86
817 841i
8
941g 894 Dec'28 __ _ _
Non-cony debenture 4s _ _ _1956 MN 81% 8214 8174
Louisville & Nashville 511_1937 M N 102 10312 10212 Jan'29 __ _
8174 8418
8214 12
. loif4 16i
Cony debenture 33-68
127456212 20202
Unified gold 48
75
1940 5 .1 9512 Sale 947
74
8
9512 20
5 j 1244 SaIe 17812
5 5 72
94/4 951
Cony debenture 65
7
5
14
Registered
117 12212
12
J J
9313 Dec'28 _
J J
Registered
..
115
5E4.11'29
Collateral trust gold Ss__ _1931 MN 1005 ____ 1003s
115 115
8
100 8
3
1 1E16i4 1991
1940 A 0 jai% Eiiii 10438
Collateral trust 6s
4
.
1054 --F7 1042 1054
1957 M N
7914 80
78
78
3
75
7812
318 ser of 1927_1967 J 0 90 Sale 89 4
45
D
let
1
14954 9212
9018 112
Harlem R & Ft Ches 1st 481954 M N 894 90 90
90
90
901,
12
* Due Feb 1.
Fla Cent & Pen lst ex t g 5s._1930 5 J
let consol gold 55
1943 .1 J
Florida East Coast 1st 4 Ms_1959 .1 D
1st & ref 58 series A
1974 M S
Fonda Johns & Glov let 4 Ms 1952 MN
Fort St U D Co 1st g 4 Ms_ _1941 J J
Ft W & Den C 1st g 5Ms.. _1961 J 0
Frem Elk & Mo Val 1st 6s 1933 A 0
43 II & S A M & l' 1st 55._ ..1931 M N
2d extens Sa guar
1931 J 1
Gale bus & fiend 1st 58_ 1933 A 0
Ga de Ala Ry 1st cons 55 Oct 1945 J J
Ga Caro & Nor 1st gu g 5s_ _1929 J 5
Georgia Mbiland let 3s __1946 A 4)
Or R de text 1st gu g 4 Ms....1941 J J
Grand Trunk of Can deb 6s_1940 A 0
15
-year 8 f 68
1936 M S
Grays Point Term 1st 5s_ 1947 J 0




_

166-

2

ia

702

New York Bond Record—Continued—Page 4
17; •

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 1.

Price
Friday
Feb. 1.

Week's
Range or
Last Sale.

Range
Since
Jan.!.

BONDS
N. V STOCK EXCHANGE
Week Ended Feb. 1.

r->1

Price
Friday
Feb. 1,

Week's
Range or
Last Sale

High
Bid
Ask Low
Ask Low
Bid
High No. Low
High
NY 0& W ref 1st g 4s_June 1992 M S 693 Sale 6914
23
6914 743 St L-San Fran pr lien 4s A__1950 MS 8612 Sale 86
4
70
4
87
Reg $53100 only_June 1992 M $
Con NO 4 Si B4erles A_ .____1978 M
883 Sale 873
4
_ 76 Apr'28
4
883
4
General 4s
Prior lien 55 series B
1950 33 993 Sale 993
4
1955 J D 687 Sale 687
8
8
687
8
8
8
100%
N Y Providence & Boston 45 1942 A 0 8812 91
St Louis& San Fr Ry gen 68_1931 J J 10112 10218 10112 Jan'29
875 Oct'28
8
Registered
General gold 5s
1931 3, 100 10014 100
A 0
4
893 Jan'28
10014
NY & Putnam 1st con gu 4s 1933 A 0
2
8912 8912 St L Peor & NW 1st gu 5s._1948 33 10318 10514 10318
8912
8912
10318
N Y Susq & West 1st ref 58_1937 J J 8312 8612 8212
82
8212 St Louis Sou 1st gu g 4s._.1931 MS 96
2
8212
Jan'29
9612 96
2d gold 434s
N 887 9212 89
St L S W 18t g 48 bond UN_ _1989
1937 F A _84 4 843 Nov'28
8
4
89
3
General gold 5s
2d g 4s Inc bond etfs Nov 1989 J J 7914 83
33
7018 82
1940 F A 75 2 Sale 74
82
7934
-1
793
4
Terminal 1st gold 5s
Consol gold 4s
1932 3D 96 Sale 9512
4 10112 10112
1943 M N 9918 10112 10112 1014
96
N Y W-ches & 13 1st ser I 4345'46 J J 8212 Sale 81
1st terminal de unifying 55_1952 J J 99 Sale 99
85
81
8212 10
100
Nord Ry ext'l sf 6349
St Paul & K C Sh L 1st 4348_1941 FA 94 Sale 94
10012 103
23
1950 A 0 103 Sale 1013
4 103
944
Norfolk South 1st & ref A 58_1961 F A 8818 Sale 8818
15
8818 903 St Paul & Duluth 1st 5s_ _ 1931 FA
4
100
Oct'28
89
Norfolk & South 1st gold 5s _1941 M N 100, ---- 10018
1st consol gold 4s
1968 3D -3 100 1004
1001s
93,4 9312 Sept'28
8
' "OLi2
3
St Paul E Gr Trunk 1st 4348_1947
974 Jan'28
Norfolk & West gen gold 68_1931 M N 1011. 1025 10112 10112
3 10112. 10314
8
St Paul Minn & Man con 48_1933 33 9612 9714 9614 Nov'28
Improvement & ext 65_ ..1934 F A
8
1043 Dec'28
New River 1st gold Os. _ A932 A 0 104%- -12 10318 Nov'28
1933 33 104 105 105 Dec'28
lot consol g Os
1025 103
8
33 103 Sale 103
N & W Ity 1st cons g 4s_ _1996 A 0 9114 913 9114
Registered
9 "ii" 6214
9114
103
4
6s reduced to gold 4345__ _1933 J , 98
Registered
093 9914
1996 A 0
99
4
9118 Nov'28
33 9712 9912 9712 Dec'28
Div'l 1st lien & gen g 4s.
5
Registered
.19443 J 91 Sale 91
91
10-yr cony Os
Mont ext 1st gold 4s
1937 3D 95
9614 95 Jan'29
1929 M S
184 Nov'28
'8912 913 92 Nov'28
13
Pocah C de C joint 45_ _ _ .19413 D 9314 Pacific ext guar 4s (sterling)'40 J
9218 98
-7e
4
9278
93
68
8
North Cent gen de ref 55 A_ _1974 M S 1074 - - - - 10778 Jan'29
1077 1074 St Paul Un Dep 1st & ref 5.5_1972 3J _103 103
103
9612 99
4
Gen & ref 43.4s ser A stpd_1975
0i8 903 9012
99
4
S A & Ar Pass 1st gu g 48_ _ _1943 J J 891
99
100
96
96
North Ohio 1st guar g 58_ ..1945 A 0 96 - Santa Fe Pres & Phen 1st 5s_1942 MS 98 102 1003 Dec'28
1
4
96
9812 96
North Pacific prior lien 45_ _1997 Q J 89% Sale 9914
Say Fla & West 1st g 68-1934 A0 1045 _
8812 90
104
8
Oct'28
893
4 39
1934 A0 993
89
1
1st gold 55
87
89
993 Jan'29
Registered
4
1997 Q J 87
88
89
27
Gen lien ry & Id g 313_3an 2047 Q F 66 Sale 66
91 8
66
6712 Scioto V & NE 1st gu g 4s__ _1989 MN 91 4- -7 9212 Dec'28
67
Seaboard Air Line 1st g 4s_ 1950 A0 74
80
6514 Dec'28
74
Registered
Jan'29
Jan 2047 Q F
1950 A0 74 Sale 74
Ref & impt 434s series A._2047 J .1 983 Sale 983
1 "96" "987
Gold 4s stamped
75
4
8
08%
8
Oct 1949 FA 44 Sale 43
Adjustment 58
44
Ref dr kept Os series B_ _ _ _2047 J .1 11212 Sale 11212 1134 81 11212 11312
105
1959 AO 594 Sale 583
5 10314
Refunding 48
Ref & impt 5s series C _ _ _ _2047 J J
4
104
5914
10314
_
8
1st SE cons (Is series A
1945 MS 76 Sale 757
6 103 1043
104
Ref &'rapt 53 series D_ _ _ _2047 J J 104 Sale 103
8
77
MS
Nor Pac Term Co 1st g 6s_ _1933 J J 103 104 1093 Nov'28
Registered
85 Dec'28
4
Atl & Birm 30-yr 1st g 4s_d1933 MS 8714 88 8712
Nor IQ of Calif guar g 5s_ _ _1938 A 0 1093 ---- 107 June'28
8712
,
4
Seaboard All Fla let gu 65 A_1935 FA 6612 Sale 6612
695
8
1935 FA 65
North Wisconsin lot 6s_ _ _ _1930 .1 J
Series 13
73 6812
6812
10214 100 Sept'28
8212 12 2 Seaboard dc Roan 1st 5s extd 1931 33
Og & L Charn lst gu g 4s_ _ _ 1948 J J -82j2 8312 8212 Jan'29
98 Dec'28
-1So Car & Ga 1st ext 53413._ _ _1929 MN 96E4 IVO" 995 Jan'29
8
Ohlo Connecting Ry 1st 48_ _1943 M S 9312 _
953 Nov'27
8
1936 FA 101 103 101 Dec'28
Ohio River RR lot g 58....A936 J D 99
S&N Alaconsgug 55
104 Apr'28
_
ion" 100
Gen cons guar 50-Yr 58—.1963 A0 1063 109 1063 Jan'29
4
Jan'29
4
1937 A 0 9914 _ - -- 100
General gold 5s
9214
2
92
Oregon RR & Nay con g 48_1946 J D 9218 Sale 9218
9218
8
10514 1063 So Pac coil 48(Cent Pac col) 849
883 894 9034
8
Ore Short Line lot cons e 55- 1946 J 3 105 106 10514 Jan'29
904
1053 106
4
J D 8614 89 8714 Dec'28
Registered
1946 J J 1053 107 10534
Guar stpd cons 58
1053
4
4
20-year cony 4s
98
9914
June 1929 J D 9912 Sale 99%
1929 J D 987 Sale 9984
9912
Guar refunding 4s
9918 29
8
1st 434s(Oregon Lines) A.1977 M S 9812 9914 9914
5
8712 894
Oregon-Wash 1st & ref 4s_ _1961 3 J 88 Sale 88
8918
99 4
,
Jan'29
80
5
20-year cony 55
75
19343 D 100 10114 100
Pacific Coast Co 1st g Us-.1946 3 D 75
79
80
79
92
965
941s
1968 M S 9512 Sale 95
8
Pac RR of Mo 1st ext g 4s_ _1938 F A 9218
Gold 434s
Jan'29
92
Jan'29
8
907 90
2d extended gold 5s
Saite anTerm 1st 48_ ,....1950 A 0 90
n Fran Term
1938 J J 98 ___- 100 Nov'28
Paducah de Ills 1st sI 434s..1955 J J
A 0
90 Nov'28
_ 87
5
1002 Oct'28
139 -6ii4 IOC So Pac of Cal 1st con gu g 58.1937 M N 103 1043 1023 Dec'28
4
4
Paris-Lyons-Med RR esti(is 1958 F A iooi4 Sale 992
8
101
8
Shaking fund external 78_ _1958 M S 1037 Sale 1037
9512 Oct'28
8 10418 72 1035 1044 So Pac Coast 1st gu g 4s_ _ _ _1937 J J 9512 100
8
921
_ So Pac RR lot ref 48
Paris-Orleans RR 5 f 7s...... _1954 M S
4
Jan'28
4
1955 J J 913 Sale 913
103
Ext sinking fund 5345_ _ ..1968 M S 954 Sale 9572
943 9612
4
9612 66
J J
Registered
9238 Dec'28
4 1023 103
4
Paullsta Ity 1st & ref s f 78_ _1942 M S 103 Sale 103
10912
Southern Ity let cons g So.. _1994 J J 109 Sale 1083
4
103
4
J J 108 1083 10912 Nov'28
Registered
Pennsylvania RR coat; g 48_1943 MN 933 9412 933
5
4
933 94
8754
Devel & gen 48 series A_ _1956 A 0 873 Sale 87
933
4
4
8
4
1
923 933
4
1948 M N 921 933 923
4
Consol gold 48
8714 Sept'28
923
4
A 0
Registered
.
4
4
923 93
4
11412
48 sterl stpd dollar_May 1 1948 M N 9212 94 4 923 Jan'29
1956 A 0 114 Sale 114
Develop & gen 65
,
4
9978 10112
1224
Consol sink fund 434s_
1960 F A 10012 Sale 1003
Develop de gen 6348
1956 A 0 121 Sale 121
8 10112 16
82
99 10014
General 4345 series A. _1965 J D 9912 Sale 9912 100
Mem Div 1st g 5s
1096 3 J 104 110 106 Dec'28
Jan'29
General 55 series B
St Louis Div lot g 4s
10683 D 10712 Sale 10712 10812 11 107 10812
1951 J J 85
887 89
8
4
8
10
-year secured 7s
1930 A 0 10214 Sale 1013
8
East Tenn reorg lien g 88._1938 M S 99 10014 10518 Dec'28
4 1027 144 1013 1037
15
-year secured 634s
Mob d.e Ohio coll tr 4s_ ._ _1938 M S 9112 923 9112
1936 F A 11012 Sale 1103
9218
8 49 11038 111
4
8 1107
Registered
F A
112
A pr'28
40
1964 M N 1035s Sale 1034
-year secured gold 5s
10414 54 joi" idi" Spokane Internat 1st g 58- — 1955,3 3 8114 Sale 8114
813
8
Pa Co gu 3348 coil tr A reg_ _1937 M S
Oct'28
85 Nov'27
- -- Staten Island Ity 1st 4345_ _.1943 3D
88
8412 8712 Sunbury & Lewiston 1st 48_ _1936 33
Guar 3348 coil trust ser B_1941 F A 85
95 Apr'28
8834- - -- 8412 Jan'29
90
89
Guar 334s trust ctfs C _ _1942 J D 89
89
Jan'29
Superior Short Line let 58_ _e1930 MS
_ _ 89
997 Apr'28
8
__ 100
Term Assn of St L 1st g 4348_1939 A0 98 Sale 98
Guar 3348 trust ctfs D__ _1944 J D 85
8712 8712 Dec'28
98
973 99l
9
1st cons gold 5s
-year gold 48_1931 A 0 97% Sale 973
8
Guar 15-25
973
4
1944,F A 1013 _- 1013 Dec'28
8
8
4
884 90
Guar 48 ser E trust Ws_ __1952 M N 883 _ _ _ _ 887
Gen refunds f g 48
89
884
1953.1 J 8812 Sale 88
4
8
88
983 994 Texarkana & Ft S 1st 5345 A 1950F A 103 10412 103
8
99
103
1963 MN 9812 Sale 983
Secured gold 43‘,3
8
54
95
9714 Tex & N 0com gold 5s
Pa Ohio& Dot 1st & ref 49s A'77 A 0 ____ 9514 95
96
1943 3 J
100 101 Nov'28
Texas& Pac lot gold 58
3
8418 87
Peoria de Eastern 1st cons 45_1940 A 0 84
8414
1087
8
8
2000 J D
86
Sale 1087
8414
38
45
67
26 Inc5s(Mar'28cp on)Dee 2 77 Mar
45
April 1990 Apr. 4114 Sale 41
Income 4s
10
000 Ao
100 Dee'27
2 10112 10112
Gen & ref 55 series 13
10214
Peoria de Pekin Un 1st 5348_1974 F A 10112 - -- 10112 101,2
ioi Sale 10114
"
8
La Div 13 L 1s4g 58
Jan'29
Pere Marquette 18t ser A 58_1956 J J 10212 Sale 10218
10212 12 10218 1047
19313 J 997 99 2 100
4
,
10
86
9018 Tex Pac-Mo Poe Ter 5348_ _1964 M S 1091z. 10614 1064 Jan'29
8914
1956 J J 8914 Sale 8914
1st 4s series B
Tol & Ohio Cent 1st gu 5s_ 1935 J J 100
100
100
- 1
9214 94
94
Phila Bait & Wash 1st g 4s-1943 MN 94 Sale 94
Western Div 1st g 5s
1935 A 0 991, 103 10114 Jan'29
9912
107 107
9912
1974 F A 10718
General gold 5s
4
General 58 series B
1935 J D 97 100
- 1073 Jan'29
36
39
3614 Jan'29
Toledo Peoria & West 1st 48_1917 J J
15 Nov'27
Phillippine Ity 1st 30-yr 81 48 '37 J .1 3614 38
16
12
Jan'29
Tol St L & W 50-yr g 48_ .._ _1950 A 0 8934 9212 90
Pine Creek registered 1st 6s.1932 J D 103
104 June'28
9
983 993 Tol W V & 0 gu 434s A__ _1931 j 3 93 2 ---- 08 Nov'28
4
08a
4
P C C& St L gu 4.34s A _1940 A 0 983 Sale 9834
4
,
99 10012
1st guar 4.148 series 13_ .._ _1933 J J 9312. - -- 9734 Oct'28
1942 A 0
99 Jan'29
Series 11 4 he guar
993 993
4
4
let guar 4s series C
1942 MN
993 Jan'29
4
1942 M S 921
Series C 4345 guar
- 9412 Nov'28
9412 95
95
Toronto Ilam &Buff let g 4s 1946 J D 8812 89 8712 Jan'29
1945 58 N
95
Series D 4s guar
29714 sept'28
Series E 334o guar gold_ _ _1949 F A
942 942 Ulster & Del 1st cons g 5.4.__1928 J D 80
85
847 67
8
945 Jan'29
8
1953 3 D
Series F 48 guar gold
85
8
Oct'28
Certificates of deposit
1957 M N 95
Series G 45 guar
95
85 Sale 655
1st refunding g 48
8
58%
1960 F A 95
1952 A 0 58% Sale 465
Serlea 11 con guar 4s
94 Dec'28
10
945
8
Union PacclreItlt & Id gr't 481947 J J 9418 Sale 9418
st
Series I cons guar 4348_ 1963 F A 993
993
4
100
4 - -4
Series J cons guar 4348_ 1964 MN 993 - -. 995 Dec'28
J J 9212 9412 923 Dec'28
8
4
19
1st lien & ref 4s
107
4
June 2008 M S 8912 Sale 8812
8912
General M 55 series A._ _1070 3D 1063 Sale 1063
4
Gold 434s
9912
1967 3 J 9912 Sale 9812
,ID
1133 Jan'28
8
Registered
1st lien & ref 55
15
109, 10818 Jan'29
Gen mtge guar 58 ser B___1975 AO 108 4 11014 108
108
4
June 2008 M 5 _
,
--_40-year gold 4s
88
1968 J D 874 Bale 8712
11312 Jan'28
Registered
AO
U N J RR de Can gen 45._ _ _1944 M S 93
93 Dec'28
96
____
Pitts AfaK & Y 1st gu 6s_ _ __1932 33
Utah & Nor 1st ext 45
Oct'28 _ _ _
8
1933 J J 957
- - 96 Nov'28
105
2d guar 6s
_
Vandalia cons g 4s series A._1955 F A 9312 -- 9514 Aug'28
1934 3,
1035s July'28
12
Pitts Sh & LE 1st g 56
2 ifloiz 166
COM8 8 f 4s series 13
1957 M N 9312 -- 94 Jan'29
1940 w 0
10012 10012
Vera Cruz & P assent 4348..1934
1st consol gold 5s
17
1612 Sale 1612
1943• J 10214
10014 Aug'28 Pitts Va & Char 1st 4s
Virginia Mid bs series F___ _1931 MS
10014 June'28
1943 MN
9018 Sept'28 Fitts Y & Ash 1st 4s ser A_ _1948 3D 933
General 58
- 12
N 11015f4 161 100
Jan'29
1936
9318 Jan'29 _ _ "oiTs
4
let gen 5s series 13
Va de Southw'n 1st gu 5.s_ __ _2003 J J 99_ _ 100
100
1962 FA 104
10318 Oct'28
1st gen .5s series C
let cons 50-year 55
9514
1974 3D 104
1958 A0 9514 Sale 95
gProvidence Secur deb 45_ _ _ _1957 MN 735
Virginian Ity 1st 5s series A.1962 MN 104 Sale Ion
19412
Nov'28 _
8
84
Providence Term 1st 4s_ ....1956 MS 837 __ -- 84
Wabash RIt let gold 5s
84
Jan'29
1917
8
1939 MN 1013 102 to1i4
4
8
Reading Co Jersey Con coil 45'51 AO 9012 04
92
9312
1
2d gold 55
1939 FA 10114 Sale lova
92
10114
92
Registered
8
Ref de gen s f 534s8er A_ _ _1975 MS 1023 Sale 1023
103
8
AO
4
943 Jun'28
971. "si67
Gen & ref 43413 series A._1997 J J 9712 Sale 9712
;
25
Debenture 136sregistered.1939• J 981
98
- - 8818 May'27
Rich & Mock 1st g 4s
let lien 50-yr g term 48_ 1954
8
85 887 Nov'28
' 84 23
1948 MN
7918 May'28 Mehra Term Ry 1st gu 58..1952• J
Det & Chic ext 1st g 5s _ 1941 J .1
100
"iiT4 Wiz
100
9912 Jan'29 Rio Grande June 1st gu 5s_ _1939 3D
Des Moines Div 1st g 48
1>0 8
4
100 Nov'28 -1939 3J 88 - .7- 91.3 Nov'28
,
.
Rio Grande Sou 1st gold 48_1940• .8
Omaha Div lot g 3%8 —AO.' AO 8334 84 84
Jan'29
May'28 -Guar 4s (Jan 1922 coupon) '40 J J
95 9012 Jan'29
Tol & Chic Div g 4s
MS 89
712 Apr'28
Rio Grande West 1st gold 45_1939 33
- -1- Wabash Rye ref de gen 5s B._ 1941 AO 9712 99 9812
i2 4
01
4
976
9418
99
9214
1st con & coil trust 4s A..1949 AO 85 Sale 8412
8412 86%
Ref & gen 434s series C._ _1978 FA 88 Sale 88
17
85
8812
R I Ark & Louis 1st 434s.1034 M
943 964
4
16
95
8
95 Sale 947
Rut
-Canada 1st gu g 4s
Warren lot ref gu g 334s__ _ _2000 FA _80 83 Nov'28
1949• .1
54
8314 82 Nov'28
9013 00'z Wash Cent 1st gold 48
Rutland 1st con g 434s
1941 3, 8912
14
1948 QM i:1. 89 8414 Jan'29
9012 Jan'29
Wash Tern, 1st gu 334s
85 Jan'29
87
1945 FA 84
lot 40-year guar 45
85 Nov'28
8818 88 8
,
St Jos & Grand Isl 1st 4s._ _1947 J
1945 FA 91-.
8818 Jan'29
8818
W Min W de N W ist gu 58_ _1930 FA 97
99 987 Dec'28
8
St Lawr & Atilt* 1st g 58-.....1996• .1 100
100 Dec'28 -26 gold 6s
West Maryland lot g 4s_
1996 AO 10112 105 1053 Nov'28 _ - _ _
1952 A0 8114 Sale 81
814
4
St 1. & Cairo guar g 4s
1st & ref 534s series A.. 1977 33 98 Sale 98
1931 J J 97
-9i
9812
98
8
967 Jan 29 -9913 101
West N Y & Pa 1st g 58
10118
10118
1937 33 102
S2 L Jr Mt & S gen con g 5s_1931 AO 9912 100
6
10014
9918
guar 5s
1931 AO
Stamped
Gen gold 4s
8
8
1943 A0 885 "9"6"s"8 885
_
88%
1013 Dec'28
4
1929 3, 994 Sale 99
9912 Western Pac 18t ser A So..
Unified de ref gold 48
8
99
4
.1946 MS 983 Sale 973
987
9914 40
8
Registered
Rlv & G Div 1st g 45_ _ _ _1933 MN 94 Sale 94
MS
9718 Aug'28
937 9412
8
9412 46
99
West Shore 1st 48 guar__ _ _236 I.• J 8518 8718 854
99
St L M Bridge Ter gu g 58_1930 AO 9914 100
Jan'29
8712
99
Registered
8
8
2361 33 847 863 847
4
8478

Vi14

d Due Mal.

Due June.




8 Due August

•
E L'

Range
Since
Jan.l,

No. Low
High
94
86
8812
316
86% 89
9938 101
31
8
10112 1017
9
993 10014
4
1 10318 10318
9512 97
89
8
86
6
793 8114
4
33
9512 9612
8
39
99 1015
0312 954
11

iOi" ccii"
994 9914
"
61 "9"5"
2
18

ioi" 10538
8912 91

-564 IA;
50
93
30
171
11
65
1

74
74
38
573
8
7314

74
754
45
6012
80

6458 7114
65
7012
992

-9V3-4

16684 168
3
;
12
78
4
54

8
9012 917
9914
984
100
95
89

9938
9914
10112
9712
90

45

"Olf2

97

1o8i4 fici"

40
25
16

114
121

ill's
12212

89

89

13

"iiiTz IS"

6

8114 8112

_
6

-5;" 98"

6
1

10414

2

5
4

161"
9914
10614
98
10112
98

1021"4
100
10614
10112
10112
9912

90

83

IC

"
ilio " "1"
87 2
56
36
41
49

5512
55
33
94

85
85
585
8
95,
8

24
26

i9 2
7
973
4
108
8712

"6:4
0912
10818
8914

30

8
2
3
13
13
19
16
4

22
20

1)3
94
1612 1712
160"
100
94
10312
10114
100
10178

11:161;
too
954
1043
4
102
1014
10414

ioO" 10 "
"6
"
1140012
9812
88

84
9012
10014
907
s

"8414
85

85

37
24
1
2
22

8O1 82
98
994
1014 10118
885 9112
8
973 100
4

9
2

1
73, 4 8815
8413 881,

703

New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1.

..
...
351
3.1a,

Price
Friday
Feb. 1.

Week's
Range or
Lass Sale

... _.
a...Z
di ,.

Range
Since
Jan.l.

High No. Low
Ask Low
Bid
High
Wheeling & Lake Erie-995 100 Sept'28 _
8
Ext'n & impt gold 58
1930 F A 99
-.
Refunding 412s series A 1966 M 5 8818 905 90
90
Jan'29 ____
8
90
Refunding 58 series B
8
1966 m n 975 102
9719 Nov'28 ____ --1949 M S 87
__
RR Ist consol 4s
87
893
4 26
87 --89 4
3
1942 J D 70 - 4 69
733Wilk & East 1st gu g 58
7213 22
6512 7219
1938.1 I) 1005 10319 100 8 10013
5
8
Will &8F 1st gold 58
3 1005 100 8
8
5
Winston-Salem S 13 1st 48_ _1960 J J 8118 ___ 92 June'28 ___ _-_
___
84 14 15
win Cent 50-yr let gen 48_ _ _1949 J J 84 Sale 84
821e 8414
Sup & Dul div & term 1st 4s'36 M N 8814 89
90
Jan'29 ---8912 9112
78
____ 923 Dec'28 ____ ____ ____
Wor & Con East Ist 4148_ _ 1943 J J
3
INDUSTRIALS
Abraham & Straus deb 5346_1943
A 0 115 Sale 115
With warrants
11612 85 113 120
Adams Express coil tr g 4s._ _1948 M S 8518 Sale 84
8314 854
851s 13
Adriatic Elec Co exti 78_ _ _.1952 A 0 90
951z
98 9519
4
94
98
Ajax Rubber 1st 15-yr s f 88_1936 J D 104 10512 10419 1041t
1 10314 10419
Alaska Gold M deb 613 A-- _1925 M S
314 4
8 Dec'28 ____ ____
__
1926 M
Cony deb 68 series B
319 ___ 8 Jan'29 ___
8
8 _Albany Pefor Wrap Pap 612_1948 A 0 97 8 Sale 977
7
98
17
977 983
4
Allis-Chalmers Mfg deb 55_1937 M N 100 Sale 99
10014 38
99 101
Alpine-Montan Steel let 7s.,1955 M S 944 Sale 9413
95
11
9312 95
AmAgric Chem let ref s f 7128'41 F A 106 Sale 106
10612 60 10418 10819
Amer Beet Sag cony deb 68_1935 F A 89
93 87 8
7
891e 28
86
8918
American Chain deb s f Bs__ _ 1933 A 0 98 Sale 97
98
13
96 4 99
3
Am Cot 011 debenture 58_ _1931 M N 9818 99 9818
2
98
981e
99
1942A 0 954 Sale 95
Am Cynamid deb as
9512 60
93 4 9512
3
19532 D 91
Amer Ice s f deb 58
9112 15
92
90 4
3
8 9212
90
Am Mach & Fdy sf 68
1939 A 0 103% 104 104
5
104
1 103 104
American Natural Gas Corp-.Deb 6128 (with parch warr)'42 A 0 93 Sale 9319
951z 46
12
9313 96%
Am Sm & R 1st 30-yr 58 ser A '47 A 0 102 Sale 10019 102
48 10014 102
Amer Sugar Ref 15-yr 6s..,._1937 J .1 104 Sale 104
10414 35 104 10478
Am Telep & Teleg coll tr 45_ _1929 J J 993 Sale 9914
8
994 995
8
99'z 100
Convertible 4s
1936 M 13 96._.. 9714 Jan'2
073 974
8
20
-year cony 412s
1933 M S 9913 101
99
99
1
99 101
30
-year coll tr 58
1946 J D 10418 Sale 1037
7
4 1043
8
3 51 1035 104
Registered
J D --------10213 Dec'28 ____ --35-yr 81 deb 56
1960 J J 1043 Sale 10414 105
8
99 10414 1053
8
20
-year 815348
1943 M N 1067 Sale 10613 107
112 10014 1073
8
4
Am Type Found deb 6e
1940 A 0 1043 105 10412 10412
4
1 10419 10458
987
Am Wat Wks & El col tr5s_1934 A 0 9814 Sale 98
35
9718 9918
Deb g 88 ser A
1975 M N 1023 Bale 1023
4 104
16 1023 105 4
4
4
3
Am Writ Pap Ist g 88
19472 J 8319 Sale 83
8413 25
83
8519
Anaconda Cop Min 1st 6s_...1953 F A 10514 Sale 105
10519 177 105 10534
Registered
_ _ _ 10414 Oct'28
__
____ -_ _
15
-year cony deb 7s
1938 F A 20012 Sale 19612 20419 i81 186 20419
Registered
__ ___ 200 Jan'29
196 200
Andes Cop Min cony deb 78_1943 J J --------235 Dec'28 ____ ____
_ _
Anglo-Chilean 51 deb El__ _1945 MN 9718 Sale 98
99
67
9412 100
- Mania(Comp Azuc)734e-_ _1939 2 J 7519 Sale 7514
78
9
75
797
8
Ark & Mem Bridge & Ter 56_1964 M S 10112 102 10119 Jan'29,, 10119 10112
Armpur & Co 1st 4128
19392 D 92 Sale 91%
9214 89
90 4 927
3
8
Armour & Co of Del 5346_1943 1 J 917 Sale 91
8
9014 9212
917
78
Associated 0116% gold notes 1935 M S 10212 1023 102
i
1023
4 32 102 10318
Atlanta Gas L 1st 58
19472 13 10119 __ _ 10312 Dec'28 ____ ____ ____
Atlantic Fruit 78 ctis dep
8___ 15 Nov'28 ____
1934 J D 123
____ ____
Stamped etre of depoeit
J D 7312 15 July'28 ____ ____
74
___
Atl Qulf& W I SS L col tr 58_1959 J J 7319 Sale 7319
7414 15
72 77
Atlantic Refg deb 58
19373 J 102 Bale 10112 102
7 10014 10219
Ilaidw Loco Works lat 5a. 1940 M N 107
9712 Jan'29 ._ 10612 106%
I3aragua (Comp Az) 710_1937 J J 97 99
9812 9812
99
2
96
Barn.sdall Corp 68 with warr_1940 3 D 1334 13519 1294 136
194 12918 142
Deb 68(without warrant)_1940 J D 9934 Sale 9913
997
3 88
98 8 9978
5
Batavian Pete gen deb 4345_1942 J J 93
9314 927
93 8 85
3
927 9319
8
Balding-Hemingway 65
1936 2 J 89
92 90
92
92
33
90
Bell Telep of Pa 513 series B_ _1948 J J 10434 Sale 10434 10514 26 104% 10512
lat & ref fos series C
1960A 0 1073 Sale 10713
4
10713 28 1074 1084
Reran City Elec Co deb 612e 1951 J D 933 Sale 93
9419 22
3
9278 95
7
7
Berlin Elec El & Undg 6328_1956 A 0 9213 93 93
93
93
16
92
Beth Steel 1st & ref 58 guar A '42 M N 10218 Sale 1023
8 103
8
6 1023 104
30-yr pm & Imps f 58_ _ _ _1936 J .1 100 Sale 100
101
49 100 102
-year 65 series A _ _1948 F A 105 Sale 10453 105
Cons 30
3
119 104 105 4
Com 30
-year 54sser B_ _ _1953 F A 1037 Sale 10314
8
1037
8 42 10219 104
1950 M S 9812 99
Bing & Bing deb 6125
983
4
983
4
6
9812 100
1934 A 0 7212 Sale 7212
Botany Cons Mills6128
7119 7318
1
7219
1934 M S 100 Sale 99
Bowman-Bilt Hotels 75
9819 100
100
5
B'way & 7th Av let cons 58.-1943 J D 75 Sale 7314
774 29
7218 7718
Brooklyn City RR 1st 5s_ _ _ _1941 J J 924 Sale 914
9219
7
8813 9219
8
Bklyn Edison Inc gen 53A-..19492 J 1045 105 1044 1041
7 1044 10519
J J _
__ 10538 Dec'28 ____ ___
___
Registered
4
19302 J 1003 102 1003
4 100 4
General 118 series B
3
4 100 4 103
3 1988 3 J 98 Sale 974
9811 157
Bklyn-Man It T sec 68
974 98%
75
75
Bklyn Qu Co & Sub con 514 5*'41 MN 7414 Bale 74
34
63
4
83
19413 J 83 Sale 813
83
11
1st 55 stamped
80
_ _
Brooklyn R Tr 1st oonv g 48.2002 J J 85 ____ 8814 Nov'27 ____
_ _ 13614 Nov'27 __
J
____
__
3-yr 7% secured notes- _ 192J_
____ 917
924
91 -913
1950 F A 105- - 9119
4 ii
Bklyn Un El 1st g 4-5e
8
4
905 93
8
1950 F A ___ 913 913 Jan'29 ____
Stamped guar 4-58
106
Bklyn Un Gas ist cons g 5s.1945 MN 106 Sale 105
14 105 10814
1st lien & ref 68 series A _ _1947 MN 117% Sale 1177
1 1177 118
e
8
s 1177
Cony deb 5125
400
34 359 400
1936 J J 390 404 396
Buff & Susq Iron lot s f 58.-1932 J D 96 _ .... 9612 Nov'28 ____ ____
___
Bush Terminal 1st 4s
1952 A (9 88
873
87% - 8
-- 8714
87
4
1
C011501 55
9812
99 991 984
1955 J
5
9718 99
Bush Term Bides 58 gu tax-ex'60 A 0 10314 10414 10314 10314 21 10212 10458
BY-Prod Coke 181 5345 A
101%
1945 MN 100 Sale 100
9 100 102
Cal0& E Corp unit'& ref58_1937 MN 10212 103 1023
10224
8
4 1017 102%
Cal Petroleum cony debef 58 1939 F A 100 Bale 100
lOO7
e 21 100 10114
Cony deb 51 512e
1938 MN 1024 Sale 101% 103
4
26 1013 10314
Camaguey Bug 1stef g 75_ _1942 A 0 94
9719
9619 95
95
95
10
Canada SS L lat & gen 65.-1941 A 0 100 8 Sale 100
18 1003i
5
9 10019 10113
Cent Diet Tel 1st 30-yr &h.-1943 J D 103 1034 103
Jan'29 ____ 103 104
Cent Foundry lst s f 6s May 1931 F A 94
99
963 Jan'29 ____
4
9619 963
4
Central Steel 1st g a f88
1941 M N 1231 12413 124 3a11.2 ---- 1233 1244
4
4
Certain-teed Prod 5%a A
1948 M 8 80 Sale 7819
8013 60
7819 83
Cespedee Sugar Co 1st o f 7125'39 M 13 97
98
95
95
1
95
99
Chic City & Conn Rya 58 Jan 1927 A 0
Jan'29 --- -- - 65
65
65
Ch0L & Coke 1stgu g 55_1937 J .1 1013 103 1015
674
8 1021
20 10118 10212
Chicago Rye 1st 58
1927 F A 787 Sale 785
8
s
821
20
785 83
8
Chlie Copper Co deb 5s
19472 J 954 Sale 95%
96
114
9414 96
CM0& E 1st M ts A
1968 A 0 8719 Sale 8719
5
874 8914
8838
Clearfield Bit Coal lst 4s_ _ _ _1940 J J __ 78
90 Dec'28..
_
Colon 011 cony dab Os
1933 F A 110 sale 110
1151
01 110 11158
Colo F & I Co gen a 1 58
19432 J 9819 Sale 9819
981
2
9919
98
Col Indua 1st & coil 58 gn_ _ _1034 p A 043 gale 944
4
95
24
94
95
Columbia CI & E deb 53
1952 M N 9914 Sale 9913
997 159
99 100
Columbus Gas let gold 53. 1932 J J 97
07
98
9819 98 Jan'29 ____
Columbus Ity P & L let 41213 1957 J J 9254 Sale 9254
931
11
911 93
4
11
Commercial Cable 1st g 48-2397 Q J 87
-- 87 Oct'28 ____ _
Commercial Credits f 6a
1934 M,N 9812 - - 994
991
9912
3
iiii -- 9
2 9(11Col tr a f 512% notes
1935 J J 94 Sale 933
4
941
4
9312 96%
COmm'i Invest Tr deb 68._.-1948 M 13 977 Sale 9612
981
39
9614 9812
Computing-Tab-Reo 81 68 1941 J J
___ 1054 105 s
5
3 1043 106
8
Conn Ry & L 1st& ref g 4128 1951 J J 105129613 97
9613
9612
I
9019 99
StamPed guar 4%a
1951 2 J 9612 9812 9619
961
1
9612 99
Consolidated Hydro-Bloc Works
of Upper Wuertemberg 75_1956 J J 97% Sale 96
973
4 11
95
973
4
Cons Coal ofMd 1st& ref 5e_1950 J D 7219 Sale 7213
73
30
6912 7334
Consol Gas(NY)deb 5329_1945 F A 10518 Sale 1045
4 10584 87 1043 10654
Consumers Gas of Chic gu 58 1936 J D 1015 10314 1015 Jan'29 ____ 10154
8
8
8
Consumers Power let 58..,_1952 M N 1033 104 1034 1033* 13 1034 1013*
s
104
Container Corp let 65
1946 J D 9913 Sale 98
99
3
98 1004
16-yr deb Cc with warr___ _1943 J D 90 Sale 90
90'2 16
90
9112
Coat Pap & Bag Milk;810 1944 F A 97
9814 98 Dec'28 _ _ _
_
Copenhagen Telep ext Ile ___ _1950 A 0 100 1004 10014 10013 10 -91514 1:0019
Corn Prod Refg 1st 25-yr a f 55'34 M N 96 103 100 Jan'29 ____
994 103
Crown Cork & Seal a f 612-1947 J D 985 991 985
8
9
8
993
4 20
98 100
Crown-Willamette Pap 68_1951 J 3 101 • Sale 101
10119 12 101 1034




BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1.

g
1..'i
i
... a,

Price
Friday
Feb. 1.

Week's
;
.
Range or
g
Last Sale. nt

Range
Since
Jan.l.

Bid
Ask Low
High
High No. Low
_1930 J J 76
77
Cuba Cane Sugar cony
773
4
7812 30
754 794
8%-1930 J J 78 Sale 7719
Cony deben stamped78..77
78
80
13
Cuban Am Sugar let colt 88_1931 M S 100 Bale 9919 10119 23
9919 103 4
3
7
Cuban Dom Sus 1st 7128-1944 MN 9412 Sale 94
96
84
94
97
1021
Cumb T & T 1st & gen 5s-1937 2 J 10218 Sale 102
43 102 10214
Cuyamel Fruit 1sts f 68 A__ _1940 A 0 100 Bale 9919 100
994 102
2
Denver Cons Tramw 1st 58_ -1933 A 0 --------76 Dec'27 - --- . -- - -Den Gas& E L 1st& ref 5f g 58'51 M N 11111 10012 10018
10018
1 100 101
--.
Stamped as to Pa tax
1951 MN 100 Sale 9813 100
7
9853 101
Dery Corp(DO) 1st 81 7s_1942 M S 6919 71
72
73
4
70
73
---- 66 Bale 73
Second stamped
73
2
70
73
Detroit Edison 1st coil tr 56_1933 J J 100 8 102 100 8 10058
5
5
5 10019 102
1st & ref 58 series A_July 1940 M 13 1023 Sale 10234 103
4
9 102 104 4
3
1949 A 0 ____ 10412 1033
Gen & ref 5.3 series A
4 1933
4
1 102 4 104
3
14
1st 2.: ref 6s series B._July 1940 M S 10819 Sale 10714 108
13 18 107 1084
19552 D 104 1047 1035
Gen & ref 5s ser B
8
2 10313 104
10313
12
1962 F A 105 106 105
Series C
105
1 105 1064
Det United 1st eons g 412s._1932 J J 97
97
97% 97
11
97
9712
1940 M N 10313 Bale 10314 10414 217 10212 108
Dodge Bros deb 68
19
4
88
Dold (Jacob) Pack let69_-_1942 M N 88 Sale 873
14
8613 88
Dominion Iron & Steel 5s_ 1939 M S 90
99 97 Dec'28 __-- .._ _ 1942 J J 101 Sale 100
Donner Steel 1st ref 7s
8
98%- -101
101
Duke-Price Pow let 6s ser A '66 M N 1043 Sale 1043
4 10514 24 1004 1 12
4
06
3
5
Duquesne Light 1st 432s A.._1967 A 0 100 4 Sale 10019 1007 138
99 100 2
. 1
5
East Cuba Sug 15-yr a f g 7128'37 M S 9319 Sale 93
94
24
92
19 97
Ed El III Wm 1st con g 4s_ _ _1939 J J 96
96
9619 96
1
98
12 WA
19953 .1 11012 117 11012 11012
Ed Elec III 1st cons g 5s
1 11019 11012
Elec Pow Corp(Germany)6128'50 91 S 9319 Bale 93
9319 20
924 94
Elk Horn Coal 1st & ref 6128•1931 J
90
90
90
9011
95 90
1
Deb 7% notes(with warets)'31 J
78 Dec'28
7812 95
100,__, 997
100
Equit Gas Light 18t con 55_ _1932 M
9
9914 100
1
92%
Federal Light & Tr let 5s 1942 M
1
95
9519 9214
9214 96 g
1942 M
1st lien 8 f 5s stamped.
95
95
98
97
95 4 96
3
1
1942 M
2 10113 1031
1st lien 6s stamped
10212 103 1024 10214
30-year deb 65 ser B
19543
100 101
9972
99 4
3
5
9919 101
19392 13 103 105 103
Federated Metals8 178
3
5 102 103 4
1033
8
16614 62 158 171
1946 J J 16212 Bale 162
Flat deb 78 (with warr)
Without stock parch warrants_ --- 100 Sale 9812 100
81
96/4 103
1941 M S 1147 Sale 114
Fisk Rubber 1st s 1 88
8
8
3
8 11318 1147
1147
4_ __ 104% Nov'28 ---- Ft Smith Lt & Tr 1st g Ea_ _ _1936M S
-Frameric Ind & Deb 20-yr 7125'42 J 3 iF.411 Sale 104 4 1057
3
8 17 104 4 10912
8
Francisco Sugar 1sts 1712s_ _ 1942 M N
3 10418 10518
___ 10518 105%
10212 103 10219 10219 21 1013 1 212
4 0
French Nat kJail SS Lines 7s 1949 J D 10513Gas& El of Berg Co cons g 5s 1949 J D __
106 10518 Dec'28 ____ . --Gen Asphalt cony 68
1939 A 0 106 107 10714 Jan'29 ____ 1061810919
Gen Cable 1st s f 5128 A_ _ _ _1947 J J 9919 Sale 99
100
76
981s 100
Gen Electric deb g 3128
1942 F A 95I.. 945 Jan'29 ____
8
945 94 8
8
5
Gen Elec(Germany)78 Jan 15'452 J 101 1037 10114
103
8
13 10014 10414
13 f deb 612s with Warr_ _ _ _1940 J D 115 183 115
115
2 115 1.23
Without warets attach'd '402 D 99 Sale 98%
16
9713 99
99
1948 M N 9319 Sale 9313
20-year 51 deb 65
9419 47
9212 9412
Gen Mot Accept debt%
1937 F A 102114 Sale 10212 10314 181 10213 1033
4
Genl Petrol 1st s f 5s
1940 F A 100% Sale 10012 10114
8 10012 102
1952 F A 10514 106 10514
Gen Refr 1sts f6s ser A
10514
1 100 1.07
9913 11
Good Hope Steel & I sec 78_1945 A 0 9914 Sale 9914
97% 10074
Goodrich(B F)Co lat 612s_ _1947 J J 10712 Sale 10714
108
14 27 107 1 14
08
Goodyear Tire & Rub let 55_1957 MN 93 Sale 9218
1
934 107
92 * 93s
1
Gotham Silk Hosiery deb 65_1936 J D 100 Sale 99% 100
9
9919 100
1940 F A 72 Sale 7114
Gould Coupler 1st s 166
72
6
71
73
Gt Cons El Power(Japan)78.1944 F A 9914 Sale 9814
991
42
9814 99
19
9513 51
lst & gen s f 6125
1950J J 95 Sale 9419
9314 954
Great Fails Power Ist a f 513. _1940 M N 1043 __ 1043
4
4 104 4
3
1 104% 105 4
3
Qulf States Steel deb 5 Ms_ _ _1942 J D 98 Sale 97
98
9
96
984
Hackensack Water let 4s_ _1952 J J 87
89
87 . Jan'29 ---87 87
Hartford St Ry 1st 4s
1930 M S 964 __
9818 Nov'28 --- ..
Havana Mee consol g 58_ -- _1952 F A 81 Sale 81
81
i
iil
83
Deb 5125 series of 1926_ _ _ 1951 MS 62
63 62
62
1
09
634
Hoe(R)& Co 1st 612s ser A_ 1934 A 0 87 Sale 8619
8713 13
85
8719
Holland-Amer Line 08(fla0_1947 M N 103 1037 1024 1021
2 10238 10219
Hudson Coal let s f 5s ser A_1962 J D 82 Sale 8114
8213 79
807s 86
Hudson Co Gas let g 5s
1940 M N 104 Sale 104
104
1 1033 1135
4
Humble Oil& Refining 5128_1932 3 2 10113 Sale 10114
10134 74 10012 1021s
Deb gold 58
1937 A 0 100 Sale 100
10013 36
9934 10119
Illinois Bell Telephone 58_ _ _1956 2 D 1044 Sale 1043
8 1047
s 28 10313 10478
Illinois Steel deb 412.
1940 A 0 932 Sale 947
98's 12
947 987
3
Under Steel Corp e f 7s
1946 A 0 103 10312 10319 103'I
1 103 1034
Mtge Os
1948 F A 8813 Sale 88
88 7
g 65
8619 9214
Indiana Limestone let ef 68_1941 M N 904 91
9019
9113
8
9013 92
Ind Nat Gas az Oil 5.3
1936 MN 9919 Sale 9912
9913 094
99's
Indiana Steel 181 58
1952 M N 10212 1043 1024 10338 13 102 4 105
8
3
Ingersoll-Rand 1st 58 Dec 31 1935 J .1 ______ 102 Sept'28____ .._
.
Inland Steel let 4128
1978 A 0 923 Sale 923
8
3
927
7
92
93
Inspiration Con Copper 6128 1931 M S 10114 Sale 101
10113 22 101 102
Interboro Rap Tran 1st 5e.1966 J J 7818 Sale 784
79
107
78
791
9
Stamped
J J 78 Sale 78
7813 85
78
79
12
Registered
---- --_ 77 Nov'28
10-year 69
1932 A 0 813 Sale 82
4
8213 43
79
8219
10-year cony 7% notes _1932 M S 994 Sale 9819
9912 62
9819 99 4
3
Int Agric Corp 1st 20-yr 58-1932 M N 93
94 93
93
2
92
93
Stamped extended to 1942 __ _ _ MN 80 Sale 80
81
7
80
8119
lot Cement cony deb 58----1948 M N 115 Sale 112
116
285 1093 116
Internet Match deb 59
1947 MN 9814 Sale 9718
9819 103
974 99
Inter Merean Marine s I 6s_ _1941 A 0 100 Sale 100 8 102
3
38
9919 102
International Paper 5.3 ser A.1947 J J 95
951 9419
95 4 57
3
9412 9813
Rots 168 ser A
4
9514 26
1955 M 8 954 Sale 943
943 97
lot Telep & Teleg deb g 4128 1952 J J 93 Sale 923
4
9414 67
92 4 59519
3
Cony deb 412s
8 120 4122 10919 120
19393 J 11912 Sale 1157
Kansas City Pow & Lt 58_ _ _1952 M S 104 Sale 104
10419 17 10319 10434
1st gold 4348 series B
1957 J J 10012 102 10012 Jan'29
10018 10019
Kansas Gaa & Electric 8s.
..1952 M S 105 4 Sale 10519 10513 24 105 106
3
Kayser (Julius) & Co deb 5125'47 M S ___ __ 128
132
120 128 141
Keith (B F) Corp let 139._ _1946 M S 94 Sale 94
95
27
94
97
Kelly-Springf Tire8% notes_1931 M N 110 11014 110 Jan'29
110 110 4
1
Kendall Co 51211 with warr_ _1948 M S ---- - ---.....
Keystone Telep Co 1st 5s._1935 J2 ___. - -- 9313 Nov'28
937
8
Kings Cotudy El & P g 5s--1937 A 0
_ _ 103 Oct'23
.....
Purchase money (is
13012 131 130 Jan'29 ___ _ 130 130
1997 A 0 103481 Sale 81
KingS Cowaty Elev 1st g 48..1949 F A
814 11
20
8213
Stamped guar 4s
1949 F A 80 Sale 80
81
14
793 814
4
Kings County Lighting 55_1954 J J 10514
__ 1047 Jan'29
3
1947 106
8
First & ref 612s
19543 J 11614 119 11614 Jan'29.. 11614 116
_14
Kinney(OE)& Co 712% notes'36 J D 1054 106 4 10518 10518
3
1 10518 10813
Kresge Found'n coll tr 65.-1936 J D 102% 10314 103
1034 14 103 104
Lackwanna Steel let 531 A 1950 M S 101 10178 102
Jan'29
1003 1024
4
Lace IGas 0181 L ref&ext 511_1934 A 0 101 102 101
10113
9 10019 1017
1
1953 F A 104 8 Sale 10414 10512 17 10414 10519
Col & ref 5348 series C
3
A_1954 J J 99 100 993
Lehi C & Nays f 434*
4
99%
1
994 993
4
Lehigh Valley Coal 1st g 5s._1933 J J 100 Sale 99
99 101
100
2
J J
Registered
__ 100
Oct'28
1st 40-yr gu hit red to 4% 1933 J J ____-9212 97
97
Oct'28
1934 F A 101.. 101 Sept'28
1st & ref s f 53
.....
1944 F A --- 9118 ____
1st & ref s f 58
93% 93 4
3
1954 F A
let & ref s f 58
9319 917
917
8
1
917 934
8
1964 F A __-_ 92 94 Nov'28
1st & ref s f 5.3
1974 F A 88
1st & ref 8153
89
88
88
3
88
904
Lex Ave & P F 1st gu g 5s_ _ _1993 M S --------3714 May'28
Liggett & Myers Tobacco 78_1944 A 0 12011 Sae 120
12012 14 118 12013
1951 F A 100 Sale 100
55
120
7 100 103
1941 F A ____ ____ 177 Dec'28
Liquid Carbonic Corp 68
Loew's Inc deb 68 with warr_1941 A 0 12119 Bale 1183
12113 115.
11324 - 1211Z
Without stock per warrants. A 0 9914 Sale 9914
99 1004
9919 116
Lombard Elec 1st 75 with war '52 J D 10119 Sale 10114 1017
9978 102
8 18
Without warrants
J D 9213 Sale 9219
9219 9413
92%
2
1944 A 0 111 Sale 111
Lorillard (P) Co 75
11278 13 1094 1134
A 0 ____
Registered
__ 117 Apr'28 ___
58
1951 F A 86 88i 86
871s
9
80
917
3
1937 3 J 88 Sale 863
1;ieb 5145
4
88
50
8611 89
Louisville Gas & El(Ky)63_1952 MN 1033* Sale 103
10314 20 1024 104
LouisvilleEy lit cons 53__.1930 J 5 89in 91
90
91
23
90
9319

704

New York Bond Record-Concluded--Page 6
1; •

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1.

-•

Price
Friday
Feb. 1.

Week's
Range or
Last Sale.

o
go,

Range
Since
Jan.).

BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1.

Price
Friday
Feb. 1,

Week's
Range or
Last Sale.

cc si

Range
Since
Jan. 1.

Bid
High
Ask Low
High No Low
Ask Law
Bid
High No. Low
Mob
Lower Austrian Hydro El PowPure Oils f 534% notes
1937 F A 99 Sale 99
99 100
99 4 44
/
1
4
3
1944F A 8514 86
1et8:615s
8612 877 Purity Bakeriess t deb 5a_ 1948 J J 9414 Sale 9414
8
Jan'29
87
94
947
8 44
95
McCrory Stores Corp deb 53041 J D 983 Sale 983
98
99
4
Remington Arms 65
88
8
99
1937 M N 100 Sale 100
10012 23 100 101
Manatl Sugar 1st a f 7368__ -1942 A 0 99 Sale 99
987 10018 Rem Rand deb 530 with war '47 M N 9412 Sale 93%
8
100
25
937 9514
8
9412 84
Manhat Ity(NY)1201113g 4s_1990 A 0 675 Sale 67
663 677 Repub I dc S 10-30-yr 53 s f _1940 A 0 103 Sale 103
4
8
8
67 3
4 71
21 102 103
103
2d 48
2013J D 60
603
8
59
61
1
593
4
Ref & gen 534s series A...1953 .1 .1 1023 Sale 1023
593
4
4
19 10212 103
103
42
4
Manila Elec Ry & Lt a f 5s_ .1953 M S 10012
9718 10012 Relnelbe Union 75 with war_ 1946.1 J 104 Sale 104
10012 Jan'29
46 103 104
104
Marion Steam Shove a f Gs_ _1947 A 0 9818 99 9818
9912
98
6
12
Without stk purch war...1946 J J 987 Sale 9612
1946
9912
8
9612 98
9714 99
Mfrs Tr Co ctts of partic in
Rhine-Slain-Danube 7s A..
.1950 M S 1003 Sale 10012 101
4
37 100 10212
A I Namm & Son 1st 68_ _1943 J D 103 Sale 103
2 102 105
103
Rhine-Westphalia Elec Pow 7s'50 51 N 1013 Sale 101
4
10114 23 101 102
Market St Ry 73 ser A April 1940 Q .1 943 Sale 9434
8
943 975
4
4
Direct mtge Os
9512 20
1952 M N 9214 Sale 9214
911 934
/
4
927a 41
/
1
Meridional El 1st 78
1957 A 0 9612 Sale 96
943 9712
4
Cons m 6s of 1928
9612 15
1953 F A 94 Sale 94
94
9514 92
98
/
1
4
Metr Ed 1st & ref 5s ser C.. _ _1953 J J 10214 Sale 10214
103
Rima Steel 1st s f 78
5 10112 103
1955 F A 93 Sale 923
91
4
1
93
93
Metr West Side El(Chic) 46_1938 F A 7812 7912 78
78
8014 Rochester Gas & El 7s ser B.1948 M S 10714 110 109
Jan'29
1 10844 110
109
Miag SIIIINIach 7s with war_1956 J D 9314 95
95
983
9814 Jan'29
s
Gen mtge 5
seriesC _ _ _1948 1st S 10614 -- 10614
8 106 10614
10614
Without warrants
J D 9314 Sale 93
90
9412
Gen mtge 4348 series D
9412 11
1977 M S 10014 1-0034 10018 Jan'29
10018 10018
Mid-Coot Petrol 1st 634s_ _ _1940
105 Sale 105
28 105 10514 Roch &PittsC & I pm 5s
105
1946 M N 90
90 Dec'28
Midvale Steel& 0cony s f 5s 1936 M S 993 Sale 993
9932 10018 St Jos Ry Lt & Pr 1st Ss__ _1937 M N 96 Sale 96
4
8
997s 78
96
95 8 96
5
3
Milw El Sty & Lt ref & ext 450'31
J 985s 9912 9918 Jan'29
9914 St Joseph Stk Yds 1st 430...1930 .1 J 9812 99 99
9712
99
99
99
5
General & ref 53 series A._1951.1 D 1023 103 1023
4
St L Rock Mt& P 53 stmpd_1955 J
4
2 10242 103
1023
4
75 Sale 75
75
5
76
77
15t & ref 5s scrim B
1961 J D 10114 Sale 10018
10114 20 100 10114 St Paul City Cable cons 5s_ _1937 .1 J
_ 9714 92 Jan'29
92
92
Montana Power 1st 5a A._ 1943 .1 .1 1023 Sale 10218
San Antonio Pub Serv 1st 68_1952 .1 J 10312 1067 10312 1043
4
1023
4 21 10212 104
8
3 10312 1041
4
4
Deb 58 series A
90 101
4
1962.1 D 100 1003 100
Saxon Pub Wks(Germany) 7s'45 F A 905 Sale 9818
8
8
10053
8
9818 100
9934 48
Montecatlal Min & AgricGen ref guar 6SO
1951 M N 9412 Sale 9312
9414 26
9312 94
/
1
4
Deb 78 with warrants_ _1937 J J 125 Sale 122
105 118 127
Schulco Co guar 63is
125
1946.1 .1 100 Sale 100
10014
5 100 10014
Without warrants
.1 J 947 Sale 933
95
93
8
48
Guar s f 6;0 series 13
95
4
1946 A 0 100 Sale 100
10014 18 100 101
Montreal Tram 1st & ref 5a..1941.1 .1 99 Sale 99
321 Sharon Steel Sloop a f 5;0_1948 MN 97 Sale 97
98% 99
99
12
97
961 97
/
4
3
12
Gen & ref s 58 series 4_1955 A 0 965 _
4 963 Shell Pipe Line 8 f deb 58...1952 M N 96 Sale 95
4
9634
8
2 963
963
4
96
95
62
97
Series B
1955A0 965 _
9858 Sept'28
Shell Union Oils f deb 55...1947 M N 975 Sale 9612
8
8
98
9612 98
92
/
1
4
Morris & Co 1st s f 436s_ _1939 J .1 8814 Sale 8712
88
88 2 66 -87l2 - -12 Shinyetau El Pow 1st 630._1952 J D 89
,
8914 9114
911
17
904 9111
Mortgage-Bond Co 4a ser 2._1966 A 0 8218
Shubert Theatre 6s_June 15 1942 .1 D
82 Dec'28
89
89
3
9133
89 4
,
10-25
-year 58 series 3
1932 .1 J 9718 9712 9718
7- 97
-12 Siemens & lialske sf7s
9 -91935 .1 J toi1- 103 10218
9712
8
10212
5 102 105
Murray Body 1st 6 As
1934.1 D 10012 Sale 100
993 102
4
1951 M
10114 20
Debsf634s
10712 Sale 1063
4
10712
4 10612 108
Mutual Fuel Gas 1st gu g 5/3_1947 MN 1023 _ 104
1027 104
8
Sf OHs allot ctfs 50% pd_ _'51 NI 5 1043 Sale 1043
8
Jan'29
4
4
1053
8 89 103 108
/
1
4
hfut Un Tel gtd 6a ext at 5% 1941 MN
Sierra & San Fran Power 58_1949 F A 993 1015s 1004
11 - 1043 July'28
4
1
4
10012
2 10014 101
Naram (A I) & Son-See Mfrs Tr
Silesia Elec Corp s f 63 s. _ _ _1946 F A
,
6
88 Jan'29
88
_
88
Nassau Elec guar gold 48-1951 .1 .1 6212 Sale 61
55
6212 Silesian-Am Exp coil tr 7s_ _ _1941 F A 99 Sale 9812
6212 60
99
27
98
99
Nat Acme 1st s f 6s
1942 J D 10114 102 10114
1013
8
1929 M N 100
6 10114 10138 Strains Petrol 6% notes
100
100
3 100 100
Nat Dairy Prod deb 534 s_ _ _ 1948 F A 96 Sale 955
9512 977 Sinclair Cons 01115
8
220
97
8
-year 70_1937 M
10214 Sale 102
103
/
4
97 1011 103
Nat Enam & Stampg 1st 513 1929.1 D 101
101 101
let lien coil 6s series D _ _1930 M S 9912 Sale 9914
Jan'29
101
993 120
98 100
/
1
4
4
Nat Radiator deb 634s
1947 F A 81 Sale 80
82
74
33
lst lien 6328 series D
82
1038.1 D 101 Sale 101
10112 139 100 1011
/
4
/
1
4
Nat Starch 20
-year deb Ss_ _ _1930 J
98 100 100 Nov'28
SincalirCrude011534sscrA,1938 J J 9612 Sale 9612
9714 45
9812 97
/
1
4
National Tube 1st a f 58__ _ _ 1952 M N 102 104 104
5
9 10314 fo1 8 Sinclair Pipe Line 81 58
104
1942 A 0 9318 Sale 93
93 18 23
94
/
1
4
93
Newark Como! Gas cons 58.1948.1 I) 10312 105 104 Dec'28
Skelly 011 deb 536s
1939M S 9314 933 93
8
93
93
8
93
/
1
4
New England Tel & Tel 56 A 1952.1 /3 10612 Sale 10612
joi11
4
Smith (A 0) Corp 1st 634s..1933 M N 102,
1063
4 21
10212
2
- 10212
4 102 10212
lstg434seerlesli
1961 MN 100 Sale 9934 10014 34
993 10014 South Porto Rico Sugar 7s..1941.1 D 105e4 107 1053
4
- .
4 10614
7 10512 107
New Orl Pub Serv 1st 58 A_ _1952 A 0 953 Sale 95
963 South Bell Tel & Tel ist s t 58 1941.1 J 10312 Sale 10312 1033
4
95
8
9512 24
4
8 10312 1044
First & ref 5s series B....1955.1I) 953 Sale 947
8
947 9612 Southern Colo Power 6s A _ _ 1947 J
8
8
95 8 20
5
10318 1037 10318 10314
s
13 10312
N Y Dock 50
-year 1st g 4a_ _1951 F A 8418 Sale 8418
8212 873 S'weet Bell Tel 1st & ref 58_.1954 F A 1043 Sale 10412 104% 19 103 104114
9
873
4
4
/ 1044
1
4
/
1
Serial 5% notes
1938 A 0 8812 Sale 8812
90
88
Spring Val Water 1st g 5s...1943 M N 96
8812 10
_ 9912 Dec'28
NY Edison 1st & ref 634s 4_1941 A 0 1147 Sale 1143
8
4
1930 M N 993 166 993
11514 21 11434 11514 Standard Milling 1st 513
4
4
993
4
8 -954 1062
- 11st lien & ref 58 series 13_ _1944 A 0 10418 105 1043
8
14 1037 105
1st dr ref 534s
105
4
1945 M S 10318 104 103 Jan'29
103 104
N Gas El Lt II & Pr g 543_1948 J D 10612 Sale 10612
4 10012 10712 Stand 011 of N J deb 5a Dec 15'48 F A 1023 Sale 1023
10612
4
8 1033 195 102 1033
8
2
Registered
Stand 01101 NY deb 430_ _ 1951 J D 9614 Sale 96
110 Apr'28
963 106
98
4
98
Purchase money gold 48..1949 F A 93
94
93
Stevens Hotel 1st Os series A.1945 J J 985 99 983
2
93
933 93
4
8
4 100
9814 100
7
NYLE&WC&R11.534s_1942MN
Sugar Estates (Oriente) 713_ _1942 M S 96 Sale 943
1023 Oct'27
8
4
9612
944 98
8
/
1
NYLE&WDoek&Imp5s 1943 J .1 1501. 19112 100 Aug'28
Superior Oillst 8 f 7s
8
1929 F A
993 100 Nov'28
4
-N Y & Q El L & P 1st g 5a__1930 F A 9914 100
9914 1- -18 Syracuse Lighting 1st g 5s_ _ _1951 .1 D
69
2
9914
9914
1053 1067 105
4
Jan'29
8
105 106
N Y Rya 1st It E & ref 4s_ __ 1942
..1 56
56
56
Tenn Coal Iron & RR gen 58_1951 J
Jan'29
60
56
10318
103
10314
/
4
8 1011 1031
4
Certificates of deposit
56
58
Tenn Cop & Chem deb 6s...1941 A 0 106 Sale 10514
Jan'29
56
56
106,
2 40 104 114
-year ad) inc 58_ __ _Jan 1942 A 0
30
Tennessee Elm Pow 1st 68_ .1947.1 D 107 Sale 106
Oct'28
2
3
_9
107
56 106 107
Certificates of deposit
212 3 'l
'bird Ave 1st ref 48
Jan'29
212 10
3
1960 .1.1 64 Sale 64
6414 13
6312 60
NY Rys Corp Inc 6e.__Jan 1965 Apr 22 Sale 22
2412
20
hircid Inc 5s tax-es N 1 Jan 1960 A 0 Cl', 63 6212
A j
2412 86
i x 58 8
64
54
/
1
4
1311 64
/
4
Prior lien Gs series A
1965.1 J 84
84
87
19
Ave Sty
8912 84
1937.1 .1 955s
8514
9614 Jan'29
9614 97
/
1
4
N Y & Richm Gas lat 6s4 1951 M N 10612 1083 106
10814 108 'roho Elec Pow 1st 7s
Jan'29
1955 M 13 9914 Sale 98%
99% 26
98
/ 99
1
4
/
1
4
NY State Rya 1st cons 4)48_1962 M N 53 Sale4 5212
5312
45
6% gold notes_ __ _July 15 1929 J .1 99 4 Sale 99
5312 73
3
98
/ 99 4
1
4
993
4 29
4
1st cons 6368 series B
1962 M N 6812 Sale 6814
5712 69
23
Tokyo Elec Light Co. Ltd-____
69
N Y Steam 1st 25-yr Os ser A 1947 M N 10612 Sale 10612 107
106 1073
4
5
1st (is dollar series
1953 J 13 9012 Sale 9014
91
8914 91
376
N Y Telep 1st & gen a 4148_1939 M N 10014 Sale 10018
993 101
4
Toledo Tr L & P 534% notes 1930 J
1003
4 28
,
10012 Sale 10014
9912 10018
10012 18
30-year deben s 1 6.s_ _Feb 1949 F A 11012 Sale 110
3
11012 45 110 110 4 Transcont 011 834s with war 1938
100 Sale 100
10012 125 100 1041
20-year refunding gold 68_1941 A 0 1065 Sale 10612 1071s 41 10612 10811 Trenton G & El 1st g 5s. __ _1949 M
8
1023 1047 1043 June'28
8
8
4
N Y l'rap Rock ist t3s
1946.1 D 10012 Sale 997
9912 101
Truax-Trace Coal cony 6 A8_1943 11.1 N 100 Sale 100
8 18
1007
8
1 100 lOSli
100
Niagara Falls Power 1st 59_ _ 1932 .1 J 10212 Sale 102
102 1025 Trumbull Steel 1st at Gs. _ -1940 38 N 103 Sale 10212 103
8
10218
29 lova lows
Ref & gen 62
Jan 1932 A 0 103 Sale 1025
10314 11 102 10318 Twenty-third St Sty ref 58_ _1962
8
J 58
60
9914
99 4
,
Meg Lock & 0 Pr 1st 5s A_ _1955 A 0 10312 Sale 10312
10312 11 103 10418 Tyrol Ilydro-Elec Pow 734s.1955 M N 983 993 99
4
9812 9914
4
9914
Norddeutsche Lloyd (Bremen)
Guar sec s f 7s
1952 F A 91 Sale 90
91
90
91
2
26
-year s 1 Gs
1947 M N 9212 Sale 9134
91,4 94
UJIgawa El Pow s 733
38
94
1945 M
993 Sale 99
8
98
9912 30
9912
Nor Amer Cem deb 634e A.
.1940 NI
80
70
7612 76
Underged of London 436s_ .1933.1 .1
1
7512
7512
9534 Mar'28
No Am Edison deb &leer A _ _1957 M S 1015 Sale 101
3
51 100 4 102
Union Elec Lt & Pr(MO)56_1932 M S igoi! gale 10018
102
8
2 10033 100¼
10018
Deb 534sser
_ Aug 15 1963 F A 10114 Sale 1007
Ref & ext 58
8
1933 M N 10012 Sale 10012 101%
10112 89 10012 10112
/
4
2 1004 1011
Nor Ohio True & Light 68. 1947 M S 10112 Sale 10112
10314 48 10114 10314 UnE L&P (III) 1st g 536sser A-'54 J J 1013 Sale 101
10 101 104
102
8
Nor States Pow 25-yr 5s A 1941 A 0 10112 ma% io078
3
4
931 A .7
88
2
85
87
12
101 5 58 100 4 1013 Union Eley Ry (Chic) 58_ _ 1945 J 0 85 Sale 85
'
1st ref 5-yr 6s series B_ _1941 A 0 105 1057 105
105 10612 Union 011 1st lien a Se
4
106
8
8
1015
8 - - 1015 Nov'28
North W '1' let fd g 4328 gtd_1934 J J 30-yr 88 series A._ _ May 1942 F A 1087 . 12 1087
8
987 10514 Dec'28
- 2
8 1E154 1091a 109
8 10912
Norweg Hydro
-El Nit 5 As_1957 MN 92 Sale 913
1st Ilen at 5s series C_Feb 1935 A 0 9814 99
9l1s 9212
99l
4
984 1011
9214 52
/
4
35
995s
11312 United Biscuit of Am deb 63_1942 SI N 9912 Sale 9912
Ohio Public Service 7368 A._1946 A 0 11212 113 11218
12 11214
113
9912
98
7
9912
1st & ref 7s series B
1947 F A
2 11314 11512 United Drug 25-yr 55
1953 M S 9612 Sale 9612
114
11312 11314
mil 9714
967s 110
1.0524 10612 United Rye St 1. 1st g 4s_...1934J
Ohio River Edison 1st Ga. _ _ _1948 J .1 10612 Sale 10614
10614 25
8412 28
84 Sale 84
8412
82
8918 91
Old Ben Coal 1st Os
1944 F A 8914 893 8912
Drifted SS Co 15-yr 65
1937 M N 9812 Sale 0812
3
8912
977 100
4
8
9912 10
Ontario Power N F let 58_1943 F A 101 Sale 101
Un Steel Worke Corp 63is A.1951 .1 D 8912 90
4 10012 102
1013
89
8
8
893
4
89
9012
Ontario Transmission 1st 58_1945 M N 10118 ____ 103
103
103
With stock pur warrants
D 89% Sale 89
Jan'29
90
35
89
9044
Oriental Devel guar Os
8
9612 977
1953 M S 9712 Sale 9633
Series C without warrants.. .1 D 8914 893 89
33
4
8934 15
88
97
90
14
Ext1 deb 5340 lot Ws
8812 90
With stock pur warrants .1 D
1958 MN 8818 Sale 8819
26
8918
89
1
8918
88
89 4
1
Oslo Gas & El Wks extl 5a 1963 M S 9212 Sale 9212
921s 9314 United Steel Wks of Burbach
5
9314
Esch-Dudelange s I 78_ _ -1951 A 0 10312 105 1043
536s
1946
4
105
100 Nov'28
8 103 105
Otis Steel let M Os ser A.
U S Rubber 1st & ref 5138er A 1947 J J 9212 Sale 92
...1941 M
18 100 103
103
923 218
4
4
1023 Sale 10212
8912 921
4
Pacific Gas & El gen & ref 5a 1942 .1 .1 1017 Sale 10112
10-yr 7ti% secured notes.1930 F A 101 Sale 101
1017/3 14 10118 1021z
10214 35 101 102
8
/
1
4
Pan Pow & Lt 1st & ref 20-yr 5630 F A 995 997 9914
99. 100
4
U S Steel Corp Coupon Apr 1963 MN 10812 Sale 108
18
8
997s
10912 61 107 10912
8
Pacific Tel & Tel 1st 58
Regis_ _Apr 1963 MN
f 10-60-yr
1937 .1 J 1023 Sale 1025
4 10214 10314
10614 Dec'28
8
102713
4
Ref mtge 513 series A
/ Universal Pipe & Rad deb 63 1936 J D 89 Sale 89
1
4
1952 M N 1045 105 1045
4 20 10442 105
893
8 1043
8
8
8
89
Vg"
Pan-Amer P & T cone s 1 6,3_1934 M N 1033 Sale 10334 1043
Utah Lt & Trac let & ref .5s_ _1944 A 0 94 Sale 937
8
4
9514
4 40 104 106
13
93% 9612
1st lien cone 10-yr 75
4
1944 F A 100 Sale 993
8
1930 F A 10412 Sale 10412 1043
4 1023 1043 Utah Power & Lt 1st 5s
4 10014 23
4
993 101
4
Pan-Am Pet Co(of Cal)conv 68'40 J D 96 Sale 953
9512 971s Utica Elec L & P lstsfgSa.1950J .1 1043 Sale 1043
4
148
4 1043
4
9612
4
2 1043 1043
4
4
Paramount-Wway lat 53is_1951 J .1 102 Sale 10112 10212 27 10118 10212 Utica Gas & Elec ref & ext 58 1967.1
1063 10718 10434
4
1063
4 12 10434 1007
8
Paramount-Films
-Lasky 08_1947 J D 10012 Sale 993
9914 1003 Utilities Power & Light 5348_1947 .1 1) 97 Sale 95
4
9714 216
10014 101
4
9314 98
Park-Lea 1st leasehold 6)48_1953 J .1 90
943 9512 Vertientts Sugar 1st ref 7s_ _ 1952 J D 94 Sale 94
8
1943
i
9412 Jan'29
94
9612 14
94
97
/
1
4
Pat & Passaic G & LI cons 5s 1949M S 10412 105 10312 Jan'29
10312 10312 Victor Fuel 1st f 5a
40 Sale 3512
40
6
344 40
/
1
Pathe Exch deb 7s with warr 1937 M N 8034 Sale 8034
784
/
1
Va Iron Coal & Coke 1st g 58 1949 M S 8212 8312 8112
49
83
82
25
8114 82
Penn-Dixie Cement 6s A.
1941 M S 9612 Sale 9618
94
/ 97 4 Va Ry & Pow 1st & ref 5s_ _ _ 1934 J J 99% 99 4 993
1
4
,
3
8 100
,
9714
4
9914 10018
Peop Gas & C 1st cons g 6s 1943 A 0 113 115 113
Walworth deb 6I (with war)'35 A 0 94
95
94
1 11212 113
-is
113
94
14
91
95
Refunding gold 5a
1947 51 S 10512 Sale 1047
1st sink fund 6s series A _ _1945 A 0 91 Sale 90
/
1
4
/
1
4
10512 26 104 105
91
8
30
90
91
Registered
Warner Sugar RefIn 1st 75_ .1941.1 D 106 10614 106
M S
102 Dec'28 - 10614
3 106 107
Philadelphia Co sec 58 ser A.1967 .1 D
Warner Sugar Corp 1st 7s_ 1939
984 100
J 8514 853 85
156
4
99 Sale 99
99 12
853
4 60
83
/ 85
1
4
44
Phila Elec Co 1st 43.4s
1967 M N 9912 9954 9912
991 994 Wash Water Powers f 55._ _ _1939 .7
/
4
4
100 101 10212 Jan'29
9934 172
10212 1024
/
1
Phila & Reading C & I ref 56_1973 J
89
/ 93
1
4
Westehes Ltg 858stmpd god 1950.1 D 1053 10612 10518 Jan'29
32
3
9218 Sale 9218
93
1044 1054
2
Phillips Petrol deb 536s
94
1939 J D 925 Sale 92
West Penn Power ser A 58_ _1946 M S 103 104 10314
92
69
8
93
104
5 10212 104
Pierce-Arrow Mot Car deb 8s1943 M
let 5s series E
1963 M S 105 106 105
3 1064 10712
10612 1074 107
107
105
8 103 105
/
1
4
Pierce 011 deb s f 33e. _Dec 15 1931 J D 108 107 106
1st 5340 series F
19531 A 0 1047 105 1047
8
6 100 107
1041
/
4
106
1 10444 105
Pillsbury Fl Mills 20-yr fle_ _1943 A 0 10412 105 10412
lst sec 5s aeries G
1956.1 D 10312 Sale 10312 1033
6 104 105
105
8 14 1034 104
/
1
4
Pirelli Co (Italy) cony 78_...1952 M N 1473 Sale 14318
1950.1 .1 31 Sale 30
4
32
15412 1335 119 15412 West Va C &C 1st 6s
23
2038 334
Pocah Con Collieries 1st a f 581957.1 J 9412 95 9412
9412 9412 Western Electric deb 5.3._ _ _1944 A 0 10312 Sale 102
5
10312 58 102 10312
9412
PortArtbtls'Cafl&Dk68A.i953 F A 10412 1053 10534
1 104 10544 Western Union coil tr cur 5,3_1938 11 .1 10412 Sale 1044 10412
4
1053
4
7 1021 10412
/
4
1st NI 6s series II
1953 F A 10414
4
Fund & real eat g 4 Ms---1950 MN 9612 98 9812
25 1033 105
105
8
1043
9914
3
98
9914
Portland Elec Pow let 65B...1947 M N 102
1936 F A 10912 Sale 10912 110
6 102 10314 15-year 6 Ms
10212
10238 102
7 10912 111
Portland Gen Elm 1st 58. __ _1935 J
25-year gold As
100 102
1951,J D 1013 103 103
4
Jan'29
102
10312 13 1024 10344
Portland RY let & ref 58..-.1930 MN 9612 97
Weet'h'se E & M 20-yr g 5s_ _1946 M S 10434 Sale 1043
9611 99
3
4 1043
9633
99
4 47 1044 105
Portland Ry L & P 1st ref 58.1942 F A 987 Sale 987
987 9914 Westphalia Un El Pow 132_ _1953
8
4
8
4
.1 873 Sale 873
4
99
8
883
8 43
8712 90
1st lien & ref 6s series 13_ _ _ 1947 M N 102 1023 102
3 102 10212 Wheeling Steel Corp 1st 5368 1948 J
101 102 101
4
10212
102
16 100 102
1st lien & ref 734s series 4_1946 M N 10714 10744 1074
5 107 10714 White Eagle Oil& Ref deb 53511'37
1074
Porto Rican Ain Tob cony 661942 .1 .1 101 Sale 101
With stock purch warrants....M
10112 Sale 101
103
10214 54 10012 10212
110 101 1054
/
1
Postal Teieg & Cable coil 58.1953.1 J 933 Sale 9312
White Sew Mach 6s (with war)
9312 95
1'223 1271 130 Jan'29
4
4
112
.36 J
94
130 130
Premed Steel Car cony g 5s 1933 .1 J 9614 Sale 9614
Without warrants
981 99
.
981 9812
99
9714 20
97
99
D 11118
Prod & Ref a f 8s (with war)_1931
Partic a 1 deb Os
1940 M N 10012 Sale 100
1103 Sept'28
4
10012 48 100 10012
Without warrants attached_ __ J D 1113 1117 11134 Jan'29
4
52
11134 112'. Wickwire Spen Sal 1st 78_.,1935J J 45
8
50 Jan'29
441 6012
4
Pub Serv Corp N J deb 4348_1948 F A 202 Sale 19612 20814 401 1814 2084 Wickwire Sp Bt'l Co 7s_Jan 1935 MN 48 Sale 48
4912 12
43
60
Pub Serv El & Gas 1st & rei 58'65 J D 10412 Bale 10334
/
1
4
Willys-Overland Cf O34,...1933 M S 10134 Sale 101
103 106
1041
4 23
103
23 101 1024
/
1
1967.1 D 99 Sale 993
434e
let & ref
34
99
994 Wilson & Co let 25-yr e I 68. _1941 A 0 1023 Sale 1023
/
1
8
4
997
8 39
4
103
16 10144 10312
Punta Alegre Sugar deb 7e_ 1937J_
86
Winchester Repeat Arms 734s'41 A 0 107 Sale 1073
88
88
88
/
1
4
86
8
87
4 10714 22 10711 108
Youngstown Sheet &Tube 581978 .1 J 10014 Sale 100
10012 114 100 101




FEB. 2 1929.]

FINANCIAL CHRONICLE

7O5

Outside Stock Exchanges

00

180
86
99
113
112
10335
101
90
109
1084
7755
12454
109
109
190
1834
24
23
71
55
703.5 66
83
83
9354 soil
132
135
135
794 784
180
180
120
120

aftninaArcadian Cons Min Co_ _26
Arisona Commercial
6
Bingham Mines
10
Calumet & Hecht
25
Cliff Mining Co
25
Copper Range Co
25
Fast Butte Copper Mtn_10
Franklin Mining Co
-25
Hancock Consolidated _ _26
Helvetia
26

414
524
544




2855
45c
24

High.
182
884
101
114
108
106
90
110
8155
129
111
190
199
24
72
5635
704
84
954
13355
13855
824
184
121

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb

1831
310 17
Feb 20
70
4,919 6335 Jan 70
7355
1,276 734 Jan 75
34
255 Jan
351
200
18
18
408 154 Jan
211% 2224 14,808 193 Jan 2224
2155 2235 1,990 214 Jan 24
98 102
Jan 102
999 95
10055 101
83 1004 Jan 104
93
93
195 924 Jan 94
72
75
Jan 75
1,425 72
714 79
4,553 7155 Jan 8855
113 113
io 110 Jan 116
15
15
200 134 Jan
1535
555 s'i
soo ssi Jan 655
24 3
170
255 Jao
3
lossi 10855 3,460 99 Jan 10855
47
48
75 47
Jan 48
100 100
12 100
Jan 102
23
234
310 2255 Jan 234
295 351
2,540 280
Jan 351
4454 4855 5,591 3955 Jan 494
25
2551
260 25
Jan 27
57
60
20 57
Jan 6155
1635 18
1.160 11
Jan
18
39
42
70 27
Jan 42

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

87

MiscellaneouaAmerican Brick Co
17
Amer Clues Pr Lt Corp.50 684
Amer. & Gen Sec Corn- - 7355
Amer Pneumatic Service 25
251
Preferred
60 18
Amer Tel & Tel
100 220
• 214
A monkeag Mfg Co
Bigelow-11 artf Carpet..• 1004
Preferred
100
Brown dr Co
93
Capital Admln Co Ltd.-- 724
Columbia Graph'n
t •ontinentai Securities Corp
crown Cork & Seal Co, Ltd
15
East Boston Laud
10
555
Eastern Manufacturing _ _5
ESPIMIM SS Lines Inc_ _ _.26 10635
Preferred
*
let preferred
100
Economy Grocery Stores _• 234
sdison Eine Ilium
100 335
Empl Group Assoc
45
Galveston Hone Lice,..101) 25
Preferred
100
General Alloy Co
18
General Pub Sort Corp._
,
Georgian Inc (Tha)Class A pref
20
German Invest Corp
011ohrlst Co
• 2735
Gillette Safety Rasor Co. 12255
•
Greenfield Tap & ll1e___25 18
Greif Coop'ge Corp el A.__ ......
Hathaway Bakeries cl A_
Haygurt Corp. cup stock _. 4955
Hood Rubber
• 2555
Ilygrade Lamp Co
Preferred
108
Insurance Sec
10
International Corn
Kidder Peab !weep Apt 100 03
tabby McNeill & LIbbY-R
25 1235
Loew's Theatres
Massachusetts (las Co_100 140
100 77
Preferred
14
Maas Mittel( Ass. com__
Mergenthaler Linotype 100 10355
Mortgage Bk of Colombia
National Leather
434
10
Nat Mfrs & Storee Corp •
Nat Service Co
Nehl Corp
Nelson Corp(Herm)tr cif5
New Engl Equity Corp_
•
New Engl Pub Sem
,
New Eng I Pub Serv pr pfd•
New Eng' South Mills_
New Eng Tel & Tel
100 1504
North Amer Aviation Inc__
1751
North Texas Elea pre& _100
Pacific Mille.
100 32
Plant(Thos G)let pref _100 234
Reece Button Hole Mach 10
Ross Stores(The) Inc_ _ _.
• 2034
Stumm ut A &en Con Stk.__
244
Southern Ice Co
Ster Sec Corp pf allot CUB__
36
Swift et Co
100 13555
Torrington Co_
• 82
Tower Mfg
1654
Traveller Shoe Co
Union Copper Land & Min
Union Twist Drill
5 284
United Elec Coal
• 764
United Shoe Mach Corp_25 85
Preferred
25 3155
US-Brit Int $3 pfd
U S & Foreign See 1st pfd.
US (5c HIV'Sec Corp
Utility Equities Corp
106
Venesuela Holding Corp_ ..__..
Venezuelan Mx Oil Corp 10 71
Waldorf System Inc
•
Waltham Watch al B corn • 65
Prof trust ctfa
100
Prior preferred
100 102
Walworth Co
25.
Warren Broe
511
lot preferred
50 49
Weetfleiti Mfg. Co. cap stk
paitenightia Inc
174

181
87
100
114
104
101
90
1094
7855
125
109
190
185
24
72
5655
704
84
9555
132
137
8055
180
121

Low.

313 180
432 8535
23 99
144 110
126 10354

is ioo

450
99
241
26
30
7
105
145
81
2,980
1,268
100
4,098
48
87
2,167
40
10

86
107
7755
1244
109
15655
183%
23
70
5355
82
82
8355
132
135
764
180
119

Jan
Jan
Jan
Jan
Jan

Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jar
Jun
Jan
Jan
Jan

17
654
7355
24
1555

1655 1655
Jan
17
30 164 Jan
19
Jan
50 184 Jan 20
274 30
1,500 275-5 Jan 334 Jan
1204 1253.4 2.431 1174 Jan 126% Jan
16
1835 5,360 1255 Jail
183-4 Jan
4035 4055
Jan 41
Jan
75 39
45
45
290 45
Jan 47
Jan
49
5051 2,490 4434 Jan 504 Jan
25
26
600 25
Jan 26
Jan
50
5255
993 40
Jan 5215 Jan
102 108
Jan 108
Jan
278 99
31
3134
250 31
Jan 334 Jan
8034 84
280 6855 Jan 853i Jan
93
93
Jan 93
37 93
Jan
134 134
126 134 Jan 134 Jan
1251 13
Jan
Jan
13
688 12
137 144
3,425 1284 Jan 145
Jan
77
78
261 784 Jan 78
Jan
134 14
11,250 124 Jan
15
Jan
1004 10455
270 1004 Jan 1044 Jan
45
45
100 44
Jan 45
Jan
140
4
4
454
535 Jan
Jan
55 37
37
37
Jan 40
Jan
6
180
8
5% Jan 655 Jan
264 2755 2,300 264 Jan 2755 Jan
96 24
2455 25
Jan 2555 Jan
15 37
384 384
Jan 3935 Jan
10 9741 Jan 984 Jan
984 9855
90 101
10351 104
Jan 10455 Jan
ioo io Jan io Jan
10
10
901 144
Jan 153
14555 153
Feb
1,235 174 Feb
1731 1855
19
Jan
45 34
34
35%
Jan 354 Jan
3155 324 2,111 30
Jan 33
Jan
130 2355 Feb 25
2355 24
Jan
174 174
150 174 Jan 17% Jan
180 2055 Feb 294 Jan
2034 23
244 25
5,810 234 Jan 25
Feb
150 14
15
15
Jan
15
Jan
5,490 324 Jan 37
354 37
Jan
554 13455 Jan 13935 Jan
1354 1374
1,248 79
82
79
Jan 84
Jan
31,150
8
17
14
Jan
17
Jan
21
750 1831 Jan 21
20
Jan
143 70c
Jan 75c
70c 75c
Jan
284 294
710 26
Jan 304 Jan
510 6655 Jan 80% Jan
7534 7855
7555 87
11,64
744 Jan 87
Jan
31
67
314
31
Jan 314 Jan
382 39
41
40
Jan 41
Jan
20 934 Jan 95
934 94
Jan
1,324 25
25%
25
Jan 254 Jan
3,680 100
1014 106
Jan 106
Feb
8
50
Jan
831 831
94 Jan
810 69
71
73
Jan 7755 Jan
415 2455 Jan 26
2455 25
Jan
85
60 85
87
Feb 70
Jan
60 90
8834 89
Jan 9555 Jan
27 102
102 102
Jan 102
Jan
10 254 Jan 284 Jan
2634 2634
70 156
156 157
Jan 1644 Jan
49
51
70 49
Feb 52
Jan
281 32
34
32
Jan 3534 Jan
15
1755 3,945 1451 Jan
1751 Jan

is%

134
44
5251
514
35
2755
351
155
2
65c

155
44
53
554
35
2834
44
155
24
65c

760
985
650
778
260
4,72
2,770
30
1,250
150

1
x4
5034
4435
34
254
355
1
155
,
658

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

151
5%
55
57
36
30
454
134
34
65c

Jan
Jan
Jan
Jan
Jan
JIM
Jan
Jan
Jan
Jan

55
5755
925 5255
105 1054
10 105
2751 28
274
1,588 25
6
7
261
8
255
14 3
2,385
155
14
155
155
480
155
895
13.4 135
14
700 80c
290 50c
90c
75c 90c
1,100 75c
4655
4555 484 3,280 41
404 414
175 404
26c 40c
30c
2,600 20c
.58
60
140 58
335 34
580
34
6
7
7
32,822
555
335 4
370
234
1751 1855
570 164
12
12
12
30 1155
46
4551 48
4,632 45
38
394
1,180 34%
35c 45c
1,150 358
45c 450
500 30c
451
34 44 3,040
34
Pie
1
1% 2,660 99c

Bond s-Amer Elea & Pr Corp Os'57
9855 984
..,,o,,,,,feag m fs Mr
1948
8855 90
British & Hung Bank Ltd
1962
9655 97
73.48
Chic Jet Ry U BY 58_1940 101
10054 101
East Mass Street RRSeries A 4548
1948
61
73
Series B Se..1948
71
75
1948
6s series C
79
79
Fox N Lug Ti, Inc 634e '43
10155 1014
.193a 95
Hood Rubber 78_.
95
95
Italian Superpower 68_1963
8035 8055
984 9855
Kan City M & B Inc 5s 1934
Earetarlt(Rudl Inv fie 1943
94
95
New Engl Tel & Tel 58.1932 1004 1004 10055
P C Pocah Co 78 deb _.1935 105
105 105
Pow Gas & Wat Sec Corp
5,
100 100
1948
Reliance alanagment 513 '54
9935 9955
R nine-Ruhr Wet Serv 68'53
87
87
suarbeneeken aitg Bk 68'47
87
87
t1%. ift .4 Cu SS
1944 1014 10155 10135
100 10051
Western Tel & Tel 68.1932
Whitenights Inc 634s193'2 70
70
80
z Ex-dividend.
• No par value.

55,000
17,000

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

97
8735

Jan
Jan

3,000 964 Jan
18,000 100
Jan
27,000 61
7,500 71
1,000 7851
9.000 10155
3,000 95
7,000 804
1,000 9855
32,000 93
7,000 10051
7,000 105

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1,000 95
5,000 9935
2,000 87
5,000 87
16,000 10135
5,000 99
20.000 65 '

Jan
Jan
Jan
Jan
Jan
DID
Jan

High.

XX

Low.

56

X"XX

Railroad100
Boston A Albany
100
Boston Elevated
100
Preferred
101
let preferred
100
2d preferred
Boot & Maine corn unat 100
Preferred statn ped _ _ _100
Prior preferred stpd_ _100
Ber A 1st pfd stpd ._10n
Ser"B" lst pfdstpd _ _100
der C let pref st pd._ Inn
Bee Er let pref stpd -1
Boeton & Provider:100_100
flan Maas St Ry Co _ _ _100
let preferred
100
Adjustment
100
Maine Central
1043
Preferred
100
1011
NY N H & Hartford
Norwich & Worcester pf100
100
Old Colony
Pennsylvania RR -----110
Provid & Worcester---100
Vermont & NIass
100

Range Since Jan. 1.

island Creek Coal
1
Preferred
1
Isle Royal Copper
25
Ereweenaw Copper
26
La Salle Copper Co
25
Lake Copper Corp
25
Mason Valley Mines
5
Mass Consolidated
25
Mayflower & Old Colony 21;
mohawk
25
New Cornelia Copper
5
New Dominion Copper _ _
New River pref
N iota/ring Mines
o
North Butte
15
011bway al Laing
25
Dominion Co
Old
25
P. C.Potahou tas Co
•
26
QuInCY
di Mary's Mineral Land.25
Shannon
10
Superior & Boston Cop_10
Utah Apex Mining
6
Utah Metal & Tunnel _ ..... 1

Range Since Jan. 1.

n

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks Concluded) Par. Price. Low. High. Shares.

..
.
..
.
.
MO0WWOO
0.121COW0.0-4 , 00 WO.W ..
.
.
10
,
0...W
.O
1
.0O
.04T1VONOWWWONWWOO..z.wywc.ny
,0019.2.4...40O ..
.loWO.WOCOol. ...4 OW

Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists:

Chicago Stock Exchange.
-Record of transa.ctions at
Stock Exchange, Jan. 26 to Feb. 1, both inclusive,
compiled from official sales lists:
Chicago
uni

Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.

kerne •ateel Co._ _
. _26 _ _
Adams (J ll) Mfg com _ _ _• 6355
Adams Royalty Co, coin.
•
til-Amer Mohawk "A"..f. 364
.Allied Motor Ind Inc com.• 55
* 483-5
Preferred
allied Products "A"-___• 74
altorfer Bra( cony pfd. •
• 47
American Colortype corn..
Am Corn AI Corp com v t c• 85
Right,
155
Amer Commw Pow "A".• 254
•
Class"B"
warrants
Amer Corn Power
.,
1st pref $835a
Amer Pub Serv prat_ _ _100 100
Amer Pub ULU part p1.100
Prior preferred
100 95
American Service Co.com • 15
Amer Shipbuilding corn 100 91
Am States Pub Ser A com _• 27
A wrier States Sec Corp
Rights
1%
Class "B rights
Armour de Co pref
100
,,,,rt metal vik, 100
Common
46
Assoc Appal'led Inc corn.
• 55
4w3oc Investment Co. •
Assoc Tel UM Co com_.• 28
atlas Stores Corp corn _ _ _• 73
Auburn Auto Co corn_ _ _.• 14255
automatic Washer Cu
Convertible preferred..• 3555
Sackstay Welt Co corn _ __• 514
9astian-Blesaing Co corn.• 4351
Baxter La airlries Inc A. •
Beatrice Creamery com_50 93
Bandit(km
Class B new
5 121
235
Rights
Binks Mfg Co cl A cony pf• 33
Bora- Warner Corp com_10 14914
4%
Rights
7% preferred
100
Brach & Sons(E J) corn_ •
Bright Star Elan "A"_ _ __• 2551
• 104
Clam B
Brown Fence & Wire cl A.• 34
• 3451
Class "B"
544
Brown Mfg
Bunts Br(s common_ _10
Butler Brotnars
215 374
Camp' Wyant & Can Fdy • 4535
,
Canal Cower Co cony pt.. 204
Castle & Co(AM)corn _ _10 7555
Oe Co Mfg Co Inc Wm... 81
•
Celotex Co. corn
Cent Dairy Prod CorpA pf•
Cent Gas & El Co $64 PL.'
•
$7 preferred
Central 111 Pub Sery Dref •
central Ind Power. pref 100
•
Cent Pub Ser (Del)
• 4251
Class"A"
Central 13 W URI com____• 86
Preierred
•
a
Prior lien, pref
Central States Util $7 p1.• 97
• 5455
Chain Belt Co coin
Cherry Burrell Corp corn.
• 56
Chic City & C Ry par eh_ •
• 2114
Preferred

Range Since Jan. 1.
Low.

125 12555
100 124
41
4355
1,950 41
2155 22
150 22
29
37
8,350 29
47
58
17,800 47
48
4855
300 48
654 74
28,900 4954
48
48
100 48
3935 4755
4.450 384
85
8555
GOO 85
135
155
.50
14
244 254
600 22
32
33
300 24
9
9
150
8
89
9935
954
9355
1431
91
27

High.

Jan 136
Jan 4355
Jan 25
Jan 39
Jan 57
Jan 4835
Jan 74
Jan 53
Jan 4755
Jan 854
Feb
14
Jan 26
Jan 33
Jan
10

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan

90
100
954
95
154
91
2735

44
60
50
100
7,900
25
2,350

89
Jan 91
994 Jan 10054
934 Jan 98
9355 Jan 95
144 Jan
164,
90
Jan 92
27
Jan 29

Jan
Jan
Jan
Jan
Jan
Jan
Jan

134 2
2
355
85
85

1,700
250
250

155
135
834

Jan
Jan
Jan

42
54
55
2755
6814
1404
3555
50
434
23
92

48
41,600 36
55
4,300 54
56
1,000 53
2955 6,250 2734
74
17.100 62
1454 13,000 13151
36
52
4355
2355
934

600
3,050
450
1.100
550

119 128
2% 355
3255 3751
142 152
44 555
102 10255

39,500
29,250
11,650
67,400
41,950
250
350
1,600
2,300
11,500
13,650
8.600
50
45,600
3,000
8,550
3,600
13,100
1.100
300
10
10
315
50
350
1,350
1,800
165
(40
161
700
1,450
200
3,000

2351 2551
955 1055
33
364
3355 37
534 57
30
30
37
4255
4455 46
2051 21
7455 794
724 82
724 7751
234 2334
984 9855
1004 1004
9635 97
95
95
27
29
40
43
82
90
9735 984
1034 1024
94
97
5455 59
55
58
134
134
21
22

Jan
Jan
Jan

Jan 48
Jan
Jan 564 Jan
Jan 5851 Jan
Jan 33
Jan
Jan 74
Feb
Jan 14555 Jan

34
Jan
46
Jan
434 Jan
23
Jan
92
Jan
10935
251
29
139
4
102
27
2355
9
32
31
5.534
27
37
404
2051
72
5955
63
234
9755
10051
9635
94
24
35
82
94
100
94
53
50
154
18

255
44
85

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
111.13
Jan

394
5255
4651
26
98

Jan
Jan
Jan
Jan
Jan

12855
34
3755
152
555
1024
2955
26
1255
384
37
57
324
45
47
2154
79%
82
7834
34
9855
103
98
9555
29
43
90
984
103
97
5955
5855
2
24

Jar
Jar
Jar
Jar
Jar
JI1J1
Jar
.19.L
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jan
Fel
Jar
Jar
Jai
Jar
Jar
JIIC
Jar
Fel
Jar
Jar
Jar
Fel
Jai
Jar
Jar
Jar

706

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Ranoe for
Sale
of Prices.
li'erk.
Stocks (Continued) Par. Price. Low. High Shares.
Chicago Elec Mfg A
15
Chic Jeff Fuse dr El corn_ • 5756
Chic No Sh & Mil
Prior lien pref
100
Preferred
100
Common
100 18
Chicago Towel Co,cony pf. 96
Club Alum Urea Co.___
3031
Coleman Lamp & Lt,com_• 74%
Commonwealth Edison_100 235
Commonw ULU Corp B__* 42
Community Tel Co cum pt• 3536
Gomm)] Auto Mdse. corn_ •
Consumers Co common.
.5 12
Warrants
Crane Co, common
25
Preferred
100
Curtis Mfg Co
5
Davis Indus Inc "A"____• 1556
Decker(mn & Cohn Ina.•
Eddy Paper Corp (The)_ •
El Household UM Corp_10 34%
Elec Research Lab Inc_ _ _• 1956
Empire0 & F
Preferred
100 9414
100
655% Preferred
7% preferred
100
8% preferred
100 100
Fabrics Finishing com___• 24%
Federated Pub $2 pref
Fits Simmons & Connel Dk
& Dredge Co. com_ _ _ _20 80
Foote Bros & M Co
.6 27
GleanerCcmHarves'rCorp• 116
Godchaux Sugar, Inc. el B• 29%
Goldblatt Bros Inc corn...
34
Great Lakes Aircraft A__• 28
Great Lakes D & D__ _ _100 275
Greif Bros Cooper A com_•
Grigsby-Grunow Go
Common (new)
• 170
Rights
Hahn Dept, Store, cons...* 49%
Hall Printing Co corn_ _ _10 32
Rights
Hart
-Carter Co cons Di-• 32%
Hart Schaffer & Marx...100
Hershey Corp, cony pf A.
Class"B"
• 60
Hib-SPen-Bart & Co corn 25 56
Hormell& Co(Geo)com A • 4356
Houdaille Corp cl A con pf• 60
Class B
• 60
Illinois Brick Co_ _ . _25 38%
Ruler)Pneu Tool v t c__ •
Inland WI & Cable com _10 79
Insult Util Invest Inc _ _ _ _• 3531
$555 prior preferred _ _ _
180
Iron Fireman Mfg Co vsc• 32%
Kalamazoo Stove corn _• 128
Kellogg Switchbd COM._10 1754
Kentucky UM Jr cum pf 50 50%
Keystone St & Wlcom,_• 54
Kirsch Co corn
• 32
Convertible preferred... 31
Lane Drug corn v t c
• 24
Cum preferred
•
La Salle Ext Univ cora _10
Lawbeck Corp, ars of deoLeath & Co nom
• 21
Cumulative preferred_ •
Warrants
Libby McNeill & Libby _10 134
Lincoln Ptg Co 7% pref _60
Purchase warrants
Lindsay Light,com
10
451
Lion Oil Ref Co com
• 323.4
Loudon Packing Co
•
Lynch Glass Mach Co.,..• 29
McCord Radiator Mfg A_•
McQuay-Norris Mfg
•
Mapes Cons Mfg Co, corn • 4115
Mark Bros Theatres pref• 2854
Material Baty Corp corn 10
Meadow Mfg Co com____• 21
Mercantile Disc't Corr A
,
28%
Mer & Mfrs SeoPart preferred
25 3111
Metro Ind Co ctt of dep. •
Mid Cont Laund Inc, A..
• 34
Middle West Utilities_
18155
Rights
•
8%
100 120
Preferred
$6 cum preferred
• 102
Prior lien preierred _ _100 126
Midland LIMES% prlor lien
100
6% Preferred "A"._ _100 8531
7% prior lien
100
Preferred 7% A
100
Miller & Hart,Inc,conv pf• 5055
Warman Honeywell Reg_• 64
Preferred
100 160
Missouri-Ran Pipe Line_ _ _
25
Modlne Mfg corn
•
Mohawk Rubber
Common
• 59
Monighan Mfg Corp A_ _ _•
Monsanto Chem Workm__• 108
Rights
Monroe Chem
24
Preferred
47
Morgan Lithograph com.• 53
Morrell & Co Inc
• 63
Mosser Leather Corp corn •
Muncie Gear class"A"_ _• 29%
Claas"B"
• 26
Muskegon Mot Specialties
Convertible class A
• 3331
Nachman Springfilled com• 69
National Battery Co pfd • 5531
Nat Elan Power A part__ _• 37
National Leather corn...i0
_10
4%
Nat Standard eom
• 5355
Neve Drug Stores, corn
•
Convertible A
•
Nobblitt-Sparks Ind com_•
North American Car corn.
• 6631
North Amer G & El ciA.
5 2431
Northwest Eng Ce, corn_ _• 46
North West Utilities
Prior lien preferred. 100
Oak & Prod class A
•
• 63
Class B
Ontario Mfg Co corn
• 36
• 1831
Pacific West Oil
Parker Pen (The) Co com10 53
Penn Gas de Elec A corn_ _• 23
Peoplee Lt & Pow "A"com• 54
Perfect Circle (The) Co_ _•
Pines WInterfront A com_fi 22931




15
15
53% 58%

50
9,400

Range since Jan. 1.
Low.
15
45%

High.
Jan
15
58% Feb

98
21 96%
99
65
315 54
65
354 1316
164 18
250 95
9555 96%
304 5,600 30
30
200 7316
73% 7411
952 209
235 250
41/1 42
600 35
29% 3516 6,750 2916
50 134
1311 134
1,200 12
12%
12
.5
200
5
5
47
48
488 46
57 117
118% 119
900 36%
3615 37
1556 1631 1,150 154
400 24%
244 2416
450 24%
27
28
33
3516 4,500 30
16% 21% 24,900 14%

99
65
18
9655
32
76
250
4355
35%
1756
1315
631
4734
119
37
1755
27
28
35%
2256

Jan
Jan
Fen
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

9555
96%
9715
100
2516
27

445 93/1
130 95/1
159 9735
500 109%
4,950 23%
100 25

9636
97
97%
110%
25
27%

Jan
Jan
Jan
Jan
Jan
Jan

82
70
27
28
116 120
2551 30
33% 3454
27% 29%
265 275
40
41

2,550 60
1,450 24
400 115
3,250 24
1,550 31
7,500 2516
125 240
100 40

82
30
125
30
36
32
275
42

Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan

14016 172
12
1311
49% 51
33
30
115
216
34%
32
180 185
58% 66%
58% 87
55% 57
41
4315
59% 68%
60
66%
38% 39
54% 54%
78% 8216
36
32
165 181
3116 34%

50,650 14015
22,450 12
1,300 46
2,500 29%
3,200
116
15,550 31
220 175
5,400 5456
9,050 54
450 55/5
1,900 33%
14,150 55
21,200 5431
700 38/5
50 54
7,450 71
26,050 30
503 125
31.825 2431

172
1556
5415
3516
215
3455
185
6656
67
58
4316
6656
66%
41
5556
84
40
195
32

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

12214
16
50%
53%
30
29
24
26%
4%
100
19%
45
731
13%
44
5
355
31
43%
2816
43
61%
41%
27%
3966
20%

284

17,450 115
131
8,650 16
18
120 5016
52
2,650 51%
55
1,200 28
3215
750 28
32
950 24
25
26%
850 26
4
700
5
600 100
102
1,250 17
21
150 45
4511
6
50
751
6,650 1356
14
773 42
45
150
5
5%
3,050
354
456
8,350 31
33
1,450 43
46%
3,050 26
30
550 40%
4456
300 5756
65
150 4114
42
600 27
30
1.900 36%
40)4
22% 26,325 14%
750 28%
2831

131
1955
52%
58
3256
32
29%
32
5%
10254
21
46
711
15%
4514
654
4%
34
46%
30
4455
65
42
33%
42%
22%
28%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

31%
102
34
180
8
119%
9915
126

4,750 3034
32
550 102
103%
3,400 34
344
7,650 169
190
615
831 49,145
2,640 119
120
1,250 98
102
800 12551
127

32
106
34%
190
8%
12155
102
127

Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan

89
85%
100
97
49%
83
151
2316
55%

45 88%
90
85 85%
8551
245 100
100
14 97
97'
1,200 49%
51
2,700 55%
67
150 14255
160
20,850 22%
26
1,750 5331
57

91
88
102
98
52
67
160
26
59

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

94%
96%
97/5
100
23%
2651

59%
850 57
57
1,700 32
3355 35
850 104
105 108
400
7%
815
550 24
25
24
1,400 47
47
49
18,100 48
48
54
62% 64% 5,800 62
100 20
24% 24%
28
3015 11,300 2711
25% 2855 3,550 20
33
69
56
35
44
51
10
29
4434
6231
2414
4415

2914
61%
55
35
411
49
10
29
37
50
24%
4354

36%
75%
64
38
5%
55
11%
29
48%
70
25
46

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

156 101
1,700 58
750 58
2,300 34
1,150 1816
3,850 51%
2,700 22
3,400 47%
350 4915
6.950 182

103
67
68
40%
23
57
24%
54
60
230

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb

3816 11,800
5,050
75
550
57%
8,900
38
4,
3
4, 4,700
18,750
55
200
10
29
50
5,750
4816
8,400
67
1,900
25
250
46

101 102
62
67
61
68
3416 37
18% 21
51% 53%
22
2456
49% 54
54
56
215 .230

Jan
66
Jan
35
114
Jan
855 Jan
2655 Jan
51
Jan
5615 Jan
Jan
66
24% Jan
Jan
31
Jan
30

[VOL. 128.

Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week
Stocks (Concluded) Par. Price. Low. High. Shares

Range Since Jan. 1.
Low.

Poor dr Co class 11 corn_..• 303.4 30
3014 5,650 29
Potter Co(The) corn
1,000 30
• 37
3534 38
Process Corti corn
•
2,200 27
2834 31
Pub Serv of Nor 111
Common
100
244% 24454
12 205
Common
•
221 244%
379 205
6% preferred
100
125% 125%
10 mg
Q-R-S Music Co. corn__ _• 157
150 157
500 144
Quaker Oats Co corn
•
351 365
75 350
Preferred
100
119 120
90 117
Raytheon Mfg Co
• 5934 5934 63
1,156 55
Rights
3%
3
7,300
3
331
Reliance Mfg COM
10 26% 26
27
2,750 26
Richards(Elmer) Co Pref.' 28
28
28
750 28
Koss Gear & Tool cum _• 55
1,650 45
5234 55
Ryerson & Son Inc corn..
• 42%
3956 4231 8,400 38
Sangamo Electric Co_ _ _ _• 4334 4255 45
2,450 3556
Saunders class A corn
•
61
58
200 58
Preferred
Si)
49
49
200 49
Sheffield Steel corn
• 8031 80
240 66
8074
Signode Steel Strap Co.
.° 1936
18% 193.4
1,550 1711
Preferred
30 28% 2831 2851
1,900 283.1
Purchase warrants
355 4
334
1,900
355
sonatton Tube Co corn _• 42% 37% 43
51,250 3154
So Cob Pow El A com_25 25
2435 25
700 24
Southw Gas & El 7% p1100 10056 100 100%
235 99
Southwest Lt dr Pow pfd_ •
8931 8954
50 87%
Standard Dredge cony p1.. 3834 37% 4056 12,650 353-4
Stand Pub Serv"A"
• 2934 29
30%
1,300 27
Standard Tel pref 57
•
97
97
. 50 97
Stelnite Radio Co
• 44
40
4631 4,100 40
Storkilne Fur cons pret_25 29
28% 30
2,100 27
Studebaker Mall Or corn _6 1871
18
20
11,550 13%
Class A
• 28
28
29
1.600 2755
Super Maid Corn corn....5 70
60
72
1,550 68
Sutherland Pap Co,corn _10 1934
1931 20%
550 19
Swift & Co
100 13634 136 13756
1,600 135
Swift International
16 347-4 3415 3555 5,750 3414
Tenn Prod Corp, corn..._ _• 26
25
2615 3.200 25
Thompson (J R) com _25
58
57
350 57
Rights
1
154
13-4
3,800
1
Time-O-St Controls "A".• 36
3931 10,700 3356
35
12th St Store (The) pfd a •
24
2536
400 24
Unit Corp of Am prat_ ___• 353-4
3314 37% 24,650 3235
United Dry Dks, Inc corn.* 22
22
7,100 22
223.4
37
United Gas Co
33% 3955 26,000 2931
United Lt dr Pow "B"
Class"A"preferred_
100
112 98
•
1003.4
United Pub Util $6 pref..*
80
100 80
80
Common class 13
5 343-4 3434 3434
50 3434
[In Repro Corp part pf A.
35
3931 4,756 35
35
Universal Products Co_ • 49
49
5234
1,000 45
Univ Theatres cony cl A_ _5 14
14
14
200 11
67% 4,200 63
20 6334 63
U 8°Mum
4555 50
50
25% Paid
950 4555
Preferred
128 128
100
37 128
0 8 Radio & Telev nom_ _• 136% 114 139
31,990 4434
Utah Radio Products corn* 5254 493.4 53
9,720 41%
Van Sickle!, Corp part cl A* 35
347-4 3656 4,650 3474
Vesta Battery Corp.corn 10
14
150 13%
1434
Vogt Mfg corn
• 32% 32
550 32
3234
Vorcione Corp part pref...• 533.4 52% 5651 4,100 49
Wahl Co corn
• 263-4
4,850 24
243-4 27
WalgreenCo,com pur war• 62
62
65
200 58
655% preferred
100 105
105 105
100 105
Warchel Corporation
2211 22
2416 3,000 22
Preferred
34
33
3455 5,100 33
Ward(M)dr Co, class A_.• 132
132 132
100 131
Waukesha Motor Co corn _. 175
171 175
65 171
Wayne Pump Co
Convertible preferred_ •
42
44
250 42
Wextark Rad Sts Inc, com• 5335 4714 57
17,650 38
Western Grocer Co
24
24
150 23
West P L & T pt ptd A_ _ _• 3434 3456 35
1,400 3431
Wleboldt Stores, Inc
•
54
53
850 53
Wilcox-Rich cony pf A _ _• 46
413.4 46% 9,000 37
C1883 B
• 46
41
46
6,950 3331
Williams 011-0
-Matte com• 2755
27
10,850 20
29
Wil-Low Cafeter Inc corn_* 25
3,500 2431
2434 27
Convertible prof
* 55
550 55
55
55
Winton Engine con prat_ _• 9056 85
4,750 84
92
Wisconsin Parts corn
900 55
• 64% 63% 6764
Wolverine Port Cement_10
1,450
6
8
6
8
Woodruff & Edwards InoPanic class A
450 27
• 27% 27
2735
Wrigley(Wm Jr) Co corn• 78
2,240 77
80
77
Yates
-Amer Mach part pf• 303-4 2854 3134 10,200 24
Yellow Cab Co One (Chic)• 32
3174 32% 2,250 31 34
Zenith Radio Corp corn..' 5555 54
5834 27,950 48
Bonds
Central States Util 65_1038
$2,000 97
97
97
Chic City & Con Sly 56 '27
7.000 65
70
70
Chicago Rys 5s
1,000 81
82
82
1027
Purchase money 55_1927
15.000 44
44
44
Commonw Edison 58_1943
4,000 104
104 104
lot mtge 55 ser A...1953
1,000 102%
10231 10234
Commonw Subsid Corp
98% 9854
556s A
1,000 9855
1948
El Paso 6%s
5.000 9866
1943 100% 10055 101
10-yr 6s dabs
10155 4,000 100
1938 10155 101
Insull UM Inv 65"A"..1949
70,000 140
160 181
La Salle Bldg 5%s. _1958
2,000 100
100 100
Medlnah Ath 1st m 6s 1947
99
1,000 99
99
9954 9954 5,000 9914
MerNat'l Prop with warr'58
Mer dr Man Bldg 615s A '42
3,000 100
100 100
Metr W Side El 1st 45.1938
2,000 77
78
78
1,000 7751
Extension gold 4s...1938
7731 7731
North Amer (.1 & E 65.1954
5,000 99
99
99
65 East So Water 63-45 '47
2,000 99
100 100
Saxet Co 6s A
99
1,000 99
99
1938 99
St Louis G dr C Corp 6s'47
92
92
2,000 92
Spruce Falls 555s
1,000 99
99
99
1945 99
Stand Pub Serv 6s B._1948
2,000 99
99
09
Swift & Co 1st s f g 55 1944 102
101% 102
6,000 1015.4
Texas-Louisiana 6s....1946
10134 10136 2.000 9754
Un Pub Serv Co 6%5_1933
9834 9856 2,000 9816
URI Elk Coal Co 20 yr 6s'48
2,000 99
99
99
CBI Power dr Light 138 _1958
2,000 100
100 100
9856 9834 2,000 983.4
West UM Corp 1st 5545'48
3 year 5363
99
99
2.000 99
1931
10156
101
Wrought Iron of A 6558'38
9,000 100
•No par value.

Jan
Jan
Jan

High.
3234 Jan
4034 Jan
Jan
33

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

24431
244%
125%
161
365
120
70
534
3031
2831
56%
4231
4634
73
5156
90
2051
3231
4%
43
25
101
90
4056
303.4
97
40
30
20
30
74
21
140
3755
2834
62
13-4
3915
26
3734
23
39%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

100%
80
3474
42%
55
14
7234
51
130
139
56
3656
15
3434
5716
27
65
165
26
36
13234
175

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

46
6531
25
353.4
57
4654
46
2954
27
55
94
72
8

Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb

Jan
Jail
Jar
Jan
Jan

2831
80
32
35
5931

Jan
Jan
Jan
Jan
Jan

Jan 97
Jan 70
Jan 81.3.4
Jan 44
Jan 10431
Jan 10274

Jan
Jan
Jan
Jan
Jun
Jan

Jan 9854
Jan 101
Jan 101%
Jan 190
Jan 100
Jan . 99
Jan 9954
Jan 100
Jan 76
Jan 7734
Jan 99
Jan 100
Feb99
Jan 93
Feb99
Jan 99
Jan 102
Jan 10154
Jan 9854
Jan 99
Jan 100
Jan 9834
Jan 99
Jan 101%

Jan
Jan
Feb
Jan
Jan
Jan
i Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jar
Jar
Jar
Jar
Jar
Jar

-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Jan. 26 to lob. 1, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Prise. Low. High. Shares.

Almar Stores
•
American Milling
10
American Stores
•
Bankers Secur common-..
Preferred
50
Bell Tel Co of Pa prof.
.100
Blauners all certifs
Bornot Inc

7%
25
89% 89%
5954 59%
186
117
59
854
8%
8

Range Since Jan. 1.
Low.

8% 31,323
25
50 18
02
10,900 89%
62
2,137
187
110 186
118
404 11554
5954
600 52
8%
300
83-4

Hiph.

Jan
Jan 25
Jan 97
Jan 220
Jan 220
Jan 118
Jan 5034
Jan
861

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

FBB. 2 1929.]

FINANCIAL CHRONICLE

XX g
g

gg

X

t

N

tIt5g55t5tt

A=X

.....

NMMOMN ,
OVMMW
4.0.002M0bOODOM

X

CO

52
5334 $20,500
8.000
4934 50
39,500
0034 65
9934 9954
1.000
53
53
6,000
92
92
2.000
10454 105% 8,700
10634 10634 10,003
10534 106
33,000
10034 10034 8,0011
98% 9834 1.00Q

534

5%

Jai

5434 Jai
50
Jai
Jai
65
100
Jai
55
Jai
92
Jai
10534 Ja
106% Ja
106
Ja
10034 Ja
99
Ja

•No par wane.

Pittsburgh Stock Exchange.-Reoord of transactions
at Pittsburgh Stook Exchange, Jan. 26 to Feb. 1, both
inclusive, compiled from official sales lists:
riwcw

Stocks-

OW03

Last Week's Range for
Sale
af Prices.
Wee*.
Par. Price. Low. High. Shares.

MM.g.g^:
mmm m




95.,

Low.

High.

6
2536
64
58
33
8534
275
2634
32
230
DM
5o
25
48
2034
14%
24
38
1034
4634
98%
3134

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fob
Jan
Jan
Jan
Jan
Jan

32
27
10234
71
24
"'"'

Jan 3
336 la.
Jan 29
Ja
Jan 105
Ja
Jan 85
Ja
Jan 2634 la
Jan

2834
46
3%
7%
6134
183
41
19
25
1234
7
7%
70
8834
0734
52
38
2
25%
10434
67
1234
1034
29
765
35
50c

2

M U1SCOMG
.

Unlisted Stocks
-Aluminum Goods Mfg
-- _ _ -- 32
3234
Crandall Me K &11
28
28
2834
Koppers G & Co pref
103
10234 103
Standard Steel BPrings ----------71
81
Western Publy Service
__
24 ,
.
-

mmmommme....,-mmm...-0 om.m-mm.v.m-0... mmommm

32
32
4934 50
4
444
8% 8%
62
52%
183 185
42
41
1934 1934
2654 28
1234 1336
7
7
8
1034
71
70
8836 8834
9934 9934
55
56
38
3814
2
236
33% 85
10634 107
70
7434
15
18
11
14
29
85
765 765
35
35
60c
60e
2
2
6
6
2734 2734
72
7434
88
94
3834 39
8534 8534
285 28736
2634 2834
36
36
230 250
514 544
lie 261;
3034 3034
5134 54
2634 2734
15
15
24
24
40
4134
1036 1034
46
48
9936 9954
4654 5334

i0C.MMQ1.0360MMMCOM!.00MV.O.N_.0§00,00000.M40.0.40.0.500
§0000M0
MNt.Mm.
.Nop
mv,
.0.
eq..b.4M
C.t. .MON M
•

Amer Wind Mack.nom 100
Preferred
.
A00
Arkainias Gaa Corp, eom__
4
8%
PrefernxL
10
Armstrong Cork Co• 62
Bank of Pitlahurgb_ _50
Blaw-Knox Co_ -_-__ • 4136
Carnegie MetalsCo_ _ _10 1936
.
Cent Ohio Steel Prod,oom*
Oonsolldated Ice prat -50
Devonian 011
10
Dixie Ona Az Utilities, cam_
10
Preferred
100
Eaohange Nat Bank_ -50
Follansbee Brae Co pf _ _100 9934
Harb-Walker Rafts° new _•
Horne (Joseph) Co cam...* 5834
Independent Brewing pref.
2
Libby Dairy Prod Qom_ iiii
lat preferred
Lone Star Gas
25 7336
molOnney Mfg com
15
Nat Fireproofing com_50 14
Preferred
50 35
Peoples Say & Trust_ _100 765
Petroleum Exploration_25
Phoenix Oil Co pref
1
Pittsburgh Brew nom- -50
Preferred
50
Pittsb Investors Sec
•
Pittsb Plato Glass new.100 73
Pittati Screw & Bolt Corp.• 90
Plttsb Steel Foundry cam _•
Preferred
100
Pitts Trust Co
100
Plytnourn 0110o
5 28
Pruett Schaffer prof
•
Heymer Bros Ina
Salt Creek Consol 011._ -10
San Toy Mining
1
12o
Stand Plate GI pr pref _ -100
Stand Sanitzry Mfg nom 25 53
Suburban Elea Develop._
Tidal Osage 011
10
Union Steel Casting
24
United Engine & Fdy corn _
40
United Statea Glass
25
WestinghouseAlrBrake new 48
West Penn Rya prof __100
WItherow Steel com
" 5334

Lange Since Jan. 1.

32
50
4%
834
6434
188
43
20
28
1334
8
1
71
8836
9934
5834
40
236
35
107
7434
1734
14
35
780
35
750
2
634
28
75
94
40
8536
287%
3034
36
250
5%
23o
31
54
29
15
25
4136
11
48
10034
5334

036

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jar
Jar
Jar
Jar
Fel
Fel
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Vol
Jar
Jai
Jai
Jai
Jai
Jai
Jai
Fel

Western Electric
Witherow Steel
Bonds
Pitts Brewing lis
West Penn Trac 5s

5
6
1949
_ _1960

92
92

Range Since Jan. 1.
Low,

High.

723
70

5
6

Jan
Jan

5%
6

Jan
Jan

92 514,000
9334 4,000

92
92

Jan
Jan

92
9334

Jan
Jan

534
6

•No par value.

Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists:
Awes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
PrWOW

Stocks-

Aetna Rubber com
Air-Way Elect Appl pfd 100
Akron Rub Reclaim corn...
Allen Industries com
•
Preferred
•
Amer Olultigraph, nom_ _ _•
Bessem Lime & Cmt nom _•
Bond Stores A
20
B
•
Buckeye Incubator cam_ _•
Byers Machine A
•
e
Brown Fence B

27
27
100 100
233.4 2334 2334
12
1434
1434
3234 3236 323-4
40
3834 40
3634 36
37
4
4
1%
1
1%
1036 1834
1536
13
13
15
34
35
34
3536
Central Alloy Steel pfd_100
11234 11234
City Ice & Fuel
• 6234 61
6234
Clark, Fred G com
10
9
834 954
Cleve Sidra Sup & Br com •
3434 35
Cleve-Cliffs Iron corn _ _ _* 140
.
140 140
Cleve Elect III 6% pfd_10
0111% 11134
Cleveland Railway corn 100 104% 104% 105
Cleve Securities P L pfd _ 10
3%
334 336
Cleveland Trust
440 447
100 447
Columbia Auto Parts pd _• 31
31
31
Dow Chemical com
• 240
225 240
Elect Cent & Mfg com
•
6034 61
z
g
Falls Rubber com
6
5
Faultless Rubber nom_
38
38
•
Fed Knitting Mills com •
3534 38
Firest T & R 6% pfd_ _100
110% 111
100 108% 10834 Ill
7% Preferred
Foote-Burt corn
• 44
44
4434
Gen Tire & Rubber com _25
260 260
Preferred
101 10134
100
Glidden, prior pref _
105 105
_100
Godman Shoe com_
• 5234 52
5234
Great Lakes Tow cam...100 95
9531 9534
Guardian Trust
100 395
390 395
Rights
35
36
Halle Bros
45
10
45
Preferred
100
103% 104%
Harbauercom
• 22
21
22
India Tire & Rub cam70
5234 73
Interlake Steamship com_• 154
154 155
Jaeger Machine com
• 38% 36% 3754
Jordan Motors pre__ _100
3
03.4 31
Kaynee com
33
10 3234 31
Kelley 151 L & Tr cam _ _ • 57
57
57
Lake Erie Bolt & Nut com• 2934
29
2934
Lamson & Sessions
25 4334 4334 4434
McKee(AG)& Co nom •
42
4334
Metrop Pay Brick cam_ •
4954 50
MillerWholesale Drug coin*
39
30
Miller Rubber pref _ _ _ _100 82
82
83
Mohawk Rubber com__ ... 30
59
59
Murray Ohio Mfg com_ •
39
40
Myers Pump common_ __ _• 3634 30
3634
Preferred
•
105 105
Marion Steam Shay pref100
108 105
National Refining (tom_ _25
3631 373-4
National Tile common_ _•36
3534 3734
National Tool common_ i
16
16
Nestle-Le Mur corn
•
26
27
Nor Ohio P & L6% pfd 100
99
9934
Ohio Bell Tel pref
114 115
100
Ohio Brass 13
• 87
8634 89
Preferred
100 10634 10634 10634
Ohio Seamless Tube nom.* 74
74
7534
Preferred
100
105 105
Packard Electric cam_ _ _• 125
125 12654
Packer Corp nom__ _ _ _• 31
3154 3334
Paragon Refining atm_ _• 27
24
2754
Preferred
43
*
43
Reliance Mfg common__ _• 4834 4834 30
Richman Bros oommon_.* 38534 385 390
Robbins & Myers series 1_ _
8% 834
Series 2
8
8
Scher-Hirst class A_
• _23
23
2334
Seiberling Rubber coin_ _ _• 5834 56
59
Preferred
100 107
10634 10734
Selby Shoe common
33
*
32
Sherwin-Williams coin_ _25
87
87
Preferred
100 10734 10734 10734
11
11
Stand Textile Prod eom 100
A preferred
86
100 85
85
3936
D preferred
100 3934 38
Stearns Motor common_.
834
6
6
Stauffer Corp class A
3034 3034
Thompson Products com_*
65
64
Trumbull-Cliffs Fern p1100
10534 10534
Union Metal Mfg nom__ _•
52
52
321 327
Union Trust
100 321
Wellman-Seaver
-Morgan
65
100
65
Preferred
White Motor Secur pfd_ 100 10234 102% 10234
Y'town Sh & Tube prof _100 102
10134 10234
27

ca CI

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Jar
Jar
Jar
Jai
Jar
Jar
Jar
Jar
Jai
Jai
Jar
Jai
Jai
Jtu

Rights
-

Range Since Jan. 1.
Low.

High.

2434
100
22
12
31
37
36
3
1
1034
13
31
34
112
61
5
3134
140
111
10434
336
398
31
200
57
5
33
3534
10934
10834
40
260
9934
103%
52
9534
376
30
45
I0334
21
39
14934
3634
35
2954
57
29
43
3934
44
27
78
50
39
36
105

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

27
100
2334
1434
33
40
37
4
134
1636
20
35
36
113
64
10
35
147
11234
106
33-4
447
32
240
61
1334
39
41
III
111
4434
282
102
105
54
96
500
36
4654
105
22
73
155
4534
42
33
59
3234
4634
4334
52
31
83
6534
43
38
105

Jan
Jan
Feb
Jan
Jan
Jan
Jon
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Pet
Jan
Jac
Jar
Jan
Jan
Jan
Jar
Jar
Jan
Jar
Jar

38
34
15
26
98
11236
8634
10654
69
102
120
2954
2254
43
48
365
631
8
22
56
10554
32
8574
10734
11
I 71
33
1
534
3034
1 46
) 104
) 52
3 307

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

3734
3734
18
2934
9934
116
92
10634
7534
105
12614
3334
2736
44
52
390
834
8
25
65
10736
35
88
108
14
89
40
631
3034
68
10534
60
327

Jet
Jar
Jar
Jas
Jar
Jar
Jai
Jar
Jar
Jar
Jar
Jai
Fel
Jai
Jai
Jar
Jai
Jai
Jar
Jai
Jai
Jai
Jai
Ja
Jai
Ja.
Ja
Ja
Ja
Jo
Jai
Ja
Ja

3 64
3 102
D 101

Jan 65
Jan 103
Jan 102%

Ja
Ja
Ja

D 100

CD

XXXXX

9,000

3%

ttttttttttAtttttttttttittgtfatttettttttgetttttttttttttttt

71,800
5334
1,250
81%
6734
10 000
.
20
4134
25,615
4234
800
32
800
1934
26
61
2,100
334
20
240
21
115%
130
120
640
88
4,400
5134
1,100
6234
47
107
3,260
91
7,268
1034
5
25
29,100
42
14,700
169
2.785
26
18
41
5,460
7134
52
3%
70,800
5734
400
88
2
8034
14,500
8234
500
98,4
326
9334
700
9034
9,90
33%
2,350
53
4,000
50
1
1.42
55%
1.000
934
100
3034
1,000
8434
1,100
26
2.705
3834
935
60
30
100
65
42
7.600
1%
2,400
4
2.055
3834
115.200
19534
7,000
4234
460
50
100
96
1.600
2534
5'30015634
3,100
5234
100
43
35
4034

g

334

BondsLElec&Peo pies tr etre 4(11945
liter-State Rys call tr 4s'43
Lake Sup Corp be stpd
Lehigh C & N cons 434a 54
Peoples Pass tr ctfs 40_1943
Pbila Elea (Pa) lets 14a'86
let 55
1988
1st lien & ref 634s_ _1947
Phila Elea Pow Co 534s'72
Strawbridge & Cloth 5s'48 10034
York Railways 1st 63_1937 __

1 XX XX XXXX

RightsPenna Intim' on Lives

4734 5334
7234 7734
5034 6734
41
41
3634 40
3034
28
1834 19
59
59
234 234
236 240
115 115
118 120
8334 86
49
50
6034 8234
105 107
84
82
7
1035
26
25
33
42
152 169
233.4 2334
41
41
6734 7134
234 2%
53
5734
88
88
79
79
7834 7934
9834 8834
9134 03
89
9034
34%
34
5134 5234
5034
50
51
54
834 834
2934 2934
82
8234
2434 25
34
35
5034 60
9934 100
42
42
134
1
334 4
3234 3736
17534 19334
3736 4234
49
50
96
96
2334 23%
14834 151
52
45
4234 4234
4034 4036

High.

.00.00MMWMNN.MMOMMN.f.t...0M.NNOt..001.-NMM.O.MMN.MMOC.M
4NNWMMNIONO
MCMVCAN.OVVV.
N..W.MOW
NMNMVOM
MbMVMN.M
..aleavaD .ownramowm.o.
•-•
N..

Budd (E 0) Mfg Co
* 4734
76
Preferred
Budd Wheel Co
6334
Cambria Iron
50
Camden Fire Insurance-- 3934
Commonwealth Gas Co_10 28
Cons Theatres Ltd
Consol Traction of N .7.100
cramp Ship & Eng _ _ _ _100
234
•
Curtis Pub Co nom
Preferred
Now
120
Electric Stor Battery __100
Fire Association
10 4934
Horn&Hardart(NY)com •
Preferred
100
Insurance Co of N A _ _10
Keystone Telephone_ _ _ _60
7%
Preferred
50
Lake Superior Corp_ _ _100 33
.
Lehigh Coal & Nay
50 16434
Lit Brothers
10
Lit ScluzykillIVavRR&C.50 41
Manufact Cas Ins.
6736
Mark (Louis) Shoes. Inc_•
234
North East Power Co
•
North Penn RR
50
PennCentL&Pcumpref_ _ • 79
Pennsylvania RR
8o
Penn Salt Mfg
50
Phila Dairy Prod prof
9134
Phila Electric of Pa
25
Phila Elea Pow pfd.
25 3434
phlla Rapid Transit _ _ _ _50 5234
7% preferred
50 5034
Phila Traction
50 5134
Phila & Western Ry
50
834
Preferred
50
It E L Title new
Reliance Insurance
10 25
Shreve El Dorado Pipe L 25
Scott Paper Co
• 60
8% preferred B
Taeony-Palmyra Bridge_ •
Tono-Belmont [level_ _ _1
1
Tonopah Mining
1
834
Union Traction
50
United Gas Im provem't _50 18934
United Lt & Pow A coin_ •
U S 1)alry Prod class A ___• 50
2d preferred
•
Victory Insurance Co__ -10 2334
Victor Talking Mach eom •
West Jer & Seashore RR_ 50 48
Westmoreland Coal
60
York Railways prat
60

Range Since Jan. 1.
Low.

707
Friday
Sales
Last Week's Range for
Sale
of PTP.O.9.
Week.
Price. LOW. High. Shares.

Ow.
is to
..
.301cs a tow
w.a...w
'cow .w
w..
ww..www
ow.wW
'
aa
ww-l'
01O..4WOONMM.410.M.WWW0.0 Ocpm.moomw.tnotgaMmmw•iM.90M.q,notnyOga.cm
5 A,!=g:2g:SgoEri000wwowwwwow.mowow 8
.7
°
g
owaa 000.400.000.00,00M004.NOOONC.0000.0WWONOWWNQ0,0C*0000,00O00000W

'May
JOWT
Last Week's Range for
of Prices.
Sale
Week
Stocks Concluded) Par PltGC. LOW. High. Shares.

Jan 100

Ja

Bonds
-1011

100

Inn

•No par value.

Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Jan. 26 to Feb. 1, both
inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Ahrens
• 1934
19% 1954
-Fox A
Am Laundry Mach cam _25 93% 93% 94%
3334 33% 34
American Products corn
28
Preferred
• 29
29
Amer Rolling Mill nom -25 9634 96
99%
19% 20
Amer Seed Mach prat_ _100
17
Amer Thormoa Bottle A..• 17
19
Preferred
50 47% 47% 4834
100
Baldwin corn
26% 28
• 1334
Buckeye Incubator
1034 1634
275 278
Carey (Philip) ram----100 278
Preferred_
100
125 126
•
Central Brass A
27% 27%

Range Since Jail. I.
Low.

High.

187 18% Jan
1034
Jan 96
2.165 92
Jan 34
859 30
79 27% Jan 30
1,153 95
Jan 105
112 19% Jan 20
636 1636 Jan 19
Jan 49
100 47
445 25
Jan 29
1,866 10
Jan 1634
Jan 278
7 230
21 125
Jan 126
10 26
Jan 2744

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
1Jan
Jan

Friday
Sates
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
CIlamp Coat Pap 1st Pf 100
Special preferred_ _100
100
Champ Fibre pref
zurngold Corporation_.
CIm Gas dr Elea pref ___ _100 9834
CI to Ball Crank
* 38
N & C Lt& Trac com 100
Preferred
100 75
Incinnati Street Ry____50 54
do & Sub Tel
50 127
In Union Stock Yards 100 40
In Postal Term pref _ _100
Ity Ice & Fuel
• 62
rosley Radio A
• 180
ow Drug corn
100 39
agle-Picher Lead com _20 20%
arly & Daniel corn* 74
try Register A
• 35
rat National
100 450
=Ica Insulation
• 3434
mndatlon Loan
•
vrfyter A
Ibeon Art common
• 5234
oldsmith Sons
50 32
men Watch common ..* 5534
Preferred
100 11434
atfleld-Campbell nom _•
obart Mfg
• 70
t Printing Inc
* 60
100 10534
Preferred
.1Ian Kokenge
30%
ahn 1st preferred_ _100
40 42
Participating
Mel Elan & Mfg A
* 19
50
ttle Miami guar
tnkenheimer
anischewitz common _100 33%
* 71
ead Pulp
Special pref
100 108
• 30
eteor Motor
ash(A)
100 160
•
at Recording Pump_
110 Bell Tel pref
100
wagon Haig corn new_ _25 26%
25%
V tc
B preferred
560
!art Market
Deter & Gamble corn_ _20 303
104
5% preferred
100 102
are 0116% pref
mid Electrotype
•
chardson common_ _100
bin Robbins prat_ __100
cond National
100
•
sited Milk Crate A
S Playing Card
10
S Print 4c Litho com_100
Preferred
100
•
S Shoe common
Preferred
100
hitaker Paper nom
•
Preferred
100
nrlItzer 7%.'Iraum _ _ _ _ _ _

111
111
106
106
108 108
33% 34
98%
98
3735 38
9434 96
74
75
4934 55
127 128%
39
40
8334 83%
61
6215
16034 18034
39
40
2034 2134
69
74
35
37
450 450
33
35
22
21
28
2834
52
53
32
33
5334 5515
11434 11434
13
13
69
70
60
6334
105 106
30% 31
9934 100
38
42
1634 19
107 107
30
311i
3514
33
70
71
10734 10834
2915 30
153 160
31
3134
11334 11434
2434 2634
2434 2535
4234 4234
550 560
29734 304
104 104
102 103
60
60
240 252
99 100
249 249
34
34
111
112
93
93
101
101
7% 8
6234 621.1
83
83
10634 107
117 117

15
2
8
282
826
300
50
82
4,718
223
200
60
282
5,797
1,031
2,980
15
135
10
1.398
95
550
615
298
744
61
58
346
426
350
715
15
302
388
5
10
348
160
25
151
61
110
88
733
392
5
34
1,635
13
483
160
175
5
2
40
122
397
2
108
50
11
66
1

Range Since Jan. 1.
Low.
11034
105%
108
33
98
3334
94%
7034
4934
119
35%
8334
6034
114
39
1936
69
35
450
2654
20
28
4834
24
50
11434
13
68

583s

103
30%
9934
3615
15
103
28
33
6834
105
2934
150
30
113%
2234
20
4234
550
279
104
102
60
235
99
249
34
109
8534
101
7%
62
7434
102
117

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
,Jan
I Jan
UTan
an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

High.
Jan
112
106
Jan
108
Jan
Jan
37
99
Jan
40
Jan
98% Jan
Jan
75
55
Jan
130.
Jan
4435 Jan
8334 Jan
Jan
63
18034 Feb
4134 Jan
2134 Jan
Jan
74
Jan
37
Jan
450
Jan
35
Jan
22
2834 Jan
53
Jan
3611 Jan
5515 Jan
Jan
115
Jan
13
Jan
70
6334 Jan
10734 Jan
36
Jan
10034 Jan
Jan
42
Feb
19
Jan
107
Jan
32
36
Jan
71
Jan
108% Jan
Jan
36
Jan
166
3134 Jan
11434 Jan
2634 Feb
25% Jan
Jan
43
Feb
560
304
Feb
104
Jan
10334 Jan
Jan
64
Jan
252
Jan
100
249
Jan
Jan
37
Jan
115
93
Jan
10134 Jan
Jan
8
Jan
65
87
Jan
107% Jan
117 'Jan

•No par value.

-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists:
Stocks-

[VOL. 128.

FINANCIAL CHRONICLE

708

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sato
Par. Price. Low. High. Shares.

Ban k.StocksBoatmen's Nat Bank__100 192
First National Bank_ __100
Nat Bk of Commerce_ _100 195
State National Bank _ _100

192
353
194
210

193
354
196
210

310
2
225
41

Trust Company Stocks
Franklin-Amer Trust_ _100
Mercantile Trust
100 620
Mississippi Vali Trust 100 382
St Louis Union Trust_ _100 505

225
618
382
505

225
621
385
505

1
19
14
5

Miscellaneous Stocks
100
AS Aloe Co pref
Bentley Chain Sts com_ •
*
Preferred
•
Best Clymer Co
*
Boyd-Welsh Shoe
100
Brown Shoe pref
100
Bruce (E L) pref
Burkart Mfg pref
*
Century Electric Co_ __100
Champ Shoe Mach pf__100
Chicago Ry Equip nom_ _25
25
Preferred
Coca-Cola Bottling Sec _ _ _1
•
Consol Lead & Zinc A_
•
Elder Mfg common
A
100
Emerson Electric prof _100
Ely & Walker D G corn_ _25
let preferred
100
26 preferred
100
Fred Medan Mfg com_ •
Fulton Iron Works nom_ _*
-Metallic
10
Granite BI
Hamilton-Brown Shoe_ _25
Huttig 8 & D common_ •
Hydr Press Brick com _ _100
Preferred
100
Indep Packing pref. _100
•
Internat Shoe corn
Preferred
100
•
Johansen Shoe
Johnson-S .3c S Shoe
*
Kennard Carpet pref__100
100
Laclede Steel Co
_25
Landis Machine com
*
McQuaY-Nords
Mahoney-Ryan Aircraft.. _5
Marathon Shoe com-- _ _25
•
Meyer Blank° corn
•
Moloney Electric A
Mo Portland Cement...._25
•
Nat Candy corn
•
Pedigo-Weber Shoe
•
Pickrel Walnut
RIce-Stix Dry Goods com_*
100
26 preferred
Scruggs V-B D G com _25
•
Scullin Steel Prat
•
Securities Inv corn
*
Packing com
Staloff
•
Remits Bros A
Acid & Sulphur corn..'
Sou
Sou'western Bell Tel pf_100
_ . -___ .. ,..........,..”,
*

103% 104
32
31
4834 49
14
14
4034 4
034
117 117
98
99
1734 2034
125 130
106 106
8
8
17
16
4215 43
1234 1334
35
3534
79
79
101 106
2934 30
10734 10734
86
86
20
20
634
6
55
55
1834
18
22
22
3% 334
65
65
80 80
7131 7234
109 110
39
39
55
58
102 102
380 380
56
573.4
63
63
17
19
4831 50
1834 1834
54
5431
4934 5534
1835 20
3234 3214
24
2434
2311 2334
9934 100
18
18
3634 39
36
36
1734 1734
45
4534
50
46
119 11934
41
43




104
49
117

8
17
43
79
2934
10715
634
55
18
3%
7114
39

63
4834
54%
51
1934
24
2334
100
37

50
11915
41

5
508
85
5
20
10
65
830
8
15
75
152
35
465
202
50
11
1,770
10
5
35
215
975
88
160
100
15
10
1,653
71
105
220
11
39
75
100
305
1,135
125
250
7.485
1,361
110
410
1,806
26
310
,1888
50
75
72
520
118
1.075

Range Since Jan. 1.
Low.

High.

192
34234
175
190

Feb
Jan
Jan
Jan

208
354
210
210

Jan
Jan
Jan
Jan

215
575
370
500

Jan
Jan
Jan
Jan

225
628
385
505

Jan
Jan
Jan
Feb

10331
2834
4734
1234
4031
117
98
17
125
10334
8
16
37
1034
32
79
101
2934
10734
86
20
6
55
18
20
3
63
80
71
10815
39
55
102
368
4734
60
1634
4834
1834
54
44
1834
3234
2234
2234
97
18
34%
35
1714
45
46
117
37

Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

104
32
4934
14
4034
117
99
2034
130
10834
9
17
47
1334
36
80
106
30
109
88
20
734
55
21
2234
4
6934
80
7415
110
39
63
102
382
62
63
1954
5334
1934
55
5574
2034
3315
25
2434
100
18
4234
37
1734
5134
50
11934
44%

Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan

Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
St Louis Car pref
100 100%
St Louis Pub Fiery com _ _ _• 22%
Preferred A
Wagner Electric corn
48%
Preferred
100 109%
Street Railway Bonds
City dr Suburban P S 5s '34
East St L & Sub Co 55_1932
United Railways 4s _ _ _1934 84%
Miscellaneous Bonds
Houston 0115 ais
1938 98%
Moloney Electric 514s 1943 9534
Nat Bearing Metals 65 1947
St Louis Car 65
1935 101 34
Scullin Steel 6s
1941

100%
22%
79
46
109

10035
23
79
48%
110

I.ow.

High.

25 100% Feb 100% Feb
Jan 24 ,01 Jan
465 21
(
50 78% Jan 81. jJan
4,194 42% Jan 50 2.1. Jan
115 107% Jan 110A Jan

91
86,000
91
95% 95% 3,000
805 84% 9,000
98%
9315
10434
101%
10034

Range Since Jan. I.

Jan
90
9534 Jan
8034 Jan

6

91.1 Jan
3
96 'Aig, Jan
Jail
85

Jan 99%
98% 3,000 98
95% 52,000 93% Jan 95%
104% 1,000 103% Jan 104%
101%
1,000 um% Jan 101%
10035 4,000 99% Jan 10034

f Jan
Feb
Jan
Feb
Jan

•No par value.

Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Jan. 26 to lob. 1, both
inclusive, compiled from official sales lists:
Stocks-

Friday
soles
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.

Range Since Jan. 1.
Low.

Barnsdall Corp A
25 4434 4034 4534 5,400 4034
Bolsa Chita 011 A
1 2.90 2.60
3.25 68,000 2.60
Ei'd'y Dept St pf ex-war 100 94
94
94
10 94
Buckeye Union 011 pref _ _1
.34
.36
1.25 411.051 .34
Byron Jackson
335 78
• 8034 78
8034
California Bank
25 133% 131
133%
588 125
Central Investment__ _100 10234 10234 1023.1
.
223 102
Central & Pac Improv_ ....1 1.50 1.50
100 1.50
1.50
Citizens Nat Bank_ _ _ _100 516
42 520
512 520
Douglas Aircraft
• 27
26
2834 2,250 26
Emsco Der & Equip new • 40
7,550 3934
4034 44
Farm dr Merch Nut Bk_100 475
20 460
470 475
Gilmore Oil
326 13
8 13
13
13
Globe Grain Sr Mill com_25 33
780 3134
3234 33
Goodyear T & Rub pref 100 101
101
101
74 100
10 98
Goodyear Textile pref...100 100
100 100
Holly Development
1 1.00 1.00
1.00
800 1.00
Home Service 8% pref_ _25 2534 25 34 26
108 2534
Hydraulic Brake Co com 25 56
4835 5836 7,386 40
lot Re-Insurance
511 5534
10 5534 5515 58
III-Pac Glass Corp A
1,935 44
44
46%
• 45
Jantzen Knit Mills
872 45
4535
• 45
45
Lincoln Mortgage Pre-*
155
9
9
874
9
Common
1.05 3,035 .60
• 1.00 1.00
LA Biltmore pref
73 96
100 9715 97
97 74
L A First Nat Tr & 8 Bk..25 13734 18534 142
14,450 12034
LA Gas & Elec pref. _100 19734 10834 108
so 10634
LA Investment Co
2.40 32,009 2.15
1 2.25 2.26
MacMillan Pete
38%
3834 4034 6,880 37
Mascot Oil
2.55 3.450 2.25
1 2.40 2.25
Merchants Pete
1
.60
.50
.60 2,200 .50
Midway Northern Oil_ _ _1
.33 15,000 .20
.20
.25
Moreland Motors Co pf_10
124 3.00
5
5
5
Mt Diablo 011
100 1.50
2.00
1 2.00 2.00
Nat Bank of Commerce_25 46
120 45
46
46
Nor Am Inv 6% pr prat.100 101
100 101
101 101
2.10
Occidental Pete corn
1
2.40 2.90 39,147
3.00
Oceanic Oil
1 1.0234 1.02 A 1.0714 1,400 1023.4
Pacific Clay Products---* 35
406 31
35
3534
Pacific Finance nom_ _..25 97
96
9934 1,043 6734
492 2434
Preferred series C__ _ _25 25
2431 25
Preferred series D _ ___25 2534 2534 2534
108 25
Pacific Gas & El com_25 6534 6534 68%
620 5434
1st preferred
140 27
25 2734 2734 2734
Rights
3.25
639
3.25 3.50
3.50
Pacific Lighting corn
* 7734 733-4 80% 9,066 70
Pacific National Bank__25 50
29 50
50
50
Pacific National Co
5,164 3734
3914 40
25 39
Pacific Western Corp.__ _• 20
2,320 20
20
21
P13131Y Wiggly West Sts A-• 28
1,255 28
28
2834
Republic Pete new
534
10
914
534 934 24,015
Republic Supply Co
325 60
60
61
• 60
Richfield Oil corn
44
4534 10,200 4234
25 45
597 2434
Preferred ex- warr- _ -25 25
2414 25
421 11
Warrants
11
13
11
Rio Grande 011 com new_25 3934 37
67,700 3234
41
SJ Lt & Pr 7% pr pref_100 116
35 11534
11534116
858 530
Security Tr & Sav Bk__100 62734 615 637
1,325 39
Signal Oil & Gas A
25 3974 3934 3934
Sou Calif Edison com
6734 29,800 5434
58
25 64
166 62
Original preferred__ 25 70
70
62
613 2934
7% Preferred
25 29% 2934 2931
6% Preferred
25 2634 2636 2654 2,957 2634
535% preferred
25 2434 2434 2434 2,613 247-4
505 25
Sou Calif Gas 6% prat_ _25 2634 26
2635
103 25
6% Preferred A
25 2514 25% 25%
35 10034
So Counties Gas6% pf_100 1003.4 1003.4 1003.4
Standard 011 of Calif
• 6734 6534 6834 4,000 6534
500
5
5
Sun Realty common
534
5
1
13,000 12934
Trans-America Corp__.25 13334 13031 134
5,200 48
51
Union 011 Associates__ _25 49
49
1.35
Rights
1.35 1.3234 1.50 41,300
Union 011 Calif
25 5034 4934 5234 16,400 4834
Rights
1.4234 1.4274 1.70 46.7001.3774
25 265
265 285
Union Ilk Sr Tr Co__ _100 265
.15
U S Royalties
.15 .1534 37.000
.15
25c
Bonds
L A Ry Co 1st ref 5s...1940 87% 8734 87% 82.000 8774
Sierra & SF 1st 5&_..1949 10034 10034 10014 4,000 10034
Sou Calif Edison 59._ 1951 10134 10134 101% 6,000 101%
5,000 100
So Calif Gas 5s
100 100
-1957 100

High.

Jan
Jan 46
Jan
Jan 4.30
Jan
Jan 95
Jan
Feb 1.85
Jan 8634 Jan
Jan 13634 , Jan
Jan 103 ,Jan
Jan
Jan 1.50
Jan 510 , Jail
Jail
Jan 30
Jan 44 'Jan
Jan 475 l Jan
Jan
1534 Jan
Jail
Jan 33
Jan
Jan 101
Jan
Jan 100
Jan
Jan 1.00
Jan 2634 Jan
Jan 5834 Feb
Jan
Jan 60
Jan 4634 Jail
Jan 4834 Jan
9
Jan
Jan
Jan 1.4734 Jan
Jan
Jan 99
Jan
Jan 150
Jan ioass Jan
Jan
Jan 2.55
Jan 4034 Jan
Jan
Jan 3.10
Jan
Jan .80
Jan
Jan .35
Feb
Jan 5.00
Jah
Jan 3.00
Jan 48
Jan
Jan
Jan 101
53-4 Jan
Jan
1.20 Jan
Jan
Jan 3634 Jan
Jan 11134 Jan
Jan 2534 Jan
Jan 2534 Jan
Jan 65% Jan
Jan 2734 Jan
3.50 Feb
Jan
Jan 8014 Jan
Jan
Jan 50
Jan
Jan 40
Jan
Jan 23
Jan
Jan 30
Jan
934 Feb
Jan
Jan 61
Jan 4834 Jan
Jan
Jan 25
Jan
13
Jan
Jan 4214 Jan
Jan
Jan 116
Jan 65014 Jan
Jan
Jan 42
Jan 6734 Jan
Feb
Jan 70
Jan 29% Jan
Jan 26% Jan
Jan 2436 Jan
Jan
Jan 26
Jan 25% Jan
Jan 101
Jan
Jan 7234 Jan
5% Jan
Jan
Jan
Jan 134
Jan 5134 Jan
Jan 1.6774 Jan
Jan 5234 Jan
1.70 Jan
Jan
Jan 265
Jan
Jan .173.4 Jan
Jan 8734
Jan 100%
Jan 102
Jan 100%

Jan
Jan
Jan
Jan

•No par value.

-Record of transac,
. San Francisco Stock Exchange.
tons at San Francisco Stock Exchange, Jan. 26 to Feb. 1both inclusive, compiled from official sales lists:
Stocks
-

Sates
Friday
Lastiday Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

140 14051 4,812
American Co
140
453
91x
Anglo & London P Nat Bk. 261% 25 1 218%
,
105
% 63
30
Associated Oil
11,404
Associated Ins Co
1074
Atlas Im Diesel En A
8234 65% 2,529
65
7 u 8
4 50 4,54 19,481
8
Rights
4,208
Byron Jackson Pump Co- - 80
50
151
1
1 9
2 6 295
94
Bank of Calif N A
385
California Ink Co
1,156
California Packing Corp-- - ---715 1,100
7
California Copper
7
Caterpillar Tractor
7934 7334 803-4 34.898
3
8
8
2
Rights
2.90 9 .30 9.10 110,770
40
Coast Co Gas & El 1st pref 98
1,536
Clorox Chemical Co
46% 4514 47%
7,024
Crown Zellerbach pref__
95% 95% 96
3% 10,744
8
2434 2
223-4 2
23
voting trust certificate&
1,130
Dalrydale A
25
18% 2134 4,488
27% 27%
Emporium Corporation-- 2754
1,282
6
614
Fageol Motors corn
140 143
905
Firemans Fund Ins
140

Rae Since Jan. 1.
Range
Low.
139%
252%
45
10%
60
4
76%
293%
5115
73%
7%
7334
2.30
98
4514
92
22%
23%
18
27%
6
127

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

High.
146%
266
4514
11
65%
4.80
86%
300
58
77
9%
80%
3.05
99
5015
96
25%
25
2134
28%
7
143

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

FEB. 2 1929.]

FINANCIAL CHRONICLE

Friday
hOle3
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Cont(nued) Par. Price. Law. High. Share.!.
Foster & Kleiser corn
Golden State Allik Prod's
Great West Power prof......
Series A 6% pref
Gen Paint A
B
Haiku Pineapple, Ltd, corn
Preferred
Hawaiian Pineapple
Hale Bros Stores Inc
Hawaiian Comm & Sug Ltd
Home Fire & Marine Ins_ _
Honolulu Cons Oil
Hunt Bros Pack A nom_ _
Ills Pac Glass A
Jantzen Knit Mills
John Bean corn
Kolster Radio Corp
Langendorf United Bak A.
B
Leighton Ind A
B vot trust certificates
Leslie Salt Co
La Gas & Elea pref
Magnavox Co
Magnin (I) common
Mercantile Amn Realty pi_
Nor Amer Invest com
Preferred
North American 011
Occidental Ins Co
Oliver Filter A
B
Paahau Sugar Plantation
Pacific Gas & Electric nom_
1st preferred
Rights
Pacific Lighting Corp corn_
6% preferred

1134
1174 1234
56
58
5954
10634 10654 107
102
10134 102
3174 3154 3174
2534 25%
12
12
12
2234 2235
61
61
2234 2274
52
5034 52
4334 4334 4534
3734 38
38
2334 2334 2334
46
42
47
4534
44
4954 4734 4954
6934 6434 7034
3134
30
26
25
26
1834
1834 1834
934 10
934
4434 4434 45
108 108
934
834 954
35
1634
100
100 100
115
115 116
10034 100 10134
3334 3134 3634
29
29
4334 3874 46
4334
3634 45
9
9
9
6034 66
6735
2734 2734 28
3.40
2.75 3.85
7734 7234 8054
102
102 10234

2,075
10,163
200
104
430
430
385
25
100
265
225
1,025
1,055
966
3,917
1,175
671
10,358
530
110
155
60
2,341
20
67,366
712
76
235
235
8,009
383
4,642
9,320
25
41,401
4,401
97.370
35.461
100

Range Since Jan. 1.
Low.
12
56
10534
10034
3134
2534
12
2134
61
2134
5034
4134
37
2234
40
44
4634
6434
30
25
1634
7
4334
107 34
835
35
100
113
10034
3134
27
3874
3634
9
5434
27
2.75
80
10134

High.

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1234
5934
10734
102
3234
2754
13
2334
6234
2435
52
4634
3834
2334
47
4854
5034
7934
3434
29
1834
10
4734
10835
1334
39
10074
116
10134
38
29
46
45
11
6734
28
3.85
803.4
103

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar

......

7O9

rrsaay
Niles
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. T.4910. High. Shares.
Pacific Tel & Tel corn
Preferred
Paraffine Cos Inc common_
8634
Piggly Wiggly West Sts A.
PIO] Whistle Pixi
Richfield Oil
4534
Preferred ex-rights
244
Roos Bros common
Preferred
SJ Light & Power Pr pref_ _
6% prior preferred
Schlesinger (B F) Acorn.. 2034
Preferred
88
Shell Union 011 common
2734
Sherman & Clay prior pref _
Sierra Pacific Electric pref.
Sperry Flour Co common__
Preferred
Spring Valley Water
Standard 011 of Calif
6714
Telephone Inv Corp
5934
Tidewater Assoc 011 com
19
Preferred
87
Transcont Air Transp Inc_
Trans Ama Corp
13334
Union 011 Associates
4954
Rights
1.35
Union Oil of California.... 50
Rights
1.45
Union Sugar common
25
Preferred
Wells Fargo Bk & Union Tr
West Amer Finance pref._
634
West Coast Bancorp
29
Vallnm A- rooekar Cab r!cb ______

171 182
126 126
8334 87
28
29
1374 1335
4234 4554
2414 2454
3334 3354
99 100
115% 11634
102 102
20
2034
90
88
27
2754
92
9234
93
9434
94% 97
10234 10254
9133 92
6534 6834
5934 5934
1834 19
8634 8654
27
27
130 13434
484 5054
1.30 1.50
4934 514
1.3235 1.65
2534
24
3034 3034
310 310
634
6
29
2954
5034 6054

Range .Since Jan. I.
Low.

55 16034
60 121
3,420 8335
580 28
110 13
11,748 4254
1,669 2434
931 32
45 99
68 114
15 10134
857 20
170 88
1,842 27
60 92
35 93
1,073 90
40 1017.4
165 8934
16,044 6534
100 59
861 1834
45 8634
50 2834
42,793 12934
3,029 48
16,151
1.30
11,624 4854
21,784 1.3234
915 22
100 30
5 303
150
534
1,551 29
245 5054

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

High.
182
126
8834
294
14
4834
25
34
10054
117
10234
2134
90
29
95
9655
9834
103
92
7234
6934
2134
8934
2934
13434
5134
1.70
6134
1.70
2734
31
310
634
30
53

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar

Baltimore Stock Exchange.
-For this week's record of
transactions on the Baltimore Exchange, see page 683.

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 (Jan.26) and ending the present Friday (Feb.1). 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 'freaks' Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.

Week Ended Feb. 1.
Stocks-

Indus. & Miscellaneous.
Acetol Products Inc A_ •
214 214
100
Acoustic Products nom_ _ _• 1454
13
144 26.100
Agfa Ansco Corp corn__ • 403-4 3934 41
1,100
Preferred
los
7954 8234
300
Ala Great Sou ord
50 156
150 156
200
Preference
50 165
60
1513.4 155
Alias & Fisher Inc cone_ •
34
300
347.4
Allied Pack corn
•
134
1
14 5,200
Prior preferred
100 .....734 734
400
Senior preferred
100
234
234
1,100
154
Allison Er rug,Stores A _ .._ _.
6
6
100
6
Class B '
•
434
454 1,700
434
Alpha Port! Cement corn."' 5354 5334 5434 1,100
Aluminum Co common__ _• 18074 173 184
1,900
Preferred
100 10554 105 10534
900
Aluminum Ltd
• 130
12535 1344
500
Aluminum Mfrs COM
• 3734
3254 38
8,900
Amer Arch Co
100 4514 4514 4634
900
Amer Bakeries slams A_ •
50
50
1,100
Amer Beverage Corp w 1 • 15
15
153.4 8,100
Amer Brit & Cont Corp _•• 2134 1734 2234 7,100
Am Brown Boveri Elea Corp
• 1035
1034 11 , 2,300
Founders shares
22
Amer Chain 'common_ - - •
22
100
Amer Colortype com
• 4835 4034 493.4 3,800
Amer Corn Alcoholv t e 100 85
85
1,800
8534
Amer Cyanamid coin dB 20 6954 6234 70
17,500
Preferred
iso 101300
• 100
Amer Dept Stores Corp_.• 2234 2234 23
9,300
Amer Hawaiian SS
10 2536 25
2934 4,400
Amer Laund,Mach com_ "
93
0
25
93
Amer Mfg common._ _ _ 100 3934 37
3934
125
Amer alining Co com--RI 2654
500
2534 2634
Amer Rolling Mill corn _25 9654 9554 9934 4,400
.
Am Solvents* Chem v t c• 40
3555 4054 19,800
Cony partis preferred- -• 5234 5134 63
5.900
Amer Stores torn
• 8933 8954 9134
1,400
Amer Stove Co
100
10
118 118
Amer Thread prof
5
334
334
354
1,900
Anchor Post Fence nom- _• 4136 39
42
2,400
Anglo-Chile Nitrate Corp_• 40
3954 4334 3,300
Apponaug Co corn
• 65
400
65
65
635% prelerred
100 98
98
98
100
Armstrong Cork corn_ _ _.•
8235 6274
250
Art Metal Works corn__ _• 47
4134 4734 3,100
Associated Dye & Print..' 23
23
2634 1,300
Associated Laundries A •
1234 1354
500
Associated Rayon nom_ _• 30
.
30
31
800
6% preferred
100 783.4
1,500
777.4 7954
Atlantic Coast Fisheries_ _ _
90
90
90
100
Atlantic Fruit & Sugar-- -•
134
134 2
95,600
• 57
Atlas Plywood
57
72
2,000
.• 5334 5334 5434
Atlas Portland Cement..
900
Auburn Automobile corn."' 14134 140 148
2,500
Automatic Regis Mach...' 14
12
1454 '-',-`-'"
r Ca.
• 29
Cony prior partic
28 - 29
12,300
Aviation Corp of the Amer* 5374 4334 5374 31,300
Axton-Fisher Tob com A 10 43
4254 43
800
Babcock & Wilcox Co- _100 135
134 137
375
•
Bahia Corp common
1934 21
1.400
Preferred cumulative-25 1435
1435 1454
200
Balaban & Katz com v t c 25
80
81
300
Bauman (L)& Co 1st p1100 z96
z96 z96
50
Bellanca Aircraft v t c_ --• 1633
15
19
3.400
5
Bendlx Corp CCM
12435 12434
200
Benson & Hedges corn_ •
14
1434
300
24
24
24
Cum cony pref
10
• z59
:5835 591i 5.000
Blauners common
•
Blaw-Knox Co
42
42
100
4834 5534 9,300
Bliss( E W) Co common.* 53
Blumenthal (S) & Co COM • 8054 8054 82
1,500
9834 12,600
Boeing Airpl & Trans com • 9634 87
80
4,100
Pref with warrants__ _50 7934 71
76
400
Bohack (II C) Co com _ •
76
Bohn Aluminum & Brass.. 11554 11554 11954 6,400
Bridgeport Mach com __•
2
100
2
10
200
1054
Bright Star Elea class B_
*2635 27
200
Brill Corp class A
•
100
93.4 935
Class 11
• 2234
2234 24
1,500
Brill° Mfg common
Bristol-Myers Co tom._ _• 10834 10354 10034 4,200




Range Since Jan. 1.
Low.

High.

1734
1234
36
7335
14434
15034
3234
1
754
154
454
434
5235
146
1033.4
117
3234
4534
50
1334
1934

Jan 23
Jan
19
Jan 4335
Jan 8234
Jan 156
Jan 158
Jan 364
Jan
2
Jan
8
Jan
254
Jan
734
Jan
534
Jan
5454
Jan 189
Jan 10554
Jan 13434
Jan
38
Jan 4734
Jan 50
Jan
1574
Jan
2234

Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan

834
1834
37
78
y50
98
20
2035
89
3734
24
9354
2634
4634
90
115
354
37
33
65
98
61
41
2034
12
283.4
7754
90
1
57
52
13034
8
2734
3254
3554
124
1834
1433
7934
94
15
117
14
24
51
42
46
8054
8334
70
y75
10834
154
10
2635
934
22
9234

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb

1254
2554
4934
8634
80
NM
24
32
9534
3934
2654
10534
4034
5574
97
118
334
4334
4534
6534
98
64
4734
287.4
1354
3534
8734
90
2
8034
5474
146
1834
2934
5334
43
137
2254
15
8834
9635
2354
12954
1734
2434
5954
42
5634
9454
9854
80
7654
12354
234
1034
2834
1034
25
10934

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Brit
-Amer Tob ord bear.£1
Ordinary reg
.C1
British Celanese
Amer deposit receipts....
Broadway Dept Stores
7% 1st pf with warr_100
Budd (E 0) Mfg corn_ .._ _•
Bullard Co (new co)
•
Burma Corp Amer dep tete
Butler Bros
20
Campbell Wyant &
Cannon Foundry•
Carnation Mil Prod com 25
Casein Co of Amer_ _ _ _100
Caterpillar Tractor
•
Celanese Corp of Am com •
First preferred
100
New preferred
101)
Celluloid Co corn
Centrifugal Pipe Corp...•
Chain Store Stocks Inc..•
•
Charts Corp
com....
Checker Cab Mfg com. •
Childs Co pref
Cities Service common__20
100
Preferred
Preferred B
10
Preferred BB
100
City !Machine & Tool corn •
•
City Radio Stores
City Say Bank (Budapest)-t5Inc.-Clark Lighter cony A_
•
Club Aluminum Utensil_ •
•
Cohn-Hall-Marx Co
Colgate Palmolive Past_ _.
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Consol Automatic
Merchandising v t c._ _•
•
$3.50 preferred
Consol Cigar warrants__
Consol Dairy Products_ _ _•
•
Consul Film Indus com..
•
Consol Laundries
Cons Ret Stores Inc nom."
•
Coon(W B) Co com
Copeland Products Inc
•
Class A with warr
Courtaulds Ltd Amer deP
reels for ord stk reg_ _ 6I
Crock Wheel El Mfg com 100
100
Preferred
Crosse & Blackwell
Prof with warrants_
•
Crowley Milner & Co corn •
Cuneo Press common__ _10
Prof with warrants_ _100
5
Curtis Mfg common
Curtis Publishing corn new
•
Common old stock
37 cumulative preferred •
Curtiss Aeropl Exp Corp.'"
Curtiss Flying Serv Inc __
•
Dayega Inc
Davenport Hosiery Co _ ....•
Davis Drug Stores allot ctfs
Deere & Co common_ __100
De Forest Radio v t c......
.
10
Detroit Creamery
I)eutsche Bank (Berlin)American deP receipts._
•
Dictogrnph Prod
Dixon (Jos) Crucible Co 100
Doeh ler Die-Casting
•
•
Dominion Stores Ltd_
Donner Steel new corn _ _ _•
8% cum prior pref__100
•
Douglas Aircraft Inc
Douglas (IV L) Shoe pf.100
•
Dow Chemical corn
Dresser (S R) Mfg class A •
Dubiller Condenser Corp...
Durant Motors Inc
•

3154

3136 3154
3154 32

555

44

49
5054
44
3634

90
48
4754
434
3651

Range Since Jan. 1.
Low...
3034
3035

Jan
Jan

4,000

434

Jan

91
75
1.800
5234
5034 13.600
414 59.500
424 4,700

90
3454
45
4
3654

Jan
Jan
Jan
Jan
Feb

7

1,000
800

high.
3234 Jan
32
fan
834

46
46
100 39
Jan 4634
43
43
45
1,000 43
Jan 47
198 267
256
836 180
Jan 267
7334 82
80
4,000 7234 Jan 82
4534 4334 4854
3,200 4134 Jan 5354
11435 11534
500 111
Jan 117
9234 9234 9434
500 9234 Feb 98
49
48
200 46
Jan 50
1054 1034 1134 2.100 1054 Jan
13
39
40
4074 10.600 3834 Jan 4074
36
38
1.200 3454 Jan 42
3974
6734 88 115,200 46% Jan 88
79
10334 108%
200 10336 Jan 109
9134 84.800 8854 Jan 95
9134 90
9734 9654 98
1,600 9654 Feb
9835
9
200
9
834 Jan
934
93
93
100 9234 Jan 93
3135 3334
33
2.500 31
Jan 3454
2854
28
2834
400 28
Jan 3054
5534 56
300 54
Jan 56
1134 1374
1.000 1134 Jan 2434
2934 2934
600 2934 Jan 3134
40
414
900 40
Jan 45
7734
1,200 77
7774 77
Jan 8051
134
154
Psi Jan
154 8,900
2
41
40
41
400 40
Feb 4534
1434
3835
4554
24
1834
36

1234
33
93.4
4434
2234
18
35
3934

11,200
16
3834 4.900
1034
1.200
4734 9.100
2534 51.100
1834 4,800
3634 3,600
40
500

1634

1634 1635

2414
235

24
244
17034 243
100 100

1,500

1254 Jan
33
Jan
934 Jan
41
Jan
18
Jan
18
Jan
3334 Jan
3934 Jan
I554

3.800 2134
1.825 12734
10 100

53
5454
700 5254
55
5634 2.500 54
44
44
100 44
9233 93
200 9234
3634 3635
100 3634
116
116 120
400 115
236 240
225 225
11534 121
700 11334
3254 3135 3254 3.200 2634
2434 24
2454 65,700 2134
3414 3455
1.000 3454
29
2554 29
1,800 184
57
57
200 WM
641
800 641
1,575 597
2334 22% 24
237.4
23,300 2054
47
47
100 4534
44
9234

4054
24
3754
1647.4
32
103
2654
250

10 34
1734

4034 41
300 4034
23
24
600 23
168 170
40 iesq
36
3774 2,000 3534
163 16444
800 15934
2934 32
900 21
102 103
60 9834
25
2834 26,600 25
90
90
25 90
220 250
70 200
4774 48
1,400 4734
934 103.4
1,900
834
17
1834 10,000 1334

Jan

Jan

95
Jan
5334 Jan
5054 Feb
634 Jan
4434 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1754 Jan
45
Jan
10
Jan
4934 Jan
2574 Jan
1934 Jan
3634 Jan
4334 Jan
167.4

Jan

Jan 2535 Jan
Jan 243
Feb
Jan 100
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

5534 Jan
6234 Jan
4754 Jan
93
Feb
3634 Jan
Jan
120
240
Jar
121
Jar
3254 Jar
2454 Jar
3634 Jar
Jar
29
57
Jar
641
Feb
26% Jar
4954 Jar

Jan 41
Jan2454
Jan 170
Jan 42
Jan 165
Jan 32
Jan 10354
Jan
305.4
Jan 90
Jan 250
Jan 4834
1134
Jan
1934
Jan

Jar
Jar
Jar
Jar
Jar
I'd
Jai
Jar
Jar
Fel
Jal
Jar
Jar

Friday
Sales
Last 1Veek's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High Shares.
Duz Co Inc class A
•
Class A v t
4
Elea Shovel Coal par pref.'
Elgin National Watch_ _25
Evans Auto Loading Cl B 5 5731
Fabrics Finishing corn_ _* 2431
i0
Fageol Motors corn
631
Fairchild Aviation class A • 20
Fajardo Sugar
100
•
Fandango Corp corn
Fan Farmer Candy Shops•
Fansteel Products
-.* 16%
Inc_Fedders Mfg Inc class A_•
Federal Mogul Corp....* 31%
Federal Screw Works•
Federated Metals tr ctf__* 3431
Ferro Enameling cl A_
•
Film Inspection Mach_ •
10
Fire Assn of Phila
Firemen's Fund Ins____100 13934
Firestone Tire & R. com_10 241
_100
7% Preferred
Fokker Air Corp of Amer.* 2631
-Fischer Inc corn- - -• 3751
Folds
Ford Motor Co Ltd
Amer dep rag ord reg_£1 1634
Ford Motor Coot Can_100 635
•
Forhan Co class A
Foundation Co
Foreign shares class A..* 1431
Fox Theatres class A corn.' 32
Franklin(H H) Mfg coin.*
100 9134
Preferred
334
Freed-Eiseman Radio- --*
French Line Amer shs for
corn B stock__600 francs 5731
• 10
Freshman(Chas)Co
• 7134
Garnewell Co corn
Gears & Forg class IL...*
833
" 1834
General Alloys Co
General Amer Investors..' 80
•
934
General Baking corn
* 75
Preferred
General Bronze corn com • 5731
General Cable warrants - 37:4
Gen Elec Co of Gt Britain
American deposit rcts.-- 1931
General Elee (Germany)-- -Gen'l Mein'Vg new corn.' 33
Gen. Laundry Mach coin • 2631
'
Gilbert(A C) Co com- • 25
• 4731
Preference
C G Spring & Bumper com• 1314
10 1131
Preferred
Gleaner Comb Harvester.'
• 135
Glen Alden Coal
Goldberg(Sal)Stores - _ _
17 pref with warrants..' 88
Goldman-Sachs Trading * 13411
3734
Gold Seal Electrical Co
Gorham Mfg corn
100
Preferred
Oncham Knitbao Mach-* 1434
Gramophone Co Ltd
Amer dep recta ord.../1 7434
Granite City Steel corn--• 3834
Go Atl & Pan Tea 1s1 pf 1110
Greenfield Tap & Die com• 1855
Greif (L) & Bros com--• 1535
- 'CO
Preferred class
X_Griffith (D W)class A...'
136
Grigsby-Grunow Co new.* 185
Ground Gripper Shoe Co
• 3231
Common
• 3634
$3 preferred
Guardian Fire Assurance 10 8834
Habirshaw Cable & W com• 3734
Hall(CM)Lamp Co....' 26
Hall(W F) Printing-, JO
431
Happiness Candy St cl A.*
Harrison Orange Huts....'
•
Hart-Carter Co pref
Hartman Tobacco com__10 21
• 78
-Parr Co coin
Hart
• 175
634% Preferred
• 49
Haygart Corn
•
Hazeltine Corp
Helena Rub'atein lac corn • 2334
Hercules Powder com -100
• 100
Common new
Hires (Chas E) Co corn A • 2431
Bolt(Henry)& Co class A•
Hormel(Geo A)& Co corn* 43
• 44
Horn (A C) Co corn
7% first preferred- -50
6014
Horn & Hardart
Housh'd Finance com--Part P150 4231
• 2834
Huyler's of Del corn
H7grade Food Prod corn.* 4831
Imperial Chem Industries
Am dep rcta ordahsreg £1 1034
Imperial Tob of GB & Ire El
adna Finance corny t c.10 5334
7% cum preferred. _100 90
Insur Coot North Amer.10 8331
Insurance Securities- _ _10 3134
International Cigar afach • 120
Internal Perfume corn. •
Internal Products corn. • 1334
ioo 8334
88 turn pref
Internal Safety Razor 13_• 1033
International Shoe corn..' 7133
Internal TextBook _ --100
Isotta-Frashini common_ _. 14
Iron Fireman Mfg v t 0_ •
•
Jaeger Machine
•
Joao Bros corn v t
Karstadt(Rudolph) Am sha 2134
Keystone Aircraft Corp..* 47
Kimberly-Clark Corp corn' 5034
Kirsch Co com
• 32
Klein (D Emil) Co corn..' 2734
Klein(H)& Co part pref 20 21
•
Kobacher Stores corn_
Lackawanna Securities...* 44
Lake Superior Corp- _100
Lakey Foundry & Mach..' 333.4
• 29
Landay Bros class A
•
Land Co of Florida
Lane Bryant the
7% pref with war-- -.100
• 3154
Larrowe Milling
• 3434
Lefcourt Realty corn
•
Preferred
50 16231
Lehigh Coal & Nay
Lehigh Val Coal(new cor)• 2334
Lehigh Val Coal Sales-50 45
Leonard, Fitzpatrick &
•
Mueller Stores corn_
Libby, McNeil & Libby_10
Libby OwensSheet Glass 25 209
10
Lit Brothers Corp




[vor,. 128.

FINANCIAL CHRONICLE

710

Range Since Jan. 1.
High.

Low.

200
43.1
521 531
4
200
4
4
700 5731
5734 5931
10 71
73
73
400 5751
57% 58%
2331 2535 6,100 2354
5%
531 634 1,800
14.000 23
2515 30
230 117
121 12431
5
1,900
5% 6
300 3151
34
35%
5.200 1131
14% 20
500 44
45% 47
1,100 27%
3034 32
100 68
7015 7054
34% 35% 1,100 3434
69% 6931 1,400 6934
500
111
131 3
200 48
49
48
000 127
139% 143%
585 225
238% 242%
580 110
110 11014
2231 2614 9,400 18%
3,200 3711
3755 38

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

7
43'
61
73
61%
25%
631
30
12411
631
3531
21%
50
32
7311
36
70
331
49
14315
250
11014
27
3831

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

70.900 1531 Jan 20% Jan
1634 18
Jail
Jan 818
290 630
630 659
Jan 3211 Jan
300 31
31% 3231
1431
32
33
90
331

2.000
16
47.200
35
200
3414
100
91%
200
4

200
55% 57%
1034 29.400
400
71% 7135
300
8% 911
1634 1811 1.600
1.400
78% 82
29.000
934 10
7431 7634 3,800
47
5911 84.500
29
3734 2.200

Feb
Feb
Jan
Jan
Jan

19%
35%
3831
9134
43.1

Jan
Jan
Jan
Feb
Jan

4211 Jan
Jan
10
Jan
70
834 Feb
Jan
14
7851 Jan
954 Jan
7434 Jan
43 Jan
1734 Jan

59
12%
7234
1135
21%
9311
10%
7911
5934
3731

Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Feb
Feb

14%
32
33
90
3%

Jan 2034 Feb
Jan 49
Jan
Jan 3511 Jan
Jan 2734 Jan
Jan 25% Jan
Jan
Jan 43
Jan 1436 Jan
Jan 11% Jan
Jan 12431 Jan
Jan 130
Jan

15
41%
33
25
2334
46
1235
1035
11831
12131

2031 557,000 1131
400 4134
43
34% 2.700 30%
2731 3.400 25
2531 3,000 18
4,100 4234
48
731
1435 10,800
10
1115 1.001
200 116
120
13511 8,200 119%

8733
125%
34;1
7431
147%
1131

Jan 88
400 86
88
73,500 11731 Jan 135
135
Jan 3934
3931 23.000 23
Jan 7933
,
7931 1.000 71
Jan 155
225 145
155
1533 9,200 1351 Jan 16%

7411
70
3834 39%
11533 116%
1831
16
1431 15%
9634 97
131
13.4
140 170%

900 6231
2,200 35%
370 115
1,300 12
500 13%
200 96%
1,700
154
8,500 140

Jan
Feb
Jan
Jan
Jan
Jan

Jan 7931 Jan
Jan 4034 Jan
Jan 11633 Jan
Jan 1835 Feb
Jan
1555 Jan
Jan 97
Jan
Jan
1% Jan
Jan 17034 Feb

Jan 38%
3231 1,500 27
30
Jan 3874
600 32
3834 3655
Jan 89%
68% 3,300 59
64
Jan 38
300 27
38
36
2535 2634 1.600 2334 Jan 2614
3311 1,800 y29% Jan 35
30
5%
434 Jan
4% 4% 1,100
Jan 37
1,100 33
36
33
Jan 3534
400 33
3331
33
Jan 22
700 20
22
20
851
71% 7834 12.500 83% Jan
575 146% Jan 175
169 175
Jan 5034
4831 5031 6,300 46
Jan 5034
500 43
49;1
48
3,500 2211 Jan 2631
2214 '25
Jan 373
10 350
373 373
900 9651 Jan 100
9631 100
2434 2434 1,000 2336 Jan 2411
Jan 24%
100 24
24
24
1.200 3334 Jan 43
43
41
4331 1,300 4034 Jan 47
43
100 4511 Jan 4651
46
46
Jan 6135
600 59
6016 6114
800 4931 Jan 5034
4934 50
2834 3111 9,900 2514 Jan 32
3431 4911 19,600 3431 Jan 4031

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan

10
33%
.53
89
82%
3031
111
22
13%
8331
4034
71
20
13%
3234
39
42
21
42%
50
29
26%
20%
48
44
3111
32
21
11114

1051 2.900 10
100 3011
3331
.5431 1,560 80
375 88
91
83% 1.700 8234
32% 10.400 3031
400 109
120
2,400 22
24
700 12%
14
100
8331
900 4034
43
7134 3,800 71
75 20
2034
900 1335
14
600 3234
33%
39
5
40
800 38
43
2134 2,000 21
4731 13,300 4231
3,600 4921
52
800 2831
33
400 24%
27%
1,900 1931
21
200 44
4911
400 4334
4431
41% 16.000 18%
34% 6,600 30%
260 21
29
400 1054
1133

Jan 11
Jan 3331
Jan 5833
Jan 91
Jan 9034
Feb 3331
Jan 120
Jan 2414
1431
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

46
7331
2051
1431
33%
40
44
2333
50
52
33
28%
21%
.5031
4531
4111
35%
29
13

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

135
2911
3331
3835
15231
23%
45

100 135
135
4,300 2911
32
800 3231
36%
300 38%
3835
30,500 150
172
25% 2,900 2334
50 45
45

Jan 135
Jan 3214
Jan 39
Jan 39
Jan 172
Feb 26%
Feb 5031

Jan
Jan
Jan
Jan
Jan
Jan
Jan

31% 3234
1311 1351
208 21131
23
24%

400 30%
100 1331
1.900 179
700 2234

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan 37
Jan
Jan 15
Jan
Jan 220
Jan 26% Jan

'Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
Manning Bowm & Co A. •
Class A
•
Mapes Consol Mfg
•
Marlon Steam Shov cam.* 54
Massey-Harris Ltd coin. •
Mavis Bottling Co of Am.*
831
McCord Rod & Mfg VI 0.• 30
McGraw-Hill Pub
• 4651
McLellan Stores class A-• 5131
Mead Johnson & Co corn.* 6531
Meadows Mfg common_ •
Mercantile Stores_
100
Merritt Chapman & Scott• 27
634% pref with war_100
Mesabi Iron
•
2%
Metropol Chain Stores--• 75
Met 5 & 500 Sts pf_..100
Michigan Steel Corp
•
Mid-Continent Laund A.' 34
Midland Steel Prod
•
• 5034
Midvale Co
Milgrim (II) & Bros corn.* 1735
Miller (I) 3c Sons coin
. 40
Minneapolis-Honeywell
Regulator common__ • 64
7% cony prof
100
Mock,Judson Voehringer • 534
Mond Nickel Amer dep rats
Monroe Chemical Co coin • 25
Montecatini Min & Agri
Warrants
Moody's Inv part pref__ •
Moore Drop Forge ci A_ •
Motion Pict Cap Corp p125
Murphy(G C)Co corn....' 83
• 7035
Nat Aviation Corp
Nat Baking common
•
Nat Ban kservice Corp- • 72
Nat Bellas-Hess new corn.
• 89
Nat Dairy Prod pref A.100 103
Nat Family Stores corn_ _• 43%
Preferred with warr...25 44
Nat Food Products
Class A with warr
• 363,4
Class B
• 1111
Nat Grocer common., _10
Nat Mfg & Stores
•
Nat Rubber Machinery..' 3751
Nat Screen Service Corp_•
Nat Sugar Refg new
• 5414
National Tea new corn.- -• 87
Nat Theatre Supply ofini-• 1031
•
National Tile
Nat Trade Journal Ina...* 31%
Nauheim Pharmacies.-- -•
25
Cumulative prof
2531
Nehl Corp common
74
ist preferred
Neisner Bros common__ •
10(
Preferred
Nelson (Herman)Corp___5 25%
Neve Drug Stores com___• 10
Certifs of deposit
Cony A Cert of dep.....' 3031
Newberry (J J)common_ •
160
Preferred
New Max & Aria Land....1
New On Ct Nor RR__ _101) 30%
Newport Co prior corn A 50 50
Newton Steel new
• 7531
• 19%
NY Auction corn A
N Y Hamburg Corp____50 49
•
N Y Merchandise
Niagara Share Corn
• 41
Nichols & Shepard Co.....' 83
Niles-Bement
-Pond corn.* 23171
Noma Electric Corp corn * 2331
• 1731
N A Aviation Ina
North American Cement *
Northam Warren Corp Pf.
• 4334
Northwest Engineering..' 46
Nnvadel-Agne common...* 2414
7% cum prof
100
•
Ohio Brass class B
011 Stocks Ltd
Class A without wary..' 17
Class 13 without wan-. 1533
Orington Broil parts pf_
Paramount Cab Mfg corn.' 40
Park Austin & Lipscomb
•
Partin pref
Parke Davis & CO
• 5831
Parker Pen Co common_ 10 :52
Ponder(D)Grocery al A• 62
Penney (J C) Co corn.--• 40031
Class A preferred____ 1110 10031
Peoples Drug Stores Ina- • 83
Pepperell Mfg
160
Perfect Circle Co corn....'
Phelps Dodge Corp..._100 260
Philippe(Louis)Inc A corn •
Common B
Phil Morris Con Inc coin.*
4
Pick (Albert). Barth & Co
Pro! class A (panic pn-• 19
Piedmont & Nor Ry___100
Pierce Governor Co
• 37%
P1881Y-WigglY Corp corn.'
Pirelli Co of Italy
Amer dep rcts..._50011re
Pitney Bowes Postage
Meter Co
40
Pitts & L Ede RR com....50 151
Pittab Plate Glass new...... ......
Pitt,Screw '1:13011
Potrero Sugar common •
Pratt & Lambert Co
• 83
Procter dr Gamble corn__10 30231
Propper Silk Hosiery Inc.' 3931
Prudence Co 7% prof. _100 103
Pyrene Manufacturing...10
8;1
Quaker Oats pref
100
Rainbow Lumlnousprcal A. 6331
Raybestos Co common_ _25 77
Realty Associates nom...* 500
New common
• 4831
Reeves (Daniel) common.'
Repetti Inc
5 930
Republic Brass common ' 3'2
ciass A
•
Republic Motor Tr v t c.._•
2
Reynolds Metals common • 38
Preferred
• 68
Rice-Stix Dry Goods
23
Richman Bros Co
•
Richmond Radiator corn.' 12
7% cum cony pref
• 30
Ritter Dental Mfg nom....
•
Ross Gear & Tool corn...'
• 2031
Roas Stores Inc
Royal Typewriter corn __ • 98

Range Sines Jan.!.
Low.

High.

1931 2051 2.300 1731
1231 1334
400 12%
42
41
300 41
5331 58% 6,800 4831
97
94
500 89%
854
12,300
854 9
3on 28
30
30
4615 47% 5,500 4611
5131 53%
200 5131
67% 2.200 61
63
2131 2131
400 2031
110 110%
200 110
2831 2,600 26
26
100 100
200 100
211 3
236
1,300
77%
75
600 75
74% 75
200 74%
83
83
100 62%
3431
34
500 34
9931 100
500 9931
4934 50%
500 4831
17% 17% 1,700 1731
42% 1,400 39
40

Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

2034
1334
42
5614
9931
911
3135
4931
50
6731
'43
11981
28%
100
3
8011
79
84%
3411
1(1634
50%
1831
4331

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan

6031 67%
165 165
32 z34
62
6531
2531
24

Jan 6731
Jan 165
Jan 35
Jan 7(1
Jan 27

Jan
Jan
Jan
Jan
Jan

5
50
70
25
80
6331
555
7134
6551
103
3531
3731

2,700 55%
200 144
1,900 28
3,700 48
700 24

631 55,900
5
51
1,500 50
7131
200 68%
25
100 25
83
200 7714
72
16,600 6331
900
531
72% 2.800 71
7136 1.400 6551
200 103
10634
4331 30,900 30%
44% 3,800 3231

500
37
36
600
1151
11
300
11% 1231
100
3734 3734
3631 3831 5.401)
31
700
30
5134 5531 8,100
1,900
87
87
11% 4,000
10
200
3751
36
2933 3131 3,400
12
100
12
600
23% 25
2534 27% 2,700
600
7
72
500
153 155
376
200 205
1,000
2431 2534
300
1031
10
300
8% 8%
1,200
3031 31
350
118 120
50
106 106
2,200
7% 8
200
29% 3036
1,000
50
50
7311 7911 3,700
100
1911 1033
600
49
49
200
4011 4031
4034 4111 8.100
84
850
82
205 239% 11,700
11.300
2
20
z1034 1851 78,700
200
11% 12
1,600
4331
43
2,000
46
45
700
2415 25
100
90% 9056

Jan

Jan
Jim

611 Feb
Jan
Jail 5236 Jan
Jan
5
Jan
Jan
Jan 23
Feb
Jan 83
Jan 72% Jan
Jan
Jan
6
Jan 7531 Jan
Jan
Jan 82
Feb 106% Jan
Jan 4331 Feb
Jan 4435 Feb
Jan
Jan
Jan
Jan,
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jai.
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fel
Jan
Jan
Jan]
Jan
Jan
Jan
Jan
Jan
Jai
Jan
Jan
Jan

37
12
12%
40%
41%
34%
553-1
90
12%
3731
3436
12
25
2931
74
155
2.6)
26
13
10
31)1
125
108
831
3034
5011
70%
21%
50
4231
45
90
239%
24
19
13
45%
46
27
9031

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

86

Jar

92

Jan

1431
15%
5)4
37

Jan
Jon
Jai
Jan

1931
1734
7%
4331

Jan
Jan
Jan
Jan

Jan
100 24
2415 2415
5735 5831 5,000 5234 Jan
100. 51
Jan
z52 352
100 60
6131 62
Jan
395 40035 1,160 336
Jan
90% 101% 1,430 10011 Jan
2,000 80
85
80
Jan
11211 113% 29,230 11011 Jan
100 Wit Jan
55
56
775 19931 Jan
210 280
400 28% Jan
30
27
700 2634 Jan
2734 2831
1,800
3% 4
3% Jan

'25
5836
50
64
404
101%
94
11331
6131
260
30
2914
434

Jail
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

86

86

25

1631 1831 13,100
1,100
1531 1751
100
6% 636
14,600
40
37

33%
11
9%
3454
35
30
45
86%
8
36
2631
12
2151
253.3
70
142
187
2411
10
8
30%
118
102%
736
29
50
661(
1951
4831
36%
25
70
106
20
1514
034
43
4311
2411
90

Jan

Jan
Jail

19
65
3811
52

2,300
100
6.500
100

19
5351
32
49%

Jan
Jan
Jan
Jai

Jan
19
6634 Jan
3831 Jan
Jail
52

6136 6354

1,200

49

Jan

43334

Jan

Jan
Jan

4931
151
76%
86
if%
8454
30231
43
103
934
120
65
7831
555
51131
4531
134
5211
10534
2
3933
0834
2431
394
1331
3235
5331
56
29%
103

Jan
Feb
Jan
Jail
Jan
Feb
Feb
Jail
Feb
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

19
60
34
52

4931 21,800 15%
34
850 145
145 151
7431 75% 1,300 64
100 80%
86
80
300
611 615
531
72% 8454 8,000 03%
875 281
298 302%
3831 3955 1,200 3831
50 102
102% 103
851 811 2.600
731
100 115
115 115
6431 12.600 47%
58
1,700 6933
72% 77
530 469
495 500
9,200 4831
4831 49
100 4155
4211 4211
91c
I% 5,000 65o
4911 52% 8.600 42
100 105% 3,400 90
900
1% 2
131
3636 3931 1,500 3133
,
6833 1,900 63
66
23
000 22%
2331
20 375
394 394
1111 12
1.400 10%
31% 1,600 29
29
5231 1,900 47
50
55
55
100 4714
20% 23
900 20%
95 103
800 81

Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
Jam
Jan
Jan
Jai
Jai
Jai
Jan
Ja
Jan
Jan
Feb
Jan

Sales
Friday
Lori Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
100
Ruberold Co
Safe-T-Stat Co common• 2416
Safety Car Heat & Ltg_100 224
Safeway Stores
Old fifth warrants
2d series warrants
* 14134
St Regis Paper Co
100
Preferred
*
Schiff Co common
Schulte Real Estate Co--.• 3235
Schulte-United Sc to $j5t * 22
7% met part pd rcts_100
&butter-Johnson Candy A
1334
Second Gen'l Amer Inv Co _
• 2931
Common
6% pref with warrants__ 116
Seeman Bros eornmon--..• 78
Setberling Rubber com_ •
Selected Industries com • 26
10031
Allot ctfs let pref
Selfridge Provincial Stores
Li
34
Ltd ordinary
*
Sentry Safety Control_
Servel Inc(new co) v t c__. 183-4
Preferred v t c
100 70
Beton Leather common_ *
50
Sharon Steel Hoop
Sheaffer (%V A)Pen
• 59
Sherwln-Wms Co com25
Sikorsky Aviation com_ --• 3311
Silica Gel Corp corn v t c__• 23
*
Silver (Isaac) & Bro
Preferred
Simmons Boardman
Publishing 33 pre
* 5131
£1
Singer Mfg Ltd
814
*
Skinner Organ
Smith (A 0) Corp com_ *
200 lire
Snia Viscosa
Sonatron Tube common--• 424
South Coast Co common• 2635
* 4436
Southern Asbestos
SOU Groc Stores COMMCD-• 28
Class A
. 35
•
Sou lee & Util corn A_
Common class II
16
Southwest Dairy Prod.--• 1735
Preferred
100 9915
Southwestern Stores com_. 2615
* 26
Preferred series A
Spalding(AG)& Bro corn • 32934
Span & Gen Corp Ltd.--£1
511
Sparks-Withington Co__ _• 178
Spencer Kellog dr Sons new 443-4
Spiegel May Stern Co
64% preferred
100 9235
Squibbs (E: It) & Sons
•
Stahl-Meyer Inc corn_....* 4835
Standard Motor Constr.100
311
• 46
Stern Bros class A
• 15
Class B v t c
Stetson (J B) Co
* 95
11
Stinnes(Hugo) Corp
Strauss (Nathan)Inc arm •
Stromb-Carl Tel Mfg__ •
Stroock (8)& Co
• 5311
Stutz Motor Car
• 2035
* 55
Sullivan Machinery
100 136
Swift & Co
15 3431
Swift International
Syrac Wash Mach B corn... 214
Taggart Corp common ... 49
Tennessee Prod Corp corn • 2535
Thompson Prod Inc cl A _ _. 6111
6736
Thompson Starrett pref.__
Tinaken-Detroit Axle__ _10 31
100
Preferred
Tishman Realty & Constr•
Tobacco & Allied Stocks 5 5531
Tobacco Products w L _20
3
Tobacco Products Exports*
Todd Shipyards Corp-_ _. 65
*
Toddy Corp class A
Class 11 v t c
5
Trans
-America Corp
1333-4
Transcont Air Transp__. 2515
Trans
-Lux Pict Screen
Class A common
* 1135
,
Travel Air
* 8034
Tr -Continental Corp corn * 3051
6% cum pref with war100 10534
Triplex Safety Glass
Am Ms for ord sh reg__
28/
4
Trunz Pork Stores
• 59
Tubize Artificial Silk el B..• 500
Tulip Cup Corp common.' 1234
Tung-Sol Lamp Wks corn.* 174
*
Class A
Union Amer Investment.* 7114
Union Tobacco
17
United Biscuit class A__ _.• 67
Class B
• 32
United Carbon v t e
• 57
Preferred
100
United Milk Prod nom_ _ _. 154
7% cum preferred _ _ _100 7931
Unit Piece Dye Wks corn.*
United ProfItShare com_ •
United Shoe Mach cora_ _25 8574
U S Asbestos
4935
U El Dairy Prod claw A___• 4934
U 0 Foil class B new
• 66
U 8& Foreign Sec coin_ _ ..• 62
36 preferred
•
U S Freight
• 994
U S Gypsum common...20 6234
U S Radiator common_* 5835
U S Rubber Reclaiming.... 20
Universal Aviation
• 2235
Universal Insurance__ _25 74
Universal Pictures
*
Van Camp Milk pref _ _100
Van Camp Pack new corn..' 29
New preferred
25 2911
Vogt Mfg Corp
• 3235
Wahl Co common
.
Wain dr Bond class A_ _ _ _. 253,
* 2035
Class B
Walgreen Co common_ _ _.• 8515
Warrants
62
Walker(lllram) Gooderham
& 1Vorts common
* 88
Watson (John Warren)Co * 10
Wayne Pump ConnUOU
• 30
Welboldt Stores corn_
*
Western Auto Supply cl A •
West Point Mfg
100
Westvaco Chlorine Prod.
.• 70
Wheatswortir Inc corn_ _ _.•
Wheeling Steel corn. _100
Preferred A
100 13534




711

FINANCIAL CHRONICLE

FEB. 2 1929.]

Range Since Jan. 1.
Low.

High.

800 9511
7,500 23%
930 157

Jan 10835
Jan 29%
Jan 22934

200 9131
9131 9416
90 625
625 626
20,200 127
13535 142
700 106
108 10615
800 6331
79
75
3234 3435 4,900 324
22
2234 1,000 2131
200 82
89
89
1,300 1335
13
133'5

Jan 9436
Jan 626
Jan 143
Jan 107
Jan 79
Jan 3931
Jan 26
Jan 89
Jan 15%

2816
115
77
5736
2434
100

3,400 28%
31
1,500 11435
11635
79
1,100 70
300 6715
59
3035 70,400 1831
25,800 100
106

Jan 3531
Jan 125
Jan 80
Jan 6531
Jan 3015
Jan 106

335
13%
1734
6835
29%
3735
5736
8711
,
32
2515
68
11514

34 3,600
3%
300 1235
13%
1815 53,000 144
7134
800 61
3234 2,700 28
3334 1,000 3534
60% 1,600 5735
50 8711
87%
34
7,900 20%
2335 13,000 23%
69
800 67%
265 11531
119

Jan
311
Jan
15%
Jan
19
Jan 71%
Jan 32%
Jan 40
Feb 63%
Jan 8835
Jan 37
Jan
2835
Jan 72%
Jan 120

5231
51
831 8%
42
40
18031 191%
54 61,1
42%
37
2631 26%
43% 44%
28
23
32% 35
1811 18%
164 17
1411 1731
99% 9935
2435 264
26
28
320 32936
534
5
178 183
4331 46%
,

3,300 5036
1,300
635
300 40
190 18031
100
531
2,300 33
200 26
6,800 42%
100 21%
1,000 3215
100 14%
2,200 1535
5,200 124
300 9911
1,500 2431
400 26
20 28535
8,600
5
5,900 163
3,000 4035

Jan 5231
Jan
934
Jan 42
Jan 194%
Jan
535
Jan 4216
Jan 287
%
Jan 4535
Jan 26
Jan 35
Jan
17%
Jan 17%
Jan 21
Jan 9914
Jan 28%
Jan 284
Jan 360
Jan
7
Jan 183
Jan 4735

8935
58
4835
34
45
15
95
10%
30
2935
5135
2034
55
135
34%
21

924
58
5155
435
46
15
95
11%
3116
3015
54
23
55
137
35%
237
4

400 86
100 46
1,100 4551
9.000
311
275 45
100 15
25 95
1,800
034
2,200 2836
1.300 29
5,000 45%
4,600 2035
25 55
1,600 135
9,600 347-1
5,700 21

Jan 92%
Jan 82
Jan 53%
415
Jan
Jan 46
Jan
15
Feb 100
Jan 11%
Jan 38%
Jan 31
Jan Si
Jan 34
Feb 55
Feb 139%
Feb 37%
Jan 2335

48
24
6035
57%
3031
10711
5931
5511
214
3
64
3035
13%
130
2535

4914 4,500 43%
25%
1,700 24
64% 9,800 46
58
4,400 57
32
10,200 294
108
20 10731
6431 2,400 4915
55% 4,300 55%
22
600 1931
3
700
3
65% 1,800 60
31% 2,000 28%
1331
700 1216
133% 23,500 12915
26% 15,400 254

Jan so
Jan zog
Jan 6931
Jan 58%
Jan 36%
Jan 108
Jan 64%
Jan 5531
Jan 22
Jan
336
Jan 78%
Jan 3131
Jan 14%
,
Jan 13336
Jan 30

10%
5616
3034
105%

12% 128,800
1236
5% Jan
61
5,500 • 53% Jan 61
3114 54,500 30
Jan 3235
Jan 10731
106% 11,900 105

9535' 100
23% 26%
217 227%

27
2811
58
59,11
498 595
1116 1235
1731 1715
2515 2615
634 7215
18
17
67
65
32
30
554 58
95
95
1sg 1731
794 7931
1094 114
10
1014
8535
76
4911 50
4915 50
68%
66
5935 6535
93% 9135
97 100
6235 66%
624
58
194 22
247
4
21
74
74
1634 1631
100 101
28% 2915
2815 29%
32% 323i
25
26
2535 2515
2015 2111
82% 8815
64
62
8211
9%
30
5411
4631
13534
63%
55
•97
13534

19,300 224 Jan 28%
6,700 53% Jan 6035
Jan 595
590 503
800 104 Jan 124
Jan 19
500 15
1,600 2534 Jan 2734
9,100 5834 Jan 72%
4,500 18% Jan 20
Jan 67
1,700 63
1,200 26% Jan 32%
Jan 5835
4,400 46
Jan 9511
400 92
500 1531 Feb 21
Jan 80
150 75
1,900 104
Jan 114
1,400 10
Jan
1015
1,600 7435 Jan 85%
400 4735 Jan 5135
300 4835 Jan 50
8,800 57
Jan 6815
11,700 59% Jan 65%
1,200 9351 Jan 9536
11,100 91 31 Jan 100%
2.400 62% Feb 73
5,100 434 Jan 6231
2,800 16
Jan 2414
38,000 17% Jan 24%
50 724 Jan 74
100 1631 Jan
2455
30@ 100
Jan 101
5,500 28
Jan 2915
4,600 28
Jan 29%
1,200 28
Jan 3435
100 25
Jan 2614
1,30
Jan 25 4
25
2,600 204 Jan
2236
3,000 8235 Jan 91
900 58
Jan 65

45,700 80
83
1,90
935
1134
1,20
28
30
800 50
56
300 4611
52%
1
135
13531
22,50
4731
75
200 55
55
98% 1.
100 s91 35
100 13131
13936

Jan 88
Jan 14%
Jan 32
Jan 55
Jan 5931
Jan 140
Jan 75
Jan 59
Jan 100
Jan 13515

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Whitenights Inc corn_ _
Widlar Food Products...-.
Wilcox-Rich corn B
•
Preferred A
Williams (It C)& Co Inc_.
Winter (Beni) Inc com__.
Wire Wheel Corp corn new..
Wolverine Portl Cement_10
Woodworth Inc common.•
Worth Inc cony class A_ --*
Yellow Taxi Corp
Zenith Radio new
Zonite Products Corp corn*
Rights
Amer Comm'l Alcohol_ _ _ _
Amer Cyanamid
Amer Rolling Mill
Am States Securities cl A
Class B
Amer Superpower w 1.......
British Celanese
Caterpillar Tractor
Cities Service
Fiat
Golden Center Mines
Grigsby-Grunow
Hall(W F) Printing
Loew's Inc
Middle West Utilities
Northern States Power
Warner Brcs
White Sewing Mach deb rts

164
26
4534
4631
1416
33%
77
734
55

1%
2435
271,
14
3%
17
216
14%
30c
434
835
9%
53.4

Public Utilities
Am Com'w'ith P corn A-• 2535
• 3334
Common B
931
Warrants
Amer Dist Teleg N J P1100
704
Amer & Foreign Pow warr_
162
Amer Gas & Elec corn-• 107
Preferred
Amer Lt & Trac corn_ _..100 254
113
Preferred
Amer Nat Gas corn v t c--• 1714
Amer Superpower Corp A• 12634
• 129
Class B common
10035
First preferred
Convertible preferredArizona Power corn.......100
Assoc Gas & Elec class A-. 56
113
Warrants
Brazilian Tr L & P new ord
100 1031
Brooklyn City RR
: 64;1
76
Buff Map & East Pr corn.
A
Clas
25
Preferred
-* 4274
Central Pub Serv el A
Cent & Southwest Ut11.100
Cent States Elec common-. 133
6% pref without warr_
6% pref with warr_100
Convertible preferred-- nsg
394
Warrants
CitieeServ P & L 7% p1.100
Columbus Elec & Pow---• 7074
Com'w'Ith Edison Co_ _100 24431
Com'w'Ith Pow Corp Pf.100 10231
Cons G E L & T Balt com-• 10431

15
26
4211
4335
394
1455
2935
26
3715
715
19
55
38%

17% 12.100
28
1,600
4515 4.100
46% 1,600
4035
5,100
15% 11,100
3435 71,900
77
200
3735
400
9
1,600
19
500
58% 3,500
39% 4,400

115 2
2,900
24,200
20% 25
27re 27re 6,700
12,900
1% 2
,
m
3,400
3
111,100
1215 21
7
100
7
300
235 2..
235 234 126,500
1435 1515 15,500
28c 69c 25,200
700
1215 1331
100;
1% 235
44
2,300
39
7% 811 6,800
9331174 8.500,
3;5 531 147,800,
200i
1111 1135

Range Since Jan. 1.
Low.

High.

Jan
Jan

18
284
4515
413%
40%
164
34%
z7
4314
1151
19
59
443
,4

Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

2
26
2*La
3
411
21
7/1
351
2)1
1734
1
1534
2%
4f
876
11%
535
144

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

274
3735
931
11235
7633
19234
10933
259
11314
18%
13436
133
10015
94
3734
5331
1154
814
114
7934
7234
2871
4434
90
13934
86
122
11731
40
1074
7215
258
10311
112

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan 210
Jan 52
Jan 494
Jan 1094
Jan 2744
Jan 124
Jan 10031
Jan 102
Jan 4534
Jan 110
Jan 9834
Jan 5731
Jan 35
Jan 5935
Jan 10034
Jan 44
Jan 149
Jan 49
Jan 22
Jan 100
Jan
11
Jan 1836
Jan 15
Jan' 53
Jan, 10935
I
1931 Jan 28
73-1 Feb 1051

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb

1435 Jan
26
Feb
4215 Jan
4334 Jan
3535 Jan
Jan
224 Jan
1914
534 Jan
,
37
Jan
178316 JanJan
5035
31
1
13%
2'1.
135
135
1134
7
1
2
1434
25c
12
135
28
6

6

4
11

11,900, 22
22% 26
3236 34
2,100, 2634
9
911 5,200; 8
11131 112%
50; 11131
5435 7615 102,000; 5231
147% 174
29,100,2128
106% 107% 1,200; 106
236 259
2,075 216
25 113
113 113
1734 1871 4,700 17
112 134% 109,400 6231
119 133
15,700 68
9934 100% 1,900 9911
9211 94
600 894
38
36
100 28
54% 5834 37,700 4911
8331 115% 5,000 5235
764 7835
500 75
1011 1131 13,200
8
7434 7835 5,300 6414
68% 6915 4,300 4934
264 264
200 264,
3935 44% 6,900 35
85
90
950 8115
125 13931 1,200 116
84
85
800 84
10735 122
1,400 103%
10831 11711 2,300 97
23% 40
2,600 1935
107% 10735
100 1074
67
72)5 2,000 64
238 253
130 215
102 10331
1,600 10111
98% 10514 4,800 914

100 19331
Duke Power Co
East States Pow B corn....-• 51
-----Edison Gen Elec (Ital)
Elec Bond &Share pref.100
Elec Bond & Share Secur... 24134
Elec Invest without war-* 121
Preferred
Elec Pow & Lt 2nd pi A--• 10134
44
Option warrants
Empire G & F 8% pref _100
7% preferred
Empire Pow Corp part stk• 66
Engineers Pub Serv war-- 33
• 5831
Federal Water Serv cl A-Florida Pow & Lt $7 pfd_.*
• 4236
General Pub Serv com--Hartford Elec Light_ _100 145
• 47
Internat Util class A
• 1994
Class B
Participating preferred835
Warrants
1734
Italian Super Power
124
Warrants
Long Island Light corn- -• 52
100 10974
7% preferred
Marconi Internat Marine
Commun Am dep rcts-- 2434
735
Marconi WIrel T of Can....1
Marconi Wireless Tel Land.
204
Class B
Middle West Utilcom____• 1814
100
Prior lien
121
7% preferred
6% preferred
Mohawk & Ilud Pow corn* 67%
•
let preferred
2nd preferred
7
33%
Warrants
Montreal Lt. Ht & Pewee- 110
1836
Mountain States Pow corn_
100 10334
7% preferred
Municipal Service
* 2774

192 2074 2,275
4931 52
3.600
494 4931
100
109 1091' 1,200
212 2743.4 118,300
42,400
107% 124
400
994 1004
700
9974 102
3735 4574 21,300
1094 10935
300
9735 9711
500
4934 5711 55,800
3131 35
5,700
5831 5915 16,000
10034 10031
100
3335 44
28,800
144 149
125
44
49
8,400
16
22 136,700
97
97%
200
8
11
5,400
1534 185 60,200
%
113-4 15
17,300
5035 53
5,300
109 10935
80

1834 2031 18,700 1835
180 189
1,100 170
123% 12334
100 12336
121
123
400 123
101 101
100 100
65
68
4,700 55
107 11016
100 107
107% 10714
75 10771
3434 5,300 2436
31
110 11235
400 110
18
200 18
1814
994 103%
20 984
26% 27% 3,400 25

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

225£
189
12335
123
102
71
11034
110
4534
114
184
10315
2831

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan

Nat Elec Power class A......• 37%
1094
Nat Power & Lt pref
Nat Pub Serv corn class A. 25
32
Common class B
New Eng Pow Assn corn...* 8535
NY Telep 634% pref....100
Nor Amer Util Sec corn_
1731
1st preferred
Northeast Power com____• 5815
Nor States P Corp com_100 15911
100 10935
Preferred
Ohio Bell Tel 7% pref _ _100
Ohio P S 7% 1st pf A 100 _ _
Oklahoma Gas & El pret _
Pacific G & E 1st pref....25 --2734
• 7015
Penn-Ohio Ed corn
7% prior preferred _ _101
•
$6 preferred
44
Option warrants
2211
Pa Gas Elec class A _
Penn Pr & Lt $7 pref
Penn Water & Power.. •
Peoples Light & Pow el A.. _ 53
Power Corp of Can com__. 1134
Power Securities corn
pugst sd pgq,
pref_100 984
Radio Corp of Amer
76
New class B pref
Rochester Central Power.... 44%

36
37%
700 35
108 1095
500 1074
24% 25
6.300 2434
30% 32
600 30
60 8434
8535 90
11315 114
525 11231
17% 18% 3,700 1335
,
9531 954
300i 954
5211 59 107,000, 4971
158 169%
7,200; 13615
10811 1095'
150' 10311
115 115
10; 114
11016 11016
40 11016
11011 1104
100; 1103.4
27
2835
1,600, 27
6731. 70% 13,000, 55
105 106
180' 10434
9415 9535
2301 9336
40% 4435
3,9001 32
2234 24% 2,400, 2271
109% 109%
700 108
9635 100%
3,200; 84
4931. 55
6.800; 4715
101 11814 2,300 9735
1811 16%
200 1671
98
99
350 98

Jan 3634
Jan 1097-4
Jan 2531
Jan 32
Jan 90
Jan 114
Jan 1831
Jan 9531
Jan 59
%
Jan 1697
Jan10035
Jan 115
Jan 11036
Jan 11036
Feb 2815
Jan 714
Jan 1084
Jan 96
Jan 46
Jan 243i
Jan 110
Jan 101
Jan 55
Jan 11831
Jan 1734
Jan 99

Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
.
.1
Ja
J
.1st.
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

2231 2611 35.200
731 835 23,700

7314 7611 78,300
44
4734 10.500

155
43
45
108
16711
77%
oo
%
997
284
10935
9731
4314
28
57
100
27
141
44
1511
97
431
11%
535
49
10831

7231
41

Jan
Jan

7734
49

Jan
Jan

Jan
Jan

712

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Public Utilities(Cond.) Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Sierra Pacific Elec oom_100 57%
Southeast Pow & Lt com_• 85
Common v t c
•
Participating preferred.•
$7 preferred
•
Warets to pur corn stk_
4435
Sou Calif Edison pref A_25
Preferred B
25 2631
555% preferred C_ _25
Sou Canada Power new_ _
Sou Cities Util prof__ _ _100 8634
So,u'west Bell Telep pf..100
Southw Pow&Lt7%pfd 100
Stand Gas & El 7% pf _100
Standard Pow & Lt com_25 5555
Preferred
• 103%
Swiae-Amor Elea prof
9731
Tampa Electric Co
• 7751
Tenn Elec Pow 7% pref 100 107
Union Natural Gas Can _ _
United Elec Serv warrants_ ---55;
.
United Gas when issued__
3755
United Gas Improveml_50 19055
United Lt & Pow corn A _ _• 4014
Common class B
• 4551
Preferred class A
PreferredB
5651
HMI Pow & Lt class B... • 4351
Utility Shares coin
• 3331
Western Power pref_ _ _ _100 105

Range Since Jan. 1.
Low.

High.

Si
7111
73
8755
10655
27%
28%
2811
24%
55
8234
118%
108%
109%
4951
102%
97
6411
106
3634
254
25
16131
3151
32
97
5551
37
1831
105

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

5751
90
85
90
10735
4731
30
26%
2851
5754
87
120
111%
lii
8851
104%
98%
79%
107%
39
351
39
195%
4351
50
10034
5734
4451
35
107

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
has
Jan
Jan
Jan
Jan
Jan

Former Standard Oil
Subsidiaries.
A oglo-Amer Oil(vot sh)..C1
15% 1651
4.900 14%
Vot stk Ws of dep
300 15
1551 1551
Non-voting shares._ _ £1
1451 1551
1.000 1451
1534
Non vot ctfs of dep
1411 14%
200 1411
Borne-Scrymser Co_ _100
43% 4354
150 4031
Buckeye Pipe Line
50 71
7031 7151
400 67
Continental Oily t c
10 22
1751 22 106,100 17%
Cumberland Pipe Line_ 100 67
67
67
100 62
Eureka Pipe Line
100
69
69
50 6555
Galena Signal 011
100
5% 534
100
5%
Ctla of deposit
6
6
6
100
6
Humble Oil& Refining__25 9451 9236 97
18,500 9251
Illinois Pipe Line
100
440 285
30355 308
imperial Oil(Canada)con• 98
9555 99
6,700 9511
National Transit_ _.12.50 243.4 2355 2411 2,600 2211
New York Transit
100
750 72
7654 81
Northern Pipe Line_ _100
62% 6255
50 61%
Ohio Oil
25 6736 643.4 6731 6,200 64%
Penn-Mex Fuel
25 42
35
4455 10,400 34%
Southern Pipe Line
10 1414
1451 16
500 14
South Penn 011
25 6534 6334 6631
2,800 6331
New w 1
4344 4331 4334
100 4311
Standard Oil(Indiana)_ _25 9834 85
9931 160.300 85
Standard Oil (Kansaa)..25 1951
18
2051 2,400 18
Standard 011 (Ky) new.
4234 3911 4231 24.100 3951
Standard 011(Neb)
25 4851 4611 4754
1,100 46%
Standard 011 (0) corn_ _25 124
4,300 115
11534 124
Vacuum 011 new
12211 1173.4 12434 18,300 10555

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jai
Jan
Jan
Jan
Jan
Jan

1634
15%
16
1411
48
7414
22
67
7015
651
6%
105%
31155
10311
25%
85
63
74%
44%
17
6934
4311
10334
2131
45%
4831
124
130%

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb

51
7831
85
89
107
3631
2911
2655
24%
55
85
118%
10851
11051
6855
10234
97
7054
107
3634
3
3331
17531
3754
4055
97
56
39
24
105

5711 3,000
44,600
90
85
500
89
100
10731
800
4774, 46,400
100
2911
600
26%
2451
300
500
5734
87
325
120
150
30
10854
111
200
6855 8,700
300
10334
98
500
79% 10,500
107
25
700
36%
331 35.600
30 _ 24.300
195, 133,900
1
4315 175.400
50
1,800
99
400
200
56%
4431 18.700
1,500
33
10551
100

Jan

Other Oil Stocks
Amer Contr 011 Flelds___I 64c
60c 68c 30.500 60c
Jan 72c
Amer Maracaibo Co
5
5% 751 22,800
715
8%
551 Jan
Argo 011 Corp
10
500
251
341
214 Jan
211
Arkansas Gas Corp com__•
351 4% 4,800
4%
5
331 Jan
Preferred
Jan
10
200
8% 831
8
8%
Atlantic Lobos 011com_•
2% 251
Jan
2
700
211
231
Barnsdall Corp stk purch
warrants (deb rights)-14% 19
27,400 1454 Jan 22
British Amer Oil Cou _
Jan 62
•
53
300 53
53
Carib Syndicate new corn _ _
451
6.300
351 4
351 Jan
3%
Colon Oil
Jan 15
•
11
1134 12% 3,3
Consol Royalty 011
1
8,
634 Jan
8
GOO
8
831
Creole Syndicate
1151
•
9% Jan
9% 1055 18.400
9%
Crown Cent Petrol Corp_ _•
151 Feb
1,300
115 1%
151
134
Darby Petrol Corp
2551 2554 5,200 2455 Jan 26
•
Derby Oil& Ref corn_ _ _.•
Jan
1,400
2
3% 4
5
3%
•
Preferred
500 2034 Jan 2734
2735 2734
Gulf Oil Corp of Penna__25 151
14551 15551 14,600 14214 Jan 167
Homaokla Oil
8,100
455 Jan
734
5
Houston Gulf Gas
5,000 1811 Jan 22
1815 2151
• 20
Intercontinental Petrol_ _10
251
131 Jan
2
2
255 27,800
International Petroleum..,• 60
5631 6235 43,100 5034 Jan 6551
Kirby Petroleum
1% Jan
•
1,70
351
2
2
254
Jan
Leonard Oil Developm1.25
7,600
555
5
5
551
5
Lion 011Refg
• 32
3135 32% 3.200 3154 Jan 3355
Jan 7351
Lone Star Gas Corp_ _ _ _25 7255 7134 73%
900 67
Jan
111
Magdalena Syndicate _
760 89e 23,000 60e
I 780
4.700
511
Mexico-Ohio 01.1 Co
354 Jan
334 534
535
•
5to Kansas Pipe Line
24
2234 25% 30.300 1534 Jan 25%
155
Mountain& Gulf 011
136
1
134 Jan
111 6.600
134
,
2111
Jan
Mountain Prod Corp.,.
6,100 19
20
19
.10 1934

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan

2751
5
21%
11%
2311
2%
1051
754
3411
30
13
7%
25
11
5%
2535
33
23
15
14%
89
655
9
551

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Nat Fuel Gas new
*
5
New Bradford 011
N Y Petrol Royalty
North Cent Texas OIL _•
Pacific Western 011
•
Panden 011 Corp
•
Panetpec 011of Venezuela•
Pannock 011 Corti
•
Petroleum (Amer)
Plymouth 011
Red Bank 011
25
Reiter Foster Oil Corp_ _ _•
Riehfield 011 pref
25
Ryan Consol Petrol
•
Slat Creek Come(' Oil_ _ _10
Salt Creek Producers_ _ _10
Shreveport Eldorado OIL _ _
Tacna Oil az Land New w
Tidal Oaage Oily 1 atoek_•
Non-votlng stock
•
Transcont 011 7% Pref.100
Venezuela Petroleum _ _ _ _5
Woodley Petroleum Corn."Y" Oil& Gas Co
25
Mining Stocks
Am Commander M & M_ _1
Arizona Globe Copper___1
Bunker HIS & Sullivan_10
Carnegie Metals
10
Chief Consol Mining
1
Comstock Tun & Dr'ge_10c
Coastal. Copper Mines__5
Cons Min &Smelt of Can25
Consol Nev Utah Cop___3
Copper Range Co
25
Cortez Silver Mince
1
Cresson Consol G 51 &MA
1
Divide Extension
Dolores Esperanza Corp_ _2
Eagle-Pichor Lead_
_20
10
East Butte
Engineer Gold Mtn Ltd...5
Evans Wallower Lead cona•
Preferred
1
Falcon Lead Mines
First National Copper- - _5




2844
434
1811
10%
1851
2
834
34%
28
551
2455
9
23
19%
1254
11
551
711
411
100
30o
19
1451
150
27
37c
98c
12c
1%
351
20%
30c
85e

28
451
18%
1011
18%
2
855
651
34
28%
12
551
24%
9
5%
22
33
1811
1251
10%
85%
551
651
4

26% 6,300
4% 3,300
4,800
20
1151 2,200
20% 12,200
800
231
9% 5,700
500
651
34% 131,800
28% 5.200
1.000
1231
4,300
6
400
24%
1031 7,500
5% 1,300
23% 7,900
100
32
22% 9.000
14
2,800
2,100
12
200
8551
5% 8,
22,400
9
MOO
551

26
451
18
851
1854
2
854
8%
34
26%
12
5%
24%
8
5%
22
33
1851
1211
1014
8551
534
531
3%

3c
80 220 247,000
90
250 340 268.000
134% 140
200 134
200 19
19 , 19
311 4
3.200
3%
1
1•14 11/ 12,400
13% 15% 25,800 13%
450 450
10 37954
15c 240 192,100
50
27
27
100 2551
250 370 15.000 180
92c
1 1is 14,400 710
10e 22o 326,000
4c
90e
151
1,100 750
23
23
100 19%
311 311
311
100
34 3%
334
500
1934 20% 22,100 15%
8555 85%
200 81
Mc 510 268,000 10e
65c
134 41,300 200

Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan 22c
Jan 47c
Jan
Jan 145% Jan
19% Jan
Jan
Jan
4
Jan
151 Jan
Jan
Jan 15% Jan
Jan
Jan 450
Jan
Jan 240
Jan 2851 Jan
Jan 37c Feb
135 Jan
Jan
Jan
Jan 22c
1% Jan
Jan
Jan
Jan 23
4% Jan
Jan
4% Jan
Feb
Jan
Jan 22
Jan
Jan 92
Jan
Jan 54c
Jan
131 Jan

[Vol,. 128.

Friday
Sales
Last Week's Range for
Mining Stocks
ofPrices.
Sale
Week.
(Concluded)
Par. Price. Low. High. Shares.
Golden Centre Mines _ _ _5
Golden Cycle Min & Red.)
Goldfield Consol Mines_ _1
Hada Mining
25c
HollIngerConsGold Mines 5
Hud Ray Mln & Smelt__ _•
Iron Cap Copper
10
Kennecott Copper new w
Kerr Lake
5
Kirkland Lake Gold Min _1
Mason Valley Mines
5
Mining Corp of Canada...5
New Cornelia Copper_ _ _ _5
New Jersey Zinc
100
New
Newmont Mining Corp_10
NY & Honduras Rosario_10
Niphasing Mines
5
Noranda Mines, Ltd
•
Ohio Copper
1
Portland Gold :Mining_ _ _ 1
Premier Gold Min
1
Red Warrior Mining
1
Rio Tinto rcts
Roan Antelope C Min Ltd
St Anthony Gold Min
San Toy Mining
1
Shattuck Donn Mining...
So Amer Gold & Plat_
Standard Silver Lead_ _ _ _1
Tech Hughes
1
Tonopah Belmont Devel_ 1
Tonopah Extension
1
Tonopah Mining
United Eastern Min
1
United Verde Extension 50c
United Zinc Smelt Corp.,.
Unity Gold Mines
1
Utah Apex
5
Walker Mining
1
Wenden Copper Mining..1
Yukon Gold Co
5
BondsAbbotta Dairies ft....1942
Abitibi P & P58 A....1953
Alabama Power 4%8.19 6
957
6
1st & ref 5s
Allied Pk lot col tr 88_1939
Certificates of deposit
Debenture 6s
1939
Certificates of deposit.
Aluminum Coat deb 5s '52
Aluminum Ltd 58_ _ _ _1948
Amer Aggregates Os. _1943
Amer Comm. Alcohol 68'43
!
With warrants
Amer 0 & El deb 5s...2028
Amer In ternat 5s
1949
American Power & Light
68. without warr_.,20i6
Amer Radiatordeb 411s,'47
Amer Roll Mil deb 58_1948
Amer Seating 64,
1936
Amer Solo'& Chem 68_1936
Without warrants
Appalachian El Pr 58.1956
Arkansas Pr & Lt. 58_ _1956
Arnold Print Wk8 6s_ _1941
Asso Dye & Press 6s__1938
Associated G & E 53481977
Con deb 451a wi war 1948
Without warrants_ _ _
Aseoc'd Sim Hard 635s'
33
Atch Top & SF 4558..1948
Atlantic Fruit Se
1949
Atlas Plywood 5%s_ _ _194
Bates Valve Bag 6s_ __1942
With stock purch warr_ _
Beacon 0116s, with warr'36
Bell Tel of Canada 56_195
1555
7
1st 58 seriee 13
Berlin City Elec 6558_1929
Boston & Maine RR 65 '33
Brunner Turb & Eq 7118'55
Certfs of deposit
Buffalo Gen El 58_ __ _1956
Burmeister & Wain of
Copenhagen 15-yr 88 '40
Canadian Nat Rys 78.1935
4558
1968
Carolina Pr & Lt 58_1956
Cent States Mee 541._ _1948
Cent States P & Lt 5%s'53
Cent States Serv Corp
63.6% notes with war '33
Chic Pneum Tool 5318 '42
Chic Rye Os et( Sap.,.1927
Childs Co deb 5s
1943
Cigar Stores Realty
551s series A
1949
Cities Service 5s
1966
Cities Service Gas 555s 1942
Cities Serv Gas Pipe L 68'43
Cities Serv Put L 5348_1952
Cleve Flee Ilium 58 A_1954
Cleveland Term Bldg Os'41
Columbia River Long 13dge
let 015s
1943
Commander Larabee 68.'41
Commers und Private
Bank 5558
1937
Common Edison 4548257
Consol GE L&P Balt6s. series A
1949
series F
1965
Conant Textile 8s
1041
Consumers Power 4%81958
Cont'l 0 & El 5s
1958
Continental Oil 5348-.1937
Cuba Co 6% note_..1929
Cuban Telep 7518 _ _1941
Cudahy Pack deb 534s 1937
58
1946
Deny & Salt Lake Ry 88 130
Detroit City Gas 5s B_1954)
Os series A
1947
Detroit Int Bdge 6%8_1052
25%year a deb 78 1952
Dixie Gulf Gas 6348_1937
With warrants
El Pow Corn (Ger) 6518'53
El Paso Nat Gas 634s A '43
Deb 6158. _ _ _Dec 1 1938
Empire Oil& Refg 5158 '42
Ercole Miami Elec Mfg
6554; with warrants_1953
Eur Mtge & Inv 78 C.1967
Fabric() Finishing 8s..1939
F'airb'ks Morse & Co be '421
Federal Sugar (18
19331

9%
40c
17
8%
2151
4
81
700
131
1%
551
4115
310
80
200%
16%
351
6311
3%
22c
19c
315
4755
68c
1 lc
2151
20c
831
15c
4
86c
21%
2
151
431
2

Range Since Jan. 1.
Low.

High.

951 10% 2,300
Jan
936 Jan 12
151
1%
400
111 Jan
1% Jan
240 44c 95,500 16c
Jan 44c
Jan
17
1734
4,400 16
Jan 1755 Jan
841 915
1,000
cog Jan
8% Jan
2051 2151 32,200 1935 Jan 2255 Jan
351 4114 4,400
311 Jan
4714 Jan
7631 82% 56,100 7655 Jan 82% Feb
1% 9,400 450 Jan
560
151 Jan
151 hIll 2,700
1 1114 Jan
21 4 Jan
131 2
6,000
151 Jan
251 Jan
5
551 10,200
414 Jan
536 Jan
40
42
7,800 40
Jan 4451 Jan
310 320
720 279% Jan 325
Jan
80
8351
1.300 7554 Jan 8751 Jan
19111 200% 11,600 19151 Jan 20651 Jan
1655 1654
100 1551 Jan
1615 Jan
311
334
4,000
351 Jan
314 Jan
5951 6451 35,300 5951 Jan 8814 Jan
231 4 216,200
1% Jan
434 Jan
200 250
2,000
Jan 25c
8c
Jan
234 2% 2,900
234 Jan
27‘. Jan
29e
100
57,000 hg
Jan
Jan
29c
300 315
20 300
Feb 315
Feb
47
4951 7,700 3814 Jan 50
Jan
84c 68c
7,600 46c
Jan 68c
Jan
100 26c 375,200
5c
Jan
Jan
280
2155 22% 92,200 2155 Jan 23% Jan
3
351
600
3
Jan
3% Jan
200 34c 29,000 15c
Jan
Jan
Mc
8% 911
5,300
831 Jan
9% Jan
Pis 1%
700
1
Jan
Jan
2
24c 28,600
12e
8c
Jan 380 Jan
4
4
100
4 to Jan
,
33.4 Jan
86c 05c
1,100 80c
Jan 950
Jan
20% 2211 15,600 20
Jan 24% Jan
141 2% 10.400
11( Jan
2% Jan
134
251 6,200
151 Jan
244 Jan
4
435 6,400
351 Jan
445 Feb
21114 211i
200
231 Jan
Jan
251 24,200
131
151 Jan
231 Jan
1%
1
900
1
Jan
1)5 Jan

100
100
8731 86%
9434 9451
101%
5614 4854
48
48
48
101% 101%
9414 98
114% 114

100
8735
95
10211
57
50
53
51
102
98%
115%

$5,000 9835 Jan 100
Jan
140,000 86
Jan 8715 Jan
63,000 9451 Jan 9531 Jan
14,000 101% Jan 103
Jan
74,000 45
Jan 57
Feb
9,000 46
Jan
Jan 51
54.000 48
Jan 53
Jan
10,000 4551 Jan 51
Jan
73,000 10151 Jan 10251 Jan
65,000 9711 Jan 9856 Jan
105,000 111
Jan 11555 Jai]

121
126
56,000 115%
128
96% 96% 96% 148,000 98%
109% 110% 1756000 100%

Jan 132
Jan 97%
Jan 114

Jan
Jan
Jan

10515 10611 145,000 105% Jai 10651
97% 97%
1,000 9754 Jan 99%
9655 96
9641 85,000 96
Jar
9711
9735 9641 9744 25.000 95% Jan 9751
98,000 114
117% 117% 119
Jan 122
95
10.000 95
97
Jan 96
9834 98)5 99
49.000 98% Jan 9951
96% 9645 9745 26,000 9654 Jan 098
95
95
9545 5,000 95
Feb 98
92
92
10,000 92
93
Jan 94
105
103% 105 451,000 9851 Jan 105
118
11245 118 1906000 99% Jan 118
108
103 103 1333000 9451 Jan 108
86% 86% 8641 30.000 86,55 Jan 87%
12034 11644 12145 1702000 114
Jan 12251
21
21
2245 97,000 1934 Jan
2214
96
96 100
67,000 96
Jan 10351

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan

106

106
105
11311 113
102
10145
101%
9915
10251 10115
40
40
30
103
103

106)5
115
10245
102%
9915
103
40
30
103

45.000
42,000
29,000
13.000
3,000
7,000
1,000
8.000
4,000

105
11035
10154
10111
99
10114
40
30
103

9854 9254

8,000

9751

Jai
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jo
Jan

Jan

Jan
Jan

110% Jan
118% Jan
10211 Jan
10211 Jan
10231 Jan
Jan
103
40
Feb
Jan
30
104
Jan
9915

Jan

109
10854 10931 19,000 108%
9555 172,000 95
9531 95
10131 10114 102
11,000 101
21,000 89
90
90
89
95
9431 95
16,000 9454

Jan 110
Jan 983.4
Jan 102%
Jan 9051
Jan 96%

Jan
Jan
Jan
Jan
Jan

98
100
100
8034 8011
89

2,000
98
10051 27.000
61,000
81
14,000
90

Jan 98
Jan 101%
Jan 81
Jan 90

Jan
Jan
Jan
Jan

9951
9055 8951
9051 90
98
9714
96
96
104
104
9851 97

9951
9051
9051
9851
9634
10431
9851

98
99
79
89

2,000 0034
53.000 8951
49.000 90
50.000 96%
135,000 96
6.000 104
8.000 96

Jan 99% Jan
Jan 90% Jan
Jan 9211 Jan
Jan 98% Jan
Jan 97% Jan
Jan 10451 Feb
Jan 9834 Jan

0551
8835

953.1 97
87
89

36,000
18,000

9551
87

Feb 100
Jan 90

Jan
Jan

88

983( 9874 8,000
8751 88
38,000

8754
98

Jan
Jan

88
9834

Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan

106%
105%
06
9734
9111
9651
9711
111
9934
101
9114
10034
106%
96
89

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jac
Jan
Jan
Jan

Jan 8831
Jan 95
Jan 10054
Jan 101
Jan 9154

Jan

32,000 96
Jan 9834
10,000 91
Jan 92
17,000 10054 Jai 101
15,000 95
Jan 9631
104.000 86% Jan 9551

Jan
Jan
Feb
Jan
Jac

105
9314
9034
97
9851
100
90
10515
9454
8815
8754
9351
90
9851
101
95
9451

105 10531
105 105
9351 94
97
9734
9036 9036
95
9534
9651 973.4
10931 11074
0845 9934
100 10034
8931 91
10014 10031
10554 106
9435 9534
8834 89

18.000
2,000
17,000
8.000
71,000
10,000
13,000
7,000
32,000
3,000
8,000
8,00
36.00
48,000
21,000

105
10354
9311
97
901(
04%
9634
10755
9814
100
8934
100
10554
9234
8551

87
93
100
10051
90

8735
95
10054
101
9051

42,00
24,000
7,00
21,000
23,000

5834
93
90
99
90

97
91
10011
95
923.4

9851
9131
101
95
953.4

Jan
Jan
Jan
Jan

Bonds (Continued)

Friday
Last Week's Range Sates
01 Prices.
Sale
Price. L010. High. Week.

Finland Residential Mtge
1961
Bank 65
Firestone Cot Mills 55_1948
Firestone T&R Cal 5s _1942
First Bohemian Glass Wks
30-yr 7o with warr_ _1957
1931
Fisk Rubber 545
Florida Power & Lt 55_1954
Galena Signal 01175 1930
Gatineau Power 55._ _1956
1941
6s
Gelsenkirchen Min 65_1934
Genl Amer Invest 55_1952
Without warrants
Gen Laund Mach 65551937
General Rayon 6s ser A '48
General Vending Corp
6s with warr Aug 181937
1946
Ga & Fla RR 65
Georgia Power ref 5s_1967
Goody'r T&R(Cal) 59.45 .31
Grand Trunk Ry 6345_1936
Guardian Investors 98.1948
With warrants
Gulf 011 of Pa 5s
1937
Sinking fund deb 55_1947
Gulf States UM,55
1956
Hamburg Elec 75
1935
Hamburg E1& Ind 59.5s '38
Hanover Cred Inst 6s 1931
Hood Rubber 7s
1936
Houston Gulf Gas 6545 '43
1943
Illinois Pow & Lt 5545_1957
54s series B
1954
Indep Oil& Gas deb 6s 1939
Ind'polis P & L 55 ser A '57
Int Pow Secur 75 ser E 1957
Internat Securities 5.1_1947
Interstate Nat Gas 65 1936
Without warrants
Interstate Power Ss_ __1957
New
Debenture es
1952
Invest Co of Am 55 A.1947
Without warrants
Iowa-Neb L & P 55_1957
Isarco Hydro-Elec 75_1952
Isotta Fraschinl 75_1942
With warrants
Without warrants
Italian Superpower 65..1963
Without warrants
Jeddo Highland Coal 6s '41
Kelvinator Co es
1936
Without warrants
KendallCo 545
1948
Koppers G & C deb 55.1947

Range Since Jan. 1.
Bonds (Concluded)

High.

Low.

91 11
94
95

Jan
Jan
Jan

Jan 88
2,000 84
88
87
88
93
9534 28,000 89% Jan 96
95
924 9231 92% 96,000 8934 Jan 924
4,000 100% Jan 101
1004 101
101
9735 9655 974 89,000 9531 Jan 9751
37.000 9934 Jan 10051
9915 100
100
Jan 91%
9034 894 914 103,000 89

Feb
Jan
Jan
Jan
Jan
Jan
Jan

844 Jan 86
63,00
844 85
85
Jan 102%
100 10131 32,000 100
101
9391 Jan 95
49,00
93% 9331 95

Jan
Jan
Jan

81
65
97%
99%
107

81
Jan 87
8435 63,00
70%
4,000 65
Jan
65
984 106,000 97% Jan 08'4
Jan 904
99
1,00
99%
6,00 106% Jan 108
108

Jan
Jan
Jan
Jan
Jan

97
1004
10035
96

98
101
101
96

934
944

8415
65
984
107
97
96
8754
9531
95
90
9011
19635
9915
9511
914

83,000
90
89
934 9334 21.000
22,000
9415 95

102 10215
8655 8715
9431 9531
95
96
90
9034
90
9054
96
96
100 1904
105% 107%
994 994
9451 96
904 9135

804

9735
9954

Jan 103
Jan 88
Jan 9531
Jan 97
Jan 92%
Jan 92%
Jan 964
Jan 10034
Jan 110%
Jan 99%
Jan 96
Jan 92

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

66,000 1034 Jan 104%
Jan 9655
60,000 95
33,000 95% Feb 964
32.000 9511 Jan 97
Jan 107
43,000 98
7,000 78
Jan 81
7.000 9331 Jan 94%
6.000 89
Jan 914

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

7,000 101
12,000 86
14.000 9334
9,000 93%
24,000 90
38,000 90
5,000 9414
11,000 994
154.000 10535
46,000 99
57,000 9451
112,000 90

3,000 10151
1,000 87

101% 105
874 874
804 81
104 104

Jan
Jan
Jan

Jan 10115 Jan
10,000 97
14,000 100% Jan 10115 Jan
Jan
61,000 10015 Jan 102
Jan 9931 Jan
6.000 96

10431 104% 104%
954 954 96
9511 95% 96
954 854 95%
10235 102 103%
81
82
82
94
944
94
90%
89% 89
103

89
93
94

243,000 8035
8,000 104

11,000
77% 78
9755 9731 25,000
9934 99% 59,000

Jan 1064
Jan 88

Jan
Jan

Jan 82
Jan 104

Jan
Jan

734 Jan
97
Jan
98% Jan

Laclede Gas Light 555s '35
Lehigh Pow Secur 65_2026
Leonard Tietz Inc 7548 '46
With stock pur warrants
Without warrants
Libby, McN & Libby 55'42
Lone Star Gas Corp 5s 1942
Long Island Ltg 6s__1948
La Power & Light 68_1957
Now
Manitoba Power 545_1951
Mass Gas Cos 5413_1946
McCord Red & Mfg 651943
Memphis Nat Gas 6s__1943
With warrants
Matron Edison 4155._1968
Milwaukee G L 4356_1967
Minn Pow & Lt 4155_ _1978
Montgomery Ward 55_1946
Morris & Co 745_.1930
Munson SS Linos6 45_1937
With warrants

9931 10035 6,000 99%
1044 1044 10531 156,000 10435

Narragansett Elec 55 A '57
Nat Power & Lt 6s A.2026
Nat Public Service 55_1978
Nat Rub Manley 6s_ _1943
Nat Trade Journal 65.1938
Nebraska Power On A_2022
Neisner Realty deb 65_1948
New Eng G & El Assn 5847
58
1948
New Orl
Sem 531955
,
N51( & Foreign Invest
5San A with warr_ _1948
NIY P & L Corp 1st 4548'67
Niagara Falls Pow 65_1950
Nichols & Shepard Co 65'37
Without warrants
Nippon Elea Pow 64s 1953
North Ind Pub Sem 581966
,
Nor States Pow 655 %_I933
Ohio Power 58 ser B__1952
414s series D
1956
Ohio Ri, Edison 5s_ _ _1951
Osgood Co with warr 6s '38
Oswego Rio Pow 6s _ _1931
Pas Gas & El 1st 4155_1957
Pacific Invest ts
1948
Pacific Western 011615s'43
Park & Tilford 65_-_1936
Penn-Ohio Edison 68 1950
Without warrants
Penn Pow & Light 55 D '52
1st & ref 55 ser D_ _ _1953
Phil& Mee 5s
1960
Phila Elec Pow 548_1972
Phila Rapid Trans 65_1962
Pittsburgh Steel Os__.1948
Potomac Edison 58._ _1956
Potrero Sugar 7s Nov 15'47
Power Corp of NY 534s'47
Pressed Steel Car 5s_ _1943
Procter & Gamble 4451947

190
10555
81%
150
95
10834
108
96%
97

79
Jan
984 Jan
9935 Jan

Jan 10031
Jan 106

Jan
Jan

1634
10215
94
9915
1054
964
97
101
104
9951

Jan
Jan
„ran
Jan
Jan
Jan
Jan
Jan
Jan
Jan

98% 100 170,000 964 Jan 100
984 9835 11,000 97% Jan 99
98
Jan 100
9934 9931 9.00
914 9135 8,000 91
Jan 924
10254 102% 1,00 1014 Jan 10215
7,00 10054 Jan 101
100% 10055 101

Jan
Jan
Jan
Jan
Jan
Jan

159 159
10115 10154
9215 93
98
98%
10434 104% 1054
954 95%
9815 9515 9615
10034 10014 101
1034 104
98
9915
98
924

3,000
5,000
12,000
11,000
11.000
14,000
13,000
26,000
38.000
93,000

159
101
924
98
1034
9515
954
99
103%
9631

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan

99
984

98

93
92%

9831 15,000

9951 100
104% 10555
81% 82%
150 152
95
9754
10851 10814
1074 1084
96% 964
96% 97
94
94

30,000
78,000
27,000
18,00
51,000
2,000
20,000
24,000
43,000
1,000

98
9911
104
81
148
95
1074
10755
964
9631
94

Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

983.6

Jan

10034 Jan
10531 Jan
834 Jan
163
Jan
98% Jan
109
Jan
10834 Jan
97
Jan
9711 Jan
964 Jan

Jan 93
61,000 92
93
92
Feb
9215 93 109,000 924 Jan 93% Jan
1054 10734 8,000 10434 Jan 10734 Jan
1024 10234
91
91%
10035 100%
102% 103%
9914 100%
924 93
99% 100%
100 1004
994 9951
9715 98%
944 95
98
9814
9951 100

5,000
7,000
6,000
16,000
19,000
35,000
10,000
12,000
6,000
40,000
14,000
231,000
5,000

102
90
1004
1024
99.4
9215
99
100
97
974
9435
98
9931

Jan
Jan
Jan
Jan
Jan
Jan
Jan'
Jan
Jan
Jan
Jan
Jan
Jan

10235
92
1014
10315
101
93%
10014
101
0951
98%
9535
98%
100

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan

101 101%
1004 101%
102 102
103% 10334 10335
10555 105 105%
10215 1034
10215 10234
97
9755
7554 7535
974 98
9015 904 91
96% 97
97

19,000
17,000
4,000
1,000
64,000
5,000
12,000
25,000
1,000
12,000
4,000
9.000

101
100%
102
10315
105
101%
102
96%
72
9734
904
96%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

102
10151
10214
10315
1054
10335
103
97%
76
984
91
9751

Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

102%
9135
1004
103
9215
10014
100
9935
98
98

Queensboro 0 & E 54s '52
Rem Arms554% notes 1930 99
Richfield 011515% notes'31 101
es
1941
Rochester Cent Pow 5s '53 8735
Ruhr Gas 6555
1953 94
Ryerson (Jos T)& Sons Inc
lb-year s f deb 5e_ _ _1943
et Louis Coke & Gas Os '47 90
San Ant Public Serv be 1958
1955
Saud& Falls 55
Sohulte Real Estate (is 1935
With warrants
92
Without warrants
Scripps(E W)515s___1943
Servel Inc(new no) 68_1948 77
Shawinigan W & P 434s'67 9334




713

FINANCIAL CHRONICLE

2 1929.]

F.

103
9831
100
11335
86%
94

104
99
101
11315
8734
94

12,1100 103
21,000 98
22,000 100
5,000 1134
49,000 86%
29,000 94

Jan 104
Jan 99
Jan 10234
Jan 125
Jan 884
Jan 94

Jan
Jan
Jan
Jan
Jan
Jan

95
90
9615
1014

95
28.000 93
9134 63,000 90
9735 25,000 96
1024 7,000 1014

Jan 96
Jan 92
Jan 9651
Jan 1024

Jan
Jan
Jan
Jan

102
92
944
75
9334

102
92
95
82
94

1.000 102
Jan 110
Jan
18,000 92
Jan 9215 Jan
32,000 9234 Jan 95
Jan
71.000 75
Jan 8534 Jan
63.000 9351 Jan 9434 Jan

Friday
Last Week's Range Sales
for
of Prices.
sate
Price. Low. High. Week.

Shawsheen Mills 7s_ _ _1931
Sheridan Wyo Coal 65_1947
Sloss-Sheffield S & I6s 1929
Snider Pack 6% notes_1932
Solvay-Am Invest 55_1942
Southeast P & L 65...2025
Without warrants
Sou Calif Edison 55_1951
Gen & refunding 5s_1944
1952
Refunding Es
1937
Sou Calif Gam 55
Southern Dairies 65_ _ _1930
1957
So'west G & E 55
So'west Dairies 63.4s..1938
With warrants
So'west Lt & Power 55 1957
S'west Pow & Lt On.. _2022
Staley (A E) Mfg 65__1942
Stand Pow & Lt 6s_ _ _1957
Stinnes (Hugo) Corp
75 Oct 1 '36 without warr
7s 1946 without warents
Strauss (Nathan) 65_1938
Stutz Motor 735s_ _ _ _1037
Sun Maid Raisin 6355_1942
1939
Sun 011534s
Swift & Co 5s Oct 15 1932
Texas Power & Lt 55._1956
Tran Lux Dayl Pict Screen
1932
64s with warr
1936
Ulan & Co.64s
Union Amer Invest 55_1948
Union Bag & Paper 65_1932
United El Sem,(Unes)7s'56
With warrants
Without warrants
United Industrial 64s 1941
United Lt & Rys 5355_1952
1952
63 series A
United Oil Prod 85. _ _ _1931
Un Rys Havana 7545._1936
United Steel Wks 6158 1947
With warrants
US Rubber
Serial 63.4% notes_ _1929
Serial 655% notes_ _1930
Serial 63.4% notes_ _1931
Serial 635% notes_ _1932
Serial 615% notes _ _1933
Serial 634% notes...1934
Serial 634% notes_1935
Serial 655% notes_ _1936
Serial 6Sa % notes_ _1937
Serial 655% notes_ _1938
Serial 69.4% notes_ _1939
Serial 03.4% notes_ _1940
U S Smelt & Ref 5155-1935

Range Since Jan. 1.

10334 10435 115,000
104
10131 1014 10135 51,000
10215 102 10234 2,000
10155 101% 26,000
43.000
92% 93
93
97
97
974 8,000
9,000
96
97
97

103%
1014
10131
1014
92%
964
96

Jan 9835
Jan 93
Jan 100
Jan 10715
Jan 98

97
93
9955
95
9711

9831

27,000 884
18,000 88
24,000 117
4,000 105
48,000 65
18,000 10034
46,000 9831

9831 9955 56,000

115
9934
116% 112
97;5

89

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Feb
Jan
Jan

90
894
1409.4
11647931
102
1009.4

Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan

999.4

Jan

98%

Jan 122 ' Jan
Jan 99% Jan
Jan 116% Feb
Jan 9734 Jan

Feb
45,000 11551 Jan 128
48,000 90% Jan 9215 Jan
16,000 8994 Jan 91% Jan
31,000 92% Jan 9434 Jan
Jan 101% Jan
25.000 100
Jan
Jan 79
1,000 76
Jan
Jan 110
1.000 110
8931

Jan

2,000 9951 Jan 100
13,000 9811 Jan 1004
Jan 10035
1,000 98
Jan 10034
5,000 97
19.000 969.4 Jan 10031
10.000 9651 Jan 1004
Jan 10055
15,000 96
13,000 97% Jan 100%
Jan 10034
3,000 97
Jan 1004
12,000 98
Jan 10035
7,000 96
Jan 101%
5,000 97
8,000 10311 Jan 104

Jan
Jan
an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

8951 48,000

100 100
100
100 31 100 1004
1004 100%
100 100
100
10031 100 1003£
100 1004
100
100 100%
100 10051
100
100 • 100 100
994 100
100
100 100%
100
10015 100%
10311 1034 10311

10515
102
1024
102
93
9715
9715

Jan 101
Jan 9634
Jan 10735
Jan 984
Jan 9954,

42.000 94
122
9955 10.000 9955
11635 80.000 1044
9735 1.000 9715

12035 125
125
9151 9035 9134
89% 91
9351 94
94
10091 100 10051
76
76
110 110

Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan

7,000 9915
9915 100
9615 9635 2,000 95
104% 10434 104% 5,000 10415
984 984 9851 19,000 974
9931 81,000 984
99)5 99
894 8855 8951
894
89
89
12311 12235 128
105 106
76
65
74
10151 101 102
9931 9935 100

High.

Low.

9854 8,000
93
5,000
7,000
100
103% 117,000
7,000
9731

9755
93
9931
100%
974

87

Jan

1,000 106
106 106
1937
Valvoline Oils 7s
9,000 85
86
86
Van Camp Packing 65_1948 86
9454 9,000 94
94
Webster Mills 6 9.4e-1933 94
Western Power 5155._1957 117% 111 121 702,000 10935
16,000 10234
10211 104
Westvaco Chlorine 534s '37 104
Wheeling Steel4 411_1953 88% 8854 88% 91,000 SR
9834 98% 4.000 9634
Wise Central Ity 55_ _ .1930

Jan
Jan 106
Jan 864 Jan
Jan 9615 Jan
Jan
Jan 121
Jan
Jan 104
Jan
Jan 89
Jan 9854 Jan

Foreign Government
and Mu rilci palltie,Agricul Mtge Bk Rep WC&
Jan 15 1946
20-yr 7s
20-yr 7s__ _Jan 15 1947
Antwerp (City) 55-.1958

98
94

58,000
9751 100
13,000
97
98
94
94)5 9,000

97
97
94

Jan
Jan 100
Jan
Jan 90
Jan 94% Jan

9,000

98

Jan

9731 98
Baden (Germany) 75_ _1951.
Danko(Prussia Landowners
Ass'n 6% notes_ _ 1930 9631 96% 9631
91%
91
Bolivia (Repub of) 75_1969
.
Buenos Airm(Prov) 714e 47 10355 1024 10334
10035 101
1952
78
Cauca Valley (Dept) Col
1948 9235 9235 93
ombia exti s f is
Cent Bk of German State&
8635
Prov Banks 65 13.__1951 8634 86
8731
86
1952
Os series A
8835
1958 884 88
654s
9934 101 10131
Danish Cons Munic 545'55
96
9635
1953
55 new
Danzig P & Waterway rid
83
83
1952
Extl s f 6145
1967 8635 8634 86%
.75
Estonia (Rep)
96
Frankford (City)6158_1953 9535 95
German Cons Munic 7s '47 9731 9634 98
88
1947 8754 87
Os
Indus Mtg Bk of Finland
101
102
7s 1944
1st mtge coll s f
94
94
Maranhao (State) 75_1958
9635 9615
Medellin (Colombia) 75 '51
Mendosa (Prov) Argentina
9735 9655 984
1951
7155
9431 9555
Montevideo (City) 65 1959
94
Mtge Bank of Bogota 75'47 9311 93
9251 94
94
New
9755 98%
Mtge Bank of Chile 68 1931
95% 96
Mtge Bk of Denmark 55'72 96
80
79
Mtge Bk of Jugoslav 78 '57 SO
1972 10554 10535 10535
Netherlands 65
Parana (Stateo() Bras 75'58 9154 91%
Prussia(Free State)648'51 9535 94
8931
Extl Os (of '27) Oct 15'52 90
Rio Grande do Sul (State)
9615
Brazil 7s (of '27).....1907
Russian Governments
13
1919
634s
1255
1919
6145 Mrs
1255
1234
1921
5155
12%
5.4s certificates_ __ _1921
99
1935
Saar Basin 7s
Saarbrucken 78
1935 99;5 9955
Santa Fe (City) Argentine
94
Republic extl 75._ _1945 94
Santiago (Chile) 75_ 1949 9915 99
1958 8415 82
Silesia (Prov) 75
Switzerland Govt 54s 1929 10055 1004

4,000 95
61,000 904
45,000 102
8,000 $1133.4

Jan
Jan
Jan
Jan
Jan

9634

Jan

15,000

9215 Jan

38,000
6,000
85,000
29,000
7.000

85%
85
864
99 I
94

Jan
Jan 87
Jan 8711 Jan
Jan
Jan 89
Jan 1014 Jan
Jan 9854 Jan

4,000

81 I Jan

8434

Jan

12,000
50,000
36,000
35.000

Jan
86
9335 Jan
Jan
98
Jan
87

89
96%
98
89

Jan
Jan
Jan
Jan

45,000 101
2,000 94
7,000 96

Jan 102
Jan 94
Jan 97

Jan
Jan
Jan

15,000 9655
31,000 9431
30.000 914
16.000 9011
9731
39,00
14.000 9535
20,000 79
4.000 105

Jan 984
Jan 911
Jan 9315
Jan 94
Jan 9854
Jan 96
Jan 8231
Jan 10534

Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

9235 10.000
9531 54,000
9011 44.000
97

98

Jan 97
Jan 33334
Jan 1034
Jan 101

16,000

1,000
13
1231 59,000
12% 29,000
12% 6.000
99% 8,000
9915 2.000

914 Feb
94
Jan
89% Jan

93,4 Jan
Jan
98
9054 Jan
97

Jan

95

Jan

13
124
12%
1235
99
99;4

Jan
13
Jan
1414 Jan
Jan
Jan 1314 Jan
1334 Jan
Jan
Jan
Jan 101
Jan
Jan 100

Jan
Jan 96
2,000 93
94
Jan
7,000 974 Jan 100
100
Jan
Jan 85
84% 29.000 82
Jan 1004 Jan
10015 24,00 100

•No par value. I Correction. m Listed on the Stock Exchange this week. where
additional transactions will be found. n Sold under the rule. o Sold for cash.
s Option sales. I Ex-rights and bonus. w When issued. z Ex-dividend. V Ex•
rights. x Ex-stock dividend.
"Under the rule" sales were made as follows:
.
a Amer. Meter Co.. Jan. 15 at 128: c Danish Con. Munk. 59.4e, 1955 JUL 11
at 105
"Cash"sales were made as follows:
S Arkansas Power de Light let & ref. Is Jan. 22 at 99.
Smite(t) Sale of Southern Stores on previous Issues an error: should have been
should have been Grief Bros. Cooperage class A.

714

FINANCIAL CHRONICLE

[Vor,. 128.

Quotations of Sundry Securities

All bond prices are "and Interest" augsvt where matted ••f••.
Publie Utilities
Par 854 Ask
American Gas & Eleotrlo-t 316118 s1651z
0% preferred
310634 8107
trner Light & Turn com..100 250 8259
Preferred
100 112 113
Amer Pow A Light
Deb 682016.... ____M&S 10314 10588
Amer Public 17tlicom-100 60 65
7% prior preferred _100 93 97
Partic preferred
IGO 93 93
Appalachian El Pr pf__ _100 107 10812
Associated Gas A Elee 1010 0 *26 28
Original preferred
54 56
• *
$6 preferred
*94 96
$512 pref
*99 101
SO Preferred
*100 102
1634 preferred
*DX) 102
67 oreferred
*102 105
Deb 5a 1968
LAO 891 893
4
Deb 5s
287
98 100
Com'w'ith Pr Corp pref-100 102 10214
East. 17111. Awe.corn
*411 42
Cony. slock_
*131 15
Met Bond & Share pref 100 1091 10912
General Pub Serv corn•42 44
$7 preferred
•
210
$6 first preferred
*99 101
Public OUt
100 93 9412
tealpril Ely Pow pref.100 *10612 10812
Fir it mese 58 1951
J&J 10012 10212
Deb 6 1847-------MAN 97 98
,
National Pow & light pref-t *106 108
North States Pow corn-100 .1158 816112
7% Preferred
100 81083 al093
4
8
Nor Texas Elea CO srnm-100
9
Preferred
100 34 36 Ohio Pub Secy.7% pre!_100 111 113
6% pref
10212 10412
Paciflo Gas & El let pref...25 2634 273
4
PugetSound Pow& Lt6%o t *98 99
5% preferred
*89 91
10112 10212
lat & ref 5348 1949_
Mouth Cal Edison 8% pi _25 *50 60
Stand 0 A E 7% pr pf_loo 109
Tenn Elea Power let Pail7% 10612 fliC2
100 9912 100
6% Preferred
Toledo Edison 6% pf
10312 10512
100 109 111
7% Prof
Modern Pow Coro twel_100 104 109

Railroad Equipment,
Pew
Atlantic Coast Line 66
Equipment834s
Baltimore A Ohio 65
Equipment 4345 & 5*....
Guff Roth A Pitts equip 61Canadian Pacific 434s & 05.
Central RR of N J 65
Chesapeake & Ohio 65
Equipment6)0
Equipmentfe
Chicago & North West de-.
Equipment6445
Chic RI & Pact 434s & 58
Equipment68
Colorado & Southern 65....
Delaware& Hudson (Ss
Erie 1134e &Se
Equipment68
Great Northern 68
Equipment 55
flocking Valley
Equipment Os
Illinois Central CO & 58- _
Equipment6s
Equipment 7s & 17668Kanawha & Michigan
Kansas City Southern 510.
Louisville & Nashville 65.
Equipment634.
eficbtgan Central 65 & 6s.
Minn SIP &88 M 434e & fg
Equipment 6345 & 75......
Missouri Pacific 65 & 6141
Mobile & Ohio 58
New York Central 440 & as
Equipmentes
Equipment78
Norfolk & Western 494.....
Northern Pacific Is
Pacific Fruit Express 7*....
PennsylvaniaRR eq 58 -Pittab & Lake Erie 13 SO---Reading Co 430 & 55
St Louis & San Francisco 58_
Seaboard Air Line 5348 & Or
Southern Pacific Co 4445....
Equipment?,
Southern By 454s & 61
Equipment(Ss
Toledo& Ohio Central 6s...
Union Pacific 76

Chain Store S
Investment Trust Stocks
Par. 854 Ask
and Bonds
Par Bfd Ata
Bohack (H C)Inc com_-__1 *74
78
Allied Internal Investors_t *110 112
7% 1st preferred
Amer Bond & Share com_10 2712 3014
100 104 108
.9
Butler(James) corn
1012 Amer Brit & Cont corn
2012 21
Preferred
100 30 40
6% Preferred
89 92
City Radio Stores
Amer Fifteen Hold nom A--27 29
2812
Congo! net Sts, 8% pf with
Am & For Sh Corp units- -- 81 83
warrants
100 112
Common
35 37
Diamond Shoe, corn
40 44
5% cony debs
1938 97 98
Preferred
10442
Amer Founders Corp COM -- 84e 8712
Fan Farmer Candy Sh wet
2812 - 6% preferred
3
012
4414 4714
•612 9
Fed Bak Shops,corn
7% Preferred
4934 523
4
Pref 7% with ware
_100 95 100
140ths
59c 64c
Feltman & Curme Shoe
Rights w
238 318
Stores A corn
10 20
Amer & Genl Sec. units.... 74
76
7% preferred
100
65
ClassA
34
31
Gt Atl & Pao Tea vol corn_ t *380 390
Class B
12 15
Preferred
100 114 117
Amer Internet BODO A 14k.. 47 50
Howorth-Snyder Co, A.... 15 18
Andrews Recur Inv Co
4
434
KinnearStores corn
Astor Financial class A
47 50
8% Preferred
100 130 140
Class B
10 14
Knox Hat,corn
*235 255
All & Pac Intl Corp
7212 75
$7 rum prof
*105 107 Bankers Financial Trust
2412
CIA panic prof
*58 64
Bankers Investml Am corn. 1434
Kobacker Stores cons
Debenture shares
1 *48 50
914 16"
Cum pref 7%
100 103 108
Basic Industry Shares
914 10
Landay Bros
British Type Investors A... 5312 5412
Lane Bryant Ins corn
*75 80
ContinentalSecurities Corp. 112 116
7% cum pre!
100 125 135
Preferred
82 8
Preferred with warr
125 135
fis 1942 with warrant
10
Leonard Fitzpatrick &
With out warrants
1
Muller Stores corn
*3114 33
Crum & Forster Insure'sPreferred 8%
100 112 118
shares corn
107 112
Lord & Taylnr
100 380 395
Preferred
101 105
First preferred 6%- -100 100
Diversified Trustee she
2634 2712
Second pref.8%
100 110
Shares B
2312 2414
McLellan Stores6% pref 100 100 103 Eastern Bankers Corp corn. 27
Melville Shoe Corp corn -1 •
63 65
Units
145 151
let prof 6% with warr.100 10512 _--- Man & Indust Ser corn_
143 146
Warrants
--__ First Fed Foreign Inv Trust
Mercantile Stores
Fixed Trust Shares
227 233*
Preferred
100 105 120
Foundation Sec corn
12
11
Metropolitan Chain Stores-1
Gen! Am Inv 55 with WMT
New preferred
100 118 122
General Trustee common
IC 29
.42 4312
Miller 01 & Sons corn---t
Old units
7812
Preferred 654%...._.100 96 100
New units
70 76
Mock Judson & Voeldnger pr. 10138 10212
6% bonds
119
Murphy(0 C)Co oom
Greenway Corp corn
_t •76 80
2112
8% cum prof
100 104 09
Preferred (w a)
5312 5512
Nat Family Stores 1110 Welt 10 13
Guardian Investment
27
Nat Shirt Shops, 00171
•17 21
Preferred
28
Shen Term Securities
Preferred 8%
Incorporated EQ11111es
100 85 92
45
Nat Tea612% pret
100 102 106 Incorporated Inv,awes
97 Wiz
Allis Chat Mfg, 58 May '37_ 99 9912
Aeronautical Securities
Nedick's Inc corn
*22 26
Inguranshares eer A 1927._ 2814 293
4
Alum Co of Amer,59 May= 1013 102
Aeromarine-Klemm
5
9 11
4
Neisner Brcs Inc, corn
151 155
Series C 1927
2834 3014
Amer Bad.deb 4 As,May'47 97 9814 Aeronautical Industries
22 '23
Preferred 7%
Series F 1927
- tOO 202 208
3212
31
Am Roll MIII deb 5s, Jan '481 96 963 Air Associates
14
12
4
Newberry (ii)Co corn...... •9116 123
Serlee D 1027
26 2712
Anglo-Am 0114 Xs, July '29 9914 100
Air Investors pref
37 39
Preferred 7%
Series B 1928
100 104 107
2214 2414
Ana'da Cop Min let cons Itt
Alexander Indus coin
16
1 14
N Y Merchandise corn_...* .4012 42
Int Sec Corr Of Am odo A
6434 673
4
Feb. 1953 105 10514
8% participating pref.__ 95 99
First pref7%
100 103 106
Common B
3534 383
4
Hataylan Pete 4 he_ _..1942 9278
American Airports Corn-1 SO
60
Penney (J C) Co new-100 140 142
9314
95 100
631% Pr"ferred
Bell Tel of Can 58 A _Mar'55 101118 10218 Amer Eagle Aircraft
1212 1312
Rights
260
9012 9412
pre'erred
Beth S615% notes June 15'29 9912 100
Bellanca Aircraft Corp
Peoples Drug Storre corn t "882 88412 Invest ro of Am corn
51
55
Sec 6% notes_June 15 '30 99 993
New
21618 81838
4
654% cum pref._
.100 129
96 102
7% Preferred
Sec 5% notes_June 15 '31 99 993 Cessna Aircraft new corn... 18 21
4
PINOT-Wiggly Corp
*4712 5012
Series A unite
165
Sec 5% notes_June 15 '32 9834 9912
Preferred
100 110
Preferred 8%
Investment Trust of N Y
100 10312
1318
Coral Invest Tr 5*_May '29 981 9912 Claude Neon Lights
440 450 Plggly West States A
•27 28
Invest Trust Associates
5% notes
May 1930 9612
4412 4512 Rogers Peet Co corn ___100 130 140 Joint Investors
New w I
Cony. pref fa'107
Cud Pkg. deb 634s.Oct 1937 99 9712 Consolidated Instrument-1 20 22 Safeway
9934
Stores pref
97 100
114 117
Cunard SS Line 434 e Dec'29 9834 993 Crescent Aircraft
15 Saunders(Clarence), corn B. 25 30 Kent Securities Corp cora-- 100 101
12
4
Prefened
Ed El III Bost
Curtiss Airpl Export
413 83212 Schiff Co corn
4
75 80
Massachusetts Investors... 52 543
4
634% notes_ _ Nov 1030 987 9914 Curtiss-Robertson Airplane
8
Cum cony pref 7%.._100 260 315
Mohawk Invest Corp
136 138
Empire Gas A Fuel 58
125 135
Units
Silver (Isaac) & Bros corn_ t *66 70
12 13
Mutual Investment Trust
June 1029-30 9714 9912 Curtiss Assets
28 33
7% cum cony prof....100 117 120
12
New England Invest Trust
Fisk Rub 660___Jan 1931 94 96
32 34
Curtiss Reid pref
Southern Groe Stores A..-t *34 36
33
31
Old Colony Invest 'Tr cornGen Mot Ac Corp 55 Mar'29 9934 10018 Fairchild Carnine3 Engine
39 50
Southern Stores6 units
89 93
434% bonds
90
5% aerial notes_ _Mar '30 99 9912 Gates
10 15 /bald(AG)& Bros. corn 100 320 340
-Day Aircraft
37 42
Pacific Investing Corp corn
5% serial nctes_Mar '31 9814 99
29 30
Great Lakes Aircraft
U S Stores corn class A
73 75
7 Petroleum Industriee
t 85
5% serial note8. _Mar'32 9714 9814 Haskelite Mfg
35 40
*342 412 Second Internet Sec Corp_ 54 57
Com class B
5% serial notes__ Mar '3. 9012 9712 Heywood Starter Corp
8 10
let preferred 7%
24 27
Corn B when if & as Ise_
100 57 62
5% serial notee_Mar '34 9614 9714 K relder-Reisner Aircraft- -- 50 57
•96 89
45 48
Walgreen Co corn
6% Preferred
6% serial notes_ _Mar '35 96 9714 Lockheed-Vega
19
16
51
8% cum pref
54
Sheisrmut Bk Inv Trust104
5% serial notes_ _Mar'36 96 9714 Maddux Air Lines COM
121 1412 West Auto Supply coin 10
87 90
4SO1iii
A t•
Gulf 011 Corp of Pa deb tor
Mahoney-Ryan Aircraft... _ 18 21
92 94
Os 1967
12
16
Mohawk Aircraft
Dec 1937 10012 101
fla
1962 225
Deb 5e
13
8
Mono Aircraft
Feb 1947 10012 101
Standard Oil St
South Bond & Share
15 45
Koppers Gas A Coke deb 55
Preferred
Corn & allotment ctfs _
33
31
17 21
June 1947 9912 993 Moth Aircraft Corp units
Anglo-Amer 011 vet stook.El .1512 153
4
50 62
$3 pref allotment °Us _
4
.
Mag Pet 4 As.Feb i5'29-'38 9542 100
10
12
Common
Non-voting stook_ _El *1412 1512 Stand lot secs Corp wall-Mar 011 5s. notes June 15'30 9812 9914 National Air Transport
450 500
Atlantic Rota corn rew...25 6018 6012 Standard Investing Corp_ 37 39
Serial 5% notes June 15'31 96 97
16
15
Preferred
Nat Aircraft !steels Corp_ _
100 116 117
102 105
534% Preferred w w
Serial 5% notes June 15'32 9514 9614 National Aviation
870 s72
Borne Scrymeer Co
25 "42 44
12512
6% bonds w w
Mass Gas Co.,5348 Jan 1946 10312 104
1712 18
Buckeye Pipe Line Co. _50 *693 7012 State Bankers Financial_
North Amer Aviation
4
21
24"
Paelfte Mills 5)48_Feb '31 96 98
7
4
Cheeebrough Mfg Cons._25 *142 145
Pollak Mfg
Swedish Amer Investing of
Peoples Oas L & Coke 434s
312 5
hoed,' Airway.common
S Shares class A
8
10 *217 22
"fib;
Dee 1929 & 1930 99 100
Cumberland Pipe Une..100 65 69
Stearman Aircraft rom____* 120 130
Class A I
1414
Fran &(lamb,49.48 July '47 9612 9712 StInson Aircraft corn
20 23
Eureka Pipe Line Co- _100 673 70
Class C 1
8
3012
Sloss She!511 & Jr 68 Aug '29 100 101
13
10
Galena Signal Oil eom_ -100
Swallow Airplane
6
7
Class C 2
32
Swift & Co 5% notes
59 62
Preferred old
Travel Air Mfg New
100 85
Class 03
2534 28*
1212 1412
Preferred new
Oct 15 1932 9968 9978 US Air Transpire
100 85
Class I)
1878
On NJ RR & Can 45 Sept'241 9914 100
93 95
Humble Oil& Refining...25 *94 9412
United Aircraft
S & Brit Internal Si B.- 18
US Sm A Ref 66413__Nov '35 10314 10312 Universal Aircraft units.... 21
22
Illinois Pipe Line
302 305
100
Choc A WI
38 42
Who Cent 58
200 220
Impede' 011
*9712 99
Jan '30 9712 9812 WarnerAircraft Engine_
Preferred
4134 441
4
21 2212 Indiana Pipe Line Co---50 .
87 90
U S & Foreign Sec corn_ _
New
63 651g
International PetroleuM___t *1942 60
Western Air Express
Preferred
9312 961g
Tabasco Steaks Par
57
National Transit Co-.12.60 •233 241
New
4
Sugar Stocks
New York Transit Co-__100 78 83
Water Rends.
Caracas Sugar
3
60 •
Amerfean Cigar eorn__- 100 135 142
Northern Pipe Line CO-100 59 62
Arkan Wet 1s8 54'56 A.A&O 97 99
Fajardo Sugar- - _ _100 •122 124
Preferred
4
4
100 109 111
Federal Sugar Ref o-im--100 15 20
25 •67 68
WW let 534sA'54.A&O 1013 1023 Ohio 011
Ulan
c
British-Amer Tornio ord_al *31
99
98
Penn Met Fuel CO
1st M 58 1954 ger B_ _JA
32
25 54112 4214 • Preferred
100 35 46
Bearer
32
at *31
City W(Chatt)53$8 54AJ&D 10112 10234 Prairie Oil & Gas
•
25 '60 3 6012 Godchaux Sugars,Inc
3
1 •28 34
Imperial Tob of0B & Irerd *3112 321
Prairie Pipe Line
lit M as
J&ID 95
*553 56
4
Preferred
100 79 82
lot Cigar Machinery new100 102 108 4 City of New 1954 Water
Solar Refining
100 200 215
Castle
Holly Sugar Corp eom_
*38 40
Mimic Tin Foil & Met.10f 60 70
New
50 55
Be Dee 2 1941
Jle0 I 94
Preferred
ioo 88 92
Union l'obacco Ca corn_
Southern Pipe Line Cu.
Clinton WW let fiff39.1r&A 94
17 18
16
..S0 14
National Sugar net new-100 52 53
Class A
South Penn 011
67 70
Com*wIli Wat let 5348A•47 100 102
26 *6414 0512 New Niquero Sugar
10() 25 35
Young (J 9) Co corn --IOC 109 112
•
New
Connellsv W 580et,2'39A&01 95
43 44
Savannah Sugar corn
*129
32
Preferred
98 Erwest Pa Pipe Lines,new
100 104
*69 75
It St LA Int Wat 55 *42.J&J 06
Preferred
100 115 118
Standard 011 (California).-1 •6553 66
lit M 66 1942
J&J 100 102
Bllilat Estates Oriente 91-100 23 25
Standard Oil(Indiana)
Huntingtcn let 65 '64-M&S 100 102
.....25 *9832 9812 Vertiemtes Sugar pf
100 60 60
Indus. A Miscellaneous
Standard 011 (Kansaii)---25 *18 193 Rubber Stocks (Cleveland Quotas tons)
1954 95
8
Standard 011(Kentucky)_25
Mid States WW 68'36 MAN 100
Aetna Rubber common.... *26 27
American Hardware
25 *73 75
New
*4214 43
Monm Con W lit5f58AJ&D 94 16
Falls Rubber aim
•5
7
Babcock & Wilcox
100 133 137
Standard 011(Neb)
Monm Val Wt 5348.
Preferred
25 •4514 47
50-M- 97 99
1
173
25 •11
4
BIM/(E W)Co
•3513 35512 Muncie WW 5s Oct2'39 A01 94
s
Standard 01101 New Jer--25 •50t2 5012 Faultless Rubber
*36 40
Preferred
90 Standard 011 of New York-26 *4112 413 Firestone Tire & Rub
60 60
StJoseph Water 561(341A&O 94
4
250
0010.10
Minds Company met-100 107 166- Shenango VatWat(Se'66A&
94
96 Standard 011 (Ohio)
123 12412
6% Preferred
25•
100 10812 11114
Hercules Powder new.....• +393
97
Preferred
So Pitts Wet lst fla 1960 J&J 97
100 121 124
7% Preferred
100 10812 10914
Preferred
100 119 122
Swan &Finch
FAA 97
let M 531 1956
General Tire & Rub eons_ _25 *246 262
19
25 *16
Internal Sliver 7% pref_100 113 119
Ter H W W 68 '69 A J&D 100 103
. Preferred
Preferred
100 101 10112
Phelps Dodge Corp
100 260 270
Union Tank Car Co
95
1st M 5341956 see
100 131 13312 Goody'r TAR of Can 01.100 r106
Royal Baking Pow aim_ t "34 36
Vacuum 011 (New)
Wichita Wet tat 68•00.M&S 100 103
26 12214 12212 India Tire & Rubber
*66 72
Preferred
100 101 104
1st M
19511 iier B F&A . 95
Mason Tire & Rubber corn_ t
500
Singer Manufacituring
100 610 636
Chain Stores
Preferred
100
8
Singer Mfg Ltd
gl *812 9
Am Dep St 1st pf 7%
Miller Rubber preferred 100 82 84
100 •105 107
112 116
Berland Stores units
Mohawk Rubber
62
100
Preferred
100 84 90
Elenerling Tire & Rubber__ t 68 59
Preferred
100 108 10712
•nes abase. t No oar value. D Basis. 4 Purchaser also DAYS accrued dividend a Nominal. s Ex-dividend. s Ex-eigeel. r Canadian
OdOtallo0 sHale °woo.




Bid
Ask
5.25 5.00
4.90 4.70
5.25 5.00
4.90 4.70
5.00 4.80
5.10 4.70
5.25 5.00
5.25 5.00
5.00 4.80
4.90 4.70
5.30 5.00
5.00 4.80
4.90 4.75
5.30 5.00
5.40 5.00
5.2 5.00
5.20 4.90
5.40 6.10
5.2 5.00
4.90 4.70
4.90 4.70
5.2 5.00
490 4.70
5.2 5.00
5.00 4.80
6.3 5.00
5.25 5.00
5.2 5.00
4.95 4.75
5.10 4.75
5.30 5.00
5.50 5.00
5.25 4.95
4.90 4.70
4.86 4.70
5.25 5.00
5.00 4.80
4.80 4.70
4.90 4.75
5.00 4.85
4.90 4.70
6.05 4.80
4.90 4.70
4.90 4.75
5.75 5.25
4.90 4.70
4.90 4.80
4.85 4.70
5.30 5.00
5.30 5.00
4'90 4.75

ape

11
Investment ana. ailroad Intelligente.
-----In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
third week of January. The table covers 10 roads and
shows 0.97% decrease under the same week last year.
Thtrd WeeJc of January.

1929.

1928.

Increase.

$4,123,773 $4,526,131
3,833,000
3,464,000 $369,000
84,169
95,264
23,500
26,700
4,389
5,289
314,847
325,016
6,431
7,397
485,900
497,186
3,565,512 3,594,107
339,459
364,195

Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_ _
Georgia & Florida
Mineral Range
Mobile & Ohio
Nevada-California-Oregon
St Louis Southwestern
Southern Ry.System
Western Maryland
Total (10 roads)
Net decrease (0.97%)

$12,780,980 $14,905,285

$369,000

Decrease.
$402,358
11,095
3,200
900
10,169
966
11.286
28,595
24.736
$493,305
124.303

In the following table we show the weekly earnings for
.a number of weeks past:
Current
Year.

Week.

$
14,458,113
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
17,507,170
21.857,099
15,877,441
15,642,128
15,776,100
12.177,506
11,317.960
12,137,810
12.780.980

id week May (12 roads)
itb week May (12 roads)
kiw week June (12 roads)
ad week June (12 roads)
641 week June (11 roads)
Mb week June (II roads)
151 week July (12 roads)
2d week July (12 roads)
5d week July (12 roads)
ith week July (12 roads)
let week Aug (12 roads)
2d week Aug (12 roads)
3d week Aug. (12 roads)
4th week Aug.(12 roads)
let week Sept.(12 roads)
3d week Sept.(12 roads)
ad week Sept.(11 roads)
4th week Sept.(12 roads)
1e8 week Oct. (12 roads)
26 week Oct. (12 roads)
34 week Oct. (11 roads)
4th week Oct. (11 roads)
let 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 Dec (12 roads)
8d week Dee (12 roads)
4th week Dec (10 roads)
let week Jan. (11 roads)
2d week Jan. (11 roads)
3d woek Jan. (10 roads)

Previous
Year.
2
13,506.067
14,264.043
13.394,869
13,551,112
13,541.992
18,288.339
13,318.138
13,648,978
14.078,523
19,038.584
13,605,103
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
23,705,760
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
12.005.285

Increase OF
Decrease.

%

2
+952,046 7.04
+742,987 5.21
+278,542 2.08
+678,341 5.01
+596,966 3.66
+962,147 5.25
+808.584 6.07
+717.797 5.26
+532,435 3.78
+1.686,586 8.84
4-5.361.816 10.00
+981,589 a a i
+1.223,405 8.57
+1.186.629 5.54
+304.5)17 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
+2,858,586 18.33
+3,491.040 14.66
+1,461.714 9.21
+280.032 1.60
+1.616,309 10.86
+1.219.329 5.91
+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

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:
Net AnLn3.

Gross Earnings.
Month
1927.

1926.

(±1 Sr
Dec. (-).

1927.

1926.

Inc. 8+) or
Dec. (-1.

$
Dec-- 466,526,003 525.820.708 -59,294.705 90,351.147 118,520.165 -28,169,018
1927.
1928.
1927.
1928.
Jan __ 456,520.897 486,722,646 -30,161.749 93,990,640 09,549.436 -5,558,796
+541.678
Feb__ 455,681,258 468,532,117 -12.850.859 108,120.729 107,579,051
Mar__ 504,233,099 530,643.758 -26.410,659 131.840,275 135,874.542 -4,034,267
April_ 473,428,231 497.865,380 -24.437,149 110,907.453 113,818.315 -2,910.862
+840,317
May _ 509,746,395 518,569,718 -8.823.323 128,780,393 127,940,076
June _ 501.576.771 616.448,211 -14,871,440 127,284,367 129,111,754 -1,827.387
July._ 512.145,231 508,811.786 +3.333.44,5 137,412,487 125,700,631 +11.711.856
Aug. 556,908.120 656.743.015
+165.107 173,922.684 164.087,125 +9.835.559
Sept.- 554.440,941564,421,630 -9,980.689 180,359,111 176,647.780 +1,171.331
Oct
616.710,737479.954,887 +36.755.850 216.522,015 181.084,281 +35,437.734
Nov__ 630,909,2231503,940,776 +29.968.447 157,140,516 127.243,825 +29.396.691
Note.
-Percentage of increase or decrease In net for above months has ceen:
1927-Dec., 23.76% dec. 1928-Jan.. 5.58% dec.; Feb.. 0.50% Inc.; March,
2.96% dec.: April. 2.56% dec.; May. 0.66% Inc.; June, 1.41% dec.: July, 9.32%
Inc.: Aug.. 5.99% Me.: Sept.. 0.90% Inc.: Oct.. 19.56% Inc.
In the month of Dec. the length of road covered was 238,552 miles In 1927 against
237.711 miles In 1929; In Jan., 239.476 miles In 1928 against 238,608 miles In 1927:
In Feb., 239.584 miles, against 238,731 miles In 1927; in March. 239,649 miles.
against 238:729 miles In 1927: in April, 239.852 nines, against 238,904 IAlles In 1927:
In May. 240,120 miles. against 239,079 miles In 1927; In June. 240,302 miles. against
239,066 miles in 1927; in July. 240,433 tulles. against 238,906 miles In 1927: in Aug..
240,724 miles, against 239,205 miles in 1927: in Sept.. 240.693 miles. against 239.205
m0os In 1527; In Oct., 240,661 mil3s, against 239,602 miles in 1927: in Nov.. 241,138
miles. against 239.982 In 1927.

Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroacie reported this week:
_Grossfrom Railway- -Nil from Railway- -Net after Taxes
1927.
1928.
1928.
1928.
1927.
1927.
$
Akron Canton & Youngstown
35.127
74,933
59,282
December.... 274,433
235,454
66.255
From Jan 1_ 3,538,026 3,171,453 1,274,477 1,079,328 1,101,631
957,378
Ann Arbor
79,745
151,916
117,643
December
416,678
57,602
525,306
From Jan 1_ 5,965,073 5,615,112 1,540.187 1,282,781 1,216,944
985,804
Atch Topeka dr Santa Fe
December _ _16.877,057 15,751,939 5,834,200 4,013,657 4,757,407 2,576,101
From Jan 1206277070 206293,929 63,512,271 63.538.956 47,549,122 45,847,854
GulfCol & Santa Fe
December_ _ 2,605,252 2,551,744
696,299
912,429
789,530
562,748
From Jan 1 _28,099.317 34,195,211 8,108,393 9,264,330 6.789,212 7,823,223
Atlanta BIrm dz Coast
December,_
290,910
36,222 -26.567
8,415
412,002
16,652
From Jan L 4.798,168 5,258,712
314,862 -17,650
133,180
138,063
Atlanta Is West Point
December,_
5,412
60,342
262.423
33,274
241,716
706
From Jan 1_ 3,086.039 3,184,475
737,299
717,969
526.500
544,157
Atlantic City
December. _
17,014 -100,783 -23,865
219,426
221,705 -59,764
From Jan 1. 8
365,255 -385.045 -83,278
81,480
.732.785 4,205,844
Atlantic Coast LlneDecember_ _ 6,202.544 6,600.911 1,930,635 1.258,008 1,309,556
687.688
From Jan 1.71,393,170 80.452,526 15.427,112 16,098,908 9,586,447 9,988,541




715

-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1928.
1929.
1928.
1929.
1928.
$
Baltimore & Ohio
December _ .18,814,183 17,873,833 5,354,906 2,546,676 3,966,920 1,288,429
From Jan L236818,681 246082,067 64.267,813 59,911,006 62,310,490 47,576,355
Bait-Ohio Chic Terminal
309.535
December... 306,885
114,054
45,164
-9,919
40.258
From Jan L 4,356,197 3,975,102 1,062.530
763,751
300,775
96,407
Bangor & Aroostook
December... 591,720
639,605
96,086
140,408
56,305
100,578
From Jan 1_ 7,199,222 7,401.075 2,248,717 2,444.478 1,673.858 1,847.652
Belt Ry of Chicago
December _ _
635,705
613,882
124,306
132,419
77,046
84,735
From Jan 1_ 8,152,394 7,537,959 2,551.209 2,511,646 1,907,859 1,936,766
Bessemer & Lake Erie
553,132
December.... 848,083
205,733 -238,760 -310.498 -205,769
From Jan 1_15,794,736 13,410,859 6,543,931 3,798,716 5.117,634 3,185,495
Bingham & Garfield
December..
44,590
35,017
11,274
2,532
6,921
-3,552
From Jan L 482,993
485,657
99,077
80,609
11,993
-6,197
Boston & Maine
December._ 6,287,395 6,253,265 1,508,998 -343,669 1,079,070 -629,095
From Jan 1_76,624,238 77,848,374 19,194,915 16,012,873 15,235,377 12.436.597
Brooklyn E D Terminal
115,631
December_ _
118,142
45,186
24,317
37,674
21,936
574,143
From Jan 1_ 1,471,638 1,479,496
498,502
476,122
421.872
Buff Rochester & Pitts
179,298
December._ 1,368,924 1,381,970
165,682
148,069
184,574
From Jan 1_16.966.504 17,522,081 3,118,145 2,036,651 2,616,711 1,700,054
Buffalo & Susquehanna
December.. 161,550
120,643
From Jan 1_ 1,632,984 1.530,183

35,097
166,908

13,210
-23,002

31,332
141,143

13,210
-35,262

Canadian National
Chic Det & Canada Ord Tr Jet
334,590
291,736
197,530
141,487
180,430
130,038
December._
From Jan 1_ 4,020,262 3,835,874 2,396,561 1,848,497 2,253,668 1,722.781
Det Gil & 11111w
527.115
86,212
December_ _ 652,727
170,822
38,664
108,622
From Jan 1_ 9,304,756 8,139,276 3,453,679 2,740,187 3,303,344 2,643,300
Central of GeorgiaDeoember._ 2.004,713 2,027,202
393,505
222.846
482.696
321,752
From Jan 1_25.140.868 27,641,310 5,932,081 6,695,684 4,412,473 5,128,413
Central RR of N J
851,302
December_ _ 4,655,521 4,335,198
942,760
600,387
922,635
From Jan L33.002,057 53,745,712 15,879,897 15,401,465 10,803,120 11,649,192
Charleston ,S: Western Carolina
247,858
12,576
December.. _
256,809
93,401
67.875
38,403
From Jan 1_ 3.279,890 3,525,849
550,543
825,179
578,283
797,156
Chicago & AltonDecember__ 2,336.452 2,390,586
536,644
610,283
683,649
543,750
From Jan 1_28,540,347 28,345,723 6,117,387 6,081,783 4,910,776 4,844.406
Chicago Burl Ar Quincy
December _ A3,056,466 13,463,460 3,182,242 1,720,652 2,408,664 1,135,924
From Jan L162891,409 156320,454 48,700,230 44,402,951 37,474,257 32.674,980
Chicago & East Illinois-December.. 2,133,606 2,106,078
450,175
308,340
614,358
443,964
From Jan 1_24,893,573 26.714.326 5,472,815 5.184,426 3,882,054 3,776,664
Chic & Ill Midland
231,591
December.
318,036
121,063
99.412
101,187
108,354
From Jan L 2,736,600 1,803,012
603,057 -359,138
505,563 --419,814
Chic Great Western-December. _ 1,913,338 1,859,089
223.232
475,918
318,077
385,298
From Jan 1_24,871,023 24,444,753 3,444,502 4,722,543 4,364.400 3,675,720
Chicago Ind & Louisville December__ 1,570,985 1,349,746
500,073
148,765
198,935
366.298
From Jan 1_18.331,006 18.542,197 5.195,198 4,970,336 4,129,322 4.068,105
Chime*o Milw St Paul-Pa December._13,133,317 13.468.460 3,718,966 1,720,652 2,634.203 1,135,924
From Jan 1_165303,693 156320,134 44,722.775 44,402,951 34.795,454 32.674,980
Chicago & North Western16,766
December.
.11.467,251 10.787,724 1,246,440
951,534
157.885
From Jan 1_152089,755 150132,960 35,450,847 33,138,693 25,819.860 23,321,424
Chic River & Indiana
493,590
December,_
556,489
307,883
262,021
61.426
141,192
From Jan 1_ 6,852,263 6,793,393 2,829,943 2,391,071 2,303.933 1,838,087
Gulf
Chic Rock Island Is
December._ 625,341
568.641
177,940
169.370
216,605
177,480
From Jan 1_ 6,915,993 7.159,065 2,503,516 2,096,658 2,177,507 1.812,045
Chic St Paul Minn &0
December_ _ 2,181.795 2,182.475
178.176
7,425
262,385 def116,440
From Jan 1_27,063,052 26,847,105 4,074,089 5,046,859 2,679,351 3,712,763
Clinchfleld545,723
December_ _
562,903
144,622
189,704
124.370
219,884
From Jan 1_ 6,870,121 7,920,044 2.669,055 2,855,316 1.788,330 1,914,638
Colorado & Southern
December _ 1,060,353
998.453
312,063
22,524
184.070 -65,876
From Jan 1_12.303,314 12,959,440 3,094.611 2,214.153 2,200.141 1.416.414
Fort Worth & Denver City
December _ _ 1.074,745
907,853
380,374
330,738
326.159
309,956
From Jan 1_11,601.560 12,362,993 4,381,967 3,939,818 3,708,216 3,369,010
Trinity & Brazos Valley
December.. 303,809
244,067
103,973
46,502
95,535
36,801
From Jan L 2,717,457 2,836,351
607,562
546,258
514,567
452.323
Wichita Valley
80,297
December,. 163,114
188,550
58,104
84,185
53.678
From Jan 1_ 1,752,861 1,918,219
772.313
769,435
672,061
880,075
Columbus & Greenville
December . 181,559
157,663
45,981
29,106
32,877
36,691
From Jan 1_ 1,829,576 1.881,849
295,761
333,460
331,878
289,633
Dela Lack & Western
December.. 6,793.414 6,462,331 2,042,949 1,614,862 1,730,838 1,111,015
From Jan 1_81,138,442 84,699,577 23,152,434 24,462,269 16,749,122 16,992.432
Denver & Rio Grande western
455,859
December.. 2,799,915 2,838.074
948,896
700.062
748,720
From Jan 1_33,200,656 33,144,907 8,758,241 8,053,132 6,455,873 5,665,086
Detroit Terminal
88,673
December.. 170,812
def5,264 def21,651 def16,467 def23,161
346,612
From Jan 1_ 2,323,158 1,949,382
794.760
548,680
506,643
Det Tol & Ironton
December.. 1,118,291
631,399
520,861
15,587
58,695
438,821
From Jan 1_11,107,836 8,671,353 4,217,246 1,717,866 3,463,494 1,280.020
Det & Tol Short Line
339,625
145,986
December.. 426,264
225,635
183,819
168,366
From Jan 1_ 4,873,358 4,727,678 2,475,126 2,345,826 2,089,783 1,994,530
Duluth & Iron Range
69,293
77,756 def267,551 def263.884 def249,669 def256,211
December..
FromJan 1_ 6,548,686 6,648,645 2,154,256 1,947.750 1,715.403 1,409,312
Dill Missabe dr North
90,047
December__
80,239 def368,509 def408,469 de8739,956 def458,269
From Jan 1_17,417,640 15,835,484 10,243,642 7,977,242 8,036,779 0,012,486
Dul So Sh & All
364,198
13,062
December__
319,325
52,586
19,113
43,948
689,273
From Jan 1_ 5,045,858 5,121.693
913,059 1,060,175
513,560
PacIficDuluth Winnipeg &
December__
198,903
21,177
231,003
36,239
17,163
26,575
324.689
From Jan 1_ 2,573,188 2,571,529
326.795
456,940
456,865
Elgin Joliet dc Eastern
78,554
December.. 1,851,550 1,702,378
274,804 -352,107
473,038
From Jan 1_24,602,240 24,281,541 7,827,438 7,281,233 5,658,948 5,900,859

716

FINANCIAL CHRONICLE
-Grossfrom RalJwa11from
-Na
1929.
1928.
1929.
Ralij9w4
28
3
A S

[Vol,. 128.

-Grossfrom Railway-- -Na from Railway-- -Na after 7'axer-1929.
1928.
1928.
1929.
1929.
1928.
5
$
$
8
5
5
Erie
December. _ 9,147,376 8,008.722 2,086,512 def404,380 1,747,187 def679,587 New York Central
December._31.463,928 29,155,738 9,554,736 5,996,327 4,550,438 4.380,331
From Jan 1 110091,920108,357,165 23.622,531 16,733.956 19,253,298 12,468.809
From Jan 1.381733,244 383377,311 93.487,735 89,977.475 64,218,353 64,677,578
Chicago & Erie
C C C St I.ouls&
December._ 1,225,080 1,187,938
343,406
404,831
361,389
378,205
December_ _ 6.356,744 6,638,258 2,168,151 1,117.973 2.018,590
From Jan L14,884,622 14.121,190 5,991,044 5.479,702 5,279,972 4,890,967
791,355
From Jan 1_88,830,152 91,185,737 21.840,997 20,863,038 16,895,024 15,800,561
New Jersey & New York
Cincinnati Northern
December_ _
132,347
132,607
7,599
11,451
def5,063
def1,338
327,859
113,309
324,723
From Jan!. 1,583,383 1,595,976
100,782
98.475
51,200
151,990
198,952 ,, December_
87 892
132 062
From Jan 1_ 4,061,793 4,636.369 1,187.750 1,482,723
914,869 1,137,433
Evansv Ind & Terre Haute
Indiana Harbor Belt
December_ _
166,457
158.285
20,514
59,662
53,874
22,530
December. 1,015.997
908,380
432,304
195.323
378,999
140,486
From Jan 1_ 1,764,688 2,522,858
737.881
430,828
813,903
372,783
From Jan 1_12.722,774 11,435,824 4,815.340 2,014,179 4,049,016 2,359.305
Florida East Coast
Pittsburgh & Lake Erie
December.. 1,181,395 1,390.135
237,296
198,999
383,204
321,601
December.. 2,523,897 2,074,326
653,704
122,652
428,798 -21,106
From Jan L13,874.723 17,859,635 3,985,516 3,483.809 2,196,763 1,865.708
From Jan L31,406,816 31.785,820 5,803,826 5.465,508 3,763,044 3,460,149
Ft Smith & Western
Michigan Central-December._
143,561
126,658
30738
,
36,954 ,, December__ 7,210,898 6.659,441 2,489,400 1,866.474 1,998,142 1,365.790
30 348
30770
From Jan 1_ 1,559,773 1.646,670
From Jan 1_93,217.493 89,750,602 30.573,558 27,506,314 24,220.557 21,232,930
169.442
713
208,
869
271.616
228,
New York Chic & St L
Georgia & Florida
December_ _ 4,161,478 4.147.983 1,379,688 1,336,904 1,181,036 1,407,895
December.. 110,794
114,670
3.931 def24,405
def4,216
def6,315
From Jan 1_52.876,520 53,619,600 15,009,984 15,045,106 12,020,555 12,320.988
From Jan L 1,616,576 1,851,804
127.177
245,265
339,408
241,926
New York Connecting
Grand Trunk Western
December.. 250,400
266,189
151,674
159,191
111,988
122,168
December_ _ 1,732,778 1,175,367
414,309 -47,857
283,800 -63,911
From Jan 1_ 2.857,741 3,068,455 1,856,010 1,901,530 1,377,122 1,444,607
From Jan 1_22.102,547 20,555,105 6,034,745 5,279,037 4,916,997 4,333,956
NYNH& HartfordGreat Northern
December_ 11,625,671 11,260,167 4,102,777 3,072,213 3,315.301 2,483.198
December._ 8,823,134 7,777,286 1,862.973 1,588,069 1,032,677 1,907,082
From Jan 1_137633,053 139824,315 43,484,412 39,546.063 35,896,782 33,091,659
From Jan 1_126737091 117904,005 43,501,975 39.548,425 33,190,062 30,502,604 N Y Susqueh & Western
December.. 394,039
59,701 de122,473
371,097
Green Bay & Western
30,268 0ef49,721
From Jan 1_ 4.957,022 4,933,623 1,075,570
December... 151,527
784.801
444,549
710,283
126,819
44,212
51,556
43,413
49,047
From Jan!. 1,797,564 1,579.393
464,247
257,200 Norfolk Southern
358,682
352,835
December
180,986
663,778
729,247
163.405
131,651
92,253
Gulf Mobile & Northern
From Jan!. 9,122,317 9,567,021 2,579.047 2,739,053 1,849.899 2.093.047
December.. 585,137
175,161
573,826
07.006
118.034
144,578
From Jan 1_ 7,510,346 7,268,698 2,109,989 1,949,813 1,739,642 1,501,989 Norfolk & Western
December.. 9,308,668 7,806,479 3,851,286 2,880,124 3,050,972 2,079,654
Gulf & Ship Island
From Jan 1_106947111 110948.200 40,425,416 41,252,075 31.218,145 30,938,335
December_
248.977
273,450
28,268
-253 Northern Pacific
35,603 -27,732
From Jan 1_ 3.308,201 3,763,553
121,986 -176,734
494,047
131,352
December._ 7.567,817 7,532,352 2,341,793 2,012,170 1,576.875 1,673,193
Hocking Valley
From Jan 1_101272,724 95,574,816 30,470,758 27,720,078 20.761.903 18,792,944
December.. 1.466,447 1,090,831
394,813
547,224
57,068
170,051
From Jan 1_20,801,232 21,042,515 8.123,603 7,534,299 6,596,234 6,011,680 Northwestern Peeltic
December_ _
388,406
424,088 -99,072 -38.436 -143,337 -70,170
Illinois Central System
From Jan 1_ 6,355.971 6,606,409
623.767 1.244,313
144.302
754,735
December_ _ 15,165,968 14,423,354 4,088.848 2,516,430 3,068,311 1.777,756
From Jan 1_179605452 182967.560 42,125.666 41.045,916 29,873,913 29,102,231 Pennsylvania SystemPennsylvania Co
Illinois Central Co
December_ _52.890.656 47,963,496 11,241,983 5,697.077 8.826,210 3,422,214
December_ _12,770.825 12,293.440 3,416.185 2.346,521 2,509,364 1,653,029
From Jan 1_650567,316 664851,023 170120.682 154182.361 132186,323 118323,001
From Jan 1_152569583 155822.064 36,135.952 36,839,303 25,852.912 26,784,861
Long IslandYazoo & Miss Valley
December.. 3,128,417 3,108,312
721,132
728,557
597.354
December. _ 2,380,113 2,115,035
614,403
558.842
670,269
125,713
170,775
From Jan 1_40,532,572 40,886,580 12,098,215 10.774,614 9,390,508 8,256,196
From Jan L26,850.679 28,975,610 5,998,813 4,235,253 4,041,101 2.355,117
W Jersey & Seashore
International Great Northern
December,. 687,054
105,679 -83,147
690,606
105,642 - 84,284
December._ 1,579.889 1,495,984
230,855
135,761
175,362
265,556
From Jan 1_10,484,098 11,643,817 2,399,942 1,795,943 1,328,141
912,414
From Jan 1.18,855,805 18,428,470 4,141,352 3,473.798 3,632.565 2,970,892
Peoria & Pekin Union
Kansas City Southern
December._
3,416
145,897
46,650 -20,692
161,800
December. _ 1.553,974 1,486,359
10,750
498.832
335.084
402,547
504,028
From Jan!. 1,907,171 1,859,304
515,823
489,862
281,838
234,888
From Jan 1_18,513.388 19,075,667 5,967,355 6.162,529 4,893,019 4,876.657
Pere Marquette
Kansas Oklahoma & Gulf
December.. 3,366,939 3,067,029
971,268
720,697
December.. 303,748
701,822
542.156
250,688
113,315
0,847
22,716
105,035
From Jan 1_45,761.568 44,744,593 14.725.221 13,104,729 11.994.612 10,605.953
From Jan!.3,266,728 2.937,043 1.231,953
517,6 7
943
635,883 1,107,333
PerkiomenKansas City Southern
December_
115,451
95,679
48,377
26,936
44,288
21,141
Texarkana & Ft Smith
From Jan 1_ 1,300,485 1,277,648
446.286
488,457
December.. 252,929
394,919
421,610
34,736
89,964
85,411
58,538
216,034
From Jan!. 2,910,300 2,072,939 1,367,521 1,121,586 1.177,952 1,003,215 Pittsburgh & ShawmutDecember__
156,202
40,141
60,858
180,643
38,577
59,632
Lake Superior & Ishpeming
From Jan 1_ 1,883,261 1.896,899
564,309
391,732
406,116
548,854
December. _
57,525
50,736 -36,876 -52,656 -49,949 -62,453
Plttsb Shawmut & NorthernFrom Jan 1_ 2,517,812 2,322,021 1.064.069
749,011
057,344
687.838
December_ _
153,057
157,092
8,870
22,121
5,934
20,079
Lake Terminal
From Jan 1 _ 1,916,609 1,859,339
414,224
285,086
320,196
377,703
December..
73,655
70.889
-4,628 -34,722
-545 -28,594
From Jan!. 1,123,497 1,073,057
13,090 -130,077 Pittsburgh & West Virginia
69,255 -66,716
December.. 323,269
277,080
116.044
9,426
87,909
75.108
Lehigh & Hudson River
From Jan 1_ 4,473,024 4,011,617 1,918,670 1,598,069 1,312,872 1,005,278
December.. 240.455
51,846
252.132
14,528
23,424
65.823
Port Reading
From Jan!. 2,822,846 3.382,338
863,101
769,076
954,543 1,063,539
December... 222,560
43,501
173,740
109.529
134,046
60.090
Lehigh & New England
From Jan 1_ 2,385,220 2,427,509 1,139,840 1,072,134
874,928
958,328
388,955
December _ _
35,907
356,445
94,278
40.836
98,793
From Jan 1_ 5,392,412 5,798,454 1,437.202 1.761.229 1,252,324 1.511,675 Quincy Omaha & K C
December _
59,493
2,716
-1.292
-4,151
61,691
3,869
Los Angeles & Salt Lake
From Jan!. 734,122
807,175 -103,901 -84,884 -162,436 --142.457
December... 2,023,623 1,938,170
244,567
115,797
270,825
401,269
From Jan 1_24,772,513 25,382,737 5,004,036 4,931,937 3,303,433 3,279,428 Reading Co
724,360
December._ 7,857.806 6,976,563 1,831,453
966,648 1,560,713
Louisiana fly & Navigation Co
-From Jan 1_89,940,034 92,590.436 20,113,688 20.710,367 15,581.859 15,515,037
43,664
57.083
December__
286,403
73,639
298,316
74.475
Richmond Fred & PotomacFrom Jan 1_ 3,424.537 3.291,531
480,839
285.885
561,469
734,928
255,765
December. 1,003,816 1,000,341
362,107
326,781
911,819
Louisiana fly & Nay Co of Texas
From Jan 1_11,035,433 11,595,722 3,235,193 3,157,565 2,616,546 2,488,048
(3,439
December..
18,010
3,971
89,873
96,419
15,095
63,142 Rutland-From Jan 1_ 1,051,907 1,121,588
6,576
48,634
105.476
December__
56,500
46,588
40,047
70.566
480,827
560.104
Louisville Henderson & St Louis
From Jan 1_ 8,626.282 6,197,106 1,264.408
640,467
927.690
379,843
December.. 271,737
62,833
6,988
19.593
310,642
74.835
856.144 St Louis-San Francisco
459,8199
From Jan 1_ 3,250.298 4.127,232
603.333 1,110.316
December.. 6,574,979 6,691,189 2,140.376 2,354,121 1,773,143 1,988.705
Louisville & Nashville
From Jan 1.82,113,601 85,272,636 25,249,600 26,407.868 20,150,349 21,544,370
December _10,875,382 10,751,498 2,461,489 1,654.180 1.843,211 1,045,558
From Jan 1_133638,458 144605,117 29,407.416 31,747,283 21,782.026 24.087,731
Fort Worth & Rio Grande
December... 117,255
24,392
14,564
Maine Central
118,242
20,200
9,705
133,812 -11,931
From Jan L 1,314,322 1,300,461
110,938
December _ _ 1,517,934 1,553,189
200,855
229,593
84,103 -61,776
318,683
From Jan 1_19.301.899 20,217,535 4.315,616 4,144,084 2,977,331 2,769.588
St Louis-San Francisco of TexasDecember..182,393
54,948
Midland Valley
163,050
18,991
53,089
15,1)48
432,150
December.. 287,922
From Jan!. 1,952,838 1,906,472
347,420
33,410 -59,567
394.873
57.990 -56,199
297,501
314,884
From Jan!. 3,725,530 3,961,918 1,530.510 1,435,665 1,343,722 1,226,657 St Louis Southwestern
528,304
December.. 1.454,359 1,373,403
449,788
Minneapolis & St Louis
435,562
387,309
December.. 1,119,295 1,088,124
From Jan 1_17,999,007 16,835.800 8,517,333 5,448,923 5,640,011 4,827,392
60,652 -27,429
37,056
135,986
From Jan 1_14,450,531 14,413,216 2,068,548 1,570,901 1,274,927
858,168
-W of T
St Louis S
573,954 -62,283 -23.922 --86,559 --55,42I
December_ _
597,479
Missisimd Central
24,421
283,031 -803,060 --71,911
December_
From Jan!. 7.576,668 7,370,725 -272,201
23,791
127.584
128,472
39,164
30,822
334,427 San Antonio. Uvalde & Gulf
From Jan!. 1,691,523 1,653,416
384,994
439,433
506,525
7.084
134,9518,148
December.. 127,726
Mo-Kansas-Texas Lines
1,689
441
567,340
From Jan!. 2,136,335 1,919,355
December.. 4,909,502 4,375,129 1,538,109 1,208,923 1,317,472
065,877
395,246
From Jan 1_56,549,119 56,181.528 17,615,303 16.842,354 14,523.915 13,694,003 San Diego & Arizona
21,192
85,153
08,434
2,924
December..
Missouri Pacific
15,237
1,249
294,149
345.245
December _ _10,853,596 10,213,914 2,575,858 1,475,437 2,008,584 1,240,083
From Jan!. 1,223,832 1,349,092
224,745
264,699
From Jan 1_131576,525 125728,405 32,485,324 26,162,407 26,633,967 21.346,800 Seaboard Air Line
956,150 1.139.618
December.. 5,114,288 4,973,570 1,411,945
Missouri & North Arkansas
886,978
From Jan 1_57,245,207 61,790,150 14.342,243 14,916,835 10,785,088 11,316,350
December.. 126,430
4,300 -23.844
123,607
6.790 -21,462
86,448 Southern Pacific System
From Jan!. 1,654,466 1.682,613
111,260
115,616
142,391
Sou Pacific Co
Mobile & Ohio
258,664
December_ _16,690,005 16,266.649 4,487.232 4.850.858 3,225,84(1 3,459,483
281,518
December.. 1.414,435 1.350.780
342,834
313,554
From Jan 1.218885,255 214898,487 87.673,199 65,682,686 50,084,426 48,046,810
From Jan 1_17,369,129 18,055,294 4,169,821 4,460,503 3,151.543 3,376,444
Texas & New Orleans
Nash Chatt & St Louis950,433
706,390
December__ 5,794.358 5,767.088
146,704
87.291
Decem ber _ _ 1,800,197 1,718.368
748,589
120,182
219,003
506,478
From Jan 1_70,215,413 71,526,323 14.936,644 12,791,965 10,966,548 9,106,919
Jan 1_23,335,033 22.905,626 5,207,810 4,623,172 4,226,778 3,656.714
From
Southern Pacific SS Lines
Newburgh & South Shore
28,860 -56,886
872,157 -52,790
December__
817,782
162,250
90,389 -33,124
44,949
December.. 102,220
38,750
26,349
731.383 1,221,942
From Jan 1_11,158,183 12,057,310
167,825
398,447
683,741 1,159,493
547,257
378,401
From Jan!. 2,120.539 1,843.472
Southern Railway System
New Orleans Great Northern
59,033
December_ _15,590,013 14,974,893 5,132,037 4,408,870 4,082.326 3,458,172
66,082
258,664
236,146
50,003
December._
85,154
From Jan 1_189389577 194449.055 55,311,943 57,139,112 42,592,433 41,658,011
788,621
816,954
974.252
From Jan!. 3,230,330 3,309,494 1,033,412
Southern Railway
Orleans Terminal
New
December..11,861,626 11,421,147 3,900,689 3,358,021 3.078,704 2,612,547
118,987
18.371
88,759
37,259
47,494
27,375
December..
From Jan 1_144116452 147639,062 42,228,733 43,731,109 32,630,353 34.242,232
653,764
715,296
586,941
783.863
From Jan 1_ 1.634,033 1,917.743
Alabama-Great SouthernNew Orleans Texas & Mexico374,289
350,120
December... 851.546
228,144
850,857
253,324
37,871 -33,420
62,716
293.890
294,755
-9,103
Decem bet% _
From Jan 1_10,110,309 10,359,493 2,947,025 3,026,417 2.102.188 2,324,761
598,821
343,863 -228,665
96,700
From Jan 1_ 2.884,211 2,863,407
Cincinnati, New Orleans dr Tex Pao
Sour Lake & Western
Beaumont
464,750
36,814
374,615
245,814
December__ 1,728.970 1,586.733
94,920
41,340
108,343
357,390
308,905
December.. 257,945
From Jan 1_21,631,726 21,811,756 6,392.475 6,251,530 5,150,244 4,993,129
915,556
723,356
708,647
866,922
From Jan 1_ 3,310.903 3,054,876




1929.
1928.
-Net After Tares
-

51'4:g?

-Grossfrom Railway- -Na from Railway- -Net afteriTaxes1929.
1928.
1928.
1929.
1928.
1929.
Georgia-Southern Florida
December.... 441,604
465,380
From Jan 1_ 4,519,309 4,863,248
New Orleans & Northern
385,701
December._ 492,020
From Jan 1_ 5,522,966 5,758,051
North Alabama
88,863
December,
87,149
From Jan 1_ 1,155,423 1,376,562
Spokane International
December..
86,966
93,200
From Jan 1_ 1,195,321 1,239,384
Spokane Port & Seattle
December _ _ 742,108
680,910
From Jan 1_ 9,345,584 8,932,623
Staten Island R T
240,199
December_ _ 242,433
From Jan 1_ 3.127,661 3,277,823
Tennessee CentralDecember- 249,860
240,528
From Jan 1_ 3,256,510 3,279,660
Term Ry Assn of St Louis
December_ _ 920,694 1,081,586
From Jan 1_12,777,614 13,270,086
Texas Mexican
December...
72,154
91,918
From Jan 1_ 1,248,030 1,280,757
PacificTexas &
December-- 4,563,360 3,910,586
From Jan 1_50,795,832 38,949,539
Toledo Peoria & WestDecember-- 172,087
132,004
From Jan 1_ 2,174,649 1,762.746
Terminal
Toledo
December.. _
140,521
93,115
From Jan 1_ 1,517,681 1,514,021
Ulster & Delaware
December...
56,510
126,615
From Jan 1_ 1,172,434 1,211,568
Union Pacific Ca
December.., 9,230,008 8,976,281
From Jan 1 121971.611 113383,608
Ore-Wash fly & Nay Co
December... 2,271,447 2,313,450
From Jan 1_29,693,248 29,125,538
St Jos & Gd Island
December.
295.189
294,726
From Jan 1_ 4,073,862 3,621,309
Union RR (Penn)
December.. 716,009
566,291
From Jan 1_10,142,499 9.779,136
Virginian
December.... 1,451,332 1,485,084
From Jan 1-18,480.118 22,114,786
WabashDecember- - 6,214,463 5,078,725
From Jan 1_71,072,991 67,108,154
Western Maryland
December.. 1,481,026 1,699,713
From Jan 1_18,592,557 21,866,171
Western fly of Ala
December.. 279,805
271,241
From Jan 1_ 3,253,606 3,187,850
Wheeling & Lake Erie
December.. 1,470,136 1,114,754
From Jan 1_20,705,664 18,129,586

717

FINANCIAL CHRONICLE

FEB. 2 1929.]

149,567
775,099

151,842 W130,434
. .
431,343,AE522,L16

112,198
206.942
1.825,397 1,933,950

155,304
64,143
1,265,690 1,409,592

170,620
706,531

14,597
363,985

28,365
560,717

8,608
292,248

30,670
392,862

33,241
410,651

25,788
328,049

22,841
494.558
27,610
345.465

256,980
273,984
165,132
189,716
3,492,385 3,588,198 2,443,807 2,603,170
77.822
65,157
1,024,486 1,031,153
59,927
710,868

14,977
582,924

60,656
798,612

6,992
765.080

48,273
822,180

4.258
509,954

-MonthofNovember
East Texas Elea Co (Del)& Sub Cos
678,989
281,344
1928
218,879
590,230
1927
North Texas Elec Co & Sub Cos
73,117
232,878
1928
236,935
85,745
1927

54,359
198.837

21,698
245,985

45,763
126,456

1,359,510 1,196,029 1,191,107 1,059,190
16,259,592 10,152,466 13,996,989 8,296,789

7,888.884 3.144,568 1,524,227
7,133.557 2,815,228 1,230,377
2,868,296
2,668,920

(and Subsidiary Steamship Companies.)
Month of November- 11 Mos.Ended Nos.3
92
1918.
197.
1
1928.
$
$
Operating revenues
2,195,882 2,856,739 28,915,409 33,189.046
Net revenue from oper. (inc.
72,761
331,541 2,028,177 2,247,388
depreciation)
Gross income
158,190
405,679 2,881.007 3,055,102
210,208
Interest,rents & taxes
221,326 2,319.031 2,431,436
Net income
x Deficit.

x52,017

184.352

561,975

Month of December- 12 Mos. Ended Dec.. 31
1927.
1928.
1927.
1928.
Gross earnings
Operating expenses & taxes

180,670
46.391

173,866
43,442

1.931,197
908,558

1,86/,760
865,049

Gross income
Interest, &c

134,279
19,886

130,424 1,072,639
257,842
24,536

1,002,711
320,304

114,393

105.888

814,797
253,035
123,563

682,407
229.205
113,796

438,199
237.889

339,406
171.267

200,310

168,139

35,433
468,924

41,888
196,992

Net income
Preferred stock dividend
Depreciation

60,742
587,134

14,394
407,076

36,271
376,119

24.447
210,586

Balance
Common stock dividend

-6,688
177,874

60,400
151,794

-11,688
109,471

54,450
82,594

Balance

Baton Rouge Electric Co.
-Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1927.
1928.

3.224,957 3,059,406 2,327,442 2,181,626
44,260.039 40,143,374 35,665,386 31,467,303

80,061
85,441
917,224 1,030,513

58,678
694,287

277,939
2,685,260

-50,871
249,782
1,160,941 2,175,584

-43,974
945,451

781,405
743,573
576,405
185,603
8,376,278 10,511.294 6,489.989 8,403,911
2,245.826 1,078,031 1,913,029 1,080,045
18,661,423 15.729,007 15.595,399 12,931,640
582,289
299,875
380,057
501,164
5,916,386 6,872,859 4,931,204 5,691,734
43,639
814,772

95,686
778,043

1,968
583,071

47,390
557,329

413,281
132,135
348,487
55,162
6,837,281 4,413.015 5,154,887 2,948,769

- Deficit.

Electric Railway and Other Public Utility Net
Earnings.-Tho following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:

623,665

Bangor Hydro-Electric Co.

41,888
217,209

94,926
1,270,016

471,493
508.518

Atlantic, Gulf & West Indies Steamship Lines.

43,580
530,005

548,101
612,269
369,231
385,787
6,305,956 6,919,671 4,058,226 4,528,719

907.875
867,921

v Deficit.

212,234
316,657
127.109
240,714
3,871,182 4,105,119 2,710,626 2,970,335
24,952
304.459

-12 Months Ending Nov.30-

108.710

92,037

1,111,802

1,017.109

Operation
Maintenance
Taxes

52,528
4,519
8,381

47.305
6.338
8,217

515,525
70,749
112,767

463.917
71,153
109.822

Net operating revenue_ _ _ Incomefrom other sources

43,281

30.176

412,759
1.817

372.216

414.576
76,983

372,216
70,363

337,593

301.852

Gross earnings

Balance_
Interest and amortization
Balance

Binghamton Light, Heat 8c Power Co.
(Subsidiary of General Gas & Electric Corp.)
-Month of December
-12 Mos. Ended Dec. 31
1928.
1927.
1928.
1927.
$
$
$
$
Operating revenue
238,823
217,109 2,471,603 2,179.583
Operating expenses & taxes_
Maintenance & depreciation_
Total oper. exp., maint.,
depreciation and taxes__

1,048,296 1,062.366
486,320
367,761
157.186

143.711

1.534,616

1,430,127

81.637

73,397

936,987
27,831

749,455
97,243

Total income
Deductionsfrom income-Interest on funded debt..
Other deductions from income

964,018
318,926
66,941

846,699
321.929
83,072

Operating income
Other income

Total deductions from income
405,601
385.867
-Month of December
- -12 Months Ending Dec. 31
Net Oper.
Net Oper. Surplus
Net income
578,950
441,698
Revenue.
Gross.
Revenue. after Chges. Provision for dividend on preferred stock
Gross.
215,829
125,874
$
$
$
$
Baton Rouge Else Co$
43,281 1,111,802
412,760
337,594
108,710
Balance of net income
1928
315,824
363,121
30,176 1,017,110
372,216
301,852
1927
92,037
Backstone Valley Gas & Electric Co.
Blackstone Valley 0& E Co & Sub COB
1928
276,785 6,080.153 2,387,577 1,724,640
585,684
(And Subsidiary Companies)
1927
223,803 5,910,629 2,123,205 1,519,596
558,548
Month of December- 12 Mos. Ended Dec. 31
Cape Breton Else Co, Ltd
1928.
1928.
1927.
1927.
1928
667,849
140,284
71,865
65,670
18,198
$
$
$
$
1927
656,656
144,155
75,622 Gross earnings
21,007
08,185
585.684
558.548 6.020,152 5.910,629
Columbus Elea & Pow & Sub Cos
263,290
281,269 3,030,295 3,167,025
1928
360.976
184,238 4,310,372 2,330,813 1,473,384 Operation
277.020
247,236
1927
15,718
26,126
340,458
196.563 4,200,699 2,320,019 1,440,700 Maintenance
Taxes
29,889
27.549
385.259
373,02
East Texas Elec Co (Del) & Sub Cos
1928
717,415
307,082 8,025,087 3,262,564 1,624,473
Net operating revenue_ _ _ _
276,785
223,603 2.387,577 2,123;204
1927
561,212
189,084 7,214,132 2,613,107 1,195,977 Income from other sources
11,327
31,100
Edison Elec Ill Co of Brockton
1928
189,407
79,687 2,038,179
696,027
662,318
Net income
2,398,905 2,154,305
1927
183.890
76,188 1,942,473
679,224
664.388 Deductions
105,500
105,500
The Elec Lt & Pow Co of Abington & Rockland
1928
Balance_
54,639
2,293,405 2,048,805
5,207
648,217
106.954
96,338
1927
59,278
568.765
12,728
627,857
126,402
529.209
119,144 Interest and amortization
El Paso Elec Co (Del) & Sub Cos
Balance........
1928
1.724,639 1.519:595
293,969
131,431 3,195,134 1,289,565 1,070,489
1927
271,545
102,355 2.998,271 1,134,868
961,258
Brazilian Traction, Light & Power Co., Ltd.
Fall River Gas Works Co-1928
-Month of December- 12 Mos. Ended Dec. 31
33,495
16,004 1,023,559
227.369
207,794
1927
92.228
1927.
1928.
23,130 1,043,776
266,223
1928.
248,539
1927.
Galveston-Houston Elec Co & Sub Cos
3
$
$
$
1928
3,673,543 3,292,022 42,774,813 38.319.989
448,824
152,643 5,248,417 1,704,959
824,147 Gross earnings
1927
1.565.274 1,534,322 17,905,483 16,265,367
438.288
153,416 5,052,638 1,573,117
711.642 Operating expenses
Net earnings
2,108,269 1,757,700 24,869,330 22,054,622
Haverhill Gas Light Co
1928
64.149
701,210
15,111
150,948
142,960
Broad River Power Co.
1927
67,100
11,790
711,401
128,023
124,163
(Subsidiary of General Gas & Electric Co.).
Jacksonville Traction Co
-Month of December- 12 Mos.
1928
104,290
13,601 1,199,516
115,154
.48,864
1927
1928.
1927.
115,068
Dec.31'28
15,660 1,378,181
140,728
*32,362
$
$
North Texas Elea Co & Sub Cos
$
Operating revenue
194.844
173.561 2,142,589
1928
250,277
81,144 2,857,639
900,970
458,168
1927
260,934
87,848 2,707,487
876,408
511,446 Operating expenses and taxes
901,167
Puget Sound Pow dc Li Co & Sub Cos
Maintenance and depreciation
218,41
.
3
1928
1,411,234
719.058 15.141,396 6,682,246 4,120,573
1927
1,416,178
663,684 14,925,482 6,380,815 3.518,231
Total oper. exp., maint., depr. & taxes
88,851
70,675 1,119,581
Savannah Elec & Power Co-1928
195,788
94,739 2,231,955
993,997
105,992
543,482 Operating income
102.886 1,023,008
1927
193,134
86,413 2,227.380
917,347
474,300 Other income
376.421
-Sierra Pacific Elea Co & Sub Cos
n
Total income
1,399,429
1928
121,648
651.257
49,888 1,384,751
594 'Deductions from income-Interest on funded debt
'
50
1927
14,214
686,005
574,739
50,036 1.240,946
522.772
Other deductions from income
78.802
-Tampa Elm Co & Sub Cos
387,796
1928
118,509 4,658,004 1,458,392 1,422,558
Total deductions from income
764,807
385,170
1927
157.359 4,714,685 1,489,180 1,431,784 Net income
634,622
Va Else & Pow Co & Sub Ces-Provision for dividend on preferred stock
266.732
1,439,362
1928
679,541 16,244,501 7,052,932 5,174,965
1,350,664
574,195 15,471,670 6.282,609 4,719,308
1927
Balance of net income
367.889




718

[vol. 128.

FINANCIAL CHRONICLE
Florida Public Service Co.

Cape Breton Electric Co.
Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1928.
1927.
Grossearnings- -------

65,669

68,185

667,848

656,656

Operation
31-Int‘nance
Tans

37,404
6,772
3,295

37,679
7.089
2.409

406,272
90,873
30.418

382,135
99,335
31,029

Net operating revenue- - _ _
Interest charges

18,197

21,006

140,284
68,419

144,155
68.533

71,864

75,622

Balance

Columbus Electric & Power Co.
(And Subsidiary Companies.)
-Month of December- 12 Mcs. Ended Dec. 31
1927.
1928.
1928.
1927.
Gross earnings

360.976

340.457 4,310.372 4.200,698

Operation
Maintenance
Texas

118.493
19,008
39,236

107,947 1,293,810 1.301,593
203,521
253,608
21,589
375.564
432,139
14,358

Net operating revenue_ _ _ Income from other sources

184.238

196.562 2,330.813 2,320,018
15,200
16,116

Balance

2,346,930 2,335,219
894,519
873,546

Interest and amortization

1,473,383 1,440,700

Balance

Eastern Texas Electric Co.(Delaware)

Gross earnings

(And Subsidiary Companies.)
-Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1927.
1928.
$
$
$
$
561,212 8.025,086 7,214,131
717,414

Operation
Maintenance
Taxes

324,949
36,563
48,819

299,903 3,773,340 3,705,383
417,966
429,058
32.159
477,673
560,124
40,065

Net operating revenue---Income from other sources

307.081

189,083 3,262.563 2,613,107
23,913
102,097

Balance
Deductions *

3,364,661 2,637,020
977,859
1.230,856

Balance
Interest and amortization

2,133,805 1,659,160
509,331
463.183
1,624,473 1,195,976

Balance

Edison Electric Illuminating

(Subsidiary of General Gas & Electric Corp.)
-Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1928.
1927.
$
$
$
$
Operating revenue
191.000
172.366 2,058,795 1,863.206
Oper. expenses & taxes
Maintenance

925,335
93,389

Total oper. exps., maint.
& taxes

90.922

Operating income
Other income

100,077

Gross earnings

189,407

183,890 2,038,179
85,490
9,022
13,189

964,633
90,645
286,874

Net operating revenue
Income from ether sources

79,687

76,187

696,026
2,716

679.224
7,613

698,742
36,425

1,165.216

939,796

596,697
225,614

500.877
146,482

Total deductions from income

822,311

647,360

342,904
147,659

292,436
144,130

195,245

148,395

Net income
Provision for dividend on preferred stock
Balance of netincome

General Gas & Electric Corp.
and Subsidiary Companies.)
-Month of December- 12 Mos. Ended Dec. 31
1928.
1927.
1928.
1927.
$
$
i
$
Operating revenue
2,202.580 2.018,428 23,498,285 24,546,184
Operating expenses & taxes
854,319
828,755 9,666,754 11,072,584
Maintenance
184,191
220,581 2,493,512 2,395,702
Depreciation
240,583
147,689 1.749,552 1,512,673
Rentals
31,591
31,423
380,727
383,525
Total oper. exps., maint.,
deprec., taxes & rentals_ 1.310,685 1,228,450 14,290,547 15,364,485
Operating income
Other income

Deductions:
Interest on funded debt
Other deductionsfrom inc. _ _
Preferred stock divs. ofsubsMinority interests
Total deductions

891,895
87,815

789,978 9,207,737 9,181,698
95,142 1,061,283
801.529

979.710

885,120 10.269,020 9,983,227

304.333
41,730
181.246
31,950

•

Total income

299.555 3,567,405 4,106,091
38,748
472.153
484,348
170,427 2,150,602 2.086,924
23,922
200,063
275,514

559,261

686,837
22,449

662,317

664,388

Balance
Interest and amortization
Balance

532,653 6.477,870 6,871,233
352,466 3,791,150 3,111,994
500,808
500,808
280,000
280,000
303,793
303,793
707,666
498,248
432,362
306,099
190.160
2,414,792 1,888,951

Balance

1,376,357 1,223,043

Houston Electric Co.
Gross earnings

Engineers Public Service Co.
(And Subsidiary Companies.)
-Month of December- 12 Mos. Ended Dec. 31
1928.
1928.
1927.
1927.
$
$
$
5
4,215.807 2,525,081 32,864,658 29,453,595
Gross earnings
Operating expenses and taxes 2,233,391 1,535,434 19,003,458 18,107,259
1,982,415
48,932

989,646 13,861,200 11,346,335
3,167
175,683
32,536

2,031,348
Tralance
Interest and amortization- 575,830

992.813 14.036,88.3 11,378,872
320,106 4,119.515 3,457.049

Net earnings
Income from other sources

844,987
94,809

Total income

Balance
420,449
General Gas & Electric Corp. dividends:
$8 cumulative preferred stock, class "A"
$7 cumulative preferred stock, class "A"
Cumulative preferred stock, class "B"
1,942,473 Common stock, class "A"
Common stock, class "B"
921,179 Dividend participations
71,511
270,558

82,959
6,506
20,254

1,018,725 1.018,219

86.607 1,040,069
125,147

Deductions from income:
Interest on funded debt
Other deductions from income

Co. of Brockton.
Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1927.
1928.

Operation
Maintenance
Taxes

85,758

945,073
73,145

-Month of December- 12 Mos. Ended Dec. 31
1928.
1927.
1927.
1928.
$
289,477
275,070 3,343.294 3,069,506

Operation
Maintenance
Taxes

142.427
41,295
16,922

129,588
33,855
20,049

1,597.981
461,976
291,672

1,573,434
398,106
268.942

88,831

91,575

991.664
351,994

829,114
354.445

639.669

474.669

Net oper. revenueInt. and amortiz.(public)
Balance
Interest and amortization
(G-II. E. Co.)

58,706

1,455,518
672.707 9,917,367 7,921.822
Balance
Dividends on preferred stock subsidiary companies- 2,153,631 1,609,547

30,506

580,963

Balance

444,163

Jacksonville Traction Co.
-Month of December- 12 Mos.Ended Dec.31
1927.
1928.
1928.
1927.
$
$
$
8
115,067
104,290
1.199,516
1.378,181

7,763,735 6,312,274
Balance
Proportion of above balance applicable to common
122,813
104,296
stock of subsidiaries in bands of public

Gross earnings

Balance applicable to reserves and to Engineers
7,640,922 6,207,978
Public Service Co
Dividends on preferred stock of Engineers Public
1,958,903 2,157,244
Service Co

Operation
Maintenance
Retirement accruals..
Taxes

51.540
13,321
19,399
5,775

55,405
13,795
20,774
8,745

613,510
160,558
197,081
106,774

696.424
176.095
242,844
113,323

Oper. revenue__
City of So. Jacksonville
portion of open rev_ _ -

14,253

16,346

121.591

149,493

652

686

6,437

8,765

Net oper. revenue_ _ -Interest & amortization_

13,600

15,659

115,154
164,018

140,728
173,090

def48,863

def32,362

Balance applicable to reserves and common stock
of Engineers Public Service Co
5,682,018 4,050,734

Fall River Gas Works Co.
-Month of December- 12 Mos. Ended Dec. 31
1928.
1928.
1927.
1927.

Balance
Gross earnings

83,494

92.228

1.023,559

1,043,776

Operation
Maintenance
Taxes

43,013
4,628
16,848

49,102
6,083
13.912

558,560
70,542
167,087

540,941
83,780
152,830

Net oper. revenue__ ._
Interest charges

19,004

23.129

227,368
19.574

266,222
17,684

207,794

248,538

Ince

Galveston-Houston Electric Railway Co.
Gross earnings

-Month of December- 12 Mos. Ended Dec. 31
1928.
1927.
1928.
1927.
$
$
$
$
696,860
50.088
55,827
643,800

Operation
Maintenance
Taxes

20,813
7,240
2,493

23,971
7,486
2,468

275,507
97,853
31,768

299,941
104,940
30,684

Net oper. revenueInt.and amortiz.(public)

19.539

21,901

238,671
126,199

261,293
127,609

112,471

133.684

143,609

138,150

31,138

4,466

Balance
Interest and amortization
((i-R. E. Co.)
Balance




Kansas City Public Service Co.
Month of 12MOS.End
Dec. 1928. Dec.31'28.
Railway passenger revenue
Other railway receipts
Bus passenger revenue
Other bus revenue
Miscellaneous income
Gross revenue
Railway operating expense
Bus operating expense
Taxes

690,158
25,282
45,868
506
2,709

159,245
298,836
520,251
19,755
32,201

764,506 9,030,291
534,992 6,242,470
660,834
58,009
505,530
16,030

Total operating expenses and taxes

609,032 7,408,835

Gross income

155,473 1,621,456

Deductions:
Interest on bonds
Other charges

72,167
3.006

818 7r
:2 5

Total deductions

75,173

875,973

Net income

80.299

745,452

Man. 2 1929.]

FINANCIAL CHRONICLE

The Key West Electric Co.

The Pawtucket Gas Co. of New Jersey

-Month of December- 12 Mos. Ended Dec. 31 .
1928.
1927.
1928.
1927.
$
$
$
$
20,872
22,671
251,331
260,048

Gross earnings
Operation
Makatenance
Taxes

9,008
1,633
1.533

10.886
1,674
639

110.413
23.422
15,821

Net operating revenue.. _ _
Interest and amortization

8,696

9.470

101,674
29,043

Balance

72.630

Metropolitan Edison Co.

1,079,842

Tot.oper. exp., maint.
deprec., tax. & rent.

928.924

(and Subsidiary Company.)
-Month of Dxember- 12 Mos. End d D.c. 31
,
1928.
1927.
1927.
1928.
$
$
$
4
128.722
121.329 1.444,237 1.374,410

Gross earnin^s
122,067
25,029 Operat:on
56.050
15,201 Maintenance
5.963
Taxes
3,513
97,749
30,141
Net operating revenue_ _ _ 63.194
Interest charges (public)
67.607
Balance
Interest charges(B. V. G.& E.Co.)

(and Subsidiary Companies)
(Subsidiary of General Gas & Electric Corp.)
-Month of December- 12 Mos. Ended Dec. 31
1928.
1927.
1928.
1927.
Operating revenue
Opm..exp.& taxes
Maintenance & deprecRents s

719

11,250,386
4.468,744
1,946,632
66,198

10,331.123
4,359,154
1.645,418
66.198

61,519
12.148
7,625

648,562
97,465
84,225

687.565
74,310
81,759

40.036

613.964
50.346

530,774
56,334

557.638
192.846

474,439
161.126

364.791

313,313

Balance

Ponce Electric Co.
-Month of December- 12 Mos. Ended Dm.31
1928.
1927.
1928.
1927.
Gross earnings

26,650

32,087

339.833

341.307

Operation
Maintenance
Taxes

11.125
1,382
2,245

16,736
2,393
2.532

153,166 18,875
26,475

179,295
27,436
32,967

Net operating revenue_ _ _ Interest charges

11,896

10,424

141,316
2,651

101,608
1,181

138.664

100,426

593.007

518,180

6.481476

6,060,771

486.834

380.180

4.768,810
237,464

4,270.352
269.510

5,006.274

4.539,862

1,451,201
230,838

1.648,797
150.664

Tot.deduct.from Inc..

1.682.040

1,799,462

Net income
Prov,for div.on pref.stk

3,324.234
1,210.666

2.740,400
1,168,823

Gross earnings
Oper. expenses & taxes

Balance of net income

2.113.567

1,571,576

Gross income
Interest, &c

480,973
215.812

470,709 5,039,318 4.961.770
216,113 2.572,547 2.583,801

Net income
Dividends on stack:
Prior preference
First preferred
Second preferred

265.161

254,596 2,466,771 2.377.969

Oper. income
Other income
Tot§.I income
Deductionsfrom Income
Int. on funded debt_
Other deduct.from Inc-

New Bedford Gas & Edison Light Co.
-Month of December
-12 Mos. Ended Dec. 31
1927.
1928.
1928.
1927.
$
$
$
$
95,137
92,703
1,111,557
1,118,254
300,037
271,611
3.171.093 3,212,886

Oper.revenues, gas dept.
Ow.revenues,elec.dept
Total oper.revenues-OPte• exP., gas dept_
Oper. exp., elec. dept--Total oper. expenses_.

392.740
61.531
125,560

366,749
64,833
105.633

4.282.651
707,586
1.331.745

4.331.140
738,023
1,335,125

187,091

170,467

2.039,331

205.648
12.198
37,983

196.281
8,933
32,180

2.243.319
127,901
413,346

Portland Electric Power Co.
-Month of December- 11 Mos. Ended Dec. 31
1927.
1928.
1927.
1928.
$
$
$
$
1.103.135 1,086,391 12,526,241 12.154,452
622,162
615.682 7,489,923 7,192.682

469.502
756,803
325.000

475.274
672,537
300,000

Balance
Depreciation

915.406
777,465

930,158
750,665

Balance

138,001

179.493

2,073,149

Net oper. revenue
Taxes, gas dept
Taxes, elec. dept

Balance

Reading Transit Co.

50.181

41.114

541.247

155,466
def2.755

155,167
1,287

1.702.072
de1742

(And Subsidiary Companies-Subsidiary of General Gas & El. Corp.)
-Month of December- 12 Mos.Ended Dec.31.
1928.
1927.
1928.
1927.
$
$
$
$
565.104 Operating revenue
245.344
256,769 2,793.328 2,872,775
Operating expenses and taxes
1.576.708 1.621,327
1,692,886 Maint. dz depreciation
630,337
643,813
def2,799 Rentals
314.529
317,125

Gross income
152.711
Deduct'nsfrom Gross Inc.Int. on bonds & coupon
notes
19,079
Int.on notes payable,&c
554
Amortization charges_ _
247
Depreciation
28.986

156,454

1.701,329

1,690,087

20,611
1,282
697
31,313

228,950
8,222
2,970
340,396

Total taxes_
Net oper. income_ _ _ _
Non-oper. Income

Total deductionstrom
gross income

53,904

580,539

103.843

Net income

48,867

102,550

1,120,789

2,257,991
121.838
443.265

224.448
Operating income
20,895
247.340 Other income
13,594
8.374
Total income
371.816 Deductions from income:
Interest on funded debt
Other deductions from income
641,125
Total deductions from income
1,048,962

New Jersey Power & Light Co.

Tot. oper. exp., maint.,
deproc.& taxes

184,517

175,272

2,046,922

2.010,167

Operating income_ _ _ _
Other income

77.979

69,789

838,780
148,357

707,692
99,238

987,137

806,930

300,000
32.434

367,866
32,240

332,434

340,107

654,703
197,841

466,823
178,203

Deductions from income
Interest on funded debt..
Other deduct,from inc._
Total deduct. r.inc.

227.510 2,521.574 2,582,266
29.259

Net income
Provision for dividend on preferred stock

(Subsidiary of General Gas & Electric Corp.)
-Month of December- 12 Mos. Ended Dec. 31
1928.
• 1927.
1928.
1927.
$
$
$
•
$
t )1,0-ating revenue
262.497
245.062 2,885,703 2,717,859
per. exp. & taxes
1,500.191
1,464.936
Maintenance & deprec_
546,730
545.230

Total income

Total oper. exp., maint.,
dept., taxes & rentals

Balance of net income

271,753
16.829

290.508
20.140

288,583

310,648

87.834
8,014

87,955
20.115

95,848

108,071

192,734
119,145

202,577
119.145

73,589

83,432

Savannah Electric & Power Co.
-Month of December- I. Mos. Ended Dec. 31
1928.
1927.
1928.
1927.
$
$
$
$
Gross earnings
195,787
193.134 2.231,954 2.227,380
C
A,Teration
74,385
78,394
910,345
975.684 .
aintenance
10,635
12,238
145,741
149.869
Taxes
16.027
16.087
181.870
184,479
Net operating revenue---94,738
86.413
993.997
917.346
Interest and amortization
450,515
443,046
Balance
543.481
474,300

Sierra Pacific Electric Co.

(And Subsidiary Companies)
-Month of December- 12 Mos,Ended Dec.31
1928.
1927.
1928.
1927.
Balance of net income
$
$
$
$
456,862
288.620 Gross earnings
121.643
105,214 1,384.750 1.240,946
Operation
54,962
34,930
463,264
418,738
Maintenance
5,325
5.943
98.995
77.466
Northern Pennsylvania Power Co.
Taxes
11,471
14,304
171,234
170.002
(Subsidiary of General Gas 8c Electric Corp.)
Net operating revenue
49,888
50,035
651,257
574,739
-Month of December
-12 Mos. Ended Dec. 31 Interest and amortization
56,747
51.966
1928.
1927.
1928.
1927.
5
$
Balance
i
$
594,509
522,772
Operating revenue
92.351
85,617
948,392
843,739
Operating expenses & taxes..
425.062
395,747
Maintenance and depreciation
222,852
196,122
Tampa Electric Co.
Rentals
201
(And Subsidiary Companies)
Total oper. exp., maint.,
-Month of December- 12 Mb:. Ended Dec.31
depr.. taxes & rentals..__
65,941
62,131
647,915
1928.
592,070
1927.
1928.
1927.
$
Operating income
$
$
S
26.410
23,486
300,477
251,668 Gross earnings
Other income
387.795
385,170 4,658,003 4,714,686
15,572
11.160
Total income
Operation
158,944
157,852 1,949,127 2,037,106
316,049
262,828 Maintenance
Deductions from income:
27,612
27,610
364,614
349.232
Interest on funded debt
Retirement accruals
58,435
50,730
552.125
509.759
125,025
126,657 Taxes
Other deductions from income
24,295
8,382
333,744
329,408
20,630
16,860
Net operating revenue_ _ - 118,508
Total deductions from income
157.359 1,458,392 1,489.179
145,655
143,517 Income from other sources
17,977
Net income
170,393
119,310
Balance
Provision for dividend on preferred stock
1,476.369 1,489.179
83,726
57.787 Interest and amortization
57,395
53.811
Balance of net income
86,667
61,523
Balance
1,422,558 1,431.784
Netincome
Prov. for city. on pref.stk




[Vox. 128.

FINANCIAL CHRONICLE

720

Total operating expenses- - 1.013,451

1,020.057

5,999.131

Net operating revenue
Taxes

302.339
88,889

310,656
91,303

2,792,056
555.167

Operating income
Interest revenue

213,450
19,763

219.353
16.372

1,236.888
114.371

Pato.
Page.
Industrials (Concluded).
Industrials (Contented).
575
HO Pratt & Lambert, Inc
Lehigh Portland Cement Co
396
589 Purity Bakeries Corp
Lit Brothers
575
414 Republic Iron & Steel Co
Madison Sq. Garden Corp
417
570 (R.J.) Reynolde Tobacco Co
(H.R.) Mallinson & Co., Inc
417
7.544,399 Manhattan Shin Co
243 Sanford Mills
285
75,000 Marmon Motor Car Co
123 Seeman Brothers. Inc
417
129,398 Martin-Parry Corp
414 Separate Units, Inc
265
4,867 Maryland Casualty Co
414 Sheffield Steel Corp
286
570 (A. G.) Spalding & Bros
Miller & Hart.Inc
418
7.753,665 Municipal Service Corp
415 State Theatre Co
418
571. 261 Strathmore Paper Co
Nash Motors Co
243
1,109,801 National Acme Co
262 Swift Si Co
551
726,331 National Aviation, Inc
571 Texas Gulf Sulphur Co
267
52,629 National Biscuit Co
552,282 Truax Traer Coal Co
677
482.160 National Licorice Co
572 Trum Pork Storee, Inc
2,624,951 Naumkeag Steam Cotton Co
572 United Diversified Securities CorP-- 578
267
641,867 New Niquero Sugar Co
553 United Electric Coal Cos
267, 126
315,364 New York & Foreign Invest Corp_ -- 573 United Fruit Co
419
263 United Paperboard Co.. Inc
Northern Securities Co
267
5.953,306 Otis Steel Co
416 U.S. dr Foreign Securities Corp
578
Pan-Amer. Western Petroleum Co_. 264 Virginia Iron Coal & Coke Co
128
1.800,358 Paraffine Cos., Inc
573 Weber & Hellbroner, Inc
560,401 Pathe Exchange, Inc
574 Wesson Oil & Snowdrift Co., Inc- --- 420
396
Pennsylvania Coal & Coke Corp..._ 574 Wilson & Co., Inc
1,239,957 Prairie Pipe Line Co
284
103.929

233,213

235,726

1,351,260

1,343,886

42,756
73,301
93,900
1390
790
1,474
2.790
35,965
2, 64

42,756
73,301
93,900
1,505
592
1,974
2.790
28,812
2,164

256,540
439,810
563.400
8.433
3,819
8,846
16,740
195.998
12.984

258,540
459,510
563,400
9.419
4,034
11,846
16,740
62,800
12,984

247.796

1.506,571

1.377.575

-12,070 -155,311

33.688

Third Avenue Railway System.

-Month of December- 6 Mos.Ended Dec. 31
1927.
1928.
1927.
1928.
Operating Revenue
Transportation
Advertising
Rents
Sale of power

1.276,775
12.500
25.979
536

1,291.110
12.500
26,312
791

7.558.877
75,000
123,796
3.514

Total Tier. revenue
1.315.791
Operating Expenses
183.435
Maintenance of way
118,540
Maintenance of equipment _ _
17,660
Depreciation
89.248
Power supply
444,755
Operation of cars
Injtuies to persons & property 107.525
52,306
Gleneral rk miscell. expenses_ _

1,330,714

7.791.188

Gross Income
Deductions
Interest. on jet singe. bonds
Int. on let ref. mtge. bonds..Int. on adj. mtge. bonds..-- Track Az terminal privilege;_ _
Mlscell. rent deductions
.
Amort. of debt disct & exp_ _
Sinking fund accruals
Miscellaneous
Int. on.series 0 bonds

254.533

Total deductions

-21.319

Net income

199.906 1,347,641
710,204
131,145
-10,151 -159,771
501.455
91,542
440,239 2,664,476
637.680
109.844
297,444
57,32e

(And Subsidiary Companies)
-Month of December- 12 Moe.Ended Dec.31
1927.
1928.
1927.
1928.
1.439,361

1,350,664 16,244.501 15,471,670

kftmation
Maintenance
Taxes

529,234
129,686
100,899

537,999
122.723
115,746

6.293,595 6,354,754
1.507,135 1,532,638
1.390,838 1,301.568

Net operating revenue..
Income from other sources

679,541

574,194

7.052.931 6,282,608
26.882

Balance
Interest and amortization
Balance

7,079,814
1.904,849

6,282,608
1,563,300

5.174.964

4,719,308

FINANCIAL REPORTS
-The following is an index to all
Annuals, &c., Reports.
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Jan. 5 1929.
Page.
Page•
Industrials (Continued).
' Railroads
581
245 Black & Decker Mtg. Co
National Rye.of Mexico
404
New York Chicago.4 St. Louis RR-- 554 Borg-Warner Corp
562
Boston Wharf Co
Broadway Department Store, Inc-- _ 582
Public Utilities
253
245 Burma Corp., Ltd
Alabama Water Serviee Go
115
Amer.Commonwealths Power Corp- 111 (A. M.) Byers Co
553
398 Canada Cement Co., Ltd
Arizona Power Co
405
112 Caracas Sugar Co
Gas At Electric System
Assoc.
583
California Oregon Power Co---398, 112 Cavanagh-Dobbs. Inc
408
246 Celotex Co
California Water Service Co
408
246 Cespedes Sugar Co
Service Co
Cheater Water
254
Chicago Pneumatic Tool Co
Chicago City & Connecting Rye.
118
552 Chile Copper Co
Coll. Trust
584
112 City Ice & Fuel Co
Colonial Gas& Electric Co
583
552 City Stores Co
Detroit Edison Co
254
112 Coca-Cola Co
Eastern New Jersey Power Co
584
112 Cockshutt Plow Co., Ltd
Electric Power & Light Corp
117
Corp
Foreign Power Securities Corp., Ltd_ 399 Collins & Aikman Co
564
247 Columbia Baking
Illinois Water Service Co
Corp_ 551
Indianapolis Power & Light Corp_ _ - 112 Commercial Investment Trust
255
112 Congress Cigar Co
Interstate Power Co
685
113 Continental Insurance Co
Laclede Gas& Electric Co
117
Los Angeles Gas& Electric Corp_ __ _ 113 Continental Motors Corp
565
Louisville Gas or Electric Co--399,113 Creamery Package Mfg. Co
565, 118
399, 113 Crystal 011 Refining Corp
Market St.Ry
553
399, 113 De Beers Consul. Mines, Ltd
Mountain States Power Co
585
248 (Alfred) Decker dr Cohn, Inc
National Power & Light Co
585
248 Dome Mines, Ltd
New York Water Service Corp
255
113 Dominion Bridge Co
North Carolina Gas Co
588
Northern Ohio Power & Light Co. 557 Douglas Aircraft Co., Inc
409
400, 113 Ely & Walker Dry Goods Co
Northern States Power Co
119
248 Equitable Office Building Corp
Ohio Water Service Co
567
Oklahoma Gas& Electric Co_ .... _400, 113 Fidelity-Phenix Fire Insurance Co__ 255
Co
Co. 248 (Wm.) Filene's
Oregon Washington Water Sent.
409
Peoples Gas Lgt.& Coke Co.of Chic. 553 Florence Mills
409
400, 113 Florshelm Shoe Co
Philadelphia Co
118
Amer. Investors Co., Inc
Pittsburgh Suburban Water Sen.Co. 248 General
256
558 General Mills, Inc
Rochester Gas& Electric Corp
113 General Public Service Corp- __ _395, 270
San Diego Cons.Gas dr Elec. Co_401,
258
Gillette Safety Razor Co
Scranton Spring Brook Water Service
410, 119
249 Olidden Co
Co
257
Buffalo Theatres. Ina
Southern Colorado Power Co_ _ _ _401, 113 Greater
410
401. 113 Greenway Corp
Standard Gas& Electric Co
568
249 Greif Bros. Cooperage Corp
Co
Union Water Service
257
401 Grigsby-Grunow Co
United Light & Power Co
411
West Virginia Water Service Co
250 (Charles) Curd dr Co., Ltd
119
Woolen Co
Western Union Telegraph Co., Inc_ _ 402 Hamilton
588
Wisconsin Public Service Corp.-402, 113 Howe Sound Co
257
Wisconsin Valley Electric Co-- _ _402, 113 Hupp Motor Car Corp
411
Industrials
Indiana Limestone Co
258
250 Internat.Safety Razor Corp
Aeronautical Industries. Inc
Securities Corp.of America 258
Gold Mining Co
250 Internat.
Alaska Juneau
110
658 International Shoe Co
Alaska Packers Association
258
558 Investment Managers Co
Alliance Realty Co
120
syndicate
Mills Co
251 Jantzen Knitting
American Druggists
568
Joint Investors, Inc
American Equitable Assurance Co
121
E.) Keith Co
114 (George
of New York
259
395 Kelvinator Corp
American Founders Corp
559 Kidder,Peabody Acceptance Corp- 413
American Hide dr Leather Co
121
552 Laconia Car Co
American International Corp
122
404 Lakey Foundry & Machine Co
American Spinning Co
259
580 Lambert Co
Antilla Sugar Co
259
404 Lane Bryant,Inc
Archer.Daniels-Midland Co
413
243 Lawton Mills
Armour & Co
413
581 Lawyers Mortgage Co
Barnsdall Coro
122
581 Lawyers Title & Guaranty Co
Bethlehem Steel Corp
243
404 Lee Rubber & Tire Corp
Bing & Bing. Inc




SODS

INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1927.
1928.
i
$
$
$
Gross oper. revenues_..144,1l6.452 147,639,063 155,407,976 149,313,892
-101,887,718 103.907.953 107.866.589 103,811,952
Total open expenses-Net rev, from oper.- _ 42,228,734
Taxes and uncollectible
9,598,380
railway revenue
Equip.& joint facil. rents J ,787.799

43.731,109

47.601.387

45,501,940

9,488.877
1,477,170

10,394,891
1,677,713

9.490,244
925,674

Railway oper.income_ 30.842.554
6,382.901
Other income

32.765.062
6,823.150

35,528,782
5,856.954

35,086,022
5,273,998

37,225,455
17,958,322

39.688,212
17.888,304

41,385,737
17,789,015

40,360,020
17,780,847

19,267.133
Net income
Dividends on pref. stock 3,000.000

21,699,908
3,000,000

23,596,722
3.000,000

22,579,172
3.000,000

Total gross income_ Interest and rentals

Virginia Electric & Power Co.

Gross earnings

Southern Railway Company.
-Year Ended Dec. 311928).
(Preliminary Statement

16.267,133 18.699,908 20.596.722 19,579,172
Balance
$16.31
*617.16
814.40
$12.53
Earn. per share on com_
'Based on present capitalization, the earnings for the year 1926 amount
-V. 128, p. 398.
to $15.87 per share.

United States Steel Corporation.
(Results for Quarter and 12 Months Ended Dec. 311928.)
The results of the operations for the quarter ended Dec. 31
1928, as presented at the meeting of the directors held
Jan. 29, compare as follows:
PRELIMINARY EARNINGS FOR QUARTERS ENDED DEC. 31.
1925.
1926.
1927.
1928.
Unfilled orders Dec. 31
5,033,364
3.960.969
3,972,874
3.976,712
tons
Net earnings (see note)-$53,186.679 $31,247,529 553.502.525 $42,280,465
Deduct
Depletion & deprec. reserves, and sink,funds
15,042,922 10,623,859 15,201,474 11,478,616
on bonds of sub.
Int. on U.S. Steel Corp.
4,390,941
4,255,608
4,115,658
3,972,175
bonds
294,548
361.734
323,969
466,553
Prem.on bds.redeemed_
2,704,227
2.786.745
2.940,068
Steel bds. 2,965.133
Sink.fds. U.S.

CGS

522.446,783 $18,003,554 522.605,561 518,868,332
Total deductions
630,739,896 $13.243,975 530,896,964 $23,412.133
Balance
Add-Net bal. ofsundry
charges and receipts
incl. adjustment of
122,041
253,720
550,858
various accounts
Special Inc. receipts for
yr., Incl. net adj. in
various accts. not applicable to any partic6,172.200
ular quarter
$36,912,096 $13.794.833 $31,150.684 $23,534,174
Total
6,304,920
6.304,920
6,304,920
( )
Preferred dive. (1 % - 6.604,920
8,895.294
6.353.782
12.453.412 12,453,412
dividends
Common
(1,(%)
(1%%)
(1,1%)
Rate, per cent
2,541,512
Common,extra(%%)
Surplus for quarter--x$18,153.764 df$4,963.499 $15,950,470 68,333,960
She, corn. stk. outstand.
7,116,235
7,116,235
6.083,025
5.083,025
(par 5100)
$1.05
$3.43
$3.38
$4.88
Earns, per sh. on corn
x Incl. special receipts of $6,172,200 not applicable to any particular quar.
net earnings for the quarter ending Dec. 31 1928 (and also
-The
Note.
for the 12 months period-see below) shown after deducting all expenses
Incident to operations, comprising those for ordinary repairs and maintenance of plants, also taxes (incl. reserve for Federal income taxes), and
Interest on bonds of the subsidiary companies.
NET EARNINGS FOR CALENDAR YEARS.
1927.
1928.
1925.
1926.
• Net Earnings$11,899,549 $13,512,787 $13,810,149 $13,027,058
January
13,581,337 14,943,305 14,385.381 12,357,801
February
15,453,146 17,128,633 16.865,755 14,498,133
March
Total (first quarter)-340,934.032 $45.584,725 645,061,285 $39,882.992
13.927.481 15,449,965 15,705,203 13,376,821
April
16,646.845 15,566.192 16,159,866 13.803,453
May
16.358,660 15,024,303 15,949,037 13,443,947
June
Total(second quar.)-346.932,986 $46,040,460 $47,814.105 $40,624,221
16,133,679 13,808.983 17,798.795 13.908,513
July
18.597,178 14.289,325 17.244,097 14,399,265
August
17.417,619 13,275.523 17.583,934 14,092.634
September
.552.148,476 $41.373,831 652,626,826 $42,400,412
Total (third Quarter)
19,399,052 11,869.470 18,992.414 14,591.975
October
17,364,723
9,624,932 18,144,656 14,210,992
November
16,422,904
9,830,958 16,419,582 13.827,874
December
$53,186,679 $31,325,360 653,556,653 $42,630,840
Total(fourth quar)
193,202,173 164.324,376 199,058.868 165,538,465
Total for year
*Interest charges of subsidiary companies deducted before arriving at
are as follows:
aforesaid net earnings
1925.
1927.
1928.
1926.
$655,853
$675,402
$651.430
$699.059
January
655,698
649,593
675,292
698.314
February
655,221
674,926
649.001
696,803
March
650,879
674,796
648,391
699,897
April
671.986
8 651
84 .
647,387
699.538
May
719,955
697,608
668,393
646.054
June
708,016
689,477
661.004
635.427
July
707,096
660,258
688,977
632.553
August
708,034
688,576
659,999
632.758
September
657,317
632,991
October
rag
656,845
627,334
November
if?
675,639
656,301
628,402
December

flii

FEB. 2 1929.]

FINANCIAL CHRONICLE

INCOME ACCOUNT FOR CAL. YEARS(PRELIM. FIGURES FOR 1928.)
, x1928.
1927.
1628.
1925.
$
$
Net earnings(see above) 193,282.173 184.314,376 199.058,889 185,538,465
Deduct
For deprec.& res.funds_
147.390,338 53,171,076 45,463,054
Sink,fund on U.S. Stee1}67,314,051
Corporation bonds__
12,593,669 12,037,760 11,504,065
Interest
16,106,573 16,674,175 17.228.668 17,761,389
Prem.or% Ws.redeemed_ 1,954.765
320,215
255,059
222.329
Add-Net bal. of charges
including adjustments
-- -...._ Cr.550.858 Cr.301,101
Cr.15.028
Total deductions
85,375,389 76.427.539 82.391.463 74.935,811
Balance
107.828.784 87.896.836 116.667.406 90,602.653
Dividends-pref. (7%)_ 25,219.877 25.219.677 25.219,877 25,219,677
Common
(7%)49,813.845(7)49813.645(7)35581.175(5)2415,125
Common extra (2%)_
10,166,050
Surplus net income-- 32,793,482 12.883.514 55,866,554 29,801,801
For expends on auth.
approp. for additional
property & construct'n
30,000.000 25,000,000
Special income receipts
for year
Cr6,172,200
Balance for year
38,965.682 12,883.514 25,866,554
4,801.801
Earns. per share on corn_
$11.61
$8.81
$17.97
$12.88
x'These amounts for the year 1928 "may be changed somewhat upon
completion of audit of accounts for the year. The corporation's fiscal
year corresponds with the calendar year, and complete annual report comprising general balance sheet, financial statements, statistics, &c., will be
submitted at the annual meeting in April 1929 or earlier." This applies
also to the quarterly income statement given above.
-V. 128. p. 268.

White Eagle Oil & Refining Co.
(Annual Report
-Year Ended Dec. 31 1928).
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
Sales (net)__
$18,129,838 $16,356.295 $19,218,500 $18.483,518
COst of sales_
11.843,304 10,953.569 13,019,5501 13,343.372
Gen..admin.& a 11. exp_ 3,208.985
2.780,947
2,642,3141
Other deductio
net.'..
311.235
489,839
412,600
388,531
- 'Depreciation
905.373
878.971
809,7271 1.120,754
I/lotion
375,818
380,245
387.5881
•
eral taxes
115.000
184,000
'

Net inceme
Dividends paid

$1,485,325 4872,724 81.851.720 $1,466,860
($1.50)735,000 (82)980,000 (82)980,000 ($2)985,000

'Nei Weenie
' $730,324 def$107.276
Earnings per,share
x$3.03
. • x$1.78
'x Before_ .. .
Federal. taxes. .
„

$871_ ,719
63.74.;

$501,880
$2.99

CONDENSED BALANCE SHEET DEC. 31.
1928.
1927.
1928.
1927.
,
$
Liabetttes$
$
PIxed assets
25,973,003 24,780,050 Capital & Burp-313.736,140 13,578,023
10-yr.634% dabs- .33.000
10-yr 554% debs 4,610,000
Cash
921,442
552.852 5-yr. gold notes_
4.755,000
Notes & accts. roc_ 1,867,502 1,680,954 Accts.& notes pay. 1,421,734
785,706
Inventories,. _
4,127,490 4,018,868 Other accruals__
189,523
165.772
Investments
158.123
158.123 Res. depr. & depl_13.437,634 12.136,826
Deterred charges:: 314,471
318,526 Other reserves_
88,046
Total
33395,032 31,509,373
Total
33.395,032 31,509,373
Repreiehted by 490,000 shares of no par capital stock.
-V.127.p.2385.
t,

AMA
.-

' '." E.
,
du Pont de Nemours & Co.
, Annual. Report
(
-Year Ended Dec. 31 192&)
Prosident•Lammot du Pont reports in substance:
'llperatt iteittse.-Company's volume of business for the year 1928 was
about 11 0 'larger than the previous year. and for the last quarter was
about 16 larger than for the same period of 1927. The larger volume.
accompanied by greater efficiency in production and distribution, resulted
in a substantial increase in earnings.
Subsidiary Companies.
-During the year, company's stockholdings in
subsidiary and affiliated companies have changed as follows:
Du Pont Viscoloid Co.• from 79.44% to 100%; National Ammonia Co..
Inc.,from 50.95% to 100%:Lazote,Inc.,from 57.73% to 89.21%;Canadian
Inustries, Ltd.,from 37.90% to 44.14%.
The following are additions during the year:
/0
The Grasselli Chemical Co., 1000 ownership; Bayer-Semesan Co., Inc..
50% ownership: Pittsburgh Safety Glass Co., 50% ownership.
Grasselli Chemical Co.
-The importance of company's position in the
chemical industry in this country has been considerably increased and
strengthened over the course of the year by the consolidation of the operations and business of Grasselli Chemical Co. of Cleveland, 0. This company was founded in 1839, and from that time has enjoyed steady growth
and development, until, during 1928 the sales approximated $43,000,000.
The activities of the company comprise the manufacture of a wide range
of acids and heavy chemicals, lithopone and other pigments, zinc and zinc
products and explosives. These products have been manufactured in 23
plants of the company located at strategic points in New Jersey, Pennsylvania, Ohio, West Virginia, Illinois, Indiana. Kentucky. Alabama and Ontario, Canada. The part interest in the Grasselli Dyestuffs
Corp. owned
by the Grasselli Chemical Co. was sold for cash prior
to
and was therefore not acquired by the du Pont Company. the consolidation
In order to bring about the most effective administration of
the properties of the two companies, the explosives plants
and business of the Gras
sell' Powder Co., a subsidiary of the former Grasselli
been combined with the corresponding department ofChemical Co., have
the du Pont Corn'Pony; the Canadian plant and business has been transferred
to our Canadian associates, Canadian Industries, Ltd., and
constituting the bulk of the activities of the formerthe remaining business,
Grasselli Chemical Co.,
will be conducted'by the newly formed "The Grasselli
Chemical Co." To
this new conipany has been added the acid
formerly conducted by the du Pont Company and heavy chemical business
together with plants in Pennsylvania and New Jersey. This new company will continue
under the direction of the same management formerly conducting the
Grasselli Chemical Co. with T. S. Grasselli as President.
The basis at consolidation of the activities of these two
companise involved the receipt by the common stockholders
Chemical Co. of one-fifth of a share of the no par of the former Grasselli
value common stock of
the du Pont Company for each share of the common stock of
the Grasselli
Chemical Co. requiring a total of 149,392 shares of
du Pont
common stock, and the acquisition by the du Pont Companyno par value
of all of the
properties and business of the Grasselli Chemical Co.,
tion by Du Pont Company of all of theliabilities of the subject to the assumpGrasselliChemical Co.
Diversification.
-Company's continued development of its
operations
and expansion thereof into new and related lines of chemical
manufacture,
has resulted in a broad diversification of activities, the important
effect of
which is that peaks and valleys of production and sales are
nounced and fluctuations in any one line have little effect much less proon the total volume of business.
The policy of producing in one department the principal
materials used
in the manufacturing processes of another has been followed for
and advantage has been taken of many opportunities for the many years
utilization of
the company s organization, experience and equipment for the
production
of other related products.
The products of company now enter into the daily life of the
the raw materials from which finished articles are manufactured; nation as
sic implements for the production of other raw materials, or as as the bathe
articles themselves-for example, Rayon is the raw material for finished
many
rics; explosives are the implements for the mining of metals, coal and fabbuilding materials; Pyralin and Fabrikold go directly to the consumer as
well
as into other industries.
So all along the line the widely diversified products of your company
are
filling new needs and are linked directly or indirectly with the productive
activities of most of the important industries of the country.




721

Capital Structure.
-During the year company issued 811.552.500 additional par value 6% non-voting debenture stock, of which $10.157,500 Par
value was offered to the debenture stockholders for subscription by them
at $115 per share. The proceeds from this sale were employed to reimburse
the treasury of the company for previous capital outlays in connection with
the extension of its plants and business and to provide for expansion in the
Rayon, synthetic ammonia and other industries. The balance of 61.395,000 par value was issued in payment for the minority common stock interest in Du Pont Viscolold Co.,company having acquired all of the preferred
stock at the organization of that company. The total debenture stock now
issued amounts to 892.812.450 of which $1.738,750 is voting and 891.073.700 non-voting. On Dec. 1, 1928. company issued 149,392 additional
shares of its no-par value common stock on account of the consolidation
of the Grasselli Chemical Co. Thus,at the and of the year 2.811.050 shares
of no par value common stock were outstanding.
The stockholders, at a special meeting on Dec. 17 1928 approved an
amendment to the charter which provided for a change in the authorized
common stock of the company from 5.000,000 shares without nominal or
par value, to 15.000,000 shares of the par value of $20 per share and an exchange of the 2.811.050 shares of no par value common stock now
standing for the new common stock of the par value of $20 per share onoutthe
basis of 31.4 shares of new common stock for each share of old common
stock. Thus, when the exchange, which will begin on Jan. 21 1929 shall
have been completed there will be outstanding 9,838,675 shares of the par
value of $20 per share, aggregating $196,773,500.
The amendment further provided for the issue to employees of the
pany from time to time, with payment at such price or prices and on comsuch
terms and conditions as the board of directors may prescribe, of a total not
exceeding 500,000 shares of the balance of said authorized issue of common
stock remaining unissued after the exchange. The purpose of this amendment was to permit of more conveniently continuing the traditional policy
of your company in having its employees acquire an interest in your company.
Investment in General Motors Corp.
-During 1928 company received $37.
929,328 in dividends paid by General Motors Corp. This amount includes
89.981.220 received on Jan. 3 1928 as an extra dividend of $2.50 per share
paid by General Motors Corp. on its common stock from 1927 earnings.
Earnings of General Motors Corp. for the year 1928 had not been made
public at the time of the printing of this report. Therefore, figures showing your co:pany's portion of the undivided profits of General Motors
Corp. for the year 1928 are not available for presentation in this report.
In Dec. 1928, General Motors Corp. increased its authorized common
stock from 30,000,000 shares of $25 par value to 75.000,000 shares of $10
par value, and will issue beginning Jan. 7 1929. 2;i shares of new $10
par value common stock in exchange for each share of $25 par value corn.
stock outstanding.
At Dec.31 1928. your company owned 70% of the capitalstock of General
Motors Securities Co., which in turn held 5.625.000 shares of the then
outstanding common stock of General Motors Corp., representing 32.33%
of the outstanding common stock of that corporation. From the standpoint
of participation in earnings of General Motors Corp.. your company's
above-mentioned 70% interest in General Motors Securities Co. corresponds to 3.937,500 shares of General Motors Corp's common stock, which
together with your company's direct holdings of 54.988 shares constitute
22.94% of the common stock of General Motors Corp. These holdings
were equal to 1.42 shares of General Motors Corp. common stock for each
share of the common stock of your company outstanding at the end of the
year. After the completion of the issue of additional shares ofcommon stock
of your company and of General Motors Corp.. respectively, in accordance
with plans herein described, your company's holdings of General Motors
Corp's common stock will approximate very closely one share of General
Motors Corp.'s common stock for each share of your company's common
stock to be presently outstanding.
CONSOLIDATED INCOME ACCOUNT(INCL.)SUBS.)FOR
CALENDAR YEARS.
1928.
1927
1925.
1926
Income from opera.,incl.
co.'s equity in earns.
of controlled cos
$22,873,188 $15,742.818 $14.803,725 $13,413.194
Inc.from invest. in Gen.
Motors
a37.929.328 28.941.598 23.821,947 9.296.706
Inc. fr. misc. secur.. &c. e5.850.522
2.458.281
4.889.900 d2.668,535
Total income
$66,653,038 $47.142.697d$43,315.572 $25,378.436
Prov.for Federal taxes
2,470,899
1.107.881
519,498
1,258.603
Interest on funded debt_
84.342
86.983
89.395 •
824.980
Net Income
864,097.798 845,947,832 641,969,574 $24,033,957
Surp. of begin. of year- 97.785.243 66,417,568 62.669,541 55.881.491
Surp. resulting from refunds & adjust, of
taxes for prior years
2,C81,294
Burp. resulting from rovaluation of Canadian
Explosives, Ltd. corn.
stock
2.528,944
2.015.258
Surp. resulting from roval. of int. In General
Motors Corp
c19,982,440 26,184.371
36,285,893
Burp.resulting from issue
of addit'l deb. stock_ _ 1.218,900
Total
$183064381 8141078.713 8109335.767 8116201,341
Surp. approp. in connection with issue of
no par stk. for Gras
sell( prop. for addit.
cap. res. for issuance
of new $20 par val.stk. 22,333,834
Misc, adjust. appl. to
prior yrs. & approp.
of surp. for conthig_
2.528,944
Approp. of surp.for pension reserve
4,880,729
Divs,on deben.stock-__ 5,364,560
4.833.864
4,770,410
4,105.331
-649,655,688 35.930,661 633,267,062 11,404,429
Divs,on corn.stock
Approp. of surp.for--40%
corn. stk. div, paid in
com.stk.on Aug.10 '25
38.622,040
Profit & loss surplus-$105,710.319 $97,785.243 $66,417.566 $62,869,541
Shs. corn. stk outstdg.
2,874.107
(no par)
2,661,658
2,661 658 x2.661,858
Amount earned per share
$21.96
$15.45
$1.98
$7.49
(a) Extra dividends received from the investment in General Motors
Corp. as follows, are included above:
1928.
1927.
1928.
1st quarter
$9,981,220 $7,984,976 $6,654.145
3d quarter
7,984,976
5,323,316
3,992.488
(12) The following extra dividends paid on the common stock are included
above:
1928.
1926.
1927.
1st quarter
$9.981,220 $7.984,976 $6.654,145
2d quarter
1,330,829
3d quarter
7,984.976
3.992,488
5,323.318
4th quarter
3.370.071
5,322,994
1,330,829
Total
$22,667,096 $13,308,293 817.300,455
(c) The value of company's investment in General Motors Corp.common
stock was adjusted on the books of the company in March 1927 to $119.774.640, and in March 1928 to 139,737,080. which closely corresponded to
its net asset value as shown by the balance sheet of the General Motors
Corp. at Dec. 31 1926 and Dec. 311927, respectively. On the basis of the
3,992.488 shares of $25 par value now owned, this figure represents a
valuation of $35 per share, compared with the previous valuation of $30
per share.
(d) Includes approximately $2,000.000, representing interest received
from the Government on account of the refund of taxes overpaid for the
years 1915 to 1924. inclusive; also Includes dividends received from investment in Tanagers Securities Co. 79' cumulative convertible preferred
stock,which stock was redeemed for cash in July 1926.
(e) Includes approximately $2,286,000, representing profit received from
sale of 114,000 shares of U.S. Steel Corp common stock. x Par value $100.
-On Nov. 19 1928. an extra dividend of $4.75 per share was do
Note.
dared on du Pont Co.'s common stock payable Jan.5 1929 Of this extra

FINANCIAL CHRONICLE

722

dividend. 31.20 Per share, or $3,370,071. is included in dividends on corn.
stock for the year 1928; the balance or $3.55 per share, amounting to
59.981.220,1s not included in dividends nor does income for the year 1928
include $9,981.220, receivable Jan. 4 1929. in respect of an extra dividend
of$2.50 per share on General Motors Corp common stock.
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
Assets1928.
1927.
Cash
$20,936,498 $17,512,171 517.307,028
Accounts receivable_ --- 25.207,089 14,023,688 19,251.982
605.221
Notes receivable
685,561
4,127,056
Inventories
33.627,338 23,224,516 23,305,505
Marketable securities &
call loans
24,431.134 15,084,050 18,364,817
Investmentsecurities_ _ x196,024,958 175,726,738 145,459,122
Plant and property
133,101,540 80,070,099 78,218,545
Patents, good-will, aro_ _ 25,082,391 24,967,057 24,884,006
187,447
Deferred debit items_ _
146,383
795,199

1925.
515,294.041
13,974.398
434.601
25,032.678
910,930
149,657,540
75.669,966
24,883,987
372,705

Total
5463,333,204 5351440,262 5322583,674 5305730,846
Liabilities
Accounts payable
$13,332,285 56,580,815 $6.715,052 $6,130,724
Notes payable
3,000,000
Accr. interest on bonds
15,655
12,491
11,484
ofsubsid.companies
10,447
1,198,902 1.026.426
1,208.966
Divs, pay. on deb. stock 1.392,168
5,322.994
Divs. pay.on common_ _ 3,370.071
Deferred liabilities and
749,934
1,285,102
1,068,140
credit items
1.180,040
Bonds of sub. cos. in
1,711,500 2,441,500
1,668.500
hands of public
1.624.300
Full-paid subscrip. recta
10,000,000
for non-vot. deb.stk_
Debenture stock issued_ 92,811,283 80,564,398 79,926,883 68.429,763
133.082,900 133,082,900 133.082,900
Common stock issued_ _z196,773,500
Cap. stk. & surp. of sub.
751.140
cos. applic. to min.int.
Res. for depr., pensions,
ins., bad debts, &c_ __ 94,128.789 29,470.316 26,910,284 20.433,262
Surp.appl. to company 105.710.319 97,785,243 66,417,566 62,669,541

[VOL. 128.

Montgomery Ward Section "C" Associates.
Comparative Balance Sheet December 31.
1927.
LiabilitiesAssets1028.
1927.
1928.
Land and bidgs.-$2,752.010 12,775,840 Accrued note int_
$28,875
1st mortgage gold
Unamortized note
1,350,000
disc. 4: expense_
21,743 notes
Currentaccount- -52,662,009 1,318,708
100,000.
Total(each side).12,762.010 12,797,583 ,a Capital Stock__ 100,000
a All owned by Montgomery Ward k Co., Inc.
Montgomery Ward Properties Corporation.
Comparative Balance Sheet December 31.
LiabilitiesAssets1927.
1927.
1928.
1928.
Lands and M89_110,874,699 $7,667,127 Accrued bond Int_
$46,479
1st mtge. 5% gold
Unamortized bond
5,577,500
294,575 bonds
disct. & exp_
587,725
Current account_ _$9.124,699
Total(each side)$10,874,699 $7,961,702 eCap.stk.
(par $100)1,730,000 1,750,000
a All owned by Montgomery Ward & Co., Inc.
Montgomery Ward Warehouse Company.
Comparative Balance Sheet December 31.
Liabilities1927.
Assets1928.
1927.
1928.
Lands and bidgs_ _53,472,928 $3,515,123 Accrued bond Int_
$16,500
1st mortgage gold
Unamortized bond
1,200,000
disct. & eau_
31,858 bonds
Currentitecount_P 2,972,928 1,830,491
Total(each side)_$3,472.928 $3.546,981 a Capital stock- - 500.000
500.000
x All owned by Montgomery Ward & Co., Inc.
-V.128. p. 570.

Sears, Roebuck & Company.
-Year Ended Dec. 31 1928).
(Annual Report

INCOME ACCOUNTS FOR CALENDAR YEARS
Total
$463333204 5351440,262 5322583.674 5305730,846
1925.
1926.
1927.
1928.
to
x As follows: (a) General Motors Corp. common stock, equivalentare
which
3,992,488 shares carried at $35 per share (3,937,500 shares of in General Gross sales
346.973.919 292,927,257 272,64,314 268,312,236
interest
represented by E. I. du Pont de Nemours SL Co.'s 70%
Returns,allow., disc.,&c 27,200,127 29,195.463 24,148,972 23,920,306
Motors Securities Co.), $139,737,080: (b) miscell. securities, $24,395,762:
plus
(c) securities of controlled companies not consolidated herein, at costsince
Net sales
319.773,787 268,731,794 248,550,341 239,421,930
Sales by factories & other
E. I. du Pont de Nemours & Co.'s equity in surplus accumulated
acquisition. $31.892.117.
Income
8.986,527 8,770.593 9.662.409 9,376,422
par value (takeu at $70 per
x Represented by 2,811,050 shares of no
share)
128, p. 255
Total income
328,760,314 277,502,387 258,212,751 293,798,851
Purchases,expenses,&c_289,809,973 242,334,859 220,268,066 213,491,652
1,148,399
1,178,859
Repairs and renewals__ _ 1,417,903 1.031,056
Montgomery Ward & Co., Inc.
2,593,562 2,214,246 1,560,521
Depreciation reserve__ _ 4,003,171
Reserve for taxes
4,412,198 4.187,310 4,461,865 4,477,862
(Annual Report-Year Ended Dec. 31 1928).
Profit sharing. 3tc.,fund 2,209.667 2,333.046
2,181,593 2,194,612

Geo. B. Everitt, Chicago, Jan. 25 wrote in brief:

President
Net income
26,907,902 25,022,653 21,908,121 20,975,304
Net profit for 1928 was $19,571,300, as compared with 515,119,295 for Common dividend
d10,525.911 d10.499.661 a9,449,597(6)6.007.089
1927. Both in dollars and in percentage to net sales. the 1928 profit was
merchandising and a subthe best in the company's history. Improved
Balance, surplus
16,381,991 14,522,892 12,458,524 14.968.215
stantial increase in sales were the principal factors contributing to in- Previous surplus
55.390.082 45,867.190 41,408,667 26,440,462
creased profit.
current liabiliCurrent assets on Dec. 31 1928 totaled $93,197,569 and
Total
71.772,073 60,390,082 53,867.191 41.408,667
ties were $17,193,792, giving a credit ratio of 5.42 to 1. compared with Stock dividends_
_(4%)4,263.900
5.08 to 1 a year ago. This improvement is largely a reflection of the Reserves
3,000,000
new cash received from stockholders in December 1928.
Reduction in good-will
5.000,000 5,000,000 5,000,000
In accordance with plans outlined when the additional shares of common
companies show that Earnn tor
stock were offered, the statements of subsidiary
l
'rofip &soas, sourpncom: 62.508,673 55.390 082 45,867.191
667
lnare
lus
funds have been deposited with the respective trustees for the retirement
655.21
$L96
of all outstanding bonds after the customary legal formalities have been
$
.873:
41,408,.
a$3.37, being 1H% on 51028
6 5.000,000 stock (par $100) and 512° 8
$.
completed. Company now completely owns all of the mall order plants.
As announced in letter Oct. 16 1928 to stockholders, the common stock per share on 4,200,000 shares of no par value. Is On Feb. 1 1926 the
a regular
has been placed on an annual dividend basis of $2.50 by declaringholders of authorized common stock was changed from 1,050,000 shares (par $100)
to 4.200,000 shares of no par value. four new shares being issued in exquarterly dividend of 62%c. per share, payable Feb. 15 1929 to
recsrd Feb. 4. This is equivalent to an annual rate of $7.50 on the pre- change for each $100 par value share. c Includes stock dividends paid
Sept. 1 and Nov. 11928. amounting to $2.110.450 and dividends payable
viously outstanding common shares.
report, was greatly
-h
The offer of stock to employees mentioned n 1927employee ownership Feb. 1 and May 1 1929, amounting to 52,152.950. d 32.50 per a are.
over-subscribed. Believing that an extension of the shares to employees.
plan is desirable, we are planning to offer additional
DEC. 31.
BALANCE SHEET
At the annual meeting to be held Feb. 22, stockholders will be asked to
1927.
stock to lacusold to em1928.
CONSOLIDATED1028.1927.
set aside 200,000 shares of the unissued common time to ri1tl5 determine.
Assets
ployees under such terms as directors may from
J107.110,450 105,000,000
the prospects of company are Real est., bldgs.,
Com. stock__
As a general distributor of merchandise,
76..219..730 56,633,564 Notes payable__ 13,500,000 16,267,033
very favorable. With the opening of the Denver al7lklibany mail order
. .
Plants, we will have 9 major houses strategicaliN: iocaftxl. During 1929 at Good-will, esc.._ 15 000 000 20,000,000 Accts.PaYable- - 10 036 108
operation and there will cap:a Istock oe
m :nerY.k f
l
inciuding re:
Acctired taxes
least 250 additional chain stores will be placedlt
expanother cos.__ 3,513,632 2,822,556
departMent stores.
be some increase in the number of retaildistribution facilities This should
and
serve for Fedour
Inventories
67.269,306 49,644,256
sion program will greatly improve
Apuccrctsh.ar:o
ceivab 14.913.979 11.732.197 eral taxes.. _ _ 5.028.138 5,015,989
result in satisfactory increases of sales and profits.
Preferred
money
ACCOUNT FOR CALENDAR YEARS.
m artge. b
m keta notes __ 12.000.000 12.000,000 notPresen d
st k
COMPARATIVE INCOME
c
25,301
25,301
1925.
tor redemption
1926.
1927
11,440,195 22,621.098
1928.
Cash
6.107,237 5,578.146 Stock diva. pay_ 2,152,950 3,042,047
3,020,616
214,350,446 186,683,340 183,800,865 170,592.642 Insur., int., &a..
Net sales
62,508,674 55,390,082
62.508,674
paid In adv'ce
Surplus
19.571,300 15,119,245 10,156,299 12.908,498
a Net alter deprec
and other de1,350,000 1,550.000
1,991,814
Rcs. for income tax-- 1.86'7465
ferred charges 2.818,158 3,708,635 Tot.(ea.side)209,282,236 184,740,453
8.806,299 11,358,498 sharCost r par ka ue.v. l2er p born y Represented by 4,289,918
a en of
i
,
17F.'/& 13,127.431
.
mary eit,w hichevs, is
Net income
243,033
242,571
no
Pref. dividends
1,427,818 4,997.363
1.427,818
1,427.818
Gus.; A dividends
1,137.983
5,673,212 4,544,317
Corn non dividends
Hudson Motor Car Co., Detroit, Mich.
6,118,102
10.602,805 7.155,296 5,997,924 15,156,330
Balance, surplus
(20th Annual Report-Year Ended Dec 311928.)
35,680,258 28,524,961 x23.774.432
Previ .4113 surplus
46,283,063 35,680.258 29,772,359 21,274,432
Total surplus
200.000
Sinking fund reserve_ .._ _
300,000
Surplus set aside
Y690,192
Income tax claim
557,206
Prem. red. wet. stock
6685,156
Profit & loss de...its
Tots1
45,597.906 35,680,258 28,524.961 20,774,432
Shares Corn, stock out1,141,251
1,141,251
1,141,251
sta.sling (no Par)- 3,410,983
45.36
46.25
$10.25
Ear.d31„s per share
$4.77
costs, operating, selling and general exa -titer deducting merchandise
properties, leasepenses, ,sc., incl. int., general taxes and depreciation on
hold improvements and equipment amounting to $864,251 in 1928 and
and
$767.705 in 1927. b Expenses incident to increase in common stock cos.
premium and other costs in connection with retirement of bonds of sub.
res. for pref. stock sinking fund and special
x Aulusted to include $3,000,000
res. y For years 1917. 1918 and 1919 after applying reserves. z l'ar $10.
COMPARATIVE BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
$
$
Liabilities$
$
Class A stk.x_ - __165,916,595a26.190,285
Real estate, blitso.
16,241,842 Corn. stock-Y- - -1
34,682,997
.33.ds, &C
5,423,834
13,942,738 12,192,773 Accounts payable_11,543,531 2,921,656
Casa
669,710 Due customers_ -- 2,898,712
MarI.etable socur_ .596,147
Accrued expenses,
Empl Ay. invest. St
2.751,549 2,604,962
savings plan. _ _ 1.261,934 1,279,305 taxes, brc
1,906,910 1,830,755
Accts. & notes sae _ 17,005,828 9,550,537 Reservesurplus_ _ _45,597,906 35,680,258
1 472,704 1,594,782 Earned
Investments
59.762,945 31 516,766
Inventory
1,889,910 1,618,014 Total(each side)130,615,204 74,663,749
Prepaid items__
cumul.) on liquidation or dissoa 205.000 shares of no par ($7 Per sharestock represented by 3,410,983
lution receives $100 per share. y Corn, offered to stockholders on Nov.
no par value. Ofthe 2,282.502 shares
shares
and paid for Dec. 28 1928. of the re19 2.269,732 shares were subscribed
shares, the remainmaining 12,770 shares, rights were exercised for 11,294
shares being in process of adjustments. a Represented by 205,ing 1,476 class A shares and 1.191.251 shares common stock.
000 shares




R. B. Jackson, Pres. & Gen. Mgr., says in part:
The statement defines the financial strength of the company-Its outstanding cash position, a gain over laid year of 56,728,679 low inventory
In relation to our output
-gross for the first quarter of 1929 will be over
$70,000,000 ample depreciation of fixed assets nominal accounts payable
for our large trade volume, and freedom from debts other than current.
Since the showing of the Hudson and Essex 1929 models in December,
we have experienced an unprecedented demand for both cars. During the
first quarter of 1929, we will ship over 110,000 cars, and for the first RIX
months our shipping schedule is 240.000 cars. In spite of this large volume,
there is every indication that we will be short of our market demand.
In the United States and Canada more than 5.000 distributors and
dealers sell Hudson and ESSOX cars and it is generally accepted by the
trade that this representation ranks with the best. In many cases, these
organizations have been with us from the start. are
marketed by more than
Throughout the balance of the world our cars
2,000 distributors and dealers. This export trade is handled by direct
shipments to the dealers, and also through our export assembling plant
located in those countries providing large Volume. We have such plants in
England. Germany and llolland. A1130, many of our export distributors
throughout the world have their own assembling facilities patterned aftre
--among these are those located in Australia.
our factory assembly methods
New Zealand, Poland, South America and numerous points in the far east.
Our export trade is increasing at a rapid rate and this year will total
50.000 units. Hudsons's proportion to its 1928 shipments was 13%; the
proportion of all other American manufacturers was 10%. For instance,
during the 1928 season. Hudson and Essex cars exceeded ono-half of all the
American passenger cars imported into Great Britain. the same group of
Since the incorporation of the company 20 years ago,
-the proactive owners have been in control, with one policy uppermost
has
duction and sale of cars of unusual value and appeal. Our program our
exception of
required a great growth of plant facilities, which, with thewhile among the
located in Detroit, and,
foreign assembling plants, are
manufacturing
largest factories in the country,it is to-day the most compactof
floor space.
unit in the industry, containing approximately 67 acres
The main plant produces chassis for both Hudson and Reflex cars and is
carnble of turning out motors, transmissions, clutches and controls for
1,800 cars a day. This plant also houses our assembly linos which have a
capacity 0(2,000 motor cars in nine hours, i.e., a car every 16 seconds.

FINANCIAL CHRONICLE

FEB. 2 19291

CONSOLIDATED INCOME ACCOUNT.
12 Mos. Ended- 13Mos.End. 12Mos.End.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Nov. 30'25.

Period-

Gross profits from sales
ofautos and parts- - - - 28,574.301 28.783.869
539.058
741,687
int. earned & other Inc _ _

16,302,581 32,004,261
800.374
702.985

Total
29.315,988 29.322.927 17,005.566 32.804,635
Selling.adv.,admin.and
7,615,575
6,251,495
general expenses,&c._ 10,186.727 8,991.333
3.252,016
2,192.510
3.890,548 3,678,757
Depreciation
2.982.125
765.100
2.218.580
Provision for Fed'l taxes 1,781,350
5,372,874 21.378 504
13,457,364 14,431.256
30,482,580 23.119,766 26,375,360 10.201.419

Net income
Previoussurplus

43,939,944 37.551.022 31,648,234 31.579,923
Totalsurplus
5.188.772 4,974,562
6.918.443
Cash dividends paid_ _ _ _ 8,178,862
3.331,625
Stock div. during year _
230,000
150,000
150.000
Contingent reserve
108,071
Adj. Fed, taxes prior yes
Profit and loss surplus 35,611.081 30,482.580 23.119.766 26.375.360
$9.04
$16.07
$3.36
$8.12
Earns.per sh.on cap.stk.
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
g
s
1 Liablitttes$
Assets8
. Capital stock__ _y19,958,250 19,958,250
Real estate, plant
and equipment x29,072,337 29,752,630 Accts. payable_ _ _ 6,882,245 5,402,401
Taxes, payrolls, &c
Cash
952.098
954.744
accrued
U.S. securities_ .14,000,000 8,000.000
2,941,696 2,399,637 Reserve for Federal
Sight drafts
taxes payable__ 1,781,350 2,218,580
Accts.receivable 2,065,349 1,164.427
178,029
Inventories
13,167,880 13,989,296 Empl. stk. subscr_ 412,758
40,610 Dividend payable_ 2,044,950 2.044,950
Investments
39.860
442,911
935.320 1,047,238 Reteve for conting. 591.705
Deferred charges
35,611,081 30,482,580
Surplus
68,237.084 61.679.800
68,237,084 61,679,800 Total
Total
x Real estate, plant and equipment, $14.701.198 lea reserves for depreshares, without par value.
ciation. $15,628.860. y Capital stock, 1.596.660
-V. 127, p. 2376.

723

interest thereon, and attorneys' fees, amounting to $7,718, two mortgages
amounting to 316,940, and claims for construction, damages, salaries.
attorneys fees, taxes, and various operating expenses aggregating $23,158.
a total of $47,816. They also paid 347,169 to acquire an equal amount of
receiver's certificates with interest accrued thereon. To purchase 3265,000
of 13., C.& St. A. first-mortgage bonds. $30.500 was paid. The remaining
first mortgage bonds, amounting to $72.000, were acquired without any
cash outlay. it being agreed that there would be issued to the holder of the
bonds, William S. Vare, 240 shares of the applicant's capital stock, which
were to be transferred from the stock to be issued to De Mayo and Andrews.
It therefore appears that $122.907 was paid to acquire claims, receiver's
obligations, mortgages, first mortgage bonds, &c., aggregating $431,985.
The record also shows that 36.388 was expended for organization.
The applicant may properly capitalize its investment in the properties
formerly owned by the B., C. & St. A. Our accounting classification pertaining to investment in road and equipment of steam roads provides that
account 41, "Cost of road purchased," shall include the cash cost of any
road or portion thereof purchased and that where the consideration given
for the property purchased is other than cash, such consideration shall be
valued on a current cash basis. The applicant has issued without our
authority $250,000 of stock in payment for the property, arbitrarily fixing
the value of the property at an amount equal to the par value of the stock
Issued. In view of the fact that those to whom the stock was issued, and
who are to receive the stock now proposed to be issued in lieu thereof.
were the owners of the property transferred to the applicant, and that the
applicant was merely their creature and was not dealing with them at arms'
length in the transaction, the cost of the property to the owners is the
best measure of the cash value of the stock, and therefore of the applicant's investment in the properties acquired. The cost of the properties
to the owners as stated above was $122.908. This amount, plus 36,388 for
organization expenses, makes a total of $129.295 that may be capitalized.
As De Mayo and Andrews must deliver $24,000 of stock in payment for
$72,000 of B.. C. Sr St. A. first mortgage bonds acquired from William S.
Vare, that amount of stock may be issued by the applicant and delivered at
par to Vare in satisfaction of this obligation of De Mayo and Andrews.
There also may be issued $6,000 of stock for cash at not legs than par to
provide working capital. Action will be deferred upon the proposedissue of
315.800 of stock for additions and betterments until the applicant submits
proof that it has complied with the provisions of account 42,"Reconstruction of road purchased," in our classification of investment in road
and equipment and that the expenditures proposed to be charged to that
account have received our approval. Therefore, the amount of capital
stock herein authorized to be issued will be limited to 3159.200.-V. 127.
p.2680.

Central Vermont Ry.-Makes Improvements.-

GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-S. C. Commission Rail Unification Plan.
President Coolidge Endorses I.
Feels position of Commission would be strengthened by more expeditious
decisions. "Wall Street Journal," Jan. 26. p. 4.
Pennsylvania RR. Grants $3,000,000 as Wage Increase to 36.000 Shop
-Wage increases totaling about $3,500.000 a year were granted
Employees.
to shop employees of the Pennsylvania RR. at a conference between executives of the railroad and workmen's representatives Jan. 29. About 36,000
men, distributed throughout the system, are effected by the decision,
which became effective on Feb. 1. 1Z. Y. "Times" Jan. 30. p. 1.
-Wage inPennsylvania RR. Grants Wage Increase to 7,000 More Men.
creaser' amounting to about $450,000 a year were granted to between 7,000
employees of the maintenance of way and structural departments
and 8,000
of the Pennsylvania RR. at a conference Jan. 31 between executives of the
railroad and representatives of the men. N. Y. "Times" Feb. 1, D. 22.
-Officials of the Norfolk & Western
Pay Raise on Norfolk & Western.
Ry. announced Jan. 31 that a 5% wage increase in the mechanical depart,
meat of the road will go into effect Feb. 2. N. Y."Times" Feb. 1. p. 59.
-Class 1 railroads on Jan. 8 had 411.320 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 25.188 cars compared with Dec. 31 1928. at which
me there were 386.132 cars. Surplus coal cars on Jan. 8 totaled 159,147,
t increase of 9,778 ears within approximately a week while surplus box
cars totaled 199,443, an increase of 14,766 cars for the same period. Reports also showed 26,469 surplus stock cars, a decrease of 624 under the
number reported on Dec. 31, while surplus refrigerator cars totaled 12,625,
an increase of 134 for the same period.

--Stock.
Alabama & Western Florida RR.
-S. C. Commission on Jan. 12 authorized the company to issue
The I.
$159,200 capital stock (par $100) 3153,200 of the stock to be issued at pa"
connection with the organization and acquisition of company's railroad,
in
and $6,000 thereof to be sold for cash at not less than par and the proceeds
used solely fee working capital.
The report of the Commission says in part:
The Alabama & Western Florida RR. was organized in Sept. 1926„ to
acquire and operate the line of railroad formerly owned by the Birmingham,
Columbus & St. Andrews RR. This railroad, which extends from Chipiey
to Greenhead. Fla., a distance of 19.25 miles, was sold on Sept. 6 1926.
to Alfred E. De Mayo, one of the three incorporators of the applicant, and
the principal subscriber to its capital stock, who, apparently acting as
agent for G. K. B. Andrews. bid 3o0,000 for the properties. The purchase
price was paid by the surrender to the court of various obligations of and
claims against the 13., C. & St. A.. or its receiver. On Sept. 25 1926, De
Mayo executed an instrument conveying to the applicant in consideration
of the issue of $250,000 of the applicant's capital stet k, and in payment
for his subscription to the stock, the properties acquired by him at the sale.
On Sept. 15 1926, De Mayo had entered into an agreement with Andrews
which entitled him to receive one-half of the capital stock to be issued to
De Mayo,as above stated. In accordance with this agreement the applicant
shortly after its incorporation delivered in payment for the railroad 1,250
shares of its stock to De Mayo. and 1,250 shares to Andrews. This stock
was issued without our authority first having been obtained and is therefore
void.
By our certificate and order of Oct. 22 1928. we authorized the applicant
to operate the line acquired from De Mayo and to operate under trackage
rights 18.75 miles extending from Greenhead to Southport. Fla., which
mileage is owned by the Sale-Davis Co.. a lumber company.
The applicant proposes to issue $5111$.000 of stock for the following purpcsas To replace $250.000 of stock issued without our authority to make
necessary improvements, additions, and betterments, estimated to cost
$15,800 to procure funds to repay advances, to repair and rehabilitate the
Sale-Davis line, and to provide for operating expenses.
As to the $250,000 of stock issued without our authority, the applicant
states that this was done upon advice of counsel and with the understanding
that a formal application under section 20a was unnecessary. As soon as it
learned that authority should have been obtained all the void stock was
surrendered and canceled, except 369 shares that had been sold to various
persons from the holdings of De Mayo. President, and Andrews, Secretary,
of the applicant. De Mayo has obtained from most of the holders of the
369 shares options to redeem their stock, which options will be exercised
upon receipt of the authority herein requested.
No arrangements have been made for the sale of the stock. but it is
stated that any stock that is sold will be disposed of' for cash at the best
price obtainable, but at not less than 90, and all sales will be underwritten
by De Mayo.
It is proposed that a portion of the stock be issued to repay $83.385,
advanced to the applicant by De Mayo and Andrews.
Any stock remaining after the issue of the $250,000 to replace the void
stock, of the 315.800 for additions and betterments, and of the amount
required for the purpose stated in the preceding paragraph, would be
issued to provide for applicant's operating expenses anti to repair a.mi
rehabilitate the Sale-Davis line, the expenditures to be made upon that:
line being estimated at 875.000. The applicant operates the line of the SaleDavis Co. under trackage rights, and the applicant's estate therein is of a
nature that would not permit the capitalization of expenditures made in
respect thereof. Neither would operating expenses afford a proper basis
for the issue of stock.
It appears that the $50,000 paid by De Mayo for the properties of the
to
B. C. & St. A. does not indicate their real costthe him, this cost being resecurities of the B.. C.
presented by the money expended in acquiring
in paying the obligations and claims surrendered in payment
& St. A. and
of the purchase price as above indicated. The record shows that De Mayo
and Andrews paid a total of $45,238 to acquire receiver's notes, with




A statement showing the anticipated expenditures by the company on
capital projects affecting transportation in Vermont during 1929 was
Issued this week by Receivers George A. Gaston and J. W. Redmond.
The grand total of the anticipated expenditures is $1.024,825 of which
-V.127, p. 2225.
31.008,325 is for the roadway and $16,500 for equipment.

Chesapeake & Hocking Ry.-Securities.The I. 8. C. Commission on Jan. 18 modified its order of Nov. 23 1926,
(117 I. C. C. 338) so as to permit the pledge by the Chesapeake A, Ohio
Railway under its proposed refunding and improvement mortgage of
369,300 of common stock of the Chesapeake & Hocking Railway acquired
pursuant to said order.
-V. 125, p. 1703.

Chesapeake & Ohio Ry.-Bonds Offered.-J. P. Morgan
& Co., Kuhn, Loeb & Co., First National Bank, Guaranty
Co., of New York and the National City Co. are offering at
95 and int. to yield over 4.74%, $24,784,00dref.& improv.
mtge. 43i% gold bonds Series A.
Dated Oct. 1 1928; due Oct. 1 1993 int. payable (A. & 0.) in N.Y. City.
To be issued under the refunding and improvement mortgage to be executed
under date of April 1 1928,to Guaranty Trust Co.of New York and Herbert
Fitzpatrick, trustees, and the first supplement thereto to be dated Oct. 1
1928. Red. in whole or in part, upon 60 days' notice, on any interest
date at the following prices and int.: Until and including Oct. 1 1943.
110%; from April 1 1944 to Oct. 1 1958 inclusive, 107M%; from April I
1959 to Oct. 1 1973 inclusive, 105%; from April 1 l974 to Oct. 1 1988
inclusive, 10234%;and thereafter, 100%. Denom.c.$1,000 and r5 31.000,
35,000. $10,000 and multiples of $10.000.
-Issue and sale of these bonds have been authorized by the
Issuance.
I. S. C. Commission.
Data from Letter of W. J. Harahan, Pres. of the Company,
-Company operates 2.729 miles of railroad extending from
Property.
the coal fields of West Virginia and eastern Kentucky eastward to the
Atlantic seaboard at Newport News, Va., and westward to Louisville, Ky.,
Chicago, Ill., and a point near Columbus, Ohio, where connection is made
with the line of The Hocking Valley Railway,over 80% of the capital stock
of which is owned by the company.
Pterpose.-The bonds are being Issued to reimburse the company for
expenditures for additions and betterments to its owned and controlled
lines made prior to Sept. 1 1928, and for advances to the Chesapeake &
Hocking Railway, amounting to 314,807,000 (for which it is receiving
an equal par value of Chesapeake & Hocking stock), for the construction
-mile line, completed in 1927. connecting the Chesaof that company's 63
peake St Ohio and the Hocking Valley. Proceeds of the bonds will be used
for the redemption of a 39.200.000 6% note due March 1 1930, formerly
held by the U. S. Government. and for additions, betterments and improvements to property chargeable to capital account.
-Years Ended Dec. 31.
Earnings
Income
Nct
Gross Oper. App. to
e o al
Revenues. Fired Chgs. FixTdiChys. Income.
3108,033,448 323,779,001 $11.556,958 $12.222,043
1924
123.184,103 31,512.836 11,360,567 20,152.269
1925
133,974,031 39.415,418 10.120.615 29,294,803
126
9,805,839 28,607,315
133,042.174 38,413,154
9,328,470 25,667,226
114 673,583 34,995,696
8
92.
1927
'Eleven months ended Nov. 30 1928.
In the four years and eleven months covered by the above table, income
applicable to fixed charges averaged more than 3.2 times the amount
actually required.
Security -Bonds are to be secured by a direct lien en the entire 1,999
miles of railroad owned in foe, and on the company's interest in 666 miles
operated under leasehold agreements and trackage rights, subject to the
liens, so far as they attach, of $129,692,000 underlying bonds outstanding
in the hands of the public. The bonds are to be further secured by a first
lien on the entire capital stock (except directors' qualifying shares) of the
Chesapeake & Hocking Railway which leases to the Chesapeake & Ohio
the above-mentioned 63 miles of railroad.
Under the terms of the mortgage, the amount of bonds which may be
outstanding thereunder at any one time is limited to an amount which.
together with all then outstanding prior debt, as defined in the mortgage.
after deducting therefrom the amount of bonds reserved to retire prior
debt, shall not exceed three times the par value of the then outstanding
capital stock.
-Company has $118,998.200 par value of capital stock outstandEquity.
ing, which has an indicated market value, based on current quotations, of
approximately $255.000.000.-V. 128. IL 554.

Chicago Kalamazoo & Saginaw Ry.-Unification Plans
-See full
Approved Conditionally by the I.
-S. C. Commission.
-V.123,
text of the decision on preceding pages of this issue.
p. 2514.
Chicago 8c North Western Ry.-Bonds Placed Privately.
-Kuhn, Loeb & Co. have purchased from the company and
placed privately $3,577,000 gen. mtge. 434% gold bonds
due Nov. 1 1987. Proceeds from the sale will be used toward
repayment of $3,577,000 Milwaukee Lake Shore & Western
Ry. ext. & impt. mtge. 5% sinking fund gold bonds due
Feb. 1 1929.-V. 128, p. 244.

724

FINANCIAL CHRONICLE

Cincinnati Northern RR.—Unification Plans Apiiroved
Conditionally by the 1.-S. C. Commission.—See full text of
decision on preceding pages of this issue.—V. 127, p. 2812.
Cleveland Cincinnati Chicago & St. Louis Ry.—Unification Plans Approved Conditionally by the 1.-S. C. Commission.—See full text of decision on preceding pages of this
issue.—V. 127, p. 2812.
Evansville Indianapolis & Terre Haute Ry.—Unification Plans Approved Conditionally by the I.-S. C. Commission.
—See full text of decision on preceding pages of this issue.—
V. 122, p. 3334; V. 123, p. 2515.
Green Bay & Western RR.—Larger Dividend on Class B
Debentures.—

•

The directors have declared a dividend of 19' on the class "B" debentures
and the regular annual dividends of 5% on the capital stook and class A
debentures, all payable Feb.11 to holders of record Feb. 9. The company
in each of the 4 preceding years paid dividends of M of 1% on the class B
debentures.—V. 126. p. 1190.

Illinois Central RR. Co.—Earnings.—
Calendar Years—

1928.

Railway oper. revenuee_179,605,452
Railway oper. expenses_137,479.786
Net ry. oper. inc., after
deducting oper. exp.,
taxes & equip., & joint
28.917.199
facility rents
13.250,498
Net Income
—V. 127. p. 257.

1927.

1926.

1925.

182.967.560 186,632,490 178,169,625
141,921.643 143,119,861 135,382,526

[vol.. 128.

Terminal RR. Association of St. Louis.—Bonds.—
The I. S. C. Commission on Jan. 24 authorized the company to Issue
$8,000,000 gen-mtge ref. 4% sinking-fund gold bonds, to be sold at not
less than 87 and hit, and the proceeds used to pay at maturity certain outstanding bonds.
Authority was also granted the St. Louis Bridge Co. to issue $5,000,000
of renewal fitst-mortgage 7% bonds, and to deliver them at par to the
Terminal Railroad Association of St. Louis to reimburse that company for
expenditures made in paying a like amount of St. Lents Bridge Co. firstmtge bonds maturing April 1 1929.—V. 128, p, 398.

PUBLIC UTILITIES.
State Inquiry Urged into Utility Board.—Appointment of a Moreland Act
Commissioner to investigate the New York Public Service Commission
with a view to more effective regulation of public utility corporations and
to obtain the benefit of cheap light and power for the citizens of the State
is urged by the City Club in a letter to Governor Roosevelt. N. Y."Times"
Jan. 28, p. 1.

Allied Power & Light Corp.—Forms Industrial Development Department.—
The corporation has formed an industrial development department. This
department will co-operate with and supplement activities of commercial
organizations operating in the various local communities served by companies with which the Allied corporation is identified. Work of this
character has been carried on for several years by various operating companies but the new department not only will serve to consolidate the
activities of such companies but will provide a central clearing house and
will make available to each community, expert engineering and economic
advice and data for directing industrial promotion efforts along constructive
and effective channels.—V. 127, p. 2814.

27,176,952 30,194,550 29,926,943
12,131,871 17.150,398 17,551,742

American Electric Power Corp.—Debentures Offered.—
Bonbright & Co., Inc., and A. C. Allyn & Co., Inc. are
Kankakee & Seneca RR.—Unification Plans Approved offering at 98 and interest to yield over 6.10%, $1,200,000
Conditionally by the I.4. C. Commission.—See full text of the 6% Cony,gold debentures, series A. Dated Sept. 15 1927;
decision on preceding pages of this issue.—V. 123, p. 1111. due Sept. 15 1957. (See original offering and description in
V. 125, p. 1834.)
Kansas, Oklahoma & Gulf Ry.—Bonds.-Data from Letter of R. P. Stevens, President of the Company.

The I. S. C. Commission on Jan. 18 authorized the company to issue
$182,000 of 1st mtge. gold bonds, 59'. series 1978, said bonds to be sold
at the best price obtainable, but at not less than 94 and int. and the proceeds
used to reimburse it for capital expenditures heretofore made, and pending
their sale, to pledge and repledge said bonds as collateral security for shortterm loans.—V. 127, p. 2813.

Michigan Central RR.—Unification Plans Approved Conditionally by the 1.-S. C. Commission.—See full text•of the
decision on preceding pages of this issue.—V. 127, p. 2813.
-New York Central RR.—Unification Plans Approved
Conditionally by the I.-S. C. Commission.—See full text of
the decision on preceding pages.—V. 128, p. 398.
. New York New Haven & Hartford RR Co.—Earnings.—
•

1926.
1927.
1925.
calendar Years—.
1,917
Average miles operated_
2,149
.
2.174
1,935
Operating Revenues—
$
75.002,396 75,002,396 69,234,032 67.667.234
Freight
Passenger
47.270,778 49.436,067 50,401.785 49,735.504
9,504.386
9,729,747 9,439,333
Mail, express, &c
9.701.974
4,44I,773 4,691,355 4.500.422 4,241.128
Incidental
1.190,111
1,199.851
Joint facility
1.177.080
1,183.223

Business and Territory.—Corporation, organized August 1927 in Delaware. owns or controls through subsidiaries a group of properties supplying
a diversified public utility service in more than 281 communities having
an aggregate population estimated to exceed 1,200,000. The communities
served are either important industrial cities or are the centres of prosperous
agricultural regions.
Electric power and light service is supplied in Sioux City, Iowa, and
in 200 other communities in western and north central Iowa, and in 13
communities in eastern North Carolina. Manufactured gas is supplied
at retail in Sioux City and four other communities in Iowa; in 38 communities in Pennsylvania, including York and Pittston; five in New York;
six in North Carolina; in Petersburg and Hopewell, Va., and in a suburban
district tributary to Washington, D. C. Manufactured gas is also supplied at wholesale in Addison and Elmira, N. Y. Natural gas is furnished
at wholesale in and near 011 City. l'a., and at retail in seven nearby communities. Manufactured ice is supplied in Portsmouth, Va., Columbia.
S. C., Winston-Salem, N. C.. and 12 other cities in Virginia, North Caroline and South Carolina. Transportation service is furnished in Sioux
City, Iowa, and in Dayton, Ohio.
-12 Months Ended Nov. 30 1928.
Consolidated Earnings (Corp. and Subs.)
Gross earnings, all sources
$13.916,222
Oper. exp., maintenance and taxes, including Federal taxes
8,850,232
Net earnings
S5,065,990
Annual requirements of subsidiary companies:
2,274,937
Interest charges on funded and unfunded debt
968,408
Dividends on preferred and participating stocks
173,009
Amortization charges, and earns, accruing to minority stocks
•

Total
137,633,053
• Operating Expenses—
19,317,596
Maint. of way & struc
Maint. of equipment__ - 23,870,299
1,148,267
‘Traffic
43,87 ,799
,
Transportation
Miscellaneous operations 2,118,231
3,842,749
General
Tramp. for investment.. Cr.25,300
Total
Net oper.revenue
Tax accruals
Uncollectible revenues

139,824,315 135.065.836 132.266,422
19.050,871 17.790.161 16.992.836
26,694,507 28,708.196 27,629,520
1,086,292
967,733
906,114
47,409,754 46,347,231 46,733,099
2,167,831
2,217,826
2.014,756
3,859,648
3,598,025
3,519.907
Cr.38,916
Cr.40,649
Cr.50,851

94.148,641 100,278,251 99.540.261 97,745,382
43.484.412 39,546,063 35,525.575 34,521,040
6,435,364
5,381.207 4,890,151
7,493.995
19.039
12.850
93.635
19.045

Operating income_
35,896,782 33,091.660 30.131.519 29,611,845
Hire of freight cars_ __ _1Dr2,175,7151Dr3.190,123 Dr2,200,768 Drl ,805,339
1 Dr97,515 Dr143,319
Cr49,845
Rent for equipment___I
Dr4,482,663 Dr4,568.737 Dr4.583.378 Dr4,531.556
Joint facility rents
Net ry. oper. income_ 29.238.404 25.235.284 23.204,053 23,324,795
8,243,112 7,418,252
1e,687,900 10,432,661
Net after charges
12,570,521
8,636,269 8,243,112 7,418,252
*Surplus for year
* After guarantees and preferred dividends.—V. 128, p. 554.

Northern Pacific Ry.—Approves 815,000,000 Budget.—
The directors have approved a budget of approximately $15,000,000 for
1929. This is an Increase of $3,700,000 over 1928. The equipment account provides for the expenditure of $4,700,000 more for new equipment
than in 1928.
The directors authorized the purchase of the following equipment: 500
automobile cars, 500 gondolas. 200 flat cars, and 100 each of stock and
hopper cars.
It was voted also to make a contract covering from 8 to 10 years for removing the so-called burden or covering of coal in the CoLstrip property in
Montana and the recovering of the available coal which is expected to
amount to 30,000,000 cu. iais. The contract for operating this property
expired on Dec. 31 last.—V. 127, p. 2362.

Pennsylvania RR.—Booklet.—
EtThe National City Co. has prepared a

12
-page booklet giving a brief

analysis of this road.—V. 128, p. 554.

Peoria & Eastern Ry.—Unification Plans Approved Conditionally by the I.-S. C. Commission.—See full text of the
decision on preceding pages of this issue.—V. 127, p. 544.
San Diego & Arizona Railway.—Notes.—

$1,649,636
Balance of net earnings
Annual interest requirements on $7,409,900 6% cony. gold
444,594
debentures (including this issue)
The balance of net earnings, as shown above, was thus more than 3.7
times annual interest requirements on the 6% cony. gold debentures to be
presently outstanding with the public, including this issue.
Purpose—Proceeds will reimburse the corporation for acquisitions,
additions and construction expenditures made and to be made. and for
other corporate purposes.
Capitalization Outstanding with the Public (After Present Financing).
6% cony, gold debentures, series A. due 1957 (incl. this issue) a $7,409,900
35,000 shs.
Preferred stock, $6 series a 1928 (no par)
2,151 shs.
Preferred stock, $7 series (no par)
613,700 shs.
Second preferred stock (no par)
200,000 shs.
Common stock (no par)
Second gold debentures of American Electric Power Corp. (subordinated
to this issue) in the principal amount of $5.290,000 are hold by American
Electric Power Co., all of the common stock of which is owned by American
Electric Power Corp.
a Convertible on any int. date upon 20 days' prior notice to the corporation, into $7 pref. stock at the rate of ten shares for each $1,000 debenture. The amount shown is exclusive of $75,000 face value reacquired
and held in the treasury of the corporation.
Ii Convertible into pref. stock,$6 series of 1927,after Sept. 11941, subject
to certain restrictions stated in the certificate of incorporation.
In addition, there were outstanding in the hands of the public the following securities of subsidiary companies: Funded debt with a face
value of $40,444,924, pref. and participating stocks with liquidating prices
totalling $15,620,635, and common stock of a par value of $891,825.—
V. 126, P. 2306.

American Water Works & Electric Co., Inc.—Output.
Power output of the company's electric properties for December was
153,374,890 k.w. hrs. as compared with 143,633,998 k.w.h. for the same
month of 1927, an increase of 7%. Output for the 12 months ended Dec.
31 1928, was 1.763.468,095 k.w.h., against 1,650,916,979 k.w.h. for the
previous year, a gain of 7%
.—V. 128, p. 555.

Beloit (Wis.) Water Gas & Electric Co.—Bonds,

Certain outstanding 25
-year 5% sinking fund gold bonds, aggregating
$24,000, dated March 1 1912, due March 1 1937 have been called for
redemption March 1 at 103 and int. I'ayment will be made at the Fifth
Third Union Trust Co., trustee. Cincinnati,O.
The March 1 coupon should he detached and presented for payment In
The I. S. C. Commission on Jan. 16 authorized the company to issue to the usual manner at Spencer, Trask &
25 Broad St., N. Y. City.
the Southern Pacific Co. and J. D. & A. B. Spreckels Securities Co., V. 122, P. 478.
$3.165,135 of 6% promissory notes: $1,856,635 thereof In renewal of
Berlin City Electric Co. (Berliner Stadtische Eleknotes in like aggregate amount and $1,308,500 in payment of cash advances.—V. 125 p. 3056.
trizitatswerke Aktien-Gesellschaft), Germany.—Notes.
Hallgarten & Co. announce that the outstanding $2.000,000 65i% notes
Seaboard Air Line Ry.—Bonds.—
of the Berlin
company
due Feb. 1 1929 are payable upon surrender at
gs The I. S. C. Commission on Jan. 16 authorized the bonds to to issue (1) their office, 44company N. Y. City.—V. 126. P•
Pine St.,
be pledged
713.
not exceeding $100.000 of refunding mortgage gold
under its first & consol. mortgage, and (2) not exceeding $1,364,000 of
Brazilian Traction Light & Power Co., Ltd.—Rights.
first & consol. mortgage gold bonds. Series A, to be pledged and repledged
The holders of ordinary :hares (including holders of share warrants to
from time to time as collateral security for short-term notes.—V. 127, fl• bearer) of
record Feb. 15 1929 will be offered additional shares of no par
2086.
value, on the basis of one share for each seven shares held, at $40 per share,
Southern Pacific Co.—Widens Motor Coach Operations.— payable in installments (loss adjustment on final installment as mentioned
'If Substitution of modern motor coaches for a number of local branch below) as follows: $10 per share with the subscription on or before April 2
passenger trains in the Monterey-Salinas-Santa Cruz section of California 1929: $10 per share on June 1 1929; $10 per share on Sept. 3 1929; $9.30
was made by the Southern Pacific Motor Transport Co., a subsidiary on per share on Dec. 2 1929.
The additional shares when paid in installments as above, will rank for
Jan. 15, it was announced.
The change was authorized by the California RR. Commission in approv- dividend as from Dec. 1 1929, but an adjustment has been made in the
ing the Southern Pacific Co.'s application to discontinue certain unprofitable amount of the final installment on the subscription price in lieu of Interest
dates of the installments to Dec. 1
trains. A more flexible and convenient service will be given by the motor at 5% per annum from the respective due installments may
be paid in ad1929. As a convenience to subscribers,
lines.
Operation of the new motor coach service in co-ordination with rail service vance with adjustment of Interest on final installment. Interest at 6%
by
in arrears.
will be on regular daily schedules between Del Monte Jct. and Salinas; per annum will be charged on installments National Trust Co., Ltd., ToInstallments must be paid in Canada to
Pacific Grove and Del Monte Jct.; Santa Cruz and Watsonville Junction;
ronto or Montreal; in London. England, to the Canadian Bank of ComSanta Cruz and Davenport.—V. 127. p. 3703.




FEB. 2 1929.]

725

FINANCIAL CHRONICLE

metes, 2 Lombard St., E.C. 3, Lloyds Bank, Ltd., 20 King William St.,
Z.C. 4, or to Bank of Scotland, 30 13ishopegate, E.G. 2.
Regulations have been formulated to facilitate holders of bearer share
warrants exercising their rights of subscription. Copies of these regulations
can be obtained from the leading banking houses in Brussels and Antwerp
in Belgium, or from the London agents of the company, or from the compan.y's head office in Toronto, Canada.
Under the provisions relating to the issue of the preference shares, holders have the option of converting their preference shares Into ordinary shares
on the basis of three preference shares for 10 ordinary shares.
The London agents of the company are Canadian & General Finance
Co., Ltd., 3 London Wall Buildings, B.C. 2.

President Miller Lash, Jan. 25, in a letter to the holders
of the ordinary shares, said:
all the ordinary

provision has been made for the preferred stock, the holders of cumulative
participating stock shall be entitled to receive up to but notin excess of $50
per share and diva. (at the rate of $2 per share per annum). after which the
remainder shall be distributed to the holders of common stock. Cumulative participating stock is callable at the option of the directors in whole or
In part upon at least 30 days' previous notice at $75 per share and diva.
(at rate of $2 per share per annum). The cumulative participating stock
has no voting rights except upon non-PayJent of two years fixed cumulative
dividends, in which case the holders are entitled to vote at all stockholders'
meetings so long as there are any unpaid arrearages of such cumulative
dividends thereon.
-Proceeds of this issue; together with other funds, will be used
Purpose.
for the retirement of indebtedness incurred in the acquisition of properties.
-V. 127, p. 1945.
other corporate purposes.
and for

The board wish to announce that the purchase of nearly
(an old-established
Shares of the City of Santos Improvements Co., Ltd. there is thus added
nglish company), has recently been completed, and
large and growing public utility business to the enterprises controlled by
she Brazilian company.
The City of Santos Improvements Co., Ltd., owns and operates the services of light and power distribution, manufacture and sale of gas, the water
supply, and transportation by tramways and buses In the important City
of Santos, Brazil, all of which services have been extended to and are in
operation in the neighboring seaside town of Sao Vicente. The properties
of the City of Santos Improvements Co. Ltd., have been well operated
and maintained and are in excellent physical condition. Santos, which is
the port of the State of Sao Paulo and its extensive hinterland, is one of the
most important seaports of Brazil, as may be gauged by the fact that the
value of etports from Santos is well over 50% of the total exports of Brazil.
Similarly, of the total value of imports to Brazil close to 40% Is through the
port of Santos. Of the total coffee exported from Brazil nearly 70%
tosses through Santos.
Santos is about 50 miles by rail from the City of Sao Paulo, with which
It is connected by the line of the Sao Paulo By. Co., Ltd., which is the neck
of the whole railroad system of the interior, and the Sorocabana By. Co.
Is rapidly constructing an independent connection to the port.
The population served by the City of Santos company Is about 165,000.
Santos Is not only a great shippnig port, but is developing rapidly as a manufacturing centre, and is only seven miles distant from the Serra Development of our subsidiary, the Sao Paula Tramway, Light & Power Co., Ltd..
with which it is interconnected. The telephone service in Santos has been
owned and operated for many years by our telephone subsidiary, the Brazilian Telephone Co.
The acquisition of the shares of the City of Santos company calls for an
expenditure of approximately 514,000,000, and in addition to this the
rapid expansion of the other enterprises controlled by the Brazilian Traction company calls for considerable capital expenditure in the near future.
Further large power units are shortly to be installed, one of 40,000 h.P.
at the Parahyba plant in the Rio district, which has already been ordered,
and one of probably 60,000 h.p. at the Serra plant in the Sao Paulo district.
-Considerable extensions are also necessary to the light and power distribution systems,including connection to a number of towns where the light and
-power properties have been recently acquired. Also other services of the
company's subsidiaries call for a large amount of additional capital outlay
to meet the growth of business.
In order to meet the capital requirements referred to above and for working capital, &e., the board have decided to offer to the holders of the ordinary shares of the Brazilian Traction company, including the holders of
share warrants to bearer, additional ordinary shares of no par value (forming part of its unissued ordinary share capital) on the basis of one share of
additional stock for each seven shares held, at $40 per share.
At a recent meeting of the board a quarterly dividend of 50c. per share
was declared on the issued ordinary shares, payable Mar. 1 1992 to holders
of record Jan. 31 1929.-V. 128, p. 246.

--Earnings.
Denver Tramway Corp.

[Corporation and Denver & Intermountain RR., with inter-company
transactions eliminated.]
1926.
1928.
1927.
Years Ended Dec. 31$4,310.040 $4.390.016 $4,565.251
Operating revenue
2.940,084 x2,452.131
2.852.496
Operating expenses (incl. deprec'n)
543.029
523.466
506.504
Taxes
Net operating income
Miscellaneous income

$951.040
39.077

$926.472 61.570.091
54.498
41,413

Gross Income
Interest on underlying bonds
Int. on general & refunding bonds
Amortization of disc't on funded debt..

$990,118
187,600
319.682
21.874

6967485 $1.624,589
249.959
207.820
322,100
322,175
Cr.44.200
41,071

$482.165 $1,011,383
$460.961
Balance available for dividends- -V. 127, p. 2525.
x Not including depreciation.

Engineers Public Service Co., Inc.-Subs. Completes
Line.
President Charles W. Kellogg announced on Jan. 28 that the Virginia
Electric & Power Co., a subsidiary, has just completed a transmission line
connection between its system and that of the Virginia Public Service Co.
at Occoquan. Va., 20 miles south of Washington. This bridges the last
gap in electric power interconnection along the eastern seaboard from
-V. 128. p. 556.
Bangor, Me., to Miami. Fla.

-Earnings.
Brooklyn-Manhattan Transit Corp.

-Earnings.
General Gas & Electric Corp.

The earnings for the month of December and the year ended Dec. 31
-V. 127, p. 3705.
1928 are given on a preceding page.
H vans Electric Railway Co.-Earnings.
-1927.
1928-12 MOs.
Period End. Dec.31- 1928-3 Mos.-i927,
$1.350,936 61.410.233 $5,415.175 $6,020,680
Operating revenue
4.494.473 4.814.609
1.169.765
1,116.879
Oper. exp., incl. taxes
Net operating revenue
Non-operating revenue-

$234.057
8,469

6240.468
13,428

5920,702 61.206,071
52,225
39.171

Gross corporate inc
Interest & other charges

$242,526
160.964

$253.896
160,969

5959,873 $1.258,296
643.893
643,951

Sur. (before deducting
depreciation)
-V. 127. p. 2526.

$81,562

$92.927

$315,922

$614,403

-Bonds Called.
Illinois Electric Power Co.
The company has called for redemption at 103M and int. on April 1,
all of its outstanding $3,264,200 1st mtge. sinking fund gold bonds. series
"A" (6% due 1943). Payment will be made at the Bankers Trust 00..
-V. 118, p. 1527.
trustee, 16 Wall St., N. Y. City.

The earnings for the month of December and the six months ending
-Registrar.
Intercontinents Power Co.
Dec. 1928. were given In last week's '..Chronicle," page 549.-V. 127,
The Bank of America, N. A., has been appointed registrar of 15,000
P. 3395.
shares of 1st series $7 cumul. pref. stock. See V. 128. p. 556.

-Sale of Gas Fired Units.
Cities Service Co.

The company reports the sale of 5,954 central gas fired house-heating
units In 1928 by its natural and manufactured gas subsidiaries. The annual
consumption of gas by these units is estimated at 1,000,000,000 cubic
-V.128,P. 556,398.
feet.

-P. W.
Community Telephone Co.-Pref. Stock Offered.
Chapman & Co. are offering 25,000 shares cumulative par•
ticipating stock at $29.50 per Share.
Registrar, Illinois Merchants Trust Co.. Chicago. Transfer agent,
Central Trust Co. of Illinois, Chicago. Listed on Chicago Stock Exchange.
-Organized in Delaware. Through its subsidiaries operates a
Company.
general telephone business in the States of Ohio, Wisconsin, Minnesota,
Illinois and Pennsylvania. The properties serve without competition 14
cities and towns in Ohio, 37 in Wisconsin. 10 in Minnesota, 42 in Illinois
and 10 in Pennsylvania. In addition, telephone service is furnished to
adjacent rural areas. The system includes 96 telephone exchanges providing service to over 36,800 stations. The subsidiaries in each State
are so grouped as to provide an interchange of toll service,and a satisfactory
arrangement with the Bell System and other telephone systems affords
nation-wide service. The subsidiaries own over 2,000 miles of tol' circuit
and over 16% of the companies' gross income is derived from toll service.
The total population of the territory served is estimated to be in excess of
350,000.
-Consolidated earnings of the properties for the 12 months'
Earnings.
period ended Oct. 31 1928, after giving effect to non-recurring charges
amounting to $37.580, are reported as follows:
$977,122
Gross revenue
Oper. exp., maint., deprec. & taxes (incl. est. Federal tax)
635,416
Balance
Prior charges of subsidiary companies

$341,705
152,389

Balance
Annual int. require. on *1.300.0006% cony, gold deb.,series A_

8189.315
78,000

Balance
$111,315
Dividends.
-Directors have signified their intention of declaring dividends. payable quarterly, at the rate of $2 per share per annum on the
cumulative participating stock. It Is anticipated that the first quarterly
dividends will be declared payable April 1 1929.
Authorized.
CapitalizationIssued.
6% convertible gold debentures, series A
$1300,000
0
'
100,00 she.
Cumulative preferred stock
None
b250.000 shs.
Cumulative participating stock (no par)
25,000 abs.
Common stock (no par)
250,000 shs. 250,000 shs.
rNote.-There Is outstanding $2,525,000 of funded debt of subsidiary cos.
a Restricted as to issuance by conservative provisions of the trust agreement. b Includes 34,667 shares which may be Issued only upon exercise
of conversion privilege of the 6% convertible gold debentures. series A.
-Holders of cumulative participating
Cumulative Participating Stock.
stock, subject to the rights of the holders of preferred stock
hich
there is to be none presently outstanding), shall be entitled to(ofw in
receive
each calendar year, but only when and as declared by the board of directors
out of the net profits of the corporation or out of its net assets in excess of
its capital, cumulative dividends up to but not in the aggregate in excess of
$2 per share in any calendar year, before any dividend shall in the same calendar year be declared or paid or set apart for the common stock. After
dividends on the cumulative participating stock in the current calendar year
shall have been fully paid or declared, or a sum sufficient for the payment
thereof set apart, the board of directors may. out of the net profits of the
corporation or out of its net assets in excess of its capital, pay or declare
or set apart for payment dividends in such aggregate amounts as the board
of directors shall determine the same to be distributed one-half amongthe
holders of cumulative participating stock and one-half among the holders
of common stock, until in each calendar year there shall have been declared
or paid or set apart for the holders of cumulative participating stock outstanding on Jan. 1 of such calendar year additional dividends up
$4
per share in any one calendar year, in which event the holders of the cumulative participating stock shall have no right to further dividends in and for
such calendar year, and thereafter in such calendar year dividends may be
declared payable only on the common stock. The participating dividend is
non-cumulative. In event of liquidation or dissolution after the required




Kentucky Utilities Co.-Bonds Offered.-Halsey, Stuart
& Co. Inc., are offering at 99 and int. $8,150,000 1st mtge.
5% gold bonds, series I.
Dated Feb. 1929 due Feb. 1 1969. Red. all or part on 30 days' notice at
following prices and int.: on or before Jan. 31 1934 at 105: thereafter and
on or before Jan. 31 1939, at 103; after Jan. 31 1939 and on or before Jan.;
31 1944 at 102%; after Jan. 31 1944 and on or before Jan. 31 1954 at 102:
after Jan.31 1954 and on or before Jan. 31 1959 at 101X; after Jan. 31 1959
and on or before Jan. 31 1964 at 101: after Jan. 31 1964 and on or before
Jan. 31 1968 at 100 Yi; and after Jan. 31 1968 to maturtiy at 100. Interest
will be payable (F. & A.) in Chicago and New York without deduction for
normal Federal income taxes now or hereafter deductible at the source not
in excess of 2%. Company will agree to reimburse the holders of these
series I bonds, if requested within 60 days' after payment of the tax, for
the Penn. and Conn. 4 mills and Maryland 4;4 mills taxes and for the
District of Columbia personal property taxes, not exceeding 5 mills per
dollar per annum,and for the Maas,income tax on the int. of the bonds not
exceeding 6% of such int. per annum. Denom. $1,000 and $500 V*.
Data from Letter of Pres. L. B. Herrington, Louisville, Ky., Jan. 26.
Company.-Incorp. in Kentucky in 1912. Serves 180 communities with
one or more classes of public utility service: 179 communities are supplied
with electric light and power, 27 with ice, 13 with water, 4 with gas and
1 with street railway service. The combined population of the communities
thus served is estimated to the 262,000. Company will acquire the properties of the Kentucky Hydro Electric Co. which company owns and operates
a 22,500 k.w, hydro electric generating station, situated on the Dix River
near Lexington. Company controls the Old Dominion Power Co., serving
22 communities in southwestern Virginia, with electric power and light and
ice, having a estimated population of 35,000.
Capitalization Outstanding in the Hands of the Public.
$7,740,200
Preferred stock 6% cumulative
5,663.550
Junior preferred stock 7% cumulative
9,734.600
Common stock
*24,686,900
1st mtge. gold bonds (incl. this issue)
a Of the $24,686,900 1st mtge. gold bonds to be outstanding in the hands
of the public $4,236,900 are 6 % series D,due Sept. 11948:$2,000,000 are
$H% series F, due Oct. 11955; 510,300.000 are 5% series G and Series B
1 1961 and $8,150,000 are series I due Feb. 1 1969.
due
-Proceeds will be used for refunding, thereby effecting a subPurpose.
stantial saving in interest charges, for acquisition of property and for other
purposes.
corporate
-Secured by a first mortgage on all of the fixed properties, rights
Security.
and frachises of the company,now owned,and on allsuch property hereafter
acquired against which any bonds may be issued under the mortgage. The
value of the fixed property of the company as determined by independent
examining engineers plus subsequent acquisitions upon completion of the
present financing is largely in excess of the first mortgage bonds to be
presently outstanding.
-The mortgage provisions require that the
Maintenance ez Renewal Fund.
company shall expend annually an amount equal to not less than1231%
gross income from the operation of the physical properties upon
of the
which the first mortgage bonds shall be a first lien, for repairs and replacements, and (or) for additions, extensions, betterments or improvements
and (or) the purchase of additional property or the redemption or cancellation of bonds secured by the mortgage. No additional first mortgage
gold bonds may be issued on account of any expenditures made in compliance with this provision of the mortgage.
Earrtings.-Earnings of the company as it will be constituted upon completion of the present financing for the 12 menthe ended Nov. 30 1928,
were as follows:
$6,607.103
Grass earnings, including other income
3.584.019
Operating expenses, maintenance and taxes
Net earnings before depreciation
*Earnings available from controlled companies

$3.023,083
234,944

$3258027
Total
Annual interest on first mortgage bonds to be presently out1.307.89S
standing required
• Being earnings available to stock ownership of controlled companies
fter interest on $2.650,000 funded debt of Old Dominion Power 00. and
all other prior charges.

726

FINANCIAL CHRONICLE

Management.
-Operations of the company are controlled:by the Middle
West Utilities Co.
-V. 128. p. 556.

Los Angeles Gas & Electric Corp.-Earnings.
-

12 Months Ended Dec. 31Gross earnings
Operating expenses and taxes
Interest charged to operation
Depreciation
Amortization

Balance for dividends and surplus
-V. 128. p. 113.

1928.
1927.
$22,318,592 $21,633,281
12,024,342 11.757,019
2.449468
2.533,664
2,673,545
2,461,506
253,611
227416
$4,917,537 $4453,576

Market Street Railway Co.
-Earnings.
-

12 Months Ended Dec. 311928.
Gross earnings
59,754.461
Net earnings, incl. other income before prov. for
retirements
1,422,001
-V. 128. p. 399

1927.
$9,819,570
1,599.428

Massachusetts Utilities Associates.
-Adds to Assets
in 1928.
This corporation and its 46 constituent companies review the growth of
Industry in the use of power in Massachusetts during 1928 and forecast
further growth for the future in the January issue of the M. U. A. Bulletin,
which has just been published. Comparison of the annual assessors'
reports showing the number of houses in the cities and towns of Massachusetts indicates that many of the communities served by M. U. A. are
among the most rapidly growing in the State. In the outlying sections
farms and estates are being developed, bringing added wealth to the community, and new customers for gas and electricity to the constituent
companies.
During 1928 the M. U. A. added about 56,000.000 to its assets through
the purchase of shares and temporary notes of its constituent companies.
The constituent companies have used their new money to make improvements and extensions where needed, among the principal items being a
4%-mlle extension through the Monument Valley of Great Barrington,
open up an attractive farming and residential territory.
The budget for extensions and improvements during 1929 calls for a net
expenditure of about $1,250,000. This amount is considerably below
the average requirements of past years.
The following Is tha statement of gross revenue and net earnings after
taxes and fixed charges and available for dividends, depreciation and
reserves of the electric, power and gas companies, 80% to 100% of whose
shares have been acquired (directly or through ownership of shares in
holding companies) by Massachusetts Utilities Associates (subject to final
adjustment):
Period End. Nov. 301928-Mos.-1927.
1928.-11 Mos.-1927.
Gross revenue
5944,634
5875.699 59,421,839 58.944.788
Bal, avail for dies..
deprec. & res.
301,962
263.921 x2,756.756 y2.460,156
x Over 36 voluntary reductions in prices are in effect this year that were
sot in effect in Nov. 1927. y Contains rebate of power cost of two constituent companies companies totaling 533,969.-V. 127, p. 3705.

Middle West Utilities Co.
-Notes Called.
-

All of the outstanding 5%% serial gold notes, dated Aug. 1 1928. due
Aug. 1 1929. have been called for redemption Feb. 20 at par and int.
Payment will be made at the office of Halsey, Stuart & Co., Inc.. 201 So.
La Salle St., Chicago. 111.-V. 127. P.3397.

Montana-Dakota Power Co.
-Bonds Offered.
-The Minnesota Co., Illinois Merchants Trust Co. and First Wisconsin Co. are offering $5,500,000 1st mtge. 534% gold
bonds, series of 1929. at 99 and int.
Dated Jan. 2 1929; due Jan. 11934. Int. payable.). & J. without deduction for normal Federal income tax not in excess of 2% at office of Minnaiota Loan & Trust Co., Minneapolis. or at office of Illinois Merchants Trust
Co., Chicago. Red. as a whole or in part on any int, date upon 30 days'
notice at par and Int, and a premium of SS of 1% for each year or fraction
thereof between the redemption date and the fixed maturity, except that
redemption may be made subsequent to Jan. 1 1933 without premium.
'Senora. $1,000 and $500 c•. Minnesota Loan & Trust Co., Minneapolis,
and Charles V. Smith. Minneapolis. trustee and co-trustee, respectively.
Data from Letter of President C. C. Yawkey, Jan. 24.
Business and Property.
-Company owns and operates without competition
electric light and power and natural gas utility properties embracing a large
and well developed territory in eastern Montana and western North Dakota,
having a population estimated in excess of 60,000. The electric properties
of the company. including generating planes transmission lines and distributing systems, are in excellent operating condition, having been largely
constructed new or rebuilt to advanced and efficient standards within the
past three years. Power for the electric system is generated at four modern
steam plants having an aggregate installed capacity of 16.500 h.p., and is
distributed through an inter-connected system of more than 800 miles of
high-tension transmission lines. Electric light and power Is supplied to
13,527 customers in 83 towns, including Miles City, Glendive, Sidney.
Fairview. Terry, Scobey and Wolf Point, Mont., and Williston, Crosby,
Stanley and Kenmare, in No flak.
Company purchases natural gas under a favorable contract from the Gas
Development Co., an associated company, owning extensive acreage of
proven gas reserves in the Baker-Glendive field in Montana, and operating
producing wells having an open flow capacity largely in excess of its requirements. Based upon the potential market the owned or controlled reserves
of the Gas Development Co., together with additional proven reserves
available to the company, have an estimated life of more than 40 years.
Company recently completed construction of approximately 162 miles of
pipe linesextending from these wells to Mims City, Glendive and Terry,
Mont., and Marmarth, No. flak., where natural gas is distributed by the
company at retail and is utilized as fuel in two of its principal steam generating plants. Through a subsidiary, the company operates under lease properties supplying artificial gas In Bismarck, Valley City and Mandan.
No. Dale.
During the past year the company acquired through purchase of common stock a substantial interest in the Black Hills Utilities Co. This company owns and operates natural gas pipe lines and distributing systems supplying the principal towns of the Black Hills district in South Dakota.
Security.-Dire,et first mortgage on
assets owned by the company,
subject to a $40,000 lucumbrance on all fixed portion of the property amora small
tizable only upon an annual basis. The sound value of the mortgaged property as determined by Day & Zimmerman, Inc., as of Sept. 30 1028,
amounted to $7,778.000.
Earnings.-Earnlngs of the company, including those of properties reneatly acquired, and of properties operated under lease. for the 12 months
ended Dec. 31 1928. available for interest and depreciation, were as follows:
Gross earnings
7770:732345
$1.40
Oper. exps., =int. & taxes (incl. rental leased property)
Net earnings (67) % derived from sale of elec. light & power) 5637,499
Annual interest requirements this issue of bonds302.500
Capitalization1929__aized. Outstanding.
Author
First mortgage
% gold bonds,series of
$5,500,000
Preferred stock '7% cumulative ($100 par)
,000.000
Si 400,000
Preferred stock 6% Cum.($100 par)
b542,300
1.500,000
Common stock (no par)
44
400.0000o additionalc3l4,1 l()
b $ 0 sh.s.
a Limited by restrictions of the mortgage.
shssubscribed but not issued. c .890 additional shares subscribed but not issued.
Purpose.
-The proceeds from these bonds will be used in part to refund
$3.300.000 1st tinge. bonds maturing Apr. 1 1929. and $481,000 of under
lying bonds: and in part to reimburse the company for permanent additions
and improvements to the electric and gas properties heretofore made or
under construction, and for other corporate purposes.
-V. 126, p. 413.

New York Edison Co.
-Electric Service Increased.
-

To meet increasing demands for electric service in Manhattan, the
Bronx, Brooklyn, Queens and Yonkers, which are served by this and
associated companies, more than 2.600 miles of single conductor electric
cable Was added to the system of these companies in 1928.President Matthew
S. Sloan announced. These companies now have in service more than
20.000 saes of single conductor cable, of which Manhattan and the Bronx
have 1:3:600 miles. Brooklyn nearly 4.500 miles and Queens nearly 2.700




[VoL. 128.

miles. The Increase in the cable system in Brooklyn
to more than 1,000 miles, which was equal to thefor the year amounted
combined Increase in
Manhattan and the Bronx.
An increase of 12% In the sale of electric energy
also announced by President Matthew S. Sloan. in 1928 over 1927 was
The 1928 sales totalled
3,314,314,894 k.w. hours. In 1927 they were 2,950,995.281
k.w. hours.
As indicative of the growth of the various sections
served
panies, Mr.Sloan said that the greatest percentage increase by these comIn sales occurred
In the Borough of Queens, which showed a
gain of 22% for the year.
Yonker's increase was 18%; Brooklyn. 11%. and in
Manhattan and the
Bronx the increase was 11.6%.
Sales for two years were OA follows:
hilowatt Hour hales1928.
1927.
Manhattan and Bronx
2,128,472,344
1,906,765.458
Brooklyn
832,733.367
754,635,691
Queens
305,789.035
249479,683
Yonkers
47,320.151
40,014,449
-V. 128. p. 400.

New York State Railways.
-Annual Report.

Calendar Years
1928.
1927.
1926.
1925.
Railway oper. rev
59,658,535 $9,879.150 $10,351,484 510,027.907
Railway oper. exp (incl.
depreciation)
7,445,012
7,558,067
7.588,756
7,199,140
Net rev. ry. oper
52,213,523 82,321,083 52.762,729 52,828,767
Net rev. auxil. oper406
1,247
Net oper. revenue_ _ _ _ $2,213,523 $2,321.083
52.763,224 $2,830,014
Taxes
583,732
596,566
859,422
695,146
Operating income_ _ _ _ 51.629.791 $1,724,517
52,103,802 $2,134,868
Non-operating income.._
31,665
122,955 yDr.38.194
132,942'
Gross income
$1,661,456 $1,847,472 52.065,608 $2,267,810
Deduction
1,501,900
1,508481
1.536,601
1,507,672
Sinking fund
28,187
30,526
31.603
:32,664
Preferred diva. (5%)....
193,125
Surplus
5131.369
5308.565
$497,403
$534,350
Shares of common outstanding (par $100)
192.524
192.524
199,524
199.524
Earn. per sh. on common
Nil
$1.52
$2.68
y Adjustment of excess of specified return$0.60
under service at cost contract.
City of Rochester.
-V. 127, p. 2228.
New York Telephone Co.
-Expansion of Physical'
Facilities in 1928.
-

The economic progress of an area embracing
a tenth
population Is illustrated by a summary issued Jan. 31 of the country's
by
McCulloh, dealing with the expansion of physical facilities President J. S.
In 1928 to nerve
the increasing telephone requirements in the State
adjacent section of southwestern Connecticut. In of New York and the
this territory are now
nearly 2.500.000 telephones operated by this company,
the total including
158,370 telephones added during the year.
For plant construction and improvement-mainly
advance provision for
the growing public needs-the company spend
during
mately $73,500,000, nearly $50,000,000 of which was the year approxiexpended in New
York City. This is several millions of dollars
higher
expenditures for these purposes In the past five veers, than the average of
000 for the territory as a whole and 5239,500.000 aggregating $350,600.in Greater New York.
As recently announced by Mr.
for 1929. estimated at more than McCulloh, the plant construction program
$90.000,000, is the largest in the company's
history.
The general growth of the various areas served by
in the sums devoted to plant construction in each,the company is reflected
as follows: $28,000,000
In Manhattan;$5.800,000 in the Bronx;
510.100.000
in Queens, and $700.000 in Staten Island, a total in Brooklyn $5.000,000
of 549,600,000 for the five
boroughs. In Westchester and Rockland counties
and a part of Conner
ticut, the expenditures aggregated
counties, Long Island. $4,400.000. 37.700.000. and in Nassau and Suffolk
The total for up-State New York was
$11.800,000.
Approximately 1111,000.000 was spent in New York City alone-$
4,220.000 of this in Manhattan-on plant construction
outside of central offices
and their equipment. For similar purposes
adjacent suburban areas, where an extensive $6,560.000 was spent in the
program of enlargement and
improvement is in progress.
Building operations resulted in the completion
of 10 now structures.
progress on nine more, and additions to eight
largement of three others under way. Seven existing Ma/dings, with enof the new buildings are in
the Bronx-Westchester area. The increase
building expansion Is nearly 640.000 square in floor space represented by
feet, bringing the total space
occupied to nearly 8,500,000 square feet,
owned by the company. These housing in 496 buildings, 188 of which are
requirements make the company
one of the leading owners and
of improved property in the
and its taxable property as a lesseesplaces it among the largest country.
taxpayers
In the city and State of New whole
York.
Twelve central offices with
equipment were added In
1928. five of these ebing in Newtheir associated
York City.
in service in the company territory at the end There were 445 central offices
of the
146 of these serving Greater New York, 94 the sections suburban to year;city, and
this
State. New switchboards were installed In eight central offIcee 205 upof New
York City, and seven in the metropolitan suburbs of this State.
were made to the switchboard equipment at 55 other offices, 34 Additions
of them being in this city.
The wire mileage of the company's system was increased in 1928
884,000 miles. making a total of 1.738.264 miles now in use Inby nearly
its territory. This composes approximately one-sixth of all telephone
wire mileage
in the entire country. In New York City alone, which is
how served by
8,367,000 miles of wire, 531,500 miles were added in 1928.
Of the nearly 2,500,000 telephones in the
of 1928, more than 1.700.000 are in Greatercompany's territory at the close
New York, the net gain for the
year being 104.791.
The daily average in 1928 of calls originating at
York City was 7,217,300, compared with 7,082,300 In telephones In New
than two-thirds of the average for the entire State. 1027. This is more
totaling
compared with 10.552,500 in 1927. The State-wide service 10,890,000 as
seventh of the country-wide average of 76.000,000 completed handled onecalls per day.
Two thousand workers were added to the employed forces
of the company in 1928, bringing the total company personnel
by the end of the year. This is close to 15% of the to more than 58,000
telephone personnel of
the entire Bell System. Nearly 42.500 are employed in
New York City,
of whom nearly 23,000 are engaged in Manhattan.
-V. 128 p. 557

North American Gas & Electric Co.
-Stock Sold.
A. C. Allyn & Co., Inc., have sold at $24.50 per share
65,000 shares class A stock, $1.60 dividend series (no
par
value, convertible).
Dividends payable Q.
-F., cumulative from Feb. 11929. Preferred
over
the common stock as to dividends to the extent of$1.60 per share
per annum,
and as to assets (in dissolution or liquidation) up to $30 per
Red. all or part at any time on 30 days' notice by mail orshare and dive.
publication at
$30 Per share and dive. Dividends exempt from normal Federal
ine,ome
tax not to exceed 2%. Transfer agents, Seaboard National
Bank of New
York and First Trust dr Savings Bank, Chicago.
Registrars, Equitable
Trust Co., New York, and Northern Trust Co., Chicago,
Conversion Privilege.
-Each share of class A stock, $1.60
is convertible at the option of the holder Into one share ofdividend series,
common stock
to and including Jan. 1 1934, or the redemption date should
this stock be
redeemed prior thereto, but not thereafter.
Listed.
-Stock listed on the Chicago Stock Exchange.
Data from Letter of Phillips B. Shaw, President of the
Company.
Business and Terrhory.-Company. organized Dec. 1928
in Delaware,
will own or control through subsidiaries a group of
properties supplying a
diversified public utility service in the State of Washington
and In the
Province of Saskatchewan, Canada. The total population
served is estimated to exceed 260,000 and the aggregate number of gas,
electric and water
customers is in excess of 28,000. The subsidiary companies
furnish electric light and power in Longview. Wash., and adjacent
territory, and to a
number of communities located in the southern part of the
Province of
Saskatchewan. Manufactured gas is supplied at retail in Tacoma,
Everett
Olympia, Aberdeen and 7 other communities in the State of
Washington.
Water is supplied at retail in Longview.

rm. 2 19291

FINANCIAL CHRONICLE

Assets.
-As shown by the consolidated balance sheet as of Oct. 31 1928.
giving effect to present financing, net tangible assets, after deducting all
liabilities and prior obligations, were more than twice the liquidation value
of all class A stock to be presently outstanding. Class A stock will be followed by 300,000 shares of common stock.
Earnings.
-For the 12 months ended Oct. 31 1928 the consolidated earnings, after giving effect to present financing, have been as follows:
Gross earnings, all sources
$1.634,754
Operating expenses, maintenance and local taxes
1,018,472
Net earnings
Balance of net earnings, before depreciation and Federal and
Dominion taxes, after deducting annual interest charges and
dividends on preferred stock of subsidiaries*
Annual interest requirements on gold debentures

$616.282
365,662
120,000

Balance
$245,662
Ann,div.require,on class A stock,$1.60 div.series (this issue)__
104,000
• Estimated non-recurring charges and expenses amounting to $24,261
have been eliminated and no deduction has been made for minority interest
in the Dominion Electric Power Co.,to which no net profits after all charges
accrued during the period.
The balance of net earnings, as shown above, was thus more than $3.77
per share on all class A stock to be presently outstanding.
CapitalizationAuthorized. Outstanding.
Gold debentures.6% series due 1944$2,000.000
Cumulative preferred stock (no par value)
None
100,40 shs.
Class A stock (all series) (no par value)
300,000 shs. 65,000 shs.
Common stock (no par value)
600.000 shs. 300.000 shs.
a Amount issuable is subject to the limitations of the trust agreement.
As of Oct. 31 1928 (giving effect to this financing) there were outstanding
in the hands of the public the following securities of subsidiary companies:
2,000 shares ofcommon stock (no par value).$900,000 par value of preferred
stock and $3,382,500 principal amount of funded debt.
Property -Company's electric power requirements at Longview are purchased under a long-term contract at an exceedingly favorable rate, the
generating company having contracted to furnish additional power as needed
to an amount far In excess of the present demand. Company owns a well
maintained distribution system and street lighting system. The distribution system has been designed to serve an ultimate population three times
as large as that served at the present time, thus providing for greatly
increased facilities with small capital expenditure. The Canadian properties are all electric and the power plants will have a total installed capacity
of more than 3,200 k.w. New generating equipment is now being installed.
Company has practically completed the construction of a 33,000
-volt transmission line 135 miles long between the towns of Sahunavon and Assiniboia.
Saskatchewan. Power will be supplied from both ends of the line, which
will serve 15 intermediate towns.
The gas properties comprise manufacturing plants located at Tacoma,
Everett, Aberdeen and Chehalis, with distribution systems in those cities
and in Hoquiam, Centralia, Olympia and other communities in Washington. The aggregate daily capacity of the manufacturing plants is 6,610,000
,
cu. ft. with storage capacity of 2,454,000 cu. ft. Transmission and distribution systems aggregate 445 miles of mains serving more than 17,000
customers. The property of the water department comprises a water pumping and distribution system in Longview, Wash., and adjacent territory.

Pacific Gas & Electric Co.
-Rights.---The company is offering to common stockholders of record Feb. 8 1929,
the right to purchase an additional issue of common stock at par ($25 per
share) in the ratio of one new share for each 10 shares held. Rights will
expire on Mar. 20. Subscriptions are payable at the company's office,
245 Market St., San Francisco, or at the Bankers Truitt Co., 16 Wall St.,
N. Y. City.
The company has arranged that payment for the stock may be made
either in full at the time of subscription or in four installments, the final
date of payment for the last installment being June 20 1929. Certificates,
fully paid, will be issued as of April 1. or in the case of new stock paid for
on the installment plan, as of July 1 1929.
This represents the fourth consecutive annual offering of common stock
by the company at the par value.
The California Railroad Commission has authorized the company to
issue $7,111,250 of its common stock to stockholders.
-V. 128, p. 400.

-Stock Listed.
Pacific Public Service Co.
The San Francisco Stock Exchange recently aathorized the listing of
236,000 shares of class A common stock.
-V.128, p. 248.

727

$683,365, of which $435,867 are secured by mortgages on prtions of the
properties. Company will covenant not to mortgage or pledge any of its
properties (except in the case of purchase money mortgages and for temporary loans in the usual course of business) without securing these debentures ratably with any indebtedness so secured.
Company will convenant in the indenture: (a) that no additional funded
debt of the company shall be issued unless consolidated net earnings of the
company and its controlled subsidiaries all to be defined in the indenture,
have been at least three times the annual interest on the combined funded
debt of the company and said subsidiaries including funded debt then to be
issued, all to be similarly defined, and (b) that the total indebtedness (to be
defined in the indenture) of the company at any one time outstanding shall
not exceed the amount of its oustanding paid-in capital stock.
-Proceeds of this issue will be used for new construction and
Purpose.
enlargement of the company's plant and for other corporate purposes.
-Upon completion of the present financing the capitalizaCapitalization.
tion of Prussian Electric Co. will be as follows:
Capital stock
319.047.619
Internal indebtedness
a683,365
65,839,500
6% sinking fund sterling debentures (£1,200,000)
6% sinioing fund gold debentures (this issue)
two
a Includes $336.316 as the estimated liability in connection With .
loans contracted during the period of inflation and payable on the basis
of the current equivalent value of 19,406 metric tons of coal and 171.410
metric tons of lignite, respecitvely. b Issued under an indenture substantially similar to that under which the present issue is to be made.
-Company guarantees, jointly with Vies, the annual interest and
Note.
sinking fund payments on $4,023.968 1st mtge. sinking fund gold bonds.
6% series, due 1953, of East Prussian Power Co.
Northwest German Power Co. has outstanding internal indebtedness
consisting of unsecured 4S4% and 5% debentures equivalent to a total of
$4.033,986 and capital stock not owned by Prussian EleCtrie CO. equivalent
to $514,833.
-Company, by reason of ownership of all its
Relation to Dawes Plan.
capital stock by the State of Prussia, is not required to issue any of the
so-called industrial debentures under the Dawes plan. It is required.
however, under German laws enacted to carry the Dawes plan into effect
to make certain payments, which for the current year are estirn.sted at less
than $200,000. Northwest German Power Co. has outstanding $382,262
principal amount of industrial debentures and is required under German
laws enacted to carry the Dawes plan into effect, to make certain payments
which for the current year are estimated at less than $7,200.
-Listed on the Boston Stock Exchange.
Listed.
-Indenture will provide for an annual cumulative sinking
Sinking Fund.
fund beginning in 1931. sufficient to retire all these debentures at or before
maturity. The sinking fund is to be applied to the purchase of such debentures at or below par or if not so purchaseable to redemption by lot at par.
In lieu of cash payments,the compasy may tender debentures at par.
[All conversions from German to United States currency have been made
at 4.20 Reichsmarks or goldmarks to the dollar, and from British to United
States currency at 34.86% to the pound sterling.)

-1929 Construction.
Public Service Corp. of New Jersey.

Budgets for 1929 of the subsidiary operating companies of the above
corporation, representing a total of more than $34,000,000. have been
approved by the board of directors. This amount provides for new construction. extensions and betterments in furnishing gas, electric and transportation services in the Public Service territory in New Jersey. Budgets
for 1928 approximated $37,000,000,some of which, not expended last year.
will be available this year, in addition to the 1929 appropriation.
• Of this sum more than $22,000.000 will be used by the electric department of the Albite Service Electric & Gas Co. for interconnection, transmission and distribution purposes; for sub-stations and extension of lines,
additional connections, transformers and meters for new customers and
improvement of service in general.
The gas department will spend more than $4.000,000 in the manufacturing and distribution branches of the business,covering plant improvements.
extension of mains and various other items necessary in improvement of
service to consumers.
Over $7,500,000 has been apportioned to Public Service Coordinated
Transport for new equipment, track renewals, buildings and general items
having to do with the improvement of the operations of electric street cars
and buses. The major portion of the transportation appropriation will be
-V. 128, p. 558.
used during the year for the purchase of buses.

-Earnings,&c.
Public Utilities Securities Corp.

Referring to the offering of 40,000 shares $6.50 cumulative participating
preferred stock (V. 127, p. 3091), the bankers' circular stated that the
corporation's annual net income, based on regular dividends paid in cash
The company has applied to the California RR. Commission for percomputing the
at
mission to acquire the Coast Telephone Co.. operating in San Luis Obispo and stock on the stocks owned, was estimated on $687,000. paid and after
the date
value of stock dividends at the market price
County, Calif., for $27.500.-V. 127, p. 3706.
for estimated expenses. The market value as of Nov. 15 1928.
deductions
of the securities owned was approximately $8,500,000.
Peoples Light & Power Corp.
-Sales of Appliances.
In the belief that it would be of interest Pynchon & Co., have estimated
During 1928. operating subsidiaries of this corporation sold 12.716
1928 on these stocks, on the same
appliances for the use of electricity and gas, such as stoves, water heaters. the value of the dividends paid during
basis as above, but including extra dividends paid in cash and stock for the
refrigerators, fans, irons, toasters, washing machines, &c. Of this total
on Dec. 31 1928. This revised figure shows a net income
7,015 were electric and 5,701 gas appliances. Gross revenues from these quarter ended
which is equivalent to more than five times
merchandise sales totaled $722,126 last year, as against $225,000 in1927, of approximately $1,400,000.of $260,000 on this issue of 40.000 shares of
the annual dividend charges
an increase of $497,126. or 221%•
participating preferred stock. The market value at
Increased consumption of electricity and gas as a result of thesale of $6.50 cumulative
approximately $11.these appliances, it is estimated will add approximately $120,000 annually Jan. 22 1929 of the securities owned has increased to
against an
000.000, equal to $277 per share of outstanding preferred stock circular.
to the gross revenues of the Peoples system.
-V.127, p.3245.
indicated equity of $213 per share mentioned in the original
V. 127, p. 3091.
Prussian Electric Co. (Preussische Elektrizitats-

Pacific Telephone & Telegraph Co.
-Acquisition-

-Bonds Offered.
Aktiengesellschaft), Germany.
-Harris,
Forbes & Co.; Brown Brothers & Co.; the Equitable Trust
Co. of New York; New York Trust Co.; Mendelssohn & Co.,
Amsterdam; International Acceptance Bank, Inc., and J.
Henry Schroder Banking Corp., are offering at 91 and int.,
yielding 6.75%,$4,000,0006% sinking fund gold debentures.
Dated Feb. 11929; due Feb. 11954. Interest payable F. & A. Principal
and int. payable at Herres Forbes & Co., New York in Uniten States gold
coin. Non-callable prior to Aug. 1 1934, except for sinking fisreispurposes
Callable for sinking fund on Feb. 1 1932 or any succeeding reb.'1, and at
the option of the company on Aug. 1 1934 or on any int. date thereafter on
30 days' notice at 100 and int. Denom. $1,000. New York Trust Co.,
trustee.
Data from Letter signed by Officials of the Company,
Company.
-Company is not only one of the most important power producers, but also one of the most Important public utility holding companies
in Germany. Through its own transmission system and the interconnected
systems of its subsidiaries, it supplies electricity at wholesale in a territory
embracing over 9% of the total area of Germany, extending from the North
Sea southward to the River Main, and having a population estimated to
exceed 4,700,000. Among the communities in this territory to which Power
is impelled at wholesale are Frankfurt on the Main, Hanover, Kassel,
Lubeck, Wilhelmshaven-Rustringen, Harburg, Hildeshelm, Gottingen and
Emden.
The entire capital stock of Prussian Electric Co. Is owned by the State of
Prussia.
Investments.
-Company's investments incinde, in addition to 74.857%
of the capital stock of Northwest German Power Co. and a majority of the
capital stock of Hanover Power & Railway Co.,important minority holdings
In East Prussian Power Co., Brunswick Coal Mines, Rhine-Westphalia
Electric Power Corp. and Weedphalia United Electric Power Corp.
Valuation.
-The present value of the physical properties of Prussian
Electric Co. as estimated by an independent engineer, after liberal deduction for depreciation, together with the value of its Investment holdings
amounts to more than three times its total funded debt,including this issue.
Earnings-The consolidated net earnings of Prussian Electric Co. and
Northwest German Power Co. for the 12 months ended Mar. 31 1928 were
. over three times combined annual interest charges on funded debt of these
companies, including this issue.
While final figures are not yet available the preliminary reports indicate
that net earnings for the calendar year 1928, calculated in the same "tanner,
will be substantially higher than net earnings for the 12 months ended
Mar. 31 1928.
Debentures.-Theie debentures will be the direct obligations of Prussian
Electric Co. and, together with the substantially similar £1,200.000 sterling
Issue offered in Nov. 1923 in London and Amsterdam, will constitute its
only funded indebtedness except for internal obligations equivalent to




Radio Corp. of America(& Subs..)-Preliminary Earns.

1925.
1927.
1926.
1928.
Years End. Dec. 31Grass inc. from sales &
$100,530.720 365,418,626 $61.157,286 $56.417,357
other Income
Gen. oper. & adndnis.
81,547,326 56,940,300 56.495.889 53,506,955
expenses, &c

18,983 394 $8.478,320 $4,661.397 S2,910.402
.
Surplus$
General James C'. Harbord, President, made the following statement
Jan. 28:
"The preliminary statement of operations for 1928 is being issued at
this early date because of the general interest shown by the public in the
business of the Radio Corp. of America. It is believed that the final
figures will be approximately the same as those shown on this preliminary
statement. It is the custom of the board of directors of the corporation
to make extraosMinary write-offs out of surplus, but this matter has not
as yet been passed upon by the board. Write-offs will be shown fully
when the final balance sheet is published in the annual report, which it is
expected will be ready for issuance about March 1 1929."-V. 128. Is 401.

StandardGas & Electric Co.
-Improved Operating
Efficiencies.
Improvement in efficiency of operation was responsible for the results
shown by subsidiary and affiliated companies of Standard Gas & Electric
Co. during the year 1928, despite numerous rate reductions, according to
Halford Erickson, Vice-President in Charge of Operation of Byllesby
Engineering & Management Corp.
Mr. Erickson says "The Standard company and its subsidiary and
affiliated companies have reason to look back on 1928 with considerable
satisfaction. Gross revenues measured in per cent have increased moderately, as was expected, but net earnings have shown an even more satisfactory increase over the previous year. One of the principal contributory
causes for the somewhat lower than usual ratio of increase in gross revenues
has been a rather extensive program of rate reductions placed in effect
on several properties during the year."
"The subsidiary and affiliated companies have made but few major
acquisitions of new territory during the past year, but the year may be
cons dered as a period of consolidating the organization, and of unifying
and perfecting operating preactices."
Subsidiary and affiliated public utility companies of Standard Gas &
Electric Co. report that the total number of customers of all classes served
as of Nov. 30 1928 was 1,525,489. This figure includes an increase of
5.61% over the previous corresponding period in the number of electric
customers and a 3.14% gain in as customers, while miscellaneous customers
increased 5.81%. For the period ended that date, electrical energy output
totaled 4,094.226,753 k.w.-hrs., an increase of 12-30%. Gross sales
of electric and gas merchandise, including jobbing, fixtures and wiring,
totaled $5,978,396.-V. 128, P. 401.

728

FINANCIAL CHRONICLE

[VoL. 128.

wage increase was signed Jan. 31 by Supreme Court Justice Aaron J. Levy
Tide Water Power Co.
-Bonds Called.
All of the outstanding gen. lien 20
-year 6% gold bonds have been called on application of Walter S. Faddis, President of the Building Trades Emfor redemption March 1 at 103 and in Payment will be made at the Bank ployers' Association. The order, obtained by Gleason, McLanahan,
Merritt & Ingraham of 165 Broadway, was made returnable in Part I,
of America National Association, trustee, 44 Wall St., N. Y. City.
The company will purchase after deposit with the trustee of the money Special Term, Supreme Court, Feb. 5. N. Y. "Times" Feb. 1. p. 1.
Matters Covered in "Chronicle" of Jan. 26.-(a) The 1928 record of new
necessary to call said bonds and before Mar. 11929, any or all of the bonds
(with Aug. 1 1929, and all subsequent coupons attached) presented for building construction, p.455. (b)Chicago Stock Exchange record of prices,
purchase at the Bank of America National Association at 103 and int. to for 1928. p. 468. (c) Sales of life insurance increase 6% in 1928, p. 481.
Mar. 11929. on a 4% bank discount basis figured to the date of redemption, (d) Canadian sales of lire insurance show large increase in 1928, p. 481.
namely, Mar. 1 1929. It is expected that such deposit will be made about (e) Connecticut Valley tobacco body dissolved; distribution of $280.000
assets to 4.130 members marks end of association, p. 489. (f) Governing
Feb. 23 1929.-V. 128. p. 558.
Committee of N. Y. Stock Exchange adopts resolution whereby memberUnited Gas Co.-Pref. Stock Sold.
-G.E. Barrett & Co., ship will be increased from 1,100 to 1.375. P. 500. (g) Market value of
listed shares on N.Y.Stock Exchange on Jan. 1 $67,472,053,300, p. 501.
announce the sale at 100 and div. of an additional issue of

50,000 shams preferred stock, $7 cumulative dividend,
series A (no par value). Each share of this issue of preferred
stock, $7 cum. div. series A, carries a non-detachable warrant entitling the '
holder to receive without additional cost
share of common stock (without par value) on Dec. 31
1929, or earlier at the option of the bankers.

Acme Steel Co.
-Annual Report.
Calendar YearsNet sales
Cost of sales

1928.
Not
stated.

1927.
1926.
1925.
$10,244,332 $9,196,974 $9,023,230
8,525,351
7,504,810
7,045,003

Net operating profit_ _ $2,562,378 $1,718,981 $1,692,164 $1,978,227
Depreciation
244.324
171,600
Bond interest & expenses
81.233
84,622
84,598
100,147
Transfer agent, Chatham Phenix National Bank & Trust Co; Registrar, Federal taxes
297,737
219,539
184.037
213,310
Guaranty Trust Co. of New York.
CapitalizationAuthorized.
Issued.
Net income
$2,183,408 $1,414,819 $1,179,203 $1,493,170
Preferred stock (no par value) $7 cum.
Earns, per sh. on cap.
div., series A
100,000 shs.
100,000 shs.
stock (par $25)
$11.93
$7.73
$6.45
$8.62
Common stock (no par value)
2.500,000 shs. *1,075,616 shs.
Comparative Balance Sheet Dec. 31.
*Including 50,000 shares held in treasury for issuance against warrants
AssetsLiabilities1927.
1928.
on already outstanding preferred stock and an additional 25,000 shares to
1928.
1927.
Land, bldgs. & eg.$6,625,450 $6,256,172 Capital stock
$4,573,950 $4,573,950
be held in treasury for issuance under the warrants attached to this issue.
Patents
87,916
92,377 Bonds
1,337,000 1,381,000
Data from Letter of 0. R. Seagraves, Pres. of the Company.
Cash
1 014,084
872,527 Dividends payable 228,697
Company.
-A Delaware corporation. Is a public utility investment and Accts.receivable._ 1,113,538
885.490 Accts. payable.._ 456,370
225,402
management company, controlling companies operating four complete and Bills receivable
10,960
19,584 Bond int. accrued26,432
27,311
unified systems for the production, transmission and sale of natural gas to Stocks & bonds_ _ _
135,241
53,522 Reserve for taxes. 528,540
322,052
the principal population centers and industrial markets of eastern and Merchandise
2,295,338 1.543,994 Surplus
4,143,180 3,175,597
southern Texas. These properties constitute the principal natural gas Deterred charges
1,647
11,662
holdings of the Moody-Seagraves interest and are operated under the
management of United Gas Co. The controlled companies, Houston
Total
$11,294.169 $9,705,3131 Total
$11,294,169 $9,705,313
Gulf Gas Co., Dixie Gas & Utilities Co., Dixie Gulf Gas Co. and South -V. 128, p. 402.
Texas Gas Co.. serve directly or indirectly an estimated population of over
900,000, including the cities of Houston, San Antonio, Austin, Beaumont
Acosta Aircraft Corp.
-Organized.
and Port Arthur and surrounding territory. Company owns all of the
The entrance of
capital stock of United Gas Engineering Corp. which is engaged in engineer- facturing field and Bertrand B. ("Bert"‘ Acosta into the airplane manuthe
ing and construction work for the companies controlled by United Gas Co. purpose of producing a organization of the Acosta Aircraft Corp. for the
new type of plane, was announced this week by
and will also do work for outside interests.
Mr. Acosta in the offices
new company, located
The combined leases and gas purchase contracts owned or controlled by tion Bldg. in N. Y. City. of thenew company. Acosta in the Transportasaid, is incorporated
the operating companies cover the gas rights on over 350,000 acres of land under Delaware laws with Theauthorized capital
an
In Texas and Louisiana, on a considerable part of which acreage, the oil par value. The manufacture of planes will of 500,000 shares of no
start immediately. No
rights are also controlled. 011 is now being produced on leases of one of offering of securities is contemplated at this
time as the company has
the controlled companies and has been discovered in other localities adjacent been assured sufficient capital to start production
on a moderatively active
to large acreage controlled by United Gas Co. Company owns large scale.
holdings of proven gas acreage in the Monroe gas field of Louisiana and in
Mr. Acosta will be President of
new
South Texas and controls, through stock ownership, Duval Texas Sulphur him will be men of long experiencethe the company. Associated with
in
development of the aviation
Co., which has recently started operations.
industry. The complete executive
The total length of the main trunk lines of the entire system is approxi- yet been selected. Associated with personnel of the company has not
Acosta
mately 1,200 miles, with over 1,100 miles of gathering and distributing however, will be E. N. Picked]], Managing on the board of directors.
lines. In addition to the present gas pipe lines company, together with Branch of the Radio Corp. of America: GeorgeDirector of the Aeronautical
II. Stuart, formerly V.-Pres.
other interests, have under consideration the construction of over 1,000 of the Greater Buffalo Building
Co., Inc., and formerly connected with
miles of main gas lines to markets not now served, including a line from the Government
in aviation research work: Julius L. von der Hayden.
the Jennings field in south Texas to Monterey, Mexico, approximately Asst. Director of the Aeronautical Division of the
Kendal Refining Co.,
140 miles in length.
Harry V.
Earnings.
-The consolidated earnings of company and controlled com- Bradford, Pa.: and the plans Childs, aviation publisher.
Commenting on
of
panies (viz.: Houston Gulf Gas Co., Dixie Gulf Gas Co., Dixie Gas & have taken over the plant in the new company, Mr. Acosta said: "We
Utilities Co. and South Texas Gas Co.) for the year ended Dec. 31 1928 Mercer Automobile Co. This Trenton, N. J., formerly occupied by the
(one month estimated), after giving effect from Jan. 1 1928 to management is now being speedily convertedplant, which is modern in every respect,
for the manufacture of planes. Due to
contracts of United Gas Co., and engineering and construction contracts its design and
location, it can
of United Gas Engineering Corp. entered into during the latter part of 1928 planes on an economical basis." be easily adapted for the production of
and now in force, are as follows:
The new company will immediately start production of a new type of
Consolidated gross earnings, all sources
$10,200,454 amphibian plane of Acosta's own design. This
plane will sell for from
Operating expenses, maintenance & local taxes
4.226,911 87.500 to $13 500 or more for special types. The
company, in addition
to producing the plane of Acosta's own design,
Net earnings
$5,973,543 a plane fo standardized design for commercialwill specialize in pi oduring
use. The planes will be
*Earnings of United Gas Co. and earnings on common stocks
equipped with single or multi-motors, depending upon the respective
of controlled companies owned by United Gas Co. after detypes, and will have a cruising radius of upwards of 2,000 miles. varying
ducting bond interest and preferred stock dividends of said
according to design. The primary model will be equipped with a 30()h.p.
companies, but before Federal taxes, amortization charges
motor, carry
and reserves for depreciation, depletion, etc
$1,478,224 both land andsix to eight passengers, and will be capable of flying over
sea.
Annual dividend requirements on 100,000 shares preferred
stock, $7 Cumulative dividend, Series A (incl. this issue)
Acoustic Products Co.-New Director.
700,000
*Similarly computed earnings of United Gas Co. and earnings on comBradford Ellsworth has been elected a director.
-V. 127. p. 3248.
mon stocks of controlled companies owned by United Gas Co., for the year
(J. D.) Adams Manufacturing Co.
-Stock Sold.
ended Dec. 31 1929, based upon the reports of independent engineers and
-Otis
giving effect to six months' operation of the Monterey line (including & Co. have sold 75,000 shares (no par value) common stook
earnings of United Gas Engineering Corp. and Duval Texas Sulphur Co.,
as reported by the management), are are estimated at $5.617,821. or over at $40 per share. Of the common stock now being offered,
eight times annual dividend requirements on the outstanding Preferred 31,250 shares are being purchased from individuals and do
stock.
-Proceeds from the sale of these 50,000 shares of preferred not, therefore, represent any financing by the company.
Purpose.
stock, $7 cumulative dividend. Series A, will be applied toward the reim- Proceeds of 43,750 shares will be used for additional workbursement of the treasury of the company for the purchase of a controlling ing capital.
Interest in the stock of Duval Texas Sulphur Co., to provide funds for the
In the opinion of counsel, these shares are exempt, under present statutes,
purchase of securities in connection with the construction of the Monterey
from Indiana State and local taxes, and dividends are exempt from the
line, and for other corporate purposes.
-V. 127, p. 3091.
present normal Federal income tax. Transfer agent, Harris Trust &
United Light & Power Co. (Md.).-Change of New Savings Bank, Chicago, III. Registrar. First Trust & Savings Bank Chicago.
Data from Letter of Roy E. Adams, President of the Company.
York Transfer Agent.
Company -has been organized in Indiana to acquire all of the assets
Effective Feb. 1 1929 the American Light & Traction Co., 120 Broadway,
New York, N. Y., has been appointed New York transfer agent for the and business (except certain receivables) of J. D. Adams & Co., a partnerclass A and class B preferred stocks and the class A and class B common ship, the business of which was originally established in 1885.
The company is the leading manufacturer of road graders in the country
stocks of the United Light & Power Co., in place of the Guaranty Trust
and was the originator and pioneer manufacturer of adjustable leaning
Co. of New York.
-V. 128, p. 401.
wheel graders, generally accepted as the most efficient and economical
Virginia Electric & Power Co.
-Completes Line.
type. The company also manufactures motor graders, road maintainers,
See Engineers Public Service Co., Inc.. above.
-V. 126. p. 2478.
elevating graders, dump wagons and other road equipment. Company's
products are used in the construction and maintenance of unsurfaced
Washington Gas & Electric Co.
-Control.
roads and semi-permanent gravel and macadam roads and In the conSee North American Gas & Electric Co. above.
871.
-V.126, p.
struction of hard surfaced permanent roads. Semi-permanent and unsurfaced roads, for the construction and maintenance of which Adams graders
Washington Ry. & Electric Co.-Annual Report.
are particularly adapted, constitute about 90% of the 3,000.000 miles
Calendar Years1925.
1928.
1926.
1927.
of highways in the country. Company's plant is located In
Revenue pass. carried__ 74,462.681 75.749,304 76,797,163 77,505.636 Ind., and branch offices and warehouses are maintained by Indianapolis.
J. D.
Gross earns,from oper_- 85.783.826 $5,865.430 $5,012,620 $4,775,285 Co., a subsidiary, in Minneapolis. Kansas City, Dallas, Memphis, Adams
Spokane,
Miscellaneous income_ x_ 1.431.368
1.025,501 Atlanta, Omaha, Toronto and Winnipeg, and additional warehouses
1,149.113
1,300,683
are
maintained by distributors in 17 other cities in various parts of the country,
$5,800,185
Gross income
$7,215,195 87.166,113 $6,161,733
Capitalization To Be Authorized and Outstanding.
3,915.959
Op exP.. depr., tax.,&c. 4,731,042 4,846,61, 4.140,223
730,600 Common stock (no par)
Int. on fund.& unfd. dt_
688,152
750,196
746,429
300,000 abs.
-Company has never had an unprofitable year, even during
Earnings.
Net income
$1.733,957 $1,573,065 $1,333,359 $1,154,226 the post-war depression. Sales in 1921, a generally unfavorable year,
,
425,000 showed a decline of only 735% from 1920, and net earnings a decline of
Preferred diva. (5%)
425.000
425,000
425,000
Common dividends__ -_(7%)455.000 (6)390,000 (5)325,000 (5)325,000 only 5)4 %. Since 1921 net earnings have steadily increased. Net
earnings of the predecessor partnership for the three-year period ended
$404,226 Dec. 31 1928, after all charges, including depredation, and after allowance
Balance
$853,955
$583,359
$758,065
Miscellaneous credits__ _
240,614 for Federal taxes for corporations at the current rate of 12% and other
3,146
189,842
1,955
corporation taxes, have been as follows:
divs, rec. from
Spec.
Net
Potomac El. Pow Co_
2,880.000
Net per
Earnings
Share of
Cal. Yearsas Above.
$857,101
Total
$773,201 $3,524,841
Corn. Stock.
$760,020
Payment of special div_
$884.118
____(20%)
1,300 " 1926
82.98
.
1927
1,106,539
3.69
1,222,723
Bal to credit of P.& L. $857,101
$773 201 82,224,840 1928
$760,020
4.07
Average annual net earnings for the three-year period were equivalent
$11.22
Harmed per sh. on com__
$20.14
$1.98
$17.66
x Including regular dim. from Potomac Electric Power Co. Aside from to $3.58 per share of no par value common stock to be presently outdive. from the Potomac Electric Power Co.,included above, no income was standing.
Dividends.
-Directors will declare an initial quarterly dividend of 60c.
received by the Washington Ry. & Electric Co on its Investment in stocks
-V. 126, p. 1042.
per share on the no par value common stock, payable May 1 1929.
of subsidiary companies.
Lisled -This stock is listed on the Chicago Stock Exchange,

INDUSTRIAL AND MISCELLANEOUS,
-An order restraining the
Enjoins Five-Day Week in Electric Trades.
Electrical Contractors Association and the Electrical Workers' Union from
-day week and a 10%
pulsing into effect Feb. 1 their agreement for the 5




Allegheny Corp.
-Bonds Offered.
-J. P. Morgan & Co.,
Guaranty Co. of New York, First National Bank, and the
National City Co. are offering at 100 and int. $35,000,000
15-year coll. trust cony. 5% bonds.

FEB.

2 1929.]

FINANCIAL CHRONICLE

Dated Feb. 1 1929; due Feb. 1 1944. interest payable (F. & A.) in New
York City. Guaranty Trust Co., New York, trustee. Red. upon 60 days'
notice, as an entirety on any date, or in amounts of not less than $5,000,000
on any interest payment date, at 10236 and int. Denom.11,000c*.
.Security.—The bonds are to be secured under a collateral trust indenture
dated Feb. 1 1929, through pledge thereunder of:
300,000 shares The Chesapeake Corp. common stock.
75.000 shares The New York Chicago & St. Louis RR.common stock.
96,000 shares Buffalo, Rochester & Pittsburgh Ry. common stock.
43,000 shares Buffalo, Rochester & Pittsburgh Ry. preferred stock.
20,000 shares The Chesapeake & Ohio Ry.common stock.
90,000 shares Erie RR. common stock.
The indenture is to permit substitutions and withdrawals of collateral
under restrictions set forth in the indenture, and is to contain provision
for the maintenance by the corporation at all times on deposit with the
trustee of securities of an aggregate value (determining as provided in the
indenture) of at least 150% of the principal amount of bonds at the time
outstanding.
The indenture will also contain provisions whereby changes in the indenture with respect to the maintenance, substitution and withdrawal of
collateral, and the method and procedure as to valuations and approvals
as to class and kind of collateral upon substitution may be made with the
consent of the corporation and of the holders of 60% in principal amount
of the bonds then outstanding.
Conversion Privilege.—Each $1,000 bond may be converted, at the option
of the holder, at any time on or prior to Feb. 1 1944, or earlier redemption
date, into 7shares of the corporation's cumulative 536% preferred stock
Series A, without warrants, and 10 shares of its common stock. For the
purpose of this conversion privilege, the preferred stock is to be computed
at its par value of $100 per share, and the common stock at a value of $30
per share, subject to adjustment of the conversion rights in case of subdivision or consolidation of shares, changes in par value, consolidation or
merger of the corporation or sale of its assets for stock or securities. dividends in common stock, and issues of common stock for cash (in addition
to the shares presently to be outstanding, the shares issuable upon conversion of these bonds and the shares Lssuable upon exercise of the warrants
to be presently outstanding).

729

served against exercise of rights under warrants sold to the organizers of
the Corporation.

Listing of Bonds, Preferred Stock and Common Stock.—

The New York Stock Exchange has authorized the listing; of(1)535,000,000 15
-year collateral trust convertible 5% bonds, dated Feb. 1.1929.due
Feb. 1 1944; (2) 495,000 shares of cumulative 534% preferred stock,Series
A (par $100); with warrants attached to the certificates for the 250,000
shares of preferred stock to be presently hunted entitling the holders thereof
to purchase 13.6 shares of common stock for each share of such preferred
stock so held and without warrants in the event of the surrender of said
warrants by exercise thereof, and without warrants as to the 245.000 shares
of such preferred stock reserved for issuance upon conversion of the company's bonds; and (3) 5,950,000 shares common stock (without par value).
Of the above shares 250.000 shares of preferred stock are being presently
sold and 245.000 shares of preferred stock are reserved for issuance upon
conversion of the company's bonds, and 3,550,000 shares of common stock
are being presently sold and 2,450.000 shares of common stock are reserved
for issuance upon conversion of the company's bonds and upon the exercise
of common stock purchase warrants. of which 350.000 shares are reserved
for conversion of the company's bonds. and of which warrants for the
purchase of 375,000 shares are attached to the preferred stock presently
to be issued, and warrants for the purchase of 1,725,000 shares are to be
sold to the organizers of the company.

The official statement made to the New York Stock
Exchange affords the following:

Organization.—While the company Is possessed of the usual broad charter
powers entitling it to squire, hold or dispose of stocks of other corporations,
it is organized principally for the purpose of investing directly or indirectly
in railroad securities. While possessing the right to dispose of any of such
holdings, at such time as in the opinion of its officers and directors may deem
advisable, and also the right to acquire additional securities beyond those
with which it begins business, it is not the present intention that the company shall engage at any time actively in trading in securities as a business.
The duration of the corporate existence is perpetual.
Purpose of Issue.—By the issue and sale of its securities, the company
Sweringen and
0. P. and M. J.
Preferred and Common Stocks Offered.—A group headed by is acquiring from Messrs.184,000,000, beingVan than the presentassociates
indicated
less
at a cost of approximately
Guaranty Co. of New York and including Lee, Higginson & market values, interests in certain railroad properties through the ownership of shares of stock of the following companies: Chesapeake Corp.
Co., Dillon, Read & Co., The National City Co., The Harris (common stock); New York, Chicago & St. Louis RR. (common stock);
Forbes Corp. The Union Trust Co. Cleveland; The Union Buffalo, Rochester & Pittsburgh Ry. (preferred and common stock);
'
Trust Co. of Pittsburgh; Hayden, Miller & Co. Cleveland, Chesapeake & Ohio Ry.(common stock); Erie RR.(preferred and common
and Wood,Gundy & Co., Inc.,is offering $25,006,000 cumul. stock). company will also have approximately $45,000,000 in cash for
The
53%pref. stock, series A, at $100. The same bankers are further investments.
Earnings.
offenng the common shares at $24 per share.
Estimated income available for interest and dividends on the basis
Stock Provisions.—Of the preferred stock. 495,000 shares have been desigof current dividends on stocks owned and 4% interest on un$4,799,300
nated as cumulative 536% preferred stock Series A, with the following
invested proceeds of present financing
provisions:
1,750.000
Interest on funded debt
Series A preferred stock is entitled to cumulative preferential dividends
$3,049,300
at the rateff 5;6% per annum, payable Q-F. Red. as a whole or in amounts
Estimated net income
of not less than 25,000 shares upon any dividend payment date at 105% Preferred dividend (present issue)
1.375,000
and div. Entitled to par and div. in case of involuntary liquidation or
dissolution. and .t the redemption price in case of voluntary liquidation.
$1.674,300
Balance for common_
or dissolution. A sinking fund Is provided, commencing Feb. 1 1944
To indicate the earning power of the companies whose stocks are included
of 2% per annum of the aggregate amount of Series A preferred stock there- above, the proportionate share of the 1927 net income of such companies
tofore issued (less the amount redeemed otherwise than through the sinking (including in turn in such net income their proportionat °share of the net
fund) for the purchase and retirement of Series A preferred stock no to income of railroads whose stocks are owned by them) applicable to the
105 and divs.•, if the sinking fund moneys are not so used within three shares owned by this company amounts to $9,512,000, as compared with
months after any sinking fund payment date (Feb. 1 and Aug. 1). the
company will invite tenders by advertisement;ifsufficient Series A preferred the dividend income therefrom, included above. of $2,979,300.
common stock presently to
3,250.000 shares of
stock Is not so obtainable to exhaust the sinking fund moneys, the unused beThe balance for the on estimated income the
in the table above, is equivalent
outstanding, based
funds revert to the company.
of the
company's
Except with the consent of the holders of a majority of Series A preferred to about 48 cents per share. Including theabove, such proportion
balance would be
undistributed 1927 net income as computed
stock then outstanding, no preferred stock having equal or prior rank as equivalent to approximately $2.49 per -share.
to dividends or upon liquidation shall be issued nor shall any capital inPro Forma Balance Sheet.
debtedness be incurred, if thereby the total amount of capital indebtedness
be incurred, if thereby the total amount of capital indebtedness and of all [Giving effect to proposed issuance and sale of bonds. Preferred and common
such preferred stock outstanding including such debt or stock then pro- stocks and stock purchase warrants and acquisition of securities. No
provision is made for organization expenses.]
posed to be incurred or issued, shall aggregate more than 60% of the then
value of the assets of the company plus the value of the assets to be acquired
LioJASfffis—
as the proceeds of the proposed financing. In computing this ratio, the Securities owned
554,067,953 15-year collateral cony. 5%
amount of cash and of U. S. Government securities owned (other than Cash
bonds
$35,000,000
46,636,047
proceeds of proposed financing) is to be deducted both from assets and from
Pureb, money debt assumed 1,029,000
total of outstanding debt and preferred stock. "Capital indebtedness" is
Cumulative 5li% Preferred
all debt other than debt for not more than one year incurred for current re25,000,000
stock, Series A
quiremente.
Common stock outstanding
No dividend shall be paid on stock subordinate to Series A preferrd stock
outstanding 3,500,000 she. *42,000,000
as to dividends,[if thereby the then value of the assets of the company
27.675,000
Paid-in surplus
would be reduced to less than 166 2-3% of all debt. Series A preferred
stock and any additional stock of equal or prior rank then outstanding,
1130,704.000
Total
1130,704,000
Total
excluding from both aides of such calculation the amount of cash and U. S.
Note.—Securities owned are listed at cost, which is less than current
Government securities owned.
Except as outlined above, holders of Series A preferred stock are not market prices.
-0. P. Van Sweringen. M. J. Van Sweringen, J. R. Nutt,
Directors.
entitled to voting powers, but if four quarterly dividends upon such stock
shall be in arrears, or if a continuous period of 24 months shall have elapsed C. L. Bradley and D. S. Barrett. Jr. Cleveland, 0.
Officers.
-0.P. Van Sweringen, Pres.; M.J. Van Sweringen. Vice-Pres.:
during which the company shall at no time have fully paid up all dividends
due on such stock, the holders of the Series A preferred stock as a class C.L. Bradley, Vice-Pres.; D. S. Barrett. Jr., Treas.; John P. Murphy. Sec.
shall be entitled to elect two directors until all dividends due thereon shall
American Art Works, Inc., Coshocton, Ohio.—Extra
have been paid.
The remaining 505,000 shares of preferred stock may be issued either a Dividend.—
Series A preferred stock or with such other preferences, voting powers,
The corporation In January declared an extra dividend of 4% on the
fixed annual dividend rates, redemption prices, restrictions and qualito holders of record Jan. 15 1929.
fications thereof as the Board of directors, prior to the issue thereof, shall common stock, payable Feb. 1 1929
Officers are: Chas. R. Frederickson, President and Treasurer; D. G.
determine in the manner provided by law.
Secretary; M. Q. Baker, Vice-President; C. E. Shreffler, Assistant
Warrants.—Warrants will be attached to the 250.000 shares of cumulative Gayle,
536% preferred stock Series A. non-detachable except when exercised or Secretary-Treasurer.
In the event of redemption prior to Feb. 1 1944. entitling the holders thereof
American Basic-Business Shores Corp.—Offering of
to purchase, at $30 per share. 1)4 shares of common stock for each share of
said preferred stock, said warrants to expire by limitation Feb. 1 1944. Fixed Trust Shares.—F. J. Lisman & Co. are making an offerIn addition, detached warrants will be issued and sold to the organizers ing of fixed trust shares priced at about $23 per share, each
of the company to purchase 1,725.000 shares of common stock at $30 per
share,such warrants also to expire by limitation Feb. 1 1944. The warrants share representing a 1-1,000 participating, non-voting ownerwill contain provisions for appropriate adiustmente in the event of a spilt
-up ship in a unit of common stock of 30 leading American basic
or consolidation of shares of common stock of the company, and in the event
of consolidations or mergers of the company, and in the case of the issuance industries, deposited with the Equitable Trust Co. of New
of common stock as a stock dividend.
York, trustee.
Transfer agent of the preferred and common stock: J. P. Morgan & Co.,
The certificates are issued by the Equitable Trust Co. of New York
New York. Registrar ofthe preferred stock: First National Bank,NewYork.
-Business Shares Corp., the depositor.
and countersigned by American Basic
Registrar of the common stock: Guaranty Trust Co. of New York.
Fixed Trust Shares represent a fixed common stock investment trust, and
certificates are issued in coupon form in denominations of from
Data from Letter of 0.P. Van Sweringen, Pres. of the Corporation. the bearer
A
Purpose of Oroanizatitm.—Alleghany Corp. was incorp. in Maryland, 5 up to 5,000 Fixed Trust shares. for unit of shares of common stock,
stabilizing and safeguarding diviJan. 20 192o. Company has been organized by Messrs. 0. P. and M. J. together with a reserve fund in cash
American Basic
-Business Shares Corp. with the
dends,
Van Sweringen to take over from themselves and associated companies trustee is deposited by
to be held for holders of each 1,000 Fixed Trust shares.
certain shares of the below-mentioned companies, and to furnish a corThe average annual return on the shares which underly the Fixed Trust
porate Instrumentality to provide funds for further investments from time
for the 636-year period ended June 30 1928 was
to time, principally in railroad securities. The corporation has no power to shares is equal to $1.41 per Fixed Trust share. This in excess of $1.412,
return consisted of
which
operate railroad properties or to engage in the banking business. By the
and
issue of its securities to be presently outstanding, the corporation is acquir- the aggregate of cash dividends, plus the value of rightsstock stock dividends. All cash dividends and proceeds from the sale of
dividends.
ing stock in the following companies: The Chesapeake Corp.,the Chesapeake
accrue to holders of Fixed Trust shares.
&c., received
& Ohio Ry., the New York, Chicago & St. Louis RR.. Erie RR. and rights, offering price by the trustee is based on the current market price of
of the shares
The
Buffalo, Rochester & Pittsburgh Ry. The aggregate value of the assets
odd prices and brokerage
stocks
of the corporation, including cash, as a result of the issue of the securities the deposited amount at accumulated cash and othercommissions and the
of
proportionate
property held by the
to be presently outstanding, will be in excess of $130,000,000.
trustee, plus $1 per Fixed Trust share for expenses of distribution and issue
Copitalization.—The securities authorized and to be presently outstanding —V. 127, p. 2367.
and to be presently outstanding are as follows:
Authorized
Outstanding
American, British & Continental Corp.—Definitive
15
-year collateral trust convertible 5% bonds
(this issue)
$35.000,000 $35,000,000 Debentures.—
a1,000,000 she. 250.000 she.
Preferred stock ($100 par)
The Chase National Bank announces that it is prepared to exchange
b7.500,000 shs. 3,500.000 Ms. definitive 5% gold debentures, due 1953, for like outstanding temporary
Common stock (no par value)
In addition there are to be presently outstanding warrants evidencing debentures. (For offering, see V. 126, D. 580).
the rights of holders thereof to purchase, at $30 per share. 2.100,000 shares
There were admitted to trading this week,on the New York Curb Market.
of common stock (price and number of shares purchasable subject to 600,000 shares of common stock of this company. Listing of the stock is
adjustment in certain cases.)
in accordance with the plan of the corporation to afford a broader market
a 250.000 shares of preferrred stock to be issued presently with warrants for its shares. Through a recent reclassification of its capital structure.
attached for the purchase of 375,000 common shares, and an additional the corporation exchanged 40,000 shares of $6 cumul. 2nd pref. stock for
245,000 shares of preferred stock without warrants to be reserved for the 200,000 shares of common stock and thereby eliminated a fixed cumulative
conversion of bonds of this issue.
annual dividend charge of 5240.000. By this change of structure, the
Is 350,000 shares of common stock reserved for conversion of bonds of
corporation is enabled to further broaden the scope of its operations be'
this issue; 375,000 shares reserved against exercise of rights under warrants investing its funds in larger proportion in more profitable investment
attached to 250.000 shares of preferred stock; and 1,725,000 shares re- channels.—V. 127. P. 3400.




730

FINANCIAL CHRONICLE

American Chick Co.
-Annual Report.
Calendar Years*Gross profit
SeIilng&adm.exps

1928.
1926.
1925.
1927.
34,197.467 $3,825,500 $3,377,562 $3,414,283
1,955,654
2.005,786
2,342,696
2,205,081

Net earnings
Other income(net)

$1.854,771 $1,620,419 $1,421,909 $1,408,496
155,566
240,197
198,837
153,362

Grossincome
$2,094,968 $1,819,256 $1,575,271 $1,564,062
Interest, discount,&c _ _
186,210
62,396
92,620
80,619
Income taxes
214,634
150,203
127,554
237.304
Balance,surplus
Previous surplus
Adj. through recap'n

$1,795,268 $1,524,002 $1,332,448 $1,250,298
1,747,951
2,866,332
2,158,126 def2,377,344
Cr3,445,274

Totalsurplus
$3,543,219 $4.390,334 $3,490,574 $2,318,228
Divs,prior preferred --250,429
149,391
239,707
b313.326
Preferred dividends __ _ _
43,340
6.091
139,522
Common dividends
419,839
605,883
699,731
Adjust. & ext. losses _
Cr89,366
Dr10,711
Surplus adjust
43,695 a1,619,804
Dividends declared and
deducted in 1927
Cr204,599

[Vol,. 128.

of these companies, substantial profits should be realized for the benefit
of its stockholders.
Management.
-The board of directors will be as follows: G. E. Barrett
(Pres.), E. G. Diefenbach, G. F. Balme, Henry M. Brooks.
This issue is being sold without commission or other charges by the
bankers except reimbursement for actual expenses.

Anaconda Copper Mining Co.
-Offer Made to Chile
Copper Co. Minority Stockholders.
Terms of the Imam I offer made by this company for the acquisition of the
minority stock of the Chile Copper Co. are outlined in a notice, issued
Jan. 28 by John D. Ryan, Chairman, and Cornelius F. Kelley, President
of the Anaconda company, to stockholders of the Chile company. The
offer, which involves the issuance of 73-100ths of one share of $50 par value
stock of the Anaconda company for each /hare of stock of the Chile company, will expire at 3 p. m. on April 30 1929. Stockholders of the Chile
company who desire to avail themselves of the offer are requested to
deliver their stock certificates to the National City Bank of New York.
55 Wall St., New York City.
For the purpose of dividends, stock of Chile company delivered to the
bank under the terms of this offer will be considered to have been transferred to the Anaconda company as of the date of delivery, and the stock
of the Anaconda company, issuable in exchange therefor. will be considered
to have been issued as of such date.
The Anaconda company already holds a majority of the outstanding shares
of Chile stock.
-V. 128. p. 560.

Surplus
52,847,442 51,747,951 52,866,332 52,158.126
Sim. corn. outst.(no par)
186,595
186.595
373.190
186.595
Earned per share
$5.31
$4.15
$5.75
$6.78
Anchor Cap Corp.
-Acquisition.
-* Gross profit from sales after deducting cost of material, labor and
President I. R. Stewart announced Jan. 31 that an agreement had been
manfacturing expenses including depreciation. a Includes write-down of
reached whereby the corporation will acquire the American Metal Cap Co.
good-will, patents and trade
-marks of$1,600,000. b Includes dim. payable
For the first 10 months of 1928 the Anchor Cap Corp. reported sales of
Apr. 1 1928.
$4,931,154 and for the same period American Metal Cap Co. sales were
Comparative Balance Sheet Dec. 31.
$1,674,900. See also V. 128, p. 560.
1927.
1028.
1927.
1928.
A sacs
$
$
$
Liabilities$
Anglo-American Corp. of So. Africa, Ltd.
-Operations.
Land,bldgs.& maPrior pref.stock_ _y3,153,500 3,593,575
The following are the results of operations for Decent:ler 1928:
chin'y,aft.depr. 2.397,719 2,525,819 Preferred stock
120,100
Tons
Total
Good-will, pat. &
Common stock._ _ _x3,731,900 3,731,900
Milled. Revenue. Costs.
Profit.
70,578 Brakman Mines, Ltd
trade-marks __ _ _ 3,400,000 3,400,000 Accounts payable_
109,576
81.500 E134.934
1.120 £53,814
122,036 Springs Mines, Ltd
567.481 Accruals
159,063
Marketable secur._ 731,519
66.300
135,706 69,
-59
65,947
Cash
1 38,,428
43,239
681,399 Pref.stk. called_
West Springs, Ltd
59,000
76,712 54,656
22.054
Accts. rec.less res_ 402,354
214,573 -V. 127,
237,283
363.286 Fed.Inc. taxes_ _
P. 3707
.
2,617,863 2,847,650 Sen Sen bonds_ _ _ 1,034,500 1,058,500
Inventories.
Inv.& note roc._
204,599
236.940
279,707 Divs. pay
Arlington Mills (Massachusetts).
-Report.
-Prepayments
142,680
198,468 Earned surplus __ _ 2.847,442 1,747,952
Years End. Nov. 3011)28.
1927.
1926.
1925.
Sales mfgd. products ___312,655,602 $15,495,769 $16,838.553 $14,678,005
Total
11,316,503 10.863,813
11,316.503 10,863,813 Sales raw materials
Total
649,071
921.120
1,031,862
1,149,809
x Represented by 373.190 shares of no par. y Represented by 31,535
shares, no par value, $100 stated value.
-V. 128. 11• 251.
Total sales
$13,304,673 $16,416,889 $17,988,362 $15,704,863
Net earnings
153,220
259.257
653,007
490,663
American Eagle Aircraft Corp.
-Production.
-Deductions
334,185
318,589
597.047
586,752
The corporation announces that at the close of business Jan. 19 orders for Dividends
(434)540,000 (7)840,000 (8)960,000
1929 delivery had reached a total of 824 planes, as compared with the total
1928 output of 400 planes and 86 in 1927. Based on present orders the
Deficit
5180,965
5599.332
$784,040 $1.056,089
company estimates their total productin for 1929 at 2,000 planes.
-V. 128,
Comparative General Balance Sheet Nov. 30
p. 559.
1928.
1927.
1928.
1927.
Assets
j
LiabilitiesAmerican Encaustic Tiling Co., Ltd.
-Ruling.
$
$
The Committee on Securities of the New York Stock Exchange has Pit & fixed assets _15,005,128 14,989,752 Capital stock
12,000,000 12.000,000
Cash & debts rec.... 3,169,709 4,285,438 Accts.& notes pay 2,671,451 5,583,877
ruled that the common stock be not quoted ex the 100% stock distribution
Inventories.
6,816,967 8,560,261 Res. for dem.,&c. 4,433,727 4,221,792
until Feb. 18. See V. 128, p. 559.
Prepaid accounts
288,348 Profit & loss
250,540
6,137,165 6,318,130
American Metal Co., Ltd.
-Rights.
Total
25,242,343 28,123,799
Total
25,242,343 28,123,799
The common stockholders of record Feb. 21 will be given the right to
subscribe on or before Marcia 15 at $60 per share to three-tenths of one -V. 126, p. 719.
share of additional common stock (no par value) for each share held.
Armour & Co. (III.).
-New Vice-Presidents, &c.
The conunon stockholders on the foregoing basis will be entitled to subscribe to 178.534 additional shares. The preferred stockholders, if they
Willard C. White and George A. Eastwood. have been elected additional
convert their holdings Into common stock at the prescribed rate of 1 2-3 Vice-Presidents. William V. Kelley has been elected a director, increasing
shares of common for each preferred, will be entitled to subscribe to 50.- the Board to 21 members.
-V.123. p. 243.
000 common shares on the same basis, making a total of 228,534 shares.
Artloom Corporation.-Annual Report.
V. 127. p. 25:12.
Calendar Years1928.
1927.
1926.
1925.
American Piano Co.
Gross profit
-Earnings.
$559,273 51,120,594 51,633,292 52,069,125
Period End. Dec. 31- 1928-3 Mos.-1927.
Depreciation
1928-9 Mos.-1927.
93,332
94,664
156,728
159,478
Net profit after int.,
Federal tax provision52,760
123,400
189,035
238,100
deprec.& taxes
$128,186
3513,211
$360,036
5184,458
Net profit
Earns. per all. on 227.959
$413,181
$902,530 $1.287,529 S1,671,547
shs. corn. stk. (no par)
Dividend on pref. stock _
105.000
152,303
140,000
172.860
after pref. diva
Nil
$0.87 Dividend on corn. stock(33)600,000
$1.12
$0.35
($1.50)300.000
(53)600,000(33)600,000
-V. 127, p. 2822.
Balance,surplus
def$291,819
5162.530
8514,669 $1,219,244
Earns, per sh. on 200,000
American Radiator Co.
-Merger Approved.shs. corn. stk.(no par)
' a result of the approval of officials of this company and the Standard
$7.59
$1.54
$5.57
$3.81
As
Sanitary Manufacturing Co. of the merger, it is proposed to organize a
Balance Sheet Dec. 31.
holding company which will make an offer of exchange of securities to the
Assets1927.
1928.
1928.
1927.
stockholders of the respective companies on the following basis: For each Land,bldgs.machx$3,414,979 53.494,962 Preferred stock_ - -51,500,000 $2,000,000
common share of American Radiator four common shares of the new or- Patents, &c
1
1 y Common stock_ _ 3,000,000 3,000.000
common shares of Cash
ganization; for each common share of Standard 1.01013
27,428
49,310
506,417
597,695 Accounts payable_
the new organization; for each share of preferred stock of American Radiator /keels & notes rec. 611,626
38,780
46,635
811,288 Accrued wages, &o
four shares of common of the new organization: for each preferred shsre of Securities
68,066
141,240
776.280 1.179,022 Federal tax reserve
Standard one share of7% cumul. pref stock of the new corporation, callable Inventories
150,000
1.739.153 1,859,075 Accrued dive. pay.. 150,000
at 3175.
Deferred charges
84,406 Surplus
2,347,446 2,639,265
83,624
The outstanding capitalization of the new corporation on the basis of
complete exchange of present outstanding shares of the American Radiator
Total
Total
$7,131,720 $8,026,450
$7,131,720 $8,026,450
and Standard Sanitary companies would be 8,937,467 common shares and
x After depreciation. y Represented by 200,000 no par value shares.47,614 shares of 7% cumul, prof. stock.
-V. 128, p. 560.
-V. 127, p. 2687.

American Service Co., Kansas City, Mo.-Debentures
Offered.
-A. B. Leach & Co., Inc., are offering $3,000,000
5-year 634% oonvertible debentures at 9934 and int., to
yield about 6.60%. Each $1,000 debenture will be convertible into eight shares of preferred stock and 20 shares
of common stock. For further details see V. 128, p. 560,403.
-Stocks Sold.
American Utilities & General Corp.
G. E. Barrett & Co., Inc., have sold 200,000 shares cony.
class A stock and 200,000 shares class B stock (represented
by voting trust certificates) in units of one share of each at
$20 per unit (discounted at 634% to March 1 1929).
The class A stock is preferred over the class B stock as to cumulative
dividends at the annual rate of634%,and as to assets in the event ofliquidation to the extent of $25 a share and is red, at any time, as a whole or in
part on 30 days' notice, at $25 and diva.: and is entitled to equal voting
power with the Class B stock as long as eight quarterly dividends are in
default. Dividends, payable Q.
-M. of each year, cumulative from Mar. 1
1929. Dividends free of present normal Federal income tax. Transfer
agent, Guaranty Trust Co., New York, Registrar, Seaboard National
Bank, New York.
Convertible.
-Class A stock convertible at the option of the holder into
class B stock (represented by voting trust certificates) at the rate of two
shares of class 13 stock for each share of class A stock.
Capitalization-.
Outstanding.
Authorized.
Class A stock-convertible (par $20)
200,000 abs.
200,000 abs.
Class B stock (without par value)
*1,400,000 SilS. 1,000,000 abs.
* Including 400,000 shares reserved for conversion of class A stock.
Data from Letter of G. E. Barrett, President of the Corporation.
Business.
-Corporation has been organized in Delaware, as an investment company of the general management type to acquire, hold, sell,
underwrite, offer and generally deal in securities. Corporation proposes to
deal principally in securities of gas and other utility companies and will
afford its stockholders not only a wide diversification of selected investments and constant supervision under experienced management, but a
means of participating indirectly in financial operations, which would not
be available to them as individuals.
The directors of the corporation and associates have contracted to Pur
class 13 stock for
and securities.
' -Due to the
chase 800 000 shares of affiliations and $1,000,000 in cash of the corporaEarnings.
close associations
tion's management with large gas and electric utility companies, affording
opportunities for participating profitably in refunding and other operations




Art Metal Works, Inc.
-New Director.
Benjamin Zuckerman has been elected a dtrector.-V. 128, p. 252.

Associated Insurance Fund, Inc.
-Listing.
-The San Francisco Stock Exchange has authorized the listing of the 450.000 shares of capital stock, par $10, out of an authorized issue of 1,000,000.
The corporation is organized in Delaware. It owns stocks of other
Insurance companies and has a total income in excess of$1,728,452 annually.
'Phe company owns the Associated Insurance Building at 232 Pine St.,
San Francisco.
0. W. Fellows is President; Nion R. Tucker and Carl A. Henry are VicePresidents: L. II. Mueller is Secretary and F. M. Robinson, Assistant
Secretary.

Associates Investment Co.
-Annual Report.
Calendar Y ars,
Interest and discount
Other income

1028,
$1,960.986
142,510

1927.
$1,717,392

Total income
Expenses
Federal taxes

32,103,497
1,372,694
100,510

$1,717,392
1,191,377
70,424

Net income
$630,293
$455,591
Shares common stock outstanding (no par)
70.000
60,400
Earnings per share
$7.70
$6.11
Balance Sheet Dec. 31.
14abilities1927.
1928.
1928.
1927.
Assets$
Preferred stock- - _ 1,300,000 1,300,000
$
Corn, stk. & surp.12,778,413 2,321,939
Land. bldg.,equip.
cte
5295,000 5295,335 Coll, trust notes. 575,000
575,000
Fun'. & fixtures_ _
30,597 Dealers' deposits
28,789
Prepayments
93,801
85,071
againstlosses._
126,987
149,600
Cash
2,084,822 1,970,196 Reserve for losses_
198,899
192,028
Notes receivable_ _10,043,622 11,609,262 Undivided profits- 512,185
691,918
Accts. receivable
45,300
78,113 Stock subscription
1,595
Repossessed cars
23,708 Accts. payable_ _ _
28,502
38.783
31,708
Cash sum val. ins.
Coll, trust notes-- 6,981,800 8,750,800
Policy
Tax reserve
1.470
100,510
86.415
Total
Total
12,612,576 14,101,012
12,612,576 14,101,012
x Represented by 70.000 shares no par stock.
-V. 127, p. 684.

Atlantic & Pacific International Corp.
-Acquisition.
Acquisition of control of the Standard International Securities Corp.
by the above corporation through exchange of stock was finally completed

FEB. 2 1929.]

FINANCIAL CHRONICLE

on Jan. 25. Over 90% of the pref. and class A common stock of the
Belding-Corticelli, Ltd.-Annua/ Report.
Standard corporation has been deposited for exchange Into Atlantic stock.
1927-28.
1926-27.
1925-26.
The entire class B common stock of Standard has been acquired by Atlan- z Years End. Nov.30Profits
$357.348
$275,341
8248,930
tic for cash.
14,791
14,791
14,790
The entire board of directors of the Standard corporation resigned in Sinking fund provision
118.842
74,047
67,004
favor of nominees of the Atlantic corporation. The new board of the Depreciation reserve.-36.980
36,980
36,980
Standard corporation will consist of E. Moore Robinson, Warren F. Hick- Interest on debentures
Res.for empl.insurance14.274
13.121
11,469
ernell, Robert Campbell. Adam Schildge and Gero von S. Gaevernitz, all
of whom are directors of Atlantic. The Atlantic corporation will manage
Net profit
5172.461
$136.401
$118,687
the entire affairs of the Standard International Securities Corp.
-V. 128, Preferred divs. (7%)_
60,571
60,571
60,571
P. 560.
Common dividends
(7%)52,465
(6)44.970
(6)44,970

Atlantic Securities Corp.
-Report.
-

Earnings Year Ended December 31 1928.
Dividends received and accrued
Profit on sale of securities
Gross profits
Interest paid
General expenses
Taxes paid and accrued
Reserve for Federal income tax

393.443
307,638
8401,081
3,608
5,167
1.754
41.314

Net income
8349.238
Earnings per share on 21.650 ails. capital stock (par $100)-$16.13
Balance Sheet December 31 1928.
Assets
IAaMlUlesCash
1345,844 Capital stock
52,165,000
Call loans
800.000 Accounts payable
15,525
Interest and dive. accrued....
7,135 Reserve for Federal and State
Securities owned
1,827,045 taxes
41.464
Paid in surplus
108,255
Total (each side)
82,680,024 Earned surplus
349,785

Atlas Plywood Corp.-Earnings.
-

6 Months End. Dec.31Net profit after charges & Federal taxes
Shs.corn.stk.outstand.(no Par)
Earns.per share
-V.1, 2959.
27 P.

1928.
$127,549
60.600
$2.10

1927.
$207,775
50,000
$4.15

731
1924-25.
$345,853
14.791
66.707
36,980
11,784
$215,591
60,571
(5)37,475

Balance. surplus
559.425
$30.861
$117,545
813,145
Profit and loss surplus
449.890
371,210
y358,065
371,210
Earns, per share on 7,495
shs.com.stk.
$13.17
(par $100)
510.11
$20.68
57.75
x After deducting all manufacturing, selling and administration expenses
and after provision for income tax, but before providing for depreciation and
sinking fund requirements, and before charging bond interest. y After
deducting $200.022 for good-will account written off and crediting $78,643
replacement.
Balance Sheet Nov. 30.
Ands-Liabilities1927.
1928.
1928.
1927.
Property aceount.$2,004,036 31,822,895 7% preferred stock 3865,300 $865.300
Good-will as trade
Common stock__ _ 749,500
749,500
marks
500,000 1st mtge. 25-yr. 55 296,477
500.000
332,393
Sinking fund
69 Accts. pay.. Mel159
Cash
32,467
82,009
res. for Gov. tax 101,230
229.036
Call loans & cos.
Accrued charges,
bds. for sk. fund 106,240
47,506
64,207
101,360
wages,&c
Accts.& bills rec.- 525,989
15,143
15,143
538,707 Pref. dive. payable
22,485
26.232
Inventories
510,586
654.234 Common dive, pay
924.662
Deferred charges..
11,133 Depree.& s. f. res. 1.078.862
8.629
72,766
90.807
Empl.,Ac..ins. KW
Tot.(each side)-$3,737,648 33,660,862 Profit & loss sur__ 449,890 • 402,071
-V.127, p. 110.

(Isaac) Benesch & Son, Inc.
-Successor Company.
See Isaac Benesch & Sons Co., Inc., below.
-V. 126, p. 2968.

-Debentures
(Isaac) Benesch & Sons Co., Baltimore.
Auburn (Ind.) Automobile Co.
-Plants at Capacity.
- Offered.
-Baker, Watts & Co. and Hambleton & Co. are
offering at 99 and int. to yield are 6%,31,000,000 10
year 6% convertible debentures.

The company's plants at Auburn and Connorsville. Ind., are working
at capacity to fill 8,000 back orders for cars which have been piling up
since the automobile show in New York. President E. L. Cord announced.
-V. 128. p. 404, 262.

Autosales Corp.
-Annual Report.
-The income account
and balance sheet for the calendar year 1928 are published in
advertising pages of this issue.
the
-V. 128, p. 404.
Aviation Corp. of the Americas.
-Subs. Expands.
See l'an American Airways, Inc., below.
-V. 127, P. 3544.

Aviation Credit Corp.
-Organized to Sell Airplanes on
Installment Plan.
Formation of this new corporation, which will specialize in financing the
sale of aeroplanes on the time payment plan, has been announced by
Howard L. Wynegar, who will be President. The company, which is the
first of its kind ever organized, will start operations with a cash capital of
$5,000,000. The bankers sponsoring the organization have played a prominent-part in the development of the aviation industry to its present state of
activity. They are Hayden, Stone & Co., Hemphill, Noyes & Co. and
James C. Willson & Co.
Mr. Wynegar is also President of the Commercial Credit Corp. and the
two corporations will be closely affiliated through a working agreement.
The new corporation also will have working agreements with practically
every important aviation (manufacturing and operating company in the
country. Its capitalization will consist of an authorized issue of 500,000
shares of no par value common stock, of which 250,000 shares will be presently outstanding.
Commenting upon the future operations of the company, Mr. Wynegar
estimates that the sale of aircraft, motors and accessories for 1929 will approximate $40,000,000, excluding sales to the Government,and that a substantial percentage of this volume will lend itself to installment financing.
The aviation companies with which the corporation has working a rangements includes: Wright Aeronautical Corp. Curtiss Flying Service, Inc.,
Curtiss
Keystone Aircraft Corp., and Travel Air 'Co. Curtiss Flying Service is
the exclusive sales agent for Curtiss Aeroplane & Motor Co., Inc., Curtiss
Robertson Aeroplane Manufacturing Co.. Sikorsky Aviation Corp. and
the Ireland Company. Similar arrangements will be made with other
prominent aircraft manufacturers.
A comprehensive insurance coverage, Mr. Wynegar said, will be provided
to cover hazards of flying in addition to the usual fire and theft insurance
coverage.
In connection with the working arrangement with Commercial Credit Co.
and the management of the new organization, Mr. Wynegar in his report issued to the bankers said in part:
"The management of Aviation Credit Corp. will be in the hands of men
familiar with the manufacturing and technical details of aircraft production
and distribution,together with men familiar with and seasoned in the financing of installment sales. This combination should insure efficient management. This corporation has a working arrangement with
Credit Co. (of Baltimore) and affiliated companies, wherebyCommercial
these companies undertake all credit and collection details in
financing of aircraft installment paper. Such credit connection with the
and collection work
will be under the supervision of a seasoned staff,
is one of the large pioneer institutions engaged as Commercial Credit Co.
in installment financing,
its operations dating back to 1912.
"Commercial Credit Co. will receive for such services a
based on the volume of business financed, and in addition moderate fee
will have an
Interest in the profits of Aviation Credit Corp.'
Richard F. Iloyt of Hayden,Stone & Co., will be Chairman of the board
of directors, and Clement M. Keys will be a member of the executive
committee. The officers,in addition to Mr. Hoyt,will be Howard L. Wynegar,
Pres.; 0. L. Mathews, Vice-Free,; J. A. B. Smith, Sec. & Treas.: 5.11.
Miller, Asst. Soc., and Wm. M. Wetzel, Mat. Treas.
The other members of the executive committee,in addition to Mr.
Keys.
are A. E. Duncan, Richard F. Hoyt, James C. Willson and Mr. Wynegar
(ex-officio).
The board of directors comprises the following: Henry J. Cochran,
Chester W. Cuthell, J. Cheever Cowdin, George W. Davison, A. E.
Duncan. James C. Fenhagen, Richard F. Hoyt, Clement M. Keys, Charles L.
Lawrence, Albert Palmer Loening, Walter S. Marvin, William
B. MaYo,
George F. Rand, Earle It. Reynolda, Frank H. Russell, Walter W.Smith
James C. Wilson, Howard L. Wynegar.

Balkeit Radio Co. (Del.).
-Organized.
-

This company has been organized in Delaware with a capital of
shares of no par value stock to acquire the entire radio set business 50,000
heretofore conducted by Fansteel Products CO.,of North Chicago, Ill., according
to announcement made by a director of the latter company.
James A. Troxel, John 01. Baker, Walter A. Strong. Benjamin V. Becker,
Lynn A. Williams, Edwin Booz and E. F. Raadke, all directors of the
Fansteel company, have been elected directors of the new company
which
will manufacture a full line of radios including the Balkeit and Symphion
sets.
The new company is named after Dr. Bathe,for many years head of
the
research and laboratory department of Fansteel. No stock of the Balkeit
company will be offered for sale to the public at this time, the announcement said, since all the stock of the radio company is owned or
controlled
by the Fansteel Products Co. The Fansteel Co. is increasing its rare metals
facilities.
Baltimore American Insurance Co.-Exta Dividend.
-

See National Liberty Insurance Co. below.
-V. 127, P. 1106.

Bankers & Shippers Insurance Co. of New York:
Larger Dividend.
The directors have declared a quarterly dividend of 5%. payable Feb. 6
to holders of record Feb. 4. This compares with quarterly dividends of
434% previously paid.




Dated Feb. 1 1929; due Feb. 1 1939. Int. payable (F. & A.) without
deduction for normal Federal income tax not to exceed 2% per annum.
Red. all or part at any time on 60 days' notice at 10234 and int, to date of
payment. Denom. 81,000 and $500c5 Principal and int. payable at the
.
office of First National Bank of Baltimore, trustee, or interest at the
option of the holders, at Chemical National Bank New York. Company
will agree to refund to the holders, upon presentation of receipted tax bill
within 60 days after payment and not later than one year after such taxes
have become due and payable, any property and-or state income taxes
not exceeding 534 mills per annum on each $1 of the principal of any such
debenture; paid to any State or the District of Columbia.
ameertible.-The debentures will be convertible at any time at the
option of the holder, into common stock of no par value on the basis of
3734 shares of stock for each $1,000 of debentures. In the event the
debentures are called for redemption, the conversion privilege shall continue up to and including the date of payment under call.
Data from Letter of Jerome W. Benesch, President of the Company'
History and Business.
-Company mill be Incorporated in Maryland
and will acquire the business and assets of Isaac Benesch & Sons, Inc.'
which operates four retail stores in Baltimore, and One each in Pottsbille•
Wilkes-Barre, Pittston, and Allentown, Pa. The business was established
in 1850, since which time it has been in successful operation, having shown
a profit each year, and is now one of the large retail establishments of its
kind. The merchandise consists of furniture, rugs, radios, musical instruments, stoves, and household articles in general, with the exception of
one store in Baltimore which handles jewelry and a full line of men's,
women's and children's wearing apparel.
-Debentures will be a direct obligation of the company, and
Security.
constitute its sole funded debt. Indenture will provide that. so long as
any of the debentures are outstanding, the company will not mortgage
or otherwise encumber any of its real or personal property to be acquired.
and will not sell or pledge any of its accounts receivable, nor incur any
indebtedness, except current indebtedness, current expenses and purchase
money obligations on additional hereafter acquired property. Company
also agrees that it will maintain at all times net quick assets (to be defined
in the indenture) in an amount at least equal to 250% of the principal
amount of the debentures outstanding from time to time, and further
agrees to maintain total assets in an amount equal 10 200% of all liabilities.
For the latter computation, liabilities shall include outstanding debentures
of this issue. and assets shall include real estate and other "not quick"
assets.
Purpose.
-To acquire the assets and business of the predecessor company, and to simplify the capital structure, thereby facilitating the further
expansion of the business.
-Company has agreed to make application to list its securities
Listing.
on the Baltimore Stock Exchange.
Outstanding.
CapitalizationAlUhorize d.
51.000.000
51.000.000
-year 6% convertible debentures
10
Common stock (no par value)
*250,000 shs.
212.500 stn.
•37,500 shares reserved for conversion of debentures.
Earnings.
-The net sales and net earnings of the predecessor company
for the five years ended Dec. 31 1927 were as follows:
Net Sales. Net Earns.a
Net Sales. Net Earns.a
$4,454,056
54,558.573
$678.682
5995,029 1926
1923
3.876,245
315,353
4,356.052
787,773 1927
1924
598.225 Ave.aee_ ___ 4,253.383
675.013
4,021,990
1925
a Before consideration of deferred profit in accounts receivable and
Federal income tax.
The average net earnings as above, for the five years ended Dec. 31
1927 were, therefore, over 11 times the maximum annual interest requirements on these debentures. On the basis of the proposed capitalization.
average net earnings for the five-year period above stated, after deducting
Interest on the debentures, and making allowance for Federal income
tax at the present rate of 12% per annum, were equivalent to $2.52 per
share on the 212.500 shares of common stock presently to be outatanding.
Due to unsatisfactory conditions in the coal district of Pennsylvania, in
which section some of the stores are located, and to a general depression
in the industry, the earnings for the year 1927 and 1928 were below those
of previous years. However, in recent months earnings have shown an
Increase. and while the audit for 1928 has not yet been completed, the
management estimates that the earnings for 1928 available for interest
on these debentures will be in excess of four times the requirements.
Balance Sheet as of June 30 1928 (After Financing).
Assets
Liabilities
$120,051 Notes payable
Cash
$375,000
Customers'install. aoets- _ 4,180,864 Accounts payable
170,502
501,475 Accrued Federal taxes
Merchandise inventory
20,000
585 6% 10-yr. cony. debs
Real est. not used in oper..
1,006.000
870 Res. for mt. Federal tax_ - 220.000
Service deposits
696.959 Capital
Land and buildings. &c
a3.784,464
Leasehold improvements_
39,252
Unexpired him% prem.s.,
29,907
prepaid expenses, &c__ _
Total (each side)
55.569,967
a Represented by 212,500 shares without nominal or par value.

Bethlehem Steel Corp.
-No. of Accidents Reduced.
-

President E. G. Grace announced on Jan. 24 that last year was the
most successful year in the company's history in the prevention of accidents. Lost time due to accidents was reduced 24.2% the number of
accidents was reduced 28.4% and the number of fatal accidents was reduced 34.2%-notwithstanding a rate of operations for the year higher
than in any year since 1917. It is estimated that the year's results amount
to a savings in wages to Bethlehem employees of more than $750,000.V. 128, p. 561.

-New Engine Gets High Rating.
(E. W.) Bliss Co.
-

Another new aero engine, the Jupiter, now under production in the
United States by the above company under exclusive license by tbe Brie*

732

FINANCIAL CHRONICLE

Aeroplane Co. Ltd.. England, pioneer developers of static radial aircooled aero motors, has just completed a series of official tests conducted
by the Naval aircraft factory, at Philadelphia, and has been approved
for use in aircraft licensed by the Department of Commerce, establishing
one of the highest efficiency records of any motor licensed for use in the
United States, according to a report to the Bliss Co. from Clarence M.
Young, Director of the Aeronautics Department of the Commerce Department.
The Bristol engines, which will be manufactured by the Bliss Co. in a
series of models, including the Titan, five-cylinder. 200-250 h.p. and the
Neptune, seven-cylinder, 300-350 h.p., recently established two new
official altitude records in a Junkers plane, reaching 9,190 meters with a
useful load of 500 kilograms and 7,907 meters with a useful load of 1,000
kilograms.
-V.127, P. 3544.

[VOL. 128.

cumul. dividend and 34 share of the common for each share now held.
Holders of the 2nd pref. will receive 3 shares of class A preference stock
and 34 share of the common for each share now owned, and common
stockholders will receive one new share for each share now held.
There will be but 28,000 shares of the class A pref. stock outstanding.
The board of directors have approved this plan and a meeting has been
called for Feb. 5 for the ratification by the stockholders.
Mr. Pepper said stockholders had already been advised to forward their
stock to the Chathm-Phenix National Bank & Trust Co., the depository.
-V. 124, p. 2596.

-Watson & White
Campe Corp. (Del.)-Stock Offered.
are offering at $27 per share 20,000 shares common stock
(no par value). This offering involves no new financing for
-To Change Name. the company.
Boeing Airplane & Transport Corp.
-V. 128,
-See United Aircraft & Transport Corp. below.
Transfer agent, National City Bank, New York; Registrar, National
Park Bank, New York,
p. 404.
Authorivd,
CapitalizationOutstanding.
$2.500.000
- 634% conv. preferred stock. ($100 par)...._ $2,500,000
Bon Ami Co. (Del.), N. Y. City.
-New Vice-President.
a
slut.
Common stock, (no par value)
205,000 shs.

130.000
a 75,000 shares reserved for conversion of each preferred share into three
common shares.
Beginning 1932 the company is required to provide, but only out of net
earnings after preferred dividend, a sinking fund to retire 3% of the greatest
Borden Company.
-Listing,
amount of preferred stock
The charter restricts
The New York Stock Exchange has authorized the listing of (a) 18.560 the declaration of dividendstheretofore outstanding. current assets to less
which would reduce any
additional shares of capital stock (par $50), official notice of issuance, in than 125% or net tangible assets to less than 180% of the preferred stock
payment for the assets and business of Risdon Creamery; (b) 17,500 additime outstanding,
tional shares on official notice of issuance, in payment for the assets and at thecurrent liabilities. or which would reduce current assets to less than
business of Gabel Creamery Co.: (c) 17,000 additional shares on official twice
Data from Letter of E. N. Campe,President of the Company.
notice of issuance, in payment for the assets and business, or, in the alter
-Organized in Delaware. Has acquired the assets and
native, all the issued and outstanding common stock, of Moyneur Co-- Company.
opwative Creamery, Ltd., and its affiliated companies: Chateau Cheese business of The Campo Corp.(New York) and all the outstanding securities
Co., Ltd., and Laurentian Dairy, Ltd.•. (d) 44,000 additional shares, on of Century Beverly Corp. and Ballard Knitting Co. Company and
official notice of issuance, in payment for the assets and business of Moores subsidiaries are probably the largest manufacturers in the countryof women's
& Ross, Inc.; and (e) 23,034 additional shares on official notice of issuance, rayon and cotton knit underwear as well as one of the largest distributors
In payment for the assets and business of Belle Isle Creamery Co.; making of men's athletic underwear. The predecessors were established respecthe total amount applied for to date 1,438,084 shares of an aggregate par tively in 1898. 1901 and 1906 and their present assets represent undisturbed
value of $71.904,200.--V. 128. p.562.
earnings from a combined original capital of only $43,500.
The six modern mills at Boyerstown, Norristown, Pottstown, Spring
-The City. Pa., and Beverly and Burlington, N. J., are situated favorably as to
-2% Extra Dividend.
Buckeye Pipe Line Co.
have annual capacity of over
directors have declared an extra dividend of 2% and the labor, etc., andare manufactured largely on30.000,000 garments. Standorder, thus minimizing the
regular quarterly dividend of 2% on the outstanding $10,- ard products
hazard of inventory losses, and are sold under trade-marked brands to
of the largest
000,000 capital stock (par $50), both payable March 15, to selected customers, including someof materials, chain stores and mall
weights and styles largely
holders of record Feb. 21. The company on March 15 and order houses. Wide diversification company to a great extent controls
eliminates seasonal fluctuations. The
June 15 1927 also paid an extra dividend of 2%.-V. 127, every function from spinning the yarns to merchandising the finished
products.
p. 413.
Earnings.
-Each of the three companies constituting The Campe Corp.
and subsidiaries has earned a net profit in every year since organization.
-Bonds Called.
- In each of the last 18 years operating profits of the three companies comBuffalo & Fort Erie Public Bridge Co.
-year 8% sinking fund debenture gold bonds, bined, including compensation to owners, have amounted to substantially
Certain outstanding 20
aggregating $75,800, have been called for redemption April 1 at 105 and more than the annual dividend requirements on the Preferred Stock and
Int. Payment will be made at the Liberty Bank, Buffalo. N. Y. or at the have shown a balance for the Common.
-V.
American Exchange-Irving Trust Co., 60 Broadway, N. Y. City.
Net earnings of the Campo Corp. and Ballard Knitting Co.. after present
120. p. 2947.
preferred dividend, for the six calendar years ended Dec. 311927, combined
for the six fiscal years ended July 31
with
-Enters Retail Chain Variety 1927.those of Century Beve-ly Corp.compensation contracts, denrecia Hon
Butler Brothers, Chicago.
adjusted to accord with new
Store Field.
based on sound values tis recently appraised by General Valuations Co.,
Butler Brothers, of Chicago, for more than 50 years a wholesaler of Inc.. and Federal income taxes at the present rate of 12%. which adjustsmall merchandise. has entered the retail chain store field. This was an- ments increase anneal average earnings of the combined companies in the
nounced a few days ago, following the purchase of the Freeman & Co. amount of ie193,772. all as certified by Price, Waterhouse & Co.. have
chain of 9 stores operating successfully in Arkansas and Oklahoma. This been as follows:
8306,78011925
$289.409
group now bears the name of Scott Stores, Inc.. and now completely owned 1922
360, 03 I 1926
9
916,929
Butler Brothers subsidiary that is paid for from surplus cash. Variety 1923
269.81711927
324,831
merchandise priced from 5 cents to $1 will be featured by the new chain
Net earnings before preferred dividends, adjusted and certified as above,
organization.
,
In addition to the stores purchased from Freemen & Co. several others for the fiscal year ending July 31 1928, of The Centel" Beverly Corp. were
will be opened within a short time. Leases on a number of new locations $186.345, and for the 21 weeks ended May 26 1928. were $210,984, for
already have been signed and licenses have been procured for all States, as The Campe Corp. and Ballard Knitting Co.
Net ear”in,v combined, adjusted and certified as above, were in no year
well as the Dominion of Canada. Most stores will be located in cities of
less than $1.62 per share on the common stock and have averaged over
10,000 and lass.
Although these stores will be an added outlet for merchandise sold by $2.38 per share.
Net earnings for the current Meal Delei are expected to be at the rate of
Butler Brothers, they will in no manner compote with present wholesale
buyers. Stores will not be located in towns where there are Butler Brothers in excess of $3 per annum per share of common stock. Compare also
V. 127, p. 2824.
customers, except in a very few places.
-V. 127, p. 3402.
H.13. Crippen, Treasurer, has been elected Vice-President. Mr. Crippen
wM also continue to fill the office of Treasurer. He was recently elected
a director
.-V.128,p. 115.

-Rights, &e.
(A. M.) Byers Co., Pittsburgh, Pa.

The company, in a recent letter to the stockholders, says in substance:
At a special meeting of the stockholders, held on July 11 1928, the common stock, without par value, was authorized to be increased from 200,000
to 325.000 shares, the detailed reasons for this authorization having been
set forth in a letter to the stockholders under date of May 12 1928 (see V.
126, p. 3124.)
The directors have now decided to proceed with the first step in the program of expansion previously determined upon. This will be the construction on the company's new property in Harmony Tonwship. Beaver
County, Pa., of a plant to manufacture semi-finished material, such as
blooms, billets, slato, skelp plate and plate. In this plant the company's
new proems will be used exclusively.
For this purpose the directors have determined to issue 66.635 additional
shares of common stock out of the 125.000 shares now authorized but unissued, and to offer the same to both the preferred and common stockholders
of record Jan. 14 at $100 per share, on the basis of one share for each four
shares of preferred or common stock then held.
Subscriptions are to be made and paid in full on or before Mar. 1 1929,
at the Guaranty Trust Co., 140 Broadway, New York City,which banking
Institution has also been appointed agent to transfer all subscription warrants and to make deliveries of the stock properly subscribed for.
This offering will leave 58,365 shares of the authorized common stock
unissued and available for future use as the company's needs may require.
The directors expect, from time to time in the future, to take further
steps in the completion of the expansion program, by the addition of finishing mills for the manufacture of finished products, and plans for financing
such additional steps will be submitted to the stockholders as the circumstances of the then existing conditions require.
Signed by A. H. Beale, President, and Frank G. Love, Secretary.
1925.
1926.
Quarter End. Vet
1927.
.31- 1928.
$422,857
$313.029
xNetearnings
$196,257
$341,823
30.274
23,912
62,914
Other income
78,880

Canadian Bronze Co., Ltd.(& Subs.).
-Earnings.
Calendar Years1928.
Operating profits from subsidiary companies
x $469,268
Net revenues from investments, int. & rentals_ _ _ _
25.677

$1396257:837

Total gross profits
x$494.945
Gross profits for 3 mos.end. Mar.311927.absorbed
by sub. cos. prior to formation of Canadian
Bronze Co., Ltd
x
Reserve for depreciation
x
Provision for income tax

2378.816

2494.945
75,003
41.994
160,000

$282,826
65,125

Balance.surplus
$217.947
Earns, per sh. on 80,000 shs. com. stk. (no par)
14.73
-V. 127, p. 3095.
x After depreciation and taxes.

$217,701
$2.70

Net profits
Preferred dividends
Prov. for sinking fund for redemp. of pref. stock
Common dividends

12,979

.51.240
18,750
26,000

-Stock Offered.
Canadian Investors Corp., Ltd.
-MeLox', Young, Weir & Co., Ltd., are offering at $26.50 per
share 80,000 shares no par value capital stock.

ll th ortLed
Transfer agent, National Trust Co., Ltd. A uegls ar,. Royal Trust Co.
CapitalizationTo Be Issued.
200,000 ells.
Capital stock (no par value)
*80,000 atm.
* In the event of subscriptions being received in excess of this amount,
the right is reserved to issue all or part of the remaining authorized /therm
to net the corporation $25 a share and to be sold to investors at $26.50
a share.
Organization.-liaa been formed under the laws of the Province of
Ontario as an, investment corporation of the management type with
broad powers to buy. sell, trade in, pledge and hold securities of any kind,
$453,131
$336,941
Totalincome
$259,171
$420,703
88.728 to Invest money at interest, to participate in enterprises, syndicates and
37,562
Int.& amort
underwritings, to engage in activities kindred and subservient thereto.
powers
$364,403 and to exercise such other of its charterdesigned as its board of directors
$299,379
Netincome
$259,171
$420.703
to obtain for the holders
may from time to time determine. It Is
xAfter depreciation, depletion and Federal taxes.
the benefits of experienced investment management and
The net income of $420.703 after depreciation. Federal taxes. &c. for of its securities
funds, and to afford participation in a diversiafter allowing for dividend constant supervision of their and in underwritings.
the quarter ended Dec. 311928. is equivalent
requirements on the preferred stock, to $1.57 a share earned on 199,340 fication of selected securities
-The corporation will commence business with at least
Initial Capital.
shares of no par common stock. This compares with 76 cents a share in $2.000,000 in cash, representing the proceeds of the sale of 80.000 shares
first quarter of previous fiscal year.
-V.128, p. 253.
of Its capital stock to McLeod, Young, Weir & Co., Ltd., at $25 per share.
Of these 80,000 shares, 4,000 shares are being purchased for $100,000 cash
Cadet Knitting Co.
-Reorganization.
Caldwell & Co. Nashville. Tenn., have undertaken the refinancing of by McLeod, Young, Weir & Co., Ltd., for its own account. As McLeod,
,
Co.,z
the Cadet Knitting Co. of Philadelphia. Pa., according to an announce- Young. Weir & Co., Ltd., will pay all expenses in connection with inment made by William M. Pepper, President of the Cadet Knitting Co. corporation and organization, and the issue and distribution of this stock.
Their plan calls for tho organization of a new company to succeed the pres- the above sum of 82.000,000 will be ent to the corporation.
Management.
-The corporation has entered into a management contract
ent company and to acquire their large full-fashioned hosiery plant located
at 2nd St. & Allegheny Ave., Philadelphia, Pa.. all their patents, good-will with McLeod. Young, Weir & Co., Ltd., as manager, whereby the manager
and going business, and provides funds for the erection and equipping of will receive no compensation unless the corporation's net profits in any
an additional new full-fashioned hosiery plant to be located at Columbia, year exceed 7% of the Issued capital and surplus. In that event the
manager is entitled to receive up to 20% of the entire net profits, but in
Tenn.
Capitalization of the new company will consist of an authorizei Issue of no case shall the compensation received by the manager reduce the net
-year 634% sinking fund debentures. 5.000 shares of cumul. Profits to an amount less than 7% of the issued capital and surplus. The
15
$2,000,000
of
7% pref. stock, and 50,000 shams of class A preference $2 cumul.stock. requirement for the annual earning notnet profits of 7% shall be cumuearned in any year. the deficiency
and 250,000 shares of common. This program entails the public market- lative; that is, should the said 7% be
Co.of 15
of pref.stock. is, for the purpose of determining the compensation of the manager, to be
-year 634% debentures and a block
ing by Caldwell &
This plan, after the expenditure for the erection and equipping of the deducted in computing the net profits of succeeding Years.
Operating Provisions -The charter or the management contract contain
new plant. will leave the company with an excess of $1.000.000 of net
working capital with no current liabilitiee, and with total tangible assets. Provisions to the following effect: (1) The board of directors is empowered
to set up reasonable reserves. (2) All financial transactions shall during
excluding good-will and patents, in excess of $2,250,000.
This new financing will pay all liabilities, including the long time in- the currency of the management contract be carried out through the
debtedness of the present company. Holders of the let pref. stock will manager unless the manager elects otherwise. (3) Provision is made for
qualifications
receive 334 shares of a new class A preference stock drawing $2 per year continuity in the management of the corporation through the




FEB. 2 1929.]

FINANCIAL CHRONICLE

733

required for directors. (4) The corporation may issue additional authorChilds Co., N. Y.
-Executive Changes Announced-New
ized shares from time to time for such consideration as may be fixed by
-Chairman William Childs issued the folthe board of directors, provided that the corporation shall receive not President, &c.
Ices than $25 per share in money or other consideration as fined. (5) The lowing statement:
management contract may be terminated by a vote of the holders of a
The board of directors at a meeting on Jan. 30 at which the entire board
majority of the outstanding stock should the fair value of the net assets
at the end of any fiscal year be less than $25 for each share outstanding. was present,removed S. Willard Smith as President and as a member of the
executive committee, removed William A. Barber as legal counsel of the
Unless terminated under provisions made in that behalf, the contract
shall continue until Dec. 31 1939. and automatically thereafter for five-year company and as a member of the executive commitee, removed L. E. Bus
periods unless terminated by either party giving six months' written notice well as Secretary and Treasurer, and abolished the executive committee.
Several other changes in management were made by the board of directo that effect.
The corporation may Wile bonds, debentures or other securities in the tors, so that the present officers are as follows: William Childs, Chairman
discretion of the board of directors. It is contemplated that the manager of the board' Luther Childs, President: E. Ellsworth Childs, Senior Vicewill deal freely with the corooratton, but in any transaction between them President; W'. S. Childs, Second Vice-President: Victoria Childs, Secretary;
McLeod, Young, Weir & Co., Ltd., will accept the responsibility of the and Ellsworth Childs, Treasurer.
The changes insure a management in harmony with the principles that
fairness of the transaction.
Direclors.-The board of directors is, with one exception. composei have guided Child's Co.'s business since it was founded by my brother and
entirely of executives of McLeod. Young, Weir & Co., Ltd.,and consists of: me 40 years ago.
The company is in a very sound, healthy, prosperous condition and is
-Col. J. Gordon Weir. D.S.O., M.O.;M.J. Patton, M.A.;
0.3. McLeod;Lt.
W.E. Young; J. H. Ratcliffe; E.P. Taylor, B.Sc. (all of McLeod, Young, showing splendid progress. Through years of careful investment under
my personal direction, the company has accumulated very valuable real
Weir & Co., Ltd.), and W. Kasper Fraser, K. 0. (of Fraser & Beatty,
estate holdings. Its physical properties are in most excellent condition.
Barristers-at-Law).
I personally have the confidence and co-operation of all the 10,000 employes of this company. The administrative staff comprises new young
Celotex Co.
Manufacture New Product.
-To
The company is installing machinery in its Marrero, La.. plant for the material that has for the most part grown up in the business, understands
production of a new hard panel board product which recently has been its peculiar needs, appreciates its character, and is fit and qualified to
developed with bagasse as a base. The board has a tensile strength of carry on the business to the best advantage of all concerned.
As
4,000 pounds per square inch or about 10 times the strength of common with Chairman of the board. I desire to round out my 40 years of service
the company by developing newer and younger men who can fulfill my
structural wood.
The board is made from the highly compacted and dense masses of vision of greater achievements by this company than ever before.
interlocking bagasse fibres; that are pressed together under enormous
William Childs Chairman of the board of directors, this
hydraulic pressure and heat. No glue or binder is used. During the
following answers to certain statements
process of manufacture each fibre is made water-resistant so that the board week made the'
absorbs practically no moisture under severe weather conditions.
regarding the present management of this company:
This product, suitable for many building uses, gives the company an
1. Mr. Smith was voted out of office in a quiet, orderly meeting by a
opportunity to enter new sales fields which have previously been un- vote of 6 to 2
-one not voting.
touched, and it is expected that it will be a big factor in increasing Celotex
2. The improvement in the financial condition of the company is due to
sales during 1929.
changes inaugurated by him or by his direction.
The Modern Housing Corp., a branch of General Motors, will use more
3. 'When the stockholders learn the facts and the influences that have
than a million feet of Calcite' products in its 1929 construction program been back of the officers who were on Jan. 30 removed from the managewhich includes the building of 600 homes for employees, in Flint and ment by the board of directors, it is believed that Mr. Childs and the
Pontiac, Mich.
present management will be overwhelmingly supported by the stockholders
At the annual meeting of the stockholders, Willis H. Booth, Vice- at their next annual meeting.
4. My policy is to give the public what they want in a most direct and
President of the Guaranty Trust Co.. and William Johnston, Vice-President of Southern Sugar Co., were elected directors to succeed H. J. Burt efficient way. I believe in letting people choose for themselves what they
and J. K. Shaw.
prefer to eat. The table is set with the very best foods obtainable in the
The company, about April 1 1929, will move from 645 No. Michigan market, prepared in a most scientific way, and served in a suitable and
Ave., Chicago, to the new Palmolive Building at No. Michigan Ave. and hospitable manner. Dieticians are not employed by the company, but food
Walton Plaoe, Chicago. where it has leases and options on more than supervisors are used to maintain the company's high standards, and none
50,000 feet of office space. The Celotex laboratory will still be main- have been dismissed. The Childs Co. is contsantly striving to improve
tained at 310 West Superior St., that city. The company manufactures the menu and that judging by results, the present one meets with most
an inshlating material from sugar cane fibre. Starting 7 years ago to popular favor. For months a contrary and wholly false impression remanufacture 30,000 feet of Oolotex a day, it now has a daily output of garding Mr. Childs' purposes has been industriously circulated by interests
more than 1,250,000 feet, says Vice-President William Johnston. In sympathetic with the faction removed from the management, and that the
addition the company has office space in the principal cities in the United motives that have been behind all these misrepresentations must be obvious
States and in several foreign countries.
now to everyone.
-V. 128. P. 563.

Cart* Corp.-Stock Dividend Ruling.
'rho Committee on Securities of the New York Stock Exchange has ruled
that the common stock be not quoted ex the 33 1-3% stock dividend until
March I. See V 128, p. 254.
Chain Store Investment Corp.
-Annual
Earnings Year Ended Dec. 311928.
Income from dividends and interest
Gainsfrom sales ofsecurities

Report.
$46,813
183,628

Total income
Interest and miscellaneous expense
Taxes

$230,441
1,423
32.740

Net income
Previous surplus

$196.279
3.098

Total surplus
Preferred dividends
Reserve for preferred dividends one year in advance

$199,377
32,500
32,500

Balance surplus

$134,377

Regarding the removal of William A. Barber as legal
counsel and as member of the executive committee, Mr.
Childs stated:
For months, a stock-jobbing pool has been ()mating in the stock of
Childs Co., under the advice and direction of William A. Barber, legal
counsel, member of the executive committee and one of the directors of
Childs Co.
For years, William A. Barber, as my personal counsel, and as counsel
for the Childs Co.. has had my implicit confidence, but independent counsel
now advises me that it is my duty as Chairman of the board, to lay the
above facts before the stockholders, and to do all I can, in the board and
In the forthcoming stockholders' meeting, to free the management from the
Influence of William A. Barber.
It was in pursuance of this program that the board of directors to-day,
in a meeting at which the entire board was present, removed William A.
Barber as legal counsel and as member of the executive committee,and also
removed such other officers as were identified with Mr. Barber's faction
In Childs Co.
-V. 128, P. 254.

Chile Copper Co.
-Offer Made to Minority Stockholders
Expires on April 30.
-

See Anaconda Copper Mining Co. above.
-V. 128. P. 563.
Comparative Balance Sheet.
Dee.31'28. June30'28. LiesbUltlesAside
Dec.31'28. June30'28.
City Ice & Fuel Co.
-Larger Dividend.
$12,561
$14,694 Preferred stockCash
$500,000 $500,000
The directors have declared a quarterly dividend of 90c. a share on the
90,000 Common stock _ _
Loans on call
500,000
500,000 common stock, no par value, payable Feb. 20 to holders of record Feb. 15.
962,254 Res, for taxes_
1,157,257
Investments
28,808
This raises the annual rate from $3 to $3.60 a share. The directors also
6,164 Reserve for diva__
Accts.receivable_ 32,540
25.906
declared the regular quarterly dividend of 1%% on the preferred stock,
637 Surplus
Aces. hit. receiv134,377
73.752 payable March 1 to holders of record Feb. 13.-V. 128, p. 564.
Total$1.195,726 81.073.752 Total
$1,195,726 81,073,752
City Dairy Co.,
-Annual Report.
-V. 127. p. 3095.
Calendar Years1928.1926.
1927.
1925.
Net trading profit after
depreciation, bad and
-To Offer 35,000 Shares of
Chelsea Exchange Corp.
doubtful debts, &c$327,963
$323,902
$278.490
$27 :0 0
49 3
4 80
Treasury Stock.
Preference dividends49,000
49.000
49,000
The directors on Jan. 31 approved a proposal calling for the issue cf Commonyclividends
184.800
90.400
92.025
67,800
35,000 shares of unissued treasury stock, of which half is in the form of
class A stock, and half class lt stock, President Lewis H. Rothschild, anBalance, surplus
$94,163
$139,090
$182.877
$157,530
nounced.
Previous surplus
450.152
589.242
772,120
292.622
The stockholders of record Feb. 18 1929 will be given the right to subscribe on or before March 11 for 17.500 shares of class A stock at $28 per
Profit loss surplus_ _ _ _
$589.242
$772,119
$866,283
$450.152
share and 17,500 shares of class B stock at $26 per share in the ratio of one Corn. shs. outst.(par$100)
5,775
5,775
5.650
5.650
share of new stock for each 2 shares currently held.
Earns, per shr. on com_ $40.62
$47.78
$48.31
$39.86
The corporation now has 65,000 shares of stock outstanding, and this -V.126. p. 874.
total will be increased to 100,000 shares through the issuance of the
treasury stock.
-Initial Dividend.
City Radio Stores, Inc.
The corporation is now paying dividends at the rate of $1 per share
The directors have declared an initial quarterly dividend of 3734c. a
annually on its outstanding stock and this dividend, for the present, will share on the common stock, no par value, payable March 1 to holders of
be maintained on the additional shares," Mr. Rothschild said: "It is record Feb. 15. (For offering, see V. 127, p. 3096).-V. 128. p. 406.
possible, however, that increased or extra payments may be made later."
"The issue of the additional stock," Mr. Rothschild said. "is being
Claude Neon Lights Inc.-Injunction Granted.undertaken for the purpose of carrying out an expansion program preJudge Henry W. Goddard in the U. S. District Court of the Southern
viously approved by the directors and which already is under way. We District of New York has granted to this corporation a motion for prehave recently contracted for several transactions involving the under- liminary injunction against the American Neon Lights Corp., its officers,
writing of new securities, announcement of which will be made in the not Kane, Brooks & Co.,investment brokers, and all of the individual defenddistant future. The Issue of the treasury stock will give the corporation ants for infringement ot the Claude patent 1,125,476, which broadly
approximately $1,200,000 additional capital, which with the capital pre- covers the manufacture of Neon electric signs.
-V. 128. p. 564.
viously subscribed and urdivided profits, will give the company working
capital approaching $2.000,000.
-Profit Participation.
Collateral Bankers, Inc.
"Although in existence about nine months, the company has been actively
More than $100,000 in profit participation was declared and paid on Jan
operating for only about 6 months. During this period, on a business 31 by the corporation to holders of its bonds of record on Jan. 15. The
turnover of between 20 and 30 millions of dollars, the corporation has payment which is in addition to the regular 6% on the bonds and is the
earned about $150.000 net, which is equal to about $2.30 a share on
eighth profit participation by the company, is 1% on the principal and
65,000 shares of stock now outstanding, or at an annual rate of Overthe covers the year ended Jan. 15 1928.-V. 128, p.254.
$4
per share on the present capitalization. The corporation now has
1.600
shareholders on its books."
Colorado Fuel & Iron Co.
-New President.
Arthur Roeder has been elected President succeeding J. F. Welborn, who
Chemical Industries Corp.
-Acquires Interest in Merlin becomes Chairman of the Board.
John B. Marks, executive Vice-President and director has resigned.
Products Corp.
2689.
The corporation has purchased a 40% interest in the Merlin Products V. 127, p.
Corp., manufacturers of a household cleaner, according to an announceCommercial Credit Co., Balt.-New Contract.
ment by Maurice M. Minton, Jr., Vice-President and General Manager.
The company has entered into a contract with the Dwight Lumber Co.
The Merlin corporation has leased a plant at Bush Terminal, Brooklyn,
N. Y and machinery is being installed to provide facilities for a volume of of Detroit, whereby the new "Dee-Wite" mahogany runabout powerboat,
300,000 cases of package goods per annum, with facilities for expansion in with selling cost under that of a small automobile, is to be sold on an in-V.128. p.40e.
this plant to a volume of 1000.000 cases per annum. Mr. Minton also stalment plan through a nation-wide organization of dealers.
announced that plans are being formulated for an advertising campaign to
Commercial Investment Trust Corp.
-Creates World's
commence in the Spring of this year which should establish a national market
for the corporation's merchandise and open the way to greater development Largest Textile Factoring Organization.
and distribution in the future. Negotiations are likewise being conducted
Creation of the world's largest textile factoring organization was profor the exploitation of the product in foreign fields. Stanley Q. Grady is jected this week by the above corporation, with the announcement
that it
General Sales Manager for the corporation.
Vietor & Achells. Inc.. one of
had si:gned a contract to acquire
Walter Bell, Ernest Rice, and Maurice M. Minton, Jr., have been elected the oldest and best known textileFrederick the United States,
factors in
and that
tollthe board of directors of Merlin Products Corp. Mr. Minton is Vice- there would be a merger of Frederick Vietor & Achells, Inc. and
Peierls.
President and General Manager of the Chemical Industries Corp.
-V.127, Buhler & Co.. Inc., another prominent textile factor which came into the
P..3251.
C. I. T. group last year.




734

FINANCIAL CHRONICLE

[VOL. 128.

Thomas F. Vietor will become Chairman of the board of the company of keeping all tickets under lock and key, of simplifying the auditing o
resulting from the merger (for which the name has not been determined), cash receipts, of issuing a different price and color ticket for each admission
and Robert G. Blumenthal, head of Peter's, Buhler & Co., Inc., will be price in theaters, of preventing errors and defalcations and of speeding of
President. Among the present officers of Frederick Vietor & Achelis, Inc., service in the sale of checks and tickets.
who will continue with the new organization, are Thomas Smidt, who will
Gold Seal registers are now in use at motion picture theaters, amusement
be Chairman of the executive committee, and Jolmfritz Achelis, executive parks, bathing pavilions, department stores, restaurants, subways, vaudevice-president and vice-chairman of the executive committee. Other ville theaters, baseball parks, soda fountains, dance halls, fairs and conofficers of the two companies will occupy in the new organization the cessions and on ferries and bridges -V. 127, u. 3096.
same offices which they now hold in the individual concerns. The board
of directors of the combined organizations will be composed of the officers
Consolidated Film Industries, Inc.
-Big Contract.
and Siegfried Peter's and H. H. Wolff, former officers of Peieris, Buhler &
The
Co. Inc.; H. P. Howell, President of the Commercial National Bank & one of corporation is expected to announce shortly the consummation of
the largest contracts for film printing negotiated in the industry
Trust Co. of New York: Henry Ittleson, President, and Edwin C. Vogel
and Phillip W. Haberman, Vice-Presidents, of Commercial Investment for many years. It is reported that ono of the leading motion picture
producing and distributing companies in the country has agreed to turn
Trust Corp.; T. Holt Haywood and Adolph Smidt.
The consolidation will involve no change in policy or trade relationship over to Consolidated all of the film printing of its eastern units.
The corporation maintains 3 plants in the East and 2 in Hollywood with
as the newly merged organization will be conducted as a separate unit
under its own individual management, exactly as Peierls, Buhler & Co., completely equipped laboratories for printing both silent and sound films.
President Herbert J. Yates announced that final announcement of the
Inc. has operated since its acquisition by C. I. T. The combined organi-V. 127, p. 2827.
zation will factor for approximately 150 mills and will derive from the deal would shortly be made.
merger the benefits of increased facilities for service, the economies of
Continental Motors Corp.
-To Retire Bonds-Rights.
large scale operations, as well as the combined experience in management
At a meeting hold Jan. 22 1929, the directors determined to call for
of these two great houses. Based on the volume of sales of the two indiredemption the outstanding 86.215.300 of 6%% gold bonds and, for the
vidual concerns for the year 1928, it is anticipated that their combined
volume will exceed $100,000,000. This merger is of more than passing purpose of providing the money to effect such redemption, to issue and
Interest to the textile trade as it produces the largest factoring organiza- offer for subscription to the stockholders 352.169 shares of additional no
tion in the world, capable within itself of taking care of the maximum par value common stock upon the following terms:
Privilege is given to the holders of no par value common stock of record
needs of every customer.
-V. 128, p. 551.
Feb. 2 1929, to subscribe on or before March 5 1929 at $17.50 per share
for an amount of the no par value common stock, equal to 20% of the
Commercial Solvents Corp.
-Annual Report.
number of shares held.
Calendar Years1925.
1928.
1927.
1926.
Warrants will be mailed to each stockholder on or before Feb. 9 1929,
Operating income
33.555,353 $2,579,967 $2,444,335 31,312,189 specifying the amount of stock in respect of which the stockholder is enOther income
87,712 titled to a subscription privilege. Subscription warrants
112,222
153,816
76,754
entitling the
holder to subscribe, will be issued only for full shares. For each fractional
Total income
33.709,170 $2,656,732 $2,556,556 $1,399,901 share In respect of which a holder Is entitled to a subscription privilege, a
Other deductions
338,014 fractional warrant will be issued.
486,847
308,441
213,796
Federal tax reserve
171.622
361.918
471.309
430,061
The purpose of this redemption is to conserve on cash reserve in view of
developments are
Net income
$890,265 the fact that many new -V. 128, p. 117. contemplated in both the indus$2,929,420 82,012.875 $1,707.791
trial and airplane fields.
Preferred dividends x_
80,000
40,000
Class A dividends x159,880
79.920
-6% Stock Dividend.•
Coty, Inc.
Common dividends
435,444
a1,837.667 z1,306,332
The directors have declared a 6% stock dividend on the common stock
payable in four quarterly Installments of 13 % each,'the first payable
Balance
$650,385 Feb. 27 to holders of record Feb. 11. In addition the
31,081,753
$706.543 $1,152,427
regular quarterly
Cap.stk. out.(no par)
y47,064 dividend of 50c. per share on the common has been
y108,861
221.974
217,722
declared payable Mar.
Earnings per share
$13.82 30 to holders of record Mar. 15.
$14.59
$13.19
$9.24
x Class A stock and pref. stock retired in April 1926. y Class B stock
In November last. a 300% stock distribution was made. (See V. 127, P.
(no par value) which was exchanged for new capital stock on a 2 for 1 basis
In Aug. 1927. z Being $4 per share on 108.861 shares of Class B stock and 1953).-V. 127. p. 2961.
$4 per share on 217,722 shares of new stock.
Credit Alliance Corp.-New Director.
a Includes stock dividend paid Nov. 1 at rate of 2 shares for each 100
Fred Brenchley, Vice-President, has been elected a director.
-V. 128.
shares outstanding.
P. 565.
Balance Sheet Dec. 31.
1928.
1928.
1927.
1927.
Credit Foncier International, Inc.-Registrar.
Assas$
Liabilities
$
The American Exchange Irving Trust Co. has been appointed registrar
Land, mach.,Svc_ _ 3.591.453 4,305.891 Capital stock
x4.457,927 4,370,542
Good-will & pats__
1
53.147 for 20,000 shares 1st preferred. 1,250 shares 2nd preferred and 80,000
1 Res. for coating_
5,630
Cash
219,156 shares common stock.
4,126,682 1,815,244 Accts.& loans pay. 220,063
Accts. rec.. &c
435,444
781.180
876,004 Dividends payable 443,942
Inventories
1,446,989 1,594,984 Accrued accounts_
148.772
Crown Zellerbach Corp.-Pref. Stock Offered.-Blyth
146,779
Accrued int. rec
23,543
434,819 & Co., Blair & Co., nc. and J. Barth & Co. are offering at
7,250 Fed, tax reserve__ 506,993
Deferred charges
127,218
280.593 Earned surplus___ 4.315,837 3,224,084
Total
10,097,172 8,885,967
10,097.172 8,885.967
Total
x Represented by 221,974 shares of no par value in 1928 and 217,722
shares of no par value capital stock in 1927.-V. 127. P. 3536.

Congress Cigar Co.
-Earnings.
-

Period End. Dec. sl- 1928-3 Mos.-1927.
Net profit after deprec.,
int. and Federal taxes_ $1,026,378
$809,917
Earns, per sh. on 350,000
shs. com.stk.
(no par)_
$2.93
$2.32
-V. 128, p. 255.

1928-12 Mos.1927.
32,984.605

$2,754,779

$8.53

S7.87

Consolidated Aircraft Corp., Buffalo, N. Y.
-Stock
Sold.-Pynchon & Co. announce the sale of 82,175 shares of
no par common stock at $25 per share. This offering involves
no new financing for the corporation.
History.
-Corporation was incorporated in Delaware in May 1923 to
engage in the design, construction and sale of airplanes.
The corporation owns entirely (except for two qualifying shares) Frontier
Enterprises, Inc. (a New York corporation), which, through the medium
of another wholly-owned subsidiary, Niagara-From-the-Air. Inc.. (e New
York corporation). leases Consolidated's private airport, and will operate
therefrom Consolidated aircraft on sight-seeing trips in the air over Niagara
Falls, in the training of aviators, &c.
Corporation owns its own airport of 90 acres near Buffalo, N. Y., which
Includes a factory site of 20 acres. It Is operating in Buffalo three plants
with a total floor area of 105,000 square feet, under favorable leases, with
opportunity for ample expansion.
Consolidated Aircraft Corp. has been designing and manufacturing the
following types of airplanes (and spare parts therefor): Consolidated
"Husky" a training airplane; Consolidated "Admiral,' a seaworthy,
long-distance,multi
-engineflying boatfor patrol duty;Consolidated "Husky
Junior," a commercial training and sport airplane, the design and rights to
which have been sold, and the airplane renamed in honor of the founder of
Consolidated Aircraft Corp. It will ,however, be manufactured temporarily
under a cost-plus contract by Consolidated Aircraft Corp. One or more
of these types of airplanes are in current use by the following customers:
U.S. Army Air Corps, U. S. Naval Air Service, U. S. Marine Corps, U. S.
National Guard, U. S. Organized Reserves. U. S. Naval Reserves, Royal
Canadian Flying Corps, Cuban Army Air Corps. Brazilian Army and Brazil
ion Navy,Peruvian Army and Siamese Air Corps.
These types of aircraft have flown more than 16,500,000 miles in the service of the United States alone, in which flying they have established an
unsurpassed record for safety. durability and ease of maintenance.
Assets.
-All fixed assets of the corporation have been suitably depreciated and cash and marketable securities are more than sufficient for the
present requirements of the corporation.
Earnings.
-With the exception of its first year, corporation has not failed
to earn a profit and in the last two years Its net earnings after all charges
have amounted to approximately $1.50 per share on the present outstanding stock. Prospects for the future are brighter than ever before.
Purpose.
-The present owners are convinced that all aviation companies
must depend upon public support for their proper growth and development,
and that public participation in ownership with themselves is the best
method of guaranteeing public support of an Industry growing so rapidly.
The purpose of this sale is, therefore, to establish a broad national market
for the stock, and application will he made to list it on one or more of the
country's recognized exchanges.
-V. 118, p. f6 I.

to yield 6.32% 60,000 shares prefer$95 per share and aiv.
ence stock $6 dividend convertible series B (no par value).

Non-callable under Nevada laws, in opinion of counsel, for a period of
three years from issuance. Preferred as to assets and cumulative dividends. Red. in whole or in part on any div. date at 102% Per share and
div. Dividends payable Q.
-M. Dividends exempt from present normal
Federal income tax. Transfer office: National City Bank, New York, and
Crown Zellerbach Corp., San Francisco. Registrar: National Bank of
Commerce, New York, and Wells Fargo Bank & Union Trust Co., San
Francisco.
Convertible.
-Each share of preference stock, $6 dividend, series B, is
convertible at option of holder prior to Dec. 1 1933, into three shares of
common stock (voting trust certificates), such conversion right expiring
asp atalizhtion called for redemption 10 days before redemption.
apiny saares
Outstanding.
Authorized.
Conv.munul.$6div.pref.stk.(no par value)_ a120,000 abs.
194, 22 abs.
903
9
Pref.stk.(no par)$6 div.cony.series A - - {3,000,000 she.)
60,000 shs.
$6 city. cony.series B (this issue)
1,971,957 abs.
Conunon stock (v. t. c.)
67,500.000 alas.
In addition, the subsidiary companies had outstanding on Oct. 311928,
funded debt aggregating $23,657,150 and preferred stocks aggregating
247.421 shares..
a The amended articles of incorporation provide that no more of the
authorized but unissued convertible cumulative $6 dividend preferred
stock may at any time be issued. As of Jan. 26 1929.less than 5,000 shares
seTk outstanding. b Includes shares reserved for conversion of preference
ru eain

Data from Letter of I. Zellerbach, President of the Company.
-Corporation is the outgrowth of businesses
Business !le Properties.
founded over a half century ago, and, with subsidiaries, is the largest paw
manufacturer in the United States, with assets of over $105,000,0M
Products of the corporation include newsprint, sulphite and kraft wrapping
papers, tissue papers, waxed papers, paper bags and fruit wraps and such
products as solid fibre and corrugated containers, cartons, folding and
stiff boxes, paper cans, oyster pails and the nationally known brands of
public service towels and no-waste toilet tissue. Its wholesale divisions
are agents for a full line of all grades of paper and kindred lines.
Properties include fee ownership and timber licenses and pulp leases of
more than 10 billion feet of timber in the United States and Canada; water
power developments owned and leased of 63.600 h.p. capacity; hydroelectric power development of a present installed capacity of 25,500 k.w.
and long-term contracts for 14.200 k.w. additional; Pulp mills and paper
mills having an annual capacity of 465.000 tons of paper; partly owned
paper and board mills having an annual capacity of 186,000 tons of box
board and box board products; converting plants; wholesale divisions.
Earnings.-Consolldated earnings of the corporation and subsidiary
companies, for each of the last four fiscal years ended Apr. 30, including
earnings of the Crown Willamette Paper Co. for the entire period adjusted
to the fiscal year basis, based upon a statement prepared by Lybrand, Ross
Bros. & Montgomery, public accountants, from audited statements were
as follows
1926.
1927.
1925.
1928.
a Net profits
310,336,089 810,706.036 311.267,836 811,522,479
b Net profits
5,561,846
5,820.704
5.861,985
5,790,959
Bal. after div. on pref.
stocks ofsubs
4.136,176
3.877,319
3,997,458
4,108.432
Annual dividend requirement on convertible preferred stock and preference stock outstanding as of Oct. 31 1928. as now constituted Including
this issue of series B preference stock requires 31.583.670.
a Before depreciation, depletion, interest and Federal and Canadian
income taxes. b After depreciation, depletion, interest and Federal and
Consolidated Aircraft Corp.
-Admitted to Trading.
on the Canadian income taxes and after allowing for minority interests in Pacific
The corporation's new stock has been introduced to trading
Over-the
-Counter market. The company manufactures large flying boats Mills. Ltd., based upon holdings as of Apr. 30 for the years shown.
The balance of net profits of the corporation and subsidiary companies
and has supplied the greater part of the army and navy requirements for for
the first half of the current fiscal year, to Oct. 31 1928, based on book
training planes in the past 5 years. Contracts for 20 planes with spare
parts have been placed with the company by the United States Navy. figures, after the payment of dividends on preferred stocks of subsidiary
bankers have acquired a substantial interest in the company. companies were at the annual rate of 85,514,519. It is estimated that the
New York
additional plant capacity and reduction of current indebtedness out of
-V. 128, p. 561.
proceeds of this financing will result in an increase of at least $675,000 to
-A c- net profits during the next fiscal year. Adjusting current earnings on this
Consolidated Automatic Merchandising Corp.
basis, the balance of net profits available for the payment of preferred stock
quires Mechanical Ticket Salesmen.
dividends would be at an annual rate of 36,189,519, equivalent to ever
corporation announces the acquisition of a majority of the stock of 3% times the annual dividend requirements of the preferred and preferThe
the Automatic Ticket Re Aster Corp., manufacturers of Gold Seal ticket ence stocks outstanding including this issue, as now constituted.
After payment of preferred and preference stock dividends, the balance
register products used in virtually all motion picture theaters, quick lunch
restaurants and soda fountains as well as In amusement parks. The patents available for the common stock on the above basis, would be at an annual
controlled by the company and the machines now in operation are for the rate of $4,605,849, equivalent to over $2.25 per share.
Dividend Record.--worporatIon or its predecessor has an unbroken divipurpose of selling all forms of tickets and soda checks automatically. The
company has been engaged in building and distributing inachines of this dend recrod for a period of more than 20 years. From Jan. 1 1925 to
Apr. 30 1927. the common stock received dividends at the rate of $1.50 Per
character for more than 15 years.
The company announced that the new acquisition would mean additional share annually; thereafter at the rate of $2 per share annually until June 80'
plant facilities for ameo and was in line with Its policy of expansion in the 1928. As of Sept. 1 1928 a 5%% dividend payable in common stock and a
field of automatic selling. The Automatic ticket system has the advantage 20% dividend payable In preference stock was distributed. Since June 30




FEB. 2 1929.]

FINANCIAL CHRONICLE

1928, the common stock has received dividends at the rate of $1 per share
annually.
Purpose.
-Proceeds of this financing will be used to retire current indebtedness incurred in the acquisition of new properties and for other corporate purposes.
Officers.-Louls Bloch, Chairman: I. Zellerbach, Pres.: M. R. Higgins,
Chairman of executive committee: Edward M. Mills. A. B. Martin, J. D.
Zellerbaeh, Executive Vice-Presidents: H. L. Zellerbach, Vice-Pros.
P Directors consists of the foregoing, together with the following: J. Y.
Baruh, M. M. Baruh, Oharles R. Blyth, Herbert Fleishhacker, Henry C.
Olcott, James H. Schwabacher, George S. Towne.
-It is expected application will be made to list this preference
Listing.
stock series B on the San Francisco Stock Exchange.
Tentative Pro Forma Consolidated Balance Sheet Oct. 31 1928.
Assets-Cash
$1,790,806 Accounts payable
32.800,786
N.Y.call loans
200,000 State, county d: city taxes accr
652.338
U.S.Gov.bonds
837,314 Interestaccrued
461.338
Notes & accts. recelevable - - 7,298.303 MIsci accr.exp
95.307
Iventories
12,228,467 Mtges.& contr. pay. 1929 ___
119.830
Other accts. dc contr.reo
Fed.& Canadian Inc. taxes...
328,732
888.690
Inv.In sea. of other oos
7.964,088 Dividends declared
284,680
Plants.equipment,&e
74,378,844 Notes pay.for Umberl'd purp
204,000
Miscellaneous assets
284,815 Sub co. bonds due 1929
315.000
Good-will
884,695 hitges.& contr. payable
89,274
Deferred charges
es
1,110,846 Notes pay.for timberrd porch
818.000
Bonds
23,657,150
Special reserves
928,451
Cap.: Crown Zellerbach Int._ 49,996.421
Cap. 5th. of sub. cos. In
Total(each side)
107.104,213
hands of publio
25,796.948

Initial Dividend-Acquires Timber Holdings.
The directrrs have declared an initial quarterly dividend of $1.50 nor
share on the reclassified Sc preferred stook and the reutilar quarterly dividend of $1.50 on the convertible pref. stock, payable Mar. 2 to holders of
record Feb. 13. (See also V. 127. p. 3403.)
The corporation announces the purchase ofimportant timber holdings In
Washington in the Cape Flattery district. The properties carry approximately 800,000,000 feet of standing timber and have been acquired as a
reserve for the operations of the Port Angeles and Port Townsend Mills to
which they are readily accessible. The Port Angeles mills specialize in newsprint and require clear pulp wood whereas the Port Townsend mills can
take the balance for craft production.
The acquisition of this property brings the timber holdings of the corporation and subsidiaries in the United States and Canada to more than
10.000,000,000 feet. The holdings generally are in the Columbia River
section and tributary to the paper mills in Oregon in the Olympia Peninsula
tributary to the Washington mills and in Canada tributary to the Pacific
Mills, Ltd. properties at Ocean Falls. British Columbia.
-V.128, p. 565.

Cudahy Packing Co.
-Listing.
-

The New York Stock Exchange has authorized tile listing of 32.124,950
common stock (par $50) on official notice of issuance, making the total
amount applied for 467,489 shares of common stock.
Shareholders of record Jan. 4 1929 are given the right to subscribe to
the 42,499 shares of common stock in the proportion of one additional
share for each 10 shares then held at par ($50). Rights to subscribe expire Feb. 9. Payment for Pock subscribed for Is to be made at the office
of tho company, 111 West Monroe St., Chicago, or at the office of the
Guaranty Trust Co. of New York, 140 Broadway, N. Y. City, transfer
agent of the company.
-V. 127. D. 3710. 3535.

Cumberland Pipe Line Co.
-Extra Div.-Directors Jan.31
declared an extra dividend of 8% in addition to the regular
quarterly dividend of 27 on the outstanding $1,500,000
capital stock, par $50, both payable March 15 to holders of
record Feb. 28. On Dec. 15 1928, a quarterly dividend of
2% was paid on this issue. This compares with 2% quarterly
paid on the old capital stock of $100 par value, which has
been reduced from $3,000,000, par $100 to $1,500,000,
par $50. A capital distribution of $15 per share (15%)
was made Sept. 15 1928.
Earnings for Calendar Years.
1928.1926.
Net opor. Income
11 2
0 :1;445
32
3239.799
335,788
Int. & rents receivable
91.460
120,275
68,917
Rents paid
Dr.1,721
Dr.1,998
Dr.2,572
Nein:refit
Adj. of P.& L. account_
Restored from capital_ _ _
Surplus
Dividends x

1925.
3236,590
130,961

$102,133
45,560
1.500,000

$213,184
12,202

$358,076
32,888

3367.551

31.647,693
1,930,000

3225.386
1,230,000

3390,964
360,000

3367,551
360,000

3717,693def310043614
Balance:surplus
$30.964
$7,551
Earns. per sh.on cap.stk.
$3.40
27.10
$11.40
$12.28
x All of the dividends during 1927 wore from earnings since Mar. I 1913.
-V. 127. p. 2690.

Curtis Publishing Co.
-Dividend Dates.
-

The monthly dividend of 50 canto per share declared last week on the
common stock is payable March 2 to holders of record Feb. 20(not Feb. 28,
as previously reported). This distribution is payable on the increased
share; which are outstanding following the 2-for-I split up. On Feb. 2
an extra dividend of 50 cents and a regular monthly dividend of 50 canto
aro payable on the old shares. See V. 128. p. 255, 565.

Curtiss Aeroplane & Motor Co., Inc.
-Acquires Interest
in Curtiss-Caproni Corp.
-See latter company below.
V. 127, p. 2403.
Curtiss-Caproni Corp.
-G. M.
-Stock Sold.
-P. Murphy
& Co., James C. Wilson & Co., Bancomit Corp., and
National Aviation Corp. announce the sale of 200,000 shares
capital stock (no par value) at $12.50 per share.
Transfer agents: Guaranty Trust Co., New York, and Girard
Co., Philadelphia. Registrars: Commercial National Dank & Trust
Trust
Co. and Philadelphia National Bank.
Data from Letter of F. H. Russell, President of the Company.
Corporation.
-Has been incorporated in Delaware to manufacture in the
United States a complete lino of new models of aeroplanes and seaplanes
developed by Gianni Caproni during 20 years of experience in the production
of aircraft. Mr. Caproni's efforts during this thno have been
especially toward the development of planes of the larger typo. directed
During
the last two years over $1,000,000 have been expended in this development
work.
Capita/1=1ton.--Corporation has an authorized capitalization of 1,000,000
shares (without par value) all of one class. of which 200.000 shares
to be presently issued for $2.000,000 cash and 100,000 shares are to are
be
presently issued to Curtiss Aeroplane & Motor Co., Inc., and
100,000
shares to Mr. Caproni or his nominees In consideration, among
other
things, for the rights to nee the names Curtiss and Capront and for
United States and Canadian patents now owned or controlled certain
Capront and for the use of patents and technical supervision and by Mr.
control
of Curtiss Aeroplane & Motor Co., Inc. The corporation is also entering
Into contracts with Curtiss Aeroplane & Motor Co., Inc., and with
Mr.
Caproni by which both the experience of Mr. Caproni and of
experts
of Curtiss Aeroplane & Motor Co., Inc., are to be available theCurtiss-to
Capron( Corp. In addition Curtiss Aeroplane & Motor Co., Inc., is
to
agree to supervise production and sales of Curtiss-Caproni Corp.
Options on an additional 100,000 shares of stock,_ at $12.50 per
share
exercisable in whole or in part at any time prior to Feb. 1 1934.
are to be
granted by the corporation as follows: G. M.
-P. Murphy & Co. and
James 0. Willson & Co.. 50.000 shares; Gianni Camprni. 25.000
shares:
Curtiss Aeroplane & Motor Co , Inc., 25,000 shares.




735

In addition to the foregoing options 50.000 shares are to be reserved
for sale to officers, directors and employees of the corporation at not leas
than $12.50 per share. The corporation is to agree that Curtiss Aeroplane
& Motor Co., Inc., and Mr. Caproni shall each have the right to purchase
a number of shares equal to one-half the number of shares issued to others
prior to Feb. 1 1939 (in addition to the 550,000 shares to be issued or
which may be issued as above stated) at the price received by the corporation upon such issue.
Purpose.
-The cash proceeds from the above-mentioned issue of stock
are to housed for the acquisition of a plant in the East,for the development
and manufacture of Caproni aeroplanes and for other proper corporate
purposes. The corporation has at the present time no liabilities other
than organization expenses
Ifistorial Outlook -Mr. Caproni was one of the pioneers of aviation.
His company was the first to manufacture aeroplanes in Italy. His
first aeroplane was built in 1909. At the beinning of the great war Mr.
Caproni had developed a biplane with three engines, which was adopted
by the Italian and French Govermnents. This, it is believed, was the
First three-motored aero-lane ever built. During the war Mr. Caproni
continually. improved this type of multi-motored aeroplane. developing
successively larger aeroplanes. These aeroplanes were adopted, and used
with marked success, by the American, French. Italian and British armies
for bombing in the various theatres of war. Approximately 1.400 of these
large three-motored bombing planes were built by Mr Caproni's company
alone for the Allies. Eight other factories in Italy, as well as two factories
in France, were devoted exclusively to the production of Caproni aeroplanes.
Durins: the last few years a complete new line of aeroplanes and seaplanes for military and civil purposes has been designed by Mr. Caproni.
ranging from 80 h.p. aeroplanes to a giant 5,000 h.p. aeroplane with an
estimated useful load capacity of 20 tons. With the exception of two
minor models which are equipped with wooden wings these planes are
being built of high-tension steel. Large economies in weight have been
effected in using this new type of steel construction. Several of the
Caproni models are standard equipment in the Italian Air Force
The achievements of Curtiss Aeroplane & Motor Co., Inc.. and its
outsta ding research organization are well known.
The rapid development of aviation in the last two years has made increasingly important the use of large aircraft and in this field Sir. Caproni
has always been a leading factor. The activities of' Curtiss-Caproni
Corp. will be primarily directed, in the first instance, toward the development of aircraft having large passenger and freight capacities. The
Caproni model CA-73 biplane (1.000 h.p.) made the world's records for
altitude (6.262 meters) and distance (1,654 kilometers), carrying a load of
2,000 kilograms (5.000 pounds). More than 200 bombing planes of this
type are now in service in the Italian Air Force.
-Mario Calderara (Commander Royal Italian Naval Reserve).
Directors.
Gianni Capron'(Societe Italian Caproni), Carle C.Conway (Pres. Continental Can Co., Inc.). J. Chee.er Cowdin (V.
-Pros. Blair & Co.,Inc.), C. W.
Cuthell (Cuthell, Hotchkiss & Mills), Capt. Thomas R. Doe (V.-Pres.
Sperry Gyroscope Co.). Sire Pus! (Agent. Banat ComMerciale Itallana),
Leonard Kennedy (V.-Pres. Curtin, Aeroplane & Motor Co., Inc.).
Clement M. Keys (President Curtiss Aeroplane & Motor Co., Inc„),
C. Roy Keys (V.-Pres. Curtiss Aeroplane & Motor Co. Inc.),E. 0.
McDonnell (G. M.
-P. Murphy & Co.), Effingham B. Morris Jr. (V.
-Pros.
Girard Trust Co.), Francesco Quatrone (formerly High Commissioner,
Italy to United States), F. H. Russell (V.-Pres. Curtiss Aeroplane & Motor
Co., Inc.), J. D. Sawyer (G. M.
-P. Murpi
r & Co.), C. M. Shaeffer
(director Transcontinental Air Transport,
.), J. A. B. Smith (Treas..
Curtiss Flying Service, Inc.). Robert C. Stanley (Pres. International
Nickel Co.), A. P. Villa (director Bancomit Corp.), James C. Willman
(James C. Willson & Co.).

Cutler-Hammer, Inc.
-Registrar.
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 750,000 shares of no par value common stock. giee also T.
127, p. 3710.

Deere & Co., Moline, 111.
-Annual Report.
-

Years End. Oct. 31- 1927-28.
1926-27.
1925-26.
1924-25.
Total earns. (all cos.)--x$10.495.258 $9,095,660 $8,519,743 $5,643,677
Admin., &c., expenses-982.637
780.647
644.618
586,658
213,553
Int. on notes pay.,
207.018
212,275
542,454
Net profit
39.299,068 38,107,995 37.662.850 34.514.
Preferred dividends-(7%)2.205,000 a5,276,250 b3,712,500(6)1,980,
Common dividends
1,100.394
Balance. surplus
Previous surplus

35.993.674 32.831,745 33,950.350 S2.534,387
19,076.118 16.244,372 12,294,022 9.759.456

$25,069,792 319.076,117 316.244,372 312,294.023
Total surplus
Shares common stk. out189 173
179,044
standing (Par 3100)197,044
197 044
337.50
Earnings per share
$3.97
$29.89
$12.31
x After deducting provision for taxes,deprec.. cash clients., possible losses
in receivables, &c. a 164%; b 113(%.
Balance Sheet Oct. 31.
1927.
1928.
1928.
1927.
LiaMititseAssets$
3
i
$
Preferred sleek_ _ y31,500,000 31,500.000
Real estate. bidgs..
and equIpment_27,222,7110 22.550.386 Common stoek_z18,917.300 17.904,400
Timber lands, &c_ 3,798,973 3,734,928 Dividends Payable 835.009 2.283.750
Empl, says. dep..- 987.054 _____ ...__
Trade-marks, patent & good-will 17,004,400 17,904,400 Accounts payable_ 2,829,853 2,303,329
s
102,000 Accrued taxes_ _ _ _ 2,240,020 2,015,701
Pref.stock owned_ 101,900
86,422 Reserve
Coco, stock owned
823,744,023 19,851,287
19,587,317 16.941,191 Surplus
Inventories
25,069.792 19,076,118
7.926,832 7,657,578
Cash
Notes receivable-18,088.774 11,058.852
Accts.receivable-13,002,253 14,268,577
432.773 Total(each side)..106,122,851 94,735.085
Deferred charges._ 509,822
y Prof. stock issued, $37,828,500* less 36,328,500. z Common stock
Issued, 321,572.800; less stock held in treasury, $2,_665,500. a Reserves for
(a) doprociation of property and equipment, $11,4'71,1154: (b) possible losses
In Inventories, $5,150,325; (c) meth discounts, returns and allowances and
possible losses in collection ofreceivables,32,567,030:(d)group life insurance
and pensions, 32,555.512;(e) contingencies. $2,000.000.-V. 126, p. 722.

Dewey & Almy Chemical Co.-Dividends.
-

A regular semi-annual dividend of $3.50 per share on the pref. stock.
and a dividend of 50 cants per share on the common stock, have been
declared payable on March 1 to holders of record Feb. 19.
A common stock dividend of 900% was declared payable on Jan. 19
1920 to holders of record on that date. Charles Almy Jr. is Secretary.

Diamond Match Co.
-New Director.
Ned G. Bagel has been elected a director to succeed the late James A.
-V. 127, p. 2820.
Patten.

Devoe & Reynolds Co., Inc.(& Subs).
-Earnings.
1928.
Years End, Nos.301927.
1926.
1925.
$15,101,300 $13,474,250 $11,374,206 $11,304,161
Netsales
13,743,100 12,230.736 10,251.053 10.360,185
Cost ofsales & exp
Operating Profit
Other income

$1.358,209 $1,243.513 $1,123,153
161.458
116,874
166.904

$943,977
106,638

31.519.658 $1,360,387 51,290.057 31.050,614
Totalincome
298,199
Discounts,adjusts.,&a 279,326
246,396
251.129
141,887
Prov.for Federal taxes150,939
101,468
143.606
31.079.573
Net profits
121,219
First preferred divs
Second preferred dive- 65.485
Common dividends-- -450.000

$930,122
125.636
65,485
324,000

$900,055
129.969
65,485
324,000

$698,018
134,263
65.485
280,000

Surplus
$636.704
$415,001
3380.601
5218.2
71
Earned Per share on
.
$5.95
class A & B common_
43.69
$5.49
$5.21
x In September 1925 the common stock was changed from 40,000 shares
of $100 par to 150.000 shares of no par value, of which 110,000 are nonvoting class A (95,000 outstanding) and 40,000 shares class B voting (all
outstanding). Two shares of class A non-voting and one share of 11
voting were exchanged for each share of old common (par $100).

736

FINANCIAL CHRONICLE

Consolidated Balance Sheet Nov.30.
1928.
1928.
1927.
8
a
1 LiabilitiesAssets
$
Class A co.stk_ _ 3.911,667
corn.
Plant, equip., dtc.,
less depreciation 4,610,625 2,980,696, Class B corn. stk- -y1,333,333
118,167
45.7281 1st pref. stock_. 1,686,200
Investments
3,292
935,500
9,858 2nd pref.stock ___
1st pref.stk. pur_ _
602,097
461,531 Accts. payable ___ 697,127
Cash
235,619
195,991 Notes payable... _ _z2,205,000
Notes receivable_ _
188,871
Accts.receivable., 3,485,251 3,080,684 Accr. taxes dr exp._
2,979,270
4,315,264 3,226,792 Surplus
Inventories
215,129
270,032
Deterred charges
293,772
Prepaid insur„&c. 351,523

1927.
$
53 191,
,
667
1,,333
333
1,747,300
935,500
491,840
145,350
183,511
2,536,582

13,936,967 10,565,083
Total
13,936,967 10,565,083
Total
z Represented by 110,000 shares of no par value. y Represented by
40.000 shares of no par value. z Notes payable of affiliated company
acquired, due 1928, 1929 and 1930.-V. 127, p. 3404.

Direct Control Valve Co.
-Installations.
The company has contracted to install 1,200 units in the new Fuller Buildng, Madison Ave. and 57th St. Other buildings recently contracted for
are those of Lee, Higginson, Consolidated Gas Co. and Hospital for Joint
Diseases, all of New York; Michigan Bell Telephone Co., Detroit; Chamber
of Commerce and Koppers Building, Pittsburgh; Rand Building, Minneapolis; U. S. Slicing Machine Co. Building, La Porte, Ind., Ryenolds
Tobacco Co. Building, Winston-Salem, N. C.; Medinah Athletic Club,
Chicago; Princeton, N. J., High School, and two Watertown, N. Y. high
schools.
-V. 127, p. 1395.

(W. L.) Douglas Shoe Co.-Bal. Sheet Dec. 31.1928.
1927.
Assets
1928.

1927.
Plant and fixtures_ $401,547 $395,238 Preferred stock-33,800,000 $3,800.000
1,540,000 1,540,000
933,034
933,034 Common stock_
Good-will
47,919
123,642
629,037 1,014,008 Accounts payable_
Cash
Reserve for taxes,
Customers' accts.
contingencies,
246,446
and notes recelv. 266,699
117,785
59,536
379,570
Ste
Materials & supp_
620,424
620,424
160,986 Surplus
Fin. goods-res've13.014,054
2,020,559
do stores
66,814
13,906
Treasury steck
161,419
205,727
Prepaid expense_ _
689,604 Total (each side).$6,201,851 $6,067,879
737,847
Sundry assets__ _ _
-V. 126, p. 877.

-Personnel.
(S. R.) Dresser Manufacturing Co.
Fred A. Miller, formerly President, has been elected Chairman of the
Board. and 91. N. Mallon OA President and General Manager. Besides
these, other directors include Merrill N. Davis, Vice-President; William V.
Griffin, W. Frank Miller. George L. Ohrstrom, Floyd W. Parsons, Hamilton Pell and William T. Smith.
-V. 127, p. 32.53.

Duplan Silk Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $5,001.600
8% cumul. preferred stock (par $100) and 350.000 shares of common
stock without par value.
-V.127, p. 1257.
Income Account Six Months Ended Nov. 30 1928.
$7,533,355
Netgales
6.151,410
Cost ofsales(including depreciation of 247,980)
568,377
Selling,general and administrative expenses
Net profit
Other income

$813,568
22,977

Grossincome_ _
Deductionsfrom income
Federal income taxes actually paid or provided for

$836.545
37.558
110.000
$588.986
2,824,010

Profit after Federal income taxes
Previoussurplus
Totalsurplus
Dividends

33,512.996
354.015

$3,167,981
Profit & loss surplus
Earnings per sh.of no par common stk. outst'd'g at Nov.30 1928$1.45
Consolidated Balance Sheet.
Nov.30 28 May 31'28.
Nov. 30'28: May 31'28
Assets
669,057
866,567 Accounts payable_ 1,177,917 1,510,422
Cash
699,968 Prey for Fed.taxes 255,259
246.900
Market:1e securites 699,656
Accounts receivle.• 1,033,217 1,559,007 Sundry reserves for
97,664
_ 5,496,158 4,804,141
contingencies__ _
71,272
Inventories_ _
12,650
12,650 8% preferred stock 4,613,300 5,001.100
Sundry investmls.
Common stock (no
Fixed assets (less,
par value)
a6,879.480 6,879,480
depreciation)__ _• 8,326.726 8,540,246
76,994 Earned surplus , 3,158,983 2,824,009
18,745
Deferred chargea__
16,156,211 16,559,576
Total
16,156,211 16,559.576
Total
-V.127, p. 1257.
a Represented, by 350,000 no par shares.

-Ownership.
Du Pont Cellophane Co.
-V. 118, p. 670.
See E. I. du Pont de Nemours & Co. below.

[VOL. 128.

Empire Fire Insurance Co.(N. Y.).
-Enters Texas Field.
The company has been licensed to do business in Texas, and will be
represented in that state by J. Greenfield & Co. as general agents.
Frank Burns, formerly executive general agent, has been appointed
general agent of this organization for the State of Washington.
-V. 127.
D. 3401.

Empire Title & Guarantee Co.
-New Directors, &c.
At the annual meeting of stockholders held last week, the following
directors were re-elected for a term of 4 years Adams R. Davis, Andrew J.
Brislin, Nathan Halperin, Paul M. Marko, Charles H. Ohlau and Frederick S. Robinson. Two existing vacancies on the board were filled by
the election of Kenneth Ives and George W. Perkins (Treas, of the Merck
Corp., manufacturing chemists). They succeeded Steel De Bosque and
Harry V. Kelly.
The annual report of Dec. 31 1928 shows assets of $2,850,676 liabilities
of $1,406,871 capital, surplus and undivided profits of $1,443,805. Net
profit earned for 1928 amounted to $175,295, compared with 3103.670 for
the previous year, or at the rate of $17.52 per share, against $10.36 per
share in 1927 and $9.53 per share in 1926.

Emsco Derricks & Equipment Co.
-Listing.
-The Los Angeles Stock Exchange has authorized the listing of 400,000
shares of new common stock of no oar value.
The directors on Dec. 12 1928, changed the par value of the company's
capital stock from $100 to no par value and split up the number of shares
authorized and outstanding 8 for I. bringing the total authorized and outstanding number of shares to 400,000.-V. 127, p. 3253.

Equity Investors Corp.
-Transfer Agent.
The Lank of America N.A. has been appointed transfer agent for 30,000
shares of preferred stock and 120,000 shares of common stock.

Etablissements Kuhlmann (Chemicals).
-Listing.
The shares of this concern, in which Dillon, Read & Co. obtained an
interest last year, have been listed on the Amsterdam Exchange. The
company's capital was expanded a year ago from 200 to 250 million trines
a y t llon-n00d groon. 20,000 new shares, of which 50,000 were taken by
b pilae auth 0rizatiop of
In the past five years the Kuhlmann concern, over a 100 years old, has
risen to a place alongside the great German industry, I. G. Farben. with
which it has a working agreement. It success has been largely due to the
same research methods.
In addition to its wide range of chemical products, Kuhlmann has
recently started the manufacture of artificial silk, founding, with two
other concerns, a company to produce viscose rayon.
-V. 126. p. 722.

Exchange Building (United Exchange Building, Inc.),
Seattle, Wash.-Bonds Offered.
-An issue of $600,000
[not $1,600,000] gen. mtge. 65% sinking fund gold bonds
(with warrants) is being offered at 953. and int. to yield 7%
by Drumheller, Ehrlichman & White, Bond & Goodwin &
Tucker, Inc. Marine National Co., Ferris & Hardgrove,
Seattle Title Trust Co., Smith, Strout & Eddy, Inc., Thos.
'
B. Greening & Co. and Murphey, Favre & Co. Compare
V. 128, 566, 509.
Fabrics Finishing Corp.
-Bonds Sold.-Zwetsch, Heinzelmann & Co.Inc., Thompson Ross & Co., Inc., and J. S.
Ackerman & C'o., Inc. have sold at 99
and interest to
yield over 6.05%, $1,500,000 1st mtge. 10
-year sinking fund
convertible 6% gold bonds, series A.
Dated Jan, 11929; Due Jan. 11939. Prin. and Int. (J. & J.) payable at
Seaboard National Bank New York, trustee. Denom. $1,000 and $500c5
Red, all or part at any time upon 60 days' notice at 105 and int. Interest
rayable without deduction for the normal iregleral income tax up to 2%.
Corporation will agree in the indenture to refund upon timely and appropriate application any personal property or securities tax not exceeding 54
mills per annum or any income tax not exceeding 6% per annum or certain
Stet es to be therein specified.
Conversion Privilege.
-Series A bonds will be convertible, at the option
of the holder, at any time up to and including the tenth day prior to the
date of redemption or maturity, at the rate of 40 shares of no par value
common stock for each $1,000 bond or at the rate of 20 shares of no par
value common stock for each $500 bond. The indenture securing these
bonds will provide for an adjustment of the conversion rate in the event
of certain changes in capitalization, consolidation, &c. The corporation
to l h greete t oo
wilt ae da inofhe indenture
to pay accrued interest on converted bonds up
Corporation.
-Has been recently organized in Delaware to acquire the
business and substantially all the assets of the following five companies:
Sussex Print Works, Flory & Son Piece Dye Works, Inc., Modern Central
Silk Dyeing & Finishing Co., Inc.. Diamond Silk Dyeing & Finishing Co.,
Inc., and Masson Dyeing Co., Inc.
Security.
-Bonds will be the direct obligations of the corporation, and will
be secured by a first mortgage on all the real estate and fixtures of the
corporation owned at the date of the execution of the indenture of mortgage.
The indenture will provide that after-acquired real estate and fixtures will
become subject to the mortgage subject only to purchase-money mortgages
theroo ertgages existing at the time of acquisition or refundings or renewals
and mf

Additional bonds of other series not in excess of $1,500,000 principal
toet for th. uable und the indenture subject to the limitations to be
wiil be iss
under
therein
Sinking Fund.
-Bonds are to be entitled to a fixed semi-annual sinking
The company has effected an arrangement under which it will acquire fund, beginning Jan. 1 1930, payable in cash or series A bonds, calculated
entire ownership of the properties and business of Du Pont Rayon Co. and to be sufficient to retire by maturity 50% of the Series A bonds. The
Du l'ont Cellophane Co. While the du Pont company has heretofore sinking fund, to the extent paid in cash, is to be used for the redemption by
owned a majority of the stock of these companies, there has been a sub- lot of Series A bonds at 105 and int. Series A bonds converted during a
,
stantial outstanding minority interest owned by important French textile semi-annual period, as will be provided in the indenture, shall be credited
interests.
to the next maturing sinking fund installment. Indenture will also provide
It is planned that the du Pont company shall carry on the businesses for an additional sinking fund, equal to 10% of the net earnings of the corheretofore conducted by Du Pont Rayon Co and Du Pont Cellophane poration as defined in the indenture, to be applied to the redemption at the
Co., through wholly owned subsidiary companies.
current redemption price of series A bonds and bonds of any other series
The Du Pont Rayon Co. owns and operates plants at Butte o, N. Y., secured by the indenture, all as will be more fully provided in the indenture.
and Nashville. Tenn.,and has two new plants under construction in Virginia
Earnings.
-Not income of the 5 companies, after depreciation, but before
respectively, for the manufacture and sale interest on the
at Richmond and Waynesboro
series A bonds and Federal taxes, for the year and 9 months
of rayon.
ended Sept. 30 1928 (excluding loss of the Masson Dyeing Co., Inc., in
The Du Pont Cellophane Co. has a plant at Buffalo, N. Y., for the the year 1927 in which its operations were partly conducted in a former plant
sheet material and
manufacture and sale of Cellophane, which is a transparent
embraced processes not in use in 1928 in which year a profit was earned)
-V. 128, p. 235.
used for wrapping and other purposes.
and after eliminating certain non-recurring charges, including adjustment
of salaries to the now basis, averaged yearly $445,847 or 4.95 times the maxiDu Pont Rayon Co.
-Entire Ownership Acquired by E. I. mum annual interest requirements of the Series A bonds; presently to be
outstanding; and for the 9 months ended Sept. 30 1928, such net income
- similarly
-See latter company above.
du Pont de Nemours & Co.
ilarly adeee
$519,343.60 or 7.69 times such interest requirements
saadjusted
m
V. 126, p. 1668.
the
period.
Purpose.
-Proceeds of the $1.500,000 of series A bonds will be used partially to retire outstanding indebtedness of the five companies, secured
Eaton Axle & Spring Co.-Listing.The New York Stock Exchange has authorized the listing of 30,000 ad- and unsecured, to provide additional working capital and for other corporate
ditonal shares of common stock without par value on official notice of purposes; the five companies are to receive common stock of the corporation
issuance making the total amount applied for 300.000 shares. This ad- for their equities in the properties to be acquired by the corporation.
Listing. Corporation has agreed to make application to list the Series A
ditional stock was offered to stockholders at $45 per share -V.127, p.3710.
bonds on the New York Curb Market. Compare also V. 128, p. 566.
Consolidated Income Account 10 Months Ended Oct. 31 1928.
-Sale of Radio Set Business.
Fansteel Products Co., Inc.
Manufacturing profit after deducting cost of goods sold, including
See Balkeit Radio Co. above.
-V.126. p. 723.
$1,929,734
material, labor factory expense and depreciation
581.574
Selling, administrative and general expense
(Wm.) Filene's Sons.-Listing.
The New York Stock Exchange has authorized the listing of $2,000,000
$1,348,159
Operating profit
additional 634% cumulative preferred stock (par $100) on official Ci00
notice
127.175 of
Other income
issuance and payment in full snaking the total amount applied for
$9.000,000.
$1,475,335
Total
cumulative preferred stock were authorized
127,808 to The 20,000 shares of 634%
Other charges
be
with the purchase of all of the outstanding
150.000 capitalissued in connection White Co. (Mass.) engaged
Provision for estimated Federal taxes
in the operation
stock of the R. II.
of a
oston, Mass. The company has, by contract
31,197.527 with department store in B of R. . . NhVihtletecCoo..foar
Net profit
HH vv
d to purchaseof
m of
individual stockholders
-V. 127, p. 3710.
the aggregate
outstanding capital stock of It.
issue of the 20,000
$5,000.000.
-See stock and in The proceeds of theof other funds of theshares of preferred
Eisenlohr & Bros. Inc.
-Name Changed.
(Otto)
company, will be
addition $3,000,000
-V. 127, p. 3547.
-V. 128, p. 255.
applied to this purchase.
Webster Eisenlohr, Inc. below.

(E: I.) dix Pont de Nemours & Co.-Acquires Entire
Ownership of Du Pont Rayon and Du Pont Cellophane Co.




FEB. 2 1929.]

FINANCIAL CHRONICLE

Finance Service Co.-Annual Report.
Calendar YearsGross income
Gen. & admin. exp. inc.
charges, Fed. tax. &c_

1928.
$700,635

1927.
$707.350

1926.
$671.969

1925.
$528,563

491,380

504,218

470,247

325.479

Net income
$201.721
$203,132
$203.084
$209.255
19,541
Pref. divs.(7%)
21,741
18,508
52.400
Common,class A diva_(16°f )101,495 (16)106,970 (16)107,961 (14) 64.707
Common,class B dive_(16%) 32,000 (16)32.000 (16)32,000 (14)27,999
Balance, surplus
$57,252
$57,978
$40,019
$44,621
Earns, per sh. on 20,000
shs.com.stk. B (par $10)
$3.83
$4.46
$3.60
$4.30
The volume of business for 1928 was $16,854,692, an increase of $2,826.610 over 1927.
AssetsLiabilities1927.
1928.
1928.
1927.
Furniture St fiefs_ $32,131
$32,011 7% cum. pref.stk. x$257,300 $268,400
622,492
529,152 Com.stk.,class A_ x628,900
Cash
650,400
3,026,672 3,050,814 Com.stk.. class B. 1200.000
Notes receivable
200,000
Accts. rec., less roe 1,214,048
751,510 Coll.tr. notes pay_ 2,872,000 2,372,500
Res.for Fed.tax__
Accr. int. on notes
28,478
31,221
receivable
7,182
31,815 Ras. for div. on
28,586
pref. stock
Int. pald 1n adv.__
25,862
1,501
1,566
Depree. reserve
14,955
12.124
Contingency res've 208,707
209.262
Paid-in surplus_
388,300
401.973
Total(each side)_54,931,111 $4,421,164 Earned surplus__ - 330.970
273.718
x Represented by shares of $10 par value.
-V.127, p. 2537.

Flintkote Co.
-Acquires Shingle Firm.
-

The company has acquired the asphalt shingle and roofing business of
the Sall Mountain Co. of Chicago. The new company will operate as a
Massachusetts corporation under the name of Sall Mountain Roofing Co.

Wins Patent Suit.
-

The U. S. Circuit Court of Appeals for the Second Circuit has just
rendered a decision affirming a decree of U. S. District Court for the
Southern District of New York entered last June in a suit brought by the
Flintkote Co. of Boston against the Ruberoid Co. of New York, in which
it was held that the Heppe,s strip shingle Patent No. 1.243,064. owned by
the Flintkote Co., is valid and has been infringed by the Ruberoid Co.'s
"Octal," strip shingle.
The decree, now affirmed by the Court of Appeals,provides for an injunction against further infringement by the Ruberoid Co.and for the recovery by
the Flintkote Co. of profits and damages, to be assessed in an accounting.
The evidence in the case showed that at the time of the trial, the Ruberoid
Co. and its licensee, the Barrett Co., which had been making a strip shingle
similar to the Ruberold Co.'s "Octab" strip shingle, had sold, up to Sept.
1927. over 2.000,000 "squares" of the infringing strips. Production figures
for the infringing strip since that date have not yet been disclosed.
-V.
127, p. 2691.

Fox Theaters Corp.-Earnings.
Net profit for year
Previous surplus

Earnings for the Year Ended Nov. 30 1928.
$1.774,996
1,477,760

Total surplus

$3,252,756
Balance Sheet, Oct. 28 1928.
Assets
Liabilities
Land, leas., bldg., turn., fix.
Capital stock
420,558,975
& equip
$889,050 Notes payable
1,900,000
Cash
854,494 Accounts payable & accr.exp.
257.407
Min, accounts receivable
931,494 Due on purch. price of conAccrued int.on loans
42,368
trolled companies
2,594,834
Invest. in & advances to conDepos. by tenants as sec. for
trolled companies
30,980,318
leases or concessions
24,163
Other Investments
1,349,929 Capitalsurplus
10,773,921
Due from subscrib. class A
Earned surplus
3 252,756
COLO 8LOCk
109,102
Deposits to secure leases, eta_270,000
Deferred charges
300.223
Organization expenses
222,254
Theaters leases
3,412 625
Total(each side)
839,361,856
x Represented by 830.359 (no par) class A shares and 100,000
(no Par)
-V.128. p. 256.
class B shares.

737

quarter of 1928 by 61.631 cars, resulting in a reduction of field stocks by
this amount. 'I his condition was made necessary by the change in models
of several of the Corporation's quantity producers, including the Chevrolet,
Pontiac and Olds Divisions. Sales by General Motors Car Divisions to
dealers were likewise influenced by the beginning of production on the new
models. It is expected that January will establish a more normal trend.
In view of the fact that the report for December closed the year 1928.
It is interesting to point out that for that year sales to consumers exceeded
the previous year 1927 by 287,866 cars, or 18.5%. General Motors
Divisions' sales to dealers in 1928 exceeded 1927 by 248,058 cars, or 15.9%.
The following tabulation shows monthly sales of General Motors cars
by dealers to ultimate consumers and sales by the manufacturing divisions
of General Motors to their dealers:
-Dealers Sales to Users-Divisions Sales to Dealers
1927.
1928.
1926.
1928.
1927.
1926.
81,010
January_ _ - 107,278
53,698
125,181
99,367
76.332
February__ 132,029 102,025
64,971
169,232
124.426
91,313
March
183,706 146,275 106,051
197.821
161.910 113,341
April
209,367 180,106
136.643 197.597 169.067 122,742
May
171,364
141,651 207.325
224,094
173.182 120,979
June
117.176
206,259 159,701
186.160
155.525
111,380
July
101,576
177,728 134.749
169,473 136,909
87,643
August_
- 187.463 158,619 122.305
186,653
155,604
134,231
September
132,596 118,224
148,784
167.460
140.607
138,360
October _ - 140,883
153,833
99,073 120,876
128,459 115,849
November_
80.539 101.729
91,410
47,587
57.621
78.550
December
33,442
53.760
52.729
35.441
60.071
44.130
Total....1,842,443 1,554.577 1.215,826 1,810.806 1.562.748 1.234.850
Lhese figures include passenger cars and trucks sold in the United States
Dominion of Canada and overseas by the Chevrolet, Pontiac. Oldsmobile,
Oakland, Buick, LaSalle and Cadillac manufacturing divisions of General
Motors.
--V. 128, p. 410, 256.

General Fireproofing Co.
-Annual Report.
Calendar Years1928.
1926.
1927.
Sales
$7.527,591 $6,744,790 $6.102,817
Profits after pref. diva, but before
Fed. tax (est. at $105.000 in 1928)
870,006
888.689
855.129
Shs. MIL stk. outstanding (no par).
81,740
81,740
326,960
Earned per share on common before
Federal taxes
$2.66
$10.46
$10.87
During 1928, company paid dividends of $5.75 per share on the common
stock, amounting to 9592.615 as compared with $429,135 ($5.25 per share)
in 1927.
Balance Sheet Dec. 31.
1927.
Assets-1928.
1928.
1927.
Land, buildings,
Common stock__y$1,636,500 $1.636,500
equipment, &c x$3,056.520 $3,085,811 Preferred stock...835,200
836,800
405,992 Notes & mete pay 195,930
Cash
490,119
152,226
Notes 6c ace's rec. 1,408,523 1,432.058 Dividend reservee_
157,689
178,096
1,749,783 1,610,638 Adv. charges and
Inventories
24,496
14,495
Investments
accrued accounts 171,512
168,800
Other assets
4,732 Reserves
13,865
23,401
130,080
8,141 Surplus
7,610
Pats. St tr. marks_
3,609,237 3,631,101
Prepaid exp.,&c
34,647
15,639
Total(each 00056,756,556 $6,606,516
x After deducting $944.723 for depreciation. y Represented by 326,960
shares of no par value -V. 127, p. 325

General Motors Truck Corp.
-To Increase Output.Vice-Pres. Harry J. Warner announced in January that the 1929 production schedule calls for 40,000 units, compared with 1928 output of
30.000 trucks, an increase of 10.000 trucks, or 33%. In addition 5,000
cabs and 2.000 coaches will be produced during the current year, it is
stated.
Ultimately 60.000 trucks, an increase of 100% over the 1928 record, will
be produced annually, and plans to effect this mark are now being made.
Mr. Warner stated. He attributed the proposed increased production
program to larger export shipments.
-V.125, p. 3489.

General Realty & Utilities Corp.-Pref. Stock Offered.
.
Lehman Brothers, Hallgarten & Co., Hayden, Stone & Co.,
Chas. D.Barney & Co., Stone & Webster and Blodget, Inc.,
Kissel, Kinnicutt & Co., Brown Brothers & Co. Commercial
National Corp., New York, Jesup & Lamont, Hitt, Farwell
& Co., and Rogers Caldwell & Co., Inc. are offering at 100
Franklin Fire Insurance Co., Phila.-Balance Sheet per share and div., 300,000 shares pref. stock $6 optional
Jan. 1 1929.
stock dividend series (no par value), with common stock
Assets
Liabilities
purchase warrants.
$1,110,822 Cash
Cash

Stocks and bonds
Itealestate
Uncollected premiums
Accrued interest

10,587,090
167,121
964,785
116,616

capital
x$1,000.000
Unearned premiums
6,023.507
Reserve for losses
Unpaid re-insurance
1,418,542
Reserve for taxes & accounts_
150.000
Reserve for contingencies,&e.
350,000
Net surplus
x4,074,942

Total
Total
$12,946,434
$12,948,434
x Surplus as regards policyholders, $5,074,942.-V. 128, p. 567.

General American Tank Car Corp.
-Stock Dividends.
-

Thu directors have declared two quarterly stock dividends of I% each
and two regular quarterly cash dividends of $1 per share on the common
stock, no par value, payable April 1 and July 1 to holders of record
March
13 and June
From Oct. 1927 to Jan. 1929, inclusive,
quarterly cash dividends of $1 per share were paid.
13,respectively.
-V. 127, p. 3098.

General Baking Corp.
-Annual Report.
Earns. Years Ended- Dec.29'28. Dec.31 '27. Dec.25'26.
Profit from operations._ $9,570,166 $10,370,630 $8,439,741 Dec.26'25.
$8.588.645
Depreciation
1.439.170
1,018,113
1,257,359
1,053,908
Federal income taxes- _ - 1.001.538
1,193,506
950,911
919.145
Int. on funded debt_ _
4,725
Net profit for year.
$7,545,790 $7,737.954
to period
prior to acquisition_

Wont apPiie.

$6,231,472 $6,615,592

4,249,331
Profit applic. to co_ $7,545,790 $7.737.954 $6,231,472
$2,366,261
3.571,937
1,530.267
885.814
Total surplus
$11,117,727 $9,268,221 $7,117.286 $2,366,261
Divs. paid & accrued on
Gen. Baking Co. $8
cumul. pref. stock &
inor. holders of coin._
730,019
729,862
727.343
188,402
Divs, on pref. stock4,964,900
5,213,145
4.861,960
1,292,044
Minority int. in surp
1,521
1,182
Cr2,284

Previous surplus

Profit & loss surplus__ $5,173,381
-v. 128, p. 119.

$3,571,967

$1,530,267

$885,815

General Ice Cream Corp.-Pref. Stock Called.
All of the

outstanding cumulative convertible pref. stock has
for redemption Mar. 1 at 105 and div. l'ayment will be made at been called
the Marine
Trust Co., Main and Seneca Sts., Buffalo, N. Y.V. 127. p. 3098.

General Motors Corp.
-1928 Sales Exceed Previous Year.
-During the month of December, General Motors dealers
delivered to consumers 33,442 cars,according to an announcement by President Alfred P. Sloan Jr. This compares with
53,760 for the corresponding month of last year. Sales by
General Motors Manufacturing Divisions to dealers totalled
35,441 cars, as compared with 60,071 for December 1927.
The announcement continues:
The decrease in dealers sales to consumers was due entirely to the
that the field was practically barren of cars. As a matter of fact, as fact
will
be noted below, sales to consumers exceeded sales to dealers for the fourth




Transfer agents: Bankers Trust Co., New York and First National
Bank of Boston. Registrars: Commercial National Bank & Trust Co..
New York, and Second National Bank, Boston.
Dividends cumulative from Jan. 15 1920, payable quarterly either (a) in
common stock at the annual rate of 77 250ths of a share of common stock
of the first eight quarterly dividend periods and at the animal rate of
60-250ths of a share of common stock thereafter, such rates being subject
to increase or decrease in certain contingencies as provided in the charter,
or (b) at the option of the holder in cash at the annual rate of $6. Preferred
as to
and as to assets to the extent of $100 per share plus dive.
in the event of liquidation. Red. all or part at any time upon 30 days'
dividends.
notice at $105 per share and diva. In the case of each series of preferred
stock including this series the corporation is to set aside as of Dec. 31 of
each year. beginning with 1931 (but only to the extent that any net profits
for such year remain after full dividends on all preferred stock then outstanding for all past dividend periods and the then current period shall
have been paid or provided for), as a sinking fund for such series, a sum
equal to the then current redemption price of a number of shares of such
series equal to 2% of the largest amount thereof ever issued and outstanding, plus one year's cash dividend on such number of shares, to be applied
during the next year, and thereafter through the next succeeding dividend
payment date, to the redemption or to the purchase at not exceeding the
redemption price and accrued cash dividends, of such number of shares of
such series.
CapitalizationAuthorized.
Outstanding.
Preferred stock (no par value)
600,000 ohs. a300,000 ohs.
Common stock (no par value)
b5,000.000 she. 1.500,000 ohs.
a $6 optional stock dividend series. b Including 600.000 shares reserved
for exercise of warrants attached to preferred stock ($6 optional stock
dividend series), 1.000.000 shares reserved for sale at $10 per share under
options expiring not later than Feb. 1 1939, and 540.000 shares initially
reserved for payment of dividends in common stock on such preferred stock.
Stock Purchase Warrants.
-Preferred stock ($6 optional stock dividend
series) will carry warrants, non-detachable except if the corporation elects
or if the appurtenant shares are redeemed, entitling the owner to purchase,
subject to the provisions of the warrants regarding stock dividends,recapitalization, &c., two shares of common stock for each share of preferred stock.
at $10 per share during 1931, at $12.50 per share during 1932, at $15 per
share during 1933, or at $17.50 per share during 1934 and 1935.
Listed.
-Preferred stock listed on the Boston Stock Exchange.
Data from Letter of Louis W. Abrons, New York, Jan. 29.
Organization and Business.
-The magnitude of present day real estate
transactions is demanding organizations of commensurate size, capable of
operating on a larger scale than heretofore necessary. The resources of
General Realty & Utilities Corp. will enable it to take an important part
in real estate and construction activities, and also under the broad powers
of its charter granted by the State of Delaware to make substantial investments in other fields.
In the real estate field the corporation's initial activities will include
(1) the acquisition of unimproved property for future improvement or for
resale: (2) the construction of large buildings for investment or for sale:
(3) the purchase of improved income producing property for investment:
and (4) the financing of real estate operations of all kinds, particularly of
construction. The resources of the corporation, both financial and in its
personnel, will be such as to enable it to be interested in many projects of
these various kinds at the same time. Its real estate activities will at the
outset be centered in New York City, although it is planned to extend
them, particularly in the field of construction financing, to other large cities.
The corporation's resources will also permit the acquisition of substantial
interests in public utility and other enterprises. Its prominent affiliations
in the public utility field will place the Corporation in an advantageous
position in this respect.

FTNANCIAL CHRONICLE

738

-Corporation has made the arrangements
Thompson-Starrett Affiliation.
for acquiring through the issue of common stock shares of the common
stock of Thompson-Starrett Co., Inc., which when consummated will
affiliate with the corporation interests which should be helpful to it in certain phases of its real estate activities.
Management.
-It is expected that the board of directors will include,
among others, Louis W. Abrons, Louis J. Horowitz. David Tishman.
Louis Tishman, Ralph B. Feagin„ Herbert C. Freeman. Harry Reid,
Ray P. Stevens, Robert Lehman, Maurice Newton, Charles Hayden.
John W.Hanes Jr.. George 0.Muhlfeld. Samuel L. Fuller, Ellery S. James.
The President will make a substantial investment in its common stock.
and bas agreed to make available to the corperation valuable real estate
holdings, contracts and other interests and the experience gained from
many years of successful activity in Now York City real estate operations
In the field which the corporation proposes to enter.
Assets.
-Of the 1,500,000 shares of common stock presently to be outstanding, 1,400,000 shares together with options to purchase 775,000 shares
of common stock, will be purchased by the organizers of the corporation
and their associates, Including President Ahrens, for 314.000.000 in cash.
A contract has been made with Thompson-Starrett Co., Inc. (subject to
approval by its stockholders and the necessary increase of its authorized
common stock) whereby 100,000 shares of the common stock without par
value of Thompson-Starrett Co., Inc., will be acquired by this corporation
which, in connection with such acquisition, will issue the remaining 100,000
shares of its common stock presently to be outstanding, In case the
100.000 shares of common stock of Thompson-Starrett Co., Inc., cannot
be so acquired, the corporation has arranged to sell these 100,000 shares
of common stock for cash.
Upon the issue of the 300.000 shares of preferred stock ($6 optional stock
dividend series) and 1,500.000 shares of common stock presently to be
outstanding, the corporation's assets will consist of $42.500,000 in cash,
equal to over $140 per share of preferred stock ($6 optional stock dividend
series) presently to be outstanding, and 100.000 share; of common stock of
Thompson-Starrett Co., Inc.,(or $1.000,000 additional cash in lieu thereof)
and will be subject to no liabilities other than for taxes, legal fees and other
similar expenses of organization.

General Tire & Rubber Co.
-Annual Report.
1928.
1927.
1926.
1925.
Years End. Nov.30-$'6,154,000 $23,692,500 $20,100,000 $18,700,000
Sales
x709,831 y1,843,299
Net income after charges x2,002,000 y2,233.778
5.031.670 3.391,807
3,193,539
Profit & lass, surplus-- 5.902,697
x Before Federal taxes. y After Federal taxes.
Balance Sheet November 30 1928.
Liabilities
Assets
Preferred stock
43.360.100
Land, building, machinery,
$2,206,067 Common stock
2,066,850
equipment. &c
779.791 Accounts payable
694.944
Cash
199,645
Notes & accounts receivable 5.377,086 Reserve for Fed,income taxes
4,050,355 Reserve tort nsurance,accrued
Inventory
1
taxes,&e,
208,090
Patents
19,027 Surplus
5,902.697
Deferred charges
Total
-V. 128, p. 567.

$12,432.328

Total

$12,432,32

Glidden Co. Cleveland.
-Acquires Dunham Mfg. Co.The company has acquired all of the capital stock and assets of the
Dunham Manufacturing Co., of New York, whose chief products is a
shredded coconut, according to a recent announcement by President
A. D. Joyce.
Sales in the new fiscal year from Oct. 31 to Jan. 7. incl.. show a gain of
$460,570 while profits for the first two months were slightly more than
double those of the same period last year.
-V.128, p. 567. 410.
H. K. Williams has been elected a director.

-Listing.
-Gold Dust Corp.
The New York Stock Exchange has authorized the listing of 64,880
shares of $6 cumulative convertible preferred stock on official notice of
issuance in exchange for shares of the 6% non-cumulative preferred Stock
of Standard Milling Co.. share for share; (b) voting trust certificates for
269,948 shares common stock on official notice of issuance in exchange
for shares of the common stock of Standard Milling CO., at the rate of two
shares of Gold Dust Corp. for one share of Standard Milling Co.; (c) voting
trust certificates for 97.320 shares common stock on official notice of issuance on conversion of shares of the $6 cumulative convertible preferred
stock of Gold Dust Corp,' and (d) voting trust cettificates for 50,000 shares
common stock on °tilde' notice of issuance to officers and employees for
cash; making the total amount applied for 64,880 shares of $6 cumulative
convertible preferred stock, and voting truss certificates for 1,900.864
shares of common stock,
-The directors of Gold Dust Jan. 8, declared it adPurpose of Issue.
visable to amend the certificate of incorporation so as to create a series of
preferred stock to be known as the $6 cumulative convertible preferred stock
and this amendment was approved by the stockholders Jan. 8. The directors at the same time authorized an offer to be made to the holders of
the preferred and common stock of Standard Milling Co., to exchange their
stock for stock of Gold Dust Corp.,on the following basis: (1)for each share
of 6% non-cumulative preferred stock of Standard Milling Co., one share
of new $6 cumulative convertible preferred stock of Gold Dust Corp., (2)
far each share of common stock of Standard Milling Co. voting trust certificates for 2shares ofcommon stock of Gold Dust Corp. and 50 cents in cash.
Pro Forma Earnings Statement (Gold Dust Corp. and American Linseed Co.)
10 Months Ending October 311928.
Profit before providing for deprec.. Federal income taxes and int _$6.269,921
Deprec.$476,566; Federal taxes $660,554; interest $3133.236 ---- 1,520.357

[Dot. 128.

The company will, therefore, advertise In 100 of the leading metropolitan dailies. About 60% of Its total appropriation will go into newspaper space.
-V'. 128, p. 410.

Grand Rapids Varnish Corp.
-Stock Sold.-Stanley
& Bissell, Inc., Cleveland, have sold 25,000 shares common stock (no par value) at $14.50 per share. This offering
does not represent financing by the corporation, the stock
having been acquired from individuals.
Transfer agent. Guaranty Trust Co. of New York; Registrar, Chatham
Phenix National Bank & Trust Co., New York.
CapitalizationAuthorized. Outstanding
Common stock (no par value)
150.000 abs. 100.000 shs•
Data from Letter of Wallace E. Brown, President of the Corp.
Business.
-Corporation was incorp. In M!chi ran In Sept.
History and
1915. The principal plants are located in Grand Rapids, Mich. Branch
offices and warehouses are maintained in Chicago and Los Aneeles. Corp.
was the pioneer in the production of finishing materials, which were sold
exclusively to the furniture and allied industries. Its products, which
consist of varnishes, lacquers, enamels, paints and all classes of materials
used In the finishing of furniture, refrigerators, metal trimmInes and factory
maintenance work, are used extensively throughout the United States.
Dividends.-Clorporation has paid cash dividends each year since 1918
as follows:
1928 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928
10}e% 10% 955% 10% 6% 10% 10% 15% 17% 227 26%
Substantial stock dividends were paid in 1922 and In 1926. dividends
as shown above were paid on the amount of the $100 par value capital
stock outstanding at the time the various dividend payments were made
and the said old $100 par value capital stock authorized prior to the creation of the present no par value capital stock consisting of 3.000 shares.
The new no par value stock has been placed on a dividend basis and
$1 a sha.e has been declared for 1929, payable on outstanding stock at the
rate of 25c quarterly on March 30, June 30, Sept. 30. and Dec. 31.
Earnings.
-The net earnings of the corporation available for dividends,
after all charges, depreciation and Federal income taxes have averaged
over $160,000 per annum for tho last four years. These average net
earnings are equivalent to $1.60 per share on the 100,000 shares of no par
value common stock to be presently outstanding. The consolidated
Income for the four years ended Dec. 1928, has been reported as follows:
Gross.
Net. Earns,
Per Sh.
$1.074,032
1925
$162,530
$1.62
1,35 .884
1926
186,656
1.86
1.345,779
138.520
1.38
19 8
1.430,140
2
7
153,356
1.53
Martagement.-No change Ls contemplated In the management.
-Wallace E. Brown, Pros.' A. D. McBurney, Vice-Pres.;
Officers.
Fred A. Chapman, Treas.; H. F. Harbeck, Secy.
Listing.-CorporatIon has agreed to make application to list these shares
on the Now York Curb Market,

-Stock Offered.-Sulzbacher,
Granger Trading Corp.
Granger & Co., New York, are offering at $32.50 per share
30,000 shares capital stock (no par value). Of the 30,000
shares being issued, a substantial amount has been purchased by Sulzbacher, Granger & Co. for its own account,
and, in addition, employees of that organization have contracted to purchase about 2,000 shares.
Authorized.
CapitalizationIssued.
100,000 shs. 30,000 shs.
Capital stock (no par value)
The Commercial Truett Co. of Jersey City has been appointed registrar
and the Corporation Trust Co. as transfer agent.
Cornpang.-A Delaware corporation formed in Jan. 1929. Has been
organized to buy, sell. trade in or hold securities of any kind, to participate
In syndicates and underwritings, to arbitrage, to deal in securities listed
on all domestic and foreiga stock exchanges as well as in unlisted securities,
and to exercise such other of its powers as its board of directors may deterwine

Management Contract.
-Under the teens of a magement contract entered
Into between the corporation and Sulzbacher, Granger & Co., the latter
firm will receive no remuneration for its services unless the Corporation
earns annually 8% on its capital and surplus as of the beginning of its fiscal
year plus adjustments for capital added during the year;should the realised
net profits emceed this 8%, the firm will be entitled to receive an amount
equal to 20% of the net profits for its services, but only to such an extent
as not to impair the 8% net profits to the shareholders. This 8% net.
earnings requirements shall be cumulative so that if, in any year, the
corporation falls to earn that amount, Sulzbacher, Granger St Co. will not
be entitle) to receive compensation until the; deficiency has boon fully made
good.
In any &albite the corporation may have with Sulzbacher, Granger &
Co. that firm will accept full responsibility for the fairness of transactions.
Thecorporation will not purchase or contract tourchase any of the stocks
or bonds now owned by Sulzbacher. Granger & Co.C
The management contract, may be terminated by the vote of threequarters in interest of the stockholders. However,should this contract be
terminated, Sulzbacher, Granger & Co. reserves the right to request the
corporation to change its corporate name. If, too, a director is elected
to the board without the consent and approval of Sulzbacher, Granger &
Co. that,firm will have the right to bring to a close the Management Contract.
Directors.
-The board of directors is composed of Albert Ulmann.
Jeffrey S. Granger, Myron I. Granger, David Granger, Jr., all partners of
Net profit __ _ ----------------------------------------$4.749,564 Sulzbacher, Granger & Co., Oswald M. Lowyn. manager of the syndicate
87,456 and trading departments a Sulzbacher, Granger & Co., and William F.
Profit on sale ofinvestments
-V. 128, p. 567.
linger, of Gilman & Unger (Attorneys.)
$4.837,021
Total net Profit,
4,308.119
Great Lakes 8c Atlantic Transportation Corp.
Surplus beeinning of period

,
--, --,-.-- - --s ------------------$9.235,140
Total--- --1.163,939
Period
-Dividend on preferred etock-paiti during
454,440
Dividend on common stock paid during period
747,393
Dividend declared and payable Iebv. 1 1928
1.080,668
Loss on sale ofcapital assets

President Elected.

OM. Edward 0. Carrington, President and Chairman of the Hudson
River Night Line, has been elected President. This company, which was
recently incorporated In Maryland with an authorized capitalization of
$10,000,000, was organized to merge the principal operators on the New
York State Barge Canal and the leading lines operating on the Hudson
$5.788,699 River between New York, Albany and Troy.
Surplus end of period
The company will also operate a line of packet barges between New York
Consolidated Balance Sheet Oct. 31 1928 (Cold Dust Corp, and City and Detroit carrying automobiles on wheels, the actual time in transit
Pro Forma
American Linseed Co).
being a little more than four days. Contracts have already been made wit
Liabilities
Assets
some of the automobile manufacturers in Detroit for this service. See
$10,067,595 Accounts pay'le,reserves, arc. 82.301,983 V. 127, p.2964.
Cash
595,473
Accounts & notes receivable_ 2,970,242 Accrued exp.(Incl.int)
4,711,972 Dividends payable
1,038,378
Inventories
Group Number One Oil Corp.
-Dividend of $100.--163,581 Mortgages
311,000
Deterred charges
of directors
A . a 7 3g o.
v
1
633,069 Notes payable
4,368,000 - t 126 :1n128f the board payable Feb.on Jan. 26 1929, a dividend of
Misc. sec. & investments_ _
20 to holders of record Jan. 31.
declared,
Inv. in. adv. to affiliated co__ 2.059,426 American Cotton Oil Co., 5s.. 2,370,000 $100 per share was
10,744,252
Land, bldg. math. at equip- 6,911,899 Capital stock 1,500,000 se _
1 Surplus
5,788,699
Goodwill.&ti

Guaranteed Mortgage Co. of New York.
-Depositary.
-

Total
-V. 128. p. 410. 266.

$27.517,787

Total

327.517,787

-$1,000,000 AdvertisGotham Knitbac Machine Corp.
ing Program.
The unusual experiment of calling upon a score of its customers to direct
the way in which a :el,000,000 advertising appropriation should be spent
newly invented Knitbac machine for ;repairing runs in

The Chatham Phenix National Bank de Trust Co. has been appointed
depositary under agreement of the company securing an issue of $153,000
guaranteed 1st mtge. certificates secured by bond and mortgage coverinee
premises northwest corner of Wooster and West Third Sta., New York City.
-V. 127, p. 1956.

12
1
e
Hercules Powder Co.-Annula9.

Calendar Years
port.1926.
Grossreceipts
$30,9 9
1 5511;877 127,961,494 328,453,496 $23196 65
2
9
2 ,009
in exploiting the
stoekings has been successfully tried by this corporation, a subsidiary of *Net from all sources_ _ _ 4,038,980 3,203,896 3,433,419 2,999,369
799.687
797,868
was tried at a dinner
734,538
765,287
the Gotham Silk Hosiery Co. The experimentadvertising managers which Preferred dividend_
702,058,000(101.617.000(12)1,710.000(10)1,430000
of 20 Common diva
(14- the Gotham Knitbac Machine Corp. gave to
of the largest department stores in the metropolitan district of New York.
$1,181,294
$834,847
$789,028
Balance
$957.132
Announcement was also made that Walter T. Fitzpatrick, formerly AS9N-•
tant General Manager of the Leonard Refrigerator Co.. had been selected Profit and loss surplus_ - 12,863,378 11,682,085 10.893,057 9,729,490
Shares of common outGeneral Manager of the new Knitbac company.
as
147,000
147.000
143,000
standing (par $100)
147,000
In enlisting the counsel of the group of advertising experts, who annually Earn,
$22.04
$16.37
$1.84
per share on com$18.18
advertising a year, a questionnaire was
place upward of $25.000,000 of as to
*After deducting all expenses incident to manufacture and sale, ordinary
the relative value of media for exout, asking for opinions
handed
nutintenance of plants, accidents, depreciation.
ploiting the new Knitbac service. By an overwhelming vote, the group and extraordinary repairs,Aetna
bonds.
-V.128, p. 411.
taxes, &c.; also interest on
recommended daily newspaper space as the most powerful factor.




FEB. 2 1929.]

FINANCIAL CHRONICLE

Harrison's Orange Huts, Inc.
-Transfer Agent.
The National Bank of commerce in Now York has been appointed transfer agent in New York for the no par value common stock. See offering
In V. 127. p. 2964.

Hartford (Conn.) Fire Insurance Co.
-May Reduce
Par Value of Shares.
A dispatch from Hartford (Conn.) says that at a special meeting of the
directors the officers were instructed to secure an amendment to the company's charter to permit the reduction of the par value of the shares of the
company from $100 to $10 per share when and if directors so decide.
-V. 126, p. 3765.

Horn & Hardart Co. of New York.
-Earnings.
-

Calendar Years1928.
1927.
Net profit after taxes, depreciation, Szc
$2,286,642 $1,940,506
Earnings per share on 560,004 shares corn, stock
(no par) after pref. diva
$3.73
$3.11
Balance Sheet December 31 1928.
Assets
Liabilities
$10,075,435 Preferred stock
Property
z$2,800,000
Leaseholds
217,258 Common stock
3,501,440
Patents
4,396 Real estate mortgages
1,959,750
Agreements, leases, So
2,000.000 Current liabilities
1,295,033
Bonds
45,000 Deterred credits
75,356
Current assets
1,383,625 Surplus
4,219,207
Deferred charges
125,071
Total
$13,850.787
Total
x Represented by 560,004 no par shares.
-V. 127, p. 3712.

513,850,787

Howes Bros. Co.
-Annual Report.
--

Calendar YearsNet earnings
Preferred dive. paid
Common diva. paid

1928.
$281,547
120,311
115.000

1927.
$260,160
120,311
69.000

1926.
$203,814
120.311
57.500

1925.
$192.334
120.311

Balance
$46,236
$26,003
$70,849
$72,023
Profit and loss surplus
1,544,454
1,498.219
1.427.369
1.401.366
Earned per sh. on corn-.
$14.02
$12.16
$7.26
$6.26
Comparative Balance Sheet Dec. 31.
Assets1928
1927
Liabilities1928.
1927.
Cash
$430,128 $449,284 Preferred stock.._.$1,850,000 $1.850.000
Meta receivable 1,306.761 1,563,990 Common stock___ 1,150,000 1,159.000
Merchandise
x4,613,997 3,397,240 Acc'ts payable_ - __ 194,437
128.900
Investments
343,005
343,005 Notes payable___ 1,955,000
585,000
For'n acceptances_
541,400
Total(each side) 88,693,891 $5,753,519 Surplus
1,544,454 1,498,219
x Includes cash advanced on hides and leather.
-V.126, P. 422.

Hupp Motor Car Corp.
-Listing.
-

The New York Stock Exchange has authorized the listing on and after
Feb. 1 of $334,370 additional of common stock (par $10) to be issued as
a stock dividend of 2Yi %.making a total amount applied for of $13,709.157.
The plan for the exchange of the common stock of Hupp Motor Car
Corp. for the preference and common stocks of Chandler-Cleveland Motors
Corp. was declared operative Jan. 11. and the time for the receiving of
deposits of the stocks of Chandler-Cleveland Motors Corp. was extended
to Jan. 21.
The 255.000 shares of common stock of Hupp Motor Car Corp. to be
issued pursuant to the plan in exchange for 350.000 shares of preference
stock of Chandler-Cleveland Motors Corp. and 280.000 shares of common
stock of Chandler-Cleveland Motors Corp. was authorized to be listed on
the New York Stock Exchange (V. 128, p. 257).
On Jan. 4. the directors of Ilupp Motor Car Corp. declared a cash dividend of 50 cents a share and
% stock dividend payable in common
stock of the company both payable Feb. 1 to holders of record Jan. 15, and
the resolutions authorizing these dividends provided for the payment of the
cash dividend and stock dividend on any or all of the 255,000 shares of
Hupp Motor Car Corp. stock issued and outstanding on Jan. 15 1929, in
the event that the plan for the exchange of the stock of Hupp Motor Car
Corp. and the stocks of Chandler-Cleveland Motors Corp. was declared
operative.
On Jan. 11, the directors of Hupp Motor Car Corp. on being informed
that the plan for the exchanges of stock had been declared operative,
amended their resolutions of Jan. 4, by making the record date of the cash
dividend of 50 cents a share and the 234% stock dividend. Jan. 21 1929.
in lieu of Jan. 15, and providing further that a record of the holders of the
certificates of deposit for the stocks of Chandler-Cleveland Motors Corp.
should be taken as of the close of business of Jan. 21, and those holders of
certificates of deposit on said date will be entitled to both the cash and stock
dividend payable to the stockholders of Ilupp Motor Car Corp. on Feb. 1
1929, in respect of full shares of common stock of Hupp Motor Car Corp.
which they will be entitled to receive in exchange.
Thus each holder of record on Jan. 21 1929, of a certificate of deposit
for two shares of preference stock of Chandler-Cleveland Motors Corp.
will be entitled to r cive. in addition to one share of Hupp Motor Car
Corp. common stock, a scrip certificate for 1-40th of an interest in one
share of stock of Hupp Motor Car Corp., and each holder of record on Jan.
21 1929. of a certificate of deposit for 334 shares of common stock of
Chandler-Cleveland Motors Corp. will be entitled to receive, in addition
to one share of Hupp Motor Car Corp., a scrip certificate for 1-40th of an
interest in one share of common stock of Hupp Motor Car Corp.. and
similarly the cash dividend of 50 cents a share for each full share of Hupp
Motor Car Corp. common stock to which they are entitled in exchange is
payable to certificate of deposit holders of record Jan. 211929.
Consolidated Income Account 11 Months Ended Nov. 30 1928.
Net sales
$73,114,031
Cost of sales, not including deprec. and Federal income taxes
65,494.454
Operating income
Other income
Total income
Depreciation
Federal income taxes
Net income
Common dividends
Balance
Earnings per share on common stock
-V. 128. p. 257.

57.619,576
1.416.068
$9,035,645
433,517
1,032,255
37.569,872
1.746,832
55,823,040
$6.99

Independent Oil & Gas Co.
-Earnings.
-

Period End. Dec. 31- 1928-3 Mos.-1927.
1928-12 Mos.-1927.
Gross earnings
89,658.903 $3,489,331 $22,535,331 $13,114,709
Exp.,taxes,dry holes,&c. 3,934,602
1.804,536 9,904.842 7,069,518
Interest and discount.-241,917
146,230
792.289
517,307
Min int.Seminole Oil Co. 0%11.438
0%12,448
Fed.tax (estimated)___330,000
455.000
Res., depr. & depletion_ 2,209,937
1,069.068 6,302,789 3.214.452
Net income
82,953,885
$469,496 55,092,858 52.313,432
Shs.cap.stk. out.
(no par) 959.457
500,000
959.457
500,000
Earnings per share
$3.08
$0.94
$5.30
-V. 127. p. 3712.

Indian Refining Co.
-To Increase Common Stock-Rights
-Proposes to Retire $1,200,000 of 1st Mtge. Bonds.
The directors on Jan 29 voted to call a special meeting of stockholders
on Feb 25 to authorize an increase of 275,000 shares of common stock.
This stock will be offered to present stockholders at the rate of one share
.
for four at $21 per share The issue has been underwritten by the Guaranty Co of New York, Dominick & Dominick, Alfred L. Baker & Co. and
Montgomery, Scott & Co.
The purpose of the issue is to retire the 51,200.000 of 1st mtge. bonds still
outstanding and to provide working capital for the expanding activities of
the company, due to the operation of the New Havoline 011 process,
V. 127, p. 2542.

Industrial Finance Corp.
-New Vice-President.
-

Hugh W. Davis has been elected Vice-President.
-V. 127. p. 267.




739

Inland Steel Co.(& Subs.)
-Preliminary Earnings.
-

Calendar Yearsx1928.
1927.
1926.
1925.
Total income
$14,751,928 $11,342,054 811,150,782 $7,998,458
Depreciation,&c
2.682.881
2,508,251
2,050,911
2,059,890
Bond interest
1,234.750
674,908
703,167
143.833
Federal tax
1,060,000
994,000
892,000
669,000
Employees' pension fund
440.000
358,000
357,000
256,000
Net income
59,334.297 56.506,894 $7.147,704 54,869.735
Prof. dividends y___(1% %)175,000 (7)700,000 (7)700,000 (7)700,000
Common dividends
a8,250,000 b2,956.997 b2,956.997 b2,956,997
Balance,surplus
$103.297 $3,149.896 $3.490.707 $1,212.738
Earn. per share on com._
$7.63
$5.16
$5.45
$3.63
x Preliminary figures for 1928. y Preferred stock called for redemption
Apr. 1 1928. a $2.50 per share regular and $4.45 per share extra in cash.
b .52.50 per share.
-V.127. p. 2965.

Insurance Co. of North America, Phila.-Extra Div.
-

The company on Jan. 21 paid to stockholders of record Jan. 16 an extra
dividend of 50c. a share in addition to the regular semi-annual dividend of
$1 a share. An extra dividend of 50 c. a share was also paid on Jan. 23
1928.-V. 127, p. 961.

International Paper & Power Co.
-Listing.
-

The New York Stock Exchange has authorized the listing of 1.500,000
additional shares of class C common stock, on official notice of issuance and
payment from time to time making the total amount applied for 2,500.000
shares of class C common stock.
By resolution adopted Dec. 26 1928, directors authorized the issuance
of 1,500.000 shares of class C common stock to be sold for cash at a price
of $10 a share. Each two shares of common stock of International Paper
& Power Co., whether class A, class B or class C, of record at the close of
business Jan. 8. will carry the right to subscribe to one share of this new
Issue of class C common stock. Certificates of deposit for common stock
of International Paper Co. under the plan and agreement dated June 28
1928, of record at the close of business Jan. 8 1929. will carry the right to
subscribe to the new issue at the rate of three shares of class C common
stock for each two shares of International Paper Co. common stock
represented by such certificates of deposit.
At the option of the subscriber payment for the new stock may be made
either: (a) in full, namely. $10 a share on or before Jan. 31 1929, or (b)
in three installments, with interest, as follows: $4 a share on Jan. 31:
$3 a share on April 30 1929; $3 a share plus an interest charge of 14c.,
making a total payment of $3.14 a share on July 311929. The offering has
been underwritten without expense to the company.
The proceeds of the issue will be used for the corporate purposes of the
International Paper & Power Co.
Balance Shed as of Nov. 30 1928 (Not Incl. Sub. Cos.)
Assets
Securities and Investments:
International Paper Co., 7% preferred-881,736 shares
$88,173.600
International Paper Co., 6% preferred-16,122 shares
1,612,200
International Paper Co., common-917,383 shares
66,041,571
Cash
75.684
Accounts receivable
110
Organization expense
120.465
Prepaid interest
3.738
Total
5156.027.371
Liabilities
Notes payable
8200,000
7% preferred stock ($100 par value)
42.986,300
do
allocated for International Paper Co. ctfs, of dep
45.187.300
6% preferred stock ($100 par)
allocated for International Paper Co.ars. of deposit 1.465,000
do
147,200
Common stock (no par value):
Class A (issued and outstanding, 459,783 she.)
24,138.608
Class B and class C (allocated for I. P. Co. ctfs. of dep.457,600 sh.s.)
24.024.000
Paid-in surplus
17.878.963
Total
5156.027.371
Note.
-The investments in the stocks of the International
carried on the balance sheet of the International Paper & Paper Co. are
Power
the values shown for such stocks on the consolidated balance sheetCo. at
of the
International Paper Co. as of Oct. 31 1928. (Compare also V. 128, p. )R0).
-V. 128. p. 568.

International Re-Insurance Corp. (Calif.).
-Listing.

The Los Angeles Stock Exchange has authorized the listing of 100,000
shares of common stock of $10 par value, total authorized and outstanding.
The corporation was organized in California, on Feb. 14 1928. It commenced business during June 1928. Organized as a casualty re-Insurance
company, the scope of the corporation includes workmen's compensation,
automobile, public liability, surety and fidelity bonds, burglary, boiler.
plate glass and all other miscellaneous lines of insurance other than life,
fire and marine.
The directors of the company are as follows: Carl M. Hansen (Pres.),
0. Rey Rules (1st Vice-Pres.), J. V. Challiss (Secy.-Treas.), J. Philip Bird
and E. A. Widemann (Vice-Pros.). Fred S. Albertson, Clarence H. Crawford,
Those B. Donaldson, V. Y. Jeffries, C. Sumner James, Harry D. Leavitt,
D. E. C. Moore, D. E. McEwen, E. J. Nolan, Jacob C. Myers, Stuart
O'Melvenv, James R.Page, I'. D.Plumb, Geo. M. Wallace, L. A. Padfield.
Hon. E. C. Stokes.
The transfer agents are Elinor Hendry, 621 So. Hope St., Los Angeles,
Calif., and the Mechanics National Bank, Trenton, 14, J.
The Citizens National Trust & Savings Bank, Los Angeles, Calif., is
registrar.

International Silver Co.
-Extra Dividend.
The directors have declared an extra dividend of 2% In addition to the
regular quarterly dividend of 134% on the outstanding S9.119,800 common
stock, par $100, payable March 1 to holders of record Feb. 15. Quarterly
dividends of 1 34% have been paid on this issue since and incl. April 1 1926.V. 127, p. 2376.

Interstate Iron & Steel Co.
-$1.50 Special Dividend.
-

The directors have declared a special cash dividend of 1;i% ($1.00 per
share) on the common stock, par $100. in addition to the regular quarterly
dividends of 1% on the common and 1 . % on the preferred.
4
1
The special dividend is payable Feb. 21 to holders of record Feb. 15.
The regular common dividend is payable April 15 to holders of record April 5
and the preferred Feb. 28 to holders of record Feb. 15.-V. 126. p. 1362.

Investors Syndicate.
-Gain in Outstanding Loans.
-

The syndicate increased its outstanding first mortgage loans by 27,65
during the last year, according to the preliminary report of the company.
Increase in outstanding loans amounted to more than 86.000.000.
Loans outstanding on Dec. 31 1928 numbered 6,765 and the aggregate
loan total was $21.546,302, the report showed. The number of loans on
Dec. 31 1927 was 4,000 and the aggregate amount was $15,456,662. Appraisals of the property on which present loans are outstanding showed an
aggregate in excess of $45,000,000.
Loans accepted during the year approximated 2,800 involving a total of
$10,000,000. Increase in outstanding loans fell short of reflecting this
volume on account of amortization pay-off and loans which matured during
the year.
The average balance due on the loans of the company at the end of the
year was $3,185. The average of original loans was $4,075. The figures
show the working of the amortized plan under which all mortgage loans of
the company are placed.
-V. 128, p. 412.

Investors Trustee Foundation of United States, Inc.
-Semi-Annual Dividend on Series A Shares.
The corporation has declared a semi-annual dividend on Investors Trustee
shares, series A, of $429.63 per unit of 1,000 shares, or at the rate of 42c.
per share, payable Feb. 15 to holders of record Jan. 15. On Aug. 15 last,
a semi-annual distribution of $519.52 per unit, or 51c, per share, was made
on this Issue.
-V. 127, 13• 557,

Iron Fireman Manufacturing Co., Portland, Ore.
Estimated Production for 1929.
The corporation is starting on a 19291production schedule of 5.000 automatic stokers, more than.100% over its 1928 production which reached

740

FINANCIAL CHRONICLE

3,500 stokers, President T. H. Banfield announced. Most of the increased
production (luring this year will be on the new model domestic coal stoker
recently perfected by the company. The present plant capacity is 12,000
machines per year.
The company has just completed its new $100,000 factory at Clevelnad
to serve at present as a milling and assembling plant and distribution
station for its Eastern territory. The plant is equipped with facilities to
handle in excess of 3,000 automatic stokers per year, and is arranged so
that it can easily be enlarged to handle the manufacture of stokers. See also
V.127, p.2966.

Island Creek Coal Co.
-Earnings.
-

Period End. Dec. 31- 1928-3 Mos.-1927.
1928-12 Mos.-1927.
Net inc. after deprec.,
deplet. & Fed.taxes $785,673 $2,889,991 $3,611,408
$878.700
Shs. com,stock outst'd'g
(par $1)
593.865
594,005
594,005
593.865
Earns, per sh. after pref.
divs
$5.64
$1.22
$4.43
$1.36
-V. 128. p. 412.

Isle Royal Copper Co.
-Dividend of 50 Cents.
The directors have declared a dividend of 50 cents per share on the outstanding $3,750.000 capital stock, par $25. payable Mar. 30 to holders of
record Feb.28. On Mar. 15 1928,a dividend of 50 cents per share was paid:
on Sept. 15, one of 75 cents per share and in Dec. 15, one of 50 cents per
share, making a total of $1.75 per share for 1928 as compared with a total
ef $1 per share in each of the three preceding years.
--V. 127, p. 557.

Jantzen Knitting Mills (Ore.).
-Listing.
The San Francisco Stock Exchange has authorized the listing of 100,000
shares of no par value common stock.
Directors of the company are J. A. Zehnbauer (Pres.), C. C. Jantzen
ec'Y.1, J. R. Dodson (Vice-Pr & Treas.), A. J. Cormack (Asst. Treas.),
.R. Zehnbauer (Vice-Pr
Mitchell Helnneman and W. A. Broom (see
V. 127. p. 2377).-V. 128. p.120.

R

-Earnings.
Jones & Laughlin Steel Corp.
1928-12 Mos.-1927.
Period End. Dec.31- 1928-3 Mos.-1927.
Earnings after taxes__..$5,428,292 $2,638.621 *21.659.953 $16,559,319
1,067.805 5,449,528 4.572.359
Deple. & depreciation__ 1,350,107
748,021
641,738
Interest on bonds, acc--173,693
158,951
Net income
Preferred dividends
Common dividends

$3,919,234 $1,397,123 $15.568.687 $11.238.939
1,020.806 4.104.375 4.079.337
1,027,515
716,650 3,457,920 2,866.600
1,296.720

Surplus
$1,594,999 def$340,333 $8,006,392 $4,293,002
Earns. per sh.on 573,320
shs. (par $100) corn.
$20.02
stock outstanding_
$12.49
$5.04
$0.66
-V. 127. p. 2543.

(Julius) Kayser & Co.
-Earnings.
6 Months Ended Dec. 31Gross income from operations
Interest and discount earned

1927.
1926.
1928.
$1,854.834 $1.617,329 $1,309,617
107.471
148.715
217,449

Total income
Interest
Reserve for taxes
Depreciation

$2,072,283 $1,766,044 $1.417,088
155,555
246,420
100,544
132,836
186,743
191.266
165.344
198.315
209,034

Net income
*1.571,439 $1.134.566
Preferred dividends
Empl. pref. stk., hit. & dividends_ _ _ 18,334
36,680
Common dividends
396.664
667,708

*963,353
264,460

Balance surplus
S867.051
Shs. corn,stock outst'd'g (no par)
276,739
Earns. pershare45.64
-V. 128. p. 259.

*525.519
1i5,700
$6.04

173.374

[Var.. 128.

the same name, as an operating subsidiary of the Keystone Investing Corp.
Keystone Investing Corp. proposes to extend the sphere of operations of
Keystone Bond & Mortgage Co.. Inc.. and in addition thereto will do a
general financial business.
Earnings.
-The average invested capital of Keystone Bond & Mortgage
Co., Inc.. from the date of incorporation to the end of 1928, has been
approximately $400,000. Upon this average capital the company earned
about 17%. In the years 1927 and 1928 this company earned, after deducting all expenses including Federal and State income taxes sufficient to
pay its regular dividend of 7% on its pref. stock and a sum in excess of $7
per share on the entire 5,000 shares of no-par common stock.
Dividends.
-The dividend requirements of the Keystone Investing Corp.
amount to $100,000 annually to be distributed to 50.000 shares of class A
stock at $1.50, $75,000, and 50,000 shares of class B stock at 50 cents,
525.000. After payment of stipulated dividends the "A" and "B" stock
share equally in any distribution of earnings. The old company and
present subsidiary, Keystone Bond & Mortgage Co., Inc., has had an
uninterrupted dividend record since its inception, having paid 7% regularly on its preferred stock and $4 in 1926 on the common. In 1927 and
1928 the directors determined on a more conservative dividend policy when
$2 per annum was paid on the common,the excess earnings going to surplus.
Purpose.
-25.000 shares of class A stock and 10,000 shares of class B
are to be utilized in making the exchange for the 5.000 preferred and the
5.000 common of the Keystone Bond & Mortgage Co.. Inc. 15,000 shares
of "A" and 6,000 shares of "B" are further set aside for the subscription
of the present Keystone Bond & Mortgage Co. stockholders for outright
purchase, which the majority have indicated their willingness to subscribe
for. The balance of the "to be issued" "A" stock, consisting of 10,000
shares "A" is comprised in this offering. The funds so derived, amounting to approximately $875.000, will constitute new and additional working
capital, enabling the company to expand and take care of the volume of
business already anticipated.
Further, the refinancing and classification of capital enabling the retire7
ment of a 70 cumulative preferred, will tend to increase the loaning
power available, from the company's banking connections
-V.127,p. 3551

Kinnear Stores Co. (Ind.).-Pref. Stock Called.
-

All of the outstanding 807 cumulative convertible pref. stock, series A,
has been called for redemption Mar. 1 at 115 and div. Payment will be
made at the Bankers Trust Co., 16 Wall St., N. Y. City.
The privilege of converting the stock into common stock will expire
unless 10 days written notice of the election to make the converalan is given
prior to redemption. If it is desired to exercise this privilege, written notice
of such election must he deposited in the mail, registered, addressed to the
company at No. 38 West 32d St.. or at its office at Marion, Ind., not later
than midnight on l,eb. 20.-V. 128. p. 259.
kph( understood that most of this preferred stock has been deposited in
connection with the proposed merger with the National Hellas Hess Co.
Because of the current market for(ho common stock,it is expected that most
of the outstanding preferred will be converted.
The Chase National Bank has been appointed registrar for certificates of
deposit for common stock and certificates of deposit for preferred stock of
the Kinnear Stores Co.

Time for Deposit of Stock Extended.
See National Bellas Hess Co., Inc., below.
-V.128, p.268.

(D. Emil) Klein & Co.
-New Director.
Charles B. Harding has been elected a director.
-V. 12*. p. 588.

Knapp-Monarch Co., St, Louis, Mo.-Stocks Offered.
McMurray, Hill & Co., Inc., Des Moines, Ia., and Hawes
& Co., Inc., St. Louis, are offering 7,500 units, consisting of
one share $3.25 cumulative preferred stock (no par value)
and M share common stock (no par value) at $50 per unit.

St. Louis Union Trust Co.. St. Louts, Mo., transfer agent and registrar.
Company has agreed to make application for the listing of these securities
on the St. Louis Stock Exchange.
Company.-Incorp. In Missouri. Has been formed to take over all the
business and assets of A.S. Knapp & Co.(Mo.),and the Monarch Co.(Ia.).
The Monarch Co. was organized In 1916, and from an original investment
of approximately $15,000 has grown to be an outstanding manufacturer of
Kelvinator Corp.-Listing---Personnel.The New York Stock Exchange has authorized the listing of 155,000 sheet metal. preened steel and sood products.
Knapp-Monarch Co. products are sold in every state in the Union and
additional shares of capital stock without par value upon official notice of
Issue and payment in full making the total amount applied for 1,341,909 several foreign countries. Branch sales offices are maintained at New
York, Kansas City, Dallas and Los Angeles. The company has over
shares of capital stock.
The shares are to be issued pursuant to resolutions of the board of direc- 1.500 active accounts.
'Ike products of the Knapp-Monarch Co. meet in an unusual degree the
tors adopted at a meeting held on Dec. 10 1928, authorizing the issue and
sale of 30,000 additional shares of the capital stock, which was sold to requirements of chain stores and other purchasers and distributors of
volume merchandise.
bankers at the price of$12.50 per share, the Issue of 10,000 additional shares
Capitalization
Authorized.
Outstanding.
to an officer in part payment for his services, and the setting aside of Cumul. pref.
stock
30,000 slur.
115.000 additional shares for sale at a price not less than $10 per share to Common stock (no ($3.25 dividend)
to
par value)
35.000 abs.
300600
7;0 0
certain officers upon the exercise of options granted to them,a part of which
Earnings.-Net earnings, after depreciation and Federal taxes, and after
has already been exercised.
-year,
The proceeds from the sale of such of the above shares of stock as have elimination of bond interest and discount, have averaged for the 2
10
-month period, 1926, 1927 and 10 months to Oct. 31 1928, over 3.37
been or will be sold will be utilized by the corporation for additional working times the cumul. pref.
dividend requirements.
capital.
For the year ended Dec. 311927, and the 10 months ended Oct. 31 1928,
George W. Mason, Chairman, has been elected President, succeeding net earnings, after depredation and Federal and state taxes, and after
C. K. Woodbridge. The number of directors has been reduced to 10 from elimination of bond interest and non-recurring charge of $7,200 and $3,500
15 the following being elected: J. S. Bache, F. C. FInkenstadt, A.11 respectively, consisting of royalties, have been as follows:
Goss, J. M. Hoyt, D. B. Lee. G. W. Mason, W. D. Mercer, H. T. PierEarn. per Sh. Earn. per Sh.
Net
pont, Ernest Stauffen Jr.. and Merlin Wiley.
-V. 128. p. 259.
F,arnings. Pref. Stock.
Corn. Stock.
k.
Calendar year
$8.81
Increase and Stock 10 mos. ended 1927 31 1928
Kennecott Copper Corp.
-Capital
12.20
Oct.
The above earnings are without gi91:°83feet to savings and economies
$v1n8(1
66 g5
Split-Up Approved.
The stockholders on Feb. 1 approved the increase In the authorized to be made by the consolidation. The management conservatively estiAcrear.
5.000.000 shares no par. mates these savings and economies will be not less than $15.000 pe:
capital stock to 12,000,000 shares no par from
ci
Finanal Condition.-The balance sheet as of Oct. 31 1928, after vine
and ratified the proposal to split the present outstanding stock twoeffect to this financing,shows current assets of 5417.534, as compared with
for-one.
The stockholders also voted to increase the board of directors to 18 mem- current liabilities of $97,387, or in the ratio of over four to one. Not current assets are equal to $42.68 per share of outstanding enmul. Prof. stock
bers,from 15. See also V. 128, p.412.
and net tangible assets are equal to $75.10 per share of outstanding cumul.
-B. H. Roth pref. stock. The company has no bank loans and no funded debt, and is
Keystone Investing Corp.
-Stock Offered.
& Co. are offering 2,000 units of stocks, consisting of 10,000 provided with ample working capital. is entitled to dividends at the rate
Dividends -The cumul. pref. stock
shares class A stock and 4,000 shares class B stock. The of $3.25 per year, payable quarterly, cumulative from Jan. 1 1929. It Is
the intention of the management to place the common stock on $1 a year
stocks are offered in units of 5 shares of A and 2 shares of B regular dividend basis, beginning with the year 1929.
at $147.50 per unit.
Purpose.
-This financing will retire 3125,000 funded indebtedness; 197,Class A Stack is non-cumul., dividend preference of $1.50 a share before 900 7% mune'. pref. stock of the Monarch Co. and *50,700 7% cumul.
any dividends may be paid on the class B stock. Class A is non-voting, pref. stock of A. S. Knapp & Co., and all the balance will be used Aw
no par. On liquidation or any distribution of capital, class A holders are working capital.
to receive $30 per share before any distribution to the class B stock.
(S. H.) Kress & Co.
-Annual Report.
Class B stock no par, may be converted into A under such conditions
Calendar Years1928.
1927.
1928.
1925.
as set forth in the certificate of Incorporation and (or)in the by-laws. Class Stores operated
B Is the voting stock and is to receive 50 cents per share in dividends after Sales
65,054,697 58,059,925 51,869,466 45.983,166
133
183
160
198
payment of $1.50 on the "A," and on dissolution after $30 per share has
been paid on the"A"stock, the sum of not over $15 per share may be paid Cost of mds. sold, oper.
expenses & rent
58,001,186 51,664,150
on the "B." In the event of liquidation, all amounts in excess of $30 on
40.848,440
828,062
724.003} 47.196.5081
the "A" and $15 on the "B." are to be divided equally between the two Depr.Sz amortization
568.566
ed
750,000
714.000
classes of stock. Out of earnings any dividends declared in excess of $1.50 Feral taxes
587.867
on the "A" and 50 cents on the "B" is to be dividend equally between the
Net profit
$5.475,388 $4.957.771 $4,672,952 $4,158,521
"A" and "B."
152,313
131.265
Transfer agent. Title Guarantee & Trust Co. Registrar, Mechanics Otherincome
Bank of Brooklyn.
Totalincome
$5,627,702 $5.089.036 $4.672.952 $4,158,521
CapitalizationOutstanding.
Authorized.
11.748.747 8.830,557 15,786,662 12,357,346
Class A preferential stock
50,000 abs. Previoussurplus
200,000 she.
Class B voting stock
50,000 abs.
50,000 shs.
Totalsurpius
$17.376449 $13,919,593 $20459,614 $16,515,867
from Letter of Ralph L. Raphael, Trans. of Keystone Bond & Divs.on 7%
Data
pref.(7%)
2114.459
208,105
Mortgage Co., Inc.
Divs, on corn. stock
($1)971,197(31)964,977(4%)480,000(4%) 480,000
Business and Ilistory.-A Delaware corporation. Is a holding corpora- Stk. div. paid in special
tion that has acquired the entire outstanding capital stock of the Keystone
prof. 6% cum. stk.
Bond & Mortgage Co., Inc.. of New York, which began business in May
(50c. per share)
486,385
483.369
1925, with 2,500 shares of 7% cumul. pref. stock and 2,500 shares of no- Divs.on 6% special pref
28,049
par common. Subsequently this was increased to 5,000 shares of each Prem,on pref.stk.recL.
722,500
class and was sold in units of eine share ofcommon and one share of preferred. Good will (writ. down)_11,999,999
--......
The entire authorized capital netted the company the sum of *515.557, all Approp.surplus
Cr.1.055.4000r. 1,014,300
stock being issued for cash, and all stockholders subscribing upon the
same basis.
Totalsurplus
$15,889,919 811.748,747 88,830,556 $16,842,062
The Keystone Bond & Mortgage Co., Inc., which was acquired by the Shs. corn. stk. outstandKeystone Investing Corp., has been engaged in the business of the puring(no par)
972.770
966,739
:120,000
x120.000
chase and sale of both first and second mortgages upon real property in Earns. per shs.on com_ $5.76
25.28
$32.92
$37.23
the metropolitan district, since 1925, and will continue in business under
z Par 8100.




$719.568
198,332
$5.63

F.2 1929:

FINANCIAL.CHRONICLE

Consolidated Balance Sheet Dec. 31.
,
en
1928.
1928.
1927.
1927.
AssetsLiabilities$
g
$
$
Land, bides.,&ex-16.226,427 12,881.313 Spec. pret.stock. _ 969.754
483.369
1
1 Common stock_ -y12,853,125 12,370.645
Good-will, &a._ __ _
Inventories
10.099,131 8,898,257 Accts. payable ___ 276,709
294,120
Sundry debtors_ _ _
315,475
92,965 Federal tax re,s ___ 750.000
736,793
Loans to landlords. 664,599
200,000
439,637 Mtge. payable-. 223,000
U.S. Govt. we ..._
73,550
158,550 Accrd.exp.,&c_ __ 830.178
870,520
4,295.745 4.532,907 Res.toreenting __ 434,869
Cash
671,432
Deferred charges
15.889,919 11.748,747
552.627
371.996 Surplus
Total
32,227.556 27,375,627
32,227,556 27,375,627
Total
x Composed of furniture and fixtures, $8,456,945 less depreciation of
$3,038.405 buildings and improvements on leased properties, $5,696.340
land and buildings. $5,258,740 less depreciation of $147,193. y Represented by 972.770 shares no par value.
-V.128. p. 259.

Knox Hat Co., Inc.
-Dividends.
The directors recently declared dividends of $3 per share on the common
stock, payable in partic. pref. stock at $60 per share, and $8 per share in
cash on the class A participating stock, both payable Feb. I to holders
of record Jan. 15. The company also declared 3 quarterly dividends of
$1.75 per share on the prior preference stock, payable Apr. 1 July 1 and
Oct. 1 to holders of record Mar. 15, June 15 and Sept. 16, respectively,
and four quarterly dividends of 75c. per share on the participating pref.
stock, payable Mar. 1, June 1. Sept. 3 and Dec. 2 to holders of record
Feb. 15, May 15. Aug. 15 and Nov. 15, respectively.
-V.127, p.418.

Kroger Grocery & Baking Co.
-5% Stock Dividend.
The company has declared a 5% stock dividend, payable April 1 to
holders of record March 10.
This will constitute the fourth consecutive annual stock dividend paid
by the company and barring unforeseen circumstances it is the expectation
of the management to pursue the same program in future years.
-V.128,
p. 259.

Lackawanna Securities Co.
-$1 Dividend.
The directors have declared a dividend of Si per share. payable March 1
to holders of record Feb. 14. A dividend of Si per share was paid on April 2
1928, while on Sept. 1 a distribution of $3 per share was made.
-V. 127.
p. 557.

Lakey Foundry & Machine Co.-Bal. Sheet Oct. 31 1928.
AssetsProperty amount
Cash
U.S. Liberty bomb
Accounts receivable
Inventories
Deferred charge;

Liabilities
Capital stock
$1,430,400
Accounts payable
73,139
Accrued balance and wages_
80.448
Accrued taxes
30.227
Dividends payable
30
Prov.for Fed.income taxes-- 140.100
Unclaimed wages
1.944
Reserves
80.895
Total (each side)
82.699.118 Surplus
882.434
Our usual income statement was published in V. 128, p. 122.
51,470.052
304,141
5,045
582,357
290.877
48,645

Lambert Co.
-Listing.
The New York Stock Exchange has authorized the listing of 127.090
additional shares ef oommon stock (without par value), upon official notice
of issuance, making the total amount applied for 698,996 shares of such
common stock.
Company has offered to holders of common stock of record Jan. 21 the
right to subscribe to these shares at $105 per share, at the rate of 2 shares
for each 9 shares of common stock held. Subscription rights terminate on
Feb. 11 1929. The proceeds of sale of these shares of common stock are
to be used to pay a loan made to the company for the purpose of acquiring
120.313 shares of the capital stock of Lambert Pharmacal Co., which shares
were acquired in Dec. 1928 at an average cost to the company of $107.02
per share.
The company has made arrangements with Goldman. Sachs & Co. and
Bond & Goodwin, Inc., for the underwriting at $105 per share of the offering for sale to stockholders of these 127,090 shares of common stock. A
commission will be paid for underwriting this offering.
Pro Forms Consolidated Balance Sheet as of Sept. 30 1928.
[After giving effect to the following transactions not then consummated:
(a) acquisition by Lambert Co. of 211.875 additional shares of the capital
stock of Lambert Pharmacal Co.. of which 91,562 shares were acquired for
a consideration of 90,656 shares of the common stock of Lambert Co., and
$158,648 cash, and 120,313 shares purchased for cash: and (6) issuance of
127.090 share; of the common stock of the Lambert Co.for cash.]
Assets
LIabilIties82,525,039 Accounts payable
Cash
$575,935
Acc'ts rec., cnst.(less rea've)._ 738,109 Res. for est. Fed. dr State taxes 697,714
Inventories
770,927 Lambert Pharmacal Co., repLand, bides., siach'y, &c
380,252
resented by 28,250 shs. of
Investments
179,413
capital stock (par value $1)_
141,107
Other assets
58.336 Capitalstock (698.996 shs.) _ 1,604,298
Prepaid adv. lk suadry asps
368,609 Surplus
2.012,988
Deferred charges
11,353
Good-will and trade aame
Total (each side)
1
$5,032,040
See also V. 128. p. 259.

Lehigh Valley Coal Sales Co.
-New Directors.
-

R. F. Grant and W. R. Evans have been elected directors to serve for
four years.
-V. 128. p. 260.

Liggett & Myers Tobacco Co.
-Extra Cash Dividend of
4%.
-The directors on Jan. 30 declared upon each $25 of
par value of outstanding common stock and common
stock "B" of the company a quarterly dividend of 4%
($1) and an extra dividend of 4%, both payable in cash on
March 1 to holders of record Feb. 15. An extra distribution
of 4% was also made on these issues on Mar. 1 1928 when the
regular quarterly rate was increased to 4%. Previously the
company paid regular quarterly cash dividends of 3% on
these issues, and in addition in March of 1926 and 1927 paid
an extra cash dividend of 4% and a 10% stock dividend in
common stock "B."
-V. 126, p. 588, 571.
Lincoln (Neb.) Aircraft Co., Inc.
-Organized.
-

Announcement is made of the formation of the above
company, incorporated under the laws of Delaware on Dec. 29 1928. to
acquire the
business, assets and good-will of the Lincoln Aircraft Co. of
Lincoln,
The predecessor company was the second oldest commercial aircraft Neb.
manufacturing company in the United States. Early in history,
the
also conducted a flying school and in March 1922, Col. Charles company
A. Lindbergh received his first flying instructions at the school of the company.
The capitalization of the new company consists of 500
shares of 8%
preferred stock, par $100. all outstanding and 125.000 shares
of no par
common. of which 112.500 shares will be outstanding upon
completion of
present financing.
In 1927 the Lincoln Aircraft Co. manufactured and sold 61
Manes, and
In 1928 sales amounted to 131 planes. Present plans call for as
500 planes for 1929 at the company's plant in Lincoln. Neb. output of
The company's Planes are manufactured with the approval of the Dep
Commerce. An extensive distributing and sales organization ,rtment of
built up during the last few years, and it is constantly toeing expohas been
The income account for the 11 months period ending Nov. ded.
30 1928,
showed net income of 3101.359, before taxes, equal to
86 cents share on
the common stock outstanding.
The officers of the company are as follows: Victor H. Roos.
formerly
Treasurer and General Manager of Swallow Airplane Co.,
Wichita, Kan.;
President. Ray Page; Vice-President and Director of Sales,
and
Carroll O'Toole, Secretary-Treasurer. In addition the directors Charles
F. E. Beaumont. Vice-President and Director Nebraska State include
Bank,
Lincoln, Neb.; It. J. Paul, Adjutant
-General, State of Nebraska; Robert
De Voe, attorney. Lincoln. Neb.. and Carl Well, Vice-President
and
director. National flank
of Commerce, Lincoln, Neb.




741

Link-Belt Co., Chicago.
-Stock Sold.
-Lee, Iligginson
& Co. and Estabrook & Co. have sold 74,077 shares common Stock (n0 par value) at $48 per share.
Proposed annual dividend rate $2.40 per share per annum, payable
quarterly March, June, September and December.
Listinp.-Application has been made to list this common stock on tin
New York Stock Exchange.
Data from Letter of Charles Pies, Chairman of the Board.
History and Business.
-During more than a half century of successful
operation, the business of company has grown until to-day it is the leading
manufacturer and distributor in the world ofsprocket chains and conveying.
elevating, and power transmission machinery. It is more than a manufacturer and distributor. Its engineering organization Is one of the foremost
In the country, with experience for designing and equipping plants and
installing mechanical equipment for handling materials and transmitting
power.
The business, founded in 1875 as the Ewart Mfg. Co. was formed to
market a detachable and repairable chain link for driving chains on agricultural implements. New uses for this detachable chain link developed
so rapidly that in 1880 the Link-Belt Machinery Co. was formed,to design,
build, and supply accessory parts. In 1888 the Link-Belt Engineering Co.
was formed. In 1906 the name of the Link-Belt Machinery Corp. (III.)
was changed to Link-Belt Co., the capital was increased, and the company
so capitalized, purchased the assets of the Ewart Mfg. Co. of Indianapolis.
Lad.. and the Link-Belt Engineering Co. of Philadelphia, Pa. Since 1906
Link-Belt Co. has acquired outright, by purchase of the stock, properties
and businesses of the Olney Foundry Co., Phila.. Pa., the H. W.Caldwell
& Son Co., Chicago., the Meese & Gottfried Co., San Francisco. Cal.,and
the Howe Chain Co., Muskegon, Mich. It owns a controlling interest in
Dodge Steel Co.,Phila.,Pa. The company has also organized a subsidiary,
Link-Belt, Ltd., which, with plants in Toronto and Elmira, Ont., handles
the Canadian business of the Link-Belt organization.
From the original Ewart detachable chain, still an important part of the
business, the company has expanded its lines of chains so that they embrace
practically every character of chain which can be applied to the transmission
of power.
The company's products also include every character of material-handling
machinery from the simplest kind of conveying and elevating equipment to
machines having a capacity of 25 tons per minute, locomotive cranes,
gasoline crawler cranes and shovels, car dumpers, grain car unloaders and
bridge tramways for unloading vessels, speed reducers, portable loaders,
oil pumping units.sand and gravel washing plants,coal tipples and vrasheries
water intake screens, vibrating screens, and other allied devices.
Plants and Distribution.
-The company has its own steel shops, machine
shops, malleable iron foundries, gray iron foundries and steel castings
plants, and manufactures in its own plants substantially 80% of its sales
Its 12 plants, situated in Chicago, Indianapolis. Philadelphia, San Francisco, Muskegon,Mich..and Toronto and Elmira, Ont.,are near the centers
of demand, and distributing offices are maintained in 29 cities of the
United States, together with offices in Toronto. Out., and Montreal, Que.
Stocks are maintained at manufacturing plants and also in warehouses at
Los Angeles, Cal.; Portland, Ore.; Seattle, Wash.; Detroit, Mich.: and
Toronto, Ont.; and Montreal, Que., to facilitate the distribution of its
products. The foreign sales division is situated in New York City.
CapitalizationAuthorized. Outsta
Cumulative 6)i% preferred stock ($100 par)_ _
$4,000,000 8.4.000,000
Common stock (no par value)
740.350 abs. *709.027 she.
* Remaining 31,322 shares have been issued and are held in treasury•
Of the outstanding pref. stock. $3,250,000 was issued in Oct. 1927 an a
stock dividend. R ently the common stock was changed from 221,000
shares of $50 par authorized to 740,350 shares of no par authorized, each
holder receiving three shares of new no par common stock together with caali
representing an additional 35-100ths shares of new no par common .to
for each share of old stock held.
Purpose.
-Substantially all the shares now offered have been relinquished
by present stockholders for the purpose of creating a market on the cons.
stock. This offering, therefore, does not represent any financing of the
company..
Earnings.
-Net income, after depreciation and Federal taxes at current
rate,in recent years has been as follows:
Cal.
Net
aPref.
Bal. Avail. Per Share
Years.
Sales.
Income.
Divs.
for Corn.
on Corn.
1924
317.884,792 $2.425,701
$260,000 $2.165.701
/3.03
1925
20,608,560
2,781.695
260.000
2,521.695
3.56
1926 '
23.239,693
3,272,903
260,000
3.012.903
4.25
1927
20,552,714
2,502,752
260.000
2,242,752
3.16
1928
23,238,209
3,241,823
260,000
2,981,823
4.21
a At full rate of 6)' % on 34.000,000 pref.stk. outstdg,at present time.
Sales have increased from 62.533.072 in 1909 to $23.238,209 in 1928, an
increase of over 800% in 20 years. Net income in the same period has
increased over 900%.-V. 119, p. 586.

Liquid Carbonic Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 44,447
additional shares common stock (without par value), on official notice of
Issuance as a 20% stock dividend, making the total amount applied for
266.683 shares.
Directors on Nov. 28 1928 declared a stock dividend of 20%. payable
Feb. 1 1929 to holders of record Jan. 20. subject to stockholders' approva
of increasing the company's authorized capitalization at their meeting
Dec.6 1928. Stockholders on Dec. 6 1928 approved increasing authorized
capitalization. It is the intention of the corporation to capitalize the stock
issued as a dividend at $48 per share from initial surplus. This amount
represents the approximate stated value per share as of Dec. 31 1928.V. 128, p. 260.

Liquidometer Corp.
-Starts Work in New Plant.
The corporation has commenced operations in its new plant. Skillman
Ave and 37th St.„ Long Island City. This plant, which is more than twice
as large as the first factory on Thompson Ave.. Long Island City, was
acquired to handle the company's increasing orders. The number of employees will be materially increased within a few weeks, following adjustment of production methods and increase in the sales staff.
The company manufactures tank gauges which give readings as far away
as 250 feet and which are widely used in filling stations, where it is necessary
to check on the constantly varying volume of gasoline in the tank,,
-y.
127. p. 3257.

Lloyds Plate Glass Insurance Co. of N. Y.
-Trans. Agt.

The Empire Trust Co. has been appointed transfer agent of the caMtal
stock.
-V.127. p.2968; V.113,P.291.2. 2589.

Long Island Finance Corp.
-Stock Increase,( Ix.

Simultaneously with the increase of the capital stock to 31.000.000. the
name of this corporation is changed to Provident Mortgage Corp., effective
Feb. 1 1929, it is announced. The management, and consequently the
policy of the business, will remain the same. Hamilton A. Iligbie is President.
-V. 127. P. 2370.

McKinlock Building,Chicago.
-Bond Offering.-Greenebaum Sons Securities Corp. is offering $400,000 1st mtge.
6% building and leasehold serial gold bonds secured by the
McKinlock Building and land, located at the southwest
corner of Jackson Boulevard and Wells St., Chicago. The
bonds mature July 15 1930 to Jan. 15 1941 and are priced
to yield 5.30 to 6% according to maturity.
The McKinlock Building is a completed 12
-story structure, occupied
largely by insurance companies. Net income is reported as over 3.53
times maximum annual Interest requirements and the value of the building and leasehold estate has beea independently appraised as in excess of
61.000,000, making this a 40% loan.

McWilliams Dredging Co.-Stock Offering.-Bacon,
Whipple & Co., Inc., Chicago, recently offered at $333.1, per
share, 20,000 shares cony. pref. stock (no par value).
Dividends exempt from present normal Federal income tax,exempt from
personal property tax in Illinois. Preferred over common stock as to divs.
to the extent of $2 per share per annum and as to assets (In the event of
dissolution or liquidation) to the extent of $35 per share and diva. Dividends payable (Q.
-M.) (cumulative from Dec. 1 1928). Red. upon 30

742

FINANCIAL CHRONICLE

days' prior notice at $35 per share and divs. Transfer Agent, Illinois
Merchants Trust Co.. Chicago. Registrar, Chicago Trust Co., Chicago.
Convertible share for share into the common stock at the option of the
holder at any time prior to date of redemption.
Business.
-Company is one of the largest organizations engaged in
reclamation and levee construction in the Mississippi Valley. The present
company, incorp. under the laws of Illinois in 1917. is the outgrowth of a
business started in 1896 by G. A. McWilliams. It Is estimated that a
majority of the large drainage contracts in this region have been executed
by interests with which Mr. McWilliams has been identified. Company
owns and operates hydraulic, clamshell and dipper dredges, dragline
excavators, and cableways, and is capable of handling all types od dredging.
Work is being done for the U. S. Government, as well as for States, municipalities, drainage districts, corporations and individuals. Company is
equipped to handle various phases of the dredging work incident to the
execution of the proposed program for Mississippi River flood control.
CapitalizationAuthorized. Outstanding.
Convertible preference stock (no par value)........ 20.000 shs. 20.000 she.
Common stock (no par value)
*50.000 she. 30.000 she.
*20,000 shares are reserved for the conversion of the convertible preference stock.
Earnings.
-Earnings for the 18 months ended Sept. 30 1928 were as
follows:
Year End.6 Mos. End.
Mar.31 '28. Sept.30 '28.
Net available for dive. (after all charges, in.
deprec. and Fed,income taxes)
$172,541.91 $76,885.82
Earns, per sh. convertible preference stock
3.84
8.62
Earns, per sh, common stock (after pref. stock
1.89
dividends)
4.41
Earnings per share common stock (100% conver1.53
sion of preference stock assumed)
3.45
Assets.
-The balance sheet as of Sept. 30 1928. adjusted to give effect
to this financing shows net tangible assets of $1,197,967. equivalent to
$59.90 per share of convertible preference stock, and assuming complete
conversion of this stock into common stock, equivalent to $23.95 per share
•ofcommon stock. As ofthat date current assets were$768,740.ascompared
with current liabilities of $292,008. a ratio of 2.63 to 1. Cash amounted to
$567,998 of which, however, a substantial portion will be expended for the
purchase of new equipment.
Purpose.
-Entire proceeds of this issue will be used for the purchase of
new equipment and for additional working capital.

-Recapitalization.
Macfadden Publications, Inc.
The stockholders on Jan. 14 approved a plan to change the authorized
capital stock from 2.000,000 shares (par $5), all one class, to 250,000 shares
of $6 cumul. div. pref. stock of no par value and 300.000 shares of common
stock of no par value. The pref, stock is calllable, all or part,at 105 and
dive., at any time upon 90 days' notice.
The new authorized capital stock shall be distributed as follows: Each
stockholder upon presenting his certificate of stock to the transfer agent
for cancellation, shall be entitled to receive at his option, for and on the
basis of each six shares so surrendered a certificate for one share of preferred
stock, so that the rate of exchange shall be six shares of present common
stock, par $5 per share, for one share of preferred stock of no par value,
or in the alternative, he shall be entitled to receive for and on the basis
of each four shares of present common stock, par $5 per share, a certificate
for one share of common stock, no par value.
The right to such exchange shall apply to all stockholders of record as of
Feb. 28 1929.
In 1928 dividends totaling 40 cents per share were paid on the old capital
stock.
Earnings for 6 Months Ended June 30 19281
$7,787,129
Net sales
3,823.867
Cost of sales
2,672,529
Selling and handling expenses
465,341
Miscellaneous expenses
$825.393
295,134

Operating income
Profit from sale of outside securities
Net profit
Previous surplus

$1.120,527
422.453

Total surplus
Dividends paid

$1,542,979
637,149

Surplus, June 30 1928

$905,830

--Earnings.
McIntyre Porcupine Mines, Ltd.
Period End. Dec. 31- 1928-3 Mos.-1927. 1928-9 Mos.-1927.
Net profit after expenses,
int.& taxes, but before
$463,231 $1,412.552 $1,293,210
depreciation
$482,020
-V. 127, p. 2379.

-Listing.
Macmillan Petroleum Corp. (Del.).

The Los Angeles Stock Exchange has authorized the listing of 112,000
shares of common stock of $25 par value, out of the total authorized issue
of 120,000 shares.
The corporation was granted a Delaware charter Aug. 10 1928. Was
organized for the purpose of taking over and consolidating operations and
refineries of constituent organizations. On Oct. 1 1928. the corporation
purchased, through issuance of its capital stock, the property and business of Macmillan Petroleum Co., a California corporation, owning and
operating a refinery at Signal Hill. and all the property and assets of the
Macmillan Refining Co., a Nevada corporation, owning and operating a
refinery at Borger, Texas. Since that time the corporation has conducted
the operations of these properties, manufacturing gasoline. kerosene and
other refined productsfrom crude petroleum oil and selling thesame through
service stations and at wholesale to jobbers. By virtue of the purchase of
the assets of Macmillan Petroleum Co., it acquired the controlling interest
of Macmillan, Fehlman & Oliver, Inc., a Delaware corporation, owning
and operating a refinery at El Dorado, Ark. The only property excluded
in the sale by Macmillan Petroleum Co. was 164,001 shares of capital
stock of Macmillan Refining Co. Products of the company's refineries
aresold throughout the western states and in the southern and central states.
The corporation owns all of the outstanding stock of Boner-Sheldon Co.,
a corporation organized under Nevada laws in April 1928. The BonerSheldon Co. own patent rights covering improvements in oil refining
processes.
The corporation holds contracts with approximately 250 oil and gasoline
service stations in Southern California for the distribution ofIts products.
The corporation has three producing wells, two drilling and 15 contemplated. Net daily production at present aggregates 450 barrels of oil
and 700.000 cubic feet of gas. The company owns 102 acres of oil land,
leases 194 acres and controls 1 acre. Appro •1=ately 100 acres are under
exploitation.
Net sales of the company for the first 9 months of 1928 aggregated
$4,013,973, as compared with $3,014,175 in 1927 and $1,890,171 in 1926.
Net sales for the entire year of 1928 were approximately $5,530.000.
An Initial quarterly dividend of 3754c. per share was paid Jan. 15 to
holders of record Dec. 31 1928.
The directors are as follows: R.S. Macmillan, Alfred Macmillan, George
E. Black, Herbert Macmillan, H. E. Bonner, M.P. Macmillan and S. M.
Batterson.
The officers are as follows: R.S. Macmillan,President;Alfred Macmillan,
Herbert Macmillan and Joseph Zeppa, Vice-President; S. M. Datterson,
Secretary and Treasurer.
The transfer agent is L. A. First National Trust & Savings Bank, Los
Angeles, Calif. The registrar is Calif. Trust Co., Los Angeles, Calif.

-Listing.
(R. H.) Macy & Co., Inc.

The New York Stock Exchange has authorized the listing of 55,125 additional shares of common stock without par value on official notice of issue
as a 5% stock dividend, making the total amount of common stock applied
-V.127. p.2544.
for 1.157,625 shares.

Manhattan Shirt Co.
-Changes in Personnel.

The following officers have been elected: A.L.Leeds,formerly President,
L.
to be Chairman of the Board; Jules C. Leeds, President; Robert F. Leeds.
Stock,
1st Vice-President; Sylvan Geismar, 2d Vice-President; Archie Assistant
Treasurer; M. G. Weiler, Jr., Secretary, and Albert C. Atlass,
243.
-V. 128. p.
Secretary.

Margarine Union, Ltd.
-Stock Increased.
-V. 126, p. 1518.
See N. V. Margarine Unle below.




[vol.. 128.

N. V. Margarine Unie (Holland).
-Stock Increased.
-

The shareholders of this company and of Margarine Union, Ltd., on
Jan. 30 ratified the proposal to increase the nominal capital of the former
to 350,000,000 guilders, of which 100,000,000 guilders are to be 7% cumul.
preference shares and 250.000,000 guilders ordinary shares: and of the
latter company to £4.100,000. Following ratification of the increases the
directors propose to issue ordinary shares to the nominal value of approximately 11,000,000 in fulfillment of agreements in connection with the
acquisition of various businesses. This is in addition to the proposalto
Issue new ordinary shares at the rate of 150% to existing shareholders of
both companies in the ratio of one new share for every 3 shares held.
In his remarks to shareholders at the special meeting of Margarine Union,
Ltd., the chairman. the Right Hon. the Earl of Bessborough, C.M.G.,
estimated 1928 earnings for the two companies at approximately £1,680,000.
He also announced that agreements have been entered into with the Schicht
concern, large margarine and soat. manufacturers of Central Europe, and
with Hartogs Fabrieken.-V. 126, I, 3770.
.

Marmon Motor Car Co.-Listing.
The New York Stock Exchange has authorized the listing on or after
Jan. 24, of 60,000 additional shares of common stock making the total
amount applied for 260.000 shares.
The 60,000 additional shares are being offered for subscription to holders
of record of the common stock as of the doss of business Jan. 7 1929, at
$55 per share. Rights expire Jan. 28. The proceeds will be applied to
provide funds for the expansion of the business of the company In the
manufacture and sale of passenger automotive vehicles and parts therefor
and for the production of a new straight eight cylinder ear in various
types, to be called the Roosevelt and to list for under $1,000.
Any shares not subscribed for pursuant. to said offering have been underwritten by bankers at the offering price.
-T. 128,1). 123.

Merchants & Manufacturers Building, Houston, Tex.
-Bonds Offered.
-Peabody, Houghteling & Co., Chicago,
and Paul & Co., Philadelphia, are offering $2,850,000 1st
mtge. 63'% sinking fund gold bonds, series A (with stock
purchase privilege) at 100 and interest.
Dated Dec. 11928; due Dec. 11943. Interest payable J. & D. Denom.
$1.000 and $500 c*. Principal and int. payable at office of Peabody,
Houghteling & Co., Chicago, or at the option of the holder at the First
Trust & Savings Bank. Chicago. Red. in whole or in part on any Int.
payment date upon 60 days notice, to and incl. Dec. 11933, at par plus a
premium of 5%. such premium decreasing ji of 1% in each year ending
Dec. 1, thereafter; accrued Int. to be added in each case. Company agrees
to refund to resident holders, upon proper application. all State income and
personal property taxes as defined in the indenture. Interest payable without deduction for Federal Income tax, not in excess of 2%. First Trust &
Savings Bank, and A. J. Henninge. Chicago. trustees.
Stock Purchase Privilege.
-Each $1,000 bond ($500 in proportion) of this
issue will entitle the holder thereof to purchase at any time before maturity
or redemption of said bond,6 shares of the common stock of no par value of
Merchants & Manufacturers Building, at 52.50 per share to and Ind.
Nov. 30 1933, at $5 per share to and incl. Nov. 30 1938 and thereafter at
$10 per share. In the event of the call or redemption of such bonds in
whole or in part prior to maturity. 60 days' published notice will be given
and holders thereof may exercise such stock purchase privilege at any time
up to such call or redemption date. Based on engineers'estimate of annual
net income when the business is fully developed and after deduction of
maximum annual interest charges, depreciation, amortization of bond
discount, Federal taxes and preferred dividends, the common stock should
earn approximately $1.20 per share.
Sinking Fund -Provision has been made for a minimum semi-annual
sinking fund calculated to retire approximately 50% of this issue prior to
maturity, and for an additional annual sinking fund consisting of 25% of
the annual not earnings of the company. On the basis of the operation of the
minimum annual sinking fund only, the amount of these bonds outstanding
at maturity wonky be legs than the present value of the land alone. Compare
further details in V. 128, p. 414.

Michigan-Delaware-Chestnut Realty Trust.
-Bonds
Offered.
-Central Trust Co. of Illinois, Chicago, is offering
at 100 and interest, $1,600,000 1st mtge. 3
-year 6% gold
bonds, issued by Chicago Title & Trust Co., as trustee.
Principal and interest guaranteed severally by the individual
beneficiaries of the trust, as stated below.

Dated Jan. 11929: due Jan. 11932. Coupons payable J. & J. at Central Trust Co. of Illinois, trustee, without deduction for normal Federal
income tax not exceeding 2%. Red. on first day of any month on 60
days' notice up to and incl. .Tuly 1 1931, at 101 and int., and thereafter to
and incl. Dec. 1 1931 at 100; and int. Denom. $1,000 and $500 c*.
,
6
Data from Letter of Vincent Bendix, Chairman of the Trust.
Security.
-Bonds are secured by a first real estate mortgage on land
fronting 219 feet on No. Michigan Ave., Chicago. extending eastward 250
feet on Delaware Place and 264 feet on Chestnut St., with a total ground
area of 56.057 sq ft. The property Is one block south of the Drake Hotel,
one-half block south of the new 37 story Palmolive Building now nearing
completion. and directly across the street from the Fourth Presbyterian
Church. The mortgaged property constitutes one of the most important
holdings in the North Michigan Ave. district and is one of the few remainins'large tracts capable of development to the fullest possible earning Power.
Valuation.
-!0 an appraisal by Preston M. Nolan as of Jan. 8 1929, the
mortgaged property is given a valuation, in its present condition and without a definite plan for immediate permanent improvement, of 52,522,565,
equivalent to an average of $45 per square foot for the entire holding.
On the basis of the Nolan valuation which is considerably lower than
o a lly a 63nh loan
tither rece o t independent valuations, the present bond issue is substanPurpose.-The purpose of the present bond issue is to provide a portion
of the pun chase price of the property from the Potter Palmer Estate, total
cash payments of $750,000 having been made by the beneficiaries of the
Trust. The property was acquired under an option obtained two years
ago involving cash payments amounting to $150,000.
Guaranty.
-The beneficiaries of the Michigan-Delaware-Chestnut Realty
Trust, with varying individual interests, are as follows: Vincent Bend's
(Pres., Bendix Corp.), D. H. Dixon (Vice-Pres., Turner Construction CO.).
J. P. H. Perry (Vice-Pres., Turner Construction Co.), Edgar J. Uihlein,
Walter S. Ross (Ross & Browne), Amos C. Miller (Miller, Gorham &
Wales), George M. Moffett (Vice-Pres., Corn Products Co.), Eliot Cross
(Cross & Cross, architects), Dougles L. Elliman (Pres., Douglas &. Elliman & Co.), William H. Emery (Pres., Chicago Rawhide Mfg. Co.).
Daniel H. Burnham (Pres.. Burnham Bros.). Hubert Burnham (Vice-Prea.,
Burnham Bros.), Paul Wilder (Sec., Federal Securities Corp.).
The payment of principal and interest on these bonds and of all other
carrying charges as provided in the mortgage, is guaranteed severally by
the individual beneficiaries of the Trust in proportion to their respective
interests except that in respect of the guaranty of principal the obligation
of Walter S. Ross is substituted for that of D. H. Dixon and J. P. H. Perry.

Mid-Continent Petroleum Corp.
-Listing.
-

The New York Stock Exchange has authorized the listing of 447,912
additional shares of common stock without par value upon official notice
of issuance making the total amount applied for 1,940952 shares.
The 447,912 shares are being offered for subscription to the holders of
record Jan. 10 at $31 per share. Rights expire on Jan. 30.
The issue of 447,912 additional shares of common stock will be offered
both to holders of preferred stock and common stock on the following
basis: (a) Holders of common stock (without par value) will be entitled
to subscribe for 3-10ths of one additional share of common stock for each
share of such common stock held. (b) Holders of common stock (Par
$5 per share) will be entitled to subscribe for 3-50ths of one share of additional common stock for each share of common stock of $5 par value
held. (c) Holders of preferred stock (par 5100) will be entitled to subscribe for 4-10ths of one share of additional common stock for each share of
such preferred stock here. (d) Holders of preferred stock (par $5) will be
entitled to subscribe for 1-50ths of one share of additional common stock
for each share of such preferred stock held.
The subscription privilege has been allocated as between the preferred
stock and common stock of the corporation on the beide of the number of
shares of conunon stock into which the outstanding preferred stock is convertible to wit: Each share of preferred stock (par $100) is convertible into
1 1-3 shares of common stock without par value.

FEB.

FINANCIAL CHRONICLE

2 1929.]

743

The sale of the 447,912 shares has been underwritten, and all of the shares and $400,000 will be used as part consideration for the property and assets
not subscribed for by the stockholders or their assigns, on or before Jan. 30 of Sanitary Milk Co., both Ohio corporations.
The Exchange has also authorized the listing of (a) 32,600 shares of
accompanied by full payment of the subscription price, will be sold to the
common stock without par value, upon official notice of issuance in conunderwriters at a reasonable bankers commission.
The proceeds of the 447,912 additional shares of common stock without nection with the acquisition by the company of the properties and assets
par value will be used in part to retire the entire outstanding ($8,726,000) of Akron Pure Milk Co. and Sanitary Milk Co.. and (b) on and after April
-year 6 Ji% sinking fund gold bonds, and the entire outstanding 1 1929, of 326 additional shares, on and after July 1 1929. of 329 additional
1st mtge. 15
$6,228,000 preferred stock, the bonds and preferred stock being called for shares, and on and after Oct. 11929. of 333 additional shares of its common
stock without par value, aggregating 988 such shares, upon official notice
redemption on Nlar. 1 1929.
of issuance,from time to time, as stock dividends, making the total amount
Consolidated Income 9 Months Ended Sept. 30 1928.
applied for 1,965,330 shares.
Net inc. applicable to int. before depreciation, depletion & leaseat a meeting
Pursuant
$8,757,318 duly held on to resolutions of its board of directors passed 22.000 shares
holds abandoned & surrendered,&c
Dec.6, the company was authorized to issue.
952,337 of its common stock without par value (together with(1)
Leaseholds abandoned & surrendered,&c
$700,000 sq%
Interest (including amortization of bond discount)
563,858 gold debentures due 1948) as part consideration for the entire properties
and assets of Akron Pure Milk Co., the remaining consideration
a$7.241,120 the assumption by the company of the liabilities and obligations being the
Net income for the period
of Akron
Previous surplus
22,861,021 Pure Milk Co.shown in its balance sheet as at Oct. 31 1928. together with
and obligations as should arise in the ordinary
Total surplus
$30,202,141 such additional liabilitiesthe date of conveyance (2) 10,600 shares of comDividends on preferred stock
330.342 course of business prior to $400,000 5) % Gold Debenture due 1948) as
mon stock (together with
part consideration for the entire properties and assets of Sanitary Milk Co.
Surplus Sept. 30 1928
$29.771.798 the remaining consideration being the assumption by the company of the
a Before provision for depreciation, depletion & Federal income tax.
liabilities and obligations of Sanitary Milk Co. shown on its balance sheet
Consolidated Balance Sheet.
as at Aug. 31 1928. together with such additional liabilities and obligations
AssetsSept. 30'28. Dec.31'27. Liabilities- Sept. 30'28. Dec.31 '27. as should arise in the ordinary course of business prior to the date of conveyance.
let mtge. 15-Yr.
Cap. assets (less
-V. 128, p. 415, 262.
9,058,000 9,893,000
864,415,733 $61,711,996 6.4%
deprec.)
-72c. Add'l Pref. Div.
National Fireproofing Co.
Stks.4rbds.(cost)
481,633
464,686 Accts. payable _ 1,612,987 1,534,671
Ac lot.&gen.taxes 462,726
Fds. in hands of
695,346
The directors have declared an additional dividend of 7234 cents per
B. f. agt.& true. 225,241
659,135
374,266 Def.credit items
426,081 share on the preferred stock, out of 1928 earnings. payable April 15 to
7,771,664 5,325,825 7% pref.stock__ 6,274,405 6,294,505 holders of record April 1. This dividend will bring payments on the pref.
Cash
stock out of 1928 earnings to $3.22 34 per share this year. The issue is entitled
Secured loans
2,800,000 2,000,000 Corn. stock (no
Notes&accts.rec.
par value).....b42,496,160 42,496,160 to non-cumulative dividends of $3.50 per annum. See also V. 127. p. 3715.
less res
3,011.598 2,119,789 Sur.from °per_ _229.771,799 22,861,021
-Stock Units Offered.
National Industrial Bankers, Inc.
Inventories._
10,442,728 10,895,729
Def.debititems. 1,186,615 1,308.493
-Clarence Hodson & Co. are offering 20,000 shares each of
$90,335,212 584,200,784 Total
$90,335,212 $84,200,784
Total
a Before provision for depreciation, depletion and Federal income tax.
-V. 128, p. 261.
b 1,410,000 shares.

Midland Steel Products.
-Earnings.
Period End. Dec. 31- 1928-3 Mos.-1927,
1928-12 Mos-1927.
Net income after charges
but before Fed. taxes $692,319
$299,825 $3,053,644 $2,299,030
-V. 128, p. 261.

Missouri-Kansas Pipe Line Co.-Exchange Offer.-.-

I', W. Chapman & Co., Inc., announce that Feb. 11 1929 is the expiration date of the authorization given them by the Missouri-Kansas company
to accept the 1st mtge. 6;.6% bonds of the latter company, series A. due
1940. ex warrants at 105 and int.. in exchange for 52% shares of common
stock per $1,000 bond and the one-year 6% cony, gold notes of the cornpane. due Dec. 1 1929, at par and int, in exchange for 50 shares of common
stock per $1,000 note.
-V. 128, p. 261.
Mohawk Mining Co.
-81.50 Dividend.
A dividend of $1.50 per share has been declared on the capital stock,
payable Mar. 1 to holders of record Jan. 26. On Dec. 1 1928, a distribution of $3 per share was made. From March 1928 to September 1928 incl.,
quarterly dividends of $1 per share were paid, making a total for 1928
of $6 per share as against a total of $5 per share paid in 1927 and 1926.V. 127, p. 2100.

Monomac Spinning Co.-Balance Sheet Dec. 31AssetsLiabilities1927.
1928.
1927.
1928.
Cash
$135,959 $272,576 Capital stock
$5,000,000 $5,000,000
Acc'ts receivable__ 643,446 1,037.865 Accts.& notes pay.), 30,693
417,974
1,132,585 1,254,937 Accrued items__ -_J
10.239
Inventories
1,100,051 1.100.051
Prepd.ins.,tax.,&e. 43.296
46,877 Depreciation
Surplus
180.940
225,852
Land and bldgs.,
macley & power 4,356.400 4,141,860
Total
36,311.685 $6,754,118
-V. 126. p. 1519.
el

Total

$6,311,685 $6,754,118

Montgomery Ward & Co.
-January Sales.
Month of JanuarySales
__.y. 128. p. 570.

1926.
1929.
1928.
1927.
818,128,836 $13,225.470 $13.157,054 $15.266,946

-Report.
Montgomery Ward Properties Corp.
See Montgomery Ward & Co., Inc., under ''Fiancial Reports" above.
V. 128, p 415.

Montgomery Ward Warehouse Co., Balt.-Report.See Montgomery Ward & Co., Inc., under "Financial Reports" above.
V. 126. p. 589.

-Initial Dividends.
Muskegon Motor Specialties Co.
Initial quarterly dividends of 50 cents per share and 25 cents per share
have been declared on the class A cony, stock, and common stock, respectively, both payable March 1 to holders of record Feb. 18. See also V.
127, p. 3259.

National Air Transport, Inc.
-1928 Activities.-

preferred and common stock in units of one share of preference and one share of common, priced at $58 per unit.
Registrar. Peoples Bank & Trust Co , Wilmington, Del. Transfer
Agent. Southern Trust Co., Wilmington De,.
Preference stock is cumulative and entitled to receive out of surplus and
net carnines each fiscal year dividends at the rate of $3 per share before
any dividends shall be declared and paid to hollers of common stock.
(First dividend received by purchasers of stock will be prorated for the part
of the quarter held.) Upon 30 days notice the preference stock may be
called in whole or in part at 852.50 per share plus diva. Preference stock
is preferred as to assets upon liquidation at 850 per share and diva. This
stock has preference over the common stock both as to assets and dividends.
All of the common stock is of one class, full paid non assessable and has
full voting privileges. (First dividend received by purchasers of stock will
be prorated for the part of the period held).
Authorized.
Issued.
CapitalizationNone
200,000 shs.
$3 cumul pref. stock (no par)
400,000 ails. 100,fk00 abs.
Common stock (no par)
None
$1,500,000
Collateral trust gold notes.
Purpose.
-Proceeds will be used to add to the corporation's working
capital. The corporation is operating satisfactorily two industrial banking
companies in which it owns a majority of the capital stock. An active
demand exists for industrial banking service. The establishment of additional subsidiaries in venous parts of the country will make possible extra
profits because of large-scale management economies and likewise will add
to the safety of the investment through increased diversification.
Business.
-Company is a parent organization the plans of which contemplate the organization and acquisition of a number of these industrial
banking corporations in cities where this type of specialized banking is in
demand. These industrial banks and companies generally operate under a
State charter and under the supervision of the Banking Department of the
State in which they are located. The corporation has a competent staff
for the organization and supervision of industrial banks and companies.
Each industrial bank or company has a board of directors consisting of
prominent business and professional men who take an active part in its
management, contribute to it their judgment and knowledge of local conditions and assist materially in the development of good will.
-The assets of the corporation exceed $800.000
Security and Earnings.
and consist of a majority of the capital stock of two industrial banking
corporations, funds advanced to these corporations for expansion, and
miscellaneous investments. The present income after the payment of all
charges is sufficient to provide a substantial part of the preference dividend
on the stock now offered without taking into account the benefit to the
corporation of the investment of the proceeds of such stock.
There is a great demand for additional industrial banking service in
many cities. Plans have been formulated for the organization of new
subsidiary corporations as funds are available. It is believed that with the
employment of the additional funds arising from the sale of this offering
and after payment of cumulative preference dividends of $3 per annum on
the preference stock presently to be outstanding, the corporation will be
able to pay an annual dividend of 50c. per share on tht, common stock, and
also to set aside a substantial addition to its surplus funds.
National Industrial Bankers, Inc.. was incorp. in Del. in 1913, and for a
number of years engaged in a related type of business until it expanded its
activities into the present field. It has been uniformly successful throughout
Its history. Headquarters offices are located at 1400 Market St., Wilmington Del

-Extra Dividends.
National Liberty Insurance Co.

Activity1926.
1927.
1928.
Pounds air mail carried
64,559
282,884
1,131,961
Pounds air express carried
None15,125
70,122
Number of passengers carried
None
517
11,535
Milesflown
1,093,706
548,072
2,248,069
Miles flown at night
54,600
177,777
1,626,222
Milts; of airways covered daily, at end
of year
1.707
995
1.834
Scheduled miles flown daily, at end of
4,818
year1,990
x6,000
Number of pilots at end of year
8
33
36
Planes owned, at end of year
35
13
36
x In addition, 200 miles more daily average miscellaneous flights during
1928.-V. 127, p. 2243.

The directors recently declared an initial regular semi-annual dividend of
5% and an extra dividend of 10% on the new $5 par stock as against a regular of 10% and an extra of 25% in July on the old $10 par stock which was
split up on a 2 for 1 basis.
Initial semi-annual dividends were also declared by the Baltimore American Insurance Co. at the rate of 6% regular, and 12% extra, and by the
Peoples National Fire Insurance Co. at the rate of 5% regular and 10%
extra, both being on the new $5 par stocks. This compares with 6%
regular and 6% extra by the Baltimore company and 5% regular and 5%
extra by the Peoples company on the old $10 par stock which was split
-for-1 basis.
upon a 2
Dividends in all three companies were payable on Feb. 1 1929 to holders
of record Jan. 21.-V. 128, p. 262.

National Belles Hess Co., Inc.
-Extend Time for
Deposit of Kinnear Stock.
-

-Balance Sheet Dec. 31.National Shirt Shops, Inc.

Assets1928.
Furn. & fixtures
Earle S. Kinnear, President of the Kinnear Stores Co. and Chairman of
(less reserve)_-_ $226,812
the committee receiving the common and preferred stock under the plan Cash
358,619
which calls for the merger of the Kinnear company with National Bellas Merchandise
473,321
[less Co., Inc., announced that the time for making deposits under the Acc'ts receivable_
7,158
plan has been extended to Feb. 18. Under the plan, 3 shares of National Spec. fds. & dein198
sew common stock will be issued in exchange for 5 shares of Kinnear Good-will
250,000
common stock.
8.117
Deferred expenses_
The committee announced that over 75% of both the common and Insurance policies_
4,591
preferred stock of the Kinnear company has already been deposited under Labelstock
1,204
the plan. The committee expects that within a short time the amount of Impts. leaseholds_ 158,504
stock necessary to enable them to declare the plan operative will have been -V. 126, p. 1519.
deposited.
-V. 128, p. 262.

National Cash Register Co.(Md.).-January Sales.
Sales so far this month are $500,000 in excess of January last year. and
She month promises to be the largest January in the company's history,
J. If. Barringer, Vice-President and General Manager, announced on
Jan. 29.
Mr. Barranger also announced that following the formal acquisition
of the Ellis Adding Typewriter Co. this week, construction will be started
on a now six story building at the National Cash Register Co's Dayton
plants.
-V. 127, p. 3714.

National Dairy Products Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $1,100,000
5q % gold debentures due 1948, making the total amount of 5U% gold
debentures due 1948 applied for to date $45,815,000.
Pursuant to resolutions of its board of directors passed at a meeting
ec 6,
held on D. the company was authorized to issue 1,100.000 additional
debentures of the 5yf% series due 1948, of which 700,000 will be used
as part consideration for the property and assets of Akron Pure Milk Co.,




1927.
$201,026
333,051
425,788
12,076
75
250.000
137,024
5,904
706

Liabilities1928.
Preferred stock_ _ $750,000
Common stock_- 250.000
Accts. payable__
141,565
Dividends payable
15,000
Reserve for taxes_
13,569
Rents rec., prep'd.
925
Undivided surplus 317,464

1927.
$750,000
250,000
27,381
31,060
1.137
306,072

Total(each side)$1,488,525 $1,365,651

National Short Term Securities Corp.
-Transfer Agent.

The Bank of American N. A. has been appointed transfer agent of 125,000
shares of preferred, 400,000 shares class A common and 100.000 shares of
class B common stock. The Equitable Trust Co. of New York has been
appointed registrar.

National Surety Co.
-Reports Progress-New Directors.
-

Marking the 25th anniversary of the association of William B. Joyce
with this company as chief executive officer, the annual meeting of the company was made the occasion for a review of the company's growth and development of service during the last quarter-century.
Figures presented at the meeting held on Jan. 29 reveal that during this
period the total assets have risen from $1,611,555 to 850,165,000, the combined capital and surplus from $686,737 to $77,483,000, and the volume of
net premiums have increased from 8848.508 to $18,360,560. In 1903 the
year before Mr. Joyce assumed the presidency, reflecting the growth in
business handled, they amounted to more than $7,000,000.
During the calendar year 1928 the volume of gross premiums written
by the company was the largest in its history, amounting to 328,467.000.

744

FINANCIAL CHRONICLE

[VOL. 128.

an increase of $1.163,000 over last year. After deducting premiums on
Data from Letter of Pres. Mendel Meyer, dated Jan. 5 1929.
business reinsured, cancellations and return premiums, the net premiums
Company.-Organized in Delaware for the purpose of erecting and
amounted to $18,360,000, an increase of $791,000 over 1927.
operating a modern store and office building, strategically located on
Nei underwriting credit of $2,151,160 plus net income from investments
of$1,995,442 made a total credit from operation. during 1928 of $4,146.602, property owned in fee by the company at the southwest corner of Pine
or $13.82 per share on the new $50 par value stock, an increase of61,036.697 Avenue and Ocean Boulevard in the City of Long Beach, Cal. The site
over last year. Statutory reserve requirements, net debts, increased $943.- is in the heart of the business district and immediately adjacent to the
868. The company reported a net depreciation of 51,223,801, which in- Municipal Pier and Auditorium.
The building to be erected will cover the entire property and will be of
• cludes a reserve for New York Indemnity Co. of 5725.766. Income taxes
amounted to $410,218. Net credit amounted to 51,568,714 before the pay- Class "A" reinforced concrete. The central portion will be 14 stories in
height, with shops on the lower three floors having street frontage of
ment of $1,500,000 in dividends.
Income from investments alone was !more than sufficient to pay current approximately 675 feet, garage space on two floors, and offices in the
balance of the building. The building has approximately 114 000 square
dividend requirements on the 300,000 shares ofstock outstanding.
Al the annual meeting the following new directors were elected: H. E. feet of rentable area, and the garage will have space for approximately 130
Byram; Albert M. Greenfield, Philadelphia; Joseph P. Grace; Frank T. cars.
Earninos.-Corporation will contract with the Roy 0. Seeley Co..
Heffelfhiger, Minneapolis, Minn.; Arthur C. Hilmer, St. Louis, Mo., and
realtors, to take charge of leasing and management of the building. ComJames J. Riordan.
-V. 127. p.3715.
pany's estimate of earnings after completion, on a conservative basis, shows
operating revenue, after allowance for operating expenses and vacanNew England Mutual Life Insurance Co.
-Annual a netof
cies,
$140.000. On the basis
Report.
-In 1928 the company transacted the largest business interest over be earned over 1.9 times. of this estimate, the maximum bond
will
Sinking Fund.
in its history. This fact was shown by the 85 report of the
-Indenture provides that commencing on Dec. 15 1932,
and
company will pay into the sinking fund a
directors to the members, which was presented by President totalquarterly thereafter, theto retire $327,000 par value of bonds prior to
minimum sum sufficient
maturity. Indenture provides further that in event the earned surplus
Appel at the annual meeting of the company, held at the
(based upon certified public accountant's audit) is sufficient, the company
home office, Boston, January 28.
shall each year, beginning March, 1934, pay to the sinking fund amounts
At this meeting Reginald Foster, William Arthur Dupee and Gordon which will retire prior to maturity an additional $300.500 par value of bonds
Abbott were re-elected directors, and at the meeting of the board immediately following, all officers were re-elected.
Occidental Petroleum Corp. (Calif.)
-3% Dividends.
The insurance paid-for during 1928 was $143.573,589, thr average policy
Letters to stockholders enclosing checks for a quarterly 3% dividend
being $5,569. The total insurance in force no Dec. 31 was $1,113,810.563.
declared in December, say the policy of the directors will be to return to
of which $90,547,161 was added during the past year.
the stockholders the company's cash receipts in the form of dividends,
Notwithstanding the very large increase of the amount in force, both
the insurance surrendered, and the insurance lapsed for non-payment of with a minimum deduction. It is to be presumed, the letters said, that the
dividends will be increased materially in the future. An important portion
premiums were reduced; while the business of the company was conducted
of the corporation's present income is obtained from drilling now being carat a lower expense ratio than for many years.
The total payments to policyholders were 522,770,100, an increase of ried on and wells brought in by the Universal Consolidated Oil Co. in the
-V.127.p. 3411
$1,615.986. Death claims were incurred of $8.813,675. an increase of Buckbeezone,Santa Fe Springs. ("Wail Street Journal.")
$1.220.617. The amount voted for payment as dividends in 1929 was
Packard Motor Car Co.
-50c. Extra Dividend.
$9,500,000. which was $650.000 more than for the previous year.
The directors have declared an extra dividend of 50c. per share on the
Asset& Dec.31 1928.5219.028,990,an increase of 518.252,224;liabilities,
$204,181,621. an increase of $16,666.428; general surplus, $14,847,369. an outstanding $30_,042.640 common stock, par $10, payable May 31 to holders of record May 11 and 3 regular monthly dividends of 25 cents per
Increase of $1,585,795.
During the past five years the company has made notable progress in share, payable Mar. 30, Apr. 30 and May 31, to holders of record Mar. 12,
Apr. 12 and May 11, respectively. An extra dividend of $1 per share was
all departments.
-V.126, p. 589.
paid on July 31 1928 and on Nov. 30 1928, and one of 50 cents per share
on Dec. 311928.-V. 127. p. 3716.
New York Merchandise Co., Inc.
-Extra Dividend.
The directors have declared an extra dividend of 50 cents per share on the
Pan-American Airways, Inc.-Extends South American
mammon stock, payable March 1 to holders of record Feb. 15. See also
Service to Equador.9.128, p.416.
This corporation, the international air transport company already operatNew York Title & Mortgage Co.
-Annual Report.
ing 3 routes from the United States under contract with the U. S. Post
Years Ended Dec. 311927.
1928.
1926.
Office Dept. to Nassau, to Cuba and to the West
Gross income
$13,445,653 $12,138.002 510.858,579 a fourth route toward South America, via Central Indies, and soon to open
America,
Expenses
4.539.695
4,412.805 4.078.651 Canal Zone, has now inaugurated the first regular air mailto the Panama
Reserve Federal tax,&c
809,000
716.100
643.000 service between Lima, Peru and Guayaquil, capital city anti passenger
ofEquadoe,
through Peruvian Airways, Inc an operating subsidiary jointly owned
Net income
$8.096.958 $7,009,097 $6.136,928 with the W. R. Grace Co., President.). T. Trippe announced.
Dividends paid
3,750,000 2,378,333
3.925,000
Replacing by a 2
-day flight travel that requires nearly 3 weeke by the
Approp. officers & emplys. prof. sharbest surface transportation available a Pan American Airliner, carrying
ing fund
821.150
679.800
737.700 special mail and 7 passengers. left Lima for the first service over an airway 760 miles in length, which will serve, in addition to the present terSurplus
$3.350.808 $2,579,297 53.020.895 minals, the principal cities along the West Coast of Peru and Equador,
Previous surplus
8,859.851
5,581.990 3,291,441 and is expected to link with the U. S.
-Panama Air Route of Pan American
Undiv.prof.ac.from U.S. Title Guars
1,170.545 Airways later.
Pan American Airways, Inc., the operating company for
Total surplus
512.210.659 58.161.287 57.482.881 Corp. of the Americas, also plans to extend this line, under the Aviation
contracts reArmrep. to reserve for contingency
447.734 Cr.698.564
900.891 ceived for foreign mail from the Peruvian Government, to Mollendo 500
miles south from Lima where it will later be extended to Valparaiso, Chile,
Undivided profits
$11,762,925 $8.859.851 $6,581,990 and thence over the Andes to Buenos Aires.
• Less appropriations to surplus.
t47.
Over this farthest outpost of American Air transportation in the Western
Condensed Balance Sheet Dec. 31.
Hemisphere, Pan American Airways, through its operating subsidiary,
opened the first South American service in September of last year from
1928.
1927.
1928.
1927.
Lima to Telara, Peru, as the nucleus of a great international air transport
A netsLiabilities$
$
3
$
Cash
12,921,147 7,095,367 Capital
20,000,000 15.000.000 system which is soon to be extended along the entire West Coast of the
South American Continent to link with the company's Central American
U.S. Govern. ctfs_ 3.079,877
Surplus
30,000,000 20,000,000
Bonds & mtges_ _ _33.302.506 27,205,255 Undivided profits_11,762,925 8.859,851 and West Indies routes. From Guayagrull, a line is projected,,Jointly by
Investments
16.875,983 14,862,454 Prems.& fees prpd. 1,547,488 1,427.498 Pan American Airways, Inc., and the W. R. Grace Co.. northward via
Int. due & accrd
1,405,569 1.040,787 Reserves
1,803,316 1,489,658 Venezuela and Colombia to Criatobal, Panama Canal Zone, where it will
-Central America-Panama Air Route which Col.
Accts.receivable_ _ 3S3,341
640,784 Divs. payable.... 1,225,000 1,050,000 link with the Miami
sold not del. 1.022.752 2,667,734 Charles A. Lindbergh will inaugurate on Feb. 4. A fleet of 5 Airliners is
Mtge,
Agency accounts
606.942
355,905 In regular service by Peruvian Airways, which has operated with 100%
efficiency since the inception of service.
Total
67,968,423 50,850,646
Total
67,968,423 50,850.646
-Preliminary Earnings.(David) Pender Grocery Co.
-V.127. p. 3554.
1928--12
1928--Menth--1927.
PerfodEnd.Dec.31
Net income after charges
Northam Warren Corp.
-Initial Dividend.
and taxes
568,315
$391,932
5321.198
$79,348
The directors have declared an initial dividend of 75 cents per share on
the outstanding cony. pref. stock, no par value, payable March 1 to hold- -V. 128, p. 364.
ers of record Feb. 15. See offering in V. 128. p. 263.

North Chicago Hospital (Inc.).-Bonds Offered.Laekener, Butz & Co., Chicago, are offering at par and int.
$600,000 65(% 1st (closed) mtge. real estate bonds.
Dated Sept. 15 1928. due serially 1931 to 1938. Principal and Int.
S.) payable at office of Lackner Butz & Co., Chicago. Denoms.
$1,000.$500 and $100 c*. Red. on 60 days' notice, up to and incl. Sept. 15
1930 on any int. date at 101 and int., subsequent to Sept. 15 1930 on any
int, date at 102 and int. Normal Federal income tax up to 2% paid by
the mortgagor. Chicago Title & Trust Co.. trustee.
Data from Letter of Joseph C. Beek, President of the Company.
Securitv.-Theee bonds are the direct obligation of the North Chicago
Hospital, Inc., and are secured by a closed first mortgage on the land and
building located at 2551-53 North Clark St., Chicago. The land has a
total area of approximately 20.743 sq. ft. The major portion of the lot has
two building units (a) the front section is being improved with a modern
7
-story reinforced concrete fireproof hospital building which in the rear
Joins with (b) a 3
-story hospital building now in operation. When completed, both buildings will contain a total of 187 patients' rooms with a
capacity of 300 beds, in addition there will be numerous operating rooms,
conference rooms, internee' quarters, administrative offices, &c.
Vail/elk/rt.-The average of independent appraisals made by Callistus S.
Ennis & Co.,Inc.. on the land, Joseph A. Holpuch Co. on the building. and
V. J. Bachelder & Co. on the land and building, gives to the property a
total valuation of $1,111,977, on which basis the bond issue Is less than a
54% loan.
Earninas.-The entire property has been leased for 15 years to the New
North Chicago Hospital Association at a net rental of $115,000 per year,
which is over three timer the maximum annual interest requirements of
the issue.

-Earnings.Pennsylvania Investing Co.
Earnings for Seven Months Ended Dec. 31 Int.

Total receipts
Disbursements
Other deductions

$97,067
1.809
8.715

Available for dividends
Dividends on class A stock
Transferred to surplus

586.543
40,667
40,009

Balance to undivided profits
55.876
Earnings per share on class B stock
$3.28
Balance Sheet Dec. 311928.
A sseIs
Liabilities.
.
Cash
$39,229 Capital stock
41,632,000
Securities
1,335.771 Dividend accrued on si. A stk.
6.667
Secured call loans
225,000 Reserve for taxes
8,000
General fund
67,470 Undivided profits
5,876
Income accrued or receivable18 638 Surplus (earned)
.
40,000
6.435
Organization and tax
Total
Total
$1,692,543
21,692,543
x Represented by 32,000 shares class A stock and 32,000 shares class B
stock.
-V.127, p. 560.

Peoples National Fire Insurance Co.
-Extra Div.
See National Liberty Insurance Co. above.
-V.127, p. 1116.

Philadelphia Co.for Guaranteeing Mortgages.
-Earn.

Years End. Dec. 311928.
1927.
1926.
1925.
Gross receipts
5831,895
$899.346
8821.957
$779.470
128,000
120,000
The company has been officially advised by its head office in Bremen, State and Federal taxes_
120,009
106,000
that the shipyard workers strike has been settled and that construction has Salaries, stationery, furniture, &c., advertis'g
been resumed on its two new 46,000 tons liners, the Europa and the Bremen,
and general expenses_
205.930
227,929
which, it is expected, will now be promptly completed and put into service.
191.444
177.271
It is hoped by the company to publish their sailing schedules shortly.
Net earnings
5543.417
$505,965
V.128.P.573.
3509,613
$49e,199
(12)360,000 (12)360,000 (11)330,000 (10)300,000
Dividends paid

North German Lloyd (Steamship Co.).
-Strike Settled.

Northern Pipe Line Co.
-New Treasurer, etc.
-

0. H. Cleaver has been elected Treasurer, succeeding W. F. Livingston
J. P. Blackford succeeds Wm.A. Schnader as a director.
-V. 127.p. 283.

p Ocean Center Building Co.-Bonds Offered.-Blyth
& Co. and Anglo-California Trust Co., Los Angeles, are
offering $1,100,000 1st (closed) mtge. 634% sinking fund
gold bonds at 9854 and int. to yield over 6.60%.

Dated Nov. 1 1928; due Nov. 1 1948. Interest payable (M. & N.)
without deduction for normal Federal income tax not in excess of 2%.
Denom. 51.000 and $500.0. Principal and interest payable at the Los
Angeles-First National Trust & Savings Bank, Los Angeles, trustee.
Red. all or part on any int. date on 30 days' notice at 103 and int. Exempt
from California personal property tax in opinion of counsel.




Undivided earnings-- $183.417
8145,965
$179.613
5196,198
Our usual comparative balance sheet was published in V. 128,D. 415.

-Debentures Called.
Photomaton, Inc.
All of the outstanding 7% cumul. income sinking fund debentures, duo
Sept. 1 1935, have been called for redemption Mar. 1 at 105 and interest.
Payment will be made at the Central Union Trust Co., trustee, se Broadway. N. Y. City.
-V. 128, P. 574.

Piggly Wiggly Western States Co.
-Merger.
-

Bee Safeway Stores, Inc., below.
-V. 128, p. 264.

Pirelli Co. of Italy (Societa Italiana Pirelli).
-Stock
Sold.
-The National City Co., have sold at $60 per share

FEB. 2 1929.]

FINANCIAL CHRONICLE

(flat) 50,000 American shares common stock. This offering
does not represent any additional corporate financing.
American shares will be issued by National City Bank, New
York,as depositary under a deposit agreement dated as of
Jan. 24 1929, each such American share to represent Lire
500 par value, Series "A", bearer shares, of the common
stook, of the Pirelli Co. of Italy (Societa Itsliana Pirelli).
The deposit agreement will, in substance, provide that net dividends
received by the depositary upon deposited shares shall be converted into
dollars at rates then current, and the proceeds paid pro rata to the registered holders of American shares by check in U.S. dollars: that 25 American
shares, or any multiple thereof, shall be exchangeable at any time for the
corresponding par value of deposited shares (deliverable at the Milan
office of the depositary); that the holder of American shares may exercise
the voting rights of the corresponding Italian shares; and that after July 1
1929 or prior thereto with the consent of National City Co., any owner of
Italian shares of series A, bearer stock, may deposit them at the Milan
office of the depositary and receive therefor American shares to be issued by
the depositary upon evidence of ownership of deposited shares and authorization of Italian Government to deposit said shares, to withdraw them,
to sell them and to convert proceeds into dollars. In connection with the
Italian regulations governing the export of capital, the Italian Minister of
Finance has authorized the statement that the holder of American shares
"has the full right at any time to convert such American shares or certificates into the corresponding Italian shares in Italy. to resell such shares in
Italy and to receive from Italy the equivalent in dollars. as well as to receive from Italy the equivalent in dollars of the dividends, rights, &c.,
on such shares."
The National City Bank, New York, depositary and transfer agent,
Bankers Trust Co.. registrar.
-Temporary certificates for these American shares have been
Listing.
admitted to listing on the New York Stock Exchange on a "when issued"
basis.

745

--Earnings.
Pittsburgh Steel Co.
The company reports for the six months ended Dec. 31 1928 consolidated
net income of $1,743,271 after depreciation, depletion and provision for
Federal taxes, equal after 7% cum. pref. diva. to $5.43 a share on the
253,500 common shares ($100 par) outstanding.
Consolidated net income for the quarter ended Dec. 31 1928 was 5837,449,
or $2.58 a share on the common as compared with $905,822 in the preceding quarter or $2.85 a share on the common.
Current assets on Dec. 31 amounted to $21.365,376 and current liabilities
$2,150.419.-V. 127. p. 3717.

-Cent Dividend.
-50
Plymouth Oil Co.
The directors have declared a dividend of 50 cents per share, payable
Feb. 1 to holders of record Jan. 15. On Dec. 18 last year a dividend of 50
-V. 127, p. 3261.
cents per share also was paid.

-Annual Report.
Potrero Sugar Co. (8c Subs.).
Earnings for 15 Months Ended Oct. 31 1928.
Operating profit for period
Other income credits

$341.433
16.756

Total profit
Bank interest, discount, exchange. &c
Interest on 1st mtge. 7% sinking fund gold bonds
Depreciation

$358.189
74.586
125.222
147.575

010,804
Consolidated Balance Sheet as at Oct. 31 1928.
Liabilities
Assets
$34,817
$42.111 Bank loan
Cash
361,874
15.936 Sugar and Alcohol loans
Accounts receivable
115,982
218,998 Notes and bills payable
Advances to Colones
935,579 Accounts payable and aces.
Inventories
57,968
25.000 expenses
Mortgage receivable
60.939
Interest accrued on mtge.bds.
Company's bonds purch. In
27,238
Deferred credits
anticip. of sink, fund re100,000 Res. arising from cap, stock
qulrements
.
Data from Letter of Dr. Alberto Pirelli, Managing Dir., Milan, Jan.2'
228,760
held for exchange
81,575
Expenses crop 1928-29
1st mtge. 7% sink, fund gold
Business.
-The Pirelli business has been in existence for over 57 years Lands, build., mach., sugar
2,000.000
bonds
4,050,421
under the continuous control of the Pirelli family. The Pirelli Co. of Italy
house equip., &c
52,800,000
228.760 Capital stock
OVins all the Pirelli plants and business in Italy and a majority of the capital
Capital stock held for exch.
10,804
Surplus
stock of the Pirelli International Co., which in turn owns all the capital
stock of companies selling Pirelli products in France, Belgium, Denmark,
$5,698.381
Total
$5,698,381
Spain. Great Britain and the Argentine, and operating factories in the three
Total
latter countries. The British subsidiary also owns 50% of the Pirelli
-V. 127. p. 3555.
a Represented by 200,000 no par stock.
General Cable Works, Ltd., which operates two cable factories in England,
the other half interest in this company being owned by the General Elec-First InvestProcter & Gamble Co.-Pref. Stock Sold.
tric Co., London.
The Pirelli group is a completely integrated organization for the manufac- ment & Securities Corp., Cincinnati, the National City Co.,
ture and sale of electric cables and wires for power telephonic, telegraphic Bankers Co. of New York, Guaranty Co. of New York,
and submarine cable transmission. The group is firmly established as one
nd Hayden, Miller & Co., announce
of the largest world producers of supplies of this character. The world- W. E. Hutton &
wide reputation of thew products is evidenced by the fact that two 132.000
- the sale at 100 and
Co.,,div. of $12,500,000 5% cumul. pref.
been installed in New York and Chicago under the
volt cables have recently
direction of Pirelli experts. These cables were constructed by the Pirelli stock.
-M. Callable ass whole or in part
company in conjunction with the General Electric Co., Schenectady.
Dividends cumulative and payable Q.
Although approximately half of the company's sales are of various types at any time on 60 days' notice. at 115 and divs. until Feb.'11939. and at
of electric cables, its production of rubber articles is widely diversified and 110 and div. thereafter. Stock exempt from the general property tax under
includes also solid, pneumatic and semi-pneumatic automobile tires, the existing laws of the State of Ohio. Dividends exempt from the present
rubber floor coverings used on the newest large Italian liners, elastic threads normal Federal income tax. Transfer agents: Bankers Trust Co., New
and sundries.
York. and First National Bank, Cincinnati: Registrars: National City Bank,
The company has assured itself supplies of raw material through its own- New York, and Central Trust Co.. Cincinnati.
ership of 94.8% of the emits] stock of S. A. Filature /Asko, a cotton-spin- Data from Letter of Pres. Wm. Cooper Proctor, Cincinnati, Jan. 22.
ning mill of about 110.000 spindles and one of the largest mills in Italy, and
-Company and its subsidiaries are the largest proHistory & Business.
100% of the capital stock of S. A. Tessuti Industriall, a cotton cloth weavfoodstuffs manufacof soaps, glycerine
ing mill, while the Pirelli International Co. holds the entire capital stock of ducers in the United Statessuch as cotton-seed and cocoa-nut oils. Its
and
plantations in Java with an area of about 7,000 tured from vegetable fats,
a company owning rubber
are: "Ivory soap.' "camay soap,"'P. & G. naphtha
products
best known
acres.
",
"chips°, "oxydol," "lava," "grandma's powder. and the cooking
Properties.
-The Pirelli Co. of Italy and its predecessor and subsidiary soap,'
companies, in accordance with the practice of many strong European com- fat. "crisco."
established as a partnership in 1837. 92 years ago, was
The
panies, have made extraordinarily heavy charges for depreciation, having incorp.business,
under New Jersey laws in 1890, and the Ohio charter dates from
written off new construction against earnings, &c., so that the property 1905. The main plants of the company and its subsidiaries are in Cinaccount in the company's official published balance sheet has become cinnati, Ohio: Staten Island, N. Y.; Kansas City, Kan.; Macon, Ga.:
merely a nominal one.
St. Louis, Mo.; Hamilton. Ont., and in addition there are
The principal manufacturing plant of the company is the Bicocca works, Dallas, Tax.; oil mills located throughout the South. Land has been
11 cotton-seed
comprising 35 separate plant buildings, all of modern fireproof reinforced acquired at Baltimore, Md., on which actual construction of a new plant
concrete construction, having an aggregate floor space of 2.400,000 square has been started.
feet. This plant, situated about two miles out of Milan, is one of the most
-Proceeds will be used to reimburse company's treasury for
Purpose.
modern and best equipped in Italy.
redemption of the 6% cumulative preferred stock at 110% and div.,
The property, plant and equipment of the company (including the two the to provide funds for the new plant at Baltimore and for other corporate
cotton spinning and weaving subsidiaries mentioned above), as appraised and
Authorized. Outstanding.
by Day 5r Zimmerman, Inc., at cost of reproduction new in Italy, less ac- purposes.
Capitalization
$10.900,000 $10,900,0011
crued depreciation at June 30 1926, plus additions, less reserve for depre- 4)4% 20
-year debentures
2.2 0.0011
2,250,000
ciation from that date, as audited by the Compagnia Fiduciaria Nazionale, 8% preferred stock
12.500.000
45,750,000
had a value on Dec. 31 1927 of $13.360.253.
Preferred stock (this issue)
25,000,000 20,000,008
The important investment of the company in the capital stock of the Commonstock
Pirelli International Co. is carried on the official published balance sheet at
-The company's net tangible assets after deducting
Assets ct: Earnings.
$450.098: whereas a consolidated balance sheet of this subsidiary indicates all indebtedness, as shown by the consolidated balance sheet of June ae
Earnings
the book value of this equity at about $2,500,000.
1928 (V. 127, p. 561) amounted to more than 575.000.000. 18 times
Authorized.
Outstanding. available for dividends on this issue have averaged in excess of
Capitalization-84.000.000
53.930,000 the requirements for the past five years.
7% cony,gold bends,due May 1 1952
abs.
Common stock: Series A (par value lire 500)
statement of the net earnings after all fixed charges and the dividesid
follows:
a373.000b51,00 slis. 23737:009 alis
.
hs
Series B (Par value lire 500)
on the 8% preferred stock during the years ended June 30
Net Avail.
Note.
-Company has also about 950.000 worth of internal debentures
for Divs. on Times Dir.,
due April 1 1932 outstanding as of Jan. 17 1929.
Earn on
on this
a 100.000 shares reserved for conversion of sinking fund 7% convertiThis Issue,
Issue.
Gross Sales.
ble gold bonds. Is 14,000 shares reserved for issue to holders of series B Year
10.65
5105.655,385 56,665.327
stock only in amounts not exceeding one share series B stock for each seven 1922
12.57
109,776.389 7.857.825
shares series A stock which shall have been issued on conversion of bonds. 1923
12.72
7,954,447
121,372,681
-The annual report of the Pirelli Co. of Italy, as published, 1924
Earnings.
15.52
9.700.158
156.085,091
show net earnings after allocating a considerable part of the net earnings to 1925
18.50
189,314.559 11,566.753
1926
extraordinary depreciation and various other write-offs.
22.92
191.776.977 14.329,975
Net earnings available for dividends, after deducting ordinary deprecia- 1927
24.63
210.615,194 15,399.335
tion charges based on the company's book values. Interest and taxes, and 1928
Theidends.-The first dividend on this issue will cover the period from
including its equity in the net earnings of S. A. Filature Mako and S. A.
payable Mar. 15, and will amount to 6234c.
Tesauti Industrial', but not including any equity in the undistributed sur- Feb. 11929, to Mar. 15 1929.
will
per share. Thereafter the quarterly dividend the be 81.25 per share.York
plus earnings of Pirelli International Co., averaged $1.186.772 annually
issue on the New
Listing.-ApplIcatIon is to be made to list
for the five years 1922-1926. inclusive, according to figures reported by
-V. 127, p. 561, 1818.
Price. Waterhouse & Co. For 1927 these net earnings amounted to $1.087.- and Cincinnati Stock Exchanges.
823: net earnings for 1928 are expected to show a satisfactory increase.
Provident Mortgage Corp., Jamaica, New York City
s
Dividends.-DIvIdends On the capital stock of the company and of it
predecessor companies have been paid in every year since the organization -New Name.
in 1884. with the exception of 1891 and 1892. For recent years dividends
See Long Island Finance Corp. above.
have been paid as follows:
1927
1926
-1925
-Listing.
1923
Radio-Keith-Orpheum Corp.
1924
11%
10%
10%
9%
855%
The New York Stock Exchange has authorized the listing of 25.000
equivalent at prevailing average rates of exchange to $1.94, $1.95, $2.00, additional shares of Class A stock, (without par value) upon official notice
02.12 and $2.55. respectively.
ofissuance under an option in favor of Joseph P. Kennedy, making the total
It is expected that a dividend of 11% (equivalent to $2.89 per American amount of Class A stock to be listed 2.311,157 shares.
share at present rate of exchange) will be paid in April for the fiscal year
On Nov. 19 1928 and Nov. 21 1928 the directors authorized the granting
ending Dec. 31 1928.
P. Kennedy to purchase 75.000 shares of Class A
of an option to Joseph Lehman
Brothers and Blair & Co.. Inc. to purchase
stock, and an option to
Consolidated Pro Forma Balance Sheet as of Dec. 31 1927.
100.000 shares of Class A stock, and authorized the reservation of a total
shares of Class A stock for issuance upon exercise ofsuch options.
AssetsLiabilities
of 175,000
Cash
As provided in the plan pursuant to which the corporation was organized,
$2,122,174 Floating debt
$671,546
purchase
Marketable securities
494,7'72 Bills & accounts payable_ _
5,059,575 Joseph P. Kennedy has assigned to the corporation his option to
stock of the
in consideration
Receivables, less reserve for
payrolls & other accruals_
1,046,560 75,000 shares of common received fromcorporation, andan option to purhas
the corporation
doubtful accounts10,031,864 Taxes accrued
593,451 of such assignment he its Class A stock on the same terms. These permit
Inventories
7,005,026 Customers'.&c.deposits
1,491,046 chase 75,000 shares of
5,00(1
Deferred account receivable
Sinking fund 7% cone. bonds 54,123,602 the purchase of allot any ofsuch 75.000 shares in lots of not less than
purchased
from:Pirelli family
Def. acc't pay. to Pirelli tam_
551,158
551,158 shares each at any time prior to May 15 1933, at $21 per share if and prior
1.930, at $23.50 per share if purchased thereafter
Affiliated companies steels
652,887 4S4% debenture bonds
50,789 prior to May 15
and prior
Inv.In assoc., dre., companies 1,040,047 Min.shareholders'Int.In nib.
130,847 to May 15 1932. and at $26 per share If purchased thereafter to 50.000
been exercised with respect
Property, plant & equip
13,360,253 Share capital
8,157,898 to May 15 1933. This option hasits
respect to
with
immediate
Good-will
Surplus
13,981,036 shares. Notice has been given of are the shares exercise this application
to which
Disc,on bds..Prepaid exp.oke
41035;78M25
an additional 25.000 shares, which
9
-V. 128. p. 416.
relates.
Total
Total
535,857,508
$35,857,508
-J. P.
-Bonds Offered.
Railway Express Agency, Inc.
a 53.965.000 principal amount of outstanding bonds taken at their redemption price of 104%.
Morgan & Co., Kuhn, Loeb & Co., First National Bank and
The above pro forma balance sheet indicates a book value of about $71
The National City Co. are offering $32,000,000 5% serial
per share without taking into account certain undisclosed asset values.
1261 • 262.
gold bonds, series A, at 100 and int.




Net profit

746

FINANCIAL CHRONICLE

Dated Mar. 1 1929; serial maturities $800,000 semi-annually Mar. 1
and Sept. 1 each year from Sept. 1 1929 to Mar. 1 1949, both inclusive.
Interest payable M.& S. in N.Y. City. Guaranty Trust Co., New York,
trustee. Redeemable as a whole, but not in part, on 60 days' notice on
any int. date on or after Mar. 1 1939, at par and int. plus a premium in
the case of each serial maturity equal to 1.1% for each 6 months between
the date of redemption and the date of maturity. Denom. $1,000 c*.
Data from Letter of William B. Storey.
Business.
-Railway Express Agency, Inc., has been incorp. in Delaware
to carry on. as agent for the participating railroads, the express business now
conducted by American Railway Express Co. The corporation has contracted to purchase the equipment and physical properties of
Railway Express Co. employed by it in the express transportation business.
These bonds are being issued to provide funds for the purchase of said property, and for working capital.
Security.
-The participating railroads, over whose lines more than 95%
of the railway express business of the country is carried, have entered or
agreed to enter into operating agreements with the corporation, whereby
the corporation is given the exclusive right, until Feb. 28 1954. to conduct
the express transportation business by railroad on the lines of the participating railroads, subject to certain rights reserved to the railroads in respect
of carload shipments. All outstanding capital stock of the corporation
will be owned by the participating railroads. All rights of the corporation
under the operating agreements will be pledged under the indenture as security for the bonds.
Bond Issue.
-The indenture is to provide for a total authorized issue of
bonds not exceeding 850.000,000 and that bonds in excess of the initial
issue of $32,000,000 may be issued only to reimburse the corporation for
capital expenditures.
The corporation will, in the first instance, have no funded debt other than
the serial gold bonds, and the corporation will agree in the indenture that
all indebtedness (other than current operating indebtedness) created or
incurred by it, which, together with the bonds then outstanding under the
indenture, exceeds $50,000,000,shall be expressly subordinated to the bonds.
The indenture will also provide that the corporation, so long as any of
the bonds are outstanding, will not create any mortgage or other encumbrance upon any of its properties unless the bonds first shall have been
secured by prior lien on the property so mortgaged or encumbered.
Earnings.
-On the basis of the express operations of American Railway
Express Co. for the years 1924 to 1928, both inclusive, the net receipts of
the corporation for said years available for interest on and principal of
the serial gold bonds, after deducting all operating expenses of the corporation, would have been as follows if the new operating agreement had then
been in effect:
1924.
1925.
1926.
1927.
a1928.
8135.022.872 8138.632.841 8142,569,117 $134,511,013 8135.600,000
a Four months partially estimated.
Requirements for interest and principal on the serial gold bonds now being
issued will be $3,180,000 for the first year and will decrease as maturing
bonds are paid.
Toe operating agreements provide that the net receipts of the corporation.
after deduction of operating expenses and other charges, which include
interest on the serial gold bonds and the sinking fund payments which will
provide for the principal thereof, are to be distributed among the participie ling railroads, as provided in the operating agreements, for their services
aid use of their facilities in conducting the express business.
-V. 127.

Ramapo Ajaz Corp.
-Bonds Called.
-

The company has called for redemption March 1, 8463.000 1st mtge.
-year sinking fund gold bonds. due Sept. 11942. at 105 and int.
163% 20
Payment will be made at the Chase National Bank, trustee, Pine and
Nassau Sta.. New York City.
-V.119, p. 3019.

[Vol,. 128.

one security or the security of any one borrower or corporation, excepting
obligations of the United States Government. (b) Not more than 25% of
these resources may be invested in securities of borrowers or corporations
domiciled in any one country except the United States.
(2) Corporation may not issue, assume or guarantee any additional
funded obligations unless, after giving effect to the sale thereof, the corporation's resources would amount to at least 180% of the principal amount
of such funded obligations then to be outstanding.
(3) Temporary borrowings, secured or unsecured, to the extent
they
exceed in the aggregate either 20% of the corporation's net currentthat
resources
as defined, or 75% of the amount to be received by the corporation under
approved contracts for the sale of additional stocks or securities shall be
regarded as the equivalent of funded obligations for the purpose of the
•vo preceding paragraphs.
Listed.
-The Boston Stock Exchange has admitted the shares to the list.

To Offer Debentures.
-A syndicate composed of Ames,
Emerich & Co. Inc. Estabrook & Co., and F. A. Willard
& Co., has purchased $5,000,000 57 gold debentures, series
A (carrying allotment warrants entitling the holder to receive
on and after Feb. 1 1930, without cost, 4 shs. of com. stock.
Each debenture also will

be accompanied by a common stock purchase
warrant entitling the holder to purchase six shares of common stock at any
time up to and including Feb. 1 1930 at $32 per share; thereafter up to and
including Feb. 1 1931 at $34 per share; thereafter to and including Feb. 1
1932 at $36 per share: thereafter up to and including
per share; thereafter up to and including Feb. 1 1934 at Feb. 1 1933 at $38
stock purchase warrants will be void after Feb. 1 1934.$40 per share. The
The debentures have been admitted to the Boston Stock Exchange
'when issued."

Real Silk Hosiery Mills, Inc.-Earnings.
3 Months Ended Dec. 211928.
1927.
Net earnings after depreciation
$802,540
$232,015
Earnings per share on 200.000 shs. corn, stock
$3.32
$0.83
The balance sheet as of Dec. 31 showed $1,488,887 cash on hand and
no bank loans.
Porter M. Farrell, President, said the outlook for the
more favorable than at any time in the company's history. coming year was
-V.127, p. 2973.
(R. J.) Reynolds Tobacco Co.
-Listing.
-

The New York Stock Exchange has authorized the listing
common stock. (par 810) and $90,000,000 new Class B of $10,000,000
stock,
(par $10) on official notice of issuance and exchange for common shares
400,000
of the common stock and 3,600,000 shares of the New Class
stock (par of $25 each), which are issued and outstanding. II common
The common stock and the new Class B common stock will be exchanged
respectively for the present
par value common stock and now class 11
i
common stock on the basis of 2 shares ofthe $10 par value stock for each
as
share of the $25 par value stock.
-V. 128, p. 417.

Richfield Oil Co. of California.
-Bonds Called.
-

Bond & Goodwin & Tucker, Inc. and Hemphill, Noyes & Co. announce
that the above company has called for redemption its 1st mtg.& coll, trust
gold bonds,series "A' 6% convertible, due Sept. 15 1941. The conversion
privilege on the bonds expires Feb. 5. Under the terms of the trust indenture the bonds may be converted into common stock of the company
n the ratio of 25 shares for each bond. See also V. 128. p. 264.

Rio Grande Oil Co. (Del.).
-New Ctfs. Ready.
-

At a special meeting held on Dec. 10 1928, the stockholders approved
the recommendations of the directors and duly authorized and directed an
amendment to the company's articles of incorporation by changing the
Month of1928.
1927.
1926.
1925.
capital stock from 400,000 shares of
January
843,857
839.000
796.270
823,683 2.000,000 shares, without par value, capital stock, par $25 per share, to
February
and further directed the exchange of
816,133
779,339
753,924
753,925 the old outstanding stock of the
March
par value of $25 per share for the new
877,380
860,511
834,340
825,479 stock, without nominal or par
April
value, on the basis of 5 shares of the new
825.097
824,014
803.303
787.519 stock for one share of the old stock.
May
886,186
859,479
849.214
813,249
The stockholders are requested to send the certificates of their old stock
June
826,363
855,154
852,145
780,251 to the Bank of America of California,
July
7th & Spring Sts., Los Angeles, or
867,211
851,861
860,134
818,202 the Chase National Bank
City
August
891,863
863,345
843.854
808,218 exchange be made on theof the of of New York, with a request that the
basis
5 shares of the new stock for each one
September
857,731
842,118
839,939
797.247 share of the old stock surrendered.
The exchange will be made without
October
897,720
855,843
818,832 cost to the stockholders.
753,296
-V. 127. p. 3414, 3718.
November
872,484
848,059
840,276
787,623
December
859,761
851,225
836,157
791,455
Safeway Stores, Inc.
-Listing.
The New York Stock Exchange has authorized the listing of 23,000 shares
Total
8,610,002 10,141,849 9,962,855 9,599.693
for the acquisition of the business and assets. Including goodwill, subject
-V. 127, p. 3555.
to liabilities, of Piggly Wiggly Western States Co., and 3.688 shares (in
addition to a cash payment of
Reliance Management Corp.
-Stock Sold-Ames, Eme sets, comprising merchandise, 8250,000) for the acquisition of certain asrich & Co., Inc. and F. A. Willard Jr Co. have sold of Sun Grocery Co., (includingleases, fixtures, equipment and goodwill,
certain assets of an affiliated corporation,
Dreyfus
200,000 shares common stock (without par value) at $30 applied Bros.. Inc.) making the total number of shares of common stock
for to date. 688.369 shares.
per share.
The business and assets, including goodwill, of Piggly Wiggly Western
Transfer agents, Central Union Trust Co. ,New York, and State Street States Co. are to be transferred to a wholly owned California subsidiary of
Trust Co., Boston. Registrars, New York Trust Co., and National the Corporation in consideration of the issue of stock of said California
subsidiary to Pigsty Wiggly Western States Co.. and in consideration of
8hawmut Bank, Boston.
said California
CapitalizationAuthorized.
Outstanding Western States subsidiary agreeing to pay the liabilities of Piggly Wiggly
corporation will
5% gold debs., series A,due Feb. 1 1954.---$5,000.000. 23,000 shares ofCo., and thestock to Piggly immediately thereupon issue
its common
Wiggly Western States Co.. in
Common stock, no par value (this issue)...--b600,t00 shs. c220.000 shs.
consideration of the transfer to the Corporation of the stock of the
a Additional debentures may be issued only under the conservative re- fornia
subsidiary so received by niggly Wiggly Western States Co. Calistrictions of the trust indenture. b Includes 30.000 shares reserved for
exercise of 5
-year stock purchase warrants (at prices varying from $32 to ofIn addition to issuing 3.688 shares of common stock for the acquisition
the above assets and the goodwill of Sun Grocery
Safeway Stores.
$10 per share) attached to the debentures and also 200,000 shares for Inc., has
made a cash payment of$250,000 but the corporation is not assumCo.,
exercise of option warrants held by organizers, management, bankers and
their associates on or before Feb. 1 1939, at $30 per share. Stock purchase ing any liabilities of Sun Grocery Co. or its affiliated corporation in connection with the transaction.
-V.128. P. 265.
and option warrants will contain provisions designed to safeguard the
purchase privilege against dilution. c Includes 20,000 shares to be issued
St. Louis Merchants Bridge Co.
-To Retire Bonds.
together with debs, and represented by allotment warrants attached thereto.
Arrangements have been made to purchase at the office of Central
Corporation.
-Corporation has been incorp. in Maryland for the dual
purposes, among others, of (a) managing the portfolios of companies or- Union Trust Co. of New York at par $2,000,000 of 6% hands, due
Feb. 1
ganized and financed to carry on an investment trust business in the United 1929, representing the entire outstanding issue.
States or in foreign countries, for which services it is antlicpated the Corporation will receive junior securities and (or) options and (or)other rights in
Samson Tire & Rubber Corp.
-Debentures Offered.such companies, in addition to the usual management fees: (b) affording
its own security holders the opportunity of participating not only in profits Geo. H. Burr, Conrad & Broom, Inc.; Hunter, Dulin Jr Co.,
of such subsidiaries, but also in the income and profits to be derived from Inc., and Banks, Huntley & Co., Los Angeles,
are offering
the investment of a large portion of the corporation's funds in a widely
diversified list of stocks and bonds selected and constantly supervised by a at 100 and int. $1,000,000 10-year 63
, convertible sinking
i%
management organization not ordinarily available to the individual investor. fund gold debentures.
Management.
-Corporation. through its board of directors, and staff,
Dated Jan. 11929: due Jan. 11939. Int. payable (J. & J.) at the office
will be equipped to make economic, political and statistical investigations
of an international character, combining tile method of operation which of Los Angeles-First National Trust & Savings Bank, trustee, without
have contributed largely to the success of some of the outstanding Ameri- deduction for normal Federal income tax not in excess of 2%. Donom.
can trusts, with information obtained through contacts and affiliations of $1,000 and $500 c*. Red. as a whole or in part on any int. date upon
officers and directors, which is characteristic of the operation of Scottish 60 days' notice at 105 and int. California personal property tax up to
4 mills refunded.
and British investment companies.
Convertible at the option of the holder, at any time prior to maturity or
The resources of the corporation will be administered by its President,
Morton H. Fry, also President of Overseas Securities Co., Inc., assisted up to and incl. the tenth day prior to any date set for redemption, into
the common stock of Samson Tire & Rubber Corp. at the present rate of
by a financial research staff, under the supervision of the board of directors,
consisting of Harry A. Arthur (Vice-Pres., American International Corp.), 33 1-3 shares of such stock for each $UM principal amount of 10
-year
Ambrose Benkert (Vice-Pros,. Ames, Emerich & Co. Inc.), Marshall For- 6% convertible sinking fund gold debentures.
Authorized. Outstanding.
rest (Vice-Pros.. Ames, Emerich & Co.. Inc.), David Friday (Pres., Do- 10Capitalization-year 614% cony, sink, fund gold debs
$1,000,000 $1,000,000
mestic & Foreign Investors Corp.), Morton H. Fry (of Scholle Brothers),
200.000
Charles F. Hazelwood (of Estabrook & Co.). Frederick J. Leary (Vice- 7% cumulative preferred stock ($10 par)
200,000
300,000 shs. 125,000 sits.
Pres. Central Union Trust Co. of New York), Joseph S. Maxwell (Vico- Common stock no par value)
pros.; New York Trust Co.),and Frank A. Willard (of F. A. Willard & Co.).
Data from Letter of A. Schleicher, President of the Corporation.
Resources.
-Upon completion of the present financing, the resources of
History and Bunness.-The original Samson Tire & Rubber Corp.
was
the corporation will be in excess of $10,000.000.
organized in Les Angeles. Calif.,
1918 to manufacture automobile tires
Investment Restrictions.
-Certain restrictions governing the operations of and tubes. The business has been in
uniformly successful
the corporation and the investment of its resources will appear as covenants to-day It is one of the large Pacific Coast industries andand has grown until
employs over 1.500
in the trust indenture under which the debentures will be issued. Among people. This rapid growth has necessitated the construction
of a
others, these covenants will include the following:
the first unit of which will have a daily capacity of 6,000 tires. new plant,
(1) Corporation shall not pay any dividends on its common stock, nor
The company manufactures a complete line of automobile Wes
which are
issue any additional debentures, nor make any further investment in con- distributed by dealers in the more important cities
trolled companies (i.e., companies of which the corporation owns at least It also has profitable contracts with some of the throughout the country.
largest nationally known
61% of the stock ordinarily entitled to vote for the election of directors, consumers and industrial organizations.
or companies which are managed by the corporation) if thereby the roAssets.
-Net current assets of the company and its
sources of the corporation invested in accordance with conditions (a) and by financial statement of Nov. 30 1928 and adjusted subsidiaries as shown
to give effect to this
(b) below and exclusive of investments in controlled companies, as defined, financing amounted to $1,599,229, or in excess of 159%
of the principal
would be lees than 150% of its outstanding funded and temporary obliga- amount of this issue. Company's total net assets,
before deducting the
than 5% of these resources may be invested in any principal amount of this issue,
tions. (a) Not more
amounted to 83.173.327. or in excess of

Rand (Gold) Mines, Ltd.
-Output (in Ounces).
-




FEB. 2 1929.]

FINANCIAL CHRONICLE

317% of the principal amount of this issue, which is equivalent to $3,173
per each $1,000 debenture.
-Proceeds of this financing will be used partly for the construcPurpose.
tion of a large modern plant having sufficient facilities to meet the company's
present and rapidly increasing volume of business and partly for worldng
capital.
Sinking Fund.
-A sinking fund, which will retire a minimum amount of
5700.000 of this issue on or before maturity, will operate at the end of each
three months, commencing Jan. 1 1930 as follows: An amount equal to
15% of the annual net earnings of the company, or a minimum of $50,000
per year for the first and second years; $75,000 per year for the next four
years; and $100,000 per year for the last three years. Debentures will be
purchased for this sinking fund up to the prevailing call price, or if not thus
obtainable, then by redemption, through call by lot, at the call price.
Earnings.
-Company's gross sales and net profits and after providing for
depreciation. Federal income taxes, and interest charges,for the 3 years and
11 months' period ended Nov. 30 1928, were as follows:
Gross Sales. Net Profit.
1925
$4,066,453
$4l5,45
1926 a
6,316,840
124.705
1927
6,588,075
424.716
1928b
7,605,410
225.425
This is an average annual net profit of $303,878. or equal to approximately 4.68 times annual interest requirements of this issue.
Net earnings for the 5 months ended Nov. 30 1928. were at the annual
rate of $540,487, or equal to approximately 8.31 times maximum annual
interest charges.
-V. 000, p. 0000.
a After inventory write-offs of $366.917. b 11 months to Nov. 30
after inventory write-off of $156.406.

(Clarence) Saunders Stores, Inc.
-Initial Dividend.
The directors have declared an initial quarterly dividend of IN% on
the 7% cumul. pref. stock, series "A"; also an initial quarterly dividend
of 75 cents per share on the class "A"common stock, series 1. both payable
Feb. 1 to holders of record Jan. 26. (See V. 127, p. 2697).-V. 127, p.3414

Sears, Roebuck & Co.
-January Sales.
Month of January1929.
1928.
1927.
1926.
Sales
$29.271,280 $24,240,148 $22,080,174 $22.590,905
-V. 128, p. 126.

Seaboard Fire & Marine Ins, Co.
-New Director, &c.
-

James A. Beha, Chairman of the board of the International Germanic
Trust Co., and former Commissioner of Insurance of New York State, has
been elected a director and a member of the executive committee. Mr.
Beha succeeds Herman Mutschler on the Seaboard Fire & Marine board.
Organization of the finance and executive committees was announced
after the directors' meeting. The finance committee is headed by L. C.
Amos and is composed of Maurice L. Farrell, of F. S. Smithers 5r Co.;
Meredith C. Laffey Treasurer, Equitable Life Assurance Society; J. Wood
Rutter, of Rutter erCo.: George E. Warren. Vice-President, Chase National
'
Bank, with Ernest B. Boyd. President, and Frank B. Martin, 1st VicePresident, as ex-officio members.
The executive committee, Stewart H. Davies, V.-Pres. as Chairman,
will be composed of James A. Beha, A. 0. Campbell, 3rd V.-Pres., Metropolitan Life Insurance Co.; Douglas P. Cox Pres. Appleton & Cox, Inc.;
Hugh D. Marshall, of Rutter & Co., and will have as ex-officio members
Messrs. Boyd and Martin. See also V. 128, p. 576.

Second International Securities Corp.
-Annual Report

Years End. Nov. 301928.
1927.
lot,, div.& realized invest. profits
$2.391,586 $1,106:6 2
7
Investmentservice fee & miscell. expenses
191.260
100,836
Int.on del).& loans payable,incl.amort.of disc--328,959
Taxes paid & accrued
219,721
132,244
Netincome
First preferred dividends
Second preferred dividends
Div. paid on class A com.shares

$1,651.646
570,000
60.000
174,375

Balance to undivided profits
$847.271
Condensed Comparative Balance Sheet, Nov. 30.
1927.
1928.
1928.
Assets
LiabilUies:Invest.securities 20,225,404 13,242,639 Cum.6% 1st pref.
Cash & call loans__ 1,921,921 1,689,237 stock
9,500,000
Accr.int. receiv.&
Cum.
6% 2nd pref.
Items in course of
stook
1,000,000
collection
265,591 217, 794 Class A corn.stk.. 2,500,000
&cur. sold-not
Class B corn stk_ __ 1,800,000
delivered
328,791
221,701 5% debentures.
7,000,000
Furn.& fixtures._ _
1.876
Current liabilities_ 461,245
Unamort. disc, on
Capital surplus _ _
65,023
625,184
Undlv. profits.. _ _ _ 1,061,823
debentures
19,325
24,177
Organization exp

$873,593
380,188
45,583

747

paid on Nov. 15 last. An extra dividend of 34 of 1% was paid on this issue
on Nov. 15 1927, and on Feb. 15, May 15 and Aug. 15 1928. From Nov.
1925 to Aug. 1927 incl., the company paid an extra dividend of 1% and a
regular dividend of 2% each quarter.
-V. 127. P. 3105.

Smoot-Holman Co.-Bonds Offered.-Los Angeles Investment Securities Corp. is offering $175,000 1st mtge. 63 %
serial and sinking fund gold bonds at 100 and interest.
Dated Dec. 1 1928; due serially Dec. 1 1929-1938, inclusive. Int. Payable J. & D., without deduction for the normal Federal tax up to 2%.
Denom. $1,000, $500 and $100 c*. Red. in whole or in part (except for
sinicing fund) on any int. date on 30 days' notice, at 105 and int. to and
incl. Dec. 1 1930; thereafter at a price declining % of 1% each year or
fraction thereof. Company agrees to refund to holders hereof, upon timely
and proper application, the personal property tax of any state not in excess
of four mills. Los Angeles Investment Trust Co.. Los Angeles, trustee.
-Under the terms of the trust indenture, the company
Sinking Fund.
covenants to deposit with the trustee on or before May 1 of each year.
beginning 1930. a sum equivalent to 15% of the net earnings of the company for the preceding calendar year (after interest and serial maturity
requirements of this Issue and after depreciation and Federal taxes), to be
applied to the redemption of these bonds on the next succeeding interest
date (last maturities first) at 102 and int. to and incl. June 1 1931: at
10134 and int. to and Ind. June 1 1935; and at 101 and int. thereafter.
On the basis of 1928 earnings, it is estimated this entire issue will be retired
in approximately 7 years.
Data from Letter of C. E. Smoot, President of the Company.
Company.-Incorp. in California in 1921, as successor to the 'business of
the American Enameling & Stamping Co. of Los Angeles, established In
1915 by C. E. Smoot. The business was originally operated on leased
property in Los Angeles and manufacturing was limited to porcelain
enameled signs and stove parts. In 1920. George W. Holman became
associated with the company as Vice-President in charge of production
and shortly thereafter property was acquired at Inglewood, Calif.. and
the first unit of the present plant was constructed. Company now owns
and operates a modern and completely equipped manufacturing plant at
Inglewood, covering a ground area of more than 6 acres and having 84.001
square feet of floor space. Principal products include cast iron plumbing
fixtures, white enamakitchen utensils. butcher trays and restaurant equipment. Metalite porcelain steel reflectors, stove parts, refrigerator linings.
electric equipped display cases for butcher and delicatessen shops, and
steel dispensers for fruit juices.
Security.
-Bonds are the direct obligation of the company and are secured by a 1st closed mtge. on all the fixed assets of the company. The
balance sheet as of Sept. 30 1928, adjusted to give effect to this financing
and to an appraisal of fixed assets, shows net tangible assets of $504,071.
equivalent to $2,880 for each $1,000 bond of this issue. Net current
assets were $252.627. equivalent to $1,443 for each 51.000 bonds. Aside
from this issue the company had no indebtedness other than current and
had a net worth of $381.764.
Burnt/res.-Net sales have increased from $243.523 in 1924 to $665.016
in 1927, and were $604,704 for the 9 months ended Sept. 30 1928. Net
profit available for bond interest has increased from $21,492 in 1924 to
$55,213 in 1927. and was $57,553 for the 9 months ended Sept. 30 1928.
For the 3 years and 9 months ended Sept. 30 1928, such net profit has
averaged $49,391 per annum. equivalent to 4.34 times annual interest
requirements of this issue. Net profit for the 9 months ended Sept. 30
1928 was at the annual rate of $76.737. equivalent to approximately 6%
times annual interest requirements of this issue.
Purpose.
-Proceeds are to be used for the retirement of indebtedness
incurred in the expansion of the business, and for the further development
of certain new lines which have already proved profitable on the present
scale of manufacture.

-Balance Sheet Dec. 81 19.e3.
Sonatron Tube Co.

Assets
y$1,299,737
$240,985 Capital stock
Cash
121,540
700,000 Accounts payable
Call loans
9,916
Notes & accounts receivable_
351,072 Accrued pay roll
132,987 Accrued Federal income tax__ 115,938
Inventories
$447,822 Deferred charges
2329,535
21,448 Surplus
Land & improvements
32.906
x347,243
Bldgs., mach. equipt., &a__
1927.
50,024
Investments
51,876,665
1
Total (each side)
Goodwill,trade marks,&c__
9,500,000
a Surplus is shown as follows: Initial surplus March 31 1928, 5281,757:
surplus March 31 to Sept. 30 1928. $160,836; surplus Sept. 30 to Dec. 31
1,000,000 1928, $354.943: total $797.536, less surplus transferred to capital stock,
2,500,000 $468.000; balance, 5329.535. x After reserve for depreciation of $41,304.
-V. 128. p. 126.
1,800,000 y Represented by 282.400 no par shares.
240,974
65,023
289,552

-Capital Repayment of$1 a Sit.
Southern Pipe Line Co.

At a meeting of the board of directors held Jan. 23, the following resolutions were adopted:
Resolved: That hereafter whenever any payment on account of capital
stock reduction is authorized or any dividend is declared, the treasurer
shall withhold such payments to all stockholders who have not exchanged
Total
Total
23,388,091 15,395,549
23,388,091 15,395,549
their $100 par certificates and their $50 par certificates for the new $10 par
x Value of investment securities at market quotations is in excess of certificates, until such change in certificates is made.
book value.
-V. 128, p. 265.
Resolved: That a cash payment of $1 per share from the capital stock
Security Realty Co., Cedar Rapids, Iowa.
-Bonds reduction account be made, payable on March 1 1929, to stockholders of
record Feb. 15 1929.

Offered.
-First National Co., St. Louis, recently offered
$525,000 1st & ref. mtge. serial 6% real estate gold bonds.

President Forrest M. Towl, Jan. 30, says:

The reduction of the capital stock recommended in Jan. 1928 was made
at the stockholders meeting held on April 10 last. A $15 per share payment has been made to all stockholders who have returned their old certificates for exchange for the new $10 par certificates. There are still
outstanding, some of the old $100 par certificates, as well as some of the
$50 par certificates. Of course, no return or dividend can be paid to the
holders of these old certificates until they are exchanged.
The shipment of oil to Philadelphia stopped in July 1923 and the final
delivery was completed in Sept. 1925. Since that time the line has been
kept in condition and we have been trying to find some further use for it,
and if our endeavors were not successful, to abandon or dispose of that
portion of the line. After a careful examination, it was estimated that
the junk value which we could expect to recover from that portion of the
line, between Millway and Matthews Farm near Chester, Pa., a distance
of about 45 miles, did not exceed $50.000. The Pure Oil Pipe Line Co.
of Pennsylvania also had a line which had not been in use for several years
and which was nearly parallel to the Southern for a distance of over 100
miles at the western end and quite near our line at the Matthews Farm.
A small amount of traffic was offered to the Pure Oil Pipe Line C.o. terminal on the Delaware River. For economy of operation of both lines it
was decided that the Southern sell to the Pure Oil Pipe Line Co. the lines
between Millway and Matthews Farm, if they would build the line to
connect their line to the Southern at Matthews Farm. This sale having
been approved by the Pennsylvania P. S. Commission was made, and the
small amount of oil is now moving to Millway and through the Pure Oil
Pipe Line to their terminal. The Southern is still in position to deliver oil
to Philadelphia via the line which they sold and that near Philadelphia.
which they retain. There is very little chance that this line will be so
used for transporting oil, and an effort is being made to find some other
use for this part of our line. The operation cost to the Southern line will
be only slightly increased to handle the additional oil referred to above,
and the business which is just commencing should yield some profit during
Shell Union Oil Corp.
-Listing.
the coming years, provided the other business of the Southern continues
The New York Stock Exchange has authorized the listing of 72.188 as at present.
shares common stock without par value, upon official notice of issuance
The effort to find some further use for the unusued capacity of our lines
and payment in full, making the total amount applied for 13,072,188 shares west of Millway is being continued.
of common stock.
Notice of a return of $1 per share from the capital stock reduction account
Pursuant to resolution adopted by the board of directors held on Jan. 9 Is given above. Further returns from this account will be made as funds
1929. the 72,188 shares of common stock covered will be issued in connec- become available.
tion with the acquisition by the corporation, directly or through a wholly
We anticipate being able to pay a small amount in dividends during the
owned subsidiary corporation,from a number of vendors of certain property year if the transportation business continues as at present.
formerly of New England Oil Refining Co. including its refinery property
1925.
Calendar Years1926.
1928.
1927.
5191.266
at Fall River, Mass., its bulk terminal at New Bedford, Mass., and its Profits for year
a$1,442
$150,989
$222,007
distributing system in Massachusetts and other New England States and Dividends paid
00
200.000(1 %)100.000(4%)400,0
in part payment for the property. The balance of the consideration for
-V.127. p. 3719.
the property will be paid in cash.
Balance
$1.442
550,989 def$208734
$22,007
988,172
Profit & loe.s surplus- - - x432,945
454.952
-Extra Div. 25c.- Earned per sh.on 100,000 274,579
Sherwin-Williams Co. Cleveland.
An extra dividend of 1% has been declared on the outstanding 514,861,125
$1.91
shs. cap stk. (par $50)
Nil
y$1.51
$2.22
a As follows: Lms from operations, $85,166; misc, rents paid, $184:
common stock. par $25, in addition to the regular quarterly dividend of
3%, both payable Feb. 15 to holders of record Jan. 31. Like amounts were total, $85,351; rentals and interest, 183,908; net loss, $1,442. a After de-

Dated rec. 1 1928; due serially Dec. 1 1930-1938. Int. payable J. & D.
at St. Louis Union Trust Co., St. Louis. Subject to call on any mt. date
on 60 days' notice at par and int. plus a premium of % of 1% for each
year prior to maturity. Trustees, St. Louis Union Trust Co., and George
'
G. Chase, St. Louis.
Stwurity.-These bonds are a direct obligation of the company, which
owns the Iowa Building, and are secured by a first mortgage on fee and
improvements (except for certain prior mortgage lien securing a principal
debt of $340,000, which has been called for redemption on May 1 sufficientfunds having been retained from the proceeds of this loan and deposited
with the First National Co.. St. Louis, to be applied to the payment and
release of said lien at said date).
Building, &c.
-The ground comprises an area of approximately 16,800
square feet. The improvements consist of a 4
-story and full basement
store, office and theatre building of reinforced concrete and steel construction with exterior walls of face brick, terra cotta and marble. The ground
floor contains 7 stores, the theatre foyer and the office building lobby.
The second, third and fourth floors contain office space. The inside portion
of the building is a first-class theatre which will seat 2,000 people. The
structure has all the equipment of a modern office and theatre building and
WAS completed in July 1928. It contains in all 1,273,806 Cu. ft., divided
as follows: Office portion, 471.726 Cu. ft.; theatre portion, 802.080 Cu. ft.
The fee and building have been appraised as follows: Ground, $415.000;
Improvements. $476,487: total, $891,487.
Income.
-The net rentals less taxes and operating expenses are $84,310.
Over 50% of the revenue is derived from store and office space. The
theatre has been leased to the Theatre Corp. of Iowa for a period of 25
years. This corporation operates theatres in other cities in Iowa and has
the franchise for the Keith-Albee-Orpheum Circuit exclusively for Cedar
Rapids.




748

[vol.. 128.

FINANCIAL CHRONICLE

ducting $602,710 for loss on sale of securities and $3,506 Federal tax adjustment for years 1920 to 1924 inclusively. y On May 2 1926 the capital
stock was reduced from 510,000.000 to $5,000,000 by changing the par
value of the stock from $100 to $50. The payment of $50 per share was
completed Mar. 1 1927.-V. 126. p. 2328.

surrounding area has been for the most part subdivided into 1, 2 and 5
acre tracts, and this property constitutes one of the few large holdings
still remaining under a single ownership.
Land, buildings and improvements have been appraised hr the Harold
G. Ferguson Corp. at $1,638,027, which is over 2% times the total amount
of this issue.
South Penn Oil Co.
-New Director.
Guaranty.
-Payment of interest on these bonds has been guaranteed by
3. S. Van Devenger, general auditor, has been elected a director succeed- the three principal stockholders of the corporation, Chas. Stern, Mrs.
ing Joseph Seep deceased.
-V.128, p. 417.
Mottle Harris Stern and Perkins Stern, each of whom has substantial income
producing assets entirely apart from their interest In this property.
Stahl-Meyer, Inc.
Purpose.
-Proceeds of this issue will be used for the retirement of out-Earnings.
The first statement of the company issued since the merger last December standing first mortgage 7% bonds and to reimburse the company in part
of Otto Stahl, Inc.; Louis Meyer Co., Inc., and F. A. Ferris & Co., Inc., for improvements and betterments.
-116. p.3008.
three old-established New York meat packing concerns, shows consolidated
(J. B.) Stetson Co.
net profits for the calendar year 1928 (excluding profits from sale of in-Bales.
Years End. Oct. 31vestments), of $520,818 after taxes, equal after deducting $84,000 for
1928.
1927.
1926.
1925.
preferred dividend requirements of 33.36 per share on the 130.000 shares Value of output
814,711,423 815.293,947 $15,545,838 $14,552,553
of no par common stock. The results shown for 1928 are actual and -V. 119. P. 3020.
compare with net profits for 1927 (after giving effect to the elimination
Stewart
-Warner Speedometer Corp.
of certain non-recurring charges) of$319,281.equal after preferred dividends
-Earnings.
Period End, Dec 31- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
to $1.81 per share on the common stock now outstanding.
For the fourth quarter of 1928 net profit was $185.085, exclusive of Net income after chip-. $2.275 A57 $1 All.421 87.752,531 $5,210.053
Earns,per eh. on 599.996
realized profits on the sale of investmets, as compared with $143,919
shs.corn.stk.
In the preceding or third quarter of 1928. Earnings for the last quarter of
(no par).
$3.79
$12.91
$1 69
88.67
-V. 128. P. 577.
1928 were equal to $1.26 per common share.
Combined sales of the three companies are now running in excess of
Stix, Baer & Fuller Co.
-10% Stock Dividend.
59.000,000 per annum.
--V. 127, p. 3558.
The directors have declared a 10% stock dividend payable March 1 to
Standard International Securities Corp.
-Control.
- holders of record Feb. 15.-V. 121, p. 3143.
See Atlantic Sz Pacific International Corp. above.
Studebaker Corp.
-Four Quarterly Stock Dividends of
At a meeting of the board of director's of the Standard corporation, the
following officers were elected: E. Moore Robinson. Chairman of the Board; 1% Each.-The directors have declared four quarterly
Gero von S. Gaevernitz and Adam Schildge, Vice-Presidents; A R. Phil- dividends of 1% each in common stock on the outstanding
brick, Treasurer, and C. H. C. Greentree, Secretary.
-V. 128. p. 576.
1,875,000 shares of no par value

Standard Milling Co.
-Large Preferred Stockholder not to
Accept Offer Made by Gold Dust Corp.
-F. L. Rodewald, a
Vice-President and a director, in a letter to the stockholders
on Jan. 25, says:
Bo many requests have reached me for advice on the subject of exchanging Standard Milling Co. shares for Gold Dust Corp. stock, that I feel
Impelled to explain to all stockholders my personal views on a matter of
such general interest and of importance to the Standard Milling stockholders. As the largest preferred stockholder of record and an officer of
the Standard Milling Co.,I am vitally interested and have carefully studied
the proposition. I have reached the conclusion not to accept the offer
made, for the following reasons:
Because an investment in the flour milling business and its allied products is 'preferable to the one in the lines in which the Gold Dust Corp. is
engaged, the latter type of business being, in my judgment, more experimental and speculative:
Because after retirement of the Standard Milling Co. bonds, as planned,
the preferred stock of the Standard Milling Co. will have cash equivalent
to approximately $100 a share (in addition to present net assets in liquidation, equal to about $109 per share) added to its security and will have no
Issues outranking its position:
Because the Gold Dust preferred shares, offered in exchange, can be
called in a few years at $115 per share, to escape which I would have to
convert into 1
shares of Gold Dust common-now worth 80
-which is
equal to $120, for Standard Milling preferred now selling at $128. I do
not wish to be forced to convert my non-callable Standard Milling preferred
shares into Gold Dust callable preferred, and eventually into its common
shares. If that should happen and Gold Dust Common be then paying
its present rate of dividend, then Standard Milling preferred 6% dividend
would be replaced by $3.75 dividend from 1M shares of present Gold Dust
common shares.
Now owning non-callable preferred stock, with a larger margin of safety
from an asset point of view, after the bonds are retired, and a larger junior
market equity behind it, than the Gold Dust preferred, which is offered. I
am convinced it would weaken the security of my investment, might
eventually reduce the income and transform my investment now secure,
into a speculative venture as a holder of Gold Dust common; or force me
to sell for cash and seek other investment.
The offer to corn, stockholders of two Gold Dust for one of Standard
Milling is, in my judgment, equally inadequate. The present 36 dividend
would be replaced by a present $5 payment. Standard Milling common
has net assets per share many times greater than Gold Dust common.
Standard Milling common is earning in excess of earnings on two shares of
Gold Dust common. It is of investment type of a company, with a long
record of good management, large earnings, and has bright prospects.
Its position is secured by a substantial surplus and it has a privilege attached
to purchase new shares at par, which will pay $6 dividends and the money
so paid will be used to benefit the position of the common by retiring bond
issues, at present outstanding, ahead of it. To exchange this position for
a speculative venture in the Gold Dust common shares offwed. I believe
unwise for an investor.
If you have already deposited your shares under the Gold Dust offer,
you will be entitled to recover same, if, by Feb. 1 1929, 51% of all the
shares have not accepted the terms.
I advise Standard Milling Co. shareholders to embrace the opportunity
to recover their shares, in such an event.

Listing-Rights.
The New York Stock Exchange has authorized the listing of 86.497.100
common stock (par $100), on official notice of issuance, making the total
amount applied for $19.994,500.
Common stockholders of record Jan. 21 are given the right to subscribe
at par ($100) for additional common stock in the ratio of one now share for
each two shares of common stock held. The offering has been underwritten at par. The underwriters are to receive an agreed compensation.
Rights expire Feb. 11. Subscriptions are payable in full at the principal
office ofEquitable Trust Co..11 Broad St.. New York.
-V.128,P.417,266.

Standard Oil Co. of New York.
-Listing.
-

The New York Stock Exchange has amended the purpose for the listing
of 3996,300 capital stock. This stock was originally included in the Issue
of $12A00,000 for the company's stock purchase plan for employees This
plan terminated Oct.31 1928.and after apportioning the stock to the various
employee stockholders, there was a balance of 53,102,125, and the board
of directors on Dec. 21 1928, passed a resolution. "providing that (the
unused portion of said stock be, and It hereby Is, available for other corporate purposes."
At a meeting of the directors held Dec. 21, a resolution was passed to
use the balance of stock remaining in the stock purchase plan for employees
at the termination of the plan on Oct. 31 1928,for other corporate purposes.
and it is proposed to use now $996,300 for the purpose of acquiring, and
in part payment for. 67 filling stations with automobile equipment. tanks
and pumps, located in Greater New York, Westchester and Long Island.
also 27 filling stations with motor equipment, tanks and pumps, located
in Providence,, R. I. These purchases also include land, buildings, leaseholds, &c.-11. 128.P. 266.

Standard Sanitary Mfg. Co.
-Merger Approved Bee American Radiator Co. above.
-V.128, p. 676.
(Chas.) Stern & Sons, Inc.
-Alvin
-Bonds Offered.
H. Frank & Co., and Drake, Riley & Thomas, Los Angeles,
offering at 100 and mt. 3600,000 1st (closed)
Calif., are
mtge.63% gold bonds.

common stock, payable
March 1, June 1, Sept. 1 and Dec. 1 to holders of record
Feb. 9, May 10, Aug. 10 and Nov. 9, respectively. The
regular quarterly cash dividends of $1.25 per share on the
common and $1.75 (19%) per share on the pref. stock
were also declared, both payable March 1 to holders of
record Feb. 9.
President A. R.Erskine in a statement to the stockholders,
said:

In view of the fact that the surplus net profits of the corporation for
the past 18 years exceed $36,000,000. the directors have concluded that
the stockholders should share in a reasonable distribution of these accumulated surplus earnings through a definite stock dividend policy which will
impose a relatively small addition to the cash disbursements of the corporation. Accordingly, the directors have adopted a policy of paying 1%
quarterly stock dividends for the 4 quarters of 1929.
Under the resolution of the directors, stockholders of 100 shares and
multiple thereof will receive one share of common stock for every multiple.
Stockholders of odd lots will receive cash at the closing bid price the day
the stock sells ex-dividend on the New York Stock Exchange.
For example, a stockholder owning 75 shares, with a bid price
would receive $75 in cash in addition to the regular cash dividend. of 100,
Under the resolution, on the basis of the 1,875.000 shares of common
stock presently outstanding, the corporation will issue in 1929 a total of
76.131 shares of new common stock which at a market valuation of (say)
$100 a share would amount to 57,613,100 received by stockholders in addition to the $5 cash dividend of 59,375,000.-V. 127. p. 2552.

Studebaker Mail Order Corp., South Bend, Ind.ExpansionThe corporation plans to add 15 stores to its chain of 14 now in operation
during 1929, according to an announcement by Vice-President F. II
Wellington. The company is making an extensive survey in a group o,_
Mid-West and Southwestern cities of more than 100,000 population, fo
advantageous locations. It is being assisted in this work by local concerns which are interested in Joining the chain.
"This enlargement of our chain as contemplated at present will be
financed almost entirely by the local companies to be added and will not
require additional financing by this company." Mr. Wellington said.
The 14 stores forming the original chain will be enlarged during the year
to handle practically all of the merchandise sold by the company through
the mails.
The corporation has enlarged its line of merchandise by 50% during
the past year, and now lists over 1,200 items in its new catalogue, compared to 783 listed a year ago, according to Mr. Wellington. Its original
line started four years ago, consisted only of watches manufactured in its
South Bend factory. The line now includes Jew- lrY• gift novelties, furniture, household goods, toilet accessories, luggage and other goods.
The corporation is enlarging its sales organization through the establishment of 10,000 agents throughout the country to sell its line of Studebaker
watches. Sales of watches(hiring 1928 were considerably Increased through
the agencies established that year, according to Mr. Wellington.
Suburban Electric Development Co.
-Co-registrar.
The Seaboard National Bank of the City of New York has been appointed co-registrar of the common stock, no par value.
-V. 128, p. 577.
Superior Steel Corporation.-Earnings.
End. Dec. 31- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
NaPeriodsales
81 750 913 31,132.807 56.546.430 85.806.942

Cost and expenses

1;635:966

1,136.629

6.248.672

5.711.810

Manufacturing profitOther income

5144,947
27,105

loss$3,822
38,990

$297.758
107.012

595,132
114.311

Total income
$35,168
$404,770
$142.052
$209,444
Deprec., Int., amortiz.,
Federal taxes, &c.._ _
95,183
108 391
399.291
.
375 354
.
Net income
$46,869 loss.473,223
$29,416 1034189.847
Earns. per ah. on 100,000
stis.,cap.stk.
Nil
(par $100)
$0.29
$0.47
Nil
Comparative Balance Sheet December 31.
Assets-Liabilities-1928.
1927.
192E.
1927.
Property(net)
$4,154,223 $4,154,223
839,051 capital stock
$4,040.405 $3,
Cash,.ke
685,048 1st mortgage fls
467,851
2,006,000 2,165,000
Accounts payable_ 167,007
.re,_ 462,806
338,955
68,443
Inventories
Othereurrentllabil.
..309 , . ,
73,336
51,333
Deterred charges
737,122 Surplus
473,190
598,995
569,578
Total
25528.6'999'561 $7,000,577 I Total
56,029,581 57,009,577
-V. 127. p.

Tacoma Masonic Corp.
-Bonds Offered. Peirce, Fair &
Co., recently offered at 100 and int., $285,000, 1st mtge.
5 % serial gold bonds (closed mortgage).

ated Dec. 1 1928; due serially Dec. 1 1929-48. Principal and int.
(J. & D.) payable at Bank of California, N. A.. Tacoma, Wash., trustee.
Callable on any int, date on 20 days notice SS a whole or in part, in inverse
order of maturities, at 101 and int. Denom. $1,000 and $500c*. Interest
payable without deduction for any normal Federal income tax not exceeding 2%,lawfully deductible at the source.
These bonds are an obligation of the corporation, all the stock of which is
held by 17 lodges and affiliated bodies in Tacoma and In Pierce County,
Dated July 1 1928: due July 1 1938. Denom. 81.000 and $500 c*. Wash., with a membership of approximately 11.106. These bonds are
Callable as a whole or in part on any int, date upon 30 days' notice at 102Si secured by a first mtge. upon the land and Temple located at Tacoma. Wash.
Principal and int. (J. & J.) payrabie at Farmers & Merchants consisting of nine Iota with a frontage of 218 feet on St. Helens Ave. and
and in
National Bank of Los Angeles, Trustee, without deduction for the present 179 feet on South 2d St., and a five-story brick and concrete building with
normal Federal income tax not to exceed 2%. Exempt from personal suitable lodge rooms, kitchens, auditorium, stores and a 1.679 seat modern
theatre.
property taxes in Car Tornio.
The building, including furnishings, and land cost over 8658,000. of
Data from Letter of Chas. Stern, President of the Company.
which the construction cost of the building amounted to $509.000. This
Securlitb Eonds will be secured by a closed first mortgage on 1,920 bond issue represents about 44% of such actual cost and Is followed by
acres of valuable and highly developed land, practically all under intensive $270.150 debentures and $114,129 common stock, all of which junior
cultivation, located approximately 45 miles east of Los Angeles on the securities were purchased and are held by these lodges or members of the
Valley Boulevard and equidistant from Ontario and Riverside, Calif. The order. The building was completed in 027.




FEB.

-New Bonds to be
Tennessee Copper & Chemical Co.
Offered to Stockholders.

In a letter to the stockholders it was stated that subject to the approval
of the stockholders at the special meeting called for Feb.4, each stockholder
of the corporation and holders of voting trust certificates as of Feb. 8 will
be offered the right to subscribe on or before March 6 to the proposed new
-year 6% convertible debenIssue of between $3,000.000 and $3,500,000 15
ture bonds, series B. in the ratio of $100 of bonds for each 25 shares held.
Because of the privilege of converting the bonds now outstanding, which
are to be retired if new bonds are issued, it will not be possible to fix the
amount of new bonds to be issued until after the date ofrecord.
It was also stated that for the year ending Feb. 28 1930 holders of the
new bond issue will have the privilege of converting the same into stock
at the rate of one share for each $20 of bonds held: for the year ending Feb.
28 1931, one share of stock for each 822 of bonds, and for the year ending
Feb. 29 1932. one share for each $24 of bonds.
All or any of the series B bonds are to be redeemable on any interest date
prior to maturity at the option of the corporation, subject to appropriate
provisions for the exercise of the conversion privilege before redemption.
If redemption occurs on or before Mar. 1 1934. the redemption price will be
105%. In the case of bonds redeemed thereafter the premium of 5% shall
be reduced annually by % of 1% of the principal amount of such bonds,
in each calendar year after the year 1934.
A sinking fund to retire at least 55% of the series B bonds before maturity
will be provided. The company will make no mortgage on its assets
nor permit any subsidiary to make any mortgage on its assets, except (in
either case) purchase money mortgages, unless these bonds shall share
equally and ratably with other indebtedness thereby to be secured. Bonds
will be issued only in denominations of $1,000, $500 and 8100.-V. 127.
p. 968.

(John R.) Thompson Co.--Listing.--The New Yerk Stock Exchange has authorized the listing of 60,000
additional shares common stock (par 325), on official notice of issuance and
payment in full, making the total amount applied for 300.000 shares of
common stock.
Of the 60.000 shares 20,000 are to be used (together with $1.025,000 of
the proceeds of the sale of the remaining 40.000 shares for the purpose of
acquiring a certain 99
-year leasehold estate in premises at 209-219 South
Wabash Ave., Chicago, a certain 13
-year leasehold estate in premises at
61-65 West Randolph St.. Chicago, a certain 99
-year leasehold estatein
premises at 67-71 West Randolph St.. Chicago. with the improvements
thereon, a certain restaurant with all trade Moires. &c.. utensils and equipment. operated under the name and style of "Henrici's" and located in the
building at 87-71 West Randolph St., Chicago, the goodwill of said restaurant, and the right to use the name "Henrici's.
The remaining
40.000 shares common stock are offered for subscription at $50 per share
to stockholders of record Jan. 23. In the proportion of one share of the
additional stock for each six shares of old stock then held.
The company is not acquiring the capital stock of the Philip Henrici Co.,
which owns and operates the "Henrici's" restaurant, nor all of the assets of
the Philip Heinle' Co., but only the leaseholds, property and rights described above.
The gross sales for the year 1927. resulting from the operation of the
"Henrici's" restaurant were 81,524,732. resulting in net earnings for the
year. before Federal taxes, but after depreciation of $223.778. The
estimated sales and earnings for the year 1928 will be approximately the
same.
-V.128, p. 418.

Thompson-Starrett Co., Inc.
-Affiliation with General
Realty & Utilities Corp.
See latter company above.
-V. 127, p. 3262, 3417.
Tr -Continental Corp.
-Directors, &c.
The following directors have been announced: George C. Fraser. William
S. Gray Jr., 0. E. Groesbeck, James N. Jarvie, David McAlpin, Carl W.
Painter, David Sarnoff, Col. John R. Simpson. Henry Seligman, Frederick
Strauss. Arthur F. White, Robert V. White, Earle Baffle (Pres.), Francis F.
Randolph, and Henry 0. Breck (V.-Pres.).
Thomas if Joyce Is Secretary and J. B. Miller, Treasurer.
The corporation's offices are in the J. & W. Seligman Co. building at
54 Wall St., N. Y. City.
The Chase National Bank has been appointed registrar for 250,000
shares 6% cumul. pref.stock (par $100).-V. 128,P. 410.

Truax-Traer Coal Co. (Del.).
-Div. Disbursing Agent.
The Seaboard National Bank of the City of New York has been appointed
dividend disbursing agent for the common stock, no par value.
-V. 128,
p. 419.

Truscon Steel Co.
-Listing.
-The New York Stock Exchange has authorized the listing of 54,203
shares as a 10% stock dividend on the outstanding common stock* 1.730
shares in exchange for 599 shares of the common stock of Trussed Concrete
Steel Co. of Canada, Ltd.; 548 shares sold to employees: 1,739 shares held
in trust by Henry M. Butzel, trustee, on official notice of distribution
with further authority to add to the list on official notice of issuance and
release from restrictions: 6,591 shares authorized for issuance since March
1 1928, under employees' participating plan (including 675 shares for stock
dividend) making• total of 64,811 additional shares.
Intents Account 11 Months Ended Nov. 30 1928.
Gross sales
$30.123.626
Accrued freight
1.379.000
Cost of sales
x21,646,974
Profit on sales
Other income

$7,097,653
458,670

Gross profit
$7,556,322
Deduct: Selling, administration, general expense,and other elms. 5.287,135
Federal taxes
235.000
Net profit _
82.034.187
Earnings per shave common stock
$3.30
x Estimated depreciation for the 11 months of 1928 to Nov. 30 1928, le
the amount of e275,000, is included in and deducted with cost of sales.
V. 127, p. 3263.

United Aircraft & Transport Corp.
-Stock Sold.
-The
National City Co., announces the sale of an additional
issue of 150,000 shares 6% cumulative preferred stock,
Series A and 60,000 shares common stock. The stocks were
offered in units of 10 shares of preferred stock and 4 shares of
common stock at $1,000 per unit. The 60,000 shares of
common stock included in this offering will be purchased
from individuals, and thus do not represent any financing
on the part of United Aircraft & Transport Corp.

Certificatee of 6% cumulative preferred stock. series A. will be accompanied by stock purchase warrants, non transferable apart from such certificates, entitling the holders thereof to purchase at any time on or before
Nov. 1 1938. upon cash payment of $30 a share, common stock at the rate
of one share of common stock for each two saares of such preterred stock.
In case of redemption of any shares of such pre.erred etock prior to the exercise of thewarrant attactied to the -ertificate rep:est-siting the same, a detached war ant. transferah.e by delivery, will be issued, evidencing the
right to purchase half a share of common stock with respect to each share
of preferred stock so redeemed. Scrip certificates will be issued representing any fractional shares of common stock purchased.
Capitalization
Outstanding.
-Authorized.
Preferredstock812.000.000
Common stock (no par value)
1.533.994 shs.
500,000
2.500,000 shs.
'190,000 shares reserved for exercise of stock purchase warrants, entitling the holders thereof to purchase common stock at $30 per share.
Data from Letter of William E. Boeing, Chairman and Frederick B.
Rentschler,
Company.
-United Aircraft & Transport Corp. (as the corporation now
known as Booing Airplane & Transport Corp. will be called when the change
of Its corporate title, heretofore authorized by its stockholders becomes
effective) was incorp. In October 1928 In Delaware. Corporation owns,
exclusive of dierctors qualifying shares, all of the capital stock of Boeing




749

FINANCIAL CHRONICLE

2 1929.]

pres.

Airplane Co. and all of the common stock and all of the preferred stock
(called for redemption on Apr. 1 1929) of Boeing Air Transport,Inc. It
also has practical control of the management of Pacific Air Transport
through ownership of about 73% of the class A stock and about 74% of the
class B stock of the latter company. Arrangements have been made for
the acquisition by the corporation of all the outstanding common stock
(exclusive of directors' qualifying shares) of the Pratt & Whitney'
Aircraft
Co.and of Hamilton Aero Mfg.Co.. and arrangements have also been made
for the acquisition through subsidiary companies of the assets of Chance
Vought Corp. and Hamilton Metalplane Co.
Boeing Airplane Co., Chance Vought Corp. and Hamilton Metalplane
Co. are engaged in the manufacture of airplanes of various types, both
military and commercial. The Pratt & Whitney Aircraft Co. is one of the
largest manufacturers in the world specializing in aircraft engines. Hamilton Aero Mfg. Co. manufactures both wood and metal propellers for all
types of aircraft. Boeing Air Transport, Inc. and Pacific Air Transport
operate air transport lines, carrying United States mail, under contracts,
between Chicago and San Francisco and Los Angeles and Seattle re-spectively. These transport lines also carry passengers and express.
Listing.
-The 6% cumulative preferred stock, Series A, and the common
stock, now outstanding, of Boeing Airplane & Trasnport Corp. are listed
on the New York Curb Market, and the certificates thereof will be exchangeable In the near future, share for share, for temporary certificates of
6% cumulative preferred stock, series A, and common stock, respectively,
of United Aircraft & Transport Corp. Application will be made to list
both classes of stock of United Aircraft & Transport Corp. on the New
York Stock Exchange.
Purpose.
-Proceeds from the sale of 150,000 shares of 6% cumulative
preferred stock, series A, will be used to increase the existing working
capital and expansion fund, which fund is to be employed from time to time
in accordance with appropriations to be made by the board of directors,
for extensions, additions and betterments, and for the construction of new
plants and transportation equipment, &c., of the corporation and its constituent or affiliated companies. The said fund will be maintained In
liquid form pending its application from time to time. Upon completion
of this financing, the said working capital and expansion fund will amount
to about 312,000.000.
Earnings.
-For the 10 months ended Oct. 311928. the consolidated net
income of the constituent cmopanies, after deducting the proportionate
share of net income of Pacific Air Transport accruing to the present minority
interest therein, amounted to not less than $3,300.000, after deducting
adequate charges for depreciation, and allowance for Federal income taxes
at the rate now in effect, and after making appropriate adjustments for
inter-company interest and dividends on securities retired after Oct. 31
1928, or to be retired from funds now available. The corresponding consolidated net income for the full year of 1928 is estimated by the undersigned at not less than 84,600,000 and for the last quarter of 1928, such
consolidated net income is estimated at not less than $1,725,000.
Such consolldated net income for the 10 months was at the annual rate of
over 54 times the annual dividend requirement ($720.000) on the 812.000.000, par value, of 6% cumulative preferred stock. series A. presently
to be outstanding. Deducting the said preferred dividend requirement
from such consolidated net income, pro-rated to an annual basis, leaves an
amount equivalent to over $2.10 per share of common stock presently to be
outstanding. On the basis of estimated net income for the full year of
1928, the corresponding earnings per share of such common stock, prorated to an annual basis, amount to over $2.52, and for the last quarter of
1928, such estimated net income is equivalent to an annual basis of more
than $4 per share of common stock presently to be outstanding.
None of the foregoing figures reflects any allowance for the additional
earning power to be expected from the aforementioned working capital
and expansion fund about $12,000,000.
For the year 1928, the consolidated gross sales and revenues of the constituent companies amounted to more than $17,700,000.
Condensed Pro Forma Consolidated Balance Sheet Oct. 31 1928.
(Corporation and its constituent companies].
LiahillfleaCash
$1,203,263 Accounts payable
1882.058
Cal loarvi secured
400,000 Accrued exp.,int.,taxes,&c _
937,581
Accounts& notes receivable _ 2,519,808 Res. for damage to flying
Marketable,
122,326 equipment.&c
.eeuritles
69.091
2,345,756 Minority Int. in cap. stk. &
Inventories
Other current assets
11,162 surp. of Pacific Air Transport 135.390
Expansion fund
12,000,000 6% preferred stock
12,000,000
Otherinvestments
225,094 Com.stock (outst'd'g 1,533,994
Land,bldgs.,equip.,&c
2,647,572 shares, without par value) - 5.086.605
24,990 Paid-In surplus
Patents, patent rights,&c
1,312.500
146,397 Earned surplus
Deferred charges
1,243,145
Total
-V.128.-P. 578.

$21,646,368

Total

$21,646,368

-Acquisition.UnitedStates Dairy Products Corp.
The corporation on Feb. 1 announced the acquisition of'Pedigree Dairies
of Atlanta, Ga., the largest distributor of pasteurized milk and cream in
that city. The latter company was incorporated in 1927 as a consolidation
of the Atlantic branch of the Southern Milk & Cream Co. and the Dixie
Dairy Co.
-V. 128, p. 267.

United States Electric Light & Power Shares, Inc.
:
-Calvin Bullock, New York is
Trust Certificates Offered.
offering shares trust certificates, series A at a price to yield
about 6%. The offering does not represent new financing.
-M. Certificates in denom. of 5, 10, 50. 100. 500.
Dividends payable Q.
and 1.000 shares, in bearer form, coupons attached. Coupons payable
at Central Union Trust Co. of New York; First National Bank of Boston;
Colonial Trust Co., Philadelphia: Marine Trust Co. Buffalo; Illinois
Merchants Trust Co., Chicago; Colorado National Bank. Denver; Bank of
California. San Francisco; Midland Bank Ltd., London, Eng. Central
Union Trust Co. of New York. trustee.
Secured by deposit with the trustee of securities of electric light and power
companies,including those which serve directly or through subsidiaries over
100 of the largest cities in the United States.
Company.-Incorp. in Delaware. Is one of the largest and most successful American Investment Trusts. As of July 311928. the market value of
securities deposited with the trustee as security for outstanding trust
certificates, series "A," was approximately 530,0010.000.
Portfolio.
-Company's holdings include preferred and common stocks of
electric light and power companies which serve directly or through subsidiaries over 100 of the largest cities in the United States. operate in every
State in the Union, and generate or sell over 80% of this country's electric
energy. The present composition of the portfolio is shown on the previous
Page.
Selection.
-Company is restricted in its investments to securities of
companies deriving their earnings primarily from generation, transmission,
or sale of electric energy. Preference is given to securities of operating
companies. The amount invested in any one security has relation to its
Intrinsic worth, the size of the company,and geographical distribution of its
properties. For example, the holdings vary from one share of United
Illuminating Co. (New Haven) stock, to 20 shares of Southern California
Edison Co. common, to the largest holding of 90 shares of the North
American Co. common, drc.. per 1,000 shares of trust certificates outstanding.
Capitalization.
-Trust certificates, series "A," may be issued in blocks of
1.000 shares whenever the company deposits with the trustee additioral
shares of various electric light and power companies identical in character
and proportion to those held by the trustee as security, plus cash to equal
the reserve fund, and to equal dividends paid by the deposited stocks
subsequent to the last dividend paid upon the certificates, for each 1,000
shares of certificates already outstanding.
Trust certificates, ser."A,"are non-voting, full paid, and non-assessable.
Dividends.
-All other disbursements with respect to the deposited
securities become available for dividend payments by the trustee pro rata to
certificate holders. The trustee has been paid in full for its services until
Apr. 23 1947. No deduction is made from the income of the trust fund for
trustee's fee or management charges. Dividends have been paid on each
share of trust certificates. series "A." as follows:
Sept.1 1927
$.4650 1 Mar. 1 1928
$ 51
S.493218ept. 11928
Dec. 1 1927
8.4663}June 1 1928
8.55
3.58831Dec. 1 1928
Conversion.-Holders of the 1.000 shares of trust certificates may upon
two days' written notice to the trustee require the trustee to sell the stocks
deposited as security for such shams and remit the proceeds, less selling

750

FINANCIAL CHRONICLE

expenses (commissions, stamps, &c.) plus their proportionate share of the
reserve fund to such holders,
Balance Sheet Nov. 30 1928.
Assets-Liabilities
Trustee assets
Trust etre., ser. "A" 955,000
Securities(at cost)
$29,281,784 shares (no par value)
$29,281,784
Cash
525.250
706.382 Dividend Payable
Cash in bank
181,132
1,000 Reserve
Capital stock (10 shs. no par)
1,000
Total
-V.127,p. 3263.

$29,989,147

Total

$29,989,147

United States & International Securities Corp.Initial Dividend on Allotment Certificates.The directors have declared an Initial quarterly dividend of 31 y, cents

per share on the 25%-paid allotment certificates representing Brat preferred
shares. payable Feb. 1 to holders of record Jan. 22. This is at the rate of
$5 annually on the full-paid first pref. shares. (See V. 127, P. 2554.)
V. 127. p. 3722.

United States Shares Corp.
-Had Profitable Year.President John Scott Lansill, reported at the annual meeting that the
corporation had experienced another profitable year and declared that
"based on the prices at which shares were initially offered to investors
and the prices on Dec. 31 1928. the average cash distribution plus capital
appreciation of the seven investment trusts established and managed by the
corporation amounted,on an annual basis, to 32.85%."-V. 128, p. 419.

Vadsco Sales Corp.
-Registrar.The Commercial National Bank & Trust Co. of New York has been appointed registrar for the common stock (no par value) and cumul. pref.
stock (par $100). See also V. 128, p. 268.

Victor Talking Machine Co.
-Resignation.E. R. Fenimore Johnson has resigned as executive Vice-President, but
will remain as a director and member of the executive committee.
-V.
128. p. 578.

Wayne Pump Co.(& Subs.).
-Annual Report.Earnings for Fiscal Year Ended Nov. 30 1928.
Gross profit from sales
Selling & administrative expenses

$1.627,009
1,015,652

Profit from operations
Other income credits

$611,357
150,888

Gross income
Income charges(Other than bond interest)

16762,245
76.752

Balance
Dividend onjsref.stock of Wayne Co
Int. on gold eb. bonds-incl. normal tax
Provision for Federal income tax

5685.493
60.000
64,630
23,500

Net income
$537,363
Earns. per shr. on 120.908 shs. corn. stk.(no par)
62.58
Consolidated Balance Sheet. Nov. 30 1928.
Assets
Liabilities
Cash
$898,770 Accounts payable
$125,580
Call loans
450,000 Accrued accounts
184,482
Notes receivable
78.029 Curr. nab. of Wayne Tank .4:
Accounts receivable
429,1137
Pump Co., Ltd.,
-England_
45,854
Employees accounts
2,455 Dividends payable
87,981
Sundry accounts
51,344 84 sink fund gold deb. bonds_ 2,300.000
U.S.33s% treasury notes_ __ _
48,856 Preferred stock
1 000,000
Other marketable securities__ _
4,000 Net worth
x889,600
Curr. assets of Wayne Tank &
Pump Co., Ltd-England
193,999
Inventories
996,293
Property
y 1,138,078
Patents
28,281
Deferred charges
$80,404
Total
14,393,479 Total
$4,393,479
x Represented by convertible preference capital stock having preference
In liquidation of $55. per share, and as to earnings of $3.50 per share annually-authorized. 100,000 shares of no par value; issued. 43,907 shares;
less in treasury, 500 shares; common capital stock, authorized, 300,000
shares of no par value; issued. 121.158 shares; less in treasury. 250 shares.
y After depreciation of 5870.557-V. 127, p. 3723.

Webster Eisenlohr, Inc.
-Listing-Rights To Subscribe
To Additional Stock.
The New York Stock Exchange has authorized the listing of 52.010,000
7% cumul. preferred stock (par $100), and $6,000,000 common stock
(par $25) bearing the intended and authorized new corporate title Webster
Eisenlohr, Inc. on official notice of issuance, share for share in exchange
for certificates for the preferred and common stock, respectively, bearing
the name Otto Eisenlohr & Bros., Inc., with authority to add $2.209,625
of common stock on official notice of issuance to the United Cigar Stores
Co. of America, with further authority to add $587.500 common stock,
on official notice of issuance to uchulte Retail Stores Corp.. with further
authority to add $758,500 common stock on official notice of issuance to
D. A. Schulte, Inc.. with further authority to add $62.500 common stock
on official notice of issuance to Alfred Dunhill of London, Inc., with further
authority to add 3250.000 common stock on official notice of issuance to
Park & Tilford, with further authority to add $2.467,025 common stock
on official notice of issuance to the stockholders of record Feb. 5, making
the total amounts applied for $2,010,000 7% cumul. preferred stock, and
$12.325,150 common stock.
The Directors Oct. 11 1928. adopted resolutions recommending that
the stockholders authorize the following amendments to the certificate
of incorporation: increasing the authorized capital stock from $10,000,000
to $16,500,000, the increase to consist of 54.000,000 of preferred stock,
(Par 3100) and $12.500.000 of common stock (par $25); changed the name
of the corporation from Otto Eisenlohr & Bros.. Inc. to Webster Eisenlohr,
Inc.; and also to authorize the issuance of such additional stock for such
purpose and upon such terms as the directors may determine.
On Dec. 14 1928, at a special meeting of the stockholders the stockholders
duly adopted the resolutions recommended by the board of directors on
Oct. 11 1928.
On Dec. 14 1928, the directors authorized the following amendments
to the certificate of incorporation: increase of the authorized capital stock
from 510.000.000, to $16,500,000, such increase to consist of $4,000,000
preferred stock, and $12.500,000 common stock; change of name of the
corporation from Otto Eisenlohr & Bros. Inc. to Webster Eisenlohr, Inc.
The directors also authorized the issuance of $2,209,625 common stock
to United Cigar Stereo Co. of America, as follows:(1) 51,924,900 in exchange
for 1.120 shares of the capital stock of A. Santaella & Co., Inc. (Florida)
and 11 shares of A. Santaella & Co. of New York together with the right to
purchase a further 1.680 shares of the capital stock of A. Sanaella & Co.,
Inc. (Florida) and 17 shares of A. Santaella & Co. of New York upon the
payment of $438.792, which is payable in three equal installments on the
28th day of March in the years 1929. 1930 and 1931. The total capital
stock outstanding of A. Santaella & Co., Inc. (Florida) is 10.000 shares
having a par value of $100 per share. The total capital stock outstanding
of A. Santaella & Co. of New York, Inc. is 100 shares having a par value
of $100 per share.
(2) 5284,725 common stock in exchange of 2,500 share.; of 7% preferred
stock and 2,500 shares common stock of E. Kleiner & Co., representing
a total capital stock issue of the latter company.
(3) 5.587.500 common stock to Schulte Retail Stores, Inc. in exchange
for 480 shares of A. Santaella & Co., Inc, (Florida) and 5 shares of A.
Santaella & Co. of New York, together with the right to purchase a further
720 shares of A. Santaella & Co., Inc.(norida) and 7 shares of A. Santaella
& Co. of New York, upon the payment of 5188.054 which Is payable in
three equal installments on th,28th day of March, in the years 1929, 1930
and 1931.
(4) 5758.500 common stock to D. A. Schulte, Inc. in exchange for 2,975
shares of capital stock of B. G. Davis & Co., Inc. of a total issue of 3,500.
(5) 562.500 common stock to Alfred Dunhill of London, Inc. in consideration for the latter company's cancellation of Its contract with D. A.




[VOL. 128.

Schulte, Inc. under which Alfred Dunhill of London, Inc. has been receiving
royalties on all cigars manufactured with the Dunhill label and sold by B.
G. Davis, (the manfacturer) to D. A. Schulte, Inc.
(6) $250.000 common stock to I'ark Sz Tilford together with the sum
of $100.000, for the purchase of "Mi Favorite" Brand suoject to exclusive
Metropolitan District Agency so long as Park & Tilford buys 5,000.000
cigars per annum. at lowest jobber's prices. Webster Eisenlohr, Inc. to
have the right to retransfer the brand, "Mi Favorite," to Park & Tilford
within two years for $100,000.
(7) $2,467,025 common stock to the common stockholders of record
Feb. 5 for pro rata subscription, at par ($25 per share), at the rate of one
share for each four shares of the common stock then held. The subscription
privilege will expire April 5 1929. I'ayments for shares subscribed for must
be made in New York funds to Guarantee Trust Co. New York in three
Installments as follows:. Apr.5 1929,55 per share; Oct.5 1929,$10 per share;
Apr. 5 1930, $10 per share.
Any stock unsubscribed for by the stockholders has been underwritten
at a price of $25 per share net to the corporation.
The additional capital of 52.467,025. which will be acquired through the
sale of 98,681 shares of additional common stock to the stockholders will
be used for the purpose of further expansion of the business.

Western Oil & Refining Co., Inc.
-Sales, &c.

The company reports sales of gasoline for 1926 of 23.000.000 gallons, an
Increase of 109% over the 11,076,000 gallons sold in 1927. During the year
the company also sold 850,000 barrels of fuel oil. 3,500,000 gallons of kerosene, and 150.000 barrels of Diesel oil.
The company has 12 locations at the new Lawndale pool and a subsidiary
is drilling two wells to deep sand at Signal Hill. Plans are under way to
start at least four other wells.
The company has been authorized by the California Corporation Commissioner to sell 66,666 no par class "A" common shares and 135,400 ne
par class "B" shares, out of a total of 1,000,000 "A," and 1.000,000 "B,"
and with the proceeds conduct an exploration and development Campaign.
V. 127. p. 2385.

Westinghouse Electric & Manufacturing Co.
-Listing.
The New York Stock Exchange has authorized the listing of 514.812,600
additional common stock (par $50) on official notice of issuance upon payment in full in cash, making the total amount applied for 5129.503.130.
The board of directors Dec. 27 authorized the issuance of 514,812.600
additional common stock which is to be offered to stockholders of record
Jan. 7 at 5105 per share. Each preferred and common ateckholder will be
entitled to subscribe for one share for each eight shares held of their respective holdings of stock. The right to subscribe will expire on Feb. 5
1929, and any stock not taken by stockholders will be taken by a syndicate
formed by bankers.
The proceeds from the sale of this stock will be used to retire the outstanding $.30,000,000 5% gold bonds, due Sept. 11946, on Mar. 11929. at
105 and Int.
Consolidated Income Account 8 Months End. Nov. 30 1928.
$124.098.142
Salesbilled
Cost ofsales
110,560,486
Net manufacturing profit
Other income

$13.537,656
2,763,172

Gross income from allsources
Interest charges

$16,300,828
1,004,902

NetIncome for the period
Surplus,beginning of period

$15,295,926
56,932.198

Total
Dividends
Adjustments

$72,228,124
7.107,184
Cr972,775

Earned surplus at end of period
$66,093,715
Earnings per share on common stock
$6.34
Consolidated Comparative General Balance Sheet.
Nov. 30 '28 Mar. 31 '28
Nov. 30'28. Mar.31'28
Assets
Cash
16,205,959 19,588.984 Accts. payable_ 8,604,902 8,623,386
Call& time loans
nt.taxes,roy.,ete. 5,924,897 4,351,419
U.S.Govt.see. 28,868,289 13,247,687 Div. on pref. stk.
79,974
Cash for red. of
Div.on Com Stk 2,289,110 2,289,085
bonds
81,139
139,729 Advance pay. on
Notes & ace.rec.
cent
1,285,402 1,692,541
less res
32,783,361 28,023,844 Subscrip to secur. 216,000
398,005
Inventories _
65,986.308 81,491,717 Unpaid bonds,
Tot.investments 31,524,745 28,937,279 int.& div_ _ _
139,725
81,139
Insur. taxes, etc 1,123,337 1,596,204 Uncl. wages &
Land, buildings
19,559
19,359
dividends_ __
& equip
69,744,255 70,057,005 Purchase money
Patents, charters
90,000
mtgs
it french
5
5 5% gold bonds_ 30,000,000 30,000,005
2,927,682 2,055,442
Reserves
Preferred stock_ 3,998.700 3,998,709
Common stock _114.504,450 114,504,401
Earned surplus_ _68,093,715 58,932,198
Total
Total
234,095,403 223,082,459
234,095,403 223,082,459
Paul D. Cravath, who has been acting Chairman, recently announced
the election of Andrew Wells Robertson. of Pittsburgh, as Chairman of
the Board.
Henry B. Rust, of Pittsburgh. President of the Koppers Co. has bees
elected a director.
-V. 128, P. 578.

Wextark Radio Stores, Inc.
-Stock Sold.
-Mitchell,
Hutchins & Co., Chicago have sold at $30.50 per share
90,000 shares capital stock (no par value).
Transfer agent: Foreman Trust Sz Savings Bank, Chicago; registrar:
Illinois Merchants Trust Co., Chicago.
CapitalizationAuthorized. Outslandinti.
Capital stock (no par value)
500,000 she. 220,000 shs.
Listing.
-Application will be made to list these shares on The Chicago
Stock Exchange.
Company.
-Organized to acquire the consolidated businesses of certahs
companies engaged in the various phases of the radio business and has
been incorp. in Delaware with an authorized capitalization of 500,000 shares
of common stock of which 220,000 shares will be presently outstanding.
Business.
-Of the companies entering into the consolidation the two
principal ones are Chicago Salvage Stock Store and the (%olumbla Radio
Corp. The former was established in 1913 to retail a varied line of goods.
including electrical specialties and what was then known as "wireless apparatus." Charles
the founder in 1918 foresaw the coming
popularity of the radio and immediately put in a full line of radio parts in
the one store he had at that time. This was before full radio sets wore oa
the market and the business of the Chicago Salvage Stock Store was built
up until it was, and still is, considered the largest radio parts and accessory
store in the country. It has expanded its own facilities at 507-511 So,
State Street, and with its warehouse at 1223-9 So. Michigan Avenue.
utilizes about 60,000 square feet of floor space.
The (7olumbia Radio Corp. was established in 1922 with a capital of less
than 520,000, to manufacture various components of the radio trade, and
was one of the first members of the Radio Manufacturers Association.
Shortly, thereafter, however, it expanded its business by entering the mail
order field, and through its subsidiaries, the Allied Radio Corp. and the
Elliott Radio Corp.. has grown from a business of $125,000 annually to a
business of over 53,000,000 annually. It is the largest exclusively radio
mail order business in the country and sells, in addition to its own brands.
every popular and nationally advertised accessory known in the trade.
At the present time the Columbia Radio Corp., the Allied Radio Corp.
and the Eliott Radio Corp. occupy about 45,000 square feet of floor space
at 711 West Lake Street and an additional 25.000 square feet in the Midland
Warehouse, making a total of 70,000 square feet of space now in use. Their
mailing lists reach throughout the United States and many parts of the
world, and their catalogues are issued periodically with additions as the
occasions demand. Their business is practically all cash as there is no time
payment business of any kind and but very little open account business.
Earnitios.-The Wexark Radio Storm, Inc., through its consolidated
companies, has grown to its present size entirely through earnings as no
new capital was paid in after the original incorporations.

FEB. 2 1929.]

FINA NCTAL CHRONICLE

As certified by Haskins & Sells, the consolidated net earnings of Wextark
Radio Stores, Inc., after deducting Federal income taxes, at the present
corporate rate, for the past two years, were as follows:
$376,387
Year ending Nov. 30 1927
756,544
Year ending Nov. 30 1928
Dividends.
-It is expected that the directors will place these shares on a
dividend basis of$2 annually, payable quarterly beginning April 11929.
Purpose.
-The shares have been partially acquired from the corporation
and partially from indivuals. The proceeds from those shares obtained
from the corporation will be used in the expansion of the mail order business
and in the opening of additional radio stores.

-Smaller Dividends.
White Rock Mineral Springs Co.
The directors have declared a dividend of 75c. per share on the common
stock and a dividend of 3%% on the partic. 2d pref. stock, both payable April 1 to holders of record March 20. On Jan. 2 last, a dividend of
$1.50 per share on the common and 73% on the 2d pref. stocks were paid.
Including the latter two payments. The total dividends paid for the
combined 4 quarters of 1928 amounted to $3 per share on the common and
15% on the 2d preferred stock.
-V. 127, p. 3419.

(H. F.) Wilcox Oil & Gas Co.
-Bonds Offered.
-Continental National Co., New York, and Commerce Trust Co.,
Kansas City, Mo., are offering $2,000,000 6% 1st (closed)
mtge. serial gold bonds at prices to yield from 6% to 6.20%,
according to maturity.

751

CapitalizationAuthorized. Outstanding.
Convertible preference stock (no par value)_ _ _ _ 100,000 shs. 42,000 slut.
Common stock (no par value)
*500.000 shs. 100,000 shs.
* 84,000 shares will be reserved for conversion of the outstanding preference stock, and 25,000 shares wi'l be under option to the management at
$27.50 per share, until Jan. 311934. Holders of the common and preference
shares will have no pre-emptive rights in the purchase of additional stock or
other securities of the corporation.
Data from Letter of William Lowenstein, Pres. of the Company.
Company.
-Organized in Delaware. Has been formed to acquire cafeterias and restaurants in N. Y. City and the adjacent metropolitan area.
To date the corporation has arranged to purchase 22 established cafeterias
located in this territory. The cafeterias have been selected as the nucleus
with which to begin operation because of: (1) their desirable location in
congested areas, (2) the large volume of business per unit and (3) their
favorable leases, all of which are factors in making these cafeterias adaptable for future growth under consolidated and chain management. The
leases of the cafeterias proposed to be acquired have an average life of more
than 11 years and in 1928 the aggregate rental did not exceed 6% of the
gross sales.
Though appraised at a total of over 52.750,000, leases and leasehold
improvements, and goodwill will each be carried on the books of the corporation at $1.
Sales and Earnings.
-The books and records of the 22 cafeterias which
the corporation has contracted to acquire were examined for 1927 and the
10 months ended Oct. 31 1928, by Haskins & Sells for the bankers and Seidman & Seidman for the corporation.
The sales and earnings of these cafeterias as established by such auditors
(including estimates of the new management for Nov. and Dec. 1928),
after deducting depreciation on the basis recommended by the Standard
Appraisal Co., and Federal and State taxes at current rates, and after the
elimination of certain non-recurring income and charges, and the substitution for withdrawals and salaries of former owners of store managers'
compensation on the basis of contemplated chain store operation as determined by the new management and approved by Miller. Franklin & Co..
Inc., but without taking into consideration expenses of central management
or anticipated economies therefrom, are as follows:
Earn. per Sh. Earn. per Sh.
PeriodSales.
Net Earns. on Pref. Stk. on Corn. Stk.
1927a
$2.13
$3,410,645.96 $381,579.73
$9.08
19286
4.441,496.32 543,826.67
12.94
3.75
a Includes the figures of 8 cafeterias for only those periods (averaging
approximately 5% months) during which they were in operation under
management of their present owners. b Nov. and Dec. sales of $800,925
and net earnings of 598,067, are estimated by the new management.
The corporation will establish a central commissary and management to
serve the restaurants. Miller, Franklin & Co., Inc., estimate that the cost
of such central management will not exceed $75.080 per annum and state
that in their opinion the savings to be realized from economies is centralized
purchasing, preparation and distribution of foodstuffs and other supplies
will, after paying all direct cost of commissary operation, be more than
sufficient to offset this expenditure.
The corporation reserves the right to substitute one or more other
cafeterias for any included in the above group, provided such substitutions
shall not reduce either the combined sales or net earnings as above set
forth by more than 5%,or otherwise materially affect the financial position
of the corporation.
Purpose.
-Net proceeds of this financing will be used, together with a
substantial amount of the corporation's common stock, to acquire the
cafeterias, and to provide working capital for the corporation.
Listing.
-The convertible preference and common stocks are listed on the
Chicago Stock Exchange and the corporation has agreed to make application to list its common stock on the New York Curb Market.

Dated Jan. 11929: due Jan. 1 1930 to 1939. Principal and hit. (J. & J.)
payable at Continental National Bank & Trust Co., Chicago, without deduction for normal Federal income tax not in excess of 2%. Denom.
$1,000 and 5500 c*. Red., as a whole or in part, on any int. date on 30
days' notice at 100 and int.. plus a premium of % of 1% for each year or
part thereof prior to maturity, with a minimum call price of 101 and accrued interest. Continental National Bank & Trust Co., Chicago, trustee.
Data from Letter of Homer F. Wilcox, President of the Company.
Company -Organized in Delaware on Nov. 4 1918, and is engaged principally in the production, refining and distribution of petroleum and its
products. As of Oct. 311928. the company and its wholly owned subsidiary
owned 865 oil and gas leases and royalties in Oklahoma, Kansas, Texas,
Arkansas and Louisiana of an aggregate area of 312,543 acres, on which
are 224 producing wells on 67 leases totaling 18,702 acres in the Kansas,
Oklahoma and Texas fields. Additional wells are being drilled on this
proven acreage. Company also owns 4 casinghead gasoline plants with a
daily capacity of about 30,000 gallons; a refinery in Bristow. Okla.; tank
cars; real estate, including an office building in Tulsa, and modern warehouses with adequate facilities for housing of material and supplies.
Purpose.
-Proceeds from the sale of these bonds will be used to retire the
company's entire funded debt outstanding, to provide additional worikng
capital and for other corporate purposes.
Security.
-Direct obligation of the company and specifically secured by a
closed 1st mtge. on all developed leases and on all physical property and real
estate now owned or to be acquired by the company, and by pledge, under
the indenture securing the bonds, of all of the capital stock of H. F. Wilcox
Oil & Gas Co. of Texas, a wholly owned subsidiary.
The developed leases and physical properties of the company, appraised
by Doan & Canterbury as of Oct. 31 1928, were given a sound value of
$7,900.000, which, together with net current assets of 51,952,000. is equivalent to $4,926 per $1,000 bonds.
The indenture provides, among other things, that the company shall
subject to the lien of the mortgage all undeveloped acreage now owned,
when, as and if developed and that it will declare and pay no dividends on
its common stock except out of earnings subsequent to Jan. 1 1929, and
then only if, after such payment, net current assets amount to at least
Wire Wheel Corp. of America.
-Sales.
-$500,000.
Years Ended Dec. 311928.
1927.
1926.
Production and Sale.
-The company's production of crude oil (in barrels), Gross sales
$4,246,324 53.387,158 51,641,215
since organization, is shown in the following table:
-V. 127. p. 2249.
Gross Production. Net Production,
62,450
54,644
1918
(Wm.) Wrigley Jr. Co.--Earnings.358.906
309,543
1919
Period End Dec. 31- -1928-3 Mos.-1927- -1928-12 Mos.-19271920
600.228
525.200
Net profit from oper _
$4,279,018 $4,282,744 $19,333,064 $18,983,800
1921
675,562
591,117
Sell., gen. & adm. exp_ _ 1,625,385
2,010,192
7,939,890
7,374.833
2,542,309
2,224,533
1922
Depreciation
224.312
142,251
540,216
540.966
2,317,031
2.027,402
1923
Federal taxes
36,365
258,952
1,084,308
1,430,426
1924
1,876,228
1,641,699
1,881,231
1925
1.620.373
Net income
$2,392,955 $1,871,348 $10,268,648 $9,637,575
2,325,719
1926
2,006,947
Common dividends
2.700,000
2,250.000
6,750.000 6,300,000
2.807.748
2,448,103
1927
Rate
($1.50)
($1.25)
($3.75)
($3.50
1,966,737
1928 (to Oct.31)
1,599.236
Surplus
def$307,045 def$378,652 $3,518,648 $3,337,575
Total
17,414,155
15,048.803
Earn.per sh.on 1.800,000
Earnings Years Ended Dec. 31.
shs. cont. stk. (no par)
81.33
$1.04
$5.35
$5.70
-V. 127, p. 3419.
Gross
a Net
b Net
Earnings.
Revenue.
Earnings.
$1,422,551
52,995.068
1924
$225.393
CURRENT NOTICES,
3,469,735
1,849,960
1,033,005
1925
4,173,859
2.327.738
1926
1,128.485
-Announcement has been made of the admission into the firm of Messrs.
3,659,775
1,992.251
1927
327,984
1928 (to Oct. 31 1928)1.136,695
438,473 Bitting & Co. of St. Louis and Dallas, dealers in investment securities, of
a Net earnings before Federal ta:ies available for interest on 1st mtge,
bonds before depreciation, depletion and contingencies. b Net earnings Jerre B. Moverly, Vice-President and Real Estate Loan Officer of the
before Federal taxes available for interest on let mtge, bonds after provision Mercantile Trust Co. of St. Louis. Mr. Moberly was one of the founders
for depreciation, depletion and contingencies.
of the Mercantile Trust Co., which was organized in 1899, and since then
Authorized,
CapitalizationIssued.
has grown to be the third largest bank in St. Louis, in point of resources,
Common stock (no par value)
800,000 shs. 428.967 shs.
commanding banks of the United States,in point of influence.
First mortgage bonds
$2.000.000
52.000,000 and one of the
The common stock is listed on the New York Stock Exchange,and current And the activities of the Department of which Mr. Moberly has always
quotations indicate an equity of over $8,000,000 junior to these bonds. been in sole charge, have constituted a conspicuous and unique contribution
-V. 128. P. 578.
to the success attained by the Mercantile Trust Co. Mr. Moberly will
Will & Baumer Candle Co., Inc.-Smaller Dividend.
- continue his present activities with the Mercantile Trust Co., until comThe directors have declared a dividend of 10 cents per share on the pletion of the consolidation of that institution and the National Bank of
common stock, payable Feb. 15 to holders of record Feb. 1. Previously
Commerce in St. Louis. After which he will assume his duties as a member
dividends on the common were 25 cents per share quarterly.
The regular quarterly dividend of $2 per share was declared on the pref. of the firm of Bitting & Co. The members of the firm of Bitting & Co.,
stock, payable April 1 to holders of record March 15.-V. 118, p. 1926.
besides Mr. Moberly,are W.C. Bitting Jr., K. H. Bitting, C. S. Newhard.
J. A. Pondrom Jr., Wilson Lewis, and E. R. Joslyn.
Williams Oil-O-Matic Corp.---Option Exercised.
President C. A. Williams and Vice-President Walter W. Williams have
-William W. Woods, Los Angeles resident partner of E. A. Pierce &
exercised their option on 40.000 shares of unissued stock in the company. Co., has been elected to membership in the Los Angeles Stock
Exchange.
This increases the outstanding common stock from 390,000 shares to
430,000 shares of the 450,000 shares of no par value authorized. "This Mr. Woods gains his seat on the Exchange by the transfer of the memberexhausts our option until next October, when we will take over the 20,000 ship of M. Eyre Pinckard, who has retired as resident partner of E. A.
shares remaining unissued," said President Williams.
-V. 127. p. 3419.
Pierce & Co. to become a special partner of the firm. In 1917 Mr. Woods,
who has been active in banking and investment
for
Wil-Low Cafeterias, Inc.
-Stock Sold.
-Goddard & Co. became Vice-President and General Manager of fieldsBankmany years.
the
of Italy in
Inc. and Jackson, Storer & Schwab announce the sale of
which post he held until 1919, when he returned to Los
San Francisco,
42,000 shares of convertible preference stock and 42,000 Angeles as First Vice-President of the First National Bank
of Los Angeles.
shares of common stock. The convertible preference stock After the death of Studdard Jess, then President of the
was priced at $55 per share and div. and the common stock went to New York City as Vice-President of the Nationalinstitution, he
City Bank In
at $25 per share, flat.
charge of that bank's Pacific Coast, Southwestern and Southern business
Convertible preference stock will be entitled to cumulative dividends at For the last year and a half he has had the management of
the National
the rate of $4 per share per annum, payable quarterly from Feb. 1 1929.
Red. all or part on any div. date at $65 per share and dive, on not less than City Co.'s South American business with headquarters in Buenos Aires.
30 days' notice. This preference stock will have no voting power, except
-At the annual meeting of the Corporate Fiduciaries Association of
in certain respects as provided in the certificate of incorporation, unless New York City, held Jan. 28 1929, the following
officers and members of
default exists in the payment of 4 quarterly dividends thereon, whether
consecutive or not, in which event, while any default continues, it will have the executive committee for the ensuing year were elected: Officers: William
the right to elect a majority of the board of directors, and to vote share for W. Hoffman (Vice-President, National City Bank) President; B. A.
share with the common stock on all other matters. Transfer Agents, Morton (Vice-President. Central Union Trust Co.) Vice-President; C.
Seaboard National Bank, New York and Northern Trust Co.. Chicago.
Registrars, Chase National Bank, New York, and Continental National Alison Scully (Vice-President, National Bank of Commerce in New York,
Secretary and Treasurer. Executive Committee: George A. Kinney (2nd
Bank & Trust Co., Chicago.
Conversion Privilege.
-Each share of the preference stock will be conver- Vice-President, Chase National Bank); James F. McNamara (Vice-Presitible at the option of the holder at any time on or before Jan. 31 1934, dent. Chatham Phenix National Bank & Trust
Co.) and John C. Vedder
(unless previously redeemed) into 2 shares of common stock. In the event
of any redemption of preference stock prior to Jan. 311934, the corporation (Vice-President,Bank of New York & Trust Co.).
will issue and deliver to the holders of each share of preference stock so
-Freeman & Co., 34 Pine St., N. Y., announce that the 11th edition
redeemed, a warrant entitling the holder to purchase 2 shares of common
stock at an aggregate cost of $65 on or before Jan. 311934. Provision will of their book on "Equipment Trust Securities" is now ready for distribution.
the certificate of incorporation to protect the conversion rights This book of 214 pages gives valuable information concerning important
be made in
of the preference stockholders and the purchase rights of the warrant equipment trust obligations outstanding, as of Jan. 16 1929, secured by
holders against dilution in certain instances.
cars, locomotives,steamships and other equipment.




752

FINANCIAL CHRONICLE

—The Extension Committee of the Financial Advertisers Association will
hold its Mid-Winter Conference in New York City, Feb. 11 and 12. This
committee is composed of 16 members representing banks and trust companies in all parts of the United States. The Extension Committee is the
laboratory department of the Financial Advertisers Association and receives
all plans and suggestions from the membership for the improvement of the
Association, studies all phases of advertising and makes recommendations
to the board of directors for the advancement of financial advertising.
S. A. Linnekin, First National Bank, Jersey City, N. J., is Chairman.
—The Board of Trustees of the New Produce Exchanee Safe Deposit
and Storage Co. of New 1 ork,at the recent meeting elected as its President
Clifford W. McGee, President of the Cheesebrough Mfg. Co. Mr. McGee
ie a grandson of the late James McGee who with Alexander E. Orr. H 0.
Armour and others founded the Safe Deposit Co. in 1832, and was its
President until his death in 1898 Arthur H. Merry of the Battery Park
branch of the Bank of America has been added to the Board of the Safe
Deposit Co. and William C. Cox heretofore Secretary has been elected
Vice-President and General Manager.
—Registration for the spring semester, the 2eth year of N.Y. Chapter—
American Institute of Banking, began on Jan 28 and has continued for the
balance of the week. There are 38 courses in 111 sections being offered this
year. The majority of the so-called standard courses, are grouped into
three year courses, in Commerial Banking. International Banking, Investment Banking, Savings Banking and Trust Banking. The fail registration
figures establieh a record in the history of the Chapter and it is expected
that this showing will be duplicated in the spring semester.
—The attractiveness of International Telephone & Telegraph Corp.,
434% convertible debentures as an investment possessing speculative
possibilities Is set forth in an analysis prepared by Harris. Winthrop &
Co.. 11 Wall St., N. Y. The bonds are selling around 116 and will be
convertible during the three years beginning July 1 1929, into common
stock at the rate of five shares for each $1,000 principal amount. The
current return at this price is about 3.9%•
—The partnership of Melady. Rosar & Co. has been organized to deal
In investment securities, with offices at 2 Broadway, New York. The partners are W. J. Melady, W. F. Rosar, F. W. Loses, Howard W. Reilly.
B.W Rosar and John Melady,limited partner. John Melady.W.F. Rosar
and F. W. Loses are well known in grain circles in the United States and
Canada. and froward W. Reilly was with Roger B. Williams Jr. & Co. for
several years as a partner.
—The general partnership of the New York Stock Exchange firm of Seaeongood. Haas & Macdonald having terminated Jan. 31 1929. a limited
partnership under the same name has been formed to carry on business from
that date. Those forming the partnership are Edwin A. Seasongood,
limited partner George C. Haas, Gordon Macdonald. Alfred Levinger
and Alexander Amend, member New York Stock Exchange.
—A meeting of the Financial Advertising Group of the Advertising Club
of New York on Friday (Feb. 1) was addressed by George Dock, Jr.,
Advertising Manager of the William R. Compton Co. Mr. Dock has
made an exhaustive study of the type of new customer produced by the
financial advertising of the various representative houses, and he gave
some unusual facts and figures bearing on the subject.
—J. G. Marshall & Co., members New York Stock Exchange. 61 Broadway, N. Y.,announce the admission of John D. C. Haag to general partnership in their firm. Mr. Haag has been associated for several years with
this firm and its predecessor. Danforth & Marshall, and was formerly
connected with McClure, Jones & Reed.
—Announcement has been made of the appointment of Townsend &
Co. of Seattle and Tacoma, Wash., as Pacific Coast correspondent of Otis
& Co., Cleveland and New York investment house and members of the
New York and other leading Stock Exchanges. Townsend & Co. is taking
over Otis & Co.'s San Francisco office.
—Rushmore & Greene, 15 William Street, New York.announce the dissolution of their firm and the formation of Rushmore & Greene, Inc., at the
same address. The officers of the corporation will be: George M. Rushmore, President; Lancaster M. Greene, Vice-President and Treasurer, and
Norvin R. Greene, Secretary.
—The firm of C. F Anderson & Co. has been dissolved and a new company with , partnership consisting of Clarence F. Anderson, S. Putnam
Daggett and Guy Maxwell. which will use the old name, has been formed
to transact a general business in bank and insurance stocks at 50 Broadway, New York City.
—F. J. Lisman & Co.. 44 Wall St., N. Y., announce the admission of
S. A. Trangott to partnership in their firm as of Feb. 1, and that L. H.
Ruttan. formerly with Clark Williams & Co.. hai become asssociated with
them as Manager of their fixed investment trust department.
—Gertler, Deviet & Co., dealers in tax exempt securities, 25 Broad St.,
N. Y., announce that Frank E. Carter, Jr.. formerly with the Bankers
Trust Co. of New York. in charge of the Trust company's municipal bond
trading department,is now associated with them.
—F. A. Brewer & Co., 42 Broadway, N. Y. City, have issued a special
letter on the Seagrave Corp., National Family Stores. Inc., Consolidated
Coppermines Corp., American Arch Co., and the Aeolian Co., with particular reference to their present market positions.
—Nathaniel C. Schwartz, formerly with
rthur H. Jacobs & Co.,
announces the formation of an investment security business underthe name
of Nathaniel C. Schwartz & Co. with offices at 11 Broadway, N. Y., to
specialize In bank and insurance stocks.
—Whitehouse & Co., 111 Broadway. New York, have prepared a circular regarding the possible effect on individual railroad stocks of prospective
decision of the Supreme Court in the St. Louis & O'Fallon RR. case. The
circular is well worth careful study.
—The Brooknaire Economic Service, Inc. has opened a western division
of its consultation staff in San Francisco, under the direction of C. B.
Hutchings, Executive Vice-President; T.II. Crowne, Chief Supervisor, and
J. M. Albert, General Manager.
—Announcement has been made of the organi7ation of the investment
firm of L. J. Mellon, Inc., with offices at 299 Broadway. N. Y. City.to
deal in public utility securities. .1. L. Mellon, formerly with A. E. Fitkin
& Co., will head the firm.
—Phillips T. Barbour, who was formerly a member of the firm of Hamilton, Barbour & Co., has become associated with the New York office of
the Old Colony Corp., which is owned and controlled by the Old Colony
Trust Co. of Boston.
—P. H. Whiting & Co., Inc., 72 Wall St., N. Y., announce the opening
of a Cleveland office in the Guardian Building in charge of D. D. Kelly,
and a Detroit office in the Buhl Building in charge of Alfred Rice.
—J. A. W. Iglehart & Co., Baltimore, Md., have admitted Jesse H.
Peek, John B. Rich, C. Gerard Smith and Seward M. Smith, who have
been connected with their organization, as general partners.




[Vol.. 128.

—A. E. Fitkin & Co.. Inc., 39 Broadway, New York, have prepared a
chart illustrating the growth of the various phases of the public utility operations of Pacific Public Service Co. and its subsidiaries.
—John IT. Partman has become associated with ParalyBros. & Co..
1421 Chestnut St., Philadelphia, in charge of retail sales in Pennsylvania.
Maryland and Delaware, outside of Philadelphia.
—Stewart A. Smith, formerly with the Fidelity Trust Co.. of New
York, has become associated with D. H. Silberberg & Co., members New
York Stock Exchange,40 Exchange Place, N. Y.
—Hardy & Co.. members of the New York Stock Exchange, 50 Broad
St., New York. announce that J. Bertrand Mulligan is now associated
with them in charge of the foreign department.
—Palmer It Co.. members of New York Stock Exchange, 61 Broadway,
New York, announce that Simon Inselbuch has become associated with
their bank and insurance stock department.
—K. W. Todd & Co., Inc., 52 William St., N. Y. City, have issued for
distribution a circular on Metropolitan Chain Properties, Ltd., first mtge.
6% convertible sinking fund gold bonds.
—S. P. Woodward & Co., Inc., Investment securities bankers. 37 Wall
St., New York,announce that Edwin T. Vanderpool has become associated
with the company as Vice-President.
—Hirsch, Lilienthal & Co.. members New York Stock Exchange, 165
Broadway, New York, announce that John Gaston has been admitted to
the firm as a general partner.
—Pouch & Co., members of the New York Stock Exchange, announce
that Franklyn Underwood has become associated with the firm in its uptown
office at 342 Madison Ave.
—Willard S. Hazen and Stuart B. Coxhead have been admitted as general
partners to the New York Stock Exchange firm of Bull & Eldredge. 20
Broad St., New York City.
— A Iselin & Co.. 36 Wall St.. New York, announce that Rudolph I.
Iselin has withdrawn front their firm and Thomas H. Barber has been
admitted as a partner.
—Neilson, Burial]& Co.. members New York Stock Exchange,announce
the removal of their offices to the Bank of New York & Trust Co. building,
48 Wall St., N. Y.
—L. Richard Bamberger, member New York Stock Exchange, has
become a general partner in the firm of Bamberger Bros., 39 Broadway.
New York City.
—Borer & Co., members Philadelphia Stock Exchange, have removed
their offices to Philadelphia National Bank Building, 1416 Chestnut St..
Philadelphia.
—Lloyd & Co., members of the New York Stock Exchange, 39 Broadway, New York, announce that S. Otis Ralston has become associated
with the firm.
—The Bankers Trust Co. has been appointed transfer agent for the
preferred and class "A" and class "II" common stock of Winn & Lovett
Grocery Co.
—Morton Weinress, member Chicago Stock Exchange. announces that
he is now located at 231 South La Salle St., Chicago. Telephone: Franklin
4459.
—Dominick & Dominick, 115 Broadway, New York, have prepared an
analysis of the common stock of the United States & Foreign SecuritiesCorp.
—Rankin, Jones & Co.,Inc., 149 Broadway, N. Y.. announce that Fred
Bender has been elected a Vice-President of their company as of Feb. 11929.
—Ramershlag, Borg & Co., members New York Stock Exchange,
announce their removal to the Harriman Building,39 Broadway, New York.
—Schluter & Co., Ill Broadway, N. Y., have issued a circular calling
attention to the increasing number of new bond issues with conversion
privileges.
—The transfer department of the National City Bank of New York has
been appointed registrar for the common stock of Corroon and Reynolds.
—Edmund Seymour & Co., Inc., have announced that Arthur L. Steele
has become associated with the firm as Manager of the Albany office.
—Lags & Co.. members New York Stock Exchange, 160 Broadway.
., have issued a special analysis on Electric Power & Light Corp.
—Peak & Walbridge, members New York Stock Exchnage, 14 Wall St.,
N. Y. City, have issued an analysis of Continental Baking Corp.
—Charles T. Malburn, member New York Curb. has been admitted to
general partnership in the firm of Titus & Co., 149 Broadway, N. Y.
—The Bankers Trust Co. has been appointed transfer agent for the no
par common stock of the Corroon & Reynolds Securities Corp.
—Reinhart & Bennet, members New York Stock Exchange, 52 Broadway, N. Y., have issued an analysis of Mack Trucks, Inc.
—Throckmorton & Co., 165 Broadway, N. Y., discuss the outlook for
1929 in a circular prepared for distribution to investors.
Kolb & Ellason, Philadelphia, have issued a special booklet
entit-led "Investment Opportunities of the Nation."
—H. B. Boland & Co., 37 Wall St., N. Y., have issued a booklet die
ensiling the investors choice of an investment trust.
—Stephen T. Clark Jr. has been elected Assistant Treasurer of Lackner
Butz It Co., investment securities, Chicago. Ill.
—W. W. Snyder & Co.. 74 Broadway, New York. announce that Fred
C. Reynolds has become a member of the firm.
—Estabrook & Co.. members New York and Boston Stock Exchanges,
have issued a list of investment suggestions.
—Lee W. Carroll has been elected Secretary of the investment house of
Mendes,Bell& Whitney.20 Pine St., N.Y.
—Goddard & Co., Inc., 44 Wall St.. N. Y.. are distributing an illustrated phamplet "Feeding New York."
—The Empire Trust Co. has been appointed co-registrar for the preferred
stock of the Tobe Detuschmann Co.
—Bruning, Jackson It Co.. 60 Broad St., N. Y.,„ have admitted Frederic
H.Rapp to general partnership.
—Prince It Whitely,25 Broad St., New York,are distributing an analysis
of Standard Gas It Electric Co.
—F. P. McKim has become associated with the New York firm of L. S.
Carter & Co., Inc.,37 Wall St.
—Peter P. McDermott & Co.,42 Broadway, N.Y., have issued a circular
on Empire Power Corp.
—Davega. Inc.. is the subject of an analysis by Raker, Simonds It Co.,
Inc.,37 Wall St., N.Y.
ircular
—Holt Ross It Troster, 74 Trinity Place, N.'Y., have lamed a c
on the Midsun Oil Corp.
—Allen It Co., 20 Broad St., N. Y., have prepared a circular on Home
Fire Security Corp.

Flo. 2 1929.]

753

FINANCIAL CHRONICLE

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-DRY GOODS
-ETC.
-WOOL
-METALS
PETROLEUM-RUBBER-HIDES

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
BUSINESSaACTIVITY."

Rio coffee prices closed as follows:
Snot unofficial 183•1 I May
March_ _ --16.64@16.66 I July

15.050
i5.04@

Sept
!Dec

14.32@ nom
13.750

Santos coffee prices closed as follows:

I May
20.47in -'Sept
22.i4@ 19.85@19.86
21.23@21.24 Dec
I July
Friday Night, Feb. 1 1029.
SUGAR-Prompt Cuban raws were relatively steady
COFFEE on the spot was firm, but quiet with Santos
at one time at 2 1-32c. cost and freight with 2c. bid and
4s 24 to 24%c.; Rio 7s 18%c. to 18%c. and Victoria 7-8s unconfirmed rumors that this had been accepted. Fu%
171 to 174c. Late last week cost and freight prices tures on the 26th rose 6 to 21 points for Rio and 9 to 30
were in some cases higher. Later on spot prices were for Santos due to higher cables from Europe and Brazil
firmer with cost and freight offers higher. On the 28th as well as buying by Brazil and local interests. Some
for trade and prices hinges
early cost and freight offers were in some cases higher. contend that the outlook the tariff. If it should look
on the question of
Santos Bourbon 2-3s were quoted largely
For prompt shipment,
as though the tariff is to be increased the demand, it is
4c.;
3
/ 3-4s at 23.90 to believed, would be stimulated for the time being and
at 243 to 24.95c.; 3s at 24% to 24
4
/
24%c.; 3-5s at 22.60 to 23.80c: 4-5s at 23 to 23.55c.; 5s at cause some advance here. But it is surmised that a raise
%
4c.;
3
/ 6-7s at 201 to 21.40c.; in the tariff would not affect prices for the distant months.
4
/
213 to 23c.; 5-6s at 22.10 to 22
.
selling such
7s at 214c.; 7-8s at 1934 to 20.85c.; part Bourbon or flat Producing interests have recently been Receipts at
January.
3-5s at 234 to 23.80.; months especially December and the week were 44,155
4c.;
3
/
.c.;
4
/
bean 3s at 243 3-4s at 23
United States Atlantic ports for
4-5s at 23.65c.; Peaberry 4s at 23.65c.; 4-5s at 23.45 to tons against 34,324 in the previous week, 45,005 in the
.;
4
/
22.60c.; 6s at 213 Rio 3-4s at 18.30c.; 7s at 17.05 to 17.20c.; same week last year and 59,144 two years ago; meltings
46,639 tons against 36,680 last week, 46,800 last year and
7-8s at 16.65 to 16.95c.; 8s at 16%c.
and freight offers from Brazil were 41,000 two years ago; importers' stocks 85,803 tons
On the 29th cost
96,418 two
plentiful at irregular prices. Some were a little lower and against 85,803 last week, 97,426 last year and 36,773 last
some slightly higher, most being unchanged. For prompt years ago; refiners' stocks 34.289 tons against ago; total
4
/
shipment they included Santos Bourbon 2-3s at 243 to week, 72,874 last year and 56,840 two years 170,300 last
,
24.80c.; 3s at 23.90 to 241 'c.; 3-4s at 23.95c.; 3-5s 223/2 to stocks 120,092 tons against 122,576 last week,
23.90c.; 4-5s at 2234 to 23.65c.; 5s at 21.90 to 23.10c.; 5-6s year and 153,258 two years ago.
F. 0. Licht put the Eu-opean beet crop at 8,337,000 metric
4c.;
/
4c.;
3
/ 6-7s at 20.15 to 21.40c.; 7s at 211
at 21.65 to 22
estimate of
4c.;
/
7-8s at 16.90 to 20.40c.; part Bourbon 3s at 243 3-4s tons for all countries against his December 31st
for
4c.;
3
/ 3-5s at 23.15 to 23.30c. On the 31st firm offers 8,247,000 metric tons and a final estimate of 8,041,000 tonsthe
at 23
as
from Brazil were in good supply and in some cases 10 to previous crop. He puts Germany's crop at 1,830,000
15 points lower though others were unchanged. For compared with 1,785,000 on December 31st; France at 890,000
prompt shipment, Santos Bourbon 2-3s were offered at as against 880,000 on Dec. 31st; Belgium at 280,000 against
24.05 to 24.60c.; 3s at 24 to 24%c.; 3-4s at 23.80 to 24.80c.; 265,000 on Dec. 31st, Holland at 320,000 against 31,000 on
3-5s at 22% to 233/2c.; 4-5s at 22% to 23%c.; 5s at 21.90 to Dec. 31st, Denmark at 170,000 against 165,000 on Dec. 31st
23c.; 5-6s at 21.65 to 22.70c.; 6-7s at 20.10 to 21.40c.; 7s and Rumania at 120,000 as against 125,000 on Dec. 31, 1928.
at 29.80c.; 7-8s at 16.90 to 20.40c.; part Bourbon or flat Hamburg cabled: "A further eight per cent of German
bean 3-4s at 23.30 to 23.80c.; 3-5s at 23.15 to 23.45c.; 4-5s production has been assigned for export. The total quan4c.;
/
at 23.20c.; 5s at 23.10c.; 6s at 20.30 to 213 Peaberry 4s tity so available up to 11 per cent, of the entire crop." It
at 22.90 to 23.15c.; 4-5s at 21% to 22.95c.; 6s at 21.65c.; is stated that several of the large Porto Rican factories which
Rio 3s at 18.95c.; 3-4s at 18.30c.; 7s at 16.95 to 17.30c.; have delayed the start of grinding have now begun and it
7-8s at 16.55 to 17.05c.; 8s at 16.20 to 16.60c.; Victoria 6-7s is expceted that very shortly greatly increased offerings of
at 16.90c.; 7-8s at 16.40c.
sugar from that quarter will be made. In London it appears
March has at times been about 100 points and May 170 that 18,000 tons of Peruvian raws were sold on Jan. 30th to
points below street prices. The Defnse Committee has been British refiners at 9s 3d which is understood to have cleared
giving support and some would call the market artiffcial but that market of such sugars that were supposedly in distress.
for these discounts under the price of the actual coffee. It is The tone there was easier on Thursday with sellers for
supposed that that support will continue unless March shorts second half February shipment at 9s 7/2d equal to 1.87c f.o.b.
start to cover or switch to later positions. Some feel that Rio de Janeiro cabled the New York News Bureau: "Acthere is no great likelihood of any material decline until cording to the Diario Nacional of Sao Paulo the Matarazzo
March is liquidated. Whether it will come then is for time to Co. has corned all sugar stocks in Rio, Pernambuco and
determine. Events in Brazil it is felt will have to be closely Sao Paulo, totaling 1,300,000 bags. The Matarazzo Co.
watched for a lead as to the future of prices. Some of the invested $8,250,000 in the transaction and expects that much
Brazilian element described as conservative have recently profit. The sugar mills have combined to refuse further
been selling. Reports have been rife that the coffee trees have production until the Matarazzo purchases have been entirely
been considerably damaged by rains. But is not altogether disposed of.
clear. At any rate some other reports have contradicted them.
Futures on the 28th inst. closed 1 point lower to 1
The recent advance was attributed partly to a better technical point higher with sales of 25,250 tons. Cuban interests
situation and it must be added that in the general judgment, are supposed to have sold early. March shorts covered
partly due to the skill and tenacity of the Defense Committee later and it had some effect. Of prompt raws it was
aided involuntarily by the untenable position of the consumer estimated that nearly 200,000 bags sold at 2 1-16c. The
in allowing his supplies to become depleted beyond what was next day this quantity was reduced about half. On the
prudent all with the hope of tiring out the Committee. Such 28th it is said 100,000 bags of prompt Cuba sold at 2 1-16c.;
tactics it is argued have proved useless often enough in the on the 29th 40,000 bags sold at 2 1-32c. February loadpast to suggest their seeming futility though in the long run ing but 2 1-16c. asked for next week's shipment. On the
arbitrary regulation of prices, of receipts per day at Brazilian 29th 2 1-32c. was bid for prompt Cuba and 2 1-16c. asked.
ports and so on must fail as a similar program has failed in Refined remained at 5.10c. Receipts at Cuban ports for
the past in rubber, sugar etc.
the week were 199,302 tons against 113,462 in the same
Reports concerning the effect of recent torrential rains on week last year; exports 83,326 tons against 28,389 last
the coffee trees in the State of Sao Paulo are conflicting but year; stoek (consumption deducted) 349,035 tons against
some think damage was done. On the 29th futures ended 109,190 last year; centrals grinding 157 against 162 last
3 to.1 peiRts higher after some opening decline on lower year. Of the exports 53,000 tons went to Atlantic ports,
4
.
Brazilian and European cables. Later contracts became scarce 8,585 to New Orleans; 1,604 to Galveston; 5,284 to Interior
here, shorts covered and a rally easily followed. No official United States; 3,234 to Savannah; 37 to South America
confirmation of private reports from Brazil that the receipts and 11,042 to Europe. Futures on the 30th ended 1 point
at Santos were to be increased 5,000 bags daily was received lower on all months with sales of 40,850 tons, of whicb
on the 29th. Futures on the 30th declined 5 to 26 points with 13,600 were for September delivery. Cuban interests were
sales of 38,500 bags of Santos and 24,500 Rio. European in- good sellers of September.
tercsts.were selling the near months and buying the distant
Private London cables on Jan. 30th reported a dull market
deliveries. Today Rio futures closed 3 points lower to 12 in London but in some instances, it was stated that the tone
points higher with sales of 29,000 bags; Santos ended 3 to 8 was firmed. Sellers were asking 9s 9d, equivalent to 1.88c.
points higher with sales of 29,000 bags. Final prices on Rio f.o.b. Cuba as against 9s 734d c.i.f. or 1.86c. f.o.b. Cuba the
for the week are unchanged to 15 points higher and on Santos previous day. On Thursday there were rumors that duty free
4 to 10 points higher.
sugars sold at 3.77c. delivered, equivalent to 2. c.&f. for Cubas.




Spot unofficial __-March..--23.15@

754

FINANCIAL CHRONICLE

[VOL. 128.

Today prices ended 1 point lower to 1 point higher with sales week a better demand for kerosene was reported, owing to
of 51,700 tons. Final prices for the week are 1 to 3 points the cold spell. Prices were firm at 82 for water white
/c.
1
lower.
in tank cars at refineries and 91 2c. in tank cars delivered to
/
Spot unofficial ____ I July
2.220 - -- nearby trade. Bunker oil was steady at $1.05 refinery and
2.160
I Dec
March
2.00(42.01 Sept
2.190 __2.18(42.19 Jan
$1.10 f.a.s. New York harbor. Diesel oil was in good deLARD on the spot was firm at one time with prime western mand at $2. refineries. Gas and furnace oils were a little
12.60c. to 12.70c.; refined, continent 1294c.; South America more active at unchanged prices. Mineral spirits were in
133/8c.; Brazil 14%c. Later spot lard was weaker with prime fair demand. Gasoline was easier. All big refiners were
western 12.55 to 12.65. Futures late last week were higher quoting 10%c. but it was said that 10c. could be done in many
with predictions that the movement of hogs would decrease directions.
before long; that the winter's run is about over. Futures
Still later gasoline was reduced by the Standard.Co. of
early this week advanced 2 to 7 points on firmness of hog New York 2c at several upstate points where competition was
prices and much smaller receipts but reacted later and ended keen. The new tank wagon price is 15c while at service
5 to 10 points lower. On the 28th inst. the trading in lard at stations it is 17c. A reduction of lc was made by the same
Chicago was very large, one house selling 1,500,000 pounds company at certain points in Vermont where the price is now
each of March and May. Commission houses indeed were 16c in tank wagon and 18c at service stations.
heavy buyers of all months partly because of the smallness
[Tables of prim; usually appearing here will be found/on an earlier page in
our
of the receipts of hogs and a rise of 25 to 50c. in live hogs. and department of "Business Indications," in an article/entitled "Petroleum
Its Products."
The Department of Agriculture reported the total of hogs at
RUBBER on the 26th inst. closed unchanged to 30
54,496,000 against 60,405,000 a year ago and 54,788,000 in 1927.
Futures on the 29th fell 5 to 10 points despite the fact that points higher with sales of 490 contracts. London was
hogs at Chicago were 10c. higher. Lard took its cue from unchanged to / higher and Singapore 1-16 to / higher.
18d
18d
lower prices for grain. Of hogs the receipts at Chicago were Here January closed on that day at 48.55c., March at
28,000. Total Western receipts were 113,400 against 133,700 48.55c., April 48.50c., May and June 48.45 to 48.55c. Lona week previously and 166,200 last year. Liverpool lard was don closed then with spot and February 11d, March 11%d.,
/
unchanged to 3d lower. Cash lard was about 15 points lower, April-June 1138d, July-September 11%d, October-Decemwhile ribs were reduced 12 points. Chicago wired Jan. 30th ber 1134d. The net rise last week was 190 to 210 points.
that there was still a good commission house demand with On the 28th prices ended 10 points off to 10 points up
hogs steady. Packing and warehouse interests still have lard with sales of 3,025 tons. Earlier trading here on that day
was at a decline of 20 to 40 points with London off %
for sale.
To-day futures closed unchanged to 2 points lower. to lid to 1034d though it ended at 11d. Outside
Hogs were firm, however. The hog run was small. West- prices were unchanged on the spot but slightly higher for
ern receipts were 89,000 against 163,000 a year ago. Chi- forward deliveries.
London cabled on January 28th that renewed speculacago expects 8,000 tomorrow. Commission houses bought.
Stocks of lard at Chicago were said to have increased tive buying and absence of selling pressure from first
over 39,000,000 lbs. Final prices on lard show a decline hands caused a firmer tone and that sentiment was bullish,
partly because the weekly increases in the London stock
for the week of 22 to 25 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. are smaller than expected. A membership in the Rubber
Exchange here sold, it was stated, at $10,000, an unSal.
Mon.
Tues.
Wed. Thurs.
Fri.
January
12.05
12.00
11.90
changed price. On the 29th New York dropped 60 to 70
11.85
11.90
March
12.15
12.10
12.05
12.95
11.97
11.97
points with London off /
May
38d. Manufacturers bought mere
12.45-50 12.40-42 12.32
12.25
12.32
12.25
PORK steady; Mess $29.50; family $33 to $34; fat back freely at the decline. The net loss here was 50 to 60
$29 to $30. Ribs, Chicago 12.87c. basis of 50 to 60 lbs. points. On Jan. 30th prices declined early 10 to 20 points
average. Beef firm; mess $25; packet $26 to $27; family ending unchanged to 10 points lower with sales of 2,020
$28 to $30; extra India mess $44 to $46; No. 1 canned tons; 55 notices were issued. The consular invoice figcorned beef $3.10; No. 2 six pounds South America $16.75; ures were very favorably construed, the total returned
pickled tongues $75 to $80 bbl. Meats were quiet; on shipments to United States ports for the week ended
pickled hams 10 to 20 lbs. 18% to 19%c.; bellies 6 to 12 January 26th being the smallest since October 27th, or
lbs. 1634 to 17c.; bellies clear dry salted 18 to 20 lbs. 14%c. since the post-restriction export flood started. It showed
13utter, lower grades to high scoring, 45 to 51c. Cheese a total of 11,131 tons. Shipments from Malaya were
flats 24 to 29c.; daisies 24 to 28c. Eggs, medium to extras, 7,163 tons against 9,469 in the previous week; Ceylon
1,650 tons against 1,231; Dutch East Indies 2,271 against
30 to 43c.; premium marks 44c.
2,152 and Liverpool and London, 47 against 211 in the
OILS-Linseed did not show much change. Carlots, previous week. New York on the 30th
it was intimated, could be had at 9.9c. on a firm bid but ruary 21.40 to 21.50c.; March 21.60c.; ended with FebMay 22 to 22.10c.
generally 10.1c. was quoted. Single barrels were firm and July 22.30 to 22.40c. Outside
prices: Smoked sheets,
at 10.9c. Paint manufacturers were inquiring more freely spot and February 2134 to 2134c.; March 2134 to 22c.;
for spring deliveries. Cocoanut, Manila, Coast, tanks 794c. April-June 22 to 22%c.; July-Sept.
2234 to 2294c. Spot,
spot N. Y. tanks 8% to 8%c. Corn, crude, bbls. 101c.; tanks first latex crepe 22% to
/
2
thin brown crepe
8
f.o.b. mill 9 c. Olive. Den. $1.35 to $1.50. China wood, N.Y. 1934 to 20c.; specky 191 223/c.; clean
/
1
2
/
1c.
/ to 1934c.; rolled 16% to 162
2
drums, carlots, spot 15c.; Pacific Coast tanks, February 1334. No. 2 amber 20 to 20%d.; No. 3, 1994 to 20c.; No. 4
Soya bean, bbls., N. Y. 122c.; tanks coast 10c. Lard, 19% to 1934. London on the 30th ended with spot and
/
1
prime 151c.; extra strained winter, N. Y. 133/8c. Cod, January 1034d; March 107%d; April-June 1034d; July-Sept.
/
2
Newfoundland 67c. Turpentine 5834 to 6334. Rosin $8.30 11%d; Oct.-Dec. 1134. At Singapore on Jan. 30th Februto $12.45. Cottonseed oil sales today including switches sr y tc o
a ep I l
d10 3-16d; April-May-June 10 7-16d and July.
7,700 bbls. P. Crude S.E. 9c. bid. Prices closed as folsOed9-al6t
lows:
London to-day closed quiet at advances of
to %a
Spot
10.40 11.001April
10.9251 _ _ _ _ with spot-February and March 11%d; April-June
10.60 lp.751July
1134d;
Feb
10.40(411.00 May
11.0011.10 July
10.72 10.74 Aug
(4
-Sept. 1134d and Oct.-Dec. 1194d. Unofficial estiMarch_ _ - _10.62
June
11.05011.15
10.751410.95 Sept
mates of the stock at London indicate a probable increase
PETROLEUM.
-The recent cutting of crude prices has of 800 for the
been the outstanding feature implying perhaps rather pro- the London week. At the beginning of the current week
found unsettlement. Gasoline was to all appearance tending ended 20 to stock totalled 24,423 tons. To-day prices
downward also with only a fair trade at best partly owing to are 40 to 5050 points higher withasales of 939 lots. Final
week ago.
points higher than
the bad weather in many parts of the country. Some of the
HIDES.
smaller independents have been it is said selling U. S. Motor
-River Plate market with a fair demand at somegasoline at 1@c. in tank cars at local termnials, though the what lower prices under pressure of considerable offerings.
/16c.; 4,000
big concerns as a rule were asking 102 at the refineries Sales were 37,000 Argentine steers at 20 to 21 3
/c.
1
/
2
and 111c. in tank cars delivered to the nearby trade. Water Swift Montevideo steers at 20 3/16c. to Russian buyer. City
packers were very quiet. Some native bulls sold at 11c. New
white kerosine was in good demand and steady at 82 at
/c.
1
the refineries. Bunker was steady and Diesel oil unchanged. York responded to lower Chicago prices. Some think they
/
2
Late last week the Ohio co. reduced Elk Basin and Grass could buy at 171c. for native steers,. 17c for butt brands and
Creek Wyoming crude 12c, Lance Creek 10c, Rock Creek 16c. for Colorados. Common dry hides were dull and weak
15c and Big Muddy Sc. Carson and Hutchinson County crude in sympathy with packer hides. Country hides are neglected
was advanced 2 to 3c. for 32 degrees gravity but reduced for and tending downward. Common hides, Orinocos, nominal
44 degrees 22c. to $1.14. Reductions of 10 to 15c. were made at 27c. New York City calfskins, 5-7s 2.10 to 2.20; 9-12, 3.15;
in Illinois, Princeton, Plymouth, Lima, Indiana, Wooster and 7-9s, 2.50.
western Kentucky. Other reductions were made. Later
OCEAN FREIGHTS.
-A fair business was done in some
more cuts in crude announced and gasoline tended down- directions if in others little was done. Heavy grain London
ward. The Texas Corporation on the 28th inst. announced quoted Is 9d; Liverpool 2s 6d; Glasgow and Hull-Bremen
14c.
a reduction of 10c. in all grades of Gulf coastal crude oil. Tankers-Venezuela, gulf, January-February to north of HatHumble Oil & Refining Co. took similar action.
The
teras 16c.; clean over 4000 tons net United Kingdom-ContinGasoline was reduced 2c. at service stations and lc. in tank ent Feb.
-March U. S. gulf 16s;North Atlantic 14s; California
wagon by the Standard Co. of Indiana. The cut in Mid- 27s 6d; reported gulf Feb., dirty, north of Hatteras 18%c.
Continent crude prices was supposed to be responsible for this petroleum business was larger at one time. Some grain was
reduction. The Chicago tank wagon price is now 14c. and refixed at 16c. for the United Kingdom and the continent
the service station price 15c. The Sinclair Refining Co. and But taken by and large business was none too brisk or satisthe Texas Corporation made similar reductions. Late in the factory.




Pas. 2 1929.]

FINANCIAL CHRONICLE

CHARTERS included sugar Cuba to Antwerp, March direct 18s
9d; Cuba first half March to United Kingdom Continent 20c. Time:
West Indies round sublet, $1.90: 1 to 2 months $1.80; prompt West
Indies round $1.85; United Kingdom-Continent River Plate round
4s 3d prompt; 2 years general 4s %d; West Indies prompt round
$1.90 ; one 18 months, Pacific trade, delivery Colon $1.52,
A. Tankers: California Feb. clean to north of Hatteras, 65c.; Gulf February,
clean to north of Hatteras 24c.; Black Sea, prompt, Mediterranean
163; Trinidad, March, gas oil, to U. K.
-Continent 15s 6d; Batoum,
January, Alexandria 10s 6d, clean; Batoum, February, clean to
Medway us; refined and (or) spirit, 9s 6d, Black Sea to Fiume,
February; lubricating oil, 18s, Black Sea to Liverpool and Birkenhead, February; 12 months time charter, clean oil trade, Jan. 4s 6d;
refined and (or) spirit 15s, Gulf to Havre, Feb.
-March; vegetable
oil, 23s, Black Seat to U. K.
-Continent February; refined and (or)
spirit 148 6d, Constanza to Danzig and Hamburg or Rouen,
February, crude oil Novorossisk to Hamburg, March 13s; refined and
(or)
spirit, 20s two trips, North Atlantic to French Mediterra
nean, Feb,
ruary ; dirty, Venezuela, February, crude, Gulf option, up-coast
at
19c. Scrap iron, Gulf, February to Danzig, Numidia $6.05.

COAL.
-Prices have shown a fair degree of
and have seemingly adhered pretty closely to thesesteadiness
the recent advance in bituminous. In gas coal to made by
be
there has been enough competition for trade among sure
several companies to cause now and then, it seems, the
some
inevitable easing of prices for the occasion. The
at New York tide water has recently been distinctlbusiness
y large,
while arrivals have also been substantial; for
25th inst. there were some 1600 standing cars. instance on the
Navy standard
prices for bituminous at Hampton Roads were more
or less
unsettled by the offerings of mixed lots which
seemed at
least fully to satisfy the demand here. As a rule it
was said
the price for Navy standard was $4.50. No 1
higher at $2.90 to $325, the latter including buckwheat was
circular buckwheat. Retail prices were unchanged. Domesti
still $3. a ton. Pea size of anthracite was said c buckwheat
to be obtainable at wholesale at $4.25 or less.
The outpHt of anthracite is increasing in
response to a
growing trade. Steam sizes of anthracite
Anthracite company grate $825; stove 9.10 tosell much better.
9.25; pea 4.25 to
5.; egg 8.75; nut 8.75. Bituminous New
York
piers f.o.b., Navy standard $5.25 to $5.50; high tidewater at
volatile steam
$4.30 to $4.50; high grade medium volatile
$5 to $520.

755

from a steamer at dock was made at £224 c.i.f., equivalent
to 48.65c. Prices declined 5 to 15 peints on the local
exchange to a new low level. London was dull. In London on the 30th spot standard fell 2s 6d to £220 2s 6d;
futures unchanged at £221 2s 6d; sales 80 tons spot and
320 futures. Spot Straits advanced 2s 6d to £223. Eastern c.i.f. London dropped lOs to £223 lOs on sales of
300 tons. At the second London session spot standard
fell 5s and futures 10 sales; sales for the day 535 tons.
Futures ended today 15 to 20 points higher with all deliveries 48.55c. bid except for June. June at one time today sold at 48.50c. with the high 48.60. July high was
48.70c. a rise from the previous close of 35 points. But
part of this was lost later.
LEAD has sold to a fair extent, but to all appearance at
irregular and somewhat lower prices; that is 21/2 points
lower at times in the central west as the month neared its
close. Big concerns still quoted 6.50c. at East St. Louis
and 6.65c. at New York. March shipments have now and
then been in very fair demand. The supply of lead has been
reduced by large shipments and the statistical position is
therefore in noticeably better shape. Late last week London dropped 2s 6d to £22 Is 3d for spot and £22 3s 9d for
futures with sales of 50 tons of spot and 450 of futures. Of
late business was fairly active and prices strong at 6.50c
East St. Louis and 6.65c. New York. Some producers were
said to be asking 6.521 2c. for March shipment, a premium
/
of 21 2c. over prompt delivery. There was an inquiry for 300
/
tons of March on the 30th. In London on the 30th prices
were unchanged at 122 2s 6d for spot and £22 3s 9d for futures; sales 550 tons futures. Ore was advanced by some
sellers $2.50 to $90.
ZINC was steadier but not active at 6.35c East St. Louis
the minimum apparently. Fourteen operators of the tristate district representing a capacity of 300,000 tens of concentrates have joined the central ore selling agency. Whether
this will ultimately mean a rise in ore to $40 to which the
trade has leng aspired remains to be seen. Meantime the
margin between ore and slab zinc is very narrow. Late
last week London declines Is 3d to £26 3s 9d for spot and
£26 2s 6d for futures with sales of 550 tons of futures. Recently the demand has increased somewhat owing to rumors of impending price advances and the depletion of consumers stocks. The price was firm at 6.35c. East St. Louis
despite reports that some shading has taken place. Zinc ore
was unchanged at $40. Special grades, however, were advanced $1. In London on the 30th prices were up 2s 6d to
£26 2s 6d for spot and £26 2s 6d for futures; sales 250 tons
futures.

TOBACCO has been in fair
perhaps the the most business in demand in general with
demand is very good for small lots Connecticut shade. The
of Sumatra Java, Porto
Rico, and other growths. In many States
facturers are busily contracting for the packers and manucrops
The United States Department of Agricult raised in 1928.
increased production of practically all types ure said "Despite
of tobacco during
the past season as compared with 1927
crop,
of most types is yielding somewhat better the better quality
prices
The sharply increased production of Wiscons than in 1927.
STEEL.
-There has been a fair business through the numin binders is
returning to growers better prices than in
1927 because of ber of structural projects is said to be somewhat smaller.
the higher average grade of the crop. The
being paid for all cigar leaf is reported at average price The sales have been mostly to automobile and furniture com22.1c. compared panies. Pittsburgh it appears is operating close to 85 per
with 21.7c. a year ago."
cent on the average and strip and sheet mills at nearer 100
per cent. Seamless pipe plants are said to be running
COPPER has been quiet so far as the home
trade is about 90 per cent and those making welded pipe at 80 per at
concerned but the export demand has been
cent.
fair. Prices Operations of the wire and cold finished
in the meantime were steady. Export sales
bar mills are between
fell off after 50 and
the recent activity. The tendency is suppose
60 per cent. A demand prevailed for small lots of
d to be towards a further rise within the next few
reinforc
weeks though stock ed concrete bars at 2.25c. for cut lengths and 2c. for
it is considered an arrant absurdity to
lengths of billet bars. Tin plate mills have been operatpredict anything
like a scarcity of copper. Late last week
London quoted ing at 90 per cent., something that bids fair to continue for
standard on the spot at £76 15s and futures
some time which indicates the size of the trade. Sheet com£74
trolytic spot £79 lOs and futures £80. Recentl 5s; elec- panies are working at 90 to 100 per cent and prices
ate business was done. There was a steady y a moder- been steady with black 2.85c., tin black 3c., galvanized have
3.60c.,
foreign de- blue
mand. Export sales on the 29th were 5,500,00
annealed 2.10c., and full finished 4.10c. At Youngstown
0 lbs. and
sales in the forenoon of the 30th approxi
production of steel was reported to be near capacity with
lbs. Some 160,000,000 lbs., it is estimated, mated 3,500,000 sales of hot rolled strips at unchanged prices.
for export in January to date. And it have been sold it is said are at 1.80c. for wide stock and 1.90c. New sales
for narrow.
180,000,000 lbs. will be bought within ais expected that For flat steel there is a demand from auto
few
March and April by foreign buyers. Many weeks for semi-finished steel new business is reported companies. In
at $34 now that
look for an
advance in prices. Current prices are
strong at 17c, de- old business at $33 is said to be about cleaned up. A good
livered to Connecticut Valley and 171
many sheet bars are going to non-integrated plants. Cast
2c.
ports. There was talk of another / c.i.f. European iron pipe was in fair demand.
increase in copper
wages. The heavy shipments of refined
copper this
month, it is predicted, will cause a
PIG IRON sold rather well at times in small lots but
decrease in surplus
stocks of at least 15,000 tons as against
a gain in De- for the most part the trade has been light. It is rare to
cember of 13,000 tons. In London on
hear of
inquiry for
January
large lot. The consumption is
ard advanced 3s 9d to £77 6s 3d; futures up 30th stand- declared an be at a high arate
to
however and shipments have
2s 6d to £74
15s; sales 100 tons spot and 400 futures.
unchanged at £79 lOs for spot and £80 forElectrolytic was to be kept up to the mark. They are going briskly on.
But buying for the second quarter is as yet negligible.
futures.
The domestic price was raised to 172c.
/ today. The Some of the consumers are said to be covered for 60
1
export price was not changed, but it is
days to come. Buffalo iron prices have come
expected that
will be advanced to 171
/
2c. Foreign sales this morninit discussion. Nominal quotations for day to day in for some
g
business are
were said to have been more than
$17.50 to $18 but of course no one would regard $18 seriously
20,000,000 in two days, after 161,000,8,000,000 lbs. making for
anything but small lots and it may not be often obJanuary. Copper wire was advanced 000 for the month of
/ today.
1
2c.
tained even for such lots. Reports have been in circulation that both $17.50 and $17
TIN at one time was quiet at 477%c outside
for definite falo. Eastern Penn. is quoted have been shaded for Bufbrands on the spot and 4834c. for future
delivery. Futures and Chicago also at $19.50 to at $19.50 to $20 nominally
at the exchange late last week dropped 15 to
20 points $18. At Birmingham the melt $20; basic Valley $17.50 to
Premiums on futures disappeared. London
then did an arc far from large and new is steady but the shipments
active business standard rising 12s 6d only
business is small. Ferro alto
rise on the same day. The recent trading at the lose this loys have recently been dull. Domestic coke is reported
has increased noticeably. Of late demand exchange in excellent demand and at the same time many producers
here
was quiet. are said to be out of the market
Straits tin closed on the 30th at 48% to
48c. A sale dry coke has been quiet and for near deliveries. Foununchanged.




756

[VoL. 128.

FINANCIAL CHRONICLE

WOOL trade has not to all appearance improved much.
The sales in Boston last week were estimated at 5,000,000
lbs. It is said that since January 5 when the stocks were
estimated at some 75,000,000 lbs. there has been a considerable decrease. In the west however high prices demanded have prevented any large amount of contracting.
A
An Idaho pool refused a bid of 36T c. from Boston with
/
/
other bids of 355 8c. to 363 8c. Later Boston advices said:
"Opening of new lines of goods by mills held much of
the attention of members of the wool trade during the
first few days of the week. Toward the closing days of
the week interest in wools tended to broaden. Inquiries
were more numerous and some sales were closed on fairly
large quantities, mostly on wools of the finer qualities.
Fleece wools were very slow. Business was closed on a
moderate quantity of 64s and finer French combing Ohio
wool at 40 to 41c. in the grease, but on the strictly combing class of this grade the market was inactive with askQuotations were firm on the
ing prices about steady.
finer
A few sizable transactions on the
lower grades.
during
grades of the Western grown wools were closed
were
the week. Territory wools of 56s and lower grades
South American crossbred
slow with prices steady.
South
wools were fairly active. The primary markets in
reported by
America were reported strong. London was
and about
private cables as fairly strong on crossbreds
Demand for domestic mohair was
steady on merinos.
pressure
very slow. Some inquiry was received, but the
on domesfor lower prices was very strong. Quotations
tic sorts tended slightly easier'.
Australian
In London on Jan. 23 offerings 9173 bales mostly
at firm
greasy and scoured merino. Fair sized withdrawals
New Zealand contributed exceptionally well grown
limits.
and the
new clips of greasy crossbred for which Yorkshire
continent competed sharply.

COTTON
Friday Night, Feb. 11929.
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
155,731 bales, against 171,761 bales last week and 151,177
bales the previous week, making the total receipts since the
1st of August 1928 7,712,380 bales, against 6,673,255 bales
for the same period of 1927, showing an increase since Aug. 1
1928 of 1,039,125 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans..
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
l`ntala thia week

Tues.

11.11m.

Sat.
8,792

Wed.

8,308 18.243

5.856 8,113
___--2,774 8,813
197
982
308
677
---16
134
__-269
296
1,398
11

7.683
3.530
4.229
1,335
695
467
88
493
679
5

Thurs,

Total.

Fri.

2,023 52,050
7,937 7,937
5.041 4.406 4,436 35.535
____
____ 3,530
____
7,491 15,391
761 39,459
2,403
352 5,505
236
310
575
481 3,046
208 1,015
18 1,724
792
162
202
206
230
298 1,289 2.875
255
--___ 23:32
- 18
-----------930
930

7,973

5,811

19 527 27.417 37.447 24.113 97 Q351 10 9530 ins 731

The following table shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night,compared with
last year:
1927-23.

1928-29.
Receipts to
Feb. 1.

Stock.

This Since Aug This Since Alto
Week. 1 1928. Week. 11927.

1928.

1929.

52,050 2,460.522 45.601 1.755.473 598,910 469,924
Galveston
39.347
80.676
7,937 160.406 1.794
45.071
Texas City
35.535 2,573,287 36.480 2.260.743 896,169 883,382
Houston
3.530 256,188 2,614 181.186
Best cross bred 56s brought 26d; 50s, 24%d; 48s, 21%d; 465-48s, Corpus Christi
8,087
---l'ort Arthur, &c
-Sydney 2538 bales at 32 to 40d for scoured New Orleans
/
20d; 1912d;. Details:
39,459 1.196,352 37.475 1,123.697 328,945 512.350
204
merino, and 18 to 28 for greasy; Queensland 1170 bales at 39 to 43d Gulfport
11.125
36.171
5.505 211,071 2,945 221.911
for scoured merino and 20 to 25%d for greasy; Victoria 1664 bales Mobile
9,823
- 11.259
for scoured merino and 30 to 35'/id for scoured Cross- Pensacola
at 32 to 41d
-- -592
8
708
120
Jacksonville
breds; South Australia 114 bales at 17% to 19%d for greasy Merino; Savannah
30,856
46,836
3,046 307.166 4,629 495,631
West Australia 47 bales at 16% to I7d for greasy merino; New Zea- Brunswick
40,540
31,102
1,724 148,r 81 2,176 213,270
land 3320 bales at 32 to 41d for scoured merino 25 to 37d for Charleston
756
---5.505
---Lake Charles_ __ scoured crossbreds and 16 to 26d for greasy crossbreds; Cape 320 Wilmington
23.423
85.823
41,216
792 109,070 1.051
82,591
bales at 13% to 22d for greasy merino. Of New Zealand slipe sold at Norfolk
2,875 199,458 2,679 188.710 102,038
92
---N'port News, &c_
17% to 28%d the latter for half bred lambs.
31,455
50
5,008
77,563 191.747
2,332
New York
16
3,182
4,355
1.785
183
4.313
In London on Jan. 28th offerings 9067 bales mostly greasy Boston
44,6:36
1,632
1,201
33.008 1,890
930
Balthnore
Home and Continental interests Philadelphia
merinos and crossbreds.
155
4,628
9,336
Prices par with
bought freely especially the Continent.
155.731 7.712.380 139,567 6.673.255 2.223.175 2,291.762
Totals
those of the previous week. Best New Zealand greasy cross/
bred 58s realized 25d; 56-58s, 221 2d; 56s, 22d; 50-56s, 213/2d;
,
50-56s, 20d; 50s, 19/2d; 46-48s, 18d. Details:

Sydney 3471 bales; scoured merinos 36 to 39d; greasy 17% to
2
/
251d; Queensland 1125 bales; scoured merinos 32 to 39d; greasy
2d. Victoria 1180 bales; greasy merinos 15 to 27d; greasy
/
1344 to 2111
trossbreds 16% to 25d. South Australia 81 bales; greasy merinos 18
to 21d. West Australia 644 bales; greasy merinos 12 to 24d. New
Zealand 2039 bales; greasy crossbreds 15 to 25d. Cape 473 bales;
scoured merinos 33 to 36%d; greasy 12 to 16d. New Zealand slipe
realized 16% to 23d.
In London on Jan. 29th offerings 9730 bales much of it
promptly taken by British and Continental buyers at late
prices.
Rather numerous withdrawals of both greasy and
Best New Zealand greasy
scoured merinos at firm limits.
/
/
-crossbred 56-58s, realized 221 2d; 56-58s, 21 1 2c1; 56s, 21d; 50s,

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts al- 1928-29. 1927-28. 1926-27. 1925-26. 1925-25. 1923-24.
Ga1veston____
Houston. 3cc *
New Orleans_
Mobile
Savannah_
Brunswick _ _ _
Charleston _
Wilmington
Norfolk
N'port N.,&c.
All others
Total this wk_

5.050
35.535
39.459
5.505
3.046

45.601
36.480
37.475
2.945
4.629

71.847
59.461
48.758
6.059
16.987

60.654
35.808
47.363
4,820
9.679

67.588
41.176
37.708
1.495
9.163

39.500
12.521
31,395
1,733
7,928

1,7 '4
791
2,875

2.176
1.051
2,679

6.858
1.951
7,165

4.554
1,485
5,588

4.977
1.418
7,816

3,301
1.953
5.071

14.745

6.531

16.112

3,276

8.564

824

155,731

139.567

235,198

173,227

179.899

104.226

'7 71'1 qun ft R7/ 9AA Q RnR 9.0.1 7.45Q 669 7 91Q 9n9 A osn goo
*Beginning with the season of 1926. Houston figures include movement of
-Sydney 1079 bales; greasy merinos 19 to 256. Queens- cotton previously reported by Houston as an interior town. The distinction
Details:
has been abandoned.
land 1190 bales; scoured merinos 36% to 38%d ; greasy 18 to 21d. between port and town
South Australia 597 bales; sceured merinos 32“ to 37d greasy 14
The exports for the week ending this evening reach a total
to 25d. West Australia 2042 bales; scoured merino 37 to 37%d;
of 167,100 bales, of which 57,267 were to Great Britain,
greasy 13% to 23%d ; Victoria 1095 bales; greasy merinos 17 to 28d
greasy crossbred 14% to 21%cl. New Zealand 3604 bales; greasy 14,386 to France, 44,617 to Germany, 19,487 to Italy,
crossbred 15% to 22%d. New Zealand slipe sold at 16% to 27%d. nil to Russia, 21,583 to Japan and China and 9,760 to other
Offering of 91 bales of Cape wool was withdrawn. The auction will destinations. In the corresponding week last year total
close Wednesday.
exports were 182,274 bales. For the season to date aggreoh"... A..,. 1

2d.
/
2d; 46-50s, 19Y2d; 48-50s, 18V2d; 46s, 161

In London on Jan. 30th the first series of Colonial wool
auctions for the present year closed with offerings 7,000 bales,
making the total for the series 103,000 bales. The Continent
purchased it was estimated 49,000 bales; home 32,000 bales
and America 2,000 bales. Final result leaves values of both
merinos and crossbreds ranging from par to five per cent
below December prices.

Details:-Sydney 2482 bales; scoured merinos 27% to 36%d ; greasy
16% to 2.5%d. Queensland 1573 bales; scoured merinos 36 to 42',4d;
greasy 16 to 22%d. Victoria 820 bales; scoured merinos 36 to 41%d;
•greasy 20%d to 23%d. South Australia 295 bales; greasy merinos
15% to 22%d. West Australia 603 bales greasy merinos 15% to
23d. New Zealand 1140 bales; greasy crossbreds 1334 to 21%d.
New Zealand slipe sold at 171 a to 27d.
/
At Melbourne on Jan. 29th there was a general demand but
at lower prices. The business was mostly in good to super
merinos and merinos and comebacks. Prices ranged from
par to 5% lower with others lower. At the Melbourne
on Jan. 30th the offerings 10,900 bales and 9,00 sold. Selec
Lion attractive. Demand good at lower prices from Yorkshire, the Continent, Russia and Japan. America bought a
little of best merino greasy.
SILK closed unchanged to 3 points higher today
February 4.98 to 4.99c and March and May 4.99 to Sc.

were 870 bales.




with

Sales

gate exports have been 5,526,951 bales, against 4,601,561
bales in the same period of tho previous season. Below aro
the exports for the week:
Exported to
Week Ended
GerGreed
Feb.1 1929.
Exports Irons
- BrUatn. France, many.
Galveston
15,502
Houston
Texas City
3.530
Corpus Christi._
New Orleans_.._ 21,721
1,711
Mobile
4,430
Savannah
1,017
Norfolk
844
New York
7,451
Lee Angeles
San Francisco... 1,061
Total

Japan&
Italy.

Russia China. Other.

6,263 12,238
7,440 16,735

2,164
11,819

9,476
1,782
1,477
1,059

2,800

383

1.880

Total.

32,449
5,320 66,816
562
3,630
2.830 40,407
6,293
50 5,957

00

4,280
844

250

500

14,151
1,811

57,267 14,386 44,617

21,583

9,760 167,100

300

1,600

5,000 18,322 23,219 182,274
____ 37,184 40,330 291,199
Note.-Ezports to Canada -ft has never been our practice to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is Impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In corning to hand. In view,
however, of the numerous Inquiries we are receIN fag regarding the matter, we wili
say that for the month of December the exports t. the Dominion the present season
have been 37,679 bales. In the corresponding month of ths preceding SatitiOU the
exports were 41,940 balm. For the five months ended Dec. I 1928 there were 119.
227 bales exported, as against 107,823 bales for the corresponding live mouths of 1927.
Total 1928
Total 1927

56,422 26,676 47,865 4,770
70,787 26.270 97,115 19,513

X

FEB. 2 1929.3

FINANCIAL CHRONICLE

From
..Aup. 1 1928
Feb. 1 1929. Great
I GerExportsfrom
- Britain. France many.

Exported to
Japan&
ludo. Russia Chine. Other. I Total.

Galveston ___ 289.876231.204 462,15 121,31 15.798455,621 49,615 1,827,585
Houston _
233,143222,064 421.992144.471 29,458324.63 115,9131,591,676
Texas City _ _ _
8,849 81,689
1,616
7.21
24,647 9,298, 30,06
Corpus Christi 47,576 41,729 87,71 21,774
55,03 27,862 288.588
Port Arthur _ _
650
250
8,087
4,32
430 2,430
Lake Charles_
_
1,151 3,250
330
____
1.296
6,027
New Orleans
112,453 71,443 861,189
296,981 65,318 169,84 76,667
Mobile
7,300 3,710 137,817
871 63,171 3,198
59,567
Pensacola _ _
100
3,348
____
4,92
9,823
7
Savannah
121,852
24 99,588 1,200
10,5001 2,501235,465
1
Gulfport
204
10,647 111,137
Gbarleston
48,556
777 50,307
_ 2,500 61,935
Wilmington _
5,58 27:5
26,800 ___
4,000 1,305 76,068
Norfolk
17,369 1,14
51,612
638
92
NewportNews
6,665 12:ii8, 73,954
1
New York
12,993 4,470 25,83 12:53Boston
2,080
3,069
41
3.324
Baltimore_
1
Philadelphia
I 1.86
26.472
Los Anodes._
32,550, 11:949- 26.95
9.544
600
San Diego..._
4,29
2,706 1,958
12,345
329e 23.922
San Francisco
250
5,20
5,59er
15.973
____
15,973
fleatUe

zaais, 101.781

Total

1.039,147512,359 5,526,951

1 360,161696,8391.480.929

Total 1927-28 745.931 648,610 1,499,477 368,81 13,226 725,146 500,3524,601,561
Total 1926-27 1,732.467 739.823 1,914,799 509.26 132.773969.516 689,8176,678.462
In addition to above exports, our telegrams to
-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Feb. I al
Galveston
New Orleans_ _
Savannah
-Charleston_ _
Mobile
Norfolk
'Other ports *

Other Coast
GerGreat
Britain. France, many. Foreign wise.
18.700 10.500 12,300 30.000
3,203 9.842
3,439 6,63
500
6.616

6,000

4:566

-Le*

10.000

9.000 16.

Total.

Leaving
Stock.

520.910
305.503
46.036
40.540
1(1.4§ 25.693
102.038
1.000 42:656 1.027,738
0

6.500 78.000
322 23.443
300
800

Total 1929._ 37.755 23.698 24.503 60.642 8.122 154.720 2.068.458
Total 192__ 244(
.405 10,38 16.455 40,917 6,411 98.476 2.193.286
Total 1927-- 32,797 10,981 37.800 64.652 13,921 160.121 2.716.589
•Estimated.
Speculation in cotton for future delivery has still as a
trule kept within very moderate bounds with the fluctuations correspondingly restricted. Prices ended higher. They
showed a very slight upward tendency on Jan. 26 after
some early small decline.

For the technical position had

grown stronger from the recent steady liquidation.
had naturally more or less clarified the situation.
shorts became mere cautious.

That
The

Europe inquired somewhat

more freely if its actual purchases were not large enough
to move prices.

Spot houses, though they sold May, were

buyers of March.

The mills bought on a rather larger

On the 26th inst. there were bids of 19.75c. for
blocks of 10,000 bales of May and some rather free buying
scale.

was done at around that price early in the day, though
Buying power showed some

it afterward rose to 19.86c.

signs of increasing, though it was not at all general. Yet
'Carolina interests bought on a notable scale. It was remarked too, that heavy liquidation early in the day was
easily absorbed at prices showing slight changes. That was
New Orleans also
-accounted more or less significant.
showed better powers of resistance. The price to some has
had the look of being more stabilized. In Liverpool the
selling by local and London interests was nearly offset by
the buying by the mills and the Continent which in fact did
check any downward turn. Manchester reported a fair demand for cloths from China. The Shanghai auction sales
were larger. Fall River reported a larger inquiry and if
the actual sales of print cloths last week were only 25,000
to 30,000 pieces, this was some increase over the previous
week. It was said, too, that the general textile situation
In this country showed some improvement. At Charlotte,
N. C., a fair trade took place if the demand for sheetings and
print cloths was rather spasmodic. In tire fabrics a fair
business was done for forward shipment. As regards spot
cotton, reports from Mississippi stated that the tendency
was towards higher premiums on the better grades and staples and there was an expectation of a higher basis in the
near future. Some here were buying the next crop rather
more readily. Though exports fell off, the excess over last
year thus far was still large.
Prices on the 28th inst. ended 5 to 17 points higher with
•offerings on the whole smaller and the technical position
better. Chicago was credited with buying considerable new
-contract (Weber to cover. The trade and Wall Street
bought. But at one time on that day there was a decline
and at amother, prices were irregular. The old crop showed
less strength than the new. New Orleans and the Southwest
sold. Liverpool sold to some extent, though it also bought.
Its cables did not come up to the mark. London sold in Liverpool, while Bombay and the Continent continued to buy.
Manchester was less active. On Feb. 2 there may be a
strike of the Lancashire machinery cleaners with whom
there is a dispute about the wage scale. At Thuringia,
Saxony, 40,000 cotton mill workers may be locked out. Finally priees turned upward on the 28th on Western covering and more or less mill buying. Worth Street reported




757

that in some cases last week's sales of print cloths did not
measure op to the production, though in others they did and
more. Buying by China decreased noticeably at Manchester at one time early in the week. But it is said that China
keeps up her boycott of Japanese goods and that means that
China must sooner or later buy goods more freely from
Mnachester. Boston figures estimated the world's consumption of American cotton at about 15,000.000 bales against
15,500,000 last year and 15,800,000 the year before. For five
months ending Dec. 31 the total is 680,000 bales less than
In the same time last season.
On the 20th inst. prices declined moderately under further
liquidation and some selling apparently by the Continent,
the South and Wall Street. Dullness of spot cotton and
goods together with persistent talk of possible mill curtailment unless trade improves deepened the pessimistic note.
Manchester was less active. Liverpool was listless and sometimes lower than due in response to New York fluctuations.
London was a persistent seller there, if Bombay and the
Continent bought. March liquidation was something of a
feature. The exports showed little improvement. The certificated stock here increased to 67,940 bales. It is true
that at around 19.75c. for March and May not a little buying was again encountered. Prices, it was noticed, did not
sink below the previous lows of the week. Some were encouraged by that. The technical position was necessarily
better after so much recent liquidation. On Jan. 30 the
suspension was announced of the New Orleans firm of Fontaine, Martin & Co., and for their account it was understood some 15,000 bales of March were sold. Other selling
attributed to Texas, Chicago, Wall Street and wire houses
raised the total of concentrated selling to a large amount.
Prices declined 15 to 20 points, the old crop showing the
least loss, though under the most pressure. Spot cotton
was lower and reported generally quiet, though the southern sales after dropping for at least one day below those
of the same day last year resumed the old excess over the
same date in 1928. Cotton goods were reported as in moderate demand. On the other hand, considering all the circumstances, the decline could not be called severe. Prices
did not fall below the low levels for this month of Jan. 7.
Some reports said that the real dullness in goods was confined for the most part to a few constructions; apart from
these, business was not so bad; the worst feature was the
unsatisfactory prices.
To-day prices opened moderately lower with some renewal of long liquidation, the cables rather indifferent and
the South and New Orleans selling as well as Liverpool.
Later on the liquidation died down.
Contracts became
rather scarce. Prices advanced some 15 to 18 points from
the bottom of the morning. The mills were buying. Large
Southwestern spot interests were credited with buying during considerable of the day. Shorts took the alarm. Naturally their covering hastened the rally. It is not an uninteresting fact that closing prices of to-night are the same
or a little higher than those of a wek ago, despite the big
wave of liquidation which has struck the market during
the week. Final prices for the week are unchanged to 12
points higher. Spot cotton advanced 5 points to-day and
ended at 20.05c. for middling, a decline for the week of 5
points.
The following averages of the differences between grades,
as figured from the Jan. 31 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. 7:
White
Middling fair
.77 on middling
White
Strict good middling
.57 on middling
White
Good middling
.39 on middling
White
Strict middling
.25 on middling
White
Basis
Middling
White
Strict low middling
78 off middling
White
Low middling
1.62 off middling
White
'Strict good ordinary
2.49 off middling
White
*Good ordinary
3.39 off middling
Extra white
Good middling
.39 on middling
Extra white
Strict middling
.25 on middling
Extra white
Middling
Even on middling
Extra white
Strict low middling
.78 off middling
Extra white
Low middling1.62 off middling
Spotted
Good middling
.23 on middling
Spotted
Strict middling
.03 off middling
Spotted
Middling
.78 off middling
*Strict low middling
Spotted
1.60 off middling
*Low middling
Spotted
2.35 off middling
Yellow tinged
Strict good middling
.04 off middling
Yellow tinged
Good middling
.45 off middling
Yellow tinged
Strict middling
.92 off middling
Yellow tinged_
*Middling
148 off middling
*Strict low middling
Yellow tinged2.19 off middling
*Low middling
Yellow tinged
2.96 off middling
Light ye/low stained- 1.02 off middling
Good middling
Strict middling
Light yellow stained- L56 off middling
*
Light yellow stained-- 2.24 off middling
'Middling
Good middling
Yellow stained
1.34 off middling
*Strict middling
Yellow stained
2.07 off middling
*middling
Yellow stained
2.72 off middling
Good middling
Gray
.67 off middling
Strict middling
Gray
1.08 off middling
*Middling
Gray
1.45 off middling
*Good middling
Blue stained
1.56 off middling
Strict middling
*
Blue stained
2.17 off middling
*Middling
Blue stabled
. 2.112 off middling
*Not delivered on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 26 to Feb. 1Sat. Mon. Turs. Wed. Thurs. Fri.
Middling upland
20.10 20.15 20.05 19.95 28.00 20.05
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:

[VoL. 128.

FINANCIAL CHRONICLE

758
Saturday,
Jan. 28.

Monday,
Jan. 28.

Tuesday, Wednesday, Thursday,
Jan. 31.
Jan. 29.
Jan. 30.

Fr
Fe

Jan.
Range-.---Closing _
Feb.
Range_
19.61
Closing_ 19.8519.8819.6419.6719.78Mar.
Range _ _19.76-19.88 19.78,19.98 19.78-19.95 19.82-19.73 19.80-19.7919.61
Closing-19.85-19.86 19.90-19.92 19.78-19.79 19.69-19.70 19.77-19.7919.8:
Apr.Range-19.8:
Closing-19.8519.9219.7819.70-19.78Atay-Range- _1916-19.87 19.81-19.99 19.76-19.97 19.63,19.74 19.82-19.8019.8£
19.79-19.8019.81
Closing_18.86-19.87 19.93,19.95 19.79-19.80 19.71June-Range_ _19.62 -19.6(
Closing_19.67194319.63
19.76- JulvRange- _19.39-19.49 19.45-19.85 19.44-19.83 19.31-19.41 19.26-19.45 19.3:
Clash:18_19.48- 19.49 1949-19.60 19.48-19.47 19.35-19.36 19.45 -19.4£
.Aug
Range- _
19.419.4019.29Closing_19.40-1953. 19.43-

19.84
19.84

19.88
19.86

19.50
19.50

19.41
19.22-19.3419.39
Closing-19.3319.47- Oct.Range__19.15- 19.28 19.21-19.41 19.32-19.41 19.15-19.25 19.08-19.2919.2( 19.37
19.3)
19.29
19.15- 19.35Closing_19.2819.41Oct.(new)
Range_ _19.03- 10.13 10.08-10.30 19.13-19.28 18.98-19.10 18.93-19.17 19.0: 19.24
19.00-19.03 19.18-19.17 19.2( 19.24
Closing_19.11- 19.13 19.28,19.30 10.20Nor.Range_
19.31
19.3219.1819.3819.44
Closing_19.29- Nov. (new)
Range_
19.19-19.2:
19.0319.2319.31
Closing_19.14- Dec.Range__19.07- 19.19 19.13-19.35 19.22-19.34 19.04-19.14 18.98-19.22 19.1'
19.21
19.25-19.05 -- 19.2219.35Closing_19.19 Jan.
19.1!
Range__
III 01
Closing_

Range of future prices at New York for week ending
Feb. 1 1929 and since trading began on each option:
Option for

Range for Week.

Jan. 1929
Feb. 1929
Mar. 1929... 19.60
Apr. 1929
May 1929__ 19.62
June 1929
July 1929._ 19.26
Aug. 1929
Sept.1929
Oct. 1929__ 18.93
Nov. 1929
Dec. 1929__ 18.98
Jan. 1930._ 19.15

17.00
18.68
Jan. 31 19.96 Jan. 28 17.20
18.58
Jan. 31 19.99 Jan. 28 17.72
18.00
Jan. 31 19.65 Jan. 28 17.12

Feb. 2 1928 22.45
Aug. 21 1928 20.07
Sept. 19 1928 22.36
Aug. 18 192822.06
Sept. 19 1928 22.30
Aug. 13 1928 20.43
Sept. 19 1928 20.57

Jan. 29 1928
Dec. 24 1928
June 29 1928
July 9 1928
June 29 1928
Nov. 26 1928
Nov.27 1928

19.50
Jan. 31 19.41 Jan. 28 18.08
19.45
Jan. 31 19.35 Jan. 28 18.89
Feb. 1 19.20 Feb. 1 19.15

Dec. 6 1928 19.63
Nov. 5 1928 20.02
Dec. 15 1928 19.60
Jan. 7 1929 19.65
Feb. 1 1929 19.20

Dec. 18 1928
Nov. 27 1928
Dec. 18 1928
Jan. 14 1929
Feb. 1 1929

Range Since Beginning of Option.

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.
bales_

Total Great) Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks

1929.
964.000

1927.
1428
796,000 1.310.000

1026.
863.000

163.000

79,000

864.000 1,473,000

942,000

605.000
288.000
14,000
105.000
61,000

303,000
208.000
4,000
97,000
23,000

1,139,000 1,130,000 1.073,000

635.000

98,000
1.062.000
685,000
266.000
15,000
89,000
64,000

68,000

603,000
333,000
11,000
120.000
63,000

2,201.000 1,994,000 2,546,000 1,577.000
Total European stocks
76.000 133,000
147.000 155.000
India cotton afloat for Europe
American cotton afloat for Europe 416.000 363,000 729.000 488.000
84,000 100,000
78.000
Egypt,Brazil,&c.,afloatforEurope 77.000
461.000 419,000 436,000 301,000
Stock in Alexandria. Egypt
1,009,000 728,000 580.000.
Stock in Bombay. India
2.223.178a2,291,762a2,876,710 1.504.157
Stock in G. S. ports
Stock in U. S. interior towns_ _--1,072,678a1,134,087a1,404,189 1.930,287
3,067
U. S. exports to-day
Total visible supply
7,606.856 7,162.849 8,741.899 6,753.511
Of the above, totals of American and other descriptions are as follows:
American
bales.. 678,000 549.000 987,000 592.000
Liverpool stock
56,000.61,000
Manchester stock
74.000
Continental stock
1,046,000 1,076,000 1.035,000 600,000
416,000 363,000 729.000 488.000
American afloat for Europe
2,223,178a2,291.762a2.876,710 1,504,157
U. S. port stocks
1,072,678a1,134,087a1,404,189 1,930,287
U. S. Interior stocks
3,067
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, Sze
Total American

Movement to Feb. 1 1929.
Towns.

Sept
Range------

Feb. 1Stock at Liverpool
Stock at London
Stock at Manchester

decrease of 1,135,043 bales' from 1927, land a gain of
853,345 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:

5,509.856 5,469,849 7,175.899 5,178.511
286,000

247,000

323,000

271.000

24,000
93,000
147,000
77.000
461,000
1,009,000

12,000
54,000
155,000
78,000
419,000
728,000

19,000
38,000
76,000
84,000
436.000
590,000

18,000
35.000
133.000
100,000
301,000
717,000

2,097,000 1,693,000 1,566,000 1,575,000
5,509,856 5,469,849 7.175.899 5.178,511

7,606,856 7,162.849 8,741,899 6.753.511
Total visible supply
10.804.
7.47d.
9.79d.
Middling uplands. Liverpool _ _ - - 10.35d.
20.80c.
14.00c.
17.65c.
Middling uplands. New York_.,- 20.05c.
19.95d.
15.504.
18.00d.
Egypt, good Sakel, Liverpool.._... 19.70d.
11.504. 23.00d.
12.004.
Peruvian. rough good. Liverpool_ 14.504.
9.454.
6.654.
8.854.
8.80d.
Broach, fine, Liverpool
9.85d.
7.00-1.
9.604.
10.104.
Tinnevelly, good, Liverpool
Houston stocks are now included in the port stocks; in previous years
a
they formed part of the interior stocks.
*Estimated.

Movement to Feb. 3 1928.

1

Receipts.

Ship- • Stocks
ments,' Feb.
Week. Season. Week. r
1.

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.,Clark.sdale
Columbus_
Greenwood_ _
Meridian_.
Narchez _
Vicluiburg
Yazoo City_
Mo., St. Louis_
N.C.,Gr'nsboro
Raleigh
Oklahoma
15towns •_
S.C.. Greenville
Tenn.,Memphis
Texas, Abilene_
Austin

1,014 51,14
222 12,984
554 51,815
285 43,49
979 78.277
257 24,875
500 53.356
313 55.051
465 32,020
1,617 105,762
123 45,439
2,062 123.980
1,157 35,709
3,558
83 27,731
2,020 106,544
5,352 188,897
1,422 41,353
944 49,934
625 33,858
1,094 138,972
735 138,907
158 29,023
183,848
72
500 44,966
987 27,053
280 23,971
75 39,142
18,726 305.726
15,708
887

9,684 736,441
4.977 127.096
54.4481,309.252
1,232 48,159
239 47,001
353 30.926
Dallas
2,779 118,854
Paris
661 86,650
Robstown_
3 27,998
San Antonio.
527 41,228
Texarkana
235 62,325
Waco
1,345 137,019

Receipts.
Week. I Season.

Ship- Stocks
ments, Feb.
3.
Week.

10,413 2,7171 81.031 4,1353 11,566
409 9,597
163
6,078
18.308
3471 89.296 1,791 29,890.
24,247
49, 55,611
672 25,028
22,159
16,885 1,469 74,374 3,145 18,803.
320 34.892
9.417
694 13,548
17.131 1,239 47.65
1,109, 20,889
313 44.08
7,813
637! 5,515
680 30,549
4.479
608 5,596
23,386 1,480 97,543 2,857 23,319
268 46,905 1,103, 6,888
7,642
32,794 1,890 115,05
2,7351 37,914
928 33,323 1,4
03J1 7,197
10,215
4,962
17
2.167
5
1,890
500 48,35
17,989
2,
250 13.940
2,922 54,871 2,987, 101.262
4,009 74,446 2,109 222,66 I 6.1401 86,542
311
531 9,308
49,37
1,082 2,745
888 50,53
949 8,577
1,227 5,384
357, 32,16
250 18,291
300 30,24
383 91,968
980 44,951
2.53M 61,108
919 147.49
3,494 65,423
6,51 35,513
180 32,82
919, 12,145
430 8,813
762 153,231 2,015 80,282
6,1071 50,699
216 36,891
725 8.396
500
82 20,588 1,069 34,701 1,152 20,641
16,77
157
84 7,503
372 4,744
98 27.28
404 15.781
933 9,680
9,826 2,498
18,102 26,869 9,694 247,14
21,31
191
1,074 17,796
402 10,011
11,404
208
281 4.394
357
125
924
2,099
2.507
930
1,500
1,929
770
2,078
1,363
4,295
2,449

17,4
2,828
60,26
1,52
20
3,84
4,94
1,68
92
38
643
2.23

56,199 10.571 696,31 14,306 84,323
44,435 7.726 236.39 l2.145
82.576 36,252 1,112,02 43,850242,873
1,994 1,406 47.923 1,221 1,679
175 24,392
182 2,837
2,744
192 24,07
144 11,938
8,007
1.171 28,545
19,393 1,436 78,22
1,2
773 70,14
4,652
29.692
___
1,485
697
89 33.036
34
4.520
2,219
200 54.117 1,ii 9,720
10,142
1,361 12,688
12,994 1,061 82,86

Total, 56 towns 120,5594,885,837'163,60 1072678 92,5804.568,11 132,694 1134087
•Includes the combined totals of fifteen towns In Oklahoma.

The above totals show that the interior stocks have
decreased during the week 46,021 bales and are to-night
61,499 bales less than at the same time last year. Tne
receipts at all the towns have been 27,979 bales more than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 1 for each of the past 32 years have been as follows:
1929
1928
1927
1926
1925
1924
1923
1922

20.05c.
17.75c,
13.65c.
20.754.
24.05c.
34.00c.
27.40c.
17.20c.

1921
1920
1919
1918
1917
1916
1915
1914

14.15c.
39.154.
26.75c.
31.20c.
14.754.
11.954.
8.50c.
12.754.

13.000.
9.90c.
14.95c.
14.70c.
9.854.
11.654.
11.00c.
11.354.

1913
1912
1911
1910
1909
1908
1907
1906

1905
1904
1903
1902
1901
1900
1899
1898

7.36c.
17.25c.
9.054.
8.25c.
10.00c.
8.12c.
6.854.
5.940.

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.

Futures
Market
Closed.

Saturday_ -- Steady, unchanged steady
Monday _ _ _ Steady,5 pts. adv -- Steady
Tuesday _ _ _ nlet, 10 pts. decl -- Barely steady_ _
Wednesday.. Met,10 pts. decl -- Steady
Thursday _ uiet, 5 pts. adv _ Firm
Friday
ulet, 5 pts. adv -- Firm

i

SALES.
Spot. Contr'cl Total.
500

500
7,400 7,400
400
400
1,500 1,500
100 11.900 12,000
225
225

------

825 21,200 22,025
119.703 143,100 262,803

Total_
Since Aug. 1

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
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:
Feb. 1ShinnedVia St. Louis
Via Mounds, Ate
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c

-1928-29Since
Week. Aug. 1.
18,102 280.228
52,665
3,712
3,867
42
28.713
754
127.002
4,985
20,754 341,565

-1927-28Since
Week. Aug. 1.
9,826 247,694
6,540 186,692
769
10,498
467
21,707
4.956 149,629
15,923 210,606

48,349

834,040

38,481

826,726

3,278
519
22,048

65,691
11.017
365,727

2.123
555
22,614

55,588
12.778
411,810

25.845 442,435
Total to be deducted
22,604 391,606
Leaving total net overland'
* Including movement by rail to Canada.

25,292
13,189

480,176
346,550

Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South

The foregoing shows the week's net overland movement
this year has been 22,504 bales, against 13,189 bales for
Continental imports for past week have been 170,000 bales. the week last year, and that for the season to date the
increase over a year ago
The above figures for 1929 show a decrease from last aggregate net overland exhibits an
be lib
43,656 bales, a gain of 444,007 over 1928, a of 45,055 bales.
week of




FEB. 2 1929.]

FINANCIAL CHRONICLE
-1928-29

/n Sight and Spinners'
Takings.

Week.

-1927-28

Since
Aug. 1.

Since
Aug. 1.

Week.

Receipts at ports to Feb. 1_ _ -155.731 7,712,380 139.567 6,673,255
Net overland to Feb. 1
22,504
391,605
13.189
346,550
South'n consumption to Feb. 1.-118,000 2,835.000 90.000 2,951,000
Total marketed
296,235 10,938,985 242,756 9,970,805
Interior stocks in excess
*46.021
755,209 *46,009
761,235
Excess of Southern mill takings
'over consumption to Jan. 1
---739,132
---329,928
Came into sight during week.. 250.214
196.747
Total in sight Feb. 1
12,433,326
11,061,968
North.spinn's's takings to Feb. 1- 26,770
776.539 36.884
933,265
* Decrease.

Movement into sight in previous years:
Week-

Bales.

-Feb.4
1927
-Feb.5
1926
-Feb.8
1925

Since Aug. 1-

Bales.

303,838 1926
240,259 1925
235,534 1924

14,626,905
12,991,736
11.937,131

QUOTATIONS FOR MIDDLING- COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
-

Week Ended
Feb. 1.

Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.

Galveston
19.30
New Orleans-- - 18.97
Mobile
18.65
Savannah
19.12
Norfolk
19.13
Baltimore
19.50
Augusta
19.06
Memphis
18.25
Houston
19.15
Little Rock
18.32
Dallas
18.50
Fort Worth__
____ .

19.40
18.97
18.70
19.15
19.13
19.50
19.13
18.40
19.20
18.40
18.60
18.60

19.25
18.87
18.60
19.03
19.00
19.50
19.00
18.30
19.05
18.28
18.45
18.45

19.15
18.79
18.50
18.95
18.94
19.40
18.94
18.20
18.95
18.28
18.40
18.40

19.25
18.88
18.60
19.04
19.04
19.40
19.00
18.30
19.05
18.28
18.45
18.50

19.30
18.88
18.65
19.09
19.13
19.50
19.06
18.30
19.10
18.28
18.50
18.50

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,
Jan. 26.
January -February _
March
April
May
June
July
August_ _
September
October _ _
November
December
Tone
Spot
Options

Monday,
Jan. 28.

Tuesday, Wednesday. Thursday,
Jan. 29.
Jan. 30. Jan. 31.

Fe
re

19.21-19.22 19.24-19.26 19.12-19.15 19.04-19.05 10.13-19.15 19.11
19.24-19.25 19.29-19.31 19.16-19.18 19.08-19.09 19.17-19.18 19.21
-19.22
19.2219.22-19.29 19.15-19.16 19.07-19.08 19.1719.21 49.21
18.87-18.88 18.76-18.77 18.84-18.9
,

18.84- 18.97
18.78

Bid 18.97

Quiet
Very st'dy

Bid 18.81

Bid 18.76

Quiet

Quiet

Steady

Steady

Bid 18.84

Quiet
Steady

Bid 18.9,

Quiet
Sternly

Q let
st., dy

WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather in the
greater part of the cotton belt has been seasonable. Rainfall has been scattered and precipitation light.
Rain. Rainfall.

Galveston, Texas
Abilene, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio. Texas
Palestine, Texas
San Antonio. Texas
New Orleans, La
Shreveport. La
Mobile, Ala
Savannah,Oa
Charleston. 8. 4)
Memphis, Tenn

dry
0.01 in.
0.12 in.
dry
dry
dry
dry
dry
2 days 1.73 in.
2 days 0.48 in.
2 days 0.72 in.
2 days 1.24 in.
2 days 0.89 in.
2 days 0.23 in.
1 day
1 day

Thermometer___.....

high 70
high 70
high 76
high 74
high 56
high 68
high 68
high 70

low 39
low 20
low 46
low 44
low 24
low 32
low 26
low 32

mean 55
mean 45
mean 61
mean 59
mean 40
mean 50
mean 47
mean 51
mean 55
mean 45
mean 52
mean 54
mean 53
mean 34

759

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,347,291 bales;
in 1927-28 were 7,422,989 bales, and in 1926-27 were 10,525,547 bales. (2) That,although the receipts at the outports the
past week were 155,731 bales, the actual movement from
plantations was 109,710 bales, stocks at interior towns
having decreased 46,021 bales during the week. Last year
receipts from the plantations for the week were 93,558
bales and for 1927 they were 171,958 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.

1928-29.
Week.

1927-28.

Season.

Week.

Season.

Visible supply Jan. 25
7,650,512
7.261.260
Visible supply Aug. 1
4.175,480
4,961,754
American in sight to Feb. 1
250.214 12,433,326 196,747 11.061,968
Bombay receipts to Jan. 31.._..
136,000 1,281,000 118,000 1,499.000
OtherIndia ship'ta to Jan. 31...
1.000
261.000
18.000
303.500
Alexandria receipts to Jan. 30..
31,000 1,241.200
21,000
934.860
Othersupply to Jan. 30 *6
15.000
453,000
12.000
397,000
Total supply
8,083.726 19,845.006 7.627.007 19,158.082
Deduct
-

Visible supply Feb. 1

7,606,856 7.606.856 7,162,848 7,162,849
Total takings to Feb. 1_8
476,870 12,238,150 464,158 11.995,233
Of which American
344,870 9,064,950 301,158 8.981,873
Of which other
132,000 3,173.200 163.000 3,013,360
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by

Southern mills, 2,835,000 bales in 1928-29 and 2,951,000 bales in 1927 -28

takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 9.403.150 bales in 1928-29 and 9,044,233 bales in
1927-28, of which 6,229,950 bales and 5,973,419 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:
1928-29.
January 31.
Receipts at
-

Week.

Since
Aug. 1.

1927-28.
Week.

1926-27.

Since
Aug. 1.

Since
Week.I Aug. 1.

138,000 1,281,000 118.000 1,499,000 161.000 1.437,000

Bombay

For the Week.
Exports
from
-

Since August 1.

Great Cents- Japan&
1Britain. neat. China. Total.

Bombay
1928
-29-1927-28-- 2.
1928-29-Other India
1928-291927-28-1926-27--

38,000 60,000
21,000 23,000
73,000 84,000

22,
11:
1.111
10,000
1,111

1,000
18,000
1,000,

Total all
____ 23,000 38,000 61,000
-291928
1927-28... 10,000 10.000 21.000 41.000
-__- 12,000 73.000 85,000
1926-27 _ _

21,000, 380
27,000; 238
2000 149
, (

719,0001.120.000
480,000 745,000
643,000 794.000

46,000 215,000
51,500 252,000
17,000 168.

281,000
303,500
185,000
1
719,000 1.381,000
480.000 1.048.500
643,000 979,000

67.000, 595,
78.500 490,
19.000 317.

According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
18,000 bales. Exports from all India ports record an increase
of 20,000 bales during the week, and since Aug. 1 show
high _ low _ _
high 66 low 23
an increase of 332,500 bales.
high 70 low 33
high 72 low 35
MANCHESTER MARKET.
-Our report received by
high 71 low 34
high 47 low 22
cable to-night from Manchester states that the market for
The following statement we have also received by tele- yarns is active and for cloths is quiet. Demand for India
graph, showing the height of rivers at the points named
We give prices to-day below and leave those for
at Is poor. weeks
8 a. m. of the dates given:
previous
of this and last year for comparison.
New Orleans
Memphis
Nashville

Shreveport
Vicksburg

Feb. 1 1929. Feb. 3 1928.
Feet.
Feet.
9.0
8.2
31.2
21.3
30.4

Above zero of gaugeAbove zero of gaugeAbove zero of gauge-

Above zero of gauge-

Above zero of gauge-

22.0
35.0

11.4

Receipts at l'orts.
1928. . 1927. I 926.

325 Cop
Twist.

8.8
31.2

RECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each-The folweek from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a
ment of the weekly movement from the plantations statepart of the crop which finally reaches the market of that
through
the outports.
Week
Ends

1928.

Stocks at Interior Towns. Receiptsfrom Mar:tarns.

1927.

834 Lbs. Shirt Cotton

d.

d.

lags, Common lifiddrg 32s Cep
to Finest.
tiprds. Twist.
s. d.

s. d.

834 Lis. Skirt- Cotton
lags,
Mitittrg
to Msg.
lipids.

d.
d.
d. a. d.
I'd.
10.51 183001834 13 3 018 6

11.66

1534011534 13 1 013 3
013 5

10.49
10.46
10.55
10.84
10.97

183001834 13 3
14 016 13 8
153401734 13 0
1534@ 173( 13 1
1534017 0 13 1

013 6
013 3
013 3
013 2
018 4

11.75
11.04
10.91
11.14
10.90

013 5
013 5
013 5
013 5

10.63
10.69
10.58
10.63

153401634
153001634
1534 016M
15340 17

13 1
13 0
13 2
13 4

018 4
013 4
013 7
014 1

10.68
10.68
10.88
11.06

25-

1534@ 1634 13 1 013 3

18--

15 01634 13 1 013 3
15 01631 13 0 013 2
163f 0174 13 0 013 2

30.... 15340104 13 3
Dee.
153461634 13 3
15340164 13 3
21....-- 15340164 13 3
28._.. 15340164 13 3

8.

1928.
1927.
1929. 1928
19 29.
Jan.
.1 1927. 1926.
19 28.
10.50 1534017 0 13
153(0163f 13 3 013 5
10.92
014 1
Oet.
I
vsit(a um 13 3 013 5 10.50 153401834 13 5 014 1 10.90
5
2&.1550.877 424.180535.376 953.5201.101,815,1,166.683657,285
10.63 1530416H 13 7 014 1
18
-- iswaisst 13 3 013 5
551,1
10.62
25,934
Nov.
I
13 3 @136
10.48 15 01634 13 6 014 0
25-- - 1w-i @us%
10.32
2-- 538.822 438.156 508.783 1,084.0491,199,9351,264Aso
1
. I
9-- 396.001 890.293488.446 1.050.5454,260,95611,349.950616 351,585.278606.530 Feb.
153401634 13 3 4013 6 10.35 1434015M 135 @137
412,4974
9.79
1&.185l.467 341.143517.711 1,099,921 1,290.409 1.415,095400.843 51.314573.946
370.596 584,295
23- 351.5(15257.764 470 442 1..155.384 1: :
:
307 97111456 3s1
.
. :
65. 7 326516 7 8
4 36 26 1:73
5:843
2
9
80.... 365.1
ALEXANDRIA RECEIPTS AND SHIPMENTS.
.
'
425:
-We
Dec.
now receive weekly a cable of the movements of cotton at
388,938 233.5504I451 084 1,223.573 1.342.50J1.28.555
14- 311.736199,962 400,731 1,232,6831,331,182 1,552,303 396.84246.196489.478 Alexandria, Egypt. The following
are the receipts and
2L.1265,780 180.499 330.577 1.232.436 1.308,770I1,561.460 320,848 188.636424.479
205.553,158.087345.938 shipments for the past week and for the corresponding week
28_ _ 255,661 159,i As 323,796
1,255.9011,328.74311.562,861279.131,179.042 325,197
of the previous two years:
. --,---7---Jae.
1929. - -', 1927
1928
1929 1 1928. I 19.7
- 1928. 1927.
971
4-- 188,298 110.324 238,809 1,240.63111.295,532 1,529.304I 192
173,028,
Alexandria. Egypt,
11.- 172,340117.331264.749 L203.459,1.261.688 1.5101,833135.16 77.113205,252
1928-29.
1926-27.
1927-28.
8 83,487284,220
Jan. 30.
18_ _ 151,177122.213298,255 1.161.1401.217,543 1,4s7.11031
108.656 78.070274.403
25_ - 171,761 120,405 258,9324.118.699,1.180.096
1,487,4291241,320; 82,953238.380 Receipts (cantors)
Feb.
I
I
1
This week
1- - 155.731 139.567 235.19811,072,678,1.134,0S7I 1,40E189109,71 1
155,000
210.000
I
105,000
0 93,558171.958
Sines Ayr 1
6.190.000
5.692.009
4.477.163




This Since
Week. Aug. 1.

Export (bales)To Liverpool
To Manchester,Scc
To Contin't & India
To America

7,000 106,770
_ 105,170
15,000 278,757
1,000 66,871

This 'Since
Week. Aug. 1.

This Since
Week. Aug. 1.

6.750 83,106 7.750 136.533
7.000 87,137 10,000 104,415
8.000223.723 11.250201.162
400 73,301
5.000 76,418

23.000 577.568 26.750 470.384 29.400415,411

Total exports

-A canter is 99 lbs. Egyptian ha es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Jan. 30 were
155.000 cantars and the foreign shipments 23,000 bales.

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 167,100 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
844
-To Liverpool
-Jan. 25-Lancastria, 844
NEW YORK
383
-Aster, 383
-To Bordeaux-Jan. 24
NEW ORLEANS
..Jan. 30To Genoa-Jan. 26-Labette, 915; Cherca, 1503,481
Montelio, 2,416
1,916
To Venice-Jan. 28
-Burma, 1,916
200
-Burma, 200
-Jan. 28
To Trieste
215
To Barcelona-Jan. 29-Cardonia, 215
11
To Montevideo-Jan. 18-Clavarack, 11
75
-Mineola, 75
To Buenaventura-Jan. 18
-West
11,194-__Jan. 29
-Jan. 30-Davisian.
To Liverpool
17,572
Hematite, 6,378
-West
To Manchester-Jan. 30-Davislan. 1,776Jan. 29
4,149
Hematite. 2.373
400
-Jan.30-Montello,400
To Naples
4.728; Western Queen.
To Bremen-Jan. 29-Gonzenheim,
8,657
3,929
819
To Hamburg-Jan. 29-Gonzenheirn, 819
-Western
-Oakwood, 100___Jan. 29
To Rotterdam.Jan. 20
2,529
Queen.2.429
618
-Liberty Glo, 618
SAVANNAH-To Bremen-Jan. 25
859
-Liberty Glo, 859
-Jan. 25
To Hamburg
50
-Liberty Glo, 50
To Rotterdam-Jan. 25
4,205
-Jan. 26-Daytonian. 4,205
To Liverpool
225
To Manchester-Jan.26-Daytonian,225
-Schwarzwald, 559---Jan. 28
-To Bremen-Jan. 26
NORFOLK
-Kohl. 500
1.144
-Exmoor, 1,144
To Genoa-Jan. 28
1,000
To China-Jan.26-8llberbeech, 1,000
747
-Cold Harbor, 747
29
To Liverpool-Jan.
270
-Cold Harbor, 270
To Manchester-Jan. 29
60
-West Eldara,60
To Antwerp-Jan. 30
-To Bremen-Jan. 19
-Los Angeles. 100-SAN FRANCISCO
250
Jan. 28-WIWI. 150
To Japan-Jan. 21-Norfolk Maru, 200 ..Jan. 25-Silver500
quava, 300
1,061
To Liverpool-Jan. 26
-East Lynn, 1,061
-VenHOUSTON-To Bremen-Jan. 25
-Ares, 1,644- _Jan. 26
tura de Larrinaga. 1.404_ --Jan. 28-Eibergen, 7.26515,285
Jan. 29-V1llaperosa. 1,368---Jan. 31-Cedrus, 3,604
-Jan. 26
To Hamburg
-Ventura de Larrinaga, 100--Jan. 28
1,450
-Eibergen. 1.350
100
To Copenhagen-Jan. 26
-Ventura de Larrinaga, 100
2,224
To Barcelona-Jan. 28
-Mar Baitico, 2.224
Japan-Jan. 28-Tofuku Meru, 7.456-Jan. 31-VicTo
8.931
torious, 1,475
1,238
To Rotterdam-Jan. 29-Villapeross, 1.238
31-VicTo China-Jan. 26-Tofuku Maru, 1,410--Jan.
2.888
torious, 1,478
2.620
To Liverpool-Jan.28-Anselma de Larrinaga, 2,620
To Manchester-Jan. 28-Anselma de Larrinaga, 1,765
11.445
-Steadfast. 3.616
Jan. 29-Dakarian, 6,064: Jan. 30
-Jan.
To Havre-Jan. 29
-St. Andrew, 1,149_ Jan. 29-Dakarian.
552-Jan. 30
-Steadfast, 885_ --Jan. 31-Jacques Car- 7,227
tier, 4,641
1,758
To Ghent
-St. Andrew, 1,758
-Jan. 29
1,650
To Dunkirk-Jan. 31-Jacques Cartier. 1.650
SAN PEDRO-To Liverpool
-Jan. 26-Robinhood, 591; Kastilia.
1.251
-East Lynn. 6.560
29
100---Jan.
-BelTo Japan-Jan. 26
-Hawaii Mara, 1,800....-Jan. 30
2,800
fast Mar,1,000
500
To China-Jan.26-Hawail Maru,500
To Bremen-Jan, 28
-Hessen, 800; Glamorganshire. 700--1,600
100
Jan. 30-Witell,
200
To Manchester-Jan. 26-Kastilla, 200
300
To Havre-Jan.30-Zerony, 300
1,500
To Vera Cruz
-Point Gordo, 1.500
-Jan. 30
GALVESTON-To Bremen-Jan. 22
-Ares, 3.826-....Jan. 29- 12,238
Cedrus. 2.680: Ventura de Larrinaga, 5,732
To Genoa-Jan. 25--Collingsworth, 2,098; Monbaldo, 5,600 8,792
Jan. 29-Terni, 1.094
994
.
T. Japan-Jan. 29-Tatuku Maru, 1994
200
To Naples-Jan, 25-Collingsworth, 200
170
To China-Jan, 29-Tafuku Mara. 170
4,210
To Havre-Jan.28
-Jacques Cartier. 4.210
2.053
To Dunkirk-Jan.28
-Jacques Cartier, 2.053
1.170
To Venice-Jan.29
-Burma, 1.170
1,622
To Trieste-Jan.29
-Burma,1,622
2,800
MOBILE-To Japan-Jan. 26
-Chattanooga City, 2,800
577
To Liverpool
-Jan,26
-Maiden Creek. 557
1.134
To Manchester-Jan. 26
-Maiden Creek, 1.134
1.632
To Bremen-Jan.26
-West Gotomska, 1,632
150
To Hambura -Jan. 26-Weat Gotomska, 150
3,530
CORPUS CHRISTI
-Jan. 26-Elmsport,3,530
-To Liverpool
562
TEXAS CITY
-To Genoa-Jan.23 Collingswortil. 562
167,100
Total

COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .450.
Manchmter.45c.
Antwerp .45c.
.310.
Havre
Rotterdam .45c.
.50c.
Genoa

[VoL. 128.

FINANCIAL CHRONICLE

760

Standan.
.60c.
.600.
.600.
.460.
.600.
.55o.

High
Density.
.500
Oslo
Stockholm .600.
Trieste
.50c.
Flume
.500.
Lisbon
.450.
Oporto
.60c.
Barcelona .30e.
Japan.
656

Standand.
.60c.
.75c.
.65e.
.650.
.600.
.75c.
.484.
800

High
Deader.
Shanghai .700.
Bombay
MI.
.450.
Bremen
Hamburg 450.
.75e.
Piraeus
750.
Salonica
.500.
Venice

Band'
ord.
.850.
850
. .
.60e.
600.
.90c.
.900
650.

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which AIIIeliCill
Amount afloat
Of which American

Jan. 11. Jan. 18. Jon. 25. Feb. 1.
29.000
27.000
44.000
32.000
19.000
17.000
26,000
21.000
1,000
1,000
1,000
1.000
63.000
59,000
75.000
69.000
893,000 921,000 959.000 964.000
612,000 638,000 670.000 678,000
78.000
93.000 103.000
99,000
60.000
75,000
86,000
75,000
228.000 224,000
299.000 254,000
218.000 178,000 162,000 161,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:




Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Market,A lair
business
Quiet.
Quiet.
12:15 { Quist.
Quiet.
doing.
P.M.
Mk1.1.1prds
Sales

10.426

10.39d.
4,000

5,000

10.44d
5,000

10.34d
5,000

10.376.
6.000

Friday.
Quiet.
10.356..
5,000

Quiet
Sry. 2 pts.
Quiet
Quiet
Steady
rutures.{
Quiet
Market
3506 pts 3 to 5 pts 2 to 4 pts 6 to 8 pts. adv.to lpt.6 to 8 ptsdecline.
advance.
opened
decline, advance, advance, decline,
Steady
Market, { Quiet
Steady
Barely st'r
Quiet
Easy
4
6 to 8 pts Ito 7 pin. 2pts.dec.to 10 to 15 pts 2 to 6 pts. 6 to 9 ptsdecline. advance.
P. M.
decline, advance. pin. adv. decline,

Prices of futures at Liverpool for each day are given below:
Jan. 19
to
Jan. 25.

Wed. I Thurs. I Fri.
Tues.
Sat. I Moo.
,
,
12,1512.312.15l4,0012.151.40(12.151.40012.15 4.00 12.151 4.00
P. m.P. m•p.m.P.In P. M.P. m.p.m.P. BLIP. m.P.ro.IP. m•P.ra•

d.
d. d. I d. i il. I d.
d.
d. , d.
d.
d. d.
January (1929)-- -- 10.14 10.1710.1910.19,10.1810.09 10.08 10.09 10.0010.1010.07
February
- 10.15 10.18 10.2010.2010.1810.09 10.06 10.18 10.08 10.16 10.14
March
._ 10.21 10.24 10.2610.27110.26 10.17 10.12 10.17 10.00 10.17 10.16
April
_ 10.22 10.2510.25 10.28,10.27 10.18 10.1210.23 10.1510.23 10.23
May
- ...)10.26 10.30 10.32 10.33,10.33 10.24 10.19 10.19 10.12 10.20 10.19
June
- 10.23 10.26 10.26 10.29,10.29 10.2010.16 10.21 10.14 10.22 10.21
July
_ 10.24 10.27 10.29 10.31110.31 10.22 10.18 10.16 10.09 10.17 10.16.
August
_ 10.18 10.21 10.2310,2610.26 10.17 10.13 10.10 10.04 10.12 10.11
10.17110.20;10.21 10.12 10.08 10.05 10.0010.08 10.07
September__ ,...10.12 10.15 10.12
October
10.15,10.16 10.07 10.03 10.01 9.96 10.05 10.05
_ 10.06 10.09
November.__ _ __
10.05 10.08 10.11110.12 10.04 10.0010.92 9.97 10.05 10.05.
December _ _ _ _ _ 10.02 10.05 10.09 10.12,10.13 10.04 10.01 9.99 9.95 10.03 10.03.
January (1930) __ ...1 9.99 10.03 10.0810.09,10.1010.01 9.93 9.98 9.95 10.0010.03.
..10.02

BREADSTUFFS
Friday Night, Feb. 1 1929.
Flour was firm as a reflection of the recent rise in wheat
and in some cases a rather better demand was reported from
here and there. But on the whole, it looked as though business was quiet. That is to say, buyers paid no great attention to the rise in wheat, simply consulting the stage of
their supplies and buying accordingly, and for the most part
in small lots. They buy only to satisfy immediate requirements. San Francisco reported a decline in flour prices
on the Pacific Coast of 20e.
Wheat shows little net change for the week. Some realizing of profits offsetting very cold weather in the winter
wheat belt. It is believed, too, that the Southern hemisphere shipments will soon increase materially. On the 26th
Inst. prices advanced slightly on firm foreign markets and
apprehensions of damage to the winter wheat from cold
weather and a lack of adequate snow protection. The early
rise in corn was also bracing to wheat for a time. It was
said also that some large speculative interests are on the
long side of wheat. The Southwest and the Northwest
bought, their buying coinciding with reports of deterioration
of the crop in the West and the Southwest. But after a
rise of nearly 15c. since Jan. 5 there was a natural desire
to secure profits. This selling caused a break of 1V,c. from
the early top. No export business was reported. Yet the
general sentiment remained bullish. On the 28th, prices
2
/
fell 11 to 1%c. on liquidation and short selling linked with
large Southwestern receipts, large world shipments and
lower cables. World's shipments were 21,477,000 bushels,
and the quantity on passage increased about 3,000,000, the
total being 63,024,000 bushels. India was selling wheat.
This affected English markets. Southwestern carlots receipts were unusually heavy and Southwestern interests
were reported to be selling all day. Export demand was
small. The United States visible supply decreased last
week 1,748,000 bushels against 1,267,000 a year ago. The
total now is 129,081,000 bushels against 78,445,000 a year
ago.
2
/
On the 29th, prices ended 11c. higher with snow forecast
for the Southwest, the cables lower, River Plate offerings
larger in Europe, the Northwest selling, export trade dull
and in general the sentiment bearish. Foreign advices
stated that Argentine offerings were larger. It is expected
that heavy shipments will be made from that country, as
well as from Australia weekly from now on. The demand
for American cash wheat was confined to mills which want
the choice grades. Ordinary qualities welt dull. The price
parity was said to be against export business. Yet some
500,000 to 600,000 bushels were sold for export, mostly
Manitoba wheat, very little being domestic.
On the 30th, prices advanced 1% to 2e. on unfavorable reports from the winter wheat belt, bullish government and
Kansas State reports, better cables and an increased foreign demand. Canadian country marketings are decreasing
and the weather was cold there. The Government report
stated that all fields were practically without snow covering and that freezing temperatures and ice formations in
parts of Illinois, Missouri and Indiana were injuring the
crop. The Kansas State report was of a similar nature.
Private crop advices from Kansas City said that all the
wheat estimated to be on hand would be needed if the numerous unfavorable reports concerning. the weather and
crop prove to be true. To-day prices ended at an advance
of 1 to 17
4c. in the various markets on continued cold
weather in the winter wheat belt, and better cables than
due. Commission houses were good buyers and some large
operators were said to be on the bull side. Export sales
however were not large, I. e., 250,000 bushels. Argentine

FEB. 2 1929.]

FINANCIAL CHRONICLE

exports for the week were 6,138,000 bushels and Australian
4,536,000. Bradstreet's North American was 8,728,000 bushels, indicating world's shipments for the week of 19,482,000
bushels. Cash markets were rather quiet but steady. Final
prices show a decline for the week, however, of % to %c.

761

to a decline in other prices. Cash demand was not at all
brisk nor was there any export business. On the 30th prices
were up 1 to 23fic. on the strength of other grain. To-day
prices ended 1% to 21
4c. higher, the latter on July. The
continued cold weather in the Northwest and the strength
of wheat told. Final prices for the week are 1 point higher
on March, but % to %c. lower on other months.

DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
160% 162% 162% 164%
164% 163
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
March
10934 108
1104
Sat. Mon. Tues. Wed. Thurs. Fri.
109
10734 110
11034 10934 108
March
10934 109
125
123% 122% 124% 124
125% May
1103
July
May
10914 10834 10734 10814 107
look:
128% 126% 12534 127% 12734 129
July
130% 128% 12734 129% 12934 130%
Closing quotations were as follows:
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
GRAIN.
Sat. Mon. Tues. Wed. Thurs. Fri.
Oats. New York
May
128% 128% 129% Wheat, New York12914 12714 127
1.64%
No.2 white
No. 2 red, f.o.b
July
63
130
130% 129% 128
130% 13134
No. 3 white
No.2 hard winter,f.o.b. _1.40%
October
62
127% 12754 129%
129
12734 126
Rye. New York
Corn, New YorkIndian corn has latterly weakened somewhat owing to
No. 2 f.o.b
1.16%
No. 2 yellow
1 22%
Barley. New York
1.13
No.3 yellow
reports of beneficial rains in Argentina. On the 26th prices
Malting
9234
advanced to new high levels for the season, stimulated
FLOUR.
partly by an estimate of the Argentina surplus as only 167,- Spring patents
$6.30($6 60 Rye flour. patents
$6.90027.25
3%
80
000,000 bushels against 255,000,000 last year. Buenos Aires Clears, first spring__ 5 35 6.1O Semolina No. 2. pound_ 2.90®2.93
6.85 Oats goods
Soft winter straights... 6
was unchanged to %c. higher. In Chicago the shorts cov- Hard winter straights__ 6 00
.: Corn flour
2.75
(4 2.85
- 6 354 6 75 Barley goods
ered freely, fearing that prices might continue firm until Hard winter patents
Coarse
3.60
5 401 5.95
Hard
the receipts should increase materially. But later in the Fancywinter clears
Fancy pearl Nos. 1.2.
Minn patents-8 30
9n
6.50(ee 700
3and 4
9.00
8 b0
day the early strength gave way under profit taking and City mills
For other tables usually given here, see page 682.
local

selling left the closing prices 1% to 1%c. net lower.
The visible supply of grain, comprising the stocks in
The decline was checked by buying against bids. Country
offerings were small and the belief in higher prices was granary at principal points of accumulation at lake and
still very general for ultimate results, irrespective of pass- seaboard ports Saturday, Jan. 26, were as follows:
GRAIN STOCKS.
ing fluctuations. On the 28th, prices ended about 1%c.
Barley.
Rye.
Corn.
Oats.
Wheal.
lower with cold clear weather. Corn was affected by the
bush.
bush.
bush.
bush.
bush.
United States
191.000
85,000
130,000
66,000
decline in wheat, in spite of small offerings. Argentine New York
1,025,000
98,000
2,000
22,000
was dry, but bullish factors counted for nothing in what Boston
204,000
458,000
7,000
251,000
84,000
Philadelphia
283,000
looked like a long market. The United States visible sup- Baltimore
3,000
585,000
115,000
1,795,000
14.000
83,000
Newport News
ply increased last week 2,364,000 bushels against a decrease New Orleans
525,000
110,000
52,000
735,000 1,467,000
last year of 735,000 bushels. The total is now 24,515,000 Galveston
947.000
169,000
1,108,000
2,000
32,000
3,353,000
4,000
237,000
191,000
Fort Worth
bushels against 28,557,000 a year ago.
312,000
456,000
5,442,000 1,556,000 1.181,000
Buffalo
On the 29th, prices fell % to lc. on lower cables from
594,000
608,000
7,244,000
" afloat
29,000
257,000
2.049,000
6,000
28,000
Liverpool and Buenos Aires, reselling of River Plate corn Toledoafloat
500.000
600,000
"
and better weather at the West for moving the crop. Detroit
15,000
215,000
12,000
82,000
30,000
12,096,000 9,234,000 2,831,000 2,343,000 1.241,000
Temperatures were lower in Argentina but there was no Chicagoafloat
299,000
rain; it may be that cooler weather is the precursor of Milwaukee
793,000
397,000 2,025,000
594,000
496.000
957,000
334,000 1.777,000
22.961,000
765,000
rain. On the 30th, prices were 1% to Viic. higher, owing Duluth
278,000
418,000
" afloat
to unfavorable reports from Argentina. The weather was Minneapolis
30,587,000 1,159,000 2,053,000 1,042,000 3.163,000
911,000
291,000
32,000
495,000
clear and warmer. The forecast was for snow and rain. Sioux City
812,000
131,000
461,000
3,4414.000
4,000
St. Louis
This will continue to delay the movement. The grading Kansas City
92,000
18,955,000 1,545,000
28,000
72.000
22,000
4,842,000
4,000
4,000
of arrivals continued poor. Buenos Aires was firmer. To- Wichita
214,000
3,000
2,172,000
St. Joseph, Mo
day prices closed % to %c. higher with the weather un- Peoria
15,000
123.000
562,000
13,000
617,000 1,477,000
653,000
favorable and country offerings small. The strength of Indianapolis
129,000
8,008,000 1,41)5,000 1,039,000
45,000
Omaha
wheat was the principal factor. Recent showers were
Total Jan. 26 1929-129,081,000 24,515,000 13,101,000 6,462.000 8,955,000
beneficial in Argentine but estimates on the surplus there
Total Jan. 19 1929_130,829,000 22.151,000 12,996.000 6.434,000 9,173,000
continued to run from 175,000,000 to 195,000,000 bushels
Total Jan. 28 1928... 78,445,000 28,557,000 20,514,000 3,909.000 2,333,000
against 255.000,000 last year. Commission houses were buyNote.
-Bonded grain not included above: Oats, New York. 68,000 bushels:
Philadelphia, 40.000; Baltimore, 25,000; Buffalo, 541,000; Buffalo, afloat, 229.000:
ing. Export demand at the seaboard was slow. Final prices Duluth, 14,000; total, 913,000 bushels, against 313,000 bushels In 1928. Barley.
show a decline for the week, however, of 2 to 2 c.
New York, 552,000 bushels; Boston, 282,000; Philadelphia. 136,000; Baltimore,
/
1
4
total, 3,357,000

DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri•
No.2 yellow
um 116% 115% 116% 116% 116%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
March
97
9814 1021{ 97$ 97% 9714 97%
May
99
100% 100% 100%
101% 100
July
101
102% 102
103%
102%

543,000; Buffalo. 1,315,000; Buffalo afloat, 437,000: Duluth,92,000;
bushels, against 2,093,000 bushels in 1928. Wheat, New York, 3,480.000 bushels:
Boston, 1,318,000;Philadelphia.2,734.000;Baltimore.4,549,000;Buffalo.9.842.000:
Buffalo afloat, 9,412,000; Duluth, 270.000: Toledo, 1,470,000; total, 33,075.000
bushels. against 25,778,000 bushels in 1928.
Canadian
484,000
1,013,000
396,000
9,001.000
Montreal
5,024.000 1,659,000 5,683,000
Ft. William & Pt. Arthur_55,159,000
206,000
41,000
7.792.000
" afloat
709,000 1,217,000
2.099,000
8.731,000
Other Canadian
8,177,000 2,764,000 7,680.000
Total Jan. 26 1929-.80,683.000
8.305,000 2,708,000 7,851,000
Total Jan. 19 1929____79,588,000
3,316.000 2,944,000 3,672,000
Total Jan, 28 1928__68.964.000
Summary
129,081,000 24,515,000 13,101,000 6,462,000 8,955,000
American
8,177,000 2,764.000 7,680,000
80,683.000
Canadian
Total Jan. 26 1929-209.764,000 24,515,000 21,278.000 9,226.000 16,635,006
Total Jan. 19 1929...210,417,000 22,151,000 21,202,000 9,142,000 17,024,000
Total Jan. 28 1928-147,407,000 28,557,000 28,830,000 6.853,000 6.005,000

Oats end lower in sympathy with other grain. On the
26th inst. prices in sympathy as usual with those for other
grain though slightly higher at first took a downward turn
of %c.to %c. ending %c. net lower for the day. On the 28th
prices closed % to Tic. lower. The United States visible
supply increased last week 105,000 bushels against a decrease last year of 38,000 bushels. The total is now 13,101,000 bushels against 20.514,000 a year ago. On the 29th,
WEATHER BULLETIN FOR THE WEEK ENDED
March liquidation and the usual sympathy with other grain JAN. 29.
-The general summary of the weather bulletin,
markets caused a decline of % to 1%c. net. The country issued by the Department of Agriculture, indicating the
movement increased somewhat. But closing prices were influence of the weather for the week ended Jan. 29 follows:
not the lowest. Chicago reported a larger shipping busiAt the beginning of the week a depression had moved rapidly from
widespread preNebraska to the upper St. Lawrence
ness at the decline. On the 30th prices advanced % to %c. cipitation over the Great Lakes region Valley attended byof the south and
and adjacent areas
in sympathy with other grain. The cash position was west. Temperatures had fallen over much of the interior, with subzero
A "low", central over
reported
strong. To-day the closing was at an advance of Y4 to %c. readings the 23rd,south to northern Missouri. Mexico, with attendant
moved southeastward to New
Utah on
In response to higher prices for other grain. Cash markets precipitation over the eastern Great Basin and adjoining sections: a secdeveloped
were firm. Commission houses bought. Final prices, how- ondary disturbanceto Ontario over eastern Texas on the 24th and moved
on the 26th, attended by widespread rain
rapidly northward
ever, are % to 12
or snow over practically the entire country east of the Great Plains, ex/0. lower than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
64
63% 63
6314 63
63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon Tues. Wed. Thurs. Fri.
March
53% 53
52% 53% 52% 53
May
5334 5334 52,4 5.334 53
53;4
July
51
5034 4934 50
50
50
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri
.
62
61% 61q 62
May
61% 62%
July
60
60% 59
60% 60% 604
55
October
55
54
, 55% 55% 55

Rye has declined somewhat on most months, March being an exception. In general this grain has followed the
rest of the list. There was at the close of last week a
net decline of %c. to Tic. in response to a decline in other
grain. Nothing was said about export trade. The absence
of it has been the sore point for some time past. On the
28th prices fell 1 to 134c. The United States visible supply
is 6,462,000 bushels against 8,909,000 bushels a year ago.
On the 29th prices fell % to 1%c. net largely in response




cept the extreme Southeast. Temperatures were low in Texas, following
this disturbance, with the line of freezing extending south to San Antonio.
There was also a reaction to colder over the East on the 26th. but at the
same time it had become somewhat warmer over the West. with rather
general precipitation in the Northwest. A shallow depression passed
along the southeast coast on the 27
-28th. with general rain or snow over
the more eastern States. Temperatures were again low in the Northwest
toward the close of the week, with several stations reporting minima of
26 deg. to 38 deg. below zero.
Chart I shows that variations in temperature, for different sections of
the country, were very similar to those of last week, except that it was
not quite so warm in the Southeast and was much colder in the Northwest. Temperatures were abnormally low throughout the northwestern
portion of the country, with a large area, extending from northern Missouri and northern Kansas northward and northwestward, reporting
weekly means ranging from 12 deg. to as much as 34 deg. below normal. In
North Dakota and eastern and central Montana the temperatures for the
period averaged from 14 deg. to 19 deg. below zero, and at many places the
highest readings of the week were below the zero mark, with the minima
at first-order stations ranging from about 20 deg. to 38 deg. below.
While it was bitter cold in the Northwest, the line of zero did not extend
farther east or south than the northern portions of Illinois, Missouri. and
Kansas, and first-order stations along the Gulf coast did not have temperatures as low as freezing at any time during the week. In the Southeast.
while the latter part of the week had a reaction to much colder weather.
the period, as a whole, was abnormally warm, with weekly mean temperatures ranging from 3 deg. to as much as 8 deg. above normal over a considerable area from the lower Mississippi Valley eastward, while to the northward of this about normal warmth prevailed.

FINANCIAL CHRONICLE

762

Chart II shows that precipitation was mostly substantial in amount
over an extended area from Georgia, Alabama. Mississippi, and Louisiana
northward to the Great Lakes, with most stations reporting from 1 to
more than 2 inches. To the westward the amounts were light, except in
the far Northwest where they were moderate to fairly heavy. In the
Middle and North Atlantic States most stations reported less than 1 inch,
and likewise in most of the immediate Lake region.
Much the coldest weather of the season over a large area, extending from
the central and northern Mississippi Valley and western Lake region westward, prevented seasonal outside operations and was trying on livestock.
In some western mountain sections heavy, drifting snows made it difficult
to feed isolated herds, while the usual marketing of farm products was
halted in many places. The January snowfall has been unusually heavy
in the western lake region and extreme upper Mississippi Valley, with
the previous records for the month broken in some places, while generally
it has been the most severe month in several years in many sections.
On the other hand, the southeastern portion of the country again experienced, on the whole, unusually mild weather for the season, with
peach buds reported swelling in the Fort Valley district of Georgia and
early varieties of fruit beginning to bloom in extreme southern Alabama.
The reaction to colder at the close of the week, however, will be beneficial
in retarding a further unseasonable development in vegetation.
The great contrasts in temperature between the more southeastern and
the more northwestern States is shown by the differences in the average
temperatures for the week; in southern Georgia the period was 70 deg. to 75
deg. warmer than in North Dakota and Montana. 'While moderate to high
temperatures for the season prevailed generally in the South, frequent
rains prevented much field work and very little plowing and other preparation for spring planting could be accomplished. Moisture is needed
In parts of the Southwest, particularly in western Texas and in New Mexico.
Some damage resulted from freezing weather in southern California and
locally in Arizona. but no harmful temperatures Occurred in other Southern
States.
SMALL GRAINS.—Except in the more northern portions where fields
were protected by a snow cover,the week was mostly unfavorable for winter
wheat in the main producing area. There is much ice in parts of Illinois
and a considerable cover in much of Missouri, with a sheet over the northern third of Indiana. These conditions are causing some apprehension as
to possible wheat damage. In Kansas the ground continued bare in the
western and southern portions, with wheat frozen to the ground, while
most fields are still bare in Nebraska. In the far Northwestern States
conditions as to protection are better, especially with the additional snows
that came at the week-end. In the South the weather was mostly favorable
for winter cereals, but was rather unfavorable in the middle Atlantic area
where fields are mostly bare.

The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia—Richmond: Cloudy, with temperatures below normal; precipitation moderate. Favorable for marketing tobacco, but outdoor work
interrupted somewhat by rain and snow, though considerable accomplished in extreme east. Precipitation of soil for early crops. Winter
grains in fair to good condition.
North Carolina.—Raleigh: Week opened mild, but closed rather cold.
Considerable cloudiness, but rainfall light, except along coast. Mostly
favorable for outdoor work. Preparing some tobacco beds for seeding and
preparations made for mulching strawberry plants. Hardy truck doing
well. No change in small grains.
South Carolina.—C6lumbia: Warm early in week, followed by more
seasonable temperatures, which checked abnormal swelling in fruit buds.
Winter truck, wheat, rye, and oats improving slowly. Occasional rains
have retarded spring plowing, except along coast.
Georgia.—Atlanta: Very warm over southern half, but two cold days.
Precipitation frequent, though not excessive, but keeps soil too wet to
plow. Warmth and moisture causing thrifty growth of cereals. Shipping turnips and other winter truck. Peach buds swelling in Fort Valley
district.
Florida.—Jacksonville: Unseasonably warm; locally heavy rains in west
and moderate in extreme north; showers in central and continued dry
in south. Lowlands too wet in west, but work advanced in north where
land prepared for corn and cotton. Pats, cabbage, cauliflower, and
lettuce doing well in north: too warm in central. Large shipments of
strawberries, cauliflower, cabbage, and other truck. Planting melons
continued in central and north; early up to good stands. Potato planting
begun in west. Citrus shows new growth and some bloom; shipments
moderate.
Alabama—Montgomery: Temperatures above normal first part, but
somewhat below at close, with moderate freezing nearly to coast. Frequent quite general, rains were locally heavy. Little farm work accomplished. Warm weather favorable for growth of winter vegetables in
most sections. Pastures improved in some localities, but mostly dormant or poor. Oats continue to progress fairly well. Pear and plum
trees beginning to bloom in coast section. Condition of satsuma orange
trees considered unfavorable, should severe freeze occur.
Mississippi.—Vicksburg: Generally moderate temperatures and deficient
sunshine, with frequent light to moderate precipitation to Friday. followed
by moderate cold wave in north and central Saturday, with rain in south
and central Sunday. Farm activities mostly hindered by wet soil. Progress
of pastures fair to good; truck poor to fair.
Louisiana.—New Orleans: Frequent rains Unfavorable for outdoor
work and made soil too wet for plowing in some sections, but, notwithstanding unfavorable conditions, considerable cleaning land and some
plowing accomplished. Change to colder Middle of week prevented undue
advance of vegetation from previous long spell of unseasonably warm
weather. Cane grinding finished and some spring cane planted. Truck
doing well.
Texas.—Houston: Cold wave middle of week; otherwise moderately
high temperatures. Rainfall heavy in northeast; light elsewhere and
moisture needed in portions of west and southwest for winter grains
and stock water. Colder weather beneficial in checking premature opening of fruit buds. Progress and condition of winter wheat, oats, and
truck fair to good; truck and citrus shipments large. Strawberries are
ripening slowly. Plowing well advanced, except in east and upper coast
sections where soil too wet.
Oklahoma.—Oklahoma City: Coldest week of season; mostly cloudy,
with general precipitation; rain, snow, and sleet moderate to heavy in
east and light in west. Field work suspended. Winter grains dormant.
but in fair to good condition. Pastures generally short; livestock in fair
to good condition.
Arkansas.—Little Rock: Cold, rainy weather very unfavorable for farm
work; ground frozen all week in northern and most of week in central
portions. Wheat damaged by freezing and thawing. Oats damaged by
low temperatures, 18 deg. being recorded nearly to southern border. Fruit,
meadows, winter truck, and livestock in good condition.
Tennessee.—Nashville: All grains made progress during warm weather
first of week, but slowed up after thermal drop following. Barley and
rye continue to advance; other grains and clover generally fair to good.
Livestock in good condition.
Kentucky.—Louisville: Temperatures moderate to low and frequent
precipitation. Fields very wet and draining slowly. Thawing and freezing unfavorable for grains, with some lifting, but their condition averages
fairly good.

THE DRY GOODS TRADE
New York, Friday Night, Feb. 1 1929.
A feature of the week in the textile trades was the opening
by the American Woolen Company of over-coatings for
the 1929 fall season. The new lines are an illustration of
the new policies which are coming into being in the Woolen
and Worsted division of the textile trade. Fabrics are
shown in a wide diversity of color and style, and are designed to appeal to all sections of the trade, in that, while
the trend toward such fabrics as chinchillas, whitneys, and
boucles, is emphasized, other goods such as meltons, and oxfords which will probably continue to be popular with the
public, have not suffered by concentration on other lines.
Buyers appeared to be very impressed with the showing,




[VOL. 128.

which some regarded as indicating the ability of producers
to adjust themselves to changing conditions in the industry, and not constrict themselves, on a hit or
miss basis, to a comparatively limited number of
lines. The showing was considered to reflect style
trends very well, and the diversity of fabrics did
not, evidently, cause uncertainty in the minds of buyers.
Carefully graded prices, on a basis of comparison, are also
a great help to buyers in their selection of goods. Overproduction continues to be a discouraging factor in the cotton goods division. Sales are being made in a fair volume,
but prices are on such a low basis that producers are unable
to derive full benefit from an improving demand. Linens
are in a somewhat better position and sentiment is much
more encouraging as regards the future. Attention has been
drawn to a new merger of silk interests which is reputed
to be the largest in existence. Rayons are maintaining a
position of strength and generally equable conditions
throughout the industry.
DOMESTIC COTTON GOODS.—According to certain
prominent manufacturers, the situation in cotton goods has
been considerably misrepresented by reports which have
been circulated of late. Such rumors, it is pointed out, give
the impression that there is general dissatisfaction at the
primary end of the trade with the volume of demand whereas in reality there is a good business in progress in many
directions. While some lines are certainly not selling as
well as they might, there has been a marked improvement
in many others during the past two weeks. It is the extremely low level of prices, primarily due to excessive output, which is the real source of pessimism in the trade.
While there is good deal of talk of curtailment, with some
isolated mills reported to have begun it, the present rate
of production continues high, and those factors in a position
to appreciate the circumstances are saying that unless a pronounced improvement in activity manifests itself, they can
see no relief for cotton goods without regulation. Print
cloths are a good instance of the need for internal adjustment. At this time they are said to be sold ahead, as was
the case at the end of last year, but in the meantime there
has been no material change In the volume of surplus goods
on hand These stocks remain rather large, and have had
the effect of influencing mills to solicit orders at low prices
in order to prevent further accumulation. Regulated production in cotton duck mills has put them in a much more
satisfactory position, and the less intensive curtailment in
sheetings and pillow-cases has at least relieved the pressure which appeared to be making business quite impractical, in those divisions. All of which apparently indicates
that conditions are not so unfavorable as to be incapable of
modification. Wash goods are selling in a satisfactory volume, and buyers are taking every precaution to insure
prompt delivery. Ginghams are selling steadily, and towelings are also moving into distributors' hands in a good
volume. Print cloths 28-inch 64x60's construction are quoted
at 5%c., and 27-inch 64x60's at 5%c. Gray goods 39-inch
68x 72's construction are quoted at 8%c., and 39-inch 80x
80's at 10%c.
WOOLEN GOODS.—Most of the favorable sentiment in
woolen and worsted markets seems to have grown out of
prospective business rather than from the satisfactory conditions existing at the present time. The bright promise
of the future is apparently influencing an unconscious minimizing of a comparatively mediocre present in the minds of
many factors, and most trade opinions are inclined to dwell
on the former. The fact remains that a good volume has
been moving into distribution over the last three weeks or
se, and buyers are reported as having placed substantial
orders for sultings and overcoatings without waiting for the
openings of new offerings. A considerable amount of spring
ordering has yet to be done before distributors will be even
moderately supplied, and there is more activity than is
generally realized. The opening of the American Woolen
Company's new fall overcoating lines for the 1929 season
was very well received by buyers. The new lines comprise
a diversity of stylings and fabrics which canot %II to attract attention from all branches of the trade, and prices
are so arranged on a comparative scale that decision in selection is facilitated.
FOREIGN DRY GOODS.—Handkerclalef linens have been
in rather active demand as a result of a prospective rise
in prices in Belfast markets. Advances in yarns are reported as leaving manufacturers no choice but to name their
products at a higher figure since they are now selling goods
on a basis so close to cost that any further concessions are
considered impossible. Owing to the contest between the
Bleachers and Finishers Association and certain outside
firms, prices have been low of late, but this state of affairs
is thought to be only temporary and the firmer position
of yarns is said to indicate higher prices for cambrics and
sheers, and probably other lines of goods within the near
future. As a consequence local buyers who customarily
cover ahead of their immediate needs have been absorbing
offerings of handkerchief goods in the piece at the current
quotations and even paying a premium of le. a yard in some
cases. Burlaps are very steady. Light weights are quoted
at 6.95-7.00c., and heavies at 9.25c.

FEB. 2 1929.]

FINANCIAL CHRONICLE

763

.#tate anti Titg ptpartnunt

The issue, according to the act under which it was authorized,
is payable
principally from a tax of 1 cent a gallon on "gasoline,
other motor fuel." It was authorized by the voters benzine, naphtha or
of the State at the
November election. The financing next month is, therefore,
the first
installment for the State's comprehensive road
rate is limited to 5%, and the maturity to twentyprogram. The interest
years. The bonds will
mature serially.
Taking a leaf from the highway program of the State of North
which has
Antioquia (Department of), Republic of Colombia.— Obtained built an elaborate system and is paying for it solely fromCarolina,
revenues
from gasoline and motor vehicle
$1,750,000 Bond Award.—Blair & Co., Inc., in conjunction a highway system and obtain the cost fromtaxes, Louisiana expects to build
the users of it.
with E. H. Rollins & Sons and the Chase Securities Corp., of the opinion rendered yesterday by Thompson, Wood & The significance
Hoffman lies in
their statement
one-cen
privately placed during January $1,750,000 7% series "D" requirements onthat if thedebt, t tax is not sufficient to meet the service
the road
external secured sinking fund gold bonds of the Department may be provided by the State. additional levies from this or other sources
L. B. B: aynard, Jr., secretary of the Board
of Antioquia at a price of 93 and interest, to yield 7.75% will open sealed bids on the issue in Baton of Liquidation of State Debt.
Rouge, La., on Feb. 26. Bids
to final maturity. Bonds are dated July 1 1925. Due must be for all or none of the bonds, with the bidders naming the rate of
not
July 1 1945. The following information has been taken interest at Newto exceed 5%.
Several
York syndicates have signified their intention of bidding
from the offering notice:
for the bonds if assured that the securities were
Authorized $20,9 0,000 to be outstanding in the hands of _public $5,- tion of the State. In some States full taxing a direct and general obliga9
,
not
582,900, series "A, $5.518,100 series "B," $2,299,000 series (.1" and $5,- various charters specifically limit the amount power is thatobtainable, since
'
of taxes
can be imposed,
377,000 series "D." Retired by sinking fund $1,223,000. Principal
so that such limits would prevent full service on so
semi-annual interest, Jan. 1 and July 1, payable in U. S. gold coin at and as a State highway system. In Louisiana the taxing large an undertaking
the
is not so limited.
office of Blair & Co., New York, fiscal agents, free of all taxes, present or
future, of the Department of Antioquia and of the Republic of Colombia.
Iassachusetts, State of—Additions to List of InvestCoupon bonds in denominations of $1,000, $500 and $100, registerable
as to principal only. A cumulative sinking fund sufficient to retire the ments Legal for Savings Banks.—Roy A. Hovey, Comseries "D" bonds by maturity. is provided, payable semi-annually to call missioner of Banks, has issued a bulletin dated Jan. 28, of
bonds by lot at 100 and accrued interest on the next succeeding interest
the following issue of securities added to the list of July 1 1928.
ientddate Citilabes onazy ole6gy
an acci:u
nterletas
hl 1
ailrcept forderest tn u erea er
on any i he silgieg lunditat

NEWS ITEMS

mr

Railroad Bonds—
Grand Rapids & Indiana RR. let ext.43s,1941.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on
New York State.—Governor and Legislature Agree on
a preceding page.
Procedure for Considering State Executive Budget.—The first
Cuba (Republic of).
-810,000,000 53-% Certificates executive budget to be submitted in strict compliance with
Placed.—A syndicate composed of the Chase Securities the constitutional mandate ratified in 1927 was placed before
Corp., Blair & Co., Inc. the Equitable Trust Co. of New the Legislature at its session of Jan. 28. The budget showed
York and the Continental National Co. privately placed estimated revenues and other resources, against which
'
during January $10,000,000 532% public works certificates appropriations may be made for the fiscal year beginning
of the Republic of Cuba at par and interest, yielding 5.50%. July 1, of $262,133,590, and recommendations from the
Certificates, it is reported, were offered to the underwriters Governor that provision be made by the Legislature for
of the last Cuban issue. The current issue is dated Jan. 1 aggregate expenditures of $256,418,774 for the support
1929. Coupon certificates in denominations of $1,000. of the State government during that period. This compares
Due $2,500,000, June 30 1932; $6,250,000, Dec. 31 1932, with the amount of $232,643,701 for appropriations made
and $1,250,000, June 30 1933. Certificates not redeemable by the 1928 Legislature. We quote in part from the New
prior to their respective maturities. Principal and semi- York "Herald-Tribune" of Jan. 31.
annual interest (June 30 and Dec. 31) payable in gold coin
...overnor Roosevelt and the Legislature came to an agreement to-day
of or equivalent to the present standard of weight and fine- on the procedure for handling the $256,000,000first constitutional executive
budget and its annual successors.
ness of the United States of America gold coin at the Chase
While the Legislature marked time for an hour the Governor and RepubNational Bank of the City of New York in New York City lican leaders held a conference which resulted in a compromise which may
avert the prolonged contest threatened Monday night by the Legislature
or Havana, at the holder's option, without deduction for any referring the budget to its fiscal committees over the vigorous objection
of the Roosevelt administration
Cuban taxes present or future.
Outstanding Points Listed
Further information regarding this loan may be found in
These are the outstanding points of the agreement:
our "Department of Current Events and Discussions" on
1—Governor Roosevelt withdrew his objection to the plan of referring
a preceding page.
the budget to the Senate Finance Committee and the Assembly Ways and
Means Committee.
Emporia, Kansas.—Supreme Court Orders City to Issue
2—The Republicans promised to eliminate from a pending bill on budget
procedure a clause construed by the Governor as in effect delegating to
Bonds.—According to the Topeka "Capital" of Jan. 26, a these committees the responsibility of the
Legislature as a whole with
writ of mandamus was issued on Jan. 25 by Justice John respect to the budget.
representing the legislative majority agreed that
3—The
Marshall of the State Supreme Court, ordering the city to the budgetRepublicansreturned
bills, when
to the full Legislature by the committees,
issue $55,000 in bonds that were recently authorized by shall set forth clearly every change recommended by the committees.
public election. The bonds were to be used to pay a third This ili be done by noting the amount asked by the Governor and the
amount recommended by the committees.
of the cost of constructing a subway under the tracks of
The third point was covered only by a "gentlemen's agreement" for the
Santa Fe railroad at one of the important street intersectiothe time being. br the legislative rules will be amended to provide for the new
ns.
After the bonds had been approved by the voters the Com- practice.
Texas, State of.—Pass Bill Validating Dallas Bonds.—
mission, feeling that it did not have the power to do so,
hesitated to issue the bonds. The case was taken to court On Jan. 24 a bill was passed that had been introduced by
Senator Thomas B. Love which is designated to list the
with the above result.
entire Ulrickson bonding program in Dallas from any further
Hanover (Province of), State of Prussia, Germany.— litigation.
The following article on the subject is taken
$4,000,000 Loan Oversubscribed.—A syndicate composed of
Lee, Higginson & Co., Illinois Merchants Trust Co. and from the Dallas "News" of Jan. 25:
Bond issues voted in furtherance of the Ulrickson plan in Dallas would be
White, Weld & Co. offered on Jan. 28 a $4,000,000 issue
validated and all possibility of error in their issuance removed under the
terms of a
by Senator Thomas
65i% series "2" Harz water works bonds of the Province of suspension billthe rules Thursday. B. Love that was passed finally under
of
of
The bill, brought to Austin by City
Hanover at 94.50 and interest, yielding about 7%. The Attorney James Collins, validates all amendments to city charters since
bankers announced that the issue had been oversubscribed. the enactment of the home rule enabling act in 1913. In 1925 a similar
validating statute was enacted and the bill passed in the Senate Thursday
Bonds are dated Feb. 11929. Coupon bonds in
brings that act of validation down to date.
City
tions of $1,000 and $500. Due on Feb. 11949. denominaJ. J. Collins,
According plained Attorneyofficials last who aided in the drafting of this bill, exto
materially
to the offering circular, the issue is "callable as a whole or strengthen city validity of all week that such a measure would1925 under
charter amendments voted since
the
in part on any interest date on and after Feb. 1 1934 at 102, the home rule provisions of the Texas Constitution.
The entire Ulrickson program will be lifted above any further litigation
decreasing on Feb. 1 1939 to 100, and for the sinking
fund when this bill becomes a law, it is expected. As far as the city is concerned
on and after Feb. 1 1933 at 100, plus accrued interest in there is no doubt on its part of the validity of the various amendments
voted to initiate the Ulrickson program, but there has been some litigation
each case." Principal and interest payable in Boston,
amendments.
York and Chicago at the offices of Lee, Higginson & New attacking theseinteresting is the result of such a law, it was pointed out
Particularly
Co., Thursday, which concerns the voting of $400,000 for airports.
fiscal agents for the service of this loan, in United States
This
gold legislative ha king to the authority of a city or town in Texas to owngives
and
coin of the present standard of weight and fineness
operate an airport as a municipal service.
deduction for any taxes present or future, imposedwithout
by the
West Virginia, State of.—Senate Passes LieutenantGerman Reich or any '
taxing authority therein.
Governor Bill.—On Jan. 29 the Senate reversed its procedure
Further information regarding this loan may be found
in of the
our "Department of Current Events and Discussions" on cisivelyprevious day when it had rejected the bill and deapproved the proposal to create the office of Lieua preceding page.
tenant-Governor of the State, according to the Baltimore
Louisiana, State, of.— Attorney Declares Road
Bonds "Sun" of Jan. 29. A bill relating to the terms of office for
Legal Investments.—In an interview given on Jan. 25,
municipal officers was also passed by the Senate.
Wood of the firm of Thomson, Wood & Hoffman, New Mr.
York
City bond attorneys, declared that after careful
consideration
BOND PROPOSALS AND NEGOTIATIONS.
of the status of the $10,000,000 issue of not to exceed 5%
road bonds, scheduled for sale on Feb. 26—V. 128,
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.—
will be received
the bonds had been found to be direct and general p. 435— Sealed bidsthe purchase by Kent Sweet. County Treasurer, until 10 a. m.
Feb.5.for
ditch bonds in denoms. of $443.81.
of the State, and are therefore qualified to be obligations due $443.81, on Dec. 1of $2,219.056%1933. incl. Interest payable semifrom 1929 to
legal investments for Savings banks and trust classed as annually.
ANDERSON SCHOOL CITY, Madison County, Ind.—BIDS.—The
New York State. The New York "Times" of funds in following bids were also submitted on
Jan. 26
Jan. 21. for the $100.000 4 H
carried the following article on the subject:
school bonds awarded to the Continental National Co. of Chicago. %
at

That the issue of $10,000,000 State of Louisiana road bonds,
which will
be sold to the highest bidder on Feb. 26, constitutes a direct and
general
obligation of the State of Louisiana, and not a limited tax
issue, was the
statement issued here yesterday by Thompson, Wood &
iloffman,
bond attorneys. The law firm had been retained by the State muncipal
to decide
the status of the issue and furnish the requisite legal
chasers. Its statement clears up a situation which opinion to the purthreatened to keep
York houses from bidding on the issue, which,
many New
as
bond, would command a much lower price than if backed by a limited tax
the full taxing
power of the State.




104.30, a basis of about 4.13%—V. 128, P. 591. Premium offered by the
successful bidder.
Bidder—
Premium
Harris Trust fit Savings Bank. Chicago
$4,214
Fletcher American National Bank, Indianapolis
4,057
Meyer-Kiser Bank, Indianapolis
2.750
Merchants National Bank. Indianapolis
2.330
ARCADIA, Los Angeles County, Calif.—BOND OFFERING.—
Sealed bids will be received until Feb. Shy the City Clerk for the purchase
of a $45,000 issue of 5% library construction bonds. Due from 1930 to
1959 inclusive. These bonds were voted on Oct. 30—V. 127. p. 2715.

764

FINANCIAL CHRONICLE

-E. It. Rollins I
-BOND SALE.
ASHLAND Middlesex County. Mass.
& Sons of Boston, were the successful bidders on Jan. 29, for the purchase
of 9110,000 4% school bonds. The successful bidders paid a price of 100.35
for the issue, which matures in annual instalments.
The following bids were also submitted:
Rate Bid.
Bidder100.10
Old Colony Corp
100.04
Harris, Forbes & Co
-BOND OFFERASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-W. W. Howes, Clerk Board of County Commis.sioners, will receive
ING.
sealed bids until 1 p. in, (eastern standard time) Feb. 18, for the purchase
of 3100,650 5% sewer improvement bonds. Dated Feb. 15 1929. Denoms.
31.000 one bond for $650. Due Oct. 1 as follows: $1,650, 1930: $7,000.
1931 to 1941, incl.; and $8,000. 1942 and 1943. Interest payable on April
and Oct. 1. A certified check payable to the order of the Board of County
Commissioners, for 32,000 is required.
ATCHAFALAYA BASIN LEVEE DISTRICT (P. 0. Atchafalaya),
St. Martin Parish, La.
-BOND SALE.
-An $800,000 issue of 5% coupon
funding bonds has recently been purchased by the Canal Bank & Trust Co.
of New Orleans. Denom. $1,000. Dated Feb. I 1929. Due from
Feb. 1 1940 to 1969 incl. Prin. and int. (F. & A. 1) payable at the fi.cal
agency of the State in New Orleans. Legality approved by Thomson,
Wood & Hoffman of New York City.
Financial Statement.
966,789,519.95
Assessed valuation, 1928
2,912,000.00
Total bonded debt (including this issue)
984,000.00
*Certificates of indebtedness
175,000
Population, present estimate
*Certificates mature serially over a period of ten years and funding bonds
in an equal amount have been authorized to refund the same as they mature.
-BONDS REOFFERED FOR
ATLANTIC CITY, Atlantic City, N. J.
-The 52,510,00041%% convention hall bonds awarded on
INVESTMENT.
Jan. 24, to a syndicate headed by the Chase Securities Corp. of New York,
at 102.80, a basis of about 4.53%-V. 128, p. 591-are being reoffered for
investment by the successful bidders, priced to yield 4.40%.
According to the offering circular:
"These bonds, issued for convention hall purposes, are direct general
obligations of the entire city of Atlantic City, which in 1928 reported an
assessed valuation of all property of 9,316,740,868 and total bonded debt,
including this issue, of $28,270,000."
Financial Statement (As Officially Reported).
5316.740.867.00
Assessed valuation of all property (1928)
„ .
Assessed valuation of real property
28.270,000.00
Total bonded debt (including thisIssue)
$3,007,000.00
Less Water bonds
2.565.534.76 5,572.534.76
Sinking fund
22,697,465.24
Net bonded debt
Population (1920 Census). 50,707;(1928 est.), 67,000.
-A. P. Briggs, City
-NO BIDS.
AUBURN, Cayuga County, N. Y.
Comptroller,states that no bids were submitted on Jan. 28,for the purchase
of $117.214.74 41%% coupon or registered public improvement bonds
scheduled to be sold-V. 128, P. 591-Bonds are dated Feb. 1 1929 and
mature on Feb. 1 as follows $10,214.74, 1930 $11,000, 1931 and $12,000,
1932 to 1939. Incl.
BONDS REOFFERED.
-Sealed bids will be received until Feb. 11, for
the purchase of the issue offered unsuccessfully as notes above, to bear a
coupon rate of 41.5%. Bonds are dated Feb. 1 1929 and mature on Feb. 1
as follows. 510.214.74, 1930: $11,000, 1931: and 512.000. 1932 to 1939.
incl. Bids should be addressed to A. P. Briggs, City Comptroller.

[VoL. 128.

-William A.
-BOND OFFERING.
BUFFALO, Erie County, N. Y.
ert, City Comptroller, will receive sealed bids until 11 a. in.. Feb. 6.
for the purchase of the following 4 % coupon or registered bonds aggregating $594,000:
$330,000 series "C" general improvement bonds. Due $11,000. Feb. 1
1930 to 1959 incl.
264,000 local improvement gold bonds. Due $66,000, Feb. 1 1930 to
1933 incl.
Dated Feb. 11929. Denom.91,000. Prin. and int.(F.& A. 1) payable
in gold at the office of the City Comptroller or at the Hanover National
Bank. New York. A certified check payable to the order of the City
Comptroller for $12,000 is required. Legality to be approved by Caldwell
& Raymond of New York City.
Financial Statement Jan. 15 1929.
Assessed valuation:
$1,000,512,590
Real property
31,257,800
Specialfranchise
6,690,000
Personal property
Total assessed valuation
Bonded debt:
Water (prior to Jan. 11904)
Water(subsequent to Jan.1 1904)
Net bonded debt
Total bonded debt
Sinking funds (not deducted above):
Water
Various

$1,038,460,390
1.323,450
15,884,820
73,841.621
991,049.891
$4,269,255
2.988,655

$7,257,911
Totalsinkingfunds
-The
-1N7', RATE.
BURLINGTON, Des Moines County, Iowa.
$24.000 issue of sewer bonds that was purchased at par by the First Iowa
-V.128, p. 592
-bears interest
State Trust 82 Savings Bank of Burlington.
at 4.25%.
-Harris,
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
Forbes & Co. of Boston, bidding 101.93 for the entire offering, were awarded
on Jan. 25, the following issues of 41%% coupon bonds aggregating $648,000:
$513,000 school house bonds. Due Dec. 1 as follows: $35,000
1929 to 1940 incl. and $31,000, 1941 to 1943 incl.
85,000 street bonds. Due Dec. 1 as follows $9,000, 1929 to 1937 incl.:
and 91,000, 1938.
50,000 building bonds. Due Dec. 1 as follows 53.000, 1929 to 1938.
incl. and $2,000, 1939 to 1948 incl.
Dated Dec. 11928. Denom. $1,000. Interest payable at the National
Shavrmut Bank. Boston. Legality to be approved by Ropes, Gray,
Boyden & Perkins of Boston. Cost basis to City about 3.92%.
Financial Statement April 11928.
94.212,950
Funded city debt
2,813.512
funded city debt
Sinking fund for
Net funded city debt
Serial city debt

$1.399.437
5.179.500

Net city debt
Funded water debt
Sinking fund for funded water debt

56.578.937
$427.500
402.063

Net funded water debt
Serial water debt

$25,436
523,500

S5A8848e68,90d36
Net water debt
Population (1920 census), 109,456: (1925 census), 120,084.
-The 9150.000 high valuation, $188,528.200.
BATH, Sagadahoc County, Me.
-BOND SALE.
-BOND OFFERING.
school bonds, bearing interest at the rate of 43i %, payable semi-annually
-Samuel E.
CANTON, Stark County, Ohio.
offered on Jan. 29-V. 128, p. 591-were awarded to Harris. Forbes & Barr, City Auditor, will receive sealed bids until 1 p. in. (eastern standard
% airportland purcha.se bonds.
Co. of Boston, at a price of 100.35, a basis of about 4.22%. The issue is time)Feb.18,for t he purchase of$78,375
dated Feb. 1 1929 and is to mature on Feb. 1 1949.
Dated Nov. 1 1928. Due May 1, as follows: 92,375, 1931; 53.000, 1932
The following bids were also submitted:
to 1955 incl.; and 52,000. 1956 and 1957. Prin. and int. payable at the
check
Rate Bid. office f the City Treasurer. A certified chk for 5% of the bonds offered
ifi
Bidder99.80
Shawmut Corp. of Boston
99.75
E. H. Rollins & Sons
-BOND SALE.
-An 311,000 issue
Caddo County, Okla.
99.54 ofCARNEGIE, bonds has recently been purchased at par by the sinking
Old Colony Corp
5% park site
99.26
Graham, Parsons & Co
fund.
98.80
Merchants National Bank, Boston
-ADDITIONAL
98.69
CARTER COUNTY (P. 0. Elizabethton), Tenn.
Estabrook & Co
98.34 INFORMATION-The $368.000 issue of 5% time warrants purchased by
Arthur Perry & Co
-Is dated Jan. 11929. Due in
-V. 128, p. 592
Caldwell & Co. of Nashville
BECKVILLE RURAL HIGH SCHOOL DISTRICT (P. 0. Beckville) 1959. The purchase price was 101, a basis of about 4.93%.
-On Jan. 21 the State
Panola County, Texas.
-BONDS REGISTERED.
-BOND SALE.
CARTERET COUNTY (P. 0. Beaufort), N. C.
4
Comptroller registered a $45,000 issue of 51 % serial school bonds.
A $300,000 issue of county bonds has been purchased by Walter, Woody &
(These are the bonds offered for sale on Dec. 14-7y. 127. p. 3430). Heimerdinger of Cincinnati.
to"tin'ty,
' . 4
EN NIN GTO N -Te/Vbr NSH IP ( -.; "
.
:
. 0
" "1 .."6!'Icin ciel" 14;rSb
CARY CONSOLIDATED SCHOOL DISTRICT (P. 0. Cochran)
-BOND SALE.
-The Hanchett Bond Co. of Chicago, has purchased Bleckley County, Ga.-PRICE PAID.
-The 515.000 issue of 5%
an issue of 950.000 road and bridge bonds, to bear interest at the rate of coupon school bonds Jointly awarded to J. II. HIlsntan & Co. and the
5%.and mature seriallyfrom 1929 to 1938,incl. The bonds were authorized Citizens & Southern Co. of Atlanta-V. 127. p. 3277-was purchased by
by popular vote on Jan. 11 this year, by a vote of 277 to 32.
them for a discount of 9800, equal to 94.66, a basis of about 8.37%. Dated
-The 9484.000 Nov. 11928. Due on Nov. 1 1958.
-BOND SALE.
BERKELEY, Alameda County, Calif.
-BOND SALE.
-The 57.000 issue
for sale on Jan. 29-V. 128, p. 591
Issue of improvement bonds offered
CHALLIS, Custer County, Ida.
,
was awarded to the Detroit and Security Trust Co. of Detroit, as 416s,
of 6% coupon electric light bonds offered for sale on Jan. 24-V. 128. p.
for a premium of 97,568, equal to 101.561.
State Bank,of Challis at par. Denoms.$100
-was awarded to the First
432
in 10 years and optional after 2 years.
P BIG HORN COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Mender- and 9500. Dated Jan. 1 1929. Due 1.
-Sealed bids will be received by E. C. Interest payable on January and July
son), Wyo.-BOND OFFERING.
Wiley, District Clerk, until 3 p. m. on Feb. 23.for the purchase of an issue
SCHOOL DISTRICT NO. 28 (P. 0. High.
CHATEAU COUNTY
of 911,000 school building bonds. Int. rate Is not to exceed 5%. Due in wood), Mont.
-The 510.000 issue of school bonds offered
-BOND SALE.
25 years optional after 15 years. A $500 certified check must accompany for sale on July 2I
-was awarded at par to the State
-V. 126, p. 4117
the bid.
Board of Land Commissioners.
-ADDITIONAL DEChinook), Mont.
BLAINE COUNTY (P. 0.
-BOND
CHESTER SCHOOL TOWNSHIP, Wabash County, Ind.
TAILS.
-The $60.000 issue of 5% semi-annual refunding bridge warrants
-Charles Weight, Township Trustee, will receive sealed bids
that was awarded to the State Land Board at a price of 101.017-V. 128. OFFERING. Feb. 14. for the purchase of 9108.000 4 si .7 school building
until 10 a. in,
a basis of about construction bonds. Dated March 1 1929. Denoms. $.50& and 9100. Due
p. 432-18 due in 20 years and optional at any time, giving
4.92%.
as follows: $4,400 July 1 1930; 51.100 Jan. and July 1 from 1931 to 1942,
i%c y
BOSSIER PARISH SCHOOL DISTRICT NO. 26 (P. 0. Benton), j li.:194.100 Jan. 1 and $1,100 July 1 1943. Int. payable on January and
issue of school bonds that
La.
-The $50.000
-ADDITIONAL DETAILS.
-V. 127, P. 3432
was purchased by John Nuveen & Co. of Chicago
-BELATED BOND REPORT.
CHELSEA, Suffolk County, Mass.
bears interest at 51% %. and was awarded for a premium of $319, equal to We are now informed by the City Auditor, that in addition to the various
100.638. a basis of about 5.17%. Due from 1929 to 1948. incl.
other bond issues of this city sold in 1928. and reported in these columns,
-BOND the Sinking Fund Commissioners, purchased at par, the issues shown below
BRIGHTON (P. 0. Bessemer), Jefferson County, Ala.
4%.
OFFERING.
-Sealed bids will be received until 7.30 p. in. on Feb. 6 by aggregating996,800. Coupon rate i
Sept.p .
Datese Sold.
Amount.
L. P. Edmondson. Town Clerk and Treasurer, for the purchase of a 913,000
Sept. Du1
l 1
$56,00032
Issue of 607 coupon town bonds. Denom. $1,000. Dated Feb. 1 1929.
Dec. 1 1931
Dec. 1
25.800
Due $1.000 from 1930 to 1942, incl. Prin. and int. F. & A.) payable
Sept. 1
Sept. 1 1938
15,000
in New York, A 51.000 certified check must accompany the bid. (This
The bonds were issued for street improvement purposes.
is a more detailed report than that given in V. 128, p. 432.)
CHICAGO, Cook County, 111.-815.000,000 IWARRANT AWARD.
-BOND OFFERING.BROWN COUNTY (P. 0.
wnwood), Tex.
Sealed bids will be received until
a. m. on Feb. 15. by E. M. Davis, The Guaranty Trust Co. of New York purchased during January. 515.000,
Bre
County Judge, for the purchase of a $300,000 issue of 5% series E road 000 anticipation warrants issued to secure funds for city salaries and running
on Feb. 15 as expenses, according to George K. Schmidt, City Controller. According
bonds. Denom. $1,000. Dated Feb. 15 1929 and due
follows: $9.000, 1930: $1.000, 1931 and 1932: 52.000. 1933 and 1934; to the report the Trust Co., agreed to turn over to the city 95,000,000
33,000, 1935 to 1938: 94,000, 1939 to 1942: 55,000. 1943 to 1945: 36.000, on Feb. 4, a second $5,000.000 on Feb. 10, and the remaining $5.000.000
1946 to 1948:87.000. 1949 and 1950:38.000. 1951 to 1953; 59.000, 1954 and on Feb. 12. The warrants ills stated mature in about 11% years and carry
1955:510,000, 1956 to 1959; 511.000, 1960 to 1962:812.000. 1963:813.000. an interest rate of 514%•
CIMA SCHOOL DISTRICT (P. 0. San Bernardino), San Ber1964; 314,000. 1965; 816,000. 1966 and $17,000 in 1967 and 1968. Prin.
-BOND SALE.
-The $3.000 18811e Of 6% school
and semi-annual hat.'payable at the Hanover National Bank in New York. nardino County, Calif.
approval. The county bonds offered for sale on Jan. 21-V. 128, p. 433
-was awarded to the
Chapman & Cutler of Chicago will furnish the legal
will furnish the required bidding form. A certified check for 2% par value of Freeman, Smith & Camp Co. of Los Angeles for a premium of $6.50. equal
to 100.216, a basis of about 5.95%. Dated Feb. 11929. Due $300 from
the bonds, payable to the above Judge, must accompany the bid.
Feb. 1 1920 to 1929 incl.
Financial Statement.
The only other bid was an offer of par by the First National Bank of
519,734,757.00
Assessed value of all taxable property for 1928
Victor ville.
$451,000.00
Bonded debt, including these bonds
-BOND OFFERING.
CITRUS COUNTY (P. 0. Inverness), Fla.
126,000.00
Warrant indebtedness
Sealed bids will be received until 2 p. In. on Feb. 18, by Claude Connor.
577.000.00 Clerk of' the Board of County Commissioners, for the purchase of $41,000
Total debt
Issue of 6% refunding bonds. Denom. $1,000. Dated Jan. 1 1929 and
$8,998.90
-Cash,
Less sinking funds
due on Jan. 1 as follows: 32,000. 1932 to 1950 and $3,000 in 1951. Prin.
65,083.08
Securities
and bit. (J. & J.) payable in gold at the National Bank of Commerce in
74,081.98 New York City. Caldwell & Raymond of New York City will furnish the
Total sinking funds
502,918.98 legal approval. Proceedings for the validation of these bonds are now
Net debt
pending in the Circuit Court. A certified check for 2% of the bonds bid
Percentage of net debt to assessed values. 2.55%•
for Is required.
Population, 1920, I/. S. census, 21,682. Present estimated, 40,000.




FEB. 2 1929.]

FINANCIAL CHRONICLE

765

CLARKSTOWN UNION FREE SCHOOL DISTRICT NO. 3 (P. 0. 34,000 Clyde D. Weaver et al highway improvement bonds at a premium
Congers), Rockland County, N. Y.
-BOND SALE.
-The $18,000
of $521, equal to 101.53, a basis of about 4.315%. Due $850, on
coupon or registered school bonds offered on Jan. 24-V. 128. p. 433
May and Nov. 15. from 1930 to 1949 incl.
were awarded to the Manufacturers & Traders-Peoples Trust Co. of BufBoth issues are dated Jan. 15 1929.
falo, as 5s, at 100.419, a basis of about 4.91%. Due 32,000. from 1930 to
ESSEX (P. 0. Salem), Mass.
-TEMPORARY LOAN.
1938 incl. Other bidders for 5% bonds were:
-The Salem
BidderRale Bid. Trust Co. of Salem, was awarded on Jan. 29. a $50,000 issue of TuberBatchelder, Wade & Co
100.33 culosis Hospital Maintenance notes. on a discount basis of 4.58%, plus a
George B.Gibbons & Co
100.07 premium of $2.61. Notes mature in 3 months.
ESTELLINE, Hall County, Texas.
CLEVELAND, Cuyahoga County, 0.
-WARRANT SALE.
-BOND SALE.
-A $31,000
-The following
coupon bond issues aggregating 88,300.000 offered on Feb. 1-V. 128. D. issue of 6% street paving warrants has been purchased recently by the
283
-were awarded to a syndicate composed of the Chase Securities Corp., Dallas Union Trust Co. of Dallas. at a price of 95.
Lehman Bros. & Co., H. L. Allen & Co., Kean Taylor & Co all of Nevr
EVANSTONTOWNSHIP HIGH SCHOOL DISTRICT (P.O. EvansYork; Otis & Co.. Cleveland; Guardian Detroit Co., Detroit; the Con-BOND SALE.
-The $475.000 494% coupon
tinental National Co.. Illinois Merchants Trust Co., Northern Trust Co., ton) Cook County, 111.
all of Chicago; Dewey, Bacon &Co.. R. H. Moulton & Co.,Ames,Emerich school bonds offered on Jan. 28-V. 128. p. 593
-were awarded to the
& Co- all of New York; W. H. Newbold's Sons & Co. of Baltimore; Mis- Illinois Merchants Trust Co. and the Continental National Co., both of
sissippi Valley Trust Co., St. Louis; Wells-Dickey Co.. Minneapolis; Chicago, at a premium of 31.017, equal to 100.214, a basis of about 4.22%.
Guaranty Co. of New York. Salomon Bros. & Hutzler, and Arthur Dated July 11928. Due $25,000, July 1 1930 to 1948 incl. The Harris
Sinclair, Wallace & Co., all of New York, taking $6,800,000 bonds as Trust & Savings Bank of Chicago was second high bidder offering 100.095
s. and $1,500,000 bonds as 4s, paying a premium of $12.948, equal to a and the Northern Trust Co..also f, Chicago, was third with a bid of 100.049.
price of 100.156.
FARGO, Ellis County, Okla.
-BOND OFFERING.
-Sealed bids will
2,500.000 stadium construction bonds. Due Oct. 1 as follows: $108.000,
be received until 7:30 p. in. on Jan. 29 by R. M. Hubbert, Town Clerk, for
1930 to 1936 inclusive, and $109,000. 1937 to 1952 inclusive.
the purchase of a $20,000 issue of water works system bonds. Int. is not
2,500,000 hospital construction and equipment bonds. Due Oct. 1 as
follows: $113.000„ 1930 to 137 inclusive, and $114.000, 1938 to exceed 6%. Denom. $1,000. Due $1,000 from 1932 to 1952, incl.
Prin. and semi-annual int, payable at the State's fiscal agency in New York
to 1951 inclusive.
1.500,000 city's portion,street opening bonds. Due $60,000, Oct. 1,from City, or should such agency be discontinued, then at the Chase National
Bank in New York City. These bends were voted on Jan. 8. A certified
1930 to 1954 Inclusive.
1,500.000 city's portion, street paving and sewer bonds. Due Oct. 1, as check for 2% of the bid is required.
follows* $115.000, 1930 to 1937 inclusive, and $116,000, 1938
FLINT, Genesee County, Mich.
-BOND OFFERING
.-Albert borne,
to 1942 inclusive.
City Clerk, will receive sealed bids until 8 p. m. Feb. 4, for the purchase
300.000 electric light bonds. Due $30,000, Oct. 1 1930 to 1939,
Dated Feb. 11929. Denom.$1000. Prin. and int.(Apr. 1 and incl. of the following issues of special assessment bonds aggregating $725,000 rate
Oct. 1) of interest not to exceed 5%:
payable at the American Exchange Irving Trust Co., New York.
Legality $523,000 series "B" paving bonds. Due Feb. 1, as follows: $62,000,
to be approved by Squire,Sanders & Dempsey of Cleveland. These
bonds
1930 to 1933 incl.; and $55.000. 1934 to 1938 incl.
are parlor the $12,050,000 authorized by the electors on Nov.
6.-V.127.
120,000 series "A- gravel road bonds. Due 860,000, Feb. 1 1930 and
p. 3125.
1931.
CLOVIS, Curry County, N. Mex.-BOND OFFERING.
82,000 series "B" sewer bonds. Due Feb. 1. as follows: 335.000. 1930
will be received until Feb. 15, by the City Clerk, for the --Sealed bids
and 1931; and 86.000. 1932 and 1933.
purchase of a
145,000 issue of city hall bonds.
Dated Feb. 1 1929. Denominations $1,000. Prin. and int. payable
at the office of the City Treasurer. A certified check for $2,000 is required.
COAL CITY, Grundy City, III.
-BELATED BOND REPORT.
Sheets, Village Clerk,informs us that on June 20 1928 an issue of -0. F. Legality to be approved by Miller, Canfield, Paddock & Stone of Detroit.
coupon bonds issued to ensure fire Rrotection, was awarded 38.0005% The above supersedes the report in V. 128, p. 593.
of local inventors, at a price of par. Bonds are dated June 30 to a group
1928 are in
FORT WORTH,Tarrant County, Tex.
-BOND OFFERING.
--Sealed
denoms $100, and mature five bonds each for a period fo 16 years.
Annual bids will be received by 0.E. Carr, City Manager, until 10 a. m.on Feb. 13,
Interest payable on June 20.
for the purchase of an issue of $1,500.000 494% semi-annual city bonds.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
- Denom. 31.000. Dated Mar. 1 1929. Due from 1934 to 1969 incl. The
The $100,000 temporary loan offered on Jan. 28-V.
-was purchaser is to state the price offered for the bonds as well as the amount
awarded to the Old Colony Corporation of Boston, on a128, p. 592
discount basis of charged for printing and furnishing the legal approval.
5.18%. Loan is dated Jan. 20 1929 and is due on July 16 1929.
FREEDOM TOWNSHIP (P.0. Hollidaysburg), Blair County,Pa.
COQUILLE, Coos County, Ore.
-BOND SALE.
BELATED BOND REPORT.
-The
of coupon city bonds offered for sale on Jan. 21-V. 128. 3.5,000 issue offered an Feb. 4 last year -The 516,000 5% coupon township bonds
-V. 126. p. 607
-were sold locally. Bonds are
p. 283
-was
awarded to the First National Bank of Coquille. as 5s,
Prin. and semi-annual int. payable at the Hollidaysdated Jan.
$12. equal to 100.24. Dated Jan. 1 1929. The only for a premium of burg Trust 15 1928.
Co., Hollidaysburg. Bonds are in denoras. of $500.
other
the Farmers & Merchants Bank of Coquille, bidding 100.55 bidder was
for 5s, but
without accrued interest to date of delivery.
FREMONT SCHOOL DISTRICT, Sandusky County, Ohio.
ADDITIONAL INFORMATION.
-We are informed that the 8350.000
COVINGTON TOWNSHIP SCHOOL DISTRICT (P.O.
Covington), 534% note issue awarded on Jan. 8 to Stranahan, Harris & Oat's, Inc. of
Tioga County, Pa.
-BOND SALE.
-The $18,000 434% school bonds Toledo, at 100.0 7, a basis of about 5.45%-V. 128,
-is dated
p. 593
offered on Nov. .5 last
-V. 127, p. 2262
-were awarded to J.
& Co. of Pittsburgh, at a premium of $380. equal to 101.71 II. Holmes Feb. 15 1929. Legality to be approved by Squire, Sanders & Dempsey
about 4.31%. Dated Nov. 11928. Due $1,000, Nov. 1 1931 to a basis of of Cleveland. Due on Feb. 15 1930.
1948,incl.
FULTON COUNTY (P. 0. Wauseon), Ohio.
-BOND SALE.
COWPENS, Spartansburg County, S. C.
-The
-BOND
- 827.500 6% road improvement bonds offered on Jan. 21-V. 128. p. 434
The $70,000 issue of waterworks and sewerage bondsDESCRIPTION.
that was
sold-V. 128, p. 592
-was purchased at par by Walter, Woody & reported were awarded to Spitzer, Rorick & Co. of Toledo, at a premium of $936,
Heiner- equal to 103.40, a basis of about 4.97%. Dated Sept. 11928. Due Sept.1
clinger of Cincinnati, 5% bonds, due from 1933 to 1958 incl.
as follows: 35.500. 1930;$5,000, 1931 and 1932.and $6,000. 1933 and 1934.
DALLAS TOWNSHIP, Huntington County, Ind.
-BOND
ING.
--Sealed bids will be received by A. 0. Garretson, Township OFFERGARRISON, McLean County, N. Dak.-BOND SALE.
-The
Trustee),
until 2 p. m., Feb. 18, for the purchase of $45,0004%%
school building and 36.500 issue of 5% semi-annual water bonds that was offered for sale on
equipment construction bonds. Dated Mar. 1 1929.
-has since been purchased by local investors.
Denoms. $500. May 1-V. 126, p. 2535
Due as follows: $2,000, Jan. and July I, from 1931 to
Dated April 15 1928 and due on April 15 1948.
Jan. and $5,000, July 1, 1942. Prin. and int. payable 1941 incl.; 32,000,
BOND SALE.
-The $5,000 issue of 5% semi-annual water works bonds
at
at Andrews. A certified check payable to the order of the State Bank offered for sale on May 22-V. 126, p. 3165
-has been purchased by the
the above-mentioned official for 3% of the bonds bid for is required.
First Minneapolis Trust Co. of Minneapolis. Dated May 1 1928 and due
on May 1 1948.
DORMONT, Allegheny County, Pa.
-BOND OFFERING.
-E. 0.
Garrett, Borough Secretary, will receive sealed bids
GORHAM-FAYETTE SCHOOL DISTRICT (P. 0. Fayette) Fulton
for the purchase of the following 4%% bond issues until 8 p. m., Feb. 8, County, Ohio.
-C. E. Roosa, Clerk Board of
-BOND OFFERING.
aggregating $123,000:
$58,000 kept. bonds. Due Mar. 1 as follows: $4.000,
1932 and 1935; Education, will receive sealed bids until 1:30 p. m. Feb. 15,for the purchase
16,000. 1938; $5,000, 1941; 33.000, 1944: $8,000.
of 3100,000 5% school bonds. Dated Jan. 15 1929. Denoms. $1,000.
1948; $6,000. 1949; 310.000, 1952 and 39,000, 1954. 1946; 33,000. Due 52,000 March and $3,000 Sept. 1 from 1929 to 1948 incl. Prin. and
50,000 impt. bonds. Due Mar. / as follows: $5,000, 1932
interest payable at the Fayette State Savings Bank Co., Fayette. A
37,000, 1938 and 1941; 18.000. 1944; 37,000. 1946 and and 1935; certified check payable to the order of the above-mentioned official for 82.000
1948; and
$4,000, 1949.
is required. Legality to be approved by Squire, Sanders & Dempsey of
15,000 impt. bonds. Due Mar. 1, as follows: 33,000,
1932; 95.000. 1935 Cleveland.
and 1938, and $2,000, 1939.
GOUVERNEUR,
Lawrence County N. Y.
Dated Mar. 11929. Denom. 31.000. Bids for bonds
-BOND OFFERING.to bear a coupon WaUac.3 A. Streeter,St.
rate of 434% are also solicited. A certified check
Village Clerk, will receive sealed bids until 7.30 13• m.
for 3.500 Ls required.
Feb. 12, for the purchase of $5,000 coupon or registered municipal power
DOTHAN, Houston County, Ala.
-A $40.000 issue of bonds-rate of interest not to exceed 5%. and to be stated in multiples of
6% coupon improvement bonds has -BOND SALE.
been purchased by Caldwell & Co. 1-10th or 94 of 1%. Dated Feb. 1 1929. Denominations $1,000. Due
of Nashville. Denom. 81.000. Dated
Nov.
Nov. 1 /929 to 1938, incl. Prin. and int. 1 1928. Due 54.000 from $1,000, Feb. 1 1930 to 1934 incl. Prin. and int. payable in gold at the
Hanover National Bank in New York City. (M. & N. 1) payable at the First National Bank, Gouverneur. A certified check payable to the order
Legality approved by Storey. of the village for $500 is required.
Thorndllce. Palmer & Dodge of Boston.
GRAND ISLAND, Hall County, Neb.-BOND SALE.-• $94.212.48
DULUTH,St. Louis County., Minn.
-ADDITIONAL BOND SALE.- Issue of paving district bonds has been purchased by the Lincoln Trust Co.
We have been informed by the City Clerk
that on Oct. 1. the sinking fund of Omaha.
purchased a 320,000 issue of 434% special assessment
bonds at par. Dated
Oct. 1 1027. Due on Oct. I 1931.
HALFWAY, Mich.
-VILLAGE TO BE KNOWN AS EAST DETROIT.
ADDITIONAL OFFERING DETAILS.
-In connection with the offering -The people of this village at a recent election voted in favor of incorporaon Feb. 25 of the $370,000 issue of 434%
tion as the City of East Detroit, the "Michigan Investor" of Jan.26 reports.
canal bridge bonds
-V. 128, Of the total vote polled 694 were
p. 593
-we are informed that the prin. and int.
in the affirmative and 108 in the negative.
in gold coin of the United States at the American(A. & 0. 1) is payable
Exchange Irving Trust
HAMBURG (P. 0. Hamburg), Erie County., N. Y.
Co. of New York City. Bids to be for par and
-BOND SALE.
accrued interest. Legality The $75,000 coupon or registered highway bonds offered on Jan. 28of bonds will be passed on by Chapman & Cutler of
Chicago. Both prin- V. 128, p. 593
-were awarded to George B. Gibbons & Co. of New York,
cipal and Interest of bonds may be registered. Bond
vided by the City and no allowances will be made to forms will be pro- as 49s, at 101.114, a basis of about 4.53%. Dated Jan. 1 1929. Due
bidder on them.
July 1 as follows: $7.000, 1930 to 1934.incl., and $8,000, 1935 to 1939.incl.
DURHAM, Durham County, N. C.
-ADDITIONAL DETAILS.
HAMILTON, Butler County, Ohio.
The $500,000 issue of notes that was purchased by the
-BELATED BOND REPORT
-In
Corp. of Durham-V. 127. p. 2991-was awarded at Bankers Securities addition to sundry other bond issues of this city sold during 1928. and
5.90% and is dueon reported in these columns as they took place, the City Auditor,states that
Feb. 14 1929.
the Sinking Fund Trustees purchased the following other issues during that
EAST CLEVELAND, Cuyahoga County, Ohio.-BELA
year at a price of par.
REPORT.
-The City Auditor, states that in addition to otherTED BOND
AmountInt. Rate. Monlh Sold.
j uary
an
Maturity.
bond issues
sold during 1928 and reported in these columns, a $6,900
434%
1730-1939 incl.
street opening 82.100
bond issues, bearing interest at the rate of 44%, was
4.800
434%
March
1930-1939 incl.
awarded during
April of that year, at a price of par. Bonds are dated Apr.
AApprriill
431%
1 1928 and 33,600
mature serially on Oct. 1 from 1929 to 1935 incl.
6.800
435 7
4 9:
2.500
September
193 1939
119930-1 39
10-19.9 9
9EAST ORANGE, Essex County, N. J.
-BOND OFFERING._.
4,800
September
193
Lincoln E. Rowley, City Clerk, will receive sealed bids until 8
The above issues aggregating $54,600 were issued for park,street, sewer,
°
11, for the purchase of the following Issues of 434% coupon orp. m. Feb.
registered boulevard lighting and gas improvement purposes.
bonds, aggregating 32,754,000:
31.650,000 series 12, general impt. bonds. Due Feb. 1 as follows:
HAWAII, Territory of (P. 0. Honolulu).
-BOND SALE.
-The
1930 to 1958, incl.; $55,000, 1959 to 1966, incl., and $40,000, $1,175,000 issue of 494% coupon public impt. bonds offered for sale on
$50,000, Feb. 1-V. 128, p. 142
1967.
-was Jointly awarded to Harris. Forbes & Co. of
572,000 series "NN" school bonds. Due Feb. 1 as follows:
320.000, New York; Hayden, Miller & Co. of Cleveland, and Stranahan, Harris &
1930 to 1949, incl.; $25,000, 1950 to 1955, incl., and 322.000, Oatis, Inc., of Toledo, at a price of 100.093, a basis of about 4.24%.
1956.
Dated Feb. 1 1929. Due $47,000 from Feb. 1 1934 to 1958 incl. .
532,000 series 7,sewer bonds. Due $14,000 Feb. I 1930 to
HANCOCK COUNTY (P. 0. Findlay), Ohio.
Dated Feb. 11929. Denom.$1,000. No more bonds to be 1967 incl.
-BOND
-The
awarded than following bond issues. aggregatine $29.450 offered on Jan. SALE.
will produce premium of $1,000 over the amount of
each issue. A certified 284 and 434
-were awarded as 43is, to the Ohio Bank & 24-V. 128, 1).
check payable to the order of the City for 2% of the total
Savings Co. of
amount
issue bid for is required. Legality to be approved by Hawkins, of each Findlay, at a premium of $150. equal to 100.50,a basis pf about 4.59%:
Delafield $19,850 road bonds. Due as follows: 52,850. 1930' $0,000. 1931; and
ds Longfellow of Now York City.
1932
.
2
2.175$2,000.13
t9
ie4
31
ELKHART COUNTY (P. 0. Goshen), Ind.
t° lg3
Due Oct. el as follows: $175
8.in l
'
-BOND SALE.
13; and $508, 193/ to
-The
two is81109 of 494 7 bonds aggregating $82,000 offered on Jan.
4
l93
7.425 road ,
28-V. 128.
v.433
-were awaked as stated below:
bonds. Due as follows: $1,425, 1930 and 52,090, 1931 to
348,000 C. L. Sawyer et al highway improvement bonds awarded
to
City National Rank,at a premium of $877,equal LO 101.82. a the
Dated1Sep. l I928.
9331 incr
basis
a about 4.257%. Due $1,200, on May andNov. 15„ from 1929
HARRISONVILLE, Cass County, Mo.-ADDITIONAL DETAILS.
to
1948 incl.
-The $100,000 issue of water system bonds that was purchased by the




766

FINANCIAL CHRONICLE

-bears interest
-V. 127, P. 3434
Mississippi Valley Trust Co. of St. Louis
at434%. The price paid was par and the bonds are due in 20 years.
-The $25,000
-BOND SALE.
HAYESVILLE, Clay County, N. C.
Issue of semi-annual water and sewer bonds offered for sale on Apr. 5-has been purchased by local investors.
V. 126. p. 2040
-BOND ELECHENDERSONVILLE, Henderson County, N. C.
-On Feb. 26, a special election will be held for the purpose of passing
TION.
upon a proposition to issue $500,000 in bonds for the erection of an hotel
and the development of adjoining estates.
HENDERSON COUNTY CONSOLIDATED ROAD DISTRICT NO.
-Sealed bids will be
-BOND OFFERING.
1 (P. 0. Athens), Texas.
received until 1 p. m. (opening at 2 p. m.) on March 2 by A. B. Coker,
County Judge, for the purchase of a $200,000 issue of 5% semi-annual
road bonds. A $2.500 certified check is required.
-The H. C.
-BOND SALE.
HIGHLAND PARK, Lake County, 111.
Speer & Sons Co. of Chicago, state that they have purchased $850.000
1928. Coupon bonds in
1% water revenue gold bonds. Dated July 1
,
45
denoms. of $1,000. Prin. and int. (J. & J. 1) payable In gold at the Continental National Bank & Trust Co., Chicago. Due July 1 as follows:
$25,000, 1931 and 1932; 530,000. 1933 and 1934; $35,000. 1935 and 1936;
$40,000. 1937 and 1938: $45,000. 1939; $50,000, 1940 and 1941: $55,000,
1942: *60.000, 1943 and 1944: $65,000. 1945 and 1946: and $70.000 1947
and 1948. Legality to be approved by Winston, Strawn & Shaw of Chicago.
Successful bidders are marketing the Issue priced to yield 4.50% •
-A
-BOND STATE.
HOLDINGFORD, Stearns County, Minn.
$10,000 issue of 4% water improvement bonds has been purchased at par
by the State of Minnesota Due in 10 years.
-BELATED
HOLLYWOOD PARK DISTRICT, Cook County, 111.
-The $16,000 issue of park bonds bearing interest at the
BOND REPORT.
year-V.126, p.2692-wasawarded to
rate of 5% offered on May 1 of last
the White-Phillips Co. of Davenport. The successful bidder paid a price
of 106.24 for the issue. Bonds are dated June 1 1928. Interest payable
semi-annually.
-Howard
-BOND OFFERING.
HORNELL, Steuben County, N. Y.
P.Babcock, City Chamberlain. will receive sealed bids until 3 p. m.Feb. 13.
-rate of
for the purchase of $25,936.38 coupon street improvement bonds
Interest not to exceed 6% and to be stated in a multiple of yi of 1%. Dated
Due Feb. 1, as follows: $5,936.38, 1930; and $5,000 1931 to
Feb. 1 1929.
1934 inclusive. Principal and Interest payable at the office of the above
mentioned official. A certified check payable to the order of the City for
$1.000 is required.
-BOND SALE.
HUMPHREYS COUNTY (P. 0. Belzoni), Miss.
The $205,500 issue of 454% rehabilitation bonds offered for sale on July 2-was purchased by the State of Mississippi, at a price of
V. 126. p. 3806
98, a basis of about 4.75%. Dated Apr. 2 1928. Due from Apr. 1 1933
to 1947.
-BOND OFFERING.
INDIANAPOLIS, Marion County, Ind.
Sealed bids will be received by Sterling R. Holt, City Controller, until
12 m., Feb. 4, for the purchase of $34,500 454% park district bonds of
1929. Dated Feb. 11929. Denom. $500. Due $1,500. Jan. 1 from 1931
to 1953 incl. Prin. and int. payable at the office of the City Treasurer.
Interest payable on Jan. and July 1. A certified check payable to the
order of the City Treasurer for 2 % of the bonds bid for is required.
-W H.
-BOND OFFERING.
IRVINGTON, Essex County, N. J.
Jamouneau, Town Clerk, will receive sealed bids until 8 p. m. Feb.13.
for the purchase of $712.000 454, 44 or 5%, coupon or registered sewer
,
bonds. Dated Mar. 1 1929. Denoms. of $1,000. Due Mar. 1. as follows:
$15,000, 1930 to 1943 incl.: *20,000, 1944 to 1967 incl.; and $22.000. 1968.
Principal and int. payable in gold at the Merchants & Newark Trust Co.,
Newark. No more bonds to be awarded than will produce a premium of
81,000 over the amount stated above. A certified check payable to the order
of the Town for 2% of the bonds bid for is required. Legality to be approved
by Hawkins, Delafield & Longfellow of New York.
-A
-BOND SALE.
JACKSONVILLE, Cherokee County, Tex.
$75.000 issue of 5% water and sewer bonds has been purchased by Coldwell
& Co. of Nashville, for a premium of $605, equal to 100.806. (This supersedes the report of sale given in V. 128, p. 594.)
-The following
-BOND SALE.
JASPER, Rensselaer County, Inc.
issues of.5% bonds aggregating $29.600 offered on Jan. 28-V. 128. p.434
were awarded to the Inland Investment Co.of Indianapolis, as stated below:
Twp. bonds at a premium of $604.50
$18,000 W. H. Hicks et al, Carpenter
equal to 103.35 a basis of about 4.36%. Due $900, May and
Nov. 15 1930 to 1939, inclusive.
11.600 John L. Osborne et al, Hanging Grove Twp. bonds at a premium
of $389.75 equal to 103.35 a basis of about 4.36%. Due $580, on
May and Nov. 15, from 1930 to 1939, inclusive.
Dated Jan. 15 1929.
-The
-TEMPORARY LOAN.
KEENE, Cheshire County, N. H.
Colony Corp. of Boston was awarded on Jan. 26. a $100,000 temporary
loan on a discount basis of 5.18%. The loan matures in about 11 months.
KEMPSVILLE ROAD DISTRICT (P. 0. Princess Anne) Princess
-Sealed bids will be received by
Anne County, Va.-BOND OFFERING.
J. F. Woodhouse, County Clerk, until Feb. 11, for the purchase of a
$293,000 issue of road bonds.
(These bonds were voted on Dec. 7-V. 127, p. 3740).
KING COUNTY SCHOOL DISTRICT NO.1(P.O. Seattle), Wash.
BOND SALE.
-The $850.000 issue of coupon school bonds offered for sale
-was awarded to the State of Washington as
on Jan. 18-V. 127, p. 3740
4.20% bonds, at par. Dated Feb. 1 1929. Due in from 2 to 25 years.
The other bidders and their bids were as follows:
Premium.
Rate.
Bidder$7,502.00
454%
Halsey, Stuart & Co., and A. B. Leach & Co
7,301.50
434%
National City Co
11,227.00
455%
Harris Trust & Savings Bank
1931-1947. 4)4%U700
1$505.000,
Harris Trust & Savings Bank
?
I 345.000, 1948-1954.
5,027.00
436%
Eldredge & Co.,and the First Securities Co
Illinois Merchants Trust Co.
16,410.00
4)4%
National Bank of Commerce
Marine National Bank
9.170.50
Hannahs, Bailin & Lee, and Bankers Co_ _ _ _ . - - _ 454%
KITTSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The $50.000
-BOND SALE CANCELLED
74(P.O. Lancaster), Minn.
Issue of5% semi-annual refunding bonds was not sold on Jan.26 asscheduled
-as the sale was cancelled.
-V. 128. p. 591
-NOTE OFFERING.
KNOX COUNTY (P. 0. Knoxville), Tenn.
Sealed bids will be received until 10 a .m. on Feb. 23. by S. 0. Ilouston,
County Judge, for the purchase of an issue of $100.000 4)4% semi-annual
notes. Denom. $1,000. Due in 5 years. A $3.000 certified check payable
to Frank W. Flenniken, Trustee, must accompany the bid.
-The $200,000
KNOXVILLE, Knox County, Tenn.
-NOTE .'ALE.
Issue of bond anticipation notes offered for sale on Jan. 28-V. 128, p. 434
awarded to the First National Bank of New York. •is 454s, for a $56
was
premium, equal to 100.023, a basis of about 4.74%. D.:ted Jan. 1 1929.
Due on June 1 19:13.
-The $19,827.76
-BOND SALE.
LA GRANDE, Union County, Ore.
issue of 534% improvement bonds offered for sale on Jan. 23-V. 128. p.
-was awarded to Carl E. Nelson of Salem, at a price of 103.48, a
594
basis of about 5.07% (if run to maturity). Dated Dec. 20 1928. Due
In 10 years and optional after 1 year.
-BOND OFFERING.
LA GRANGE COUNTY(P.O. La Grange),Ind.
-Harry Haglind, County Treasurer, will receive sealed bids until 2 p. m.
Feb. 13. for the purchase of the follovring bond issues, aggregating $1.5,800
Rate of interest 434 %:
$12,800 road improvement bonds. Due semi-annually from 1930 to 1039.
incl.
improvement bonds.
3 000 Jacob K. Saggers et al Eden Township road
Denoms. $150. Due $150 on May and Nov. 15, from 1930 to
1939, incl.
Dated Feb. 15 1929. Int. payable on May and Nov. 15.
-BOND OFFERING.
LAKE COUNTY (P. 0. Lakeport), Calif. County Clerk, for the
until
the
Sealed bids will be received of 5% Feb. 11, by and jail bonds. Due from
court house
purchase of a $30,000 issue
1930 to 1944 inclusive.




[VOL. 128.

-A $12,000 issue of
-BOND SALE.
LAKELAND, Polk County, Fla.
545% semi-annual refunding bonds has recently been purchased at par by
the Hanchett Bond Co. of Chicago.
LAKE TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Bridgman),
-Sealed bids will be re-BOND OFFERING.
Berrien County, Mich.
,
ceived by Elmer L. Myers, Secretary Board of Education, until 7.30 p. m.
Feb. 4, for the purchase a $43,000 school bonds, rate of interest not to
exceed 534%. Dated March 1 1929. Due Jan. 1 as follows: $1,000,
1932 to 1939 inclusive; $2.000, 1940 to 1955 inclusive, and $3,000, 1956.
Principal and interest payable at the State Bank of Bridgman. A certified
check, payable to the order of the District for $500. is required. Successful bidder to pay for printing of bonds and legal opinion.
LANDER HIGH SCHOOL DISTRICT (P. 0. Lander), Fremont
-The $44,000 issue of not to exceed
County, Wyo.-BONDS NOT SOLD.
434%, coupon semi-annual school refunding bonds offered on Jan. 12V. 127. p. 3740-was not sold.
LAWRENCE, Nuckolls County, Neb.-ADDITIONAL DETAILS.
The two issues of bonds, aggregating $9,000 that were reported sold-V.
128, p. 435
-bear interest at 5% and are in denoms. of $1,000. Purchased
by the U. S. Trust Co. of Omaha, at par. Dated Dec. 1 1928. Due on
Dec. 1 1948, and optional after Dec. 1 1929.
LEWIS COUNTY SCHOOL DISTRICT NO. 222 (P. 0. Chehalis),
-Sealed bids will be received until 9.30 a. m.
Wash.
-BOND OFFERING.
on Feb. 2, by C. M. Hastings, County Treasurer, for the purchase of a
$5,000 issue of semi-annual school bonds. Int, rate is not to exceed 6%
A certified check for 5% must accompany the bid.
%
-The $12,500
-BOND SALE.
LIGONIER, Noble County, Ind.
-were awarded
school construction bonds offered on Jan.29-V. 128, p. 435
to C. H. Stansburg of Ligonier, at a premium of $285.00, equal to 102.28.
Bonds are dated Jan. 1 1929, coupon in denominations of $3.30 and mature
in 20 years. Interest payable on Jan. and July 1.
-The $125,000 issue of tax
-NOTE SALE.
LOISE, Ada County, Ida.
-was awarded
anticipation notes offered for sale on Jan. 15-V. 128, p. 140
to the First Security Corp. of Ogden, as 5.905. at par.
-The three issues
-BOND SALE.
LUBBOCK, Lubbock County, Tex.
of 5% coupon serial bonds, aggregating $200.000, offered for sale on Jan
-were awarded to Stranahan, Harris Ss Oatis, Inc., of
24-V. 128. p. 285
Toledo, for a premium of $2,520, equal to 101.26. Denom. $1,000. Dated
Feb. 11 1929. Int. payable on Feb. & Aug. 11.
-BOND OFFERING.
-Sealed bids
LUFKIN, Angelina County, Tex.
will be received until Feb. 19 by V. R. Smitham, City Manager, for the
semi-annual street bonds. Int. rate is
purchase of an issue of $100.000
not to exceed 534%. The offering of these bonds is dependent upon the
outcome of an election to be held Feb. 12.
-The Central National
-BOND SALE.
LYNN, Essex County, Mass.
Bank of Lynn, purchased during January, the following issues of 4%
pb ut 3 5%:
a roveme9nt bonds aggregating $400,000 at a price of 100.257, a basis
of
$250,000 harbor bonds. Due serially from 1930 to 1939 incl.
150,000 school bonds. Due serially from 1930 to 1944 incl.
der
efoLlowing bids were also submitted:
Rate Bid.
Bidder100.21
Manufacturers National Bank. Lynn
Estabrook& co
100.21
100.165
Harris, Forbes & Co
-An issue of $193,000
-NOTE SALE.
McCAMEY,Upton County, Tex.
of
J.
554% waterworks notes has recently been purchased by on L. Arlitt as
Dec. 13
Austin. Denom, $1,000. Dated Dec. 13 1928. Due
follows: $46,000. 1931; $47,000, 1932 and $100.000 in 1933. Prin. and
int. (J. & D. 13) payable at the Guaranty Trust Co. of New York. Smith
& Gibson of Austin will approve the legality of the bonds.
(estimated)Financial Statement.
$31:550206:000000
Actual valuation 1928
Assessed valuation, 1927
2,108,228
Assessed valuation, 1928
259.000
Total bonded debt(payable from ad valorem taxes)
189,000
supporting)
Wa alrnetd ebw
Totte an dse t er bonds (self
61.000
Tax limit per $100 is $2.50. Population (est.) official, 7,000.
SALE.
-The
-BOND
MANCHESTER, Hillsborough County, N. H.
Trustees, Cemetary Fund, purchased on Nov. 1 last, *50.0004% highway
1 1928. Due serially in from
bonds, at .rice of 96.01. Dated May
l
yea p
to 20
Phoenix),
NO. 17
MARICOPA COUNTY SCHOOL DISTRICT received(P.O. p. in. on
until 2
-Sealed bids will be
Ariz.
-BOND OFFERING.
the
Feb. 25. by C. L. Walmsley, Clerk of the Board of Supervisors, for6%•
to exceed
purchase of a $15.000 issue of school bonds. Int, rate is not Prin. and int.
Due in 20 years.
Denom. $1,000. Dated Feb. 1 1929.
the Bankers
A.) payable at the office of the County Treasurer or at
the legal opinion are to
Trust Co. in New York City. Blank bonds andthe District. A certified
to
be furnished by the purchaser. free of expense
check for 5% of the bid is required.
-The
-BIDS REJECTED.
MARIETTA, Washington County, Ohio.
light and power
$48,000 water works improvement bonds and the $7,000 according to the
-were not sold
bonds offered on Jan. 26-V. 128, p. 435
City Auditor, who states that all bids submitted were rejected as a controversy as to the issues' validity has arisen. Bonds mature serially on
Nov. 1 from 1930 to 1936 incl.
-Sealed
-BOND OFFERING.
MARION COUNTY (P. 0. Ocala), Fla.
bids will be received until 2:30 p. in. on Feb. 25 by T. D. Lancaster,Clerk
of the Board of County Commissioners, for the purchase of a $500,000 issue
of coupon highway bonds. Int, rate us not to exceed 6%. Denom.$1,000
Dated Feb. 1 1929, and due on Feb. 1 as follows: $33.000. 1938 to 1951
and $38.000 in 1952. Prin. and int. (F. & A.) payable in gold in Now
York City. Chester B. Masslich of New York City will furnish the legal
approval. Int. rate is to be stated in multiples of A of 1%. A certified
check for 2% par of the bid, payable to the above Board, is required.
(These are part of the $1,5000,000 Issue unsuccessfully offered on Jan. 19.
-V. 128. p. 595.)
-N07E OFF,.
MECKLENBURG COUNTY (P.O. Charlotte), N. C.
Chairman of the Hoard
ING.-Sealed bids will be received by It. N. flood,for the
purchase of an
until noon on Feb. 4,
of County Commissioners,
Issue of $1,200,000 notes. Due on June 29 or July 31 1929. Bids are
requeste4 on each maturity. Denom. to be 310,000, unless the purchaser
whoa bidding si.ocifies some other denom. Payable at the Bankers Trust
Co. In New York. Int. rate is to be bid upon at par. Chatter ii. Masslich
of N w York .3ty will furnish legal approval. A $2,000 certified check
must accompany the bid.
-LOAN OFFERING.-Seolod
MEDFORD, Middlesex County, Mass.
bids will be received by Edward A. Badger, City Treasurer, until 9 a. m.,
Feb. 5,for the purchase on a discount of a $200,000 temporary loan. Denom.
$25,000, $10,000 and $5,000. Due $100.000, Nov. 8 and a similar amount
on Nov. 15 In 1929. Legality to be approved by Ropes, Gray, Boyden &
Perkins of Boston.
-BOND SALE.
-The $30.000
MIDDLEPORT, Niagara County, N. Y.
coupon, local assessment paving hond.s offered on Jan. 24-i. 128, p. 435
were awarded to the Nianufacturers k Traders-Peoeles Trust Co. of :tuffalo,
o. Dated Feb. 1 1929. Due
,
as CI45, at 100.729, a basis of about 4.59.7
$3.000 Feb. 1 from 1930 to 1939, incl. Other bidders for 43 % bonds
were:
Rate Bid.
Bidder
George B. Gibbons & Co
0..29
10 82
100 0 7
Batchelder. Wack et Co
-A $200,000
-WARRANT SALE.
MOBILE, Mobile County, Ala.
issue of 5% public improvement warrants has been purchased by Caldwell
& Co. of Nashville. Denom.$1.000. Dated Oct. 11928. Due from Jan. 1
1934 to 1944 incl. Prin. and int. (J. & J. 1) payable at the office of the
City Treasurer. Reed. Hoyt & Washburn of New York will furnish the
legal approval.
-BOND ELECTION
.-A special elecMONROE,Ouachita Parish, La.
tion will be held on Mar. 26, in order to pass approval on a proposed $600.of a new high school and one or two grade
000 bond issue for the construction
schools. It is reported that the bonds will call for an additional maintenance tax of one and one-half mills.

,
(1 . &

FEB. 2 1929.]

FINANCIAL CHRONICLE

767

MONTGOMERY COUNTY (P. 0. Amsterdam), N. Y.
-BOND OF- City. Thomson, Wood & Hoffman of New York City will furnish the
-McQueen Fetcher, County Treasurer, will receive sealed bids approval. The above Board will furnish the required bidding forms. legal
FERING.
The
until 2 p. m. Feb. 7, for the purchase of $50.000
% coupon or registered $625,000 block of bonds shall be delivered as soon as they are prepared,
highway bonds. Dated Feb. 1 1929. Denom. 81,000. Due 55.000, Feb. and the $685.000 block shall be delivered on July 1 1929 and separate bids
1940, inclusive. Principal and interest payable in gold at the are to be made for each class of bonds. A certified check for 1% of the
1 1931 to
National Park Bank, New York. A certified check, payable to the order bonds bid for, payable to the Clerk of the Circuit Court, is required.
of the County Treasurer for $1.000. Is required. Legality to be approved
(This supersedes the report appearing in V. 127, p. 3741.)
by Clay, Dillon & Vandewater of New York City.
OXFORD TOWNSHIP, Delaware County,0.
-BOND OFFERING.
MUHLENBURG COUNTY (P. 0. Greenville), Ky.-BOND SALE.
- F. J. Riley, Clerk, Board of Township Trustees, will receive sealed bids
An issue of $100,000 434% coupon road and bridge bonds has recently until 12 m. Feb. 8, for the purchase of $5,312.50 6% fire apparatus purbeen purchased by Caldwell & Co. of Nashville. Denom. 51,000. Dated chase bonds. Dated Jan. 11929. Due as follows: 5812.50. Mar. 1 and 5500.
Jan. 1 1929. Due from Jan. 1 1940 to 1917 inclusive. Principal and Sept. 1 1930, and $500, March and Sept. 1, from 1931 to 1934 incl. A
Interest (M. & S.) payable at the Hanover National Bank in New York certified check payable to the order of the Township Board of Trustees, for
City. Legality approved by Chapman & Cutler of Chicago.
$200 is required.
MUSKOGEE, Muskogee County, Okla.
-BOND SALE.
-The $195.OYSTER BAY (P. 0. Oyster Bays Nassau County, N. Y.
-BOND
000 issue of semi-annual aviation field bonds offered for sale on Jan.28 SALE.
-The $530,000 coupon or registered sewer bonds offered on Jan.29-17, 128, p. 595
-was awarded to the Muskogee Clearing House Associa- V 128, p. 436
-were awarded to the Bankers Co. of New York, and Kean.
tion. as 4 % bonds, at par. Dated Jan. 1 1929. Due from Jan. 1 1934 Taylor dr Co., also of New York, as 4 Ks. at 100.099, a basis of about
to 1953. Inclusive.
4.24%. Dated Feb. 1 1929. Due Feb. 1 as follows: 510,000, 1933 and
BOND SALE.
-An issue of $100,000 storm sewer bonds was also pur- 820,000, 1034 to 1959, incl. Successful bidders are reoffering the bonds for
chansed by the Muskogee Clearing House Association, as 4)4s, at par.
Investment priced to yield from 4.15 to 4.20%.
The following is an official list of the other bids submitted for the issue:
NASHUA, Williamsburg County, N. H.
-TEMPORARY LOAN.BidderInt. Rate.
Price Bid,
The Old Colony Corp. of Boston was awarded on Jan. 30. a $200.000 Detroit Co. of New York
4.30
temporary loan on a discount basis of 5.14%. The loan matures in about National City Co
$ 1'147..78
510 908 7
months. An offer to discount the loan on a 5.17% plus a premium of Oyster Bay Bank and the North Shore Bank
10
4.40%
532,915.00
$2.00 was tendered by the Guaranty Co. of New York.
George B. Gibbons & Co
4.40%
534.491.22
Rutter & Co
NEWARK,Essex County, N. J.
530.948.70
-BOND OFFERING.
-Andrew Brady,
531.743.70
City Auditor, will receive sealed bids until 11 a. m. Mar.6,for the purchase Lehman Bros
Bancameric Corp
of the following 414% bonds aggregating $9,262,000:
532.80
Estabrook & Co
531,213.70
$3,000,000 water bonds. Due in from 1930 to 1969 inclusive.
Stone & Webster and Biodget, Inc
4 .140%%7
44444 333450
8:
532.1670%
2,000,000 Port Newark impt. bonds. Due in from 1930 to 1949 incl.
1,762,000 public inapt. bonds. Due in from 1930 to 1945 incl.
PARIS, Lamar County, Tex.
-BOND SALE.
-A $250,000 issue of 5%
1.500,000 street and sewer bonds. Due in from 1930 to 1945 incl.
sewer bonds was recently purchased by a group composed of Otis & Co. of
1.000,000 school bonds. Due in from 1930 to 1966 inclusive.
Cleveland. the Dallas Trust Co. and the Liberty Central Trust Co.. both
Dated Mar. 15 1928.
of Dallas, for a premium of 45,570. equal to 102,228, a basis of about
4.84%. The bonds and legal approval are to be furnished by the purNEW BRIGHTON SCHOOL DISTRICT, Beaver County, Pa.
BOND SALE.
-The $40,000 coupon school bonds offered on Jan. 25- chaser. Denom. $1,000. Due $5,000 in from 1 to 50 years. Prin. and
-were awarded to the Union National Bank of New Brighton, semi-annual int, is payable in New York.
V. 128. p. 143
at par. Dated Sept. 11928. Due Sept. 1 as follows: 58.000, 1929: $3,000.
PARKV1EW (P. 0. Lakewood) Cuyahoga County, Ohio.
-BOND
1930: $8.000, 1931; 56,000, 1932; $2,000. 1933; $6,000, 1934: $2,000, 1935, SALE.
-The $6,605.72 5% special assessment improvement bonds offered
and $5,000, 1938.
-were awarded on Jan. 21. to the Pearl Street
on Dec. 24-V. 127, p. 3436
NEW LONDON, Henry County, lowa.-BOND S4LE.-Two issues Savings & Trust Co. of Cleveland, at a price of par. Dated Oct 1 1928.
or 5% bonds, aggregating $8,957, have been purchased by an unknown Due Oct. i as follows: 41.000. 1930 to 1932, incl.: 42,009, 1933. and
41,605.72. 1934.
investor. They are divided as follows: $4,657 funding and $4,300
fire
truck bonds.
PAULDING COUNTY (P. 0. Paulding) 0.
-BOND SALE.
-The
following 5% road improvement bond issues aggregating $87,500 were
NORTHAMPTON COUNTY (P.O.Jackson), N. C.
-BOND SALE.
The $80,000 Issue of coupon school bonds offered for sal. on Jan. - awarded on May 11, as stated below:
28To the County sinking fund:
-was awarded to Taylor, Wilson & Co. of Cincinnati, as
V. 128. p. 435
$13,700 Birkhold Drive Road bonds.
4%s, at a _price or 100.53, a basis of about 4.71%. Dated Feb I
1929.
8.400 Wurm Road bonds.
Due from Feb. 1 1932 to 1959, incl.
To the Antwerp Banking Co. of Antwerp.
OAKWOOD HEIGHTS SCHOOL DISTRICT NO. 2, Mich.
7,000 Thomas Road Isonds,
-BOND
ELECTION-At an election to be held Feb. 4, the voters will be
6.000 Mossoney Road bonds.
asked
to pass on a bond issue of $65.000 to be expended for the construction
To Blancket. Bowman & Wood of Toledo.
of
an addition te the present school building.
22,000 Harrod-Birkhold Road bonds.
17,700 Defiance-Paulding Road bonds.
OCEAN CITY, Cape May County, N. J.
12,700 Zuber-Wentworth Road bonds.
-BOND OFFERING.
J. Reeves Hildreth, City Clerk, will receive sealed bids until 3 p. m.
Feb. 11.
PAWLING, Dutchess County, N.
for the purchase of $307,500 coupon or registered Ocean Front impt.
-BOND SALE.
-The $15.000
bonds. coupon or registered municipal building Y.
Rate of interest not to exceed 554 %. Dated Feb. 11929. Denoms.
bonds offered on Jan. 29-V. 128.
,
51.000 p. 436
one bond for $500. Due Feb. 1 as follows: $16,000. 1930 to
-were awarded to
1948, incl.•, a basis of about 4.49%.Barr Bros. & Co. of New York. as 4(4.. at 100.079,
and 53,500. 1949. No more bonds to awarded than will produce a
Dated Dec. 1 1928. Due $1,000. Dec. 1 from
premium
of $1,000 over the amount stated above. A certified check
payable to the 1930 to 1944, incl. Prin. and int. payable in gold at the Fifth Ave. Bank,
order of the ,
New York. Legality to be approved by Reed. Hoyt & Washburn of New
Aty Treasurer,for 2% of the bonds bid for is required.
Legality York City.
to be approved by Caldwell & Raymond of Now York City.
OCOEE, Orange County, Fla.
FENDER, Thurston County, Neb.-BOND SALE.
-PRICE PAID.
-A $20,500 issue
-The $18.000
6% refunding bonds that was purchased by the J. B. McCrary issue of of 4 ki% paving district bonds has been purchased by the Omaha Trust
Atlanta
-V. 128, p. 595
-was awarded at a discount price of 95, a Co. of Co. of Omaha. Dated Jan. 1 1929. Due on Jan. I 1939. Optional $2,000
basis of from Jan. 1 1930 to 1938, and $2,500.n 1939.
about 6.65%. Due 21,000 from Oct. 15 1931 to 1948 incl.
PERRYSBURG TOWNSHIP (P. 0. Perrysburg) Wood County,
ODLESBY, La Salle County, 111.
-BOND SALE.
-Bertha Cranker, Township Clerk, will
-BOND OFFERING.
City Clerk, states that $10.000 sewer bonds bearing -Archie M. Frew, Ohio.
5%, which is payable semi-annually, have been sold interest at the rate of receive sealed bids until 12 m. Feb. 2, for the purchase of 512.000 5% fire
to local investors.
apparatus bonds. Dated Jan. 15 1929. Denonus. $1,000 and $200. Due
OLD LYCOMING TOWNSHIP SCHOOL DISTRICT (P.
0. Wil- 41,200 Sept. 1 1930 to 1939, incl. Principal and Interest payable at the
liamsport), Lycoming County, Pa.
-BOND SALE.
Citizens Banking Co., Perrysburg. A certified check for 2% of the bonds
-The
coupon school bonds offered on Jan. 26-V. 128, p. 435 $23.500 434% bid for is required.
-were awarded
to E. H. Rollins & Sons of Philadelphia, at 101.122, a basis of
PETROLIA INDEPENDENT SCHOOL DISTRICT (P. 0. Petrolia)
Dated Oct. 1 1928. Duo Oct. 1 as follows: 42.000. 1933: about 4.41%
43,000, 1938
-BONDS REGISTERED.
Clay County. Texas.
-A $16,000 issue of 5%
$5,000, 1943: 57,500. 1948: and 26.000. 1953.
school bonds was rotrisvred on Jan. 25, by G. N. Holton,State Comptroller.
W. H. Newbold's Sons & Co. of Philadelphia, offered a price
of 101 for Due in from 10 to 40 years.
the issue.
Successful bidders are reoffering the bonds for investment,
PHOENIX, Maricopa County, Ariz.
-BOND SALE.
-A $33,500 issue
yield 4.20%. Legality of issue to be approved by Townsend, priced to of 6% improvement bonds has been purchased by the Hanchett Bond Co.
Elliott &
Munson of Philadelphia.
of Chicago. Dated Nov. 26 1928. Prin. and int. (J. & J.) payable at
Financial Statement.
the office of the City Treasurer.
Assessed valuation (1928)
5338.911
PIEDMONT, Alameda County, Calif.
-BOND OFFERING.
Actual value (est.)
-Sealed
915,972 bids will be received by the City Clerk, until Feb. 7, for the purchase of a
Total bonded debt (incl. this issue)
23,500 $20,000 issue of 4% improvement bonds. Due from 1936 to
Population, 1,500.
1939. incl.
OLD TOWN, Penobscot County, Me.
-BOND
PIKE COUNTY (P. 0. Milford), Pa.
-BOND SALE.
-E. 11. Rollins V. Keller, Clerk Board of County Commissioners, OFFERING,-Florence
& Sons of Boston, were awarded on Jan. 4, this year.
will receive sealed bids
$150,000 43f% re- until 2 p. m. March 4, for the purchase of $92,000
funding bonds at a price of 99.70, a basis of about 4.31%.
% coupon county
Dated Jan. 1 bonds. Dated Dec. 1 1928. Denom. 51.000. Due Dec.
1929. Coupon bonds In denoms. of $1,000. Due $15,000.
1 as follows:
Jan. 1
to 1939 Incl. Prin. and int. (J. &
11 payable at the Merrill Trust 1930 49.000, 1929 to 1936, inclusive, and $10,000, 1937 and 1938. Bonds are
Co_ registerable as to principal only. A certified check, payable to the order
Bangor. Legality to be approved by Louis C. Stearns of
Bangor. Suc- of the County Treasurer for 2% of the bonds offered, Is required. Legality
cessful bidders are reoffering the bonds for
from 99.76 for the 1930 maturing bonds to investment, at prices ranging to be approved by Townsend. Elliott & Munson of Philadelphia.
100.81 for the
bonds, yielding 4.50 to 4.15% According to the offering 1939 maturing
PIONEER IRRIGATION DISTRICT (P.O. Caldwell), Ida.
advertisement
-ADDIthe bonds are a legal investment for Maine Savings Bank. are
-The 513,000 issue of refunding bonds that was
direct obliga- TIONAL DETAILS.
tions of the city, payable from taxes on all the taxable
property in the city. purchased by the Caldwell State Bank of Caldwell at a price of 102.60Financial Statement.
-bears interest at 6%. Due in 1939. Basis of about 5.65%.
V. 128. p. 436
Assessed valuation. 1928
PLAQUEMINE PARISH SCHOOL DISTRICT NO. 4 (P. 0. Point
Total bonded debt,including this issue
35.329,262
-BOND SALE.
-The $25,000 issue of 6% school buildHache), La.
246,000 a la
Population (1920 census), 6,630. Present population
estimated, 6,956. ing bonds offered for sale on June 16-V. 126. p. 3635
-has been purchased
OMAHA SCHOOL DISTRICT (P. 0. Omaha),
by the Rapides Bank & Trust Co. of Alexandria, for a premium of $1,600,
Omaha County,
Neb.-FINANCIAL STATEMENT.
-The
to 106.40, a basis of about 5.17%. Dated July 1 1928. Due from
furnished in connection•with the offering onfollowing detailed statement is equal1 1929 to 1948, Incl.
of 5% promissory notes, reported In V. 128, Feb. 4 of the 41.000,000 issue July
Total general fund notes exclusive of this issuep. 595:
POLK COUNTY (P. 0. Benton), Tenn.
-BOND SALE!
-An ifiree Of
Nothing.
Valuation of taxable property within the school
5% county bonds has been
district--4327,001,596.00 5170.000 a premium of $410, equal toawarded to Caldwell & Co. of NashMaximum tax levy
100.24.
ville, for
13 mills.
Existing levy
POLK COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Hatfield),
13 mills.
Amount of existing levy
-A $20,000 issue of school building bonds has been
-BOND SALE.
Fiscal year begins Aug. 1,
54,251.020.76 Ark.
purchased at a price of 103, by M. W. Elkins & Co. of Little Rock.
Population of city. 191,603ends July 31. 222.800
(1920 census);
(1928 estimate).
Statement showing conditions of general fund
PORTAGE TOWNSHIP RURAL SCHOOL DISTRICT, Wood
for
money based on seventy (70%) of the existing tax Purpose of borrowing County, Ohio.
-BOND SALE.
-The $85,000 school building bonds
levy as authorized b
the laws of Nebraska.
-were awarded to Stranahan. Harris &
offered on Jan. 15-V. 128, p. 143
Amount of levy, 13 mills
Oatis, Inc. of Toledo, as 4 qs,at a premium of $77,equal to 100.09. Dated
Amount of 705' existing levy
$4,251,020.76 Jan. 15 1929. Due on March and Sept. 1 in from 1 to 25 years.
Amt of outst'd'g debt Feb. 11929. January
2.975,714.53
An official list of the bids submitted follows:
being
Amt.available Feb. 1 1929 for borrowing money estimated
2,987950;70V:53W
BidderInt. Rate.
Prem, Price Rate.
Stranahan. Harris & Oatis, Inc
4
OMAHA,Omaha County, Neb.-BOND SALE.
100.09
$77
-On Mar. 1. a $22,500 Assel, Goetz & Moerlein
44
issue of 4% grading district No. 230 bonds
100.053
45
Spitzer, Rorick & Co
Omaha Trust Co. and the U. S. Trust Co.. was purchased jointly by
100.047
40
both
of $5, equal to 100.022, a basis of about 3.98%. of Omaha, for a premium Ryan, Sutherland & Co
1,012
101.19
the
Dated Mar. 1 1928. Due W.L. Slayton & Co
5
on Mar. 1 1933.
101.143
972
Seasongood & Mayer
5
BOND SALE.
101.102
937
-On June 1, a $15,000 issue of 4%
special improvement Citizens Trust & Savings Bank
district No. 5 bonds was purchased by
5
100.664
565
5
for a premium of $10, equal to 100.066,the Peters Trust Co. of Omaha Otis & Co
100.34
289
June 11928. Due in from 1 to 10 years. a basis of about 3.98%. Dated A.T. Bell & Co
5
PRAIRIE RONDE GRAVITY DRAINAGE DISTRICT (P. 0. Ville
11e
ORANGE COUNTY (P.
61
Platte), Evangeline and St. Landry Parishes, La.
-BOND OFFERING.
Sealed bids will be received 0. Orlando) Fla.
-BOND OFFERING.
County Commissioners, untilby L. L. Payne, Chairman of the Board of -sealed bids will be received until Feb. 16 by J. C. Fruge, Secretary of the
10 a. m. on Feb. 4, for the
Board of Commissioners,for the purchase of two issues of bonds aggregating
Issue of $1 310.0005% road bonds. Denom.
purchase of
$1,000. Dated July 1 1926 an $90,000.
due on Jul! 1, as follows: $625,000 in 1954
and
and hit. . & J.) payable at the Hanover and $685,000 in 1955. Prin,
PROPHETSTOWN SCHOOL DISTRICT NO.76, 111.
-BOND SALE.
National Bank in New York
-The White-Phillips Co. of Davenport, has purchased $62,000 434%




768

FINANCIAL CHRONICLE

[VOL. 128.

1929. Due $700, from 1930 to
school bonds at a price of par. Bonds are dated June 1 1928 are in denoms. $3,500 Judgment bonds. Dated Jan. I
1934. incl.
of $1.000 and mature on June 1, as follows: $3.000 1934 to 1937 incl.:
2,900 refunding sewer bonds. Dated Dec. 1 1928. Due $200, 1929; and
to 1943 Incl.: $5,000, 1944 to 1947 incl.; and 56.000, 1948.
$4.000. 1938
& Trust
$300, 1930 to 1938, inclusive.
Prin. and int. (J. & J.) payable at the Continental National BankChicago.
1,900 improvement bonds. Dated Dec. 1 1928. Due as follows: $200.
Co.,of Chicago. Legality to be approved by Chapman & Cutler of
1929 and 1930, and 3300, 1931 to 1935, inclusive.
A certified check of $200 for each Issue is required.
-A $52,000 issue of
-BOND SALE.
PROVO, Utah County, Utah.
% refunding bonds has recently been purchased by the Edward L.
ROSTRAVER TOWNSHIP (P. 0. Belle Vernon R. F. D.), Pa.
City, for a premium of $300, equal to 100.576.
Burton Co. of Salt Lake
-John K. Ramkin, Township Secretary, will receive
BOND OFFERING.
-The following sealed bids until 11 a. m.. Feb. 5, for the purchase of $25,000 4 g% road
-BIDS.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
bids were also submitted on Jan. 24 for the purchase of $46.000 highway bonds. Dated Jan. 1 1929. Denom. $1.000. Due July 1 as follows:
bonds, awarded as 4s,at a price of 101.263. a basis of about 4.35%. to 53.000, 1930 to 1936 incl.; and $4,000, 1937. A certified check payable to
-V. 128. p. 596. These bids were the order of J. M. Baker, Treasurer, for $500 is required.
Batchelder, Wack & Co. of New York
also for 4Si% bonds:
-The following •
-BOND SALE.
ROYAL OAK,Oakland County, Mich.
Rate Bid.
Bidder-101.114 bond issues aggregating $255,000 offered on Jan. 28-V. 128, p. 596
Roosevelt & Son
101.088 were awarded as stated below:
Rutter & Co
$140,000 general improvement bonds awarded as 414s to the First National
100.77
Sherwood & Merrifield,Inc
Bank of Detroit, at a premium of $630, equal to 100.45, a basis
100.31
Dewey, Bacon & Co
of about 4.65%. Due in from 1 to 10 years.
100.199
Manufacturers & Traders-Peoples Trust Co
115,000 general obligation bonds awarded as 44s to the Detroit & Security
Trust Co. of Detroit, at a premium of $1,748, equal to 101.52,
(P. 0. Quincy), Adams County, Ill.
QUINCY SCHOOL DISTRICT
a basis of about 4.61%. Due in from 2 to 30 years.
-The Mississippi Valley Trust Co. of St. Louis. was
-BOND SALE.
Both issues dated Feb. 1 1929.
awarded on Dec. 18, a $300.000 issue of 4l.% coupon or registered high
school and grade school bonds, at a price of 101.283. a basis of about 4.34%.
-A
-BOND SALE.
SAINT AUGUSTINE, St. Johns County, Fla.
Dated Dec. 1 1928. Denom. $1,000. Due $20,000, July 1 1934 to 1048
$540,000 issue of 534% refunding bonds has been purchased by A. T. Bell
incl. Int, payable on Jan. and July 1.
& Co. of Toledo, at a price of 101.01, a basis of about 5.36%. Dated
REDLANDS SCHOOL DISTRICT (P. 0. San Bernardino), San Dec. 1 1928 and due on Dec. 1 as follows: $11,000, 1931 to 1950 and $40,000,
-Sealed bids will be 1951 to 1953. all incl.
-BOND OFFERING.
Bernardino County, Calif.
received by the County Clerk until Feb. 4 for the purchase of a $40,000 issue
SAINT JOSEPH SCHOOL DISTRICT (P.0. St. Joseph), Buchanan
of 5% school bonds. Due from 1942 to 1944 inclusive.
-The sale of the $250,000
County, Mo.-BOND SALE POSTPONED.
-A Issue of 4% semi-annual school bonds scheduled for Feb. 1-V• 127, D•
-BOND SALE.
COUNTY (P. 0. Refugio), Tex.
REFUGIO
-has been postponed until some time in March or April.
$230.000 issue of road bonds has been purchased by Garrett & Co. of 2405
Dallas.
-ADDITIONAL BOND
SAINT PAUL, Ramsay County Minn.
-The SALE.
-BOND SALE.
-We are now informed that the city sinking funds purchased On
RENSSELAER, Rensselaer County, N. Y.
on
$116.000 4 ti% coupon or registered impt. bonds offered NewJan. 30- Apr. 24, an Issue of $100.000 4% water bonds at par. Dated Apr. 1 1929.
York, at Due from Apr. 1 1929 to 1958 incl.
-were awarded to Harris, Forbes & Co. of
V. 128, p. 596
101.419, a basis of about 4.32%. Dated Jan. 1 1929. Due Jan. 1, as
-The two
-BOND SALE.
SAN BENITO, Cameron County, Tex.
follows: $10,000, 1931; $6,000, 1932 to 1947 incl.; and $10.000. 1948.
Issues of% semi-annual bonds aggregating $30,000, offered for sale on
The following bids were also submitted:
-were awarded to the J. E. Jarratt Co. of San
Rate Bid. Jan. 23-V. 128, p. 436
Bidder100.846 Antonio. for a $7001 premium, equal to 102.66. The issues are $20,000
-Peoples Trust Co., Buffalo
Manufacturers & Traders
street improvement and $10,000 sewer bonds.
100.61
H. L. Allen & Co
101.037
George B. Gibbons & Co
SANTA CRUZ IRRIGATION DISTRICT (P. 0. Espanola), N. M.
101.14
Batchelder, Wack & Co
-The $184,000 issue of 6% semi-annual irrigation bonds
SALE.
101.099 BOND for
-has been purchased by SutherRutter & Co
sale on Mar.5-V. 126. p. 1238
offered
100.83
Dewey. Bacon & Co
101.142 lin, Barry & Co. of New Orleans, at a price of 85.
Rensselaer County Bank
-BOND
101.39
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
Kissel, KInnicutt & Co
100.00
-William A. Dodge, County Treasurer, will receive sealed
OFFERING.
National Bank of Rensselaer
bids until 11 a. m. Feb. 8, for the purchase of $60,000 coupon or registered
Financial Statement.
-rate of interest not to exceed 4Si_% and to be stated in
$12,753.600.00 hospital bonds
Assessed valuation, real estate
701.208.00 multiples of 1i of 1%. Dated Feb. 1 1929. Denominations 51.000.
Special franchise
Due 35.000, Feb. 1 1940 to 1951 incl. Prin. and int, payable in gold
$13.454.808.00 at the Union National Bank of Schenectady or at the Chase National Bank
Total
$822,300.00 New York City. A certified check for 51.000 is required. Legality to be
Present bonded debt
approved by Clay, Dillon & Vandewater of New York City.
Certificates of indebtedness outstanding, which includes the
200.446.32
-At the
--BOND ELECTION.
amount of the present bond issue
SEATTLE, King County, Wash.
Mar. 12, the voters will be asked to pass on a proposal
$1,022,746.32 general election on in bonds for school improvements throughout the city.
to issue $2,500.000
Total
Its tentative program for spending the new 32.500.000 covers additions
Population (State Census of 1925), 11.394.
new Ballard Junior nigh School
-The to Lincoln and Garfield High Schools; a and Webster grade schools; and
-BOND SALE POSTPONED.
RHAME, Bowman County, N. D.
to Bagley, Emerson
building;
bonds scheduled for Dec. 15- additionaladditions the Youngstown School, where the last bond issue
sale of the $15,000 issue of6% annual village
rooms for
-has been postponed. Due $750 from Jan. 2 1929 to provided an addition that already is too small.
V. 127. p. 3437
1948 incl.
The new money also would provide a new unit for the Girls' Parental
Madison intermediate schools;
RICE ROAD DISTRICT NO.12 (P.0. Corsicana), Navarro County, School; improve the grounds at the James
offered for pay off local improvement assessments levied against the school district,
-The $30,000 issue of 5% road bonds
-BOND SALE.
Tex.
-was awarded to the Corsicana National and pay for various school sites.
28-V. 128, P. 143
sale on Jan.
-BOND SALE.-Beyer&SmaI
Bank of Corsicana, at par. Dated Jan. 1 1928. Due from Apr. 1 1946
SKOWHEGAN,Somerset County, Me.
to 1957, incl.
of Portland. Me., were awarded on Dec. 6 last, an issue of 554.000414%
The other bidders for the issue were: Garett & Co. of Dallas; Pruddon & coupon refunding bonds, at a price of 99.75. Bonds are dated Nov. 1
H. Evan
Co. of Toledo; the Security Trust Co. of Austin and the Roger
1928 are in denominations of $1,000 and mature in equal annual instalCo. of Dallas.
ments. Interest payable on May and Nov. 1.
-A
(P. 0. Mount Ayr), lowa.-BOND SALE.
RINGGOLD COUNTY
SMITHFIELD SCHOOL TOWNSHIP, De Kalb County, Ind.
$43.000 Issue of 5% drainage bonds has been purchased by the Carleton BOND OFFERING.
-August Ruckkuck, Township Trustee, will receive
4, for the purchase of $40.000 434%
Bob Co. of Des Moines. Due from Doc. 1 1931 to 1940 incl.
D.
sealed bids until 10 a. to. March
March 2 1929. Denom. $500. Due
RIVERSIDE ACQUISITION AND IMPROVEMENT DISTRICT school improvement bonds. Dated
$1,000. Jan. 2 and July 2 1932 and 1933:
-BOND SALE.
NO. 1 (P. 0. Riverside), Riverside County, Calif. by the Municipal as follows: 31,000. July 2 1931; 1934: 51.500. Jan. 2. and 51,000. July 2
51.500, Jan. 2, 51.000, July 2,
An $86,000 issue 0(6% bridge bonds has been purchased
1932, incl. 1935; $1,500, Jan. 2 and July 2. 1936 to 1938 inclusive: $2,000. Jan. 2
Bond Co. of Los Angeles. Denom. $1.000. Due from 1930 to
.
T n.
32,000, Jan. 2 and July 2 1940: 32,000. ' 2,
1939;
-The following and $1.500. July 2 1939: 1943 incl. Int. payable on Jan. and July 2.
-BOND SALE.
ROCHESTER, Monroe County, N. Y.
32,500, July 2 1941 to
% bond issues aggregating $4,720.000 offered on
.
2
coupon or registered
300 (1 0.
NO.
SNOHOMISH COUNTY SCHOOL DISTRICT
-were awarded to a syndicate composed of George
Jan. 30-V. 128. p. 436
-Sealed bids will be receive., until
,
and Blodget, Inc.. Everett),
-BOW OFFER'NO.
B. Gibbons & Co., Roosevelt & Son, Stone & Webster Schmidt & Co., all 4 p. m. Wash.
Coulay Treasurer, for the purchase
on Feb. 8, by John R. McKay,
E. II. Rollins & Sons, Dewey, Bacon & Co. and R. M.
semi-annual school bonds. Int, rate is not to exceed
of a
of New York, at 100.447. a basis of about 4.19%:follows: 349.000. 1930 to 6%.$63.000 issue of
school construction bonds. Due as
31.450,000
-The
-TEMPORARY LOAN.
1959. incl.
1939, incl. and 548,000, 1940 to
STAMFORD, Fairfield County, Conn.
follows: $102,000.
-was awarded
30-V. 128, p. 597
1,225,000 special local improvement bonds. Due as
$300,000 temporary loan offered on Jan.discount basis 0( 4.94%. Loan is
and $103,000. 1941.
Boston, on a
1930 to 1940, incl.,
of
follows: $70,000, to F. S. Moseley & Co.Is due on Oct. 4 1929. Legality to be approved by
825,000 general local improvement bonds. Due as
dated Jan. 30 1929 and
1930 to 1940, incl., and $55.000, 1941.Due as follows: 518.000. Storey, Thorndike Palmer & Dodge of Boston. Notes to be engraved
bonds.
560,000 Transit Subway construction
under the supervision of the Old Colony Trust Co., Boston.
incl.
1930 to 1949. incl., and $20,000, 1950 to 1959.
-At the
Mich.
incl.
STURGIS, St. Joseph County, -the -BONDS VOTED. Issuance
improvement bonds. Due $20.000. 1930 to 1944,1930
306.000 municipal
voters authorized the
$6,000.
election held on Jan. 21-V. 128. p. 144
175.000 municipal land purchase bonds. Due as follows:
be derived from the sale of the obligations,
of 585.000 bonds, the proceeds to
to 1954. incl.; and 55.000. 1955 to 1959 incl.
1930 to to be expended for the installation of a sewage disposal plant. Of the votes
'
135.000 municipal aviation field bonds. Due as follows: $4,000,
polled 676 were in the affirmative and 85 in the negative.
1944. bad.. and $5,000. 1945 to 1959. incl.
from 1930 to
-The
-BONDS REGISTERED.
50.000 water works improvement bonds. Due $2,000,
TEXAS, State of (P. 0. Austin).
1954. incl.
following issues of bonds were registered during the week ending Jan. 26,
Dated March 1 1928.
priced to by the State Comptroller: School District 5% serial bonds.
Successful bidders are reoffering the bonds for investment.
$10,000 Phoenix Independent
bonds.
yield as stated below:
9,000 Elbert Independent School District 5% serial bonds.
Yield Basis.
Maturity-5,000 Rankin Independent School District 6% serial
,
4.507
1930
-BOND SALE.
-The two issues of
0
4.20
Wash.
TOLEDO, Lewis County,
1931.1932
4.16
semi-anneal bonds, aggregating $25.000 offered for sale on Jan. 211933-1934
4.10e V. 127, p. 3,580
-were awarded as follows:
1935-1936
4.05eo $20,000 water works herds to the First National Bank of Chehalis as 6s, for
1937-1959
of
a premium of $100. equal to 100.50. a basis to about 5.94%.
-C. E.
-NOTE OFFERING.
1949, incl.
ROCHESTER, Monroe County, N. Y.
Dated March 1 1929. Due from March 1 1934
Higgins, City Comptroller, will receive sealed bids until 2:30 v to., Feb. 6.
5,000 general fund bonds to the State of Washington, as 53, at par.
years.
for the purchase of the following note issues aggregating 5960.000.
Due in from 2 to 10
$225.000 special local improvement notes. Due Mar. 11 1929.
-The price paid
-PRICE PAID.
TONAWANDA, Erle County, N. Y.
175,000 general local improvement notes. Due Mar. 11 1929.
for the $565,000 coupon or registered bond Issues, awarded on Jan. 18.
150,000 school construction notes. Duo Oct. 111929.
Bras. of New York and the Manufacturers & Tradersas 44
0's, to Lelunan
125.000 school construction notes. Due Mar. 111929.
-was 100.2992. a basis of
-V. 128. p. 597
Buffalo
125,000 water works improvement notes. Due Oct. 11 1929.
regu t 4 rr
ab pl°8.7l%us.t
100,000 municipal aviation field notes. Due Mar. 11 1929.
60,000 Transit Subway notes. Due Mar. 111929.
UKIAH UNION HIGH SCHOOL DISTRICT (P. 0. Ukiah), Menat the
-Sealed bids will be received
All the above issues are dated Feb. 11 1929. Notes are payable
denoms. docino County, Calif.--BOND OFFERING.
Central Union Trust Co., New York. Bidders to designate
by the County Clerk until Feb. 13 for the purchase of an issue of $150,000
desired and to whom (not bearer) notes shall be made payaole.
from 1930 to 1949 inclusive.
4X% school bonds. Due
-BOND SALE.
-BOND OFFERING.
ROCKLAND COUNTY (P. 0. New City), N. Y.
UNION COUNTY (P. 0. New Albany), Miss.Clerk of the Board of
bonds offered on
Feb. 5, by the
The 31,100,000 coupon or registered court-house and Jail
Corp. and -Sealed bids will be received until
-were awarded to the Bankameric
Jan. 28-V. 128, p. 436
purchase of a $200.000 issue of road bonds.
basis of Supervisors, for the
Estabrook & Co., both of New York City, as 414s, at 100.35, a
-II, C. Speer It
LE.
525,000, 1930
VILLA PARK, Du Page County, 111.-110 D
about 4.21%. Dated Sept. 11928. Due Sept. 1 as follows:1945 incl.: and
Sorts Co. of Chicago, state that they have purchased an issue of $56,000
1934 incl.; 550.000, 1935 to 1938 incl.; $100,000, 1939 to
to
as to principal, village hall bonds. Dated Oct. 1
5%. coupon registerat•le
575.000, 1946.
$1,000. 1934 to 1936, incl.;
1928. Denoms. $1,000. Duo Oct. 1 as follows: 1940; and 55.000. 1941 to
The following bids were also submitted:
Price Bid
list. Rate.
1938; 34,000. 1939 and payable at the Continental
Bidder51.101,287.00 $2.000, 1937; 53,000,
(April and Oct. 1)
4g %
and int.
Equitable Trust Co.. et al
1,100.264.00 1948, incl. y Principalico Co., Chicago• Legality to be approved by llolland
of Chlrtt
ank & 'ieast.
'
Rutter & Co., et al
1,101,863.40 Nati
2
4.31/7
Cassidy
George B. Gibbons & Co., et al
1,102.200.00 M.
Financial Statement.
44.35%
Lehman Bros.. et al
$3,968,586
-Evelyn Assessed valuation 1927
99,000
-BOND OFFERING.
issue
ROSE CITY, Ogemaw County, Mich.
for the pur- Bonded indebtedness. including this
Buck, City Clerk, will receive sealed bids until 7 p. m. Feb. 5,
Population, est., 5,000.
:
$8,300
chase of the following 6% bonds aggregating




Fos. 2 1929.]

FINANCIAL CHRONICLE

WABASH COUNTY (P. 0. Wabash), Ind.-130ND SALE.
-The
Farmers & Merchants Bank of Wabash, purchased during January, an issue
of 619,000 Nurses' Home bonds, bearing interest
at the rate of 434%, at
a price of par. Interest payable semi-annually.
WALTHAM, Middlesex County, Mass.
-TEMPORARY
Salomon Bros. & Hutzler of Boston were awarded on Jan. 30 LOAN.
a
temporary loan dated Jan. 30 1929 and maturing on Dec. 10 1929,$200.000
count basis of4.74% plus a premium of$2. Other bidders were: on a disBidderDiscount Basis.
Bank of Commerce & Trust Co., Boston
4.75%
Union Market National Bank, Waltham
4.8057
First National Bank, Boston
4.824
Old Colony Corporation
4.84
S. N. Bond & Co
5.19%
0
9
WASHINGTON COUNTY (P. 0. Granville), N. Y.
-BIDS.
connection with the award on Jan. 24, of $270.000 434% bonds -In
Manufacturers & Traders-Peoples Trust Co., Buffalo. at 101.643, to the
basis
of about 4.28%-V. 128, p. 598-H. J. Stevens, County Treasurera sends
,
us the following Bat of other bidders:
BidderRate Bid.
George B. Gibbons & Co
101.423
Kean, Taylor & Co
101.409
Bankers Co. of New York
101.289
Rutter & Co
101.278
Harris, Forbes & Co
101.179
Granville National Bank, Granville
101.148
Batchelder, Wack & Co
101.129
Dewey, Bacon & Co
101.14
WAYNE SCHOOL TOWNSHIP, Marion County, Ind.
-BOND OFFERING -Vassal C. Davis, Township Trustee, will receive
sealed
until 10 a. m. March 15, for the purchase of $112.000 434% school bids
building bonds. Dated March 15 1929. Denoms. $500. Due
as follows:
$4,000, July 15 1930: $4,000. Jan. and July 15 1931 to 1940
inclusive, and
$5,000. Jan. 15 1941. Interest payable on Jan. and July 15.
Bonds are
payable at the Citizens State Bank. Indianapolis.
WAYZATA, Hennepin County, Minn.
-BONDS VOTED.
special election held on Jan. 25, the voters approved a propositio -At a
n to issue
$60,000 in bonds by a large majority, for the purpose of
constructing a
water works plant. It is reported that the bonds will shortly
be offered
sale.
for
WELLS COUNTY (P. 0. Bluffton), Ind.
-BOND SALE.
-The Fletcher Savings & Trust Co. of Indianapolis, has purchased an issue
of $26,000
bridge improvement bonds, bearing interest at the rate of
of par. The bonds mature serially in from 1 to 15 years. 434%.at a price
and were offered
unsuccessfully as 434s, on Oct. 4. last
-V. 127. p. 2126.
WELLSVILLE SCHOOL DISTRICT (P. 0.
Wellsville), Montgomery County, Mo.-BOND SALE.
-A $22,000 issue of
building bonds has recently been purchased by the Mississipp 434% school
i Valley Trust
Co. of St. Louis.
WHEATFIELD (P. 0. Lockport), Niagara County,
N. -BOND
SALE.
-A $38.499.04 issue of 4.40% road bonds was disposed inY.
June 1928.
Bonds are dated June 5 1928 and mature on Mar. 1 as follows:
$499.04,
1929: 01.000. 1930 to 1932 incl.; and 2,500. 1933 to 1946 incl. Int,
payable
semi-annually.
WHITE PLAINS, Westchester County, N. Y.
-BOND OFFERING.
-Loren B. Spoor. Commissioner of Finance, will receive
11 a. m. Feb. 11, for the purchase of $2.815,000 couponsealed bids until
school, paving,
sewer, drain and park bonds. Rate of interest not to exceed
stated in a multiple of 1-10th or 34 of 1%. Due as follows: 5% and to he
to 1938. Incl., $124,000. 1939: $102,000, 1940 to 1953, incl.; $49,000, 1932
$97.000, 1954
to 1958. Wel ,and $87,000. 1959 to 1963. incl.
4 WINCHESTER, Adams County, Ohio.
-BOND SALE.
-The Winchester Bank of Winchester has purchased at par, an issue
street improvement bonds. Bonds are dated Jan. 1 1928 of $2,500 534%
and are in denom.
of $125. They were offered on Jan. 14 1928
-were not sold as all bids
submitted were rejected-V. 126, p. 1078.
WINN PARISH (P. 0. Winnfield), La.
-BOND OFFERIN -Sealed
bids will be received by A. T. Drewett, President of the Police G.
Feb. 11, for the purchase of a $36,000 issue of 6% semi-annual Jury, until
jail bonds.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
The Shawmut Corp. of Boston, was awarded on Jan.
28. a 11600.000 temporary loan on a discount basis of 4.78%. Loan is dated
payable on Nov. 1 1929 at the Old Colony Trust Co.,Jan. 1 1929 and is
Boston or at the
Bankers Trust Co., New York. Denom. $25,000, $10,000
and $50.000.
Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
Other bidders were:
BidderDiscount Basis.
Salomon Bros. & Hutzler (plus $7.00)
4.81
Worcester County National Bank
4.82
F. S. Moseley & Co
4.84
First National Bank of Boston
4.86
S. N.Bond & Co.(plus $12.00)
4.95 0
WORTHINGTON, Franklin County, 0.
-BOND OFFERING.
A. E. Dunn, Village Clerk, will receive sealed bids until 12 m.
the purchase of 012.700 534% special assessment street improvemFeb. 2. for
ent bonds.
To be dated not later than Mar. 1 1929. Denoma. $1.000. $500
and one
bond for $700. Due Sept. 1, as follows: 01,500, 1930 to 1936
1937: $500. 1938, and $700, 1939. Interest payable on Marchincl.: $1.000.
and Sept. 1.
A certified check for 3% of the bonds bid for is required.
WYANDOTTE COUNTY (P.O. Kansas City) Kan.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.on
Feb.7
/
County Clerk, ter the purchase of a $51,400 issue of 434 William Beggs,
coupon special
improvement bonds. Denom.$1,000, one for $400.
due on Jan. 1 as follows: $3,400. 1930: $4,000. 1931Dated Jan. 1 1929 and
to 1936: 03,000, 1937
to 1944. all incl. Prin. and int. (J. &J. 1) payable at the
office of the State
Treasurer in Topeka. Legal opinion of Bowersock,
Kansas City will be furnished. A certified check for Fizzell & Rhodes of
2% of the bid, payable
to the Chairman of the Board of County Commissioners,
is required.
XENIA, Greene County,0.
-BOND SALE.
-The 32000534% water
works extension bonds offered on Oct. 19-V. 127,
p. 198 -were awarded
to the Provident Savings Bank & Trust Co. of Cincinnat
i, at a premium of

FINANCIAL

$13.80. equal to 100.69. a basis of about
5.27%. Dated Sept. 1 1928.
Due $500, Sept.4,from 1930 to 1933 incl.
YATES (P. 0. Lyndonville) Orleans County,
N. Y.
-BOND SALE.
The Citizens State Bank of Lyndonville,
recently purchased an issue of
$8,000 paving bonds bearing interest at the rate
of 5%. Issue matures on
Mar. 1 1929.

CANADA, its Provinces and Municipalities.

BRITISH COLUMBIA (Province of), Can.
PROVED.
-We present herewith a list of municipali-BOND ISSUES APto the Jan 25 issue of the "Monetary Times" of ties for which, according
Toronto. the Municipal
Department has issued certificates authorizi
date shown is the day on which the certificateng the sale of bonds. The
was issued and the amount
given is the sum authorized: Oct. 1: City of
Kelowna. $8.500.
In ten years with int. at 5% payable half
-yearly; City of Kelowna, payable
$20.000.
payable in 20 years with int. at 5% payable half
-yearly:
$15.000. payable in 20 years with int. at 5% payable half City of Kelowna
-yearly. Oct. 13:
City of Trail $35,000. payable in 20 years with int.
at 5% payable half
yearly. Oct. 19: City of Port Alberni $21,000. payable
in 20 years with
int. at 5% payable half
-yearly. Nov. 19:
payable in 10 years with int. at 5% payable District of Burnaby 091.930,
half
-yearly. Nov. 23: City
of Nelson $20,000. payable in 20 years with int. at 5%
-yearly;
City of Nelson $240.000, payable in 20 years with int.payable half
at
yearly. Nov. 26: City of Trail 015,500, payable in 20 5% payable half
years with int. at
5% payable half
-yearly. Nov. 30: City of Trail $2.928.
payable in 20
years with int. at 5% payable half
-yearly. Dec. 4: District of Burnaby
$225,000. payable in 30 years with int. at 5% payable half
-yearly. Dec. 13:
City of Kamloops $15,272. payable in 10 years with int.
at 5%
half
-yearly. Dec. 26: Corporation of Delta $8.557. By-law payable
No. 116,
payable in five years with int. at 6% payable half
-yearly.
of Port Moody 33.701. payable in ten years with int. at Jan. 2: City
534% payable
half
-yearly; City of Port Moody $1,640, payable in 20 years
with int. at
534% payable half
-yearly. Jan. 7: City of
$43.798. payable
in ten years with int. at 5% payable yearly;Cranbrook on
Corporati
of Point Gray
1253.410. payable in 30 years with int. at 5% payable half
-yearly.
DUNBLANE, Sask.-BOND OFFERING.
-W. A. Baker. Town Secretary, will receive sealed bids until 12 m. on Feb. 5 for the
issue of $3,500 debentures, payable serially in ten years. purchase of an
and to bear int.
at the rate of 534%, payable semi-annually. Debentures
are payable at
Birsay, Sask.
MONTREAL, Que.-BONDS VOTED-At the municipal
election held
recently notice of which was given in-V. 128. p. 144
-the rate-payers
anproved the felllvring debenture by-laws,aggregating $3,770,000.
accordIng
a report in the Jan. 25 issue of the "Monetary
90,000 fire and police station construction bonds, Times" of Toronto:
1,500.000 fire alarm system.
880,000 tunnel construction bonds.
500,000 police alarm system bonds.
500.000 incinerator construction bonds.
Loans when Issued will bear interest at a rate not to exceed
434%, and
to mature in 40 years.
MORSE, Sask.-BOND OFFERING.
-Sealed
MacKay. Town Clerk, will be received until Feb. bids addressed to E. T.
for the
issue of $8.000 electric-light installment debenture5, to bear purchase of an
s,
interest at the
rate of'5% payable semi-annually, and to mature in 10
-installments. These
are the debentures offered unsuccessfully on Jan. 7-V..128
. p. 438.
QUEBEC, Que.-BOND OFFERING.
-Sealed bids will
the Superintendent of Banque Canadienne Nationale. be received by
Quebec City. Can.. until 4 P. m. Feb. 8 for the purchase St. Peter St..
of the following
bonds. Bids will be received for:
01,199,000 30
-year bonds, dated Feb. 1 1929. due Feb. 11959.
bearing int.
at the rate of 434% per annum, payable half
and Feb. 1. Prin. and int. payable at the -yearly on Aug. 1
at Banque Canadienne Nationale, Quebecoption of the holder.
the main office of the Bank of Montreal or Montreal, or at
in Toronto, or at
the agency of the Bank of Montreal, New York. U.
S. A.; or
1,199,000 bonds of the same date, maturity and other
terms
ditions, but bearing int. at the rate of 5% per annum:and con550,000 30
-year bonds, dated Feb. 1 1929. due Feb. 1 1959,and
bearing
int. at the rate of 434% per annum payable half
-yearly on
Aug. 1 and Feb. 1. Prin, and int. payable, at
the holder, at Banque Canadienne Nationalethe option of
Montreal. or at the main office of the Bank of, Quebec or
Montreal in
Toronto: or
550,000 bonds of the same date, maturity and other terms
and conditions, but bearing int. at the rate of 5% per
The bonds will be in denom. of $500 and $1,000 each, annum.
attached. A sinking fund will be created, sufficient towith int. coupons
retire
issue at maturity. 'renders may be made for either 434% or the whole
5%
payable either in Canada or New York. Delivery and payment bonds,
made at Banque Canadlenen National. Quebec or Montreal, at the will be
of the successful tenderer. on or about March 11 1929. Every option
must be accompanied by a certified check payable to the Treasurer tender
City of Quebec. for 1% of the total amount of the issue. Tendersof the
be for the whole amount of each Issue. No tender for securities notmust
cisely as described above or varying the terms of payment or delivery prewill
be considered. The highest or any bid will not necesasrily be accepted.
SASKATCHEWAN SCHOOL DISTRICTS, Can.
-DEBENTURES
REPORTED SOLD.
-The Jan. 18 issue of the "Monetar
Toronto gave the following list of debentures reported sold y Times" of
by the Local
Government Board from Dec. 22 to Jan. 4:
School Districts: Fox Valley. $7,_500 6 % 15
-years to Waterman-Waterbury Manufacturing Co.; Horse Lake, $800 6% 10
-years to McCallum,
lilif& co.
,
Villages: Loreburn, 33.5006% 10
-years to Houston.
Sceptre, $1,500 6% 10
-years to H. M. Turner & Co. Willoughby lc Co.;
Town of Strasbourg, $4,000 5% 10
-years to Strasbourg Electric, Light
Trust Account.
The following is a list of debentures reported sold by the Local Government Board from Jan. 4 to 11:
•1
School Districts: 12.000 6% 10
-years to Regina Public School Sinking
Funds.
Town of Hanley. 33.5006% 10
-years to II. M.Turner & Co.

NEW LOANS

FINANCIAL

State of Louisiana

WHITTLESEY.
McLEAN &Co.

We Specialize in

City of Philadelphia
3s
31/
2s
4s
4%8
4%s
5s
/
51 4s
5%s

Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Galt Canal 8437




769

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. m. Tuesday, February
26, 1920. Further particular
s and information
will be furnished upon application by L. B.
Baynard. Jr., Secretary, Board of Liquidation
of the State Debt of Louisiana. Baton Rouge.
Louisiana.

MUNICIPAL BONDS
PENOBSCOT BLDG.,
DETROIT

MINING ENGINEERS

H. M. CHANCE & CO.
Mining Engineers and Geclogist
s

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Euilding

PHILADELPHIA

[VoL.128.

FINANCIAL CHRONICLE

770

COTTON, GRAIN, SUGAR

An

COFFEE 14ERCHANTS

AND

BROKERS

F. B. 1KEECH & COMPANY
52 BROADWAY, NEW YORK

Cotton Department
Under the management of Edward M. Weld
and Bulkeley L. Wells, formerly partners of
Stephen M. Weld & Co.

Chicago
Washington

Philadelphia
Providence

W. R. CRAIG & CO.
Merchants and Brokers

COTTON
Members New York Cogan Exchange
Bowling Green 0480

60 Beaver St.,

ames Talcott
Inc.
Pounded 1854

225 Fourth Ave., New York

Entire Production of
Textile Mills
Sold & Financed
Annex: 100 Niadieon Ave.
Coe. 34th St.

New York

A. Schierenber,g
Paul Schwarz
P. Manfred Schwarz

Corn, Schwarz & Co.
COMMISSION MERCHANTS
New York
15 William Street
MEMBERS OF
Now York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee & Sugar Exchange Inc.
New York Cocoa Exchange, Inc.
Chicago Board of Trade
National Raw Silk Exchange, Inc.
National Metal Exchange, Inc.
ASSOCIATE MEMBERS OF
Liverpool Cotton Aesociation

Established 1856

L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 271 Madison Avenue
NEW YORK
Established Over 85 Years

ClatIsifieb ;Department

EXECUTIVE
having a background of ten years
experience with financial houses,
desires connection with progressive firm.
These are his qualifications—
advertising manager,sales manager, office manager, sales correspondent and salesman.
His judgment is relied on by a
wide circle of investors.
He has sound reasons for seeking change from present connection. Box Ti, Financial Chronicle,90 Pine St., New York City.

UNLISTED STOCK
TRADER

Philadelphia
Executive
Having background of twelve
years experience with N.Y. S. E.
houses, nine years with present
affiliation, will consider opening
Philadelphia office for progressive New York firm of highest
repute.
Qualifications are, institution
man,bond trader, sales manager,
can maintain profitable over-the
counter business with valuable
institution and street contacts.
Box W, 18, Chronicle, 90 Pine
St., New York.

Harvard graduate, married, at
present manager of a Securities
company, allied with large metropolitan bank, would consider
formation or management of a
similar company or investment
trust. Highest references. Box
V-1,Financial Chronicle,90 Pine
Street, New York.

H. Hentz & Co.
60 Beaver Street
6 East 53rd Street
132 West 31st Street
NEW YORK CITY
BOSTON
DETROIT
SAVANNAH
BETHLEHEM
PARIS, FRANCE

COMMISSION MERCHANTS
AND BROKERS
Members
New York Stock Exchange
New York Cotton Exchange
New York Coffee & Sugar Exchange, Inc.
New York Produce Exchange
Rubber Exchange of New York, Inc.
Chicago Board of Trade
Winnipeg Grain Exchange
New Orleans Cotton Exchange
New York Cocoa Exchange, Inc.
National Raw Silk Exchange, Inc.
National AIotal Exchange, Inc.
Detroit Stock Exchange
Associate Members
Liverpool Cotton Association
New York Curb Market

Hubbard Bros. & Co.
Coffee Exchange Building
Hanover Square
NEW YORK

COTTON MERCHANTS
Liberal Advances Made on
Cotton Consignments

Hopkins, Dwight & Co.
COTTON
and
COTTONSEED OIL

COMMISSION MERCHANTS
1307 COTTON EXCHANGE BLDG.,
NEW YORK

Adrian H. Muller St, Son
AUCTIONEERS
OFFICE NO. 55 WILLIAM STREET
Corner Pine Street

presently employed by a N. Y.
Stock Exchange firm, desires to
make a change. Address, Box
H. S. 1, Financial Chronicle,
90 Pine St., N. Y.




TRADER.
Eight years' experience
firms handling unlisted and
over-the-counter securities
desires new connection.
Available immediately. BOA
AZ 1, Financial Chronicle.
90 Pine St., N. Y.

Regular Weekly Sales
OF

Stocks and Bonds
EVERY WEDNESDAY
Exchange Salesrooms
Vesey Street