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VOL. 130.
SATURDAY,FEBRUARY 221930.
finantial Thronicit
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International Bank Concealments—Involvement
of the Federal Reserve System.
6111
!Editorial in New York "Journal of Orerfneree," Feb.
19$04
As the facts about the new international bank become
better known, it grows more and more evident that there
is no method of controlling or supervising its operations in
this country. This is in spite of the fact that those who
are promoting the new institution manifestly expect and
believe that they will derive their chief support and resources from the Federal Reserve System. The new bank is
to be represented in this country by some private banker;
it is to have no overt or directly observable connection with
the Reserve System; but there is already plenty of evidence
that its influence upon our financial organization is to
be
of the most positive sort.
President Hoover, as is well known, gave orders now
some
eight months ago, that there should be no participation
by
any Federal Reserve bank or by any member of the Federal Reserve banking staff in the management of the new
Institution. He took the position that the system
should,
in no circumstances, designate directors or aid in the local
organization or establishment of the international institution or of its American branch, if any. The order was given
the utmost publicity and was emphasized in every way.
NO. 3374.
There has, however, apparently been little more than a
nominal observance of it, and everyone connected with the
system is well enough aware that there is to be none, but
that the relations between the system and this bank are
to continue and to be surreptitious. Legal opinion has been
had, so it is stated, that the President exceeded his powers
in the issuance of the order that was given out by Secretary
Stimson In the premises, and that there is no reason why
the members and officers of the Reserve System should
not do about as they please in the matter of relationships
with the bank so long as they do not openly violate (as a
matter of prudence) the specific terms of the President's
order.
The question, nevertheless, is not one that can be dismissed in this technical manner. The new bank has practically determined upon the appointment of the President
Chairman 'Of a Reserve bank as its President; and it is
understood that there will be large deposits of gold taken
from our reserves, with the new bank, as soon as it is well
started. But there seems to be no way of getting any
authentic statement of what is happening, and Congressmen
and others, charged with the duty of following what is being
done in a financial way, assert that their efforts to get
information as to what is going forward are unsuccessfuL
Indeed, an officer of one of the Reserve banks in a recent
speech made at a private meeting enlarged upon the fact
that, with the new banks in existence, it would be far more
possible than now to escape from the "snooping" and spying
of reporters and to do whatever seemed needful in the
direction of further centralization without being subject
to rebuke or interference. One of the most eminent of
foreign central bankers, himself not much of an advocate
of the new bank, has spoken of it as having among its chief
merits the fact that it would serve as a "central bankers'
club" whose doings would not only conduce to greater centralization but would at the same time be more private and
less open to public inspection than they can be under existing circumstances. That such will obviously be the case
is indisputable.
The "Journal of Commerce" has in the past fully supported the action of the President as regards this bank. It
Is, however, not enough to do what he has done. Grant
that the bank is a good thing if we will—or believe that
it is a dangerous and insidious proposal if we will—in
either case there is every reason why the American public
should be fully informed through its officers and representatives exactly what are the relations of our banks (and
particularly of our Federal Reserve banks) with such a
new central institution as is now being proposed. This
would be true in any event, but it is doubly true where the
Federal Reserve banks are the required holders of the ultimate reserve funds of the nation and where they necessarily
act as the conservators and managers of the Government'
s
current funds.
Congress ought not to sit Idly by and allow this intrigue
in international finance to proceed further without
finding
out exactly what is going forward. The Federal
Reserve
Board for some reason not known to the general
public
1152
FINANCIAL CHRONICLE
plainly feels that it cannot take the initiative in this matter,
cannot inform itself more fully, and cannot, above all,
apply any Corrective to conditions of Which it does not
approve. Therefore, the legislative body ought to act, and
act in a way that will conserve the essential interests of
the country by providing for full and authentic data covering the situation. This is a demand that should be insisted
on •by all, quite regardless of the question whether they
do or do not sympathize with the idea of a bank of the
sort that is being organized or of our taking a large share
In it by permitting it to hold a part of our banking reserve.
The Editor of the New York "Journal of Commerce," in which the above article appeared, is H.
Parker Willis, who, acting as expert adviser at the
time to the House Committee on Banking and Currency, drafted the Federal Reserve Act, and hence
may be credited with entire familiarity as to its
scope and purpose. The same doubts and suspicions
expressed by him in the foregoing article, as to
whether the injunction of the President that the Federal Reserve System shall not in any way become
involved or connected with the Bank for International Settlements, which is presently to be launched,
and which doubts and suspicions are shared in by
many others, were voiced in a speech delivered in the
House of Representatives at Washington on Monday
of last week. As the speech was printed in full in
our issue of last week (pages 1058-10(u1), we reproduce here only the closing portion of it, as follows:
[vol.. 130.
bank shall share—is unquestionably as described, and unquestionably serious. Mr. MCFadden gives a detailed story
of events that have received practically no public attention
whatever, but are of the greatest national significance.
We may differ as we will about the League of Nations and
the international debts, and a variety of other questions to
which this matter is allied, but we cannot doubt the absolute
necessity of maintaining control Of our own international
relationships and of having them dealt with by qualified
and authorized representatives of the public. That condition is not now being fulfilled, but quite the contrary.
Mr. McFadden quotes the statement of one of the officers
of the local Reserve bank (since denied by the latter, but
amply confirmed by those who heard it as well as borne
out by events), to the effect that the Reserve banking system
will act as correspondent to the new establishment, and will
make "important deposits of gold" in it. He further calls
special attention to the fact that the statutes of the new
establishment have been prepared in such a way as to avoid
the necessity of getting any legislative sanction or support.
Precisely the same statement is being made in England at
this same time. Thus there is no reason to doubt the
actual facts as set forth by Mr. McFadden, and amply confirmed by many who are cognizant with them.
In these circumstances, it seems a shortsighted policy for
the press to minimize Mr. McIladden's efforts or to sneer
at the state of things to which he has called attention. It
is, in fact, a real state of affairs which he sets forth, and
the problem it presents is one that comes close to the very
root of our whole present system of international, economic,
and financial arrangements. Why should it not be fully
discussed? Mr. McFadden has done valuable work in directing attention to it.
It remains only to add, as emphasizing the need
of getting implicit assurances that the gold holdings
It is apparent, as evidenced by subsequent activities, that
of the Reserve Banks are not, in large part or in
they (the New York Federal Reserve authorities) are comsmall part, in the shape of deposits or otherwise, to
pletely ignoring Secretary Stimson's direct order, which it
is understood was authorized by the President, and the be put at the command of the Bank for International
same co-operation is apparently quietly going on, ignoring Settlements, that Gates W. McGarrah, Federal Rethe State Department's order on the theory that the law serve Agent at New York, is to be the head of the
gives the Federal Reserve banks the legal right to do that
International Settlements Bank, that W. Randolph
which the Administration has attempted to prohibit.
Assistant Reserve Agent at New York
This, of course, raises a most interesting departmental Burgess,
situation. The State Department has charge of diplomatic spent weeks in Europe last year to lend a helping
relations with foreign countries. The Treasury Depart- hand in the organization of the new institution, and
ment and the Federal Reserve System are charged with that last night George L. Harrison, at present Govfinancial relations, both domestic and international, and ernor of the Federal Reserve Bank of New York,
if the State Department, in possession of diplomatic informasailed for Europe aboard the White star liner Mation, Issues an order forbidding international financial
jestic for some unannounced purpose, yet one not
relationships through the Treasury Department and the
Federal Reserve banks, certainly there must be important unlikely to be associated with the setting up of the
reasons therefor. And inasmuch as this whole international new institution. All this tends to establish such
relationship, so far as Federal Reserve banks are concerned, close and intimate relations with the International
is being conducted under the authority of Section 14 of
Bank that inasmuch as the Reserve Banks carry the
the Federal Reserve Act, and believing, as I do, that Congress never intended that Section 14 should convey this entire gold reserves of the country, and it is a matter
authority, is it not about time that Congress took notice of such vital importance that these reserves shall
of this situation and ascertained the facts and the scope not be trenched upon, it behooves every thoughtful
of the intentions of the Federal Reserve management in person to see to it that the Reserve Banks maintain
regard to the past, present, and future plans on interna- a
position of absolute independence free from any
tional finance?
alliance with the new institution in conformance
After Mr. McFadden's address, the "Journal of with the order of the President and the Secretary
Commerce" again referred to the subject, in its issue of State.
of Feb. 14. This article we also reproduce, as
The Financial Situation.
follows:
Things have taken an unfavorable turn the present
Chairman McFadden of the House Committee on Banking
and Currency, has furnished, in an address on the floor of week, and this is reflected in a sharp break in the
the House, a review of the objects and methods of those stock market after several weeks of almost continuwho are organizing the new International Bank, which ously rising prices. The tone is decidedly less conought to have the attention of everyone who is interested
fident, and the disposition now is to paint the future
in the future welfare of our foreign trade, and of our
in more subdued colors than has been the wont of
domestic finance as well.
We do not need to go into the specific details stated by late. As a matter of fact, it would be no easy task
Mr. McFadden, or to consider the individual and firm to invest the immediate future with a bright aspect,
names which he uses, to reach a conclusion that the gen- at a time when prices for both grain and cotton have
eral state of things which Mr. McFadden complains of— been
tumbling to new low figures for the season, and
viz., the surreptitious participation of the Reserve banking
the price of silver has reached a new low level in all
system in an enterprise (The International Bank), for
which it has no legal power of affiliation, and in which time—which is the unfortunate record of the present
the President has already directed that no Federal Reserve week.
FEB. 22 1930.]
FINANCIAL CHRONICLE
1153
Accounts regarding the steel trade continue good, mentum that caused it to rise so rapidly in January."
with the rate of production still rising and nearing Demand is uneven, it is stated, with declines in cerfull capacity, a decided anomaly at a time when tain districts offset by increases in others. The
general business is notedly depressed, but the re- contrast is especially sharp, it appears, in automoports are now tinged with intimations that caution tive steels, with Pittsburgh reporting heavier, and
must be exercised and expectations of further re- other centers lighter, releases. "Ingot output at
covery be moderated, besides which it may well be Pittsburgh, 75% a week ago, is now nearly 80% of
questioned whether the steel trade, as also some of capacity, and a similar rate prevails in the Valley.
the other trade indexes so commonly accepted as a Raw steel production, however, appears to average
measure of business activity, furnish a true guide 5 to 10 points above finishing mill operations, indito actual conditions in times like the present. With cating the accumulation of surplus metal to meet
steel production up to 80% of capacity, in some dis- expected expansion of demand in the spring. At
tricts even 85% or higher, one gets the idea that Chicago, new business has receded, but specifications
things are going along swimmingly, and that the fully support an ingot output of 90%. Average raw
industrial reverses occasioned by the bursting last steel production for the country at large is estimated
autumn of the stock bubble may already be regarded at 82%, with the Steel Corp. rate at 85%." The
as an event of the remote past, with its adverse influ- accounts in the "Iron Trade Review" of Cleveland
ence upon general trade exhausted. One needs, how- are to the same effect, that publication saying:
ever, only to engage the ordinary business man in
"Producers are not unmindful of the fact that the
conversation to discover that such views are entirely
support of the railroads is now at its maximum.
erroneous and sadly at variance with the actual Through May specifications for track material
and
facts, and also in conflict with the optimistic expres- car and locomotive steel will be high, but there will
sions that come in such profuse fashion from Wash- be practically no replacement of this tonnage. Likeington and which would have us believe that all wise, much of the structural material for spring
building projects already has been placed.
is well.
"With the general manufacturing trade proceedIt is really surprising to find how common is the
ing cautiousl
statement by the ordinary business man, not that ever added y, it is increasingly apparent that whatvigor accrues to the market
his business now is only 50 or 60% of what it was 60 days must come from the automotiv in the next
e industry in
at this time in 1929, but rather that it is no more the first instance and the oil, water and gas industry,
than 25 or 30% of what it was then. Verily, trade as reflected in demand for pipe, in the second."
indices, professionally "weighted," no one knows
Unfortunately, too, renewed depression has
how, to allow for so-called seasonal fluctuations, but marked the grain and the cotton markets
the present
invariably computed to show that nothing is wrong, week, as indicated at the outset of this
article.
are calculated, it need scarcely be urged, to lead Despite the intervention of the Federal
Farm Loan
the student far astray at the moment. Figures of Board, and doubtless because it,
of
grain and cotton
bank clearings tell a story quite their own as to prices have again been tumbling in
a perfectly alarmwhat is going on in certain sections of the country. ing fashion. The March option
for wheat at Chicago
At the financial centers these figures of bank clear- on Thursday
got down to $1.073 , which compares
/
4
ings are obviously not reliable as to the extent of the with $1.20
/ on Thursday of last week. On Jan. 2
1
2
falling off in trade, since they were unduly swollen of the present year the March
option for wheat at
last year by the speculative debauch in the stock Chicago sold at $1.337
/, and on Aug. 1 of last year
8
market, which served to enlarge clearings figures to this option sold at
$1.61 . Certainly there is
/
1
4
an inordinate degree, while now stock speculation nothing calculated to promote
trade revival in that
has shrunk back to merely normal proportions,
but circumstance. Meanwhile the Federal Farm Board,
a decrease at Detroit, for instance, of 25% for the through
the farm co-operatives, is continuing its
week ending Feb. 15, following 33.0% in the week activities. Whether
the co-operative bodies are buyending Feb. 8, carry a significance as to condition ing much or little
s
at any one time no one knows.
in that automobile center that cannot be gainsaid,
The one fact that stands out pre-eminently is that
and the same is true of the heavy declines at other their efforts
are proving unavailing in checking the
points, where the influence of unlicensed stock specu- downward course of
values. The experience goes
lation in 1929 was slight or possibly entirely absent. to show the folly
of the whole undertaking. The
The high degree of activity in the steel trade, by Farm Board is
still understood to be extending
the way, is largely ascribable to the orders which loans to
the farm co-operatives at the prices fixed
have come in such liberal volume from the railroads, on Oct. 26 of last
year, when it announced its readibut which have now pretty nearly exhausted their ness to make
supplemental loans up to $1.25 at Minstimulating influence even in that quarter. This neapolis and
St. Louis and up to $1.18 per bushel at
explains the note of caution that is now coming from Chicago. It
would seem as if this policy could not
the iron trade papers regarding prospects of further
continue indefinitely, even though the Farm Board
recovery in the iron and steel trade. Thus we
find appears to have almost unlimited means at comthe "Iron Age" saying editorially this week that
"the mand..
steel trade will do well not to expect too much
Plainly at this stage the operations of the Farm
activity to be added to the present volume," and that Board
are proving harmful, instead of doing the
"it would not take a great many months of so-called
good that was expected to result from the same.
'recovery' at only a moderate rate month by month to Some miracle
may occur in the shape of a world-wide
carry steel to a higher peak than ever," hence the catastrop
he to the new wheat crop, to help the Farm
advice that there is ground for arguing that,"on the Board
and the co-operatives out of their dilemma,
whole, recovery from that particular occurrence is but the situation
at present is that enormous stocks
complete." In its customary weekly trade review, of wheat are being
withheld from market through
the "Iron Age" tells us that "steel production has the assistance of the Farm
Board. These stocks
made a further slight gain, but has lost the mo- must, sooner or later, be
disposed of, and so long as
1154
FINANCIAL CHRONICLE
that continues they must remain an element of great
weakness. In the meantime, intending buyers will
refrain from purchasing, fearing collapse. We
stated a week ago that no little concern was being
felt in the business world regarding the outcome,
and the developments since then have deepened this
concern. The drop in wheat has carried other grains
with it, and thus the plight of the great farming
interests is growing steadily worse.
The experience in the case of cotton is proving
the same. The Farm Board has fixed an artificial
price for cotton and finds itself unable to maintain
it. As shown in our issue of Feb. 1, the Federal
Farm Board, on Oct. 21 last, when spot cotton on
the New York Cotton Exchange was selling above
18c. a pound, announced that it considered the price
too low, and "in order to assist cotton farmers to
hold back their crop and at the same time have money
with which to pay their obligations," indicated its
willingness to lend to cotton co-operatives "sums
sufficient to bring the total amount borrowed from
all sources by such associations to 16c. per pound on
8-inch
graded and classified cotton, basis middling 7
staple,less proper deductions to cover freight to port
concentration points." Schedules of prices were
attached, to show the loan per pound at 10 designated Southern spot markets, these prices running
from 15.34c. at Memphis to 16.59c. at New Orleans.
Spot cotton at New Orleans this week for the middling grade sold down to 15.03c. On Oct. 21 last the
New Orleans spot price was 17.73c. Cotton at such
prices is cheap—gol-darnedly cheap—but the Farm
Board, having created an unnatural market, consumers who would otherwise buy freely against
future needs, are holding aloof, not knowing what
will happen next. Thus Government meddling is
proving to the detriment of the Southern planter
just as it is to the Western grain farmer.
[VoL. 130.
teresting as showing that when the energies of a
population are suppressed, even with the acquiescence of the population, under the influence of
frenzied zeal, poverty and destitution are the inevitable result.
Brokers' loans are now slowly increasing weak by
weak. Otherwise the returns possess no features of
interest. This week's statement reveals a further
increase of $44,000,000, following $48,000,000 increase last week and $57,000,000 increase the week
before, making $149,000,000 expansion for the three
weeks and bringing the grand total of these loans
on securities to brokers and dealers by the reporting
,
member banks in • New York City up to $3,494,000,000, at which figure, however, comparison is
with $5,477,000,000 a year ago on Feb. 20 1929. The
loans for own account are a little higher than a week
ago, at $962,000,000 against $924,000,000; the loans
for account of out-of-town banks are a little lower,
at $987,000,000 against $989,000,000, while the loans
"for account Of others" stand at $1,545,000,000 the
present week against $1,536,000,000 last week.
The • returns of the Federal Reserve Bank show
relatively slight changes as compared with last week.
Discount holdings of the 12 Reserve Banks, reflecting member bank borrowing, are slightly reduced,
standing at $376,943,000 as against $381,914,000. On
the other hand the holdings of acceptances are somewhat higher, at $281,057,000, against $276,084,000,
and holdings of Government securities are also somewhat larger at $480,615,000 against $478,560,000.
As a result of these changes total bill and security
holdings, which are the measure of the volume of
Reserve credit outstanding, foot up $1,152,895,000
the present week as against $1,147,838,000 last week.
The amount of Federal Reserve notes in circulation
was reduced during the week from $1,682,444,000 to
$1,656,161,000, while gold reserves increased from
In another part of the world, illustration is just $2,974,978,000 to $2,977,518,000.
•
now being seen of the complete absorption of all
The stock market, after several weeks of rising
powers by self-constituted government, and the ruthless application of the same to the population with prices, suffered a severe break the present week. The
no means of escape and even with its willing acqui- break came abruptly on Wednesday and was conescence. In Soviet Russia we are seeing Govern- tinued during Thursday, but with a partial recovery
ment run riot. On Tuesday wireless dispatches from on Friday. As a consequence, heavy losses appear
Moscow, dated the day before, were published in in a good part of the stock list. The reasons
the New York "Times," saying that "every church for the sudden reversal of the course of prices are
in Chita, Eastern Siberia, has been closed by order not altogether clear, at least to the ordinary obof the local Soviets after an organized anti-God dem- server, and yet would appear to lie on the surface.
onstration by 10,000 persons with torches, in The controlling considerations appear to have been
weather 8 degrees below zero." It was added that the more guarded accounts regarding the recovery
"To-day's issue of the weekly "The Godless One," in the steel trade, the failure of general trade to
official organ of the Moscow Godless League, insists measure up to expectations. the further sharp deupon the immediate closing of every church left in clines in prices on the grain and cotton exchanges,
the City of Moscow and throughout the great prov- and perhaps also a feeling that the upward reaction
ince of Moscow, which is bigger than Scotland." A in prices from the low levels reached during the stock
little further below in the same column of the New market panic of last October-November had been
York "Times" we find an Associated Press dispatch carried too far. Besides, these realizing sales have
from Moscow, also dated Feb. 17, saying that "Mos- been on a large scale, the holders being doubtless
cow authorities to-day decreed that all restaurants impelled to throw over some of their stocks by the
in the city should have nine meatless days each considerations just noted.
Much of the buying of stocks in re,cent weeks has
month, it being hoped thus to save both meat and
fuel." The cablegram then goes on to say: "Under been on behalf of foreign purchasers whose takings
present conditions a laboring member of the popula- since the first of January have been on a very extion is allowed an average of half a pound of meat tensive scale. Such buying has not materially slackdaily, but even this sharp rationing system has failed ened the present week, and this buying explains the
to relieve the crisis which led authorities recently further weakening in exchange rates on London, on
to establish a 'collective' of all cattle ranches after Paris, and on a number of other important foreign
the manner of the collective farms." All this is in- centers which has been a featuge of the week. The
FEB. 22 1930d
FINANCIAL CHRONICLE
drop in the stock market has occurred in face of this
further absorption of stock on foreign account. The
selling to realize profits and doubtless also considerable short selling were of quite unusual magnitude
'and seemed to proceed from all quarters and to extend to all classes of share properties. The railroad
shares did not escape in the general downward movement, and here a further depressing influence was
the very unfavorable exhibits made by the few income
statementsfor the month of January which have come
in during the course of the week. Yesterday, however,
the announcement that the Inter-State Commerce
Commission had sanctioned the merger of the Great
Northern and the Northern Pacific, though without the Burlington & Quincy, gave tone to the whole
railroad list and aided in bringing about a general
upward reaction throughout the market.
The volatile of trading on the Stock Exchange has
been of about the same proportions as in other recent
weeks. On the New York Stock Exchange the sales
at the half-day session on Saturday were 1,696,920
shares; on the full day Monday they were 3,289,170
shares; on Tuesday,3,795,310 shares; on Wednesday,
3,484,810 shares; on Thursday, 3,661,070 shares, and
On Friday, 2,566,570 shares. On the New York Curb
Exchange the sales last Saturday were 471,100
shares; on Monday, 817,100 shares; on Tuesday,
808,100 shares; on Wednesday, 941,600 shares; on
Thursday, 975,500 shares, and on Friday 628,700
shares.
Prices in many instances show net losses for the
week, though there is also a numerous body of gains.
American Can closed yesterday at 13778 against
/
143% on Friday of last week; United States Indus/
trial Alcohol at 11834 against 12034; Commercial
/
Solvents at 3114 against 30; Corn Products at 9412
/
/
against 953/4; Shattuck & Co. at 44 against 4534;
/
Columbia Graphophone at 2914 against 2934; Brook/
/
lyn Union Gas at 17412 against 163; North American
/
at 107 against 10714; American Water Works at
/
3
4
/
104 against 1058 ; Electric Power & Light at 61
/
4
/0;
against 641 Pacific Gas & Elec. at 617 against
8
61½; Standard Gas & Elec. at 119% against 123;
Consolidated Gas of N. Y. at 1203 against 119; Co/
4
lumbia Gas & Elec. at 90 against 911 8; Public Service
/
of N. J. at 9438 against 94; International Harvester
/
at 91% against 90; Sears, Roebuck & Co. at 89
against 9038; Montgomery Ward & Co. at 46 against
/
42%; Woolworth at 631 8 against 63½; Safeway
/
Stores at 103 against 107; Western Union Tele/
1
4
graph at 210 against 213; Amer. Tel. & Tel. at 23314
/
against 2:11%,and Int.Tel.&Tel.at69 against6878
/
3
4
/.
Allied Chemical:& Dye.closed yesterday at 27114
/
against 276 on Friday of last week; Davison Chemical at 38% against 3318; E. I. du Pont de Nemours
/
at 1241 8 against 1271 8; Radio Corp. at 4514 against
/
/
/
42%; General Elec. at 72 against 76; National
/
1
2
Cash Register at 74 against 77%; Fox Film A at
/
3
4
32 against 30%; International Combustion Engi/
1
4
neering at 6 against 65/8; International Nickel at
/
3
4
37 against 3778; A. M. Byers at 84% against 87;
/
1
2
/
Timken Roller Bearing at 7618 against 78%; War/
ner Bros. Pictures at 6112 against 617 Mack
/
8;
Trucks at 79 against 80%;,Yellow Truck & Coach
at 20% against 22; Johns
-Manville at 134 against
142; National Dairy Products at 493 against 50%;
/
4
National Bellas Hess at 11% against 131 Associ%;
ated Dry Goods at 3118 against 3334; Lambert Co.
/
/
/
/
at 10318 against 10414; Texas Gulf Sulphur at 61
/,
against 6334 and Bolster Radio at 3 against 3.
1155
The steel shares have shared in the general decline.
United States Steel closed yesterday at 183 against
189 on Friday of last week; Bethlehem Steel at
/
1
4
100 against 102, and Republic Iron & Steel at 7614
/
against 78%. The motor stocks have also been
heavy. General Motors closed yesterday at 42%
against 4338 on Friday of last week; Nash Motors
/
at 61 against 512 Chrysler at 381 4 against 38;
/
1;
/
Packard Motors at 1814 against 16%; Hudson
/
Motor Car at 56 against 58, and Hupp Motors at 22
against 22. The rubber group has moved downward
with the general market. Goodyear Rubber & Tire
closed yesterday at 81% against 83% on Friday of
last week; B. F. Goodrich at 47 against 47
/ United
1
4;
States Rubber at 26 against 27%, and the pre/
1
2
ferred at 52 against bid 51.
Railroad stocks, led by New York Central, have
been weak, though with the recovery already noted
on Friday. Pennsylvania RR. closed yesterday at
82 against 84 on Friday of last week; New York
/
1
4
/
1
2
Central at 184 against 191%; Erie RR. at 59Y
8
against 63%; Del. & Hudson at 173 against 178%;
Baltimore & Ohio at 116% against 118
/ New Haven
1
4;
at 121 against 122%; Union Pacific at 227% against
231' 8; Southern Pacific at 124 against 124; Missouri
/
7
Pacific at 92 against 92; St. Louis-San Francisco
at 112 against 113; Missouri-Kansas-Texas at 54
/
1
4
against 58; Rock Island at 1202 against 12518;
/
1
/
Great Northern at 9934 against 99, and Northern
/
Pacific at 95% against 9378
/
.
The oil shares have declined with the rest. Standard Oil of N. J. closed yesterday at 592 against
/
1
61/ on Friday of last week; Simms Petroleum at
78
242 against 25; Skelly Oil at 29 against 29%; At/
1
lantic Refining at ex-div. 38% against 4078; Texas
/
/
Corp. at 51% against 5278; Pan American B at 51%
against 5278; Phillips Petroleum at 30% against
7
/
30%; Richfield Oil at 2378 against 23%; Standard
/
1
/
1
4
Oil of N. Y. at 312 against 32 , and Pure Oil at
21% against 22%.
The copper shares have been no exception to the
rule. Anaconda Copper closed yesterday at 72
against 76 on Friday of last week; Kennecott Cop/ Calumet & Hecla at 29%
1
4;
per at 56 against 58
against 30%; Andes Copper at 33% against 341 8;
/
Inspiration Copper at 2634 against 28 ; Calumet &
/
/
3
4
Arizona at 7634 against 84; Granby Consolidated
/
Copper at 55% against 57; American Smelting & Refining at 7178 against ny and U. S. Smelting &
/
8,
Refining at 3314 against 3378
/
/.
Stock exchanges in the important European financial centers remain hesitant and uncertain with trading of small proportions and the main trend of prices
slightly downward. Statistics of trade and industry
are not considered encouraging and a decided tendency to reduce labor forces is reported in some
over-expanded industries. Business developments
in Europe are viewed as dependent to a great extent
on the course of affairs in America, but in this respect much uncertainty exists. Political matters,
such as the fall of the Tardieu Cabinet in France
Monday also have contributed to the instability of
financial markets. Cabinets in all of the larger
European countries are based on insecure parliamentary support and there is constant apprehension
of Governmental change and experiment. The purely
financial outlook, however, continues to improve.
Although the last reductions of central bank rates
have only just been placed in effect, discussion
1156
FINANCIAL CHRONICLE
turned this week to the possibility of additional cuts
at London and Berlin. London also reports greater
activity in the market for new capital issues owing
to oversubscription last week of a short-term Indian
Government loan. Several large new issues are impending at London, reports state, but the tendency
is to make haste slowly as the market's ability to
absorb new capital issues is still limited.
The London Stock Exchange was dull in the opening session of the week,and prices worked downward
to some extent. British funds were easier on evidence of tightness in the money market. British
industrials were featured by a drop in shares of the
Inveresk Paper Company, while international issues
also lost ground. After a further weak opening
Tuesday, prices of leading British industrials recovered, giving a better tone to the market. Rhodesian copper stocks also improved, but gilt-edged securities were again depressed. French bonds listed
on the London market were but little affected by
the fall of the Tardieu Cabinet. A more confident
tone prevailed at London Wednesday, with improved
reports from New York contributing to the general
cheerfulness. Gilt-edged stocks remained dull and
quotations were again shaded, but the industrial
section made progress while international issues
advanced substantially. The Stock Exchange relapsed into extreme quietness Thursday, partly in
consequence of a drop in international issues which
followed disquieting dispatches from New York.
Easier conditions in the money market caused slight
Increases in the gilt-edged section, but prices in
most other departments of the market were inclined
to sag. Gilt-edged issues were steady at London
resterday, but other sections of the market were
crregular.
The Paris Bourse was dull and heavy Monday,
with uneasiness over the political situation much in
evidence. Selling developed on a fairly widespread
scale and prices of French and foreign stocks alike
were forced to levels much below the previous quotations. Slight improvement occurred toward the
end of the day, with partial recovery taking place
in a few issues such as Suez and Pechiney. Fall of
the Tardieu Government late Monday caused some
apprehension regarding the action of the Bourse
Tuesday, but prices remained comparatively unaffected by the crisis. Trading remained slack and
the course of prices was again downward, but not
on an alarming scale. Rentes weakened decidedly
and Suez shares also fell sharply, but the decline
was gentle in other departments. The belief gained
ground Wednesday that the new Government to be
formed in Paris might favor heavier reduction of
taxes than was proposed by the Tardieu Cabinet,
and some optimism was caused on the Bourse by
this circumstance. Trading was slightly better and
prices as a whole moved slowly upward. This was
succeeded, however, by irregularity Thursday and
an almost completely stagnant market. Selling outweighed buying as the political crisis continued and
prices moved downward to a degree. Prices on the
Bourse were easy yesterday, owing to the formation
of a Radical Government.
The Berlin Boerse was quiet and irregular in the
first session of the week. The tendency was influenced by a drop in Siemens shares in the early
trading, but improvement set in later and most of
the losses were recovered. Trading was of small
proportions and price changes also were of minor
[voL. 130.
importance. Tuesday's session on the Boerse was
characterized by general weakness, with international issues showing the most pronounced losses.
Chemical shares and artificial silk stocks led the
market downward. Uncertainty in the political situation prepared the ground for successful bear attacks, dispatches said. Further weakness followed
in Wednesday's session, but the losses were less pronounced. Trading was of small proportions and
business dwindled almost to the vanishing point
toward the close of the session. Although the opening Thursday was somewhat uneasy, covering purchases by bear operators soon produced a better
tone and leading stocks advanced several points.
Swiss purchases of electrical issues listed on the
Boerse aided the recovery. The artificial silk group
advanced sharply, while improvement also took place
in chemical issues. The Boerse was steady yesterday, and previous gains were maintained.
Proceedings of the London naval armaments conference have been brought to the stage where all five
delegations have issued preliminary statements on
naval aims and requirements, permitting the thirty
accredited representatives to discuss the basic material considerations involved in limitation and reduction. Dino 'Grandi, Foreign Minister of the
Rome Government,issued a statement on the Italian
position at the conference Wednesday, following
in this respect the precedent set by the United States,
British, French and Japanese delegations in previous weeks. Even before the Italian declaration
was made, discussion of means for securing a fivepower naval accord on all classes of vessels had been
started. These negotiations were based largely on
the statement given out by Premier Tardieu Feb. 13,
in which French naval tonnage on Dec. 31 1936 is
to be 724,479 English tons under the present
program. The more important discussions were
brought to a sudden halt, however, by the unexpected and peculiarly untimely fall of the French
Cabinet Monday on a minor issue. Other delegations in London were immediately notified by the
French that neither the French diplomats nor the
French experts would take part in the naval negotiations until further notice. As a result of the
situation thus produced, the leading delegates of the
United States, Britain, Italy and Japan consulted
Wednesday and decided to adjourn the conference
for a week so that the French statesmen might have
an opportunity to adjust their domestic situation.
A short official communication was issued Wednesday stating that the naval conference would stand
adjourned until Wednesday,Feb.26. The committee
of naval experts is to continue in the meantime the
"work upon which it is now engaged."
Difficulties faced by the conference in achieving
its widely heralded aims of limitations and reduction appeared over the past week-end in ever graver
light. 1M. Tardieu's statement on France's naval
needs and the French building program until 1936
was viewed as the particular stumbling block to reduction. A door to reduction was opened by Premier
Tardieu, however, before he left London Feb. 14 to
attend a Cabinet meeting in Paris. In a conversation with Prime Minister MacDonald, a dispatch to
the New York "Times" reported, M. Tardieu stated
that the French would reduce their naval program
in the measure in which they received guarantees of
security. On the basis of semi-official declarations
FEB. 22 1930.1
FINANCIAL CHRONICLE
1157
in French quarters, the dispatch added that "the conference. The French intend to place themselves
French Premier meant that if all nations repre- about in the position Japan occupies with regard to
sented here were to agree to consult in case of England or America. They have the money to build
danger of war he would cut his program by 10%, up to this position and they are going to do it, treaty
while if they would agree in advance not to aid the or no treaty, unless they get political assurances,
aggressor in another war by supplying munitions which they calculate are worth so much tonnage."
Italian naval policy remains virtually the same
and food, he would cut 20%." Britain is ready to
make such an agreement not to help the aggressor, as when the conference opened in the Royal Gallery
the dispatch said, and it was considered therefore of the House of Lords. A statement on the Italian
that the force of M. Tardieu's suggestion fell chiefly position, issued Wednesday by Signor Grandi, began
on the American delegation. Some members of the with a confirmation of previous Italian declarations.
American delegation in London were disposed to The desire for theoretical parity with France was
weigh the proposal, it was indicated, but the ma- reiterated in the statement that "Italy is prepared,
jority were definitely opposed. In Washington, a priori, to accept as a limit for her armaments any
moreover, the suggestion "failed to bring any sym- figure, no matter how low, provided it be not expathetic response in authoritative quarters," ac- ceeded by any other Continental power." Italy's
cording to a special to the New York "Times."
geographical position was described as "particularly
The conference, which began Jan. 21, has thus unfavorable," since she has not the advantage of an
rounded out its first month with very little in the ocean frontier, and moreover possesses no extraway of definite accomplishments. The high hopes Mediterranean naval bases. "Italy's problem is that
at first entertained in various quarters have all been of insuring her existence and not only that of safedisposed of, a London report to the New York guarding distant territories subject to her sov"Times" said. "As the conference approaches its ereignty or influence," the statement said. Italy,
second month it has been settled that battleships are nevertheless, "strongly advocates reduction of naval
not going to be done away with," the dispatch con- armaments," and in tables of naval strengths aptinued. "It is settled that submarines will still pended to the statement, application of the principle
submerge when the meeting is over, and reduction of reduction is suggested from the Italian viewpoint.
has got so far into limbo that the statesmen have This consists chiefly of a willingness to postpone
now realized that the chief results of the London capital ship construction until 1936, and to consider
conference will be some of the finest naval construc- abolition of capital ships. With regard to other
tion programs the world has yet seen. Italy will classes of vessels, Signor Grandi declared specifinever be able to build what she demands. France cally that Italian needs are governed by the strongwill build most of what she demands. The Japanese est fleet possessed by any other Continental
will get an extra cruiser or two. Britain has con- power.
Adjournment of the conference, which followed,
siderable replacement to do. And for the United
States to carry out the program the conference will was taken on the initiative of Secretary of State
provide for us to achieve parity with Britain by 1936 Stimson, who assumed the position that negotiations
will call for building which will leave only small among the remaining delegations in the absence of
change out of $1,000,000,000." It was considered the French might cause irritation. The atmosphere
assured, however, that the meeting will result in a of the meeting, dispatches said, was distinctly less
treaty of limitations on all classes of vessels, which optimistic at the time of adjournment than in previ"will be something that never existed before." There ous weeks. "It has been noticeable," a London reis a definite prospect, in addition, of a further con- port to the New York "Times" said, "that the Amerference in 1935, at which time greater progress is ican delegation has lost much of the optimistic enconsidered likely.
thusiasm which marked them up to this week. Even
No change in the French position at the conference if the French were present the conference would still
is likely because of the Cabinet crisis at Paris. The face difficult days. Not that there is any doubt that
Tardieu Cabinet fell on a domestic issue having not a limitation treaty will be written, but the statesthe remotest connection with the naval program of men have made too many political promises which
the country. Moreover, all French leaders are in they find themselves unable to carry out. Both the
substantial agreement on the needs of the country British and Americans misjudged the French stand,
as outlined by M. Tardieu. In a report of Tuesday as they now are quite willing to admit." An address
by Edwin L. James,general European correspondent throwing some further light on the American poof the "Times," it was pointed out that "the para- sition at the conference was delivered by Senator
lysis of the naval conference because of the absence Joseph T. Robinson, Wednesday, before the Amerof the French is a very good indication of their key ican newspaper correspondents in London. Mr. Robposition. England will not fix her figures until she inson gave little encouragement to suggestions for
knows the French figures, and the Americans can- political arrangements. "My understanding is," he
not fix theirs until they know Britain's. The Japa- said, "that the people of the United States quite
nese fleet depends on the size of the American navy, generally adhere to the traditional policy of our
while Italy stands pat on parity with France." The Government to avoid, if possible, involvement in
chief difficulty of the London gathering, it was con- European politics. They would repudiate emphatitended, lies in the mistake the Washington confer- cally any treaty expressly or impliedly obligating
ence of 1922 made with regard to France, in placing our Government to employ the army or the navy for
the French naval strength at one-third of that of the enforcement of obligations assumed by other
America or England and below that of Japan. nations. It is for this reason that they do not en"There has been in France ever since a determina- courage their delegates to this conference to join in
tion to overcome what they regard as an indignity," guarantees of security respecting areas remote from
the dispatch added, "and now the London confer- territory or possessions of the United States."
ence reaps the results of the error of the Washington
FINANCIAL CHRONICLE
[Vol.. 130.
The Cabinet formed in France last November by always precedes the formation of a new Cabinet in
Andre Tardieu was defeated in the Chamber of Paris. Such discussions are necessitated by the
Deputies Monday on a minor issue, precipitating a numerous parties in the Chamber and the fact that
national political crisis of great embarrassment be- none has a sufficiently heavy representation to make
cause of the several important international confer- it dominant. Former Premier Poincare, who reences in progress. M. Tardieu has recently devoted signed because of illness last summer, was the first
all his time to the naval limitation conference in leader called to the Elysee Palace. Although much
London, which, as stated above, has been adjourned recovered from his illness and several operations,
for a week pending the formation of a new Govern- M. Poincare informed the President that his phyment in France. An international gathering at sicians strongly advised him to remain out of politics
Geneva for consideration of tariffs and a conference for some time to come. It was remarked in Paris
in Paris on the Eastern European reparations prob- dispatches that he would consent to serve only in
lem also have been halted by the fall of the Tardieu the event of a grave national crisis. After addiCabinet. The development was totally unexpected tional conferences,President Doumergue called upon
at this time, even though it was well known that the Camille Chautemps, leader of the Radical-Socialist
Tardieu Government rested on a slim and insecure party, to form a Cabinet. M. Chautemps began late
majority in the Chamber. Party differences would Thursday to form a Government of the Left and Left
be held in leash, it was thought, until the naval con- Center parties. M. Tardieu was asked to join the
ference ended and ratification of the Young plan Cabinet as Minister of Marine and Vice-President
protocol had been effected. These differences were of the Council of Ministers, so that he could return
suddenly brought to bear, however, in a debate on the to London and continue the naval negotiations, but
budget, conducted for the Government by Finance the former Premier declined. M. Briand, however,
Minister Henri Cheron. The insistence of the who holds something of a key position in the ChamFinance Minister on retention of taxes to which the ber, agreed to accept the portfolio of Foreign Minmajority of the Deputies objected rolled up a storm ister in the new Cabinet, and M. Chautemps was
of opposition which finally turned the Government encouraged thereby to continue his efforts to form a
out of office when M. Cheron made further tax con- Ministry. A tentative Cabinet was completed by M.
cessions the occasion for a vote of confidence. A Chautemps early yesterday, but his plans were upset
vote of no-confidence resulted by a majority of only by the refusal of the Left-Republicans, headed by
five, and the Tardieu Government resigned in a M. Tardieu, to support the new Government. The
body a few hours later.
Premier-designate asked President Doumergue for
M. Tardieu was forced to assume the role of a more time at noon, and proceeded to rearrange his
passive observer as the vote of 286 to 281 was taken portfolios. The new Ministry is expected to seek
which ended his first Cabinet. He returned to Paris support chiefly from the Socialists, and its existence
from London late last week and was confined to his therefore is considered precarious.
home with an attack of influenza. M. Cheron, as
M. Chautemps succeeded late yesterday in his
ranking member of the Cabinet in the absence of endeavors to form a Cabinet. He informed PresiM.Tardieu, opposed steadily the efforts of the Depu- dent Doumergue that his slate had been completed
ties to secure reconsideration of proposed tax reduc- and on leaving the Elysee Palace he announced that
tions. A strong campaign had been waged against the Cabinet would meet to-morrow to frame the
the Finance Minister, who was accused of making Ministerial declaration, which will be read to the
the State "monstrously rich." During the debate, Chamber of Deputies and the Senate on Tuesday.
Monday, M. Cheron proposed the utilization of part He also stated that he would start for London Wedof the large French surplus for the liquidation of nesday with Foreign Minister Briand and several
some of her foreign debt. "I would like," he said, other Ministers to continue the negotiations at the
"to refund $75,000,000 of the 1928 loan and to buy London naval conference. The Cabinet is repreon the American market the loans of $100,000,000 sentative almost completely of the Left parties in
each issued in 1921 and 1924." Available records the Chamber, and its majority in that body is likely
do not indicate the response of the Chamber to this to be very small. M. Chautemps will be President
suggestion. The first indication of an unfavorable of the Council and Minister of the Interior in the
vote occurred on a provision in the finance bill re- new Government. Other portfolios and their holders
ducing the tax on unimproved property from 18 to will be: Minister of Justice and Vice-Prisedent
16%, which met with strong disapproval on the of the Chamber, Theodore Steeg; Foreign Affairs,
ground that the reduction was insufficient. A vote Aristide Briand; Finance, Charles Dumont; War,
of confidence was demanded on this measure by M. Rene Besnard; Navy, Albert Sarraut; Merchant
Cheron, and the Government's majority was whittled Marine, Charles Danielou; Public Instruction,
down to 20. Finally, an effort was mad' to press Senator Jean Durand; Public Works, Edouard
through further reduction in the taxes paid by small Deladier (leader of the Radical Socialist party outshopkeepers whose wives work in the shop but re- side the Chamber); Commerce, Senator Georges
ceive no salary. M. Cheron again objected and asked Bonnet; Agriculture, Correze Queuille; Pensions,
for a vote of confidence. This time, however, the Dr. Gallet; Work, Louis Loucheur; Air, Laurent
result was adverse and the coalition Cabinet formed Eynac; Colonies, Lucien La Moureux; Minister of
on Nov.2 last by the Center and Right Center parties Telephone and Telegraph, Julian Durand, and Ficame to an end. A survey of the voting indicated, nance Budget (a new Ministry), Maurice Palmade.
according to a Paris report to the New York 'Times,"
that the Republican-Socialist followers of Foreign
Several minor advances have again been made in
Minister Aristide Briand deserted M. Tardieu and the protracted international endeavor to give combrought about his downfall.
plete operating effect to the new Young plan of GerPresident Gaston Doumergue promptly began, man reparations payments and the Bank for InterTuesday, the round of political conferences that national Settlements, which is an integral part of
FEB. 22 1930.]
FINANCIAL CHRONICLE
1159
do in accordance with
the plan. Ratification by the German Reichstag of hands, as they are licensed to
treaties. Thus the strongest pressure is being
the Young plan protocol which the interested gov- the
ernments adopted at The Hague Jan. 20 is looked put upon the smaller powers to come to some sort of
otherwise they face
for within a few days. After this important action agreement among themselves, for
the prospect of France, Britain and Italy assuming
is taken, ratification will be sought in the parliaments of the creditor governments. A confident ex- complete charge of the negotiations and of consepectation that these definitive steps will present no quently being forced to submit to a settlement which
great difficulties was indicated in the past week would very probably be a compromise for everybody
by arrangements to bring the Reichsbank into con- concerned."
formity with the plan and by the leasing of quarters
Formal sessions were begun at Geneva Monday of
at Basle for the temporary home of the Bank for
International Settlements. A meeting of sharehold- the conforence called by the League of Nations to
ers of the Reichsbank was held in Berlin last Satur- consider the advisability of a "customs truce" among
day, and the new Reichsbank law was approved by European nations for a period of two or three years.
an overwhelming majority. The law effects changes The gathering resulted directly from the suggestions
in the distribution of profits, the participation of made by M. Aristide Briand of France at the League
the stockholders being limited beyond the guaranteed Assembly meeting last September for closer ecodividend of 8%, while the participation of the Reich nomic integration of European countries. The plans
Government is enlarged. Dr. Hjalmar Schacht, of the veteran French statesman remained conPresident of the Reichsbank, explained at the meet- veniently vague, but the idea gained considerable
ing that the arrangement will become valid only if renown and widespread discussions took place of
the Young plan protocol is ratified by the Parlia- the economic "United States of Europe" visualized
in the suggestions. As a first step toward the dements of the interested countries.
Temporary quarters of the Bank for International sired end the current conference was called and nonSettlements are to be set up in Basle, Switzerland, European countries also were invited to attend the
at the Hotel de l'Univers et de Savoy pending ex- meeting. Twenty-nine States, mostly European,
tensive alterations to the Kirschgarten House, which were represented at the opening session. The United
will house the bank permanently. In the meantime States was represented by an observer, Edwin C.
the make-up of the Board of Directors of the new Wilson, first Secretary of the American Embassy at
institution has been virtually completed, according Paris. Colombia,Peru and Japan were the only nonto a Washington report of Tuesday to the New York European countries with fully accredited delegates
"Herald Tribune." The French directors are to be present.
A broad conception of European economic organEmile Moreau, Governor of the Bank of France;
ization was urged in the opening address of the
Baron Brincard, President of the Credit Lyonnais,
and Baron der Vogue, President of the Suez Canal Chairman, Count Carl von Moltke, of Denmark. The
Co. Sir Charles Addis, of the Hongkong & Shanghai "tariff truce" which the meeting was called to conBanking Corp., has been chosen definitely, the dis- sider might better be described by the more technical
patch indicates, as one of the two British directors. expression "consolidation of duties," the Chairman
The Belgian directors will be Emile Francqui, Vice- said. He laid much stress on the fact that for the
Governor of the Societe Generale de Belgique, and first time in the economic sphere the League of NaPaul van Zeeland of the Bank of Belgium. The tions was witnessing the same direct contacts beUnited States will have as representatives of the tween responsible statesmen which in the political
private banking interests that will subscribe to the field has produced unquestionable results. M. Paul
capital of the bank Gates W. McGarrah, now Chair- Hymans of Belgium also addressed the gathering in
man of the Board of the Federal Reserve Bank of the opening session, warning the larger States of
New York, and Leon Fraser, New York attorney. the danger of a new tariff war. William Graham,
The complete list of directors is to be made up, the President of the Board of Trade, spoke in Tuesday's
dispatch stated, at a meeting in Rome early next session. The British Minister declared there had
week, which is to be attended by the Governors of been "widespread misunderstanding" of the purpose
the central banks of Britain, France, Germany, Bel- of the conference, and he added that it would be
disastrous merely to stabilize tariffs for two or three
gium and Italy.
Difficulties were again encountered this week in years at existing levels. "The object of the conferthe attempt to settle the problem of Eastern Euro- ence," Mr. Graham continued, "is to induce fresh
pean reparations payments. Meetings of the com- undertakings against tariff increases and trade immittee named at The Hague to adjust this matter pediments, and then, in the favorable atmosphere
have been taking place in Paris under the chairman- thus created, to make efforts looking toward the lowship of Louis Loucheur, who was Minister of Labor est possible reduction." Dr. Rudolph Schmidt, who
in the Tardieu Government. The French Cabinet spoke for Germany, pleaded for curtailment of the
crisis brought the deliberations to a complete halt, excessive protectionism and economic nationalism
but it was indicated in a Paris dispatch of Wednes- of recent years. Italian views on the proposed tariff
day to the New York "Times" that an impasse had truce were contributed Wednesday by Giuseppe
previously been reached. Although the technical Bottai, Italian Minister of Fascist Corporations.
labors of the meeting are virtually completed, sign- Collective agreements of an economic character were
ing of the accord has been delayed by the disposition criticized frankly by Signor Bottai as "premature in
of some powers to rescind concessions agreed to at their character and inapplicable in practice." "SigThe Hague. "The large powers now appear to re- nor Bottai made it evident that he had come to bury
gard the continued dispute with very little patience,' the project, not to praise it," a Geneva dispatch to
the dispatch continued. "When the conference is the New York "Herald Tribune" said. Approval of
renewed as soon as a new French Government is the idea of a tariff truce was expressed for Portugal
formed, they threaten to take matters into their own Thursday by Dr. A. Monteiro, who added the reser-
1160
FINANCIAL CIIRONICLE
vation; however, that retroactive agreements would
not be acceptable to- the Lisbon Government. The
Netherlands was arrayed in favor of the project by
H. Colijn, who deplored the tendency to make reservations and declared that pessimism was unjustified.
[Vol,. 130.
the Associated Press adds the further detail that
confiscation of private property is taking place on
a huge scale for, non-payment of taxes owed the
Government by the "parasitical" classes. The ruralsocialization program is a portentous one for the
Soviet regime, since is involves collectivization of
important grain producing regions in which small
land holdings predominate. An attempt to apply a
similar program 10 years ago very nearly caused
a downfall of the Communist regime. It is on the
friendly tolerance of the Russian peasants, comprising 90% of the Russian people, that the small body
of communists relies and alienation of this tolerance
is a dangerous procedure. Rural socialization has
so far been applied successfully only in the case of
the Kulaks, or proprietors of relatively large tracts.
Against these the peasants usually make common
cause with the communists. The trend toward small
farms is indicated by the increase of such holdings
from 20,000,000 in the first year of the Soviet regime
to 30,000,000 by the end of 1928. Regional collectivization, which reports state is now to be tried, would
affect the numerous small proprietors who have
always objected decidedly to the process, and it is
likely, therefore, to produce some interesting results.
A drastic swing toward the Left, or extreme communistic doctrines, has characterized the policy of
the Russian Dictatorship in recent weeks, with the
sweeping program of "socialization" embracing all
phases of Russian existence. Joseph Stalin, Secretary General of the Central Committee of the Communist Party and the real Dictator of Russia, initiated the Leftward swing, partly as a consequence
of factional disputes within the party last year. The
Soviet leader made clear recently that the New Economic policy (Nep) is to be retained for some time
longer, but he also stated that features of it will
be discarded from time to time, as they no longer
appear to serve the "work of socialism." Under this
policy private initiative has been permitted in varying degrees since it was promulgated by Lenin.
"Lenin said," M. Stalin declared some days ago,
"that the Nep was retreat, but not defeat—preparation for a new attack on capitalist elements in town
and country. Lenin said the Nep was introduced
seriously and for a long period, but he never said
There have been no changes this week in the disit was introduced forever." The current trend of count rates of any of the European
central banks.
Russian policy was described in a Moscow dispatch Rates continue at 7% in Italy; at
6 % in Austria
/
1
2
from Walter Duranty, correspondent of the New and Hungary; at 6% in Germany
; at 5 % in
/
1
2
York "Times," as that of retaining convenient fea- Spain; at 5% in Norway and
Denmark; at 4 %
/
1
2
tures of the Nep such as banking, money exchange in Great Britain and Sweden;
at 4% in Holland;
and the usual financial machinery of commerce and at 3 % in Belgium and Switzerl
/
1
2
and, and at 3% in
industry, while aiming nevertheless at systematic France. In the London open
market discounts for
elimination of private enterprises 'on all but the short bills yesterday were
378% against 4% on Fri/
smallest scale.
day of last week, and 3 13/16% for long bills against
One feature of the Soviet program which has 3 15/16% the previous Friday.
Money on call in
gained particular prominence in the past week con- London yesterday was 314
/%. At Paris the open
cerns the attack of the Kremlin leaders on religious market rate remains at
3%, and in Switzerland
associations in Soviet Russia. Decrees have been at 234
/%
issued severely limiting the activities of prelates and
curtailing the legal rights of churchly bodies. NuIn its statement as for the week ended Feb. 15, the
merous churches have been closed throughout Russia
Bank of France reports a' gain in gold holdings of
and a five-year "anti-Christian plan" has been
16,135,129 francs, raising the total of the item to
adopted, which aims at "a Godless Moscow and a
42,947,183,759 francs. Gold holdings in the corGodless collectivized village." This program has
responding week last year amounted to 34,026,098,called forth a flood of protests from many quarters.
489 francs. Bills bought abroad declined 2,000,000
Some uncertainty has been introduced, however, by
francs, while credit balances abroad remain unstatements made by the Metropolitan Sergius, chief
changed at 6,978,710,853 francs. Notes in cirpatriarch of the Russian Orthodox Church,last Sunculation contracted 357,000,000 francs, reducing the
day. In reply to questions put by newspaper men,
total of notes outstanding to 69,071,985,655 francs,
this dignitary declared that religion never has been
as compared with 62,618,999,005 francs at the corand is not now persecuted in the Soviet Union.
responding week last year. A decline also appears in
Churches were close, he said, not on the initiative
French commercial bills discounted of 349,000,000
of the authorities, but at the request of the people,
francs, in advances against securities of 67,000,000
in some cases at the request of the church goers themfrancs, and in creditor current accounts of 152,000,000
selves. It would appear, nevertheless, that strong
francs. Below we compare the various items for the
objection is being voiced toward other faiths by the
past two weeks as well as with the corresponding
adherents of communism, who regard that doctrine
week last year:
as itself much of a religion.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
In the economic sphere two features of the current
Changesfor
Status as of
Soviet policy stand out as of particular importance,
for Week.
Feb. 15 1930. Feb. 8 1930. Feb. 16 1929.
Francs.
Francs.
Francs.
as they indicate a return to the militant communism Gold holdings._ _ _Inc. Francs.
16,135,129 42,947,183,759 42,931,048,630 34,026.098,480
Credit
of the years 1918 to 1921. The first is the exorbi- French balm. abed_ Unchanged 6,978,710,853 6.978,710,853 11,794,943,167
commercial
tant taxation of all forms of private enterprise, bills discounted_Dee. 349,000,000 6,343.756,980 6,392,758,980 5,939,856,679
Bills bought abed_Dec. 2,000,000 18,712,339.375
while the second is the drive for rural socialization. Adv. Mt. aecura__Dec. 67,000,000 2,511,058,782 18,714,339,375 18,297,246,031
2,578,058,782 2,325,439,91
Any enterprise larger than a small store or booth Note circulation_ _Dec. 357,000.000 69,071,985,655 69,428,985,655 62,618,999.0059'
Cred. curr. aceta_Dec. 152,000,000 17,387,550,606
17,539,550,606 18,683,511,295
in the market-place is subjected to such heavy taxation as to amount to virtual confiscation, Mr.
The Bank of England statement for the week ended
Duranty reports. A Moscow dispatch of Feb. 15 to
Feb: 19 shows.an increase of £139,281 in gold hold-
FEB. 22 1930.]
1161
FINANCIAL CHRONICLE
ings. As this was accompanied by a contraction of hut a drop to 4% occurred yesterday as lenders were
£2,422,000 in circulation, reserves increased £2,562,- anxious to place their funds over the holiday. With000. The bank's total gold holdings now amount to drawals by the banks amounted to $30,000,000 Mon£151,638,500 in comparison with £150,850,938 a year day, $10,000,000 Tuesday, and $20,000,000 Thursago. Loans on Government securities fell off ,day. Notwithstanding these withdrawals, funds
£6,130,000 and those on other securities £1,450,452. were in larger supply than demand in most sessions
The latter is subdivided into "discounts and ad- of the market, and an overflow into the unofficial
vances," which decreased £3,230,492, and securities "Street" market occurred on most days. Street
2%
which increased £1,780,040. There was shown a funds were available at 4%,or a concession of y
from the official rate, Tuesday, Wednesday and
decrease in public deposits of £4,066,000 and in other
deposits of £981,698. Other deposits consist of Thursday. Greater ease prevailed yesterday and a
bankers accounts and other accounts. The former concession of a full 1% was named in the unofficial
rose £83,369 and the latter fell off £1,065,067. The market, so that trades were effected at 3%. Time
reserve ratio is now 61.47%, having risen from loans remained unchanged. Brokers' loans against
56.43% a week ago and compares with 50.15% last stock and bond collateral, as reported for the week
A
year. The discount rate is unchanged at 41 %. ended Wednesday by the Federal Reserve Bank of
New York, increased $44,000,000, making a total inBelow we compare the various items for five years:
crease of $166,000,000 since the recent low point was
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1926.
reached on Dec. 21 1929. Gold movements at New
1927.
1929.
1928.
Feb. 19.
Feb. 23.
Feb. 21.
Feb. 24.
Feb. 22.
York for the week ended Wednesday consisted of
Circulation
8345,580,000 351,819,000 134,068,000 136,603,685 141,138,190 imports of $7,495,000 and exports of $10,000. No
Public deposits
13,871,000 15.076,000 15,032,000 17,833,762 16,065.199
Other deposits
93,583,692 102,828,000 94,536,000 98,477,824 106,176,402 net change occurred in the stock of gold held ear.
Bankers' ace'ts_ 59,167,021 65,695,000
marked for foreign account.
Other accounts_ _ _ 34,416,671 37,133,000
Govt. securities_ _ _ 38,581,855
Other securities__ _ 21,026,116
Disct. & advances 4,732,768
Securities
16,293,348
Reserve notes & coin 66,056,000
Coin and bullion_ _151,638,500
Proportion of reserve
01.47%
to liabilities
434%
Bank rate
46,331,000
30,748,000
12,056,000
18,692,000
59,032,000
150,850,938
50.15%
534%
31,902,000 29,964,848 38,242,828
52,275,000 71,250,879 79,056,415
43,599,000 33,204,252 23,105,278
157.917.763 150,147,937 144,493,468
39.79%
434%
28.54%
5%
18.89%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note Issues adding at that time £234,189,000 to the amount of Bank of England notes outstanding.
The Bank of Germany in its statement for the
second week of February shows another gain in gold
and bullion, this time of 25,073,000 marks. The
total of gold is now 2,351,014,000 marks, which compares with 2,728,910,000 marks last year and 1,886,389,000 marks the year before. Reserve in foreign
currency and silver and other coin register increases
of 7,729,000 marks and 15,509,000 marks, while the
items of deposits abroad and investments remain unchanged. Notes in circulation decreased 214,600,000
marks, reducing the total of the item to 4,166,354,000
marks, as compared with 4,077,262,000 marks in the
corresponding week last year. An increase is recorded in notes on other German banks of 2,746,000
marks, in advances of 23,495,000 marks, and in other
assets of 2,234,000 marks. Bills of exchange and
checks and other liabilities register declines of 240,248,000 marks and 51,579,000 marks, while the item
, of other daily maturing obligations reveal a gain of
51,226,000 marks. Below we furnish a comparison
of the various items of the bank's return for the past
three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Feb. 15 1930. Feb. 15 1929. Feb. 15 1928,
for Week.
Assets—
Retchsmarks. Reichsmarks. Reichsmarks.
Retchsmarks.
Gold and bullion
Inc. 25,073,000 2,351,014.000 2,728.910,000 1.886.389.000
Of which depot). abr'd. Unchanged
85,626,000
149,788,000
83.532,000
Reo've In for'n curs..-Inc. 7,729,000 401.206,000 100,354,000 892,822.000
Bills ofeach.& checks.Deo. 240,248,000 2,097,969,000 1,446,569,000 1,869,868.000
Sliver and other coln Ine. 15,059,000 153,827,000 125,364,000
78.153,000
Notes on oth.Ger.bks_Ino. 2,746,000
23,471,000
16,828,000
22,660,000
Inc. 23,495,000
Advances
78,284,000
32,266,000
58,424,000
Investments
93,277,000
Unchanged
93,170,000
94,257,000
Other assets
Inc. 2,234,000 504,978,000 544,577,000 577.167,000
Liabilities—
Notes in circulation.. Deo. 214,600,000 4,166,354,000 4,077,282.000 3,784,432,000
matur.oblig.Ino. 51.226,000 502,238.000 487.171,000 532,571,000
Dec. 51.579.000
Other liabilities
56,989,000 155,870,000 288.446.000
Money rates in the New York market remained
this week at the easy levels established in previous
weeks. Call loans on the Stock Exchange was steady
/%
in the earlier sessions at 41 2 for all transactions,
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loaning on
Monday, Tuesday, Wednesday and'Thursday was at
4y %, including renewals. On Friday there was a
2
drop to 4%, which was the only rate for the day.
The market for time money was easier on Monday
and Tuesday, but firmed up again later. Rates each
day have been 414@4Y % for 30 days, 4 @4%%
/
2
/
1
2
for 60 days and for 90 days to four months, and
4 @5% for five months and six months. The mar/
3
4
ket for commercial paper displayed continued improvement, due in part to the large increase in bank
buying. Rates for names of choice character maturing in four to six months continue at 4y @44%.
2
Names less well known are quoted at 43 @5%, with
/
4
New England mill paper at 5%.
The market for prime bank acceptances continued
fairly active during the early part of the week, but
the volume of business diminished as the week advanced. The Reserve Banks increased their holdings of acceptances during the week from $276,084,000 to $281,057,000. Their holdings of acceptances for their foreign correspondents fell from
$523,891,000 to $518,664,000. The posted rates of
the American Acceptance Council remain at 3/
78%
bid and 33 % asked for bills running 30 days, and
4
Iso for 60 and 90 days,and likewise for 120 days, and
78
4% bid and 3/% asked for 150 and 180 days. The
Acceptance Council no longer gives the rates for call
loans secured by acceptances,the rate varying widely.
Open market rates for acceptances have also remained unchanged, as follows:
Prime eligible bilis
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Bid. Asked.
4
3
4
314
—120 Days—
Bid. Asked.
Prime eligible bills
—90Days— —60Days—
Bid. Asked. • Bid. Asked.
314 s /ft
314
33(
—30Days
-Bid. Asked.
314
3%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
314
am
4 bid
4 bid
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
1162
FINANCIAL CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Feb. 21.
4
4
4%
45i
434
45i
4
434
434
4
434
434
Date
Established.
Previous
Rate.
Feb. 13 1930
Feb. 7 1930
Jan. 16 1980
Feb. 8 1930
Feb. 7 1930
Dec. 10 1929
Feb. 8 1930
Feb. 11 1930
Feb. 8 1930
Feb. 15 1930
Feb. 8 1930
Dec. 8 1929
43.
43i
5
5
5
5
434
5
5
45i
5
5
[You 180.
so until around August. London dispatches state
that the weakness of sterling at New York is partly
due to what may be termed a mild "flight from the
pound" because in addition to the transfer of French
funds from London to other markets, including New
York, there is a revival of British interest in American securities. Unless greater confidence is established in the London security markets this movement
of funds from London to New York must continue.
This week the Bank of England shows an increase in
gold holdings of £139,281, the total standing at
£151,638,500, compared with £150,850,938 a year
ago. On Saturday the Bank of England sold £8,608
in gold bars and exported £2,000 in sovereigns and
bought £8 in foreign gold coin. On Monday the
Bank sold £1,719 in gold bars. On Tuesday the
Bank seems to have taken none of the open market
gold. Of the total of £903,000 available approximately £850,000 was taken for account of Germany.
Approximately £2,000,000 gold was shipped to Spain
for London during the week representing balances
of £4,000,000 gold authorized by the Spanish Government for shipment to London to support peseta
exchange. Approximately £500,000 of this gold was
offered in the open market in London on Wednesday
and taken for German account. To the surprise of
the market £1,500,000 of the Spanish gold offered
on Thursday was taken for German account. The
price paid by the German interests was 84s. 11d.
At the Port of New York the gold movement
for the week Feb. 13-Feb. 19 inclusive, as reported
by the Federal Reserve Bank of New York, consisted
of imports of $7,495,000, of which $5,432,000 came
from Brazil, $1,956,000 from Bolivia, and $107,000
chiefly from other Latin American countries. Gold
exports totaled $10,000 to Germany. The Reserve
Bank reported no change in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended Feb. 19, as
reported by the Federal Reserve Bank of New
York, was as follows:
Sterling exchange has been dull and irregular, moving down to new lows for the year on Tuesday and
Wednesday, but making a sharp recovery on Thursday in an active market. In Wednesday's trading
sterling cable transfers sold as low as 4.85%, touching a new low for the year. On Thursday the rate
moved up to 4.863 toward the close, and this figure
was again reached on Friday. The range this week
has been from 4.853/ to 4.85% for bankers' sight,
/
compared with 4.85 11-16 to 4.861 8 last week. The
range for cable transfers has been from 4.85% to
" 4.863', compared with 4.86 15-32 to 4.86% a week
ago. Current rates compare with the high for the
•year of 4.88 1-16 for cable transfers reached in
January. The low rates which prevailed on Tuesday
and Wednesday left sterling about one cent above
-the gold import point to New York. Figures used
in theoretical calculations of the gold point at this
time are 4.84 15-16 to 4.85. However, gold losses
by England do not seem an immediate prospect.
The comparative firmness of Thursday's and Friday's
market was attributed to weakness in the stock
market here which induced profit taking by foreign
investors and created a brisk demand for sterling.
At the same time there were some evidences of a
revival of public interest in the London Stock Exchange. In the main the weakness of sterling since
January is believed to be due to the transfer of
balances to this side both on account of sums due
.and for investment. The London money market has
been showing ease for some time and on Wednesday GOLD MOVEMENT AT NEW YORK,FEB. 13-FEB. 19,INCLUSIVE.
-months bills were quoted in London at 3 27-32%.
3
Imports.
Exports.
$10,000 to Germany
from Brazil
The weekly Bank of England statement illustrates $5,432,000 from Bolivia
1.956,000
107,000 chiefly from other Latin
the attempts of the Bank to prevent further softenAmerican countries
ing of rates. Total contraction of holdings of securi$10,000 total
ties and advances amounted to more than £9,000,000 $7,495,000 total
Change in Gold Earmarked for Foreign Account.
Net
eduring the week ended Feb. 20 and in addition there
None.
-was a reduction of circulation by about £2,422,000.
Canadian exchange moved more favorably to
At the same time the institution's banking reserves
Montreal during the week. frequently equaling the
rose to a record high since consolidation of the note
issue, and the ratio of reserves to deposit liabilities best level of the year. Since October and November,
stood at 61.47% against 50.15% a year ago. Bank- when Montreal funds were quoted at the widest
ers say that the impression exists in London that a discount for any normal post-war period, exchange
further reduction in the Bank of England rate should on Montreal has tended, in view of lack of attracbe possible at no very distant date. The feeling tion in New York, toward a steady appreciation.
arises from the movement of large amounts of gold Usually at this season Canadian funds are at a
now on the way to London from Australia and South premium against American dollars, but the wheat
Africa. The total amount so far in sight exceeds situation and the reluctance of Canadian bankers
£9,000,000. That the Bank of England views the to ship gold have prevented appreciation at this
outlook with confidence seems to be indicated by time. On Saturday Montreal funds were at 25-32
the fact that during the past few weeks it has offered of 1% discount; on Monday at 23-32 of 1%;on Tuesno competition for gold arriving in the open market. day at 39-64; on Wednesday at 9-16; on Thursday
'The Bank's withdrawal from the market has enabled at 7-16, and on Friday at 17-32 of 1% discount.
Referring to day-to-day rates sterling exchange on
'Germany to acquire the weekly arrivals of gold at a
profitable price and in satisfaction of credits which Saturday last displayed an easy tone. Bankers'
it has acquired directly or indirectly in the London sight was 4.95 11-16@4.85 13-16; cable transfers,
'market. This week again German interests have 4.86%@4.86 3-16. On Monday exchange continued
'taken all open market offerings. Normally sterling under pressure. The range was 4.85 17-32@4.85%t
should be relatively firm at this season and continue for bankers' sight and 4.86 1-32@4.96 3-32 for cable
FEB. 22 1930.]
FINANCIAL CHRONICLE
1163
have a firming influence on francs. However, a new
,
government may bring a new policy to bear in this
respect. Governor Moreau of the Bank of France
has expressed himself publicly in favor of a free gold
market at Paris, with no move to be made to counteract exports within reason as a result of declining
exchange rates. At present rates further gold imports by Paris seem to be precluded.
The London check rate on Paris closed at 124.30
on Friday of this week; against 124.17 on Friday of
last week. In New York sight bills on the French
center finished at 3.90 15-16, against 3.913.4 on Friday'
of last week; cable transfers at 3.91 3-16 against
4
2
3.913/; and commercial sight bills at 3.903 , against
3.91. Antwerp belgas finished at 13.91% for checks
and at 13.923/i for cable transfers, against 13.923,
and 13.933.. Final quotations for Berlin marks.
were 23.863/i for checks and 23.873/ for cable transfers, in comparison with 23.663,i'and 23.873 a week
.
% for bankers'
Exchange on the Continental countries has been earlier. Italian lire closed at 5.233
bills and at 5.235 for cable transfers, against
%
irregular and weak, following the trend of sterling, sight
of last week.
with a slight firmness developing in Thursday's 5.23 1-16 and 5.23 5.16 on Friday
Austrian schillings closed at 143i, against 143.4.
market in sympathy with sterling. German marks
finished at 2.96, against
are relatively firmer than the other European rates Exchange on Czechoslovakia
of 2.96; on Bucharest at 0.603/i against 0.603/2; on
and more in demand, largely due to transfers
and on Finland at
funds from other centres to supply German credit Poland at 11.25, against 11.25;
exchange closed at 1.30
needs. As noted above, German interests again 2.52, against 2.52. Greek
for cable transfers,
secured the major share of the open market gold on for bankers' sight and at 1.3034
offer in London. The steady flow of funds to the against 1.30 and 1.3034.
German centres is bringing about an appreciable
Exchange on the countries neutral during the war
ease in the Berlin money market and bankers are
sterling and the
expecting a further reduction in the Reichsbank's have reflected the main trends of
als, although the fluctuations have been
official rediscount rate, which continues at 6%. Continent
in these currencies
Paris, Zurich, and Amsterdam seem to be at present within narrow limits and trading
s state in the New York market has been relatively dull..
the chief lenders to Berlin. Berlin dispatche
of the neutrals,.
that the Reichsbank is opposing further purchases Holland guilders, the more active
trading guilder
of London gold by German arbitrage houses. It is are relatively weak. In Monday's
low for the year,
stated that without any additional strengthening of cables sold as low as 40.08, a new
year of 40.3434
its own gold reserSes the Reichsbank could increase which compares with a high for the
of 40.20. The weakness in
its credit to domestic trade by at lease 1,000,000,000 and with dollar parity
the demand for
marks. Arbitrage houses, however, desire to buy the guilder is attributed largely to
in Amsterdam, chiefly to supply
gold notwithstanding the Reichsbank's wish to the other currencies
There is becontrary. Financial circles say that the Reichs- foreign credit and security markets.
an especially strong flow of Dutch funds
bank cannot prevent arbitrage purchases except by lieved to be
that there.
reducing its discount rate and that this is one reason to Germany and it is currently reported
a movement of Holland funds for investment purfor expecting such a reduction. The Reichsbank is
The Scandistatement for the week ended Feb. 15 shows an poses to both London and New York.
0 marks, the navian exchanges have been dull but relatively steady.
increase in gold holdings of 26,000,00
Spanish pesetas, while fluctuating more widely than'
total standing at 2,351,000,000 marks.
operaFrench francs following the general trend of the any other European unit owing to speculative
market, have
European exchanges moved down to a new low for tions, confined chiefly to the European
report on
the year at 3.91 in Wednesday's trading, which com- again been weak. As noted above in the
£2,000,000 of Spanpares with the high for the year of 3.93 15-16. sterling exchange, approximately
peseta exDollar parity is 3.92. Finance Minister Henri ish gold was sent to London to support
this gold was
Cheron, who resigned with the Tardieu ministry, change. To the surprise of bankers
it
in a speech before the Chamber of Deputies last offered in the open market and practically all of
account.
week implied that the placing of French funds abroad, was taken for German
Bankers' sight on Amsterdam finished on Friday
which is regarded not only as inevitable but desirable
at 40.07, against 40.069 on Friday of last , week;
because of the low rate prevailing in market, would
4
be accomplished in such a way as to have little cable transfers at 40.09, against 40.083 ; and com.
franc. This was to have mercial sight bills at 40.04, against 40.0332 Swiss
depressing effect on the
by having the Bank of France dis- francs closed at 19.28% for bankers' sight bills and
been arranged
pose of portions of its large holdings of sterling and at 19.293/i for cable transfers, in comparison with
4
4
dollars to those wishing to export funds. Such a 19.283 and 19.293 a week earlier. Copenhagen
move would obviate the selling of francs against checks finished at 26.753/ and cable transfers at
dollars and sterling in the exchange markets of 26.77, against 26.763/ and 26.78. Checks on Sweden
2
London and New York. At the same time by ab- closed at 26.81 and cable transfers at 26.823/, against
and 26.82; while checks on Norway finished
sorbing francs in return for its holdings of foreign 26.803/i
exchange the Bank of France would be enabled to at 26.7134 and cable transfers at 26.73, against
12.32
contract its note circulation, which would in itself 26.713/ and 26.73. Spanish pesetas closed at
transfers. On Tuesday the market continued under
2
pressure. Bankers' sight was 4.853/@4.85%, cable
transfers, 4.85 15-16@4.86. On Wednseday the
market was irregular and sterling moved to a new
2
low for the year. The range was 4.853/@4.85%
4.85%@4.86 for cable transfor bankers' sight and
fers. On Thursday the market became active and
firmer. The range was 4.85%@4.85% for bankers'
sight and 4.86@4.863 for cable transfers. On
Friday firmness continued, the range was 4.85 11-16
4
@4.85% for bankers' sight and.4.86 11-16@4.861
for cable transfers. Closing quotations on Friday
were 4.85 25-32 for demand and 4.86 5-32 for cable
transfers. Commercial sight bills finished at 4.85%,
sixty-day bills at 4.82 3-16, ninety-day bills at
4.80 11-16, documents for payment (60 days) at
4.82 3-16, and seven-day grain bills at 4.85 1-16.
Cotton and grain for payment closed at 4.85%.
1164
FINANCIAL CHRONICLE
for checks and at 12.33 for cable transfers, which
compares with 12.49 and 12.50 a week earlier.
[Vox,. 130.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
FEB. 15 1930 TO FEB. 21 1930, INCLUSIVE.
Transfers in
The South American exchanges have been rela- Country and Monetary Noon Buying Rate for CableStates Money. New York
Value in United
Unit.
tively steadier, owing largely to gold exports throughFeb.15. Feb.17. Feb.18. Feb. 19. Feb.20. Feb.21.
out the past few months from Buenos Aires and Rio EUROPE$
$
$
$
$
$
Austria, sehilling--- .140625 .140600 .140607 .140588 .140641 .140632
de Janeiro to New York and London. Nevertheless, Belgium, belga
.139275 .139245 .139229 .139220 .139227 .139250
Bulgaria, ley
.007220 .007215 .007215 .007220 .007215 .007215
Czechoslovakia,
Argentine and Brazilian exchange while currently Denmark, kronekro .029592 .029590 .029592 .029598 .029597 .029597
.267670 .267628 .267552 .267540 .267531 .267603
steadier continue to display an easy undertone. The England. pound eter 4.861114 .860407
ling
.859277 .859161 .860298 4.861193
Finland,
weakness in Argentine, as frequently noted, is as- France markka
.025167 .025160 .025162 .025160 .025165 .025165
.039135 .039129 .039116 .039101 .039107 .039109
franc
Germany, reichsmark .238680 .238644 .238554 .238534 .238600 .238661
cribed chiefly to the low prices of Argentine products. Greece,drachma
.
.012960 .012958 .012959 .012955 .012959
Holland,
.400809 .400832 .400912 .400967 .400898 .400878
Recent advices state that the inelasticity of the Hungary,guilder
174769 .174773 .174773 .174772 .174741 .174737
pang°
.052326 .052322 .052317 .052324 .052342 .052347
Argentine currency, rather than the loss of gold, was Italy. lirakrone
Norway,
.267342 .267305 .267265 .267231 .287222 .267277
Poland,zloty
111970 .111925 .111975 .111915 .111915 .111915
responsible for the recent closing of the Argentine Portugal, escudo
.044950 .044950 .045018 .044950 .044962 .044945
Rumania, leu
.005957 .005950 .005950 .005953 .005948 .005946
conversion office. Of course, the cessation of foreign Spain, Peseta
.124882 .123290 .122500 .125131 .124914 .123197
Sweden,krona
.268126 .268123 .268155 .288150 .268170 .268180
lending combined with the lower prices for agricul- Switzerland, franc .192908 .192900 .192882 .192834 .192874 .192901
.017808 .017601 .017600 .017603 .017800 .107596
tural products, was largely responsible for the out- Yugoslavia, dina•
ASIAChinaflow of gold from Argentina prior to the closing of the Chefoo Mel-- .503541 .502916 .502083 .500000 .497291 .498541
Hankow tael
.496406 .495468 .492031 .492812 .490937 .491562
conversion office. A current review of the Bank of Shanghai, tae
.483125 .482678 .482857 .478928 .477607 .479553
Tientsin tadl
.510416 .508541 .508125 .506041 .503541 .504791
America, N. A., says that the inelasticity of .the Hong Kong dollar_ .382285 .381517 .381607 .381035 .380714 .380446
Mexican dollar..... .347812 .347500 .346520 .344062 .342812 .344062
Argentine currency results from the fact that as the Tientsin or Petra/10 .349166
dollar
.347916 .347500 .345416 .434166 .345000
Yuan dollar___ - _ .345833 .344583
gold reserves of the conversion office diminish, the India,rupee........- .362453 .382339 .344166 .342083 .340833 .341666
.362253 .361950 .351885 .351646
Japan, yen
.491243 .491262 .491287
number of paper pesos in circulation is automatically SIngapore(S. S.) dollar .560183 .560150 .560000 .491156 .491309 .491481
.559875 .559875 .559875
NORTH AMER.reduced. For every gold peso withdrawn from the Canada, dollar
.991805 .992760 .993229 .994435 .995034 .994965
1.000497 1.000500 1.000343 1.000375 1.000251) 1.000250
conversion office 2.27 paper pesos must be retired Cuba, peso
Mexico, peso
.476000 .475800 .475925 .476050 .475725 .475850
from circulation. Consequently the loss of about Newfoundland, dollar .989187 .990375 .990750 .992125 .992375 .992312
SOUTH AMER.Argentina, peso
.860026
.858311 .859170 .854164 .855430
$5,000,000 gold pesos from the conversion office be- Brazil, milrels (gold) .110295 .858047 .110607 .110962 .110950 .111215
.110500
Chile, Peso
.120311 .120306 .120296 .120295 .120313 .120321
tween June 30 1928 and Dec. 20 1929 resulted in a Uruguay. peso
.888796 .884937 .883363 .881464 .880473 .879852
.983900 .963900 .963900 .963900 963900 .963900
very considerable contraction in the volume of paper Colombia. peso
money in circulation, with some little accompanying
inconvenience to Argentine trade and industry. As • Owing to a marked disinclination on the part of
a result, toward the latter part of 1929 the ratio of two or three leading institutions among the New
gold in the conversion office to paper pesos in circula- York Clearing House banks to keep up compiling
tion still remained around 80%. Argentine paper the figures for us, we find ourselves obliged to dis'pesos closed at 37 11-16 for checks, as compared continue the publication of the table we have been
with 37 11-16 on Friday of last week; and at 37 3-16 giving for so many years showing the shipments and
for cable transfers, against 373 . Brazilian milreis receipts of currency to and from the interior.
4
finished at 11 3-16 for bankers' sight and at 113. for
As the Sub-Treasury was taken over by the Fedcable transfers, against 10 15-16 and 11. Chilean eral Reserve Bank on Dec. 6 1920, it is also no longer
exchange closed at 12 9-16 for checks and at 121 for possible to show the effect of Government operations
%
cable transfers, against 12 1-16 and 121 ; Peru at in the Clearing House institutions. The Federal
4
4.00 for checks and at 40.01 for cable transfers, Reserve Bank of New York was creditor at the Clearagainst 4.00 and 4.01.
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
The Far Eastern exchanges are essentially unchanged from the past several weeks. Chinese quota- Saturday, Monday. Tuesday, I Wednesday Thursday,
Friday, I
Aggregate
tions are ruling low and fluctuating almost strictly Feb. 15. Feb. 17. Feb. 18. Feb. 19. Feb. 20. Feb. 21. for Week.
$
with the low prices current for silver which the pres- 157.000.000 145,000,000 169.000,000 133.000,000 128,000,000 167,000,000 Cr. 87000,000
ent week tumbled further to another new low in all Note.-The foregoing heavy credits reflect the huge mass of checks
which come
to
time. Japanese yen are steady and practically thethe New York Reserve Bank from all parts of the country in the operation of
Federal Reserve System's par collection echemo. These large credit balances,
pegged as the result of the credits established in London however, reflect only a part of the Reserve Bank's operations with the Clearing
HOW institutions, as
the
New York City
and New York. Recent dispatches from Tokio say in the daily balances. only largeItems payable in on institutions are represented
volume of checks
The
located outside of
New York are not accounted for in arriving at these balances, as such checks do
that a part of Japan's campaign for rationalizing in- not
pass through the Clearing House but are deposited with the Federal Reserve
dustry must include an attempt to contract note Bank for collection for the account of the local Clearing House banks.
issue within the empire and thereby reduce prices,
according to the governor of the Bank of Japan.
The following table indicates the amount of bulClosing quotations for yen checks yesterday were lion in
the principal European banks:
49.15@49 7-16, against 493/8@49 7-16. Hongkong
February 20 1930.
February 211929.
closed at 383'@39 9-16, against 38%@38 11-16; Banks of
Total.
Gold.
Silver. I
Gold.
Shanghai at 48@481
Silver.
Total,
4, against 48%@493';Manila
E
I
at 49%, against 4932; Singapore at 563g@56%, England__ 151,638,500
151,638.500150.850,93
150,850,938
France a__
(d)
.212,757
(d)
272.212.757
against 56 3-16@56%; Bombay at 36 5-16, against Germany b 343,577,470 094,600343,577.470272,445,5
110,061,300
111,055,900138
994,800137,440.100
Spain
102,695,0
28,532,000 131,227,000 102,371
28.270,
130,641,000
86%; and Calcutta at 36 5-16, against 36%.
Italy
56,126,000
, 56,126,000 54,640,
54,640,000
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:
Notheri'ds
Nat'l Belg
Switzead_
Sweden
Denmark _
Norway _
36,418,1:
33,618,0..
22,436,'
13,563,111
9,574,1
8,146,000
I
1,287,000
950,000
1
382,000
36,418.000
34,905,000
23,386,0001
13,563,000
9,958.000
8,146,000
36.213,000 1,874,11 I 83,087,000
25,856,000 1.267,111 27,123.000
19.271,000, 1.844,111 21.115,000
13,094,000'
13.094,000
9.595,000
468,000 10,063,000
8,159,000
8.159,000
Total week 887,853,270 32,145,600 919,998.870828,508,195 34,717.600863,
225.798
Prey. week,886,478.194 32,160,600 918.638,704 730.052,771 34.846,600764.899.371
a These are the gold holdings of the Bank of France as reported In
the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £7,489,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
FEB. 22 1930.]
FINANCIAL CHRONICLE
1165
of the French demands was known weeks before the
The London Conference and the Change of Conference met, and the statement of Feb. 11 was •
Government in France.
only a concrete presentation of what all along had
The unexpected fall of the Tardieu Government on been expected. There is very little reason to think
Monday, and the decision on Wednesday to adjourn that any French Government, whether radical or
the Naval Conference for one week, call a halt in the conservative, will modify claims which embody what
work of a conference whose progress has already been France has long since decided is necessary for its
slow, and delay still further the agreement which defense. There is less reason for so thinking beeverybody hopes may still be reached. Fortunately, cause the French tonnage figures, large as they are,
the overthrow of the Tardieu Ministry was not due represent also a determination on the part of France
to dissatisfaction with the policy of M. Tardieu at to recover the relative position in naval strength of
London; on the contrary, there has been every rea- which it has always felt that the Washington Conson to believe that his course has had the general ference deprived it. It has been galling to French
approval of public opinion in France without re- national pride to realize that, as a result of the
gard to party. A finance bill, carrying with it the Washington agreement, France ranks as a naval
reduction of some taxes and the retention of others, Power below Japan, and the great personal popuhas been under fire in the Chamber of Deputies ever larity of M. Briand has not won him forgiveness
since it was introduced, the strict economy upon for his lack of diplomatic skill at the Washington
which the Finance Minister, M. Cheron, stoutly in- parley.
Nevertheless, at two points in particular the
sisted having offered a number of points of attack.
The defeat of the Government on a minor item of French position in the Conference is disturbing. It
the bill was one of those "flukes" of which French has been increasingly evident, as the Conference
politics afford a good many illustrations, the Gov- has proceeded, that whatever other agreements were
ernment itself being caught unawares and the ad- eventually concluded, it was unlikely that there
verse majority being, apparently, as much a surprise would be any actual reduction of present naval tonto the Opposition as it was to the Government sup- nage. •Doubt began when it was realized, as it appears not to have been realized at the beginning,
porters.
promptly resign- that the much talked of cruiser parity between Great
The action of the Government in
ing, while it was strictly in line with political pre- Britain and the United States, at whatever figure
cedent, constituted in fact a bold challenge to the it was fixed, would still call for extensive cruiser
Opposition to take over the control of affairs and building by the United States if theoretical parity
make good the criticisms in which it has continually was to become actual. The doubt was strengthened
indulged. It will be recalled that the accession of by the demand of Italy for a tonnage equal to that
M.Tardieu to power was preceded by an interregnum of any other Continental Power, by the practical
of several weeks in which a number of Opposition conclusion that neither the battleship nor the subleaders, representing particularly the two powerful marine would be abolished, and by the discovery
groups of Socialists and Radical Socialists, were in- that the United States had included in its program
vited to form Ministries but failed to obtain the a new battleship equal in tonnage and cost to the
necessary support. M. Tardieu, whose Ministry was British "Rodney" and "Nelson" type. The doubt
received with unexpected favor and addressed itself became virtually a certainty when France, in its
to its task with notable energy, is thought to have statement of Feb. 11, reiterated the demands which
erred in thinking that his support was stronger than it had outlined in its earlier reply to the invitation
it really was, and his prolonged absences from Paris, to the Conference. The utmost, apparently, that is
first at The Hague during the reparations confer- now to be expected of the Conference is that it may
ence; and immediately thereafter at London, doubt- agree to some limitation of armaments, for a period
less contributed to give his opponents the oppor- say of five years, at the end of which time another
tunity of obstruction of which they made unexpected Conference may be convened to attack the question
use. Failing M. Poincare, whose return to power of reduction. Unless the whole atmosphere of the
would have been generally acclaimed, but whose Conference undergoes some radical change, we shall
health forbade him to assume the labors of the have, when the sessions are over, the prospect of
premiership. M. Tardieu carried the war into the larger naval armaments than there are now, with
enemy's camp by suggesting to President Doumergue only the check of some agreed limitation to prevent
that the Opposition should be given a chance to try additional construction from going too far.
its hand. The result was the reported formation on
As far as reduction is concerned, then, the present
Friday of a Ministry representing a coalition of the outlook is not favorable for the well-meant plans of
Left parties, with Camille Chautemps as Premier Mr. Hoover and Mr. Ramsay MacDonald. The secand M. Briand as Foreign Minister. Paris dis- ond point in the French program is at least equally
patches, however, expressed serious doubt whether serious. In presenting the French demands to the
the new Ministry would last long, and forecast the Conference, M. Tardieu has made it plain that the
probable return of M. Tardieu with a reconstructed tonnage figures can be lowered only if France reCabinet.
ceives from the Powers some further assurance of
Aside from the unavoidable delay, there is no rea- security. It might with propriety be asked what
son to expect that the change of Government will more security France can wish than it now enjoys.
make any important difference in the French de- It has the discriminatory provisions of the Treaty
mands at London or weaken the influence of France of Versailles, the League of Nations, the World
in the Conference. The French demands, embodied Court, the treaties of alliance with Poland, Rumania
in the statement issued on Feb. 11 asking for a fleet and Czechoslovakia, and the Paris peace pact. It is
of 724,479 English tons by the end of 1936, with constructing an elaborate line of fortifications along
240,000 tons of the amount to be built during that its entire eastern and northeastern frontier at an
period, contained nothing new. The general nature estimated cost, over five years, of 2,000,000,000
1166
FINANCIAL CHRONICLE
[voL. 130.
francs, and it has the largest and best equipped to accept would still leave a figure for new construcarmy in the world. If ever a country could be re- tion so large as entirely to defeat one of the two
garded as secure, France would seem to be that main purposes of the London Conference unless,
country.
indeed, the 20% is meant to apply to the aggregate
Recent dispatches from London, however, have tonnage instead of merely to the proposed increase.
outlined two possibilities, against both of which the
It is earnestly to be hoped that the American deleUnited States in particular may well be on its guard. gation, faced with a suggestion of an indeterminate
One is the suggestion of a kind of Mediterranean something called security which the Powers are
Locarno, a naval undertaking of non-aggression and asked to guarantee by some kind of an agreement,
mutual guaranty in that region; the other, described will adhere staunchly to the American policy of nonas an implementation of the Paris Pact, involves interference in European affairs, and will not allow
an agreement among the Powers to consult together the Paris peace pact to be used as an instrument for
in the event of a threatened war regarding the course dislodging the United States from its practical and
to be taken to avoid hostilities. To each or both of sensible position as an independent Power. Beyond
these agreements it is covertly hoped that the United that, it is to be hoped that the Conference, when it
States may in some way be induced to become a resumes its sessions, may be able to effect some subparty. In other words, the United States is to em- stantial limitation of the armament burden, even if
brace a proposition for becoming involved in some nothing fairly to be called reduction can be achieved.
near or remote way in European politics as the only
alternative to an agreement under which France
Rotation In Office.
will be at liberty to increase its naval tonnage by
After the civil war, and when the Republican
240,000 tons in the next five years, and with Italy party had long enjoyed uninterrupted
success at the
also free to build as large a proportion of that national elections, there arose a political
theory
amount as it may see fit.
known as "rotation in office." It was advanced by
There are disquieting rumors that some members the Democratic party, which, in a way,
practiced
or attaches of the American delegation, alarmed at what it preached, since it frowned upon
more than
the prospect of having to abandon hope of securing two terms to the same man in any elective
office.
naval reduction, are inclined to favor some form of The main thought in the national politics of the
prinAmerican participation as a means of holding France ciple
or policy a this time was to rotate the Republiand Italy in check. London dispatches on Thursday cans
out of Federal offices and rotate the Democrats
were especially disturbing on this point. We are A
After a time this plea had its effect. Locally,
glad to see that Senator Robinson, however, speak- there
were not offices enough to go around—why not
ing for the delegation at a luncheon given by the give them
a wider distribution, since to so many
American correspondents on Wednesday, repudi- they were evidently desirable?
ated with some emphasis the suggestion. "My
How much effect this had on the popular vote it
understanding is," he said, "that the people of would be hard to determine, but it always
tended to
the United States quite generally adhere to the crystallize "the opposition" and
thus cement the
traditional policy of our Government to avoid, party. Whether it ultimately influenced
the conif possible, involvement in European politics. crete doctrine that a President, by
"unwritten law"
They would repudiate emphatically any treaty ex- should have two terms and no more,
no one can say.
pressly or impliedly obligating our Government to But that became a popular belief which
commanded
employ the army or the navy for the enforcement of both the parties and which even
entered into their
obligations assumed by other nations. It is for this convention deliberations and remains
a force to
reason that they do not encourage their delegates this
day.
to this Conference to join in guaranties of security
The nomination of Charles Evans Hughes to be
respecting areas remote from territory or possessions Presiding Justice of the Supreme
Court, immediof the United States."
ately, almost, on the retirement of Chief Justice Taft,
Senator Robinson spoke only of guaranties affect- recently occasioned some sharp criticism
on the floor
ing foreign territory. His disclaimer is equally ap- of the Senate when the nomination,
approved by the
plicable, however, to any agreement having for its appropriate committee, and finally confirmed
by the
object the enforcement of'the Paris Pact. It requires Senate, came before that body for consideratio
n.
little imagination to see that an agreement of that Briefly, it was held by some of the objectors
that
kind would be used by European Powers to drag the Mr. Hughes, both in his former decisions when
a
United States into controversies or threatened con- member and in his recent practice before that body,
troversies in which it had no concern, each Power evinced a strong belief in the "rights of property"
that thought it had the better case bidding for Amer- as against the "rights of man"—that feeling thus he
ican support. It should be pointed out, moreover, must have incorporated into his mentality, his being,
that American participation in a security agreement views and attitudes which these objectors held must
for France, or, for that matter, the conclusion of control him in future decisions on kindred
or similar
such an agreement with the United States left out, cases to come before the Court. No bias
was
would not necessarily lower very greatly the de- charged; no lack of pure and disinterested integrity;
mands of France. The correspondent of the New no failure in ability and highmindedness and
fairYork "Times" suggests that France might be ex- ness. On the contrary, Mr. Hughes
was pronounced
pected to modify its tonnage demands by 20% of a leading, high-minded American.
M. Tardieu's figure. Twenty per cent of 240,000
The question of a possible difference between an
tons, the amount which France asks to build in the advocate and a judge was raised
during the debate,
next five years, is 48,000 tons, but even with this but was adroitly
turned aside by Senator Borah, then
reduction the figure would still contemplate 192,000 speaking as an objector, by asking
whether it was
tons of new construction. Any conceivable reduc- possible to conceive of so
great an attorney, advotion greater than 20% that France may be disposed cating, before a
Court of which he had been a mem-
FEB. 22 1930.]
FINANCIAL CHRONICLE
1167
ber, on great and grave Constitutional questions,
The Country's Foreign Trade in 1929.
views, affecting the people for years and years to
Much the same progress was made in the developcome, that he did not personally entertain. We pass
ment of our foreign trade during the year just closed,
by the cases cited in the debate, save mention of one
as in most of the other years back to 1922. Both
in which Mr. Hughes, as former Judge, allegedly
exports and imports of merchandise have shown
wiote the opinion, in which it was charged the rights
more or less increase during the greater part of tIlis
of States in fixing rates in intra-State commerce
period. Some little irregularity occurred in the value
were wholly annulled. It is sufficient, then, to point
of imports for two or three of these years, but the
out the gravity attaching to the nomination of a
general trend has been upward. Merchandise exChief Justice of this august tribunal. And from this
in 1929 were the highest since 1920, and the
point we may proceed to discuss some of the other ports
is true of the imports, with the single excepissues inevitably involved. And first, we may con- same
of the year 1926, when the total was slightly
sider the distribution of these offices in the interest tion
higher than last year.
of a blending of opinion.
Merchandise exports last year amounted to
But, as
Four-to-five decisions are often rendered.
,276, and imports to $4,400,126,019. For
we understand the procedure of the Court, always in $5,241,262
year the value of exports was $5,128,advance the Court sits, in bane, in strict privacy, the preceding
and of imports $4,091,444,394. The increase
and informally, on the briefs presented, discusses 356,434
1929 over 1928 was $112,905,842, while
the case, before allotting it to one member to put in exports in
in imports amounted to $308,681,625.
in shape for an opinion. On this presentation there the increase
the following table will show that the
is a vote in which there may be affirmation or dis- Reference to
merchandise exports each year since
sent, the majority being the final opinion of the movement in
almost constantly upward. On the
Court. Would it not appear from this that a wide 1922 has been
imports, while at a much higher value
selection from the most eminent jurists and lawyers other hand
either 1921 or 1922, suffered some reof the country is incumbent on the President in mak- now than in
two years following 1926. The larger
ing his nominations? So that should a nominee have versal in the
imports in 1929 as compared with the preevinced a leaning toward the "rights of man" (we gain in
year reflects in part the setback that occurred
use these terms in a broad sense to present two con- ceding
1928. For much the same reason the balance of
trasting Constitutional attitudes) or, on the other in
for last year, while heavy, was considerably
hand, a leaning toward the "rights of property," trade
below the amount for 1928. Last year exports were
would his fitness not thereby become questionable,
of imports by $841,136,257 while for the
since great questions involving these two atti- in excess
preceding year the excess of exports was $1,036,tudes, fraught with vast importance, now impend
912,040. For the whole period covering the years
upon us?
there has been constantly a balance
It may be answered that no great jurist or lawyer back to 1900
side. In the following table the value
fit to sit in this Court has not opinions one way or on the export
exports and of imports is given for
the other, and that minute investigation of their of merchandise
records would be impossible and in the end defeat many years:
IMPORTS (CALENDAR YEARS).
its own efficacy. But this much is true, that rota- U. B. MERCHANDISE EXPORTS AND
Total Trade.
Excess.
tion, or as we here use it, wide distribution, will tend Cal. Year.
Imports.
Exports.
$
$
$
lessen the possibility of "packing" or "stacking"
to
$
969,316,870 Esp. 391,369.063 2,330,002.903
1.360,685.933
480.247,410
995,494,327 Exp. 489,258.756
1,484,753083
the Court whether unintentionally or otherwise. 1902
1903
1,451,318,740 1.335,9C9.190 Exp. 415.409,550 2,487,227,930
1904
1,626.990,795 1,179.144,550 Exp. 447,846,245 2,806,135.345
Here is a case where both the President and his 1905
3.18,745,006
1,798,243,434 1,320.501.572 Esp. 477,741.862
1906
1,923,426,205 1,423.169,820 Exp. 500.256.385 3,346,596,025
nominee are above suspicion. But it happens that 1907
1,752,835,447 1,116,374,087 Exp. 638,461,360 2,869,209,534
1908
1,728,198,645 1,475,520.724 Exp. 252.677,921 3.203,719.369
the nominee has made an impression on the country 1909
1,866,258,904 1,562,904,151 Exp. 303,354,753 3,429,163.055
1910
2,092,526,746 1,532,359,160 Exp. 560,167,586 3,624,885,906
(and the Senate) by his pronounced views. This 1911
2,399,217,993 1,818,073,055 Exp. 581,144,9384,217,291,048
1912
2,484,018,292 1,792,596,480 Exp. 691,421,812 4,276,614,772
unusual condition of sharp objection occurs thereby. 1913
2,113,624,050 1,789,276,001 Exp. 324,348,049 3,902,900,051
1914
3,554,670,847 1,778.596,695 Exp.1,776,074.162 5,333,267,542
Court of less 1915
Now, if some Federal Judge of a lower
5,482,641,101 2,391,635,335 Exp.3,091,005.766 7.874.276.430
1916
6,233.512,597 2,952,467,955 Ezp.3,281,044.642 9,185.980,553
lawyer of wide and 1917
pronounced decisions, or some
6349,087,546 3,031,212,710 Ezp.3,117,874,835 9,180,300.255
1918
7,920,425,990 3,904,364,932 Ezp.4,016,061.058 11,824,790,922
eminent practice, had been selected this condition 1919
8,228,016,307 5,278,481,490 Exp.2,949,534,817 13,506,497,772
1920
4,485,031,536 2,509,147,570 Exp.1,975,883,786 6,994,179,106
1921
would have been avoided.
3,831,777.469 3,112.746.833 Exp. 719,030,636 6,944,534,302
1922
4,167.493.080 3,792,065,963 Exp. 375,427,117 7,959,559,042
has had a distinguished career. 1923
Mr. Hughes
4,590,983,845 3,609,962,579 Exp. 981,021,266 8.200,946,424
1924
4,909,874,511 4,226,589,203 Exp. 683,208,048 9,136,430.774
1925
4,808,660,235 4.430,888,366 Esp. 377,771,889 9,239,548.601
Whether we regard a seat in the International Court 1926
4,865.375,325 4,184,742.416 Exp. 680,632,909 9,050,117,741
1927
5,128,356.434 4.091,444,394 Ezp.1,036,912,040 9.219.800,822
as the highest honor that can come to a lawyer, or 1928
5.241.262.276 4.400.126,019 Rip. 841,136,257 9,641,388,292
1929
not, he has had that. He has had the preferment of
A casual examination of the above record disa candidacy for President, which he left the Supreme
war peCourt to accept. He has held the highest Cabinet closes the fact that the years covering the
of our greatest riod, 1915 to 1920, served as a dividing line in our
position. He has been Governor
State. In many other respects he also possesses foreign trade from what it formerly was under the
unusual qualifications for the Chief Justiceship, so old conditions. Exports during the war, largely
his selection was natural and fitting, when once it of war materials, were in enormous volume, and
became known that he could be prevailed upon to continued so for two or three years thereafter. On
accept. Our thought is simply that, barring excep- the other hand imports during the war period, as
tional instances like this one, it might be well in was to be expected, were in comparatively moderate
making future selections to bear In mind the claims amount, although showing some increase, especially
of lower Court judges. In a word, a broad stand at the end of the war.
In some measure, a much higher range of comupon the fundamentals of Constitutional government
by lower Federal Judges or well-known attorneys modity prices during the war and for a year or two
of country-wide reputation can be ascertained and following the close of that world catastrophe, increased values in all departments of commerce.
out of these ranks vacancies might be filled.
1168
FINANCIAL CHRONICLE
[Vol,. MO.
This condition is reflected in the foreign trade fig- Export
s of petroleum and other oils, gasoline, etc.,
ures covering that period, both in exports and im- are for
a larger amount each year since 1926, while
ports. In 1920 and '21 commodity prices broke for chemic
als the value has shown a progressive
sharply, and for a year or two were at a lower range. gain. Export
s of provisions have barely held their
Some recovery followed but at no time have values own for the
past three years, but are considerably
returned to the high level prevailing in 1919 and reduced in
value as compared with shipments for1920. To some extent the increased or decreased merly made.
value of our foreign trade during the intervening
Machinery lines lead all others by a wide margin.
period, reflects the higher or lower range of prices. Shipments abroad
of automobiles last year were in
For the past two years, however, this variation has excess
of any preceding year, the value being $539,been very slight, though it is necessary to make an 201,000 agains
t $500,176,000 in 1928. In the past
exception as to cotton in exports and coffee, sugar eight years export
s of automobiles have doubled.
and rubber in imports.
Next to motor cars in the machinery class, is indusThe increase in exports last year over the preced- trial machinery, export
s last year having a value of
ing year was practically all of it in the first nine $277,754,000
against $224,804,000 in 1928. This is
months of 1929. Exports in April were reduced as followed by agricu
ltural machinery, for which excompared with that month in 1928; also, in October, ports were valued at
$140,800,000 as compared with
while in November and December there was a marked $116,651,000 in the
preceding year. In electrical
falling off in exports in comparison with the pre- lines, foreign shipme
nts for the year just closed
ceding year. Raw cotton contributed materially to amounted to $121,3
65,000 against $90,780,000 in
the reduced value of exports for the entire year but 1928. These four
classes of machinery constitute
especially for the two closing months of 1929. The nearly 90% of all export
s in this particular division.
decline in the value of cotton exports for November
In ores and other manufactures of metals, there
and December from those months in 1928 was no was also a substantial
gain last year, and the value
less than $69,770,000, while for exports other than of exports for
1929 was considerably in excess of
cotton, there was also a decrease of $82,080,000. earlier years. Export
s of structural steel products
For the full year of 1929 cotton exports were $149,- were larger last
.
year than in the preceding year;
179,000 smaller in value than in 1928, the reduction also
of iron and steel plates and sheets, and a small
being equivalent to 16.2%. As to quantity, cotton gain
appears in tin plate. Exports of copper were
exports last year were 7,580,400 bales, a decrease larger
last year than in 1928, but a decrease is
of 1,152,500 bales from 1928, or 13.2%. The rela- shown
in lead, zinc and brass and bronze metal.
tively heavier loss in the value of cotton in 1929, In the
chemicals division there has been a somewhat
reflects the lower range of cotton export prices in larger
movement each year for a number of years
that year. On the other hand, exports other than past and export
s last year were considerably higher
cotton last year exceeded in value those of 1928 by than for 1928.. In petrol
eum products, exports were
$262,085,000, the increase being '6.2%. Undoubtedly greater than
in either 1928 or 1927, although the
much of the decline in exports in the closing months increase over 1926
was very small. Shipments
of 1929 (imports also were reduced materially) was abroad of crude petrol
eum and of gasoline were
due to the stock market collapse in October-Novem- substantially higher
last year than in 1928 and the
ber. A further reduction also appears in our foreign same is true lubric
of
ating oils, but for illuminating
trade for the opening months of 1930, reflecting and fuel oils quite decrea
a
se appears.
much the same conditions.
It is in cotton and grains that the most unsatisIn the following table the changes from year to factory showin
g is made. Cotton exports vary conyear in a number of leading staple articles of ex- siderably from year
to year as may be expected.
port, such as machinery, ores, textiles, petroleum, For the year just
closed they were only 14.7% of
chemicals, cotton, breadstuffs and provisions, are total exports, the lowest
ratio for many years. In
shown; also the relation that each of these articles 1928 the ratio
was 17.9% and in 1928 it was 21.6%.
bears to the total movement from this country to In breadstuffs, largel
y of wheat and wheat flour,
foreign ports. The compilation covers four years. the movem
ent last year was very much reduced as
compared with each of the three preceding years.
Or Exports
lr
Or(000 Omitted) 1929. Ratio 1928. Ratio 1927. Ratio
Ratio
to
to
to
1926.
to
Breadetuffs have ceased to hold as important a
P:
$
Total
3
Total
$
Total
$
Total
Machinery
1,200,759 22.9 1,035,544 20.2 857,018 17.6 755,934 15.8 place in our export trade as formerly. Wheat shipIron and ores
535,899 10.2 500,173 9.7 460,217 9.7 459,184 9.5
Textiles•
208,382 3.9 204,471 4.0 195,039 4.0 195,848 4.1 ments are much the largest item in this division
Petroleum & olls
561,178 10.7 525,853 10.3 485,903 9.9 554,534 11.6
and there was a marked reduction last year in the
Chemicals
152,162 2.9 137,331 2.5 132,251 2.8 124,856
2.6
Total
2,658,380 50.6 2,403,372 48.7 2,130,428 44.0 2,090,356 43.6 exports of that commodity, not only in the value
but
Cotton
770,830 14.7 920,009 17.1 826,318 16.9 814,429 16.9
Breadstutts
286,354 5.5 315,095 8.2 443,767 9.1 355,687 7.4 in quantity as well. Exports of barley, oats
and
Provisions
244,247 4.7 228,425 4.3 226,248 4.7 284,854 5.9
All other
1,281,451 24.5 1,260,855 25.7 1,238,614 25.3 1,263,334 28.2 rye were also considerably reduced last
year, but
Total all
5,241,262 100.0 5,128,356 100.0 4,885,375 100.0 4,808,660 100.0 corn shipments continued to gain for
the year just
• Omitting raw cotton.
closed. Exports of wheat flour were somewhat
A review of the above record of exports will show larger last year than
in either of the two preceding
the important changes that have taken place in the years.
last few years, in our shipments abroad. Cotton
In considering imports of merchandise, there are
has surrendered first place in export shipments to four
products which hold a very important place in
machinery lines. In the latter are included motor our purcha
ses abroad and which should first be discars and trucks, agricultural machinery and all other posed of.
These are coffee, sugar, silk and rubber,
classes. In the four years under review in the above the
aggregate value of the four constituting from
table the value of exports of machinery shows an one
-quarter to one-third of our total imports. Lad
increase of nearly 60%. The metal division, includ- year
the value equalled about 27% of all imports,
ing ores, iron and steel, copper, etc., also holds a against
25% in 1928. In quantity, receipts last
high place, and the amount has increased each year. year for
three of these four commodities were con.
•
siderably larger than in 1928, these three being
sugar, silk and crude rubber, while the fourth, coffee,
showed only a small increase. In value, a loss appears in • last year's return for coffee and rubber.
This reflects a lower range of import prices in 1929
for these products, the decline in rubber being quite
marked. Import prices for sugar were also considerably lower in 1929 than in 1928 and in the face of
this there was a large increase in importations last
year. The value of sugar imports in 1929, however,
was only slightly higher than in the previous year.
As to raw silk, both quantity and value were very
much higher last year than in 1928.
In the following table the value of imports of a
number of the leading lines in our foreign trade is
shown for a period of years. Altogether these separate classes constitute more than 80% of all our
merchandise imports. In addition to the value
shown, the ratio that such amount bears to the total
of all imports is given:
Imports
(000 Omitted)
Coffee
Sugar
Other foods •
Silk
Other textiles
Animal products x
1929.
$
1169
FINANCIAL CHRONICLE
FEB. 22 1930.]
Ratio
to
Third
302,397 6.9
209,277 4.8
450,508 12.4
427,126 9.7
578,107 13.1
391,885 8.7
1928.
$
Ratio
to
Total
399,848 7.6
207,025 5.1
437,928 10.7
387,997 9.0
552.074 13.5
377,935 9.2
1927.
$
Ratio
to
Total
284,275 6.2
258,155 6.1
433.104 10.3
390.385 9.3
484.088 11.1
345,321 8.3
1928.
$
Ratio
to
Total
322,748 7.3
232,530 5.2
401,988 9.7
392,780 8.9
808,887 13.7
300.209 8.8
Total
2,359,300 55.8 2,252,607 55.1 2,155.308 51.3 2,257.120 51.8
Rubber
240,987 5.5 244,855 6.0 339,875 8.1 505,818 11.4
Wood and paper- 377,328 8.6 358,779 8.8 365,572 8.7 372,679 8.4
Minerals and ores. 395,954 9.0 315,654 7.7 328,350 7.8 363.987 8.2
do non-met.-- 306,038 7.0 28.5,153 8.0 282,837 8.2 301,230 6.8
All other
720,539 14.3 634,398 14.4 732,800 17.9 830.054 13.8
4.400.126 100.0 4.991.444 100.0 4.184.742 100.04,430.888 100.0
Total all
•Animal products and vegetable. a Largely bides and furs.
there was a decrease. Canada shows a good gain,
but from Mexico and Central America a reduction
appears. Cuba reports a slight increase, reflecting
sugar shipments, but Brazil a decrease owing to the
lower price of coffee. Imports from other South
American countries were heavier. From the far East
there was quite a gain, that for Japan reflecting
the larger importations of silk. Imports from Australia were slightly larger last year; also, from
South Africa, while from Egypt the increase was
marked.
There was another shift last year in the gold movement, imports again exceeding exports. Gold imports for the year just closed amounted to $291,649,000, while exports were $116,583,000, the excess of
imports being $175,066,000. For the preceding year
gold imports were $168,887,000 and exports $560,760,000, the latter being in excess of imports by
$391,873,000. In the past ten years, exports have
exceeded imports in only two years, 1928 and 1925,
the net movement of gold to this country having
been very heavy. Both exports and imports of silver
last year were slightly reduced as compared with
the preceding year, but net exports of silver for 1929
of $19,467,000, were practically the same as in 1928
when the amount was $19,265,000. In the following
table the gold and silver movement is shown for a
long series of years, with the net amount for each:
COLD.
Year
emit
Dec.
31.
Excess of
Imports. Exports(+)orj Exports.
Imports(-).
SILVER.
Excess of
Imports. Exports(+)or
Imports(-).
A further consideration of the above record of im$
I $
3
$
$ I
$
+22,870,019
38,030,591 44,193,3171 -8,162,726 49,272,954 26.402,9
ports will show that there was a small gain last year 1902 _ 44,348,834 8.5,287.898 -20,920,862 40,610,342 23,974,50 +16,635.834
1903 _
84,803,234" +38,408,593 50,135,245 26,087,042 +24,048,203
in our purchases abroad in other textiles, such as 1904 __ 121,211,827 50 293 408 -3.498.938 57,513,102 35,939,135 +21,573,967
1905 48,794,467
1906_ 46,709.158155.579,380-108.870,222 60,597,091 44,227,841 +18,729,250
wool and wool manufactures and cottons, but a fall- 1907 _ 55,215,881 143,398,072 -88,12 ,391 61,625,866!1 45,912, +15,713,506
+9,613,541
1908_ 81,215,458 50,278,293 +30.939,163 51,837,871 42,224,1
ing off in jute and rayon manufactures. Hides were 1909 .132,880,821 44,088.988 +88,793,855 57.592,309 48,187.7 +11404.607
+11482.805
-447,696 57,360,973 45,878,1
1910. 58.774,822 59,222,518;
57.445,184!
reduced but leathers and furs show an increase. A 1911 _ 37.183,074 66,548,772, -20,262,110 8,5,884,848 43,748,571 +21,918.075
+23,580,689
-19,123,930 71,961,755 48.401.
1912 _ 47,424,842
somewhat larger movement appears for wood, paper 1913. 91,698.610. ,+28.093,778 62,776,631 35,867,81 +26,968,812
57,387,741I+165,228.415 51 603 06 25,959,187 +25,643,873
1914 _222,616,156
19.114,930
31,425,918451,954,590-420,528.672
base stock and paper. The same is true as to min- 1915.155,792,927685,990.234-530.197.307 53,598,884 34,483.9 ,+89,331,743
70,595,037 32,283,28 +
1918 _
+W.790,399
371,883,884552,454,374
erals and ores, and the increase in this division is 1917. 41,089,818 62,042,748-180,570,490, 84,130,876 53,340,47 +181,470,765
-20,972.930252,846,464 71,375,89
1918 _
.368,185,248 78,534.048
quite large; likewise, for non-metallic minerals, the 1919.322,091,208417,068,273 +291,651.202239.021.051 89.410,01 +149,811,033
-94.977,965113,818,22 88,060,041 +25.556,188
1920
-667,358,92 51,575,399
_,
latter comprising very largely petroleum products. 1921 -: 23,891,377691.248,297-238,294491' 61,807.28 63,242.671 -11,867,272
70.806.653 -7,999,387
1922 38,874,894 275.189.7851
74,453,530 -1,984.741
Of the ten leading classifications into which the 1923 _I 28,843.417 322,715,812-294,072,395 72,468,7891 73.944, +35.946,131
319.720.918-258.072,805109.891,033
1924 _ 81,848,313
1925 _ 262,639,790128,273,1721 +134,386,81 99,127,585 84,595,41 +34,532.187
• above import statement is separated only two show 1926 _ 115,707,815213,504,020 -97,798,205 92,257,564 69,595,93 +22.661,528
201,455,100 207,535,195 -8,080,0951 75,624,7801 55,073,917 +20.550,883
a reduction in value for the year just closed, coffee 1927 _ 580,760,000188,887,000,+391,873,000 87,382,0 68,117, +19,265.000
1928 _
83,940,00 +19,487.000
7
291,849,000- 175,066.000 83,407,
and rubber, but for both of these products the actual 1929 _ 116.583,000
movement of our trade abroad covering
The net
receipts last year were in excess of those of the precontinues
year, this being especially true as to rubber, merchandise and the precious metals,
ceding
on the export side as it has for many years.
heavily
where the gain was very heavy.
quite as favorable as it
separated by geographical sections exports last The balance for 1929 was
was in 1927 and 1925, and much more so than in
year to Europe fell off to quite an amount, owing
was exceptionally high,
chiefly to a considerable reduction in shipments to 1926. In 1928 the amount
hence the large reduction which appears in the year
Germany, to Italy and to the Netherlands. The
exports in 1928 were well
value of our export trade with Great Britain last just closed. Merchandise
up with those of last year, but merchandise imports
year was practically the same as in 1928. There was
to 1924, so that
quite an increase in exports to France, to Russia, were lower than in any year back
the trade balance on merchandise account in 1928
and to some of the smaller European countries. Canthere was a
ada continues to hold a high place in our export was exceptionally heavy. Furthermore,
country, which
trade, and shipments to Mexico again showed an very large net gold movement to this
the folincrease last year. The most important gain, how- contributed heavily to the final balance. In
indicate the balance under each of
ever, was to South America, including Brazil, Chile, lowing table we
balance, for
Peru and Venezuela. Exports to China and Japan the different heads, as well as the final
each of the last five years:
were lower last year than in 1928, but to South
TRADE BALANCES FOR CALENDAR YEARS FOR MERCHANDIsi
GOLD AND SILVER COMBINED.
Africa and to Egypt there was a gain.
1925
1927.
1926,
1928.
As to imports the movement was larger from all Excess of- 1929.
$
$
3
$
$
of the six grand divisions into which the report is Mdse. exp. 841,136.257 1,038,912,040 880432.909 377.771,889 881.400.441
separated. Our imports from Europe were larger, Silver exp. 519,487,000 519,285,000 520,550,883 522,681428 534,532,167
715,932,608
Total ___
mainly because of the heavier shipments from Ger- Gold Imp__ 880,603,257 1.058.177,040 701,183,772 400,433,497 5134.368418
175,088,000 5391,873,800
8,080,995
97.798.205
many, France, Italy, and most of the other contin- Net exo_ 885.537.257 1.448.050.040 895.103.677 302.637.292 850.299.226
ental countries. From Great Britain, however, S Net exports.
1170
FINANCIAL CHRONICLE
[VoL. 130.
Gross and Net Earnings of United States Railroads for the
Month of December
Earnings of United States railroads for December
1929 make a very unfavorable comparison with the
corresponding month of the previous year. The falling off in the gross revenues reflects the slump in
trade and industry which followed as the immediate
result of the crash on the Stock Exchange in October-November. The shrinkage in the net earnings,
far exceeding both in amount and in ratio the loss
In the gross revenues, follows as a result of the
same cause, namely, the reaction in trade and the
slackening of industrial activity, but was evidently
accentuated by a desire on the part of railroad managers to heed and comply with the injunction of
President Hoover to refrain as far as possible from
the taking of steps calculated to lead to large scale
unemployment; as a consequence, expenses were not
curtailed in proportion to the falling off in traffic
and in gross revenue. As a matter of fact, expenses
were not curtailed at all, speaking of the roads collectively, but actually proved heavier than in the
same month of the previous year in face of the great
shrinkage in revenues. Obviously, a situation must
be characterized as anomalous where the whole loss
in gross revenues, and more, too, counts as a loss
in net. Stated in brief, our compilations show a
decrease in gross earnings of $26,767,999, or 5.62%,
attended by an augmentation in expenses of
*4,418,072, thereby producing a loss in net in the
large sum of $32,186,071, or 23.12%. In tabular
form, the grand totals for the two years are as
follows:
Month of December1929.
Inc. (4-) or Dec. (-).
1928.
+1.091
0.45%
Mlles of road (179 roads)
_
241,864
240,773
Gross earnings
$488.182,822 $495,950,821 -$27,767,999 5.62%
Operating expenses
+4,418,072 1.23%
381,887,655 357,440,583
Ratio ofexpenses to earnings+5.23%
77.29%
72.06%
Z
etearnings
$106,315,167 $138,501,238 -$32,186,071 23.12%
Evidences of the slump in trade during the month
are to be found on every side. The automobile trade
suffered perhaps most of all, if the number of cars
turned out may be taken as a guide. It is, of course,
seasonal for automobile production to proceed on a
lessened scale during December, but on this occasion
there was not only a large falling off, as compared
with the earlier months of 'the year, but also as compared with the same month in the previous year.
The truth is, production in December 1929 proved
little more than half that of December 1928, the number of motor vehicles turned out having been only
119,950, as against 234,116 in December 1928. The
steel trade, so largely dependent upon orders from
the automobile industry, showed contraction hardly
less striking, steel ingot production being estimated
by the American Iron & Steel Association at
2,896,269 tons for December 1929 as against 4,018,208
tons in the same month of the previous year. The
make of pigiron did not shrink to quite the same
extent, and yet only 2,836,916 tons were produced
in December 1929 as against 3,369,846 tons in December 1928. Building activity has for a long time
been on a diminished scale, and, according to the
statistics compiled by the F. W. Dodge Corp., the
contracts awarded in December 1929 covered an outlay of $316,368,100 as against $432,756,300 in December 1928. To cap the climax, the Western grain
movement also fell considerably below that of the
previous year, as shown more at length in a separate
paragraph further along in this article. Fortu-
nately for the roads, the coal traffic, which is an
important item of freight with nearly all the roads,
was well maintained, and the output of bituminous
coal in the United States during December aggregated 46,200,000 tons against 44,083,000 tons
the previous year, while the production of Pennsylvania anthracite was 7,658,000 tons against
6,114,000 tons. The weekly figures of carloadings reported by the American Railway Association
furnish a sort of composite picture of the general
trade situation, and from these it appears that only
3,340,993 cars of revenue freight were moved during
four weeks of December 1929, as against 3,517,035
carloads in the corresponding four weeks of the previous year.
The losses in earnings, as far as the separate roads
are concerned, extend to all sections of the country
and embrace all classes of roads, though a few exceptions to the rule are to be found. The Pennsylvania RR. naturally heads the list of decreases,
showing a falling off of $3,327,980 in gross; in the
net the decrease reaches $2,540,237. The New York
Central reports a shrinkage of $917,961 in gross and
of no less than $4,708,384 in net earnings;• in this
case it is explained that the expenses in December
of the previous year contained a special credit item
of $2,800,000 in connection with a readjustment of
pension reserves. But even with this item completely eliminated, a decrease in net of $1,908,384
would still appear. The Baltimore & Ohio shows
$1,690,013 loss in gross and $1,994,670 loss in net.
The Erie has suffered a decrease of $1,025,949 in
gross and of $788,452 innet. The Wabash falls behind $858,955 in gross and $976,598 in net.
In the Northwest the exhibits are of like character.
The Milwaukee & St. Paul suffers a shrinkage of
$932,559 in gross and of $1,110,954 in net. The
Northern Pacific reports $859,790 decrease in gross
and $1,080,311 in net. The "Soo" road shows $336,319
loss in gross and $311,590 in net. The Great North-.
ern is an exception to the rule because of a special
credit to expenses in amount of $1,686,282, and with
$1,415,863 shrinkage in gross shows an expansion
in net earnings of $993,138. The Southern Pacific
loses $784,062 in gross and $424,778 in net; the Missouri Pacific $740,860 in gross and $488,587 in net;
the Union Pacific $1,182,680 in gross and $953,344
in net; the Burlington & Quincy $701,609 in gross
and $189,485 in net; the St. Louis-San Francisco
$497,922 in gross and $613,544 in net; the Atchison
$1,552,573 in gross and $2,980,507 in net.
The Rock Island is an exception to the rule, having added $344,846 to gross and $56,551 to net; while
the Missouri-Kansas-Texas, though showing $613,354
loss in gross, has to its credit a gain of $234,884 in
net.
The Norfolk & Western, presumably by reason of
a larger coal traffic, has added $246,398 to gross and
$279,956 to net, but the Chesapeake & Ohio, while
having added $422,039 to gross, reports a loss of no
less than $918,046 in net. The Virginian Ry. shows
a gain of $187,633 in gross and of $60,500 in net. In
the South the Southern Ry. shows $975,374 diminution in gross and $1,103,417 in net; the Mobile & Ohio
$267,807 in gross and $172,699 in net, and the Atlantic Coast Line $451,701 decrease in gross and
FEB. 22 1930.]
$464,402 in net. The Louisville & Nashville, on the
other hand, is one of the exceptions to the rule, and
though having lost $441,344 in gross, has converted
this into a gain of $227,836 in net. The Florida East
Coast reports $94,732 increase in gross with $78,957
decrease in net, and the Seaboard Air Line, while
having lost $354,595 in gross, exhibits $27,905 gain
in net. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER, 1929.
Decrease.
Increase.
$451,701
$651,898 Atlantic Coast Line
o C C & St Louis
441,344
Chesapeake & Ohio
422.039 Louisville & N ashville...._
370,049
Rock Island Lines (2)--..
344,846 Reading Co
367,125
Norfolk & Western
246,398 Det Grand Hay & Milw_
357,820
Delaware & Hudson_
215,273 NY Chic & St Louis-357,362
Virginian
187,663 Wheeling & Lake Erie
354,595
Bangor & Aroostook_ __ _
173,869 Seaboard Air Line
339,490
Maine Central
129,932 Del Lack & Western-336,319
New Orl Tex & Mex (3)..
115.935 Minn St Paul & S 8 M-267,807
Mobile & Ohio
265,842
Total (12 roads)
22,587,853 Detroit Toledo & Ironton
234,491
St Louis Southwest'n (2)
219,605
Decrease. Pittsburgh & Lake Erie_ _
202.788
Pennsylvania
$3.327.980 Cinc New On & Tex Pac
194,001
Baltimore & Ohio
1,690,013 Internat & Great Nor187,752
Atch Top & S Fe (3)---- 1,552,573 N ash Chatt & St Louis....
185,530
Great Northern
1,415,863 Chic Ind & Louisville167,789
Union Pacific (4)
1,182,680 Chicago & Alton
157,951
Texas & Pacific
1,072,475 Chicago & East Illinois....
155,474
.
Illinois Central
1,050.190 KansasCity Southern..
141,142
Erie (3)
1,025,949 Bessemer& Lake Erie......
138.296
Southern Railway
975.374 PereMarquette
129,233
Chic Milw St P & Pac
932,559 Central of Georgia
125,911
New York Central (a)....
917,961 Colorado & Southern
118.563
Northern Pacific
859.790 Georgia Sou & Florida....
114,957
Wabash
858,955 Norfolk& Southern
113,624
Southern Pacific (2)--784,062 Alabama Great Southern
106.583
Missouri Pacific
740,860 Boston & Maine
106.244
Chic Burl & Quincy
701,609 Elgin Joliet & East
104,759
Missouri Kan & Texas
613,354 Central Vermont
104,699
Michigan Central
592,552 Western Pacific
102.694
Chicago North Western_
561,631 Newburg & South Shore..
St Louis San Fran (3)......
497,922
$28,869,868
Total (61 roads)
Grand Trunk Western_ _
493,976
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michi1.085,711.
gan Central. the "Big Four," &c., the result is a decrease of ,
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF DECEMBER, 1929.
Decrease.
Increase.
2488,587
Great Northern
5993,138 Missouri Pacific
464,402
Delaware & Hudson__
372,859 Atlantic Coast Line
Norfolk & Western
449,106
279,956 Grand Trunk Western _
Central of New Jersey....
424,778
278,676 Southern Pacific (2)....-Illinois Terminal
403,514
237,679 Pittsburgh & Lake Erie....
Missouri Kansas Texas_ _
394.727
234,884 Reading
Louisville & N ashville386,051
227,836 Boston & Maine
Nash Chatt & St Louis_
375,561
117.371 'Trinity & Brazos Valley_
Western Maryland
311,590
114,682 Minn St P&EISM
Mllw_
Maine Central
277.040
104.754 Det Grand Hay &
Bessemer & Lake Erie
254,066
Total (10 roads)
242,530
22,961,835 Pitts Shawmut & Nor......
Wheeling & Lake Erie....
239,866
238,251
Decrease. Union
N Y Central (a)
218.212
$4,708,384 Del Lack & Western
Atch Top & S Fe (3)--- 2,980,507 Western Pacific
215,494
Pennsylvania
215,019
2,540,237 Elgin Joliet & Eastern__
Central Vermont
212,662
2,299,214 Chlpgo & East Illinois.._
Baltimore & Ohio
197.971
1,994.670 Term Ry Assn of St L_
Chic Maw St P & Pac
1,110,954, St Louis Southwest (2).._
193.334
Southern Railway
189,485
1,103,417 Chic Bur & Quincy
Northern Pacific
-186.721
1,080,311 Detroit & Mackinac
Wabash
172.699
976.598 Mobile & Ohio
Union Pacific (4)
172.441
953,344 Denver & Rio Gr West_ _
Chesapeake & Ohio
161,325
918,046 Duluth Missabe & Nor_ _
Erie (3)
788,452 Chicago & Alton
155,814
Michigan Central
739,952 Chic St P Mimi &
141.393
Pere Marquette
737,935 Ala Great Southern
140,166
Illinois Central
138,897
672,361 Kansas City Southern....
C 00& St Louis
137.171
635,267 Indiana Harbor Belt........
St L-San Fran (3)
613,544 Georgia Sou & Florida-134,740
N Y Chic & St Louis
602,538 New Orleans On North..
106,247
Detroit Toledo & Ironton
568,652
Texas & Pacific
Total (61 roads)
544,041
$34.607,984
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a decrease of $6,582.091.
When the roads are arranged in groups or geographical divisions according to their location, we
find what would be expected from the observations
above, that each of the three leading districts into
which the country is divided, namely, the Eastern
District, the Southern District, and the Western District, shows decreases in gross and net alike, and
the same is true of all the different regions in each
of the districts with the single exception that the
Pocahontas region shows an increase in gross though
not in the net. Our summary by groups is as below.
As previously explained, we group the roads to conform with the classification of the Inter-State Commerce Commission. The boundaries of the different
groups and regions are indicated in the footnote to
the table:
1171
FINANCIAL CHRONICLE
SUMMARY BY DISTRICTS AND REGIONS.
-Gross Earnings
District and Region.
Inc.(-I-) or Dec.
1928.
1929.
Month of December$
$
$
%
Eastern District-37,506 1.33
New England region (10 roads)____ 22,084,228 22,121,734
,
85,879,883 91,103,485 -5,523,602 6.06
Great Lakes region (34 roads)
Central Eastern region (28 roads)_ _104,424,513 110,676.008 -6,251.495 5.52
(-).
212,088,624 223,901,227 -11,812,603
Total(72 roads)
Southern District
Southern region(30roads)
Pocahontasregion(4 roads)
5.31
-4,697,490
+911.040
4.15'
7.33^
59,443,676
22,826,444
64,141,166
21,915,404
82,270,120
Total($4roads)
Western District
roads)_ _ _ 50,221,355
Northwestern region(18
Central Western region (24 roads)- 80,006,989
43,595,734
Southwestern region(31 roads)
86,056,570
-3,786,450
4.3
64,470.177
61,994,679
47,528,168
-4,248,822
-3,987.690
-3,932.434
7.79'
4.76
173,824,078 185,993,024 -12,168,946
6.46'
Total(73roads)
8.26.
Total all districts(179 roads)----468,182,822 495,950,821 -27,767,999 5.62'
Net Earning
District and Region.
1928. Inc.(+)or Dee.t-)1929.
Month of Dec.- -Mileage--$
s
$
1929. 1928,
Eastern District7,280 6,084,358 8,722,990 -2,638,632 30.25
New England region__ 7,289
Great Lakes region___ 24,726 24,633 15,876,197 26,138.987-10.262,790 39.23
Central Eastern region 27,388 27,267 20,491,765 27,475,286 -6,983,521 25.45'
59,403 59,180 42,452,320 62,337,263-19,884.943 31.89'
Total
Southern District
-
40,136 40,121 14,621,084 17,440.418 -2,819,834 16.07'
Southern region
Pocahontas region...... 5.638 5,633 9,030,503 9,608,954 -578,451 6.02
Total
45,774 45,754 23,651,587 27,049.372 -3,397,785 12.52
Western DistrictNoraswesternregton 48,968 48,981 9,451,536 11,308,440 -1,855,904 16.39
Central West'n region 52,639 52,512 20,438,211 24,855,321 -4,417,110 17.75
Southwestern region- 35,080 34,346 10,321.513 12,950,842 -2,629,329 20.15'
Total
136,687 135,839 40,211,260 49.114,603 -8,903,343 18.13.
Total all districts_241.864 240,773 106,315.167 138,501.238-32.186.071 22.12
NOTE.
-We hays changed our grouping of the roads to conform to the classification of the Inter-elate Commerce COIllaliSSIOn, and the following indicates tbs.
confines of the Gaga* groups and regions:
EASTERN DISTRICT.
-This region comprises the New Eng.and SMtds.
New England Region.
-This region comprises the section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, anti'
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great,
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland'
and by the Potomac River to its mouth.
SOUTHERN DISTRICT,
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region -This region comprises the section east at the Mississippi River
and south of the Ohio River to a point near Henova. W. Va., and a line thencefollowing the eastern boundary of Kentucky and the southern boundary of Virginia.
to the Atlantic.
WESTERN DISTRICT.
-This region comprises the section adjoining Canada lying
Northwestern Region.
Great Lakes region, north of a line from Chicago to Omaha and thence
west of the
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria sod thence to St. Louis, and'
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kama City and them.
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads, taking them as a whole, again suffered a big contraction in their grain traffic. Not
only was there a falling off in the wheat movement,
with the single exception of rye (the movement of
which was on a greatly increased scale) all the different cereals contributed to the decrease. The receipts of wheat at the Western primary markets for
the five weeks ending Dec. 31 1929 were only
24,779,000 bushels, as against 30,352,000 bushels in
the corresponding five weeks of 1928; the receipts
of corn only 34,659,000 bushels against 39,944,000;
the receipts of oats 8,252,000 bushels against
11,204,000 bushels; of barley 3,899,000 bushels
against 5,599,000, but of rye 5,342,000 bushels as
compared with 1,603,000 bushels. For the five
cereals (wheat, corn, oats, barley, and rye) combined, the receipts for the five weeks in 1929 aggregated only 76,931,000 bushels, as against 88,702,0(Y)
bushels in the corresponding period of 1928. The
details of the Western grain movement, in our usual
form, are set out in the table was now subjoin:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Weeks
Ended
Flour
Dec. 28. (Mts.)
Chicago
1929 -- 961.000
1928...... 935.000
Milwaukee
1929 -- 168.000
1928 ___ 146,000
St. Louis
1929......
1928 _-Toledo
1929
1928
636.000
498.000
Wheat
(bush)
Corn
(bash.)
292,000 10.403,000
1,542.000 16.721,000
2.805.000
Oats
(bush.)
1,405,000
4.010.000
242.000
76.000
3,232.000
2,160,000
2.713,000
1,682,000
3.732,000
1,174,000
834,000
540,000
139,000
384.000
140,000
Barley
(bush.)
437,000 4,058.000
969,000
493,000
319,000 1,025.000
684.000 1,039.000
1,471,000
359,000
Rae
(bush.T
107.000
43,000
124,000
206.000
4.
600
1,000
4,000
9,000
10.000
8,000
1172
Flour
Wheat
(Ibis.)
(bush.)
Detroit
1929 _
145,000
1928 _
121,000
Peoria
1929 ___ 211,000
193,000
1928 ___ 263.000
133,000
Duluth
1929
4.675,000
1928 _
7.316,300
Minneapolis
1928 6,972.000
1928 _
8.110,000
Kansas City
1929
5,694.000
1928
5,428,000
Omaha and Indianapolis
1929
1,593,000
1928
1.789.000
Sioux City
1929
97,000
1928
166,000
St. Joseph
1929
14110,000
1928
816,000
Wichita
1929 1,669,000
1928 1,602,000
FINANCIAL, CHRONICLE
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
[vol.. 139.
In December 1925 the exhibit was quite an indifferent one, due to the strike at the anthracite mines,
with the complete stoppage of the mining of hard
8,000
160,000
2,917.000
473,000
coal involved, this having operated to pull down
.
250,000
2,747.000
766.000
the.earnings of the anthracite carriers, all of which
522,000
942.000
471.000
219,000
589,000
793,000
153,000
439,000
suffered heavy losses in gross and net alike at that
657,000 time.
2,057,000 1,815,000
3,657.000
Stated in brief, our compilations for De461,000
2,121.000
1,741,000 2,320,000
cember 1925 showed no more than $18,591,184 in411,000
3,367,000
3,732,000
346,000
crease in gross, or 3.69%, and $10,354,676 increase
3,000 in net, or 8.34%, notwithstanding the country was
1,039.000
6.395,000
1,208,000
4,055.000
then enjoying great prosperity. In the previous year,
1.000
1,847.000
172.000
9.000
too, the improvement was rather moderate, our
1,756,000
7,000
278,000
tables for December 1924 having shown only $11,1,177,000
71,000
866,000
64,000
308,819 gain in gross, or 2.29%, though the net earn187,000
10,000
ings of the roads by reasons of the growing efficiency
371.000
38.000
with which they are being operated, increased
grin An
1929 ___ 1,976,000 24,779,000 34,659,000 8,252,000 3,899,000 5,342,000
1928 ___ 1,842,000 30,352,000 39.944,000 11,204.000 .5,599,000 1,603,000 $17,998,730, or 16.90%.
On the other hand, this
The Western live stock movement also appears to followed losses in both gross and net in the year
have been on a lower scale than in December 1928. preceding (1923). The contraction in the gross in
At Chicago the receipts comprised 20,024 carloads December 1923 (as compared with 1922) was not
in December 1929 against 22,133 carloads in Decem- large, relatively speaking, being $19,212,804, or
ber 1928; at Kansas City, 8,485 carloads against 3.75%, but it testified to a slackening in trade, of
7,286 carloads, and at Omaha 5,954 cars, against which much had been heard in the summer and
autumn of 1923. This falling off of $19,212,804 in
5,206 cars.
As to the cotton movement in the South, this, too, the gross was attended by a reduction in expenses of
was on a reduced scale as compared with December $16,773,652, leaving nevertheless a small falling off
1928. Gross shipments overland in December 1929 in the net, viz.: $2,439,152. In considering this
aggregated 150,261 bales as against 171,900 bales in shrinkage in gross and net, however, in December
December 1928, but comparing with 138,903 bales in 1923, the circumstance should not be overlooked
December 1927; 229,232 bales in December 1926, and that comparison then was with extremely heavy
245,888 bales in December 1925. Receipts of the totals in the year preceding (1922)
-so much so that
staple at the Southern outports in December 1929 some falling off in traffic and revenues was rendered
were 1,107,014 bales as against 1,260,645 bales in inevitable, as a matter of course, the moment the
December 1928, 695,985 bales in December 1927, slackening of trade made its influence felt. In re1,606,850 bales in December 1926, 1,313,425 bales in viewing the results for December of this year (1922),
December 1925, and 1,376,675 in December 1924, as we noted as an interesting fact that as the country
got farther away from the disturbing influence of
will be seen by the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR the coal miners' strike of the previous spring and
SIX YEARS, 1924 TO 1929, INCLUSIVE.
summer and of the railway shopmen's strike of the
summer, the returns of earnings were becoming betMonth of December.
ter. The addition to the gross in December 1922
1929.
1927.
1928.
1926.
1925.
1924.
Galveston
bales 270,032 421,172 208,941 483,603 517,655 557,021 over December 1921 was no less than $87,735,590,
Texas City. eca
417,108 384,668 234,110 492,227 235,124 257,278
New Orleans
230,402 281.217 152,908 338,823 330,280 359,485 or 20.66%, and though this was attended by an augCorpus Christi
10.841
1,423
8,337
Mobile
58,472
41,393
16,841
44,975
29,604
25.907 mentation in expenses in amount of $52,530,924,
Pensacola, .Ee
2,978
143
633
990
2,250
3,254
Savannah
42.928
40,097
29,465 102.091
67,181 there remained an increase in the net of $35,204,666,
84,892
Charleston
24,570
16,071
13,624
56,003
31,876
37,610
Wilmington
18,599
24,991
13,624
56,003
31,876
37,610 or 45.87%.
Norfolk
29,782
50,522
27,882
68,057
68,583
32,333
Lake Charles
1,502
2,034
There was, however, a qualifying consideration to
Total
1.107,014 1,260,645 695,985 1,606.850 1,313,425 51,378,67 take into account
in connection with the big gain
made in December 1922. Comparison was with a
RESULTS FOR EARLIER YEARS.
period of intense business depression in the previIt seems proper to point out that the falling off ous year, our tabulations for December 1921 havin earnings in December 1929 quite generally came ing shown $120,615,992 falling off in the gross earnafter gains in gross and net in December of the ings, though accompanied by a curtailment in exprevious year, modifying somewhat unfavorable con- penses in the huge sum of $144,215,090, leaving,
clusions. The previous year virtually all circum- hence, a gain in net of $23,599,098. As it happened,
stances and conditions combined to bring about too, this gain in the net in December 1921 followed
favorable results, and our compilations then showed a moderate gain in the net in December 1920, mak$27,178,944 gain in gross earnings attended by a ing the December statement for 1922 the third conreduction in expenses of $21,265,477, thus yielding secutive one in which improvement in the net had
a gain in net in the large sum of $48,444,421, or been recorded.
over 54%. On the other hand, it must also be borne
It is proper to state that the improvement in the
in mind that these superb gains followed a heavy net in December 1920 followed entirely from the
loss in gross in December 1927 and, in the case of higher schedules of passenger and freight rates
the net, losses in both 1927 and 1926. In December which had then been put into effect a short while
1927 our compilations recorded $59,294,705 falling before. In December of that year business depresoff in gross and $28,169,018 in net. In December sion had already begun and a marked falling
off in
1926 the exhibit was a poor one, there having then traffic had occurred. But owing to the advance in
been only $2,943,972 gain in gross and $15,267,349 rates referred to, the falling off in traffic
was obloss in net. In the years prior to 1926 likewise the scured. Our tabulations for December 1920 showed
December showing was somewhat disappointing. a gain of $96,073,439 in gross and of $13,804,825 in
64,000
88,000
52.000
86.000
3,000
6,000
23,000
13,000
FEB. 22
1930.]
FINANCIAL CHRONICLE
the net. Moreover, this small gain in net succeeded
a while series of losses in net in the same month of
the years immediately preceding. In the following
we furnish the December summaries for each year
back to 1906. For 1910, 1909 and 1908 we use the
Inter-State Commerce totals, but for the preceding
years (when the Commission had not yet begun to
require monthly earnings) we give the results just
as registered by our own tables each year
-a portion of the railroad mileage of the country being
then always unrepresented in the totals, owing to the
refusal of some of the roads at that time to give out
monthly figures for publication.
Gross Earnings.
Dec.
Year
Given.
Year
Inc. 1+) or
Preceding. Dec.(-).
Net Earnings.
Year
Giten.
Year
Inc. 1+) or
Preceding. Dec.(-).
$
S
S
S
3
$
1906_ 135,735,226 124,733,435 +11,001,791 43,831,182 42,943,900
+887,282
1907._ 132,199,762 141.312,429 -9,112,667 34,354,158 45,998,206 -11,644,648
1908._ 205,777,451 194,222,311 +11,555,140 68,495,740 51,533,086 +16,962,654
1909_ 222,692,092 205,971,898 +16,720,104 68,467,305 68,653,301
-185,996
1910_ 236,835,304 220,870,151 +15,965,153 70,357,004 67,858,550 +2,498,454
1911_ 233,614,912 232,275,177 +1,339,735 61,225,377 56,766,970 +4.458,407
1912_ 263,768,603 234,087,361 +29,681,242 81,701,974 72,932,360 +8,769,614
1913_ 254,218,891 266,224,678 -12,005,787 68,800,026 82,622,271 -13,822,245
1914- 232,598,369 258,285,270 -25,686,901 61,134,950 68,274,222 -7,139,272
1915_ 295,202,018 232,763,070 +62,438,948 105,878,758 61,186,558 +44,692,200
1916_ 262,171,169 242,064,235 +20,106,934 83.237,395 86,302,108 -3,064,713
1917-- 343,875,052 317,830,386 +26,038,666 85,715,727 103,520,028 -17,804,301
1918_ 438,365,327 335,607.571 + 102757756 44,738,149 85,767,019 -41,028,870
1919- 451,991,330 440,481,121 +11,510,209 38,536,432 44,919,752 -6,383,320
1920._ 539,197,615 443,124,176 +96.073,439 51,322,679 37.517,854 +13,804,825
1921_ 406,864,055 527,480,047 -120615992 67,849,188 44,250,090 +23,599,098
1922_ 512,433,733 424,698,143 +87,735,590 111,942,758 76,738,093 +35,204,666
1923_ 493,099,550 512,312,354 -19,212,804 106,248,158 108.687,310 -2,439,152
1924.... 504,818,559 493,509,641 +11,308,918 124,480,894 106,482,164 +17.098,730
1925_ 523,041,764 504,450,480 +18,591,184 134,445,634 124,090,958 +10,354.67C
1926_ 525,411,572 522,467,600 +2,943,972 119,237,349 134,504,698 -15,267,340
1927... 466,526,003 525,820,708 -59,294,705 90,351,147 118,520,165 -28,169,01E
1928._ 495,574,485 468,395,541 +27,178,944 138,293,445 89,849,024 +48,444,421
1929_ 468.182.822 495.050 821 -27_767_999 106.315.167 138.501,238 -32,186 071
Note.
-In 1906 the number of roads included for the month of December was 96;
In 1907.89;In 1908 the returns were based on 232,007 miles of road; In 1909,239.481;
In 1910, 241,364; in 1911, 238,561; In 1912, 238,072, In 1913, 243,322; In 1914,
246,807; In 1915, 248,437; in 1916, 216,811; In 1917, 247,988; in 1918, 232,774;
In 1919, 233,899:-In 1920, 229,422; In 1921, 225,619; in 1922, 235,920; In 1923,
235,379; In 1924, 236,196; In 1925, 236,959; In 1926, 236,982; in 1927, 238,552; In
1928, 240.337; In 1929, 241,964,
New York Attorney General Ward Backs Bill to License
Brokers-Measure Aimed at Swindlers in Securities and Tipster Sheet Publishers Presented.
Drafted and endorsed by Attorney General Ward, a bill
was introduced in both Houses of the Legislature at Albany
on Feb. 19 for licensing stock brokers and dealers in securities. A dispatch to the New York "Times," from which we
quote, went on to say:
Designed to supplement the Martin Anti-stock Fraud Act by providing
means for eliminating fraudulent brokers, the measure also is aimed at
tipster sheets, against which Federal Attorney Tuttle conducted a drive
in New York City last fall. The bill would require that licenses be taken
out not only by brokers but by all publications other than a daily newspaper of general scope and character, furnishing information concerning
securities or the market price of securities.
"Thousands of persons throughout the State are victims yearly of
fraudulent stock operators," Attorney General Ward said. "The Martin
Act does not reach the root of the trouble. It prevents the aspect of
locking the stable after the horse has been stolen. The bill now presented
protects the legitimate security dealers and is aimed at what may be
termed the common thief."
The measure was introduced by Senator IIickey and Assemblyman Ginabrone, Republicans, of Erie. The license fee for security dealers in New
York City would be $100 a year. Brokers in second-class cities would
pay $59 and in smaller cities $25.
In applying for a license every broker would have to supply a bond
of $5,000, but not more than $50,000 in bonds would be required from any
one firm. No license would be issued to any individual or firm restrained
by a final Court decree from selling securities or previously convicted
In any State or in any Federal Court of fraud in selling or advertising
securities.
The regulations would become effective Jan. 1 next, and five experienced
brokers, selected by the Secretary of State and sitting as an advisory
committee, would assist the State Department in the administration
of
Another provision of the bill would prohibit the splitting of
commissions
Another provision of the bill would prohibit the splitting of commissions
with non-licensed persons. Violations of the law would be misdemeanors,
punishable by a fine of $5,000 or one year's imprisonment or both.
The
Department of State would publish an annual list of licensed brokers.
The bill does not apply to banks, savings institutions or trust corndudes, or to security transactions of a purely private character.
The
measure also exempts the distribution by a corporation of capital
stock,
bonds or other security to Its stockholders as stock dividends or distributions
from surplus.
Charge Stock Pool Netted $6,000,000-Officials of New
York State Bureau of Securities Say Trio Manipulated Gyrations in Advance-Rumely Shares.
The following is from the New York "Times" of Feb. 8:
For the first time since the Martin Act went into effect in 1920, the
1173
State Bureau of Securities took action yesterday against persons am: '
of operating a pool in stock listed on the New York Stock Exch., .
Abner S. Werblin, Leonard J. Rollnick and William L. Jarvis were tei.ipo.
rarily enjoined from further dealings in stocks and securities by Supreme
Court Justice Lewis L. Fawcett in Brooklyn on motion of AsSistant Attorney General Watson Washburn, head of the Bureau. They were alleged
to have conducted a pool in stock of the Advance-Rumley Co., manufacturers of farm implements, and with the aid of a Boston financial paper
and by other means, to have reaped a profit estimated as high as
$6,000,000.
Soon after the injunction was obtained, Mr. Washburn served papers on
Werblin and Rollnick, directing them to appear Feb. 19 in the Supreme
Court to show cause why they should not be permanently enjoined. Jarvis
was out of the city. On Feb. 19 Mr. Washburn will apply also for the
appointment of a receiver for the trio and for an order directing the
men to turn over their books and records.
Jarvis, who lives in Boston, is reported to have been connected with
George Graham Rice, stock promoter and published of tipster sheets,
convicted in December of 1928 of using the mails to defraud in the
promotion of Idaho Copper Co. stock. Werblin, who lives at 1192 Park
Avenue, and whose office is at 57 Wall Street, was a witness at Rice's
trial. Rollnick lives at the Hotel Plaza.
After questioning the two New York men yesterday, Mr. Washburn
said that he is investigating operations in several other stocks listed
on the New York Stock Exchange in which he suspects pools are engineering the movements.
Stock Takes Big Jump.
He pointed out that Advance-Rumley stock went through a spectacular
rise last spring, reaching as high as $119 for preferred and $104% for
common on May 1, and then dropped with widespread losses to small
investors. This, Mr. Washburn said, was due to the operations of the
three men. Not only did they control 100,000 or 262,000 shares of AdvanceRumley stock in April, but they had induced the general public to
purchase large amounts, he said. They sold most of their individual
holdings at an average of $100 a share for common and $90 for preferred, Mr. Washburn declared, having purchased at an average of $60
for preferred and $50 for common.
The Assistant Attorney General, in asking the injunction, said that
Rollnick and Jarvis agreed early last year to finance the purchases of
Advanee-Rumley stock and Werblin agreed to act as pool manager and
agent in making purchases and sales l'ursuant to this agreement, Werblin
purchased and sold large blocks of this stock through many brokers on
the New York Stock Exchange in his own name or in the name of Rollnick, but all for the account of Rollnick and Jarvis.
Large Blocks of Stock Carried.
By April Werblin was carrying on balance with various brokers for
Rollnick and Jarvis about 50,000 shares each of preferred and common
stock of a total outstanding capital stock of Advance-Rumley of 125,000
shares preferred and 137,000 shares of common, both of $100 par value.
Mr. Washburn then charged that Rollnick and Jarvis controlled the
"Financial Debater-Criterion, Inc.," of 185 Devonshire Street, Boston, a
tipster sheet which purported to give impartial advice to its subscribers
upon the course of stock market prices, in return for a subscription fee
of $5 a year.
Mr. Mashburn named in his affidavit also Morris Singer, who, he said,
consented to a final decree enjoining him from fraudulent practices in the
sale of securities last November but who was publishing a financial advisory service last spring that purported to give impartial advice to subscribers in return for 10% of the profits derived from this advice.
Mr. Washburn accused the three men also of paying large sums to
various contact men, publicity agents and customers' men throughout the
country, in return for which these men advised purchase of AdvanceRumley stock.
After May 1 the price of the stock declined. On May 7 the preferred
stock closed at $72.50, and the common at $62.50 on the New York Stock
Exchange. Thereafter the shares continued to fall steadily, reaching lows
of $15 for preferred and $7 for common in Nevember.
Despite the decline, the "Financial Debater-Criterion," according to Mr.
Washburn, advised the purchase of Advance-Rumley stock on May 8, 15
and 22, ascribing the break to bear raids,
Lester R. Bachner, of 27 Adar Street, counsel for Werblin and Rollnick,
issued the following statement:
"L. J. Rollnick and A. S. Werblin, when informed of the procuring of
the injunction, denied engaging in any fraudulent practices and stated
that they would contest vigorously the application for a permanent injunction. They further stated that they conducted legitimate trades in Advance-Runiley stock almost a year ago; denied employing any tipster sheets
and were surprised that the Attorney General saw fit to single them out
for attack, when their operations were proper and in accordance with the
accepted practice in Wall Street. Every trade made by them was in
conformity with the rules of the New York Stock Exchange. They further
denied that Mr. Jarvis was in any way interested in their operations."
The application for a permanent injunction will be made in Special
Term, Part I, of Brooklyn Supreme Court, at 10 A. M. on Feb. 19.
H. B. Cahan of Philadelphia Seeks $1,039,000 from Two
Brokerage Houses as a Result of Stock Market
Losses.
Prom Philadelphia, Feb. 19, a dispatch to the New York
"Times" said:
As an echo of last fall's stock market slump, Harry B. Cahan began
suit in the Federal District Court here to-day for the recovery of $1,039,000
which, he contends, he lost through the failure of his brokers to carry
out contracts.
Mr. Cohan filed claims of $707,500 against Relay L. Doherty & Co. and
$332,400 against Green, Ellis & Anderson. On Oct. 30, he says, he gave
the Doherty firm an order, which he declares was accepted, to buy for
him 60,000 shares of Cities Service, 20,000 at $48 and 40,000 at $20, and
that the next day he gave to Green, Ellis & Anderson an order to sell
40,000 shares of Cities Service short.
In spite of demands made for several days, Mr. Cohan alleges, the
Doherty firm did not make delivery and in the
meantime Green, Ellis &
Anderson had sold 40,000 shares short for him, and were insisting
that
he protect them in the transaction. They borrowed money from
private
sources to protect him, he alleges, cutting his profits to
$200 instead of
$332,400, which he contends he would have realized had
his orders been
followed.
[VOL. 130.
FINANCIAL CHRONICLE
1174
DEALINGS ON MINNEAPOLIS-ST. PAUL STOCK EXCHANGE FOR 1929.
The following furnishes a record of the dealings on the Minneapolis-St. Paul Stock Exchange during 1929. It shows
the range of prices of each security dealt in with the volume of trading in the same.
-ST. PAUL STOCK E{CHANGE DURING CALENDAR YEAR 1929
HIGH AND LOW PRICES OF MINNEAPOLIS
Low.
Name.
High.
N
N
Total Value.
82,525
10,639
25,925
151,049
74,725
10,407
15,847
1,204
1,232,435
34,007
79,616
46,960
168.843
1,760
140,171
79.875
9,535
30,277
22,050
16,260
20,216
13,200
1,577,778
85,905
463,867
} 45,381
--.-
§§§§§§0tNW!.N.UOM
§.NN
§§
§
§§§
Oir:0;.506...ONIsMWeIDCb
0 .N.
t Ntelli0
,
.
N
103
96
99
104%
101
96%
9734
117
99
102
10554
101
9856
0
90
96
97%
10034
96
9655
9634
10154
95
99
101%
9034
96
N
BONDS.
kutomotive Inv. Inc. 6s, 1939
..a Salle Bldg. Corp. 6s, 1943
,eader 6s, 1947
eIpls Steel & Mach. 6s, 1938
4p1s. Theater 6s, 1941
Sinn. Valley Canning 6s, 1941
4ont.Dak. Power Co. 1st mtge. 554s
4otor Transit C. V. 68, 1931
hcollet Ave. Prop. 5s, 1943
7ri-State T. & T. 5s, 1942
7ri-State T. & T. 554s. 1942
7ruax Traer cony.634. 1943
Jnion P. S. 5s, 1953
N
9354
102
27
76%
115
,.: -. - ocw-a-g
it,:
ii 4
-:a,,;-m ,
,i
9354
100
20%
27
99
4,4,,i -a
4
101
11234
97
74
69
40
58
1634
47
6
2554
15
50
88
9854
42
105
25
100
670
433.4
80
91
2454
14%
65
25
16
2254
100
100
60
24
30
225
22
245
60
100
290
30
14254
27
10%
125
30
12
29
.., 3.4,CONALOW.00
3N
C
MMOMOMMOCOMVOtMON0001 00.t•MMOCOOQ,000.0C,
,
NC,1.0 COCOMMt aP tW NV N OWOO MWN • ON,ON CO MM ON.V.0 .0
1t N
,,
0t
..... tN
NO
00NN.WC..OW CMO
V00 .: W.[
.1
002
101
105
95
15
50
38
53
10
27
5
20
8
42
88
91
34
97
15
85
44e
16
80
60
1954
9%
6454
19
934
12
90
86
45
18
15
225
1934
216
32
97
183
26
128
19
9%
55
17
12
29
e,7-
STOCKS.
Archer Daniels
Archer Daniels 7% pfd
Automotive Inv. 1st 7% pfd
Automotive Inv
Automotive by, part. pfd. N. P
Black Hill Utils. common
Brandtjen & Kluge cony. 7% pfd ___.
Buzza Clark
Diamond Iron Works
Emporium common
Emporium 2% preferred
Gamble Robinson
Gamble Robinson 7% preferred
General Mills
General Mills 6% preferred
Griggs Cooper
Griggs Cooper 7% preferred
Leader common
Leader preferred
McGillivray Creek Coal & Coke
Mpls. Moline Pr. Imp. Co
Mpls. Moline Pr. Imp. Co. 654 cony. pf
Mpls. Steel Mach. common
Hpls. Steel Mach. preferred
Minn Mining & mg
Minn. Nor. Pr. (old)
Winn. Nor. Pr.(new)
Wont. Dak. Pr.(new)
Motor Transit common
Motor Transit 7% preferred
Motor Transit 8% part. preferred
Hunsingwear Inc
North American Creameries "A"
Northland Greyhound Lines, Inc
Northwest Fire & Marine (old)
Northwest Fire & Marine (new)
Dttertail Special common
Pillsbury Flour Mills
'Southland Greyhound Lines
St. Paul Fire & Marine
Stoot Briquets
Cltle Insurance
Coro
rrl-State T. & T. preferred
Cropic-Aire cony. 554% pfd. N.P
Cruax Trace
Cwin City Fire Insurance
('win City Rapid Transit
Cwin City Rapid Transit 7% pfd
Union Public Service 6% preferred- - Union Public Service 7% preferred- - Universal Aviation common
Will Motors
Will Motors
No. Shs.
2,751
604,590
268,069
849,225
101,851
88,336
67,587
2,250
26,020
87,484
29,100
68,297
443,044
81,862
451,601
85,967
257,986
355,455
13,212
600
2,900
935
3,028
35,126
304,163
59,817
206,635
960
18,780
20.805
57,702
965
3,870
287,650
26,677
46.352
28,651
34,407
8,717
Low.
Name.
BANK STOCKS.
First National, Minneapolis
First National, Minneapolis C. D
First National, St. Paul
First National, St. Paul C. D
Marquette National Bank
Bank Shares Corporation
Metropolitan National Bank
Midland National Bank
First Bank Stock
Northwest Bancorporation
High.
No.Shs. Total Value.
152
155
840
933
200
18
180
48
33
51
245
242
1080
990
200
35
425
9834
6434
100
18,325
3,524
610
628
13 9-10
4,329
95
15,120
189,541
234,386
83,592.261
648,213
1,164,027
92,809
2,780
247,724
29,292
1,378,077
8,222,210
19,591,289
97
75
97
96
102
99
10034
65
105
10
1254
103%
414
106
30
106
9954
125
3
135
112
90
106
100
91
98
98%
102
10254
102%
65
105
10
1234
10554
15
110
35
109
9954
152
3
137
112
107
106
319
11
343
85
50
220
447
36
5
32
850
241
1,286
1,079
32
486
8
487
1
92
- 50
1,496
144
31,669
840
33,504
8,295
5,100
22,100
45,605
2,290
525
320
10.650
19,793
11,424
110,230
955
55,302
798
10,170
3
3,609
5,600
136,956
15,351
100
93
97
10454
9834
9934
98%
97
96
104
98
103%
97
101
102
973.4
.
9734
98
10154
9054
100
93
99
1043.4
9844
e934
9954
97
96
104
98
103%
99%
101%
102
9754
99
100
102
97%
5,000
2,000
8,500
500
5,000
2,000
4,000
4.000
6,000
4,000
2,000
1,000
5,000
2,000
1,200
2,000
19,000
3,000
2,000
11,500
5,000
1,860
8,300
522
6,927
2,000
3,942
3.860
5,760
5,200
1.962
1.037
4,887
2,022
1,505
1,950
18,695
2,9135
2,035
10,247
55
90
15(
1-16
434
14
54
115
1%
344
554
19
1,010
570
24,702
616,093
510
225
505
57,327
34,485
905.281
2,578
8,066
UNLISTED STOCKS.
W. H. Barber Co 7% preferred
Black Hills Utilities warrants
Carpenter Mixon preferred
Continental Tel. Co. 654% preferred ,
Continental Tel. Co. 7% preferred
Dis-Pioneer Press 7% preferred
Gamble-Skogmo Inc. 7% preferred
International Sugar Feed
International Sugar Feed preferred...
Minneapolis Brewing
Minn. Mining & Mfg. Cds
Mpls. Threshing Machine preferred
Motor Transit warrants
Munsingwear Inc
Nicollet Hotel 7% preferred
N. W. Bell Co. 654s preferred
Russell Miller Milling Co. 654% Pfd
St. Paul Union Stockyards
Savage Factories
Strutwear Special common
Trinity Port. Cement preferred
Van Lusen Harrington preferred
Vassar Swiss 7% preferred
UNLISTED BONDS.
American Gas Mach. Co. 6s, 1938
Continental Tel. 5s, 1953
Disp. Pioneer Pr. S. F. 6s, 1942
Island Whse. Corp. 1st 65, 1943
Mpls. Gas Light Co. 1st 5s, 1930
Mpls. Gas Light Co. 6s
'
Mpls. Gen. Elec. 1st 5s, 1934
Mpls. No.& So. Ry. 1st mtge.6s, 1941..
Minn. Nor. Power Co. 5s, 1931
Minn. Trib, Co. 1st S. F. 654s, I942
Nicollet Hotel Inc. mtge. 6545, 1930-3
8
Northern States Pr. 1st gen.6s, 1948
Ottertail Pr. Co. 1st & ref. 5s. 1946- - Ottertail Pr. Co. gen. & ref. 534s, 1945
Ottertail Pr. Co.1st & ref.654s, 1939
Powell River 5s, 1930-33
Red River Lbr. 1st 554s, 1950-1939
St. Paul Gas Light Co. 5s, 1944
St. Paul Gas Light Co. gen. 534s, 1954_
Van Dusen Harrington 5548
RIGHTS.
General Mills rights
First National St. Paul rights
Minneapolis Steel rights
Northwest Bancorporation rights_ - - _
Northwest Fire rights
Ottertail Power rights
RECORD OF PRICES OF WISCONSIN SECURITIES FOR 1929.
There is no Stock Exchange in Milwaukee, but we have obtained from the First Wisconsin Company of Milwaukee
the following list of high and low prices for the calendar year 1929 on the stocks and bonds which are traded in more or
less actively by Wisconsin bond houses. Some important securities, like the different issues of Milwaukee Electric Railway
& Light bonds, are listed on the New York Stock Exchange and appear regularly in our records for the New York market.
These, therefore, are omitted from the present list.
HIGH AND LOW PRICES OF WISCONSIN SECURITIES DURING CALENDAR YEAR 1929.
BONDS.
Beloit Water, Gas & Electric Co. 5s, 1937
Chicago North Shore & Milwaukee Ry. Co. 5s, 1935
6s, 1955
Consolidated Water Power Co. 53.4s, 1946
554s, 1947
Delhi Paper & Pulp 6s, serial
Eastern Oregon Light & Power 6s, 1929
Gimbel Brothers 6s, 1931-41
Green Bay Gas & Electric Co. 5s, 1935
Janesville Electric Co. 5s, 1945
Kleckhefer Container Co. 53s, serial
Koehring Co. 6s, serial
Madison Gas & Electric Co. 5s, 1940
5s, 1950
Madison Ry. Co. 5s, 1936
Marathon Paper Mills Co. 554s, serial
Marinette & Menominee Paper Co. 7548, 1936
Milwaukee Coke & Gas Co. 734s, 1933
Milwaukee Light. Heat & Traction Co. 58, 1929
Milwaukee Northern Ry. 5s, 1931
Pabst Corp. 554s. serial
Pfister & Vogel Leather Co. 7s, 1930
Sheboygan Electric Co. 5s, 1946
Southern Wisconsin Power Co. 5s, 1938
Spruce Falls Power & Paper Co. 534s. serial
Superior Water, Light & Power 4s, 1931
Weyenberg Shoe Mfg. Co. 7s, 1937
Wisconsin Electric Power Co. Ss, 1954
Wisconsin Gas & Electric Co. 5s, 1952
Wisconsin-Michigan Power Co. 5s, 1957
Wisconsin-Minnesota Light & Power 5s, 1944
8s, 1944
Wisconsin Power, Light & Heat 5s, 1946
Wisconsin Public Service Corp. 5s, 1942
554s, 1958
6s, 1952
Wisconsin Railway, Light & Power Co. 5s, 1933
Wisconsin River Power Co. 5s, 1941
Wisconsin Traction, Light. Heat & Power 5..1931
viz.. 1011
1
BONDS (Concluded)•
Low.
96
87
79
98
95
97
99
98
99
99
96
97
98
97
40
95%
100
101
99
96%
97
95
97
98
94
95
98
94
97
97
95
120
94
97
100
96
95
96
103
93
100
102
103
100
101
103
101
101
100
100
101%
102%
51
100
104
103%
101
100
100%
101
101%
99
100
9734
104
107
104
101%
100
121
99
102%
10434
10834
100
99%
100
inn
809
Low.
High.
gni
Wisconsin Valley Electric Co. 5s, 1942
514s, 1942
Wisconsin Valley Power Co. 530, 1950
High.
97
99
98)4
102
10234
102)4
STOCKS.
Holeproof Hosiery 7% preferred
Milwaukee Electric Railway & Light Co. 6% preferred
7% preferred
Milwaukee Gas Light co. 7% preferred
Colgate-Palmolive•Peet Co. 6% preferred
A 0 Smith Corp 7% preferred
Weyenberg Shoe Mfg Co 7% Preferred
Wisconsin Public Service Corp. 6;4% preferred
7% preferred
Wisconsin Telephone Co 7% preferred
MUNICIPALS.
Milwaukee City 4s and 454s
Milwaukee County 434s and 4%
Beloit, Wis.. 45411
Brown County 434s
Dodge County 5s and 4.40s
Douglas County 5s
Fond du Lac City 4.548
Fond du Lac County 5s
Green Bay City 454s and 4%s
Kenosha County 4345
Kenosha city 4543
La Crosse County 5s
La Crosse City 454s
Madison, Wis., 434s and 5s
Marathon County 434s
Ozaukee County Ois and 5s
Racine City 436.
Walworth County 5s
Waukesha County 5s
Washington County 5
s
WisennsIn Matadi 4.
96
99
102
106
96
105
97
99
103
110
105
105
106
108
101%
110
98
105
108
114
Basis.
Basis.
4.30
4.35
4.50
4.40
4.40
5.00
4.35
4.40
4.40
4.35
4.30
4.40
4.35
4.40
4.30
4.40
4.30
4.40
4.35
4.35
4.50
4.10
4.10
4.25
4.20
4.15
4.40
4.20
4.20
4.20
4.15
4.15
4.20
4.20
4.15
4.20
4.20
4.15
4.20
4.20
4.20
4.25
FINANCIAL CHRONICLE
FEB. 22 1930.]
1175
RECORD OF PRICES OF NORTHWESTERN SECURITIES DURING 1929.
prices for the calendar
Lane,Piper & Jaffray of Minneapolis have kindly prepared for us the following list of high and low
in the Twin Cities. The list does not include securities listed
year 1929 on securities which are traded in more or less actively
the Wisconsin Central stocks. These
on the New York Stock Exchange, such as the Twin City Rapid Transit stocks and
appear regularly in our records for the New York market.
R YEAR 1929.
HIGH AND LOW PRICES OF NORTHWESTERN SECURITIES DURING CALENDA
BONDS.
Low.
101
Androscoggin Water Power Co., 1st 6s, Aug.1 1945
96
Ascension Church 5s, 'tine 1. serially
97
Baker Building Garage lit mtg.634a. M.& N.1,192840
96
Ballard Garage lit mtge. 6s, Oct. I 192940
.98
,
Bawlf Terminal Elevator 634 , Mar. 11930.38
98
Beloit College Dormitory Assn. 536s, Oct. 1 192930
96
Laughlin, Inc.. 1st mtg. 6s, 'an. 1 1949
Bliss &
98
.
Bean (F. A.) Farms, Ltd..6s, 1 & '.1. 1930
95
Big Stone Canning Co. lit mtg. 6s. 1une 1 1930-41
98
Butler Bros. notes 6s. F.& A. I 1930-38
97
.
Carleton Hotel lit mtg. 6s. 1 & D. 1 193038
94
Corp. 5s. Nov. 11 1931.46
Carleton
Carstens Pkg. Co. & Thom. Carstens 1st 6s, Aug. 1 1929-41_ 95
97
Carver County Tel. 6s, 'an. 1 1942
96
Central Warehouse 5s, serially
99
Central Warehouse 6s, serially
96
(.
Clark 1 R.) Co.6s, Oct. 1 1929-38
95
Clarkson Coal & Dock Co. 1st 6s, Nov. I 1929-39
Columbia Gorge Motor Coach System equip. mtg. 6s, Nov. 1
9634
1929-32
63
Commander-Larabee Corp. sink. fund 7s, "uly I 1936
97
Consolidated Utilities 6s, March 1 1946
98
Curtis Hotel & Apt. House 1st 6s, March 1 1930-41
10134
Dakota Central Tel. Co. 1st 6s, lune 1 1935
96
Decker, 1acob E., 6s, Dec. 11929.40
9834
Duluth South Shore & At!. Ry. equip. 5s, serially
85
Duluth Street Ry. Co. gen. s.(.5s. May 5 1930
85
1st 5s, May 1 1930
97
Emporium of St. Paul Inc. coll. trust 6s, Feb. 1 193037
97
Federal Investment Co. 1st 6345, A. & 0. 1 1929-34
95
Felecian Sisters Convent & Ac. 1st 5s, Aug. I 1930-36
9634
First National-Soo Line Bldg. 1st 5s, 'tine 15 1930-35
99
5 une 1 1930-38
,
Franklin Co-operative Creamery 634 .
9834
Grt. Lakes Coal 8c Dock Co. 1st mtg. 534g. A.& 0. I 1939-30—
98
Great Northern Power Co. let 5s. Feb. 1 1935
9734
Greyhound Lines equip. 6s. M. & N. I 1929-30
97
Griggs, Cooper & Co. 1st coll. 5s, tan. 2 1930-31
94
1st "A" 534s. Sept. 1 1929-39
94
Guaranteed mtg. co. 1st coll. 5s, 1931-33 (various)
95
1929-40 (various)
5348,
98
65, 1932-39 (various)
98
Hamm Brewing Co. 1st mtge.534g. Sept. 11929.32
High.
103
98
100
100
101
100
100
100
100
10034
100
98
99
100
99
101
100
100
100
90
100
101
10534
100
10134
95
95
101
100
99
100
101
100
100
100
9931
99
100
100
100
100
BONDS (Concluded).
Hamm Realty Co. 1st mtg. 69, Dec. 1 1929
Illinois Greyhound Lines. Inc., 634s, luly 1 1934
The Interstate Co. deb. 634g. lune 1 1938
(The) Interstate Stages, Inc.. equip. 65. Dec. 1 1929-30
Island Warehouse Corp. 1st sink.fund 65, March 1 1943
Itasca Paper Co. 1st mtge. 530, April 1 1930-38
6s, April 1 1930-38
(Alex) lohnson Hotel 1st mtg. 6s, May 1 193040
Kalman Steel Co. 1st mtg. 65, Feb- I 1930-39
LaCrosse Telephone Corp. 1st 5 Ms. "an. 1 1948
LaSalle Bldg. 1st leasehold 6s. Feb. 1 1943
LaSalle Bldg. Corp. notes 6s. Feb. 1 193038
Longyear(E. 1.) coll. trust 6s. Dec. 1 1929-47
Luther Hospital 1st 534g. April 1 1931-39
Manganiferous Iron Ore 534s. Aug. 1 serially
Marouette Houghton & Ontonagon 6s, April I 1935
Marshall Wells Bldg. 634s, Feb. 1 1930.37
Minneapolis Heat Regulator Co. notes 5q. Feb. 1 1930 43
Minneapolis Northf. 8c So. Ry. 1st mtg.6s, Sept. I 1941
Minnesota Northern Power Co. 5s, June 1 1931
Minnesota Power Co. lit & ref. 65. Oct. 1 1936
Minnesota Sugar Corp. 1st 6s, May 11930.41
Minnesota Transfer Co. 5s. Aug. 1 1946
Minnesota %alley CaMnIng Co. 1st S. F. 6s, Jan 1 1941
Northwestern Terminal let 55, June I 1948
Otter Tail Power Co. Ist 4 Ms, April 1 1933
Quinlan (Ells. C.) Realty 5s, Nov. 1 1929-45
1st leasehold 6s, Jan. 1 1931-42
St. Catherine College notes 5s, April I 1932
St. Cloud Public Service 1st 6s, Nov. I 1934
St. Cloud Water Power 1st serial 6s. April 1 1939
St. Croix Power 1st 5s. Oct. 1 1929
St. Paul Union Stock Yards 1st 5s, Oct. 1 1946
Safety Motor Coach Lines equip. 6s, J. & J. 7 1930
Shattuck School 1st 6., Oct. 1 1929-40
Sheridan Holding Co. lat 634s. Jan. 1 1930-37
Sommers(G.) & Co. lit 6s, May 15 1930-34
Southland Red Ball Motor Bus eluirs. 6s. M.& S. I 1930-31
Tri-State Land Co. 534s. Oct. I 1931-41
Watab Paper Co. 1st S. F. 634s, July 1 1942
Wisconsin treat Lakes Coal & Dock 1st 6s, Jan. 1 1930-36
Zap Colliery Co.& Pratt Bros. 1st coll. 6s. Sept. 1 1930
Low.
High.
9834
97
96
97
104
95
98
95
9734
93
95
96
99
96
96
9634
97
96
96
96
100
94
100
96
92
9514
98
97
98
100
100
99
98
9634
96
97
98
97
9634
10134
95
934
100
100
100
104
106
100
102
100
100
100
100
100
10034
100
100
101
102
100
100
99
102
100
102
99
100
98
100
100
100
102
103
100
101.
leo
100
100
101
100
100
105
100
100
seems sound investment practice to return to the
faith of our fathers and get back to real security
By J. L. Beybold, vice-President of Wells-Dickey Co. of Minneapolis. and view the market price as a secondary conAssurance of generally sound business conditions sideration.
The chief factor governing market prices is psyin the Northwest by leading bankers and business
promise well for the future of this Northwest. chology. We are led to believe that on the price
men
General trade conditions continue quite favorable. of money and other material considerations our
The bank check barometer has recorded some gains future depends. But the question arises whether
and some losses in the last few weeks, compared back of these material factors it is not the mental
with the corresponding weeks of a year ago. The attitude of those having money to spend or invest
policy of the Farm Board and their reactions upon which actually determines prosperity—and market
the wheat market are being followed with great price inevitably follows prosperity or depression in
interest.
this country of unrestricted natural wealth.
banking conditions
A decided improvement in the
If, therefore, the public mind is focused on the
recent business re- stock tape instead of upon work, production, thrift,
in the Northwest is revealed in
ports, the latest Ninth Federal Reserve District wise spending, and sound investment, market price
business review disclosing the fact that there had ultimately in each such poisoned cycle must end in
been fewer bank failures in this territory in 1929 the drastic readjustment we have recently witnessed.
than in any year since 1922.
The prices of good bonds and stocks of soundly
There were 84 suspensions in Minnesota, North managed companies will eventually vindicate themDakota, South Dakota, and Montana in the year, selves and be the first choice of intelligent investors.
a reduction of 10 from 1928 and of 56 from 1927. Market price indicates quantity of demand relative
A further strengthening of the general business situa- to supply. In the months just past demand has been
tion was revealed in the report for business failures, for those companies of the speculative kind rather
which were the smallest in number since 1923 and than for known quality of security.
total 717, a reduction of 213 as compared with 1928
and of 460 from 1927. The number of farm bankResume of Operations on Minneapolis-St.
the smallest since 1922, with a
ruptcies also was
Paul Stock Exchange for 1929.
By N. P. McBInnon, Sec.-Treas. Minneapolis-Bt. Paul Stuck Exchange.
of 67 from 1928 and of 550 from 1927.
reduction
A definite and important place in the business
The investment trend in this section turned somewhat as it has in other parts of the country. Those life of the Northwest is being filled by its newest
houses who in the past specialized in the handling major enterprise—the Minneapolis-St. Paul Stock
of well secured bonds, even before the stock market Exchange, a product of the year 1929. Planned carebroke, anticipated the day when the investment fully after many years of study, the Exchange is an
trend would turn and are now doing a normal established project, steadily growing, daily serving
business in response to the demand for "security." its purpose qf providing a ready market for seThose who have always preached the gospel of "lower curities of the Northwest.
The Exchange was formally opened on Jan. 28
rate with higher quality" now find justification for
of this conservative policy. The country 1929 with 1,298 shares trading. Public interest was
re-emphasis
has been in a speculative atmosphere. For several roused to such a point that the accommodations
years it has been accumulating and intensifying. It of the Exchange were taxed to an overflow and
A Favorable Situation in the Northwest.
1176
FINANCIAL CHRONICLE
[vci.. 130.
many late arrivals did not gain admittance to the portant part, of what has become a foremost public
question.
visitors' gallery.
Its record of accomplishment is already impressive. President Hoover, MT. Mellon, Mr. Pole, Mr. McFadden
In the first 103/2 months of its existence, the Ex- and others whose opinions are valued have expressed themselves clearly on the general
of our
change handled over 710,000 shares of stock and tem. But there has been andproblem some banking sysstill is
lack of clarity
$677,500 par value bonds with a total value of in the public ,mind as between chain banking, the own$46,301,781.78. The average daily volume for the ership or control of a number of banks by one or more
first six months was 1,416 shares per day. The last Individuals, and group banking. Here is group banking as
43 months averaged better than 5,000 shares per we define it:
"A banking system
day. The peak volume was reached on Oct. 29, independent financial whereby a number of corporately
institutions, retaining their own
when 18,335 shares traded. At the end of its first identity, capital, personnel and management, are co-ordiyear, Jan. 28 1930, it will have a much larger figure .nated, through majority stock ownership, by a supervising
which will compare favorably with the year's busi- holding company, operated by the banking interests of the
ness of many of the Exchanges in existence much territory which it serves."
Northwest Bancorpor
longer. That its growth has been steady is evi- 1929. There was in ation was organized in January
Minneapolis an affiliated
denced by the fact that at the opening there were prising the Northwestern National Bank and group comthe Minne54 stocks and six bonds in the Listed and Jnlistedl sota Loan & Trust Co. and five other smaller banks, and
Section, which has grown to 81 stocks and 59 bonds. these were a nucleus. Northwest Bancorporation was
At the time of the organization there were 38 capitalized at $75,000,000, which at a later time was
memberships sold with 60 authorized. At the changed to an authorized capitalization of $300,000,000.
Of this total, $82,000,000 now is outstanding. It is a holdpresent time, the full authorized number has been ing company. It exchanges its stock
for the stock of the
sold, which indicates the spirit with which the bank that becomes affiliated on such basis of exchange
Exchange has been received. While the author- as may be agreed upon. The affiliated bank remains in
ized number of memberships was sold to those every respect a separate entity, carrying on its own busiwho co-operated in making the Exchange possible ness, shaping its own policies, making its own decisions
regarding loans and service
for $1,000 each, the value rose quickly and in Sep- constitutes the business of the to customers and all that
bank. On this basis
tember the first bid for a seat was $2,200. Shortly west Bancorporation began, and coincident with the Northbringafter, this bid was raised to $5,500, and only two ing in of the Minneapolis group, the First National Bank &
weeks later a membership was transferred at $6,500. Trust Co. of Fargo, the oldest and largest bank in that
Not only has the Exchange furnished a means for city, and the First National Bank of Mason City became
members,
Northwest investors to trade securities readily, but Crosse, followed shortly by the National Bank of La
Wisc.
it has served to focus attention on Northwest busi- Thereafter the growth was rapid. The First
and Amerness. This factor will be regarded as of increasing ican National, the largest bank at the head of the lakes
importance as time goes on, for money from this In Duluth, and the Security National, the largest in South
region will be invested in its business and profits of Dakota at Sioux Falls, joined the group, the Duluth bank
Northwest corporations will be returned to investors having affiliation with important mining interests of
northern Minnesota. Not long thereafter banks in Monat home.
tana became members and a notable feature was the joinThe volume of business and the steady increase ing of the group by several banks prominen
t in the liveas the existence of the Exchange and its availability stock industry located at South Omaha, Sioux City, and
becojne better known, illustrate the need of the Ex- South. St. Paul. About this time interest in the operations
change in the Northwest. Knowledge of securities of Sorthwest Bancorporation having become widespread,
and Mr. E. W. Decker, President, made this statement:
of the Northwest, necessarily limited to a narrow
"The financial history of the
circle before, has become available to the public years proves beyond a doubt the country over a period of
necessity for a system of
at large since the formation of the Exchange.
banking that will insure greater financial stability and
In the recent readjustment of market values, the provide a broader and better service than has been hereMinneapolis-St. Paul Stock Exchange proved its tofore possible by independent banking units. The prosability to render valuable service to the investing perity and progress of a community must necessarily depend upon the wealth produced by its basic industries
.
public of this section.
Unless these industries are provided with adequate bankIf the record of 1929 is any indication of the ing facilities year in and year out, there are apt
to be
success of the Minneapolis-St. Paul Stock Exchange, times when individual communities must suffer from deit is reasonable to expect that the coming year and pressions affecting one locality or industry. Here was a
definite problem vitally affecting the future development
each succeeding year will see an increasing recog- of
the Northwest's industry and commerce. Along with
nition of the services the Exchange has to offer.
other bankers and business men, we of the Northwest
Group Banking in the Northwest—Benefits Resulting to Communities, Depositors and
Member Banks, as Told by the Group Largeest in Number of Affiliates and Extent of
Territory Covered.
(By J. E. NanLLE, Northwest Bancorporation.]
Much will be learned, no doubt, of group banking growth
and its operation in the hearing that the House Committee
on Banking and Currency shortly will hold in Washington.
Throughout 1929, when growth was rapid, attention was
drawn principally to centers where group organizations
had been formed. There has been an intimate, immediate
and increasing interest in the Northwest and Middle West
States where many community-prominent or State-prominent banks became members. But group banking in this
early'part of 1930 has passed from regional or sectional
interest into national interest and is part, and a very im-
ern
National Bank felt a growing sense of responsibility for
the financial welfare of this territory. A study of banking
systems and methods in vogue throughout the civilized
world brought us to the decision that some form of group
banking would be the logical solution at this time. Based
upon our knowledge of the Northwest and the
temperament of its people, we came to the conclusion that
the
financial needs of the Northwest could best be served by
the union of strong, independent banks continuing
under
the local management of men whose life-long interests
have
been in this Northwest territory and who are vitally
concerned in the future prosperity of industry and agricultu
re
here. Out of this study of conditions and needs,
we began
the grouping of important independen; banks,
and the
Northwest Bancorporation came into existence as a corporate entity."
There has developed meanwhile an interesting change
in the situation relative to the attitude
of many banks
In Minneapolis territory. In the initial
stages the plan
of Northwest Bancorporation was explained
to banks with
FEB. 22 1930.]
FINANCIAL CHRONICLE
1177
the suggestion that from the standpoint of their own fered severely. If, on Dec. 31 1919, for example, when
position and service to their communities, membership there were 3,824 banks in the Ninth District, one had been
in the group would be desirable. Many of the earlier con- possessed of $100,000 cash and had opened a deposit actacts were made on the basis of an approach by Northwest count with every bank in the Ninth Reserve District, and
Bancorporation. At a later time, however, contacts were had been able to foresee, he would have known that in
formed by an approach on the part of banks whose officers the 10 years ahead about one account of every three
and directors had considered the advisability of member- would be tied up in a permanently closed bank and 30%
of his principal involved.
ship in the group, and this has continued.
Northwest Bancorporation was not organized as a
In the earlier part of 1929 •the contacts made by the
Northwest Bancorporation principally were with banks remedial agency. Primarily it represents an effort of
of prominence and large size, relatively speaking. The bankers themselves to bring about better banking, to
Midland National Bank & Trust Co. of Minneapolis, and measure up to new requirements, to fit more adequately
the Metropolitan National Bank of Minneapolis became and efficiently into the new industrial, commercial and
members later in the year, and in addition to the larger agricultural picture, to meet the needs of a business world
banks that formed the initial group or came in thereafter that has undergone vast changes in the past two decades
that have already been referred to, the Iowa-Des Moines and to bring greater assurance of safety to the depositor
National Bank, the largest bank in Iowa, Daly Bank & and give better service to all. Frankly, it expects also
Trust Co., Anaconda; Great Falls National Bank, Great to aid its affiliated institutions in making their operations
Falls, and the Union Bank & Trust Co., Helena, Mont., more profitable. It has been said that if a banker cannot
became members; likewise, the First National Bank, Aber- make a profit he is in the poorest business he could
deen, and the National Bank of Huron, S. Dak., while in possibly be In—a business, the failure of which involves
Omaha, Nebr., the United States National and the Stock not only his own welfare, but that of many others.
Many illustrations of reconstructive work are available.
Yards National joined, also the Spokane and Eastern
Trust Co. of Spokane, WaShington. The First National To take one that is typical—Moorhead, Minn., has 6,000
banks of Winona and Albert Lea, and the National Citizens' people and is the county seat of Clay County in the Red
of Mankato, Minn., also became members. But activities River Valley where the river divides Minnesota and North
of Northwest Bancorporation were not confined to banks Dakota. The First Moorhead National Bank, one of the
of larger size, and in the group are 23 banks of $25,000 oldest in that part of the State, with deposits $2,200,000,
capital or less. Some of these came into the group when closed its doors Dec. 22 1928. Northwest Bancorporation
the Union Investment Co. of Minneapolis, which had been organized a new bank, which opened Mar. 25 1929, giving
operating since 1903, became a member, bringing in 31 immediate facilities, and on May 2 1929, in accordance
banks. Until recently, Northwest Bancorporation had no with agreement in the organization plan, the new bank
contact in St. Paul, sister city to Minneapolis, but the paid one million dollars to depositors of the closed bank.
These deposits had been made by people scattered over
Empire National Bank of St. Paul now is a member.
In extending its operations, Northwest Bancorporation the county and when the new bank announced that the
has not confined itself to the Ninth Federal Reserve Dis- $1,000,000 was available, notwithstanding the fact that
trict. Six of the smaller Union Investment banks that funds having been tied up, many old depositors found it
became members are in the neighboring State, Wisconsin, absolutely necessary to draw cash, more than $750,000
and one in the Seventh, or Chicago, Reserve District, and remained in the new bank. Moreover, money received in
in the Seventh District also are the banks at Mason City, the interim for sale of farm produce and hoarded because
Sioux City and Des Moines, Iowa. In Omaha, in the of timidity was deposited in the new bank, following
capital city, Lincoln, and again by contacts at Fairbury, restoration of confidence. The new bank paid dollar for
Nebr., the Tenth Reserve District was entered, while the dollar for all assets which were acquired, leaving all the
joining of the group by the bank at Spokane and later balance of the assets in the hands of the receivers to
coming in of a smaller bank at Cheney, Washington, collect as possible. No advantage was taken of the liquicarried Northwest Bancorporation into the Twelfth Re- dating bank which was left in position to proceed with
serve District.
Its collections of assets without jeopardizing the position
Minnesota shows by far the largest figures for deposits of the depositors' interest in the old bank.
Two principal considerations have entered into our exor combined resources of affiliated banks, not only because
there are the greatest number of members in that State, planations of the purposes, activities and benefts of our
but because of the size of the Minneapolis and St. Paul group organization; benefit to the community and the
banks that are in the group. But Northwest Bancorpora- people therein and benefit to the bank joining the group.
tion has group members in eight States, Minnesota, Wis- We have pointed out these major benefits to the patrons of
consin, Iowa, Nebraska, South Dakota, Montana and Wash- the banks and the communities.
Communities will be insured greater financial stability
ington. These are the comparisons, the figures being of
Dec. 31 1929:
and will be provided with broader and better service than
No. of
Total
Undivided
has been possible by independent unit banks.
Deposits.
Banks. Capital.
Profits.
Resources.
Surplus.
Regardless of temporary depressions affecting one
Minnesota __ 48 814.022,000 87,833,000 $4,442,000 1214,884,012 1259,087,339
80. Dakota.. 11
517.032 25,169.380 28,534,328
1,200,000
865,000
locality or industry, every bank will be able to render uniNo. Dakota262,294 16,855,756
9
005,000
474,000
18,891,010
8
304.633 17,933,900 20,415,718 form and continuous service.
Montana____
1,100,000
695,000
8,169,236
304,987
7
Wisconsin—_
675,000
10,102,397
340,500
644,980 40.854,837 45,835,264
Nebraska_
6
2,275,000 1,260,000
Adequate resources will be available for financing the
425,782 47,799,017 56,151,339
Iowa
4
2,800.000 1,450,000
14,059,299
296,542
15,746,541 needs of business enterprises in communities served by
Washington _
2
265,000
1.050,000
Bancorporation banks.
95
The background against which Northwest BancorporaPerpetual and continuous management is assured for men
tion has been building is an important consideration if and women who wish to provide trust company manageone is fully to understand the favorable manner in which ment for their estates.
it has been received in the Northwest and Middle West.
We have emphasized the more favorable position of the
Mr. Pole, in commenting on the adverse happenings of borrower'In the country town. In localities where other
past years in which nearly 5,000 banks disappeared, made unit banks have failed or were known to be weak, bankers
use of the expression, "a breakdown of the rural banking whose institutions remained solvent have been cautious
system." If this expression was applicable to the situation about extending their loan total because of possibility of
as a whole, it was particularly applicable in this part of adverse effect on them of troubles of other banks.
the United States. During the 10 years ending Dec. 31
And in further pointing out the advantages we have called
1929 in the Ninth Federal Reserve District, 1,517 banks attention to opportunities for:
were closed, tieing up deposits of $369,000,000; 227 banks
Increased General Banking Facilities.
were reopened with deposits of $60,000,000; 1,290 banks
These facilities include checking, savings, safe deposit
remained closed with tied up deposits of $309,000,000. Of
boxes, loans, investment, travel funds, letters of credit,
this $309,000,000 there have been recoveries of from 30%
foreign exchange, safe keeping.
to 50%.
Management of Estates and Trusts.
The story of banking troubles in the Northwest has
Through the Bancorporation and its affiliated banks and
been told and retold. By the permanent closing of these
1,290 banks many communities, and, of course, a great trust companies, each member bank has available nearly
many business men, farmers and other individuals suf- half a century of trust company experience, with improved
1178
FINANCIAL CHRONICLE
(Vora. 180.
and complete facilities for the management of estates and
A conservative dividend policy has been maintained.
trusts.
Northwest Bancorporation pays $1.80 annually, or 45c.
Investment Securities.
quarterly, on $50 par stock. It earned in 1929 two and
Diversified bonds and other securities for sound and a half times the dividend, the earnings applicable to stock
profitable investment, together with investment counsel outstanding being a little better than $4.50 a share.
from leading banking authorities in the Northwest. Private
Below are the banks or trust companies comprising the
OT leased wires are available which connect with the prin- Northwest Bancorporation group, the figures being of
Dec.
cipal markets of the world, enabling individual banks to 31 1929, date of last Comptroller's call:
buy or sell securities without delay upon request of clients.
NORTHWEST BANCORPORATION
, MINNEAPOLIS, MINN.
Figures for individual banks as reported responsive to Comptroller
's Call of
December 31 1929.
Undivided
Capital Deposes.
Resource.s. Surplus.
Profits.
Minnesota
$
Northwestern Nat. Bk. 5,000.000 86.202.643 100,069,511
Minn.Loan & Trust Co. 1,080,000 12,241,781 22,221,534 2,000,000 1,418,047
1,500,000 821,280
2nd N. W. State
50,000 1.242,012 1,344,881
3rd N.W.National
•
200,000 1,073.027 1,311,581
20,000
7,106
4th N.W. National.-- 100,000 3.420.772 3,699,942
100,000
55,250
5th N.W. National.-- _ 100.000
621,677
740,843
10,000
4,854
Central National Bank.. 100,000 1,769,036 2,075.051
50.000
48.497
Midland National Bank
& Trust Co
1,000,000 19,476,272 23,290,268 500,000 158,184
Metropolitan
500,000 10.871,032 12,312,155 250,000 194,397
Albert Lea, 1st Nat. Bk
100,000 2,431,445 2,706.043
60.000
14,340
Appleton, First Nat. Bk....
25,000
447,400
503.429
12,500
18,494
Austin, Austin State Bank
60,000
341,359
424.087
12,000
7,728
*Belle Plains. lot Nat. Bk.
25,000
355,247
417.692
8,800
5,945
*Bowlus, Morrison Co.
State Bank
12.000
188.372
184,865
3,000
1,493
*Browns Valley, Union
State Bank
25,000
340,099
577,968
5.000
8,879
*Dodge Center, Dodge
Center State Bank
25,000
360,098
398,530
5,000
6,434
Duluth. 1st & American
National Bank
3,000,000 30,989.679 38.365,467 2,000,000 1,101,897
*Elk River, Bank of Elk
River
20.000
395,881
443,368
15.000
12,486
Faribault, Secy. Nat. Bk.
& Trust Co
200,000 2,088,150 2.448,698
40,000
29,978
*Farmington, First Nat.
Bank
25,000
551,862
297.070
16,000
4,208
Fergus Falls. Fergus Fails
National Bank
100,000 1,914,376 2,246,560
50,000
82.184
*Greenwald, State Bk. of
25,000
265,638
301.449
5,000
5,812
*Hastings, Hastings Nat.
Bank
50.000
768,107
837.643
10,000
9,536
*Hawley, First Nat. Bk
25.000
231,558
275,391
5,000
7,335
*Hopkins, Secy. Nat. Bk.
648,815
50,000
.
778.533
10.000
20.977
*Jordan. First Nat. Bank
25,000
344,869
404.549
5.000
4.679
*Lake Park,State Bank of
25,000
265,082
298.726
5,000
3,643
Lanesboro, Scanlan-Babberstad Dank & Tr. Co. 100,000
1.000.951 2,088,990
50.000
2,097
*Luverne. Rock Co. Bk.
336.013
50,000
408,761
10,000
12,747
Mankato.Nat.CitizensBk. 300,000 5,166,036 8,014,253 100,000
81,417
*Montgomery, First Nat.
Bank
451.618
25,000
511,734
5.600
5,118
Moorhead, First Nat. Bk. 100.000
808.304
1,035,422
50.00
5,946
*New Prague. First Nat.
Bank
625,060
50,000
756,074
25.000
8,013
Northfield, State Bank of
50,000 1,181,424 1,281,449
50,000
24
Osseo, Farmers State Bk.
701,243
25.000
787,257
15,000
7,159
Owatonna, Secy.State Bk. 100.000 2,048.109 2,311,312
38,975
*Red Wing, First Nat.Bk. 100,000 1,410.267 1.653,353 100,000
25,000
20,786
*Richmond,Amer.St. Bk.
15.000
275.171
300.488
7.500
2,816
*Rockville, State Bank of
10,000
219,801
240,203
5.000
5.401
St. Paul, Empire Nat. Bk. 350,000 4.576,472 5,186,119 150,000
50.000
S. Bt.Paul,Stk. Yds. Nat. 350,000
501,000
022.080
15,00
10.000
*Sauk Rap.. Union St. Bk.
171,051
30,000
208,078
6,000
1,027
Slayton,Murray Co.St.Bk. 50,000
501,000
622,000
15.000
10,00
*Two Harbors. First Nat.
Bank
50,000
784,837
901.990
20,000
5,988
*Virginia, State Bank of
50,000 1,082.380 1,192,310
50.000
9,930
*Warren, Peoples St. Bk.
25,000
237.288
269,551
5.000
703
*Waterville,First Nat.Bk.
25,000
720,070
807,020
25,000
3,905
Winona, First Nat. Bank_ 300,000 7,456,797 8,342.889 300.000
49.980
Total, Minnesota
14,022,000 214,884,012 259,087,340 7.833,000 4,442,898
North Dakota
Bismarck. Dakota Nat.
Bank & Trust
100.000
455,525
622,398
50,000
9,910
*Fairda le, Far. State Bk.
52,197
15.000
138,419
1,222
Fargo, lst National Bank
& Trust Co
300,000 7,480,380 8,136,584 200.000
70,374
Grafton, Grafton Nat. Bk. 100,000
871.193 1,124,584
20.000
23,669
Jamestown, James River
National Bank
100,000
1,647.209
1.836,097
50,000
4.931
Minot, First Nat. Bank
100.000 4,152,160 4,480,679
50.000
95,622
*Starkweather, St. Bk. of
15,000
121,120
144,345
4,000
4,225
Valley City, Amer. Nat.
Dank & Trust
100,000
840,009
987,381
25,000
11,570
Wahpeton, Citizens Nat
Bank
75,000 1,235,973 1,490,523
75,000
40,770
Elustioity of Credit.
A greater elasticity of credit is assured, making each city
served by banks affiliated with the Northwest Bancorporation independent of conditions affecting one locality or one
Industry.
Financing Industry.
With the combined buying power of the affiliated banks
each organization will be able to underwrite and distribute
entire issues of bonds and other securities for the development of public utilities and other local business enterprises,
and for the city, State or country needs. Affiliated banks
will also be in a position to buy securities on a more profitable basis, by reason of the increased buying power of the
entire group.
Banking Counsel.
Under local management, each bank is a vital part of its
community, and offers to its customers the financial counsel of its officers and directors, backed up by the experience
represented in the Northwest Bancorporation.
We have shown these major advantages to the bank becoming a member of the group.
Prestige in Public Mind from Connection with Strong Group.
Stabilizing and strengthening the general situation. We
have seen hoarded money brought in for deposit in localities
where reople had long been timid.
Ability to take care of larger financial requirements of
the community than could otherwise be met.
Enlarged earnings possibilities-every bank able, through
Bancorporation channels, to buy securities on more profitable basis and also attract trust business.
Fidelity bonds: Every person employed in the banks that
comprise the Northwest Bancorporation group is under bond
of $250,000. This large individual coverage has been obtained at less cost than the inadequate coverage
funiSTlY
carried.
Buying of equipment: Assistance to smaller banks la
procuring equipment not obtainable in their own communities and advantages of greater uniformity in stationery.
A definite advertising plan with expert service.
An organized new business departmei.: working to bring
new accounts to affiliated banks.
Maintenance of strong financial position through central
examining board, placing at the disposal of each bank
technical advice of the central organization staff.
Conference of group members, allowing exchange of information which will help each bank with problems of management, operation and in new business efforts.
Research department: Through Northwest BancorporaTotal, North Dakota-- 905,000 16,855,757 18,891.011 474.000
tion every affiliated bank finds available the help of the
Iowa
analysis and research departments, affording facilities that Des Moines.Des Moines
National Ilk. & 'tr. Co. 2,000,000 33,252,789 38,752,959 1,000,000
Mason City,First Nat.Bk. 500,000 9,078,481
a small bank could not provide for itself.
10,143,400 250,000
As there are 113 members of the Board of Directors of Mason City,N.W.Savings 100.000
Bank
391,950
541,950
50,000
Sioux City, Live Stock
Northwest Bancorporation and more than 700 directors of
National Bank
200,000 5,075,797 6,713,030 150,000
the various affiliated institutions, and as Northwest BancorTotal, Iowa
2.800,000 47,799.017 56,151,339 1,450,000
poration now has nearly 12,000 stockholders, we have pointed
South Dakota
Aberdeen, First Nat. Bk. 100,000 3,252.830 3,563,561
out that from the standpoint of the stockholders:
100,000
Brookings, Brookings Co.
Bank
They are partners in a business owned principally by
50,000
272,883
331,075
5,000
Deadwood,First Nat. Bk. 150,000
1,892,783
people connected with and largely interested in the success Huron, National Bank of 150,000 3,835.795 2,305,862 80,000
55.000
Lead, First National Bank 100,000 2,857,035 4.234,430
3,187,102 100.000
of some unit of that business.
Milbank, Farmers & Merchants National Bank
397.920
516,995
Against a condition of difficulty of sale of bank stock Rapid City, First Nat.Bk. 50,000
25,000
100,000 2,090,518 2,356,792
80,000
holdings at fair price and the necessity for finding a Sioux Falls, Secy.Nat.Bk. 250.000 5.557.339 6,252,411 250,000
Sturgis, Com'l Nat. Bank
50,000
862,630
1,037,062
50,000
purchaser there is now a ready market for a more market- Watertown, Citizens Nat.
Bank
1,656,233
100,000
1,950,667
50,000
able stock.
Watertown, First Nat.Bk. 100,000 2,493,835 2,798,173 100.000
Northwest Bancorporation stock is listed on the Chicago
Total,South Dakota
1,200,000 25,189.380 28.534,329 865,000
Stock Exchange and is traded on the Minneapolis-St. Paul
Montana
Anaconda, Daly Bank &
Stock Exchange, where is has an active market.
Trust Co
100,000 4,842,315 5,214,434 150,000
There is a „Tester element of security through stock Dillon, First National Bk. 200,000 3.732.231 4,253,928 200,000
Great Falls, Great Falls
ownership of a holding corporation owning banks in comNational
250,000 2,607,273 3,108,615
50,000
Harlowton, Cont.Nat.Bk, 100,000
499,319
663,142
munities diversified as to industry
00,000
Ilavre, Hill Co. State Bk, 100,000 1,051,057 1,217,484
.
35,000
Helena, Union Bank &
Greater opportunity for enhancement in value is present
Trust Co
250,000 3,408.196
In Northwest Bancorporation stock than would ordinarily Malta, First State Bank__ 50,000 1,178,241 3.985,330 150,000
1.278.089
25,000
Miles City, Bank of
50,000
618,688
716,698
25,000
be the case with stock of the average unit bank.
Total, Montana
Limo®
17,933.900 20,415,718
895,000
202,295
410,434
9,894
5,548
425,783
43,892
1,308
92,218
2,731
52,649
34
27,814
182,472
41,113
68,004
0,997
517,033
38,714
71,097
07.471
3,822
20.050
159,134
14,781
18.383
394,033
FEB. 22 1930.]
1179
FINANCIAL CHRONICLE
Capital. Deposits. Resources. Surplus.
3
$
$
Nebraska3
50,000
Fairbury, First Nat. Bk. 100,000 1,952,884 2,234,158
35,000
100,000 2,063,756 2,284,195
Fairbury, Harbine Bank_
Lincoln, Cont. Nat. Bank 200,000 5,042,435 5,495,257 200,000
Omaha. U. S. Nat. Bank_ 1,100,000 21,731,872 24,137,839 700,000
Omaha, Stock Yards Nat.
Bank
750,000 9,094,838 10,615,513 250,000
Omaha, So. Omaha Sav25,000
1,068,302
969,002
25,000
ings Bank
Total, Nebraska
2,275,000 40,854,837 45,835,264 1,260,000
Wisconsin
538,179
17,500
457,880
25,000
*Baldwin, First Nat. Bk.
1,030,103
25,000
939,306
*Berlin, Berlin State Bk__
50,000
*Grantsburg, First Nat.
653,563
25,000
Bank
25,000
569,212
225,194
5,000
189,489
*Knapp, First Nat. Bank
25,000
La Crosse, Nat. Bank of
500,000 5,198,433 6,717,714 250.000
*New Richmond, First
5,000
284.636
25,000
228,215
National Bank __
653,009
13,000
586,700
25,000
*Prescott, First Nat. Bk_
Total, Wisconsin- 675,000 .8,169,236 10,102,397
1VashtnotonSpokane. Spokane & East. 1,000,000 13,328,766 14,864.451
892,091
730,533
50,000
Cheney,Secy. Nat. Bank_
Total, Washington1,050,000 14,059,300 15,745,542
• Union Investment Company banks.
Undtrided
Profits.
$
31,273
80,439
31,903
205.828
253,157
42,380
A request for purchase of this amount of the rural credit bonds by the
State trust funds was made public, and announcement made that the request
had been granted.
In addition, W. H. Lamson, Secretary of the State Investment Board, announced orally, the trust funds will loan the Department $675,000 on certificates of indebtedness, to meet interest payments due. Some of this is extension of time on previous similar loans, and part will be paid back later in
the year as interest payments are made by borrowers.
Many Applications Filed.
644.980
12,799
4,011
8,818
5,352
269,280
1,417
3,309
340.500
304,987
250,000
15,000
273.185
23,357
265,000
296,542
Minnesota Plans Loans to Farmers-State to Make
$3,000,000 Available for Agriculturists.
Minnesota, through its Rural Credit Department, plans to
loan farmers about $3,000,000 this year, it was stated at the
office of Governor Theodore Christianson, according to St.
Paul accounts Feb. 15 to the "United States Daily." These
advices also state:
Bonds previously issued by the Rural Credit Department total $52,500,000,
according to a statement submitted to the Governor by Ole 0. Sageng,
Chairman of the Rural Credit Bureau.
His statement also shows that 17,093 applications for loans totaling
$91,882,121 have been filed since the Department started operations in
July, 1923. Of these 10,056 have been closed, for loans totaling $46,471,100,
while 529 have been approved for loans of $2,365,600, but not closed. Cancellations after approval have totaled 1,310, for loans of $6,182,600.
The Department's balance sheet, submitted to the Governor, shows first
mortgage loans of $46,741,100, with payments on principal made by borrowers totaling $2,346,408.65, leaving the net amount outstanding on mortgages $44,124,691.35.
Real Estate Evaluated.
Real estate held by the Department is listed as worth $7,980,520. Most
of this real estate was taken in under foreclosures of loans made during the
fimt few years' operation. Since then the Department has been reorganized,
Mr. Sageng stated orally, and there have been comparatively few foreclosures
on the later loans.
The rural credit machinery was set up to alleviate the depressing conditions in agriculture in 1922 and 1923, with provision made for low interest
rate loans. Loans are made under an amortization plan, by which the bor4
rower pays 61 % per annum on the total loan. Interest is at the rate of
5%%, and the loans pay up under this plan, H. H. Flowers, Secretary,
2
/
explained, in about 351 years. Interest on the bonds issued ranges from
of 4.15%.
,
4 to 4 4%. The bonds now being issued will bear an interest rate
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Feb. 21 1930.
One of the remarkable things in the week's history is the
sprInk-like weather all over the country, with temperatures in the upper 60s and even touching TO. It tends to
stimulate spring business. Shipments of goods are on a
larger scale. Field work is stimulated by the open weather.
Sales of the lighter weight fabrics are larger. It is true
that a decline of 6c. or more in wheat is a drawback, and
cotton also fell to a price that had not been expected. Steel
operations have fallen off somewhat, though sales here
and there have gained slightly. Steel scrap is higher. The
automobile trade has not been buying much steel, but It is
said that the February output of cars will in reality turn
out to be larger than that in the longer month of January.
The demand for rails has been small, but a good demand has
prevailed for tank plates. The oil companies have been
buying pipe sparingly, and there has also been some falling
off in the business of fabricating plants. On the other
hand, manufacturers of agricultural implements are taking
liberal supplies. A better demand has prevailed for copper and brass. Petroleum and its products have declined.
The coal trade, of course, has been affected by the abnormal
weather, although this cannot be expected to last. It has
often happened in past years that such weather has prevailed around Washington's Birthday, but of course it has
always turned out to be highly deceptive. It is plainly
useless to expect a continuance of such high record temperatures here as 66 to C8 degrees such as have prevailed
in New Pork of late, not to mention 70 in Cincinnati, 60 to 68
In other parts of the Central West, still less 58 in St. Paul.
But meanwhile such weather has, as already intimated,
stimulated certain lines of trade. One of the incidents of
the week is the notable activity in the manufacture of
bathing suits.
Cotton goods have declined in a dull week, and print
cloths 64x60's, which recently sold at 6%c., are said to be
selling now and then at 6%c. Second hands are also
cutting into mill prices. Sheetings have been dull. Only a
small business has been done in fine and fancy cloths.
But finished goods have sold better than recently in both
the primary and secondary markets for spot and early
shipment. There has even been some buying for fall requirements. Most of the business has been in printed goods.
Broad silks have had quite a good sale, especially new
printed fabrics for spring. But woolens and worsteds continue to drag. The American Woolen Co. announced that
the continual decline in the wool market has been sufficient to justify a readjustment of prices downward on
serges, unfinished worsteds, cheviots, Frenchbacks, and
serge pencil stripes for the fall of 1930. And such prices
will be effective at once. Similar action is expected by
other large producers. Raw silk was weaker with trade dull.
As to the decline in wheat of 6 to 7c., it was partly due to
the dullness of export trade, but to-day there was a sudden
and sharp rise in Liverpool which came as a great surprise,
and with it sales for export estimated at anywhere from
2,000,000 to 4,000,000 bushels, though it was mostly Canadian wheat. Argentine wheat has been pressing on the
Liverpool market all the week and there has been very heavy
liquidation at Chicago and Winnipeg. In fact, Winnipeg
has at times clearly led the decline. And delegates of the
Canadian wheat pool who recently visited London, it is
understood, in quest of financial aid are said to have
returned disappointed and much discouraged. Corn has not
declined nearly as much as wheat, for receipts have not
Increased materially. The weather has been better, but
the roads are bad. Of course corn has been affected by the
sharp drop in wheat. Oats and rye, especially rye, have
sympathized with the decline in wheat. Cotton has declined
$2.50 a bale, partly under the influence of the bad break in
the wheat maret, and also because of a report that the
Farm Board's estimated holdings of co-operative cotton here
of some 300,000 bales have been shifted to distant months,
in which case the Farm Board is not expected to stop the
March notices here on the 25th inst., when they are likely
to be heavy. The certificated stock here is 92,000 bales. But
to-day the decline slackened; in fact, at one time cotton
prices were a little higher in a concededly short market.
Provisions have declined as a matter of course with grain,
but to-day there were signs of a better technical position
and lard was 10 points higher. Sugar shows practically
no net change for the week, though at one time it was dull,
weak and unsettled. There is no expectation at the present
time of any restriction of the Cuban crop this year, about
two-thirds of the mills having voted against it. In the
middle of the week there was a sharp advance, owing to
rumors that British refiners were negotiating for 1,000,000
tons of Cuban sugar. Nobody seems to believe it now, but
for the time being it plainly had an effect. The Single
Selling Agency is trying to ascertain what the requirements
of the refiners in this country amount to for March. The
result of this query may be some stimulant to business. At
the present time spot and nearby sugar is not selling well,
even on the basis of 1.73 c. & f. for Cubas. Coffee has advanced % to %c., partly because Brazilian markets have
been acting better and partly because a short account has
been built up here. A banking corporation makes the statement that Brazil can recover from the recent sharp break
in prices and Is financially able to handle the situation.
1180
FINANCIAL CHRONICLE
[VOL. 130.
This of itself did not a little to inject greater snap and The mills have been
closed for about a year following a
confidence into the situation at home and abroad. It is slackening in orders and lately they
passed into the hands
'recognized, however, that improvement will come only of a Boston financial house
following court litigation.
gradually in the coffee business anywhere. Rubber adFollowing a snowfall of 3% inches on the 15th inst., New
vanced Wc., with persistent talk to the effect that there York on the 16th had the
coldest weather of the season,
will be a restriction in tapping. Also there has been cover- i.e., 7 degrees accompanied by
much suffering among the
ing of shorts and more or less trade demand. Rubber poor. Thousands sought refuge in
the many lodging houses
consumption in January showed a gain of 55.8% over De- of the city. The cold was
rendered worse by an icy gale
cember, but a decrease as compared with January last year of 40 to 48 miles an hour. The range
of temperatures here
of 14.7%. Car loadings for six weeks show a decrease of was 7 to 21 degrees. Cold
weather and a blizzard struck
something over 6% as compared with 1929, and 2.7% as New England. Cape Cod was cut off
by an all-night storm
compared with 1928. Hides have declined 30 to 40 points. and four feet of snow. But the cold broke
at the West and
Cocoa is about 10 points lower. Employment shows a per- the forecast was for warmer weather
here on the 17th inst.
centage of 90.2% for the factories the lowest in some years. Overnight, Boston had 8 to 10 degrees;
Chicago, 10 to 26;
Machinery and machine tool reports from all over the Cincinnati. 8 to 28; Cleveland, 8 to 22;
Detroit, 2 to 16;
country indicate that while conditions show steady improve- Kansas City, 22 to 60; Milwaukee, 4
to 24; St. Paul, 4 to
ment, the volume of orders placed is not yet all it should 20; Montreal, 8 below to zero; Omaha,
22 to 54; Philabe, according to "American Machinist." New York dealers delphia, 8 to 20 above; Phoenix, 50 to 84; Pittsburgh,
4 to
are said to consider business fair, with railway inquiries 20; Portland, Me., 2 to 8; Portland,
Ore., 48 to 60; San
and export sales the most important developments during Francisco, 56 to 74; Seattle, 50 to
54; St. Louis, 12 to 44;
the past week.
Winnipeg 8 below to 18 above. In New York on the 17th
Stocks and bonds were higher to-day, after a bad break inst. it was again 7 degrees here; highest
27.
on Wednesday and Thursday. Brokers' loans gained $44,It was abnormally warm in the West on the 17th inst.
000,000, but attracted little attention. Wheat was higher, with 40 to 54 degrees on the Canadian border,
44 in Chicago,
and for a time cotton was stronger and even higher, and 52 in Cincinnati, 40 in Cleveland, 42 in
Milwaukee, 64 in
If it ended lower for the day the change was not marked. Kansas City, 38 in Minneapolis, and 28
in Philadelphia.
To some it looks as though the commodity markets in gen- On the 18th inst. it was warmer here,
20 to 42 degrees.
eral were short after a great decline in grain and a con- Chicago had 32 to 52, Cincinnati, 42 to
60; Cleveland, 36
siderable drop in cotton. The tendency has been to regard to 58; Milwaukee, 32 to 50; Minneapolis, 22
to 50, and
commodities in general as a "sale" until the present time Kansas City, to cap the climax, 48 to 74,
the latter being
there is believed to be a large short interest in these fields within 2 degrees of summer heat.
of speculation.
Yesterday the temperature in New York City was 66
Foreign exchange was depressed early in the week. degrees, a freak spring day here, with the
low point not
Spanish pesetas were the lowest on the 17th inst. in 32 below 45 degrees. This is the highest for Feb. 20
on record.
years, coincident with present labor disturbances in Spain. Last Sunday and Monday New York's low temperature
was
They were eight to the dollar in Madrid. Boston wired 7 degrees. On the 20th people laid aside overcoats.
'Atlantic
that the unsettled condition of the cotton market was re- City had
69 degrees. In parts of Massachusetts it was 62,
ported to have retarded yarn sales in the Boston district the highest in 74 years. In other parts
of that State it was
during the past week and the volume of small proportions. 64. To-day the high point was even more
remarkable. It
At the same time it was said that a large New Bedford mill reached
68 degrees. The lowest was 52. The forecast was
has secured business which will give it a 30,000-pound fair and slightly colder to-night, with
increasing cloudiness
weekly output for some time.
to-morrow. Overnight it was 52 to 68 in Boston, 46 to 64
At Lawrence, Mass., a surplus of labor in the textile in Chicago, 42 to 70 in Cincinnati, 52
to 68 in Cleveland,
industry continues. Mill conditions have changed little 44 to 62 in Detroit, 46 to 60 in
Milwaukee, 54 to 66 in
during the past few weeks. There is a slight increase in Kansas City, 44 to 58 in St. Paul, 50
to 70 in St. Louis, 30
employment at some plants and decreases in others. A to 42 in Winnipeg, 38 to 54 in Seattle.
number of the mills are reported to be working on yarn
orders, while the finishing departments continue on a curtailed schedule. The Pacific Mills, it was announced, made
a net profit of $1,081,168 in 1929 as against a net loss o Col. Leonard P. Ayres of Cleveland Trust Co. Says
Bottom of Business Decline Appears to Have
$600,751 in 1928. New Bedford, Mass., reported that
Been Reached.
Beacon Co. earned in 1929, $529,475, against $353,159 in
1928. Providence, R. I., reports said that cotton fabrics
In the view of Col. Leonard P.Ayres, Vice-President of the
are becoming consistently more popular with women, accord- Cleveland Trust Co. of Cleveland, Ohio,"the bottom of the
ing to speakers at the Pawtucket Valley textile show. business decline appears to have been reached." In the
Representatives of the Cotton Textile Institute pointed out Business Bulletin of the institution, issued Feb. 15, Col.
the increasing use of cotton broadcloth in foundation gar- Ayres makes the foregoing statement and says:
ments, while comment on color styles supported the popuThe evidences of this are to be found In the increase of activity in the
larity of black and white for women's spring clothes. Provi- Iron and steel industry. in the rapidly expanding output of the automobile
Industry, in the notable improvement In business sentiment, and in the
dence reported employment gains in the textile industry of Increasing strength and activity of the security markets.
General business
Rhode Island during January, but the cotton industry Is still subnormal, but conditions do not appear to be getting worse in many
showed a decline compared with the same month last year lines, or in important ones, and they are certainly improving in some that
are fundamentally significant.
of 22.8%. Lewiston, Me., wired optimistic opinions as to
General business recovery may, or may not, make rapid progress in the
the outlook for the New England textile industry. Man- immediate future. We appear to have reached the bottom of the business
valley, but we
chester, N. H., wired that the cotton department of the two most recentdo not yet known how wide the valley may be. In the
periods of sub-normal business. in 1924 and 1927, recovery
Amoskeag Mfg. Co. will -operate to-morrow, Washington's began as soon as the bottom of the declines had been reached, but in nearly
all the previous recession periods definite recovery was longer delayed.
Birthday, but the worsted and 'mechanical divisions will It now
seems probable that in this present case recovery will be prompt.
close to-day for the week-end. There are sufficient orders but that is not yet true.
Building construction has not yet turned definitely upward, and that Is
In the cotton department to warrant running the different
particularly
which
looms on the Washington Birthday holiday, and operatives However thetrue of residence construction buildingis exceptionally slow.
severe winter may be holding
back, and meanwhile
have been asked to report on the regular hours for the half It is well to note that while construction is still below normal, the figures are
not getting worse as the weeks pass. Freight traffic on the railroads has
day. At Atco, Ga., the Clearwater Mill No. 3 announced a renot yet showed
improvement,but it is not showing notable decreases,
duction in working time for all operatives from 60to 55 hours and here again signs of be that the severe weather is in part responsible for
it may
per week. Despite the reduction, pay remains practically some of the decreased activity.
In the stock market prices have made a more rapid recovery since the
the same, officials state.
middle of November than that which followed any
At Johnson City, Tenn., on Feb. 14, 15% reduction in the bear markets of this century. With the lowering one of the seven previous
of the rediscount rate of
production of the American Bemberg Corp. was announced. the Federal Reserve Bank of New York there Is increased probability that
this upward trend will be sustained. Moreover the resulting Increased ease
A similar reduction is already in effect at the plant of the of credit should
greatly facilitate the floating of bond issues, and thus make
American Glanzstoff Corp. The Bemberg plant manufac- available important amounts of new funds for the financing of new construction, and the purchase of new machinery and equipment.
tures Bemberg rayon and Glanzstoff produces rayon. A
drop in artificial silk caused the curtailment. At North
Business Activity.
Chelmsford, Mass., a resumption of operations at the Silesia
General business activity was slightly lower in January than it was in
December. The decrease from the closing month of last year to the first
Mills of the United States Worsted Co. is expected shortly. one of
1930 was so slight that it is clear that the business decline that has
FEB. 221930.]
FINANCIAL CHRONICLE
been under way since last June has been checked, but it is not yet possible
to show definitely that the turn at the bottom has been reached. In reality
these statements refer to industrial production rather than to general business activity, for the index on which they are based, and from which the
diagram in this column was made, is a composite of data relating to such
matters as iron and steel production, automobile output, building construction, railroad freight loadings, and the like, but not including wholesale
*
and retail trade, or employment, or financial transactions. *
In 1920 industrial activity declined from the high levels of the post-war
into the serious depression of1921. That depression was both deep
prosperity
and long, but by early 1923 new high levels of active business had been
reached. Since that time there have been three periods of slow business:
one In 1924, another at the close of 1927, and this present period.
The level of business activity at the present time is lower than it was at
the bottom of the decline of 1927, but not so low as it was in the summer of
1924. and it is not nearly so low as it was in 1921. The most hopeful fact
about it is that its rate of decrease has been checked, for this probably
means that the bottom has been reached, or nearly reached. In 1921 the
first check in the decline below the normal level indicated that the bottom
had been nearly reached. In the depressed periods of 1924 and 1927 the
corresponding slowing of the decline indicated in each case that the bottom
had been reached, and in both instances the recovery was rapid.
1181
prices suffered hardly at all in the crash of the autumn. During She entire
past year they have been selling for about 18 times their dividends, and
their yield is about 5.6%. They neither promise future enhancement, nor
threaten present hazard.
Conditions Not Ripe for Major Business Expansion
According to Brookmire Economic Service—Federal
Reserve Resources Should Not Be Drawn on
Recklessly.
•
The "secondary boom" which usually follows the collapse
of an overextended industrial structure is under way but a
permanent revival is still some months distant, according to
the latest analysis of business conditions by the Broolunire
Economic Service, Inc. Although the public buying power
has not been crippled so badly as was feared at first, the
analysis adds, the over-bought condition of consumers and
the banking position need further liquidation, "which may
easily take another six months."
"The appearance of ease in the banking position is to a
degree spurious," says the "Brookmire Forecaster." The
latter adds:
It has been known for the past two or three years that banking assets
Fund Fundamentals.
Business recovery will be achieved when the fundamental lines of industrial activity get back to normal. This has not yet happened in the case
of any one of the more important basal industries, but there are encouraging
evidences that the process of recovery is under way. In the diagram
[this we omit.—Ed.] the four sections show the weekly changes since the
beginning of last October in four of the most important of the fundamental
by the
lacked much in liquidity. This condition has been intensified
industries. In each case the line shows from week to week the degree of
more credit is now undoubtedly frozen
lines show events of the last six months and
activity as computed on the basis of the past records. The 100%
than at any time since 1921. The prompt easing of money rates since the
what would have been normal levels of activity, while the four irregular
panic has been due largely to Federal Reserve action. It is unquestionably
lines show the actual activity as percentages of those normals.
Reserve credit which has tided the banks through the crisis. The
The line for building is based on the value of contracts let in 37 States. Federal
but not
Reserve System still has resources which can be drawn upon,
It is most irregular. At the time of the conferences of business leaders
supplies are largely mythical. The fact is
it quickly rose recklessly. Our excess gold
held in Washington following the stock market decline,
creditor
that we are a debtor nation on short-term account—although a
well above the 100 level. Again just after the beginning of the new year
nation on long-term investments—and the ordinary reserves against our
it rose above the theoretical normal level. Since then it has declined again.
billion or so of net current indebtedness to foreigners are inadequate.
Its general trend seems to be a rising one, but not as yet decisively so.
we should set aside a 70% gold reserve against these—which is double
The diagram for car loadings shows the line running slightly below If
Federal Reserve Bank deposits—our excess of
The volume of freight the 35% required against
normal, and declining rather than advancing.
gold would be practically wiped out.
being delivered to the railroads is still relatively low, and the figures during
stock
The public buying power, while it is not crippled so badly by the
recent weeks would have made an even poorer showing had it not been for
to abmarket crash as was at first feared, can not reasonably be expected
the fact that the exceptionally severe winter weather has resulted in unof new motor cars and houses as
sorb in the near future any such number
usually large shipments of coal. The decline in the shipments of other forms
In the past year or tow. Savings have been more or less depleted: current
of freight has been even greater than the diagram indicates.
earnings have been reduced, and installment obligations incurred during
Activity in the iron and steel industry fell steadily and rapidly from early
the last year have not yet been paid off. There has not been time for any
October to the second week of January. It then turned up, and has made
correction of the over-built condition of the cities; moreover, there are
sustained progress since that time. This is the most hopeful indicator
structures overhanging the market. The number of both new
better in industrial activity may have many unsold
that we have that a real turn for the
and used cars in the hands of distributors is generally recognized as extremell
been reached.
Automobile production was still at a high level last October, and its de- burdensome.
There is yet a considerable carryover of buying power from the active
cline to the third week of December was swift and drastic. Since then there
last two years. Despite the recession of demand in
that are still well below normal, businem period of the
has been a considerable recovery to levels
still remains unsatisfied needs. The requirements
but which may probably be bettered during the weeks just ahead. This various directions, there
electrical equipment and motive power involving plans
recovery is largely due to the activity of the Ford and Chevrolet plants of the railroads for electrification programs are an outstanding example.
which have ambitious schedules for February and March. If these schedules for steady pursuit of
need for public buildings such as hospitals, prisons.
can be adjered to they will go far toward insuring a general recovery of busi- There is an undoubted
least,
institutions and various municipal structures—some of which, at
ness aetivity by spring.
must be satisfied regardless of current developments.
Iron and Steel.
impends.
All of this imples that no further sharp collapse immediately
The growing optimism of business sentiment during the past month has
continue to go forBusiness at present is going forward and will probably
been largely based on the steady increase of activity in the fundamentally
events is doubtward through February at least. Beyond that the course of
that our
important iron and steel industry. Early in January the activity of the
ful. The only conclusion which can be supported at present is
theoretical full capacity.
steel industry was at a little less than 60% of
resources are not adequate to support a major expansion.
Each week since then there has been an Improvement until now activity
is more than 77%. Moreover 16 additional blast furnaces were put into
active production furing the month, and most of them were brought in
Employment in Manufacturing Industries in December
during the last two weeks of January.
These are business developments of real importance, for it is an old and
1929 Lower Than Two Preceding Months But
well tested rule that the iron and steel industry increases its rate of output
Higher Than in December 1928, According to
only in response to demands from productive industry. Usually such inNational Industrial Conference Board.
creases as this present one during times of slow business mark the turning
point toward general recovery, and probably that is what is happening
Employment in the manufacturing industries in the United
now. Sometimes the industry makes a false start, as it did in January of
month of December 1929, while lower than
1924 when 17 blast furnaces were brought in with 21 more added in the next States during the
two months, only to be followed by a decrease of 124 furnaces in the four in October and November, still was slightly higher than in
succeeding months.
December of the previous year, according to data collected
There is one consideration which indicates the wisdom of restraint in
Conference Board,247 Park Ave.,
increased activity in iron and steel as surely marking the turn toward the by the National Industrial
better in general business. This is that the prices of iron and steel products New York, from about 1,700 manufacturing establishments
have been steadily falling as the output has increased. Possibly demands
located in valions sections of the country and representing
or steel are less urgent than the Increased activity would seem to indicate.
Stock Prices.
Prices of the more popular common stocks are still discounting the future
a long way ahead, despite the radical mark-downs of last October and
November. Perhaps this is not to be wondered at. for the stocks most
eagerly bought by speculators and investors almost always sell at levels
which result in relatively low yields, except during times of prolonged
business depression. In the diagram the lines represent the changing prices
of four groups of stocks each week during the past 12 months. The pnces
are not in dollars, but in multiples of the dividends paid. Thus the utility
stocks were selling at the end of January for 35 times their dividends. In
or ier to get $10 of dividend income from these stocks the investor would
have had to buy $350 worth of the stocks, and the yield would have been
less than 3%.
All the lines are based on the compilations of the Standard Statistics
Co. The utility stocks comprise a group of 20 issues. A year ago they
were selling for 38 times their dividends, and yielding 2.6%. In September
they were selling for almost 61 times, and yielding less than 1.7% They
are now back nearly to their prices of a year ago, and are selling for 35
times their dividends.
There are 50 issues included in the industrial group. These stocks have
recovered less than the utility issues, and are selling at distinctly more
reasonable prices than they were at this time last year. They were then
selling for nearly 30 times their dividends, and yielding about 3.4%. Now
they are selling for about 22 times, and their yield Is about 4.6%.
A year ago the industrial stocks were priced much higher than the rail
Issues, but now the two groups are close together in market valuation.
The stocks making up the rail group are 20 in number. They sell for
about 5%. At the end of August they were selling for 26 times their dividends, and the yield was about 3.8%.
The group of preferred stocks is made up of 20 issues of high grade industrials. They did not participate in the bull move of last summer, and their
25 major divisions of the manufacturing industry.
In order adequately to appraise the nature of the decline
in activity which occurred during the latter part of 1929,
the Conference Board points out, it must be taken into consideration that employment in the earlier part of 1929
reached the peak level of 1923, and this in spite of the much
increased productivity per worker achieved through technological progress during the past decade. The peak of
employment in 1929 occurred in May, and the net decline
between May peak and December amounted to less than
10%, even though the usual midwinter seasonal decline was
an added factor in the situation. The Board under date of
Feb. 12 also said:
A significant phase of the depression during the last quarter of 1929
was the fact that wage rates remained practically unaffected, as indicated
by the hourly earnings per worker in 25 major manufacturing Industries
reported by the Conference Board. Hourly average earnings per worker
were 58 cents (that is, the total payrolls divided by aggregate man-hours),
throughout October, November and December 1929 as against 57 during
the corresponding months of the previous year. Average weekly earnings
in December 1929 reflected the effect of part time work or reduced schedules
of working hours, but were higher than in November, and only slightly
below those of December 1928, indicating that the decline had slowed up
or had run its course.
With no general accumulation of stocks, and in consideration of the
drastic reductions in production schedules during the latter Part of 1929
in those industries which had most contributed to the high activity In the
1182
FINANCIAL CHRONICLE
[Vol,. 130.
earlier part of 1929, the Conference Board's analysis seems to point to a
seasonal increase in industrial activity from now on.
In the following table are given the index numbers for employment and
average weekly and hourly earnings In 25 divisions of manufacturing for
the last three months of the years 1929, 1928 and 1923, the latter being
one of the best years following the adjustment period 1920-1921: It will be
noted that average weekly and hourly earnings both in 1928 and 1929
were higher than in 1923.
Year,
-October
1923
November
December
1928-October
November
December
1929
-October
November
December
the third quarter, and reaching normal by the end of the year. The year
1930 will probably go down in our business annals as slightly farther below
normal than 1924, with a roughly similar effect upon general commodity
prices and corporate earnings.
The level of wholesale prices will encounter further rather serious
weakening influences during the first six months of 1930. Our measurements indicate that a tendency toward stabilization will develop during
the summer, after which some tendency toward moderate firmness can be
expected.
Employment Average Weekly Average Hourly
There are two factors which will continue to have a depressing effect on
Index.
Earnings.
Earnings.
enterprise throughout the first three quarters of the year. In the first
(192100) (July 1914=100)(July 1914=100)
place, a drastic decline in stock prices has always in the past been
88
216
229
followed for nearly a year by subnormal and irregular business activity.
87
215
228
Secondly, unfavorable conditions in almost all major countries of the
87
215
228
world, and especially the Orient and South America, will greatly restrict
82.9
221
235
81.9
219
the export markets from which such high returns were obtained last year
234
221
83.3
233
and for which prevailing hopes are likely to be revised materially as the
90.0
230
238
year progresses. Offsetting these, however, are the factors of ample credit
86.3
217
237
220
83.5
supply and good farm purchasing-power, which are tangible and powerful
238
bulwarks of prosperity.
Gain of 4% in January in Industrial Activity Based on
Business Conditions as Viewed by Los Angeles Chamber
Consumption of Electricity.
of Commerce.
That industrial activity in the United States during
Summarizing local general business conditions during
January made a4.6% gain ascompared with December,but was
January, the "Southwest Business Review," issued by the
8.1% below the mark established in January 1929, is shown
Los Angeles Chamber of Commerce, says:
in the consumption of electrical energy by more than 3,600
Inventories
manufacturing plants throughout the country, "Electrical the beginning and readjustment of programs usually slow up business at
of each year. January
characterized by
however,
World" reports. General manufacturing reached the low point a spirit of confidence and optimism 1930,experiencedisin several years.
not
in the present cycle in December but a marked upward swing This confidence seems justified by local statistical records.
Continuing in opposition to the national trend, Los Angeles has made a
became evident in the figures for January operations. The very encouraging
beginning with building permits, which were 21%
"Electrical World," under date of Feb. 16, also says:
ahead of January 1929, and 128% higher than in December 1929. Postal
Manufacturing operations in the three principal industrial sections of the
country all reported a higher rate of activity in January as compared with
December. New England's gain was 12.6%; the Middle Atlantic States,
4.4% and the North Central States, 17.4%. Continued drops in manufacturing activity were reported for the Southern States, with 15.6%, and the
Western States, with 8.7%. Every section of the country, however, reported manufacturing activity last month was lower than in January 1929.
For the first time since last August, the automobile industry, including
the manufacture of parts and accessories, showed greater productive activity. The January rate of operations in this industry was 25.7% above
that reported for December, but was still 33.2% under January of last year.
Six manufacturing groups reported the rate of January operations exceeded December in the following proportions: rubber products, 32.2%;
automobiles, including the manufacture of parts and accessories, 25.7%;
rolling mills and steel plants, 18.7%;food products, 18.0%;leather products,
3.7%; shipbuilding, 3.2%; and textiles, 2.4%. Stone. clay and glass
manufacturing, experiencing the largest drop in activity compared with
December with 15.0%, was followed by Paper and pulp with 8.6%,chemical
products, 7.7%,lumber products, 5.7% and metal working plants 0.4%.
Comparing January operations with those of January 1929, three manufacturing groups reported increases and 9 reported declines.
Rolling mills and steel plants, while recording an 18.7% gain in activity
as compared with December, were still operating on a plane 6.5% under
January last year. Textiles reported an upward trend during January, but
were still operating at a rate 13.2% under January 1929.
The rate of manufacturing activity in January, compared with December
1929, and January 1929, all figures adjusted to 26 working days and based
on consumption of electrical energy as reported to "Electrical World'
(monthly average 1923-25 equals 100) follows:
receipts for December placed Los Angeles in fifth place among the major
cities of the country with an increase over the previous December of
10.43%, and January 1930 continued the climb with an increase of
about 4.6% over January 1929.
Employment in January showed a Chamber of Commerce index figure of
89.7, as against 91.6 of last January. Stock Exchange transactions also
dropped off to the lowest point in the last two and a half years, while
bank clearings were lower than in both December and January 1929.
Merchandising, according to the Irving Fisher indeg, is improved.
Apparrel, millinery and furniture manufacture are expanding. Motion
Pictures are in good condition, while mining and petroleum are achieving
stability through reduced production. Water commerce and agriculture
are in excellent condition, and the neighboring States report conditions
generally favorable.
Continued Decline in Wholesale Prices in January
Reported by Bureau of Labor Statistics.
The recession of wholesale prices which began in August
1929 continued into January of the present year, as shown
by information collected in leading markets of the country
by the Bureau of Labor Statistics of the Waited States
Department of Labor. The Bureau's advices Feb. 19
continue:
The Bureau's weighted Index number, with prices in 1926 as 100.0,
stands at 93.4 for January, compared with 94.2 for December 1929. a
decrease of slightly more than three-fourths of 1%. This is the lowest
level reached since April 1922, when the index number was 93.2. ComJan. 1930.
Dec. 1929.
Jan. 1929.
pared with January 1929, with an index number of 97.2, a decrease of
AllIndustrIal groups
116.4
121.8
132.5
nearly 4% is shown. Based on these figures, the purchasing power of the
Metals group
132.3
124.9
142.6
dollar In January 1929 was 102.9. December 1929 was 106.2, and January
Iron and steel
143.1
120.5
153.5
Metal working Plants
1930 was 107.1, compared with 100.0 for the year 1926.
126.7
127.2
135.8
Leather
92.3
89.0
94.3
Farm products as a whole showed a decrease of nearly 1%. ProTextiles
112.4
109.8
129.4
nounced increases in all livestock and poultry prices being more than
Lumber
87.5
92.3
107.4
offset by the decided decreases in the prices of grains, cotton, eggs, lemons,
Automobiles
99.8
79.4
149.4
Paper and pulp
oranges, and wool.
132.1
120.8
126.2
Rubber
144.4
108.4
148.2
The decrease in foods was almost 1% %. Butter, cheese, cured fish.
Chemicals
136.7
148.0
129.2
rye flour, dried fruits, pepper, and most vegetable oils showed lower prices
Food
112.1
132.3
128.0
Shipbuilding
in January, while lamb, mutton, ham, fresh pork, and poultry showed
124 4
12(1.4
108.2
increased prices.
The hides and leather products group recorded the greatest drop in
more than 2%.
Silberling Research Corporation Sees Business and Prices, with a decrease of preceding month.All sub-groups showed a falling
off as compared with the
Industrial Activity In Process of Severe and ProWeakening markets for cotton goods, woolen and worsted goods, and
other
longed Recession-Recovery Expected to Begin and textile products caused a drop of over 1% for textile products. Silk
rayon showed a slight increase.
About August.
Anthracite coal NUS stationary, while bituminous coal, coke and petroleum products moved downward. The fuel and lighting group, as
"It is now sufficiently clear to everyone who is willing a
whole, decreased 1 %•
to look facts squarely in the face that general business and
Nails, steel bars, steel plates, tin plate. and wire fence declined slightly
indusbrial activity In the United States is now In process In price, as did also bar silver, slab zinc, and the general average for automobiles.
of a fairly severe, prolonged, and widespread recession," December Agricultural implements and sewing machines remained at the
level.
says the Silberling Research Corp., Ltd., in surveying the
A slight advance in lumber and cement prices was offset by declines
In paint materials, brick, and other building materials.
"Outlook for National Business and Basic Industries," under
Chemicals and drugs as a whole, including fertilizer materials and
date of Feb. 1. Further reviewing the situation, it says:
prepared fertilizers receded only slightly In price. No change was shown
for housefurnishing goods.
Those who find advantage in making plans on the basis of the developIn the group of miscellaneous commodities there were declines in cattle
ments most likely to occur in the future are now keenly interested in
whether recent news suggesting revival of activity is significant and how feed, crude rubber, and other miscellaneous, while paper and pulp and
soon a definite turn of events will begin to place the index of general automobile tires did not change in average prices.
A decrease was shown for each of the groups classified as raw materials.
business once more in an advancing direction.
During the last few weeks much has been said about a sharp upturn semi-manufactured articles, finished products, and non-agricultural commodities.
in steel production. We believe this is the result of special
fadtors, such
Of the 550 commodities or price series for which comparable information
as construction, railway, and, to a less extent, automotive demands
which for December and January was collected, increases
were shown in 90
are in the nature of a temporary spurt, such as brought about a
very Instances and decreases in 203 instances. In 257 instances no change in
similar bulge during the spring decline in 1924. With the main current
price was reported.
of activity and demand decidedly on the decline, and much weakness
in
Comparing prices in January with those of a year ago, as measured
individual industries still to appear in tangible form, we look for a
by changes in the index numbers, it is seen that considerable decreases
renewal period of recession during the late spring and summer.
have taken place in hides and leather products, textile products, farm
Our Teleometer (statistical forecasting device) indicates that the depresmaterials, and chemicals and drugs. Foods.
sion in general industrial and business conditions will last until about products, fuel and lighting
metals and metal products, building materials, and miscellaneous comAugust, when a definite recovery will begin. It is difficult to time this
modities are somewhat lower than in January 1929, while housefurnishing
with precision, but there is excellent evidence for this revival coming during
goods show a minor advance.
FINANCIAL CHRONICLE
FEB. 22 1930.]
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0).
Groups and Sub-Groups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats.
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Fertilizers
HoussfurnishIng goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellanoues
Raw materials
Semi-manufactured articles_ .. _ Finished products
Non-agricultural commodities•Data not yet available.
January
1929.
December
1929.
97.2
105.9
98.3
102.1
111.3
98.8
109.0
105.7
90.7
113.6
124.1
120.5
106.7
107.6
96.4
101.3
83.2
101.1
85.3
82.5
91.1
93.0
84.5
92.4
71.9
103.6
96.7
100.7
98.8
111.6
98.4
96.6
92.9
92.9
94.6
97.0
86.7
107.8
95.9
102.1
71.0
94.6
97.1
96.6
95.1
97.6
80.5
134.8
87.8
40.8
58.1
100.9
98.7
97.3
98.5
94.9
94.2
101.9
97.5
94.6
108.2
98.6
101.9
103.2
94.4
107.4
107.4
110.6
106.1
106.1
90.4
97.2
75.4
94.6
75.1
81.3
91.2
92.4
84.2
91.7
69.9
102.1
96.3
101.5
96.1
108.0
98.6
96.2
92.4
90.5
89.2
97.0
95.7
106.5
93.6
99.6
70.6
89.5
97.1
97.3
96.7
97.7
79.8
122.4
87.3
33.2
55.2
108.9
95.0
94.3
93.9
92.1
January
1930.
93.4
101.0
93.8
100.5
103.9
97.2
97.5
106.2
91.7
105.1
104.2
108.3
103.8
105.8
89.4
95.4
76.0
94.0
72.3
79.9
91.2
92.2
84.1
*
67.3
101.2
05.7
100.6
96.1
106.8
98.4'
96.2
92.7
90.4
90.4
97.0
93.7
106.4
93.0
98.9
69.0
89.8
97.1
97.3
96.6
97.7
78.7
113.5
87.3
31.1
55.2
108.3
94.0
93.0
93.3
91.4
Purchasing
Power of
the Dollar
Jan. 1930.
107.1
99.0
106.6
99.5
96.2
102.9
102.6
94.2
109.1
95.1
96.0
92.3
96.3
94.5
111.9
104.8
131.6
106.4
138.3
125.2
109.6
108.5
118.9
flia
98.8
104.5
99.4
104.1
93.6
101.8
104.0
107.9
110.6
110.6
103.1
106.7
94.0
107.5
101.1
144.9
111.4
103.0
102.8
103.5
102.4
127.1
88.1
114.5
321.5
181.2
92.3
106.4
107.5
107.2
109.4
-Record
Building Contracts Increased in January
Volume of Contemplated Construction According
to F. W. Dodge Corporation.
For the first time in nine years the January total of
building and engineering contracts exceeded the total of
the preceding December, according to F. W. Dodge Corp.
It is true that last month's increase over the immediately
preceding month was only 2%, but the month of January
normally falls behind December and has done so consistently
even in the biggest boom years, such declines having ranged
anyvvbere from 5 to 29%. In January 1921 •the contract
increase over December 1920 marked the turning point
from a prolonged building recession; this January's contract
record may likewise mark the turning point of the current
recession. In addition to the 2% increase in contracts,
January had the highest recorded .volume of contemplated
new construction.
Building and engineering contracts let last month in the
37 States east of the Rocky Mountains amounted to $323,975,200. In addition to the 2% increase over December in
dollar volume, there was a 4% increase in number of
projects reported. The month's contract-volume in dollars
was 21% behind that of January 1929. Among the important classes of construction expenditures contracted for
in January were: $112,065,200, or 35% of all construction,
for public works and utilities; $66,631,900, or 21%, for residential buildings; $54,052,300, or 17%, for commercial
buildings; $38,266,200, or 12%, for inductrial buildings, and
$19,009,200, or 6%, for educational buildings.
Contemplated new work reported in the 37 States during
January amounted to $1,455,349,600, by far the largest total
of newly planned work recorded for any single month.
These contemplated projects represented a 68% increase
over the amount reported in December 1929 and a 78% increase over the amount reported in January 1929. Out of
this enormous total $808,211,400 consisted of plans for
public works and utilities projects, including large subway
work being planned for New York City, and $647,138,200
for new building work in the plan stage. Details are as
follows:
1183
The residential class was the most active in the month with $5,846,700,
or 33% of all construction. Public works and utilities ranked second with
$4,420,500, or 25%; commercial buildings totaled $2,366,100, or 18%,
and educational buildings amounted to $1,971,800, or 11%.
New work reported as contemplated in The month reached a total of
$54,075,700, against $47,938,900 for December, an increase of 13%;
compared with the January record there was a decline of 1%.
Metropolitan New York and Vicinity.
New building and engineering work contracted for during January in
Metropolitan New York and vicinity (Northern New Jersey, New York
City, Long Island, Westchester, Orange, Putnam and Rockland Counties)
amounted to $69,222,500. When compared, the past month's total showed
a drp of 35% from December and a decrease of 24% from January 1929.
Analysis of the month's total showed the following active classes of
construction expenditures: $28,847,600, or 42% of all construction, for
public works and utilities; $16,704,600, or 24%, for residential buildings;
$10,104,000, or 15%, for commercial buildings, and $5,194,700, or 8%, for
educational buildings.
In contrast with the month's decline in construction contracts, the
amount of new construction contracts, the amount of new work reported
as contemplated was the highest ever recorded for this territory. The
month's total amounted to $707,390,900, compared with $263,286,600 for
December and $152,060,900 for January 1929.
Up-State New York.
Construction contracts awarded during January in Up-State New York
(including all counties north of Orange. Putnam and Rockland) reached
a total of $9,011,800. This was an increase of 4% over December, but
when compared with the January 1929 figure there was a drop of 16%.
The following were the most active types of building started during
the month: $3,437,900, or 38%, for public works and utilities; $1,630,600,
or 18%, for residential buildings; $1,333,400, or 15%, for public buildings,
and $1,211,900, or 13%, for commercial projects.
During the month of January new work reported as contemplated reached
The enormous amount of $74,042,700 against $24,527,000 in December and
$10,248,000 for contemplated projects reported in January 1929.
Middle Atlantic States.
January contracts awarded for new building and engineering work
showed a tremendous increase over the preceding month in the Middle
Atlantic States. Last month's contract total amounted to $67,248,000,
while the total for December 1929 was $21,389,900 and the January 1929
total for $49,083,400.
Analysis of the January 1930 construction record showed the following
outstanding classes of work: $31,958,200, or 48% of the total, for public
works and utilities; $9,876,600, or 16%, for residential buildings;
$8,905,900, or 13%, for commercial buildings, and $5,376,300, or 8%,
for public buildings.
During the past month there was $109,403,600 worth of new work
reported in contemplation. This figure was almost the same as the
amount reported in the preceding month, but there was a loss of 19% from
the amount reported in the corresponding month of 1929.
Pittsburgh Territory.
The Pittsburgh District (Western Pennsylvania, West Virginia, Ohio
and Kentucky) had $37,677,800 in contracts for new building and engineering work during the path month. This figure was 38% in excess of
the December 1929 total, but there was a loss of 34% from the total
for January of a year ago.
items
Included in the past month's contract total were the following
of interest: 811,781,300, or 31% of all construetion, for commercial
buildings; $8,237,300, or 22%, for residential buildings; $7,406,800,
or 20%, for public works and utilities, and $3,532,500, or 9%, for
industrial projects.
New contemplated work reported during the past month reached a total
of $149,623,300, which was more than double the amount reported in
December and 7% ahead of the amount reported in January of last year.
Southern Michigan.
A total amount of $9,900,200 was oontracted for in new building and
engineering work during January in the Southern peninsula of Michigan.
There was a decline of 64% from the December total and a drop of 40%
from January 1929.
Included in the month's record were the following active types of
construction expenditures: $2,537,700, or 26% of the total, for residential
buildings; $2,254,500, or 23%, for commercial projects; $1,739,800, or
18%, for public works and utilities, and $725,500, or 7%, for educational
buildings.
New contemplated work reported last month reached a total of $27,599,200, against $95,224,700 in December and $29,825,000 in January 1929.
Chicago Territory,
In the Chicago Territory (Northern Illinois, Indiana, Iowa and Eastern
and Southern Wisconsin) there was $31,647,800 worth of contracts let for
new building and engineering work in January. The above figure represents a loss of 43% from December and a decline of 53% from
January 1929.
The residential class was the most prominent during the month. This
type of building had a total of $8,944,200, or 28% of all construction;
public works and utilities amounted to $6,966,900, or 22%; commercial
buildings totaled $6,541,800, or 21%, and industrial buildings amounted
to $5,492,600, or 17%.
New projects reported as contemplated in January amounted to $105,587,400, against $104,717,600 in December, an increase of 1%; compared
with the January 1929 total of $125,572,600 there was a drop of 16%.
Central Northwest.
January construction contracts awarded in the Central Northwest (Minnesota, the Dakotas, Northern Michigan and Northwest Wisconsin) amounted
to $2,497,000. This figure was 64% less than the total for December,
and there was a decrease of 62% from the January 1929 total.
Analysis of the past month's record showed the following active classes
of construction expenditures: $998,100, or 40% of the total, for public
works and utilities; $516,100, or 21%, for commercial buildings; $518,700,
or 21%, /or residential buildings, and $250,000, or 10%, for hospitals
and institutions.
New building and engineering work reported in the contemplated stage
amounted to $7,857,000, against $8,662,600 for the preceding month, a
New England States.
drop of 9%; compared with the January 1929 total of $14,553,800, the
Contracts let for new building and engineering work in the New England decrease was 46%.
St. Louis Territory.
States during January amounted to $17,860,300. Ocrmpared with the
preceding month's total of $15,946,000, January's record shows an increase
Building and engineering contracts were let last month in the St. Louis
of 12%; compared with the January 1929 total, there was a drop of 89%. district (Southern Illinois, Eastern Missouri, Northeast Arkansas, Western
1184
FINANCIAL CHRONICLE
Tennessee and Northwest Mississippi) to the amourit of $8,269,800. This
was a gain of 17% over the preceding month's total, but there was a loss
of 46% from the total for January 1929.
Last month's record included the following important items: $2,861,000,
or 35% of all construction, for indugtrial buildings; $1,893,400, or 23%,
for residential buildings; $1,661,900, or 20%, for public works and
utilities, and $794,500, or 10%, for commercial projects.
Contemplated new work reported in January reached a total of $26,968,400, against $25,514,500 for December, an increase of 6%; compared
with the January 1929 total, there was a loss of 23%.
Kansas City Territory.
New building and engineering contracts let in Kansas City district
(Western Missouri, Kansas, Oklahoma and Nebraska) during January
amounted to $15,938,900. This was an increase of 74% over the December
total, but it was 15% less than the total for January of last year.
The following were the most active types of building in the month:
$6,351,800, or 40% of all construction, for public works and utilities;
$2,837,600, or 18%, for commercial projects; $2,514,000, or 16%, for
industrial plants, and $2,511,600, or 16%, for residential buildings.
The amount of new work reported as contemplated during January
amounted to $34,152,600, which was 16% greater than the December total,
but was off 6% from the January 1929 figure.
Texas.
In the State of Texas there was $18,116,300 worth of new building and
engineering work contracted for during January. This was an increase of
50% over the preceding month and an increase of 14% over the January
1929 record.
The public works and utilities class was the outstanding feature in the
month, with a total of $9,024,700, or 50% of all construetion. Residential
building ranked second with $3,514,500, or 19%; commercial buildings
totaled $3,145,400, or 17%, and educational buildings amounted to
$1,301,300, or 7%.
During the month there was $26,531,200 worth of new contemplated
projects reported in this State, against $30,834,500 for December, a drop
of 14%; compared with the January 1929 total, the decrease was 31%.
New Orleans Territory.
• January construction contracts awarded in the New Greens district
(Louisiana, Western and Southern Arkansas, Eastern and Southern Mississippi) were more than four times the amount contracted for in December
and over twice the amount let in January 1929. The month's total amounted
to $15,063,600 against $3,763,700 in December and $6,046,300 in the
corresponding month of last year.
The outstanding feature in the month was the public works and utilities
class, with $6,643,200, or 44% of all oonstrucition. Industrial buildings
amounted to $6,253,300, or 42%; residential buildings totaled $1,094,400,
or 7%, and commercial projects amounted to $695,500, or 5%.
New contemplated work reported last month reached a total of $12,263,400. This figure was 23% less than the December total, but there
was an increase of 11% over the amount reported in the corresponding
month of 1929.
Southeastern Territory.
New construction contracts awarded in the Southeastern district (the Carolinas, Georgia, Florida, Alabama, Eadtern Tennessee) during the past month
amounted to $21,523,200. Compared with the total for December this
was an increase of 47%, and compared with the January 1929 total of
$26,886,400, there was a drop of 20%.
Included in the month's total were the following active classes of
construction expenditures: $10,225,200, or 48% of the total, for industrial
plants; $3,327,000, or 15%, for residential buildings; $2,897,700, or 13%,
for commercial buildings, and $2,607,800, or 12%, for public works
and utilities.
Contemplated projects reported during the month reached a total of
$119,854,200. This figure was more than three times greater than the
amount reported in December and in January of last year.
Loading of Railroad Revenue Freight Continues Low.
Loading of revenue freight for the week ended on Feb. 8,
totaled 886,581 cars, the Car Service Division of the American Railway Association announced on Feb. 18. This was
a decrease of 12,313 cars below the preceding week this year
and a reduction of 69,400 cars under the same week in 1929
as well as a reduction of 19,896 cars under the same wedk
in 1928. Details are outlined as follows:
Miscellaneous freight loading for the week of Feb. 8 totaled 308,669 cars,
20,383 cars below the same week in 1929 and 9,929 cars below the corresponding week in 1928.
Loading of merchandise lass than carload lot freight amounted to 241,426
cars, a reduction of 7,399 cars under the same week last year and 8,910
cars under the same week two years ago.
Coal loading amounted to 193,755 cars, a decrease of 26,244 cars under
the same week in 1929 but 24,809 cars above the same week in 1928.
Forest products loading amounted to 53,524 cars, 6,255 cars below the
same week last year and 14.791 cars under the corresponding week in 1928.
Ore loading amounted to 7,976 cars, a decrease of 1,361 cars under the
same week in 1929 and 536 cars below the corresponding week two years ago.
Coke loading amounted to 11,713 cars, a decrease of 1,918 cars under the
corresponding week last year and 1,023 cars below the same week in 1928.
Grain and grain products loading for the week totaled 43,739 cars, a
reduction of 4,098 cars under the corresponding week in 1929 and 2.451
cars below the same period in 1928. In the Western districts alone, grain
and grain products loading amounted to 30,254 cars, a reduction of 2.674
cars under the same week in 1929.
Live stock loading totalled 25,779 cars, 1,742 cars below the same week
In 1929 and 7,065 cars below the corresponding week in 1928. In the
Western districts alone, live stock loading amounted to 20,330 cars, a
decrease of 594 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week last year while all except the Pocahontas
and Central Western districts reported decreases compared with the same
week in 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1930.
Four weeks in January...3,349,424
Week ended Feb. 1-- .. -. __ _.__ __ __ 898,894
Week ended Feb. 8
886,581
--Total
5,134.899
1929.
3,671,455
947,154
955,981
---5,474,590
1928.
3,448,896
926,262
906,477
--5,281,634
[VoL. 130.
Chain Store Sales Reflect Improvement
-January
Sales up 9.38%.
In view of the small increases in earnings for 1929 reported '
by some chain store companies, and slight decreases by
others, the January results of 58 chain store companies, as
reported by Merrill, Lynch & Co., show gratifying results.
January sales of this group aggregate $222,243,080 compared
with $203,177,466 in Jan. 1929, an increase of 9.38%. It is
apparent that the chains were not suffering in January from
the poor weather conditions which existed in November and
December of last year. Merrill, Lynch & Co. states:
Particularly significant was the increase reported by Safeway Stores of
23.73%. This is the first time that Safeway reports for both years the sales
on all stores!now operated. Sales as reported each month previously in
1929 showed all sales for that year including new stores. The sales figures
reported each month during 1928 were for a much smaller number of stores
operated in that year. This necessarily caused the reporting of a larger
increase in sales during 1929 than will be apparent from now on, as practically the entire unit will now be reported for 1930 and 1929.
It is understood that in spite of the generous increases being reported
by many chain store companies, some corporations will concentrate this
year more on profits than on sales. In several cases it is understood that
while a normal increase in volume will be aimed at, even greater efforts
will be used towards putting into effect efficiencies and economies which
will increase the net per dollar of sales, with a view to increasing total net
profits above last year's figures.
A comparative table follows:
Monthiat January1930.
1929.
% Inc.
Sears
-Roebuck (Jan. 2
-Jan. 29)
326.820,165 524,501,008
9.46
Kroger Grocery & Baking
24,482,571 23,943,804
2.25
*Safeway Stores
18,439,302 14,902,795
23.73
F. W.Woolworth
18,408,152 17,660,183
4.23
Montgomery Ward
18,331,113 18,128,836
1.11
American Stores
12,926,692 13,010,372
x0.6
* J. C. Penney
10,610,933
9,015,616
17.7
*S. S. Kresge
9,351,731
9,018,933
3.68
*First National Stores(4 weeks)
8,496,665
6,124.617
38.73
*National Tea
7,333.910
7,272,103
0.85
*MacMarr Stores
7,165.236
6,297,753
13.77
*Walgreen
4,224,128
3,055,250
38.3
S.H.Kress
4,202,340
4,143,377
1.4
W.T.Grant
3,783.590
3.329,489
13.63
*Daniel Reeves(5 weeks)
3,605,390
3,434,223
4.98
*McCrory Stores
2.694,403
2,690,9880.12
National Hellas Hess
2.472,673
2,816,533 x12.2
Childs Co
2,368,618
2,239,671
5.8
H.C.Boback
2,329,030
2,124,991
9.6
*Dominion Stores
1,818,833
1,692,787
7.44
F.& W.Grand-Silver Stores
1,752,565
1,460,836
19.97
Southern Grocery Stores(5 weeks)
1,648,000
1,243,000
32.58
.1.3. Newberry
1,510,698
1,299,210
16.3
Schulte United
1,496,915
687.368 117.8
*Melville Shoe
1,474,026
1,569,926
16.1
*Lerner Stem,Corp
1,464,886
944,213
55.14
Consolidated Retail Stores
1,454,757
1,259,484
15.5
Waldorf System
1,380,179
1,298,735
6.2
Interstate Dept. Stores
1,338,118
1,336,500
0.12
John R. Thompson
1,299,635
1,224,161
6.1
*Peoples Drug Stores
1,295,592
1,110,936
10.6
David Pender Grocery
1.287.751
1,152,022
11.78
McLellan Stores
1,223,947
1,164,880
5.0
Jewel Tea(4 weeks)
1,202,513
*Lane Bryant
1,149,852
1,1111 ;12:
57
1
1:;
*G.R.Kinney
1,054,387
1,118,505
15.7
Metropolitan Chain Stores
970,774
799,127
21.47
G. C. Murphy
939,388
814,146
15.38
*Western Auto Supply
861,000
775,348
11.04
Nelsner Bros
821,481
586,595
40.04
Nathan Strauss
732,405
599,052
22.2
American Dept. Stores
620,811
636,061
x2.4
Exchange Buffet
604,663
552,401
9.46
Mangel Stores
600,209 , 543,875
10.36
Schiff Co
535,520
380,959
40.5
*Winn & Lovett Grocery
513,081
516,258
10.61
Bickfords, Inc
480,020
12.21
427,770
*Sally Frocks
419,456
249,354
68.21
National Family Stores
397,680
192,230 106.8
Federal Bake Shops
383,938
351,190
9.32
National Shirt Shops
283,865
243,158
16.7
Berland Shoe Stores
247,459
231,274
7.0
Edison Bros. Stores
236,306
187,885
25.77
Kline Bros
223.291
197,513
13.0
Morison Electrical Simply
162,363
122,079
33.0
Nedicks
153,373
135,922
12.8
M. H. Fishman
83,059
38,567 115.36
Raybee Stores
73,633
56,706
29.9
Totals
2222.243,080 1203,177,466
9.38
•Companies financed by Merrill, Lynch & Co. x Decrease.
Governor Roosevelt of New York Sees Marked Advance
in Bettering Agricultural Conditions
-With Saturation Point in Industrial Production Looks for
Trend from City to Country Life.
Before the State College of Agriculture at Ithaca, New
York, on Feb. 14, Gov. Franklin D. Roosevelt observed
that "because of definite Governmental aid of all kinds,
through the State Administration and Legislature, marked
advance has been made along economic and social lines for
the bettering of agricultural conditions." The Governor
noted that during the past few years the urban and suburban
communities have offered a better chance for industrial
employment than ever before. He likewise noted that
"
.
there is necessarily a limit to the continuance of the migration from the country to the city and he said "I look in fact
for a swing of the pendulum in the other direction." Many
economists, he added, "are seriously questioning whether
we have not for the time being reached the saturation point
of industrial production." He furthermore stated that
"there are more people in the cities of the United States who
are looking for jobs than at any time within many years."
The effect of this condition, Governor Roosevelt contends, is
that there will be less opportunity for young people to go
from the farm to the city, and that "by the same token
many people from the cities will give more serious attention
.
than in the past to the possibility of moving to the country."
FEB. 221930.]
FINANCIAL CHRONICLE
The great objective aims at making country life in every
way as desirable as city life. "All sorts of factors are in
volved," the Governor said, "better roads, better markets,
better schools, better health facilities, better churches, lower
rates for electricity, lower rates for telephones." The Governor's speech follows:
1185
of an adequate compensation and on the social the enjoyment of all of the
necessary advantages which exist to-day in the cities.
All sorts of factors are involved: better roads, better markets, better
schools, better health facilities, better churches, lower rates for electricity,
lower rates for telephones. Let us keep the objective definitely before us
as we work year after year on the individual problems leading to that objective.
Perhaps great betterment can be obtained through the development
of the idea of regional planning-applying for example for every city in
the State the same principle which has already been applied to the milk
supply for New York City.
As an example of how the administration in Albany is seeking to develop
better facilities throughout the whole State, I have just sent a letter to the
mayors and health officers of all of the principal up-State cities asking them
to come to Albany on March 11 for a conference looking toward the establishment of regional milk sheds for the further elimination of bootleg milk
and cream coming into our State from far distant points.
I think we are all agreed that the year 1929 will go down into history
as affording the greatest amount of substantial progress for the agricultural
Interests of the State in modern times. Because of a more general and
whole-hearted co-operation on the part of all of the interests affected and
because of definite governmental aid of all kinds through the State Administration and Legislature marked advance has been made along ecomonic
and social lines for the bettering of agricultural conditions.
The broad attitude of intelligent interest in agriculture continues, and
further important steps are being taken this year to round out what we
may well call a full program.
The time has come, however, to pause for a moment and ask ourselves
the definite question of what the objective of all of this interest and cooperation is? Are we passing these new laws and spending all of this new Further Decline in Factory Employment and Wages
money merely to correct existing conditions? In other words, is this a
in Pennsylvania and Delaware in January.
mere correctional policy or does it go much further? If it does go further.
Factory employment and wage payments in this section
what is it aiming at?
To answer this question it is necessary to give a very brief survey of the declined further in January, according to indices compiled
fundamental reasons for the relative decline of agricultural'prosperity in
by the Department of Statistics and Research of the Philaour State during the past decade.
The first reason is the economic one. We have come to realize that delphia Federal Reserve Bank in co-operation with the
many thousands of acres in this State have been cultivated at a losi
Pennsylvania Department of Labor and Industry on the
acres which are not under modern conditions suitable for agriculture.
basis of about 900 reports received from 51 manufacturing
Secondly, we have used ranany thousands of acres of soil for growing
industries. The Federal Reserve Bank of Philadelphia, in
crops unsuited to the particular soil.
Third we have allowed thoroughly antiquated marketing processes to making public the details of the compilation on Feb.19, says:
continue without intelligent change to meet the economic growth of the
The number of factory workers in Pennsylvania showed a drop of 1.3%
Cities. For instance, we have built up a marvelous system of State highways,
between December and January, all groups, except metal products and
without providing either the feeders to those roads at one end or the market
transportation equipment, reporting fewer workers than in the preceding
facilities at the other end. Finally, we have only just begun to reorganize
month. Last year at the same time, when manufacturing industries were
the tax burden so as to eliminate its inequalities.
recovering from low levels, employment was on the increase. In compariThe other reason for the past and present troubles is the social one.
with a year ago, however, the number of wage earners in January was
Modern civilization has brought wholly new methods of living. We must son
larger. The building materials groups alone reported fewer
admit very definitely that one of the principal causes for the trek of about 4.0%
workers than in January 1929.
thousands of people, especially the young people, from the farm to the city
Wage disbursements by Pennsylvania factories also showed a decrease
has been because the farms have been cut off from the amusements and
of 1.4% from December to January, all groups except metals having smaller
Interests which the urban communities Provide.
payrolls. Compared with a year ago, wage payments were 2.9% larger.
Modern inventions, such as the radio, the telephone and the automobile,
groups comprising manufactures of building materials, however, had a
are helping to correct a lopsided situation, but we( must take a more The
rather sharp decline in payrolls as compared with January 1929.
intelligent interest in the whole problem of making farm life more socially
Employee-hours worked in Pennsylvania factories in January declined
Interesting as well as more financially profitable. That this can be done is
about 1.3%, according to 557 reports representing 47 industries. The only
evidenced by the actual cases of a growing group of individual families who
groups that showed a larger number of hours worked than in December
are worthy to be listed as master farmers.
those manufacturing metal, chemical, leather, food and tobacco
In the same category of social needs comes the development of educational were
products.
facilities in the rural communities. Much has been done, yet we still have
Delaware factories reported a decline of 2.8% in the number of wage
a long way to go to make all rural education come up to the standards which
earners and 4.2% in the volume of wage disbursements between December
have been already set.
The group consisting of metal products showed a slight gain
Another definite problem of the future relates to the health of the rural and January.
but a decline in wage payments. Foods and tobacco and
communities. We are all distressed by the growing difficulty of obtaining In employment,
glass products alone had larger wage payments than in Deadequate medical service and care. In many communities the actual cost stone, clay and
of medical care is almost prohibitive, and in many the medical facilities cember.
are themselves almost lacking.
The statistics follow:
In the same way we are facing the problem of the country church. The
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
EMPLOYEE
old days of the local dominie who could live with his family on a salary
IN PENNSYLVANIA.
of $500 a year have gone by. We are confronted definitely in most comCompiled by the Federal Reserve Bank of Philadelphia and the Department of
munities with a multiplicity of church buildings, a multiplicity of different
Labor and Industry, Commonwealth of Pennsylvania.
sects and the unfortunate injection of the high cost of living into our religion.
Emig.
These are the outstanding economic and social causes of agricultural
Average
Average
Hours
No.
decline. And there is what might be called the supplementary reason that
Change Hourly Wages. •Weekly Wages.
of
during these past years the urban and suburban communities have offered
Plants Jan.I930
Croup and Industry.
a better chance for industrial employment than ever before and also a better
Report- from
Dec.
Jan.
Dec.
tag. Dec.1929 Jan.
chance to obtain social advantages.
Fallacies of the Pessimists.
It is all very well for gloomy people to talk about the almost complete
disappearance of farm life in America. They cite the advance of chemical
science with the suggestion that within another generation one acre of land
will grow enough chemical ingredients to make possible the manufacture
in pill form of concentrated breakfasts for 10.000 human beings. They
Insist that the human race will be perfectly happy in another generation
in taking in the early morning a pill out of one bottle labeled poached
eggs, another pill out of another bottle labeled oatmeal and cream, and a
third pill out of another bottle labeled one glass of milk.
We can all agree that this delightful theory is wholly false, and one
example that proves its falsity is the fact that where 20 years ago the production of vegetable crops in this State for canning purposes was one of our
most important cash croPs, to-day the use of canned goods by the people
In the cities has greatly fallen off because they have learned to use fresh
vegetables, even through the Winter months, vegetables which are grown
in the southern parts of the United States and even in the tropics.
Limit to Continuance of Migration from Country to City.
Furthermore, there is necessarily a limit to the continuance of the migration from the country to the city, and I look in fact for a swing of the
pendulum in the other direction. Things all point that way. Industrially
the United States has made not only the greatest strides in history in this
'
generation, but perhaps has come to the period when industrial expansion
will slow up.
In other words, many economists are seriously questioning whether we
have not for the time being reached the saturation point of industrial production calling for a period of digestion for a number of years to come.
No matter how anxious we may be to prevent any panic of thought over the
unemployment situation at this time, we must nevertheless recognize the
fact that there are more poeple In the cities of the United States who are
walking the streets looking for jobs than at any time within many years.
The effect of this condition-for it is a condition and not a theory
is that there will be less opportunity for young People to go from the farm
to the city in the neqt few years and find work awaiting them. By the same
token many people from the cities will give more serious attention than in
the past to the possibility of moving to the country.
How happy is the family to-day located on a farm in New York State
and able to say every day as they get up in the morning and as they go to
bed at night:
"We at least have no fear of starvation, we at least have no fear of losing
our job. We may not be getting very rich but at least we are able to go on
with our lives without suffering and without drastic change."
This great objective that I have been speaking about aims at the great
fundamental of making country life in every way as desirable as city life,
an objective which will from the economic side make possible the earning
-1.3 8.588 $.585 826.58 $26.65
All manufacturing Industries (47) 557
28.60
.618 29.15
.627
188
+1.1
Metal products
29.47
.583 29.35
.588
6
-4.5
Blast furnaces
.622 30.21
28.76
.639
3
+5.3
Steel works and rolling mills25.15
.547 25.84
.531
+0.3
and steel forgings
Iron
28.69
.574 26.89
.567
-7.5
Structural iron work
27.48
.623 27.63
.611
+1.3
Steam ez hot water heat. annar• 1
3
.608 27.94
.606
-1.7
28.77
Foundries
3
-1.3
32.43
.636 31.39
.629
Machinery and Parts
1
28.18
.630 28.48
.637
-1.9
Electrical apparatus
1
28.10
.597 27.83
.613
-5.8
Engines and pumps
.629 22.11
.536
1
-13.4
24.06
Hardware and tools
28.29
.583 28.56
.560
-1.5
Brass and bronze products
29.19
.623 28.45
.616
3
-4.0
Transportation equipment
22.84
.621 28.42
.630
+16.4
Automobiles
31.67
.591 27.60
.594
-10.3
Automobile bodies and parts- 1
29.98
.597 29.47
.575
-3.3
Locomotives and cars
-9.4
28.87
.742 26.94
.718
Railroad repair shore
32.19
.671 27.77
.657
-13.4
Shipbuilding
21.75
.451 20.69
.442
-7.5
9
Textile products
20.14
.472 20.41
.487
-5.5
Cotton goods
21.83
.442 21.34
.476
-2.3
Woolens and worsteds
19.34
.423 17.88
.428
-9.9
3
Silk goods
24.42
.550 26.40
.565
+2.8
Textile dyeing and finishing
23.27
.465 22.71
.504
-15.9
Carpets and 11110
.542 24.84
26.94
.474
-6.6
Hosiery
.361 17.20
.350
18.54
-9.8
Knit goods, other
.305 18.85
.353
-1.3
16.34
Men's clothing
.310 14.81
.320
14.61
+11.2
Women's clothing
.375 14.32
.327
-4.1
15.66
Shirts and furnishings
5
+1.5 .463 .466 20.37 20.95
Foods and tobacco
.473 27.69
.484
2
27.51
-5.1
Bread and bakery products
.428 19.48
.424
+12.9
19.33
Confectionery
.560 32.95
.554
-0.3
33.13
Ice cream
.566 29.02
.561
-3.2
29.53
Meat packing
.363 14.86
.360
+3.5
16.29
Cigars and tobacco
.548 24.85
4
.537
-5.0
25.77
Stone, clay and glass products_ _ _
.503 22.33
.498
-8.3
2
Brick, tile and pottery
23.05
.532 28.92
.535
-6.6
Cement
28.32
.629 23.15
.591
+1.7
1
Glass
25.94
4
.543 21.46
.546
-18.0
Lumber products
22.86
1
-27.8
.551 21.29
.615
Lumber and planing mills
20.73
2
.542
-15.4
.557 22.95
Furniture
25.53
-17.7
.484
•
.463 16.97
Wooden boxes
18.26
2
.576
+0.7
.597 28.41
Chemical products
28.30
1
-3.9
.506
.496 27.79
Chemicals and drugs
27.80
-4.1
.540
.569 24.36
Paints and varnishes
25.85
+2.5
.593
Petroleum refining
.617 29.26
29.20
3
+0.2
.485
Leather and rubber products
.491 23.02
23.47
-1.8
.540
Leather tanning
.537 25.57
26.13
1
+0.8
.358
Shoes
.362 17.94
17.72
+7.0
Leather products, other
.555
.586 22.71
24.57
-0.1
Rubber tires and goods
.568
.576 27.91
28.82
4
-2.3
Paper and printing
.652
.644 32.63
32.39
Paper and wood pulp
+1.2
.542
.540 28.94
28.30
-21.0
Paper boxes and bags
.385
.389 15.87
16.92
Printing and publIshing
3
-2.5
.750
.745 35.89
86.11
•These figures are for the 857 firms reporting employment.
1186
FINANCIAL CHRONICLE
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
Index Numbers
-1923-1925 avg.=-100.x
Group and Industry.
Payrolls
Employment
Jan. 1930.
Jan. 1930.
No. of
Per Cent
Per Cent
Plants
Change Since
Change Since
ReportJan.
fag. Jan.
Jan.
Jan. Index. Dec.
Index. Dec.
1929. 1929.
1929. 1929.
Amm manuf.Indust.(51)--- 857
97.7 -1.3 +4.0 99.2 -1.4 +2.9
Metal products
96.6 +0.5 +3.4 99.7 +2.4 +1.1
247
Blast furnaces
59.9 -6.0 -6.7 58.5 -6.3 -4.1
9
Steel works & rolling mills 49
85.2 +1.3 -3.8 89.2 +6.3 -7.9
+0.9 +14.1
Iron and steel forgings- 10
110.4 -1.8 +20.8 111.1
Structural iron work
10
115.5 -3.7 +7.2 108.2 -9.8 +7.8
Steam and hot water heating appliances
98.9 -3.7 -1.2 96.2 -2.3 -4.1
17
Stoves and furnaces
78.4 -11.7 +31.3 70.3 -11.2 +29.2
8
Foundries
105.1 -0.4 +8.6 104.4 -2.4 +9.5
37
Machinery and Parts
44
110.7 +0.2 +10.4 116.9 -3.1 +18.3
Electrical apparatus
21
130.4 +0.9 +22.6 142.4 +1.9 +25.2
Engines and pumps
10
98.5 -2.4 +2.6 102.2 -3.3 +1.1
Hardware and tools
20
96.0 -2.3 -8.5 89.5 -10.3 -16.7
Brass and bronze products 12
100.7 -3.9 -22.6 107.6 -3.1 -22.5
Transportation equipment
42
*80.9 +0.2 +7.8 *774 -2.9 +1.8
Automobiles
6
58.6 -3.4 +2.9 42.4 +18.1 -3.9
Automobile bodies & parts 13
81.3 +4.5 -23.2 75.0 -9.0 -30.6
Locomotives and cars
13
53.9 +0.4 +25.1 55.8 -1.6 +41.6
87.3 -0.3 +6.7 87.5 -8.9 +2.5
Railroad repair shops
6
ShilbuildIng
84.5 -1.7 +129.6 133.6 -15.2 +118.3
4
Textile products
173
105.0 -2.4 +2.4 106.7 -8.6 +2.4
Cotton goods
13
79.9 -2.8 -16.2 69.0 -1.4 -20.0
Woolens and worsteds
14
63.8 +0.8 -13.0 59.9 -1.0 -16.0
114.3 -2.6 +7.8 117.1 -9.9 +15.3
Silk goods
49
90.4 -0.3 -10.3 107.6 +7.7 -mg
Textile dyeing Is finishing 12
70.7 -8.1 -0.8 60.8 -9.8 -7.6
Carpets and ruses
9
94.4 -3.2 -3.4 93.0 -4.5 -2.5
Hats
4
30
129.1 -2.9 +7.1 153.7 -13.4 +6.6
Hosiery
14
101.7 -4.6 +22.5 105.0 -10.9 +10.6
Knit goods, other
10
87.0 +15.2 -6.1 98.1 +33.3 +16.0
Men's clothing
126.3 +11.2 -8.7 130.9 +12.6 -7.8
Women's clothing
9
9
145.6 -5.2 +19.5 142.4 -12.6 +17.4
Shirts and furnishings
101
108.5 -3.6 +6.6 104.2 -6.2 +6.4
Foods and tobacco
Bread and bakery prods- - 28
112.3 -1.3 +4.3 112.9 -0.8 +5.7
13
Confectionery
107.4 -7.5 +2.6 108.1 -6.6 +3.9
Ice Cream
11
91.7 +0.4 -3.1 94.4 -0.4 -3.2
Meat packing
14
102.7 -1.2 +2.3 98.9 -2.9 -1.0
Cigars and tobacco
100.9 -3.6 +12.0 90.3 -11.9 +15.6
35
Stone,clay & glass products_ 68
72.8 -4.5 -10.9 64.2 -7.6 -11.9
Brick, tile & pottery
32
81.0 -5.8 -9.7 71.1 -8.8 -16.5
Cement
14
61.3 +1.0 -13.8 56.5 +3.3 -7.2
Glass
22
80.1 -7.9 -9.0 73.1 -17.1 -13.2
Lumber products
83.5 -10.5 -7.4 79.8 -16.2 -10.7
54
Lumber & planing mills._
17
73.7 -11.8 -12.3 71.4 -9.8 -14.1
Furniture
30
89.4 -10.7 -7.9 88.5 -19.5 -12.7
Wooden boxes
7
87.2 -8.1 -7.3 59.1 -14.6 +2.8
Chemical products
57
95.1 -3.5 +4.5 98.0 -3.1 +7.7
Chemicals and drugs
32
86.2 -3.3 +2.5 85.8 -3.4 +0.7
Coke
3
83.2 -7.5 -10.1 77.5 -3.0 -5.6
Explosives
85.7 -4.8 -10.1 98.0 -4.9 -7.9
3
Paints and varnishes
12
92.4 -2.9 +0.8 90.0 -8.8 -5.9
Petroleum refining
7
126.4 -2.1 +16.2 131.5 -1.9 +21.9
Leather & rubber prodcuts-. 49
102.4 -0.9 +6.1 104.7 -2.9 +7.4
Leather tanning
17
107.9 -1.5 +6.4 107.0 -3.5 +9.2
Shoes
20
100.7 -0.9 +6.7 106.8 +0.3 +7.7
Leather products, other
8
105.7 +0.3 +3.2 103.7 -7.7 +9.2
Rubber tires and goods- - _
4
91.6 +1.8 +1.1 103.9 -1.4 -2.9
Paper and printing
66
100.5 -2.7 +4.4 110.0 -2.2 +4.4
Paper and wood pulp _ ..... 12
88.5 -1.2 +5.5 95.4 +0.8 +2.9
Paper boxes and bags- 9
93.9 -17.1 -1.4 101.8 -21.0 +6.8
Printing & publishing_ ... _ 45
104.4 -1.4 -1.4 114.3 -2.1 -0.3
•Preliminary figures. x Since the last report was published, index numbers have
been revised from Jan. 1926. This revised index will be furnished upon request.
EMPLOYMENT AND WAGES IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
Increase(+) or Decrease(-)
No.
of
Jan. 1930 over Dec. 1929.
Plants
Average
Report- EmployTotal
Wages.
merit.
Wages.
Industry.
All Industries
Metal products
Transportation equipment
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
Miscellaneous industries
45
9
4
5
4
4
4
7
3
-2.8
+0.7
-0.9
-1.5
+0.9
-18.5
-3.6
-5.3
-0.4
-3.8
-4.2
-3.3
+1.1
+8.3
-18.5
2.1
-6.5
3.4
-1.8
-1.5
-7.1
-2.4
+2.8
+5.4
$
-1.3
-3.0
+2.0
EMPLOYMENT AND WAGES IN CITY AREAS.
Complied by the Department of Statistics and Research of the Federal Reserve
Bank of Philadelphia.
Payrolls
Employment
No. Percentage Change Percentage Change
of
Jan. 1930 Since
Jan. 1930 Since
Plants
Jan.
Dec.
Jan.
Report- Dec.
1929.
tag.
1929.
1929.
1929.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
81
13
23
35
20
16
31
10
260
91
67
30
23
27
25
27
52
-0.5
+2.0
-0.2
+8.6
-4.8
-4.3
-0.7
-1.3
-1.3
-4.5
+2.8
-2.8
-0.6
+3.5
+8.7
+15.5
+0.6
+5.5
-0.5
-2.3
-7.6
+4.2
+0.7
+1.5
+13.3
+13.2
+4.1
+14.4
+2.8
-0.3
-1.4
+6.4
-4.1
+22.8
-8.4
-5.1
+2.0
-10.0
-15.1
-13.6
+7.8
-1.5
+13.4
+10.7
+16.9
+0.9
+10.1
+3.6
-3.0
-16.3
+6.5
-3.7
+3.3
+4.5
-11.5
+11.3
-16.4
+17.9
+3.6
Review of Building Situation in Illinois During
January-Falling Off in Building Permits.
Building permits issued during January 1930 in 45 reporting cities of Illinois, authorized 794 building projects
with an estimated cost of $7,443,357. This estimated cost
is unusually low even for the season, 12.3% below December and 55.4% below the figure for January a year ago
Howard B. Myers, Chief of the Bureau of Labor Statistics
[VoL. 130.
and Research of the Illinois Department of Labor, in reporting this Feb. 13, added:
For Chicago 389 building projects were authorized with an estimated
cost of $5,957,025. This estimated cost shows an increase of 6.9% over
December, but nevertheless is lower than for any other month since January 1921, except the month of May 1921, in which month labor disputes
caused a sharp reduction in the issue of permits. The Chicago figure for
January 1930 is 56% lower than the figure for January 1929.
Outside of Chicago a fairly general decline was evident. Of 21 reporting
cities located within the metropolitan area surrounding Chicago, 12 issued
permits for construction work with a valuation lower than that of the
previous month. The remaining 9
-Berwyn, Forest Park, Glencoe, Glen
Ellyn, La Grange, Maywood, River Forest, West Chicago and Wilmette
exceeded the valuation for December. Only 4 of these cities-Blue Island,
Lake Forest, West Chicago and Wheaton-exceeded the valuation of
a year ago.
Of the 23 reporting cities outside the metropolitan area only 6
-Aurora,
Canton, Decatur, Freeport, Quincy and Springfield-showed an increase
In valuation over the preceding month. Only 7
-Canton, Danville, Decatur,
Elgin, Joliet, Quincy and Springfield-had an estimated valuation which
was above that of a year ago. The large increase in the Springfield figures
was due mainly to the issuance of permits for the erection of a large bakery
plant and an addition to a produce storage house in that city.
In the 45 cities as a whole, 33.7% of the estimated cost for building
projects was to be expended for residential building, 55.1% for non-residential building and 11.2% for additions, alterations, repairs and installations. In Chicago 28.5% of the estimated cost was to be expended for
residential building, 62.8% for non-residential building and 8.7% for
additions, alterations, repairs and installations.
For the cities in the metropolitan area, excluding Chicago, 65.4% of
the estimated cost was for residential building, 17.8% for non-residential
building and 16.8% for additions, alterations, repairs and installations,
while for the cities outside the metropolitan area the corresponding percentages are 45.7. 29.2 and 25.1.
Of the total number of permits issued during January, 178 were for
residential building with an estimated cost of $2.507.350, planned to
Provide accommodations for 424 families. Seventy-four of these buildings
with an estimated cost of $1,699,700, providing accommodations for 302
families, were to be erected in Chicago. This valuation is 46.4% lass
than a month ago and 74.3% less than a year ago.
In the metropolitan area, excluding Chicago, permits were issued for
37 residential buildings with an estimated cost of $427,800, providing
housekeeping accommodations for 41 families. For cities outside the
metropolitan area permits were issued for 67 residential buildings, estimated
to coat $379.850, to provide accommodations for 81 families. Both of
these valuations are less than the corresponding valuations for a month
ago and a year ago.
Permits for non-residential buildings for all cities totaled 213, which
were estimated to cost $4,101,855, of which amount $3,742,000, or 91.2%.
was for construction work in Chicago, 2.9% was for construction in the
metropolitan area, excluding Chicago, and 5.9% was for construction work
in the cities outside the metropolitan area. The large increase in nonresidential building for Chicago is largely accounted for by the issuance
of a permit for the erection of a college within the city, estimated to cost
$1,500,000.
Permits for additions, alterations, repairs and installations were issued
for 403 buildings with an estimated cost of $834,152. Of this expenditure,
61.8% was to be made in Chicago, 13.2% was to be made in the metropolitan area, excluding Chicago, and 25% was to be made in the cities
outside the metropolitan area.
TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS BASED ON
PERMITS ISSUED IN 45 ILLINOIS CITIES IN JANUARY 1030, BY
CITIES.
January 1930.
December 1929.
January 1929.
Cities.
No. Of Estimated No. of Estimated No. of Estimated
Cost.
Bldg:.
Bldgs.
Cost.
Mo.
Cost.
Total all cities
794 $7,443,357 1,017 a$8,488.071 1,170(416673282
Metropolitan area
503
6,811,354
620
8,948,852
876 15,557,062
Chicago
389
5,957,025
443
5,573,825
686 13,537,260
Metropolitan area, excluding Chicago
114
654,329
177
1,373,027
190
2,019,802
14
8
4
14
6
11
1
4
11
88,950
8,025
22,150
88.000
12,200
91,750
25,000
1,542
30,650
44,500
69,949
550
3,698
65,175
5
2
1
2
4
29,150
16,425
9,000
12,515
34,700
38,900
10,008
191,695
400,500
5,755
75,150
9,265
14,950
51,100
19,400
17,500
190,333
15,440
2,058
213,400
26,048
2,875
26
1
10
39
4
9
8
7
11
1
4
10
2
4
7
18
5
14
22
11
8
3
10
7
3
7
15
6
8
14
10
3
3
6
4
17,000
12,850
59,000
9
8
8
13
3
4
2
-7
14
130,900
125
106,170
311,000
97,900
100,400
45,750
73,450
70,590
11,000
84,250
31,250
9,907
80,625
580,780
34,000
35,150
4,200
291
832,003
397
1,541,219
294
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
WInnetka
Total outside metropolitan area
0
46,300
186,075
1,116,220
Alton
18
29,755
29,417
19
113,607
17
Aurora
23
18,939
33,285
16
85,050
17
Batavia
300
1
1
4,000
Bloomington
12
64,000
18,000
4
4
51,000
Canton
4
13,950
6,820
-4
Centralia_
1
.
8,000
Danville
8,500
7
18,500
1
3
3,000
Decatur
46,300
6
3,780
18
44,325
20
East St. Louis
32
30,575
401,690
20
20
92,250
Elgin
30,936
22
61,539
23
9
17,600
Freeport
5
7,575
4,300
4
5
12,200
Granite City
1
1.500
2,500
3
2
7,000
Joliet
118,600
21
130,900
31
19
77,652
Kankakee
4,625
10
45,900
2
2
5,700
Moline
17,365
38
18
28,150
198,791
10
Murphysboro
1
4,500
Ottawa
10
17.500
5
47,500
22,750
13
Peoria
75,650
42
237,400
31
20
130,750
Quincy
1
55,400
7
2,500
7
3,900
Rockford
56
115,210
146,735
35
44
132,200
Rock Island
44
15,990
17
63,613
29
119,826
Springfield
32
150,625
51,675
29
27,412
26
Waukegan
12
41,000
11
17
81,900
67,650
a These revised totals include the figures for Kankakee, not reported heretofore,
and a correction In the figure for Berwyn for January 1929.
FEB. 22 19301
FINANCIAL CHRONICLE
Increase in Sugar Duty Proposed by Sweden to Protect
Domestic Sugar Growers.
Associated Press accounts from Stockholm Feb. 19 stated:
An increase in the import duty on sugar of three oere, or nearly half a
cent a pound, has been proposed by the Swedish Government in order to
protect the domestic sugar beet growers.
When announced in the Riksdag. the proposal met with strong and immediate opposition from the Social Democrats.
Increased sugar duties were first mentioned when tae present Conservative cabinet headed by former Admiral Anid Lindman, came into
power more than two years ago. At the time the Government also suggested abolition of the domestic sugar tax of four oere a kilogram.
Cuba's Sugar Output Put at 4,300,000 Tons
-Department of Agriculture Makes Estimate for Season
Production Behind Last Year's.
Total sugar production in Cuba during the present grinding season will not exceed 4,300,000 long tons, according to
estimates compiled by the Department of Agriculture up
to Feb. 18. A cablegram from Havana on that date to the
New York "Times" reporting this added:
Production in the first 15 days of this month totaled 513,000 tons,
and the amount manufactured since the oeginning of the season, 1,034,000 tons, compared with 1,900,000 tons at the same date last year.
Representatives of sugar mills and cane planters who contributed more
than half of the total production of the sugar crop of the last grinding
season cast their votes to-day against any measure on the part of the Government to restrict the present sugar crop or to prohibit furtaer planting
of cane on the island. Representatives of 95 out of 156 sugar mills now
grinding have also affixed their signatures to a document which has been
sent to President Machado by the Association of Mill Owners and Cane
Planters of Santa Clara Province stating their opposition to the idea
It has been known for some time tnat important sugar interests were
planning a campaign to have the President issue a decree Limiting the sugar
crop to not exceeding 4,500,000 tons or perhaps less, as well as prohibiting
further planting of sugar cane. The protest filed to-day has been well
received in financial circles.
1187
and steel, laying off 4.0% of its working forces and reducing its payrolls
3.9%. Cooking and heating apparatus reported a curtailment of 6.2%
in number of workers and 7.8% in wage payments, while electric apparatus
decreased employment 2.3% and payrolls 11.6%. An even heavier decline
in the payroll totals was recorded for the manufacture of watches and
jewelry, where the seasonal inactivity was reflected in a reduction of
16.6% in the wage payments as against a loss of 1.2% in the number
of workers employed.
Despite the heavy losses in industrial employment that have prevailed
during the past four months, the level in several of the reporting industries is still above that of a year ago. The index for the metal industries
as a whole was 107.2 for January 1930, as compared with 105.1 for
January 1929. Furs and leather goods stood at 94.5 as compared with
93.6 a year ago; printing and paper goods registered 111.8 as against
102.8; and the index for textiles was 89.9 as compared with 89.8.
The most drastic declines in manufacturing employment since a year
ago are those in the stone, clay, and glass products group, and the wood
products group. In the former, all the industries except glass manufacture
shared in the decrease, while in the wood products classification all reporting lines have reduced their volume of employment. The index of employment in the building and contracting industry was also considerably below
the figure for January 1929.
While there has been a considerable amount of planning for public
construction work that might alleviate the existing unemployment problem,
little has as yet been actually accomplished in that line.
In his analysis of the industrial situation by cities Mr.
Myers says:
The free employment offices of the State report a general increase in
unemployment during January, the ratio of applicants for work to the
number of available positions rising from the previous month's figure in
12 out of the 13 reporting cities for which an unemployment ratio can be
computed and standing at a considerably higher level than a year ago in
10 of these cities. The ratio in Peoria was less in January than in
December, and was considerably less than the ratio for January 1930.
Quincy and East St. Louis were also more favorably situated than a
year ago, according to these unemployment figures. The average for all
of the reporting cities was 257.2 in January this year compared with
177.0 for December and 181.8 for January 1929.
Clerical workers appeared to be the most seriously affected by the
prevailing unemployment, the ratio for this group more than doubling
in the past month. The increase in the ratio, however, was considerable
in all of the industrial groups for which the figures are available, building
and construction trades as well as metals and machinery workers contributing heavily to this increase.
Millowners Opposed to Cuban Sugar Restrictions.
Five of the 15 reporting cities for which the manufacturing employment
month to month
From the "Wall Street Journal" of Feb. 18 we take the figures are tabulated separately to show the changes fromemployed, and of
registered some gain in the number of factory workers
advices:
following Havana
these five cities three registered an increase in payroll figures as well.
In view of the fact that powerful sugar interests are conducting an active These latter cities were Cicero, East St. Louis, and Rock Island.
Aurora.
-The declines of 4.6% in employment and 14.5% in wage paycampaign favoring restriction of the 1929-1930 sugar crop, a meeting of
86 mills was held on Monday at which it was voted to notify President ments for the month were the largest reported since the beginning of the
that the mill owners represented were opposed to such restrictions, present depression. The unemployment ratio was 180.9 as against 154.7
Machado
or to limiting the sowings of cane. Among those present at the meeting in December.
were representatives of the American Sugar Refining Co., Cuban American
-The heavy losses in employment that have been reported
Bloomington.
Sugar Co., Hershey Co., Guantanamo Sugar Co. and General Sugar Co. e during the past several months for this city continued into January, when
Li
an additional curtailment of 5.2% in number of men employed and 13.2%
in payrolls was recorded. Reports from the superintendent of the free
favorable
Industrial Situation in Illinois During January-. employment office, however, reflect a somewhat more back their situation,
men and
as a number of important plants are gradually taking
Increase in Unemployment and Wages.
expect to be running with full forces by early March.
-The industries manufacturing furs and leather goods and
Chicago.
Surveying the industrial situation in Illinois during
millinery maintained their working forces, but practically
January, Howard B. Myers, Chief of the Bureau of Statis- clothing and
all other groups showed a decline. Manufacturers employing a total
tics and Research of the Illinois Department of Labor, has of 151,321 wage earners reported a 1.8% decline in employment and a
5.8% decrease in wage payments. The unemployment ratio was high,
the following to say, under date of Feb. 19:
343.6 in January as against 202.5 in December and 197.3 a year ago.
Manufacturing industries of the State registered a decline of 1.5% in
-The volume of employment reported for this city in January
Cicero.
employment and 5.3% in payrolls for the period Dec. 15 to Jan. 15.
showed an increase for the first time since last September, the losses
Non-manufacturing industries reduced employment 3.8% and wage pay- during the intervening months amounting to 16.3, 12.2, and 24.0%,
ments 4.9% during this period.
respectively. The increase in January was 1.6% in employment and 2.7%
The combined loss for all reporting industries amounted to 2.3% in in payrolls. The unemployment ratio is still the highest for any of the
employment and 5.1% in total wage payments.
reporting cities in which the free employment offices of the State are
Industrial employment as reported for Jan. 15 was 2.3% lower than a located.
month earlier, manufacturing as well as non-manufacturing industries
-Several brick plants closed down during the month, and
Danville.
contributing to the decline. In the latter division, the large volume of others have been working on five-day schedules with about half their
temporary workers laid off after the close of the holiday season by mail- normal forces. This fact accounts largely for the declines of 6.8% in
order houses and department stores and the continued contraction in employment and 9.4% in payroll totals which were reported.
building operations added greatly to the amount of unemployment. While
-Steel mills, will paper and corn products plants, women's
Decatur. ,
the curtailment in employment for the manufacturing industries was less ready-to-wear garment factories, and most of the foundries were reported
than during the previous reporting period-1.5% as against 3.3%-the to be working full time. Part time schedules were reported for factories
loss in payroll totals was greater, 5.3% as compared with 4.9%.
engaged in producing agricultural implements, plumbing supplies, and
Of the 10 major industrial groups into which the reporting manufacturing soda fountain fixtures, and also for the railway shops. The decline in
of miscellaneous manu- employment was slight, 0.3%, while payrolls were reduced 4.7%. A large
concerns have been classified, including the group
facturing, all but one registered a smaller volume of employment on Jan. 15 surplus of labor is reflected in the unemployment ratio of 355.8, which
than a month previous. The exception to the general trend was the was considerably higher than the ratios of 198.6 for December and 166.2
clothing and millinery group in which the manufacture of women's dresses for a year ago.
and hats was seasonally active. The gain in this group, however was
East St. Laufs.-In this city the volume of employment registered a gain
slight
-1.2% in number of workers-and was not accompanied' a for January and payroll figures showed a substantial increase. A
by
local
corresponding increase in the payroll figure. One of the five groups glass plant, which resumed operations after being closed down
for the
under the non-manufacturing division, services which include hotels, repair of one of its furnaces, accounted for some of
this improvetnent.
restaurants and laundries, also registered increased activity, adding 3.4% Plants were generally working full time, and conditions are
improving.
more workers and increasing wage payments 2.4%.
Joliet.
-A decline of 13.0% in employment and 13.5% in payrolls was
With the exception of those two groups, all major industries showed a largely due to a two weeks' shutdown at the local
steel mill. The blast
smaller volume of employment than on Dec. 15, the declines ranging
furnace that had been closed down was again in operation after the middle
from 0.1% in paper and printing to 31.4% in building and contracting
of the month, but this was after the period covered by the report. Plants
work. Losses in wage payments in these groups were 2.0 and 41.8%,
in general were working with reduced forces but on full time schedules.
resepctively.
Iffoline.-While a decline of 2.1% in employment and 3.9% in payrolls
The metal industries group showed considerable variations in the emwas reported for January 15 as compared with a month earlier, there
ployment trend in different localities, and also in the different lines of
was a distanct improvement noted during the latter part of the month
manufacture which it includes. In most cities for which a gain in employin the local manufacturing plants. Most of them were working full
ment is reported, the improvement was due to an increase in working
time, and one reported overtime work.
forces in the metal industries group. Among the lines of manufacture
-While some manufacturing plants were operating on
Peoria.
parttime
included in this group, brass, copper, and zinc concerns reported a gain.
schedules and with reduced forces, none has suspended operations
entirely
At the car and locomotive shops the expansion in operations reported a
The agricultural implement plants expect to get back to full
schedules b.
month earlier continued, and employment showed a further, although
early March. Disputes at the coal mines of the Crescent Coal Co
during
smaller, increase. Automobile and accessories plants resumed operations
January interfered with production to some extent. While there
as been a
after a temporary shut-down, an increase of 33.3% for the month marking
surplus of transient labor, a shortage of certain types of skilled
labor was
the reaction from the decline of 33.8% reported a month ago. The
also reported. The decline in number of workers employed
in reporting
manufacture of agricultural implements also registered some increase in
manufacy i heplants ewntasin2d.u2.s%try
Quin ctufing garm
.
activity-employment gaining 0.2% and payrolls 1.4%. Other metal
was repotted to be working full
'
time
industries, however, showed substantial declines, the most important, iron
and a pump and governor plant was working both day
and night shifts:
1188
FINANCIAL CHRONICLE
Operations in the stove industry have slowed down, but forces have been
maintained. The decline reported for the period was slight, totaling 0.3%.
Rookford.
-The decline of 2.5% in employment was somewhat less than
the decreases registered during the previous two reporting periods. Factories producing farm machinery and some milling machinery plants were
working full time, but other factories have reduced either forces or time
schedules. Some building and construction work is planned for February,
and an industrial improvement is expected to be in evidmee by March.
Rock Island.
-An increase of 0.9% in manufacturing employment was
reported for January, following the gain of 1.0% during December. All
plants are working full time and the International Harvester Co. has been
increasing its forces. A growing demand for the light Formall tractor,
particularly from abroad, is causing a gradual expansion at this plant.
Spring icld.-Reports on manufacturing employment for this city show
an increase of 2.0% in the number of workers employed, but a loss of 2.6%
in the total wage payments. The Pillsbury Flour Mill Co. opened a local
plant early in February, which is estimated to give employment to about
300 workers. Coal mines have been active. A large projected building
program is being delayed by adverse weather conditions, but this is
expected to provide employment for a considerable number of unemployed
workers in the near future. Increased activity at the Allis-Chalmers Co.
plant was responsible for part of the increase in employment.
Sterling-Rook Falls.
-Manufacturing plants in Ws territory increased
employment 2.1%, but reduced wage payments 3.1%. The metal industry
was mainly responsible for the reported changes.
The statistics follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
JANUARY 1930.
E nployment.
Industries.
Earnings (Payroll).
Index of
Total
Average
Employment
Per Cent
Earnings
Weekly
(Average
Change
Per Cent Earnings
192.)-27=100) .of Chge. Jan. 1930.
from a
from
Month
Jan. Dec. Jan. Dec.
Ago.
Fe
(a)
1930. 1929. 1929. 1929. Males. males.
i .++1'.
I I++ 1i i 1
,...owm.mco.-0,Fort--..vw5lwezwcawcnovc400
$
$
-2.3 97.0 99.3 97.8
31.75 19.70
All Industries
-1.5 97.8 99.3 98.2
30.99 18.60
All manufacturing industries
-1.3 76.3 77.3 87.0
26.83 13.52
Stone, clay, glass
29.06 14.29
Miscellaneous stone-mineral_ _
+6.9 75.8 70.0 79.3
-2,9 70.3 72.4 86.4
25.79 11.80
Lime-cement-plaster
'
-17.1 .51.1 62.1 72.3
25.98 14.40
Brick-tile-pottery
+9.8 108.3 98.6 105.2
26.93 13.44
Glass
31.51 21.13
Metals-machinery-conveyances_ -0.7 107.2 108.0 105.1
-4.0 107.2 111.7 10.5.9
30.08 14.94
Iron and steel
28.96 17.10
Sheet metal work-hardware.. -1.5 86.9 88.2 92.0
-2.2 78.7 80.5 97.4
31.01 14.25
Tools-cutlery
Cooking & heating apparatus_ -6.2 95.5 101.8 100.0
30.15 13.90
+2.8 104.2 101.4 106.4
Brass-copper-zine and other
27.58 12.72
+7.7 82.3 76.4 58.8
Cars-locomotives
31.11 19.13
+33.3 101.4 76.1 124.4
Autos-accessories
28.07 17.52
-3.7 115.9 120.4 114.2
Machinery
28.91 15.91
-2.3 126.4 129.4 116.8
Electrical apparatus
38.84 26.00
+0.2 125.3 125.0 126.6
Agricultural implements
28.40 14.18
-0.0 83.0 83.0 87.4
Instruments and appliances
32.09 19.10
-1.2 95.6 96.8 96.3
27.24 13.93
watches-leweirY
23.18 11.34
All other
-6.4 65.2 69.7 78.8
24.00 10.50
Wood products
-11.5 56.6 64.0 75.2
25.87 6.02
Saw-planing mills
-3.9 74.5 77.5 84.0
23.70 10.31
Furniture-cabinet work
-15.2 45.9 54.1 81.4
25.01 11.32
Pianos-musical instruments
22.58 12.00
Miscellaneous wood products_ -5.7 86.3 70.3 73.6
-2.2 94.5 96.6 93.6
23.94 12.44
Furs and leather goods
30.23 17.53
-2.0 84.9 86.6 93.3
Leather
45.10 30.23
-40.0 59.9 99.9 62.0
Furs-fur goods
20.40 11.99
-2.1 99.6 101.7 97.1
Boots and shoes
27.12 13.36
-0.5 56.5 56.8 64.6
Miscellaneous leather goods
29.82 14.90
-2.8 95.3 98.0 98.9
Chemicals-oils-paints
26.84 14.37
-0.7 78.4 79.0 99.5
Drugs-chemicals
27.20 15.82
-9.3 86.3 95.2 118.6
Paints-dyes-colors
30.48 15.43
-0.1 92.0 02.1 92.4
Mineral and vegetable on
-4.2 111.1 116.1 107.6
31.85 14.23
Miscellaneous chemicals
37.39 16.63
-0.1 111.8 111.9 102.8
Printing and Paper goods
28.05 15.69
-3.9 92.2 95.9 94.5
Paper boxes-bags-tubes
34.17 17.97
Miscellaneous paper goods_ _. -6.8 94.3 101.2 106.2
38.83 16.36
+4.6 104.6 100.0 107.5
Job printing
Newspapers-perio(licals
46.31 22.90
-5.4 104.1 110.0 104.8
37.00 17.82
Edition book binding
Lithographing and engraving_ -0.8 ------------50.80 23.34
25.05 13.19
-4.3 89.9 93.9 89.8
Textiles
25.24 0.79
-3.0 106.6 109.9 04.5
Cotton-woolen goods
23.41 12.10
-2.6 84.7 87.0 90.6
Knit goods
23.28 14.64
-8.4 90.3 98.6 95.5
Thread and twine
25.95 15.41
Miscellaneous textiles
-5.1 98.8 103.9 95.6
36.94 19.32
+1.2 85.5 84.5 86.7
Clothing and millinery
36.89 23.96
-3.9 75.0 78.0 83.9
Men's clothing
35.47 18.13
-4.3 61.9 64.7 88.1
Men's shirts-furnishings
+1.6 78.7 77.5 84.4
27.16 16.25
Overalls-work clothes
40.33 22.57
+3.0 92.0 89.3 95.9
Men's hats-caps
33.35 15.14
+10.8 107.7 97.2 91.8
Women's clothing
27.32 11.00
+4.2 148.4 142.4 111.5
Women's underwear
+24.7 43.3 34.7 48.7
46.27 17.60
Women's hats
30.12 18.58
Food-beverage.s-tobacco
-3.4 90.1 93.3 92.1)
+1.1 88.9 87.4 86.0
29.53 11.24
Flour-feed-cereals
20.44 12.23
8.6 10.5 9.9
-13.0
Fruit-vegetable canning
30.09 14.29
-2.2 94.2 96.3 93.9
Miscellaneous groceries
23.26 20.93
-5.8 99.7,105.8 105.0
Slaughtering-meat packing
37.79 13.07
+1.5 100.0 98.5 92.1
Dairy products
35.25 17.07
Dread-other bakery products_ -5.1 84.1 88.6 87.6
31.18 16.19
+2.4 89.1 87.0 84.6
Confectionery
35.40 17.37
-4.2 75.6 72.6 67.6
Beverages
28.65 21.63
-8.6 86.8 95.0 100.1
Cigars-other tobaccos
40.00
+2.6 47.7 46.5 51.2
Manufactured ice
50.36 18.50
Ice cream
0
-13.3 ------------30.8 14.35
manufacturing
411seellaneous
33.46 21.14
-3.8 ____ --__ --41on-manufac,uring Industries
34.25 20.39
-14.0 81.7 95.0 88.9
Prade-wholesah. retail
37.20 16.75
-17.7 102.5 124.6 110.0
Department stores
21.34 18.33
+16.3 102.1 87.8 115.0
Wholesale dry goods
[VOL. 130.
Lumber Orders Slightly Under Production.
Lumber orders were 3% less and shipments 6% less than
production for the week ended Feb. 15, it is indicated in
reports from 831 hardwood and softwood mills to the National
Lumber Manufacturers' Association. These reports gave
combined production as 328,300,000 feet. A week earlier,
with shipments and orders in the same relation as for the
latest week, 828 mills gave production as 308,073,000 feet.
Marked improvement in the relation to cut of hardwood
orders and shipments is noted for the two weeks. Among
the softwoods, 511 mills reported unfilled orders on hand
Feb. 15 as the equivalent of 23 days' production, the same
equivalent reported a week earlier by 515 softwood mills.
For the week, as compared with last year, 411 identical
softwood mills reported production 7% above, shipments
11% less and o ders 13% less than for the same week last
year; for hardwoods, 216 identical mills gave production
14% less, shipments 20% less and orders 19% under the
volume for the week last year.
Lumber orders reported for the week ended Feb. 15 1930
by 617 softwood mills totaled 278,637,000 feet, or 3%
below the production of the same mills. Shipments as
reported for the same week were 271,680,000 feet, or 5%
below production. Production was 287,314,000 feet.
Reports from 237 hardwood mills give new business as
38,890,000 feet, or 5% below production. Shipments as
reported for the same week were 36,991,000 feet, or 10%
below production. Production was 40,986,000 feet. The
Association's statement further says:
I I
I
1
Unfilled Orders,
Reports from 511 softwood mills give unfilled orders of 1.035,909,000
feet on Feb. 15 1930, or the equivalent of 23 days' production. This is
based upon production of latest calendar year-300
-day year-and may be
compared with unfilled orders of 515 softwood mills on Feb.8 1930 of 1,063,889,000 feet, the equivalent of 23 days' production.
The 366 identical softwood mills report unfilled orders as 962,866,000
feet on Feb. 15 1930, as compared with 1,158,908,000 feet for the same
week a year ago. Last week's production of 411 identical softwood mills
was 219.570,000 feet, and a year ago it was 206,164,000 feet; shipments
were respectively 214,118,000 feet and 240,614,000; and orders received
216,765,000 feet and 249,593.000. In the case of hardwoods, 216 identical
mills reported production last week and a year ago 37,493,000 feat and
43,534.000; shipments, 33.766,000 feet and 42,416,000; and orders 35,984,000 feet and 44,213,000.
West Coast Movement,
The West Coast Lumbermen's Assofocirattihoen weekwired enom Sa h. 15 itttale d
frded Fettlo thto n ew
a
business for the 212 mills reporting
43,972,000 feet was for domestic cargo delivorY
146,278,000 feet, of which
and 26,366.000 feet export. New business by rail amounted to 67,309,000
feet. Shipments totaled 150,392,000 feet, of which 57,552,000 feet moved
coastwise and intercoastal and 22,061.000 feet export. Rail shipments
totaled 61,247.000 feet and local deliveries 8,632.000 feet. Unshipped
orders totaled 63,0228,000 feet, of which domestic cargo orders totaled
256,296,000 feet, foreign 166,363.000 feet and rail trade 207,569,000 feet.
Weekly capacity of these mills is 247,586,000 feet. For the six weeks
on
ended Feb. 8, 140 identical
i l2.2% oviirepe oowctioa
dordeTrie same
m el rh d u ed n
and shipments were 5.5% over
decrease in inventories of 1.8% on Feb. 8 as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from Now Orleans that for
146 mills reporting, shipments were 9% below production, and orders 6%
above production and 16% above shipments New business taken during
the week amounted to 66,465,000 feet, (previous week 52,374,000 at 143
mills); shipments, 57,351,000 feet (previous week 50,589,000), and production 62,754,000 feet (previous week 59,685,000). The three-year
average production of these mills is 70,352,000 feet. Orders on hand at
the end of the week were 181,401,000 foot at 114 mills. The 135 identical
mills reported a decrease in production of 7% and in new business an increase of6% as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore., reported production from 77 mills as 25,209,000 feet, shipments 28,580,000
and new business 31,752,000. sixty identical mills reported an increase in
0
of 1% and a decrease in new business of 15% in comparison
with
The California White and sugar Pine Manufacturers' Association of
San Francisco reported production from 19 mills as 4,184.000 feet, shipments 14,728,000 and orders 14,178,000. The same number of mills
reported a decrease of 39% in production and of 29% in orders when compared with last year.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reported production from eight mills as 1.925,000 feet, shipments 3.392.000
and new business 3,140.000. The same number of mills reported production 25% more and now business 25% more, than that reported for the
corresponding week a year ago.
The Northern Hemlock and Hardwood Manufacturers' Association of
28.90 17.36
-4.2 80.6 84.1 93.7
Wholesale groceries
25.14 20.97 Oshkosh, Wis., reported production from 23 mills as 3,817,000 feet, ship-17.6 80.8 98.1 83.4
Mail order houses
49.28 37.05 ments 1,541,000 and orders 2,369,000. Twenty-two identical
Milk distributing
mills re31.20 34.14
Metal jobbing
21.80 15.25 ported production 26% more and orders 6% loss than that reported for
lervices
20.61 14.72 last year.
Hotels-restaurants
27.12 15.79
The North Carolina Pine Association of Norfolk, Va., reported producLaundries
+8.2 115.6 106.8 101.5
35.94 22.12 tion from 119
'ublie utilities
-0.2 105.2 105.4 102.3
mills as 10,534,000 feet, shipments 10,586,000 and now busi34.73 24.34
Water-gas-light-power
-1.6 122.8 124.8 116.3
ness 8.477.000. Thirty-nine identical mills reported a decrease of 6%
41.60 22.07
Telephone
-0.2 113.2 113.4 108.6
37.22 18.28 In production and of 28% in new business when compared with 1929.
Street railways
+2.0 100.3 98.3 96.7
Railway car repair
29.88 21.85
The California Redwood Association of San Francisco reported produc-2.0 79.5 81.1 83.0
)oal mining
26.44
-2.4 77.2 79.1 82.4
tion from 13 mills as 6,484,000 feet, shipments 5,110,000 and orders 5,978.Wilding and contracting
36.31
-31.4 53.9 78.4 73.6
000. The same number of mills reported a 45% increase in production
Building construction
35.62
-25.6 49.8 67.0 74.4
and a 29% increase in orders in comparison with the same period a year ago.
Road construction
24.24
-58.7 33.9 82.2 25.0
Miscellaneous contracting
45.15
-51.8 51.2 106.2 64.9
Hardwood Reports.
(a) Includes firms not reporting by sex.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
Note. The footnotes previously a part of the above tabulations have been omitted
due to the fact that all firms reporting volume of employment are now also giving production from 214 mills as 33,913.000 feet, shipments 32,679,000 and
new business 35,620,000. Reports from 194 identical mills showed a 12%
the corresponding payroll figures.
FEll.
FINANCIAL CHRONICLE
221930.]
decrease in production and a 16% decrease In new business when compared
with last year.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 23 mills as 7,073,000 feet, shipments 4,312,000 and orders 3,270,000. Twenty-two identical mills reported production 23% less and orders 38% less than that reported for
1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR WEEK ENDED FEB. 15 1930 AND FOR 7 WEEKS TO DATE.
Production Shipments % of Orders % of
(M Feet) (M Fed) Prod. (M Feet) Prod.
Association.
Southern Pine
Week-146 mill reports
7 weeks-983 mill reports
West Coast Lumbermen'sWeek-212 mill reports
7 weeks-1,484 mill reports
Western Pine Manufacturers
Week-77 mill reports
7 weeks-545 mill reports
California White & Sugar Pine
Week-19 mill reports
7 weeks-175 mill reports
Northern Pine Manufacturers
Week-8 mIll reports
7 weeks-61 mill reports
Northern Hemlock & HardwoodSoftwoods
Week-23 mill reports
-227 mill repints
7 weeks
North Carolina Pine
Week-119 mill reports
-764 mill reports
7 weeks
California Redw000Week-13 mill reports
-99 mill reports
7 weeks
62,754
402,176
57,351
363,951
91
90
66,465 106
398.496 99
172,407
900,203
150,392 87
900,469 100
146,278 85
948,277 105
25,209
151,224
28,580 113
193,112 128
31.752 126
203,850 135
4,184
40,170
14,728 352
117,617 293
14,178 339
118,629 295
1,925
12,475
3,392 176
30,812 247
3.140 163
27,616 221
3,817
30,131
1,541
13,220
40
44
2,369
15.676
62
52
10,534
69,857
10.586 100
63,768 91
8,477
55,431
80
79
6,484
48,705
5,110
38,047
79
78
5,978
46,214
92
95
Softwood total
271,680 95
287.314
Week-617 mill reports
7 weeks-4,338 mill reports...... 1,654,941 1.720,996 104
Hardwood Mfrs.' Institute
Week-214 mill reports
7 weeks-1,470 mill reports
Northern Hemlock & Hardwood
Week-23 mill reports
-227 mill reports
7 weeks
Hardwood total
Week-237 mill reports
7 Intka1ra--1 /107 2.11Trnnt545
278,637 97
1,814,189 110
35,620 105
210.122 99
33,913
212,022
32,679
196.626
96
93
7,073
64.146
4,312
35,473
61
55
3,270
31,298
46
49
40,986
36,991
272_099
90
84
38,890
241.420
95
87
070 1110
1189
Decline in Cotton Prices Attributed by A. Norden & Co.
of New York Cotton Exchange to Loss of Faith in
Federal Farm Board.
The drastic decline in cotton prices during the last week is
attributed by A. Norden & Co., members of the New York
Cotton Exchange, to liquidation of long accounts that lost
faith in the ability of the Federal Farm Board to bring about
an upward movement or even to sustain prices at previous
levels. In a review of the market Feb. 8 they said:
prinThe further sharp decline which took place during the week was
cipally due to liquidation of tired holders who had lost faith in the ability
of the Federal Farm Board to bring about an upward movement of prices.
At the close on Oct. 21 when the Board announced to the world that they
believed the price at which cotton was then selling to be too low, March,
May and July contracts were quoted at 18.41. 18.71 and 18.83 respectively,
last night March closed at 16.05. May at 16.29 and July at 16.50.
All but one of the principal co-operatives availed themselves of the Farm
Board's offer to supplementary funds, by means of which they were able,
at the Board's suggestion, to make loans, to members, of approximately
16 cents per pound, basis middling. When the price of cotton in the South
fell appreciably below the loan basis, the necessity for prompt and practical
action on the part of the Board became apparent. They rose to the occasion
by approving arrangements made by the newly organized American Cotton
of the various
Co-operative Association to take over all marketing activities
member State co-operative associations, and to finance the handling of all
cotton (which term we understand to include futures) now held by those
associations. According to an official announcement, the Board has made
a loan to the American Association of an ample amount to carry out the
above program.
It subsequently developed that the co-operatives, in conducting their
optional pools, had accumulated futures contracts covering a considerable
amount of cotton-unofficially estimated at upwards of 200,000 bales.
These contracts are now being concentrated in the hands of one of the leading New York Cotton Exchange houses, which is believed to be acting for
the Government through the American Co-operative Association, and the
Possibility of them being hurriedly thrown on the market in the event of
further declines has been removed. However, although the situation is
brighter in some repects, it provides no sound basis for optimism. The large
contract holdings of co-operatives have been brought to the attention of
the trade and of the public, and the impression has undoubtedly been
formed that, while they are in strong hands, they will be liquidated as soon
as possible without loss. Consequently, until these contracts have been
sold and thoroughly digested their existence may be expected to act as a
decided damper on bullish enthusiasm.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association A. Norden & Co. Predict Continued Unsatisfactory
Conditions in Cotton Market Until Free Market
reports from 213 mills show that for the week ended Fob.
Prevails and Prices Decline-Stabilization Corpor8, 1930, orders and shipments were 10.39% and 16.18%,
ation Would Advertise Weakness of Market.
respectively below production which latter amounted to
158,00,6,144 feet. The Association's statement follows:
The cotton market will continue to be unsatisfactory until
a free market prevails and until price decline to a level at
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
213 mills report for week ended Feb. 8 1930.
which consumption is sufficiently stimulated to bring about
(All miils reporting production, orders and shipments.)
an adjustment between supply and demand, say A. Norden
158,006,144 feet.
Production
141,586,637 feet (10.39% under production)
Orders
of the New York Cotton Exchange, in their
Shipments
132,437,203 feet (16.18% under production) & Co., members
weekly market summary issued Feb. 17. The increasing
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
popularity of foreign growths can only be successfully
OPERATING CAPACITY (297 IDENTICAL MILLS.)
(All mills reporting production tor 1929 sad 1930 to date.)
combatted if American producers concentrate on growing
178,177,762 feet
Actual production week ended Feb. 8 1930
137,194,566f eel cotton of good quality which can be profitably marketed
Average weekly production, 6 weeks ended Feb. 8 1930
203.152,852 feet
Average weekly production during 1929
with that grown abroad, the report
210,933.628 feet on a competitive basis
Average weekly production last three years
291,508,073 feet states. It adds:
• Weekly operating capacity
production for
hourly
the 12
• Weekly operating capcity is based on averaged
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 212 IDENTICAL MILLS--1930.
(All mills whose reports of production, orders, and shipments are complete for the
last four weeks.)
Jan. 25.
Jan. 18.
Feb. 1.
Week EndedFeb. 8.
Production
158,006,144 112,537,047 85.126,871 111,088,591
Orders
141,586,637 129,350,450 133,814.078 136,636,506
48,669,059 51,049,360
49,566,611
Rail
59,514,211
57,378,753 47,258,045
42,819,608
Domestic cargo
42,502,561
Export
30,913,040 27,410,315 21,595.519 28,516,269
6,170.747
9,553,916
9,812,832
Local
8,655,925
Shipments
132,414,163 123.980,806 115,790,026 125.189,493
Rail
51,536,735 40,327,557 38,225,105 44.037,414
Domestic eargo
57,523,762 44,051,960 57.971,476 44.337.964
15,422.698 27.001,283
30,047,373
Export
14,697,741
6.170.747
9,553,916
9,812,832
8,655.925
Local
Unfilled orders
635,191,237 629,916,253 629.095,182 612,886,558
196.603,263 187,833,495 175,846,958
Rail
203,939,348
271,040,397 288,754,887 291,951.911 294.058,431
Domestic cargo
160,211,492 144,558,103 149,309.776 142,981,169
Export
185 IDENTICAL MILLS.
(All mills whose reports of production, orders, and shipments are complete for
1929 and 1930 to date.)
Average 6
Average 6
Week Ended
Weeks Ended
Weeks Ended
Feb. 8 1930.
Feb. 9 1929.
Feb. 8 1930.
116,357.286
150,604,784
Production (feet)
140,563,760
125,387,254
156,450,212
131,799,390
Orders (feet)
122,310,619
135,299,701
127,162,399
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK END. FEB. 1 '30 (121 MILLS)
Unfilled
Orders on
Orders
Hand BeWeek
ShipCancelamino Week Orders
Ended
ments. Feb.1 1930.
Raton*.
Feb. 11930. Received.
Washington et Oregon
(102 M411.1)California
Atlantic Coast
Miscellaneous
Feet.
Feet.
70.717,642 16,891,094
169,097.334 20,722,426
57,781
5,278,558
Fed.
Feet.
Feet.
14,000 12,626.047 73,968,689
253,209 22,765,359 166,801,192
None
310,035 5,026,304
Total Wash. & Oregon 245,093,534 36,671.301
267,209 35,701,441 245.796,185
Brit. Col. (19 21ftirs)300,000
California
1,418,802
18,005,725 3,852,556
Atlantic Coast
209,000
4,476,000
Miscellaneous
16,234
635,000 1.067.568
407,481 4,528,882 16,921,918
None
None 4,635.000
Total Brit. Columbia_ 23,900,527 4,381,556
423,715 5,163,882 22,674,486
Tntal domestic cargo_ 268.994.061 41.032.857
,
890.924 40.805 227 255 AVM 511
pf
The formationl rt!stabilization corporation for the purpose of surplus
control operations would inevitably advertise the weakness of the American
cotton situation, antagonize foreign spinners and stimulate the demand for
outside growths. With regard to the effect of current quotations on farmers' planting intentions, it should be remembered that the majority of
producers marketed their crop last autumn, received a relatively good
price for it, and, in consequence, are unlikely to favor acreage reduction
this year. As for the possibility that the co-operatives' contracts will be
held until deliveries are made against them, we see nothing constructive
in it. We believe that the short end of these contracts is very largely in the
hands of interests who have cotton for sale and that there is little likelihood of a squeeze. Even if a large quantity of cotton is taken up and segregated, it would not be lost sight of and would unquestionably exert a
bearish influencelon the price ideas of buyers.
Members of New York Cotton Exchange to Act Feb. 24
on Amendment Eliminating Differential on Deliveries at Southern Points.
The Board of Managers of the New York Cotton Exchange
on Feb. 14 called a meeting of the members for Feb. 24, at
noon, to consider amendments to the by-laws designed to
-point differential now existing on cotton
eliminate the 35
delivered on Exchange contracts at southern points. The
proposed amendments were approved by the board at a
meeting held Feb. 14. "It is believed by the board that if
the proposal is approved by the membership it will be of
benefit to the cotton trade in general and will assist in the
orderly marketing and distribution of the cotton crop,"
President Gardiner H. Miller said following the meeting.
At the Feb 24 meeting the members of the Exchange, if
they approve of the proposed amendments, will set a day
for a ballot to be taken and if the vote is favorable the amendments will become effective the day following their adoption.
In the event the members approve the amendments, the first
new month to be traded in will be October, 1930, and beginning that month and up to and including January, 1931,
1190
FINANCIAL CHRONICLE
deliveries can be made in both old and new contracts. The
present, or so-called old contract, will expire on Jan. 31 1931.
The 35
-point differential now in effect was adopted by the
Exchange in November, 1928, along with southern deliveries
and became effective on new southern delivery contracts
traded in during January, 1929 for October,1929, delivered.
January.
Excess of exports
Excess of imports
34,630,866
29,198,134
8.173,380,372
236
Cotton growing States 19,081,032
New England States_ 14,116,298
All other States
1,433,536
18.008,392
9,926,662
1,263,080
5.881,326,432
2,047,601.795
244,452.145
308
145
171
1,768,900
960,784
3,062,212
844,622
5,651,480
121,504
899,506
352,056
598.732
5,799,540
1,454,088
5.548.628
553,580
227.978
674,772
679,754
533,490,143
207,637.871
908,388,219
175,620,456
1,146.200.621
43,131,438
201,850,345
55.618,248
120,283,110
1.860,821,427
289,784,842
2,001.153,054
212,266,468
59,076,585
186,640,438
171,437,107
287
195
280
166
138
238
149
146
173
299
131
354
346
209
203
215
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,858,652
1.067,184
3,242,874
1,061.058
8,298,512
180,872
1.358,316
381,012
695.236
6.224,972
2,217,044
5,645,758
612,640
282,240
709,056
797.440
Average per
Spindle in Place.
1929.
Inc. (+)
Dec.(-).
1.000
Dollars.
488,023
368.897
1,000
Dollars.
3,034,971
2.424,986
1.000
Dollars.
3,238,391
2,374,409
1,000
Dollars.
-203,420
+50,577
105,000
119,126
609,985
863.982
1930.
1929.
1928.
1927.
1926.
1925.
1,000
1,000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
417,000 488,023 410,778 419,402 396.836 446,443
441,751 371,448 372,438 352,905 370.676
489,849 420.617 408.973 374.406 453.653
425,264 363,928 415,374 387.974 398,255
385,013 422,557 393,140 356,699 370,945
393,176 388,661 356,986 338,033 323,348
402,861 378.984 341,809 368,317 339,660
380,564 379,006 374,751 384,449 379,823
437,163 421,607 425,267 448,071 420,368
528,514 550,014 488.675 455,301 490,567
442,223 544,912 460,940 480,300 447.804
426.646 475,845 407,641 465,369 468,306
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
7 months ended Jan_ 3.034,971 3,238,391 2,909,861 3,021.209 2,943,364 2,947,704
12 months ended Deo.
5,241,047 5,128,356 4,865.375 4,808,660 4,909,848
Imports
January
February
March
April
May
June
July
August
September
October
November
December
312.000
368,897 337,916
369.442 351,035
383.818 380,437
410.666 345.314
400,149 353,981
353,403 317,249
352,980 317.848
369,358 346,715
351,304 319,818
391,063 355.358
338,472 326,565
309,809 339,408
CI CI C2 0, 0,
Total.
1930.
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
416.752
387,306
442,899
397.912
320.919
336.251
338,959
336,477
343,202
376,868
373,881
359,462
346,165
333,387
385,379
346.091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396,640
7 months ended Jan_ 2,424,986 2,374.409 2.399,484 2,485,690 2.579.585 2,106.537
I. rne.n.).....A... nan
4 51111 afil 4 001 444 4 154 749 4 490 555 el 990 551)
GOLD AND SILVER
January.
7 Mos. Ended January.
1930.
Excess of exports
Excess of imports
Silver
Exports
Imports
Excess of exports
RIM.. nf 1mnnrtsa
1930.
1929.
Inc. (4-)
Dec. (-).
1,000
Dollars.
1,378
48,577
1,000
Dollars.
118,480
123,050
1,000
Dollars.
106,620
134,497
1.000
Dollars.
+11,860
-11,447
---3.960
47,199
-
4,570
27,877
5.891
4,756
ColdExports
Imports
1929.
1,000
Dollars.
8,948
12,908
State.
Adive During January.
1929.
1,000
Dollars.
417,000
312,000
Exports
Imports
Adive Spindle Hours
for January.
In Place
Jan. 31.
7 Months Ended Jan.
1930.
CI 00 .0'14 00
.0
Is CO COO CC 03 t..0 too Co
0000 CO C.uU0 CV 00, ,
-.1 •C•101
Spinning Spindles.
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary figures for 1930 corrected to Feb. 13 1930.)
MERCHANDISE.
.6,6cO.,iM4cOcOcivi4-7
bn
COO)
Activity in the Cotton Spinning Industry for
January 1930.
The Department of Commerce announced on Feb. 20
that according to preliminary figures compiled by the
Bureau of the Census, 34,630,866 cotton spinning spindles
were in place in the United States on Jan. 31 1930 of which
29,198,134 were operated at some time during the month,
compared with 29,069,510 for December, 29,649,394 for
November,30,134,716 for October,30,037,922 for September
30,236,880 for August and 30,753,168 for January 1929.
The aggregate number of active spindle hours reported for
the month was 8,173,380,372. During January the normal
time of operation was 26M days (allowance being made for
the observance of New Year's Day in some localities) compared with 25 for December, 253't for November, 263 for
4
October, 243/i for September and 27 for August. Based on
an activity of 8.88 hours per day the average number of
spindles operated during January was 34,733,046 or at
100.3% capacity on a single shift basis. This percentage
compares with 88.2 for December, 100.9 for November,
108.7 for October, 104 for September, 97.7 for August,
and 111 for January 1929. The average number of active
spindle hours per spindle in place for the month was 236.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average hours per spindle in place, by States, are shown in
the following statement:
[Vor- 130.
8,264
8,260
47,942
35.961
53,314
44,926
4
11,981
8,388
1.135
-5,372
-8,965
--__
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
GOLD.
1930.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1929.
1,000 1.000
Dols. Dols.
8,948 1,378
1.425
1.635
1,594
467
---550
807
881
1.205
3.805
30,289
72,547
SILVER.
1928.
1927.
1,000
Dols.
52,088
25.806
97,536
98.469
83,689
99.932
74,190
1,898
3,810
992
22,916
1.636
1.000 1,000 1,000 1,000 1,000
Dols. Dols. Dols. Dols. Dols.
14,890 5,891 8,264 6,692 7,388
2,414
____ 6.595 7,479 6,233
5,625
__
7,814 7,405 6,077
2,592
_
5,752 6,587 6,824
2.510
__
7,485 6,712 6,026
1,840
-_
5,445 7,456 5,444
1,803
____ 6,795 6,160 6,650
1,624
___
8.522 9,246 5,590
24,444
__ 4,374 6,229 6,627
10,698
7,314 7,252 5,945
55,266
____
8,678 7,674 5.634
77,849
,.___ 6,369 8,489 7,186
1930.
1929.
1928.
1927.
Country's Foreign Trade in January-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Feb. 14 issued its statement on the foreign
trade of the United States for January and the 7 months 7 mos. end. Jan_ 118,480 106,620 223,670 88,862 47,942 53,314 44,324 50,276
12 mos.end.Dec.
____ 116,583 560,760 201,455
____ 83.407 87,382 75,625
ended with January. The value of merchandise exported
Imports
in January 1930 was $417,000,000, as compared with January 12,908 48,577 38,320 59,355 4,756 8,260 6,305 5,151
26,913 14,686 22,309
---_
4.458 4,658 3,849
$488,023,000 in January 1929. The imports of merchandise February
March
____
26,470 2.683 16,382
6,435 5,134 4,308
24,687 5,319 14,503 - 3,957 4,888 3,815
are provisionally computed at $312,000,000 in January the April
May
1,968 34.212
24,098
_-_ 4,602 4,247 5,083
present year, as against $368,897,000 in January the previous June
____
30.762 20,001 14,611
5.022 6,221 4,790
____
35.525 10,330 10.738
4,723 8,544 4,288
year, leaving a favorable balance in the merchandise move- July
August
____
19.271 2,445 7,877
7,345 8.496 4,856
___ 4,111 5,739 4.992
18,781 4,273
ment for the month of January 1930 of $105,000,000. Last September. 21.321 14,331 12,979 __ 5,403 7,319 5,069
2,056
Dcgober
--___
5,144 5,448 5,102
7,123 29,591 2.082
year in January there was a favorable trade balance on the November
December
____
4,479 5,120 3,770
8.121 24,950 10,431
merchandise movement of $119,126,000. Imports for the
r
134,497 84.483 149.740
44,928 34,382 37,760
7 months of 1929-30 have been $2,424,986,000, as against l2mos. end. Jan_ 123,050 251.649 168.897 207.535 35.961 63.040 68.117 55.074
mos.end. Dee
--$2,374,409,000 for the corresponding 7 months of 1928-29.
The merchandise exports for the 7 months of 1929-30 have
been $3,034,971,000, against $3,238,391,000, giving a favor- Canadian Provinces Ready to Back Loans to Wheat
Pool.
able trade balance of $609,985,000 in 1929-30, against a
Canadian Press advices Feb. 17 from Winnipeg, Man.,
favorable trade balance of $863,982,000 in 1928-29. Gold
imports totaled $12,908,000 in January, against $48,577,000 were given in the New York "Times" of Feb. 18:
Banks that have lost money to the wheat pool have not asked the Maniin the corresponding month in the previous year, and for the toba
Government that the guarantee of 15% margin be maintained,
7 months were $123,050,000, as against $134,497,000. Gold Premier John Bracken said to-day.
The Premier gave assurance that the Province, in co-operation with
exports in January were $8,948,000, against only $1,378,000
in January 1929. For the 7 months in 1929-30 the exports Saskatchewan and Alberta, stands ready to carry out the undertaking to
guarantee the pool's loan margin should prices decline to levels necessitatof the metal foot up $118,480,000, against $106,620,000 in ing such action.
the 7 months of 1928-29. Silver imports for the 7 months
of 1929-30 have been $35,961,000, as against $44,926,000 Drop in Wheat Values at Winnipeg-Pool's Margin
in 1928-29, and silver exports $47,942,000, as against
with Lending Banks Reported as Maintained.
$53,314,000. Following is the complete official report:
The New York "Times" reported the following from
140 B
Winnipeg (Man.) Feb. 17 (Associated Press):
FEB. 22
1930.]
FINANCIAL CHRONICLE
Wheat values, weakened by the pummeling of bear traders, tumbled
to-day to the lowest marks since early last Summer At one time the prices
broke 5X cents below Saturday's close, but they climbed back to from
4X to 4 X cents loss for the day.
The most drastic drop was in the July future, a 4X-cent loss to $1.20%
to $1.21. May wheat slipped down 4X cents to $1.18% a bushel and
October 4 X cents to $1.21 to $1.21%•
George McIvor, general sales manager of the Canadian wheat pool,
announced:
The pool's margin with lending banks is still maintained. Any statements made on the pool's margin with the banks are either propaganda or
mere surmise. It is absolutely impossible for any one other than pool or
bank executives to determine even approximately at what market price
the pool's margin with the banks would become impaired.
"The pool is not required to maintain a margin of 15 cents over and
above the price of the pool's initial payment. The pool's agreement with
the banks calls for the former to keep on deposit with the banks collateral
valued at current market prices equal in value to 15% more than the total
amount of the banks' loans to the pool, which total is constantly changing
as sales of pool grain progress and also as the amount of grain at country
points, in transit, &c., changes."
$2,000,000 Grain Failure Announced at Winnipeg.
The New York "Journal of Commerce" has the following
to say in a Winnipeg, Man., dispatch Feb. 17:
The Winnipeg Grain Exchange last night officially announced the
suspension of the Electric Elevator Co. from membership
The directors of the company, it is understood, are endeavoring to
reorganize the company to protect the shareholders. The company's losses
are estimated at $2,000,000, and the Bank of Montreal has seized all the
wheat in the company's elevator at Fort William to protect its cash advances
to the company,
The actual failure of the company occurred some 3 or 4 weeks ago and
became generally known at that time, the understanding being that the
losses were largely in coarse grains. Prices broke sharply to-day on the
announcement, losing 434c. to 4 Ac. a bushel.
Activity of the Wool Weaving Industry During
December.
The Wool Institute under date of Feb. 19 reports that
there was an increase of billings in December 1929 as compared with the previous month, partially offsetting the
decrease of the November-October 1929 period. The survey also ays:
The trend of production was opposite to that of billings, the December
1929 volume decreasing in comparison with that of November 1929. The
percentage of decrease was greater than that of the December-November
1928 period.
The stocks on hand in excess of orders on Dec. 31 1929 were 5% greater
than those of Nov. 30 1929.
The December 1929 volume of production, billings and stocks was less
than that of December 1926.
DECEMBER ACTIVITY
(Linear Yardage adjusted to a 6-4 Basis)
Production
9,017,402 yards
Billings
9,661.114 yards
Stock on hand
7.501,455 yards
Value of billings
$18.155,182
Australian Wool Growers Organize to Stabilize Prices.
From the New York "Sun" we take the following Melbourne (Australia) Associated Press accounts Jan. 31:
A group of one hundred Victorian and Riverina wool growers has agreed
to the formation of a new wool growers' organization for the stabilization
of wool prices.
The new organization is named the Australian National Wool GorwerS
and Publicity League.
The growers have agreed to a compulsory levy of 5 shillings on every £100
sterling worth of wool sold in order to provide funds for a publicity campaign
to promote the more extensive use of wool.
Approval by State Governments of Australia's Proposal
to Stabalize Wheat Through Pooling Arrangement.
Associated Press accounts from Canberra, Australia,
Feb. 18 stated:
Most of the State Governments to-day approved the Federal Government's proposal for stabilizing the Australian wheat movement by setting
up a marketing pool with boards in each State under one big Commonwealth
Board.
Representatives of the wheat growers, however, who also attended the
conference, unanimously adopted a resolution in favor of a compulsory pool
controlled by the growers themselves, instead of by Government boards.
The Government proposed to guarantee a price of 96 cents a bushel for
wheat delivered at country railway sidings for the next year. but the
growers' representatives want this price effective for 3 years.
The whole project will now bo taken under discussion by the State
Governments and the various associations of wheat growers.
Australia's Wheat Estimate.
Canadian Press advices from Ottawa (Ont.) Feb. 17 had
the following to say regarding the Australian Wheat yield:
An Australian wheat yield of 125,000,000 bushels for the season of 1929-30
is indicated in the second forecast cabled by the Commonwealth Statistician
at Canberra to the Dominion Bureau of Statistics here. The wheat acreage
of 14,063,000 is smaller by more than 100,000 acres then the previous
season, when the yield was 159,497,000 bushels. The average for the 5
years 1923-24 to 1927-28 was 136,601,000 bushels from 10,839.000 acres.
1191
days, during the month of January, together with monthly
totals for all "Contract Markets" as reported by the Grain
Futures Administration, of the U. S. Department of Agriculture, were made public Feb. 6 by the Grain Exchange
Supervisor at Chicago. For the month of January 1930 the
total transactions at all markets reached 1,632,610,000
bushels, compared with 1,879,548,000 bushels in the same
month last year. On the Chicago Board of Trade the transactions in January 1930 totaled 1,413,159,000 bushels, as
against 1,630,016,000 bushels in the same month 1929. Below we give deatils for January, the figures representing
sales only, there being an equal volume of purchases:
VOLUME OF TRADING.
(Expressed in Thousands of Bushels. I. e.,(000) omitted.)
Rye. Barley.
Flax.
Oats.
Corn.
Wheat.
January 1930.
1 Holiday
681
626
56,430 7,094
2
457
48.404 6,064 1,063
3
581
525
45,608 4.090
4
5 Sunday
475
760
31.394 3,598
6
638
983
7,329
47,990
7
800
413
29,816 3.841
8
854
1,232
37,370 7,311
9
6,992
946 1,351
58.951
10
1,452
1,187
41,764 4,781
11
12 Sunday
571
839
42,727 4,730
13
-_711
997
36.092 4,406
14
____
1,519
941
46,188 9,675
15
42,903 12.124 2,016 2,412
18
74.794 8.960 2,240 5,864
17
1,199
1,915
25,826
3,673
18
19 Sunday
979 2,474
30,828 3,611
20
653 1.911
38.618 3,830
21
528
666
37,842 3,235
22
793 2,081
24,992 5,866
23
1,548 2,734
35,052 10,232
24
1,264
1,255
19,300 6,841
25
26 Sunday
43,945 10,287 2,534 2.852
27
43.635
7.679 2,174 3.719
28
2,548
83.553 9.180 3,968
29
66.030 10,016 2,494 8,812
30
3,986
1,987
81,545 10,577
31
Chicago Bd. of Tr_.1,151,591 175,802 34.882 51,104
172
4,963
Chicago Open Bd_ 31,031
4,446 2.940
83.124
Minneap. C. of C
49,578 12,394
Ran. City B. of T
806
•11,470
Duluth B. of Tr
1.993
-525
St. L. Mer. Exch.
128
"iii
3.375 2,137
Milwaukee C. of C_
956
Seattle Grain Exch_
1,181
Portland Grain Ex_
Los Aug. Grain Ex_
San Fran. C. of C..
Total all markets-.
January 1930_ _ _1,334,299 195,621 39,769 54,978
January 1929__._1,084,182 689,841 83,951 32.963
Total Chicago Board
January 1929____ 909.187 836,665 57,142 27.022
Total
84,831
55,988
50,804
36,227
56,920
34,670
46,787
68,240
49,164
48,867
42,206
58,321
59,455
91.858
32,613
37,890
44,810
42,271
33,732
49,566
28,680
59,418
57,207
79,247
85,352
98,075
1,413,159
7,038
430
33
442
7,071
6,533
97,978
61,972
12.751
2,318
6,129
956
1,181
0
0
872 1,632,610
2,078 1.879,648
____ 1,630.018
• Durum wheat, with the exception of 62 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR JANUARY 1930.
"
. ther be e )
("short- side of contracts only,.long e siding an equal amount open on the
January, 1930.
1 Holiday
2
3
4
5 Sunday
6
7
8
9
10
11
12 Sunday
13
14
15
16
17
18
19 Sunday
20
21
22
23
24
25
26 Sunday
27
28
29
Wheat.
Corn.
Oats.
Rye.
Total.
2182,995,000 230,848,000 39.518,000 217.187,0002270,548,000
184,668.000 31,104,000 39,709,000 17.268,000 272,749,000
185,229,000 31,257,000 239,813,000 17.348,000 273,647,000
186,184,000
189,597.000
189,822,000
190.471,000
193,463.000
193,507,000
31,576,000
31.742,000
32,064,000
32,433,000
32.819,000
33.010,000
39,763,000
39,761,000
39,510,000
39.679.000
39,598,000
39,403,000
17,392,000
17,487,000
17,522,000
17,523,000
17,765,000
17,866,000
274.915,000
278,587,000
278,918,000
280,106,000
283,645,000
283,788,000
196,453,000
195,182.000
198,078,000
197.638,000
202,358.000
200,577,000
33,585,000
33,773.000
33,575.000
34,7$9.000
34,785,000
34,359,000
39.236,000
39,100,000
39,086,000
39,015,000
38,860,000
38,779.000
17,911,000
17,763,000
17.849,000
18,173,000
19.099,000
19,149,000
287,185,000
285,818,000
286,586,000
289.555.000
295,050,000
292,864,000
200,634,000
200,903,000
200.667,000
200,238,000
200,581,000
200,746.000
34,741,000
34.361,000
34,695.000
35,157,000
36.186,000
36.567,000
38,713,000
38,631,000
38,450,000
38.466.000
38,305.000
38,446,000
19.523,000
19,600,000
19,378,000
19,769,000
20,746,000
20.810,000
293,611.000
293.495.000
293.190.000
293.630.000
295,818.000
296,569,000
204.971,000
2206,004,000
205,940,000
204,213,000
201.427.000
37.150,000
37,290,000
38,033.000
38,473,000
238,752,000
Average
January, 1930 -.196,559.000
January, 1920.-118,503,000
December, 1929..185,959,000
November, 1929.202,549.000
October, 1929.- _238,356.000
September, 1929.227,863,000
August, 1929.__ _218,044,000
172.889,000
July, 1929
129,161,000
June, 1929
128,261,000
May, 1929
146,314,000
April, 1929
_144.719,000
March, 1929
February, 1929_127.350,000
34,348.000
68.461,000
34,283,000
35,650,000
42,787,000
46,419.000
46,998,000
48,567,000
51,210,000
54,897,000
68,315.000
78,542,000
79.574.000
30
31
x High.
38,238,000 21,088,000 301,427,000
37,941,000 21,151,000 302,386,000
37,186,000 x21,312,0001302,471.000
36,858.000 20,428,000 299,972,000
236,608,000 20,161,000 296,948,000
38,795,000
25,898,000
40,762,000
44,710,000
47,666.000
47,772,000
42,208,000
23,220,000
15,376,000
19,095,000
25,671,000
27,320,000
26,288,000
18,894,000 288,596,000
8,783,000 221,643,000
22,298,000 283,302,000
24,615,000 307,524,000
19,395,000 348.204,000
15,000,000 337,054,000
12.377,000 319,627,000
7,975,000 252,651,000
9,334,000 205,081,000
8,698,000 210,949,000
8.971,000 249,271,000
8,510,000 259,091,000
9,343,000 242,555,000
zLOW.
Agriculturists in Quito (Ecuador) Move to Cut Wheat
Imports by Improving Domestic Quality.
A cablegram from Guayaquil, Ecuador, Feb. 18, to the
Transactions in Grain Futures During January on New York "Times" said in part:
Chicago Board of Trade and Other Markets.
Highland agriculturists meeting in Quito decided to-day that improveRevised figures showing the volume of trading in grain ment of the quality of domestic flour was necessary to supplant the foreign
product, imported largely from the United States to the value of $1,000,000
futures on the Board of Trade of the City of Chicago, by a year
1192
FINANCIAL CHRONICLE
The Government is sponsoring the project and promised aid in selection
of seed wheat and lower freight rates to the coast. The question of a protective tariff was not determined.
Census Report on Cotton Consumed in January.
Under date of Feb. 14 1930 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of January, 1930 and 1929. Cotton consumed
amounted to 577,235 bales of lint and 62,393 bales of linters,
compared with 453,892 bales of lint and 53,544 bales of linters
in December 1929 and 668,286 bales of lint, and 69,359 bales
of linters in January 1929. It will be seen that there is a
decrease under January 1929 in the total lint and linters
combined of 98,017 bales, or 13.3%. The following is the
statement complete:
JANUARY REPORT OF COTTON CONSUMED. ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton In running bales, counting round as half bales, except foreign. which Is in
-pound bales.1
500
Cotton Consumed
DuringYear
United States
Cotton on Hand
.7anuary 31
-
Cotton
Six
In Con- In Public Spindles
Months
Active
musing Storage
Ended Establish- & at Corn- During
Jan. Jan. 31. ments.
presses. January
(bales) (bales)
(bales)
(bales) (Number)
577,2353,319,837 1,830.096 5,406,771
1 1930 668,286 3.447,645 1,768,165 4,615,312 29,198,134
1929
(VOL. 130.
COTTON SEED PRODUCTS MANUFACTURED, SHIPPED OUT. AND
ON HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Shipped
Aug.1-Jan.31 Aug.1-Jan.31
On Hand
Jan. 31.
Crude oil, pound 1929-30 *19,181,886 1.105,563,561 1,038,758,936 126,525.469
1928-29
20,350,682 1,157,437,899 1,082,333,595 *141,243,476
Refined oil, lbs. 1929-30 a338,619,933 8891,239,085
a465,225,978
1928-29 335,993,223 932,578.136
511,337,515
Cake and meal. 1929-30
76,667
1,590,061
206,062
1,460,666
tons
1928-29
32,648
1,666,609
238.778
1,460,479
Hulls, tons
1929-30
63,917
984,141
917,619
130.439
1928-29
29,291
1,002,684
162,712
869,263
Linters, running 1929-30
70,854
737,366
263,671
544,549
bales
1928-29
43.994
776,895
213,892
606,997
Hull fiber. 500- 1929-30
1,848
42,788
2.710
41,926
Pound bales- 1928-29
2,775
44,260
3,405
43,630
Grabbots,motes,
&e.,500
-pound 1929-30
8.453
30.719
19,147
20,025
bales
1928-29
1,903
30,041
19,344
12,600
•Includes 4,021,958 and 14.983,668 pounds held by refining and manufacturing
establishments and 4,186,570 and 33,758,818 pounds in transit to refiners and
consumers Aug. 1 1929 and Jan. 31 1930 respectively.
a Includes 5,506,926 and 7,049,084 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 9,727,216 and 9,877,582 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, eke., Aug. 1 1929 and Jan. 31 1930, respectively.
b Produced from 969.033,559 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 5 MONTHS ENDED DEC.31.
Item
1929.
1928.
011, crude, pounds
10,494,933
11,924,432
Refined, pounds
4,044,834
2,488,773
Cake and meal, tons of 2.000 Pounds
183,724
122,488
Linters, running bales
76,119
52,557
30,753,168
Cotton-growing States
1930 451,519 2,574,091 1,402,705 5,170,609 18,008,392
1929 508,221 2,638,331 1,321,977 4,411,323 17,990,712
1930 106,060 623.621362,096 110,343 9,926,662
1929 137,134 688,472 382,745
95.773 11,487,426
122.125
65,295 125,819 1,263,080
1930 19,65
63,443 108,216 1,275,030
1929 22,931 122,842
Petroleum and Its Products
-Crude Price Situation in
Turmoil-Standard of New Jersey Defends Cut
All other States
Others Denounce Reductions as Unwarranted.
Included AboreThe crude price situation came to a boiling point during
40,302
114,180
69,247
Egyptian cotton
1930 19,66
the past week with statements pro and con holding the
26,294
113,299
44.863
1929 22,32
21,545
25,530
1930 7,657 48,112
Other foreign cotton
attention of the entire industry. The Standard Oil Co. of
15,166
34,739
25,716
1929 6,498
9,032
7,019
3,332
-Egyptian cotton_.. 1930 1,11
Amer.
New Jersey, which started the present trouble last month
5,621
5,124
1929 1,451
6,197
Not Included Above
when it cut the price of crude in Mid-Continent, issued a
11930 62,393 426,624 196,301
94,350
Linters
1 1929 69,359 417.327 204,001 22.758
statement defending its action on the ground of over production, declaring that "we believe that conservation and
Imports of Foreign Cotton (600-1b. Bala).
the prosperity of the industry cannot be realized while addi6 Mos. Ended Jan. 81. tions are being made to the already burdensome
Coundry Of Production.
January.
stocks" and
1929.
1930.
1930.
1929.
pointing out that "fluctuations in the price of crude and al/
98,778
23,122
29.059
123,772 other commodities are not ultimately controlled by indiEMS
1,374
12,426
682
Peru
9,201
18,649
China
12,617
19,485 viduals and corporations, but by conditions."
9.644
31,021
Mexico
4,466
35,818
11,989
Meanwhile, other factors in the Mid-Continent crude price
British India
29,684
10,142
16,641
2,320
1,190
439
1,549 situation were freely placing the blame on a "war of comAn other
553
54,939
Total
191,748
51,474
206,466 petition" which they declared is being waged in the East
between Standard of New Jersey and Shell Union. Oil
Exports of Domestic Cotton Excluding Linters well operators are increasing their efforts to bring about
(Running Baiss--Ses Note for Linden).
a successful program of curtailment, impetus being given
6 Mos. Ended Jan. 31.
Country to Which Exported.
January.
this move by the crude oil price outs of the past week, made
1929.
1930.
1929.
1930.
in every producing field from the Rocky Mountain States
United 'Kingdom
988,240 1,351,193 eastward.
188,641
254.677
629,544
584,274
France
84,078
93,685
450,311
418,661
Italy
On Feb. 13 the Sinclair Crude Oil Purchasing Co. reduced
72,383
50,710
Germany
139,839 1,263,477 1,399,433
148,461
563.548
Other Europe
621.703 its Mid-Continent scale to that inaugurated by the Standard
85,089
72,852
738,652
Japan
917,909 subsidiaries in January, ranging from 17 to
100,395
129.484
41 cents a barrel.
257,240
283,551
52,134
All other
44,904
This was followed on Feb. 15 by similar action on the part
Total
788.595 4,891,012 5,576,724
728,737
of Prairie Oil & Gas Co. in Mid-Continent. On the same
Note.
-Linters exported, not included above, were 12,572 bales during January
In 1930 and 27,228 bales In 1929; 65, 29 bales for the 6 months ended Jan. 31 in day Rocky Mountain crudes were cut 8 to 27 cents by the
1930 and 103,345 bales in 1929. The distribution for January 1930 follows: United
and Ohio Oil Co. The Ohio Oil Co.
Kingdom, 476; Netherlands, 293; France, 2,870; Germany, 5,208, Italy, 885; Bel- Midwest Refining Co.
gium, 1.804; Canada, 1,632: Newfoundland. 4.
also cut Central States crude from 10 to 18 cents. On
WORLD STATISTICS.
Feb. 17 the Seep Agency cut Pennsylvania crude 25 cents
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1928, as compiled from various sources Is 25,611,000 bales, counting and other Appalachian crudes 15 to 18 cents.
American In running bales and foreign In bales of 478 pounds lint, while the conIt was declared significant that when the Sinclair reducsumption of cotton (exclusive of linters in the United States) for the year ended
July 31 1929 was approximately 25,782,000 bales. The total number of spinning tion was made, this being the first break since the original
cotton spindles, both active and idle is about 164,000,000.
cuts in January, Mr. Sinclair declared the reductions to be
"inequitable and a backward economic step." Likewise
Cottonseed Oil Production During January.
the Prairie expressed its belief in the unsoundness of the
On Feb. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand move, but pointed out that it was impossible to continue
competitors or its competitors' customand cottonseed products manufactured, shipped out, on paying more than its
ers. The Prairie concluded by expressing the hope that the
hand, and exports during the month of January 1930 and
"producers and refiners alike will continue their councils
1929:
for co-operation, and by concerted effort and mutual co-operCOTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
ation readjust conditions which of themselves will restore
On hand at Mills
Crushed
Received at Mills*
to the average producer of both crude oil and refined products
Jan. 31.
Aug. 1 to Jan. 31. Aug. 1 to Ian. 31.
State.
a reasonable price."
1929.
1930.
1929.
1930.
1930.
1929.
The prices in Mid-Continent are now down to the schedule
25,490
53,716
Alabama
261,084 251,674 236,785 198,071
8.209 which was effective from Jan. 25 to May 20 last year. This
5,872
47,880
Arizona
53,073
55,987
58,782
73,414
Arkansas
393,237 372,862 288,939 299,681 105,396
28,245 is 60 cents a barrel for oil heavier than 25 degrees A.P.I.,
40,453
California
51,243
67,512
107,852
79,250
62,736 with a 6-cent differential per degree of gravity up to 32
14,203
Georgia
345,534 366,241 331,928 303,979
41,317
32,074
Louisiana
209,234 200,817 182,228 159,617
Mississippi
-cent differential up to 44 degrees gravity.
684,336 583.368 498.398 405,140 191,594 182,227 degrees, and a 3
57,212
21,929
North Carolina
205,081 281,013 183,603 223,003
82,548 Oil of 44 degrees or lighter takes a top price of $1.44 a barrel.
Oklahoma
63,885
337,783 367,621 277,753 283,899
21.023 The
South Carolina
8,445
150,463 188,292 142,611 167,434
price of 36 gravity crude, regarded as the average,
70,067
Tennessee
70,592
292.968 277.197 223,452 209,999
Texas
1,185,013 1,605,625 1.032,692 1,311,945 172,436 306,474 $1.20 a barrel.
12,010
All other States
8.376
66,534
67,003
54,993
58,288
The annual meeting of the Petroleum Division, American
United States
4.297.901 4.69a oan 3 R77 2R2 3716864 760.745 999.198
Institute of Mining and Metallurgical Engineers, held this
•Includes seed destroyed at mills but not 41,606 tons and 21,972 tons on hand
Aug. 1 nor 60,009 tons and 66.892 tons reshipped for 1930 and 1929. respectively. week. brought forth many statements regarding the crude
New England States
FEB. 22 1930.]
FINANCIAL CHRONICLE
situation, the most important being the decision that the
1930 production of crude will depend upon the course followed by operators in abiding by the different voluntary
programs of conservation.
Production for the week ended Feb. 15 showed a daily
increase of 39,150 barrels, due entirely to California producers, who increased that State's daily average output by
43,100 barrels.
Changes in crude prices follow:
Feb. 13.
-Sinclair Crude Oil Purchasing Co. met Humble-CarterMagnolia 17 to 41 cents per barrel in Mid-Continent.
-Prairie Oil & Gas Co. met Mid-Continent reductions, adopting
Feb. 15.
the same scale.
-Midwest Refining Co. and Ohio Oil Co. cut Rocky Mountain
Feb. 15.
crudes 8 to 27 cents per barrel.
-Ohio Oil Co. cut Central States crude 10 to 18 cents per barrel.
Feb. 15.
Feb. 17-Seep Agency cut Pennsylvania crude 25 cents per barrel and
other Appalachian crudes 15 to 18 cents per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
Corning, Ohio
Cabe% W. Va
Illinois
Western Kentucky
Mideontinent, Okla., 37
Corsicana, Texas, heavy
Hutchinson, Texas, 35
Luling, Texas
Spindtete% Texas. grade A
Spindletop, Texas, below 26
Winkler. Texas
$2.80
1.75
1.35
1.45
1.53
1.23
80
.87
1.00
1.20
1 05
.65
Smackover, Ark.. 24 and over
Smackover, Ark., below 24
Eldorado. Ark.. 34
Urania, La
Salt Creek, Wyo., 37
Sunburst, Mont
Artesia, N. M
Santa Fe Springs, Calif.. 33
Midway-Sunset, CALM, 22
Huntington, Calif., 26
Ventura. Calif.. 80
Petro11n, Canada
3.90
.75
1.14
Aso
1.23
1.65
1.08
1.26
.80
1.09
1.18
1.90
1193
Rate of Crude Petroleum Output at Lower Rate in
December-Inventories of All Oils Higher.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during December 1929 amounted to
80,339,000 barrels, a daily average of 2,592,000 barrels.
This represents a small decline from the previous month.
The curtailment inaugurated in November was continued
throughout December, and the majority of the fields and
States declined in output. The Oklahoma City field increased its output from a daily average of 55,000 barrels in
November to 74,000 barrels in December. The Santa Fe
Springs, Calif., field showed a small increase, but both West
Texas and Seminole continued on the down grade. Although
the production of crude remained nearly stationary, the
demand for refining purposes decreased and stocks increased.
Pipe-line and tank-farm stocks east of California were lower
-335,084,000 barrels, against 336,028,000 barrels; but
stocks held by refiners increased during the month from
44,235,000 barrels to 46,195,000 barrels. Stocks of refinable
crude in California decreased, but this was more than compensated by an increase in heavy crude and fuel stocks.
Total stocks of all oils amounted to 682,069,000 barrels
on Dec. 31 1929, an increase of 3,595,000 barrels over the
previous month. This increase is in contrast to a decrease
in these stocks of over 3,000,000 barrels in November. The
Bureau's report further adds:
REFINED PRODUCTS
-NO IMMEDIATE ACTION ON PRICES
In general, the output of the flush producing areas declined in December.
FOLLOWING CRUDE CUTS-STANDARD OF NEW JERSEY
The daily average output of the greater Seminole area amounted to 311.000
REDUCES TANK CAR GASOLINE IN NEW YORK ONLY
- barrels, as compared with 326,000 barrels daily in November. This decline
JOBBING DEMAND EASY IN ALL FIELDS.
was due principally to a continued curtailment of new work as well as to the
decline of the
Although there has been no definite downward trend in natural barrels daily inold wells. Oklahoma City reached a new peak at
December, an increase over November of 19.000
74,000
refined products' prices following the general cut in crude, it barrqls. The output of the West Texas area continued to decline as the
total new initial production fell to the lowest point in many months. Prois generally believed in the industry here that a downward
Long Beach fell off again, but Santa Fe Springs was slightly
revision will shortly be made, when the affect of the lower duction at
higher following the drastic curtailment of the previous month.
crude prices is realized.
Stocks of Seminole were again drawn on and amounted to 17,444,000
On Tuesday, Feb. 18, the Standard Oil Co. of New barrels, as compared with 17,754,000 barrels the previous month.
In general, there were fewer oil wells completed in the flush fields in
Jersey reduced tank car gasoline I cent per gallon to 8M December, and the total number of wells drilling on Dec. 31 in the four
cents per gallon in New York only. The price remains fields of Seminole, West Texas,Long Beach and Santa Fe Springs amounted
unchanged at 8 i cents per gallon throughout the rest of to 720 as compared with 760 on Nov. 30.
PRODUCTION AND GRAVITY (BARRELS OF 42 U. S. GALLONS).
the S. 0.
NI
V
Y
N. J.
There has been an almost total lack of new business in
December 1929.
November 1929.
December 1928,
gasoline, but much was expected of the Washington BirthTotal. DailyArer. Total. DatlyAver. Total. Daily Aver.
day week-end, coupled with the fact that the few preceding
18,407.000
Seminole,
1
days brought almost spring-like weather, with a resultant St. Louis, &e_I 9,627,000 311,000 9.790.000 326,000 14,157.000 271,000
134.000
55.000
74,000 1,644.000
Oklahoma City 2,295,000
jump in motoring.
355,000 10.799,000
339,000 10,652,000
West Texas__ _ 10,494,000
348,000
105.000 3,467,000
Kerosene is in an unsettled condition. Consumption thus Long Beach_a_ 3,254,000 168,000 4,838,000 116,000 5,794.000 187,000
161,000 3.021.000
Santa Fe Spr_a 5.193.000
97,000
far this winter has not been up to expectations, and it is
a From American Petroleum Institute.
reported that accumulated stocks are larger than usual. STOCKS AT SEMINOLE ST. LOUIS,&c.(BARRELS OF 42 U.S. GALLONS).
However, refiners are holding to their posted price of 79.j
Dec. 311929. Noe. 30 1929. Dec. 31 1928.1s
cents per gallon.
538.000
The general price structure of refined products is weaker Producers' necks
537,000
415,000
16,906,000
17,217,000
17,351.000
than it has been for some time, and buyers are holding back, Tank-farm stocks
17,444,000
Total stocks
17,754,000
17,766,000
awaiting some definite indication of what the trend will be.
b Includes stocks at Seminole only.
One section of the market which is holding fairly steady is
RECORD OF WELLS, DECEMBER 1929.c
the domestic heating oil division. No price shading has
been noted, and demand continues on a level and substantial
Complaions.
Total /atrial Ayer.initial Drilling
Productkm Procluajon
Dec.
basis.
Gas. Dry. (Barrels). (Barrels),
Oil.
31.
Refiners report large shipments against contracts, and Seminole,St. Louts. dm-- 57
5
28
55,200
1,000
246
60
-25
stocks in refineries are not especially large.
West Texas
76,700
1,300
280
Long Beach
7,300
900
63
Marine fuel oils are unchanged, with steady movement. Santa Fe Springs
57,500
151
3,200
There was a slight improvement noted in lubricating oils
C From "011 & Gas Journal."
this week, but no changes were announced in prices.
The production of gasoline for the month totaled 37,133,Price changes:
000 barrels, a daily average of 1,198,000 barrels, and a deFeb. 17.
-Standard of Indiana lowered gasoline tank wagon price 2 cents cline from the previous month of 46,000 barrels, or 4%.
per gallon throughout territory.
Imports of gasoline amounted to 716,000 barrels, exports to
Feb. 18
-Standard of New Jersey lowered tank car gasoline 3,4," cent
5,964,000 barrels, the latter a material increase over Novemper gallon to 835 cents per gallon in New York only. Price remains 8
cents per gallon throughout rest of its territory.
ber. Stocks of gasoline increased sharply and amounted to
43,115,000 barrels on Dec. 31, as compared with 37,780,000
Gasoline, U. S. Motor, Tankear Lots. F.O.B. Refinery,
NY(Bayo'ne)$.184(62.083 Arkansas
barrels the previous month and 33,066,000 barrels a year
4
3.0614 North Louisiana- --$.0714
West Texas
.0814 North Texas
.064 California
.06}‘ ago. The indicated domestic demand was 26,550,000 barChicago
.0931 Loa Angelee, export- .0734 Oklahoma
.07
New Orleans
.074 Gulf Coast, export_ .0835 Pennsylvania
09% rels, a daily average of 856,000 barrels, which compares with
Gasoline, Service Station, Tax Included.
857,000 barrels daily for December 1928. At the current
New York
$.173 Cincinnati
3 18
Minneapolis
rate of domestic demand, the gasoline stocks as of Dec. 31
5.182
Atlanta
.21
16
New Orleans
Denver
.195
Baltimore
22 Detroit
188 Philadelphia
represent 41 days' supply as compared with 32 days' supply
.21
Boston
.20 Houston
18
Ban Francisco
.215
on hand a month ago and 34 days' supply on hand a year
Buffalo
.15 Jacksonville
.24
Spokane
205
Chicago
.15 Kansas City
.179 St. Louts
.16
ago, continues the Bureau, which also goes on to say:
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery,
d
N Y (Bayonne)_, $.07) [Chicago
5.05441New Orleans
8.0714
North Texas
.0534[Los Angeles, export- .054!Tulsa
.063i
Fuel Oil. 18-22 Degree, F.O.B. Refinery or Terminal.
.$1.051Los Angeles
New York(Bayonne)
8.85 Gulf Coast
8.76
2.00 New Orleans
Diesel
.95 Chicago
.5/
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
Newyork(Bayorane)$.054 Ichicago
$.031Tulsa
3.03
The domestic demand for kerosene increased 12% over Novmeber
and stocks were reduced to 9,039,000 barrels from 9,366,000 the previous
month. Cracking rose to a new high level, which, with an increase in
demand of fuel oil for heating purposes. caused a material withdrawal
from stocks of gas oil and fuel oil east of California. The statistical position
of both lubricants and was remained practically unchanged.
The refinery data of this report were compiled from schedules of 346
refineries with an aggregate daily recorded crude-oil capacity of 3,617.940
barrels, covering, as far as the Bureau is able to determine, all operations
during December. These refineries operated at 72% of
their recorded
1194
FINANCIAL CHRONICLE
capacity, given above, as compared with 349 refineries, operating at 75%
of their capacity in November.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
-Dec.
Jan.
-Dec. Jan.
1928.a
1929.
Dec.
1929.
Nov.
1928.
Dec.
1928.
80,339
2,592
4.457
238
78,181
2,605
4,504
245
79,493 1,005,598
2,755
2,564
52,271
3,929
3,055
252
901,474
2,463
42,326
2,809
Total production
Daily average
Imports:
Crude petroleum
Refined products
85,034
2,743
82,910
2,764
83,674
2,699
1,060,924
2,907
946,609
2.586
5,887
2,402
4,535
3,347
6,807
996
78,915
29,704
79.767
11,790
Total new supply all olla
Daily average
93,323
3,010
90,792
3,026
91,477
2,951
Increase in stooks,all oils
3,595
b3,010
4,822
89.728
2,894
93.802
3,127
88,855 1.101,827 1,015,584
3,019
2,775
2,802
2,089
12,280
75,359
2,431
2,580
10,440
80.782
2.693
1,529
9,439
75,887
2,448
26.374
135,883
939.570
2,574
18,986
135,483
861,135
2.353
312
71
251
333
233
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Bensol
Demand
Total demand
Daily average
Exports: c
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic production over domestic
demand
1.169,633 1.038,166
3,204
2,837
22,582
67,806
380,393
152,944
374,874
115,914
381,391
153,135
374,874
115.914
534.526
604
146.939
533,337
514
144.623
490,788
407
128,530
534,526
604
146,939
490,788
407
128,530
682,069
Grand total stocks all oils_
236
Days' sui1DIY-e
Bunker oil (included above In
4,100
Amyl...Atte damandl
678,474
217
619,725
221
682,069
226
619,725
223
4,110
4,188
52,308
51,226
a 1928 figures are final and include producers'stocks except for Calif. b Decrease.
cIncludes shipments to Alaska. Hawaii and Porto Rico. d Includes fuel oil in California. e Grand total stocks all olls divided by daily average total demand.
PRODUCTION OR CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).
December 1929.
Dec. 31
1929.
At Refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast
-Domestic
Foreign
kl1Palachlan
ndiana, Illinois, Kentucky, As
)klahoma, Kama, and Missouri
renal-Inland
Gulf coast-Domestic
Foreign
krkansaa and inland Loulalana
Louisiana Gulf Coast
-Domestic
Foreign
locky Mountain
Nov. 30
1929.
8,955,000 8,695,000
3,989,000 3,208,000
2,953,000 2,952,000
3,305,000 3,199,000
5.610.000 5,372,000
2,034,000 1,702.000
10,749,000 10,519,000
485,000
585,000
1,050.000 1.046,000
3,930,000 3,910,000
1,499,000 1,535,000
1,636,000 1,512,000
Dec. 31
1928.
8,496,000
4.308,000
2,183,000
2,939,000
5,530,000
2,184,000
7,208,000
207,000
758,000
3,315,000
1.359.000
2,046.000
Total east of California
46,195,000 44,235,000 40,529,000
Elsewhere than at Refineries
Domestic-Reported by field of origin:
Appalachian-N. Y., Pa. W. Va., Gross 4,975.000 4,787.000 5.036.000
Net
4,675,000 4,473,000 4,751.000
Eastern and Central Ohio
Gross
708,000
Kentucky
828,000
913.000
Net
574,000
690,000
764,000
Gross
731,000
Lima-Indiarut
663,000 1,344.000
Net
544,000
477,000 1,162.000
Gross 11.113,000 11,073.000 12,035,000
Illinois-S. W. Indiana
Net
10.411,000 10,371.000 11,367,000
Mid-Continent--Okla.,Kan., Pan- Gross 265,371,000 286,157.000 251,849.000
handle,Cent., North& West Texas Net 252,504,000 253,425.000 239,345,000
Gross 25,207,000 25,062,000 29,131,000
Northern Louisiana and Arkansas
Net
21,568,000 21,460,000 26,403,000
Gross 20,547,000 20,879,000 18,828,000
Gulf coast
Net
20,129.000 20,480.000 18,272,000
Gross 24.740,000 24,729,000 25.522.000
Rocky Mountain
Net
24,679,000 24,672.000 25,501,000
Total.
Total.
Daily At
Foreign crude petroleum on Atlantic Court__
Foreign crude petroleum on Gulf Coast
80,000
32,000
105.000
25,000
49,000
210,000
112,000
130,000
259,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crude
381,391,000 380,393,000 368,353,000
petroleum east of California
Classification by Gravity (Approximate)
East of California:
Light crude (24 deg, and above)
Heavy crude (below 24 deg.)
California-Light (20 deg, and above)
Heavy (including fuel)
Producers' Stocks (not(id,above approx.)East of California
California
g Not available.
342,049,000 341,446,000 319,928,000
39,342,000 38,947,000 48,425,000
40,429.000 41.571,000 16,995,000
111,660,000 110.718.000 98,919,000
6,050,000
1,046.000
6,150,000
655,000
6,521,000
a
INDICATED 1 ELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES,TO DOMESTIC CONSUMERS(BARRELS).
November 1929.
Daily Av.
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES(Bbl.)
Total pipe-line & tank-farm stockafGross 353,392,000 354,178,000 344.658.000
(Net 335.084,000 336,028,000 327,565,000
east of California
Stocks (End of Month)
Crude petroleum:
Pipe-line. tank-farm, and
refinery:
381.391
East of California_a
153,135
California_ d
Total crude_d
Natural gasoline at Planta
Refined products
[VoL. 130.
-Dec.
Jan.
1929.
Jan.
-Dec.
1928.
November 1929.
Domestic Petrol. • December 1929.
Jan.
-Dec. Jan.
-Dec.
by Ftelds of
Field-1929.
Total. Daily Av. Total. Daily Av.
1928.
Origin.
97,900 33,757,000 31.059,000
2,937,000
97,400
Appalachian- 3,018.000
1,670,000 Appalachian __ 2,932,000
115,000
3,900 1,649,000
110,000
3,500
Lima-Indiana_
94,600 3,151,000 105,000 34,023,000 32,908,000
59,4000 Lima-Indiana
13,100 4,354,000
393.000
372.000
12,000
Michigan
108,000
1,400
3,600 2.167,000 1,649,000
43,000
.
19,500 7,216,000 7,425,000 Michigan
584,000
18,300
587,000
-13. W. Ind_
393,000
Ill.
12.000
13,100 4,354,000
372,000
595,000
Mid-Continent 47.024,000 1.516,900 45,382,000 1,512.700 584,751,000 553,125,000 III. & S. W.Ind
576,000
17,000
19,200 8,172.000 8.232,000
527,000
5,224,000 174,100 55,574,000 46,591,000 Mid-Continent 47,837,000 1,543,100 48.406.000 1,613,600 576.427.000 534.951,000
5,281,000 170,300
Gulf Coast
73,600 26.360,000 f29,199.000 Gulf Coast
2,262.000
73,000 2,208,000
Rocky Mtn
5,612,000 181,000 5,448,000 181,600 53,717,000 488,31.000
21.705,000 700,200 21,318,000 710,600 292,037,000 231,811,000 Rocky Mtn
California
72,800 2.257.000
7.5,300 27,182,000 31,084,000
2,255,000
U. IL total 80,339,000 2.591,600 78,161,000 2,605,400 1005598000 901,474,000 Deliveries and
59,578,000 1,921,000 60,339.000 2,011,300 706.042,000 655.750.000
exports
State
58,202,000 1,877,500 58,483,000 1,949,400 687,529,000
Deliveries
60.200 25,076,000 32,096,000 For'n petrol'm_ 5,905,000 190,500 4,520,000 150,700 79,062,000 042,466,000
60,500 1,806,000
1,875.000
Arkansas
79,591,000
710,600292,037.000 231,811.000
21,705,000 700,200 21,318,000
California
5,000 2,298,000 2,774.000 Deliveries of do5.400
151,000
166.000
Colorado
16,900 6,304,000 6,462,000
506.000
490,000
15,800
Illinois
mestic & for.
977,000 1,052,000
83.000
2,800
2,600
82.000
Indiana:
netrolanm
64.107.000 2.068.000 63,003,000 2,100.100 768.591.000 722.057.000
963.000
912,000
78,000
2,600
77,000
2,500
Southwestern
89.000
65,000
5,000
200
5,000
100
Northeastern
NUMBER OP WELLS COMPLETED.h
3,477,000 112,100 3,433,000 114.400 42,875,000 38,596,000
Kansas
725,000
24,200 7,776,000 7,359,000
711,000
23,000
Kentucky
57,200 1,656,000
55,200 20.229,0'10 21,847,000
1.774,000
LOUISIADE:
November
December
Jan.
-Dec.
Dezember
-Dec,
Jan.
19,400
592,000
19,700 7,235,000 7.053,000
602,000
Gulf Coast
1929.
1928.
1929.
1929.
1928.
35,500 12,994,000 14,794,000
37,800 1,064,000
Rest of State 1,172,000
594,000
393,000
13,100 4,354,000
372,000
12,000
Michigan
1,404
1,070
15,515
237,000
7,600
12,526
243,000
8.100 3.183,000 4,015,000 Oil
1,060
Montana
229
303
943,000 Gas
2,893
248,000
8,000
238,000
7,900 1.689,000
306
2,727
New Mexico__
742
605
7,900
298.000
9,600
281,000
9.400 3.346,000 2,603,000 Dry
608
7,078
New York.-542,000
17,500
532.000
17,700 6,708,000 7,015,000
Ohio:
, n'A
2 449
1004
911 /AO
90 011
14.100
437.000
422.000
14,000 5,224,000 5,434,000
Cent.&East.
105.000
3.400
110,000
Northwestern
3,700 1.484,000 1,581,000
h From "011 & Gas Journal" and California office of A. P.1.
20,125,000 649,200 19,120,000 637,300 253,704,000 249,857,000
Oklahoma:
19.667,000
1,137.000
37,900
OsageCountY
230,190,000 SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
17.983,000 599,400
Rest of State
35,800 1.053.000
EASTERN PORTS IN UNITED STATES (BARRELS).
Pennsylvania__ 1,110,000
35,100 11,805,000 9.956,000
19,000
46,000
1,000
Tennessee
25,054,000 808,200 24.591,000 819.700 298,441,000 257,320,000
Texas:
December November December Jan -Dec. Jan.
-Dec.
Gulf Coast- 4,679,000 150.900 4.832,000 154,400 48,339,000 39,538,000
1929.
1928.
1929.
1929.
1928.
Rest of State 20,375,000 657,300 19,959,000 665,300 250,102,000 217,782,000
14,900
455.000
15,200 5.587,000
5,661,000
462,000
West Virginia_
1,299,000 2.301,000
52,600 19,190,000 21,481,000 Crude oil
52,000 1,578,000
1,611,000
Wyoming:
930,000
31,000 11,360,000 14,023,000
30,500
944,000
Salt Creek
Refined products:
646,000
21,600 7,830,000
7,438,000
21,500
667,000
Rest of State
1,976,000 2,131,000 1.887.000 23,483.000 16,779,000
Gasoline
330,000
Tops
Classification by Gravity (approx.)
50,000
53.000
229,000
1,000
Kerosene
71,264.000 2,298,900 69,409,000 2,313,700 904,111,000 805,534,000
Light crude
656,000 332,000 250,000 3,864.000 2,324,000
Gas oil
292,700 8,752.000 291,700 101,487,000 95,940.000
9.075.000
Heavy crude
3,000
3,000 179,000 1,028,000
75,000
Fuel oil
11,000
2,000
182,000
335,000
Lubricants
1i:dio4es 6,000 barrels for Alaska and Utah.
2.000
2,000
2,000
28,000
29,000
Asphalt
EXPORTS OF CRUDE PETROLEUM (BARRELS).
IMPORTS AND
2.773,000 2,518,000 2,144,000 27.965.000 20.835.009
Total refined Products
(From Bureau of Foreign and Domestic Commerce)
December 1929.
Total.
Daily AL
January- JanuaryDecember December
1929.
1928.
Daily Av.
November 1929.
Total.
Imports
From Mexico
712,000
From Venezuela..._ 3,236,000
From Colombia_ __ _ 1,696,000
From other countr's 243,000
23,000 708,000
104,4003,132,000
54,700 420,000
7,800 275.000
23,600 12,663,000 17,584,000
104,400 50,637,000 46,977,000
14,000 12,620,000 11,838,000
9,200 2,995.000 3,368,000
Total imports- 5,887,000
189,900 4.535,000
151,200 78,915,000 79.767,000
Exports
Domestic crude oil:
To Canada
1,657,000
To other countr's 432.000
Shipments
Foreign crude oil_
53.500 2,223,000
13,900 357.000
74,100 22,250,000 15,431,000
11,900 4,117,000 3,530,000
4,000
7,000
1,000
Total exports
2.089.000
67.400 25500(14)
Sui.onn 26.374.000 18.966.000
STOCKS HELD BY REFINING COMPANIES IN THE UNITED STATES
NOV. 30 1929.
(In Barrels)
Gasoline.
& 6,063,000
East coast
1,383,000
Appalachian
5.634,000
Indiana, Illinois. Kentucky, &c
Oklahoma, Kansas, Missouri_._ 4.123,000
Texas
6,648,000
2,145,000
Louisiana and Arkansas
2,334.000
Rocky Mountain
California
14,785,000
Total
Total Nov. 30 1929
Texas Gulf coast
Louisiana Gulf coast
Kerosene.
Gas &
Pt1C1 0118.
Lubricants.
1,340,000 6,940,000
293,000 1,003,000
943,000 3,490,000
1,002,000 4,033,000
1,582,000 14,868,000
749,000 2,771,000
289.000 1,320,000
2,841,000
2.757,000
1.175,000
854,000
514,000
1,732,000
116,000
169,000
952,000
43,115,000
9,039,000 134,425,000
8,269,000
37,780,000
5,313,000
1.838.000
9,366,000 137,399,000
1,425,000 10,943.000
694.000 1.892.000
8,117.000
1,886,000
110,000
FEB. 22 1930.]
FINANCIAL CHRONICLE
Oth.Finished
Fred545
(Ms.)
Unfinished
Oils
(Bbls.)
88,000
56.000
285,000
48,000
22,000
181.000
94,000
402,000
8,306,000
1.507.000
4,498.000
2,485,000
13,063,000
4.724,000
1,512.000
19,296,000
187,990,000 692,500 240,300 1,158,000
East coast
Appalachian
Ind., III., Kentucky. &a
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
tributed to that report. The report for the week ended
Feb. 15 1930 follows:
45,389,000
Was
(Lbs.)
Coke Asphalt
(Tons) (Tons)
83.501,000 22,800
19,348.000 5,900
18,203,000 41.400
4.894,000 88,900
4.871.000 301,800
37,457,000 61,100
19.716,000 110,000
80,800
89.700
3,600
65,300
3,400
10,700
25,200
5,400
37,000
Total Nov. 30 1929
185.559.000 887,800 234,000
Texas Gulf coast
4,824,000 289,900 10,700
Louisiana Gulf Coast
37.457.000 81.100 20.900
East of California. I Includes 2.841,000 barrels tone
835.000
13.000
157.000
45,623,000
11,579,000
4.152.000
1195
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOOKS.
ENDED FEBRUARY 15 1930.
(Figures In barrels of 42 gallons.)
WEEK
P. C.
Paten-tIal Capacity
Report.
District.
P. C.
Oper.
of Total
Cape.
Report.
Crude
Runs to
Stills.
Gasoline
Stocks.
72.2
73.4
91.0
66.9
79.1
71.0
41.7
63.5
8,195,000
1,801,000
7,325.000
4,552,000
7,610,000
2,823,000
2,757,000
16,011,000
3,060,700
800,000
2.262,200
1,928,500
3,892,400
1,301,500
403.000
3,959,400
100.0
East Coast
91.2
Appalachian
98.6
Ind., Ill. and Kentucky
Okla., Kansas A Missouri 89.1
90.3
Texas
Louisiana-Arkansas
96.8
92.7
Rocky Mountain
99.8
CalUornla
Gas mid
Fuel OU
Stocks.
8,807,000
665,000
2,998,000
2,990,000
12,308,000
2,352,000
1,033,000
109,640,000
Crude Oil Output in United States Again Rises.
Total week Feb. 15---- 95.4 17,407,700
71.4 50,674,000 138,793.000
2,488,800
The American Petroleum Institute estimates that the daily Daily average
69.7 49,297,000 138,957.000
Total week Feb.8
95.4 17.008,000
average gross crude oil production in the United States for Daily average
2,429,700
the week ended Feb. 15 1930 was 2,652,950 barrels, as com- Texas Gulf Coast
9,870,000
6,584,000
2,996,500
99.4
81.8
2.277,000
'Inn 0
879.800
85.2
1,576,000
pared with 2,613,800 barrels for the preceding week, an rc,,,,onn. now (*.natal
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
increase of 39,150 barrels. Compared with the output for
all grades of fuel
In
the week ended Feb. 16 1929 of 2,674,900 barrels daily, the of Mines definitions. the California, stocks of heavy crude and Crude oil rum to
heading "Gas and Fuel Oil Stocks."
oil are Included under
stills Include both foreign and domestic crude.
current figure represents a decrease of 21,950 barrels per
day. The daily average production east of California for
the week ended Feb. 15 1930 was 1,901,950 barrels, as com- Production and Shipments of Portland Cement Decline
pared with 1,905,900 barrels for the preceding week, a de-Inventories Increase.
crease of 3,950 barrels. The following are estimates of daily
The Portland cement industry in January 1930 produced
average gross production, by districts:
8,498,000 barrels, shipped 4,955,000 barrels from the mills,
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
and had in stock at the end of the'month 27,094,000 barrels,
Weeks Ended
Feb. 15'30. Feb. 8'30. Feb. 1'80. Feb. 18'29. according to the United States Bureau of Mines, DepartOklahoma
812,000
632.700
831,650
708,200
Kansas
110,540
110,400
100,500
95,950 ment of Commerce. The production of Portland cement in
Panhandle Texas
91,800
87,800
89,700
51,850
North Texas
81,050
81,850
80.900
83,700 January 1930 showed a decrease of 14% and shipments a
West Central Texas
53,850
55.950
53,850
63,700 decrease of 13.2%, as compared wtih January 1929. PortWest Texas
338,300
342,800
338,400
372,150
East Central Texas
21,250
22,850
23.750
21.350 land cement stocks at the mills were 1.1% higher than a
Southwest Texas
67,050
88.050
88,150
52,800
North Louisiana
36,500
37,800
37,550
38,150 year ago.
Arkansas
57,250
58,700
58,400
78.850
In the following statement of relation of production to
Coastal Texas
178,400
174,000
178,850
121,000
Coastal Louisiana
21,100
21,050
21,250
21.550 capacity the total output of finished cement is compared
Eastern (not incl. Mich.)
123,000
123,900
121.700
104,100
Michigan
14,000
14,750
13,400
4,500 with the estimated capacity of 165 plants at the close of
Wyoming
49,650
54,000
50,100
54,500
Montana
9,350
9,300
9,200
10,000 January 1930, and of 160 plants at the close of January 1929.
Colorado
4,900
5,250
5,050
6,900
capacity of the new plants which began
Nex Mexico
10,300
10,400
10,300
1.750 In addition to the
California,
707,900
710,800
751,000
798.100 operating during the 12 months ended Jan. 31 1930, the
Total
2,852,950 2,613,800 2,595,000 2.674,900 estimates include increased capacity due to extensions and
The estimated daily average gross production for the Mid-Continent improvements at old plants during the period'
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Feb. 15, was
barrels, as compared with
barrels for the preceding week, a decrease of
barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy
oil,
was
barrels, as compared with
barrels, a decrease of
barrels.
The production figures of certain pools in the various districts for the
current week,compared with the previous week,in barrels of
gals.,follow.
-Week Ended-Week Ended
OklahomaFeb.15, Feb.8.
Southwest TexasFeb. 15. Feb.8.
Allen Dome
23,400 23,450 Dant Creek
17,450 15,500
Bowlegs
22.850 21,050 Luling
10,400 10,500
Bristow-Slick
17,400 17,500 Salt Flat
25,950 27,900
Burbank
18,100 16,550
North Louisiana-Carr City
9,050 7,950 HaynesvUle
4,800 4,600
Earlaboro
32,200 30,000 Urania
5,150 5,150
East Eariaboro
31,650 53,250
ArkansasLittle River
47,150 44,850 Champagnolle
4,400 4,050
East Little River
17,090 20,550 Smackover (light)
5.200 5,200
Maud
5.850 6,000 Smackover(heavy)
41,300 41,100
Mission
15,200 12,800
Coastal Texas
Oklahoma City
88,750 89,850 Barbers Hill
24.200 25,850
St. Louis
42,750 41,300 Pierce Junction
10,700 11,100
Saaakwa
9,550 10,850 Raccoon Bend
12,050 12,050
Searight
8,200 7,400 SpindietoP
17,800 19.100
Seminole
22.200 22,150 Sugarland
12,100 12,100
East Seminole
Coastal Louisiana
4,300
3,700
KansasEast Ilackberry
1,450 1,400
Smigwick County
23,450 23,450 Old Hackberry
1,800 1,700
Panhandle Tacos
Sulphur Dome
5,300 5,300
Gray County
Wyoming
54.800 56,300
,
Hutchinson County.- 24,150 24,800 Salt Creek
30,950 29,200
Nonis Texas
Montana
Archer County
17,500 17,800 Sunburst
5,950 5,950
WIlbarger County
California
25,700 28,100
West Central Texas
Dominguez
10,500 10,500
Brown County
8,800
8,900 Elwood-Goleta
59.500 33.800
Shackleford County__ -- 9.200 9,000 Huntington Beach
41.000 41.000
West Texas
Inglewood
22,000 22,500
Crane dr Upton Counties 45,500 45.850 Kettieman Hills
13,500 14.000
Howard County
37,800 38,350 Long Beach
111.000 109,000
Reagan County
18,900 17,050 Mldway-Sunset
78,500 75.000
Winkler County
89,500 88.800 Banta Fe Springs
170,000 11.2,500
Yates
129,500 130,650 Seal Beach
31,500 29,500
Balance Pecos County 6,800 7,200 Ventura Avenue
52,000 51.100
East Central Texas
Corsicana-Powell
5,800 5,850
1,495,100
1,450,600
3,400
1,491.900
RELATION OF PRODUCTION TO CAPACITY.
3,200
1,454,000
42
Jan.
1929.
The month
The 12 months ended-
Jan,
1930.
Dec.
1929.
Nov.
1929.
Oct.
1929.
48.5%
71.0%
38.8%
65.5%
51.5%
66.4%
66.6%
86.8%
77.0%
67.3%
PORTLAND
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED
CEMENT, BY DISTRICTS, IN JANUARY 1929 AND 1930.
(In Thousands of Barrels.)
Stocks at End
of Month.
1929.
1930.
1929.
1930.
1929.
1930.
Stocks
at Had
of Dec.
1929.a
2,410
405
818
703
1,047
2,286
320
727
348
1,377
1,387
257
430
266
313
1,388
249
472
234
927
6,087
1,804
3.224
2,435
3,423
8,075
1.626
3,289
2,516
3.926
5,177
1,555
3,035
2,403
2,876
aupmena.
Production.
Dinrict.
Eastern Pa., N.J.,& Md.
New York and Maine__
Ohio, West.Pa.,& W.Va.
Michigan
Wis., III.. Ind.& lEy
Va., Tenn., Ala., Ga..
Florida and La
Eastern Mo., Ia.. Minn
and South Dakota---Western Mo., Neb.,Kan.
Okla. and ArkansasTexas
Colorado. Mont.. Utah
Wyo.and Idaho
California
Oregon and Washington.
884
842
824
730
1,955
1,753
1,641
1,198
768
189
214
3,891
3,140
2,595
614
466
701
321
349
458
271
317
1,610
530
1,886
817
1,458
813
50
1,034
252
0
718
102
81
1,033
140
42
640
71
524
785
529
413
1,168
485
456
1,090
453
0 851
5.405
5.707
4.955 28.797 27.094
23.550
SHIPMENTS
AND STOCKS OF FINISHED PORTLAND
PRODUCTION.
CEMENT, BY MONTHS, IN 1929 AND 1930. (In Thousands of Bands.)
Production.
851pments.
Stocks at Rad
of Month.
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1929.
1930.
9,881
8.522
9,989
18,750
16,151
18,803
17,315
18,585
17,223
16,731
14,053
11,215
8,498
5,707
5,448
10,113
13,325
16,706
18,949
20,319
23,052
19,950
18,695
11,222
a5,951
4,955
1929.
1930,
26.797 27.094
29,870
29,724
30.151
29.824
27,505
24,525
20,056
17,325
15,381
18,213
23,550
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,483,400 barrels, or 95.4% of the 3,650,900barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
170.198
189.437a
Total
Feb. 15 1930, report that the crude runs to stills for the
a Revised.
-The statistics above presented are compiled from reports for JantudY:
Note.
show that these companies operated to 71.4% of their
week
manufacturing plants except two for which estimates have been included
total capacity. Figures published last week show that com- from all actual returns.
In lieu of
panies aggregating 3,484,400 barrels, or 95.4% of the 3,650,900 barrel estimated daily potential refining capacity of all
Gross Crude Oil Stock Changes for January 1930.
plants operating in the United States during that week, but
Pipe line and tank farm gross domestic crude oil stocks
which operated to only 69.7% of their total capacity, con- east of the Rooky Mountains increased 1,939,000 barrels in
1196
FINANCIAL CHRONICLE
the month of January, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
In general crude oil stocks, including crude oil in transit,
but not producers' stocks at the wells.
Fair Trade in Copper
-Demand for Tin Improves
Lead Steady-Zinc Prices Unsettled.
, Steady improvement in the demand for fabricated copper
featured the market for non-ferrous metals in the past week,
reports "Engineering & Mining Journal Metal Snd Mineral
Markets." Business booked by brass mills was the largest
in some time. Sales of copper to domestic consumers were
in fair volume. Export business continues at a good rate,
total sales for the month to date now being 23,000 long
tons. Prices held at 18 cents, Connecticut, and 1834
cents, Middle West. The report goes on to add:
Finished Steel.
Feb. 18, 1930, 2.305c a Lb.
One week ago
2.3050.
One month ago
2.312e.
One year ago
2.391e.
10 years pre-war average
1 689e.
Based on steel bars, beams,tank plates,
wire, rails, block pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1929__2.412c. Apr. 2 2.362e. Oct. 29
1928_2.391c. Deo. 11 2.314e. Jan. 3
1927.-2.453o, Jan, 4 2.293c. Oct. 25
1926_2.453c. Jan. 6 2.403c. May 1*
-- .560o. Jan. 6 2.396e. Aug. 18
[voL.130.
Pig Iron
Feb. 18, 1930, $18.00 a Gross Ton.
$18.00
One week ago
18.17
One month ago
18.38
One year ago
15.72
10 years pre-war average
Based on average of basic iron at Valley
furnace and foundry irons at Chicago;
Philadelphia. Buffalo, Valley and Birmingham.
Low.
High.
1929_418.71 May 14 $18.21 Deo. 17
1928_ 18.59 Nov.27 17.04 July 24
1927_-- 19.71 Jan. 4 17.54 Nov. 1
1926___ 21.54 Jan. 5 19.46 July 13
.50 July
Steel ingot production continues to increase, the "Wall
Street Journal" of Feb. 18 stated. The U. S. Steel Corp.
is now running at between 85% and 86% of its theorectical
ingot capacity, compared with between 83% and 84% a
week ago and 80% two weeks ago, added the "Journal,"
further stating:
Independents have not gained as much as the leading interest, because
some of the smaller units have not changed their rate. However, for all
the Independents, the rate is now 77%, against 76% in the preceding week
and 73% two weeks ago.
Total orders for lead booked in the last week were in somewhat larger
The steel industry is now producing ingots at 81% of capacity, contrasted
volume than a week ago. A considerable part of this tonnage was specificawith 79% to 80% a week ago and about 76%% two weeks ago.
tions on contract, with cable manufacturers the most active buyers. Most
At this time last year the Steel Corp. was running at better than 90%.
of the orders placed were for February shipment although an occasional sale
,
went through for March and April. Prices were un hanged at 6.10 cents, with independents around 86% and the average was about 88%. was in
In the corresponding week of 1928 the rate for the Steel Corp.
St. Louis, and 6.25 cents. New York.
excess of 90%. Independents were down to 78%,and the average was 84%.
Zinc business remained quiet, although the volume was slightly higher
Considerable significance can be attached to the fact that steel operations
than last week. Prices realized were lower, notwithstanding the higher
have continued to gain in the past week. It was generally agreed in aumarket for zinc concentrate in the Tri-State district. Prompt, as well as
thoritative circles that the test in the steel situation would come about the
April
-May shipment zinc sold at 5.15 cents, East St. Louts.
middle of the current month. If new business was sufficient to keep acTin buying improved during the week with a fairly good demand from
tivities going in this period it was believed that operations would continue
consuming intersts, largely for early shipment. Prompt tin is in strong to
gain into March and reach the peak of the year either next month or April.
hands and there is no disposition to unload at concessions, but forward shipApparently the orders coming to the steel companies have been satisment continues to command a premium. May tin is quoted at from % to
operating managers of the various companies would
cents premium over spot. Prices varied within narrow limits,the market factory, because the
not continue the high rate of production unless they considered it justified
gradually working upward from 383 cents to 39 cents.
by incoming business and the outlook.
Structual steel has been quite an important factor in recent weeks.
Steel Output Increases Slightly-Demand Grows Fabricating shops have been figuring on good-sized orders,and they have
been placing contracts with the steel makers to cover their requirements.
Uneven-Prices Unchanged.
The growing tendency to use steel in construction work of buildings has
Steel production has made a further slight gain, but has been one of the outstanding features of the situation in recent months.
There is also a good demand from automobile companies. Since the
lost the momentum that caused it to rise so rapidly in Janbeginning of the year the buying by the motor makers has been much
uary, reports the "Iron Age" in its current issue. Demand largera year ago. been anticipated when the pronounced lull existed late
had
is uneven, with declines in certain districts offset by increases last year. However, the auto demand is not yet as large as it was at this
others. This contrast is especially sharp in automotive time
in
Railroad contracts are responsible for much of the present steel ingot
steels. with Pittsburgh reporting heavier, and other centers activity. Leading rail makers are working at a high rate. The carriers
are also taking tonnages in tie fastenings, splice bars, nuts, bolts, tie plates.
lighter releases, states the "Age," adding:
Ingot output at Pittsburgh, 75% a week ago, is now nearly 80% of &c., all of which are necessary in connection with the spring work for laying
capacity and a similar rate prevails in the Valley. Raw steel producion, the rails now being delivered.
A feature of the steel situation, which is causing encouragement, is the
however, appears to average 5 to 10 points above,finishing mill operations,
Indicating the accumulation of surplus metal to meet expected expansion slight improvement which has been noted in the price structure. There
Is a tendency to firm moderately in one or two directions, but as yet the
of demand in the spring. At Chicago, new business has receded but specifications fully support an ingot output of 90%. Average raw steel produc- degree of stability desired has not been reached. However, reports from a
tion for the country at large is estimated at 82%, with the Steel Corp. rate number of districts points out that price concessions are not being granted
now as freely as they were late last year and early in January. and it is
at 85%.
Requirements of consuming industries show little change. Motor car hoped that with continued activity in production and good buying the
manufacturers outside of Ford and Chevrolet are adhering to a cautious Price situation will be adjusted upward in the near future.
Policy in ordering steel and their February output will exceed that of JanThe "American Metal Market" says:
uary by only a small margin. All automobile companies are stocking up
The steel trade's recovery from the direct influences of the stock market
their dealers, but until spring buying by car users gets under way,they will
have no accurate measure of ultimate demand. Current automotive con- collapse was nearly completed by the end of January and there has been
little further recovery to date. In various lines, as in standard pipe, buyers
sumption of steel is estimated at 60% of normal.
are anticipating Spring less than usual, tending to defer their purchases.
The railroads and heavy construction are still giving the market confimehofayeoraobile industry there is less than average production for the
n t e utar
.
spicuous support. With the rail buying movement virtually concluded,
orders placed by small Western lines at Chicago totaled 15,000 tons.
Business in track supplies aggregated 11,000 tons. Freight cars placed
during the week numbered 2,471. Including 1,800 for the Louisville &
Nashville and 500 for the Canadian Pacific.
Structural steel lettings, at 32,000 tons, compare with bookings of more
than 50,000 tons in each of the three previous weeks. New inquiries, at
52,000 tons, were the largest this year. Reinforcing bar awards, totaling
mere than LOW tons, were the heaviest for any week since early in November.
Residential construction remains at a low ebb, and makers of merchant
pipe, radiators and sanitary ware have been unable to increase their production schedules.
Tin plate output is undergoing seasonal growth, with two or three mills
now running at close to capacity. The outlook in oil country pipe is not
promising, but considerable line pipe steel may soon be released to the mills.
Fresh inquiries for oil storage tanks, calling for 10,000 tons of plates, have
leased the amount of pending tankage steel to 30,000 tons. Steel demand
from the farm equipment industry is sustained at a high level.
Finished steel prices, barring scattered irregularities, are holding their
own. Scrap has undergone a general advance at Chicago, with heavy
melting grade up another 25c. a ton, but other old material markets are
largely unchanged, though steady.
Pig iron buying is at close range and foundry molt Is uneven, although
showing a slow expansion in the aggregate. The greatest improvement is
reported at Chicago, where February shipments promise to exceed those of
last month by more than 12%. Many producers lack satisfactory backlogs,
in view of short-term sales, but active capacity has been augmented by the
blowing in of a merchant furnace at Buffalo and a steel works stack in the
Youngstown district. A Delaware River cast iron pipe maker has bought
10.000 tons of iron for barge shipment.
Last year's prices on Lake Superior iron ore are likely to be re-established
for the coming season. In 1929 the market advanced 25c. a ton, the first
price change in four years. As a result of the slowing down of the iron and
steel industry in the closing months of last year. consumers have larger
stocks of ore on their furnace yeards than they would be normally carrying
at this time.
Fabricated steel bookings in January are put at 261.800 tons, compared
with 319.550 tons In December and 227.150 tons in November.
Swedish works will supply 1,200 tons of stainless steel plates for the
Assouae Dam In Egypt at a price of $584,400.
The "Iron Age" composite prices are unchanged, pig iron at $18 a ton and I
finished steel at 2.305c. a lb. Pig iron is 38c. a gross ton lower than a year
ago;finished steel is $1.72 a net ton lower, as the following table shows:
important consuming lines are doing fairly well, quite well for
of
the time
Other
Seasonal improvement is to be expected for many weeksas the peak is
reasonably certain to come later than usual. In four of the last six years
March has been the peak month in production.
Whether railroad and building requirements can sustain
the market until other major consumers, especially the automotive industry, come back is the key to the iron and steel
situation, says the "Iron Trade Review" of Cleveland this
week. The "Review" continues:
On the whole, producers believe they will. They appraise the present
halting condition of the market as the usual vagary of February In demand
and production. They look for the month to be a corridor between a fair
January and the spring upturn normally starting in March.
Nevertheless, producers are not unmindful of the fact that the support
of the railroads is now at its maximum. Through May specification sfor
track material and car and locomotive steel will be high, but there will be
practically no replacement of this tonnage. Likewise, much of the structural material for spring building projects already has been placed.
With the general manufacturing trade proceeding cautiously, it is increasingly apparent that whatever added vigor accrues to the market in
the next 60 days must come from the automotive industry in the first
pipe. inthn seco
Instance a ed the oil, orates' and gas industry, as reflected in demand for
second.
There is no diminution of the general expectation that 1930 will be the
reverse of 1929 and build up to a market climax rather than achieve It in
the early months, but some who were optimistic when January opened so
briskly now expect the process to ho slower. Considered in relation to
postwar conditions. 1930 may be nearer a "normal" year than 1929.
Indeed, despite the poor showing as contrasted with a year ago, current
pig iron production measures up to the average of the last ten Februarles,
while the steel ingot rate is 15% ahead.
Determination to advance prices for the second quarter is manifest.
especially among the flat-rolled steel interests, as failure to regain shortly
the ground lost last month means postponement of the effort until fall.
Concessions are less frequent in sheets and strip, except to the automotive
trade. More irregularities have appeared in plates and shapes in some
districts, increasing the spotty effect of the heavy finished steel market,
but to the general trade bars, plates and shapes are on the basis of 1.850..
Pittsburgh.
FEB. 221930.]
FINANCIAL CHRONICLE
Structural steel awards this week at 28,000 tons show a reduction from
the 60,662 tons of last week but exceed the 21,500 tons of a year ago.
Bridge work continues an important factor, with an 11,000
-ton office build-ton subway section let in New York. Slightly more
ing and a 4,500
inquiry is pending.
February purchases of freight cars passed 16,400, the largest since
October, when the Louisville & Nashville placed 1800. Canadian Pacific
has ordered 500, including passenger. Pending passenger car inquiry at
275 is the heaviest in months. Chicago mills have booked 12.500 tons of
rails and 12,000 tons of track fastenings.
Ten thousand tons additional inquiry for tanks has come out at Chicago,
making 30,000 to 35.000 tons pending there. Manufacturers' wire sales
are fair in all districts, while nail demand lags. Sheet buying is spotty,
being lower this week at Youngstown and higher at Pittsburgh. Line
pipe is more active, some large inquiries promising to mature and 49 miles
of 20
-inch line for Cities Service Co. subsidiaries being booked by the
A.0. Smith Corp.
Shipments of pig iron continue to expand moderately, with small sales
being made for second quarter. Pig iron generally presents a more stable,
solid market than finished steel. Prices on pig iron are unchanged save
for a $I reduction In Canada. Coke continues dull and unchanged. Scrap
dealers are more confident, refusing to sell short and asking more than
.consumers are now willing to pay. Some producers are Piling semiinshed steel.
Steel corporation subsidiaries this week are at 85-86% against 83 last
week and 90 a year ago. Independent producers are at 77%. compared
with 76 last week and 86 a year ago. This places the entire industry at
8
- 1%, contrasted with 79-80 a week ago and 8 a year ago. Chicago mills
are close to 90%. Pittsburgh at 75, Youngstown at 78 and Buffalo at 74.
At Cleveland 30 out of 34 open hearths are active.
With European iron and steel markets quiet, producers abroad are bending their energies to consummating mergers and perfecting selling syndicates.
Reports that American producers who are large factors in the export field
will join European interests in a cartel to stabilize international competition
and prices are founded more on hope than on fact at this time. Britain
produced slightly more pig iron and steel ingots in January than December.
but fewer units were active Feb. 1 than Jan. 1. British imports last
month expanded faster than exports.
For the fourth consecutive week the "Iron Trade Review" composite of
14 leading iron and steel products stands at $35.24, indicating the downward price movement is at or near bottom. This compares with an average of $35.56 for January.
Production of Bituminous Coal and Pennsylvania
Anthracite Declines.
According to the United States Bureau of Mines, Department of Commerce, 10,936,000 net tons of bituminous coal
and 1,745,000 tons of Pennsylvania anthracite were produced during the week ended Feb.8 1930, as compared with
11,628,000 tons of bituminous coal and 1,861,000 tons of
Pennsylvania anthracite in the preceding week and 12,070,000
tons of bituminous coal and 1,829,000 tons of Pennsylvania
anthracite during the week ended Feb.9 1929.
For the coal year to Feb. 8 1930, the production of bituminous coal totaled 449,510,000 net tons as against 436,158,000 tons in the coal year to Feb. 9 1929. The Bureau's
statement says
BITUMINOUS COAL
The total production of soft coal during the week ended Feb 8 1930,
including lignite and coal coked at the mines, is estimated at 10,936.000 net
tons. Compared with the revised estimate for the preceding week, this
shows a decrease of 692,000 tons, or 6%. Production during the week in
1929 corresponding with that of Feb. 8 amounted to 12,070,000 tons.
Estimated United states Production of Bituminous Coal (Net Toss)'
1928-29
-1929-30-Week EndedWeek. Coal Yr.go Date.
Week. Coal Yr.to Dale.
Jan.25
11,703,000
11,771.000412,413 000
426,946,000
Daily average
1.962,000
1,951.000
1.691,000
1,635,000
Feb. 1 a
11,875,000
11,628.000
438,574.000
424.088,000
Daily average
1.946,000
1,938,000
1,895,000
1,642.000
Feb. 8_b
10,936,000
12.070,000
449.510,000
436,158,000
Daily average
2.012.000
1.823.000
1,699,000
1.651,000
a Revised since last report. b Subject to revision.
The total production of soft coal during the present coal year to Feb. 8
(approximately 265 working days) amounts to 449,510,000 net tons.
Figures for corresponding periods in other recent coal years are given below:
1928-29
438,158.000 net tons
1926-27
500.861.000 net tons
1927-28
407,458,000 net tons
1925-26
460.395,000 net tons
As already indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended Feb.1 is estimated
at 11.628,000 not tons. Compared with the output in the preceding week,
this shows a decrease of 75,000 tons, or 0.6%. The following table apportions the tonnage by States and gives comparable figures for other
recent years:
1197
&Heated Weekly Production of Coal by States (Net Tons).
Week Ended
Jan.25'30. Feb. 2 '29. Feb. 4 '28.
348.000
340,000
355,000
52.000,
,
317,000
322,000 219,000
1,707,000 1.588.000 1,451,000
421,000
433.000 381,000
114,000
99,000
83,000
81,000
63,000
112,000
1,041,000 1,029,000
835,000
341,000
382.000
378,000
63,000
67.000
56.000
17.000
16,000
21,000
96.000
91.000
83.000
84,000
88,000
66.000
68,000
65.000
57,000
74,000
67,000
42,000
522.000
434,000
214,000
87,000
97,000
71,000
2,660,000 2,789,000 2,6.58,000
120,000
132,000
107,000
19,000
14,000
28,000
151,000
155,000
113,000
273,000
283,000 231,000
61.000
52,000
51,000
2,154,000 2,088,000 1,773,000
715,000
743.000
656,000
131,000
167,000
182,000
1,000
6,000
1,000
-Feb.1
'30.
State
351,000
Alabama
57.000
Arkansas
322,000
Colorado
1,642,000
Illinois
Indiana
443,000
120.000
Iowa
68,000
Kansas
1,022,000
Kentucky-Eastern
329,000
Western
Maryland
63,000
Michigan
18,000
Missouri
100,000
88,000
Montana
New Mexico
55,000
North Dakota
74,000
Ohio
524,000
110,000
Oklahoma
2,664,000
Pennsylvania
129,000
Tennessee
13,000
Texas
166.000
Utah
275,000
Virginia
65,000
Washington
West Virginia--Southemb 2,096,000
655,000
Northern_c
180,000
Wyoming
Other State,
1,000
Jan. 1923
Average.,
434.000
30.000
226,000
2,111,000
659.000
140,000
103,000
607.000
240,000
55,000
32,000
87,000
82,000
73,000
50,000
814,000
63.000
3,402,000
133,000
28,000
109,000
211,000
74,000
1.168,000
728,000
186,000
7,000
Total bituminous coal--11,628,000 11,703.000 11,675,000 10.269,000 11,850,000
Pennsylvania anthracite_. 1,861,000 1,749,000 1,718,000 1,550,000 1,968,000
Total all coal
13,489,000 13,452,000 13,393,000 11,819.000 13,818 000
a Average weekly rate for entire month. b Includes operations on the N.& W..
C. de 0,, Virginian, K. & M. and Charleston division of the B. & 0. c Rest of
States, Including Panhandle,
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Feb. 8 is estimated at 1,745,000 net tons. Compared with
the output in the preceding week, this shows a decrease of 116,000 tons, or
6.2%. Production during the week in 1929 corresponding with that of
Feb.8 amounted to 1,829.000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
-1930Daily Average.
Week EndedWeek.
Week.
Daily Average.
Jan. 25
1,667,000
277.800
1,749,000
291.500
Feb. 1
286.300
1,718,000
1,861,000
310,200
Feb. 8a
304,800
1,829,000
1,745,000
290,800
a Subject to revision.
.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Feb.8 is estimated at 73,600 net tons. Compared with the
output in the preceding week, this shows an increase of 10,300 tons, or
16.3%. Production during the week in 1929 corresponding with that of
Feb. 8 amounted to 101.300 tons.
Estimated Production q' Beehive Coke (Net Tons).
1929
1930
Week Dieted
to Dates
Feb. 9 '29.
to Date.
RegionFeb. 8 '30.1, Feb. 1 '30.c
530.600
Pa., Ohio& W.Va. 63,500
338,600
88,200
54,800
Ga., Ky.. Tenn.
34,000
37,400
6,800
and Virginia__ _ 7,300
5,700
Colorado, Utah dc
33,100
17,300
6,300
Washington_ _ 2,800
3,000
U.S. total
Daily average_
73,600
12,267
63,300
10,550
101,300
16,883
393.300
11,568
599.700
17,638
a Minus one day's production first week In January to equalize number of days
in the two years. b Subject to revision. c Revised.
Anthracite Shipments Declined in January 1930.
Shipments of anthracite for the month of January 1930,
as reported to the Anthracite Bureau of Information, Philadelphia, amounted to 5,405,788 gross tons. This is a decrease as compared with shipments during the preceding
month of December 1929, of 425,746 tons, and when compared with the month of January 1929, shows a decrease of
406,184 tons.
Shipments by originating carriers (in gross tons) are as
follows:
Reading Co
Lehigh Valley RR
Central RR.of New Jersey
Dela., Lack.& Western RR
Delaware & Hudson Co
Pennsylvania RR_
Ede 1R_
N. Y., Ont.& Western R.y
Lehigh & New England RR
Totals
Jan. 1930. Jan. 1929. Dec. 1929. Dec. 1928.
1,149,275 1,165,139 1,157,152 1,041,471
686,070
989,069
877,811
813,538
461,454
560,885
514.375
540,893
802,112
980,641
803.073
744.547
650,993
786,077
712,772
779,237
439,011
533,105
563.388
508,926
488,677
611,671
518,908
618,777
124.762
142.172
1.56,499
130,494
207.075
219.010
210,154
204.243
5,405,788
5,811,972
5.821.624
4.844.050
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 19, made public by the Federal
Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows a decrease for the week of
$5,000,000 in holdings of discounted bills and an. increase of
$5,000,000 in holdings of bills bought in open market and
of $2,100,000 in Government securities. Member bank
reserve deposits increased, $7,800,000, Government deposits
$37,200,000 and cash reserves $3,500,000, while Federal
Reserve note circulation declined $26,300,000. Total bills
and securities were $5,100,000 above the amount reported
a week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
decreases of $11.900.000 at the Federal Reserve Bank of Chicago, $7.100.000 at Kansas City and $5,200,000 at Cleveland, and increases of $9,500,000
at New York and $4,200,000 at Dallas. The System's holdings of bills
bought in open market increased $5.000,000 of Treasury notes $14,400,000
and of United States bonds $200.000, while holdings of Treasury certificates and bills declined $12.500.000.
Federal Reserve note circulation declined $14,500,000 during the week
at the Federal Reserve Bank of New York, $6,500,000 at San Francisco
and $5,100.000 at Cleveland, and increased $7,300,000 at Dallas.
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 1235 and 1236.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended Feb. 19, is as follows:
1198
Folk 130.
FINANCIAL CHRONICLE
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
Total reserves
Gold reserves
real estate mortgages and mortgage loans held by the banks;
Total bills and securities
1 152,895.000 +5,057.000 —250,385.000 previously acceptances of other banks and bills sold with
Bills discounted, total
376.943.000 —4,971,000 —488,037.000 endorsement were included with loans, and some of the banks
Secured by U.S. Govt. obligations- 204,930,000 —7,720,000 --313,341,000
172,013,000
+2,749.000 --474,696,000 included mortgages in investments. Loans secured by U. S.
Other bills discounted
—74,579,000 Government obligations are no longer shown separately,,only
+4,973.000
BM bought in open market
281,057,000
the total of loans on securities being given. Furthermore,
+2,055.000 +308,026,000
U. S. Government securities, total
430,615,000
69,770,000
+178.000
+18.178.000 borrowings at the Federal Reserve are not now subdivided
Bonds
200,532,000 +14,350.000 +105,388,000
Treasury notes
210,313,000 —12,473,000 +184,460,000 to show the amount secured by U.S. Government obligations
Certificates and bills
and those secured by commercial paper, only a lump total
+4,566.000
Federal Reserve notes in circulation_ _1,656,161,000 —26,283,000
of the two being given. The figures have also been revised
+29.900,000
+927,000
2,390,921,000
Total deposits
--3,233,000 to exclude a bank in San Francisco district, with loans and
2 315,411,000 +7.753,000
Members' reserve deposits
+33.800,000
48,987,000 +37,244,000
Government
investments of $135,000,000 on Jan. 2 1929, which was
merged with a non-member bank.
Returns of Member Banks for New York and Chicago
In the following will be found the comments of the Federal
Federal Reserve Districts—Brokers' Loans.
Reserve Board respecting the returns of the entire body of
Beginning with the returns for June 29 1927, the Federal reporting member banks of the Federal Reserve System for
Reserve Board also commenced to give out the figures of the the week ended with the close of business Feb. 12:
member banks in the New York Federal Reserve District, The Federal Reserve Board's condition statement of weekly reporting
as well as those in the Chicago Reserve District, on Thurs- member banks in leading cities on Feb. 12 shows decreases for the week of
in net demand deposits.
days, simultaneously with the figures for the Reserve Banks $27,000,000 in loans and investments, $33,000,000
$7,000,000 in time deposits and $9,000,000 in Government deposits, and an
instead of waiting until Increase of $12,000.000 in borrowings from Federal Reserve banks.
themselves, and for the same week,
Loans on securities decreased $17,000,000 at reporting member banks in
the following Monday, before which time the statistics coverthe Chicago district and $10,000,000 at all reporting banks. "All other"
entire body of reporting member banks in 101 cities loans declined $27,000.000 at all reporting banks and $28,000.000 in the
ing the
cannot be got ready.
New York district, and increased $11.000,000 in the Boston district.
Holdings of U. S. Government securities increased $18,000,000 in the
Below is the statement for the New York member banks
$19,000.000 at all reporting banks, while holdings of
New
thus issued in otherYork district and decline of $8,000,000.
and that for the Chicago member banks
securities show a
The principal changes in borrowings from Federal Reserve banks for the
advance of the full statement of the member banks, which
of
latter will not be available until the coming Monday. The week comprise an increase of $30,000,000 at the Federal Reserve Bank
New York and decreases of $9,000,000 each at Chicago and San Francisco.
New York statement, of course, also includes the brokers' A summary of the principal assets and liabilities of weekly reporting
loans of reporting member banks. The grand aggregate of member banks, together with changes during the week and the year ending
these brokers' loans the present week shows an increase of Feb. 12 1930. follows:
Increase (+1 or Decrease (—)
Since
$44,000,000, the total on Feb. 19 1930 being $3,494,000,000
Feb. 13 1929.
Feb. 11-12 '30. Feb. 5 1930.
as compared with $6,804,000,000, the high record in all time
—27,000.000 —140.000,000
Loans and investments—total. _ _22,100,000,000
established on Oct.21929and $5,477,000,000on Feb.20 1929.
Increase (-I-) or Decrease (—
During
Year.
Week.
$
3 176,930,000 +3.473,000 +337.069.000
2,977,518,000 +2.540,000 +296,408.000
Jan. 15 1930.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
•
New York.
Feb. 19 1930. Feb. 111930. Feb. 20 1929.
Loans and investments—total
On securities
All other
16,588,000,000
—37.000.000
+358.000,000
7,681,000,000
8,907,000.000
—10,000,000
--27,000,000
+188.000,000
+192,000,000
5,512,000,000
+10,000.000
—498,000,000
5,578,000,000 5,611,000,000 5,229,000,000
U.S. Government securities.-- 2,743,000,000
2,769,000,000
Other securities
+19,000,000
--8,000,000
—341,000,000
--157,000,000
2,913,000,000 2,911,000,000 2,743,000,000
2 665,000,000 2,700,000,000 2,486,000,000
:
5:000 000
.
Reserve with Federal Res ve banks 1,147
Cash in vault
1:
-71 0 00:0 00
—53,000,000
1 905,000.000 1,914,000,000 1,880,000.000
Net demand deposits
Time deposits
Government deposits
12,974.000,000
6.853,000,000
9,000,000
—33.000.000
--7,000,000
—9,000,000
—531,000,000
--26,000,000
—34,000,000
1,130,000,000
2,848,000,000
i-21,000,000
--50,000,000
--60,000,000
--79,000,000
185,000,000
+12,000,000
—484,000,000
7484,000,000 7,525,000,000 7,109,000,000
Loans—total
On securities
All other
Loans—total
Investments—total
1114,000.000 1,110,000,000 1,127,000,000
702,000,000 803,000,000 753,000,000
U. S. Government securities
Other securities
743,000,000
50,000,000
Reserve with Federal Reserve Bank
Cash In vault
742,000,000
49,000,000
722,000,000
61,000,000
5,199,000,000 5,218,000,000 5,212,000,000
1,225,000,000 1,223,000,000 1,173,000,000
12,000,000
2,000,000
1,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
78,000,000
844,000,000
Borrowings from Federal Reserve Bank_
37,000,000
76,000,000
911,000.000
95,000,000
948,000,000
37.000,000 103,000,000
Loans on secur. to brokers & dealers;
For own account_
962,000,000 924,000.000 1,023,000,000
For account of out-of-town banks
987,000.000 989,000,000 1,786,000,000
1,545,000.000 1,538,000,000 2.668,000,000
For account of others
Investments—total
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Feb. 22, the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business is still dull in Argentina. The gold deposited with Argentine
embassies and legations reached the sum of 15,556.000 gold pesos. A first
official estimate is to the effect that the area planted to corn this year
amounts to 5,521,000 hectares, an increase of 13% over the previous year,
Loans and Investments—total
but that owing to the drought, heat and smut, the output will be smaller.
1,536,000,000 1,521,000,000 1,646,000,000 Local tire prices increased 10%, but the discount Is the same.
Loans—total
AUSTRALIA.
924,000,000 910.000,000 912,000.000
On securities
612,000.000 611.000,000 735,000,000
All other
The Federal Loan Council at a recent conference voted to further reduce
395.000,000 392.000,000 453,000.000 Federal loans for the time being, and the Commonwealth Bank has anInvestments—total
nounced that at £7,000,000 gold shipment will be sent to London in the
154,000,000 195,000,000 near future to meet accruing obligations. Wool continued firm at recent
182,000,000
Government securities
U.S.
233,000,000 239,000.000 258,000,000 sales.
Other securities
The embargo on peanuts has been extended.
165,000.000 169,000,000 177,000,000
Reserve with Federal Reserve Bank
BELGIUM.
16.000,000
17,000,000
15,000,000
Cash In vault
The rather quiet situation of Belgian industries has continued as expected
1 214,000,000 1,196,000,000 1,245,000.000 with no
Net demand deposits
change likely before spring. Metallurgy has become slightly more
596,000.000 602,000,000 686,000,000
Time deposits
1.000,000 Optimistic, owing to progress in the steel cartel negotiations and of price
1.000.000
Government deposits
fixing at higher levels. The demand for industrial coal has remained only
182,000,000 moderate as a result of Industrial conditions and continued mild weather
159,000,000 166,000,000
Due from banks
315,000,000 315,000.000 has
314,000,000
Due to banks
prevented any quickening in the demand for domestic grades. The
2,000.000 104.000.000 Important textile group of industries has encountered financial difficulties
1,000,000
Borrowings from Federal Reserve Bank_
but support by the banks has been extended and a one year moratorium
has been granted by the principal creditors. Retail trade is extremely dull.
Complete Returns of the Member Banks of the Federal The Belgian bourse is stagnant and the expected improvement has failed
to materialize. Call money rates have strengthened during the past two
Reserve System for the Preceding Week.
weeks and now range from 2; to 3%; funds, however, remain plentiful.
,
‘
As explained above,the statements for the New York and A ministerial decree of February 12 authorizes the Credit Communal de
5 % bonds.
Chicago member banks are now given out on Thursdays, Belgique to float an issue of 500,000,000 francs of internalissued around
about 300.000,000 francs of this amount will probably be
simultaneously with the figures for the Reserve banks them- March 1.
BRAZIL.
selves, and covering the same week, instead of being held
Indications point to a slight improvement in import business in Rio de
until the following Monday, before which time the statistics
market firm.
coffee
covering the entire body of reporting member banks, in 101 Janeiro. In Santos,slightlyexports continue heavy and the
Exchange has been
weaker. On Fob. 13, $6,000,000 worth of
cities, cannot be got ready.
United States, principally by the Bank of Brazil.
gold was shipped to the
Total
On demand
On time
3,494,000,000 3,450,000.000 5,477,000,000
3,137,000,000 3,088,000.000 4,918,000,000
357.000,000 382,000,000 559,000,000
Chicago.
1,939,000,000 1,913,000.000 2,099,000,000
FEB. 22 1930.]
FINANCIAL CHRONICLE
1199
BRITISH MALAYA.
motor cycles, mineral oil, yarn, colored piecegoods, tobacco and matches
Rubber estate returns indicate declining production during the early declined in January.
wintering season. As yet there has been no appreciable effect on the
JAPAN.
output of tin from the cessation of Sunday mining operations. Local
Commercial activity in Japan is at a low ebb pending results of the general
markets are quiet, awaiting recovery in rubber and tin prices with some election
to be held on February 20. Total foreign trade for the first ten days
optimism.
of February amounted to 87,614.000 yen. The import excess for the same
CANADA.
Period was 11,100,000 yen. The Bank of Japan note issue has decreased 78,The seasonal revival in general activity in the past few weeks has bettered 000,000 yen since the removal of the gold embargo on Jan. 11. Since that
early expectations, but it is probably less pronounced than at the beginning date, gold to the amount of 61,000,000 yen has been exported. (1 yen
of 1929. Trade is particularly good in the Maritime Provinces, with Nova equals $0.4912 at current rate of exchange.). A further curtailment of
Scotia factories and shipyards well employed. Both wholesale and retail 3% production is advocated, bringing total curtailment to date up to 41%.
Ines in Winnipeg show improvement and good conditions are reported from It is quite probable that the total production restriction will reach 50%
.
the Peace River district and from Southwestern Alberta. Saskatchewan
NETHERLAND EAST INDIES
Province is estimated by one authority to have suffered a 25% decline in
The Java Bank rate was lowered by %% on February 10 due to improvePurchasing Power as the result of the low wheat harvest in 1929. Pig iron
demand is reported to have improved in January. Carbon black prices ment in the Netherlands exchange and to a lowering of the European
have dropped one cent per pound and buyers are reported to be operating rate. The Java Bank discount rate is now 5%. According to local trade
in the open market and not inclined to commit themselves to contracts. estimates the 1929 Sumatran tobacco crop will equal about 234,500 bales.
In the light of the dependence of the general trade outlook on the wheat
PANAMA.
export movement, returns of Jannary shipments of that commodity are
Total imports into the Republic of Panama during the calendar year
not encouraging; the 4,994,000 bushels exported during the month are
lower by 76% than shipments in the first month of 1929; flour exports of 1929 amounted to $18.400.000. Of this total $12,360,000 came from the
503,000 barrels are down 46% in the same comparison. Lakehead wheat United States. As compared with 1928 the total imports increased by $2,stocks on Feb. 7 totaled 50,948,994 bushels. Trade Commissioner Brook- 060,000. A substantial part of this increase is attributed to the construction
hart at Winnipeg reports that the 1930 budget for both Manitoba and Al- work carried on throughout the year. The President of Panama has
berta show substantial increases in the estimates of receipts and expendi- signed a contract authorizing the Scadta Airways to operate air Unesover
tures. No important change is announced in Alberta taxes, but the gaso- the territory of Panama. It is stated that the Panama Railroad has furline tax in Manitoba has been raised from 2 to 5 cents per Imperial gallon. nished $500.000 to be used in the erection of Canal Zone quarters on the
Trade Commissioner Sabine, Montreal, reports the announcement of a Pacific side of the isthmus. The Canal Zone is considering the erection
1930 land service program by the Canadian Pacific By. Co. involving ex- of a building costing between $200,000 and $300,000 to house steamship
penditures of approximately $50,000,000, which may later be supplemented. companies operating on the isthmus.
Approximately $14,500,000 will be required for purchases of new equipPERU.
ment and the conversion and improvement of existing passenger, baggage
The Peruvian Congress, prior to its adjournment on Feb. 8, passed
and freight equipment. Additional rail facilities will be provided for all the financial
bills which were under consideration. The morelm portant
Western Canada at an estimated cost of $10,000,000, and for Eastern of these bills were the stabilization of the Peruvian pound (Lp) at $4.00,
Canada at an estimated cost of $8,000,000. Other expenditures listed changes in the Reserve Bank Laws to enable it to function under the new
include an appropriation of $3.500,000 for hotels.
monetary standard, and the authorization to pay off short term loans due
the National loan syndicate. As of Jan. 31, the gold reserve was Lp. 5.CHINA.
092.104. note circulation of the Reserve Bank totaled Lp. 6,101,588 and
Business in general in the Shanghai area continues extremely dull, with bank clearings were Lp. 6.839.060.
immediate outlook unfavorable. Based on former customs tariffs, January
The Department's summary also includes the following
collections at Shanghai show an import decrease from one year ago of
36% and a decline of 3% in exports. January coastal trade declined with regard to the island possessions of the United States:
approximately 25% and transit dues 47%. Shipments of merchandise
PHILIPPINE ISLANDS.
from Shanghai to the United States during January totaled $4,480,000,
compared with $5,124,000 in January of last year. Through expresss
General business is sluggish on account of the continued low prices of
trains are operating on the Peking-Hankow and Tientsin-Pulcow lines, but staple export commodities. Heavy stocks of imported merchandise, howlittle freight traffic is being handled as both lines, including the Lughai ever, are gradually being worked down as a result of lower arrivals. The
line, are given over mainly to military purposes. Customs collections at credit situation and collections have improved slightly in rice districts in
Tsingtao during 1929 are reported by Consul W. Roderick Dorsey to total Northern Luzon but in all abaca and coconut areas situation is unimproved
6,450,000 haikwan taels ($4,128,000), an increase of 95% over the previous with collections bad and credits much restricted. The textile market conYear, due largely to a heavier import and export traffic. The volume of tinues unsatisfactory and local buyers are holding off awaiting the trend of
dutiable import commodities increased by approximately 14%. Business in market conditions in the United States. Sugar grinding is well advanced
Manchuria continues stagnant, due to Chinese holidays and unfavorable and the principal centrals have milled about 55% of the estimated crop.
exchange rates. Merchants in North Manchuria are optimistic regarding Very poor demand and heavy arrivals during the past fortnight, with a
future business, but no immediate orders are in sight. Less optimism, Probability of continued heavy shipments for the next three weeks, are
however, is manifested by merchants in South Manchuria.
causing abaca producers and dealers to release stocks at unprofitable
prices. Very few sellers are willing to contract ahead on declining price
CZECHOSLOVAKIA.
quotations. Receipts of abaca during the week ended Feb. 10 were 34,030
Industrial activity in Czechoslovakia is uneven, with a continued down- bales and exports amounted to 39,105 bales, of which 13,052 went to the
ward tendency in many lines, notably coal, sawmills, paper, textiles, United States. Stocks are reported as amounting to 176,625 bales. Proshoes, hats and chemicgls. December pig iron output amounted to
138,000 duction of copra continues very light and only three oil mills are operating.
tons and that of steel to 148,000, representing decreases of 3,000 and
30,000 All buying markets are weak and to-day's prices for warehouse grade
tons, respectively, in a month. While
unemployment figure is resecado are, Manila, Cebu, and Legaspi, 10.875 pesos per picul; and
the latest
only 50,000, it represents a 20% increase in one month. December ex- Hondagua. 10.625 pesos. Receipts of copra at Manila during the first 11
ports were valued at 2,151.000,000 crowns and imports at
1,842,000,000 days of February totaled 70.669 sacks.
crowns, bringing the total favorable balance for 1929 to 497.000.000
crowns, as compared with 2,016,000,000 crowns in 1928. Raw sugar
production for the quarter ended Dec. 31 totaled 1,013,000 metric tons,
or 1.4% below the corresponding period of 1928; exports during the same Directorate of Bank for International Settlements
quarter amounted to 230,000 tons, or 18% lower than in the 1928 period.
Nearly Filled—Messrs. Moreau and Brincard to
FINLAND.
Finnish imports of agricultural machinery are expected to decrease
because of stocks on hand and inability of the rural population to make
Purchases: imports of sawmill machinery are falling off, and the market
for most import articles for consumption
is depressed. with fair stocks on
hand; general improvement is not expected within six months. The steel
industries continue depressed and most of the export industries are affected
by weak markets and severe competition. The lack of frost and snow has
retarded lumbering operations and accentuated unemployment. The
financial market remains tight; both the number of bankruptcies and the
amount of protested bills attained record totals for a single month as well
as for a whole year. Considerable interest is being displayed in financial
circles in the passibility of securing long-term State and private loans from
France. The cost
-of-living index, the import and export price indexes,
Wholesale turnover and foreign shipping continued their decline during
December. The stock exchange index rose 1 point, with turnover 50%
less than in November. Both imports and exports decreased during December, with an unfavorable balance for the first time since May. The
total value of foreign trade in 1929 was 6% less than in 1928, but the
trade
balance was less unfavorable by 1,200.000.000 marks. Total trade with
the United States was over 20% lower in value than in 1928. Note
circulation at the end of November was the lowest since January 1927.
The
1929 stock exchange turnover was one-third of the 1928 total. Wholesale
turnover and foreign shipping decreased slightly in 1929. The cost -of
living index in December was the lowest since May 1928. The import
and export price indexes for 1929 were below those of 1928.
FRANCE.
The wholesale price index at the end of January showed a further
decline
to 576 as compared to 588 a month earlier. The index for national
products
was 606 as against 620 in the previous month and that for imported
products 521 as against 530. On a gold basis the general index declined
to
117 from 119. The Paris retail price index at the end of January was
609
as compared with 614 a month earlier, the first decline to be recorded
over
a considerable period. On a gold basis the retail index amounted to
124
as against 125 for December.
INDIA.
Customs revenue for January indicated a considerable increase in imports
for that month compared with December and for January, 1929.
According
to indications, receipts of sugar, pneumatic tires, tubes, railway plant, and
rolling stock were heavier, and considerable increases were shown in exports
of jute' and rice. Imports of iron, steal, cutlery, hardware, automobiles.
Serve for France—Addis for Britain—McGarrah
and Fraser for America.
The makeup of the board of directors of the Bank for
International Settlements has been virtually completed, it
was learned in authoritative circles at Washington on Feb.
18 (we quote from the New York "Herald Tribune"), and
an announcement of the names of the directors chosen by
the Governors of the several Central Banks is expected to
be made from Rome next week. The further account in the
"Herald Tribune" from Washington Feb. 18 stated:
The French directors, it is learned definitely, will be Emile Moreau,
Governor of the Bank of France; Baron Brincard, President of the Credit
Lyonnais, one of the largest commercial banks in Paris, and Baron der
Vogue, President of the Suez Canal Co.
Belgium's Two Directors.
One of the two English directors will be Sir Charles Addis, Vice-President
of the Hongkong and Shanghai Bank, who was a delegate, following the
death of Lord Revelstoke. to th e experts' conference which drew up the
Young plan in Paris a year ago. Whether Montagu Norman, Governor of
the Bank of England, will exercise his prerogative, as Governor Moreau
is exercising his, to name himself to the International Bank's Board 18 not
Yet known, but it is considered quite probable.
Belgium's two directors will be Emile Francqui, Vice-Governor of the
Societe Generale de Belgique, Brussels, who was a member or both the
Young and Dawes plan committees, and Paul van Zeeland, of the Bank of
Belgium, who is now a member of the sub-committee which is completing
plans for the setting up of the new hank.
The United States will have Gates W. McGarrah. now Chairman of the
Board and Federal Reserve Agent of the Federal Reserve Bank of New York
and Leon Fraser, New York attorney who for three years was general counsel
for the Dawes plan, on the board of directors of the international bank.
Meeting in Rome February 26.
Indication has not yet come from Germany as to the names of the three
directors which the country will be allowed to have on the Bank's board.
Well informed persons here have heard rumors of the identity of the German
directors, but as the reports are unofficial it is not known how much faith
should be placed in them. No information is yet available regarding Italy's
1200
FINANCIAL CHRONICLE
directors, although it is held quite probable that Governor Stringher of
the Bank of Italy will himself serve as one of the directors.
Governor Norman of the Bank of England, Governor Moreau of the Bank
of France,Governor Franck of the Bank of Belgium,Governor Schacht of the
Reichsbank and Governor Strin.gher of the Bank of Italy are scheduled to
meet in Rome on Feb. 26 to compile finally the list of directors of the new
Bank. Inasmuch as it is already agreed— except, perhaps, in the case of
Germany—just who the Bank's directors will be, it is thought that the
Governors will announce the names of the international bank's directors
on the first day of their meeting in Rome.
Another matter for the Governors to di cide at their Rome meeting is
whether Pierre Quesnay, of the Bank of France, will receive the appointment as managing director of the new Bank.
It was originally planned that the Central Bank Governors would meet in
Rome on Feb. 15, but at the last moment a postponement until next week
was asked by one of the Governors.
The information here is that Mr. McGarrab and Mr. Fraser most likely
will sail for Europe within the next two weeks, probably around March 1,
and will proceed to Basle. Switzerland, where the new bank will be located,
for the first meeting of directors probably on March 10. At that meeting
the directors are scheduled to proceed formally with the election of Mr.
McGarrah as Chairman of the Board and President of the Bank of International Settlements. It is expected that from among the directors several
Vice-Presidents will be chosen. The information reaching Washington
Is that Mr. Fraser will be selected Deputy President.
Moreau Helps Stabilize Franc.
Pr Emile Moreau has been Governor of the Bank of France, one of the most
important banks of issue in the world. since 1926. having been appointed by
Premier Caillaux to succeed Governor Robineau. Governor Moreau played a
prominent role in the stabilization of the French franc and his work in defending the franc and insuring its stability was recognized by his promotion in Feb. 1927,to the rank of Grand Office of the Legion of Honor.
M. Moreau began his banking career in 1906 when he was appointed a
director of the Bank of Algeria. Five years later he was made its director
general. As Governor of the Bank of France M. Moreau occupies an
unusually important role in world finance because of the large gold reserve
now at the institution's command.
Baron Brincard is one of France's commercial bankers by virtue of the
Position he holds as President of the administrative council of Credit
Lyonnais. Baron Brincard also is an administrator of the Societe Fonciere
Lyonnaise, of the Credit Union of National Industry and of the Cornpagnie des Forges de Chatillon. He is an officer of the Legion of Honor.
Sir Charles Stewart Addis is a British financial authority of international
reputation. Born in Nov. 1861, he received an appointment in 1830 to the
London office of the Hongkong and Shanghai Bank. In 1886 he was sent
to China as Manager of the Bank's Peking branch, where he remained until
1905, when he was recalled to become joint Manager in London. In 1911
he was appointed London Manager of the Hongkong and Shanghai Bank
and in 1913 was knighted.
After the Dawes Plan was adopted, he was made British representative on
the general council of the Reichsbank, a position which Mr. McGarrah has
held for the United States. He was appointed alternate to the experts'
conference in Paris early last year and upon the death of Lord Revelstoke
he was named head of the British delegation to the conference.
The board of directors of the International Bank will have no more colorful
member than Emile Francqui, of Belgium, former Minister of Finance,
veteran of the Congo and China, who, because of his efforts to stabilize the
Belgian franc, was to Belgium what Poincare was to France. He was
described at the Paris conference where he was the chief Belgian delegate,as
"a physically magnified Poincare, sharp and unreserved where the French
premier is cold and impersonal. M. Francqui has been described as burly
of figure. burly of voice." He is rated as the richest man in Belgium and
among the 12 richest men in Europe. When M. Franck sees fit to retire
as the Governor of the Bank of Belgium, M. Francquil is slated to succeed
him.
In 1924 M. Francqui was a member of the committee which drew up the
Dawes Plan. Two years later, when the Belgian currency began its rapid
descent he was appointed Minister of Finance and in a few weeks succeeded
In stabilizing the currency and floating the funded debt. After having completed this task he resigned his portfolio and resumed his business career.
He is now Vice-Governor of the Societe Generale de Belgique.
Paul Van Zeeland was associate delegate to the Baden-Baden conference
last Fall at which the statutes of the Bank for International Settlements
were drawn up. He attended the later meetings of the Bank's organization
committee at The Hague last month and was.appointed a member of the
sub-commitee to perfect the final plans for the opening of the Bank in
April.
[VOL. 130.
lation necessary to put the Hague agreements into effect and with them
the withdrawal of foreign troops from German soil, foreign control of German finances and foreign intervention in the administration of German
affairs will entirely disappear."
Dr. Schurnian regarded this achievement as due to the wise and constructive "real polltik" pursued by post-war Germany, notably through the
Instrumentality of the late Dr. Gustav Stresemann, who for more than
five years guided German foreign policy. Asserting that the nationalist
forces of Germany had faded to understand the real nature of the situation
confronting Germany or to grasp the possibilities of a policy of understanding and fulfillment as a means of rehabilitating the nation and restoring
Germany as a power among the family of nations, Dr. Schurman spoke
of the great services performed in this respect by the Centre Party and the
parties of the Left. It is these parties,led by manlike Wirth and Rathenau,
who prepared the road for the later successes of Dr. Stresemann, the former
Ambassador asserted. Of Dr. Stresemann he said that "his name will be
writ large In the history of his country—one of the first, perhaps the first,
after the supreme name of Hindenburg, the Washington of modern Germany."
Reviews Post
-War Problems,
Dr. Schurman reviewed at length the developments of Germany after
the war, the trials and perils of the inflation period and of the Ruhr occupation, and the gradual ascendancy of Germany to hsr present improved
condition.
"These were great years for Germany," Dr. Schurman said in speaking
of the period of Dr Stresemann's work. "They were heartening and encouraging to the German people. Nay, more, they furnished proof and
Illustration of the mettle of which the German people are made and the
great--I had almost said the super-human-tasks of which they are capable."
About 300 persons attended the dinner. Others who spoke were Acting
Mayor Joseph V. McKee; Wolf von Dewall. Editor of the "Frankfurter.
Zeitung," who is in the United States on a lecture tour for the League of
Nations Association; Professor A. Busse of Hunter College, and Justice
the Supreme Court. Herman A. Metz. President
Edward J. Gavegan of
of the Board of Trade, was toastmaster.
Plea to German Banks for Carrying Out of Young
Plan—Nation's Leaders Sign Manifesto to Financial Houses.
The following Associated Press accounts from Berlin on
Feb. 19 appeared in the New York "World":
A nationwide call to Germans to put their financial house in order, enabling the Reich to carry out the Young plan, was issued in manifesto form
to-day, bearing the signatures of hundreds of leading figures in Germany.
Although the appeal did not specify what measures were to be adopted,it
urged the general necessity to place the Republic's financial and economic
system upon an entirely different basis, the keynote being that no money
must be spent without adequate returns.
The Young plan cannot be fulfilled unless a large surplus of exports is
secured, the manifesto said. Therefore, German production must be put
In a position to meet foreign competition both at home and abroad. The
manifesto also urged taxation reform, relief for industry from crushing
burdens and far reaching aid to agriculture.
The signatories included Dr. Hjalmar Schacht, head of the Reichsbank
and leading industrial magnates such as Carl Duisberg and Conrad von
Borsig, bankers such as Max Warburg and Jacon Goldschmidt. Other
signatories were Dr. Hugo Echener, former Chancellor Luther, Ludwig
Kest' and Carl Melchoir, who were members of the Paris Reparations
Conference; Count Keyserling, Adolf von Harnack and Phillip Heineken,
President of the North German Lloyd.
Former Chancellor Joseph Wirth, Minister of occupied territories, and
the Nationalist die-hard Baron Axel Von Freytag-Loringhoven nearly came
to blows in Reichstag committee session to-day.
The dispute came at the end of debate on the Young plan and resulted
from allegations regarding leakages of confidential information to Nationalist
newspapers.' Friends intervened when recriminations became personal and
the two men started for each other with clenched fists.
London Silver at New Low Record.
A Central News cablegram from London Feb. 20 to the
New York News Bureau said:
Bar silver quotations to-day were: Spot 19 13-16d. and forward 19 11-16.
both off Hd. These are new low record figures.
The previous day (Feb. 19) the London advices to the
Jacob Gould Schurman Calls Young Reparations Plan
Bureau stated:
Best—But Ex-Ambassador Says Test of Time is
Bar silver quotations to-day were: Spot 19 15-16d., off Xd., and forNeeded on Germany's Capacity to Pay.
ward 19 13-16d., down 3-16d. These figures equal the low record prices
The Young Plan for the settlement of German reparations made on Feb. 4 last.
s "probably the best settlement that could have been worked
New York Bar Silver at New Low.
out at the present time" and time alone can correct whatThe New York News Bureau Feb. 20 said:
deficiencies it may have. Dr. Jacob Gould Schurman,
ever
Handy ,St Harman quoted commercial bar silver per .999 fine ounce at
until recently American Ambassador to Germany, said at a
423 ., off Xc., and Mexican dollars at 31%c., a deline of He. These
,
0
dinner given in his honor on Feb. 17 in the Hotel Astor, Prices are anew low record.
for German-American
New York, by the Board of Trade
Handy & Harman yesterday (Feb. 21) quoted commercial
Commerce. The New York "Times" of Feb. 18 is author- bar silver per .999 fine ounce at 433ic.. up %c.,and Mexican
ity for the foregoing and its account goes on to say:
dollars at 32c. up Mc.
Predicting the early ratification of the plan and the adoption of all
auxiliary enabling legislation by the Reichstag, Dr. Schurman said that
"time will tell us— and that before many years have elapsed—if the Young
Plan is to be brought into better harmony with Germany's future capacity
to pay."
"The conferences of government representatives and financial experts
who have formulated the Young Plan have undoubtedly done a good piece
of work," Dr. Schurman said. "It is probably the best settlement that
could have been worked out at the present time. While Germany disclaims
responsibility for starting the World War, she recognizes that having lost
It she must in accordance with the hard practice of the past. pay such
,
tribute as the victorious nations impose upon her to the limit of her ability
Bank Could Handle Emergencies.
"The experts differ as to the ability of Germany to carry for two generations the burdens formulated in the Young Plan. But the Bank for
International Settlements may be regarded as a standing committee of
financial experts, competent to deal with emergencies as they may arise
from time to time. Germany will in the next few weeks enact the legis-
Sir Esme Howard, British Ambassador to U. S. Terminates Diplomatic Career.
A farewell luncheon by the British Empire Chamber of
Commerce to Sir Esme Howard, British Ambassador to
the United States, was given yesterday, Feb. 21, at the
Whitehall Club, 17 Battery Place, New York City. Among
other guests were Sir John Broderick, Commercial Counsellor,
British Embassy, Washington, D. C., Sir Mark Sheldon of
Sydney, Australia, and Sir Harry Armstrong, Consul
General, New York. The previous day (Feb. 20) Sir Esme
delivered an address at a dinner given in his honor at the
Hotel Plaza,New York, by I he Pilgrims of the United States,.
FEB. 22 1930.]
FINANCIAL CHRONICLE
A dispatch from Washington, Feb. 20 to the New York
"Times" said:
Sir Esme Howard.for the last six years British Ambassador to
the United
States, closed his career here to-day and went to New York
City preparatory
to sailing for England Saturday on the Majestic. His departure
marked the
end of an active diplomatic career, extending over 44 years, as
he is retiring
under the age law. He is 66 years old.
Sir Esme presented his letters of recall to President Hoover
at the White
Howse and then said farewell to Joseph P. Cotton, Acting
Secretary of State.
With Lady Isabella, he departed for New York this
afternnon, being
escorted to the train by the staffs of the British Embassy
and the legations
of the British dominions, representatives of the Foreign
Diplomatic Corps,
and by Mr. Cotton and Wilbur J. Carr, Assistant
Secretary of State, as
the representatives of the American Government.
1201
reduced only from 286,600 million franca to 267,000 millions,
shows ea
the other hand that there have been great changes in its
composition as a
consequence of recent refunding operations. For example, the
floating debt
has been reduced from 93,500 millions to 38,800 millions and
the short-term
debt from 41,700 millions to 22,200 millions. The perpetual
debt has alba
decreased from 101,700 millions to 98,600 millions.
The redeemable debt alone has increased, rising from
52,000 minimal
to 107,000 millions. The Cease Autonome, which originally
took charge
of 46,850 million francs of defense bonds, had on Dec. 80 only 20
millions
of two-year bonds in circulation. Furthermore, the Caisse
d'Amortissement
redeemed in 1929 no less than 5,500 millions of French rentes.
The result
is a reduction of 22,000 millions in the domestic debt of the
French Government,
300,000,000 Franc Finnish Loan.
In its Feb. 17 issue the "Wall Street Journal" reported the
Alexander P. Moore, United States Ambassador to Poland, following from Paris:
Issue has been announced of 5% loan of 800,000,000 francs for
died in Los Angeles on Feb. 17. Associated Press advices
Central
Agricultural Credit Bank
Death of Alexander P. Moore, Ambassador to Poland.
from that city, said:
A seemingly minor cold, which rapidly developed
into bronchial pneumonia, caused the death of the former Pittsburgh
newspaperman, who recently was appointed America's first Ambassador
to Poland. His illness
never permitted him an opportunity
to serve in the foreign post. Prior to
this last appointment he had served as Ambassado
r to Spain and Peru.
of Finland at 97%. Bonds will be issued in francs,
Finnish gold marks, Swedish crowns and sterling. Credit Lyonnais
heads
syndicate making issue.
Spain Considering Renewing Gold Basis
-Finance
Minister Tells of Action as Peseta Falls to New
From a Los Angeles dispatch to the New York "Times"
Low Record.
we take the following:
Ambassador Moore, who had been seriously ill since
Feb. 3, sank into a
coma early this morning. As the morning hours passed
he began sinking
rapidly and it was apparent that death was near.
Several relatives were
at the bedside when he died, at
12.25 p. M.
An examination of Mr. Moore two weeks ago showed
him to be suffering
acutely from a tubercular infection, which
for several months he had mistaken for a severe cold. He was removed
from Palm Springs to the Pottenger Sanatorium at Monrovia, and last Friday was
brought to the California Hospital here Ins critical condition.
82111
Last August, while on leave from his duties as Ambassado
r to Peru, Mr.
Moore went to the home of Charles Chaplin, where he was
under the care of
a nurse for several weeks, in an attempt
to regain his health. From there
he went to Palm Springs and later to the Monrovia
Sanatorium,
tubercular condition was disclosed. An attack of bronchial where the
pneumonia
hastened his death.
The body will be taken to Pittsburgh for burial.
French Loans Made In U. S. May Be Refunded-M,
Cheron Maps $275,000,000 Redemption of Issues
Bearing High Interest.
Copyright advices as follows from Paris Feb. 17 are taken
from the New York "Herald Tribune":
Wireless advices Feb. 18 from Madrid to the New York
"Times" state that Finance Minister Manuel Arguelles
issued a note on that day announcing the intention of the
government to re-establish the gold standard. The "Times"
advices said:
The statement came after the peseta had reached a new 30
-year low of
8.33 to the dollar, rallying at the close to 8.22, which is lower than at any
Period of the dictatorship.
Senor Arguelles said in effect:
"I am busy revising the financial work of the dictatorship, cutting down
wasteful methods of the distribution of funds by re-establishing previously
existing laws to check the waste. There will be retrenchments in all departments, the most difficult being in the Public Works.
"I shall start no new work. I plan to reduce present construction and
spread the payments for present undertakings over a long period of years.
"The peseta problem, is interesting the Government most, just now, as
it affects all business and commerce more or less, and there is but one way of
settling it, that suggested by the committees on stabilization."
A report has been circulated in Madrid and Barcelona financial circles
that Senor .Arguelles wants to establish a foreign credit for a period of 10
years or more which would make the use of foreign gold unnecessary.
Senor Arguelles said he would abide by the decision of the committee
studying the gold standard.
The French Treasury's sinking fund for the public
debt may negotiate Gold and Silver Imported Into and Exported from the
in the course of this year conversion
or advanced refunding of loans granted
United States, by Countries, in January.
by American banks to French
State railways,cities and shipping companies.
These wore arranged at the time when France was in
The Bureau of Foreign and Domestic Commerce of the
a difficult financial
situation and could obtain foreign credit
only at high interest rates, and Department of Commerce at Washington has made
public
most of these loans were issued
at a rate ranging from
% to 734. Now
that money Is very cheap in
France and other markets and the Treasury its:monthly report showing the imports and exports of gold
holds in New York $400,000,0
00 in foreign currency, it is urged that part and silver into and from the United States during the month
or all of this sum should be
employed to repay loans before they mature. of Jan. 1930. The gold exports
were $8,947,593. The imDuring the financial debate
at the Chamber of Deputies, M. Charon
declared that if he has any extra money
he will use it not to reduce French ports were $12,908,350, of which $5,430,103 came from
taxes but to liquidate some of her
foreign debts.
Brazil and $3,157,724 from Canada. Of the exports of the
"I would like," he said, "to
refund $75,000,000 of the 1928 loan and to metal
buy on the American
,497,306 went to France. Below is the report:
market 734% loans of $100,000,000 each issued in
1921 and 1924."
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
Some financial experts propose
UNITED STATES. BY COUNTRIES.
to have these American loans introduced
on the French Bourse, so
that they could pass into French hands. Among
these foreign loans, the high
GOLD.
interest of which is worrying the French TreasSILVER.
ury, are about 30 loans emitted
in New York or Amsterdam. The most
Total.
Refined Bullion.
important among them are the
Total (lad. Cots).
three various types of French relates. at 534.
Countries.
734 and 7%; five loans to the
Exports, Imports, Exports, Imports, Exports, havorta,
Eastern Northern Lyons
-Mediterranean
and Orleans Railways, loans
Dollars. Dollars.
Ounces. Ounces. Dollars. Dollars.
to the City of Paris and various other towns
and to Messageries Maritime
and Trans
-Atlantic Co. The Eastern Rail- France
8,497.306
20,060
way decided to liquidate its
10,300
debt of $20,000. beginning on May 1.
Germany
126,229
22.740
100,513
12,936
45,296
The total of French loans granted
by American banks is estimated at Norway
4,631
2,352
$517,860.000.
Sweden
61,000
14,757
United Kingdom-.
1,400 962,908
439.829
2,094
Canada
35,858 3,157,724
106,575 255,878 181,971 544,961
Costa Rica
13,470
French Government Discussing Issue of "Mobiliz
17,927
ation Guatemala
Honduras
18.784
117.644
97,242
Loan" Under Young Reparation Plan.
Nicaragua
26,732
1,858
3,196
10.000
1,375
952
The French Finance Ministry is examining into the condi- Panama
Salvador
250,000
tions which will be necessary for issuing in France the
Mexico
3,645.695
2.092 2,824.267
bonds Trinidad & Tobago- 235,200 988,294
1,520
for mobilizing part of the German reparation payment
252
6,460
s un- Cuba
Dominican Repub.
14.000
der the Young plan according to Paris accounts Feb.14
4.000
to the Haiti. Republic of..
Virgin IsIds. of U.S
1,900
New York "Times" which likewise said:
Argentina
1,279
The Government's intention is to apply the proceeds of
85,800
such subscription to Bolivia
partial redemption of French rentes issued during the war,
Brasil
5,430,103
but no details Chile
83.578
27,355
have yet been fixed.
Colombia
195
1,214,456
376
The main problem to be solved has to do with the varying
4,383
112,458
taxes im- Ecuador
posed on such operations in the different countries where
Surinam
40,000
the mobilization Peru
368,229
bonds will be issued. Means must be discovered to prevent
709,041
1,164
such divergence Venezuela
48,354
170.005
In the tax rate from hindering complete unification of
these securities and British India
2,514,014
5,525,333
thus preserving their international nature. It is felt that
China
721,485 5,607,325
284
631 2,565,341
the only means Java and Madura
of accomplising this purpose will be a definite agreement
117,702
44,693
76.571
between the credi- Hong Kong
13,000
110,150
248,700
tor nations,
Japan
9,363
4,365
Philippine Islands_
246,124
3,161
New Zealand
22,035
17
37
French Debt Cut 22,000,000,000 Francs
Belgian Congo
12,481
116,860
-Redeemable Union of So. Atka
1,602
870
Issue Increased but Floating and Short
-Term
Total
8 947.593 12,908,350 12,565,3484,030.790 5,890,930 4,756,062
Obligati
ons Cut Heavily.
The following Paris advices Feb. 7 appeared in the New
York "Times":
The outline of the condition of the French public debt, made to
the
Finance Committee of the Chamber of Deputies by the Finance Minister,
while admitting that the domestic debt in the past four years has been
Value of Peseta Lowest Since 1898-Spanish Unit of
Currency at 8.11 to the Dollar.
From Madrid Feb. 17 a wireless message to the New York
"Times" said:
1202
FINANCIAL CHRONICLE
The peseta fell to-day lower than at any time during the dictatorship of
General Primo de Rivera and to its lowest point since 1898.finally resting at
8.11 to the dollar after a day of fluctuation. The unsettled political situation making possible a rapid decline in the value of money not on a gold basis
Is considered the cause,coupled with the fact that the adverse trade balance
has put surplus pesetas on the open market.
Many bankers here are compaining of the manner in which small labor
demonstrations are alleged to have been magnified into revolutions against
the monarchy by certain sections of the foreign press. The streets at Madrid
are perfectly safe and the Governmnet has the entire situation well in hand.
Strikes of 600 factory workers at Barcelona and 6,000 iron workers at
Sagunto have been reported. The strike at Sagunto is an isolated case and
the Government is interested only because its intervention is compulsorY
by a law projected under the dictatorship and this may be a test case as to
whether the method of compulsion can be continued.
[VOL. 130.
This would be carried out simply by pressing any one of three electric
buttons, which are being connected to the vaults from the inside of the
bank itself from a point "somewhere in London," and from another place
10 miles outside the metropolis. While the completed building might be
captured,it could not bd destroyed, for its walls will be made thick enough
to withstand the most powerful guns or bombs.
Meanwhile, the new works are being guarded by a detachment of soldiers, a practice recently defended by Tom Shaw. Minister of War, on
the ground that the Bank of England was the Government's banker and
responsible for the register of Government loans and for the country's gold
reserve.
A large open court will replace the old Garden Court. Around it the
new bank will rise in a group of pavilions and terraces, lighted by overhead windows of vitaglass, through which the sun's natural ultra-violet
rays will reach the clerks at their desks below, thus creating an artificially
sunlit basement. Lloyds are the pioneers in this "Brighter Bank" movement.
The new building, which is being erected to last for at least 1,000 years at
a cost of 825,000,000, will not be completed until 1935. During the excavation work for the vaults many relics of old London were unearthed. One
of them was a pipe-clay statuette of Venus, a very rare piece of work by a
Roman artist, which has been presented to the British Museum.
German Reichsbank Changes Its Dividend System—
Shareholders Adopt New Plan by Vote of 15,000
to 700—Record Profits in 1929—President Schacht
Outlines Operations of Gold Discount Bank to
Aid Country's Industries.
Prospective Free State (Ireland) National Loan.
The new Reichsbank law, which changes the plan for
From Dublin Feb. 13 advices to the New York "Times"
distribution of profits and compensation of shareholders
and for limitation of their profit sharing, 'was accepted on said:
Speaking during the week-end at the annual dinner of the Society of AcFeb. 15 by an overwhelming majority, 15,000 against 700
countants in Dublin. Ernest Blythe, Minister of Finance, disclosed that a
Reichsbank's shareholders' general meeting. Free State Nationalloan probably would befloated in Autumn,if not earlier.
votes, at the
A cablegram from Berlin to the New York "Times," in He rejoiced that the country's finances stood the test in the recent depression in the money market, and the drop in the bank rate arouses his hope
reporting this, said:
that the second installment of the National loan will be issued on more
According to the new plan, the shareholders will receive a fixed dividend
of 12% annually, which will be determined after the following system:
An 8% dividend is guaranteed as before, for which the necessary amount
will be deducted from the total net profit. Of the remaining profit the
Reich will receive 75% and the shareholders 25%. The next 20,000,000
marks will be divided between the Reich and the shareholders in the
ratios of 90 and 10%, while the respective figures for the remaining profit
are 95 and 5%.
Stock for Shareholders.
As compensation for their reduced chances of profit share the shareholders
are to receive gratis one new Reichsbank share plus one share In the Gold
Discount Bank of a nominal value of £10 for every four shares of 100
marks nominal value of the Reichsbank held.
Dr. Hjalmar Schacht, President of the Reichsbank, in introducing the
new plan and last year's report, succeeded with his usual calm and energy
in mastering the situation and soon offset the opposition's attacks. Touching the subject of gold movements last year, which greatly irritated the
financial world, Dr. Schacht said that "banks of emission should strive in
future to subdue uneasiness and unthriftiness caused by great gold movement," and he added:"I hope the Bank for International Payments will lend
a helpful hand in this direction."
Apropos of the new law, Dr. Schacht said the arrangements would become
valid only if the Young plan and the bills connected with it were ratified by
the various interested parliaments. He informed the meeting that the new
shares of the Gold Discount Bank and the Reichbank share would be free
from the special capital tax and income tax, according to information
conveyed to him by the Finance Minister.
With regard to the Gold Discount Bank, Dr. Schacht said, the reparation
burdens necessitated increased exports. The export industry needed large
capital to compete with foreign countries. The Gold Discount Bank would
attempt to furnish the necessary credits, for which purpose it would contract
new loans in addition to its own capital. The bank would mainly finance
shipments of industrial goods manufactured in Germany, which in turn
would relieve the unemployment situation.
The Reichsbank-'s Report.
The Reichatank's annual report shows that its profits never were so
high as during the past year. The gross profit increased from 158,000,000
to 170,000,000 marks, while the net profit amounted to 70,000,000 marks. Of
this sum, 15,000,000 marks was set aside for the surety fund and 31,000,000
for the gratis shares for shareholders, which left a net profit of 25,588,893
marks. This amount was divided as follows: 14,734,572 marks paid shareholders in the form of a 12% dividend, the Reich received 5,324,033 marks
and the balance was set aside for legal reserve. The dividend will be distributed among 11,304 shareholders, who possess 1,227,881 shares of 100
marks nominal value.
At the end of December, 1929, the Reichsbank's total cover amounted
to 3,109,000,000 marks, including 2,300,000,000 in gold, 400,000,000 in
foreign currency and a hidden reserve of 409,000,000 marks in foreign currency.
Shareholders of German Reichsbank Owning Pre-War
Notes Seek Compensation.
Press accounts from Berlin, Feb. 15, said:
Associated
To-day's general meeting of shareholders of the Reichsbank was the
scene of lively debate when a small group of dissatisfied shareholders and
owners of large in pm-war bank notes demanded certain compensation.
The leader of this group, Herr Winter, 'tried to deliver a speech touching
on the political angle, but all of his motions were voted down by an over
whelming majority.
favorable terms. He said previous issues were necessitated by abnormal
conditions, but that future issues would be made entirely for productive
purposes, such as the Arthur development, the Shannon scheme and the
housing project.
The difficulties over the colonial stock act may result in Mr. Blythe investigating the possibilities of a United States market, but at the same
time London is not yet closed to him. Although the Free State Government
stlll firmly adheres to its decision not to give the British Legislature the right
of veto over Saor State legislation, as required by the act, there still seems
to be a possibility of an agreement. The alternative course is suggested in
the report of the experts' conference, which says:
"The general question of the terms on which loans are raised by one
part of the British Commonwealth and should be given the privilege of
admission to the trustee list in another part calls naturally for determination by the Government of the latter, and it is for the other Governments
to decide whether they will avail themselves of the privilege on the terms
specified."
This obviously was intended to smooth the path of the Saor State to
the British market, but Mr. Blythe has taken the precaution in the meantime to open negotiations with Wall Street. The amount of the loan will
be 825,000,000.
An item was published in our issue of Feb. 15, page 1053,
denying reports that the Government of the Irish Free State
has dispatched a representative to sound the opinion of Wall
Street on the floating of a loan here.
Policy of British Government with Reference to India
Sterling Securities.
We have been favored, by the British Library of Informa-
tion, with the following copy of a letter, sent out by the India
office, stating the policy of the British Government with
reference to India Sterling Securities:
India Office,
Whitehall, S. W. 1.
January 27 1930.
Dear Sir: I am directed by the Secretary of State for India to acknowledge the receipt of your letter of the 13th Jan. and in reply to say that, as
you are doubtless aware, India sterling securities, while issued under the
authority of Act of Parliament and charged on the Revenues of India, are
not guaranteed by the British Government. Like many other stocks including stocks issued by a Dominion under the Colonial Stock Acts, they
are by law constituted stocks in which British trustees are authorized to
Invest; but that is a separate question.
The Secretary of State cannot undertake to deal with hypothetical
contingencies; but at the same time, in view of the tenour of your letter, I
am directed by him to say that His Majesty's present Government have no
Intention of allowing a state of things to arise in India in which repudiation
of debt could become a practical possibility, and that it is inconceivable to
him that, in dealing with any scheme of constitutional change in India,
Parliament could fail to provide safeguards, should they be needed, against
a breach of the conditions under which these loans were issued.
In view of the interest to the general public of the questions which you
have raised, this reply is being published in the Press.
Yours faithfully, A. Flirted.
Irish Republic Donors to Get 59 Cents on $1-131,322
Subscribers to $2,538,033 de Valera Fund to be
Reimbursed.
The $2,538,033 gained from Irish sympathizers in the
New Bank of England Built for 1,000 Years—"Old Lady United States by the eloquent pleas of Eamon de Valera in
of Threadneedle Street" Will Appear in Thor- 1920, with which he intended to finance partially the Irish
oughly Up-to-Date Guise.
Republic, will be immediately returned to 131,322 sub-
The following special correspondence to the New York scribers, it was stated in the New York "Herald-Tribune"
"Times" from London Feb. 4, appeared in the Feb. 16 issue of Feb.9,from which we also take the following:
of that paper:
This announcement was contained in a report filed yesterday in the
Fifty vaults, with steel and concrete walls eight feet thick, will be a striking feature of the new Bank of England, now in course of construction. One
of them is 50 feet below the level of Threadneedle St.
Arrangements almost melodramatic in character have been made for the
protection of the vaults in the event of civil disturbance or a raid by thieves.
Despite the fact that their doors, which open by electricity, weigh eight tons
each, plans have been made for flooding the vaults in emergency.
office of the Manhattan County Clerk by receivers for the fund, who have
passed two years in locating the subscribers, scattered from coast to coast.
Heretofore it had been thought that only 30 cents could be paid on the
dollar, but the report yesterday revealed that 59 cents of each dollar would
be returned. There were numerous rejected claims, one of the principal
ones being that of $100,000 by the Friends of Irish Freedom, for which
there will doubtless be future litigation.
FEB. 22 1930.]
FINANCIAL CHRONICLE
1203
It was said at the Receivers' office, 117 Liberty St., that proverbial Irish agents for the Department's secured
6
sinking fund
sentimentality had retarded the efforts to liquidate the subscriptions.
There were many who at first preferred to keep the pretty green bonds of the gold bonds due 1959, revenues pledged as security for the
proposed Irish republic as a tangible relic of a noble dream. Instead of bonds, less municipal participations, amounted for the
redeeming the bonds they tacked them up on the walls as specific evidence fiscal year ended June 30
1929 to 4,983,578 pesos. or $4,of their part in the struggle for Irish freedom.
This sentiment did not last, however. Eleven thousand claimants were 850,516 at par of exchange, as compared with 4,209,683
interviewed, a card index covering 365,000 identities was prepared, and the pesos ($4,097,284) for the preceding fiscal year. Service
intricate work of finding just who subscribed and just how much they sub- charges
of $900,200 on the bonds, it is pointed out, were
scribed proceeded. About 61,000 letters were mailed.
*
•
*
Supreme Court Justice A. Peters,in June 1927. granted a receivership and thus covered 5.39 times in the fiscal year 1929. The
ordered the money returned to the subscribers. Previously he had dismissed pledged revenues include gross revenues from the distilled
an action brought by the Irish Free State which sought the money of Its
monopoly and from taxes on other liquors, slaughter
antagonist on the ground that it had superseded the Irish Republic and liquor
therefore was entitled to its assets. Justice Peters ruled that there never houses,and tobacco,after deducting municipal participations.
had been an Irish Republic save in the minds of its proponents and that
therefore the Irish Free State could not have superseded it.
Attorneys for the receiver said yesterday they would apply on Feb. 14 Three Bulgarian Banks Merge—Largely
as Result of
for a court order confirming their report and that it would in all probability
Agricultural Depression.
be given. The receivers are Peter J. Brady, President of the Federation
Bank & Trust Co.; J. Edward Murphy, an attorney at 165 Broadway, and
A wireless message from Sofia Feb. 19 to-the New York
State Senator John L. Buckley.
Of the $2,538,033 on hand, $2,149,434 will be distributed, the remainder "Times" said:
An agreement for the fusion of three of the most important Bulgarian
being used for attorneys' fees, receivership fees and expenses.
Eamon do Valera came to this country in 1920 and made an ardent banks was signed to-day in the presence of Premier Liaptcheff, The Naanneal for funds to perpetuate the Irish Republic. He spoke in New York, tional Credit Bank, the Bulgarika Bank and the Franco-Bulgarian Bank
will be united in a new institution named the Union of Bulgarian Banks,
Chicago, Boston and many other cities before crowds of Irish-Americans.
with a capital of about $1,000,000, the Bulgarian National Bank. with the
assent of the League of Nations Commissioner, M. Charon, having guaranteed its deposits.
Proposed $80,000,000 Cuban Loan.
The fusion was largely the result of agricultural depression in Bulgaria.
The New York "Times" reports the following cablegram
from Havana Feb. 20:
Bonds of Hungarian-Italian Bank To Be Retired.
Hallgarten & Co., announce that $9,500 principal amount
of Hungarian-Italian Bank, Ltd. (Magyar-Olasz Bank
Reszvenytarsasag), 7Y
2% 35-year sinking fund mortgage
gold bonds, series AC, dated Oct. 1 1928, due Oct. 1 1963,
Inelastic Currency System, According to Bank of have been tendered to the sinking fund for retirement,
America, Responsible for Closing of Argentine leaving $2,763,000 par value of bonds outstanding.
Conversion Office, Rather Than Loss of Gold.
An inelastic currency system rather than loss of gold City Savings Bank Co., Ltd., of Budapest Annual
was directly responsible for the closing of the Argentine
Report.
Conversion Office last December, according to the current
It is stated that the annual report for the year 1929, of
review of the Bank of America. An almost complete
City Savings Bank Co. Ltd. of Budapest, shows a net
cessation of foreign lending and the low prices obtained for
profit of Pengoe 1,967,836.58 ($344,174.62) as compared
agricultural products did cause a considerable flow of gold
with Pengoe 1,941,720.66 ($339,606.93) for 1928. It is
from Argentina beginning in 1928. The greater part of
stated:
the gold exported, however, came from the stocks of the further
In August 1929. the company paid an interim dividend of Pengoe 2
Banco do la Nacion, the Argentine National Bank, and (S 3498) per share (4%) and the Board of Directors will propose at the anprivate banks, while less than half the amount represented nual meeting of the company to be held on March 8 1930, that a final divigold shipped from the Conversion Office. The Review states: dend of Pengoe 4 ($.6996) (8%) be pald. This makes an aggregate of
Perigee 6 ($1.0494)(12%) for the year 1929, which is the same rate as that
Legal documents for the new financial transaction of $80,000.000
between the Cuban Government and the Chase National Bank of New
York will be signed in the Presidential Palace at 9 a. m. on Tuesday,
according to an announcement made to-day by the Secretary of the
Treasury. The bonds would be placed on the market in New York.
The inelasticity of the Argentine currency results from the fact that
as the gold reserves of the Conversion Office diminish the number of paper
pesos in circulation is automatically reduced. For every gold peso withdrawn from the Conversion Office, 2.27 paper pesos must be retired from
circulation. Consequently, the loss of about 85,000,000 gold pesos from
the Conversion Office between June 30 1928 and Dec. 20 1929 resulted
in a very considerable contraction in the volume of paper money in circulation, with some little accompanying inconvenience to Argentine
trade and Industry. As a result, toward the latter part of 1929 the ratio
of gold in the Conversion Office to paper pesos in circulation still remained
in the neighborhood of 80.
In 1927 and the first part of 1928, when the foreign trade balance was
favorable and a fairly large volume of loans had been placed abroad.
there was a gold import movement of considerable size into Argentina.
By June 30 1928 the gold supply of the country bad reached a peak of
655.000,000 gold pesos. This was reflected in some expansion in the
paper currency outstanding which increased between June 30 1927 and
June 30 1928 from 1,324.000.000 to 1,440,000.000 pesos. The increase in
circulation, however, was not In proportion to the increase in the total
gold supply of the country. While the addition to the country's gold
stock represented an increase of nearly 38%.the circulation of paper pesos
increased only about 9%.
In spite of its growing importance in international trade,
the bank says, Argentina is still in a relatively early stage
of industrial development and is obliged to depend upon
imports for the major part of its requirements of manufactured goods. Argentina, the bank finds, can be compared with the United States of about a half century ago.
when its railroads, organizations for marketing its products
and the opening up of vast areas of land to cattle raising
or agriculture, all represented to a great extent the investment of foreign capital.
6% Chile Gold Loan.
The following from Paris appeared in the "Wall Street
Journal" of Feb. 20:
Issue has been announced at 92ti of French portion of 6% Republic of
-year gold loan, which totals 60,000,000 Swiss francs. French
Chile 32
syndicate, comprising Banque de Paris, Societe General, Comptoir d'Escompte and Credit Lyonnais, is offering 35,000,000, while the balance is
being placed in Holland and Switzerland by Mendelssohn Credit Stil•ce.
Department of Cundinamarca Reports Increase in
Pledged Revenues.
According to an advance report of the Adminstrador
Principal de Hacienda of the Department of Cundinamarca,
Colombia, received by J. & W. Seligman & Co., fiscal
paid for the year 1928.
The report states that total deposits at Dec. 31 1929, amounted to Pengoe
42,016,413.50 47,348,670.71) as compared with Pengoe 41.016,713.79
($1,173.823.24) at Dec. 311928.
During the year 1929, the company granted mortgage loans totaling
Pengoe 1,127,628.98 497,222.30) and issued mortgage bonds aggregating
Perigee 1,286.028.20 4224,926.33) as a result of which, the total of mortgage loans granted by the Bank. increased to l'engoe 30,987,814.32 ($5.419,768 72) and the outstanding mortgage bonds increased to Pengoe
27,279,430.80 ($4.771,172.44).
Japanese Plan Price Deflation—Part of Campaign for
Rationalization of Industry in Country.
From the "Wall Street Journal" of Feb. 17 we take the
following Tokio advices:
Part of Japan's campaign for rationalization of industry must be an
attempt to contract note issue within the Empire and thereby reduce prices,
according to Ilisaakira Ilijikata, Governor of the Bank of Japan.
In spite of the marked declines which have taken place in Japanese
wholesale prices since July, when gold embargo removal became a practical
certainty, the index of wholesale prices, if July 1914 be taken as a base,
remains about 15% above New York, 20% above London and 35% above
Paris.
Governor Hijikata asserted that contraction of currency must be considered a prime essential of Japan's program for increasing its international competitive power. Less money in circulation will bring down
prices, bring about a cheaper if not a lower scale of living and thereby
enable the country to manufacture and sell to better advantage.
Governor Hijikata admitted that the task of contracting note issue and
bringing wholesale prices into alignment with the international market
would not be easy. In all probability, he said, Japan will be obliged to
go about the process gradually, since some of the necessary means are not
readily at hand.
Chief of these is Bank of Japan's control of the money market. This,
Mr. Ilijikata pointed out, is almost completely lacking. During the 1927
panic and the year which followed it, Bank of Japan was obliged to make
heavy emergency loans. In order to deflate circulation it was necessary
for the central bank to call in practically all its commercial loans and
discounts and to sell its holdings of Government bonds. On Jan. 18, for
example, the total advances of the Bank of Japan were 661,000,000 yen,
with emergency loans accounting for almost 600,000,000 yen.
Speeds Emergency Loan Payments.
Under such circumstances, the bank obviously is in no position to control
commercial paper rates. Governor Hijikata is doing his best to speed
payment of the emergency loans but with no hope of more than partial
success. The borrowing banks have almost eight years in which to repay
and present indications are that the Government, which guaranteed the
loans, will be left to pay the piper to the tune of 400,000,000 you or more.
The only orthodox solution which remains is that the Bank of Japan
should throw its Government bonds on the market. But this, for the
1204
FINANCIAL CHRONICLE
time being, is out of the question. The bond market has been vacillating
and the Government is watching over it carefully.
In November, to harden prices, the Bank of Japan was ordered to buy
41,000,000 yen worth of Government bonds. To reverse the process would
do little to promote confidence at a time when confidence is essential.
However, Mr. Hijikata said, the time may come when money market
conditions will allow this step. He does not expect to have suitable bonds,
for those now held by the central bank are of the unpopular long maturities,
but he knows that he can make an exchange with the Deposits Bureau for
bonds running to 25 years or less, which the public is willing to take.
Might Increase Bank Deposits.
There is, however, an unorthodox manner of contracting note issue and
Mr. Hijikata confesses that he is giving it careful study. It is not the
Issue of new Government bonds, for Finance Minister Inouye is pledged
not to resort to these. It is increasing the Government deposits in the
Bank of Japan. For the last year or so these have ranged between 410,000,000 and 690,000,000 yen, averaging about 575,000,000 yen. The
Jan. 11 figure was 453,000,000 yen. If the Government were to institute
further economies and allow the attendant surplus to remain in the Bank
of Japan, currency deflation would be almost automatic. If this is not
immediately possible, Mr. Hijikata said, the Government can bring about
the same results by issuing Treasury bills, which by law cannot run for
more than a year, and allowing the proceeds to remain in the bank.
Following figures, taken at random, show the progress which has been
made in this direction without resort to the unorthodox method mentioned
above. It must be remembered that the Bank of Japan has the right
to issue notes up to the total of its gold holdings and above that figure
against the security of commercial bills and Government bonds.
Date.
Jan. 18 1930
Jan. 11 1930
Dec. 31 1929
18%4.30 1929
June 30 1929
Dee. 31 1928
June 30 1928
Dec. 31 1927
Dec. 31 1926
Note
Issue.
Specie
Reserve.
Advances.
Government
Deposits.
1,229
1.247
1,629
1,312
1.462
1,739
1,463
1,682
1,570
Yen.
1,088,000,000
1,073,000,000
1,070,000,000
1,062,000,000
1,064.000.000
1,062,000,000
1,063,000,000
1,063,000,000
1,058,000,000
Yen.
661,000,000
658,000,000
668.000,000
770,000,000
743,000.000
978,000.000
843,000,000
966,000.000
646,000.000
453,000,000
398,000,000
518,000.000
448,000,000
410,000.000
660,000,000
566,000,000
519.000.000
Yen.
Brazil's Economic Progress Should Be Aided By
Thorough Adjustment of Coffee Situation, Says
J. Henry Schroder Banking Corp.
Expressing confidence that Brazil will be able to right
her present difficulties arising out of the crash in coffee
prices, the J. Henry Schroder Banking Corp., an associate
of the British bp,nking firm which has taken a prominent
part in Brazilian financing for a period of years, states that a
thorough adjustment of the coffee position in that country
would in the long run have a lasting and beneficial effect
on Brazil's economic progress. Any solution of the present
difficulty, it is pointed out, must set up safeguards against a
recurrence of the present demoralization in the coffee industry. One hopeful possibility as far as the result is concerned it is stated, is that owing to the 1928-29 and 1929-30
crop and the much lower price for the product, Brazil's
percentage of total world coffee sales may be increased,
irrespective of any increase in total world consumption.
On the subject of financial aid to coffee producers, the Schroder firm says in its monthly Finance and Trade Commentary,
made available Feb. 16:
[Vet. 130.
Austen P. Fox Finds Money Tight in Mortgage Field—
Cites Difficulties Encountered by Bronx Builders.
Maintenance of a ready market for first mortgage realty
bonds on the Real Estate Securities Exchange or other sales
mediums is urged by Austen P. Fox, President of Austen P.
Fox & Co., mortgage bankers, as the solution of many of the
financing problems facing property owners and builders,
according to an account in the New York "Times" of Feb. 16,
which further said:
Speaking at a meeting of the Property Owners' Association last week at
1 East Tremont Ave.. the Bronx, with a view to organization of a holding
company for the combined holdings of a group of property holders, Mr.
Fox explained that the object was "to keep their investments from being
swept away because of the tight mortgage market."
"It is not fair to be led into a state of optimism by a number of floweryworded slogans that money is easier and that real estate will have its best
year this year," he said. "In Bronx County three years or so ago owners
and builders got all the mortgage money they asked for, and in many instances more than they asked for if they would pay for it. To-day these
mortgages are expiring, and builders are scurrying about for renewals or new
mortgages and find that even though they may have reduced their mortgages
through amortizations during recent years, they are unable to get an amount
anywhere near the sum due, and in some instances are unable to get any
mortgage. They even offer unusual bonuses, but if they do not accept what
is offered to them the consequence is foreclosure.
"This same situation exists to a degree in Manhattan also, where property
is considered 'prime' for loaning and renting purposes; and a similar condition is found in the other boroughs and adjoining coounties. Title companies hold many unsold mortgages and forecicsed properties.
"Investors who would like to buy guaranteed mortgages and mortgage
certificates are backward in doing so, because they have learned that frequently there is no ready market for these securities in case they must
borrow or sell on short notice.
"If some of our large companies would pay as much attention to maintaining a market for their securities as they are doing in selling them and would
lend against them liberally or buy them back when necessary, such obligations would not be thrown on the open markets at discounts to yield as high
as 10%. and thereby drive investors to other fields, and much more money
would be available from small buyers.
"We must not look for money at the present time for less than 6%,and
the quicker we get together on this basis the sooner will relief come."
Trading Centre Formed for Long Island Securities.
According to the New York "Times" of Feb. 12 the first
Balist Corp. has been organized as the initial combination
stock clearing house, trading center and holding company to
operate in the Brooklyn, Queens and Long Island territory.
Continuing the "Times" said:
It will be a central clearing house and trading centre for the more than
300 securities from that territory reputed to have no other regular market.
The new corporation, according to James J. Fradkin, President, will offer
quotations on virtually all stock issues of Brooklyn and Lang Island companies. It is intended to be of particular assistance to those who have not
found markets for such securities. The company will also purchase securities as permanent investments from time to time, but will buy and sell on a
trading basis.
Defeats Bill to Curb Insurance Companies—New York
Assembly by Tie Vote Rejects Measure Penalizing
Contesting of Claims.
After an hour's debate the New York State Assembly on
Feb. 17 defeated a bill by Assemblyman Meyer Alterman,
New York Democrat, which would have permitted judges to
impose an additional 15% on a life insurance policy when the
company loses a claim which it has contested. The vote
on the measure was 63 to 63, but 76 votes were necessary for
its passage. A dispatch from Albany to the Now York
"Times" notes this, and further states:
With the help of the Banco do Brasil and of a short term credit recently
extended to the Sao Paulo Government by a combined London and New
York banking group, Sao Paulo is in a position to move its entire 1929-30
crop by making advances to farmers at approximately $5 per bag. It is
obvious that the facilities extended by the Banco do Brasil and by foreign
bankers alone have not provided all the funds needed for financing this
large crop, but it must be remembered that a large portion of the crop had
already been financed by the Banco do Estado do Sao Paulo and by private
In defending the bill, Assemblyman Alterman declared that it was debanks prior to the outbreak of the crisis in October of last year, and that as signed to protect widows and orphans.
coffee is exported, and thereby previous advances made on a higher price
"There are some life insurance companies that are always trying to do
basis are repaid, the Banco do Estado and other banks will be in a position widows out of their mite," said Mr. Alterman. "The life insurance comto make new advances which should enable the farmers to move their entire panies always are broadcasting about the claims they pay but they never
1929-30 crop.
tell about all the claims they dispute."
As of July 1 1930 the total coffee stocks stored in the interior of Brazil
Assemblyman Harry McKay, Republican, of Rochester, declared that
exclusive of stocks in the ports, are estimated at around 18.000,000 bags, the enactment of the bill would mean that the "honest" life insurance comprovided shipments during the next five months continue at the same rate panies would be penalized for the faults of a few companies.
as in the past. Of this unsold stock, practically all will be held in Sao
"It will mean higher life insurance rates," said Mr. McKay.
Paulo. Brazil's immediate coffee problem is, therefore, almost exclusively
"This is nothing more or less than class legislation, and when we get down
Sao Paulo's problem.
to business in this House and forget about class legislation we will be getting
somewhere," said Assemblyman Horace Stone, Republican, sof Syracuse.
that the 1930-31
Noting
coffee crop of Brazil will probably
be less than 12,000,000 bags, the Schroder firm points out
that the future production trend should be downward. Market Value of Shares Listed on New York Stock
Certain old coffee plantations which are now being operated
Exchange $69,008,836,529 on February 1—Increase
at a relatively high cost of production, may have to be abanas Compared with Jan. 2 Figures—Classification of
doned. The firm adds:
Listed Stocks.
In addition farm laborers, in partial compensation for the drastic reducAs of Feb. 1 1930 there were 1,297 stock issues aggregattion in wages recently made, are now in many cases allowed to grow foodstuffs between coffee trees, which according to past experience should reduce ing 1,164,715,742 shares listed on the New York Stock
the yield of the coffee trees quite considerably. It is, moreover, well known Exchange, with a total market value of $69,008,836,529.
that during the past year hardly any new planting has been done in the
This compares with 1,297 stock issues aggregating 1,127,State of Sao Paulo. There are, therefore, reasonable prospects of some
reduction in coffee production during the next few years as a result of en- 682,468 shares listed on the New York Stock Exchange
tirely natural forces.
Jan. 2, with a total market value of $64,707,878,131. In
it is very difficult to give any accurate figures as to the present cost of
making public the Feb. 2 figures on Feb. 20, the Stock
production, but taking into account the recent reduction in wages, the
various coffee taxes, and the cost of transportation from up-country to the Exchange said:
ports, but excluding all interest charges of any kind, the present average
cost of production In Sao Paulo Is probably very near, and in some cases
above present prices.
As of Feb. I 1930, New York Stock Exchange member borrowings on
security collateral amounted to $3,984,768,065. The ratio of security loans
to market values of all listed stocks on this date was therefore 5.77%•
FEB. 221930.]
FINANCIAL CHRONICLE
As of Jan. 2 1930 member borrowings on security collateral amounted to $3,989,510,273. The ratio of security
loans to market values of all listed stocks on that date was
therefore 6.16%. In the following table, covering the six
months, listed stocks are classified by leading industrial
groups, with the aggregate market value and average share
price for each. It will be seen that the market value of
these listed stocks on Sept. 1 was $89,668,276,854 as compared with $69,008,836,529 on Feb. 1.
F.
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Mr. Walker's visit to the Pacific Coast is to attend the meeting of Transamerica directors next week. The project of listing Transamerica, now a
Curb stock, on the Stock Exchange may be taken up at that meeting, it
was learned.
Transamerica is a 31,000,000.000 company and controls among other
interests, the Bank of America in New York, the Bank of Italy in California,
the Bank of America In California and the Banca d'America e d'Italia in
Milan. Total resources of the banking and other companies controlled by
Transamerica come to more than $2,000,000,000, the resources of the Bank
of Italy alone exceeding $1,000.000,000.
New York Curb Exchange Suspends Irving Robins for
30 Days.
Announcement was made on Thursday of this week (Feb.
20) by the New York Curb Exchange that Irving Robins
had been suspended from regular membership in the Exchange
for 30 days for a violation of Article XVII, Section 7, of the
constitution, which in substance forbids the violation of
just and equitable principles of trade, according to yesterday's New York "Times," Feb. 21, which added:
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Construction of Addition to New York Curb Exchange
To Start Feb. 20.
Construction on the new 14-story addition to the New
York Curb Exchange started Feb. 20, and as a result notices
have been posted in front of the present building requesting
members to hereafter use the rear entrances on Greenwich
St. It is expected that the new addition will be completed
in Feb. 1931. As we have already indicated the structure
will embrace the entire site covering an area of 178 feet
front by 181 feet deep which is now only partially occupied
by the present building. When completed the trading floor
area will comprise 14,132 square feet compared with an
old board room area of 9,598 square feet and will contain
24 trading posts of a new and much improved design, as
against 16 trading posts now in use. The height of the new
board room will extend five stories.
The recently acquired Hamilton Building adjoining the
present Exchange building will not be razed in connection
with the present building plans. The proposed addition to
the Curb's quarters was referred to in our issues of Jan. 4,
page 51, and Jan. 25, page 563.
Few Changes in Committees of New York Curb
Exchange.
Announcement of the composition of its committees for the
ensuing year was made on Feb. 14 by the New York Curb
Exchange. With the exception of the Nominating Committee
which is re-nominated each year, only a few changes were
made. Fred H. Brendle, Clarence L. Eckstein, Walter P.
McCaffrey and John P. McCormack, new members of the
Board of Governors, succeeding Herbert Oppenheimer, E. E.
Spencer, George Scott Whiting and Vincent E. O'Neill were
assigned to the various committees to fill vacancies. Aside
from the election of the new members of the Board of
Governors, the resignation of George Scott Whiting, as
Vice-President and a member of the Board of Governors,
because of pressure of business and the retirements of
Vincent E. O'Neill, a Governor of long standing, were the
two outstanding changes in the general personnel of the
various committees.
Camp, Thorne & Co., Investment Brokers, Chicago, in
Receivership.
A voluntary petition in bankruptcy was filed on Feb. 17
in the Federal District Court of Chicago by the investment
brokerage house of Camp, Thorne & Co., 29 South La Salle
St., that city, followed by the appointment of Fred E.
Hummel as receiver by Federal Judge Wilkerson, according
to the Chicago "Journal of Commerce" of Feb. 18, from
which we quote further as follows:
Transamerica Corporation to Apply for Listing on Four
Attorney Michael Gesas said there were liabilities of 5575.000 to which
Big Stock Exchanges.
might be added $500.000 more by law suits and other causes. He said
Advices from San Francisco on Wednesday of this week the assets, although once worth $750,000. had shrunk to $250.000 in value.
The firm
(Feb. 19) to the "Wall Street Journal" reported Elisha the husband was organized about 10 years ago by William C. Camp, then
of Mrs. Katherine Gordon Thorne Camp, widow of William
Walker, Chairman of the Transamerica Corporation, upon Thorne, who had been Vice-President of Montgomery. Ward and C.
Co.
arrival in San Francisco with Jene Monnet, Vice-Chair- Mr. Camp was reputed to have inherited 51.000,000 from his father.
his
Mr. Gesas said the principal business of the company had been in conman of the corporation, as saying that it was planned to nection with Central American utility bonds. He said
that if
apply later for listing of Transamerica stock on New York could be marketed,a reorganization of the brokerage firm mightthese bonds
be possible.
Stock Exchange, London Stock Exchange, and Paris and
Amsterdam Bourses. The dispatch also quoted Mr. Mon- Champ C. Brown & Co., Philadelphia
Brokerage Firm,
net as saying that Transamerica plans extension of business
Fails.
into South America as well as broader European activity.
Failure of the brokerage firm of Champ C. Brown &
Co.,
In its issue of Thursday (Feb. 20) the New York "Times" with offices in the Real Estate Trust Building,
Philadelphia,
in the same matter said in part:
its suspension from the Philadelphia Stock Exchange,
and
1206
FINANCIAL CHRONICLE
[voL. 130.
were announced on Feb. 17. In reporting the matter the said. It was stated that the list of stocks in the inactive
department would include all of the stocks listed on the
Philadelphia "Ledger" of the next day said:
The only information relative to the closing of the company was the Exchange not now handled by an authorized specialist.
statement from the Exchange that the firm was unable to meet its engage- "In
other words," Mr. Atkinson explained, "every stock
ments. Champ C. Brown has been a member of the Philadelphia Exchange
listed on the Exchange will have someone definitely looking
since 1911.
after the welfare of the execution of orders on the floor."
Increase in Membership of Board of Governors of It was pointed out that this inactive list would change from
time to time. When an inactive stock becomes active enough
Chicago Stock Exchange.
Eight of 9 additional members of the Board of Governors to justify it, a specialist will be appointed to supervise it
of the Chicago Stock Exchange were named on Feb. 13 by and it will be put on the active trading list. For all stocks
R. Arthur Wood, President, and approved by the Board. in the so-called inactive list, unless otherwise specified, the
The ninth new member, increasing the board membership unit of trading will be 10 shares and trades in 10 shares or
more will be printed on the quotation ticker tape. The
from 16 to 25, will be named later. The 8 named are:
Latham R. Reed, New York City, E. A. Pierce & Co.; Edward E. regular round-lot on the Chicago Exchange is 50 shares.
MacCrone, Detroit, E. E. MacCrone & Co.; James E. Bennett, Chicago,
Approximately 300 of the 550 stocks listed on the Chicago
James E. Bennett & Co.; Charles Sincere, Chicago, Charles Sincere & Co.;
Mitchell, Hutchins & Co.; Clarence G. Exchange are named in the so-called inactive group sent out
Charles C. Renshaw, Chicago,
Troup, Chicago, Lamborn, Hutchings & Co. Mr. Troup is Vice-President to members announcing the new department. However, as
of the Chicago Curb Exchange.; W.B. McMillan, Chicago, W.B. McMillan Mr. Atkinson pointed out, the word "inactive" is somewhat
& Co., and James P. Molloy, Chicago, not a member of a firm.
of a misnomer, since in reality the list is all of those stocks
It was the plan of the Exchange to name 3 of the new 9 without an authorized specialist.
members from the out-of-town membership. Of the 8
named to-day, two are from out-of-town, Reed of New York, All Stock of New Chicago Stock Clearing Corporation
and MacCrone of Detroit, and it is expected that the 9th,
Taken Over by Chicago Stock Exchange.
when named, will be from some other city than Chicago.
All the stock of the new Chicago Stock Clearing Corp. has
been taken over by the Chicago Stock Exchange, it was
Change in Commission Rates of Chicago Stock
announced on Jan. 23. The Exchange has approved payExchange.
ment of $200,000 for the stock. It was stated that while
The Board of Governors of the Chicago Stock Exchange all the details as to the deposits to be made by Exchange
passed a resolution on Feb. 5 providing for a change in com- members taking advantage of the Stock Clearing Corp.
mission rates on stock and bond transactions. According to have not been worked out, it was definitely decided that the
the new plan, the minimum commission on transactions in minimum deposit be $5,000. Deposits over that amount will
stocks, except in stocks selling for less than $1, per share, depend on the amount of the member's clearings. It is
where the transaction involves $200 or more, shall be not estimated that a total of more than a million dollars in
less than $5, and where the transaction involves less than deposits will be built up. Each member's deposit establishes
$200, shall be not less than $3. The minimum commission, that member's credit in the Stock Clearing Corp. The officers
under the resolution, on transactions in bonds shall not be of the new Chicago Stock Clearing Corp. were given in our
less than $2.50. Under the old rule, the minimum com- issue of Jan. 25, page 563.
mission on bonds was $2 and the minimum commission on
stock transactions, irrespective of the amount involved, Cashiers Association of Wall Street Elects Officers at
was $5. The new resolution, it was announced, would
Annual Banquet.
become effective after being posted for one week.
The third annual banquet and entertainment of the
Cashiers Association of Wall Street, Inc., was held this week
One Hundred Memberships on Chicago Stock Exchange at the Brooklyn Elks Building. The following officers were
Transferred Since 100% Seat Dividend was Declared.r
elected for the ensuing year:
One hundred memberships on the Chicago Stock Exchange
President. Harold E. Winston of H. L. Doherty & Co.; First Vice
have been transferred to new hands since the 100% seat President, Edward Ifland of Lawrence Cohen & Co.; Second Vice-President,
Geo. Failey of
H.
of Baker
dividend was declared on Sept. 5 1929. This was announced Kellogg & Co.,Georgeand Burr & Co.; Treasurer, Chris Dunn J. Roy
Secretary, James D. McMoekan of
Inc..
on Feb. 5 by the Exchange following approval by the Board Prosser & Co.
of Governors of membership transfers to Joseph Mattison,
E. Noel Brown of Shields & Co., the organizer and retiring
New York, and Thomas G. Wheelock, Chicago. It was first president, was elected honorary president. The offieers
pointed out that exactly five months had elapsed since the were installed by Louis G. Shields, of Shields & Co.
seat dividend was declared, making an average of twenty
seat transfers each month. The dividend increased the Meeting of Chicago and Cook County Bankers' Assonumber of Chicago Exchange memberships from 235 to 470.
ciation to Be Held in Chicago, Feb. 27.
With 100 of the seats transferred, 95 of them dividend seats,
The Feb. 27 meeting of the Chicago and Cook County
the number of members now stands at 330, with 140 members
Bankers' Association at Chicago will hear discussions of two
still holding two seats.
of the day's most vital financial developments, the investIn giving out these figures, it was explained at the Exment trust and the development of the trust department.
change that the sales arranged, but not yet formally apincluded in the John A. Reynolds, Vice-President of the Union Trust Co.,
proved by the Board of Governors, are not
Detroit, will be the speaker on trust department develop100 seat transfers in the pastfive months. There is a score ment.
The American Bankers' Association recognized
sales arranged, awaiting formal approval. Before a transof
Mr. Reynold's outstanding ability by appointing him Chairfer is made, notice must be posted and formal action taken, man of
the Trust Development Committee of their Trust
not only by the committee on admissions but by the Board
Company Section. He is also active in the Trust Developitself.
ment Committees of the Financial Advertisers Association.
Exchange officials pointed out that if the remaining seats
Harold E. Wood, Vice-President of the Foreman-State Corp.,
rapidly as the first dividend seats, all the new
are sold as
the other speaker, will discuss "Investment Trusts" at the
seats will have been disposed of within the next six months. same
meeting, which will be held at the Mid-Day Club at
Of the 100 seats sold in the last five months,95 were dividend 6:30 p. m.
was $30,000.
seats and 5 were original seats. The last price
Only 44 seats are on the books of the Exchange as for sale. Funds for New Assay Office in New York Asked in
Of these, 38 are in to sell at $50,000 or more, and the other
Appropriation Bill—Treasury Will Get More From
6 at between $33,000 and $45,000.
Sale of Present Site Than New Structure Will Cost.
Inactive Stock Department of Chicago Stock Exchange.
An inactive stock department, completing the specialist
system inaugurated on the Chicago Stock Exchange several
months ago, was started in January, it was announced
Jan. 23, by C. T. Atkinson, Secretary of the Exchange.
"Due to the most satisfactory experience the Exchange has
had through the establishment of the, specialist system, the
committee on arrangements has taken a step still further to
improve the execution of orders on the floor by installing
the inactive stock department," Mr. Atkinson's statement
Funds for the construction of the new New York assay
office would be made available immediately, with the
approval of the first deficiency bill recommended to the
House on Feb. 17 by the Appropriations Committee, Washington accounts to the New York "Times" in indicatihg this,
add:
Under the terms of the bill, the new assay office would be included in
the $23,040,000 public building appropriation of 1926, and such part of
that as the building of the new plant required would be made available
at once.
In his testimony before the committee in support of this section of the
deficiency bill. James A. Wetmore, acting supervising architect of the
Fan. 22 1930.]
FINANCIAL CHRONICLE
Treasury,said that the new building was estimated to cost about 83,765.000.
and therefore about
The old site, he said, is being sold for $6,501,000,
the deal.
82,800,000 would be turned back in the final result of
References to the new assay office were made in our issues
of Julyi27 1929, page 573 and Nov. 30 1929, page 3420.
National Bank Resources 828,882,483,000 On December 31—
Increase As Compared With October, But Below December 1928 Figures.
Comptroller of the Currency John W. Pole, announced on
Feb. 12 that the aggregate resources of the 7,408 reporting
National banks in the continental United States, Alaska,
and Hawaii on Dec. 31, 1929, the date of the recent call
for statements of condition, amounted to $28,882,483,000,
exceeding by $958,173,000 the amount reported by 7,473
banks as of Oct. 4, 1929, the date of the previous call, but
were $1,706,673,000 less than the resources of 7,635 banks
on Dec. 31, 1928, the date of the corresponding call a year
ago, when the aggregate resources were more than 30%
billion dollars. The Comptroller's announcement also says:
1207
Executive Secretary of the American Acceptance Council,
in his survey says:
The new total of $1,692,793,891 compared with the total of$1,279,271,163
outstanding on Jan. 31 1929 shows an increase of $413,522,728 over last
Year.
With few exceptions the peak of the acceptance business is reached each
reduction, as
year at the end of December, after which there is a gradual
credits are liquidated and the season crop requirements are satisfied.
discount market dealers have had increasing
For the past three weeks the
to the
difficulty in securing any considerable volume of bills, giving rise
The reduction
belief that the available supply was rapidly diminishing.
of only 339,000,000, while not fully supporting this theory, does indicate
the next
a normal turn in the volume and promising lower levels during
few months.
to the disPart of the market difficulty in recent weeks has been due
inclination of some of the large accepting banks to dispose of their accepted
influenced by the easy
bills at the current rates, a decision also partly
of bills accash position of the banks. At the end of January the total
cepted and ready for the market, but not sold, amounted to $73,000,000.
in
The most important decrease to be noted in the current survey is
in December
import credits, which fell off $46,000,000 from $383,000,000
credits followed with a reduction of
to $336,200,000 on Jan. 31. Export
Dollar exchange bills
$14.000,000 from $524,100,000 to $509,800,000.
declined $9,000,000 and domestic shipment bills fell off $2,800,000.
groups, the volume
To offset this falling off of 371.000.000 In these four
the shipments
of acceptances used to finance the storage of goods abroad or
domestic warehouse
between foreign countries, increased $29,000,000 and
credits increased $4,000,000.
continue sto expand.
The use of American bank credit in foreign countries
showing a connotwithstanding the seasonal fluctuations in this country,
or nearly
stand gain throughout the past year to a total of $170,000.000,
double that which was reported a year ago.
American
This class of acceptance business is constantly available to
centres
banks In large volume but particularly so when rates in foreign
Furthermore, it
are above those prevailing here, as they are at present.
dollar acceptances
gives the bill market a very fine volume of high-quality
the prestige of
used in world trade financing and does much to enhance
our banking institutions.
Federal Reserve district had
The banks and bankers in the New York
a month ago and
835,000,000 fewer outstanding bills on Jan. 31 than
aad San Francisco banks
Boston $5,000,000 less, while Cleveland, Chicago
Francisco disincreased their volume by a total of $8,000.000. The San
trict volume now stands at $76,000.000, the highest on record.
bill rates
Through three reductions since early in January. open market
in perfect
are now at the lowest quotation since April 1928, and seem to be
accord with other rates for money and credit.
The rates at this date are as follows:
3'/s
30
3
3h
so
3'%
3N
90
3j
33
120
33
4
150
3N
4
180
Loans and discounts, including rediscounts, on Dec. 31, 1929, amounted
to $15,150,046,000, showing an increase of $188,169,000 since Oct. 4,
1929, but a decrease of $129,585,000 in the year.
Investments in United States Government securities of $2,612,087,000,
which amount included bonds deposited with the Treasurer of the
United States to secure circulating notes outstanding, showed decreases
in the three and twelve month periods of $92,787,000 and $396,636,000,
respectively. Other miscellaneous bonds, stocks and securities totaling
$3,845,756,000 showed an increase of $104,742,000 since the date of the
previous call, but a reduction of $272,839,000 in the year.
Balances due from correspondent banks and bankers of $4,761,093,000, which amount includes reserve with the Federal Reserve Banks of
$1,348,046,000, were $470,476,000 more than three months previous,
but $919,916,000 less than reported on December 31, 1928. Cash in
vaults, $393,330,000, showed increases since October, 1929, and December, 1928, of $45,968,000 and $5,201,000, respectively.
The paid in capital stock of the reporting associations was ;1,704,473,000, exceeding by $33,199,000 teh paid in capital on Oct. 4, and
was $87,997,000 greater than this item on Dec. 31, 1928. Surplus
funds of $1,548,376,000 and net undivided profits, excluding reserve
accounts, of $497,043,000, a total of $2,045,419,000, showed a reduction of $25,695,000 since October, 1929, but an increase of $63,592,000
in the year.
Circulating notes outstanding aggregating $646,420,000 were $5,316,000 more than three months previous, but $3,985,000 less than reported on Dec. 31, 1928.
Details made available by Mr. Bean follow:
The total deposits on Dec. 31, 1929, aggregated $22,773,493,000,
which was an increase of $871,496,000 since the date of the previous TOTAL OF BANKERS' ACCEPTANCES OUTSTANDING FOR ENTIRE
call, but a decrease of $1,573,887,000 in the 12.month period. Included
COUNTRY, BY FEDERAL RESERVE DISTRICTS.
Jan. 311929.
Jan. 311930. Dec. 31 1929.
in total deposits are balances due correspondent banks and bankers and Federal Reserve District:
3143,105.330
8170,670,463
3165,615,615
1
cashiers' and certified checks, etc., of $3,146,301,000, demand deposits
951,919,275
1,241,357,006 1.276,325.656
2
25,652.17417,321,127
of $11,192,750,000, which include United States deposits of $103,318,25,910.044
3
14,963.341
27,183,550
29,490.118
000, and time deposits of $8,434,442,000. In the item of time deposits
4
12,609,182
13,411,734
12,558,812
5
are included postal savings of $96,767,000, time certificates of deposit of
17.310.771
19,002,106
16,143,843
54,156.221
$1,308,242,000, and deposits evidenced by savings pass books of $6,024,100,642.397
102,835,033
7
2,061,802
3,220,319
15,660,840 accounts.
2,818 203
199,000, the latter figure being represented by
5.8.54,945
10,043.903
9,436,642
9
The aggregate liability for money borrowed on account of bills pay205,669
1,544,242
1,769,663
10
8,612,724
able of $397,411,000 and rediscounts of $148,176,000, was $545,587,000.
11.732,985
8,369,354
11
51.150.776
73.006,859
76,489,558
Money borrowed on Oct. 4, 1929, was $657,572,000, and on Dec. 31,
12
1928, $785,309,000.
81,692,793,891 31,732.436,388 $1,279,271,163
Grand total
The percentage of loans and discounts to total deposits on Dec. 31,
Dec.$39,642,497 Inc.1413,522.728
1929, was 66.52, compared with 68.31 on Oct. 4, 1929, and 62.76 on
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Dec. 31, 1928.
Jan. 31 1930. Dec. 31 1929. Jan. 31 1929.
$319,157,719
$383,015,399
$336,213,059
Imports
467,298,929
524,128,815
509,818,905
Exports
17,817,851
22,830.035
20,064,014
Increase of Over 1000% in Resources of Detroit Banks Domestic shipments credits
162.107,264
284,918,886
288.994.766
Domestic warehouse
45,690,647
76,285,155
67,187,838
in 25 Years Revealed in Compilation by First Dollar exchange
Based on goods stored in or shipped
267.198,753
National Bank of Detroit.
441,258,098
470,515,309
between foreign countries
An increase of Tnore than 1000% in the resources of Detroit AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
JAN. 20-FEB. 17.
banks over a period of 25 years is disclosed by a compilation
Dealers' Selling Rate,
Dealers' Buying Rate.
Days.
3.880
prepared by Felix M. Farrell, statistician of the First Na4.005
30
3.880
4.005
eo
tional Bank in Detroit. Aggregate resources of the city's
3.880
4.005
90
3.880
4.005
120
are reported as totalbanking institutions at the end of 1929
4.005
4.130
150
4.005
4.130
180
ing $1,236,625,982 compared with $110,860,778 in 1904.
During the same period surplus and undivided profits grew
from $5,813,345 to $94,320,486, a gain of 1522%. The
number of banks in Detroit increased during these 25 years
from 19 to 24, many institutions meanwhile having lost
their identity in the trend toward fewer and larger banking
institutions. The latter trend is clearly evidenced in the
gain of nearly 600% in capitalization from $8,900,000 in
1904 to $61,625,000 in 1929. The number of National
banks decreased from 5 to 2, the number of trust companies
increasing from 2 to 10, and the number of State banks remaining unchanged at 12.
Bankers Acceptances Show Small Seasonal Reductions
—Jan. 31 Total $1,692,793,891—Falling Off of
$39,642,497 as Compared with Dec. 31.
v
A seasonal reduction in the .olume of bankers' acceptances
manifested itself in the report of the American Acceptance
Council, made public Feb. 18, on the survey taken as of
Jan. 31, when the total volume of bills outstanding was
shown to have declined $39,642,497. Robert H. Bean,
Branch Banks Needless, According to G. R. Meyercord,
Former President of Illinois Manufacturing Association—Believes Present System Ample to Care for
All Needs of Manufacturer.
Some of the objections to further extension of branch
banking from the viewpoint of a manufacturer are outlined
by George R. Meyercord, former President of the Illinois
Manufacturers' Association, it is learned from the Chicago
"Journal of Commerce" of Feb. 11, which indicates as follows what Mr. Meyercord has to say:
"Branch banking," states Mr. Meyercord in a bulletin issued to members
of the Illinois Manufacturers' Association, "has become a live issue. Sudden
and simultaneous interest in it is taken by politicians, bankers and bank
customers.
"Comptroller of the Currency J. W. Pole book his stand before the
convention of the American Bankers' Association a few months ago in favor
of legalized National bank branches. The Beedy bill, recently introduced
In the House, appears to be the legislative vehicle tor Mr. Pole's plan. The
new McFadden bill would put State banks of the Reserve System, bank
holding companies, security companies and the other bank-affiliated concerns under the supervision of the Comptroller of the Currency. Then
1208
FINANCIAL CHRONICLE
[vol.. 130.
there is the Strong bill in the House, which aims to abolish all chain
and branch banking.
Big Bankers Oppose Branches.
"It is a mistake to assume that most bankers, or even most big bankers,
are in favor of branch banking. New York interests, for example, have
so long held practically a monopoly of the largest financing operations
that they are likely to view with apprehension any move calculated to
build up power elsewhere. Public expressions made so far seem to
indicate that bankers large and small throughout the country are divided
in their opinions.
"Branch banking in my opinion is primarily a problem for bank customers, rather than for banks. A bank, after all, is merely a service
organization and any change which may reduce the availability or the
equitable value of its service to business is distinctly a step backward.
That is the kind of a step this country will not take. Unless there is a
clearly visible gain to business through such an extension of banking
facilities, the whole scheme should be discarded. If it is evident that
disadvantage may accrue to any legitimate activities, the whole scheme
must be discarded.
Many Objections Evident.
"Many of the objections to branch banking are self-evident. The greatest
efficiency of a normal human being placed in charge of a branch bank
in a small city must lie in his ability to say `No,' which is made easy for
him by the shifting of responsibility to the central bank when that course
becomes the discreet one. Important loans most be passed upon by the
central office; loans which are unimportant (to the bank, that is, not
to the customer l), if decided by the local manager, must be decided wholly
on a balance sheet and collateral basis, for the reason that he knows little
of the local items of character and intangible values.
"The local manager of a branch bank is destined never to know what
he should know about those items, particularly if he is a good banker and
an ambitious man, for whatever promotion he may work for and earn
will move him on to a still newer post, where his 'Noes' may be still
farther developed. He cannot take root in the soil of any community. In
his knowledge of local habits and personal equations he can never compete
with the home-grown banker, who authorizes a loan to one because he
personally knows it will be repaid, and to another because he has watched
the constructive character of the borrower since boyhood.
owned and well-organized trust company, on the basis of sharing in the
profits."
An authorized summary of his address on branch, group, and chain
banking follows in full text:
In all the defense of branch or group banking the idea predominat
es that
better trained and more capable management can be secured
in the operation
of large branches. That, to say mind, is the real meat
in the cocoanut.
After all, it is a question of management. The bigness
of a bank is not
necessary for safety or profit.
We have small country banks in this country and in Oklahoma
that are
just as safe and just as profitable as the larger institution
s. This proves
one thing, and that is that management is what is necessary
to make the
unit bank profitable and safe.
I will say to the individual banker there is no need
to worry over
group or branch bank competition, but go home with
your mind made up
that you will properly equip yourself with banking knowledge
to enable
you to formulate and follow successful banking policies
in the operation
of your institution.
Branch or group banking affords no specific cure for banking ills.
The
Bankers' Trust Co. of Atlanta closed Its doors, and 83 banks
of that chain
in Georgia and Florida went down with the parent
bank. Overexpansion
and frozen credit can occur under one system as well
as another.
Sound Policies Required.
The Home Bank of Canada, with 78 branches, failed and
the Merchants'
Bank of Canada, with 400 branches, practically failed
and had to be
absorbed by another large bank, assisted by the Canadian
Government.
It is not a question of system, but a question of
management that safeguards the banking business. System and size cannot be substituted
for
sound policy and capable administration.
It is not necessary to make fundamental changes in our banking
systems,
and it is not necessary for the unit banker to give up
his independence,
but it is necessary for him to properly equip himself with knowledge
of
sound operation methods and with modern credit machinery
and modern
securities information. He must be prepared to furnish complete
and
satisfactory banking service in keeping with sound banking
principles
and wise banking policies.
I want to say in answer to those who belong to the McFadden
school of
banking, who favor one banking system for the country, namely,
the
National system, that in my opinion it does not coincide with our
principles
of government, nor is it for the best interests of the people
of this country.
Both Systems Needed.
Our Government is founded on the principle that one departmen
t of
state is a check on the other. The welfare of the average citizen demands
two systems of banks—National and State. The National system, especially
since the organization of the Federal Reserve Banks, has materially raised
the standard of banking practices in this country. The State systems
have
been benefited as much as the National.
If we had only State banks I am firmly convinced we would have
more
slipshod and careless banking in the land to-day. On the other hand,
if
the State banking systems were wiped out of existence and
the entire
resources of the country were under the supervision of the Comptrolle
r of
the Currency and the Federal Reserve Banks, we would have
the most
autocratic money power this world has ever witnessed.
We do not need revolutionary changes in our banking system.
Unit
banking has been one of the main causes and the source of the
inspiration
and progress as of the United States of America.
The individual bankers can solve this question themselves.
They must
bring themselves to a realization that there are banking
practices, that
there is banking technique, by which they must abide
and about which
they must inform themselves, which will convert their
institutions into
permanent and profitable institutions. The remedy is
not branch or
group banking, but better banking.
Morgan Placed Character First.
"It should never be forgotten that one of the greatest of all bankers,
J. P. Morgan, the elder, placed character above balance sheets as a golds
to financial reliability."
Mr. Meyercord apprehends that if a National branch banking system were
adopted in this country as in Canada, assuming that similar conditions
would prevail under similar circumstances, every new community
would
find itself with several banks opened by the different larger
banks. The
losses sustained by these non-paying branch banks would have
to be borne
by customers elsewhere, which would mean the burden would
fall upon
business enterprises in the large industrial centers.
"Canada's experience," continued Mr. Meyercord, "indicates
that more
banks are opened under the branch banking system
than the country
needs. The United States under such a system probably
would have about
48,500 banks, nearly twice as many as it now has.
Even now many of
our banks in rural communities are not earning any
return on the banking
capital invested. Some are actually losing. It is not
likely that one single
additional branch bank would be profitable. There would
be an accumulation of losses sustained in the rural centers, which would
be paid for by
the manufacturing and trading industries in
increased rates on their
borrowings.
Would Restrain Competition.
"The vastness of the banks and their ramifications
would inevitably
restrain competition, particularly to the smaller
manufacturer when he
wished to create mortgages on his factory. The
unrestricted competition
now existing in the bond market would be
almost entirely eliminated, as
the banks would all go into the bond and mortgage
W. J. Evans, of American Institute of Banking, Asserts
business.
"Due to the very limited number of central
banks, the effect would be
Branch System Will Not Displace Unit Banks.
that a manufacturer would have to consult his local
branch bank manager
and almost entirely depend upon him to place
"The old unit bank will always fill a definite need in its
the bond issue. That, in
the long run, would be certain to mean that
a larger commission would community, despite claims that
branch banking will make
be paid and a higher rate. The natural result
would be that all other
banks approached would send him back to
his own banker. His credit the unit banks obsolete," W. J. Evans, President of the
would immediately be under a cloud If
he attempted to get money American Institute of Banking, said at the twenty-ninth
elsewhere.
annual dinner of the New York Chapter in the Hotel Astor,
Petty Charges Would Result.
Feb. 15. Mr. Evans, of Dallas, Tex., was the guest of honor
"Probably many petty charges would
creep into vogue, such as a check
collection charge, the income from which
would produce annually so vast at the dinner, at which Alan G. Warner, President of the
a sum as to amount to more than is now
lost by bank failures.
New York Chapter, presided. Mr. Evans is quoted thus
"The banking system as it now stands
is amply able to take care of all in
the New York "Times," which fsLates that bankers at the
requirements of industry. The manufactur
er has nothing to gain, all to
lose, by the extension of branch banking."
speakers' table
Branch Banking Found to Offer No Preventive
of
Financial Ills Says Oklahoma State Bank Commissioner—Sound Management, Not Size, Gives
Safety, He States.
Branch or group tanking affords no specific cure for
banking ills, in the opinion of C. G. Shull, State Bank Commissioner, as recently expressed before the Oklahoma State
Bankers' Association. The remedy, Mr. Shull stated, is
better banking. In an Oklahoma City dispatch, Feb. 7, the
"United States Daily" reports this, and adds:
included Philip A. Benson, President of the
New York Savings Bank Association; George McLaughlin,
President of the Brooklyn Trust Co.; J. Stewart Baker,
President of the Bank of Manhattan Trust Co.; Henry A.
Patten, President of the Corn Exchange Bank & Trust Co.;
Charles S. McCain, President of the Chase National Bank;
Winthrop Aldrich, President of the Equitable Trust
Co.;
Harry E. Ward, President of the Irving Trust Co.;
John
McHugh, Chairman of the Executive Committee of the
Chase
National Bank; J. Herbert Case, Deputy Governor
of the
Federal Reserve Bank; William K. Payne, Presiden
t of the
New York State Bankers' Association, and Joseph A.
Broderick, Superintendent of Banking of New York.
There are banks operating, however, Mr. Stroll
stated, in communities
too small to support them.
"There are bankers here," he said, "operating
a bank in a community Meeting of Federal Advisory Council in Washin
which has two banks where only
gton
one is needed and can be supported. I
—F.0. Wetmore Re-elected President.
want to ask that you go home
with a determination to correct the situation
yourself before it is too late."
Frank 0. Wetmore of Chicago was re-elected
President
The number of Oklahoma cities
that will support a trust department is and B. A. McKinney of Dallas,
Vice-President at the meeting
very limited, in the opinion of
Mr. Shull, and he has on several occasions
of the Federal Advisory Council in Washington
advised bankers in medium-siz
ed county-seat towns not to attempt to
on Feb. 18.
organize a trust business.
Washington accounts to the New York "Journa
l of Com"This is a special line of banking,"
Mr. Shull stated, "and needs trained merce" that day said:
officers, and the field of operation
must be rather large to be profitable.
The Council had an extensive meeting with the
At such points where there is some
Federal Reserve Board,
trust business, still not enough to and It was
understood that general business conditions and the money
support a department, I would
marsuggest an affiliation with some well. ket situation
were discussed. Developments within the Reserve
system
FEB. 22
1930.]
FINANCIAL CHRONICLE
1209
"Sec. 7. After all necessary expenses of a Federal Reserve bank have
during the last few weeks have been featured by reductions in the rediscount
stockholders shall be entitled to receive an
rates, which brought the banks at New York. Chicago, Boston and Kansas been paid or provided for, the
annual dividend of 6% on the paid-in capital stock, which dividend shall
,
City to the 4% rate, with the others at 435%.
have been fully met,
Members of the Council were understood to have approved the rate re- be cumulative. After the aforesaid dividend claims
until it shall amount
ductions,feeling that conditions in the various Reserve districts justified the the net earnings shall be paid into a surplus fund
thereafter 10%
changes. It was anticipated that some of the 4)i% banks might reduce to to 100% of the subscribed capital stock of such bank, and
of such earnings shall be paid into surplus and 90% shall be paid at the
4% within a short time.
Besides the officers, ex-officio members, the Executive Committee for the end of each calendar year to the stockholders on a pro rata basis of
coming year will be composed of William C. Potter, representing the New distribution in accordance with rules and regulations which shall be
York district; L. L. Rue of Philadelphia; Harris Creech of Cleveland, and prescribed by the Federal Reserve Board.
"Should a Federal Reserve bank be dissolved or go into liquidation,
Walter W. Smith of St. Louis.
Other members of the Council are: Frank K. Hallett of Boston, John any surplus remaining, after the payment of all debts, dividend requireP. Butler, Jr., of Atlanta, George H. Prince of Min- ments as hereinbefore provided, and the par value of the stock, shall be
Poole of Richmond, J.
neapolis, Walter S. McLucas of Kansas City and F. L. Lipman of San paid to and become the property of the United States."
Francisco.
It was understood that all recommendations of the Council related to
Amendments to Federal Reserve Act Proposed By
inter-bank business.
Senator Norbeck — Freedom from Attachment
Against Reserve Banks Sought Until Decision Is
Reached on Suit.
Federal Reserve banks would be free from attachment or
execution against them or their property before final judgment in any suit, action, or proceeding in any State, county,
municipal, or Federal Court, under the terms of a bill (S.
3626) introduced Feb. 19 by Senator Norbeck (Rep.), of
Revised Distribution of Earnings in Reserve System South Dakota, Chairman of the Senate Committee on BankProposed in Senate Bill of Senator Fletcher— ing and Currency. Stating this, the "United States Daily"
Larger Dividends to Member Banks.
adds:
Under the present Federal Reserve Act, Reserve banks have power "to
A change in the method of distributing surplus earnings
in any Court of law or equity."
of Federal Reserve banks would be made under the pro- sue and be sued, complain and defend,
The proposed amendment to the Act provides as follows:
visions of a bill (S. 3564) introduced in the Senate by Sen"That the fourth subdivision of the fourth paragraph of section 4 of the Federal
as follows: Fourth, to sue and
Reserve Act be amended
ator Fletcher (Dem.), of Florida, ranking minority member and defend, in any court to read or equity; but no attachment or be sued, complain
execution shall be
of law
of the Senate Committee on Banking and Currency. This Issued against such bank or its property before final Judgment in any suit, action
State, county, municipal or United States court."
or proceeding in any
is made known in the "United States Daily" of Feb. 17,
A second bill introduced by Senator Norbeck (S. 3627) provides for
which says:
an amendment to the Act to enable National banks voluntarily to sur-
Governor Harrison of New York Federal Reserve Bank
Sails for Europe.
George L. Harrison, Governor of the Federal Reserve
Bank of New York, was a passenger on the steamer
Majestic which sailed for Europe last night (Feb. 21). He
expects to return in a few weeks.
Under present law, Mr. Fletcher stated orally, on Feb. 15, the net
earnings of Federal Reserve banks are distributed as follows: A cumulative dividend of 6% is paid to the stockholding member banks on the
amount of paid-in capital stock held by them; earnings over and above
such dividend requirements are transferred to the surplus account of the
Reserve bank until that fund equals the subscribed capital stock of the
Reserve bank, which is 200% of the paid-in capital stock; when that
figure has been reached in the surplus account, additional earnings are
distributed, 10% to surplus and 90% to the United States Government
as a franchise tax.
For the year 1929, according to figures made public in the Federal
Reserve "Bulletin" for February 1930, the Senator continued, 12 Federal
Reserve banks had combined net earnings of $36,402,741. Of this,
$9,583,913 was distributed in dividends, $22,535,597 was transferred to
the surplus accounts of the 12 banks, and a franchise tax of $4,283,231
was paid to the United States Government.
Five of the Federal Reserve banks, those located in Boston, New York,
Philadelphia, Cleveland, and San Francisco, not having accumulated a
surplus equal to their paid-in capital stock, contributed nothing in 1929
as a franchise tax to the United States Government.
There has been considerable demand in recent months from the member
banks of the Federal Reserve System, according to Mr. Fletcher, for a
greater share in the earnings of the Ileserve banks. Several Florida banks
have communicated with him urging legislation to that end, Mr. Fletcher
stated.
Changes Are Proposed.
The bill which he has introduced would provide, as at present, for the
payment of a dividend of 6% upon paid-in capital stock, and the accumulation of a surplus equal to the subscribed capital stock; but for earnings
in excess of these requirements to be distributed 10% to surplus and 90%
to member banks on a pro rata basis measured by average reserve balance
carried with the regional banks.
The Federal Reserve banks contribute much to the United States Government in free services by functioning as fiscal agents, Mr. Fletcher stated,
and, moreover, by the terms of the Federal Reserve Act, the Government
has a residual interest in the assets of the banks, since there is a provision
that "should a Federal Reserve bank be dissolved or go into liquidation,
any surplus remaining, after payment of all debts, dividend requirements
as hereinbefore provided, and the par value of the stock, shall be paid to
and become the property of the United States."
It seems wholly proper, Mr. Fletcher stated, that the member banks who
have contributed all of the capital stock of the Reserve banks and who are
required by law to carry their entire reserve as balance on the books of
the Reserve banks should receive a greater share in the profits of the
Reserve banks.
DOC? Not Affect Surplus.
Mr. Fletcher pointed out that the plan proposed by him makes no
incursions into the building up of an adequate surplus for the Reserve
banks. Had his proposal been enacted into law and applicable to the
Reserve bank earnings for the year 1929 the same amount would have
been paid to the member banks in the form of dividends and the same
amount transferred to surplus. Ninety per cent. of the $4,283,231 which
went to the United States Government in the form of a franchise tax would
have been distributed, however, among the member banks of seven Federal
Reserve Districts.
In addition to the seven Federal Reserve banks which already have
accumulated surplus equal to their subscribed capital, the Federal Reserve
Banks of Boston, Cleveland, and San Francisco have nearly reached that
figure, leaving the banks in New York and Philadelphia as the only ones
which would not be able for some time to make some distribution of excess
earnings to their membem.
render the right to exercise trust powers and to relieve themselves of the
necessity of complying with the laws governing banks exercising such
powers, by filing with the Federal Reserve Board a certified copy of a
resolution of its board of directors. .
Companion bills have been introduced in the House, H. R. 10035 by
Representative Fenn (Rep.), of Wethersfield, Conn., and H. R. 10036 by
Representative Golder (Rep.), of Philadelphia, Pa., both members of the
Banking and Currency Committee of the House.
Bill Proposing to Fine Perpetrator of Run on National
Bank.
A bill proposing to place a fine on any person who
maliciously starts a "run on any National or State member
bank of the Federal Reserve System" was introduced in the
House on Feb. 1 by Representative Hooper (Rep.), Michigan.
According to the New York "Journal of Commerce," the
measure would impose a fine of not more than $5,000 or
imprisonment not to exceed five years, or both, on anyone
who circulates a false report concerning a National or State
member bank which tends to impute insolvency or Unsound
financial condition of the banks.
Inquiry by House Committee Into Chain and Branch
Banking to Start Feb. 25—Comptroller of Currency
Pole to be First Witness—Proposed Amendment
to Federal Farm Loan Act.
The proposed inquiry into branch and chain banking,
called for in the resolution agreed to by the House of Representatives on Feb. 10, will be brought under way by the
House Committee on Banking and Currency on Tuesday
next, Feb. 25. The resolution was given in our issue of
Feb. 25, page 1057. The Washington correspondent of the
New York "Journal of Commerce" writing under date of
Feb. '20, said:
Disregarding the Administration's proposal to have experts of the Federal
Reserve Board, Treasury Department and the American Bankers' Association participate at hearings, the House Committee on Banking and
Currency to-day finally agreed upon plans for the long heralded investigation of branch and chain banking with a view to determining needs for
legislation.
The program calls for opening hearings next Tuesday, with Comptroller
of the Currency John W. Pole as the first witness. Hearings are to be held
three days each week, on Tuesday, Wednesday and Thursday. from 10:30
a. m. to 1 p. m.
Mellon to Follow Pole.
Following the appearance of Mr. Pole, whose testimony may require
several days, the committee will hear Secretary Mellon. Undersecretary
Mills or one of the Assistant Secretaries of the Treasury. Gov. Young and
other members of the Federal Reserve Board then will be heard, followed
by representatives of the 12 Reserve banks, starting with the New York
Bank. Finally proponents and opponents of branch and chain banking will
be heard.
Action of the Committee to-day follows a spirited wrangle at Tuesday's
Amendment Is Offered.
meeting over the suggestion of Chairman McFadden to have the Committee
The bill (S. 3564) introduced by Senator Fletcher follows in full text:
extend invitations to the Federal Reserve Board, Treasury Department,
To amend Section 7 of the Federal Reserve Act, as amended.
Comptroller of the Currency and the American Bankers' Association to asBe it enacted by the Senate and House of Representatives of the United sign experts; to act in an advisory capacity at the hearings.
McFadden,
States of America in Congress assembled, That the first and second whose unrelenting efforts of the past two months were credited with getting
paragraphs of Section 7 of the Act of Dec. 23 1913, known as the Federal the inquiry under way, was said to have acted at the request of the AdReserve Act (United Stated Code, Title 12, Sections 289, 290), as amended, ministration. Representative Carroll L. Beedy (Rep.), Maine, led the opbe amended and re-enacted to read as follows:
position against the Administration's proposal.
1210
FINANCIAL CHRONICLE
Although the committee rejected the Administration's proposal to have
"advisors" sit in during the hearings, Chairman McFadden explained that a
disposition was shown at to-day's session to call in experts if needed at any
time.
Rearing on Letts Nil Amending Federal Farm Loan Act.
Immediately after mapping the program for the inquiry the committee
called a hearing for to-morrow to consider the Letts' bill proposing to
amend the Federal Farm Loan Act so as to extend the time of assessing and
enforcing the liability of shareholders and the liquidation of banks under
the law. Paul Bester, Commissioner of the Farm Loan Board, and Chester
Morrill, general counsel, will appear in support of the legislation, which is
recommended by the Treasury. Representatives Fitzgerald (Rep.) of Ohio
and Rainey (Dem.) of Illinois also will appear.
In addressing the House yesterday on the subject of branch and chain
banking Chairman McFadden said he doubted whether the Committee will
be ready to submit legislation at this session of Congress. "If, however, it
is possible for us to come to definite conclusions," he added,"I do not want
to shut the door by making a promise that we will not make definite recommendations."
By opening the hearings on branch and chain banking with the testimony
of the Comptroller of the Currency the Committee indicated that the
McFadden measure proposing to enlarge the functions of that bureau would
be used as a vehicle for the inquiry.
"The Comptroller of the Currency," Mr. McFadden said yesterday in
addressing the House, "in his annual report to Congress calls attention to
the serious situation confronting the national banks of the country because
of various developments in branch and chain banking." Mr. Pole recommends,he said, that branch banking under the national system be permitted
to extend to trade areas without regard to Federal Reserve districts.
"Those bankers," Mr. McFadden added, "who are engaged in holding
company or chain banking apparently are engaged in this particular form of
banking simply as a makeshift, awaiting and hoping for the time when
branch banking will be extended so as to permit them to carry on their
operations as legitimate branch bankers."
[you 130.
tors of the Federal Reserve Bank in the second district. He also pointed out
that in the twin cities of the Northwest---St. Paul and Minneapolis—through
the control of the Northwestern Banking Corp. of the banks in several of the
adjacent States, that they can dominate the election of the directors and thus
control the management of the Federal Reserve Bank for their district.
Mr. McFadden's remarks precipitated a discussion of the Bank of Italy
and its 297 branches. Replying to questions, Mr. McFadden said he understood control of the stock of the holding company of the Bank of Italy which
was the Dancitaly Corp. was taken over by the Transamerica Corp. of New
York. This latter company, he said, now is the holding company and
owns control of all of the affiliated banks of the former Bancitaly company,
which included the Bank of California.
"This same acquisition," he said "now Includes the Bank of America in
New York, the Bank of America in California, with its many branches, and
large holdings ofstock in many banks throughout the country."
On Feb. 18 the same paper reported the following from
its Washington correspondent:
Vigorous opposition tothe Administration's policy of having experts of the
Federal Reserve system, the Treasury Department and the American
Bankers' Association "sit in" with members of the House Committee on
Banking and Currency in writing branch and chain banking legislation
blocked efforts of Chairman Louis T. McFadden (Rep.), Pennsylvania, to
map plans for hearings at a meeting to-day . .
.
Asks Advice.
The row was reported to have been precipitated when Representative
Correll L. Beedy(Rep.), Maine, opposed Chairman McFadden's suggestion
that the Committee extend invitations to the Federal Reserve Board to
assign to the Committee Randolph Burgess, Assistant Federal Reserve
agent of the New York Federal Reserve Bank,to act in an advisory capacity.
Mr. McFadden was also understood to have carried out his plans of asking
the Committee to invite the American Bankers' Association to assign to the
Committee its general counsel., Thomas B. Paton, the Federal Reserve
Board to assign E. A. Goldenweiser, head of the Statistical and Economic
In its advices from Washington, Feb. 19 stating that the Division of the Board, and the Comptroller of the Currency to designate for
Banking and Currency Committee discussed the proposed the same service F. G. Await, Deputy Comptroller of the Currency.
While neither Messrs Beedy nor McFadden would respond to interrogabanking study on Feb. 18, but its meeting resulted in a tions of the reported disagreement, two of their colleagues present at the
dispute over the Administration's proposal to have experts session, discussed the matter to some extent. Both gave similar accounts to
of the Federal Reserve System, Treasury Department and the effect that Mr. Burgress was the target of Mr. Beedy's attack upon the
recommendation of the Chairman, who was undertsood to be carrying out
the American Bankers' Association "sit in" with members the wishes of the Administration in seeking to have such banking experts act
of the committee at hearings on the branch and chain bank- in advisory capacities in the course of the inquiry and ultimately the drafting
of legislation. No concrete reasons which the Maine member may gave
ing investigation, the "Journal of Commerce" stated:
given for his reported objection to the New York Reserve Bank's Agent
Mr. McFadden's views were disclosed on the floor of the House to-day were divulged.
during a colloquy between himself and Minority Floor Leader Garner, who
In one quarter the report was circulated that reports gained circulation
undertook to draw from the Banking and Currency Committee chairman a that Mr. Beedy received considerable support from his colleagues with
positive statement that no banking legislation may be anticipated at this respect to having the experts sit in during the drafting of legislation at sessession. It was the Banking and Currency Committee's calendar day, and sions which supposedly would be executive. However, even the reports
following the passage of four banking measures the Chairman laid before the from those overhearing the Committee proceedings through the door
House what Mr. McFadden termed "a sort of historical review" on branch transom were indefinite on this point.
and chain banking.
Paints to Changed Conditions.
"The gentleman (McFadden) has made a very illuminating statement Tenders of $186,183,000 Received for $50,000,000
convening branch banking, group banking and chain banking," interposed
Treasury Bill Offering—Bids of $56,108,000 AcMr. Garner as the colloquy got under way. "Does the gentleman approve
cepted—Average Price 99.174.
of the tendency of the day in that direction?"
"I will say to the gentleman (Garner)," the Chairman replied, "I am
Tenders of $186,183,000 were received by the Treasury
speaking with a view of a study of this question and I am trying to hold my
own mind in a judicial attitude. If I were compelled to answer the gentle- Department at Washington for the $50,000,000, or thereman,and lam sure he is not going to force me to do so, I do not know at the abouts, of Treasury bills, for which bids were asked by
moment just what I would suggest. This is one of the reasons our CommitSecretary Mellon on Feb. 10. The offering was referred
tee should take up a study of this question. So much has been happening
within the past year to change former conditions, that I think it is well for to in these columns Feb. 15, page 1061. The total amount
the members of our Committee, and well for the members of this House, to of bids accepted, according to Secretary Mellon's announceknow exaetly what is taking place and try to formulates plan which will deal
ment, was $56,108,000. The bills, as we have previously
with the situation in the manner in which it should be dealt with."
"The gentleman seems to be in possession of a good deal of facts," ob- noted, are issued under the authority of the amendment
served Mr. Garner.
to the Second Liberty Loan Act, signed by President Hoover
"I am trying to relate the facts as I understand them," returned Mr.
on June 17 1929; the bills are payable at maturity without
McFadden, adding that "it is a sort of historical review."
"As I understand, the gentleman is going to try to confirm these facts as interest, and are sold on a discount basis to the highest
he •Inderstands them by an investigation," the minority leader said.
bidder. Secretary Mellon's announcement of Feb. 14 re"By a study and not an investigation," the Banking and Currency Comgarding the bids accepted follows:
mittee Chairman insisted.
-1 presume before the gentleman enters into a study of it, he will trY,
"The Secretary of the Treasury announced that the tenders for 350,000,undoubtedly, to get the facts upon which to apply his mind." inquired Mr. 000 or thereabouts of Treasury bills which were offered on Feb. 11 were
Garner.
opened at the Federal Reserve Bank on Feb. 14.
"Yes." snapped Mr. McFadden.
"The total amount applied for was 3186,183,000. The highest bid was
-And the gentleman's Committee, 1 presume, will make an investigation 99.250 equivalent to an interest rate of about 3% on an annual basis. The
to the extent of getting some facts before it begins its study," came back lowest bid accepted was 99.125, equivalent to an interest rate of about 3%%
Mr. Garner.
on an annual basis. The total amount of bids accepted was $56,108,000.
"We are going to endeavor to do that assured Mr. McFadden.
The average price of Treasury bills to be Issued is 99.174. The average
annual rate on a bank discount basis is about 3.30%."
Report at Next Session.
The Treasury Department does not make known the
Later, Mr. McFadden told the House that if national leriQlation is necessary he thought it would flow as a natural consequence m he, study. He names of the successful bidders. The Marine Trust Co. of
invited suggestions from members of the House, explaining that ii,, felt sure Buffalo, the largest bank in the chain controlled by the
that his Committee would be pleased to have such suggestions.
Marine Midland Corp., announced on Feb. 15 that it had
Further pressed for enlightenment as to when the Howse may hope for a
statement as to what should be done,if anything, Mr. McFadden explained purchased $50,000,000 of the $56,108,000 new Treasury
that the Rules Committee's resolution authorizing the proposed inquiry does bills. fhis was noted in the New York "Times" of Feb. 16,
not provide that"we shall report our findings at the end of the Congress but,
apparently, we must infer that the report shall be filed before the next which further stated:
Of the remaining $6,108,000, a block of $1.000,000 went to C. F. Childs
session of Congress."
In his speech, comprising 22 typewritten pages, Mr. McFadden declared & Co.. Inc., and the balance to various banks and dealers.
The price paid by the Marine Trust Co. for its block was 99.178. Rebanking, the question Is
that in any grant of authority to extend branch
bound to arise: "What will be the future of the Federal Reserve System." offering of the issue will be made at 99.209, to yield the investor approxiHe said that there is no doubt in his mind that if branch banking is extended mately 3.164%, The average price paid for the $56,108,000 MO 99.174, or
so as to permit nation-wide branch banking, chain or group banking will about a 3.30% basis. The bills are dated Feb. 18 and will mature on May18.
Although the original announcement of the sale made by Secretary
largely become a thing of the past.
"If branch banking is extended only to the State to the Federal Reserve Mellon called for the sale of only $50,000,000 of bills, the right was reserved
District or to the trade area, district chain banking will not be satisfied." to award bills in excess of this amount. Thus, the re-offering prices on such
he contended, "but will continue to expand, and this undoubtedly will of the $6,108,000 bills as are placed on the market will differ from the price
result in the ultimate control by New York, and possibly Chicago, of all of quoted on the principal block owing to the fact that various prices were paid.
The new issue represents the second offering of non-interest bearing
the independent groups throughout the country."
This, he said, will mean that "we have chain banking to the extent of Treasury bills, the first, in the amount of $100.000,000, having been
controlling ownership in those groups where control can be had, branch made In mid-December. Of this amount, $69,395,000 went to the Interbanking within tradel areas, and unit banking in those localltiee where national Manhattan Co., Inc., and Salomon Brothers & Hutzler, bidding
Its independence can be maintained in competition with the highly jointly. The bankers re-offered their portion of the issue on a 3.125%
developed plans of group and chain banking." He pointed out that basis. This issue will mature on March 17.
In view of the comparatively limited amount of short term tax-exempt
with this development advanced as far as it has that the City of
New York can largely dominate and control the election of the direc- issues available In the open market, it was said yesterday by the bankers
FEB. 22 1930.]
FINANCIAL CHRONICLE
by the Treasury in excess of three
that the fact that bids were received
ng.
times the amount awarded was not surprisi
in these
Details of the $50,000,000 issue were given
1061. In the case of the $100,000,000
columns Feb. 15, page
s of $223,offering of Treasury bills in December, tender
received, and the total amount of bids accepted
901,000 were
lent
was $100,000,000. The highest bid was 99.310, equiva
0
interest rate of about 237 on an annual basis. The
to an
e
average price of bills accepted was 99.181—the averag
annual rate on a bank discount basis being about 3%.
were
The results of the offering of the $100,000,000 issue
given in these columns Dec. 21, page 3903.
Forthcoming Treasury Issue.
Notice of a new Treasury issue is indicated in the following
circular issued this week by the Federal Reserve Bank
of New York:
1211
on is invited to the fact that new
In this connection, particular attenti e at the Treasury Department
notes also are availabl
size national bank
for replacing old size national bank notes. E L. HARRISON, Governor.
GEORG
of New York State
4
Offering of $2,000,000 43 % Bonds
Land Bank.
bonds of the Land
An offering of $2,000,000 43j% gold
s on
State of New York was announced as follow ths
Bank of the
n, Managing Director of
Feb. 17 by David B. Hutto
Bank:
in the
of New York offers for sale bonds
The Land Bank of the State
1
thereof, bearing date Mar. 1 or April
amount of $2,000.000, or any part
1930.
4,i% per annum
interest at the rate of
These bonds are sold at par, bear
over a
payment in equal installments
payable semi-annually, mature for
are sold
ed as to principal and interest, and
Period of 10 years, are register
in series only.
y in
from taxation as personal propert
The Land Bank bonds are exempt
therefrom is exempt from the
State, and the income received
New York
banks
legal investments for savings
State income tax. The bonds are
trust and
lon 10 banking law) and for
(Circular No. 961, Feb. 18 1930.)
(Article VI—section 239—sub-divisi
E OF OFFERING fiduciary funds.
bank showed total resources of $15,NEW TREASURY ISSUE—PRELIMINARY NOTIC
The Dec. 31 1929 statement of the
ONS.
The guaranty fund was $24,700
AND METHODS OF FILING SUBSCRIPTI
.92. Capital was $1,000,000.
by
609,387
.14. Land Bank bonds secured
es and Savings Banks
To All Member Banks, State Banks, Trust Compani
and undivided earnings were 856,262
totaled 514,213.000 and advance
in the Second Federal Reserve District:
first mortgages on improved real estate
Land Bank held
$170,000. The
ment of the United
From advices received from the Treasury Depart
Payments for bond redemptions were
and issues
institutions in this
mortgages totaled 514,213.000
States, this bank is enabled to transmit to banking
$371.137.92 in cash. Loans on
district the following information:
of mortgages were $1,025,250.
.
1. That a Treasury offering may be expected shortly
the Treasury without
2. That the subscription books may be closed by
Bill—Aluminum Duty Cut—
Senate Action on Tariff
advance notice, and therefore,
Farm Products—
information as to the
r Duties on Cattle and
3. That each subscribing bank, upon receipt of
Highe
through the mails or
terms of the Treasury offering (either In the press,
ted.
Silver Duty Rejec
Bank any subby telegram) should promptly file with the Federal Reserve no
i sue, President
guarantee
important, as
scriptions for itself and its customers. This is
As we indicate in another item in this ast on Feb. 18,
remain open,
as to the period the subscription books may
House breakf
can be given
subscription blanks, Hoover conferred, at a White
and subscribing banks, even before receipt of official
hastening action
with the Federal Re- with Congressional leaders with a view to
may file their subscriptions by telegram or by mail
bill.
filed by telegram or mail in advance on pending legislation, and particularly the tariff
serve Bank. Any subscriptions so
blanks furnished for the
on Feb. 17 after a brief
of receipt by subscribing bank of subscription
mall, and on the The President reached Washington
by
Particular issue should be confirmed immediately
matters to which
been received.
sojourn in Florida, and one of the first
blank provided, when such blank shall have
returning to his offices was
when announced provide for both
4. That if the terms of the offering
was directed after
payment may be tendered his attention
there on the tariff bill
cash subscriptions and subscriptions for which
prepare its subscriptions the situation in the Senate—delay
In other securities, the subscribing bank should
it proposes to make
tion. The situation was outhaving blocked other legisla
In such manner as to indicate the method by which
es, if any, to be tendered
Representative John Q.
Payment and the respective par amounts of securiti
lined to the President on Feb. 17 by
in payment.
leader of the House. The New York
Tilson, Republican
Classification of Subscriptions, &c.
follows:
ptions to "Herald Tribune" of Feb. 17 indicating this as
Bank Customers' Subscriptions.—With regard to issues, subscri
President In a long conference in the
nt shall be conRepresentative Tilson told the
which the Treasury determines for the purpose of allotme
in the
not payment is to be executive office that legislative machinery had become so clogged
sidered as on a cash basis irrespective of whether or
ay recesses
classification will be required Senate that it will be necessary for the House to take three-d
made in cash or in securities, the following
is done to remedy the situation.
the number of
r
of subscriptions made for account of customers, stating
within a month unless something
intervene personally in an endeavo
Whether President Hoover would
ptions in each class:
subscri
at the
in the Senate was not made known
Class A—Subscriptions for $1,000 or less for any one subscriber: $10.000: to untangle the legislative snarl
ntative
quite clear, however, that Represe
$1,000, but not exceeding
White House. It was made
Class 11— Subscriptions for over
completed the work
$50,000: Tilson told the President frankly that when the House
$10,000, but not exceeding
Class 0—Subscriptions for over
progress would be seriously
$50,000, but not exceeding $100.000: now before it, about three weeks hence,further
s for over
Class D—Subscription
Class E—Subscriptions for over $100,000, but not exceeding $500,000: Impeded by the Senate tie-up.
ng
1062-1063) rega ding the
Class F— Subscriptions for over $500,000, but not exceedi $1,000.000:
In our item of a week ago (pages
Class G— Subscriptions for over $1,000,000.
the tariff bill, we included what had been
ions accompanying Senate action on
Where the maturing securities are not by the instruct
The debate on the
as cash and such
done on the measure up to Feb. 13.
the offering given a preference, they shall be treated
Included in the classifinomination of Charles Evans Hughes
subscriptions to be paid for in securities should be
cation.
Bank Subscriptions.— A subscription for a bank's own account should
for account
not be included In the above classification of subscriptions
own account
of customers, but should be clearly indicated as for the bank's
and in addition to subscriptions for customers.
terms of an offering or
Subscriptions Not Classified.—Where under the
y
to allot
under instructions accompanying an offering, the Treasur agrees
maturing on the date of the
new securities in full for any of its securities
paid for in such securities
new issue or on any later date,subscriptions to be
should not be classified.
Application Forms to Be Furnished.
notice thereof, together
When the terms of the offering are announced,
y by this bank to banking
with subscription blanks, will be mailed promptl
ption blanks for any
Institutions in this district. Should notice and subscri
this bank will nevertheless
reason be delayed in reaching such institutiorr
telegraph. It is suggested that
receive subscriptions either by letter or
this bank.
subscriptions be promptly transmitted to
tions they should be conIf it be found necessary to telegraph subscrip
subscription blank, setting forth
firmed immediately either by letter or on
of payment, and clearly
the classifications indicated above and method
subscription so that duplistating that the confirmation is not an original
cation may be avoided.
terms of the offering are
Subscriptions cannot be received until the
y.
publicly announced by the Secretary of the Treasur
GEORGE L. HARRISON. Governor,
All Denominations,
According to Federal Reserve Bank of New York.
The Federal Reserve Bank of New York issued this week
the following circular regarding the new size currency:
New Size Currency Available in
[Circular No. 962, Feb. 19 19304
NEW SIZE CURRENCY IN ALL DENOMINATIONS.
Companies in the Second Federal
To All Member Banks, Slate Banks and Trust
Reserve District:
old size to the new size currency,
During the period of conversion of the
new series have been made only
which began last July, payments in the
The new size currency now
In denominations up to and including $100.
ations, and all banking institutions in
is available in all kinds and denomin
us for replacement,lathe customary
this district are requested to forward to
on whether in small
manner, all old size currency now in their possessi
ations.
or in large denomin
confirmation of the
States Supreme Court had
as Chief Justice of the United
but on
interrupt the course of the bill for a time,
served to
, in resuming its consideration of the
Feb. 14 the Senate
n of individual
tariff legislation, completed consideratio schedule. The
offer2d to the earthenware
amendments
York "Times"
Washington dispatch Feb. 14 to the New
said:
noting this,
of the metal schedide, which
to a discussion
To-morrow it will proceed
ion
related products likely to stir up opposit
emraces iron and steel and
on.
on the part of the Coaliti
again
d of New York the Senate (Feb. 14)
On motion of Senator Copelan
Jars
with the duties on bottles, vials and
revised the paragraph dealing
articles.
containers for prefumes and other toilet
used as
Two Amendments Carried.
bottles at 40% ad valorem, instead of the
It fixed the rate on machine
d, but retained the duty of 75% ad valorem
duty of 65% heretofore approve
several weeks ago on the recommendaon hand-made bottles as adopted
the New York Senator.
tion of
's, school and artists' paints by an
Higher rates were levied on children
of Massachusetts. His proposal was
amendment offered by Senator Walsh
s
nt he made that importers of these product
adopted as a result of a stateme
ed sets by bringing in the
the existing duties upon assembl
were evading
materials separately.
jars, pans and other forms of the
His amendment provides that tubes.
when weighing not exceeding 1% pounds:
paints shall pay one cent each
g in excess of 1 A pounds and 8% cents per
40% ad valorem when weighin
not included in the first two brackets. These
ounce in bulk or other form
would bear a duty of 70% ad valorem.
sets, when assembled Insets,
Increase on Roofing Slates.
for fluospar providing that when the
Agreement was reached on new rates
93% of calcium fluoride it shall be taxed at
product contains more than
ing not above 93% of calcium chloride it shall
$5.60 per ton and when contain
be dutiable at $8.40 a ton.
of Vermont the rate on roofing and other slates
On motion of Senator Dale
ad valorem. The former rate was carried by
was increased from 15 to 25%
by the Senate Finance Committee.
the House bill and accepted
deration
Efforts made by Senator Couzens of Michigan to obtain reconsi
a
on graphite
of the action of the senate in fixing rate of 2 cents a pound
d by the
(crystalline flake) instead of the duty of 20% ad valorem reporte
Finance Committee proved futile.
1212
FINANCIAL CHRONICLE
[VOL. 130.
Senator Couzens said that since the adoptio
n of an amendment offered by Massachusetts
Senator Black of Alabama in Novemb
on his motion. They raised the
er prescribing the cent-a-pound rate to
consumers which would result from higher point of the increased cost
he had received information convinc
ing him that the duty was unwarranted.
duties on cattle.
Senator Black protested against the
Metals and Wood Rates Acted On—Du
action of manufacturers demanding
ty on Silver Rejected,
"free raw materials" and asserted
The Senate returned to the agricultural
that the coalition was working to protect
producers in the mines,the fields and the
on the cattle rate after completing action schedule of the bill for the vote
forest.
on the metals and wood schedules.
The Senate adhered to the specific rate provide
On the metals schedule the Senate
d for by the Black amendby 34 to 32 rejected an amendment
ment.
by Senator Pittman of Nevada to
put a duty of 30 cents an ounce
on silver.
now on the free list. The Democr
ats won on motion
On Feb. 15, owing to the inability to maintain quoru
a
m, levies on aluminum foil and metal household utensils s to reject increased
containing electrical
the Senate quit at the end of a two-hour sessio
n. The heating units.
Senator Copeland put through a motion
"Times," noting this, said:
to cut to 20% the duty on
metal buckles worth over $1.66 2-3
a hundred, but lost on a proposal to
On motion of Senator Barkley, Democr
at of Kentucky the duty on eliminate a rise from 20 to 30%
sponge iron was fixed at 75 cents
in the rate on new metal type. The
a ton, as compared with the rate of $2 a Senate approved an increase in
the duty on zinc-bearing ores.
ton carried by the bill as reporte
d. A motion by Senator Barkley that
Senator Copeland was defeated on an
boron carbide be transferred to the free
amendment to change the duty
list was rejected. This product is on wood flour from 33 1-3%
to $3 a ton.
taxed at 25% ad valorem by the bill.
The Senate refused to change the duty on
certain classifications of ply
board after Senator Vandenburg, Republi
The same dispatch (Feb. 15) said:
can, of Michigan, had asked
that in addition to the 40% ad valorem
Passage of the tariff bill by the Senate early
rate which now obtains on all
in March, which he now classes, a special duty of 2 cents a
square foot be charged on ply board
believes probable, will do a great deal to relieve
business uncertainty, en- of beach and elder.
large production and consumption and
increase employment, Senator
James E. Watson of Indiana, Republican floor
As to the action on the bill on Feb. 19,
leader, said to-day.
we quote the
On Monday, Feb. 17, the Senate struck at the tariff following from the "Times":
The Senate to-day proceeded with increases
rates on aluminum with the Aluminum Co. of Ameri
in rates in the agricultural
ca, schedule of the tariff bill item
in which Mellon interests are heavily concerned, under severe from adminstration leaders as by item, to the disregard both of complaints
to the slow progress on the measur
e and of
criticism, said a dispatch to the New York "Herald Tribune," attacks by a few Eastern Democrats on amendments which
they charged
would boost the cost of foods to the consumer.
from which the following is also taken:
Senators Copeland and Walsh of Massach
usetts,
aided by Senator
Wagner, who yesterday vainly opposed the rise
in the duty on cattle,
argued against most of the advances, but with no
more success.
The debate was marked by a denunciation by
Senator Blaine of Wisconsin, a member of the insurgent group,
of some of the farm organization.
He asserted that they had sought a rate of
40% ad valorem on cheese and
substitutes, whereas he believed this to be inadequ
ate.
Senator Brookhart tried to show that the farm
groups had endorsed a rate
of 4254%.
"That was after I served notice on the so-called
farm organizations that
If any amendment Was proposed as they
wanted it proposed, 40% ad
valorem, I would take the floor and expose their
combinations and consorting with the packers and processors," Senator Blaine
retorted.
"Of Same Character as Lobbyists."
"I have no faith in the so-called farm prepros
entatives. The farm
representatives are the racketeers here, identically of
and of the same kind as Mr.Arnold and the whole pack the same character
of lobbyists who have
been before Congress."
Mr. Blaine's reference was to J. A. Arnold, Washington
manager of the
Southern Tariff Association and the American Taxpaye
rs' League, who has
been a witness at recent senate lobby investigation
hearings.
Fight on Higher Cattle Duties.
The Connelly amendment raising the cattle duties
was assailed by Senator
Copeland on the ground that the 6,000,000 residents
of New York City, as
well as the other urban populations, would haveto
pay more for an essential
of life for the direct benefit of the farmers of the
country. Some farmers,
he added, were aided by various legislation,
while others were not, but all
classes besides the farmers would be taxed for the
support of the latter In this
measure.
Walsh Assails Senate's Action.
Senator Walsh, in a statement issued to-night,
charged that the Senate,
by its vote on the cattle rates, had virtuall
y doubled the prevailing duties
on beef.
"This indicates that the consumers of food are
to have levied in the pending bill tariff duties heretofore undrea
med of and the highest in tariff
legislation," he continued.
"The shocking part of the debate and vote
in the Senate to-day is that it
reveals only a handful of opposition.
"It was to be expected that the so-calle
d coalition of Democrats and
farm bloc Republicans would support all
of the efforts to increase duties
even higher than the increase given by
the committee on food products,
but to-days' vote reveals that the Republi
can
the old guard protectionists to such an extent insurgents have frightened
that they are willing to vote
for any duty proposed,however high it
may be,in the agricultural schedule."
Action on Amendments.
The Senate approved an amendment by
Mr. Blaine raising the cheese rate
to at least 42% instead of the present
35%. As the bill now stands, it provides for a specific rate of 8 cents
a pound on cheese and subsitutee, but
states that the duty shall not work
out to less than 42% ad valorem.
Senator Copeland departed from his
general opposition to the rises to
offer a motion, which was approv
ed, putting the duty on roman° cheese,
made from sheep's milk, at cents
8
a pound. In the present law, the duty
on Swiss cheese is 734 cents,
but not less than 3734% ad valorcun, and on
other cheese Scents, but not less than
25%•
The Democratic
-Republican insurgent coalition forced the duties
on
crude and scrap aluminum down from 5 cents a pound
to 2 cents, and on
Plates, sheets, bars, squares and the like from 9 cents
to 3;4 cents. It followed this up by cutting the duty on household utensils
made of aluminum
from 11 cents a pound and 55% ad valorem to
25%•
The fight on the aluminum rates, intended to force
these rates back to the
Underwood law level was led by Senator Thomas
J. Walsh, Democrat, of
Montana, backed by Senator Alben W. Barkley
, Democrat, of Kentucky;
Senator George W. Norris, Insurgent Republican,
of Nebraska, and others
of the coalition forces. The result was looked
on by the coalition as the
biggest victory for lower rates it has had since
the contest over individual
amendments opened.
The test came on a motion by Senator Walsh
to reduce from 5 cents to
2 cents the duty on crude and scrap aluminum.
This was carried, 41 to 39.
Senator Walsh's amendment to reduce the duty
on plates, sheets and various
other forms of the product from 9 to 334
cents then was adopted viva voce,
and an amendment by Senator Barkley making
the cut to 25% on household
utensils carried. 41 to 30.
How Senators Voted.
The vote on the Walsh amendment to reduce
crude and scrap aluminum
from 5 cents to 2 cents a pound was: For
the reduction, 41; Republicans,
15; Democrats,26; against the reduction,
39: Democrats,5; Republicans.34.
* •
•
Mellon Assailed in Debate.
The name of Andrew W. Mellon, Secreta
ry of the Treasury, was drawn
Into the controversy repeatedly. Senator
Norris brought up the old charge
that Mr. Mellon is prohibited by law from
being Secretary of the Treasury
on the ground that he is engaged in the carryin
g on of trade or commerce.
Senator Walsh attacked the Aluminum
Co. of America as "an ironbound
and copper-rivited monopoly," He called
attention to the fact that in
1922 the rates on crude aluminum were
raised from 2 cents to 5 cents and
on soils, plates, sheets, bars, rods, circles,
disks, blanks, strips, rectangels
and squares from 3;4 cents to 9 cents.
After that, he said, prices to consumers promptly went up.
"The Aluminum Co. of America," he said, "is
the sole producer of aluminum in America. It controls innumer
able subsidiary companies all over
the world—in South America, in the
countries of Europe, in Canada and
In the United States. Not only is
it the sole producer of aluminum, but
controls all commercial supplies of bauxite
in the United States out of which
aluminum is made. Not only that, but
it controls very largely the supply
of bauxite coming from South America,
from British and Dutch Guiana,
as well as holdings in Europe."
No Competition Possible.
Because of its control of bauxite,
he said, no competition could be organized in this country to compete.
"With its production in the United
States and its subsidiaries in Europe
and Canada," he continued, "It actuall
y produces more than 50% of the
world's surplus. It's annual production
in the United States is 90,000
tons of a total of 230,000 tons produced
in the world. Of the 38,000,000
pounds of crude aluminum imported into
the United States, the greater Portion comesfrom the properties of the Aluminum
Co.of Canada."
Senator Walsh said the Aluminum Co. of Americ
a had declined to make
public its cost of production, but the Federal
Trade Commission investigated the prices charged for kitchen utensils and
reported that the company
had violated the consent decree of 1912 and the
then Attorney General,
now Associate Justice Harlan F. Stone, of the Suprem
e Court. held it was
subject to prosecution for contempt. A new Attorne
y General came in,
however, the Senator said, and the conclusion was
reached there was no
violation of the decree of 1912.
Senator Royal S. Copeland, Democrat, of New York,
expressed fear the
New York aluminum companies would be moved
to the Saguenay River
region of Canada.
Variety of Increases Approved.
A rate of 10 cents per pound on dates
in container packages of ten pounds
or less was adopted on motion of Senator
Hayden of Arizona, by vote of
46 to 28. Senator Goldsborough Republi
can, of Maryland, was success,
ful in securing a rate of 8 cents per pound
on canned oysters, now on the
free list.
A rate of 15 cents a pound on alligato pears
r
and mangoes was approved,
on motion of Senator Fletcher of Florida
.
The Senate adopted a proposal by Senator
The Senate voted on Feb. 18 to raise the tariff on live
Thomas of Idaho to raise the
duty on import
cattle
cent a pound above the rates proposed by the approved an ed dried beans from lq cents a pound to 3 cents. It also
amendment by Senator Fess of Ohio to increase the
duty on
House and by the Senate's Finance Committee. We
quote sauerkraut from 35% ad valorem to 50%.
from the Washington account Feb. 18 to the
Approval was given to an amendment by Senator
Vandenberg to make the
New York rate on raw chicory
2 cents a pound. The existing rate Is 1 A cents.
"Times," this further stating:
The duty on pineapples was increased from
2214 cents a crate, as in the
Four Eastern Democrats, Senator Copela
s
nd and Wagner of New York; present law, to 50 cents.
Walsh of Massachusetts and
On motion by Senator Wagner spice
Harris of Georgia, registered the only disseeds and unground spices were
senting votes.
placed on the free list. Mr. Wagner
argued that a tariff had been put on
The vote, 72 to 4, was taken
on an amendment introduced by Senator these products for revenue purposes,since they were
not grown in the United
Connally, Democrat, of Texas,
who asked for rates of 234 cents a pound States, and that it should be removed.
for cattle under 700 pounds
in weight and 3 cents for those above, against
Defeat of efforts to impose a tariff on bread,
rates of 2 cents for those under
800 pounds and 2;4 for those over that
and to increase
figure adopted by the Howie
and recommended by the Finance Committee. the duty on lard, figured in the Senate action
in Feb, 20,
The present rates are Ili cents on
cattle under 1,050 pounds and 2 cents as to which the "Time
s" stated:
on those weighing 1.050 pounds and
over.
Efforts to imposes duty of 20% ad valore
The decisive vote was not reached
m on bread, now on the free list.
Senator Connally withstood attacks without a spirited debate in which and increase by 300% the rate on lard led to a lively
Senate debate on the
by Senators Copeland and Walsh of tariff to-d
ay, accompanied by a warning by Senator
Blaine, insurgent
FEB. 22'1930.]
FINANCIAL CHRONICLE
too far in raising duties
Republican, of Wisconsin, that if the Senate went
Hoover an "excuse" to veto the bill.
on foodstuffs it might afford President
member,also fought
Senator Norbeck of South Dakota, another coalition
duties on foodstuffs on the
a number of amendments proposing increased
debenture amendment, by
ground that the effect would weaken the export
of half the tariff rate, and
which payments on farm products are on the basis
possibly result in a veto.
said Mr. Blaine, "we
"If we are to retain the debenture amendment,"
, to give excuses for the
do not want, by raising rates indiscriminately
bringing about such a
President to veto the measure. We should avoid
1213
help the present situation in the
co-operation in legislation would go far to
view of those who attended the conference.
the White
The New York "Times" in its account of
gton dispatch
House conference, said in part (in a Washin
Feb. 18):
despairingly the President's guests
No plan of campaign resulted, and
ans constituted a
t Republic
conceded that the Democrats and insurgen
ve progress was possible without
majority of the Senate, and no legislati
their consent.
President Abandons Statement.
situation."
t guests that be might issue
on the agricultural schedule, on which
The entire day's discussion was
The President indicated to his breakfas
country know
the farm bloc split on
nt which would serve to let the
action was completed, with many rises voted. But
and an explanatory stateme
be a sort of appeal
of Senators Blaine
on at the Capitol, and which would
several items, other members sharing the view
going
val if the Senate did what was
d from taking that course. His
Norbeck that there was danger of Executive disappro
to the people. But he was dissuade
that such a statement would have
not hold foodstuff rates within reasonable limits.
Congressional counselors advised him
ists.
no effect on the dominating coalition
Vote on Lard and Bread Items.
n due to the Senate's delay
According to House leaders, the situatio
the amendment, by Senator
legislation on the House program,
By a vote of 53 to 23, the Senate rejected
in passing the tariff bill means that all
lard from I cent to 4 cents a pound,instead
abandoned. This applies to the
Brookhart, to raise the rate on
except the annual supply hills, must be t for strengthening prohibition
of 3 cents, as proposed by the bill.
by the Presiden
by Senator various measures advocated
Prohibition Bureau
Without a roll-call the Senate defeated the amendment,
except the measure for transferring the
has passed the
It also rejected an amend- enforcement,
Frazier, proposing the 20% levy on bread.
y to the Department of Justice, which
oleo oil from 1 cent from the Treasur
ment by Senator l3rookhart to increase the duty on
House.
t was told this morning, conto 3.7 cents a pound.
The Rouse leadership, as the Presiden
: of Senator
will consent, or
Other "farm" amendments had better luck. On motion
a protracted recess if the Senate
a pound instead of 50% templates either taking
a few minutes
Hawes, Democrat, of Missouri, a duty of 3 cents
of having perfunctory sessions of
of amendments resuming the practice
at a time until the Senate
ad valorem was levied on crude horse radish. A series
a week, and adjourning for three days
mustard seed from twice
the House
by Senator Frazier, all adopted, increased the rates on
of the tariff schedules and gives
pound; alsike clover gets through with its rewriting
1 cent to 3 cents a pound; alfalfa seed. 5 to 8 cents a
2 cents a pound; sweet something to do.
seed, 5 to 8 cents a pound; red clover seed, 1 to
Effect on Business a Problem.
clover seed, 3 to 4 cents a pound.
legislative recommendations knocked
As for President Hoover, he sees his
soy bean oil cake and soy bean oil cake meal
according to reliable
In the paragraph taxing
e" Into a cocked hat. He is particularly concerned,
any vegetabl
at .3 cent a pound, a clause covering "all other oil cake from
ns In the Senate on the business
ion, over the effect of the conditio
t, of Texas.
informat
was included on motion of Senator Connally, Democra
and Johnson, situation.
e
A strenuous effort was made by Senators Shortridge
Administration as being more sensitiv
Business is reported to the
rates on almonds and substitutes
early last year, and
Republicans, of California, to increase
tariff legislation was undertaken
Eastern Senators, now than when the
• for almonds. This action was opposed by several
was put forth that the delay
After long debate at to-day's White House breakfast the idea
among them Walsh of Massachusetts and Copeland.
toshow down industrial and business
in passing the tariff bill had a tendency
.
the amendment by Senator Shortridge was defeated
restore the exist- activities.
Mr. Copeland withdrew an amendment he offered to
breakfast conversation that unless
and approve by
It was specifically indicated in the
appropriations he desired for
ing rates on almonds. The rates provided by the bill
are: Unshelled, Congress gave the President the additional
duties,
the Senate, marking moderate increase over present
would be necessary to discharge from
, roasted or otherwise stimulating public construction, It
5% cents a pound; shelled, 16% cents; blanched
tes. 1836 cents, and 10.000 to 20,000 workers in March.
that Senate and House leaders
prepared, 183 cents; mandalonas or almond substitu
After the conference it was made known
legislative program.
almond paste, l8% cents.
rate on would get together in the hope of speeding up the
to reduce the
Senator Copeland made an unsuccessful attempt
the President was that the prospect
the 3 cent duty of the But the whole tenor of what was said to
kippered herring to I.% cents a pound, in place of
sanitary coverings.
was not encouraging.
the
bill, or the 25% duty now applied when packed in
d the legislative jam caused by
As Speaker Longworth explaine
up with
Mad."
passing the tariff bill, "the House is all dressed be conSees "Protection Gone
Senate's delay in
ve measures, he said, could not
ed fight against the no place to go." General legislati
SenatoriWalsh of Massachusetts made a determin
tariff debate continued in the Senate and
sidered by the House while the
lard.
amendments to increase the duties on bread and
he saw little chance of relief. White House breakfast that the Adminis"This is protection gone mad," ho said.
It was brought out at the
domestic production was more than 2,500,tion it is receiving from what
In the case of lard he said the
and imports none. tration is highly pleased with the co-opera
community. including agriculture
pounds, exports in excess of 700,000.000 pounds
000,000
to impose a duty was described as "the entire business
Speaking of the amendment offered by Mr. Frazier
e the business situation.
ion presented in and labor," in its endeavor to stimulat
on bread, he said it was the most extraordinary proposit
connection with the bill.
there no limit
"Tax bread for the hungry and the poorl" he said. "Is
Of Charles Evans Hughes As
crumbs?" Senate Confirms Nomination
to our greed, to our excessive demands to put a tax even upon
that organized labor has
Justice Of the U. S. Supreme Court.
Chief
"I will say to my friend from Massachusetts
Hughes as Chief Jusendorsed this proposition," Senator Frazier interjected.
The nomination of Charles Evans
d labor if that is true," replied Mr. Walsh.
"God save organize
ably reto tice of the United States Supreme Court, (favor
Senator Copeland saidlhe was "amazed" that any one should want
Judiciary Committee by
ported on Feb. 10 by the Senate
2) was confirmed •by the Senate on Feb. 13
a vote of 10 to
tion wsa confirmed in
by a vote of 52 to 26. The nomina
determined opposition on the part of the Prothe face of
ats, who carried on
President Hoover Confers with Congressional Leaders gressives, aided by a group of Democr
Washington
te Passage of Legislation, Including their fight for two days, it was noted by the
To Expedi
13) of the New York "Journal of
correspondent (Feb.
Tariff Bill.
time stated:
President Hoover, who returned to Washington on Feb. 17 Commerce" who at the same
t the nomination
a motion
This vote (52 to 26) followedwhich had to recommi
following a brief vacation in Florida, gave almost immediate
failed when 49 Senators
Judiciary Committee,
gton to the Senate situation to the their opposition and 31 Senators favored the proposal.
attention after reaching Washin
voiced
a motion to recess the Senate
on the tariff bill. On Feb. 18 the President held a breakfast
A previous vote of 45 to 35 defeated
by Senator Norris (Rep.) of
at the White House with members of the Senate until 11 A. M. tomorrow, entered
conference
and House on legislation pending in Congress. According Nebraska. final vote, Senator Fletcher (Dem.), Florida, and Barkley
In the
the previous
to the "United States Daily," particular attention was given, (Dem.), Kentucky, changed their vote as entered onrecanted after
, Florida,
'and to the effect of delay in roll call and Senator Trammell (Dens.)voting for the confirmation
it was said, to the tariff bill,
voted negatively both times, finally
legislation on business and employment conditions. The having Hughes. Senator Cutting (Rep.), New Mexico, who had
of Mr.
that guests at the breakfast were voted to recommit, failed to vote on the motion to confirm Mr.
paper quoted states
Senators Smoot (Rep.) of Utah, Watson (Rep.) of Indiana, Hughes.
a
over the Hughes nomination had developed into
The
and McNary (Rep.) of Oregon, the Speaker of the House, clean-cucontest between the Republicans and the Progressives and their
t issue
Representative Longworth (Rep.) of Cincinnati, Ohio, and Democratic allies, in character much the same as exists with respect
Representatives Tilson (Rep.) of New Haven Conn., to the tariff.
made apparent in the various speeches of today.
This
majority leader, and Snell (Rep.) of Potsdam, N. Y., Chair- Tribute fact was to Judge Hughes as being the foremost lawyer
was paid
Rules, and Representative
of his colleagues,
man of the House Committee on
of the country and voicing the sentiment of many
the
y (Rep.), Chairman of the House Committee on Senator Norris said he wanted to concede to d in nominee the same
Hawle
his own, and he
honesty in his position as he. Norris, exhibite
Ways and Means. The "Daily" went on to say:
about his conscientiousness. But, Norris
levy a customs on bread.
be effective
Senator Wheeler of Montana said a duty on bread would
to the
from a protective standpoint only to a few makers in cities close
Canadian border.
said there was no question
held by Mr. Hughes and
Seek To Expedite Action.
continued, he does not agree with the views
t, it was stated orally at the White House that the those who think as does the latter.
After the breakfas
ve matters. They have
"I think those who hold his views are wrong, and that carried to
House leaders are anxious to expedite legislati
in the House and are
Eits logical conclusion it will bring distress ultimately, perhaps ruin,
completed the major program of appropriation bills
to delays in the Senate. it was said
to governments such as ours," he explained.
likely to have a period of inaction due
on as to what might be done
The question before the Senate was made the vehicle for the
At the conference there was a general discussi
business that was reto expedite matters, chiefly the tariff, the delayed
protest of the coalition against the decisions of the Supereme Court
garded as of most pressing character.
are not in accordance with their outlook on such matters. It
d as more sensitive that
The business situation of the country was describe
could be seen that back of the discussion was the hope that regardless
first projected. The delays in this bill
now than when the tariff bill was
outcome of the Hughes matter, the court would give heed
somewhat until business can of the
have a tendency to slow down the country
to the attitude of the minority of the Senate which appears so anand adjust itself to the probable results, it was added.
foresee
its acts.
the co-operation of the entire tagonistic to
Another phase of the discussion dealt with
The coalitionists are resentful of the alleged usurpation of power
labor. Such co-operation
business community, including agriculture and
has been a great deal of complaint of
country, it was said. Greater by the Court and there
is going on "magnificently" throughout the
1214
FINANCIAL CHRONICLE
[Vox,. 130.
Federal Court action in imposing itself upon State
public utility added, the
commissions, as in the case of the New York
power of State commissions to determine rates
Telephone Co. rates taken
would be
and in the United States Supreme Court, the
away.
Baltimore street car
fare case.
It is stated that Mr. Hughes will take the oath
of office
The attitude of Judge Hughes and his legal connecti
as the eleventh Chief Justice on Feb. 24. His
business was given as the cause of the apprehension on with big
appointment
of the op- to the post,
position to his confirmation.
following the resignation, owing to impaired
Following is the vote: For confirmation, 52—Repu
blicans (38), health, of William Howard Taft, was noted in our issue of
Allen, Baird, Bingham, Capper, Dale, Deneen,
Fess, Gillett, Glenn, Feb. 8, page 917.
Goff, Goldsborough, Gould, Greene, Grundy,
Hale, Hastings, Hatfield, Hebret, Jones,
Keyes, McCulloch, McNary, Oddie, Patterson, Phipps, Pine,Kean,
Schall, Shortridge, Smoot, Stiewer, Sullivan,
Charles E. Hughes Resigns From Hague Court.
Thomas (Idaho., Townsend, Vandenberg, Walcott, Waterm
an and
Watson; Democrats (14), Ashurst, Barkley, Broussar
Geneva advices Feb. 15 to the New York "Times" said:
d, Copeland,
Fletcher, Harrison, Kendrick, Ransdell, Steck, Stephens
Charles Evans Hughes to-day officially communicated to Sir Eric
, Swanson,
Trammell, Wagner, Walsh (Massachusetts).
mond,the League Secretary General, his resignation as a Judge of Drumthe World
Against confirmation, 26—Republicans (11 , Blaine, Borah,
Court.
Brookhart, Couzens, Frazier, Johnson, LaFollette, McMaste
"In view of my appointment as Chief Justice of the United
r, Norbeck,
States," he
Norris, Nye; Democrats (15), Black, Blease, Bretton,
cabled, "I find it necessary to sever my connection with the Permane
nt
Dill, George, Glass, Harris, Hawes, McKellar, Overman Connolly, Court of International Justice. With
much
, Sheppard,
Simmons, Walsh (Montana) and Wheeler.
member of the Court. This resignation is to regret I hereby resign as a
take effect immediately. I
Paired: For—Robinson (Indiana), Reed, Metcalf,
have sent a similar message to President Anzilott
Republic
i."
Robinson (Arkansas) and Brock, Democrats, 5. Against ans; and
Signor Dionisio Anzilotti of Italy is the President of the
—Howell,
Republican, Thomas (Oklahoma), Smith, Tydings, Democra
ts, and World Court.
Shipstead, Farmer-Laobr, 3.
•
It was announced that Robinson and Moses, if present,
would
have voted aye, but no announcement was made
as to Heflin and T. D. Thatcher Named to Succeed Charles
E. Hughes,
Kin.g Four who were not paired or annunoced
were: Caraway,
Jr. as Solicitor General,
Cutting, Hayden and Pittman.
Following the confirmation of his nomination Mr. Hughe
Thomas Day Thatcher, Judge of the United States Disat his home in New York issued the following statement: s trict Court for the Southe
rn District of New York, was
My appreciation of the honor of the appointment
is outweighed nominated by President Hoover
on Feb. 20 to be Solicitor
by a deep sense of responsibility.
The ideals and principles relating to public service
General, succeeding Charles Evans Hughes, Jr., who reentered public life twenty-five years ago, and which with which I signed followi
I have tried
ng his father's appointment as Chief Justice
to exemplify in public office, I hold unaltered.
of ti United States Supreme Court.
In facing this new and most important task I
am heartened by the
generous expressions I have received from all
parts of our land. I
wish to express my most grateful acknowledgment
.
I expect to qualify and take my seat at the opening
opening of the next
session of the court.
Associated Press accounts from Washington yesterd
(Feb. 14) published in the Brooklyn "Daily Eagle"
said
part:
der Secretary of Treasury Ogden L. Mills in Revie
of Past Decade Finds View of Future "Distinctly
Encouraging."
At a luncheon at the Union League Club in New York
on Feb. 4, under Secretary of the Treasury Ogden L. Mills
reviewed the past decade and pointed to the rapid recovery
Undismayed by their failure to prevent
Hughes as Chief Justice of the United confirmation of Charles Evans following the several business recessi
States, members of the Senate
ons of that period.
group which opposed him leveled an attack
today on the Supreme Court "At the present time as we all know," said Mr. Mills,
and decisions which it has rendered.
"we
are experiencing a recession in trade and business the extent
Almost as soon as the Senate convened,
Dill, Democrat, of Washington, was on his feet with the charge
that the court had placed itself of which it is impossible to estimate at this moment."
in politics. Vanderberg, Republic
an, of Michigan, rushed to the de- "But," he added, "if we journey back to 1920
fense of the Court with the cry that he
and then rewould not let such a challenge view, be
go unanswered.
it ever so briefly, all that has happened in the last
Then the debate became general, drawing
in Norris, Independent Re- ten years, I think you will agree with me and say that a man
publican of Nebraska, a leader of the antiHughes forces, and Walsh would indeed have to be one of pretty poor spirit
of Montana, the acting Democratic
and courage
leader, who voted against his con. not
to look forward to the future with complete confidence"
firmation.
The luncheon at which Mr. Mills spoke was given by General
Brookhart Promises Amendment.
Senator Brookhart, Republican, Iowa, gave
notice that he intended to Charles H. Sherrill and was attended by owners and editors
offer a Constitutional amendment which
Court of the power to set aside actions of would deprive the Supreme of trade journals. Conditions abroad were likewise referred
to by Mr. Mills, whose address follows:
"This power is not in the Constitution," Congress.
he asserted. "It's a courtmade law. I stand ready to take it to
I appreciate very much the compliment paid to me by Mr.
the country in every State of the
Sherrill. I
Union, and I know the people are
competent to elect members of Con- am very glad of this opportunity to fulfill the engagement which I was ungress who will follow the Constitution."
able to keep last year. I did not want to come up here and simply discuss
The United States, Brookhart said, is
the only nation in the world the business of the Treasury, which!find is only really interesting when we
where the Supreme Court has power to
set aside a legislative enactment. are about to reduce taxes, and I cannot promise that just now.
"It is out of that power that this trouble
It occurred to me that it might be interesting, particularly when some of
has grown," he said. "The
United States is the only great country
us
in the world that has been aremay feel a little discouraged towards the business depression which we
plunged into a war because of that
sort of decision—the Dred Scott the experiencing, to review the events of the last ten years, particularly in
decision."
economic field, and take stock.
I think it is valuable as we begin a new decade, to look over
Replying vehemently to Dill, Senator
the
Vandenberg, Republican, Mich- cast
igan, warned that the "masses will
your eyes backward and glance over the road that you have last, to
lose more when the Constitution and the
difficulties that have been surmounted, the progress that travelled,
its guarantees go than they can
has been
lose in any intervening crisis on eco- made. I
know of no better way of assuring the future
nomic or political problems.'
ical surveys and by the consolidation of gains alreadythan by these periodSenator Dill, in the most outspoken attack
achieved, and if this
upon the Court in recent be generally true, it
history, denounced its decisions upon
is all the more true of
valuations of public utilities which which we have just lived, which can fairly the eventful ten years through
be
he said were fastening economic slavery
upon the people.
of a new era. For just as the candles of the described as the first decade
eighteenth century flickered
and went out, so the flames of the French Revolution rose and Napoleon's
People Will Force Change.
legions carried a new spirit throughout Europe, so the overwhelming
"If the people come to feel that the Supreme
Court has become their catastrophe of the World War may be said
to have brought to a definite
oppressor and that the men upon it can't be removed
, they will find conclusion the nineteenth century, with its established
the way to change it," Dill said. "The Constitu
order which, not
conservative, so long since, seemed to us infinitely stable and enduring
tion
.
but it provides the machinery for changing it. By action is
of two-thirds of
From the universal wreckage new forces were released. The political,
the State Legislatures a convention can be called
to write a new Con- social and economic structure, which to us seems so firmly fixed
stitution."
as to be
susceptible to only gradual changes and bad well nigh disintegrated, began
Dill also asserted "there is no human power that can
keep the Su- to appear and emerge once more, but in new and more flexible form.
preme Court from becoming a political issue in the future"
The history of the last ten years is the history of
if the
re-establishment
Court continues to exercise control over economi question
of order from chaos, of the building, pillar by pillar, thethe foundati
s.
c
of
on of
"When the people find that street car fares are up and
being raised," a new structure, the ultimate form and character of which we are not
he continued, "and find that is because
of the valuation system imposed able at this time to visualize. At times, progress has been painfully slow,
by the Supreme Court they are going to
find out more about the Su- and the difficulties we encountered almost insurmountable, but as we look
preme Court. When they find that telephon and
gas rates can't be back over the 10-year period, we must marvel at the rate of progress. Toe
reduced, they are going to ask who these men are who
are saddling day, I am concerned with economic factors, which in a sense is logical
upon them these rates.
enough. It is true with nations as well as with
of livelihood and a reasonable standard of livingindividuals, that the means
are the
Can Use Ballot Box:
In 1920 and 1921, after a false and illusory industrialfirst consideration.
and
"It is up to Chief Justice Hughes, Justice
the economic fortunes of the world were at a very low ebb. trade revival,
Van Deventer, Justice
Sutherland, Justice Butler, Justice Sanford
universally true that industry and production were stagnantIt was almost
and Justice McReynolds
. Unemployto say whether the Supreme Court in
the future is going to be in politics. ment existed on a hitherto unknown scale. Trade was lifeless. The bud -ets
of the principal countries were unbalanced. Unsecured currenci
Says Dill Holding "Post Mortem"
widely and gave rise to all manner of almost insurmountableesfluctuat c d
difficulties,
"They have practically said,"
he shouted, "that they will set aside affecting currencies and exchange. A huge volume of inter-Governmental
rates that are less than K
O," adding that when the American people debts, unsettled and unfunded, and a staggering reparation bill presented
realize what this doctrine means they will
almost impassable barriers in the restoration of credit and hudgeta
ry,
to
Norris took exception to Vandenberg's not submit to it. '
remark that Dill's discussion currency and exchange stability.
was a "post-mortem."
"We are dealing with a live problem that's
livelihood;
that's part of our existence," said the Nebrask part of our
an.
If Supreme Court decisions on valuations were
allowed to stand, he
Pre
-War and Post-War Conditions.
Let me illustrate these general conditions with
World trade, which in 1913, aggregated approxi the following figures:
000,000
had in 1921 sunk to 131,000,000,000 expressed inmately $42,000,dollars.
terms of 1013
FEB. 22 1930.]
FINANCIAL CHRONICLE
1215
hardship and
ter in the long story of reparations, with all of the misery and
In England,in 1920,there was a budgetary deficit of about $1,250,000,000,
d its development.
only worth $3.66. In France there was a bitterness that has accompanie
sound system
and the pound sterling was
Balanced budgets, that first fundamental requisite in any
budgetary deficit of about 38,000,000,000 francs, while the franc, which in
on the part of
of public finance, did not materialize without the courage
while I am speak1919 was still worth 13 cents, had sunk to 7 cents and was destined in 1926
Statesmen and of self-sacrifice on the part of people, and
to be worth only 2 cents;large regions were still literally devastated,factories
tribute of rebalanced budgets I want to pause long enough to pay a
destroyed, roads and railroads torn up, villages and towns mere piles of ing of
Raymond Poincare.
spect and admiration to that great French statesman,
great
brick and stone.
strong financial position of his country is due to a very
In Italy there was a budgetary deficit of almost 8,000.000,000 lire, while The present
indeed to his courage and his statesmanship.
the lire itself, which in 1919 was still worth 11 cents, had fallen to about degree
Stabilization of Currencies.
4 cents and was to drop to 3 cents.
In Germany financial chaos had begun which was not to end until virthe gold standard, in
Then came stabilized currencies and the return of
tually the entire Governmental debt had been wiped out and Germany's
circumstances,to make a
which our country was enabled,through fortunate
entire currency had become valueless. Intergovernmental debts, exclusive
operations, intended to
notable contribution. Not only through specific
of Germany's reparation bill, amounted to approximately $25,000,000,000,
, but through credits extended to a number of
staggering sum of 136,000,000.- deal with gold movements
while Germany was being asked to pay the
Federal Reserve System
European banks of issue,the United States and the
financial and eco000 gold marks.
enabled to make a very material contribution to the
Of course these bare figures do not begin to tell the tale of what these were
Lithuania. Latvia, Colombia,
Salvador,
misery and bitterness. nomic rehabilitation abroad.
conditions spelled in terms of human suffering,
January. 1920 and
and Austria were put on a gold basis between
All of the old landmarks by which men charted their economic course Sweden
because to me it is
1924, and I am reading this long list of countries
have been swept away. Established values had ceased to exist. Men June,
were demoralized.
to see the extent to which the world's currencies
groped their way in the dark,literally unable to see beyond the day. Ruin striking
of England, AUfl•
Germany followed in October. 1924, and the currencies
stared millions of people in the face, while industry and trade throughout
Dutch East Indies, Huntrans, New Zealand, South Africa, Netherlands,
the world seemed paralyzed.
Chile, Finland.
Danzig were established in April and May.1925.
And now move the hands of time ahead 10 years. We find a very dif- gary, and
and India folBelgium, Denmark, Czechoslovakia, Guatemala
ferent world indeed than the pre-war world, but in the main an ordered Canada,
1927. During the
July
owed at various times between July. 1926, and
Norway,
one. It is true that in vast and multitudinous China there is division,
Ecuador, Argentina, Poland, Italy, Estonia,
and
disorder and distress; It is true that Russia continues on a tremendous fiscal year 1928
added in the months of August, October
which seems to involve a fine dis- Greece and France were
scale an economic and social experiment
only a few weeks ago
January. May and June, 1928, and
regard of past experience in this world and salvation in the next, the fu- December, 1927;
basis.
gold
gold embargo,thus returning to a free
ture of which and the final outcome of which it is impossible to deter- Japan lifted her
in the economic sphere.
Finally, we cannot afford to underestimate, even
mine. It is true that throughout our universe there is much unrest and
of security, of the subsidence of
value of the growing sense
many unsolved problems, and it is true, of course, that this New World the tremendous
realization of world
hatred and animosity, and of the ever-expanding
still is in the plastic stage. But even so, order has been in the main re- war
more that their
have come to understand more and
stored, productive energies are everywhere at work and the forward march solidarity. Nations
of the prosperity of some
own prosperity cannot be built up at the expense
the proshas once more been resumed.
well being of all is.dependent upon
For purposes of illustration, let me again turn to the same figures and other nations, and that the
aggregate of world trade has perity and health of each.
factors in a number of typical countries: The
pillar by pillar, the
Thus, as we look back, we can see how,step by step,
grown from $43,000.000,000 in 1921—and that is in terms of 1921 dollars—
finally succeeded in
for new order have been laid—how we
to $68,000,000,000 in 1928; the foreign trade of the United States has grown foundations
which progress.
order and stability, the two elements without
from $7,000.000,000 to more than $9,000,000,000; that of Great Britain establishing
e.
almost $10,000,000,000; of prosperity and happiness are unattainabl
from somewhat more than $7,000,000,000 to
France from about $4,000,000,000 to about $1,000,000,000 to $2,000,000,Periods of Recessions.
years of our economic
000, and of Germany from $3,000,000,000 to over $6,000,000,000. In all
It is particularly interesting to review the last ten
been balanced.
the transiof these countries budgets can, in general, be said to have
the vigor with which the difficulties of
has been adopted and their history, partly because of
in this country had
the gold standard or the gold exchange standard
tion period were overcome and partly because conditions
years ago, as we all
currencies stabilized.
such a significant bearing on world conditions. Ten
indeed. War reIn England, while the unemployment problem has not been solved, yet
remember, we were passing through a critical period
it is true that there are several hundred thousand less unemployed than in
industry and trade, already expanded,
improvement in trade and in- straints had just been removed;
demand for goods,
1921 and there has been a gradual and steady
responded rapidly to an expanding and increasing
demand for the
dustry. Italy, at one time so well-nigh overwhelmed by social, political
accompanied at the same time by apparently world-wide
developed and as
is now an efficient, strong and orderly modern
and economic disorder,
commodities which we produced. Immoderate activity
State. France's fundamental economic position is stronger than ever. Her
there ensued a period of
the result of psychological and economic factors
iron ore productive capacity has doubled, as compared with pre-war; the
, and extravagance which resulted in a sharp
increased and immense resources price inflation, speculation
and by almost
annual coal output has been enormously
recession in 1921, accompanied by credit stringency
the subsequent
have been developed in the way of electriCal energy. The railway systems business
collapse in prices. The facts of this recesion and
complete
have been overhauled and modernized. Manufacturing capacity has been
to need elaboration.
of depression. I think,are too fresh in our minds conditions, which.
notably augmented, the devastated regions have been restored, there is Period
to recall that the inflationary
financial position is immensely It is sufficient, I think,
practically no unemployment and their
had by 1922 sufficiently
in a large measure, were due to our war finance,
That process
strong.
to permit the period of recovery to set in.
As a result of rationalization, Germany has accomplished great reforms righted themselves most of the last 10 years which have just closed and the
ofrecovery occupied
in her productive equipment, and her present industrial condition is vastly
as a period apart in
ments of this period. I think, mark it off
1921,
improved over what it was a short time ago. During 1929 Germany financial accomplish
history. From a low point reached in March,
indeed, that has been true of the American economic
conditions were somewhat hampered,and,
in the middle of 1929
in this country gradually increased, until
last two years, by a shortage of capital and by an outflow last year of short- production
erm funds, which had a very adverse effect on general business conditions. it had doubled.
during this period is the
One of the most significant trends to be noticed due, of course, to great
but nevertheless productive activity has been maintained at a relatively
capita production,
shown such an increase that tremendous increase in the per
high level, and her merchandise exports have
the same time a higher
ts in management and machinery. At
if you take into consideration payments in kind, as well as Germany's improvemen
an ever broadening market for
standard of living, accompanied as it was by
foreign trade, last year showed a favorable balance.
services, afforded wider
goods, the creation of new goods and
one
It is much easier to state the stages of recovery than it is to analyze their all manner of
employment. There were, too, temporary recessions,
real causes. Underneath the surface of course, at all times natural re- opportunities for
the whole throughout this period production
devastating shock and period of in 1924 and one in 1927. but on
cuperative forces were at work. After the
since 1921 Prices
had been maintained at a very high level, while
immediate readjustment, men and women, no matter how unsatisfactory and trade
this country
fluctuated so violently during the war period in
or how hopeless conditions seemed to be, had to begin the work of recon- which had
post-war period until
during the
to be swept aside, and so violently throughout the world
struction. There was no alternative. The debris had
at about
were stabilized, hardly fluctuated at all, remaining
the world had to be put in a position to live in, and as millions of men and currencies
pre-war level.
the world began once more the business of earning their 45% above the
women throughout
recovery and general
The period may be characterized as one of rapid
growth
livelihood, the world, of course, began to assume a more normal appearance
accompanied by largely increased corporate earnings,
and the problems of the world began to assume a much clearer aspect. prosperity,
and generally satisfactory conthe force of circumstances, in individual income. increased real wages
Moreover, it seems that on many occasions
employment.
the hard, unyielding facts, were more productive of results than the fore- ditions of
in the organization of
In addition significant changes have taken place
sight and wisdom of men. Thus a Dawes plan was preceded by the Ruhr
unification have
ing and distributive enterprise. Integration and
invasion and the complete prostration of Germany, while stable currencies manufactur
corporations, a development
the possibilities of the accompanied a marked increase in the size of
were not secured until, in spite of all experience,
automotive industry,
might be readily Mustrated by examples in the
printing press had once more been fully explored. Nevertheless, States- that
retail trade, and more recently the field of
contributions. Everything didn't just Public utilities, in the field of
manship did make some notable
banking.
happen;some things were brought about.
in all lines of activity.
The recovery, of course, has not been uniform
Inter-Governmental debts were settled and funded on a basis which I
and some branches of agriculture
great hardship on the part of Agriculture suffered conspicuously in 1921,
think permits their liquidation without too
encountered in some
yet fully recovered. Difficulties have been
the
the debtors, or too serious a burden on the exchanges. Debts aggregating haven't as
notably the textile industry and the coal industry. In
more than $18,600.000.000, face value on the date of settlement were other industries,
reflected in a heavy
banking the excesses of the inflation period were
funded and scaled down to a present value of approximately $7,500,000,000 field of
banks in agricultural
bank failures, principally of the small
on a 5% basis. It would seem to me that in all this discussion of debt settle- number of
ments too great emphasis was placed on the immediate difficulties and too sections.
favorable balances
During the last decade we have continued to show large
little on future possibilities. Mr. Hoover when he was Secretary of Comd by an
trade. This net outflow of goods has been accompanie
merce once pointed out that in pre-war days the rest of the world owed in foreign
of our monetary gold stock, which has greatly strengthened our doEurope some $30,000,000,000 and never found any difficulty in paying Increase
funds to other nations in
of
mestic banking situation and by an outflow
interest on that vast sum.
The general state of prosperity which has existed in the
It is true, of course, that this indebtedness grew gradually over a long the form of loans.
d by easy credit conditions until 1929, was parperiod of years,so that foreign trade and foreign exchange was able to adopt United States, accompanie
to these foreign loans, and, in fact, foreign securities
itself or themselves gradually to the changing conditions. But when you ticularly favorable
this country up to 1929 at the rate of about a billion dollars a
consider the enormous growth that we witness in the productive powers were floated in
a very notable part both in the re-establishment of the gold
of the nation here in the United States in the last ten years, who can afford year,and played
and in the economic rehabilitation of Europe.
even speculate on what the productive powers of the world may be in the standards abroad
to
Examination of the consumption of the most important ordinary conext ten years. It is true that foreign trade in pre-war days doubled every
throws rather a striking light on what the purchasing power of the
20 years, and that rate of growth seems to have been fully restored to-day, modities
means in world economy. The population of the United
so that when you take into consideration the probable future growth American people
about 7% of the total world population. Yet that 7%
in world trade, it is highly probable that what seems to be a comparatively States constitutes
the world's total production of coffee,53% of all of the tin,
of
heavy burden to-day in regard to the debt payments will be a comparatively consumes 48%
56% of the crude rubber, 21% of the sugar, 72% of the raw silk, 36% of
light one in the years to come.
of the pig iron. 47% of the copper.69% of the crude petrolIt is hard to estimate the contribution to European economy made by the coal, 42%
out of nearly 32,000.000 automobiles in use in the world on the first
the Dawes plan, and ultimately by the Young plan. It permitted a nation eum and
1929,24,000,000 were to be found in these United States. The
of 80,000.000 highly intelligent, well organized and industrious human be- of January.
this 7% of the world's population consumes this enormous proporIngs to take their normal place in the economic structure of that all-impor-- fact that
world's principal commodities gives you some idea what the
that continent, while the Young plan, I hope, will constitute the final chap- tion of the
1216
FINANCIAL CHRONICLE
prosperity and purchasing power
of the American people means to world
commerce, industry and the employ
ment of labor.
Government Policy Big Help.
The country has, of course, benefit
ed by a sound Governmental financial
policy. we were enabled, very
early in the decade, to begin to reduce the
very high rates of war tax,
and that of course, was of inestimable benefit to
industry and trado. As you all
know, we have had five tax reductions. I
think, since 1921 and yet busines
s. National income, has so expanded that
these reductions have been to
a very large extent offset by the increased
revenues from our principal taxes,
that is the income taxes. In any event,
in addition to the large statuto
ry amounts which are set aside each year
for the reduction of our large
debt, it has been found possible to put aside
a very large amount every year from
surplus, so that in the ten-year period
from June 30 1919, to June
30 1929, our gross National debt has been reduced from approximatel
y $25,500.000,000 to aboutS 17,000,000,000 on
June 30 last, or at a rate in excess
of $850,0
Our recent prosperity is to be accoun 00,000 a year.
ted for largely if we are going to
generalize to a resourceful and industr
ious population, vigorous and able
leadership, rich natural resources,
sound administration of governmental
affairs, and friendly and constructive
international relations. In view of the
strength of these basic factors in
this
ment in political and economic conditi country and of the steady improveons throughout the world, a long-term
view of the future is distinctly encour
aging.
At the present time, as we all know,
.
we are experiencing a recession in
trade and business, the extent of which
it is impossible to estimate at this
moment. But I think you will all agree with me
that if we Journey back to
1920 and then review, be it ever so briefly
, all that has happened in the
last ten years, I think you will agree
with me and say that a man would
indeed have to be one of pretty poor spirit
and courage not to look forward
to the future with complete confidence.
Under-Secretary of Treasury Mills Sees End
of International Double Taxation—Details Legis
lative
Plans for Reciprocal Exemption—Asks
Similar
Laws Abroad—Program Aims to Expand Busin
ess
Among Nations.
Removal of international double taxation,
a "real barrier
to the expansion of international trade,"
was forecast on
Feb. 14 by Ogden L. Mills, Under-Secretary
of the Treasury,
who announced formally that the Depar
tment expected to
recommend to the present Congress legisl
ation based on the
principle of reciprocal exemption among
the nations. The
Washington advices to the New York
"Herald Tribune" in
reporting this added:
[VOL. 130.
lapse in security values last Autum
n, according to Irving
Fisher, Professor of Economics
at Yale University. His
views are set forth at length in his
new book, "The Stock
Market Crash and After," published
by the Macmillan Cornvany. Noting this the New York
"Times" of Feb. 16, indicated as follows Prof Fisher's observ
ations.
"My own impression,"
says Professor Fisher, "has been and still
is that
the market went up principally
bemuse of sound, justified expectations
of
earnings, and only partly because
of unreasoning and unintelligent mania
for buying."
Citing the unsound credit situati
on as the "chief cause" of the break,
the book states that bear raiders
cleverly took advantage of this situati
on,
selling 'short' in large blocks many
of these stocks which had been unloade
d
upon the market and thrown into
weak hands, thus precipitating
distress
selling and panic."
Professor Fisher in a preface to the book
says that "readers will doubtless find some inconsistencies between
my previous writings and the present
book, as I have modified my opinion
s from time to time with the march
of
events and with the unfolding of
evidence," and he adds: "I may,
and
probably shall, further modify them with
subsequent developments." The
book, he says, is in no sense "an attemp
t to justify opinions hitherto expressed," and was written "without
reference to any previous expressions."
"I had stated my opinion in Septemb
er, preceding the panic, that the
market had reached its peak, as proved
to be the ase," he continues.
"I also expressed the view that the
recession would not be in the nature
of
a serious crash, in which I was mistake
n. I also predicted that new
plateau
of stock prices would survive any recessio
n. This has roved true."
Recalls the Panic of 1837.
In the introduction to the book there is enumera
ted the many reasons
assigned for the stock break. "la this
catalogue of wholes le and particular
blarnings," Professor Fisher Bays, "one is
reminded of that old panic of
1837 in Van Buren's Administration,
when the Associated Merchants of
New
ork City published a resolution asking,
'On what constitutional or moral
grounds can Martin Van Buren defend himself
for having caused all the
disasters under which the American people
are suffering?'"
Professor Fisher cites the following four reasons
"that may justify a
rise in the price level of stocks:
Because the earnings are continually
plowed back into business instead of being
declared in dividends, this
plowing-back resulting in an accurnulation
at compound interest, so to
speak; because the expected earnings will
increase on account of technical
progress within the industry ; because less risk
is believed to attach to
those earnings than formerly, and because the
'basic' by which the discounting is made has been lowered." "When the
sitnation is calmly examined," he goes on, 'It is found that all four
of these causes were at
work, tending to raise the prices on the stock
market during the years
preceding the panic of 1929."
The history of the crash, from the time it
started on Sept. 8 until Nov.
14, when the market had steadie itself,
d
is discussed in detail. The "outpouring of stocks, these n on the market regardl
ess of price," he says.
"came in the whirl of blind panic. Many
holders later found that they
had incurred needless losses, while the buyers
of the best of these stocks
at the depth of the market demoralization
, were fortunate indeed. It was
manifest that many and capacious strong boxes
had been emptied of their
contents in the midst of the hysteria of selling.
"
Secretary Mills addressed a confere
nce called to discuss the general
features of the proposed legislation and
offer advice on the solution of some
of the technical problems, lie remind
ed those present that the general
problem is of especial significance at this
time because all the nations are
realizing that its solution will elimina
te a barrier which brings a retarding
"of world production and growth of
purchasing power."
Urges Similar Laws Abroad.
Of necessity, the elimination of the
problem calls for agreement among the
nations, and the general plan adopte
d by the International Chamber of
Commerce is the basis for the legislat
Mental Picture of the Market.
ion which this Government will be
asked to enact in a program which calls
for similar laws among other nations. Describing the state of mind at the time Professor Fisher continu
"The Treasury Department has taken
es:
"Favorable news made no impression on such a
as a basis for legislation this
debacle. In vain the
uniform code, which is the fruit of studies
carried on over a number of years," United States Steel Corporation reported quarterly earnings with
Mr. Mills explained. "One of its
net reprincipal underlying purposes is to ceipts in August, except for the preceding May, the largest
of any month
facilitate the flow of capital to the
countries needing it for development since the war, and with its total for the quarter exceeded
only in the prepurposes by exempting the yield of
ceding quarter. The market had no ear for
this investment capital from taxation
such news because it was deafin the country of investment and
taring it only in the country of residence ened by the Stentorian voices of banks calling upon
brokers and individuals
of the investor.
to repay their loans, while a Babel of
brokers' yells and customers' bel"This result is to be brought about
by applying the principle of reciprocal lows made the financial welkin resound like a
exemption, as exemplified in the case
supernatural jazz band.
of shipping profits, to income from Deaf, blind and dizzy, the market fell, and then
fell some more.
capital received in the form of dividen
"The groups of men and women who watched
ds and interests.
the ticker tape unwind as
their fortunes dwindled, or sat dumfounded
in customers' rooms before the
Sees Compensation for Exemption.
board as their riches took wings, were the
"It so far as the United States
visible symbols of silent thou-is concer
might result from this reciprocal exempt ned, any loss in revenue which sands among the masses of the American people who had dumped
their
ion would be more than compen- holdings into the
sated for by the partial elimination
lap of the stock market Moloch. One touch
of the credit for foreign taxes provided had made the
of nature
for under existing statutes.
stock market trading world kin, and the butcher
or baker who
had lost a few stocks on margin drew
"The program further contemplates
The sympathy of millionaires who
a more equitable system of taxation had helped
of international business by imposi
swell the enormous totals of brokers' loam and
ng taxes on the foreign enterprise only defenses
whose margin
had likewise been shattered."
If it has a permanent establishment
within the taxing country, thus exemptProfessor Fisher says that "business was more
ing income from casual transactions
scared than hurt" by
or from sales effected through a bona the
stock crash. After telling of the steps taken
fide broker or commission agent.
by President Hoover to
stabilize business and restore confidence,
"In so far as those businesses having
the author says that the effect of
permanent establishments are con- this action
cerned, it is hoped that ultimately all
"cannot, in the nature of things, be soon observable,
income will be subject to only one a
except as
measure of reassurunce."
tax, the tax to be allocated on the basis
of the profits realized within the
taxing country. But in the meanwh
ile, since the treatment by a country
Traces Causes of Decline.
ofits own nationals or of corporations
organized under its laws is not properly
The economist devotes twenty-five pages
the subject of international agreement,
of his book to the "causes of
the proposal is limited to restricting the
panic." Referring to opinions to the effect that the
foreign countries from taxing profits other
break was prethan those earned within their cipitated
by foreign liquidation, he says that "few realize today
borders under some fair and well-defined
rule of allocation.
that the
greatest fall of stocks in British history, compara
ble only with the Baring
Allocation of Profits Cited.
panic of 1890, preceded
and was an actuating muse of the American panic,
"The establishment of a fair rule of
allocation or apportionment is a and that a coincident fall in Paris and Berlin accompanied
the British
difficult and technical question. For
instance, when a corporation manu- liquidation. It began with the failure of the banking home
of Clarence
factures in one country and sells in anothe
r through a permanent establish- Ratty in August, followed by his arredt in September and
subsequent con•
ment, how are its profits to be allocat
ed_ If it produces its raw material viction for a gigantic forgery of stock certificates. This
started the British
In one country, processes in a
second, turns it into manufactured articles in liquidation in London and in New York."
a third, and sells them in a fourth,
He quotes Carl Snyder of the Federal
how much profit is to be allocated to
Reserve Bank of New York as
each country?
authority for the statement, referring to the
war inflation of commodity
"There has recently been launched
in practically all important countries prices, that the "long sustained rise in the level
of such prices necessarily
with an income tax a study of
methods of allocating or apportioning busi- brought a huge increase in the earnings
of common shares, and this naturness profits with a view to devisin
g uniform rules or principles susceptible ally forced a valorization of these shares
in terms of something like a 67to general application. This is work
cent dollar."
of an exceedingly difficult nature."
Professor Fisher mentions, among the causes
of the break, the refusal
of the Public Service Commis
Irving Fisher Analyzes Securities
Slump—Yale Econo- Company of Boston to split sion of Massachusetts to permit the Edison
its stock and the Federal law imposing a law
mist, In New Book, Says Unso
on capital gains.
und Credit Was
Chief Cause—Justifies Marke
t's Rise—Declares
Crash Might Have Been
Avoided By Advance In
Discount Rate.
An unsound credit situation, due to "gene
ral overextension
of margin accounts," was chiefly respon
sible for the col-
Discusses Credit Situation.
The book says that "doubtl
ess it is true that the increase of credit allowances was too great," referring
to the statement of Craig B. Ilazlewood,
president of the American Banker Associa
tion, that security loans reps
resented "too large a portion
of the available credit of the country."
"This is because," Professor Fisher
adds, "the enlarged credit structure was
altogether too susceptible to 'bear
raids' not so much because it boosted
FEB. 22 1936.]
2INANCIAL CHRONICLE
121:
ment, which is carried out in this manner: Every morning the senior officers
with the
of the Trust Company have on their desks a copy of the Trust
investments at cost and at market, with a statement showing the proporin domestic
tion of the various classes of Investment: as, for instance, x%
common
bonds, x% in foreign bonds, x% in preferred stocks, industrial
a
stocks, rail common stocks, or public utility stocks. Every Wednesday
the policy
committee of the directors goes over this same report, discusses
to be pursued, and each individual holding in the fund. The diversification
of security, but in
is attended with care, not only in relation to the kind
the maker of
relation to the industry under consideration. In this way,
careful scrutiny of Mg
the Trust receives large diversification and the most
may invest
investments. There are no limits placed on the Trustee, who
are those that
as he deems best; but, as a matter of practice, the policies
of a Trust of this
would naturally and automatically cover the investments
character.
may be at
The Trust provides that the income paid to the beneficiary
organization that
such rate as the Trustee determines. It is the belief of the
of any well chosen, diversified
the current return will at least equal that
paid out to the
fund. 'Whatever earnings are made in excess of those
units which
beneficiary are added to thetund and increase the value of the
units increases,
the maker of the Trusts holds. As and if the value of the
of his holdings at the time
the maker of the Trust gets paid on the value
into the fund
payment is made. As an example, if a man puts in $10.000
paid should be
and the value of his Trust increases to $12.000 and the rate
was worth that figure,
5%, he would receive 5% on $12,000 when the fund
or in that particular case 6% on his original investment.
the beneIn regard to the beneficiary. Trusts may be established for
corporation. The
fit of an individual, in a joint tenancy form, and for a
the life of the
Trust created for the benefit of an individual continues during
or Trustee. Folbeneficiary unless sooner terminated by the beneficiary
within thirty dans,
lowing the death of the beneficiary the Trustee will,
Reviews Merger Movement.
the appointafter the presentation of a Surrogate's certificate evidencing
In a chapter devoted to the: merger movement in business and industry,
together with the Declaration of
resulted in in- ment of an executor or administrator,
Professor Fisher sari that nearly all of such consolidations
as may be
Trust and such waivers from the Governmental tax authorities
creased profits to shareholders without any increase in the price of the required, pay over to the executor or administrator the net worth of the
adds: "The more the industries themproduct to the consumer, and then
Trust.
they need not
selves work in these directions, for the good of the consumer, the less the
Trusts may be established in joint tenancy form so that
need of legislative interference and the greater the chance of their free necessarily terminate upon the death of one of the beneficiaries. When
development without hampering restrictions and according to the require- trusts are established in joint tenancy arrangements can be made to have
their lives,
ments of large-scale economy."
the income paid to either or both of the joint beneficiaries during
Professor Fisher holds in referring to she "flight from bonds to stocks" and upon the death of one of the Trust will continue for the benefit of the
reason for the long bull market rising to the plateau of survivor unless, of course, it is sooner terminated by revocation. A Trust
that "a potent
stock pekes of 1923-1930 is that there has been a material change during to be established in joint tenancy form should read, for example."John A.
that period in the estimate of the public as to the risk of investing in Doe and Mary B. Doe and the survivor of them as joint tenants." Upon
common stocks."
the death of one of the joint tenants the Trust will be subject to Inheritance
It is contended by Professor Fisher that the disaster to American se- tax in the same manner that jointly owned property Is taxable in the particuby a sharp increase in the discount lar State of which the decedent was a resident.
curity holders "might have been avoided
of the
rate during the Fall of 1928 or at any time up to the Spring of 1929, with
When a Uniform Trust is established in joint tenancy form either
to the
comparatively little consequent hardship to business."
Joint beneficiaries may exercise all rights or powers with relation
Considerable space is given to "the dividenta of prohibition." After ex- Trust.
corporaIf a Trust is to be established for the benefit of a corporation, the
pressing the opinion that the alcoholic consumption of the country is but
its articles
tion in question should send to the Trust Company a copy of
10 or 15% of what it was, Professor Fisher says:
resolution
"Thus, prohibition, with all of its shortcomings, has probably had a of incorporation, a copy of its by-laws, and a certified copy of the
and giving
part in raising the national income during the last few years, and so raising of its board of directors specifically authorizing the investment
may be necessary in conneccertain officers power to execute such papers as
the earnings and prices of stocks."
the Trust.
In the concluding chapter of the hook, discussing the "hopeful out- tion with the establishment, assignment, or revocation of
month, and not
the solid achievements of
The Trust may be revoked on the first Wednesday in any
look," Professor Fisher says that "because of
notice of the desire to
the last seven years, their present continuance and the assurance that they later than 30 days after the Trustee has received
or his assignee the net
beneficiary
will be prolonged into the immediate future, I feel that the threat to busi- revoke the Trust it shall pay over to the
which revocation is made, that is,
ness due to the dislocation of purchasing power by reason of tranfers of worth of the trust fund on the date as of
first Wednesday in the month. Upon the revocation
upon the nest ensuing
stock holdings will be temporary."
share in profits
of any Trust the beneficiary is entitled to a proportionate
with an amount reprerealized and income collected and accrued, together
trust in the then current market
James H. Perkins Reviews Uniform Trust Plan in senting the proportionate interest of his
of all the Uniform Trusts.
Operation at City Bank Farmers Trust Co.—Efforts value of the securities held for the account
of his Trust. There
Further than that, the beneficiary may revoke a part
Trusts.
the beneficiary
to Consolidate Investments of
is a provision in the Trust that at the option of the Trustee
a provision
subject of an address by may be paid either in cash or In securities. Further, there isimmediately
"The Uniform Trust" was the
which is not
that in case there is held in the Trust a security
James H. Perkins, President of the City Bank Farmers salable the Trustee may issue its certificate of beneficial interest in that
Trust Co., New York City, before the Mid-winter Trust security, to be liquidated at such time as the Trustee finds possible, or
Conference, under the auspices of the Trust Company Divi- thinks wise.
each Uniform
The total income earned by the Trustee for the account of
sion, American Bankers Association, at the Hotel Commo- Trust will be set forth on a statement and mailed each year to the benedore, New York City, Feb. 19. Mr. Perkins' remarks follow: ficiary in ample time to enable him to incorporate the figures in his personal
calendar year. The total income earned
The growth of the Trust business in the country has been so rapid that Income tax return for the preceding
Uniform Trust will be properly subdivided for entry
those responsible for its management have been busily devising improved with relation to each
sources specified thereon. These figures will
methods of operation. One of the most difficult of the problems has been upon the return under the
and profits realized for the account of the trust,
the proper review of the investments In the Trusts. It is a simple matter to Include all income collected
A method has been devised through a mathematreview one hundred Trusts constantly; but when the numbers run into the whether or not distributed.
allocation of income and profits may be
thousands It is impossible for the senior men in the institutions to keep the ical formula whereby an accurate
the plan.
of all these Trusts in their minds, or to review them frequently. made among the trusts in operation under
investments
Trust the
Upon the death of an individual beneficiary of a Uniform
This situation has brought about in various fornls an effort to consolidate
30 days following receipt of the Declaration of Trust
the investments of the Trusts so that they may receive the daily study of the Trustee will, within
certificate evidencing the appointment of an
best minds in the various companies. There have been devised plans which together with a Surrogate's
pay over to
executor or administrator, and such waivers as may be required,
in detail, but which contain the same basic idea.
differ somewhat
net worth of the Trust as ascertained by
I have been asked to put before you this afternoon the structure of She the executor or administrator the
-day period. The Trust will, of course, be
plan which we have in operation at the City Bank Farmers Trust Co. I the Trustee, within the said 30
same manner as other assets of the estate
am discussing this plan only because I am more familiar with It than the subject to Inheritance tax in the
others of similar character. I think, however, that the discussion of one of the deceased beneficiary.
Trust created
Upon the death of one of the beneficiaries of a Uniform
plan will cover the broad lines of all of them. In our own Case we created
will be liable for an Inherwhat we called the "Uniform Trusts", which, in essence, are voluntary In joint tenancy form, the estate of the decedent
owned property is taxable in the
revocable Trusts which contain a clause in them authorizing the Trust itance tax in the same manner as jointly
resident. The Trustee will
Company as Trustee to mingle the funds of Trusts made in this form for the State of which the deceased beneficiary was a
in favor of the surviving benepurposes of investment. We have spent two years in working out the present execute and deliver a Declaration of Trust
Declaration of Trust together with
plan, and feel that it is satisfactory and working well. In brief, it works as ficiary upon presentation of the original
depending
Surrogate's certificate and such waivers as may be required,
follows:
On the first Wednesday of each month the Trust Company will take Trusts upon the domicile of the decedent.
One of the elements of the operation is the appointment of an Auditor,
of this character and place their money in a mingled fund. In order that
shall be examined periodically, not
each participating Trust in the fund shall have its proper proportion, the and the plan provides that the Trust
copy of the Auditor's report
fund is divided into units of an original value of one dollar. The Trust is lass than once a year. The Trustee will mail a
a year,and in case any dispute takes place between
valued as of the first Wednesday of each month, and each Trust that to each beneficiary once
referred to the Auditor for arbitraparticipates is allotted on our books its proportion of that fund in units. the Trustee and the beneficiary it shall be
The Auditor shall be the person or firm
In other words, lot us assume that a man puts in $10,000, the first Wednes- tion and his findings shall be final.
to time by the President of the Chamber
day of January, and by the first Wednesday of March the Trust has In- who may be appointed from time
York.
creased in value. The man who puts in $10.000,in March would be credited of Commerce of the State of New
of the Declaration of Trust is somewhat similar to that of a
The form
with a smaller number of units than the man who puts in his money on the
is is a simple summary of the provisions of
first Wednesday of January. The result of this is that everybody conies stock certificate, except that
back a form of Assignment of Revocation and a
into the fund at par, but every opening day the value of the fund changes the Trust, and has on its
either for better or worse, and those coming in have exactly the same fi- notice of Revocation.
An Assignment of the Right of Revocation is permitted in order that
nancial relation to the fund as the then value of those who have previously
established Trusts. The unit method is simply an accounting device used the maker of the Trust may use the trust instrument as collateral for a loan.
the Right of Revocation may be assigned, the
to establish the value of each Trust in the mingled fund at any specific time. Although it is provided that
At this point I should like to say a word about the investment manage- Trust itself may not be assigned.
the availability of credit
prices too high or that it materially diminished
were overextending
in commercial and industrial business, as that investors
prices somewhat
themselves on margin. True, overextension of credit raised
risen
Without any overextension, however, such prices might still have
nearly though not quite so high.
had been no
"It should be added that up to the time of the panic there
of credits, except
great complaint from business circles on account of lack
in the case of the building industry. It has seemed to me an open question
by curhow far such building recession as we have had in 1929 was mused
tailment of credits and how far by overbuilding. But funds had been
withdrawn from building and loan associations and from banks and other
time
sources of mortgage loans, attracted by the higher rates of call and
loans for financing stock exchange transactions. Even eo, it would seem
that means might have been devised, from the ample credit resources of
the Federal Reserve system, to accommodate the buildiag industry as well
as the stock market without curtailing the upward course of stock prices.
The efforts of the Federal Reserve System to make money dear in the stock
market tended to make it dear in the real estate market as well, despite
their desire to avoid such effects."
It is asserted that "many will take seriously the contention of Fred I.
Kent, director of the Bankers' Trust Company of New York, that the market
fell because of fear engendered in the public mind by the action of the coalition bloc in Congress in connection with the tariff bill." Professor
Fisher adds, however, that "big business had no reason to fear any fall
in the tariff and little fear of harm if It were not raised."
The Yale economist considers the chief danger to business as a result of the
market break the "panicy fear that might be communicated from the stock
market." He adds that the measures taken by President Hoover were
"well calculated to allay fear."
1218
FINANCIAL CHRONICLE
[VOL. 130.
New York benefitted this way, according to the returns for 1928, to the
extent of about $46,500,000— more than the total share of the United States.
The 1928 returns indicate that 15 States received the full 80% credit, while
six additional ones received in excess of a 75% credit. The total of these
credits was in excess of 70% of the total tax returned.
This maximum credit of 80% was not applicable in 1928 to all estates.
All returns were not made under the provisions of the 1926 statute, which
authorized this credit. Some,under the 1924 statute,allowed a 25% credit,
and some, under prior statutes, allowed no such credits. Again, all States
have not as yet taken advantage of this provision.
This tax actually collected during the calendar year 1928, instead of being
$40,561.235, was $62,147.548. The "Revenue Act of 1926," now Inforce.
requires payment within one year from the date of death. The return is also
No inheritance tax shall hereafter be levied on the estates of deceased required, by regulation, to be made within
one year. In case of sickness
persons, except on estates taxed by the United States Government, and or absence, collectors are authorized to extend
the period for filing the return
then not in excess of the amount of such Federal tax.
not in excess of 30 days from the due date. This does not, in itself, extend
The announcement issued Feb. 4 by the Association says: the time for payment. This must be granted by the Commissioner of
The petition, which will require the signatures of approximately 25,000 Internal Revenue. In any case where the prompt payment of the tax would
qualified electors before the amendment can be placed on the ballot,simply impose undue hardship, an extension or extensions will be granted for a
explains that the measure is proposed in order to prevent the assessment period not to exceed in all five years. The term "undue hardship" means
of a death tax greater than that levied by the Federal Government. Rati- that it must appear that substantial financial loss would result from prompt
fication would mean that if and when the Federal death tax is repealed the Payment. Of course, interest must be paid on over-due tax. When any
Arkansas State tax automatically would be discontinued inasmuch as the Payment is made after due date, unless an extension has been granted,
constitution would provide that the tax applied only upon estates taxed interest on the unpaid part runs at 1% per month. If extension has been
by the Government and that it should not be in excess of the Federal granted, however, interest begins six months after due date and runs, at
6% per annum. In case the tax, together with interest, is not paid by the
levy.
The Taxpayers Association, which for many months has been auditing final date of extension, then interest runs upon such unpaid amount, at the
legislative expenses and the expenses of various State departments over a rate of 1% per month. That Is, in certain cases, payment can be made six
Period of years, did not stop with the inheritance tax porposal. Altogether years after death., by receiving extensions, and paying interest at 6% per
the association is initiating seven amendments of which two, in addition annum, for four and one-half years.
The specific exemption of $50,000 was doubled in 1926. In addition, the
to that concerning the death tax are of peculiar interest to business and
invested capital in Arkansas. One of these would prohibit an increase rates of tax were than materially changed. The maximum rate of 25% was
reduced to a maximum of 20%,and the tax credit for payments to the States
in the total rate of the present property or any other tax for State purposes,
without the approval of a majority of the prople at a special election called was then increased from 25% to 80%. For these reasons, a comparison of
the total taxes collected from estates annually is meaningless.
for that purpose.
Of the total gross estate returned for resident decedents during 1928.
The third amendment, of paramount interest to corporations, would
43.3% in value was in the form of stocks of corporations; 17.4% In the form
hamstring Arkansas' notorious "back tax" law. Until last year the Attorney-General, at the instance of a taxpayer who believed the property of of real estate; 13.9% in the form of bonds; 11% in the form of mortgages,
a corporation in the past was underassessed, was empowered to bring suit notes and cash; 6.1% in the form of miscellaneous property: 2.9% in the
to recover the sum alleged due by reassessing the property involved. To all form of insurance; and 5.4% in miscellaneous forms. Of the holdings of
intents and purposes there was no limit to how many years back the State bonds, 3.2% of the value of the estates consisted of United States bonds;
could go until the Legislature of 1929 amended the Act and fixed it at 3.9% State and Municipal bonds, wholly tax-exempt, and 6.8% of other
bonds. The average holding in real estate was a trifle more than for the
five years.
The law, incidentally, empowers the Governor to employ any attorneys Prior year. As then shown, the smaller the estate, the larger was the proportion in realty. The 99 estates, having a gross value of less than $50,000,
that may be necessary to assist the Attorney-General, such special counsel
to be compensated on a contingent basis, fixed by the court, not to exceed returned an average holding of over 30% in real estate. The 2,184 estates
20% of the actual recovery. The Act has cost corporations hundreds of with a net value of less than $50,000 returned 27% in real estate. The 326
thousands of dollars and,it is claimed by business men,has been responsible estates with net value of between 8400,000 and $600,000, returned about
for the shunning of Arkansas by capital. The Taxpayers Association, in 17% in real estate. The 110 estates with a net value of from $800,000 to
Its audit of the records of the State Treasurer, has learned that the fees of one $1,000,000, returned 14%, while the eight estates with a total net value in
special assistant to the Attorney-General in the prosecution of back tax excess of 10 million dollars each. so returned only 10%•
The activity in the stock market continued during 1928 with increased
sults have amounted to more than $90,000 during the last six years. It is
pointed out that if this attorney were allowed the maximum fee of 20% he, force, caused by the wonderful prosperity of the corporate form of business,
due largely to the repeal of the excess profits tax, pushing into active business
alone, collected more than $450,000 as a result of back tax actions handled
the surplus funds held by corporations.
by him during the six-year period.
The percentage of the total gross estate held in the form of stocks of corThe proposed amendment designed to remedy this situation provides
that "after the assessment and full payment of any general property, priv- porations returned during the calendar year 1926, was 37.4%; for 1927.
38.9%; and for 1928, 43.3%; or an increase of almost 16% in two year,.
ilege or excise tax, no proceedings shall be brought or maintained for the
reassessment of the value on which it is based, except for actual fraud of As in previous years, the returns filed in 1928 showed that the holdings of
corporate stocks increased rapidly with the size of the estate. The 99
the taxpayer."
istiO4
Under the Arkansas constitution either the Legislature or the people may estates with gross value of less than $50,000 each, held 16 1-3% in stocks.
The 2.184 returns of those with net value of less than $50,000 each returned
initiate constitutional amendments.
stocks amounting to 28A % of the total. The 326 estates with net values
between $500,000 and $600,000 returned stocks amounting to 42 2-3%•
The 110 estates with net values of between $800,000 and $1,000,000,
Joseph S. McCoy, Actuary of Treasury Department, turned stock amounting to 48 %,while the eight estates with net valuesreIn
Before Mid-Winter Trust Conference Reviews excess of $10,000,000,returned stocks amounting to over 64% of their total.
The holding in the form of bonds was a little less than for the year 1926 or
Statistics Covering Federal Returns For Estate for 1927.
The percentage so held increase fairly uniformly until net estates
Taxes.
of between $1,000.000 and $1,500,000 were reached. Then it decreased
irregularly until estates of between nine and ten million dollars, where the
Statistics covering Federal returns for estate taxes made average holding in bonds was 5%.
during the calendar year 1928, were the subject of an address
Gross estates averaging less than $50,000 returned about 3%% in bonds
by Joseph S. McCoy, U. S. Government Actuary, of the of all kinds,less than 1% of the total estate being in theform of Government.
State or municipal bonds. Net estates not in excess of $50,000 returned
Treasury Department, at Washington, before the Eleventh 12x% in bends,about 4 j% being Government bonds,including
State and
Mid-Winter Trust Conference, held under the auspicies Of municipal. Net estates between $400,000 and $600,000 returned 15.4%.
the Trust Company Division, American Bankers Association 6% being Government bonds of all kinds. Net estates between $1,000,000
and $1,500,000 returned
in
at the Hotel Commodore, New York City, Feb. 19.91Mr. of all kinds, 4% Unitedabout 20% bonds,11% being Government bonds
States bonds. Net estates over $10,000,000 returned 13%% in bonds, about 83 % being Government bonds of all kinds.
,
/
McCoy in his comments said:
3( being United States bonds.
%
The number of these returns,for resident decedents, was about 13%% less
The holdings of the estates returning during 1928 consisting of mortgages,
than the number for 1927, due to the increased exemption. Returns under
notes, cash, etc., were much smaller than for the previous two years. For
the 1926 Act, with $100,000 specified exemption, Increased about
15%.
The estates returned had a gross value of three billion and a half dollars. a 1928 this holding was 7.7% as compared with 11.5% for 1927 and 11.4%for
1926, a decrease from 1927 of about 33%. The chances are that the large
12% increase, or $381.000.000 more than for 1927.
The "Statistics of Income for 1927," issued last September by the Bureau dividends being paid by corporations, and the increasing value of their
stocks was the reason for this.
of Internal Revenue, contains statistics covering returns filed during the
The number of estates consisting almost altogether of the receipts from
Calendar year 1928. This does not mean that all the owners of these estates
insurance policies is without doubt, largest in New York. There are more
returned died during that year. Returns are due one year after the date of
large salaries paid and more persons must five, for business purposes, pracdeath, and this time may be extended. The tax return is not the actual tax
tically up to their salaries in New York than elsewhere. To save their decollected during the year. The actual collections, to a considerable extent,
Pendents from being entirely destitute In case of their death, life insurance
are on account of taxes returned during prior years. The annual returns,
Is imperative. Others, with incomes from property or investments, do
not
however, do represent a normal year's mortality. True,it includes returns
require insurance to such an extent.
of deaths that occurred during prior years, but some occuring during that
Naturally, there is a limit to the number of these large salaries. We know
year will be returned later.
that in 1928, 540,893 individuals returned taxable income to the Federal
The number of returns filed during 1928 In behalf of resident decedents
was 8,079. Of these, 7,609 covered deaths after Feb. 26 1926; 255 covered Government of $5,000 or more, received from salaries, commissions, etc.,
or In other words,income earned by their own personal services.
Of these,
deaths that occurred prior to Feb. 26 1926 but after June 2 1924, taxed
19,229 returned income in excess of $25,000 for the calendar
year 1927.
under the Revenue Act of 1924: 215 returns covered deaths that occurred
Of these, 746 returned such Income in excess of $100,000,
while four returned
Prior to June 2 1924. In addition, 2,157 returns for non-resident decedents
such income in excess of $1,000.000. The total of such
income earned by
were filed. The returns filed on account of resident decedents had a
gross these four persons totalled $6,527,363.
value or $3.503,238,684. These included 6,116 taxable estates, valued at
Of these, it is possible that, in We of death, some
12,000 would leave no
$3,181,719,062.
estate other than the proceeds from insurance policies,
and over one-half of
Allowable deductions totalling $1,238,290,401, reduced this to a net
them would be residents of New York. On the other
taxable value of $1,943,428.661, with tax amounting
hand, according to
to $135,013,559. The the report of the New York Insurance
Commission, based upon the returns
share of the Federal Governmnet
was $40,561,235, and that of the States of nearly all the companies
doing business in the United States, the average
etc.. $94.452,324.
annual number of insurance policies terminated by death
This does not mean that the Federal Government
during the four
pays this amount to the Years ending Dec. 31
1927, in the United States, was 135.750, valued at
State. It means that where a State collects
death taxes, the Federal estate $349,958,750, or an average policy
of $2,578. This average policy for 1927
tax of a resident decedent is credited with
this amount to a sum not in excess was $2,685. The 4
-year average for all policies terminated by any cause
of 80% of the Federal tax. The total tax.
the State tax being within this whatever was $2,457, and for
1927. $2,573. Compare these averages with
80% limit, remains the same, but the Federal
tax is reduced to this extent. the average insurance known to have
been carried by decedents whose
This often enables the State to increase its revenue,
without incieasing taxes. estates were returned to the United
States for tax. The number of policies
Movement for Constitutional Amendment Providing for
Abolition of Federal Inheritance Tax Launched
by Arkansas Taxpayers Association.
Circulation of a petition initiating a proposed constitutional amendment which, if ratified by the people next
November would throw Arkansas squarely behind the movement seeking abolition of the Federal inheritance tax, has
been launched by the Arkansas Taxpayers Association.
The text of the amendment follows:
1
FEB. 22 1930.1
FINANCIAL CHRONICLE
1219
the banks
"The community owes an obligation to the banks as well as
$50,000 each was
community owe
in force in the United States Dec. 31 1928 in excess of
to the community," said Mr. Andrew. "The people of the
that a bank is an economic
15,000.
returns were the bank fair treatment, as it has been proven
tear down banking
The percentage of the total value of the estates for which
necessity for a business community. People who try to
Federal Government during 1928, in the form of insurance was
not only the bank but
made to the
a slight, institutions, which it has taken years to build, hurt
2.95%; for 1927 it was 2.83%; and for 1926, 2.68%. This shows
respect the contract
the whole story. the town as well. Depositors in the bank should
interest, and
but steady,increase. These statistics, however,do not tell
made when money is deposited for six months or a year at
The average amount of insurance held by estates returning in 1926 was
Borrowers
the bank should insist on a full compliance with said contract.
$9,510, and in 1928. $12,776.
$6,896; in 1927,
the banks are loaning the money of the depositors, for
The percentage of the value of the estate held in the form of insurance should remember
trustee, and furnish financial statement and proper
varies greatly. The smaller the estate the larger the percentage so held. which they act as
operations should
of less than $50,000 each, security. Loans which cannot be paid out of business
In 1927. the 229 estates returning gross income
total in the form ofinsurance. In 1928,the 99 returns for be put on a first mortgage basis.
held 7.89% of the
is an obligation
"A good bank's first duty is to its depositors. This
similar estates held 203(% in the form of insurance. Many of these must
never be lost sight of at any time. The
have belonged to the large salary group, as insurance formed the largest part which is constant and should
deposits can be taken care of on
of the estate. These were the smallest estates returned, but they held the loans must be so arranged that demand
for stronger, better and safer
argest percentage of their total in insurance. The 1,864 non-taxable demand. The people of Iowa are asking
banking service. There has been
tates in 1928, with gross estates in excess of $50.000, carried insurance to banks and are willing to pay for good
past four years than in any 60
e extent of 5.55%. The 2,184 returns of net estates not in excess of more change in Iowa banking during the
0,000 returned insurance to the amount of 4% of the total. This per- years before.
"The small margin of profit now in the banking business requires that
intage decreased rather irregtlarly, with a few recoveries, until net estates
This reduced profit results
alued between $3,500,000 and $4.000,000 returned less than 1-5 of 1% of no known chance be taken in making a loan.
are not able to
nsurance. The percentage again increased, irregularly, until the eight in another problem as a number of our smaller banks
with an aggregate make expenses. For that reason consolidations must be made. There
estates having net values in excess of $10.000.000 each,
gross value of $331.880,866, returned only $14.540 in insurance. It must is only one remedy for an overbanked condition and that is a consolidabanks
be remembered that we do not know how many policies were in force, nor tion. Reports published Os week show that there were 1,000 less
the number included in any one estate, nor the number of estates including in the United States on Jan. 1 this year than there were on Jan. 1 last
nation-wide," Mr.
no insurance.
year. This shows that the trend of consolidation is
The remaining value of the estates reported consisted in property, 6%; Andrew stated.
prior to date of death, 2M %;powers made
transfer made within two years
in contemplation of death, M of 1%, and property from an estate taxed
within five years, value at time of death of present decedent, about 2.4%. Dr. Atkins of Ames, Emerich & Co. Sees Changing
The deductions allowed reduced the gross to a net taxable value of
Trends for Banks Increasing Deposits.
$1,943,428,661, a reduction of over 47%. The largest exemption or deduction was the $100,000 specific exemption under the 1926 Act, and the
The best way for a bank to increase deposits, says Dr.
$50,000 under the 1924 Act. The number receiving the $100,000 was 7,609.
& Co., in the
with Paul M. Atkins, economist, of Ames, Emerich
This totalled, according to the report, 1784,350.000. as compared
of Current Bank Briefs, is for bank officers
latest number
$798,910.000 for 1927.
The deduction for debt, which included unpaid mortgages,etc.,amounted to make and maintain personal contacts with prospective
to $392,432,336, as compared with $310,596,254 for 1927. The deduction
out the four necessary fundaon account of charitable, public, and similar bequests was $216,099,140. customers. Dr. Atkins points
For 1926 this was $130,974,586. Funeral and administration expenses mental steps for banks to take in increasing their deposits
amounted to $114,688,964, as compared with 6129,578.621 for 1927. in this manner. First, a survey of possible depositors should
Property from an estate taxed within five years, valued at date of previous
bank's facilities for
decedent's death, was $71,857.039, as compared with $73,482,328 for 1927. be made, followed by a survey of the
The only other allowable deduction was the insurance exemption. These handling the marximum deposits. Third, the bank should
totaled $1,661,225,428, as compared with $1,735,840,229 for 1927, and
always determine those depositors Which should logically
$1,504,212,412 for 1926.
The return schedule for estate tax, under the classification of funeral and be doing business with the bank, many of which, for certain
'
administration expenses Provides that the executors' or administrators
reasons, may be doing business with banks outside their
commissions shall not exceed the amount allowable by the law of the Jurisallowed in cases similar to the actual "home territory." Fourth, and last, the bank should
diction, and not in excess of that usually
estate under audit. All expenses must be itemized.
organize its officers into a systematic soliciting organizaThe total of these deductions for all the 8,079 estates returning a gross of
or 4.13% of the tion. Dr. Atkins said:
$3.503,238,684 was 6144,688,964. an average of $17,909.
"Clients may be brought into the bank this way, but they cannot be
average estate.
The average costs for the 1.963 non-taxable estates reporting was $7.5771 retained unless the bank is equipped to give them proper service. Imor 8.24% of the gross. These alone varied materially from the genera,. portant part of this fact lies in adequate physical and financial equipment
average. All taxable estates from the smallest, with net income uncle
of the bank. From the standpoint of the depositor, the most essential
possession
$50,000, to those with a net of over 66,000,000, had from 4.58% as a maxi
fadtor is satisfactory liquidity, which depends in part on the
mum to 3.6% as a minimum percentage of gross, deducted on account of of sound loans, in part on an adequate primary reserve, and in part on a
these costs. Estates between $6,000.000 and $7.000.000 net had 2.82% for properly constructed secondary reserve."
their costs, while the three estates with net between $7.000,000 and $8.000.000 Paid 5.45%. The eight estates with net in excess of $10,000,000. aggregating $331,880,866 gross, paid $1,951,342 average, or 4.7% of the gross.
In addition to the returns on account of resident decedents, there was Warehouses Seek Stay of Loading Ban—Petition Court
filed, as already stated, 2,157 returns on account of non-resident decedents.
To Hold Up Inter-State Commerce Commission
Of these, six had no net estates; and 1,900 had net estates under $50.000
Order Which Prohibits Warehousesfrom Rendering
$1,000.000 each, the largest
each. Only seven of these estates exceeded
of which had a net estate of $1,730,983. The total tax returned was
Service to Railroads.
$1,541,433. with a tax credit of $143,409, leaving as the payments due
Petitions have been filed in the United States District
the United States. $1.398,024.
A tabulation of all the statistics returned in the 8,079 returns of resident Court at Philadelphia by the Merchants Warehouse Co.,
decedents, and the 2.157 returns of non-resident decedents made during
Pennsylvania Warehouse & Safe Deposit Co., and the
1928, would have cost the Government very little more than did the tabulaa
tion actually made. These would, however, be of infinitely more value. Philadelphia Warehousing & Cold Storage Co., seeking
The Bureau of Internal Revenue—that great storehouse, and, seemingly temporary stay or suspension of the Inter-State Commerce
grave, of unique information—does not seem to appreciate the value of its
s recent order which would prohibit the Pennsylholdings. It is false economy to skimp where statistics are concerned. Commission'
RailTabulations along many lines would furnish a basis that would assist col- vania RR., Reading Co., and the Baltimore & Ohio
lections and increase revenue materially, in addition to the aid it would give road Co.from employing the warehouse companies to render
many lines of outside business., A little increase in appropriations would
services for the carriers while acting as their
possibly remedy this condition, and render the Bureau of general service, transportation
instead of it being merely a tax collector.
agents. A Philadelphia dispatch Feb. 16 to the New
Relative to estates alone, statistics are easily available covering the form York "Journal of Commerce" indicating this, says:
and cost of administration as distinguished from funeral expenses, the
carriers
These services include loading and unloading freight for the
number of estates actually carrying insurance and the graduation as to the
collecting the freight charges, assuming responsibility for
number of policies and amount of insurance so held, and many other items under contract, the free period of storage allowed by the carriers and
that appear on the face of the returns but which are not tabulated for the the freight during
in connection with the receipt and delivery of freight as
reports. The returns of all gross estates in excess of $50,000. administered all other services
taxable, should also be continued.,11 Performed by the carriers themreives.
within the United States, even if not
25, resulted
The Commission's order which would become effective Feb.
James
from a complaint filed with the Inter-State Commissioners by
Bailey
Consolidation Urged to Reduce Number of Banks in Gallagher and the Northeastern Warehouse Co.. Walter A.by the and the
carriers
Co. They alleged payments made
Iowa—Remedies Suggested by L. A. Andrew, Terminal Warehouse unjust and prejudicial to them and also that the
were discriminatory,
State Superintendent of Banks for Overbanked practice was in violation of the Inter-State Commerce Act.
and
The petition filed by William A. Glasgow Jr., M. Hampton Todd,
Condition.
Allen S. Olmstead 2d. for the Merchants Warehouse Co. points out that
There is only one remedy for an overbanked condition, the practice of employing certain warehouses under contract to perform
and that is consolidation, in the opini4n of L. A. Andrew, services which the carriers must perform under its tariffs is not a violaannulled.
State Superintendent of Banks, according to a statement tion of the Inter-State Commerce Act and.therefore,should not be its jurisis further contended that the Commission's order is "beyond
made Feb. 12 in an address before Group 11 of the Iowa It
diction and power for the reason that the Inter-State Commerce Act
Bankers' Association at Keokuk. The past four years, Mr. does not delegate power to the committee to interfere with the right of a
a particular agent. or to supervise, control,
Andrews said, have brought more change in Iowa banking carrier to employ exclusively the carriers of terminal stations, or of the
or regulate the designation by
conditions than any 50-year period of the past. Des Moines internal management of station, or of the payment of compensation for
of the stations."
advices, Feb. 15, to the "United States Daily," from which the internal managementcommercial organizations of this city. including
Numerous trade and
we quote, went on to say:
the Commercial Exchange, Board of Trade, manufacturers' representatives
Mr. Andrew outlined measures by which Iowa banks have been strength- and the Grocers' and Importers' Exchange, interveners in the original
ened, chiefly through consolidations and co-operation with the banking action, said discontinuance of the practice would be greatly inconvenient
department in instituting better practices; and indicated the necessity for to business interests of the city and that the practice has added much to
the communities to live up to their obligations to the banks, as well as the economic convenience and expedition in the handling of freight shipments here.
expecting the banks to bear their share of the burden.
1220
FINANCIAL CHRONICLE
If the temporary stay or suspension is not granted changes will have
to be made in the warehouse company's schedule of charges which it must
collect from its customers and otherwise disturb and amend Its established
practice of conducting its warehouse business, officials said. It also will
mean that shippers and receivers of freight will have to pay for the unloading of their freight at the various railroad freight stations or load or
unload the cars at their own expense. This, it was pointed out, virtually
amounts to an increase in the total freight transporation charges, which
either must be borne by the buyer or seller of the merchandise.
Trades bodies object to the discontinuance of the present practice and
the contemplated substitution of new and higher costs to merchants to do
business in Philadelphia, contending that the rail carriers would be given
revenue which they are not seeking, unnecmsailly burdening the public.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the
transfer of a New York Stock Exchange membership for
$400,000, ex-rights. The last preceding sale was for $399,000.
[VOL. 130.
water-Associated Oil, Petroleum Corp. of America, Oil Well
Supply Co., American Home Products, Chesebrough
Mfg. Co. Bancamerica-Blair Corp., and its predecessors
Blair & Co., Inc. and the old private banking firm of Blair
& Co., has for more than 40 years been one of the leading
banking firms in the country. Bancamerica,-Blair Corp. now
maintains 28 offices in the United States and one each in
London and Paris. In addition to the main office in New
York, domestic branches are located in Albany, Atlanta,
Baltimore, Boston, Buffalo, Chicago, Cincinnati, Cleveland, Davenport, Des Moines, Hartford, Los Angeles,
Milwaukee, Minneapolis, Omaha, Philadelphia, Pittsburgh,
Portland, Ore., Providence, San Francisco, Scranton,
Seattle, St. Louis, St. Paul, Syracuse, San Diego and
Columbus.
The New York Coffee & Sugar Exchange membership
The Comptroller of the Currency in announcing approval
of Samuel Newburger was sold this week to Farr & Co. for by his office on Feb. 15 of the consolidation of the Murray
$14,000, a decline of $500 from the last preceding sale.
Hill Trust Co. of New York with the Bank of America
National Association, New York, says:
Arrangements were made e- arly in the week for the sale
The consolidated bank has 21 branches, all located in the City of New
of a Chicago Stock Exchange membership for $32,000. The York, which were branches of the Bank of America National Association
and which were In operation on Feb. 25 1927. Twenty-four branches of
previous sale was $31,000. To-day arrangements were re- the Bank of America National Association
which were authorized since
ported for the sale of two memberships for $32,500 each.
Feb. 25 1927 were re-authorized for the consolldated bank.
The merger was referred to in these columns Jan. 11,
The Irving Trust Co. of Ne- w York announced on Feb. 17 page 235, and Feb. 15, page 1063. The merger
became
that a lease had been signed preliminary to the removal of effective Feb. 15. The Bank of America, which
had a capits Market and Fulton Office from the location it has occupied ital of $35,775,300, has increased it to $36,775,30
0. The
at 81 Fulton St. for more than 40 years, to the northeast Murray Hill Trust Co. had a capital of
$2,000,000.
corner of Fulton and William Sts., in the Royal Insurance
S. Sloane Colt, who has been a Vice-President of the NaBuilding. In its new home, the office will have commodious
banking quarters on the ground and second floors, and ad- tional City Bank, was elected Vice-President of Bankers
ditional space in the basement for new and improved safe Trust Co. of New York at the regular meeting of the board
deposit vaults. The removal will take place early in May. of directors on Feb. 18. Mr. Colt was a Vice-President of
The Market and Fulton office has been in Its present location Farmers Loan and Trust Co. until its affiliation with the
since the building at 81 Fulton St. was erected by the Market National City Bank and since June of last year has held
and Fulton National Bank in 1889. This structure is soon the same office with the National City Bank. He will assume
to be torn down to make way for the erection of an extension his new duties on March 15. Mr. Colt who was born on
July 13 1892 entered the employ of Farmers Loan and Trust
to the Royal Insurance Building.
Co. in 1914 and became a Vice-President in 1925. He is a
The ninth annual dinner to the employees of the New York director of the Royal Exchange Assurance,
Public Fire
Stock Exchange who have participated in athletic activities Insurance Co., The Mortgage-Bond Co.
of New York, the
was given on Feb. 19 by the Committee of Arrangements in Tuxedo National Bank and several other
corporations.
the Stock Exchange Luncheon Club. The dinner was
Harry H. Pond has tendered his resignation as a Viceattended by more than 300 employees of the Exchange,
members of its teams in baseball, basketball, so cer, track, President of the Chase National Bank of NOW York, which
cross-country, bowling, golf, rifle and tennis, and the will become effective April 1. It is Mr. Pond's desire
officers of the Exchange, including Richard Whitney, to devote his time to the further development of his Plainfield
Vice-President; Oliver C. Billings, Chairman of the Com- banking interests. Besides being President of The Plainfield
mittee of Arrangements; James C. Auchincloss, Arthur F. Trust Co., Mr. Pond is Vice-President and Director of the
Broderick, Arthur G. Delany, Peter J. Maloney, William Plainfield Title and Mortgage Guaranty Co.; Chairman of
B. Potts, Erastus T. Tefft, Blair S. Williams, and other the Board of the Guaranty Trust Co. of Plainfield; and a
Governors and members of the Exchange. Prizes for ex- Director of the Plainfield National Bank. Mr. Pond has
cellence in various sports were presented by Richard Whit- been prominent in New Jersey and New York banking
ney, the Vice-President of the Exchange, zepresenting the circles and has been a member of many committees that have
tended to widen the scope of service to depositors and add
Committee of Arrangements.
to the soundness of financial institutions. Mr. Pond started
Hunter S. Marston, for the past 10 years Vice-President as a messenger in the Vineland National
Bank, later becomof Bancamerica-Blair Corp. and its predecessor, Blair & ing Cashier. He was the organizer
of the Savings Bank of
Co., Inc., and a member of the organization since 1908, Cumberland County, which he afterward
merged with the
was elected President of Bancamerica-Blair Corp. at a meet- Vineland Trust Co. For several
years he was the active
ing of the board of directors held Feb. 18. Mr. Marston head of both the Vineland National Bank and
tho Vineland
succeeds Elisha Walker, recently elected Chairman of Trust Co. In 1910 Mr. Pond located in
Plainfield becoming
the Board and active executive head of the Transamerica Secretary and Treasurer of the Plainfield
Trust Co. A
Corp., which claims to be the largest securities holding and year later, in 1911, he became President of the
New Jersey
investment company in the world, having resources of over State Bankers Association. In 1913, although
continuing
$1,000,000,000. Bancamerica-Blair Corp. is the securities as a member of the Board of Directors of the
Plainfield
affiliate of the Bank of America, N. A., which is one of the Trust Co. and Vice-President of that institution,
he resigned
oldest banks in the United States. The selection of Mr. as active officer of that company to become a Vice-P
resident
Marston as President of Bancamerica-Blair Corp. by his of the Mechanics and Metals National Bank of
New York,
associates places at the helm of this organization the son of which has since merged with the Chase National
Bank.
Edgar L. Marston (retired), one of the original members In, 1923, at the death of Orville T.
Waring—the First
and for many years one of the active heads of the old pre- President of the Plainfield Trust Co.—Mr.
Pond accepted
decessor firm of Blair & Co. which was organized in 1890. the Presidency of that institution, which
position he has
Incident to the election of Mr. Marston as President and since held, in addition to his New York
connection as a
chief executive of Bancamerica-Blair, it was also announced Vice-President of the Chase National
Bank. During the
that Mr. Walker, while devoting practically all of his time World War, Mr. Pond served as
Chairman of one of the
to Transamerica-Blair Corp.,will continue as Chairman of the Liberty Loan campaigns. He has
served as a member of
Board of Bancamerica-Blair Corp. With the exception of the Board of Governors of Muhlenber
g Hospital, a portion
one interruption during the World War, Mr. Marston, since of which time he
was President of the Board. For 23 years
his graduation from Brown University in 1908, has always he has been on
the Board of Managers of the Now Jersey
been affiliated with Bancamerica-Blair and its predecessor State School at Vineland,
and is President of the Board.
corporatiorr. He is a director or trustee in many corporations,
At the regular meeting of the board of directors of the
the more important of which are Transamerica Corp.,
Bank of America, N. A., Northwestern Trust Co., Mer- National City Bank of New York held Feb. 18, the resignachants Trust Co., First National Bank of St. Paul, Tide- tion of S. Sloan Colt as Vice-President was accepted.
•••••••••••
FEB. 22 19301
FINANCIAL CHRONICLE
1221
Guaranty Trust Co. of New York announces the appoint- Bankers Trust Co., New York, and First National Bank of
ment of Daniel B. Grant as a Vice-President. Mr. Grant Boston.
has been joint manager of the Guaranty Trust Co. offices
Harry P. Dungan has been appointed assistant manager
in England.
of the Bedford branch of the Lafayette National Bank of
Philip De Ronde, President of the Hibernia Trust Co. Brooklyn.
of New York; issued a statement on Feb. 19 relative to
It is announced that Chester D. Pugsley, Vice-Chairman
rumors of a merger of that institution with uptown banking
of the Board of Directors of the Westchester County Nahouses. The statement follows:
Bank of Peekskill, New York, has become the fourSome days ago an article appearing in the New York newspapers gave
the impression that negotiations looking toward the merger of certain
uptown banking institutions with the Hibernia Trust Co. had practically
been completed. While it is a fact that conversations had taken place
with that end in view, it is equally a fact that nothing resulted therefrom,
It is not, therefore, the present intention of the Hibernia Trust Co. to
negotiate the acquisition of these or any other uptown banks.
Central Hanover Bank & Trust Co. of New York announces the appointment of Harry A. Trautmann as Assistant Vice-President. Mr. Trautmann has been associated
with Central Hanover since 1919 and at the time of his appointment was Assistant Secretary. He is in charge of
the purchasing department of the institution.
tional
teenth largest stockholder of the Irving Trust Co. of New
York, which has over fifty thousand stockholders. It is
/
also stated that he holds 112% of the Lloyds Casualty Co.
stock.
The officers and directors of the Second National Bank
of Cooperstown, N. Y., announce the opening of their new
bank building to-day, Feb. 22.
On Feb. 8 the Torrington National Bank of Torrington,
Corm., and the Torrington Trust Co. were consolidated under
the title of the Torrington National Bank & Trust Co. The
new bank is capitalized at $400,000.
Jackson E. Reynolds, President of the First National Bank
On Feb. 10 the Camden Safe Deposit & Trust Co. of Camof New York, and Chairman of the organization committee
den, N. J., one of the largest New Jersey banks, opened a
of the Bank for International Settlements, will be the guest
and Market
of honor and speaker at a luncheon of the Bond Club of handsome new banking home at Broadway
Streets, that city. The new building, it is understood,
New York, to be held at the Bankers' Club on Tuesday,
Feb. 25, at 12:15 o'clock.
The new 50-story building—headquarters of the Irving
Trust Company—constructed entirely of granite and limestone, is rapidly taking shape at the head of Wall Street.
At the intersection of Wall Street and Broadway a ponderous cornerstone, Inscribed "Irving Trust Co., 1930," was
set in place with impressive ceremonies a few days ago.
More than 400 carloads of limestone will be required for
this unique building. Railroad men say this is one of the
largest movements of building stone that ever entered New
York, and they speak of it as "four miles of stone," meaning
about 100 cars to the mile.
The Irving Trust Co.'s architects, Voorhees, Gmelin &
Walker, say that the building when completed will be an
impressive picture in stone; simple, dignified and beautiful. Simplicity and beauty, they declare, will be achieved
by an unusual feature of their design—the angled walls.
Bent frame windows, specially designed, will conform to
the angles of these massive stone walls. Instead, therefore,
of an outside appearance resembling a great wall broken
by rows of deep sunk glass, these curved windows will seem
an integral part of the walls. From far below the level
of Broadway and Wall Street, on foundations anchored
to bedrock, the steel frame destined to support this massive
edifice is rapidly rising. At the same time preparations
are well advanced for installation of the three-story vault.
Resting on its foundation, cut into solid rock, this vault will
occupy virtually the entire block front along Wall Street,
between Broadway and New Street, with a depth from
front to mac of about 40 feet. Like that of the Federal
Reserve Bank of New York, the stronghold deep below Wall
Street will be protected by the best of mechanical, chemical
and electrical safeguards, and further protected by a surrounding wall of water, impenetrable except by use of
submarine apparatus.
represents an outlay of $2,000,000. The expanding activities
of the bank, which was founded in 1873, made larger quarters
necessary to provide larger facilities. The personnel of the
institution is as follows: Ephraim Tomlinson, President;
W. J. Sewell, Jr., F. Herbert Fulton, Frank S. Norcross
and Joseph Lippincott, Vice-Presidents; Clarence H. Polhemus, Treasurer; Russell L. Sammis, Secretary; John H.
Annis, Trust Officer; C. Chester Craig, C. Merrill Schlosser
and Edward M. Potter, Assistant Trust Officers; E. Robert
Trudel, Jr., Henry Freeland and Walter T. Pratt, Assistant
Treasurers; Harold Runce, Real Estate Officer, and George
Reynolds, Solicitor. The Camden Safe Deposit & Trust
Co. maintains two branches, one at Cape May City and the
.
other at Gloucester City, N S.
On Feb. 17 the National City Bank of New York opened
its new three-story branch building at the northwest corner
of Seventh Avenue and 34th Street, one block north of the
Pennsylvania Station. The new unit, conforming to the
general architectural scheme set by the bank's management
for all new branch buildings, will offer complete banking,
investment, trust and safe deposit facilities of the National
City organization in an important district in midtown New
York where are located many hotels and where may be
found headquarters for several important industries. The
branch is the thirty-ninth to be opened in Greater New
York. The compound interest department of the branch
will be open from 8:30 to 6 on weekdays and from 8:30
to 3 on Saturdays, while the hours for the commercial department will be from 9 to 4 on weekdays and 9 to 1 on
Saturdays.
William E. Green, President of the Trenton Banking Co.,
Trenton, N. J., died at his home in that city on Feb. 18
after a long illness. Mr. Green was born in Trenton in 1878
and received his education at Lawrenceville School and
Princeton University, being graduated from the latter in
1902. In addition to his banking connection, Mr. Green
was a director of the Prudential Insurance Co., the New
Jersey Bell Telephone Co. and the United New Jersey
Railroad & Canal Co.
That a new financial institution in Lemoyne, Pa., has
been chartered by the Comptroller of the Currency under
the title of the West Shore National Bank and would at
once begin the erection of a $45,000 bank building, was
reported in a press dispatch from Harrisburg, on Feb. 17,
appearing in the Philadelphia "Ledger" of the following day.
The new bank is capitalized at $100,000 with surplus of
$20,000. C. S. Willis is President; Oscar Wolfensberger,
Secretary, and C. M. Mussellman, Treasurer.
The Southwestern National Bank of Philadelphia on
Wednesday of this week (Feb. 19) opened its new building
at the southeast corner of Broad and South Streets, according
to the Philadelphia "Ledger" of that date. The new building, a model of modern bank architecture, is of stone with
bronze doors and trimmings. The main street floor is
occupied by four stores, two on each side of the central
entrance to the bank's quarters, which opens to a wide
stairway leading to the main banking floor. The new structure represents an expenditure of $250,000. The bank was
founded July 19 1886. Its present personnel is composed
almost entirely of men who have had long records of service
with the institution. Eugene Walter, President has been
with the institution since 1900. John Scott Jr., Chairman
of the board of directors, started with the bank forty-four
years ago. John M. Dotterer, Vice-President and Trust
Officer, has been with the institution for twenty years.
Harry S. Pollock, Cashier, entered the bank twenty-eight
years ago, and Joseph Weaver, Assistant Cashier, has seen
._
fifteen years' service with_the institution.
W. C. Fitzgerald, a Vice-President of the Corn Exchange
Permanent certificates on the capital stook of Marine
National Bank & Trust Co. of Philadelphia, on Feb. 18
Midland Corp. (organized last year by New York and Bufwas made a director and Secretary of the board, according
falo financial interests) are now ready in exchange for temto the Philadelphia "Ledger" of Feb. 19.
porary certificates at the Marine Trust Co. of Buffalo,
1222
FINANCIAL CHRONICLE
H. C. McCaughan, heretofore an Assistant Treasurer of
the Union Trust Co. of Pittsburgh, Pa., was recently appointed President of the Erie Trust Co. of Erie, Pa., according to the Pittsburgh "Post-Gazette" of Feb. 18. Mr.
McCaughan succeeds in the Presidency of the Erie bank
F. F. Curtze, who has become Chairman of the board of
directors.
The Central National Ban-k of Portsmouth, Ohio, with
capital of $200,000, and the Security Bank of Portsmouth,
capitalized at $300,000, were merged on Feb. 5. The new
organization is known is the Security Central National
Bank of Portsmouth, and is capitalized at $500,000.
The failure of two small Ind- iana banks, namely the State
Bank of Pierceton, capitalized at $40,000, and the Monroe
State Bank, at Monroe, with capital of $25,000, was reported in the "Wall Street Journal" of Feb. 19, which further
stated that the closing of the institutions was the result of
exhausted credits and "frozen" resources.
On Feb.3 the First National Bank of Logan, Ohio, changed
its title to the First-Rempel National Bank of Logan.
Fred Uhlmann, President of the Uhlmann Grain Co.,
has been made a director of the Straus National Bank &
Trust Co. of Chicago, according to the Chicago "Journal
of Commerce" of Feb. 14.
[VoL. 130.
Included on the board of directors of the Congress Trust are: V.
R.
Bucklin, Vice-President of the Stewart
-Warner Corp.; Alfred Cowles,
director of the Continental Illinois Bank and Trust Co.; Mitchell
D. Follansbee, Attorney; Robert H. McElroy, Vice-President of
the Standard Oil
Company of Indiana; Robert H. McCormick; A. H Revell, Jr.
of Alexander
H. Revell and Co., and E. J. Stevens of the Stevens
Hotel.
Interests identified with the printing trade organized the Transportation Bank in 1920 and since that time the institution has
served the southwest portion of the loop. Mr. Jewett was elected President
of the bank
about three years ago. He was formerly President of
the Federal Land
Bank and Federal Intermediate Credit Bank of
Spokane, Wash.
The transactions incident to the uniting of the banking businesses
of
the two institutions are being supervised by an
advisory committee composed of A. It. Fioreen, Vice-President of the Central Trust
Co. of Illinois;
Mr. Gregson, Mr. Jewett, Edward T. Kelly,
President of E. T. Kelly
Co., Mr. Otis and Mr. Peck.
In further reference to the affairs of the People's State
Bank of Maywood, Ill., which, as noted in our issue of Feb.
15, page 1064, was closed for examination on Feb. 8 by
State Auditor Oscar Nelson, following the alleged confession
of its President,Elmer P.Langguth, that he had appropriated
funds of the institution for his own use, Chicago advices
to the New York "Times" on Feb. 18 contained the following:
Miss Elsie Gordon, John Reed and Edward R. Carleton,
employes of the
People's State Bank of Maywood. Ill., which was closed 10 days
ago, were
arrested to-night and will be taken before the grand jury to-morrow.
Indictments are expected against Elmer P. Langguth, President of the
bank,and Miss Lavergne Lindgren, cashier, who were accused of
embezzlements aggregating $173,000.
The depositors held a meeting to-day to discuss the reorganization
that
would permit the reopening of the bank through refinancing,
Effective Feb. 1, the Abram Rutt National Bank, Casey,
John J. Mitchell, a son of Jo- hn J. Mitchell, late Chairman
of the board of the Illinois Merchants Trust Co. of Chicago, Iowa,capitalized at $50,000, was placed in voluntary liquidahas resigned his position as Assistant to Vice-President of tion. The institution has been taken over by the Citizens'
the Continental Illinois Bank & Trust Co., effective Mar. 1, Savings Bank of Casey.
according to the Chicago "Journal of Commerce" of Feb. 18,
The Transportation Broth- erhoods National Bank of
which continuing said:
Mr. Mitchell did not disclose his future plans, but it is understood he Minneapolis, Minn., (capitalized at $200,000) was placed
will devote most of his time to the affairs of the numerous aviation companies in voluntary liquidation on Feb. 4. The institution
was
with which he is affiliated in various capacities. He is Secretary and Treasurer of the National Mr Transport, Inc., and also of the Aviation Securities absorbed by the Marquette National Bank of Minneapolis
Corp. He also is a director of numerous other companies identified with and the Marquette Trust Co.
aviation, as well as of other corporations, including the Commonwealth
Edison Co. and the Chicago do Alton RR.
Mr. Mitchell has been extremely active in aviation affairs in the last five
years.
A charter was issued by th-e Comptroller of the Currency
on Feb. 8 for the Nebraska National Bank of Grand Island,
Neb. The new bank, which is a conversion of the Nebraska
Further referring to the fa- ilure, on Dec. 28, of the Pro- State Bank of Grand Island, is capitalized at
$100,000.
gressive State Bank of Chicago, noted in the "Chronicle" A. J. Guendel is President.
of Jan. 4 (page 64), the Chicago "Journal of Commerce"
The First Bank Stook Corp. (headquarters St. Paul and
of Feb. 12 stated that the previous day State Auditor Oscar
Nelson appointed as receiver for the institution the Chicago Minneapolis) established an earnings rate of $2.41 per
Title & Trust Co. under a bill filed by Attorney General share, or 9.65% on the $25 par value of its stock, during
Oscar Carlstrom and confirmed by Judge Hugo Friend. the period of its operations up to Dec. 31 1929, the annual
Gerson Guthman is President of the closed bank, which is report to the stockholders adopted by the corporation's
capitalized at $200,000, with surplus of $40,000 and deposits board of directors discloses. In his report to the directors,
P.J. Leeman, Vice-President and General Manager, pointed
of $500,000.
out that the earnings were nearly two and one half times
Acquisition of the banking business of the Transportation dividend requirements at the established dividend rate of
Bank of Chicago by the Congress Trust & Savings Bank of $1 per share. Projected on an annual basis, operating inthat city was approved by the respective directors of the in- come of the corporation would approximate $7,282,652.04.
stitutions, subject to the approval of the shareholders, on Of the corporation's authorized capitalization of 10,000,000
Feb. 20, according to the Chicago "Journal of Commerce" shares, 3,016,870 shares were outstanding, held by approxof the next day. The acquired bank has deposits of approx- imately 16,000 stockholders. In discussing the operations
imately $2,500,000, while the Congress Trust & Savings Bank of the corporation, the report said in part:
Total
has deposits of about $3,000,000. "Deposit liabilities of the Since deposits of banks in the group as of Dec. 31 were $359,939,180.
acquisition, banks in the country districts have shown
Transportation Bank will be assumed by the Congress in deposits of $1,334,987, which we regard as most satisfactoryan increase
in view of
Trust & Savings Bank, which also will take over sufficient the fact that the Dec. 31 statements usually show a seasonal decline
Since the la t meeting of the board on Nov 5. 31 additional banks have
,
assets to cover these liabilities. The remaining assets of the affiliated with the corporation, bringing the total of affiliates
to 92.
Transportation Bank are to be liquidated, it is understood.
A consolidated statement of the corporations which we control as of
Dec. 31 1929 shows total resources of $446,915,233.70. In addition, the
There will be no exchange of stock." George C. Jewett,
First Bank Stock Corp. has assets, exclusive of
banks and other
President of the Transportation Bank, will become Vice- corporations, totaling $7,926,031, composed of stocks inhand, bonds and
cash on
Chairman of the Board of Directors of the Congress Trust securities, commercial paper and notes receivable, making total resources
$454,841,266.
& Savings Bank and will have an active part in its manage- ofThe
corporation has pending negotiations for the affiliation of a
ment, while Daniel E. Lupton, Cashier of the acquired bank of banks, acquisition of which will be announced from time to time.number
However, our policy at the present time is to devote our efforts almost exclusince its organization, will also join the personnel of the ensively to the management of,the banks already in the system, rather than
larged bank. The directorate of the latter will be augmented to the acquisition
of institutions. . ..
by some of the directors of the Transportation Bank. The
We are looking forward to a year of substantial progress. The benefits
of group operation should be reflected in expanded activities throughout
present quarters of the Congress Trust & Savings Bank,
We are developing the facilities of
at Wabash Avenue and Congress Street, will be enlarged the entire system.and trust fields, thus increasing their our units In the
credit, investment
earning capacity,
to take care of the business of both institutions. Until this and at the same time are accomplishing economies through the central
is effected, each bank will continue to operate at its present clearance functions of the corporation.
Election of four additional members of the board to the
location. The Chicago paper went on to say in part:
The Congress Trust and Savings was formed in 1927 with a capital corporation's executive committee, expanding the memberand surplus of $330,000 and in serving the southeast section of the loop ship of
the committee to 15, was announced by Clive T.
and the near south side, It has shown a steady growth Its capital, surplus
and undivided profits as of Dec. 311929. totaled $646,000. Philip F. W. Jaffray, Chairman of the Board.
Peck, Chairman of the board of directors, was one of the principal factors
The Comptroller of the Currency on Feb. 5 granted a
in its organization.
In the latter part of 1929 an affiliate of the Central Trust Co. of Illinois charter for the First National Bank of Lewellen, Neb.,
acquired a substantial stock interest in the bank and J. Sanford Otis,
representing a conversion of the Bank of Lewellen. The
Vice-President of the Central-Illinois Company, was elected to the board
of the Congress Trust. William Fuller Gregson was elected President of new institution is capitalized at $50,000. S. P. Delatour is
the bank at the annual meeting in January and will continue to serve President and B. C. Delatour, Cashier.
capacity in the
In
that
enlarged institution.
FEB. 221930.]
FINANCIAL CHRONICLE
1223
bank make
Effective Jan. 28, the Farmers' & Merchants National two banks and the spreading out of the consolidated Carolinas. of Shelby
the strongest banking center in this section of the two
Bank of Milbank, S. D., with capital of $75,000, was placed
in voluntary liquidation. The institution is succeeded by
Advices from Richmond, Va., on Feb. 15 to the "Wall
the Farmers' & Merchants' National Bank in Milbank.
Street Journal" reported that a consolidation of the First
As of Feb. 1, the First National Bank of Iola, Kans., National Bank of Hickory, N. C., and the Consolidated
capital $50,000, was placed in voluntary liquidation. The Trust Co. of that place, has been agreed upon by the reIola National Bank of the same place absorbed the in- spective directors of the institutions, subject to the approval
of the shareholders and banking authorities. Union of the
stitution.
banks would bring together resources totaling $4,000,000,
That the Mercantile Commerce Bank & Trust Co. of the dispatch said.
St. Louis, Mo., has adopted an old-age retirement program,
With reference to a proposed merger of the Central Savings
providing pension provisions for approximately 550 employBank & Trust Co. of Covington, Ky., with the People's
ees, underwritten by the Metropolitan Life Insurance Co.,
Liberty Bank & Trust Co. of that City, the possibility of
was reported in the New York "Times" of Feb. 16, which
which was indicated in our issue of Jan. 11, page 240, the
went on to say:
Cincinnati "Enquirer" of Feb. 12 stated that the previous
The program includes also $2,000,000 of group life insurance, $1,000.000
accidental death and dismemberment protection and weekly sick and non- day James B. Brown, President of the BancoKentucky Co.
occupational accident benefits.
and the National Bank of Kentucky, Louisville, and John
The bank will pay the entire cost of pensions based on service before
President of the Central Savings Bank & Trust
the plan became effective, while the cost of pensions based on service H. Schulte,
after the plan was adopted, as well as the various group insurance features, Co., Covington, were added to the Board of Directors
will be met by deposits on the part of both the bank and the employees.
of the People's-Liberty Bank & Trust Co., and that L. B.
Wilson (formerly a Vice-President) was appointed President
A proposal to consolidate the National City Bank of
of the institution. Other officers were chosen as follows:
St. Louis and the Franklin-American Trust Co. of that city,
S. Hamilton and Polk Laffoon, Viceunder the title of the latter, will be submitted to the respec- George E. Engel, T.
Presidents; Frank R. Evans, Cashier; Joseph N. Cuni,
tive stockholders of the institutions shortly, according to a
Clifford Homan, Auditor. The paper
St. Louis dispatch by the Associated Press on Feb. 20, Trust Officer, and
mentioned furthermore said: "With consummation of the
printed in the New York "Times" of yesterday, Feb. 21.
Central Savings Bank & Trust Co.
The enlarged Franklin-American Trust Co. will have re- proposed merger of the
and the Peoples-Liberty, the institution will have resources
sources of more than $46,000,000. We quote further from
exceeding $12,000,000." As noted in our previous item,
the dispatch as follows:
Mr. Brown and Mr. Wilson together own the controlling
National City by
The merger, which in effect will be an acquisition of
Franklin-American for approximately $1,500,000, was approved yesterday interest in the People's-Liberty Bank & Trust Co., Mr.
(Feb. 19) by the directors. It would strengthen the trust company's Brown on Jan.3having purchased the stock of the institution
position as St. Louis's fourth largest bank.
owned by United States Senator Richard P. Ernst, who was
The appointment of W. L. Gregory as Cashier of the Chairman of the Board and President of the bank. Mr.
Guaranty Bank & Trust Co., St. Louis, was announced on Brown had also several months previously acquired a large
Feb. 11 by the directors, according to the St. Louis "Globe- block of the stock of the Central Savings Bank & Trust Co.
Democrat" of Feb. 12. For the past seven years Mr. Gregory
Purchase of the Farmers'& Merchants' Bank of Williamshas been connected with the Federal Reserve Bank of St.
ton, N. C., on Feb. 13 by the Branch Banking & Trust Co.
Louis, and since January 1928 has been acting Assistant
of Wilson, N. C., was reported in a dispatch from WilliamsFederal Reserve Agent. He served in the War Savings,
ton on that date,appearing in the Raleigh"News & Observer"
Transit, Bank Relations, Audit, Bank Examinations and
of Feb. 14. The new bank opened Feb. 13 with the same
Federal Reserve Agent Departments. During the World
personnel as heretofore, it is understood, except that Dr.
War Mr. Gregory served on a United States naval cruiser
John D. Biggs, who retired as President of the institution.
In the North Atlantic fleet, which convoyed troop ships to
H. D. Bateman is President of the Branch Banking & Trust
France. After the war he went to Buenos Aires as sub. Co. of Wilson and Simon S. Lawrence, Cashier.
manager of the American Express Co. in Argentina.
That on Feb. 11 the First National Bank of Montgomery,
According to a dispatch from Jefferson City, Mo., on Feb.
Ala., had taken over the Fourth National Bank of that city
7 to the St. Louis "Globe-Democrat," State Finance Commis"serious situation" was reported in advices from
sioner for Missouri O. L. Cantley on that day issued a to avert a
Montgomery on that date to the New York "Times." The
charter to the First Security State Bank of Charleston,
absorbed bank, it was said, had experienced a mild "run"
Mississippi County, "which place, since Jan. 2, when the
the previous day, Feb. 10. The dispatch went on to say:
Bank of Charleston was closed by its directors, presented
With the announcement of the merger came a disclosure that the affairs
the situation of a city of 5,000 population and a county seat of the Fourth National Bank had been under invesstigation by the Montgomery Clearing House since Friday, and the absorption, made on approval
without banking facilities." The new bank, which, it was
Black, governor of the Atlanta Federal Reserve Bank, was
of Eugene
stated, would be ready for business in a few days, has a decided onR.
when no other solution could be found, according to A. M.
paid-up capital of $30,000, a surplus of $5,000, and undi- Baldwin, chairman of the First National's board of directors.
Moving to establish confidence in the banking situation here, Governor
vided profits of $5,000. Among the incorporators of the
Bibb Graves directed that $400,000 of State funds be distributed as denew bank, it was said, are several prominent business men posits among the three banks of the city, the First National, the Alabama
of St. Louis, including William H. Danforth, President of National and the Union Bank & Trust Co.
president of the Fourth National, which was
Henry M. Hobble
the Ralston Purina Mills Co.; E. D. Nims, President of the capitalized at $500,000was showed in its last statement a surplus of$100,000
and
Southwestern Bell Telephone Co.; farmer Judge Rhodes E. and individed profits of $283,000. The First National is capitalized at
$1,000,000 and lists its surplus at $775,000. W. C. Bowman is President.
Cave, and Hillsman Taylor.
—4—
From a press dispatch from Benson, N. C., on Jan. 27,
A consolidation of the Cleveland Bank & Trust Co. of
Shelby, Cleveland Co., N. C., with the Union Trust Co. printed in the Raleigh "News • & Observer" of the next
of that place was announced on Feb. 14 by Charles C. day, it is learned that the First & Citizens' Bank & Trust
Blanton, President of the latter, according to advices from Co. of Smithfield, N. C., opened for business in Benson on
Shelby on that date, appearing in the Raleigh "News & that day, taking over the deposits of the Citizens' Bank &
Observer" of the next day. At the same time Mr. Blanton Trust Co. of Benson, and would, according to a statement
announced that the Union Trust Co. would on Feb. 17 by R. P. Holding, Cashier of the Smithfield bank, continue
open banking offices in Rutherfordton and Forest City, to operate a complete banking business in the former banktwo Rutherford Co. towns, where local banks closed their ing house of the Benson institution. The dispatch went
doors last week. The enlarged Union Trust Co. has a capital on to say that the First & Citizens' Bank & Trust Co. is
structure of nearly $500,000 and total resources of approx- now operating in Smithfield and Dunn, and the opening for
imately $2,000,000. In addition to its main office in Shelby, business in Benson is in keeping with the development and
the company had four branches located in Cleveland Co., progress of the institution. It has combined capital, surprior to the opening of the branches in Rutherford Co. plus and undivided profits of more than $265,000 and
mentioned above. In conclusion the dispatch said:
resources in excess of $1,500,000.
Mr. Blanton, head of the Union Trust, is also President of the First
National Bank of Shelby, which has a capital structure of $900,000 and
resources of more than five million dollars.
The directors of the Cleveland Bank and Trust Co., which was headed
by William Lineberger, were automatically made directors of the Union
Trust Co. by the consolidation of the two institutions. The merger of the
Assets of the Bank of Comtnerce of Spartanburg, S. C.,
were on Feb. 17 taken over by the Central National Bank
of the same place, under supervision of a representative of the
Comptroller of the Currency, according to a dispatch from
1224
FINANCIAL CHRONICLE
Spartanburg on Feb. 17 to the Jacksonville (Fla.) "State."
Under the terms of the merger the dispatch said, the Central
National Bank assumes the assets of the Bank of Commerce,
and through plans outlined by officials, the transfer of accounts of the depositors in the Bank of Commerce to the
Central National Bank progressed in orderly manner during
the day, although officials reported that there were some
withdrawals.
VOL 130.
Escrow Officer. John Hunt, with the Walnut Park National
Bank, had also been chosen an Assistant Cashier of the
Southgate National Bank, it was said.
The New York Agency of the Standard Bank of South
Africa, Ltd., reports the receipt of advices from the London
office Feb. 19 stating that Sir Roderick Roy Wilson has
been appointed to the seat on the Board of Directors of the
That the Hargis Bank & Trust Co. of Jackson, Ky., had Bank rendered vacant by the death of J. F. Finlay.
failed to open for business but that no public announcement
The net profit of the Swiss Bank Corp. for the year ended
of the reason had been made, was reported in advices on
Feb. 15 from Richmond, Va., to the "Wall Street Journal." Dec. 31 1929 (incl. the carry forward of £28,611 from the
The institution, of which A. H. Hargis is President, has previous year), are reported as £724,343 against £644,200
combined capital and surplus of $150,000 and resources of for 1928 (incl. a carry forward of £28,308 from 1927). At
the Annual General Meeting to take place on Feb. 28, the
$1,400,000, according to the dispatch.
Board will recommend the allocation of £20,000 to the
We are advised that the First National Bank in Palm Pension Fund and £40,000 to the Reserve Fund for the
Beach, Fla., organized two years ago under the auspices of extension of the Head Office premises in Basle; they further
the Central Hanover Bank & Trust Co., and the National propose to pay a dividend of 8% as for the preceding year,
City Bank, New York, reports that deposits to date are in to place £80,000 to the Reserve Fund and to carry forward
excess of $3,500,000. F. A. Shaughnessy, President of the £40,770. The Reserve Fund, including the amount now
bank and formerly connected with the Central Hanover, carried forward, will thus reach a total of £2,080,000, i.e.,
stated that business in Palm Beach is good, that there is 323-2% of the paid up share capital of £6,400,000.
more activity and that the hotels are doing as much business as last season. Directors of the bank include Lindsay
Bradford, Vice-President City Bank Farmers' Trust Co., THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been reactionary the
New York; D. P. Goodell, Vice-Dresident Central Farmers'
Trust Co., West Palm Beach; William S. Gray, Jr., Vice- present we k. In the early part of the week the general
President, Central Hanover Bank & Trust Co., New York; trend of prices was somewhat mixed, though the gains
John F. Harris, Harris, Upham & Co., investment bankers, outnumbered the declines. As the week advanced conNew York; Edward F. Hutton, Chairman General Foods ditions were reversed, and the declines outnumbered the
Corp.; John C. King; J. Leonard Replogle; Wiley R. Rey- advances. Speculative attention has been directed, largely
nolds, Chairman Reynolds Spring Co.; Howard W. Selby, to the public utilities, though the industrial shares and steel
President Central Farmers' Trust Co.; F. A. Shaughnessy, stocks have from time to time displayed moderate activity.
President of the bank; Edward Shearson, Shearson, Ham- Railroad issues have made little or no progress, and copper
mill & Co., investment bankers, New York; Charles A. stocks, oil shares and motors have been without noteworthy
Wight, Vice-President, National City Bank, New York, movement. The weekly report of the Federal Reserve
and J. P. Cochrane.
Bank, made public after the close of business on Thursday,
showed an increase of $44,000,000 in broker's loans. Call
The closing on Feb. 14 of the Exchange National Bank of money renewed at 43-% on Monday and continued unShreveport, La., was reported in the fol'owing dispatch changed until Friday when the rate dropped to 4%.
by the United Press from Shreveport on that day, appearing
The stock market turned emphatically downward on Saturin the New York "Evening World" of the same date:
day, the day's decline running from two to six points in a
The Exchange National Bank, with deposits exceeding $3,000,000.
of the leading speculative favorites. United
failed to open for business to-day. A statement by Minor Merriwether, dozen or more
President, expressed the belief that depositors would be protected and that States Steel assumed the leadership in the early trading,
the bank would reopen following reorganization. The bank was capital- but soon slipped downward under pressure and closed with
ized for $300.000 and had been in operation 10 years.
a net loss of three points. Railway equipments were bid
On Jan. 30 the First National rank of Whitesboro, Tex., Up in response in response to increasing orders and such
with capital of $50,000, went into voluntary liquidation. stocks as American Rolling Mills, General Railway Signal,
The institution was absorbed by the City National Bank of Cutler Hammer and American Machine & Foundry, disWhitesboro; the latter subsequently changing its title to played considerable strength and closed from two to three
points higher. Eastman Kodak which moved ahead 12
the Whitesboro National Bank.
points on Friday lost half of its gain and losses of from two
The First National Bank of Anaheim, Calif., with capital to four or more points were recorded by United States Unof $200,000, went into voluntary liquidation on Jan. 16. The dustrial Alcohol, National Lead, American Tobacco "B",
Institution was taken over by the Bank of America of Johns-Manville, Goodyear Rubber, J. I. Case and DuPont.
Railroad shares also felt the downward surge.
California, Los Angeles.
The market was weak and reactionary during the forenoon
Announcement was made on Feb. 13 by H. R. Erkes, on Monday, though it rallied after midsession and closed
Vice-President and Chairman of the Board of Management, somewhat higher. The strength of the motor stocks was
Southern Division, of the Bank of Italy National Trust & the outstanding feature of the afternoon trading, the deSavings Association (head office San Francisco) of the pro- mand centering around General Motors, Chrysler, Hupp,
motion of Herman A. Nater, heretofore head of the business Hudson, Pierce Arrow and Packard, most of which closed
extension department of the institution in Southern California at substnatially higher levels. American Tobacco "B"
to the office of a Vice-President by the general executive at 241 was five points higher, and National Supply reached
committee of the bank. • In making according to the Los a new top for 1930. Oil shares continued weak and a numAngeles "Times" of Feb. 14. In making the announcement ber of new lows for 1930 were recorded before the close.
Standard Oil of New Jersey was especially hard hit and dropMr. Erkes said:
Copper shares were under
This deserved promotion which has come to Mr. Nater, is recognition ped more than four points.
of his executive ability as head of the development program of the Bank of pressure and Anaconda dropped to a new low on the current
Italy in Southern California. He has just completed 10 years' service
movement, while most of the lesser lights did likewise. Stocks
with our institution.
rallied in the closing hour and many of the more popular
A press dispatch from Southgate (Los Angeles Co.) Cal. issues gained ground. Eastman Kodak for instance soared
on Feb. 7, appearing in the Los Angeles "Times" of the 11 points and gains of from two to eight or more points were
following day, reported that C. W. Welter for 11 years scored by Columbia Carbon, National Air Transport, J. I.
engaged in the banking business in Southgate and Walnut Case, American Rolling Mills and Simmons. Many standard
Park (Los Angeles Co.) had purchased the controlling in- stocks, however, were in supply and these included United
terest in the Southgate National Bank from 0.E. McCartney, States Steel, General Electric and New York Central.
who had been President of the institution for the past two Public utilities were in good demand throughout the day,
or three years. The latter had resigned the Presidency Consolidated Gas being taken in large blocks and there was
because of ill health,(but continues as a member of the Board considerable buying in Brooklyn Union Gas, Standard Gas &
of Directors) and has been succeeded by Mr. Welter. Com- Electric and Col. Gas & Electric.
pleting the personnel are Otis Fry, Vice-President; A. F.
Stock prices again advanced on Tuesday and many new
Ullrich, Cashier, and Jay J. Smith, Assistant Cashier and tops were registered despite the brief set back at the close.
FINANCIAL CHRONICLE
FEB. 22 1930.]
In the public utilities the strong feature was Amer. Tel. &
Tel. which was taken in large blocks and crossed 236 to the
highest peak since the break in October. Other utilities in
popular favor were Consolidated Gas and Brooklyn Union
Gas, both of which reached new high ground for the movement. Western Union Telegraph, Public Service of N. J.,
and Columbia Gas were also noteworthy for their strength.
United States Steel, common surged forward and sold above
189 and Republic Iron and Steel and Gulf States Steel
reached new tops in connection with the present merger
situation. The most noteworthy of the industrial group
were International Harvester which broke into new high
ground, Eastman Kodak which has been one oft he strongest
features of recent markets, Coca Cola, National Biscuit,
Warner Bros. and General Theatre Equipment.
Public utilities were the popular issues on Wednesday
and forged steadily upward to higher levels, though the
rest of the market was reactionary. In a number of issues
there was real weakness and the oil and copper shares were
still depressed. Railroad issues were more or less irregular
though New Haven made a new top for 1930 and Chesapeake & Ohio moved forward 13% points to 2323%. Early
in the session new tops were recorded by such pivotable
issues as Western Union, Public Service of New Jersey,
North American Co., American Water Works and Amer.
Tel. & Tel. Westinghouse Elec. & Mfg. was particularly
buoyant and sold up to 182, closing at 179 with a net gain
of 13% points, but General Electric slipped back a point or
more.
Stock market prices yielded under heavy selling on Thursday and while several brisk rallies occurred during the
session the final figures were sharply lower. United States
Steel, for instance was off nearly seven points as it closed at
182, General Electric at 72 was down eight points.Railroad
stocks were without noteworthy movement except New
York Central which dropped seven points to 171, and oils,
motors and coppers continued to sag. The stock market
was more or less of a pre-holiday affair on Friday and aside
from a brief rally in the railroad group, trading was listless
and changes were within narrow limits. Early gains of
two to eight or more points were scored on the rebound from
Thursday's closing prices but failed to hold az)d such stocks
as United States Steel, American Can, General Electric
and other speculative favorites lost most of their gains when
the rally flattened out. The railroad shares that closed at
higher levels included among others Chicago & North
Western *,/ points to 883%, Atlantic Coast Line two points
to 172, New York Central three points to 184, Norfolk &
Western 93i points to 2643( and Wabash tyvo points to 56.
/
Copper shares were slightly higher and public utilities displayed some improvement and so did the motor stocks, but
the advances were not especially noteworthy. The New
York Stock Exchange, the Curb Market and the commodity
. markets will be closed to-day in observance of Washington's
birthday.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad.
&G.,
Bands
,
State,
Mimic
-1Na 09
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,696.920
3,289.170
3,795,310
3.484,810
3.661,070
2,566.570
13,275.000
5.756.500
10.830,000
7.049.500
8.245,000
6,959.000
$1,123,000
1,870,000
2,712.500
1,998.500
2,140.000
1,499,000
579,000
988,000
229,000
521,000
221,000
330,000
Total
18.493.850
142.115.000
111.343.000
12.385(510
Week Ended Feb. 21.
Sales at
New York Stott
Er
-shame.
Week Ended Feb. 21.
1930.
Stocks
-No. of shares.
Bonds.
Govern:neat bonds___
State and foreign bonds
Railroad dr misc. bonds
Total
1929.
United
Slates
Bonds.
Jan. Ito Fib. 21.
1930.
1929.
18.493.850
16,474.690
116,560,790
172,195.430
62.368.000
11.343,000
42,115,000
21,455.500
10,325,500
23.801.500
$14.758.100
94,102.500
253,157,000
$21,649,000
98,671,050
259,090.500
155,828,000 135,582,500
$362,017,600
$ 379,410,550
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 21 1930.
Saturday
Monday
Tuesday
Wednesday
ThursdaY
Friday
TottL
Prey, week revised
phuadelpista.
Baltimore.
Shares, Bond Sales. Shares. Bond Sales. Shares, Bond Sales.
*31,958
*40.990
*51,087
*50,133
51,478
49,897
524,000 339,230
28,000 a88.886
11,000 0105,418
13,000 a122,723
28,000 a102,175
21,120
10.000
$3,000
14,050
10,300
7.000
1,100
2,000
91,924
91,781
91.979
92,872
92,802
02,713
111,000
13,000
10,500
27.300
40,200
12,000
275,550
$114,000
499,552
637.450
14,071
2114,000
301,388
$125,500
609,812
169,000
17.903
1267.400
1225
•In addition, sales of rights were: Saturday, 2,286; Monday, 3,781: Tuesday
3,751; Wednesday, 5,662.
a In addition sales of warrants were: Saturday. 1,000: Monday, 2,100: Tuesday.
700: Wednesday, 1,300. Thursday, 975.
b In addition, sales of lights were: Saturday, 1,740; Monday, 969: Tuesday. 527
Wednet.day, 637; Thursday, 1,331; Friday, 599,
Sales of warrants: Friday, 2734.
THE CURB EXCHANGE.
The Curb Exchange was irregular this week, profit taking
at times contributing to check the forward movement.
Changes however for the most part have been small. The
approaching holiday also has curtailed business materially.
Among investment trusts Fourth National Investors sold
up from 41% to 49 reacted to 443% and closed to-day at 46.
Third Nat. Investors gained three points to 45 but fell back
to 413/2 finally. Lehman Corp. dropped from 85% to 82
and ends the week at 833%. Insull Utility Investment, corn.
sold down from 693% to 663/2 and at 663% finally. Goldman
%
Sachs Trading eased off at first from 393% to 383 , then
advanced to 413 reacting finally to 393%. Utilities con%
tinue prominent. Amer. & Foreign Power warrants weakened at first 703% to 693%, sold up to 763% and fell back
to 703%. The close to-day was at 713%. Amer. Gas &
Elea., com, improved at first from 133 to 1413%, declined
to 1333% and ends the week at 1363%. Commonwealth
4
Edison from 2823% dropped to 275 recovered to 2818 and
sold finally at 278%. Electric Bond & Share com. lost
over six points to 953% and finished to-day at 97. United
Light & Power, class A, was heavily traded in up from 388
%
to 423% the close to-day being at 41. Elsewhere fluctuations mostly have been desultary and of little significance.
A complete record of Curb Exchange transactions for the
week will be found on page 1256.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Bonds (Par Value).
Week Ended
Feb. 21.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Shares).
Rights.
Domestic.
Foreign
Government.
471,100
817.100
808,100
941.600
975.500
628.700
9.300
13,200
28.200
35,000
19,000
26,700
$962,000
2,078,000
2,393,000
3,343,000
2,079,000
1,837.000
$233.000
302.000
342,000
392,000
235,000
195,000
4.642,100
131,400
$12,692.000
$1,699,000
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the count/7, indicate that for the week ended to-day
(Saturday, Feb. 22) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will fall 21.5% below those for the corresponding week
last year. Our preliminary total stands at $9,110,735,016,
against $11,595,540,662 for the same week in 1929. Our
comparative summary for the week follows:
-Returns by Telegraph.
Clearings
Week Ended Feb. 22.
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
15,507,000,000
543,849,871
506,000,000
395,000.000
116.150,175
114,100,000
174.906,948
164,170,000
146,281.124
158.371.014
112.419,696
85,260,278
. 63,053.000
15,855,000,000
521,901,986
432.000.000
337,000,000
92,902.108
103,700,000
151,155,000
167.618,000
124,928.891
162.636.361
101.255.360
65.302.542
48.270,888
-5.9
+14.2
+7.1
+16.2
+38.0
+10.0
+15.8
-2.1
+17.9
-2.7
+11.0
+30.6
+7.9
Thirteen cities. 5 days
Other cities. 5 days
58.076.562,106
1,034,172,910
28,163,671.138
933,612,985
-1.1
+10.8
Total all cities. 6 days
All cities. 1 day
$9.110,735.016
Holiday
59.097,184.121
2.498.356,541
+0.1
0.0
19.110.728.016 111.595.540.662
-21.5
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
-the week ended Feb. 15. For
results for the week previous
that week there is a decrease of 23.3%, the aggregate of
clearings for the whole country being $9,726,425,966 against
$12,671,811,982 in the same week of 1929. Outside of this
city the decrease is 14.1%, while the bank clearings at this
centre record a loss of 28.0%. We group the cities now
according to the Federal Reserve districts in wmch they are
located, and from this it appears that in the New York
Reserve District, including this city, there is a decrease of
27.7%, in the Boston Reserve district of 6.5% and in the
Philadelphia Reserve district of 3.7%. The Cleveland Reserve district falls 10.0% behind, the Richmond Reserve
District 6.6% and the Atlanta Reserve District 29.3%. In
the Chicago Reserve District the totals are smaller by 23.4%,
in the St. Louis Reserve District by 14.3% and in the Minneapolis Reserve District, by 11.0%. In the Kansas City Reserve District the totals show a shrinkage of 5.0%, in the
Dallas Reserve District of 23.1% and in the San Francisco
Reserve District of 17.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
128 cities
Total
Dutaide N. Y. City
1927.
1928.
$
$
533,496.064
524,986,960
6,098,423,995 8,712,740,652
523,790,563
716,630,468
476,487,807
404,823,098
186,823,449
180,568,997
193,703,832
217,625,755
939,728,258 1,073,628,060
2.38,544.664
230,063,557
114,619,705
122,069,909
210,668,162
194,318,923
71,769,773
91,982,932
581,935,665
626,097,215
41 1161
$
1
Federal Reserve Diets.
515,210822
481,749,432
let Boston_ _ _ -12 cities
6,140,003,957 8,498,817,402
2nd New York_11 "
559,398,467
580,635,039
ard Phihtdel 'la _1() "
423,734,281
381,419,811
6th Cleveland__ 8 "
177,074,895
165,355,322
5th Richmond _ 6 "
185,262,373
132,816,176
5th Atlanta____13 "
812,419,311 1,060,266,251
7th Chicago ._.20 "
229,791,909
196,906,655
6th St. Louls___ 8 "
114,294,644
101,783,080
loth Minneapolis 7 "
186,222,369
10th KanaaeCitY 11 "
143,038.561
77,258,284
59,398,457
5 "
Ilth Dallas
613,427,471
508,952,939
12th San Fran--17 "
9,726,425,966 12,671,811,982 -23.3 10,068,733,326 11,206,795,127
3,700,6E9,794 4,305,960,669 -14.1 4,078,178,162 4,635,510,280
11 Mtiata
•ICI FrYi ,nn
/79 901 750 -17 1
353 943.554
321350.129
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Feb. 15.
Clearings al
1930.
1929.
Ina. or
Dec.
1928.
1
1927.
$
$
1
%
First Federal Reserve Dist rict-Boston .567,481 +11.8
VIalne-Bangor.
634,543
3,997,872 -8.8
Portland
3,644,312
Viaas.-Boston_. 430,519,869 455,000,000 -5.4
1,448,006 -13.9
1,247,536
Fall River_-_
978,263
1,463,919 -33.2
Lowell
1,417,894 -25.3
1,059,571
New Bedford. _
Springfield....
4,371,374
5,958,738 -26.3
3,918,358 -14.3
Worcester
3,356.764
7onn-Hartford _
13,806,075
16,445,873 -16.1
8,153,007 -13.1
7,085.322
New Haven
14,269,500
16,057,200 -11.2
0.1-Providence
780,474 -0.5
776,303
q.H.-Manchea'r
588.058
3.245,787
470.000,000
2,140,781
1,162,496
1,286,544
5,286,751
3.170.775
14.659,591
7,840,456
15,003,700
602,021
663,281
3,790,985
476,000,000
2,031,049
1.237.370
1.290,058
5.317,264
3,402,971
16.431,926
8,368,354
14,273.900
688,906
-6.5
524,986,960
533,496,064
Total(12 cities)
481,749,432
515,210.822
Second Feder al Reserve D istrict-New
7.106,332
6,762,462
-Albany_ _
.1'. Y.
.1360,847
Binghamton_ _ _
1,218,276
55,933,612
47,571.847
Buffalo
991.018
1,333,826
Elmira
1,389,218
1,243,928
Jamestown.....
6,025.736.172 8,365,851,313
New York
.
12,458,093
13,602,432
Rochester
4,855,324
6,500,361
Syracuse
3.617,890
,onn-Stamford_
3,061,151
954,262
Z. J.
-Montclair
759,665
41,312,599
35,200,731
Northern N..1_
Week Ended Feb. 15.
Clearings at
-
York. 6,738,219
6,571,800
-4.8
1,355.500
1.432,000
-10.4
47,538,043
58.350,075
-15.0
886.285
1,175,729
-25.7
1,862,882
1.288,491
+11.7
-28.05,980.558.164 6,571,284,837
11,935,696
15,204,259
-8.5
5,800,000
6,873,729
-25.3
3,123,654
-15.4
3,198.200
630.311
997.821
-20.4
45,622,901
38,736,251
-14.8
Total(11 cities) 6,140,003,957 8.498,817,402 -27.7 6,098,423.995 6.712,740.652
1929.
1930.
Seventh Feder al Reserve D
Mich.
204,227
-Adrian _Ann Arbor_ 792,133
145,763,904
Detroit
Grand Rapids _
4,957,476
3,378.400
Lansing
Ind.
-Ft. Wayne
3,730,908
Indianapolis_
20.680,000
South Bend _ _ _
2,355,610
Terre Haute__ _
5,302.840
Wis.-Milwaukee
32,019.486
2,702,643
Iowa-Ced. Raps
Des Moines....
9,416.299
Sioux City- -6.440.520
1,614,956
Waterloo
1,729,574
559,168.188
Chicago
1,264,715
Decatur
4,854,463
Peoria
3,396,990
Rockford
2,645.979
Springfield_ -.Total(20 cities)
Inc.or
Dec.
1929.
1930.
Week End. Feb. 151930.
"lansola
[Vou 130.
FINANCIAL CHRONICLE
1226
Inc. or
Dec.
1928.
1927.
1
sa
strict-Ch cago
270,697 -24.3
289,359
300.580
908.210 -12.8
872.213
1,107,612
195,856,676 -25.6 170,175,394 184,366,711
9.139,314
8,554,522 -42.1
7,526,932
2,498,881
2,800,000
3,094,940 +9.2
2,992,117
3.517.166 +3.1
3,267.728
22,959,000
24,151,000 -14.3
22,731,000
2,959.596 -20.4
2,795,100
3,254,300
4,948,832 +7.2
5,124.186
5,688,285
36,938.635 -13.3
42.513.166
42,825,090
2,580,281
2.717,168 0.6
2,785,906
9,188,267 -2.9
8.592,704
10,156,525
6,816,246 -5.5
6.343,006
7,424,320
1,621,454 -0.4
1,256.804
1,074,103
1,959,510 -11.8
1,514,686
1.589.363
24.7 649,076,802 761,475,154
742,770,191 1,352.771 -6.5
1,247,024
1,327,032
5.913,640 -17.9
4,795,137
5,006.630
3,736,823 -9.1
3,565.058
4,282,613
2,714,991
2,990.507 -11.5
3,323.199
812,419,311 1,060,266,251 -23.4
939,728,258 1,073,628,050
Eighth Federa Reserve Die trict-St. Lo ule31.6
3,414,258
4,986.374 Ind.
-Evansville.
15.5
Mo.-St. Louis.. 118,500,000 140,300,000 11.5
39.430.683
44,530,029 KY.
-Louisville
739.101
524.338 +41.0
Owensboro..9.3
20.999,099 123,143,131 Tenn.-Memphis
12,365,021
14,504,912 -14.8
Ark.-LittleRock
372.275 -37.1
Ill.
234,000
-Jacksonville
1,430,850 -14.4
1,224,493
Quincy
5,126,447
145,400.000
41,276,411
513,879
22,009,379
14,119,769
307,453
1,310.219
6,275,319
143,888,486
44,631,079
587,728
26,06.5,482
15.102,869
375,910
1,617,791
229,791,909 -14.3
230,063,557
238,544,664
Ninth Federal Reserve Die trict-Minn eapolis
5,720.904 -32.0
3.889,967
Minn.
-Duluth-73.461,322 5.9
69,119,762
Minneapolis--28,763,927 -21.1
22,687,616
St. Paul
1,899,629 -9.3
N. Dak.-Fargo
1,722.020
993.096 -0.8
985.218
B. D.
-Aberdeen.
640,816 -h 0.6
644,997
Mont -Billings
2,815.000 -2.9
2,733,500
Helena
5,731,418
71,963,076
30,413,140
1,937,715
1,092.115
636.241
2,846,000
6,696.582
76.077,834
32,902,967
1,793.477
1.225.648
626,401
2,742.000
Total(8 cities).
196,906,655
114,294.694 -11.0
114,619,705
122,069,909
Tenth Federal Reserve Die trict-Kane as City
339,684 10.0
305.764
Neb.-Fremont
605,933 -17.2
501,707
Hastings
4,239.344 -19.7
3.404,385
Lincoln
39,978.072 +2.1
40,812,344
Omaha
3,184.435 -4.2
3,049,975
Kan.
-Topeka7,519,140 -3.7
7,240.910
Wichita
122.362,532 130.638,653 -6.4
Mo.-Kan. City
6.563,072 -12.2
5,765,682
St. Joseph - -19.1
1.442,290 1,167.951
Colo.
-Col. Snail
1,527.938 +5.5
1.611,119
Pueblo
340.439
581.102
4,717.538
41,147.588
3,332,924
7.923.395
126,740.911
7,132.954
1,098.862
1,302,210
349,523
492,371
4,854,659
43,883,375
3.156,677
8,101,440
140,884,447
6.314,994
1,307.426
1,323,250
Total(7cities).
101,783.080
5.0
194,318,923
210,668,162
-Da Ilas-Eleventh Fede ral Reserve District
12.9
1.862.956 1,622,201
Texas-Austin_ _ _
51,847,962 -23.3
39.767.476
Dallas
12.754.177 -29.8
8,954,223
Fort Worth_ _ _
5,035,000 -33.2
3.363,000
Galveston
6,758,189 -15.8
5,691,557
La.
-Shreveport.
1,436,066
47,142,893
11,958,570
5.186,000
6,046,244
1,475,881
57,629,398
11,372,872
15,549,000
5,955,783
77,258,284 -23.1
71.769,773
91.982,932
Total(11 cities)
Total(5 cities) _
186.222,369
59.398,457
196,038,581
Twelfth Feder al Reserve D strict-San Franc' sco51,003.192
33.8
44,631,556
51,177,437 33,873,566
Wash.
-Seattle13,382.000
11,095,000 -8.2
12.459.000
10,186,000
Spokane
1,321,101 -6.0
1,444.057
1.333,034
1,242,397
Yakima
35,589,839
8.7
34.812.073 34,483.103
31.783.797
Ore.
-Portland_ _
15.648.008 +1.9
18,015,778
15.935.948
Utah-S. L. City
15.935.886
3.958,691
4.005,414 -11.1
3,304,370
Cal.
3,559,019
-Fresno .__
8,199,537
8,334.569
13.5
8,491.087 7,348,345
Long Beach...
24.2 204,020,000 222.695,000
Los Angeles... 178,430,000 235,229,000 24,206.164
23.4
18.495,446 19,082,036
14,173,395
Oakland
7,760,955
8.456.107 -26.1
7.401.197
6,248,612
Pasadena
7,075,329
6,617.616
6.442,287 +6.8
6,877,073
Sacramento
17.1
7,208,002 7,635.404
5,519.426
5,977,348
San Diego....
San Francisco.. 184,234,356 201,982,211 -8.8 209.571,000 215,548,000
2,847,348
2,807.708 +18.6
2,932.964
3,330,119
San Jose
1,672,350
1,850,231 +3.5
1,745,248
1,914,763
Santa Barbara_
2,427,171
2,224,159 2,239,300
15.5
1,879,263
Santa Monica_
2.636,400
2,325,300
2,182.200 -10.2
1,959,000
Stockton
Third Federal Reserve Dist rict.-Philad elphla.1,296.139
1,665,135
'a.
1,375,959
1,389,592 -1.0
-Altoona
4,091,033
5.014.606
Bethlehem_ _ . 4,401,740
.
5,705,081 -22.9
Total(17cities) 508,952.939 613,427,471 -17.0 581.935,665 626,097,215
1,368,428
1.595,197 Grand total (128
1.118,141 -2.3
Chester
1,092.770
2,114,882
2,465,192
1,670,091
23.0 10058733,326 11206795,127
2,197,585 -24.0
Lancaster
cities)
9 766,425,966 12671 811,982 529,000,000 549,000,000 -3.6 481,000.000 670,000.000
Philadelphia
4.732,964 Outside New York 3,740,689,794 4,305,960,669 -13.1 4,078,178,162 4,635.510,290
3,906.974
4,491,452 -24.6
3,388.326
Reading
5,921,022
4,732,323
6,659,537
6,570,709 -28.0
Scranton
3,867,733
3,849,154
3,938,078 -11.5
3,484,249
Wilkes-Barre..
1,971,482
2,032.738
2,139.197
2,224,347 -3.8
York
Week Ended Feb. 14.
18,252.870
18,615,945
5,000,054 -18.1
4,096.000
-Trenton..
l. J.
Clearings at
Inc. or
Total(10 cities) 559,398,457 580.635,039 -3.7 523.790,563 716,630,468
Dec.
1928.
1927.
1929.
1930.
Fourth Feder al Reserve D Istrict-Clev eland
7,673,000 -28.0
5,528,000
hio-Akron_ _
5,404,227 -4.4
5,168,508
Canton
60.926,312
72,438,880 -15.9
Cincinnati_ _ ....
133.314,598 141,674,221 -5.9
Cleveland
18,373,200 -17.0
15,257,000
Columbus
1,903,329 -26.0
1,409,244
Mansfield
6,333,020 -30.2
4,422,487
Youngstown
-Pittsburgh.. 155.393,662 169,934,404 -8.6
P.1.
8.044,000
5,569,000
5,409,886
4,951,634
74,464,228
84,974.263
135,829,355 144,370.643
21,253,500
17,876,400
1,951,732
1,906,337
5,883,508
5,244,830
155,563.989 208,217,600
423,734,281 -10.0
404,823,098
476,487,807
Fifth Federal Reserve Diet fiat-Richm ond1,177,928 -10.1
1,058,893
'. Va.-Hunt'n.
5,134.264 +7.0
5.495,327
5.
-Norfolk
44,838,000 -8.5
41,035,000
Richmond
*2,400,000 -15.3
2,023,750
C.
-Charleston
95,867,164 -4.9
91,200,782
d.
-Baltimore.
27,657,539 -11.2
24,541.570
.C.-Wa.shing'n
1,327,214
5.293,655
43.198,000
2,300,000
102,655,944
25,794,184
1.781,821
5,376,027
45,194,000
2,723,033
104,967,518
26,781,050
-6.6
180,568,997
186,823,449
Sixth Federal Reserve Dist rict-Atlant a3.878,353 -14.9
Mn.-Knoxvlile
*3,300,000
Nashville
24,649,016 -11.9
21,713,399
1.
-Atlanta.....
55,768,877 -19.6
44.840,985
Augusta
2,171.788 -6.7
2,026,729
Macon
1.433,891
1,787,933 -19.6
a.-Jack'nville
16.562,871 -3.4
16,001,028
Miami
4,535,000
3,767.000 +20.4
A a.-Birming'm
22,986,073
22,496,189 +2.2
Mobile
1,941,990
1,641,608 +18.3
les.-Jackson
1,983,175
2,284,000 -13.2
Vicksburg
259.494
489,200 -47.0
1.-NewOrleans
51,794,412
49,767,558 +4.1
3,800,000
23,636,069
52,563.161
1,963,320
1.978,984
18,797,148
3,675.000
24,943,006
1,523,883
2,337.000
442,209
58,044,001
4.077.100
25,892,208
57,201,493
2.360,331
2,092.649
23,413.757
7.825.026
24,961,548
1,961,879
2,244,000
351.420
65,244,346
193.703,832
217,625.755
Total(8 cities)_
Total(6 cities).
Total(12 cities)
381,419,811
165,355,322
172,816.176
177,074,895
185,262.373
-6.7
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brand&
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat.._
Peterborough_
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Total(31 cities)
$
122,520.180
115.232.754
33,626,318
18.143,501
6,634,018
5.246.007
3,240,471
5,266,784
9.993,275
2,156.794
2.124,163
2.381,428
6.516.956
4,228,849
427,479
492,386
1,838.783
884,624
990,714
665,351
689,599
259.724
776,883
817,503
1,101,397
4,478.424
372,806
785.995
603,852
723,803
660,284
353.821,105
136.329.040 -10.1
153,999,127 -35.1
41,945,251 -19.8
22,555,859 -19.6
25.2
8,872,611 5.283.390
3,619.521 -10.5
6,316,028 -18.4
10,615,175 -6.4
2,826,287 -23.7
33.2
2,730,186 2,704,437 -12.0
5,266,164 +23.7
4,391,516 -3.7
10.9
479,814 576,904 14.7
8.3
2,004,008 15.7
1,049,500 1,283,098 -22.8
787.185 -15.5
11.7
781,164 383.017 -32.2
1,193.128 35.0
840,875 -2.8
1,309,260 -15.9
4,941,455 9.4
384,364 3.0
1,186.190 -33.8
20.1
755,426 602.416 +20.2
789,386 -16.4
1
129,345,792
126,620,625
41,284,521
19,717.607
7.185,890
5.651,884
2,789.524
5.613.225
11,497,692
2,228,351
2,258.462
2,603,195
5,046.864
4,651.630
453,265
593,214
1,826,480
1,056,635
1,165.635
806.092
724,401
335,830
765,499
774,507
1,224,428
4,527,240
363,717
817,054
685,884
803.791
524.640
8
100,528.085
115,094.251
34,356,747
16,848,165
6,122,338
4,961,828
2,773,920
5,431,328
6,159,974
2,426,865
1,811,568
2,751,240
4,128,140
3,132,733
398.989
391,295
1,463,366
996.874
941,419
669.475
640,479
246.919
659,799
775.952
953.023
3,736.132
386.794
764,939
584.882
686.698
525,914
426,801,870 -17.1
383,943.554
321,350,129
a Manager of clearing house refused to report clearings for week ended Saturdays
• Estimated,
1227
FINANCIAL CHRONICLE
FEB. 22193o.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 5 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £150,the 29th ultimo (as compared with £151,058,475 on the previous
134,547 on
Wednesday), and represents a decrease of £3,771,768 since April 29 1925
when an effective gold standard was resumed.
In addition to the £27,000 of South African bar gold, about £307.000
bar gold forming part of a shipment of £2,000,000 from Spain was offered
In the open market yesterday. At the price realized, 84s. 1034d. per fine
ounce, there was a keen demand from Germany, about £1,065,000 being
taken for that country. The balance of about £69,000 was divided between the Home and Continental trade (£49,000) and India (£20,000).
£1,000,000 of the gold from Spain was received by the Bank of England
yesterday as indicated below. The balance of about E680,000 was dealt
with in the open market to-day and was secured for Germany at 84s. 11d.
per fine ounce.
Movements of gold as announced by the Bank of England show a net
Influx of E622,665 during the week under review. Receipts amounted to
£1,040,056, which included £1,000,000 in bar gold from Spain and E40,000
sovereigns from Australia. Of the withdrawals, amounting to £4177r,
£400,000 was in sovereigns "set aside."
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 27th ultimo to mid-day on the 3rd inst.:
ImportsExports
Brazil
£582,770
£40,800 Germany
Uruguay
12,308
23,027 France
British South Africa
18,800
479,236 Switzerland
Australia
15,752
40.000 British India
Other countries
10,861
10,295 Other countries
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Nov. 30 1929. Nov. 30 1928.
g
123,894,244
91,026,728
Balance end of month by daily statement. &c
Add or Deduct-Excess or deficiency of receipts over
--3,318,996
--1,672,746
or under disbursements on belated items
122,221,498
87.707.732
29,666.545
73,241,389
5.480,030
622,984
31,810,232
76,818,917
6,121,860
1,256.299
109,010,948
116,007.308
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_ _
Settlement warrant checks
Total
+13,210,550 -28.299,567
Balance, deficit(-) or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
InterestNov. 30 1929. Nov. 30 1928.
5
5
Payable.
Title of Loan599,724,050
-J. 599,724.050
Q.
2s Consols of 1930
48,954,180
48,954,180
Q.
-F.
2s of 1916-1936
25,947.400
25,947.400
Q.
-F.
28 of 1918-1938
49,800,000
49,800,000
Q.
-M.
3s 01 1961
28,894,500
28,894,500
-J.
Q.
38 conversion bonds of 1946-1947
-J. 1,658,283,000 2,001,375,200
J.
Certificates of indebtedness
J.
-J. 1,397,480,650 1.397,685.200
334s First Liberty Loan, 1932-1947
5,155,550
5.005,450
-D.
J.
48 First Liberty Loan converted, 1932-47
532,820,150
-47...J.
-D. 532,810,000
434s First Liberty Loan, converted, 1932
3,492,150
3,492,150
-D.
-47.J.
431s First Liberty Loan,2d converted, 1932
M.
-S.
414s Third Liberty Loan of 1928
A.-0. 6,268,269,050 6,284.040,600
454s Fourth Liberty Loan of 1933-1938
758,984.300
758,984,300
43Is Treasury bonds of 1947-1952
1,036,834,500 1,036.834,500
4s Treasury bonds of 1944-1954
489,087,100
489.087,100
334s Treasury bonds of 1946-1956
493,037,750
493,037.750
3348 Treasury bonds of 1943-1947
359.042,950
359.052,950
334s Treasury bonds of 1940-1943
118,029,725
48 War Savings and Thrift Stamps
15.875,560
18,043,360
J....i.
234s Postal Savings bonds
-D. 2,648,600.550 2.913,977.050
.J.
5%s to 5%8 Treasury notes
16,422.300,940 17,162,757.915
Aggregate of interest-bearing debt
£640,491 Bearing no interest
236,393,848
£593,358
236,145,052
94,251,850
The Southern Rhodesian gold output for the month of December 1929 Matured, interest ceased
33,103,730
amounted to 46,829 ounces, as compared with 46,219 ounces for Novema16,691,549,722 17,493,403,614
Total debt
ber 1929 and 44,772 ounces for December 1928.
Deduct Treasury surplus or add Treasury deficit__ +13,210,550 -28,299.576
SILVER.
b16.678,339,172 17,521,703,190
Net debt
. The market has been poorly supported, and, with supplies freely offered
a The total gross debt Nov. 30 1929 on the basis of daily Treasury statements
prices have declined sharply, a new low record being established yesterday
redemption and receipts
when quotations reached 19 15-16d. and 19 13-16d. for cash and two was 816.691,550,755.78 and the net amount of public debt
intransit. &c., was $1.033.
months' delivery respectively.
made on account of obligations of foreign governments or other
6 No reduction is
On the reopening of the Shanghai market after the China New Year Investments.
holidays the exchange showed weakness, nevertheless yesterday and to-day
some buying orders have been received from this quarter.
Their demand for silver for shipment being satisfied for the time being
the Indian Bazaars have proved disposed to sell, and, with supplies forthcoming from other quarters, demand-being confined mostly to covering
New York City Banks and Trust Companies.
operations by bears
-has been inadequate to withstand the pressure.
(AU prices dollars per share).
America has continued rather inactive but has made some sales here
Banks.
I Trust Cos.
Banks.
during the week.
New York. Bid. Ask. N.Y.(Con.). Bid. Ask. IN. Y.(Conj.! Bid. Ask.
49
The following were the United Kingdom imports and exports of silver America
deity Trust 47
114 120
ward
129 131
590 630
ton
89
registered from mid-day on the 27th ultimo to mid-day on the 3rd inst.: Amer Unions_ 92 102 U S par $25*. 87
51 Yorkville .-------220
Bryant Parks 47
ImportsExports
Yorktown's-. -__ 200 Guaranty.... 730 732
France
£357,782
153.618 British India
155 165
Central
United States
10,040 Chase
120,541 Other countries
50
International_ 45
Brooklyn
161 162
Mexico
58,396
36
34
Globe Ezell* 225 245 Interstate
ehath Phenix
Canada
30,691
58
56
450 625 Irving Trust
Nat Bk & Tr 12512 128 eoples
Other countries
246
82
Chemical_ _ . 80
Lawyers Trust ---- -.
Commercial__ 538 545
£367,822 Continentals _ 37
£263,492
40
anufacturers 137 139
Corn Exch.-- 213 216 Trust Cos.
INDIAN CURRENCY RETURNS.
265 280
Murray Hill
(In Lacs of Rupees)
Jan. 31. Jan. 22. Jan. 15. Fifth Avenue_ 3150 .i 350
Mutual(West
New York.
Notes in circulation
18000
18021
380 425
17961 First
chester)
Comle
anca
5600 5.4350
Silver coin and bullion in India
10698
10662
10744 Grace
____
600 - Italians Tr_ 335
Silver coin and bullion out of India
268 270
N Y Trust
Gold coin and bullion in India
3227
i'
3 § Harriman....1400 1500 ank of N Y 665 685 Times Square_ 68 75
.
5i
.
& Trust Co.
Gold coin and bullion out of India
ankers Trust 146 149 Title Gu & Tr 150 152
146 166
Lefcourt ..
Securities (Indian Government)
i§eo
3885
58-6 Liberty_
80 TJnited States_ 3300 3500
115 135 cons Co Tr_ 70
Securities (British Government)
215
247
215
nt Hanover 344 347 Westches'r Tr 1000 1100
The stock in Shanghai on the 4th inst. consisted of about 89,600,000 Manhattans
129 130%Chelaea Bank
Brooklyn.
52
& Trust Co_ 50
ounces in sycee, 128,000,000 dollars and 18,640 silver bars, as compared National City 240% 242
240 250 Brooklyn.._ _ 787 795
85 ounty
with about 87,200,000 ounces in sycee, 128,000,000 dollars and 8,380 Penn Exch._ 77
80 Kings County 2900
77
53 Empire
Port Morris_ 48
silver bars on the 25th ultimo.
131 133 EquItable Tr_ 11514 116 Mldwood- - ..I 195 215
Public
Quotations during the week:
New stock. z Ex-dividend. g. Ex-stock div. ii Ex-rights.
• State banks.
Bar Gold per
-Bar Silver per Os. Std.
Ounce Fine.
Cash.
2 Mos.
Jan. 30
84s. 11;4d.
2034d.
2egd.
New York City Realty and Surety Companies.
Jan. 31
1914d.
84s. 11%cli.
206.
(AU prices dollars per share.)
Feb. 1
845. 11)1d
2034d.
206.
Feb. 3
84s. 1134cl.
20 3-16d. 20 1-16d.
Feb. 4
Bid. Ask.
Bid. Ask.
Bid. Ask.
84s. 10
19 15-16d. 19 13-16d.
Feb. 5
848. lid.
206.
194 .
Average
52It S Casualty- 95 100
19.979d.
20.104d.
848. 11.31d. Alliance R'Ity 90 100 Lawyers Mtgej 51
The silver quotations to-day for cash and two months' delivery are
N Y Inv't*rs
Am Surety-- 115 118 Lawyers Title
each 9-16d. below those fixed a week ago.
& Guaranteel 281 288
let pref......- 98
Lawyers W
Bond & Mtg
2d prei---- 97
cliestM&TI 200 255
95
($20 941)-- 93
Westchester
ENGLISH FINANCIAL MARKET
-PER CABLE.
Home Title Ins 60
65 Mtge Bond....I 193 203 Title & Tr.. 130 155
gommercialand.miscellaneousBents
The daily closing quotations for securities, &c., at London,
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
as reported by cable, have been as follows the past week:
Sat.,
Wed.,
Mon.,
Tues.,
Thurs.,
Fri.,
Feb. 15. Feb. 17. Feb. 18. Feb. 19. Feb. 20. Feb. 21.
Silver, per oz-d 20
19 1346 20
20
20 1-16
20 1-16
Gold, p.fine oz. 84e.1134d. 848.1114d. 848.1034d. 84e.10%d. 84e.11d. 848.11 )1d.
54
Consols,2%%.
53X
53.ti
53%
53%
British, 5%.-- -101%
10134
10134
10134
10134
British, 434°? _
96%
96
96
96%
9p
French Rentes
(in Paris)_fr. 88.00
86.90
87.40
87.30
86.25
87.10
French War L'n
(In Paris)_fr.101.40
101.15
101.25
101.35
101.20
101.35
The price of silver in New York on the same days has been:
Silver In N. Y., per Os.(Ma.):
4334
Foreign
43%
4334
4334
4234
4331
Public Debt of the United States-Completed Returns
Showing Net Debt as of Nov. 30.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Nov. 30 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
Maturity.
/at.
Rate.
Bid.
Asked.
Maturity.
Int.
Rats.
Mar.15 1930_ _. 534% 100in 1004st Sept 15 1930-32 334%
June 16 1930_ .... 434% 100 in 100173, Mar. 15 1930-32 314%
,
Sept.15 1930.- 314% 99vss 990n Dec. 151930-32 334%
Bid.
99nts
9912n
99"11
Asked.
99155
9915n
99s
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
Capital.
Feb. I5
-The Citizens National Bank of Corcoran, Calif
$25,000
Correspondent, Wm. Monypeny, Corcoran, Calif.
APPLICATION TO ORGANIZE APPROVED.
Feb. 15
-The West Shore National Bank of Lemoyne,Pa
100.000
Correspondent, Oscar Wolfensberger, Lemoyne, Pa.
APPLICATION TO CONVERT APPROVED.
Feb. 12
-National Bank of East Stanwood, Wash
25,000
Conversion of the State Bank of East Stanwood,Wash•
CHARTERS ISSUED.
Feb. 11-The American National Bank of Sidney, Neb
50.000
Conversion of the American Bank of Sidney, Neb.
President. A..1. Jorgenson. Cashier, It. F. Dedrick.
Feb. 11-First National Bank in Cozad. Neb
50.000
Conversion of the Farmers State Bank of Cozad. Neb •
President, G. A. Matz. Cashier, H. A. Thiessen.
VOLUNTARY LIQUIDATIONS.
Feb. 10
-The Farmers & Merchants National Bank of Mil75.000
bank, S. Dak
Effective Jan. 28 1930. Liq. Agent. L. N. Saunders,
Milbank, S. Dak. Succeeded by the Farmers &
Merchants National Bank in Milank, No. 13-107.
-The Transportation Brotherhoods National Bank of
b. 13
200,000
Minneapolis, Minn
Llq. Committee: J. P. Barton, F. F. Ellsworth and
R. G. Harding, care of the liquidating bank. Adsorbed by the Marquette National Bank of Minneapolls. No. 11861, and the Marquette Trust Co. of
Minneapolis.
CONSOLIDATION.
-The Bank of America Nat'l Assn.. New York, N.Y._ 35,775,300
Feb. 15
2,000,000
Murray Hill Trust Co., New York, N. Y
Consolidated to-day under Act of Nov. 7 1918. as
amended Feb. 25 1927, under charter and corporate
title of "The Bank of America National Association." No. 13193, with capital stock of $36775300.
The consolidated bank has 21 branches, all located
in the City of Now York, which were branches of
the Bank of America National Association and
which were in operation on Feo. 25 1927. Twentyfour branches of the Bank of America National
Association, which were authorized since Feb 25
1927. were re-authorized for tho consolidated bank.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
Feb. 14
-Sterling National Bank & Trust Co. of New York, N. Y.
Location of branch, S. E. cor. of 39th St. & Broadway, ManFeb. 15
-The Bank of America National Association, New York, N. Y.
Location of branch. 279 Madison Ave., Manhattan, New
York City.
Breadstuffs'figures brought from page 1310.-A1l
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:
Oats.
Corn.
Wheat.
Flour.
Receipts at-
Rye.
1 Barley.
bus. 48 lbs. bus. 56 lbs.
bbls.19610s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs)
634,000 103,000 • 8.000
95,000 1,902,000
208,001
Chicago
85,000
242.000 310,000
294,00I
1,681,000
Minneapolis
12,000
60,000
6,000
711,000
6.000
Duluth
1.000
220,000
40,0001
9,000
23,111
Milwaukee..,..
.
462 0001
42,000,
27,000
Toledo
86.000
1,000
12.000
25.00
Detroit
6,0001
627,000
256,000
Indianapolis
28,0001
10.001
460,111
699.111
_
134,61 I
St. Louis_
449,0001
2,000
82.111
82.00i
595,111
18,0001
45,111
Peoria
140000
1,001,0001 1,198,111,
Kansas City
653,000
186.0001
Omaha
371,000
360.000
18,0001
77,0
St. Joseph_
10,000
266,000
Wichita
162,0001
16,000
19,00
178,000
Sioux City_
40.0001
410,01.
495,1,1
440,011
Tot. week '30..
Same week '29
Same week '28
Since Aug. 1
1929
1928
1097
[vm.. 130.
FINANCIAL CHRONICLE
1228
4,732.0001
6,029,000
5,022,000
7.279,
8.371,0001
5.508,000
1,898,000, 801,
2,570,000 1,290,000
2,505,000 1,150,000
109,000
207,000
293,000
12,594,111274,970,000155,247,000 91,014,000 41,483,001 20,197,000
14,217,000364,140,000184,895,000 95,112,00076,303,00020.855,000
12 011S 001V2.01 205 OM 17.5 505 Ann OS S2R non Ad ARO nna20 53A ADO
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 15 1930 follow:
Receipts at- I
1
Wheat.
Flour. 1
Oats.
Coin.
1
Barley.
'
Rye
1
bbls.1061bs.'bush. 60 lbs. bush. 56 lbs. bush. 32153.161a. 48 188.1 bus. Sells.
2.000
1
15,000
22,000,
243.000
New York__
430,000
14,000
1,000
49,000
1.000
Philadelphia.
2,000
161,000
27,000
17,000
16,000
Baltimore _ __ _
1,000
Newport News'
1
12.
99,000
36,000
33,000
New Orleans•
Galveston__
30,000
2,000
13.00
10.000
623.000
35.000
St.John,N./3.
12,111
41,000
Boston
34,000
Total week '30 419,000
Since Jan 1'30 3.125,000
97.000
490,060
70,000
614,000
1,378,000
7,833,000
13,00)54,000,
106,000'
39,000
245,00, 172,000
Week 1929_1 503,0001 3.384.000 1,049,000
568,000
Since Jan!'29 3,680,0001 24,969,000 10.133,000 2,464,000 4,914,0(10' 1.408,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Feb. 15 1930, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
St. John, N.B
Houston
Halifax
Wheal.
Corn.
Oats.
Flour.
Rye.
Bushels. Barrels. Bushels. Bushels,
Bushels.
81,688
572.000
22,000
71,000
4,000
3,000
280,000
1,000
4,000
24,000
28,000
8,000
113,000
2,000
568,000
10.000
35,000
623,000
88,000
4.000
8,000
Total week 1930._ 2,315,000
3.553.000 1.338.000
Same week 1920_ __
184,688
232.956
34,000
323.000
231.958
Barley.
Bushels,
6,000
13,000
19,000
999.000
The destination of these exports for the week and since
July 1 1929 is as below:
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 15, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
afloat
"
Detroit
Chicago
'
afloat
Milwaukee
"
afloat
Duluth
afloat
"
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson_
St. Joseph, Mo
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Barley,
Oats,
Rye,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush,
96,000
45,000
168,000
45.000
1,264,000
9,000
1,000
186,000
4,000
193,000
17,000
609,000
24,000
I60,00064,000
28,000
48.000
3,801,000
726,000
417,000
9,000
74,000
82,000
904,000
299.000
1,649,000
163,0008,000
186,000
321,000
3,476,000
281,000
333,000
7,876,000 1,705,000 1,585,000
566,000
233,000
5,973,000
383,000
6,000
7,000
2,811,090
21,000
130,000
210,000
706.000
2,000
14,000
6,000
163.000
46,000
398,000
21,436,000 4.038,000 3,498,000 5,400,000
189,000
4,361,000
1,229.000
302,000.
16,000
645,000 1,088,000 3,357,000
539,000
539,000 2,264,000 2,885,000 1,107,000
25,659,000
357,000
270,000
31,105,000 1,341.000 7,215,000
746,000 4,493,000
6,000
326,000
728,000
713,000
67.000
308,000
13,000
3,758,800 1,491,000
172,000
31,000
7,000
22,608,000 1,666,000
301,000
5,577,000
91.000
2,350,000
55,000
14,000
5,556.000 1,027,000
244,000
833,000
58,000
28.000
442,000
954,000 1,187,000
194,000
434,000
3,000
7,384,000 2,897,003
,
Total Feb. 15 1930...J55,052,000 18,929,000 23.194,000 14,142,000 8,816,000
Total Feb. 8 1930-159.684,000 17,174,000 23,680,000 14,150,000 8,834,000
1929_123,630,000 31,665,000 14,432,000 6,254.000 9,113,000
Total Feb. 16
Note -Bonded grain not included above: Oats, New York, 379,000 bushels;
Baltimore, 4,000; Buffalo, 254,000; Duluth, 12,000; total, 650,000 bushels, against
843,000 bushels in 1929. Barley, New York, 614,000 bushels; Buffalo, 1,145,000;
Buffalo afloat, 1.071,000; Duluth, 104,000: total, 2,934,030 bushels, against 3,460,000 bushels in 1929. Wheat, New York, 4,742,000 bushels; Boston. 1,592,000:
Philadelphia. 3.208,000:Baltimore, 3,958,000; Buffalo, 7,445,000; Buffalo afloat.
9,518,000; Duluth, 192,000; total, 30.655,000, against 29,378,000 bushels in 1929.
Canadian
905,000,
404,000
1,254,000
6,822,000
Montreal
3,734.000 4,361,000 14,322,000
Ft. William & Pb. Arthur.51,093,000
299.000
194,000
afloat
"
884.000
3,138,000 1,385,000
16,882,000
Other Canadian
6,150,000 16,410,000
8.128.000
74.971,000
Total Feb. 15 1930_
8,254,000 6340.000 16,561,000
Total Feb. 8 1930...75.180,000
7,464,000 2.623,000 7,952,000
Total Feb. 16 1929... 82.874,000
Summary
159,052,000 18,929,000 23.194,000 14,142.000 8,816,000
American
8.120.000 6.150,000 16,410,000
74,971,000
Canadian
31,320,009 20,292,000 25,226,t00
Total Feb. 15 1930_234,023,000 18,929,000 31,934,000 20,290.0110 25,935,000
Total Feb. 8 1930_234,864,000 17,174.000
17.065,000
Total Feb. 16 1929-206,504,000 31,665,000 21.890000 8,877.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 14, and since July 1 1929 and 1928,
are shown in the following:
Corn.
Wheat,
Exports
-
North Amer.
Black Sea_
Argentina...,
Australia ___
India
0th. countr's
Total
Week
Feb. 14.
1930.
Since
Ju ty 1
1929.
Since 1 Week
Feb. 14
July 1
1930.
1928.
Since
July 1
1929.
I
1
1
Since
July 1
1928.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. 1 Bushels.
60.111 2,535,000 25,671,000
5,295,000200354,000384,548,HO
995.011 14,314,000 1,827,000
1,368,000 18,899.000 2,024,000
2.805,000118,248,000 99,644,000 3.607,001130.777.000174,031.000
1,592.000 37,293,000 59,944,000
320,000 1,064,000
I
400,000 23,115,000 21,660,000
1,176,000 27,636,000, 33,244,000
1
.
000580,468 000 5.062.011170,741.000223.189,000
12,236,000408,750,
-Among other securities, the following,
Auction Sales.
.tock Exchange, were sold at auction
not actually dealt in at the S
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
3 Per Sh.
Shares. Stocks.
4,000 London & San Juan 011 CO.,
PharmaceutiPar 31; 60 Wrigley
cal Co., class A, coat., par Si;
0
10 B. F. Butler Mfg. Co.; 2,00
Buckhorn-Kearns Consul. Gold
Min.& Red. Co., par $1; 50 New
Mohawk Mining Co., Inc., Par
51; 51 Nat. Patriotic Alliance
prof., par $10; 4.998 Frank F.
Smith & Yates Mfg. Co., par 31;
250 Rio Grande Lands Securities
Co., par $1; 250 Internat. Fruit
Co.. par $1; 20 North Amer. Asbestos Co., par 51: 120 Washoo
Consul. Min. & MM. Co.. treasury stock, par $5; 8.000 Internat.
Gold Mines Co., par Si; 4,000
Yaqui Canon Copper Co, pars!;
500 Amal. Nevada Mines & Pow.
Co., par 3.5: 2,000 Grand Central
Min. & Mill. Co., par 50.; 2,000
Hillsboro Causal. Mines, Par Si;
5 Nicholson Hotel Co.; 2,000 Pretin Mines Co.. par Sc..20 Telepost
Co. v.t.c.; 10 Telepost Co.; 60
Telepost Co. cony. ctf.. ser. A.
class 1; 60 Telepost Co. cony. ctf.
series A, class 2; 60 Telepost Co.
cony.ctf.. series A,class 3:5 Telepost Co. cony. ctf., series B,class
2:5 Telepost Co.cony. ctf series
328 lot
B, C11199 3
Shares. Storks,
$ Per Sh•
4,000 Sundstrand Machine Tool
17
Co., common, no par
33 Guaranty Trust Co. of N.Y...._743
25 Salvarex common, no par; 25
$23 lot
preferred, par $20
110 Franklin Investing Corp_ _$3,100 lot
$1,500 lot
60 Len Stay Holding Corp
.50 Charlton Investing Corp._ _ _$950 lot
$26,598.61 ctf. of indebt. of the
51.450 lot
Franklin Invest. Corp
9 Wrought Iron Co. of Am. com3
mon v. t. c., no par
Deferred payment paper of Manufacturers' Finance Corp., aggre$300 lot
gating approx. $16.952.10
1,000 Gold Crown Mining Co., par
El; 1,000 Golden Gate Exploration Co., par $5; 625 Gum Cove
011 & Ref. Co., par $10; 1,000
Northwestern Devel. Co. pref.,
par 35; 500 Northwestern Bevel.
Co. corn., par 35; 11,550 Ranger
Ref. & Pipe Line Co. coin., par
31; 100 St. Lawrence Gold Mill
& Mining Co., par $25: 250 Itosland Corp. pref.; 450 Rosland
Corp. corn., no par: 500 Lott uni'
versal Roller Bearing Corp.. par
$5; $1,800 Northwestern Devel.
Co. 1st lien 50-yr. Is, Aug. 11059
(stamped payments inaile)____331 lot
3 Di Giorgio Fruit Corp. corn.,
$18 lot
no par; 1 cum.7% prat
By H. L. Day & Co., Boston:
Flour.
Exports for Week
Week
and Since ' Feb. 15
July 1 10.1930.
Since
July 1
1929.
TVheat.
l'eat
Feb 15
1930.
Since
July 1
1929.
Corn.
Week
Feb. 15
1930.
Since
July 1
1929.
Unit. Kingdom-Continent
So. & Cent. Amer.
West Indies
Brit. No. Am.Col
Other countrles..._
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
30,000
79,620 2,346,672
490,000 39,054,000
57,388 2,489,915 1.820,000 55,493,000
48,000
1.000
7,000
558,000
363,000
4,000
231,000
14,000
7,000
35,000
1,000
455,800
___.
14,400
26,680
704,000
370,791
Total 1930
Total 1929
184,688 6,040,578 2,315,000 95,844,000
309,000
8,000
232.956 7.241,151 3.553,000 241,520,418 1.338,000 21,595,322
$ Per Sh.
Shares. Storks.
65 Federal Nat'l Bank, par $20-107
121
60 First Nat'l Bank, par 320
10 Federal Nat'l Bank, par $20.--107
3 Ludlow Mfg. Associates. 1503-150 A
30
10 Gosixold Mills, corn
55
5 Gosnold Mills, pref
90
4 Naumkeag Steam Cotton Co
45 Terminal Hotel Trust. corn.... 481.1
10 Amer. Tissue Mills, 7% Pre-- - 9114
94-94 A
30 Plymouth Cordage Co
52 Fall Itiver Gas Works, par $25._ 521-4
32 Maas Utilities Associates, pref.,
331.1-34
par $50
50 Bangor Hydro Elec. Co., corn.,
463.
par $25
$ per M.
Shares. Storks.
20 New Engl. Power Ass'n, prof_ _ 89
25 Batish Machine Tool Co., coin... 71.(
140 Great Northern Paper Co., liar
5034-5034
$25
50 Johnson Educator Biscuit Co..
1244
pref. A
20 Southern Industrial Util. Corp.,
2CM
common
45 Guardian Invest. Trust, coin__ _ 15
Notes of the Atlantic Theatres Corp.,
totaling $6,513.63, dated Boston,
July 20 1928, Oct. 31 1928, Dec.
20 1928, Mar, 26 1929, with int.
at current rate, payable on demand.
FEB. 22 19301
FINANCIAL CHRONICLE
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per Sit.
20 U. S. Trust Co., par 825
105
112 Arlington Mills
243.4-253.4
10 Associated Textile Co., corn-- -- 353.4
10 Quasett Mill
50%
10 Associated Textile Co., com
3534
25 King PhIIIP Mille
105
100 Associated Textile Co.. cOm
3534
25 Nashawcna Mills
2134
10 AeancLeted Textile Co.. Com3535
e Pepperell 511g. Co
103
10 Associated Textile Co.. com
3534
10 Associated Textile Co., corn
3534
5 Pepperell Mfg. Co
10234
10 Aasociated Textile Coe., corn--- 3534
14 Merrimack Mfg. CO., pref. exdividends
6234-8234
10 Associated Textile Co.. corn- --- 3634
25 Amer. alfg. Co., corn
61
20 Gt. Northern Pap. Co.. par $25- 5034
198 Eastern Util. Assoc., corn
40
50 Eastern UHL Assoc., cony.shs
1434
14 Brockton G. L. Co. v.t.c.par $25 3835
50 New Engl. Pub. Scrv. Co.,$6 pt. 85
60 Fitchburg G. & El. Co. (free)
par 825
59
10 Eastern UHL Assoc., cone
4034
33 Amer. Pow.& Lt. Co. $() pref
101
35 Amer. Pow. & Lt. Co. $5 Pref..
claas A
83
35 Heywood-Wakefield Co., let
preferred
45-46
5 units Thompson's Spa., Inc
80
Shares. Stocks.
$ per Rh.
160 Merrimac Hat Corp.. corn
6534
40 New Engl. Pub. Serv. Co.. $6
convertible preferred
9934
4 New Engl. Bd. & Mtge. Co.,
preferred, par $50
27 ex-dIv.
1 New Engl. Bd.& Mtge. Co. corn. 2634
1087 Cie Minera Nat. Quicksilver
(S. A.) pref., 100 pesos; 2174
common, 100 pesos
$100 lot
10 Brown-Durrell Co., pref
81
50 No. Bost. Ltg. Prop., pref.
v. a c.. par $50
5634
8 Graton & Knight Co., pref
6434
20 Graton & Knight Co., corn
10
10 No. Bost. Ltg. Prop., pref.,
undep.. par 550
51
10 Groton & Knight Co , corn
113.4
10 Craton & Knight Co.. pref
88
10 Greenfield Tap & Die Corp. 100
20 Rogers Pap Mfg. Co., el. A corn_ 51
10 Insur. 131dg. Corp., pref.: 3
Common
834 on pfd.
$3.000 note dated Feb. 4 1929,
signed by Carmelo Como and
Michael Como,payable to Lincoln
L. Reilly. sec, by mtge. on real
est. at Swan St. and Central
Ave. Extension, Malden, Maas.,
together 'with assignment of same
from Lincoln L. Reilly to W.
Robert Montgomery
8100 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
3 per Rh.
25 Pride of Phila. Bldg. Jr Loan
Assn.. 1st series
815 lot
5 Pride of Phila. Bldg. & Loan
Assn., 4th series
$15 lot
500 Bethlehem Fdy. & Mach. Co.,
corn.; 1.000 pref
$30,000 lot
15 Beach Flay. lee dr Cold Stge. Co.200
18 alinehill & Schuylkill Ilaven
RR.,par $50
5434
25 Lehigh Nat. Bank, par $10
15
5 Tradesmens Nat. Bk. & Tr. Co_ _405
9 Tradesrnens Nat. Bk. & Tr. Co __405
20 Union Bank & Trust Co
134
20 Union Bank & Trust Co
134
1 Olney Bank & Trust Co., par 850.380
90 Corn Exchange Nat. Bk. &
Trust Co., par 820
127
5 Jenkintown (Pa.) Bk. & Tr. Co.,
par 810
150
136 Plaza Tr. Co., par $10 as
follows: 5 at 9; 136 at 934; 10 at
10:75 at 934.
25 Secur. Title & Tr. Co., par $10
5
100 Bankers Tr. Co., par $50
7034
190 2-7 Bkre. Tr. Co., par 550
70
10 Provident Trust Co
854
12 Colonial Trust Co.. par 350
235
10 Northwestern Tr. Co., par $10-200
Shares. Stocks.
$ pee Rh.
10 Integrity Tr. Co.. par $10
125
13 Integrity Trust Co., par $10__ _ _124
20 Southwark Tit. & Tr.Co.Par $IO 834
25 Germantown Tr. Co.. par $105934
35 Germantown Trust Co., par $10_ 60
20 Penn Colony Trust Co
1115
10 Broadway Nferch. Tr. Co.,
Camden, N.J., par 320
60
35 Bnkrs. Sec. Corp., corn., par $50 75
25 Sec. Title & Trust Co
110
8 Philadelphia Rifle Club
20
50 Commercial National Bak
25
5 Bnkrs. Sec. Corp.. cons. v I. C.
Par $50
65
140 Bnkrs. Bond & Mtge. Guaranty
Co. of America, no par
14
100 Fire Assn. of Phila., par 810_ _ _ 3834
15 Leeds & Lippincott Co., 7% pref.102%
29 Northern Central Trust Co
30
4000 Illinois Coal Corp.. series A.-810 lot
1000 Illinois Coal Corp., series A
$8 lot
100 Chicago 'enema Guild, Inc.,
class A; 150 pref
25
Bonds.
Per Cent.
53,000 Bond & Mtge., on premises,
No.6118 Catherine St.,subject to
prior encumbrances
$500 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
3 per Sit.
1,468 Erie Equity Owners, Inc. 734
cony, pref., par $20
10
1,458 Eric Equity Owners, Inc.,
par $10
5
1,200 Greater Rochester Properties.
Inc., no par
50e
1,225 Genesee Niotoramp Garage.
Inc., no par
1
1,225 Genesee Motonunp Garage,
Inc.. pref
80
250 Richardson es Boynton Co..
Dania. pref., no par
5
2,400 Claude Neon Displays, Inc..
no par
1
%75 Claude Neon Displays, Inc.,
preferred
50
800 John P. Hancock Co., Inc.,
no par
10
1,075 Motor Improvements, Inc.,
no par
500
.
25 Cleveland &•
Buffalo Transit Co.,
no par
25
365 Pomeroy Park, Inc.. no par_
50
40 Nat'l Gypsum Co., class A corn.,
no par
5%
Allotment ctf. for 500 shs. class A
Partie. no par Empire Western
Corp.; 500 shs, corn, no par, and
sub. warr. for 500 corn _-__$15 per unit
Per Cent.
Bonds.
$760 Motor Improvements, Inc.,
cony. let M. 7s, Jan. 16 1933_3425 lot
$10,000 Greater Rochester Properties, Inc., 2nd M.6s. Oct. 1 1932,
with coupons due April 1 1930,
attached
35.000 lot
$10,000 Nat'l Gypsum Co. 15-yr.
sink. fund 6s, April 1 1943, with
coupons due April 11930. attach$2,500 lot
ed
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 tho dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Bangor & Aroostook, corn. (guar.)
Preferred (quar.)
Chesapeake Corporation (quilt.)
Chesapeake & Ohio, corn. (altar.)
Preferred
Chestnut 11111 RR. (quar.)
Consolidated 11.11.e. of Cuba, pref.(qu)
Cuba RR., common
1)elaware & Bound Brook (quar.)
Gulf Mobile & Nor, pf (quar.)
'locking Vallee Ity., corn. (quar.)
Pere Marquette, corn. (quar.)
Common (extra)
Prior pref. and Prof. (quar.)
Phila. Germantown & Norristown (qua.
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
88c. Apr. 1 Holders of rec. afar. 1
1 % Apr. 1 Holders of rec. Mar. 1
•75e. Apr. 1 *Holders of rec. Mar, 8
*234 Apr. 1 *Holders of rec. Mar. 8
5334 July 1 *Holders of rec. June 7
*75e. Mar. 4 *Holders of rec. Feb. 20
134 Apr. 1 Holders of rec. Mar. be
$1.20 Mar. 28 Holders of rec. Mar. 28a
*2
Feb. 20 *Holders of rec. Feb. 18
•1.14 Apr. 1 *Holders of rec. Mar. 15
*234 Mar.21 *Holders of roc. afar. 8
•134 Apr. 1 *Holders of rec. Mar. 8
*2
Apr. 1 +Holders of rec. Mar. 8
•11I Slay 1 *Holders of rec. Apr. 5
•$1.50 Mar. 4 *Holders of rec. Feb. 20
Public Utilities.
All. Public Utilities, el. A (quar,)
50c. afar. 1 Holders of rec. Feb. 21
$7 preferred. series A (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 21
Amer.& For'n Power, allot. etts.50%pd °
8734c Mar. 1 *Holders of rec. Feb. 10
Amer. Telep. & Teleg. (quar.)
234 Apr. 15 Holders of rec. Mar. 14
Boston Elevated, corn.(quar.)
*134 Apr. 1 *Holders of rec. Mar. 10
Second Preferred
*334 Apr. 1 *Ilolders of rec. Mar. 10
Central III. Pub. Service. Pf. (qu.)
°134 Apr. 15 *Holders of rec. Mar. 31
Cities Service Pr. & Lt., 88 pre(.(mthly.) *50c. Mar. 15 *Holders of
rec. Mar. 1
$7 preferred (monthly)
• 58 1-3e Mar. 15 *IIolders of rec. Mar. 1
Coast Counties Gas & Elec.,
First and second preferred (quar.) _
•13.( Mar. 15 *Holders of rec. Feb. 25
Connecticut Elec. Service, cons.(quer.). •75e. Apr. 1 *Holders of
Gas & Elec. Securities. corn. (mtlrly.)_ _ _ •50c. Mar. 15 *Holders of rec. Mar. 14
rec. Feb. 3
Common (payable in corn, stock)..
575e. Mar. 1 *Holders of rec. Feb.
Preferred (monthly)
.
• 58 1-3c Mar. 1 *Holders of rec. Feb. 15
15
Houston Gulf Gas, Prof.(quar.)
•134 Star. 1 *Holders of rec. Feb. 15
Illinois Power,6% pref. (aunt'.)
1 34 Apr. 1 Holders of rec. Mar. 15
7% Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Indiana Hydro-Ekv. Power, pf. (quar.). 154 Mar. 15 Holders of
rec. Feb. 28
Kentucky Securities, corn. (guar.)
•1 Se Apr. 1 *Holders of rec. afar. 18
Preferred (quar.)
*134 Apr. 15 *IIolders of rec. Mar. 18
Name of Company.
1229
Per
When
Cent. Payable.
Books Closed.
Days tnclustre.
Public Utilities (Concluded).
Laclede Gas Light, corn.(quar.)
234 Mar. 15 Holders of rec. Mar. 1
Lexington Water Co., pref. (QUar.)
134 Mar. 1 Holders of rec. Feb. 20
Monongahela West Penn P.S., pf.(qu.). 4334c Apr. I Holders of rec. Mar. 15
Natl. Power & Let., $7 Pf. (quar.)
*El 75 Apr. 1 *Holders of roe Mar. 10
New England Tel. & Tel.(guar.)
2
Mar. 31 Holders of rec. Mar. 10
New Rochelle Water Co., Prof.(Qum.).. 1% Mar. 1 Holders of rec. Feb. 20
New York Steam Co., $7 pref. (qu.)__ _ *51 75 Apr. 1 *Holders of rec. Mar. 15
$6 preferred (quar.)
*El 50 Apr. 1 *Holders of rec. Mar. 15
Ohio Power Co.. pref. (quar.
.1% Mar. 1 *Holders of roe. Feb. 10
Pennsylvania State Water Corp.,pf.(qu.) $1.25 Mar. 1 Holders of roe. Feb. 20
People Let. de Pwr. Corp., corn. A (qu.) bb60c. Apr. 1 Holders of rec. Mar. 8
Quebec Power Co. (quar.)
6234e. Apr. 15 Holders of rec. afar. 27
Southern N. E. Telephone (quar.)
*2
Apr. 15 *Holders of rec. Mar. 31
Standard Gas & Elec., pref. (quar.)
$1
Mar. 15 Holders of rec. Feb. 28
Toledo Edison, 7% pref. A (monthly)-• 58 1-3e Mar. 1 *Holders of roe. Feb 15
•50c. Mar. 1 *Holders of rec. Feb. 15
6% Preferred (monthly)
Trust Companies.
Irving (quar.)
Fire Insurance.
Importer & Exporter
40e. Apr. 1 Holders of rec. Mar. 4
*$1
Mar. 1 *Holders of rec. Feb. 21
Miscellaneous.
Addreseograph International (qu.)
*37%c Apr. 10 *Holders of rec. Mar. 21
Allen Industries, pref. (quar.)
75e. Mar. 1 Holders of rec. Feb. 20
Alliance Investment Corp.. corn. (tlUar.)
20c. Apr. 1 Holders of rec. Mar. 14
Common (payable In common stock)
Apr. 1 Holders of ree. Mar. 14
11
Preferred
Apr. 1 Holders of rec. Mar. 14
13
Allied Products, corn
*50e. Apr. 1 *Holders of rec. Mar. 10
Class A (alar.)
*8734c Apr. 1 *Holders of rec. Mar. 10
Alpha Portland Cement. Pf. (qua
.13e Mar, 15 *Holders of rec. Mar. 1
Amer. Fiduciary, pref. A-dividend omit led.
Amer. Intern. Corp.. corn. (in emu.stk.) 12
Oct. 1
American Locomotive. corn. (guar
Mar. 31 *Holders of rose. Mar. 13
*$2
* 134
Preferred (Quar.)
Mar. 31 *Holders of rec. afar. 13
American Seating, corn. (quar.)
•50e. Apr. 1 *Holders of rec. Mar. 20
American Seating (guar.)
•50c. Apr. 1 *Holders of rec. Mar. 20
American Surety (quar.)
$1.50 Mar. 31 Holders of rec. Mar. 150
Amer. Window Glass Co., preferred-div idend omitted
Artloom Corp., pref. (alar.)
1% Mar. 1 Holders of rec. Feb. 21
Asch Limited, pref. (quar.)
13.4 Mar. 1 Holders of rec. Feb. 20
Atl. Terra Cotta, prior pref. (quar.)
134 Mar. 15 Holders of rec. Mar. 5
Preferred (quar.)
1
Mar. 25 Holders of ree. Mar. 5
Autocar Co., pref. (quar.)
2
Mar. 15 Holders of rec. Mar. 5
Automotive G. Wors (No. 1) (qu.)
•25e. Mar. 1 *Holders of rec. Feb. 20
Ball(N.) Grain Co.. Ltd., pref. (quar.). 144 Mar. 1 Holders of rec. Feb. 15
Bankers Holding Trust, pref.-dividend °mitt ed
Bankers Nat. Investing, cl. A & B (qua *25c. Feb. 25 *Holders of rec. Feb. 17
el
Class A & B (In stock)
Feb. 25 *Holders of rec. Feb. 17
Beatrice Creamery, torn. (quar.)
($1
Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 15
13endix Aviation Corp.(quar.)
•50c. Apr. 1 *Holders of rec. Mar. 10
Bolas Cluca 011. class A (quar.)
*2c. Apr. 15 *Holders of rec. Mar. 31
Beaton Woven Hose & Rub.. corn. (qu.) $1.50 Mar. 15 Holders of rec. Mar. I
13rown-Durrell Co., corn.
-dividend Pas sod
13ritish-Amer. Tobacco. ord. (interim)
(0) Mar. 31 Holders of coup. No. 134
British South Africa Co., Am. dela rets•
I shillIng. 3 pence plus bonus of 9 pence
Mar. 13 Holders of rec. Feb. 14
*1U
Burns Bros.. pref. (quar.)
Apr. I *Holders of rec. Mar. 13
Bush Terminal, eons. (quar.)
• 2%c May 1 *Holders of rec. Abr. 4
6
Debenture stock (quar.)
*let Apr. 15 *Holders of rec. Mar. 28
Bush Terminal Bed., pref. (qua
•134 Apr. 1 *Holders of rec. Mar. 14
California Ink, class A & B (quar.)
*50e. Apr. 1 Holders of rec. Mar. 17
Calumet dr Arizona Mining
$1.50 Mar. 14 *Holders of roe. Mar. 7
•
Canada Bread. Ltd. (quar.)
3734c. Mar. 1 Feb. 16 to Feb. 28
Canada Cement. pref. (quar.)
194 Mar. 31 Holders of rec. Feb. 28
Canada Iron Foundries, common
3
May 10 Holders of roe. Apr. 30
Preference
May 10 Holders of rec. Apr. 30
6
3734c. Mar. 15 Mar. 1
Mar. 14
to
Canada Malting reg. stock (quar.)
Coupon stock (quar.)
3734c. Mar. 15 Holder of Coup. No. 9
450. Mar. 1 Holders of rec. Feb. 15
Canada Vinegars. Ltd. ((lust.)
Canadian General Electric. pref.(Qua
8714e. Apr. 1 Holders of rec. Mar. 15
Canadian Internat. Invest.'Fr., pf.(Qua
134 Mar. 1 Holders of rec. Feb. 15
Catelli Macaroni Products pf. A (qua _
50c. Mar, 1 Holders of rec. Feb. 20
Chesebrough Mfg. Coned. (Quer.)
Mar. 31 Holders of rec. Mar. 10
$1
Extra
50c. Mar. 31 Holders of rec. Nfar.10
Chlkalha Cotton 011 (quar.)
*75c. Apr. 1 *Holders of rec. Mar. 10
*25c. Apr. 1 *Holders of rec. Mar. 20
Chicago Yellow Cab (monthly)
*25e. May 1 *Holders of rec. Apr. 21
Monthly
*2.5c. June 2 *Holders of rec. May 20
Monthly
Chrysler Co. (quar.)
575e, Mar. 31 *Holders of rec. Mar. 3
Cities Service, common(monthly)
23.4e. Apr, 1 Holders of rec. Mar. 13
Common (payable in common stock).. 134 API% 1 Holders of rec. Mar. 13
Preference and prof. 1113 (monthly)_ _ _
50c. Apr. 1 Holders of rec. Mar. 13
Preference B (monthly)
Sc. Apr. I Holders of rec. Mar. 13
Cleveland Quarries (quar.)
75c. Mar. 1 Holders of rec. Feb. 20
Extra
25e. Mar. 1 Holders of rec. Feb. 20
Colgate-Palmolive-Peet, corn.((Mara '
6234c Apr. 1 •Holdesr of rec. Mar. 10
Preferred (quar.)
'134 Apr. 1 *Holders of rec. Mar. 10
Columbia Pictures Corp., cony. pf.(qua
The. Mar. 1 Holders of rec. Feb. 200
Commerce Investment Trust, corn.(qua
450. Apr. 1 Holders of rec. Mar. 5a
Common (payable In common stock)_ 1134 Apr. 1 Holders of rec. Mar. 55
7% first preferred (quar.)
let Apr. 1 Holders of rec. Mar. .54
% first preferred (quar.)
194 Apr. 1 Holders of rec. Mar. 50
Cony. pref. opt. series of 1929 (quar.)- (aa) Apr. 1 Holders of rec. Mar. 5a
Commercial Solvents, corn. (quar.)
250. Mar. 31 Ilolders of rec. Mar. 10
Common (payable in common stock). 12
Mar. 31 Holders of rec. Mar. 10
Consolidated Hotels, corn. Mara
•5e. Feb. 20 *Holders of rec. Jan. 31
Preferred (quar.)
*3734c Feb. 20 *Holders of rec. Jan. 31
Continental Shares, Inc., corn.(quar.)
25e. Apr. 1 Holders of rec. Mar. 14
Pref., set, 13, pref. & cone. prof. (qu.).
31.50 Mar. 15 *Holders of rec. Mar. 3
Crosse-Blackwell. Inc., $3.50 Pf. (au). 8734c Feb. 28 *Holders of rec. Feb. 18
.
Crown Cork Internat. Corp., el. A (qua
25e. Apr. 1 Holders of rec. Mar. 100
Crown Willamette Paper, 1st pref. (qua 51.75 Apr. 1 Holders of roe. Mar. 13
Second preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 13
Crucible Steel Co. of Amer., pref.(au). 134 Mar. 31 Holders of roe. Mar. 15a
Cumberland Pipe Line (quar.)
Mar. 15 Holders of rec. Feb. 28
$1
De Forest Crossley Radio (qu.)(No. I). .250 May 1 *Holders of rec. Apr. 25
Dewey de Almy Chemical, cum
50c. Mar. 1 Holders of rec. Feb. 19
Preferred
33.50 Mar. 1 Holders of rec. Feb. 19
Du Pont(E. I.) de Kern,& Co.,com.(qu) $1
Mar. 13 Holders of rec. Feb. 27
Debenture stock (guar.)
134 Apr. 25 Ilolders of rec. Alw• 10
Durkee Thomas Corp., class A
*4354c Mar. I *Holders of rec. Feb. 20
Durham Duplex Razor, pr. pref. ((rear.) "SI
Mar. 1 *Holders of rec. Feb. 20
East Sugar Loaf Coal
40c Mar. I Holders of rec. Feb. 21
EiplitirenferreBrosd .Stor)s. pref. (quar.)
154 Mar. 15 Holders of ree. Feb. 28
(quar.)
13.4 June 14 Holders of rec. Slay 31
Electric Controller & Mfg., corn.(qu)_ _ $1.25 Apr. 1 Holders of rec. Mar. 20
Common (extra)
33 Apr. 1 Holders of rec. Mar.20
Elec. Storage Battery,corn.& pt.(qua
51.25 Apr. 1 Holders of rec. Mar. 8
Emporium Capwell Corp. (quar.)
•50c Mar. 24 *Holders of rec. Mar. 1
Equitable Casualty & Surety (quar.)
50e. Mar. 1 Holders of roe. Feb. 15 '
Equitable Offices Bdg., corn. (qu.)
62.4e. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15
Equity Inv. Corp., corn. (qu.)(No. 1)
*550. Mar. 1 *Holders of roe. Feb. 20
Preferred (quer.)
.
75e. Apr. 1 *Holders of rec. Star. 15
Federal Screw Works, COM.((Mar.).75e. Apr. 1 'Holders of rec. Mar. 15
Gamewell Co. (quar.)
$1.25 Mar. 15 Holders of rec. Mar. 5
Garlock Packing, corn. (quar.)
• 30e. Apr. 1 Holders of ree. Mar. 14
General Amer. Investors, pref. (qua -- - *lie Apr. 1 *Holders of rec. Mar. 20
Gleaner Combine Harvester (quar.)
50c. Apr. 1 Holders of rec. Mar. 18
Glidden Co.,corn.(quar.
550e. Apr. 1 *Holders of roe. Mar. 12
Common (payable In corn.stock)
*11 APr. 1 *Holders of roe. Mar. 12
Prior preferred (quar.)
*134 Apr. 1 *Holders of rec. Mar. 12
Gotham Silk Hosiery, corn.(quar
629.4c Apr. 1 Holders of roe. Mar. 12
Granger Trading Corp.(quar.)
40e. Mar. 21 Holders of roe. Mar. 6
Stale Bros. Stores(quar.)
.
25e. Mar. 1 Holders of rec. Feb. 15
Hall(C. M.) Lamp(quar.)
•3734c Mar. 15 *Holders of roe. Mar. 1
Hambleton Corp.. panic. pref.(No. 1).. •$1.50 Mar. 1 *Holders of rec. Feb. 21
Hanna(M. A)& Co.old & new pf (qu.)_
154 Mar,20 Holders of rec. Mar. 5
Name of Company.
When
Per
Cent. Payable
Boo
Days Inclusion
Miscellaneous (Continued).
Harrods Ltd.
Amer. dep.rights for ord.reg.shs_ _ "w1.5 Mar. 22 'Holders of rec. Feb. 14
Hartman Tobacco. 1st pref.-dividend o mated
Mar. 1 "Holders of rec. Feb. 20
11
0
Hathaway Mfg.(guar.)
'814c Apr. 1 *Holders of rec. Mar. 20
-Jackson Corp., pref. (guar.)
Hayes
"25c. Mar. 15 'Holders of rec. Feb. 15
(quar.)
Hecla Mining
*50c. Mar. 15 *Holders of rec. Mar. 5
Honolulu Consol. Oil (guar.)
Hooker Electro-Chemical Co.,corn.(an.) "14 Feb. 28 Holders of rec. Feb. 21
Hotel Sylvania pref. dividend omitted
Holders of rec. Mar. 6
Hungarian Disc.& Exch.Bk., Am.she.... 82.43
-electric Securities, corn. (au.).- - "50c. Mar. 14 'Holders of rec. Mar. 3
Hydro
116c Feb. 28 Holders of rec. Feb. 25
Imperial Royalties, pref.(monthly)
18c. Feb. 28 Holders of rec. Feb. 25
Preferred class A (monthly)
Industrial Loan Jr Invest. (Montreal),
14 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
11 37 Apr. 1 *Holders of rec. Mar. 15
Insull Utility Investment, rd. (guar.). 0
'623.(c Apr. 15 *Holders of rec. Mar. 20
Internat. Harvester, corn. (guar.)
"500. Apr. 1 *Holders of rec. Mar. 15
International Shoe, pref. (monthly)
*50c. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
•50c. June 1 *Holders of Tee. May 15
Preferred (monthly)
1% Apr. 1 Holders of rec. Mar. 12a
International Silver, pref. (guar.)
'750. Apr. 1 'Holders of rec. Mar. 15
Jefferson Electric (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Extra
750. Apr. 15 Holders of Tee. Mar. 25
Johns-Manville Corp., corn. (quar.)- -14 Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
• $1.125 Apr. 1 'Holders of rec. Mar. 20
Kalamazoo Stove, corn.(guar.)
Corn. (payable in common stock).-- *fll Apr. 1 *Holders of req. Mar. 20
.40e. Mar. 31 *Holders of me. Mar. 10
0
Kresge (S. S.) Co.,corn.(guar.)
•144 Mar. 31 *Holders of rec. Mar. 10
Preferred (guar.)
*50e. Mar. 5 Holders of rec. Feb. 21
Knapp-Monarch Co., corn. (guar.)
30e. Mar. 15 Holders of rec. Mar, 1
Lake Shore Mines, Ltd.(guar.)
Liggett & Myers Tobacco, pref.(guar.). •1% Apr. 1 "Holders of rec. Mar. 10
750. Mar. 31 Holders of rec. Mar. 14
Loew's Inc., corn. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 21
Ludlow Typograph, corn. (guar.)
"250. Apr. 1 'Holders of rec. Mar. 21
Common (extra)
*I% Apr. 1 "Holders of rec. Mar. 21
Preferred (guar.)
Feb. 15
'1
Matson Navigation (guar.)
*50c. Mar. 15 *Holders of rec. Mar. 3
Mayflower Associates(guar.)(No. 1)_ *el
Mar. 15 *Holders of rec. Mar. 3
Stock dividend
$1
Mar. 1 Holders of rec. Feb. 24
May Hosiery Mills. pref. (guar.)
*623.6c May 1 *Holders of rec. Apr. 19
McCall Corp.(guar.)
$1.50 Mar. 31 Holders of rec. Mar. 50
(guar.)
Mergenthaler Linotype
250. Mar. 31 Holders of rec. Mar. 5a
Extra
(In
Midland UnitedCorp.Com. corn. stk.)_ fl4 Mar. 24 Holders of rec. Mar. 1
.-dividend0 milted Montague Rod dr Reel,corn
IA Mar. 15 Holders of Tee. Feb. 28
Montreal Cottons, corn. (guar.)
1f6 Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 22
Morrison Brass Corp., pref.(guar.)
$2 Apr. 2 Holders of rec. Mar. 22
Murphy (G. C.) Co., pref. (qu.)
1)6 Mar. 15 Holders of rec. Feb. 28
National Brick, pref. (guar.)
50e. Mar. 1 Holders of roe. Feb. 15
National Container, pref. (guar.)
*1% Mar. 31 *Holders of rec. Mar. 14
National Lead, corn. (guar.)
*3
Mar. 31 *Holders of rec. Mar. 14
Common (extra)
'114 May 1 'Holders of rec. Apr. 18
Preferred B (guar.)
"25c. Mar. 15 'Holders of rec. Feb. 28
National Transit (guar.)
50c. Mar. 15 Holders of reo. Mar. 1
Neptune Meter, corn A ,k B (gnarl---"500. Mar. 1 "Holders of rec. Feb. 19
New Bedford Cordage, corn.(guar.)-*1% Mar. 1 'Holders of Tee. Feb. 19
Preferred (guar.)
400. Apr. 15 Holders of me. Mar. 21
New York Transit (guar.)
We. Apr. 15 Holders of rec. Mar. 21
Extra
*40c. May I 'Holders of rec. Apr. 15
Noma Elee. Corp. (guar.)
North American Creameries, cl. A (qu.) _ *25e. Apr. 1 *Holders of me. Mar. 17
35e. Apr. 1 'Holders of rec. Mar. 17
North American Creameries, cl. A (au.)- •
North Amer. Utility Security 1st pf(au.) *51 50 Mar. 15 *Holders of rec. Feb. 28
*200. Feb. 15 *Holders of rec. Feb. 5
Oahu Sugar (monthly)
'3714c Mar. 1 *Holders of rec. Feb. 18
Pacific Cottonseed. pref. (guar.)
(No. 1) •10c. Mar. 15 *Holders of rec. Mar. 1
Pee.Southwest Disc., cl. A (qu.)
"40c. Mar. 15 *Holders of rec. Mar. 1
Class B (guar.)
"2
Mar. 4 *Holders of rec. Mar. 1
Preferred (guar.)
"al 25 Apr. 1 *Holders of rec. Mar. 20
Page-Hershey Tubes, corn (au.)
•146 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
.17
11
0
Mar. 27 *Holders of rec. Mar.
Paraffine Companies, Inc. (guar.)
Parmelee Transportation, corn. (mthly.) 123.(c. Mar. 10 Holders of reo. Feb. 28
•25c. Apr. 1 *Holders of rec. Mar. 8
Peoples Drug Stores, corn. (guar.)
*14 Mar. 15 *Holders of rec. Mar. 1
Preferred (quar.)
373.40. Apr. 1 Holders of rec. Mar. 11
Pet Milk, corn. (guar.)
114 Apr. 1 Holders of me. Mar. 11
Preferred (guar.)
'750. Apr. 1 *Holders of rec. Mar. 6
Philos Dodge Corp. (guar.)
50c. Apr. 1 Holders of rec. Mar. 15
Pie Bakeries of Amer.,class A ((marl...114 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
*750. Mar. 31 'Holders of Tee. Feb. 28
Prairie Oil & Gas (guar.)
*500. Mar. 31 *Holders of me. Feb. 28
Extra
Prentice-Hall, Inc., partic. pref. (cluar.) "75c. Mar. 1 *Holders of rec. Feb. 20
"75c. Mar. 1 *Holders of rec. Feb. 20
Prince & Whitely Trading, pref. A
50c. Mar. 1 Holders of rec. Feb. 26
Propper Silk Hosiery Mills, corn. (au.) _
*65e. Mar. 15 *Holders of Tee. Feb. 28
Raybestos-Manhattan Co.. corn.(au.)
Real Silk Hosiery Mills, corn. (guar.). "81.25 Apr. 1 *Holders of Tee. Mar. 13
•144 Apr. 1 *Holders of rec. Mar. 13
Preferred (guar.)
Research Investment Corp., com.(N0.1) '75e. Mar. 1 *Holders of rec. Feb. 20
'750. Apr. 1 'Holders of rec. Mar. 15
Preferred (guar.)
450. Mar. 1 Holders of rec. Feb. 21
Root Refining, prior pref. (guar.)
75e. Mar. 1 Holders of me. Feb. 21
Preferred (guar.)
38e. Mar. 1 Holders of Tee. Feb. 22
St. Louis Screw & Bolt, corn.(guar.)._ _
50c. Mar. 15 Holders of me. Feb. 28
Schiff Company, common (guar.)
116 Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
.15e. Mar. 31 *Ifolders Of rec. Mar. 15
Schlage Lock, corn. (guar.)
Second Investors Corp.of Rhode Island
14 Mar. 1 Holders of rec. Feb. 15
Prior preferred (guar.)
Second Nat. Investors Corp., pr. (guar.) 21.25 Apr. 1 Holders of rec. Mar. 10a
Sept. 15 *Holders of rec. Aug. 25
11
Sheaffer(W.A.)Pen Co.,com.(quar.)- - 0
Shell Union 011 Corp., cons. (gnarl_-- "35e Mar. 31 Holders of rec. Mar. 6
1% Apr. 1 Holders of Tee. Mar. 10
Preferred (guar.)
'43340 Apr. 10 *Holders of rec. Feb. 28
Signal 011 & Gas,class A ds B
*50e Mar. 15 *Holders of Tee. Feb. 28
Signal Royalties,class A & B (guar.)
.250 Mar. I *Holders of rec. Feb. 20
Specialized Shares Corp., corn. (qu.)_ _ - 0
•75e Mar. I "Holders of rec. Feb. 20
Preferred A & B (guar.)
May 1 *Holders of rec. Apr. 21
*el
Super-Maid Corp.(stock dividend)
.20e Mar. 1 Holders of rec. Feb. 20
Telephone Corporation (monthly)
"200 Apr. 1 *Holders of rec. Mar. 20
Monthly
"20e May 1 *Holders of rec. Apr. 20
Monthly
'20e June 1 *Holders of rec. May 20
Monthly
"200 July 1 *Holders of rec. June 20
Monthly
"20e Aug. 1 *Holders of Tee. July 20
Monthly
*20e Sept. 1 'Holders of rec. Aug. 20
Monthly
.200 Oct. 1 *Holders of me. Sept.20
0
Monthly
0,200 Nov. 1 "Holders of rec. Oct. 2i3
Monthly
"200 Dec. 1 *Ifolders of rec. Nov. 20
Monthly
750 Apr. 1 Holders of rec. Mar. 70
Texas Corporation (quar.)
Mar. 15 *Holders of Tee. Mar. 3
*$1
Texas Gulf Sulphur (guar.)
65e Apr. 1 Holders of rec. Feb. 28
Union Carbide & Carbon (guar.)
'173.40 Mar. 1 'Holders of rec. Feb. 20
Unexcelled Manufacturing (guar.)
13.6 Apr. 2 Holders of rec. Mar. 19
United Securities LW.. pref. (guar.)._
United Shirt Distributors, corn -divide nd oml tted"140 Apr. 1 'Holders of rec. Mar. 15
Utilities & Hydro Rails Shares(No. 1). _
14 Mar. 17 Holders of rec. Mar. 14
Valvoline Oil, corn. (guar.)
Waldorf System, Inc., corn. (quar.)
- 374e Apr. 1 Holders of rec. Mar. 20
200. Apr, 1 Holders of rec. Mar. 20
Preferred (guar.)
"50e. Mar. 15 *Holders of Tee. Mar. 5
Walworth Company,corn.(guar.)
75e. Mar. 31 *Holders of Tee. Mar. 20
•
Preferred (guar.)
Apr. 30 Holders of rec. Mar. 31
Westinghouse Air Brake (guar.)
West Michigan Steel Fdy (guar.)
250. Mar. 15 *Holders of rec. Mar. 1
•
Wellington Oil (guar.)
'Sc. Mar. 1 *Holders of rec. Feb. 25
Extra
12 25 Mar. 1 *Holders of rec. Feb. 25
0
Wellman-Saver-Morgan, pref. (q1 1.)
•1K Apr. 1 *Holders of rec. Mar. 21
.
Woods Manufacturing, pref.(guar.)_
1% Apr. 1 Holders of rec. Mar. 15
Yosemite Holding Corp., pref. ((marl '8736c Apr. 1 'Holders of rec. Mar. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
rVoL. 130.
FINANCIAL CHRONICLE
1230
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclustee.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(qu.) 2)4 Mar. 1 Holders of rec. Jan. 310
134 Mar. 1 Holders of rec. Jan. 180
Baltimore Jr Ohio, corn. (guar.)
Mar. 1 Holders of roe. Jan. 180
1
Preferred (guar.)
Mar. 31 'Holders of rec. Feb. 28
*2
Boston & Albany (guar.)
2)6 Apr. 1 Holders of rec. Feb. 28a
Canadian Pacific common (guar.)
Apr. 1 Holders of roe. Feb. 28
2
Preference
Chicago Jr North Western corn.(guar.)-- •111 Mar. 31 *Holders of rec. Mar. 4
•13i Mar. 31 'Holders of rec. Mar. 4
Preferred (guar.)
Chicago Rock Island Jr Pacific com.(gul 1% Mar. 31 Holders of me. Mar. 70
874e Mar. 1 Holders of rec. Feb. 100
Cleveland Jr Pittsburgh guar. (quar.)_
50c. Mar. 1 Holders of rec. Feb. 100
Special guaranteed (quar.)
24 Mar. 20 Holders of roe. Feb. 26a
Delaware Jr Hudson Co. (guar.)
134 Mar. 1 Holders of rec. Feb. 76
Illinois Central common (Qum.)
Mar. 1 Holders of roe. Feb. 76
Preferred
1% Feb. 15 Holders of roe. Jan. 316
Int. Rya. of Cent. Amer., pref.((marl
1)1 Mar. 1 Holders of roe. Feb. 15
Maine Central preferred (guar.)
-Kansas-Texas, pref. (quar.).... 114 Mar, 31 Holders of ree. Mar. 154
Missouri
New Orleans, Texas Jr Mexico (gnarl-- 1% Mar. 1 Holders of rec. Feb. 154
N.Y.Chicago Jr St. Louis coin. Jr pf.(qu) 1)6 Apr. 1 Holders of rec. Feb. 154
N.Y. New Haven & Hartford corn.(gu.) 134 Apr. 1 Holders of rec. Marl 7a
14 Apr. 1 Holders of roe. Mar. 7a
Preferred (quar.)
Mar. 19 Holders of roe. Feb. 254
- 2
Norfolk Jr Western common (guar.).
Feb. 25 Holders of rec. Feb. 17
21
North Pennsylvania (guar.)
Feb. 28 Holders of rec. Feb. 16
21
Pennsylvania (guar.)
•75c. Apr. 1 'Holders of reo. Mar. 15
Pitts. Bessemer Jr Lake Erie common_
•$1.50 June 1 *Holders of rms. May 15
Preferred
Pitts. Youngst. & Ashtab. pref. (qua?.).. 14 Mar. 1 Holders of rec. Feb. 202
Reading Company first pref. ((Vuar.)._ 50e. Mar. 13 Holders of roe. Feb. 206
Apr. 1 Holders of rec. Mar. la
2
St. Louis-San Francisco corn. (guar.)
116 May 1 Holders of roe. Apr. 124
Preferred (guar-)
1)4 Aug. 1 Holders of roe. July la
Preferred (guar.)
14 Nov. 1 Holders of rec Oct. la
Preferred (guar I
1)4 Mar. 31 Holders of ree. Mar. 126
St. Louis Southwestern pref (gnarl1)4 Apr. 1 Holders of roe. Feb. 240
Southern Pacific Co.common (guar.) _
2)6 Apr. 1 Holders of rec. Mar. la
Pacific common (guar.)
Union
Apr. 1 Holders of roe. Mar. la
2
Preferred
114 Feb. 25 Holders of roe. Jan. 258
Wabash Sty . preferred A (guar.)
Utilities.
Public
Amer. Jr Foreign Pow. 2d pf. A Owl._ $1.75 Mar, 1 Holders of rec. Feb. 10a
25c. Mar, 1 Holders of roe. Feb. 130
Amer. Power & Light, corn. (qu.)
21.25 Apr. 1 Holders of roe. Mar. 84
$5 preferred A (guar.)
$1.50 Apr, 1 Holders of rec. Mar. 84
$6 Preferred (guar.)
13.4 Mar. 1 Holders of rec. Feb. 18a
American Telegraph Jr Cable(quar.)Amer. Water Wks.& El. 26 Pref. gu.1.._ 21 50 Apr, I Holders of rec. Mar. 12a
Associated Gas Jr Elec.$6 pref.(guar.). _ $1.50 Mar. 1 Holders of roe. Jan. 31
21.625 Ma?. 1 Holders of me. Jan. 31
26.50 preferred(guar.)
$1.25 Mar. 15 Holders of rec. Feb. 15
$5 preferred(guar.)
50c Mar, 1 Holders of roe. Jan. 31
Tr., I.. Jr Pow ord.(quar.)
Brazilian
Mar. 1 Holders of rec. Jan. 31
fl
Ordinary (payable in ord. stock)
Mar. 1 Holders of roe. Feb. 76
2
Brooklyn Edison Co.(guar.)
21.5n Apr. 15 Holders of rec. Apr. la
Bkiyn.-Manh Tr. pref. ser. A (quar.)- $1.25 Apr. 1 Holders of me. Mar. 30
Brooklyn Union Gas(guar.)
14 Mar. 1 Holders of reo. Feb. 1
Canadian Hydro-Elec. Corp. 1st PL(W.)
150
Cent. Arkansas Pub. Serv. pref. (qu.)-- - 14 Mar. 1 Holders of roe. Feb. 13
Central Gas Jr El. $634 prof.(quar.)___' 81.625 Ma". I "Holders of roe. Feb.
134 Mar. 1 Holders of rec. Feb. 20
pref.(quar.)
Central Indiana Power
Holdem of rec. Feb. 24
Central Public Service, class A (guar.)-0 •4336c Mar. 15•
"21.75 Apr, 1•Holders of roe. Mar.17
$7 Preferred (guar.)
100. Apr. 1 Holders of roe. Mar. 5
(qu.)
Central States Elec. Corp.. corn.
f234 Apr. 1 Holders of ree. Mar. 5
Common (payable in corn.sleek)
1)6 Apr. 1 Holders of reo. Mar. 5
6% preferred(guar.)
14 Apr. 1 Holders of rec. Mar. 5
7% preferred(guar.)
Prof.series of 1928 (3-32d corn or _ _ _ _ 81.50 Apr, 1 Holders of rec. Mar. 5
-64th corn or $1.50 Apr. 1 Holders of rec. Mar. 5
Preferred series of 1929(3
Chic. Rap. Tran.(pr. pfd.ser.A(mthill- "650. Mar. 1 *Holders of ree. Feb. 18
- •60o. Mar, 1 *Holders of rms. Feb. 18
series B (monthly).
Prior preferred.
Chic. South Shore & South Bend RR.
Holders of me. Feb. 15
13.4 Mar.
Class A preferred ((Mar.)
Cleveland Elec. Illuminating. prof.(qu ) 134 Mar. 1 Holders of rec. Feb. 14
Columbia Gas Jr Electric. corn.
f25 Mar. 3i Holders of rec. Feb °Ma
Common (payable in corn.stock)
Holders of rec. Feb. 100
15r. Mar.
Commonwealth Jr Sou. Corp corn.(qu)
Holders of roe. Feb. 20
$1.76 Mar.
Community Water Service let pf.
*Holders of rec. Feb. 20
common (guar.)
'623.40 Mar.
Connecticut Power
*00e.
*Holders of reo. Mar. 15
Consol. Gas, El. L. Jr P.,Balt.,com.(ou.) •1)..1 Apr.
Apr.
"Holders of rec. Mar. 15
5% Preferred series A (guar.)
*Holders of roe. Mar. 15
•14 Apr.
6% Preferred series D (Qum.)
*1% Apr.
'Holders of reo. Mar. 18
534% Preferred series E (guar.)
Holders of rec. Feb. 70
Mar. 1
of N. Y.,corn.(guar.). $1
Consolidated Gas
55e, Mar. 1 Holders of roe. Feb. 15
Consolidated Gas Util., el. A (guar.)
Holders of rec. Mar. 15
21.25 Apr.
Consumers Power, $5 prof. (guar.)
Holders of roe. Mar. 15
1)6 Apr.
6% Preferred (guar.)
Holders of rec. Mar. 15
$1.65 Apr.
6.6% preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
7% preferred WW1
Holders of Tee. Feb. 15
500. Mar.
6% preferred (monthly)
Holders of rec. Mar. 15
50c. Apr.
6% preferred (monthly)
Holders of rec. Feb. 15
650. Mar.
6.6% preferred (monthly)
Holders of roe. Mar. 15
550. Apr.
6 6% preferred (monthly)
•32 Apr.
Dakota Central Telep.. oom• (quar.)
Apr.
7
640 preferred (guar.)
Apr. 15 Holders of roe. Mar. 206
2
°
Detroit Edison Co.(guar.)
146 Mar. 15 Holders of rec. Feb. 28
East Kootenay Power pref.(guar.)
*50c. Mar. 1 'Holders of rec. Feb. 15
Empire Gas Jr Fuel 6% Pr. (ratblY.)-54 1-3c Mar. 1 *Holders of rec. Feb. 15
64% Preferred (monthly)
• 58 1-3c Mar. 1 'Holders of rec. Feb. 15
7% Preferred (monthly)
•62 2-3c Mar. 1 *Holders of roe. Feb. 15
%
8 Preferred (monthly)
25e. Apr. 1 Holders of rec. Feb. 280
Engineers Public Service common (qu.)_
Apr. 1 Holders of roe. Feb. 28a
11
Corn (2-100ths share COLO.sleek
21.25 Apr. 1 Holders of roe. Feb. 28a
85 preferred (guar.)
1.374 Apr. 1 Holders of rec. Feb. 28a
$5.50 preferred (guar.)
Federal Light Jr Tree. common (guar__ 3734c Apr. 1 Holders of rec. Mar. 130
Apr. 1 Holders of rec. Mar. 13a
Common (payable in common stock)__ fl
$1.50 Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
260c. Mar, 1 Holders of roe. Feb. 30
Federal Water Service Class A (quar.)...
10e Mar. 1 Holders of roe. Feb. 28
Class B (guar.)
21.80 Mar. 1 Holders of roe. Feb. 20
Gary Rya. pref. A (quar.)
common A Jr B (au.). /733711e Apr. 1 Holders of roe. Feb. 286
General Gas Jr El.
$1.75 Apr. 1 'folders of roe. Feb. 29a
27 preferred (guar.)
Apr, 1 Holders of rec. Feb. 284
$2
28 preferred (guar.)
$1.50 Mar. 15 Holders of roe. Feb. 15
$6 cony. pref.(guar.)
$1.50 Mar. 16 Holders of are. Feb. 15
26 prof. series B (quar.)
114 Mar. 1 Holders of rec. Feb. 10a
Havana Elec. Ry., preferred (guar.)
12a
Indianapolis Water Co., pref. A (guar.)- 134 Apr, 1 Holders of rec. Mar.
1K Mar. 1 Ilolders of rec. Feb. 15
Indiana Service Corp. 7% prof.(
(Mar.)
14 Mar. 1 Holders of roe. Feb. 15
6% Preferred (gum.)
50e. Mar. I Holders of reo. Feb. 1
Intercontinents Power, corn. A (au.).
21.75 Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
mar. 1 *Holders of reo. Feb. 19
Keystone Telephone of Phila., pf. (qu.) *81
Louisville Gas Jr El. corn. A Jr B (au.)._. 4364c Mar. 25 Holders of rec. Feb. 280
(qua?.)... "21.75 Apr. 1 "Holders of rec. Mar. 20
Mohawk Jr Hud.Pow. 2d pref.
25e. Mar. 1 Holders of rec. Feb. 140
Nat. Power Jr Light, corn.(guar.)
40e. Mar. 15 Holders of rec. Feb. 27
Nat. Pub. Serv. Corp. corn. A (guar.)
40e. Mar. 1 Holders of rec. Feb. 15
Common B (guar.)
750. Mar, 1 'folders of rec. Feb. 15
33 preferred (quar.) (No. 1)
1K Mar. 1 Holders of me. Feb. 17
Nebraska Power,7% pref.(guar.)
14 Mar. 1 Holders of me. Feb. 17
6% Preferred(guar.)
New Eng. Pub. Serv. pr. lien pr. (qu.).... •21.75 Mar. 15 'Holders of reo. Feb. 28
Holders of reo. Mar. 60
f23.4 Apr.
North American Co.. corn. (quar.)
Holders of roe. Mar. 60
750. Apr.
Preferred (guar.)
Holders of roe. Feb. 15a
North American Edison, pref. (guar.)- - 21.50 Mar,
Holders of me. Feb. 20
1% Mar.
Northern States Power (Wise.) pf.(qu.)_
Holders of rec. Feb. 15
136 Mar.
Ohio Edison Co., 6% pref. (guar.)
Holden, of roe. Feb. 15
1.65 Mar.
6.6% preferred (guar.)
Holders of roe. Feb. 15
1% Mar.
7% Preferred (quar.)
Holders of rec. Feb. 15
116 Mar.
(quar.)
5% Preferred
Holders of roe. Feb. 15
50c. Mar.
6% preferred (monthly)
Holders of ren Feb. 15
Mc Mar
6.6% preferred (monthly)
15 Holders of roe. Feb. 28
14 Mar.
Oklahoma Gas Jr El. pref.(guar.)
Pennsylvania Gas Jr El., corn. A (guar.) '3734e Mar. 1 *Holders of tee. Feb. 20
'1K Apr. 1 *Holders of reo. Mar. 20
7% preferred (quar.)
*21.75 Apr. 1 *Holders of reo. Mar. 20
27 preferred (guar.)
FEB. 22 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Conducted).
Penn-Ohio Edison Co., 7% pr. stk.(qu.) 1% Mar. 1 Holders of rec. Feb. 15
Pennsylvania-Ohio Power & Lght Co.
$1.50 May 1 Holders of rem AM. 21
$6 preferred (guar.)
1% May 1 Holders of rec. Apr. 21
7% preferred (guar.)
60e. Mar, 1 Holders of rec. Feb. 20
7.2% preferred (monthly)
60c. Apr. 1 Holders of rec. Mar. 20
7.2% preferred (monthly)
60c. May 1 Holders of rec. Apr. 21
7.2% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 20
6.6% preferred (monthly)
55e. Apr. 1 Holders of rec. Mar. 20
6.6% preferred (monthly)
6.6% preferred (monthly)
55c. May 1 Holders of rec. Apr. 21
Penn. Power, $6.60 Prof.(mthly.)
55e. Mar. 1 Holders of rec. Feb. 20
$1.50 Mar. I Holders of rec. Feb. 20
$6 preferred (guar.)
Philadelphia Company. 5% pref
$1.25 Mar. 1 Holders of rec. Feb. 10a
Philadelphia Suburban Water. pf.(quar.) 133 Mar. 1 Holders of rec. Feb. 8a
Preferred (guar.)
133 May 31 Holders of rec. May 12s
Public Service Corp. of N
com.(qu.)
85c. Mar. 31 Holders of rec. Mar. la
8% preferred (guar.)
2
Mar. 31 Holders of rec. Mar. la
7% preferred (guar.)
Mar. 31 Holders of rec. Mar. is
$5 preferred (guar.)
$1.25 Mar. 31 Holders of rec. Mar. Is
% preferred (monthly)
50c. Feb. 28 Holders of rec. Feb. la
6% preferred (monthly)
50c. Mar. 31 Holders or rec. Mar. la
Public Service Elec. dr Gas.,6% pf.(qu.) 133 Mar. 31 Holders of roe. Mar. la
7% Preferred (guar.)
1M Mar. 31 Holders of rec. Mar. 1
Rochester Gas & Elec.. pref. D (guar.) _
1% Mar. 1 Holders of rec. Feb. 13
Preferred C & D (guar.)
13.3 Mar. 1 Holders of rec. Feb. 13
Seaboard Public Service pref. (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Shawinigan Water & Power(guar)
6233c Apr. 10 Holders of rec. Mar. 15
Southern Calif. Edison. pref. A (qu.)__ _ 433c Mar. 15 Holders of rec. Feb. 20
Preferred series B (guar.)
37).3c Mar. 15 Holders of rec. Feb. 20
Southern Calif. Gas Co., pref.(guar.)--• $1.625 Feb. 28 *Holders of rec. Jan. 31
Southern Cities Utilities Co., $6 pf.(qu.) $1.50 Mar. 1 Holders of rec. Feb. 17
Southern Colorado Power, corn. A (qu.).
50c. Feb. 25 Holders of rec. Jan. 31
Preferred (quer.)
1% Mar. 15 Holders of rec. Feb. 28
Southern Natural Gas Corp., pf. (qu.). *31.75 Mar. 1 *Holders of rec. Feb. 20
Southwestern Pow. & Lt., pref. (quer.). 14 Mar. 1 Holders of rec. Feb. 13
Tri-State Tel. & Tel., pref. (guar.)
*15c. Mar. 1 "Holders of roe. Feb. 15
United Corporation pref. (guar.)
75c. Apr. 1 Holders of rec. Mar. 6a
United Gas Co.,$7 pref.(guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Union Natural Gas(quar.)
•35e. Mar. 10 *Holders of rec. Feb. 28
Extra
'Sc. Mar. 10 'Holders of rec. Feb. 28
United Gas Improvement, corn. (qu.) _ _
30c Mar. 31 Holders of rec. Feb. 28a
$5 preferred (Suer.)
$1.25 Mar. 31 Holders of rec. Feb. 28a
Virginia Elec. & Power,7% prof.(guar.) I% Mar. 20 Holders of rec. Feb. 28a
6% Preferred (guar.)
1% Mar. 20 Holders of rec. Feb. 28a
West Ohio Gas pref. A (Suer.)
1% Mar. 1 Holders of rec. Feb. 15
Western Continental UM.,corn. A (qu.) .32 A e Mar. 1 "Holders of rec. Feb. 10
Williamsport Water VI pref.(quer.).
$1.50 Mar. 1 Holders of rec. Feb. 20
Wilmington Gas Co., prof
3
Mar. 1 Holders of rec. Feb. ea
Wisconsin Public Serv.
1% Star. 20 Holders of rec. Feb. 28
131 (guar.).
% Preferred guar.)
1M Star. 20 Holders of rec. Feb. 28
6% preferred (guar.)
133 Mar. 20 Holders of rec. Feb. 28
Name of Company.
1231
Per
When
Cent. Payable.
Books Closed
Days hie
-lustre.
Miscellaneous (Continued).
•15c. Mar. 15 *Holders of rec. Mar. 10
Baker(Nelson) & Co.(guar.)
•
50c. Mar. 15 *Holders of rec. Mar. 10
Extra
•
75c. Mar. 29 *Holders of rec. Mar. 15
Balaban & Katz, corn. (Suer.)
•1% Mar. 29 *Holders of rec. Mar. 15
Preferred (quer.)
Bamberger (L.) A: Co., pref.(guar.)
133 Mar. 1 Holders of rec. Feb. 14a
50e. Apr. I Holders of rec. Mar. 140
Barker Bros. Corp. common (quar.)_
1% Apr. 1 Holders of rec. Mar. 140
633% preferred (Suer.)
Bastian Blessing Co., common (guar.).- •75c. Mar. 1 *Holders of rec. Feb. 14
•10c. May 15 *Holders of rec. May 1
Baum Candy Co., corn.(guar.)
•10c. May 15 'Holders of rec. Slay 1
Common(extra)
*2
Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Berkshire Fine Spinning Associates
75e. Mar. 1 Holders of rec. Feb. 15
Common (guar.)
1% Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
500. Mar. 15 Holders of rec. Feb. 25a
Best & Co. common (guar.)
$1 .50 May 15 Holders of rec. Apr. 18a
Bethlehem Steel common (guar.)
Apr. 1 Holders of rec. Mar la
1%
7% preferred (Suer.)
3733c. Mar. 1 Holders of rec. Feb. 140
Blaw-Knox Co.(guar.)
•
3733c May 15 *Holders of rec. May 10
Bloch Bros., corn. (guar.)
'3733e Aug. 15 *Holders of rec. Aug. 9
Common (guar.) _
.
373.3c Nov. 15 "Holders of rec. Nov. 10
Common (quer.) _
'13.3 Mar. 31 "Holders of ree. Mar. 26
Preferred (guar.)
'133 June 30 *Holders of rec. June 25
Preferred (guar.)
Sept. 30 *Holders of rec. Sept. 25
Preferred (quer.)
Preferred (war.)
'133 Dee. 31 *Holders of rec. Dec. 26
(p) Mar. I Holders of rec. Feb. 5
Blue Ridge Corp.. pref. (Soar.)
Blum's, Inc., $3 pref. (guar.)
'8733c Mar. 1 *Holders of rec. Feb. 18
.5834c Mar. 1 *Holders of reo. Feb. 20
Bobbe-Nierrill Co.(Quar.)
•563.0 June 1 *Holders of rem May 20
Quarterly
75c, Mar. 1 Holders of rec Feb. I5a
Borden Company (guar.)
25c. Mar. 5 Holders of rec. Feb. Ila
Burroughs Adding Mach. (Suer.)
•50e. Mar. 1 *Holders of rec. Feb. 15
Brach (E. J.) & Sons (Suer.)
65e. Mar. 15 Holders of rec. Mar. 1
Brill Corp., class A (Suer.)
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 18
8c. Apr. 1 Holders of rec. Mar. 1
British Type Investors (bi-monthly)
60c. Feb. 28 Feb. 15 to Feb. 16
Brown Fence & Wire class B (Suer.)....
60e. Feb. 28 Feb. 15 to Feb. 16
Class A preferred (guar.)
75g. Mar. 1 Holders of rec. Feb. 20,
Brown Shoe, corn. (guar.)
Mar. 15 Holders of ree. Feb. 21
Buckeye Pipe Line (quar.)
$1
25e. Apr. 1 Holders of rec. Feb. 24a
Bucyrus-Erie Co. common (guar.)
154 Apr. 1 Holders of rec. Feb. 29a
Preferred (guar.)
Convertible preference (Suer.)
523.4c Apr. 1 Holders of rec. Feb. 24a
75c. Mar. 1 Holders of rec. Feb. 15a
Bulova Watch. common (guar.)
8733c Mar. 1 *Holders of rec. Feb. 15
•
Preferred (Sitar.)
Apr. 1 'Holders of rec. Mar. 15
"2
Burger Bros pref. (guar.)
July 1 'Holders of rec. June 16
*2
Preferred (guar.)
Oct
1 *Holders of rec. Sept. 15
"2
Preferred (Suer.)
Byers (A. Si.) Co., pref. (guar.)
154 May 1 Holders of rec. Apr. 15a
Mar. 15 Holders of rec. Fob. 28:
$1
California Packing com. (guar.)
Mar. 31 Holders of rec. Feb. 284
Calumet & Hecht Consol. Copper Co
$1
Campo Corp. common (qual.)
'50e. Apr. 1 *Holders of net. Mar. 10
Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 15
Banks.
Camp., Wyant & Can. Fdy., corn. (qu.)
50c. Mar. 1 Holders of rec. Feb. 150
nRichmond National (stock dividend)_' e33 1-3 Apr. 1 *Holder' of rec. Mar. 25
Mar. 15 *Holders of rec. Feb. 28
Canada Wire & Cable, class A (Suer.).. *El
Trust Companies.
Canadian Car & Fdry., ordinary (qu.)
44c. Feb. 28 Holders of rec. Feb. 15
Interstate (Suar.)
30e. Mar. 1 *Holders of rec. Feb. 14
•
.
50c. Mar. I *Holders of rec. Feb. 15
Carman & Co., Ltd., class A (guar.)
*Holders of rec. Mar 20
•1.1 Apr.
Carnation CO., prof. (guar.)
Fire Insurance.
75e. Mar. 15 Holders of not. Feb. 15a
Caterpillar Tractor (guar.)
North River Insurance Co. (quar.)
50c Mar. lb Holders of rec. Mar. 5
25c. Mar. 15 Holders of roe. Feb. 15a
Extra
United States Fire (guar.)
*60e May 1 *Holders of rec. Apr. 22
$1.75 Mar. 1 Holders of rec. Feb. 10
Celluloid Corp., 1st pref. (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 10
$7 preferred (guar.)
Miscellaneous.
"40e. Mar. 31 'Holders of rec. Mar. 25
Central Cold Storage, corn. (guar.)
Acme Steel (guar.)
Apr. 1 Holders of rec. Mar. 20
$1
*40e. June 30 "Holders of rec. June 25
Common (guar.)
Ainsworth Slanufacturing (guar.)
'6233c Mar. 1 *Holders of rec. Feb. 20
15g. May 15 Holders of rec. May 5
Centrifugal Pipe Corp. (guar.)
Stock Mt idend (Soar.)
Mar. 1 *Holders ot rec. Feb. 20
*el
15c Aug. 15 Holders of rec. Aug. 5
Quarterly
Stork dividend (guar.)
'
Cl
rune 2 *Holders of ree. May 20
15c. Nov. 15 Holders of net. Nov. 5
Quarterly
Allegheny Steel, cons.(monthly)
•15c. Mar. 15 *Holders of rem Feb. 28
1)3 Mar. 1 Holders of rec. Feb. 20a
Century Ribbon SiIns. pref. (guar.)Preferred (guar.)
•1% Mar. I *Holders of rec. Feb. 18
35e, Mar. 3 Holders of rec. Feb. 17a
Checker Cab Mfg.(rnthly.)
Preferred (guar.)
•1% June 2 *Holders of rem May 15
Chelsea Exchange Corp.
Preferred (guar.)
•1% Sept. I *Holdens of reo. Aug. Id
25c. Slay 15 Holders of rec. May 1
Class A & B (guar.)
Preferred (guar.)
•1S1 Dec. 1 *Holders of rec. Nov. 15
75e. Mar. I Holders of net. Feb. 15
Chicago Corporation, cony. pref. (qu.)
Alliance Realty, pref.(guar.)
11" Mar. I Holders of rec. Feb. 21
30c. Apr. 1 'Holders of rec. Mar. 20
%Armes° klexiore Shaft. com (Suer.)... •
Preferred (guar.)
13-3 June 1 Holders of rec. May 20
'30c. July I 'Holders of rec. June 20
C01(311100 (guar.)
Preferred (guar.)
133 Sept. 1 Holders of rec. Aug. 20
*10r. Oct.1 'Holders of rec. Sent. 20
Common fuoar.)
Preferred (guar.)
11" Dec. 1 Holders of rec. Nov. 20
•75c. Mar. I *Holders of me. Feb. 20
Chicago Investors pref. (guar.)
Aluminum Co.of Amer.,Pref.(guar.) _ '133 Apr. 1 *Holders of rec. Mar. 15
Chicago Railway Equip., corn. (qu.)..- .25g. Mar. 31 'Holders of rec. Mar. 20
Aluminum Mfrs., prof. (guar.)
*Holders of rec. June 28
•
1% lune
•
43%c Mar. 31 'Holders of rec. Mar. 20
Preferred (ritiarl
Preferred (guar.)
51% Sept.80 *Holders of rec. Sept. 15
25e. Mar. 1 Holders of rec. Feb. 190
Chicago Yellow Cab (monthly)
Preferred (guar.)
*14 Dec. 31 *Holders of rec. Dec. 18
60e. Mar, 10 Holders of rec. Feb. 2I0
Childs Company, corn. (guar.)
American Arch (guar.)
*75c. Mar. 1 *Holders of rec. Feb. 18
I% Mar. 10 Holders of rec. Feb. 21a
Preferred (guar.)
Amer.
-Brit. & Cont. Corp. 1st p1.(au.). $1.50 Mar. 1 Holders of rec. Feb. 1.5
8734c Mar. 31 Holders of rec. Mar. 5a
Chile Copper Co.(Suar-)
Amer.
-Canadian Properties Corp
Feb. 28 Holder, of rec. Feb. 15
31
.
75c. Mar. 31 'Holders of rec. Mar. 3
Chrysler Corporation(guar.)
Amer. Cash Credit Corp.. corn. A (qu.)_
15c. Feb. 25 Holders of rec. Feb. 8
234e. Mar. 1 Holders of rec. Feb. 15
Cities Service, common (monthly)
Common A (extra)
12c, Feb. 25 Holders of rec. Feb. 8
133 Mar. 1 Holders of rec. Feb. 15
Common (payable In corn,stock)
Common B (guar.)
1333c Feb. 25 Holders of rec. Feb. 8
50c. Mar, 1 Holders of rec. Feb. 16
Preference and pref. BB (monthly)._
American Chain common (guar.)
75c. Apr. 20 Holders of rec. Apr. 10
Sc. Mar, I Holders of rec. Feb. 15
Preference B (monthly)
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 21a City Ice & Fuel, corn, (guar.)
90c. Feb. 28 Holders of rec. Feb. 150
American Chicle, eon). (guar.)
Holders of rec. Mar. 12:
50c. Apr.
133 Msr. 1 Holders of rec. Feb. 15a
Preferred (guar.)
Common (extra)
25g. Apr.
Holders of rec. Mar. 12a City Ice & Fuel, stock dividend
'Ili Mar. 1 Holders of reo. Feb. lta
Amer. ColortyPe. corn. (guar.)
60e. Mar. 3 Holders of rec. Mar. 12
*0154 Sept. 1 *Holders of rec. Aug. 15
Block dividend
Preferred (guar.)
1% Mar.
Holders of roc. Feb. 14
City Investing common
233 Mar. 1 Holden of rec. Dee. 300
Preferred (guar.)
1)3 Juno
Holders of roe. Mar. 14
75c. Mar. 15 Holders of rec. Feb. 28a
Clark Equipment common (guar.)
Amer.& Cont'l Corp., cora.& el. A(spec) 50c. Mar,
Holders of rec. Feb. 15
6
8
July i *Holders of rec. Jan. 2s
Claude Neon Elec. Prod stock div_ _ _
Amer.& Gen.Secur. Corp. lot Id.
Holders of rec. Feb. 15
75e. Mar.
•50o. Apr. 1 *Holders of rec. Mar. 15
Cleveland Builder' Supply (guar.)
Amer. Home Products(monthly)
35e, Mar.
Holders of rec. Feb. 14a Cora Cola Bottling Sec.(Suer.)
•
250. Apr. 15
American International Corp corn
Holders of rec. Mar. 12a
81
Apr.
•
250. July 15
Quarterly
Corn.(payable in corn.stock)
Holders of rec. Mar. 12a
Apr.
12
•
25e Oct. 15
Quarterly
Amer. Laundry Machinery (guar.)
Mar. *Holders of me. Feb. 19
*31
Cockshutt Plow (guar.)
3734c May 1 Holders of rec. Apr. 15
Quarterly
*Holders of rec. May 20
'
June
1
•383te Feb. 28
Collateral Trustee Shares
Amer. Maize Products, corn.(quer.) _ _
*50c. Mar.3 *Holders of roe. Mar. 15
1*1 Mar. 1 Holders of rec. Feb. 19a
Collins & Aikman Corp., pref. (guar.)._
Preferred (quer.)
•1% Mar. 3 *Holders of rec. Mar. 15
50c. Feb. 25 Holders of rec. Feb. 100
Colorado Fuel & Iron. common
American Manufacturing, corn.(Suer.). 1
Mar. 3 Mar. 16 to Star. 30
2
Feb. 25 Holders of rec. Feb. 100
Preferred (guar.)
Common (Suer.)
1
July
June 16 to June 30
50e. Mar. 1 Holders of rec. Feb. 15
Columbus Auto Parts Co.. prof.(guar.).
Common (Suar.)
Sept. 16 to Sept. 30
1
Oct.
I% Mar. 1 Holders of rec. Feb. 15a
Consolidated Cigar Corp., prof. (guar.).
Common (guar.)
1
Dec. 3 Dec. 16 to Dec. 30
'
Consolidated Service pref.(guar.)
6233c Mar. I *Holders of rec. Feb. 20
Preferred (guar.)
111 Mar. 3 Mar. 16 to Mar. 30
Consumers Co.. prior preferred (guar.). •133 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
June 16 to June 30
13.4 July
75g. Mar, 1 Holders of rec. Feb. 15
Continental Chicago Corp.(Pref.) (cm.).
Preferred (guar.)
114 Oct.
Sept. 16 to Sept.30
*31 .25 Mar. 1 *Holders of rec. Feb. 15
Continental Securities. prof. (guar.)
Preferred (guar.)
I% Dec. 3 Dec. 16 to Dec. 30
50c. Mar. 1 Holders of rec. Feb. 20
Corno Mills (guar.)
American Metal Co., Ltd., corn.(Suer.)Holders of rec. Feb. 190 Corrugated
75g. Mar.
Paper Box (Toronto) pf.(qu) 134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Holders of rec. Feb. 19a
134 Mar.
50c. liar. 31 Holders of rec. Mar. 14a
Coty, Inc. (quer.)
American M ultigra ph,corn.(guar.) - 6233c. Mar.
'Holders of rec. Feb.d14
e3
June 30 Holders of rec. June 16a
Stock dividend
Amer. Radiator & Stand Sanitary Corp.
433(c Mar. 15 Holders of rec. Mar. 1
Common (Slier.)
3733c Mar. 3 Holders of me. Mar. ha Crane Company,corn.(guar.)
1.1.1 Mar. 15 Holders of rec. Mar. 1
Preferred (guar.)
Preferred (guar.)
1% Mar.
Holders of rec. Feb. 154
50c. Mar. 31 'Holders of rec. Mar. In
Crowley, Shiner A Co., corn. (Suer.)... .
American Rolling Nf III, corn.(Suer.) _
Holders of rec. Mar. 31a Crown
50c Apr. 1
•67c. Mar. 15 *Holders of rec. Feb. 28
Cork & Seal, pref. (guar.)
Amer. & Scottish Invest. corn. (qu.). _ '30c. Mar.
*Holders of roe. Feb. 15
Mar. 1 'Holders of rec. Feb. 11
Crown Overall Mfg. Co.. prof. (Suer.).. *2
Amer Smelt & Refg,Prof.(guar.)
1% Mar.
Holders of rec. Jan. 31a
pf.(qu.) $1 .50 Nfar. 1 Holders of rec. Feb. 11
American Stores common (guar.)
50e. Apr.
Holders of ree. Mar. 15a Crown Zellerbach Corp., cony.
$1.50 Mar. 1 Holders of rec. Feb. 13
Preference A & 13 (guar.)
American Sugar Heft., COM.(guar.) _ _ _ _
Holders of rec. Mar. 5a
134 Apr.
Insurance Shares Corp
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 5a Crum & Forster
25g. Feb. 28 Holders of rec. Feb. 17
Common A & B (Suar.)
Amer.Tobacco,corn.& corn. B (Soar.). $2
Mar.
Holders of rec. Feb. 10a
134 Feb. 28 Holders of rec. Feb. 17
Preferred (guar.)
Amoskunt Mfg.,corn.(guar.)
.50e. Apr. 2 *Holders of rec. Mar. 15
2
Mar. 31 Holders of rec. Mar. 20
Crum & For:Am' pref. (guar.)
Common (guar.)
"25c. July 2 *Holders of rec. June 14
' Mar. 15 *Bolder' of roe. M.
Cuneo Press. prof. (guar.) 134
Common (guar.)
"25e. Oct. 2 'Holders of rec. Sept. 13
50c. Nfar, 3 Holders of rec. Feb. 20a
Armour dr Co.(Illinois) Prof.(guar.)
1%
Apr. 1 Holders of rec. Mar. 10a Curtis Publishing, corn. (monthly)
31.75 Apr. 1 Holders of rec. Mar:200
Preferred (guar.)
Armour & Co. of Delaware, prof. (guar.) 1% Apr. 1 Holders of me.
Nfar. 100 Curtis Publishing, corn.(monthly)
*50c. Apr. 2 'Holders of rec. Mar.20
Armstrong Cork (guar.)
.
50e. Apr. 1 *Holders of rec. Mar. 14
'50c. Apr. 2 'Holders of rec. Mar.20
Common(extra)
Asar,elated Apparel industries, corn.(Su) $1
Apr. 1 Holders of rec. Mar. 20a
.
$1
Mar. 1 *Holders of rec. Feb.
Cushman Sons, Inc., corn. (guar.)
Assoc Dry Goods, 1st pref.(Suer.)
134 Mar. 1 Holders of rec. Feb. 8a
1*4 Mar. 1 Holders of rec. Feb. 15
7% preferred(guar )
Second preferred (guar.)
15a
1% Mar. 1 Holders of rec. Feb. 80
Mar. 1 Holders of rec. Feb. 150
$2
$8 preferred (Suer.)
Atlantic Coast Fisheries, com.(quo
*30e. liar. 3 *Holders of rec. Feb. 20
*50e. Mar. 15 *Holders of rec. Mar.
Atlantic Refining common (guar.)
25c Mar. 15 Holders of rec. Feb. 21a Decker (Alfred) & Cohn, corn. (guar.)
5
•I% Mar. 1 *Holders of rec.
Preferred (Suer.)
Common (extra)
25c. Mar. 15 Holders of rec. Feb. 21a
•134 June 2 *Holders of rec. Feb. 20
Preferred (Suer.)
Atlantic Securities Corp.. Pref. (guar.)._
75c. Mar. 1 Holders of rec. Feb. 15
May
'134 Sept. 2 *Holders of rec. Aug. 20
(guar.)
Preferred
Atlas Imperial Diesel Engine
133 Apr. 1 Holders of rec. Mar. 20
Deere & Co., common (Suer.)
Class A & B (quer.)
'50c. Mar. 1 *Holders of rec. Feb. 20
f134 Apr. 15 Holders of rec. Mar. 15
Common (payable in common stock)
Atlas Powder, corn. (guar.)
Mar. 10 Holders of rec. Feb. 28a
$1
15
134 Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
Atlas Stores Corp.. corn.(guar.)
"25c. Mar. 1 *Holders of roe. Feb. 15
2
Dennison Nifg. deb stock (guar.)
Slay 1 Holders of rec. Apr. 19
Common (payable in corn.stock)
•113.4 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
Slay 1 Holdersof rec. Apr. 19
Babcock & Wilcox Co.(Suer.)
1)3 Apr. 1 Holders of rec. liar. 20
Management & employee stk. (aun'i_
8
1% Mar. 4 Holders of roe. Dec. 31
1232
Name of Company.
[vo" 130.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
afiscelianeous (Continued).
Miscellaneous (Continued).
•623.c Mar. 'Holders of rec. Feb. 18
Hobart Mfg. common (guar.)
Detroit Steel Products (guar.)
•25e. Apr. I *Holders of rec. Mar. 20
5c. Feb. 2 Holders of rec. Feb. 11
Hollinger Cons. Gold Mines, Ltd
Detroit Steel Products
•25e. Mar. 1 'Holders of rec. Feb. 20
*50e. Apr.
'Holders of rec. Mar. 15
Holophane Co.. common
Dexter Co., corn.(guar.)
*350. Mar. 1 *Holders of rec. Feb. 15
*21.05 Apr.
"Holders of rec. Mar. 15
Preferred
Diamond Match (guar.)
Mar. 15 Holders of rec. Feb 280
2
Holt(Henry)& Co., Inc., partle. A (qu.) *45e. Mar.
*Holders of rec. Feb. 8
Dictaphone Corp., common (quar.)_ _ "75e Mar. 1 'Holders of reC. Feb. 14
50e, Feb. 2 Holders of rec. Feb. 20a
Homestake Stifling (monthly)
Common (payable in common stock) _ *.f10
Mar. I "Holders of rec. Feb. 14
"1% Mar.
Horn & Hardart, pref. (guar.)
*Holders of rec. Feb. 10
Mar. 1 'Holders of rec. Feb. 14
Preferred (guar.)
"2
"Holders of rec. Mar. 20
Dome Mines, Ltd.(guar.)
25e. Apr. 21 Holders of rec. Mar. 31a Houdaille Hershey Corp. class A (qu.)-- •6234e Apr.
50e. Apr.
Cilo
ii. a
q au Car(1
( w ) ()
Holders of rec. Mar. 200
Hudsonotor ru .
Dom.Textile,Ltd.,com (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
8734c Mar.
se o Products Inc. (guar.)
Holders of rec. Feb. 150
Preferred (guar.)
13.4 Apr. 15 Holders of rec. Mar. 31
51.25 Apr.
Holders of rec. Mar. lla
uar.)
Douglas Aircraft(No. 1)
*750. Mar. 19 'Holders of rec. Feb. 7
Illinois Brick
•60e. Apr. 1 "Holders of roe. Apr. 3
•8734c Mar. 1 *Holders of rec. Feb. 18
Dresser (S. R.) Mfg. class A (quar.)
•600. July 1 "Holders of ree. July 3
Quarterly
Drug Incorporated (oust.)
Mar. 1 Holders of rec. Feb. 15a
51
"f100. Oct. 1 "Holders of tee. Oct. 3
Quarterly
Apr. 15 Holders of tee. Apr. is
Duntilll Internat. common. (quar.)_ - -- $1
"1234e Mar. 'Holders of rec. Feb. 15
Ayr. 15 Holders of rec. Anr. Is Imperial Oil, reg. shares (guar.)
Common (payable In cam.stock)
fl
•1234c Mar.
Bearer shares (guar.)
*Holders of coup. No. 24
•50e. Mar. 31 "Holders of rec. Mar. 20
Early & Daniels, corn. (quar.)
Imperial Tobacco of Grt. Brit. & Ire.
"I% Star. 31 "Holders of rec. Mar. 20
Preferred (guar.)
"Holders of rec. Feb. 13
Amer. dep, rcts. for ordinary shares_ __ "w834 Mar.
50e. Mar. 1 Holders of rec. Jan. 31
East. Theatres, Ltd.,Toronto,com.(qu.)
Mar.
Bonus (1 shilling 6 pence)
"Holders of rec. Feb. 13
$1.50 Mar. 1 Holders of tee. Jan. 31
Eastern Utilities Invest. 36 Pf.
Mar.
Holders of rec. Feb. 30
Ingersoll-Rand Co.. common (guar.)._ $1
$1.75 Mar. 1 Holders of rec. Jan Si
$7 preferred (guar.)
Mar.
$1
Holders of rec. Feb. 140
Inland Steel (quar.)
51.25 Apr. 1 Holders of rec. Feb. 28
$5 prior preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 280 Instill Utility Invest., corn. (In stock) _ _ _ *1134 Apr. I *Holders of rec. Apr. 1
Eastman Kodak,corn.(guar.)
Common (payable in common stock)_ '11 34 July 1 "Holders of rec. July 1
75e. Apr. 1 Holders of rec. Feb. 280
Common(extra)
Common (payable in common stock). *ft % Oct. 1, "Holders of tee. Oct. 1
134 Apr. 1 Holders of rec. Feb. 28a
Preferred (guar.)
•51.50 Mar.
*Holders of rec. Feb. 20
"373.4c Feb. 28 *Holders of rec. Feb. 18
(No. 1)
Eisler Electric, corn. (qu.)
$ prof ( "
Insuraitshares Certificates, Inc.(No. 1)_ *15e. Mar. 1 "Holders of re.c Feb. 28
6
oua
Electric Shareholdings Corp.. corn.(qu.) .25e. Mar. I 'Holders of rec. Feb. 5
*El
*Holders of rec. Mar. 20
Apr.
Interlake Steamship,corn.(luar )
Mar. 1 *Holders of roe. Feb. 5
"fl
Corn.(payable in corn.stock)
*Holders of rec. Feb. 20
International Arbitrage, com.(oust.).... *51 Mar.
11.50 Mar. 1 "Holders of rec. Feb. 5
Prof.(cash or 1-20 oh. of com.stock) _ _ 0
mectIng Apr. 10
"Holders of rec. Feb. 20
'16 Mar.
Common (payable in com.stock)
Elec. Pror flat.. corn. & f. (In corn stk.) 100 s ubj.to e
Holders of rec. Feb. 150
Internat. Agree. Corp. prior pref.(au.).. 134 Mar.
50c. Mar, 1 Holders of rec. Feb. 18
Ely & Walk Dry Gds.,corn.((Var.)
Holders of rec. Mar. 220
---- $1.50 Apr. 1
Internat. Business Nfachlnes
(z) Afar. 1 Holders of rec. Feb. 20
Empire Corp., 53 pref.(guar.)
May
Holders of rec. Mar. 1
Internat. Educational Publishing pref._ $1
Employers Group Associates (ou.)(No.1) •25e. Mar. 15 *Holders of rec. Mar. I
134 Mar.
Holders of rec. Feb. 53
60e. May I Holders of rec. Apr. 210 International Flarvester, pref. (quar.)__
Fair (T1,e) common (guar.)
250. Mar,3 Holders of roe. Nfar. la
134 May 1 Holders of rec. Apr. 210 Inter. Nickel of Canada,corn.(au.)
Preferred ((Inez.)
600. Mar.
Holders of rec. Feb. 140
75e. Mar. 31 Holders of rec. Mar. 12a Internat. Safety Razor, class A (quar.)
Fairbanks, Morse & Co.„ corn.(quar.)-50e. Mar.
Holders of roe. Feb. 14a
CIASS 13 (lInar.)
134 Mar. 1 Holders of rec. Feb. Ila
Preferred (guar.)
25e. Mar.
Holders of ree. Feb. 143
25e. Mar. 30 Holders of rec. Mar. 1
Class II (extra)
Fairfax Airports common (No. 1)
75e. Mar.
Holders of rec. Feb. 15
Internat. Secur. Corp.. com. A (guar.)._
50C. Mar. 1 Holders of rec. Feb. 15
Canadian Corp.(qu.)
Famous Players
123.4c. Mar.
Holders of rec. Feb. 15
6244c Apr. I Holders of rec. Mar 14
Common B (guar.)
Faultless Rubber ((mar 1
Holders of rec. Feb. 15
134 Mar.
7% preferred (guar.)
Federal Mining & Smelting,pref.(rm.)... 134 Mar. 15 Holders of rec. Feb. 170
134 Mar.
Holders of rec. Feb. 15
preferred (Oman)
20e. Feb. 28 Holders of rec. Feb. 150
.com.(quar.)_634%
Federated Capital Corp.
Holders of rec. Feb. 15
134 Mar.
6% preferred ((toar.)
Feb. 28 Holders of rec. Feb. 15a
fl
Com.(payable in com.stock)
50e. Mar.
Holders of rec. Feb. 15
3734e. Feb. 28 Holders of rec. Feb. 15a Internat. Shoe pref.(monthly)
Preferred (guar.)
134 Mar.
Holders of rec. Feb. 140
16c. Mar. 29 Holders of rec. Mar. 130 Internat. Silver common (Mar.)
Fifth Ave. Bus Securities, corn. (quar.)2
Mar.
Holders of rec. Feb. 140
Mar. 2
Common (extra)
Mar. 1 Feb. 16 to
3
Fifty-flye Park Ave., Inc., pref
•381-fe Feb. 28
pref.(qu.) _ - - I% Apr. 1 Holders of tee. Mar. 17a Investment Trust of NJ
}Ilene(William) Sons Co.,
50e. Apr.
Holders of rec. Mar. 17
Co., Inc., COM. W.).Investors
Ena
400. Mar. 1 Holders of rec. Feb 15
Finance Service Co.(Baltimore). com
.250. Mar.
*Holders of rec. Feb. 15
Iron F
ireman Mar.)
1711.c. Star, 1 Holders of rec. Feb. 15
Preferred(guar.)
*50e. Mar.
"Holders of tee. Feb. 15
Feb 15a
Firestone Tire & Rubber. 6% pref. (qu.) I% Mar. I Holders of rec.
•500. Mar. 3 "Holders of rec. Feb. 28
Isle Royale Copper Co. (guar.)
Fitzsimons & Connell Dredge & Dock
Mar. 'Holders of rec. Feb. 15
Jackson (Byron) Co. (stock dividend)._ "e2
'50c. Mar. 3 "Holders of rec. Feb. 20
Corn.(guar.)
Holders of rec. Fob. 14
621dc Mar.
Jaeger Machine common (guar.)
(u) Mar. 3 *Holders of rec. Feb. 20
Coin.(1-40th share com stock)
750. Apr. 15 Holders of roc. Apr. 2
Florsheirn shoe, pref. (guar.)
(34 Apr. I Holders of rec. Mar. 150 Jewel Tea common (Ousr.)
Johnson-Stephens-Shinklo Shoe (guar.). 6234c. Mar. 1 Holders of me. Feb. 15
Holders of rec. Feb. 10
A&
5
Apr. 1
Flynn Electric Co.. common
75e. Mar. 15 Holders of rec. Feb. 280 Jones & Laughlin Steel, corn.(ouar.)---- •134 Mar. I "Holders of rec. Feb. 13
Follansbee Bros. Co., coin.(guar.)
1% Apr. 1 Holders of rec. Mar. 130
•
Preferred (guar.)
Preferred (quttr.)
134 Mar. 15 "Holders of rec. Feb. 28
Apr. 15 'Holders of rec. Mar. 31
•el
Kaufmann Dept. Stores. pref.(guar.)--- 134 Apr. 1 Holders of rec. Mar. 10
Food Machinery stock dividend
.5e. Mar. 1 *Holders of rec. Feb. 10
65e. Mar. /I Holders of rec. Mar. 5
Kendall Co., common
-Burt Co. (guar.)
Foote
$1.50 afar. 1 Holders of rec. Feb. 103
Preferred series A (guar.)
.50c. Apr. I "Holders of rec. Mar. 15
Formica Insulation (guar.)
•250 Feb. 28 *Holders of rec. Dee. 23
Key Boller Equip.(guar.)
•50e. July I "Holders of roe. June 15
Quarterly
•e50
Holders of rec. Dee. 28
Stork dividend
•50e. Oct. 1 'Holders of rec. Sept. 15
Quarterly
Kidder Participations. Inc.. common-- •561-ic Aug. 1 *Holders of rec. July 17
*50c. Jan1'31 "Holders of rec. Dee. 15
Quarterly
5371ic Apr. 1
Preferred (extra)
Foster & Kleiser, preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 27
r Parttcipatlons No. 2, pref.(extra) •25e. Apr. 1
err
K1ddeered
'13.i Apr. I *Holders of rec. Mar. L.
Frank (A. B.) Co., pref. (guar.)
•250. Oct. I
Preferred (extra)
•134 July 1 *Holders of rec. June 11
Preferred (guar.)
"1.34 Mar. 10 'Holders of rec. Feb. 4
Klnley Lumber(guar.)
'l3 Oct. 1 *Holders of rec. Sept. 1.
Preferred (guar.)
25e. Apr. I Holders of rec. Mar. 170
Mar. 100 Kinney itt. R.) Co.. common (Quar.) -Fuller (George A.) Co., part. pref. (qu.) $1.50 Apr. 1 Holders of rec.
2
Mar. 1 Holders of rec. Feb. I40
Preferred (lust.)-Participating pref. (Partic. dividend)_ 21.95 Apr. 1 Holders of rec. Mar. 100
'134 Mar. 10'Holders of rec. Feb. 28
(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 100 Kirby Lumber (guar.)
Second preferred
•25e. July 1 "Holders of rec. June 15
(NO. 1)
---$1.40 Apr. 1 Holders of rec. Mar. 100 Klein (D. Erna) Co.(guar.)
Second pref.(Partle. dividend)
6234c Mar. 1 Holders of rec. Feb. 15
(111ar.)
$1 Mar. 15 Holders of rec. Feb. 28a Kleinert (I. B.) Rubber.core. 1
General Asphalt, common (guar.)
*$1.50 Mar. 15 *Holders of rec. Feb. 15
Knox Hat,class A (guan)
General Box Corp.. preferred (guar.) _ •134 Mar. 1 *Holders of rec. Feb. 15
*$1.50 Mar. 15 *Holders of rec. Feb. 16
Common (guar.)
50e. Mar. 3 Holders of rec. Feb. 14a
General Bronze common (guar.)
25e, Mar. 1 Holders of rec. Feb. 106
Mar. 1 Holders of rec. Feb. 13a Kroger Grocery & Baking common (qu.)
$1
General Cable, class A (guar.)
Mar. I Holders of rec. Feb. 100
Baking. stk. dividend _ el
Krugertock
I% NIar. 1 Holders of rec. Feb. 21a
General Cigar, pref.((Mar.)
el
June 2 Holders of rec. May 100
Stock dividend
•40e. Apr. 25 *Holders of rec. Mar. 7
General Electric new com(qu.)
(No. 1).
el
-tent. I !folders of rec. Aug. 110
Stock dividend
Apr. 25 "Holders of rec. Mar. 7
•150.
Special stock (guar.)
Kuppenhelmer (B.) & Co., pref. (guar.) 134 Mar. 1 Holders of rec. Feb. 2I0
General Industrial and Bancshares Corn
Mar. 1 *Holders of tee. Feb. 14
•31
Lackawanna Securities
Mar. 1 Holders of rec. Feb. 20
5
Class A (special)
80c, Mar. I Holders of rec. Feb. 15
Feb. 15a Lake of the Woods Stilling, corn.(guar.)
•75e. Mar. 12 *Holders of rec.
General Motors Corp., Corn. (quar.)_
134 Mar, 1 Holders of rec. Feb. 15
Preferred (guar.)
7% preferred (guar.)
•134 May 1 "Holders of rec. Apr. 7a
•75e. May 15 'Holders of rec. Slay 5
6% preferred (guar)
•134 May 1 *Holders of rec. Apr. 7a Landis Machine. corn. (guar.)
'75e. Aug. 1.5 'Holders of rec. Aug. 5
Common ((luar.)
6% debenture stock (guar.)
•134 May 1 "Holders often. Apr. 70
"75c. Nov. 15 'Holders of roe. Nov. 5
Common (guar.)
Feb. 25 Holders of rec. Feb. 10a
31
General Refractories (guar.)
134 Feb. 28 Holders of rec. Feb. 183
ris tra
i,: to
25c. Feb. 25 Holders of rec. Feb. 100 La. n klonotype Machine (quer.)- - - Extra
2.50. Feb. 28 *Holders of rec. Feb. 180
530e. Apr. 1 'Holders of me. Mar. 20
Gerlach-Barklow Co.,corn.(guar.)
'250. Mar. 30 "Holders of rec. Mar. 20
ath tCoig.
Lecom on common (guar.)
Co.,
'50c. Apr. 1 "Holders of rec. Mar. 20
Preferred (guar.)
•25e. June 31) "Holders of rec. June 20
Gerrard (S. A.) St Co., corn. (quar.)_-_ _ '3734c Mar. 1 *Holders of rec. Feb. 15
•25e. 'Sept. 30 *Holders of rec. Sept. 20
Common ((lust)
Gilbert(A. C.) Co., corn. (qu.)
•250 Mar. 31 "Holders of rec Mar. 19
"II
Feb. 28 *Holders of rec. Jan. 31
Navigation Mar.)
*Holders of me June 18
Common (guar.)
•25e June
75e. Mar. 1 Holders of rec. Feb. 140
Lehn
Gillette Safety Razor (guar.)
$1.25 Mar. 1 Holders of rec Feb. la Lehig%Coal&
25e, Mar. 1 Holders of rec. Feb. 140
Libbey-Owens Glass, corn.(guar.)
Globe Democrat Publishing, pref. (qu.)_
I% Mar. 1 Holders of rec. Feb. 20
Dec. 31
t
sn,t dhai %;
Lioerty Siy rvn iurp. stock dividend--. _ 'Cl
Globe Grain & Milling Co.. corn. (guar.) *50e. Apr. 1 *Holders of rec. Mar. 20
•el
Mar.31
First preferred (guar.)
•4334c Apr. 1 "Holders of rec. Mar. 20
Myers Tobacco
15 Holders of rec. Mar. 1
Liggett &
Goldberg(S. M.)Stores,com.(quar.)_
25c. Mar.
Mar. 1 Holders of rec. Feb. 100
31
Common St common B (g(1ar.)
Common(guar.)
25e. June 16 Holders of tee. June 2
Mar. I Holders of rec. Feb. 100
$1
Common and common B (extra)
$1.75 June 16 Holders of rec. June 2
Preferred (guar.)
.
corn,
i
Lindsay (C. W.) & Co.,co.(ouar.) - 25c. Mar. I Holders of rec. Feb. 15
m.)
r
(
Goldberg (S. M.) Stores $7 pref. (quar.)_ •$1.75 Mar. 15 *Holders of rec. Mar. 1
134 Slat. I Holders of rec. Feb. 15
•400 Mar. 10 *Holders of rec. Feb. 28
Golden Cycle Corp. (guar.)
'134 Feb. 28 'Holders of rec. Feb. 15
Lindsay Light. corn.(guar.)
Golden State Milk Products. stk. My_ __ *e2.6 Mar. I "Holders of rec. Feb. 15
(m(taPrrof.lL (guar.). .500. Mar. 1 'Holders of rec. Feb. 18
le
eo
Mar. 1 Holders of rec. Feb. 150 Llo snd iaytt Co.Nu nPtlisIllng.
Goodrich (B. F.) Co. common (guar.).
$1
65e. Mar. 1 Holders of tee. Feb. 15a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 150 (.10k
(
Lori w
ias,Ltd.. Cl. A&B M. •20c. Mar. I *Holders of rec. Feb. 8
)
Preferred (guar.)
134 July 1 Holders of me. June 140 Loblaa TGaroycelorte, rl
134 Mar. 1 Holders of rec. Feb. 17
1st prof. (guar.)
Goodyear Tire & Rubber,corn.(guar.)_ _ $1.25 May 1 Holders of rec. Apr. la
$2.50 Mar, 1 Holders of rec. Feb. 8
o
p loferrlf wu r elates (guar.)
.
First preferred (guar.)
134 Apr. 1 Holders of rec. Mar. la Ludre w itedg. Ass j
'373.4e Mar. 15 *Holden; of rec. Mar. 5
corn.
Lunkenhelmer Co.. co (guar./
50e. Mar. 1 Holders of rec. Feb. 15
Gorham Mfg. common (guar.)
•I34 Apr. 1 *Holders of rec. Mar. 22
•25e. Apr. 1 "Holders of rec. Mar. 20
Grand Rapids Varnish (guar.)
Apr. 15 'Holders of rec. Mar. 15
.$1
Macfadden Publications, corn
75e. Mar. 1 Holders of rec. Feb. 14
Grand Union Co.,cony. pref.(quar.)_ _ _
'134 May 15 *Holdeis of rec. May 5
r
Magnin (I.)(lusr., pref.(guar.)
.
Co)
Great All. & Pacific Tea corn.(guar.)._ _ •$1.25 Mar. I "Holders of rec. Feb. 3
•114 Aug. 15 'Holders of rec. Aug. 5
Mar. 1 *Holders of roe. Feb. 3
•134
Preferred (guar.)
.
134 Nov. 15 *Holders of rec. Nov. 5
Preferred (guar.)
21-4 Apr. 1 Holders of tee. Feb. 28
Great Britain & Canada Invest. pref____
134 Mar. I Holders of rec. Feb. 20
prof.
(
shirt, com. qar)
Mange!Stores Corp., pref (Oust.)
•750. Mar. 1 "Holders of rec. Feb. 20
Great Northern Paper (Oust.)
50e. Mar. 1 Holders of rec. Feb. 15a
Manhattan
1 Holders of rec. M'ar. 15
Greenfield Tap & Die Corp.6% rd.(go.) 134 Apr.
Mar. 1 'Holders of rec. Feb. 20
•fl
MardschewItz M.) Co., coul. (in UK.)
Apr. 1 Holders of rec. Mar. 15
2
8% preferred (guar.)
June 1 "Holders of rec. May 21)
corn ()Dv In com. stock) faller --- •fl
•50c. Mer. 1 Holders of rec. Feb. 18
Gruen Watch, common (guar.)
•450. Mar. 1 'Holders of rec. Feb. 20
10a Mantschewitz (B.) Co..com.(war.)
134 Mar. 1 Holders of rec. Feb.
Hamilton Watch pref. (guar.)
•154 Apr. 1 *Holders of rec. Mar. 20
• 4334e Mar. 1 *Holders of rec. Feb. 16
Preferred (guar.)
Hancock Oil. prof.(guar.)
'11-f July 1 'Holders of rec. Mar. 20
Preferred (guar.)
15e. Mar. 1 Holders of rec. Feb. 20
Hanes(P. H.) Knitting Co. common_ _ _ •30e. Mar. 31 "Holders of roe. Mar. 1
Marine Midland (guar.)
134 Apr. 1 Holders of rec. Mar20
Preferred (guar.)
50c. Mar, 1 holders of roe. Feb. 180
50c. Mar. I Holders of rec. Feb. 20a Marmon Motor Car (guar.)
Harbison-Walker Refract.. corn.
'le. Feb. 25 *Holders of tee. Feb. 15
20a Mascot 011 (monthly)
25e. Mar. 1 Holders of rec. Feb.
Common(extra)
50c. Mar. 1 Holders of roe. Feb. 15a
Preferred (guar.)
134 Apr, 19 Holders of rec. Apr. 9a May Department Stores, corn.(ouac)
113.4 Mar, 1 Holders of rec. Feb. 15a
Com.(payable In corn.stock)
•500. Star. 1 Holders of rec. Feb. 15
Hart-Carter Co.cony. pref. (otter.)
Common (payable in common stock). f134 June 2 Holders of rec. May 15a
50e. Mar. 1 Holders of rec. Feb. 17a
Hartman Corp. class A (guar.)
Common (payable in common stock). 1111 Sept. 2 Holders of rec. Aug. 152
Class 13 (guar.)
30e. Mar. 1 Holders of rec. Feb. 170
Common (payable In common stock)_ 1134 Dec. 1 Holders of rec. Nov. 150
Feb. 28 Holders of roe. Feb. 14
Hart, Schaffner & Marx corn. (guar.)
.2
Refining
alian
75e. Mar. 1 Holders of tee. Feb. 15
Hathaway Bakeries class A (guar.)
ejr.o.re)ifIS.:(2aaruarr.).
134 Mar. 1 Holders of rec. Feb. 140
Preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
•15c. Slat. 15 'Holders of roe. Feb. 15
i,cc FronW n.
es(Ce .a
to
Hawaiian Ptneapple (guar.)
50e. Feb. 28 Holders of rec. Feb. 15a 17,e ci
50e. Mar. I Holders of roc. Feb. 200
McCrory Sts. Corp., corn. & corn. B(qu.)
Hazelthae Corp.(quar.)
•25e. Mar. 1 *Holders of rec. Feb. 15
25c. Mar. I Holders of rec. Feb. la
McIntyre Porcupine Mines (011ar.)
Helena Rubinstein, Inc.. pref.(guar.).- 75e. Mar. 1 Holders of rec. Feb. 20
87%e. Mar. 15 Holders of refl. Feb. 280
McKesson & Robbins. Inc., pref. (q11.)
Hibbard, Spencer. Bartlett & Co.(mthlY)
3.50. Feb. 28 Holders of tee. Feb. 21
Holders of rec. Feb. 18
50e. Mar.
Nledart (Fred) Mfg., corn
Monthly
Mar. 28 Holders of rec. Mar. 21
35e.
Holders of rec. Jan. 31a
50e. Mar.
Mengel Co. common (Mar.)
Holders of tee. Apr. 20
Higbee Co., first pref. (guar.)
134 Mar.
144 Mar.
Holders of rec. Feb. 15a
Preferred (guar.)
First preferred (guar.)
Holders of rec. July 20
•I% Aug.
Holders of rec. Jan. 10
3
Mar.
Merrimack Mfg. common (guar.)
of rec. Oct. 19
First preferred (guar.)
Holders
•154 Nov.
Holders of rec. .Tan. 10
234 Mar.
Preferred (guar.)
Second preferred (guar.)
Feb. 19 to Mar. 1
Mar.
2
Merritt, Chapman & SCAM COM.((Mari •40e. Mar. 'Holders of rec. Feb. 15
Holders of tee. May 20
Second preferred (guar.)
June
.2
*Holders of rec. Feb. 15
$1
• 34 Mar.
Holders of rec. Aug. 20
Second preferred (guar.)
Sept.
*2
Holders of rec. Mar. 15
40c. Apr.
NfeTta Machine, corn. (guar.) (No. I).
rerredaun
Holders of tee. Nov. 21
Second preferred (guar.)
Dec.
.2
Holders of rec. Mar. 15
10c. Apr.
Common (extra)
Holders of me. Feb. 15
Hires (Charles E.) Co. class A (quar.)
50c. Mar.
FEB. 22 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Meteor Motor Car(guar.)
.2.50. Mar. 1 'Holders of rec. Feb. 20
Metro-Goldwyn Pictures pref.(attar.) _ _ 473c Mar. 15 Holders of rec. Feb. 280
Metropolitan Paving Brick, corn.(quar.)
50c. Mar. 1 Holders of rec. Feb. 14
le Preferred (duar.)
1% Apr. 1 Holders of rec. Mar. 14
Miller & Hart, Inc.. pref. (quar.)
'87)4c Apr. 1 "Holders of rec. Mar. 15
Miller (I.) & Sons, corn.(quar.)
50c. Apr. I Holders of rec. Mar. 15
Preferred (quar.)
184 Mar. 1 Holders of rec. Feb. 15
Miss. Val. Utilities Invest., pref.(qu.) $1.75 Mar. 1 Holders of rec. Feb. 15
Mohawk Mining
11.50 Mar. 1 Holders of rec. Jan. 31
Monarch Royalty Corp.. pref. A (quar.) 1210. Mar. 10 Holders of rec. Feb. 28
Preferred (qunn)
13O. Mar. 10 Holders of rec. Feb. 28
Moreland Motor Truck, pref.(guar.)._ _ '1734c Mar. 31
Morison Electrical Supply, corn. (qu.)..25e Mar. I Holders of rec. Feb. 15
Common (payable in corn stock)
flit Mar. 1 Holders of rec. Feb. 15
Morrell(John) & Co.. Inc.(qaar.)
$1.10 Mar. 15 Holders of rec. Feb. 21a
Motor Products Corp. (quar.)
ti Apr. 1 Holders of rec. Mar. 20
Motor Wheel Corp.,corn.(quar.)
750. Mar. 10 Holders of rec. Feb. 20a
Munsingwear. Inc. (illar.)
75c Mar. 1 Holders of rec. Feb. ha
Extra
$1
Mar. 1 Holders of rec. Feb.
Murphy (G. C.) Co.. new corn. (quar.).. .400 Mar. 1 *Holders of rec. Feb. ha
19
Muskegon Motor Specialties, el. A (qu.) *500 Mar. 1 *Holders of rec. Feb. 18
National Baking, pref. (quar.)
"181 Mar. 1 'Holders of rec. Feb. 10
National Bearing Metals, corn.(rm.)
75c Mar. 1 Holders of tee. Feb. 15
National Belles Hess Co.. prof.(quar.)_ _
1% Mar. 1 Holders of rec. Feb. 180
National Biscuit, corn.($10 par) (quar.)
70c. Apr. 15 Holders of rec. Mar. 20a
National Biscuit,com.($25 par) (quar.). $1.75 Apr. 15 Holders of rec. Mar. 20a
Preferred (quar.)
I
Feb. 28 Holders of rec. Feb.
Nat. Dairy Products Corp., corn.(qua. 50c. Apr. 1 Holders of rec. Mar.14a
30
Corn.(payable in corn. stock (quar.) _ _
i
Apr. 1 Holders of rec. Mar. 3a
Corn.(payable In corn. stock)(Quer.). 11
July 1 Holders of rec. June 3a
Corn. (payable in corn stock) (guar.)
Oct. 1 Holders of rec. Sept. 30
11
Nat. Dept. Stores, 2d pref. (guar.)
"181 Mar. 1 *Holders of rec. Feb. 15
Nat. Enameling & Stpg. (altar.)
50e. Mar. 31 Holders of rec. Feb. 23a
Nat. Family Stores, corn.(quar.)
400. Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
50e. Mar. 1 Holders of rec. Feb. 20
National Lead, class A (quar.)
1% Mar. 15 Holders of rec. Feb. 28a
National Steel (Quar.)(No. 1)
50e Mar. 10 Holders of rec. Mar. 3
Nat. Sugar Refining (guar.)
50c. Apr. 1 Holders of rec. Mar. 3
Kehl Corp., corn.(guar.)
32%c Mar. 1 Holders of rec. Feb. 13
Newberry (J. J.) Co., corn. (quar.)
27%c. Apr. 1 Holders of rec. Mar. 17
Newport Co,corn.(quar.)
•50c. Mar. 1 *Holders of rec. Feb. 21
Class A (quar.)
75c. Mar. I Holders of rec. Feb. 21a
N. Y. Transportation, (quar.)
*50c. Mar 28 *Holders of rec. Mar. 13
Nickel Holding Corp., corn. (arlar.)
*60c. Mar. 31 "Holders of rec. Mar. 1
Noblitt-Sparks Industries (in stock)_ _ el l4 Apr. I 'Holders of rec.
Mar. 20
Stock dividend
July 1 'Holders of rec. June 20
Stock dividend
Oct.
'el d
"Holders of rec. Sept. 20
North Amer. Oil Consolldated (mthly.)_ •10c. Mar. 1 "Holders of rec. Feb. 20
North Central Texas 011 (guar.)
I50. Mar. 1 Holders of rec. Feb. 10
Northam Warren Corp, Prof. (quar.) _
"75e. Mar. 1 *Holders of rec. Feb. 15
O'Connor & Moffatt,corn. A (quar.)
.37%c Mar. 1 'Holders of rec. Feb. 15
Ogglesby Paper pref.(quar.)
*$1.50 May 1 "Holders of rec. Apr. 20
Preferred (quar.)
"El 50 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
"51.50 Nov. "Holders of rec. Oct. 20
Ogilvie Flour Mills, Prof.(quar.)
1% Mar. 1 Holders of rec. Feb. 20a
Ohio Oil (altar.)
.50c. Mar. 15 *Holders of rec. Feb. 14
Extra
*50c. Mar. 1.; "Holders of rec. Feb. 14
Omnibus Corp.. pref. (quar.)
2
Ala. 1 Holders of roe. Mar. 140
Ontario Mfg., corn. (quar.)
'75c. Apr
1 'Holders of rec. Mar. 20
Preferred (quar.)
..13.‘ Apr. 1 *Holders of rec. Mar. 20
Orange Crash Co. (quar.)
'373-4c Feb. 25 *Holders of rec. Feb. 15
Oshkosh Overall. pref. (altar.)
*50e. Mar. I *Holders of rec. Feb. 21
Outboard Motors, class A (quar.)
*450. Mar. 1 'Holders of rec. Feb. 15
Owens Illinois Glass. pref. trituir
I).( Apr. 1 Holders of rec. Mar. 16
Pacific American Co. (Ottar.)
'500. Mar. 1 •Lioleers of rec. Feb. 15
Pacific Cotton Seed Products, corn.(qu.) •1y., Mar. 1 'Holders of rec.
Feb. 20
Packard Motor Car (quer.)
25c Mar. 12 Holders of rec. Feb. I50
Paramount Famous Lasky Corp
Common (quar.)
Mar. 29 Holders of rec. Mar. 7a
$1
Park & Tliford, Inc. (guar.)
75c. Apr. 14 Holders of rec. Mar. aro
Stock dividend _
Apr. 14 Holders of rec. Mar. 201
1
Patterson-Sargent Co.. corn. Mara_
50e. Mar. 1 Feb. 16 to Feb. 28
Fender (D.) Grocery, class A (qu.)
*87%c Mar. 1 *Holders of rec. Feb. 20
Pennsylvania Investing, class A (guar.) 62%e.
Mar. 1 Holders of rec. Jan. 31a
Phillips-Jones Corp., corn. (quar.)
75c. Mar. 1 Holders of rec. Feb. 200
Phoenix Hosiery, 1st pref. (guar.)
14 Mar. 1 Holders of rec. Feb. 15a
Pickwick Corp., 7% preferred (guar.). _ •1784c Feb. 25 *Holders
of rec. Feb. 15
8% preferred (quar.)
*20c. Mar. 25 *Holders of rec. Star. 15
Pierce-Arrow Motor Car, pref. (qu.)
184 Mar. 1 Holders of rec. Feb. 10a
Pillsbury Flour Mills, corn. (guar.)
50c. Mar. 1 Holdres of rec. Feb. 15a
Pines Winterfront Co. (quar.)
*25e. Mar. I *Holders of rec. Feb. 15
Stock dividend
*e2
Mar. 1 *Holders of rec. Feb. 15
Pittsburgh Steel pref.(quar.)
181 Mar. 1 Holders of rec. Feb. 8a
Plymouth 011
50e. Mar. 15 Holders of rec. Mar. 5
Poor & Co., cies- A & B (guar.)
50e. Mar. 1 Holders of rec. Feb. 15a
Porto Rican Amer. Tobac. cl. A (au.)
*134 Apr. 10 *Holders of rec. Mar. 20
Class A (acccount accum.diva.)
'51 34 Apr. 10 *fielders of rec. Mar. 20
Powdrell & Alexander Co. Prof. (QIhar.).
'134 Apr. 1 *Holders of ree Mar. 15
Prairie Oil& Gas(quar.)
500. Mar. 31 Ifelders of rec. Feb. 28a
Pratt dr Lambert, Inc. (guar.)
Apr. 1 *Holders of rec. Mar. 15
.31
Pressed Steel Car, pref. (quar.)
I% Mar. 31 Holders of rec. Mar. 1 a
Procter & Gamble Co..5% pref (quar.)_
1% Mar. 15 Holders of rec. Feb. 25a
Public Investing Co. (guar.)
250 Mar. 15 Holders of me Feb. 15
Extra
100 Mar. 15 Holders of rec. Feb 15
Pure 011 common (guar.)
3734c Mar. 1 Holders of rec. Feb. 100
Purity Bakeries common (quar.)
Mar 1 Holders of rec. Feb. 15a
Si
Quaker (hits Prof. (quar.)
.134 Feb. 28 *Holders of
Radio Corp. of Amer., pref. A (quar.)__ 8734c. Apr. 1 Holders of rec. Feb. la
rec. Mar. la
Preferred B (quar.)
51.25 Apr. I Holders of rec. Mar. la
Railroad Shares Corp.(No. 1)
1234c alar.115 *Holders of roe. Feb. 17
lialulet Pulp & Palter, ChM A (qu.)___
Mar. 1 *Holders of rec. Feb. 10
Class B (quar.)
•25e. Mar. 1 *Holders of rec. Feb. 10
Rand Mines, Ltd., Amer. shares
$1.52 Feb. 28 Holders of rec. Feb. 21a
Rapid Electrotype (quar.)
•3734c Mar. 15 'Holders of rec. Mar. 1
Stock dividend
July 15 *Holders of rec. July 1
•e5
Reliance International Corp.. pref. (aril
75e. Mar. 1 Holders of rec. Feb. 20
Reliance Mfg.of Ills., corn.(guar.)
3734c Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
14 Apr. 1 Holders of
Remington Typewriter, corn.(quar.)_ '1).j Apr. 1 *Holders of rec. Mar. 20
rec. Mar. 8a
First preferred (quar.)
181 Apr. 1 Holders of roe. Mar. 8a
Second preferred (quar.)
Apr. 1 Holders of rec. Mar. 8a
2
Republic Iron & Steel common (quar.)- 1
Mar. 1 Holders of rec. Feb. ha
Preferred (guar.)
1511 Apr. 1 Holders of me. Mar. 12a
Republic Supply (quar.)
•75c Apr. 15 *Holders of rec. Apr.
Quarterly
•75c July 15 *Holders of rec. July I
Quarterly
'75c Oct. 15 *Holders of rec. Oct. 1
Reynolds Metals (guar.)
'600. Mar. 1 "Holders of rec. Feb. 15
Rolland Paper, Ltd., Prof.(Qum.)
134 Mar. I Holders of rec. Feb. 15
Rosy Theatres Corp., corn. A (guar.)_
Mar. 1 *Holders
Russek's Fifth Ave., Inc.(qu.)(No.1) _ '8734c Mar. I *Holders of rec. Feb. 15
•400.
of rec. Feb. 25
St. Joseph Lead Co. (quar.)
50e. Mar. 20 Mar. 8 to
Mar. 20
Extra
25e. Mar. 20 Mar. 8 to
Mar. 20
Quarterly
50e. June 20 June 10 to June 20
Extra
250. June 20 June 10 to June 20
Quarterly
50c. Sept. 20 Sept. 10 to Sept. 21
Extra
25e. Sept. 20 Sept. 10 to Sept. 21
Quarterly
500. Dec. 20 Dec. 10 to Dec. 21
Extra
25e. Dec. 20 Dec. 10 to Dec. 31
At. Louis Car Co., corn
y50e. Mar. 1 Holders of rec. Feb. 1
St. Mary's Mineral Land
Feb. 25 *Holders of rec. Feb. 11
*$2
Savage Arms common (quar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
•114 May 15 *Holders of rec. may 1
&Wetter & Zander. Prof. (attar.)
'8734c May 15 *Holders of rec. Apr. 30
Seaboard Utilities Shares Corp..Del.
(qtr.) 1254c Apr. 1 Holders of rec. Mar. 10
Sears, Roebuck dr Co.,stock div.(qu.)
el
May 1 Holders of rec. Apr. 14a
Sheaffer (NV. A.) Pen, common
Mar. 15 *Holders of me. Feb. 25
*El
Common (estra)
"500. Mar. 15 *Holders of rec. Feb. 25
Sherwin-Williams Co.. prof. (Quar.)
134 Mar. 1 Holders of rec. Feb. 14
Shippers Car Line. class A (guar.)
500. Feb. 28 Holders of rec. Feb. 14
Preferred (guar.)
131 Feb. 28 Holders of
Simmons Boardman Publishing, pr. (qu) .750. Mar. 1 *Holders of rec. Feb. 14
rec. Feb. 18
Name of Company.
1233
When
Per
Cent. Payable.
Books Closed,
Days /titlark's.
Miscellaneous (Continued).
Simms Petroleum (quar.)
40e. Mar. 15 Holders of sec. Feb. 286
Simon (Franklin) & Co.. pref. (guar.)
1% Mar. 1 Holders of rec. Feb. I8a
Simon (II.) & Sons, Montreal. corn.(411.) 62540 Mar. 1 Holders of rec. Feb. 18
1% Mar. I Holders of rec. Feb. 13
Preferred (guar.)
Sinclair Consol. Oil., corn. (guar.)
50c. Apr. 15 Holders of rec. Mar. 15a
Skelly Oil ,Quar.)
50e Mar. 15 holders of rec. Feb. 14a
Smith (Howard) Paper Mills, pref. (qu.) 1% Mar. 1 Holders of rec. Feb. 20
Southern Ice dr Utilities, pref. (quar.)
Holders of rec. Feb. 15
Participating preferred (guar.)
$100 htar 15 Holders of rec. Feb. 15
55..75 A pt.... 1
7 M
Spalding (A. 0.) & Bros. corn.
Holders of rec. Apr. la
First pref. (guar.)
181 Mar. 1 Holders of roe. Feb. 15a
Second preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 15
Spear & Co. 1st & 2d pref. (guar.)
1% Mar. 1 Holders of rec. Feb. 150
Standard Dredging corn. (qu.)(No. 1)
15c Mar. 1 Holders of rec. Feb. 150
Common (1-80th share corn. stock)
If) Mar. 1 Holders of rec. Feb. 15a
Standard 011 (Calif.) (quar.)
6234c Mar. 15 Holders of rec. Feb. 150
Standard 011 (Indiana) (quar.)
.62i4c
.50c.
.15 *Holders of rec. Feb. 5
Standard Oil (Kansas)(aural
Mar.Mar. 15 *Holders of rec. Feb. 28
Standard Oil (Nebraska) (guar.)
6234c Mar. 20 Feb. 26 to Mar. 20
Extra
260. Mar. 20 Feb. 26 to Mar. 20
Standard 011 of N.J. $100 par (guar.)1
Mar. 15 Holders of rec. Feb. I50
5100 par stock (extra)
Mar. 15 Holders of rec. Feb. 15a
1
$25 par stock (quar.)
250. Mar. 15 Holders of rec. Feb. I5a
$25 par stock (extra)
9
4ge . 15 Holders of rec. Feb. 15a
2 e1
5
Standard 01101 N. Y.(altar.)
Holders of rec. Mar. la
Standard 011 of Ohio, pref. (quar.)
I% Mar, 1 Holders of rec. Feb. 7
Stearns (Fred'k) & Co., corn.(mthly.)' 162-3c Feb. 28 'Holders of rec. Feb. 21
Stearns(Fred'k) & Co.,corn.(monthly)* 16 2-3c Mar. 31 *Holders of rec. Mar. 20
Sterling Securities, preference (quara
• 30c. Mar. 1 Holders of rec. Feb. 150
Convertible first pref. (altar.)
St
Holders of rec. Feb. 150
5th. Baer & Fuller, corn. (quar.)
737545ec. ar.. 1 Holders of rec. Feb. 15
Corninon (guar.)
'3754c June 1 'Holders of rec. May 15
Common (guar.)
"37 tic Sept. I "Holders of rec. Aug. 15
Common (quar.)
•373.4c Dec. 1 'Holders of rec. Nov. 15
Stone & Webster, Inc. (guar.)
Apr. 15 Holders of rec. Mar. 14
$1
Stromberg-Carlson Telep. Mfg.corn.(qu) *25c. Mar. 1 *Holders of rec. Feb. 14
Common (extra)
*1284e Mar. 1 "Holders of rec. Feb. 14
Studebaker Corp. common (quar)
Holders of rec. Feb. 103
$11u.25 Mar.aatr.
Preferred (guar.)
Holders of rec. Feb. 100
Sun 011 Co.common (guar.)
250. Mar. 15 Holders of rec. Feb. 25a
Preferred (guar.)
184 Mar. I Holders of rec. Feb. 100
Superior Portland Cement class A (qu.). •2754e Mar. 1 *Holders of rec. Feb. 23
Swan Finch 011 Corp.. pref. (quar.)
.4334e Mar. 1 'Holders of rec. Feb. 10
Tennessee Copper & Chem. Corp.(qua.
25c. Mar. 15 Holders of rec. Feb. 28a
Thompson (J. R.) Co. (monthly)
Holders of rec. Feb. 218
Thompson Products pref.(quar.)
"1% • Mar ..
3°e Ma
"Holders of rec. Feb. 20
r
Thompson-Starrett Co., Inc.. pref. (au.) 87 34e Apr. 1 Holders of rec. Mar. Ila
Tide Water measaated 011, serer-annual _
30e Aug. 15 Holders of rec. July ala
Timken-Detroit Axle pref. (guar.)
1% Mar. I Holders of ree. Feb. 200
Timken Roller Bearing common (guar.).
750. Mar. 5 Holders of rec. Feb. 18a
Transcontinental 011 (new)
*30c. May I *Holders of rec. Apr. 15
TM-Utilities Corp.. corn.(qu.)(No. 1)
•300. Apr. I *Holders of rec. Mar. 15
Common (payable In common stock)_ *.fl
Apr. 1 *Holders of rec. Mar. 15
Truscon Steel istook dividend)
mar. 6 Holders of rec. Jan. 68
ea
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 19
Underwood Elliott Fisher Co.,corn.(qu.) 81.25 Mar. 31 Holders of rec. Mar. 120
Preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 12a
Union Mills, corn. (Quer.)
•50c. Mar. 1 'Holders of rec. Feb. 15
Preferred (guar.)
•1% Mar. 1 "Holders of roe. Feb. 15
Union Storage Co.(quar.)
•132%e May 15 *Holders of rec. May 1
Quarterly
'6234c Aug. 15 'Holders of rec. Aug. 1
Quarterly
•6214c Nov. 15 *Holders of rec. Nov. 1
Union Tank Car new stk.(au.)(No.
40e. Mar. 1 Holders of rec. Feb. 150
United Biscuit common (quar.)
400. Mar. 1 Holders of rec. Feb. 17a
United Carr Fastener (quar.)
30c. Mar. 1 Holders of rec. Feb. 18
United Chemicals Marne. prof. (guar.)
"750. Mar. 1 *Holders of rec. Feb. 15
United Fruit ((Iuer.)
Apr. 1 Holders of rec. Mar. 3a
$1
United Piece Dye Works, corn. (quar.)
50c May 1 Holders of rec Apr. 158
Common (quar.)
50c Aug. 1 Holders of rec. July 158
50c. Nov. 1 Holders of rec. Oct 15a
Common (quar.)
Preferred (altar.)
134 Apr. 1 Holders of rec. Mar. 20a
184 Julyj 1 Holders of rec. June 20a
Preferred (guar.)
184 Oct. 1 Holders of rec. Sept. 200
Preferred (quar.)
Preferred (quer.)
154 Jan 2'31 Holders of rec. Dec. 200
United Trust Shares, series A-2
(z) Mar. 1 Holders of rec. Jan. 31
U.S. Dairy Products, corn. A (quar.)
*51.25 Mar. 1 *Holders of rec. Feb. 20
Mar
.$1.75 54ar .. 1 *Holders of roe. Feb. 20
First preferred (quar.)
sta
Second preferred (guar.)
. *Holders of rec. Feb. 20
Mar. I 'Holders of rec. Feb. 15
U. S. Envelope, common
*4
Mar. 1 *Holders of rec. Feb. 15
*4
Common (extra)
•3ti Mar. 1 "Holders of rec. Feb. 15
Preferred
U. S. Freight common (quar.)
750 Mar. 10 Holders of roe. Feb. 100
U.S. Gypsum,corn.(guar.)
iar
:1 u 5 sr. 31 'Holders of rec. Mar. 15
40c. M . 3
'Holders of rec. Mar. 15
Preferred (guar.)
U.S. Hoffman Machinery (quar.)
50e. Mar. 1 Holders of rec. Feb. I80
U.S. Pipe dr Foundry, corn.(quar.)._
2% Apr. 20 Holders of rec. Mar. 318
2% July 20 Holders of rec. June 30a
Common (quar.)
2% Oct. 20 Holders of rec. Sept. 200
Common (quer.)
Common (Otter.)
214 Ja 20'31 Holders of rec. Dec. 310
30e. Apr. 20 Holders of rec. Mar. 316
First preferred (guar.)
First preferred (quar.)
30e. July 20 Holders of rec. June 308
First preferred (quar.)
30e. Oct. 20 Holders of rec. Sept. 300
30c. Ja 20'31 Holders of rec. Dec. 318
First preferred (guar.)
7
Second preferred (quar.)
130e. Apr. 20 Holders of rec. Mar. 310
Second preferred (quar.)
830c. July 20 Holders of rec. June 300
Second preferred (quar.)
1300. Oct. 20 Holden( of rec. Sept. 300
Second preferred (quar.)
(30e. Ja 2031 Holders of rec. Dec. 3I0
U S. Realty & lropf. guar.)
$1.25 Mar. 15 Holder's of rec. Feb. 144
United States Steel Corp. com.(quar.)._
1% Mar. 29 Holders of rec. Feb. 270
181 Feb. 27 Holders of rec. Feb. la
Preferred (guar.)
U.S. Stores Corp. new hat pf.(qu.)
(N0.1) $1.75 Mar. 1 Holders of rec. Feb. 200
Vacuum 011 (quar.)
$1
Mar. 20 Holders of rec. Feb. 28
Vapor Car Heating, pref. (Otter.)
•184 Mar. 1 *Holders of rec. Mar. 1
Preferred (Otter.)
•141 June 1 *Holders of rec. June 1
Preferred (roar.)
•111 Sept. 10 "Holders of rec. Sept. 1
Preferred (quar.)
*181 Dec. 1 *Holders of rec. Dec. 1
•1% Mar.
.
Vesta Battery Co., pref. (quar.)
*Holders of rec. Feb. 18
Vs-Carolirus Chemical, prior pref. (qu.) 1% Mar. 1 Holders of rec. Feb. 140
Vogt MN. (quar.)
Apr. I *Holders of rec. Mar. 15
Vulcan Detinning corn. & corn. A
1
Apr. 19 Holders of rec. Apr. 100
Preferred and pref. A (guar.)
184 Apr. 19 Holders of rec. Apr. 108
Wagner Electric Co. common (quar.)__ - 3734c Mar. 1 Holders of rec. Feb. 12
Common (extra)
50c. Mar. 1 Holders of rec. Feb. 12
Waitt & Bond, class A (attar.)
*Holders of rec. Feb. 15
.50e. Mar.
Walker (Hiram)-Gooderhum & Werra,
Ltd.(quar.)
25c. Mar. 1 Holders of rec. Feb. 21
Warner Bros. Pictures corn. (quar.)
Holders of rec. Feb. 100
Mar.
$1
Preferred (altar.)
Holders of rec. Feb. 10a
55e. Mar.
Wayne Pump Prof. (quar.)
*Holders of rec. Feb. 15
•87
Mar.
Welch Grape Juice common (quar.)
550. Feb. 28 Holders of rec. Feb. 15
Common (extra)
250. Feb. 28 Holders of rec. Feb. 15
Preferred (guar.)
1% Feb. 28 Holders of rec. Feb. 15
Wesson Oil & Snowdrift, Inc.. Pl. (qu.). $1
Mar. 1 Holders of rec. Feb. 150
Western Auto Supply corn. A & B (au)..
750. Mar. 1 Holders of rec. Feb. 18
Western Dairy Preaucts, class A (Quar.)
Mar. 1 Holders of rec. Feb. 8
Western Insurance Securities
.25c. Mar. 1 *Holders of rec. Feb. 15
Western Pipe & Steel, corn. (oust.).... "50c. Mar. 5 *Holders of rec. Feb. 25
Western Reserve Invest., Pr. prof.(au.). 1% Apr. 1 Holders of rec. Mar. 14
Westinghouse Elec.& Mfg.
Common and preferred (guar.)
$1.25 Apr. 30 Holders of rec. Mar. lla
Westvaco Chlorine Products corn.(qu.)50c. Mar. 1 Holders of rec. Feb. 15a
West Va. Pulp & Paper, coin. (In stock) _ "1331i Feb. 26 *Holders of rec. Jan. 14
Whearaworth, Inc., corn. (quar.)
*2.5e. Apr, 1 *Holders of rec. Mar. 20
"2
8% Preferred (guar.)
Mar. 1 *Holders of rec. Feb. 15
Wheeler Metal Products, corn.(guar.)... *50c. Mar. 15 *Holders of rec. Mar. 5
Wheeling Steel(quar.)
Mar.
*El
"Holders of rec. Feb. 12
WIdtaker Paper, common (guar.)
"31.50 Apr.
"Holders of rec. Mar. 20
•1st Apr.
Preferred (quar.)
'Holders of rec. Mar. 20
White (J. G.) & Co., pref.(guar.)
1% Mar.
Holders of rec. Feb. 15
White (J. G.) Engineering Corp. pf.(qu.) 1% Star.
Holders of rec. Feb. 15
White Motor Co., corn.-(quar.)
50c. Mar. 3 Holders of rec. Mar. 120
[vou 130.
FINANCIAL CHRONICLE
1234
When
Per
Cast. Payable.
Name of Conspany.
Books Closed
Days Inansive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Feb. 14:
Miscellaneous (Concluded).
1 ti Mar. 31 Holders of rec. Mar. 12
White Motor Securities. pref.(Guar.)._ _
1% Apr. 1 Holders of rec. Mar. 21
Whitman(Wm.) Co.. pref.(quar.)
100. May 15 Holders of rec. May 1
Will & Baumer Candle, corn.(quar.)
10c. May 15 Holders of rec. May 1
Common (extra)
2
Apr. 1 Holders of rec. Mar. 15
Preferred( quar.)
1% Apr. 1 Holders el rec. Mar. 18a INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
WiIlys-Overland Co.. pref.(quar.)
Wilson & Co. pref (acct. accum. dive.). hi% Apr. 1 Holders of rec. Mar. 10
•50c Apr. 1
Wilson (Percy) & Co.(No. I)
FOR THE WEEK ENDED FRIDAY, FEB. 14 1930,
1% Mar. 1 Holders of rec. Feb. 15
Windsor Hotel, pref.(quar.)
•23.4 May 1 *Holders of rec. AM. 15
Winated Hosiery (quar.)
NATIONAL AND STATE BANKS-Average Figures
•50c. May 1 *Holders of reo. Apr. 15
Extra
•244 Aug. 1 *Holders of rec. July 15
Quarterly
*500. Aug. 1 *Holders of rec. July 15
Extra
OilierCash Res., Dep., Dep. Other
•2H Nov. 1 *Holders of reo. Oct. 15
Quarterly
Gross
Including N. Y. and Banta and
•50c. Nov. 1 *Holders of rec. Oct. 15
Extra
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans.
Mar. 1 *Holders of rec. Feb. 20
•31
Winton Engine common (quar.)
*75c. Mar. 1 *Holders of tee. Feb. 20
Preferred (quar.)
3
$
$
$
Mar. 1 'Holders of rec. Feb. 14
$
$
ManhattanWolverine Tube, Pref. (quar.)
50c. Apr. 1 Holders of rec. Mar. 18
Bank of U.5._ -_ 213,821,000 20,000 4,212,000 33,618,000 2,064,000 211,654,005
Wood Chemical Products, class A (qu.)2,189,800
____ 151,300
256,100
2,706,900
25c. Apr. 1 Holders of rec. Mar. 18
Bryant Park Bk_
Class B (quar,)
92,908 1,876,344 1,505,311 18,786,746
Grace National__ 21,538,696 6,000
Woods Bros. Corp.(Chic.) com.(In stk.) *1100 Mar. 1 *Holders of rec. Feb. 15
2,856,200
153,700
91,700
3,360,800 30,500
Port Morris
- •60c Mar. 1 *Holders of rec. Feb. 10
Woolworth (F. W.) Co. com.(guar.).
50c Mar. 1 Holders of tee. Feb. 20a Public National _ 144,664,000 31,000 1,923,000 7,747,000 25,542,000 158,971,000
Wrigley (Wm.) Jr., Co.(monthly)
250. Apr. 1 Holden of rec. Mar. 20a
Brooklyn
Monthly
58,500
510,900
556,300 5,476,400
8,600,400 11,000
Holders of rec. Apr. 19a Brooklyn Nat'l
250 MP.V
Monthly
116.000 7.100.000
519.000
7.200.000 5.000 126.000
Pannipa xr,t'i _ _
•1244c Mar. 1
Yellow Cab Co.(Pitts.)(mthly.)
75c. Apr. 1 Holders of rec. Mar. 130
Young(L. A.) Spring & Wire. corn.(qa.)
Youngstown Sheet & Tube, corn. (cm.). $1.25 Apr. 1 Holders of rec. Mar. 140
COMPANIES-Average Figures
TRUST
1% Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
400. Feb. 25 Holders of rec. Feb. 15
SonBe Products Corp. (quar.)
From unofficial sources. • The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 0 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.
a Correction. e Payable In stock.
f Payable In common stock. p Payable in scrip. h On account of accumulated
dividends. J Payable In preferred stock.
m General Gas & Electric common A & B dividend will be applied to the purchase
of common A stock at rate of $25 per share unless written notice of their desire to
take cash Is given by stockholders prior to March 22.
is Richmond National Bank dividend to be ratified by stockholders at meeting
on Feb. 25.
o New York Stock Exchange rules Columbia Gas & Elec. common stock be not
Quoted ex the stock dividend until April 1.
p Blue Ridge Corp. dividend is payable at rate of 1-32d share common stock
for each share of preferred unless written notice is received on or before Feb. 15 of
stockholder's desire to take cash-75o. per share.
British American Tobacco dividend Is 10 pence. All transfers received in London
on or before March 3 will be In time for payment of dividend to transferee.
• Canada Iron Foundries preferred and common dividend subject to confirmation
by general meeting on April 17.
e Holders of Federal Water Service class A stock may apply 500. of the quarterly
dividend to purchase of additional class A stock at $27 per share. Unless notified
to the contrary on or before Feb. 13. 50c. of the dividend will be paid In class A stock
and 10e. In cash.
I Payments on 2d pref. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
In the event of the redemption of that stock before all dividends are paid.
U Fitzsimons at Connell Dredge & Dock declared a stock dividend of one-tenth
share common stock payable in quarterly installment of one-fortieth of a share.
▪ Central Public Service dividend 43840. cash or 1-40th share of class A stock.
w Less deduction for expenses of depositary.
z Empire Corp. pref. dividend Is 1-16th share cora,stock,or at option of holder,
750. In cash.
St. Leans Car Co. payable 500. cash or in corn, stock at $16 per share at option
of holder.
a United Trust Shares dividend is $.055449.
an City Investing common stock dividend reported on previous Issues as payable
In common stock was an error. The dividend is payable in cash.
an Commercial Investment Trust cony. pref. dividend payable In cora, stock
at rate of 1-52nd share common unless company is notified on or before March 17
of Shareholders' desire to take cash-31.50 per share.
bb Unless advised on or before close of business March 18 by stockholders of his
desire to take cash Peoples Light & Power dividend will be paid In class A com
Mock at rate of 1-50th share for each share held.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEAR NO HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB. 15 1930
Cleating Noose
Members.
*Capital.
*Surplus and Net Demand
Deposits
Undivided
Average.
Profits.
Time
Deposits
Average.
s
$
8
$
61,669,000
10,343,000
14,297,300
6,000,000
Bank of N.Y.& Tr. Co-40,906,000
43,209,600 180,689,000
22,250,000
Co_
Bk.of Manhattan Tr.
50.018,000
38,653,000 154,636,000
35,775,300
Bank of Amer. Nat. Ass'n
110,000,000 129,650,200 a 985,459,000 222.671,000
National City Bank'
20,827,000
22,017,700 200,970.000
15,000,000
Chem. Bk.& Trust Co_ -82,607,000
90,000,000 202,636,000 b817,874,000
Guaranty Trust Co
36,348,000
19,466,100 154,865,000
16,200,000
Chat.Ph.Nat.Bk.&Tr.Co
39,852,000
84,117,700 346,375,000
21,000,000
Cent. Han. Bk. & Tr. Co_
33,295,000
22,604,000 176,373,000
12,100,000
Bk.Trust Co_
Corn Each.
13,056,000
10,000,000 103,359,800 224,419,000
First National Bank
54,319,000
83,741,000 358,579,000
50,000,000
Irving Trust Co
786,000
9,678,000
11,280,300
6,000,000
ContinentalBk.&'Yr. Co.
85,199,000
Chase National Bank__. 105,000,000 136,365,100 c 726,623,000
1.367.000
24.975.000
3,627,700
500,000
Fifth Avenue Bank
61,694.000
63,611,000 d440,072,000
50,000,000
Equitable Trust Co
51,733,000
82,631,4000 389,98,000
25,000.000
Bankers Trust Co
1,435,000
34,242,000
24,321,600
10,000,000
Title Guar.& Trust Co.__
6,151,000
39,438,000
5,659,200
6,000,000
Fidelity Trust Co
1,993,000
20,400,000
4,615,100
3,000,000
Lawyers Trust Co
24,607 000
34,276,600 151,703,000
12,500,000
New York Trust Co
64535,000
43,254,000
8,790,500
Com'l Nat. Bk.& Tr. Co_
7,000,000
5,599,000
34,903,000
2,509,700
Harriman Nat. Bk. & Tr_ f 2,000,000 f
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mech. Tr. Co., Bayonne_
Totals
4,602,000
2,809,000
1,706,000
5,435,000
625,825.300 1.154.496.600 5.584.595,000
857,582,000
10,000,000
500,000
12,167,700
888,300
• As per official reports: National, Dec. 31 1929; State, Dec. 31 1929: trust companies, Dec. 311929. f As of Jan. 20 1030.
Includes deposits in foreign branches:(a) 292,800,000,(b) $150,632,000;(c) $13,219,000, (d) $112,452,000, (e) $63,120,000.
Loans.
Cash.
Res've Dep., Depos.01her
N. F. and Banks and
Elsewhere. Trust Cos.
$
8
$
Manhattan50,864,900 9,754,200
943,100
American
861.321
203,693
Bank of Europe dr Tr. 15,492,626
714,623 1,760,069
25,803.384
Bronx County
Chelsea Each Bk.._ __ 22,407,000 1,301,000 1,697,000
84,702,700 *5,060,400 6,675.500
Empire
126,510 1,370,552
17,623,620
Federation
351,100
19,645,000 *2,279,000
Fulton
357,631,000 3,139.000 47,846,000
Manufacturers
74,372,238 3,920,000 7,304,549
United States
Brooklyn
118.122,700 2,086,000 20,318,900
Brooklyn
24S03.623 2,133,099 2,235,094
Kings County
Bayonne, N..1.655.822
247.080
6.737.650
11.1noll.....
Gross
Deposits.
$
$
19,800 49,422,700
15,004,000
25,701,818
19,742,000
3,371,100 84,565,300
121,156 17,427,199
16,908,800
3,320,060 335,020,000
57,787,438
116,785,000
26,582,207
318.127
8.647.050
*Includes amount with Federal Reserve Bank as follows: Empire, $3,383,000:
Fulton, $2,167,200.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS
Feb. 19
1930.
Changesfrom
Previous Week,
Feb. 12.
1930.
Feb. 5
1930.
98,975.000
96.975,000
96,975,000 Unchanged
Capital
108.487,000 106,487,000
104,487,000 Unchanged
Surplus and Profits
Loans,
& Investla_ 1,099,465,000 -5,586,000 1,105,051.000 1,120,373,000
+6,185,000 868,048.000 886,397,000
672,233,000
Individual deposits
138,637,000 -3,609,000 142.246.000 147,070,000
Due to banks
-110,000 270,719,000 277,761,000
270,609,000
Time deposits
2,242,000
1.300.000
-291,000
1,009,000
United States deposits-34,941.000
+892,000
26.880.000
27,772,000
Exchanges for Cl's House
80,498,000
70,142,000
+6.701,000
76,843,000
Due from other banks--85,773,000
83,780,000
82,014,000 -1.766,000
We've in legal delms14.0
7,288,000
7,503.000
-168,000
7,335,000
Cash In bank
1,861,000
1,435.000
43,000 -1,392,000
R.Bk
Beebe excess in F.
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Feb. 15, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Feb. 15 1930.
Two Ciphers (00)
omitted.
Trust
Members of
P.R. SVOOM Companies.
61,498,0
Capital
214,256,0
Surplus and profits__
Loans, dticts. & invest. 1,062,468,0
46,004,0
Exch. for Clear. House
98,640,0
Due for banks
145,551,0
Bank deposit,
Individual deposits- - - 609,196.0
234.678,0
Time deposits
089,425,0
Total deposits
70,414,0
Res, with legal deem-Res. with F. R. Bank
10,409,0
CashIn vault.
80,913,0
Total rm. & cash held_
Reserve required
Eames reserve and cash
In vault
Feb. 8.
1930.
Feb. 1
1930.
Total.
5
$
68,991,0
68.998.0
7,500.0
68,908,0
16,869,0 231,125,0 231,125,0 231,125,0
64,472,0 1,126,040,0 1,131.020,0 1,127,724,0
40,206,0
41,399,0
279,0
48,283.0
87.859,0
87,191,0
13,0
98,653,0
1,733,0 147,284,0 143,757.0 134,631,0
28,884,0 638,080,0 631,384.0 635.494.0
14,936,0 249,614,0 250,020,0 248,478.0
45,553,0 1,034,078,0 1,025,161,0 1,018,601,0
70,130,0
70.329,0
70,414,0
5.024,0
4,890.0
5,083,0
5,083,0
11,783,0
11,458,0
1,498,0
11,995,0
86,937.0
86,677,0
6,579.0
87,492,0
•Cash in vault not counted as reserve for Federal Reserve members.
FEB. 22 1930.]
FINANCIAL CHRONICLE
1235
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.20, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1197, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 19 1930
Feb. 19 1930 Feb. 12 1930. Feb. 5 1930. Jan. 29 1930. Jan. 22 1930. Jan. 15 1930. Jan. 8 1930. Dec. 31 1929. Feb. 20 1929.
RESOURCES.
3
3
$
3
3
$
$
$
$
1,663.332,000 1,646,634,000 1,646,264,000 1,654,164,000 1,680,014,000 1,690,879,000 1.685,479,000 1.676,918.000 1,207,199,000
Sold with Federal Reserve agents
.57,558,000
73.287,000
55,109,000
73,787,000
60,476,000
Sold redemption fund with U. S. Treas.
58.258,000
61.027,000
59,758,000
58,258,000
Gold held exclusively agst. F. R. notes 1,718,441,000 1,704,192.000 1.704,522,000 1.712,422,000 1.739,772,000 1,752,506,000 1,759,266,000 1,750.205.000 1,267,675,000
627,763,000 864.423,000 661.780,000 645.447,000 608,940,000 558,243,000 534.305,000 511.243,000 764,092,000
Sold settlement fund with F. B.. Board
Sold and gold certificates held by banks- 631,314,000 608,363,000 610,261,000 627,343,000 626,503,000 650,303,000 635,776.000 595,603,000 649,343,000
Total gold reserves
Reserves other than gold
2,977,518,000 2,974,978.0002,978.563.000 2.985.212,000 2,975.215,000 2,981,052,000 2.929,347,000 2,857,051,000 2,681,110,000
199,412,000 198,479,000 199,872,000 203.144,000 196,303,000 193,465,000 175,783,000 153.877,000 158,751,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,176,930,000 3,173,457,000 3,176,435,000 3,188,356,000 3,171,518,000 3,154,517,000 3,105,130,000 3,010.928.000 2,839,861,000
68,031,000
77,396,000
81,909.000
69,602,000
85,674,000
69,144,000
84.466.000
74.938,000
76,354,000
204,930,000
172,013,000
212,650,000
169.264,000
197,928,000
183,494.000
220,312,000
186,629,000
239,394,000
193,829,000
235,064.000
207,272,000
319,217.000
248,398,000
353.559.000
278,882,000
518.271,000
346,709.000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
376,943,000
281,057,000
381,914,000
276,084,000
381,422,000
295,791,000
406,941.000
258,472,000
433,223,000
298,389,000
442,336,000
323,347,000
567,615,000
319,167.000
632,421,000
392.209,000
864,980,000
355,636,000
69,770,000
200,532.000
210,313,000
69,592,000
186,182.000
222,788.000
69,679,000
171,226,000
236,939,000
69,570,000
170,252,000
236.714.000
69,610,000
170,213,000
236,839.000
69,629,000
176,223,000
233,208,000
72,304,000
180,624,000
231.914,000
76,817.000
215,604,000
218,166,000
51,592,000
95,144,000
25,853,000
Total U.S. Government securities_ _ _ _
Other securities (see note)
Foreign loans on gold
480,615,000
14,280,000
478,560.000
11,280,000
477.844,000
12.180,000
476,536,000
12,430,000
476,662,000
14,530.000
479,060,000
14,880,000
484,842,000
12,700,000
510,587,000
12.300,000
172,589,000
10,075,000
Total bills and securities (see note)-- — 1,152,895,000 1.147,838,000 1,167,237,000 1,154,379,000 1.222.804,000 1,259,623,000 1,384,324.000 1.547,517,000 1,403,280,000
Gold held abroad
Due from foreign banks (see note)
721,000
721,000
729,000
722,000
722,000
721,000
724,000
725.000
725,000
Uncollected items
651,924,000 650,812,000 594,478.000 573,020,000 660,316,000 744,923,000 674,493,000 748,736,000 719,244,000
Bank premises
58,311,000
57.359.000
58,388,000
58,267,000
58,656,000
58,149,000
58.149,000
58,260,000
58.213,000
13,802.000
All other resources
13,820,000
13,479,000
7,934,000
11.275,000
11,788,000
12.263,000
12,231.000
12,810,000
5,124,287,000 5,112.972,000 5.079,762,000 5,062,534,000 5,202,161,000 5,314,686,000 5,320,282,000 5,458.445,000 5,107,100.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
',315.411.000 2,307,658,000 2,338.845.000 2,307.948,000 2.359,8P1.000 2,357.650,000 2.367,250,000 2.355,263,000 2,318,644,000
,
11,743,000
48,987,000
25,552,000
28.852,000
23,871,000
15,187,000
26,o71,000
16,573,000
35,075,000
6.305,000
5.669,000
8,226,000
5,710.000
6,475,000
6,048.000
7,011.000
6,958,000
5.718.000
63,185,000
18,297,000
19,226,000
22.645,000
23.850.000
20,715,000
22,148,000
20,272,000
25,130,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2 390,921,000 2,388,871,000 2,389,301.000 2,389,013,000 2,414,978,000 2,403,879.000 2,422,299,000 2,413.675.000 2,361,021,000
611,818,000 576.719,000 542,446,000 527,238.000 584.189,000 665,037.000 598,980,000 672,922,000 671,503,000
171,591,000 171.434,000 171,547.000 171,416,000 171,253.000 171,107,000 170.367,000 170.973,000 150,196,000
276,936,000 276.936.000 276,936,000 276,936,000 276,936.000 278,938.000 276,936,000 276,936,000 254,398,000
16,568,000
16,860.000
14,846,000
15,336,000
14,216,000
16.051.000
18,387,000
15,564,000
16,030.000
1,656,161,000 1,682,444,000 1,683,481,000 1.701,901,000 1,739,241,000 1,782,371,000 1,836.854.000 1,909,723,000 1,651,595,000
Total liabilities
5 124,287,000 5,112,972.000 5,079.762,000 5,062.534,000 5.202.161,000 5,314,666.000 5,320,282,000 5 458.445
.
.000 5.107.100.000
Ratio of gold reserves to deposits and
F. It. note liabilities combined
73,7%
73.0%
68.4%
73.5%
69.0%
70.7%
66.8%
73.3%
71.6%
Ratio of total reserves to deposits and
F. R. note liabilities combined
77.9%
78.0%
69.6%
78.5%
75.4%
72.9%
70.8%
78.3%
76.3%
Contingent liability on bills purchased
for foreign correspondents
518,664.000 523.891,000 526,924,000 535,229,000 530.600,000 527,435,000 527,816,000 547.962.000 306,830,000
Distribution by Maturities—
1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market__
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. EL certif. of Indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _ _
Over 90 days municipal warrants
$
207.684,000
439.800.000
$
280,459.000
508,072,000
103,000
42,908,000
34,874,000
103,000
45,814,000
36,331,000
65,473,000
43,374,000
28,864,000
45,823,000
45.295.000
47,422,000
48.742,000
106,076,000
67,067,000
31,355,000
25,169,000
32.273,000
28,358,000
61.450,000
22,684.000
30,247.000
87,793,000
18.310,000
25,932,000
81,338.000
19,326,000
43,758,000
884,000
11,082,000
156,860,000
30,000
1,177,000
11.508.000
144,704,000
30,000
596,000
12,871,000
144,121.000
47,000
204,000
13,340,000
136,828,000
47,000
3,825,000
9,323,000
16,753,000
S
150,444,000
284,604.000
$
146,001,000
281,658,000
630,000
$
146,963,000
275,883,000
130.000
$
119,202,000
304.177,000
$
154.156,000
326.283,000
$
190,321,000
328,701,000
190.000
62,413,000
24.845,000
61,102,000
68,485,000
27.426.000
69,096,000
28,299,000
48,576,000
26,116,000
41,457,000
28,139,000
34,104,000
30.395,000
59,899,000
36.363,000
49.840,000
39,968,000
61,516,000
60,674,000
42,472,000
76,531.000
67.917,000
41,030,000
76,517,000
70,537.000
42,550,000
79,979,000
8,123,000
22.191,000
11,551,000
24,070.000
18.651.000
25,415,000
22,088,000
25,263.000
30,000
178.000
8,940,000
149,211,000
30,000
207.000
8,792,600
160,640,000
30,000
407,000
9,353.000
160,278,000
689,000
10,355 000
160.197:000
30,000
S
122,069,000
708,979,000
884,000
104,340,000
35,853.000
8,216,000
F.R. notes received from Comptroller_ __ 3,449,193,000 3,459,900,000 3.459,114,000 3,442,565,000 3,450.558.000 3.515,476.000 3,588,714,000 3,644,332,000 2.905.238,000
F. R. notes held by F. R. Agent
1,382,813,000 1.411,803,000 1,403,314,000 1.345,486.000 1,281,274,000 1,250,703,000 1,225,186,000 1,217,748,000 854,472,000
Issued to Federal Reserve Banks
2,066,330,000 2,048.097.000 2,055,800,000 2.097,079,000 2,169,284,000 2,264,773,000 2.363.528,000 2,426,584,000 2,050,796,000
Ilow Secured—
By gold and gold certificates
418,112,000 421.114.000 421,744,000 425,744,000 420,894,000 413,959.000 413,959.000 414,048.000 362,645,000
Gold redemption fund
101,300,000
Gold fund—Federal Reserve Board - - -- 1,245,220,000 1.225.520,000 1,224,520.000 1,228,420,000 1,259,120,000 1.276,920,000 1.271,520,000 1.262,870,000 743,254.000
By eligible paper
621.869,000 625,288,000 654,526,000 648,725,000 712,598,000 734,927.000 854.099,000 920,462,000 1,175,606,000
Total
2.285,201,000 2.271,922.000 2,300,790.000 2.302,889,000 2,392,612.000 2.425.806.000 2.539,578,000 2.647.380.000 2.382.805,000
NOTE.—Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separate y the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption,'All other earning assets," Previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption, "Total earning asset3- 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 CLOSE OF BUSINESS FEB. 19 1931.
Two ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. 3ftnneap. Kan.City. Dallas. San Fran,
$
RESOURCES.
$
$
Gold with Federal Reserve Agents 1.663,332.0 189,917,0
Gold redo fund with U. B. Trees
55,109,0 1,725,0
5
$
$
5
$
$
$
5
238.594.0 125.000,0 138,750,0 76,401,0 118,670,0 309,564,0 70,045,0 63,157,0 80,000,0 36,471.0 216,763,0
16,148,0 3,500,0 4,247,0 1.998,0 2.438,0 11.208,0 1,732,0 1,967.0 1,737,0 1,957,0
6,452,0
Gold held excl.agst.F.R. notes 1,718,441,0 191.042,0
Gold settle't fund with F.R.I3oard 627,763,0 26,179.0
Gold and gold ctfs.held by banks
631,314,0 25,869,0
254,742,0 128,500,0 142,997.0 78,399.0 121.108,0 320.772,0 71,777,0 65.124,0 81,737,0 38,428,0
214,545,0 38,965,0 87,810,0 13.549,0 9,670,0 87,719,0 26.746,0 11.900,0 47,481,0 15,292,0 223,215,0
390,437.0 23,489,0 40,872.0 6,951,0 5,145,0 79,800.0 8,006,0 5,963,0 9,247,0 10,150,0 47,907,0
25,335.0
859,774,0 190,954,0 271,679,0 98,899.0 135,923.0 488.291,0 108,529,0 82,987,0 138,465,0 63,870,0
296,457,0
60,364,0 18,702,0 13,489,0 9,176,0 16,123.0 18,404,0 11,790,0 4,270.0 8,589,0 6,006,0
11.119,0
Total gold reserves
Reserve other than gold
2,977,518,0 243,690.0
199,412,0 21,380.0
Total reserves
3,176,930,0 265,070,0
Non-reserve cash
69.602,0 6,435.0
BIlle discounted:
Sec. by U. S. Govt. obligations 204,930,0 12,055,0
Other bills discounted
172,013,0 11,234.0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
69,770,0 3.738,0
200,532,0 7,901.0
210,313,0 15,803,0
Total U.S.Gov't securities
480,615.0 27,442.0
376,943,0 23,289,0
281,057,0 13,436.0
s
$
920,138,0 209,656,0 285,168,0 108,075,0 152,046.0 506,695,0 118,319,0 87,257,0 147,054,0
15,033,0 4,304,0 5,197,0 4,487,0 4,022.0 9,301,0 6,828,0 1,314,0 2.472,0 69,876,0 307.576,0
4,053,0 5.656,0
69,110,0 22,312,0 31,004,0 5,758,0 2,753,0 34.680,0 8,774,0
877,0 7,916,0 1,899,0 7.792,0
19.677.0 24.744,0 18.370,0 1719,0 20,704,0 19,399,0 9,055,0 2,120,0
11,016,0 13,366,0 5,1350
88,787,0 47.056,0 49,374,0 22 951,0 23,457,0 54,079,0 17.829,0 2,997,0
85,358.0 9,799,0 32,453.0 13,8 8,0 19.366,0 31,018,0 18,052,0 9,902,0 18,932,0 15,265,0 12,927,0
9
91,0 13,969,0 33.715,0
11,615.0 3,858,0 4,199.0 3.504,0
34,0 25,789,0
1.821.0
9,178,0
5,0
108,356,0 15,749,0 13,613,0 2049,0 3,717,0 15,236,0 11,056,0 6,029,0
429,0 5 354 0 10 731 0
96,657,0 23.878,0 12,878,0 4,533.0 5,037,0 30,422,0 6,389,0 6,314,0
4,694.0 2,634,0 6:263:
0
1,125:
0
216,628,0 43.405,0 30,690,0 10,086.0 8,788,0 71,474.0
19,266.0 17.037.0 3 flaft n 90 /OS n 11 cal n
1236
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
$
1,000,0
$
14,280,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
Boston.
Total.
$
12,250,0
[VOL. 130.
Phila.
Cleveland. Richmond Atlanta. Chicago. .$1. Louis. Minneap. Kan.City. Dallas. San Fran.
-8
$
$
S
$
$
$
5
$
$
1,000,0
30,0
403,023,0 101,340,0 112,517,0 46,935,0 51,611,0 156,571,0 55,177,0 29,938,0 22,086,0 50,029,0 58,503.0
70,0
72.0
238,0
30,0
26,0
97,0
26,0
16,0
22,0
22,0
50,0
178,174.0 54,994,0 62,356,0 44,824,0 24,231,0 85,068,0 28,641,0 12,024,0 38.738,0 26,022,0 32,566,0
15,664.0 1,762,0 7,058,0 3,204,0 2,658,0 8,295,0 3,811,0 27.18,0 3,972,0 1,876,0 4,490,0
219,0 1,061,0
4,400,0
844,0 4,056,0
369,0
714,0
490,0
205,0 1,003,0
398,0
1,152.895,0 65,167,0
53,0
722,0
651,924,0 64,286,0
58,388.0 3,580,0
67,0
13,826,0
Total resources
5,124,287,0 404,658,0 1,536,670,0 372.345,0 473,429,0 208,399,0 238,650,0 766,741,0 213,171,0 133,555,0 214,549,0 152.881,0 409,239,0
LIABILITIES.
F. R. notes in actual circulation_ 1.656.181,0 159.312,0 235,702,0 143,695,0 175,096,0 79,999.0 131,709,0 295,628,0 84,863,0 60,874,0 79,664,0 47,670,0 161,949,0
Deposits:
Member bank-reserve acc't 2,315,411,0 145,660,0 046,080,0 134,062,0 187,789,0 65,188,0 63,207,0 323.692,0 78,208,0 49,996,0 85,175,0 63,631,0 172,723.0
32,012,0 1,086,0 1.142,0 1,296,0
Government
48,987,0 2,047,0
805,0 5,130,0 1,459,0 1,089,0 1,215,0
133,0 1,303,0
556,0
573,0
4,380,0
424,0
8,226,0
Foreign bank
241,0
206,0
206.0
768,0
132,0
396,0
172,0
172,0
87,0
7,606,0
129,0
715,0
18,297,0
Other deposits
137,0
635,0
247,0
191,0
344,0
99,0
44,0 8,063.0
Total deposits
Deferred avallability items
Capital paid in
Surplus
All other liabilities
2,390,921,0
611,818,0
171,591,0
276.036,0
16,860,0
148,260,0
63.516,0
11,606,0
21,751.0
213,0
990,076,0
158,735,0
67,496,0
80,001,0
4,658,0
135,791,0
48,911,0
16,467,0
26,965,0
516,0
190,489,0 66,862,0 64,409,0330.225,0 80,120,0 51,561,0 86,661,0 63,980,0 182,485,0
61.433,0 41,978,0 24,280.0 77,840.0 30,560,0 20,021,0 34,296.0 27,083,0 33,155,0
15,810,0 6,046,0 5,419,0 20,204,0 5,275,0 3,091,0 4,330,0 4,433,0 11,414,0
29,141,0 12,496,0 10,857.0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
1,450,0 1,018,0 1,976,0 2,750,0 1,476,0
865,0
436,0
780,0
722,0
5,124,287,0 404,659,0 1,536.670,0 372,345,0 473,429,0 208,399,0 238,650,0 766,741,0 213,171,0 133.555,0 214,549,0 152,881,0 409,239,0
Total liabilities
Memoranda.
75.0
86.2
75.1
78.0
78.5
Reserve ratio (per cent)
81.0
73.6
71.7
77.5
77.6
89.3
88.4
62.6
Contingent liability on bills purchased for foreign correspondls 518,664.0 38,293,0 171,440,0 50,195,0 51.747,0 21,734,0 18.629,0 69,341.0 18,629,0 11.902,0 15,524,0 15,524,0 35,706,0
F. FL notes on hand (notes rec'd
from F. R.. Agent less notes In
84,235,0 27,848,0 34,224,0 22,796.0 28.693.0 47,856,0 17,180,0 10.270.0 11.118.0 18.350.0 60459.0
et reil ler ion)
410.219,0 43,142.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 19 1930.
Boston.
Total.
Federal Reserve Agent al-
New York.
Phila. Cleveland 2ichmond .4danta. Chicago. St. Louts. Mtnneap
5
5
5
s
s
s
$
$
847,012,0 212,843,0 296,100,0 153,709,0 267,127,0 556,484,0 125,663,0 115,926,0
527,075,0 41,300,0 85,780,0 50,914,0 106,725,0 213,000,0 23,620,0 44,782,0
319,937,0 171,543,0 209,320,0 102,795,0 160,402,0 343,484,0 102,043,0 71,144,0
5
IS
Two Ciphers (00) °flattedF.R. notes reed from Comptroller 3,449,103,0 331,904.0
F.R. notes held by F. R. Agent__ 1.382,813,0 129.450,0
F.It. notes Issued to F.R.Bank _ 2.066,380,0 202,454.0
Collateral held as security for
F. R. notes Issued by F. R.Bk.
Gold and gold certificates__ 418,112,0 35,300,0
Gold redemption fund
1,245,220,0 154.617,0
Gold fund-F.R.Board
621,869.0 36,647,0
Eligible Paper
229,968,0 39,900,0 18,750,0 16,401,0
s
s
S
133,902,0 78,315,0 331,208,0
43,120,0 14,247,0 102.800,0
90,782,0 64,068,0 228,408.0
7,045,0 14,157,0
5,220,0
15,471,0 35,000,0
8,628,0 85,100,0 120,000,0 60,000,0 113,450,0 309,564.0 62,100,0 49,000,0 80,000,0 21,000,0 181,763.0
149,210,0 52.424,0 77,768,0 36.727,0 42,052.0 84,912.0 35,470.0 12.564,0 18,647,0 29,020,0 46.427,0
387.804.0 177.424,0 216,518,0 113.128.0 1611.722.0 294.477.0 105.515,0 75,721,0 98.647.0 65.491.0 263.190.0
2 285.201.0 226.564.0
Total collateral
Kan.City. Dallas. San Fran.
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. Those figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1198, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan, 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage Marts held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number ofreport In
banks is now omitted, in its Place the number of cities included has been substituted. The figures have also been revised to exclude a bank to the San
Francisco district with loans and investments of $135.000,000 on Jan.2 which recently merged with a non-member bank. The figures are now given In
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEB. 11-12 1930 (In millions of dollars).
Federal Reserve District
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis Minneap. Kan. City Dallas. San Fran.
-total......
Loans and investments
5
22,100
$
1,508
5
8.779
5
1,207
5
2.129
Loans
-total
16,588
1,181
6,559
922
7,681
8.007
504
677
3,380
3,179
488
434
On securities
All other
650
617
5
3,132
1,523
495
493
727
796
102
302
159
335
$
I
$
$
669
362
653
459
$
1,934
2,486
520
247
441
356
1.365
1,220
1,266
233
288
89
158
136
306
108
248
446
919
$
5
5,512
Borrowings from F. It. Bank
155
124
646
149
116
212
104
569
289
316
71
84
61
63
285
361
37
112
65
51
95
117
63
40
323
246
101
16
800
62
76
14
127
27
38
11
39
10
243
36
41
6
24
5
53
11
32
0
114
20
016
477
5,802
1.787
2
703
296
1
998
948
1
353
240
330
240
1
1,766
1,177
1
373
229
210
134
476
173
282
143
1
766
1,008
2
38
129
120
972
55
176
87
209
50
92
76
113
232
433
64
134
52
76
124
201
58
100
176
213
585
Due from banks
Due to banks
605
81
204
1,130
2,848
Net demand deposits
Time deposits
Government deposits
285
1,210
1,010
12,974
6,853
9
Reserve with F. R. Bank
Cash in vault
2,220
164
163
1,687
225
U. 8. Government securities _
Other securities
327
2,743
2,769
nvestments-total
5
47
14
34
7
14
36
4
15
6
2
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 19 1930
In comparison with the previous week and the corresponding date last year:
Feb. 19 1930. Feb. 11 1930. Feb. 20 192.
Resources
Gold with Federal Reserve Agent
Gold reclean). fund with U. S. Treasury_
238,594,000
16,148,000
238,594,000
16,154,000
241,981,000
14,841,000
Gold held exclusively agst. F. It. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
254,742,000
214,545.000
390,487,000
254,78,0000
243,597,900
362..521.000
256,822,000
329.703.000
407,006,000
Total gold reserves
Reserves other than gold
859,774,000
80,364,000
860,866,000
57,072,000
993,531,000
39,773,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations-Other bills discounted
020,138,000
15,033,000
917,938,000 1,033,304,000
31,451,000
14,766,000
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Tote resources
Feb. 19 1930. Feb. 11 1930 Feb. 20 1929
$
238,000
178,174,000
15,664,000
4,400.000
237,000
152,620,000
15,664,000
4,289,000
219,000
205.457,000
16,087,000
776,000
1,536,670,000 1,493,103,000 1.555,690.000
235,702,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates and bills
Total 11, 5. Government securities__
Other securities (see note)
Foreign loans on gold,
69,110,000
19,677,000
64,133,000
15,165,000
107,926,000
73,801,000
88,787,000
85,358,000
79,298,000
89,691,000
181,727,000
70,355,000
11,1315,000
108,357,000
96,656,000
11,383.000
93,409,000
107,558,000
1,384,000
10,381,000
4,549,000
216,628,000
12,250,000
212,350,000
6,250,000
16,314,000
250,183,000
Fed'i Reserve notes In actua circulation_
Deposits-Member bank, reserve acct.Government
Foreign bank (See Note)
Other deposits
313,607,000
948.080,000
32.012,000
4,380,000
7,606,000
942,921,000
1,914,000
2,459,000
8,371.000
917,400,000
2,201,000
2,132,000
8,384,000
Total deposits
Deferred availability Reins
Capital paid in
Surplus _____________________________
All other liabilities
990,078,000
158,735,000
67,496,000
80,001,000
4,658,000
955,665,000
135,427,000
67,387,000
80,001,000
4,440.000
930,117,000
183,441,000
52,525,000
71,282,000
4,618,000
Total liabilities
1,536,670,000 1,493,103,000 1,555,690.000
Ratio of total reserves to deposit and
Fed. Res've note liabilities combined'
75.1%
83.1%
76.1%
Contingent liability on bills purchased
Total bills and securities (See Note) _
for foreign correspondence!.
403,023.000 387,589,000 268,396,000
171,440,000 171,029,000
94,791,000
NOTE -Beginning with the statement of Oct. 7 1925. two new items were added in order to show separately the amount of balances held abroad and amounts duo to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
'Other securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which.lt was stated,are the only Items Included therein,
FEB. 22 1930.]
Vanlitrs'
FINANCIAL CHRONICLE
azette.
STOCKS.
Week Ended Feb. 21.
Sales I
for
Week.
1237
Range for TVeek.
Lowest.
Highest.
Range Since Jan. 1.
Lowest,
Highest.
44:444.UW44441a:WWW4W44441.-,w,
4
:11=
• ODOCIOACIAA4A000O44,04,041n4AO,MO=AOCOO4ggiagi
▪
•.omelt-MOC,MMohgWO,
VMMOOn.4.c1W.AN.M.00MONWM.,
Nt-Or.MVWC.NC...1.
•-1
•-•
Par. Share*. $ per share. $ per share. $ per share.
Indus. & Misc.(Cane.)
Wall Street, Friday Night, Feb. 21 1930.
Pittston Cowl
• 1,200 2034 Feb 18 2034 Feb lb 204 Feb
Railroad and Miscellaneous Stocks.
-The review of the Procter & Gamble_ _ • 15,300 6634 Feb 15 7034 Feb 17 52% Jan
Pub Serv of NJ pf (5).•
100 9231 Feb 15 9231 Feb 15 9231 Jan
Market is given this week on page 1224.
Stock
Radio Corp pi cl B
* 1,400 70 Feb 17 714 Feb 21 68
Jan
The following are sales made at the Stock Exchange this Rand Mines
40 354 Feb 17 354 Feb 17 354 Feb
Raybestos Manhattan •
39 Feb 15
week of shares not represented in our detailed list on the Reynolds Tob cl A_ __10 2,000 7334 Feb 19 4054 Feb 18 33 Jan
210
75 Feb 17 724 Jan
pages which follow:
Republic 1r &Steel ctfs.
500 74 Feb 20 7834 Feb 19 7334 Feb
Second Nat Investors.* 28,700 1734 Feb 15 23 Feb 17 934 Jan
Preferred
• 1,000 71 Feb 17 73 Feb 19 5834 Jan
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
Servel Inc
• 24,700 8% Feb 21 104 Feb 15 774 Ja
Veek Ended Feb. 21.
for
Shell Transp & Trad_£2
140 4331 Feb 20 444 Feb 17 4331 Feb
Week.
Lowest.
Highest. 11 Lowest.
Highest.
Shell Union Oil pref...
• 1,300 101 Feb 15 102 Feb 15 101
Feb
Sharp & Dohme
• 1,100 17 Feb 17 1734 Feb 20 17
Jan
RailroadsPar. shares. $ per share.
per share. I'S per share.S per share.
Preferred
*
600 56 Feb 17 3634 Feb 17 54
Jan
Albany & Susquh_100
30215 Feb 21 215 Feb 21215
Jan 215
Jan Solvay Am Inv
Ala 8, Vicksburg__100
10116 34 Feb 18 116% Feb 18116% Feb116% Feb Stand Brands Tr pf100 2,300101% Feb 18104% Feb 15 9534 Jan
• 81,900 26 Feb 21 2734 Feb 15 20
Feb
Baltimore At Ohio rights 151,600
34 Feb 19 14 Feb 15
34 Feb 134 Feb
Preferred
•
800 118 Feb 18119 Feb 20 117% Feb
& Queens Tran_*
500 113.4 Feb 17 12% Feb 18 10
Jan 134 Jan Stand 011 Export pf_100 5,300
9854 Feb 15 100 Feb 21 98
Feb
Preferred
•
600 6034 Feb 17 6134 Feb 19 54
Jan 61% Feb Stanley Co of America•
50 40 Feb 19 40 Feb 19 25
Jan
100
Cuba RR pref
20 63 Feb 19 63 Feb 19 61
Jan Sterling Sec's Cl A
Jan 65
• 36,500 15 Feb 17 1731 Feb 19 1034 Jan
Dot Hills & Southwe 100
301 6634 Feb 19 66% Feb 19 66% Feb 66% Feb
Preferred
20 1,900 14 Feb 17 1431 Feb 18 12
Jan
Erie RR rights
143,9001
'is Feb19
'Is Feb 17
222 Feb
94 Jan
Cons- preferred_ _ _50
Feb 17 4234 Feb 18
Erie & pittsburgh___50,
Jan
39 6334 Feb 19 63% Feb 19 6334 Jan 63% Feb Thompson Products_• 3,000 404 Feb 21 3734 Feb 15 36% Feb
6,300 33%
3334
III Cent leased line _100
Jan ThomPson-Starrett___*
1301 7334 Feb 17 7434 Feb 19 71 34 Jan 75
500 123.4 Feb 20 13 Feb 19 1134 Jan
Manhat Elev Guar_100
170 61 Feb21 64 Feb 20 514 Jan 64
Feb
Preferred
•
100 4234 Feb 18 4234 Feb 18 40
Jan
100
Market St Ry
200 1% Feb 18 24 Feb 17 134 Jan 24 Feb United
Carbon
• 15,300 4534 Feb 17 5034 Feb 18 4454 Jan
Nat Bys mex 1st pf_100
400 3 Feb 19 334 Feb 20 3
Jan 334 Feb United
410 9 Feb 20 10.4 Feb 17 531 Jan
100
N Y State Rys
30 234 Feb 18 234 Feb 20 134 tran 234 Feb United Dyewood__ _100
Gas & Improve *178.500 3774 Feb 20 3934 Feb 19 313.4 Jan
Preferred
100
160 3 Feb 17 3 Feb 17 234 Jan 3% Feb
Preferred
• 1,800 9831 Feb 19 100 Feb 17 97
Jan
Northern Central___50
220 8534 Feb 18 8534 Feb 18 85% Jan 86
Feb United Piece Dye Wks*
2,900 2694 Feb 20 2874 Feb 15 25
Jan
Pacific Coast 1st pt100
501 233/, Feb 21 24 Feb 19 17% Jan 2531 Feb U S
Freight
•
2d preferred
100
• 20 16 Feb 17 16 Feb 17 15
Feb 18
Feb US & Foreign Sees...* 3,700 883/, Feb 19 92 Feb 15 8834 Feb
21,400 2531 Feb 18 2731 Feb 18 1831 Jan
Pitts Ft W & Ch pf_100
70 151 Feb 18 151 Feb 18 151
Jan151% Jan
Preferred
•
400 90 Feb 21 9034 Feb 18 8534 Jan
United Stores, class A.* 2,500 94 Feb 17 1031 Feb 17 434 Jan
Indus. & Miscell.
Preferred
• 2.200 2934 Feb 2 31 Feb 18 1534 Jan
Alpha Portland Cem--*
200 2934 Feb 17 29% Feb 17 29
Feb 32
Jan Webster Eisenbahr pf100
10 63 Feb 19 63 Feb 19 5134 Jan
Amal Leather pref._ 100
100 2531 Feb 21 254 Feb 21 20
Jan 2631 Feb
n
Westark Radio Stores.*
300 124 Feb 20 15 Feb 20 10
Amer Roll Mill rights_ 113,2001 1 Feb 15 2 Feb 17
Jan
Feb 7,111th Ttoriln Onrn
34 Jan2
At
'7 1 AA
0 LC Vn. 17 111,4 Wah 10
012
Inn
Art Metal Construct.ii)
600 27% Feb 17 28% Feb 18 2431 Jan 2834 Feb
Assoc Dry G'cls 2d pf100
100 8834 Feb 17 884 Feb 17 85
Jan 8834 Feb
•No par value.
Aviation Corp
•136,400 634 Feb 17 834 Feb 18 431 Jan 8% Feb
Beatrice Creamery_ _50
500 7031 Feb 21 74 Feb 19 6734 Jan 77
Jan
Briggs & Stratton__ •
200 284 Feb 19 29 Feb 19 2131 Jan 2094 Feb New York City Realty
and Surety Companies.
-p. 1227.
Brit Emp Steel 1st pfl
10 2434 Feb 19 24% Feb 19 22% Jan2431 Feb
935
Budd (E G) Mfg
* 2.6ogi 11 34 Feb 21 1134 Feb 18
12% Feb
New York City Banks and Trust Companies.
-p. 1227.
Budd Wheel
28.200] 1234 Feb 17 13% Feb 18 834 Jan 1454 Feb
34
Bulova Watch
15,200 2834 Feb 17 3434 Feb 21 2634 Jan 3434 Feb Quotations for U.S.Treas.Ctfs. of Indebtedness.
-p.1227.
Campbell(W & C)Fdy•
500 2334 Feb 17 24% Feb 21 19
Jan 27
Feb
Capital Admit)class A • 1,000 24 Feb 20 264 Feb 18 1834 Jan 273.4 Feb
Preferred A
5
400 35 Feb 17 364 Feb 19 31
Jan 3634 Feb
United States Liberty Loan Bonds and Treasury
Caterpillar Tractor..
11,300 6434 Feb 21 68 Feb 18 54
Jan 6834 Feb
Central Alloy Steel etfa. 1,300, 3234 Feb 21 34% Feb 18 3134 Feb 3434 Feb Certificates on the New York Stock Exchange.
Checker Cab
• 30.100' 4434 Feb 21 4931 Feb 15 36
Jan 50
Feb Below we furnish a daily record of the
transactions in LibClark Equipment....
1,000 37 Feb 15 3834 Feb 21 33
Jan 3894 Feb
Columbian Carbon rts- 36,400 1 Feb 15 2 Feb 17 1
Feb 331 Jan erty Loan and Treasury certificates on the New York
Commercial Cred cl A50 6,7
393.4 Feb 17 40% Feb 20 3134 Jan, 4094 Feb Stock Exchange. The transactions in registered bonds are
let pixy ex-Warn..100
40 8334 Feb 15 88 Feb 20 773.4 Jan 88
Feb
Commonv.ealth Pow..
300,156 Feb 2016434 Feb 15 123
Jan 164% Feb given in a footnote at the end of the tabulation.
Commonw & South pfd 1,06d 99 Feb 20 100 Feb 20 99
Feb 100
Feb
Consol Cigar pfd(7).100
30 8334 Feb 211 84 Feb 17 76% Jan 8474 Feb Daily Record of
U. S. Bond Prices. Feb. 15. Feb. 17. Feb. 18. Feb. 19 Feb. 20. Feb.21.
Prior Prof ex-warr
110 68 Feb 18 70 Feb 18 6034 Feb 70
Feb
Como' Film Industry.* 5,300 2034 Feb 20 2134 Feb 17 1534 Jan 23
Jan First Liberty LoanHigh
99232
99.n
99.8
991.32 991432
Contin'tal Diem Fibre • 55.6001 30 Feb 17 3234 Feb 19 28
Jan,' 34 34 Feb
99 n
334% bonds 011923-47.
,
99.21
99.a
99..,
.4
Continental Oil
99.
221
• 38.
1934 Feb
214 Feb 15 1934 Feb 2.134 Jan
(Close
334)
99132
99.s.
99.a
99"13 99,
Continental Shares... 12,300 3
.,
434 Feb 20 3734 Feb 18 2734 Jan 3834 Feb
Mal sales in $1.000 units...
5
35
14
12
20
Cream of Wheat
• 3,7
28 Feb 17 30 Feb 20 2534 Jan 30
Feb
Converted 4% bonds off High
Cuba Cane Sugar Ws_
34 Feb 17
34 Jan
34 Feb lt
3i Jail
1932-47 (First 42)I LowPreferred ctfs
2
131 Feb 18 134 Feb 21
31 Jan 134 Jar)
(Close
Cushin Sons pf 7% -10
230112 Feb 18 113 Feb 20 111
Jan 114
Feb
Total sales in $1,000 units._
Duplan Sik
•
300 163.4 Feb 16 17 Feb 21 15
Jan 17
Feb
Converted 434% bonds i High 113 ; 101,)1;3; 100"n 101
7
0
101
Preferred
100
320 97 Feb 21 98 Feb 15 97
Feb 10094 Jan
of 1932-47 (First 44s)1 Low- 100"a 100"8,
100 .33
,
Durh Ilos Mills Pf-100
100.
332
150 47 Feb 18
Feb 20 4434 Fob] 5734 Feb
(Close 100".. 100
,
100"a 1003.33
1002.22
Eastern Rolling 51111.• 2,700 224 Feb 21 5734 Feb 18 2034 Jan 2534 Jan
2534
Total soles in $1,000 units...
21
15
32
17
17
75
Elk Horn Coal prof.-50
40 10 Feb 18 10 Feb 18 10
Feb1 14
Jan
Secondconverted 431%(High
Emerson-Brantingbam
bonds 01 1932-47 (First]Low_
-Class B
•
1001 234 Feb 2
234 Feb 20 234 Feb. 334 Jan
[Close
Second 448)_
Eng Pub Serv ltd (5
--_„.
3,900' 9754 Feb 17,100 Feb 19 9434 Jan 102
Feb
Total sales in $1,000 units __ _
Fairbanks Co
•
400 6 Feb 17 834 Feb 17 434 Jan' 974 Jan
{High
1011n
101.22
1011;j2
Preferred
25.
170 1854 Feb 19 2034 Feb 15 15% Feb! 3934 Aug Fourth Liberty Loan
101
4%% bonds of 1933-38
Low- 101
101
101
101',, 101..,
FederalWater Serv A.• 6.500 3534 Feb 17 3634 Feb 15
3234 Jan 3734 Jan
(Fourth 4345)
Close 101 n 101
101.22 101.a 101.22 101
Federated Dept Stores•
200 3334 Feb 20 34% Feb 20 29
Jan 3634 Feb
Total sales in 51,000 units_ _
64
141
722
376
121
Firestone Tire & Ru1310 3,900 2634 Feb 20 284 Feb 18
69
2634 Feb 333.4 Jan Treasury
{High
1102.32
110..32 111
Preferred
100 5,800 794 Feb
8234 Feb 18 7934 Feb 8634 Jan
Low_
436s, 1947-52
Fisk Rub 1st pf conv100
--- 110"31 1102.11 110", 100..32 1102232
90 16% Feb 15 17 Fob 20 123.4 Jan 193.4 Jan
Close
110. a 1102.32 1102222
,
Foster Wheeler
-- -- 110"n
• 3.900 6434 Feb
6834 Feb 18 6034 Jan 6834 Feb
Total sales in $1,000 units_ _
22
5
6
Franklin Simon pref100
50
136
---30 9734 Feb 17 97 34 Feb 17 9434 Jan 9734 Jan
IFIlgh
106".2
Gamewell Co
-- - 106"; 1062.22 107
-300 74 Feb 1 7634 Feb 18 6931 Jan 763.4 Feb
413, 1944-1954
4Lo w_
Gen Amer Investors_.• 30,200 1434 Feb 17 1634 Feb 18 12
- - 106". 1062132 100".,
-- 106"32
Jan 1654 Feb
(Close
-106", 106222 106"n
Preferred
100 1,000 96 Feb 1 97 Feb 19 90
---- 106"..
Jan 97
Feb
Total sales in $1,000 units __ _
53
Gen Baking prof
35
30
---20 118 Feb 20118 Feb 20 118
Feb 125
Jan
General Cigar pret_100
(Mall
104.a
130 11634 Feb
---117 Feb 20111234 Jan 117
Feb
_ 103"n
331s, 1946-1956
{Low_
Gen Foods Corp
104.n
30,2001 5034 Feb 21 53 Feb DP 4634 Jan! 55% Feb
-_ 103":,
(Close --- _
Gen Italian Edison wl__ 9,900 44 Feb 15 4434 Feb 17 44
104.e,
Feb 44% Feb
Total sales in $1,000 units...
_
Gen Public Service
* 16,800 4134 Feb 20 4534 Feb 171 3234 Jan 4
1
20
934 Feb
(High
991.1. 99",. 9 1;3; 9912
Gen Theatre Equip__ _•159,100 4534 Feb
9
.
17 4834 Feb 18 394 Jan 4834 Feb
Low_
990,
Gold Dust prof
354*, 1943-1947
n 99"., 99"., 991222
•
100103 Feb 17103 Feb 17 100
Jan 106% Jan
9915
99"2, 09"n 9918333
Close
Grand Silver Stores • 10,600 41 Feb 15 454 Feb 19 3231 Janl
4534 Feb
Total sales in $1,000 units..
50
Grigsby-Grunon
1
10
•129,500 143 Feb 17 184 Feb 19 1234 Jan 2234 Jan
---nigh
901.22
Hall Printing
10
99.
222 992.22
600 25 Feb 21 274 Feb 25 25
Feb; 2934 Jan
3'/,s, 1940-1943
991132
Hartman Corp class A •
9912,2 992222
4 Low_
200 2134 Feb 201 2134 Feb 20 2034 Jan 1 23
Feb
Close
Hercules Motors
99...2
99.232 99.132
•
900 25 Feb 18 2631 Feb 15 22
Jan 274 Feb
Total sales in $1,000 units ....
10
Hercules Powd prcf_lIi
100
25
_
200117 Feb 20117% Feb 18 117
Jan 118% Jan
Hanna pref new
400 8734 Feb 17 904 Feb 20' 85
Jan 9034 Feb
Note.
-The above table includes only sales of coupon
Household Finance
Participating pref_50
900 5074 Feb 21 51 Feb 17: 5034 Jan 5134 Jan bonds. Transactions in registered bonds were:
IndMotorcyciepL.1sl 2,650 6234 Feb 17 66 Feb 19, 30
Jan 66
Feb
100..32 to 101 11
,
Insuranshares Corp_.• 2,400 1534 Feb 21 16 Feb 15 1331 Jan, 1631 Feb 15 4th431s
Interlake
• 6.500 24 Feb 20 2634 Feb 17i 24
Feb: 2831 Feb
Internet Hydro Elec
Foreign Exchange.
System A
114,800 3
954 Feb 15 4534 Feb 181 313.4 Jani 4534 Feb
Int Nickel prof
100
100118 Feb 21 118 Feb 211 118
To-day's (Friday's) actual rates for sterling exchange were 4.85 114606
Feb 121
Jan
Internet Shoe
• 1.200 60 Feb 20 604 Fob 171 60
Feb 62
Jan 4.857-4 for chocks and 4.86 1-16064.8634 for cables. Commercial on
Interstate Dept Stores
banks, sight, 4.85 7-16064.85%; sixty days, 4.82064.82 3-16; ninety days,
Pref ex-warrants..100
200; 74 Feb '20 7534 Feb 17 723.4 Feb 7531 Feb 4.80%04.80 11-16. and documents for payment, 4.82 3-16. Cotton for
Preferred
100
30 7634 Feb 21) 76% Feb 20 76 34 Feb 7631 Feb payment, 4.85 1-16, and grain for payment, 4.85 1-16.
Investors Equity
• 34,400 26 Feb 21 29 Feb 19, 19
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90% @)
Jan 29
Feb
Island Creek Coal pf_1
20 105 Feb 18 105 Feb 18,105
Jan 105
Jan 3.01 for short. Amsterdam bankers' guilders were 40.0634040.08 for
ICarstadt (Itudolph)__
30 1234 Feb 20 1234 Feb 211 12
Jan 1334 Jan short.
Kelly-Spring( Tire
Exchange for Paris on London. 124.30; week's range, 124.30 francs
6% preferred_...100
1
40 Feb 18 42 Feb 18. 29
Jan 55
Jan high and 124.21 francs low.
Kup'helmer & Co p1100
10]106 Feb 19 106 Feb 19 106
Feb 106
Sterling, ActualFeb
Checks.
Cables.
Libby-Owens Glass..
3,500 2234 Feb 21 2494 Feb 17 1931 Jan 274 Feb High for the week
4.8574
4.8634
Liggett & Myers rights- 69.1001 1354 Feb 15 1434 Feb 17 1334 Feb 1
43.4 Feb Low for the week
4.8534
4.8574
Loew's Inc Prof
•
1001 0334 Feb 18 9334 Feb 18 8534 Jan
Paris Bankers' Francs
McLellan Stores
• 2,4001 1434 Feb 19 154 Feb 15 14 34 Feb 8334 Feb High for the week
2934 Jan
3.91 5-16
3.91 7-16
Mengel Co pref____100
201 874 Fdb 18 87.4 Feb 18 83
Jan 9234 Feb Low for the week
3.90%
3.91
let 9t__
Midi St'l Prod
700 90 Feb 20 904 Feb 20 90
Feb 904 Feb
Amsterdam Bankers' Guilders
Mil El Ry & Lt p1..100
13010431 Feb 1510534 Feb 171
Jan 110
High for the week
Jan
40.0834
40.11
Minn Mol Pow Imple_• 15.
153 Feb 21 1734 Feb 17 1234 Jan 1934 Jan Low for the week
40.0434
40.08
•
Preferred
100 83 Feb 19 83 Feb 19 72
Jan 87
Germany Bankers' Marks
Jan
Monsanto Chem Wks.*
600 5531 Feb 21 564 Feb 15 49
Jan 60
23.87
Jan High for the week
23.8734
Myers F & E
200 40 Feb 29 404 Feb 21 3534 Jan 4
23.83%
234 Jan Low for the week
23.85%
Nat Biscuit now w 1_10 31.
82 Feb 15. 8534 Feb 18 71
Jan 87
Feb
•
Neisner Bros
500 43 Feb 19 45 Feb 19; 43
Jan 50
Jan
Norwalk T & 11 121-1
20 10 Feb 19 10 Feb 19. 9
Jan 10
Feb
-The review of the Curb Exchange is
The Curb Exchange.
Penney (J C)
* 6.300 714 Feb 21: 75 Feb 17. 6334 Jan 80
Jan
Preferred
•
Feb05
500
, 95 Feb 19 93
Jan 95
Jan given this week on page 1225.
Pitts Screw & Bolt__ * 2.500 21 Feb 15' 2234 Feb 18. 1734 Jan 2234 Feb
A complete record of Curb Exchange transactions for the
Pittsburgh Steel Kell
11010034 Feb 2010034 Feb 20:100
Jan 103
Jan
i0a7.32
week will be found on page 1256.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
preceding page.
For sales during the week of stocks not recorded here, see
PER SHARE
PER SHARE
STOCKS
Range for Previous
Range Since Jan. 1.
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
for
Year 1920.
On basis of 100-share lots
NEW YORK STOCK
the
EXCHANGE.
Friday.
Highest.
Tuesday. Wednesday. Thursday.
Monday.
Lowest.
Highest.
Lowest.
Saturday.
Week,
Feb. 21.
Feb. 20.
Feb. 19.
Feb. 18.
Feb. 17.
Feb. 15.
Par $ per share $ per share $ per share $ per share
Railroads
per share $ per share Shares
Aug
$ per share $ per share $ per share $ per share 2
dis Santa Fe-100 2193a Jan 6 2404 Feb 8 19518 Mar 29858 Dec
4
/
4
2333 2353 234 237 232 2361 235 2365s 8,000 Atch Topeka
99 May 10478
23614 237 234 236
100 1025* Jan 3 104 Feb 13
400 Preferred
4
*1023 10314
10315 10312 *103 10358 103 10314 *103 10318 103 1034 16915 172
100 166 Jan 11 172 Feb 21 161 Nov 20912 July
1,000 Atlantic Coast Line RR
170 170
170 170
170 170
170 170
170 176
100 115 Jan 2 1198 Jan 14 10514 Nov 14518 Sept
1154 11612 13.500 Baltimore dc Ohio
115% 117
4
4
4
75 June 81 Dec
100 781.; Feb 10 81 Jan 28
11738 11812 117 1173 117 1173 1163 1174 *8014 8015 808 8014
500 Preferred
55 Oct 905* Sept
8014 8014 *80 8014 8014 8014 7312 7512 74
50 63 Jan 3 7714 Fen 18
*80 8014
7714 14,200 Bangor dr Aroostook
764
7714 75
4 75
4
743 743
100 110 Jan 22 112 Jan 9 y10314 Oct 115 Sept
4
743 75
20 Preferred
11112 11112
*11112 112
85 Apr 145 July
100 99 Jan 14 112 Feb 8
11014 112 11014 11014 *11112 112 *11115 112 .100 110 *100 110
Boston & Maine
40 Oct 8178 Feb
2
'106 111 *105 111 *105 111 *105 111
7114 24,600 Bklyn-Manh Tran v t c_No par 63 Jan 6 7318 Feb 19
70
71
3 713* 7318 70
7615 Nov 925* Feb
7215 714 723
9018 Feb 17
No par 8478 Jan
695 70% 70
1.400 Preferred v t c
*88
4
/
891
894
8 .88
4
/
412 Oct 441 Jan
8812 8812 901s *8912 8934 87% 875
88
Sec_100 1412 Feb 17 231 Jan 16
1518 1615 1612 1612 7.400 Brunswick Term & Ry
18
17
5434 Jan 85 Mar
1958 1412 1715 1614 18
18
Buffalo & Susquehanna_100 71 Jan 2 71 Jan 2
82
*60
82
85 *60
82 *60
*60
5118 July 8115 Aug
82
*60
100 75 Jan 2 78 Yet 5
82
*60
Preferred
1
/
*754 84
*7512 84 '754 84
*7515 84
•751e. 84
4
/
5
100 187 8 Jan 3 2261 Feb 10 185 Dec 2698 Feb
4
1
/
*75 84
214 217 211 21312 211 2133* 18,100 Canadian Pacific Wsst'd100 96 Jan 30 973 Jan 21
9012 Sept 10112 Mar
8
2163 21978 214 21615 214 216
10 Caro Clinch & Ohio
____
---4
96 *954 ---- *9612 ---- '9514 22912 •96 231
100 203 Jan 7 23712 Feb 10 160 Nov 2793 Sept
96
99
4
/
*951
1,900 Chesapeake St Ohio
226
4
/
1934 Feb
4 Nov
231 232 *233 235 23215 234 2271
414 Jan 8
68* Jan 22
100
231 231
200 Chicago & Alton
53* 57
6
.54
*54 6
4
1
/
3 Nov 2534 Feb
87 Jan 21
534 Jan 20
WO
*515 64 *518 64 '512 6
65* 67
500 Preferred
4
4 63
83
714
714 *7
714 714 *7
4
1
/
/
15 Dec 43 Feb
.7
200 Chic & East Illinois RR_ _ _ _100 1414 Jan 7 22 Jan 25
21
21 '15
19 .15
19
21
*19
a
21
4
363 Dec 687 Feb
*19
20
100 38 Jan 2 47 Jan 24
20
1,400 Preferred
41
4
393 404 *37
42 42 *4034 42
7 Nov 23% Feb
4215 4215 42 42
Western-100 135* Jan 17 15% Jan 8
8
1434 135* 137s 135 1414 7,000 Chicago Great
1
/
5
1712 Nov 63 8 Jan
3
4
/
100 354 Feb 21 40 4 Jan 14
1434 1518 141 14% 144 1458 14
3714 354 3715 6,500 Preferred
384 36
447 Aug
4 38
16 Nov
3814 388 3715 3878 '3712 383
2438 2418 254 7,900 Chicago Milw St Paul & Pao._ 24 FeL 1 265* Feb 7
24
254 2412 25
1
/
254 25
2512 2512 25
2812 Nov 688 Aug
41% Feb20 4814 Feb 10
433 20,800 Preferred new
42
1
/
75 Nov 1084 Sept
8 4338 4412 438* 4418 4218 435* 415* 4214 87
4
1
/ 445
44
Jan 3 897 Feb 8
8815 5,800 Chicago & North Western_100 84
4
1
/ 8614 88
3
1
/
1
/
884 894 8734 8812 8812 89 4 8814 89
4
100 1383 Feb 19 140 Jan 16 134 Apr 145 Feb
100 Preferred
8
8
4
4
13734 1373 *1373 1387 *1377 13878
4
1
/
4
1
/
4
1
/
8138 138 *13734 139 *13734 138
Paclfic_100 114 Jan 6 12518 Feb 14 101 Nov 143 Sept
1,800 Chicago Rock Isl &
120 121
8
*
124 12412 123 12334 123 1237 12215 12215 1207 121
100 107 Jan 2 10814 Feb 17 1007 Nov 109 Oct
1,000 t% preferred
108 108 '10712 108
94 Nov 10314 Nov
108 1084 *103 10812 108 108
100 995* Jan 6 108 Feb 7
*10712 108
Preferred
700 6%
4
4
1023 1023 10318 10318
8614 Dec 135 July
4
1
/ 10215 103 104 104 103 104
4
100 83 Jan 15 95 Feb 13
01023 103
200 Colorado dr Southern
92
92 *88
88 '88
88
92
*88
6512 Oct 80 Jan
92
*88
4
100 683 Jan 3 75 Feb 19
•88 92
20 First preferred
4
/
*744 75 '741 75
75
7712 75
4
1
/ 7712 *75
s73
64 Apr 7212 Mar
7715 .74
100 65 Jan 23 6815 Feb 20
4
/
1
/
20 Second preferred
6815 6811 *554 681
45 Nov 705* Jan
1
/
100 49 Jan 2 61 Feb 19
*654 70 *654 70 .6512 70 "6515 6812 59
1,200 Como!RR of Cuba pref
59
59
59
61
59
59
59
59
59
58
58
100 16115 Jan 3 181 Feb 8 14112 Oct 226 July
2,100 Delaware dc Hudson
1694 173
4
/
4
/
4
1764 17712'175 17712 175 1771 175 175 1691 171/ 141 14434 4,100 Delaware Lack & Western_100 136 Jan 28 153 Feb 8 12014 June 1693 Sept
4
4
49 Oct 773 Feb
4
4
1483 1483 145 14615 1 4612 14812 14612 1483* 141 1441 7218 724 1.900 Deny. & Rio Or West pref_100 60 Jan 2 757 Feb 10
1
/
47 Feb
4
/
734 741
75
7458 748 74
15* Dec
75
7 747
3 Jan 15
74
4
13 Jan 2
74
& Atl--100
100 Duluth So Shore
712 Feb
2 Nov
4 *134 234 *134 584 •134 234 *134 234
3 Feb 15
a 23
212 Feb 6
234 234 *17
100
200 Preferred
3
3
*215 3
*212 3
4115 Nov 9315 Sept
.24 3
4
*212 3
3
100 5618 Jan 7 633 Feb 14
3
4 5834 6138 28,200 Erie
4
4 583 603
s 6018 623
5512 Nov 6614 July
6212 62 627
3
100 613 Jan 10 678* Feb 19
61% 63 4 61
1,500 First preferred
4
4
/
87 678* 65% 661 *653 667
66% 67
52 Nov 637 July
Feb 19
4 68
653
4
1
/
100 57 Jan 2 6212
4
•653 66
900 Second preferred
*6012 6112
62 6212 6112 62
6134 62
8514 Nov 12814 July
4
615* 615e *613 62
preferred 100 95 Jan 13 1004 Feb 19
4
984 1003 11.800 Great Northern
4 99 100
9878 99 1003
9878 98
8512 Nov 12214 July
98
9878 987
100 9014 Jan 3 9914 Feb 21
1
4
1
/ 9614 9614 955 9914 5,000 Pref certUleates
97
18 Nov 59 Feb
9712 9715 965 9612 964 964 96
Jan 2 4612 Feb 17
4
4234 405* 433 24,000 Gulf Mobile & Northern_100 3815 Jan 14 98 Jan 15
41
70 Nov 103 Jan
100 94
4358 4514 4418 4612 44 4612 4352 4434
600 Preferred
*944 96
4
*943 96
4
*943 96
96
96
4
1
/
6 Dec 1112 Apr
96
Jan 17
2
818
9514
8 Jan
*9415 96
Havana Electric Fty___No par
4
/
*81 9
*814 9
.814 9
*84 9
*818 9
*818 9
65 Feb 7334 Dec
100 68% Jan 14 72 Jan 2
Preferred
____ 07014 -___ '7014 ---- '704
100 450 Jan 25 520 Feb 14 370 Nov 600 Oct
4
1
/
*70 - *7114 ____ *71
20 Hocking Valley
510 *48615 510
3415 May 5838 Jan
100 465* Jan 16 5118 Feb 1
4
/
"4761 520 *47614 519 512 512 48718 515 4 48615 47
4.400 Hudson & Manhattan
4
1
/ 4812 49
4
463
4734 483
484 49
60 Oct 84 Jan
49
48
100 77 Feb 18 7915 Jan 30
*4812 49
100 Preferred
78
*75
78 .7512 78
*75
77
1
/
784 77
7812 "77
100 12818 Feb 1 131 Jan 6 116 Nov 15312 July
*77
4 1,200 Illinois Central
130 130 1284 12912 12812 1283
100 12812 Feb 17 130 Feb 20 120 Oct 15112 July
12914 1294 *12812 13215 130 130
400 Preferred
130 130 '128 140
4
70 Nov 8018 Feb
12812 12812 12834 1283 *128 140
74 Jan
'128 140
150 RR Sec Stock certificates- 70 Jan 2 34 Feb 18
1
/
724 7114 72
721z .72
7212 *72
7212 .72
15 Oct 588 Feb
7
3
3
7212 *71
'71
4
2931 303 16,000 Interboro Rapid Tran v t 0_100 20 8 Jan 10 3215 Jan 16
7
30 8 323a 2915 31
25 Nov 59 Jan
4
1
/ 32
29 * 304 3014 315e 30
5
8 313
600 Int Rye of Cent America-100 2918 Jan 15 29 Feb 21
4
3112 3114 3114 31
*31
23 Dec 5913 Jan
4
/
311 3114 *3015 34
No par 2714 Jan
34
*31
100 Certificates
29
29
____ 35 *--_- 34 •___- 31 .....- 35
33
4
100 613 Jan 2 71 Feb 5 614 Dec 8014 Jan
330 Preferred
69 69
71
71
71
70
8
*6614 7415 '6814 71
100 77 Jan 30 82 Jan 2 60 Oct 1087 July
4
/
*681 72
700 Kansas City Southern
777 777
80
1
/
8 794 7912 8018 804 78
63 Nov 7012 Jan
*777 8012 '777 807
8
100 6718 Jan 6 69 Feb 4
200 Preferred
68
684 68
*67 684 68 68 •67
4
50 7014 Jan 27 773 Feb 8 65 Nov 10214 Feb
*67 684 *67 6834
1,200 Lehigh Valley
4
1
/ 731 74
4
/
7314 73
74
754 74
4
4
/
100 128 Jan 3 138 Jan 22 110 Oct 1543 Sept
7614 7615 754 751 75
700 Louisville & Nashville
134 134
134 134
24 Oct 5715 Jan
Jan
136 136 *136 13614 136 13614 *132 136
4,200 Manhat Elev modified guar 100 3014 Jan 3 394 Feb 30
36
3615 36
363* 3615 383* 35
36
1415 Nov 3912 Jan
37 37
/
36
36
100 Market St Sty prior pref__100 17 Jan 16 251 Jan 13
25
25
28
28 *25
25 *24
334 Jan
4
1
/ *24
27
114 Nov
7
2
28 •24
•24
400 Minneapolis & St. Louis___ 10015 Feb 11
4
8 13
15
8
1% 15
4
35 May 6115 Sept
15* 15* .15s 134 '15* 13
*158 134
500 Minn St Paul & 55 Marle.100 30 Feb 3 35 Feb 7 66 Dec 87 Jan
33
"32
32
32
33
"32
34
337 337 .32
4
100
333 34
Preferred
62
62 *54
82 *54
*56
51 Dec 66 Jan
*56 62 *56 62 •56 62
100 54 Jan 3 5914 Feb 20
330 Leased Linea
1
/
57 '5612 5712 5715 594 *574 5915
56
2718 Nov 6534 July
*5515 56
Feb 13
2
8
•5512 56
4
543 44,600 Mo-Kan-Texas RR--No Dar 467 Jan 3 5815 Feb 17
937 Nov 107 Apr
4
1
/
s 5413 56's 5318 5414 53
8 55
555* 585
4
1
/ 578
1
/
564 5/7
1067s
100 103 Jan
105 1055* 4,000 Preferred
1
/
8
a
10618 106% 1063* 1067 10618 10678 1065* 1065 1054 10614
46 Nov 10138 July
87 Jan 2 93 Feb 14
100
4,300 Missouri Pacific
1
/
9018 904 904 92
90 92 "90 92
Nov 149 Ost
92
9112 91
100 134 Jan 7 141 Feb 21 105
91
4,800 Preferred
13658 13718 13818 13818 139 141
7538 Oct 863* Jan
1
/
8
4
50 813 Jan 29 83 Jan 13
13812 1387 1364 1385* 13814 140
Morris & Essex
4
83% •813 83%
4
4
5
173 Nov 240 Aug
4
4
/
5
4
*813 83 8 *813 83 8 *813 835* *813 833* •8134 13015 13078 1307s
180 Nash Chatt & St Louis___-100 c12815 Feb 18 1311 Feb 18
13012
358 Jan
Oct
1
1
/
114 Jan 11
3
1 Feb 6
20934 209 4 *12641304 12812 13112 *129 13015
Nat Rya of Mexico 2d pref_100
14
118 .1
118 "I
118 "1
14 *1
118 *1
100 167 Jan 8 19234 Feb 14 160 Nov 25615 Aug
*1
4
/
187 18814 18214 1844 56,500 New York Central
110 Nov 1925* Aug
3
Feb
8
190 1925 18812 190 4 18915 1921 188 191
NY Chic & St Louis Co-100 130 Jan 6 144 Feb 10 100 May 110 Dec
4
/
13414 1341 1.000
14058 1405 140 14012 13834 139
18
100 1085* Jan 7 110
14312 14315 *143 144
500 Preferred
110 110 109 10912.107 110 '10612 110
4
1
50 180 Jan 6 324 Feb 3 155 Oct 379 Jan
/
109 110 *10915 110
180 NY & Harlem
275 '260 280
4
/
8078 Jan 13215 Oct
19
/
1231
8
290 294 *280 290 282 282 28112 2811 265 121
NY N H & Hartford.....100 1053 Jan 20 1284 Feb 18 1145* Jan 13434 Aug
1193 121
22,100
*
8
122 1227 12112 12315 11938
Feb
122 Jan 23
121 12214 1195 122
s 1.000 Preferred
127 12715 *125 1257
128 128
8 Nov 32 Feb
127 128 128
16 Feb 14
Jan 2
1265* 12715 127
91 Feb
s 2,800 NY Ontario & Western-100 1318 Jan 7
:
141 •1412 147
1534 1515 1512 14
4
/
11 Dec
15
15
418 Jan 16
2
1514 158* *14
100 N Y Railways pref____No par
4
1
/ 278
8
1
/
1415 Dec 4812 Feb
214 24 nil vs .212 27 '2
4
1
/
Jan 8 3315 Feb 14
'214 2
100 165*
*238 2%
4,700 Norfolk Southern
30
30
31
30
7
4 28 8 31
191 Jan 290 Sept
4
1
/
39 3278 2912 2934 28 283
100 226 Jan 4 265 Feb 18
4 4,800 Norfolk & Western
257 2643
260 255 258
82 Nov 874 May
100 83 Feb 3 86 Feb 18
25612 201112 258 259 2595 265 260
80 Preferred
4
/
841 *8414 85
84
*84 85
754 Nov 11878 July
86 86
86
*84
100 84 Jan 29 97 Feb 21
86
.84
14,500 Northern Pacific
97
945
93
934 94
75 Nov 1145s July
4
1
/ 9358 9378 9314 935* 93
93 93
100 8212 Jan 23 9838 Feb 21
8
1
/
9214 944 914 9215 917 965* 14,000 Certificates
7215 Mar 110 Aug
91% 9218 9114 92
Jan 8 8514 Feb 18
50 7218
9214
"91
8 814 835* 815* 8314 77.800 Pennsylvania
3
17 Dec 35 July
8418 8514 83 4 847
100 1734 Feb 7 21 Feb 11
4
1
/ 8312 841
838* 84
Peoria & Eastern
19
*16
18
*18
21
"17
21
*17
21
*18
100 150 Jan 30 162 Feb 21 140 Nov 260 Aug
21
'19
1,000 Pere Marquette
157 162
94 Nov 101 Mar
*150 162 *157 162 '157 162
98 Jan 21
4
100 943 Jan 31
157 167 *148 162
4 964 98 '9615 ---- 1.230 Prior Preferred
100 95 Jan 7 98 Jan 25 90 Nov 97 Jon
4
1
/ *9618 9714 9714 974 "964 963 *953 -_ •953 100
97
.96
100 Preferred
4
4
96 98
*9534 96
4
1
/ 96
465
8968 96
4
90 Nov 1485* Jan
4
100 116 Jan 4 1213 Feb 11
Pittsburgh & West Va
110 119 *110 119
1
/
*984 119 *118 119
4
/
50 121 Jan 4 1411 Feb 6 10115May 14734 Sept
9814 12014 •9815 120
1,600 Reading
127 127
128 130
4112 Apr 50 Sept
13115 133 "129 132
50 47 Jan 2 53 Feb21
129 133 129 130
First preferred
4,200
53
52
50
50 .48
50
50
4358May 6034 Sept
50
50
*48
50 475 Jan 4 57 Feb 6
50 50
Second preferred
56
*50
56
*50
58
*50
4978 Oct 7414 Sept
56
*50
58
*50
100 8012 Feb 1 65 Feb 6
56
.50
Rutland RR pret
4
/ *80
684
681
67 '60
67 •60
*60
70
8
100 1075 Jan 3 1145* Feb 10 101 Nov 13334 Aug
70 .62
.60
2,700 St Louis-San FrancLsoo
112
8
87 Nov 9615 Feb
11314 113 1137 112 11278 112
2 9514 Feb 14
100 92 Jan
113 113 112 112 11314
2,900 1st Prof paid
4
9514 943 95
9514 95
60 Nov 1154 Feb
11
"95 9514 95 9514 9514 9514 9514 69 *64
500 St. Louls Southwestern- _100 5914 Jan 20 69% Feb 10
68
64
68
84 Oct 94 Apr
4
1
/ 6814 *64
100 87 Jan 4 881 Feb
4
.673 683* *6612 6812 *68
Preferred
93
*89
93
4
4
1
/
"89 93 "89
9 Dec 213 Mar
93 Jan 15 12 Feb 15
4
1
/
100
.89 93 *89 93 "89 93
9,300 Seaboard Alf Line
1012 11
1012
1114 10
s
4
/
161 June 413 Oct
115s 1112 1118 1112 11
1113 12
100 224 Jan 30 28 Feb 7
700 Preferred
2814
*23
27
1
/
2714 27
8 127 Feb 10 105 Nov 1574 Sept
2714 2714 27
.2714 28 *2714 28
100 11914 Jan
5.300 Southern Pacific Co
4
/
1255* 1221 124
3
124 124 12314 123 4 1235* 1248 124 12415 1233* 131
100 12914 Feb 20 1364 Jan 13 109 Nov 1624 Sept
1293* 13012 8,100 Southern Railway
93 June 100 Dec
4
s
13115 13214 13012 13114 1297 13115 131 13178 1294
100 98 Jan 2 1003 Jan 20
Preferred
1
/
*984 99
4
/
74 Nov 140% Jan
•9815 99 •981 99
4
4
"983 100 *983 100 *9815 99
700 Mobile & Ohio certifs.-100 90 Jan 23 9518 Feb 18 115 Nov 181 May
•95 100
100 "95 100
93% 94 s 95 9518 •95
90 94
0
7
100 117 Jan 6 12315 Jan 14
200 Texas & Pacific
12014 12014
120 129
612 Nov 39 Feb
120 129
14 135* Feb 7
*120 129 "120 129
120 129
9 Jan
100
4
/
1
/
124 1115 111 1,600 Third Avenue
8
2014 Dec 5814 Jan
4
1
/ 1215 1212 1215 127 •12
13
124 12
28 3112 Jan
"12
800 Twin City Rapid Transit...100 2415 Jan 28 79 Feb 29
4
2915 283 29
2912 •29
75 Dec 100 Jan
3
30 '29
2912 2912 29 29 .29
70 Jan
100
40 Preferred
7514 7514 *751z 774
77 77
78 •754 78
78
78 78
100 215 Jan 8 i23714 Feb 10 200 Nov 2973* Aug
225 22715 3,600 Union Pacific
228 231
80 Nov 8512 Sept
4
/
2305s 23434 2311 233 231 231
l2814 22814 0
5
100 8214 Jan 17 83 8 Feb 5
4
1
/ 8312 8312 834 8315 1.030 Preferred
'824 84 *8318 84 *8318 8312 .8314 83
paid. z Ex-dividend. y Ex-rights.
•Bid and asked prices: no sales on this day. c 60% stock dividend
New York Stock Record-Continued-Page 2
1239
second page preceding
For sales during the week of stocks not recorded here, see
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Sinre Jan. 1.
Sales
-PER SHARE. NOT PER CENT,
HIGH AND LOW SALE PRICES
Year 1929.
NEW YORK STOCK
On basis of 100-share tots
for
EXCHANGE
Friday.
the
IVednesday. Thursday.
Highest.
Tuesday.
21londay.
Lowest.
Saturday.
Highest.
Lowest.
Feb. 21.
Week.
Feb. 20.
Feb. 19.
Feb. 18.
Feb. 17.
Feb. 15.
Par $ per share $ per share $ per share $ per share
(Con.)
Railroads
per share $ per share Shares
8
813 Jan
40 Nov
$ Per Share $ per share $ per share S per share S
100 51 Jan 6 60 Feb 10
5512 56
1,300 Wabash
55
54
59
*56
59
*57
58
82 Nov 104% Jan
*5812 5912 *57
100 83 Jan 7 87% Jan 8
87
100 Preferred A
8518 8518 *85
87
Jan
.85
87
*85
87
75 Dec 91
*85
87
*85
Jan 3 86 Jan 20
100 75
Preferred B
83
•78
84
84 •78
*78
84
Oct 54 Feb
*78
10
80
*78
84
•78
100 2114 Jan 18 2914 Feb 10
4 2712 18,400 Western Maryland
4
4
8
145 Nov 5312 Feb
4
273 28% 2712 28% 275 2853 263 281s 253 2714 253
,
100 2412 Jan IS 29 4 Feb 15
30
400 Second preferred
•27
29
29 .27
3112 29
15
Oct 41% Mar
2914 2914 2812 2812 *29
8
100 21 Jan 2 285 Feb 5
2512
25
800 Western Pacific
2512 2512 *2514 26
26
26
4
3712 Nov 673 July
2712 *2512 27
•26
8
100 4012 Jan 2 507 Feb 7
300 Preferred
4
/
4618 4618 *4512 461
4734 4812 4812 *4812 49
4
1
/ •47
49
*48
Industrial & Miscellaneous
No pa
3114 10.100 Abitibi Pow &Pap
4 30
8
305 3212 3012 313
2914 31
283
*28
4 2814 29
100
4
773 •7612 7712 1,000 Preferred
•78
78
76
7512 7512 7612 78
76
76
50
50
400 Abraham & Strauss__ __No Pa
51
51
55
*51
51
51
57
*50
55
50
*
10
100 Preferred
108 108 •108 110
108 10812 *108 110 *108 110 *108 110
3218 33 103,300 Adams Express new__..No pa
8 3312 34% 3218 333
8 3318 345
3218 327
3253 33
10
Preferred
100
•87 100
*S5 100
*87 100
90
8514 85 4 *85
8512 90
*
,
No pa
900 Adams Millis
4
2514 2514 •2414 251 •2414 2512
8 243 25
2512 257
26
26
10
4
1712 161 1718 163 1714
7,000 Advance Rumely
4
/
8
1612 163
4 163 18% 167
4
16% 17
10
34
1,700 Preferred
34
3112 *31
31
32
3414 *32
31
*31
31
31
1
8
7
4
3
8
7
8 2.200 Ahumada Lead
7
4
3
'4
8
7
4
3
8
7
3
3
4
8
4
*3
No par
4
130 1337 13012 133% 12718 1313 12618 12812 30,900 Air Reduction, Inc
*
12814 131% 12714 130
Elec ApplianceNo par
2912 31
6,600 Air-Way
2912 308 2912 30
31
307
30
30
3014 31
No par
218
2
Ajax Rubber,Inc
21
2
2 18
2
2 18
2
218
2 18
2
2
712 712 4,400 Alaska Juneau Gold Min___10
73
75*
4
4 73
73
7% 7%
4 734
73
3
74 8
3,800 Albany Pert Wrap Pap_No par
14
123* 13
4 14
4
143 143
8
1212 1312 137 151 *1412 15
No par
8
3218 333* 3012 323* 303 3178 233,100 Allegheny Corp
3318 3418 3218 335* 3212 34
100
2,500 Preferred
105 105
10512 10512 105 105'3 105 10512 104 105
106 106
*9312 96
200 Preferred ex-warrants
4
/
*931 96
96
96
96
96
95
*
96
96
92
*
271 27114 2,600 Allied Chemical & Dye _No Par
274
274
4
2723 275
273 276
27612 27612 273 273
100
Preferred
•122 123 *12214 123 *12214 123 •1224 123 .12214 123 *12214 123
8 5714 5812 5718 5818 30,100 Allis-Chalmers Mfg new NO Par
5914 59
60% 5858 603
8
I. 593 6014 58
Amalgamated Leattier_No par
4 3
.23
4 3
*23
4 3
4 3
4 3
*23
*23
*23
4 3
ti *23
No par
7,100 Amerada Corp
I, 1812 1812 1814 1814 1814 1812 1814 1812 1814 1814 1818 181
612 91
1.000 Amer Agricultural Chem__100
612 653
4
4
1
/ 63
6
4
1
/ 64
6
712 .634. 714
•7
100
2612 261
2,700 Preferred
27
26
2812 2818 2814 2712 28
2811 28% 28
10
1,300 Amer Bank Note
85
*82
83
8612 8612 82
86
867
86
*85
8612 86
50
Preferred
62
*61
62
*61
62
62
*61
62
61% *61
*81
*61
1
/
74 81
1,200 American Beet Sugar__No par
7i2 712
8 75*
75
712 712
712 712
*712 8
100
100 Preferred
36% 3818 361
*35
37
36
•35
*35
37
3618 535
L•35
50
48
8.800 Amer Bosch Magneto_ _No par
4
5012 473 51
50
8 5114 527
525
8
111 515 5314 50
.5,600 Am Brake Shoe dr F____No par
5212 5114 5114 5014 5014 5018 501
4
493 497
8 4914 5153 51
100
128 128
10 Preferred
*12214 128 .127 128 *126 128 *127 128 *127 128
157 21,600 Amer Brown Boveri ELM° par
4 15
8
8 15
8 143 158 1312 143
167
168 167
16% 17
3414 Dec 5718 Aug
4
1
/
22 Jan 18 33 Jan 3
8
69 Nov 885 Jan
84% Jan 17 78 Feb 18
43 Dec 15912 Jan
45 Jan 2 5712 Feb 1
104 Jan 11 110 Feb 11 10012 Nov 11212 Oct
20 Nov 34 Nov
231s Jan 20 34% Feb 19
Jan
84 Nov 96
8514 Feb 4 8814 Feb 8
19 Nov 35% Jan
Jan 23 2812 Feb 14
23
7 Oct 104% May
1112 Jan 6 2314 Jan 24
Oct 119 May
15
22 Jan 4 4114 Jan 29
4% Feb
2
3 Dec
78 Feb 5
12 Jan 4
3
77 Nov 223 8 Oct
14
8
118 Jan 22 1337 Feb
1818 Dec 48% May
32 Jan 30
21 Jan 1
1114 Jan
1 Dec
212 Jan 9
1% Jan
104 Jan
414 Nov
9% Jan 7
712 Jan
Oct 25 Jan
.5
1512 Feb 17
814 Jan 2
17 Nov 6612 Sept
4
/ Feb 14
341
23 Jan
4
1
/
00 Nov 118 July
10712 Feb 11
9512 Jan
Oct
8018 Sept 92
8914 Jan 27 96 Feb 18
3
197 Nov 354 4 Aug
282 Feb 1
4
2553 Jan
123 Feb 7 1181z Nov 125 Apr
121 Jan
7512 Sept
3518 Nov
4914 Jan 3 6214 Feb 6
1118 Jan
2 Nov
3 Jan 11
8
25 Jan 6
1712 Oct 42% Jan
Jan 1(3 21% Jan 7
18
4 Oct 23% Jan
77a Jan 28
612 Feb 10
3
18 Nov 73 4 Jan
4
1
/
28 Feb 20 32 Jan 27
Oct
65 Nov 157
77 Jan 2 88 Feb 5
3
57 July 65 4 June
1
/
61 Feb 3 664 Jan 31
,
5 4 Dec 2012 Jan
4 12 Jan 16
7 Jan
3412 Dec 6014 Feb
36 Feb 8 3912 Jan 21
27 Nov 7812 Sept
4018 Jan 17 54% Feb 14
62 Feb
4012 No
Feb 18
47 Jan 9 5212
11814 Jan 14 128 Feb 13 113 Nov 12612 Mar
4
418 Oct 343 June
16 17% Feb 14
8
83 Jan
4934 Jan 104 June
754 Feb 14
100 6012 Jan
190 Preferred
•6812 70
70
69
71
73
73
72
66581 66% *68
18412 Aug
*72
86 Nov
8
1463 Feb 14
25 11714 Jan
4
8
4
14114 1433 14014 14314 142 1435 1393 1433* 13414 141 12 135% 13814 211,900 American Can
100 14014 Jan 2 144 Jan 8 13318 Nov 145 Dec
14212 14212
800 Preferred
4
/
4
I 14114 14114 *1403 145 •1411 14212 *141 145 *141 145
75 Nov 10612 Jan
8212 Feb 6
80
2.600 American Car dr Fdy__No par 7812 Jan
4 80
4
793 8012 7912 793
80
,
3 79% 81
8012 8012 8012
100 111) Jan 27 116 Jan 4 1l0'3 Oct 120 Jan
100 Preferred
112 112 *111 112 .111 112 •111 112
•111 112 *111 112
7014 May 9518 Oct
93 Feb 19
100 75% Jan
93
1,100 American Chain pref
*91
91
91
93
8914 9112 92
86
.85
8918 86
27 Nov 81% Sept
46 Jan 27
8
No par 365 Jan
4312 4414 2,600 American Chicle
4
/
4 431 44
4
/
441 443
45
45
8
*445 4514 44% 45
Oct 55 May
20
1
/
No par 204 Jan 22 33 Jan 16
4
2812 273 2814 2712 2712 7,600 Am Comm'l Alcohol__
8 28
293
27% 2814 28
27% 23
4
1814 Nov 473 Feb
26
•25
200 Amer Encaustic Tiling_No Par 23% Jan 17 2712 Feb 7
26
*25
27
8
2712 *25
267 *25
25
28
*25
23 Nov 9812 Sept
8
45
46
3.200 Amer European Sec's-No Par 35 Jan 8 493 Feb 14
4612
4712 4712 48
4718 49
474 48
48
48
50 Oct 1994 Sept
par 88% Jan 18 10114 Feb 19
2 944 96% 428.700 Amer dr For'n Power_ No
983
9612 10114 94
3
95 4 98
1
/
944 95% 9312 961
No par 107 Jan 3 109 Feb 14 10112 Nov 10812 Feb
2
107 108 *107 110 *107 107, 107 10712 1,800 Preferred
108 108
108 109
8614 Oct 103 Feb
No par 9518 Jan 7 9912 Feb 19
1,700 2d preferred
9912 9812 9912 9812 9812
99
98 .
98
9812 99
99
.98
1712 Dec 42 Apr
10 19% Jan 2 2812 Feb 15
26
5.300 Am Hawaiian 85 Co
2712 26
2612 26
273
27
2538 264 26
1
/
27% 281
10 Jan
4
1
5
312 Dec
418 Jan
414 414 1,800 American Hide & Leather.100 2718 Feb 30 34/ Feo 15 2314 No 5214 Aug
5
5
5% 5%
8 514
•43
4% 53
,
5 4 53
Feb 19
7
100
3312 1,400 Preferred
*30
34
*31
3212 33
33
321
3312 3312 34
31
5
85 8 Jan
40 No
59 Jan 28
3
2,300 Amer Home Products__No par 55 8 Jan 11
58% 8712 58
5812 5812 58
*5812 59
•5812 583
58% 59
Oct 5312 Aug
29
3518 Feb 7 3912 Jan (I
No pa
3614 5,100 American Ice
4
1
/ 3618 36
8 35
3618 367
, .3612 37
37
36
37
36
8
S37 Dee 96 Mar
Jan 6
100 88 Jan 3 8712
Preferred
85
.84
85
*84
88
*84
*84
.84
88
88
88
*84
1
/
964 Sent
2912 No
95% Jan 20 45 Feb 18
4218 43
62,300 Amer Internet Corp-,No Pa
4214 44
434 45
4218 423
41% 42% 4214 45
8% Jan
212 Oct
3 Feb 21
2 Jan 20
3
3
GOO Amer La France & Foamite_10
3
3
4
1
/
4 2
23
8 27
4 2%
27
4
1
/ 234
*23
2
2712 Nov 75 Feb
100 30 Jan 9 35 Feb 14
*35
40
10 Preferred
40
•35
40
.35
45
35
•35
35
•35
40
90 Nov 136 Jily
94% Feb 5 105 Jan 8
4
1
/ 12.100 American Locomotive_No pa
8
100 100
9912 1001 1005 10212 100 10053 99 10012 9914 99
100 11112 Feb 3 115 Feb 18 wig Nov 120 Dec
300 Preferred
*113 1131 •113 11312 11312 115 *113 114 *113 114 •113 114
4
1
/ Oct
Feb 15 142 Nov 279
4
/
25212 2571 52 25214 2.800 Amer :Machine dc Fdy _ _No Par 210 Jan 10 26112 Feb 7
255 256
2584 2611 255 2573 255 255
4
4
/
3112 Nov 811 Feb
46
8 8,300 Amer Metal Co Ltd-No par 44 Jan 21 5112
467
8 4618 47
47
8
4718 4814 48% 4812 2463 463
473
110 Feb 6 116 Feb 18 106 Nov 135 Feb
100
200 Preferred (8%)
*11214 11414 •11214 11414 11214 116 .11012 117 *11012 117 •11012 117
58 Nov 9814 Jan
74
•72
72
50 Amer Nat Gas pref____No par 65 Jan 23 74 Feb 7
7'2
74
72
72
•72
72
*72
74
72
17% Jan
34 Dec
1 Jan 4
"2 Feb 7
No par
% 2,200 American Piano
13
53
•22
%
%
11
5
%
%53
12
4 Dec 55 Jan
4
1
/
5 Feb 21
4
1
/
3 Jan 9
100
534
5
53
120 Preferred
4
/
51 •5
5
4 612 *4,18 612 *434
543
4
8414 Nov 1753 Sept
513 95
9314 36.30U Am Power & Light__ _No par 77 Jan 2 98 Feb 19
91
947
913*
5
98
,
92 4 91 2
9514 964
0414 96
9214 Oct 105 Feb
8
No par 100 Jan 28 1017 Feb 21
8
8
1,600 Preferred
4
/
101 101.12 10112 101 12 10112 1011 101 1011 1017 1017
101 101
70 May 80 Feb
No par 75 Jan 8 8212 Feb 19
•8112 82
500 Preferred A
8312 8212 8212 *8112 82
*80
.82
8012 8012 82
4
/
8
727 Nov 841 Feb
No par 80 Jan 6 SG Feb 15
4
1
/ 86
85
86
800 Pre( A stamped
86
86
86 .
86
86
86
86
8612 86
Oct 55% Sept
28
3534 43.400 Am Rad & Stand San'ry No par 3018 Jan 3 38 Feb 14
35
361
35
39% 357 373
36% 3718 36
313% 36
100 1264 Jan 7 135 Feb 8 125 Nov 139 Sept
10 Preferred
*134 135 •134 135
134 134 •134 135
*13014 134 •132 134
1
/
1212 Nov 644 Jan
.No par 2012 Jan 21 2718 Feb 5
1
/
234 233
4 3.700 American Republics.
2212 231
8
2212 22
2212 223 23
2214 2314 22
8
60 Nov 1445 Sept
8
3
25 805 Jan 2 1007 Feb 17
92% 9412 59.400 Amer Rolling Mill
4
8 987 10012 9614 98% 93, 957
98 1007
8
8
945 98
4
44 Nov 743 Jan
Safety Razor_No par 59 Jun 16 6318 Feb IS
•6212 627g
2.800 American
8
4
/
0218 6218 621 6218 8212 63% 623 6318 6253 625*
17 Dec 41% Mar
2612 Feb IS
No par 17% Jan
24
222
23
21
12,800 Amer Seating v t c
4 24
233
253
21
4
4 25% 2612 243 26
7 Feb
s
3 Oct
2% Jan 24
14 Jan 16
No par
112
4
/
200 Amer Ship dr Comm
*11 1% •1%
4
/
11
1 12 112
112 112
*112 134 •158
Oct 112% Aug
70
•8312 961 •8312 95
100 American Shipbulicling____100 83 Jan 24 98 Feb 14
97
97
97
*85
.85
97
97
*95
62 Nov 13014 Sept
7014 7153 7014 71% 18,800 Am Smelting & Refining_100 69% Jan 22 7812 Feb 6
4 703* 72
733
73% 7414 721s 7378 72
Jan
100 13312 Feb 6 138 Jan 16 12318 Nov 138
•13512 137
Preferred
1
/
1.100
3
*133 8 13412 13414 134% 135 13012 1371 4 13714 *1354 137
Oct 49 July
38
25 4218 Jan 21 43% Jan 27
8
427 4278
4
/
1.400 American Snuff
8
42% 43
43
427 4278 *421 43
43
43
43
Jan
08 Nov 112
1043* Feb 17
100 10018 Jan
10 Preferred
104% 1043 *10212 11012 •10212 11012 *103 11012 •103 11012
8
8
10212 1043
•
3
4
/
35 4 Oct 792g Feb
511 Feb 11
48
49
5.800 Amer Steel Foundries_ _No par .44,2 Jan
50121 484 50
3
50 4 50
5012 5014 50% 50
50
114 Mar
115 Feb 14 110 Jun
11012 Jan
100
110 Preferred
11312 114 •114 115
11412 11412 *114 115 •114 115
O114 115
Oct 85 Apr
40
4914 Feb 1
No par 4612 Jan
4 46% 485
8 1.109 American Stores
1
/
465 47
464 463
464 47
47
1
/
8 47
463* 465
4
943 Jan
56 No
67 Feb 5
100 6018 Jan
61
61
61 18 64
2.500 Amer Sugar Refining
63
4 62
6214 62
61 12 01 12 61 12 612
99 Nov 111 Feb
10714 Feb 13
100 104 Jan
4
1
/
1064 1063 106 106
300 Preferred
4
1
/
4
1
/
•1064 108 *1063 108 *1063 10778 •1064 107
60 Jan
18 No
4
No par
1912 Jan 2 283 Feb 10
Am Sum Tob
2218 22 2 2318 243
,
7,600
8
2112 243
4 24
2514 253
2412 2412 251
17
Jan 3n Mar
27
•22
27
30 Amer Telegraph & Cable_100 26 Feb 19 27'2 Feb 8
26 .22
*2614 27
2714 2714 22714 2714 26
100 216 Jan 2 2397 Feb 19 19314 Jan 31014 Sept
22912 23212 233 2383 23518 239% 23012 23753 231 2341 245.500 Amer Tele!) & Teleg
2303 232
230
Tobacco cora __ -50 197 Jan 8 23912 Feb 19 160 Ma 23212 Oct
228 232
230
4.000 American
234 23812 237 2391 235 235
236 236
Oct
Oct 235
50 197 Jan 8 241 Feb 17 160
,
33.400 Common class B
235 238% 23212 237 2 229 233
237 241
235 238'4 23312 241
4
/
1211 Jan
100 120 Feb 3 12112 Feb 21 114% No
121 121
12112 1211
700 Preferred
121 121
8
12012 1201 *12012 121 •1205 121
181 Sept
_100 125 Jan 22 135 Feb 4 115 No
300 American Type Founders_
132 132 *13112 13434 •132 135 •132 135 *132 13312 13172 132
112
Apr
100 109 Feb 5 111 Jan 3 103 No
30 Preferred
109 109 *108 11112 •108 110
109 109 •108 109
*108 109
199 Sept
50 No
8812 Jan 2 10914 Feb 17
4
/
105 10914 10112 10618 1011 104% 81.800 Am Wat Wits & El____No pa
4
10418 1057 1023 105% 104% 107
Jan
97 Jan 104
9911 Jan 4 103 Feb 8
8
8
8
1005 100% *10114 1023 *102 1023 102 102
300 let preferred
101 101
8
*1005 101
5% Oct 2778 Jan
100
712 Jan 2 2014 Feb 17
17% 18
1812 25.200 American Woolen
1
/
174 1814 17
20
2014 18
8
157 17'o
17
1512 Nov
58% Jan
1
/
194 Jan 2 44.8 Feb 18
100
4253 40% 43141 29.900 Preferred
4
/
4038 431 40
3953 3912 4412 4112 447
37
1618 July
4 Nov
712 Jan 31
5 Jan 20
8
6
4
1
/
6
6%
300 Am Writing Paper ctfs_No par
•61s 6%
63
4
1
/ *618 57
6
*6
.6
28 Nov 46 Mar
100 2912 Jan 17 4312 Jan 16
4212 •40
Preferred certificate_
4234 •36
424
1
/
423 *40
423 .37
4234 *41
*40
4914 Mar
7 Nov
812 Jan 2 17% Feb 3
4
/
8
1558 1412 1538 15
163
s 147 1618 151 1 55* 1518 15,2 10.300 Amer Zinc, Lead & Smelt___25
15
4
493 Nov 11114 Mar
25 56 Jan 6 79% Jan 2))
73
73
•72
7412 73
400 Preferred
741 *74
7434 74
7434 *73
*74
4
/
71 6714 Dec 140 Ma;
1
/
2
2
4
743 7512 73
754 7212 7514 7112 7312 7112 724 71, 723 156,452 Anaconda Copper Min new_50 69% Jan 17 80% Feb
46 Dec 893 Sepi
4
•49
50
50 .49
50
*49
*49
*4912 50
100 Anaconda Wire dr Cable No par 40 Jan 22 5314 Feb
50
50
50
25 Oct 80
Oct
7
No par 35 Jan 2 48% Jan 27
4212 4052 42
42
9.900 Anchor Cap
4312 445* 4312 44% 423 43
4418 447
96 Nov 15412 Oct
No par 105 Jan 2 III Jan 27
Preferred
*108 110 *105 109 *105 109 •105 109 .•105 109 •105 109
30
Oct 6838 Mar
3214, 3014 31
800 Andes Copper MinIng_No par 3014 Feb 20 3718 Feb 7
3312 3312
3412 *3212 3412 *324 3112 32
*33
1812 Nov
4912 Mar
1
/
244 25
1
/
8 2512 26
263
2512 2514 26
26
4.400 Archer, Dan'Is. Mid'Id.No par 244 Jan 2 27% Jan 9
2512 2558 25
75
Oct 95 Jan
8
7612 77
77
*75
77
600 Armour & Co (Del) pre(__100 77 Feb 14 813 Jan 3
7834 *78
*77
7814 77
4
1
/ 78
77
518 Oct 181 Jan
4
4
/
63 Feb 3
514 Jan IS
5% 5%
4 58
53
4 6
4
1
/ 4,700 Armour of Illinois class A__ _25
5% 6
53
3
4 5
53
5 4 57s.
234 Nov
8
312 Jan
25 Jan 20
25
1014 Jan
3
:vs 9.000 Class B
3
3
3 18
3181
3
318
3
318
3
3
57 Nov 86
100 60 Feb I 64 Jan 9
Jan
8
4 60% 6012 601 2 6012 80, 80,
8 60
60% 1.200 Preferred
4
603 6034 *6014 603
614 Dec 40% Jan
638 Feb 8
8% Jan 27
713 71
73*
*71
4
714
7
714 7,
7% 712 1,700 Arnold Constable Corp.NO par
714 753
165 Nov 30 Feb
8
s
17, Feb 8 20 Feb 6
No par
4
4
Artloom Corp
,
4
4
4
1
/ *174 203 *17 4 203 *1652 203 *1714 203 •1714 203
4
8
•165 20
34 Nov 583 June
8
423 428 42
4
4014 40% 4012 4212 4134 43
4
42% 11,500 Associated Apparel Ind No par 3618 Jan 4 43 Feb 19
*393 403
8
No par 28 Jan 4 347 Jan 31
25 Nov 70
3018 3114
3312 3218 3214
3158 32
4
1
/ Jan
3018 3122 4.800 Assoc Dry Goods
3312 3312 33
25 33 Feb 18 37% Jan 14
3412 Dee 474 Apr
35
*33
35
35
*33
33
*33
*33
33
35
*33
180 Associated 011
35
8
3218 Feb 8612 Oct
71
7018 7118 723
4 7152 71% 70
7012 7138 70
8
1393 6912 3.100 Atl G & W I S SLine_ __No par 693 Feb 21 80% Jan 30
100 59 Jan 7 62% Feb 8
4
614 611 *61
453 Feb 627 Sept
*6112 62
6112 62
*
*6112 62
8
62
200 Preferred
*6112 62
25 3614 Jan 17 427 Feb 13
8
30
3
38 4 394 3812 39
3938 4014 3812 3914 38% 39
Oct 77% July
4
3373 3812 26,500 Atlantic Refining
No par 8112 Jan 17 94 Feb 19
4
/
871 915
94
91
67 No
4
1
/ 87% 887
s 8834 93
140 Sept
4
1
/ 87
87
8
893 905s 9,500 Atlas Powder
100 101 Jan 20 1047 Jan 18
8
10358 104
10312 104
10312 10312 *103 1031 •103 10312
90 Nov 10812 Jan
•10312 104
130 Preferred
\le par
514 Jan 2
7 Feb 10
*718 10
*Vs 10
1
74
• / 10
•718 10
Atlas Tack
*71s 10
10
*7
5 Nov
17% July
225 230
216 225
221 236
23014 235
214 224
22712 229
8,500 Auburn Automobile_ No par 17512 Jan 18 238 Feb 10 120
Oct 514 Sept
•Dld and asked prices; no sales on this day. x Ex-dividend. y Ex-right,,
1240
New York Stock Record-Continued-Page 3
For sales d ring the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 15.
Monday.
Feb. 17.
Tuesday.
Feb. 18.
Wednesday. Thursday.
Feb. 19.
Feb. 20.
Friday.
Feb. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
PER SHARI
Range for Fred
Year 1939.
Lowest.
Highest.
Lovett.
Mg mot.
5 Per share 5 Per share 3 Per share $ Per Share 3 Per Share $ per share Shares Indua. & Mace'.
(Con.) Par 5 per share 3 per share 3 per share 3 per shari
*414 412
418 414
43
5
418 414
412 434
4
433
458 9.700 Austin, Nichols & CoNo par
3 Jan 22
/
1
4
618 Jan
113 Aug
314 Oct
*29
31
429
30
2712 29
*2712 28
*2713 28
*2712 28
,1300 Preferred non-voting____100 24 Jan 2 3114 Feb 28
3
18 Nov 4211 Jan
*5614 584 *5614 5813 .5614 5818 *5618 5818 *5614 5815 *5614 5818
Austrian Credit Anstalt
56 Jan 10 60 Jan 13
Jan
4912 Nov 65
5% 77
614 83
7
4,600 Autosales Corp
84
,
7
7
64 74
631 7
No par
412 Jan 20
818 Feb 17
4 Dec 351 Aug
15
19
1712 1712 18
1812 .1612 1913 41614 183 *1614 1912
4
400 Preferred
50 15 Jan 11 21 Jan 3
13 Dec 457 Aug
45
4578 45
:
45
45
46
4514 4513 *43
44
*43
45
800 Autostr Sat Razor A_ __No par 37 Jan 2 46 Feb 18
34 Nov 50 Jan
34
355
8 3514 373
8 363 38
3
3533 3718 3414 36
345 353 234,200 Baldwin Loco Wks new No par 3012 Jan 2 38 Feb 18
8
4
15 Oct 654 Aug
11418 1144 11418 11418 11414 1153 11412 11412 11412 11514 1153 1153
4
4
4
100 Preferred
100 111 Jan 13 116 Jan 21 10912 Nov 125 Apr
*1073 1083 1073 1073 10914 1093 *108 1094 *108 10914 *108 1094
4
4
4
4
8
50 Bamberger (L) & Co pref.-100 107 Jan 3 11012 Feb 4
9312 Nov 1101 Feb
1712 1713 1713 1712 *17
1712 1714 1712 *1713 18
*1713 18
150 Barker Brothers
No par
164 Jan 15 20 Jan 23
16 Dec 333 Jan
*745 87
8
*74
87
*74
*7453 87
87
*74
87
74
74
30 Preferred
100 7312 Feb 11 77 Feb 1
70 Nov 97 Jan
*3
414 *3
414
25
8 233 *24 44 *23
4 414 *23
300 Barnett Leather
4 414
No par
25 Feb 18
8
418 Jan 30
212 Dec 291 Jan
2012 2114 2012 207
8 207 2112 2 4 2111 2033 21
8
03
30 4 2113 38,200 Barnsdall Corp class A
25 2012 Feb 15 244 Jan 14
20
Oct 49, May
*6312 65
*6312 65
4
6312 65 .634 63
633 633
/ *633 65
1
4
4
4
200 Bayuk Cigars, Inc
4
No par 633 Feb 21 68 Feb 4
4
55 ,Nov 1133 Jan
984 9834 *9814 984 *9814 9812 9713 9814 *98 100
/
1
98
994
130 First preferred
100 9712 Jan 28 99 4 Feb 21
3
95 Oct 1063 Jan
14
1418 1312 1312 13
1311 13
13% *13
13
1312 1418 4,600 Beacon 011
13 Feb 18
No Par
1618 Jan 4
1212 Dec 327 July
*6818 6812 68
68
6814 664 *6314 68
*6314 67
/
1
*66
400 Beech Nut Packing
68
20 6013 Jan 2 70,8 Jan 28
5
5
45 Nov 101
5
5
451 57
Jan
/
4
8 454 57
*512 57
*312 53
4
600 Belding Ilern'way Co__No par
43 Jan 3
8
83 Jan 17
2
413 Dec
173 Apr
8213 8212 8214 8214 823 83 4 •133
4
3
837
*821 8312
8 83
800 Belgian Nat Rys part pref.. ___ 80 Jan 3 833 Feb 18
83
4
75 Nov 847 Jan
385 3938 33
8
403
8 4014 40% 3918 4038 3814 393
4 3818 403 34.600 Bendlx Aviation
8
No Par 327 Jan 18 417 Feb 3
8
a
25 Nov 1043 July
3612 37
36
364 36
3612 3612 36, 363
/ 374 3612 37
1
4
8
3 4.700 Best dr Co
No par 314 Jan 8 3712 Feb 18
25 Nov 1231 Sept
10012 10231 1003 1013 1017 10334 100 103
8
4
985 1007
8
8 994 1004 124,800 Bethlehem Steel
100 92 Jan 2 1033 Feb 18
4
7814 Nov 140 Aug
3
12614 12612 12812 1263 12612 12612 12612 12638 *12612 1264 12612 12612 1.400 Beth Steel Corp Coro
4
pf(7%)
100 12214 Jan 13 127 Jan 17 111388 May 128 Sept
*2612 29
•24
277 *2613 27
*2612 273 *23
26
4
*24
26
Bloomingdale Bros_ _ __No par 23 Jan 4 29 Jan 31
223 Dec 617 Apr
4
*103 105 *103 105 .103
____ *103
4103
____ *103
____
Preferred
100 101 Feb 6 10211 Feb 10 100
Oct 111
Jan
79 4 793
3
4 793 793
8212
4
4 793 793 *8012 8212 *81
4
4
8212 *81
50 Blumenthal & Co pref
100 74 Feb 7 793
7018 Dec 118
Jan
523 537
4
8 5312 541
534 5133 52
. 5312 5358 53
2,900 Bohn Aluminum & Br _No par 47% Jan 22 5084 Feb 22
.517 52
/1
Feb 3
37 Nov 1363 May
*694 72
47018 714 *7018 7112 *7018 7112 *704 714 71
71
100 Bon Ami class A
No par
70-33 Jan 8 72 Jan 6
70 Oct 891 Jan
458
4
8 412
• 8 412 *34 44 *37
37
414 414
414 414 1.700 Booth Fisheries
47 Feb 1
No Par
333 Jan 3
3 Dec 113 Jan
*22
4
30
22
*22
30
28
274 2811 273 273 *22
4
4
28
600 1st preferred
100 274 Feb 19 3314 Jan 3
18 Dec 633 Jan
644 65
64% 65
643 66
641/ 65
6314 6414 6318 6333 11,300 Borden Co
4
35 8018 Jan 8 6818 Feb 7
53 Oct 1001 July
40
40
3912 4012 40
41
39% 403
3 3918 393
4 39
39% 5,700 Borg-Warner Corn
10 324 Jan 2 42 Feb 5
26 Nov 1433 May
5314 4
.338 4
*312 4
*312 4
*334 4
33
4 33
4
100 Botany Cons Mills class A00
3 Jan 14
433 Jan 20
212 Dec
1534 164 1512 1612 153 1814 1533 16
151 Feb
4
1514 151z 1514 16
19.700 Briggs 1fanufacturing_No par
1411 Jan 17 1712 Feb 5
813 Nov 631 Jan
*13
213 *13
4 218 *13
4 218 *13
4 218 413
4 212 *13
4 212
British Empire Steel
100
1% Jan 30
24 Jan 25
47
112 Dec
47
67 Jan
*43
*4
*45
/ 47
1
4
4 5
3 .45
8 47
8 48 *433 47
8
200 2d preferred
47 Feb 6
100
44 Jan 8
37 Nov
131 Jan
.1518 1614 *1513 153
4 153 153
3
16
16
16
1512 1513
4 16
700 Brockway Mot Tr
No par 13 Jan 3 164 Jan 3
14 Nov 73 Jan
7
no
75
*70
75 •
*70
75
70
70
70
70
60 Preferred 7%
100 68 Jan 11 75 Jan 28
7114 Dec 145
Jan
161 18312 16012 18514 165 1683 168 17312 165 176% 17114 175
4
68.700 Bklyn Union Gas
No par 131 Jan 6 1763 Feb 20
8
99 Nov 2481 Aug
*4114 4112 4
42
41
42
43
417 417 *4012 4114 4012 41
3
3
300 Brown Shoe Co
No par 40 Jan 30 42 Feb 18
36
Oct 511 Sept
1414 1414 1358 14
133 137
1333 13
s
8
4 134 138 133 1312 2,700 Bruns-Balke-Collender_No par 134 Jan 15 2033 Jan 2
8
551 Jan
1614 Nov
263
26
8 253 26
8
253 267
8 253 263
8
4
8 2518 2512 2514 2514 5,200 Bucyrtts-Erie Co
10 22 8 Jan 24 287 Feb 18
,
14
Oct 423 Jan
*364 37
3814 364 37
/
1
3733 364 3633 3818 363
4 3658 367g
390
Preferred
10 3318 Jan 7 377 Feb 1
2612 Oct 50 Feb
•110 111
111 111 *11012 111 *110 111
111 11112 11118 1113
4
640
Preferred (7)
100 1073 Jan 3 112 Jan 14 1073 Dec 117 Apr
4
4
4312 4212 44
43
4338 4338 4413 4314 4714 463 513 21,200 Bullard Co
43
4
8
No par 297 Jan 16 513 Feb 21
25 Nov 545 July
10118 10118 1023 103
4
10512 10612 *10112 108
105 10514 106 106
Burns Bros new el AcomNo par 9912 Jan 13 10613 Feb 18
88 Nov 127 Jan
2212 2213 .22
25
25
26
2578 257
8 2512 257 *2412 253
8
4 1,200
New class B coin_ ___No par 2212 Fob 15 26 Jan 15
225 June 39 Jan
8
.9314 98% *9314 95
9912 93 100
98
99
*99
99
994
290 Preferred
100 93 Feb 7 100 Feb 10
88 Nov 1051 Jan
4618 47
4618 4612 474 493
e
4738 4918 457 473
4 457 4633 17,900 Burrough.s Add Mach No par 4314 Jan 7 507 Jan 30
8
29 Oct 329 May
3
40
40
39
40
39
42
/ 422 43% 424 43
1
4
/ 42
1
4
433 12,700 Bush Terminal
4
No par 36 Jan 4 4434 Jan 27
3114 Nov 891 Feb
10613 10612 *105 10612 106 10612 106 106
106 10612 1024 10212
170 Debenture
100 10014 Jan 2 108 Jan 23
91 18 Nov 1101 Mar
*11014 113
11013 11012 *109 4 113 *10912 113
1
10913 10913 1094 10912
60 Bush Term Bldgs pref
100 10918 Feb 10 114 Jan 28 1053 Nov 1181 Feb
4
*47
5
43
4 47
8
4% 5
47
8 5
5
5
5
5
2.000 Butte Rs Superior Mlning_10
412 Jan 7
514 Jan 6
43 Dec
4312 333
2
123 Jan
312 312
312 312
3 4 44
3
4
414
4
4
6,500 Butte Copper & Zino
414 Feb 20
3 Jan 24
5
91 Jan
2 Oct
2012 2013 2012 2012 2012 2218 2213 23
23
243
4 25
29
8,600 Butterick Co
100 1613 Jan 17 29 Feb 21
1712 Dec 41
Jan
8433 873
8 8433 8614 8718 903
8 853 88
4
844 864 8378 8514 16,100 Byers & Co(A NI)
No par 804 Feb 4 9533 Jan 10
50 Nov 1927 Jan
*109 112
109 109 *109 111 *109 111
111 111 •110 III
20 Preferred
100 109 Jan 37 114 Jan 25 105 Apr 1211 Jan
____ ________ ____ ____ ____ ____ ____ ____ ____ ____
By-Products Coke
No par 2514 Jan 4 2614 Jan 2
20 Oct 47
, Oct
7314 7312 733 733
723 73 8 72
8
7
7314 7211 73
1,800 California Packing__ No par 6633 Jan 3 74 4 Feb 11
73
3
6312 Oct 847 Aug
*28
29341 *28
297
28
28
ns 29% •28 2958 *28 73%
10 California Petroleum
29%
25 38 Jan 22 24 Jan 22
112 113
25 June 341 Aug
112
112
113
112
113
llz
112
112 *112
900 Callahan Zlnc-Lead
133
10
I Jan 2
218 Feb 3
1
Oct
4
8314 8314 811 8214 703 82
Jan
/
4
3
747 76
75
7814 757k 763 31.100 Calumet & Arizona Mining_20 747 Feb 10 894
4
Jan 9
734 Nov 1363 Aug
k
3014 3014 30, 304 297 3018 2933 30
8
2918 293
3 2914 2912 8.900 Calumet & Dacia
25 29 Jan 23 333 Jan 7
2
Oct 617 Mar
25
697 724 72
7314 72
733
4 717 73
7012 72
704 7113 30.700 Canada Dry Ginger Ale No par 633 Jan 3 733 F -b 18
4
4
45 Oct 983 July
32
4
3212 313 32
3111 3218 3112 317
31
31% 317 317
*
8 2,800 Cannon Mills
No par 27 Jan 7 3212 Feb 3
27 Dec 483 Sept
236 239% 234 23912 235 2424 23312 239 4 227 23412 22714 23433 15.700
3
Case Thresh Machine ctfa_100 19214 Jan 2 2497 Jan 391 130 Nov 467
8
*120 122 *120 121 *130 122 *1204 121 *1204 121
Sept
121 122
470 Preferred certificates____100 115 Jan 16 122 Feb 81 113
Nov 1231 Dec
*93 1012 *9
4
/ 1012 *04 1012 *94 1012
1
4
93
4 94 *912 104
100 Cavannagli-Dobbs Tric_No par
813 Jan 2 137 Jan 11
8
64 Dec 421 Feb
*74
7413 *74
7412 *74
7412 74
7412 74
7413 *7412 75
100 Preferred
100 62 Jan 2 75 Jan 18
88 Dec 1051 Mar
5033 5313 5033 5531 5412 5714 527 5512 5012 5418 50 13 531a 82.900 Celotex Corr.
3
No par 3513 Jan 2 5714 Feb 18
31
Oct 793 Feb
•76
79
0763 8312 7634 7814 *768 83
84
79
4
/
4
*761 83
600 Preferred
100 71 Jan 21. 84 Feb 17
72 Dec 931 Feb
247 2478 2114 25
23
8
*2414 25
25
*24
26
*24
28
900 Central Aguirre Asso__No par 2312 Feb 10 2714 Jan 16
21
Oct 483 Jan
3312 3414 3318 31
33 4 345
3
8 33
3433 321 3353 324 3278 16,500 Central Alloy Steel----No
/
4
/
1
3
Par 30 Jan 2 344 Jan 27
/
1
26, Nov
8
593 Oct
10712 10712 107 1081,•1074 1094 10734 1073 108 108 *10812 109,
330 Preferred
2
100 1054 Feb 7 110 Jan 1 105 Apr 1121 Jan
34
414 414
41 414
/
4
411 413 *44 412
412 412 *414 412
700 Century Ribbon Mills_No par
3 4 Feb 4
3
6 Jan 23
3 Oct 201 Jan
*57
5812 57
57
52 .524 584 .51
52
5812 *51
20 Preferred
584
100 52 Feb 18 60 Jo 11
6014 Dec 82
62 62
61 14 62
Jan
6012 6112 60
6012 60 6013 60 607
8 5,600 mierrodo Pasco Copper_No par 594 Jan 17 65 3 Jan 6
3
5214 Nov 120 Mar
14
1418 133 133
4 13
4
/ 1438 1414 1438 14
1
4
14
1333 1333 1,300 'ertaln-Teed Products_No par 11 Jan 15 157 Feb 6
8
10 Dec 32 July
/
1
4
*40
50
*40
5912 '40
'
1
5912 *40
5938 .40
51
*40
60
7% Preferred
100
4512 Dec 811 .,an
*437 46
47
48
*4433 4512 *443 4512 4412 44% *4412 45
800,CIty Ice & Fuel
No Par 4018 Jan 3 49 Feb 4
1912 Dec 823 Jan
*96
98
98 98
*06
973 *96
4
9714 96
.96
98
98
1201 Preferred
100 96 Jan 15 385 Feb 11
4
NI Sept 1051 Jan
No par
7414 7512 7413 75
Mkt Mar 921 Jan
74 4 7438 74
,
73% 16,300 Chesapeake Corp
75% 7318 74% 73
No par 6312 Jan 3 76 Feb 8
2912 2912 *297 3012 29
424 Nov 112 July
2913 29
293
8 2834 293
3 281a 2812 1,400 Cbleaeo Pneurna: Tool_No par 22, Jan 20 33
2
/ Feb 5
1
4
2178 Oct 471 Sept
64
54
5414 5114 *5313 5412 5413 5412 54
*5313 5414
54
500; Preferred
No par 5112 Jan 3 5412 Fob 19
47 Nov 61 Sept
.2718 28
28
28
*27
29 2277 2812 274 27% *2713 29
8
170 Chicago Yellow Cab_ _ _No par
163 Feb 1
4
283 Jan 4
4
2712 2712 *2512 28
217a Oct 36
*2612 27
Jan
*263 27
3
27
27
*263 27
8
300 Chickasha Cotton Oil
10 25 Jan 4 2814 Feb 5
25 Dec no
6513 63% 645
65
6318 8414 6214 6314 613 6314 26112 6112 6.500 Childs Co
Jan
4
No Par 574 Jan 8 6738 Feb 5
4412 Nov 757 Sept
*564 85
*56, 65
8
•56, 05
8
*561/1 65
*5818 65
*564 65
Chile Copper
25 65 Feb 6 65 Feb 6
53 Nov 1271 Mar
374 3814 384 39
/
1
377 39
374 3814 37
3712 37
333 118,800 Chrysler Corp
No par 33 4 Jan IS 4134 Feb 8
,
26 Nov 135
*3718 40
*374 40
Jan
•37121 40
*374 40
374 3718 •3718 40
70 City Stores class A
No par 374 Feb 20 38 Jan 16
35
Oct 52
8% 8%
83
0
9
Jan
83
4 94
94
91
9
83
4 8% 3,900 New
938
83 Jan 30 1014 Jan 2
No par
4
714 Oct 27 Feb
*3612 38
353 36
4
*36
37
3512 313
36
36
3612 3612
700 Cluett Peabody & Co No par 30 Fob 1 41 Jan 14
5412 Dec 723 Jan
*974 100
*9712 100
*9712 100
*9712 100
*9718 100
•9712 100
Preferred
100 914 Jan 2 100 Feb 13
0012 Dec 110
1477 147% 14618 1484 149 1527 14812 1507 146 148
Jan
8
8
1464 14712 8.100 Coca Cola Co
No par 13314 Jan 8 1527 Feb 18 101 Nov 1541 Aug
,
5 49% 491 493
*4911 50
44953 497 *49
/
4
4 493 493 *495 497
4
500 Class A
No par 4812 Jan 8 50 Jan 20
443 Oct 50 Feb
4
314 3212 3134 334 33
3412 314 33
30
314 2812 2913 7.700 Collins & Altman
1438 Jan 2 355 Feb 13
No par
10 Nov 721. Mar
*35
88
*85
88
88
.85
*8314 88
834 8314 *82
83
100 Preferred non-voting....100 73 Jan 3 3118 Feb 4
85 Dec 1031 Feb
54
56
55
56% 54
56% 53
51
53
555
8 53
8 9,100 Colorado Fuel & Iron
535
100 3613 Jan 2 57 Feb 14
27 Nov
/
1
4
781 Mar
4
17714 1792 17714 186
184 187
182 18612 1764 1834 17733 180
34,500 Columbian Carbon
4
Oct
8912 915
937
90% 9338 884 91 14 88% 9018 186,800 Colum Gas & Else ye eNo par 18818 Jan 18 1.53 Feb 3 105 Nov 344
8
3 885 9212 92
No par 7012 Jan 2 937 Feb 18
52 Nov 140 Sept
*1043 1053 1053 1053 10512 105% 10512 10512 105 10512 *10414 103
4
4
4
4
1,300 Preferred
100 10414 Jan 31 107 Jan 3
9012 Nov 109 July
j
8 2918 303
294 3038 285 295
8
297 307
384 30% 2812 3912 196.300 Columbia Graphophone
243 Jan 17 3184 Jan 6
1
1618 Nov 883 Jan
31
30
3012 31
31
4
3211 313 3458 33
344 33
37
77.100 Commercial Credit____No par 23 8 Jan 2 37 Fob 21
3
IS Nov 625 .1812
25 .24
24
24
24% 24
25
*24
25
*2415 25
25
30 Preferred
25 224 Jan 25 25 Feb 20
20 Nov 263 June
*2414 2412 1/2414 24I
2413 2413 *2414 25
*2412 25
•241s 25
20 Preferred B
25 22 Jan 6 2413 Feb 11
2033 Nov
28 Juno
8612 861 2 87
*8512 86
88
87
89
88
89
90
90
160 1st preferred (6S5 %)-100 7614 Jan 18
70
Oct 1053 Jan
47
48
4834 4733 463 47
4
46
/ 49% 484 5013 4813 5133 20.400 Cam Invest Trust new_No par 384 Jan 20 90 Feb 21
1
4
513 Feb 21
4
2318 Nov
79
noo 100l2 10012 10012 .10014 ____ *10014 --- 10014 10014 10014 100'4
Oct
60 7% Preferred
100 99 Jan 4 1004 Jan 2
96 Nov 109 Feb
*90
93
.92
•924 93
93
92
92
924 9212 91
93
900 Preferred (6)4%)
100 89 Jan 3 93 Feb 21
87 Nov 99
*147 21
Jan
1912 *161s 1838 174 19
3 16
1813 193
*173 19
4
3.200 Warrants
100 11 Jan 3 1913 Feb IS
9 Dec 891 Slept
294 303
2912 31
3114 3214 3014 32
4 30-18 313 275.900 Comm Solvents new___No par 2714 Jan 22 323 Feb
30, 313
4
4
5
201s Oct 83 Oc
1714 1734 17
3
1712 171 17g 1713 1733 163 174 1612 17 235,900 Commonwealth&Sou*rnNo par
:
123 Jan 2 1814 Feb 0
4
10
Aget 243 Oct.
*46
43
46
46
45 4 454 *4538 48
3
300 Conde Nast Publica„ No par 453 Fob 18 491 Jan 8
*454 464 453 4
a 94
35 Nov 93 Jan
17
1713 1611 174 167 1814 1714 17
/ 1633 1714 1812 17
39,700 Congoleum-Nalrn IncNo par
1
4
1312 Ja,. 2 183 Feb 5
4
11
5013 51
Oct 35 Jan
3
6012 5214 53 5314 5218 53
8 52
5314 533
5212 1,800 Congress Cigar
No par 45 Jan 14 55 Feb 10
538
43 Nov OV Felt
•38
*4
4
511
12
12
.3338
600 Comley Tin Foil stpd No par
58
.3
3
53
% Jan 16
12 Feb 1
11 Fel'
52
14 Nov
5312 *52
534 *53
54
5212 533* 5314 5318 524 5314 2,000 Consolidated Cigar_
No par 44 Jan 2 55 Fob 3
40 Oct 961, Jan
*72
75
7312 7312 *73
74
747 •72
574
74
74
75
90 Prior preferred
100 67 Jan 22 7413 Feb 4
63 Nov 96 Jan
2312 2333 4233* 237s 2378 24
2333 2338 234 234 2233 234 1.300 Consol Film Ind pref__No par
18 Jan 3 25 Jan 24
11712 11912 117 12073 11812 1213 118 12
1518 Oct 30, Apr
04 11612 11914 11712 120% 420.800 Consolidated Gas(2j Y)No par 96 8 Jan 2 1213a Feb
8
5
18
8018 Nov 1831, Sept
100 100
10018 10014 10014 10012 10012 10012 10014 10014 10014 10012 1,900 Preferred
No par 9913 Jan 28 100,2 Feb 4
13
8 112
9212 Nov 1001 Dec
11.
112
it
: 112 3,500 Consolidated Textile
I%
I%
13* 14
113 1%
No par
1 Jan 2
2 Jan 27
1811 183
8 184 19
5 Dec
8
63 Jan
194 2012 2013 22
2014 215
8 203* 2214 50,200 Container Corp A votNo par
12 Jan 2 224 Feb21
714 733
12 May 231 Jan
714 712
714 77
8
8
833
8
813
814 8% 12,000 Class B voting
No par
414 Jan 2
84 Feb 20
4814 503
4 5014 5213 491z 5218 40
313 Nov
111. Jan
5138 48
4018 4614 474 91,300 Continental Baking cl ANo par 39 Jan 20 5212 Feb
17
6113 63
2514 Oct 90' July
4
653 7
6513 7
814 634
6
612
618 612 71,600 Claw B
No par
538 Jan 13
7 Feb 17
93 ,9312 9412 9478 9318 9312 92
45 Oct
8
152 July
9212 907 9112 907 91
3,300 Preerred
8
8
100 88 Jan 17 947
8
60 4 i62
3
6012 814 6114 6314 6118 623
7913 Nov 100 June
53.800 Continental Can Ine___No par 504 Jan 2 6312 Feb 17
3 6114 6312 6133 63
Feb 20
7014_7118 69
7014 70
4012 Oct 92 Sept
70
68% 6912 673 687
4
8 673 68% 4.900 70ntinental Ins
4
10 59 Jan 4 ilia Feb 10
5l 4..83
63
3
618 614
4618 Nov 1 10!. Sept
73
6%
4
13% 8 4
714 73 43,700 aontlnenta Motors... No par
878
,
814 Feb 19
533 Jan 3
818 Dec 283 Jar
• Bld and asked prices; no sales on this day. s Ex-dividend.
g Ex-dividend and ex-rights. s Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 4
1241
see fourth page preceding.
For sales during the week of stocks not recorded here,
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Since Jan. 1.
Sales
-PER SHARE, NOT PER CENT.
Year 1929.
HIGH AND LOW SALE PRICES
-share lots
EW YORK STOCK
for
On basis of 100
EXCHANGE.
the
Friday.
Highest.
Lowest.
Wednesday. Thursday.
Tuesday.
Highest.
Monday.
Louest.
Saturday.
Week.
Feb. 21.
Feb. 20.
Feb. 19.
Feb. 18.
Feb. 17.
Feb. 15.
Par $ per share $ Per share $ per share $ per share
(Con.)
8
70 Nov 1263 Oct
per share $ per share 5 Per share Shares Indus. & 311scel.
Jan 3 993* Feb 5
Ver share $ per share
$ per share
94% 14,700 Corn Products 1tefinIng___25 8712 Feb 10 14212 Jan 2 137 Nov 1444 Jan
4 94
8 9414 953
97% 954 973
4 06
963
100 140
5
95 8 94
95
150 Preferred
18 Dec 824 Jan
14112 142 *14212 -- 14212 14212 14212 14212 141 141
2 33 Feb 3
No par 2414 Jan
.141 14112
4
/
291 2838 2918 19,600 Coty Inc
15 Dec 574 Apr
2938 2978 29
29% 2912 30
0 Jan 22 14 Feb 6
100
2914 29% 29
1418
100 Crex Carpet
*14
14
1418 14
15 Dec 125 Feb
1418 •14
1318 *14
•13
104 Jan 17 22 Jan 2
pa
15
*14
1712 1712 17% 5,700 Crosley Radio Corp_ __No pa
3718 Nov 79 Aug
8 1758 18% 17
Jan 25
164 187
•1634 1718
43 Jan 2 538
16
16
600 Crown Cork & Seal____No
4914 4914
5()
*48
90 Nov 10114 Jan
50
5014 *5912 51
50
49
93 Feb 21 95 Jan 16
.4912 51
Will Pap 1s1 pf_No pa
10 Crown
93
93
95
*93
Oct 254 Jan
17
95
95
*93
*93
95
*93
95
17 Jan 8 184 Feb 19
No pa
*93
7 18
4
17, 174 1,500 Crown Zellerbach
4
71 Nov 1213 Aug
9212 Jan 14
*1634 1718 1714 1714 17% 1812 17
*1638 17
2,000 Crucible Steel of America_100 86,4 Feb 20 11412 Feb 17 193 Nov 1163 Feb
4
8
89% 8614 895 .8612 87
4
/
100 109% Feb 7
891 9012 894 894 8918 9014 89
11412
140 Preferred
5 Nov 2412 Jan
16 Feb 18
11412 11412 *11418 11412 *4144 11412 11412 11412 11418
9 Jan 2
No par
0114 1141
1412 1412 10,900 Cuba Co
12
5 Jan
4 Aug
1338 15
1514 16
16
15
15
Ps Feb 5
14
13% 14
h Jan 2
No Par
1
8
7
Cuba Cane Sugar
2,700
1
8
7
8
8 1
7
137 Jan
8
15 Dec
8
7
1
8
1
7
8
7
8
7
38 Jan 16
2 Jan 7
100
2,400 Preferred
3
3
Jan
3
17
3
3
67 Dec
3
2% 3
4 3
9 Feb 4
23
Jan 2
024 3
8 14 2,100 Cuban-American Sugar___10 718 Jan 3 654 Feb 11
8
818
8
818 818
818 818
56 Dec 95 Jan
814 812
818 818
100 5812
10 Preferred
4
1
/ Jan
6
6512 6512 *6512 70
1 Nov
*6512 70
*6512 69% *6512 70
24 Jan 2
2
70
112 Jan
*654
100 Cuban Dom'can Sug__No pa
112 *112 14
184
14
36 Nov 67% Jan
4 •112 134 *118
*112 13
4 *112 13
45 Jan 28 48 Jan 2
5
1,400 Cudahy Packing
4514
4514 4538 458 45
*45
1
/
454 45
50 Dec 17312 Feb
45
4518 45
45
Curtiss Aer & Mot Co_No pa
Oct
15 100 Nov 132
Feb
100 Curtis Publishing Co___No par 113 Jan 27 122
12212
122 122 .120 12212 *122 12212 *122 12212 *122 12212 *122
134
% D c 20 An
2 Nov 13 8 May
No par 1147 Jan 29 11612 Feb 19 11618
117
100 Preferred
.116
4
1138 Feb 18
.1154 11612 0116 11612 *1153 11614 11612 11612 .116 117
612 Jan 31
No par
93 103 142,300 Curtiss-Wright '
4
93 1014
8
8
92 107
1314 Dec 377 Aug
8 1018 107
8 104 113
934 1014
100 133 Feb 1 1812 Feb 19
1534 161 26,500 Class A
8
177 1812 1512 16%
8
8 167 177
4
153 167
8
1614 17
Mfg __No par 64 Jan 25 777 Feb 17
727
6,700 Cutler-Hammer
72
-- Oct
724 74
74
74
74
-"63 ii5 12612 Jan
77% 74
9 101 Jan 9
4
733 7612 76
No par 101 Jan
Cuyarnel Fruit
*85 112 .85 105
2114 Oct 6918
*97 105
*96 105 .96 105
*96 106
8
No par 285 Jan 2 40 Feb 21
41.400 Davison Chemical
363 40
8
8
20 Dec 467 Jan
4 3312 3618 353 3638 3512 3612 353 373
8
333 333
as 23 Jan 3 27 Jan 20
100 Debenham Securities
4
Jan
*243 27
4
4
2434 243 *243 27
27
*24
27
24
27
2
, F 13 109 Nov 128
.24
100 117 Jan 4 127
160 Deere & Co pref
12314 1231
Aug
125 125
Nov 385
124 125
124 124 *12314 125
•124 126
8
100 1953 Jan 3 250.: ,o 7 151 Nov 648 Feb
Detroit Edison
23912 24014 2,200
24014 24214 239h 240
:4
240 242
*235 243 *230 240
4
Jan 24 393 Feb 21
8
4 5,400 Devoe & Reynolds A__No par 307
393
37
3618 37
Dec 11512 Jan
36
4 3512 3512 36
353
35
36
*35
4
100 1063 Jan 14 11012 Feb 8 1.,
so let preferred
1
Nov 16412 Jan
*1074 11012 10818 10818 *108 11012 107 108 .10714 1101 *10714 110 2 1,360 Diamond Match
100 139 Jan 13 158 Feb 14 117 Nov
153 155
1114 Aug
153 155
15414 157
6
156 157
15612 158
158
Jan 27
158
8
85
No par
64 Jan 3
74 711
74 74
800 Dome Mines, Ltd
g
July
4 77
*73
8
Oct
712 712 *712 77
12
*712 77
No par 2014 Jan 2 244 Feb 7
Dominion Stores
8
213 214 2,500
2118 211
22
22
*2112 22
2078 22
69 Nov 1211148
2118 22
Jan 2 84 Feb 3
No par 76
814 12.800 Drug Inc
Jan
80
817
81
Oct 92
83
82
8 8112 82
813
81
25
8114
81
200 Dunisill International No par 33 Feb 19 4114 Jan 13
*32
35%
33
33
33
*33
8 33
357
37
4912 Jan 100% Mar
*33
37
*33
Duquesne Light lat pref___100 100 Jan 7 101 Jan 3
4
1112 Mar
3
212 Nov
*10312 101 *10012 101 010012 100 4 *10012 1003 *1004 100h *10012 1003
Durham Hosiery Mills B_ _50
4
18 150 Nov 2643 Oct
4 Jan 9
par
53
201
iiffs 20114 26772 .122 2057* - - ;555 Eastman Kodak Co. No 100 17538 Feb 14 21234 Feb 20 117 Nov 128 Mar
19884 2 3- 15913
64
- 4
122 Feb
1207
50 Preferred
125
122 122
121 121
8
18 Nov 764 Feb
*1207 125 *1207 124
8
01207 124
10,300 Eaton Axle & Spring__ No par 27% Jan 2 374 Feb 20
3714 3512 36
8
8 345 354 35
3412 353
80 Oct 231 Sept
3418 353
35
35
20 11218 Jan 11 131 Feb 5
60,900 E I du Pont de Nem
123% 1278 12212 126
4
1194 Aug
125 1293 12712 1303 12618 130
125 128
100 11412 Feb 4 11712 Jan 3 10712 Nov
117 *11618 11612 11618 1164 1,000 6% non-vol deb
116 11718 116
1153 116 *11558 116
4
4 Dec 3938 Jan
Feb 6
8
3
7 8 Jan 24 107
No par
912 1,200 Eitingon Schild
912 .8
Jan
912 .8
812 •8
39 Dec 113
8
8% *812 87
7
8
100 41 Jan 7 62 Feb 5
400 Preferred 655%
5514 554
4
50 Oct 174 July
5214 5712 *5214 574 5214 524 563 561 *5514 563
.
No par 81 Jan 7 105 Feb 6
40,200 Electric Autolite
9712 101
93 100
Nov 115 Apr
8 100 103
8
983 10434 1014 1037
984 99
100 1064 Jan 6 1104 Jan 7 1024
20 Preferred
109
4
8
4
4
314 Oct 183 Mar
•10712 10814 *10712 10814 *1074 1083 *10712 1083 108h 1083 •10812 6
64 Feb 10
412 Jan 4
No par
*50
2,500 Electric Boat
6
6
8
8
2918 Nov 865 Sept
68 612
614 63
618 618
818 638
No par 4914 Jan 2 6612 Feb 14
6012 6le 78,800 Electric Power & Lt
63
6012
65
98 Nov 10914 Feb
634 6412 624 6418 6334 6512 63
4
No par 10612 Jan 3 1093 Feb IS
Preferred
3
10938 10912 10912 10912 109 4 1094 *1094 10958 10912 10912 10912 109's 1,300 Certificates 50% Paid
Jan 9 140 Feb 14 106 Nov 14012 June
1264
10
14117 •138 14138
64 Nov 10412 Oct
8
4
*1353 ---- 13538 1353 .137 142 *138 14112 .138
8 3,300 Elec Storage Battery__No par 693 Jan 2 7914 Feb 10
74's 744 743
4 74
743
318 June 1012 Oct
7614 74
*7512 7612 7412 7618 75
5 Jan 14
4 Jan 30
Elk Horn Coal Corp_ __No par
5
*4
5
34 Oct 2212 Feb
0412 478 *4
.418 5
5
*4
5
*4
Jan 24
7%
34 Jan 6
200 Emerson-Brant class A_No par
53
5
5
618
05
*5
6
4914 Nov 8338 Jan
612 *5
612 .5
*5
8
Endicott-Johnson Corp____50 524 Jan 9 595 Jan 22 10814 Sept 1244 Feb
57
2.40)
4
/
551 .551,
51
5612 5712 56h 573
56
54
58
*55
Jan 7 111 Feb 17
100 10712
100 Preferred
Oct 792 Aug
31
•111 11214 111 111 *111 11212 *111 11212 *11118 1121 .11118 11212 52.500 Engineers Public Serv__No par 3914 Jan 2 573 Feb 13
4
5412
53
57
553 564 523* 551
57% 5514 5658 56
80 Nov 1234 Aug
55
No par 94% Jan 8 99 Jan 23
9712 1,900 Preferred 35
9738 97
9718 97
8 1)712 9712 97
3114 Jan 41 May
97
9738 975 975
Feb 6
par 394 Jan 3 44
43
4338 434 4318 7.600 Equitable Office Bldg_No par 35 Jan 27 3912 Feb 5
8
41
4134 417 43
8
417 42
4112 42
3612 Dec 54 Feb
3,700 Eureka Vacuum Clean_No
36
3518 353 *35
3818 3558 36
3
3712 3812 37
38
15 Nov 73 4 Mar
38
3
5 lett Jan 20 30 4 Feb 18
21,800 Evans Auto Loading
26% 27
2718 281
3012 291 304 2814 30
29
4
/
29
2214 Jan 2712 July
30'2
3
50 Exchange Buffet Corp_No par 22 Jan 2 2614 Feb
8
8
*2512 263 .2512 264 •2512 263 *2612 27
028
8 2512 26
263
4
293 Oct 547 Sept
No par 3412 Jan 6 38 Jan 29
36% 1,500 Fairbanks Morse
36
35% 358, 361, 3634 •3512 36
35
3678 35
35
8
100 102 Jan 7 10914 Feb 19 10112 Dec 1107 Jan
10 Preferred
106 10914 *106 10914 *106 10914 10914 10914 *10712 10914 *10712 10914
.
22 Dec 725* Mar
9
244 1,000 Fashion Park Assoc___No par 20 Jan 8 2512 Jan ..5
24
8
247 247 *237 25
23
8
227 228 23
23
1 23
73 Dec 10118 Mar
61 Jau 21 70 Jan
100
1 Preferred
•
• __ 90 •_ ___ 90
90
*61
*61
90
6012 Nov 109 June
15 594 Feb 6 7214 Feb 13
1,700 Federal Light & Tree
*604 68
68
70
703 *68
70
.68
4
713 *60
70
90 Nov 104 Feb
69
*
91 Jan 13 96 Feb 17
No pa
97
70 Preferred
*95
95
95
98
98
96
*92
96
*92
97
*93
170 Dec 310 Feb
Smelt'g_100
Federal Mining &
95 Oct 102 July
•140 185 *140 185 *140 185 *140 185 •140 185 '140 185
19
,
100 98 Jan 16 09 2 Feb
200 Preferred
9912 9814 984
9912 994 991 "98
9912 *96
9912 *96
*99
5 Oct 228 Feb
74 Jan 17 12 Feb 18
3,000 Federal Motor TruckNo par
10
1014 1012 10
11
11
1114 113
4 1112 12
4712 Nov 123 Sept
1018 103
6512 Jan 2 80% Feb 13
3,600 Fidel Phen Fire Ins N Y10
78
78
79
78
793 804 7812 80
4
Oct 133 Mar
6
8012 8034 734 80
9 Feb 14
7 Feb 11
No Par
IFifth Ave Bus
81
812 *8
878 *8
*74 812 *712 8% *712 8% *8
30 Dec 9812 Feb
No par 3414 Feb 5 4012 Jan 22
400 Filene's Sons
37
*34
38
3512 3712 374 3714 *34
38
*35
38
4413 Dev
84 N0e 19007
*35
Jan 11
100 93 Jan 16 96
96
70I Preferred
96
96
96
*96
97
97
96
*96
06
Sept
97
*96
30
8
5,700 First National stores-No Par 505 Jan 2 61.4 Jan 24
4 5612 571
573
58
4
556
564 583
4 58
8
55, 5512 553 56
24 Dec 2018 Jan
44 Jan
3 Jan 2
No par
7,600 Fisk Rubber
33
4 37
33
33
8
378
34 '37
3
3 4 3%
7
8
37
378 3 8
8 Dee 7212 Jan
100 13 Jan 2 20 Jan 24
18
220 1st preferred
181z 18
184 18
1712 1738 173 *18
17
•1712 18
Jan
38 Nov 54
8
45
100 Florshelm Shoe class A_No par 4212 Jan 4 447 Feb 6
*43
45
43
43 .43
*43
.4112 45
45
*4112 45
904 Oct 1024 Jan
100 97 Jan 16 100 Feb 3
200, Preferred 6997 •98
8 98
9812
997
8
997 *98
997 *93
*98
98 100
.
324 Nov 824 Aug
No par 37 Jan 2 43% Feb 5
41
2,900 Follansbee Bro.;
4012
8 42
58 04212 434 4212 437
4312 43
4234 4114 42
124 Nov 694 Apr
1518 Jan 6 20 Jan 22
Vo par
17
1,000 Foundation Co
17
17
17
8
167 1714 016
1618 164 17
17
17
1912 Dec 1054 Sept
1618 Jan 3 3912 Feb 6
Nn par
3138 3212 293,000 Fox Film class A
8
8 285* 30% 3018 327
8 307 337
8 2614 283
305
28
8
234 Nov 547 Jan
No par 38% Jan IS 44 Jan 14
Co
4112 414 4112 40% 4114 404 4012 9,500 Freeport Texas
41
4014 41
41
41
8212 Nov 10712May
95 Jan 2
No par 85 Feb 14
95
10 Fuller Co prior pref_
*92
95
05
•93
*92
95
95
95
;
*92
95
92
.
5 Oct 337 Feb
914 Feb 11
55* Jan 2
No par
1,200 Gabriel Snubber A
84
8
818 814
8
814 814
8
8
8
8'2
8
3 Dec 25 Jan
4
73 Feb 18
312 Jan 18
5
512 55* 14,400 Gardner Motor
84 812
7
6
714 74
6% 714
438 618
75 Nov 12312 Oct
4
8
993 Jan 2 1083 Feb 6
8
8
634 104 1055 1044 10538 33,500Gen Amer Tank Car__No Par 494 Jan 7 594 Feb 11
4
1043 105% 105 10618 106 1075 10538 10
424 Nov 944 Aug
100
5.500 General Asphalt
5312 5314 54
5412 5518 534 54
55
52
53
57
55
10412 Mar 138 Aug
100
Preferred
24 Nov 694 June
No par 2512 Jan 7 3312 Feb 15
33 2; ;33 1.5 - 4,300 General Bronze
*34
-35
23
8
-385.
23 Nov 61 Feb
No par 26 Jan 7 3218 Feb 8
8
295 30
4,900 General Cable
3
29 4 294
8
29% 293
8
4 295 30
34 294 295 30
29
6318 Dec 12012 Feb
4 7434 Feb 5
8
No par 653 Jan
8
695 7012 2,700 Class A
69% 70
71
794 69% 694 70
70
70
70
100 10412 Jan 17 107 Jan 15 192 Nov 10712 Jan
300 Preferred
107% .10618 1077
s
4
106 106 *1063 1077 106 106 •1084
*105 106
42 Oct74 Feb
51 Jan 2 594 Feb 13
No par
5,900 General Cigar Inc
58
5818 58
1 58
5812 58
577 5812 564 5814 5818 581
54
8
No Par 8 045 Jan 29 78 Feb 6 16812 Nov 403 Aug
73 445,100 General Electric
7412 71
8 71
764 73% 753
8
747 7612 738 7618 75
1134 Feb
Jan
11
8
10 113 Jan 2 1158 Jan 13
1112 115
8 2,900 Special
1112 1158 114 1138 1112 11% 1112 1112 11% 1112
4
593 Nov 112 Sept
7012 72
31.400 General Gas & Elec A__No par 6412 Jan 20 7612 Feb 10
714 72
743 761 72
75
8
8
4
/
73% 727 74
•72
Oct
76 Jan 116
No par 91 Feb 7 91 Feb 7
Class B
_ •91
*91
*91
091
_
91
.
No par 1174 Jan 9 12012 Feb11 11112 July 135 Feb
91
---30
12014 419 12012 ------ Preferred A (8)
12014 12014 *12014 128
•1204 126 •12014 128
11612 Jan
Oct91)
__
.105
20 Preferred A (7%) No par 104 Feb 19 109 Feb 3
•105 1083 104 105 •105
4
4
*105 108h *105 1083
99 June 115 Feb
No par
Preferred B
50 Oct8918 Jan
No par 50 Jan 2 5514 Jan 35
2
4,600 General Mills
511a 5138 -551. WI:
-bif2 52 - -554 52
-5238
Jan
4
873 Dec100
100 9014 Jan 17 94 Feb 10
•92
Preferred
04
94
.92
94
94
*92
94
92
*
94 .92
92
*
4
3312 Oct913 Mar
10 3712 Jan 16 45 Feb 3
Corp
4
8
8
423* 4314 4238 4414 4314 4412 423 434 417 42% 41% 423 162,000 General Motors
Nov12612 Jan
100 11712 Jan 24 123 Feb 18 112
8
122 1223 1225* 12238 3,700 7% preferred
122 122
12218 122s 122 123
8
1217 122
Jan1
,13
30 0Oct462
600 Gen Outdoor Adv A___No par 35 Jan 6 38 Feb 3
8
3612 38,
2 365 364 3612 3612 *3612 38
364 3618 *3612 39
Mar
16 Jae 6 174 Jan 27
4
163 163
4
17
500 Trust certificates_ ___No par
8
4
•164 1714 *163 1714 *164 1714 167 1714 17
70 Oct12612 Aug
No par 8618 Jan 7 97 Feb 5
9112 02
9,800 Gen Ry Signal
9214 94
94
94%
8
9414 9612 9312 9512 0414 907
8812 Aug
Oct
54
No par 67 Jan 2 76 Feb 13
4
7412 714 7312 713 724 2.700 General Refractories
75
754 74
7512 744 25
75
Oct
80 Nov 143
94
97 219,000 Gillette Safety Razor No par 8714 Feb 14 1064 Jan 16
91% 95
8
92
9512 915 95
933
9012 9312 91
1012 Nov 484 Jan
15 Jan 9
1112 Jan 20
No par
1314 133 13.800 Gimbel Bros
4
13% 1314 134
13
1212 1212 1212 12% 1212 14
Oct
56 Dec 94
8
100 667 Jan 30 70 Jan 2
6912 "6712 6912
'
300 Preferred
68
6812 6838 *07
68
*67
68
68
*67
Oct 6418 July
26
No Par 31 Jan 18 36% Feb 5
4
8
342 3578 334 3412 333 3414 6,300 Glidden Co
3414 3458 335 3378 334 35
95 Nov 1064 Apr
100 984 Jan 15 102 Jan 7
104 .102 104
200 Prior preferred
102 *101 102
102 102 •102
102
102 102
4
1
/
9 Nov 66 Feb
13 Jan 16 19 Feb 7
No par
15322 1632 6,700 Gobel(Adolf)
5 165
8 165 173
8
8 1512 16
8 15
164 1712 1618 173
Jan
3112 Oct 82
4112 4214 52,800 Gold Dust Corp v t c No par 374 Jan 2 48% Feb 5
8 4318 4418 428 4358 4112 43
8
4
423 434 423 435
1
/
334 Dec 1054 Jan
4
46% 47
No par 4014 Jan 17 513 Feb 13
12.500 Goodrich Co (B F)
494 4718 4814
4814 4638 4354 4712 4814 47
47
9512 Dec 11518 Feb
4
8
100 955 Jan 7 1003 Feb 13
*994 100 '9712 100
200 Preferred
09912 100
99% 9958 99% 095* •9912 100
60
Oct 15412 Mar
8
81
82
80% 83
32,900 Goodyear T & Rub____No par 62 Jan 2 853 Feb 13
8212 81114 834 817 85
8112 8312 79
87 Nov 104% Feb
No Par 90 Jan 3 1007 Feb 20
8
1st preferred
9912 9912 9912 9912 9912 994 10014 100 1007 *995 10012 1.900
99
14 Nov 60 Apr
4
251
25
2412 263
4 25
4 255 263
25
8
14,500 Gotham Sil Hos new_No par 2112 Jan IS 283 Feb 18
2312 244 23% 24
68 Dec 10114 Jan
100 70 Jan 10 7712 Feb 13
7712 *77
7712
•77
77
7712 *77
577
7712 *77
90 Preferred new
7712 77
8418 Oct 100 Jan
75
75
•72
072
75 .72
75
75
Preferred ex-warrants__ _100 65 Jan 10 70 Feb 11
*72
70
• 1 75 '70
4 Oct 14 May
713 Jan 2 12 Jan 14
No par
10
10
9% 94 1,800 Gould Coupler A
9-4 97
8
.9
1018 1018 .
'81 1014
4 Oct 54
7
918 Jan 16 1114 Jan 4
Motors.No par
Jan
10
101
10
8 1014 103
1014 5,800 Graham-Paige
1018 1052 1014 105
10% 10
7 Nov
8
85 Jan 10 1018 Feb 6
4912 Jan
No par
8
*95 1014 .933 101
8 *9% 101
200 Certificates
04 9%
Oh 95
"932 10
4614 Nov 10278 Mar
3
5512 3,800 Granby Cons M Sm & Pr_100 51 Jan 18 59 4 Jan 7
4
54
543 543
5412 55
55
56
5714 5714 5514 57
4434 Feb 20
33 Dec 9612 Mar
100 3312 Feb
4
4
443 443 *4018 443
443 •__ 443
4
200 Grand Stores
443 5_ _ 444 .40
.40
204 Feb 13
13% Jan 1
No par
1
/
94 Nov
327 Jan
8
18
19
;
175 181
183 187
18
18
8
18
3.000 Grand Union Co
8 18
1818 183
404 Feb 11
37 Jan
No par
30
Oct 544 Jan
39
39
8
39
*373 40
500 Preferred
8
387 387 *3812 40
391
8
39
30
41 Feb 6
32 Nov
No par 37 Jan
41
*39
40
*39
40
40
40
40
40
83% Sept
1,190 Granite City Steel
4014 404 40
-5a-
•BM and asked prices; no sales on this day. z Ex-dividend. I Ex-dividend ex-rights.
8 3 additional shares for each share held.
1242
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see
fifth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 15.
Monday,
Feb. 17.
Tuesday.
Feb. 18.
Wednesday. Thursday.
Feb. 19.
Feb. 20.
Friday.
Feb. 21.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share Ws.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Highest.
Lowest.
$ per share $ per share $ per share $ Per share Shares Indus. & Miscel.
(Con.) Par $ per share $ per share $ per share $ per shari
357 357
3
8 357 357
8
8 357 357 *353 3614 2,000 Grant(W T)
8
8
4
No par 3253 Jan 2 43 Jan 9
3212 Dec 14458 Fel
224 23
227 23
8
2212 23
227 23
8
4,700 Gt Nor Iron Ore Prop_ _No par
197 Jan 3 233
8
4
19
Oct 3914 Fet
29
2913 29
293
4 2813 29
2813 2814 4,500 Great Western Sugar No par 2818 Feb 21 3412 Jan 30
Jan 16
28 Nov 44 Jar
*11614 11712 116 11614 116 116
115 116
150 Preferred
100 11412 Jan 4 11612 Jan 27 10.5 Nov 11912 Fet
.90 190
*90 190
•90 190
*90 190
Greene Cananea Copper_ 100
__ __ __ 1013 Nov 20012 Sem
*17
3 2
112 13 '
4
11112
13
4 .113
13
4
400 Guantanamo Sugar____No par
112 Jan 23
4 Feb 4
1 Nov
513 Jar
*27
45
*27
45
*27
45
*27
45
Preferred
100
__ __ __
44 Sept 90 Jar
7013 734 73
80
73
787
8 74
76
12,200 Gulf States Steel
100 5178 Jan 2 80 Fob 19
42 Nov 79 Mar
10312 10312 *106 109 *106 109 *106 109
20 Preferred
100 9813 Jan 17 104 Feb 14
993 Dec 109 Fet
4
26
26
*2612 27
02612 27
26
26
160 Hackensack Water
25 26 Jan 4 26 Jan 4
2312 Nov
35 Aug
*28
283
4 28
28
*28
283
4 28
28
30 Preferred
25 28 Jan 2 283 Jan 21
no 2712 no 2712 ns 2712 ns 2712 *26 2712 *26 27,
4
2334 Nov
31 Mar
2
Preferred A
25 26 Jan 6 27 Jan 6
15 8 18
5
155 1578 155 1578 155 1573 153 155
8
Jan
26
no Aug
8
8
8
8 1514 1714 21,900 Hahn Dept Stores
No par
123 Jan 2 1712 Jan 31
8
80
80
12
*783 80
Oct 563 Jar
4
nsh 7912 nsh 7912 •7834 7912 783 7912
4
800 Preferred
4
100 7118 Jan 3 815 Jan 31
*102 104 *102 104 *102 104 *102_ ' 102
8
Jar
7134 Dec 115
.
1
•102
- ____ _ _ Hamilton Watch pref
100 99 Jan 7 104 Feb 8
*115 119
99 Nov 10553 Jar
120 120
11513 11512 *117 11- •117 110
0
117 117
--30 Hanna 1st pref class A
100 10012 Jan 10 120 Feb 17
•55
60
60
91
60
Jan 11312 Oct
•55
60
60 60
*55
60
*55
60
1.500 Harbison-Walk Refrac_No par 60 Jan 6 61 Jan 25
18
1813 3173 18
54 Jan 8778 Oct
4
173 173
4
4 163 175
4
8 1634 173
8 1613 1714 8,800,Hartman Corp class 13_No par
133 Jan 15 20 Feb 5
4
59
13
593 *58
Oct 4178 Aug
4
597 *5812 593 *58
8
4
60
*587 597 •58
3
8
5914
'Hawaiian Pineapple
20 54 Jan 14 61 Feb 13
55 Dec 7215 Aug
7
7
714 778
713 734
714 73
8
714 74
7
7
3,800 Hayes Body Corp
No par
63 Jan 10
4
914 Feb 3
*8812 90
512 Nov 683o May
*89
92
*8814 9258 9253 9253 •89 100
89
89
200 Helme(0 W)
25 87 Jan
*83
84 Nov 11812 Jan
8314 83
834 8214 83
8214 83
824 8218 8012 8012 1,500 Hershey Chocolate____No par 70 Jan 17 92)8 Feb 19
2 85 Feb 14
*865 83 8 *8653 87
45 Nov 14378 Oct
5
5
87 87 7
8 87
87
86
8612 8514 8612
No par 8312 Jan 2 9013 Jan 6
1043 105 *10453 106 *10458__ *10414 106 •10414 10512 10411 10414 1,900 Preferred
4
605 Nov 14314 Oct
8
400 Prior preferred
100 1044 Feb 21 106 Jan 13 104
*17
19
Jan 10638 Oct
*17
19
•17 19
*17
19
17
17
1612 17
400 Hoe (R) & Co
No par
15 Jan 15 20 Jan 28
32
123 Dec 33 Aug
4
32
*3112 32
317 317
8
3 31
3133 315 33
8
3212 3212
700 Holland Furnace
No par 2614 Jan 14 33 Feb 20
9 8 10
7
21 Nov 51 Mar
97
7
8 98
9
97
8
103
9
4 •
8
9
*8
9
3,100 Hollander & sons (A) No par
7 Jan 9 1253 Jan 29
*76
80
1312 May 245 Aug
*76
•76
80
80
8
*76
80
*76
80 •76
80
Homestake Mining
100 80 Feb 1 80 Feb 1
2518 2534 25
65 Nov 93 Aug
2612 2514 2615 2414 2512 235 2412 233
8
4 243 43,100 Houdaille-Ilershey el B'No par
s
19 Jan 2
5418 5418 5514 57
13 Nov 523 May
4
563 5712 5712 5712 55
4
5638 56
5612 5,800 Household Prod Inc___No par 5212 Jan 25 29 Feb 5
574 Feb 3
8112 6414 6012 62
40 Oct 7912 Jan
623 6412 6118 6212 5914 6212 5912 6414 21,600 Houston
8
011of Tex tern Ws 100 5214 Jan 17 703 Feb 6
8
38
3812 38
26
3812 38
Oct 109 Apr
3812 3718 38
371g 374 364 3714 6,500 Howe Sound
No par 353 Jan 18 4173 Feb 7
4
5718 577
8 565 5912 58
8
5914 557 5813 544 56
343 Nov 8212 Mar
4
8
5514 574 14,150 Hudson Motor Car
No par 535 Jan 16 627 Jan 6
8
8
214 22
2153 23 8 224 23
38 Nov 9313 Mar
5
2212 223
4 215 2212 2112 2213 37.200 HMV Motor Car
8
10 20 4 Jan 18 243
Corp
,
4
21
2158 2012 21
18 Nov 82
4 2012 203
Jan
8 2014 21
2053 2078 204 203
14,100 Independent 011 & Gas_No par 2014 Feb 19 2312 Jan 6
Jan 7
9 4 1012
3
173 Oct 394 May
4
9 3 105
914 1013
7
8
9
97
812 953
8
833 9
38,100 Indian NIotocycle
No par
5 Jan 3 1053 Feb 17
1918 197
8 1853 195
312 Oct 3213 Jan
8 185 1914
8
1858 1914 185 203
8 194 2013 21,300 Indian Refilling
8
10 1734 Jan 2 233 Feb 3
4
183 1812 1753 183
8
1318 Oct 53 Aug
4 18
1814 173 18
4
173 1912 173 194 9.700 Certificates
4
4
10 16 Jan 2 223 Feb 1
8
94
1112 Oct 5114 Aug
99
9812 101
98
99 .97 100 •
97 100 .97 100
2,300 Industrial Rayon
No par 90 Feb 11 124 Jan 10
0169 172 *170 175
17012 173
6812 Nov 135 Jan
1723 1723 169 172
4
4
171 17112
600 Ingersoll Rand
No par 1544 Jan 8 175 Feb 4 120
.81
Jan 22312 Oct
*81
85
85
*83
84
84
84
*82
85
*82
85
100 Inland Steel
No par 7053 Jan 6 85 Feb 11
nsh 2912 273 28
71 Dec 113 Aug
2718 283
4 2633 2714 285 27
8
263 264 10.100 Inspiration Cons Copper___20 2614 Jan 17
3
304 Feb 7
22
Oct 6612 Mar
14
*514 5
514 5 4
4'
5
3
5
54 63
6
3
8
*53
4 612 1,900 Intercont'l Rubber
No par
414 Jan 2
638 Feb 19
2 Nov
6
1414 Jan
6
*512 614 •512 6
553 6
•512 6
.512 6
1,500 Iuternat Agricul
No par
412 Jan 2
713 Jan 16
*55
4
*55
57
Oct 1778 Jan
*55
57
57
*55 .
57
*55
57
•55
57
Prlor preferred
100 57 Jan 16 58 Feb 6
40 Nov
172 172
17214 1735 172 17734 175 1763 17213 17212 •169 170
8
4
4,500 Int Business Machines_No par 152,2 Jan 18 1773 Feb 18 109 Nov 8812 Jan
4
5912 591z 594 5914 5814 59
255 Oct
585 584 58
8
5813 58
58
2,100 International Cement_No par 563 Jan 8 613 Jun 28
8
3
48 Nov 1023 Feb
63
4 634
653 63
63
4
4 73
4
713 74
4
67
8
714
634
678 20,100 inter Comb Eng Corp _No par
5 Jan 2
878 Jan 28
4818 4814 474 48
414 Dec 10313 Feb
48
51
48
493
8 49
5012 •4713 49
3,000 Preferred
100 30 Jan 2 58 Jan 28
90
1812 Dec 121 Feb
905
8 893 9273 927 957
8
8
3 915 9514 894 9214 8933 914 35,000 Internal Harvester__
8
__No par 784 Jan 7 954 Feb 18
14012 14012 14012 14012 *14012 141
65 Nov 142 Aug
1403 141
4
1403 14112 *14112 1415
4
8 1,300 Preferred 100 1401 2 Feb 10 14214 Feb 7
795 8018 783 7912 78
8
4
79
nys 78
77
773
4 7613 7618 5,500 International Match pref___35 6512 Jan 3 81 Feb 14 137 Aug 145 Jan
27
47 Nov 10212 Jan
273
4 Ms 2612 26
2714 26
2613 2513 26
•26
27
2,000 Int Mercantile Marine ctfs.100 25 Jan 2 3053 Jan 6
184 Nov
--- - -- - - --- - ---- ---- ---- ---3918 Oct
Preferred
100
3612 Feb 5114 Apr
3712 373
4 3612 3714 364 374 373 3873 3714 3814 37
3
374 109,600 int Nickel of Canada__No par 313 Jan 2 4013 Feb 6
8
*55
65
25 Nov 723 Jan
*55
65
4
MO
70
*60
70
*60
70
.60
70
International Paper__No par 58 Jan 6 60 Feb 4
.81
84
57 Dec 112
*81
84
*81
84
Oct
*81
83
*80
82
•80
82
Preferred (7%)
100 80 Jan 23 85 Jan 16
.2712 2812 28
77 Nov 9412 Jft
28
283 303
4
4 2914 303
8 283 2938 2873 29
4
4,200 Inter Pap dc Pow Cl A_No par 26 Jan 7 3034 Feb 18
*1712 18
20 Nov 4414 Oct
.174 18
18
107
8 1834 193
8 19
19
18
18
4,400 Class 11
No Par
1514 Jan 6 107 Feb 18
8
1418 1412 1414 144 1412 153
12 Nov
337 Oct
8
4 144 1553 143 143
3
4 1438 143 35.900 Class C
4
No par
124 Jan 7 153 Feb 18
4
*80
9 Nov
.80
81
81
8012 82
2618 Oct
81
8112 .80
•80
82
82
900 Preferred
100 7914 Jan 31 82 Jan 16
•52
55
77 Nov 95 Oct
51
514 513 513 *5113 53
4
4
*51
52 '
'514 534
1
300 Int Printing Ink Oorp__NO par 4614 Jan 17 53 Feb 14
*94
9412 1,94
9412 9413 95 .95
40 Nov 683 Oct
8
97
*9514 97
.95
97
80 Preferred
100 9312 Feb 7 953 Jan 8
4
7413 75
747 754 74, 7412 *7312 74
914 Nov 106 Mar
3
2
72
7313 72
72
400 International Salt
100 69 Jan 30 77 Jan 7
114 11412 115 116
5513 Jan 90 4 Feb
115 115
3
112 1147 110 114
3
110 112
2,300 International Silver
100 105 Jan 4 119 Feb 1
95 Nov 15912 Aug
'11214 114
1
11214 11214 112 112 *112 114
110 110 .111 114
130 Preferred
100 10812 Jan
683 704 69 3 713
4
3
8 7012 7212 71
Jan
733
4 6912 7234 8918 71 448,600 Internet Telep & Teleg.No par 62)3 Jan 2 11214 Feb 17 1034 Oct 119
30 75 4 Jan 2
3
3314 3312 33
63 Nov 14914 Sept
33
33
3334 307 3314 32
3
32
3053 313
4 7,900 Interstate Dept Stores_No par 30 Jail 24 40 Feb 4
2634 2634 *26
254 Oct 9312 Jan
2734 263 263 *2512 273
4
4
4 2512 2512 •2512 28
No par 23 Jan 2 2634 Feb 15
360 latertYne Corp
40
40
17 Nov 3878 July
40
40
4014 404 41
41
41
41
41
41
1.500 Island Creek Coal
1 40 Fib 14 423 Feb 1
2
5018 5018 50
39 Ort 69 Mar
503
4 51
5112 51
5114 50
5018 50
50
2.000 Jewel Tea Inc
No par 43 Jan 20 54 Feb 1
13714 14214 1353 13912 138 1403 13534 1397 1314 138
39 Nov 16214 Feb
4
3
3
1323 13473 64,800 Johna-Manville
3
No par 117 Jan 2 14838 Feb 5
120 120
90 Nov 2423 Feb
120 120
120 120 .1184 120 *11814 120 *11814 120
4
150 Preferred
100 120 Jan 13 122 Feb 6 118 Nov 123 May
•11912 1193 1193 1193 1193 1193 1193 120
4
4
4
4
4
4
11912 11912 120 120
450 Jones & Laugh Steel pref-100 11812 Jan 0 120 Jan 8 117
25
8 25
23
8
4 44
June 126
Oct
4
412
34 414
34 4
314
34 25,600 Jordan Motor Cur
No par
2 Jan 22
412 Feb 18
112 Oct 1612 Jan
10912 10912 109 109 *108 10912 .10813 1091 10912 10912 •I0912
90 Kan City P&L lot P(13..No par 108 Jan 4 10912 Feb 15 106
1094
1918 1918 19
Feb 1123 Jan
4
19
19
19
*18
20
20
20
.19
1
20
500 Kaufmann Dept Stores_312.50 18 Jan 7 20 Feb 7
3814 39
174 Dec 3718 Feb
3814 3958 39
3953 3818 39
374 383
3 363 373
4
4 8,900 Kayser (J) Co v t e
No par 34 Jan 23 4113 Jan 2
•29
3034. •29
30 Nov 5812 July
31 12 .29
32
•29
32
•28
•29
30
31
Kelth-Albee-Orpheum No par
21 Jan 8 30 Feb 5
10012 10012 104 1043 10334 105 *103 10514 *10212 105 •100 105
1512 Nov 46 Jan
4
900 Preferred 7%
100 85 Jan 7 105 Feb 18
5
53
8
47
70 Nov 138
3 514
Jan
47
3 5
47
8 518
44 5
44 5
4.400 Kelly-Springfield Tire _No Par
314 Jan 2
*33
5 4 Jan 24
3
37
3 Dec 23 3 Jan
033
3612 *34
7
3514 33
33
533
3413 33
33
110 8% preferred
100 2018 Jan 3 42 Jan 24
2913 30
16 Dec 947 Jan
29
8
29
34 2914 297
8 2812 2918 274 2814 2713 2712 8.600 Kelseyliayeswheel new
No par 224 Jan 3 314 Feb 7
1313 14
5934 May
13
185 Nov
137
8 1313 1312 123 1314 1214 127
8
4
8
124 1253 24,400 Kell/Mater Corp
No par
712 Jan 2 1414 Feb 14
.83
84
83
83
6 Oct 1914 Feb
.83
84
83
84
8412 8413 *8412 85
120 Kendall Co prof
No Par 8212 Jan 4 8412 Feb 20
573 593
4
3 564 574 5814 5814 5514 5633 55
75 Nov 96 Feb
5512 5518 56
68.600 Kennecott Copper
No par 55 Feb 20 623 Feb 7
.50
4
514 •60
493 Nov 1047 Mar
8
513 .503 513 *503 513
4
4
3
4
4
4 504 503 •503 514
4
4
100 Kimberley-Clark
No par 49 Jan 7 5212 Jan 31
227 23
3
4514 May 574 Oct
•20
26
2312 2312 234 23 3 .20
7
24
•20
234
600 Kinney Co
No par 20 Jan 29 237 Feb 19
8
2112 Nov 4413 July
88
88
.87
8712 .87
88
8753 88
88 12 88
8614 874
100 Preferred
100 8614 Feb 21 91 Feb 11
3
3
24 3
80 Oct 1093 Mar
3
4
273 33
8
3
33
8
3
318
3
313 9,700 Kolster Radio Corp___No par
13 Jan 18
4
4614
45
414 Jan 14
4514 455
312 Dec 7838 Jan
8 4512 4618 4553 473
4 4412 4514 4414 4412 12,700 Kraft Cheese
No par
384 Jan 6 4014 Feb 10
*98
99
27 Nov
*96 10014 *96 10014 *96 10014 .96 10014 .96
7614 Oct
1
10014
Preferred
100 98 Feb 6 101 Jan 3
3118 3173 30 3 313
95 Apr 10573 Oct
3
3 31 13 3153 3118 3112 31
3114 31 15 313 11,800 Kresge (98) Co
8
10 303 Feb 17 363 Jan 2
8
4
28 Nov 5712 Mar
111 112
111 111 *1103 112
4
112 112 *1.12 11214 1124 11214
80 Preferred
100 110 Jan 3 113 Feb 14 10312 Nov 116 June
*812 9 2 *812 912 *812 912 *812
,
84 87
958 5812 958
8
209 Kresge Dept Stores_ ___No par
812 Jan 7
87 Jan 30
8
83 Dec 23 Jan
3
•60
*60
62
62
.60
62 .60
62 '
1160
•60
62
62
Preferred
100 60 Jan 8 92 Jan 27
60 Dee 76 Sept
*65
*65
67
67
*66
67
.66
663
4 88
•63
66
66
100 Kress Co
No par 614 Jan 15 70 Jan 24
5314 Nov 114
3018 3012 29
Jan
293
4 294 30
293 293
3
4 2814 283
3
4 283 29
51.700 Kreuger & Toll
233 Jan 2 31 Feb 10
4
224 Nov 463 Mar
8
4153 423
4 42
424 4213 431 2 42
4318 4114 4212 4012 41 14
4813 Jan 23
3814 Nov 12212 Jan
2218 2218 2218 2233 2218 2212 2213 2218 2218 2218 2218 2218 35,300 Kroger Grocery & Bkg.N0 par 4012 Feb 21
4.800 Lago Oil & Transport-No par 2114 Jan 11 2212 Jan 30
1612 Nov 3838 June
102 103
10218 104
103 10412 1023 1037 10214 1041g 102 10312 16,200 Lambert
4
8
Co
No par 97 Jan 2 10573 Feb 3
8018 Nov 15714 Mar
813 84 •
8
84 84
84
,
*818 814
8
813
8
8
1,400 Lee Rubber & Tire
64 Jan 2
*3612 38
No par
9 Jan 24
5 Oct 25 Jan
.3512 3712 *3512 371z *3512 3712 .35
37 .
35
38
Lehl4h Portland Cernent___50 34 Jan 4 371 2 Feb 13
30 Nov 65 Feb
106 106 .10514 108
10514 10514 *1053 108
4
1053 1053 *1053 107
4
4
4
140 Preferred 7%
100 105 Jan 2 107 Feb 11 100 Nov 1103
127 1318
8
4May
1318
13
1318 137
8
1312 1312 1212 1314 •13
1312 5.000 Lehigh Valley Coal____No par
12 Feb 10 15 Jan 2
10 Oct 32
325 3253 .3213 33
8
Oct
*3212 33
*3213 33 .3212 33
327 3278
3
600 Preferred
50 3213 Feb 13 367 Jan 16
8
31 Dec 443 July
4
314 32
*31
313 *31 14 323
4
4 3112 31 12 31
31 12 31
31
1,000 Lehn & Fink
34 Jan 27
No par 207 Jan 21
8
28 Nov 6812 Feb
9313 9312 934 98
9712 99
97
99
9612 9712 9512 9612 11.000 Liggett & :Ayers Tobacco___25 0112 Feb 13 108 Feb 8
8014 Nov 106
935 943
8
3 933 9812 9712 983
Oct
4
4 97
983
4 953 973
4
4 953 074 77.900 Series B
4
25 09112 Feb 10 1093 Feb 8
4
80 Nov 1064 Oct
138 138
138 13812 1384 13818 138 1384 *138 1384 "138 1384
1.700 Preferred
100 138 Jan 16 13853 Jan 2 125 July 140 Dec
4412 4914 4718 487
8 48
4858 4713 4758 4513 467
8 454 4512 13,300 Llma Locomot Works__No par 354 Jan 2 4914 Feb 15
30 Nov 573 Jul,
4
45
45
444 45
45
45
45
45
45
45
453 453
3
8
800 Link Belt Co
No par 39 Jan 14 45 8 Feb 21
3
3753 Nov 61 Feb
634 63 8 6258 6312 634 6318 63
3
6512 6112 6414 614 63
15.000 Liquid Carbonic
No par 523 Jan 3 6512 Feb 19
4
40
Oct 1137 Jan
3
6614 6712 645 6612 66
8
68
65 3 70
3
66
694 67
6812 51,300 Loew s Incorporated
No par 424 Jan 2 70 . Feb 19
32
Oct 8412 Feb
414 412
414 412
412 53
54 a
8
553 63
8
553 57 46,900 Loft Incorporated
8
312 Jan 27
No par
63 Feb 19
8
*12
1112 Apr
34 Dec
123 .
8 312
123 *12
3
123 *12
2
123
3 123 123 •12
8
8
135
3
100 Long Bell Lumber A__.No par
12 Jan 21 In Feb 3
12 1)ec 3212 Jan
594 603
8 5918 6112 81
623
4 61
63
5918 62
5914 6114 18,300 Loo8e-Wile8 Biscuit
25 5012 Jan 4 6414 Feb 1
3913 Nov 877 Sept
.•119
3
__ *119
_ *11914 _ __ •11914
- 11914 119,
1st preferred
50
4
100 11814 Jan 18 11914 Feb 21 1153
1192353 214 2314 - - 8 2414 -- 5
4June 12112 Apr
255
25 8 2414 244 2312 if14 234 2418 62,900 Lorillard
25 1618 Jan 2 2614 Feb 8
1414 Oct 3113 May
*94
95
94
95
*94
95
.93
•93
95
*93
95
95
200 Preferred
100 921,3 Jan 9 95 Feb 8
84 8 4
67 Nov
,
9914 Oct
12
8
834
84 812
8's 8'2
,
84
858
88
812 8,800 Louisiana 011
,
818 Feb 19
No par
88
912 Jan 6
887 *85
7 Oct 18 Jan
8
89
•85
89
*85
888 .85
8
887 "85
30 Preferred
884
4313 4434 43
80 Nov 1004 Feb
4412 4414 45
4334 4518 4178 4434 4218 4314 34.700 Louisville 0 & El A____No 100 84 Jan 7 891 2 Feb 6
par 3814 Jan 18 453 Feb 14
421g 431i 413 4214 42
3
28
Oct 725 Sept
4
3
443
4 4232 4414 4112 43
4052 42
18.400 Ludlum steel
No par 3253 Jan 2 4434 Feb 18 22 Nov 10878 July
•90
96, .90
3
98
593
98
*93
98
*90
*90
98
98
Preferred
No par 90 Jan 20 98 Feb 13
31
*30
76 Nov
18 June
31
304 31
30
3012 30
*28
30
900 MacAndrews & Forbes_No par 30 Jan 20 3112 Jan 15
30
3014 Oct 40 Jan
97
96
-,-- *- -__ 10212 •93 10212 •93 10212 93
93
430 Preferred
100 93 Feb 21 98 Feb 10 104
7914 81
80 - 12 III
JAR 1073 Apr
4
81
824 793 81
4
79
794 784 8012 10,200 Mack Trucks Inc
151 151
No par 70 Jan 2 847 Feb 7
8
149 15014 15114 15214 *150 151
5513 Nov 1143 Feb
4
14712 14012 14512 150
3.200 Macy Co
*14
No par 13712 Jan 7 15914 Feb 3 110 Nov 25512 Sept
1418 14
*1313 137 41312 137
14
8
3 1258 125 •13
8
200 Madison Sq Garden
1314
No par
12 Jan 2 1413 Feb 14
*4813 50
*484 59
1112 Nov 24 Feb
•48
50
48
48
48
48
48
48
400 Magma Copper
No par 45 Jan 15 523 Jan 7
4
35 Nov 8212 Mar
$ per share $ per share
3613 37
3578 37
23
23
23
23
287 29
8
287 29
8
*11614 11712 11614 11614
•90 190
*90 190
*134
175
14 173
ns 45 *26 45
769
703
3 69 6912
.
*10612 109 *103 109
•26
27
•26
27
ns 2834 *28 2834
• 131d and asked pies; no sales on this aay.
Ex-dly.-Ex-rights.
New York Stock Record-Continued-Page 6
1243
here, see sixth page preceding
For sales during the week of stocks not recorded
PER SHARE
PER SHARE
Range .tor Precious
STOCKS
Range Stare Jan. 1.
Sales
-PER SHARE, NOT PER CENT.
Year 1929.
-share lots
STOCK
AND LOW SALE PRICES
100
HIGH
On basis of
NEW YORK
far
EXCHANGE.
the
Highest.
Friday.
Lowest.
Highest.
Wednesday. Thursday.
Lowest.
Tuesday.
Monday.
Saturday.
Week.
Feb. 21.
Feb. 20.
Feb. 19.
Feb. 18.
Feb. 17.
Feb. 15.
per share $ per share
per share
share $
8
393 Jan
per share Shares Indus. & Mlscel. (Con.) Par $ per
6 Nov
4
83 Jan 22
per share $ per share $ 4
8 Jan 15
812
,8
$ per share $ per share $ per share
600 Mal'Bon (II R)& Co-_No Par
812 812
76 Nov 10512 Jan
812
812
812 812
8
100 80 Jan 17 80 Jan 17
8
O712 8
Preferred
Jan
91
3 Dec 26
*76
91
29
*76
91
8 Jan
76
91 .
5 Jan 21
*76
91
100
•76
91
Manati Sugar
*76
7
19% Dec 5012 Jan
•5
7
•5
878
7
*5
4818
7
*5
100 23 Jan 16 50 Jan 28
7
*5
200 Preferred
Oct 3838 Mar
14
30 .2912 30
Jan 14
4 30
293
4
293
30
29
14 Jan 16 15
30
*28
No par
30
30
Mandel Bros
4
373 Jan
4
8
197 Nov
8
337 Feb IS
4
4
143 •1412 143 •1413 14% *1412 143 11.400 Manh Elec Supply
4
143 *14
No par 25% Jan
1434 •14
•14
5
1914 Dec 35 8 Jan
8
245 Jan 10
8 33% 33% 3278 33% 32% 32%
337
33
25 20% Jan
3213 33
3212 33
1,100 Manhattan Shirt
1812 Apr
22
2212 22
518 Dec
644 Jan 23
4
4
8
518 Jan
24
227 22% 223 223 *22
23
4
*223 23
512
600 Maracaibo 011 Expl_ - _No par
3318 May 4718 Jan
518 518
513 *5
518 *518
518
5% 513
518 518
Slarland 011
8
Oct S97 May
30
r
par 397 Jan 2 4712 Feb 13
4
453 47
850 Marlin-Rockwell
19 Nov 104 Slay
4
4637
6
;7 451* 47
4
4/4
64 - 37
Jan 17 273 Jan 6
46
46
*4513 46
AT
Jan
18
5,600 Marmon Motor Car___NN par 2018 Jan 6
2312 24
212 Nov
4 Feb 11
4
3
par
23% 25% x233 2412 2313 2418 2212 24
2414 2414
800 Martin-Parry Corp__ _No
4
Oct 218 Feb
4
29
4
4
414
8
412 *4
3712 Jan 2 463 Feb 5
412 *4
41
*4
*4
Jan
15,300 Mathleson Alkali WorksNo Par
120 Jan 125
8 4212 433
4 4112 4318 41% 43
4
4
100 115 Jan 24 1203 Feb 14
413 4414 4212 4412 4318 443
20 Preferred
4
4
•1193 1203
4512 De 10812 Jan
3
8
4
4
4
3
4
25 49 Jan 15 613 Jan 31
*11914 1204 1203 120% •1193 120 4 •I193 1203 •119 4 12034 55% 56
3,200 May Dept Stores
15% Oct 2912 Aug
55
55
4
56
55
55
57
1618 Jan 2 193 Jan 30
4 5614 57
No par
55% 553
700 Maytag Co
4914 July
•1814 19
2814 De
•I814 19
1812 1812 1812 1813 19
181 .18
No par 2914 Jan 2 3412 Jan 14
•18
700 Preferred
3312
7512 Nov 9018 Jan
3312 •33
*33
33
33
33
33
33
3312 331
33
No par 76 Jan 7 8312 Feb 11
Oct
600 Prior preferred
82%
De 108
3914
8218 •81
82
8
827 83
8214 8214 *8112 83
No par 40% Jan 14 4514 Feb 19
8212 821
700 McCall Corp
50
50 .45
8
45
4514 4514 .
4
4314 4314 443 45
443
74 Dec 113 Feb
*43
No par 65 Feb 18 74 Jan 2
200 McCrory Stores class A
67
•65
70 Dec 11513 Feb
67
•65
70
*65
65 65
68
68
70
68
.
No par 63 Feb 20 70 Jan 16
100 Class B
68
*62
8612 Nov 120 Feb
63
*6314 68 263
*6314 65
69
*63
100 92 Feb 4 95 Feb 14
•6314 69
500 Preferred
30 Oct48 Feb
4
993 *95 100
4
*95
993 •95
95
95
98
35 Jan 15 38 Feb 5
98 .95
*95
400 McGraw-Hill Publica's No par
12
37
1212 Nov23 Jan
*36
37
*36
37
*36
37
1812 Feb 13
*36
37
37
4
37
36
400 McIntyre Porcupine Mines„5 143 Jan 2 71 Feb 7
8
175
54 Nov82 Jan
8 17
1712 1712 •1713 177
4
Jan 2
1814 1814 .173 181 •1712 1812
2,000 McKeesport Tin Plate_No par 61 Feb 21 35 Jan 9
2118 Oct59 Mar
675 68% 6713 68
6812 69
68
*6812 69
6812 674
68
2,700 McKesson Ss Robbins_No par 3112
40 Oct 63 July
3214 3112 32
4 3212 3212 32
3213 323
3212 33
33
33
50 4414 Jan 9 467 Jan 2
Jan
500 Preferred
4618 4618
26% Dec 72
4618 4618 4613 461
4612 461
461
4612 *46
*46
No par 2614 Feb 8 33 Jan 6
600 Melville Shoe
8
30
311
9 Oct 347 Jan
Feb 19
3112 311 .29
2814 30
28
*2734 28
1518 Jan 15 21%
4
*273 28
No par
2112 68,500 Mengel Co (The)
Oct 27 Feb
1914
2113
8 1914 201
Feb 19
215
20
8
167 21
167
1613 1612 16
200 Metro-Goldwyn Pictures pf_27 2312 Jan 2 254 Jan 27
8
914 Oct 693 Jan
*2512 26
251 *25
2512 2513 258 •2513 26
*2514 2512 *25
161* Jan 18 21%
No par
7
20 Oct 5412 Mar
1918 1814 20% 57,600 Mexlcan Seaboard 011
17
17
175, 1718 171
164 171
17% 18
5 26% Jan 2 33 Feb 6
5.600 Miami Copper
8
44 Dec 12278 July
2912 287 29
29
2912 293
8
305
8 3014 3012 30
3012 305
53 Jan 6 74 Jan 13
No par
8
397 Jan
2218 Nov
6814 6714 6812 4,200 Michigan Steel
67
8
695 714 684 70
6912 73
70
418
No par 24 Feb 20 28 Jan 6
8
33 July
2414 10,800 Mid-Cont Petrol
34 Nov
2414 24
2418 241
24
118 Jan 3
4 248 211
243* 243
248 25
1 Jan 8
1
5.300 Middle States Oil Corp ctfs___
1
I%
1
59 Nov 12314 Sept
1
1
1
118
1
10 75 Feb 3
1
1
1
1,000 Minn-Honeywell Regu_No par 61 Jan
68
66
Oct 321 Aug
135
69
69
Feb 5
70
71
*68
71
71
*66
71
*66
100 Midland Steel Prod pref___100 165 Jan 15 18012 Jan 13
8
314 Dec 287 Mar
17812 17812
37 Jan 23
412
*170 181 *170 181 *170 181 *170 180 •165 180
No par
8014 Mar
4% 418 2,500 Miller Rubber
414
35 Nov
414 414
414 43* .4
414
40 Jan 27
4
4
4
8
2.000 Mohawk Carpet Mills_No par 33 Feb 15
34
14 341 3418 34
425* Dec 1567 Jan
34
3412 3412 3412 34
4 33
333
33
8
IIICorpNopar 385 Jan 15 498 Jan 2
Oct
8
5
8 433 4618 345,100 Mont Ward &Co
113 Oct
8
8
423 4478 4418 4534 4214 445* 423 443
4 4278
413
384 Jan 22 1112 Feb 19
,
1114 59,700 Moon Motor Car new _No par
8 10
42 Oct 813 Oct
1014 1112 1014 113
8
10% 113
4
93 11
912 1014
No par 5818 Jan 7 72 Feb 5
1.200 Morrell (J) & Co
68
268
69
6914 68
69
.0
6912 69 69
a
03 10 r
661 2 J51ae
*69
1 O
1
121 22 jc
70
70
2 Jan 2
4
13 Jan 18
Vs 3.000 Mother Lode Coalition_No Da
134
4 I%
13
4
8
13
17
17
4 13
4
4 1%
13
13
*134
No par
Motion Picture
314 Oct3184 Aug
_
5
7 8 Feb 4
418 Jan 16
5
1-;614 -12 _ - ;600 Moto Meter Gauge AsEqNo par
2
6
68 -6%
64 612 67g 6% 612 *5312 --1i1- 53 5414 1,100 Motor Products Corp No par 50 Feb 15 65 Jan 19 36 Nov 206 Mar
64
8E8 -- 3
7;
55
21 Nov 5518 Aug
61
*5312 57
*53
2 32 Feb
5114 53
63
60
No par 2613 Jan
8
Oct 817 Jan
10
3118 3018 3018 4,300 Motor Wheel
230
303g 3014 3134 3138 32
4
3014 3014 30
128 Jan 2 203 Feb 14
No par
4
8 173 18% 4,500 Mullins Mfg Co
185
55 Dec 10214 Jan
18
8
195
19
4 187 19
193
1834 1914 19
par 5712 Jan 3 64% Jan 31
No
320 Preferred
62
4
62
63
38 Nov 612 Slay
Feb 10
6312 6312 63
63
61
61
61
64
61
*
No par 46 Jan 3 5312
100 1Munsingwear Inc
51
8
5212 51
147 Nov 1007 June
52
52 •
*51
52
52 .51
.51
54
18 Jan 17 2414 Jan 27
*52
No par
24,300 Murray Body
8
40 Oct 1187 Jan
2014 2118 2014 22
2118 211
2018 22% 2118 217
Feb 21 5812 Jan 8
2014 2012
No par 505*
8
145 Nov 417 July
8 50% 5112 24,400 Nash Motors Co
50% 515
52
528 5113 523
8
5112 518 5118 53
10 185 Jan 18 2614 Feb 14
2478 2353 24% 10.200 National Acme ,tamped__ par
10 Dec 4814 May
4 2413 25% 24
4 2514 253
11 Jan 13 2012 Feb IS
2518 2618 2518 253
No
18% 2012 174,800 Nat Air Transport
918 Dec 71 Mar
1814 19
3 2012 18% 193
91 Jan 13 157 Feb 4
8
1418 1478 1578 1914 19
No par
4 8,000 Nat Bellas Hess
Jan
5612 Dec 118
8 1112 11% 11% 113
125
1318 1212 124 12
1318 13
13
100 66 Jan 0 82 Jan 20
Preferred
4
743
Oct
4
4
7412 *6314 743 *5414 743 •5414 743 •5414 20812 3,800 National Biscuit
65
*
7412 *65
25 177 Jan 2 21412 Feb 3 140 Nov 2368 Oct
205 20812 20812
8 140 Aug 146
4
207 2113 209 211
206 20618 203 207
100 14212 Jan 23 145 Jan
43%
100 Preferred
59 Nov 14834 Mar
14314 14314 *14214 14314 *14213 1431 .4212 4318 *4212 743 35,800 Nat Cash Register Awl No par 73 Jan 2 8312 Feb 3
*14314 145
4
Oct 8612 Aug
4 73%
36
7318 753
763
78
76
748 76% 755 7813 76
No par 4514 Jan 20 521 2 Feb 11
4
4
4 48% 493 35,000 Nat Dairy Prod
503
20 Dec 373 Mar
49
4
218 Jan 4
8 495 51% 5014 5012 50% 511
8
5014 507
500 Nat Department Stores No par 20 Jan 15 90 Jan 27
20
20
20
89 Dec 96 June
20
201
2012 2012 *2014 2013 20% 2014 •20
88 Feb 4
100
1s1 preferred
89%
Oct 58 June
89% .88
15
Feb 6
893 *88
90
*88
088
4
90
893 *88
*88
29 Jan 2 3912
36
5,000 Nat Distill Prod ctfs_ _No pa
6712 Feb 1108 Aug
4
35
3614 343 3514 36
37
36% 3614 36% 373
37
Preferred temp ctfs_ _No pa
_
2512 Dec 6214 Jan
Feb 3 3113 Feb 21
.7 1,500 Nat Enam & Stamping__100 2712
8
161- 3018 -31
3013 -5OT8
31
318 3Q14 30'4 -564 "36:1; 30
129% Nov 210 Oct
100 137 Jan 2 18913 Feb 7 138 Nov 14112 Feb
174 1803 11,600 National Lead
172 18514
4
4
180 180
18012 1873 1843 185
180 180
100 13818 Jan 3 141 Feb 18
140 Preferred A
3
4
1403 1403
Oct 123 4 Apr
3
4
•14013 14112 140 1403 141 141 •141 14112 139% 141
100 116 Jan 17 117 Jan 8 115 Nov 713 Aug
320 Preferred B
4
116 116
23
116 116 *116 1185* 116 116
116% 11612 116 116
No par 32 Jan 2 4238 Feb 14
Jan
52,800 National Pr de Lt
39
112 Dec 17
413 Jan 15
4 397 413* 38% 4014 3818
8
4 397 413
39% 403
4014 41
13 Jan 7
No par
314
314
Jan
400 National Radiator
113 Dec 41
314 314
318 318 *3
318
314
Jan 2 11 Jan 15
314
314
*3
4
No par
Jan
800 Preferred
8 67
67
9312 Nov 144
6% 7
612 61
8 713
653 712 *65
8 712 •
*65
50 102 Jan 10 122 Feb 18
7,200 National Supply
7014 Dec 155 Feb
8
11912 1215 118 11912 117 117
4
4
11412 1193 1193 122
114 115
7012 Jan 7 9212 Jan 30
50
8
1,500 National Surety
81
913 Mar
81
31% Nov
8014 83
41% Feb 4
8512 84
.85
8414
8512 8512
85 85
No par 353 Jan 20
8
2314 Nov 627 Mar
4 3612 3613 2.400 National Tea Co
373
3711 3818 37
8 Jan 7
4 37
37
373
38
371
37
Copper_No par 2718 Feb 21 328 Feb 19
8
43 Mar 103 Sept
8
8 2714 27% 2718 275 31,300 Nevada Consol A
29% 2814 2918 2812 2912 275 287
29
60 51 Jan 9 65
900 Newport Co class
26112 6112
65
35 Dec 113 July
*61
4.56% 59
5918 5914 65 65
*5712 59
No par 40 Jan 2 57% Feb 6
5514 5314 53'2 2,500 Newton Steel
3513 Oct 493 Mar
52
5514 5514 5312 5512 *5314 55
56% 5‘33
No par 4414 Jan 2 47 Feb 19
8
1,600 NY Air Brake
47
46
33 Nov 583 Feb
46% 463
8 4612 4613 4612 4612 460 47
4612 465
100 35 Jan 9 42 Feb 18
300 New York Dock
•3713 40
43712 40
4
823 July 90 Apr
41
42
*3712 40
42
45 .38
38
•
100 80 Feb 8 84 Feb 14
Preferred
86
•84
86
0313 Nov 103 Jan
•84
*84
86
*84
88
*84
86
87
Jan 2 10212 Jan 13
*84
Aug
1,310 N Y Steam pref (6)__ _No par 100 Feb 5 112 Jan 9 107 Nov 115
3
10012 10012 10012 10012 100 100 4 10114 10114 •10012 1011 100 100
No par 110
100 1st preferred (7)
,
1117 112
3
661z Nov 186 4 Sept
19
11018 110% •11018 112
11018 1117 .11018 112
111 111
Co___ _No par 033* Jan 18 1103, Feb 21
4
5414 Jan
48 Nov
Feb
8
1047 10034 10612 1077 10712 11018 10518 109% 105% 1073 64,400 North American
8
105% 1075
50 51 Jan 13 55
900 Preferred
55
3
1
98 Nov 103 4 Jan
23 10214 Jan 10
*5312 5418 5418 5414 5414 541 *54, 5414 5412 54% 55
1,100 No Amer Edison pref__No par 10184 Jan
4112 Dec 6414 Jan
8
10178 1017 102 102 •10114 10214
4
101 10114 •101 1018 10114 102
45 Jan 7 513 Feb 4
750 North German Lloyd
8
50 Mar
48% 485 484
4012 Dec
4 48%
488 483
4813 483
4912 Feb 9
*49
5012 *4914 51
Northwestern Telegraph-50 42 Jan 2
49
504
614 Feb
50% •
3
50 4 *49
503* .49
4
3 Oct
118 Feb 13
*49
503 *49
51
•49
% Jan 9
1
300 Norwalk Tire dr Rubber__--10
1
118 •1
11
.1
11
*1
*1
is *I
8 Feb
2 Dec
2 Feb 3
2 Feb 3
Nunrmlly Co (The)---No Par
Jan
.212 5
.212 5
778 Dec 32
*258 5
5
*212 41
18
*213
*2% 5
918 Jan 3 1158 Feb
25
8 2,900 011 Well Supply
1114 .1018 10% •1018 107
4
115* 11
883 Dec 10612 Jan
10
1013 *914 10
•10
100 87 Feb 13 89 Jan 2
88
110 Preferred
88 .86
64
•86
8784 873 88
7 Oct60 Z Apr
18
4
4
873 .86
87 .86
2 23% Jan 30
87
2018 4,100 Oilver Farm EQ111E:I.-No par 13% Jan
20% 20
Oct
2012 2012 20
3
8
425 Feb 10
8 2012 2012 20 4 211
21% 213
3118 Jan
3913 3912 5.900 Cony participating_No par
39% 40
4 90
4013 413
41
41
41% 40
41
8112 Jan 3) 6413 Dec 9912 May
No par 70 Jan
500 Preferred A
80
80
8
81
81
83
212 Oct 107 Feb
*81
811 .75
8114
3% Feb 10
81% .81
*81
2% Jan
No par
33* 312 1,600 Omnibus Corp
8 312
32
384
*311
31, 38
312 312
65 Nov 90 Feb
*3% 312
100
Preferred A
83
•75
83
8
*75
83
45 Dec 843 Apr
*75
*75
83
83
*75
21 54 Jan 0
83
*75
4714
400 Oppenhelm Collins & CoNo par 47 Feb
4714 .47
3
47
48
48
50% Oct95 4 Jan
49
•4714 49
79 Feb 19
*4914 50 .48
250 Orpheum Circuit, Inc pref_100 63 Jan 6 3333 Feb 19 195 Nov 450
79
Oct
79
763* 79
79
79
4
7012 7012 7012 7012 *7213 80
Jan 3
50 280
3,700 Otis Elevator
315 315
Oct195 Jan
32812 3333 323 325
316 325
310 316 *314 316
100 11818 Jan 23 125 Jan 8 118%
123
Oct
90 Preferred
2214 Nov 55
4
4
8
122 1237 *122 1233 *122 1233 *12213 123% 12212 12212 .34 125
•
No par 3012 Jan 2 36 Feb 1
35
3,300 Otis Steel
4 34% 35
493 N
83 4 Nov 1800812
8
3512 315 353
35
4
34% 35% 343 347
100 91 Jan 10 97 Feb 5
200 Prior preferred
*9514 98
Sept
95
7 98
95
7 08
7 98
*94
*94
*94
Feb 7
98
*94
591k
900 Owens-Illinois Glass Co___25 5214 Jan 6 69% Feb 18
o
4
5502 N,
42 N0v 1946834
8 60% 603 •597 6014 5913
8014 6014 608 6058 604 607
25 52% Jan 2 64%
8
8 605 617 46.100 Pacific Gas St Elec
627
Sept
8 6112 648 6318 64% 61
61% 61% 6014 615
No par 72 Jan 2 93% Feb 11
8712 88'z 36.000 Pacific Ltg Corp
90
37 Apr
8
92% 873
89
1712 Nov
8
9014 893 9114 8918 93
88
100 21 Jan 7 30 Feb 8
140 Pacific Mills
3
4 2918 29% *2918 29
8
*2918 293
5 Oct113 Jan
30
•29
298 30
30
Jan 22
.29
114
I Jan 2
No par
11
9,000 Pacific 011
1 18
1
1 , lls
Nov220 July
114
118
118
114
118
118
1% 1%
100 150 Jan 2 178 Feb 19 131
290 Pacific Telep & Teleg
Oct
177% 17758 •17712 179
Jan 138
174 178
168 16812 170 175
167% 168
100 11612 Jan 6 145 Feb 21 116% Nov
130 Preferred
143 145
3212 Sept
13
139% •138 1397 1395 139% *14012 142 .14012 142
•139
.
418,300 Packard Motor Car _ _No par 15% Jan 18 1878 Feb 18
8 17% 1812 17% 17%
1614 1812 1818 187
4014 Feb69 Aug
3
163 163
51% Feb 21 6018 Jan 4
4 2,700 Pan-Amer Petr & Trans___50
515* 513
52
52
52
*514 5212 *5110 53
5414 52
552
4012 Feb 691, Aug
50 6011 Jan 25 6014 Jan 8
8
515 5134 7,7701 Class B
51% 52
5134 52
4
1512 Dec 21 Dec
515* 52
5234 5314 513 523
17% Feb 18 21 Jan 28
4 2,900,Parmelee Transporta'n_No par
1713 173
1514 Jan
1712 1712 17% 17%
8 173 18
3 Nov
183* 184 1713 177
5% Jan 25
Feb 14
414
414 414 *418 5
400'Panhandle Prod & ref__No par
8 *4% .5
414
414 45
*4
5
*4
4713 Feb 76 Jan
100 4713 Jan 14 50 Feb 20
50
50
300 Preferred
49% 50
50
*40
50
.40
Oct 7512 Oct
*40
50
50
36
.40
8
Lasky _No par 48% Jan 2 673 Feb 19
8 64% 6618 120,200 Paramount Fern
6418 663
61% 6512 6412 673
8
633 65
23 Oct 87% Jan
6418 65
29 Jan 3
l
. 25 Jan 1
No pal
2512 2512
400 Park & Tilford
*2512 26
8
137 Feb
26
26
26
26
26
26
3 Dec
3
*25 4 27
3% Jan 2
212 Jan 31
31
2%
3% 3% 11,300 Park Utah C M
8
3
234 3
147 Jan
3
2% 27
8 28
27
212 Dec
4% Jan 28
2% Jan 3
Vs par
4 4
4 6,300 Pathe Exchange
33
37
37
4 33
33
4
378 4
37
4
4
413 Dec 30 Jan
8% Jan 28
5 Jan 2
No par
714
1,200 Class A
714
71
7%
*73* 8
73* 73
8 *714 8
247 Oct 478 Mar
8
73a 7'2
& Enterpr_ _ _ _20 2814 Jan 4 327 Feb 5
283 297
8
8 4,700 Patina Mines
2918 2918 293
29
3018 2912 30
3014 3Q14 30
518 Oct 2212 Jan
618 Jan 7 14 Feb 3
50
1034 12
1012 11 1
6.600 Peerless Motor Car
1112 121
125* 13
8
123* 13
8
125 13
22 Nov 607 Sept
Vs par 2618 Jan 7 3714 Feb 11
3418 353
9,500 Penick & Ford
Jan
4 3.512 361
3618 36% 36
363
3612 37
4
353 363
100 107 Jan 3 110 Jan 20 100 Apr 110 Sept
Preferred
107
.
_ _- •107
14
- - *107 -__ •107 ____ *107
514 Nov
17
*107
8% Jan 20 1012 Feb
50
10'2 •9
101
*9
1012 1.200 Penn Coal & Coke
1013 *9
.9
Jan
934 1013 4
1/ 4
912 - 3
312 Nov 27
8
83 Jan 28
618 Jan 4
xie Cement____No par
Penn-Di
71
714
7
7
718 712
Jan
7
8 7
*67
73*
2018 Nov 94
100 3018 Jan 2 44 Feb 19
67
*421 44
: 7
44
400
*43
44
"0 Preferred
43
45
43 43
*43
45
404 Aug
Jan
842
(Chic)__ _100 230 Jan 17 263 Feb 10 208
0
5
2
.29
252 255
2513 25914 *248 253 .40 22612 4.500 People's G L & C
4
251 255
1818 Dec 4512 Jan
*248 255
No par 18% Jan 21 20% Jan 31
201
PetiMilk
20
2013 .
2012 *20
21
•20
•1914 2012 •18
31 Nov 798 May
25 33% Jan 20 4312 Jan 7
-Dodge Corp
0
23 8 45
393 397
Oct
39
3954 38% 383 .385 23914 2,300 Phelps
4
3912 397
3978 40
246 Feb 14 15712 Apr 235
4
200 Philadelphia Co (Pittsb).„59 2213 Jan 10 47 Jan 3
24314 215 *230 245
51 May
4
473 Aug
*242 246 *242 246 •240 245
50 47 Jan
5% preferred
Nov 54 Mar
_ 48 •--- 49 *-___ 49 •__ 49 •____ 49 •-- -- 49
O_
4712
53 Feb 7
.1.0 50% Jan 1
300 6% preferred
5212 5212 5212 5212 5212 •5214 523 •5218 5212
8212 5212 *52
dend
• Ilid and asked prices; no sales on this day. 11 Ex-dividend and ex-rights. x Ex-divi
held.
o Ex-dividend dLstributed 1 additional share for each share
1244
New York Stock Record-Continued--Page 7
For sales during the week of stocks not recorded
here. see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 15.
Monday,
Feb. 17.
Tuesday.
Feb. 18.
Wednesday. Thursday.
Feb. 19.
Feb. 20.
Friday.
Feb. 21.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On I MU of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Hit/cell.
3 Per share 8 per hsare 8 per share 8 per share $ per share S per share Shares
jodus. &Miseell.(Con.) Par 3 per share 8
1512 1618 16
per share
i per share $ p6r share
17
1858 1714 155 1658 15
8
16
15
164 30,100 Phila & Read C & I___ _No par
10 4 11
113 Jan 17 1714 Feb 18
5
8
103 11
4
Jan
918 Nov
34
11
1114
1034 1134
11
*104 11
Phillip
no 26 2512 2734 2738 27% *25 28 3.1012 28 •25 28 3,000 PhillipsMorris & Co., Ltd _ __10 814 Jan 8 11% Jan 11
53 Oct 234 Feb
4
25
1,200
Jones Corp____No par 24% Jan 24 2778 Feb 18
*7014 75
*7010 75
1912 Nov 73 May
*7018 75
*7018 75
703 703
8 70
50 Phillips Jones pref
7014
100 70 Feb 4 75 Feb 11
3018 30
52 2918 30
65 Nov 96 May
30
3038 2934 3018 2918 2934 293 303 16,800 Phillips Petroleum_
8
8
_ __No par 2918 Feb 17 35 Jan 2
*13
1512 *13
2414 Nov 47 Jan
1512 •13
14
13
13
*103 12
*103 12
4
4
100 Phoenix Hosiery
5 13 Jan 31 13 Jan 31
*-__. 83 ' _
3_
105 Oct 375 Jan
8
83 *____ 83 •_ __ _ 83 *____ 83 •_ 85
8
Preferred
100
233 2334, 2312 24
4
9112 Aug 100 Jan
.24
2412 24
2418 *2212 24
*22
24
5.400 Pierce-Arrow Class A__No par 2112 Jan 13 26
*6914 7112 *6912 7112 *70
Jan 4
18 Nov
37% Jan
7112 *6914 7112 *6912 7112 *6912 7112
600 Preferred
100 71 Jan 2 7312 Jan 6
14 14
118
110
673 Dec 8712June
118 I%
114
114
114 1%
114
114 6,600 Pierce 011 Corporation
25
1 Jan 4
0
21
2512 *2114 26
33 Mar
1 38 Feb 18
1
Oct
2258 2358 24
27
24
264 *2312 24
1.300 Preferred
100 2011 Jan 10 27 Feb 19
212 212
212 234
20
Oct 5112 Mar
212 314
3
334
27
314 •23
g
4 27 18,000 Pierce Petrarn
No par
31 Feb 19
24 Jan 3
3412 3412 3412 3412 3418 3414 355 353
57 Jan
12 Oct
8
35
35
35
35
1,100 Pillsbury Flour Mills
No par 34 Jan 3 3714 Jan 22
48
48
484 4912 49
30 Oct 63 8 Jan
7
495
4912 50
49
50
491 50
7,500 Pirelli Co of Italy
45
63
65
6014 623
4314 Oct 68 Aug
4 61
63
85
6512 6114 6114 6118 6212 1,900 Pittsburgh Coal of Pa____100 60 Jan 4 5018 Jan 31
*95 103
Feb 14 7812 Jan 7
100 100
54 Nov 83 4 Jan
,
•97 103
*9918 103
10012 10012 9718 9918
500 Preferred
100 9718 Feb 21 110 Jan 7
11
11
*10
8312June 110
Oct
15
14
14
*11
13 '
311
13
*11
13
600 Pitts Terminal Coal
100 11 Feb 15 157 Jan 28
*- - - - 50 t_ _ 50 *_ __ _ 50
8
16 Dec 3418 Jan
*20
50
*20
50
*20
50
Preferred
100 45 Jan 2 45 Jan 2
30% 31
3014 3114 305 313
42 Dec 7314 Jan
8 304 32% 3034 323
8 3018 3114 9,900 Poor & Co class B
No par 275 Jan 23 333 Jan 31
8
4
20 Nov 43% Aug
70 4 71
,
71
71
714 7114 71
71
70
7112 *6912 70
1,700 Porto Rican-Am Tob Cl A1001 598 Jan 14 727 Feb 13
2212 233
g
51 Nov
2214 238 2312 2518 23
953 Mar
4
2412 2218 238 2118 225 32,200 Class B
8
No par
12 Jan 10 253 Feb 11
10058 1007 100 100
8
8 Nov
5034 Jan
8
*99 100
100 100
100 100
100 100
700 Postal Tel & Cable prat_ A001 97 Jan 8 103 Jan 21
93 Nov 105 Jan
_ _
_
_ .
_
_
_
_ - _ __ Posturn Co. me
No Dar
481. 1914 - i - 18 4§ - 18 4§ - 12 ,2
.
623 Mar 8134 May
4
l
41
41
41
1§i's 18
.12 ii -4118 -- i60 Prahle Oil _A: Gas
6,
58
251 48 Feb 17 5214 Feb 4
4012 Oct 6534 Jan
583
4 58 4 584 583 5918 59
,
4
59 1 5918 597g 5918 5912 3,100 Prairie Pipe & Line
251 58 Jan 15 6012 Feb 7
1412 1.112 1414 1412 1412 165
45 Oct 65 Aug
8 143 15 8 1412 1478 14
4
7
1514 27.700 Pressed Steel Car
No sari
74 Jan 2 1658 Feb 18
*73
75
618 Nov 258 Mar
*73
75
7312 7418 7412 7412 *73
*72
75
7312
500 Preferred
1001 52 Jan 2 7612 Feb 14
64 67
50 Dec 81 Mar
8
612 612
612 612
65
7 1 *7
713
7
7
2,000 Producers & Refiners Corp_50 612 Feb17
912 Jan 8
31
31
*31
4 Oct 25% Jan
32
31
31
32
32 ! 31
31
*3112 32
ISO Preferred
50 31 Jan 7 3212 Jan 31
*5134 55
2512 Nov 46.4 Mar
543 543
4
1
4 523 523
4
4 5212 5212 52
52
*5112 52
60 Pro-pity-lac-tic Brush__No sari 46 Jan
7
9318 944 914 93
35 Oct 823 Jan
4
9318 957
s 9218 945 125,200 Pub Set Corp of N J__No par 8112 Jan 2 5431 Feb 17
0414 964 913 957
8
4
2 963 Feb 19
*109 10910 10918 10918 10918 110
4
54 Nov 1373 Sept
4
1093 1097 10914 10914 *10914 109% 1.200 6% preferred
4
s
1001 10612 Jan 3 110 Feb 18
12512 12512 *12512 1257 *12512 126
98 Nov 10818 Feb
8
126 126 *12512 126 *12512 126
300 7% preferred
1001 121 Jan 10 12612 Jan 29 105 Nov 12478 Jan
153 153 815212 153 *15212 1547 *15212 158 *15212 158 *15212
8
158
100 8% preferred
100j 143 Jan 2 15518 Feb 6 13912 Nov
1083 1084 1084 1083 *108 109% 10818 10818 1084 1084 1083 1084
4
4
4
700 Pub Serv Elec & Gas pref_100 10714 Feb 5 10834 Feb 15 10412 Nov 151 Sept
84
8512 834 8412 8418 853
10918 Jan
8 8312 8412 8214 8318 8218 8214 8,100 Pullman, Inc
No par 8218 Jan 17 89% Jan 3
*7
72 *7
73 Nov 994 Sept
734
712
7
718
7
612 7
518 6
1,800 Punta Alegre Sugar
50
518 Feb 21
2218 2212 22 2214 215 22
812 Jan 17
6 Dec 2112 July
215 213
8
4 215 217
8
8 215 22
8
19,600 Pure 011 (The)
251 2134 Feb 18 2434 Jan 2
113 11312 11312 11312 11314 11312 *113 11312 113 113
20 Nov 30 4 May
3
113 113
300 8% preferred
1001 1124 Jan 2 1133 Jan 15 108 Nov 116 Feb
8714 88 g 8618 87% 865 8834 847 8612 8118 84
4
7
8
8
8214 83
23,0001Purity Bakeries
77 Jan 2
4158 4258 41 8 4312 435 443
8
,
55 Oct 14834 Aug
8
8 44
4614 4318 465
8 4418 4618 136700 Radio Corp of Amer___No par 313 Jan 29 887 Feb 15
2
465 Feb 20
8
*53
54
26
05312 54
Oct 11454 Sept
54
54
54
54
*54
544 5418 5418
400 Preferred
501 53 Feb 4 15 Jan 6
50 Nov 57 Jan
30
31
2912 31
297 31
8
293 3034' 2812 3014 28% 2934 143,400 Radio Kelth-Orp
4
Cl A__No par
19 Jan 2 313 Feb 14
54
4
12
56
Oct 467 Jan
54
5534 5518 57
56% 5914 555 575
5512 565 21,000 Real Silk Hosiery
8
10 443 Jan 15 5914 Feb 19
4
90
3614 Nov 8434 Mar
90
90
90
90
9018 8912 8912 9012 9012 9012 9012
310 Preferred
100 88 Jan 13 92 Feb 11
*458 5
8614 Dec 10212 Feb
458 45
*42
47
5
434 43.
42
43
48
400 Refs (0/coin) Sr CO
57 Feb 3
No par
314 Jan 16
*30
3412 *30
35 Dec
8
1614 Feb
37
3014 3014 030
37 i *30
37
*30
37
100 First preferred
100 30 Jan 27 37 Jan 28
36
40 Dec 10812 Feb
363
4 3514 365
8 3614 3712 36
37101 35
3638 342 3512 39,600 Rernington-Rand
No par 255 Jan 2 3712 Feb 13
8
*96% 978 9734 973
203 Nov
8
578 Oct
8 93
98
9814 9814, 9812 987 .98
8
99
500 First preferred
7 Feb 20
100 92 Jan 3 98
____
_ 10118 10118 •10112 105 *10314
81 Nov 9612 Oct
_ •10118 105 *10112 105
20 Second preferred
100 95 Jan 4 10118 Feb 17
1312 -1i
93 Mar 101
1334 1414 1334 145
Apr
' 1418 1314 1418
1318 1314 22,600 Reo Motor Car
10 10 8 Jan 24 145 Feb 18
5
7712 794 77
8
1013 Oct 317 Jan
787
8 7812 81
77
12 797
8 7512 7812 753 7714 18,700 Republic Iron & Steel
4
100 7212 Jan 2 81 Feb 18
11058 11114 11114 11312 1135 1137 11312 11312 11212 1123
6214 Nov 14614 Sept
8
8
4 112 11218 2,500 Preferred
100 107 Jan 3 114 Jan 28 1033 Nov 11512 Feb
*23
28
*23
28
4
*23
28
*23
28 r *23
28
27
2714
200 Revere Copper & Brass No par 26 Feb 1 30 Jan 3
*102 103 *102 103
26 Dec 3112 Nov
103 103 *102 103 .102 1027 *102 103
s
30 Preferred
100 102 Jan 16 103 Jan 28 103 Nov 10512 Dec
*65
71
*65
71
.65
71
*65
71 1 *65
71
*65
71
Class A
Vs par 70 Jan 15 72 Jan 24
512 512
70 Dec 78 Nov
512 512
512 5'2
5
12 512
518 512
518
534 6,000 Reynolds Spring
No par
4 Jan 10
35 Nov
712 Jan
5414 547
8 53 8 55
7
1214 Jan
547 5514 5434 5514 533 547
4
535 5418 58,900 Reynolds (It .t) Top class B.10 4918 Jan 3 55 4 Feb 29
8
4212 423 *4214 43
,
4
8
39 Nov 66
*4218 43
Jan
*4214 43 i 4218 4218 42
42
400 Rhine Wwtphalla Elec Pow__
41 Jan 7 454 Jun 21
2234 2312 2214 227
427 Dec 64 Jan
e
8 2214 223
4 2214 227
8 2212 227
8 223 237 10,200 Richfield Oil of Callfornla_25 2214 Feb 17 2612
4
8
1712 177
Jan 16
8 163 173
4
2234 Dec 495 Jan
0
8 167 1714 1612 187
s
8 167 177
8
8 1712 185 24,700 Rio Grande 011
8
No par
1612 Feb 19 1912 Jan 6
*5414 56
*547 557 *547 5512 547 5434 5412 55
15 Oct 4212 Mar
8
55
55
300 Ritter Dental Mfg
No par 447 Jan 13 5933 Feb 5
4118 417
8 407 4112 4112 423
40 Nov
8
70 June
8 4014 413
3934 4012 395 4012 10,800 Rossia Insurance Co
8
10 374 Jan 18 445 Feb 3
0
28 Nov 96 May
• . 55 • _ 55 •
_ 53 •
_ 55
Royal Baking Powder--No Par
34158- ____ *jog" ____ *ioi
.
26 Nov 4312 Sept
____ *ioi ____ *jai __ *iiii ____ ______ Preferred
100 110 Jan 22 110 Jan 22
95 June 1147 Sept
51
518
505 5118 5012 507
493 503
8
4 4914 497
8 493 5012 33.400 Royal Dutch Co (N Y shares) 4914 Feb 20 5434
4
5412 56
Jan 10
434 Oct' 64
54
543
Sept
4 54
557
54
544 5312 5412 533 54
4
5,500St. Joseph Lead
10 4812 Jan 2 5714 Feb 6
107 107% 10514 1077 10718 10912 10318 10812 9612 105
3812 Nov 94
8
Jan
9812 10314 39,100-Safeway Stores
No par 9612 Feb 20 1223 Jan 23
9810 985s 9812 9812 9812 99
9018 Nov 19514 Jan
984 983 9834 1.030 Preferred (6)
8 93
988 933
8
100 96 Jan 2 997 Feb 7
*108 109
109 109 *108 109
85 Oct 101 Sept
108 108
10612 108
10712 108
130 Preferred (7)
100 10518 Jan 14 109 Jan 28 100 Oct 10912 Dec
*27
2712 *27
27% 27
27
*27
2714 2612 265 *2612 26511
8
400 Savage Arms Corp ____No par 2412 Jan 17 313 Jan 30
912 934
8
918 97
2012 Nov
5178 Jan
073 97
94 912
9
9 14
9
918 4.500 Sehulte Retail Stores__No Par
414 Jan 2 1312 Jan 23
*64
65
63
312 Dec 4112 Jan
63
63 12 6312 65 65
*60
65 '
360
65
401 Preferred
100 35 Jan 2 75 Jan 21
11
30 Dec 11812 Jan
1135 *1012 11
103 103
4
4 1034 113
8 1012 11
*1012 11
1.200 Seagrave Corp
No par
93 Jan 24 118 Feb
4
88% 898 89
10 Dec 2214 Apr
913
4 893 9214 8634 9012 855 89
4
8
86
893 101,800 Sears. Roebuck & Co No par 8212 Jan 15 1005a Jan 14
4
27
3
27
31
80 Nov 181
3
Jan
22
4 3
23
4 23
4
23
4 23
4
27
27g 2.400 Seneca Copper
No par
212 Jan 3 3 12 Jan 29
4454 45% 4514 457
2 Nov
1012 Mar
45
4618 45
46
44
443
4 435 4518 13,200 Shattuck (F G)
8
No par 364 Jan 2 49
3110 317
31
2518 Oct 194 Aug
3018 *29
3118 303 307
4
8 30
30
29
2912 1.400 Sharon Steel Hoop___ _No par 2214 Jan 18 32% Feb 10
2178 2218 2158 2214 2134 2178 2138 2178 21
Feb 13
4
20 Nov 533 July
2112 21
213 14,500
4
No par 21 Feb 20 235 Jan 2
107 107 *103t 11
8
11
19
113 *1112 1178 1012 1012 1012 1012 1,000 Shell Union 011
4
Oct 313 Apr
4
Shubert Theatre Corp_No par
85 Jan 2 144 Jan 27
8
6614 683
8 6814 753
8 Dec 7412 Jan
4 7214 754 6814 733
67% 703
8 663 693 206,200 Simmons Co
8
8
No par 654 Feb 14 947 Jan 2
2414 25
24
24
24
5912 Nov 188 Sept
24
2318 2318
238
3,800
10 227
2234 2318 2134 22
8
2213 2278 2212 2278 23 s 2234 23 2412 86,200 Simms PetroleumCorD_No par 2158 Jan 22 2814 Jan 31 15 Nov 4018 Aug
2212 227
223
Sinclair Cons Oil
*109 10912 109 109 *100 11014 *109
Feb 17 253 Jan 27
4
21 Nov 45 Jan
11034 •109 10912 100 109
3001 Preferred
100 109 Jan 18 111 Jan 29 103
2934 30
29
2914 287 29
Oct 111
Jan
8
287 29
8
8
287 29
29
294 11.300 Skelly Oil Co
25 287 Feb 18 3214 Feb 1
*40
8
50
*38
42 .38
28
Oct 4611 May
42
*35
42 .38
42
*38
42
, Sloss-Sheffield Steel & Iron 100 35 Jan 2 46 Feb 11
65 65
*60
65
21 Nov 125
6014 65
Jan
.60
70
*60
70
70
70
400 Preferred
100 6014 Feb IS 70 Feb 21
*7
712 *618 7
6212 Nov 112
612 7
Jan
*7
712
7
7 1,
7
712 1.600 Snider Packing
No par
512 Jan 2
8 Jan 9
318 Nov
1614 Feb
*31
32
•31
32
313 3212 333 34
4
8
3212 353
4 355 3612 5,100 Preferred
8
58
2512 2512 2558 255
No par 23 Jan 2 3912 Feb 21
14 Nov 64.2 July
8 2518 2518 254 2512 25
2514 2412 2534 2,600 So Porto Rico Sug
No par 2434 Jan 2 30 Jan 16
628 6312 6210 63% 625 6458 635 6434 6212 6334
4
3
225 Dec 46 May
8
8
8
628 633 17,000 Southern Calif Edison
25 .5618 Jan 2 643 Feb 19
*22
28
*22
26
4
*22
4518 Nov 9314 Sept
2512 *201 2514 *2014 2514 *2014 2514
4
Southern Dairies cl A_ _No par
184 Jan 6 26 Feb 14
714 74
7
18 Dec 5018 June
7
67s 6% *6
7
5512 612 *512 612
300 Class B
No par
3 Jan 4
12
*34
35
714 Feb 14
34
34
212 Nov
*3414 343
4 347 347
1534 Jan
8 343 343
4
4 35
35
700 Spalding Bros
No par 33 Jan 8 36 Jan 7
1084 10814 *10818 109
30 Nov 6312
109 109
108 108 •108 109 *108 109
130 Spalding Bros 1st pref__100 108 Jan 13 110 Jan 11 107 Nov 117 May
2834 2834 *2812 283
4 29
2912 2s12 29
Feb
27% 2812 2718 273
4 2,700 Spang Chalfant &Co IneNo par
197 Jan 2 31 Feb 5
8
*94
9412 9412 9412 *9412 9512 9512 9512 *9412 9512
15 Oct 524 Jan
*9412 9512
50 Preferred
100 92 Jan 20 96 Jan 2
162 163
4
89 Mar 98
4 1612 1718 167 167
Oct
8
8 1714 1912 1514 182
4 183 207s 30,200 Sparks Withingten____No par
1318 Jan IS 20% Feb 21
*7
9
07
9
1318 Nov 73 Aug
*718 9
*718 9
*74 9
3
'718 9
Spear & Co
No par
8 Jan 6
9 8 Jan 21)
3
*7712 80
2
*7712 80
Oct 143 Feb
4
80
80
*7718 80
*7712 80
57712 80
30 Preferred
100 71 Jan 20 80 Jan 29
*217 22
8
70 Aug 8012 Jan
*217 22
8
*217 22
8
22
22
*2112 22
2112 2112
200 Spencer Kellogg & Sons No par 207 Feb I 23 Jan 2
0
333 3334 3214 3414 337 33
7
8
20 Nov 45 Aug
3318 3312 32
3212 317 3214 4.200 Spicer Mfg Co
8
No par 2112 Jan 2 3612 Feb 4
44
2018 Dec 66% Mar
44
44
44
44
44
*4214 4412 4238 423
424 4214
800 Preferred A
No par 3914 Jan 15 4412 Feb
47
47
4614 473
38 Nov 557 Mar
4 4612 4712 4514 4514 44
45
41
4618 3,900 Spiegel-May-Stern Co_No par 3512 Jan 4 12 Feb 10
3
*7
34 Dec 1177 Feb
714
7
7
8
*63
4 7
7
7
7
7
7
7
600 Stand Comm Tobacco_No par
5 Jan 2 7 14 Feb 11
1204 12314 1193 1234 12114 124
,
312 Dec 43 8 Jan
8
5
122 1247 118 122
8
11712 11912 90,800 Standard Gas & El Go_No par 1094 Jan 18
1247 Feb 10
8
7312 Nov 2433 Sept
6412 64% 6412 6434 645 6514 6434 6512 653 6512 65
4
8
8
66
3,800 Preferred
50 64 Feb 6 66 Feb 21
5812 Nov 67 Feb
_ _____ ______ Standard Milling
100
13
13
10212 Aug 10314 Jan
13
13
137 15
1418 1418 145 143
8
8
4 1412 1412 1,500 Stand Investing Corp__No par
10 Jan 2 15 Feb 18
577 5812 573 5812 575 59
0
4 Dec
48 Sept
4
57
5512 567
575
8 563 59
40,200 Standard 011 of Cal_ __No par 5512 Feb 20 615 Jan 2
8
597 6112 585 60
5112 Oct817 May
s
8
0
585 6014 5812 5914 58
58% 5818 5918 156,900 Standard 011 of NewJersey_25 58 Feb 20 66% Jan 2
48 Feb 83 Sens
32
323
8 3112 3214 3158 32
7
3114 31
314 313
4 3114 315 34,800 Standard 011 of New york__25 3114 Feb 19 337
8
3
17
*1
Jan 2
31% Nov 484 Sept
2
17
2
8
2
2
3
214 27
8
214 214 6,600 Stand Plato Glass Co _No par
15 Jan 3
3 Feb 19
*5
10 Nov
578 *434 57
57
634 Jan
•45
8 55
73
814
714 83
8
7
1,670 Preferred
4 Jan 6
387 413
834 Feb 20
4 4012 4312 4212 423
312 Dec 31
Jan
397 40
42
40
42
407s 4,400 Starrett Co (The S)__No 100
par 33 Jan 23 4312 Feb 17
L
3812 3938 39
304 Oct 477 Oct
4014 397 40
8
39
4014 385 3912 3918 393
8
4 8,900 Stewart-Warn Sp Corp ___10 38 Jan 3 44 Feb 3
96
99
30 Oct 77 May
95
9712 953 9735 9518 96% 9214 9514 9112 95
4
40,800 Stone & Webster
No par 77 Jan 22 103 Feb 9
4414 448 444 4512 4414 4478 4334 44
64 Nov 20112 Aug
4212 4334 4212 4312 15,100 Studeb'r Corp (The) No par 403 Jan IS
4
*120 123 .120 123 *120 121
4714 Feb 6
3814 Nov 98 Jan
120 120 *120 121
120 120
60 Preferred
:
2
12
100 116 Jan 21 12214 Jan 8 115 Nov 126 June
12
12
12
12
12
58
1
12
12 4,100 Submarine Boat
58
No par
3 Jan 4
8
.56
3 Jan 2
4
5612 5512 56
% Oct
412 Mar
5532 553
5512 555
53
53
5314 53
2,600 Sun 011
No par 13 Feb 20 593 Jan 2
*103 1034 103 103
8
55 Dec 863 Oct
8
1023 103
4
1034 10314 *1023 103
4
1023 1034
4
540 Preferred
512 53
4
100 10212 Jan 13 1053 Feb 6 100 Jan 10512 Jan
51
512
4
514
512
514 512
52, 512
513 5128,800 Superior 011 new
51 Feb 17
75 Jan 2
2278 2314 2218 2278 223 2312 2218
No par
54 Nov 24 Aug
8
8 2118 22
223
203 2112 6,300 Superior Steel
4
*10
100 20 Jan 2 2612 Feb 5
1014 *10
15 Nov
733 Apr
1012 *10
4
11
93 10
4
10
4
10
*93 10
1,200 Sweets Co of America
50
812 Jan 21 103 Feb 4
*35
4 412 *312 414 *33
8
518 Nov 2214 Apr
4 412 *33
4 412
4
4
4
4
500 Symington
1012 107 *1035 107
No par
4
23 Jan 3
8
5 Jan 14
2.2 Dec
9 May
0 103 107 *1014 11
s
8
10
1018
97
8 97
8 2,600 Class A
*163 17
4
No par
812 Jan 3 12 Feb 3
*163 17
4
195 May
8
614 Nov
17
174 168 174 165 167
8
8 17
17
1,900 Telautograph Corp
1518 154 15
No par
155 Jan 25
8
1518 15
147 Dec 2512 Mar
8
15
14% 148 1412 1412 147 147
8
8 2,400 Tenn Copp & Chem No par 13 Jan 3 18 Feb 4
5214 527o 5112 5218 51
1612 Feb 6
50 Nov
20% Apr
5118 517
517
51% 5134 5115 517 28,800 Texas Corporatio
8
n
6314 637
25 51 Feb 18 5614 Jan 2
8 6218 6314 6214 63% 617
s
4012 Nov
717 Sept
8 633
35,700 Texas Gulf Sulphur_ _No par
8 6018 817
8 6012 61
9% 912
918 958
8 Jan
914 914
2 12 Nov 8514 Apr
914
914 912
914 5,300 Texas Pacific Coal dr011_10 547 Fen 2 6434 Feb 7
914 914
15
1512 1412 15
910
17 103 Jan 2
912 Nov 23% Mar
1434 15% 143 1550 1412 1518 1412 153 32,100 Texas Pao
4
8
Land Trust
1
135 Jan 2 167 Jan 10
8
64 Oct 3412 Jan
• Bid and asked prices: DO sales on this
day. z Ex-dividend. y E -rights. d Ex-div. 200% In common
stock.
New York Stock Record-Concluded--Page 8
1245
see eighth page preceding
For sales during the week of stocks not recorded here,
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Since Jan. 1.
Sates
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Year 1929.
-share lots
NEW YORK STOCK
On basis of 100
for
EXCHANGE
Friday.
the
Highest.
Wednesday. Thursday.
Lowest.
Tuesday.
Highest.
Monday.
Lowest.
Saturday.
Week.
Feb. 21.
Feb. 20.
Feb. 19.
Feb. 8.
Feb. 17.
Feb. 15.
Per share
share $ Per share
share Shares Indus. & Miscall.(Con.) Par $ per share $ per Feb 18
$ per
1612 Mar 35 Sept
$ per share $ per share $ per share $ per share i per share
19 Jan 17 25
No par
3,200 Thatcher Mfg
24
2412 24
s
35 Mar 497 Sept
2414 248 *24
25
4
5
23 8 24
3
1
/
244 24 4 2312
14
..No par 40 Jan 2 4414 Feb
100 Preferred
444
444 *43
2
*43
44
*43
2512 Dec 517 Jan
44
44
*4114 44
*4114 44
3
No par 27 4 Jan 2 32 Jan 18
300 The Fair
*2612 27
8
4
1
/
11
/
5
2813 2812 28 8 284 *263 27
*2812 29
Jan 21 110 Feb 13 102 Nov 110 Oct
*2812 29
100 102
30 Preferred 7%
4
1
/
Oct 62 Jan
30
110 *110 112 *110 11214
110 110 •110 115 •110 11214 110
26 3612 Jan 21 40 Jan 31
1,000 Thompson (J It) Co
3
3914 *38 8 39
10 Nov 2312 June
15 13 Jan 10
4
3814 8814 3914 3914 3914 3914 3912 3912 39
23,700 Tidewater Assoc 011--No par 103 Feb 13 84 Jan 8
3
10 4 11
4
1
/ 11
90% Aug
744 Nov
3
10 4 1114 10
3
4
4
103 1114 103 1118 10 4 11
100 78 Feb
600 Preferred
8
785 *7812 80
8
5
14 Nov 40 June
7818 79 8 785
*78
80
82
8
*78
80
80
100 1912 Jan 31 217 Jan 2
Water OU
Tide
•1712 20
12
97 Jan
8518 Nov
*1712 20 •1713 20
*1712 20
*1712 20
*1712 20
8614 Feb 13 90 Jan 14
100
400 Preferred
1112 Oct 343 Sept
*8612 87
86% 875s 8612 8612 8713 8712 *8612 871/
*88'3 87
10 141/ Jan 17 1814 Jan 31
3,000 Timken Detroit Axle
17
17
17
Jan
1714 17
17
5813 Nov 150
167 167
4
•163 17
5
*16 8 17
Bearing_No par 7034 Jan 18 8012 Jan 6
4
8
755 763 36,500 Timken Roller
Oct224 Mar
8 7518 77
8
1
3
79 4 763 793
4
612 Jan 23
214 Jan 3
20
77% 78% 753 7914 x78
514 13,000 Tobacco Products Corp
5
2234 Mar
4 514
43
14
5 Nov
4 4%
43
3
44 5
3 5
47
5
5
5
7 8 Jan 2 1114 Feb 20
20
Class A
23.703
3
10 4 11
4
103 11
3
2 4 Dec 18 Feb
97 10
12 95,
9
913 97
9% 97
613 Jan 23
7
2 8 Jan 7
Div ctfs A
8
25 Dec 20 Mar
.218 612 *218 612 3218 8
*218 6
6
612 Jan 23
32
312 Jan 21
*118 78 '
Div etfs B
3112 612 *14 6
212 Dec 194 Jan
*112 612 '
6
*2
6
4 *3
5 Jan 22
8 93
*13
234 Jan 20
Div aft C
*112 5
14
518 Oct15 Aug
*112 612 *112 6
6
•2
77o Feb 21
1018 Jan 15
78 *213 6
24
*
77
818 61,400 Transcontl 011 tern etf _No par
8
814
814 812
3
814 812
3
15 8 Dec 53 3 Apr
4
1
/ 812
8
4
1
/
812 8
16 Jan 4 2834 Jan 31
4
1
/ 5,200 Transue & Williams St'l No par
23
4
4 233 254 2318 2418 23
23
243
30 Dec 63 July
24
2312 23
23
30% Jan 2 39 Feb 5
par
8,200 Trico Products Corp_ _No
38
37
38
4
5
3753 3618 3712 37
4
1
/ 334 363 38o 37
•37
1312 Dec 317 Jan
3
15 Jan 2 19 Jan 18
No par
500 Truax Truer Coal
174
3018 Nov 615a Jan
174 1712 1712 .17
8
*173 18
17% 178 •17
1734 18
10 3334 Jan 28 3712 Jan 3
400
35
35
Oct
3414
82
4
*35 36 347 348 *34 35 34 12234 *3312 11934 *3338 11934 24,400 Truscon SteelFisher Co No par 971 Jan 2 1223 Feb 13 120 Nov 18134 Jan
4
/
Under Elliott
11634
Dec 125
11814
4
1
/ 119
119 122
11812 120
119 122
100 121 Feb 4 121 Feb 4
Preferred
__ ______
__ *122
7 Nov 43 Jan
_ •122- *12212
*122 _ _ •122 _ .*122
10 Jan 8 14 Feb 3
Union Bag dr Paper Corp-_100
13
310 -59 Nov 140 Sept
no fi 4.10 fi *10 13 *1013 -1i 881 13 '
par
76 Jan 2 9434 Feb 14
8
4
/ 9134 8918 903 134,100 Union Carbide & Carb_No 25 4118 Feb 20 4614 Jan 15
57 Sept
4218 Nov
4
9213 9414 911 94'o
8
914 9313 903 93
4118 4213 12,100 Union Oil California
4
4 413 4238 4118 42
4 4113 423
4 4218 423
4238 423
No par 33% Feb 21 3614 Jan 23 ---------------8 2,700 Union Tank Car
3434 3338 337
31 Nov 162 May
347 347e 34
3512 3512 3412 3512 *3413 35
Feb 21
538
4 4918 51% 111,100 United Aircraft dr Tran_No par 4313 Jan 31 64 Jan 9
1
8
447 Nov 10913 May
4714 4812 4718 5218 5112 53
504 5214 4934 513
50 58 Jan 31
4 2,600 Preferred
6312 36218 823
6284 62
Oct
3312 Dec 60
6113 6314 62
61
3
60 4 60
•58
No par 36 Jan 7 45 Feb 7
44
1,800 United Biscuit
Oct
*42
438 44
4 43 43
8 4214 423
*4214 445
6 11412June 136
45
3
44 4
100 118 Feb 6 118 Feb
Preferred
_ •118 - .- _ _ ___
*118
3 Dec 2712 Jan
•118 - _ *118 _*118 _ _ *118 9 Jan 22
4 Jan 4
10
Stores
4
1
1
/ 6
64 - / 4.300 United Cigar
Jan
638
197 Dec 104
612 _2 - 4
4
1 d4
/ - 36
4
1
/ -676
61
6% - -7.;
4
1
/ IN
6
100 26 Jan 2 58% Jan 23
200 Preferred
47
344
12
50 '
•44
46
47
47
46
19 Nov 75 May
50
*47
50
•47
No par 34J1 Jan 2 40% Feb 13
8
4
4212 Nov 497 July
8 3918 408 373 3914 3734 387 241,103 United Corp
4
383 4012 4013 407
40
39
par 4634 Jan 6 50 Feb 18
No
6,600 Preferred
8
497 50
4
493 50
6 Dec8118 Feb
497 50
8 493 50
4
4 4912 497
4958 493
8
10 Jan 2 197 Feb 19
No par
173 16,200 United Electric Coal
4
4
Oct15812 Jan
8 163 1914 17
167g 197
16
17
99
16
15
15
15
No par 8814 Feb 23 105 Jan 13
8814 90
41,600 United Fruit
3
4 8814 92
963
7 Nov 26 8 Jan
9612 9712 92
96
97
97
96
77 Jan 4 133 Feb 15
3
100
1118 1214 2,700 United Paperboard
4 11% 12
1214 123
1214 13
2518 Nov 85% May
13
4
8 123
1212 133
3514 Feb 11
600 Universal Leaf Tobacco No par 3213 Jan 7 40 Feb 21
4 3413
*3212 3412 *32
34
3414 3414 33
28 Dec 93 Jan
4
343 35
4
*343 35
30 Jan 3
110 Universal Pictures 1st pfd.100
40
40
40
*38
53 Jan 23
218 Dec 2214 Jan
37
3714 3714 38 38
37
8
*367 38
24 Jan 9
47
4
1
/ *413 43
4 2,400 Universal Pipe dcRad__No par
45
434 4
47
47
47
414 47
8
5
50 Dec 10013 Jan
100
Preferred
7
•____ 80 •__- 80 *_-__ 80 •_-__ 80 *-___ 80 •---- 80
12 Oct55 Mar
4
333 Feb 17
294 3013 82,100 U S Cast Iron Pipe dr Fdy__20 1812 Jan 2 172 Feb 6
4
1
/ 317
29
16 Oct19 Jan
4 3114 33
3012 3334 3214 333
321
31
5
No par 15 8 Jan 7
17
1.900 lot preferred
1714 17
20 June
*17
1814 Nov
8
4
1
/ 17'4 1714 1714 173 1712 1714 1714
17
1812 Jan 3 19 Jan 17
No par
100 2d preferred
*1812 19
4
1
/ 19
*1858 19 .18
19
9 Oct 23 Sept
8
5
•18 8 191 *185 1914 19
No par 1514 Jan 6 20% Jan 17
164
16
800 US Distrib Corp
16
161 315
16
16
7114 Mar 97 Sept
16
18
*16
16
16
100 8812 Jan 9 95 Jan 18
Preferred
90
*85
90
10 Apr
385
90
*85
90
2 Jan
901 •88
*87
92
3
*88
3 4 Feb 1
100
234 Jan 13
3
3
31
200 U S Express
318
*3 8 33
*318 33
315 33
*318 384
1713 Dec 497 Jan
19 Jan 2 27 Jan 20
8
23'z 225 2418 1,200 US Hoff Mach Corp___No par
5
23
*2313 25
95 Nov 243 8 Oct
x233 24
4
25
*24
4
1
/
24
24
4
/
100 1101 Jan 22 139 Jan 2
U S Industrial Alcohol_
37,900
8
11712 12014 1175 119
5 Nov 354 Jan
1197s 1227 11914 123
4
118 12112 11753 119
93 Jan 7
718 Jan 2
No par
*818 8% 1,100 U S Leather
814 81
8
4 8s
*85
1414 Dec 617 Jan
4
1
/ 87
8
81
4
5
812
812 8 8
No par 15% Jan 2 1918 Jan
4
300 Class A
*1612 163
17
17
1713 1738 173 *1613 17
8
8114 Dec 107 Feb
173 178 *17
3
100 8014 Jan 22 89 4 Jan 9
100 Prior preferred
8014 801 *8014 85
38014 82
1
/
*804 82 '
82
5013 Nov 11912 Feb
*81
85
•82
Jan 3 8978 Feb 5
6,100 U S Realty dr Impt.__No par 60
6434 661
8
e 663 674 6434 66
6612 667
15 Oct 65 Mar
8
667 66% 6614 661
10 2118 Jan 17 294 Feb 13
8
8 2618 267 22,800 United States Rubber
273
281z 26
4 27
40% Nov 9212 Jan
2718 2814 2718 277o 2714 273
,
3
100 47 4 Jan 17 535 Feb 11
51
52
3,200 lat Preferred
4
1
/ 52
7
5212 5114 5114 5034 51's 50
8
297 Oct 72 Mar
52
Jan 6
5213
*50
_50 3213 Jan 7 3612
33
33
3312 2,900 U S Smelting Ref dr Min
33
Jan
33
33
8
5
48 Nov 58
*3314 3312 32 8 333 *3312 34
50 5234 Feb 11 534 Jan 7
1.500 Preferred
4
1
/ 5234 5234
8
4
5212 52'z 5212 53 •523 52
53
8
523 523 *51
s
Jan 2 18912 Feb 18 150 Nov 2613 Sept
Steel Corp_-100 08
Nov 14414 Mar
8
1867 1867s 1891 18514 188'z 18034 18512 18112 1835,582.200 United States
18412
18512 189
100 141 Jan 4 14278 Feb 21 137
8 5,000 Preferred
4
14178 1421 14214 14214 14214 14214 14214 1427
13
55 Nov 713 Nov
14114 14114 142 142
No par 6014 Jan 6 68 Feb 10
200 US Tobacco new
69
366
69 '
*68
677 *66 67 *12412 144 *12412 144
68
*68
67
68
*66
100 12413 Jan 2 12412 Jan 2 12514 Nov 143 May
30 Preferred
144
12412 1241 *12113
8
*12412 144 *12412 144
10 195 Jan 30 225 Jan 9 2247 Nov 353 Mar
Utah Copper
10
21034 21034 321012 250
5812 Aug
244 Nov
'210-34250 '21034250 '21034250 '21034250
38,400 Utilities Pow & Lt A___No par 3118 Jan 4 39 Feb 18
3612 37
3612 38
39
1312 Jan
38
8
3 Nov
3734 3613 3714 373 39
37
4 Jan 7
5
5 3 Jan 11
No par
514 514 13,200 Vadsco Sales
518 512
8 514
53
5
4 5
54
43
4
8 43
*45
Nov 82 Jan
50
100 64 Jan 11 64 Jan 11
Preferred
6314
*57
6314
631 *57
6314 *57
3712 Nov 11612 Feb
6314 *57
3
*57
63
*57
No par 497 Jan 2 73 8 Feb 14
8 6612 6814 59,500 Vanadium Corp
3 66% 697
8
725
8 685 713
4
3 70
17 Dec 42 Sept
7018 7314 683 713
No par 1812 Feb 10 22 Jan 24
30 Van Raalte
1912 191 •1812 25 .1812 25
50 Nov 83 Apr
4
1
/ 1812 1812 1812 *1813 25
18
100 534 Jan 16 5412 Jan 11
preferred
lot
*4818 55
•4818 55
*4818 55
*4818 60
33 Oct 109 May
*4818 60
'4818 60
4112 Jan 28
No par 374 Jan 18
5,800 Vick Chemical
8 3938 393
7
3938 397
338
3812 3812 403
110 Mar 115 8 July
39 '
8 3
3812 387 '38
Vic Talk Mach 7% pr pref_100
3
78 Jan 24
34 Oct 24 4 Jan
---- ---- ---- ---- ---- _-__ ____ ---- --- ---- - 614 61
513 Jan 2
2,000 Virginia-Caro Chem___No pa,
8 612
63
658
658
,
62
612
15 Oct 654 Jan
,
613 6 2
4
4 63
63
8 Jan 24
100 264 Jan 17 307
2734 2734 1,400 8% preferred
28
29
28
2812 2812 2812 28
29
69 Nov 9712 Feb
29
29
100 78 Jan 2 80 Jan 31
Preferred
7%
*7614 7612 *7614 80
80
78
3
80
•78
80
*78
*7614 80
8 10912 Feb 10 102 Nov 110 Sept
s
50 Virginia El & Pow pf (7) 100 1053 Jan
8
4
4
39 Dec 48 Jan
•10812 109 *1083 10914 .1083 10912 *1087 10912 10912 10912 *10813 10913
39 Feb 3
48
20 Virg Iron Coal & Coke pf-100 39 Feb 3 132 Feb 15
*39
48
*39
48
*39
39 *____ 48
38 Nov 1497 Aug
39
48
•39
100 65 Jan 7
11114 11624 3,530 Vulcan Detinning
112 120
4
4
1183 1243 1127 11912 114 .119
81 Nov 110 Apr
123 132
Feb 19
100 85 Jan 24 96
70 Preferred
595 100
95
95
96
95
95
98
955a 955
40 Jan 142 Sept
*95 100
100 68 Jan 22 12412 Feb 15
A
410 Class
115 115 1'106 115 3106 113
11412 115
20 Nov 3612 Oct
117 12412 119 122
No par 2414 Jan 6 2812 Jan 28
2614 6,400 Waldorf System
2634 26
8 26
283
2512 2012 2538 2812 26
3
25 4 26
100 97 Jan 8 10112 Feb 21 100 Oct1067 Jan
700 Walgreen Co pref
10112 10113
Oct
100 100 .100 10014 *100 10014 10014 101
22 Nov 49
*97 100
No par 26 Jan 3 3814 Feb 20
3814 3534 3613 28.700 Walworth Co
8
3318 34 4 333 3412 34
0
4
313 345
3
32
31
20 Dec 84 4 Jan
Jan 23
28
28
1,730 Ward Bakeries class A_No pat 2112 Jan 7 31. Feb 17
28
4 28
2914 293
31
30
30
26
27
26
1
/
14 Oct2114 Jan
7
4% Jan 2
No par
Class B
6
614 12,000
612 63
4
4
1
/ 63
6
64 67
8
612 7
12
612 6t
50 Nov 87 Jan
4
100 58 Jan 2 883 Jan 24
4
1
/ 643
4 1,500 Preferred
64
65
8
645 6434 65
66
66 12 86
66
66
12
66
3
30 Nov64 Aug
4
1
/
8112 457,200 Warner Bros Pictured new---- 38 Jan 2 63 Feb 19
4
1
/ 597 8214 60
6012 63
8
8 607 627
e 5914 615
8
605 6l7
14
25 Oct5914 Jan
No par 3612 Jan 2 5518 Feb 9
4 3,800 Preferred
4 5214 54
4
543 5518 *5218 543 *5312 543
54
55
4
543 543
15 Oct 42% Jan
7
4
1
/
16 Jan 23 20 Jan 21
No par
1818 18,200 Warner Quinlan
1
/
s 184 184 18
197
3
3 194 19 8 187 193
19
s
194 19'z
No par 132 Jan 18 1587 Feb 19 115 Nov 2074 Oct
15014:153
6.700 Warren ,Bros
8
149 157
156 1587 14914 155
150 150
151 151
39 Aug 634 Oct
50 40 Jan 15 52 Feb 17
*5012 52
150 1st preferred
4
3
52
4 504 503 *5012 52
50 4 503
52
51
51
1518 Mar 3414 Jan
254 254 26
3,800 Warren Fdy & Pipe_-__No par 2314 Jan 2 27 Jan 30
25
*2514 26
2512 2512 2514 26
2512 251
4 Oct 11338 Feb
514 Jan 2
813 Feb 19
25
712 712
812
4
1
/ 77
7
8 4,400 Webster Eisenlohr
712
73, 7 8
3
712 77
712 712
5
20 Oct 48 Mar
No par 2213 Jan 23 28 Feb 13
2734 2614 26% 1.600 Wesson Oil & Snowdrift
274 27
2712 2712 27
2712 271
4
273 28
7 Feb 14
4918 Nov 7212 Mar
No par 5012 Jan 15 54
54
300 Preferred
544 5418 *534 5414 •53
4
55
43
5 4 543 *533 5414 *54
Feb 19 160 Nov 27214 Oct
52,800 Western Union Te1egraph_100 190 Jan 7 2193, Feb 18
s
8
209 2143 21414 21814 21414 2193 209 21633 209 212
4
21112 214
3612 Oct 673 Aug
5
503
474 4812 20,300 Westingb'se Air Brake_No par 43 8 Jan 17 182 Feb 19 100 Oct 2925 Aug
3
4
50 4 4913 5034 484 49
483 4918 49
8
4813 49
3
1783 17114 1743 205,900 Westinghouse El & Mfg----50 140 Jan 2
8
17118
8
8
1727 17514 16912 1731 1737 17934 17714 182
50 133 Jan 2 177 Feb 19 103 Nov 284 Aug
17112 1741 317113 175
630 lot preferred
18914 17414 176 177
3
•169 l737s 168 170
194 Nov 64 3 Sept
7
4
35
2.500 Weston Eleo Instrum't_No par 293 Jan 18 38 Feb 28
s 3578 36
387
36% 37
357 363
8
357 36
37
*35
3212 Aug 364 Apr
No par 3312 Jan 27 36 Jan
Class A
35
.34
35
•34
35
*34
35
*34
35
*34
35
•34
90 Nov 110 Feb
Jan 15
104 104
4
90 West Penn Elea class A_No par 98 Jan 3 105 Jan 30
4
/
8
1037 103% *1031 104 *1033 104
103 103
103 103
97 Nov 11114 Jan
3
100 105 4 Jan 2 110
8
10812 1085
330 Preferred
8
109 1091 10912 109'l 1085 1098 •10812 109
Jan
109 109
8812 Nov 102
4
1
/
100 97 Jan 2 10012 Jan 14
9912 9513 9912 100
200 Preferred (6)
go% go
100 100
gips 998 gos go
29 110 Nov 117 Mar
100 11312 Jan 3 11638 Jan
280 West Penn Power pref
11512 11512 118 116
115 115'4 11512 1151 11512 115i 11512 116
3
100 1043 Jan 23 10712 Jan 8 102 Sept 11013 Jan
preferred
570 8%
8
105 l06'z 10614 10614 10612 10612 10812 1065
10614 10814 10438 105
3612 Nov 60 Sept
Jan 29
4612 *44
4612
200 West Dairy Prod cl A_ _No par 44 Jan 11 46 Feb 10
457 46 .44
457
451 *44
457 *44
•44
7 Nov 40 Sept
No par 1312 Jan 3 1914
8
184 157 16
2,500 Class B
3 16
s
157 167
8 1613 18
183
*18
18
18
30 Oct 9410 May
4
/
ProdNo par 37 Jan 2 591 Feb 17
4
4
55
543 543 *53
4,300 Westvaco Chlorine
56
54
58
5714 5614 59'z 56
55
25 Oct 38 Feb
Jan 31
1,000 White Eagle OH& Berg No Par 26 Jan 17 28 Feb 5
2612 2654 2638 26S4 2612 2612 •2634 27
4 27
*263
27
27
2714 Nov
534 Mar
No par 31 Jan 2 3612
8 3414 343
8
8 6,500 White Motor
347 347
3434 3438, 337 347
35
3412 3514 35
277 Nov
55 4 Sept
3
8 Feb 19
458 4313 451k 13,100 White Rock MM Spring ctf-50 3618 Jan 21 463
43 14 4414 4412 468s1 44
43
4118 42'2 42
Oct 48 Jan
1
Feb 6
718 Jan 14 1134
1078 104 1078 1013 1013 *1014 1012 2,300 White Sewing Machine_No par
10
10
10
*Vs 10
27 Dec 57 8 Jan
7
No par 2712 Jan 11 3714 Feb 5
37
35
*35
400 Preferred
3514
35
35
35
*34
35
35
*3418 35
8
127 Nov
29 Feb
4
1
/
15 Jan 14
4
No par 113 Feb 19
1212 •1218 1213
4
/
700 Wilcox Oil & Gas
1313 13
4
113 121 12
13
•1314 141 •13
4
Oct 60 may
19
No par 27 Jan 3 3414 Jan 29
3213 33
327 327
800 Wilcox-Rich class A
33
3213 327 327 *31
8
*31
33
*31
8
123 Oct 62 May
1912 Jan 17 264 Feb 20
No par
4
8 247 251s 2434 2514 2412 2618 253 2818 14,500 Class B
4
/
241 253
25
25
514 Oct 35 Jan
6
8
712 Jan 2 107 Feb
5
3
104
9 4 10
22,300 Willys-Overland (The)
95 lOIS
4
1
/ 103
9
s 1018 10% 1018 1014 10
65 Dec 103
Jan
100 6714 Jan 2 84 Jan 29
81
*7812 80 .75
100 Preferred
80
•75
80
80
80
*79
80
*79
3 Dec 1312 Jan
4
43 Feb 5
34 Jan 14
No par
100 Wilson & Co Inc
43, 43
412
8 *44 412 •44 412 544 44 *44 412
*4
8
85 Nov 27
Jan
Vs Jan 13 1014 Feb 5
No par
*918 912 *918 10
912 91
4
200 Class A
934 63
4 97
*93
1
/
*94 97
3
35 4 Nov 79
Jan
100 42 Jan 13 52 Feb 6
*4613 49
49
347
50
50 50
700 Preferred
5014
50 '
•46
50
*46
5214 Nov 112 Sept
8
10 815 Feb 20 7234 Jan 2
8
8 624 633 59.100 Woolworth (F W) Co
6434 615 635
5s 6218 6358 6314 6434 62
4
623 63
43 Mar 13734 Sept
100 6714 Jan 17 8712 Feb 5
83
82
8214 7,200 Worthington P & M
86g 81
4 83
8512 83
8014 823
83
•82
76 Nov 10012 Sept
100 88 Jan 17 95 Feb 6
95
*93
*93
200 Preferred A
95
95
•93
93
93
93 93
95
*93
4
1
/
66 Apr 9012 Sept
100 78 Jan 3 83 Feb 3
*83
84
•83
84
84
3
200 Preferred B
834 83
8314 *83
*82
83
*80
30 Nov 299 Feb
3
Aeronautical___No par 35 8 Jan 23 56 Feb 18
55
•47
551 *47
*51
900 Wright
56
55
53
54
50
50
*47
No par 6818 Jan 9 7014 Jan 22
65 Nov 80% Jan
700 Wrigley(Wm Jr)
4
8 693 693 *683 697 *6812 8912 6812 6812
4
4
683
* 4 897
69
25 7212 Feb 1 7512 Jan 6
6134 Feb 88 A
87312 89
75
*7312 75
*7312 75
*7312 74
Yale & Towne
*7312 74
*7312 74
Cl B_10 1234 Jan 16 2212 Feb 14
712 Nov 8114 131
11
:
8 2218 2214 2012 221
20% 217
193 21
4
2112 221
8 94
197 2 3 82.400 Yellow Truck & Coach
100 72 Jan 27 85 Feb 8
80 Mar 96l May
88
85 •85
34 '8418 85
3
•85
85
110 Preferred
84
88
85
5
*83 8
3313 Oct 593 Aull
2
4
Spring & Wire_No par 3612 Jan 17 45 Feb 18
45
43
4412 43
44
45
44
14,200 Young
4
43% 423 4414 44
43
8
91 Nov 175 Sept
130 130 *126 132
133 134
130 130
900 Youngstown Sheet dt T_No par 108 Jan 11 1347 Feb 15
8
1347 1347 130 130
•Sid and asked prices. no sales on this day
a Ex-div 20% In stock
s Et-dividend. y Re-rights.
1246
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange mahod of quoted bonds was changed and pried:
are Note ”and fateresr—except for income and defaulted bond
.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
zt
U. S. Government.
First Liberty Loan
3)4% of 1932-1947
in
Cony 4% of 1932-47
D
Cony 4 X % of 1932-47
JD
2d cony 4 yi % of 1932-47
in
Fourth Liberty Loan
434% of 1933-1938
AO
Treasury 43(a
1947-1952 AU
Treasury 48
1944-1954 JO
Treasury 334s
1946-1956 M
Treasury 394s
1943-1047 in
Treasury 3945 June 15 1940-1943 J D
Price
Friday.
Feb. 21.
Bid
Week's
Range or
Last Sale.
Ask Low
.31,
1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Enden Feb. 21.
fligh No Low
High
Danish Conn Municip 8s A_1946
99244 991432 86 983144991344
1 8s Series B
1946
99",,Jan'30
981144993°n Denmark 20
-year extl 6s
1942
160i1- , 'gale 1001144 101'n 176 1001344101 3n
i
External g 53-4s
1955
993142Feb'30
981.44993,44
External g 4 tis_Apr 15 1962
55
Deutsche Ill, Am part cti 68_1932
101344 Sale 101
1011144 1483 iroun1011uss Dominican Rep Cust Ad 534,'42
1101144 Sale 1101544 111
217 1092,,Ill",,
BR ser 594s of 1926
1940
1062244 Sale 1061342 107
120 1051444 1011144
2d series sinking fund 5
104.441041°n 1031344 104144 21 03 104.14 Dresden (City) external tie 1940
78_1945
9913449911n 991144 991144 62 991, 100
Dutch East Indies esti 6s_1947
991044993.n 991142 991144 135 08",,998l
40
-year external 6s
30
-year external 534,... _1962
1953
State and City Securities.
30
-year external 5345. __ _1953
NY C 3ti% Corp st Nov 1954 MN
---- 85% Oct'29
El Salvador (Republic) 88_1948
---33-4% Corporate at May 1954 MN ---- ---8814 Aug'29
---Estonia (Republic of) 75_1967
4s registered
1936 MN ---.
4
993 Mar'28
Finland (Republic) extl 68_1945
4,registered
1956 MN
94 Feb'30
"ii- 04
External sinking fund 7e_1950
4% corporate stock
1957 MN
95 Nov'29
External sinking fund 63-4s 1956
4 ti% corporate stock
1957 MN
10214 l02I
103 10214 Jan'30
External sinking fund 5 Me 1958
434% corporate stock
1957 MN
10212 Dee'29
Finnish Mun Loan 634, A_1954
4% corporate stock
1958 MN
9414 Nov'29
External 694s series B_ _1954
4% corporate stock
1959 MN
053 June'29
4
French Republic extl 7tis_1941
434% corporate stock
1931 AO
96
Oct'29
External 75 of 1924
1949
4ti % corporate stock
1960 MS
95
Jan'30
-5L- 05 German Republic extl 78_1 49
1949
4ti % corporate stock
1964 M
99 Mar'29
Gras (Municipality) 8s
434% corporate stock_1966 AG
101 Mar'29
Gt Brie ister
R tgA IrI(UK of) 5%8_1 9
1954
37
44% corporate stock
1972 AO
9912 Oct'29
4 ti% corporate stock
1971 JO
4
1003 Sept'29
54% fund loan £ opt 1960_1990
43-4% corporate stock_
1963 MS
_ _ 10812 103
103
101, 103
55% War Loan E opt 1929_1947
434% corporate stock _ _ 1965
D
106 102 Nov'29
Greater Prague (City) 7348_1952
434% corporate stock July 1967 J 1
1013 Nov'29
4
Greek Government a face 78 1964
New York State Canal 4s_ _ _1960
10114 May'29
Sinking fund sec Os
1968
4s Canal
Mar 1958 MS
10114 July'29
Haiti (Republic) a f 68
434,
1964 J J
109
Jan'30
109 109
Hamburg (State) (18
Heidelberg(Germany)extl 7;4'0
85
5
11 90462
Foreign Govt. &Municipals.
E
Hungarian s zun Loan 7 tis 1945
M7
sic
Agric Mtge Bank s 68
1947 FA 7012 723 7112
2
7112
6313 747
8
519,6461
Sinking fund 6s A Apr 15 1948 AO 703 Sale4 7051)
4
6313 703 Hungarian Land
70 4 15
3
4
InSsetp7tit1
Akershus (Dept) extl 5s
1963 MN
9112 Sale 913
8
24
92
87
93
Sinking fund 794s ser 13.1961
Antioquia (Dept) col 78 A 1945 J J
75
76
73
75
20
71
75
Hungary (Kingd of) 5 f 734s 1944
External s 7s ser B
1945 J J
727 Sale 7212
8
75
11
Irish Free State extls 5 f 5.8_1960
7012 75
External sf 78 ser C
1945 J J
73 Sale 723
4
7
7312
Italy (Kingdom of) esti 78_ _1951
70
75
External s f 78 ser D
1945 J J
7212 74
7212
75
7
70
75
Italian Cred Consortium 7s A1937
Externals 1 78 1st ser
1957 AO 7114 1179% 72
74
19
70
74
External sec sf78 ser B 1947
External sees! 7s 2d ser_1957 AO 73 Sale 73
19
7314
67
7314 Italian Public Utility extl 75 1952
External sec at 78 3d ser_ 1957 AO 73 Sale 71%
73
3
67
73
Japanese Gov634.
aft
Govt .0 loan 45_ 1931
Antwerp (City) external 58_1958 JO 95 Sale 943
4
9512 89
9214 9512
1954
Argentine Govt Pub Wks 65_1960 AO 9712 Sale 965
8
8
98
9518 9814 Jugoslavia (State Mtge Bank)Argentine Nation (Govt or)—
Secured a t g 78
Sink fund 6s of June 1925-1959
D 965 Sale 96
8
9712 80
95
9814 Leipzig (Germany) a f 78...A957
1947
Extl a f 68 of Oct 1925
1959 AU 965 Sale 9612
8
9712 21
9512 98
Lower Austria (Prov) 7;0_1950
Sink fund 8s series A
1957 M S 97 Sale 96
9714 53
945 983 Lyons (City of) 15
8
4
-year 6s 1934
External (is series I3__Dec 1958 ID 9714 Sale 9614
49
95
97 2
,
9812
Esti a 1 68 of May 1926_1960 MN 97 Sale
9712 19
955 983 Marseilles (City of) 15-yr 6s 1934
8
s
External at 6s (State fly)_1960 M S 9718 Sale 06
9718 35
95 c983 Medellin (Colombia) 6 tie_ _1954
4
Esti 6s Sanitary Works_ _.1961 PA 9612 Sale 9618
96
9712 53
95
98
Mexican Irrigat Asstng 4348 1943
Esti 6s pub wks(May '27)_1961
N 9712 Sale 97
977
4
s 21
943 0814 Mexico(US) extl 58 of 1899 '45
Public Works extl 5145...1962
A 9218 Sale 92
9212 23
89
923
4
Assenting 58 of 1899
Argentine Treasury 58 .C
1945
1945 M S 89 Sale 89
5
89
8512 8914
Assenting 5s large
Australia 30-yr 5a_ _July 15 1055 Ii 8818 Sale
8714 9414
89 4 153
,
Assenting 4s of 1904
External 58 of 19275ept 1957 M S 89 Sale 8714
89
67
89
87
9414
Assenting 4s of 1910 large
External g 494s of 1928_ _1956 MN 8214 Sale
8114
s aseln
Arm iting 4s of 1010 small _ _ _ _
80
82 4 52
,
85
Austrian (Govt) s f 7s
1943 in 1033
34 1023 105
105
4
4
Trees 68 of'13 assent (large)'33
Bavaria (Free State) 634s_ _1945 FA 95 4 Sale 1033
Sale
5
953
4
91
96
Belgium 25-yr ext a f 7 tie 12_1945 in 1153 Sale 95
4
1153
4
11612 41 115 5118
Milan (City, Italy) extl 6345 '52
20
-years f 8s
1941 FA 110 Sale 110
11112 58 10912 11112 Minas Geraes (State) Brazil—
25
-year external 6 tie_ _ 1949 M S 107 1073 107
4
1073
4 22 1053 1093
4
External a f 6348
4
External s f 6s
1955 J J 10212 Sale 10212
10312 115 10118 1033
Esti sec 63-4s series A _ _19 8
4
5
9
105
External 30
-year a f 7e
1955
D 11114 Sale 11012
1113 123 10914 1113 Montevideo (City of) 711_1952
s
8
Stabilization loan 75
1956 MN 1077 Sale 10712 108 4 126 107 10812
8
,
External at 68 series A
1959
Bergen (Norway),f 85
1945 SI N 11012 112 110
3 110 11212 Netherlands (38 (flat prices)_1972
11012
15
-year sinking fund 65...1949 AG 9914
100
New
,
10012 16
E
993 101
4
Wales
extl be 1957
Berlin (Germany) at 6 tie_ _1950 AO 9312 Salex 100
9312
9412 16
0212 943
External
4
Apr 1958
Apr
55
External sink fund 65_ _ _1958 JD 8712 883
4 88
88 3
4 22
853 9212 Norway 20
s
-year esti 6s___ _1943
Bogota (City) extl s 1
__.1945 AG 94
94
21
20
9212 983
4
-year external 65
Bolivia (Republic of) esti 88_1047 MN 93 Sale 9318
Sale 90
24
03
88
9514
30 ea external 65
-year
11199965
External securities 75
1958 J J 743 76
7312
4
7412 23
7212 7812
40
-year s f 53-4s
External sf7s
1969 M
74 Sale
7412 29
72
77
External t
_ __Mar 15 1963
Bordeaux (City of) 15-yr 68_1934 M N 10312 Sale 7312
103
10412 36 10214 10412
Municipal Bank extl sf fa 1967
Brazil (U S of) external 8s 194 I ID
967
8 76
94
9814 Nuremburg (City) extl 6s-1952
Externals f 634,of 1936_1957 AG 96 Sale 9618
763 Sale 76
4
7212 7712 Oslo (City) 30-year 5 t 65
7712 86
Esti a 1 (3)4s of 1927
1955
1957 AO 7634 Sale 76
70
77
7214 773
Sinking fund 594,
4
1946
7s (Central Railway)
1952 in 853 Sale 84
8
37
86
8614 Panama (Rep) extl 5 t4s_ _ _ _1953
80
734s(coffee secur) Z (flat) 1952 AG 100 Sale 100
101
31
95 101
Extls f Se ser A _May 15 1963
Bremen (State of) extl 75_._1935 t.1 S
10114 Sale 1003
102
26
4
9812 102
Pernambuco (State of) extl 75'47
Brisbane (City) a f 5a
1957 MS 8314 Sale 83
84
45
Peru (Rep of) external 7s-1959
83
90
Sinking fund gold 58
1958 FA 83
84
83
84
8
83
Nat Loan extl s f 65 1st ser 1960
883
4
Budapest (City) extl a f 68_1962 ID
4
7712 68
Nat Loan extl ,f Os 26 ser 1961
73
775
8
Buenos Aires (City) 690_1955Ii 7712 Sale 763
9714
7
9814
9612 10012 Poland (Rep of) gold 65_
External at (is ser C-3..._1960 AO 9112 99
1940
9814 Sale 9512 Feb'30
_
9212 98
Stabilization loan II 1 7s-1947
External a f tis ser
_ 1960 AG 92
98
4
953
8
90
96
963
4
External sink fund g 811-1950
Buenos Aires (Prov) extl 68_1961 M
8512 112
84 cS63 Porto Alegre (City of) 88.-19
4
Bulgaria (Kingdom) a f 7s 1967 J J 8414 Sale 8418
61
78
8018
15
763 80
4
Esti guar sink fund 7941.1966
Stabil'n Ins f 734s Nov 15'68
9014 50
82
9014 Queensland (State) extl 8175 1941
Caldas Dept of(Colombia)7345'46 iJ 87 Sale 87
84
28
85
81
89
25
-year external 68
1947
Canada (Dominion of) 58_ 1931 AO 100 Sale 84
Sale 993
4
10014 28
993 100 4 Rio Grande do Sul extl f 80 1946
4
3
47
5s
1952
N 103 Sale 102%
I03% 30 10214 1037
8
External sinking fund 65-1968
43.4s
1936 F A 98 Sale 98
983
8 18
973 9938
4
External 5 1 78 of 1926...1966
Carlsbad (City) a 1 8,
1954 I
10614 108 107
3 103 108
108
External a f 78 munic loan 1967
Cauca Val(Dept) Colom 73.48 '46 AO 87%
90 87%
8912 13
Rio de Janeiro 25
8312 90
-year sf 85_1946
Central Agric Bank (Germany)—
External 5 f 6 tis
1953
Farm Loan a f 7s Sept 15 1950 M S 9412 943
4 9412
95
11
Rome (City) extl 634'
9212 95
Farm Loan a 1 (is July 15 1960 Ii 835 Sale 82
8
833
4 57
7714 8412 Rotterdam (City) extl 68_1954
1962
Farm Loan a 1 Os Oct 15 1960 AU 83 Sale 82
144
83
773 584, Saarbruecken (City) 68.._ -- 195
4
4
Farm Loan (is ser A Apr 15 1938 AO 8914 Sale 89
3
89% 80
Sao Paulo (City) at Its_Mar 1952
8412 90
Chile (Republic of)
External Sf 694s of 1027_1957
-year external a f 7e__ 1942 MN 10114 Sale 100 4
20
3
1013
4 25
9912 102
SanPauio(Sta
(State) extl st 83_1936
80c, 8s
External sinking fund 68_1960 AO 8914 Sale 8812
8914 35
8814 9014
External
1050
External 5 f as
1961 FA 90 Sale 883
90
31
4
88
9112
External s f 7s Water L'n _1958
fly ref esti a f 6s
1961 J J 893 Sale 8912
8
9012 55
88
Externals f 6s int rcta. _1968
1)012
Esti sinking fund 6s
1961 MS 9014 Sale 88%
30
90
88
Santa Fe (Prov Arg Rep) 75 1942
92
Esti sinking fund 68
1962 MS 8914 Sale 8814
89 4 21
Saxon State Mtge Dist 78_1945
,
88
90
Chile Mtge 13k 6348 June 30 1957 ID 9412 Sale 9312
95
23
9214 9512
Slaking fund g 634s..Dec 1046
8 t (Itis of 1926...June 30 1961
D 95 Sale 95
9512 24
94
973 Seine. Dept of (France) extl 75'42
4
Guar af6s
Apr 30 1961 AG 873 Sale 873
8
88
51
s
8612 8812 Serbs. Croats & Slovenes 821 '62
Chinese (Hukuang fly) bs._1951
D 30 Sale 25
30
10
23% 39
External sec 78 ser It. _..1962
Christiania (Oslo) 30-yr 5 f 6s '54 M S 100 101 101
3 101 10218 Silesia (Prov of) extl 75_ _ 1958
101
_
Cologne(City)Germany6tis 1950 MS 93
9
94
933 9312
4
0018 0413 Silesian Landowners Assn 68 1947
Colombia (Republic) 6s__1961 II 76 Sale 757
37
77
8
6678 7712 Soissons (City of) extl (is__ _1936
External a f 6, of 1928._ _1961 AO 75 8 Salo 75
5
7612 76
Styria (Prov) external 7s_..1946
68
77
Colombia Mtig Bank 594s of 1947 AO 7112 Sale 6914
715
8
7
6514 715 Sweden external loan 5 tis_1954
8
Sinking fund 7s of 192(1_1946 MN 78 Sale
78
753
12
,
Swiss Confed'n 20-yr s t 8s _ _1940
71
78
Sinking fund 7s of 1927_1947 PA 78 Sale 7518
78
17
70
78
Switzerland Govt extl 5 tie_1946
Copenhagen (City) 5s
1952 ID 967 Sale 904
97
8
15
Tokyo City Ss loan of 1912_1952
963 98
4
25
-year g 414s
1953 MN
9112 46
8812 923
4
External a f 51.0 guar_ 1961
Cordoba (City) extl a 1 7s...1957 FA 9012 Sale 9012
82
82
1
Tolima (Dept of) extl 7s_.A947
7614 83
External e f 7s__ _Nov 15 1937 MN 8012 82
8612 45
8612 Trondhjem (City) 1st 534s.1957
82
Cordoba(Prov) Argentina 731942 Ii 8612 Sale 8512
9512
8
96
93
9714 Upper Austria (Prov) 7s_ _1945
Costa Rica (Repub) esti 78_1951 M N 9514 96
.
86
877
8 10
8712 8612
86
881s
External s f 6 tis_June 15 1957
Cuba (Republic) 5.8 of 1904_1944 38
S
8
100
11
991s 101
Uruguay (Republic) extl 80_1946
External 5s of 1914 ser A_1940 FA 993 Sale 0918
1013 - - - - 10112
10112
4
5 1003 102
4
External s f its
External loan 4 tis ser C 1949 FA
1060
923 9312 93
8
933
8 10
93
9554 Venetian Prov Mtge Bank 741 '52
Sinking fund 5 As _Jan 15 1953
10014 318
9914 10114 Vienna (City of) extl at 6s_ _1952
4
Cundinamarca(Dept) Colombia- J J 100 Sale 993
Warsaw (City) external 75..1958
External a t 634s
1959 MN
4
735
8 34
4
65
735 Yokohama (City) extl 6s ..1081
8
Csechoalovakta (Rep of) 86_1951 A 0 723 Sale 723
8
1107
8
8 10914 111
Sinking fund 88 ser 11_ _ _ _1952 AU 1107 Sale 10914
11018 Sale 110
11012 11 109 111,2
c Cash sale. e On the basis of S5 to the £ sterl ng.
991,a Sale
Price
Friday,
Feb. 21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
Mots
High No Low
10914 10912 10914
log 111
10912
10912 Sale 1085
, 10912 14 108125112
1043 1047 10414
8
8
27 1031z 104%
1047x
10014 Sale 10018
10012 49
9912 101
913 Sale 9114
4
9012 92
9134 70
083 99
4
983
4
99
97
987
8 38
965 98 9512
8
9312 9815
7
96
95
0612 9412
9418
2
9014 9612
95
9914 93
05
29
98
92
9814 Sale 9814
96
9812
98 2
,
1013 102 1013
4
4 1013
6 1013 103
8
4
1013 102 10134 10212 16 10112 10314
4
101% 10212 1015 Jan'30
8
1015 1023
8
8
1013
4
1013, Feb'30
_ 1015 1023
8
4
1053 Sale 1053
4
4 1053
5 1033 10818
4
4
8014 Sale 78%
13
75
8014
8014
965 9712 06
8
4
913 9712
9712
4
1003 Sale 9914
8
9714 1007
1007
8
8 65
0612 Sale 9512
9112 9814
08 4 25
,
86
8612 8512
8418 87
8612 39
0614 963 953
4
4
0612 12
8
927 97
9612 97
953
8
923 96 2
9612 17
4
,
1203 Sale 12012 12212 3967 1175 123
4
8
1145 Sale 11412 11614 348 11218511614
8
10718 Sale 107
10712 173 10614 107 2
,
983 Sale 9834
4
99
94 510012
10412 Se 10414
9 10212 104%
1045
8
10312 Dee'29
iiT2 8114 8312 Feb'30
- 4
1430714 09 9712 Jan'30
597 4 97
,
4
107 Sale 107
4 1023 10712
10712
4
9818 100
99
9914
17
9814 100
8614 Sale 8514
45
87
81
87
99 Sale 9712
9714 10014
32
99
955 Sale 9558
8
21
97
91
97
100 102 102
4 101 102
102
93
933 93
8
9312 11
903 93 2
4
,
87
8714 8612
86
8714 21
9012
913 923 9212
4
4
3
91
96
923
4
933 Sale 9212
8
0312 23
9012 9312
10014 10134 1003
11 100 102
4 1013
4
0618 Sale 9618
9
96
9612
9712
99 Sale 983
4
9414 99 4
9914 259
,
063 Sale 95
8
18
93
963
4
063
4
96 Sale 065
8
15
07
923 97
4
95 Sale 95
92 9512
9512 20
9614 Sale 9618
0814 32
943 9614
4
103 Sale 103
10312 141 10112 104
783
8
9718
95
103
Sale
073
4
993
4
Sale
78
97 4
,
98
103
7912
9714
9812
1033
4
31
1
14
85
7714 82
0478 97 4
,
9312 9812
10212 10418
103 Sale 103
683 Sale 68
4
15
20
1312
493
4
20 Sale 20
_ 1518
12
1314 1218
1312 14
133
4
123 Sale 123
4
4
22
24
24
2414
-Ooi8 Sale 00
1033
4
70
1312
Jan'29
20
Dec'29
1218
133
4
1312
Feb'30
Feb'30
0118
51
32
1
10212 104
65
70
123 1512
4
7514 Sale 74
76
7412 Sale 7312
75
10012 1003 1003 Feb'30
4
8
9312 9434 9238
9314
10514 Sale 105
10514
853 86
8
85
857
8
8514 Sale 843
4
8514
103 Sale 103
10312
1023 Sale 103
s
10314
10218 1023 10218
8
103
101 Sale 1007
8
1013
4
9718 Sale 07
973
8
96% Sale 963
s
963
4
8612 87% 863
8
8714
10114 Sale 101
102
993 10014 993
4
4
100 4
,
10012 Sale 10012 1013
4
9112 Sale 9012
9112
7612 Sale 753
4
7712
935s Sale 933
8
933
4
7514 Sale 7518
763
4
753 Sale 743
8
4
76
7513 76
75
718
83 Sale 83
84
943 Sale 9312
4
9434
8912 95
95
953
4
8412 8712 873
4
873
4
105 Sale 105
1063
8
100 102 10012 102
9614 Sale 96
961 4
69 Sale 6718
6912
79 Sale 78
79
7612 7812 77
7712
995 Sale 9912
8
100
74 Sale 74
761,
9012 Sale 9014
905
8
104 Sale 104
1041 1
8
805 83 82
Jan'30
9912 101
99
100
753 Sale 7514
8
76
7538 98
75
9812
92 Sale 9018
92
843 Sale 8414
4
843
4
66 Sale 66
68
93 Sale 93
9412
9712 Sale 987
s
99
907 Bale 9014
8
91
1075 Sale 1071z 10912
8
9012 Sale 8912
901z
81 Sale 79
81
73 Sale 72
737
8
76 Sale 76
76
10312 Sale 103
1033
4
917 Sale 9014
8
917
8
10412 Sale 1033
4
105
108 Sale 108
10912
103 Sale 1023
4
10312
767 Sale 767
8
8
767
8
8
897 Sale 883
4
00
72 Sale 72
7314
97 Sale 0612
97
9512 97 97 Feb'30
87 Sale 87
8718
10612 Sale 1053
4
10718
063 Sale 953
4
4
963
9012 Sale 90
001
4
853 Sale 8512
861
77 Sale 7614
771
953 96
4
06
961
17
_
5
5
6
88
201
-- 51i 8
1112 1412
1058 14
18
25
19
25 4
,
85
9115
85
20
76
6912 75
59
983 101
_
4
91
18
0412
6 10414 107
844e 90
17
24
84
90
38 10233 104
57 1023 104
8
18 102 104
60 1003 1017
s
s
9634 977a
72
57
943 963
4
4
84
877
8
6 1003 10234
8
16
988 101
8
5 10018 10212
5
8912 9112
15
7112 85
11
91
9434
72
89
763
4
14
69
7612
44
74
771:
65
79
842
4
47
931 9518
:
2
91
98
3
84
873
4
31 105 1081
2
11
903 10414
8
8
00
9614
643 8912
4
20
834
19
74
3
73
80
9212 10018
7
7014 7612
53
87
116
90%
10 10314 10512
805 85
8
10
95 101
70
27
77
9712 102
7
90 9418
41
793 90
1
4
34
85
7012
19
87
9412
23
93
99
86
14
91
53 10658(10912
87
45
9012
06
753 81
4
33
70
737s
72
1
76
8
51 1015 1047e
86
2
93
37 10318 10614
73 10712c1091 2
23 10212 104S4
747 787
8
1
8
8714 907a
87
6712 7312
4
0312 9712
15
924 9712
2
8114 8718
31 105 10718
9312 598
76
13
88
94
82
16
887
8
14
73
78
44
95
98
1247
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
115
t
Price
Friday.
Feb. 21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21,
Zti
115
Price
Friday.
Feb. 21,
Week's
Range or
Last Sale,
•3 •
to
Range
Since
Jan, 1.
High
Hick No Low
Ask Low
Bid
High
High No. Low
Ask Low
6
Bid
8414 8712
847
8
Ch M & St P gen 46 A_May 1989• J 837s 8478 8412 Oct'29
Railroad
80
@
Registered
4 10034 1013
s
10034
4
3
4
8
-72,7 7418
74
Ala Gt Sou 1st cons A 5s_ _ __1943 J D 1021.2 ____ 100
Gen g3345 ser 13____May 1986 J J 7234 -- -- 725 Feb'30 19
92
92
Jan'30 - - -92
4
924 9512
1943 J D 923 94
9412
1st cons 45 ser 13
8378 85
1
Gen 4345 series C___May 1989 J J 9212 9312 9312
84
84
1946 AO 84
100 May'28 - -Alb & Susq 1st guar 3Sie
Registered
85
85
Jan'30 -4
3
4
9234 08
g4
-9213 933 93
Alleg & West 1st g gu 4s__ _1998 AO 85 853 85
1
Gen 430 series E_ _ __May 1989
9312
924 01
9312
8
905 94
1942 M 8 9312 94
9212 210
Alleg Vol gen guar g 48
7
Chic Milw St P & Pac 59_..1975 FA 9212 Sale 9112
78
76
78
s
7114 7414
A0 73 Sale 72
7414 288
lot g 4s_ _ _ _July 1995 Q J 7714 773 7714
Ann Arbor
Jan 1 2000
Cony adj 5.5
79
91 8 94
93
7752 7753
8
777 Jan'30 _ _ _ _
78
77
Atch Top & S Fe—Gen g 48_1995 A 0 9234 Sale 92
Chic & N'west gen g 33'0-1987 MN
91
al
Jan'30
01
AO
75
75
Jan'30
75
Registered
Q F
4
Registered
874 01
8714
8
7
87 8 913
6
8
883
Adjustment gold 4s_ _July 1995 Nov 8712 8912 8718
.
1987 M It W4 lila 88
General 4s
8
8
877 93
8012
.
July 1995 M N 8914 8912 885
84 Apr'29
Stamped
Registered
_
3
3
85 8 85 5
8
8
M N 853 8814 853 Jan'30
.
-8818 93
4
-ggi 893 8818 Feb'30
4
1%1
Registered
4
1
Stpd 4s non-p Fed In tax '87 M
87
9114
9018
3
100 10214
1955 ID 85 4 90 9018
Feb'30
Cony gold 45 of 1909
10
91
Gen 4 Sis stpd Fed Inc tax_1987• N 102 103 102
88
91
3
90 4 91
10712 107 e
7
1955 ID 90
N 1075 1083 10712 10712
Cony 4s of 1905
8
8
3
Gen Is stpd Fed Inc tax_ 1987
894 893
4
8912
Apr'29
issue of 1910...1960 J D 8912 ---- 8912
51 N
101
Cony g 45
162 128 1401,
Registered
13512 140
8 - -3
1948 J D 138 Sale
10453- 161;
101 Feb'30
Cony deb 43,
1933 MN i6ifund deb 58
Sinking
0012 90 2
,
99
2
8
887 904 Jan'30
99
99
09
MN
Rocky Mtn Div 1st 4s_..1965 J J 85
1
Registered
91
913
4
91
91
3
Trans-Con Short L 1st 45_1958 J J
1930 3D 10012 Sale 10012 100 4 15 10012 10114
1
-year secured g 7s
10
97
9012
4
973
4
4
4
4
3
4
10812 21 1073 108 s
Cal-Ariz 1st & ref 454s A.1962 M S 973 083 973
4
___1936 MS 1073 10814 1073
8
10214 1023
1.t ref ss
15 Y earfecured g 6 Ss_
-8
8
4 106
1946 J D 1025 ____ 1023 Jan'30
4
All Knoxv & Nor 1st g 58
8
May 2037 3D 1045 10518 1043 Feb'30 15 1043
95
96
95
9612
9534 ---- 96 Feb'30
9534
All & Charl A List 43.4s A..1944
May 2037 3D 9514 Sale 9514
1st & ref 4)4s
9 10012 104
10118
9814c1004
-year 5s series 13_ _ 1944 J J 10118 Sale 10118
1st 30
,
8
1949 Si N 997 Sale 9912 100 4 488
Cony 438s series A
87 87
Jan'30
87
9912
99
9918 Feb'30
Atlantic City 1st cons 4s_ _1951 J J 8518
5
Subs rcts part paid
91
9412
914
8912
88
Atl Coast Line 1st cons 4sJuly'52 M S 9112 Sale 9112
4
42_1988 JJ -68T8 883 89 Feb'30
Chic R I & P Railway gen
9014 June'29
MS
8512 87
87 Feb'30
Registered
33
2
Registered
9512 89714
9712 40 "FaiTs I814
973 9712
1964 J D 97
General unified 4148
1934 AO c0714 Sale 954 0714 205
2
Refunding gold 4s
gS12 9318
8812
95
95
L & N coil gold 4s__. Oct 1952 MN 8812 Sale 8812
95 Jan'30
AO
58
Registered
6018
8 11
60,
GO
60
924 044
1948 J .1 .58
9414 45
Atl & Dan let g 4s
1952 51 S 9312 Sale 9312
Secured 4)(s series A
5318 55
Jan'30
54
57
8814 8812
1948 J .1
8812 Feb'30
2d 48
48_1951 J D 8814 90
8218 8412 Ch St L & N () Mem Div
8
8
4
1034 1033
1949 A 0 8312 893 827 Jan'30
Atl & Yad lot guar 4s
8
June 15 1951 3D 1035 10412 1034 Jan'30
Gold Os
99
99
1941 J j 9914 ---- 99 Feb'30
Austin & NW 1st gu g 5s
107 Apr'28
3D
Registered
81 July'92
D
June 15 1951
9112 0358
Gold 3)4s
9214 70
4
---Salt dr Ohio 1st g 45.....July 1948 A 0 92 Sale 913
78 Apr'29
3D
9312 9312
Registered
0312 Jan'30
July 1948 Q J
____
Registered
100 Dec'29
983 903 Ch St L & P lst cons g 5s _ ___1932 AO
8
8
8
8
993 -173
s
1933 MS 993 Sale 987
-year cony 4 As
20
8
1015 June'29
A0
984 9818
Registered
9818 Jan'30 - -MS
2 io6i8 4664
- 3Registered
1004
3
- 12 100 8
s 49 101 10212 Chic St Pitt & 0 cons 6s _ _ __1930 ID 1645f4 166 994 Dec'29
1023
4
gid_
Refund & gen 58 series A._1995 J D 102 Sale 1013
_
8
Cons Os reduced to 3As___1930 3D 993
9914 June'28 -J D
s -997 166Registered
8 Feb'30
997
1930 MS 99% 100
Debenture 58
4 17 IOUs 1-64-1-8
1033
10314
Sale
July 1948 A 0
1st gold 55
_ 10018 Dec'29
MS
Stamped
3
c110 4 79 10812c111
4
-663 11;1995 J D 11034 Sale 109
Ref & gen fis series C
974
4
973 07
9438 Chic T II & So East 1st 5s_ __1960 J O 97
91
8
94
8
2
89
PLE&W Va Sys ref 4s_ _1941 MN 023 93 923 Feb'30 - _
8
907
8
914 907
Dec 1 1960 81 S 88
Inc gu 58
1004 10278
10214 23
97 100
1950 J J 102 Sale 1014
Southw Div 1st 58
3
97
97
97
95
87
60
Chic Un Sta'n let gu 4)48 A _1963
84
86
103 105
Tol & Cin Div 1st ref 48 A _1959 J J 8412 Sale 8412
1963 J 3 103 Sale
1st 5s series B
38 10114 10212
102
20 1013 104
4
Ref & gen Os series D
2000 M 5 102 Sale 10114
J o 104 Sale 10212 104
Guaranteed g 55
4
1 1013 103
1014
8
8
18 114 11518
Bangor & Aroostook 1st 58 1943 J J 1017 Sale 1017
115
11412 Sale 11412
964
1943 J
11
1st guar 6145 series C
84
87
87
5 1005s 101
1951 J J 87 Sale 864
Con ref 4s
5
10053
8
M 1005 Sale 100 8
Chle& West Ind gen 6s_Dec 1932
8812 Feb'28 -_
40
8512 89
Battle Crk & Stur 1st gu 38_ _1989 J D
87
8
1952 J J 867 Sale 8612
-year 4s
Consol 50
9414 Dec'29 _ - _
4 45 103 1044
Beech Creek 1st gu g 45_ _1936 J J 9512 96
1043
4
1962 SI S 10412 1043 104
1st ref 53,45 series A
95 Aug'28
997 10012
8
J J
Registered
4
8
Choc Okla & Gulf cons 5s__ _1952 MN 1003 1023 10012 Jan'30
100 100
Jan'30
_ _ _ 100
1936 J J 100
2d guar g Is
9512 9512
CM H & D 2d gold 4 Ms__ 1937 J J 954 - -- 9512 Jan'30
78
78
78 Feb'30
9514 9514
Beech Crk Ext 1st g 354s___ _1951 AO 79
9514 Jan'30
C I St L & C lst g 4s_Aug 2 1936 Q F 9514 96
94 9418
3
9418
Belvidere Del cons gu 3849_1043 J J 824 _94
Aug 2 1936 @ F
-1;51.2. -Ii9.172
Registered
4
8
1944 3 D 893
885 094
10
Big Sandy 1st 4s guar
94
Cin Lob & Nor 1st con gu 45_1942 SI N 04 Sale e04
1927 J J -------Bolivia Ry 1st 5s
52 -66- l983
4
08
Boston & Maine 1st 55 A C _ _1967 MS 98 Sale 97
100 July'28
J J 025s _ _
2
8112 Clearfield M Mah 1st gu 5s__1943
81
8112
8112
1I68
7
Boston &N Y Air Line 1st 4s 1955 FA 8114 82
4
8914
1
024 927 Cleve Cin Ch & St L gen 48_1993 3D 8812 9012 883
8
8
927
8
9914 993
4
8 33
995
8
Brune & West 1st gu g 48_ _1938 J J 93 _— 927
995
1931 33 995s 100
1 100 103
20
-year deb 4345
102
1 108 108
Buff Roch & Pitts gen g 58..1937 NI S 102 Sale 102
108
108
3D 10714
1993
General 5s series B
90
9218 60
934
92 Sale 9112
5 103 106
1957 MN
106
Consol 4)4s
1941 J J 105 Sale 105
Ref & impt 68 ser C
8
1007
5 10012 101
8
Burl C R & Nor lot & coil 58_1934 A 0 100 101 1007
10312 10 102 10418
1963 J 3 102 Sale 102
Ref & Rapt 5s ser D
5
9312 974
9312
1977 J 3 9312 Sale 9312
Ref & Impt 434s ser E
10414
,
3 10212 104 4
103 4
,
944
2
92
..l062 AO
8
943
8
Canada Sou cons gu Ea A.
943
1939 ▪ J 9414
1st gold 4s
21
Cairo Div
9318 96
8
945
8
4
8512
8514 8614
8
Canadian Nat 4)4s_Sept 15 1954 MS 933 Sale 933
J 3 8512 Sale 8514
Cin WA 51 Div 1st g 48-1991
4
993 100
5
8
997
8
_ 997
4
8418 853
1
5
-year gold 4348_ _Feb 15 193 FA
3
85 4
854
8 22
937
St L Div 1st coll tr g 48-1990 SIN 8514 89
9214 9414
4
8
30
-year gold 4 As
1957 J J 935 933 93
9218 Mar'29
1940 51 S 0118
43
9214 943
94
SPr & Col Div Ist g 4s
4
Gold 4345
-66- 93
Jan'30
1968 J D 94 Sale 934
93
8
W W Vol Div 1st g 4s_._.1940 J 3 913
9914 10112
8
Guaranteed gold Is
1960 J J 1013 Sale 10012 10112 95
10414 25 103 11414
4
1033
4
11014 26 10934 11134 CCC&I gen cons g 6s _ _1934 J J 104, gife 987 Jan'30
8
993 9978
Canadian North deb of 7s 1940 J D 11014 Sale 110
8
1933 AO 9938 _ _
10 113 1147 Clev Lor & W con 1st g M
4
8
1143
4
8
98
.1
1135 115 1133
25
98
984
-years f deb 63.45
1946
96 Dec'30
Jan'30 _ _ _ 11314 11314 Cleve & Mahon Val g 5s- - 1938 J J
11314
Registered
4
_1935 MN 96, -.- 10034 Mar'28
16
9914
9818 9912 CIA Mar 1st gu g 4)4s__
4
9914 Sale 983
10-yr gold 414s_ _ _ _Feb 15 1935 FA
3
_ 100 4 Mar'28
AO 0718
8312 854 Cleve & P gen gu 4 348 ser B_1942
8412 75
4
Cattadlan Pac Ry 4% deb stock _ _ J J 8418 Sale 833
4
1942 AO 863 -- - - 07 Mar'29
Series B 334s
9
964 9912
98
4
1946 81 S 98 Sale 97,
Col tr 4 348
9512 Nov'29
1942 J J 9718
58 100 4 102
Series A 4 3.4s
3
8
-g8fs
58 equip tr temp ctfs
1944 J J 1015 Sale 1014 102
_ _ _ _ 8512 Jan'30
1948 M N 85
Series C 3)4s
984 Maf'29
4
Carbondale & Shaw 1st g 4s_1932 MS
1950 FA 85 ____ 893 Jan'29
Series D 3)48
Jan'30
74
75
75
80
97's 0813
Caro Cent 1st cons g 48
1949 J J 76
_ 9812 Feb'30
8
A0 973
9912 101 8 Cleve Shor Line 1st gu 4348_1961
,
25 10018 108
4
108
CaroClinch & 01st 30-yr 58_1938 3D 1003 102 10012 Feb'30
AO 10718 Sale 107
10712 15 107 10812 Cleve Union Term 1st 5)4s_ _1972 A0
lst & con g 65 ser ADec 15 '52 J D 10712 1074 107
Ott'28
107
Registered
4
853 8534
4
853 Feb'30
1981 J D 8514
Cart & Ad 1st gu 448
4 20 1021! 105
1023
1973 AO 10284 10Y 10212
1st s f 55 series B
6
8212
82
8212
4
96
Jan'30
96
Cent Branch U P 1st g 4s__ _1948 3D 8212 843 8212
96
1st of guar 414s ser C _ _ _ _1977 A0 9512 98
1024 10314
89
.Nov 1945 FA 1031s
- 103 Feb'30
88
Central of Ga 1st g On.
89 Feb'30
13 101 104
Coal River Ry 1st gy 4s____1945 3D 8818 91
4
1023
4
Consol gold 5s
,
99 4
97
1945 81 N 1023 Sale 102
4
983
9914 26
Colo & South ref & ext 43.43_1935 MN 9914 Sale 90 4 Feb'30
100 100
100 Feb'30
SIN
Registered
8818 904
3
,,,
1948 A0
1 104 10534 CoiAfIV 1st ext g 4e
10414
10418
Ref & gen 53.45 series B_ _ _1959 AO 1644 10512
3
85 8 8
1955 FA 0034- 1) 8418 Dec'29
994 55
984 1004 Col & Tol 1st ext 4s
2 -86i2 8811
Ref & gen Os series C
1959 AO 994 Sale 99
8612
,
86 2
8412 8412 Conn & Pass= Itiv let 48..1943 AO
Chatt Div cur money g 48_1951 3D 8412 ____ 8412 Jan'30
9412 June'29
1930 FA
1007 10112 Consol Ry deb 4s
8
___ 10112 Feb'30
75
Mac & Nor Div lst g 58
1946 33 100
5
70
75
74
7112 75
J
1954
Non-cony 4s
98 Jan'30
98
98
Mid Ga & Atl Div cur m 58'47 J J 9818 100
70
Jan'30
70
70
1955 J&J 7312 75
Non-cony deb 48
100 100
Mobile Div 1st g Its
1946"3 100 __ _ 100 Feb'30
-- 69 Dec'29
1955 A0
Non-conv deb 48
30
81,8 854
8214
9912
00
Cent Now Eng 1st gu 48_ _1061 "3 182
1
5
70 - ;
▪ J 7014- - 8 7312 Feb'30
7214 763
1956
Non-cony debenture 4s
Feb'30
994 9912
4
Central Ohio reorg let 4 30_1930 81 S
6012 75
6712
69 67
1942 3D 68
9512 9812 Cuba Nor Ry 1st 534s
1
9812
8
Cent RR & Bkg of Ga coll 5s 1937 MN 9812 987 9812
84
71
,
,2
81 2 31
8012 Sale 8012
-year 56 8_1952
Cuba RR 1st 00
11 1073 110
110
4
Central of N J gen gold Se_ _1987 J i 10914 Sale 10914
5
954 9914
97
8
957
1936 J D ____ 96
1st ref 7 3.48 series A
2 107 111
111
92
Registered
1987 Q i 10812 111 111
12
87
92
__
1st lien & ref 6s ser B__ _ _1936 J O 92 Sale 89
3
9'234 90 s Dec'29
General 4s
1987 J J 00
9214 48
8
1i4
1949 FA 914 9214 915
Cent Pac let ref gu g 4s
9918 Dec'29
_
Day & Mich let cons 4)4s__1931 ▪ .1 99 101
80 Nov'29
F A
34 -911. - 4 947Registered
94
9138 Feb'30 _ _ _ -664 4218 Del & Hudson 1st & ref 45_ _1943 MN 92 Sale 92
4
Through Short List gu 48_1954 AO 91, 93
100 107
Feb'30
1035 AO 100 107 101
30
14 1003 1027
-year cony 58
8
1027
4
8
11 1004 10414
1060 FA 1024 103 10218
Guaranteed g 5s
4
1937 MN 1033 Sale 10312 104
15
-year .534s
16 10012 101
8
1007
1930 3D 10012 1007 10018
-year secured 7s
10
Charleston & Sav'h let 78_1936 J J 1084 ---- 108 Dec'29
9614 Aug'28
D RR & Bridge 1st gu g 45_ _1936 FA 9514 _ _
4 lQ25 104
i
1 34
4 a 023
4
- -11039 81 N 1023 Sale 1023 j.0
Chat & Ohio 1st con g 5s
c944 103 -giEs C94 4
4
J 3 933 Sale 93
_ _ _1936
10112 10213 Den&RG 1st cons g
_ 10112
3
1939 MN
14
.Registered
955s 97
96'2
8
4
963 Sale 963
1936
Consol gold 434s
97 4 9914
9814 44
,
1992 MS 9734 9814 9712
General gold 4148
9212 9918
,
98 4 137
,
96
5s_Aug 1955 MN 9612 Sale 96 2
Jan'30
Den& R G West gen
96
96
MS
26
Reglittered
8712 90
90
8912
8
4
Ref & impt Ss ser 13 Apr 1978 MN 883 883
994 Jan'30
994 10018
1930 FA 9912 100
-year cony 414s
20
2314 26
Feb'30
26
254 35
9412 20
1935• J
Des M & Ft D 1st gu 4s_
94
95
1993 AO 9412 Sale 94
Ref & Inlet 4348
26
25
25 Feb'30
8
255 35
Certificates of deposit
3
00 4 Sept'29
FA
Registered
29
924 FebS 92
8
935 c9512 Des Plaines Vol 1st gen 4)48_1947
9312
00 loo
19412Sale 1014 c9512 507
Ref & impt 4345 ser B____1995 J J
Oct'29
1955 3D 63 18 60
Jan'30
8
965 10112 Del & Mac 1st lien g 4e
Craig Valley 1st 58_ May 1 '40 J J
6
-66- - 660 Feb'30
65
61
Jan'30
1995 J
Gold 4s
8612 88
4
Potts Creek Branch let 48_1946 J 1 863 8812 88
2
34 97
95
9618
3
3
884 Feb'30
8614 88, Detroit River Tunnel 4 3,4s,1981 MN 95 4 Sale 95 4 Feb'30
2
R & A Div 1st con g 48_ _ __1089 J J
101 101
101
,
3J 101 4
Dul MIssabe & Nor gen 58_ _1941
8512 Feb30
8312 87
2d consol gold 411
1989• J 5412 87
10014 101
4
99 Dec'29
Dul & Iron Range let 58._ _ _1937 A0 9912 1003- 10014 Feb'30
Warm Spring V let g 58..1941 MS 0014 Oct'29
97
AO
8 64 -56- 1664
1003
Registered
Cheesy Corp cony 513.Slay 15'47 MN 1004 Sale 100
75
74
Jan'30
74
76
67
7
Dul Sou Shore & All g 55__ _1937 J J 73
8
6514 67
655
8
Chic & Alton RR ref g 38_ _ _ 1949 AO 653 67
3
9212 9212
,
92 2
Earn Ry Minn Nor Div 1st 4s '48 AO 924 Sale 9212 Jan'30
6414 65
70 65 Feb'30
65
CU dep stpd Oct 1929 Int_ _
9932 100
8
997 100, 100
8
2
East T Va Ga Div g 5s_ __1930 J3
67
59
664 67 67
Railway first lien 3145_
1950 1--i 65
6 100 10412
10414
66 Feb'30
1956 MN 10414 106 10418
Consol 1st gold Os
67
6112 66
65
Certificates of deposit
1 102 102
102
4
3
8518
Elgin Joliet & East 1st g 58..1941 MN 102 1023 102
8518 87
Chic Burl & Q—III Div 3348_1949 J , 854 8658 8518
102 102
Jan'30
1965 AO 101 102 102
84 Ap'r28
El Paso & S W 1st Ss
J J
Registered
04
2 -9214 WI;
4
9314 Sale 933
Illinois Division 4s
1949 J J
4
10112 12 101 1013
M S 10112 Sale 101
4
Erie 1st consol gold 75 ext_.1930
914
89
93
4
General its
1958 MS 913 9212 913
84 c89
36
85
84
1996 33 8412 86
4
913 Sept'29
1st cons g 4s prior
MS
Registered
82'8 82'8
8218 Jan'30
1996 J
Registered
66- - ,
9V
97 8 78
64
1st & ref 4)48 ser B
1977 FA 9614 97 9
79 c83
143
81
81 Sale 80
1996 J
105
1st consol gen lien g 4a
9 10412 10618
4
1971 FA 1043 Sale 10412
lot & ref In series A
3
7613 77
7612
1996 3, 7612 Sale 764
Registered
10158c105
Chicago & East III lot 6s_ _ _ _1934 AO 102 103 104 Feb'30
20 101 101
101
14 20
...1911 FA 101 10112 101
Penn coil trust gold 4s_
72
7812
77
C & E III Ry (new co) con 53_1951 MN 7614 Sale 76
s
827 85
11
8338
83
4
Feb'30
-year cony 43 series A __ _1953 AO 823 83
50
102 103 2
,
1082 MN 102 10212 102
& Erie let gold 56
Chic
2
7
1
82 4 887
83
8
8
1953 AO 827 833 83
Series 11
66
73
663
64
8
Chicago Great West 1st 4s_.1959 201 S
8312 Dec'29
AO
1953
42 4 _i_ 84%
Gen cony 4s series D
4
1123 113
Chic Ind & Loulsv—Ref 65..1947 J J 1613 Sa e_ 112 4 Jan'30
9434 98
955 131
8
1967 MN 954 Sale 9518
Ref & Inapt 58
4
4
1013 1013
10218 10312 1014 Jan'30
1047 J J
Refunding gold 55
5 110 4 112
3
11112
I955 J J 11114 115 11112
Erie& Jersey 1st 51 6s _
-1947 J J 8918 ---- 89 Dec'29
Refunding ts series C
2 109 11112
1101_
Genessee River 1st otIs..1957 J J 109 Sale 109
10014
11 -66- 1621- 8
1066 MN 9912 1004 100
lit & gen 58 series A
_
8
8
'3 863 ____ 857 Nov'29
Erie & Pitts gu g 314sser 13_1940
Feb'30
106 106 2
,
let & gen 68 ser IL..May 1966 J J 10612 ---- 10612
8
1940 J3 8634 _ _ _ _ 857 Oct'29
914 Jan'30
Series C 334s
9118 9118
-year 4s._ _1956 J J
Chic Ind &Sou 50
- 2
0
10512 37 1044 1 4
4
1954 SIN 1043 Sale 1043
Est RR extl s f 78
4
1969 3D 933 -- 9312 Oct'29
Chic L S & East 1st 4 Sto
Cash sale.
1248
New York Bond Record-Continued--Page 3
.
3
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
Fla Cent& Pen 1st cons g 58 1943 J J
Florida East Coast lot 410_1959 JD
18t & ref 58 series A
1974 M S
Fonda Johns & Cloy let 41251952 MN
Fort St U D Co 1st g 4128
1941 .1 .1
Ft W & Den C 1stg534s196I Jo
From Elk & Mo Val lot 6s_1933 AO
GH&SAM &P lst bs__ _ _1931
N
2d extens 55 guar
1931 ii
Galv Hous & Hend lot 5
1933 AO
Ga & Ala Ry 1st cons Es Oct 1945 J J
Ga Caro & Nor 1st gu g 58._1929 J J
Extended at6% to July 1_1934 J J
Georgia Midland ist 3s
_1946 AO
Gouv & Oswego lot 5s
D
1942
Or R & I ext 1st gu g 4128_1941 J J
Grand Trunk of Can deb 78_1940 AO
15
-year s f 68
1938 MS
Grays Point Term let bs_ _ _1947 JD
Price
Friday,
Feb. 21.
Week's
Range or
Last Sale.
Range
Since
Jan, I.
•
Eg
Ask Low
Bid
High No. Low
High
97
97 Feb'30
98
97
8418 90 84 Feb'30
7912 87
5812 Sale 5812
8012 46
6012
50
3012 Sale 3012
2
2512 3012
3012
3
93 4 Sept'29
10512 106 10512 Feb'30
ioU2 102
4 10218 101
10314
1033
8 104
13
997 1661- 99% 100
8
2
99 100
100 Feb'30
9938 100
99%
8
9612
9614 Sale 95
4
943 963
8
85 86 Nov'29
9912
8512
4
983
96%
9612
1093 110 109%
4
10412 Sale HA%
9712
95
65
721
9912
Jan'30
Feb'24
Jan'30
110 4
3
105
Oct'29
5
18
77
99 100
6512 0512
-96 - 1x
2 66
10912 1103
4
104 10512
-
Great Nor gen 7s series A
1936 J J
Registered
J
lst&ref4i4oeerles4, ._.1961 J J
General 5148 series B__ _ _1952 J J
General 5s series C
1973 J J
General 412s series D__ _1976 J J
General 412s series E_ _ _ _1977 J J
Green Bay & West deb ells A--- Feb
Debentures etre B
Feb
Greenbrier Ry lot gu 48._ _ _1940 MN
Gulf Mob & Nor 1st 534s___
1950 AO
lot M 5s series C
1950 AO
Gulf & S 1 1st ref & ter 544_5_1952 J J
Hocking Val let cons g 410_1999 J J
Registered
1999 J J
Housatonic Ry cons g 5s.__1937_ MN
& T C lst g 5s int guar_ _ _1937 J J
Waco & N W die 1st 68_ _1930
N
Houston Belt & Term lot 58.1937 J J
Houston E & W Tex 1st g 58_1933 MN
lot guar Ss redeemable_ _ _1933 MN
Hud & Manhat let 59 ser A _1957 FA
Adjustmentincome be Feb 1957 AO
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
t
Price
Friday,
Feb. 21.
Week's
Swipe or
Last Sale.
Bid
Ask Low
High No
Louisville & Na8hv
(Concluded)
Paducah & Mem Div 4s_ _1946 FA ----- 9212 Jan'30
St Louis Div 2d gold 3s___1980 M
66 7 3
66
/
66
Mob & Montg 1st g 4 Ms_ _1945 141
97
9734 Jan'30
South Ry joint Monon 48_1952 J J 8918 6014
8
893
s
MI Knoxv & Cin Div 48_1955 MN 9118 9212 895
9114 Feb'30
Loulsv CBI& I,ex Dive
983 9914 9914 Feb'30
4
3 31 NM
'
Mahon Coal RR 1st 58 4321934 J J
_- 9958
2
99%
Manila t48
ileaxa11(South Lines)48.193 MN 99%74
1 3
9
4
78
74 Feb'30
le
N 6014 73 67
1959
Manitoba S W Coloniza'n be 1934 J D 9918 Sale 99% Feb'30
5
9914
Man GB &N W let 3
10-19 J J ____ 89
8538 Sept'29
Mex Internal 1st 4s asstd_1941 M
5
77
814 5
Jan'30
Mich Cgiat Ded St Bay City 58_ '31 MS 100
Reen tere t
_ 100
3
100
QM _
10614 100
Jan'30
Mich Air Line 48 ms__ _1 951 • J
1940
1 0
95
13
95
gisterel
Lana
Registered sag
J J
9218 July'29
Jack
M 23
79 Mar'26
lot gold 334s
N
1952
- 4 85
g63Jan'30 Mid of NJ 1st ext
1940 AO 9112 0512 9014 Dec'29
54
MU& Nor 1st ext 4348(1880)1934'3D 96
9634 9614 Jan'30
Cons ext 4128 (1884) 1934 J D 9514
963 Dec'29
8
MB Spar & N W let gu 4s.._1947 MS 90 104
3
9114 25
Milw & State Line lot 3Ms 1941 J J 835 00 4 90
8 _
90 Apr'28
Mina 4,St Louis 1st cons 5.41_1934 MN 3914 4818 3812 Feb'30 - Temp ctfs of deposit_ 1934 MN 3914 40
3918
3918 60
1st & refunding gold 4s _ 1949 MS 13
1312 1438
143
8
5
Ref & ext 50-yr be ser A_ _1982 Q F 15
20
1518 Feb'30
lot cotifi5s
Cerns cates of deposit
15
14
5
14
M St P & SS Moon g 4s
89 Sale 89
tat gu'38
89% 37
J J 9412 9514 9514
2
953
4
list cons 5s gu as to int_ _ _ _193
'3
1 ' 9712 99
38
8
97
9712 12
210-year coi tri iet 6 12s_ _1931 141
15_82 ta ef5la us a 44
rr llase
10014 Sale 997
__
8 10014 33
J
95
1948 '
97
99
4
9918
MS 83
84
8312
837
8 14
lot Chicago Terms f 4s_ _1949 MN
1 1
92 Feb'30
Range
Since
Jan. 1.
Low
91%
66
973
4
89
9114
983
8
99%
7312
80
9812
HOD
92
12
8712
97 4
8
90
14
9112
9914
995
8
76
67
9912
100 100
100 100
94% 95
831 85
110 4 Sale 11014 1107 148 110 1113
3
8
8
10812 Dec'29
_
96's 964
14
-9412
95
95
9418 9614
10914 110 109
10912 11 108 10912
19438 Sale 1043
4 10314 105
611-66- - 4
s 10 %
4
8
96
9612 9512
96
95
9814
-377s 38
9414 963 95
4
95
9512 39
9714
36
40
Oct'28
78
- 86
253 257- 273 Feb'30
14
4
10
8
4
25
274
1518 15%
923
92 Jan'30
4
91% 92
14
1023 166- 10214 Feb'30
15
4 98 10212
8818 89%
96
96
98
96
933 953
4
1033
105
4
105
4
103 105
97
9614 - 3- 9734 Feb'30
6/4
9912
9814 9812
99 10014
94
Jan'30
9378 94
98 100
9714
1
9714 9812
9714 99
9714
993 .Jan'30
4
10018
81
87
993 993
4
4
99%
92 92
100 Jan'30
100 100
983 Sale 983
8
s
98% 10
953 983 Mississippi Central let 58....1949 J J 9512 99
4
8
95
Jan'30
_
95
9914 Dec'29
98
314 Kan r 4s exril
99
. o -yea & T
0
1st gold 40_ _1990'3D 8618 883 8534
es
863
4 20
8512 8712
100 103
997 Feb'30
8
"Nis 166" Mo-K-T RR se lienB ser A _1962 5 10118 Sale4 101
'
pr
bs
101% 23
9912 102
42
95 Salo 95
96
93
97%
1962 J J 8638 Sale 8614
883
8
6
8512 883
7718 Sale 7718
8
7712 32
Prior lien 41211 ser D
76% 79
is 93
943 9412
4
9412
1
9212 05
Generad.i ust be ser A Jan
Cu m al 4s
96 AO 106 Sale
7
10612 30 1012 10812
Illinois Central ist gold 42_ _ 1951 J J 923
93
4
93
Mo Pac lot & ref Os ser A _ 1978 FA 9934 Sale 105
12
93
94
. _1985
9912 10014 12
Registered
9914 1017
J J
87
Oct'29 _s
B 7434 Sale 7414
1975
let gold 310
132
75
7414 7812
1951
8318
8412 Feb'30
"al' 1614 1st & ref 5s series F
1977 MS 9918 Sale 9778
9914 34
Registered
97 100
J
84 Nov'28
let & ref g be
MN 99 Sale 99
ser
Extended lot gold 3Hs_ __1951 AO 83
9912 77
963 993
4
4
8614 85
Jan'30
"iii" 1g- Cony gold 532s 0
MN 11012 Sale 10912 11238 102
1st gold 3s sterling
1073 113
8
1951 MS 88
73 68
Mo Pac 3l 7s ext at4% July
Jan'30 -68 68
smalci
91
199398 MN 9114 94
11947
Jan'30
8
Collateral trust goal 4s_ _ _1952 AO 8912 9012 9014
91
91
90 8
3
t m gr prlor
2
9018 9112 Mob &Blold o lien g 56_1945 J J
100 Feb'30
Registered
100 100
MN
81
Oet'28
J J 95_
95
lot refunding 4s
95
2
95
95
1955 MN 90
913 90
4
lit
91
ig -55
9238
91
1045 J J 86 - - 91
Feb'30
Purchased lines 31244
91
91
1952 J J 8218 843 8218 Feb'30 -4
82
84
Small
J J
8018 Feb'30
Registered
801s 8018
J J
87 Nov'28
Mobile & Ohio gen gold 48_ 1945 MS 925
_
8
923 Jan'30
8
93
8
Collateral trust gold 4s_ _ _1953 MN 88
92% 94
8912 88
Montgomery
88 14 13
- 1
694
58.1947 FA 9938 _ - 99
Jan'30
Registered
9618 99
MN
8712 Jan'30 -Refnrime 4131v let g
Mo
8712 8712
mp
12
1977 MS 9412 Sale 95 Feb'30
Refunding 58
94 4 988
,
4
1955 MN 10418 104% 10412 10514
Mob & Mal lot gus
4 10418 107
8512
15
_ 88 Feb'30
gold 48..1991 M
-year secured 812s g
MN 88
_1936 J J 1081s 1087 10818 10812
10712 110
Mont C lot gu 6s
8
9
• J 1047
40
8 - - 1083 Dec'29
8
-year 461s
Aug 1 1966 FA 983 Sale 9818
4
let gear gold be
983
4 33
97
9912
ua
,y
10018 foi 9912
0912
Cairo Bridge gold 48
3 -65T2 1912
1960 JD 87
94 87
Oct'29 -Morris & Essex lst gu 312s._2990 J
7712 78
77
110330
Litchfield Div 1st gold 344_1951
77
78
29
77
8012
J 7412
7412 Oct'29
Constr M 5s ser A w 1_ _ _1955 MN
10312 10312 25 10312 10312
Loulsv Div & Term g 330 1953 J J
9258
825
8
3 -8212 VI;
Constr M4345 ser /3 w 1_.1955 MN
_
9612
Omaha Div lot gold 3s
9612 40
747 7712 74 4
MY 9512
1951 PA
2
3
7412 7512
743
4
St Louis Div & Term g 39_1951 J J 743
8
7414 Nov'29 Chatia klt9 488er A _1978 FA 90
a s ttga 1,68
9012 9018
9012 12
Gold 312s
90
91
1951 J J 8153 85 82 Dec'29
5188 44
N F1
5
- -100
1937 P A 100
2 100 100
100
Registered
J J
Nat by of Mex pr
76 July'29
18 July'28
lien 410_ 1 957 J J
37
Springfield Div lot g 330 1951 J J
F8
72 Sept'29 - July 1914 coupon on
J J
712 - 82 73 July'28
Western Lines let g 48
4
1951 FA 8912 92
91
Jan'30
Assent
89
91
hVir rct No 4 on
a 4a
8
8
5
Registered
67
812
PA
Guar 70
92 Apr'29
-year
Ill Cent and Chic St L & N
1977 A0
0
Assent cash war ret No 5 on
714 -16 8712 Aug'28
-9 Feb'30
Joint 1st ref bs series A _ _ _ 1963 Jo 1025 Sale 102% 103
Nat RR Mee pr lien
15 10214 10412
Oct'26 :1- J
3512 July'28
lot & ref 410series C__ _ _1983 JD 08 8 Sale 96
2
la4 eanaa cr war 4340
A ssenti
95
96
97%
1314 Jan'30
- rct No 4 on
"iari
22 Apr'28
Ind Bloom & West 1st ext ts 1940 A 0 885
1951
8
91 Nov'28
Assent cash war rct No 4on
7 Sale
Ind III & Iowa 1st g 48
7
51
8
39
3814 8
1950J J 9012 95
9012
9012
90 I61- Naugatuck RR lot g 48,,_ .1954 MN 79
1
2
86
Ind & Louisville 1st gu 4s_,1956 .1 J
76 Sept'29
New EnggaarR11.
caasailand 48
84
85
8813 85 Jan'30
85
Ind Union Ry gen 58 ser A
9814 Jan'30
Cons bs_ _1945 J J 98 105
1 9614
100 Feb'30
19 i J 100
65
100 10112
1945 J J 8712 88
8614 Jan'30
Gen & ref be series 13
88 934
9 861i
1965'3 J 100
NJ June RR
J
Jan'30
100 101
Int& Grt Nor 146sser A _ _1952 J 1 10512 _ - 100
guar
1986
88
Jan'30
85
N O&NE lot ref 4z 15t 4s_ _1 45 FA 9212
88
Sale 10412 106
25 102 105
imp 4120 A '52 J J
9312
9338
Adjustment fie ser A July 1952 3
- 8712 Sale 87
19
94
89
2 New Orleans Term let 48...._1953 J
88 Bale 88
1st be seriesB
88
3
1956 J J 92
9614 98 4
87% 89
I44m ser ea p
%
8
8
9218 12
927 913
8
91 2 9412 N 0Texast Mex n-e Inc be 1935 A0 98% Sale 983
,
1st g 5s series C
4
983
4
7
1956 J J
3
9212
93 9214
91
94
AO 94
lot Rye Cent Amer 1st 5s._1972 MN 91
947 93
8
95
2
93 99
7414 7412 7414
1st be series C
7212 75
11
75
P A 9412 967 9612 Feb'30
let coil tr 6% notes
8
96
1941 MN 933 95
9912
4
94
3
1st 412s series D
94
9012 94
4
let lien & ref 612s
199954351 P A 883 9212 92 Feb'30
9015 94
1947 F A
lot 534o series A
8
93
9614
9614 32
AO 102 10258 10112 10212 30 10112 103
Iowa Central lat gold 59 _ _ _ _1938 J D 98 Sale 957
3118 35
& s B m gelag
y C 42dgeu n 4
30 Feb'30
30
32%
1964N
J J 95-_ - 95
Certificates of deposit
05
9514
1
95
30
33 3014 Feb'30
30% 32
AO 97 100 100
Refunding gold 48
100 100
1951 M S
814 9
N Yaegiatere,
9 Jan'30
8
Cent RR conv on4a4 193 MN 107 Bale 1063 Jan'30
9
James Frank & Clear let 4.9_1959 J D 88
uareg 68
e d b 588- 9945
4 107% 33 105 107%
365
90 883 Feb'30 - 87% 88 4
4
3
MN
Kan A & G R lat gu g ba_ _ _1938 J J
106
Jan'29
_
96%
101% Apr'28
Consol 45 series A
1999 F A 89 Sale 8814
Kan & M let gu g 49
89
19
0A
881s 9018
99
48_ 1936 0 83
8312 Feb'30
Ref & imp 434s set•les A2013 A 0 98 Sale 9712
832 83's
K C Ft S & M Ry ref g
98
8
97 100%
AO 0512 iiie 9412
Ret egiatare5s series C
9412 96%
R& lm pt ,
95% 23
4
Kan City Sou 1st gold 38_ _ _1950 AO 753
2013 A0 1053 Sale 105 s 10642 34 105 10612
3
4 763 7542
4
4
75
76%
75%
AO
108 Mar'28
Ref & impt 58
Apr 1950 J J 10012 Sale 993
4 10012 21
99 100 4
3
Kansas City Term lot 414_1980 J
NY Cent &Had
25
8814 Sale 8818
8818 90
89
79 Sale 78:4
Riv M 33481997
Kentucky Central gold 48_1987 J J 8714 8878
80
3
37
7814 8112
5
8712
8712 89
8712
RegLstered
7718
_ 7812 Feb'30
1997
Kentucky & Ind Terns 4128_1981 J J 8514 89
75
79
8512
6
8512 85%
8512
Debenture gold 4s
M• N 9812 Bale 9714
98 4 72
Stamped
97
983
4
1981''3 0014 95
8814
88
1
8814
8814
Registered
MN
94 July'29 -Plain
1961''3 90
30
83 8 Nov'29 _
3
-year debenture Is
95
94
' 94
76
'3
94
7612
1942
Lake Erie & West lit g 55__ _1937
1
93
94's
'S 100 s 101 10012 10012 10 Hoofs 1665;
3
Lake Shore coil gold
7614 7718
FA
5
2d gold bs
330-11999384
76
793
4
1941 Si 99 102
99
99 100
1
99
Registered
75
'7638 76 De7 22
512
c61
'9
1998 FA
Lake Sh & Mich So g 3348_1997'1) 80
8112 7914
Mich Cent coil gold
7914 8212
79 4 11
,
7812 78
3148 1199989 FA
1 -7612 78
Registered
1997 JD 7612 79
783
5
4
783
4
773 78%
4
Registered
7118 79
FA
25
-year gold 48
9912 38
1931 MN 9914 Bale 9914
987 99% N Y hag weSt L
Chlo &red
8
75
%
4
96 4
Registered
94
9612
113341.-1199397 AO 9512 9614 94 8°91'219
MN
99 4 Apr'29
3
8 A0
99
14
,
V7
2
Leh Val Harbor Term gu 58_1954 FA 1037 105 104 Feb'30
s
25
104
"9958 &We' 92% Sep929 14 -egi4 1-7d
-year debenture 48
Leh Val N Y 1st gu g 4 Xs_ _1940 J J 983 99
119931 MN
37
4
9853 0812 2d 68 series A B C
983 Jan'30
4
011 4
MN 1013 Sale 10612 101% 12 10118 102
s
7
Lehigh Val(Pa) cons g 48 _ _ _2003
N 87 4 8712 87
86% 893
87 12 32
,
6% gold notes
8
A0 10212 Sale 1013
4 10212 150 1013 10212
4
Registered
N
86 Jan'30
86
8612
Refunding 51244 series A _ _199721 AO 1063 107
8
16 10512 10714
119334
General cons 43444
97% 47
2003 MN -9712 Sale 97
9612 98%
Refunding 51444 series B _1975 J J 1071406
01
30
Registered
- 19412 95 15 10512 107
MN
99 Nov'29
Ref 41411 series C
S 95 gale
93% 97%
N Y Connect 1st gu 4
8
8
Ms A _ _197 • A 977 Sale 977
8
97%
1953
4
Lehi Valley RR gen Ssseriee 2003 MN 107 107% 10714 10714 20 108 1073
9018 10018
1st guar be series B
8
FA 100 4
3
Feb'30
Leh V Term Ry let gu g 58_ _1941 A 0 1025 103 10314
10112 10112
8
1 101% 10314 N Y & Erie ist ext gold 48_ _ _195 MN 883 ---- 8812 f r 38
10314
0Jan 20
4- 9
1943
:
7
Registered
89
90
1053 Feb'28
A 0
3d ext gold 412e
8
Ma
119930 MN 98 106
33
Lab & N Y lst guar gold 43_1945 IQ 5 8712 Sale 8738 Jan'30
16" 4th ext gold 541
AO 98 ---- 99 Aug'29
.
%
Lex & East lst 50-yr bs gu_ _1985 A 0 108 1083 108 Feb'30
10414 109
4
Little Miami gen 45 series A.1962 MN 8214 88
N Y & Greenw L gu g 58.._ _
88 Jan 20
88
88
MN 94 4
3
Jan'30
Long Dock consol g 6s
95
98
N Y Harlem gold 3128._ _1946 MN 80 8 90
1935 A 0 102
_ 107 Jan'30
107 107
851 Dee 29
9685
3
_2000
8:351
Long Isld Int con gold bsJuly1931 Q J 9 % 116 100
912
99 4 100% N y Registeredd
,
100
ly
MN
7514 Oct'29
lst cense'gold 4s_ -__July 1931
Lack &
97 Sept'29
8
Q J 977 99
let & ref gu
MN
9718 Oct'29
General gold 43
lot & ref gu 4329 aer B _ 58'73 MN
1938 .1 13 92
-gale 93% 8812 Jan'30
EU%
_1973
983 Jan'30
4
Gold 4s
- 31/1/ 4
1932 J D 97
99
9133 Dec'29
NYLE&W lot
8
5
1930 MS 100
- 100 8 Dec'29
Unified gold 48
-Firs 9014 N Y & Jersey 1st 7s ext
8012 9014 Feb'30
1949 M S 87
bs
FA 100 gale 100
100
3 100 16fDebenture gold be
9914
9914 993 N Y & Long Branch 4s_ 19 1.1
1934'3 D 99 4
1
4
9912
,
87 Sept'29
32
_2941
S 136%
20
-year p m deb be
9712 993 NY&NE Bost Term 4s_
1037 M N 9812
9712
987
8 25
4
_ _1939 AO
9512 July'28
Guar ref gold 48
1949 M
89
NYNH& II n-c deb 49__ _1947 M
5
89
87
8
8318 86
837
8
84
Nor Sh B 1st con gu 5e Oct'32 Q S 88 887 89
19
83g 85s
9944 993
Non-cony debenture 310.1947 MS 767 79
J 993 -- 993 Feb'30
4
4
4
8
7814 Jan'30
Louis &Jeff Bdge Co gd g 19_1945
7914 78%
M S 9012
Non-cony debenture 310.1954 AO 7414 75
9012
3
8912 9012
9012
7418
Louisville & Nashville 5s
7412
7
73% 76
1937 M N 102%
Non-cony debenture 4s_ 1955 J J 8318 Bale 8214
101% 102
1017 Jan'30
8
Unified gold 4s
8318
6
8112 84
1940 J J 945 gale 9414
Non-cony debenture es__ _1956 MN 8218 831 8214
9414 96
8
9458 22
Registered
84
10
8112 86
.j .1
Cony debenture 310
4
5
923 94
93
93
' 7412 771
Collateral trust gold be__ 1931 MN
1956
'3
41
74% 78
12
993 100 8
4
Cony debenture 8s
4
3
100%
28
: 174
10
1948 J J 1287 Sale 17471
s
-year sec 7s___May 15 1930 M N i5O- Sale 100
3131
: 39 121 133
12
10038 101
Registered
10012 Sale 100% 100%
9
125
• J
lot refund 5128 series A _ _2003 A 0 106
Jan'30
125 125
Collateral trust (Is
107 10678 107
20 105 107
1940 AO 106 Bale 105
1st & ref 59 series B
1063
4 23 104% 106114
2003 A 0 10418 Sale 10418
99% 105
Debenture 443
2
10418
1957 MN 77 Sale 77
1st & ref 412s series C..__ _2003 A 0 98 Bale 9514
77%
5
77
783
4
1st & ref 4128 ser 01 1927.1987 J O 913 Bale
95
06
977
49
8
4
90 4
When issued
3
913 157
4
90
93 8
3
A 0 961s 9612 9514
Harlem R & Pt Ches 1st 4s 1954
9514 9512
9512 26
973
N 8758 90
88
2
88
4
c Cash sale. 8 Due Feb.
ia-
New York Bond Record--Continued-Page 4
el •
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
ta
4
Price
Friday,
Feb. 21.
a.
BONDS
N. V STOCK EXCHANGE
Week Ended Feb. 21.
Range
Since
Jan. 1.
Week's
Range or
Last Sale,
High
High No Low
Ask Low
Bid
46
6112
56
59% 15
N y0de W ref 1st g 46.June 1992 M S 5612 58
70 Apr'28
only_June 1992 MS
Reg 5.000
1 -a- 50
45%
45 8
3
in -02
1955
General 45
90 June'29
12
4
NY Providence & Boston 4s 1942 AO 853
8914 Jan'28
AO
Registered
-8"8r2 88
NY & Putnam 1st con gu 49 1933 AO 8514 9014 88 Feb'30
1
83
86%
83
83
85
14 Y Susq 6c West 1st ref 58_1937 is 80
75
75
Jan'30
75
FA 75
80
1937
26 gold 4 He
3
75
79
78
1940 P A 75 Sale 75
Generalgold 58
9418 993
4
4
4
1943 MN 9712 993 993 Feb'30
Terminal 1st gold ba
8612 8912
887
8 10
N Y W-ches & B Ist ser I 430'46 S i 8812 Sale 8812
104 4 119 10212 10512
3
1950 AO 10414 Sale 104
Nord Ry ext'l a f 6345
56
5811 71
71
Norfolk South 1st &ref A 58.1961 FA 6912 Sale 6912
99
99
99 Feb'30
99
Norfolk & South let gold 58_1941 MN 85
N
Norfolk & West gen gold 6s_1931
Improvement & ext 6s _ _ _1934 FA
New River 1st gold 68_ _1932 AO
N & W Ry lat cons g 45_1996 AO
Registered
1996 AO
Dly'l 1st lien & gen g 4s_ _1944 S i
Pocah C & C joint 4s
1941 S D
North Cent gen & ref Ss A _ _1974 MS
S
Gen & ref 430 ser A stpd _1974
North Ohio 1st guar g 5s_ _ _1945 AO
North Pacific prior lien 48_ _1997 Q J
Registered
1997 Q J
Gen lien ry & Id g 36.Jan 2047 Q F
Registered
Jan 2047 Q F
Ref 6c impt 434s series A _ _2047 J J
Ref & impt 68 aeries B_ __ _2047 S i
Ref & I mpt 5a series C _ _2047 J J
Ref &impt 53aeries D__ _ _2047 J J
Nor Pac Term Co 1st g 6s_1933 is
Nor Ry of Calif guar g be__ _1938 AO
1015 Jan'30
8
10314 Jan'30
10214 Jan'30
917 91% 91%
90 Feb'30
9312
9312
9312
93%
933
8
-- 93%
101 ---- 90 Nov'29
99
Jan'30
94 Feb'30
94
89
89 993 8812
4
8
8612 89 865 Feb'30
68
66 Sale 65
6212 Feb'30
6212
96 - - 9712 Feb'30
967
8
1121
11218 Sale 112
7
4 103
10312 10412 1033
104
10418 10412 104
10218 109 10512 Jan'30
Jan'30
99% -- 101
10114
0
3
102
9118
Og & L Cham lst gu g 4s__ _1948 J J
Ohio Connecting Ry let 4s _ _1943 MS
Ohio River RR 1st g be
1936 in
General gold 58
1937 AO
Oregon RR & Nay con g 48_1946 in
Ore Short Line 1st cons g 58_1946
Guar stpd cons 5a
1946 5 J
Oregon-Wash 1st & ref 4s.,._1961 J
Pacific Coast Co 1st g Es_ _ _1946 J D
Pac RR of Mo lat eat g 4s _ _1938 F A
26 extended gold Ss
1938 J J
Paducah dc Ills lets f 4Hs_ _1955 J
Paris-Lyons-Med RR extl 6s 1958 F A
Sinking fund external 7s_ -1958 _M
Paris-Orleans RR ext 530_1968 m
Faunas Ry 1st & ref 6 f 78_1942 M
793
4
793 Sale 78
4
8
92- _ 953 Nov'28
100 10412 100 Jan'30
9812 10212 99 Feb'30
9118 9212 9114 Feb'30
103% 105 105 Feb'30
104
104 Sale 104
8
89'8
887 Sale 887
8
6212
6014 6212 60
9414
9414 Sale 9414
98 100 100 Jan'30
96%
_ 9512 Dec'29
1037
8
103 Sale 103
10614 Sale 1057
8 10614
1011
1007 Sale 100%
8
97 Feb'30
97
95
Pennsylvania RR cons g 48_1943 M N
Consol gold 45
1948 M N
48 sterl stpd dollar_May 1 1948 M N
Registered
Consol sink fund 4 Hs _ _1960 F
General 4 Hs series A
1985 J D
General Ss series 11
1968 J D
10
-year secured 76
1930 A 0
1936 F A
15
-year secured 654s
F A
Registered
40
-year secured gold ba. _ _1964 MN
Pa Co gu 3349 coil tr A reg_ _1937 M S
Guar 314s coil trust Mr B_ 1941 F A
Guar 314s trust ctfs C _ _1942 .1 D
Guar 334s trust Ws t).._1944 J D
Guar 15 -year gold 0_1931 A 0
-25
GUM 48 ser E trust ctfs_ _ _1952 M N
Secured gold 414s
1963 MN
Pa OW & Det 1st & ref 4346A'77 A 0
Peoria & Eastern 1st cons 48_1940 A 0
Income 48
April 1990 Apr.
Peoria & Pekin Un 1st 5340_1974 F A
Pere Marquette 1st ser A Ss_1956 J
let 4s series 13
196e
Phlla Balt & Wash Ist g 4s _ _1943 1,1 N
General ba series B
1974 F A
95
95
9412
923
8
9214 931k 923
92%
9214 9412 92%
Jan'30
92
ioi Sale 98% 10118
987 Sale 984
8
9918
10612
10612 Sale 106
10018 Sale 111018 10014
8
10812 Sale 10812 1087
_ 112 Apr'28
10212 gale 10212 103
84 Aug'29
612 8912 8414 Nov'29
8368 Sept'29
8414 85
8312 8714 8212 Nov'29
9912
9918 991 9912
9014 Feb'30
8838 89
98%
9814 Sale 97%
4
96
96 Sale 953
8412 Feb'30
8312 84
31
357 31 Feb'30
10212 1031 10314 1034
10414 Sale 102% 10414
Feb'30
91
9012 02
9312 Jan'30
92%
4
10612 10812 1063 Jan'30
-
3
1
2
13
40
57
7
1
7
3
42
78
10
WI% 101%
10314 10314
10214 10214
9012 92%
90
90
9154 9312
9314 9414
99
99
93
943
4
8812 91
865 88
8
63 8 68
7
62
6212
97
985
8
112 11412
103% 10512
1031 2 1043
4
10.512 10512
101 101
77
80
57
35
43
-6418
ini- 1 .
2
2
4
_
12
55
19
97
76
93% 95
923 95
8
9214 95
9212 9212
983 10112
4
9712 9912
108 108
10018c10112
10818 1093
8
10412 107
993 102
4
99%
95
16134
--_____
_
5
74
35
25
3.5
Price
Friday.
Feb. 21.
Week's
Range or
Last Salo.
•
Range
Since
Ara, 1
High
High No. Low
Ask Low
Bid
94% 95%
8
St Louis Sou lat gu g 4e____1931 MS 963 9812 94% Jan'30
85
Ws
875
8
8
ctfs_1989 MN 8714 873 8712
St L S W 1st g 4s bond
767 781
8
1
7934 7718 Feb'30 ---2d g 4s Inc bond Ws Nov 1989 is 77
97% 981
4
9814 57
1932 in 9818 Sale 98
Consol gold 413
9712 99 4
9
3
9712
97% 9712
96
1st terminal & unifying 58_1952 is
94% 95%
9514 50
St Paul & K C Sh L lat 4348_1941 FA 9514 Sale 9412
100% 100%
1931 P A 99% -- 10018 Feb'30
St Paul & Duluth let be
_
1968 J D 8414 93 8818 Nov'29
1st consol gold 413
9718 Jan'28
St PaulE Gr Trunk lat 430_1947 is 92
96
971i
9612
9714 17
St Paul Minn & Man 000 45.1933 J J 9714 Sale
18312
4
1933 53 10212 1043 103 Feb'30
1st consol g 68
10018 Dec'29
ii
Registered
2
- 110s
9838
983
8
6s reduced to gold 4 Hs__ _1933 J J 98% 102
98
5
98
98
_ 98
J J
Registered
93% 94
52
-- 94% Feb'30
1937 J D
Mont ext let gold 4s
9011 9018
Jan'30
8812 92 90%
Pacific ext guar 46 (sterling)'40 J J 94%3
10514 10 104% 105 s
St Paul Tln Dep let & ref 58_1972 J J 10412 10514 10514
14
1
90 8 93
9114
9118
S A & Ar Pass 1st gu g 45-1943 J J 9118 92
9912 100
100
100
Santa Fe Pres & Phen 1st 55_1942 MS
10212 Dec'29
1934 AO 102%
-Say Fla & West 1st g (Is
_
995k 9918
993 Jan'30
4
1934 AO 100
1st gold 58
_
Oct'29
90 90
Scioto V & N E 1st gu g 4s 1989 MN 8814 2
6Os 00
60 8
3
6612 80 60%
9eaboard Air Line lst g 48-195 A0
0
3
65
6712
671
1950 AO 6712 Sale 6718
Gold 48stamped
5412 59%
55
60 58 Feb'30
Oct 1949 FA
Adjustment Es
19
6012
52
3
601
Sale 60 8
1959 AO 60%
Refunding 46
76%
65
753 180
4
.
1945 M S 74% Sale 74%
lat & cons 6s series A
75 Mar'29
MS
Registered
20 -§iI2 16'86
Atl & Blrm 30-yr 1st g 4e_d1933 MS -88- Sale 84%
42
61 72
71
69
Seaboard All Fla lst gu 6s A _1935 FA 68 Sale 69
62
72
6918
70 69
1935 P A
Series B
94
94
94
Seaboard & Roan 1st Ss extd 1931 S i 94 Sale 94
100 4 100 4
3
8
1003 Jan'30
4
10012
-1936 FA
S&NAlaconsgug 58
--10 10558 1074
Gen cons guar 50-yr bs_ _1963 AO 10718 Sale 10714 10714
100 16699 99
91
913
8
104% 105
103% 105
88% 913
8
60
62
,2
9414 9414
97% 100
44
t
Zt
1249
987 9912
8
90
90%
97
9914
9714
95
84% 86
31
32
101 10314
102% 104%
90% 91
9312 9312
106% 106%
So Pac coil 4s (Cent Pac col) '49 J O
Registered
in
1st 4 Hs(Oregon Lines) A-1977 MS
20-year cony 58
1934 in
Gold 430
1968 MS
N
Gold 43.4s
May 1 1969
San Fran Term 1st 4s._ _ _1950 A o
AO
Registered
So Pac of Cal 1st con gu a 58_1937 MN
So Pac Coast 1st gu g 4s__ _ _1937 S i
So Pac RR 1st ref 45
1955 J J
Registered
J J
Southern Ry 1st cons g 5s 1994 S i
Registered
J J
Devl & gen 4s series A _ _ _1956 A0
AO
Registered
1956 AO
Develop & gen 65
1958 AO
Develop & gene Hs
1996 J J
Mem Div 1st g Ss
St Louis Div 1st g 4s
1961 is
East Tenn reorg liens 56_ _1938 MS
Mob & Ohio coil tr 4s_.1938 MS
Spokane Internat 1st g 5s __ _1955 .1 .1
Staten Island Ry 1st 4348_1943 3 D
Sunbury & Lewiston 1st 48_ _1936 S J
Superior Short Line 1st 5e_e1930 M S
Term Assn of St L 1st g 4348_1939 A 0
1st cons gold Ss
1944 F A
Gen refund s f g 45
1953,J
Texarkana & FIB let 5348A 1950 F A
Tex & N 0com gold 68
19 7 J 0
973 A 3
4
Texas & Pac let gold 56
2000 J D
20Inc5s(Mar'28cp on)Dec 2000 Mar
Gen & ref 5s series B
Gen & ref 58 series C
1979 A 0
La Div B L 1st g 5s
Tex Pac-Mo Pac Ter 534s_ _1931 3 j
1 64 M S
Tol&OhIoCent1stgu5s.1935J J
Western Div 1st g 56
1935A 0
Gen gold 55
3 6
I
Toledo Peoria & W
1ste 4819917
To!St L & W 50-yr g 46-.1950 A 0
To1WV&Ogu4345A
lstauar 4Hs
guar4s Bert
19 3j S
9 m 3
8
42
:tries B. 931 5 .1
8918 9238
9
8918
893
4
88 Dec'29
7
941 101
96
943
4
5 100 Ica
3
100 4 102 10012 100%
8334 99
9434 43
4
943 Sale 0384
9618 99
98% 127
9814 Sale 98
92
9014 9034 9014 904 3 89 87
1
87
87
87
101% 102%
99
-- 10212 Feb'30
964
96
Jan'30
95
.2
- 96
6
91
92%
8
913
4
913 2 ii14 913
91
91
Jan'30
91
12
10768 Sale 10712 107% 22 10614 110
2 108 107%
10712 10712
8811 90%
4
893
4 81
89% Sale 883
8714 Sept'28
11612 --io 1157s 118
11638 Sale 116
123 Sale 12212 12314 78 122 125
5 10612 107
10612 106%
10612
8718 89
89 Feb'30
984 July'28
100
93 --io -0518 93
93 Sale 93
90
91
-58- in
2
70
68
70
70
8212 8612
8612 Feb'30
95 Apr'28
99 Mar'29
-el 98
Jan'30
973 - - 98
4
c99¼ 102
4
10112 foil 10114 1013
4
87 895e
14
887
8
87% 887 88%
3
10512 106 105 4 10618 11 10412 10512
_- 98 Dec'29
1001, 1081.6
10714 1081 10714
9710714
95 Mar'29
29
4648
11663 99% 100% 105
98% 101%
c1007
8
10012 Sale 100
1
8
993 101
10018 Sale 10018 100%
30 104% 106%
10818 Sale 10.512 1061
9918 108
1
100
100
100
98 98
98 Jan'30
100
98 98
Jan'30
97 99 98
12 Sept'29
12
91
9138 91 Feb'30
984983 -- 9812 Jan'30
4
9812 - 4 98% Feb'30
991
9114
- 92 Dec'29
---- 16 88 Jan'30
70
75
81%
9018
10012
2
28
29
30
29% 29
Philippine Ry 1st 30-yr s 1 48 '37 J J 29
Toronto Ham &Buff 1st g 421946 Jr D
Jan'30.
102 102
Pine Creek registered lot 68_1932 J D 102 __ 102
2
96
92% 96
Pitts & W Yu 1st 4Hs Der A_1958 J D 96 Sale 94
1
90
96 90
Ulster dr Del 1st cons g Es__ _1928 in 90
92
94
9318
1st M 434s aeries B
93% 9318
1959 AO 92
8312 Sale 831
1
8518 25
9714 9714
Stpd as to Dec'28 & June'29 tot
9714 --iL
PCC&5tLgu43464
1940 AO 071z... 974
74 Nov'29 ---let cony Eis °Hs of deP
9612 99
98
994 98
Series B 4346 guar
1942 AO 98
581 55 Feb'30
s
1st refunding g 4s
1962 AC 51
12
97 Dec'29 -Series C 4548 guar
1942 MN 96
931
9412
9312
.• 1 91% Bale 93 Jan'30 20
9414, 9414 Union Pao 1st RR & Id gr't4a1947
Series D 4s guar
1945 MN 9412 --- 9414 Feb'3 -93
Registered
J
.
935 935
8
5
8
Series E 3548 guar gold _.,1949 F A 93's.... 93 8 Feb 3 -26
90
1st lien & ref 46
June 2008 M S 89% 904 8938
9634 May'29 --JO 947
8
Series F 48 guar gold
1953
21
971
Gold 434s
1967j J 97% 971 9612
94 Nov'29
Series GI 46 guar
1967 MN 9412
1
10718
1st lien & ref 58
June 2008 m s 107 1081 10718
94% 94%
945 Feb'30 -- -8
FA 9412
Series El con guar 48
1960
8812 Sale 88
est 86
1
40
-year gold 45
1968 .1 D
9812
97
9812
Series I cons guar 4Hs_ _1963 F A 9812 Sale 98%
94
13
9314
96
N J RR & Can gen 48_ _ _ _1944 MS 93
Series J cons guar 4He _ 1964 MN 96% --- 98 Sept'29
1933 J J 954 ___ 96 Noy'28 bole 107s Utah & Nor let ext 45
3 General M 58 series A__ _1970 J D 106 8 107 106% 106%
8714 Oct'29
Vandal's cons g 46 aerie* A _ _1965 FA
102 June'29
in
Registered
May'29
1967 MN 9018
Cons a f ts aeries B
1O61 108
-6 1Gen mtge guar Ss set B__ _1975 A0 564 1 /8 10612 Feb'30
8
1
87
8 33
9
84
Vera Crus & 1 assent 4He_ _1934
3
Jan'29
11312
A0
Registered
Virginia Mid 56 series F_ _ 1931 MS 99%-- 98% Jan'30
1936
10112 Feb'30
General be
N 10012 19112 100 Jan'30 -.10112 10112
102
Pitts MoIC & Y 1st au 66_1932 J J
95
95
3
Va & Southw'n 1st gu 6e---2003 ii --._ 99
10368 July'28
...2d guar 6s
1934 3J
8512
8511
2
1st cons 50
1968 AO 8612 87
-year 5e
100 Dec'29
6
Pitts Sh & L E 1st g lis
1940 w 0 100 8
1034 24
Virginian Ry 1st 58 series A _1962 MN 103 103% 103
10014 Aug'28
---let come'gold ba
1943 J J 9924
102
19
Wabash RR let gold 155
1939
994 Sept'28
N 101% Bale 101
Pitts Va & Char 1st 44
1943 MN 9212
10016 39
2d gold be
1939 FA 10014 10312 100
9112 9111
__ 9112 Jan'30
3
Pitts Y & Ash 1st 45 ser A _1948• D 92
3
Ref & gen sfliHs ger A_1975 MS 10412 sale 10414 104 4 10
Jan'30
10214 10214
48
let gen Se aeries B
1962 F A 1023 105 10214
Debenture B Se registered _1939 S i 9912 Sale 9818 May'29
8
J 13 1021
1st gen be series C
1974
1st lien 60-yr g term 4s_ 1954 is 8212 8412 85 Jan'30 - Fe53'56
7
75
-75-76
Providence Seour deb es__..1957 MN 76
100
3
- 100
1941 J J 100
Det& Chic ext let S.
80 Nov'29
Providence Term 1st 4s
1956 MS 84
88% - . 87 Nov'29 -93
Des Moines Div let g 4s 1939 j
917
8 .56
91
91
92
923
Reading Co Jersey Cen soil 4s'61 AO 91
4
3
83%
I
4
1 July'28
_1941 AO 813 --- 83 4
94
AO
Omaha DIY lat 3Hs_ _
Registered
_ 90 Feb'30 - 1941
Tol & Chic Div g 4s
98% 18
4
•S 89%
97I 9912
Gen & ref 4346 series A __1997 J J 9818 Sale 973
12
10018 Mar'21
Wabash Ry ref & gen be B_ _1976 AO 99' Bale 9812 9912 111
N 105
Rensselaer & Saratoga lls. _1941
9112 23
9112 Sale 9012
Ref & gen 414s series C _ _ _1978 P A
- 7 7818 May'28
i9 e
Rich & Meek 1st g 43
1948 M N
74% 7212 Feb'30 - Warren let ref au g 3346__ _2000 P A 72
Richm Term Ry lat gu Ss_ 1952 J .1 105r2 __- 100 Dec'29
Jan'30
88
Wash Cent let gold 4s
1948 QM
Jan'30
94 94
Rio Grande June 1st gu Ss_ _ 1939 J D 97 99 94
85
Wash Term lat ICU 3J48
1945 FA 8412 -- 85
May'28
1
5
Rio Grande Sou 1st gold 48_1940 J J
1
90
8- 90
1st 40
1945 FA 893
-year guar 45
1
- 712 Apr'28
Guar 4s (Jan 1922 coupon)'40 S i
3
8 & NW 1st gu bs_ _1930 P A 993 100 99 4 Jan'30 -9214 25
92l W Min
91
Rio Grande West 1st gold 48_1939 J J 9114 We 9114
8112 58
2
1952 AO 8012 Sale 8012
84
Maryland lot g 4a
84
84
8112 8852 W let &
,
1 -)1et con & coil trust 48 A _ _1949 AO 83
9
97
ref 514s series A_ _ _1977 J J 95% Sale 95%
9534 97%
97% 33
RI Ark & Louis 1st 4%e__ _1934 M S 97% Sale 9712
4
1937 iJ 10014 1001 1004 Feb'30
West N Y & Pa 1st g be
75
75
75
75
75
81
Rut
-Canada let gu a 43__ _ _1949
5
9014
1943 AO 90% 91% 9014
Gen gold 4s
86 Feb'30
86
86
86
Rutlandjlat con a 434s
1941
9814 42
Western Pac 1st ser A 513._ _1946 MB 98 Bale 98
_
97 Feb'30
Registered
MS
85
86% 85 Feb'30
85
85
St Joe & Grand Isl let 4s_ _ _1947
8814
8
2361 J J 88 Sale 8712
West Shore 1st 45 gnat
963 Nov'29
4
St Lawr & Adir lat a be
1996 Ji
8554
3
3
2381 J J 85 4 Sale 85%
Registered
10112 1011
101 1
2d gold 66
02
1996 AO 101
983
98% 99 2 Wheeling & Lake ErieSt L & Cairo guar if 46
,
1931 J J 08% 9912 98%
9912 Nov'29
8
1930 FA 993
52 100 10012
1001
Ext'n & Rapt gold 58
St L Ir Mt & S gen con a 55_1931 AO 10014 Sale 10018
9112
4
Refunding 434a aeries A _ _1966 MS 9114 - - 9112
A0 --_ -- 1013 Dee2
Stamped guar 5s
1931
Jan'30
45
series B..-1966 385 9814 fof 100
964
963
Refunding 58
95S 9O
' Rly &0Div 1st g 4s
1933 MN 9612 Bale
1949 MS
9
89
'4
8914
9978 1001, RR 1st consol 48
St I. M Bridge Ter gu a Ss_ _1930 AO 99% 1001s 99% Feb'30
66
66
1942 J I) 65
116
68
10
90
Wilk & East 1st gu g 511
8712 90
St L-San Fran pr lien 48 A.1950 MS 8912 Bale 88
98 Nov'29
1938 in 99
901 154
8811 9114 Will & 8 F 1st gold 58
Con M 430 series A
1978 MS 90 Bale 8912
85% 91l 82 Nov'29
30 100 10214 Winston-Salem S B 1st 46_1960 j
1011
Prior lien 58 series D
1950 S i 10112 Sale 10114
4
82
8
100% 101% Wig Cent 50-Yr let gen 43-- -1949 Si 82 Bale 813
St Louis &San Fr Ry gen 65_1931 Si 10014 1014 10114 Feb'30
86 4 90 90
3
9114
4
sup & Dul div & term lit 48.36
100 10112
General gold 5s
1931 S i 100 10014 100 Feb'30
93
7 79
99% Nov'29
Oct'29
4345_1943 is 85
S i 102%
Wor & Conn East 1st
St L Peor & N W lit gu 56-1948
r Cam
d Due May. R Due August. e Due June.
90 90
1
8312 87 4
9324 95
9114 93
8.8% 9138
66
98
10611 110
87
14 8914
934 94
...____
714 9
9812 98
1s
100 100 4
8
95 95
847 87
e
1021s 106
10118 102
99% 101%
101% 1004
8486
100 100
8114 8338
8814 90
97 8 100 4
3
3
3
883 93 1
4
7212 7212
8338 88
14
8414 88
S314 90
993 99 4
4
8
8114
80
945 97
8
98 103
8818 92
12
9712 99 I
97 97
86% 8918
85% 88
-50- Ili;
983 100
4
88
14 8914
6214 68
_
r- ils2
89st 91%
1250
BONDS
N.1Y. STOCK EXCHANGE
Week Ended Feb. 21.
New York Bond Record—Continued—Page 5
rs
t
Price
Friday.
Feb. 21.
Week's
Range or
Last Sale.
.3 •
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
Et
Price
Friday.
Feb. 21.
Week's
Range
Range or
Since
Last Sale. co
Jan. 1,
INDUSTRIALS
Bid
Ask Low
High No Low
High
Abitibi Pow & Pap Ist 5e_ _ _ _1953 JD
Bid
Ask
83 Sale 8212
High 1‘7,, Low
High
8314 88
8214 84
Detroit Edison let coll tr 58_1933 J J 10012 Sale Low
Abraham & Straus deb 5 As-1943
10014
10012 27 10014 101
let & ref 58 series A _July 1940
With warrants
S 10112 Sale 101
AO 983 sale 983
10212 12 101 103 4
4
4
9912 10
,
98
9912
Gen & ref 58 series A
Adriatic Elec Co esti 78
1949 AO 103 Sale
1952 AO 9814 100
99
99
12
,
96 100
1st & ref 65 series B_ _July 1940 M S 10612 Sale 10212 0104% 60 101%0104 8
Adams Express colt It g 48_ _ _1948
S 8414 Sale 8314
10612
25 106 10714
8412 19
82
8412
Gen & ref as series B
JD 1023 10312 10212 10714
Ajax Rubber let 15-yr f 88_1936 JO 46
1955
4
7 102 10314
4938 4978
10252
497
4
8
497 497
8
8
Series C
Alaska Gold M deb 65 A. _ _ _1925 MS
1962 FA
8
514 812 514 Dec'29
10312 2:3 102% 10312
Bet United let cons g 4 As_ _1932 33 1027 117 - 10314
Cony deb 65 series B
961,
1926 MS
963
8
514
5
963
8
98
96
Dodge Bros deb 6s
Albany Pefor Wrap Pap 6a_ _1948 AO 91
1940 MN 943 Sale 94
;
9412 124
9118 90' Dec012 - 1
9 29
.
5 14
2
9212 94 2
85
,
91% Dold (Jacob) Pack let
Allegheny Corp col tr 58......1944 F A 1013 Sale 10112
_ _ _1942 MN
6814 68 Feb'30
4
10212 149
70
87
99 10212 Dominion Iron & Steel 55_ _ _1939 Si S 68
Coll & conv 58
JD 1003 Sale 100
1949
10112 Dec'29
_
4
10212 184
99 10212 Donner Steel let ref 78
Allis-Chalmers Mfg deb 53_.J937 MN 10011 Sale
1942 3,
10212
2
10212
993
4
100 8 12
5
1- 1
6•11993 10114 Duke-Price Pow let
4
Alpine-Montan Steel lot 7s_ _1955 MS 95
A _ 1966 MN 103:8 Sale 103
1
26 10318 10434
% 104
9612
4
95
6
91
95
Duquesne Light 1st 4 A A _ _1967 AO 98
Am Agric Chem let ref f 7 As'4 I FA 104 Sale 943
99
973
4
9812 88
9614 100
Amer Beet Sug cony deb 138_1935 FA 79 Sale 10312 10412 15 103 01043 East Cuba Sug 15-yr s g 7M: 95 NI
80
'7
93
84
8312
2
79
3
8312
79
66 086
80
75
Ed El III Bkln let con g 4s__ _1939
American Chain deb s f 68._ _1933 AO 100 Sale 9912
J 96
963 96
4
3
9634
10014 27
94% 963
4
97 100, Ed Elec III 1st cons g 55
4
.1 10814 111 109
Am Cot Oil debenture 5e _ _ _ _1931
N 995 Sale 99:
Jan'30 _
8
18
995
8 11
109 109
99 100
Edith Rockefeller McCormick
Am Cynamld deb 5s
1942 AO 9614 Sale 9614
963
4 20
96
9812
Trust coil It 6% notea__ _1934 43 .1 101 Sale 10012
Amer Ice s f deb 5s
1953 JD 87
10112 31 10012 10184
89 87
863 8914 Elec Pow Corp(Germany)8348'50 MS
4
Amer 10 Chem cony 5 As_ _1949 MN 101 Sale 100
9112 37
8912 92
10114 17100 100 1047 Elk Horn Coal let ref As 1931 JO 9112 Sale 9012
87
8
Amer Interrult Corp cony 510'49 ii 94 Sale 94
&
6
8312 90
8314 Feb'30
9514 216
82
84
93
965
8
(Deb 7% notes(w1th warr)1931 JO 657 84 66
Am Mach & Fdy et 6s
8
1939 AO 1037 Sale 1037
8
Jan'30
1 1033 1057 Eqult Gas Light 1st
66
66
8
1037
8
4
8
Am Nat Gas 6 As (with war)1942 AO 74 Sale 735
con 581_ _ 1932 MS 100
_ _ 100
3 100 100
100
70 07612 Ernesto Breda Co 1st m 7s_ _1954
Am Sm & It 1st 30-yr 58 ser A '47 AO 100 4 Sale 10038 07612 11
,
101
8
40
99%0102
With stk purch warrants
PA
Amer Sugar Ref 15-yr 6s_ _ _1937 J J 1035 Sale 10312
4
8
4
7534 80
104
793
45 10314 105% Federal Light & Tr 1st 55_ _1942 MS 753 Sale 753
4
5
Am Telep &Teleg cony 4s
95 Sale
1936 MS 943 95 95
955
8
4
3
94
95
9612
6
9434 98
1st lien s I 5s stamped.....1942 MS 95 Sale 95
30
-year cony 4 As
B 9912
1933
95
96
3
993 Jan'30 —
8
9412 96
9918 100
1st lien 6sstamped
1942 MS 101 1021, 1015
30
-year coil tr 5s
1946 JD 1037 Sale 1033
8
102
11 100 8 10212
8
8
1037
8 65 103 1044
5
30
-year deb 6s series B
1954 JO 98
Registered
JO
9612 9412 Feb'30 - -- 103 103 Feb'30 9218 9412
103 103
Federated Metals s f 78
35-yr s f deb 55
1939 in 10112 Sale 10112
1960
J 10114 Sale 101
102
0 100 102
10112 145 101:18 104
Flat deb 7s (with wart)
20
1946 3, 10312 110 106
-year s f 5143
1943 M N 1057 Sale 10512 1057 141 10434 10714
4 104 107
8
106
8
Without stock purch warrants_
Cony deb 4 As
913 923 92
4
1939
4
J 15312 Sale
9212 27
93
160 11639 13714 160
4
90
Fisk Rubber 1st s f 88
MS 81 Sale 81
35-yr deb 5s
1965 k A 10114 Sale 1483
,
85
10
101
1013 560 10018 1013 Framerican Ind Dev 20-yr 7 A1942 J
8
75
86%
Am Type Found deb 68
8'4 1
J 10612 Sale 10614
1940 A 0 10418 105 105
1073
4 34 10312 1073
105
4
6 103 105
Francisco Sugar Istef 7 As_ _1942 MN 95
Am Wat Wks & El col tr 5s_ _1934 A 0 10014 Sale 10014
97
8 96 97
97
10012 51
993 101
4
French Nat Mall SS Lines 761949 3D 10314 Sale 9614
Deb g 6s series A
1975 MN 10614 108 1051 1
10314 10334 30 10234 104
106
14 10414 106
Gannett Co deb 68.....
Am Writ Pap 1st g 6s
FA 87 Sale 87
- 1943
1947 J J 79 Sale 79
87
5
80
11
69
8614 88
81
Gas & El of Berg Co cons g 5e 1949 in 10018
Anglo-Chilean s I deb 78_ _ _ _1945 MN 8712 Sale 87
9978 Feb'30 -997 997
873
8
8
4 21
8312 8734 Gen]Amer Investors deb 55.1952 FA 83 Antilla(Comp Azuc) 79-54.__1939 J J 50 Sale 50
85
8312
85
8
82
51
85
8
49
52
Gen Cable 1st f 5 As A_ _ _ _1947 33 1003 101 10058
Ark & Mem Bridge & Ter 58_1964 M
4
10112 24
99
___ 100 Feb'30
99 10112
98 4 100
,
Gen Electric deb g 33-65
Armour & Co let 430
1942 FA 94
943 04 Feb'30 _ - -1939. D 887 Sale 885
1
4
8
94
8912 49
94
88
895 Gen Elec (Germany)75 Jan 15'45
Armour & Co of Del 55s_ _ _1943 J J 84 Sale 84 8
'3 10214 1023
4 26
1023
8412 45
9914 10234
8214 8534
f deb 6 As with warr_ _ _ _ 1940 JO 115 117 4 11514
Associated 0116% gold notes 1935
10212 103% 10212 10212
109 124
8 102 103
Without warets attacted_1940 JO 983 Sale 983
Atlanta Gas L 1st 55
4
4
1947 JD 10214
9934
16
_ 1013 Jan'30 4
9513 9914
1013 101 4
4
20
,
-year s f deb 6s
MN 94 Sale 92
Atlantic Fruit 75 ctfs dep
1934 Jo
86
94
125 May'28
8
0218 94
Gen Mot Accept deb Os
FA 1027 Sale 1025
Stamped ctfs of deposit
JO
8
8
10318 165 10012 103 8
1
125 May'29 8
,
Gerd Petrol 1st f Is
Atl Gulf & W I SS L col It 58 1959 .1
199478 FA 10014 10114 10014
119430
10118 34
75 Sale 7414
997 1017
8
703
8 25
8
7318 773 Gen Pub Serv deb 53
8
Atlantic Refg deb Is
1939 J J 9612 Sale
-Os
1937 22 10014 sale 10014
97
146
1003
4
9312 98
9 100 10118 Gen'l Steel Cast 5 As with war '49 J J 103 Sale 9612
Baldw Loco Works 1st 5s_ _ _1940 MN 106
103
10318 53 101 103,
107
8 105 107
8
Good Hope Steel & I sec 7s_ 1945 AO 963 Sale 9514
Baragua (Comp Az) 7 As_.1937 J J 8512 107 106
4
6
97
8714
9212 97%
87
4
86
91
Goodrich(B F)Co 1st6 As_ _1947 J J 10612 Sale 106%
Batavian Pete gen deb 4 As_ _ 1942 J J 9314 Salo 87
107
27 105 107
93
951
48
923 9512 Goodyear Tire & Rub 1st 55_1957 MN 9212 Sale
4
Belding-Hemingway 6s
915
1936 J J 70
9214 205
8
90 9214
70
6
70
75
Gotham Silk Hosiery deb 68.1936 3D 907 Sale 901.
Bell Telep of Pa 5s series B...1948 J J 102% Sale 70
8
907
8
7
103 10212 1033
87
90%
4 2
0 10212 106
Gould Coupler lets f68
1st & ref Ss series C
1940 FA 7012 Sale
1960 AO 104 Sale
1
7012
69
73
10514
3 104 1063 Gt st & E Power(Japan) 781944 FA 997 Sale 7012
iCons El
4
Berlin City Elec Co deb 65e1951 3D 9012 Sale 104
,
e9s,m,
8
9914
997s 28
9714 100
90
91
19
88
911 2
Deb sink fund 6 As
J J 043 Sale 04
4
1959 FA
943
4 39
9118 943
4
8812 42
843 90
4
Gulf States Steel deb 5 As_ _1 9 9 JD 9812 Sale 9818
Berlin Rice El & Undg 6 As_ _1956 AO 88 Sale 87
5
1942
983
4
14
90 4
97
99
s
92
23
86
9214 Hackensack Water 1st 4s_ _ _1952 J J 85
Beth Steel let & ref 55 guar A '42 MN 1023 Sale 903
87
85 Feb'30
Sale 1015
85
87%
102
8
11 10112 104
Harpen Mining 6s with stk purch
30-yr p m & Imp s f 5a__ _1936 3,
101 Sale 101
10218
13
993 104
4
war for com stock or Am she '49 32 92 8 _
Bing & Bing deb 634s
,
_ 93
1950 MS 90 Sale 00
9312 13
874 0313
90
2
8614 90
Hertford St Ry 1st 45
Botany Cons Mills6 As
1930 St S 9012
9611 Aug'29
1934 AO 40 Sale 40
4018
7
40
47
Havana Elec consol g 5s_ __ _1952 FA 84 -- — 8312
Bowman-hilt Hotels 7s
85 8
3
S 104 Sale 104
1934
8 -1 5r2
84
3
104
25 101 105
Deb 5As series of 1928_1951 MS 66% 6714 6618
B'way & 7th A v let cons 5s _ 1943 3D
4
6612
38
6214 6612
417
8 34
35
441 R0e( t):1493cr lst 6,seiAt 1934 A0 80
: H0 . A Co i3 0As u r A
,d
a1
Brooklyn City RR 1st 55.. _ _ 1941 32 4018 42
9
)
84
80
2
80
84 Sale
75
80
84
16
8212 86
Bklyn Edison Inc gen 58 A _ _ _1949 J J 10418 Sale 84
N 82 Sale 82
82
1
82
9218
104
10412 42 10312 105 8 Hudson Coal let
,
Bklyn-Man St T sec(Is
6
1 9 7 D 72
f Meer A..1942
70
703
1968 J J 9712 Sale 97
4
99
71
6512 713
4
9712 135
9412 9712 Hudson Co Gas 1st g .58
Bklyn Qu Co & Sub con gtd 55'41 M N 7112
1940 MN 102 10412 102
102
1 10118 103
73
71 Feb'30 -71
Do 0 &
7514 Hum ble0 113s Refining 53-0_1932 J
,
1st 58 stamped
,1
1017 Sale 10112 102
8
1941 J
175 101 10214
7312 Dec'29
__
Brooklyn It Tr 1st cony g 48_2002 J J 7512 02
A0 993 Sale 993
4
4
1 1
100'4 28
99 4 100 s
9212 June'29 _ _ _
,
7
Illl ngi s stoel deeph one 55_ _ _ 1937
i A . e1I Telb 4 is
l 1.3
3-yr 7%s °cured notes _1921 3.1 105
D 1033 Sale 1033 c105
95
6
4
2
23 103 105
-_ 18814 Nov'28
Bklyn Un El let g 4-58
A0 9814 Sale 98
1950 FA 85 983
4 17
8818 8712
97 102
88 —
15
84
88
Moder Steel Corp mtge 69_ _ _1948 FA 8712 Sale 86
Stamped guar 4-58
1949
1950 F A 88 Sale 8712
8712 53
82
88
8712
5
85
88
Indiana Limestonelst s f 68_1941 MN 70 Sale 697
Bklyn Un Gas 1st cons g 58_1945 MN 1041
o,3a
8
7014 21
2 --_- 10418
68
7012
105
17 10418 10514 Ind
let lien & ref Ss series A
Gas &
MN 100 _ _ _ 10012 Feb'30
_1947 MN 114 - _ 114 Feb'30 ---- 114 117
-100 101
Inland Steel 1st 4 As
AO 9212 Sale 92
Cony deb g 55s
1936 J J 209 ____ 255
923
4 67
91
Oct'29
9412
Inspiration Con Copper
Buff& Susq Iron lat s f 5s_ _ _1932 JD 9414
MS 10014 10034 10012 10012
3 10018 100 s
__ 96
Jan'30
7
9e: Interboro Metrop 43Os 6%8 111999373881
Bush Terminal 1st 4s
912 20
912
912
1952 AO 8713 -.
1
8814 8712 Feb'30 - -66" -- InserbopedRap 'Fran-1st 59_ 1956 AO 6578 Sale 8513
912 912
8714 8912
t ta m ro
Consol
'3
966
J J 975 977 9714
1955
67
86
5113 8814
8
8
977
4
8
04
98
Bush Term 'lifts 58 gu tax-ex '60 AG 1004
.1
6512 Sale 6512
8112 6814
(163 105
8
10212 101
10114
3 10014 1025
8
By-Prod Coke 1st 5 As A
Registered
80
34 Jan'30 -_1945 MN
6034 60 4
Sale
101
3
13 100% 10218
10-year Os
Cal0& E Corp unit& ref 58_1937 MN 10014 Sale 10014
2
1 93 m s
notes_ _1932 A O 543 Sale 543
4
4
56
22
4
1003
51
67
1003
1003
s
4 12 100 8 1027
3
ICI-year cony 7%
8
Cal Petroleum cony deb s It 551939 FA
8912 Sa'a 8912
91
55
4
943 Sale 9414
84
92
943
4 41
94
95
Int Agric Corp 1st 20-yr 5s...1932 M N 94
Cony deb s f g 53-4s
95 9312 Jan'30
MN 9912 Sale 9914
1938
9312 9312
100
77
9812 Iowa
Stamped extended to 1042....MN 737s 79
Camaguey Sug 1st s f g 75._ _1942 AO
7312
7434 22
62
7214 743
59
4
4
58
Sot Cementcony deb Se_ ..1948 MN 95 Sale 94
60
Canada SS List & gen 65_1941 AO 58 Sale 59
95
40
9514
9514
91
95
0512
6
9434 9512 Internet Match s f deb 55 _ _ 1947 I'd N 9714 Sale 9714
Cent Dist Tel
30-yr 5s... _1943 30 103 10312 103
98
63
97
98
10314
4 10218 104
Inter Mercan Marine s f (is_ _1941 A 0 975 Sale
Cent Foundry lstefSsMsy 1931 FA
8
9752
9814 35
7912 85
963 987
4
80
Jan'30 __-4
80
8111 Initrf strerSs ser A & B.1947
tee na i seriee A
Cent FIud G & E 53
J 8514 Sale 85
Jan 1957 M 13 1027
861s 70
8
83 90
18
Central Steel 1st gel 8s.. _ _1941 SIN 12212 10312 10212 Feb'30 _--- 10214 10212
86 Sale 8512
8(13
2 18
Sale 12212 12212
85
90
3 121 12314 Int Telep & Teleg deb g 43-4s 1 955 J
Certain-teed Prod 5 As A _..1948 M
19 2 M
893 Sale 8932
8
Sale 5514
90
65
893 94
8
5812 32
54
61
Cony deb 4 As
Ceepedes Sugar Co 1st s f 7 As'39 M S 5514
121% Sale 119
1243 908 116 125
4
14
7814
78
78t4
Deb 55 when issued
Chic City & Conn Rye Sedan 1927 AO 7412 Sale 7412
1939 F A 9612 Sale 9612
5
2
961s 588
44
963 Ws
8
51
83 July'29 __ -Ch G L & Coke 1st gu g 5s_ _ _1937 3,
_ 1952 5.1 5 10418 Sale 1041s
B
r Lt 6
10414 60 103 105
10018 Sale 100%
100 8
5
5 TOO- 10-- Ka stgoC IAs7
1
lnsas idit P
Chicago Rye 1st .58 stamped
9812 Dec'29
95,
-Kansas Gas & Electric 6s_._1952 511 S 105 4 sale 10412
Aug I 19291nt 10% paid_ _1927 F A 693
7
1 95 2 2
105
44 104 ici618 71
69
71
1
6
69
7512 Karetadt (Rudolph) 6s
Chile CoPper Co deb 58
7434 Sale 7414
1947
J 9512 sale 95
6912 7614
7512 25
95 12 119
9412 9614 Keith(B F) Corp let Os
Cln G & E 1st m 45 A
82 Sale 8012
1968A0 8714 Sale 87
82
15
74
82
8712 10
86% 89% Kendall C e10 sC0t1n arr. 19363 3% N 9012 Sale
Clearfield Bit Coal let 48_ _ 1940 JJ 64
5, 1 h wat 4 19448 M S:
A w
: 5 51
9
8A C)
8912
9012
8
77
89
63
Jan'30 _ _
9012
83
63
Keystone
Colon Oil cony deb 68
775 78
8
75 Feb'30
1938 F A 8214 Sale 78%
75
7512
8312 60
71
87 4 Kingse
,
pur Chaous:tyoEnely&64P g 5s.- -1937 A 0 100% 10218 1004 100-34
ColoF & I Cogen st 5s
1943J J 9712 98
/
1
1 10014 102
98
95
98's
Col Indus 18t & colt Ea gu —1934 F A 94 Sale 931.8 Feb'30
m
126 127 12012
12618
2 125 1262
8
95
5
9212 95% Kinta Coungusrlev lst g 46._ 2 F I A
gsm9 ty E u
ed
Columbia G & E deb 5e May 1952 M N 99 4 Sale 9912
7712 Sale 7712
99
4
7712
6
3
7512 777
8
100
86
985 10012
8
Stamped
Debentures 5s_ _ __Apr 15 1952 A 0 1003 Sale
74
7734 78
Feb'30
4
7512 78
1003
993
4 10
4
983 100 4 Klngs Cou ef6H Li
4
First& rnty Ughtlag
3
Columbus Gee let gold 5s
10212
10212 10212
1932 J J 95 4 9614 9512 Jan'30 _.-be-3
1 10012 10212
54 F
49 J
95
9512
Columbus Ry P h L 1st 4 As 1957 J J 9112 92
11318
-- 115
Jan'30
115 115
9112
9214
6
90
94
Kinney(OR)& Co 714% notes 5 j
CommercialCredltsf6,.1934 MN 983 9912 987
10112 10412 102
1934 J
'6
3 101 103%
102
4
8
99
10
9334 99
Kresge Found'n colt tr
D 103 Sale 1023
Col tr f 5 As notes
1936
4
19352 .1 97 Sale 9634
10318 27 10214 10314
97
33
85
97% Kreuger & Toll 5s with war...1959 M S 9513 Sale 95 8
Comm'l Invest Tr deb 68_ _ _ _1948 M
3
96 '289
93 Sale 90
92
93
96 8
5
46
86
94
Lackawanna Steel 1st 543 A _ _1950 M 8 10012 100 4 101
Cony deb
3
F A 8512 Sale 8512
101
100 102
87
76
83
8812 Lac! Gas of St L ref&ext 58 _1934 A 0 10012 102
Computing-Tab-Roesf 68_1941 J J 104 --_. 10414
53049
993
4
19
100 2 48
,
99 101
1041 2
3 10312 1047
Col dc rof 5 As series C._ _1953 F A 1023 Sale 102
8
Conn Ry & L 1st & ref g 4 As1951 J J 94
4
103
45 100 4 1043
9914 9512 Jan'30 __-3
8
9512 9512 Lautaro Nitrate Co cony 68_1954
Stamped guar 4 As
1951 .1 J 94
95 4 94
3
94
93' 0612
2
2
Without warrants
J J 8134 Sale 80
Consol Agricul Loan 8 As_.
_1958 J 0 8414 Bale 84
81% 129
74
813
4
843
4 30
7612 8512 Leth va eyavefitti:...1053 .1 3 945 96
Le
C t N c.l
8
Consolidated Hydro-Elec Works
s. 1934 j J
05
9514 25
9418 97
100 10014 100 Feb'30
of Upper Wuertemberg 78_1956 2 J 9114 913 9114
4
9912 100
9114
2
89
92
let 4O-er gu It red to 4%.1933 .1 J 9512
t,,, rytsf38
Cons Coal of Md Ware 50_1950 J D 61 Sale 61
_ 96
Oct'29
63
30
60
63
Consol Gas(N Y)deb 5 As_ .1945 F A 10512 Sale 105
1934 F A
101
Dec'29
1053
4 63 105 106
1st & ref s 5s
1944 F A
Consumers Gas of Chic gu Ea 1936 .1 D 993 101 1003
i 8514 8114 Feb'30
-804 - 8
8V14
101
4
6
9812 101
1st & ref f 5.9
1954 F A
Consumers Power let
737 74
8
74
M N 1023 Sale 1023
2
74
4
74
10'231
4
17 10214 10334
1st & ref a f 58
Container Corp 1st 68
72 Sale 71
72
2
1946 J D 90
927 91
8
91
704 7614
1
8918 9212
Ist & ref s f 5s
I5-yr deb 58 with wart
70 Sale 70
70
1
1943 J D 803 Sale 78
75
70
4
80
34 35
77
804 Liggett & Myers Tobacco 78_ 19944 F 0 11912 1193 119
A AA
4
Copenhagen Telep 58 Feb 15 1954 F A 943 9512 94
11 97(14
4
11934
10 11713 1193
8
4
9414
3
913 9414
4
55
Corn Prod Refg 1st 25-yr s Se'34 M N 101 Sale
101: Sale 1003
18
8
101%
15
9024 1017
2
101
5
11
9712 102
Loew's Inc deb Os with warr _ 1941F O 109 4 Hale 1077
Crown Cork & Seal s 6s_ _ _1947 J D 96 Sale 100 3
951 A A
3
8
110% 54 10112 1102
4
96
96
5
951 2. 99
Without stocks purch warrants A 0 943 Salo 94
4
Crown-Williamette Pap 65..1951 .1 J 1004 Sale 10012 101
95
63
9134 95
/
1
66 10038 102
witho,Else 1st 78
Lombard twarr.0 with war '52 „I D 9512 96
Cuba Cane Sugar cony 7s
a
2034
9618
1
93
1930 .1 J 41 Sale 41
9714
408
3512 4118
9
J D
Certificates of deposit
95 4
3
96
23
4212 Sale 41
93
9612
421
. 15
36
43
Lorilliard (P Co 75
)
Cony deben stamped 8%.1930 J
1944 A 0 108 10834 10812
10810 12 104% 10812
41
45
41
41 18
10
3618 43
,2
Registered
Ctfs of deposit
1023 Dec'29
4
42
10
38
4314
58
Cuban Am Sugar 1st coil 88_1931 M S 42 Sale 41
8312 85
84
igi - 1
s 81 4
843
4
993 10012 993
4
10018 27
4
9912 100%
Deb 5 As
Cuban Dom Sug let 7 As_ _ _1944 M
9014 Sale 90
9012 50
84
9012
N
39
43 4412
4412
3918 47
4
Louisville Gas & El(Ky)68_19352 2F N 10012 101 101
Certificates of deposit
99571 M A.'
10112
7 100 10134
39 Sale 38
39
12
38
44
Louisville Ry 1st cons 5s. _ _ 1930 J J
Cumb T & T 1st & gen 58)._ _1937
87
89
3
89
87
3
1001401023 Lower Austria Hydro
4
101
4
Cuyamel Fruit lets f135.&._1940 J J 100 8 102 1003
El Pow—
A 0
8
103
8
15 10214 104
lstsf()As
Denver Cons Tramw let Se..1933 A 0 1025 Sale 1025
5, 1944 3 D 8312 843 8312
0 41 F A
8312 10
80
847
s
Den Gas & E L 1st & ref s g5e'51 MN
Stores Corp deb 5
9814 Sale 9712
99 8 1
9812 37
9812 9812
3
-68i4 - 7- '/ 14
7
99 101
Mental Sugar 1st f 7 As_ _ _1942 A 0 85 Sale
tal
Stamped as to Pa tax
847
8
1951 MN 96 101 10012 Feb'30
85%
16
7012 86
9812 10012 Nlanhet Ry(N Y)cons g 48_1990 A 0 59
Dery Corp(D G) lets I 78 1942 M S
591 59
593
54
4 21
60
50
Oct'29_
61
2d 4s
Second stamped
47
54
47
__ _
Jan'20
47
47
3312 40
Jan'30
—
4(1- Manila Elec Ry & 1-t a 1 58_ _2 53 M D 90
1913I
°
98
947
8
95
94
95
0 Cash sale
co.a
••••
he
Dn't9
1251
New York Bond Record-Concluded-Page 6
BONDS
N. Y STOCK EXCHANGE
Week Ended Feb. 21.
Price
Friday,
Feb. 21.
Week's
Range or
Last Sale.
0:A
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 21.
Price
Feb. 2,1.
Week's
Range or
Last Sale.
alc.c
Range
Sines
Jan. 1.
Ask Low
Bid
High
High No Low
High
High No. Low
Ask Low
Bid
4
97
9
96 1085
8
Reinelbe Union 75 with war.1940 .1 J 963 Sale 96
76
78
76 Feb'30
Marion Steam Shovel at 68_1947 A 0 7514 80
4
4
90
3
90
9712
Without elk punch wart._1946 J I 953 963 90
Mfrs Tr Co Ws of partic in .
8
8
100 103
Rhine-Main-Danube 75 A..1950 MS 10112 1027 100 Feb'30 - 98
9612 98
08
9612
6s__1943.1 D 97
A I Namm & Son 1st
1 100 10214
Rhine-Westphalia El Pow Is 1950 MN 10014 10118 10014 10014
90
94
923
4 41
Market St Ry 7s ser A _April 1940 0 .1 9112 Sale 91
91
2
9
88
91
4
1952 MN 91 Sale 8912
Direct mtge 6s_
9714 100
4
9912
4
Meridlonale Elec 1st Th.._ _1957 A 0 983 Sale 983
33 924
9234 102
8 101 103
Cons M 6807'28 with war.1953 FA 9238 Sale 92
Metr Ed let & ref 53 ser C--1953 J J 10212 103 10214 10214
8818 90
8714 Feb'30 ---85
90
6714
3
6714
Without warrants
6618 6814
Metr West Side El(Chic)48_1938 F A 6618 68
96
59
95 c971
1944 MN 95 Sale 95
Richfield 011 of Calif 138
81
81
81
Jan'30
99
Wag Mill Mach 7s with war_ 1956 J D
9714 9514
96
5
8812 c98
1955 F A 96
Rime Steel 1st s f 78
83
80
854
D 85
8512 854
Without warrants
10712 18 1063 10828
8
4
4
Rochester Gas & El 75 ser B_1946 MS 1063 1073 107
993 101
4
3
Midvale St dr 0cony s f 521_ _1936 M S 10018 Sale 10018 100 4 33
10512 10512
5 105 10512
1948 58 S 105%
99% 14
Gen mtge 54e series C
9712 997
8
J 994 Sale 9912
Milw El Ry & Lt ref & ext 430'31
97 Feb'30 - --97
97
Gen mtge 434s series D_ _ _1977 M S
997 100 4
8
3
9978 16
8
General & ref 55 aeries A _ _1951 .1 D 997 Sale 9928
90 Nov'29 -99
9814 34
963 9912 Roch & Pitts C&Ipm 58_ _1946 MN 87
4
1961
D 9814 Sale 98
1st di ref 58 series B
941k
1
94
94
94
9712 9912 St Jos Ry Lt H & Pr 1st 55.1937 MN
196I J D 983 Sale 9818
983
4 83
4
1st & ref 58 ser B temp_
61
Jan'30 --80
61
6 100 10338 St L Rock Mt& P 5s stmpd_1955 J J 614 64
5
3
Montana Power 1st be A __ _1943 J .1 10014 100 8 10012 100 8
827 90 Nov'29 -8
34
9818 1005 St Paul City Cable cons 58_1937 J J
8
9912
1962 J D 9912 Sale 984
Deb 58 series A
1 102 105's
San Antonio Pub Serv 1st68_1952 J J 10412 10514 1044 10512
Montecabui Min & Agric44
99
8
923 99
8
Saxon Pub Wks(Germany) 7e'45 FA 985 Sale 98
10118 108
1937 .1 ..11 10514 108 108 Feb'30
Deb 78 with warrants
91
50
91
8
86
1951 MN 907 Sale 9014
Gen ref guar 6348
95
973
4
973
4 42
without warrants
J J 974 Sale 97
7
66
45
66
8
24
1946.11 6518 657 66
95
984 Schulco Co guar 645
953
4
96
Montreal Tram 1st & ref 58_1941 J J 9612 97
61
4
45
6112
2
Guar 5 f 6348 series B.__ _1946 AO 5714 5912 5714
9114 9134
913
4
ref sf58 series A _1955 A 0 9114 911 9114
Gen &
9712 17
95
9718
917 9178 Sharon Steel Hoops f 54E0_1948 MN 9612 Sale 9618
8
8
Series B
1955 A 0 9114 --- 917 Jan'30
934 123
9212 96
8418 10
8418 8412 Shell Pipe Lines f deb 55_ _ _1952 MN 93 Sale 93
_ 8412
Gen & ref s 448 ser C_1955 A 0 8312
4
94 3 107
9312 9614
22
81
81
8212 Shell Union Oil s f deb 5s _ _ _1947 MN 9414 Sale 94
Morris & Co 1st f 434e..._ _1939 J J 81 Sale 81
177
99
975 99
1
1949 AO 9818 Sale 9812
Deb 59 with warn
7314 7314
7314 Jan'30
Mortgage
-Bond Co 46 ser 2_1966 A 0 73
75
8714
897
8 23
4 92
85
Shinyetsu El Pow 1st 64s_ _1952 J o 8714 89
9612 97
8
10 -year 55 series 3..._1932 .1 J 9412 965 97 Feb'30
-25
7
453
41
4712
455 45
8
9514
1942 ID 45
4
9514
89
9513 Shubert Theatre (is _June 15
Murray Body 181 6345
1934.1 D 9514 Sale
101 103
4
6
1935 II 10014 1023 102 Feb'30
997 10114 Siemens & Halake e f 78
8
Mutual Fuel Gas 1st gag 58_1947 M N 10112 103 10114 10114
2 1054 46 10112c10614
1951 MS 105 Sale 1041
Deb f 648
985 985
8
985 Jan'30
8
s
Mut Un Tel gtd 68 ext at5% 1941 MN
4
2 963 9914
07'z
Sierra dz San Fran Power 5s.1949 FA 9712 Sale 9712
Namm (A I) & Jon-See Mfrs Tr
8012 83
5012 5514 Silesia Elec Corps f 634s._.194 FA 8212 8712 8212 Feb'30 -5514 15
0
Nassau Elec guar gold 4s_ __1951 .1 .1 5514 5512 54
9114
4
904 9278
8
4
8 1015 1023 Sliesian-Am Exp colt tr 7e_ _1941 PA 913 927 9112
8
4
8 1013
8
4
Nat Acme lst s f 6s
1942.1 0 1015 10214 1015
10114 Sale 10114
1017
8 59 100 4 102
3
-year 78_1937 M
973 9914 Sinclair Cons Oil 15
4
Nat Dairy Prod deb 545_ _1948 F A 984 Sale 98
984 88
5
995 10012
8
5
1st lien coil Os series D
1930 MS 10014 Sale 10014 100 8 66
24
40
30
8
Nat Radiator deb 640
1947 F A 2978 Sale 297
994 100
12
1st lien 0348 series D
1938 ID 10038 Sale 10018 10012 43
994 100
Jan'30
99____ 99
Nat Starch 20
-year deb 58_ _1930 J
9814 94
947 9814
8
4
1 1024 10212 Sinclair Crude Oil 5.4s ser A.1938 II 9818 Sale 973
Newark Consol Gas cons 58.1948.1 D 10212 103 10212 1024
9514 52
9V8 957
a
2 104 1054 Sinclair Pipe Lines t 58
1942 A0 95 Sale 95
New Engl Tel & Tel 5e A_ _ _1952
4 1044
D 10312 1047 1043
s
92
18
91
9314
1939 MS 92 Sale 91
9818 993 Skelly Oil deb 530
4
lst g 4345 series B
4
984 24
1961 MN 9812 983 9814
24 10112 10212
4
82
885 Smith(A 0)Corp 1st 646_1933 MN 1013 Sale 10112 102
885
8 34
8
New On Pub Serv 1st 55 A_ _1952 A 0 8818 Sale 8614
10414
1 10414 107
10418 1051 10414
48
South Porto Rico Sugar 78._1941 J
83
87
87
First es ref 5s series B..._1955 J D 8712 873 855
8
4
10214 68 1015 102
12
6
8
81
Y Dock 50
8014 8212 South Bell Tel & Tel 1st stOs'41 Ii 10214 Sale 102
8
-year let g 48_ _1951 F A 803 Sale 8014
1
8
s
102
10214 32 1017 1023
lst f 5s temporarY
1941J
70
7912
Serial 5% notes
7818 7614
7812
1938 A 0 77
5 10112 104
10318 Sale 103
104
Southern Colo Power Os A 1947 .1
N Y Edison 1st & ref645 A.1941 A 0 1123 Sale 1123
4
4 1134 25 11111 114
9412
937 9514
8
97
Solvay Am Invest 55
94's 18
1942 M 8 94
4
let lien & ref 58 series B....1944 A 0 103 Sale 1027
8 10312 29 1023 104
3 1043 10612 S'west Bell Tel let & ref 5e-1954 F A 10414 Sale 10418 10413 32 102 1043
4
4
8
10514 107 10514 1053
NYCluElLtH&Prg 55_1948 J
9938 Feb'30
__
993a 9912
8
1943 MN 993 100
927 c9413 Spring Val Water 1st g 5s
8
c9411 19
Purchase money gold 48_1949 F A 9334 Sale 9314
10018 20
997 1004
8
Standard Milling let 58
1930 MN 10014 Sale 10014
99
99
Feb'30
NYLE&W Coal& RR 5421'42 M N 99
997 99
8
100 1023
s
1st & ref 54s
1945 M S 10112 10212 100 Feb'30 _
NYLE&W Dock & Imp fra '43 J I 923 ____ 9712 Sept'29
4
8 75 100 4 103
3
1025
12
100 1I61; Stand 011 of N J deb &Dec 15'46 F A 102 Sale 102
__ 100 Feb'30
NY&QEIL&Plstg5s_1930F A 100
8 71
9714
2
957
95
Stand Oil of NY deb 43-4s_1951 J D 951 Sale 9518
.--N Y Rye lst R E & ref 48_1942 J J 4318 10
56 Jan'29
8912 20
88 90
4
Stevens Hotel 181 08 ser A._1945 J I 89 Sale 883
--4318 _
5614 Mae%)
Certificates of deposit
41
5
41
48
Sugar Estates (Oriente) 75_ _1042 M S 41 Sale 41
1 Aug'29
30
-year adj Inc 58-- _Jan 1942 A 0
3
4
_ 10312 103 4
4
Syracuse Lighting 1st g 55
_
47
8 1 July'29
-1951. ) 1033 10412 1033 Feb'30
1 I
Certificates of deposit
___ 10214 Jan'30 _ - - 10214 10214
36 - 4
Tenn Coal Iron & RR gen 55_1951 J I
9
512 Sale
N Y Rys Corp Inc 6s__ _Jan 1965 Apr
514
6
4
101
47
9718 101
Tenn Cop & Chem deb 138 B_1944 M S 100 10012 100
1021864
71
71
71
75
Prior lien 6s series A
1965.1 J 70
2 104 105
10612 111 10412 10612
Tenn Elec Power let(le
1947 J D 10612 sale 106
N Y & Richm Gas Ist 68 A _ _1951 MN 10418 Sale 10418 1044
38
8
4
Texas Corp cony deb 515-.1944 A 0 1007 Sale 1003
4
1013 642 1003 102
4
20
25
25
N Y State Rye 1st cons 4345-1962 MN 22 Sale 20
J
51
45 52
Third Ave let ref 4s
1980
12
17
17
17 Jan'30
Registered
MN
1
3
0
3111 104
5 : 17
3218
AdJ Inc 5s tax-ex N Y Jan 1960 A 0 514 Sale 30
28
22
20 c2414
1st cons 6 345 series B.-.1902 MN 22 Sale 22
5 10518 107
068 92
Jan'30 -Third Ave Ry 1st g 53
19371 .1 92
92 93
NY Steam 1st 25-yr Os ser A 1947 M N 1063 107 10612 107
8
9914 Sale 9914
9912 13
Toho Elec Power let 78
1955 M B
98 8 100
3
983 100
s
N Y Telep 1st & gen s f 448_1939 MN 995 Sale 9914
99 4 45
3
8
99
36
8
1932 J J 985 Sale 9812
963 99
4
5
6% gold notes
30
-year deben Sf fie__Feb 1949 F A 11012 Sale 11012 110 8 21 11014 111
56 1064 10811 Tokyo Elec Light Co. Ltd
30
-year ref gold 138
1941 A 0 107 Sale 10612 107
903 489
2
3
87 8 90 8
1953.7 D 9012 Sale 8912
5
5
1st 6s dollar series
94
N Y Trap Rock let tls
953
4
9512
9512
19461 D 9518 97
10018 20 100 100
52
Niagara Falls Power 1st 58_1932
J 10114 10112 10012 1014 11 10014 10112 Toledo Tr L & P 54% notes 1930 J .1 10018 Sale 100
127
100
99 Sale 99
12 10012 10212 Transeont0118345 with war_1938 J
9814 100
Ref & gen (is
4 102
8
Jan 1932A 0 1015 103 1013
9118
9114 Sale 9114
2 1015a 103
7
8712 914
Without warrants
Nlag Lock &0Pr 1st 58 A_ _1955 A 0 1017 1023 103
103
8
4
5
2
17214 18 12
0 2 0 4
9
Trenton & El let g 5s--.1949 M S 10212 -- 10214 Jan'30
Norddeutsehe Lloyd (Bremen)
3
84
84
88
Truax-Traer Coal cony 645_1943 M N 83 4
863 91
4
20
8838 46
-year sf6s
1947 MN 863 Sale 853
4
30
4
5018 58 Trumbull Steel 18t s f Os _ _1940 MN 103 Sale 10212 10314 24 102 1033
Nor Amer Cem deb 634s A _ 194058_
5512
S 5538 56
56
497
40 Jan'30
47
9918c10114 Twenty-third St Ry ref 55_ _1962 .1 J 40
No Am Edison deb 53 ser A _1957 M S 101 Sale 10114 1017 166
6
8
38
94 9714
9714
97
,
Tyrol Hydro-Elec Pow 748_1955 M N 963 97 9614
997 103
8
Deb 530ser B__ Aug 15 1963 F A 100 4 Sale 1004 100
3 101
3
15
90
85 90
5
1952 F A 8912 90 8812
Guar sec f 78
Nor Ohio Tram, & Light Os._1947 M S 9912 100 100
99 101
1001
4
8
8
994
9712
32
993 10112 Ujigawa Elec Pow et 75_ _ _1945 M S 995 Sale 995
4
Nor States Pow 25-yr 5a A _1941 A 0 10018 10012 994 101
5
4 105 1053 Union Elec Lt& Pr(Mo)55-1932 M S 10014 Sale 10014 10014
lit & ref 5-yr 6s ser B
105
4
105 105
1941 A 0 10418
5 100 1n
2
00 0 0
5
1933 M N 10014 --- 10014 100 8
Ref & ext 5e
03
4
98
98
98
North W T 1st fd g 4348 gtd_1934 .1 J 96
9912 98
4 19790 1072 2
11
10214
0112 100 8
885 9212 Un E L AL P(III)lst g 5348 A_1954 J J 10214 Sale 102
8
Norweg Hydro-El Nit 5345_1957 MN 913 Sale 9125
9212 48
4
767 70 Jan'30
s
1 110 112
Union Elev Ry (Chic) 58 _ _1945 A 0 70
Ohio Public Service 7348 A _ 1946 A 0 111 11212 111
111
1 110 113
Union 011 1st liens f 58_ _ _1931 J J 10114 -- 9911 Feb'30
1st & ref 78 series B
4
4 1113
5
8
1947 F A 110 8 1143 1113
8 18 10612 1075
8
3 105 108
8
30-yr 68 series A_ __May 1942 F A 1075 Sale 10714 1075
Ohio River Edison 1st 68_ _ _1948 J
10512
105 1051 105
4
4
1st lien s f 58 ser C__ _Feb 1935 A 0 100 Sale 9914 100
78
Old Ben Coal 1st 68
78
71
1944 F A 78 Sale 78
14
3
4 100
4
98 101
9
9
United Biscuit of Am deb 68_1942 MN 993 100 995
9914 101
Ontario Power N F 1st 56
1943 F A 9914 Sale 994 100
44
94
3
4
_ 100 1005 United Drug 25-yr 58
9212 9478
1953 M S 933 Sale 93 4
Ontario Transmission let 55.1945 MN 98 100 100 Jan'
8
30
55
4
4
70
693 9912
932 74
74
1934 J .1 693 73 693
95
9814 United Rya St L 1st g 48
Oriental Bevel guar Os
9814 49
1953 M S 9812 Sale 9724
9914 10
44
LTnited SS Co 15-yr 65
1937 M N 9914 994 9914
883 90
4
Extl deb 545
89
8
Sale 883
1959 M N 8814
8
4
883
4 39
Oslo Gas & El Wks extl 15.1_ _1963 M S 9218 921 93
8514 69
90
93 4 Un Steel Works Corp 645 A.1951 J D 873 Sale 873
,
9314 12
8782
Sec s f 630 series C
17 10014 10214
9
19511 D 8614 88
c9014
85 4 c90
1
14
Otis Steel 1st M Os ser A _ _ _1941 M 5 10112 Sale 10112 102
United Steel Wks of Burbach
43 101 103
102
Pacific Gaa &El gen & ref 5E1_1942 .1 1 10112 Sale 101
4 104
18 102 105
Esch-Dudelange e f 75.._1951 A 0 104 Sale 1033
993 1004
Pao Pow & Lt 1st & ref 20-yr 5830 F A 100 Sale 100
4
10018 14
8
U S Rubber lst & ref baser A 1947.1 J 867 Sale 8612
87
93
8212 87
12
Pacific Tel es Tel 1st 53
/
4
8 10212 25 1011 103
1937 .1
10212 Sale 1013
3
10-yr 734% secured notes.1930 F A 100 4 Sale 1003
96 1001y 101
4 101
Ref mtge 55 series A
10 4 27 10114 105
3
1952 M N 10312 Sale 103
7312 6218 Jan'30 _
61
62
11
Pan-Amer P & T cony s f 68.1934 MN 10212 Sale 10212 10212 26 10214 1034 Universal Pipe & Rad deb (is 1936.7 D 61
1 101 1043 Unterelbe Pow & Lt 68
1953 A 0 8414 847g 86 Feb'30
101
1st lien cony 10-yr 7s
4
1930 F A 101 Sale 101
923
8
8218 93 4
01
Utah Lt & Tree let & ref 58_1944 A 0 9218 93
93
16
883
9312 33
Pan-Am Pet Co(of Cal)conv 68'40 J D 93 Sale 93
94
89
21
981i 26
Utah Power dr Lt 1St 58.- _ _1944 F A 9712 Sale 9712
9712 995e
99 102
Paramount-I3'way let 530-1951 J
10014 Sale 994 100
J 1024 ---- 10318 10328
99 10318
993
4 38
98
993 Utica Elec L & P lets f g 58_1950
4
Paramount-Fam's-Lasky 68.19471 D 995 Sale 994
8
2
Utica Gas & Elec ref & ext 58 1957 J J 1033 Sale 1033
4
4 10314
3 10214 1034
82
Park-Leg 1st leasehold 6358_1953 J .1 82 Sale 82
7512 3,2
3 86
8712 3712
UtIl Power & Light 5348__ 1947 .1 D 87
89
872
797
8 40
Parmelee Trans deb Os
75
80
4
1944 A 0 793 Bale 77
70
61
60
61
8
Pat& Passaic G dr El cons 5e 1949 M S 1013 ---- 1013 Feb'30
57
4
101 1013 Vertlentes Sugar 1st ref 78_ .1942.1 11 60
4
4
13
46
21
21
Victor Fuel lets f 58
21
Jan'30 _ _
1953.7 .1 2212 25
2
Pathe Exch deb 78 with warn 1937 M N 46 Sale 441
36 c52
9
72
7218 11
81
7215
Va Iron Coal &Coke let g 58 1949 M S 7218 79
70
Penn-Dixie Cement 613 A _ _ _1941 M S 8018 Sale 8012
7315 82
1003
4 15 100 101
Peop Gas & C let CODS g 68.-1943 A 0 11134 1125 11134 11114
4
4
4
1 1113 1113 Va Ry & Pow 1st & ref 58..1934 J J 10012 Sale 100
9318 100
42
100
Walworth deb 6348 with war 1935 A 0 100 Sale 97
1015
8 10214 36 101 104
Refunding gold 59
1947 81 5 102 Sale
109 Dec'2 ---15
89
90 89
89
2
Without warrants
Registered
MS
95 9852
94 9
5
7
0
9
90
17
981 110
let sink fund Os series A..1945 A 0 89 Sale 8818
Phila Co sec 58 ser A
96
983
4
1967 J D 9812 Sale 98
983
4 12
4
4
Warner Co let (3s with warr.1944 A 0 973 983 9712
97
983
8 35
Phlla Elee Co 1st 434s
99
1967 M N 9814 Sale 98'4
8738 15
AO
89 Feb'30 _ _
Phila & Reading C & I ref 58_1973 J
Without warrants
84
873
8
87 Sale 87
98
7
98
105
Warner Sugar Refin 1st 75..1941 J D 105 Sale 105
Cony deb Os
91
98
1949 M S 9512 Sale 9512
61
8 8
48
1 189213 199712
92
56
Warner Sugar Corp 1st 75_ _1939 J .1 48 Sale 48
Phillips Petrol deb 534s _
90
93
_1930 1 D 91 Sale 91
50
5112
48
55
50 Feb'30 _ _
Stamped
10512 Sept'2
Pierce-Arrow Mot Car deb 8s 43 M S10 104 105
105
8614 11
Pierce Oil deb s f 8s__ Dec 15 1031 J D ia 191 105
Warner-Quinlan deb 6s
1939 MS 85 Sale 85
05
4 88
4 10212 12 180 105
Wash Water Power s f 5s__ _1939 J J 10112 10211 1013
Pillsbury PI Mills 20-yr 68- -1943 A 0 10312 104 10312 10412 16 103 105
1013 1047
2
s
4
8
Pirelli Co (Italy) cony 712_1952 MN 1114 Sale 112 Feb'30
1053 1133 WeetclIest Ltg g Sestpd gtd_1950 J D 1033 105 1047 Jan'30
4
4
4
9418
2 1013 1034
4
4
Pocah Con Collieries let 8 f 5s'571
4
4 1013
9412
9418 9412 West Penn Power ear A 5s_ _1946 M S 1013 10214 1013
9418 95
2 10218 105
2 102 104
105
Port Arthur Can & Dk 6s A _1953 F A 10410 105 105
8
8
1st 55 series E
1983 M S 1033 104 1034 1033
1 102 1044
1 10411 10512
1st M Os series B
10312 10312
1st 5345 series F
10512 10511
1953 A 0 105%
1953 F A 1024
14
8 32 1011a 104
99
33
Portland Elea Pow let (is 13_1947 MN 983 Sale 99
4
1st sec 58 series 13
4 1035
1956 J D 1023 Sale 1023
9612 100
8
2
100
114 20
Portland Gen Elee 1st 5s..1935 J .1 100 1003 100
West Va C & C let 68
15
15 Feb'30
1950 .1 J 13
99 103
4 56
993
Portland Ry 1st & ref 5s_ _ _ _1930 M N 993 Sale 994
97
993 Western Electric deb 55.._ _ _1944 A 0 10112 Sale 10112 l01i 47 10112 10312
4
4
2 10011 1984
9814
7
Portland Ry L & P 1st ref 56_1942 F A 9814 991 9814
95
02
52
3
8
98
9812 Western Union coil tr cony 58 1938 J J 100 4 1015 10012 10023
7
1st lien & ref Os series B _ _1947 M N 973 991 98
0612
/
1
4
99
1
9818 99
Fund & real est g 44s_ _ 1950 M N 9612 Sale 9514
4
3 1045 108
4
1st lien & ref 74s ser A _19413 MN 1054 1061 1053
15 108 110
1936 F A 109 Sale 1083
4 1053
4 109
15
-year 6348
8
2
9218
Porto Rican Am Tob cony 14 1942.1 j 9212 93
47 1004 103
25-year gold 5s
1951 J 0 101 Sale 10038 101
91
9218
91
9414 103
834
Postal Teleg & Cable coil 55 _1953 J
8314 44
76
4
9318 9418 Westphalia Un El Pow (is_ _ _ 1953 J J 8211 Sale 813
94 Sale 94
2
89
Pressed Steel Car cony g 58.1933.1
8
89
4
3
Wheeling Steel Corp 151 5348 1948 J J 1013 Sale 100 4 10112 29 1003 102
81
89
8718 89
190 Jan'30 -- 181 194
PubServ Corp NJdob 448_1948 F A -7
89
89
55
1953 A 0 884 Sale 8778
let & ref 434s series B
87
,
20 10218 104
4 103
Pub Serv El & Gas 1st & ref 58 65 .1 D 1023 Sale 1023
White Eagle Oil & Ref deb 548'37
4
9618 32
8
1st & ref 454s.
10318 55 10214 106
With stock purch warrants__ -_ M S 1027 Sale 10278
9512 983
1967 J D 9618 Sale 9512
4
215
96
let dr ref 448..
81
White Sew Mach Os with warn '36 .1 .1
81
90
Feb'30
9518 96
1970 F A 96 Sale 9518
7514 81
Punta Alegre Sugar deb 78_ _1937 J .1 51
7514
2
76
5012
5012
5
75
77
15
Without warrants.
50
55
55
9
55
7314 7314
_ ___1940 58 N 72
Certificates of deposit ______
75
7314
1
Partic s f deb Os
51
73
55
_ 51
6212 55
79
Pure 011 s f 534% notes9912 10012 Wickwire Spen St'l let 7J- -1935 J J 3518 40 36 Feb'30
1937 FA 100 Sale 9912 100
_-_
35
9512
Purity Bakeries s f deb 58.....1948 .1 j 9512 Sale 9512
40
8
38
393
8 14
25 3
51
Ctf dep Chase Nat Bank.
95
3
6
9%
9618
N 36 Sale 36
Remington Arms Os
963
8 16
39
335
33
Wickwire Sp St'l Co 78.Jan 1935
9314 97
25 100974
9285
1937 M N 96 Sale 96
36 Sale 36
9714 108
Rem Rand deb 545 with war '47 M N 9612 Sale 9012
3878 34
Ctf dep Chase Nat Bank.....
9115 97 2
,
4
1 101 10312 Willys-Overland e f 6 34e. _ _1933 fd 8 983 9914 9812 Feb'30
Republic Brass 65
10318 10318
July 1948 M S
2 10114 10214 Wilson & Co lst 25-yr s f 68_1941 A 0 100 Sale 101)
Repub I & 10-30-yr 5(351..1940 A 0 i()Ii2 112 4 10214 10214
10014 28 100 101
1
1035
8 23 1004 1047 Winchester Repeat Arms 748'41 A 0 100 Sale 100
Ref & gen 5345 series A __ _1953 .8 j 10312 Sale 103
101
14 100 102
8
,
.▪ 1 101 Sale 100 8
10312 26 103 103
Revere 0 12 & Br 65
7
1011
Julv 1948 M S 10312 Sale 03
64 1001 1014
Younestown Sheet 'a Tube 55'78
.
•Omb Mk.
1252
FINANCIAL CHRONICLE
LVoL. 130.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb 15 to Feb. 21, both inelusive, compiled from official sales lists:
Bonds-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low, High. Week.
Range Since Jan. 1.1
Low,
filch.
Amoskeag Mfg 6s
1948
8055 8255 $20,000 7935 Jan 84
Feb
Brown Co 5358
96
1946
96
2,000 98
Jan 9734 Jan
Range Since Jan. 1.
Chic Jct Ry Sr US Y 4s_'40
4,000 86
8855 89
Jan 89
Feb
E Mass St RR 434s A_1948 4555
4555 47
12.000 42
StocksJan 47
Feb
High.
Low.
Series B 5s
1948
51
50
3,000 46
Jan 62
Feb
EurElecCorpLtd6 Hs _1965
100 100
7,000 100
RailroadFeb 100
Feb
1936
94
94
21,001) 9054 Feb 95
Boston & Albany
100 176
Feb
176 178
65 17555 Jan 179
Feb Hood Rubber 7s
„ Houston Id & Pow 5s_1953
9754 9755 5,000 973.4 Feb 9734 Feb
Boston Elevated
100 7555 75
Jan 7
1,501 67
7555
8
J"'
'
100 10055 25,000 98
Preferred
Jan 10055 Feb
9155
01
100 91
Jan 9134 Feb Intl Hydro-Elec Sys 68 44
13 85
9471 9431 1,000 943.4 Jan 9431 Feb
lot preferred
100
10735 110
70 10555 Jan 110
Feb Maine Cent By 4353._1935
Mass
9955 9955 6,000 98
2nd preferred
Jan 9955 Jan
100 9274 9254 9351
9351 Feb MLss Gas Co 4Hs. __1931 9935
Jan
118 89
6
River Pow Co - 8_1951 99
99
99
2,000 981i Jan 9955 Feb
Boston SZ Maine
4,000 993.4 Jan 10055 Feb
Series A 1st pref
100
6831 70
40 6831 Feb 70
Feb N, Eng!Tel & Tel 58 1932 10035 100)1 10055
Febw
1934
93
93
3,000 89
Prior preferred sted._100 10971 10955 11035
Jan 93
Jan 1103.4 Feb New River 5s
587 101
109 109
1,000 100
Series A 1st pfd stpd.100
80
77
Jan 110
Jan P C Pocahontas 7s.._ _1935
Jan 80
143 77
Feb
Swift & Co Be
101 101
1,000 10034 Jan 10174 Jan
'_
Series C 1st pref stpd 100
110 110
Jan ,
10 110
,
Feb 113
_ 1944
a
99
99
1,000 99
Boston Sr Prov
170 17055
Feb 99
100
21 170
Feb ' r Swenlngen Co tis_1938
Jan 172
Feb
Chic Jet Ry &U S Y pf_100
10255 103
Feb Western Tel & Tel 5s_ _1932 10074 100 10055 19.000 997-4 Feb 10034 Jan
Jan 103
40 101
East Mass St Hy com__100
8
8
Feb
• No par value. y Ex-rights.
10
855 Jan
625
2555 2574
Adjustment
157 2574 Jan 263-4 Jan
100
Preferred B
35
100
42
65 35
Jan
Feb 48
Chicago Stock Exchange.
-Record of transactions at
1st preferred j
42
100
42
41 41
Jan
Feb 48
8434 85
Maine Central
100
Jan Chicago Stock Exchange, Feb. 15 to Feb. 21, both inclusive,
45 8451 Jan 88
,
11955 12274
NY N H & Hartford___100 120
260 10834 Jan 1223.4 Feb Compiled from official sales lists:
Norwich & Worcester pf100 131
131 131
20 131
Feb
Feb 131
Old Colony
100 12855 128 12855
Ja_3 13034 Jan
118 125
Friday
Sales
Pennsylvania RR
2,009 72
50 823-4 8134 85
Jan 85
Feb
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
MiscellaneousPar. Price. Low. High Shares.
StocksLow.
High,
Alr Investors Inc
454 5
80
Feb
5
33-5 Feb
2551 2734 22,980 2531 Feb 3255 Jan Abbott Laboratories corn _• 39
Am Founders Corp corn stk 25
35
3951
1,000 35
Jan 3951 Feb
Amer Pneumatic Serv__ _25
7
7
276
Jan Acme Steel Co cap stk_25
9
774
554 Jan
76
8055
1,700 76
Feb 99
Jan
22
22
25 22
Preferred
12 2055 Jan 2435 Jan Adams (J D) Mfg com..-• 28
28
2951
850 28
Feb 3151 Jan
23034 240
100 233
5,340 21674 Jan 240
Amer Tel & Tel
Feb Adams Royalty Co corn •
1055 11
1,600
9
Jan
1134 Feb
• 1635 1634 1734 1,110 1234 Jan 184 Feb
Amoskeag Mfg Co
s
Addressogr lot Corp corn' 3155 31
32
1,250 2234 Jan 3274 Feb
Aviation Sec of New Eng__ __ _ ___
170
631 8
Feb
8
5
Ainsworth Mfg Corp com10
Feb
25
250 21
2774
Jan
2735 Feb
75
72
Bigelow-Sanford Carpet- _• 75
440 72
Jan All American Mohawk A.5
Feb 80
151
151
300
1
Jan
23.4 Jan
Boston Personal Prop Trust 26
26
25
685 22
Feb Allied Motor Ind Inc corn
Jan 27
19
17
1951 16,250 15
Jan
1034 Feb
8255 85
Brown Co preferred
84 80
Jan
Feb 85
Preferred
•
39
40
100 39
Feb
40
Feb
2851 3131
Columbia Graphophone_ •
687 2451 Jan 3134 Feb Allied Products Corp A.
•
41)
43
1,000 3451 Jan 4351 Feb
1555 1615
16
1,115 123-4 Jan 1874 Jan Altorier Bros Co cony pf-*
Credit Alliance Corp el A__
3471 3434 40
450 343.4 Feb 40
Jan
11
11
Crown Cork 6; Int'l Corp__
1134
829 103-6 Feb 1255 Jan Amer Colortype Co com__• 2855 2734 29
700 21
Jan
29
Feb
Amer Commonw Power
3235 3155 3331
East Gas & Fuel Assn com_
461 26
Jan 3434 Feb
Common A
*
2555 2634
800 2334 Feb 2734 Feb
7855 7731
100 77
455% prior pref
182 78
Jan 79
Jan
Warrants
4
4
50
4
Feb
4
Feb
100 9454 9351 9455
6% cum pref
707 92
Jan 9435 Feb Amer States Pub Serv A_* 2531 243-4 26
850 243-4 Feb 20
Feb
29
Eastern S S Lines Inc new
32
2,420 2574 Jan 32
Feb Amer Equities Co com___• 1734
17
1855 1,350
574 Jan
19
Jan
East UtInvesteor poi A
15
15
5 1334 Feb
Feb Amer Pub Serv prof_ - _100 99
15
9855 99
276 96
Jan 9955 Feb
Economy Grocery Stores- 39
40
38
175 3055 Jan 40
Feb Am Pub 0121
Edison Elec Ilium
241 250
100 248
Jan 250
1,853 237
Feb
100
Prior preferred
90
90
20 88
Jan 93
Jan
Empl Group Assoc
2554 25
26
1.133 2134 Feb 26
Feb Amer Radio & Tel St Corn*
134 2
350
155 Jan
251 Jan
European Elec CorpLtd 10
19
19
Feb 1974 Feb Amer Service Co emu_
35 19
10
•
1,660
5
Jan
1034
11
Jan
Galveston Hous Elec .100
5
6
6
75
Jan Art Metal Wks Inc corn_ _• 2474 2334 2534 9,300 1734 Jan 2751 Feb
9
414 Feb
Galveston Hous Elec pf 100 15
15
16
75 15
Jan Assoc Appar Ind Inc corn.* 4234 41
Jan 24
900 35
4274
Jen 43
Feb
General Capital Corn
49
49
51
2,274 43
Feb Ai3soc Investment Co
Jan 52
5931 5934
200 5835 Jan 6134 Feb
•
General Theatres Eq
4534 4734
200 4455 Feb 4731 Feb Assoc Tel & Tel 6 Pf w w-•
9255 9255
13 8655 Jan 9235 Feb
Georgian (The) Inc pf A _20
935 10
955
45
10
Feb Assoc Tel & Tel cl A_.
* 6034 60
934 Jan
663 58
Jan 6151 Feb
6034
Been Cr & Inv Corp 1st pf.
1235 Feb ASSOC Tel Util Co coin _ .• 2874 27
Jan
40 11
123-4 1235
.
2951 10,050 2174 Jan 2931 Feb
Gilchrist Co
• 13
13
26 13
Feb 19
1435
Jan
Atlas Stores Corp cora - -_• 24
2231 2534
7,150 1754 Jan 2534 Feb
Gillette Safety Razor Co..•
907.4 9534 5,367 89
Feb 10534 Jan
Auburn Auto Co corn....• 222
216 235
2,600 172
Jan 238
Feb
Greenfield Tap de Die Corp
17
1754
1755
80 14
Jan
1734 Feb Balaban & Katz
Hathaway Bakeries el B___
19
19
126 19
Feb 203.1 Jan
100 92
Preferred
92
92
200 90
Jan 92
Feb
Class A
37
3851
50 37
Feb 4054 Jan Bancoky Co (The) com_10 2034 1951 2054 2,000 19
Jan 22
Jan
Preferred
104
103 105
18 103
Feb 10871 Jan Bastian-Blessing corn_
37
•
37
200 37
Jan 39
Jan
Elygrade Lamp Co
29
Jan
29
15 29
Jan Baxter Laundries Inc A..•
31
934
385
93.4 10
934 Feb 12
Jan
fnsurance Securities, Inc__
1755 1735 1,495 173-4 Feb 353-4 Jan Bendix Aviation corn...-• 4051 38
415.5 35,650 33
Jan 4151 Feb
Intl Hydro Elec Sys el A_ __
43
43
Feb Dinka Mfg Co CIA cv pf -• 25
75 43
Feb 43
2555
25
250 25
Feb 2835 Jan
finernat Carriers Ltd corn_
1655
1654 1734 8,685 1534 Jan 1735 Feb Blume Inc common
15
1651
180 15
Jan
1834 Jan
:nternatlonal Cora
7
735
551 Jan
230
83.4 Jan Borg-Warner Corp com _10 3954 39
4034 22,800 3255 Jan 4151 Feb
lnter Securities Corp
28
28
6 28
Feb 3554 Jan
100 9834 9735 9835
7% preferred
500 97
Jan 9754 Jan
lenklns Television corn_ __ _
3
33.4
355
250
33-4 Jan Bonin Vivitone Corp pref..• 13
231 Jan
13
15
200 13
Jan
1734 Jan
:Abby McNeil & LIbby_10
19
140 1754 Jan 1934 Feb Brach & Bons(E .1) corn •
1934
1755 1735
50 10
Jan
Jan
18
'...oew's Theatres
955
9
25
104
954 Feb Bright Star Elec Co A_ __ -•
73-4 Jan
235
450
234 3
31 Feb
351 Feb
Class 13
35
1
550
31 Feb
155 Feb
51arine Midland Corp.
_10
831
83.4 955 8,510 40
Feb 40
Feb Brown Fence & Wire el A •
21
900 1731 Jan 25
2231
Feb
5ferge inhaler Linoty pe _100
108 10835
177 10514 Jan 10814 Feb
• 1634
Class B
18
173.4
2,050
955 Jan
1734 Feb
gational Leather
155
50
155 Jan
155
10
Jan Bruce Co(E Id common_ •
2
450 40
4174 42
Feb 4734 Jan
sTational Service Co
5
5
100
Jan Bulova Watch Co com _ •
8
5 Jan
100 3014 Feb 3034 Feb
3055 3055
'few Eng Equity Corp__ _ _ --.__
3()
105 2034 Feb 3734 Jan
30
• 34
$37.8 preferred
34
34
600 34
Feb 37
Feb
)iew Engl Tel & Tel--_100 144
143 14574
829 143
Jan Burnham Trad Corp al etf• 3334 31
Feb 159
3351 9,550 25
Jan 3374 Feb
15,
873
7
Rights
Jan
77-4
734
83-4 Feb Butler Brothers
87-4
20 1135
2,850 1034 Feb 1734 Jan
1134 12
'forth Amer Aviation, Inc_
555 Jan
15
934 Feb
83-4 955
'settle Milts
100 2951 29
30
2,500 2074 Jan 30
Feb Camp Wynn & Can Fdry_.
24
24
10 19
Jan 25
Feb
'ublic Utility Hold corn_
2151 2274 1,983 1754 Jan 2334 Feb Castle de Co (A al)
10 473.4 4734 4855
200 45
Jan 5051 Jan,
tallway Light Ser Co
76
Feb CeCo Mfg Co Inc corn._ • 16
78
78
25 7234 Jan
1555 17
2,900 14
Jan 2054 Jan
teece Button Hole
10 15
15
50 15
15
Jan
Feb Cent Illinois See Co ars__
18
29
2854 3035
700 26
Jan 33
Feb
teece Folding Mach Co.10
155
155
155 Feb
100
155 Jan Central III I'S pref
• 98
9455 96
616 9334 Jan 96
Jan
lecond Inc Equity
555
431 Jan
180
Feb Cent Pub Serv class A___° 3855 3755 39
6
535 6
4,800 35
Jan 39
Feb
Ihawmut Ass'n Corn Stk
1834
Jan 1971 Feb
Common
183.4 1955 3,309 18
•
95 119
180 60
Jan 119
Feb
(tone & Webster Inc
Jan 103
423 82
Feb Cent SW Util corn new.,.. 2755 2674 3031 32,250 2151 Jan 3035 Feb
9434 9834
lwift & Co new
33
32
494 32 'Feb 3434 Jan
3331
Prior lien prof
•
9855 99
150 98
Jan 993.4 Jan
7orrington Co
62
60
Feb 67
6355
128 80
Jan
Preferred
• 94
94
250 9.1
.ran
95
953.4 Feb
rower Mfg
155 Feb Cent States P & L Corp pf•
Jan
690
1
134
134
15.4
93
50 90
94
Jan 9434 Jan
Traveler Shoe Stores Corp_
11
10
1151
Feb
1,235 10
1134 Jan Chain Belt Co corn
*
4755 4754
50 443-4 Jan 48
Feb
Tri-Continental Corp
1554 1651
1735 Feb Chain St Stocks Inc com_•
30 1231 Jan
11
100 11
Feb
11
Feb
11
Cherry Burrell Corp corn_•
3834 39
65 3431 Jan 40
Jan
5 32
fttion Twist Drill
32
34
Jan Chic City & Cons RyFeb 51
815 82
Jnited Carr Fasteners Corp 15
15
60 1134 Jan
163.4 Jan
Part sh common
1551
Jan
155
514
1
1
•
134 Jan
43
.
Jolted Founders Corp_ _ _
4231 4355 16,027 3634 Jan 4351 Feb
Part preferred
• 1055
935 Feb 1254 Jan
620
954 1055
Jolted Shoe Mach Corp_25 6455 6455 6554
1,746 5934 Jan 6836 Jan Chicago Corp corn
• 1454
1551 20,100 1234 Jan
14
153.4 Feb
Jan 3174 Feb
3155
31
242 30
25 31
Preferred
Convertible preferred _ _• 3931 3955 4034 14,600 38
Jan 41
,
Feb
20
19
4,229 18
22
Feb 23
r SElec Power Con)
Jan Chicago Elec A119 A
200
Fob 15
12
8
•
12
Fob
1035
1615 18
400 10
1 S & Int'l Sec prof
Jan 1955 Jan Chic Flexible Shaft corn_ _5
10 1455 Jan
1455 1454
16
Jan
17
18
19
7,524 16
TS & Overseas Corp corn
Ja. 19
Feb Chic Investors Corp corn _•
855 9
5.170
83-4
Jan
6
Feb
9
5 1055 Jan 18
1674 1854
ltility Equities Corn- •
Feb
Preferred
• 3574 3555 3655 6,700 3251 Jan
363.5 Feb
• 80
7855 8155
912 71
Jan 82
Preferred
Jan Chic No Sh & Mil pr pf _100
68 06
0631 98
Jan 98
Jan
Feb
1
400
1
'arguela Holding Corp ---------1
155 Jan
Common
425
6
9
100
9
5
Jan
9
Feb
1,050
9
7
Feb 7874 Jan Chic Rap 'Fran pr pf A.100 9755 9755 973.,
'enez Mel Oil Corp - -10
1234
10 96
Feb 98
Jan
40
18 40
40
Jan 45
Jaltham Watch, class B_*
Fob Cities Service Co corn _ _ _. 3234 3154 3235 24,950 2634 Jan 3234 Feb
25 75
Jan 85
85
Feb Club Alum Uten Co
85
100
Preferred
4
434
410
355 Jan
•
555 Jan
190 14851 Jan 15634 Feb Coletra'n Lamp & St com_ •
15074 15631
7arren 13ros Co
37
3855
210 35
Jan 40
Jan
51
Jan
10 48
Feb Commonwealth Edison_100 277
60
1st preferred
50
50
2.075 23574 Jan 292
270 285
Feb
52 40
Feb Community Water Serv_ •
Jan 55
55
53
50 54
26 preferred
14
143-4
90 1255 Jan
1455 Fob
335 22
Feb 2755 Jan Construction Material_ _ _• 1934
2255 2374
Testfield Mfg Co corn _-__ ______
1955 2,350 14
19
Jan 20
Feb
645
• 3834 38
234 Feb
151 Jan
131
Thittlesey Mfg class A---- ______
Preferred
154
3831
750 3634 Jam
40
Jan
Consumers Co common..5
3,800
8
6
634
551 Jan
8
Feb
alining6% Prior pref A
60
100 60
60
100
Feb 60
Feb
151 Jan
1,155
151 Jan
rizona Commercial
V t c warrants
154 155
5
5
255
354 5.150
2
131 Jan
355 Feb
210 2935 Feb 3214 Ja12 Cont Chic Corp allot etts.• 66
'alumet & Heels
25 29)4 2955 3074
6531 6634 13,250 8234 Jan 68
Feb
1555 1651
310 1474 Jan
<Meer Range Co
163.4 Jan Continental Steel corn_ •
25
16
16
10 15
Feb 21
Jan
AA Butte Copper Min_10
151 Jan Cord Corp
135 Jan
60
134
155
155
6 1151
1151 1234 17,250 11
Jan
Jan
14
Jan Corp See of Chic allot etf..• 6934 69
[armee k Consol
3
155 Jan
1,050
25
23.4 3
3
7035 4,900 54
Jan 71
Feb
'land Creek Coal
Jan Crane Co com
Feb 43
90 40
4035
1 4034 40
44
43
25 43
356 43
Jan 44
Jan
Jan
Preferred
Jan 105
10 105
Preferred
105 105
100
115 117
100 11335 Jan 117
100
Feb
de Royal Copper
Jan 1255 Jan Curtis Mfg Co corn
250 10
1054 11
20
25
21
5
46 20
Jan 23
Feb
.eweenasv Copper
255 Jan Curtis Light'g Inc coin_ •
131 Feb
50
2
2
25
2
19
20
160 17
Jan 20
Feb
a Salle Copper Co
Jan Davis Industries Inc A.100
1
240 870 Feb
87e 95c
_25
255 3
300
23.4 Feb
33.4 Jan
)
layflower & Old Colony 25
Feb Decker (Alf & Cohn A_ •
50 300 Feb 45c
300 30c
15
1535
370 1055 Jan
1534 Feb
iohawk
Feb De Mots Inc pref w w.,__'
Jan 52
4551 47
07 44
1931 20
70 193,5 Feb 20
Jan
forth Butte
555 Jan Dexter Co (The) com_
Jan
3
15
331
1555 1555
•
331 434 3,307
25 15
Jan
16
Jan
Id DOEU!Mon Co
855 9
Jan Eddy Paper Corp (The). •
1,131
634 Jan 10
25
831
1754 1751
145 1731 Jan
18
Jan
C Pocahontas Co
• 15
1534 Feb El Household UM Corp_10 437-5 43y4 4755 9,850 41
Jan
,
1,670 10
1334 1555
Feb 4755 Feb
ulney
25 3155 2131 313.4 20,550 1555 Jen 3155 Feb Ele0 Research Lab Inc__ •
155 155
,
1,900
34 Jan
135 Jan
I Mary's Mineral Land _25
Jan Empire Gas & Fuel Co
Feb 28
24
2555
170 24
'tab Apex Mining
5
Jan
7% preferred
3
231 3
240
23-4 Feb
27-4
100
86
86
50 86
Jan
Feb 87
'tab Metal & Tunnel_ _1
Ja
55e 860
6% Preferred
Jan 70e
3,445 55e
100
7851 7834
150 7854 Feb
7951 Jan
1
letoria Copper alining _ 25 30e
Feb Fabrics Finish Corp com__•
350
Feb
3
5c 35o
200 35c
334 574 3,515
434
55 Feb
23-4 Jan
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
'
34
19
3631
34
631
246
246
17
290
8%
22%
16
36%
3436
27%
25
2%
32%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Fe
Feb
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Fe
28%
31
38%
2
52
21%
36
2534
36
16
6%
50%
40%
22%
70%
21%
23
5534
30%
99
9834
35
6
20
38%
36%
9
18
34
45
15%
17
9
254%
253
12334
22
115
290
23%
27
1734
44
3731
3636
40
8
80
35
26
99
88
28%
27
15
334
28
32%
18
oW
88888888888gEEM;888Z425E 888888g8888E88888 88!
bOo'.w..ww
475-z.
Bonds
6934 71
Chic City Rye 55 elf dep '27
70
70
1927
5s
4134 413.4
Chic Rys 5s series A-1927
70
70
1927
1st mtge 5s
34
34
1927 34
5s series B
103 103
Commonw Edison 5s 1943
1940 10534 105 10934
insull Util Ray 6s
80
80
1041
Northwest Elev 58
South Un Gas 630_1939 9834 9834 9834
101 101
Swift & Co 1st,I g 53_1944 101
OR 14 OR 14
o......, ,... 1, V.I.,. n. 1 GRA
m:ia
18
28
18
1%
47
1334
75
25
31%
12%
334
46%
35
19%
67%
17
16
493(
21
97%
923(
31
5
18
27%
33%
8%
16%
30
36%
9%
12
53(
213
215%
115
16
110
252
7%
20
17
14
40
29
31
30
6
50
34
2331
93
82
25%
2034
11
131
24%
24
16%
Low.
High.
49
Feb
1094 Feb
5334 Feb
1334 Feb
3234
31%
36
.
24
47
13
1031
3834
1936
3931
116
8
434
1734
2434
31%
1434
Feb 33%
Jan 353,4
Jan 40%
Feb 26
Feb 4731
14
Jan
Jan 18
Feb 3834
Jan 32%
Jan 5134
Feb 121
Jan
1334
7
Jan
Jan 2334
Jan 29
Jan 3934
Jan 2331
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
16
25
12
7
2031
2636
5
98
21
110
28
9
1231
1134
2434
10
29
8
4534
11%
12
1234
•2334
53'
Jan 18
Jan 27
Jan 1434
Feb 15
Jan 2734
Jan 30
Jan
14
Feb 98
Jan 2334
Jan 125
Jan 3234
Jan 1294
Jan 22
Jan 14
Jan 28
Jan 24
Jan 31
Jan
834
Jan 52
Jan 11%
Jan
15
1751
Jan
Feb 28
1134
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
6936
70
4034
70
32
1023,4
9934
77
9894
101
Feb 75
Feb 7531
Jan 4534
Feb 7534
Jan 3534
Jan 103
Jan 1113.4
Jan 80
Jan 9894
Feb 102
Jan
Jan
Jan
Jan
Jan
Felt
Feb
Feb
Jar
Jan
EEEEEEEEEEE
3,000
1834 21%
125
29% 30
3,200
34% 38
20
134
49
1.00
50
1831 2034 5,95
92% 96
1,60
45
25
25
33
3431
55
12% 14
1,02
4% 8% 2,05
48
500
4934
37
38% 1,80
21% 21% 1,30
70% 2,30
70
25
1934 20
19% 20% 3,70
50
5034 4,85
28% 3031 2,85
3
99
99
2
94
98
85
33
35
190
8
6
105
18% 19%
3331 3831 3,022
650
3534 36%
185
9
9
50
18
18
250
3334 34
550
3634 39
850
15
14
800
13% 1634
475
6% 634
235 24934 1,315
382
241 248
88
121 122
17
1831 2,350
52
11131 113
219
265 290
16,300
34
1,000
21% 23
650
24%
22
500
16
16
650
4234 43%
1,750
35
3734
300
3434 35
1,000
3634 39
17,000
731 8
220
55
47%
34
3434 1,000
24
695
2435
53
9834 98%
135
85% 87
2,550
27
28
25
25%
1,650
13
14%
20
2% 231 1,750
700
2531 28
27
32% 3,650
50
1834 1834
17
1734
Van Sieklen Corp part A-•
2634 27
Viking Pump Co prel__ *
14
14
*
Common
834 834
8%
Vorclone Corp part pref....'
• 26% 2434 2736
Vortex Mfg
• ..2931 2934 30
Class A
14
9
. 1034
Wahl Co common
98
98
Walgreen Co 634% pref 100 98
22
21
tint...* 21
Warchel Corp cony
110 11434
Waukesha Motor Co com..• 110
3036
30
Wayne Pump cony pref_ •
12
10
•
Common
22
17
West Con Util Inc cl A...5 22
14
14
Grocer Co com_25
Western
26
2735
Western Pr Lt & Tel A__* 26
Westark Radio Stores com• 15% 15% 1534
29
2934
*
Wieboldt Stores Inc
834 834
Williams 011-0-Matic corn*
48
5036
Engine Co corn_ •
Winton
1134 1134
Wisconsin Bank She corn 10 1134
14
13
Woodruff & Edw Inc pt A•
. 14
1734
-Amer Mach pt pfd'
Yates
2734
Yellow Cab Co Inc(Chirn.• 2734 27
934 1134
Zenith Radio Corp corn...' 10
gWWW
7% Jan 10%
Jan 51
50
19
Feb 22
Jan
3%
3
Feb
6
4
Feb 15
12
11
10
Fe
3834 Jan 37
Jan 20%
18
Jan 24%
19
Jan 4334
42
5% Jan
7%
27%
Fe
25
18% Jan 21%
40
Fe
40
Jan 27X
23
Jan 50%
45
Jan 16%
9
5334
5134 Fe
33
Jan 38
Jan 25
20
2
Jan
4%
17% Jan 27
25
Feb 26%
3431
3130 Fe
Jan 102%
98
131 Jan
5
8
3
Jan
12
10
Jan
21% Jan 29%
81
Jan 90
9431 Jan 10234
Jan 100%
91
84% Jan so
38%
34% Fe
9631 Jan 98
Feb 96
91
1831 Jan 23%
48
Jan 60
1214 Feb 15
Feb 35
27
Jan 1934
10
234 Feb
3%
Jan
2
4
Jan 19%
16
33
33
3934
26
4734
14
17
3834
3234
47
119
10
534
23
28
3
934
2334
6bOO'coObOQIDO
400
734 8
40
51
50
50
19% 1936
510
334 334
434
1,100
150
12
1234
10
380
10%
100
36% 36%
18% 2036 20.800
1.700
23
24
200
42% 43
50
6% 631
450
25
25%
2,150
20
21
100
40
40
800
24% 26
550
46% 47
1234 14% 2,985
5134 5334 129,150
34% 36% 3,150
800
2134 25
3,500
4
3
10,050
21% 27
50
26% 26%
31% 34% 233,300
102 102,
4 1,450
334 4% 3,250
5% 634 2,100
70
10%
10
15,400
2631 29
431
87% 90
186
101 102%
190
98 100%
39
87
87%
650
34% 3834
150
98% 9631
450
92
94
21% 2331 30,200
650
58
59
285
12% 1434
151
30
35
19% 13,800
17
100
3
334
400
3X' 4
500
17% 1834
5034
1334
081.6
OR LC
eNah
pal
,
• No par value. s Ex-dividend. y Ex-rights.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Feb. 15 to Feb. 21, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
43,4
4
434
•
Almar Stores
9934 9931
Amer Forn Securities
• 4631 4634 47
American Stores
82
Bankers Securities COM_ _- ---- - 82
50 42k 4234 4331
Preferred
116 11631
of Pa pref--100
Bell Tel Co
1134
* 1134 11
Budd (E G) Mfg Co
69
70
Preferred
1234 1334
1234
Budd Wheel Co
100 100
Preferred
3931 40
50
Cambria Iron
Camden Fire Insurance- 2734 2334 2734
334
334
351
Central Airport
25
25
Commonwealth Cas 00.10
4834 48%
CODs01 Tree of N J_ -100
743,4 7634
Electric Storage Batteiy100
934 1031
996
Empire Corporation
1834 1934
Exide Sec Co
936 951
50% paid
3734 3834
10
Fire Association
160 160
Horn & Ilardart(Phil)com*
43
4634
Horn & Hardart(N 1)com•
7934
Insurance Co of N A___10 7831 78
14
Lake Superior Corp-__100 1336 13
50 129% 12934 13034
Lehigh Coal & Nay
43
4434
New when issued
3331 3434
Manufact Ca.9 insurance_
%
A
Mark (Lou's) Shoes Inc...*
34
34
Midland Valley pref
19% 20
Mitten Bank Sec Corp..
18
20
1934
Preferred
7734 7734
Penn Cent L&P cum pref_•
1496 1634
Pennroad Corp
8154 8531
50
Pennsylvania RR
Pennsylvania Salt Mfg__50 9634 9631 9634
92
92
92
Phila Dairy Prod pref____
9934 9934 100
Phila Elec of Pa $5 pref___
Phila Elec Pow pref- _25 3236 323,4 3294
55
55
Phila. Insulated Wire
•
41
41
Philadelphia Inquirer
49
4934
49
Preferred w 1
Phila Rapid Transit _ _ _50 3834 3934 3931
50 3834 3834 39
7% Preferred
15
1734
Phila & Read Coal & Iron*
4234 4234
Philadelphia Traction_ __50
3931
39
Certificates
834 8%
Railroad Shares Corp
1654 16%
Reliance Insurance
10
%
31
St Anthony Gold
233,4 2334 233,4
Shaffer Stores Co
934 10
934
Shreve El Dorado Pipe L25
51
51
*
Scott Paper Co
731 8
Seaboard Utilities Corp_ __
634 831
Sentry Safety Control
38
40
Tacony-Palmyra Bridge_ •
231
234
Telephone Security Corp_ ---- _
Tono-Belmont Devel_ _ _ _1
31
%
X
1
134
194 1%
Tonopah Mining
2931 2936
Union Traction
50
United GasImpt corn new. 3831 3734 39%
9831 99%
99
Preferred new
57% 60
U S Dairy Prod class A_ •
173,4 18%
• 1731
Common class B
100 100
U S Stores
60
60
W Jersey & Seashore RR 50 60
BondsElec & Peoples It etis 4e'45
Lehigh Power Sec 69..2026
34
39
10334 103%
Range Since Jan. 1.
Low.
.0.0Nep0t
.
gg
,,wwwatz.0,
4
. N.
7%
Jan 88
Jan 23%
Jan
16%
Jan 2534
Jan 32
Jan 18%
Jan 2631
834
Feb
Jan 188
13
Feb
Jan 22%
Jan 29%
Jan 29
Jan 27%
Feb 3634
Jan 31
Jan 28%
Feb 27
Jan 98%
Jan 2531
Jan 7034
Jan 9836
Jan 95
Jan 25
Jan 4834
Jan 64%
Jan 4231
5%
Jan
49
•
Super Maid Corp com_
1034
Sutherland Paper Co com10 1334
Swift Jr Co
25 3234 3234
Certificates
3234
15 33
Swift International
39
Thomson Co (J Ft) com_25 :39
2534
Iime-O-Stat Controls A_ •
Id-Utilities Corp coin _ __• 4731 47
14
12th St Stores(The) pfd-A*
16
Unit Corp of Amer pref_ •
3834
United Chemicals Inc pref *
2834
• 29
United Gas Co corn
20 4536 45
U S Gypsum
116
100
Preferred
9
US Radio dr Telev corn_ •
J
Utah Radio Prod corn_ •
Utll & Ind Corp corn_ _ _ ..* 2196 2131
27
Convertible preferred...* 27
Utll Pow & Lt Corp A---• 3731 36
Common non-voting _ _ _* 2231 20
.0WWWNW0W.00WWW3.C.WO NWOn..N
w
. .4
N
M..t...c.WW WW N.V.MM.erw
99
5131
20
61
434
48%
E8
1934
50
39 80
88
87
52 20
2034 20%
400 13
14% 15%
150 18
2334 24%
31% 8,400 1934
29
150 13%
18
18%
630 20
2034 24%
4
8% 20,200
6
1,200 150
160 185
4,450 1234
1234 13
14% 18% 153,400 12%
250 2534
26% 26%
300 2731
27% 2834
400 20
22% 23
200 33%
3334 33%
27
28% 4,200 21
23% 26% 8,150 19
2434 25%
236 24%
16 95
98
98
2431 25% 13,700 24
6631 69% 31,300 53%
1,900 81
93
98
10 95
95
95
22
2331 1,500 22
45
48% 16,250 30
60
62% 3,900 58
38% 42.31 3,800 36
4%
500
5% 534
Jan
Jan
Jan
Jan
Jan
<0
0a
W
W.
W.WWM
W4 WW.
,
,0,0WOW0.00,1
044400
QW4W00,
00.0000W00.000
3000000W00
21%
70
47%
16%
5834
4%
3131
.WW
w
.
14= W
1
0,T-.
W;P.WOWC OWWWWW - 10o.e., 417 ;1
,
,,00 •peDWOOW0w 0000000 00W000..0.000000
0.0WW00•00.WWWW4000
000W000000C00.0000000000000AC0W.0000000000.000
14
831
48%
250
3,150
80
150
9.600
Range Since Jan. 1.
"
I
High.
4%
9934
4934
83
4434
117
1234
70
14%
100
40%
2731
5
27
50
7834
14
193-4
9%
3834
16034
4634
g:
.,-
4934
19
50
18%
59
434
48%
High.
igggggg2gg:g22ggglaggggigg
gggiggggg,f,gg'Agglgttggg gggggg:ggggggggtg2ggL
20
30
48
18%
69
434
4534
Low.
ONOWNOWOWNWOWOMW0W.O 0 MO.MM
MO ,
CO0.4
30
1.000 . WON W‘I.C. . 4 W.01.31
0
.
.
Fitz S& Cons D & B corn_.
Foote Bros 0 & M Co_ _-5 18%
-Denver Co corn_.
Gardner
.._5
General Candy Corp A.
Gen Theatre Equip v t c_. 45%
General Water Works Corp
•
preferred $7
2034
Class A
• 15%
Gerlach-Barklow corn_
24%
Preferred
Gleaner corn Bar com • 30%
Godchaux Sugars Inc B....'
Goldblatt Bros Inc corn....* 24
7
Great Lakes Aircraft A_..•
Great Lakes D& D---100 180
Greyhound Corp coin_ _ __• 12%
Grigsby-Grunow Co corn..• 16%
Hall Printing Co com_ _10
Harnischfeger Corp corn....' 2831
Hart-Carter Co cony pfd.' 23
Hormel & Co(Geo) corn A •
Houdaille-Hershey Corp A• 27
• 24%
Class B
25 24%
Illinois Brick Co
Illinois Nor Util pref _ _ _100
Inland Util Inc class A_
25
Insull Mil Invest
6734
2d preferred
• 93
Interstate Power Co $6 pf_*
Iron Fireman Mfg Co v t c• 22%
Jefferson Elea Co corn__.• 4531
Kalamazoo Stove corn......• 61%
Katz Drug Co corn
1 40%
Kellogg Switelib'd com__10
531
Ken Radio Tube & Lt
Common A
•
Kentucky Util Jr cum p3.50 50
Keystone St & Wire corn •
La Salle Ext Univ com__10
3.34
Lane Drug com v t c....*
436
Cum preferred
•
Leath & Co corn
Cum preferred
Libby McNeill & Libby_10 19%
'Lincoln Printing com____* 23%
50 42%
7% preferred
Lindsay Light corn
10
Lindsay Nunn 52 cony pf.• 2534
Lion 011 Ref Co coin- _ _ _* 20
London Packing Co
• 40
McGraw Elea Co corn- _• 24%
MoQuay-Norris Mfg
•
Mark Bros Thee cony pi_ *
13
Marshall Field & Co corn..' 51%
Manhattan-Dearborn corn' 36
Material Serv Corp corn. 10 24%
Meadow Mfg Co corn_ __•
331
Mer & Mfrs Sec Co A corn.* 24
Middle West Tel Co com-•
Middle West Utilities new• 32%
• 102%
$6 cum preferred
Warrants A
Warrants B
6%
Mid-Cont Lawnd class A_•
Midland United Co corn _ _• 26%
Midland Util6% pr l'n-100 87%
100
7% Prior lien
7% preferred A
100
6% preferred A
100
Miller &Hart Inc cony pf..' 35%
Miss Val UM Inv 7% pf A•
6% prior lien pref
• 94
Mo-Kan Pipe Line oom --5 22%
Modine Mfg corn
• 58%
Monroe Chem Co com-• 12%
Preferred
• 32
Morgan Lithograph corn..' 18
Muncie Gear common.. •
•
Claes A
33(
Muskeg Mot Spec cony A • 18%
Range Since Jan. 1.
Bases
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
WOT
00
Sales
Friday
Last Week's Range for
Went
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Nachman Springf'd oom_•
Nat Battery Co Prof...... _•
Nat Eleo Power A part..- •
National Leather com-10
Nat'l Republic Inv tr____•
Nat Secur Invest Co corn..'
Certificates
•
Natl Shareholders corn_ •
Nat'l Standard corn
•
Nat Term Corp part pfd _•
Nat Un Radio Corp corn..'
Nobblitt-Sparks Ind corn..'
North American Car com_•
North Amer G & El cl A_ _•
No Am Lt & Pr Co corn_ _•
Nor Am Wat Wks & El A..*
N&8Am Corp A corn....•
Northwest Bancorp com_50
Northwest Rug Co com_ •
Northwest Util pr in pf 100
100
7% Preferred
Ontario Mfg Co corn
•
Oshkosh Overall Co corn..'
Convertible preferred •
Pee Pub Serv Co cl A corn •
Parker Pen(The) Co corn 10
Peabody Coal Co B
Penn Gas & Elea A corn.. •
Perfect Circle (The) Co....'
Pines WInterfront corn....
Polymet Mfg Corp corn_ •
Potter Co (The) coin_
•
Process Corp common_ _
Pub Son of Nor Ill corn _ _•
,
Common
100
8% preferred
100
Q-R-S Be Vry corn
•
Quaker Oats (The) pref 100
•
Common
Railroad Shares Corp com •
Rath Packing Co corn_ ..1Q
Raytheon Mfg Co
•
Reliance Mfg Co corn---10
Rollins Boa Mills cony pf..'
Roes Gear & Tool corn.. _*
Ryerson & Son Inc corn.._'
•
Sangamo Electric Co
Seaboard UM Shares Corp*
Sheffield Steel Corp corn •
Slvyer Steel Casting com..•
So Colo Pr Elec A com__25
Sp'west Gas& El 7% pf 100
•
Southwest L & P prof_
•
Standard Dredge cony Pf•
Common
Standard Pub Service A.. •
•
Steinke Radio Co
Sterling Motor Truck pf _30
0)cum
Stone & Co(H
Studebaker Mall Order A_•
1253
FINANCIAL CHRONICLE
FEB. 22 1930.]
40
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
-Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
7934 Feb
1531 Feb
132
Feb
4434 Feb
37
Jan
34 Jan
34
Feb
20
Jan
20
Jan
78
Jan
1834 Feb
8554 Feb
13631 Feb
93
Feb
10094 Feb
3234 Jan
55
Feb
42
Jan
5036 'Feb
40
Feb
44
Feb
1731 Feb
Jan
44
3931 Feb
854 Felt
18
Jan
X Felt
2334 Jan
1034 Jar
Felt
51
Feb
8
834 Felt
40
Jar
231 Jar
5-16 Jar
234 Jat
30
Pet
Fet
4
0
100
Jar
60
Pet
1834 Pet
100
Fet
61
Jar
•••••••1043,4
Jai
Feb
1254
Bonds (Concluded)-
Phila Electric (Pa)
1st lien & ref 5s_ _ _ _1960
10234
1st is
1966 10334 10334
18t lien dr ref 534s-1947
106
1st lien & ref 5448_1953
10644
Phila Elec Pr Co 5gs-1972
10434
Strawbridge & Clo ba_1948
98
York Railways 1st 53_1937 9434 9434
•No par value.
10234
10434
106
1063.4
10434
98
9434
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
$1,000
9400
1,000
5,000
2,000
19,000
1,000
High.
10244 Feb 105
10334 Jan 105
10544 Jan 10634
Jan 10634
103
10444 Feb 10534
953.4 Jan 98
91
Jan 9434
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Feb. 15 to Feb. 21, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks--
Am States Pub Serv pref.*
Arundel Corp
Baltimore Trust Co.__ -50
Black & Decker corn
•
Central Fire Insurance_ _10
Voting trust ctfs
10
Ches 5,Po Tel of Bait pf100
Commercial Credit
Cony preferred A
Preferred
25
25
Preferred B
100
634% 1st pref
Warrants_
Consol Gas, E L & Pow- •
6% preferred ser D100
100
5% Preferred
Consolidation Coal_ _100
Continental Trust
100
Delion Tire dc Rubber__ •
Drover de Mech Nat Bk_10
Eastern Rolling Mill
•
Scrip
Emerson Bromo Seltzer
A warrants
Fidelity & Deposit
50
Scrip
F & G Fire Corp
Finance Co of America A.•
Finance Service corn A-10
First Nat Bank warr iss_
Houston Oil pref v t ctfs100
Mfrs Finance corn y t_.-25
2nd preferred
25
Maryland Casualty Co .25
Mercantile Trust
50
Merch & Miners Trams-.
Monon W Penn P S pf_ _25
Morris Plan Bank
10
Mort Bond & Title w I_ _
Mt Vernon-Woodb Mills
Voting trust
100
Preferred
100
National Cent Bank
100
New Amsterdam Cu Co 10
Penns, Water & Power__ •
Roland Pk Homeland Co
Common
•
Stand Gas Eci pf w war_100
Un Porto Rican Sus corn,.'
Preferred
•
Union Turst Co
50
United Rys de Electric-50
US Fidelity & Guar new
Wash Bait de AnnaP p1. S0
West Md Dairy Inc pref..*
Prior preferred
50
Western National Bank-20
Rights
Baltimore & Ohio
ConsGELt&Pwi
42%
3744
51
40
40
41
25
2
10034
4234
5
10
5
41
1,375
4314
38% 38
3,036
51
49
1,708
40
40
35
40
40
50
11444 114%
22
80
34
34
41
41
50
24
123
2441
24
196
25
86
14
86
2
2
2744
11334 114%
34
110 110
1
99% 101
142
15
15
15
220 223
105
25c. 25c.
150
4234 4244
30
23% 25
265
23
25
264-50
Range Since Jan. 1.
Low.
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feo
Jan
Feb
Jan
Jan
5
4031
3644
40
2931
3031
113%
2314
41
2234
23
7934
2
93
10934
9944
12%
220
25c.
42%
21
20
High.
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
44%
38%
52
45
44
117
34
41
25
25
86
2
11434
110
101
15
223
50c.
42%
2514
2641
3234 3314
175% 178
179 179
49
45
1044 10%
1244 12%
12%
50
49
80
80
15
1534
14
15
95
96
96
450 450
46
4644
26
25
26
14
14
14
19
19
1944
233 30
254 168
2-5 171
264 39
72 10
32 10%
510 49
15 77%
25 15
125 13
447 8741
25 450
46 44
390 2311
100 14
209 19
Jan 33%
Feb 180
Jan 179
Jan 49
Jan 12%
Jan 15
Jan 51
Jan 81
Feb 16
Jan 15
Jan 97
Feb 450
Jan 47
Jan 26
Feb 14
Jan 20
Feb
Feb
Feo
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
15
15
75
75
300 300
4144 4144 42
88
88
100 11% Jan 15
Jan 75
75 74
Feb 300
15 300
Jan 42%
409 38
Jan 91
64 72
Feb
Feb
Feb
Feb
Feb
33
177
75
39
66
1334
4444
18
3131
39
39
64
1314
44%
634
82
52
39%
19
3131
39
39
67
1344
46%
1314
82
52
3934
12
10
20
15
414
1,078
1,309
3
20
5
5
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
so Jan
Jan
48
3934 Feb
14
434
141
5
2,118
3.585
34 Feb
334 Feb
1'
414
Bonds
Baltimore City Bonds
48 Citys
1960
48 Sewer loan
1961
45 Paying loan
1951
344s New sewer _ __ _1980
Consol Gas gen 4348..1954
Congo!G E L At P 41is 1935
1st ref 441s series G.1969
Georgia Marble 13s
Md Elec Ry 15t & ref 644s
Series A
1957
Nixon Nitration 6448_1937
North Ave Market 68_1940 86
Sandura Co Inc 1st 6s_1940
Silica Gel 644s
1932
Un Porto Rican Sugar
1937 86
634% notes
United Ry dr E bat 45 1949
Income 48
1949 -.46
Funding 58
1936
Wash Bait & Annap 58 '41
West Md Dairy 6s_ _ _ _1946
17%
3131
30
3644
61
834
40%
644
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
31%
40
43
7431
13%
4844
8
85
52
41%
1% Feb
Feb
5
97% 97%
300 97% Feb 9741 Feb
Jan
9734 97% 10,000 9644 Feb 98
97% 97%
1,400 9644 Feb 97% Feb
8134 8144 1.000 8131 Jan 8114 Feb
9834 9834 3,030 9741 Jan 9811 Feb
9944 993.4
1,000 9744 Jan 9934 Feb
10034 10034 3.000 10034 Feb 10041 Feb
Feb 96
Feb
5,000 96
96
96
86
61
46
5931
66
10214
3,000
1,000
3,000
2.000
5,000
80
97
8534
86
86
Jan 8534
Feb 97
Feb 86
Jan 87
Jan 100
Feb
Feb
Jan
Feb
Feb
1,000 79
86
6234 15,000 5514
44,000 34
48
5914 9,700 4944
6714 5,000 65
10244 1,000 10214
Jan 8941
Jan 65
Jan 4944
Jan 6414
Feb 67%
Feb 10234
Jan
Jan
Feb
Jan
Jan
Feb
8541 8541
97
97
8534 86
87
87
100 100
*No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Feb. 15 to Feb. 21, both inclusive, compiled from official sales lists:
Stocks-
rnaay
ZU46.7
Last Week's Range for
of Prices.
Week,
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
s
Allegheny Steel
60
60%
• 60
Aluminum Goods Mfg.__' 21
21
22
American Austin Car---•
541 641
534
Amer Vitrified Prod p1_100
80
80
Arkansas Gas Corp corn.,.8 1234 12
1334
Preferred
100
734 8
Armstrong Cork Co
58
58
•
Bank of Pittsburgh
160 173
50
Blaw-Knox Co
25 33
3234 3334
Carnegie Metals Co
714
10
7
7
Clark (D L) Co
• 15
1414 15
Colonial Trust Co
100 310
310 310
Devonian 011 Co
10
934
936 9%
660 58
215 21
534
1.945
10 80
9
1,055
325
73.4
37 58
325 160
1,161 2114
5
840
190 13
22 310
944
685
Jan 62
Jan 24
Jan
734
Feb 80
Jan 1434
Jan
8
Feb 62
Feb 175
Jan 35
Jan
734
Jan 15
Jan 325
12
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Exchange National Bank 50
88
First National Bank_ __100 400
400
Follansbee Bros pref,,
.100
92
Harbison-Walker Ref_
•
59
Horne (Joseph) Co
•
3134
Independent Brew,ng._ _ 50
444
134
Preferred
50
5
4
Jones & Lau'gn Steel pf 100 11934 119
Koppers Gas& Coke pf 100
101
Liberty Dairy Prod
•
2544
4 88
10 400
20 92
184 59
15 313.4
1
1,384
1%
382
30 11834
465 9934
1,396 23
Feb 90
Jan 400
Jan 93
Feb 60
Jan 3114
444
Jan
5
Jan
Jan 11934
Jan 10134
Jan 28%
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
7,,,... 0*,,. flap
[you 180.
FINANCIAL CHRONICLE
Friaay
Last Week's Range Sales
Side
of Prices
for
Price. Low. High. Week.
AS
.3.7
88
400
92
60
3144
444
5
119%
10134
28
no I,
I .21C
q• IL
T...
10 TA
rah
National Erie, class A.....25
Nat Fireproofing pref. _50
Peoples Say & Trust_ _ _100
Pittsburgh Brewing com _50
Preferred
50
Pittsburgh Forging
Pittsburgh Plate Glass_100
Pittso Screw dr Bolt Corp..
Pittsburgh Steel Fdy com *
Plymouth 011 Co
5
Pruett Schaffer ChemIcaL•
Reymers Inc
•
Ruud Manufacturing- •
Salt Creek Consol 011_ _10
San Toy Mining
1
Shamrock Oil & Gas
Stand Plate Glass pr pf_100
Standard Steel springs,__
United Engine & Fdy- •
United States Glass
25
Vanadium Allot Steel_
•
Westinghouse Air Brake- -*
434
193.4
5534
2244
263.4
25
1941
44
534
2434
44
160
334
434
19
55
21
29
2634
19
18
34
234
4c
18
1044
44
4034
534
65
49
25
44
160
434
434
2034
5534
23
29
27
25
18
34
231
4c
2031
1034
46
41
545
65
5034
Range Since Jan. 1.
Unlisted
American Fruit Growers._
11
12
12
127 1044
Central Tube Co
2511 25
2541
675 2431
Copper Welding Steel
4334 45
165 4234
Donner Steel corn c-o-d
------ 28
29
303 28
95
Preferred c-o-d
97
262 95
234
rnternational Rustless Iron
231 3
29,205
114
Lone Star Gas pref
10534 10534
55 104
\1ayflower Drug Stores314
200
314
331
%.1esta Machine
2734 2714
100 25
gat Fireproofing
30 30
4431 44
443-1
4334 44
Preferred
75 35
... .
05
9111
9811
1 /75
High.
Low.
Feb 25
Jan 45
Jan 165
444
Jan
6
Feb
Jan 2034
Jan 5934
Jan 23
Jan 30
Jan 2714
Jan 25
Jan
1814
Jan 343.4
234
Feb
4c
Jan
Jan 2034
Jan
193.4
Jan 47
Jan 50
Jan
534
Jan 8734
Jan 503.4
70 2434
20 35
10 155
234
670
355
414
4,300 12
310 53
5,771 18
100 23
300 25
2,421
1714
35 18
370 31
100
214
1,500
3c
6,555 1734
20
9
275 38
369 38%
225
5
45 65
800 44
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Fetr
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
12
Jan 2531
Jan 45
Feb 29
Feb 97
Jan
3
Jan 107
4
Feb
Jan 2931
Jan 4441
Jan 4414
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
7...
Voll
0212
OA t?
* No par value. t Includes also record for period when In unlisted dept.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Feb. 15 to Feb. 21, both infrom official sales lists:
clusive, compiled
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Aetna Rubber corn
•
Air-Way Elec Appl pf-100
Akron Rubber Red corn..'
Allen Industries corn
•
•
Preferred
Amer Multigraph cora_.•
•
Apex Electric
100
Preferred
•
Bond Stores B
8
9244
534
5
27
3844
15%
98
)4
814
92%
6
531
2734
3
844
16
98
%
100
326
200
500
55
80
200
52
50
107341073'
Central Alloy Steel p1.-100
85
85
20 85
Central United
4611 4631
•
City Ice & Fuel
10% 10%
Clark (Fred G) com- 25% 2534
Cleve Automatic Ma com50
68% 68%
100
Preferred
17
17
Cleve Builders Realty_ -• 17
135 135
Cleve-Cliffs Iron corn_
•
111 111
Cleve Elec 1116% pd_ _100
Cleve Railway corn_ _100 10034 100 101
92% 93
100
Ctrs of deposit
2
2
100
Cleve-Sand Brow
2% 334
Cleve Securities p 1 pref..10
495 497
100 497
Cleve Trust
18
18
Cleve Un Stkyds corn.--'
1444 16
CI Worsted Mills com_100
25
25
Cleve & Buff Trans corn 103
2444 2434
Cols Auto pref
•
70% 74
Dow Chemical corn
83
Elec Controller Lk Mfg corn* 7944 75
19
19
Ferry Cap & Screw
8131 8134 82%
Firestone T&R 8% Pi
-100
145 145
General Tire & R corn_ 25
90
90
100
Preferred
35
35
•
Glidden corn
31
31
Godrnan Shoe cool
•
110 110
Great Lakes Towing p1100
42
42
Greif Bros Cooper corn_ •
425 425
100
Guardian Trust
37% 37%
IIalle Bros
10
14% 14%
India Tire & Rub com__*
80
82
Interlake Steamship corn.* 82
28
28
Jaeger Machine corn
•
270
578
38
10
20
15
492
25
107
109
209
60
196
53
20
122
84
20
267
456
105
180
10
10
100
100
10
88
10
100
10
81
155
9241
Range Since Jan. 1.
Low.
644 Jan
85
Jan
4% Feb
Feb
26
Jan
34
Jan
12
Feb
92
Feb
Si Feb
106
85
41
10
19
68%
15
125
110
99
90
141
244
495
1734
13
25
23
70%
64
1834
81%
145
88%
35
30%
110
3931
415
36
844
80
25
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
8% Feb
92% Feb
Feb
734 Feb
28
Feb
39
Feb
16
Feb
98
Feb
1
Jan
10944
86
46
11
28
68%
17
135
112
10144
9314
2
344
501
18
1644
25
24%
76
83
19%
85
160
91
35
33
110
43
432
38
18
8431
29%
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
20 29
214 2734
25 27
127 398
109 41
319 20
9%
230
200 39%
110 345
181 32%
21 130
150 2634
Jan 33
Jan 2944
Jan 37
Feb 403
Jan 4434
Jan 33
Jan 14
Jan 4141
Feb 350
Feb 34
Jan 132
Jan 29
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
25
94
11231
75
37
2644
22
8
25
47
99
414
7
50 24%
25 90
257 110
217 70
70 37
300 23
118 21%
952
744
30 25
80 39
1,069 79%
100
4
100
5%
Jan 25
Jan 94
Feb 113
Jan 7534
Feb 45
Jan 2744
Jan 23%
Feb 11
Feb 25
Jan 47%
Jan 99
Feb
434
714
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
8
8
Scher-Hirst class A
1534 17
Seiberling Rubber com- •
16
16
Selby Shoe corn
•
83
82
Sherwin-Williams corn. 25
105 106
Preferred
100
56
56
Stand Tex Prod A pref_100
19
19
Sun Glow
•
37
35
Thompson Products corn.*
Trumbull-Cliffs Fur p1..100 10314 103% 10344
92% 94
Union Trust
100 93
836 9
Van Dorn Ir Works corn..'
9
Weinburger
• 39% 39)4 3944
Wellman-Seaver-Morgan
90
90
Preferred
100
10234 10244
White Motor Sectir pref100
Youngstown EMT pref. 100 10344 103% 10344
40
8
562 10%
125 16
135 80
105 105
25 47
15 19
320 23
10 101
780 92
325
714
100 3134
Jan
12
Jan 1834
Feb 20
Jan 85
Jan 107
Jan 58
Feb 20
Jan 37
Jan 10344
Jan 95
9
Jan
Jan 3934
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Kaynee corn
10 3054
2931
Lamson Sessions
Leland Electric
•
Midland Endorsed
McKee,Arthur G&Co corn*
Miller Rubber pref.---100
Mohawk Rubber com_
•
Myers Pump corn
• 4044
National City Bank_._ MX)
National Refining corn.
.25 33
100
Preferred
National Tile corn
•
Nineteen Hundred Washer
• 25
Common
North Ohio P&L 6% pf100
Ohio Bell Telep pref_ _100 111
Ohio Brass B
• 74%
Preferred
100
Patterson Sargent
•
Packard Electric com__-• 22
Paragon Refining com--•
741
Republicellanl a
ce 3 f corn
ta
Richman Brothers corn..'
River Raisin Paper corn •
Robbins Myers No. 2....•
BondsClev S W Ry & Lt G&C58
1954
Steel & Tube 6s
1943
• No par value.
98
97
3044 3034
28
29%
33
33
398 401
44
44
31% 3244
12
12
40% 41%
345 350
32% 3331
132 132
27
28
25
94
111
7434
37
2534
21%
734
25
47
92
4%
7
25 80
10 101
76 100
2444 2444 $1,100
51.000
9634 97
2434
9531
Feb
Jan 90
Jan 10234 Jan
Jan 10334 Feb
Jan
Jan
25
97
Jan
Jan
FEB. 22 1930.]
FINANCIAL CHRONICLE
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange, Feb. 15 to Feb. 21 both inclusive, compiled from official sales lists:
97%
42%
105%
17
16
13%
306
Gerrard S A
• 20%
*
Gibson Art coin
Globe-Wernicke pref_ _ _100 70
Gruen Watch com
• 40%
Hobart Mfg
'45%
100 52
Jot Print Ink corn
Preferred
* 96
Johnston Paint
pref*
7
Kodel Elec & Mfg "A" __•
Kroger corn
* 41
100
Lazarus pref
Leland Electric
•
Leonard
*
*
Lunkenheimer
Mantschewitz corn
' 39%
McLaren Cons A
•
Mead Pulp
* 68%
Special preferred__ _100
Moores Coney A
•
B
•
..._t
Nat Recording Pump.
Newman Mfg Co
* 2634
Ohio Bell Tel pref
100
Ohio Shares pref
100
Paragon Refining B
*
Procter & Gamb com new.* 68
8% preferred
100
Pure 0116% pref
100 100
Randall A
17%
B
8
Rapid Electrotype
• 4535
Richardson corn
*
Second National
100
United Milk Crate A
* 18%
U. S. Playing Card
10 89%
U S Print & Litho corn-100 32
Preferred new
100
*
US Shoe corn
Preferred
100
Waco Aircraft
*
_
Western Paper A
*
•
Whitaker Paper corn
Preferred
100
Intlnr11”or 7 ot nmf
inn
20
20%
45% 46
70
70
40% 40%
45% 46%
50
52
94
96
22% 22%
7
7
41
44
94
96
33
33
22
23
40
44
39
3934
,
21% 22
6734 68%
100 100
2034
20
4
4
35
36
26% 26%
110% 112
97
97
8%
8
66
69
162 162
9934 100%
16
17%
6% 834
42
4534
22
22%
218, 218
18% 18%
89% 90
32
32
49
49
3% 3%
30
30
9
934
13
13
66
66%
105 105
625
195
8
294
299
150
113
20
38
68
40%
43
45
94
22%
5%
41
94
33
17
39
39
19
59%
96
20
3
32%
26
110%
97
8
5334
160
98%
13%
5
39%
17%
218
18%
85
30
49
334
30
9
13
54
104%
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb,
Jan'
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
nA
n .4 1 /
29
189
70
100
40
16
535
123
163
2
292
160
120
75
132
20
872
4.010
2
259
258
900
379
35
4
25
176
200
14
100
15
48
68
53
2
onn
4,10
,
Ar,
5011
rx
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
vcroarscr000poovcroorivyytavoccoovvotay
62%
24
64
18
80%
15
48%
12
104%
18
50
20
35
I%
105%
95
42
110
42
102
105%
11%
104
22
104
15
1234
23%
1
300
40
96
r
17%
High.
95
958
6
386
15
200
332
5
145
821
200
155
203
13
377
479
20
51
2
10
587
20
6
19
115
2,075
100
15
53
462
9
ginnnittggiSVG%t1M-OlVenstli
94
Low.
27% 28%
65
66%
21
21
94
100%
16
16
48% 48%
16% 17%
105 105
19
19
59
6234
21%
21
%
%
2
2
108 108%
97
97%
42
43
117 117%
44
45
106 106
105% 105%
16
18%
104 104%
22
22
104 104
16
16%
12% 15
23% 23%
1
1
305 310
48% 49
97
97
0Cm.
.4WW.WWW*.WOOWWWW4.00W.wW0wwww6p.ww
27%
65%
rr
rxrr rr
rrx
r,vt..;71,,I4V:VggiMtl4M,VggnWgM'egngt.tttt
mmpl,
mm,mrrn.,,iftrim,mtliri,ModW
Aluminum Ind Inc
•
Amer Ldry Mach corn -20
•
Amer Products pref
Amer Rolling M111 corn -25
Amer Thermos Bot "A"•
50
Preferred
Amrad Corp
•
100
Champ Fibre pref
•
Churngold Corp
Products
Cinti Adv
•
Cintl Ball Crank Prof. •
Chill Car
"B"*
20
Preferred
CNO&TPpref _ _100
Cin Gas & Else pref _ _ _100
50
din Street Ry
50
Cln & Sub Tel
*
City Ice & Fuel
Col Ry pr 1st pref ____100
100
"B" preferred
Crosley Radio "A"
*
Crown Overall pref_ - _100
•
Crystal Tissue
MU Union Term
Dow Drug corn
*
Eagle-Picher Lead corn -20
*
Early & Daniel corn
*
Excelsior Shoe corn
Fifth-Third-Union Tr__100
*
Formica Insulation
-Bauer pref_100
French Bros
Range Since Jan. 1.
,1
WOOM0.14 WWW,C. WW0.10 0
,
W.WW
DO•4..W
DOWWwwWWW.WWWWW-.1wWWWVW004,WOW.A.P.WW.W-4..40.4W.4W.w.p.
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
• No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Feb. 15 to Feb.21, both inclusive
compiled from official slaes lists:
Stocks-
14 may
Sates
Last Week's Range for
Week,
Sale
of Prices.
Par. Price. Low. High. Shares,
Bank Stocks
Boatmen's Natl Bank_ -100 220% 220% 220%
First National Bank _ _100 89% 89% 89%
Merch-Commerce
100 292% 289% 292%
Trust Co Stocks
Franklin-Am Trust_ -100
Miss Valley Trust
100
St L Union Trust
100 555
297 29734
292 292
554% 555
Miscellaneous Stocks
A S Aloe Co corn
20
34
34
Bentley Ch Stores corn-__*
12% 12%
Brown Shoe corn
100 41
41
42
Preferred
100 116
115 116
Burkart Mfg prof
*
11% 11%
Coca-Cola Bottling See _A.
42% 47
Consol Lead & Zinc"A" •
6
6
Corno Mills Co
*
26%
25
Elder Mfg corn
•
22
22
100
72% 74
1st preferred
100
105 105
Emerson Electric pfd. 100
93
93
Ely&WalkDryGds corn _25
27
27
100 98% 98% 98%
1st preferred
Fulton iron Works com •
234 2%
100
Preferred
20
20
Hamilton Brown Shoe __25
10
Hydraulic Pr Br com _ _100
234
Preferred
100 38% 36%
Independent Pkg Pfd.-100
80
Internet Shoe corn
* 60
60
100 105% 105
Preferred
Key Boiler Equipt
*
36
Lad-Christy Cl'y Pr,corn * 32% 32
20
39
Laclede Steel Co
Landis Machine. com...._25 4534 4534
•
Moloney Electric A
56%
33%
Mo Portland Cement-25
• 25
22%
Nat Candy, corn
5
Nicholas Beauty
7
*
1634
Plckrel Walnut
14%
Rice-Stir Dry Cid% com_-* 15
100 100
9934
1st preferred
12%
Scruggs
-V-B D 0 com__25
100
70
1st preferred
100
70
2d preferred
10
2%
3834
80
61%
106
36
32%
40
48
57
34
25
7%
20
1534
100
12%
70
70
Range Since Jan. 1.
Low.
High,
Feb 239% Jan
8 220
58 86% Feb 90
Feb
Jan 301
242 284
Jan
55 259
65 290
74 525
Jan 297% Feb
Jan 300
Jan
Jan 555
Feb
Feb 3534
Jan 13
Jan 42
Jan 116
Feb 12%
Jan 47%
Feb
6%
Feb 29%
Jan 22
Jan 75
Feb 105
Feb 93
Feb 27%
Jan 100
Jan
2%
Jan 20
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
60
7% Jan 10
2
Feb
150
2%
92 32% Jan 38%
Jan 85
85 78
Feb 63
552 60
11 104% Jan 10634
8 36
Feb 40
160 30
Jan 35
123 39
Feb 45
45 64
Feb 64
Jan 60
52 52
Jan 3434
395 31
1.550 22% Feb 26%
255
434 Jan
7%
90 16
Jan 20
270 14% Feb
16
27 97
Feb 100
130 12% Feb 14%
10 70
Feb 70
20 70
Feb 70
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
4 34
160 11
120 40
57 114
35 1134
105 38%
5%
65
260 25
100 20
230 70
5 105
10 93
223 27
35 96
25
2%
10 19
1255
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
31
* 30
30
Scullin Steel, pref
•
32% 3234
Securities Inv, corn
• 2234 22
Skouras Bros, A
22%
Southw Bell Tel, pref--100 118% 118 118%
23
23%
Stir, Baer & Fuller, com_.• 23
9
9
St Louis Pub Serv corn....•
• 22% 20
22%
Sunset Stores, corn
50 47% 46% 47%
Preferred
28
30
Wagner Electric, com
15 28
108 108
100
Preferred
*
11
11
St Louis Bank Bldg
Street Railway Bonds
E St Louis & Sub Co 55 '32
United Railways 4s---1934
Miscellaneous Bonds.
1938
Houston 011534s
Moloney Electric 5345 1943
serial
Scruggs
-V-B 78
1941
Scullin Steel 6s
Range Since Jan. 1.
Low.
High,
245 28% Jan 31%
Jan 33
50 31
Feb 25
9 21
131 116% Jan 119
Jan 24
101 20
9
Feb
10
75
300 20
Feb 22%
Feb 47%
550 45
604 25% Jan 31
10 103% Jan 108
Feb 12
50 11
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
69%
95% 95% 10,000
39,000
69% 70
95% Feb
69% Feb
95% Feb
Jan
74
90
9334
93%
96%
90
91%
92
95(
89
94
Feb
94
Feb
96% Feb
93% Jan
94
11.500
500
93%
1,000
9634
90
3,000
Jan
Jan
Jan
Feb
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Feb. 15 to Feb. 21,
both inclusive, compiled from official sales lists:
Stocks-
ACURS
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
•
Aero Corp, Cal, Inc
1 1.15
Boise Chica 011A
•
Byron Jackson
25 115
California Dank
Citizens Nat Bank
20 110%
Claude Neon, Del
• 43
Douglass Aircraft, Inc.... •
Farm & Merch Nat Bk 100
Gilmore 011Co
8
Goodyr Tire & Rub pf-100 95
Holly Sugar,corn
•
Hydraulic Br Co,com -25
Inter Re-insur Corp_ ---10 45%
Jantzen Knitt Mills corn.*
* 300
Lincoln Mtge.corn
Los Angeles 0 di El pf_100
Los Angeles Invest Co__10
Monolith Portl Cem pf-10
Moreland Motors pref_ _10
Pee Amer Fire Ins Co---10
Pacific Clay Products Co_*
3934
Pure Finance Corp com._10
Pac Gas di Elect, corn_ __25
25
let Preferred
Pacific Lighting, com____•
Pacific Mutual Life Ins-10 82%
25
834
Pacific Nat Co
PactfIc Mutual rights
Pat Pub Serv A corn
*
Pacific Western Oil Co.--* 1534
10
Pickwick Corp corn
Range Since Jan. 1.
Low.
1.50
1,100
53
$3
14,800 99c
1.00 1.20
21% 23% 4,800 17%
311 113
113% 115
450 110
110 110%
7,300 40%
40% 43
13% 15% 4.900 12%
10 420
420 420
600 13
13% 14
60 93
95
95%
100 30
30
30
42
2,300 37
37
4534 4634 1,400 41
44% 44%
100 42
LOCO 300
30c 30c
141 101
101% 101%
19
19%
400 16%
200
73.4
734 734
634
100
634 634
55
50 50
55
27% 273.4
100 27
3734 3934 9,400 3734
1,409 52%
60% 64%
344 26%
26% 26%
88% 92%
600 82%
82
83
500 82
8
300
6
834
3% 3.30
200 3.20
33% 39
8,700 28
13
153-4 8,400 13
1,300
734
7% 8%
2%
2% 3.05
Republic Petroleum Co_10
Richfield 011 Co, com__.25 23% 2234 2434
25 21
21
24%
Preferred
16% 1834
Rio Grande Oil, corn_._ 25 1834
111% 112
EIJL&P 7% pr pfd. _100
94
94
Seabd Dry Cred x-war.100
25
50
5034
Seaboard Nat Bank
49% 5034
Seaboard Nat Sec Corp_ -25
Sec 1st Nat Nank of L A 25 11434 110 114%
Shell Union Oil Co com _25 2134 2134 2134
31
30
25
Signal Oil & Gas A
So Calif Edison,com____25 6334 6234 6434
62
65
Original preferred_ __25
25 28% 2834 2934
7% preferred
25 2534 25% 2634
6% preferred
24
25 24
24
534% preferred
24% 24%
25
So Calif Gas6% pref.
9634 96%
So Counties Gas 6% pf_25
3% 3.65
334
So Calif Edlson rights
59
• 59
56
Stand Oil of Calif
27
27
•
Taylor Milling
45% 4634
-America Corp_ _ _ _25 46
Trans
2e
2c
2c
Rights
440 45e
440
New scrip
Union Oil Associates__ - _25 41% 40% 41%
25 4231 413-4 4234
Union 011 of Calif
2
2
10
Victor Oil Co
Western Air Express..- _ _10 393-1 3734 4034
2734 2834
Western Pipe Steel
High.
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Fee
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
$.3
1.45
23%
120
112%
45
1534
420
14%
96
33
42
47%
44%
30c
103
20%
8
634
55
28
43
64%
2634
92%
86
834
3.30
3434
1534
834
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
4
Feb
1.400 2.10
7,400 2234 Feb 2634 Jan
2.000 21
Feb 2234 Jan
17,500 1634 Feb 1934 Jan
70 110% Jan 112% Feb
Feb 94
Feb
10 94
Feb 5434 Jan
30 50
20 49% Feb 53
Feb
Jan 114% Feb
5.000 110
100 2134 Feb 22% Feb
Jan 31
Jan
400 29
10.500 5634 Jan 64% Feb
132 57
Jan 65
Feb
600 27% Jan 29% Feb
1,500 24% Jan 2634 Feb
2,400 22% Jan 2434 Feb
800 24% Feb 24% Feb
60 9634 Feb 98% Jan
18.00
Feb 6134 k Jan
5,100 56
100 2434 Jan 2734 Feb
16,900 4234 Jan 4734 Feb
lc i Jan
8c 1Jan
12,300
708 39c I Jan 46e Feb
5,300 4034 Feb 453.4 5Jan
I Jan
800 4134 Feb 46
Feb
2
Feb
600
2
1,000 22
Jan 4034 Feb
600 2734 Jan 2834 Feb
* No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Feb. 15 to Feb. 21,
both inclusive, compiled from official sales lists:
Stocks-
N may
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Anglo & London & Nat Bk- 218
Assoc Ins Fund
Atlas Imp Diesel Eng A--- 32%
Aviation Corp of Calif_
Bank of Calif
12%
Bond & Share Co, Ltd_ _ __
Byron Jackson Co
2134
Calemba Sug, corn
Calaveras Cement Co, pref 85%
Calif Copper
Calif Cotton Mills, com
......
Calif
-Oregon Power 7% PI- 110
California Packing
73
Caterpillar
6534
Clorox Chemical
Cost Cos G di E 1st pref.__ ......
Cons Chem Indus A
3034
Crocker First Nat Bank__
Crown Zeller Corp. pref A.
Preferred fl
Voting trust certificates- 17%
Eldorado 011 Works
Emporium Capwell Corp
Fageol Motors, corn
Firemans Fund Ins
Food Mach, corn
Foster,
& Kleiser, corn
Gen Paint Corp A, com_ _
Gen Paint B, corn
Golden State Milk Prod-._
Gt West Pow 6% pref
7% Preferred
Hale Bros
24
19%
3
Range Since Jan. 1.
Low.
218 218
5 215
845
634
7
7
4,093 28
32
34
6
215
6
534
300 300
15 285
12% 1334
1,270 1134
21% 2334 13,029 1734
18
1834
200 17
10 8434
85% 8534
234 234
125
234
175 34
39
40
5 106
10934 110
557 6734
7234 7334
6434 6734 13,204 5334
645 2934
34
35
30 98%
99% 9934
Si)
3334 3,995 25%
20 398
398 400
79
8034 2,353 79
1,994 79
79
81
17
18% 13.689 17
24
1934
2%
99
4034
834
22
14
25
100
100
10634 106
12
12
24
19%
3
100
4434
8%
22
14
2514
10034
10634
1234
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
High.
233%
734
34
8
300
1434
2334
19
8534
3
42
110
74
6834
3834
99%
3334
410
83
8234
18%
145 24
Feb 257-4
975 1734 Jan 20
888
2% Jan
434
295 98
Jan 10234
4,308 3734 Jan 4434
325
734 Jan
834
Jan 22
320 21
110 13% Jan
14
1.041 2334 Jan 3134
60 99
Jan 10034
140 104% Jan 10634
615 12
Feb
14
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
*
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
1256
FINANCIAL CHRONICLE
Feb
Jan 63
Feb 3354 Jan
Jan
Jan 22
Jan 27
Feb
Jan 4455 Feb
455 Jan
Jan
Feb 2714 Jan
Feb
Feb
11
Feb 10355 Jan
Jan
454 Feb
Feb
Jan 23
Jan
Jan 25
Jan
Jan 95
Jan
Jan 113
Feb
1634 Jan
Occidental Insurance
265 23
2555 2554
Oliver Filters A
435 26
2854 2955
B
1,575 25
2734 2855
Paaubau sugar
100
8
8
8
8
Pac Gas & Electric, corn..
60% 6455 31,037 5154
62
1st preferred
2654 2655 2,615 26
2654
Pas Lighting Corp, corn
4,931 94%
8855 8754 93
6% preferred
100 101
570 100
Pacific Public Service A
3635 35
39 105.658 28%
Pac Telep & Teleg, corn...... 178
16935 180
205 150
Preferred
130 144
170 120
144
7n1
,
7A V 77
024 7554
Jan 2335 Feb
Jan
Jan 31
Jan 2914 Jan
855 Jan
Jan
Jan 6434 Feb
Feb 2655 Feb
Jan 93
Feb
Jan 10155 Jan
Feb
Feb 39
Jan 180
Feb
Jan
Jan 144
Jan 78
Jan
Plg'n Whistle, pref
Rainier Pulp & Paper Co
Richfield, common
Preferred
ROOS Bros, CODS
Preferred
1354
2655
2254
2055
25
93
__
_
2355
__2155
25
13%
27
24
2154
25
93
San Joaq L & P pr pref.__ _
112 113
ioo__100 100
6% Prior preferred
Schlesinger, corn
8% 835
Preferred
58
58
58
Shell Union, corn
2151 21% 22
Sierra Pac Elec, pref
90
90
So Pac Golden Gate A
1754
1654 1754
B
15
15
Spring Valley Water Co-- _ __
86
9055
Stand 011 of Calif
WM
553.4 5931
Thomas Allec corp
18% 1854
Tide Water Ass'd 011
1055 11
Preferred
78
78
78
Transamerica
4554 4534 4654
Rights
2c
2c
3c
Union Oil Associates
4154 4055 42
Union 011 of Calif
42% '4154 4255
Wells Fargo Bank & U T
32555 325 32555
West Amer Fin Co. Pref2
2
West Coast Bancorp
17% 1755
n112,
nov,
no
..
59
59
350 5255
31
3254
875 31
22
22
160 21
______
25
25
100 1955
500 40
4354 4354 4455
2
560
355
3
25
25
100 25
11
954
11
100
102
102 10255
35 10014
435
255
334 435 56,705
862 2015
223.4 23
______
21% 2434
2,145 20%
95
5 94
95
105 105
105
43 105
2,110 14
15
14
1454
b—•lq .•0,—•
—
59
3254
High.
.
.
o....
Low.
Friday
sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
...1W
.
.
L.C.W;44...001-44V.1.—,
0,
Hawaiian Pineapple
Honolulu Cons Oil
Hunt Bros A,com
Illinois Pacific Glass A _ _ _
.
Jantzen Knitting Mills_ _ _ _
Kolster, corn
Langendorf Baking A
Leighton Ind A
Los Angeles G & E CorpMagnavox
Idagnin (I) com
March Calcu new cotn
Mere Amer Realty 6% pfd.
North Amer Inv, coin_ _
North Amer 011 Cons
Range Since Jan. 1.
D.o..
e ruing
sates.
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
[VoL. 130.
Range Since Jan. 1.
Low.
13
26%
2254
203-4
25
83
11135
100
8
60
21%
89
1654
13
8255
5554
18
1054
78
42
lc
4054
4155
320
2
17%
n
High.
Jan
Feb
Feb,
Fen,
Jan,
Jan
I
Ja ..
Jan
Febl
Feb
Feb
Jan
Jan
Jan
Jan'
Febl
Jan
Feb,'
Feb
Jan
Jan,
Fen,
Feb;
Jan,'
Jan!
FebI
.
Jan
14
2954 Jan
2655 Jan
2255 Jan
2754 Jan
Feb
93
11335
101
1054
58
2354
91
1754
153.4
9055
6155
1854
1214
8434
4754
8e
4553
46
32554
255
1854
no
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jaq
Jan
Jan
Feb
Jan
Jan
New York Curb Exchan ge-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Feb. 15 1930) and ending the present Friday (Feb. 21 1930). It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds,in
which any dealings occurred during the week covered.
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week Ended Feb. 21.
Stocks-
Indus.& Miscellaneous.
Acetol Products cony A.. •
25
Aeme Wire v t c
100
Aeodan Co pref
Aeronautical Industries_ •
Warrants
Aare Supply Mfg class B..*
Aero Underwriters Corp.. •
Agfa Ansco Corp com_
•
Ainsworth Mfg eom _ _ _10
Alr Investors corn v t c_ •
Convertible preference_•
Airstocks Inc v t c
•
Ala Gt Sou RR ord
50
Alexander Industries
•
All Amer General Corp_ _20
Allied Aviation Industries_
With stock purch warr.•
Allied Mills Inc
•
Allied Motors Indust corn •
Allison Drug Stores cl A.. *
Class B
•
Aluminum Co corn
Aluminum Goods Mfrs- _•
Aluminum Ltd
•
American Arch Co
•
Amer Beverage Corp.
..-°
Amer Brit & Cont Corp_ _•
Amer Brown Boverie Elec
Founders shares
•
Amer Chain corn
•
Amer Cigar Co com
..100
Amer ColortyPe corn
•
Amer Cyanamid comet B •
Amer Dept. Stores Corp...
American Equities corn.. •
51%
25
17
9
9
5015 52%
44% 45
8
10%
234
2
10
1234
1455 1455
2055 2051
25
2755
355 5
1135 1455
46% 46%
125% 125%
115
255
16
17
1%
2
1
13
13
17
1756
51
.%
55
55
315 340
2155
2134 21%
160 166
42
41
43
6
655
555 6%
651
17%
9%
48%
285(
26%
435
17%
Amer Investors cl B com.• 12%
Warrants
American Mfg Co com_100
Preferred
100
Amer Phenix Corp
60
Amer Salamandra Corp_25 58
Amer Solvents az Chem
Common
• 1455
$3 cum cony part pref
American Thread pref__ _5
355
Amer Yvette Co corn _
515
Amsterdam Trading Corp
American shares
Anchor Post Fence com__• 1334
Anglo-Chile Nitrate Corp..
Apex Elec Mfg
Arcturus Radio Tube__ •
Armstrong Cork corn.... •
•
Art Metal Works corn
Associated Dyeing .5 Print*
2%
Assoc Elec Industries
ord dILL1
Amer dep
6%
Associated Laundries___.•
1%
Associated Rayon corn.. •
100 54%
6% preferred
Atlantic Coast Fish com_ •
•
All Fruit & Sugar
55
Atlantic Secur Corp corn • 19
• 24
Atlas Plywood
Atlas Stores Corp
Automat Music Instru A • 1055
Automatic Voting Mach.. •
Cony prior panic stk.-* 15
Aviation Corp of the Amer* 3254
Aviation Credit Corp.. • 14%
Aviation Securities Corp..
1255
Axton-Fisher Tob corn A 10 4154
Range Since Jan. 1.
Low.
200
9% Jan
Jan
8
2,200 44
Jan 52% Feb
50 3455 Feb 4.5
Feb
1,700
7
Feb 10% Feb
1,300
154 Jan
255 Feb
3,100
Feb 1255 Feb
8
300 13% Jan
Jan
16
200 2055 Feb 24
Jan
700 2155 Jan 27% Feb
1,400
355 Jan
5
Feb
2,100 11% Feb
16
Jan
Jan 49
100 43
Feb
200 11954 Jan 125% Feb
1,500
1% Jim
254 Jan
Jan 1754 Feb
7,500 16
2,600
55
200 12%
300 14
100
55
55
200
700 275
300 2155
200 108
1,70
3055
900
53.4
2,300
4%
Jan
235
Jan 1554
Jan 17%
Jan
55
355
Jan
Jan 345
Jan 2335
Jan 166
Jan 43
10
Feb
635
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
9.%
43
81
2755
26
455
1734
300
1035
50% 8,200
50
81
500
29
2755 25,100
700
456
18% 7,800
755 Jan
Jan
37
Jan
6S
2014 Jan
25% Jan
Jan
3
1551 Jan
81
29
2954
6
19%
Feb
Feb
Jan
Feb
Jan
Feb
Jan
12%
555
54
70
40
5555
14% 13,000
6% 3,300
225
60
70
75
100
40
1,400
59
Jan
10
454 Jan
Jan
45
6555 'Jan
43
Feb
55% Feb
14%
6%
60
70%
48
59
Feb
Feb
Feb
Feb
Jan
Feb
12
14%
2535 25%
356 355
5
6
1,500
100
400
1,100
Jan
10
24% Jun
3% Jan
Feb
5
14% Feb
2955 Feb
355 Feb
754 Jan
2855
13
1955
14
1435
60
2455
2%
28%
1435
1955
15
1755
6055
2551
3%
200
4,100
200
400
3,000
200
1,000
700
2714 Jan
11% Jan
1554 Jan
12% Jan
935 Jan
5855 Feb
Jan
18
Jan
2
2854
1455
21
15%
1754
6055
27%
3%
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
6%
s%
5%
50
26.51
51
19
23%
2334
7
7%
15
3235
1434
10%
41
654
1%
6
55.54
27%
54
20%
24
25
14%
8
15%
34
15
13%
4255
5,800
2,500
800
3,900
700
5,200
1,200
800
800
5,400
200
1,200
2,100
1,000
900
600
654
s%
4%
3955
2235
55
15%
2255
18
7
651
14
24%
1255
7%
36
7
2
6
543-5
2835
56
20%
24
25
1555
8%
1735
34%
15
13%
4255
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Babcock & Wilcox Co_ ..100 13135 13135 131%
12 122
Bahia Corp corn
355
•
255
255 3% 2.600
Baumann (Ludwig) & Co
Cony 7% 1st pref_ _ _100
10
80
80
80
Bellanca Aircraft corn v t c•
600
5%
8% 0
Bickford's Inc corn
•
19
500 14%
18
Preferred
• 33
28
30
30% 33
flaw-Knox Co
•
30 0155
3355 33%
Bliss (E %V) Co com
• 26% 26
900 2355
2755
Blue Ridge Corp com
• 1155
955 11% 50,400
634
Opt 6% cony pref..---50 40% 39% 4035 18,700 3351
Blumenthal (S) & Co corn • 44
41% 44% 2,500 2755
Botany Cons Mills com •
55
100
/5
55
Bourlols Inc
•
655
651 8
80
Bridgeport Mach corn_ _ _ _•
355
255
234
315 1.300
Brill Corp class A
•
13
1355
40
10%
Class B
•
455 4.55
235
40
Preferred
100
80
80
80
36
Brillo Mfg corn
• 14
14
30
14
1455
British American Tobacco
Am dep rcts ord beareril
27
27
100 27
High.
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
12
Jan 132
Feb
355 Jan
Feb
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
80
11%
20
33
35
30%
11%
40%
4411
54
Feb
28%
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
3% Jan
14'55 Feb
455 Feb
Feb
80
16% Jan
Jan
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
British Celanese Ltd
Am dep rcts ord reg
Brown Fence & Wire pfd A.
Bulova Watch cony pref__•
Burco Inc corn
•
6% pref with warr___50
Warrants
Burma Corp Arne rdep rcts
Butler Bros
20
354
Cable Radio Tube v t c..-•
Camden Fire Insurance_5
Can Pao Ry new w I
5355
Celanese Corp of Am corn.
First preferred
100
Celluloid Co corn
• 1655
Centrifugal Pipe Corp- •
Chain Stores Stocks Inc...
14%
Charts Corp corn
•
Ches & Ohio RR new..„25 5934
Cities Service common_ _ • 32%
Preferred
• 8835
Clark Lighter Co,cony A.•
1%
Cleveland Tractor corn__ _• 2824
Club Aluminum Uten corn•
Colgate Palm Olive-Peet-*
Colombia Syndicate
24
Colt's Pat Fire Arms Mfg •
Columbia Pictures corn- •
Columbus Auto Prod pref•
Consolidated Aircraft-- •
Copse! Automatic
Merchandising corn v t co
.55
•
$3.50 preferred
Consol Dairy Products-• 1455
Consol Gas Utll class A......° 2755
Consol Instrument com_ •
Consol Laundries corn.....• 13%
Cons Retell St's Inc corn_ -• 12%
Cooper-liesserner Corp
• 32
Common
33 pref A with war........°
Cord Corp
5 1155
Corroon & Reynolds corn.* 1554
$6 preferred A
CotY Societe Anonyrne3955
Amer dep rcts bear slas_
Crocker Wheeler corn.....
27
Crosse & Blackwell Inc
53.50 prof with warr_ *
Crown Cork dr Seal pref..*
Cuban Tobacco corn t c-• 15
Curtiss Airports v t c..--•
Curtiss Flying Service corn•
Curtiss Reid Aircraft CoPreferred with wart._..30
234
Curtiss-Wright Corp warr_
Davenport Hos Mills corn •
5%
Dayton Aeropl Rug corn....'
Deere dr Co common.._ ..100 600
New corn when issued--• 120
De Forest Radio corn---•
4
Delsel-Wemmer Glib corn *
Detroit Aircraft Corp.......
654
Detroit Gasket & Mfg corn •
Dixon (Jos) Crucible_100 164
Doehler Die-Casting corn..• 17
Donner Steel 1st pref _100
Douglas Aircraft Inc
• 1535
Dresser(S R) Mfg Co cl A • 4051
Driver-Huth! Co corn_..10 65
Dubiller Condenser Corp..
955
•
Durant Motors Inc
555
Duval Texas Sulphur__ •
East Util Invest corn A....' 14
Edison Bros Stores com__•
• y1751
Eisler Electric corn
Elec Power Associates corn• 33
• 3055
Class A
Elec Shareholdings corn_.* 26
Cony pref with wan-_ • 9555
Emerson Bromo Seltzer_A•
Empire Fire Insurance-10
Empire Steel corn
•
Employers Re-Ins Corp_10 2455
Europ El Corp Ltd cl A w I
19%
Excello Aircraft Sc Tool__•
Fabrics Finishing corn... •
4%
Fageol Motors Corn
10
Fairchild Aviation corn....
534
Fandango Corp corn
•
Fansteel Products Ine____•
Fedders Mfg class A
•
956
Federal Screw Works.... •
Federated Metals
• 23%
Mat, Amer den receipts....- ______
Low.
High.
3
1755
38
8
40
3
354
1134
3%
1755
3954
8
40
3
3%
11%
1.400
100
1,000
100
100
100
2,100
800
3
1755
32%
8
40
3
351
1155
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
4%
2155
3955
10
41
e355
355
1735
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
3
2555
53
2435
82
1655
5%
1455
30
5855
31
88%
1%
2655
4
58%
51
26%
29%
22
1554
800
355
100
2515
5555 38,900
400
2655
82
100
18
800
1,200
655
14% 2,300
30
100
60
3.500
33 186,900
8835 1,300
1%
000
2855 4,500
455
300
1,900
5955
54 3,500
27
300
29%
600
25
200
1534
100
3
2255
53
24%
80
14
451
1234
2234
5354
2655
88
34
IS
3%
12
its
2655
24
20
15
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
555
2555
58
35
89
20
1334
1555
30
61
33
80%
154
2855
6
1934
95
28%
32
25
16%
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
235
1455
27%
454
13
1154
54
214
1555
28%
6
14%
1251
6,300
200
700
1,900
3,900
4,900
1,000
14
134
1355
2155
3
10
10%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54 Jan
254 Feb
19
Jan
29% Feb
534 Feb
14% Feb
12% Feb
32
42
1154
14%
75
32
200
42
100
12% 10,900
16% 4,600
76%
300
28
38
1115
1255
74
Jan
Jan
Jan
Jan
Jan
3234 Jan
42
Feb
13% Jan
16% Feb
7655 Feb
39% 3934
600
24
2855 23,50
3955 Feb
18% Feb
3034 Feb
28% Feb
36% 36%
34% 3455
15
15
435
454
7% 9
•
39
8
40
3
355
1155
Range Since Jan. I,
3635 Feb
30
Feb
Feb
15
255 Jan
5% Jan
3915 Jan
3456 Feb
15
Feb
455 Feb
Feb
954
9.14
254 355
2055 2234
555 756
600 642
120 130
455
354
19
2056
535 6%
2655 263-3
164 165%
16% 18
101
101
1555
14
3055 41
62
66%
11.51
535 5%
16
1755
1351 1455
15
15
16% 18
3255 3555
2955 34
2455 27%
98
95
3355 33%
14% 1554
10
10
2454 24%
1835 19%
22
22
354 555
3
354
4
634
51
55
12
12%
9%
9
35% 3654
2355 23%
2035 2054
100
100
100
100
800
100
94
,
14,600
155
2,500 1855
1,300
3
420 435
7,300 120
7,200
234
700 19
7,200
5
300 2434
7 164
500 1654
10
98%
12,80
12%
80
31
2,60
41
3,40
835
9,600
455
80
1351
4,90(
734
200 15
8,800 14
7,500 2455
16.200 2251
13,400 1535
3,70
82
10
3031
1,20
14
30
10
40
2251
2,000 1855
100 22
13,000
2
GOO
2%
3,200
3
400
34
700
ii
700
300 3311
100 2251
100 1754
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Fe
Jan
955
355
2255
834
650
131%
455
2055
755
28%
16555
19
101
1534
41
6615
1355
7
1934
15
18
18
3554
31
2734
90%
3354
1534
13%
25
20
22
5%
555
634
54
12%
10
38%
24%
2035
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Fob
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Finance Invest Corp-_--10
334
•
Flintkote Co corn A
Fokker Air Corp of Amer_• 1934
•
FoItis-Fisher Inc corn_
Ford Motor Co Ltd
13
Amer dep rcts ord reg_£1
Ford Motor of Can cl A---• 29
Class B
* 4544
Ford of France Am dep rcts
Foremost Dairy Prod corn•
934
•
Cony preferred
Foremost Fabrics corn_ •
Foundation Co
Foreign shares class A_ •
Fourth Nat Investors Corp
Corn (with purch. warr)• 46
Fox Theatres class A corn.'
754
Franklin (H 11.) MIS com
•
Freed-Elaeman Radio_
Garlock Packing com____• 28%
•
General Baking corn
334
• 39%
Preferred
Gen Else Co of Gt Britain
American deposit rcts_ £1 11%
•
General Empire Corp_
General Fireproofing corn.'
Can Indust Alcohol v t cr. •
Can Laund Mach corn....
8
General Ptg Ink corn. •
Galli Realty & ULU corn _* 11%
Pf with corn purch war _• 81%
Gerrard (S A) Co com____* 22
Gilbert (A C) Co corn...*
Gleaner Comb Harvester.*
Glen Alden Coal
Globe Underwrit Exch--. 16
•
Goldsberg (S N) Sts corn."
Frei with warrants- --." 60
Goldman-Sachs Trading__• 3934
Gold Seal Electrical Co___•
234
Gorham Inc 33 pf with warr
Gotham Knitbac Mach__'
Gramophone Co Ltd
20
Grand Rap Varnish
Grayrnur Corp
• 38
Gt Atl dr Pac Tea let p1100
Non vot corn stock
• 240
Greenfield Tap & Die corn*
Greif(L) & Bros pref X 100
Griffith (D W) class A. *
Grocery Stoma Prod v t c_• 1334
Ground Gripper Shoe COM * 2431
Guardian Fire Assurance 10
Guardian Investors Corp.*
Guenther(Rud)Russ Law5 29
Hall(C M) Lamp
* 16
IIambleton Corp allot cal_
Handley-Page, Ltd-Amer dep rct for pret
Happiness Candy St com_"
Hazeltine Corp
•
Helena Rub'steln Inc com •
534
Holt (Henry) & Co A_
•
Horn dr Harden com
• 4134
Hydraulic Brake
37
Hydro-Eiec Sec corn
• 4241
HYgrade Food Prod corn •
Imperial Chem IndustriesAm dep rcts ord reg..Cl
6
Indus Finance corn v t 0_10 2034
7% cum pref
100 64
Instill Utility Investm
6634
Insur Cool North Amer_10 78
Insurance Securities_ _10 1731
Intercoast Trading corn_ •
Internat Holding Sr Invest.
Internet Products com
*
$6 cum preferred. _ _ _100 70
Internat Safety Razor B__* 1234
Interstate Equities corn__• 1174
Convertible preferred..' 4434
Interstate Hosiery Milbr- •
Irving Air Chute com.---• 16
Johnson Motor Co com_-_•
Jonas & Naumberg corn- •
Kellogg Switchb & Supp.10
Klein (II L)& Co pref._ 20
Knott Corp corn
•
Kolster-Brandes. Ltd
American shares
£1
Lackawanna Securities_ _ _•
Lakey Fdy & Mach corn_ •
Lake Superior Corp
•
Landay Bros Inc Cl A.
*
Land Co of Florida
•
Lane Bryant Inc corn_
•
Lazarus(T & R)dr Co com•
Letcourt Realty Corp- •
•
Preferred
Lehman Corp
•
Leland Electric corn
•
Libby, McNeil dr Libby_10
Liberty Baking corn
•
Lily-Tulip Cup Corp
•
Loew's Inc stock purchwarr
Louisiana Land & Explor_•
MacMarr Stores corn
•
Mapes Consol Mfg
•
Marine Midland Corp__ -10
Marion Steam Shovel com •
Marshall Field & Co
•
Mavis Bottling Coot Am _•
Mayflower Associates Inc.'
McCord Rad dr Mfg B..•
Mead Corp w 1
Mead Johnson & Co corn...
Mercantile Stores com_ •
Merchants & Mfrs Secur A•
Merritt Chapman & Scott•
634% pref series A _ _100
Mesabi Iron
•
Metal dr Min Shares corn.*
Metal Textile prune prof.'
Metropol Chain Stores__ _•
Midland Royalty 12 pref.'
New 2nd preferred
Midland United Co corn..'
•
Miller (I) & Sons corn_
Miller Rubber Co pref_100
Miss Itiv Fuel Corp wan
Mock.Juds & Voehringer_•
Monroe Chemical corn_ •
Montecatini M & AgrWarrants
Moore Drop Forg cl A_ •
Morrison Elie Supply-- •
Mtge Bk of Colomb Am she
Nachmann-Spgfd Corp- •
Nat American Co Inc....'
•
Nat Aviation Corn
•
Nat Casket Co corn
1257
FINANCIAL CHRONICLE
FEB. 22 1930.]
700
374 4
100
25% 2534
1734 20% 11,100
700
6
641
1234
28%
4534
734
934
16%
19
14
14,600
3034 3,700
175
50
1,300
731
700
934
20
1634
.
21
40
Range Since Jan. 1.
Low.
High.
37
% Jan
25% Feb
13% Jan
Jan
6
6
27%
20%
741
1031
28%
36
6%
9
16%
17
Jan
Feb
Jan
Jan
Feb
Feb
Jan
14%
3311
58
711
10%
18
24%
234
Jan
7%
Jan
33
23.4 Jan
16% Jan
31 Jan
Jan
20
2% Feb
3841 Feb
49
93-4
23
31
27
4%
6444
11% 1134 12,700 11%
1,300 21
24% 2551
3114
10
3374 33%
13% 13%
100 10%
8
400
8
8
10
45%
4534 4554
1141 12% 5,30
974
83
1,800 69
80
20
20
40
22
18
18
10
1574
2941 31% 1,300 21
114 115
50 113
1141
16
16% 3,60
714
11
10
40
20
60
60
60
35
38% 41% 30,40
234
241 334 6,400
32
34
200 30
234 2%
141
600
20
20% 1,400 20
7
100
8% 8%
. 363-4 3844 1,300 3134
116 116%
30 115%
23034 240
180 23034
17% 1754
100 1254
100 90
90% 90%
1%
100
1% 1%
13% 14%
1,200 12%
1,100 24%
2441 2431
100 38
42
42
3
200
3
3%
300 28%
2834 29
16
16
200 15
200 47
50
52%
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Fe
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Feb
11%
2534
34
1454
10%
48
14%
84%
e2334
20
31%
121%
16%
12
60
4154
434
35
3%
22
841
39
122
254
1834
90%
13-4
14%
2744
46
4%
29
16
56
434
41%
541
20
44
25%
274
38%
4134
6
4034
8334
1934
944
334
18
42
5134
134
83
1841
2
2
034
5
49
774
2194
31
26%
3%
41,31
2%
1
23%
5%
21
41%
37
41
12
2%
1
30
6
21
45
3731
43
12%
1,500
200
2,100
1.200
100
800
200
9,100
700
234
41
18%
5
21
4141
37
37%
10%
Fe
Jan
Jo
Jan
Fe
Jo
Fe
Jo
Fe
2%
n134
30
6%
21
45%
37%
44
13
6
20%
60
6644
7731
17
22
6
634
70
12%
11%
43
814
1441
6
2334
64
6951
79%
17%
22%
631
70
12%
12
45
834
17%
100
900
325
2,300
3,200
1,000
300
100
100
100
300
2,000
1,000
100
10,100
6
17
60
5434
69%
17
20%
5
6%
67
1134
1041
4044
811
1234
Fe
Jan
Fe
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
2414
64
71
79%
20%
23%
63-4
7%
71
1334
13%
4574
9%
17%
3041 43
2%
2
6
1541 15%
27% 27%
1,600
200
100
200
100
2834 Jan
2
Feb
Feb
6
15
Feb
23% Jan
43
234
6 d
20
28%
1,000
2,800
300
100
100
600
200
800
1,000
41
3.541
834
10%
234
141
2234
15
14%
29
7541
33
18
5
1734
3%
341
18
37
32%
10
50%
1
48
18
35
55%
57
1534
1734
85
134
841
36%
2434
13%
20
22
2834
3034
13
1934
12
1%
43%
n9%
14%
2%
251
29
15
22%
3771
87
40
203.4
534
22%
93-4
5
2444
39
4434
15
5344
134
65
20%
35%
59%
59
2444
20
87
2%
12
41%
30
20
20%
2934
32
34
2434
257-4
13
%
40
9
14
2%
114
24
15
20%
33434
82
33
1841
5
18
734
3
18
37
41
13
5074
1%
60
2044
35
57
57
21
1834
85
2
10%
37
26
18
20
26
28%
3211
20%
2334
12
5
1
40%
9
14
2%
2
25
15
2134
36%
85%
33
20
531
22%
941
33-4
19%
37
44%
16
53%
134
66
2011
363.4
69%
57
2441
20
86
2
12
40
29
18
2034
2744
29%
32;1
2241
25
12
1% 2
47
49
3934 39%
30
30
1941 21
834
834 8%
1134
1144 1434
170 185
1.200
32,100
21,900
400
100
1,900
33,300
13,300
10,200
100
2,700
200
1,900
2,300
23,400
2,600
100
27,100
1,300
44,000
35.700
2,400
200
600
1,300
100
700
1,400
200
1,500
5,400
300
3,500
100
700
200
400
50
1.700
600
200
300
1%
2,500 47
100 38
100 2431
400 18
5,100
7%
7,300
834
400 162
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
251
Feb 55
Feb 43%
Jan 32
Feb 27
Jan 12%
Jan 1441
Feb 185
Friday
Sales
Last IWeek's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. I.
High.
Low.
20
100 20
20
Nat Container Corp pref.."
600 105
105 105
Nat Dairy Prod pref A_100
2,200 1744
183-4 1934
Nat Family Stores corn--• 1834
Nat Food Products-300 1734
Class A with wart---• 1734 1744 17%
200
3
3% 341
•
Class B
33.4
30
43,300 12(4
24
26%
Nat Investors corn
400 1334
15
15
•
Nat Mfrs & Stores
400 1834
1916 1934
Nat Rubber Mach'y com.* 19%
900 1534
18
2014
•
Nat Screen Serv Corp_
64% 6,700 50
Nat Steel without warr-- -• 6244 56
31
100 29
31
•
Nat Sugar Refg
1,700
414 544
334
Nat Trade Journal
•
441 834 6,300
354
834
Nat Union Radio corn __ -*
23
23% 1,800 1634
common
• 23
Nehi Corp
100 74
74
74
74
First preferred
150 115
121 123
100
Neisner Bros pref
31
1,800 ' 2734
29
Nelson(Herman) Corp_ _ _5 31
4% 634 1,300
New Mexico & Ariz Land..1
334
300 17
17
18
5
Neptune Meter class A.
100 95
100 101
Newberry GI J) Co pref 100
28
31% 6,300 24
•
Newport Co com
600 1814
18% 20
New Haven Clock corn...' 20
600 123-4
13
15
New Orl at Nor RR__100
100
634
7
7
N Y Auction common__ •
26
2744 4,200 2234
N Y Investors corn
• 26
200 22
22
22
N Y Merchandise
22
8
9
123.4 4,100
N Y Rio & Bu'os Aires AL'
9%
200 1634
16;4 163-4
N Y Transportation_ _10
600 12
15% 1634
Niagara Share of Maryland
9,000 2731
Niles-Beml-Pond corn...' 4034 334,1 44
1,000 1271
13% 13%
Norma Elec Corp corn_ •
7% 93i 67,300
55-4
Aviation.'
North American
934
3
100
North Amer Cement
•
3% 334
2841 29% 1,000 2154
Northw Engineering corn."
Novadel Agene common- •
2735 28% 1,000 2234
Jan
Feb 20
Jan
434 Jan
Feb
Jan 30
Jan
1534 Feb
193-4 Feb
Jan
2314 Feb
Jan
Jan 6474 Feb
Jan 333.4 Jan
Feb
634 Jan
Jan
834 Feb
Jan e2341 Feb
Jan
Jan 74
Jan 12434 Jan
Feb
Jan 31
834 Feb
Jan
Feb
Feb 18
Feb
Jan 101
Jan 3134 Feb
Jan
Feb 20
15
Feb
Jan
934 Jan
Jan
Jan 2734 Jan
2434 Jan
Jan
Jan 1334 Jan
1634 Feb
Feb
Jan 1634 Feb
Jan 3834 Feb
14
Jan
Jan
934 Feb
Jan
33-4 Feb
Jan
Jan 2954 Feb
Jan 2934 Feb
25
7534
834 1,000
1,000
34
8311 21,400
611
1,800
1434
400
900
1934
500
6434
100
13
1174 5,400
400
373-4
300
2634
1631 66,300
44
300
100
10431
900
934
200
1434 16
200
133.4 14
14
1,000
54
74
834
29
89
374
1054
1534
49
13
10
363-4
2254
1331
45
94
641
1154
13 34
41
Feb
76
Jan
Jan
9
Feb
Feb
Jan 34
Jan 8334 Feb
75' Feb
Jan
Feb
Jan 15
Jan
1934 Feb
Jan 6434 Feb
1434 Jan
Feb
Feb 1334 Jan
Feb 423-4 Jan
Jan 2634 Feb
Jan 16 34 Feb
Feb
Feb 49
Jan 10434 Feb
934 Feb
Jan
16
Feb
Jan
Jan
Jan 15
Jan
44 Jan
111
134
27
27
77
7934
95' 934
1241 1334
134 Feb
15'
2034 Jan 3534
Feb7934
77
974 Feb11
1034 Jan 1334
Ohio Brass class B
•
011stocks Ltd cl A
•
Orange-Crush Co
•
Otis Elevator corn
• 80
Outboard MotCorp corn B•
6%
•
Cony pref ci A
Overseas Securities
Pacific Coast Biscuit pf--•
Pacific Commercial
13
Paramount Cab Mfg corn.' 1041
Parke Davis & Co
Patterson Sargent Co corn'
Pennroad Corp corn to.' 1541
Peonies Drug Store Inc_ • 44
ioo
Pepperell Mfg
Perryman Elec Co Inc__ •
Phillippe (Louis) el A •
Common B
41
Phil Morris Con Inc corn.*
Pick (Albert) Barth &
1
Common v t c
Pie Bakeries of Amer el A.*
Piedmont & North Ry _100
Pierce Governor corn
*
Pilot Radio & Tube Cl A--• 12%
Pitney Bowes Postage
• 13%
Meter Co
Pittsburgh Forgings
•
Pitts & L Erie RR com_50
Pitts Plate Glass com__25
• 14%
PolYmet Mfg
9%
Prince &Whitely Trad corn'
• 37%
$3 cony pref A
Propper Silk Hosiery corn..
Prudence Co 7% pref _ _100
Prudential Investors corn.' 16%
Public Utility Holding Corp
corn with warrants
• 20%
10
Pyrene Mfg corn
100
Quaker Oats pref
Q
-R-S-De Vry Corp corn.'
Radio Prod Corp corn....' 2334
Ry & Utilities Inv CorDARainbowLuminous ProdA• 12%
•
Common class B
63-4
• 17%
Reliable Stores Corp
Reliance Management...* 2141
5
Repeal Inc
Repub Steel Corp (new to)
• 74%
Corn when issued
100 93%
6% cum pref w I
Reynolds Bros Inc---57.50
Reynolds Metals corn- _ -• 2531
•
Richman Bros Co
Richmond Radiator pref_*
Rike-Kumier Co corn...." 2934
Rolls Royce of Amer p1100
4
•
Roosevelt Field Inc
•
Ross Stores Inc
Royal Typewriter corn...'
100
Ruberold Co
Russeks Fifth Ave Inc_ •
Safety Car Ht & Ltg__ _100
Safeway Stores 2d ser warrSt Regis Paper Co corn--10 24%
100
7% cum pref
Schletter & Zander v t c._*
7%
Cum cony pref
•
Schulte Real Estate
Schulte-United Sc to 81 88
. 334
Seeman Bros Inc
•
Segal Lock dr Hardware..'
•
SelberlIng Rubber
Selected Industries corn..'
9
Allot ctfs lot dr 2nd paid
72%
Prior preferred
6434
Selfridge Province! Stores
Ordinary
£1
Sentry Safety Control....'
7%
Seton Leather Co
•
Sheaffer (NV A) Pen Co..." 563-1
Shenandoah Corp corn...' 13%
ii 4241
6% cony pref
Siemens dr HalskeAmer dep receipts
Silica Gel Corp corn v t c- • 2844
160 515
Singer Mfg
£1
Singer Mfg Ltd
6%
•
Siete Financial Corp
Skinner Organ corn
Smith (A 0) Corp corn...'
SonoraProducts Corp...'
54
934
South Coast Co corn
7
Southern Corp corn
734
Southern Ice & Util el A_.•
734
•
Class B
Southwest DalrY Prod...'
Spanish & Gen Corp Ltd
134
Amer dep rcts ord reg £1
Speigel May Stern pfd.100
Stahl-Meyer Inc corn.- - _• 2554
Stand Cap & Seal Corp_ _10
•
Standard Dredging
Convertible preferred..' -----1 31
Stand Mot Construct--100
7554
811
31
7834
6
14
165-4
861
13
10
3734
26
1444
43
10431
100
100
625
100
5,700
Feb 20
Jan 105
Jan 1934
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
13
19%
115%
5534
1334
9%
37%
1431
98
16%
14
4,000 10
800 13
20%
250 111
116
55%
100 53
7,300
9
15
9% 14,200
834
3834 3,400 3544
700 14
1544
125 93
99
1834 10,000 14
Jan 1534 Jan
Jan 203.4 Feb
Jan 11834 Feb
Jan 5834 Jan
Jan 1534 Jan
Jan 1031 Jan
Jan 3834 Feb
Jan
1934 Feb
Feb
Jan 100
Jan 1934 Feb
20%
8
112
15
19%
13%
854
434
17
1934
31
27,800 1734
22
100
8
774
50 110
113
1,000 15
1831
243.4 9,800 16
400
8
1334
83-4
14% 7,400
33-4
7% 13,100
300 17
17%
3,800 1634
22
%
100
31
Jan 2234
83.4
Jan
Feb 113
Feb 23
Jan 2454
Feb
1454
Jan
1434
73.4
Jan
Feb 1934
Jan 22
14
Jan
7854 6,500 71
74
9244 9534 9.200 9031
531
534 634 1,900
600 223.4
2534 2774
100 8034
93
93
934
100
911 95'
28
2934 1,100 2634
100 10%
1034 1044
2
4
414 1,600
154 2,400
41
14
300 5534
57
5.531
57
58
300 5274
17
100 1494
17
13054 13131
125 12074
155 155
10 151
2354 2534 24,700 1934
100 106
10734 10711
774
300
774 1034
400 2234
2234 2334
200
634
11
12
274
334 341 3,400
400 3631
3751 39
544
800
531 63-4
400 1051
1611 1734
731
9
974 5,500
7234 7434 4,300 136
700 59
643-4 6454
234
634
12
5574
12
4241
600
23-4
834 9,600
12
100
5
600
634
1334 14,900
4334 11,800
134
7434
2544
61
2444
28
154
19.4
76
2544
6234
2541
2854
134
6,700
200
100
500
500
200
1.500
Jan
Jan 7834 Feb
Feb 9534 Feb
Jan
7
Jan
Jan 2834 Feb
Feb
Jan 93
12
Jan
Feb
Jan 2934 Feb
18
Feb
Feb
4
Feb
Jan
Feb n244 Jan
Jan
Feb 57
Feb
Jan 58
Jan 1744 Feb
Jan
Feb 137
Jan
Feb 210
Jan 25 34 Feb
Jan 10734 Feb
1214 Jan
Feb
Feb 25 ' Jan
Feb
Jan 12
Jan
4
Jen
4234 Jan
Feb
734 Jan
Feb
Jan 175-4 Feb
1044 Jan
Jan
Jan
Jan 76
Jan 6454 Feb
23.4
834
13
5634
13.41
43%
Jan
Feb
Jan
Feb
Feb
Feb
Feb 473
Jan 30
Jan 530
e734
Jan
Jan 2434
Jan 32
Jan 174
14
Jan
17
Jan
854
Jan
734
Jan
Jan
734
Feb1254
Feb
Feb
Feb
Feb
Feb
Feb
254 Jan
454 Feb
Feb
12
5134 Jan
831 Jan
Jan
33
473 473
10 473
2734 30
6,400 18
501 530
180 465
554 e734 2,500
431
23
2454
1,800 1634
32
32
100 30
167 174
210 13741
34
g
54 11,800
934 12
600
5
734 2 900
444
.
7
400
734 734
434
7
754
700
434
941 1034
900
954
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb •
Jan
1
13.4 Feb
Jan
67
Jan 7541 Jan
Jan
2534 Jan 28
61
Feb6231 Feb
Jan
2034 Jan 28
2734 Jan 2931 Feb
3.4 Jan134 Feb
1258
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Standard Publishing el A_•
Starrett Corp corn
•
8% cum preferred----50
Stein Cosmetics corn
•
Stein(A)& Co nom
100
1334% cum pref
Sterchl Bros Stores com- •
Stern Brothers class A_
•
Common v t c
•
Stetson (J B) Co
•
Stinnes (Hugo) Corp_ •
Strauss-Roth Stores Inc *
Stromberg-Carlo Elec Mfg*
Stroock (5) & Co Inc__ •
Stutz Motor Car
•
Sun Investing corn
•
$3 cony preferred
•
Superheater Co
Swift & Co new
25
Odd stock
100
Swift International
15
Syrao Wash Mach B com_•
37
15
834
9%
2%
41%
43%
32%
130
32%
Taggart Corp
•
Technicolor Inc
80
• 2311
Thermoid Co corn
Third Nat Investors corn.' 41%
Timken Detroit Axle pf 100
Tobacco & Allied Stocks- •
Tobacco Prod Export
1%
Todd Shipyards Corp- •
Transamerica Corp
25 46
Transcont Air Transia----•
911
Trans
-Lux Pict Screen
Class A common
•
534
'Fri
-Continental Corp corn • 15%
8% cum pref with war100 83
Warrants
811
Triplex Safety Glass
American shares
£1
7%
• 47%
Tri-Utilities Corp
Trims Park Stores
• 25%
Truscon Steel pref. __100
Tubise Artificial Silk el B_• 131
Tung Sol Lamp Wks corn.' 23
•
Ulen & Co corn
Ungerleider Finan Corp' 35
Union Amer Investing •
Union Tobacco corn
•
United Carbon, pref_._100
United-Carr Fastner corn.' 1511
United Chemicals com •
Preferred
• 41
United Corp warrants
20
United Dry Docks com__ _•
7
251 2%
2114 22%
3654 3714
13% 16%
19
19
82
82
1714 1714
4451 44%
8
834
88
70
8
8%
914 10
2711 2754
24% 2414
2% 2%
17
17
41% 42
39
44
3214 33
130 130
32
33%
8% 834
21
78%
22%
4134
108
37
114
48%
4511
731
Range Since Jan. 1.
Low.
2
400
800 20
900 34
3.000 10
300 1614
50 81
100 1714
50 4314
8
200
175 66
8
700
9%
200
120 2711
500 23
151
800
400 14%
300 39
2,600 38
1,200 32%
200 130
2,700 31%
8
400
High.
4% Jan
Jan
Jan 24% Jan
Jan 3934 Jan
Jan 18% Feb
Feb
Jan 19
Feb 82% Jan
1854 Jan
Feb
Jan 4534 Jan
Jan
8% Feb
Feb
Feb 70
Jan
Feb 10
Feb
Feb 11
Jan
Feb 29
Jan 25% Jan
414 Jan
Jan
Jan 1734 Feb
Jan 43% Feb
Feb
Feb 44
Jan 3414 Jan
Jan 136% Jan
Jan 3551 Jan
Jan
874 Jan
Jan 23%
700 19
22
6,400 7851 Feb 85
85
2334 8,600 19% Jan 24
4,300 2814 Jan 45
45
10 103% Feb 108
108
Jan 3934
3914 1.200 24
134
1% 1,200
% Jan
600 44% Jan 48%
48%
46% 12,000 4174 Jan 4754
Jan 10%
8
10% 12,300
511 6% 1,900
1511 16% 14,800
82% 8315 4,800
811 7% 2,800
4% Jan
1174 Jan
Jan
75
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
734 Feb
16% Jan
8354 Feb
8
Feb
814
614 7% 1,100
4651 47% 3,900 40
300 24
25% 2514
25 100
100 100
130 141
650 130
23
300 20
2314
300 1751
1854 1954
34
3531 2,200 26%
400 27%
35
36
X
54
51 18,100
105105
100 101
15% 4,800 11
2,300 1934
23%
3714 44
2,700 32
20
21% 5,400 14%
7
7
100
7
Feb n8
Jan 47%
Jan 26
Feb 100
Feb 178%
Jan 23%
Jan 20%
Jan 36%
Jan 36
1
Jan
Jan 105
Jan 16%
Feb 42
Jan 44
Jan 2254
Feb
834
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
43
4
134
831
%
6434
13
58
1754
22
2334
48
6811
5
65
15
46%
46%
5
4354 43,100
200
4
100
134
814 1.400
200
34
64%
300
14
500
300
59
1854 1,600
24% 1,100
24% 3,800
500
46
4,400
72
5%
200
65
100
1554 1.600
1,000
48
1,100
49
5
100
43
3%
114
7%
31
60
10
52
1314
20
1714
42
60%
314
60%
14
42%
42
5
Feb 4351
414
Jan
2%
Jan
831
Jan
1
Jan
Jan 6514
Jan 14
Jan 59
Jan 18%
Feb 25
Jan 2414
Jan 4951
Jan 72
5%
Feb
Feb 85
Jan 17%
Jan 48
Jan 49
Feb
6%
Fob
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
8
10
18
21%
2734
814
10
17%
22%
2811
200
100
6.800
7,200
1,800
7
9%
10%
1734
24%
Jan
Jan
Jan
Jan
Jan
8%
10
1811
23%
29%
Jan
Feb
Feb
Feb
Feb
Van Camp Packing .
• 10% 10% 12
26
7% Preferred
12% 13%
Veecler-Root Inc_
•
38% 40
Vick Financial Corp_ _10
811 851
Vogt Mfg Corp
• 22
22
22%
Waitt & Bond class A__ •
1951 1951
Class B
•
12
14
Walgreen Co common
• 50% 50% 54
Warrants
30% 30%
Walker(Hiram) Gooderham
es Worts common
• 10
951 1034
Watson (John W) Co__ •
2% 254
Wayne Pump common__ •
12
13
Welch Grape Juice
•
56
56
Western Air Express-.--10 3931 36% 42
West Auto Supply cl A- •
30
35
Wheeling Steel pref cl A 100
137% 137%
•
Wil-low Cafeterias
8
8
8
Winter (Beni) Inc
5
5
614
Worth Inc cony class A.
.t
211
231 2%
Taxi Corp
Yellow
19% log
Zonite Products Corp cora•
1851 19
900
300
400
4,200
200
100
800
4,600
100
10%
12%
3731
8
18
15
834
50%
25
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
1414
14%
40
914
2211
20
14
61
35
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
United Founders
43%
United Milk Prod Corp__*
4
United Profit Shar corn_ •
Unit Retail Chem pref__ •
Class A v to
•
United Shoe Machhaery_25 84%
United Wall Paper Fars _ •
US Dairy Prod class A_ •
• 18
Class B
U Finishing com
•
• 2354
U S Foil class B
S Gypsum common__ _20
US & lot Sec Corp al etre_ 68%
Common
•
•
1st pref with warn
• 1511
U S Linea pref
U S Radiator common__ •
Common v t c
•
U S Rubber Reclaiming..'
U S Shares Financial CornWith warrants
8
•
Universal Pictures
•
Utility Equities Corp- • 16
Utility &Ind Corp corn...' 21%
Preferred
• 2734
Rights
Associated 0& El deb rtsConsol GE L&P (Balt).Crocker Wheeler El Mfg__
Eisler Electric
Fiat
Loew's Inc deb rights
New Eng Teiep & Teleg.
Newport Co
Southern Calif Edison
Transamerica Corp
Public Utilities
Allegheny Gas Corp com_'
•
Allied Pow & Lt com
•
$5 1st preferred
•
$3 preference
Am Cities Pw & Lt el A--50
•
Class B
Am Com'w. P corn A-..•
lth
Common B
•
Warrants
Amer & Foreign Pow warn.
Amer Gas & Elec corn----•
Preferred
•
Amer Lt & Trac corn_ _100
Amer Nat Gas com v t c..-•
Am States Pub Serv 01 A_•
Amer Superpower Corp
Corn, new
•
First preferred
•
$6 cum pre(
•
Arkansas Pow & Lt $7 pf •
Assoc Gaa & Elea class A_•
Bell Telephone of Can_100
Brazillian Tr Lt& Pow ord•
Buff Niag & East Pr pf__25
[Vox.. 130.
FINANCIAL CHRONICLE
8%
454
2%
54
32
he
3%
2e
611
44
23
2(3
7111
13834
934
2534
83'4 914
454 5
2% 3%
14
14
2% 3
33
31
8
831
he
11
354 314
2o
4c
8
651
48% 51
83
82
49% 49%
43% 44
21% 2414
2654
25
3751 39%
4% 4%
69% 7611
133 141%
107% 10711
254 262
9% 954
22
213
951 Feb 11
3,500
Jan
254 Jan
1% Jan
400
814 Jan 13
Feb
1,500
Jan
Jan 66
100 52
2,500 18% Jan 42
Feb
Feb 39% Feb
3,300 30
50 137% Feb 137% Feb
6% Jan 11% Jan
100
634 Feb
3,500
3% Jan
3
2
Jan
Feb
200
100 19% Feb 19% Feb
500 1751 Feb 20% Jan
8,000
9,900
40,500
18,300
400
1,200
300
2,200
27,300
19,800
Jan
7
314 Feb
Feb
11 Feb
151 Jan
12% Jan
Jan
Feb
234 Jan
Jan
lc
4
3,200
17.400 3514
2,900 7814
1,000 45
2,500 3714
24,700 14
8,900 23%
600 34%
3%
300
26,500 85%
23,200 11354
200 105%
725 225
500
711
8.100 18
28% 32 151,800 2351
97
98% 4,100 94%
9251 94
300 8751
107 108
340 102
4114 41% 44% 40,700 36%
157 157%
50 150%
3734 36
3915 14,600 36
2514 2534 2534 3,000 24%
2914
98
9251
11
5
3%
/4
351
33
874
31
3%
100
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
7% Feb
Jan
Jan 52% Feb
Jan 83
Feb
Jan 4911 Feb
Jan 44
Feb
Jan 24% Feb
Jan 2714 Feb
Feb
Jan 40
515 Feb
Jan
Jan 76% Feb
Jan 142% Feb
Jan 107% Jan
Feb
Jan 274
Jan 10% Feb
Feb
Jan 26
Jan 32%
Jan 98%
Jan 94
Jan 108
Jan 46%
Jan 15734
Feb 4451
Jan 25%
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Friday
Sales
Last Week's Range for
Public Utilities(Cana.) Sale
of Prices
Week.
Par. Price. Low, High. Shares.
Cables & Wireless
Am dap Ma A ord sh.£1
Am dap rcta B ord shs.£1
1%
Amer dep rots pi shs_Ll
Cent Atl States Sony v t 0.•
4%
Cent Pub Serv class A---• 3851
Cent dc Southwest VW_ __• 27
Cent States Eleo corn.-..' 28%
6% preferred
100
Convertible pref..- -100
Warrants
Cleveland Elec III com_
Com'w•Ith Edison Co....100
Cont'w1th Pow Corp pf 100
Comm'wealth & Sou Cont*
e% Preferred
Warrants
5%
Community Water Sony..' 1454
Cons° EL &TBalt com_• 115
Preferred class A_ -100
Contl0& E 7% Or P1-100
•
Dixie Gas & Util corn_
Duke Power Co
100 18111
Eastern Gas & Fuel Assn.'
East States Pow B corn...
Elea Bond & Sh Co com--•
•
Preferred
Elec Pow & Lt 2d pre: A_ •
Option warrant
EmP Gas & Fuel 8% p1100
100
7% cum pref
Empire Pow Corp Dart stk•
Empire Pub Sent( COM cl A•
Engineers P 5 opt warr_..
Warr detached from pfstk
Fla Pow & Lt 57 Pref
•
•
Gen Gas & El el A
Convertible preferred
Georgia Pow $6 prof
•
Hartford Elec Light___25
•
Internat Superpower
class B- •
Internat UM
Panic preferred
Warrants
Italian Super Power cl A_-•
Warrants
K C Pub Sect( pref A v t
Long Island Light a0M--•
100
7% preferred
Marconi Internal MarineCommun Am dep nets..
MarconiWirel Tot Can.-1
*
Memphis Nat Gas
Middle West Util
$6 cony pref series A- •
A warrants
B warrants
Mohawk & Hud Pr let Pf-•
Monon West Penn Pub
25
Service pref
Montreal Lt Ht & Pr com •
•
Municipal Service
Nat Elec Power cl A
•
•
Nat Pow & Lt $7 pref_
Nat Pub Serv corn class A.*
New Eng Pr Assn 6% p1100
New Eng Pub Sony pr pref
New Eng Tel & Tel_ --100
N Y Telep 6%% pref__100
Meg Hudson Pr corn- _-10
Class A opt warn
B warr(1 warr for 1 eh)..
Nor Amer Lt & Pr corn_ •
Nor Amer Util Sec corn..'
•
1st preferred
Nor States P Corp com_100
100
7% preferred
Okla Gas & El 7% pref.100
Pacific Gas & El let pref.25
Pacific Pub Serv el A corn.'
Pa Ohio Pow de Lt $6 Di--•
Pa Pow & Lt $6 We*
$7 preferred
Pa Water &Power
Peoples Lt &Pow com A._•
Phila Elec Pow 8% pref_25
Puget Sd P & L8% Pf.-100
Hallway & Light Sec corn.'
Rockland Light & Power 10
Shawinigan Wat & Pow..'
Sierra Pacific Elea com-100
Southeast Pow & Lt $7 PI•
•
Panic Preferred
Warrants
Sou Calif Edison 6% pf B25
555% preferred el C..21
Southern Colo P w cl A_25
So'west Bell Tell 7% Pi-100
Sou West Gas Util com_--•
Standard 0& E 7% p1.100
Stand Pow es Lt new
Series B
•
Preferred
Tampa Electric Co
Union Nat Gas of Can----•
United Elea Serv Am 8118..
Purchasewarrants
United Gas com
United Lt & Pow com A..'
6% corn let pref
U S Elec Pow with warn...*
•
UM Pow & Lt com
ClassBv to
•
Western Mass Cos corn..'
4
6
99
16%
451
8%
734
179%
37%
86%
32
24
60
25%
11%
73%
72%
6814
28%
2931
41
10751
19%
22%
High.
3%
Feb
2
Feb
451
Jan
Feb
614
Jan 39
Jan 3154
Jan 29%
Feb 7331
Jan 150
Jan 35
Jan 75%
Jan 288
Jan 102%
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
9834 9914 3,600 94% Jan 100
5% 514 93.500
634
314 Jan
14
145£ 4,100 1214 Jan 14%
111 116
2,200 9011 Jan 11874
100% 10014
50 10034 Feb 102
10111 103
75 10134 Feb 103
14% 16
1,100 log Jan 1754
181% 18715
325 145
Jan 200
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
5
25
40
10734
35
28%
10251
106
101%
4114
100%
87%
55
25
2931
34
100%
1514
89
100
92
39%
1254
80%
2%
1831
951
2611
53%
111
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb 13
Jan
5%
Jan 16
Jan 3454
Jay 103%
Jan
4%
Jan
8
Jan 10831
25%
1834
8034
103%
9914
28%
9914
88%
40
1934
16
20
100
13
85
9834
89
3234
614
7934
134
934
9% 13
300
934
3% 5% 84,700
314
11% 16
22,400 1054
3154 3411 32,500 2534
102% 10311
700 97
354 4% 2,600
1%
514 654 2,100
3%
10834 108%
125 104
2434 2534
134 134
8% 9%
24%
Low.
234 214 1,200
234
1% 1% 6,200
144
4% 414
100
414
451
700
451
3711 39
19,400 3451
27
31
500 2234
26% 2954 30,500 19
7311 7311
100 70
145 150
175 94%
35
35
200 25
73% 75
1,100 63
275 28234
260 234
9914 100% 2.500 94
3154 3154 33
1,900
26
26
27% 8,700
95% 102% 390,900
97
10554 105% 106
2,000
10034 100%
100
36
3914 3,500
36
10014 99% 100%
200
86% 87
200
5214 55
55
2,900
22
2311 2.700
22
28
2951 1,500
26
28
26
200
1003410014
200
14
14
1511 22,700
85
89
1.200
9934 9915
100
89% 89
92
450
3655 36% 3854 2,200
10% 11% 16,200
8014 8034
50
2% 1,000
2
1335 13% 14% 4,900
7
714 1,800
714
25
25
800
50 49% 5254 2.100
110% 111
2,100
5%
16
32%
Range Sinai Jan. 1.
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jab
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
F,eb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100 2254 Feb 25% Feb
25 134
Feb
Feb 0136
9% Feb
600
652 Jan
3534 36%
500 29
109% 109%
100 108%
24% 25% 2,900 2214
89
8911
20 8834
99 100
50 9634
145 145
50 144
115% 118
225 114
15% 1713 87,800 1134
4% 5% 23,000
3
834 10% 4,700
634
7011 7054
200 67
734 8
1,000
534
94% 9434
100 92%
178 183
2,500 170
107 107
50 95%
109% 10934
200 10831
2654 26%
900 26%
33% 3954 16,700 27%
98% 10014
50 98%
103% 103%
50 101
110 110
100 109
8611 89%
930 73
32
32%
700 32
3211 3251
200 3214
99% 99%
70 99
75
76
400 69
2351 24
300 1931
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
3654
110
2574
91%
100
158
116
17%
5%
1034
70%
954
95
183%
10711
110
2634
3954
100%
103%
110
89%
35
3231
100
77
24%
Feb
Feb
Jan
Jan
Fob
Jan
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
75
200
75
52
60
3,500
11514 11651 2,000
99 100
1,800
39
40
200
400
253.4 2514
2314 24
300
2314 2414 1,600
118 11814
300
1011 1311 8,600
10814 109
500
7331 7934 2,900
7234 7734 4,300
101 1013-6
100
2,700
6834 73
28
2811 2.400
171.4 1734
100
34 1
2.300
2814 3211 44,300
3834 4214 114,800
105 10834 5,500
1914 2151 25,400
75,300
21
24
59
6414 2,300
60
6534 1.500
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
7914
60
117
100
40
26%
24
2434
118%
1554
109
7914
7714
103
82
30%
17%
1
82%
4'74
10811
2234
24
85
65%
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
75
41
108
88
35
2474
22%
23
117%
734
10634
62
61
9934
5414
25
1531
1.6
193-4
27%
97%
1814
14%
n34
60
Former Standard 011
Subsidiaries
Par
Anglo-American Oil
15
16% 1,200 15
Vol shs ars of dep___£1
1534 15%
300 1514
Non-vot shs ctf of dep
6511 65%
500 8511
Buckeye Pipe Lane
50
160 160
100 155
25
Chesbrough Mfg
1214 12%
BOO 12%
Contin Oil (Me) v t c__ _10
47
47
50 43
Cumberland Pipe Line.-50
334 314
100
Galena Signal Oil corn.-3%
5.000 78
Humble Oil de Rfinfing 25 --83-- 8154 85
307 309%
450 305
Illinois Pipe Line
100 308
Imperial Oil(Canada)....' 2351 2354 2454 6,400 23%
23
23
100 23
Registered
•
3951 40
1,400 38%
Indiana Pip Line
10
900 20%
National Transit____12.50 20% 20% 20%
6634 68% 2,900 6614
Ohio Oil
25
20% 20%
200 19%
Penn Mer Fuel
23
31
Solar Refining
32
200 31
25
3754 38% 1.200 37%
South Penn Oil
25 38
1414
14
200 13
Southern Pipe Lino
10 14
Standard 011(Indiana)_25 50% 4914 51% 39,800 49%
2,500 27%
Standard Oil (Kansas)
-25 27% 2714 28
Standard 011(Ky)
10 35.A 3511 3554 3,800 3331
Fob 17% Jan
Feb 1754 Jan
Jan
Feb 89
Jan 188% Jan
Feb 15% Jan
Jan
Jan 63
Jan
5
Feb
Jan 8734 Feb
Jan
Jan 310
Feb 2734 Jan
Feb
Feb 23
Jan
Jan 41
Feb 2254 Jan
Feb 7111 Jan
Jan 2214 Jan
Jan
Feb 33
Feb 4134 Jan
Jan 16% Jan
Feb 54M Jan
Jan
Feb 30
Jan 3734 Feb
Sales
Friday
Last Week's Range for
Former Standard 011
Week.
of Prices.
Sale
Subsidiaries
Par. Price. Low. High. Shares.
(Concluded)
25
Standard 011(Nob)
Standard (111(0) com___25
100
Preferred
25
Vacuum 011
1259
FINANCIAL CHRONICLE
FEB. 22 1930.]
86
91
48
83%
120
8834
48%
86
120
92
Range Since Jan. 1.
600 444 Jan 48% Feb
Jan 88% Jan
650 81
Feb
10 117% Jan 121
8,000 88% Feb 96% Feb
Other 011 Stocks
Si
'ii 1,100
34
Amer Contr 011Fields_ __I
114
2% 2,600
2
5
2
Amer Maracaibo Co
131
600
10
1%
154
Argo Oil Corp
83-1
13% 10,400
Arkans Nat Gas Corp corn• 124 12
7%
100
7% 73.4
10
Preferred
84
52,000
• 12
1134 13
A
Claes
13.4
300
134
_50
1%
Atlantic Lobos pref
41
1%
134 1% 7,000
Carib Syndicate corn
54
734 2,900
6
Colon 011 Corp common_ •
100
1
434
44 431
Consol Royalty 011
1,000 60
64
•
60
Cosden Oil common
544
15,300
•
5%
554 6
Creole Syndicate
41
1,300
41
44
Crown Cent Petroleum_ •
734
84 8% 2,600
Petroleum Corp._.'
834
Darby
434
1.200
•
4% 5
Derby Oil & Ref corn
8,400 1314
Gulf 011 Corp of Penna__25 13444 1314 138
1 38
3534 39% 80,500 204i
Indian Ter Ill 011
%
7,900
Intercontinental Petrol_ _10
1
.4
74
• 18% 17% 194 19,900 17%
Internat Petroleum
13.4
600
•
2
2
Kirby Petroleum
1
1,100
1% 1%
114
Leonard Oil Dtvelopm1_25
700 1834
• 20% 2034 20%
' Lion 011 Refining
1,400 34%
38
37
• 37
Lone Star Gas Corp
.1
Magdalena Syndicate...
Marland 011 of blexica___1
*
Mexico-Ohio 011 Co
Mo Kansas Pipe Line___ _5 22%
Mountain & Gulf 011_ _ _ _1
34
84
Mountain Prod Corp___10
• 323(
Nat Fuel Gas
24
New Bradford 011 CO.__ _5
114
New York Pet Roy
North Cent Texas Oil._ •
634
• 15
Pacific Western 011
•
1%
Panden 011 Corp
Pantepee 011 of Venezuela•
2%
Petroleum Corp of Amer_• 2044
5
Plymouth 011 Co
Reiter Foster Oil Corp.._•
234
25 21%
Richfield 011 prof
Root Refining Co coon_ *
Cum preferred
•
Ryan Consol Petrol
Salt Creek Consol 011_..l0
Salt Creek Producers_ __10 11
Southland Royalty Co.._•
9%
5%
5
Sunray Oil tom
•
Texon 011 & Land
Transcont 011 new W W_ _1 164
Union 011 Associate,... _25 414
Venezuela Petroleum__ -5
334
1
Woodley Petroleum
Mining Stocks
Arizona Commercial
5
Arizona Globe Copper_ _1
Bunker Hill & Sullivan_ _10
Bwana M'Eubwa Cop Min
American shares
10
Carnegie Metals
Chief Consol Mining
1
Comstock Tun & Drain be
Consol Copper MInes___5
1
Cortez Silver Mines
Cresson Consol 0 M & MI
Cusi Mexicana Mining_..l
Dolores Esperanza Corp._2
Engineer Gold MM Ltd_ _5
Evans Wallower Lead corn'
1
Falcon Lead Mines
First Nat Copper Co_ _5
Gold Coln Mines
Golden Centre Mines---5
Goldfield Congo! Mines..1
115
1
2
214
4
8
30
23.4
11%
6%
13
14
2%
20%
2634
24
21%
10
15
44
2
10
94
534
8%
163.4
40
3
24
%
2,500
11
300
hi
2
2,700
3
233.4 26,500 18%
%
45 3,400
8
84 3,600
33% 4,200 25%
700
2%
23-4
12
500 11%
6)4
600
84
1534 6,200 1244
1
141 14,700
1%
34 3,300
21% 17,000 19
1,000 254
27
23-4
2% 2,100
1,300 21
21%
100 10
10
500 15
15
3%
300
4%
2
1,300
23-4
3,700 10
11
9%
3,400
10
514
6% 3,300
8%
1,000
9
17% 2,300 163-4
200 40
4114
2%
3% 5,200
2%
400
2)4
1
81s
Jan
3%
Jan
134
Feb
Jan 14
8
Feb
Jan 14%
1%
Jan
Jan
134
Jan
854
5;4
Jan
Feb 7441
6%
Feb
Jan
41
Feb
834
Feb
63-4
Feb 144
Jan 39%
144
Jan
Feb 22
24
Jan
1%
Feb
Jan 22
Jan 39%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Fe
Jan
Jan
Jan
Feb
Fe
Fe
Fe
Fe
Fe
Jan
Fe
1% 14
34
'is
80
85
100
200
300
14 Jan
I, Jan
7031 Jan
534
734
174
700
200
200
2,200
3,500
2,700
5,300
4,100
4,700
1,000
4,500
400
100
15,900
48,900
700
414 Feb
Jan
5
1% Feb
34 Jan
Jan
5
ha Jan
he Jan
134 Jan
1-16 Jan
44 Jan
34 Feb
44 Jan
he Jan
54 Jan
Jan
3
It, Jan
534
5%
1
7
1%
34
6:4
134
sit
634
34
34
114
Si
114
3%
34
74
1%
3ts
1%
33'
)4
sir
14
.
53.4
34
641
34
414
1%
34
24
44
944
3541
2%
1674
83.4
15%
1%
4
23%
274
3
234
10
17
4%
2%
12%
16
8%
10
194
40
431
3
93
99
10134
973-'
100
934(
95
105
97
96%
6734
91
95%
934
91
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
54(
73-4
14
1
8%
34
34
2
Ito
234
53(
sit
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
44 Jan
Feb
7
Jan
'a
Boucle
58,000
Alabama Power 449.-1967 94
933.4 94
59
1968 101% 100% 10141 29,000
Aluminum Co s f deb 6* 52 101% 101% 1024 36,000
1948 97% 97% 98% 33,000
Aluminum Ltd Is
Amer Com'ith Pr Os_ _ _1949 103 9102 1033.4 26,000
96,000
Amer CI & El deb 58_ _.2028 9434 9434 95
6,000
Amer Gas & Power 68.1939 95
95
95
American Power & Light
13s, without warr__ _2016 106% 106 106% 33,009
5,000
97
Amer Radiator deb 43-4,'47
97
Amer Roll Mil deb 5s-1948 994 984 9931 126,000
28,030
744 77
Amer Seating Corp 68.1936 77
Amer %Iv & Chem 614s'36
2,000
93
Without warrants
93
Appalachian El Pr 58.1956 9634 963-4 9651 65,000
954 24,000
Arkansas Pr & Lt 59_ _1956 954i 95
1,000
91
91
Arnold Print Works 5s 1941 91
Associated Gas& Electric
116 11741 2,000
Cony deb 44s w war1948
1,000
...... 92
92
Without warrants_ _
1968 79
79
804 51,000
Ss
1977 094 9934 1004 40,000
5349
Assoc'd Sim Hard 6448 1933 864 864 86% 10,000
Assoc Telep Util 548.1944 103 $10244 108 308,000
7,000
Atlas Plywood 534s _1943 843-4 844 85
Bait & Ohio RR 434s.1960 994 983.4 10154 2448000
Bates Valve Bag Corp
3,000
105 106
69 with warrants.. _1942
103 103% 6,000
Beacon Oil Cos with war 1936 103
46,000
Bell Tel of Canada 58_1955 100% wog 101
1957 100% 100 1005i 21,000
Mt 58 series B
1,000
101
101
Boston Consol Gas 5s1947
100% 1004 2,000
Boston & Maine RR Sir 1933
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
1% Feb
34 Jan
954 Jan
14
Jan
Hecht Mining
14
100 12
25c
14
5%
Jan
5
Hollinger Consol0 M. _5
54 534 1,600
144
841 Jan
Hud Bay Min & Smelt...' 12% 124 14% 7,000
3
Iron Cap Copper Co
23( Feb
500
_10
23.4
234
Jan
Kerr Lake Mines
5
fie 2,100
'Is
Newmont Mining Corp_10 118
116 34 120
4,200 1054 Jan 124
25 83
New Jersey Zinc
82
84% 1,700 664 Jan 85%
13.4
I% Jan
Nipissing Mines
5
134
144
300
• 38% 38% 41% 7,600 34% Jan 44%
Nomnda Mines Ltd
14
Jan
1
Ohlo Copper
1
1
13( 24,800
1
154 Jan
13-4
Premier Gold Mining_ _1
1,100
134 1%
Feb 28
25 28
Quincy Mining
28
100 28
28
Rio Tinto Co-Amer den
Feb 2153-4
213 21534
110 213
15
recta ord bearer shs
1,200 264 Jan 33
Roan Antelope C Min Ltd_
28% 304
St Anthony Gold Mines_ _I
54 Jan
Si,
34
31 5,200
9%
74 Feb
2,600
74
Shattuck Dens M1nIng__•
7% 8
114
144 Feb
200
134
So Amer Gold & Plat_ _1
1%
644
4)1 Jan
1,600
6
Teck Hughes
6
1
63.4
2
1% Feb
1%
Tonopah Mining (Nev)_1
500
134
Jan
124
United Verde Extension 50c 124 1244 1235 4,300 11
34 Jan
600
Utah Metal & Tun Co_ _1
44
he
454 Jan
100
43-4
Walker Mining
4% 434
1
44 Feb
14
Wenden Copper blining_l
'it
44 8,400
34
34 Jan
300
Si,
Yukon GoldCo
5
34
--
Bonds (Continued)
High.
Low.
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb 95% Jan
Jan 1014 Feb
Jan 01024 Jan
Jan 99
Feb
Jan e10654 Feb
Jan 96% Jan
Jan 9644 Jan
Jan 106% Feb
Feb 98
Jan
Jan 99% Feb
Jan 81
Feb
Jan
Jan
Jan
Feb
93
Feb
97% Jan
963-4 Jan
94
Feb
Jan 124
Jan 9434
Jan 88
Jan n10234
Jan 86%
Jan 108
Jan 854
Feb 103
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
102
Jan 107
103
Feb 104
100
Jan 10144
100
Feb n102
101
Jan 1014
100% Jan 10134
Feb
Feb
Jan
Jan
Jan
Jan
1014
87%
78%
994
8634
98
82
98%
Friday
Last Week's Range Saks
of Prices.
for
Sale
Price. Low. High. Week.
Buffalo Gen'l Elec 5s 1956
Burn & Wain(Copenhagen)
1940 9935
-year tis
15
Canadian Natl Sly 79_1935 108
Canadian Pacific Sly 551954 10031
Capital Admix]deb 5sA1953
8734
With warrants
76
Without warrants
.1956 99%
Carolina Pr & Lt Ss..
Cent States Elec 5s_ _ _1948 7844
Deb 54s-Sept. 15 1954 81%
Cent States P er Lt 515s'53 90
Chic Pneu Tool 549_1942
Chic RYS 5s MN dep_.1927 6835
1943
Childs Co deb 58
Cigar Stores Realty
1949 78
534s series A
Cincinnati St Sly 540.1952
1966 83
Cities Service 5s
Cities Service Gas63481942 844
Pipe L 6s'43 91
Cities Serv Gas
Cities Serv P & L 634s1952 8635
Cleve Elect Ill deb 78_1941
1954
General Is A
Cleve Term Bldg 6s-1941 95
Commander Larabee 65 '41 674(
Commerz und Private
1937 864
Bank 5345
Com'wealth Edison 4348'57 96
Consol G EL &P (Balt)1952
534s series E
1941
Consol Textile 89
Consum Pow 434s A..1958 95
1958 86%
Coal G & El 5s
Continental Oil 54s_ _1937 9434
Cuban Telephone 734s 1941
Cudahy Pack deb 544s 1937 9631
1946 993-'
5s
Del Elec Power deb 5 Ms'59
Deny SG Salt L Its Os_ _1960
1950
6s series A
Det City Gas 6s set A_1947
1950
58 series B
Detroit Sot Bdge 6348_1952
1952
25-yr s f deb 78
Dixie Gulf Gas 63.4s_.1937
With warrants
Edison El(Boston) 59_1933
Electric Pow (Ger) 634s'53
Elec Power & Light 58_2030
El Paao Natural Gas
1943
634s series A
1938
634*
Empire Oil & Refg 5445'42
European Elec 654s...1965
EuropeMtge&Inv7sserC'67
Fairbanks Morse Co 5s1942
Federal Water Serv 5449'54
Finland Residential Mtge
1961
Bank 6s
Firestone Cot Mills 59_1948
Firestone T & R Cal fe 1942
First Bohemian Glass Wks
7s without wart*._ _ _1957
1931
Fisk Rubber 543
Florida Power & Lt 56_1954
Garlock Packing deb 6s '39
Gatineau Power U...1956
1941
Os
Gelsenkirchen Min 6s_1934
Gen Indus Alcohol 03.4,'44
General Rayon 68 A-1948
Gen Theatres Eq 68-1944
General Vending Combs with warr Aug 15 1937
Gen Water Wits Gas dr El
1044
(is series B
Georgia dr Fla RR 6s__1946
Georgia Power ref 5s--1967
Grand Trunk Sly 645_1936
Guantanamo & W Sty 69'58
1937
Gulf 011of Pa le
Sinking fund deb 58_1947
Gulf States Util 5s. _1956
1935
Hamburg Elec 78
'38
Hamburg El& Und 534'
Hanover Cred Inst 6s.1931
Hood Rubber 534s . _1936
1936
78
Houston Gulf Gas 6448 '43
1943
6s
Hungarian Ital 13k 734B '63
1949
Hygrade Food 6s
1949
6s series B
Ill Pow & Lt 5349 set B 54
'
1957
Deb 54s
1939
Indep OR & Gas deb
Ind'polls P & L 5s ser A '57
Inland Utilities 6s_ _1934
Instill Utility Investment
6s ser B without warr '40
Int Pow Sec 7s ser E.1957
Internat Securities 58_1947
Interstate Power Ss_ _1957
1952
Deb 68
Invest Coot Am Is A _1947
Without warrants
Investors Equity 5s...1945
Without warrants
Iowa-Nob L & P 5s...1957
Isareo II ydro Elec 7s_ _1952
Isotta Fraschini 78 __1942
With warrants
Italian Superpower of DelDebs 6s without warr '63
Kansas Gas & Elec 6.5_2022
1936
Kelvinator Co Os
Without warrants
Koppers G & C deb 5s_1947
1950
53-4,
1935
Laclede Gas 545
Lehigh Pow (*cur 6s_2026
1946
Leonard Tletz 73-4a
Without warrants
Libby, kfcN & Libby 55'42
Lone Star Gas Corp 651942
Louisiana Pow & Lt 55 1957
Manitoba Power 5348_1951
Mansfield Mining & Smelt
75 with warrants. _1941
Mass Gas Cos 5346-A946
McCord Bad Mfg 6s_1943
Memphis Nat Gas 63_1943
With warrants
Metrop Edison 430-1968
Milwaukee Gas Lt 4345 '67
Minn Pow & Lt 434s.1978
Miss River Fuel 6sAug15'44
Without warrants
Montreal L H & P col bs'51
Range Since Jan. 1.1
High.
Low.
1023-4 10234 10,000 10014 Jan 102%
Feb
Jan 101
Jan 108%
Jan 100%
Jan
Jan
Jan
9931 9934 5,000 98
33,000 10734
10734 108
100 100% 59,000 99%
8634
75
99%
78%
81
s89%
100
68
8741
8634
76
99%
8234
84%
9034
101
8834
88
2,000
10,000
28,000
67,000
185,000
206,000
14,000
12,000
10,000
83
74
9854
71
72%
884
97
68
82 34
16,000 624
10,000 9334
4,000 824
21,000 83%
11,000 90
25,000 81
8,000 106
2,000 101
3,000 90
2,000 1374
78
77
934 94
83
83
843-4 844
91
911.4
86% 87
107 10734
101 101
95
95
6734 6834
8534 8634 75,000
11,030
97
96
Feb
Jan 88
Feb
Jan 76
Jan 10014 Jan
Jan 824 Feb
Jan 8431 Feb
Feb
Jan 91
Feb
Jan 102
Jan
Feb 78
Jan
Jan 90
Jan 834
Feb 97
Jan 85
Jan 84%
Jan 94
Jan 88
Jan 108
Jan 102%
Jan 95
Feb 69%
81 34 Jan
9341 Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
86% Feb
Jan
98
1,000 106
1003-1 10631
68% 6834 2,000 67
2,000 9131
95
95
8634 72,000 84%
985
4,000 9434
94% 9435
108 10834 3,000 1074
26,000 954
964
96
9934 12,000 9834
99
Jan 106% Feb
Jan
Feb 72
Jan
Feb 97
Feb 8854 Jan
Jan 954 Jan
Jan 10834 Feb
Feb
Jan 97
Jan
Jan 100
6,000 z93
93
z93
8234 15,000 72
80
*10034 10035 5,000 100
10531 1054 6,000 104%
12,000 97%
9834 99
12,000 73%
76
74
75
13,000 50
5334 533.1 58
Feb 9354 Jan
Feb
Jan 85
Jan
Feb 102
Jan
Feb 106
Feb 99% Jan
Feb 80% Jan
Jan
Jan 65
68
99%
87
92%
Jan
Jan 79
Jan 100% Feb
Feb
Jan 90
Jan
Jan 93
19,000
79
78
10034 100 100% 220,000
3,000
90
89
90
60,000
9234 924 93
Jan
Jan 108
13,000 98
10234 103
Feb
Jan 109
8,000 98
10634 1063.4 109
844 84% 28,000 8331 Jan 84% Feb
844
Feb 109% Feb
100 1004 211,000 100
100
Feb
Jan 88
3,000 83
863-i 86% 86%
Jan
Jan 96
94
94
943-4 22,000 93
Jan
9231 9144 924 13,000 90% Jan 95
81% 8234 41,000
9011 9,000
904 90
944 11,000
893
94
8334
80
80
64%
63
63
86
8645
86
102% 99% 10234
9134 91
9134
95% 9531 96
9334 944
94
84
82
83
72
72
72
1364 144
137
30
41,000
4,000
98,000
2,000
64,000
16,000
73,000
6,000
16,000
301,000
30
4,000
75% Jan
Jan
89
924 Jan
Feb 84
80
Jan 7231
44
8244 Jan 87%
9434 Jan 1023-4
91
Feb 93
9441 Jan 96%
Jan 95%
90
Feb 90
82
Jan 72%
57
97)4 Jan 144
21
98
894
101%
98
100
Jan
34
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
e9514
24%
984
106%
47%
101
101%
95
102
87
98%
83
9334
81
84%
8134
69
6231
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
19,000 97% Feb 100
2,000 89
Feb 9034
Feb 1033-4
14,000 100
112,000 96% Jan 9934
22,000 98% Jan 100
Jan
Jan
Jan
Jan
Jan
9541 49,000 91%
95
95
7,000 18%
22
22
22
96% 964 9631 115.000 95%
10634 14,000 10544
10634 $106
4741 473-4 6,000 45
5,000 994
10044 101
101
1013-4 81004 10134 10,000 100
9334 933.4 9331 37,000 9234
100 10044 17,000 100
2,000 8434
86
86
9834 983-4 984 21,000 96%
8034 804 5,000 80
1,000 883-4
93
93
7731 39,000 64
75
77
79
7934 23,000 6754
8135 19.000 76
814 79
663.1 654 6744 127,000 .58%
624 12,000 80
60
974(
893(
100
101
97% 9634
984
824 Jan
91% Jan
Jan
95
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
105% 105 108% 1026000
13,000
99
98
98
23,000
82
83
82
864 863( 18,000
98,000
85% 85% 86
11,000
97
95
784 8,000
7831 78
99
93%
SO
83
8054
8614
7634
Jan 111% Feb
Jan 99% Feb
Jan 8834 Jan
Jan
Feb 90
Feb
Jan 86
Jan 9854 Feb
Jan 78% Feb
14,000
16,000
8,000
70
90%
83
Jan
Feb
Jan
Feb
76
92% Jan
Feb
90
80
Jan
84
874
76
75
90% 91
8734 88
$83
76 31
103
2,000
Jan
Jan 78% Feb
Jan 10234 Feb
10,000 6931
35,000 95%
58,000 9934
9,000 973-4
43,000 102%
Feb
Jan 81
Jan 98% Feb
Jan 101% Feb
Jan 100% Feb
Jan 104% Feb
7834 78
9844 9734
101
100%
100
104
104
92
83%
28,100 69
76% 77
102 102% 6,000 10041
93
91
96%
9334
97
79
9834
101
1004
104%
1,000
93
26,000
22
3,000
97
9,000
94
9734 10,000
Feb
93
Jan
91
96% Jan
Jan
92
9634 Feb
93
1,000 93
93
103 10334 28,000 1014
8783( 7831 1,000 75
98
98
96%
9.534
9641 9634
903( 90
1123-i 112
9344 92%
994 99%
Jan
95
9214 Jan
97% Feb
Jan
96
99% Jan
Jan 96
Jan 103%
Jan 82
Jan
Jan
Jan
Jan 98% Feb
984 16,000 95
96% 32,000 9534 Feb 9714 Jan
2,000 95
Jan 97% Jan
97
Jan
903( 3,000 8934 Jan 92
Feb
115 131,000 102
Jan 116
Jan
934 83,000 9254 Feb 96
9944 11,000 98% Jan 994 Feb
1260
Bonds (Continued)
-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Morris .tt Co 755s
1930 loox 10034 10031 33,000
9935
Munson S S Lines 6558 '37
With warrants
101
4,000 10055
10135
Narragansett Elec 55 A '57 9835 98% 9951 51,000 97
Nat Power & Lt 65 A_2026 10551 104 105% 14,000 104
Nat Public Service 55_1978 77
76% 77
91,000 74
Nat Trade Journal Os. 193S
39
4,000 3155
40
Nebraska Power 68 A_2022
107 107
3,000 104
NeLsner Bros cony 65_1948 94
92
16,000 90
94
NE Gas & El Assn 55_1947
87
8755 14,000 85
bs
1948
85
8635 18,000 85
N Y & Foreign Invest
555s A, with warr__1948 86
63,000 79
85
86
NYP&LCorp 1st 4555'67 9211 91
92% 66,000 91
Niagara Falls Pow 65_1950
10535 10634 9,000 105
Nippon Elec Pow 6) 1953 90% 90% 9055 10,000 89
-is
North American Edison
55 series C w 1
1969 9355 94% 9555 320,000 9455
North Ind Pub Serv 581966 9934 98% 9951 14,000 97%
58 series D
1969 9935 98% 99% 19,000 9735
No Sts Pow BA % notes 33
102 103
29,000 10035
'
North Texas Util 75_1935 9934 97
99% 5,000 97
Northwest Power 65 A 1960 994 99
99% 34,000 98%
High.
Jan
101
Feb
Bonds (Concluded)-
Jan 06
Feb
Feb 9354 Jan
Jan 10635 Feb
Feb
91
Jan
Bank ofPrussia Landowners
Asren 6% notes____1930
Buenos Alres(Prov) 7555'47
78
1952
Cauca Valley (Dept) Rep of
Columbia. extl. s f 78.48
Cent Bk of German State &
Prey Banks tls B
1951
1st 65 series A
1952
Chilean Cons 75
1060
Cuba (Rep.) 5%s w 1_1945
Danish Cons Munk 5555'55
58
1953
Danzig P & Waterway 13d
Extl s f 6%5
1952
Frankfort (City) 631s.1053
Feb 9651 Jan
Jan 99% Jan
Jan 9935 Jan
Feb
Feb 103
6
Feb n1025 Jan
Jan 99% Feb
German Cons Mimic 78 '47
(35
1947
Hanover (City) 7s w 1_1939
Indus Mtge of Finland
1st mtge coils f 75..1944
Lima (City) Peru 655s 1958
Ohio Power 5.9 ser B__1952
100 101
17,000 98% Jan 101
Jan
4%s series D
1956
92% 92% 23,000 91
Jan 9351 Jan
Ohio River Edison 1st 55'51 99% 98% 99% 9,000 9835 Feb 100
Jan
Oswego River Pow 65.1931 9955 99% 99% 23,000 99
Jan 100
Jan
Pac Gas & El 1st 455s_1957 9335 93% 9455 25,000 9355 Feb 9531 Jan
Pac Investing deb 5s_ A948
80
80
4,000 79
Feb 80
Feb
PacUle Western Oil 8558'43 83
8531 88
66,000 81
Jan 08
Feb
Penn-Ohio Edison 6s1950
Without warrants
100% 101% 12,000 99
Jan 10151 Feb
5558
1959 9515 9551 9534 36,000 90
Jan 96% Jan
Penn Dock & W 65 w w '49 97
9535 9755 15,000 9355 Jan 97% Feb
Penna Glass Sand 65_ _1952 99
99
99
5,000 99
Feb 99
Feb
Penn Pow & Lt 55 B1952
9955 99% 5,000 9955 Feb 10115 Jan
1st & ref 55 ser D___1953 9934 9951 9951 2,000 9915 Feb 102% Jan
Peoples Lt & Pow 55..1979 7534
7535 7655 27,000 74% Jan 83
Jan
Phila Electric 55
1960
102% 102% 1,000 102% Feb 102% Feb
Phila Elec Pow 5558_1972 104% 104% 105
41.000 1044 Feb 10555 Jan
Pittsburgh Coal(35____1949
100 100% 8,000 99% .lan 10155 Jan
Pittsburgh Steel Os__ _1948 102
102 102% 15.000 10135 Jan 102% Jan
Poor & Cobs
1939 107
18,000 3104
107 109
Jan 110% Feb
Potomac Edison 5s_ - _1956 96%
9631 97
23,000 9434 Jan 9755 Jan
Power Corp of NY 515547
96
4,000 95% Jan 96% Feb
96
Pow Corp of Canada 58 '57
105 105
7.000 105
Feb 105
Feb
434s series B
1959 82
82
83
2,000 82
Feb 83
Feb
Proctor & Gamble 4558.'47
9554 9655 29,000 35% Feb 9951 Jan
Pub Ser of Nor III 5s_ _1931
9935 9915
1,000 9935 Feb 99% Feb
Puget Sound P & L 5%s'49 10034 L0051 10051 26,000 9915 Jan 102% Jan
Queens hero Gas & El
5355 series A
1952
101
102
16,000 100% Jan 102
Feb
Reliance Manage't 58_1954
With warrants
80
85
20,000 77
Jan 85
Feb
Rochester Cent Pow 58_ '53 77% 7755 7815 39,000 77% Feb 81% Jan
Ruhr Gas 6358
1953 8251 8255 8355 35,000 80
Jan 84% Jan
Ryerson (Jos T)& Sons Inc
15-yr sink fund deb 58'47
92
94
10,000 92
Jan 94
Feb
St Louis Coke & Gas 135_ '47 70
70
70
22,000 70
Jan
Feb 76
San Antonio Pub Serv58'58
92% 92%
1,000 91
95
Jan
Jan
Schulte Re..1 Estate 68 '35
Without warrants
74
1,000 53
74
Jan 75
Jan
Scripps(E W)515s___1943
89
3,000 85
90
Jan
Jan
90
Serval Ire 58
1948
69
1,000 68
69
70% Jan
Jan
Shawinigan NV & P 4155'67 01% 9035 91% 34,000 90% Feb 93
Jan
415s series B
1968
00
2,000 90
90
Feb 92
Jan
55 when issued
1970 98
98
9834 6,000 98
Feb 98% Feb
Sbawsheen Mills 7s
1931
9935 99
9951 30,000 9655 Jan 100
Feb
Sheffield Steel 5%s_ _1948 98% 98% 98%
1,000 9755 Feb 9834 Feb
Sheridan NVyo Coal 68_1947 78
78
10,000 78
79
Jan 79
Feb
Mica Gel Corp 6358 1932
With warrants
93 100
27,000 97
Jan 100
Feb
Simmons Co 58
1944 98
98
20.000 98
99
Feb 10155 Feb
Snider Pack 6% notes_1932 70
71
70
16,000 59
Jan
Feb
72
Southeast P & L 652025
Without warrants
104% 103 104% 83,000 103
Feb 104% Feb
Sou Calif Edison 5s_1951 100% 10055 10035 42,000 9955 Jan 101% Jan
Refunding 55
1952 100% 100 100% 20.000 99% Feb 102
Jan
Gen & ref 58
1944 100
100 101
5,000 100
Feb 10255 Jan
Sou Calif Gas 58
1937
16,000 z91
91
z9I
Jan 92% Jan
Sou Gas 615s w warr_ .1935 102
102 102
6.000 97
Jan 103% Feb
Sou Nat Gas 65
1944 93% 93
84,000 87
94
Jan 94
Feb
S'west G & E Is A
1957 92% 92% 92%
LOCO 92
Jan 9435 Jan
Sweat Pow & Lt 6s2022 104
103 104
22,000 103
Jan 104% Jan
Staley(A E) Mfg 6s
1942 98
98
98
7,000 59734 Jan 98% Jan
Standard Invest 5348.1939 85
85% 18,000 8155 Jan 86
84
Feb
Stand Pow & Lt es__ 1957 98% 9835 98% 51,000 9755 Jan 98% Jan
Stinnes(Hugo) Corp
78 1946 without warrants
75
21,000 75
76
Jan
Feb 79
78 Oct 1 '36 without warr
8534 86
16,000 8255 Jan 89% Jan
Strauss (Nathan) Inc 68'38
70
70
5,000 70
78
Feb
Jan
Sun Maid Raisin 6%8_1942
8655 87
4,000 75
Jan 87% Feb
Sun Oil 5355
1939
101 101% 20,000 100
Jan 10155 Jan
Swift & Co 55 Oct 15 1932 100% 100 10055 69,000 7955 Jan 10055 Jan
Maranhao (State) 75 1958
Medellin (Colombia) 7s '51
Mendoza (Prov.) Argentine
Exti 7358 s f g
1951
Mortgage Bank of Bogota7s new
1947
7s issue of 1927____1947
Mtge Bank of Chile 65_1031
15s
1962
Mtge 13k of Denmark 58 '72
Texas Cities Gas bs__ _1948 82
81
82
Texas Power & Lt 55..1956
9555 07
Thermold Co 68w w__1934 94% 9231 95
Trl Utilities Corp deb be '79 835
,
1 81
8355
1944 90
Ulen Co 13s
8934 90
Union her Lt & Pow (Mw
58 series B
1067 101% 100% 10111
United El Serv (Unes) 75'56
With warrants
100 101
Without warrants
9155 9155 9155
United Indus Corp 6%s '41
8751 8855
United Lt & Bps 5%8_1952 85% 84% 86
1952 101% 101% 10155
(ls serles A
United Rye (Hay) 7558 '35
101% 101%
United Steel Wks 655s 1947
8954 8935 9055
With warrants
U S Radiator 5s
1938
85
83
U S Rubber
Serial 615% notes__1931 89
98% 99
Serial 655% notes._1932
9635 9615
Serial 615% notes__1933
9455 9655
Serial 655% notes._1934 9455 94% 945,
Serial 655% notes_ _1935
95
95
Serial 615% notes....1938
93% 9355
Serial 655% notes...1939
93
93
Utilities Pr & Lt bs_ -.1959
Valspar Co, Os
1940
Van Camp Pack 6s
1948
Virginia Elea Pow 55_1955
Waldorf-Astoria Corp
1st 7s with warr__1954
Warner Bros Piet 65_1939
Wash Wat Pow 5s w 1_1960
Webster Mills 634s._.1933
Western Newspaper Union
Cony deb 6.9
1944
Western Power 5%s 1957
Western Union 55...._.1960
Westvaco Chlorine 515s '37
Foreign Government
and MunicipalitiesAgricul Mtge 138 Rep of Col
20-yr 7s Jan 15
1947
Baden (Germany) 75- _1951
85
99%
81
09
84%
99
80
98.55
94%
80
95
8211
78
83
12,000
9935
Jan
Jan
Jan
Jan
Jan
82
Feb
98
Jan
95
Feb
89% Jan
90
Feb
Jan 10111
Feb
Parana(State)Brazil 751958
Prussia (Fee State) 6s_1952
Ertl 6%s(of'26)Sep 15'51
Rio de Janeiro 655s_ _1959
Rumanian Mono Inst 7959
Russian Governments.
6%s ctfs
1919
5155
1921
5555 certificates____1921
Saar Basin 75
1935
Saarbruecken 78
1935
Sante Fe (City) Argentina
external 70
1945
,.._..
multiage (Untie) ts__ _ 1IPIJ
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
9935
Range Since Jan, I.
Low,
High.
97
9834 9934 55,000
9815 10055 44,000
96% 97
20.000
75
68
75
93%
98
99%
8115
80
9315
98
9894
93
8155
7,000
80
12,000
94
47,000
9835 23,000
9934 40.000
94
6,000
81%
91
8131 81% 2,000
91
9134 25,000
7855
8954
Jan
Jan
8135
9251
Feb
Jan
8354
9631
9231 9334 24,000
8315 8351 17,000
96
9634 45,000
91
7955
9515
Jan
Jan
Jan
93%
8515
97%
Feb
Jan
Jan
9955 9935
83
83
2,000
5,000
97
73
Jar, 100
Jan 83
Jan
Feb
14,000
2,000
66
75
Jan
Jan
SO
80
Feb
Jan
85
Jan
9034
Jan
84
7836 80
84
84
8934 90%
08
9755
9415
99%
101
98
Feb
Feb
Jan
68
9,000
Jan
Jan
Jan
Feb
75
Feb
7655 Jan
8234 Feb
7734 Jan 82
Jan
00
Jan 9455 Feb
Feb 9855 Feb
98
9734 Jan 100
Jan
Jan
9055 Jan 96
3,000
9811
8735
9755
7451
76
9815
8755
9634
744 2,000
76
1,000
9854 50,000
88
40,000
98
59,000
6514 Jan
71
Jan
9631 Jan
8434 Jan
95% Jan
9254
7404
8436
75
85%
9234
7455
8334
7635
8655
92%
7.5
8434
65
8114
8651
67
8054
99
5
u734 60,000
551 Jan z7
.534
2,000
534
534 Jan
8
5
535
1,000
11
Feb e551
97
9834 12,000 .93
i an 98%
98
99
2,000 98
Feb 101
Jan
Jan
Jan
Feb
Jan
87
8835
153
138
Feb
-.
43,000
32,000
8,000
26,000
31,000
5,000
--
0
81
Feb
7835 Feb
9834 Feb
8834 Jan
9355 Jan
Jan 7655 Feb
Jan 8634 Jan
Jan n9334 Jan
Jan 75
Jan
Jan 8455 Feb
86- .
Jan
Jan
89
_
US
l'OD
• Sales of Schletter & Zander corn. v. t. C. reported by us in week of Jan. 18 at
1751 was an error. There were no sales at 1734. High for the year to date, 1255 •
• 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 rash,
Option sales. t Ex-rights and bonus. w When issued. x Ex-div.
Ex-rights'.
e "Under the rule" sales as follows:
Aluminum Co. of Amer. 55, 1952, Jan. 30, $1,000 at 10334.
Amer. Commonwealth (38, 1949, Jan. 22, 5300 at 106@l07.
Arcturus Radio Tube, Feb. 6, 100 corn. at 1531.
Blaw-Knox Co., Jan, 2, 58 shares at 31.
Burco Co., Jan. 26, .50 warrants at 455.
Central States Elec., Feb. 6, 3,300 shares 6% pref. at 70.
General Water Works & Elec. 68. 1941, Jan. 29, 51,000 at 9615.
Gerrard (S. A.) Co., Jan. 2, 105 shares corn. at 24.
Houston Gulf Gas, Jan. 30, 100 shares corn. at 16.
Lackawanna Securities, Jan. 27, 300 shares at 4134.
Mohawk & Hudson Power, Feb. 6, 75 shares 2d pref. at 112.
Nehi Corp., Feb. 13, 300 shares corn. at 2451
Neisner Bros. Realty 69, 1948, Feb. 6, 511,000 at 9355.
Russian Govt. 635s, 1919 etts. Feb. 20, 54,000 at 755.
Russian Govt. 5558, 1921 Ws., Feb. 7, 56,000 at 7.
Singer Mfg., Feb. 18, 100 slis. at 8.
United Zinc Smelting, Feb. 5, 200 shares at 3%.
z "Optional" sale as follows:
American Aggregates deb. 6s. 1943. Jan. 3, 51,000 at 8615.
Del. Elec. Pow. 5345, 1959, Feb. 19. ELMO at 92%.
Montreal Lt., Ht. & Pow. Cons.. Feb. 10, 100 shares at 138.
Sou. Calif. Gas 58, 1937, Feb. 15, 61,000 ay 9055.
CURRENT NOTICES.
-Russell, Brewster & Co., 112 West Adams St., Chicago, announce
that Ralph W. Carrier, Joseph C. IIyatt and Arthur F. Vyse, Jr. have
become associated with them.
-James Talcott, Inc. has been appointed Factor for Henry J. Tully &
Co., 346 Broadway, Now York City, selling agents for men's women's and
children's underwear mills.
-Potter & Co., members of the New York Stook Exchange, 5 Nassau
St.. New York City, have prepared an analysis of the American Superpower Corporation.
-Prince & Whitely, 25 Broad St.. N. Y., have issued a special analysis
of
s Sted. Corp, which controls Davega, Inc., and City Radio Stores.
ra teres
incorporated,
John Law, captain of the 1929 Notre Dame football team, is now associated with the Stock Exchange firm of Belden & Co., 44 Wall Street,
New York.
2,000 9815
24,000 89%
17,000 84
41,000 8351
18,000 10054
5,000 10055
Jan
Jan
Jan
Jan
Jan
Jan
101
Feb
91% Jan
n89
Jan
87% Jan
102
Jan
102% Feb
Batchelder & Co., 25 Broadway, N. Y., specialists in municipal bonds,
announce that David C. Rhodes has become associated with them.
43,000
1,000
87
8235
Jan
Jan
9055 Feb
85% Feb
-W. K. Johnson & Co., members of the New York Stock Exchange,
have opened a branch office at 209 State Street, Bridgeport, Conn.
12,000
1,000
3,000
7,000
3,000
4,000
4,000
96%
9555
943.4
9354
94
9235
92%
Jan
Jan
Jan
Jan
Jan
Feb
Feb
99
97
0655
95
86% 183,000
99%
1,300
6,000
81
6,000
99
81
99
80
9731
Jan
Feb
Jan
Jan
80% Feb
9955 Feb
81
Feb
9931 Jan
86
89
9835
8531
Jan 103% Jan
Jan 10551 Feb
Jan
Jan 99
Jan 94
Feb
91
9035 9151
10456 103% 10551
98% 98% 99
93% 94
91
90
122% 122
100% 100%
102% 101%
9,000
53,000
40,000
69,600
6,000
Jan
Feb 103
Jan 9935 Jan
Jan 10651 Jan
Jan 77% Jan
Jan 40
Jan
Jan
Jan 107
Jan 94
Feb
Jan
8915 Jan
Feb 91
Jan
[Voz. 180.
77,000
248,000
32,000
14,000
95%
96
93
Feb
Jan
Feb
Jan
Jan
Jan
Feb
92
Jan
Jan
8,000 86
91
33,000 11131 Jan 125
Feb
125
,
100% 208,000 100% Feb 100.55 Feb
Feb 10334 Jan
10251 10,000 101
78
78
1,000
9334 9434 24,000
7235
01
Jan
Jan
78
9551
Feb
Jan
John A. I3rashears, formerly of Merrill, Lynch & Co., Is now with the
New York office of J. II. lIohnes & Co. in their stock department.
-Stein Bros. & Boyce announce that Edwin M. Schoeb and A. B. Harmon have become associated with them in their New York office.
Burley & Bigoney, 115 Broadway, New York, have prepared an
analysis of Chatham Phenix National Bank & Trust Co.
- F. Cusick & Co., 44 Wall St., New York City have issued analyses
P.
on Colorado Fuel & Iron and F. W. Woolworth & Co.
Benjamin N. Leak has become associated with A. M. Lamport &
Company, Now York, as VIce-President.
Frear & Co. announce the removal of their offices from 43 Exchange
Place to 25 Broad Street, New York.
-Joseph H. Adams has become a general partner in the firm of R. J.Ross
& Co., 63 Wall St., N. Y. City.
-Colvin & Co., 15 Broad St., New York, have issued an analysis of
the American Rolling Mill Co.
-Sutro & Co., 44 Wall St., New York City, have Issued an analysis of
the Caterpillar Tractor Co.
-Curtis & Sanger, 49 Wall St., New York, have issued a monthly list
of bond suggestions.
1261
FINANCIAL CHRONICLE
FEB. 22 1930.1
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f".
Investment Trust Stocks
and Bonds (Conti.) Par Bid. Ask.
General Trustee common__
New units
6% bonds
28
30
Greenway Corp corn
Preferred without warr
Warrants
19
24
Guardian Investment
24
Preferred
Guardian Investors
90
80
Standard 011 Stocks
ts
$ units
$3 n l
6
17
22
30
Anglo-Amer Oil vot-stock el *1512
El *1512 17
90
Non-voting stock
$7 preferred
25 *x38% 3812 Incorporated Equities
33
30
Atlantic Ref corn
5412 57
25 *20
25
Incorporated Investors
Borne Scrymser Co
..50 re4 66
Industrial Collateral Assn..
Buckeye Pipe Line Co.
.25 *157 183
Chesebrough Mfg Cons.
Industrial Jr Pow Sec Co
14
137 Insuranshares Ctfs Inc
8
Continental 011(Me) v t c 10 •12
46
50
Continental Oil (Del)
20 2014 Inter Germanic Trust
64
59
5
58 5 4 Int See Corp of Am com A_ _
Creole Petroleum
3
29
31
.100 44
Cumberland Pipe Line.
Common B
50
139
Eureka Pipe Line Co-100 46
51
Allotment certificates_
89
Galena w 1
3
34
3
7% preferred
91
85
Galena Signal Oil c.o.d.-100
654% preferred
3
34
3
80 88
Preferred old c.o.d___100 763 793
4
6% preferred
4
Aeronautical Securities
51
Preferred new c.o.d___100 763 793 Internet Share Corp Inc... 46
4
4
Humble Oil & Refining _- _25 *82
10
8
84Interstate Share Corp
AeronauticalInd without war
100 307 310
13
4 212 Illinois Pipe Line
Invest Co of Amer corn.... 43
Warrants
8612 92
5
Ctf of deP
4
7% preferred
300 310
Air Investors common
74
3
4612 Imperial Oil
46
4
*2318 233 Invest Fund of N J
Airstocks Inc
*3312 40
21
Indiana Pipe Line Co
3
Investment Trust of N Y- 1114 12
Alexander Indus corn
t
39
International Petroleum_ --t *183 18% Invest Trust Associates.... 34
82
8
8% participaSing prof..-.
35
National Transit Co__12.50 20
6
20'2Joint Investors class A
American Airports Corp...
100
New York Transit Co_ __100 15
7
04
1812
Convertible preferredAviationCorp of Calif
Northern Pipe Line Co_ _100 40
5
48
10
Keystone Inv Corp class AAviation Sec Co of N E.-25 *6714
83 Ohio 011
4
8
Bellanca Aircraft Corp
1114 12
Preferred
03
65
5
103 107
Leaders B Industry
of
Central Airport
25 20
Penn Mex Fuel Co
5
2014 Massachusetts Investors... 4712 6012
.1
99 10012 Cessna Aircraft new com
87
25 *473 49Mohawk Invest Corn
70
3
1514 15 4 Prairie Oil Jr Gas
8
102 10214 Consolidated Aircraft
1114
25 *5918 5912 Mutual Invest
10
4
43
8 43 Prairie Pipe Line
97 9714 Consolidated Instrument-t
25 *28
1314 1414
Solar Refining
9
7
3112 Nat Re-Inv Corp
9914 993 Curtiss Flying Service
4
.50 •13
Southern Pipe Line Co..
6
3
18
5
ri.3
Nortererredr Util See
pr h A me
10012 101
Curtiss Reid corn
25 *375
South Penn Oil
8
Curtiss-Robertson corn.... 30 40
93
8 9s
7
53
4 612 Southwest Pa Pipe Line-50 50 60
North Amer Tr Shares
997
8
Dayton Airpl Engine
t
618 Standard Oil (California).- t *5812 59
3
6
North & South Am B corn
10018
Detroit Aircraft
(Indiana)._ _25
612 Standard Oil
5012 Oil Shares units
5
1001s
Fairchild Aviation class A..
15
17
Standard 011 (Kansas) 25
2734 Old Colony Invest Tr corn
FederalAviation
89
86
Standard Oil (Kentucky)..10 *3512
9914
18
Fokker Aircraft
45
355*48
014PCo%lobrioynas Associates.. 43
3
4 114 Standard Oil (Nebraska).25 *z48
96
963 Kinner Airpl & Motor
4
25 *59
Standard 011 of N. J
r94
03
5918 Overseas 55 Tr
Lockheed Aircraft
25 *3114 3112 pacific Invest Corp corn....
Standard 011 of N Y
12
997 1003 Maddux Air Lines corn
8
8
25 85 8812
1278 Standard 011 (Ohio)
Preferred
National Aviation
100 *119 121
Preferred
61
64
10
Power & Light Secs Trust
9938
New Standard Aircraft....
4
81
; 812 Standard Oil Export Pref- -- 993* 993 Public Utility Holding
83 65
North Amer Aviation
25 *6
Swan & Finch
512 612
11
10
8
Common with warrants..
Sky Specialties
337 34
Union Tank Car Co
10
5
Warrants
997
8
Southern Air Transport....
25
Vacuum 011
33
36
4
7
9114 Research Inv Corp corn
*91
14 Swallow Airplane
993
4
73 80
rt4
6
Units
9914 100
Warner Aircraft Engine
Yrust Stocks
Investment
712 1012
Royalties Management_ - _
9812
WhIttelseY Mfg
and Bonds
Seaboard Cont Corp units..
973 99
4
Common
9
9712 99
Water Bonds.
Amer Capital Corp B
Se d Fou n n s c corn e nits
- 2nconcl Fid a nh Ial I pvust _
97
1912,
Amer Common Stocks Corp_
21
Ark Wet lst 5s A '56-A&O 93 95
Continental
Amer Jr
85 90
Class A
100 4 101
3
Birm WW 1st 5545A'54 A&O 9812 101
Amer & For Sh Corp units
40
45
One hundredths
10012 101
1st M 5e 1954 ser B-J&I) 95
Common
43
0812
96
98
Second Internet Sec Corp.. 39
City W (Chat)550A'54 J&D
1938 2627
24
19
534% cony debs
Common B
971 98
J&D 93
let NI bs 1954
40
Amer Founders Corp com__ 88
44
preferred
City of New Castle Water
93 1""-_
Cony preferred
4312 47 2 Second
-1rred
Investors
J&D 90
55 Dec 2 1941
6% preferred
49
53
Select Trust Shares
997--- Clinton WW tat 5s'39_F&A 91
7% Preferred
54c 58c Shawmut Association corn.. 1914 1912
Com'w'th Wet 1st 550A'47 97
°, 98
27
30
1-40ths
35e 41c Shawmut Bank by Trust
103 10312 Con'llsv W 55 Oct2'39 A&O 90
82
87
1-70ths
13
450
993
*
E St L & Int Wat 5s '42 J&1 94
85 90
Warrants
6
8
40 46
J&J 99
let
5 NI es 1942
1a
9712
2
Amer & General Sec 6% pref 29
Os
1952 180
92
32
9914
Huntington let 6s '54_M&S 99
Class A
12
16
Southern Bond & Share1942
941
1954 92
Class B
1412 17
Common A
Con W Ist5s'56 J&I) 90 92
Monm
Amer Insurance Stock Corp_
Common B
97
10018 1003 Monm Val W 550 '50_J&J 96
8
Amer & Overseas pref
10's 173*
$3 pref allotment ctts
Muncie WW 5sOct2'39 A&O 93
Amer Ry Tr Shares
Standard Collateral Trust
A&O 90
St Jos Wat 58 1941
Amer Util & Gen B units
1454
Standard Corporation
90
Shenango Val W 5e'56_A&O 85
2212
Astor Financial
Standard Investing Corp
95 105
So Pitts Wet 181 58 1960 J&J 93
Atlantic Securities corn
84
112
pref with warr.... 82
961
554%
29
F&A
1st M 5s 1955
Warrants
s
Standard 011 Trust She.... 1018 113
43'2 40
29
Terre Ii WW Os '49 A_J&D 99
Preferred
103 1118
8
Trustee Stand 011 Shs
25
1st M 55 1956 ser B_F&D 92
Bankers Financial Trust-- - Trustee Transportation She.
125
Wichita Wet 1st 6s'49 _M&S 99
Investmt Am units_
--- United Founders Corp corn.
_ Bankers
65
let M Se 1956 ser B_F&A 94
Bankers Sec Tr of Am corn..
58e 830
12
1-70ths
Bankinstocks Holding Corp.
*3
- --- United Trust Shares A 2__ _
7
Chain Store Stocks.
cl A
BanksharesCorp of U 8
100
U S Elec Pow Corn
units new... n95 100
--- Berland Stores
Bankstoeks Corp of bid el A
714
--102
Warrants
Bohack (II C)Inc com----t 60 65
Class B
14
100 100 104
7% 1st preferred
Preferred
133
8 8 95* U C Bss A 1elAs8 A
5
n3
BULhares
7
Butler (James) common_ _ _ _
Baste Industry Shares-(t) 143 1614
1114
4
Class A 2
100 n10
Preferred
British Type Investors
281
46
50
35
25
Class C 1
Diamond Shoe common.... 30
Cent Nat Corp A
291
20
24
97
Class C 2
Preferred with warr
Class B
213
2514 2614
18
Class C 3
65
Edison Bros Stores corn.... 15
Colonial Investor Shares...
163
90 94
130 135
Class D
Preferred
CommonwealthSec
1874
17
*27
33
--Class F
29
Fan Farmer Candy Sh Pf-t 30
Share Corp.
Commonwealth
117 1318
.312
cods
412 ContinentalShares com
50
Class
___ Fed Bak Shope
17
89
108 16"i- Feltman & Curme Shoe
US ar Brit Internet class B. 13
aestes
ass B
Cony pref
32
29
58
54
50
100
164
Stores A 7% prof
Continental Securities Corp_
45
40
14
70
76
18
130 132
Fishman (if M) Stores corn
Preferred
391
4212
95 103
21
U S Elec Light Jr Power_
500 510
Preferred
units..
Corporate Cap Corp
*612 7
U 8 Overseas Corp com
01 Atl & Pac Tea pref__100 116 119
Deferredstock
(t)
16
13
IIoworth-Snyder Co A
Credit Alliance A
t
90
gatocka
Sra Ins
Knox Hat
Corporate Trust Shares....
-00 50
52
34
t 28
Kobacker Stores corn
Fajardo Sugar
Crum& Forster Insur*16
1812
100 0... 95
5.40 5.05
Godchaux Sugars
Cum pref 7%
_231; 72
7
1
ance shares corn
79
100 75
9
10
5.00 4.80 Kress (S II) 6% pref
Preferred
99
97
56
7% Preferred
10
5.40 5.05 Lane Bryant Inc 7% p w w. 90 100
Hav tlan Corp Amer
p2eter2ad
Deposited Bank Shares B-1.
35
2:1-14; Holly Sugar Corp com
t 30
99
4.75 4.80 Lerner Stores 653% pf w w. 94
Diversified Trustee Shares..
80
100 75
100 n.325 400
5.15 5.00 Lord & Taylor
21;2
SharesB
32
100 31
83
4 914 National Sugar Ref _
5.00 4.85
First preferred 6%
100 ri95
Series C
16
5.40 5.05
Niquero Sugar_ _ _ -100 12
Second preferred 8'1_100 0100
New
5
3
Domestic Jr Overseas
90
t *85
5.40 5.05 MacNiarr Stores 7% pf W W 99 104
--- Savannah Sugar corn
Eastern Bankers Corp corn.
100 94 99
5.10 4.85 Melville Shoe Corp
Preferred
Units
13
26- Sugar Estates Oriente 14_100 10
4.80 4.80
1st pref 6% with wart-100 85 92
Equit Investing Corp units. 21
45
5.40 5.05 Metropolitan Chain Stores
30
32
Vertientes Sugar pref _ -100 35
-- _
EquityInvest Corp
100 85 90
76
5.10 4.80
89
New preferred
Units
18
31
23
4.90 4.70 Miller (I) di Sons corn----t *29
Rubber Stocks (Cleveland) *7
Federal Capital Corp
8
12
100 n80 87
---- --. Aetna Rubber corn
5.50 5.10
t
Preferred 1353%
New units
5
5.80 5.30 Mock Judson & Voeringer pf 90
94
t
2034--- Falls Rubber corn
First Holding Jr Traci
812
- -25
5.40 5.05 Murphy (0 C) Co corn-.t .65
75
Preferred
(t)
Fixed Trust Shares CIA..
37
100 100
5.50 5.20
8% cum pref
t *35
Class B
(t) 1818 --- Faultless Rubber
152
5.60 5.25 Nat Family Stores Inc warr n2
.25
6
Founders Holding corn cl A. ---- --- Gen'l Tire Jr Rub corn..
110
5.40 5.15 Nat Shirt Shops cornt *n12
Preferred
100
14
6% preferred
4.80 4.85
100 n83
14 108
---- --- Goody'r T dr R of Can pf.100
Preferred 8%
New 140ths
88
*8
1412
4.80 4.85 Nedick's lac corn
11
---- - - India Tire & Rubber
t *13
Foundation Sec corn
5.40 5.05 Neisner Bros Inc Pref 7%100 115 135
Miller Rubber pref
100 3118 3412
Preferred
4.75 4.60 Newberry (J) Co 7% Pf 100 95 101
14
Mohawk Rubber
100 12
Founders Sec Tr pref
_t •22
5.40 5.05 N Y Merchandise com
65
Preferred
100
25
Founders Shares
1 18
5.731 4.80
10Selberling Tire & blubber..? ;17i
First preferred 7%.--100 90 ---- General Equities A
5.50 5.20 Peoples Drug Stores com-t
90
Preferred
100 70 88
,
Gen Pub Seri 8% pref
6.80 5.20
100
654% cum pref
103
5.40 5.05 PigglY-Wiggly Corp
n10
5.25 5.00
Preferred 8%
100 n85
4.75 4.80 Reeves (Daniel)preferred100 92
97
5.10 4.80 Rogers Peet Co corn_ _ _ _100 120 135
Public Utilities
Par Bid. Ask.
Amer Public Util corn._ _100 60
93
7% prior preferred_ __-100 89
Partic preferred
100 85 89
.100 108 109
Appalachian El Pr pref.
Associated Gas & Elect *95
$5 preferred
75
Cleve Elec Ill corn
100 111 113
6% preferred
Col El & Pow 7% pf _ _100 106
Eastern Util Assoc com_-_t *3812 3912
Convertible stock
t *1312 1412
87
Gen Public Util $7 pref._ _t *85
Mississippi Riv Pow pref 100 *10212
First mtge 55 1951- _J&J 99
Al&N 94
96
Deb bs 1947
National Pow & Lt $7 pref_t *105 111
t *102 1023
$8 preferred
4
North States Pow 7% pref. 10512 10712
Ohio Pub Serv 7% pref_100 103 105
97
6% preferred
94
Pacific Gas & El 1st pref _ 25 *2
4
612 263
Puget Sound Pr & Lt $6 Pi- t *99 100
$5 preferred
88
t *
86
let & ref 554e 1949_ _J&D 10012 10114
Say El & Pow 6% pf___100 88
90
Sierra Pac El Co 8% pf_100 90
Stand Gas & El $7 pr pf_100 10812 10912
Tenn Elec Pow let pref 7%. 10812 11012
6% preferred
100 99 100
Tried° Edison 5% pref____
86
90
101 103
6% preferred
100 10812 110
7% Preferred
Utilities Pow As L 7% pf_100 96
98
166-
Short Term Securities
Allis Chal Mfg 5s May 1937
Alum Coot Amer be May '52
Amer Had deb 450May '47
Am Roll Mill deb 5s_Jan '48
Bell Tel of Can 55 A.Mar'55
Bethlehem Steel
Sec 5% notes_June 15 '30
Sec 5% notes_June 15 '31
Sec 5% notes June 15 '32
Commer'l Invest Trust
5% notes
May 1930
Cud Pkg deb 530_0ct 1937
Edison El Ill Boston
434% notes_ __ _Nov 1930
Empire Gas & Fuel
58
June 1930
Fisk Rubber 554s__Jan 1931
General Motors Accept
5% ser notes
Mar 1930
5% ser notes-..Mar 1931
5% ser notes_ _ _Mar 1932
5% ser notes_ Mar 1932
5% ser notes
Mar 1934
5% ser notes
Mar 1935
5% ser notes_ _ _Mar 1936
Gulf 011 Corp of Pa
Debenture 5s_ Dec 1937
Debenture 58 _Feb 1947
Koppers Gas & Coke
Debenture 55 June 1947
Meg Pet 4;0_ Feb 1530-35
Mar 0115% notes J'n3 1530
Serial 5% notes J'ne 1531
Serial 5% notes roe 15'32
Miss Gas Cos 550 Jan 1946
Pacific Mills 5145-Feb 1931
Peoples Gas L & Coke
4545
'Dec 30
Proc & Gamb 450 July '47
Swift & Cob% notes____Oct 15 193
Tobacco Stocks
pa
American Cigar Pref.__ 100
British-Amer Tobac ord. £1
Bearer
LI
Imperial Tob of G B .t: Irel'd
Int Cigar Nlaclainery____100
Johnson Tin Foil & Niet_100
Union Cigar
Union Tobacco Co Class A.
Young (J S) Co corn_..i00
Preferred
100
Indus. & Miscellaneous
Aeolian Co pref
Aeolian Weber P & P__ _100
American Hardware
25
Babcock & Wilcox
100
Bliss (E W) Co
Preferred
50
Childs Corp pref
100
Dixon (Jos) Crucible_ 100
Safety Car lit & Ltg__ _ _100
Sieger Manufacturing_ _ _100
Singer Mfg Ltd
11
Railroad Equipments
Ask
Railroad Equip.(Cancid.) Bid
Minn St P Jr SS M 450 & 5s
Equipment 8545 & 75-Missouri Pacific 13538
Equipment 6s
Mobile & Ohio 5s
New York Central 450 & be
Equipment 6s
Equipment 7s
Norfolk & Western 434*.
NorthernPacific 78
Pacific Fruit Express 78....
PennsylvaniaRR equip 5s
Pittsb & Lake Erie 6348....
ReadingCo 450 & 55
St Louis & San Francisco bs
Seaboard Air Line 5545 & Os
Southern Pacific Co 4345...
Equipment7s
Southern Ry 454s & be
Equipment Os
Toledo & Ohio Central Os....
Union Pacific 75
5.25
5.60
5.25
6.40
4.95
4.75
5.30
5.05
4.75
5.10
5.10
4.75
5.40
4.75
5.00
8.00
4.75
5.00
4.75
5.40
5.40
5.00
5.00
5.15
5.00
5.05
4.75
4.60
5.00
4.80
4.80
4.80
4.85
4.60
5.00
4.60
4.80
5.40
4.80
4.80
4.60
5.05
5.10
4.85
Chain Store Stocks Par Bid. Ask.
*2712 30
Schiff Co corn
94
Cum cony pref 7%--100
23
2312
Shaffer Store corn
45
Silver (Isaac) & Bros cern- t 35
93
7% cum cony Met_ -100 88
45
Southern Stores 6 units
7
9
U £3 Stores
First preferred 7% _ _100 55; 60
Young(Edwin H)Drug units 100, 102
if
-
5,
10
*5014
27
166
9_, 99
8
-1134
2118
34
*27
27
*23
100
55is
fi14
1218
fi_
if -
figs 958
Atlantic Coast Line 8s
Equipment 634*
Baltimore & Ohio es
Equipment 450 & 55
Buff Koch Jr Pitts equip 65_
Canadian Pacific 450 & 88
Central RR of N J 6s
Chesapeake & Ohio Os
Equipment 650
Equipment 5s
Chicago & North West 811._
Equipment 8335
Chic R I & Pad 453s & 5s
Equipment Os
Colorado & Southern 6s
Delaware & Hudson Os
Erie 4535 & 58
Equipment 8s
Great Northern 8s
Equipment 5s
Hocking Valley bs
Equipment es
Illinois Central 450 & bs
Equipment Os
Equipment 7s & 850_ _
Kanawha & Michigan 6s_ _ _
Kansas City Southern 553s.
Louisville & Nashville Os..
Equipment654s
Michigan Central be
Equipment es
5 Per snare I No oar 1.6111e. 0 Basis. a Puroa. siso pay* .0.101 .div. k Lanais's. sNomin. a 12x-div.
166-
r107
ii-
lax-rights r Canadian
Q110%.
a Sale price. r Rs 400% storm 011.
1262
Investuunt anti gaiiroati inteliiffente.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of February. The table covers seven roads and shows
13.03% decrease under the same week last year:
Second Week of February.
1930.
1929.
Canadian National
Canadian Pacific
Minneapolis & St Louis
Mobile & Ohio
Southern Railway
St Louis Southwestern
Western Maryland
$4,140,981 $4,873,408
2,898,000 3,426,000
267,495
320,493
302,218
343,150
3,339,747 3,700,897
488,524
437.300
368,922
366.303
Total (7 roads)
Net decrease (13.03%)
$11,754,663 $13,518,775
Increase. Decrease.
$732,427
528,000
52,998
40,932
361,150
51,224
52,619
First Week of February.
1929.
1930.
Increase.
$7,883,685 $8,825,790
22,300
26,200
269,597
318,151
3,287,484 3,731,668
Total (8 roads)
Net decrease (11.32%)
•
$11,443,076 $12,901,809
Decrease.
$992,551
3,900
48,554
444,184
$446
$446 $1,489,189
$1,488,743
In the following table we show the weekly earnings for a
number of weeks past:
Current
Year.
lel week Nov. (7 roads)
20 week Nov. (8 roads)
3rd week Nov. (7 roads)
fith week Nov. (7 roads)
let week Dec. (6 roads)
2nd:week Dec. (8 roads)
3d week Dec. (7 roads)
fith week Dec. (6 roads)
1st week Jan. (7 roads)
2d week Jan. (8 roads)
3d week Jan. (8 roads)
8th week Jan. (7 roads)
Istlweek Feb. (8 roads)
2d week Feb (7 roads)
Previous
Year.
Increase or
Decrease.
Per
Cent.
$
10,016.635
13,321,885
9,461.558
16.167,720
12.513,496
12.570,553
9.444,380
10,087,804
6,803,011
10,755,827
11,532,884
16,464,287
11,443,076
11,754,663
Week.
$
11,582,851
17,436.765
11,553,054
21,192,292
15,718,973
15,524,333
10,803.703
11,840.065
7,657.759
12,059.865
12.989,338
19,001,026
12,901.809
13,518,775
$
-1.576,216
-4,114,880
-2,082,398
-5,024,572
-3,205.478
-2,953,780
-1.360.323
-1,752,261
-854,748
-1,303.018
-1,456,454
-2,536,739
-1.488,743
-1,466,731
12.53
23.18
18.11
23.72
20.40
19.03
12.59
14.80
11.17
10.81
11.21
13.37
11.32
13.03
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earn(ngs.
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
I
486,201,495
474.780,518
516,134,027
513,078,026
536,723,030
531.033.198
556.706.135
585,638,740
565.816,6.54
607.584,907
498,316,925
468,182.822
457,347.810
456.387,931
505,249,550
474,784,902
510,543.213
502.455.883
512.821,937
557,803,468
556.003.668
617,475.011
531,122,999
495.950,821
+28,853,685
+18,292.585
+10,884.477
+38,291.124
+26.120,817
+28,577,315
+43,884,198
+27.835.272
+9,812.986
-9.890.014
-32,806.074
27,767,999
Net Earnings.
Month.
1929.
Miles.
240,833
242,884
241,185
240,956
241.280
241,608
241,450
241,026
241,704
241,622
241,695
241.864
1928.
Miles
240.417
242,668
240,427
240,816
240,798
241,243
241.183
241.253
241.447
241.451
241,326
240.773
Inc.(+1 or Dec. (-).
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Total ry. oper. expenses-Net revenue from ry. oper__
Railway tax accruals
Uncollectible ry. revenues_ _ _
476,672 Cr1072.814
6.862,894
6.514,873
105,087
15,568
684
1,872,508
190,041
931
1.179,889
187,256
51
18,253
Railway operating income.._
88.833
Non-Operating Income
Hire of freight cars-Cr. bal_
48,639
Rent from locomotives
-55,730
Rent from pass. train cars
8,292
Rent from work equipment
345
Joint facility rent income_
1,093
Income from lease of road--1,402
Miscellaneous rent income_ _ _
565
Misc. non-oper. phys. prop
296
Income from funded securs
250
Inc. fr. unfund. sec. & accts.
8.544
Miscellaneous income
206
Total non-operating income
1.759,186
14.762
Cr25
14,736
190,973
187,30
744,449
1,681,535
992,581
5,256
2,520
9,432
9.604
984
1,402
235
3
250
5,042
8
158,915
27,465
100,590
2,780
13,154
16,834
6,670
1,343
3,000
60,608
977
27,702
92,064
11.729
15,706
16,834
3,417
736
3,000
14,487
649
13,906
34,741
392,341
186.329
Gross income
102.740
Deductionsfrom Gross Inc.
Hire of freight cars-Dr.bal_
Rent for locomotives
7,469
Rent for passenger train cars_
10,947
Rent for work equipment
45
Joint facility rents
231
Rent for leased roads
18,046
12
Miscellaneous rents
251
Miscellaneous tax accruals
2,602
Interest on funded debt
32,470
Interest on unfunded debt_
12
Amort. of disct. on fund. debt
Cr244
Miscell. income charges
1.779,191
2,073,876
1.178.910
6,429
5.372
Cr62,025
361
18,046
2.473
87,588
136,878
9,446
3,569
216,552
5,103
1,334
36,704
274,249
201
354
44.901
89,503
107,197
6,850
4,032
216,552
28,185
493
135.128
2,581
6.928
328
14,692
1
886
77
Tot, deduct,from gross inc
72.843
Cr13.684
771,983
642,744
Net income
Ratio of ry. oper. exp. to rev_
Ratio of ry. oper. expenses
and taxes to revenues
Miles of road operated
30.897
81.94%
1.792,875
1,301,893
78.56%
536,166
84.67%
84.61%
420
413
80747
417
87.10%
404
Central Vermont Ry.
-Month of January
1929.
1930..
1928.
Amount.
117,730,186
128.368,848
139.639.086
138.821,660
146,798,792
150.174.332
168,428.748
190,957,504
181,413.185
204,335.041
127,163,307
106,315,167
$
94,151,973
108,987.455
132.122.686
110,884,575
129,017,791
127,514.775
137,635.367
174,198,644
178,800,939
216,519.313
157,192,289
138,501,238
+23.578,213
+17,381,398
+7.516,400
+25.937.085
+17,754.001
+22,659.557
+30.793,381
+16,758.860
+2.612,246
-12,183,372
-30,028.982
-32.186,071
Per Cent.
+25.04
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9 62
+1.46
-5.63
-19.11
-23.12
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
599.103
493,542
20.863
620,879
482,526
21,789
Total railway operating expenses
Length of Road.
1-1-) or
Dec.(-).
1928.
-Month of December- -Jan. 1 to Dec. 311928.
1928.
1929.
1929.
$
$
$A
$
Railway operating revenues_
581,760
686.372 8.735,403 8,694,762
Ry,oper. exp. (excl. depr.)__
459,588 Cr1089,852 6,615,963 6,277,094
Ry. oper. exp. (deprec.)____
237,778
246,931
17.084
17.038
Total taxes & uncoil.ry.rev.
$2,619,51,466,731
1$1.464.012
In the table which follows we also complete our summary
of the earnings for the first week of February:
Previously reported (5 roads)
Georgia & Florida
Mobile & Ohio
Southern Railway
Central Vermont Ry.
514,406
504,315
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
84,697
15,965
30
117.563
16,142
17
Railway operating revenues
Railway operating expenses (excluding depreciation).
Railway operating expenses (depreciation)
Total taxes & uncollectible railway revenues
Railway operating Income
Non-Operating Income
Hire of freight cars-Cr. balance
Rent from locomotives
Rent from passenger train cars
Rent from work equipment
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Income from funded securities
Income from unfunded securities and accounts
Miscellaneous income
Total non-operating income
15,995
16,160
68,701
100,403
41,846
1,577
8,364
342
6,025
1,402
3,490
Dr.62
250
11,128
11
7.364
7,987
8.513
49
1,314
1,402
626
57
250
753
6
74,277
128,729
7.220
10,867
50
15,482
18.046
70
192
2.602
30,778
12
148
7,378
10,515
267
414
18,046
2,360
16,442
2
985
88
85,468
Total deductions from gross income
28,325
142,978
Gross income
Deductions from Gross Income
Rent for locomotives
Rent for passenger train cars
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
56.502
72,227
57,509
Net income
85.86°
81.23
-Grossfrom Railway- -Nei from Railway-Nei alter Taxes
92- Ratio of railway operating expenses to revenue
83.83
Ratio of railway operating expenses and taxes to rev_ 88.53
1930.
1929.
1930.
1929.
1930.
420
410
Miles of road operated
Central Vermont
614,656
January __
71,419
596,398
109,564
55,424
93,403
Chesapeake & Ohio
Kansas City Southern Ry.
January ___10,861,878 10,639,199 3,868,483 3,323,426 3,168,317 2,829,257
(Texarkana & Fort Smith Ry.)
Chicago & Alton
-Month of January- 12 Mos. End. Dec. 30.
January ___ 2,013,843 2,219,063
061,599 al63.395
1929.
1929.
1930.
1928.
Conemaugh & Black Lick
$
$
$
$
January ___ 123,809
5,895
17,605
147,866
4,895
16,605
1,566,335 1,793,801 21,078,221 21,423,896
Railway oper. revenues
Hocking Valley
1,107.117 1,190,125 14,275,415 14,089,021
January ___ 1,455,441 1,578,219
a318,976 a464,353 Railway oper. expenses
Kansas City Southern
Net rev, from ry. oper__
459.217
603,675 7.702,806 7,334.875
January ___ 1,566,335 1,793.801
329,785
469,165 Railway tax accruals
129,166
134,250 1.446,457 1.259,498
Monongahela Connecting
259
Uncollectible ry. revenues--265
11,805
4,408
January ___ 171,853
26,344
35,897
45,046
34.223
195,574
Railway oper. Income_ _
329,785
469.165 6,244,543 6,070,970
Montour
58,295
January ___ 193,083
53,551
59,795
165,236
55,326
N Y Chicago & St Loins
January ___ 4,098,976 4,321,725
Pere Marquette Ry.
a488.339 a656,354
Pere Marquette
-Month of January- 12 Mos.Ended Dec.31,
January _
adef177,056 0478.066
3,065,730 3,280,305
1928.
1929.
1930.
1929.
$
a After rents.
Railway oper. revenues
3,065.730 3,2813,304 48,468,439 45,761,568
Other Monthly Steam Railroad Reports.
2.809,555 2.422.212 34,345,301 31,036,347
-In the fol- Railway oper. expenses
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Net revenue from ry. oper_
256,174
Net railway oper. income_ _ _def177.056
Other income, net
117.809
858,091 14,123,1:38 14,725,220
478.066 9,273,416 10,596,357
468.979
167,591
749.006
Bal. before deduct, of int
Total interest accruals
645,658 10,022,422 11,065.336
214,027 2,563,962 2,598,365
Balance
def59,247
210,044
def269,291
431,631
7,458,459 8,466.971
FINANCIAL CHRONICLE
FEB. 22 1930.]
St. Louis Southwestern Railway Lines
-Month of December- 12 Mos. End. Dec. 31
1263
Commonwealth & Southern Corp.
Railway operating revenues_ 1,817,346 2,051.838 25,929,564 25,575,765
Railway operating expenses_ 1,546,659 1,587,816 20,114.768 19,330,633
Ratio of oper.exp.to oper.rev. 85.11%
77.57%
77.38%
75.56%
(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1929.
1928.
S
$
$
IS
12,876,701 12,482,641 147370,481 137223,383
Gross earnings
Op.exp.,incl. taxes & maint- 5,885,881 5,668,566 71,964,301 68,175,739
Net rev, from ry. oper
Tax accrls. & uncoll. ry. rev_
270,687
56,880
464,021
120,158
Gross income
Fixed charges (see note)
Railway oper. income
Other ry. oper.income
213,806
45,181
343,863 4,638.332 5,002,320
38,201
468,826
405,095
Total ry. operating income
Deductions from ry. oper. inc
258,987
122,303
382,065 5,107.158 5,411,415
72,678 1,570,966 1,317.952
Net ry. operating income
Non-operating income
136,684
13,952
309,386 3,536,192 4,093,463
203,039
39,073
319,844
Gross income
Deductions from gross income
150,637
226,152
348,459 3,739,231 4,413,307
222,023 2,634,388 2,653,945
1929.
1,809
Miles operated
Net income
-75,514
1928.
1,748
126,435
1929.
1,754
1928.
1,748
5,814,796 6,245,134
1,176,463 1,242,812
1,104,842
1,759,362
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Appalachian Electric Power Co.
(Including Kentucky & West Virginia Power Co., Inc., and Kingsport Utilities, Inc.)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
$
Gross earnings from oper-_-_ 1,775,045 1,604.490 19,6M.301 18,189.799
Operating expenses & taxes__ 896,714
888,682 10,530,378 9,759,509
Net earnings from oper--Other income
878,331
67,092
715.808 9,120,923 8,430,290
805,791
343,031
41.782
Total income
Interest on bonds
Other interest & deductions..
945,423
362,785
18,318
757,590 9,926,714 8.773,321
311,229 4,326,221 3,640,223
190,688
55,232
740,258
Balance
Dividends on preferred stock
564,320
391.129 5,409,805 4,392,840
1,894,411 1.625,547
Balance
3,515,394 2,767,293
6,990,819 6,814,074 75,406,180 69,047,644
42,993,739 42,041.469
23,568,661 18,425,590
Balance
Note.
-Including interest, amortization of debt discount and expense,
and earnings accruing on stock of subsidiary companies not owned by Commonwealth ,Sz Southern Corp.
Detroit Street Rys.
-Month of January- 12 Max. End. Jan. 31
1929.
1929.
1930.
1930.
$
$
$
Revenues$
Operating
Railway operating revenues.. 1,778,656 2,014,271 21,612,254 21,588.351
386.148 4,597,313 3,380,675
Coach operating revenues___ 386,457
Total operating revenues__$2,165,113 2,400,419 26,209,568 24.969,027
Operating Expenses
Railway operating expenses_ 1,421,593 1,573,688 16,330,337
387.314 4.576.795
Coach operating expenses___ 388,909
Total operating expenses__ 1,810,502 1,961,002 20,907.042
439,417 5,302.526
354,611
Net operating revenue
753,494
62,545
65,090
Taxes assignable to oper ns....
247,888
47,883
39,298
207,633 2,526,432 2,222.005
577.050
48,233
578,800
393,603
29,885
290,644
Balance
Dividends on preferred stock
160,707
129,515
Balance
297,796
Gross income
Deductions
-
Cities Service Co.
-Month of January- 12 Max. End. Jan. 31.
1930.
1929.
1930.
1929.
$
$
$
$
5,402,362 3.393,117 46,795,692 35.242,132
98.778 1,381,963 1,165,787
146,681
Gross earnings
Expenses
Net earnings
Int. & disct. on debens
5.255,681 3,294,338 45,413,728 34,076,345
466,057 7.109.769 4,208,096
600,625
Net to stocks ,Sz reserves
4,655.056 2.828,281 38,303,959 29.868.249
Preferred stock dividend
563,797 6,935,404 6.769,369
613,457
Net to corn. stk. & res'ves- 4.041.598 2,264.483 31.368.554 23.098,880
Net earnings
4
Interest on funded debt
225.234
75,102
Bal. available for reserves.
Fed, taxes and dividends
150,132
lvidends on class A stock27,846
Less interest during construction.
959,561
302,205
148,672
128,053 1,672,209 1,882,688
149,123
270,456 2,981,856 2,978,992
44,139
11,295
13,589
151.816
41,666
503,122
44,139
503,095
133,000
133.000
11,295
155,479
160,000
13.589
151.816 1.787.518 1,787,518
291,666
220,841 2,875,280 2,579,119
399,872
49,615
106,576
270.456 2.981.856 2.978.992
Balance
535.473
334,617
514,945 6,269.259 5,963,283
335.516 4,022.449 4,022,226
200.855
Bal. applicable to charges..
Charges
1928.
1929.
1929.
$
$
$
1.060.890 12,517,756 12,388,927
545,945 6.248,096 6.425.643
179.428 2.247.210 1,941,056
Illinois Power & Light Corp.
(And Subsidiaries)
-Month of December- 12 Max. End, Dec. 31
1929.
$
Gross earns. from operation _ 3,350,884
Operating expenses & maint_ 1,513.819
186,294
Taxes
Total expenses and taxes__ 1,700,113
Earnings from operation-.. 1.650,770
41.058
Less rentals
58,638
Add other income
1929.
1928.
1928.
S
$
$
3,229,934 37,501,235 34.826.908
1,632,696 18.468,813 18,223,801
131,856 2,120,879 1,485.265
1,764,553 20,589,693 19.709,066
1,465,381 16,911,542 15,117,841
72,281
851,440
726,232
51.632
570,512
501,111
1.668,351 1,444,732 16,630,613 14.892,720
Total net earnings
Less prior charges of Iowa Power & Light Co. and
1.452,324 1,304.403
Kansas Power & Light Co
Total earnings abailable for bond interest
12 mos.int.00 111. Pow.& Lt. Corp. mtge.debt_ _
15,178.289 13,588,317
5,856.775 5,637,546
Indiana General Service Co.
(American Gas & Electric Co. Subsidiary.)
-Month of November- 12 Mos. End. Nov. 30.
1928.
1929.
1929.
1928.
3
$
$
$
26, 452 3,252.406 2.871,516
Gross earnings from oper- _-- 289.545
182,847 2,424.730 1,978,262
Operating expenses & taxes-- 203,831
Net earnings from oper__ Other income
85,714
2.824
81,605
440
827.676
40.900
893,254
18,273
Total income
Interest on bonds
Other interest and deductions
88,538
20,249
12.833
82,045
20,414
4.587
868,576
244,163
129,713
911,527
247.735
40,578
Balance
Dividends on preferred stock
55,456
57,044
494,700
48,960
623.214
48,960
445.740
574.254
Balance
(The) Montana Power Co.
1928.
1929.
1928.
$
$
$
337,081 3,498,641 3.046,416
155,799 1,626,705 1,747,571
181,282 1,871,935 1,298.844
67,572
912,373
661,809
113,709
120,539 1,384,697 1,782,421
100,266
287,512
7,513
1930.
$
1,0$7,684
552,211
Operating
(And Subsidiaries)
Preliminary Earnings Statement
-Month ofDecember- 12 Mos. End. Dec. 31
Gross earnings-all sources_ _
Oper. exps. & general taxes__
785.875
137,943
199.934
658,669
Hudson & Manhattan RR.
-Month of January- 12 Mos. End. Dec. 31
Consolidated Gas Utilities Co.
1929.
3
385,693
160.458
785,875
132,290
199.002
254,404
13.125
149.123
Total
Brooklyn-Manhattan Transit System.
-Month of January- 7 Mos. Ended Jan. 31. Gross revenue
expenses & taxes
1930.
1929.*
1930.
1929.
Si
$
$
$
Total operating revenues_ - 1,971,577 1,962,740 13.907,132 14.071,065
Total operating expenses--- - 1,550,153 1,687,814 10,969,673 11,729,520
Net revenue from operation 421,424
274,926 2,937.459 2,341,545
Taxes on operating properties 117,113
104,381
800,103
748,730
Operating income
170.545 2,137,356 1,592.815
304,311
Net non-operating income_
150.332
20,610
21.829
150,863
Gross income
191,155 2,287,688 1.743,678
325,940
Total income deductions- _
127,364
884.154
134,550
900,921
Net income
63,791 1,403,534
191.390
842,757
* After giving effect to provisions of joint agreement of merger and
consolidation.
66,745
11,557
17,083
25,152
262,507
-113,384
Total sinking funds- Residue
(Including Brooklyn & Queens Transit System.)
Broeklyn & Queens Transit System.
-Month of January- 7 Mos. Ended Jan. 31.
398,509 4,654,066 4,861,680
116,807
31,865
Total interest
Other deductions
1,398.081 1. ,
194 863
1930.
1929.
1929.
1930.
S
$
8
$
Total operating revenues__ 5,134,997 5,940,304 35,544,051 42,183,980
Total operating expenses---- 3,383,385 4,283,559 23.805,477 30,035.995
Net revenue from operation 1,750,712 1,656,745 11,738,574 12,147.985
Taxes on operating properties 353,454
392,662 2,253.662 2,689,846
Operating income
1,397,258 1,264,083 9,484.912 9,458,139
Net non-operating income_ _ _
516.393
76,150
697,962
95,088
Gross income
1,492,346 1.340,233 10,001,305 10,156,101
Total income deductions- _ 776,818
836,634 5,434,646 5.767,394
Net income
503.599 4,566,659x 4,388,707
*715.528
•Of which sum there accrues to minority interests of B. & Q. T. Corp.
$88,236. x Of which sum there accrues to minority interest of the B. &
Q. T. Corp. $645,744.
19,576,192
5,392.834
778,59'2
376,872 4,549,031 4,614,241
247.438
105.034
21,637
Interest on funded debt:
66,745
Construction bonds
11,077
Purchase bonds
16,472
Add'ns & betterments,bds_
20,636
Purch. contract (D.U.R.)_
Loan (City of Detroit)_._..1,875
1,555,779 1,352,561
157,698
157.698
16,232,826
3.343,366
289,520
8,275
Operating income..
Non-operatingi ncome
Atlantic City Electric Co.
Total deductions
(American Gas & Electric Co. Subsidiary.)
Net income
-Month of December- 12 Mos. End. Dec. 31,
Disposition ofNet Income
1929.
1928.
1928.
1929.
Sinking funds:
$
$
3
3
Construction bonds
Gross earnings from oper___ 654,286
571,587 7,055,372 6,162,984
Purchase bonds
Operating expenses & taxes-- 407,765
365.853 4,599,224 3,960.879
Add'ns & betterments bds_
Purch. contract (D.U.R.)_
Net earnings from oper_
205,734 2,456,148 2,202,105
246.521
Loan (City of Detroit)_
Other income
70,284
1,899
19.900
1,367
Total income
Interest on bonds
Other interest & deductions..
32,412,441 27,006.174
8.843.779 8,580,583
Net income
Provision for retirement reserve
637,034
(And Subsidiaries.)
-Month of November- 12 Mos, End. Nov. 30.
1929.
3
Gross earnings from oper---- 1,014,761
Operating expenses& taxes-- 365.645
.
Net earnings from operOther income
649,116
22,678
1928.
1929.
1928.
$
3
$
978,061 11.045,359 10.319.238
291,397 3,676,104 3,467.795
686,664 7,369.255 6,851,443
6.196
367,056
98,553
Total income
Interest on bonds
Other interest & deductions_
671,794
183,348
31.425
692.860 7.736,311 6,949,996
193,134 2,198,788 2.325.639
12,073
309,540
146,923
457.021
487,653 5,227,983 4,477.434
Balance
1264
[VOL. 130.
FINANCIAL CHRONICLE
Interborough Rapid Transit Co.
Pennsylvania Power & Light Co.
Net Earnings of the Interborough System Under the "Plan."
-Month of December- 6 Mos. Ended Dec. 31
1929.
1928.
1928.
1929.
$
S
$
S
Gross rev,from all sources_ _ - 6,511,920 6,193.936 35,749,805 33,662,344
Exp. for op. & maint. prop__ 3,833,653 3,550.615 22,495,993 21,082,119
(Lehigh Power Securities Corp. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1928.
1929.
$
$
$
$
Gross earnings,
from oper____ 2,774,658 2,648,353 30,195,268 26,614,759
Oper. expenses and taxes_ __ _ 1,219,678 1,193,098 15,048,427 13,399,432
Taxes-City, State &
2,678,266 2,643,321 13,253,812 12,580,225
201.184
201,939 1,202,433 1,199,094
S__
Available for charges
Net earnings from oper___ 1,554,980
Other income
53,374
1.455,255 15,146,841 13,215,327
177
577,985
935,577
2.441,381 12,051,378 11.381,130
Total income
1,608,354
Interest on bonds
425,1:35
Other int. & deductions...._
26.003
1,455,432 15,724,826 14,150,904
425,766 5,104,814 4,473,316
25,628
292,165
309,259
Balance
1,157,216
Dividends on preferred stock
1,004,038 10,327,847 9,368,329
3,431,881 3,065,468
2.477,082
Rentals payable to city for
original subways
Rentals payable as interest
on Manhattan fly. bonds_
Div. rental at 7% on Manh.
Ry, stock not assenting to
"plan of readjustment
Rental, Contract No. 3
Miscellaneous rentals
221,478
221,472
1,325,757
1,325,784
159,686
150,686
904,120
904.120
25,380
879,709
20,451
25,380
152,285
2,209,969
124,243
152.285
152,829
423,825 4,716,374
2,535,019
1,297,707
26,285
1,179,374
2,017.556 7,335,003 8,846,110
702,049
190.081
48,369
696,671 4,212,212 4,179,999
192,955 1,146,191 1,159,586
48.353
290.240
287,696
43,125
5,287
11,400
Int. Payable for
Use Of Borrowed Money in Sinking
Fund Requirements
Interest on
I. R. T. 1st M.5% bonds_
I. R. T.7% secured notes_
I. It. T.6% ten-year notes
Equip. trust certificates_
Sinking fund on I. R. T. 1st
mortgage bonds
Other items
190,664
15,219
1.146,384
Balance, before deducting
5% Manhattan div. rental
Div. rental at 5% on Manh.
modified guarantee stock
(payable 11' earned)
194,788
6,873
1,121,946
90,967
1.168,730
40,236
1,144,929 6,872,958 6,879,284
32,990
872,626
462,045
1,966,825
231,870
231.870
1,391,225
1,391,225
Bal. after deducting 5%
575,600
Manhattan div. rental -198,880
640,756 -929,179
Notes.
-1. The operating expenses include a tentative reserve for deprecelation at the rate of $50,000 per annum for the Manhattan division and
$1,000,000 per annum for the subway division.
2. The balances above shown are limited as to the subway to the amountl
the company is entitled to retain for the periods On the basis of the
present accounting there are no past due subway preferentials which the
company may collect from future subway earnings.
Kansas City Public Service Co.
Month of 12Mos End.
Jan. 1930. Dec. 31 '29.
Railway passenger revenue
Other railway receipts
Bus passenger revenue
Other bus revenue
Miscellaneous income
686,133
25,163
48,609
950
1,079
761,935
Gross revenue
Railway operating expenses
Bus operating expenses
Taxes
8,050,683
307,667
549,623
22,578
21,063
Balance
6.895.966 6,302,861
(The) Pullman Company
Sleeping Car OperationsBerth revenue
Seat revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue
-Dr
Contract revenue
-Month of December- -Jan. 1 to Dec. 311929.
1928.
1929.
1928.
$
3
:
6,006,433 6,050,891 77,51 1,162 78,352,088
840,981
833,919 9,803,911 9,930.763
121,839
106,053 2,438,881 1,972,248
14,035
14,770
176,169
169,882
110,705
87,088 1.157,466 1.024,977
586,592
564,072 8,703,819 8,603,916
6,507,403 6,528,651 82,383.772 80,846,043
Total revenues
2,374,706 2,170,114 29,621.408 28,211,357
Maintenance of cars
All other maintenance
47,892
42,116
537,599
526.659
Conducting car operations_ - 3,077,616 2.786.574 36,190,956 34,935,421
351,785 3,140,206 2,982,092
320,864
General expenses
5,821,080 5,350,592 69,490.169 66,655,530
Total expenses
686,322 1.178,058 12,893,602 14.190.513
Net revenue
Auxiliary Operations
103,498
109,828 1,457,039 1,403,083
Total revenue
119,974
110,400 1,334.203 1,225.740
Total expenses
-16.476
Net revenue (or deficit)
116,348
73,449
1,157
Gross earnings
Expenses
Taxes
Month of 12 Mos. End
Jan. 1930. Jan. 31 '30.
Gross earnings
$781,528
Net earnings, incl. other other income before provision for retirements
107,480
Income charges
56,133
Balance
$51,347
1,029,583
1,257,863 13,198,288 11,794,946
1,671,390 27,127,176 23,486,980
559,486 6,710,156 5,965,927
1,707,776
Balance
1,111,903 20,417,020 17,521,053
Southern Canada Power Co., Ltd.
-Month of January- -4 Mos. End. Jan. 311930.
1929.
1929.
$
197,098
9 509
185,786
71717.
714,646
66,520
61,747
268,611
237,968
Gross earnings
Operating expenses
130,578
Net earnings
909,146
269.874
878,542 9,305,269 8,944,698
282,022 3,306,467 3,567,071
Net income
*Incl. credit for retire. res've-
639,271
152,233
596,519 5.998,802 5,377,627
163,894 1,650,035 1,472,638
Gross earnings (all subsid's) 1,737,558 1,756,989 20,600,814 18,474,604
Bal, of subs, earns, after all
669.072 7,247,758 6,428,320
exps. applic. to S.P.&L.Co. 731,041
16,220
153.321
16,669
194,208
Expenses of S. P.& L. Co..-Balance
Int. on secured bonds
Int. on 6% deb. bonds
All other interest
714,821
57,488
25,000
15,768
652,403 7,053,560 6,274,999
689,850
57,488
689,850
300,000
25,000
300,000
Cr7,185
29,236 Cr164.894
616,565
577,100 6,034,464 5,450,043
587,090
587,090
5,447,374 4,862,053
Balance
Utica Gas & Electric Co.
-Month of January- 12 Mos. End. Jan. 31.
1930.
1929.
1930.
1929.
$
$
$
$
474,196
452,380 5,338,329 4,912,659
Gross earnings
Operating expenses and taxes *283,309 *275,656 *3,138,134 *2.906,288
Net earnings
Interest and income deduc'ns
190,886
77,257
(American Gas & Electric Co. Subsidiary.)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings from oper__ - _ 1,620,996 1,490,113 17,251,745 15,803,936
837,782
825,793 10,314,185 9,900,789
Operating expenses & taxes.._
Net income
*Incl. credit to res, for depr-
113,628
29,407
Net earnings from oper___
Other income
783,214
205,719
664,320 6,937.560 5,903,147
219,301 2,526,037 2,272,213
Gross earnings
Operating income
Total income
Interest on bonds
Other interest & deductions-
988,933
224,975
97,941
883.621
211,367
34,844
Balance
Dividends on preferred stock
666,017
637,410 5,971,796 5,198,294
1,052,363
919,701
(The) Ohio Power Co.
9,463,597 8,175,360
2,682.553 2,413,440
809,248
563,626
4,278,593
Public Service Corp. of New Jersey.
-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1930.
1929.
S
S
5
S
Gross earnings
12,531,282 11,659,918 138058,071 125965,197
Oper. exp., maint., taxes &
depreciation
8,446.496 8,041.491 95,660,944 88,963,505
Net income from oper
Other net income
4,084,785 3,518,426 42,397.127 37,001,691
18,363
*9.756 3,061,006 2.956,566
Total
Income deductions
4,103,148 3.508.669 45,458,133 39,958,258
1,239.944 1,295.840 15.263 141 16,718,687
2,863,204
476,678
(And Subsidiary Companies)
-Month of November- 12 Mos. End. Nov. 30.
1929.
1928.
1928.
1929.
$846,916
Net earnings
Int. and Income deductions
Bal. for divs. & surplus
508,898
Balance
Dividends on preferred stock
1,552,956
706,039
(Properties Now Owned.)
-Month of January- 12 .Mos. End. Jan. 31.
1930.
1930.
1929.
1929.
Gross earnings
2,074,538 1,973,324 22,463.619 20,603.807
Oper. expenses and taxes *
1,165,392 1,094,782 13,158,349 11,659,108
4,919,433
124,039
Southwestern Power & Light Co.
$9,582,008
New York Power & Light Corp.
Balance
12 Mos. End. Dec. 31
1929.
1928.
$
$
40,325,465 35,281,927
9,181,808 8.415,689
4,016,480 3,379,256
2,299,329
591,563
Total expenses and taxes
Total net income
Fixed charges
698,223
Market Street Railway Co.
1.039,594 9.185,199 10.938.058
-Month of December1929.
1928.
$
$
3,328,913 2,929,253
681,911
969,051
347,671
288,808
926,389
41,741
Total deductions
Net income
1,624,612
881,420
44,969
74,607
Gross income
Deductions-Interest on bonds
Other charges
7,327,003
177.342
Southern California Edison Co.
8,951,616
645,586
122,836
1,177.486 13,016,439 14.367,856
137,892 3,831,240 3,429,797
459.564
Operating Income
• 547,224
6,162,148
56.686
663,068
41,675 ' 501.786
Total operating expense
--571
669,846
210,282
Total net revenue
Taxes accrued
2,212.829 30,194,992 23,239,571
176,724 2,200,195 2,006.371
78,447
915,158
953.939
98,276
27,121
1,285,036
332,800
1,052,432
251,314
Western Union Telegraph Co.
-Month of December- 12 Mos.Ended Dec. 31
1928.
1929.
1929.
'1928.
$
$
$
$
12,087,894 12,137.349 145667,196 136449,513
1,305,420 1,434,000 15,577.038 15,569,804
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 1. The next will appear in that of Mar. 1.
Alpha Portland Cement Co.
-Year Ended Dec. 311929.)
(Annual Report
The remarks of President G. S. Brown, together with a
comparative income account and balance sheet for the year
ended Dec. 31 1929, will be found in the advertising pages
of this issue.
-V.129, p. 2684.
FEB. 22 1930.]
1265
FINANCIAL CHRONICLE
Public Service Corporation of New Jersey.
(Annual Report-Year Ended Dec. 31 1929.)
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEV JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1926.
1927'
1928.
1929.
Oper. revs. of sub. cos_ _137,086,708 125,528,580 115,005,908 106,303.210
Oper.expenses & taxes_ - 83,838.145 77,004,079 72,851,057 67,752,023
9,098,964
Deprec. & retirem't exp_ 11,417,795 11.552,008 10,084,134
Net earnings
41,830,768 36,972,494 32,070,717 29,452,223
2,110,098
3,205,891
Non-oper. income
435,021
137,930
-InP.S. Corp. of N.J.
come from securities
pledged (excl. divs. on
stocks of oper. cos.) &
from misc.sources_
*1,869,169 *2,630,810 *2,208,906 *2,766,204
Total
43,837,868 40,038,325 37.485,515 34,328,525
DeductBd.,&c.,int. ofsub. cos. 11,668,048 12,030.105 16.191.589 15.755,584
Fixed charges of Public
4.891,784
5,126,868
3,048,475
Service Corp. of N. J_ 1,631.856
Net income
30,537,964 24.959,745 16,167,058 13,681,157
Cr.3,234
Adjustments (net)_ - - - _Cr1,025,786
Cr.24,129 Cr.116.939
Divs. ofsub.cos.,excl. of
979.487
1.949,681
inter-company acc'ts_ 2,019,132
2,011,685
3,971,552
5,032.153
Preferred dividends_ _ _ _ 7,449,800
6,701,195
6,067.034
8,018,926
Common dividends paid. 17,939,108 11,163,424
Rate
($2.40)
($3.40)
($2)
x($4.25)
Balance, surplus
1,283,237
2,666.318
5.107.570
4,155,709
Shares of corn, outstand3,577,275
ing(no par)
4.153.613
5,355,785
4.950,189
Earns. per share on corn.
$2.24
$2.33
$4.13
$3.28
* After deducting in 1929 $1,230,359, in 1928. $1.169,450, in 1927 $1.897,329, and in 1926, $1,248.723; for expenses, taxes, &c. it Being $3.75
per share on the old common before split-up on a 3
-for-1 basis, and $.50
per share on the new common.
CONSOLIDATED,ZINCOME WACCOUNT FOR CALENDAR YEARS.
x1927.
x1926.
x1928.
y1929.
$42,796,588 $29,492,344 341.283,013 558,690,832
Sales
38,939,183 29,211.237 38,317,099 53,453,303
Cost ofsales
Manufacturing profit_ $3,857,405
176,512
Dividends received
282,215
Deferred profits realized
1,664,362
Interest, drc
$281,107
567,808
270,795
405,904
52,965,914 55.237.528
970,121
549,970
1,706.147
467,695
581.393
719,650
Gross profit
Other expenses
$5,980,098 $1,525,614 $4,703,229 $8,495,190
1.376,492
679,215
682,814
1,238.078
Profit
Depreciation
Taxes
Deferred profits
$4.742,420
1,710,000
90,500
32,941.920
Net income
Equity in undist. earns.
Dr641,457
of Midvale
$842,800 $4,024,014 $7,118,698
1,000,000
600,000
565,000
305,000
45,000
143,515
38,247
3197,100 $2,680.768 $6,400,182
Cr281.586
Cr287,505
Cr266,605
$479,386 $2,947,372 $6,687,686
Net accr. to Baldwin_ $2,300,463
1,400,000
1,400.000
1,400,000
1,400,000
a Pref. divs. (7%)
1.400,000
1,400,000
1,400,000
Common dividends...... 1,437.629
a
b200.000
b200.000
b200,000
843,000
Shs.com. outstg.(no par)
Nil
$1.83
Earns per share
$100 par value.
since 1924. b Shares of.
a Dividends paid from reserves
the stock having been changed to no par value in 1929 and split-up on a
4
-for-1 basis. x Figures as reported to the New York Stock Exchange under
date of Oct. 3 1929. and are consolidated figures of company and Standard
Steel Works Co. y Consolidated figures (see text) as reported by company
in its 1929 annual report. In previous annual reports company did not give
consolidated statements.
CONSOLIDATED STATEMENT OF SURPLUS DEC.31 1929.
515,167.451
Earned surplus at Jan. 1 1929
5,328.348
Capital surplus through equity in The Midvale Co
1,628,107
Refund of Federal income taxes
Total
Reserve for contingencies
Other deductions
$22.123.905
1.600,000
286.527
CONSOLIDATED BALANCE SHEET DEC. 31.
Balance ofsurplus before adding net profit for the year 1929.320,237.379
2.300,463
Net profit for the year 1929 as above
1929.
1928.
1929.
1928.
Increase of capital surplus through acquisition of Southwark
AMU-Liabl/ities893,160
Foundry & Machine Co
Fixed capital __578,466,125 549,885,782 Common stock_
Cash
11,622,648 12,806,324 (no par) _ _ _ _y138,207,100 115,280,094
$23,431,001
Surplus at Dec. 31 1929
Marketable secs.
757,656 8% cum. pf. stk. 21,531,200 21,531,200
757,656
CONSOLIDATED BALANCE SHEETS, DEC. 31
Notes receivable
556,047
341,655 7% cum. pf. stk. 28,908,000 28,908,000
y1926.
Accts. receivable 11,463,720 11,542,918 6% cum. pf. stk. 58,731,200 56,147,900
y1927.
y1928.
*1929.
AssetsInt. & dlvs. rec.
cum. pf. stk. 7,240,199 3,134,800 Investments:
21,395
118,037 55
Mat'ls & suppl- 6,014,811 6,499,319 Cap.stk. of open
*Plant and equipment$54,477,012 $44,591,995 $42,831,713 $42,227,268
2,412.379
2,412,379
Misc. curr.assets
2.412,379
263,391
289.287 sub,controlled
nv. in Midvale Co_
467.214455,664
Purchase of pref.
through stock
480,076
Miscell. investments_ x6,018,689
8,416,095
ownership ___ 33,770,445 33,529,245 Cash on hand & in banks 4.776.001
3,704,559
stk. under de2,700,810
8,142,538
Cap.stk.of lessor
8,412,582
ferred paym't
6,279.875
Accounts receivable_ -__ 8,673,339
2,261,627
cos. controlled
1,147,762
plan
536,768
1,978,812 1,534,946
Bills receivable
through stock
2,009,060
Investments
2,238.481
13,815,772 5,801,844
1,557,891
887,482
Market. secur. at cost
Sinking funds_
ownership ___ 5,840,836 6,022,656 Notes offoreign gov't
7,200,043
5,699,179
15,340
4,203,516
160,061
5.677,186
Misc,spec.funds
7,933,662
5,787,450
5,096.132
28,553 Cap.stk.of lessor
28.553
Invert. at cost or mkt__ _ 12,828,986
Special depsolts_
116,434
180,516
125,728
553,593 cos, not contr.
529,740
238,616
Deferred charges
Prepayments
3,476,100
4,024,150
3,641,600
750,345
405.702 through stock
Sink. fd. 1st mtge. bds_ 4,608,272
ownership ___ 29,063,100 29,062,050
Unamortis. debt
discount and
Sales under def.
$98.855,991 $71.338,931 $76,023,433 $84,650,870
Total
Payable plan_ 2,531,330
expense
6,443,976 7,473,343
Liabilities
697,720
614,259
Misc. suspense_ 1,894,131 2,149,420 Prem.on cap.stk
20.000,000 520,000,000 $20,000,000 $20,000,000
Preferred stock
2,865.088
Cap.stk. subscr.
a21,075,000 20,000,000 20,000,000 20.000,000
Funded debt_ _ _209,457,792 215,080,129 Common stock
10,000,000 10.000,000 10,000,000 11,400.000
Bonded debt
Notes payable
9,000,000
Accts. payable - 3,853,336 4,722.957 Bank loans
3,617.261
1,799,304
1,220,082
2,733,319
Accounts payable
Consumers dep. 4,388,160 4.109.468 Empl.saving funds
1,234.080
1,536,628
1,351,467
1,233.133
11,397
....
10,601
Misc. cur. llab
Min. stkhldrs. int. in
Taxes accrued__ 4,464,542 2,848,007
7.615.888
Midvale Co
Interest accrued. 1,882,198 1,913,736 Interest rec. in adv
272,747
451,483
410,934
305,187
241.147
218,751
Misc. accr. llab_
x53,846,069 48,851,266 Res. for conting. & misc. 3,049,188 2,800,000
Reserve
2.800,000
2,800,000
2,438,222 2.127.681 Dividends
Misc. unadl.cred
2,581,874
657,933
371,154
Taxes
Profit and loss_ _ 27.508,469 23.370.252
1.446,603
966,286
695,491
413,276
Def. prof. pend.realtz.
23,431,001 14,489.804 17,811,798 21,298.303
Surplus
Total
634,612,465 600,348,443
634,612.464 600,348,443
Total
x Retirement reserve $17,574,750; contingent reserve, $576,000, cas398.855,991 371,338,931 876,023,433 384.650.870
Total
ualty and insurance reserve. $2,901,982; unamortized premium on debt,
a Represented by 843.000 shares (no par value). x General Steel Castings
$5.860; contributions for extensions, $442,634; miscellaneous reserves, Corp., $5,000,000; other investments, $1,018,689. y Consolidated figures
$2.344,842. y Represented by 5,355.785 shares no par value in 1929 and of company and Standard Steel Works Co. as reported to New York Stock
4,950,189 shares of no par value in 1927.-V. 130, p. 799
.
Exchange. z Consolidated statement (see text) as reported by company
for 1929.-V. 130. p. 1119.
The Baldwin Locomotive Works.
(19th Annual Report
-Year Ended Dec. 31 1929.)
President S. M. Vauclain says in substance:
The consolidated statements for 1929 include the locomotive business
and that of company's wholly owned subsidiaries, Standard Steel works
Co. and Southwark Foundry & Machine Co., also that of the Midvale
Co. of which the company owns 106,222 shares of the capital stock out of
200,000 shares outstanding.
The results of operations for the year just ended were satisfactory in all
lines of business except locomotives, in which they were substantially more
favorable than for the previous year. The volume of business on hand at
the beginning of 1930 is greater than for some years past.
During the past year the 200,000 shares of $100 par value common stock
previously outstanding were exchanged for 800.000 shares of common
stock (no par). An additional 43,000 shares of this new common stock were
issued in exchange for all of the preferred and common stock of Southwark
Foundry & Machine Co.. engaged in the production of heavy and special
machinery and equipment. This company has been located for many years
at Fourth St. and Washington Ave., Philadelphia. Plans have been completed for the removal of all of its activities to space available in the Eddystone plant, where it will continue to be operated as a separate business.
It is expected that these removal activities will be completed during 1930.
The present site of the Southwark plant is now being offered for sale.
Subsequent to the acquisition of Southwark Foundry & Machine Co.,
the Baldwin-Southwark Corp. was organized. The holdings of the company
in Southwark Foundry & Machine Co. were exchanged for 53,750 shares
of the capital stock of Baldwin-Southwark Corp. which is all of the issued
and outstanding stock of this company. Southwark operations will be
carried on in the name of Baldwin-Southwark Corp. as soon as they are
removed to Eddystone.
The company also acquired during the year just closed 110,000 shares
of the common stock of General Steel Castings Corp., which later acquired
the plant and business of the Commonwealth Steel Co. at Granite City,
Ill., and is now erecting a large steel foundry adjacent to the locomotive
plant at Eddystone. General Steel Castings Corp. Is engaging in the
production of steel castings for locomotives and cars and will provide the
company with an adequate source of supply for its steel castings requirements in the future.
Early in the past year company acquired, for the sum of $537,500, 3,500
shares, or all of the class "A" pref. stock and 22,500 shares, or 45% of
the corn, stock, of the George D. Whitcomb Co. engaged in the production
of industrial locomotives. The plant of this company is located at Rochelle,
Settlement has been effected with the Treasury Department of all
Federal tax questions through the year 1927. These matters have been
under discussion with the Federal tax authorities for some years and the
settlement effected resulted in a payment to the company by the Treasury
Department of 52,129.007.
r The completion of the plant at Eddystone. and the acquisition of company's holdings in the capital stock of General Steel Castings Corp. have
somewhat depleted its working capital. In order to replace this working
capital, authority is being asked of the stockholders to incur indebtedness
to a maximum of $15.000,000. in addition to the outstanding funded debt.
Continental Can Co., Inc. (of New York).
(17th Annual Report-Year Ended Dec. 311929.)
Carle C. Conway, President, Feb. 13, said in part:
At Dec. 31 1929 1,725,045 shares of common stock were outstanding,
compared with 1,459,991 shares at the end of 1928. Of the common
shares issued during the year 205,217 shares were issued for cash to stockholders and employees on subscription and the balance in connection with
properties acquired.
There are no notes payable, excepting a purchase money mortgage,
amounting to $100,000. inventories have been priced at cost or market,
whichever is lower.
During the year new factories were constructed at Los Angeles and
Oakland, Calif., and additions were made to six of company's other plants.
Expenditures for these and other plant improvements amounted to
$6,_993.980.
The facilities of the company were further extended through the acquisition during the year of six can manufacturing companies, one manufacturer of corrugated shipping containers and one manufacturer of canmaking machinery.
Although the production of principal canning crops in 1929 was materially
greater than in 1928, there is no evidence of overproduction in the industry,
nor is there any curtailment in demand for cans from this source. The
company's output of general line cans is showing a constantly Increasing
trend.
On Jan. 15 1930 the outstanding preferred stock was redeemed at $125
Per share and div., leaving only the common shares outstanding.
RESULTS FOR YEARS ENDING DEC. 31.
1926.
1927.
1928.
1929.
311.902,273 88,858,691 56,093,423 $5.146,989
Net earnings
830,014
977.802
1,267,895
1.826.770
Depreciation
582,792
676,975
900.000
Res,for taxes & conting_ 1.107,801
$8,967.703 56.690.797
•
Net Income
346,036
311,912
Pref. dividends (7%),._
3.243,276
3,965.687
Common dividends
$4,690,104 $3,101.485
Surplus
7,239,410
8,563,440
Previous surplus
Surplus applic. to red.
2,387,500
of pref. stock (net)
513.253,544 $12,728,395
Total surplus
303,268
220,849
Non-recurring charges
150.000
Res.for pref. stkholaers_
Write off book value of
146,148
Patents and good-will_
15,537
Depreciation on patents_
Prem. paid in redemption
203,790
of preferred stock_
*3,550,000
Corn.stock diva. 100%.
Profit &loss, surplus_ _$12,828.904 $8.563,440
outShares corn. stock
standing (no par)____ 1,725.045
1,459.991
55.02
Earned per share
$4.35
a Being 710,000 shares of no par value.
$4,438.646 $3,734,184
363,778
371,828
2.568,950
2,947,056
$1,505,918
$415,299
6,052,602
5,849.695
2,207,000
2.026.500
$9.765,519 $8,291,494
37,618
100,992
31,893
$9,626,910
$8,259,602
540.000
$7.54
500.000
$6.72
1266
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
192 .
1928.
1928.
1929.
Assets
$
Liabilities$
$
$
Real estate, bldgs.,
Preferred stock__ c4,093,700 4,932,000
machinery, &e 043,960,944 35,968,726 Common stock_ b62,728,564 46,369,703
Investments
1,091,940
399,332 Pur, money mtge. 100,000
124.000
Inventories
13,775,552 13,678,074 Accounts payable_ 1,457.720
997,016
Accts.& bills rec
7,675,864 7,388,857 Divs. payable____
71,815
86,310
Cash
16,025,668 4,027,183 Accr.wages, tax,dze 581,374
543,003
Accr. int. & disc
70,434
932,557
62.795 Reserve for taxes.._ 1,122,567
Employees subscr.
Res. for conting
612,877
to stock
189,963 1,360,947 Other reserves_
185,236
Prepaid insurance_ 379,514
12,828,904 8,563,441
284,994 Surplus
[voL. 130.
American Equities Co.
(Annual Report-Year Ended Dec. 311929.)
Burton A. Howe, President, says in part:
The item shown in the balance sheet under the caption of "short term
loans and securities sold or under contract for sale" represents short term
loans to independent companies and investments in securities of such
companies sold or under contract for sale,
"Marketable securities" as set forth in the balance sheet are at cost.
The market value of these same securities as of Dec. 31 1929 was approximately $3,096,443 and these same securities as of Jan. 15 1930 had a
market value of approximately 33,199.142.
The securities of the companies contained in the list (below) were purTotal
83,169,880 63,160,907
83,169,880 63,160,907 chased after careful analysis had been made as to the earnings and the
Total
a Less reserve for depreciation of 511,193,276. b Represented by financial position of the companies and in the opinion of your board repre1.725,045 shares no par value. c Called for redemption Jan. 15 1930 at sent a satisfactory investment for a portion of the company's funds.
"Investments in corporations in the formulation of whose policies this
$125 and accrued dividends.
-V. 129, p. 3173
Childs Company, New York.
(Annual Report-Year Ended Dec. 31 1929.)
S. Willard Smith, Vice-President, says in substance:
Results.
-The net profit after depreciation was in excess of that of the
Previous year by 6274.713. If from the 1928 Income there be excluded the
non-recurring profit on the sale of the securities of Savoy-Plaza Corp.,
whiTh sale had no counterpart during 1929, the increase of the 1929 net
profits over those of 1928 amounts to $1,331,768 .
-The board of directors elected on March 7 1929, have
Management.
gone vigorously at the task of rehabilitating the earning power of the
company. No revolutionary changes in staff personnel have been made.
The capable, experienced men who, through many years of loyal and effective work, have built up the company have been urged to continue their
work along those lines which have proved successful. During each of the
nine months of 1929 after your last meeting, the company's sales were in
excess of the sales for the comparable month of the preceding year. The
gain varied from 1.6% to 12.6%, but it was persistent. The fact of continued gain clearly indicates a revived interest in our establishments by the
consuming public, because there has been no increase in the number of
operating units.
The corporation brought suit for the recovery of the amount expended
between Jan. 30 and March 7 1929, by the then officers of the corporation
for the purpose of controlling the stockholders' meeting held on the latter
date. A proposal to settle the suit by compromise was made to the directors
in Jan. 1930, and was accepted as being in the best interest of the company.
Operating Units.
-At Dec. 31 1929. there were 114 restaurants in operation. This was a net decrease of one restaurant as compared with the
number of units in operation at the beginning of the year. Two new units
were opened in N. Y. City, and the restaurant on Euclid Ave., Cleveland,
was reopened. Four restaurants were discontinued, one because of lease
expiration, and three because the operations were not profitable.
Two important leases that were negotiated during the year should be
mentioned in this report. One was of premises in the Savoy Plaza Annex
on 59th St., near Fifth Ave., New York. A restaurant named "Spanish
Garden" was opened at this location in November, and has since been in
successful operation.
The other lease referred to was of premises at 423 Lexington Ave., near
the easterly entrances to the Grand Central Terminal. The restaurant is
now being equipped and it will be opened in the near future.
Capital Stock.
-The only change in the capital stock outstanding was the
Issuance of 274 shares of common stock in exchange for an equal amount
of fractional scrip retired.
Funded Debt.
-Funded debt was reduced by $345.000 during the year.
Surplus Adjustments -During the year, the computation of the charge
against income for depreciation of the buildings, establishments, plants and
equipment was revised. Consideration was given to the special facts relative
to each location. In connection with this revision of the current depreciation
charges, it was decided to charge off to surplus account all the unamortized
company participates" include ownership of the voting common stock of
the companies below named in the percentages set forth: General Water
Works and Electric Corp., 100%; union I'ower Corp., 47%; Southern
Cities Utilities Co., 29%, and Intercontinents Power Co., 27%.
Among the items carried as "syndicate participations and miscellaneous
investments" are certain investments which could not otherwise be classified and participations in transactions that cannot be disclosed at this
time without possibly embarrassing negotiations which are being conducted.
By reason of the recent market conditions, the company has been afforded
the unusual opportunity of being able to purchase its common stock at
prices materially lower than the book value of the stock. It is the present
thought of the directors that this stock can either be sold through the
company's bankers at a profit to the company, or cancelled.
It is proposed to continue the company's policy of keeping its funds
principally employed in the investment in securities of corporations in
the formulation of whose policies and in the direction of whose affairs
the company participates, and from time to time, when favorable opportunities occur the company proposes to acquire substantial interests in
Other and additional corporations. In addition to furthering the development of such corporations, company will continue to employ its surplus
funds on a temporary basis as it has in the past.
The earnings statement for the period from Aug. 21 to
Dec. 31 1929 was published in V. 130, p. 624.
BALANCE SHEET DEC. 31 1929.
Assets
Liabilities
Cash
$3,402,956 Prepaid interest and reserves
Call loans
3,420,445
for taxes, &c
$120,933
Short term loans & secur.sold
Capital stock and surplus
or under contract for sale._ 7,591,571
(equity for 1,455,000 abs.
x Marketable securities
3,791,175
of no par value, equal to
Invest. In corp.'s Information
$25.66 per share)
37,339,998
of whose policies this company participates:
Bonds, other obligations &
4,008,174
pref. stocks
12,083,046
Corn. stocks: Pubic util
170.000
Industrial and other corn
586.201
Syndicate panic.& misc.inv.
Accrued int. receiv. & assets_
165,267
Treasury stock-repurchased
y2.242,095
but not retired
Total (each side)
$37,460.929
x The securities included had a value on Dec. 31 1929 of approxbaately
S3,096,443 and on Jan. 15 1930 approximately 83,199.142. The book
value of the 1,455,000 shares of common stock after taking the reduction
as of Dec. 31 1929 into consideration was 136,645,264. y Represents
118.797 shares, average cost $18.874 per share.
Note.
-Company has both definite and contingent contracts for the
investment of additional funds, on a satisfactory basis, aggregating a
possible total of $6,003,481.
costsofestablishments that had been closed prior to the current fiscal year.
Marketable Securities Dec. 31 1929.
Also, the reserves for taxes were adjusted so as to state the tax liability in
1,000 shares American European Securities Co., common.
an amount equal to the total of the maximum assessments proposed by the
1,530 shares American Gas & Electric Co.. common.
taxing authorities. The result of all these adjustments was a net debit to
300 shares American Telephone & Telegraph Co., common.
surplus account as of Dec.31 1928. of $194.585.
5,125 shares Associated Gas & Electric Co., class A.
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS.
5,125 rights Associated Gas & Electric Co.
(Including Childs' Dining Hall Co.. Childs Co. of Providence and Boos
300 shares Atchison Topeka & Santa Fe common.
Bros. Cafeteria Co. in 1929 and 1928.1
2,000 units Atlas Utilities Corp.
1,000 allotment certificates Central Illinois Securities Corp.
1927.
1928.
1929.
1926.
Restaurant sales
5,500 shares Columbia Gas & Electric Corp., common.
$27,533,831 $26,380,647 528,819,750 526,136,540
Building rentals
507 shares Commercial Investment Trust Co., common.
1,640,293
1,562,152
1,783,076
1,276.311
Miscellaneous sales
1,000 shares Commercial Investment Trust Co ,pref. option series of 1929.
635,067
560,169
635,107
2,000 Consolidated Gas Company of New York,common.
Total sales
$29,952,014 $28,581,109 $31,016,969 327,412,851
1.000 allotment certificates Continental Chicago Corp.
Cost of restaurant sales- 24,343,302 24,412,760 25,599,191 22,543,021
3,325 allotment certificates Corporation Securities Co. of Chicago.
Cost of building rentals- 1,259,354
1,021.619
1,222,358
781,489
2,500 shares Electric Bond & Share Co., common.
Cost of miscell.sales
478.080
412.852
475,338
6,000 shares Interstate Equities Corp., $3 convertible series A preferred.
Total cost ofsales- ---526.077.994 526,047,972 $27,098,891 $23,324,509 12,000 shares Interstate Equities Corp., common.
Gross inc. from restau2,900 shares Lehman Corp., common.
rants and buildings...3,874,020 2,533,137
3,918,078 4,088,342
2,000 shares Niagara Hudson Power Corp., common.
Less other departm'tal
1,000 shares New York Central RR., common.
loss and expense_ _ _
105.076
86,697
115,727
290,074
1,000 rights New York Central RR.
Gross inc. from °peen $3,758,293 $2,446,440 $3,813,002 53.798,268
Fed. tc State tax reserve_
242,122
7,540
191,778
327.526
Other general expenses-- 1.119.865
Net income from oper. $2,446,650
Other income (net)
283•76
Total income
$2.730,418
Income deductions
640,995
Depreciation
812,284
Net profit
$1,277,138
Prvious surplus
5.551.171
500 shares Public Service Corp. of New Jersey, common.
1,000 shares Standard Gas & Electric Co., common.
5.500 shares United Gas Improvement Co., common.
1,119.693
1,073,733
827.838
4,500 shares United Light & Power Co., class A.
$1,365,167 52,451.187 52,642,905
550.767 Dr132.849 Investm' in Corporations in Formation of whose Policies Company Participates
x1,316,008
is
32.681,175 33,001,954 52.510,056
(1) Bonds, Other Obligations and Preference Stocks:
478,546
625.759
2.141 shs. Federal Public Service Corp. 634% pref.
1,026.550
1.052.990
826,726 $800.000 Garigliano Societe Idroelettrica 1st mtge. 6H% notes,due 1933.
General Water Works & Electric Corp.
$1,002,425 $1,496,858 $1,683,330
5.898,348 6,032.334 5,938,808 64,622 31-48 elm. class A common stock.
gold debs. series A, due 1931.
$9,000
Total surplus
$7,529,192 17,622,138 1750,000 3M-year 6% cony,
$6,828,309 56.900.773
15
-year 6% cony, gold debs. series 13, due 1944.
Reserve account
140,623
152.441
131,420
154.506
900 she. Intercontinents I'ower Co., class A common.
Surplus adjustments-194,585
$250,000 Union Power Corp.. note due July 24 1930.
Prof. diva. Childs Co
350.000
350,000
350,000
350,000
8,444 she. Union Power Corp., class A common.
Pref. diva. Childs Dining
516,583 Eastern Railway Associates, demand note.
Hall Co
6
6
6
6 $460.269.45 Pinellas Water Co., demand note.
Com.dive.(cash)
846,298
868,176
869,336
813,969
(2) Common Stocks of Public Utilities:
Com.dive.(stock)
282,099
271.323
122 sits. Cumberland River Power Co.
Profit & lose surplus.. $5,273,758 $5,551.171 $5,898,348 $6,032,334
16,583 shs. Eastern Railway Associates.
Shs.of corn.outst.(no par)
360,742
362,046
362.320
346.825 500,000 abs. General Water Works & Electric Corp.. class B.
Earned perch, on corn__
$1.80
$2.56
87,748 1-3 ohs. Intercontinents I'ower Co., class B.
x Includes profit of 31.057,055 on sale of Savoy-Plaza Corp. securities.
33.333 1-3 sh.s. Intercontinents Power Co., option warrants.
15,000 abs. Southern Cities Utilities Co.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
28,200 fibs. Union Power Corp., class B.
(Including Childs' Dining Hall Co., Childs Co. of Providence and Boos
*50 abs. American Utilities Service Co.
Bros. Cafeteria Co.)
11,832 abs. Sociedad Hispano Portuguesa de Transportes Electricos, ordinary shares (207o pal
1929.
1929.
1928.
1928.
168 abs. Sociedad Moan° Portuguesa de Transportes Elsctricos. speAssetsLiabilities$
$
$
$
Estab.& plants...s9.800,905 13,447,971 Preferred stock.-- 5,000.000 5,000,000
cial shares (20% paid).
450 abs. Pinellas Water Co.
Real estate
614,415,093 10,875,867 Common stock ---c9,617.277 9,611.797
Real estate cos.:
Fractional scrip_ -5,849
11.329 (3) Industrial and Other Corporaions:
2,500 shs. American Equities Reporting Co.
Capital stock.- 589,397
300
400
589,397 Sub.co.minor. stk.
20,000 shs. Grand Rapids Store Equipment Corp.
Mtges., notes de
Real est. mtge. &
accounts
1,308.927 1,008,413
3.000 shs. International Mortgage & Investment Corp.
gr'd rent leases- 4,409,763 4,401,250
Leaseholds. good15-yr. 5% g. debs. 5,093,000 5.325.000
• This stock is to be exchanged for 18.800 shares of Union PowerCorp.
will. &c
4.638,263 4,636,626 4
-year 5% coll. tr.
I ass B.
-V. 130, P. 624.
Cash
1,944.087 1,250,271
notes. due 1931- 913,000 1,026,000
Call loans
Continental Shares, Inc.
100.000 1,500,000 Sub, real est. cos
'
Govt. dz State bits. 442,452
201,831
434,569
62,083
accounts
Other securities23,199
5,000
21.535 Notes payable
Mtges. receivable32,000
33,000 Acc'ts payable and
Notes & sects rec. 336,908
accr'd liabilities 1,457,578
235.745
Ater. mtge.intrec.
348
360 Reserve for taxes_ 254,624
Mdse. inventories- 452,745
558,713 Deferred credits_ 278,027
Deferred charges_ 1,986,249 1,588,390 Res,for conting___ 1,000,000
Special reserve- -_d2,364,5134
Tot.(each side).35,874.574 36,180,861 Surplus
5,273,758
10,000
(Annual Report--Year Ended Dec. 31 1929.)
1,409,532
President W. R. Burwell states in part:
299.667
The past
of further expansion for company. It added
248.687 $26,322,900 year was one stock capital and
$45,876,115 to its common
1,000,000 stock and to its preferred
surplus, thus increasing the amount of its capital and surplus
2,223,941 Scorn
$29,770,334 at the close of 1928 to $101,060,340 on Dec. 311929.
5,551,171
While corporation places some of its funds in stocks purely for investb After deducting ment, its chief purpose is to acquire substantial holdings, either alone or in
a After deducting $5,935,773 for depreciation.
$1.726.534 for depreciation on build ngs. e Represents 362,320 shares of co-operation with other important interests, in prominent companies
in
no par value. d Invested in real estate, first mortgage on real estate. such basic
industries as steel, rubber and public utilities. These larger
Government and other bonds and cash on deposit -V.130, p. 1121.
investments are held with a view to promoting the interests of the companies
FEB. 22 1930.]
FINANCIA.0 CHRONICLE
concerned through co-operation in their financial and industrial activities.
The list of its holdings does not present at first glance the full picture of
the company's influence in many situations. It is for example,the possessor
of the stocks of certain companies which have important affiliations on
account of their own security holdings. One of these companies is the
Cliffs Corp. in which Continental Shares has a large interest. The Cliffs
Corp. owns very substantial amounts of the stocks of Republic Iron & Steel
Co., Inland Steel Co., Youngstown Sheet & Tube Co., Central Alloy
Steel Corp. and Wheeling Steel Corp., and except for a few shares it owns
all the outstanding common stock of the Cleveland Cliffs Iron Co. The
latter includes among its properties the largest body of iron ore in the Lake
Superior region next to that of the United States Steel Corp. The Cleveland Cliffs Iron Co. also has important investments in steel stocks including
among others a substantial interest in the Otis Steel Co.
Goodyear Shares, Inc., another company with important relationships in
which Continental Shares owns 277 of a total of 1.000 shares, has 285,105
shares of Goodyear Tire & Rubber Co. Continental Shares, Inc., is also
the largest stockholder in the Lehigh Coal & Navigation Co., which has
Important public utility relationships and a controlling interest in several
key railroads.
As an example of one phase of the company's activities there was announced, at the end of the year, the completion of negotiations for a merger
of indepentient steel interests. Company has been a large holder of steel
stocks since it was incorporated and has taken a leading part in the various
steps which have preceded the successful termination of these negotiations.
The companies proposed to be joined together in the new steel combination are Republic Iron & Steel Co., Central Alloy Steel Corp., Donner
Steel Co., Witherow Steel Co., Interstate Iron & Steel Co.. Union Drawn
Steel Co., the Bourne Fuller Co., and Trumbull Cliffs Co. These producing
units have an aggregate steel ingot capacity of 4,735,000 tons annually,
total assets of approximately $335,000,000 and combined sales of 3250,000.000, and they will comprise the third largest steel company in the United
States.
INCOME ACCOUNT YEAR ENDED DEC. 31 1929.
Income: Dividends, $3.297,802: interest, $294,055; profit on
sales of securities. $2,636,754: total
$6,228,612
Interest, $1,647,940; general, $371,234: total
2,019.174
Provision for Federal taxes
102,500
Net profit
Balance Dec. 31 1928
$4,106,938
1,157,450
Total
$5,264,388
Dividends paid on preferred
1,511,930
Common
2.014,540
Portion of earnings to Dec. 31 1928, applicable to Founders' shs.
153.817
Adjustment of 1927 Federal taxes
Cr5,248
Balance, Dec. 31 1929
$1,578,852
BALANCE SHEET DEC. 31 1929.
Assets
LiabitUlesCash on deposit
$3,757,895 Notes pay. to banks,secured $15,669.500
U. S. Govt. securities
1,599,000 Option pay,to bank.secured
1,926,000
Notes & accounts receivable
3,611,770 Accounts pay. to brokers,
I Invests. at cost: Securities 119,641,116
11,660.236
(secured)
Syndicate participations
251.561
Other items
(payments to date)____
536.231
1,833,000 Common div. pay. Jan. 2
Treas, stock and unpaid
305,118
Accr. taxes,exp.& pref. div.
subscr. to corn. stk., &c__
15.822,900
1,353,019 6% preferred stock
Accrued dive. on socur. held
24.000,000
522,193 6% cony. pref. stock
Com.stock&surplus(no par)_ a62,146,449
Total
" 3132,317,995
$132.317,995
Total
a Common stock 2,144,924 shares (no par value): founders' shares,
10,000 shares (no par value); paid in capital, $5,372,310: paid in surplus,
$55,195,287: profit and loss surplus, applicable to founders'shares $174,832:
balance of surplus, $1,404,020. x Indicated market value of investments
as of Dec. 31 1929, was $129.750,139.
Note (1) In addition to payments on Syndicates, the corporation had a
maximum commitment of $9,451,300 on syndicate participations, when, as
and if called.
(2) At Dec. 31 1929, 331,344 shares of common stock of the corporation
were reserved: 31,344 shares for subscription warrants issued with preferred
stock and 300,000 shares for conversion of convertible preferred stock.
INVESTMENTS DEC. 31 1929.
(a) Public Utility Companies- Shares.
(e) Bank StocksShares.
Brooklyn Union Gas Co15,000
10,700 Bancokilo Corp
Commonwealth Edison Co
66,435 Bank of the Manhattan Co
5.250
Intonate Steamship Co
4,8011 Bank of Nova Scotia
1,533
Internat. Paper & Pow. Co C___ 84,700 Cleveland Trust Co
1,664
Lehigh Coal & Navigation Co
134.351 Continental Illinois Bank dr Trust
Peoples Gas Light & Coke Co_ __ 45,300
Co., Chicago
1,750
Public Service Co. of North. III__ 11,920 Dollar First National Bank,
United Light & Power CoB1,526
21,225
Youngstown,0
(b) Iron and Steel Companies772
Guaranty Trust Co. of New York
Bourner-Fuller Co
25,197 Harris Trust & Savings Bank,
Central Alloy Steel Corp40,700
480
Chicago
Cliffs Corp. common
245,142 Huntington National Bank,
Cliffs Corp. vot. trust etre
2,000
Columbus, Ohio
1,177
Donner Steel Co., Inc
250,000 Union Trust Co., Cleveland
7,288
Inland Steel Co
1,000
(t) Sundry
Wheeling Steel Corp
3,243 Cleveland Provision Co. pref.-- 1,500
Youngstown Sheet & Tube Co
8,000 Cleveland Provision Co. com_--_ 7,125
(c) Rubber CompaniesHarbison-Walker Refractories Co. 40.000
Firestone Tire & Rubber Co__ _107,800 National Refining Co
1,000
Goodrich, B. F.. Co
40,100 Perfection Stove Co
1,000
Goodyear Shares, Inc
277
(g) Syndicate Participations
Goodyear Tire & Rubber Co_.
75,800 Libbcy-Owens Securities Corp
United States Rubber Co
35,000 Iron & Steel Companies
(d) Paint CompaniesUtility Companies
Devoe & Raynolds Co A
30,000
(h) Miscellaneous
Sherwin-Williams Co
70,040 Securities and Syndicate Participations_
-V. 129, P. 3805.
Shenandoah Corporation.
(Annual Report-Period Ended Dec. 31 1929.)
President C. F. Stone reports in substance:
The total cash income for the approximately five-month period of operations amounted to $3.273,783. consisting of $598,583 dividends and interest and $2,675,200 not profits realized on sale of securities. After deducting interest and expenses, the net cash income amounted to $2.923,407.
This does not include income from stock dividends in the amount of $2,314,60, being the aggregate market value thereof following the dividend record
dates; nor does it include net cash income of Blue Ridge Corp. (see that
company) applicable to its common stock owned by your corporation,
which, in the approximately 43 months of operations of that company,
amounted to $1,129,587.
Net assets, based on Dec. 31 1929 market prices, less reserves, as noted
in the balance sheet, were $98,272,123, represented by 850,120 shares
($50 par) preference stock and 5,891,087 shares (no par) common stock.
Assets initially acquired upon organization amounted to $102,500,000,
represented by 1,000,000 shares of preference stock and 5,000,000 shares
of common stock. In other words, the value of assets behind each share
of $50 preference stock increased from $102.50 at organization to $115.60
at Dec. 31 1929. The value of assets applicable to common stock outstanding Dec. 31 1929 was $1.113 less per share than at organization.
Your corporation was organized July 23 1929 in Delaware under the
Ponsorship of the Goldman Sachs Trading Corp. and Central States Elecric Corp.
In connection with the financing of its participation in the organization
f Blue Ridge Corp. in August 1929, the outstanding capital stock was
rimmed from the original issue of 1,000,000 shares of preference stock
($50 par) and 5,000,000 shares of common stock (no par) by the issue of
n additional 750,000 shares of each class. Subsequently, 899,780 shares
of
preference stock were accluired by the corporation at favorable prices and
aired, reducing the preference stock now outstanding to 850,120 shares.
ommon stock was further increased to 5,891,087 shares now outstanding
y the issue of 150 shares upon conversion of peference stock and
140,937
hares as dividends on preference stock and common stock.
On Dec. 31 1929 the stock records showed 11,429 holders of preference
ock and 12,457 holders of common stock.
1267
As of Nov 30 19297a reserve of $37,166,730 was created by appropriation
from capital surplus and applied to reduce to then market prices the book
value of investments, other than capital investments in controlled and affiliated companies and syndicate participations not then terminated. On
the other hand, the acquisition and retirement by your corporation of the
preference stock mentioned above and the acquisition of certain other securities upon terms representing, in effect, a substantial contribution to capital,
resulted in an important addition to net assets. The aggregate- market
value of such other securities acquired plus the total par value of preference
stock retired, exceeded the combined cost thereof by $31.005,059. This
capital gain has offset to that extent the appropriation from capital surplus
mentioned above.
No application of capital surplus was made to write down holdings in
controlled and affiliated companies below cost, inasmuch as your directors
believe that the market prices of these holdings did not adequately measure
their real value to your corporation. The largest of these holdings, Blue
Ridge Corp. common stock, measured merely by market prices of .to underlying assets, had a value at Dec. 31 1929 of about 8% below cost to corporation, whereas such value is now above cost as a result of the advance
In market prices since the close of last year.
In any case where the corporation has a substantial interest in common
stock of an affiliated company which in turn has a substantial interest in
the common stock of this cotporation, your directors consider it prudent
and conservative to value the common stock of such affiliated company
below market by the amount of a reserve estimated to adjust the effect
of such cross-holding of stock. This reserve will be revised periodically
in accordance with a definite fromula adopted to accomplish such adjustment.
In the valuation of net assets of the corporation, wherever mentioned in
this report, reserves for cross-holdings accordingly have been deducted
from market values; also, holdings of stock in Blue Ridge Corp. have been
taken on the basis of market prices of its underlying assets, after deduction
of similar cross-holding reserves.
On Dec. 31 1929 the corporation had investments in common stocks of
the following companies:
Bethlehem Steel Corp.
The Goldman Sachs Trading Corp.
Blue Ridge Corp.
Kraft
-Phenix Cheese Corp.
Central States Electric Corp.
The May Department Stores Co.
Commercial Investment Trust Corp. The North American Co.
Consolidated Gas, Electric Light & Pacific Gas & Electric Co.
Power Co. of Baltimore
Pacific Lighting Corp.
Electric Bond & Share Co.
Southern California Edison Co
and in preference stock of Blue Ridge Corp.
Corporation controls through its own holdings and through Blue Ridge
Corp. blocks of common stocks and other securities sufficiently varied in
number to give broad investment diversification, and large enough to
enable your corporation to benefit liberally from the future growth and
development of a number of our leading utility and industrial companies.
STATEMENT OF INCOME FROM JULY 23 1929 TO DEC. 31 1929.
Income
-Cash dividends
$548,874
Interest
49,709
Profit realized on sale of securities (net)
2,675,200
Stock dividends
See a
Total cash income
Interest paid
Expense
$3,273,783
164,006
186,371
Net cash income for the period
52.923.407
Dividends
-On optional 6% convertible preference stock, paid
in common stock
b$737,145
-Cash received from subscribers in respect of accrued
Less
(cash) dividends on preference stock
262,500
Dividends on common stock, 1).6% paid in common stock-b---
$474,645
1,162,680
Balance, Dec. 31 1929
81,286.081
a Reserve for investments has been provided out of capital surplus.
except to the extent of periodic stock dividends received which were applied,
as of Dec. 31 1929, in reduction of book value of Investments. Such
stock dividends previously had been taken into income at $2,314,260.
the aggregate market value thereof immediately after the respective
dividend record dates.
b Amounts equal to capital and capital surplus per share of common
stock thus issued, aggregating $13.48 per share, have been transferred to
capital and capital surplus, respectively.
STATEMENT OF CAPITAL SURPLUS DEC. 31 1929.
Value of consideration received for capital stock issued in exess
of amount capitalized with respect thereto
$49,001,981
Amount transferred from operating surplus upon issuance of common stock as dividends
1,195.142
Total
$50,197,123
Deduct-Reserve applied as of Nov. 30 1929 in reduction of
book value of investments, other than capital investments in
controlled and affiliated companies and syndicate participations, to market prices as of that date
37,166,730
Less
-Net credit arising from acquisition of 899.780 shares of
preference stock of the corporation, retired prior to Dec. 31
1929, and of other securities
31,005,060
Net deduction
$6,161,671
Balance, Dec. 311929, per balance sheet
$44,035,453
BALANCE SHEET DEC. 31 1929.
Assets
LtatiiittesCapital investments in conLoans payable
86,000,000
trolled & atilt. cos. at cost_387,500,000 /keels pay, for secure. pureh_
55.139
Other investments at cost,
Res've for accrued expenses63,242
29,414,642 Preference stock
less reserve
42,506,000
Syndicate participa., at cost_ 4,971,675 Common stock
x29,459,683
Acc'ts rec, for secure. sold___
107,203 Capital surplus
44.035,453
141,944 Operating surplus
Divs. ree. & interest accrued_
1.286.081
Cash
1,270,135
Total
$123,405.599
Total
$123,405,599
Note.
-At closing market prices on Dec. 31 1929, less reserve estimated
to adjust cross-holdings of stock, the aggregate value of the capital investments, taking the common stock of Blue Ridge Corp. on the basis of the
market value of its underlying assets, less similar reserve was 367,691,143:
and the value of other investments and syndicate participations was $35.180,080, a total of $102,871,223.
x Authorized 15,000,C00 shs. (no par value): issued, 5,891,086; reserved
for (a) conversion of preference stock, 1,275,180 arts.. and (b) dividends on
preference stock, 945.315 shs.-V. 130, p. 303.
Blue Ridge Corporation.
(Annual Report-Period Ended Dec. 31 1929.)
President C. F. Stone states in substance:
The total cash income of the corporation for the approximately 43imonth period of operations amounted to $2,650,364, consisting of $2,150,994
dividends and interest and $499,370 net profits realized on sale of securities.
After deducting expenses, the net cash income was 82,420.245
This does
not include income from stock dividends in the amount of $1.872.897, being
the aggregate market value thereof following the dividend record dates.
The cash income of the corporation from assets now owned, based on
current interest and dividend rates and interest of 4% on cash balances
and after allowing for estimated expenses and taxes, Is 1.6 times the cash
dividend requirement of the outstanding preference stock. Such cash
income does not include any income from stock dividends or profits on
sale of securities.
Net assets, based on Dec. 31 1929 market prices, less reserves, were
$128,523.798, represented by 1,154,101 shares of $50 par value preference
stock and 7,483.694 shares of no par value common stock. The value
of assets behind each share of $50 preference stock at Dec. 31 1929 thus
amounted to $111.36 per share, as compared to $117.09 per share based
on total capital paid In for stock. The value of assets applicable to common
stock outstanding Dec. 31 1929 was $1.56 less per share than the average
amount paid in therefor.
1268
Corporation was organized Aug. 1211929 in Delaware at the instance
of Shenandoah Corp. (see that company), which initially acquired for cash
6,250,000 shares, or more than 80% of the total common stock. Shenandoah Corp. has not only retained its original holding intact, but has
added to it.
Upon organization 1,000,000 shares of preference stock ($50 par) and
7,250,000 shares of common stock (no par) were issued. Subsequently
additional preference stock and common stock, 228,301 shares of each
class, were issued in exchange for miscellaneous securities as contemplated
by the plan of organization, and 5,393 additional shares of common stock
were issued as dividends on preference stock. Later the corporation acquired at favorable prices and retired 74,200 shares of preference stock,
leaving 1,154,101 shares of preference stock and 7,483,694 shares of common stock now outstanding.
On Dec. 31 1929 the stock records showed 14,131 holders of preference
stock and 18,554 holders of common stock.
As of Nov.30 1929,a reserve of $35,762,863 was created by appropriation
from capital surplus and applied to reduce to then market prices the book
value of investments other than syndicate participations not then terminated. On the other hand, the acquisition and retirement of the preference
stock mentioned above and the acquisition of a large block of common
stock of Central States Electric Corp. upon terms representing, in effect,
a substantial contribution to capital, resulted in an important addition to
net assets. The aggregate market value (less reserve for cross-holdings)
of such stock of Central States Electric Corp. plus the total par value of
preference stock retired, exceeded the combined cost thereof by $25,422,541.
This capital gain has offset to that extent the appropriation from capital
surplus mentioned above.
In any case where the corporation has a substantial interest in common
stock of an affiliated company, which in turn has a substantial interest in
the common stock of this corporation, your directors consider it prudent
and conservative to value the common stock of such affiliated company
below market by the amount of a reserve estimated to adjust the effect
of such cross-holding of stock. This reserve will be revised periodically
in accordance with a definite formula adopted to accomplish such adjustment. In the valuation of net assets of the corporation, wherever mentioned in this report, reserves for cross-holdings accordingly have been
IA ass
deducted from market values.
On Dec. 31 1929 after the retirement of preference stock mentioned
above, corporation had net assets, based on closing market prices on that
date. of $128,523,798, which Included $10,316,590 in cash and call loans,
$11,583,000 in bonds, $18,501,600 in pref. stocks and $87,359,535 in common stocks. Corporation has neither bank loans nor funded debt.
STATEMENT OF INCOME FROM AUG. 12 1929 TO DEC. 31 1929,
$1,446,858
Income-Cash dividends
704,136
Interest
499,370
Profit realized on sale of securities (net)
See a
Stock dividends
Total cash Income
Expenses
$2,650,365
230,119
Net cosh income for the period
Dividends on optional 6% convertible preference stock
Paid In cash
Paid in common stock
$2,420,246
$791.793
b50,479
Total
Less
-Cash received from suoscribers in respect of accrued
(cash) dividends on preference Ftock
$842,272
40,417
Balance Dec. 311929. per balance sheet
$1,618,391
a Reserve for investments has been provided out of capital surplus,
except to the extent of periodic stock dividends received, which were
applied, as of Dec. 31 1929, in reduction of book value of investments.
Such stock dividends previously had been taken into income at $1.872.897,
the aggregate market value thereof immediately after the respective dividend record dates. b Amounts equal to capital and capital surplus per
share of common stock thus issued, aggregating $9.36 per share, have been
transferred to capital and capital surplus, respectively.
STATEMENT OF CAPITAL SURPLUS DEC. 31 1929.
Value of consideration received for capital stock issued In excess
844,955,019
of amount capitalized with respect thereto
Amount transferred from operating surplus upon Issuance of
23,514
common stock as dividend
$44,978,533
Balance
-Reserve applied as of Nov. 30 1929 in reduction of
Deduct
book value of investments, other than syndicate participa35,762,863
tions, to market prices as of that date
Less
-Net credit arising from acquisition of 74,200 shares of
preference stock of the corporation retired prior to Dec. 31
z5,422,541
1929 and of other securities
Net deduction
$10,340,322
Balance Dec. 31 1929, per balance sheet
834.638.211
BALANCE SHEET DEC. 31 1929.
Liabilities
Assets
Investments at cost,less res _$116,748,338 Accts. payable for sec. purch.
$309,380
Syndicate particip., at cost_
3,552,120 Reserve for accrued expenses
58,040
Dividends receivable and InPreference stock
57,705,050
1,130,493 Common stock
x37,418,470
terest accrued
Call loans
5,100,000 Capital surplus
34,638.211
1,618,391
Cash
5,216,590 Operating surplus
Total
5131,747,541
Total
5131,747,541
x Authorized, 30.000,000 shares no par); issued, 7,483,694; reserved
for (a) conversion of preference stock. 1,731,151 shares, (b) dividends on
preference stock. 1,148,708 shares and (c) exercise of warrants (to purchase
at any time shares of common stock at $20 per share) issuable as of Jan. 1
1930 to Shenandoah Corp., 228.301 shares.
-The aggregate value of investments and Syndicate participations
Note.
on the basis of closing market prices on Dec. 31 1929, less reserve estimated
to adjust cross-holdings of stock, was $117.444,135.
Companies in Which Common Stock Investments Were Held Dec. 311929.
The Mathieson Alkali Works (Inc.)
American Teleph. & Telegraph Co.
The May Department Stores Co.
Bethlehem Steel Corp.
McCall Corp.
Central States Electric Corp.
McKesson & Robbins, Inc. (Maryland)
Commercial Investment Trust Corp.
National Dairy Products Corp.
Consolidated Gas Co. of New York
The North American Co.
The Curtis Publishing Co.
Pacific Gas & Electric Co.
The Detroit Edison Co.
Pacific Lighting Corp.
Electric Bond & Share Co.
Southern California Edison Co.
General Amer. Tank Car Corp.
Stone dc Webster, Inc.
General Cigar Co., Inc.
The Texas Corp.
General Foods Corp.
Truax-Traer Coal Co.
Gillette Safety Razor Co.
United Biscuit Co. of America
International Shoe Co.
Warner Bros. Pictures, Inc.
Internat. Teleph. & Teleg. Corp.
The Lambert Co.
-V. 130, p. 470
-Investments of less than $100,000 not included.
Note.
Union Oil Company of Califonria.
(Annual Report-Year Ended Dec. 31, 1929)
W. L. Stewart, President, and G. H. Forster. Comptroller, in their remarks to stockholders state in substance:
Results.
-The profits from operations for 1929 show an increase over
1928 due largely to the increased production of light gravity refining crude
from the Santa Fe Springs Field and increased gasoline business.
The charges to income for labor and incidental costs of new drilling were
about $2,450.000 more than for the year 1928, occasioned by Increased
drilling in the Santa Fe Springs area, necessitated by thease requirements
and the protection of the company's properties from drainage by adjoining
wells.
During the year a final settlement of Federal income taxes to Dec. 31
1924, was reached with the U. S. Government. The reserve provided out
of former years' profits, together with $300,000 charged against current
income, is now in excess of probable requirements for Federal income taxes
for the years 1925 to 1929 inclusive.
rirore. 130.
FINANCIAL CHRONICLE
The disbursements for State, county and city taxes amounted to $1,668,340 and in addition $6,124,286 was paid to the States and Provinces
n which the company operates, for gasoline sales taxes. The company's
contribution to the Employees' Provident Fund amounted to_$419,734
for 1929, as compared with $473,603 for the previous year.
k.
Production, subject to royalties, of crude oil and natural gasoline in 1929
was 22,602,487 barrels as compared with 13.735,843 barrels in 1928, an
Increase of 8,866,644 barrels. This increase was due to the production
from the company's holdings at Santa Fe Springs, which showed an increase of about 10,344,000 barrels during the year. The average production of crude oil and natural gasoline (from 595 wells), on Jan. 1 1930, was
approximately 58,600 barrels daily. In addition 191 wells were shut in
and as a result of the program of conservation adopted by the operators
in the Santa Fe Springs and Signal Hill Fields, the production from 82
wells is being curtailed. The crude oil purchases of the company at the
present time average 67,000 barrels daily.
The production of crude oil in the State of California in 1929 totaled
292,036,911 barrels, an Increase of 60.054,314 barrels over 1928, and surpassed the former record established during 1923 of 263,728,895 barrels.
Production of natural gasoline during the year just closed aggregated
20,083,889 barrels as compared with 13,985.742 barrels during 1928, an
Increase of 6,098,147 barrels, the total production of crude oil and natural
barrels
saoj ne in 1929 being 312,120,800 baels as against 245,968,339 barrels
l j 8i2 .
as1
The company's production and purchases of crude oil for the year totaled
46,571,971 barrels, and including production and purchases of natural
gasoline and purchases of refined and semi-refined products, aggregated
50.733,016 barrels, or 16% of the total production of the State as compared
with 39,195,465 barrels and 16% in 1928.
Sales for the year amounted to 888,864,518, an increase of $3,496,748
over the year 1928. The quantity of all products marketed in 1929 totaled
37,060,000 barrels, an increase of 3,157,000 barrels over 1928.
-Company now owns in fee, or mineral rights fee, 600,396
Properties.
acres and holds under lease contract 111.865 acres.
In addition company owns a one-half interest in concessions in Venezuela,
held jointly with the Pantepec Oil Co. of Venezuela, approximately 880,000
acres. The company also owns a small interest in the Matador Development Co., which controls 404,000 acres in the State of Texas.
Expenditures for new drilling and field development amounted to $10.999,318, while the charge against income for drilling expenditures, wells
abandoned, and depreciation, was $8,410.241. The balance of oil wells
and development, after deducting the reserves for depreciation and drilling
expenditures was $15,810,624, representing 868 wells producing or shut
in, 147 wells drilling or inactive and subsidiary field facilities.
The additions to pipe lines and storage system during the year amounted
to $932,820 and consisted principally of additions to the pipe line gathering
system, the reconditioning of storage reservoirs at San Luis Obispo and
Stewart totaling 1.526,000 barrels, and the erection of steel tankage aggregating 380,000 barrels.
At 'Dec. 31 1929, the company owned 495 miles of trunk pipe lines and
403 miles of gathering lines. The combined daily maximum capacity of
the pipe lines is about 245,000 barrels. The total working capacity of all
crude and refined oil storage approximates 39,013,000 barrels.
The additions to steamships and marine equipment amounted to $70,180.
Company now owns 12 steamships and 21 barges, motor boats, &c., having
a total carrying capacity of approximately 857,000 barrels.
Expenditures for additions to refineries, natural gasoline absorption
plants and gas facilities amounted to $3,529,196, consisting mainly of the
construction of a fuel oil topping and viscosity reduction plant,steel tankage
(1,022,000 barrels) and shop buildings at Los Angeles refinery; improvements at oleum refinery; construction of a 1,600 h.p. gas compressor at
Santa Fe Springs; extension of the gas gathering and fuel lines and increasing the Bell absorption plant (Santa Fe Springs) to a capacity of
50,000,000 cubic feet per day. The capacity of the natural gasoline plants
is at present 135000,000 cubic feet per day. The normal daily crude
output and cracking capacity of the refineries is about 135,000 barrels
per day.
Marketing station expenditures totaled $3.531.894 which includes the
cost of 62 new distributing stations and 129 service stations opened during
the year and the purchase of 53 tank cars, 132 automobiles, 129 trucks,
2 airplanes and 1 barge (3,000-barrel capacity). There are now 455
domestic and foreign bulk sales stations and commission agencies and 574
retail service stations in operation and the equipment owned by the company includes 725 tank cars, 1,240 auto trucks, 245 automobiles and 4
airplanes.
The Atlantic Union Oil Co., Ltd., which is the distributing company in
Australia and New Zealand (owned jointly with the Atlantic Refining Co.),
showed a normal expansion during the year. Products are being distributed
through marine terminals at Melbourne and Sydney, Australia and Auckland and Wellington, New Zealand, and marketed through 30 bulk depots
and approximately 800 retail sales depots and commission agencies, the
sales by the latter due to their location at inland points, consisting chiefly
of package goods.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1926.
1927.
888.864.519 885,367,771 880,273,327 $79.943,751
Gross sales
34,378,472 25.917.424 25,638,087 29,457.979
Total profits
Deduct
1,111,894
1,162,590
General expenses1,179,248
3,008,567
Taxes (incr. Federal)--} 3.695,239 a1,900,037
2.598,260
1
473,603
507,877
501.388
Empl. provident funds _
Depreen,depletion,&c. 15,129.627 10,713,948 10,824,907 12,244,495
) 533,969i 1,205,852
1.178,920
1,256,802
Interest on bonds
1 Cr657,199 Cr682,961 Cr496,787
Miami]. interest
Net income
Cash dividends
Balance, surplus
Previous surplus
$15,019,635 811,101,935 $10,048.494 $11.831.619
7,986,338
7,587,320
9,475,836
7,568,000
87,033.297 83,514,615
23,225,275 19,738,275
$572,658 $4,263,619
19,249,805 15,789.975
$30,258,572 $23,252,889 $19,822,463 $20,053,594
Total surplus
17,471
14,159
27.615
84.187
Discount on bonds, &c-1
5.175
Prem. on empl. stock.-- i
Loss from oil fires
784,455
1,044,278
Stock dividends (1%)
Prem.on sale of cap.stk Cr3,799,930
Approp'n (oper.prop.)yCr40,878.559Cr40,878,559Cr40,878,559Cr47,217 903
$73,875,311 $64,103,834 860,616,834 866,467,708
Total surplus
Shares of capital stock
3,795,057
3,791,924
3,788,616
outstanding (par $25). 4,215,953
$3.56
$2.93
$2.65
$3.12
Earns.per sh.on cap.stka In addition to the amount of taxes shown, there was paid for State
of $5,732,116. y Surplus arising from
gasoline taxes during 1928 the sum
appreciation in value of proven oil properties.
CONSOLIDATED BALANCE SHEET DEC 31 (Incl. Owned Companies).
1928.
1929
1928.
1929.
Liabilities$
$
$
Assets$
Capital stock__ -105.398,825 94,876,425
Oil lands,rights,
Employees'stock
gas & water
subscriptions_
148,000
121,600
lines, &c____a300,210,227 283,872,768
Mortgage debt _ 21,544,500 23,870.697
Inv. in attil. &
881,702 Accts. payable - 7,690,399 7,598,004
714.277
controlled cos
Accrued interest
344,541
376,209
U.S.Govt.bonds
& Treas. Ws_ 5,933,263 7,135,000 Reserves
Deple. oil tory 76,885,630 75.587,740
Oil, &c., inven'y 41,209,769 26,666,701
Depr. pl. & eq 52,548,792 47.837,248
Mans& supp_ - 3,469,143 3,399,705
Drilling eXP-- 29,774,833 23,704,827
Bills & accts. ree 10,346,004 13,341,002
40,520
Ins. & contin 293,324
604,368
Empl.stk. subs507,739
Res,for taxes 1,912,112 3,491,419
Taxes & insur__
1145,973
Cash
7,839.906 6.209,360 Surplus earned_ 29,196,822 23,225,275
186,982 Prem. on sale of
147,707
Miscellaneous
cap. stork ___ 3,799,930
Surplus through
appree. of on '
Property ____ 40,878,559 40,878,559
370,416,269 342,242.380
Total
370,416,269 342,242,380
Total
a Includes oil lands, rights and leases, $151.882,561; oil wells and development, 559,060,877; pipe lines and storage system. $18,892,818; steamships, marine equipment, $12,605,344; refineries and absorption plants,
$27,237.505; marketing stations, 530,531,121.-V. 130, D. 1131.
FEB. 22 1930.]
FINANCIAL CHRONICLE
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Senate Confirms H. M. Tate as Commissioner.—Nomlnation is approved
48 to 18. N.Y."Times," Feb. 21, page 4.
New York Litherage Case.—I.-S. C. Commission assigns hearing to
April 22 for complaints and interveners. "Wall Street Journal." Feb. 14,
page 8.
New Terminal Held Need of Long Island RR.—Commisstoner Godley of
Transit Commission says only way to end commuter jam is to build L. I.
.
City station. N. Y. 'Times, Feb. 18, page 25.
'
Rail Bus Hearing Setfor March 27,—I.-a.C. Commission orders examiners
to take ;testimony in New York City in Pennsylvania proposal. N. Y.
"Times. Feb. 20. page 43.
Freight Rates Cut on Tidewater Coal.—New England railroads are told
by the 1.43. 0. Commission to adopt lower schedule by April 7. N. Y
"Times," Feb. 21, Page 39.
Surplus Freight Cars.—Class I railroads on Feb. 8 had 373,825 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 18,727 cars compared with Jan. 31, at which time there
were 392,552 cars. Surplus coal cars on Feb.8 totaled 116,758, a decrease
of 6.711 cars within approximately a week, while surplus box cars totaled
203.820, a decrease of 13,204 for the same period. Reports also showed
26,121 surplus stock cars, an increase of 1,781 over the number reported
on Jan. 31 while surplus refrigerator cars totaled 13,233. a decrease of
'
594 for the same period.
Freight Cars in Need of Repairs.—Class I railroads on Feb. I had 124.260
freight cars in need of repair or 5.6% of the number on line, according to
the car service division of the American Railway Association. This was
an increase of 5,344 cars over the number in need of repair on Jan. 15,
at which time there were 118.916, or 5.4%. Freight cars in need of heavy
repair on Feb. 1 totaled 83.899. or 3.8%, a decrease of 2,048 cars compared with the number on Jan. 15. while freight cars in need of light repair
totaled 40361. or 1.8%. an increase of 7,392 compared with Jan. 15.
Locomotives in Need of Repair.--Class I railroads of this country on
Feb. 1 had 7.937 locomotives in need of repair or 14.1% of the number
on line, according to reports just filed by the carriers with the car service
division of the American Railway Association. This was a decrease of
724 compared with the number in need of repair on Jan. 15, at which
time there were 8,661, or 15.3%. Locomotives in need of classified repairs on Feb. 1 totaled 4,282. or 7.6 7. a decrease of 356 compared with
January 15, while 3,655. or 6.5%. were in need of running repairs, a decrease
of 368 under the number In need of such repair on Jan.
Class 1 railroads on Feb. 1 had 5.958 serviceable locomotives in storage compared
15.
with 6,193 on Jan. 15.
Baltimore & Ohio RR.—Control by Company of Buffalo
Rochester & Pittsburgh Ry. Approved.—The acquisition by the
company of control of the Buffalo Rochester & Pittsburgh
Ry. by purchase of its capital stock was conditionally approved and authorized by the I. C. Commission Feb. 11.
-S.
The report of the Commission says in part:
On June 8. 1929, the B. & 0,filed an application under paragraph (2)
of section 5 of the interstate commerce act for authority to acquire control
of the Buffalo, Rochester & Pittsburgh Ry. by purchase of a majority of
its capital stock. By contract, dated March 1 1929, the applicant agreed
to purchase, subject to our approval, from the Allegheny Corp. 43,024
shares of the 6% non-cumulative preferred stock, and 96.927 shares of the
common stock of the B. R. ar P. these amounts constituting 84.82% of
the outstanding stock of that company. The additional shares not covered by the agreement amount to 16,976 shares of preferred and 8.073
shares of common stock. The purchase price of the contract shares is
$14,263,216, plus interest at 6% from date of agreement to date of settlement, less dividends paid. with interest from date of payment. Should
the purchase be consummated, applicant proposes to offer to purchase the
remaining shares at the same net price rier share and states its willingness
to have approval of the purchase conditioned upon such an offer.
The Delaware & Hudson Co., the Pennsylvania RR., the Wabash Railway, the Pittsburgh & West Virginia Railway, the Mt. Jewett, Kinzua &
Riterville RR., the Rochester & Pittsburgh Coal Co., the City of Rochester, N. Y., commercial organizations of that city and of Buffalo, N. Y.,
and various glass companies, were permitted to intervene. Hearing has
been held, a proposed report served, briefs filed, and argument heard.
Under date of Dec. 13 1927. we issued a report and order in Finance
Docket No. 5656, denying an application of the Delaware & Hudson Co.
for authority to lease the railroad of the B. R. & P. The applicant herein
Intervened In that proceeding in opposition to the proposed lease, and the
Delaware & Hudson has now similarly intervened in opposition to the proposed control of the B. R. & P. by the applicant. By stipulation, those
portions of the record in No. 5656 which are material and relevant to the
present issue are available for use in this proceeding. The evidence bearing
upon the properties, operations, and relationships of the applicant and the
B. R. & P. in this case is largely the same as in the former, and the statements in the former report, 131 I.C.O. 750, concerning those matters may
be followed with only minor additions and variations.
In reference to the applicant, it is only necessary to mention that its
system reaches the Atlantic ports of Baltimore, Philadelphia, and New York
on the east, and the ports of Fairport, Cleveland, Lorain, Sandusky, and
Toledo on Lake Erie, and of Chicago on Lake Michigan. It does not reach
Buffalo. The B. It. & P. operates about 600 miles of road, its main line
extending north and south through western Pennsylvania and western
New York. It branches on the north to reach the cities of Buffalo and
Rochester, N. Y., together with the port on Lake Ontario, just north of
Rochester, from which point a car ferry Is operated to Cobourg, Ont.,
where connection is made with the Canadian National Railways. On
the south. the B. R. & P. serves the bituminous coal districts of western
Pennsylvania by means of various short branches, and by the use of trackage over the applicant's lines it reaches the cities of Pittsburgh, Butler,
and New Castle, Pa. The principal traffic of the B. R. & P. consists of
bituminous coal, most of which originates on its lines. The word "coal,"
unless otherwise stated, will hereinafter be understood to mean bituminous
coal. For the year 1928,said to be fairly typical of recent years, the
& P. transported about 6,20CI,_000 tons of coal, of which about 5,500.000
tons originated on its lines. The number of tons of revenue freight a all
kinds carried by the B. R.& P.in that year was about 11,300.000.
The property of the B. R. & P. is in generally good condition. For the
three years ended Dec.31 1928,its average net income after interest charges
was $729,347. It has outstanding capital stock of the par value of $16,500,000 and funded debt amounting to $36,903,600, on which the average
Interest rate 1s4 64%. Its balance sheet as of Dec. 31 1928.shows a profit
and loss credit balance of $3,139,996 and a total corporate surplus of
$7,864,267. There are no important maturities of funded debt prior to
Sept. 11937, when $4.427,000 of 5% bonds will fall due. It is stated that
Income for recent years has been adversely affected by unusually large
retirements of equipment and partial suspension of operations in coal
fields, both causes being temporary.
The applicant represents that it has enjoyed close relotionship with the
B. R. & P. for nearly 30 years, under contracts giving the latter the right
to use applicant's line between Butler and New Castle, where the B. R.& P.
has constructed its own terminals, and between Ribold Junction (near
Butler) and Pittsburgh, with joint use of the applicant's stations and facilities in Pittsburgh. These contracts give the B. R. & P. the rights of an
originating carrier in Pittsburgh and New Castle. The principal contract
provides that the right to use the tracks and other facilities thereby given
shall not be assigned or transferred to another railroad company without
the written consent of the applicant. These contracts were renewed in 1918
for a period of 25 years. . .
The principal allegations of the applicant in support of its proposed
control of the B. R.& P. are as follows:
It is represented that such control will afford opportunity for substantial
economics through increased co-ordination of operations. Applicant's comptroller presented an itemized statement showing in detail the reduction in
operating expenses that could be effected by unification of train and yard
operations on the joint facilities covered by the contracts with the B. R.
& P. At present each carrier conducts its own freight train operations
over the joint tracks, but applicant proposes to reduce the number of
trains from 14 to 10, resulting in a monthly saving of $26,400, or $316800
per year. Yard operations at Butler and New Castle would be combined
at an annual saving of $52,219, and passenger and freight train operations
between Butler and Pittsburgh and on the lines extending northward to
B. H.
1269
Jewett. Pa., would be consolidated at an annual saving of $78,888. making
a total of $447,907. In order to effect this saving, however, it would be
necessary to reconstruct and strengthen certain bridges at an expense
estimated at $900,000. Other economies are proposed through co-ordination of other facilities and services, discontinuance of separate traffic
agencies, etc., the total, as estimated by the witness, exceeding $600,000
per year.
It is further represented that following the acquisition of control there
would be more extensive and intensive use of existing facilities and equipment, especially in the greater use of the applicant's grain elevators at
Baltimore and the use of applicant's box car equipment in supplying the
needs of the B. R. & P. In this connection applicant desires to develop
further the route from Buffalo to Baltimore by way of the B. R. & P. and
Its own line. At present the only through line between those cities under
control of one carrier is that of the Pennsylvania. Heretofore the applicant
has received most of its eastbound ex lake traffic at Fairport, 0. but the
growing importance of Buffalo as a port has tended to divert traffic from
Fairport to Buffalo. particularly package freight from Lake Michigan and
Lake Superior ports, and the applicant has been frequently solicited to
provide a route through Buffalo to points on its system.
It is also testified that in recent years Buffalo has rapidly increased in
Importance as a grain and milling center and Minneapolis has corresponding declined in importance. In the year 1928, 6,137,173 bushels of grain.
were shipped from Buffalo to Baltimore. Applicant seeks to develop
movement of this traffic over its proposed route through Buffalo and for
that purpose its supply of box-car equipment would supply the deficiencies
of the B. R. & P. in that respect, and the southbound movement of grain
would tend to balance the traffic on the B. R. & P., which is now predominantly northbound. By greater use of the port of Buffalo the applicant will regain traffic which it has lost through the disadvantages of the
service through Fairport. Should its application be approved, the applicant proposes to establish one-line rates via its own 'the and that of the
B. It. & P. wherever present tariffs provide increased rates for a two-line
haul.
It is also represented that with control of the B.R.&P.new routes will be
established between certain territories where present routes involve departures from the fourth section of the act. The applicant pledges itself to
maintain all existing routes and channels of trade. Under the contracts
previously described, the B. R. & P. is excluded from certain territories as
to traffic subject to the contracts, but with the acquisition of control this
restriction would be removed. Provision of more adequate terminal facilities at Pittsburgh is necessary and for that purpose the applicant desires
to secure the control of certain land now owned by the B. R. & P.
Another important consideration urged by the applicant is that through
acquisition of control of the B. R. & I'. its plan for the establishment of a
new short line between Chicago and New York will be promoted. As stated
in the report in No. 5656, this plan contemplates the inclusion in the new
route of about 80 miles of the line of the B. It. & P., between Butler and
Du Bois, Pa. The proposed route would consist of the present line of the
applicant from Chicago through New Castle to Butler, thence over the
B. R.& P. to Du Bois, thence over other existing lines or by new construetion. or a combination of the two methods, to Williamsport, and thence by
the Reading and the Central of New Jersey to New York.
As the applicant has large financial interests lathe two carriers last named.
the entire route from Chicago to New York, except for the 120 miles from
Du Bois to Williamsport, would be over applicant's lines or over roads in
which it is substantially interested. This proposed route, it is pointed ont.
would pass north of Pittsburgh and would thus reduce the congestion in
that area. It would be from 75 to 80 miles shorter than applicant's present
route, and would in fact be shorter than any other route between Chicago
and New York except that of the Pennsylvania, being only 4 miles longer
than that. It would also have an advantage over the Pennsylvania route
in that its maximum elevation would be 1,525 feet as against a maximum
of over 2,000 feet on the Pennsylvania.
Applicant represents that establishment of this new route would avoid
the necessity of an expenditure on its lines just west of Pittsburgh of between $30,000,000 and $40,000.000. Should the applicant fail to secure
rights Over the existing lines between Du Bois and Williamsport. it proposes
to construct its own line to the extent necessary to bridge this gap. It
has now pending before us an application for authority to acquire control
of the Buffalo & Susquehanna Railroad Corp., which,if granted, will enable
It to Use the line of that carrier for a distance of about 50 miles. between
Du Bois and Driftwood, Pa.
So far as competition for the haul of particular shipments is concerned,
the relations of the applicant and the B.R.& P.are complementary rather
than competitive. There Is some competition of this character in the service to and from points near Pittsburgh. The commodity, or so-called
"market" competition, is more important. . ..
The city of Rochester. N. Y. and its Chamber of Commerce, the Chamber of Commerce of Buffalo. N". Y.. and the Rochester & Pittsburgh Coal
Co.intervened in support of the application. . . .
The Delaware & Hudson opposed the application on the ground, first,
that we denied its application in No. 5656 for the controlling reason that
disposition of the B. R. & P. should await other decisions respecting the
application of section 5 of the act to railroads in the East,and that a similar
rule should be applied in the present casef'second, that the location of the
B. R. & P. with reference to the physical, industrial, and commercial
geography of the Eastern States is such that its disposition should await
more comprehensive action in the application of section 5 to the railroads
in that region than is 'possible in this proceeding; third, that no public
interest has been established in the proposed acquisition of control by the
applicant; fourth, that the union of the Delaware & Hudson and B. R.&
P. would be in the public interest; and fifth, that no adequate reason has
been shown for a determination in this case in advance of the broader decisions under section 5 in respect of railroads in the East. The president of
the Delaware & Hudson stated for the record that he had been authorized
to make a cash offer to take over the B. It. & P. stock, now under contract
to the applicant, subject to our approval, at the price proposed to be paid
by the applicant, which he considered reasonable. Since the hearing the
Delaware & Hudson has filed with us an application for authority to acquire
control of many railroads in the northeastern portion offhe United States.
including New England. Among these roads are the B. It. Sc P.. the Reading, and the Central of New Jersey.
The Pennsylvania RR. also intervened in opposition to the application.
It offered no testimony but filed a brief in which it referred to the various
proposals that have been made regarding the future of the B. It. & P. and
urged that in determining the status of that carrier in any particular system
we should act only in a proceeding in which the interest of the public at
large and of all carriers, including the Pennsylvania, in eastern territory
can be given proper consideration. As an intervener it is Interested because
its system is in competition with the system of the applicant and its lines
In the future will comprise one of the large ssygems in eastern trunk line
territory upon which the public must rely for transportation service. These
views were affirmed on oral argument.
The Wabash Railway and the Pittsburgh & West Virginia Railway
similarly opposed the application in their briefs, the former joining generally
In the view of the Delaware & Hudson, and the latter questioning the sufficiency of the showing made by the applicant that its proposed acquisition
of control would be in the public interest from an operating standpoint.
Subsequent to the submission of briefs, however, our complete plan of consolidation, 159 I.O.C. 522. Docket No. 12964 was issued, and at oral
argument both the Wabash Railway and the Pittsburgh & West Virginia
Railway withdrew all opposition to the pending application.
It cannot be conceded that a decision upon this application should be
controlled by our action upon the application of the. Delaware & Hudson
looking to a lease of the 13. R. & P. The reasons for that action were stated
In the report, 131 1.0.0.750, but it may be mentioned here that the properties of the Delaware & Hudson and of the B. R. & P. had, and have, no
direct connection, and their traffic and geographical relationships are not
so close as those between the applicant and the B. R. & P. Further, the
proposal in that case was to lease and not merely to acquire a controlling
interest through stock ownership. The former method involves complete
consolidation of operations and discontinuance of operating reports by the
lessor company. In the present case it is understood that no such unification is at present contemplated. It appears that under the present contract the applicant and the B. R. & P. maintain joint agencies on the lines
jointly operated, although maintaining separate train service. As understood, it is planned to extend this combination to the train operations
over the tracks affected. Complete cessation of train operations on these
tracks by either company could not be effected without authority from us
under section I of the act. Therefore, it is necessary to assume that
sion of revenue and expense would be necessary, analogous to the a
present
separation of maintenance expense on a wheelage basis. Much
tion in the interest of more economical administration and o co-ordinapossible without the loss of the operating identity of the B. R.& P. tinn is
1270
FINANCIAL CHRONICLE
In appraising the merit of this application but little weight
can
be given to the element of public interest involved in
the proposed development of increased traffic between Buffalo
and Baltimore via the B. R. & P. It is borne in mind that the
route has long been in existence, apparently without the development
of much traffic. It passes through Pittsburgh and is some 200 miles longer
than that of toe Pennsylvania. The operating characteristics of the latter
are not shown of record, but it appears that tnere are a considerable number
of heavy grades on the B. R. & P., principally against southbound traffic.
For a distance of about 40 miles southeast of Buffalo the ruling grade is
89 feet per mile, equivalent to 1.69 per cent, and other grades are nearly
as severe. The utility of toe B. R. & P. as a route to points to toe south
and southwest, reached more directly by way of the applicant's system, is
more apparent
To secure the advantages in economy and efficiency here indicated as
possible through the greater co-ordination of operations of joint facilities,
and other benefits which will be promoted by more complete identity
of interest, the application will be granted, but with the conditions that
routes and channels of trade via existing gateways now employed for the
movement of traffic of the B. R. & P. shall be kept open and efficiently
maintained, so far as within applicant's power, unless otherwise authorized
by us, and that, until our further order, the operations, accounts and statistics of the B. It. & P. shall be maintained in such manner as to preserve
the continuity of records for purposes of comparison. The continued offer
for 6 months to acquire the remaining outstanding shares of the B. R.& P.
at the same price as agreed to be paid for the shares purchased from the
Allegheny Corp. should be regarded as a further condition of our approval.
Since the submission of briefs but prior to oral argument in this proceeding, we issued our complete plan of consolidation, in which, among others,
the lines of the B. R. & P., the Buffalo & Susquehanna, the Reading, and
the Central of New Jersey are assigned to the Baltimore & Ohio system.
At the oral argument question arose as to the relationship between this
and other proceedings under section 5 (2) and proceedings under the provisions of paragraphs (4). (5) and (6) of the same section dealing with a
complete plan of consolidation. The Delaware & Hudson was permitted
to file a memorandum of its views, to which the applicant replied.
It is the position of the Delaware & Hudson that the vital factor of public
interest under section 5 is the preservation of competition between carriers
that any action taken in this proceeding must be based upon evidence in
the record pertaining thereto, and in the absence of stipulation we cannot
take cognizance of matters arising after the record Is closed; that we have
no power to preserve a status quo, but on the contrary must make either
a final order granting the application or an order dismissing the petition
without prejudice; and that, after a plan of consolidation has been announced, the allocation of any particular line can be made only after a
hearing which will afford opportunity for consideration of the relationship
of that line to the plan as a whole. For example, the intervener urges that
we are not in position to give weight to the proposed establishment of the
applicant's new through line to New York City without proof that there
Is at least reasonable prospect that the applicant can and will acquire the
Central of New Jersey and that to do so would commit us in advance in a
way contrary to the spirit of the act, unjust to the public and to actual and
potential parties. Such evidence, it is contended, belongs to a hearing
which takes the complete plan into account, along with other evidence.
To these contentions the applicant, rejoins that we may and should consider
our complete plan in connection with the pending application, and that we
are not bound by the strict processes of judicial procedure. The applicant
also expresses the view that applications for authority to acquire control
under section 5 (2) which are not in conformity with our complete plan
must be preceded by formal reopening of the consolidation proceeding.
Approaching the question from opposite directions, both applicant and
Intervener thus conclude that section 5 (2) is in some degree superseded by
our plan. It is unnecessary, in disposing of this case, to consider the status
of an application under section 5 (2) for an acquisition of control which is
not in conformity with the grouping of lines under our complete plan, or to
pass upon the merits of all of the contentions raised by the intervener and
the applicant. The application is in harmony with the plan and there is
evidence in this record of sufficient probable public benefits to justify the
control of the B. R. & P. by the Baltimore & Ohio, as proposed, regardless
of the possible utility of a portion of the B. R. & P. as part of the proposed
new'route of the applicant. As to the matter of competition, it is sufficient
to point out that the provisions of paragraph (8) of section 5, suspending
In certain cases the application of the antitrust laws, are as applicable to
proceedings under section 5(2) as to those under the consolidation provisions
of the section.
The Mt. Jewett, Kinzua & Riterville RR. intervened for the purpose
of securing the inclusion of its line of railroad as a part of the Baltimore &
Ohio system, and placed in the record evidence concerning its history,
operations, connections, and other circumstances. The line of this intervener is about 18 miles in length, connecting at two points witn the line of
the B. R. & P. Operation over 8 miles of the line has been discontinued
owing to lack of traffic. The intervener suggests that either 4 to 6 miles
of the remainder be abandoned, leaving but one connection with the trunk
line, the portion to be retained serving certain industries at Kushequa, Pa.
The record does not justify any conclusion regarding the retention or disposition of any portion of intervener's line. It raises the presumption,
however, that if the circumstances warrant continued operation of the intervener's line or any part thereof, such operation should be conducted by
the B. R. & P. The applicant in its application made a general proposal
for treatment of short or weak lines, involving determination by us under
certain circumstances. The intervener considered the proposal fair. The
-to
present record does not afford a satisfactory basis for any final order-as
this-property. Our approval of the application will therefore carry as a
condition precedent that the applicant shall agree and undertake to abide
by such findings as we may hereafter make with respect to the taking over
or operation of the intervener's line, or both, or such findings as may be
made in an ancillary proceeding or arbitration, if that course snail be found
by us to be suitable, and the record will be held open for such supplementary
proceedings as may be found necessary to that end. Our order will accordingly not become effective until such agreement and undertaking is filed
with us.
We find that the acquisition of control of the Buffalo, Rochester & Pittsburgh Railway by the applicant, as proposed, and under the conditions
hereinbefore named, will be in the public interest, and that the consideration to be paid for the stock is Just and reasonable. An order of authoriza•11 41
tion will accordingly be issued.
Commissioner Eastman concurring in part says:
I have no objection to an acquisition of control of the Buffalo, Rochester
& Pittsburgh by the Baltimore & Ohio, and believe that for the present,
and possibly for all time, such control Is desirable. However, an acquisition of control under section 5 (2) Is, or ought to be. a different thing from
a consolidation under section 5 (6). and should properly be regarded as
more in the nature of a temporary or tentative arrangement. For this reason it will often be the part of wisdom, in approving such acquisitions of
control, to attach a condition which will make it possible for us In the
future to bring about a transfer of the property to some other system, in a
way, of course, which will protect the carrier making the original acquisition against loss.
Such a condition seems to me particularty appropriate here. The reasons advanced in favor of control by the Baltimore & Ohio are not very
Impressive, and upon analysis I am left with the throught that the Baltimore & Ohio is chiefly interested in gaining control of that portion of the
line of the Buffalo, Rochester & Pittsburgh which it hopes it may be able
to use in developing a new route between Chicago and New York. It is
by no means impossible that when we get further into the consolidation
problem we may find that at least the remainder of the Buffalo, Rochester
& Pittsburgh system might better be under some other control. For example, one of the most doubtful features of the consolidation plan which we
have adopted is. in my judgment, the allocation of the Erie and the closely
competitive Lackawanna to the same system. If it should eventually
prove desirable. as I suggested in connection with the report on the consolidation plan, to create a separate Lackawanna system, including such lines
as the Delaware & Hudson and the Lehigh Valley, all or part of the Buffalo,
Rochester & Pittsburgh might well fit in better with such a system than
with the Buffalo, Rochester & Pittsburgh.
For these reasons I believe that our approval here of the acquisition of
control should have been accompanied by a condition, such as I have suggested, enabling a different disposition of all or a part of the property to
be made later. Nor do I believe that such a condition, if properly worded,
would be detrimental to either the Buffalo, Rochester Sr Pittsburgh or the
Baltimore & Ohlo.—V. 130. p. 1109.
[Vou 180.
Government of the Dominion of Canada); $671,200 of bonds on official
notice of issuance and sale to officers and employees, when, paid in full,
making the total amount applied for $60,000,000. V. 130, p. 794.
Canadian Pacific Ry.—$50,000,000 Expansion Program
The company has announced its $50,000,000 expansion program for 1930.
This calls for an expenditure of $14,442,000 for equipment: $3,000.000 on
telegraphs; $3,500,000 on hotels; $10,000,000 on Western branch lines and
terminals; $7,500,000 on Eastern branch lines and terminals; and approximately $9,250.000 on usual maintenance expenditure. This program is in
addition, of course, to large expenditures on ocean steamships which are
now in course of construction.
It is proposed during the present year to extend the Soningdale Line CO
Baljennie; to build a further extension to the branch which will connect
Nipawin and Prince Albert, to provide terminal facilities at North Battleford: to complete the branch from Lake Johnston into Archive, complete the
line from Arrowwood into Mackie, and, in conjunction with the Canadian
National, to build the line from Bulwark into Alliance in Alberta. It has
also been decided to commence work on a branch line from Prince Albert
to Lac Labiche and to complete the grading from Debden to Meadow Lake,
a distance of 90 miles. This particular line is designed to serve the Beaver
Lake district.
Orders Equipment.—
This company -has ordered from the Canadian Car & Foundry Co. 250
75
-ton coal cars. 50 sleeping cars, 3 mail cars,5 compartment car frames.2
overnight sleeping car frames and 14 parlor car frames for slightly more than
$2.000.000. It also has ordered from the National Steel Car Co. 250
refrigerator cars, 10 baggage cars, 8 dining car frames, 13 first-class passenger car frames and 7 smoldng car frames for slightly less than $2,500,000.
V. 130, p. 1109.
Central of Georgia Ry.—Bonds.—
The 1-13, C. Commission Feb. 7 authorized the company to procure
the authentication and delivery of $319,000 of ref. St gen. mtge. 5% bonds.
3678.
series C.in partial reimbursement for capital erpenditures.V. 128.
Chicago Burlington & Quincy RR.—To Be Segregated
from Great Northern-Northern Pacific.—See Great Northern
Pacific Ry. below.—V. 130, p. 133.
Chicago Milwaukee St. Paul & Pacific RR.—Abandon.
The I.
-S. C. Commission Feb. 5 issued a certificate authorizing the
company to abandon part of one of its branch lines of railroad, which part
extends from Disque in a westerly direction to Twin Rivers, a distance
of approximately 10 miles, all in Clallam County, Wash.—V. 130. p. 616.
Chicago & North Western Ry.—Common and Preferred
Dividends Payable Quarterly Hereafter.—The directors have
declared a quarterly dividend of 15,4% on the common stock
and 1% on the pref. stock, both payable March 31 to
holders of record March 4. Previously the company paid
semi-annual dividends on both issues, the last payment
on
being made on this basis on Dec. 31 1929, viz.: 2
common and 3%% on pref. stock. (See V.129, p.30070.—
V. 130, p. 1109.
Georgia Carolina & Northern Ry.—Bonds Offered.—
Chase Securities Corp., New York, are offering the unsold
balance of $1,200,000 1st mtge. extended 6% bonds at 100
and interest.
payable at office or agency of Seaboard
Principal and interest (J. & J.),
Air Line Railway New York, or at the office of Continental Co., Baltimore. Callable on 30 days' notice at 101 and interest up to and
including July 1 1930, and thereafter at par and interest plus a premium
of h% of such principal amount for each full year to elapse between the
date designated for redemption and July 1 1934. Mercantile Trust Co.
of Baltimore, trustee.
The first mortgage extended 6% bonds, due July 1 1934, an underlying
lien of the Seaboard Air Line Railway, are secured by a 1st (closed) mtge.
at the rate of approximately $20,0(10 per mile on 266 miles (from Monroe,
N. C., to Inman Park, near Atlanta. Ga.) of main line railroad of the Seaboard System between the cities of Richmond, Atlanta and Birmingham.
The mileage covered by the Georgia, Carolina & Northern Ry. 1st mtge.
Is most important to the Seaboard Air Line Ry. While it comprises only
5.9% of the total mileage of the system, it is estimated by the management
that approximately 15% of the Seaboard Air Line Railway's gross revenue
is derived from the traffic which passes over all or a part of the Georgia,
Carolina & Northern Ry., which would indicate a net income to the system
derived from this traffic of an amount sufficient to pay the interest charges
on these bonds over 35i times.—V. 129, D. 470.
Great Northern Ry.—Unification Plan Approved.—See
Great Northern Pacific Ry. above.—V. 130, p. 618.
Great Northern Pacific Ry —Commission Ratifies Merger
of Great Northern-Northern Pacfuc Roads—Rules Burlington
-S.
Must Be Given Up.—The I. C. Commission has approved
the proposal of Great Northern Pacific Ry. to acquire control
of Northern Pacific and Great Northern railroads under a
99
-year lease and by stock ownership. Stock control will
be effectuated by exchange of stock in the new company,
the Great Northern Pacific, on a share-for-share basis. The
record was held open further to provide for arrangements
to be made with reference to exclusion of the Chicago
Burlington & Quincy RR. Commissioner Eastman dissented, as did Chairman McManamy.
for the submission to the Commission
The record in the case was held open
by the applicants for the Commission's consideration and approval of a
supplemental plan or proposal, which, while not altering the application
in other respects, shall give acceptable assurance and provide that:
(1) That Burlington shall be divorced from control by the Northern companies within a reasonable period of time,such period to be stated as nearly
as may be practicable.
(2) A bonatide and feasible plan for the acquisition and operation of all
the so-called short lines of railroad named In the Great Northern-Northern
Pacific System, No. 12 of the Consolidation Plan, except such of them as
may be found by the Commission to be unnecessary.
(3) A comprehensive program and statement of proposed policy in the
matter of the unified operation of terminals, or its equivalent.
(4) Suitable assurance that the Chicago, Milwaukee, St. Paul & Pacific
RR.,upon fair terms, may have access from Spokane to Portland and intervening points, over the lines of the Spokane, Portland & Seattle Railway.
The project includes the leasing of the Spokane, Portland & Seattle for
99 years, which road is controlled by the Northern through stock ownership.
The commission withheld entry of a formal order in the case and issuance
of its certificate authorizing the merger pending fulfillment of the conditions
imposed.
Commissioner Lewis in a concurring expression declared he neither
favored the Northern unification in this instance nor that part of the
Consolidation Plan which would combine them. He stated it was his conviction that public interest would best be served by maintaining the present
situation as between the two Northerns and the Burlington.—V. 125.
P. 1047.
Morris & Essex RR.—Bonds Authorized.—
The I.
-S, C. Commission Feb. 8 authorized the Delaware Lackawanna
& Western RR. to sell at not less than 101 ji and int. $10,000,000 of construction-mortgage gold bonds, series A. of the Morris & Essex RR., and
use the proceeds to provide in part for expenditures made and to be made for
additions and betterments on its railroad system
The Commission also authorized the Delaware Lackawanna & Western
Canadian National Ry.—Listing.—
The New York Stock Exchange has authorized the llsting of $59,328,800 to sell at not less than 94 and int, not exceeding $15.000,000 of Morris
due Oct. 1 1969 (guaranteed by the & Essex RR. construction-mortgage gold bonds, series B, and use the
40-year 5% guaranteed gold bonds,
FEB. 22 1930.]
proceeds to reimburse its treasury, retire temporary bank loans, and provide
betterIn part for expenditures made and to be made for additions and 1110.
ments on its railroad system during the year 1930. See V. 130. p
-Would Acquire Road.
New York Central RR.
-S. C. Commission for authority to
The company has applied to the I.
acquire and operate the Ulster & Delaware RR. The carrier was ordered
to take in this short line in the Commission's decision in New York Central
unification case. Following arbitration, New York Central has agreed
to pay $1,813,333 for the line, which operates 163 miles of road in New
-V.130, p. 1110.
York State.
-Listing.
New York Chicago & St. Louis RR.
The New York Stock Exchange has authorized the listing of $20.000,000
-year 6% gold notes. due Oct. 1 1932.
3
Income Account Ten Months Ended Oct. 31 1929.
$48.320.461
Railway operating revenues
31,794,969
Railway operating expenses
1.798,036
Equipment retirements and depreciation
2,704.141
Railway tax accruals
4,125
Uncollectible railway revenue
Railway operating income
Equipment rents net
Joint facility rents net
Net railway operating income
Non-operating income
Gross income
Deduction from gross income
Net income
Disposition of Net Income.
Dividend appropriations
1311-Ince transferred to profit and loss
-V. 130. p. 1110.
$12,019,191
2,206,146
211,185
$9,601.860
2,493.718
$12,015,577
5.083,171
$7,012,406
3.138.912
83.873,494
-Unification Plan Approved.
Northern Pacific RR.
-V.130, P. 619.
See Great Northern Pacific Ry. above.
-The full
Pennsylvania RR.
-Earnings 17.64% in 1929.
income account of the company for 1929 was made public
Feb. 20. The net income last year reached a new high
record of $101,360,971. This was an increase of $18,943,595
over the 1928 figures, which, in turn, had exceeded the results of any previous year. Last year marked the fourth
successive 12 months' period in which the company has
achieved a new high record in net income. An official
statement further says:
The volume of business handled in 1929. while greater than that of 1928.
was not as large as that moved in the peak years of 1923 and 1926. The
record-breaking net income earned last year was the direct result of an intensive program of efficiency and exonomy in every phase of operations
and the heavy expenditures made in recent years to improve and extend the
company's transportation property.
The net income earned in 1929 was equivalent to 17.64% on the $574.756,400 capital stock outstanding at the close of the year; the 8% dividend
being earned more than twice over. By comparison, the net income for
1928 was $82,507,613, equivalent to 14.69% on the stock outstanding on
Dec. 31 of that year. The net income per share of stock in 1929 ($50 par
value) was $8.82 as compared with $7.35 in 1928.
Dividends paid during 1929 amounted to $46,835,965. This was the
largest dividend disbursement in the company's history, marking an increase
of $8,664,343 over payments made in 1928. A total of more than $900,000.000 has been paid b, y the Railroad in dividends since its inception in 1846.
During 1929 the sum of $4,962,852 was applied to sinking and other reerve funds, and $636,558 to advances to and construction expenditures
upon leased and affillated lines. The balance of the net income, amounting
to $48,925,595 was transferred to profit and loss, bringing the total profit
and loss account, as of Dec. 31 1929 to 8230,834.073.
The railway operating revenues for 1929 amounted to $682,702,931.
an increase of $32,135.614 over the previous year. The largest single
item of increase was freight revenue, which showed an advance of $25,602,005 over 1928. This was,of course, brought about by the increased volume
of business handled, already referred to, the expansion in traffic being
particularly notable in the coal, coke, ore and miscellaneous less-thancarload freight movement. The number of loaded cars moved in 1929
showed an increase of 4.6% as compared with 1928.
The passenger revenues, in contrast, showed a decrease of $1,596,106
reflecting the continued effect of motor vehicle operations upon rail traffic.
It is noteworthy, however, that the per cent, of decrease in 1929 was by
far the lowest recorded in the last three years, indicating the probabllity
that the company's rail passenger business is becoming stabilized.
Railway operating expenses showed an advance of $12,978,958 over the
previous year, the increase resulting largely from heavier transportation
and maintenance expenditures necessary to take care of the greater volume
of business offered. It is worthy of note, however, that while railway operating revenues increased 4.9%, expenses advanced only 2.7%.
Non-operating income, representing chiefly dividends on stocks owned
and interest on investments, totaled $48,791,499, an increase of $4,255,841
due to the company's increased investments especially in its leased and
affiliated companies and to higher dividends.
The gross income before deduction of fixed charges, rent for leased roads,
&e., was $181,931,126, an increase of $20,288,481.
Deductions from gross income, consisting chiefly of rentals of leased lines,
nterest on the funded and unfunded debt, and miscellaneous rents,
amounted to 880,570,155, a net increase of $1,344,885. Interest on funded
debt, however, showed a decrease of over $1,000,000 due principally to the
retirement of equipment trust certificates in 1928 and 1929.
The final result for the year was the net income of $101,360,971, as given
above, out of which appropriations were made to sinking and other reserve
funds, dividends were paid, funds supplied for further improvement of the
property and equipment, and a balance provided to sustain the company's
wedit.
During the year the railroad, rolling stock and other equipment of the
company was fully maintained.
Further Electrification.
Pere Marquette Ry.-Extra Dividend of $2 per Share.
The directors have declared an extra dividend,of $2,per
share on the outstanding cornmeal stock, par $100,tin addition to the regular quarterly dividend of $1.50 per share,
both payable April 1 to holders of record March 8. An
extra dividend of $2 per share was also paid on the corn.
stock on April 1 1929, on April 2 1928, on April 3 1927 and
on May 1 1926. (See also 'Railway and Industria4Compendium" of Nov. 29 1929, page 115).-V. 129, p. 2679.
Pittsburgh & West Virginia Ry.-Construction.-
The 1.-S. C. Commission Feb. 7 issued a certificate authorizing the
company to construct a branch line of railroad approximately six_miles
In length in Washington County, Pa.
The report of the Commission says in part:
This application is related to the authorization given in "Proposed Con'
struction by P.& W. Va. Ry.. 1381. C. C.755, Finance Docket No.6229.
decided June 12 1928, in which the applicant herein was authorized to
construct an extension of its line, known as the Connellsville extension,
which is now under construction. That line is to extend from a point on
the West Side Belt RR., a part of the applicant's system, to Connellsville.
Pa., a distance of about 38 miles. Its primary purpose, as stated in the
report, is to effect connection with the Western Maryland Ry. at ConnelLsville, thus giving the applicant an outlet to the east without using the
rails of a competing carrier, and, with the line of the Western Maryland
on the east and the Wheeling & Lake Erie Ry. and its connections on the
west,to form a new through route between Baltimore and the Middle West.
A large part of the traffic of the extension was proposed to be derived
from two very important industrial districts on the Monongahela River.
at Donors and Monessen, respectively.
No application is pending for the construction at Monessen and that
feature of the applicant's plans is mentioned here only for its bearing upon
the general plan.
The proposed branch, as surveyed, would be 5.79 miles in length a,M
would extend from a point on the Connellsvllle extension near its crossing
of Pigeon Creek, down the valley of Pigeon Creek to a point of connection
with the Donors Southern RR, near the Monongahela River, to be known
as Baird. There is no community at Baird. but the city of Donors has
some 14,000 inhabitants who are dependent almost entirely upon the business of the American Steel & Wire Co. . . .
The proposed branch would be single-track but built for heavy loads.
Applicant's estimate of its coat is 81,397.030. which is not questioned on
the record. A witness for the Donors Southern testified that his company
had recently considered the construction of a line along the same route to
connect with the Connellsville extension of the applicant, and its estimate
of cost was $1,400,000. Construction Is proposed to be commenced immediately upon receipt of authorization and to be completed within four
months thereafter. It is proposed to finance the construction from current
cash or by the sale of bonds. No additional equipment is considered
necessary. . .
Based upon these and other considerations. the Pennsylvania strongly
Insists that there is no showing of public convenience and necessity for
the construction of the branch. Its road along the Monongahela River
between Donors and Pittsburgh has a ruling grade of three-tenths of 1%
and consists of from two to four tracks as compared with the single-track
line of the applicant. The intervener also submits evidence that it has
on its own tracks ample ground for additional industries at Donors and
that its Monongahela line is at present operated much below its capacity.
The fact that traffic on this line has not increased materially during recent
years is ascribed to the increasing use of the river.
The arguments of the intervener in this record are substantially similar
to those submitted by the interveners in opposition to the construction of
the Connellsville extension, as authorized in "Proposed Construction by
P. & W. Va. Ry.," supra. Upon consideration of the record in that proceeding, we said that the two strongest arguments in favor of the new line
were (1) that it would open a new route through the Pittsburgh district
which would avoid the yards and junction points where congestion is now
liable to occur; and (2) that it would provide a permanent connection between the Pittsburgh & West Virginia and the Western Maryland, so that
they might, in combination with the Wheeling & Lake Erie. and possibly
the Wabash, furnish a new and independent through route from the steelproducing territory, Lake Erie and points beyond to the port of Baltimore.
The "steel-producing territory" included the Pittsburgh district and the
Monongahela Valley. It is shown in the present record as well as in the
former that the applicant relied largely upon the prospect of traffic to and
from Donors and Monessen in justification of the proposed construction
of the extension. This record indicates that the industries at those points
contribute about 90% of the total rail traffic afforded by the industries in
the Monongahela Valley. Notwithstanding the apparent infirmities in
the revenue estimates of the applicant, the record justifies the conclusion
that the proposed branch will carry a substantial traffic and be a valuable
-V. 130. p. 1110.
addition to the transportation facilities of the section.
Announcement is made that all steam trains on the company's main
Ina between New York, Philadelphia, Baltimore and Washington are now
operating under the double protection of continuous cab signals, supplementing the automatic block signals, except on a few short sections where
Installation of the cab signal apparatus is of necessity awaiting the completion of other current improvement work. The company's newly developed cab signal system augments, and greatly extends, the effectiveness of the wayside automatic block signal system, which has been in general
use for many years.
The total cost of preparing for full cab signal operation on the New YorkWashington line, which will be accomplished within six months, will exceed
83,000,000. This covers the placing of necessary apparatus along the
right-of-way, and specially equiping more than 400 locomotives. It also
includes the coat of applying cab signal equipment to 200 multiple-unit
cars for use in electrically operated trains between Philadelphia and Wil
mington and Philadelphia and Trenton.
The next step in the extension of cab signal operation on the Penn:
sylvania RR. will be an installation on the Pittsburgh Division, between
Altoona and Pittsburgh. The directors have already authorized an expenditure of approximately $2,000,000 for this purpose.
The outstanding feature of the Pennsylvania's cab signal system Is that
it brings the indications of track conditions ahead into the cab right in
front of both the engineman and the fireman and then demands positive
assurance that the signals have been observed.
The mechanism involved IS electrically operated, and it reproduces continuously, on two light panels in the engine cab, miniature reproductions
of the wayside automatic signals. Ore panel is on the engineman's side
and hte other on the fireman's side I his both men,regardless of rain, snow
or fog, always t aye clearly before hem indications of traffic conditions
ahead.
1271
FINANCIAL CHRONICLE
Seaboard Air Line Ry.-Abandonment-Director.-
-S. C. Commission Feb. 4 issued a certificate authorizing the
The I.
company and the Kissimmee River Ry. to abandon part of a branch line
of railroad which extends from mile post 875.3 to Nalaca. 15.1 miles, all
In Polk County, Fla.
L. A. Yerkes, President of du Pont Rayon Co. and a director of E. I.
du Pont de Nemours Co. has been elected a director of the Seaboard Air
Line Ry.-V. 130, P. 1110, 7 .
95
-Bonds Sold.
-Continental
Tulsa Union Depot Co.
Illinois Co., Inc., offered Feb. 19 at 95 and int. $1,700,000
-year 43i% sinking fund gold bonds. The
1st mtge. 30
issue has been oversubscribed.
Dated July 1 1929; due July 1 1959. Interest payable J. & J. at Interstate Trust Co., New York. trustee. Redeemable on any int. date on 60
days' notice at 102;i% and int. if redeemed on or before July 1 1954, and
thereafter at 100% and int. plus a premium of Nt of 1% for each six months
between the redemption date and the date of maturity. Authorizes
est
$2,000,000.
St. Louis-San Francisco By.. Atchison Topeka & Santa Fe Ry., and
Missouri-Kansas-Texas RR. are jointly and severally liable, under the
terms of a lease dated June 19 1929 to pay to the trustee sums sufficient
to pay the interest from time to time accruing on these bonds and to meet
the requirements of the sinking fund calculated to retire all of these bond
by maturity at the prevailing redemption prices.
-Company will construct and operate a modern union
Organization.
passenger station at Tulsa, Okla., for the joint use of the above railroads
which together own all the capital stock of the company.
-This issue will be secured by a direct first mortgage on land
Security.
owned in fee, leasehold interest in other property and air rights and the
station and facilities to be constructed. The lease of the station and
facilities is assigned to the trustee as additional security.
-Company will pay annually to the trustee, beginning
Sinking Fund.
April 15 1930, an amount equal to 3 1-3% of the greatest amount of bonds
at any time issued and outstanding, taken at the prevailing redemption
-V. 129, p. 2679.
.4
price. Bonds will be called by lot and cancelled.
-Sale to N.'T Central.
s diUrrer & Delaware RR.
-V. 129. p. 3471. Al
See New York Central RR. above.
-New Director.Pacific
Union Pacific RR.
All
David F. Houston. President of the Mutual Life Insurance Co., has
been elected a member of the board of directors of the Union Pacific RR.
Mr. Houston is also a director of the Delaware Lackawanna & Western
RR., the Guaranty Trust Co., the American Telephone & Telegraph Co.
-V. 129. p. 3959.
and the New York Telephone Co.
PUBLIC UTILITIES.
-Commercial Cable Co. announced Feb. 19,
Cable Toll to Manila Cut.
a reduction in cable rates to Philippine Islands by way of London to correspond with rates via San Francisco. N. Y. "Times," Feb. 20, page 35.
-New York State Commission
Utility Board Asks Extension of Power.
wants wider jurisdiction over holding companies and motor bus operation.
N. Y."Times" Feb. 16. page 12.
1272
FINANCIAL CHRONICLE
[VOL. 130.
Offers Bill Fixing Minimum Taxi Rate.
-Measure would prevent fare
cut by independents and Luxford Company in New York City. N. Y.
"Times," Fob. 19, page 25.
Eight-Cent Pare in Detroit.
-Railway Commission approves now rates
for Detroit Street Ry. "Wall Street Journal," Feb. 18, page 3.
ation in its hydro-electric plants, new transmission and distribution lines
were completed, substations wero built, and a large amount of
Miscellaneous construction work was carried throuth to completiongeneral
the year. These activities resulted in adding Considerably to the during
installed
capacity of the corporation's subsidiaries-..,,.,,eau Power Co. and Saint
John River Power Co.
-to meet the growing demand for electric energy,
American States Public Service Co.
-New Directors.
- and in further unifying and co-ordinating the distribution facilities of
B. H. Weisbrod and A. G. Miller have been elected directors to succeed Gatineau Electric Light Co., Ltd., another subsidiary of the corporation.
David Vanalstyne and A. J. Dyer, resigned.
Generators of an aggregate capacity of 83,000 h.p.
-V. 130. p. 1112.
in the
Farmers, Chelsea and Bryson hydro-electric plants were installed Power
of Gatineau
Co. In the
Associated Gas & Electric Co.
-Preliminary Earnings.
- 24,000 h.p. Farmers power house on the Gatineau River, the additional
unit raised its total installed capacity to 96,000 h.p. and the
Consolidated Statement of Properties Since Date of Acquisitions.
34,000 h.p. generator
tne
-Increase- increased its installed started into Chelsea station, a mile above Farmers,
capacity
136,000 h.p. With the addition of these
12 Months Ended Dec. 311929.
Amount.
1928.
% generators,
Gross earnings and other inc391.480,596 $42,163,550 349,317,046 117 operation the Gatineau Power Co. now has 439.000 ha). installed and in
in its four plants on the Gatineau River.
Operating expenses, mainteDuring the year, another
nance, all taxes, &c
45,724,922
22,992,913
22.732,009 99 completed. The new dam,storage dam on the upper Gatineau River was
storing the water of Lake Cabonga, and the
present Mercier storage dam,
Net earnings
$45,755.674 $19.170.637 326,585.037 139 storage systemsof the world. form reservoirs ranking with the large water
The
Underlying pref. diva. & int_ 10,271,235
3,412,440
6,858,795 201 of 145 billion cubic feet, or 1 2-3ds two reservoirs have a combined capacity
times
All other interest
14,465,541
7,642,810 112 famous Assouan dam on the Nile River that of the reservoir created by the
6.822,731
in Egypt.
Located in the heart of one of the
Bal. for diva. and depree $21,018.898
$8.935,466 312.083,432 135 International Paper Co., the Cabongagreat timberland areas of Canadian
dam is 46 miles above
Prov. for replacements, redam and forms a reservoir draining a territory of 1,150 squarethe Mercier
miles. The
newals and retirement of
new reservoir materially
fixed capital (depreciation) 4,372,914
2.439,874
1.933,040 79 of the Gatineau River. assists the Mercier reservoir in regulating the flow
If no water went into the river from any other
source the storage in the two reservoirs would permit the four plants below
Balance for dirs, and surp-$16,645,984
$6,495,592 $10350.392 156 at Corbeau Rapids, Paugan, Chelsea
and Farmers
-to operate at full
-V. 130, p. 795.
capacity 10 hours a day for over 250 days, or about 10 months of worldng
days.
Associated Telephone Utilities Co.
-Expansion.
On Aug. 21
In its Pacific Coast expansion program for 1930. the Associated Tele- Electric Power the Gatineau Power Co. began to deliver to the Hydrophone Co., Ltd., a subsidiary, will spend more than $2.000,000. most of under contractsCommission of Ontario additional electric power scheduled
for delivery Oct. 1. By the middle of September, all of the
which will go for improvements in the Los Angeles area, according to an power
scheduled for delivery on Oct. 1 had already been taken. On Oct. 16.
announcement by officials. A 3
-year program calls for the expenditure of the Gatineau Power Co. began
trie delivery to the Commission of an
more than $1,000,000 annually in the Long Beach area.
of
Betterments and additions planned for the year at Long Beach will to- additional 20,000 h.p.its electric power originally scheduled for delivery on
Oct. 1 1930. Under
three contracts with the Commission, Gatineau
tal 31,571.000. A now central office building designed to eventually Power
house four units of automatic equipment, involving an expenditure of by the is now delivering 182,000 h.p. of which 150,000 h.p. is being sent
Commission in the
$280,000 is being rushed to completion and will be put in service by early agara Falls. The presentToronto area to supplement the power from Nideliveries of 182,000 h.p. to the Commission
spring. The Long Beach additions are being hurried to meet the demands reflect an increase
of 76,000 h.p. over the amount being delivered by
of three enterprises in that area which will have a total invested capital of Gatineau Power
Co. a year ago.
321,000.000.
Work was started on
At Redondo Beach. where a recent development in the United States Falls transmission line, the new single circuit 220,000 volt Paugan-Chats
this being a duplicate of the line that has been in
Steel Co.'s western plant has caused a considerable increase in population, operation since
Oct. 1928, and will be used in conjunction with it for the
the Associated subsidiary plans to spend $362,500. The project includes
an automatic telephone plant to replace the present manual system,together contract requirements of the Hydro-Electric Power Commission of Ontario.
The third additional generator installed during the year in the plants of
with a new central office building.
Construction of a $60,000 plant for the Associated properties is under Gatineau Power Co. was in its Bryson plant located on the Ottawa River
way at Westminster, Cal., and will be in full operation, it is expected, 50 miles above the city of Ottawa. The generator has a capacity,of 25,000
h.p. and raises to 50,000 h.p., the installed capacity of tnellryson station.
early in July.
Bolsa, Midway City, Westminster, New Westminster and Barber City With the starting of the additional generator, the aggreghte installed
will all be incorporated in the new system. At present they are served by capacity in the plants of Gatineau Power Co. was increased to 562,600 h.p.
A new 110.000 volt transmission line connecting the Bryson plant with
the Huntington Beach Exchange also owned by the Associated Telephone the Val Tetreau terminal
station, in the city of Hull, was completed last
Utilities Co.
year. The new line
Additional cable facilities costing $20.000 are being installed at Pullman, was built so that is a single-circuit steel tower line 49 miles in length and
the whole system may operate at 110.000 volts. The
Wash. by another Subsidiary, The Interstate Utilities Co., to increase original
66,000
service for the 3,500 students at Washington State College there.
'
-V. 130. system is beingvolt line connecting the Bryson station with the rest of the
operated at 11,000 volts and will be used for distribution
P. 969.
purposes. It is expected that several small municipalities will be connected to the line early this year.
Bell Telephone Co. of Pa.
-Earnings.
Construction work on the Val Tetreau 110,000 volt switching station
Calendar Years1929.
1928.
1927.
1926.
which was started in 1928, was finished last year. It interconnects 12
Operating revenues
$71,373.979 365,830.679 $60,357,442 $56.340,022 generating stations on the Ottawa River, the Gatineau River, and other
Operating expenses
49,927,030 45,144.683 42.351,124 39,729,151 tributaries, with a total installed 60
-cycle capacity of 276,000 h.p.
Taxes & uncollectibles- 3,275,411
2,977,435
3.256.726
2,774,054
During 1929 a new 110,000 volt transmission line was completed between
Gatineau and Hawkesbury, Ontario. This is a
Operating income_ __ _$18.171,537 317,429.270 $15,028,882 $13,836,818 line-5)..t miles in length. two electric boilers were single-circuit steeltower
installed in the HawkesNon-oper. revenue (net) 1,144,431
1.410.910
941,390
1,941,324 bury bleached sulphite pulp mill of Canadian International Paper Co.
bleached s_lphite pulp mill of Canadian International Paper Co.
Gross income
519,315,969 318,370,661 $16,439,792 515,778,143
A new 13,200 volt transmission line was
Interest charges, &c
7.120.408 6,508,538 6.455.178 6,393,557 plant to St. Jovito. a distance of 32 miles. built from the L'Annonciation
In addition to changing the Bryson-Val Tetreau transmission line
Net income
$12,195,560 $11,862,123 39.984.613 39,384,585 from 66,000 volta to 11.000 volts, Gatineau Electric Light Co., I.td., in
Preferred dividends_
1,300.000
1,300,000 1,300,000
1,300,813 1929 carried to completion a large number of other projects. New transCommon diva. paid__
6,400,000
6,800,000 6,400.000
6,400,000 mission and distribution lines were built throughout the various divisions
Other deductions
24,639
361
350,000 of the system, the most important of which was the 13,200 volt aluminum
line,32 miles in length,constructed to serve
Balance, surplus
34.095,200 34,137.484 32.284,613 31.333.773 nonciation. Substations were built in 1929Conception, Labelle and L'Anat toe Chaudiere and Farmers
Shares of common stock
power houses, and at Chelsea. Farm Point, Wrightville, Bois Franc,
outstanding (par $100)
900,000
800,000
800,000
800.000 Plage and L'Annonciation. The substation at Como was rebuilt and Bell
the
Earned per sh. on corn.._
$12.10
313.20
$10.86
$10.10 one at St. Lin is also being rebuilt.
Balance Sheet Dec. 31.
A retail store of Gatineau Electric Light Co., Ltd., was completed in
St. Jerome, a sub-office was opened at St..Jovite and an extension was
1929.
1928.
1929.
1928.
made to the store and office at Maniwaki. The street lighting system at
Assets
Liabilities$
$
Telephone plant
Common stock- 90,000,000 80,000,000 Aylmer was entirely renovated and a street lighting system was installed
& equipment_272,570,188 250,377,788 Preferred stock- 20,000,000 20,000,000 at Angers.
Saint John River Power Co. during 1929 completed the installation of
Invest.securities 6,217,000 7,772,600 Prems. on cap.
Adv. to system's
95,237
stock
95,237 the second and third generators at its Grand Falls, New Brunswick, hydrocorporations _
500,000 1,670,000 Funded debt_ _ _106,607,099 105,886,816 electric plant. These generators are 20,000 h.p. each and increased the
Miscell.Invest._
208,201
291,475 Accts. payable_ 5,031,432 4,437,574 insta:led capacity of the plant to 60,000 h.p. Toward tne end of the year,
Marketable secs.
64,032
63,532Subscdp. dep
1.086,757 1,095,216 the additional generators were tuned up to deliver power to the new Dalhousie newsprint paper mill of New Brunswick International Paper Co.
Cash &deposits_ 2,558,115 3,093,540 Accr. liabll. not
A transmission line connecting the Grand Falls plant and the Dalhousie
Bills receivable_
11,285
11,312
5,373,556
due
5,269,596
Accts.receivable 6,233,901 5,780,661 0th. def. credits
63,999
-foot right-of74,563 Mill was also completed last year. Work on clearing the 100
way was started early in March and was practically completed by the
Mat'l & supplies 1,683,596 1,319,720 Reserve for accr.
Accr.int.not due
1,131
1,130
depreciation _ 44,425,916 40,064,597 end of June. The line is operated at 132,000 volts and is a steel tower line
104 miles long. The standard towers in the line are 60 feet high and 606
Sink.fund assets 1,147,458 1.045,777 Res.for amort.of
Prepayments__ 1.218,002
993,917 intangible cap.
336.007
331j,478 towers were required. The spans between the towers vary from 500 feet
Unamort. debt
Corporate surp_ 22,562,617 18,198,333 to 2,000 feet, the average span being 900 feet. The tower type in use on
the line has only recently come into considerable favor in Canada for high
disc.&exp.__ 2,753,770 2,878,403
voltage lines. The first line of this type, completed in 1928, was the transOther del debits
415,940
161,555
mission line from the Paugan hydro
-electric plant of tee Gatineau Power
vo 13 po 7 d.
. 0 . 9
Total
295,582,619 275,461,411
295.582.619 275.461,411 C .to Tor nto which was also the first 220,000 volt line in the Dominion.Total
-The Bell Telephone Co. of Pennsylvania was, as of Dec. 31 1929
Note.
guarantor for principal and interest in respect of Lehigh Telephone Co.
Central States Electric Corp.
-Stock Dividend.
1st & ref. mtge. 5% gold bonds, series A, due July 1 1949. Face value
The directors have declared the regular quart.div.of 10c. In cash and
outstanding Dec. 31 1929, 2,401,600.-V. 130, P. 136.
% in stock on the common stock, payable April 1 to holders of record
March 5. Like amounts were paid on Oct. 1 1929 and on Jan. 1 1930.
Bell Telephone Co. of Canada.
-Bonds.
The regular quarterly dividend of 1 % on the 7% preferred,
The company, according to Montreal dispatches, has sold 35.000.000
1st 58 series B to Bank of Montreal and Lee. Higginson & Co. Most of on the 6% preferred, $1.50 in cash or 3-32 of a share of common stock on
the convertible optional preferred stock, 1928 series, and a quarterly div.
.
the issue, it is stated, will be distributed in the United States.-V.130,p.466. of
$1.50 in cash or 3-13 of a share of common stock on the convertible
optional preferred stock, 1929 series, were also declared, all payable April
Bethlehem & Nazareth Passenger Ry.-Receiver.1 to holders of record March 5.-V. 129, p. 3634.
Graham C. Woodward, Philadelphia, was recently appointed receiver
by Judge W. H. Kirkpatrick of the U. S. District Court at Philadelphia,
Central States Power & Light Corp.
-Bonds Sold.
on the petition of Arthur D. Mendes, of New York,a stockholder.
-V.130,
An additional issue of $3,000,000 1st mtge. & 1st lien gold
P. 136.
134%
Boston Elevated Ry.-Earnings.-
bonds, 534% series due 1953, has been sold at 90 and
int. by Chase Securities Corp., Pynchon & Co., West & Co.,
1927.
1928.
1926.
1929.
Calendar Years334,096,623 $34,843,148 $35,193.410 $35.481.313 Central-Illinois Co., Inc., and W. S. Hammond & Co.
Total revenue
Operating Expenses
2,663,665
2,610,830 2,764.921 Bonds are dated Jan. 1 1928; due Jan. 1 1953.
Way & strain (maint.)- 2,336.088
154.856
484,165
57,279
Removal of snow & ice
76.930
Data from Letter of H. C. Orton, President of the Corporation.
2,868,226
2,963,457
3,054.504
Equipment(maint.)
2.819.257
-Corporation (organized in Delaware in 1925)
Business and Properties.
1,755,115
1,826,409 furnishes electric
1,783,480
Power (operating)
1,776,760
light and;power and (or) gas
297,725
335,862
316,166 services to 128 cities and communities located and (or) other public utility
Power(maintenance)_250,694
in the States of Iowa, KenTransportation (operat 10,892.280 11,167.506 11,436.060 11,924.518 tucky, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. Through
.5
.
31.862
6,139 subsidiaries, controlled
Traffic (operating)
33,309
22,253
2,857,724 stocks, it also serves by ownership of more than 99% of all outstanding
General & miscel
3,115,301
3,262,626
2,972,430
62 communities in the States of Alabama. Missouri,
2,841.722 North
Depreciation
2,824,220
2,878,055 2.671.142
Dakota and in New Brunswick, Canada. The total population o.
the territories served by the system is approximately 331,000 and its cusTotal
$24.024,747 524.900389 $25,132,332 326,076,268 tomers exceed 49,000. The combined annual electric output is about
Operating ratio
7349% 28.000,000 k.w.h., the electric properties including seven
71.41%
71.46%
70.46%
steam generating
-V. 129. p. 3010.
generating stations, and 1,397 miles of electric transmission lines. Total
annual sales of natural gas approximate 15,500,000,000 cubic feet.
Canada Electric Co. Ltd.
-Control.In addition to the above described properties, the corporation is acquirSee Central States Power Si Light Corp. below.
-V. 123, P. 1381.
ing Canada Electric Co., Ltd., and the Eastern Electric & Development
and (or) through a subsidiary,
Canadian Hydro-Electric Corp., Ltd.
-Continued Its Co., Ltd., andsislirectlyCo. and the gas property of the the properties of
Western Counties Gas
Rubana Oil Co.
Expansion in 1929.
The Canadian companies supply electric light and power to an important
.
year 1929 was one of continued expansion and growth for this industrial and mining territory in northwestern Nova Scotia and to several
corporation, it is announced. Additional generators were placed in oper- communities in New Brunswick.
FEB. 22 1930.]
FINANCIAL CHRONICLE
The properties being acquired from Western Counties Gas Co. and the
Itubana Oil Co. comprise gas leases on 650 acres in central Oklahoma having wells with an open flow capacity of 26,000.000 cubic feet daily, together
with transmission lines and distribution systems in eight towns where the
corporation has franchises for retail distribution.
CapitalizationAuthorized. Outstanding.
a
$13,500,000
1st mtge. & 1st lien gold bonds,5%% series
112,000 shs. 80,000 shs.
$7 dividend preferred stock (no par)
50,000 shs. 40,600 shs.
Common stock (no par)
a Issuance of additional bonds restricted by provisions of the mortgage.
Earnings.
-The consolidated condensed statement of revenue and expense for the 12 months ended Nov. 30 1929 of corporation and subsidiary
and controlled companies, including the companies and properties being
acquired as above stated, was as follows:
Gross earnings
$4,658,707
Operating expenses, maintenance and taxes (other than Federal
and State income taxes) and minority interest in earnings__ _ _ 2,604,771
1273
Reeves 3. Newsom, executive Vice-President of the Community system,
announced. This construction program, including important projects in
the Westchester County and Greenwich, Conn., units of the system, will
be carried out without resort to additional financing, Mr. Newsom said.
"The largest single expenditure will be in the completion of the connections between the New Itochelle System and the Catskill Aqueduct," said
Mr. Newsom. "These works will include 24-inch and 20
-inch pipe lines,
pumping stations, a reservoir, and standpipes which will enable the company to abandon the local Westchester reservoirs as its emergency supply.
Other major projects include the connecting of the plants along the shore
south of Boston into a combined system using one source of supply, the
construction of works in new communities near Dedham, Mass., and
Peoria, Ill., not previously served, the changing of the systems at Greensburg. Pa., and Marion. Ohio, and the suburbs of Camden. N. J., to furnish
filtered water, and the beginning of the development of the additional
sources of supply of the Greenwich. Conn. system."
The larger part of the total to be expended is for extensions of service
to take care of the rapidly growing communities served by the company's
subsidiaries.
-V. 130, p. 136.
Net earnings (before interest, reserves. &c.)
$2,053,936
Annual interest requirements on $13.500,000 1st mtge. & 1st
-Earnings.
Detroit Edison Co. (8c Subs.).
lien gold bonds, 5.1i% series due 1953 (incl. this issue)
$742.500
1929.
1930.
12 Months Ended Jan. 31Net earnings (before interest, reserves, &c.), as shown above, were
$56,531,989 $52,900.226
Total operating revenue
equivalent to over 2% times annual interest requirements.
60.779
Securitg.-Bonds are secured by a direct first mortgage on all real estate, Non-operating revenue
78.577
plants, transmission lines, distribution systems and other fixed public
$56,592,768 $52,978,803
Total
utility properties of the corporation now directly owned (located in Iowa.
37,599,123 34,483,947
Kentucky, Louisiana, Minnesota, Mississippi. Oklahoma and Texas), Operating and non-operating expenses
5,537.767
5.279.938
or hereafter acquired (subject, as to after-acquired properties, to prior Interest on funded and unfunded debt
315,145
313.610
liens within limits permitted by the mortgage), and by the pledge of all Amortization of debt discount and expense
34,842
33.349
outstanding bonds and more than 995' of all outstanding capital stocks of Miscellaneous deductions
subsidiaries owning properties situated in Alabama, Missouri, North Da$13.105,891 $12,867,058
Net income
kota and in Canada.
The properties owned by the corporation and its subsidiaries have been -V. 130. p. 616.
appraised by independent engineers, on the basis of cost to reproduce new,
-Earnings.
Diamond State Telephone Co.
less physical depreciation, plus an allowance for "going concern value."
Calendar Years1927.
1928.
1929.
1926.
at more than $21.000,000. Adding to this the value of the properties now
Telephone Oper. revenue $1,850,305 $1,656,241 $1,505,122 $1,457,241
being acquired, likewise appraised by independent engineers on the same
1,005,879
1,135,268
944,666
Telephone oper.expenses 1,31.5,352
basis, the total will be in excess of $24,000,000.
8.954
5.400
6,236
8,700
Purpose.
-Proceeds of the present financing will be used to provide part Uncoil. over. revenues.122,621
129,181
118.740
132.600
of the funds with which to make payment for the properties being acquired, Taxes assignable to oper.
and for other corporate purposes.
$375,103
Total open income__
$379,419
$406,096
$374,693
Management-Corporation has the benefit of the management of Utili14.702
14.375
13.390
40,869
ties Power & Light Corp., through that corporation's control of its common Net non-oper.income_ __
stock.
-V. 129, p. 278.
Total gross income___
$389.396
$389,479
$392,809
$446,965
Chicago South Bend & Northern Indiana Ry.-Depos. Rent & miscellaneous___
27,572
34,678
34,383
35,808
Holders of certificates of deposit representing the securities of the com- Interest
13,523
1,672
1.426
114,057
pany affected by the reorganization plan are being notified by the reorganization committee to surrender their certificates in transferable form to the
Net income
$344,903
$297,099
$360,152
. $353,374
depository, The National City Bank of New York. and to pay $25 with Preferred dividends_ _ _ _
32,491
32,500
29,946
32.500
respect to each 51,000 principal amount of bonds represented by certificates Corn. dividends(8%)
200,000
200,000
200,000
200,000
of deposit to the depository on or before March 1. Deposit of bond Other approp. of income.
1,748
25,000
entitled to share in the plan will be accepted up to the close of business
March 1. The securities affected by the reorganization include Northern
Bal. for corp. surplus$120,882
$110,655
$105,206
$64,599
Indiana Ry. 1st cons. mtge. 5% gold bonds, La Porto & Michigan City Shares of corn. outstandTraction Co. 5% 25
25,000
25,000
-year 1st mtge. gold bonds and Chicago South Bend & riing (par $100)
25.000
25,000
Northern Indiana Itv. 1st mtge 5% 30
arns. per share on corn_
$12.50
$10.58
$13.21
$12.94
-year gold bonds.
Securities of the Northern Indiana Ry., Inc., the new company, are -V. 128. P 1395.
expected to be ready for delivery on and after April 1.-V. 130, p. 796.
Cities Service Co.
-Subsidiaries to Change Capital, &c.
See Indian Territory Illuminating 011 Co., under "Industrials" below.
-V. 130, p. 970.
Columbia Gas & Electric Corp. (8c Subs.).
-Earnings.
Period•
1929-12 Mos.-I928.8
1929-3 Mos.-1928.
Gross earnings
$31.016,095 $29,083.6613115,150.3135107,195.65
Operating expen.ses
15.063,264 15,024,287 56,830,212 52,931,265
Res, for renewals & repl.
& depletion
2,314.591
9,666.197
2.727,084
9,757,347
Taxes
1,728,004
8,446,770
677,592
7,700,469
Net open earnings„..$11,910.235 $10,654,698 $40,207,134 $36,806,578
Other income
394,202
842,353
574.250
1,186,435
Total income
$12,304,437 $11,228,948 $41,049,487 $37.993.013
Lease rentals
12,422
601.448
273,755
1,811,826
Int. charges ofsubs
2.577.788 2,169,930
617,835
645,063
Pref. diva, ofsubs
608,358
2.439.072
606,741
2.155,190
Int. charges of corp
964,768
3.267,039
715,614
2,700.483
Duluth-Superior Traction Co.
-Earnings.
-
Calendar Years1929.
1928.
1927.
1926.
Total oper. revenues.._ _ _ $1,780,428 $1,873,330 $1,965,489 $1,951,143
Total ry. oper.expenses _ 1,476.499
1,535,169
1,570.441
1,622,132
147,770
Taxes
153.562
156.659
133,974
Operating income_ _ _ _
Non-operating income
$156,159
25,580
$184.599
33,795
$238,389
38,724
$195,037
38.870
Gross income
Int. on funded debt, &c_
Miscellaneous debits_
$181,739
168,389
594
$218,394
168,576
595
$277,112
168,868
599
$233.90
172,405
705
$12,756
Net income
(2%)30.000
Preferred dividends
12,145
Pref. div. Dul. St. Ry
$49,222
(4)60.000
26,077
$107,646
(4)60,000
27,793
$60,797
(4)60,000
24,987
$29,389
$36,855 Sur$19,853
$24,191
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
g
I LiabilitiesAssets$
5
$
Common
Net income
$10,101,054 $8,987,775 $32,161,139 $29.155,584 Road & equipm110,891,302 10,750,035 1 Preferred stock_.. 3,500,000 3,500,000
346,725
stock-- 1,500,000 1,500.000
Preferred dividends paid
Other investments 236,588
5,751,474
5,657,720 Cash
36,712 7% pref. stk. Du59,629
luth Street Ry__ 343,700
359,800
2,713
Bal. avail, for corn_ __
4,560
$26.409,666 $23,497,864 Misc. accts. rec.__
Bonds
3,307,000 3,332,000
Common dividends paid
Int., diva. A: rents
16.876,945 16,821,723
5,194 Audited accts. &
The New York Stock Exchange having received notice from this corpo3,473
receivable
wages payable__
134.724
84,867
85,393
ration of the declaration of a dividend of 25% on the common stock, no Materials & suppl_ 128,219
9,810 Tax liability
126,525
130,020
par value. payable March 31 to holders of record Feb. 28, the Committee Unadjusted debits
17,599
Accr, tut.. diva. &
on Securities rules that satd common stock be not quoted ex, said dividend Gen. mtge. trust
rents pay'le (not
204,930
until April 1. (See V. 129. p. 3010.).-V. 130, P. 1112.
149,600
funds
due)
27,865
23,073
Res've for injuries
Commonwealth Edison Co.
-To Increase Stock, &c.
The stockholders will vote Feb. 24 on increasing the authorized capital
20,820
and damages_ _ _
17,843
stock from $150,000.000 to $200,000.000 and on increasing the number of
Res've for dcproc'n 2,038,033 1,986,165
Deferred liabilities
20,200
directors from 9 to 13.-V. 130. p. 971.
Unadjusted credits
30,216
25,573
Commonwealth & Southern Corp.
525.976
Tot.(each side).t 1,490,970 11,490,844 Corporate surplus_ 491,694
-Listing, etc.
The New York Stock Exchange has authorized the listing of
1,354.924 -V. 129, p. 3011.
shares pref. stock $6 series (no par value) and 2.022,444 additional shares
European Electric Corp., Ltd.
-Co-Registrar.
common stock (no par value) on official notice of issuance in exchange for
securities of othtr companies, making a total applied for 1,354.924 shares
The Irving Trust Co. has been appointed co-registrar for 1,400.000
of pref. stock $6 series and 51,632,065 shares common stock.
shares of class A,500,000 shares of class B and option warrants for 2,300,000
On Jan. 7 1930 directors approved a
-V. 130. P. 1112.
of merger and consolidation shams of class A common stock.
to be voted upon by the stockholders ofplan respective companies which,
the
upon completion, will result in the issuance of pref. stock $6 series, common
Hamilton Gas Co.
-Board of Directors.
stock and option warrants of the Commonwealth & Southern Corp. for the
At the annual meeting of the stockholders held Feb. 17 1930, the folpref. stock, common stock and option warrants of the following Companies: lowing directors were elected for the ensuing year: W. Angamar Lamer
Allied Power & Light Corp., Commonwealth Power Corp.. Penn-Ohio (President). Arthur Peck (of Harper & Turner, Philadelphia), Douglas
Edison Co. and Southeastern Power & Light Co. (See V. 130. P.
28.5.) Thomas (Executive Vice-President of Baltimore Trust Co.. Baltimore).
Announcement was made on Feb. 19 by the Commonwealth & Southern Chester W. Lamer (President of Lamer Engineering Co., Philadelphia).
Corp. that its new preferred stock $6 series common stock and options are Eugene L. Norton (of Norton & Co., New York). Charles M. Snaith (of
ready for issuance to the holders of preferred and common stock and options Snalth & Collins. Weston, W. Va.), Louis A. Johnson (of Steptoe & Johnof the companies involved in the recent plan of consolidation and merger. son, Clarksburg and Charleston, W. Va.), Philip V. R. Van Wyck (forNorico has been sent to such holders that they may receive certificates for merly Vice-President of New York Telephone Co., New York), Hugh
the securities to which they are entitled, together with any cash adjustments Peters (of New York), and Wallace T. Peridns (Vice-President of Chatham
of dividends on preferred stocks exchanged, by sending in their
-V. 130. p. 1114.
certificates & Phenix National Bank & Trust Co., Now York).
to transfer agents, The Commonwealth & Southern Corp., 20 Pine
St.,
N. Y. City. The preferred stock $6 series and additional common stock
Houston (Tex.) Lighting & Power Co.
-Bonds Offered.
of
the Commonwealth & Southern Corp. has been listed on the New York
Halsey, Stuart & Co., Inc., and W. C. Langley & Co. are
Stock Exchange.
'I'. A. Kenney and E. A. Yates have been elected members of the board of offering at 9732 yielding about 5.19%, an additional issue
,
directors and vice-presidents of the Commonwealth & Southern Corp. of
82,000,000 1st lien & ref. mtge. gold bonds, series A 5%.
Messrs. Kenney and Yates previously were vice-presidents and directors,
respectively of the former Commonwealth Power Corp. and the
Southeastern Dated March 1 1923; due March 1 1953.
Power & Light Co.
Data from Letter of S. R. Bertron Jr., President & General Manager.
The Commonwealth Southeastern Corp., formed on Feb. 14 in Maine to
Company.-Incorp. Jan. 8 1906 in Texas. Supplies electric power and
take over the Commonwealth l'ower Corp., and the Southeastern
Power & light service in a growing and prosperous section of Texas to a total of 73
Light Corp., is a temporary vehicle to permit the merger of the latter two
communities, including the City of Houston, which has been successfully
companies, which are Maine corporations, into the Commonwealth
&
Southern Corp., a Delaware company. The Commonwealth Southeastern served by the company for more than 20 years. Total population of the
territory served is estimated at 358,000.
Corp. is to be dissolved after the legal and practical details of the
merger
At Dec. 31 1929, the company served 89,622 electric customers, as
have been carried out. The new corporation was formed on Feb. 14
at
Augusta. Mo., with an authorized capital of 27.000.000 shares of common compared with 48,526 at Dec. 31 1924, an increase of 84%. The output
stock at $1 par and 1.000,000 shares of preferred stock, without par. The for the 12 months ended Dec. 31 1929, amounted to 510,247,000 k.w.h.,
as compared with 161.307,100 k.w.h. for the calendar year 1924, an increase
now corporation may also acquire the interests of the Allied Power
Corp., the Penn-Ohio Edison Co., and the Commonwealth & & Light of 216%.
The company's physical property includes installed generating capacity
Corp., all incorporated in Delaware, according to the notice filedSouthern
with the of 132,956 k.w. The principal generating plant is the Deepwater station
Attorney General.
on a tract of land covering an
which
Officers of the new corporation are: President, Thomas W. Martin, on theis located Ship Channel, about 10 miles area of more than 90 acres
Ilouston
from the center of Houston.
Birmingham, Ala.: Vice-President, 'I'. A. Kenney, Bronxville, N.
Y.: This station, which is one of the largest in the South, is designed
Secretary, Stephen A. Dawley: Treasurer, II. G. Kessler.
-V. 130, P. 1112. ally built for an ultimate capacity of 180,000 k.w. and it has and partia present
installation of 100.000 k.w., consisting of one 35.000 k.w., one 25,000 k.w,
Community Water Service Co.
-1930 Expenditures.
Approximately $3,000,000 will be extended in 1930 by this company for and two 20,000 k.w, turbo-generators, together with boilers and all the
necessary auxiliary
Company has recently authorized for
'dditions and improvements to the works of its subsidiary companies, construction 47,000 machinery.additional
kilowatts
capacity. Three independent
Balance,(deficit)
1274
FINANCIAL CHRONICLE
33,000 volt transmission lines connect the Deepwater station with the
company's Gable Street electric station in Houston and its distribution
system, and these transmission lines are supplemented by a 66,000 volt
network.
Company owns an extensive system of transmission and distribution
lines, aggregating 2,016 miles, which radiates from the center of the City
and extends from the Deepwater station into Harris County and 7 other
adjoining counties, interconnecting all communities served. During 1929
the company made net additions of 111 miles to its distribution system
and 214 miles to its high voltage transmission lines.
Capitalization Outstanding with Public (After Present Financing).
Authorized. Outstanding.
1st lien St ref. mtge. gold bonds
a
b$18.000,000
1st mtge. 5% sinking fund gold bonds, due 1931 (Closed)
c2,403,000
7% preferred stock ($100 par)
$3,000,000
3,000,000
$6 preferred stock (no par)
60,000 shs. 20.000 shs.
Common stock (no par)
400,000 shs. 400,000 shs.
a Issuance of further bonds limited by restrictions of the mortgage.
b Consisting of $12,000,000 series A 5%, due 1953 (incl. this issue); 12,000,000 series B, 6%, due 1953; $2,000,000 series C.5%, due 1954;
and $2,000,000 series D,4 %,due 1978. c In addition, there are deposited
with the trustee under the 1st lien & ref. mtge. $2.071,000 of these bonds.
and the remaining $526,000 bonds of the total authorized amount of
$5,000,000 have been retired and cancelled through the sinking fund.
Purpose.
-Proceeds will be used to reimburse the company for expenditures made in connection with the enlargement and extension of its property
and for other corporate purposes.
Earnings 12 Months Ended Dec. 31 1929.
$8,025,943
Gross earnings (including other income)
4,172,226
Operating expenses, maintenance & taxes
$3,853,717
Net earnings
Interest on bonds and other interest and deductions for the above
1,038,571
period were
Annual interest on total bonded debt outstanding with public, including
this issue, requires $1,040,150.
-Operations are supervised (under the direction and control
Supervision.
-V.128, p.3351.
of its board of directors) by the Electric Bond & Share Co.
-Earnings.
Illinois Bell Telephone Co.
Calendar YearsTotalrevenues
Total exp.,incl. taxes
Interest
1928.
1927.
1926.
1929.
$91,312,999 $81,463,545 $73,367,325 $67,560,467
74,064,265 66,622,779 60,489,488 55.640.574
4,173,522 3,051,161
3,670,944 3,049,211
$13,075,212 $11,789,605 $9,206,893 $8,870,682
Netincome
'8.800.000 8,800,000 7,000,000 6,400,000
Dividends(8%)
2,956
600.000
Misc.appr. ofincome_
(VOL. 130.
substation, with a capacity of 15,000 kilowatts
-more than double the former capacity at this point-distributes energy for the city of Bloomington
and for the numerous quarries and mills in the Bloomington-Bedford limestone district. The substation is interconnected with a 66.000 volt transmission line from Indianapolis and with four 33.000 volt lines from Bedford
and the Edwardsport generating plant.
Provisions for an additional source of electricity for Winamac and surrounding territory are being made by the extension of a power line from a
point 554 miles east of Star City to the line of the Northern Indiana Public
Service Co. two miles distant. Electrical energy will be supplied to the town
of Pulaski by Inter State. It will be furnished from the Monticello substation and carried to Pulaski on an extension of the Winamac Star City
Line.
The Inter-State company, in a petition filed recently with the Indiana
Commission, asks the approval of the purchase of the Columbus Gas Light
Co., of Columbus, Ind.
The Commission late in 1929 approved the Indiana company's purchase
of the electric substation and distribution system at Taylorsville, Ind.
from the Taylorsville Light & Power Co. Inter-State had furnished curreni
at wholesale to the Taylorsville company for some time.
-V.130, p. 620.
Jacksonville Traction Co.
-Earnings.-
Calendar YearsTransportation revenues
Non-operating revenues
1929.
$1,140,501 $11198 38 $1192 ,245
,9 7
2 ,7
1
.
,377
638
1,778
6,835
Total earnings
Operating expense & taxes x
$1,141.139 $1,199,516 $1,378,181
1.037.481
1.077,925
1,228.685
Net earnings
City of So.Jacksonville port. net earns
$103,658
6,125
$121,591
6,437
$149,493
8,765
Net earns. of Jacksonville 'Frac.Co.
Interest & amortization charges
$97,533
157,953
$115,154
164,018
$140.728
173.090
,
Balance
Prior surplus
Direct credits to surplus
def.$60,420 def.$48.864 def.$32,362
118.918
43,387
67,822
67,426
124,394
7.927
Balance surplus at end of year
$8,929
$118,918
$43,387
x Pursuant to order of Florida RR. Commission,retirement accruals,must
be included in monthly operating expenses on the entire property and beginning January 1927, such an accrual was included. Figures for 1927 have
been adjusted to a comparative basis.
-17. 128. p. 1396.
Louisville Ry.-Plans Sale of $3,000,000 Bonds for Refinancing Proposal.
A plan to sell two power plants and all substations of this company to
to the H. M. Byllesby Management & Engineering Co. for $3,000,000 and
$1,870,682 an underwriting of $3.,000.000 in refunding bonds by a syndicate of five
800,000 investment houses in Louisville have been announced for the refinancing
$11.08 of 16.000,000 in 1st mtge. 6% bonds due on July 1 1930.
In consideration of the plan worked out by James P. Barnes, President
of the railway company,the company must sign a contract to buy its power
1928.
from the Louisville Gas & Electric Co., a Byllesby subsidiary. Negotia$
have been under
110,000,000 tions on the refinancing successful issue. way for some time and are said
to be in a fair way to a
(New York "Times.")
-V.124.
4,168 P. 2279.
49,101,900
-Earnings.
Mackay Companies.
12,400,000
1929.
1928.
Calendar Years1927.
1928.
5,218,237 Receipts
54,892,308 $4,970,799 $4,910,835 $4.922,811
6,474,575 Oper. exp., Fed. tax, &c.
129,745
244,585
283,418
296,640.
115,000
$44,762,563 $4,726,214 $4,627,417 $4,626,171
Net income
8,205.273 Pref. dividends(4%) I 4,612,684 4,612,628 4,611,989 4,611,111
198,240 Common dividends-- J
Rate ofcommon diva- -(7%)
(7%)
(7%)
(7%)
59,224,824
254,217
$149,879
$113,586
Balance, surplus
$15,428
015,060
9,293,614 Shares of common out6,857,040
413,804
413,804
standing (par 8100)
413,804
413,804
$6.77
Earns. per share on com$.68
$6.33
$6.35
Balance Sheet Dec. 31.
-Earnings.
Indianapolis Water Co.
1929.
1928.
Assets1927.
1926.
1927.
1926.
1929.1928.
Calendar Years$91,939,639 $91,830,350 $93,404,578 $92,883,715
$2,796,487 $2,673,084 $3,520,339 $2,455,089 Investments
Operating revenues
receiv., &c..-- 3,403,178 1,422,180
256,651
824,085
1,240,808
1,176,725 Divs. due,
1,086,048
Oper. expenses & taxes.. 1,133.760
*95,342,818 093,252,530 $93,661,230 893.707,802
Total
$1,279,531 $1,278,364
Net °par. income--- - $1,662,727 21,587,036
Liabilities
43,479 Preferred stock Issue- 49,028,000 49,028,000 50,000,000 50,000,000
77,452
Non-operating income_
Common stock issued--- 41.380,400 41,380,400 41,380,400 41,380.400
Net earnings
' $1,062,727 $1,587,036 $1,356.983 $1,321,843 Sundry acc'ts payable_ 1,068
167,000
168,085
105,000
536,303
503.392 Due to Postal Tel. & Ca552,980
579,501
Interest
26,253
23,406
Amort., &c., deductions
33,861
30.757
2.107,425
ble Corp
2,825,924 2,676,044 2,175,830 2.160,402
Surplus
$794,426
Net corporate income_ $1,049.364 $1.003,299
5795.045
-V. 128, p. 884.
.895.342,818 $93,252,530 $93,661.230 093,707,802
Total
-V. 129, p. 1592.
International Railway (Buffalo).-Earnings.1928.
1927.
Manhattan (Elevated) Ry.-Records on Fare Hearing
Calendar Years1929.
Operating revenue
$10,975,851 $11,116,653 $11,192,908 Summoned.
Operation and taxes
9,036,143 9,086,823 9,733.797
Justice Bijur has issued an order calling on the Transit Commission to
surrender to the Supreme Court all the records of the hearings it held on
Operating income
1,939,708 $2,029,830 $1.459,111 the
Interborough Rapid Transit Co.'s application for a 10c-ent fare. The
56,913
92,621
50.139 hearings
Non-operating income
of the Commission resulted in the disapproval of the application
by that body.
Gross income
$2,032,329 $2,086,743 $1,509,250
The order gives the Commission 20 days in which to comply. The
1,440,341
1.292,128
1,352,998
Fixed charges
company's purpose in getting the records before the court is to obtain a
$733.744
Net income
$68,909 review of the application for the increase, in the hope that the court will
$740,200
be
-The net income for 1927 is after deducting $340.111 for amortiza- themore favorably impressed by arguments for the fare increase than was
Note.
Commission.
tion of intangible capital. The net income for 1927 before deducting
-cent fare
The request of the Interborough
amortization amounted to $409,080 which is the amount that should be filed with the Commission June 19 Rapid Transit for a 10 decision was
last and on Sept. 18 a
was
1928.-V. 129, IL 3011.
compared with $740,200 for 1929 and $733,744 for
handed down by the Commission rejecting the petition. On Dec. 14 the
Commission refused the company's request to reopen the case.
-Business Shows Increase.
Interstate Public Service Co.
The rejection was based on the ground that the Interborough's applicaSales of electric energy in the first 11 months' period of 1929 totaled tion was in violation of restraining orders issued in the pending state courts
208.649,363 k.w.h., compared with 180,817,120 k.w.h. in the 11 month actions brought against the city and the Commission.
-V. 129, P. 3800.
period of 1928, an increase of more than 15%.
-13i% Stock Dividend.
Sales of gas in the first 11 months of 1929 were 598,798,100 cubic feet,
Midland United Co.
Mg,
compared with 572.185,900 cubic feet in the corresponding period of
The directors have declared a 134% stock dividend on the common
an increase of 4 %•
stock, payable
March 24 to holders of record March 1 1930. An initial
sources of gas supply were recently com- distribution of on amount was made on this stock on Dec. 24 last.
Pipe line connections with new
-V.
like
pleted. On Jan. 15. New Albany and Jeffersonville were supplied for the 130, p. 798.
first time with gas purchased from the Louisville Gas & Electric Co. The
-Definitive Bonds.
Louisville company built a pipe line across the new municipal bridge over
Milwaukee Electric Ry. & Light Co.
the Ohio river to Jeffersonville. This pipe line was connected with a line
The Central Hanover Bank & Trust Co. announces that definitive ref.
built by the Inter State company between Jeffersonville and New Albany. 1st mtge. 5% gold bonds, series B. will be available in exchange for outThese two cities had previously been supplied by two gas manufacturing standing temporaries on and after Feb. 24.-V. 129, p. 4138.
plants, one located in each town. As a result of this new arrangement, the
-January Output.
New England Power Association.
towns are now interconnected and adequate and reliable service is assured
through the company's contract for the purchase of gas from Louisville.
This association produced 156.137,000 k.w.h. of electric energy in
The two local gas plants will be retained as standby units.
January, a new high record for that month, 3% over January 1929, and
Martinsville is now being supplied with gas purchased under contract 36% over January 1928. In the 12 months ended Jan. 31 the output of
from the Indiana Consumers Gas & By Products Co., of Terre Haute. the association was 1,755,855,000 k.w.h., an increase of 24% over the 12
The Terre Haute company built a pipe linefrom Terre Haute to Martinsville months ended Jan. 311929, and 55% over the 12 months ended Jan. 31,
where It connects with a line extending from Martinsville to Bloomington 1928.
built by the Inter State. The Gas plant at Bloomington is being kept in
The Association is expending 120.000.000for construction work this year In
commission as a standby unit.
New Hampshire, Vermont, Massachusetts and Rhode Island. This amount
The contracts for the purchase of gas from outside sources enable the Is approximately equal to the expenditure of the Association last year when
without additional 125 construction jobs were under way providing continuous employment
company to meet the increased demand for service
expenditure for additions to its gas manufacturing plants in the three cities. throughout the year for a force of 2,750 men. The most important single
The Inter State electric railway business between Indianapolis and Louis- construction project of the Association is its new 200.000 h.p. hydroville has increased substantially since the new railroad bridge across the electric development on the upper Connecticut River at the Lower Fifteen
Ohio River was completed last summer and operation of trains into the heart Mile Falls site which will be in operation Oct. 1. This is the largest hydroof Louisville resumed.
electric development scheduled for completion in the United States this
The Big Four railroad bridge over the Ohio River between Jeffersonville year and will be the second largest hydro-electric station east of Niagara
and Louisville has been rebuilt and the Inter State company, which has an Falls.
-V. 130, p. 973.
operating agreement for trackage rights on the bridge, now runs trains from
the center of Indianapolis to downtown Louisville without change. Eight
New York State Rys -Protective Committees Formed for
Indianapolis and Louisville
limited trains are operated each way between
Utica & Mohawk Valley Ry. and Utica Belt Line Street RR.
daily and yoarlor dining car and sleeping car service is maintained.
Committees have been organized to protect the interest of the holders
A new electric distribution center, one of the largest in southern Indiana,
A new of the 45.5% 40
-year mtge. gold bonds of Utica & Mohawk Valley By.,and
recently was placed in service by the company at Bloomington.
$4.275,212 $2,986,649 $2,206,893
Surplus
1,100,000
1.100,000 1,100,000
She. outst'g (par $100)
$10.72
$11.89
$8.37
Earned per share
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
Liabilities$
AssetsIS
$
Capital stock_ _ _110,000,000
Land & bidgs. &
teleph. plant:_265,300,640 246,976,355 Cap. stk. install 20,033,500
4,168
General equipl.. 4,310,578 4,105,788 Prem.on cap.stk
Investments __ _ 2,917,661 1,981.741 Funded debt ___ 48,976,200
2,200,000
Cash & deposits- 1,061,805 1,193,024 Advances
22.273 Notes
6,499,540
Marketable sec
23,937
11,356 Accts. payable _ 6,631,169
13,843
Bills receivable _
270.000
Accts.receivable 8,634,858 1,392,568 Bills payable_ -903,468 Accr. liabillities,
Mat'is &suppl's 1,749,527
15,721,466
not due
Accrued income
10,021
6,459 Other def. cred _
63,893
not due
Deferred debits_ 7,539,981 4.754,056 Res. for accrued
depreciation _ 60.524,704
274,086
Other reserves._
Approp.surplus 11,046,496
Tot.(each side)_291,562,853 267.347,088 Corporate surp _ 9,317,630
-V.130, p. 619.
FEB. 22
FINANCIAL CHRONICLE
1930.]
-year gold bonds of
-year gold bonds and 2nd mtge. 5% 40
1s5 mtge. 5% 50
Utica Belt Line Street RR.
Oneida National Bank & Trust Co. of Utica: Citizens Trust Co. of Utica,
N. Y.; Utica Trust & Deposit Co., and Utica National Bank & Trust Co.
are named as depositaries.
All holders of these bonds are urged to deposit them immediately with
one of the depositaries mentioned.
-Robert A. Middleton, C. Roy
-Committee.
Utica Belt Line Street RR.
Newkirk, A. G. Miller, R. H. Balch and D. L. Mott.
Utica dt Mohawk Valley Ry. Committee -Edward D. Ibbotson, C. Loomis
Allen, R. E. Crouse. A. James Eckert and 0. Judd McKeown.
Charles W. Childs, 238 Genesee St., Utica, N. Y. is Secretary, and
Dunmore, Ferris & Dewey, First National Bank Building, Utica, N. Y..
-V. 130, P. 973.
are counsel for both committees.
New York Telephone Co.
-Tenders.-
•
The Guaranty Trust Co. of New York, trustee, 140 Broadway, N. Y.
-year s. f. 6%
City,will until March 28 receive bids for the sale to it of 30
gold deb. bonds due Feb. 1 1949; to an amount sufficient to exhaust
$337,429. at a price not exceeding 110 and int.-V. 130, P. 973.
-Estimated Earnings.
Niagara Hudson Power Corp.
Earnings of this corporation for the year 1929 were equal to approximately
50 cents per share, it is estimated by Waterman, Bonn & Co., members of
the New York Stock Exchange. It is further estimated that net earnings
for 1930 will be close to 90 cents per share. The St. Regis Paper Co., the
largest single stockholder of Niagara Hudson Power Corp. will show total
earnings for 1929 of between $1.25 and $1.50 per share, the firm states.
Of the common stock of the St. Regis company 25% is owned by the Eastern
-V.129. p. 3326.
States Power Co.,a holding company.
North American Co.
-Expansion, &c.-'
President Frank L. Dame,in a letter to the stockholders, says:
Washington Rate Reduction.
-Customers of Potomac Electric Power Co.
In Washington, D. C. and vicinity will save $650,000 during 1930 as the
result of the company's sixth consecutive annual reduction of electric rates,
which took cited Jan. 1. Users of domestic service gain the largest proportionate benefit from the decreased rates, although the reductions are
applicable to various uses of electricity. Household electric rates have
decreased 53% since 1924.
Increased Facilities in California -Construction of additional steam electric generating facilities will be started soon by San Joaquin Light and Power
Corp. The capacity of the new unit will be 35.000 kilowatts and the cost
of the building and equipment will be approximately $3,500,000. It is
planned to use natural gas fuel from nearby gas fields, although the furnaces
will be equipped to burn oil in case of emergency. The building will be of
modern steel and concrete construction, and will be similar in design to the
new steam electric generating plant at San Francisco which was placed
in operation late in 1929 by Great Western Power Co. of California, another North American subsidiary. Work has been started on enlargement
of the Merced Falls hydro-electric plant of San Joaquin Light & Power
Corp.,increasing the capacity from 500 to 3,500 kilowatts.
Progress of Missouri Hydro Project.
-The $30,000,000 hydro-electric development at Bagnell, Mo., on the Osage River, which is to give the Mssiouri-Illinois-lowa system its second large hydro plant, is progressing
rapidly. Housing facilities, roads, sewers, water system, hospital, refrWerating plant, school, &c., have been constructed and are in service, as
Is a temporary power plant of 3,000 kilowatts capacity which supplies
service to the project. Excavation and cofferdam work for the spillway
section are well under way. Approximately 18,000 acres of timber land in
the reservoir section are to be cleared. Of this area. 7,000 acres are under
contract for clearing. Initial capacity of this plant will be 129,000 kilowatts.
Union Electric Light and Power Co. expects to start operation of the plant
late in 1931.
New Construction in Ohio.
-One of the mostimportant construction undertakings of The Cleveland Electric Illuminating Co. during 1930, next to
the new power plant which is being built near Ashtabula, will be a new
132,000 volt steel-tower transmission line, 69 miles in length. It will connect the Ashtabula plant with a new step-down substation at Northfield,
where the current will be transformed for distrubtion in Great Cleveland.
Work Is progressing on the Ashtabula plant, the first three units of which,
of 50,000 kilowatts capacity each, it is expected will be placed in service
this year. Other construction during 1930 will include a third rotary converter in the Canal Road sub-station, built last year with the installation
of two converters of 6,500 kilowatts capacity, and the enlargement of 16
substations in the Greater Cleveland area. There are more than 1,500
men employed on the company's construction work now under progress.
Developments in Wisconsin-Michigan.
-The Wisconsin-Michigan subsidiaries are carrying forward according to schedule their programs of
extending and improving public service facilities to meet the growing
demands of the territories served. Major developments under way include
engineering and other work preliminary to installation of a large steam
electric generating station at Port Washington Wis., by the Milwaukee
Electric 11y. & Light Co.; addition of 75,400 kilowatts capacity at Lakeside power plant of Wisconsin Electric Power Co.; further extension of the
high pressure gas system of Wisconsin Gas & Electric Co., and extension
of electric service facilities into new territory by Wisconsin Michigan Power
Co. On Jan. 21 the electors of Port Washington approved sale of their
municipal electric generating plant to the Milwaukee Electric Ry. & Light
Co. by a vote of 1.456 to 38. The Chicago, Milwaukee, St. Paul & Pacific
RR. reoently contracted to purchase from the Milwaukee Electric Railway
& Light Co. the entire electric power requirements of its principal car and
locomotive shops, located at Milwaukee. Present requirements are about
2,000 kilowatts, which soon will be increased materially on completion of
a large shop addition. Wisconsin Gas & Electric Co. recently installed
the largest bullet type high pressure gas holder in the United States. This
holder, located at Waukesha, has a capacity of 354,000 cubic feet at 50
pounds pressure and serves as a storage reservoir for the company's 125
mile high pressure gas transmission line extending from Racine to Lake
Mills and Whitewater.
Construction Budgets for 1930.
-The North American Co.'s subsidiaries
are providing for substantially increased expenditures during 1930 over
1929 for additions to plants and systems. Estimates of 1930 construction
budgets aggregate upwards of $100,000,000 for new work authorized,
Including new projects and amounts carried over from 1929 in connection
with large construction programs falling naturally into two or more calendar
years. Of this amount it is estimated that about $57,000,000 will be expended during 1930, as compared with $50.000,000 expended during 1929.
Preliminary Consolidated Income Statement (Incl. Subsidiaries)
1927.
1926.
12 Mos. End, Dec. 31- 1929.
1928.
Gross earnings
$147,779,869 8135551.899 $122166,834 8115850,466
Op. exp., maint. & taxes 76,451,594 71,152,647 65,308,621 64,382,878
Not income
Other income
$71,328,275 $64,399,252 $56,858,213 $51,467,589
4,290,936 3,022,715
4,143.441
x4,553,757
Total income
$75,882,032 $68,690,188 859.880,928 $55,611.030
Interest charges
18,630,754 18,243,609 17,775,812 16.414,630
9,961,982 8,966.740
Prof. diva. of subs
8,355.435
10,463.963
Minority interests
2.360,812 ,1,807,180
1.401,7951,369.363
Res. for depreciation-.. _ 15,619,678 14.274,664 12,481,932 11.908,094
Net income
$28,806,824 $24,402,753 $19.254,647 $17,563,507
1.820.022 1,820,108
1,820,032
Preferred dividends...._ _ 1,820,034
4,341,772
Common dividends_ _ _ 5,353,019 4,806,550
3,932.525
Total surplus after all
diva. & reserve
$21,633.771 $17,776,172 813.092,853 $11,810,875
She:. of corn. outstanding
5,011,960 4,514,863
5,603,839
(no par)
4,091.322
$3.86
$4.50
Earns, per sh. on com
$4.82
$3.85
x Includes $509.582, representing stock dividends taken up at value at
which stock L charged to surplus of issuing company and $32,466 proceeds
stock dividends.
-V. 130, p. 621.
from sale of
1275
-Debentures OfPacific Northwest Public Service Co.
-Harris, Forbes & Co.; H. M. Byllesby & Co., Inc.;
fered.
Halsey, Stuart & Co., Inc.; West & Co., and Albert E.
Peirce & Co., Inc. we offering at 99 and int. $16,000,000
6% convertible gold debentures.
Dated March 1 1930; due March 11950. Int. payable M.& S. at Barrie.
Forbes & Co. in N. Y. City or in Boston or Chicago. Callable in whole
or in part on first day of any month on 30 days' notice at 100li and int.
through Sept. 1 1933; thereafter at 105 and int. through Sept. 1 1938:
thereafter at 1023 and int. through Sept. 11943; thereafter at 101 and int.
through Sept. 11949,and thereafter prior to maturity at 100 and int. Denom.
.
$1,000c5 Harris Trust& Savings Bank,Chicago,trustee.Company will wee
to pay interest without deduction for any Federal income taxes not eir--Wng
2% per annum which it may be required or permitted to pay thereon or
retain therefrom, and to reimburse the holders of these debentures for
Pa., Conn., Md., Calif., Mass., Vt. or N. H. taxes of the character to the
extent and upon the conditions provided in the indenture.
Data from Letter of Pres. Franklin T. Griffith, Dated Feb. 19 1930.
Company.-Incorp. in 1906 as Portland Ry., Lt. & Power Co. which
an
name was later changed to Portland Electric Power Co. Will be ' operating subsidiary of Central Public Service Corp. and willfurnish, directly
or through subsidiaries, light and power in Portland and over 75 other
communities in western Oregon,conduct the gas business in Seattle. Wash.,
and operate city and interurban railway lines in Portland and adjacent territory. Company and its subsidiaries will serve over 107,000 electric customers and 60,000 gas customers located in a territory having an estimated
population in excess of 800,000.
Properties.
-Company's electric generating capacity aggregates 190.000
h.p., of which 115.000 h.p. is located in 6 hydro-electric plants and 75.000
h.p. in 3 reserve steam stations. To provide for the company's futurepower
requirements, the hydro-electric station on the upper Clackamas River.
which has at present an installed generating capacity of 35,000 h.p., has
been designed for an ultimate capacity of 105,000 h.p. The major part
of the electric output of the company is hydro-electric. The 3 reserve
steam stations produce auxiliary power when required, and are located
in a territory where a plentiful supply of wood waste from the large sawmills is available for fuel.
The transmission system of the company and its subsidiaries embraces
over 800 miles of high-tension transmission lines which interconnect the
hydro-electric plants and steam stations with 18 sub-stations located at the
important load centres. Through interconnection with other large power
companies, its transmission system forms an integral part of an extensive
superpower system, extending from Seattle, Wash., to San Diego, Calif.
Company supplies approximately three-quarters of the electric energy consumed in Portland and operates exclusively in the other communities served
in Oregon. including Salem, Oregon City, Newberg and Hillsboro. Company's railway property includes 292 miles of track, of which 190 miles comprise the city railway system in Portland and 102 miles are interurban lines.
Through a subsidiary, Seattle Lighting Co., gas will be manufactured
and distributed in Seattle, Wash. The gas manufacturing plants in Seattle
have a rated capacity of 12,500.000 cu. ft. per day, and distribution is
effected through 919 miles of gas mains.
Purpose.
-Proceeds will be used to retire $6,935,000 of funded debt of
the company maturing in 1930, to purchase substantially all of the common
stock of Seattle Lighting Co. and for other corporate purposes.
Capitalization to Be Outstanding with Public (After Present Financing).
x150.000 abs.
Common stock (no par)
Y$25,121.900
Preferred stocks (par or liquidating value)
16,000,000
6% convertible gold debentures. due 1950 (this issue)
1st lien & ref. mtge. bonds, 5;a,6 and 7M %,due 1946 to 1951 21,559,800
8,510,800
1st & ref. mtge. bonds, 5% due 1942
6.877,000
Divisional bonds, 5% due 1935
12,796,200
Subsidiary companies' bonds and preferred stocks
x 148,936 shares to be owned by Central Public Service Corp.
y Includes $174,900 stock subscribed for on partial payment plan.
-The consolidated earnings of the company and its subsidiariee,
Earnings.
including Seattle Lighting Co.. for the 12 months ended Nov. 30 1929 and
annual charges, after giving effect to the present financing and the application of the proceeds thereof, were as follows:
$15,510.315
Gross revenues and other income
9,302.343
Operating expenses, maint. and taxes (except Federal)
86.207.972
...Set earnings before int., deprec. dividends, &c
Annual interest and dividend requirements on sub. cos' bonds
and pref. stocks and mtge. debt of the company to be outstanding(less $149.333 credit for int. during const.)$2,639,013
Annual int. requirements on this issue of debentures- 960.000 3,599.013
838,658
Provision for depreciation
Net earnings, as above, were over 1.7 times the annual interest and dividend requirements on sub. cos' bonds and pref, stocks and the total funded
debt of the company to be outstanding with the public on completion of
this financing. Net earnings, as above, after deducting annual interest
and dividend requirements on sub. cos' bonds and pref. stocks and annual
Interest requirements on the mtge. debt of the company, as above, were
$3,568,959, or approximately 3.7 times the annual interest requirements
on these debentures, and after deducting $838,658 for depreciation, were
over 2.8 times the annual interest requirements on these debentures.
-Under arrangements made with Central Public
Conversion Privilege.
Service Corp., these debentures will be convertible at the holders' option.
subject to the indenture provisions regarding certain stock dividends, stock
offerings, recapitalization, successor corporations, &c., into 25 shares of
class A stock of Central Public Service Corp. for each 51.000 of debentures
at any time on or after Sept. 1 1930 and before Sept. 1 1933. with adjustments for interest and dividends. Debentures called for redemption either
prior to or during the conversion period may be converted up to but not
after the tenth day before the date set for redemption.
Upon the exercise of the conversion privilege, debentures must be presented at the office of the trustee under the indenture in Chicago, and class A
stock will be delivered therefor within 30 days (or less, at the option of
Central Public Service Corp.) after surrender of debentures.
--Rights.
Pacific Telephone & Telegraph Co.
The directors have authorized issuance of rights to purchase one additional share of common stock at $100 per share for each two shares of either
Preferred or common stock held of record March 7. Subscription privileges
-V. 130, p. 1115.
expire March 31 and may be made on installment plan.
-Changes Name.
Portland Electric Power Co.
-V. 130, p. 974.
See Pacific Northwest Public Service Co. above.
-Acquisition.
Public Service Co-ordinated Transport.
See Public Service Corp. of New Jersey below.
1928.
1929.
Calendar Years$34,732,658 $34.719.509
Operating revenues
28,588,849 29.268.099
Operating deductions
Operating income
Non-operating income
86,143,809 85.451,410
150,842
144,166
Gross income
Income deductions (Intelsat, rents, &c.)
$6,287,975 $5,602,253
6,531,227
5.779.373
Net deficit
-V. 130. p. 137.
$243,251
$177.120
-Acquires Yellow
Public Service Corp. of New Jersey.
Cab, Inc., of Newark.
- Control of Yellow Cab. Inc., of Newark, through the purchase of a
North American Light & Power Co. (& Subs.).
Preliminary Earnings.
majority of its capital stock has been acquired by the Public Service Co1929.
ordinated Transport, a subsidiary of the Public Service Corp. of New Jersey,
Years Ended Dec. 311928.
$45,806,802 $41.896,560 according to an announcement made by M. R. Boylan, Vice-President a
Gross earnings from operations
soon as details
3.562,248
Net earnings avail, for diva, on common stock
Amt. avail, per sh. for diva, on cont. stk. on aver.
$3.18
number of shs. outst. for the 12 months' period-V. 130. p. 1115.
-Successor.
Northern Indiana Ry., Inc.
See Chicago South Bend & Northern Indiana Ry. above.
2.109.991
$2.87
are arranged the new managethe transport company. As
ment will take over the active operation of the business. The cab company
operates in Newark, East Orange, West Orange, South Orange, Maplewood, Bloomfield, Glen Ridge, Montclair, Harrison, Kearny, Elizabeth
and Roselle Park.
"While some changes will be made in administration and operating details," said Mr. Boylan,"so far as the public is concerned there will be no
1276
FINANCIAL CHRONICLE
let up in the high standard of service that the company has been supplying.
"In taking over the cab company we also take over the order for 100 cabs
recently placed with manufacturers and as fast as these are delivered they
will be put in operation."
-V. 130. p. 799.
Public Service Electric & Gas Co.
-Earnings.
-
Years End. Dec. 311929.
1926.
1927.
1928.
Operating revenue
$94,286,063 $87,543,468 $79,636,301 $73,240,609
Oper. exps. and taxes
51,290,088 48,121,479 45,341.161 42.488,650
Retire. exps. (depr..ecc.) 7.845,147 x8,644,089
7,422,273
7.035,388
Operating income_ ___$35,150,828 $30,777,921 $26,872,868 $23,716,570
Non-operating revenue.. 3,124,008 3,418.524
3.001,893
1,949,553
Non-oper. rev. deduct__
37,184
29,200
23,883
23,613
Non-oper. income..___ $3,094,808 $3.381.340 $2,978,010 $1,925,940
Gross income
$38,245,637 $34,159,281 $29,850,878 $25.642,511
Bond int., rentals and
misc. int. charges
9,698,223 10,079,024 10.725,053 10,492.104
Approp.acct. adj. ofsurplus acc ts (excl. diva.) Cr718:186
Cr4,186
Dr47.005
Cr41
Total
$29,265,580 $24,084,423 $19.078,819 $15,150,449
7% cum. pref. stk. diva_ 1,400,000
1,400,000 1,400.000
1.400.000
6% cum. pref. stk. diva. 3,104,358 3.104,008
2.674,958
977.500
Common stock diva
20.039,061 16.843,749 14.526.563 12,052,500
Surplus
$4,722,159 $2,736,686
$720,449
$477,298
Burp, begin, of period- 16,281,352 13.524.680 13,047.388 12,326,940
Surplus end of period-$20.983,511 $16.261,352 $13,524,686 $13,047,389
x Includes $200,186 Camden Coke Co. retiremnet expense.
1930 Expansion.
Nearly $27,000,000 has been authorized for the 1930 budget for this
company,an operating subsidiary of the Public Service Corp. of New Jersey.
This provides for new construction, extensions, improvements and betterments for both the electric and gas departments throughout the company's
territory in New Jersey.
The major part of the funds for the electric department will be spent
for extensions and reinforcements to the distribution system. More than
$5.000,000 will be used for the construction of five new sub-stations, as
well as the reconstruction of existing equipment in a number of present
sub-stations.
The sum of $2,700,000 has been provided for reinforcing electric distributing lines and for the construction of underground conduits in all parts of
the system.
In addition to these projects, about $2.500,000 will be spent in the generation department for replacements and improvements in power houses and
new buildings.
Principal construction projects for the gas department involve an expenditure of nearly $5,000,000.
Record Sales.
Sunday (Feb. 16), the coldest day of the winter so far, was marked by the
gas department of this company, a subsidiary of the Public Service Corp.
of New Jersey, by the largest send-out of gas in the company's history. In
24 hours 98.149.000 cubic feet were supplied to consumers. The largest
previous days' output was on Jan. 19 of this year when 93.233,000 cubic
feet were consumed.
-V. 130, p. 974.
Seattle Lighting Co.
-New Control.
-
See Pacific Northwest Public Service Co. above.
-V. 130, p. 623.
Shawinigan Water & Power Co.
-Bonds Offered.
-An
additional issue of $15,000,000 1st mtge. & Coll. trust
sinking fund gold bonds, series C, 59', is being offered at
98 and int., to yield over 5.10%, by Aldred & Co.; Brown
Brothers & Co.; Lee, Higginson & Co.; Alex. Brown & Sons;
Jackson & Curtis, and Minsch, Monell & Co., Inc. A
banking group in Canada is offering a substantial mount
of the above bonds.
Dated Feb. 1 1930; due Feb. 1 1970. Denom. $1,000 and $500c5
.
Principal and int. (F. de A.) payable, at holder's option, in N. Y. City in
United States gold coin, in Montreal in Canadian gold coin or in London
in pounds sterling at $4.86 2-3. Callable on 30 days' notice as a whole at
any time, or in part on any int. date, at 106 and int. on or before Feb. 1
1935, premium thereafter decreasing 1% each 5 years to 1960, therafter
at 100M and int. to 1965, and thereafter without premium. Montreal
Trust Co.. trustee.
Capital Outstanding (Upon Completion of Present Financing).
1st mtge. ge coll. tr.skg.fd. gold bds.(authorized $200,000,000):
Series A,44
due Oct. 11967
$35,000,000
Series B,
o, due May 1 1968
16,107.500
Series 0.5%,due Feb. 1 1970 (this issue)
15,000.000
Laurentide Power Co., Ltd., 1st mtge. 5%. 1946
6,410,000
General mtge. 534%. 1948
1,459,500
Capital stock (no par value)
2.178.250 abs.
Data from Letter of Julian C. Smith, Vice-Pres. of the Company.
Business.
-Company is one of the largest producers of hydro-electric
power in the world. It owns, or controls through stock ownership or
through contracts with affiliated companies, water powers and hydroelectric power in the Province of Quebec, aggregating over 2,000,000 h.p.
Of this 803.650 h.p. is developed and in use and 55,000 h.p. additional is
scheduled for installation during 1930.
The company owns 1.485 miles of high tension transmission lines, including lines to Montreal and the City of Quebec. In addition, 2.053
miles of distribution lines are owned or controlled. Electricity is furnished
to 368 communities,comprising substantially all the larger cities and manufacturing districts in the Province of Quebec. Total population of territory
served is approximately 2,400,000.
Security.
-Secured by direct first mortgage on the company's lands,
rights in lands, water powers, dams, power houses and transmission lines
owned Oct. 1 1927, or since acquired and made the basis of issue of additional bonds; by pledge of certain first mortgage bonds of !electric and
manufacturing companies now controlled; and by a floating charge on all
other assets now owned or hereafter acquired. Additional bonds are tunable under restrictions of the mortgage. Except as otherwise therein
provided, the lien of the mortgage will not extend to other property or
securities not made the basis of balm of additional bonds.
Total book value of properties (after depreciation) and securities covered
by $66,107,500 bonds to be outstanding, will be more than $88,000,000,
of which more than $70,000,000 comprises properties on which these bonds
will be a direct first mortgage. Actual value of properties considerably
exceeds book values. Total fixed assets (after depreciation) and securities
owned, at book values, exceed $143,000,000; total funded debt, upon completion of this financing, will be $73,977,000.
Earnings Year Ended Dec. 31.
Balance.
Or. Earns. aNet Earns. hint. Chgs.
1925
$6,702,034 $3.700,877 $1,334,538 $2,388,339
1926
2,957,323
1.459,744
4,417,067
7,660,207
1927
3,294,783
1.637,493
9,362,828 4,932,276
1928
4,848.523
7,098,523
11,562,331
2, ,
1929
2,857,754
5,987,979
8,765,733
13,475,863
Note.
-a Before depreciation and income taxes applicable to interest
charges.
b Includes interest charged to capital account.
Net earnings for 1929 as above were $8,785,733, or 2.54 times the $3,450,810 annual interest on total funded debt to be outstanding upon
completion of present financing.
Sinking Fund.
-Sinking fund of 1% per annum on largest amount of
first mortgage and collateral trust bonds outstanding in each year, is to be
used for purchase or call and retirement of bonds issued under this mortgage.
-V.130,p. 1107.
[VOL. 130.
The Commission Jan. 25 approved the acquisition by the company of
certain telephone properties of John W. Miller, doing business as the
Mesquite Telephone Co.
-V. 129, P. 3327.
Southern California Edison Co.
-To Reclassify Preferred Stock-Rights.
-
The stockholders will vote on March 21 to approve amendments to the
articles of incorporation, providing for a change of name from the present
designation to the Southern California Edison Co., Ltd., a reclassification
of the preferred stock by increasing the preferred stock, series B 6%,from
850,000,000 to 853,000,000, and the 53i% Preferred, series C, from $45,000,000 to $66,000.000, at the same time reducing the 7% preferred stock,
series A, from $30,000.000 to $27,000,000 and eliminating all of the $21.000,000 preferred stock, series D 5%, none of which has been issued.
The two latter changes apply only to unissued stock. The life of the
corporation has been extended from July 8 1959 to Dec. 31 1979, subject
to the written consent of the stockholders.
The directors have authorized the issuance and sale of 283.000 shares of
common stock to holders of common and (or) original preferred stock,
at par, payable in cash. Each holder of common and (or) original pref.
stock of on Feb. 28 1930 may subscribe for and purchase such common
stock between March 25 1930 and April 21 1930 inclusive, at the rate of one
share for every ten shares of common and (or) original pref. stock owned
by the stockholder on Feb. 28 1930. No fractional shares will be issued.
To subscribe for and purchase shares, warrants must be surrendered
between March 25 1930 and April 21 1930 incl., to Bankers Trust Co., 16
Wall St., N. Y. City, or to the Investment Department of the company,
306 West Third St. Los Angeles, Calif.. accompanied by payment In full.
Stockholders entitled to participate residing or sojourning in Alaska,
Hawaii, Philippine Islands or foreign countries, except Canada and Mexico.
will be permitod to subscribe for and purchase shares between March 25
1930 and May 31 1930 incl., provided, however, that in the event the purchase price shall be received after April 21 1930, interest at the rate of
8% per annum on the full purchase price from April 21 1930 to the date
the same is received, shall be paid in addition to the purchase price.
New Bond Issue Authorized.
The company's refunding mortgage gold bonds, series 5s, due in 1954.
in the amount of $5.000.000. will be made available immediately, according to an announcement made last week by President R. H. Ballard,
following information that the proposed Issue had received the approval
of the California RR. Commission.
No syndicate or underwriting will be employed in the distribution of
these bonds, Mr. Ballard said. They will be marketed locally by the
company's investment department in tho same way as the company's
stock. This department had recently completed the sale of $2,000.000
of similar bonds by this method of day-by-day over-the-counter sales,
Mr. Ballard explained. "Money realized from the sale of these bonds
will be applied to our construction budget of $23,601.058 for the extension
of distribution facilities to care for the great amount of new business in
prospect," Mr. Ballard stated. "We are planning to increase our total
consumers'connected load 15% during 1930 and, while he vear has barely
started, we are convinced that our goal will be attained."
-V..130, p. 1115.
Standard Gas & Electric Co.
-Executive Committee.
-
President John J. O'Brien announces the appointment of an executive
committee by the board of directors. The committee is composed of Mr.
O'Brien, Chairman; A. C. Allyn, Victor Emanuel, Halford Erickson,
-V.130, p.623.
Robert J. Graf and B. W.Lynch.
-Earnings.Tampa Electric Co.
Calendar YearsTotal earnings
Operation expenses
Maintenance
Retirement accruals
Taxes
1927.
6
192 ;430 $4.9 ;004 $4,714,686
1 658
$4,599
28
1,917,743
2,037,106
1,949,127
317.173
364,815
349,232
556.411
552,126
509,759
294,961
329.409
333.744
Net earnings
Income from other sources
$1,510,141
Total income
Interest and amortization charges-
51,510.141 $1,476,369 $1,489,180
47,867
57,395
53,811
Balance
Prior earned surplus
$1,462,273 $1,422,558 $1,431,784
2.754,906
2,657,111
2,721,214
Total surplus
Net direct charges
$4,119,385 $4,143,772 $4,186,691
184,024
85,338
38.047
Balance
Preferred dividends
Common dividends. Cash
Common dividends, stock
$3,955,360 $4,105,724 54.101,353
55,831
70,000
69,785
1,027,195
987,612
947.415
377,094
391,216
406.878
$1.458,392 $1.489,180
17,977
Earned surplus at end of year
$2,451,287 $2.857.111 $2,721,213
Consolidated Comparative Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Assets
LiabilitiesPlant as property_16,450,157 16,251,086 Pref. stock 7%,__ 1,000,000 1,000,000
367,153 Com.stk.
709.730
Cash
(no par)al0,493,885 10,087,006
17,892
Notes receivable
25,394 Bonds
1,123,000 1,143,000
422,165 Accounts payable_
Acc'ts receivable.- 414,299
21,469
20,898
317,420 Accts. not /et due_ 354,881
Materials dc suPp- 294,761
385,170
Retirem't reserve_ 2,522,484 2,132,574
31,625
Prepayments
1,102 A pprop.reserve for
6.117
Miscell. investmla
1.180 retirements ____
1,821
927
1,947
Sinking funds_
Contrib. for exten_
42,883
59,814
Unamortized debt
25,608 Oper. reserves_ _
23,823
51,436
59,941
cllsct. dc expense
27,709 Unadjusted credits
86,131
42,587
99,334
Unadjusted debits
173.500 Earned surplus._- 2,451,287 2,657,111
Treasury securities 173,500
18,166,313 17,628,830 Total
18,166,313 17,628,830
Total'
a Represented by 524.561 shares of no par value in 1929 and 504,217
shares in 1927.-V. 130. p. 623.
-Earnings.
Twin City Rapid Transit Co.
1928.
1929.
Calendar Years1927.
1928.
Rev, from transporta'n313,373,735 512,886,932 $13,287,479 513,825.852
114,241
Other revenue
118.420
138,164
119,415
Total oper. revenue.. $13.487,976 $13,005,353 $13,425,643 $13,945,267
Way and structures.,,._ 1,215,987
1,285,073
1,201,893
1.198,583
1,113,743
Equipment
1,070,227
1.106,304
1,052,108
1.122.082
Power
982,316
1,198,256
1,045,879
4,380,316
Conduct'g transporta
4,364,027
4,475,822
4,401.568
43,808
Traffic
64,289
46,492
48,261
978,306
Motor bus expenses_ _ _ _
1,097,400
1.115,778
1.088,945
General and miscall_ _ - _ 1.076,390
1,097,218
1,178.143
1,124,630
Total oper. expenses_ - $9,930,434 $9,950,552 59.959.972 $10,322.488
Net operating revenue
3,557,542
3.622,778
3,465,871
3,054,801
Taxes
1.201,923
1.229,115
1,098,849
1,254,793
Operating income__ _ _ $2,355,619 $1,955,952 $2,210,878 $2,393.683
Non-oper. Income
121.977
56,498
63,929
99.281
Gross income
$2,477,596 $2,055,234 $2,274,808 $2,450,161
Interest on funded debt.. 1,207,610
995.520
991.602
1.205,801
Miscellaneous
14,107
17.836
10,605
15,782
Net income
$1,255,870
$ $833,589 51,272,600 -.1131KV.05
Southern Bell Tel. 8c Tel. Co.
Pref. dividends (7%)
-Acquisitions.
210,000
210,000
210,000
The L-S. C. Commission Jan. 28 approved the acquisition by the com- Common dividends
880.000
4ö(4%)880,000(5)1.100.000
pany of the properties of the Hartsville Home Telephone Co.
Balance, surplus
$165,879
$182.800
$183,589
5126.805
On Oct. 19 1929 the Bell company contracted to purchase the physical Shares of common outtelephone properties of the Hartsville company, free from all liens and enstanding (par $100)
220.000
220.000
220.000
220,000
cumbrances, for $1,058.
Earns, per sh. on corn,,.,
$4.75
$8.53
$4.83
$2.83
FEB. 22 1930.]
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
Assets
Road gr equIpm't_60,475,942 60,086,012
Misc. phys. prop__
5,771
5,770
Other invest'ts___ 2,102,433 1,909,449
Depos. in lieu of
mtgd. prop. sold
12,377
Cash
411,450
456,563
Loans Jr notes ree32,938
33,668
Int.& dive. receiv20,297
6,411
Misc. acc'ts recle_
57,856
61,922
Material & suppl's 852,752
798,980
Injuries dr damages
reserve fund _ _
107,265
90,968
Bents dr Ins, paid
In advance
68,089
35.471
Disc. & exp. on
fund. d't ninon_ 1,626,380 1,697,348
1928.
$
Common stock___22,000.000 22,000,000
Preferred stock_ __ 3,000,000 3,000.000
Fund,debt unmat.22,463,000 22,468,000
Audited accts. ,Sr
wages payable-44,084
40,464
Miscel. accts. Day_
8,450
17,410
AccrInt.(not due). 177,987
178,008
Tax liability
1,124,644 1,025,972
Res. for injuries &
damages
284,637
286,724
Res. for de precia__14,796,522 14,385,992
Unadjust. credits_ 160,405
148,859
Profit and loss _ _
1,713,821 1,631,134
1277
Agawam Electric Co.; 750 shares Ludlow Electric Light Co.: 300 shares
Lee Electric Co.; 1,490 shares Hamishire Electric Co.: 228 shares Western
Counties Electric Co.; 2,000 shares Quinnehtuk Co. and 5.000 shares
Western Mass. Agency, Inc. On the same date there were outstanding
975,322 common shares, no par, of Western Massachusetts, which were
ssued in exchange for the above mentioned investments.
-V.129. p. 3168.
Washington Baltimore & Annap. Elec. RR.
-Earnings.
Calendar YearsOperating revenue
Operating expenses,taxes& depredation
1929.
1928.
$2,537,511 $2.488.236
2,159.373
1.995.295
Total
65,773,551 65,182,564
8378,138
5,912
8492.941
11.010
Gross income
Interest on bonds & notes
Miscellaneous deductions
$384,050
573,570
11,888
$503.951
541,450
19.829
Deficit for year
Previoussurplus
$201,409
592.587
$57,329
689,275
Totalsurplus
Total
65,773,551 65,182,564
-V. 129, p. 3012.
Operating income
Non-operating income
$391,177
45,933
$631,946
39,359
United Corp.
-Sells Pref. Stock Holdings in United Gas Net deductionsfrom surplus
Improvement Co.
' Profits&loss surplus
$345,244
$592,587
In connection with the offering of 94,360 shares $5 pref. stock of
United Gas Improvement Co. (see below) it Is understood that the -V.128. p. 1906.
shares offered are those which were received by the United Corp. in the
the
recapitalization of the United Gas Improvement Co. The United Corp.,
INDUSTRIAL & MISCELLANEOUS.
it is believed, is retaining its interest in all the United Gas Improvement
common stock acquired by it.
Lieut.-Gov. Herbert H.Lehman to Mediate New Dress Dispute.
-Will meet
Last August stockholders of the United Gas Improvement Co. approved contractors and jobbers Feb. 22 to patch up agreement. N. Y. "Times,'
a recapitalization plan which provided that the old
Feb. 20, page 25.
par value
stock be converted into 5 shares of no par common $50 one-eighth corn.
Matters Covered in "Chronicle" of Feb. 15.-(a) The new capital flotations
and
of a
share of new $5 pref. stock for each share of old common.
-V. 130. p. 459. during January, p. 1030. (b) Range of prices on Cleveland. Toledo and
Columbus Stock Exchanges for 1929. P. 1035-1041. (c) Typographical
United Gas Improvement Co.-Pref. Stock Offered.
- Union rejects pay increase-refuses offer made by New York Newspaper
Drexel & Co. and Bonbright & Co., Inc., are offering 94,360 Publishers of $1 a week rise instead of five-day week, p. 1048. (d) Coal
wage accord voted in Chicago-Dealers' association accepts
shares $5 div. pref. stock (no par value, non-voting). Price demands to Teamsters' Union-10-hour day as basis. p. 1051. (e)modified
Offering
of $40,000,000 Republic of Cuba 53i% bonds, p. 1055. (1) Federal Farm
(ex-div. payable March 31 1930) $97.50 per share less an
Board provides initial credit of $10,000.000 for grain stabilization coramount equal to int. at the rate of 5% per annum based on poration-funds used to buy wheat, p. 1055. (g) Suit in Ohio against
$100 per share from the date of payment to March 31 1930. Henry L. Doherty & Co.charges sale of Cities Service stock was in violation
of State Gambling
1057. (h) E. Jarrett Co., investment banking
The offering involves no new financing on the part of the firm, San Antonio,Law,.p.in hands ofJ.receiver, p. 1057. (i) House adopts
Texas,
a
company.
resolution calling for inquiry into chain and group banking, p. 1057.
Transfer agents: J. P. Morgan Co., New York, and office of the
Airport Lighting, Inc.
-Makes Important Contract.
company, Philadelphia. Registrars: Guaranty Trust Co. of New York. and
The corporation announces the completion of a contract with the General
Fidelity-Philadelphia Trust Co., Philadiphia. Dividends payable Q.M.
Preferred as to $5 cum. divs, and as to assets up to $100 pre share over corn. Electric Co., under the terms of which the latter company becomes the
stock. Red. all or part at any: time upon 30 days' notice at $110 per share manufacturer of the Airport company's special equipment. A basis of
and diva. Dividends exempt from the present normal Federal income tax, reciprocal sales policy 1.3 embodier] in the contract, so that the General
Electric Co. will actively assist in the promotion of sales and generally
free of present Penna.4 mills personal property tax.
recommend and catalog the s)stem of Airport Lighting, Inc., while the
CapitalizationAuthorized.
Outstanding.
latter company will act as a National dealer for the General Electric Co..
$5 dividend preferred stock (no par)
*5,000,000 shs.
506,390 shs. quoting, recommending and selling all standard General Electric equipment
Common stock (no par)
35,000,000 vbs. 22,555,390 shs.
• Dividend rates and redemption terms may be changed (but not to applicable to the wiring and illumination of airports, parallel with its own.
Material benefits and extensive activity are expected as a result of the
exceed $8 per annum or $120 per share respectively) in respect to any
portion of authorized, but unissued preferred stock with consent ofMajority close co-operation of the two companies, this combination covering every
phase of airport illumination, and permitting the rendering of a heretofore
of stockholders entitled to vote.
unachieved standard of service to the terminal and intermediary landing
Data from Letter of John E. Zimmerman, Pres. of the Company.
poin,s of the aviation industry.
Airport. Lighting, Inc., was organized during August 1929 for the purpose
Business.
-Company was organized in 1882, and is among the oldest
Public utility holding and investment companies in the United States. It is of am nufacturing and installing at airports a system of night lighting known
also active in the operation and management of public utility properties. as the "Donaldson Automatic Night Landing System.' The company has
During 1929 the gross operating revenues of its utilitity subsidiaries were acquired all the issued and pending patent rights of Lt. John Shearman
derived approximately 75% from electric light and power, 18% from gas Donaldson, the inventor, to this system together with any future improvements and inventions relating to the same.
and 7% from other sources.
All airports, to obtain a rating permitting night flying, must provide for
The company's utility subsidiaries servo communities with a total
population estimated at over 5,500,000 and furnish electric service in adequate night lighting; and the successful operation of airports, especially
Philadelphia and adjacent territory in southeastern Pennsylvania; in because of the rapid increase of both air mail, fast freight, and passenger
Wilmington, Newark and the northern section of Delaware; in extensive lines operating on night schedules and the increasing use of privately owned
territory in Connecticut, and in Erie, Pa.; Delaware and Marion, 0., and 'planes, necessitates the installation of efficient lighting equipment to assure
Prescott, Ariz. Such subsidiaries also furnish gas in southeastern Pennsyl- the utmost safety in night flying.
The Airport Lighting, Inc. system of ground lighting for airplanes revania adjacent to Philadelphia; in New Haven, Waterbury and other
communities in Connecticut; in Hazleton, Kingston. Allentown. Bethlehem, moves much of the hazard of night landing. It comprises rows of lights set
Lebanon, Reading and Harrisburg, Pa.: Nashville, Tenn.; Concord, N. H., flush with the surface of the ground which provide non-glaring vertical
and Prescott, Ariz. The company through a subsidiary manages the beams of light at established intervals which positively identify to the pilot
municipal gas works of the city of Philadelphia. Street railway and bus the location and ground level of the landing runway. Automatic means are
service is furnished in Wilmington and Newark, Del.. and in Media and provided to illuminate and signal the proper direction of approach to the
Chester, Pa.
runway best adapted by wind conditions for the landing.
Company owns over 30% of the coin, stock of Public Service Corp. of
The system has been in practical operation since last October at the
New Jersey, and also has large stockholdings in Niagara Hudson Power Grosse De airport of the Detroit Aviation Corp. at Detroit, and at the
Corp.. the Commonwealth & Southern Corp., Midland United Corp. and Aviation Country Club at Hicksville, Long Island. To date over 100 airports throughout the United States have indicated their intention of instalother companies.
In addition, the company and Public Service Corp. of New Jersey ling the Airport Lighting. Inc. system in the near future.
together own the entire capital stock of United Engineers & Constructers
Recent Department of Commerce statistics state that there are over 1,500
Inc., one of the large construction and engineering corporations in the operating airports in the United States. Of these but 280 are lighted and
partially equipped for night service. Applications are pending for 1,278
country.
additional airports planned or under construction.
Preliminary Income Statement 12 Months Ended Dec. 311929.
Income-Dividends on stocks
The magnitude
$30,203,199 estimates that over of this recent development is best indicated by the
Interest on bonds,notes, &c
$350,000.000 has been expended on airport development
1,065,562
Miscellaneous income
1,684,788 during the past two years and that a further sum of approximately $300,000.000 will be expended on airport development during 1930.
Total income
The necessity
$32,953,549 figures, compiledfor the above expansion is demonstrated by the following
Expenses,interest and taxes
by Clarence M.'Young. Assistant Secretary of Commerce,
4,678.439 illustrating the progress of activities
of the air services in 1928 and 1929.
Net income for the year
828,275,110 respectively:
Ann. div. require. on 506,396 shs. of$5 div. pref, stock outstdg_
1929.
1928.
2,531.980 Milesflown
16,000.000
10,673.000
Balance
85,000
49,000
825,743,130 Passengers carried
The above does not include profits from sale of securities and other
Establish
35,000 miles
16,000 miles
non- Established airway mileage
recurring income amounting to $9,947,242.
Mail carried
8,000,000 lbs.
4,000.000 lbs.
Listed.
-Outstanding $5 div. pref. stock is listed on the New York and
Miscellaneous flying increased from some 18.000.000 miles in 1926 to
Philadelphia Stock Exchange.
-V. 130, P. 800.
30.000.000 in 1927. 60.000.000 in 1928 and 125.000,000 in 1929.-V. 129.
p. 1284.
Western Massachusetts Companies.
-Earnings.
-
Consolidated Earnings Statement of the Constituent Companies.
Calendar Years1929.
1928.
1927.
*Operating revenue
$9,260,526 $8,439,563 $8,189,877
Operating expenses
4,057,965 3.231.802
3.270,926
Taxes
1,303,148
1,310,509
1,295,757
Operating profit
$3,899,412 $3,897,251 $3,623,194
Other income
164.337
115.279
136,694
Total income
$4,063,750 $4,012,531 $3,759,888
Interest
304,841
260,210
256,977
Retirement reserves
948,412
1,025,813
1,002.274
Net income
82,810.497 82,726,507 $2,500.637
Dividends of Constituent companies:
Preferred dividends
34,260
26,250
21,600
Employees dividends
22,429
18,440
Common dividends
2.664,354
2,282.100
1,787,100
Airstocks, Inc.
-To Dissolve.
-
The holders of voting trust certificates have been notified that the voting
trustees have elected to terminate the voting trust agreement dated Jan. 1
1929. The agreement will be terminated on Feb. 24 1930.
Steps have been taken to dissolve the company, and it is anticipated that
the dissolution will be completed, and that the amounts to which stockholders are entitled by way of final liquidating dividend will be available
for distribution'not later than March 11930.
White, Weld & Co., in a letter to the voting trust certificate holders,
dated Feb. 13,state:
During January 1929 we caused the formation of your company in Delaware, In response to a demand from many of our clients for a medium
through which stockholders might participate, with a diversified risk, in
the development of aviation and allied industries, and might share in
speculative commitments in these fields under a management in active
touch with conditions.
The management has operated with recognition of the hazards of speculation in aviation securities, and, by reason of its intimate touch with its
field, so handled its portfolio that it was largely uninvested at the
time
of the break in prices of aviation and allied stocks.
Surplus
$111.881
$395.728
$673.496
The paid-in capital and surplus arising from the issue and sale of capital
Adjustments
Dr47,475
Dr38.090 Dr182.070 stock aggregated
$5.200,000; voting trust certificates representing 28,743
shares have been repurchased for a total of $1,310,121 by the
Add. to surpluses of const. cos
$64.406
$357,638
company
$491,426 under the provisions of the
certificate of incorporation and in the market.
• Sales between constituent companies eliminated.
Statement of Western Massachusetts Companies itself (the holding Deducting this latter sum from the $5.200,000 of paid-in capital and
surplus, leaves a balance as of this date of $3,889,879, which is
company) for calendar years:
equivalent
to $45.09 per share now outstanding. The present
1929.
1928.
liquidating value is
1927.
Income
$2,691,497 82,362,201 $1,036,161 approximately $46.85 per share, a special dividend of $1 per share having
been paid on Jan. 2 1930.
Dividends paid
2,433,157
2,153,990
1,022.164
There are at the present time 86.257 shares outstanding,
of which White,
Weld & Co. own 47,076 shares
Surplus
$258,340
$208,211
$13,997 and through exercise of options. acquired through purchase in the market
Western Massachusetts Companies on Dec. 31 1929 owned the following
It is our intention to liquidate our holdings in
the company,
common stocks as investments: 100,000 shares Turners Falls Power & Elec- our view that because of the
moderate capital which would and it is
tric Co.; 158.010 shares United Electric Light Co.; 15.000 shares Greenfield remain, the company should
'thereafter
be
Electric Light & Power Co.; 10.000 shares Pittsfield Electric Co.; 5,250 distribution pro rata of the net dissolved and entirely liquidated by the
assets of the company to the
shares Amherst Gas Co.; 1.800 shares Easthamton Gas Co.; 1,000 shares stockholders, including ourselves.
respective
1278
FINANCIAL CHRONICLE
The board of directors and the voting trustees in accordance with their
powers under the certificate of incorporation and the voting trust agreement, have taken appropriate action to cause the company to be dissolved,
which dissolution we expect will become effective on or about Feb. 28 1930.
The securities owned will be sold and such distribution will be made entirely
in cash.
Condensed Income Statement for Period from Jan. 15 to Dec. 31 1929.
Net gain from trading securities and participations in syndicates --$283,038
105,826
Interest earned
22,545
Dividends earned
[VOL. 130.
$105,057, setting a new high record for this month and 13% more than
those of Jan. 1929, which reached $93,117 and were more than twice the
total of $45,340 attained in Jan. 1928. Record business for January continues the pace set last year when the company reported net sales of $2.315,199,_ or more than double its previous best year. E. C. Morino, Pros-'
dent of Weatherproof Body Corp., said that the outlook for 1930 justified
-V.
the hope that the year might again establish a record for net sales.
130, P. 1117.
-Dividends.
Alliance Investment Corp.
The directors have declared the quarterly dividend of 20c. per share en
the common stock, and a semi-annual dividend of $3 per share on the pref.
$391,409 stock, both payable April 1 to holders of record March 14 1930.
Totalincome
41,333
Management fees
The fourth dividend of 17 in common, payable on the common stock,
5,213 previously declared by the directors will be payable April 1, to holders of
Interest paid
12,781 record March 14 1930. See also V. 129, p. 3328.
Miscellaneous expenses
4,208
Organization expenses
Earnings for Year Ended December 31 1929.
34,051
Reserved for Federal income tax
$209,948
Dividends (excluding stock dividends)
28,462
$293,842 Interest on bonds
Net income
30,111
Interest on call loans and bank balances
89,839
Dividend declared
224,589
Profit from sale of securities (net)
$204,003
Earned surplus, Dec. 31 1929
$493.111
Total
128.278
Condensed Balance Sheet Dec. 31 1929.
Interest on debentures
14,410
Liabilities
Interest on bank loans
Assets
12,072
$3.681,113 Accts. payable Onel. manageBond discount and expense
Cash
10.562
'
$56,698 Miscellaneous expense
ment fee)
x629,648
Investments, at cost
2,771
18,911 Accrued expenses
Interest & dividends receivable
13,000
34,701 Reserve for taxes, &c
98 Reserved for taxes
Prepaid expense
y4,235,598
Net worth
$314.789
Net income
$4,329.769
Total (each side)
60,000
dividends
x Market value $539,000. y Capital stock. authorized 250,000 shares of Preferred stock
143,964
no par value (issued 115,000 shares), $115,000; paid in surplus, $5,085,000 Common stock dividends
earned surplus,$204,003, total $5,404,003. Less treasury stock and voting
$110,824
Net addition to undivided profits
trust certificates (25,566 shares),$1,168,404. Of the unissued stock 15,000
-V.129, p. 3967.
-Stocks: Industrial. $1,356,821:
b Investments by groups are as follows
shares have been reserved against option at $53 per share.
Railroad, $1,242,085: Public Utility. 9943.749: Insurance, $523,780: Bank
and Trust Company. $455.313: Chain Store, $285.068: Miscellaneous.
-Earnings.Aldred Investment Corp. (Canada).
$176,605; Bonds, $547.839. The market value of securities owned Dec.
Income Account Year Ended Dec. 31 1929.
31 was $5,267,886.
$179,043
Income from investments and call loans
Balance Sheet December 311929.
35,208
Proceeds from sale of rights, and profit on securities sold
Liabilities
Assets$795,058 Accrued interest on debentures $75,000
Cash in banks
$214,252
Total
38,573
75,000 Dividend payable Jan. 2
7.064 Cash for debenture interest...
General expense
334
Unclaimed dividends
112.500 Accrued interest on investInterest on 43'5% debentures
38,691
10,042 Reserve for Federal taxes, &c_
ments
65,531,284 Res. for dive. against exercise
$94.687 Investments at cost
Net profit
1,660
of stock purchase warrants__
230,763
30,000 Bond discount and expense
Dividend on preferred stock
3,000,000
5% gold debentures
25,000 Furniture and fixtures less for
Dividend on common stock (50 cents)
1,000,000
6,223 Pref. stock (par $100)
depreciation
10,000
Amount written off discount on 4% debentures
Common stock (no par):
10.162
Incorporation and organization expenses written off
Authorized, 250,000 shares:
Issued, 183,84642-100shs_ _a1,878,746
$19.525
for the year
Surplus
100,000
Earned surplus
27,472
Balance forward from previous year
515,347
$6,648,351 Undivided profits
Total (each side)
183,846 shares (no par). There are also 54,775 shares
balance sheet
Surplus as per
$46.997
a Represented by
reserved against exercise of common stock purchase warrants at $25 per
Comparative Balance Sheet Dec. 31.
share to Jan. 2 1932: at $30 per share to Jan. 2 1934: at $35 per share to
Liabilities1929.
1928.
1929.
1928.
Assetsat $40 per share to Jan. 2 1938. Of these warrants. 29.775
% gold debens.$2,500,000 $2,500,000 Jan. 2 1936: to the 5% gold debentures.
Invest'ts (at cost)-$3,109,136 $3,179,607
78,569 6% pref.stock- -- 500,000
84,618
500,000 are attached
Cash in bank
List of Investments December 31 1929.
Common stock- _ _ a250,000
70,000
250,000
Call loan
Acc'ts payable___..
16
20,917
Accrued interest
The common stocks in which the corporation had an investment or
56,250
55,628 Deben. int. pay._
64,509
56,250 *10.000 or more on Dec. 31 1929. are shown below:
and dividends
Electric Bond & Share
8,761 Pref. div. payable_
15,000
Organization exps_
15,000
(I) Industrial
Engineers Public Service
50,000 Surplus
40,000
46.997
DWI on debens30.398 American Cigar
General Public Service
American Steel Foundries
Hydro-Electric Securities
$3,363,264 $3,372,565 I Total
93,388.264 33,372,565 American Sugar Refining
Total
Middle West Utilities
Anaconda Copper
-V. 129. p. 2229.
a Represented by 50,000 no par shares.
North American
Associated Dry Goods
Public Service of New Jersey
Atlas Powder
Aldred Investment Trust.
-Earnings.St. Regis Paper
Borden Company
Southern California Edison
Calendar Yr. Dec. 1'27 to DuPont
United Gas Improvement
1929.
Dec. 31 '28. General Electric
United Light .3 Power "A"
Revenue from all sources
$575,853 General Motors
$1,054,617
(4) Insurance
21,099
'General expenses
72,217 Gulf 011
American Alliance
450.000
Interest on 4A % shareholders debentures
357,799 Humble 011
Baltimore American
23,756
Provision for 1929 Federal income taxes
Myers "B"
Liggett &
Carolina Insurance
Moore Drop Forging class A
Continental Casualty
$559,761
Net profit
$145,837 National Dairy Products
Fidelity-Phoenix
Preferred dividends
30,000 Rice-Stix Dry Goods
Fire Association
212,500
Common dividends
106,250 Standard Brands
•
Georgia Home Fire
Standard 011 of New Jersey
Globe-Rutgers
$347,261
Balance, surplus
$9,587 Standard 011 of Indiana
Great American
Balance Sheet December 31.
Texas Corporation
Harmonia Fire
Truscon Steel
1929.
1929.
1928.
1928.
Home Insurance
Tubize Artificial Silk
Liabilities$
$
$
Assets$
National Union Fire
Fruit
United
Investm'ts at cost 11.596,166 11,493,308 4Si% shareholders
New Brunswick Fire
61,018
10,000,000 10,000,000 United States Steel
8,612
debentures
'Cash
Northern Insurance
Western Maryland Dairy
900.000
400.000 Accr. int. on debs.
37,500
37,500
Funds on call
Manufacturing Northwestern National Fire
1,000
220,671 Accounts payableAccounts recelv_
. 5/. Westinghouse Electric &
Peoples National Fire
(2) Railroad
Res. for Fed. taxes
hit, and
23,756
Accrued.
Security Insurance of New Haven
110,441
'
68,259 Capital stock
x2,200,000 2,200,000 Alabama Great Southern Fe
dividends
Stuyvesant Insurance
3,884
356,848
3,884 Surplus
Organization exp_
9,587 Atchison Topeka & Santa
(5) Bank and Trust Company
Baltimore & Ohio
Colonial Trust
12,619,103 12,247,138
12,619,103 12,247,138 Canadian Pacific
Total
Total
Equitable Trust
Chesapeake Corporation
x Represented by 212,500 no par shares.
Fidelity-Philadelphia Trust
Chesapeake & Ohio
Finance Co. of Philadelphia
Securities Owned-Dec. 31 1929.
Chicago & Northwestern
First National of Philadelphia
(3) Units(1) Common, Capital or Ordinary
Shares. Delaware & Hudson
Guaranty Trust, New York
Erie
Shares. Inter'l Pow.Secur. Corp.(unit conShares.
Kings County Trust
sists of 1 sh. pref.& 1 sh.com.)_ 5,000 New York Central
1,200
Adamello General Elec Co
The Broadway Merchants Trust
Par Value. New York Chicago & St. Louis
(4) BondsGas Co. of N. Y. Consolidated
500
The Penna. Co. for Insurance on Lives
Kingdom of Belgium 68, 1955_ --$100,000 Norfolk & Western
Consolidated Gas, Electric Light
Provident Trust
14,600 City of Milan 63-45, 1952
300,000 Northern Pacific
& Power Co. of Baltimore
Public National
Pennsylvania
16,000 Imp. Japan. Govt. ells, 1954._ 100,000
Eastern Gas & Fuel Associates_
Real Estate Trust
St. Louis-San Francisco
8,600 International Power Securities
Eastern Rolling Mill Co
Tradesmen's National
Southern
Corp."C" 63-1s, 1955
500
Co. of Boston
200,000
Edison Elec. Ilium.
(6) Chain Store
Southern Pacific
ilan
13,600 International Power Securities
Edison Gen'l Elec.
American Stores
Corp."D" 78, 1936
27,306
125,000 Union Pacific
Co..do
Gillette Safety Razor
Horn & Hardart Baking
Wabash "B"
2,450 International Power Securities
-Gorham Mfg. Co
S. S. Kresge
(3) Public Unit/I/Corp."E" 7s. 1957
8,000
410,000
Italian Gas Co.. Turin
J. C. Penney
American Gas & Electric
14.900 International Power Securities
Penna. Water & Power Co
Sears, Roebuck
Traction
Corp."F" 78, 1952
175,000 American Light &
S. A.Gestione Ammins.Com part.
F. W. Woolworth
1,298,000 American Power & Light
Ind ustriall Asionarie(Sagacia) 16,000 Kingdom of Italy 761951
(7) MiscellaneousAmerican Superpower
Shawinigan Water & Power Co-- 11,250 Maryland Electric Rys. Co., let
* Goldman-Bache Trading Corp.
& ref. "B" 6145, 1962
249,500 American Telephone & Telegraph
Elocieta Industrie Elettro TeleNew York Investors, Inc.
Consolidated Gas of New York
15,000 United Railway & Electric Co.
foniche (S. I. E. T.)
Railway dc Light Securities
of Baltimore, 1st M.48, 1949_ 497,000 Continental Gas & Electric
U. S. Realty & Improvement
Eastern States Power "B"
United Railway .ic Electric Co
(2) Preferred
and consolidation with Financial & Indusincome 4s
50.000
of Baltimore,
Received through merger
Eastern Gas & Fuel Associates- 8,000
trial Corp.
-V. 129, 13 3328.
-V. 128, p. 3514.
-
-Stock Dividend.
American International Corp.
-Sub. Co. Contract.
Allied Motor Industries, Inc.
The directors on Feb. 14 declared the regular semi-annual dividend of
The Henney Motor Co., a subsidiary, announced on Feb. 14 the closing
cash and 2% in stock on the outstanding 980,000 shares of
of a contract with the Auto-Lite Electric Co. of Toledo, undeer the terms of $1 per share in par value, both payable Apr. 1 to holders of record Mar. 12.
manufacture a special reversible electric capital stock, no
which the Ohio company will
The directors also declared a rgeular semi-annual dividend of 2% in
motor for the operation of the patented three-way service table in Henney
hearses. The motor will be unusually small in size but of exceptional stock payable Oct. 11930. each were made on Apr. 1 and Oct. I last.
-V.
Stock distributions of 2%
power, it was stated.
"We could find no one to build these motors for us," said John W.Henney. 129, p. 2389.
opened negotiations with the
President of the Henney company,"until we
-Acquisition.
American Cyanamid Co.
Auto-Lite company. Throughout 1929 we manufatcured the motor ourThe company has acquired the Lederle Antitoxin Laboratories. The
selves. The product was entirely satisfactory but the work was of a kind
Inc., will control
run, it would latter business, udner the name of Lederle Laboratories,Co. on Jan. 28.
to which our plant is not adapted and we felt that, in the long
Cyanamid
be more economical to have the motors constructed by a company specializ- Davis & Cook, Inc., acquired by the American corporate identity under the
Davis & Cook, Inc., will retain its separate
ing in this work despite the heavy initial cost due to the necessity for creating
General Manager of the
special Jigs, dies and tools. This work has now been done and our associa- same name. T. J. Lynch, Vice-President and
II. A. Davis, as Presition with the Auto-Lite company assures us a permanent source of supply Lederle company, replaces the former owner, Mrs.
dent.
-V. 130. p. 1118.
at whatever rate of production we may require.
Weatherproof Body Corp. Reports Sales Record.
The Weatherproof Body Corp., associate of Allied Motor Industries.
Inc., which manufactures truck cabs, bodies for commreeial motor vehicles
and wood and metal parts for automobiles, reports net sales for January of
.American Chain Co., Inc.-Acquis.-Annual Report
The company has acquired the entire capital and assets of the Hazard
Wire Rope Co., one of the oldest manufacturers of wire rope in the country,
with a plant at Wilkes-barre, Pa. The purpose of this acquisition was to
urther expand production of performed wire rope under the company's
atents. controlled by a subsidiary, the American Cable Co. The manuacture of this patented product now constitutes 65% of the business of the
erican Cable Co.
1926.
1927.
1929.
1928.
Calendar Yearsnc.from oper.(net)_ _ _ _x$5,639,274 $2,463,489 $4,167,702 $4,561,568
eprec. of plants and
1,379,188
1,577,603
1,451,974
arnort. of patents_ _ __ 1,538,319
405,557
375,828
427,060
406,473
nterest (net)
361,942
415,142 ......... m
g a ....... 162a
„
nc. tax-Fed.& for'n
$3,279,340
Net income
747,394
eferred dividends.. _ _ _
iv. on class A stock _ _ _
187,524
iv. corn. stock
Surplus for year
urplus adjust
revious surplus
1279
FINANCIAL CHRONICLE
FEB. 22 19301
$410,842 $2,022,811 $2,414,881
576,378
766,292
680,067
170,069
500.000
687,550
750,099
$588.814 $1,234,815
$2,344,422df$1,105,548
Cr22,979
Cr2,319
Dr14,772 Dr1,773,771
8,679,904
Company's investments at cost, as of Dec. 31 1929. amounted to $6,436.065
-as of Jan. 25 1930, these investments show an appreciation over cost"
of $143,938 due to an increase in value of market securities.
Income for Period from Feb. 2 1929 to Dec. 31 1929.
31.218,282
Profit on underwritings and securities sold
21,474
Interest received
266,925
Dividends received
Total •
Expense
Reserve for Federal and State taxes
$1,506,682
60,083
169,253
Net profit for period
Dividends paid-Preferred stock
Class A stock
. Class B stock
$1,277.346
24.698
166.950
208.242
Balance carried to surplus
Balance Shee
Assets
$67,361
Cash in banks
6,436,065
*Investments at cost
139,532
Organization expenses
$877,457
Dec. 31 1929.
Liabilities
Collateral loans-secured
Accrued interest
Res. for Fed.& State taxes
Capital stock
Surplus-earned
$400.000
Balance at Dec. 3L_ -$11,026,645 $8,679,904 $9,800,225 $10,985,181
2,548
hs. corn. stk. outstand169,253
250.000
250,033
250,033
250,033
ing (no par)
$6.49
x5,193,700
$10.12
Nil
85.10
arns. per share
877,457
a Including extraordinary non-recurring income of $274.
Cemsolidated Balance Sheet Dec. 31.
86,642,957
$6,642,957 Total
Total
1928
1929.
1929.
1928.
x As follows: 32,920 preferred $3 cumulative (no par). $1,317,200:
3
AssetsLiabilities$
$
$
nd.bidgs.mach.,
7% pfd. stock _ _ _ _10,439,450 10,797,006 112,933 class A 6)4% cumulative ($20 par). $2,258,660 1,081.733 class B
x1,001,980 1,001,980 (no par. $1,617,840.
20,239,243 19,913,884 Corn, stock
&c
Note.
-Corporation has contracts for the investment of additional fund,
atent rights, &c_ 2,648,629 2,790,651 Debenture bonds_ 5,200,500 5,588,000
718,053 aggregating a minimum total of $2,319,049. arrangements for the financing
h
949,528
798,431 Accts. payable __ _ 599,709
.
-V.129, p. 3328.
83,520 of which have been provided for by associated companies.
19,288
78,008
144,472 Accrued interest__
ark secur
293,012
otes St accts. rec _ 5,861,527 4,102.974 Accr. liabilities_ - _ 887.664
nventories
7,596,478 7,009,867 Pur. money •oblig- 778,824 1,036,563
-Earnings.
Co.
Arrow-Hart & Hegeman Electric
263,600
h with trustee_
77,701
9,191 Pur, money pay__ y260,202
1928.
1929.
Calendar Years156,848
7,102,941 6,533,039
nvestments
203,341 Dep.reserves
Net income after provision for state & Fed. taxes- - $1,353,956 51,253.252
150,421
ferred charges__ 214,562
262,718 Misc.reserves_ _
170,824
132,490
Preferred dividends
280,852
237,460
Min. int. in subs
325.000
530,000
11,026,645 8,679.904 Common dividends
Tot.(each side).37,783,805 35.235,529 Surplus
x Represented by 250.033 no par shares. 3 Due 1930.-V.129, p. 2229
,
$757,428$691,466
Balance,surplus
$5.40
$6.10
Earns. per sh. on 200,000 shs. com. stk. (par $10)American Rolling Mill Co.
-Expansion.
Comparative Balance Sheet.
President Charles It. Hook announces that this company has arranged
Dec. 31 '29. Jan. 1'29,
Liabilities
AssetsDec. 31 '29. Ian. 1 '29.
th John Summers & Sons Co.. Ltd., to manage and operate as an Armco
Accts. pay.& accr.
it the specialty sheet division of the Summers company's plant at Shet- Cash & marketable
$725,901 $512,637
liabilities
securities
$1,281,649 82,850,079
ton, Chester, England.
133,t% cum pf. stk. 2,978,300 3,228,300
John Summers 8: Sons Co., Ltd., are large producers of sheet steel, Pref. stk. in tress_ 1,078,175
Common stock. _ _ 2,000,000 2,000,000
ml have been associated with the American company for some years Notes & accts. re3,381,219 2.710,625
844,025 Surplus
ceive., less res.._ 755,316
hrough license agreements covering the manufacture of Armco ingot
2,819,445 2,079,434
Inventories
on,and dating from before the war.
223,812
228.559
be put under Other assets
The specialty sheet division of the Shetton Works, now to
Armco management, was only recently built, is of modern design and is Real estate, plant
& equip, less res. 2,947,023 2,449,466
aid out for rapid and convenient increase in capacity to wahetever extent
the growth in British demand for automobile and other high finish sheets
$9,085,421 $8,451,562
Total
$9,085,421 88,451,562
Total
may acquire.
In France, Armco is associated with Cie de Forges de Neuves Maisons -V. 130, p. 291.
at Chatillon and with others, and in Germany the Armco-Eisen. G. m.
b. II., of Cologne, a subsidiary of the Armco International Corp.. Is operat-New President, &c.
Atlantic Mutual Insurance Co.
ing under an agreement with the United Steel Co. of Germany-the VereinWalter Wood Parsons has been elected President, succeeding the late
igte Stahlworke of Dusseldorf.
William D. Winter, who has been 2nd Vice-President,
Cornelius Eldert,
Operations in England under Armco management will be initiated was elected Vice-President. J. Arthur Bogardus, underwriter, was appromptly as the working organization is leaving Middletown, Ohio. before pointed 2nd Vice-President.
March 1.-V. 130, p. 291.
At the annual meeting trustees, whose terms expired, were re-elected.
William D. Winter and Frank D. Denton, Secretary, were elected to the
- board.
American Screw Company.-Bal. Sheet Dec. 31 1929.
-V. 130. p. 624.
AMU-Liabilities
$4,500,000
Plant
-Earnings.
32,710,019 Capital stock
Atlas Plywood Corp. (8c Subs.).
Merch., mat.,supplies, &c___. 1,003,792 Accts. pay., res. for taxes &c„
1928.
1929.
Six Months Ended Dec. 31221,178
Accts. & bills rec. &secs
contingencies
1,885,207
$365.166
$655.288
Gash
123,750 Gross profitfrom sales
392,742 Dividend accrued
192.455
228,129
Selling and administrative expenses
1,146,832
Surplus
$427,158
$172,711
Net profit from sales
Total
$5,991.760
$5,991,780
Total
68,968
49.020
Other income
-V. 129, p. 3967.
$241,679
$476,178
American Seating Co.
-Earnings.
Totalincome
70.689
70,985
Interest charges
1926.
Years Ended Dec. 311929.
1927.
1928.
19,285
27,449
Gross revenue
$7,887,980 $8,754,668 $10,042,149 89,860,967 Cash discount on sales
7,168
11.118
Costs of sales
6,987,790 Miscellaneous charges
5,617,615
7,081.574
6,081.079
17,327
39,683
Admin. & sales expense_ 1,398,674
1,509.749 Pro-v.for Federal& Dominion income taxes (est.)
1,650,701
1,512,064
Interest charges
141,189
244,513
240,000
244,237
5326,943
$127.210
Federal income tax
191,800
Net profit
127.000
64,000
93,000
121,200
127,200
Depreciation
Dividends paid
205,542
196.051
Net profit
Miscellaneous income_ _ _
$362,148
x121,997
$628,237
$938,360 $1,030,439
198,945
Net income_ _ _ _ _ _ _ _ _
$938,360 $1,229,383
$484.145
$628.237
Shs. com.stk. outstand'g
187.845
230.000
203,000
210,000
Earnings per share
$5.27
$4.08
$2.38
$2.99
x After deducting other expense of $65,495.
Balance Sheet Dec. 31.
1929.
Assets1929.
1928.
1928.
LiabilitiesPlant & property -34,029.964 $4,125,372 Com.stk. at sum a$5,569,037 85.885,425
Cash
938,908 1,183,984 10-year 6% gold
Accts.receivable_ .. 3,210,597 3,302,151
4,000,000 4,000,000
notes
Inventories
1,364,914 1,489,916 Accts. payable ___ 161,983
267,521
Investments
197.723
67.962
123,960 Federal taxes
94,995
Cash val. 1119.policy
37,912
38.212
22,240
18,477 Minority interest _
Prepayments & def.
charges
72,548
62,293
Tot.(each side)_$9,836,895 810286,153
a Represented by 203,000 shares (no par).
-V.129, p. 3013.
Americam Solvents & Chemical Corp. (& Subs.).
-Financial Statement.
Calendar Years1928.
1927.
1929.
Operating profit
$1,829.263 $1,649,829 $1,315,834
Selling, general St admin. expenses_ _ _
590,283
640,367
654,661
Disc. & misc, charges, less sundry inc_
55,577
55,674
44.273
Interest on bonded debt
130,377
138,770
117,587
Allowance for depreciation
113,883
115,613
106,868
Federal income taxes
89,000
57,041
96,500
Net profit
Preferred dividends
$800,627
x426,928
$670,708
75,000
$317,113
Balance, surplus
Capital surplus
Sundry not charges
Earned surplus Jan. 1
$373,699
147,234
Dr.749
938,585
$595,708
112,255
Dr.8,775
351,651
$317,113
135,143
Dr.22,887
34,539
Balance, surplus
$1,458.769 $1,050,841
$463.907
Earns, per share on preferred stock
$6.70
$7.09
$3.17
x Includes $150.000 to apply against arrears.
Consolidated Balance Sheet Dec. 311929.
Assets
Liabilities
Cash
$578,775 Notes payable
$550,000
Customers sects & notes rec
777,283 Accounts payable
134,370
Life Insurance
29,599 Accr. sects, incl. inc. taxes
172,857
Merchandise inventories
1,323,152 8-1% debentures
1,737,0(10
Other assets
113,019 $3 cony. pref. stock
a3,416,649
Land, bides., mach'y, &c
2,980,557 Common stock
b180,562
Patents and good-will
1,750,000 Capital and earned surplus__ _ 1,458,770
97,824
Deferred charges
Total
87,650.208
Total
a Represented by 112,901 no par shares.
-V. 129, p. 2685.
no par shares.
$7.650,208
b Represented by 180,562
-Annual Report.
American Utilities & General Corp.
Report covers the period from the beginning of operations on Feb. 2 to
Dec. 31 1929.
$199,743
299,519
Surplus addition for period
Surplus balance June 30
Surplus adjustments, net
$6,010
224,595
1,322
8231,928
$499,262
Earned surplus Dec.31
$0.66
$2.45
Earns, per sh. on 133,200 shs. cap. stk. (no par)_ _
Consolidated Balance Sheet Dec. 31 1929.
Liabilities
Assets$63,789
$436,236 Accounts payable
Cash
66,600
376,302 Dividends payable
Notes & seals receivable
4,500
6,405 Purchase contract payment__ _
Life insurance-cash sur. val.
36,922
876,046 Federal income tax
Inventories
22,477
cony, gold dohs_
170,827 Int. on 5
Advs, on lumber & log. oper
74,831
28,656 Accrued liabilities
Deferred balances receivable_
24,399
30.129 Reserve for contingencies
Deferred charges
73,13366,380 Deferred pay. on pur. contr'ts_
investments_ _
Miscellaneous
318
Plant prop., equipment, &c 3,315,478 Deposits on real estate sales
t
1,456,668 5 t‘% cony, gold debentures 2.452.000
Timberlands
3,439,469
1 %Capital stock
Good-will
5,409
Capital surplus
499,262
Earned surplus
$6,763,108
Total
$6,763,108
Total
x In addition to the 133,200 shares of capital stock outstanding, there
are 54,489 shares issued and held by the trustee of the convertible deben-V. 129, p. 4142.
tures for future conversions.
-Grants Rights.
Automatic Musical Instrument Co.
The company has granted to the Selectric Phonograph & Radio Corp. ofNew York distributing rights in the United States for the remote control
radio-phonograph developed by Automatic company engineers. A substantial cash consideration was involved as a guarantee covering-the purchase of a substantial quantity of the selective automatic home units yearly.
Quantity production of the remote control units is being developed at
-V. 130, p. 977.
the Automatic company's plant at Grand Rapids, Mich.
(J. T.) Baker Chemical Co.
-Div. Rate Increased.
The directors have declared a quarterly dividend of 30 cents per share
cents and a
on the common stock. This compares with an extra of 11
quarterly of 183 cents per share paid on Dec. 31 1929. See V. 129, p. 3476.
-Earnings.
Baltimore Tube Co., Inc.
Calendar YearsOperating profit
Ins.
(on J.M. Jones,dec.)
1929.
$394.766
1928.
$378,188
1927.
$150.798
100,000
1926.
$108,200
Total income
Depreciation
Amort.of def. charge,&c.
Federal income taxes _
Sundry contingencies_
$394,766
80,469
3.000
38,500
20,000
$378,188
99,811
3,190
40,000
5,000
$250,798
110,257
4.680
$108.200
126,123
5,211
$252,798
$230,186
$135,861
def$23,134
Profit
-V. 128, p. 1230.
Bankers Investment Trust of America.
-Ann. Report.
A preliminary report for the year ended Dec. 31 1929 was given in our
issue of Jan. 25, P. 625. The audited figures are given herewith:
1280
...
FINANCIAL CHRONICLE
Income Account Year Ended Dec. 31 1929.
Income: Bond int., $1,217; other bat., $71,478; dies.. $15,412;
profit on sale of securities, $42,397; gross income
$130,504
Expense: Oper. exp., $8,135; amort. of def. charges, $4,966;
deprec. rum. & fixtures,$30/: Federal income taxes $9,584.--- 22,991
Net income for year
Divs. paid: Deb. shs., $14,559; corn. shs, $52,493
$107,513
67.052
Surplus net income
*40,461
Distribution ofsurplus net income: Res. for debenture dividends
23,238
Undivided profits
17,222
Balance Sheet Dec. 31 1929.
Assets
Liabilities
Cash in bank
$1,864 Accounts payable
$33
Call loan account
1,000,000 Funds on call for others
31,000
Notes rceivable,secured
Accrued interest payable
442
28,
Accrued interest receivable_ _ _
9,584
4,407 Reserve for Federal tax
Accrued dividends receivable
255,080
889 Debenture shares (par $10)
Investments
566.951 Common shares
11,182,680
Furniture & fixtures
2,000 Paid-in surplus on corn. she
145,391
Disc., exp. & stamp tax on
Undiv. profits applic. to deb.
stock sales
94,351
41,042
shares
Undivided profits
34,036
Total
$1,699,287 Total
$1,699,287
x Represented by 118,268 shares (no par value).
Note.
-Contingent capital liabilities: 108,845 common shares reserved
for warrants expiring Dec. 31 1931.$10: 1,000 common shares reserved
for warrants expiring Dec. 31 1930, 11; 50,000 common shares reserved
for warrants expiring Dec. 31 1932, $0411.
ilgInvestments.-As of Jan. 31 1930 more than 85% of company's invested
capital was in the following securities:
Adams Express
Loew's, Inc.
American Commercial Alcohol
Maytag, pfd. w. w.
American Commonwealth pr. "A"
Metropolitan Chain Stores
American Gas & Electric
National Dairy Products
American Tel. & Tel. Co.
National Power & Light
Anaconda Copper
Pullman Corporation
Aviation Corporation
Radio Corporation
B. F. Goodrich Rubber Co.
Raybestos-Manhattan
Cerro de Pasco Corporation
Moyal Dutch Co.
Chrysler Corporation
Standard Oil of N. J.
Coty, Inc.
Texas Corporation
Cudahy Packing Co.
Tidewater Assn. 011
Delaware & Hudson
Union Carbide & Carbon
Du Pont de Nemours & Co.
U. S. Industrial Alcohol
General Foods Corporation
Wlcox Oil & Gas
International Harvester Co.
International Tel. & Tel.
Anerican Tel. & Tel.cony. 434s, 1939
Kennecott Copper
Gen. Laundry Machine 6Y6s, 1937
Kroger Grocery & Baking
Lego Oil & Transport
Bank of America
Lehman Corporation
Manufacturers Trust
-V.130. P. 625.
[VoL. 130.
of either A or B stock (in addition to the total number of whole shares to
which he is entitled) will receive in lieu thereof a scrip certificate for such
fractional share which may be sold or which may be surrendered with other
similar scrip certificates (purchased or otherwise obtained by such stockholder) in exchange for certificates for whole shares of stock. Such scrip
certificates will be "bearer" certificates transferable by delivery and will be
exchangeable for stock certificates only when surrendered in amounts aggregating one or more whole shares and only when so surrendered on or before
Aug. 31 1930.
The reason for the change in the par value of the stock is the requirement
of the Los Angeles Sotck Exchange that all par value stock listed on the
Exchange have a par value of $10 or more. After Feb. 15 1930, the old
stock of this corporation will not be transferable to other parties upon the
stock books of the corporation and only the new stock will be so transferable.
After Aug. 31 1930, no further scrip certificates will be issued for fractional
shares and only stock certificates for whole shares of the new $10 par stock
'erg( be issued.
Transfer books of the corporation will be closed from Feb. 15 to Mar. 10
1930, inclusive, for the purpose of exchanging the old stock into the new.
At the special meeting of the stockholders held on Dec. 5 1929, (a) The
number of common A stock was reduced from 4,000,000 to 400,000 and the
par value of the shares increased from $1 to $10 per share: (b) The number
of shares of common B stock was reduced from 1,000,000 to 100,000 and
the par value of the shares increased from $1 to $10 per chafe.
The regular quarterly dividend of 2% on the "A" stock will be paid
April 15 to holders of record March 31. Payment of this dividend will be
one month later than usual, due to the fact that transfer books are closed
from Feb. 15 to March 10 to permit the exchange of the old $1 par stock
for the new $10 par. Books will be opened again March 11 to March 31
to permit transfers preceding the dividend, but will be closed again for 10
days after March 31.-V. 129, p. 3803.
Bon Ami Co.(& Subs.).
-Earnings.
Calendar Years1929.
1928.
1926.
1927.
Gross profit on sales__ .._ *2.780,558 $2,560,454 $2,501,197 $2,354,042
1,703.157
Operating Profit
1,529,538
1,275.365
1,401,146
Interest
1,033
74,959
Depreciation
73,551
62,108
68,480
Federal taxes, &c
173,258
172,042
161,692
175.057
Minority interest
Cr281
84
139
10.5
$1,455,222 $1,283,861 $1,157,503 $1,050,393
Net income
Divs, on old pre
28,127
Dividends common
1,300,000
900,000
669,218
909,000
Net profit
$155,222
$383,861
$353,1148
$257,503
Under the participating provisions of the shares, 1929 net income is
earned on 100.000 no par shares of class A stock
equal to *6.77 a share
and $3.88 a share on 200,000 no par shares of class B stock, comparing
with $5.92 a share on class A and $3.46 a share on class B stock in 1928 and
$5.28 and $3.14 respectively in 1927.
Comparative Balance Sheet Dec. 31.
Assets-2
1 .1929.
1928.
Cash & call loans_ -$1,033,775 $1,390,i44 Capital stock_ _ _344,123,880 $4,123,880
3,101 Minority interest3,000
Notes received_
2,344
1,784
Bankers National Investing Corp. %Stock Dividend
-1
- Accounts received_ 208,279 224,506 Coating.reserve
56,993
55,860
Clarence Hodson de Co.,nc., announce that the Bankers National Inventories
754,065 Accounts payable711.305
47,905
48,651
Investing Corp. has declared the regular quarterly dividend of 25cents per Investments, &c
98,457 Accrued payable-665,565
2,744
22,573
share and 1% in stock on the common stocks, class A and class B, payable Other assets61,000
Tax reserve
187,539
172,043
Feb. 25 to holders of record Feb. 17. Initial dividends of like amounts Property acct. _ x987,373 1,042,751 Surplus
2,139,032 1,983,811
were paid on Nov. 25 last.
-V. 129, P. 3476.
46,036
Prepayments, &c..
39,558
Good-will, tr-mks.,
Bethlehem Steel Corp.
2,850,001 2,850,001
Tot.(each side)-86,559,858 $6,409,162
-To Change Date of Annual
Meeting.
X Including real estate, buildings, machinery and equipment and minera
The 25th annual meeting of the stockholders will be held on April 1, it Is rights $1,534,593, less reserves for depreciation and depletion $556,430.1
announced. Five directors will be elected for a term of three years, and the and furniture and fixtures $21,575. less depreciation of $12,365. y Constockholders will vote on an amendment to the by-laws to change the date sisting og 100,000 shares claim A stock and 200,000 shares class B stock,
-V. 130. P. 139.
of the annual meeting to the second Tuesday in April instead of the first both of no par value.
Tuesday as at present. Proxies are being solicited in the names of Charles
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet Dec.31.
M.Schwab, Eugene G. Grace, Grayson M.
-P. Murphy, William C. Potter
and Jerry A. Rockefeller.
1928.
1929.
Assets1928.
Preferred stock _ . $344,100 $344,100
Real estate & maRelief to Empolyees.$1,935,923 $1,901,042 Common stock_
chinery
852,800
852,800
Benefits totalling *1,008,465 were paid last year to sick and disabled
336.547
334,469 Bonds
59,000
59.000
employees and dependents of deceased employees of this corporation and Merchandise
Notes payable_ _ _ 250,000
200,000
Its subsidiaries, according to the fourth annual report of the company's Cash and accounts 237,181
188,066 Accounts payable_
receivable
52,070
36.995
relief plan Just published.
4,722
9,872 Depree.reserve.-- 820,994
779,143
In the 12 months' period ended Dec. 31 1929, there was paid out $484.016 Prepaid items_ _
9600
9,600 Prem. acct. (comin death benefits on account of 723 deaths and $524,449 in disability benefits Treasury stock
mon stock)
88,200
88,200
to 8,774 participants on account of sickness or non-industrial accidents.
Total(each side)$2,523,974 $2,443,049 Profit and loss
67,735
71,884
Since its inauguration on June 11926. $3.215,069 has been paid out under
128, p. 1231.
the Relief plan, which was adopted by Bethlehem In order to provide a
uniform scale of benefits for all of its employees and their dependents.
-Acquisition.
Borg-Warner Corp.
---The plan Is open to all employees of the corporation In the United States,
This corporation, through Its subsidiary, the Galesburg Coulter-Disc
and at the end of 1929 over 96% of the eligible employees had elected to
Co., on Feb. 13 announced the acquisition of the assets of Chicago Rolling
participate.
-V. 130, p. 978.
.
Mills, Inc., located in West Pullman, Ill. Preferred stock of the BorgWarner Corp. and an additional cash consideration are to be paid for tho
Bloomingdale Bros., Inc.
-To Increase Board.
property.
A special meeting of stockholders has been called for Feb. 26 to vote upon
Chicago Rolling Mills, Inc., acquired the
property in
the increase of the directorate of the company from 9 to 11 members and to September of 1929. It comprises 17 acres of West Pullman of
land, a group
buildings
amend the certificate of incorporation accordIngly.-V. 130. p. 978.
(including forge shops and a modern power plant) and adequate switch
considerable expansion. A million dollar program
tracks and sidings for
(Sidney) Blumenthal & Co., Inc.
-Earnings.
of rehabilitation and conversion undertaken by the company's manageCalendar Years1927.
1929.
1926.
1928.
ment will,be continued under Galesburg Coulter-Disc ownership.
Net sales
$18,409,469 $18,678,492 *15,583.842)
The acquisition gives the Galesburg Coulter-Dist Co. a plant in the
Cost of sales
Not
13.253,329 13,393,630 12.756,6891
rapidly developing steel district at the south end of Lake Michigan, in addiExp.custom. disc., &c
1,520,985 available
2,015,890
2.149,973
tion to its present finishing plant at Galesburg, Ill., and Its rolling mill at
Newcastle, Inc., President R. C. Ingersoll explained. The new property
Profit from operations $3,006,167 $3,268,973 $1,306,169
$398.636 will be equipped to produce special steel for the agricultural implement,
Depreciation reserve..
254,621 tractor, truck and automotive industries, as well as special steals and
Prov.for doubtful accts_
35.024 fabricated parts for other purposes.
Interest charges. &c_ ___
250,065
319,075
153,796
184,679
"The need for additional facilities for future growth," Mr. Ingersoll
Federal. &c., taxes
355,176
401,055
said, "dictated the establishment of a plant in the Chicago district, and
Plans for this have been under consideration for some time.
Net income
$2,497,194 $2,548,843 $1,056,104 loss$75.687
"The use of special steels is growing in the automobile, agricultural
Preferred dividends_
x393.750
y437,500
and tractor industries and this purchase gives Us facilities which can be
expanded to meet the demands."
gi:anded
Balance
*2.059,694 *2.155,093 $1.056.104 1os475,687
S. L. Ingersoll will be manager of this new unit of the Galesburg Coulterx Includes 14% on account of arrears. y Includes 1U51 on account
Co.
of arrears.
Business of Subsidiaries Increased.
Consolidated Balance Sheet Dec. 31. '
January business of the Rockford Drilling Machine Co., a subsidiary,
1929.
1929.
1928.
1928.
showed a substantial increase over January 1929, according to President
AssetsLiabilities$
$
Fixed assets
24,707,043 6,232,144 Preferred stock__z 2,596,330 2,649,020 0. S. Davis. Included in recent contracts Is one for clutches from the
producers
Pats.,goodwill,dm.
I
1 Common stock___x4,287,193 4,287,193 American Austin Co., machine. of a new light car which is the American
Cash
1,294,000 1,397,500 edition of the British agricultural
2,699,878 1.513,469 Funded debt
implement manufacturers is reflected
Increased activity of
Note and trade at517,831
payable
872,355
Acc'ts
of three subsidiaries of the Borg-Warner Corp.. Mr. Davis
ceptances rec___ 117,516
401,055 in the reportsWheeler-Schlebler Carburetor
42,688 Federal taxes, &c_ 355,176
Co. at Indianapolis reports
Life ins. policies_ 123,481
350,000 added. The
107,669 Dividends payable
Advances to Saltex
600,000 2,089,515 receipt of orders for tractor carburetors totaling *150.000 In the last 30
Reserves
8,117
Looms, Inc_ __ 464,711
Accrued liabilities_
8,888 clays. The Indiana Rolling Mill Co. at Newcastle, had the largest month's
Acc'ts receivable_ 2,084,666 2,211,562 Surplus
y4,656,240 2.659,814 business in its history In January and reports an increase of 33% in its
working force. The Galesburg Coulter-Disc Co. reports a 10% increase
Inventories
3,372,748 4,364,432
In sales of implement parts in January over the corresponding month of
Investments
20,782
555,879
1929 and a 33% increase in tractor parts business.
Pfd. stk. for empl_
47,400
32,000
Deferred charges
The Norge Corp.. another subsidiary, plans an intensive selling campaign
Total(each side) 14,314,889 14.715,341
156,964
175,193
on a complete line of household electric refrigerators.
-V. 130. v. 1119.
a After deducting depreciation of *1,584,681. x Represented by 239,012
shares of no par value. y Includes $1,500,000 available for pref. dividends
-Publishers To
Brentano's, Inc. (Publishing House).
and sinking fund and to increase stated capital. s 23,603 shares, par $100,
stated at preference value of s110 per share.
Extend Credit.
-V. 129, p. 2861.
The following is taken from the New York "Times," Feb. 18:
Bolsa Chica Oil Corp.
-New Ctfs. Ready.
A committee of publishers in this city is arranging for the extension of
The California Commissioner of Corporations has authorized the corp- credit
$250.000, over a 5
-year period, to Brentano's, one
oration by supplemental permit dated Jan. 18 1930, to Issue new stock of the totalling about
oldest and largest retail book houses in this country, according
certificates of the new $10 par value in exchange for old certificates of $1 par a statement by William P. Chapman Jr., attorney for Brentano's and to
a
value. This applies to both A and B stock. One share of the $10 par stock member of its board of directors.
will be issued in exchange for each 10 shares of $1 par stock.
Reports that creditor publishers of the firm would actually take It over
The corporation has appointed the Farmers & Merchants National Bank or that members of
Brentano family would retire from the manageof Los Angeles as transfer agent for both the class A and class B common ment were scouted. the Chapman said that in
Brentano's had borMr.
stock, and such transfer agent will actually make the exchange of stock of rowed $350,000 to meet expenses partly caused1925 removal of its New
by
the new $10 par value for stock of the old $1 par value. No certificates for York, Chicago and Washington stores to new quarters. Since, then.
fractional shares of the $10 par stock will be issued by the corporation. Any he explained, $58.000 has been paid off, but the firm needs additional
stocknolder who would otherwise be entitled to receive a fraction of a share working capital. Rather than borrow more money. Mr. Chapman said,
FEB. 22 1930.]
FINANCIAL CHRONICLE
the firm had decided to ask credit from publishers for whom the Brentano
stores form an important retail outlet.
"From 1909 to the close of the last fiscal year," Mr. Chapman said,
"Brentano's total volume of sales has shown an upward curve, and in the
last 15 years the house has sold $30,000,000 worth of books." An audit
of the firm made by a representative of the publishers is regarded as favorable, Mr. Chapman added, and arrangements for the credit are virtually
consummated.
-V.120, p. 1208.
Briggs & Stratton Corp.
-Balance Sheet Dec. 311929.
Assets
Liabilities
Cash
$266,839 Accounts payable
$68,258
Marketable securities
1,501,281 Accrued liabilities
79,721
Accounts & notes receivable- - 303,026 Prov. for Fed. & Wisconsin inInventories
496,684 come taxes
270,501
Cash surrender val, of life loser
40,699 Deferred liability
103,063
Prepaid expenses
31,290 Capitalstock
y300,000
Miacell.stock investments_ 96,735 Surplus
2,876,083
Real est., bldgs., plant mach.,
equipment &c
x961,091
Pat'ts, trade-marks & gocidwill
1
Total
$3,697,626
x After depreciation of $720,918. y Represented by 300.000 no par
shares.
Our usual income account for the year ended Dec. 31 1929 was published
In V. 130, p. 1119.
1281
Balance Sheet Oct. 31.
1929.
1928.
1929.
Assets$
Cash
635.367
780,867 Notes payable-- 1,175,000
Notes & accts. rec. 2,141,453 2,009,317 Accts. pay., seer.
Inventories
1,069,394 1,106,888 expenses, Ate_ 1,109,207
Cap,stk.subscrlp.:
Accr. Int, on fund.
Dahlberg & Co. 977,860
debt
84,205
Employees
126,965
49,843 Prov.for Fed.tax_ 253,154
a142,140 al36,600 1st mtge. 6I4%
Investments
Treasury stock _ _
sink. fund bds_ 1.004,500
2,280 1,378,634
Property, plant &
3-yr.6%cony.notes
x6,141,682 4,530,573 10-yr.6%conv.debs 1.900,000
equipment
Patents and patent
Pref.stk.7% cum_ 5,321,000
rights
5,225,000 5,225,000 Common stock.._y6,274,940
Def. adv. South
Surplus(earned)_ _ 1,192,692
1,489,421
Sea Co
Burp. apprec. from
Adv.to EMIL cos.- 416,821
appraisal of New
Deferred charges._ 399,925
476,340 Iberia plant_ _
353,609
1928.
600,000
528,860
99,735
275,656
1,079,000
420.500
2,000,000
5,303,400
4,684,541
702,373
Total
18,668,308 15,694,065
Total
18,668,308 15,694.065
a Includes 36,769 shares of common stock of the South Coast Co. at
book value,$110,380. x Less reserve for depreciation of81,613,300. y Represented by 205,194 shares of no par value.
-V. 130, p. 626.
Chain 8c General Equities, Inc.
-Annual Report.
British Type Investors, Inc.
-New Director.
President Paul Dudley Childs reports in brief:
Ralph W. Simonds has been elected a director. Mr. Simonds is also on
The liquidating value of our portfolio reflects the present lower level o
the Board of Governors of the Detroit Stock Exchange and a former
preFident of the Associated Stock Exchanges. He is president of Baker, stock prices. Our investments, however, are largely in the chain store
Simonds & Co., Inc., and a director of the National Baking Co., and field, which has a well-deserved reputation for increasing profits in periods
of business recession.
Yosemite Holding Corp.-‘ 130. p. 978.
.
The chain store companies whose stocks we own (93% of which have
reported) show an increase in sales from $1.844,594,181 in 1928 to $2,318.Bucyrus-Erie Co.
-Secures Order.
783,128 in
This company has received an order from the Anglo-Chilean Nitrate Co. In the most 1929, an increase of 25.7%. As our heaviest investments are
rapidly growing companies,
growth available to
for 24 large revolving shovels, involving more than $1,250,000. according If averaged for our chain store portfolio thea whole, was 35%. our benefit.
as
to a Chicago dispatch. The shovels will be used for mining nitrate in
Since company has used
cash resources in making its various
northern Chile. This represents the largest single order the company has Investments, and has never only its its
utilized
borrowing ability we owe nothing
received in several years. Deliveries will start in May and continue until to the banks, and our current
position is thoroughly sound.
the end of year, adds the dispatch.
-V. 129, p.3639.
Income for Period from Feb. 5 1929 to Dec. 31 1929.
Interest-Collateral call loans
$167,655
Bush Service Corp.
-Vice-President Elected.
Miscellaneous
7,198
Paul Fitzpatrick has resigned as Vice-President and director of the Credit
-Cash
104.414
Alliance Banking Corp., and from all official connection with its various Dividends
Stock (ex-dividend market values)
17,130
affiliated companies, to accept the vice-presidency of the Bush Service Net profit on securities
92,529
sold
Corp.
-V. 129. P. 1120.
Total
$388.925
Bush Terminal Co.
-Larger Dividend.
Interest
818
The directors have declared a quarterly dividend of 62 .
30.880
ic• share on Advisory and operating expense
the common stock, placing the issue On $2.50 annual basis, asacompared Fiscal agency expense..
6,747
with $2 previously. The directors also declared the regular quarterly Provision for Federal income taxes
26,312
dividend of $1.75 a share on the debenture stock. payable April
ers of !record March 28. The common dividend will be paid 15 to holdNet income
8324.167
May 1 to
holders of record April 4.-V. 130, P. 1120.
Preferred dividends paid and accrued
215.089
Butterick Co.
-To Pay Off Notes.The company has arranged with Halsey, Stuart & Co.. Inc.. for the
payment of $2,000,000 of 5% notes outstanding, due March 11930. There
will be no public financing in this connection.
-V. 129, p. 3639.
Calumet & Arizona Mining Co.
-Lower Dividend.
-
The directors have declared a quarterly dividend of $1.50 a share on
the capital stock, thereby reducing the annual rate to a $6 basis. Previously the company had been paying quarterly dividends of $2.50 a share
or $10 annually since the spring of 1929.
that the annual rate was
$6 on the old Calumet & Arizona Mining Prior to
the acquisition of
New Cornelia Copper Co. The pressnt Co. beforeis payable March the
dividend
24
to holders of record March 7.
Reduction of the quarterly rate is due to
expenditures
during current year on account of a programunusually heavyand improveof construction
ment at the mines and property and also because of the slack buying of
copper metal.
-V. 129. p. 3171.
Canadian Bronze Co., Ltd.(& Subs.).
-Earnings.
--
Calendar Years1929.
Oper. profits from subsidiary cos__ __ 4445,812
Net revs.from invest., int. & rentals_
26,185
Total gross profits
Gross profits for 3 mos. end. Mar.31 4471,997
1927. absorbed by sub. cos. prior to
formation ot Can. Bronze Co.,LtdReserve for depreciation
Provision for inc-omo tax
x
Net profits
$471,997
Preferred dividends
63,470
Prov.for sk. fd.for red. of pref. stock
40,852
Common dividends
200,000
1928.
4469,268
25,677
1927.
$
365,
837
12.979
34494.945
$378,816
51,240
18,750
26.000
$494,945
75,003
41,994
160,000
$282,825
65,126
Balance, surplus
$217,947
$217,701
Earns, per sh. on 80.000 shs. com.stk. $167.673
(no par)
$4.73
$4.60
$2.70
x After depreciation and taxes.
Balance Sheet Dec. 31.
Assets1929.
1928.
1929.
Liabilities1928.
:Plant
$822,800 $892,753 Accts. payable_ _ _ $213,798 $231,472
Investments
418,959
478,399 Dividend payable.
64,787
57.062
Accts. receivable_ 394,852
452,575 Insur. reserve._ _ _
10,069
10,000
Cash
68,885
125,996 Sink.fund reserve.
82,846
41,994
Inventory
271,413
148,455 Preferred stock _ _ _ y845.000
975,000
Call loans
25,000 Common stock.- :197.395
197,395
Good-will
1
1 Surplus
563,015
408,257
Total
81,976.910 $1,921,181
$1.976,910 $1,921,181
Total
x Includes real estate, buildings, machinery and tools, plant,
office furniture and fixtures, less depreciation. y Represented patterns,
by
shares in the hands of the public. z Company has 80,000 shares of8,450
common stock issued.
-V. 129. p. 3640.
Canadian Paperboard Co., Ltd.
-Receivership.
-
Upon application of bondholders and under
of Feb. 11 1930. G. 'I'
Clarkson. Toronto, was appointed Receiver and date
Manager, while at
time an application was made for the appointment of an interimthe same
receiver
under the bankruptcy Act.
The Receiver and Manager states that it is desired to make clear
to
Customers, bondholders and creditors that such proceedings were taken
not for the purpose of liquidating the affairs of the company, but in
to permit a reorganization of its financial structure and, with such the order
It is contemplated that the business of the company will be continued case,
without Interruption.
-V. 129. p. 2390.
Celotex Company.
-Earnings.-
Years Ended Oct. 31Net sales
Cost of sales and expenses
Net operating profit
Other earnings
1928.
1929.
1927.
$10.317,641 $38,979,858 $8,239,122
7,697,483
6,740.706
6,696,427
$2,620,157 $2,239.152 $1,542,695
69,237
91,207
47.704
Gross earnings
$2,711,364 32,308.389 $1.590.399
Depreciation
419.115
397.177
366,939
Interest and other charges
322.590
275,973
289,403
Provision for Federal tax
182.000
208,000
117,000
Special rebates reduction in price....
355,686
Net income
$1,478,590 $1,380,622
$817.057
Preferred dividends
365.268
364,945
306,074
Common dividends
544,210
461.733
492,670
Surplus
$569,111
$553,944
$18,313
Shares com. stock outst'g (no par).._
205,194
154.635
154 313
Earnings per share
$5.42
$6.65
0.81
Earned surplus, Dec. 31 1929
8109.078
Balance Sheet Dec. 311929.
Assets
Liabilities
Cash
$71,879 Due for securities bought
$53,245
Collateral cafi loans
400,000 Accounts payable
8,642
Securities owned
a7,517,670 Accrued dividend on pref stock
43,333
Due for securities sold
12,495 Reserve for Federal taxes
26,312
Dividends receivable
23,491 Preferred stock
4,000,000
Accrued interest receivable
3,321 Common stock
63,200.000
Treasury stock (at cost)
211,057 Paid-in surplus
800,000
Prepaid expenses
698 Earned surplus
109,078
Total
$8,240,610
Total
$8.240,610
a Market value. $4,854,298. b Represented by 160,000 no par shares.
There are also options to purchase 28,000 unissued shares of $25 Per share.
Notes.
-At Dec. 31 1929, company had a participation of $100,000 in
the Steel & Iron Syndicate, of which $75.000 was unpaid.
Company was also subject to an agreement to purchase on 10 days' notice
from Chain Store Fund, Inc., 16,000 shares of its common stock at $25.50
Per share ($408,000) plus interest at the average renewal rate on call loans
from Oct. 24 1929. to date of purchase, making the cost as of Dec. 31 1929.
$25.71 per share ($411,399).
List of Securities Owned, Dec. 311929.
(1) Chain Store StocksShares,
Shares.
Diamond Shoe Co
650 Traveler Shoe Stores Corp
4,361
First National Stores, Inc
2,800 Walgreen Co., common
1,000
F. & W. Grand 5-10-25 Cent
Wsigreen Co., stk. purch. warrs_ 2,500
Stores. Inc., common
3,150 Western Auto Supply Co., class A_ 2,666
F. & W. Grand 5-10-25 Cent
F. W. Woolworth Co
2,000
Stores, Inc.,614% preferred.- 150 (2) Bank ct Insurance Stocks- Shares.
Grand Union Co.. preferred
500 Aetna Fire Insurance Co
100
Great Alt & Pac. Tea Co.of Amer. 310 Aetna Life Insurance Co
1,000
Green Stores, Inc
2.200 Bank of Manhattan Co
100
Interstate Department Stores, Inc. 3,800 Bank of Montreal
200
S. S. Kresge Co
2,000 Canadian Bank of Commerce
227
S. H. Kress & Co
400 City of N. Y. Insurance Co
61
Kroger Grocery & Baking Co
2,700 Commercial National Bank & Trust
Lerner Stores Inc
2,500
Co of New York
50
Mengel Stores Corp
4,000 Home Insurance Co
4.000
McLellan Stores Co., class A
10,106 Midland Bank of Cleveland, old
225
Melville Shoe Corp
2.300 National City Bank of New York
300
Metrop. Chain Stores, Inc.,7% p1. 2,424 Phoenix Insurance Co
1,000
bletrop 5 to 50c. Stores, Inc., pref.. 3,000 Royal Bank of Canada
200
I Miller & Sons, Inc
2,000 Sun Life Assurance Co
28
Montgomery, Ward & Co
700 Travelers Insurance Co
75
G.C. Murphy Co
1,000 (3) General StocksShares.
National Tea Co
3,800 Allegheny Corp
500
Nelsner Brothers, Inc., pref
1,950 Allied Power & Light Corp
500
J. J. Newberry Co
3,000 American Superpower Co
2.000
Olympia Theatres, Inc., common
American Tel. & Tel. Co
200
certificates of deposit
789 Celanese Corp. of America, partiOlympia Theatres, Inc., preferred
cipating 1st preferred
500
certificates of deposit
376 Consolidated Gas Co. of N. Y._ _ 500
Peoples Drug Stores, Inc.,common 3,200 Continental Shares, Inc.. pref B.
Peoples Drug Stores, Inc.,634% p1, 911 ex-warrants
100
Peopkes Drug Stores, Inc., stock
Continental Shares. Inc..common- 1.000
Purchase warrants
1,301 Deere & Co
200
Safeway Stores, Inc., common_.._ 1,523 Electric Bond & Share Co
500
Safeway Stores, Inc., 2c1 ser. waif. 370 Lambert Company
300
The Schiff Company,common..._ 1,500 Noranda Mines, Ltd
800
The Schiff Co..7% pref.(with wan 100 Price Brothers & Co.. Ltd
500
Sears, Roebuck & Co
1.300 Steel & Iron Syndicate. particip $25,000
4.0. Spalding & Bros
2,100 Texas Corporation
300
Tip Top Tailors, Ltd., 7% pref.__ 650 Union Carbide & Carbon Corp.__ - 500
-V. 129, P. 3015.
Chickasha Cotton Oil Co.
-Earnings.
-
The company reports for six months ended Dec. 31 1929. net profit of
$448.121 after charges, depreciation and taxes, equal to $1.76 a share
Par $10) on 255,000 shares of stock.
-V. 129. p. 1446.
Cespedes Sugar Co. (Compania Azucarera Cespedes).
Period
Operating profit
Other income
12Mos.End. 17Mos
.End
.
Oct. 31 '29. Oct. 31 '28.
$482,495
8531.427
51,032
67,023
Total
Int., amortiz.. exp., &c_
Prov. for depreciation
Prov.for Cuban inc.taxes
Res, for contingencies_ _
8533.526
238,897
105.000
Balance, surplus
Previous balance
Add taxes prey. years_ _
Profit and loss,surplus
-YearsEnd,May 31
1927.
1926.
8646.508
$266.234
42.556
35.289
$598,450
383,682
195,000
$689,064
305,783
105.000
17.536
$164,629
754,001
Dr.63,893
8104,768
649.233
8260.7441064106,387
388.489
494.876
$854,736
$754,001
25.000
649,233
$301.522
302.909
105.000
$388.489
Comparative Balance Sheet Oct. 31.
1928.
1929.
LiabilitiesAssets1928.
1929.
Preferred stock___ 3999,000 $999,000
Prop.,plant, mach.
&e
36,844,809 36,815.511 Common stock___ 3,594,000 3,594.000
16,187 1st M.gold bonds_ 2,239,000 2,399,500
Cash on hand
55,986
83,000
Advs. to colonos
602,025 Notes payable____
696,317
Accounts rec'ble
60,048
189,699 Accts. payable and
59,159
accrued expenses 110,176
Notes receivable
154,250
146,589
29,743
30,950
Special cash fund_
22,075 Interest accrued__
19.700
453,048
563,300
399,812 Reserves
Inventories
160.409
254,770
Deferred charges__ 387,808
351,322 Prof.on sugar con_
754,001
854,736
Surplus
Cost of cos.colonlas
94,835
Total
$8,474,164 $8,543,223
-V. 128, p. 4326.
[VOL. 130.
FINANCIAL CHRONICLE
1282
Total
$3,474,164 $8,543,223
Construction of the bridge is said to establish engineering records in the
Pacific Coast section for speed and the handling of large masses of steel
at great heights. The two arms of the central span, erected without the
use of false work, came together with a deviation of only three-eighths of
an inch. The structures will have been completed in approximately 16
months and will contain about 13,000 tons of steel. The cantilever span
is 1.200 feet long and is 196 feet above the surface of the river.
-V. 130. P.
627.
Commercial Credit Co., Baltimore.
-Correction.
In reporting the summary of operations for 1929 and 1928 in "Chronicle"
of Feb. 15, p. 1108, the years over the columns were erroneously reported.
Under the title "consolidated" the first column should have been 1929
and the second 1928. Similarly under title "company alone" the first
column should have been 1929 and the second 1928.-V. 130, p. 1108.
Commercial Investment Trust Corp.
-New Directors.
-New Contract.
Checker Cab Mfg. Corp.
The corporation has closed a contract with the Checker Taxi Co. of
Chicago for the purchase of the cab requirements for a period of five years.
The Checker Taxi Co. is one of the largest independent operators of cabs
In the United States, operating approximately 2,000. It is likely that in
the near future the entire fleet will be replaced with standard Checker cabs,
-V. 130,p. 1121.
according to reports.
Claude Neon Electrical Products Corp. Ltd. (Del.).
Claude Neon Electrical Products, Inc., of Ariz. and Electrical
Products Corp. of Calif.]
1928.
1929.
Earnings Calendar YearsGross profit on rentals & sales, & income from
$917,152
$1,381,038
royalties & diva, received from sub-licensees _ _
486,431
615,123
Selling, administrative & general expense
Operating profit
Other income (net)
$765,915
51,193
$430,721
Dr.78.739
Total income
Provision for Federal income tax
$817,108
98,269
$351.981
56,332
$295,649
$718,839
Consolidated Balance Sheet Dec. 31.
Liabilities1928.
1929.
1928.
1929.
Assets-Accts. nay., dive.
Cash, accts. rec. &
& Fed. inc. tax- 8280,081 $193,635
3690,274 3420,905
inventory
Mtge. obligations_
119,500
119,500
Sund. accts., inv.,
143,159 Res. for maint. &
205,343
&c
losses on Neon
Investml in rental
974,527
1,152.992
signs, gen. conequipment
tingencies, &c_. 167,172
99,932
382,033
Land, bldgs. & eq_ 487,387
Deferred income__
169,108
141,729
Pat. rights & good155,233 Def.gross prof.,est. 2,615,643 2,115,663
115,749
will
Reserves for intaint.
Neon Sign rental
commis. & losses 858,775
689,869
contr. (contra) _ 3,474,418 2,805,533
28,499
112,233 Minority interest_
154,461
Deferred charges
Preferred stock __ 351,100 1,200,000
433,291
Corn. ink. & surpl _x1,690,744
Net profit
$8,280,623 34,993,621
$6,280,623 34,993.621
Total
Total
-V. 129, p. 2863.
x Represented by 205,580 no par shares.
The stockholders at their annual meeting on Feb. 18 elected two additional directors, Arthur Lehman of Lehman Bros. and Frank Altschul
of Lazard Freres. thus giving representation on the board of these two
bamking firms in addition to Dillon, Read & Co. who were previously
represented. Other members of the board were re-elected.
At a subsequent meeting of the directors Henry Ittleson, President of
the corporation, was re-elected and Edwin C. Vogel was elected to the
newly created office of Chairman of the executive committee in lieu of
Vice-President. All other officers were re-elected.
Regular quarterly dividends on the preferred and preference stocks
and on the common stock of the corporation were declared.
-V.130, p. 964.
Commercial Solvents Corp.
-2% Stock Dividend.
The directors have declared a quarterly cash dividend of 25c. per share
on the outstanding common stock, payable March 51 to holders of record
March 10 1930.
The directors also declared a dividend payable in stock on March 31 to
holders of record March 10 at the rate of 2 shares for each 100 shares then
outstanding. Non-dividend bearing scrip certificates will be issued for
fractional shares to which any stockholder may become entitled as
result of this stock dividend, and this scrip when aggregated will be exchangeable for full shares.
The company also paid 2% in stock on Nov. 1 1928 and on Apr. 1 and
Oct. 11929. A quarterly cash dividend of 25c. per share was paid on the
common stock on Jan. 1 last, the first on the present shares which were
issued in exchange for the old common stock on the basis of 10 new shares
-V. 130, p. 1121.
for one old share.
Congoleum-Nairn, Inc.(& Subs.).
-Earnings.
1929.
Calendar Years$2,831,562
Operating profits
,roy.,dive.,&c.
750,625
Add-Int.
1928.
$2,208,477
585,257
1927.
$1,807,424
515,806
1926.
$2,124,80S
259,894
Total income__._.._,..- $3,682,187 $2,793,734 $2,323,230 $2,384,702
109,298
155,836
115,298
121,297
Interest paid
491,616
Adjustment of inventory
200,000
General continegncies
963.819
1,057,058
1,006,390
969,511
Depreciation
302.000
210,000
175,000
110.000
Federal taxes (est.)
$2,213.831 $1,462,046 $1,057,420
Bal. avail, for divs
104,146
105,658
105,658
Divs. paid-Pref. stock_
$463.430
113,129
-Stockholders Committee.
Claude-Neon Lights, Inc.
$2,109,685 $1,356,388
$951,762
$350,301
Balance, surplus
17,851,487 15,741,802 14,385,413 13.433.651
Profit and loss,surplus
1,641,026
1.641,026 1,641,026
She. corn. out. (no par)- 1,641,026
$1.28
$0.82
$0.58
$0.21
Earn. per sh. on common
Consolidated Balance Sheet Dec. 31.
1928,
1929.
1928.
1929.
Liabilities$
s
3
$
Assetsx13,829,172 14,077,648 1st pt.7% cum.stk 1,445,300 1,509,400
Fixed assets
871,586 1,131,886 Common stock_ _y13,754,655 13,754,655
Cash
1,573,300 1,673,300
7,400,000 5.450,000 Funded debt
Bank loans
Notes & accts. rec. 2,849,543 2,204,120 Accts. payable dt
873,261
accr. charges__ _ 650,675
8,615,434 9,061,855
Coca-Cola Co.
-Annual Report.
Inventories
210,000
362,834
184.380 Federal taxes
Sundry debtors.. 159,683
R. W. Woodruff, President, says in part:
1,100,259 1,055,046
interest in the financial statement of the company Marketable secure. 1,878,954 1.230,214 Reserves
Points of immediate
347,529 Surplus (of merged
28,135
Const.in progress_
and its subsidiaries for the year 1929 are these:
companies):
Good-will dr tradeSales in dollars show an increase over the preceding year of 12.99%.
Created by valu1,000,864 1,000,864
marks
Net profits show an increase over the preceding year of 25.21%.
ation of g'd-will
128,969
105,140
Earnings per share of common stock, after dividends on the class A stock, Deferred debits_
& trade-marks_ 1,000,000 1,000,000
taxes and additions to reserve, were $10.25.
deductions for
273,300
Appropr.surplus 323,300
Approximately 20% of the class A stock has been purchased by the comTotal(each side)36,738,510 34,817.464 Earned surplus_ _..16,528,187 14,468,502
pany.
The ratio of current assets to current liabilities is 18 to 1.
x Land, buildings and equipment, less reserve for depreciation of $9,852.-V. 129, p. 802.
103. y 1,641,026 shares of no par value.
Coca-Cola Co. Earnings for Calendar Years.
1927.
1926.
1928.
1929.
-Earnings.
Consolidated Cigar Corp.(& Subs.).
Net sales
$39,260,813 $34,745,758 $32,515,501 $30,107,272
22,564,331 20,874,200 20,066,796 18,428,804
aCost of operations
x1926.
1929.
1927.
1928.
Calendar Years3,274,815
3,285,551
2,203,205 f 3,682,438
Other deductions
sales_ -__ $9,200,242 $9,277,162 $8,184,437 $6,345,034
Gross profit on
Federal taxes
1,735,000 1
2,801,075
3,922,622
4,348,472
Sell., adm. & gen. exp_ _ 4,914.651
A committee has been formed of the stockholders of the common stock.
The purposes of this committee are to obtain accurate information as to the
affairs of the corporation; to inquire into and report upon any suits pending
against the corporation or its officers and to represent the stockholders
who may join the committee at the next annual meeting.
The committee consists of Berman Bergoffen, Chairman,(Pres., National
Skee-Ball Co., Inc.); Michael Edelstein, (C.P.A., member of the firm of
Wright, Long & Co.), and D. D. Jaffin, with D. D. Jaffin, Sec., 165
Broadway, N. Y. City.
-V. 129, p. 4143.
Net income
$12,758,276 $10,189,120 $9,163,155 $8,403,653
156,036
Preferred dividends c_
Class A diva. (net)
2.507,264
Corn. dividends--($4)4,000,000($5.75)5.750,000($5)5,000,000(57)3.500,000
Operating profit_ _ - - 54.285,591 $4,928,691 $4,261,815 $3,543,959
Int. on loans, discount &
695,402
579,200
1,066,128
824,093
miscell. chgs. (net)___
362,200
392,300
274,050
490,800
Fed. & State taxes (est.)
Surplus
$6,251,012 $4,439,120 $4,163,155 $4,747,617
Earned surplus Dec.31 _d15,646,209 14,395,196 69,956,075 15,782,920
500,000
1,000,000
Sias. corn. outst.(no par) 1,000.000
1,000.000
$16.49
$10.19$
Earns. per share on corn_
$10.25
.
5 16
Surplus Account Dec. 31 1929.
-Balance Dec. 311928,9 14,395,196; add
net income for year as above, $12,758,276; total surplus $27.153,473.
Deduct nominal amount transferred from surplus and assigned to class A
stock distributed as a dividend on common stock $5.000.000: dividends
paid on class A dividends 52,507,263, common stock $4,000,000, balance
Dec. 311929. $15,646,209.
a Includes cost of goods sold, incl. freight on sales, discount and alllowances, selling, branch, administrative and general expen.ses. b After deducting a 100% stock dividend ($9,990,000) paid April 25 1927. c Pref.
stock redeemed during 1926. d After deducting 55.000,000 stock dividend
and assigned to class A stock.
Balance Sheet December 31.
1929.
1928.
1929.
1928.
Assets
y5,000.000
3,508,232 6,436,154 Class A stock
Cash
Govt.securities-- 3,067,173 8,608,394 Common stock_ z25.000,000 25,000,000
:15
849 817
5 1
909,663
10.5751 1,500,326 Accts. payable
Notes receivable_ _
30,730
Accrued accts.._
1.242,1081
Accts.receivable
Fed. income taxes
9,136,214 3,606,518
Inventory
coating. & misc.
Inv.in class A stk_ 9,433,733
8,475,691 6,934,769
oper. reserves
Inv. in see. of other
Prof.& loss surplus15,646,209 14,395,196
companies
109,860
Sundry notes and
275,959
accts. receivable 272,108
Land, bldgs. mach.
&c
x6,305,637 5,883,802
, Formulae, trademark & goodw11121,931,321 20,823,386
Unexpired insur. &
Tot.(each side)_55,062,293 47,184,923
50,384
prepaid eras_ _ _
45,332
x After reserve for depreciation of $5,234,071. y Represented by 1,000,-V 129.
000 no par shares. z Represented by 1,000,000 no par shares.
3168.
$3.314,090 53,613,798 $2,921,637 $2,486,357
Net income
12,005
12.005
12,005
12,005
7% pref. stock ofsub_
,
Prior pref. diva.. _ (6)i 0)707,596(636)714,993($1.62%)178,750
a238.525
250,356
230,037
235,725
7% pref. dividends
681,318
1,750,000
1,749.940
1,749,937
Common dividends
-Bridge To Be
Columbia River Longview Bridge Co.
Opened March 29.
-ton cantilever span
The Washington and Oregon sections of the 10,000
of the Columbia River Longview Bridge at Longview, Wash., have been
successfully joined and it is expected that the bridge will be opened to
traffic March 29, according to word received this week by J. & W. Seligman & Co. from Joseph T. Tynan, Vice-President of the Bethlehem Steel
Corp., in charge of the construction at Longview, Wash. The bridge at
present is the highest span over navigable waters in the United States and
Is one of the most important links in the North and South arterial highway
system of the Pacific Voast.
V
$614,511
$742,357 $1,542,678
$901,138
Balance
1,835,418
1,983,532
2,655,785
Profit & loss surplus _ - - _ 2,587,069
250,000
250 000
250.000
250,000
Shs, corn. outst.
(no par)
$9.51
$10.01
$S.95
$10.60
Earns. per sh. on corn__ _
a Approximate (inserted by editor). x Includes earnings of G. H. P.
Cigar Co., Inc., for the 6 months ended Dec. 311926.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Assets$
3,310,906 3,342,583 614% prior pf. stk.10,655.000 11,000,000
aFixed assets
Good-will & brands 7,905.552 7,055,719 7% pref.stock__ __ 3,226,500 3.327,500
1,640,227 1,349.788 Common stock...b11,855,684 11,855,689
Cash
451,000
38,937 Real est. mtges_ _ _ 432,750
10,102
Notes receivable_ _
171,500
171,500
Accts. receivable._ 3,789,124 3,549,749 Pt. stk.of sub.cos_
9.500
32,472 Drafts payable.
28,101
Loans & advances_
288,841 Acc'ts pay. & accr. 549,650
548,978
39,646
Mise.acc'ts rec _ _
509,300
Advs. on tobacco. 1,586,843 1,748,187 Fed. & State taxes 406,100
818,250
12,106,716 12,510,492 Divs. payable.... 178,750
Inventories
70,451
Res.for insurance,
Inv. in & loans to
140,012 Res. for corning__
73,387
84.393
other companies
257,167 Prof. stk. skg. Id. 560,000
194,781
Deferred charges
2,587,069 2,655,785
Surplus
Total
30,696,390 31,213,948
30,696,390 31,213,946
Total
a Less depreciation and amortization of $1,869,869. b Represented by
-V. 130, p. 627.
250,000 shares of no par value.
-New Secretary,
Consolidated Lead & Zinc Co.
D. C. Mackallor has been elected Secretary and Treasurer and a director.
C.
succeeding C. V. Jonas, resigned.-V. 130,p. 140; V. 129, p. 3970,967.
-Consolidation.
Continental Air Express, Inc.
This company and the Commercial Aircraft Co.(Calif.) have been merged
under the name of the Liberty Finance Co -V. 128, p. 3193.
-Acquisition.
Continental-Diamond Fibre Corp.
Charles G. Rupert on Feb. 15 announced that he and his family have
sold the Delaware IIard Fibre Co., Marshallton, Del.. to the above corporation. Wilmington (Del.) dispatches state: Mr. Rupert, who founded the
Delaware Hard Fibre Co. in 1890, recently placed a valuation of $1,500,000
on the company. The consideration was paid partly in cash and partly in
stock, It was said.
-.V. 130, P. 979.
FEB. 22 1930.]
FINANCIAL CHRONICLE
1283
ucts. As the Household company has 575,000 shares outstanding, the
-Receiver.
Continental Sugar Co.
plan would involve 410,715 shares of Drug, Inc., and would
Col. Thomas G. Gallagher, Vice-President & Gen. Manager has been latter's outstanding stock from 2.743.713 to 3,154,428 shares. increase the
Hahn in Federal Court at Toledo.
named receiver by Judge George P.
To provide for this acquisition and other corporate requirements, the
Sigmund Sanger, attorney, was named special master for the receiver.
of Drug, Inc., will consider at the annual meeting on March 11
The receiver was appointed on application of Grant D. Esterling, Detroit, stockholders authorized capital stock from 3.000.000 to 5.000,000 shares.
Increasing the
and Charles J. Welch, New York.
The company has three refineries in Ohio and Michigan cities, and -V.130, p. 629.
controls the Holland-St. Louis Sugar Co., which has three plants in Michigan
-Sale.
Durham Coal & Iron Co.
and Indiana.
public auction
J. H. Jones, special master will sell the entire
Assets of the company are placed at $6,000,000 and liabilities at $2,- March 15 at Chattanooga, Tenn. The upsetproperty at been fixed at
price has
-V. 129, p. 1918.
000,000. The company will be reorganized, it said.
$396,000.
Courtaulds Ltd., England.
-Earns.
-6% Common Div.
According to a '
London dispatch the company has declared a final dividend
of6% on the common stock, tax free, making 10% for the year.
The preliminary statement for the year ended Dec. 31 1929, shows a
profit after expenses, depreciation and taxes of £3,743,827 of which L1,651,856 was allocated to write down the company's continental industrial
investments, leaving the balance of £2,091,971. In 1928 the net profit
after expenses,depreciation and taxes was £5,171,996.-V. 127,P. 113.
-Sub. Co. Plant Operating at KingsEastman Kodak Co.
port, Tenn.
The first production unit in the Tennessee Eastman Corp.'s new cellulose
acetate plant at Kingsport,.Tenn. was put into operation last week,
according to an announcement. Full-scale production is expected to be
reached oy mid-summer.
Construction of the cellulose acetate plant began late in June. The manufacture of cellulose acetate, which is the basic ingredient of safety film for
-Tax Refund.
Crown Cork & Seal Co., Baltimore.
home motion pictures and for safety x-ray film, at present is carried on
The Bureau of Internal Revenue reported the refunding of $180,987 to the by the Eastman Kodak Co. at Kodak Park, its largest plant in Rochester.
above company of Baltimore,for over assessment of taxes in 1917 and 1918. N. Y., using acetic acid and acetic anhydride produced by the Tennessee
-v.128, p. 2274.
Eastman Corp. Shift of the manufacture of cellulose acetate to Kingsport
is expected to effect economies because the necessary cotton, as well as the
Cuba Cane Sugar Corp.
-Sale Approved.
chemicals mentioned,if a product of the South.
See Cuban Cane Products Co., Inc.. below.
-V. 130. P. 1122.
The new cellulose acetate plant consists of a cotton preparation building.
a cellulose acetate building, and an acid recovery plant. A new power
-Acquisition,
Cuban Cane Products Co., Inc.
plant which went under construction simultaneously with the cellulose
Holders of certificates of deposit for debentures and preferred common acetate plant is already in operation. It will supply steam not only to the
stock of Cuba Cane Sugar Corp. are notified that Cuban Cane Products new buildings but also to the previously existing plant of the Tennessee
Co., Inc., which has been organized as the new company contemplated by Eastman Corp., which manufactures acetic acid and acetic anhydride in
the plan of reorganization dated July 25 1929, acquired the properties of addition to methanol and other wood distillation products. A very complete
Cuba Cane Sugar Corp. on Feb. 15 1930 under decree of the United States water purification and filtration plant has also just been put into comDistrict Court for the Southern District of New York.
added.
-V.130. p. 1122.
As provided in the Plan, Cuban Cane Products Co., Inc. will issue its mission, the announcement
debentures, common stock and option warrants to holders of certificates of
-Proposed Merger.
Eaton Axle & Spring Co.
deposit, and its common stock to depositors of preferred and common
The consolidation of this company and the Wilcox-Rich Corp. to form
stock of Cuba Cane Sugar Corp. who have subscribed to common stock of
one of the largest manufacturers of automotive parts in the country, has
the new company.
Application has been made to list the debentures and common stock of been unanimously approved by the board of directors of the two companies,
it was announced by J. 0. Eaton, Chairman of board of Eaton company,
the new company on the New York Stock Exchange.
It is expected that the securities of the new company will be available for and C. N. Higbie, Chairman of the board of Wilcox-Rich Corp. The plan
delivery on and after March 3. In order to obtain the debentures and of consolidation, which contemplates the exchange of Eaton capital stock
common stock and option warrants to which they are entitled,the depositors for Wilcox-Rich class A stock, will be submitted to stockholders of both
and subscribers must surrender their certificates of deposit and subscription companies at an early date for their approval. of Dec.
31 1929. show comThe balance sheets of the two companies as
receipts to their respective depositaries named below. Subscription warbined assets of over $19,000,000. Combined earnings, after Federal taxes.
rants may be exercised to and including March 10, 1930.
Holders of certificates of deposit for debentures of Cuba Cane Sugar Corp. for 1929 were over $2,900,000.
The Wilcox-Rich Corp. has four plants advantageously located in Detroit,
will also be entitled to receive, upon surrender of their certificates, the
Jan. 1 1930 interest coupons attached to the deposited debentures, which Saginaw, Battle Creek and Marshall, Mich. It is engaged in the manufacture of valves, tappets, piston rings and other parts pertaining to
may thereupon be presented to the depositary for payment.
manufactures
Holders of debentures who do not deposit by April 10 1930 can only do gasoline motors, automobiles, airplanes and trucks. It also sets for strucso thereafter by special leave of Court; and preferred and common stock- pump shafts, clutch levers, piston rods. Rich "red head" rivet Its customers
subscription tural steel work and other forged parts and special tools.
holders who do not deposit by March 10 1930 cannot obtain
warrants except by like leave of Court. Such leave of Court can only be Include practically all of the large automobile manufacturers as well as
obtained as provided in an order entered Feb. 15 1930 in the receivership manufacturers of airplanes, tractors and marine, industrial Diesel engines.
proceedings, and upon a showing that the security holder was prevented -V. 129, p. 2543.
from depositing by circumstances beyond his control, or of special facts
-Loan.
834 Fifth Avenue Corp., N. Y. City.
justifying such deposit
.-V. 130.p. 1122.
S. W. Straus Investing Corp. has made a temporary loan of $2,400,000
- to this corporation. The purpose of the loan is to complete the 14-story
-Initial Dividend.
De Forest Croaky Radio Co., Ltd.
An initial quarterly dividend of 20 cents per share has been declared, co-operative apartment building now under construction at 822-836
Ave., between 64th and 65th streets.
payable May 1 to holders of record April 15.-V. 129. p. 2081.
-Acquires Tungsten Electric Corp.Eisler Electric Corp.
-Change of Dates for the
Detroit Steel Products Co.
Rights.
Payment of Dividends.-
Acquisition by the Eisler Corp.. manufacturers of equipment and essential parts utilized in the production of vaccuum tubes, of the Tungsten
Electric Corp., producers of tungsten and molybdenum products for the
electrical equipment, automobile, aviation and many other important
industries, is announced by President Charles Eisler.
The Eisler Electric Corp. will operate this company as a wholly owned
subsidiary. The acquisition was effected principally through exchange
of stock.
In conjunction with the taking over of this property rights are being
offered to Eisler stockholders of record Feb. 21 to subscribe to 25,000
shares at $14 per share in the ratio of one share for each 11 shares held.
These rights expire March 21.
Dr. Clemens Laise, founder and President of the Tungsten Electric
Corp. ill continue as executive head of operations of the Tungsten Electric ,dorp.
In announcing the acquisition, Mr. Eisler stated that he believed the
consolidation of efforts of these two companies would result in a mutual
Devoe & Raynolds Inc.
-New Subsidiary Organized.- benefit, inasmuch as the entire merchandising organ ration and facilities
E.S. Blackledge,3d Vice-President, has been appointed General Manager of the Eisler Electric Corp. will be utilized to further the distribution of the
products of the Tungsten Electric Corp. Likewise, it gives to the corof Sales for the industrial divisions.
Since the opening of the current fiscal year the corporation has organized poration, he added, a well rounded line of equipment and solidly estaba new subsidiary known as the Direct Stores, Inc., to which it has transferred lishes it in the tungsten alloy industry, which has shown a tremendous
its retail business. At present there are 37 stores operating under this new development over the past several years and which has unusual oppor-V.130, p. 629.
company three having been opened this year. The new arrangement, tunity for further expansion and development.
-V. 130.
besides giving greater efficiency, will effect certain economies.
-Stock Decreased, etc.
Eitington Schild Co., Inc.
P. 980.
the
The stockholders on Feb. 20 approved an amendment decreasl
Dictaphone Corp.
-Record January Business.
authorized class B junior pref. stock from $18,823,715 to $15,293,002
The Dictaphone Sales Corp. reports January 1930 as the record January
the amount
In its history, sales for the month showing a 12% increase over sales for and reducing $7,361,202. of capital allocable to the common stock from
the same period of the preceding year. which also set a high record for Janu- $9,891.915 to
The stockholders also voted to eliminate the deficit incurred by the
-V. 130, p. 294.
ary sales.
company during 1929, through heavy inventory write-offs caused by de-V. 130, p. 1122.
cline in fur prices last fall.
-Assets.
Domestic & Foreign Investors Corp.
Net assets as of Jan. 31 1930, with securities valued at market as of
-Extra Dividend.
Electric Controller & Mfg. Co.
that date and after deducting all liabilities other than the debenture
The directors have declared an extra dividend of $3 a share, and the
outstanding, were $4.179,535. Capitalization of the company consists of
5,000 shares of $6 cum. pref. regular quarterly dividend of $1.25 a share on the common stock, payable
-year 5 % gold debentures,
$2,500,000 20
April 1 to holders of record March 20. At this time last year an extra
stock and 75.000 shares of no par value common stock.
The debentures carry warrants entitling holders on the date the first disbursement of $1 a share was declared payable April 1 1929.-V. 129.
at the option of the P. 803.
dividend is declared on the common stock, or earlier
company, to receive 10 shares of common stock for each $1.000 debenture.
-May Reorganize.
Electric Elevator & Grain Co., Ltd.
Indicated net assets for the debentures are $1,671 for each $1,000 debentures and the book value of the common stock is $15.06 per share.
-The Toronto "Globe" of Feb. 17 contains the following:
The corporation was organized in July 1927,to buy,sell, hold and understatement issued Feb. 15, James R. Murray, Secretary of
In an official
write domestic and foreign securities and is managed by A. G. Becker the Winnipeg Grain Exchange, disclosed the position of the above company.
& Co. Robert C. Schaffner of that investment organization is Chairman of recently suspended from trading privileges and membership on the exchange.
-V.129, p. 1289.
President.
the Board and Dr. David Friday,
Creditors of the company, /Kr. Murray disclosed, probably will suffer
losses approximating $2,000,000. Several grain firms are involved, but
-Earnings.
Donnaconna Paper Co., Ltd.
individual losses are not sufficient to cause financial embarrassement to
1929.
Calendar Years1928.
any of them. Misuse of lake shippers' transfers caused some of the losses,
$829.861 $869,763 Mr. Murray announced.
Profits for year
625.000
Bond interest
590.704
Plans for reorganizing and refinancing the company are under way, and.
201.957
Depreciation and depletion
216,687 It is stated, there should be no loss to farmers or others holding warehouse
receipts or bills of lading for grain unloaded in company elevators.
$2,904
Balance, surplus
$62_ .370
The statement by Sec. James R. Murray follows:
$0.02
Earnings per share on 150.000 shares (no par)
10.41
Reports, most of them grossly exaggerating the facts, have been rife
Consolidated Balance Sheet December 31.
for some time in connection with the failure of what was rumored to be one
1929.
1929.
1928.
1928.
of the large firms doing business on the Winnipeg Grain Exchange. It has
Liabilities$
Assets6
$
5
to give a comprehensive statement covering the
x3.000.000 3,000,000 not been possible before this
Capital stock
Real estate. Plant
bds_ 7.000,000 7.000,000 situation.
& equip., &e._ _15,118,720 14,213,430 1st mtge. gold
The company, one of the smaller firms on the exchange, is the firm
4,000,000 4,000,000 involved. On Jan. 18 it came to the notice of the Council of the
164,362
Investments
545,115 Debentures
Winnipeg
7,419
269,914Accounts payable- 498,149
Cash
27,714 Grain Exchange that this firm was in difficulty and the Connell immediately
369,450
372,696 Accrued interest- - 260.417
Accts.receivable
260,417 cancelled its registration. This cancellation carried with it suspension of
554,085
51,466
591,995 Accr'd payrolls, &c,
Inventory
34,200 trading privileges and of the firm's membership.in the grain exchange.
633,961
650,258
463,193 Reserves
Advances
706,459
Although this occurred nearly four weeks ago, there has
- 1,388,543 1,388,543 ment, for the reason that directors of the company have been no assign
33.516
23,361 Capital surplus
Deferred charges-been working on
65,275
Prof.& loss surplus
62,371 plans to reorganize and refinance the company, in an endeavor to protect
shareholders. Aside from the shareholders. the princi16,897,811 18,479.704
Total
18,897,811 16,479,704 the interests of the
Total
pal people interested are the Bank of Montreal, the Winnipeg Grain
-V. 128. p. 894.
x Represented by 150,000 shares of no par value.
Exchange, the Lake Shippers' Clearance Association, and individual grain
firms who had business dealings with the electric elevator at the Eelctric
Inc.
-Offer for Household Prdoucts.Drug,
Terminal Elevator.
The directors have approved, and are seeking the stockholders, consent
The amount of farmers' grain involved is comparatively small, as this
to, a plan looking to acquisition of Household Products, Inc., on the basis firm has no country elevators and no extensive country commission
of exchanging one share of Drug. Inc.. for 1 2-5 shares of Household Prod- with farmers. There is some temporary Inconvenience to these farmers.but
E. R. Alles, Secretary and Treasurer, in a letter to the stockholders on
March 1 will say:
As you know, for the past several years the company has paid eight
dividends of 25 cents a share, or a total of $2 a year. Dividends have
been paid on Feb. 1, March 1, May 1, June 1, August 1, Sept. 1, Nov. 1,
and Dec. 1.
These dividends were not monthly, quarterly, or semi-annual, and
considerable confusion has arisen in the minds of our stockholders as well
as in financial circles. It was, therefore, decided to go to a quarterly basis.
As you know, a dividend of 25 cents a share was paid on Feb. 1, and the
enclosed dividend of 25 cents a share payable March 1, makes a total of
50 cents for the first quarter.
The board has also declared its first quarterly dividend of 50 cents a
share payable April 1 1930 to holders of record on March 20 1930.
The next date for the payment of a dividend will be July 1,and quarterly
thereafter, as and when declared.
-V.130. p. 980.
1284
FINANCIAL CHRONICLE
there should be no loss to them. The inconvenience arises through the
assets of the company, as is usual in such cases, being held, up pending
either a reorganization or a legal distribution, as provided by statute.
Many grain firms having dealings with the Electric Elevator Company are
creditors, but the sums involved in individual cases are not sufficient to
have caused financial embarrassment to any of them.
Rumors to the effect that many leading firms have been seriously embarrassed through the failure of the Electric Elevator company have no
foundacien whatever in fact. Other rumors that certain firms, embarrassed
by the company's difficulties, have since closed or sold out their grain
offices are also without foundation. These latter rumors have reference
to certain firms which have been in the grain business for only a few months,
and it is common knowledge that the discontinuance of the grain departments of these firms is due entirely to other causes.
The grain exchange is taking steps to protect warehouse receipt holders
against any loss which might accrue on receipts issued and registered through
grain exchange machinery.
The operation of the elevator has been suspended for the time being
through the action of the Board of Grain Commissioners in withdrawing
the Government inspection and weighing services. It is understood that
the object of the board in taking these steps was to maintain the present
stock of grain intact until proper distribution to the rightful owners was
determined.
The amount of loss to creditors is large for a firm of this size, but in no
way approached what would be expected, from some of the rumors that
have been current. As usual in such ewes. auditing of the books and
determining the exact situation is slow work, but it would appear from the
best information available now that these losses will approximate $2,000.000.
-V. 128, p. 3834.
-Earnings.
Electrical Securities Corp.
Calendar YearsInterest on investment bonds
Interest on bank deposits, &c
Dividends on investment stocks
1928.
$474,601
105,445
1,336,197
1929.
$489,424
104,299
1,807,341
Gross income
Interest on coll, trust bonds
Interest on notes payable, &c
Expenses
-miscellaneous
Taxes
$2,401,065 $1,916,243
$93,502
724,754
$826,180
89,139
133,044
67,956
39,315
Net income
Net profit on sale & exchange of securities
Adj. of res. for Federal taxes
$1,417,789
3,081,911
Total income
Surplus, Dec. 31 1928
$4,499,699 $2,452,207
5,180,152
3,360,722
$925,627
1,450,987
75,593
Total
$9,679,852 $5,812,929
434,826
Preferred dividends
246.027
Common dividend (cash)
700,000
400,000
Common dive. (80,000 sits. stock)
2,000,000
Transfer of reserve for pref. stock to surplus
Cr13,250
Amt. transferred to cap. stk. acct. to adjust the
pref. stk.to its value in liquidation
1,125,000
[Vol,. 130.
"The year juseclosed,"says the report by President D.A.Burt,"was the
most successful in our history of more than 18 years not alone from the
standpoint of growth in assets and volume of new business but also from
the standpoint of sound, constructive effort.
"The outlook for the new year is an encouraging one. Business generally
has a healthy prospect, the financial and banking situation is sound, the
government enjoys our confidence and, regardless of stock market fluctuations the income and outgo ofthe average citizen will show no appreciable
change over 1929."
.
Statement of Condition, Dec. 311929.
AssetsLiabilities
Bonds
$13,309,673 Capital and surplus
$1,134,774
Preferred stocks
864,271 Escrow funds
9,200
Other stocks
674,765 Reserves
1319,007,593
Loans to contract holdders-- a4,360,473
Mortgage and col. loans
416,790
Cash
257,696
Realestate
62,000
Furniture and fixtures
1
Other assets
59.326
Accrued interest on bonds
146.571
Total(each side)
$20,151,568
a Loans to our contract holders secured by the contracts which are held
as collateral. b U. S. Government, municipal, railroad and public utility
securities of which $14,459,212 approved by and deposited with State
Departments for the exclusive protection of all contract holders.-V. 130.
P. 1122.
Federated Metals Corp.(& Subs.).
-Earnings.
Years Ended Nov. 301929.
1928.
1927.
Netsales
547.161,506 545,864,658 346,508,8.57
Cost of sales
44,008,752 42,984,506 44.151,975
Selling, adminis.& general expenses.... 1,438.592
1.543,011
1,476.283
Net operating profit
Int. & divs. received & misc.income
$1,714,162 51,403,869
117,176
93,814
5813,870
130,990
Total income
Interest on bonds
Other interest
Disc,on bonds written off
Miscellaneous
Bonus to officers & employees
Corporation insurance
Investments written off
Depreciation
Federal income tax
31,831.338 $1,497,683
280,000
263,997
37,066
45,775
21,713
22,538
$944,860
280,000
91,072
23,280
4,769
Netincome
Dividends paid
92.612
11.542
125,035
218,307
127.226
206,377
90,864
196,570
$917.836
245.843
$811,249
184,382
3349,169
56,883
Balance,surplus
$671,993
$626,867
Shs. capital stock outstand. (no par).
249,843
245,843
$3.67
Earns. per share
$3.29
Consolidated Balance Sheet Nov. 30.
1928.
1929.
1929.
$
Assets$
Capital stock
z9,220,489
Real estate, Plant •
4,752,238 15-yr. 7% cony.
& equipment._ _x4,478,479
sink, fund gold
1,663,587 1,219,910
Cash
256,423
bonds
4,000,000
Notes & accept rec 287,147
20,000
Accts.receivable__ 3,502,605 4,093,120 Mtge. payable_ _
Pur. money mtge.
Due from officers &
44,954
Install. payable.
80,708
10,000
employees
Prov. for Fed. Inc.
Cap. stk. in tress.. 259,361
tax
128,901
Treasury bonds...._ 331,421
181,552 Notes payable,...
Sundries receivable 190,190
4,266,897 4,615,688 Accts.& accr. lab.
Inventories
706,119
713,285
payable
681,734
Sinking fund
178,721 Surplus
53,486
1,934,449
Invest. in other cos
239,857
Deferred charges__ 175,572
$349,166
24.5,842
$1.43
1928.
$5,420,026 $5,180,152
9,161,495
Balance Sheet Dec. 31.
1929.
1929.
q928.
1928.
Assets$
$
Liabilities4,000,000
Investm'ts.stock _36,540,267 25,375,058 Notes pay., due
30,000
Bonds
7,121,985 7,037,028
Dec 311947_ .._ _14,096,264 14,096,264
Call loans!rely_ _
600,000 Demand notes pay
4,000,000
10,000
Cash
2,161,697
350,510 Suspense
2,303
Accrued Int. reed'
,
"
95,657
80,805 Accounts payable_
32,753
17,229
90,864
Accts. receivable _
37
49,500
3,526 Loans payable... 2,000,000
750,000
Notes recelv., due
Accrued div. pref._ 103,729
41,019
Nov.21931_ __ 1,066,667
22,359
24,681
.
Res.,for annuities
990,937
60,000
Deposit for redenap.
For Fed.taxes.._ 332,646
1,262,456
53,497
of called bonds_
9,270
22.660
For miscel. taxes
31,032
22,660
Coll. tr. bds.called
9,270
35 Preferred stock _12,447,500 4.922,300
Total15,995,574 16,295,753
Total
15,995,574 16,295.753
Common stock_ _ _12,500,000 5,000,000
x After deducting $1,245,011 reserve for depreciation. y After deducting
Tot.(each side)_46.995,580 33,469,586 Surplus
5,420,026 5,180,152
$228,434 reserVe for doubtful accounts. z Represented by 249,843 shares
-v.129, p. 2681.
of no par value.
-V. 129, IL 3971.
Surplus, Dec. 31 1929
Equitable Office Building Corp.-Earning8.1927.
1928.
9 Mos. End. Jan. 311930. .
1929.
Total revenue
$4.732,789 $4,334,769 $4,161,233 $3,941,746
3,399.113
3,194.576
3,868,898 3,496,287
Operating profit
206.836
205.849
Depreciation
206.837
206,836
Balance
Other income
$3,662.061 $3,289,451 $3,192,277 $2,988.727
44,002
22,162
78,658
52,358
Total income
33.740,719 $3,341,809 $3,236,279 $3,010,889
1.645,219
Int. real estate tax,&c-- 1,622,440
1,638,514
1,637,098
Federal tax
210,000
162,000
244,650
207,000
Reserve for add'l deprec.
57,166
45.156
Net profit
-V. 130. p. 294.
$1,816,463 51.451,139 $1.389,181
$1,203,670
Equity Investors Corp.
-Initial Common Dividend.
The directors have declared an initial dividend of 50c. a share on the
common stock, payable March 1 to holders of record Feb. 20. and the regular quarterly dividend of 75c. a share on the pref. stock, payable April 1
to holders of record March 15.-V . 129, p. 3331.
Eureka Vacuum Cleaner Co.
-Earnings.
Years End. Dec. 311929.
1927.
1926.
1928.
Net sales to customers
$10,804,602 510.099,713 512,780,161 $12,023.484
and dealers
8,871.982 10,551,345
9,604,933
Mfg.,adm.& sell. costs_ 9,120.875
141.118
228.704
244.154
269,520
1VILscel. ch'ges again. inc.
Provision for Federal in281.500
295,000
131,300
145,000
come tax and reserveNet income
Divs. paid
51.269.207
1,102,472
$867,727 51,806,198 51.879.397
1,112,663
1,000,000
1,240.291
5693.534
$879,397
Net addit'n for year.... $166,735 clef/372,564
4,866,991 x5,239,556 4,648,494
Profit and loss surplus._ 5,033.726
275.618
250,000
275,618
275,618
Shs. cap.stock outstand.
$6.55
$7.52
$3.14
$4.60
Earnings per share
x After deducting 10% stock dividends amounting to $102,472.
Balance Sheet December 31.
Liabilities
1929.
1928.
1928.
1929.
Assets
$190,763 $492,836 Accts. payable for
Cash
purchase, &c-- $331,426 $277,164
208,246
Marketable secur- 122,043
Notes & accts. rec. 3,731.407 3,300,001 Notes payable__ 600,000
•
1,806,834 1,362,360 Prov. for est. Fed.
Inventories
131,300
34,222 tax & for res'ves 145.000
86,685
Mist.accts.& adv.
90.000
Def. royalty PaVta
112,428
Other assets
301,999
Real est.,equip.,&c 1,283,725 1,224,970 Res. for tenting .... 255,625
21,102,472 1,102,472
125,852 Capital stock
Prep'd Ins.,exp.,&c 119,336
5,033,726 4,866.991
Surplus
Improv. to leased
21,438
„ prop.,less amort.
15,126
$7,468,249 $6,769,926
Total
Total
$7,468,249 $6,769,926
-V.129, p. 2864.
a Represented by 275,618 shares of no par value.
6Net sales forPark Associates, 1930 amounted to $2,572,137.
,Fashion the month of January Inc.--Net Sales.
This
total is after the elimination of sales between companies reporting and does
not include the sales of those companies controlled but not entirely owned.
-V. 129, p. 3971.
-Report.
Fidelity Investment Association.
The Association, devoted exclusively to the sale of annuities, reports an
Increase In resources of $3,066,249 in 1929 over 1928. There was also
an increase of $15.768,000 in the amount of annuities placed in 1929 over
1928, of which $3,852,000 represented the gain in the last quarter of 1929.
-Stock Sold.
(Marshall) Field & Co., Inc., Chicago.
Field, Glore & Co. and Lee, Higginson & Co. have sold an
issue of 540,000 shares common stock (no par) at $50 per
share. Of the offering a portion was withdrawn for offering
in Holland by Mendelssohn..& Co., Amsterdam, Nederlandsche Handel-Maatschappq, and Pierson & Co.
Transfer agents: Lee, Higginson & Co., New York, and Continental
Illinois Bank & Trust Co., Chicago. Registrars: Guaranty Trust Co. of
New York, and First Union Trust & Savings Bank, Chicago,
Listed upon the Chicago Stock Exchange and application will be made
to list upon the New York Stock Exchange.
Capitalization (Upon Completion of Present Financing).
Funded Debt
1st mtge. serial gold bonds, due serially June 1 1932 to
55
518,000.000
June 1 1949
% deb. gold bonds, due serially Jan. 1 1931 to Jan. 1 1946.. 14,375.000
Capital StockPref. stock, 7% cum. (par $100). (authorized $40,000.000)
31,240,400
issued
Common stock (no par), (authorized 2,000,000 shares), issued
52,048,232
1,400.000 shares represented by equity of
Of the unissued 600,000 shares of common stock, 200,000 shares have
been reserved for future sale to employees.
The board of directors will place the common stock upon an initial
dividend basis of $2.50 per annum, payable quarterly on March 1, June 1,
Sept. 1 and Dec. 1, first payment June 1 1930.
Data from Letter of James Simpson, Chairman and John McKinley,
President, Chicago, Feb. 17.
-Company is the largest organization In the world
History and Business.
devoted to the manufacture, importation, and wholesale and retail distribution of dry goods. Founded in 1865 by Marshall Field. it has grown
through 65 years of successful operation, largely out of earnings to its
Present scope, with activities spreading throughout the world. Records
of the business before 1872 were lost in the Chicago fire of 1871. In every
one of the 58 years since then it has earned a substantial profit. The
Present company was incorporated in Illinois in 1901.
Aggressive developments in recent years and still in process have rendered the company's business to-day more diversified than ever before.
Addition of a large retail store on the Pacific Coast and initiation of branch
retail stores, both during the past year; acquisition of a group of small
stores during the past two years; new manufacturing developments; and
construction of the Merchandise Mart in Chicago stand out among these.
Satisfactory results attending these steps promise continuation of the successful growth which has marked tho institution from its inception.
Retail.
-The main retail store, occupying an entire square block between
State. Washington and Randolph Sts. and Wabash Ave., Chicago, and
the men's store opposite, has become not so much a business as an institution
of Chicago, with world-wide reputation unexcelled by any other retail
organization. The retao store alone has 175,000 charge accounts. In
July 1929. the Frederick & Nelson Store, Seattle, Wash., was purchased.
This is the largest department store in Seattle and one of the most successful
on the Pacific Coast, In Dec. 1923, the Davis store was acquired, at the
opposite end of the Chicago Loop district from the main retail store. This
addition to the organization of one of the city's great popular-priced stores
has justified Itself in increasing measure.
During 1929 there were constructed in Evanston and Oak Park, suburbs
of Chicago, two branch stores which rank among the most completely
equipped department stores in the country. These are branches of the
main retail store, under the same name and management. Opened only
in October and November 1929, results already been so satisfactory as to
indicate the substantial potentialities of this type of store. In them is
being built up an experience capable of further expansion by setting down
other stores duplicating this unit type in other suitable communities. In
1928 the company began the purchase of small stores situated in other
FEB. 22 1930.]
FINANCIAL CHRONICLE
cities. These have been added to only after careful study and perfection
of organization, and to-day there are 15 in all, situated in smaller cities
of the Middle West. These stores remain under their local names and are
directly under the management of the wholesale department.
Wholesale.—The two large wholesale houses ,n Chicago and New York
have 700 salesmen covering every county of the United States, and have
more than 30,000 retail store accounts on their books. The wholesale
department has 18 branch display sales rooms in the larger American cities.
It also maintains offices in London, Paris, Japan, China. Switzerland and
other parts of the world, well equipped with staffs of experts to assist their
buyers..
Manufacturinet—The manufacturing department is represented by
25 mills and numerous factories producing over 60 Important lines of quality
merchandise distributed through the retail and wholesale organizations.
These operations include four large manufacturing communities in North
Carolina and Southern Virginia. The company's manufacturing activities
as a whole are highly diversified, have shown good profits over many
years, and the future is promising.
Merchandise Mart.—In May 1930 the wholesale organization and
headquarters of the mills and factories will move into new quarters insales
this
building, construction of which was begun in August 1928. It is the largest
business building in the world. with 3,600,000 sq. ft. of gross floor space.
Marshall Field & Co. will occupy about 50% of the total, their present
wholesale, warehouse, and offices facilities, exclusive of the retail stores,
occupying a combined space elsewhere equivalent to two-thirds that of the
entire merchandise mart. This is now all in rented quarters. The remainder of the building, rented to others, will contain the sales displays of
more than 1,000 leading manufacturers and wholesale distributors of
merchandise.
In this building will be consolidated units of the company's whole sale,
warehouse, and manufacturing activities now situated in nine separate
locations about the City, which will result in greater efficient and a considerable saving in operating expense.
Gratifying progress has been made in the rental of the building. In
addition to savin ts of present rentals represented by space to be occupied
by Marshall Field & Co.,leases have already been made aggregating annual
rentals in excess of $850.000 and these should exceed $3.000,000 by completion.
Purpose.—Previously outstanding A and B stocks have been exchanged
,for common stock of this issue, in simplification of the company's capital
structure. The majority of stock now offered for 'public subscription
represents new financing to reimburse the treasury for expenditures in
recent years on acquisitions and construction and other corporate purposes,
the remainder being relinquished by present owners to afford an outside
ownership adequate for the establishment of a public market.
Dividends.—Directors will place the common stock upon an initial dividend basis of $2.50 per annum, payable quarterly on March 1, June 1
Sept. 1 and Dec. 1 first payment June 1 1930.
Earnings.—Consolidated net sales and net earnings, after interest, taxes,
depreciation, and all other charges, as certified by Arthur Andersen & Co.,
Certified Public Accountants, in recent years have been as follows, including
profits of subsidiaries from date of acquisition, and after giving effect
a return of 5% on the additional capital provided through the sale to
of
common stock over and above the amount applied in the retirement of
notes payable, and after deducting estimated additional compensation of
management:
Net Profits
Preferred
Balance Per Sh. of
Net
After All
for Corn. 1,400.000
Stock
Cal.Yrs.—
Sales.
Charges.
Dividend.
Stock.
Shs. Corn.
1925
$167,812,600 $8,563,377 $2,186,828 $6.376,349 $4.55
1926
172.102,447
9.275.515 2,186,828
7,088,687
5.06
1927
167.110,448 10.252,665
2,186.828
8,065,837
5.76
1928
169,643,018
9,968,569
2,186,828 7,781,741
5.56
1929
179,659,338
9,388.713
2,186.828
7,201,885
5.14
Aveg.,5 yrs-$171.265,570 $9,489,768 $2,186,828 $7,302,940 $5.21
Pro Forma Consolidated Balance Sheet as of Dec. 31 1929.
(After giving effect to the proposed recapitalization, sale of common
tock and related transactions.)
Assets—
Liabilities—
Cash resources
613,052,166 Trade accounts
Receivables, less reserves... 24,966,336 Accrued salaries, wages. drc_ $4,270,834
1,489.396
Inventories
42,677,037 Miami!. accts. & aecruaLs..—
1,757,188
Prepaid exp. & def. charges_
1,149,888 Res. for prop. Sc Fed. taxes. 5,894,214
Misc,investmts. advs., &c_
1,298.830 Current installment on purFixed assets, including merchase obligation
438.580
chandise mart under conCom, stock dlv. payable
1.989.449
struction
054,123,342 Purchase obligation
1,754,000
Good-will, trade names, &c...
1 Funded debt
32,875,000
Reserves for contingencies_
3,000,000
Minority interests In coca.
stock & surplus of subs
510,388
31.240,400
7% Preferred stock
Total (each aide)
$137,267,601 Common stock equity
52,048,232
a Land, leaseholds, buildings and
reserve for depreciation. $19.055,092 equipment at cost. $62,678,434: less
Proceeds of 1st mtge. bonds to be
available for completion of the merchandise
mart, $10.503.000.—V. 129,
p. 1597.
First National Stores, Inc.—Earnings.—
Period Ended Dec. 31— 1929-3 Mos.-1928.
1929-9 Mos.-1928.
Operating profit
$1,433,990 $1,022,185 $4,514,443 $2,529,302
Depreciation
160.499
112.774
445,916
329,895
Federal taxes
105,426
109,436
448.203
257,883
•
Net profit
$1.168.065
$799,975 $3,620,324 81.941.524
Shares com, stock outstanding (no par)_ _
820.699
595,000
820,699
59.5.000
Earns, per share
$1.32
$4.25
$1.20
$2.82
—V. 130. P. 1123.
' Foote Bros. Gear & Machine Co.—To Vole Feb. 25.—
The stockholders will
vote Feb. 25 (not Feb. 18 as previously stated) on
Increasing the capital stock from 52,050,000. consisting of
8,000 shares of
pref. stock par $100 each and 250,000 shares
of common stock, par $5 to
$3.300.000. consisting of 8.000 shares of pref. stock, par $100 and
500.000
shares of common stock, par $5 each.—V.
130. P• 981.
Fox Film Corp.—Financing Plan.—The financing plan
for the Fox Film Corp. and Fox Theatres Corp.,
by Bancamerica-Blair Corp., Lehman Bros., an Dillon,
and
Read & Co., has been approved by directors of both companies and will be voted on by stockholders March 5. The
plan follows:
I The bankers in an introductory statement state:
While the investigation
of your affairs(Fox
Corp.) which we are making at your invitationFilm Corp. and Fox Theatres
has not
aituation thus far disclosed indicates, in our judgment,been completed, the
that
860,000,000 are needed to meet your immediate financialapproximately
requirements.
As you appreciate, this amount is
which we were at first advised wouldsubstantially larger than the amount
be required, and the necessity for this
arger amount makes It the more imperative
that the n. w securities to be
'rooted shall be sufficiently attractive to
leave no doubt es to their marketability. We have endeavored, however,
,o provide that the class A common stock in the Plan which we suggest
if the now securities shall be at no lower purchase and conversion privileges
price for the class A common stock
han is necessary to accomplish
lver dilution of the present stockthis purpose, and in order to offset what
may
taw securities to be created shall be result, provision is made that all the
offered for
gockholders, thus creating valuable rights which subscription to existing
the stockholders may sell
f they do not care to exercise them.
The plan suggested is as follows:
Securities to Be Created—(1) Fox Film Corp.
1. Fox Film Corp., will create an issue
-year 7%
lebentures, redeemable,in whole or in part, at of $40,000,000 10
ft. date, on 30
-days' notice, at par and int, option of corporation, or any
premium of 10% for
years from their date, of 7%% for the next 3 plus a and thereafter
years,
of 5%.
['hey shall bear stock purchase warrants which shall not be
detachable
xcept upon their exorcise or upon the redemption of the
debentures to
uhich they are annexed, but upon redemption of any
debentures the
ppurtenant warrants shall be detached and retained
by the holders of
1285
such debentures. These warrants shall entitle the holders thereof to purchase at any time within 10 years from their date, 25 shares
common stock of Film in respect of each $1,000 of debentures,of class A
at a
to be determined by us at the time the issue is authorized, but not less price
than
$20 per share during the first 3 years, $25 per share during the next 3 years
and $30 per share during the last 4 years. The trust agreement under
which the debentures are issued shall provide that the corporation shall in
each year, after paying or providing for full cumulative dividends to date
on the preferred stock herein mentioned, and before paying any dividends
on the class A or class B common stock, set aside 20% of the remaining net
earnings as a sinking fund to be applied to the redemption by lot of debentures at the then redemption price. The trust agreement shall also provide
that all proceeds of the exercise by debenture holders of their stock purchase
warrants shall be paid into the sinking fund and similarly applied. It shall
contain appropriate provisions to protect the purchase warrants in the event
of a merger, consolidation or sale of assets, and to prevent dilution in the
event of stock split-up, stock dividends, rights to subscribe, or the like.
2. Film shall also authorize an issue of $25,000,000 7% cumulative pref.
stock, which shall be convertible at its par value at the option of the holders
at any time into class A common stock at a price to be determined by us
at the time the issue is authorized, but not less than $20 per share during
the first 5 years and thereafter $25 per share (with appropriate provisions
to protect the conversion privilege in the event of a merger, consolidation
or sale of assets and to prevent dilution in the event of stock split-ups.
stock dividends, rights to subscribe or the like), shall be entitled to cumulative dividends at the rate of 7% per annum, payable quarterly before any
,
payment upon the class A common stock or class B common stock, shall
be entitled on liquidation to 110% of the par value thereof and accrued
dividends before any payment upon the class A or class B common stock.
and shall be redeemable at any time at the option of the corporation, in
whole or in part, on 60 days, notice at 110 and divs., holders of stock called
for redemption, however, to be entitled to exercise their right of conversion
at any time up to the fifth day preceding the redemption date. Corporation
shall not, without the affirmative vote of at least a majority in amount of
the preferred stock, create any shares of stock having priority over, or on
a parity with, such preferred stock as to either assets or dividends, or alter
the preference of such preferred stock. No holder of preferred stock shall
have any preemptive right to purchase or subscribe for any shares of stock
or other securities.
The certificate of incorporation of Film will be amended so as to increase
the number of the board of directors from eight to 12 and so as to provide.
(a) that so long as Film shall not be in default as to dividends as provide
in Paragraph (b) or (c) below the holders of the class A corn, stock of Film
shall have the right to elect five directors and the holders of the class B
common stock shall have the right to elect seven directors.
(b) that if Film (not then being in default as to dividends on the pref.
stock as provided in paragraph (c) below) shall fail to pay during any
calendar year cash diva, aggregating at least $1 per share on each share of
the class A corn, stock and the class B corn, stock, then and
the holders of the class A corn. stock shall have the right toin that even
elect sevent
directors and the holders of the class B com. stock shall have the right to
elect five dirctors until such time as Film shall have paid in any 12 months
period dividends aggregating $1 per share on the class A corn. stock and the
class B common stock, and
(e) that if Film shall fail to pay full cum. divs, to date upon the pref.
stock for foru successive quarterly div. periods then and in that event and
so long as there shall be any divs. in arrears upon the pref. stock the holders
of the pref. stock shall be entitled to elect seven directors, the holders the
class A corn, stock three directors, and the holders of the class 13of
corn,
stock two directors.
(2) Fox Theatres Corporation.
Fox Theams Corp. will create an issue of 840,000,000 10
-year 7% cony.
debentures, redeemable, in whole or in part, at the option of the corp.
on any interest date, at 105 and int., convertible into class A corn. stock of
Theatres at a price to be determined by us at the time the issue is authorized
but not less than $10 per share during the first year, and thereafter $15
share, and to be secured by the pledge of Theatres' equity in the stockper
of
LOWS, Inc., and such other collateral as Theatres may have available.
The trust agreement shall provide that the corp. shall in each year, before
paying any divs, on its class A or class B com,stock,set aside all of its
earnings up to the sum of $2,000,000. cumulatively, as a sinking fund tonet
be
applied to the purchase ot debentures at not exceeding the redemption
Price and to the extent debentures cannot be so purchased to the redemption
of debentures.
Offerings to Stockholders.
The Film debentures and preferred stock shall be offered for subscription
at their principal amount and par value to holders of the class A common
stock and class B common stock of Film in proportion to their holdings
thereof. At least 10 days notice shall be given of the meeting of the stockholders of Film to authorize the proceedings to carry out the plan, and at
the time of the giving of such notice the stockholders of Film shall be
advised that, subject to the stockholders' action at said meeting, stockholders of record of Film on the day following the date on which the issue
shall be authorized shall be entitled during such period as we may determine, not less than one week from such record date, to subscribe for debentures: and said notice of meeting shall be accompanied by appropriate forms
for the exercise by stockholders of such right of subscription, but unless we
shall otherwise determine, no warrants or certificates evidencing such right
shall be issued. The rights to subscribe to preferred stock shall be evidenced by warrants or certificates issuable to stockholders of record of
Film on the day after the preferred stock is authorized by the
of Film, and said rights shall expire 20 days after said date. stockholders
The Theatres debentures shall be offered for subscription at their principal
amount to the holders of the class A common stock and class B common
stock of Theatres in proportion to their holdings thereof. The rights
subscribe for are Theatres debentures shall be evidenced by warrants to
or
certificates which shall be issued to stockholders of Theatres of record on
a date not more than 10 days following the authorization of their
issue by
the stockholders of Theatres, and said rights to subscribe shall expire
one
year from said date or on the earlier call of the debentures for redemption.
Underwriting.
We will endeavor to organize a syndicate or
may be managers and members) to underwritesyndicates (of which we
said offerings to stockholders of Film of the Film debentures and preferred stock at the offering
Prices. The compensation of these syndicates and their syndicate managers shall aggregate an amount in cash equal to 9% of the aggregate
principal amount and par value of the respective offerings, and in addition
thereto, 65,000 shares of class A common stock of Film, fully paid .and
non-assessable.
The offering of the Theatres debentures to the stockholders of Theatres
shall be underwritten by Film at the offering price, and as cempensation
therefor Film shall receive an amount in cash equal to 9./, of the principal
amount of the Theatres debentures offered. In view ef the long period
of time during which the Theatres stockholders are to ho ens tied to subscribe for the Theatres debentures and the immedhte !Iced of Theatres for
cash. Film shall on the date of delivery of the Film debentures and preferred
stock, take up the Theatres debentures,subject to the subscription rights of
the Theatres stockholders.
We may, if we so determine, cause to be issued and sold at any time
Interim receipts or certificates calling for the delivery of any of the new
securities if, as and when issued and delivered to us, and Film shall pay all
expenses in connection with the printing and delivery thereof and shall
make the usual adjustment for loss of interest in connection therewith.
Film shall, at our request, make application to list the Film debentures
and pref. stock on such exchanges as we may designate. Film shall also
furnish us with such information, and shall take such action, as we may
reasonably request, in order to qualify the Film debentures and pref. stock
for public Issue under the so-called Blue Sky laws in the States where we
may desire to offer said debentures and pref. stock.
Voting Trusts.
Inasmuch as the new money to be provided by the financing is approximately twice the present market value of the equity of Film. based on
current quotations of it class A common stock, it is Imperative that the
of the new securities shall be assured of continuity of satisfactory holders
management. To that end at least a majority of the outstanding shares of
common stock of Film and all the shares of the class B common class B
stock of
Theatres shall be deposited under voting trusts, the voting
both of which shall be satisfactory to us. Both voting truststrustelas under
shall
for a period of 5 years and thereafter so long as any of the Film continue
debentures
or Film pref. stock shall be outstanding, but not exceeding
5 years. During the continuance of the voting trusts the an additional
entire voting
power of the deposited stock shall be vested in the voting
however, that the voting trustees shall not,without the trustees, provided,
consentlof at least
1286
FINANCIAL CHRONICLE
majority in interest of the voting trust certificates exercise their voting
power:
(a) to make any alteration or amendment of any provision of the certificate of incorporation of either of the corporations which would tend to
change or diminish the voting power of the deposited class B common stock,
except as contemplated by the foregoing plan;
(b) to sell or convey substantially all the property, rights, privileges and
franchises of either of the corporations, except to the other of them, or, in
the case of Film, unless the net earnings available for dividends on stock
.and sinking fund on the debentures shall in each of two consecutive years
be less than $5,000,000;
(c) to merge or consolidate either corporation into or with another corporation, except into, or with, the other of the corporations, or, in the case
of Film, unless the net earnings available for dividends on stock and sinking
fund on the debentures shall in each of two consecutive years be less than
$5.000,000; or
(d) to dissolve either of the corporations.
Prior to the delivery of the Film debentures and pref. stock there shall
have been elected 12 directors of Film, all of whom shall be satisfactory
to us, and a full board of directors of Theatres, which may include directors
of Film, all of whom shall also be satisfactory to us. and the resignations of
all officers of Film and Theatres shall be placed in the hands of the voting
trustees.
Prior to the delivery of the Film debentures and pref. stock there shall
have been elected a Chairman of the board, President. Treasurer and Comptroller of Film and Theatres satisfactory to us.
Disposition of Proceeds.—Theatres shall apply the net proceeds of the
Theatres debentures approximately as follows:
to Film;
$18,000,000 to the payment of Theatres' existing indebtednessResearch
$15,000,000 to the payment of indebtedness to Electrical
Products, Inc., and
$3,400,000 to miscellaneous corporate purposes. of the Film debentures
Film shall apply the net proceeds of the offerings
and preferred stock approximately as follows: necessary, to the payment
$18.000,000. or such part thereof as may be
of its underwriting obligations to Theatres;
$12,000,000. to the payment of the $12,000.000, principal amount, of
.6% gold notes of Film, dated April 1 1929, due April 1 1930.
connection with
$14,300,000 to the payment of obligations incurred in Corp., Ltd.;
the acquisition of an interest in Gaumont-British Picture
$5,800.000 to the payment of unsecured bank loans, and
$9,050,000, and any part of the above-mentioned $18.000,000 not repayment of indebtedquired to meet said underwriting obligations, forcorporate purposes.
ness. construction requirements and miscellaneous
Adjustment with Mr. Fox.
We understand that Mr. Fox has voluntarily offered and agreed to
Assign to Film all of his interest in Fox-Hearst Corp.
You have also advised us that Mr. Fox has personally paid for and now
personally owns 90% of the stock of American Tri-Ergon Corp.. and 50%
-of the stock of Grandeur Corp. [Then follows certain agreements between
Mr. Fox and Fox Theatres Corp. and Fox Film Corp.) Fox and Theatres,
We also understand that Mr. Fox and Film, and Mr.
law of New
have agreed to submit to arbitration under the arbitrationsubsidiary of
York whatever claims, if any, Film or Theatres, or any provided for)
them, may have against him (other than as above
,eitherrof
or he may have against any of them. In each case one arbiter shall be
may
Appointed by Mr. Fox, one by Film or Theatres, as the case the be, after
Plan, and
the election of the new boards of directors contemplated by
one of the two arbiters thus chosen, or in the event of their failure to agree,
.by the court.
Compensation.
As compensation to us for our services in devising and carrying out the
plan, there shall be issued and delivered to us, upon the date of delivery
of the Film debentures and preferred stock, 135,000 shares of class A
-common stock of Film,fully paid and non-assessable.
Bros.,
[By letter dated Feb. 18 1930, Bancamerica-Blair Corp., Lehman Corp.,
and Dillon, Read & Co. have agreed that, at the option of Fox Filmof class
deliver, in lieu of the 65.000 shares
the corporation may issue and
A common stock mentioned above [under underwriting] and the 135,000
or other
shares of class A common stock just mentioned, warrantscommon evistock
•Clences of options to purchase 500,000 shares of the class A
of Fox Film Corp.. at the price of $20 per share, at any time within five
of the Film debentures and preferred stock.]
years from the date of delivery
You shall also reimburse us for the fees and disbursements of our auditors and counsel, whether or not the plan is consummated.
•31,
A circular letter dated Feb. 18, sent to the stockholders
states in part:
Halsey,Stuart & Co., Inc., who In 1929 made a public issue of $12,000,000
one year notes, due April 1 1930, have, in court proceedings, urged the
immediate appointment of receivers of the corporation. Directors have
adopted a plan to avert such disaster.
Present Financial Difficulties.—Corporation faces over $45,000,000 of
obligations matured or to mature within 60 days. In addition it has large
commitments to meet during the current year, incurred in the acquisition
of theatre properties or in the building of theatres. Over $7,000,000 of
judgments have been obtained by various creditors, and only the indulgence
Coleman, U. S.
of these creditors at the earnest solicitation of Frank J.the
corporation's
District Judge, has prevented the complete break up of
-property.
Cause of Corporation's Financial Embarrassment.—The present heavy debt
was incurred primarily in the acquisition of the English Gaumont circuit
of theatres and in assisting Fox Theatres Corp. to acquire a substantial
acquisitions the
block of common stock of Loew's. Inc., both of which effect
refunding
directors believe will prove to be profitable. Failure to
before the decline in market values of securities last autumn is the immediate cause of the corporation's financial embarrassment.
Receivership Unjustifiable and Disastrous.—While the appointment of
receivers was being sought the company was enjoying the greatest earnings
these
in its history, and notwithstanding the adverse effect ofduring company
January
attacks upon the corporation's credit, its net earnings
exceeded by approximately 50% the net earnings of Jan. 1929, the highest
attained.
the corporation had theretofore
It is the custom of motion picture exhibitors to purchase substantially
their entire supply of pictures for a season during the period between May
and August, and theatre owners will not contract for their pictures with
Furthermore, the
any source of supply which they believe precarious. the United States
Corporation's properties are located in every State of
means that
reand in almost every foreign country, whichinevitably beif there were Redestroyed.
ceivership the unity of the enterprise would
ceivership would, therefore, mean the substantial destruction of the corporation's business and the disintegration of its properties. in its extremity,
corporation,
Efforts to Obtain Banking Assistance.—TheBrothers,
Invited Bancamerica-Blair Corp., Lehman submittingand Dillon.Read &
a plan of financing.
investigate its affairs with a view to
Co., to
their
From conversations had with Halsey. Stuart, andwould counsel, it was
privide for the
understood that if any plan were proposed which 1930 which had been
.
payment of the $12,000,000 of notes due April 1
obligation to Electrical
sold to the public by them, and the $15,000,000
Research Products, Inc., they would offer no obstacle to its consummation.
full.
The plan does provide for paying all these debts in
the request that
Nevertheless, upon its presentation to the Court withhad to
enable the
receivership applications be
•further adjournments of the
for
stockholders to take action upon the plan, counsel theHalsey, Stuart
mere payment
had other interests in the situation than they
stated that they
be given an
that
of the corporation's one year notes, and suggested
opportunity to prepare and submit to the stockholders some other plan
of directors have approved. Halsey, Stuart
than that which your board
-year monopoly
assertion
attempt to justify their position by thesecurities. of a 15
Corporation's counsel
of the right to sell your corporation's created and that even if any such
advise that no such right was ever legally
Stuart, they
right had been granted by corporation to Halsey. appointment would have
of receivers
forfeited it when in the open court they urged.the
of your corporation.
notices of the stockHalsey, Stuart Plan.—Until noon on Feb. 17, whenweek after the acceptholders' meeting were about to be mailed,and nearly a had made no other
ance by the board of the above plan, Halsey, Stuart
suggestion than that, by the appointment of receivers and the ruin of your
investment,they be given complete control of the management and operation
of your corporation. This, notwithstanding the fact that Halsey, Stuart
are asserting a claim of $1,000,000 against Fox Theatres Corp. for work
alleged to have been done by them in endeavoring to formulate a plan.
On Feb. 17, for the first time, they submitted a financial plan. This
,plan contemplates the exchange of both the class A stock and the class B
(VOL. 130.
stock for common stock, all to be of one class, thus eliminating the prose
voting power of the class B stock. Such a change cannot be effected wi
out the consent of the class II stock. Neither Mr. Fox nor any of the othe
holders of class B stock whom the directors have been able to consult, ar
willing so to consent. It also contemplates the deposit of all the ne
common stock under a voting trust, thus depriving the class A stockhold
of that share in the management of the corporation which the plan approv
by the board preserver to them. Furthermore, the securities contemplate
by the Halsey, Stuart plan are not so far as their effect upon the interes
of stockholders and their cost to the corporation is concerned, great]
different from those contemplated by the plan which your board it
approved. The compensation which the Halsey, Stuart plan provides sha
be given to those bankers, their associates and syndicates, for taking u
the securities which it contemplates is, in the opinion of your board, eve
apart from the above mentioned $1,000,000 claim, at least as expensive t
the corporation as that provided by the plan approved by the direct°
Your board also find It difficult to see how bankers who In open court ha
stated that their interests lie beyond the payment of their just debts an
have pressed for receivers, can, upon any terms, command the confiden
of the stockholders. Accordingly, the Halsey, Stuart plan has bee
rejected by your board.
Offerings of New Securities to the Corporation's Stockholders.
(1) Debentures—Holders of record of stock on the second day followi
the authorization of the Issue of the debentures (which it is expected wi
be March 7) may subscribe for debentures, at the price of principal amou
and accrued interest, in proportion to their respective holdings, that is,
the rate of $43.44 of debentures for each share of their stock. Subscriptio
t.
for the debentures will be accepted, however, only in multiples of $11
This right to subscribe will be held open for a period of 10 days from
record date.
(2) Preferred Stock.—Holders of record of stock on the second day folio
ing the authorization of the issue of the Preferred stock (which it is expecte
will be March 7) may subscribe for preferred stock, at its par value a
accrued dividends, in proportion to their respective holdings, that is.
the rate of $27.15 par value of preferred stock for each share of their prese
stock. The subscription right under the warrants will expire 20 days a
the record date.
Special Meeting of Stockholders'to be Held March 5.—
A special meeting of stockholders will be held March 5 to take acti
upon the following proposals:
(a) To authorize and consent to the creation and issue of $40,000.
10
-year 7% sinldng fund gold debentures (having warrants attached.)
(b) To authorize an amendment to the certificate of incorporation
that the total number of shares, including those previously authorize
which the corporation may thenceforth have shall be 5,250.000 char
divided into (1) 250,000 shares of7% cumulative convertible preferred sto
(par $100); (2) 4,900,000 shares of class A common stock (no par valu
and (3) 100,000 shares of class B common stock (no par valuc.).
(c) To authorize an amendment to the certificate of incorporation
creasing the number of directors from 8 to 12.
(d) To amend the by-laws relative to the voting rights of the classes
stock of the corporation as contemplated by the plan, to provide for
chairman of the board and to effect such other changes as are contempla
by the plan or as may be determined at the meeting.
Outline of Halsey, Stuart Plan.—
An outline of the Halsey-Stuart plan, which has been rejected by t
directors of Fox Film Corp., follows:
Fox Film Corp. would authorize 3,850,000 shares of common at
there being but one class, with equal voting rights. The 820,660 char
of the present A stock outstanding would be exchanged for the new at
share for share and the 99,900 shares of B—now the voting stock—at t
rate of 1% shares for each one of the new.
An offering of 1,250,000 shares of the new stock would be made at $
a share, pro rata to stockholders. The underwriters would receive
on each share sold and $1.50 on each share not sold. One million char
would be reserved against the exercise of warrants and 500,000 und
the bankers' option to purchase the lot at any time within five years
$20 a share. Stockholders would receive voting trust certificates. fu
-year 7% sinking
The corporation would create $40,000.000 of 10
debentures, which would be underwritten and offered to stockholder
would get a 10% commission. The debentures wou
The underwriters
bear warrants to purchase 25 shares of common for each $1,000 of debe
tures at not less than $25 nor more than $30 per share.
The Theatre corporation would change its common capitalization
much the same way, and not less than two-thirds of the new stock wou
have to be represented by voting trust certificates. It would authori
an issue of $40,000,000 in 7% cumulative preferred stock, which the Fll
corporation would underwrite. Each share of preferred would be conve
ible for five years into ten shares of common at $10 a share, in voting t
certificates. The Film corporation would receive a $6 a share commissi
for underwriting the issue. It would be redeemable at $110.
The Film corporation would agree not to convert preferred it held, a
to certain other conditions.
-year voting trust would be set up for each company, the bank
A 10
to designate the trustees. The boards and officers would be subject
the approval of the bankers pending the first election, and provision wou
be made that during the life of the voting trust the trustees would cont
the directorates.
The bankers figured that, allowing for commissions, the net proc
from the debentures would be $36,000,000 and from the stock $24.375,
a total of $60,375,000.
This would apply to $12,000,000 of the Film corporation's gold not
due April 1; to $14,300,000 remaining due In the purchase of the Gaumo
string of theatres in Great Britain; to $5800,000 of unsecured loans:
the Film corporation's underwriting obligation, not in excess of $19,1)00.0
and to indebtedness, future acquisitions and improvements, and rabic
laneous corporate purposes, not in excess of $8,675,000. the sale of p
The Theatres corporation would apply the proceeds of
ferred stock to paying its $18,000,000 debt already existent to the F'1
corporation, to paying the $15,000.000 it owes the Electrical Resear
Products Co., and to miscellaneous purposes in the sum of $4,600,000.
Committee of Class A Stockholders.—
The class "A" stockholders are advised that the committee (see belo
some of whose members own and others represent large amounts of c
"A" common stock has been organized at the request of class "A" st
holders. The committee believes that the threatened receivership of
corporation would be disastrous to the enterprise and its stockholders.
protection
order that these stockholders may act in a body for the has been of th
called
interests at the special meeting of the stockholders that
committee invites the class "A" stockholders to ent
March 5 1930, the
to the committee their proxies to vote their stock at that meeting. Leh
Bankers of the highest standing—Bancamerica-Blair Corp..
Brothers and Dillon, Read & Co., upon the invitation of the corporat
and Fox Theatres Corp., have, after much study and effort, submits
Plan of financing which, if accepted by the stockholders, will avert
receivership.
This plan, which has been approved and recommended by the board
directors and is about to be submitted to the stockholders for their acti
stockholders
provides funds to meet the present crisis. It affords to all whatever s
opportunity to subscribe for new securities and to obtain
benefits may accrue to the new securities to be created.
While the committee, as above stated, believes that under existing c
ditions the plan presented by the bankers is the only method available
avert a receivership, the committee reserves full liberty to act in s
manner as may from time to time seem best calculated to protect the st
holders, and the proxies which it will request will be broad enough to pen
the committee to vote for this plan or for any other plan that may be
mitted to the stockholders' meeting.
Committee—Morton F. Stern, Chairman (of J. S. Bache & Co.); Ja
M. Beck (member of Congress and former Solicitor General of the U.
Frank M.Dick (of E. F. Hutton & Co.); Charles Eisele (of Newark, N.
Herbert Fleischacker (Pres., Anglo-American National Bank of
Francisco); Louis J. Horowitz (Chairman of Board, Thompson-Starr
Co.); John L. Kuser, Dryden Kuser, Edward A. Peirce (of A. E. Pie
& Co.) with Root,Clark, Buckner & Ballantine; Stroock & Stroock. Cou
and E. D. Alyea, Secretary, 31 Nassau St., New York, N. Y.—V, 1
P• 1123.
Fox Theatres Corp.—Financial Plan.—See Fox F'
Corp. above,
Special Meeting of Stockholders to be Held March 5.—
for the follow
Aspecial meeting of stockholders will be held March 5
purposes:
FEB. 22 1930.]
1. To consider and take action upon the plan of financing.
2. To consider and take action upon the proposal to authcrize and conent to the creation and issue by the corporation of $40,000,000 10
-Year
7% convertible debentures in such form and having such terms as may be
determined by the board of directors.
The directors in a letter to the stockholders, dated Feb. 18,
said in part:
Halsey, Stuart & Co., Inc., who in 1929 made a public offering of Fox
Film Corp.'s 1-year notes, due April 1 1930, and who have made public
offerings of numerous underlying securities of corporation's subsidiaries.
have, in Court proceedings, pressed for the appointment of receivers for
Fox Film Corp. with which corporation is affiliated. A receivership for
Fox Film Corp. would inevitably, in the option of directors, lead to the
appointment of receivers for corporation. Indeed, a proceeding for the
appointment of such receivers is pending in the same court in which the
application has been made for the appointment of receivers of Fox Film
Corporation.
Cause of Corporation's Embarrassment.
-In order to carry through the
purchase of a substantial interest in the stock of Loew's, Inc., it became
necessary for corporation to borrow substantial sums, including the following approximate amounts:
LO•71S from banks, secured by pledge of Loew's, Inc., stock
as collateral
826,500,000
Loan from Fox Film Corp.. (largely out of the proceeds of the
1-year notes), now approximately
18,000.000
Loan from Electrical Research Products, Inc. (evidenced by
notes endorsed by Fox Film corp.)
15,000.000
The acquisition of stock in Loew's, Inc., was made with the expsctation
that Halsey,Stuart would at the proper time effect a refunding of the obligations thereby incurred. Failure to effect such refunding before the decline
in market values of securities last autumn is the immediate cause of corporation's financial embarrassment.
Securities to Be Issued by the Corporation.
-Under the approved plan
corporation will issue $40.000,000 10
-year 7% convertible debentures,
redeemable at 105% and int., entitled to a sinking fund into which shall
be paid all net earnings up to the sum of $2,000.000 cumulatively before
paying any dividends on common stock, convertible into class A common
stock, and to be secured by the pledge of corporation's equity in the stock
of Loew's,Inc., and such other collateral as corporation may have available.
The price at which the class A cotn.
-non stock may be taken on conversion
is to be deormined in the light of market conditions existing at the time the
Issue of the debentures is authorized, but is to be not less than $10 per share
during the first year and thereafter $15 per share.
The proceeds of these debentures will be used to pay the indebtedness to
Fox Film Corp. and Electrical Research Products. Inc., to reduce scour
loans, and otherwise for corporate purposes.
Offering to Stockholders and Underwriting.
d
-The stockholders of r
on a date which will be later announced, and which will be shortly after
the stockholders' meeting, will be entitled to subscribe for debentures, at
principal amount and accrued int., in proportion to their stockholdings,
that is, i20.19 of debentures for each share of stock held by them. This
right of subscription will continue for one year and will he evidenced by
appropriate forms of negotiable subscription warrants which will be issued
to the stockholders. As debentures will be issued only in multiples of 5100,
warrants for fractional debentures will not entitle the holder thereof to
subscribe for the fractions expressed therein, but will entitle the holder,
when surrendered together with other fractional warrants in multiples; of
$100. to purchase debentures or to receive full debenture subscription
warrants.
Thus if any stockholder feels unable himself to exercise his subscription
rights, he may sell them and thereby immediately realize their cash value.
In view of the immediate need of the corporation for cash the entire
issue will be underwritten for a cash commission of 9% by Fox Film Corp.
which will take the entire issue immediately subject to the stockholders'
right of subscription.
Management.
-in order to insure to the holders of the new securities to
be issued under the plan proper management, the plan provides for voting
trusts of all the class B common stock of the corporation and at least a
majority of' the class B common stock of Fox Film Corp., to continue for
.5 years and thereafter so long as any of the debentures or preferred stock
of Fox Film Corp. shall be outstanding, but not exceeding an additional
5 years.
The entire first board of directors, after the adoption of the plan of
both the corporation and Fox Film Corp., and a chairman of the board,
president, treasurer and comptroller of both corporations, are required to
be satisfactory to the bankers under the plan.
-V. 130. p. 806.
French Line (La Compagnie Generale Transatlantique).-Dividend on "American Shares."
-
The company has declared a dividend at the rate of 57 per annum,for
the six months period, payable on the common B stock of 600 French francs
par value on Feb. 27 1930. The Equitable Trust Co., as depositary, will
receive net, after deduction of French taxes, equal to 12.30 francs per share
and will make further announcement as to the rate of dividend on American
shares" and date of payment at a later date.
-See also V. 129, p. 289.
(George A.) Fuller Co.(& Subs.).
-Earnings.
Unfinished Business Dec. 311929.
Unfinished business April 30 1929
$14,233.978
New business booked during the 8 months ended Dec.
31 1929
15,466.973
Total unfinished business
9 700,951
Work executed durine the 8 months
824,230.410
Unfinished badness, Dec. 31 1929
35,470.541
Consolidated Balance Sheet Dec. 311929.
AssetsLtabliUtesCash
81,474,273 Accounts payable
8968,693
Bills receivable
165,103 Dividends payable
133.500
Accounts receivable
1,291,759 Taxes pay. & accrued
132,444
Accrued Interest di divInends.
36,841 Advance pay. on contracts._
661,464
Real eat, bldg. plant & meter_ 1,064,994 Defer'd cred. for rental adjust.
2,757
Investments
9,689,492 Reserves
930,198
Deferred charges, unexpired
George A. Fuller Co. of Caninsurance, •to
13,527
oda, Ltd., 6% cure. guaranteed & partic. pref. stk.
750,000
$6 cum. & partIcip. prior
x4.500.000
Pref. stock
36 cum. & particip. 2nd
y3,650.000
pret, stock
7150,000
Common stock
Total
$13,735,990 Surplus
1,856,935
si 45,000 no par shares. y 36,500 no par shares. z 30,000 no par shares.
V. 130. p. 806
General Laundry Machinery Corp.
-Sub. Co. Sales.
-
Following the introduction of a now machine, a sales increase for 1930
of more than $500,000 is anticipated by the Tolhurst Machine Works, of
Troy, N. Y., a subsidiary, according to President I. F. Willey
The new
device is for removing impurities from fine paper and is revolutionary in
operation. A large number of the machines have already been sold to manufacturers and production of them now is near capacity.
-V. 130, p. 1121.
General Bronze Corp.(& Subs.).
-Earnings.
Calendar Years1929.
1928.
Gross earnings on completed contracts
$8,811,149 $5,279.316
Cost of completed contracts (incl. labor, material
and manufacturing overhead)
6.773,045
4,012,983
Administrative and commercial expense
773,795
295,770
Net income from operations
Other income
$1.264,399
86,117
$970,562
63,984
Total income
$1,350,516 $1,034.547
Depreciation of plants, machinery & equipment_ 97,051
44,379
Provision for income taxes
125,000
118,200
Net income
Dividends on preferred stock (now retired)
Common dividends
Balance,surplus
Shares common stock outstanding (par $10)
Earnings per share
1287
FINANCIAL CHRONICLE
$1,128,464
496,406
$.632.058
281,284
$4.01
$871,968
76,162
$795.806
219,985
$3.61
Consolidated Balance Sheet December 31.
Lialyt1ittes1920.
192$.
1929.
Assets-$250,000
Cash
$376,176 $507;575 Notes payable_
874.687
Demand loans _
1,000,000 Accounts payable_ 273,374
Accr. sal., wages,
Marketable secur_
142,008
98,311
commissions, &c 153,414
Accts. & notes rec.. 2,282,196 1,085,315
285,896
Inventories
1,546,279
767,689 Subcontract Habil_ 251,299
Due officers
101,876
Insur. deposits &
advance paym'ts
31,996
18,023 Mtges. pay., due
In 1930
70,000
67,000
63,672
Investments
121.672
62,440
Prov. for def. nab_
66.426
Land, bldgs. mach.
& equipment_ __ 2,497.560 1,174,290 Prov.for Federal &
128,747
Can. Inc. taxes_
118,200
Patents, patterns,
dies & supplies__ 569,475
367,693 Mtge. payable due
65,000
Plant expenditures
1930
7% 1st intre, serial
aPplic. to future
bonds
87,500
operations
89,829
Prov, for compen.
Miscell. def. cbgs45,798
5,213
Insurance
21,304
1
1
Good-w111
2,812,840 2,199,850
Capital stock
Paid in dr cap.surpl 2,390,899 1,190,739
796.844
Tot.(each side) $7,703.29l $4,984,258 Earned surplus__ _ 1,115,887
-V.129, p. 1132.
-Receivership.
Gately Chain Stores, Inc., St. Louis.
Suit for a receiver to take charge and operate the company, for the protection of creditors and stockholders, was filed in United States District
Court Feb. 14 at St. Louis by Shapleigh Hardware Co. and James J.
Burke Co., which stated they are unsecured creditors of the firm.
The petition pointed out that, while the Gately firm is solvent, having
assets greatly in excess of liabilities, officers of the concern have allowed its
liquid assets to run so low as to be unable to pay present obligations.
The petition lists total assets of the firm at $470,000, including $220.000
in accounts receivable, said to be good and collectable: 8150.000 merchandise on hand in the stores, and fixtures valued at 8100.000.
-Acquisition.
General Instrument Corp.
The cor ration has acquired the Carl A. Norgen Co.. Inc. of Denver,
e
Colo.,
ufacturers of pneumatic equipment. The entire plant of
-V.129, p. 15 .
latter
pony will be moved immediately to Los Angeles.
-Earnings.
eneral Outdoor Advertising Co.
10 Mos. End.
Calendar Years
1927. Dec. 31 '26.
1928.
1929.
x Sales
829,912,901 129.826.2521
$27.597,279
Oper., selling, adm. &
gen. exp., &c
23,431,242 24,380,606 24.144,707
Balance
Miscellaneous income
84.166,036
326,910
85.532.295 55.681,545
377,328
383.664
Total income
$4.492,946 $5.915,958
Int. on bonds, notes &
mortgages
59.201
31,253
Prop, of prof. applic. to
481
minority interest
4,761
Not
Available
86.058.873
72.422
2,886
Profits after int.charges y$4,456.931 $5,856,276 y$5,983.565 $5,924,081
Prov. for retire & amort.
of adv. display plants_ 2,419,325
2,490,358
2.333,109
2,259,310
Federal income tax
194,207
387,904
477.257
495.657
Net profit
81,843.399 $2.978,014 $3,173,199 83.169,114
Preferred dividends__ _(6 )170,254 (6)170,250 (6)170,247 (6)170,426
Class-,A stock div
(84)500,000 (4)500.000 (4)500,000 (4)500,000
Common dividends_ __ 42/1,284,766 (2)1.284,766 (2)1,284.765(1.14)963,577
Surplus
df.$111,621 $1,022,998 $1,218,187 $1,535,111
Previous surplus
5,157.135
4.134,138
2.915,951
1.380.839
Legal fees
248,965
Cost of capital stock of
Gen.Outdoor Managers
75.000
Securities Corp., &c
Total surplus
54.721.550 $5,157.136 $4.134,138 82.915,951
Shares of common out642.383
642.382
642,382
642.382
standing (no par).
Earns. per share on com.
$1.82
$3.59
$3.89
$3.89
x Advertising displayed on own plants and gross commissions earned on
business sublet. y Also after charges of $705,388 for ordinary repairs in
1929. 5697.981 in 1928, 5764.676 in 1927 and 8727,967 in 1926.
Balance Sheet Dec. 31.
1929.
I.".
1928.
1929.
Liabilities
Assets•
6% cum. pref. stk. 2,837,825 2,837.825
Real est., mach.,
6,250,00" 6,250.000
&equipment__ 6,862,020 6,859,723 Class A stock
Cash
1,931,576 3,427,131 Common stock _ _x14,224,r7 14.224,397
Accts. receivable_ 3.323,621 3,541.629 Accts. payable__ 324., 7
313.262
• Commiss. payable 169
430.688
Painted displ. not
Acct.exp.&c.Ilab. 1,019.91
billed to cus'ts
S79,567
816,583 Amts. pay. on sub756,596
(estimated)
323,932
let contracts-- 937,539 1,688,542
Adv. to employees 235,845
Math & supplies_ 549,981
734,879 Prov.for Fed.tax_
193,593
404,968
822,241 Common div. pay. 321,191
Prepd.lease rentals 738,059
321,191
Funded debt
11. & 0th.
382,489
737,486
Preixi.
expenses
502,416 Res. for coining-467,280
257.859
Res. for min. lots.
Cash, aepos. with
39,857
outstanding _
40,795
90,742
trustees
98,075
Mtgea., notes dr
Earned surplus.... 4,721,550 5,157,136
251,500
other rec'bles
195,675
Stks. & 0th. secs_ 1,205,588
170,220
Adver.display plta.14,759,656 15,816,709
350,000
Tot. (each side)31,472,520 33.600.998
Organ. expense
350.000
x Comprised of 642.383 shares of no par value, recorded at $20 per share
and initial surplus.
Voting Trust Terminates on Feb. 26.
The voting trustees (Kerwin H. Fulton, George L. Johnson and George
Armsby, in a letter to the holders of voting trust certificates for cons, stock
stance.under the voting trust agreement, dated Feb. 26 1925. say in subis ued
s
voti
The voting trust agreement above referred to will terminate on Feb. 26
1930. The voting trust agreement provides that upon its termination the
voting trustees, in exchange for and upon surrender of any voting trust
certificate then outstanding and on payment, if the trustees shall so require,
of a sum sufficient to reimburse them for any stamp taxes or other governmental charge in connection with such delivery, will deliver certificates for
stock of the company of the class and to the amount called for by such
voting trust certificate, and may require the holder of any such voting
trust certificate to exchange it for certificates for capital stock of the company of the class and to the amount called for thereby.
Notice is therefore given that the holders of the outstanding voting trust
certificates for common stock are hereby required to surrender their voting
trust certificates to said depositary, the Bank of America National Association, 44 Wall St., N. Y. City, on Feb. 27 1930, duly endorsed in blank
for transfer, and to receive in exchange therefor. certificates for common
stock of the company to the amount called for by such voting trust certificates so surrendered.
All voting trust certificates so surrendered must be accompanied by
United States and New York State stock transfer stamps each at the rate
of 2 cents per share, or in lieu thereof the sum of 4 cents per share may be
deposited with said depositary to reimburse the voting trustees for the
United States and New York State stamp taxes payable in connection with
such delivery. Such stamps must not be affixed to the voting trust certificates as they are required to cover the tax upon the transfer of stock
certificates now held by the voting trustees.
The board of directors, at the suggestion of the voting trustees, have
determined to omit the annual meeting of stockholders scheduled to be held
on Feb. 17, but to issue a call for a special meeting of stockholders to be
held on April 14 1930, at which the holders of common stock of record on
April 1 1930, will be entitled to vote. This will enable the holders of voting
trust certificates for common stock, who shall exchange their voting trust
certificates for definitive certificates for common stock of the company
prior to April 1 1930. to vote at the election for directors.
•
•
1288
[Vou 130.
FINANCIAL CHRONICLE
The company is about to make application to the New York Stock
Exchange for the listing of its common stock to become effective upon the
termination of the voting trust agreement. We are informed by the Exchange that it is its practice to permit a continuance of trading in voting
trust certificates only for a period of about 10 days after the listing of the
common stock.
-V. 129. P. 2691.
General Tire & Rubber Co.
-Sales Higher.
Hartford Fire Insurance Co.-Bal, Sheet Dec. 31 1929.AssetsIL S. bonds & tress. certifs.. __
Bonds of other governments_
State, county& munic. bonds
Railroad bonds
Public utility bonds
Miscellaneous bonds
Railroad, bank & misc.stocks
Cash in banks & trust cos_ __
Prems.in hands of agents & in
course of collection
Accr. int. on bonds & mtges
Real estate
Loans on bd.dr mtge.(1st lien)
Other assets
-V. 129, p. 3973.
$5,834,437
2,021,816
8,908,826
11,132,757
9,543,055
2,044,475
38,734,916
6,208,362
Liabilities-Capital stock,fully paid
$10,000,000
Res. for unearned premiums_ 39,456,786
Res,for outstanding losses
5,402,343
Res. for taxes & all other
claims
2,750,000
500,000
Reserve for dividends
Res,for contingencies
5,500,000
Netsurplus
33.185,595
"With the month only half over, sales of General tires for February thus
far are 18% ahead of the sales for February 1929," President W. O'Neil
said. "Most of our distributors are reporting a gain in tire sales over the
same period last year, particularly the larger distributors. Our telegraphic
6,615,834
orders are four times as large as they were a year ago this time," said Mr.
571,197
O'Neil.
3,429,550
1,929,500
Years End. Nov. 301926.
1927.
1929.
1928.
20,000
Total(each side
Sales
$27,200,160 $26.154,000 $23,692,500 $20,100,000
Net income after charges x1,970,000 x2,002,000 y2,233,778
x709,831
Profit & loss, surplus_ _ _ 6,779,918
5,902.697
5.031.670
3.391,807
x Before Federal taxes. y After Federal taxes.
Hawaiian Pineapple Co., Ltd.
-Earnings.
Calendar Years1929.
Balance Sheet November 30.
1928.
Total cases packed
3,247,204
3,246,952
1929.
1928.
1929.
1928.
Gross sales,less outward freight,&c. $15,201,487 $15.732,673
Assets
Liabilities-$
-$
$
11,031,211 12,361,105
Land, bldg., mach.,
Preferred stock__ 3,343.400 3,360,100 Expenses, except depreciation
604,911
546,154
equipment, &c_ 2,877,089 2,206,067 Common stock _ _ 2,089,975 2,066,850 Depreciation
126,012
Cash
779,791 Accounts payable_ 473,210
694,944 Contrib, to employ, retire system_
1,057,656
Notes ac accts. rec. 4,109,178 5.377,086 Notes payable_ __ 2,300,000
Net profit on sales
$3,439,353 $2,825,415
Miscell.invests etc. 2,078,987
Mtges. payable__ 106,125
Other income
451,684
381,514
Inventory
5,323,227 4,050,355 Reserve for Fed.
199,645
Patents
1
1 Income taxes_ __ 191,272
Gross income
$3,891,037 $3,206,928
Deferred charges_
92,923
19,027 Reserve for insurInterest paid and accrued
27,025
86,243
208.090
accr.taxes,&c _ _ 253,161
281,507
203,843
Tot.(each side)-15.537,062 12,432,328 Surphis
6,779,918 5,902.697 Employ.partic.under profit share plan
-V. 130, p. 142.
Net income
13.582,503 $2,916,843
Special credits
155,581
-Larger Dividend.
Gleaner Combine Harvester Corp.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable April 1 to holders of record
March 18. A quarterly dividend of 25 cents per share was paid on this
Issue on Jan. 1 last. The latter distribution was equivalent to the quarterly
dividend rate of $1 per share paid on the common stock outstanding prior
to the distribution of the 300% stock dividend on Nov. 15 1929 to holders
of record Nov. 5 1929.-V. 129, p. 3332.
Glidden Co., Cleveland.
-1% Stock Dividend.
The directors have declared the regular quarterly dividend of 50c. per
share and an extra dividend of 1% in stock on the no par value common
stock, and also the regular quarterly dividend of 1'4% on the preferred
stock, all payable April 1 to holders of record March 12. Like amounts
were paid on Oct. 1 1929 and on Jan. 2 1930. Previously the company
paid 373ic. regular and 12.55c. in cash each quarter.
,
-V. 130. P. 295.
Greyhound Corp.
-Passenger Increase.
The corporation reports its lines between Chicago and New York had
carried 188,980 passengers during January, against 174,509 in the same
month of 1929. Average revenue per passenger increased in the same month
to $2.16 from $1.87 a year ago, indicating the average distance travelled
per passenger has increased.
Gross passenger revenue in January 1930 for the company's lines between
Chicago and New York amounted to $407,517 against $325,643 for the
same month last year; an increase of $81,874 or more than 25%.-V. 130,
p. 1124.
Gulf States Steel Co.
-Expansion.
President W. H. Coverdale announced on Feb. 14 that between $17,000,000 and $20.000.000 would be spent in erecting and enlarging mills at
Gadsden, Ala. Ile stated the program included a $1,000.000 bloomimg
mill. a $2,000,000 plate mill and a $2,000.000 sheet mill. Additional
steel furnaces, coke ovens and a power plant also are planned.
After the announcement city councilmen met and began preparations
for the construction of streets through land recently bought by the steel
company, on which Mr. Coverdale said the new mills would be erected.
V. 130, p. 1124.
Hambleton Corp.
-Annual Dividend.
-Initial Semi
The corporation has declared an initial semi-annual dividend of $1.50 a
share on the participating cumulative $3 preferred stock. The dividend
Is payable Mar. 1 to holders of record Feb. 21.
In its activities the corporation, for the first six months of operation,
shows realized cash profit of approximately $100,000, which does not reflect
any appreciation in the corporation's investments. Current balance sheet
indicates book values in excess of the amount originally paid:into'the corporation. The corporation has no bank loans or bills payable in any form.
In connection with announcement of the initial dividend, it is stated that
the plans and functions for which the corporation was formed, that of acquiring substantial interests in enterprises subject to development and
expansion, have been largely completed and on a satisfactory basis. These
accomplishments have been subsequent to the break in the market in
October and November of last year, it is stated.
-V.129, p. 2692.
-Earnings.
Harbison-Walker Refractories Co.
Calendar YearsNet earnings
Deprec., deplet., &c..
1927.
1926.
1928.
1929.
x$6,437.765 $5,500.262 $4,699,999 $4,707.545
687,730
y708,167
1,181,351
1,087,729
Net income
Pref. dividends(6%)
Common dividends
$5,256,413 $4,412,534 $4,012,269 $3,999,378
177,369
179,090
176,424
176,424
2,776,438
3,186,527
2,765,651
3,015,911
Balance, surplus
Previous surplus
$1,893,462 $1,220,199 $1,058,462 $1,054,638
4,820,379 3,765,741
7,099,039
5,878,841
$96,794,724
1927.
3,156,227
$9,127,181
7,208.858
490 819
$1,427,502
349,695
$1,777,198
167,537
$1,609,661
37,802
Total
Special charges
$3.738,084 $2,916,843 $1,647,463
54,328
47,289
88,606
Balance
Accrued income taxes
$3,683,756 $2,828,236 $1,600,174
517,447
464,484
265,473
Net income to surplus account___. $3,166,309 $2,363,752 $1,334,701
Balance at beginning of period
5,794,201
6,426,894
5,289,135
Realization in excess of par value on
sale of capital stock
15,701
20,416
5,624
Profit on sale ofreal estate
13,358
Total
Reserved for employes' pensions
Res. for employ. compensation
$9,613,618 $7,671,869 $7,144,603
45,944
50,000
50,000
Total
Cash dividend
Stock dividend
$9,709,562 $7,671,869 $7,094,603
1,557,308
1,244,975
901,048
904.420
Balance at end of period
$8.152,254 $6,426,894 $5,289,135
Shares capital stock outst'd'g (par $20)
623,115
622,716
622.525
Earnings per share
$5.08
$3.79
$2.14
Comparative Balance Sheet Dec. 31.
1029.
1928.
1929.
1928.
ManiaAssets$
$
$
$
Cash
1,212,434 1,253,098 Accounts payable_ 878,979
574,204
Accts. & notes rec. 1,680,279 1,169,195 Due to customers_
21,177
Inventories__ _ _ _ - 1,890.689 3,033,704 Accr. Fed.& Territorial taxes
Marketable 'maul*. 798,815
517.447
464,484
Cash value llfe ins_ 155,581
Deferred liabilities 545.172
562,813
Growing crops
5,690,372 4,608,521 Capital stock
12,462,300 12,454,320
Reserves
194,786
Prepaid rent, Ins..
taxes, &c
1,517,140 1.546,579 Earned surplus_- 7,915.630 6,210,685
Prot), dr plant
Capital surplus_ _ 236,624
216,208
.
Real est.& bldgs 7,320,599 7,021,253
Mach. & equip
1,849,588 1,601,063
Office &c., turn. &
110,653
115,853
fixtures
Good will, patent
1
rights, &c
1
349,501
330,001
Other assets
Total (ea. side)_22,556,152 20,698.770
-V.129. P. 3973*
Hibbard, Spencer, Bartlett 8c Co.
-Earnings.
Calendar YearsNet income
Dividends
1929.
$913,933
840,000
1928.
1885,818
840,000
1927.
$929,757
720,000
1926.
$687,258
1,000,000
$73,933
$45,818
$209,757 def.$312,742
$4.57
$4.43
$3.43
$4.65
Balance Sheet Dec 31
1928,
1929.
1928.
1929.
Assets$
$
Liabilities$
$
Real est., bldgs.
Capital stock
5,000,000 5,000,000
& equipment-. 8,288,8013 6.249.074 Accts. pay.& ae,cr.
Cash
477,585 expenses
840.315
522.703
400.285
Notes dr accts. rec.
Accr. taxes, local
282,221
(less reserves)._ 3,036,949 2,989,249 & Federal
399,673
2,880,869 3,328,389 Res. for depreo_ __ 406,152
324.901
Inventories
51,262
60,299 Surplus & undivided
Prepaid expenses_
73,381
57,113
Empl. notes rec_
8,850,168 6.776.233
profits
Stks. of attn. cos__
58,500
58,500
Treasury stock___ 184,006
25,460 Tot.(each side)_13,058,277 13,223.670
-V. 128, p. 1741.
Surplus
Barns.per sh.on com.stk
Profit & loss, surplus_ $8,992,502 $7,099,040 $5,878,841 $4,820,379
(A.) Hollander & Son, Inc.(& Subs.).
-Earnings.
Shares common stock
1929
1928
Calendar Yearsy360.000
outstanding (no par)_ 1,440.000
1,440,000
y360.000 Sales
$3,033,307 $3,026,657
share
$3.53
$2.94
$10.65
Earned per
$10.61 Cost of
2,000,899 2,102,973
sales
x After deducting $1,157,958 expenditures for ordinary repairs, also Selling,general & administrative expenses
612,856
684,734
Federal taxes in 1929 (1928, $696,832; 1927, $1,154.619; 1926, $1,305,289).
y Shares of $100 par value.
Gross profit
$419,552 $238,950
Other income
Balance Sheet Dec. 31.
221.059
266,510
1929.
1928.
1929.
1928.
Totalincome
$640,610 $505,460 '
Liabilities$
$
$
$
Assets61,158
79,921
Property account_27,015,902 27,071,575 8% preferred stock 3,000,000 3,000,000 Interest paid
64,363
60,038
Common stock_x38,000,000 36,000,000 Depreciation
Betterments corn216,064
192,882
3,702,511 2,092,826 Other deductions
9,883,775 8,553,553 Reserves
Meted
20,183
33,379
173,652 Accounts payable_ 1,291,838 1,437,161 Reserved for Federal income taxes
Sett. uncompleted 152.849
229,207
171.192
Deferred charges_ 987,802 1,055,664 Pay rolls
Net profit
$270,065 $148 1316
4,596,390 2,721,492 Harbison-Walker
Inventories
a Earns per sh.on 200,000 shs.com.stk.(no par)_
$6.56
$1.17
Securities Co.... 108,721
Accts.receivable_ _ 3,631,739 2,804,384
a After allowing for dividends on B. J. Goodman, Inc. guaranteed pref.
8,992,502 7,099,040
25,812 Surplus
Notes receivable21,097
stock.
1,215,982 1,239,369
Cash
Consolidated Balance Sheet Dec. 31.
Total(each side)53,324,780 49,800,218
Invest. securities- 5,819,242 6,154,715
1928.
1928.
1929.
1929.
x Represented by 1,440,000 shares of no par value, the stock having been
Assets$
Liabilities$
$
$
changed from shares of $100 par value to shares of no par value Sept. 17 Land,
Prof. stk. B. J.
bldge.mach.,
-V. 130, p. 1124.
$100 par share.
1928, and 4 no par shares issued for each
&c
500,000
1,374,768 1,394,481
Goodman
500,000
y Good-will,formuCapital stock
z1,500,000 1,500,000
-Earnings.
Harmony Mills, Inc.
lae, &a
480.000 Federal taxes
20,184
460,000
33,379
1926.
Calendar Years1927.
1928.
1929.
238,630 Notes payable__ 750,000
285,590
500,000
Net profit after deprec-- $28,779 $109,069
$207,528 loss$106,817 Investments
Cash
452,443 Deposits
1,000
251.494
Notes receivable_ 339,203
55,012 Pref. stk. div. res_
35.000
17,500
Balance Sheet as of December 31.
531,953 surplus
Accts. receivable-- 718,618
975,482
737.612
Assets1929.
1928.
Liabilities1929.
1928.
91,957
79,678
Real estate & maPreferred stock _ - _ $1,225,200 $1,314,400 Loans receivable__
Total(each side) 3,778,361 3,293,798
chinery
$4,590,753 54,657.079 Common stock_ - 4,196,400 4,196,400 Russian contr.advs 219,345
89,340
67,888
Inventory
362,510 Inventories
1,647.598 1,395,269 Notes & accts.PaY. 645,216
Cash & accts. rec- 342,774
1,850
7.498
x After depreciation of $605,909. 5 Good will, &c. of 13. J. Goodman.
,
355,295 Geneml reserve_ _
535,183 Inc.. only. z Represented by 200,000 no par shares.
Marketable secure.
509,510
2,700
2,700 Surplus
-V. 129. p. 291.
Total
$6.583,825 36,410,343
-V.128. p. 1064.
Total
56,583,825 56,410,343
Household Products, Inc.
-Exchange Offer.
-
See Drug, Inc., above.
-V. 129, p. 3482.
Hollingsworth & Whitney Co.-Bal. Sheet Dec. 31.1929.
1928.
1928.
1929.
Liabilities$
i
$
Assets
20,000,000 20,000,000
Capital stock
al est.. mach
967,246
7,590,106 7,944,984 Accts. payable_ _ _ 1,148,774
tools, &c
2,991,632
erchandise
ccta.receivable__ 754,860
ash & securities_ 5,784,633
v. In Can'n Co_ 3,077,219
rmsuastorage- 373,301
ferred charges.- 480,898
V. 128„ p. 1065.
3,328,027 Surplus
1,463,702
4,798,112
3,977,218
544,798
803,876
Total(each side)21,952,650 21,512,044
Hydraulic Brake Co. (Calif.).
-New Business.
Mack Trucks, Inc., has adopted the Hydraulic brake for equipping the
ack "BL" model. W. E. Bintliff, Vice-President of the Hydraulic corn-V. 129, p. 3644.
any, stated.
Illinois Brick Co.
-Earnings.
Years Ended Dec. 31et income
xp.,deprec.,taxes,&c_
1926.
1927.
1929.
1928.
$689,789
$957,192 $1.305,156 $1,465,832
626,180
325.9,Q„alai
Net earnings
ividends
$363.870
564,000
$589,560
564,000
$769,513
658.000
$839,652
526,400
df $200,130
805,095
$25.560
779.476
2111,513
1,899,288
$313,252
1,568,838
Surplus
evious surplus
Total surplus
took div.(25%)
ash div.in excess ofres.
diustment
$604.965
Cr31
1,292
$805,036 $2,010,801 $1,882,090
1,175,000
a56,324
Cr59
Cr17,198
$779,476 $1,899.288
Profit &loss surplus_
$603,704
$805.095
ha. cap. stk. (par $25)188,000
235,000
235,000
235,000
arns. per sh. on cap.stk
24.46
$3.27
$1.54
$2.51
a Cash dividend in excess of 1927 reserve due to increase in stock.
Comparative Balance Sheet Dec. 31.
Assets1929.
1928.
1928.
1929.
Liabilitieslant & equip ...z$2,709,744 $2,676,026 Capital stock
$5,875,000 $5,875,000
1 estate
1,570,578 1,678,369 Accts. payable_ _
134,576
.
. 173,341
140,135
h
103,858
166,398
44,640 Accr.wages.taxAc
66,151
otes & accts. rec _ 484,325
23.194
666,237 Federal tax
61,172
nventories
603,145
60,157
601,433 Doubtful sects ___
iberty bonds_ _
586,002
2,490,687 2,490,687 Fire & tornado ins_ 568,856
titer instrum'ta
564,000
67,814
67,814 Dividends payable 564.000
paid insur., &c
805,095
4,499
603.704
6,925 Surplus
Total
$8,034,651 $8,232,132
Total
x After reserve for depreciation.
-V.128, p. 898.
$8,034,651 $8,232,132
Independent Oil & Gas Co.(& Subs.).
-Earnings.
Calendar Years1926.
1929.
1927.
1928.
ross operating income-526,504,298 $22,163.480 $12,938,559 $9,941,663
ost of crude oil refined_
1,623,783
Per., gen. & admin. exp 10,562,104
2.122,650
5.762,328
7.446,792
axes, dry holes, aband.
wells & expired leases_
886.412
1,126,994
x935,515
x958,908
ntangible devel. cost _ -- 3.911,787
3,460.303
nterest & disc.(net)- - 310,232
524,224
695,928
422,717
eprec.& depletion_ _ _ _ 5,336.807
1,916,209
3.211.580
4.767.980
stimated res.for Fed.tax
100,447
Netincome
inority interests
ther income
1289
FINANCIAL CHRONICLE
FEB. 22 1930.]
$5,335.366
546.813
$4.833,568 $2.313,433 22,981,929
12,448
246,842
Total income
$5,882.179 $5,092,858 $2,313,433 $2,981.929
ivs. on Man. Oil Co.
pr. at
15.100
ividends
537,500
500.000
2,712.093
1,352,940
Balance
$3,170,086 $3.724,818 $1,775,933 $2,481.929
its, of cap. stk. outst g
(no par)
650,000
500.000
1,362,295
959,457
arns. per sh. on cap.stk
$5.96
$4.31
$3.56
$5.30
x Taxes only. In addition there was paid (or accrued) for State gasoline
xes the sum of $1,147,009 in 1929 and $382,747 in 1928.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
Assets$
$
$
Liabilitiesop.& equip_ _ _y35.045,165 29,596,433 Capital stock- -.x30,797,788 29,740,928
ash
3,209.725 6,609,823 Convertible debs._ 3,189,500 5.486,000
otes& accts. rec. 2,470,959 2,921,007 Man,011 Co.
.5. Treas. notes2,422,200
1,990,000
6% bonds
inking funds
.
13,345
75.300
Profit shar.ctfsnventorles
4,419,555 4,336,496
z134,850
Preferred stock.
us on stk. subscr 376.993
26,340
328,209 Pur. money oblig.
nvenments
682,069
3,006 Divs. payable_ _ _
666,955
[erred charges__ 683,426
1,169,772
811,693 Accts. payable_
886,123
100,000
Deb.sinking fund_
406,000
Fed, tax reserve455,000
706,838
Accrued accounts_ 581,444
2,271
Minority interestTot.(each side).46,205,825 46.610,015 Surplus
9,279.250 6,007,207
x Represented by 1.362,295 no par shares. y After deducting depreation and depletion of $16,454.945. z Called for redemption.
-V. 129.
. 3809.
Indian Motocycle Co.
-Listing.
-
Consolidated Balance Sheet December 31.
1929.
1928.
Liabilities-z•
Assets$688,000
$ 4
stock _
58
Land & bldgs
ac equip_ ab522,%151 $520,082 Preferred stock. ___ $688,000 4,000,000
_x4,200,000
44
653,510 Common
Mach'y
10,035
Good-will, &c __ __ 2,500,000 2,500,000 Accepts. payable__
211,175
195,402
298,656 Accounts payable_ 476,975
Investments
290.000
181,144
137,286 Notes payable _ _.Cash
11,396
8,606
5,463 Accrued expenses_
Notes rec.(trade)_
22,088
6,704
80,685 Res. for Fed. taxes
75,941
Install. notes me
33,220
527,245 Liab. for corn. stk_
Accts. receivable y536:598
554,907
155,464
25,000 Surplus
Prepaid royalties
939,108 1,017.581
Inventories
Prepaid exp. & ac12,082
5,805
crued income_ _ _
3,561
Employ. stk. acc't
33,220 Total(each side)_55,551,135 $5,805,438
Corn. stk. acquired
a After depreciation of $268.460. b After depreciation of $641,366.
x Common stock represented by 140 000 shares of no par value. y After
-V. 130, p. 1124.
deducting $135,970 reserve for doubtful accounts.
A
Indian Territory Illuminating Oil Co., Bartlesville,
-Acquisition.
Okla.
-Change in Capital
A special mee,ing of stockholders of this company, a subsidiary of the
Cities Service Co.. has been called for Feb. 26 to ratify a plan for the
creation of new non-voting clasa. A no-par common stock. It is planned
to issue 1.259,009 shares of the new stock in connection with the recent
acquisition of properties of the Foster Petroleum Corp., in Oklahoma.
The plan calls for a change in the present $1 par class B common to
no par class B common. Voting rights will continue to be vested in the
class B stock. The Cities Service Co. owns 68% of the present voting
stock. Issuance of the new stock will not affect the voting control.
Under the plan submitted to stockholders provision is made for the
issuance of either or both classes of common stock to finance future development of the Indian Territory company. An official said that the
company would be in the market from time to time for new! capital. See
also Cities Service Co. in V. 130, p. 970.
Indiana Pipe Line Co.
-Earnings.1929.
$837,490
1,050,000
Net income
Dividends
Balance
Previous surplus
1928.
$849,112
1,200,000
1927.
$985,468
2,200,000
1926.
$817,631
700.000
def$212,510 def$350,888d1$1,214,532 sur$117,631
2,341,034
2,458,664
1,044,133
593,244
Total surplus
Appropriation to reserve
1380,734
$693,244
100,000
$1,244,132
200,000
$2,458.664
Profit & loss surplus__
$593,244 $1.044.132 $2,458.664
$380,734
Shares of capital stock
x100 000
x100,000
x100,000
outstanding (par $10)
300,000
$ti.17
$9.85
Earns. per sh.on cap.stk
$2.79
$8.49
x Par $50 per share.
The dividends paid to stockholders during the year 1929 amounted to
$8.75 per share, of which $6.39 per share was paid out of earnings accumulated since March 1 1913. and $2.36 per share was paid out of earnings
accumulated prior to that date.
Comparative Balance Sheet December 31.
1926.
1927.
Assets1929.
1928.
Pipe line plant
65,344,344 $5.168.560 $5.141,907 $5,156,287
43,380
53.368
Materials & supplies_
Cash, other invest, and
5.848,405
4,714,513
4,857,329
accounts receivable_ _ _ 2,496,554
$7.840.898 19,883.073 $10.052,604 $11,048,072
Total
Liabilities
a$3,000.000 $5.000,000 $5,000.000 $5,000.000
Capital stock
Cap. stk, reduct. acct
18,014
Acct's pay., incl. res. for
1,329.803
1,040,151
1,498,647
tax,fire ins.annuit.,&c 1,529,080
2,678.669
2,549.256
2.791.181
Res.acc't for acer. depr- 2,913,068
2,458,664
593,244
1,044,133
380,734
Profit and loss
$7.840,898 $9,883.073 $10,052.604 $11.048,072
Total
a The cash distribution of $20 per share in connection with the reduction of the capital stock from 65,000,000 to $3.000,000, having been charged
on the records of this corporation to capital stock account, constitutes a
-V. 129. p. 3809.
return of capital, not subject to Federal income tax.
-Annual Report.
Interlake Iron Corp., Chicago, Ill.
0. D. Caldwell, Pres., Feb.8 wrote in part:
The stockholders of the By Products Coke Corp. Dec. 9 1929 changed
the name to Interlake Iron Corp. The Interlake Iron Corp. has acquired
allot the stock of the perry Furnace Co.and substantially all of the property
and assets of the Toledo Furnace Co. and of the Zenith Furnace Co.
Comparative Income Account for Calendar Years.
1928.
1929.
1927.
1926.
Sales
$18,725,844 $16,862,142)
14,854,112 14,150,541}
Not available
Cost of sales
352,726
542,601
Gen. & selling expenseProfitfrom operations $3,329,130 $2,358,875 $2,066,070 $2,971,966
370,988
348,650
246,129
Other income
244,253
$3,700,118 12,707.525 12,312,199 13,216,219
Total income
419,262
428,625
360,269
Interest
380,988
888,423
Depreciation
673,650
629,482
747,874
230,629
251.125
Reservefor taxes
140.000
210,000
Invest, written down
600,457
Prem.on pref.stock152,220
159,163
Reorganization expense-
The New York Stock Exchange has authorized the listing of 60,000
ditional shares of common stock (no par value) on official notice of
$2,002,640 11.354,124 11,030,228 $1,276.901
Net profits
uance and payment in full pursuant to sale to underwriters, making the Preferred dividends
136.998
110.359
tai amount applied for 200,000 shares of common stock.
759,907
Common dividends
664,623
379,870
379.840
The directors on Dec.4 1929, adopted a resolution for the call of a special
Balance,
$1,242,732
$760,063
$689.500
$539,999
tockholders' meeting for Dec. 12 1929. at Springfield, Mass., to authorize Previous surplus
3,544.716
surplus
2.855,215
2,246,890
1,486,828
n amendment to the Charter of the company for an increase of its corn.
68,327
Lock of no par value in the amount of 100,000 shares. The special stock- Miscell.surplus adjust- Profit &loss,surplus _ $4,787,448 $3,544,716 $2.855,215 $2,246,890
elders' meeting was on Dec. 12 1929. adjourned to Dec. 17 1929. at Spring189,931
759 762
189,936
189.936
leld, Masa., at which latter time and place a majority of the stockholders Shares corn.stk.(no par)
Earn, per share on corn_
$6.00
f both classes in person or by proxy voted said amendment.
$.63
$7.13
$4.84
The directors,on Dec. 17 1929 authorized the issuance of40,000 additional
Comparative Balance Sheet Dec. 31.
area of stock and on Jan. 28 1930 authorized the issuance of 60,000
1928.
1929.
1928.
1929.
dditional shares at not less than $5 per share. It is proposed with some of
Assets$
$
Liabilities$
he proceeds of the sale of this stock to retire and cancel 1,120 shares of the Plant,
equp.& e. z14,219,233 13,788,760 Common stock ..--x9.500.568 9,500,568
referred stock.
Cash
336,196
496,930 Accts. Payable.-- 374.993
372,611
Calendar Years1929.
1928.
536,682
Ore accounts
y414,510
Marketable secur. 938,200
_
ales
$2,844,675 $3,806,552 Accts. receiv. &
132,740
Accrued int., &c_ - 141,258
osts and expenses
2,933,477
4,115,361
556,618
355,000
accrued interest 1,351,733 1,493,571 Accrued tax
epreciation
144,613
156.590 Inventories
6,629,000 6,800,000
3,802,952 3,465,498 Bonded debt
1,728,917 1,650,758
Investments
3,078,743 3,189,387 Reserves
Operating loss
$233,415
$465,399 Deferred charges-- 369,838
a4,787,448 3,544,715
422,513 Surplus
amn on sale of securities
x357.138
46.370
Total
24,133,312 22,856,660
Total
24,133,312 22,856,659
Total income
$123,723 10651419,029
a Paid in surplus, $1,863.022: earned surplus, $2,924,427. x Reprenterest
26,009
sented by 759,762 shares no par value. y Deferred payment not yet due.
quidation loss and other charges
457,141
z After depreciation of $7,092,190.
Net loss
Consolidated Ba:ance Sheet Jan. 2 1930.
$359.427
$419,029
eferred dividends
22,890
Liabilities
Assets48,685
ommon dividends
$429,506 Notes payable
100.000 Cash
$170,000
2,976,739 Accts. & wages payable
Accounts receivable
2,236,057
Deficit
5382.317
253,239 Accrued interest, &c
$567,714 Notes receivable
73,935
'nous surplus
1,325,805 Accrued State & local taxes__
554.908
1,263.430 Marketable securities
551,732
Raw materials & supplies-- 6,036,541 Prov. for Federal income tax_
404,198
Total surplus
$172,591
2,606,971 Funded debt
Manufactured products
$695.716
9,614,000
dditional Federal taxes prior years
17,126
22,192,172 Reserves
Investments
2,796.377
nventory adjustment
125.828 Real estate, plant & equip't.-x36,482,679 Capital stock
752.169,504
•mium on pref. stock purchase
499,599 Paid-in surplus
304 Deferred charges
1,863,021
ncome in reserve for contingencies
Earned surplus
14,674
2,924,427
$72,803,252
Total (each side)
Profit and loss surplus
$155,464
x After depreciation of $7,092,191. y RepresentedDY 2,000,000 no par
$554.908
x Includes other Income of $41.592.
shares.
-V. 129, p. 4147.
1290
FINANCIAL CHRONICLE
Insull Utility Investments, Inc.
-1% Stock Dividend.
[VOL. 130.
Jefferson Electric Co.--r50c.
Extra Dividend.
The directors have declared a regular quarterly dividend of 1I% in
The
an
stock on the common stock, payable April 15 to holders of record March regulardirectors have declared 75c.extra dividend of 50c. a share and the
quarterly dividend of
a share
31. The dividend date is coincident with the date upon which a previously value, payable April 1 to holders of record on the common stock, no par
March 15. An extra distribudeclared dividend (payable out of the earnings of 1929) will be paid and tion of 50c. a share was also made on
April 11929.
will be for a like amount of stock. Therefore holders of common stock
F. L. Himsteger
will receive a total common stock dividend on April 15, equal to 3% of -V. 129. p. 2695. has been elected a director, succeeding E. M. Hickok.
their holdings as of March 31.-V. 130. p. 632.
Jewel Tea Co.
-Earnings.
--
International Shoe Co., St. Louis.
-Production in 1929.
The company has issued the following interesting figures based on their
own records and those of the U. S. Department of Commerce in its bulletin
of Feb. 7 1930. During the calendar year ended Dec. 31 1929. the total
production of leather boots and shoes by all manufacturers was 361402,183
. For this same period International Shoe Co.'s production was
50,_ 7,129 pairs. or more than 15% of the total.
8
The entire shoe industry showed an increase of 17,051,459 pairs over
the corresponding period of the previous year. and for the same period the
International Shoe Co. alone showed an increase of 7,281,134 pairs or
more than 42% of the total increase. While all other manufacturers were
producing 305,895,054 pairs for a gain of slightly more than 3% over their
production of the previous year, the International Shoe Co. was producing
55,507,129 pairs for a gain in its own record of more than 15%.-V. 130,
p. 810.
tr
Investment Co. of America.
-Earnings.-Calendar Years- 9 Mos.End.
1928.
1929.
Dec. 31 '27.
I eriodIncome after deducting operating expbut before financial charges & provision for Federal income tax
$2,118,244 $1,713,700
Int. charges, bond disc. & stamp taxes
294,941
317.309
Provision for Federal income tax
174,216
129,097
$610.228
57.498
59,813
Net income for period
$1,626,718 $1,289,663
Pref. divs, paid and declared (bet)_
420,000
396,927
$492,917
219,916
Balance to surplus and reserves_ __ _ $1,206,718
Amount transferred to reserves
237,672
$273,001
49,800
$892,735
170,274
Balance to surplus
$969,046
$722,462
$223,201
I quivalent per share on corn, shares
outstanding at end of period
$7.04
$6.51
$4.46
Schedule of Diversification of Investments at Dec. 31 1929.
Common StocksRailroads
Chesapeake Corp.
Public Utilities
Allied Power & Light Corp.
American Power & Light Co.
American Superpower Corp.
American Tel. dr Tel. Co.
Consolidated Ges Co. of N. Y.
Detroit Edison Co.
Electric Power & Light Corp.
Pacific Gas & Electric Co.
Pacific Lighting Corp.
Southern California Edison Co.
United Corp.
United Light & Power Co.
Industrials
American Tobacco Co.
Burroughs Adding Machine Co.
Caterpillar Tractor Co.
Central Alloy Steel Corp.
Chrysler Corp.
Commercial Credit Co.
Curtiss Aeroplane & Motor Co.
Deere & Co.
General Electric Co.
General Motors Corp.
General Railway Signal Co.
Graham-Paige Motors Corp.
International'Agricultural Corp.
International Business Machines Corp.
International Harvester Co.
International Match Corp.
Rudolph Karstadt, Inc.
S. S. Kresge Co.
Kreuger & Toll Co.
Lambert Co.
Liggett & Myers Co.
Lorillard & Co.
National Cash Register Co.
Remington Rand, Inc.
Reynolds Tobacco Co.
Safeway Stores, Inc.
Pears Roebuck dt Co.
Standard Oil Co. of N.J.
Telautograph Corp.
Texas Gulf Sulphur Co.
Union Carbide & Carbon Corp.
U. S. Leather Co.
Walgreen Co.
Banks and Trust Companies
Bankers Trust Co. of N. Y.
Canadian Bank of Commerce.
Equitable Trust Co.
Guaranty Trust Co. of N. Y.
Manhattan Co. of N. Y.
National City Bank of N. Y.
Royal Bank of Canada.
Insurance Companies
Connecticut General Life Insurance Co.
Sun Life Assurance Co. of Canada.
Travelers Insurance Co.
Recapitulation.
3.80%
19.73%
42.90%
8.74%
5.53%
3.80%
9.41%
0.22%
Total investments
Cash & other assets
90.73%
9.27%
Total
1929.
Liabilities
-
249,258
105,000
56,193 Pref. div., payable
An% Int.on 5%debs
62,500
175,003
Res. for Fed. tax__
Divs. rec. on stock
2,293
not owned
5,100,000
1,127
Res. for cum. pref.
212,745
dividends
87.279
105,074
245,000
52,378 Res. for conting_
115,000
5% debs, series A. 5,000,000 5,000,000
1,519,133 7% cum. pref. stk.
5,000,000
2,749,889
series A
5,016.623 7% cum. pref. stk.
1,000,000 1,000,000
306.250
series 13
Corn.stk.(no Par)-s3.175.80 2,379,918
9
17,142,316 14,887,746 Surplus
1,914,709
945,663
17,142,317 14.887,746
x Represented by 137,627 shares, no par value.
-V. 129, p. 1294.
Iron Fireman Manufacturing Co.
-Earnings.
Calendar Years
Gross profit
Depreciation
Special replacement of gear cases
Reorganization expense
Provision for Federal income tax
1929.
$894,374
40,428
83,000
1928.
$675,015
39,507
25,993
20,312
70.785
Net profit for year
Previous surplus
3770.946
291.314
$518,418
510,933
Totalsurplus
Dividends paid (cash)
Stock dividend
Transferred to capital stock account
51.062.260 51,029,351
250,000
102,500
635,537
200.000
Surplus Dec.31
Earns, per sh. on 200,000 shs. cap.stock (no par)_ Balance Sheet Dec. 31.
Assets
1929.
1928.
Cash
$401.587
Marketaole sect.. 403,863
Cust.accts. rec__ _
193,068
Misc, accts. rec_ _ _
54,359
Inventories
283,377
Investments
48,004
Land, bldg.. mach.
&equip
233,653
Jigs, tools. dies 61,
patterns
52,056
Pats., trademarks
& copyrights__ _
40.415
Def. eh's. to opera 189,427
-V.129,p.3644.
$406,685
201,615
113,620
11,949
216.278
56,809
$612,260
$3.85
Accts. payable_ __ _
Accr. taxes, corns
& wages
1929.
$890,127
24,419
Prov. for Fed. Inc
83,000
taxes
Dividend declared
100,000
Cap. stk. (200,000
187.237
no par shares).. 1,000.000
612,280
Earned surplus_ .._
60,534
6,068
49,578
$1,888,364 $1,712,976 $1,446,432 $1,443,737
197,062
182,087
185,041
185,685
Balance
$1.691,302 $1,530,889 $1,261,391 $1,258,052
Prof. divs
(7%)198,117(21)551,775(22%)650.675
Reduction of good-will_
119,999
Recapital. exp. & other
surplus adj
14,506
Common dividends - - -- 1,230,000
598,233
Stock dividend
120,000
Balance
Previous surplus
$326.796
1,704,313
$614,539
1.849,147
$709,616
1,239,311
$607,777
998,414
Total surplus
$2,031,110 $2,463,686 $1,948,927 $1,605,791
Prem, on pref. stk. purch
& adj. on sale of corn.
to employees
639,371
106,480
34,780
Contingency reserve
40,000
120,000
65,000
260,000
Profit & loss,surplus - $1,991.110 $1.704,313 $1,849,147 $1,239,311
Shares of common outstanding (no par)-- -280,000
120,000
120.000
120.000
Earnings per sh. on corn_
$6.04
$11.55
$9.05
$8.89
Comparative Balance Sheet.
Dec.28'29. Dec.29'28.
AssetsLiabilitiesDec.28'29. Dec.29'28.
Land, bldgs., dox$1,728,119 $411,219 Preferred stock__
$2,577.500
Plant.& gen. office
Common stock- _y$4,240,000
120,000
590,547
bldg. fund
Letters of credit &
1
Good-will
1
acceptances_ _ __
201,534
208,700
1,600.203 1.817,729 Accounts payable_
Inventories
129,936
99,328
417,796
292,212 Sundry accruals __
Accts. rec
390,932
300,330
1,399,426 1,261.382 Federal Inc. taxes _
Investments
197,062
182,087
80,989
Trust funds
64.513 Dividends payable 210,000
192,148
648,140
805.298 Surety deposits _ _ _
Cash
80,989
64,513
707,901
762.409 Res. for conting__
Advances
117.979
149,521
96.366
125,329 Surplus
Other def. chgs
1,991,110 1,704,316
290,052
Com.stk. for empl
58,349
Total
$7,559,543 $5,598,443
Total
$7,559,543 $5,598,443
x After deduction of $715,723 for depreciation
180,000 shares of no par value.
-V. 130, p. 1125.
y Represented by
(Julius) Kayser & Co.
-Merger Rumor Denied.
-
This company has no intention of combining or amalgamating with
any other company. Said President Henry L. Van Praag in denying
recent reports linking the Kayser company in a consolidation with Gotham
Silk Hosiery Co.
"Steadily growing demand for our products is keeping our plants working
at capacity, and forcing exipansion at some mills," he said, "and no ap
preciable economies or benefits would accrue from any merger at this time.
The company has a welirounded line of products, adequate distribution,
both domestic and foreign, and with sufficient volume in sight to take care
of normal expansion, we see no reason for consolidating with any other
hosiery concern."
Export sales of silk hosiery and underwear by the Julius Kayser Co.
showed an increase of 10% for the fiscal year ended July 1 last, and this
rate of increase has continued for the first half of the current year, said
President Henry L. Van Praag. "Earnings from export operations have
been improving steadily," he said."and our revenue from foreign operations
will be materially increased when our new plant at Melbourne, Australia,
gets into production early in May."
South African sales of silk hosiery and underwear have been going forward
at a rapid rate during the past few years, Mr. Van Prang said.
-V. 130.
P. 1125.
Kimberly-Clark Corp.
-To Convert Mill.
-
The corporation will convert the Atlas mill, which is its unit at Appleton. Wis., into a wall-paper printing plant, President F. J. Sensenbrenner
announced on Feb. 17. The paper converting department, which has
been operating steadily since the paper making department was closed in
1928.
December, will be discontinued. Six well-paper printing machines have
been purchased for immediate installation, and the plant probably will be
35,983 ready for operation in two months. The
105.000 In the Atlas mill have been made in the specialties formerly turned out.
Lake View mill since Its opening
62,500 the first
-V. 129. p. 2869.
of this year.
137.482
Inv. purch.oblige_
Total
Total Income
Federal tax reserve
100.00%
Balance Sheet Dec. 31.
1928.
Dec. 28 '29. Dec. 29 '28. Dec. 31 '27. Jan. 1 '27.
$16,844,110 $15,970,893 $14,532,336 $14.568,258
1,582,205
1,500,361
1,215,243
1,253,158
306,158
212,615
193,274
228,494
Export Sales Continue to Increase.
-
Common Stocks-'
Railroads
Public Utilities
Industrials
Banks dr trust companies
Insurance companies
Bonds and notes
Preferred stocks
Miscellaneous securities
Total investment fund
1929.
Assets
Cash in banks Sr
demand deps _
226,443
Sec. demand loans
(loans through
N.Y. banks,subJoel to call)
1,800,000
Divs. & aecr. int.
receivable
95,770
Inv, sales recelv_
Inv.at cost or low.:
Bonds dr notes_ _
626,253
Pref. stocks_ _ _ 1,551,160
Corn. stocks_ _12,571,440
Unamort. bd. disc_
271.250
Years EndedNet sales
Operating profit
Other income
$291.314
$2.59
108.
$80.014
18.259
70.785
50.000
800,000
291,314
Tot. teach side)_$1,899,807 $1,310,373
Lakey Foundry & Machine Co.
-Earnings.
-
Years Ended Oct. 31Gross profits _ - ------------------------------Miscellaneous income
1928.
1929.
3425,958 $1,273,859
16.560
16,048
Total income
Expenses
5442,517 31,289,907
158,903
142,924
34,500
140,100
Federal taxes
Net income----------------------------Dividends (cash)
$249,114 $1,006,883
592,743
534,016
Balance-- _ ---- -- ---- - -- - ----- ------------def$343.629 sur$472.867
p
Shares cap, stock outstand. (no - ir)
313.667
286,080
Earns per share- $0.79
33.51
--Note.
-In addition -- cash dividends company paid a stock dlv. of 2ii%
quarterly in 1929. In 1928 a stock div of 20% was paid.
Balance Sheet Oct. 31.
1928.
1929.
Assets1929,
1928.
Property account..$1,713,327 $1,470,052 Capital stock _ _ .x$1.578,586 31,430,400
11.513
5,045
178,240
313,267
13,078
304,141
5,045
582,357
290,877
46.645
Accts. payable__ _
63,486
73,1311
Accr. bal. & wages
74,350
80.448
Accrued taxes_ __
30,803
30,227
Dividends pay_
30
Prey, for Fed. InDeterredcharges...
come taxes
34,500
140.100
Unclaimed wages_
1,702
1,944
Reserves
81,340
80.395
Total(each side)$2,234,472 $2,699,118 Surplus
369.703
802,43 I
x Represented by 313,667 no par shares and warrants, expiring Dee.31
1929, for 2,050 shares valued at 510,251.-V. 130, p. 297.
Cash
U.S. Liberty bonds
Accts. receivable
Inventories
Kolster Radio Corp.
-Stockholders' Protective Committee.
The holders of the common stock have been advised that the committee
(see below) have been requested by a number of holders of the common
stock to act as a committee to represent and protect their interests.
The need for such a committee La due to the following facts, according
to the committee's announcement:
On Jan. 21 1930 the Court of Chancery of New Jerseywith the consent
of tne corporation, sppointed receivers on the grounethat its business
has been conducted unprofitably and that the corporation is insolvent.
By order of that court a special master, appionted for that purpose, has
been conducting an examination of the affairs of the corporation.
An application for a receivt r in the State of Delaware has recently been
filed in a stockholders' action, and this case will come on for hearing within
a few days.
The stockholders are widely scattered and it is essential ter the protection of their interests that the stockholders act in concert through a committee appointed for that purpose.
The Interstate Trust Co. of 37 Wall St., N. Y. City, has been designated
the depositary of the committee. To conserve their interests, stockholders
1291
FINANCIAL CHRONICLE
FEB. 22 1930.]
Link-Belt Co.(& Subs.).---Earnings.--should promptly forward their stock, properly endorsed for transfer, to the
Interstate Trust Co. for deposit.
1928.
1929.
Calendar Years-A. Harry Moore, Chairman; Paul C. Beardslee, Lawrence Sales to customers for year
Committee.
526.519,339 $23,238,209
M. Bainbridge, Martin K. Fowler, with Samuel J. Marshall, Sec.. 1514 Cost ofsales
".527.869 19,710,139
Pershing Square Bldg.. N. Y. City, and Edwards, Murphy & Minton,
6
0 Liberty St., N. Y. City, and Hobart & Minaret, 24 Branford Pl., New33.991.470 33,528.069
Profit on sales
-V. 130, p. 1125.
ark. N. J., counsel.
301.731
282.641
Sundry credits to income
-Listing.
Lambert Co.
The New York Stock Exchange has authorized the listing or 50.000
additional shares of common stock, upon official notice of issuance, in
exchange for all of the issued and outstanding capital stock of a new corporation to be formed to acquire all of the business and good will and
certain assets of Pro-phy-lac-tic Brush Co. (Mass.), and 125,000 additional shares of common stock, upon official notice of issuance and payment in full, upon the exercise of certain options heretofore granted to 11
officers and employees of the corporation and (or) of its subsidiaries,
making the total amounts applied for 873.996 shares.
Pro Forma Consolidated Balance Sheet Dec. 311929.
(After giving effect to the following transactions not yet consummated:
(a) formation of new company and acquisition by it of business, goodwill and assets (except certain assets not deemed necessary to the conduct of business) and asumption by it of certain liabilities of Pro-phylac-tic Brush Co.; (b) acquisition by Lambert Co. of all of the outstanding capital stock of new company, and (c) issuance by Lambert Co. of
50,000 shares of its capital stock in exchange therefor.).
Liabilities
Assets
$3,777,004 Accounts payable and accrued
Cash and cash loans
5639.951
accounts
Accounts receiv., less reserve_ - 1,149,632
351 Reserve for estimated Feaeral
Notes reedy., customers'
1,082325
Inventories
1,649,783 & State income taxes
68,618
1,278,855 Other current reserves
Fixed assets
126,067
s Minority interest
Investment, foreign branches
107,955
and agencies. &c.(at Cost). _ 316,851 Deferred income
206,515 Reserve for possible acquisition
Employees' notes, secured_ _
100,000
of Storme Co
33,632
Other assets
Prepaid adver. & sundry exps- 321.387 Capital stock and surplus_ _y6.762.827
153,521
Deferred charges
58,887,542
Total (each side)
1
Good will and trade name..._ _
x Lambert Pharmacal Co. represented by 28,250 shares par value $I
per share. y Represented by 748,996 shares (no par value) issued and to
be issued.
-V. 130, P. 1125.
Gross income
Sundry charges to income
Federal tax estimate
34,274.111 33.829.800
173.499
368,533
414,478
420.892
Net income
Balance-beginning of year
33.484.686 13.241.823
4.218.552
5.688,855
Total surplus
Pref.stock dividends paid & declared
Common stock dividends paid
Sundry charges to surplus
39.173.541 37.460.375
260,000
260,000
1,481.550
2,196.221
29.970
Lancaster Mills, Clinton, Mass.
-May Liquidate.
The stockholders on Feb. 21 will consider the matter of raising new
capital or liquidating the company. According to Treasurer Robert R.
West there was a loss last year of approximately $404.000 after all charges.
Including depreciation, as compared with an operating loss of $161.000
during the last half of 1928. Business obtainable in large volume last year,
he says, was at such prices that profitable operation was impossible and
that obtainable at profitable prices was of negligible volume.
"The company's losses in recent years." Mr. West says in a letter to
stockholders, "had reduced its working capital to approximately $180,000
at the end of 1929, even after the sale of machinery and real estate for
$280,000 cash. Operations in 1930 have resulted in further substantial
reduction in working capital. Amory, Browne & Co., the selling agents,
do not wish to continue indorsement of the company's notes after July 1
1930. and will not continue it after Dec. 31 1930."
"Whereas the outlook for any substantial return from liquidation, even
to the preferred stockholder, is not promising, the directors do not feel, in
view of market conditions, that they can recommend to any stockholders
the contribution of additional capital to the company."
-V. 127. P. 962.
56,717.320 35,688.855
Balance-end of year
$4.21
$4.54
Earns per share on common stock
Consolidated Balance Sheet Dec. 31 1929.
1928.
1929.
1928.
1929.
Liabilities
Assets
2,852,943 2,352,767 Accounts payable_ 1,048,981 1,091,651
Cash
65,000
65,000
Notes & accts. rec. 4,308.751 3.702,049 Dividends payable
658,409
761,868
4,602,685 3.954,230 Reserves
Inventories
Marketable secs_ _ 4,005,103 5,065.288 Preferred stock_ _ 4,000,000 4,000,000
63,534 Common stock_ _:10,584,739 10,582,500
57,918
Accrued Interest
6,717,320 5,688.855
187,600 Surplus
Invest. in atilt. cos 187,600
Land, bldgs., mach
7,089.200 6,646,015
& equipment _ _y
Tot.(each side)_23,177.908 22.086.415
114,932
73,708
Deferred charges
x Represented by 709,177 no par shares. y After reserve for depreciation
of 35,773.545.-V. 129, p. 2869.
-Earnings.
Lion Oil Refining Co.
1926.
1927.
x1928.
1929.
Calendar Years$7.623,134 $5,033,863 $5.884,051 $8.555,320
Sales
5.803.930
4.260.314
3,627,947
4,436,737
of sales
Cost
250,581
213.326
200,785
367,221
Adm.& general expense_
31,205.130 81,410.411 32.500.809
32,819.176
Balance
21.882
28,258
30,928
53,695
Miscellaneous income
$2,872.871 31,236,058 31,438.669 32.522,691
Total income
1.090,569
886,417
953.571
1,462,564
Res.for deprec.& depl
69,738
48,278
54,406
118,883
Interest & bond discount
181,106
53.000
21.670
106,945
Federal taxes
3450.975 31,181.278
3206.411
Net profit
31,184,479
Shares of cap. stk. out200.000
200,000
250,000
270.000
standing (no par)- - - $5.91
22.25
$0.83
$4.39
Earns. per sh. on cap.stk
x Adjusted on account of changing method of computing depreciation
and depletion on producing properties from a straight line basis to an oil
reserve basis.
Comparative Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
2
Liabilities$
$
Asseld$
474,996
Notes & accts. pay 811,695
Prep., plant, tank
125,000
135,000
7,042,125 10,451,406 Dividends payable
cars, &c
118,142
158,867
38,868 Res.& accruals_ _ _
Invest.in oth.cos_ 548,771
Lane Bryant, Inc.
-Earnings.651,113 Prov.tor Fed.taxes 115,000
383,278
Cash
1928.
1929.
6 Mos. Ended Nov. 30pay, due in
602,450 Notes
$7.461,643 36.126.997 Accts. receivable _ 643.933
Sales
monthly install_ 1,432,323
1,665,385 1,178,815
424.819 Inventories
369,226
Net profit before taxes
26,021 Res. for deprec. &
59,342
50.502 Prepaid expenses_
32,371
Reserve for Federal tax
5,072,738
depletion_ _ _
64.051
Deferred liabilities
$374.317
$336,855
Net profit
12,948,675 Cap.stk.& surp_ _x7,689,947 7,093,747
Tot.(each side)_10,342,834
x Earned per share on 134,941 ells. coin. stk. out. $2.33
$2.14
-V. 130. p. 1125.
x Represented by 270,000 shame of no par value.
x After pref. diva -V. 130, p. 984.
-Balance Sheet Nov. 30
Lefcourt Realty Corp.(& Subs.)
1929.Assets
Cash
Accts.rec.-tenants
Land & buildings
Investment
Deterred charges
31,293.705
81,652
a17,618,818
17,025
140,081
Liabilities
Accounts payable
Res. for taxes & coating
First mortgages
Capital stock
Capital surplus
Earned surplus
$171,705
328,224
10.992,667
x5,795.000
300.000
1.565.685
$19,151,281
Total
$19,151,281
Total
a After depreciation of $441.408. x Represented by 100,000 shares of
cony. pref. stock and 210,000 corn, stock both of no par value.
-V. 130.,
p. 297.
Libbey-Owens Glass Co.
-New Contract.
A contract has been let by this company for a $500,000 addition to its
$3,000,000 laminated glass unit which it recently completed and which
has been found too small to supply automobile glass orders received.
About 350 workers will be needed when the new unit starts operations in
April, it is stated. At present 1,000 are employed in two 8
-hour shifts.
The unit will increase the company's laminated glass capacity to 25,000.000 square feet annually -V. 13C. P. 1125.
-Consolidation.
Liberty Finance Co. (Calif.).
See Continental Air Express, Inc., above.
Liggett & Myers Tobacco Co.
-Listing.
1 he New York Stock Exchange has authorized the listing on or after
March 12. of 523.202 shares (Par $25) additional common stock"B" on
Official notice of issuance, pursuant to offer to stockholders, making the
total shares of common stock "B" applied for 2,279,357. See also V. 130,
P. 812. 984.
-Earnings.
Lima Locomotive Works, Inc.
1927.
1926.
Calendar Years1928.
1929.
$223,903 $2,686,045
Gross income
$303.156
$934,000
415,244
414,762
Res, for dep. rec
409,967
411,994
350,000
Res. for canting
Res. for taxes
221.250
20,500
Net income
Common dividends
Adjustments (Cr.)
$501,506 df.$111,605 dt.3191.341 $1.704,828
844,228
422,114
844,228
106,669
$860,599
$501.506 df.$533,720 df.$928,900
Surplus
2,914,772
P. & L. surplus-2,381,052
2,882.558
3.843,672
Earns, per sh.on 211,057
Nil
Nil
. $8.08
slts.com.stk. (no par) _
$2.38
Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
$
LiabilitiesI
$
Assets$
Common stock - y10,552,850 10,552,850
Land. bldgs•. Insell•
. 392,119
x3,415,444 3,749,454 Accts. payable_
&o
123,329
'lab - 135,931
Miami.accr.
Drawings, patt'ns ,
100.334
1
1 Iles, for contIng_ _ 450,000
dies, &c
450,000
2,687,716 2,687.716 Res.for Fed. taxes
20,500
Good-will
75,229
66,395
165,516
74.375 Accident insurance
Cash
.B.
U.S. Govt.secure. 2,869.673 4,494,196 reserve
170,380
2,882,558 2,381,052
170,380 Surplus
Other investm ts _ _
739,357
.
131118 & accts. rec. z2,930.450
2,231,727 1,627397
Inventories
166,395
165,516
Accident ins.fund
Tot.(each side)_14,600,354 13.773,082
64,890
Deferred charges. 53,337
x After reserve for depreciation amounting to $3,043,590. y 300,000
shares without par value authorized. 88,943 shares unissued. 211,057
shares, outstanding. z After reserve of 340,000.-V. 130, p. 984.
-Writ Withdrawn.Loft, Inc.
The Delaware Chancery Court has dissolved a restraining order obtained
against the company, by Charles G. Guth, President of Mavis Candies.
Inc., a subsidiary, and discharged the rule for a preliminary injunction.
The Court's action was taken on application of counsel for Guth.
The Court has set March 4 as the date of final hearing on Guth's application for a permanent injunction. Guth seeks to have the corporation
enjoined from selling or transferring any of its assets or making any disbursements of corporate funds except those which are authorized by the
directors and as may be proper and necessary to continue the current
-V. 130, p. 476.
business of the company.
Los Angeles Investment Co.' Earnings.
Earnings Year Ended D.W. 31 1929.
Revenue from operations
Interest revenue
31.847,847
373.730
Total revenues
Operating expenses
Interest expense
Taxes
32,221,577
581.143
42.731
208.860
Net profitfrom operations
Losses and depreciation
31,388.842
497.156
$891,686
Net profit for year before income tax
-V. 129. p. 2548.
-Earnings.
McGraw Hill Publishing Co., Inc.
1926.
1927.
1928.
1929.
Calendar Years$13,378,141 811,652.942 311.002,994 $10,707,865
Gross revenue
9.412.252 8.821.557
9,594.356
all.104.284
Operating expenses
32.273.858 $2,058,586 31,590.742 81.886.307
Net inc.from opera189.397
206.716
186.821
d108.918
Other income
32.382.776 32,245.407 $1.797,458 32.075.704
Total income
132,580
105,291
131,096
Prof. accru. to min. mt.,..150,781
224.029
194.844
291,651
seea
Prov.for Fed. & oth. tax
76.218
68.465
Other deductions
32.231.994 81.822,659 $1,428.858 31.642,877
c'Net profit
6698.403
6811,915
6890,146
1,200.000
Dividends paid
$944.474
$616,943
$932,513
$1,031,994
Balance,surplus
a Includes Federal and State taxes. 6 Includes dividends paid on
preferred stock retired in 1928. c Includes earnings of subsidiaries prior
to acquisition. d After deducting other deductions amounting to 5179,227
(including depreciation of $163.602).
Condensed Consolidated Balance Sheet Dec. 31.
1928.
1928.1929.
1929.
$
Liabilities$
$
Assets$
626.778
857,188 1.268,837 Accts. payable__ __ 437.911
Cash
298,740
Accts.& notes ree - 1,932,014 1,771,115 Accrued liabilities _ 535,708
244.893
Dividends payable 300.000
U. S. Gov. munie.
332,574
& railroad bonds 1,206,752 1,260,908 Prov,for taxes_
706,599 Per, money oblig.
816,137
Inventories
de mtge. on bldgs 770,006
420,263
485,000
444,617
Other assets
Reserves
1,277,775 1.478,850
Due from empl. on
Min.stkholders int 1,100,551 1.066.332
subscrip. to cap.
96,199 Deferred income_ _
11,387
90,492
stock of subs_ __
Invest. in assoc.cos 1,017,466 1327.728 Common stoek...:10.517.925 10,517.925
y1,325,234 1,254,453 Surplus
1
3,98/ .793 3467,262
Fixed assets
Mag. titles, copyrights. subscrip.
lists, book plates
trade marks dr
11,250.151 10,612,253
good will
Total
18,940,051 18,518,354
18.940,051 18,518.354
Total
x Represented by 600.000 no par shares. y After reserves fir depreciation
of 81.474,571.-V. 129. p. 3021.
1292
FINANCIA L CFIRONTCLE
Ludlow Typograph Co.
-Extra Dividend.
The
directors have declared an extra dividend of 25 cents per share
and the regular quarterly dividend of
the
stock, both payable April 1 to holders of50 cents per share on 118,common
record March 21.-V.
P. 559.
Massey, Harris & Co., Ltd. (& Subs.).
-Earnings.
--
Years End. Nos, 301929.
Income from operations_ $4,868,906
Interest on borrowings_ _
448,542
Bond.interest & exp__-609,835
Approp.for deprec
745,035
Approp. for losses on rec
Approp. for for'n exch..
Approp.for pension fund
54,680
Approp.for income taxes
210,000
Net profit
$2.800,813
Previous surplus
6,982,098
Total surplus
29,782,911
Bond disc. & exp
900,970
Prem.of pref. stk. red_ _ 1.100,770
Adj.sub.cos.'stock to par
Divs. on 7% pref. stk(33.5%)423,147
Divs. on 5% pref.stock_
302.248
Common dividends
1,269,440
1928.
1927.
1926.
$4,908,134 $3,866,601 $3,005,220
854,387
685,558
193,151
708.121
340,607
26,261
47,840
220,000
686.630
165.919
500,245
27,900
151,320
100,000
16,055
200.000
rvnL. 180
Other officers elected were: Thaddeus G. Benton, Treasurer and Secr,
tory; Conard E. Cooper, General Attorney: and Carl E. Lind, Comptrolle:
The following directors were elected; Charles D. Barney, Matthew C
Brush, Frank B. Cahn, Henry S. Fleming, Norris T. Gilbert, Joseph Glut
Leavitt J. Hunt, James E. Bogue, and Henry F. Whitney.
The voting trustees designated for all of the stock of the
compan
are: Matthew C. Brush, Frank B. Cahn, Henry S. Fleming, new
Joseph Glue
and James E. Segue.
Messrs. Brush and Glass have been designated as the independent votin
trustees.
-V. 129, p. 4148.
Middle States Petroleum Corp.
-Organized.
-
See Middle States Oil Corp. above.
-V. 130, p. 145.
Midland Steel Products Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 96,93
$2.710,919 $2,149,274 $1,995,768
5.123,418 3,820,437 2.359,883 shares 8% cum. 1st pref. stock (par $100) and 242,325 shares common stoc
(no par value). Compare recapitalization plan in V. 129. p. 4149; V. 130
$7,834,337 $5,969,711 $4,355.651 P. 1126.
(H.) Milgrim & Bros., Inc.
-New Store.
-
5,946
(7)846,293 (7)846,293 (7)846,293
Surplus at Nov.30...._ $5,786,337 16.982.098 $5,123,418 23,509,358
Corn,shares (no par)--483.596
725.970
483,596
11120,899
Earnings per share
$2.86
$3.85
$2.69
29.50
b Shares of 2100 par value.
Consolidated Balance Sheet Nov. 30.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
$
8
Land.bldgs.. &e_ -16,195,999 14,471,688 Preferred stock _ _12,089,900 12,089,900
.
Patents
1
1 Common stock ___26,612,180y12,089,900
Inventories
31,814,545 25,830,739 Skg.fd. deb. bds _ _10,371,500 11,400,000
Prepaid freight &
First mtge. bonds_ 735,200
833,200
deferred charges 304,394
222,720 Bills & accts. pay. 5,604,951 5,984,343
Bills & accts rec_22,810,950 16,928,914 Reserves for taxes- 395,411
433,482
Cash
76,649
620.782 C,onting., for'n
Bond disc., exp.&c
exch.. tic_ _ __ 362,873
900.970
396,542
Pensions
216,518
196,992
Revs!. of acq. plt_ 1,384,819 1,544,455
Bldg& dr equip 4,903,751 4,283,505
Bills & accts. roe 2,237,986 2.237,986
Fire insurance
501,112
503,430
Tot.(each side).71,202,538 58.975,813 Surplus
5,786,337 6,982,098
y Represented by 483,596 shares of no par value.
-V.129, p 808.
Mathieson Alkali Works (Inc.).
-Annual Report.
-
This corporation, in connection with their expansion program for 1930
announce that on March 3 next they will open their fifth store in the ne
Fisher Building, Detroit, Mich. The architectural design of this stor
is being executed in the style of the French Rennaisance, and will be on
of the most elaborate in the country, occupying three floors. The compan
recently opened a shop at Miami Beach, Fla., to cater to their Southen
clientele. The expansion program of the company is rapidly going ahea
and everything points to a large increase in business for 1930, according te
Mr. Milgrim.
-V. 130, p. 3178.
Miller Rubber Co.
-Sale Approved.
-
The stockholders on Feb. 17 voted to accept the offer of the B. F. Good
rich Co. to purchase the Miller assets, property and good-will for 113,50
,
shares of Goodrich common stock and to assume the Miller company`
liabilities. See also V. 130, p. 813.
Missouri-Kansas Pipe Line Co.
-Stock Increase, &c.
The stockholders on Feb. 17 voted to increase the authorized $5
common stock from 700,000 shares to 5,000,000 shares and to createPal
a
issue of 5,000.000 shares of $1 par value class B stock. See further de
tails in V. 130, p. 1126.
Moira Ltd., Halifax, N. S.
-New Directors, &c.-
W. B. Proctor and J. L. Hetherington, both of Halifax, have been electee
directors.
board now consists of0.E.Smith (Pres.), J. C.MacKeen (V.-Pres
j
J. H. Winfield (managing director), J. W. Moir (Chairman of the board)
G. MacG, Mitchell, W. A. Moir, W.B. Proctor, J. L. H,etherington, I.
Killam, H. P. Robinson, Archibald Fraser and Frank Stanfield.
Gross sales for 1929 are reported to have been 23,032,736 and net sales
amounted to 22,907.673.-V. 125. p. 3651.
President E. M. Allen says in part:
The earnings for 1929 were the largest in company's nistory eacn quarter
Moon Motor Car Co.
-Listing.
exceeding the same quarter of the previous year. The year showed net
The New York Stock Exchange has authorized the listing of 150,00C
earnings of $3.31 per share on common stock, after depreciation, Federal
income tax and preferred dividends. This is equivalent to 214.63 per share additional shares of capital stock on official notice of issuance in exchange
on outstanding stock of a year ago, compared with $13.04 for 1928. 211.28 for Ruxton assets and not exceeding 100.000 additional shares of capital
stock, on official notice that they have been sold to bankers at a price of
for 1927,$10.24 for 1926 and $8.78 for 1925.
During 1929 expenditures for new construction were the largest of any not less than $5 per share, making the total amount applied for 350,001)
year under the present management, and while some of the projects were shares.
Pursuant to resolution duly adopted by directors Jan. 29 1930, the comcompleted and put into operation during the past year, a large part will not
be completed and operating until next summer. It was for these construc- pany has been authorized to issue additional shares of its capital stock as
tion expenditures that the board elected to raise part of the money required, follows: (a) 150,000 shares to the New Era Motors, Inc. (Del.), in exchange
for the certain assets aggregating $762,912, and exclusive right to the
by giving the stockholders in September 1929 the right to subscribe to
new stock on the basis of 1 share at $40 per share, for every 10 shares held, name "Ruston" and certain licenses giving right to manufacture front
wheel drive automobiles under certain patents controlled by the New Era
rather than do all this new work from earnings.
In toe third quarter we accepted an attractive offer and sold our small company essential to the manufacture of the Ruxton front-wheel-drive
organic chemical plant at Newark, N. Y. which will enable the company to automobile: (b) 100.000 additional shares of capital stock without par
secure materially greater returns from the proceeds of this sale, and what is value on official notice that they have been sold to bankers for a price
more important, will enable all departments to concentrate on our regular of not less than 25 per share. The proceeds of same to be used for general
corporate purpose.
line of heavy chemicals.
Number of Automobiles Sold,
Earningsfor Calendar Years.
1927.
1929.
1928.
1926.
1925.
1924.
1923.
1929.
1928.
1927.
1926.
1,333
3.168
3,001
8,023
10,271
9,049
8,691
xTotal earnings
23,580,930 $3,319,248 82,962,581 12,725.559
Comparative.Income Statement for Calendar Years.
Deprec'n and depletion.. 1,026,721
912,752
840,670
771.626
1926.
1927.
1928.
Income charges (net)
1929.
Cr57,904
29.614
47,386
48,877 Net sales, less returns &
Federal income tax
287,838
285,480
241.609
225,570
allowances
$8,897,299 $3,475,850 $3,676,664 $1,836,706
1,810,378
Net Income
12.324,276 12,091.402 $1,832,916 11.679.486 Cost of sales,incl. deprec 7,529,707 3.122,125 3,485.742
Preferred dividends.. _ _ _
173,250
173,250
173,250
174.563
Gross profit
sales $1,367,593
2353.725
$190,922
$26,328
Common dividends
1,135,018
882,717
588,828
588,828 Other income on
81,273
21,884
16,387
43,120
Balance, surplus
21,016,008 81,035,432 81,070,838
2916,095
Gross profit
942,716
$375,609
$234,042
Shs.of com.outst.(no par) 650,436
147.082
147.207
147,207 Selling,adm.& gen.dips 21.448,865
1,299,833
Earn, per share on corn..
489,101
318,038
549,371
y$$.31
$13.04
$11.27
$10.34
23,611
34,783
22,709
x After deducting manufacturing, selling and general administrative Interest paid
1,304
expenses. g Equivalent to $14.63 per share on outstanding stock a year ago. Oper. & liquidation loss
of subsid.selling co.-- 624.060
Surplus Account.
-Doc.311929.
-Free surplus Dec. 311928. 26,380,005:
balance after diva, as above $1,016,008, total 27,396.013. Deduct:sinking
Net loss
2498,639
fund pref. stock, 250,000; Misc. adjustments, $56.640; three shares of com.
2148,275
$338,038
$276,626
stock for each share of corn, stock to holders of record April 15 1929, $441.Pro Forma Balance Sheet Based on Balance Sheet of Dec. 311929.
246, profit and loss surplus $6,848,128.
[After giving effect to proceeds from sale of 250,000 shs. add'l capital stock]
Assets
Liabilities
Balance Sheet Dec. 31.
Cash
$526,971 Trade acceptances
$64,085
1929.
1928.
1929.
1928.
Notes and accounts receiv__ _ 118,108 Notes payable
4,013
AssetsLiabilities$
Due from subsid. sales Co.',.
51,057 Accounts payable
172,802
Prop.sect
:15,348.361 12,961,771 Prof. stock
2,475,000 2.475,000 Sundry trade dr other accts.rec.
744 Customers' deposits
Cash
4,775
2,269,918 1,374,183 Common stock__y10,041,424 7,131,049
Inventories
880,198 Accrued payrolls & other adv.
Notes and trade
Accts. payable_ . 446,630
_
429,245 Miscell. acc'ts dr notes receiv
21.547 due employees & officers...accept. receiv__ 238,924
16,074
46,100 Tax.,ins.,& accr
43,238
33,469 Due from officers and employes
4,536 Customers' credits
943
Accts.ree.(less res.) 837,729
954,467 Federal taxes
287,838
285,480 Claims
24,015
taxes
3,649
Inventories
1.163.820 1,217,437 Dividends payable 368,489
263,935 Incur., taxes and advertising- - 188,122 Accrued stock (350,000 shares
Capital
Bal.rec,from empl. 63,518
51,500 Containers charged
Invest. In stocks of other co.'s_
13,500 no par)
2,569,792
Stocks & bonds of
to customers(reFixed assets, less res.for deprec 1.244,014 Surplus arising from appreciaallied cos., &c
1,174,860
617,616 turnable). &c..
Experimental and developm3_ 226,461 tion of assets
462,237
Develop. exP
80,870
436,705 deferred liabil__ 221,858
203,569
Deferred charges
355,626
262,864 Employees' comp.
93,299,274 Total
Total
$3,299,274
insurance res___ 134,019
103,891
Free surplus
6,848,127 6,380,005 -V. 129, p. 3022.
Approp. for retire.
Morgan Lithograph Co.
-Earnings.
Tot.(each side) 21,533,626 17,922,643 of pref.stock--- 667.000
617,000
The company reports for six months ended Dec. 31 1929 net
x After deducting depreciation of $6,539,027. y Represented by 650.436 2135.871 after taxes, depreciation, interest, dm., equivalent to profit of
$1.35 a
shares no par value.
-V. 129. p. 2548.
share on 100,000 no-par shares of capital stock.
-V. 129, p. 2241.
Matson Navigation Co.
-Larger Dividend.
Motor Wheel Corp.(& Subs.).
-Earnings.
--The directors have declared a quarterly dividend of $1.50 per share,
1929.
Calendar Years1928.
1927.
1926.
payable Feb. 15. This compares with $1 per share previously.
-V. 128. p. Sale of wheels,stpg., &c.. $5,482,422 $4,715,973
22.805,811 83,072.533
1569.
Int, earned and income
from investments-.-179,680
116,966
126.284
95,021
Mergenthaler Linotype Co.
-25c. Extra Dividend
Total income
25,662,101 $4,832,939 22.932.095 83.167.555
Regular Quarterly Dividend Rate Increased.
The directors have declared an extra dividend of 25c. per share in addi- Sell.. adv., gen., admin. 1,049,355
expenses, &c
843,493
656,438
748,963
tion to a regular quarterly dividend of $1.50 per share on the outstanding
Interest
3.758
256.000 shares of no par value capital stock, both payable March 31 to Misc, paid and accrlosses, incl, mach.
holders of record March 5. Like amounts were paid. on Dec. 31 last.
sold and scrapped.. _ _ _
175.598
246,083
70.414
96,367
From June 30 1926 to Sept. 29 1928, incl. there were paid quarterly, in
530,984
429,394
419,009
422,415
addition to the regular $1.25 dividend, an extra dividend of 25 cents per Depredation
'
426,500
398,925
243.400
271.000
share. From Dec. 31 1928 to and incl. Sept. 30 1929, a regular dividend Provision for Fed. taxes_
of $1.25 and an extra of 50c. per share were paid each quarter.
-V. 129.
Net income
$3.479,664 $2,915,044 $1,542,834 $1,625,052
P. 3335.
Dividends on pref. stock
a54.891
79,592
Common dividends. cash 1,984,833
1,306.250
1,100.000
1.100,000
Middle States Oil Corp.
-Reorganization Completed.
Common divs., stock_ _ - c1.375,000 61.375.000
The reorganization committee announces the successful completion of the
reorganization of this company. New securities are being mailed to deBalance,surplus
$119,831
$233,794
$387,943
$445,460
pmitors under the plan of reorganization. The new corporation will be Profit and loss surplus_ - 6,682,189 6,562,518 6,403.724 6.153,278
known as Middle States Petroleum Corp.
Shares of corn. outstandJoseph Glass, one of the receivers ofthe old company appointed by Judge
ing (no par)
825,000
687.500
550.000
550.000
Knox, has been elected President of the new company.
Earn, per share on corn$4.21
24.24
$2.70
$2.81
Norris T. Gilbert of Tulsa, Okla., was appointed 1st Vice-President and
a Preferred stock retired In August 1927. b Representing 25% stock
General Manager. Mr. Gilbert was formerly one of the ancillary receivers. dividend of 137.500 shares distributed
in October 1928. c Representing
He will be in charge offield operations.
20% stock dividend of 137.500 shares distributed in 1929
Comparative Balance Sheet Dec. 31.
1928.
1929.
Assets
Land, bldgs., machinery, are _ _ _ _
Cash
Ctfs. of depos. &
accr.interest_ _ _
Marketable secs. _
Customers'notes &
acc'ts receivable
Inventories
Other assets
Prepaid taxes, ins.,
bond disc., &c
7,230,432 7,061,828
1,284,724
233,720
200,767
697,937
1.976,670 1,513,853
993,967 1,710,360
2.821,472 3,822.615
620,343
942,860
245,138
1293
FINANCIAL CHRONICLE
FEB. 22 1930.]
1923.
$
Common stock_ _.x 8,250,000 6,975.000
Accounts payable_ 467,361 1,322.521
Accrued taxes, roy165,481
197.054
alties, &c
398,925
Fed'I income taxes 426,500
Reserve for contin84,311
170,096
gencies. &c
Profit and loss_- 6,682,189 6,562,518
1929.
245,269
16,193,202 15,408,757
Total
16,193.202 15,408,758
Total
-V. 130. p. 1126.
x Represented by 825,000 shares of no par value.
increasing the regular dividend rate unless the board believes that such
increased rate can be maintained as far into the future as reasonable men
should attempt to see.
Earnings for Calendar Years.
1926.
1927.
1928.
1929.
$10,222,897 $5,872,496 $4,929,397 $9,004,567
x Net earnings
1,705.732
1.705,732
1,705,732
1,705,732
Class A pref. dive
464,746
464,746
619,662
Class B pref. dive
1,652,432
1,574.974
1,549,155
1,549,155
Common dividends
$6.348,348 $2,152,863 $1,183,943 $5,646.403
Balance, surplus
21,591,585 15,243.237 13,245,290 32,716.746
Profit & loss surplus__
No. of common shs. out206.554
309.831
309.831
309,831
standing (par $100)_ _
$35.34
$8.90
311.94
325.49
Earnings per share
-V. 129. Izo• 1926.
x After deducting expenses, taxes, reserves, &c.
-Portfolio.
National Securities Investment Co.
With respect to the investments shown in company's balance sheet of
-Organ. Dec.311929.90% of the total was represented by the following securities:
Montreal London & General Investors, Ltd.
investment trust, to be called the Montreal. London & General Union Carbide & Carbon Corp.,cap.stock. Niagara Hudson Power Corp., corn. stock
A new
& warrants.
Investors. Ltd., has been incorporated under a Dominion charter. The Electric Bond & Share Co.,capital stock.
capital will consist of 300,000 shares of no par value and the present issue Atchison, Topeka & Santa Fe,stock & bd. Gulf Oil Corp. of Pa., corn, cap. stock.
General Electric Co., common stock.
$25 a share. Amer. Tel. & Tel. Co.,stock & bonds.
will be 135,000 shares, which has been privately placed at
The company is being managed by Riddell, Stead, Graham & Hutchinson, Columbia Gas & Elec. Corp., corn. stock. Royal Dutch Co., common stock.
Aluminium Ltd.. Inc., common stock.
North American Co., common stock.
chartered accountants, Montreal.
Compania Swift Internacional, corn.stock
The company is to have a board made up mainly of Canadians as follows: Vacuum Oil Co., cal ital stock.
Missouri-Kansas-Texas 111t., com. stock.
Sir William Stavert, Chairman, director of Lake Superior Corp; James Amer. Tobacco Co., corn. dr 13 stock.
M.Jaquays, V.-Pres. of Steel Co. of Radio Corp. of Amer. A pref. stock & B Chicago, R. I. & Pac. Ry., cem• stock.
Hutchison. Mangaging director; H.
Jewel Tea Co., Inc., common stock.
preferred stock.
Canada: F.E. Meredith, K.C.,director of the Bank of Montreal; C.F. Use,
- Eastman Kodak Co. of N. J., corn. stock. American Sugar Ref. Co.. corn, stock.
Pres, of the Bell)Telephone Co.of Can.,and Sir Frederick Williams-Taylor
Securities Co., allot. certifs. Canadian Pacific Ry., ordinary stock.
in Canada; and of the Hon. A. J. P. Howard and Captain R. Gordon Corporation
Int'l Business Maths. Corp., cap. stock. American Pr. & Lt. Co., common stock.
Munro in London. Office. 460 St. Francois Xavier St., Montreal. Can.
Amer. Water Wks. dr Elec. Co.. Inc..
Missouri Pacific RR. Co.. corn, stock.
common stock.
Deere & Co., common stock,
Munsingwear, Inc.-Earnings.Co.(Ind.), capital stock.
Nov.30- Chicago, Milwaukee, St. Paul & Pacific Standard 011& Nay. Co.,capital stock.
12Mos.End. 13Mos.End. -Years Ended
Lehigh Coal
RR. Co., common stock.
1925-26.
Dec. 31 '29. Dec. 31 '28. 1926-27.
Period,Corp., corn, stock no par value &
$17,433,659 $17,962,601 American & Foreign Power Co.. Inc.. $7 United warrants.
aNet sales
$15,067,130 $16,813,342
option
Prof. stock & warrants,
b Cost of merchandise
Electric Pow. & Lt. Corp., coin. stock &
produced and sold_ _ 13,430,729 15,133,850 15,774,583 16,243,894 Commonwealth & Southern Corp., corn.
option warrants.
stock & warrants,
corn. stk General Baking Corr... corn. stock 4: prof.
Net operating profit__ $1,636,401 $1,679,493 $1,659,076 $1,718,707 Kroger Groc. & Bak. Co., no par stock. stock.
262,554 International Harvester Co., corm
109,120
c Miscellaneous earnings
293,126
340,583
Stone & Webster, Inc., common shares. Kimberly-Clark Corp. of Del.. nom.stock
Intl Petroleum Co. Ltd., corn. stock.
corn, stock.
Srandard
Gross earnings
$1.976.983 $1,972,619 $1,768,196 $1,981,262 (Bank of Brands. Inc.,
The) Manhattan Co. (N.Y.). Sears. Roebuck dr Co.. corn, capital stock.
202.413
120,814
Interest charges
14.067
4,240
Chesapeake & Ohio Ry.,common stock.
capitalstock.,
248,937
Prov.for Federal taxes-238.994
246,455
227,958
American Gas & Elec. Co., corn. stock.
Delaware & Hudson Co.. capital stock.
Div. and premium pref.
is invested in the securities of 71 companies,in no one
202,906
The remaining 10%
217,500
stock (subs.)
248,428
195,981
of which does the amount exceed 5100.000. See also V. 130, p. 987.
Net applicable to hold-Quarterly Report.
Nevada Consolidated Copper Co.
ings of Mun., Inc.._ $1,548,803 $1,463,669 31,190,888 31.327,005
Divs, paid by MunsingThe report covering the fourth quarter of 1929 says:
for the fourth quarter,
wear, Inc (33.75)---750,000 (3)600.000 (3)600,000
700,000
The net production of copper from all sources
compared to that for the three preceding quarters of 1929, is shown in the
$727,005 following tabulation:
3590.888
Balance, surplus
5713.669
$848,803
Net Lbs. Cop. Ave. Monthly
Earns, per oh. on 200,000
Production.
$6.64
$5.95
Produced.
shs. corn. stk. (no par)
$7.31
$7.74
1929
18,362,022
a Of subsidiary corporations, incl. both underwear and hosiery, after Fourth quarter
55,086,066
20,063,517
60,190,553
deducting returns, discounts and allowances. b Incl. maintenance and de- Third quarter
24.205.633
72,616,900
preciation of physical properties, advertising and distribution expenses and Second quarter
26,127.133
78.381,399
general and administrative expenses. c Discounts on purchases, rentals, First quarter
Interest earned and other income (net).
The total quantity of company ores milled and smelted during the quarter
was 2,857,960 tons. Of this total 2,839,353 tons was concentrating ore,
Consolidated Balance Sheet Dec. 31 (Including Subsidiary Cos.).
averaging 1.18% copper, and 18.607 tons was direct smelting ore shipped
1929.
1928.
1929.
1928.
to smelters. In addition to company ores, 310,986 tons of custom ore was
$
8
AssetsLiabilities$
$
average daily tonnage of
y7,000,000 7,000,000 milled or smelted at the Nevada plants. The
Land, buildings,
Capital stock
company ores milled at all concentrators was 30,863, as compared to 32,616
machinery,&a.
.:5,655,573 5,802,502 Min. stockholders'
quarter.
tons per day for the preceding
Good-will, trade
interest in subs.:
The average recovery in the form of concentrates from all company
marks, pat's,drc. 3,162,133 3,162,133
Muns. Corp. pi_ 1,452,200 1,697.800
period was 84.20% of the total copper contained
Cash
3,666,046 2,987,049
Wayne 6% pref. 1,500,000 1,500,000 material milled during the19.82 pounds of copper per ton treated, as comtherein, corresponding to
Munsbagwear stk_ 615,229
Accts. payable, acpared to a recovery of 85.04% and 20.59 pounds per ton for the previous
324,558
Customers' accts.
cruel exp., &c__ 336,070
250,364 quarter.
and notes reedy. 1.770,363 1,978,576 Res. for Fed. taxes 227,958
The net cost per pound of copper produced, after crediting revenue from
4,836,224 5,219,858 Capital surplus- 5,146,783 5,244,706
Inventories
miscellaneous earnings and income from subMutual ins. dep.
Earned surplus- 4,269,550 3,420,746 gold and silver and other compared with 9.32 cents for the third quarter.
sidiaries was 9.14 cents, as
and sales adv
80,789
91,984
These costs include all operating and general charges of every kind except
50,295
Prepaid expenses
76,085
depreciation and reserve for Federal taxes.
10.842
Investments
18.187
Unamortized exp.
Results for 3 and 12 Months Ended Dec. 31.
85,164
1929-12 Mos.-1928.
Pref. stock
101,793
Total(each side) 19,932,561 19,438,174
1929-3 Mos-1928.
Period Endedx Land, buildings, machinery and equipment, less provision for deprecia- Over. pref.(copper prod.) $2,810,755 $6,015,131 $17,375,206 $15.781,955
1,420.849
1,350.345
431,519
256,132
-V. 130, P. 813. Value of previous metals
tion. y Represented by 200,000 shares of no par value.
1.368,756
2,242,750
496,034
572,537
Miscell. revenues & inc__
National Dairy Products Corp.
-Listing.-
The New York Stock Exchange has authorized the listing of $1.011.000
534;% gold debentures due Feb. 1 1948 upon official notice of issuance as
part consideration for the property and assets of Sugar Creek Creamery
Co. and subsidiaries and Plymouth Rock Ice Cream Co., making the total
amount of 514% gold debentures due 1948 applied for to date 548.676.000.
Directors authorized the issuance of additional debentures as follows:
(1) 5500,000 as part consideration for the property and assets of Sugar
Creek Creamery Co. (Ill.) and subsidiaries; and (2) 3511,000 as part consideration for the property and assets of Plymouth Rock Ice Cream Co.
(Mass.).
The Now York Stock Exchange has authorized the listing of (a) 20.400
additional shares of common stock (no par) upon official notice of issuance,
In connection with the acquisition by the company of the entire property
and assets of Sugar Creek Creamery Co. and subsidiaries, Sugar Creek
Realty Co., Lange Creamery, Inc., Marshall Milk & Cream Co., Golden
Grain Butter Co. and Sugar Creek Butter Co.. with authority to add
18 additional shares upon official notice of issuance from time to time as
the equivalent of stock dividends in respect of shares of common stock of
the company issuable in connection with the acquisition of the property
and assets of Froznpure Ice Cream Co.: and 204 additional shares of common stock on and after April 1 1930, 206 additional shares on and after
July 1 1930. and 209 additional shares on and after Oct. I 1930. of its
common stock upon official notice of issuance from time to time as stock
-V. 130.
dividends, making the total amount applied for 5,368,519 shares.
P. 145.
National Refining Co.
-Earnings.
Calendar YearsGross earnings
Reserve for depreciation, depletion, taxes, &c
1929.
1928.
$3,102,481 $2,985,768
1,256,995
1,285,154
Net earnings
Dividends paid
$1,845,485
1,325.448
$1,700,614
1,093.790
$520,037
$3.12
$606.824
$2.80
Balance to surplus
Earns. per sh. on 463,262 am corn.stk. (par $25)
-V. ISO. P. 635.
-The directors
NationalLead Co.
-3% Stock Dividend.
have declared an extra dividend of 3% in addition to the
regular quarterly dividend of 13 % on the common stock,
par $100, both payable March 31 to holders of record March
14. From June 1927 to December 1929 inclusive, the company paid quarterly dividends of 13% each.
In his statement to stockholders accompanying the report,
President Edward J. Cornish said:
Total oper. income___ $3,639,425
425,713
Depreciation
$6,942,684 $20,968.301 518,571.561
1.676,648
1.726,408
415,865
$3,213,711 56,526,819 $19,241,893 316.894,913
Net income
Earnings per share on
$3.48
$1.34
$3.97
30.70
4.857.228 abs. stock-V. 129, p. 3178.
-Reduces Common Dividend.
New Bedford Cordage Co.
The directors have declared a quarterly dividend of 50c. a share on the
common stock, compared with 873-ic. a share in the previous quarter
and the regular quarterly dividend of $1.75 a share on the preferred stock,
both payable March 1 to holders of record Feb. 19.
At the annual meeting, Philip H. Phiel was elected Treasurer succeeding
-V. 129, p. 3336.
Charles Weed. Mr. Weed remains as a director.
--Earnings.
New Jersey Zinc Co.
1929-9 Mos.-1928.
Period End. Dec.31- 1929-3 Mos.-1928,
$2,276,168 51.998,617 $9,221,794 $7,443,546
x Income
500,000
600.000
Employees' profit sharing
(2%)981,632 (2)981,632(16)7853,056(12)5889.792
Dividends
3768.738 31.053.754
31,294,536 $1,016,985
Balance, surplus
Shares capital stock outy490,816
1.963.264
y490.816
standing (par $25)- - - 1,963,264
Earns. per share on 490,$15.17
$4.69
$1.16
$4.07
816 shares (per 5100)x Income (incl. dividends from subsidiary companies) after deducting for
expenses, taxes, depreciation, maintenance, repairs, depletion and contingencies. y Par 3100.-V. 129, P. 3023.
-New Director.
Newmont Mining Corp.
Franz Schneider Jr., formerly financial editor of the New York "Sun,"
has been elected Vice-President and a director. On the board of directors
he takes the place made vacant by the resignation of Vernon Monroe.
V. 129. p. 3976.
-New Director, &c.
New York Dock Co.
William .3. Wason has been elected a director and a member of the
executive committee, succeeding Challen R. Parker resigned. Mr. Watson
-V. 129.
is Vice-President and trustee of the Kings County Trust Co.
P. 2697.
-Annual Report.
-Extra Div.
New York Transit Co.
The directors have declared an extra dividend of 10c. a share in addition
to the regular quarterly disbursement of 40c. a share on the $10 par capital
stock, both payable Apr. 15 to holders of record Mar. 21. Like amounts
were paid on Jan. 15 last.
President D. S. Bushnell, in the annual report, says in part:
The management is of the opinion that current decreased interest rates
During 1929 company handled 2.556,499 barrels of revenue-producing
will stimulate building and react favorably upon business; increasing inter- trunk line freight, compared with 2,233,246 barrels in 1928, an increase
est and increasing taxes being the handicap to business progress. For this of 323.253 barrels or 14.47%. Company's gathering line in Cattaraugus
reason the board of directors, at its meeting, concluded to continue the County moving Pennsylvania grade crude through our local division handled
usual quarterly dividend on the common stock of $1.25 a share, and in 361.886 barrels in 1929 as compared with 294.153 barrels in 1928, an inview of the exceptional earnings of the company for 1929 and strong cash crease of 67,733 barrels or 23.03%•
position of the company, declare an extra dividend of 33, payable on
In report for 1928 reference was made to the sale to the Columbia Gas &
March 31 to holders of record on March 14.
Electric Corp. interests of certain unused pipe llne property in New York
The board does not at this time contemplate any further change in and New Jersey. During 1929 the formalities involved in this transaction
dividend rate on common stock, and will adhere to its past policy of not were completed and the capital company having been reduced, a cash dis
1294
FINANCIAL CHRONICLE
tribution of $62 per share of old stock was made to stockholders together
with two new shares of $10 par capital stock, in exchange for one old share
of $100 par capital stock. The capital stock Is now $1,000,000 consisting
of 100,000 shares of $10 par value.
There still remain to be sold several pieces of property with buildings
thereon and negotiations are now in progress toward this end. The amount
involved in these transactions, however, will be small.
During 1929 an initial dividend of 40c. per share on the new stock was
paid on Oct. 15, and dividends of 40c. per share and 10c. per share extra
were declared, both payable Jan. 15 1930.
Income Account for Calendar Years.
1929.
1928.
1927.
1926.
Net income
8165,231d31.549,413 def$69,433
$106,066
Dividends
90,000
(2g)112.500
[voL. 130.
Balance Sheet Dec. 31.
Assets1928.
1929.
Liabilities1928.
1929.
Plant
53.090.387 $3,158,079 Capital stock
52,000,000 $2,000.00
Cash, other invest.
Accts. pay. & tax
& accts. rec.- _ _ 1.207,890 1,155.654
reserve, fire ins.
Annuity fund _ _ _ 404.983
402,141
annuities, &c..._ 747,010
780.50
Insur. fund
175.629
172,614 Accr. depr. reserve 1,965,839 1,928.89
Other assets
25,501
30,437 Profit & loss
211,52
191,543
Total
$4,904.391 $4,918,925
Total
$4,904,392 54,918,92
-V. 128, p. 3367.
Otis Elevator Co.
-New Contract.
-
An elevator contract amounting to 52.900.000, the largest in the hlstor
of the building industry. has been awarded by Starrett Brothers, Inc., t
Balance,sur. or def__ _ sur$75,231df$1,549,413 def$69.433
def$6,434 the Otis Elevator Co. The contract calls for 66 cars, covering the elevate
Shares of capital stock
requirements of the new 85
-story Empire State Building being erect
outstanding (par Me)_
100.000
x50,000
x50000
x50,000 on the site of the old Waldorf-Astoria Hotel.
Earns.per sh.on cap.stk.
According to A. J. Eken, Vice-President of Starrett Brothers, so man
$1.65
Nil
bill
82.12
new problems were presented in designing the elevator equipment ad
x Par $100.
Surplus Account Dec. 31 1929
-Debit balance Dec. 31 1928, 5835,773: quate to meeting the needs of the new 1,050,
-foot structure that it be ame
balance surplus as above $75,231, adjustments in reduction of capital stock, necessary to develop a new type of car and machinery. The new cars
will be able to make a new record in elevator speed of 1,200 feet a minute.
$1,096,763. Credit balances Dec. 31 1929, $336,221.
although the city's present building code will hold their speed to 800 feet
Balance Sheet Dec. 31.
a minute; they are self
-leveling and will run on an automatic dispatching
Assetssystem.
-V. 129, p. 3811.
1929.
Matti/Wes1928.
1929.
1928.
Plant
$1,570,127 $2,712,005 Capital stock
$1,000,000 $5,000.000
Pacific Associates, Inc.
Cash, other invest.
-Annual Statement.
Cap.stk. red. acct.
9,985
.1, accts. receiv__ 947,919 3,520,529 :Accts. payable._ 1,136,089 1,185,678
President De Lancey Lewis says in part:
Other assets
Earnings for the past year have amounted to $5.14 per share on the total
1,004,714 1,041,577 Deprec'n reserve__ 1.040,487 1,924,206
Deficit
number of shares outstanding. Figuring on the basis of amount issued from
835,773 Profit and loss_
336,221
time to time during the year, earnings were 32
-10th times dividend requireTotal
$3,522,761 $8,109,884
Total
$3,522,761 58.109.884 ments, after providing for income tax and paying non-recurring expenses o
x Accounts payable, including reserves for taxes, fire insurance and Increase of capital and merger operations.
We have now on hand as of Dec. 31 1929, in surplus and undivided
annuities and death benefits.
-V. 129, p. 3179.
profits which are available for dividends, about $4 a share. In addition to
this amount, normal income from dividend and interest on our securities
North American Aviation, Inc.
amounts to about 90%, of our own dividend requirements, exclusive
-Acquisition.
This company has purchased all the common stock of the Ford Instru- of operating profits. As most of our securities have an unbroken dividend
ment Co. of Long Island City, manufacturers of precision tools. The record, we should be able, even under adverse general conditions, to pay our
dividends without impairing our earned surplus, particularly since a number
transfer of control involves more than $3,000,000, it was announced.
The Ford company will be operated as a separate unit of the North of our stocks have had an increase in dividends announced.
American corporation, with Hannibal C. Ford as President. Heretofore,
As to diversification of our funds, the portfolio of the company contains
Mr. Ford has been Vice-President and chief engineer of the company which only six stocks in which it has an investment in excess of $100,000 eacn, as
follows, size of investment being in the order named:
he founded 15 years ago.
-V. 129, p. 3336.
Pacific Mutual Life Insurance Co_ _ _ Claude Neon Elec. Products (Del.)
Pacific Finance Corp
Amer. Tel.&Tel.(stk. & cons'. bds.)
North American Utility Securities Corp.
Waialua Agricultural
-Income.
- Glndding McBean
Toe six securities constitute over 50% of the assets of the company, the
Calendar Years
1929.
1928.
largest being that in Pacific Mutual of 5550.000.
Gross earnings:interest
$244,050 $254,150
Income Statement for Calendar Year 1929.
Dividends
x439,159
685,295
Profits on sales ofsecurities & other income
$482,772
569,184
176,668 Profit
Dividend paid
150.935
Total
$1,252,393 $1,116,112
Balance
Miscellaneous expenses & interest
$331.837
13,604
5,827
Taxes
Balance Sheet Dec. 311929.
89,307
54,114
Assets
Liabilities
Net income
$1,149,481 $1,056,171 Securities(at coat)
$2,921,079 Capital surplus
$1,408,805
Divs. paid on 1st preferred stock
158,809
331,844 Cash & short time notes
270,010 Capital stock
938,890
Divs, paid on 2nd preferred stock
420,000
420,000 Accounts, underwriting
21,840 Notes payable
400,000
Notes receivable
15,677 Accounts payable
113,913
Balance
$570,673 5304,328 Dividends accrued
14,295 Reserve for income tax
30,000
x Includes $32,465 representing proceeds from sale of stock dividends.
4,487 Res.for deprec. of office equip.
Interest accrued
107
Insurance deferred
524 Surplus
Balance Sheet Dec. 311929.
357,244
Office equipment
1,067
Assets
Liabilities
Stooks & bonds (mkt. value,
Capital stock (no par value)a$12,654,800
$3,248,980
Total
Total
$3,248,960
$7.527,694)
$8,350,812 Due to affiliated company _ __
492,553
Panic. in foreign loans
1,964,636 Accounts payable
3,285
Pacific Mutual Life Insurance Co., Los Angeles.
1st pref, stock in treasury_
4,348,400 Accrued taxes
87,900
Accounts receivable
66.878 Undivided profits
1,497,508 Stock Increased-Rights.
Cash
5,320
A 10% increase in capitalization was approved by the stockholders at the
annual meeting. This increase is in accord with the plan previously anTotal
$14,736,046
Total
514,736,046 nounced whereby the company will increase its capitalization 10% a year
a First preferred, $6 dividend, 66,548 shares; second preferred, $7 divi- for the next 10 years through the Issuance of rights to stockholders. The
plan was placed in operation last August by the issuance of rights to stockdend, 60,000 shares; common,466,548 shares.
holders of record Aug. 14 to subscribe to one additional share of stock at
Holdings of Stocks Dec. 311929.
$50 for each 10 shares held.
The authorization by the stockholders increases the capital stock from
Shares.
Shares.
Adams-Millis Corp.. corn
2,000 General Foods Corp., corn
500 440,000 shares of $10 par to 484,000 shares.
Am. & Cont. Corp., class A
Total assets increased 516.303,199 to $162.286,364 on Dec. 31 from
6,250 Gen. Realty & Utll. Corp., pref.,
Common
$6 optional stock div. series_ __ _ 1,000 $145.983,165 a year ago. Commenting on the assets of the company,
25,000
Anaconda Cop. Min. Co., corn__.. 500
Common
1,500 President George I. Cochran said: "The market value has not decreased
Anchor Cap Corp., corn
3,000 Kennecott Copper Corp.,capital
500 during the year and on the contrary exceed our book value by a very conAtch. Top.& Sante Fe Ry.Co.com 1,000 Lambert Co.,common
500 siderable sum. We are looking forward to 1930 as an exceptionally good
Balt.& Ohio RR.Co..com
-V. 130, P. 300.
900 Newport Co., class A cony
3,400 year for many reasons.
Blue Ridge Corp., optional 6%
Common
13,028
Page-Hersey Tubes, Ltd.
convertible preference
-Earnings.
4.000 No. Amer. L.& P. Co.,common_ _10,000
Common
Earnings Year Ended Dec. 31 1929.
2.500 Pacific Gas& Elec. Co.,common
3.600
Caterpillar Tract. Co., capital_ _
2,000 Pacific Lighting Corp.,common.-- 3,800 Operating profit
$1.899,692
Cent. States Elec. Corp., corn
2,000 Shenandoah Corp., opt. 6% cony.
Interest on investments, bank, &c
70,447
Chesapeake & Ohio Ry. Co., corn. 1,000
preference
6,500
Chic.Rock Isl.&Pao. Ry.Co..com. 1,000 Shenandoah Corp., common
Total income
51.970,139
4,500
Comm.Inv. Trust Corp.. corn
3,500 Southern Calif. Co.,common
12,444
500 Preferred dividends
Canard. Gas Co. of N. Y.,com
1,000 Stone & Webster. Inc.,capital_ - _ _ 1,250 Common dividends
678,107
Elec. Shareholdings Corp.,corn.
500 Union Pacific RR. Co., common
1.000
Eng. Pub. Serv. Corp.,corn
Balance surplus
5,000 Westem Power Corp., pref., 7%..24,938
$1,279 587
General Electric Co., corn
Earns. per sh. on 173,430 shs, corn. stk. (no par)
.500
$1i.23
• Represented by 2,000 shares upon 4 for 1 split-up effective in January
Balance Sheet Dec. 31 1929.
1930.-V. 130, p.799.
Assets
Liabilities
Real estate. bidgs., Plant.
7% carnet. pref.stock
$59,500
52,826,639 Common stock
mach.& equipment
x6,207.371
Ohio Leather
Earningsfor Calendar Years.
Accounts payable
Investm't in stks of subs. &
22,034
739,000 Bills payable
1928.
allied cos
1929.
1927.
189,457
Net profit
$261.838
654,554 Miscellaneous
$317,765
3,396
x336.225 Cash
Depreciation
16,211 Dividends payable
Bills receivable
59,895
54,358
See x
172,787
Provision for contingencies
865,901 Reserves
33,202
34,718
85,876 Accounts receivable
772,726
Federal taxes (est.)
714,901 Surplus
34,000
27,000
1,180,419
34,000 Advances to subsidiary cos
83,657 Profit & loss balance
Employees'bonus fund
1,279,887
Net profit
2,260,375
$189.152
$147,278
8216,348 Investment bonds
lit preferred dividends%)54,152 (17)118.490
1,728,070
(5)34,850 Merchandise inventory
2nd preferred dividends
55.344 (1 )13.839
(7%)
$9,887,308
Total
Total
$9,887,308
Balance, surplus
x Represented by 173,430 no par shares.
$70.657
$14,948
-V.128, p. 3698.
$181,498
xSecond pref.stock diva.In arrears amounted to $278,960 on Dec.311929.
Parker Mills, Fall Riven-Sufficient Stock Deposited to
Balance Sheet Dec. 31.
-Offer Extended.
Insure Acceptance of Plan.
AssetsLiabilities1928.
1923.
1929.
1928.
Success or failure of the offer of the Berkshire Fine Spinning Associates,
First pref. stock__ $610,100 6897,000
Plant & equiP”&c.
Inc., to take over the Parker Mille of Fall River and Warren, It. I., on a
lir less depreciation $859,587 $887,228 Second pref. stock 790.000
790,800 stock exchange basis is dependent upon the acceptance
of terms by q
Cash
6,561 Common stock... *877,609
7,246
677.609 bondholders, Parker Mills stockholders were told
on Feb. 15, when final
U.S. Treas. notes '
Accts. pay.&acer.
action was pontponed to Feb. 28. 28. Sufficient stock has been deposited
I. de accr. Interest_ 220,185
taxes
116,542
152,801 to insure acceptance of the Berkshire terms
by the corporation, officials
Accts.& notes rec..
Notes payable275,000 declare.
less discount__ 519,775
479,682 Dividends payable
26,028
The
corporation has extended its offer to March 1 to permit
Inventory
1,077.985 1.611.341 Conting. reserve-- 126,703
92,544 further Berkshire
consideration of the proposition by the bondholders, it was anOther assets
Liability ins. ma91,240
33,024
22,990 nounced.
last
Prepaid exr>ense__
12.366 Cont1ng. cred. res.
7.511
32,693
21,298 its bonds According to thewhichfinancial statement of the Parker Mills,
includes those assumed when the corpototaled $950,000,
Federal tax res....
34,000
27,000 ration
absorbed the Hargraves Mills. See also V. 130, P. 301.
Tot.(each sIde)-$2,784.530 $2,997,176 Balance
338.829
240,134
a Consisting of 48.657 shares of no par value.
-V. 129, p.2550.
-Financial Report.
Passwall Corp.
President F. T. Hepburn reports in part:
Corporation's charter was issued in August 1928 and its first capital
Northern Pipe Line Co.
-Earnings.
from sale of its common stock was paid in during September 1928, but the
Calendar Years1929.
1928.
1927.
1926.
greater portion of its $6 div. series pref. stock was not sold until after
Net inc. all sources
$140,018
5399.632
$339,140
5374.906 Nov. 1 1928 and while some business was transacted in 1928, no report
Dividends
(8%)160,000 (9)240,000 (8)320,000 (8)320,000 was made for the portion of that year.
The almost continual rise in stock market prices during 1929 up to
Balance,surplus
df$19,982
5159,632
$19,140
$54,906 September permitted company's capital to be advantageously invested.
Sits. cap. stock outstdg.
and to show a very satisfactory appreciation in value prior to the market
(Par $50)
40 000
y40,000
y40,000 collapse in October and November. Before the collapse company sold
40 000
Earned per share
P.50
P.48
$9.37 sufficient of
a profit of approximately half of its
y Par $1130 per share. z This consists of 3% on 40,000 sits, of $100 par appreciation its securities to netThe October and November break then
or paper profits.
in the
value and 6% 00 40,000 shares of$50 par value.
market, however, carried prices to low points which showed a considerable
CO.
:6.99
FEB. 22 1930.1
FINANCIAL CHRONICLE
1295
depreciation in company's investments. The balance sheet herewith shows
Prairie Oil 8c Gas Co.
-Omits Extra Dividend.
both cost and market value as of Dec. 31 1929. As of Jan. 31 1930. the
The directors have declared the regular quarterly dividend of 50c. a
market value of company's investment is only $298,257 less than their cost. payable March 31 to holders of record Feb. 28. An extra of 25c. a share
share
At the special stockholders' meeting held Oct. 7 1929 an amendment to and a regular quarterly of 50c. a share were paid on Sept. 30 and Dec. 31
the certificate of incorporation was approved which provided for a re- last.
classification of its stock and the creation of a new series of pref. stock
designated as $3 cony. pref., and for the conversion of the $6 div. series
Earnings for Calendar Years.
pref. into such new class of pref. stock at a date to be fixed by the board
1929.
1928.
1927.
1926.
of directors. The board has since fixed the date of Feb. 20 1930, for such
$
$
i
$
conversion. It is believed that this change is not only of distinct advan132,205,827 118,209,428 118,519,227 147,548,768
tage to the preferred stockholders, but gives the company a much more Gross income
Cost of crude & oper. &
marketable form of pref. stock for future financing.
98,777,686 90,977,779 99,456,743 119,456,448
general expenses
Statement of Income Year Ended Dec. 31 1929.
Income-Interest
$48,213
Net operating income,. 33,428,141 27,231,649 19,062,483 28,092.320
Dividends (cash)
108,245 Interest & disc. earnings
593,798
627,971
849,007
523,567
Profit on sales of securities
271.568 Miscell,other income_ _ _ 2,483,320
904.595
563,399
725.157
Total
$428,025
Grossincome
36,505,259 28,584,777 20,816,085 29.179.286
Expenses-Interest
3.183 Taxes (other than
1.700.520
1,450,680
Taxes (paid and accrued)
68.481 Interest on current inc.)_ 2,026,286 1,731,654
debt_ 1.260.032
963,908 1,111,293
157,881
Sundry
15,039 Develop. (drilling, &c.)_ 5,833,813 4.469.062 7,326,597 3,398.529
Cancelled & surr. leases_ 2,003,661
1,740,737
1.335,221
793,805
Net income
$341,322 Rentals (unoperated)
364,323
500,940
362,541
584,361
Preferred stock dividends
157,935 Other deductions
2,329 Cr269,780
71,787
Depletion & depreciation 10,221,094 8,075,464 7,879.648 5.301.739
Net profit (carried to earned surplus)
$183,387 Federal income taxes_ _ _
709,785
699,869
60,650 2,126,703
Previous surplus
38,983
$222,370
Net earnings
13,866,225 10,537,431
Dividends earned
4,167
465,418
Prem,on sale ofstock_ _ _
232,103
172,644
1.170,993 15.515.619
311.866
1,185,068
323,161
134,883
Cash
$51,988 Reserve for income and franCall loans
$57,170
775,000
chise taxes
Accounts receivable
1,001 Capital stock dr paid in surp-.y4,946,706
Securities owned-at cost_ _ _ _x4,390,638 Earned surplus
222,370
Organization and financing
expenses
7,619
Total surplus
14,563,746 10,714,241
Dividends paid
3,647,515
Acjust., applic. to prior
11,904
years.res.& taxes_ _Cr1,704,806
2,679,222 15,962,367
3,612,098 3,606.456
Total surplus
Assets
-
Total
Balance Sheet December 311929.
Liabilities
-
$5,226,247
Total
Balance
Previoussurplus
829,010
$5,226,247
x Market value $3,925,208.
Total surplus
113,261,075 100,640.038
y Company has outstanding 3,118 300 $6 pref. stock (par $100). which Earns.per sli.cn cap.stk.
$5.69
$4.37
Is to be exchanged on or after Feb. 20 1930 for the $3 cony. pref. stock,
Balance Sheet Dec. 31.
and 180,383 abs. (no par) common stock, which includes 31,183 abs. for
1928.
Assets1929.
full paid common stock warrants attached to $6 div. series pre*. stock now
$
1
$
outstanding.
a69,717,050 47,703,596
Investments.
-Corporation has investments in the securities of the fol- Fixed assets
Bills receivable
5,469,187 5,572,000
lowing companies, as of Jan. 31 1930:
Stocks and bonds
1,358,950
Aluminum Co. of America
Johns-Manville Corp.
Inv. In other cos
16,859,037 21,171.361
Allegheny Corp.
Manufacturers Life Assurance Co.
Cash
2,590,789 2,492,039
American Cyanamid Co.
Marine Midland Corp.
Accounts receivable_ _ _ _ 17,016.295 16,327,352
American Bakeries Corp.
Missouri Kansas Texas RR. Co.
Inventories
96,796,064 86,799,720
American Telephone dr Telegraph Co.
American Tobacco Co.
Andian National Corp.
Barnsdall Corp.
Borden Co.
Canadian Bank of Commerce
Canadian Pacific Ry. Co.
Chemical Bank dr Trust Co.
Chemical National Associates
Colon 011 Co.
Columbia Gas dr Electric Co.
Commonwealth & Southern Corp.
Consolidated Gas Co.
Consolidated Mining dr Smelting Co.
Continental Baking Co.
Duke Power Co.
Eastman Kodak Co.
Electric Bond Sr Share Co.
General Railway Signal Co.
Gillette Safety Razor Co.
Gulf 011 Corp. of Penna.
Humble Oil & Refining Co.
Imperial 011, Ltd.
-V. 129, p. 2089.
91,586
12,621,037 10,702,337defl.024,462 11,526,901
100,640,038 89.937.701 90,962,163 79,435,262
National City Bank
Passwall Corp.
Pennsylvania RR. Co.
Public Service Corp. of New Jersey
Purity Bakeries Corp.
Reynolds Investment Corp.
Reynolds Tobacco Co.
Royal Bank of Canada
St. Regis Paper Co.
St. Louis southwestern RR.
Standard Oil Co. of Indiana
Standard Oil Co. of New Jersey
Technicolor
Texas Corp.
Texas Pacific Land Trust
Union Carbide dr Carbon Corp.
United Biscuit Co.
United Gas & Improvement Co.
United Light dr Power Co.
Vacuum Oil Co.
Westinghouse Air Brake Co.
Western Dairy Products Co.
89,937,701 90,962,163
31.11
$6.65
1926.
1927.
$
$
50.297.501 44,055,835
260.000
3,216,561
20,934,722 21,987.103
1,057,383 2,433,273
19,798,706 19,974,178
91,019.054 79,261,239
Total
209,807,373 180,066,070 186,323,925
Liabilities
Capital stock
60.175,000 60,1.75,000 60,175,000
479,525
304.600
Cap.sold to employees_ _
659,125
Current liabilities
35,712,172 18,771,507 35,906,624
Profit & loss surplus.. _ _A13,261,075 100,640,038 89,937,701
167.971,629
60,000,000
157,300
16,852,166
90,962,163
Total
209,807,373 180.066,070 186.323,925 167,971.629
-V. 129.
a After deducting $87,032,869 for depletion znd depreciation.
P. 3179.
-Annual Report.
Railway & Light Securities Co.
-12 Months Ended Dec. 31 1929.
Income Statement
Interest received & accrued
Cash dividends
Profit on sale of securities after related Federal tax
Total income
Expenses
Taxes, incl. balance of Federal tax
Interest & amortization charges
$466.280
311,387
1,392,049
$2,169,716
83,204
13,060
285,132
31.788,320
Net profit
Parke, Davis & Co.
91.872
Preferred dividends,6%
-Earnings.
699,646
Calendar YearsCommon dividends
1927.
1926.
1929.
1928.
Gross earnings
$9,832,962 $9,723,352 $8,721,050 $8,493,380
$996,802
Balance
Res. for depreciation- _
345,685
401,678
y323,681
434,477
$14.91
Federal & foreign taxes._ 1.050,000 1,080.000
1.060,000
1.045,000 Earns, per sh.corn.,incl. profit on sale ofsecurities*
$2.68
Earns, per share corn., not incl, profit on sale of securities_
* Earnings are on average number of shares outstanding during the year
Net income
$8.381,283 $8,208,874 $7,315,365 $7,124,699
Cash dividends
7,839.995 7,835,380 7,121,774 5.697,069 (113,754 shares).
Note.
-Stock dividends received by company during the year but not sold
Balance,surplus for yr $541,288
$193,591 $1,427,630 had a market value on Dec. 311929, of $111,500. Net profit or loss from
$373,494
Previous surplus
11,465.229 10,691,735 10,498.144 9,170,514 stock dividends sold, computed in accordance with Federal tax regulations,
Employees' pension fund Dr150,000 Drioomoo
Dr100,000 Is included in the item "profit on sale of securities."
Adj. tax reserve
Comparative Balance Sheet Dec. 31.
Cr500,000
1928.
1929.
1929.
1928.
Profit & loss surplus_ -$11,856,517 $11,465,229 $10,691,735 $10,498,144
Liabilities$
Assets$
$
$
Shares of capital stock
Bonds& notes _ ___ 4,047,513 4,046,834 Preferred stock _ __ 1,530,200 1,274,700
outstanding (no par). 4,752,715 4,749,619 4,747.829
x949,576 Stocks
7,289,003 5,103,557 Prof. stock res. for
Earn. per sh.en cap.stk_
$1.54
$1.76
$1.75
$7.50
exchange
6,100,000 2.600,000
1,000
256,500
x Par $25. y Includes $19,218, reserve to equalize value of current assets Call loans
25,000 Collateral Tr. bets.. 5,500,000 5,500.000
71,983
Cash
in foreign countries with market rates of exchange.
Accts. payable_
14,775
Accts. receivable
15,776
Balance Sheet Dec. 31.
78,359 Coupon int.seer..
Bond int. receiv__
76,644
43,333
43,333
Assets
-
Liabilities
-
Land, buildings,
Capital stock__ _x23,837,990 23,775,845
machinery. &c._y7,732,258 6,515,791 Accts. payable.-- 1,244.912
930,857
Formulae, tradeReserve for special
marks, &c
10,500,000 10,500,000
1,381,757 1,329,598
taxes
Inventories
7,368,050 6,892,924 Dividend reserve_ 2,851,629 2.849,771
Investments
7,315,009 8,803,080 Surplus
11,856,517 11,465,229
Cash
3,489.777 2,690,855
Accts. re mivable. 4,767,714 4,948,651
Total (each side).11,172,806 40,351,300
x Represented by 4,752,715 shares of no par value. y After deducting
depreciation of $3.435.479.-V. 129. p. 3811.
Perfect Circle Co.
-To Increase Capital.
The stockholders will vote March 3 on increasing the authorized capital
stock (no par) to 250,000 common shares from 162,500. The new stock
would be available for issuance later in connection with additions to property and acquisition of additional properties.
-V. 129, P. 3646.
Petroleum Corp. of America.
-Listing.
-
The London Stock Exchange has granted full permission for dealings in
the shares of the above corporation and quotations will be recorded daily
in the supplementary list.
-V. 130, p. 814.
Pig'n Whistle Corp.
-Sales.
-Sales for Month and 12 Months Ended Jan. 31.
-Jan.
-1929.
1930
Increase.' 1930-12 Mos.-1929. Increase.
$302,831
$326,249
$23,418 1E3.838.966
$3,484,761 $354,205
Based upon the ratio of net earnings to gross sales in the fiscal year ended
June 30 1929, sales for the past 12 months indicate that net profit will approximate $166,911,equal to 76c. a share on the 85,000 common shares after
pref. dividend requirements. For the fiscal year ended June 30 1929, net
profit amounted to 48c. a share on the same number of shares.
-V. 130,
p.301.
Pilot Radio & Tube Corp.
-Net Sales.
-
Consolidated net sales of the Pilot Radio & Tube Corp. for January were
$174,015, compared with $129,452 in January 1929, by the predecessor
company, the Pilot Electric Manufacturing Co. The net sales of the Pilot
Radio & Tube Corp. only in Jan. 1390 were 3149,366.-V. 130, p. 301.
Plymouth Oil Co.
-500. Dividend.
-
8,612 Sundry int. Bar_
3,573
Tax liability
184,247
44,756
398,864 Dividends payable 547,685
210,418
256,500 Corn, stock res. for
43,733
exchange
43,733
Contract with R.&
3,010
L.Sec.Co. (Me.)
1,000
300,233
Corn. stk. subscr'd
1,717,870
Corn. stk. (no par) 7,994,681 1,972,939
Tot.(each side).17,991.522 12,564,469 Earned surplus x__ 2,173,599 1,196,412
Note int. receiv_Unamort. debt dia.
&expense
Pref. stk to be seq..
Corn.stk. to be acq
Subscribers to coot
stock (no Par).
x Including surplus earned by predecessor company.
Note.
-Number of shares outstanding Dec. 31 1928: preferred 15,312.
common 99,970; 1929: preferred 15,312, common 149,919.
Total market value of bonds and notes and stocks owned Dec. 31 1929
was in excess of book value.
Investments.
-The following represents a complete list of stocks in which
company had an investment of $25,000 or over (either at cost or market
as of close of the year.
American Can Co. common.
American Light & Traction Co.,common.
American Meter
capital.
Atchison, Topeka drSanta Fe Ry., corn.
Co.,
Bangor Hydro-Electric Co., common.
Bank of Montreal, capital.
Boston Elevated Ry., common.
Canada Dry Ginger Ale, Inc., capital.
Cape Breton Electric Co., Ltd., common.
Caterpillar 'tractor Co., capital.
Chicago. Rock Island dr Pacific Ry., coin.
Commercial Solvents
capital.
Commonwealth & Southern Corp., corn.
Corp.,
Commonwealth & Southern Corp., warr.
Cons.Gas Elec.L.& P.Co. of Salto., corn.
COty, Inc., capital.
Duke Power Co. common.
Eastern UtilitiAssociates, common.
es
'
Eastern Utilities Associates, cony. corn.
Edison Elec. Ilium. Co. of Boston,capital
Engineers P. S. Co. ($5.50 cum. pref.)
Engineers Public Service Co. common.
First National Bank of Boston, capital.
First National Stores, Inc., common.
General Amer. Tank Car Corp., capital.
Gillette Safety Razor Co., capital.
Gold Dust Corp., common v. t. C.
Great Northern By., preferred.
The directors have declared a dividend of 50c. per share, payable Mar. 15
to holders of record Mar. 5. A similar distribution was made four months
ago.
-V. 128. P. 3699.
-V.130. p.302
7,500
383,105
1,000
Intern'l Business Mach. Corp., capital.
International Cement Corp., capital.
Intern'l Match Corp.(turn. panic. pref.).
Kroger Grocery & Baking Co., common.
Marine Midland Corp., capital.
National Cash Register Co., class A com.
New York. Chicago dr St. Louis RR.,com.
Niagara Hudson Power Corp.. common.
Northern States Power Co., class A corn.
Pacific Lighting Corp., common.
Radio Corp. of America, common.
Remington Rand Inc., common.
Safeway Stores, Inc., common.
Savannah Elec.ic Pr. Co.
(6% cum. pref.)
Shell Union Oil Corp.(534% cony. pref.).
Southeastern Pr.& Lt. Co.(Dartic. Prof.).
Southern California Edison Co.,common.
Southern Ry., common.
Stone ee Webster, Inc., capital.
Tampa Electric Co., common.
Texas Gulf Sulphur Co., capital.
Underwood Elliott Fisher Co.. common.
Union Carbide & Carbon Corp., capital.
Union Pacific RR., common.
United Biscuit Co. of America, common.
United Carbon Co., common v. t. c.
United Lt.& Pr. Co., class A common.
United States Realty & Imp.Co.,capital.
1296
FINANCIAL CHRONTCLE
Rainbow Luminous Products, Inc.
-Annual Report.
President Raymond R. Machlett says in part:
The condition of company has been materially improved during the
past year. The neon patent status has been definitely decided, our volume
of business has shown a material growth, our manufacturing and servicing
facilities have been extended, new uses for our products have been developed, and finally our expenditures in time and money for the creation of a
nation-wide market for our products have begun to bear fruitful returns.
Notwithstanding the fact that operations for the year 1929 show a profit,
the greater part of that year was still a continuation of the development
period in the history of your business.
The true measure of improvement in the financial condition of company
during 1929 is found in the increase in the amount of unmatured rental
and maintenance contracts receivable. The amount due us from such
contracts at the end of 1929 was $637.037 greater than at the beginning
of the year. The real gauge of financial progress, therefore, lies in this
figure, no part of which has yet been included in the surplus account.
According to our experience up to the close of 1929, the estimated deferred
profits on Dec. 31 were $220,286. These deferred profits will become a
part of the current profits ofsucceeding years.
The volume of business completed or in process in the factories of company during 1929 amounted to $2.302.786. The gross volume of sales of
Rainbow equipped products in 1929 is estimated to be approximately
$5,500,000, inclusive of sales made by sign manufacturers who purchased
their tubing from the Rainbow plants. This figure can be compared with a
volume of less than $3,000,000 derived from similar sources in 1928.
The charges to customers for completed signs and matured installment
payments in 1929 was 58% greater than in 1928. This comparison, however, is not in itself an accurate index of growth, since it does not reflect
the $676,498 unmatured accounts receivable at the close of the year.
Consolidated Balance Sheet Dec. 31 1929 (Incl. Rainbow Light Inc.).
Liabilities
Assets
3101,730
Cash
$431,499 Accounts payable
676,499
Acc'ts & notes receivable
335,704 Rental & maint'ce contracts
290,415 Reserve for est, maintenance
Inventories
34,433
costs of signs sold
Stock investment
5,000
Class A common 'dock
x2,817,740
Deferred rental & malnten'ce
676,499 Class B common stock
y1,039,427
contracts receivable
Rental advertising displays_ _ _ 207,953 Surplus
97,483
Plant, mach'y, equip., turn. &
fixtures,tools& outo.equip_ 209,959
Patents, patent improvements
2,265,381
and development cotts
99,987
Sundry other assets
244,916
Deferred charges to expenses
Total
$4,767,312
84,767.312
Total
x Represented by 122,684 no par shares. y Represented by 281,513 no
par shares.
-V. 129, p. 3978.
-Earnings.
Railroad Shares Corp.
(VOL. 130.
(Helena) Rubinstein, Inc.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Operating profit
$895,244
Depreciation on furniture,fixtures and equip., amortiz, ofleasehold
improvements and settlement of salary contracts
43,101
Operating income
Miscellaneous earnings
$852,143
39.849
Total income
Provision for income taxes
$891,992
97.715
Net profit
8794,277
Balance Jan. 1 1929
17.795
Total surplus
$812,073
Dividends paid on preference stock
380,148
Reimbursement for accrued dividends to date of sale of stock_ _....Cr.22,500
Earned surplus Dec. 31 1929
$454.425
Earnings per share on 295,842 shares corn. stk. outst'g (no par)
$1.45
Consolidated Balance Sheet Dec. 31 1929.
Assets
Liabilities
Cash
$859,510 Accounts payable
$93,008
ACC011nts receivable
257,448 Accrued salaries, expenses, &c.
59,584
322,753 Reserve for Income taxes
Inventories
100,141
Sundry accts. & adv. receiv
9,8133 Capital stock and paid-in
Deposits on leases, Sze
17,453 surplus
x1,080,596
Land and building
39,897 Earned surplus
454,425
Furn.,fixtures & leaseh.lmpts. 242,464
1
Formulae, trade marks, &C
Prepaid rent, adv.,'Dann. &c.
38,346
Total (each side)
$1,787,754
x Represented by 122,079 shares of$3 convertible pref. stock and 295,842
shares of common stock, both of no par value.
-V. 129, p. 981.
Safeway Stores, Inc.
-January Sales.
Month of JanuaryIncrease.
1930.
1929.
Sales
$18,439,302 414,902,759 23,536,507
x This includes January sales on acquisitions subsequent to Jan. 1929.
Sales as reported each month previously in 1929 showed all sales for
that year including new stores. The sales figures reported each month
during 1928 were for a much smaller number of stores operated in that year.
This necessarily caused the reporting of a larger increase in sales during
1929 than will be apparent from now on, as practically the entire unit
Will now be reported for 1930 and 1929.-V. 130, p. 479. 148.
St. Paul Garage Co. (Md.).-Pref. Stock Offered.Gillet & Co., Baltimore, are offering $750,000 7% cum. pref.
stock at 100 and div. (carrying a bonus of one share of
common stock and a warrant to purchase an additional
share of common stock).
Net earned surplus on Feb. 8 1930 was $236,444, an increase of $100,343
-F. Red. all or part on any div. date, at $110 per
Dividends payable Q.
since Dec. 16 1929.-V. 130, P. 988.
share and dividend. Stock is free from the Maryland Securities tax of
44 mills, and the dividends received from it are free from the present
normal Federal income tax. Registrar and transfer agent, Baltimore Trust
Raybestos-Manhattan, Inc.
-Stock to Employees.
The directors have authorized offering of 11,500 shares of common Co., Baltimore.
stock to the employees at $39 a share, this stock to carry extra compensa- Data from Letter of John N. Mackall, Vice-President of the Company.
tion of 50 cents a share annually to employees holding such shares one
Company.
-Has acquired a parcel of land located at the northwest corner
year or more. Stock offering represents shares accumulated in the open
of St. P
to
Paul and Saratoga Ste., Baltimore, Md., comprising approximately
market and will not increase outstanding capital.
-V. 130. p. 637.
37,000 square feet of area, for the purpose of constructing thereon and operating a modern automobile parking garage. The bulding is to be of brick
Reliance Manufacturing Co.(Ill.).
-New Directors.
and reinforced concrete, four stories in height above St. Paul St., and
At the annual meeting of stockholders L. L. Chock, A. T. Bard and with a basement below St. Paul St. The foundations, columns and walls
J. G. Pottinger were elected directors to fill vacancies.
-V.129, p. 3487.
are designed to carry an additional three stories if desired at some later date.
The initial capacity will be 1,000 cars, with an ultimate capacity of 1,500
cars.
Reo Motor Car Co.
-New Director.
Outstanding.
Authorized.
Proposed CapitalizationWilliam Robert Wilson, formerly Vice-President of the Irving National
$1,000,000
$1,000,000
Bank and co-organizer of the Guardian Banking Group, with Edsel Ford Mortgages maturing within 15 Years
1,000,000
750,000
preferred
and other Detroit motor executives, has been elected General Manager 7% Cum,stock (no stock (par $100)
par value)
50,000 shs.
*37,500 shs.
and a director of the Reo Motor Car Co. Richard H. Scott, formerly Common
* Excluding the 7,500 shares reserved for exercise of warrants attached to
President and General Manager, will continue as President.
-V. 129. P• preferred stock certificates.
3024.
-Earnings to be expected from the garage under normal
Earnings.
operating
Republic Steel Corp.
-Extension of Time for Deposits.
- follows: conditions, as determined after careful study, are estimated as
The committee, acting under plan of consolidation in an announcement Gross revenues (all sources)
$384,300
Feb. 17 says:
151,500
Operating expenses, taxes, maintenance, &c
The committee is highly gratified by the response which the stockholders Mortgage interest
60,000
of the consolidating companies have made to the request for the deposit of
stocks in support of the plan for the combination of the assets of these
$172,800
Balance available pref. dive., Fed. inc. tax, deprec ,&c
companies in a single corporation. Nevertheless, the committee is advised Preferred dividends
52,500
that many stockholders of these companies for various reasons have found It
Inconvenient or impossible to deposit their stocks within the time originally
$120.300
Balance
limited, to wit, Feb. 17 1930.
3.29 times annual
Earnings as shown above will be
In view of the number of stockholders involved and the desirability of Preferred dividend requirements, andequivalent to overFederal
after allowing for
giving all of them an opportunity to assent to the plan, the committee and depredation, the balance remaining will be equivalent to income tax
more than
has decided to extend the time for such deposits to and including March 1
on each share of common stock to be outstanding upon comple1930. All stockholders who have not already deposited their stock are $2 per share financing.
tion of this
urged to do so within the period above specified.
-V. 130. p. 988.
-Each share of the present
Common Stock Bonus and Purchase Warrants.
issue of preferred stock carries with it a bonus of one full share of common
Retail Properties, Inc.
-Board of Directors.
stock, and has attached a warrant entitling the holder thereof to purchase
Charles C. Nicholls, Jr., nationally known real estate expert, has been an additional share of common stock, as now constituted, at $20 per share
elected President. His election to the presidency of Retail Properties,Inc. at any time except in the event the preferred stock is called for redemption.
Is believed to foreshadow the company's increased activity in the retail In which case warrants must be exercised prior to the redemption date.
store real estate field. Retail Properties, Inc. was organilzed in March Funds derived from the exercise of these purchase warrants shall be applied
1929, by Otis & Co. and Harris, Forbes & Co. to acquire, bold or deal in to the construction of additional garage facilities and (or) to the retirement
real estate leases and property, especially suitable for retail store require- of mortgages or preferred stock.
ments. The company now owns property unencumbered by mortgage
located in 22 cities in the United States and Canada. These properties are
-Earnings.
Sanford Mills.
said by Mr. Nicholls to be 100% retail store locations, and the majority are
1928.
1929.
Years Ended Nov. 30occupied by outstanding retail store companies on along-term lease basis
Net profit after charges (estimated)
$926,284 $1,257,989
The directors of the company include, in addition to Mr. Nicholls. F. S.
Balance Sheet Nov. 30.
Burroughs and Sherman Damon of Harris, Forbes & Co.; J. N. Darrow,
1928,
1929.
1928.
1929.
J. G: Gosling and Richard Inglis of Otis & Co.: and Hamilton C. Rickaby
Liabilities$
$
Assets
-V.130, p. 1128.
of Simpson, Thacher and Bartlett.
Plant account__ -- 6,197,450 6,265,826 Cap. stk. & surp_x13,773.845 13,883,849
Acets payable5,433
Inventories
Research Investment Corp.
-Initial Common Dividend. Cash & investment 5,110,317 7,763,998 Res. for Fed, tax.
691,685
3,217.196
The directors have declared an initial dividend of 75c. per share on the Notes &
311,865
dive., advertisoutstanding 20.000 shares of common stock, no par value, payable Mar. 1 Prepaid accts. rec_ 349,346
5,539
ing, &c
1,095,030 1,155,064
items_ _
to holders of record Feb. 20.-V. 129. p. 3337.
Total
14,874,308 15.038,913
Total
14,874,308 15,038.913
-Earnings.
Riverside Silk Mills, Ltd.
-V. 128. p. 417.
Represented by 259.072 shares of no par value.
1929.
1928.
Calendar Years$424,423
$331,294
Surplus at beginning of year
-Stocks
Schnebbe Fire Protection Engineering Corp.
Net profits after making prov. for deprec. & Fed.
130,162
159,425 Offered.
Income tax
-E,Paul Young & Co., Inc., New York, are offering
Dr.21.296 5,000
Reorganization expenses & adjustments
par) pref. stock and 2,500 shares (no par)
Total surplus
Class A share dividend
Class B share dividend
$554,585
60,000
10,000
$469,423
45,000
$484.585
$424,423
Balance Sheet Dec. 31.
1929.
1928.
Liabilities
$36.000
$44,240 Bank loan
$24,726
36,023
12,725
119,583
133,999 Accounts payable _
5,212
6,861
Accured wages- -15,000
15.000
209.745
271,742 Dividend payable_
3,000
2,500 Prey. for Fed. inc.
10,088
12,842
tax_
y300,000
300,000
x463,355
395,369 Capital stock
484,585
424,423
Surplus
Surplus at end of year
Assets
Cash
Accounts receiv__ _
Inventory, merch.
& supplies
Prepaid insurance Real est. & build.
mach.& equip
Total
$820,908 $807,851
$820,9013 $807.851
Total
x After depreciation of $91,065. y Represented by 30,000 no par class
A shares and 20.000 no par class B shares.
-V. 126. p. 4097.
Russeks Fifth Avenue, Inc.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 40 cents a
share on the capital stock, payable March 1 to holders of record Feb. 25
thus placing the shares on a $1.60 annual dividend basis.
-V.129. P. 1928.
shares (no
share of
common stock in units of one share of pref. and
common at $48.50 per unit (plus pref. div.). See original
offering in V. 129, p. 648.
Data from Letter of Fred D. Schnebbe, Pres. of the Corporation.
History.
-Corporation was organized in 1924 in New York to conduct the
business of installing and maintaining approved types of fire retarding equipment and the financing of such equipment by the savings effected through
the reduced insurance costs. For the past three years business has approximately doubled in each succeeding year. Contracts now on hand in
no instance extend over a period of more than 10 years. Such contracts are
widely spread among a variety of businesses well diversified as to character
and location.
Outstanding.
Authorized.
Capitalization10,000 she.
Pref.stock (no par,incl. this issue)
*25,000 shs.
10,000 shs.
Class A stock (no par)
10,000 she.
*50000 shs.
Corn.stock (no par,md.this issue)
30,000 shs.
* 15,000 shares pref. stock and 7,500 shares corn, stock reserved to cover
options to bankers and 12,500 additional shares com,stock reserved for the
exercise of cora, stock purchase warrants outstanding or under option to
bankers.
Assets.
-Net assets after giving effect to the present financing as shown by
balance sheet as at Oct. 31 1929, amounted to over $81 per share on the
pref. stack outstanding, including this issue of 5,000 shares.
FEB. 22 1930.]
FINANCIAL CHRONICLE
Earnings 12 Months Ended Oct. 31 1929.
$613,091
Contractsales & other income
413.573
Cost ofsales (incl. cost of equipment)
32,235
General & administrative expenses
Amt.set aside as def. cred. to inc. in respect of instal. contracts rec. 68,825
x98,459
Current net profit
Annual dividend requirements on pref. stock (incl. this issue)
30.000
x The current net profit shown as $98,458 represents the portion of the
contracts on which payment has been made during 12 months period. The
deferred credit of $68,825 applies against instalments payable subsequent
thereto under instalment contracts secured by additional bills of sale.
Dividends.
-Corporation has paid dividends each year since 1924.
Directors have placed the common stock upon an annual dividend basis of
$0.50 per share, payable quarterly.
-V.129, p.2090.
Seaboard Utilities Shares Corp.
-Exchange of Shares.
The shareholders are being notified that they may now exchange their
Massachusetts shares for those of the new Delaware corporation at the
Old Colony Trust Co. in Boston or the Continental Illinois Bank & Trust
Co. in Chicago. Upon exchange, shareholders will receive the dividend
of 12% cents per share declared in January. The shares of the new
Delaware corporation, recently formed to acquire the assets of the Massachusetts corporation, were admitted to trading, Feb. 14, on the Chicago
Stock Exchange on a "when as and if" basis.
The corporation reports net earned surplus, plus stock dividends received to Feb.3 (at then market value) of $802.193, an increase of $327,264
since Oct. 4.-V. 130, p. 988.
Sears, Roebuck & Co.
-Balance Sheet, Dec. 31.1929.
1929.
1928.
1928.
Assets
$
$
Real est., bldgs.,
Corn. stock.._y113.441,350 107,110,450
__y113,441,350
machinery, &c 87,765,377 76,219,730 Notes payable_ 30,798,000 13.500,000
Good-will, &c__ 10,000,000 15,000,000 Accts. payable__ 18,453,039 15,936,108
Capital stock of
Accrued taxes,
other cos_ ___ 4,448,624
3,513,632
including rex Inventories__ 77,937,239 67,269,306
serve for FedAccts. receivable 26.145,678 14,913,979
eral taxes_ _ __ 5,012.512 5.028,138
Purchase money
Purchase money
mtge. notes__ 12,000,000 12,000,000
mortgages- - - 1,018,172
Marketable sec's 17,990,084 11,440,195 Preferred stock
Cash
7,089,501 6,107,237
not presented
Much. by employ
25,301
25,301
for redemption
of cos. cap. stk 4,636,084
Stock diva. Pay2,152,950
Insur., int., &e.
3,896,356 3,020,616
Reserves
paid in adv'ce
79,196,596 62.508,674
Surplus
and other de- ferred charges 3,828,736 2,818,158
Tot.(ea. side)251,841.325 209.282,236
x Cost or market, whichever is lower. 3 Represented by 4,537.654
,
shares of no par value.
Our usual comparative income account for the year ended Dec. 31 1929
was published in V. 130, p. 817.
Second National Investors Corp.
-To Report Quarterly.
The inauguration of a policy of quarterly reporting for Second National
Investors Corp., Third National Investors Corp. and Fourth National
Investors Corp. has been announced by Fred Y. Presley, Pres. of National
Investors Corp and affiliated companies, following a meeting of the board
of directors held Feb. 14 1930.
These interim reports will contain a balance sheet, statement of income
account and a comparison of net assets after adjustment for market value
of securities owned. The holdings of each company will continue to be
published annually in accordance with already established policy. This
policy of quarterly reporting will go into effect for all affiliated companies
of National Investors Corp. for the three months period ending Mar. 31
1930.-V. 130, p. 148.
Selected Industries Inc.
-Annual Report.-
1101rUngs.-On Dec. 31 1929, company had invested $55,974,363 and had
cash on hand and secured loans of 510,191,994. The investments may be
classified as follows:
Railroads
$19,476.203
Tobaccos
9,376.069
Investment & finance
2,700,435
Oils
2,191,094
Industrials & miscellaneous
5,892,210
Bonds
98,835
Investments in special situations
16,219.517
Syndicate participations
20,000
Total
$55,974,363
On Dec. 31 1929, there was a shrinkage in the market value of listed securities amounting to $4,635,005 as against cost. On Jan. 27 1930. this
shrinkage had decreased to $1,942,901. Company was able to advantageously buy on the market 93,304 units of its own allotment certificates,
the retirement of which has increased capital surplus by an amount of
$2.272.418, thereby more than wiping out the shrinkage in the market
quotations of its investments as of Jan. 27 1930. By this operation company has also eliminated a substantial amount of its preferred stock and
the dividend requirements thereon.
Income Account for Period Dec. 15 1928 to Dec. 31 1929.
Dividends received & interest earned
82.478.462
Commissions earned
25,214
Profit on sale of securities
894,903
Profit on syndicate participations
107.966
Total
Salaries
General expense
State franchise taxes
Provision for Federal income taxes
$3,506,545
190,116
159.443
52,922
278,000
Net income based on investments at cost
Dividends-Prior stock incl. allotment certificates
Paid on convertible stock
Reserved on convertible stock
$2.826,064
2,414,324
233,196
118,837
Balance
559,706
Balance Sheet Dec. 311929.
Asset
LtabUUtea
Cash& call loans
$7,655,859 Accounts payable
3262,422
Accounts receivable
89,377 Prov. for Fed. & State taxes
330,922
Collateral notes receivable_
2,536,136 Prov.for div.on cony.stock118,838
Accrued Interest receivable_ _
25,560 Stock subscriptions (contra). 15,651,285
Investments, at cost
x55,974,363 Capital stock
z61,174,089
flubscrip. receivable, called__
332,450 Capital surplus: Amount alloBubscrip. receivable, not called
cated to surplus from payPrior units
ments received for stock10,430,075
5,814,673
Convertible units, 113,904.... y4,888.760
Arising from repurchase of
Pure., fixt., library, &c
73.052
allotment certificates_
2,272,419
Organization expense
3,678.722 Earned surplus
59.706
Total
885.684,354
Total
885.684,354
x Market values, based on published quotations, Dec. 31 1929, 547,
124,807; remainder, unlisted securities at cost, $4,214,550; total. $51.339,358.
y Each consisting of 1 share cony, stock and 3 share common stock.
z As follows: $5.50 dividend prior stock, 129,860 shs.; convertible stock,
316,900 shs.: common stock. 1,421,596 shs. Allotment certificates representing units, each unit consisting of 1 share $5.50 dividend prior stock, 1
share common stock and 1 common stock purchase warrant evidencing
the right to purchase an additional share of common stock at $15 per share:
Full paid. 59.633 units; 75% paid 497,209 units, less, in treasury, 93,304
units, 403.905 units; 50% paid. 13.298 units; carried at $61,174.089.
Of the outstanding common shares there are reserved 1,292,412
for conversion of convertible stock. 476.836 for exercise of commonshares
stock
Purchase warrants and 304.000for subscription by officers and (or)employees
Of the corporation.
-V. 130. P. 303.
Servel, Inc.
-Option Granted on 15,000 Shares.
-
The New York Stock Exchange has received notice from this company
that an option has been granted to one of its officers for all or any part of
15,000 shares of common stock at various prices, the average of which is not
1297
less than $7.50 if all is taken;said option to be exercised at any time between
Dec. 30 1930 and Jan. 31 1931.-N. 129. p. 3488.
Shawmut Association.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Interest on call loans, notes receiv.& bank balances
Interest on bonds
Cash dividends received
Net gain from sale ofsecurities
$257,107
63.168
146.442
1,453,758
Totalincome
Federal income tax
Legal expenses & stamp tax
$1,920,474
190,706
554
Total
Participation by The National Shawmut Bank of Boston (1234 %):
Administrative expenses assumed by bank
Net amount paid to bank
$1,729.214
Net earnings
Dividends to shareholders
$1,513,062
319,485
Surplus earnings for the year
Earned surplus Dec.31 1928
Net credit from transactions in treasury shares
$1,193.577
124.358
7,105
48,681
167,471
Total surplus & undivided profits Dec.31 1929
51.325.040
Earns, per share on 400,000 shares no par stock
$3.77
Balance Sheet Dec. 31 1929.
LiatititiesAssets
Cash
82,744,276 Accts. payable & accrued expi_
52.225
Accts.& accrued I.meth _ _
190,706
,
.
144,456 Prey,for Federal income tax_ _
Notes & acct. receiv. partly
Capital stock
x8.103.138
Surplus
secured by shs. of Shawmut
1.000.000
Assn. & other collateral_ _ _ 227,720 Undivided Profits
325,040
5,404.581
Securities(at coat)
Invs.in shs.of affIl.bks.(atcost) 1,100,075
Total
59.621.108
Total
69,621,108
x Represented by 400,000 shares of no par value of which 388,036 shares
were issued and outstanding and 11,964 shares were represented by subscription receipts not exchanged, all of which totaled $8,150,000 less 2,300
shares held in treasury amounting to $46,862.-V. 129, p. 3813.
-Notes Offered.
Southern Department Stores, Inc.
Caldwell & Co., Nashville, Tenn., and Rogers Caldwell &
-year 6%
Co., New York, recently offered 81,000,000 3
gold notes, series A, at 98 and int., to yield 63%.
Dated Jan. 1 1930; due Jan. 1 1933. Principal and int. (J. & J.) payable
at Harris Trust & Savings Bank, Chicago, trustee, and Chemical Bank &
Trust Co.. New York, without deduction for normal Federal income tax
not exceeding 2%. Company agrees to refund Penn., Conn. and Calif. taxes
not in excess of 4 mills per annum, Maryland personal property tax not
in excess of 4Si% mills per annum, Kentucky, Virginia, Mich. and District
of Columbia taxes not in excess of 5 mills per annum, Tenn.income tax on
the interest not in excess of 5% per annum and Mass, income tax on the
int. not in excess of 6% per annum. Denom. $1,000 and $500 c5 Red.
.
all or part on any int. date upon 60 days notice at following prices and
accrued bit.: On or prior to Jan. 1 1931 at 101: thereafter to and incl.
Jan. 1 1932 at 10034; and thereafter to maturity at principal amount.
Listed.
-Notes are listed on the Chicago Stock Exchange.
Data from Letter of Joseph Eskind, Pees. of the Company.
-Company was organized in Delaware in August
History and Business.
1928, as a holding and management company to consolidate the interests
of several leading southern department stores into a chain merchandising
system. Company has acquired and owns the following department store
businesses: H. E. Bacon Co., Evansville. Ind.. Drennen Co., Inc.,Birmingham, Ala.; Lebeck Brothers, Nashville, Tenn.; John C. Lewis Co.,
Inc., Louisville. Ky.; and Herman Straus & Sons Co., Inc.. Louisville, Ky.
Company, through subsidiaries, is engaged in the retail department store
business, handling a wide variety of popular priced merchandise. The
several stores of the system have each been in existence for 50 years or more.
and rank among the leading retail stores in their respective cities, having
combined net sales of over $6,000.000 per annum. Company, at present.
controls 5 stores, having a total floor area of over 413.000 square feet. each
located in the heart of the retail shopping district in its respective city.
-The consolidated balance sheet of company and subsidiaries as
Assets.
of July 311929, giving effect to the present financing, shows net tangible
assets, after deducting preferred stock of the Drennen Co., Inc., subsidiary,
of $2,035.809, equivalent to over $2.000 for each $1,000 note of this issue.
The same balance sheet shows current assets of $2,257,196 and current
liabilities of $903.589. or a net working capital of 81,353.607. Net current
assets alone amount to over $1,300 for each $1,000 note of this issue.
Earnings.
-The consolidated income account of the company and subsidiaries shows net income available for interest charges, before depreciation and Federal income tax, and before reflecting the benefits of consolidation, but after adjustment for certain non-recurring charges and after
deducting dividends on the preferred stock of the Drennen Co., Inc., snbsidiary. for the past three fiscal years of 5738.328, or an annual average of
$246.109, equivalent to 4.1 times annual interest requirements on these
notes.
Corresponding net income for the fiscal year ended Jan. 31 1929, was
equivalent to 4.4 times such interest requirements. Volume of sales for
the 11 months ended Dec. 31 1929 was approximately the same as for the
corresponding period of previous year.
Purpose.
-Proceeds of notes, together with the proceeds from the sale
of the preferred stock, will be used to satisfy obligations incurred in the
acquisition of the constituent properties, for working capital and other
corporate purposes.
Authorized.
CapitalizationOutstanding.
3
-year 6% gold notes, series A
51,000.000
52,000,000
350.000
5,000,000
Preferred stock ($25 par) series A
21,800 shs.
Cumulative pref. stock (no par,$1.50 div.)
150.000 shs.
200.000 she. 100.000 she.
Common stock (no par)
South West Pennsylvania Pipe Lines.
-Earnings.
Calendar YearsProfit
Dividends
Balance, surplus
Previous surplus
Total surplus
Adjustments
1928.
$340,317
560,000
1927.
$361.975
210,000
1926.
$249,362
140,000
536.698 loss$219.683
639,887
387,521
5151,975
487,598
$109,362
566,856
$639,573
Cr. 314
$676,218
188,620
1929.
a$176,698
140,000
$424,219
2,732
$420,204
32,683
$387.521
8487.598
Profit & loss, surplus.. $421,487
5639.887
She, outstand. (par $50).
35,000
35,000
35.000
35,000
$10.34
$5.04
$9.72
$7.12
Earned per share
a After adding rentals and interest of $88,098.
Comparative BalanceSheet Dec. 31.
1929.
1928.
1929.
Assets1928.
$1,750,000 $1,750,000
Plant
z$1,768,012 $1,935,727 Capital stock
Other investmls __ 1,483,915 1,495,915 Cap.stk. reduction
1,230,693 1,367,507
account
204,701
Accts. receivable__ 228,386
78,202 Accts. payable_ _ _
122,917
44,783
Cash
209,516
Profit & loss
421,486
387,521
Total
83.525,096 83,714,545
Total
83,525.096 83,714,544
-V. 130. p. 817
x After deducting $2,647,464 depreciation.
Southwestern Consol. Graphite Co.
-Bankruptcy.
-
A schedule filed by the company, which filed voluntary petition in bankruptcy in December, shows liabilities of $1,049.319, including secured
claims of 5328.819, unsecured claims $711,966. and employes wages $8,445
against total assets of $55.714, consisting chiefly of stock in trade and debts
-V. 130, p. 303.
in open account.
Spencer Trask Fund, Inc.
-Personnel.
-At the annual stockholders' meeting the following officers were elected.
Acosta Nichols, President; H. M. Minton, H. S. Allen, W. V. C. Ruiton,
1298
FINANCIAL CHRONICLE
[VOL. 130.
While some additional machinery may be required, according to Mr.
Woytkiewicz, the firm of Lilpop, Rau & Loewenstein has adequate facilities
for production of the specified equipment, the company's plant having been
almost completely rebuilt since 1915. when a considerable part of its equipment was, together with that of other Polish industries, transported to
Central Russia as a war measure.
The contemplated purchase by the Standard Car Finance Corp. of a block
of stock in the firm of Lilpop, Rau & Loewenstein, which had been under
consideration during negotiations preliminary to the actual signing of the
contract, has not figured in the present agreement, it was stated by Mr.
-Earnings.
-Spiegel May Stern Co., Inc.
Woytkiewicz, the Standard Car Finance Corp. confining itself, for the time
x1927.
1928.
1929.
Calendar Years$20,571,845 $19,431,697 being, to the extension to the Polish firm of the $40.000,000 credits.
Sales
$23,921,905
"I
the contract
21,966,242 18,715,359 16,991,629 are believe," Mr. Woytkiewicz stated, "that both parties to there can be
Operating expenses
pleased with the outcome. So far as Poland is concerned,
no question as to the importance of the arrangement. It is necessary that,
$1.955,663 $1,856,485 $2,440,068 in
Operating income
accordance with the Polish Government's program of reconstruction of
252,770
320,217
Miscellaneous income
the Polish National Rys., the railroad's rolling stock be increased. With
the signing of the contract between Lilpop, Rau & Loewenstein and the
$2,208,433 $2,176,702 $2,440,068
Total income
151,881 Standard Car Finance Corp., the moneys that would have been required
236,000
212,675
Federal taxes
1,683
4,383 to that end can now be diverted to the financing of construction of new
Premium on bonds purchased
-V. 130, p. 149.
253,128 lines."
100,134
195,172
Interest
8,756
27,725
Amortization of bond discount
74,022
82,677
Depreciation
.,
Studebaker Corp.
-Stockholders Increase.
common
The corporation as of Dec. 31 1929 reports a
$1,717,909 $1,756,108 $2,002,971 stockholders on its books compared with 16,239 total of 25,596
Net income
on Dec. 31 1928. This
227,5001
357,428 increase of 9,357 stockholders has been most rapid during recent months.
455,000
Preferred dividends
490,0001
525,000
Common dividends
The number of shareholders has continued to increase and the total reached
28,000 by the middle of February. Preferred stockholders decreased from
$737,909 $1,038 608 $1,645,543 915 to 845 during 1929.
Balance, surplus
Sg.78
$8.85
Earns, per share on common stock_ ' $12.79
At their January meeting, the directors declared a dividend of $1.25
x Predecessor company.
per share on the common stock and $1.75 per share on the preferred stock,
Consolidated Balance Sheet Dec. 31.
Payable March 1 to holders of record Feb. 10. This is the 60th consecutive
quarterly dividend on the common stock and the 76th consecutive quarterly
1928.
1929.
1929.
1928.
-V. 130. P. 990.
dividend on the preferred stock.
$
Assets$
$
:Fixed assets
1,664,984 1,334,061 814% preferred stk 7,000,000 7,000,000
Common stock_ _ _y5,000,000 5,000.000
2.596,476 1,687,545
Inventories
Sun Oil Co., Phila.-To Organize Pipe Line Company.
Accts. dr notes rec-14,588,822 12,475,684 Accounts payable. 1,218,598 1,329,904
According to a Philadelphia,
dispatch, the Sun Oil Co. has made
Notes payable__ 4,017,401 1,000,000
Due from emPa.,
an application to the Pennsylvania P. S. Commission for approval of the
180,522
206,575
Federal taxes
8,103
ployees
incorporation of the Susquehanna Pipe Line Co. to be formed to trans1,330,559 1,291,798 Accrued pay roll dr
Cash
port, store, insure and ship petroleum and refined petroleum products and to
94,719
managem.bonus
Surp. value of in895,465 construct, maintain and operate pipe lines, tanks and facilities in Penn9,283
15,350 Contingentreserves 884,173
surance policies_
1,272,630 1,272,630 sylvania. Hearing on the application will be held March 5.
965,669
658,089 Initial surplus_
Deferred charges
757,943
Earned surplus_ _ _ 1,495,852
The New York Stock Exchange has authorized the listing of 50,000
shares preferred stock (par $100) on official notice of issuance and pay21,163,897 17,462,517 ment in full, making the total amount of pref. stock applied for 100,000 abs.
Total
21,163,897 17,462,517
Total
x After depreciation of $619,100. y Represented by 175,000 no par
Consolidated Income Account-Years Ended Dec. 31.
shares.
-V. 129, p. 3648.
1928.
1928.
Gross income from oper., (excl. inter-co. sales).. _$86,007,947 $64,288,289
-19 Companies Sued Cost of materials, oper. & gen'l adminis. exps_ ___ 72,857,381 55,371,114
Standard Oil Co. of Calif. (Del.).
Vice-Presidents; E. M. Bulkley, Jr., Treasurer; W. C. Dunn, Secretary;
R. S. Cobb. Assistant Secretary and Treasurer.
The directors are: Edward M. Bulkley, Acosta Nichols, Cecil Barret,
J. Graham Parsons, C. Everett Bacon, William R. Basset, F. Malbone
Blodget, Percival Gilbert, Henry S. Allen, W. V. C. Ruxton, Henry M.
Minton and William K. Beckers.
The annual report will not be available until shortly after the ending of
the fiscal year, March 31.-V. 129, P. 2246.
as Gasoline Trust-Government Accuses California Oil Concerns
of Conspiracy To Fix Prices.
$13,150,567
Operating income
515,380
Other income
United States Attorney Hatfield filed suit, Feb. 15 against 19 California
$13,665,947
oil companies to enjoin them from "conspiracy to maintain an unfair price
Total income
for gasoline."
529,450
Interest on funded debt
The suit was filed in Federal District Court at San Francisco on orders Depreciation, depletion and amortization
4.143,575
from the Attorney General of the United States. The suit, aimed at the Estimated Federal income tax
750,429
seven major and 12 smaller companies, also seeks to enjoin the companies
$8,242,492
from "engaging in violation" of the anti-trust laws.
Available for dividends
The major oil companies named in the suit were the Associated Oil Co. Preferred dividends
299,955
of Calif., the Texas Oil Co. of Calif., the Union Oil Co. of Calif., the Stand- Common dividends (cash)
1,298,607
ard Oil Co. of Calif., the Richfield Oil Co.of Calif., the General Petroleumm Common dividends (stock)
3,968,282
Corp,of Calif., and the Shell Oil Co. of Calif.
-V.130, p. 303.
$2,675,648
Balance to surplus
6,498,158
Surplus beginning of year
-Quarterly Dividend.
Standard Oil Co. of Kansas.
The directors have declared a quarterly dividend of 50c. per share,
$9,173,805
Total surplus
payable March 15 to holders of record Feb. 28. On Dec. 16 last, the comadjustments
pany paid an extra of 25c. per share and a quarterly dividend of 50c. per Surplus of companies previously affil. upon acquis. Dr.37,287
Consol.
share.
-V. 130, p. 480.
of hitherto outstanding minority interest
Standard Oil Co. (Nebraska).
-Report.
A. H. Richardson, President, says in part:
After the payment of $3.50 per share in dividends and the further set up
of reserve for prospective annuitants and Federal income tax, $190,658
has been added to surplus for the year ended Dec. 311929.
Comparative Balance Sheet Dec. 31.
1929,
1928.
LiabilitiesAssets1929.
1928.
$4,703,975 $4,649,225
Plant (less depr.)_$3,691,513 $3,662,699 Capital stock
384,198
1,282,575 1,189,553 Accounts payable- 548,410
Merchandise
Cash
1,083,736
866,356 Reserve for Fed'i
165,184
Acc'ts receivable. _ 432,719
474,659 taxes & annuities 249.148
2,588,773 2,398,115
Investments
1,599,764 1,403,456 Surplus
Total
$8,090,307 $7,596,722
-V. 130, D. 1129.
Total
$8,917,175
179,137
$9,096,312
538,908
3,097,545
451,832
$5,008,027
300,000
1,208,321
2,482,314
$1,017,392
3,789,097
$4,806,489
1,691,668
$9,136,519 $6,498,15S
Earned surplus at end of year
1,200.473
1,417,292
Shares common (no par) outstanding
$2.92
Earnings per share
$5.60
A pro forma balance sheet as of Dec. 31, 1929 giving effect to issuance
of $5,000,000 additional pref. stock was given in V. 130, P. 990
-Capital Increased-Stock Dividend.
Super Maid Corp.
The stockholders on Feb. 13 increased the authorized common stock.
SoT150sharetog00,000 shares,
nor
dend
rhveLUrdaquaerly stock dividend of 1% on the
common stock.
1928.
1929.
Calendar Years Ended Dec. 31$1,218,194 $1,221,107
88,090,307 $7,596,722 Cense', net income, after taxes and charges..
$8.14
Earns, per share on 150,000 shs. of no par value
$8.12
-V. 130, p. 817.
Standard Publishing Corp.(& Subs.).
-Earnings.
Calendar Years1927.
1928.
1929.
Sales of services dr magazines, printing dr engraving, &c
$1,035,226 $1,018.154 $1,100,060
Prod'n costs & exp
989,505
966,713
971,696
Interest, &c
59,995
36,424
47,579
Cash disc, on sales
10.852
Cash disc, on purchase
Cr1,233
Dividends paid.
1926.
$898,382
913,923
28,523
103,388
-Expansion Program ComSwedish Ball Bearing Co.
pleted in Germany.
-
The company has completed its expansion program in Germany,involving
the merger of Fries & Hopfflinger and Fichtel & Sachs with the Vereinigte
Kugellagerfabriken, the Swedish company's German affiliate, according
to advices from Stockholm. The capital of the German company has been
increased to 40,000,000 Reichsmarks.
The only remaining independent ball bearing plants in Germany are the
Fischer plant at Schweinfurt and the Berlin-Karlsaruhener Industriewerke.
The productive capacity of the S. K. F. company in Germany has been
increased as a twilit of the expansion program to about 75 to 80% of the
-V. 129, p. 143.
total demands of the German market.
$50.560 def$147,452
$21,237
$112
Balance Sheet Dec. 31.
1929.
1928.
1928.
LiabilitiesAssets-1929.
-Tax Refund.
Swift & Co.
z$996,073 $995,058
Fixed assets
x $307,691 $317,745 Class A stock
The U. S. Court of Claims Feb. 17 held that the company is entitled
y12.5,000
126,000
40.849 Class s stock
13,773
Cash
537,100
579,617 to recover in its claim for $3,982,291 as refund of income tax. A further
Funded debt
Accts. notes rec. &
establish the exact
65,000
65.836 finding by the court covering accounting methods will304.
513,339 Notes payable - contracts rec- - _ 443,837
-V. 130, p. 281,
48,973 amount to be allowed the company.
69,830
12,124
9,297 Other accts. pay -Other receivable ._
15,976
8,540
18,820 Accr.exp.,taxes &c
9,648
Inventories
-On Curb.
Technicolor, Inc.
.
390,186
4,823
2,500 Deferred sales_ _ _ 318,918
Sinking fund
30,872
86,680
sem,mag.&coPy- 1,600,000 1.600,000 Res. for conting - The New York Curb Exchange has admitted to unlisted trading privileges
-V.128,P. 3370.
212,058 600,000 shares of common stock, no par value.
15,152 Capital surplus_ _ _ 212,058
3,635
Deferred charges
UndIstribut. profit
25,605
5,753
Net income
82,395,433 $2,517,702
Total
$2,395,433 $2,517,702
Total
s After deducting depreciation. y Represented by 25,000 shares no
par value. z 40,379 no par shares issued and 3,831 shs, reserved for
-V. 129, p. 815.
unsurrendered stock of predecessor company.
-1929 Dividends.
-Secretary
Texas Gulf Sulphur Co.
H. F. J. Knobloch, Feb. 14, in a letter to the stockholders,
says:
During the year 1929 this company paid four distributions to its stockholders, which distributions came from free surplus and reserve for depletion
In the following proportions:
Amount
From
From
A contract between the Polish firm of Lilpop, Rau & Loewensteia and the
per Share.
Free Surplus Deple. Reserve.
Date.
Standard Car Finance Corp. of America, a subsidiary of the Standard
$1.00
4.3246%
95.6754%
Steel Car Corp., for the financing of equipment for the Polish National March 15 1929
1.00
100.0000
Rys., was signed Feb. 4, in the offices of the National City Bank, it was June 15 1929
1.00
100.0000%
announced on Feb. 6, by Aleksander Woytkiewicz, Financial Counsellor Sept. 16 1929
Dec. 16 1929
1.00
100.00004
of the Legation of Poland.
We are advised that the distributions from depletion reserve are to be
The contract was signed by A. Rotwand, President of Lilpop, Rau &
is.
Loewenstein and of the Western Bank of Poland, on behalf of his company; treated, under the Federal Revenue laws, as capital distributions.
behalf of the Standard Car
and by Messrs. R. L. Gordon and Newman, on
The directors this week declared the regular quarterly dividend of $1
Finance Corp. The National City Bank will act as transferring agent for per
share on the 2,540,000 shares of no par value capital stock, payable
both parties.
Under the terms of the contract, it was stated by Mr. Woytkiewicz, the March 15 1930 to holders of record March 3.-V. 130, p.965.
firm of Lilpop, Rau & Loewenstein agrees to deliver to the Polish National
-Larger Dividend.
Thew Shovel Co.
Rys. during a period of seven and 10 years, respectively, 14,000 freight
The directors have declared a quarterly dividend of 45 cents per share
cars and 1,000 passenger coaches on credits, advanced by the Standard
Car Finance Corp. of $40,000,000 over a period of 10 years. Payment will on the common stock, payable Feb. 20 to holders of record Jan. 28. Prebe made to Lilpop, Rau & Loewenstein by the Polish Government in viously, the company paid quarterly dividends of 40 cents per share on this
-V. 117, p. 902.
treasury notes, which the company will turn over to the Standard Car issue.
Finance Corp. for discounting.
-Listing.
Thompson Products, Inc.
Stressing the fact that the contract is of a purely financial character, Mr.
The New York Stock Exchange has authorized the listing of 263,160
Woytkiewicz pointed out that all the equipment specified in the contract
will be manufactured in Poland, and will be built on the model of railroad shares (no par value) common stock on official notice of issuance in exchange for certificates of class "A" and class"B"stock.
equipment prevailing in Continental Europe.
-Sub. Co. Contract.
Standard Steel Car Corp.
FEB. 22 1930.]
FINANCIAL CHRONICLE
Consolidated Income Account, Years Ended Dec. 31.
1926.
1927.
1928.
1929.
Manuf. prof. aft, deduct.
cost of goods sold,incl.
mat., labor & factory
$2.770,049 $2,215.880 $1,929,084 $1,753,702
expense
638.078
682.042
799,487
Sell., gen. & adm. exp._ 1,086.652
44,096
46.233
19,732
44,460
Other deductions
Dr8,321
Cr10,588
Cr2,127
Int. pd. less int. earned- Dr15.933
140,908
156,905
178.274
236.768
Depredation
119,486
138,693
147,000
155.000
Federal taxes
$802,812
$915.798
$1.231,235 $1,073,514
Net profit
1.038,913
1,053,244
1.606.022
2.242,303
Balance, Jan. 1
7.954
744
Miscellaneous credits_ _ _
$3,473,539 $2,679,537 $1,969,786 $1,849,679
Total surplus
47.141
23.476
37.497
28,225
Preferred dividends_ _
749.067
340.144
399,736
578.152
Common dividends
226
142
Federal taxes, adjust_
1299
European Terminal Operations to be Concentrated at Hamburg
Concentration of European terminal operations of the United States
Lines at Hamburg will greatly increase the freight volume handled by the
Lines, Joseph F. Sheedy, Executive Vice-President. stated.
"We now have our own piers at Hamburg." Mr. Sheedy said, "and
transfer of our operations to that port from Bremen has already been apparent in increasing westbound tonnage. Hamburg has about five times the
volume of New York export business that Bremen handles, and has about
2% times as much westbound freight tonnage as Bremen.
"Since our acquisition of the Hamburg terminal, we have appointed
approximately 400 agents in Central Europe, in addition to a number of
branch passenger and freight offices which United States Lines has established at strategic points.
"The Lines have had an appreciable increase in general cargo business
since its transfer to Hamburg. with other eastbound freight not available to
Bremen."
The United States Lines has established a number of branch ticket and
freight offices in most European countries, Mr. Sheedy announced. "We
now have established our own offices in all principal European cities, with
headquarters in Paris," he stated. "The North German Lloyd was formerly
Europe, but we took over these
$2.867,161 $2.242,304 $1,606,023 $1,053,244 the general agent for the Lines in Central from Government ownership.
Balance,surplus
activities ourselves when the Lines passed
sh.00 263,160
Earns, per
For our period of operation in the year 1929. during which North Atlantic
shs. of corn. stk., after
traffic showed a falling off, we carried 2,200 more passengers than during
providing for diva, on
of
the corresponding period of the preceding year. The European offices its
3.891 shs. of 7% pref.
$2.95 United States Lines also take care of passenger and freight business of
$3.38
$3.98
$4.58
stk. presently outstdg.
--V. 130. p. 306.
American Merchant Lines."
Consolidated Balance Sheet, Dec. 31.
1928.
1929.
Ltabiltftes1928.
1929.
Assets-Possible Resignation.
United States Rubber Co.
2850,000 2225,000
241,828 Notes payable _ _
$35,306
Cash
605,143
H. Stuart Hotchldss, Vice-President of this company. Chairman of the
353,500 Accts. payable_ __ 421,538
Marketable secs_ _ 705,054
190,464 General Rubber Co.. and President of United States Rubber Plantations.
accounts_ 211,395
54,895
37,115 Accrued
Notes & accept. rec
421.700 Inc., has indicated his intention of resigning from these positions at the
642.780
886,563 7% pref.stock__ _ _ 389,100
Accts.receivable
director of United
1,995,425 1.771,376 Common stock_ _ _22,631,600 2,529,600 next annual meeting. John W. Bicknell, managing of that company,
Inventory
175,000 States Rubber Plantations, Inc., will be elected president
633,731
Capital surplus_
Officers' & person'l
-V. 130, p. 819.
7,252 Profit & loss,surp _ 2,867,161 2,242.304 with headquarters in the Far East.
corp. accts. rec. 157,266
Empl. & miscell.
5,256
-Transfer Agent.
28,742
notes dr. accts.rec
United States Shares Corp.
38,001
43,100
Other secs. owned._
The Central Hanover Bank & Trust Co. has been appointed transfer
Affil. companies__ 152,174
1,695
agent and registrar for 250.000 shares of 6% cumul. pref. stock. of $10
Land,bidgs.,mach.
-V. 129, p. 3816.
par value.
&c
3.297,652 2.413,231
Goodwill, patent
-Dividend.
-Utilities Hydro & Rails Shares Corp. per share, 834,363
793,613
rights,&c
payable
Tot.(each side)_28,004.526 $8,389,212
The directors have declared a dividend of 14 cents
62,867
34,681
Prepaid exps., &c_
15. using only about 60% of net earned
x Represented by 214,568 shares. class "A" stock, and 48.592frhares April 1 to holders of record March-V. 130. p. 819.
surplus available for that purpose.
class "B"stock.
-V.130. p.480.
-Depositary.
-Increases Cap.
Valentine & Co., New York.
Toronto Mortgage Co., Toronto, Can.
.
The Central Hanover Bank & Trust Co. has been appointed depositary
The company is increasing its capital from $724,550 to $1.000.000, par
the reserve by under deposit agreement dated Feb. 15 1930 for 5.000 shares of 1st pref.
$50. The allotment price of $100 per share will increase
-V. 126.
stock. 650 shares of 2d pref. and 33.000 shares of common stock.
the same amount as the capital, bringing the reserve to $1,175,450.
Of the additional shares to be allotted, holders of record Feb. 28 will be P. 3945.
allotted one new share for each three shares held. This allotment will
-An issue of
increase the capital to $966.050, so the directors have decided also to
-Debentures Offered.
(The) Valspar Corp.
allot 679 additional shares, in the ratio of one new share for each 21 held
$2,500,000 I0-year 6% cony, gold debentures is being
III at Feb. 28. (Toronto "Financial Post.").
-Acquisition.
Transcontinental Oil Co.
The company has closed a contract for the purchase of the assets of the
Fuhrman Petroleum Co. for $1.050,000 cash and $450,000 to be paid out
of one-fourth of the net oil production if, as and when produced. The
properties consist of 36,468 acres in Oklahoma scattered through Creek,
Hughes, Seminole. Okfuskee. Pontotoc, Garvin, Pottawatomie, Lincoln,
Oklahoma. Cleveland, McLain, Logan, Custer, Harper, Grady. Caddo
and Canadian counties, and 2.185 acres in Saline and McPherson counties,
Kansas. Also 2,300 acres full royalty, practically all in Oklahoma.
V. 130. p. 818.
offered at 983i and int., to yield over 6.20%„ by Brown
Brothers & Co. and the Detroit Co., Inc.
Dated Feb. 11930: due Feb. 11940. Int. payable (F.& A.). Denom.
$1,000. Prin. and int. payable in N. Y. City at the office of Brown Bros.
& Co., paying agent. Corporation will refund upon application as provided
in the indenture any Penn. or Conn, personal property tax not in excess of4
mills or any Mass, income tax not to exceed 6% per annum. Red. as a
whole at any time on 30 days' notice at 105 an int. if red, on or prior to
Jan. 311931, with successive reductions in the premium of %% on Feb. 1
1931 and on each Feb. 1 thereafter. New York Trust Co., trustee. prior
to maturity or any
Convertible into common stock at any
-- redemption date on the basis of 25 sharestime up
-Earnings.
of common stock for each $1,000
Transue & Williams Steel Forgings Corp.
1926.
1927.
of debentures with provision for adjustment of the conversion rate in certain
Calendar Years1928.
1929.
Gross sales
x$617,098 x$418,646 $2,532,405 $3,831.206 events.
Less returns, allowances
Data from Letter of L. Valentine Pulsifer, Pres. of the Corporation.
181.461
95,466
and freight
See x
Business -Corporation will constitute, directly or through subsidiaries
Labor, material and facof paint, varnish and lacquer in the United
3.698.940 one of the leading manufacturers
2,277,863
tory expenses
See x
substantially all of the capital stock of Valentine
181.936 States. It will acquire latter, a majority stock interest in the Cie. des
172.687
Sell., office & adm. exp.
239.708
249.759
& Co. (and, through the
English
Vernis Valentine of France, and a substantial interest in a leading
Net profit from oper-- $367.339
$178,937 loss$13.611 loss$231,133 paint company)and,directly or through a subsidiary,the business and assets
27,475
53,375
plans to
Other income-net
47,204
Dr.12,695
of Con Ferro Paint & Varnish Co. of St. Louts, Mo. Corporation
$13,864 los$177,758 acquire such further units from time to time as may prove advantageous
Net profit
$226,141
$354.644
Prov'n for est. Fed. taxes
28.799
in rounding out its activities.
and has
Dividends
Valentine & Co. is successor to a business established in 1832 products
($1)100,000 ($1)100,000 (25c)25,000 ($1)100.000
every year since that date. Its
Balance, surplus
$126,141 def$11.136 def$277,768 made and distributed profits in under the trade-marked name of"Valspar"
$225,844'
$0.14
Nil are known throughout the world
Earn. per sh. on cap.stk.
$2.26
$3.26
in packaged form through more than
x Gross profit on sales after deducting all returns, allowances, labor. and over 50% of its output is sold recently undertaken a program of ex20,000 dealers. The company has
material and factory expenses, &c,
pansion of its activities which it is expected will result in substantially
Balance Sheet Dec. 31.
Co..
Increased earnings. The acquisition of Con Ferro Paint & Varnishadd a
1929.
1928.
Assets1929
Liabilities
1928
the second largest manufacturer serving the "syndicate stores," will
YPIants & prop'ty-$2,175,671 $1,535,740 Capital stock__ __x 2550,600 2550,600 wholly complementary unit, whose products are distributed through nearly
99,749
338.212 4,000 individual stores. including several of the largest and best known
503,616 1,027,821 Accounts payable_
Securities
295.000 chains.
161,849
Cash
31,171 Notes & loans pay_ 400,000
18.192
Acc'ts receivable.. 277,351
347,314 Contingent reserve
Consolidated annual sales of Valentine & Co. and Con Ferro Paint &
49,960 Varnish Co. (predecessor company) for the 5 years ended Nov. 30 1929,
Inventories
857,693
928,071 Accrued liabilities_ 123.352
66,100
50,000 including proportionate sales of the French company, averaged $6,718,062.
5,002
Other assets
11,131 Res've loss in sec- Deferred charges
41,871
41,587 Capital surplus... 2,450,000 2,450,000 as compared with sales for the year ended Nov. 30 1929 of $6,988,924.
Profit & oss surp_ 333,853 z171.471
The corporation will own in the United States, directly or through its
3 modern well equipped plants, two being in the New York
$44,023.054 $3,922,835 subsidiaries, district (one on deep water) and one in St. Louis, Mo. The
Total
34,023,054 23,922,835
Total
Metropolitan
x Represented by 100,000 no-par shares. y After depreciation of $1,252.- Cie. des Vends Valentine owns a modern plant in Paris. France, and the
303. x After deducting $16.801 amortization prior years and $37,000 addi- English company manufactures the "Valspar" products under the Valentine
tional reserve for loss in securities.
formulae and processes in two plants in England and one in Australia.
-V. 129. p. 3980.
Earnings -Consolidated net earnings of Valentine & Co. and Con Ferro
United Fruit Co.
-Regular Cash Dividend.
Paint & Varnish Co. (predecessor company) for the 5 years ended Nov. 30
on Feb. 11 declared the regular quarterly dividend of $1 1929 (to which have been added the proportion of undistributed net earnThe directors
per share on the outstanding 2,500,000 shares of capital stock, no par value, ings of the French company since its organization in 1925), were as follows:
payable April 1 to holders of record March 3. An extra distribution of
a1925.
a1928.
131927.
1928.
Year ended Nor.30-- 1929.
1-20th of a share of common stock was made on April 1 1929, as compared c Net earnings
$731,275 $393,510 $411,602 $555,585 $887.568
with an extra of $1.50 in cash made on April 1 1927 and 1928.-V. 130. P.
ended Dec.31 in case of Con Ferro Paint & Varnish Co. bEleven
a Year
615.
months only in case of Con Ferro Paint & Varnish Co. c Excluding non$235,422
-Omits Common Div.
- recurring charges oftaxes. in 1925 and $52,142 in 1926, after depreciation
United Shirt Distributors, Inc.
The directors have voted to omit the regular quarterly dividend of 124c. but before Federal year ended Nov.30 1929, as above,equivalent to nearly
Net earnings for
-V. 127. p. 3107.
per share due on the common stock at this time.
5 times annual interest requirement of this issue.
balance sheet of the combined companies as of
- Assets.-Consolidated to give effect to the present financing, shows net
United States Electric Light & Power Shares, Inc.
Nov. 30 1929, adjusted
New Director.
tangible assets, after adding proportion of net earnings of the French comFrederick M. Thayer, Vice-President of Janney & Co., Philadelphia, pany, and after deducting all liabilities except these debentures, of $6,408,has been elected a director.
-V. 130. p. 1131.
455. This is equivalent to more than $2,500 for each $1,000 debenture.
Net current assets on the same date amounted to $3,248,280, equivalent
-Stock Outstanding.
United States Envelope Co.
to nearly $1,300 for each $1,000 debenture.
The amount of common given as outstanding in our issue of Feb. 15 last,
Fixed assets carried on the balance sheet at $2,454,257,after depreciation.
in connection with dividends declared recently,should have read $2,625,000,
Outstanding.
Authorized.
Capitalizationpar $100. not $1,750,000.-V. 130. P. 1131.
$2,500,000
-year 6% cony,gold debentures
10
$6,000,000
y202,480 shs.
Common stock (no par)
x750,000 shs.
-Earnings, Etc.
United States Lines, Inc.
x 62,500 shares reserved for conversion of these $2,500,000 debentures.
The company reports consolidated net earnings for the period April 8 y Including 4,480 shares which may be issued as part payament for Con
to Dec. 31 1929 of $1,693,152, after deducting operating and administra- FEFerro Paint & Varnish Co., but for which thecorporationmay subsitute
tive expenses, accrued interest and reserves including depreciation, but cash.
before franchise and Federal income taxes.
-Indenture is to provide for a purchase fund, operating
Purchase Fund.
Consolidated Balance Sheet December 311929.
semi-annually commencing Feb. 1 1931. equivalent in each year to 15% of
the consolidated net earnings of the corporation for the preceding fiscal
Liabilities
Assetsyear, after interest, depreciation and Federal taxes (as defined in the in$5,311,929 Current nab. incl. accrued
Cash
int. dr pref. div. payable-- $1,286,406 denture), such fund not to exceed $150,000 in any year. This fund is to
2,342,713
Other current assets
32,887,716 Reserves
679,959 be available for the purchase of debentures if obtainable at not exceeding
Fixed assets
619,631 Funded debt
12,061,500 the redemption price prevailing at the time of such purchase, any unexDeferred charges
Deferred items
922,972 pended balance at the end of any semi-annual period to revert to the corpPreference stock
15,000,000 oration, all as to be provided in the indenture.
y Common stock
7,918,000
-Registrar.
Visconola Mfg. Corp.
241,161,989 Pald'in & earned surplus..... 3,293,152
Total (each side)
The Central Hanover Bank & Trust Co. has been appointed registrar
x Preference stock and common stock are of no par value. y Basic
or 500,000 shares of capital stock.
liquidation value 600.000 share; at $25 per share.
1300
FINANCIAL CHRONICLE
Wahl Company.
-Earnings.
Calendar Years1929.
1927.
1928.
1923.
Gross sales
$5.697,938 $4,866,281 $4.933.367 14.438.493
Net sales
4,957,767 4,473,284 4,327,157
1,843,531
Mfg.,selling & acim. exp. 4,957.058 4.150,210 4,158,383 3,607,666
Net income
$710
1323,074
$235,864
1168,774
Miscellaneous income_ - 55,751
79,124
79,936
88,775
Gross income
$224,525
4402,198
$80.646
$324,639
Miscell. &c., expenses..103,885
157,416
105,516
159,072
Prov. for Fed. taxes..
38,000
Net profit
$206,782
def$24,870
$120,640
$165.567
Pref.dividends
(7%)76.503 (7)76.503 (7)76,503
Balance,surplus
def$101,373
$44,137
$130 279
$165.567
Earns.per sh.on corn_ _
Nil
$0.28
$6.85
$0.57
Comparative Balance Sheet Dec. 31.
AssdsLiabilfdes-1929.
1928.
1929.
1928.
Land, bidgs., ma7% cum. pref.stk _$1,092,900 $1,092,900
chinery, tools &
Common stock_ _ _a2,442,075 2,485,424
equipment_ _ _ _ z$1,697,655 $1,539,506 Notes payable- 400,000
Patents
105,871
105,271 Accounts payable_ 217,506
264,938
Cash
183,751
324,743 Taxes accrued_ _:_ _
45,085
63.512
U.S. Treas. notes
591,206 Dividends payable
Notes Jr accts.ree_y1,341,008 1,213,013 Jan. 1
19,125
19,125
Inventories _z _ _ __ 1,643,251 1,054,575 Surplus
942,410 1.043,783
Investments
117,841
93,932
Deferred charges
69,725
47,436 Tot.(each side)_$5,159,102 $4,969.683
Note.
-Dividends on preferred stock are in arrears at Dec. 31 1929.
amounting to $114.755 or 1035%.
x After deducting reserve for depreciation, $810,935. y After deducting
reserve for doubtful accounts, allowances and discounts. z Inventories of
finished stock, work in process, raw mtaerials and supplies (at cost or
market, whichever is lower). a Common stock represented by 151,846
shares of no par value.
-V.129,P. 1761.
[VOL. 130.
cates for 400,000 shares of cora, stock upon official notice of issuance upon
conversion of the cony. pref. stock.
-V. 130. P. 991,819.
Western Air Express Corp.
-Traffic Grows.
-
This corporation on its Los Angeles-Salt Lake City route carried a total
of 757,683 pounds of mail in 1929, bringing a revenue of $2,272,802 through
its contract with the U. S. Government. This compares with 385.534
Pounds carried in 1928 at a cost to the Government of $1.155.476. While
the company has not published statistics on total amount of mail carried
on its two contracts, figures furnished by the Post Office Department
show that in December last 84,442 _pounds were carried on the Los Angeles
Salt Lake run compared with 65,624 pounds in the same month of the
ceding year. Figures do not include the Government mall contractprebetween Cheyenne and Pueblo, a distance of 199 miles, though revenues
average between 15,000 and $8,000 monthly, depending on the volume.
Total gross revenues derived from airmail contracts in 1929
to $2,354,984. compared with the total from all activities of amounted
In the previous year. The following table indicates increase in$2,950,321
poundage
and receipts on the Salt Lake City-Los Angeles route in the past two years:
-PoundsCarriedRrvenues--1929.
1928.
1928.
1929.
January
50.476
18,643
$55,928
$151.427
February
50,073
19,669
59,005
150,142
March
58,427
22,132
175,280
66,397
April
53,906
20,611
61,831
161,716
May
61.558
21,747
65,241
184,674
June
60.719
22,689
68,067
182.156
July
65,069
22,838
195,206
68,514
August
69,505
39,781
208,515
119,343
September
64,222
43,690
192,665
131,070
October
73,466
45,044
220,398
135,130
November
65,821
43,066
197,463
128,078
December
84,442
65,624
253.326
196,872
Totals
757.684
385.534
12.272,967 $1,155,476
-V. 130. P. 649-
Westvaco Chlorine Products Corp. (& Subs.).
-
Earnings Years EndedDec. 28 '29. Dec. 29 '28.
Sales
15,943,959 $5,215,866
Quarters Ended
Nov.30'29. :Dec. 1 '28.'Woo.26'27. Cost ofsales
3,772,739 3,430.878
Netincome
114,069,605 $5,381.393 12,126,185 Selling and administrative expenses
400,939
268,807
Amortization & depreciation
6,503,247
1.817.160 1,754.616
Operating profit
11,770,281 11,516,179
Net profit
$7.566,358 $3,564,232
72,481
117.300
$371,569 Other income
Other income
8,697
Totalincome
11.887.581 $1,588,661
Totalincome
17,566,358 $33.572.930
52,468
15,000
$371,569 Other deductions
Int. & miscellaneous charges
1.315.613
412,734
250,205
268,881 Depreciation
395,999
Provision for Federal taxes
Provision for Fed.income taxes
125,249
728,500
115,352
405.000
Bond interest
207,542
135.828
Net profit for period
5,522,245 $2,917.724
40,976
1102,687 Bond amortization
Premium on bond redeemed
Prop. ofearns. applic. to min.int--_
110,690
2,319
Balance
$1,127,054
$845,718
$5,411.554 $2.917.724
$102,687 x Net income
Preferred dividends
Equity in undistrib. earns, of affil. cos
153,622
126,350
Common dividends
for 9 weeks end. Nov.2 1929 (since
396,428
100,000
consolidated)
217.554
Earnings available for common stock
$577,004
$619,368
Net profit for quarter
225,155
$5,629,108 $2.917,724
200,000
$102,687 Sits. corn.stk. outstanding(no par)
Shares com,stock outstanding
14.32
2,645.864
y550,000
33.59
y550.000 Earnings per share
z Dividends paid to subsidiary are excluded.
Earnings per share
$2.07
$0.18
$5.30
Consolidated Balance Sheet, Dec. 28 1929.
x These earnings do not give effect to the equity of Warner Bros. Pictures.
in the earnings of the Stanley Co. of America or other acquisitions.
Liabilities
Assets-Inc.. they reflect the increase in the capitalization of Warner Bros. Cash
nor do
$222,145 Accounts payable
$30,736
Pictures. Inc. y Combined class A and common stock.
266,653 Dividends payable
Accounts receivable
-V.130, p. 150.
38,406
Due from empl.. stk. subser2,998 Deferred credits
29,421
Warner-Quinlan Co.
Temporary investments
95,042 Res. for Federal taxes. 1929_ 125,249
-50 Stockholders of Municipal
938,650 10
Inventories
-year notes
22.000
Service Corp. File Action for Damages.
Due from affiliated
2,458 10-year 514% debentures
2,184,500
The company and its officers were sued in the New York Supreme Deferred charges corp'n
179,470 7% preferred stock
2,194,600
Court, Feb. 21, for $15,000,000 damages on the ground that they acquired Bond sinking fund
123,726 Common stock
22,100,267
control last April of the Municipal Service Corp. and have diverted all its Permanent investments
2,000 Earned surplus
1,167,691
valuable assets and practically put it out of business. The suit was brought Fixed assets
5,586,478
by more than 50 stockholders of the Municipal Service Corp.. including Contracts Jr processes
473,249
the firms of Thomas L. Manson Sr Co.and Hibbard Palmer & Kitchen.
D. Basil O'Connor, Counsel for the defendants, made this statement in
Total
$7,892,868
Total
57,892,363
behalf of the President of the Warner-Quinlan Co.:'
a Represented by 225.155 shares no par value.
-V.129. p. 3491.
"Mr. McFarland stated that the action is brought by a small number
of the stockholders of the Municipal Service Corp. who have been badly
Wickwire Spencer Steel Co.
-Committee Reports.
misinformed as to the facts and induced to bring the action by parties
The stockholders protective committee in letter to the stockholders
having no knowledge of the affairs of either company. The Warner-Quinlan
dated Feb. 15 stated in Part:
Co. will have no difficulty in convincing the Court that the action not only
It is just about one year since deposits of stock were requested to be made
Is based on extravagant and ridiculous statements, but is brought in had
faith, and that, in fact, the Warner-Quinlan Co.'s interest in the Municipal with the committee. Over 1,100 stockholders representing 246,184 shares
Service Corp. has worked to the great advantage of the Municipal Service of stock have given their support by depositing the stock and contributing
the very small assessment of 3c. per share requested.
Corp."
-V. 129, P. 3491.
Stockholders are no doubt interested to know the results of this committee's activities. Up
Washburn Wire Co., Providence, R. I.
-Plans Stock taken place in the statusto the writing of this letter no actual change has
of the common stockholders.
With my last letter to the stockholders I enclosed a notice of Judge
Split.
The directors in a letter to the stockholders propose to split the common Hazel's decision granting the common stock voting trust certificate holders
stock on a basis of four new shares for one of the old, changing the capital the right to intervene and contest every step of the present receivership and
structure from the present 111,000,000, composed of 35,000 shares of $100 reorganization. Since this decision was rendered, James 0. Moore, Federal
par preferred and 75.000 shares of $100 par common. The new authorized master, was appointed by Judge Hazel to hold hearings in regard to certain
capital would amount to 250,000 shares of no par value, and all of the same claims of the common stockholders and the class B noteholders in regard to
certain alleged invalid provisions of the mortgages affecting the company.
class.
Provided this recommendation is approved at the forthcoming meeting The hearings required 15 days attendance in court and were extended from
of the company, it is planned to distribute the new stock on the above- time to time from August 1929 to January 1930. and have just been connamed basis, which will take up 200,000 shares of the authorized issue. cluded.
The decision of the master is expected some time in March. Thereafter.
The remaining 50.000 shares are not to be issued at present, but are to be
either side has the right to file exceptions to the master's report, and from
held for future corporate development.
The preferred stock has been redeemed in entirety and is now held in such exceptions Judge Hazel will hand down a decision probably in April
or May. Whatever the outcome of this decision may be either side that
the treasury of the company.
-V.123, p. 1517.
feels aggrieved can appeal therefrom to the Circuit Court of Appeals.
Therefore, the litigation is very likely to drag out sometime before the final
Wedgwood Investing Corp.
-Earnings.
decision is reached clarifying the rights of the various security holders.
Income Statement Year Ended Dec. 31 1929.
The present
Dividends received
$203,564 proposed plan proceedings do not adjudicate the fairness or unfairness of the
of reorganization. That question is not
the master
Interest received
71,932 at the present time, but is reserved for future hearings,before determined
to
Net profit on sales ofsecurities
396,483 only in the event that the master holds that the present be
mortgages are
valid liens affecting the entire premises, and that
plants of the
Totalincome
$671.979 company should be sold in foreclosure thereunder. the variouslater hearings
From such
Administrative & general expense
5.835 and decisions as
fairness or unfairness of the proposed plan of reorInsurance
2,256 ganization eitherto the
side likewise has the right to appeal to the District Court
and the Circuit Court of Appeals.
Net income before Federalincome taxes
1663,887
This committee is handicapped by the exceedingly small amount of funds
Estimated Federalincome taxes,1929
51,185 It has at its disposal. It has to combate those who have shown an antagonistic attitude towards the
Net profit
$612.702 the reorganization plannedstockholders. Without this committee's efforts
by the bondholders' committee would have beProvision for quarterly dividend of 1 3.6% on the 6% cumulative pref. come
effective last October.
stock, declared Dec. 19 1929, and payable Feb. 1 1930 to holders of record
I am still firmly of the opinion that if this committee can carry on the
.Tan. 15 1930, not included in the above statement.
the interest of the stockholders, we are bound
it
After decucting the depreciation in securities in the portfolio, amounting legal battlein has started in against the great odds
to win out
that we are facing.
the end, even
to $346,643, and after deducting the four quarterly dividends paid on the
Stockholders representing 246,184 shares have done their duty by giving
pref. stock, the net profit for the year was $89.938, equivalent to Mc, per aid with
their deposit of stock and assessment. There are stockholders
share on the 165,000 shares ofcommon stock outstanding during this period. representing
approximately 700,000 shares of stock who have failed to
contribute their share to carry on this battle for their benefit. I therefore
Balance Sheet Dec. 31 1929.
come to you again with the appeal to give us your financial support to carry
Liabilities
Assets
Cash Jr Loans on call
$51,186 on this fight for the protection of your own interests.
$373,227 Res. for Fed. taxes, 1929
As it Is highly unfair to those who have supported this committee that
Invests, at cost (market value
Unclaimed dividends
570
14.286,732)
3,000,000 we should continue to protect the interests of stockholders who have not
4,633,375 6% cum. pref.stock
contributed their share of the expenses, we have decided to limit the time
Accrued int. receivable
2,947 Corn. stk. (Jr paid-in surplus)_x1,510,000 of
acceptance of further deposits from holders of common stock voting trust
Deferred assets9,566 Earned surplus (based on val.
457,358 certificates to March 15 1930.
of secs, owned at cost)
A statement of the receipts and disbursements of stockholders committee
Total
55,019,114 shows receipts of $7,385 and disbursements of 16,261,leaving a cash balance
$5,019,114 Total
$1,123.-V- 130, p. 482.
.
z Represented by 165,000 no par shares.
-V.129. p. 299.
-Proposed Consolidation.
Wilcox-Rich Corp.
See Eaton Axle & Spring Co. above.
-V.129. P. 2876.
Wesson Oil & Snowdrift Co., Inc.
-Listing.
The New York Stock Exchange has authorized the listing on or after
(Benjamin) Winter, Inc.
-Defers Preferred Dividend.
March 1 1930. of 600.000 shares of common stock, on official notice of
The directors have voted to defer the quarterly dividend of
per
issuance in exchange for present outstanding voting trust certificates and share due Feb. 15 on the $5 cum.cony, no par preference stock. 1_1.25rate
This
with authority to admit to the list additional permanent engraved certif
! had been paid since and incl. Feb. 15 1928.-V. 129, p. 2702.
.
Warner Bros. Pictures, Inc.(& Subs.).
-Earnings.
-
FEB. 22 1930.]
FINANCIAL CHRONICLE
Yellow Cab, Inc., Newark, N. J.—Sale.—
See Public Service Corp. of New Jersey under "Public Utilities" on a
preceding page.—V. 128, p. 3371.
Yosemite Holding Corp.—New Director.—
Edward V. Otis, President and director of British Type Investors, has
been elected a director. Mr. Otis is also a director of the "American
Bankers" and "The Bond Buyer."—V. 130. p. 1132.
CURRENT NOTICES.
—Joseph Walker & Sons, 61 Broadway, N. Y., is celebrating the 75th
anniversary of the founding of the firm, which was organized in 1855 by
Francis T. and Joseph Walker, as Francis T. Walker & Brothers. On the
cover of the brochure, outlining the history of the firm, is a reproduction
of the letter written Jan. 11 1865 to Joseph Walker Jr., by M. Brodhead
of the New York Stock Exchange informing him of his election to membershipship. The letter advised him that the initiation fee of $3,000 should be
paid to the Treasurer before taking his seat. Continuing the firm's history
the brochure states that just after the Civil War, Mr. Walker joined the
New York Gold Exchange which was situated on New St., on the ground
now occupied by a corner of the New York Stock Exchange Building. He
became very active in gold transactions and for many years acted as agent
for the United States Government in selling gold for the account of the
Treasury Department. An original bill of sale now in possession of the firm
shows that gold in 1868 was selling at a premium of 39%%. When the Mills
Building, demolished several years ago, was completed, Mr. Walker moved
into the new structure, and shortly after took his two sons, Joseph Walker
Jr., and E. Robbins Walker into the firm. The firm then adopted the name
of Joseph Walker & SODS. On Aug. 27 1918 Joseph Walker died and the firm
was carried on by Joseph Walker Jr., E. Robbins Walker. his two sons, and
Clarence H. Young. One year after the death of the founder, his grandson,
Samuel Sloan Walker joined the firm. Joseph Walker Jr., died on April 15
1927, and his estate's interest in the present firm is carried on by his two
sons, the present Joseph Walker Jr., and Samuel Sloan Walker, a general
partner in the firm, as trustees and special partners. Besides Mr. Young
and Mr. Walker,the other partners of the present firm are Henry S.Parker,
Hugh G. M. Kelleher, Kenneth D. Hull and C. Frederick Fothingham.
—Henry P. Russell, senior partner of the New York Stock Exchange
firm of Russell, Miller & Co., announces final details in connection with
his firm's arrangements with Blyth & Co. to take over all of the latter's
brokerage business in New York and on the Pacific Coast. Mr. Russell's
statement follows the previous announcement by Blyth & Co. of its intention to withdraw entirely from the brokerage business in its various
offices and to confine its activities exclusively to the investment banking
field. Mr. Russell said that on Feb. 28 his firm will move from its present
quarters at 50 Broadway to 120 Broadway. where it will occupy Blyth &
Co.'s brokerage offices, the latter continuing its investment banking business in the same offices, but on the floor below. Lloyd W. Georgeson,
manager of the Stock Exchange department of Blyth & Co., will continue
in the -same capacity with Russell, Miller & Co. No other executive
changes are planned, according to Mr. Russell. Since its organization
in 1921, Russell, Miller & Co. have opened branches in Port Chester,
N. Y., Los Angeles, San Francisco and Monterey, Calif. With the addition of the Blyth & Co. brokerage offices, they will have another office in
Los Angeles and also one in Long Beach, Calif., Seattle, Wash., and Portland, Ore. Besides Mr. Russell, the other partners of the firm are L. McK.
Miller, J. D. Wing, G. G.Bass, W.J. Devereux, C. R.0. Steers, member
of the New York Stock Exchange, and Harry Butcher, member of the
New York Curb Exchange.
—The firm of E. E. MacCrone & Co., which for a number of years has
conducted a stock exchange business in the State of Michigan, will retire
from the brokerage business on Feb. 24 1930. Thenceforth it will devote
its attention to the development of economic and corporate research work,
which has constituted an important element of its business. The result
of this work has been, and will continue to be, made available to the public
through investment counsel service and investment trusts in which the
firm is and may be interested. At the same time the firm will dispose of
only one each of its two memberships on the New York, Chicago and
Detroit Stock Exchanges, the second membership in each case being retained as an investment.
E. A. Pierce & Co., said to be the largest brokerage organization in the
United States, will acquire the brokerage department and will continue
the operation of their existing offices located in Detroit, Flint, Grand
Rapids, Jackson, Lansing and Saginaw. Substantially the entire personnel of the brokerage department of the MacCrone organization will be
connected with E. A. Pierce & Co., so that an uninterrupted service may
be maintained.
The firm of E. E. MacCrone & Co. will, after Feb. 24, concentrate its
activities in its offices on the twenty-fifth and twenty-sixth floors of the
new Penobscot Building where its executive quarters have been located
for some time.
—Formation of a new investment firm to be known as the First National
Co. of Bridgeport, Conn., has been announced by Edmund S. Wolfe,
President of the new organization and for 11 years President of the First
National Bank & Trust Co. of Bridgeport. The company, which will be
closely identified with the First National Bank & Trust Co. of Bridgeport,
will specialize in conducting an investment security business and will
maintain a complete investment service for the benefit of clients. At
the start, operations of the new corporation, which will have offices in the
First Bank & Trust Co. building in Bridgeport, will be confined to the
New England territory and to the metropolitan area of New York. In
addition to Mr. Wolfe, the officers of the company are: Clifford R. Ayres,
Vice-President and General Manager; Charles H. Hurlinan, Secretary and
Treasurer, who is also associated with the First National Bank & Trust Co.
of Bridgeport, and William Rockel, Assistant Treasurer.
—R. M. Smythe, 2 Broadway, New York, has compiled and published
a book on "Valuable Extinct Securities." In this book Mr. Smythe gives a
list of over 1,500 extinct securities of good value from the records of the
four principal dealers in the United States for 40 years and other
useful
information never published before. The book lists the companies alphabetically and states briefly what Is known of the securities. A list of
unforeclosed railroad bonds serves as a guide to show into what company
and when the road issuing the obsolete securities was merged. In another
chapter a list is given of banks which have merged with other institutions.
Mr. Smythe, whose aversion to telephones has been frequently commented
upon, had his telephone removed forty years ago. He was one of the
first subscribers in New York having had 10 Broad for a number.
—The firm of Brand & Grumet has been dissolved and the former partners
together with Albert Ehrenfreund, member of the New York Stock Exchange, have formed the firm of Brand, Grumet & Co as of Feb. 20.
The new firm, which will be members of the New York Stock Exchange,
and of the, Association of Bank Stock Dealers, will transact a general
•
1301
commission brokerage business in stocks and bonds listed on the New
York Stock Exchange, and continue to specialize in bank and insurance
stocks at their old offices at 30 Broad St., New York. The personnel of
Me new firm will be Sylvester S. Brand, Louis S. Grumet, Albert Ehrenfreund. with Charles Milgrim as a special partner.
—William B. Oliver, retired Baltimore financier, died on Feb. 11 at his
home in that city of pneumonia. As a young man Mr. Oliver was employed by the banking firm of William Fisher & Sons, where he met the
late J. William Middendorf. In 1875 the two young men formed the
Middendorf
-Oliver Co., bankers and brokers. They did considerable
financing of public utilities in the South until about 1902, when Mr. Oliver
retired and the firm was dissolved. Following his retirement Mr. Oliver
traveled extensively in the United States and Europe.
—Clarence Hodson & Co., Inc. is celebrating its thirty-seventh anniversary to-day. This investment house, which was founded in 1895 by
the late Colonel Hodson, has financed fifty-six national banks, State banks
and trust companies; a system of industrial banking companies, several
insurance companies and, during the past year, an investment company.
During the past fifteen years it has financed chains of small loan companies,
which were consolidated in 1929 and transacted a business in excess of
•58,000,000 for the year.
—John Hawkes Wilson & Co., accountants and industrial engineers,
announce that Henry L. Lang, President of Lang & Co., insurance brokers
of Philadelphia, New York and Los Angeles, and B. Atwood Robinson,
President of the Intercontinent Import & Export Co. of Boston, have
been elected to the board of directors. George A. McDonald, formerly
President of The Chicopee National Bank of Springfield. Mass., has been
elected a Vice-President, and Francis W. Hopkins Jr., Vice-President and
Treasurer.
—Power laundries in the United States at present do an annual business
of between $700.000,000 and •800,000,000, with an annual increase of
about 15%, as compared with an increase of 7% in the production of
electricity and 3.82% for gas, according to Bonner, Brooks & Co., N. Y..
in a comprehensive analysis of Consolidated Laundries Corp. just issued.
"Power laundries turn over their invested capital in less than a year while
gas and electricity conerns need more than 5 years to do," states the firm.
—A. Duncan Shaw, well known in Pacific Coast financial circles, has
become associated with Young-Clarke & Co., Los Angeles, as a general
partner. Mr. Shaw was formerly a partner in the firm of Bond & Goodwin
& Tucker, predecessors to Tucker Hunter Dulin & Co. For many years he
was in charge of the Pacific northwest offices of that organization and
came to Los Angeles over a year ago,to be associated with the management
of their Southern California territory.
—The investment banking firm of Hale, Waters & Co. is opening a new
office in Scranton, Pa.. in the Rehrig Building, in charge of .1. Stanley
Hope. Associated with Mr. Hope are John M. Bredbenner. W. Henry L.
Casho, Clarence P. Delahunty. Howard J. Kresge, James B. Ryon, Delos
H. Thomas, Fred. B. Witchey and Read H. Wight, who will represent the
company in Scranton, Williamsport. Wilkes-Barre, Pittston, Canton,
Hazelton, Berwick. and Nescopeck.
—Alan K. Shaw, member of New York Curb Exchange, and George F.
Dennis announce the formation of A. K. Shaw & Co.. members of the
New York Curb Exchange, to conduct a general brokerage business with
offices at 33 Broadway, N. Y. Lynch & Co. of which Mr. Shaw was
formerly floor member, has been dissolved by mutual consent.
—Bernard R. Hodge and George A. Jacquemot have been appointed
manager and assistant manager respectively of the wholesale department
of Julian E. Gray & Co., 72 Wall Street, New York City. Both formerly
held the same positions with New York Shares Corp.
—The Continental Illinois Co.,Chicago,announce the opening of an office
in the Russ Building, San Francisco, by its affiliate, the Continental
Illinois Co. of California. The office will operate under the management
of Benjamin R. Brindley, Second Vice-President.
—A. G. Edwards & Sons, members of New York Stock Exchange.
St. Louis, after residing at 410-412 Olive St. for nearly 30 years, are moving west into more spacious quarters at 409 N. Eighth St.. Opposite the
Mercantile-Commerce Bank & Trust Co.
—Paul H.Myrick has joined the Philadelphia staff of Rudolph Guenther
Russell Law, Inc., financial advertising agency, as a specialist in bank
advertising. Mr. Myrick was formerly with The Collins Service and with
N. W. Ayer & Son.
—Bonner, Brooks & Co., Inc., announce the opening of 3 mid-Western
branch offices: 425 Liberty Building Des Moines,Iowa;428 Buhl Building,
Detroit, Mich., and in the Merchants National Bank Building, Cedar
Rapids, Iowa.
—Beard & Ayers, Inc., financial, industrial and corporate representatives, announce that Myles Bradley, formerly with General Motors Corp..
is now resident Vice-President and general manager of their Detroit office.
—Harvey & Co. announce the opening of offices at 30 Broad St., New
York, to deal in bank, insurance and unlisted securities. They will clear
through Newman Bros. & Worms, members New York Stock Exchange.
—Announcement has been made that Charles A. Frank, formerly of
the dissolved firm of Charles A.Frank & Co.,had been admitted to partnership in the firm of Van Wyck & Sterling, 71 Broadway, New York.
—Parrish & Co., members of the New York Stock Exchange, announce
that J. Marechal Brown Jr., formerly of Harrison, Smith & Co., has
become associated with them as manager of their bond department.
—Luigi Criscuolo of Merrill, Lynch & Co. recently addressed the Philadelphia Association of Security Salesmen on "Chain Store Securities, Past
and Future," at the Association's headquarters, 1420 Walnut St.
—Hardiman & Aronson, 50 Broadway, New York, have issued a table
featuring 30 of the leading banks and trust companies of New York City.
They have also analyzed the 1929 report of Goldman Sachs.
—W. K. Johnson & Co. have opened their new uptown office in the
Lincoln Building at 60 East 42d St., N. Y. City, which will be under the
management of Newton Foster and Emmett KeadY.
—Robert T. Simpson has been appointed manager of the Pittsburgh
office of West & Co. Mr. Simpson formerly was manager of the Johnstown, Pa., office of Harrison, Smith & Co.
—Fitch. Crossman & Co., members Philadelphia Stock Exchange, 225
South 15th St., Philadelphia, have opened a bank stock department under
the management of Clifford R. Meloney.
—T. W. Satterthwaite, formerly a member of the New York Coffee and
Sugar Exchange, has become associated with Jenks, Gwynne & Co.. in
their coffee and sugar department.
—James E. Durkin, formerly manager of the New York trading department of Harrison, Smith & Co., has become associated with White, Warren
& Co.. 149 Broadway, New York.
1302
FINANCIAL CHRONICLE
LVoL. 130.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
Santos cabled on the 18th inst. that Europe and a large
American importer were buying coffee there. Another
report said that the Brazilian Government was buying.
Futures on the 15th inst. were dull and irregular closing five
points lower to two points higher with the near months the
best sustained. Europe and Brazil bought a little. The
Friday Night, Feb. 21 1930.
political
COFFEE on the spot was in moderate demand; Santos regarded disorders continued in Brazil, but they were not
as significant. Further news as to coffee trade
Bourbon 4s, 14 to 143c.; Rio 7s, 103 to 10%c., and Vic- developments in Brazil were awaited. Meantime the trading
toria 7-8s, 93 to 93c. Fair to good Cucuta, 153. to 160.; on the 15th inst. was in only 15,900 bags. On the 17th
prime to choice, 16 to 17c.; washed, 18 to 19c.; Ocana, 15% inst. futures advanced 25 to 30 points on Santos with sales
to 163jc.; Bucaramanga natural, 16 to 17c.; washed, 183. of 31,250 bags and 17 to 23 on Rio with sales of 16,000 bags.
to 193.c.; Honda, Tolima and Giradot, 193 to 193c.; Brazil and Europe bought. A better financial situation
Medellin, 203 to 21c.; Manizales, 193 to 19%c.• Mexican supposed to have been brought about in Brazil. Here was
the
washed, 19 to 20c.; Surinam, 133 to 143'c.; Ankola, 24 technical position was better. On the 18th inst. the rise
Mandelling, 29 to 35e.; genuine Java, 29 to 310.; in futures was 12 to 42 points. The feeling is more cheerful
to 32c.;
Robusta, washed, 123 to 12%c.• natural, 10% to 11c.; about Brazil's finances. The sales were 38,000 Santos and
'
Mocha, 26
% to 27c.; Harrar, 21.% to 23c.; Abyssinian, 17,000 Rio. Better cables from Brazil and Europe and
%
183 to 183 c.; Guatemala prime, 183 to 19c.; good, 173 buying by those countries had an effect. On the 19th inst.
to 18c.•, Bourbon, 16 to 163c. The arrivals of mild coffee prices fell 8 to 22 points. Mild ended five points lower to
in the United States thus far this month aggregated 216,816 five higher. The sales were 31,000 bags of Rio and 15,000
bags against 213,140 for the same time last year. The Santos. On the 20th inst. futures advanced 14 to 20 points
deliveries were 175,616 bags for the same time, against in what looked like a short market. March liquidation was
183,983 for last year. Stocks of mild coffee in the United better taken. Not that the trading was very large. The
States on Feb. 17 were 270,678 bags, against 232,732 a total of Rio and Santos amounted to only 55,000 bags.
week ago and 399,662 last year. On the 15th inst. cost- Mild for March ended at 13.27e. nominal, May
and-freight offers in some cases were slightly easier. On July 11.59c., Spot trading was small. To-day 12.37c.,
futures
the 18th inst. the supply of cost
-and-freight offers was ended three points lower to five higher on Rio and three to
comparatively light and prices were mostly higher. The nine points higher on Santos; sales were 18,000 Rio and
advances ranged from 15 to 50 points, according to seller. 25,000 bags of Santos. Final prices show an advance for
For prompt shipment, Santos Bourbon 2-3s were quoted at the week on Rio of 28 to 36 points and on Santos of 63 to R"
15c.; 3s at 133c.; 3-4s at 15.400.; 3-5s at 1331 to 13.35e.; points.
4-5s at 12.60 to 12.85c.; 5s at 1231 to 12.60c.; 5-6s at 113
%
Rio coffee prices
to 11%c.• 6s at 11.20 to 11%c.; 6-7s at 1031c.• 7s at 10c.; Spot (unofficial)---1034 closed as follows:
8.18 September __7.688.69
I May
'
7-8s at 8.40c. to 9%c.; part Bourbon, 3-4s at 133'c.; 3-5s at March
7.91[December_ _7.62 ..
8.60 © 8.61 I July
123/i to 13c.; Peaberry 3s at 13%c.; 4s at 12.60c.; rain-damSantos coffee prices closed as follows:
i2.40@12.42 I September 11.30©
aged Santos 7-8s at 93c.; Rio 7s were here at 9.20c.; 7-8s
March
13.241ruff
11.68@nom. I December -11.01 © nom.
13.24
at 9c.; Victoria 3s at 9.90c.; 4s at 9.55c.; 5s at 931c.; 6s at
with March 8.960.; May, 9.32 to
COCOA ended to-day
8.90c.
On the 19th inst. cost and freight offers were generally 9.33c.; July, 9.63 to 9.64c. Sales were 239 lots. Final
higher. For prompt shipment, Santos Bourbon 2-3s were prices are 2 to 9 points lower for the week.
-Prompt Cuban was quiet at one time at 3.61
%
quoted at 15.35 to 153 c.; 3s at 133/3 to 13.60c.; 3-4s at
SUGAR.
1331 to 14.350.• 3-5s at 12.70 to 13.95c.; 4-5s at 12% to to 3.77c., nominally. Refined met with only a routine
13.10c.; 5s at 1:23/2 to 13.3004 5-6s at 111 to 1231e.; 6s demand at 4.95c. here and elsewhere. Futures on the 15th
at 11 to 11.40c.; 6-7s at 103'2 to 103c.; 7s at 1031c.; 7-8s inst. ended 1 to 2 points off with sales of 38,000 tons. The
%
at 8.40 to 10.20c.; part Bourbon 2s at 14c.; 3s at 133 2
/0.; most active months were March and Dec., owing to the
3-5s at 13c.; Pealeerry 3s at 13%e.; 3-4s at 15.70c.; 4s at switches in them. Receipts at Cuban ports for the week
13.10c.• rain-dmaaged 7-8s at 100.• Victoria 3s at 10.05c.; week were 161,457 tons against 235,532 in the same week
4s at 9.700.; 5s at 9.35e.; 6s at 9.000.; 7s at 8.65c. and 7-8s last year; exports, 10,465 tons against 119,865 last year;
'
at 8.45. On the 20th inst. the supply of cost and freight stock (consumption deducted), 491,281 tons against 710,630
offers from Brazil was rather light, but prices were generally last year; centrals grinding, 154 against 163 last year. Of
slightly lower. Santos Bourbon 2-3s were here at 15.45e.; the exports, Atlantic ports received 5,196 tons, New Orleans
3s at 13.45c.; 3-4s at 13.15c.; 3-5s at 123 to 14.15c.; 4-5s 2,259, interior United States 335, California 2,675 tons.
at 12.60c.; 5s at 123/2 to 133/zc.; 5-6s at 113 to 12c.; 6s at Old-crop (1928-29) exports, 28,126 tons. Destination: At%
10% to 11.20c.• 6-7s at 10% to 10.90c.; 7s at 1031c.; 7-85 lantic ports, 10,614 tons; New Orleans, 6,877; Savannah,
at 8.40 to 10.40c.; part Bourbon 3-5s at 13c.; Peaberry 4,933; Europe, 5,702; stock, 75,343 tons. Receipts at
3-4s at 15.550.; Rio 7s were here at 9.30c.; 7-8s at 9.10c.; United States Atlantic ports for the week were 26,014 tons
Victoria 3s at 9.95c.; 4s at 9.60c.; 5s at 9.14c.; 6s at 8.900.; against 43,852 in the previous week and 82,013 in the same
7s at 8.55c. and 7-8s at 8.35c. J. Henry Schroder Banking week last year; meltings, 47,987 tons against 54,769 in the
Corp. associate of the British banking firm which has taken previous week and 54,841 in the same week last year; ima prominent part in Brazilian financing for a period of years, porters' stocks, 361,097 tons against 365,229 in the previous
states that Brazil will be able to right her present diffi- week and 89,527 last year; refiners' stocks, 143,571 against
culties arising from the crash in coffee prices and that 161,412 in previous week and 103,299 last year; total stocks,
a thorough adjustment of the coffee position in that country 504,668 tons against 526,641 in previous week and 192,826
would, in the long run, have a lasting and beneficial effect last year.
It turned out on the 17th inst. that 3,000 tons of Philipon Brazil's economic progress. On the subject of financial
aid to coffee producers, the banking firm says in its monthly pines in port at Boston sold on the 14th inst. at 3.55e.
Finance and Trade Commentary: "With the help of the delivered, or 1 23-32c. c. & f. for Cuban. On the same
Banco do Brazil and of a short term credit recently extended date New Orleans bought 2,500 tons for early March arrival
to the Sao Paulo Government by a combined London and at New Orleans at an open price subject to the average of
New York banking group, Sao Paulo is in a position to move the market at date of arrival. Havana cabled on the 19th
its entire 1929-30 crop by making advances to farmers at inst. that the Single Seller sold 3,000 tons of Cuban raws
approximately $5 a bag. It is obvious that the facilitins on the 15th inst. to a destination outside the United S ates
extended by the Banco do Brazil and by foreign bankers at 1.650. f.o.b. London was reported dull with sellers
alone have not provided all the funds needed for financing of parcels afloat at 7s. 43d. c.i.f., or 1.44c. f.o.b. Cuba.
this large crop, but it must be remembered that a large Havana wired the U. P. on Feb. 18: "In view of the fact
portion of the crop already had been financed by the Banco that powerful sugar interests are conducting an active camdo Estado do Sao Paulo and by private banks prior to the paign favoring restriction of the 1929-30 sugar crop, a meetoutbreak of the crisis in October of last year, and that as ing of 86 mills was held yesterday at which it was voted
coffee is exported, and thereby previous advances made on a to notify President Machado that the mill owners reprohigher price basis are repaid, the Banco do Estado and other seated were opposed to such restrictions, or to limiting the
banks will be in a position to make new advances which s wings of cane. Among those p esent at the meeting were
should enable the farmers to move their entire 1929-30 representatives of the American Sugar Refining Co., Cuban
crop. As of July 1 1930, total coffee stocks stored in the American Sugar Co., Hershey Co., Guantanamo Sugar Co.
interior of Brazil exclusive of stocks in the ports, are estimated and General Sugar Co."
at around 18,000,000 bags provided shipments during the
It was reported that 20,000 bags of Porto Ricans due next
next five months continue at the same rate as in the past. Monday sold late on the 18th inst. at 3.50c. delivered, or a
Of this unsold stock, practically all will be held in Sao point better than 1 23-32c. c. & f. for Cubas. This is the
Paulo, Brazil's immediate coffee problem is, therefore, lowest price accepted on raw sugars since last June. The
almost exclusively Sao Paulo's problem."
Cuban Single Seller it was said sold 15,000 tons for ship..
The introductory remarks formerly appearing here will now be
found In an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
FEB. 22 1930.]
FINANCIAL CHRONICLE
meat away from the United States at 1.57e. f.o.b., position
not stated. The Sugar Club of Hanana reported Cuban
production to the middle of February at 1,142,312 tons
against 1,900,000 tons to the same date last year. Another
sale on the 18th inst., not then reported, was 25,000 bags
Porto Ricos due March 10 to New Orleans at 3.563c.
delivered, or 1 61-64c. c.&.f. for Cubas. On the 19th inst.
4,000 tons Philippines for March-April shipment sold at
3.62e. c.i.f., or a little more than 1 27-32c. c. & f. basis for
Cubas. On the 19th inst. the trade was sceptical about the
rumor that the Cuban Single Seller had accepted 1.56c.
f.o.b. for 375,000 tons for shipment p obably over a period
of three months, but believed negotiations for the sale of
a block of raws are in progress. It was said that the above
block sold to the United Kingdom at 1.56c. f.o.b.
On the 20th inst. a refiner bought 5,900 tons of Philippines due March 10 at 3.55c. delivered or 1 13-16c. e. & f.
basis. The trade is awaiting with much interest the outcome of the inquity made by the Cuban Single Sone, as to
American refiners' March requirements. Havana advices
stated that Cuban production for the first half of February
amounted to 513,851 tons. This compares with 707,000
ions for the same period last year, which wa^ a record. from
the beginning of the crop year to Feb. 15 the total out-turn
this year was 1,197,000 tons and last year 1,904 000, tons.
)
It was reported on the 18th inst. that negotiatios were
under way with the Cuban Single Seller for 806,000 to 1,000,000 tons of raw sugars for shipment over a certain
period at a price in the neighborhood of 1.50c. f. o. b. The
production in North America in 1929-30 was 8,379,000 long
tons against 8,686,000 in 1928-29;in South America 1,744,000
against 1,792,000 in 1928-29; &Tope 8,208,000 agrinst
8,353,000 in 1928-29; Asia 7,560,000 against 7,836,000 in
1928-29; Africa 761,000 against 776,000; Oceania 600,000
against 614,000. The world's production was put al 27,252,000 long tons against 28,057,000 last year. Consumption in North America was put at 7,587,000 against 7,301,000
last season; South America 1,549,000 against 1,509,000
last year; Europe 10,349,000 against 9,917,000 last year;
Asia 7,185,000 against 7,094,000 last year: Africa 726,000
against 710,000 last year; Oceania 441,000 against 436,000
last year; total 27,837,000 long tons against 26,967,000 last
year.
The report that freight room had been chartered for
March shipment from Cuba to Odessa, Russia excited not a
little comment. It was generally believed that the freight
room, which was variously extimated at from 22,000 to
55,000 tons would be utilized for the shipment of sugar
although there was no confirmation of this. In some quarters
the chartering was connected with reports some time ago
that f.o.b. business with Russia had been done, the price of
1.50c. f.o.b. being mentioned. The Cuban Department of
Agriculture's figures of production to Feb. 15 are 1,114,312
tons and the average sucrose yield is given as 11.069%.
On the 17th inst. futures ended unchanged to 2 points higher
with sales of 48,600 tons of which fully 50% were switches
mostly from March to later months. At one time prices
were 1 to 3 points higher, but reacted later when it was
reported that at 156 mills voted in Havana against any
restriction of the crop. In London sales for April shipment
were reported on the basis of 7s. 9d. while afloat was 7s.
43cl. and quiet. Havana Sugar Club stated the average
rainfall in January in Cuba during the past 25 years as
1.94 inches. In January the total was 2.16 against 1.26 in
1929. Cuban here was 3.55 to 3.77e. Sales the latter part of
last week it became known included 3,000 tons of Philippines
in port at Boston on the basis of 3.55e. and 3,000 tons by
the Single Selling Agency at 1.65e.f.o.b.for shipment outside
the United States. Havana cabled on the 17th inst.: "It
is reported in sugar circles that more than 50,000 tons of raw
sugar have been sold to Russia for March shipment. Price
has not been mentioned." On the 18th inst. futures declined
for a time under continued selling pressure on the distant
months by a Wall Street wire house and European connections. Prices ended 1 to 2 points higher after some
early weakness due to March liquidation. But Cuban and
trade interests bought. Wall Street sold July steadily. The
total trading was about 44,000 tons half switches.
On the 19th inst. futures closed 1 point lower to 2 higher.
At one time they were 2 to 4 points higher with sales of
62,500 tons. The trade bought. Cuban interests sold.
On the 20th inst. futures declined 2 to 3 points, mainly because of heavy selling of December. Apparently there was
some apprehension of notices on the 21st inst., though this
may not have been the case. A seat on the Exchange
for $14,000, a decline of $500. Cuban interests weresold
believed to be large sellers. Sales for the day were 59,950
tons, of which 33 1-3% was in switches. Last week it
turns out Russia bought 59,000 tons at 1.48%0., scattered
mostly over March and April, with a couple of' thousand
tons in April and May. Refined was quiet at 4.95c. Raw
sugar nominally 3.55 to 3.75e. To-day futures ended 1
to 2 points higher with sales of 38,600 tons. Offerings were
promptly taken. London opened quiet for new contracts
at 3 d. lower to Yid. higher. Old contracts opened quiet
A
and unehangec, to 3 d. lower. To-day was first notice day
A
fo, March deliveries, but no notices were issued. Final
priceb on futures show no change for the week. .
Prices were as follows.
Spot(unofficial)_ _2 1-i6 July
1.6801.69 September
March
1.78@i.79
May
1.88IDecember __2.041§nom
m..
1.94 January_ __-2.05 ©no
1303
LARD on the spot was firm with prime Wes ern 11.50 to
11.600.; Refined Continent, 1138c.; South America, 1158c.;
/
/
Brazil, 1258e. Prime Western was 11.45 to 11.55e. later.
/
On the 19th inst. spot dropped to 11.05 to 11.15c. for prime
Western; 113/e. for refined to Continent; 11%c. for South
8
America, and 1238e. for Brazil. Futures on the 15th inst.
/
were 3 to 5 points lower with grain down and some hedge
selling in lard as well as liquidation. In Liverpool lard was
unchanged to 3d. higher. Hogs were unchanged to 10c.
lower with $11.25 the top. That there is a large consumption
of lard seems clear from the smallness of the increase in the
stocks at the height of the packing season.
Futures on the 17th inst. declined 2 to 7 points with grain
falling. Hogs were higher even though receipts at the West
were 156,800 against 137,000 on the same date last year.
Liverpool lard was unchanged to 6d. lower. Contract
stocks of lard in the first half of Feb. increased 6,023,469 lbs.
to 37,125,314 against 82,965,756 at the same time last year.
he clearances from New York last week were 8,791,203
s. against 8,751,000 the week previously. Cash lard and
ribs showed little change.
Futures on the 18th inst. declined 5 to 8 points or 15
points under the high at one time earlier in the day. Packers
bought on the drop. Hogs were steady. Total Western
receipts were 115,500 against 100,500 a year ago. Chicago
received 27,000 hogs. Liverpool lard was unchanged to
3d.lower. Clearances of lard from New York were 5,854,000
lbs. to Dutch, German and English ports principally.111rutures on the 19th inst. declined 25 to 30 points on stop orders,
the vast fall in grain, weakness in cash lard and a declinelof
10 to 15e. in hogs. On the 20th inst. futures closed unchanged to 5 points lower on moderate trading. A decline
of 10 to 15 cents in hogs as well as the weakness or irregularity in grain had a certain effect; also some weakness in
Liverpool. Exports from New York were 134,800 pounds.
To-day futures were 7 to 10 points net higher with grain
and hogs firmer, commission houses buying, shorts covering
and the technical position better. The situation, in other
words, has become short, as in so many other markets.
Final prices show a decline, however, for the week of 30 to
38 points.
DAILY CLOSING PRICES OF LARD FUTURES
Sat.
Mon. Tues.
Wed.
11.02 11.00 10.95 10.70
11.20-32 11.15 11.10
10.80
11.42 11.37 11.32 11.05
March delivery
May delivery
July delivery
IN CHICAGO.
Thurs. Fri.
10.65 10.75
10.80 10.87
11.02 11.10
PORK steady; Mess, $29.50; family, $34.50; fat back,
$22 to $28. Ribs, 13.25e. Chicago. Beef firm; Mess, $25;
packet, $25 to $26.; family, $28 to $29: extra India mess,
$42 to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50;
six pounds, South America, $16.75; pickled tongues, $70 to
$75. Out meats firm; pickled hams, 10 to 20 lbs., 193/i to
21c.; pickled bellies, 6 to 12 lbs., 20 to 211%c.; bellies, clear,
dry salted boxed, 18 to 20 lbs., 153 e.; 14 to 16 lbs., 163%e.
A
Butter lower grades to high scoring, 28 to 36e. Cheese,
flat, 18 to 26c.; daisies, 203/2 to 243/2e. Eggs, firsts to
extras, 35 to 370.; closely selected heavy, 373 to 38e.;
extra fancies, 1 to 2%c. above closely selected. Heavy
receipts of eggs in the Chicago market are said to have caused
a decline of 33/.e. on the 19th inst. making the third consecutive day of heavy declines and bringing prices down to
29e., a loss of 10e. since last Monday.
-Linseed declined in sympathy with lower flaxseed
OILS.
markets. Prices recently were reduced 2points for Feb.
-Apr.
delivery. Raw oil in carlots, cooperage basis, was offered
at 14e., while in single bagels 14.8e. was asked. May-Aug.
delivery was quoted 2 points higher. Cocoanut, Manila
Coast tanks,64 to 6%e.; spot New York tanks,6% to 7c.;
China wood, N. Y. drums, carlots, spot, 11 to 113%o.;
Pacific Coast futures, 93 to 10e.; soya bean, tanks, coast,
A
9 to 93'c.; edible olive, $2.25 to $2.40; lard, prime, 123/e.;
extra strained winter, N. Y., 123/zc.; cod, Newfoundland,
60e. Turpentine, 55 to 613%c. Rosin, $7.45 to $9.35.
Cottonseed oil sales to-day, including switches, 13,800 bbls.
P. crude S. E., 73/sc. bid. Prices closed as follows:
Spot
February_8.40
May
March
8.4018.53 June
8.54
8.75@8.85 July
9.27
9.02 9.03 August
9.33@9.40
9.00(49.15 September __9.41 9.43
PETROLEUM.
-Gasoline retail prices were reduced in
territory covered by the Standard Oil Co. of Indiana and the
Standard Oil Co. of Nebraska. No cuts are expected in
eastern territories however. The lower prices did not affect
Chicago and Detroit. The territory in which reductions were
made covered only those parts of the Middle West in which
quotations had not been cut at the time the smaller rates
resulted in Eastern territories, when the cost-plus system
was extended. Later on the spot demand for gasoline
lagged, but there was a more active inquiry. United States
Motor was freely offered at %c. and it was intimated that
Sc. would be accepted on a firm bid. Domestic heating
oils were steady despite the weakness of other petroleum
products. Marine fuel oils were in good demand with Grade
C bunker oil $1.05 and Diesel oil $2. Kerosene was unchanged at 73c.for water white 41-43 gravity. Consumption
%
fell off slightly owing to the recent warm weather. Lubricating oils were rather more active. Cylinder stocks were in
better demand especially for export.
Tables of prices usually appearing here will be found on
an earlier
Page in our department of "Business Indications," in an article entitled
"Petroleum and Its Products."
RUBBER.
-On the 15th inst. prices ended unchanged to
10 points lower with sales of 647 tons. London, it was no-
1304
FINANCIAL CHRONICLE
[Vol.. 130.
deed, was 1-16d. lower. That was not ignored. Broad- at 13.75e.; March at 13.85e.lApril, 14c.; May, 14.15 to
way, however, bought on a fair scale and uptown sold on 14.30e.; July, 14.60c.; Sept., 15.15 to 15.20c.; Dec., 15.55
balance. There was to say the least, however, no marked to 15.65e. Frigorifico in Buenos Aires fell to 17c. c. & f.
depression, despite increased stocks at consuming centres New York, a decline of %to. In general, other hides, like
and the January consumption of 36,000 tons showed the common dry packer, &c., have been quiet. Common dry
suggestive increase of 13,000 tons over December. The Orinocos, 15c.; Maracaibo, Central America, Savanillas and
unavoidable inference was that the daily output at the tire Puerto Cabello, 14e.; Santa Marta, 15c.; spready native
factories was increasing. Actual rubber was steady. New steers, 1634 to 17c.; New York City calfskins, 5-7s, 1.70
York closed on the 15th inst. with February 15.70c.• March, to 1.75e.; 7-9s, 2.10 to 2.15c.; 9-12s, 2.50 to 2.550. On
'
15.90c.; May, 16.20 to 16.30e.; July, 16.700.; Sept., 17.10. the 17th inst. New York closed 10 points lower to 5 higher
Outside prices: Ribbed smoked sheets, spot and Feb., with sales up to 1,280,000 lbs. in a brisk market. Feb.
4
153/i to 1634c.; March, 163/2 to 163/se.; April-June, 163 to closed on that day at 13.80c.; May at 14.20c.; Sept. at
169/se.; July-Sept., 17 to 17%c.; Oct.-Dec. 17% to 18c. 15.10 to 15.20c., and Dec. at 15.45 to 15.60c. Of frigorifieo,
latex, 1634 to 25,000 Argentine steers sold recently at 17 to 17 3-16c.;
pale'
Spot first latex, 16% to 16%c.• thin
16%43. In London spot and Feb. were 7 15-16d. Singa- later 17c. On the 18th inst. in small trading prices ended
pore Feb. remained at nid. On the 17th inst. New York 12 points off to 5 up. May sold at 14.10e. and closed at
closed 10 to 30 points higher with sales for the day 625 tons. 14.08e. bid; Sept. sold at 15.05 to 15.10c., closing at 15.07
March ended at 16e. after touching 15.90c.; May sold at to 15.10e.; Dec. sold at 15.45 to 15.50c., closing at 15.50c.
16.30 to 16.500., closing at 16.40c. to 16.500.; July at The total business was 480,000 lbs. New York on the 19th
1,6.70 to 16.90c., closing at 16.80 to 16.90c.; Sept. at 17.10 inst. declined 2 to 8 points with sales of 1,360,000 lbs. May
to 17.300., closing at 17.20 to 17.30e. Outside prices were sold at 14.05 to 14.10c., closing at 14c.; Sept. sold at 15.05
generally unchanged. London advanced 1-16d. with spot to 15.10c.,, closing at 15.05 to 15.15c., and Dec. sold at
and Feb. 8d.; March, 8 1-16d. Singapore, 734d. for Feb. 15.45 to 15.50e., closing at 14.45 to 15.60e. On the 20th
Stock in London, 62,659 tons, an increase for the week of inst. prices ended unchanged to 15 points higher with sales
1,177 tons. In Liverpool 19,677 tons, a decrease of 84 tons. of 320,000 tons. Uncertainty about the tariff interferes
On the 18th inst. prices closed 10 to 30 points up with sales with business. March ended at nominally 13.950.; Sept.
of 160 tons. In London the conference on restriction began sold at 15.15 to 15.16e. and closed at about the same prices.
and prices there advanced %d., touching 83/8d. for spot Of River Plate frigorifico, 4,000 National steers sold at
and Feb. Singapore rose 1-16d. to %d. with Feb. 79./2d. $40, or equal to 169/se. To-day prices ended 5 to 15 points
and April-June 834d. Here, Feb. ended at 16.10 to 16.20o.; off with sales of 30 lots. March closed at 13.80e.; May,at
March, 16.30 to 16.40c.; May, 16.70e.; July, 17.10c.• Sept., 140.; Sept. at 15.10 to 15.15c., and Dec. at 15.50 to 15.60e.
'
17.40 to 17.50e.• Oct., 17.60 to 17.70c.; Dec., 17.90 to 180. Final prices are 30 to 40 points lower for the week.
Outside prices:'Spot ribbed smoked and Feb., 16% tc
-Sugar rates were lower. CaliOCEAN FREIGHTS.
16%c.; March, 16% to 16%c.; April-June 16% to 17e.
at 60s.
Spot first latex, 16% to 16%c.; thin pale 'latex, 16% to fornia oil went
CHARTERS included sugar from Santo Domingo, 15s., Cuba 15e. 6d..
163c.; clean thin brown crepe, 14% to 143/e.; rolled brown April, to United Kingdom-Continent; Cuba to Odessa, March, 17s.; Cuba,
Kingdom-Continent, 138. 6d.,
%
crepe, 103 to 103c.; No. 2 amber, 1434 to 1534c.; No. 3 about 7,000 tons, to United to United Kingdom-Continent. first half
%
13s. 6d.
March; early March, Cuba
%
amber, 143 to 15c.; No. 4 amber, 143/2 to 143c.; Paras, Tankers' Clean, March, Curacao to north of Hatteras, 33c.; Boston 41s.:
%
Fall River 40c.; clean, April-May, Black Sea to United Kingdom-Conupriver fine spot, 163 to 17c. coarse, 83/2 to 894c.
-ton steamer building, delivery'
new high record; 11,500
New York on the 19th inst. advanced 20 to 40 points tinent, 39s. 6c1., a at 6s. 9d. and five remaining at 6s. 6d dirty, Sept.1931, 10 years, five
7s. 6d.; California, March to United Kingdom-Conclosing net unchanged to 10 points higher. Actual rubber Oct., two years at clean, March to French Atlantic, 50s.; commencing
Gulf,
advanced %c. The rise was due to an announcement that tinent, 608.;Gulf cargoes to north of Hatteras, Sabine, 40c., Smith Bluff,
March. two
1930, 353c.; clean,
Dutch Belgian, French and Swiss producers had voted to 41c.; Gulf to north of Hatteras trade to Nov. 30 March-April; clean,
Constanza to United Kingdom-Continent, 358.,
adopt the Anglo-Dutch committee's proposal for complete Constanza to Antwerp and (or) London, 32s. 6d. one port, 34s. two ports,
suspension of tapping during the whole month of May. May; clean, Gulf to United Kingdom-Continent, 438., April; clean, ConTime, steamer 2,179 tons,
at
New York closed with March, 16.300.; May, 16.800.; July, stanza-French Atlantic 6d. 37s. 6d., April. Roads to West Italy, Feb..$2
Coal, Hampton
May period,Europe,4s.
17.20c.; Sept., 17.50c.; Oct., 17.60 to 17.80c.; Dec. 18e.
-Domestic business was better owing to much
COAL.
Feb.,
Outside prices: Ribbed smoked sheets, spot and'
%
163.4 to 163/2c.; M...rch, 1634 to 165 c.; April-June, 1634 to colder weather. Independent producers have been selling
-Dec., 18 to 1834d. buckwheat at up to $3.50, rice up to $1.90 and barley to
%
3c.;
17X July-Sept., 173' to 173c.; Oct.
8
Spot first latex, 163/ to 169/ao.; thin pale latex, 1634 to $1.50. The retail movement of all sizes was good, chiefly
16%c.; clean thin brown crepe, 143 to 15c.; rolled brown chestnut followed by stove, egg and pea. A 1,000,000 ton
/
crepe 103 to 107se.; No. 2 amber, 15 to 15%c.• No. 3 central Pennsylvania order has evoked some inquiry. Cold
'
amber, 14% to 15%c.; No.4 amber, 14% to 14%e. London weather has done more for Pittsburgh coal than the rally
-Feb. Singapore Feb., 731d. in the steel trade. Domestic consumers at Pittsburgh and
advanced to 834d. for spot
Rubber Growers' Association in London is unanimous for Chicago want high quality coal. In early February retail
tapping restriction provided that at least 70% of the Dutch trade was stimulated by cold weather. After the cold snap
plantation growers participate in the scheme. Another over Sunday and Monday of this week it became much
important meeting of the plantation interests has been set for milder on the 18th. Tidewater business at one time was
March 5 next, at which time the British attitude will be made better. Western trade was stimulated by recent cold
still clearer. London cabled, Feb. 19th: "An Amsterdam weather, but prices showed the restraining effect of ample
despatch to the "Financial Times" reports that Dutch supplies. Besides of late it has been much milder at the
rubber producers met on invitation of Dutch growers com- West. Here the belief is that the most that can be hoped
mittee when restriction proposals will be submitted regarding for in February if not in March is a steady market.
result of discussions between the British and Dutch growers
TOBACCO has been quiet here. Havana advices to the
representatives. Proposals have big change of being U. S. Tobacco Journal said: "Wrapper leaf was exported
adopted." Amsterdam cabled: "Rubber meeting proposal in Jan. to three countries, the average price being $2.36
to stop production completely during May 1930, adopted per pound or $5.14 per kilo. Unstemmed filled in bales was
almost unanimously." A private London cable on the shipped to 14 countries, the average price being 28 cents, or
19th inst. said: "Rubber meeting to-day, committee agreed 61 cents per kilo. Shipments were as follows: To the United
to cease tapping during May subject to ratification of 70% States, 169,201 kilos; to Argentine, 180,869; Holland, 571,of the producers."
816; Spain, 756,888; Porto Rico, 45,726; Germany, 109,209;
On the 20th inst. futures closed 10 to 30 points lower with Canada, 7,220; Great Britain, 4,202; Chile, 3,295; Canary
8
sales of 1,840 tons. London was off 1-16 to 3/ 1. Singa- Islands, 4,735; Japan,1,400; Belgium,34,258 kilos. Stemmed
pore dropped 5-16d. Some do not approve of the Amster- fillers in barrels or packs were shipped to 6 countries, the
dam plan of stopping tapping for a month. It was figured average price being 87 cents.per pound, or $1.89 per kilo as
to amount to 25,000 to 30,000 tons, deducted from the 1930 follows: To the United States, 559,213 kilos; Canada,37,621;
crop, and it is figured would establish an equilibrium be- Argentine, 3,879; Great Britain, 2,562. Scraps and cuttings
tween output and consumption. Some would prefer alter- packed in barrels or packs were shipped to 4 countries, the
nate tapping of 60 days' duration, or tapping every other average price being 32 cents per pound, or 70 cents per kilo,
day. They think that would have more effect. March as follows: To the United States, 68,594 kilos; to Argentine,
closed at 16.10e., May at 16.50e., Sept. at 17.30c., Dec. at 4,049 kilos; to Chile, 2,789 kilos; Russia, 967 kilos. In
3c.; first latex Japan there is an agitation in the press for lower prices for
17.80c. Ribed spot and Feb. 163/2 to 16%
16% to 1634c. London spot 8 5.16d., Feb. 8 3-16d.; cigarettes. In Louisville, burley is slightly lower, but they
Singapore Mar. 7/sd. To-day prices ended 20 to 40 points still pay a profit. At Mayfield, Ky., sales for the week were
5
higher with sales of 954 tons. The cables helped prices 1,541,175 lbs.; average price $9.99 or 21 cents lower than the
upward; also covering on the eve of the holiday. London preceding week. At Paducah: Sales for the week, 642,025
closed 1-16 to %d.higher with spot-Feb.8%d.;Mar.85-164; lbs.; average price $9.63 or 13 cents higher than the preceding
-Dec., 9 1-16d. week; at Murray sales 591,650 lbs.; average $10.21, or 13
4
Apr.
-June, 834d.; July-Sept., 88 d.; Oct.
Singapore closed firm at 5-16 to 7-16d. net higher; No. 3 cents higher. At Hopkinsville sales 2,712,770 lbs. of dark;
8
amber crepe spot, 63/d. or %d. higher. Final prices show average $11.41 or 50 cents higher for the week. At Clarksan advance for the week of 40 to 60 points. It was un- ville 1,934 385 lbs. sold average $13.39 or 19 cents lower.
officially estimated that stocks in London this week would At Springfield sales 1,645,460 lbs.; average $14.62 or 55
increase 200 tons and those in Liverpool 100 tons.
cents higher. At Owensboro sales 1,516,790 lbs. of dark;
Rubber prices closed as follows:
average $11.05 and 789,760 burley; average $14.94. Dark,
_17.50§nom.
...921Pauary....nrm May
56 cents, and burley $1.50 decline. At Henderson sales
'
trad
17:101nem. September_17.70 trad.
March -.16.30 16.40 July
17.30 17.40 October_ -17.90 nom. 762,470 lbs. of dark; average $11.10, or 20 cents decline.
ApriL
16.60@nom.
At Blackstone sales 460,501 lbs.; average $16.93, or $2.75
HIDES.
-New York on the 15th inst. ended 1 to 30 points decline. At Farmville sales 416,000 lbs.; average $14.74 or
lower with sales of 440,000 lbs. Feb. ended on that day 80 cents higher. At Lynchburg sales 414,460 lbs., at an
FEB. 22 1930.]
FINANCIAL CHRONICLE
1305
92% sold. Compared
average of $16.60. Sales for the week in the One Sucker Feb. 14 offerings 16,000 bales andunchanged with the exmerinos
district, which includes Bowling Green, Franklin, Russell- with Jan. 23 greasy merinos,were were in sellers' favor.
which
ville, Scottsville and W. Moreland were 919,590 lbs.; average ception of superfine were unchanged. Fine greasy crossFine greasy comebacks
or 11 cents lower than the preceding week.
$10.46,
breds ranged from par to 5% higer. Best greasy merinos
-The recent business has been mostly in small realized 183 d., merino lambs, 193 d.; comeback, 173(cl.;
%
COPPER.
%
lots. Prompt deliveries are often desired. That may be comback lambs, 203 d. At Sydney on Feb. 14 sales con4
more or less significant. Consumers may be sailing rather tinued with a good general demand at firm recent prices.
close to the wind. It would not be very surprising. Mean- There was a keen demand for rner descriptions but faulty
time, brass mills are said to have received quite a good many merinos and crossbreds were irregular. Future daily offerorders recently. Electrolytic, 17% to 1843. Export sales ings will be reduced to approximately 8,000 bales. The next
in two days (the 19th and 20th inst.) were 1,025 tons. At Adelaide sales will be held Feb. 20 and May 2. Melbourne
the Exchange here Feb. closed on the 20th inst. at 17.100.; cabled Feb. 18 that wool exports from July 1 1929 to Jan 31
March, 16.90 to 17.250.; April, 16.70c. London on the 1930 included 245,000 bales of Autralian and 253,000 of
20th inst. dropped 2s. 6d. for spot standard, touching New Zealand, as compared to 1,446,000 and 277,000 re£69 17s. 6d.• futures, on the other hand, were reported as spectively during the same period the year previous. A
to
12s. 6d. up' E68 15s.; sales were 150 tons spot and 250 further sales at Perth will be held July 10. The final sale
futures. Electrolytic remained at £83 10s. bid and £84 5s. at Adelaide will be held July 4 instead of in April.
asked. At the second session spot standard advanced 2s.
SILK to-day ended one to six points off with February
43(1. with futures unchanged; sales, 50 tons additional. 4.35 to 4.57; March, 4.36; May, 4.36 to 4.37. Sales were
17c. and July 16.90 to
To-day prices ended with March
141 lots or 1,410 bales.
17.25c.
late at rising
-There has been a better business of
TIN.
COTTON
prices here and in London. Straits tin nearby sold at 39e.
Early March was quoted at 39.05c.; April, 39.200. Most of
Friday Night, Feb. 21 1930.
the business was on the Exchange. In two days the sales
THE MOVEMENT OF THE CROP, as indicated by
there were 440 tons. On the 20th inst. prices at the Exchange closed five points off to 10 points higher, with most our telegrams from the South to-night, is given below.
of the business in March, and some indications of expanding For the week ending this evening the total receipts have
speculation. March ended at 38.55c. at the Exchange, reached 65,886 bales, against 53,506 bales last week and
April at 38.70 to 38.80e. and May at 39e. In London on
making the total receipts
the 20th inst. standard advanced 10s. to £174 15s. for spot 82,277 bales the previous week,
and £177 15s. for futures; sales, 20 tons spot and 330 futures. since Aug. 1 1929 7,289,189 bales, against 8,014,272 bales
Spot Straits up 12s. 6d. to £177 2s. 6d. Eastern 0. 1. f. for the same period of 1928, showing a decrease since Aug. 1
London ended at £180 2s.6d. with sales of 350 tons. To-day 1929 of 725,083 bales.
prices ended with March 38.35c.; April 38.55c.; May 38.700.;
Total.
Mon. Tues. Wed. Thurs. Fri.
sales 110 tons.
Sat.
Receipts at1,516 2.661 3,332 2,44'7 1,097 1.001 12.054
LEAD has been in fair demand at falling prices with Galveston
947
947
London cables off. New York for the time being seems to Texas City
1,730 3.734 4,111 2.545 1,689 3,651 17.460
Houston
492
162
---112
77
104
37
little power of recovery. Still the quotation here is Corpus Christi_ have
455
405
50-6.10e. for East St. Louis and 6.25e. for New York. There Beaumont
,
- i7 26.359
2
New Orleans__ -- 13,705 2.134 1,570 5,530 1.i53
25
478 3,288
24 1,129
198
1,434
was no snap to the trading. That is clear. The falling Mobile
239
18
45 1.419
517
288
312
prices in London tend to keep consumers out of the market Savannah
9
11
201
17
100
62
2
Charleston
25
here. On the 20th inst. London spot fell us. 3d. to £20 Lake
25
lie ___
37
543
Fiti
ig§ __
off 10s. to £20 us. 3d.; sales, 200 tons spot Wilmington
13s. 9d.• futures
160 1.034
354
135
133
151
101
Norfolk
and 1,800 futures. At the second session futures up 2s. 6d. New York100
----------------111
The sales in London for future delivery in two days were Boston
1.
1.398
Baltimore
2,900 tons.
week_ 19,025 9.543 10.441 12.129 4.568 10.180 65.88
Totals this
-Trading has been on a small scale. Consumers
ZINC.
The following table shows the week's total receipts, the
doubt the stability of present prices. They are watching
the market and buying only as they are compelled to. total since Aug. 1 1929 and stocks to-night, compared with
Prices remain at 5.15c. East St. Louis, though some quote last year:
2
5.20o. New York, 5.50 to 5.573/0. nominal. On the 20th
stock.
1928 29.
1929 30.
Inst. London spot advanced is. 3d. to £18 17s. 6d.; futures
Receipts to
This Since Aug This Since Aug
remained at £19 10s. with sales of 850 tons for future delivFeb. 21.
1929.
1930.
Week. 1 1929. Week. 1 1928.
ery.
Galveston-12,054 1,623,025 22,904 2,540,403 371.011 492.641
20.252
37,592
646 167,068
-In structural steel a good new business was Texas City
STEEL.
947 132.397
Houston
reported. Buildings projected were on a normal scale. Corpus Christi... 17,460 2.480.595 20,866 266,410 983.200 833.281
20,613
---- 255.973
492 380.927
only gradual. It is Port Arthur
Operations are gradually increasing. It is
13,117
--14,754
455
26.359 1.406.144 26,120 1,282.574 497.460 346,820
not so noticeable this month as it was in Jan. That is plain. New Orleans
398
Gulfport
Fabricated steel attracts the most attention. Inquiries are Moblle
33.849
38,078
3.288 354.102 4,865 222,786
---27.970
11,494
_ _
for 50,000 tons. Last week the sales were 32,000. That Pensacola
708
378 -861
120
Jacksonville
itself was 20,000 tons less than three weeks ago. Operation Savannah
63.388
40,506
1.419 427.324 1.803 313,334
7,094
of the tin plate plants is at the rate of 75 to 80% or 15% less Brunswick
355 150,766
25.211
39.147
261 176.784
Charleston
than a year ago, and about 10% under the average rate for Lake Charles....
---8.780
25
5,505
543
85.128 1.176 112.024
24,422
this time in the last 4 years. Production according to the Wilmington
36,493
"Iron Age," has made a further slight gain, but has lost NorfolkNews, &c_ 1,034 134,832 1,395 205.118 66.953 94.313
92
N.port
momentum that caused it to rise rapidly in Jan. Demand is New York
166
2,654
730
97,985
82,680
34.023
111
1.282
---3.410
1.911
2,038
uneven with declines in certain districts offset by increases Boston
---24,374
35,150
1.124
1.398
1.094
Baltimore
in others. This contrast is especially sharp in automotive Philadelphia
5,094
6
4,667
steels with Pittsburg reporting heavier and other centers
65.886 7.289.189 80.860 8.014.272 2.213.461 2.051.439
'Tntstla
lighter releases.
In order that comparison may be made with other years,
-The sales have been smaller. The Buffalo we give below the totals at leading ports for six seasons:
PIG IRON.
trade denies that $16 was accepted recently unless it was
1926.
1925.
1927.
1928.
1929.
for off grade or very low silicon. They asserted that the Receipts at- 1930.
- -- -- - regular quotations were $16.50 to $17. In any case with Galveston..... 12,054 22,904 30.472
56.627
47,073
29,571
prices here the lowest in two years many doubt whether Houston *.. _ _ - 17,460 20,866 11,560 48,005 25.547 32,644
to decline further. Melters are taking their New Orleans- 26.359 26.120 23,180 61,084 39.480 29.838
they are likely
3.362
4,476
4.245
3,053
4.865
3.288
Mobile
time about buying. The market therefore hangs fire savannah....
9.133
20,437
3,750
13,596
1,803
1.419
Brunswick _
awaiting developments. Recent sales of Buffalo iron are
4.713
10.046
1,145
355
6,420
201
said to have been at $16.50, although there are persistent Charleston_ -3.189
2,910
561
2.175
1,176
543
Wilmington_ _
3.050
8.053
693
1.395
1,034
10.057
intimations that $16 has now and then been accepted, Norfolk
N'port N., &c
whatever may he said to the contrary. In some quarters All others.--8,109
1.566
1,810
1,376
3.816
3.528
it is said that shipments are increasing. New York received
75,323 210,193 120,512 159.418
80,860
65,886
Total this wk..
last week 1,700 tons of Southern iron. Southern iron is
still being sold to New England. Eastern Pennsylvania FUMY+ Ana I__ 7.239.139 8.014.272 6.962.693 10503063 7.874.332 7.750 3.4.13
nominally $19 to $20; Chicago, $19.50 to $20. This is
*Beginning with the season of 1926. Houston figures include movement
of cotton previously reported by Houston as an interior town. The dissupposed to be for small lots.
tinction between port and town has been abandoned
-A government report from Boston said: "A
WOOL.
The exports for the week ending this evening reach a
considerable volume of business in wool is believed to be total of 108,951 bales, of which 19,430 were to Great Britain,
withheld pending definite action in the goods market. The 15,250 to France, 16,537 to Germany, 13,559 to Italy,
season in goods has been delayed and as a result mills are 29,239 to Japan and China and 14,936 to other destinations.
uncertain as to the grades of wool they will need, although In the corresponding week last year total exports were
they feel reasonably certain of a fair aggregate volume of were 129,545 bales. For the season to date aggregate
orders. The receipts of domestic wool at Boston during exports have been 5,197,338 bales, against 5,971,726 bales
the week ended Feb. 15 amounted to 259,800 lbs. against in the same period of the previous season. Below are the
.3,619,600 lbs. during the previous week. At Geelong on exports for the week.
1306
FINANCIAL CHRONICLE
FOL. nil
heavy selling following a decline in wheat of 4 to 6c. It
caused cotton people to fear that it was all up with price
Total.
stabilizing plans in wheat and that it would be useless to
try anything of the kind in cotton. No cotton stabilization
Galveston
5.067 6.114
7,139 2,997 27,730
6,413
Houston
11,599 8,410 33,384 corporation has yet been established. Big selling included
7,027 6,328
_
Texas City
917
300 1,217 many old accounts. A disturbing
rumor, too, was that the
Beaumont
405
50
_ _455
Lake Charles_ _
25
25 co-operative March holdings here kept heretofore under the
• New Orleans__
10,Ooi 2,824 25,008 direction of the Farm Board were being sold and trans-ioo 7,987 3:iii
Mobile
1,423
1.949
3,372
Savannah
-125 2,048
125 2,885 ferred to later months. In Japan mills are curtailing 12 %
567
/
1
2
Wilmington_ _
2,055 3.800
5,855 for six months. Spot markets were 20 to 25 points lower
Norfolk
1,718
973
"iii
and quiet. Goods were quiet on both sides of the water.
New York
656
-iio
946
100
Los Angeles_ _ _ _ 3,146
100 5,046 The weather was better for field work. Planting has begun
400 1,400
San Francisco
1,050
300
1,350 in
the lower Rio Grande Valley. Houston reported that
Total
29,239 14.936 108,951 the outlook pointed to little decrease in the Texas acreage
19,430 15,250 16,537 13,559
Memphis looks for a
Total 1929
14,182 1,600 23,719 129,545 despite poor financial conditions.
51,176 14,929 23,939
Total 1928
17,259 10,483 107,584 sizable decrease in the acreage due to the efforts of banks,
6,890 11,225 40,554 21;i7.
8
merchants and others who control loans. Some firms in
Co
From
Exported toWall Street are keeping an eye on commodities, regarding
Aug. 1 1929
them as too low.
Feb. 21 1930. Great
GerJapan&
Exportsfr
Britain. France.' many. Italy. Russia. China. Other. Total.
On the 20th inst. prices, after an early moderate decline,
Galveston____ 168,969227,441 284,157144,517 8,123251,069 217,964 1,302,242 advanced some 18 to 20 points from the low and ended
185,156290,167j 347,521 131,715 12.521258.314159.5621,384,956 on some months 5 or 6 points net higher in a short market.
Houston
3,151 10,587 86,772
Texas City.- 23,79 14,676; 32,030
Corpus Christi 98,06 68.768 47,378 36,517,41,521 27,731 30,032 350.005 Some felt that the bear points had been discounted. More;
3,777 1,014
3,112 3,810
Beaumont _ _
3.241
14,754 over, wheat, which declined 2c. early in the day, recovered
318
4,055 3,654' --__
36
Lake Charles_
450
8.840
New Orleans_ 215,298 63,164 173,28 125,747 15.87 148,609 72,417 812,395 half the loss later. Shorts covered, the trade bought, and
7,419
____ 8,787 5,084 263,754 there was a certain amount of Liverpool buying. Some spot
81,931 7,083 153,45
Mobile
141
Jacksonville...
141
23,531
200
4,584
Pensacola....
55 28,370 houses bought March and sold later months. There was a
Savannah.... 131,858 1.1351 191,868 5,311
7.500 5,193 342,786 good deal of switching done from the near to distant months.
Brunswick_
7,094
7.094 Out and out new trading was rather small.
Everybody was
Charleston-. 47,141
220
115 52,487
40.405 11,094 151,462
9.838 37,110
12,987
Wilmington
2,00
61,933 awaiting new developments. Exports were small. Spot
22.422
"OOO
Norfolk
18
40,6
63,870 markets were generally unchanged, though one
or two of
20,023 4.725
New York_ _ _
5,381
2.497 7,511 43,517
3.38
32
223
Boston
50 2,14
2,453 •the Southern centers were 5 points higher. Manchester was
122
972
Baltimore_
1,094 quiet and Worth Street slow. Bombay declined 6 rupees
72
157
Philadelphia..
229
101,502 2,287 184,108 and silver was lower. The weather was generally favor33,344 3:iii 42.388 1,31
Los Angeles
5,2
2,900
San Diego_
8,150 able for field work at the South. On the whole, the market
3.450
San Francisc
300
1,500
44,236 "iii 49,933
Seattle
24,245
24,245 seemed to be in a waiting attitude.
Portland. 0
4,237
4.237
To-day prices were irregular, declining moderately at the
Total
1,066,866
1,410,017502,19 78,040923,833530,08 5,197,338 start, then rallying some 15 points, making a net advance
for the time being of 5 to 8 points, under the stimulus of
Total 1928-291,495,
648,9651,562,193452,451 132,7821111550568,7795,971.726
Total 1927-2: 860,973893,1091,590.21 413,94 113,228756,857548.40:4,976,732 higher prices •for wheat, then declining again as wheat
re/acted and March liquidation made itself felt to some exIn addition to above exports, our telegrams to-night also tent and ending 10 points net lower. Some were evening
give us the following amounts of cotton on shipboard, not up for the holidays, and also for the notices here next
cleared, at the ports named:
Tuesday. Southwestern interests sold March, May and
July freely, early in the day. Spot markets were 10 points
On Shipboard Not Cleared for
lower and quiet. Goods were quiet on both sides of the
water. Final prices show a loss for the week of 47 to 56
Great
Get
Other Coast
Leaving
- Britain. France. many. Foreign wise. Total.
Feb. 21 at
points. Spot cotton closed at 15.30c. for middling, a decline
Stock.
a 10 points to-day, and 55 points for the week.
Galveston
8.500 5.800 6,200 23,000 3,000 46.500 324,511
New Orleans_ _
9,352 3,576 4,290 15,976
185 33,379 464,081
The official quotations for middling upland cotton in the
Savannah
200
200
63,188
Charleston.._
13
13
25,198 New York market each day for the past week has been:
Mobile
580
91 6.371
1,4156
27,478
3:565
Sat. Mon. Tues. Wed. Thurs. Fri.
Feb. 15 to Feb. 20Norfolk
66,953
15.90 15.65 15.65 15.40 15.40 15.30
Other ports*
3:666 2,500 67,666 23:666 1,8645 35:666 1.120,589 Miclang upland
-The highest, lowest and closing prices at
FUTURES.
Total 1930- - 23,252 12,456 15,490 65.276 4,989 121,463 2,091.998
Total 1929- 28,026 16,429 21,645 67,588 10.685 144,373 1.907,066 New York for the past week have been
as follows:
Total 1928_- 17.374 9.117 18.755 44,358 5.978 95,582 3,046.454
Exported to
Week Ended
Feb. 211930.
Great
GerExports from
- Britain. France. many.
*Estimated.
Japan&
Italy. Russia. China. Other.
Saturday,
Monday,
Tuesday, Wednesday, Thursday,
Fr aY.
Feb. 17.
Feb. 18.
Feb. 15.
Speculation in cotton for future delivery has been on a
Feb. 19.
Feb. 20.
Fel. 21.
liberal scale in a market dominated largely by the fluctua- Jan.
Range.
tions in wheat and a fear that the Farm Board, for the
Closing
time being at any rate, would do nothing further to stabilize Feb.
prices. It is now said that some 360,000 bales of co-operaRange15.28
Closing 15.73 --- 15.44 -15.44 -15.20 -15.29
tive cotton credited to the Farm Board have been shifted Mar.to distant months and that the Farm Board will therefore
Range- 15.81-15.89 15.48-15.73 15.31-15.3415.21-15.59 15.17-15.40 15.2( 15.37
Closing 15.81-15.82 15.52-15.5415.52-15.53 15.28,15.30 15.29-15.31 15.26 15.21
not stop the notices next Tuesday. Also there has been Apr
.March liquidation and that has pressed upon the price.
Re meClosing 15.94 -- 15.6515.65 -15.4215.4315.34
As the situation stands now it is believed to be short. On May
the 15th inst. prices advanced a dozen points on better
Range _ 16.07-15.15 15.73-15.99 5.57-15.81 15.46-15.88 15.44-15.67 15.41 -15.63
Closing. 18.08,16.09 15.79-15.80 5.78-15.80 15.50,15.57 15.58-15.59 14.54 15.50
Liverpool cables, some improvement in the cotton goods June
demand here and in Lancashire, a scarcity of contracts here
Range
15.47
15.88 -15.65Closing _ 16.1615.8715.80 -15.57
and in Liverpool, trade buying, and covering. Spot markets July
advanced 5 to 10 ponts. Bombay and the Continent were
15.90-18.15 5.75-15.99 15.67-16.04 15.64-15.87 15.61 15.84
Range _ _ 16.25-16.32
Closing 18.25-16.28 15.96-15.97 5.98-15.99 15.75-15.78 15.79-15.80 15.71 15.71
buying in Liverpool. Even the yarn trade was better in
Manchester. The belief seemed to be very general here Aug.- Range16.04 -15.80 -15.84Closing _ 16.31
16.0315.71
that •the Farm Board, which is supposed to hold 300,000 801.
bales in co-operative cotton futures, will require delivery
Range - _
Closing _ 16.3715.85 -15.8916.10 -16.1015.81
on March contracts.
On the 17th inst. prices declined 30 to 35 points on a Oct: -- 16.42-16.51 18.08-16.32 15.93-16.18 15.85-16.20 15.82-18.04 15.86 16.03
Range
Closing _ 18.42,16.44 16.1646.17 16.1646.16 15.90-15.94 15.95-15.97 15.80 15.88
weaker technical position and heavy liquidation, partly in
March. As to the Farm Board, there were rumors that it Nov.- Range16.24 -16.00Closing_ 18.51 might not be so ready to accept delivery on March con16.2516.06 -15.96
tracts as had previously been supposed. In Chicago wheat Dec.
Range _ 16.60-18.6716.25-18.49 16.11-18.38 16.05-16.42 10.01-18.24 16.07-16.22
/
1
2
/
1
2
broke 2 to 2 c., and in Winnipeg 4 to 4 c. Farm Board
Closing 18.61 -16.35-16.3618.33-18.3516.11-16.1310.17 -10.07-16.09
aid looked more problematical in wheat, and to many some- Jan. _ 16.81-18.65 16.30-16.5018.14-16.38 16.10-16.4016.09-16.26 10.14 16.25
Range
what less assured in cotton. Spot markets were dull and
18.38-18.38 16.37Closing _ 16.6116.18 -18.23-16.24 18.14 18.15
lower. Worth Street and Manchester were plainly more
Range of future prices at New York for week ending
quiet. Wall Street, the West, the South and local traders
were sellers. On the 18th inst. prices fell 20 to 25 points on Feb. 22 1930 and since trading began on each option:
weakness in Liverpool, an early decline in wheat, and conRange Since Beginning of Option.
Range for Wed.
tinued liquidation in March and other months, with March Option for
notice day on Tuesday, Feb. 25. There were intimations Mar 11930_ 15.20 Feb. 21 15.89 Feb. 15 15.05 Feb. 1930 20.25 Apr. 1 1929
from Washington that under certain circumstances the Apr. 1930_
18.71 July
1929 18.82 July 8 1929
May 1930__ 15.44 Feb. 20 16.18
15 15.26 Feb.
Farm Board might not for the time being try to maintain June 1930__ 15.47 Feb. 20 15.47 Feb. 20 15.28 Feb. 1930 20.18 Sept. 3 1929
Feb.
1930 18.87 Oct. 24 1929
wheat prices. But later, with the technical position better, July 1930__ 15.64 Feb. 20 16.32 Feb. 15 15.47 Feb. 1930 20.00 Sept. 3 1929
Aug. 193015.63 Feb.
1930 18.34 Nov. 22 1929
offerings small, and a noticeable rally in wheat and a rise sem.1930
•in stocks, cotton recovered the early loss and closed very Oct. 1930__ 15.82 Feb. 20 16.51 Feb. 15 15.79 Feb. 7 1930 18 58 Nov.20 1929
Nov. 1930
16.13 Feb. 8 1930 17.78 Deo. 16 1929
steady at practically unchanged prices.
Dec. 1930
18.00 Feb. 7 1930 18.06
1930
On the 19th inst. prices, after a small early decline, sud- Jan. 1931_ 16.01 Feb. 20 16.87 Feb. 15 16.01 Feb. 20 1930 17.18 Jan. 13 1930
Feb. 1
denly wheeled about and advanced 20 to 25 points net on Feb. 1931_ 16.09 Feb. 20 16.85 Feb. 15 16.09 Feb. 20 1930 16.85 Feb. 15 1930
FEB. 22 1930.]
1307
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made receipts at all the towns have been 5,304 bales more than the
up by cable and telegraph, is as follows. Foreign stocks as tame week last year.
'well as afloat are this week's returns, and consequently
NEW YORK QUOTATIONS FOR 32 YEARS.
all foreign figures are brought down to Thursday evening.
18.25c.1906
11.25c.
1914
12.85c.
15.300. 1922
total the complete figures for to-night 1930
But to make the
7.700.
13.05c. 1905
14.20c. 1913
20.25c. 1921
1929
14.800.
10.700. 1904
38.75c. 1912
18.45c. 1920
exports from the United States, 1928
(Friday) we add the item of
9.600.
14.100. 1903
25.800. 1911
14.200. 1919
1927
only.
including in it the exports of Friday
15.15c. 1902
8.75c.
31.200. 1910
20.600. 1918
1926
February 21Stock at Liverpool
Stock at London
Stock at Manchester
1930.
bales.. 921,000
1929.
970,000
113,000
1928.
1927.
778,000 1,313,000
91,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1.034.000 1,061,000
496,000
295,000
8,000
106,000
70,000
Total Continental stocks
607,000
249,000
16,000
80,000
61,000
68,000
174,000
846.000 1,487.000
545,000
321,000
15,000
97.000
57,000
622,000
284,000
16,000
109,000
72,000
975.000 1.013,000 1.035,000 1,103,000
Total European stocks
2,009,000 2,074,000 1,881,000 2,500.000
Indian cotton afloat for Europe
226,000 162,000 158,000 109.000
American cotton afloat for Europe 33,700 483,000 401,000 589,000
Egypt,Brazll,&c.afloat for Europe 86,000
96,000
77.000 103,000
Stock in Alexandria, Egypt
473,000 439,000 403,000 420,000
Stock in Bombay,India
1,314,000a1,109,000 743,000 646,000
Stock in U. S. ports
a2,213,461a2,051,438a2,142,036a2,783,162
Stock in U. S. interior towns..„a1,306,632 936,027a1,023,I20a1,279,114
U. S. exports to day
5,087
973
Total visible supply
7.966,066 7.350.466 6,828,156 8.533.443
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 435,000 697,000 547.000 999,000
Manchester stock
76,000
53,000 150,000
69,000
Continental stock
879,000 945,000 1,003,000 1,503,000
American afloat for Europe
337,000 483,000 401,000 580,000
U. S. port stocks
a2,213,461a2,051,439a2,142,036a2,783,162
U. S. interior stocks
01,306,632 a936,027a1,023,120a1,279.194
U. S. exports to day
5,007
973
Total American
East Indian, Brazil, dec.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
5,248,066 5,181,456 5,169,156 6.860,443
. 486,000
273,000
231,000
314.000
22,000
37,000
68,000
96,000
226,000 162,000
86,000
96,000
473.000 439,000
1.314,000 1.109,000
15,000
32,000
158,000
77,000
403,000
743,000
22.000
50,000
100.000
103,000
420,000
646,000
2,718,000 2,169,000 1,659,000 1,673,000
5,248,066 5,181,466 5,169.156 6.860,443
Total visible supply
7,966,066 7,350,466 6,828,156 8,533,443
Middling uplands,Liverpool
7.17d.
8.47d. 10.49d. 10.40d.
Middling uplands, New York_
19.00c.
14.30c.
15.30c. 20.25c.
Egypt,good Sakel,Liverpool_ _ - - 14.35d. 19.106. 19.50d
15.60d.
Peruvian, rough good, Liverpool_ 13.75d. 14.50d. 12.00d. 11.50d.
Broach,fine, Liverjbool
9.35d.
6.95d.
6.30d.
9.00d.
Tinnevelly, good, Liverpool
7.40d,
7.65d. 10.10d. 18.15d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
1925
1924
1923
9.56c.
8.88c.
6.56c.
9.85c. 1901
11.35c. 1900
11.000. 1899
16.30c. 1909
12.000. 1908
8.55c. 1907
24.55c. 1917
31.35c. 1916
28.200. 1915
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
SALES.
Futures
Markel
Closed.
.
Spot. Contr ct Total.
50
50
300
Saturday___ Steady, 5 pts. adv.... Barely steady__
Quiet, 25 pts. decl__ Barely steady
Monday _
Steady, unchanged_ Very steady_ _ _
Tuesday
Wednesday_ Quiet,25 pts. decl__ Steady
Thursday _- Quiet, unchanged __ Barely steady
Quiet, 10 pts. decl__ Steady
Friday
300
224
574
574
142,038 241,500 383,538
Total
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1929-30-Since
Week. Aug. 1.
6,196 220,142
46,440
2,124
3,309
30
24,847
950
4,628 120,221
11,096 429.101
Feb. 21.
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1928-29Since
Week. Aug. 1.
10,257 324.520
61,998
2,684
4,508
295
31,856
545
3,204 139.935
18,085 399.651
Total gross overland
25,024
Deduct Shipments
1,609
Overland to N. Y., Boston, &c
396
Bewteen interior towns
8,121
Inland, &c.,from South
844,060
35,070
962,468
29,005
11,148
277,610
730
473
16,673
70,533
12,536
422,270
10,126
317,763
17,876
505,339
Leaving total net overland *--_14,898 526,297
* Including movement by rail to Canada.
17,194
457,129
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 14,898 bales, against 17,194 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 69,168 bales.
-1929-30-- -1928-29Since
Since
In Sight and Spinners'
Aug. 1.
Aug. 1. Week.
Week.
Takings.
65,886 7,289,189 80,860 8.014,272
Receipts at ports to Feb. 21
457,129
17,194
14,898
526.297
Net overland to Feb. 21
Southern consumption to Feb.21-110,000 3,040,000 122,000 3.197.000
190,784 10,855,486 220,054 11,668.401
Total marketed
618.558
*19,446 1,096,722 *30,385
Interior stocks in excess
Excess of Southern mill takings
743.710
731,721
over consumption to Jan. 31-
Continental imports for past week have been 111,000 bales.
The above figures for 1930 show a decrease from last
1,189,669
Came into sight during week___171,338
13.030,669
week of 113,852 bales, a gain of 615,600 from 1929, a
12,683,929
Total in sight Feb. 21
decrease of 1,037,910 bales from 1928, and a loss of 567,377 North. spines' takings to Feb. 21 27,212 827,127 12.614 848.087
bales from 1927.
* Decrease.
AT THE INTERIOR TOWNS the movement
Movement into sight in previous years:
-that is,
Bales.
Since Aug. 1Bales.
the receipts for the week and since Aug. 1, the shipments for
Week11,550,905
162,799 1927-28
the week and the stocks to-night, and the same items for the 1928
15,598,121
320,168 1926-27
1927
13,718.885
corresponding periods of the previous year, is set out in 1926
212,237 1925-26
detail below:
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Movement to Feb. 21 1930.
Towns.
Receipts.
Ship- Stocks
meets Feb.
Week. Season. Week. 21,
Ala., Birm'ham 1,014 104,263 1,115 15,706
Eufaula
505 18,16
123 5,303
Montgomery.
129 57,233
295 27,914
Selma
45 71,35,
493 30,476
Azk,Blytheville 2,222 123,474 1,539 43,398
Forest City
280 29,359
777 12,486
Helena
789 57,812
699 16,972
Hope
89 54,241
634 2,807
Jonesboro_ _ _
247 38,552
512 3,603
Little Rock
632 123,240 3,193 31,404
Newport _ _
223 50,898
254 4,691
Pine Bluff_
789 181,076 2,197 35,788
Walnut Ridge
259 54.292
357 6,826
Ga., Albany
.
____
6,482 ___ 2,494
Athens
1,280 39,402
500 23,089
Atlanta
3,620 142,349 2,166 102,145
Augusta
3,014 279,691 3,840 93,802
Columbus_ .._
87 23,362
150 2,497
Macon
274 72.271
748 21,197
Rome
150 22,751
250 17,981
La., Shreveport
425 142,830 1,788 56,348
Miss.,C1'ksdale 2,137 182,888 2,627 36.036
Columbus
174 27,723
618 9.841
Greenwood_ _ 1,470 222,351 3,336 69,207
Meridian_
274 50,752
771 6,612
.Natchez _ _ -68 23,746
101 9,561
Vicksburg _
168 31,441
161 7,426
Yazoo City _.
151 41,081
636 10,187
Mo., St. Louis_ 6,256 224.852 6,196 13,839
N.C.,Greensb'o
618 16,41 ' 1,328 10,868
Oklahoma
15 towns._ _ 4,416 730,815 8,386 71,105
S.C., Greenville 3,541 135,870 3.506 70,479
Tenn.,Memphis 36,6021,846,667 39,581395,541
Texas, Abllene
42 28,089
74
331
41 11,090
Austin
67
922
Brenham__
89 10,549
70 3,467
1,001 106,197 1,261 12,972
Dallas
208 72,417
Paris
213 4,366
Robstown---__ 32,698
62 2,451
San Antonio_ --- 22,981
____I
724
Texarkana I
157 57,655
909 5,392
I
447 102.767
Waco
164 8,372
Movement to Feb. 21 1929.
Receipts.
Week. Season.
Ship- Stocks
merits i Feb.
Week. 22.
433 53,669 1,273 5,116
12 13,020
96 5,755
480 52,426 1,664 20,316
940 20,093
316 44,443
564 80,994 1,358 13,942
607 7,572
315 26,517
359 54,429 1,258 12,754
237 5,463
157 55,453
101 32.642
765 3,292
964 109,210 2,228 19,481
58 46,249
835 4,705
579 126,855 1,9111 24,400
559 37,277 1,666 6,819
--I 1,892
550 12,665
88 27.981
955 112.353 3,730 48,426
3,696 202,567 2,356 76,200
420 43,555 1,411 9.267
314 51,815
394 7,475
395 34,926
250 30,560
379 141,339 2,102 55,899
880 141,741 2,123 28,964
151 29,500
341 9,741
1,127 186,326 3,404 41,118
174 46,028
788 7.315
654 29,124
517 20.070
125 24,458
241 4,118
200 39,384
800 7,446
9,329 349,948 10,257 26,799
783 17,866
431 10,519
3,061 750,705 8,758 39,903
6,738 148,311 5,993 44,618
30,9221,432,070 32,497255,446
355 1,925
8031 50,711
1071 47,397
285 2,065
1791 31,534
406 3,180
1,0531 122,015 1,515 17,282
1461 87,507
227 3,855
21 28,005
81
480
..-1 41.693 --- _ 2,088
301 62,873
735 6,692
1,0211 138,874 2,107 10,311
Closing Quotations for Middling Cotton on
Week Ended
Feb. 21.
Galveston
New'
Orleans _ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock..- -Dallas
Fort Worth_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
16.10
15.48
15.35
15.51
15.88
16.15
15.88
15.05
15.95
14.80
15.30
_
15.80
15.29
15.05
15.24
15.63
16.00
15.56
14.75
15.65
14.52
15.00
15.00
15.80
15.29
15.05
15.22
15.63
15.75
15.56
14.75
15.65
14.52
15:00
15.00
15.55
15.04
14.85
14.99
15.38
15.90
15.38
14.55
15.45
14.28
14.75
14.75
15.55
15.12
14.90
14.99
15.38
15.70
15.38
14.85
15.45
14.28
14.80
14.80
15.45
15.03
14.85
14.92
15.31
15.65
15.31
14 75
15.35
14.20
14.70
14.70
NEW ORLEANS CONTRACT MARKET
Saturday,
Feb. 15.
March --April
May
June
July
August-- September
October
November
December
January _ _
February _
Tone
Spot
Options
Monday,
Feb. 17.
Tuesday, Wednesday, Thursday,
Feb. 18.
Feb. 20.
Feb. 19.
Fr
Pet.21.
15.29-15.30 15.3015.04-15.05 15.12-15.14 15.01 15.03
15.6015.85-15.86 15.55-15.56 15.57-15.58 15.31-15.32 15.39-15.40 15.31 -15.32
15.51 15.55
16.09-16.10 15.78-15.80 15.7715.52-15.53 15.6115.8045.81 15.71 15.74
16.2515.96-15.97 15.7215.9815.91 -15.93
16.41 Bid 16.16 Bid 16.12 Bid 15.88 Bid 16.0016.17 Bid 15.93 Bid 16.08 Bid 16.01 Bid
16.48 Bid 16.21 Bid
Quiet
Steady
Steady
Rreadv
Steady
Rthativ
Quiet
Rtplulv
Steady
Steady
St
St
9
ACTIVITY IN THE COTTON-SPINNING INDUSTRY FOR JANUARY.
-Persons interested in this report
will find it in our department headed "Indications of Business Activity" on earlier pages.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING JANUARY.
-Persons interested in
Total, 56 towns 73.9335.472,138 91,6771306632 68,6295,157,051 97.491936.027 this report will find it in our department headed "Indications of Business Activity" on earlier pages.
•Includes the combined totals 01 15 towns in Oklahoma.
The above totals show that the interior stocks have
CENSUS REPORT ON COTTON CONSUMED AND
increased during the week 19,446 bales and are to-night ON HAND IN JANUARY.
-This report, issued on Feb.
370,605 bales more than at the same time last year. The 13 by the Census Bureau, will be found in full in an earlier
FINANCIAL CHRONICLE
1308
part of our paper under the heading "Indications of Business Activity."
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening denote that in the extreme
southern portion of the cotton belt the weather has been
generally favorable and farm work has made satisfactory
progress.
-Thermometer
high 67 low 40 mean 54
high 78 low 32 mean 55
high 78 low 46 mean 62
high 72 low 46 mean 59
high 74 low 34 mean 54
high 74 low 40 mean 57
high 72 low 38 mean 55
high 72 low 34 mean 53
high 74 low 38 mean 56
high __ low __ mean 60
high 72 low 33 mean 52
high 68 low 47 mean 54
high 72 low 34 mean 52
high 67 low 34 mean 51
high 73 low 22 mean 45
high 70 low 25 mean 49
Rain. Rainfall.
1 day 0.22 in.
dry
1 day 0.14 in.
2 days 0.02 in.
dry
dry
3 days 0.19 in.
1 day 0.10 in.
1 day 0.12 in.
dry
2 days 0.72 in.
1 day 0.54 in.
3 days 0.63 in.
7 days 0.42 in.
1 day 0.05 in.
1 day 0.13 in.
Galveston, Texas
Abilene, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas. Texas
Del Rio, Texas
Houston, Texas
Palestine, Texas
San Antonio, Texas
New Orleans, La
Shreveport, La
Mobile,Ala
Savannah,Ga
Charleston, S. C
Charlotee, N. C
Memphis, Tenn
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Feb. 21 1929. Feb. 22 1928.
Feet.
Feet.
13.4
12.0
28.8
13.8
17.5
11.6
15.2
15.0
41.9
32.1
Above zero of gauge.
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
RECEIPTS FROM THE PLANTATIONS.
Week
Ended
Stocks at Interior Towns.
Receipts at Ports.
1929.
1928.
1927.
1929.
I
I
1928.
1927.
Receiptsfrom Plantations
1929.
1928.
(VOL. 130.
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
34,000 bales. Exports from all India ports record an increase
of 41,000 bales during the week, and since Aug. 1 show an
increase of 77,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Feb. 19.
1929 30.
1927-28.
190,000
6.305.660
Receipts (cantar8)This week
Since Ana. 1
1928 29.
120.000
6.521.352
90,000
4.782.453
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)To Liverpool
To Manchester,&c
To Continent and India
To America
4.000 106,242
____ 116,362
4,000 106,677
____ 116,157
13.000304,851 8,000 313,322
69.418
____ 100,906
____ 87,859
____ 95,200
5.000 248,745
8.500 85,569
21,000 587.188 8.000 646.747 13.500 517.373
Total exports
Note.
-A cantar is 99 lbs Egyptian ha es weigh about 750 lbs.
This statement shows that the receipts for the week ending Feb. 19 were
190,000 cantars and the foreign shipments 21,000 bales.
MANCHESTER MARKET.
-Our report, received by
cable to-night from Manchester, states that the market in
yarns is easy and in cloths is quiet. Demand for yarns is
poor. We give prices to-day below and leave those of
previous weeks of this and lats year for comparison:
1927.
Jan. 1930. 1929. 1928.
1930. 1 1929.
1928. 1930. 1929. 1928.
3__ 154,384 188,298 110,324 1.476,971 1,240,631 1,295,532 138.320 173,028 77,113
10... 137,699 172,340 117,331 1.477,345 1,203,459 1,261,688 138,073 135.168 83,487
17_ 104,523151.177 122.215 . .
84.011 108.858 78,070
. .
. ,
24.... 98,388 171,761 120,405 1,432,3871.118.6991,1S0.096 73,942 129.320 82.958
31.. 87.594155.731 139.567 1,403,107 1.072,678 1,134.087 88,314109.710 93,558
Feb.
I
7._ 82,277 135,078111,8251,355,621 1,007,9131,087,654 34,791 70.313 65,392
14_ 53,506 81,570 107,419 1,326,078 966,4121,049,180 23,972 40,069, 68,945
21__ 65.888 50.8611175 2231 non R32 0311 0271 023 120 48440 xn ARV 40 9113
1928.
1929.
Nov.
8._ 1.514396,001 390,293 1.348.3241.050.548 1.260,956446,617412,497451.314
15.. 50,357351.467341,143 1.400,376 1.099.921 1,290,409411,409400,843370,596
22_ 62.509351,505 257.764 1.441,2901.155.384 1,307.971 294.423406.968275.326
29._ 68,195365.189 284.933 1.448.310,1,215.753 1.329.900275.215425,558306.862
Dee.
I
6_."82.747388.988233,588 1.451,947 1,223.573 1.342.503285,384 396.808 246,196
-- 81,399311.736 199.962 1,461.857 1.232.683 1.331.182291.308 320.849 188,636
20..260,772265.780180.499 1.476,699 1.232,4361.308.770275,614 265,553 158,087
27-- 187,785255,661 159,069 1,493,015 1.255.9014,328,743204,101 279,131 179.042
32s Cop
Twist.
831 Lbs. Shirt- Cotton
ing.. Common Alklare
ds
UM'
to Priest.
132s Cop
Twist.
d.
d
15 01634
15 01631
163(017
159468161.4
151(016K
834 Lbs. Shirt- Cott°.
ing/. Common
Upi'ds.
to Finest.
s.d.
13 1
13 0
13 0
13 1
13 3
d.
1431015%
133(014X
1394 @1484
1394 @1494
139401454
s. d.
013 0
012 5
012 4
012 6
012 5
d.
9.88
9.56
9.56
9.76
9.59
133(01434
1394681484
139468141.4
1334©14Sf
Jan.
-
I d.
12 6
12 8
12 2
12 3
12 3
12 3
12 3
12 3
23
012 5
012 5
012 5
4012 5
19 30.
13840143( 12 2
(4143( 12 2
1334
133(0141i 12 2
13940143( 12 2
13 4:414J4 12 2
012 4
012 4
012 4
@124
4012 4
9.58 159401694 13 3
9.47 153468161.4 13 3
9.36 15)
,
s@1654 13 3
9.51 15A @Uni 13 3
19 29.
9.53 1594681634 13 3
9.58 153(0184 13 3
9.49 1594681684 13 3
9.40 1534016K 13 3
8.85 153(015X 13 3
s. d.
013 3
013 2
013 2
013 3
@135
d.
10.49
10.46
10.55
10.84
10.97
013 5
013 5
013 5
@a 5
10.63
10.69
10.58
10.63
0113 1
013 5
013 5
@136
013 6
10.50
10.58
10.63
10.48
10.35
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,361,898 bales; Feb.
10.34
8.60 15 019 13 3 013 5
121.46814 0 11 4 012 0
10.43
8.69 153(0163( 13 3 013 6
in 1928 were 8,608,154 bales, and in 1927 were 7,606,589
125461 13M 11 0 611 4
10.49
8.47 153(0163( 13 3 013 6
12K 01334 10 6 @II 2
bales. (2) That, although the receipts at the outports the
-As shown on a previous page, the
past week were 65,886 bales, the actual movement from
SHIPPING NEWS.
plantations was 46,440 bales, stocks at interior towns exports of cotton from the United States the past week have
having decreased 19,446 bales during the week. Last year reached 108,951 bales. The shipments in detail, as made
receipts from the plantations for the week were 50,481 up from mail and telegraphic reports, are as follows:
Bales.
bales and for 1928 they were 49,263 bales.
-Feb. 13-Conness Peak, 2.752-Feb.
GALVESTON-To Havre
4,178
19
-Alaska, 1,426
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-Alaska,
Dunkirk-Feb. 13-Stureholm, 1,490___Feb. 19
Cotton Taking*,
Week and Season.
1929-30.
Week.
1928-29.
Season.
Week.
Season.
Visible supply Feb. 14
7.443,956
8.079,918
Visible supply Apr. 30
3.735.957
4,175,480
American in sight to Feb. 2L.. 171,338 12,683,929 189,669 13,030,669
Bombay receipts to Feb. 20_ _ 113,000 2.117.000
79,000 1,581,000
Other India ship'ts to Feb. 20..
414,000
14,000
12,000
346,000
Alexandria receipts to Feb. 19..
24,000 1,308.200
38,000 1,263,200
Other supply to Feb. 20 *b
551.000
6,000
10,000
487,000
Total supply
Deduct
Visible supply Feb.21
8.424,256 20,765,086 7,750,625 20,928,349
7,966,066 7,966,066 7.350.466 7,350,466
Total takings to Feb. 21_a
458,190 12,799,020 406,159 13.577,883
Of which American
295,190 9,199,820 284,159 9.990,683
Of which other
163,000 3,599,200 122,000 3,587,200
* Embraces receipt in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,040000 bales in 1929-30 and 3,197,000 bales in 1928-29-takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 9,759,020 bales in 1928-30 and 10,380,883 bales in
1928-29, of which 6,159.820 bales and 6,793,683 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
ports for the week and for the season from
from all India
Aug. 1, as cabled, for three years, have been as follows:
1929-30.
Feb. 20.
Receipts at
Since
Week. !Aug. 1.
Total all
1929
-30_
1928-29_
1927-28._
1927-28.
Since
Week. lAug. I.
Since August 1.
For the Week.
Bombay
1929-30_
1928-29_
1927-28_
Other 1081
1929-30_
1928-29_
1927-28_
Week.
Since
Aug. l.
113,000 2.117.000 79.000 1,581,000 70,000 1,717.000
Bombay
Exports
from-
1928-29.
Grad I Conti-Japan &
Great Conti- Japan&
China.
Total.
cent.
Britain. neat. China. Total. Britain.
5,
27,00 79,000111.000
2,000 3,000 63,000 68,000
4.000 15,000 9,000 28,000
1,000 11,000
6,000 8
.
1,000 14.
6,000i 38,000
45,0001, 452,0001 812,666 1,309,000
28,000, 426,000 846.0001,300,000
37.000 312,000, 533.00 882,000
!
12,000 71,000 343,000
14,000 62,000 284,000
15.000 595,000 283,000
414,000
346,000
342,500
70.009123.000 116.000 795,000 812.0001,723,000
8,000 11,000 63,000 82,000 90,000 710,000 846,0001,646,000
5,000 29.000 9,000 43,000 965.000 595,000 533,0001.224,500
To
446
To Copenhagen-Feb. 13-Stureholm, 850
To Gothenburg-Feb.13-Stureholm,377
To Rotterdam-Feb. 13-Conness Peak, 157
-Alaska,50
--Feb. 13-Conness Peak, 50..-Feb. 19
To Ghent
To Liverpool-Feb. 15-Anselma de Larrinaga, 1.102- -Steadfast.826
To Manchester-Feb.15-Anselma de Larrinaga, 2,546; Steadfast,593
To Genoa-Feb. 15-Maddalena Odero, 3,341; Jolee, 2,059
-Fern-Argun Maru, 3,530- Feb. 19
To Japan-Feb. 15
glen,1,953
-Argun Maru, 300-Feb. 19-Fcrnglen,
To China-Feb. 15
1 356
To Venice-Feb. 15-Jolee, 963
To Trieste-Feb.15-Joiee,50
To Barcelona-Feb. 17-Jomar, 1,513
WILMINGTON To Bremen-Waaihaven, 1,500
To Hamburg-Waalhaven,555
To Venice-Tergestea, 3,800
SAN FRANCISCO-To Great Britain-Feb.14-Waalhaven,1,050
To France-Feb. 14-Waalhaven, 300
-To Bremen-Feb. 13-Cottingen, 3,782_
NEW ORLEANS
-West Gambo, 2.037
Feb. 14
To Copenhagen-Feb. 13-Cottingen, 150
To Hamburg-Feb.13-Cottingen,2,168
To Vera Cruz
-Feb. I4-Idraet,300
-Buenos Aires,
To Japan-Feb. 13-Fernglen, 526... Feb. 17
Maru, 1,475; lAndenbank, 4,100
-Buenos Aires
To China-Feb. 13-Fernglen,3,075---Feb. 17
Maru.325: Lindenbank, 1,000
-West Gambo, 1,643---Feb. 18To Rotterdam-Feb. 14
Spaarndam, 547
To Genoa-Feb. 17-Chester Valley, 3,296
-Tortugas,400
To Dunkirk-Feb. 19
-Tortugas, 34
To Oslo-Feb. 19
-Tortugas, 150
To Gothenburg-Feb. 19
-Tulsa, 472
SAVANNAH-To Liverpool-Feb. 15
To Bremen-Feb. 20-Fuerst Buelow. 2,048
-Tulsa, 95
To Manchester-Feb. 15
-Spar. 60
To Antwerp-Feb. 20
To Dunkirk-Feb. 19--Stureholm, 125
-Spar,65
To Rotterdam-Feb.20
-Feb. 17
-Belgian, 400
NORFOLK
-To Liverpool
To Bremen-Feb. 21-Crefeld, 973
To Manchester-Feb. 17-Beiglan, 120-Feb. 18-Bannack,
225
NEW YORK
-Alfonso XIII, 100
-To Vigo-Feb.15
-Liberty, 325
To Havre-Feb. 19
To Barcelona-Feb. 18-Kepw1ck. 80
-Liberty, 341
To Dunkirk-Feb. 19
To Bremen-Feb.19
-Stuttgart. 100
-Feb. 14-Conness Peak. 917
TEXAS CITY-To Havre
To Ghent
-Feb. 14-Conness Peak,300
-Feb. 15
LOS ANGELES
-Pacific Enterprise, 71:
-To Liverpool
York City, 400; Quarrington Court, 1.825
-Pacific Enterprise, 300: York City.
To Manchester-Feb. 15
350; Quarrington Court. 200
,
To Havre-Feb. 15--Quarrington Court,400
To Bremen-Feb. 15-Quarrington Court, 900: Saale, 500- To Antwerp-Feb. 15-Quarrington Court. 100
1,936
850
377
157
100
1.928
3,139
5,400
5,483
1,656
963
50
1,513
1,500
555
3,800
1,050
300
5,819
150
2,168
300
6,101
4,400
2,190
3,296
400
34
150
472
2.048
95
60
125
65
400
973
345
100
325
80
341
100
917
300
2,296
850
400
1 400
100
FEB. 22 1930.]
FINANCIAL CHRONICLE
1309
due. It ended 1% to 1%d. lower. That was due to increased offerings by Argentina, pressure of Manitoba wheat,
wide and disturbing fluctuations in Argentina exchange,
1.117
450 and dullness of trade. Buenos Aires ended % to lc. lower.
1,372 Advices as to the condition of winter wheat in the United
favorable. Export
5,699 States and Europe were on the whole
demand was generally small, although a fair business in
5.900
the Orient. The open interest at
2,872 Manitoba was done with
183 the end of last week was put at 193,717,000 bushels against
600
year ago. Sales of wheat futures on the
2,398 197,175,000 a
435 Chicago Board of Trade last week were 177,673,000 bushels,
100 a decrease of 150,000,000 bushels as compared with the same
3.484
/
1
2
3.543 week last year. On the 17th inst. prices fell 2 to 2 c. in
289 Chicago and 4% to 4%c.In Winnipeg, with some unfavorable
116
50 financial reports from there. Confidence in the Farm
25 Board's ability to handle the situation lessened. The visible
638
other words, the
1,599 supply was a facer for the bulls; in
785 decrease was unexpectedly small, i.e., 632,000 bushels. A
350
year ago, it is true, the decrease was only 743,000. The
108.951 total now, however, is 159,052,000 bushels, against 123,Total
630,000 a year ago. Liverpool closed 2d. to 2%d. lower, and
LIVERPOOL.
-Sales, stocks, &c., for past week:
was dull. Offerings
/
1
2
Jan. 31. Feb. 7, Feb. 14. Feb. 21. Buenos Aires 2 c. off. Export trade
27,000 were pressing in keen rivalry with Canadian and Russian
Sales of the week
20,000
28,000
21,000
12,000
Of which American
13,000
11,000
11,000
were 12,236,000
1,000 wheats. World's shipments for the week
Sales for export
1,000
1,000
1.000
57,000 bushels, with the total from July 1 402,000,000 bushels
Forwarded
50,000
52.000
64,000
Total stocks
882,000 904,000 912.000 921,000 against 580,000,000 for the same period a year ago. The
Of which American
405,000 435,000 436.000 435,000
Total imports
80,000 quantity afloat was 40,720,000 bushels against 39,464,000
70,000
62,000
57,000
33.000 a week ago and 70,000,000 for the same week last year.
Of which American
37,000
45,000
39.000
Amount afloat
227,000 210,000 193.000 156,000
Of which American
75,000 France, it was stated, would at once offer 18,000,000 bushels
89,000
124,000 102,000
The tone of the Liverpool market for spots and futures for export.
On the 18th inst. prices reached new low levels for the
each day of the past week and the daily closing prices of
4c.,
year, dropping 1% to 2%c. Then they rallied 2 to 31
spot cotton have been as follows:
with big export sales, i.e., 2,000,000 bushels, mostly, however,
Spot.
Manitoba. Shorts covered freely. Big houses bought
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
heavily. There were intimations early from Chicago, howMarket, 1 A fair
A fair
ever, that a situation might arise in which the Farm Board
Quiet.
12:15
More
business
Quiet.
business
More
doing,
P. M.
doing,
demand. demand.
might not act to support prices. Also Liverpool fell 2%
8.46d
8.47d. to 2%d. Argentine shippers were pressing Plate wheat
MId.Uprds
8.78d.
8.57d.
8.650.
5.54.1.
for sale at 4c. a bushel decline. Buenos Aires, after clos4.000
Sales
6,000
4.000
3,000
4,000
5,000
ing at a decline, was unchanged to lhc. higher at midday.
Barely st'y
Quiet
Futures. Q't but st'y
Quiet
Quiet
Quiet
Freights in Argentine were reported easy. Favorable
Market lunch, to 2 4 to 6 pts. 8 to 9 pts. 6 to 10 pts. 12 to 14 pts 3 to 5 pts.
weather conditions prevailed on the Continent, though snow
opened
pie. adv,
decline,
decline. advance. decline. advance.
covering was lacking. Australia estimated the total crop
Quiet
Steady
Market,
Steady Q't but st'y Q't but st'y Steady
the preliminary estimates of
4
4 to 5 pta. 10 to 14 pta 14 to 16 pta 6 to 11 pta. 14 to 15 pta 3 to 5 pis. at 125,000,000 bushels against
advace.
P. M.
advance, decline,
decline, advance, decline.
110,000,000 bushels. On the 19th inst. prices declined on big
Prices of futures at Liverpool for each day are given below: selling partly on stop orders and 4c. in Chicago from the
high of the day and 4 to 6c. in Winnipeg, owing to rumors
that Canadian wheat pool delegates to London were unsucThurs.
Fri.
Sat.
Wed.
Mon.
Tues.
Feb. 15
cessful in endeavors to get financial assistance, and had
to
12.1512.30 12.1, 4.0012.15 4.0012.1, 4.0012.15 4.1112.15 4.00
Feb. 21.
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.P. m.P. in.P. nl. P. m. returned discouraged. There was a rumor that the British
were boycotting Canadian and American wheat. The net
d.
d.
d. d. 1 d.
d. d. d. d.
d. a. d.
Chicago and 2% to 4c.
February
__ __ 8.48 8.38 8.34 8.24 8.20 8.27 8.26 8.16 8.12 8.17 8.17 decline for the day was 3% to 3%c. in
March
8.49 8.39 8.35 8.2 8.21 8.28 8.27 8.17 8.13 8.17 8.17 in Winnipeg. New lows for the season were reached at
April
8.50 8.41 8.37 8.27 8.23 8.30 8.29 8.19 8.15 8.19 8.19
Y4 to %d. higher. Argentine
May
8.57 8.49 8.44 8.34 8.30 8.37 8.37 8.27 8.23 8.27 8.27 Chicago. Liverpool closed
June
8.59 8.51 8.46 8.36 8.32 8.39 8.39 8.28 8.25 8.28 8.28 reported that there was a renewal of pressure of wheat
July
8.65 8.57 8.52 8.41 8.37 8.44 8.45 8.3 8.31 8.35 8.35
positions. Argentine wheat was selling
August
8.67 8.59 8.54 8.43 8.39 8.46 8.48 8.37 8.34 8.38 8.38 afloat in the nearby
September-- _ - 8.69 8.61 8.56 8.45 8.41 8.48 8.51 8.41 8.37 8.41 8.41 it seems at $1.14 c.i.f. Europe, or about 12c. a bushel disOctober
8.71 8.64 8.59 8.48 8.44 8.51 8.54 8.43 8.41 8.44 8.44
American No. 2 hard winters for nearby shipNovember-- . 8.73 8.66 8.61 8.50 8.46 8.53 8.56 8.45 8.42 8.48 8.46 count under
2
December ---- - - 8.76 8.69 8.65 8.53 8.49 8.56 8.6 8.481 8.4 8.49 8.49 ment. The Government weekly weather report said that
January (1931)..- 8.77 8.70 8.66 8. 8.51 8.58 8.62 8.50 8.48 8.52 8.52 while in the main producing sections there was an absence
February
-- 8.78 8.72 8.681 8.5 8.53 8.6018. 8.5 8.50 8.. 8.54
of snow covering, no particular damage had occurred. Export sales were only 200,000 to 400,000 bushels, mostly
Manitoba. The United States holds big supplies, that is,
BREADSTUFFS
159,000,000 bushels in the visible supfply, and even if this
Friday Night, Feb. 21 1930.
were reduced at the rate of 3,000,000 bushels a week for
Flour was 10c. lower late last week in sympathy with a the next ten weeks, it would still leave on hand 129,000,000
decline in wheat. The decline brought no increase in bushels as against the 10-year average carryover of 47,business. The export trade was quiet. Not a few looked 000,000. New York reported a little No. 2 hard sold f.o.b.
for a marked decline in food products. On the 19th inst. Baltimore at 12 under Chicago May, which is far under
/
1c.
a sharp decline was reported. Exports from New York replacement values.
were about 12,000 barrels to British and German ports.
On the 20th inst. prices broke 2c., but half of this decline
Later prices declined. Argentine bran was offered here was recovered later. Winnipeg, on the other hand, declined
in a keen struggle for the market. The 'export clearances 2 to 2%c., and ended at about the lowest. Liverpool closed
from New York last week were 860 barrels and 9,743 sacks 1% to 2%d. lower on further offerings of Argentine wheat
as against 1,046 barrels and 113,000 sacks in the previous afloat. Russia offered wheat. Its shipments were smaller
week. New York cleared on Jan. 15 9,000 barrels, or 13,000 than in the previous week, however. Export demand was
sacks. Boston cleared 22,000 barrels of bonded flour. Gen- small. It was called not over 400,000 to 500,000 bushels,
erally the export business was said to be small. Argentine mostly Manitoba. The weather in the United States and
bran was offered here in quantity at $5 a ton cheaper than Europe was favorable. There were some intimations that
American. Feed markets were depressed. At the recent European takings of North American wheat would increase
decline in flour Northwestern and Southwestern mills are in the near future. This had some effect. But towards the
said to have done a little. Exports from New York on end prices reacted somewhat on uncovering of stop orders,
the 18th inst. were 23,009 sacks and 938 barrels to Liver- Argentine exports for the week were 2,867,000 bushels, or
pool, Hamburg, Rotterdam, Genoa and Naples. New Orleans about the same as in the previous week and 6,742,000 in
cleared 4,000 barrels. Atlantic and Gulf exports for the day the same week last year. Chicago reported that on the 20th
were 22,000 barrels. Clearances from New York were on inst. No. 2 hard winter wheat f.o.b. Gulf, was offered at the
nine steamers, so small were the individual exports.
Chicago May price, or about 1%c. a bushel over the actual
Wheat has collapsed badly into low ground for the season, close at Liverpool March wheat, and it was felt that there
with export trade dull and very disappointing, as Argentine was little prospect for export business. The East asked for
has persistently pressed its wheat on the European markets. offers on No. 2 hard wheat at Chicago and holders quoted
Moreover, reports have been rife that members of the Cana- Sc. a bushel under Chicago May, which would suggest a price
dian pool were unsuccessful in 'attempts to obtain loans in around $1.081 or almost 10c. a bushel under what was being
4
London and had returned much discouraged. Along with paid in the sample market by co-operatives for country run
all this went intimations attributed to Chairman Legge of grain. Favored by a decline of some 40,000,000 bushels
that situations might arrive wherein the Farm Board would of the visible supply of wheat since the peak last October,
not maintain the price of wheat. It certainly has not.
improvement in prices from the recent marked decline,
/
1
2
On the 15th inst. prices ended 1 to 1 c. lower in Chicago said the Department of Agriculture, appears likely in the
and 11 to 2c. off in Winnipeg. The decline, it is believed, next few weeks. Much of the improvement is
4
expected
would have been greater but for the fear of some aggressive as a result of an anticipated increase in European
demands.
action by the Farm Board. Liverpool was / lower than The statement predicted that the general level of farm
1d.
2
Bales.
-To Havre-Feb. 15-Conness Peak. 1,728--Feb. 17
HOUSTON
-Middleham, 2,109; Alaska, 1,374
-Alaska.
To Dunkirk-Feb. 15-Conness Peak,203. .Feb. 17
914
To Rotterdam-Feb. 15-Conness Peak,450
To Barcelona-Feb.16-Jomar.1,372
-Vancouver City, 5,100---Feb. 17To Japan-Feb. 15
Fernglen, 599
-Fern-Vancouver City, 4,800--Feb. I7
To China-Feb. 15
glen, 1,100
-Feb.17-Middleham Castle,2,372; Alaska,500.-To Ghent
To Antwerp-Feb. 17-Middleham Castle, 183
-Feb. 17-Jolee, 600
To Naples
To Genoa-Feb. 17-Jolee, 2,398
To Venice-Feb. 17-Jolee,435
-Joie°. 100
To Trieste-Feb. 17
-Feb. 19
To Liverpool
-Steadfast, 1,490; Craftsman, 1,994
-Feb.19
To Manchester
-Steadfast,2,373; Craftsman,1,170
BEAIIMONT-To Liverpool
-Davison, 289
-Feb. 16
To Manchester-Feb. 16
-Davison. 116
To Genoa-Feb. 17-Monbaldo,50
-To Bremen-Feb. 19-0akman,25
LAKE CHARLES
-To Liverpool
-Feb. 13
MOBILE
-Maiden Creek, 638
To Bremen-Feb. I4
-West Madaket, 1,599
To Manchester-Feb. 13
-Maiden Creek, 785
To Hamburg-Feb. 14
-West Madaket,350
5.211
1310
FINANCIAL CHRONICLE
prices during the next few months would remain below
the corresponding figure for the same period a year ago.
To-day prices ended 1 to 13 higher. The cables were
/
4c.
surprisingly strong. Liverpool ended 214 to 2%d. higher.
Buenos Aires was up 2%c. Shorts were evening up for the
holiday. There was a better foreign demand for futures.
What is more, the actual export sales were estimated at
anywhere from 2,000,000 to 4,000,000 bushels, mostly Canadian. The co-operatives took 45 cars or more at Kansas
City, 60 at Omaha, and more or less at Minneapolis.
Weather conditions in the winter wheat belt were good,
but the forecast was for colder weather at the Northwest.
The Continent was the main buyer for export. Winnipeg
ended 2% to 314c. higher. The technical position at home
/
and abroad was better. The market acted short everywhere.
Final prices were 5% to 6c. net lower for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
121% 11934 12034 115% 114% 11534
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.,
March delivery
•
115g 113 113% 11034
110
May delivery
120
118
117
115q 1134 114%
Ju y delivery
119
116
115l 116%
12134 118
September delivery
123
12034 121
117
117
118%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
12334 11834 12034 11634 11434 117%
July delivery
12534 12034 123
11834 116
119%
October delivery
12534 121
12334 121
11834 121
[voL. 130.
the end profit takng caused a setback from the high point
of the day of % to lc. Final prices show a decline for the
week of 2 to 2%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
5534 5534 56
55
54
55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
44U 4234 4254 4131 4134 42
May delivery
45
44% 44% 4331 4394 43%
July delivery
44
43
43%
4394 4334 43
Rye has broken badly in answer to the debacle in wheat.
What has made matters worse is the regrettable and very
prolonged absence of an export trade. On the 15th inst.
prices ended unchanged to %c. lower on some months but
%c higher on March, in which there was some covering and
other buying. There was nothing doing for export, however.
On the 17th inst. prices ended 114 to 2%c. lower at new
lows for the season in accord with a decline in wheat. The
United States visible supply decreased last week 8,000
bushels against 43,000 last year; total 14,142,000 bushels
against 6,254,000 last year. The German Government bought
rye in Germany for a week, but could not sustain the price
owing to large stocks.
On the 18th inst. prices ended % to 2c. net higher. They
rallied with wheat after an early decline of % to lc. Many
sold May rye and bought July wheat. On the 19th inst.
prices declined 2% to 34c., due to a lower wheat market
bearish foreign crop advices and cash demand small. On
ric
the 20th inst. prices ended '4 to 2c. lower. They reached a
new low for the season. Scattered liquidation had its effect.
But there was another side to it for a time. Shorts covered.
But the foreign news continued to be bearish. Export trade
was absent and the domestic demand small. To-day prices
ended % to 2c. higher. Wheat helped to pull it up. So did
the covering of shorts. March was noticeably firm. It
advanced 2 c.‘ At one time other months were 114 to 1%c.
/
1
2
higher. Realizing caused a reaction from the top of %c. on
May and July. Final prices show a decline for the week
of 2% to Sc.
Indian corn has naturally been depressed by the great
fall in the price of wheat. Besides, the weather has been
better and the tendency has been towards some increase in
the receipts, although bad, wet, and thawing roads offer no
slight hindrance to the marketing of the crop. On the 15th
inst. prices advanced % to / owing partly to a decline
3
4c.,
in wheat and partly to favorable weather and reports of a
larger country movement and partly to liquidation. Total
sales last week were 37,500,000 bushels against 53,000,000
In the previous week and 79,000,000 in the same week last
year.
On the 17th inst. prices declined 1% to 2%c. net owing
to a drop in wheat. The United States visible supply in- DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat, Mon. Tues. Wed. Thurs, Fri.
creased last week 1,755,000 bushels against 3,702,000 last May delivery
57
57t1 58
56
56
571
year. The total is 18,929,000 against 31,665,000 a year ago. July delivery
55
55
561.4 54% 5534 56
51
51
5291 5134 52
53
The weather was good for moving the crop. Receipts in- October delivery
sat. Mon. Tur
DAILY CLOSING PRICES OF RYE FUTUR
creased. Shipping demand was fair; over 100,000 sold.
N . H/urs. O .
Ved T CAGFri
C
.
On the 18th inst. prices ended % to lc. higher. This was March delivery
82
8034 8234 8034 7834 7934
8234 8134 8134 7834 77
78
traceable to a 2 to 3c. rally in wheat. The weather was very May delivery
8334 82
8234 7934 7911 8034
good for moving the crop, yet there was no really great July delivery
Closing quotations were as follows:
pressure to sell. Country offerings to arrive were small.
FLOUR.
Shippers had a better demand, with sales of 112,000 bushels.
Spring pat. high protein.$6.40 $6.90 Rye flour, patents
$5.60046.00
The country is consigning corn by preference.
6.00 6.40 Seminole. No. 2, pound
Spring patents
431
5.90 Oats goods
5.60
On the 19th inst. prices dropped 1% to 2c. to new low Clears,first spring
2.7514 2.80
Corn flour
5 50
2.35© 2.40
.
levels because of a decline in wheat, better weather, and the Soft winter straights- 5.95 6.00 Barley goods
6.25
Hard winter straights
likelihood of larger country offerings. Yet the mild weather Hard winter patents- 6.10 8.50 Coarse
3.25
5.60
Hard winter clears
pearl,
thawing make the roads bad. Shippers reported a mod- Fancy Minn. patents-. 5.10 8.55 Fancy and 4 Nos. 1.
and
7.90
2, 3
6.00(4 6.50
erate outside demand. Cash prices fell 1 to 2c. Actual coun- City mills
7.90 8.60
try offerings on the 19th inst. were small. On the 20th inst.
GRAIN.
Oats, New York
prices declined % to %c. with wheat, but rallied sharply and Wheat, New YorkNo.2 red,f.o.b
No. 2 white
13434
54
ended unchanged to / higher, owing to the later rally
1c.
2
No. 2 hard winter, f.o.b....-11534
No. 3 white
5234
In wheat and the unsettled weather and bad roads at the
Rye, /sew York
No.2f.o.b
8834
West. Cash markets were 1 to 3c. lower with trade dull. Corn, New York- rail
10134 Barley, New York
No. 2 yellow, all
But growers werenot disposed to market their corn freely.
101
No.3 yellow, all rail
Malting
ft
For other tables usually given here, see page 1228.
If the country movement falls off It is believed that cash
prices will rise.
WEATHER BULLETIN FOR THE WEEK ENDED
To-day prices ended %c. higher, with the assistance of a FEB. 18.
-The general summary of the weather bulletin
rise in wheat. Country offerings were light. Roads were issued by the Department of Agriculture, indicating the inbad. The weather was good but the forecast was rather fluence of the weather for the week ended Fen. 18 follows:
unsettled. Higher prices caused realizing. There was covAt the beginning of the week there was a rather general reaction to
ering of hedges against shipping sales of 400,000 bushels at warmer from the cold weather that prevailed at the close of the preceding
Chicago. Final prices show a decline for the week of 2%c. week and temperatures in general were not unusually low anywhere.
many
parts of the Central and Northern
Precipitation was reported from
DAILY CLOSING PRICES OF CORN IN NEW YORK.
States on the 13th, while it had become much colder over the Northwest.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
10334 10134 10234 10034 101
10134 There was a further reaction to colder in parts of the Northwest on the
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. 14th, while rain or snow was fairly general over much of the Atlantic coast
Sat. Mon. Tues. Wed, Thurs. Fri.
area.
March delivery
8834 8434 8534 83% 8434 85
A widespread area of high pressure obtained over the central valley
May delivery
9034 8834 8934 8734 8834 88%
July delivery
90% States on the 15th, attended by low temperatures, with subzero weather
9234 9034 9134 8934 90
Oats have simply been more or less of an echo of the reported south to Iowa. On the following day this "high" moved eastward,
freezing reported
declining other markets, although not actually so weak as locally bringing much colder weather to the East, with or
to the east Gulf coast. There was further rain
snow over the
they have been. On the 15th inst. prices declined Y net Atlantic Coast States, but the latter part of the week had only local pre2c.
in response to a drop in other grain and more or less cipitation, with a moderation to warmer over central areas.
liquidation. On the 17th inst. July sold at a new low.
Chart I shows that the week, as a whole, was abnormally warm west of
Generally, prices ended 1% to 1%c. lower following other the Mississippi River and moderately cold in the Atlantic area, except in
the Florida Peninsula. In the Ohio and the immediate Mississippi Valgrain. The United States visible supply last week decreased
sections, the mean temperatures
486,000 bushels against an increase last year of 799,000 leys, as well as in central and east Gulf the
normal, while in
central and southern Florida
bushels. The total is now 23,194,000 bushels against 14,- for the week were near or 4 deg. above. In the Great Plains States,
Peninsula they were 3 deg.
the
432,000 a year ago. On the 18th inst. prices ended %c. Great Basin of the West, and the northern Rocky Mountain sections the
lower to 24c. higher. Prices rallied % to 1%c. from the Period was abnormally warm, with the weekly mean temperatures ranging
/
early new lows which were reached on heavy selling due to a generally from 9 deg. to 18 deg, above the seasonal average.
During the cold wave the latter part of the week some rather low temdrop in other grain. Shippers had a better outside demand,
and a fair business was done. On the 19th inst. prices fell peratures were experienced in central and southern parts of the eastern
area, with the line of freezing extending as far south as Mobile, Ala.,
lc. net owing to the decline in other grain, further liquidawhile at the same time some low readings
reported
tion, less cash demand and larger receipts. On the 20th sections of the country. Temperatures 6 were to 18 from the northern
deg.
below zero were
Inst. prices ended unchanged to %c. higher. At one time rather general in the interior of the Northeast and dog,
in north-central disthey were % to %c. lower. Liquidation played a part in tricts, with subzero readings extending southward over the middle Appathe trading and for a time weakened prices. The visible lachian Mountain section. The lowest temperature reported for the week
stocks are very large; also to all appearance the country was 26 deg, below zero in parts of northern Michigan on the 16th.
Chart II shows that precipitation was moderate to fairly heavy In the
holdings. The weakness of barley is something of a
handicap. Some think there will be selling pressure on middle Atlantic area, in Tennessee, and locally in other parts of the Ohio
Valley and in east Gulf districts, while rainfall was heavy In northwestern
advances. That remains to be seen. To-day prices ended Washington.
Otherwise precipitation during the week was generally light,
% to c. higher In answer to the advance in other grain. with a large area of the Southwest, extending from central Texas and the
Shorts were covering. The shipping demand was fair. In central Great Plains westward to the Pacific, practically rainless.
FEB. 22 1930.]
FINANCIAL CHRONICLE
Notwithstanding the rather severe cold wave over the eastern half of
the country toward the close of the week, the period, in general and for
the country, as a whole, had rather favorable weather for agricultural
interests. In the middle Atlantic area wheat fields had a fairly good snow
protection during the prevalence of low temperatures, and there was some
snow in the main Wheat Belt, but the mild weather toward the close of
the week caused rapid thawing, and wheat fields in the principal producing areas are now generally bare of snow. There were some complaints
of unfavorable thawing and freezing of the soil in the interior valleys,
and even as far west as southeastern Kansas, but no widespread or serious
harm is apparent.
There were no materially damaging low temperatures in the Southern
States, although freezing was rather general in the east Gulf area, except
in the extreme Southeast. Winter truck crops made fairly good progress,
and show improvement in many sections, while the beginning of planting
gardens and hardy truck has become more general. In Florida there
was too much moisture on some lowlands, but the weather, in general.
was favorable; strawberries are unusually late in Texas, while moisture
is needed in the western half of that State and some adjoining districts.
The weather was unusually favorable for livestock interests, being mild
and sunny over much of the great western grazing section, with large
areas of the range accessible for browsing.
In the Corn Belt plowing was rather inactive, especially in central and
eastern portions, but in the more western districts this work and disking
were in progress, except in northern sections of the belt. Corn planting
continued in northern Florida. In the Cotton Belt conditions were mostly
favorable for field operations and considerable plowing was accomplished,
especially in the west where warm, sunny weather was the rule. In the
central belt the preparation of soil was more of a local character, as considerable areas continued too wet to work; plowing was rather active in the
eastern portion of the belt.
SMALL GRAINS.—The main Winter Wheat Belt continues generally
bare of snow, with much reduction of cover over the Northwest. There
were many reports of freezing and thawing conditions, especially in the Ohio
Valley, but apparently there is no extensive damage thus far. Condition
of the crop is satisfactory in most areas, while greening was reported from
the southwestern belt. Precipitation during the week was favorable in
the Pacific Northwest, while there is generally ample soil moisture in the
West, except for parts of the Southwest where rain is needed. Winter
cereals are improving in the South and spring oats are being sown north
to Oklahoma and Arkansas, with some being seeded in the southeastern
quarter of Kansas. Winter grains were favored in the more eastern districts, while an ample snow cover remains in the Northeast and the Lake
region.
1311
THE DRY GOODS TRADE
New York, Friday Night, Feb. 21 1930.
During the past week textile markets have been influenced by a further decline in prices for raw materials.
Quotations for raw wool, silk and cotton have reached lower
levels coincident with a further recession in other commodities such as wheat, corn and oats. These developments
have been most disconcerting to factors, as they have led
to price instability, hesitation among buyers, and generally
restricted purchases. Apparently both buyers and sellers
are feeling their way and are fearful of the ultimate economic effects of the continued weakness of the commodity
markets. In an effort to overcome this apprehension, and
to stimulate buying confidence, the American Woolen Co.
reduced prices on their fall men's wear staple lines which
they had but recently opened. It was generally felt that
the move will be successful, especially if the fall fancy lines
are opened on a basis of current raw wool values. However, buyers will have to come into the market shortly to
cover their normal seasonal requirements, and this situation is believed to exist in practically all branches of the
textile trade. A good example of this was found in the
cotton goods section, where a large number of buyers were
in the market making commitments much later than usual
for the spring retail trade. Naturally, with prices of the
raw commodity declining at a disturbing rate, orders were
confined to spot and near-by needs, but the aggregate volume
was so satisfactory that factors were quite encouraged.
As to the silk division, the situation was somewhat the
same. While the recession in raw silk values has exercised
a restraining influence upon buyers of finished goods, the
need of spring merchandise has necessitated purchases.
DOMESTIC COTTON GOODS.—Two developments of
equal importance, but of conflicting nature, featured the
domestic cotton goods markets during the past week. First,
was the renewal of the decline in raw cotton prices which
The Weather Bureau furnishes the following resume of was taken to indicate that the efforts of the Farm Board
to stabilize prices were unsuccessful, for the time being at
the conditions in the different States:
least. This was most discouraging, and led to the offering
Virginia.—Richmond: First and middle of week moderate and favor- of a number of concessions on cotton goods, particularly
able for outdoor operations and considerable farm work accomplished; of the unfinished type. These lower prices, nevertheless,
planting early crops begun in southeast. Decidedly colder, with snow, failed
to stimulate business, which was confined to immelast of week interrupted farm work. Winter grains and truck generally
diate needs. However, diametrically opposed to these degood.
North Carolina.—Raleigh: Farm work progressed satisfactorily under clines were the definite indications that a belated demand
fair, mild weather first part of week, but retarded by rain and cold latter for spring merchandise was beginning to assert itself. The
part. Hardy truck and winter grains doing fairly well. Cold period premature taste of spring-like weather experienced during
favorable for killing hogs and keeping fruit back.
the past week no doubt made buyers conscious of the fact
South Carolina.— Columbia: Mild weather early in week; local rains mid- •that they would need considerably more merchandise to
week; closing cold and raw. Wheat, oats, rye, and hardy truck generally meet the normal spring consuming demand. This sudden
good. Spring oats being planted; early oats being pastured. Potato
realization, confronting them practically at the inception
planting extending into interior. Tobacco beds being prepared. Spring
of the spring retail season, prompted many of them to enter
plowing fairly active.
Georgia.—Atlanta: Moderately cold week, with frosts. Rainfall light the market in an effort to provide for needed constructions.
and sunshine adequate. Considerable plowing accomplished; cereals im- As a result, business on quite a few finished cloths showed
proving; oats stooling well. Some spring gardens and potatoes planted a gratifying increase over the previous week. According
in south. Peach buds swelling and forest vegetation showing advance in to imports, sales of prints, percales and wash goods oversouth.
topped the distribution of other cloths. Buyers, however,
Florida.—Jacksonville: Rains unfavorable for strawberries and truck
on some lowlands, but weather, as a whole, favorable. Tobacco beds did not seem to be able to break away from their hand-togood. Oats improved. Truck well advanced and much being shipped. mouth buying tactics. Individual orders continued to be
Planting cane and corn in central and north and locally in west. Melons confined to small lots, but this was largely offset by the
good progress. Moderate shipments of strawberries and citrus; groves in fact that they were placed in a steady volume. It was
splendid condition.
noted that out-of-town buyers were inclined to be somewhat
Alabama.—Montgomery: Temperatures averaged decidedly above nor- more liberal in regard to the size of their orders, but local
mal first half; much below thereafter. Scattered, mostly moderate, rains.
adopted the habit of placing commitments day
Some plowing locally, but ground too wet in most sections. Oats sur- purchasers
viving severe freezes improving; spring oats being sown in some sections. by day as needed. Practically all orders stipulated either
Winter vegetables, pastures, and ranges made fair to good progress in spot or nearby delivery. •Print cloths 27-inch 64x60's concoast section; elsewhere pastures and ranges dead or poor. Planting struction are quoted at 4%c., and 28-inch 64x60's at 4%c.
early vegetables progressing in northwest.
-inch 68x72's consbruction are quoted
Gray goods in the 39
Mississippi.—Vicksburg: Mostly light precipitation in north Thurs- at 7%c., and 39-inch 80x80's at 9%c.
day, in central Friday and Saturday, and in extreme south Sunday; otherWOOLEN GOODS.—Woolens and worsteds continued
wise generally fair. Killing frost in north and central Sunday, but damage
negligible.
Some plowing accomplished, but activity not general. fairly active during the past week, although business in the
Progress of pastures good and of truck fair.
women's wear section was more active than in the men's
Louisiana.—New Orleans: Mild and cloudy first half of week; moder- wear. The most important development of the week was
ate rains, followed by clear and colder latter part. Plowing and preparing
the announcement made by the American Woolen Co. that
soil for spring crops and planting potatoes making fair progress. Pastures
owing to the continued decline in raw wool value they felt
beginning to grow. Truck doing fairly well.
Tems.—Houston: Mild and sunshiny, with light precipitation in much justified in reducing prices on fall staple fabrics for men
of eastern half, but in none in west. Plowing made good progress, but still which had been opened but a short time ago. This move
backward in east. Pastures greening and wheat, oats, and barley made was considered as highly constructive, and one which should
good progress; condition poor to fair and needing rain in west. Condi- encourage a return of buying confidence and result in a
tion and progress of winter truck good in extreme south and truck planting substantial expansion of business. It also prompted the
started in eastern half nearly to Red River. Fruit buds swelling. Strawbelief that when the new fall fancy lines are opened they
berries unusually late. Livestock poor and feeding still necessary,
Oklahoma.—Oklahoma City: Warm and mostly clear; no precipitation. will be on a basis of current values in the raw market.
Ground dried out rapidly and much plowing done. Seeding oats begun The statistical position of the trade continues healthy, and
in most sections. Not much wheat winterkilled and condition generally factors are confident regarding the future.
good; growing nicely and some again being pastured. Native pasture
FOREIGN DRY GOODS.—Little change was noted in the
brown and poor; livestock thin.
Arkansas.— Little Rock: Farm work progressed rapidly in northwestern markets for linens. The call for suitings and dresses still
half of State, but delayed in southeastern half. Light to moderate rains featured the market. Although aggregate orders failed to
on 12
-13th. Plowing, gardening, and sowing spring oats progressing reach substantial yardages, demand is gradually broadening
rapidly in west and starting in east. Wheat, rye, meadows and
pastures with prospects favoring a gradual increase in sales as the
becoming green.
summer approaches. The household accessories section of
Tennessee.—Nashville: Temperatures about normal; rain mostly in the
trade appears to be nearing the end of its seasonal lull.
central and east. Crops advanced fairly well, except in a few western
and Several houses have reported fairly satisfactory sales of
eastern counties where wheat, oats, and rye continue poor, while
barley damask table cloths and luncheon sets, while the
is coming slowly. Considerable plowing and transplanting fruit
distributrees tion of sheets and pillow cases is estimated
under way. Livestock fair.
to be about on a
Kentucky—Louisville: Temperatures variable; precipitation
that of the corresponding period last year. Burlight. par with
Drainage better and much loss water in top soil; some freezing and thaw- laps continued quiet, with business spotty, and prices
pracing, but little apparent injury to winter grains, which are mostly in
good tically unchanged. Light weights are quoted at 5.15c., and
condition. Dirt roads very bad and macadam injured.
heavies at 6.75c.
1312
FINANCIAL CHRONICLE
tate and(UN Pqrartutent
MUNICIPAL BOND SALES IN JANUARY.
sent herewith our detailed list of the municipal bond
Issues put out during the month of January, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1002
of the "Chronicle" of Feb. 8. Since then several belated
January returns have been received, changing the total for
the month to $109,137,143. The number of municipalities
issuing bonds in January was 294 and the number of separate
issues 420.
Rate. Maturity. Amount. Price.
Name.
Page.
660__Adams Co. S. D. No. 11R
,
318,000
Colo
534
321Albuquerque Alun. S. D.,
434 1931-1940 300,000 100
N.Mex
434 1934-1959 1,850,000 102.31
660-Allentown Pa
9,500 100
20 years
496__Alton S. D.No.25, Ill.. 6
660„Amherst H. S. D. No. 1,
1953-1958 320,000 100.26
4
N.Y
85.000 100
496_ _Angelton Ind. S. D.,Tex_
35.000 101.23
536 1931-1960
96
660__Antonito, Colo
53.1 10-20 yrs. rd35.000
10-20 yrs.
15.000
660__Antonito, Colo
534
97,500 100
1932-1948
6
1006__Astoria, Ore
100,000 100
660__Athens S. D.,La
20,000 101.47
454 1932-1939
1006_ _Atlanta, Ga
50,000 100.84
833__Attleboro, Mass.(2 iss.)_4 X 1931-1940
70,000 100.42
660_ _Atwater. Calif
30,000 100
1931-1936
4.
3
321__Auburn, N. Y
434 1931-1940 128.742 100.35
496__Auburn N. Y
40.000 102.13
5
496__Auburn, Ind
1930-1945 109.998 103.83
660__Auburn City S. D., Ind_ _5
4 X 1931-1940 275.000 100.17
833Barberton S. D., Ohio
1930-1958 129.000 100.38
5
833.. Beech Grove, Ind
321__Beaver Falls S. D., Pa.
43.6 1935.-1949 500,000 101.60
(2 issues)
833Bedford Union Free S. D.
20.000 100.35
1931-1940
5
No.7, N. Y
25,000 100
1007....Belle Creek Twp., Minn -r42,500 100
6
1007...Ballinger, Tex
1934-1939 121,000
6
660__Bellmawr, N. J
10,000 100.018
1932-1937
833Blanchard S. D , Okla_ _.5
22,000 100.018
833 Blanchard S. D., Okla5X 1938-1948
1931-1940
8.000 100.20
321__Bluffton, Ohio
5
78,000 101.10
5
1939-1949
496_ _Boise. Idaho
100,000 100
496Bradley County, Tenn._ _5
322_ _Brazos County. Tex
5
1932-1969 250.060 100.08
322_Bridgeport, Conn
434 1931-1970 150,000 102.54
20.000
6
1931-1959
1007-Brooklet, Ga
99.28
75,000
833_ _Brush, Colo
43.4 1931-1965
60,000 100 32
660__Buckeye H. S. D . Ariz-534 1935-1949
322__Caldwell, N.J.(3 issues)-5
1932-1969 128,000 101.66
661__Caldwell Co. R. D.No.1.
Tex
1930-1959 250.000 100
5
322__Calhoun County, Miss
5X 1930-1953 r158.000
661_ _California (State of)
250,000 100.27
434
1934
661Cameron County, Tex
5
1934-1958 100,000
322Camil1us. N. Y
70,000 100.81
434 1934-1948
43% 1930-1954 150,000 100.34
833__Canastota, N.Y
660_Carbon Co. H. S. D.,
Utah
250.000
833__Carbon Co. S. D. No. 18,
13.000 100
Wyo
534 1935-1947
498,500
1007-Carter Co., Tenn
534
1959
1008-_Casti1la Co. S. D. No. 10,
r6,500
Colo
534 1935-1947
98
661__Castle Rock,Colo
5 10-15 Yrs.
d25.000
3
16,000 100
1144-Cawker City, Kan
4% 1931-1946
l5 yrs.
35,000 100
834 _ -Cedar Mountain S.D.,Va.4
496_ _Cada r Rapids, Iowa
434 1932-1949 200,000 101.61
1144__Center Joint S. D.No.26,
Colo
434 1940-1950 r56,000 98.50
661- _Charles Town, W.Va
5X
24,000 100
834__Charlottesville, Va
5
1931-1970 675.000 101.15
1007-Chaves Co. Con. S. D.
No.8. N. Mex
r76,000 100
534
1007__Chisholm, Minn
175,000
6
1008-_Colorado Springs, Tex--.A34 1936-1944
32.000
661-Columbia Twp. S. D.
No.4, Mich
85,000 100.04
5
1931-1950
834Co1fax Co. S. D. No. 24,
N.Mex
1931-1949 r55,000 100
5
661__Columbus, Neb.(2 iss.) 5
1935-1950 d56.354 100
322-_Columbus. Ohio (2 Jae.)-4X 1932-1941 155,100 100.36
834_ _Columbus, Ohio
454 1932-1951 100,000 100.68
496__Concord, N. H
90.000 100.65
434 1930-1947
834-Conejos Co. Con. S. D.
No. 1, Colo
r30,000 100
434
322....Corpus Christi, Tex
6
1931-1960 r725,000
834 CookCounty Forest Preserve Dist., Ill
4
1931-1950 500,000 90
5
497__Cottle County,
350,000
834__County Line Corn. S. D.,
Tex
7,000 100
5
20 yrs.
56,000
1008-Crawford. Neb
534
322__Cresskill, N. J
6
1931-1938 430,000
661__Crookston S. D., Neb_
25,500
15,000
5% 1931-1950
661_ _Culbertson, Mont
322_Cu1ver City Acquis. and
66,358
1932-1949
Imp. D. No. 70. Callf_7
662Dawson County, Mont-_5
20 yrs. 100,000 100
662_Dawson Springs, Ky.
11.500 100
(2 issues
1931-1938 135.000 101.97
5
834-Dayton, Ohio
70,000 100.02
834Dayton, Ohio
434 1931-1935
69,000 101.60
1930-1938
5
834_ _Dayton, Ohio
50,000 100
497_ _Dayton, Tenn
70.000 100.10
834Dayton City S. D.,0hio_4 X 1941-1954
1933-1960 r360.000 100
1144__Decatur, Ala
6
10,500 100.24
497__De Kalb County,Ind___ _4 X 1931-1941
1931-1939 130,150 100.42
662_ _DelawareCo„Ohio(8iss.)5
15.000
834_ _Del Norte, Colo
534
834_ _Deschutes Co. S. D.
70,000 100
1931
No. 1, Ore
6
r75,000
662Dothan, Ala
1932-1958
6
322_ _Do wney Co. W.D.,Calif.5X 1935-1967 180,000
65,000
1008_ _ Drew, Miss
834__Duluth, Minn.(3 is.s.)___4 X 1931-1932 181,000 100
662 __East Baton Rouge Parish.
La
1931-1934 103,000 100.15
6
1008....Eastland, Texas (2 issues)6
50.000 94
1956
497_East Whittier S.D „Calif_5
80,000 102.21
1935-1950
1008_ _Elden, Mo
15,000 100
5
1008--Eldon. Mo
15,000 100
5
1941-1950
834_ _Eliza bethton, Tenn
95.50
100,000
6
497__Elk River S. D., Minn___4 X, 1935-1949
98,000 100
834_ _Enunetsburg, Iowa
3,200 100.15
1930-1936
5
1008_ _Erie, Pa
434 1932-1960 500,000 102.83
662_ _Erie S. D., Pa
431 1932-1955 700,000 100.09
497_ _Erwin, Tenn
6
25,000 101.10
1950
322.._Euclid Villages. D.,Ohio 5
1930-1953 900,000 100.14
Basis.
-4.50
4.33
6.00
4.73
5:55
-
6
- :66
5.25
4.20
4.03
1778
4.41
17Th
,
4.72
4.96
4.32
4.93
6.00
_ _5.21
5.21
4.96
4.85
5.00
4.99
4.53
4.54
5.21
4.84
5.00
1715
,
4.64
4.71
5.50
5.22
4.75
4.00
4.32
4.63
5.50
4.90
5.50
4.99
,,
5
.0
5.00
4.43
4.40
4.41
4.50
5.25
-5.00
5.00
4.51
4.49
4.63
-716
4,
6.00
4.45
4.89
6.00
I.L5
5.94
6.47
4.76
5.00
5.00
4.25
4.96
4.22
4.24
5.91
4.98
[VoL. 130.
Page.
Name.
Rate. Maturity. Amount.
497...1Eugeno, Oregon
5X 1-10 yrs.
137,049
322.._Fairfleld, Neb
4
12,000
10 yrs
662__Ftdr Lawn S. D. N. J__-5
1930-1955
83,000
322__Fairview, Ohio (2 Issues)_6
1931-1940
57,350
1008-Flatrock Sch. Twp., Ind_4 X 1931-1944
28,000
662__Fordson S. D., Mich_ ___44 1931-1960 900.000
835_ _Forrest Cnty, Ark
60,000
1009__Frederick, Okla.(2 is.s.)_ _6
40,000
662_ _INiendStdp, N. Y
5
1931-1936
12,000
835_ _Ciallipons City S. D.,
Ohio
5
1931-1953 205.000
835__Galveston Co., Tex
5
1930-1949 100,000
663__Garfield S. D. No. 318,
Wash
130,000
835_ _Gibson Co.. Ind
6
1930-1939
30,623
323__Girard, Ohio
6
1931-1934
3,181
498__Girard Twp. S. D.,Ps
434 1931-1945
15,000
835_ _Grant Co., N. Mex
5
1932-1939 200,000
663_ _Grand Junction, Colo
6
1941
d12.000
835_ _Grand Rapids, Mich
4X 1931-1953 690.000
835__Grand Rapids, Mich
4
1931-1935 100,000
1009Grynd River, 1).D. No.2.
Iowa
5
56,000
663__Grayson Co.. Tex
150,000
663_ _Greenburgh, N.Y.(3 iss.) 434 1931-1945 298,500
498__Greenville, Pa
434 1931-1958
60.000
835__Greenburgh, N. Y
4% 1931-1945
17,000
663__Green Twp. Rural S. D.,
Ohio
5
1931-1955
41,000
1145_ _Greenville. Miss (3 iss )..534
370.000
498__Grosse Pointe, Mich
44 1930-1949 240,000
498__Grosse Pointe, Mich
44 1950-1959 120.000
835__Grosvenor 9, D .Tex_. 5
1935-1970 d20,000
1009__Guthrie S. D., Okla
5
1931-1955
70,000
1009_ _Hamden, Ohio
54 1932'1940
4,000
663__Harailton Co , Tenn. (4
43% 1960-1970 1,656.000
issues)
1009__Harlingen, Tex (2 Lssues)500,000
498__Ilarroony S. I) Okla ___ _634 20 yrs
„
4,300
1009__Flarelson Twp., Mich_ -__5
1931-1935
20,000
663__Ilastings, Neb
5-20 yrs
50.000
835_ _Hattiesburg. Miss
534
250,000
498_11eidelberg Con. S. 13.,
55(4
Miss
50,000
498__Herapetead S. D. /4o. 16.
N..Y
434 1930-1943 462,000
498_Hempstead S. D. No. 18.
N. Y
434 1944-1954 248.000
1009_ _Henry Co., Ohio
434 1931-1939
98,296
1009_ _Henry Co., Ohio
5
1931-1939
75,970
323__II0ko Co., No. Caro
536 1932-1950
,
25,000
6
1931-1940
2,000
499-- Holgate, Ohio
663__Holly Springs, Miss
45,000
5
499_ _Houston, Minn
1931-1946
8,000
835__Indianapolis, Ind
43,500
434 1932-1951
835_1110:mood Acquisition &
'rapt. Dist. No. 1, Cal_7
1931-1959 145,256
499__Itta Bena S. D.. Miss ..
50.000
323__JaCiiEon, Miss.(2 ies.)___5
253,000
118,627
323__Jackson. Miss. (4 iss.)_ _ _5
835__Jackson Co., Mo
436 1936-1950 2,000,000
1931-1933
1010_Jacksonville, Fla.(2 iss.)_6
40,000
1930-1949
5
16,000
323__Jefferson Co., Texas
23.000
499__Jewett S. D., Ohio
534 1931-1940
836Kandlyold Co. Ind. S. D.
100.000
No. 47, Minn
664_Kemptor, Ill
5,500
53.4
.
1932-1954 427,000
836__Kenmore, N.Y.(4 las.) _5
5
323__Kentucky (State of)
10,500,000
1931-1955
836__Killbuck, Ohlo
35.000
4 4 1930-1949
50,000
1010__Kirkwood, Mo
1010__Kitsap Co. S. D. No. 1,
4.60 2-20 yrs. 160,000
Wash
6
1930-1939 125,000
1010__Latayette, La
1010_ _La Grande, Ore
5X 1930-1939
28.286
664_ _La Porte, Tex.(4 iss.)
100,000
6
104,000
1010__Laramie, Wyo
836__Larchmont, N.Y.(3 iss0 A
1932-1970 876.000
1950
836__Lauderdale Co ,Tenn _ -5
250.000
499__Lawrence Co., Tenn
100,000
4X 1931-1950 390,000
664__Lavrrence Co.. Ind
6
664__Lewisburg, Ohio
1932-1937
6,000
324 Lewiston, Me
4
1931-1940
r51.000
6
1010__Lincoln Park, Mich
20.409
1010-Logan Co. S. D. No. 62,
534
Colo
20,000
1010-Loris and Simpson Creek
II. S. D. No. 2, S.
6
1934-1960
44,000
324Los Angeles Co., Mun.
Impr.Dist.No.64,Callf_6
1934-1963 150.000
324Los Angeles Co. Multi.
leant, Dist. No. 64.
7
1931-1948 500.138
Calif. (3 issues)
499_ _Loa Angeles, Calif
5 N 1 30-1949 500,000
4
X 1930-1939
40,000
664__Los Angeles, Calif
836__Los Angeles Co. Acquis.
C‘kalIlfulpt Dist No. 70.
1932-1940 263,740
7
1935-1944 d177,000
1010__Lucas Co., Iowa
664 Lynn Haven, Fla
r76.000
5% 1931-1941
12.000
664__McCook, Neb
1932-1947
80,000
324_ _Madison Co„ Ind
5
836_ Madison Co., Fla
91,000
6
19.000
1010__Magnolia, Ark
836__Mahoning Co., 0.(4 Ns )434 1931-1944 159,727
4%
600,000
836_ _Majar Co., Okla
4
1931-1960
75.000
836....Malden, Mass
(2
499_ _Mamaroneck,N.Y. iss.)4 X 1930-1944 160.000
1931-1938 113,436
837_ _Marion, Ohio (5
iss_
bliss.)_ ._5
37,050
664_ _Marion Co.,0 o(3 .).5X 1931-1939
324_ _Marion City S D. Ohlo.4% 1931-1953 300,000
1930-1969
75,000
499 Marshall, Texas (2 ism.) _ .5
32,176
664.. _Marshalltown,Iowa
1930
80,000
1314___Ner kien burgisso., N.0 -.5X
00
2. ecidia n. m C
0
1930-1939 230,783
6
1011_ _Miami, Fla.(3 iss.)
534 1933-1955 828,000
19,000
1146_ Michigan, State of
54
14,000
1146_ Michigan, State of
14,000
1146_ _Michigan, State of
6
16,000
1146_ Michigan, State of
534
500__Middletown Twp. S. D.,
5
1931-1957 465,000
N. J
6
837_ Milan S. D , Ga
1934-1958
25.000
5g 1935-1949 150,000
1011__Mississippi Co., Ark
1930-1934 250,000
837_ _Montgomery Co., Md .._ _6
837_ Montoursville, Pa
5
1931-1934
15,000
500__Morehouse Parish 8. D.
5
1930-1949 250,000
Nos.2and 3, La
6
837_ Mount Sterling, Ky
1931-1940
15,000
500Mount Vernon, N. Y. (8
4X 1931-1960 894,000
issues)
500__Mount Vernon, N. Y.
4
1931-1950 651,000
(5 issues)
837_ Muskogee Co., Okla
5
1935-1944 120,000
434 1945-1955 130,000
837__Muskogee Co., okia
665_ _Muskegon Heights, Mich.5
1931-1940
15.000
837- _Nebo, N. C.
6
1932-1941
5,000
665- _Nebraska, State of
5
166.000
665_ _Nebraska, State of
6
34,000
1931-1950 460,000
665__Needham, Mass. (2 iss.) _4
1931-1946
16,000
665__Newell, S. flak
5
500_-Newell Twp , Ill
5X 1931-1940 100,000
325-_Newton Co., Ind
4,186
6
1931-1935
500_ -Norfolk, Va
1931
1,000,000
4.84
500- _Norfolk, Va
1930
500,000
4.70
Price. Basis.
5.43
100.07
100.19
100.52
100.35
100.0001
5.73
5.88
4.44
4.74
100.06
100
Kdo
101.82
100
4.79
5.00
100
100
100.78
100.008
100
100.05
100.63
100.63
1:66
5.65
4.49
5.00
1.4i
4.41
100.45
100.52
-412
100.33
4.69
100.15
100
100.009
100.009
100
102.28
100.65
4.98
5.50
4.70
4.70
5.00
4.76
5.61
100.74
4.70
100
100.12
100
100.60
6.50
5.48
4.50
_-_-
100.001
4.46
100.001 4.46
100.10
100.10
-- 55
5.
101.51
6.00
100
100
101.07
5.00
4.38
100
100
100.71
5.00
5.00
4.42
100 - - -7056
- 6
100.45
5.41
100
1786
100
100.62
4.93
00.01-90 31
5.42
100.85
4.72
100.21
100
100.60
101.01
4.60
5.87
4.25
MB 1:13
100.16
100
97.73
100
6 66
.
Y.O6
102.03
5.80
100.95
100.33
4.63
5.42
.
100
103.57
5.75
4.53
100.73
100.02
100.85
100.62
100.68
101.41
101.07
100
a.6i
:
4 .53
100.001
5._1_9_
--
4.40
4.82
469
4.6.3
5.00
95
100.32
100.31
100.08
100.34
--------
100
5.00
---,- "3;16
100.51 - 5.81
4.53
101.10
101
104
4.89
5.16
100.01
4.28
4.28
100.01
100.006 4.70
100.006 4.70
0
0
1
6.00
100
0033
101.50
100
100.002
100.003
166
5.00
5.23
6.00
4.83
4.69
1313
FINANCIAL CHRONICLE
FEB. 22 1930.1
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
434 1940-1960 150.000 100.16 4.24
1011-Norrist0wn, Pa
5.000
1931-1932
6
1012-Norwood, Ohio
100.000 100.45
5
325_ _Noxubee Co., Miss
30,000 100.75 5.84
1935
6
665__Ocean Twp. N. J
5.00
25,000 100
1-25 yrs.
5
1012-Ohio City, Ohlo
5,000
665.-Okeene S. D., Okla
1933-1946 1.302,000 100.009 4.70
325-Oklahoma City S.D.,Okla5
325_ _Oklahoma City S.D.,0k1a434 1947-1954 848,000 100.009 4.70
100,000
838-Ottumwa, Iowa
665-Pasadena Acquis.& Impt.
75.000 101.32 5.62
5% 1934-1958
Dist. No. 3, Calif
13,000 100.43 5.82
1931-1934
325- _Pasquotank Co., N. C 6
5.00
42,000 100
1932-1963
5
665-Pembmton, N. J
1932-1977 905.000 102.80 4.81
5
Amboy, N. J
665--Perth
25,400
1931-1940
500- _Phoenix, Ariz.(2 iss.)...6
1936-1950 375,000 101.80 4.81
501- _Pima Co.S.D.No.1 Ariz 5
6.00
r14.000 100
666--Pioneer Irrig. Dist.,Idaho6
4.00
130.000 100
30 years
4
325--Portsmouth. Va
4,000 100
838__Powell Con. S. D., Tex
35,000
1931
325_ _Poweshiek Co., Iowa_ _ _ _5
22,000
50L.PrltChett,0010
5 10-15 years
225,000 100.42 4.97
1949
5
501.-Provo S. 0., Utah
4012-Prowers Co. S. D. No. 6,
Colo
531 20-30 yes. 840,000
55,000
301__Hed Lodge, Mont
21,000
501-Riverton S.D.No.42,11L534 1931-1949
90.000
1940-1959
5
838„Robertson Co., Tex
1931-1950 500,000 99.49 4.56
838-_Rockford San.Dist.,Ill.-4
838--Rock Island S.D.No.41,
5 years
4%
280,000 99.47 4.62
ni
97.80 5.23
1931-1955 50.000
5
1012-Rome S. D. Ga
60,000 100.10 4.98
1931-1040
5
666-Roseburg, Ore
20,000
19311-1944
5
666-Rushville, Ind
1012__St. Bernard Par. W. D.
534 1931-1950 150,000 100.23 5.22
No. 1. La
42,000 100.14 4.97
5
1930-1939
666--St. Clair, Mich
1931-1940 d66.147 100.15 5.84
6
1012- _St. Helens, Ore
4% 1935-1950 9.000,000 100.47 4.45
838-St. Louis, Mo
26,000 103.26 5.09
666_ _San Carlos. Calif
5% 1931-1950
666-San Luis Obispo Co. R.
56,793
1931-1944
7
D. No. 8, Calif
434 1931-1955 150,000 100.58 4.43
838--Schuyler Co., N. Y
, 501--Scott Co.,Tenn250.000
31,000
1950
666- _Scottsbluff, Neb
20 yrs.
20,000
1148-Sharon Spec. S. D.,Tenn. _ _
6.00
2,450 100
1931-1940
1013.-Silver Lake, Ohio
6
30,000
666-Skidmore S. D., Tex_
839-South Bend S. D., Ind_ _434 1940-1949 300,000 102.11 4.30
6.00
501-South Euclid, Ohio(21s.)6
1931-1940 104.000 100
839-South Euclid-Lyndhurst
71,000 101.03 5.15
S. D., Ohio
534 1931-1959
6.00
63,609 100
666-Southgate, Ky
6
1013.-So. St. Paul Spec. S. D.
4.50
434 1933-1945 130,000 100
No. 1, Minn
20.000 100.26 5.98
839-Springfield,8 . ID
1041-1950
6
666__Stephens Co., By
534 1931-1955 100,000 100.05 5.49
839__Stockton, Calif
434 1941-1946 365,000 100.38 4.54
55,000 100.38 4.54
839-Stockton, Calif
1947-1948
5
501--Struthers City S. D.,Ohio 434 1931-1947 120,000 100.25 4.72
667- _Summer Co. Kan
1930-1940 174,000 99.70 4.57
434
20,000
502_ _Swanton, Ohio
534 1931-1940
839_,Tacoma, Wash
434 1942-1947 450,000 96.17 5.10
9.000
667_ _Talmage, Neb
60,000 100.21 4.48
434 1941-1949
8.39_Tama County,Iowa
51,000 97.80 6.97
19314940
502...Tarrant City, Ala
6
17.000 100.37 4.55
326__Tarrytovrn, N. Y
4.60 1930-1946
4.67
326__Tennessee, State of(6 las.) _- 1931-1945 29,050.000 100
6.00
1933-1948 22.500 100
1013_Terral, Okla
6
667_ _Texas, State of(8 188.)_
42,000
1013_Thibadoux, La
534 1931-1960 195,000 101.10 5.14
667-Tillamook, Ore
6
1-4 yes.d30,000 102.09 5.72
326...Todd County Ind. S. D.
4.50
3,000 100
No.103, Minn
434
1448-Tonawanda 8. D. No. 1,
5.40 1931-1955 665,000 100.28 5.36
667_ _Topeka. Kan
30.500 100.01 4.49
4% 1930-1939
326__Trenton, N. .3
434 1932-1966 2,432,000 102.82 4.29
17,000 100.25 4.71
502-Tuckahoe, N. Y
4% 1931-1947
839-Tuckahoe, N. Y
56.500 100.36 4.70
434 1931-1950
5.08
667_ _Tyler, Tex.(2 im.)
1-40 yrs. 205,000 99
5
5.50
1013-.Upton Co..Tex
500,000 100
5
667-Utica, N. Y.(11 iss.)---4. 0 1930-1949 534,214 100.17 4 37
667__Vermilion, Ohio
37,800 100 80 5.09
534 1931-1939
1013-Vici, Okla
2,800 100.03 ._
6
839__Warsaw, Mo.(2 94L.....5
1931-1950 100,000
326__Warwick, N Y
13,000 100.50 5.30
5}1 1930-1935
667-Washington Co., Md.. 4
1935-1954 471,000 102.06 4.31
667__Watertown, Mass
10,000 100.71 4.24
4
1931-1935
502 Wawayanda & Goshen S.
D. No. 10, N.Y
5.82
18.000 100.31
5.85 1931-1955
839__Weld Co. S. D. No. 31,
Colo
-534 1931-1937 r13.500
839_ _Westchester,Ill
90,000
1931-1939
667__Westchester Co., N. Y-4.375 1930-1931 2,647,000 100.003 4.3e
667-West Helena, Ark
71.000
1930-1949
5
503__West Oram :11. D., N.J-43( 1931-1959 291,000 101 68 4 5e
8
667_Westen,
4
1930-1944 100,000 100.32 3.95
667„West Union Ind. S. D.,
Iowa
434 1935-1950 105,000 101.42 4.36
7.000 100
6.00
1014__Whiteford Twp., Mich-6
1931-1935
667__Whitney, Neb
7,000
6
5-10 yes.
839...WIlkinsburg 8. D., Pa
150,000 100.53 4.2e
4%
1959
49,161 100.13 4.95
327__Willlama County, Ohio-.5
1931-1935
668_ _Willow Glens. D., Calif-5
43,000 101.04 4.89
1931-1950
839_ _Willshire S. D., 01210.-5
65.000 101.28 5.09
1931-1950
839_ _Wilmington, Del
434 1933-1940 160,000 100.43 4.43
668_ _Wise Co. S. D.No.5.Tea
28,000 100
5.50
_
1014._Worcester, Mass
-iee3 168,000 100.21 4.14
937)
4% 1--.
1914_ _Worcester. Mass
222.000 100.21 4.14
4
1934-1939
640-Wyandotte Co., Kan.
(2 issues)
414 1931-1945 124,774 100.05 4.49
6613-Yonkers, N. Y.(2 18.).-4g 1931-1960 2,300.000 100.097 5.00
668-Yonkers, N. Y
19314950 600.000 100.097 5.00
5
Rt1
Name.
Rate.
Page.
661_ _Bowling Green,Ohio(4 is6
sues)
167__Broadwater Co., Mont-534
322_ _Cambridge, Ohio (2 iss.1.5.34
167-Carbon Co. H. S. D.
534
No. 1, Mont
834--Cedar Rapids Ind. S. D.,
435
Iowa
5
167_ Cropsey Twp., Ill
6
662-Delaware, Ohio
168_ _Delphos, Kan
6
322__Duke. Okla
322__East Liverpool, Ohio_ _ _4g
5
322__El Dorado, Kan
322_ _El Dorado, Kan (2 iss.)._5
322_ _Evans City, Pa.(Aug.)_ _4%
5
323_ Floyd Co., Ind
5
498_ _Goshen,Ind
5
168_ Greene Co., Ind
168_ _Grosse Painte Farms,
434
Mich
168_ _Grosse Pointe Farms,
4%
Mich
6
66.3_ _Haywood Co.. N.0
534
663 Hauma, La
5
499_ _Jefferson Co., Ohio
534
169_ _Jewett, Ohio
664_Johnson Co., N. C
836__Keene Twp. S. D., Ohio.534
323_ _Kossuth Co. D. D. No.
5
157. Iowa (Nov.)
434
169_ _Laconia, N.Ii
836-Leoni TIT. S. D. No. 9,
Mich. Oct.)
.Lubbock Ind. S. D.,Tex.5
664.
664_ _Magnolia, Del. (July)---6
324_ _Mahoning Co., Ohio (6 is5
sues)
324__Marion Co., Ind
434
324__Martin Co., Ind.(2 iss.).5
665„Middleburg Heights, Ohio
8
(3 issues)
324_ _Milford. Ohio
6
500-Montgomery Sch. Twp.,
5
Ind. (Nov.)
434
170__Muscatine,Iowa
171„Newburyport,Mass.(2 is434
sues)(Nov.)
6
838_ _Owsley Co.,Ky
170_ _Pampa,Tex.(4 issues) -5%
838_ _Parma,Ohio (Sept.)
6
170_ _Phelps Co., Mo
170_ _Piqua, Ohio
M
170- _Piqua, Ohio(2 issues)6
838_ _Portland, Me
434
170__Prowers Co. S. D. No. 6.
534
Colo (Nov.)
325__Rhea Co., Tenn
6
171-Sycamore, Ga
326--St. Thomas Twp. S. D.,
4%
Pa
(2
326- _St. Martinville, La. iss.)6
501_ _Slatington, S. D., Pa.__ _4;4
667_ Flurry Co., N. C
534
502_ _Taylor Twp.W.D.No. 1,
6
Mich
502 Tecumseh, Okla. (2 iss.)171_ _Tuscaloosa. Ala
667-Union Co. S. D.No.43-5
434
839-Warwick S. D., Pa
534
502_ _Waurika, Okla
6
502_ _Waurika,Olda
503-Wells Twp.S. D.,Ohlo 6
172-_Whateom Co. S. D. No,
5
308. Wash
172_ -Willoughby, Ohio(21630-5%
Maturity. Amount.
Price. Basis.
20,200 100
r10.1,000
80.382 100.14
1931-1940
1-10 yrs.
1931-1947
1931-1950
1931-1940
1930-1936
1932-1946
1931-1950
1931-1940
1930-1939
1933-1955
1931-1949
1 y.ear
1930-1939
14,000 100
100.000
30.000
3,500
20.000
15,000
63,600
r 11.893
21.993
25,000
44.560
15.000
36,500
6.00
5.47
5.50
101.20
100
100.60
4.36
5.00
5.82
100
100.12
100.60
100.60
100.02
103.25
100.05
101.55
6.00
4.74
4.86
4.88
4.49
4.60
_
4.68
1931-1959
144,000 100.05
4.67
1931-1959
1932-1942
1931-1969
1931-1938
1931-1940
86,000
11.000
193.000
66,875
34,733
50,000
3.000
100.05
101.31
4.67
5.84
101.16
100.36
100
100
4.76
5.40
1930-1934
116
5.00 •
4.71
1933-1939
1930-1949
8.400 100
50,000 100.29
1930-1944
1931-1970
5-20 yrs.
18.000
650.000 100.10
8.000 100
4.99
6.00
1931-1935
19h0-1949
1931-1941
71,550 100.42
139,800 102.34
11,534 101.65
4.88
4.46
4.66
1931-1940
1930-1935
90,383 100.11
3,000 100
4.98
6.00
1931-1935
10,000 100.08
75.000 101.01
4.97
1949
30 years
1931-1940
1940
1931-1935
1930-1942
25,000
25.000
238,000
199,280
60.000
81.270
42,316
130,000
10-20 Yes.
23.000
38,000
20.000
30,1,00
4.50
100
5.50
too
1.16
100.19
1...0.19
100
5.74
5.47
4.25
100.39
100
101
101.22
4.47
6.00
4.42
5.40
100
6.00
30,000
150,000
9,000
1952
100
10-30 yrs.
1950
1931-1950
5-15 yrs.
1935
1936-1952
1931-1933
27,000
136,000
25,000
10,000
25,000
3,000
49,500
1,500
1-20 yrs.
1931-1940
45,000 100
133.359 100.79
1930-1934
101.50
100
101
100
100
100
1:66
4.42
5.50
6.00
6.00
5.00
5.05
All of the above sales (except as indicated) are for December. These additional December issues will make the total
sales (not including temporary loans) for that month $301609,555.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
JANUARY.'
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
15.000 95.05 6.14
534 1930-1949
1014-Cochrane.Oat
606.070 98.37
5.10
35 yrs.
5
668-Halifax, N.8
1,903.887 95.68 5.20
1958
4%
Oat
327_ _Hamilton,
1,080,111
95.68 5.20
1948
5
327_ _Hamilton. Oat
30 yrs. 108.000 97.10 5.79
534
503__Kenogamle. Que
1960 r2,158,000 98.93 5.0i
ov.on5
668_ _New Brunswick
1960
1.200,000 98.93 5.07
668-New Brunswick(Prov.o05
840_ _New Westminster. B. C.
5
19344949 129,000 94.19 5.73
(4 issues)
840-New Westminster (Har20 yrs. 700.000
bour Comm.), B. 0-435
1945-1950 190,354 97.93 -.840_ _Owen Sound.Ont.(2iss.).5
1931-1946 214.500 97.47 5.24
(4
840__St.Catharines,Ont. bs.)5
503- _Saskatchewan, Prov. of.51959 )3,500.000 99.27 5.04
840-Saskatchewan Sch. Dis15,726
tricts, Sask
668-Scarborough Twp., Out.
5
1930-1958 516,980 95.77 5.52
issues)
(6
1930-1968 563,000 97.28 5.28
503_8herbrooke, Que.(4 iss3.5
668„Stormont, Dundee and
Glengarry (Counties
19 yrs.
48.489 98.17 5.22
5
of), Ont
1944-1969 3,000,000 98.58 5.09
668-Vancouver, B. C.(7 iss.)-5
1940-1960 2,500.000 99.02 5.07
5
668 _Winnipeg, Man
Total amount of debentures sold during Jan.$18,449,117
ADDITIONAL CANADIAN BOND SALES FOR PREVIOUS MONTHS.
Total bond sales for January (294 municiRate. Maturity. Amount. Price. Basis.
Page.
Name.
palities.covering 420separate b3sues)k3109,137.143
327...I.ac au Saumon, Que.
20 yrs. 322.500
5
(December)
d Subject to call in and during the earlier years and to mature in the later
25,000 96.60 --yrs.
172_
years. k Not including $127.558,850 temporary loans. r Refunding bonds. 327_ _Little River, Que.(Dec.)-534 10-25 yrs. 55,000 96
5.53
20
_ Port Colborne, Ont.(Oct.)5
..Saskatchewan (Prov. of)
503.
BONDS OF UNITED STATES POSSESSIONS.
1.500,000 98.73 5.08
1959
6
(November)
Name.
Page.
Rate. Maturity. Amount. Price. Basis, 503-Saskatchewan (Prov. of)
1.500,000 98.92 5.07
1959
5
(December)
500-Philippine Islands, Government of
434
1,500.000 100.51 4.47
1959
The following items included in our totals for previous
NEWS ITEMS
months should be eliminated from the same. We give the
-Funded Debt Reduced $58,258,119
Canada Dominion of.
page number of the issue of our paper in which reasons for
During 1929. -In a report submitted on Feb. 14 to the Dethese eliminations may be found.
Name.
Page.
Maturity. Amount. Price. Basis. partment of Commerce by Commercial Attachee Meekins
_Bedford, Ohio (December)
$127,926 of Ottawa it was shown that a reduction of ovei $58,000,000
834_ _Cedar Rapids Ind. S. D., Iowa (December)
100,000
837__Musselshell County, Mont.(November)
285,000 in the total funded debt of the Governmerri had taken place
170__Prowers County S. D.No.6, Colo.(November)
r25,000 in the past year. We quote as follows from a Washington
502__Taylor Twp. W. D. No. 1, Mich.(November)
27.000
dispatch as it appeared in the New York "Times" of Feb. 15:
We have also learned of the following additional sales for "A statement of the public debt, revenue and expenditure of Canada up
to the end of last year shows that the funded debt was decreased from
previous months:
$2,362,852,341 in 1928 to $2,304,594,222 in 1929 by retiring
Name.
Page
Rate.
496_ _Albany Corn. S. D.,Ohio-534
6
833_ _Archbold, Ohio
5
321_ _Belmont Co.. Ohio
maturing
Maturity. Amount. Price, Basis. obligations payable in New York.
77/100 10.)
1931-1954
5.25
"Dominion notes increased nearly $20,000,000 and government annuities.
5,177 1‘.0
1930-1939
6.00 insurance and superannuation funds nearly $9,000,000. There was a de10.410 100.02 4.99 crease of about $3,500,000 in the deposits of postoffice and government
1930-1938
1314
FINANCIAL CHRONICLE
savings banks. The figures were shown in a statement by the Department
of Commerce to-day.
"The most significant changes in assets are a decline of more than $28,000000 in specie reserve, and an increase of over $46,000,000 in loans to banks
under the finance act.
"Federal revenues from April 1 to Dec. 31 increased by more than
$6,000,000 over the corresponding period of 1928, the gains in income tax
collections and customs and excise duties more than offsetting the loss in
excise tax. Expenditures in that period were almost $18,000,000 larger
than during the corresponding nine months of 1928."
[voL. 130.
this Act shall be available, until the Commission shall have provided an
deposited with the Comptroller at least twenty-five per centum of th
difference between the amount appropriated and the amount needed fo
such work according to such estimates, together with the Governor'
certificates provided for in Section 5. A copy of such estimates shall b
filed with the Superintendent of Public Works, and he shall certify th
amount of such estimates to the Comptroller. The Comptroller shall be
the custodian of such money and shall deposit the same in a bank or banks
in which he is authorized by law to deposit State moneys. He shall pay
out such moneys on the requisition of the Chairman of such Commstsion,
and may make advancements, as needed. Vouchers therefor shall be
subject to the Comptroller's audit.
Sec. 2. This Act shall take effect immediately.
Explanation.—Matter in italics is new; matter in brackets I is old law
to be omitted.
Kansas.—Special Legislative Session Called for Feb. 27.—
The State Legislature will,convene in extraordinary session
at noon on Feb. 27, for the purpose of considering the repeal
of the intangible tax and mortgage registration laws; reAssembly Bill to Repeal
ports the Topeka "Capital" of Feb. 14. The official procla- following bill (A. No. 477,Park Land Act Introduced.—The
Int.
mation as it appeared in the above newspaper reads as the Legislature on Jan. 27 by No. 462) was introduced in
Mr. Downs:
follows:
PROCLAMATION
CONVENING LEGISLATURE IN SPECIAL
SESSION.
Executive Department.
Topeka, Kan., Feb. 13 1930.
Whereas, The recent decisions of the Supreme Court of Kansas on questions of taxation of intangible property leave the tax question in this State
In an uncertain and unsatisfactory condition, thereby creating an extraordinary condition requiring legislative action:
Now, Therefore I, Clyde M. Reed, Governor of the State of Kansas,
by virtue of the authority vested in me by the Constitution of the State,
do hereby convene the legi(lature of the State of Kansas to meet at the
Capitol of the State in Topeka at the hour of noon on the 27th day of Feb.,
A. D. 1930, to enact laws for the betterment of the tax situation in the
State of Kansas.
In testimony whereof I hereunto subscribe my name and cause to be
affixed the Great Seal of the State of Kansas.
Done at Topeka, Kansas, on the day and year first above written.
CLYDE M. REED, Governor.
(Seal) Attest: E. A.CORNELL, Secretary of State.
AN ACT to repeal cuapter eighty-seven of the laws of nineteen hundred
six, entitled "An Act to authorize the towns of Suffolk County to acquire
lands for park purposes, and to issue bonds therefor," relating to issuance
of bonds for the acquisition of lands for park purposes.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Chapter eighty-seven of the laws of nineteen hundred six,
entitled "An Act to authorize the towns of Suffolk County to acquire lands
for park purposes, and to issue bonds therefor," is hereby repealed.
Sec. 2. This Act shall take effect immediately.
Newburgh, N. Y.—Charter Amendment Proposed in
Legislature.—The following bill was introduced in the Senate
on Jan. 31(5. No. 530, Int. 511) by Mr. Baumes:
An Act,to amend chapter 590 of the laws of 1917 as amended,entitled
"An act to provide a charter for the City of Newburgh," in relation to
excluding refunding bonds from the limitation of bonds which may be issued
In any one year.
The People of the State of New York,represented in Senate and Assembly,
do enact as follows:
"Section 1. Section 130 of chapter 590 of the laws of 1917, entitled
City of
Kentucky.—State Progress Commission Submits Report to 'An act to provide a charter for the hereby Newburgh,' as last amended
is
amended to read as
Legislature.—We are in receipt of a copy of the first detailed by chapter 357 of the laws of 1919the city other than revenue follows:or
"1 130. All bonds issued by
bonds
report of the Kentucky Progress Commission, created by an certificates of indebtedness issued in anticipation of the receipt of taxes
or to secure temporary loans shall be serial bonds, payable in annual inAct passed in 1928, to the 1930 session of the Legislature, stallments as nearly equal as the council shall decide to be practicable and
and which recounts in full the activitiet and plans of the expedient, except bonds issued to provide thesupply of water. No installthe estiCommission up to date to carry out proposed improvements ment of any improvement bond shall run for a longer period than as determated life of the improvement for the cost of which it was issued,
and to disseminate information regarding the State's attrac- mined by the council. Bonds issued to provide the supply of water may
20 years, in which case a sinking
bonds running not to
tions and resources. A complete analysis is presented in be created on the issuingexceed said bonds, for their redemption,fund shall
of the
be
by raising
interesting fashion.
annually a sum which will produce an amount equal to the sum of the principal and interest of said bonds at their maturity; or, in the discretion of
to provide the supply of water may be serial
New Hampshire.—Legislature Convenes in Special Session. the council, bonds issued than
the estimated life of
bonds running not longer
—Called in special session by Gov. Charles W. Tobey to the cost of which they are issued, as determined by the improvement for
the council, payable
consider what are reported to be radical changes in the in annual installments as nearly equal as the council shall decide to be practicable and expedient. Any bonds issued to provide the supply of water
taxation statutes, the 1929 Legislature convened on Feb.18. may be in part 20-year sinking fund bonds as hereinbefore provided and
According to report, by a tacit agreement only bills relating in part serial bonds as hereinbefore provided.
power of
to taxation will be submitted by the Committee on Rules. in "Theone year. the city to issue bonds is limited in amount to $150,000
any
But this limitation shall not apply to revenue
A Concord dispatch to the New York "Times" of Feb. 19 certificates of indebtedness issued in anticipation of the receipts ofbonds or
taxes to
secure temporary loans; or to serial refunding bonds issued and sold to provide
reads as follows:
money to pay up and retire outstanding and existing bonds other than serial
With the opening to-day of the special sessions of the State Legislature, bonds when sufficient funds are not available and adequate provision has not
two tax programs were introduced into the House of Representatives.
been madefor their payment when they become due; or to bonds issued with the
One sponsored by the Recess Tax Commission provides for a tax on approval of the resident taxpayers as provided for in section 103 of this act.
personal incomes and a tax against electric and gas utilities and corpora"¢ 2. This act shall take effect immediately.
tions. The Recess Tax Commission's program also provides for an exExplanation.—Matter in italics is new: matter in brackets] is old law
emption from taxes of growing timber and finished goods, which are now to be omitted.
classed as stock in trade.
The other measure introduced by Eliot Carter of Nashua eliminates
Rhode Island.—Resolution Introduced to Create Investi' on incomes, but provides for tax exemption of manufacturers' finished gation Committee on Banking Practices.—We are in receipt
ax
product and standing timber. It will, if adoped, tax utilities.
A tax of 2% will be levied against income and corporations according of a communication from Grace M. Sherwood, Legislative
to the Rexcess Tax Commion's plan. Tax against utilities will be at State Reference Director, bearing date of Feb. 8, calling our
rate, which is about $28 per thousand.
This is the fourth special session of the Legislature which has been held attention to House Bill No. 674, which is a resolution
in 150 Years.
crehting a special legislative committee of the General As-
New York City.—Legislature Passes. Bill Re-opening City sembly to investigate the banking practices in the State.
of the resolution reads as
Budget.—On Feb. 20 both houses of the State Legislature The text That a joint special legislative follows:
Resolved,
committee,
passed the bill to permit New York City officials to re-open sisting of the floor leaders of the majority and minorityof five members,conparties, respectively.
the 1930 budget for the insertion of an appropriation of not upon the part of the Senate, and the floor leader and deputy floor leader
and the floor leader of the minority Party, upon the
to exceed $5,000,000 to equalize salaries in the Police and Fire of the majority party Representatives, be and the same hereby is created
part of the House of
Departments, without opposition in either branch of the to investigate the banking practices in this State and for this purpose
bank
commissioner
Legislature. -The bill was signed immediately by Governor said committee may question the bankcommittee andor the deputy presiexamine the
commissioner and may call before the
Roosevelt.
dents, vice-presidents, cashiers and other officers of the several banks and
trust companies in this State. Said committee may also inquire from such
New York City.—Comptroller Berry Issues Statement on banks and trust companies the securities held as collateral by such banks
and trust companies on Tuesday, Oct. 29 1929, and may further inquire
City's Financial Soundness.—Comptroller Charles W. Berry as to the ultimate disposition of such collateral, or the operation of the
has recently issued a lengthy statement in which he enum- discount departments of the several banks and trust companies in the
months of October and November, 1929.
commitee
erates six reasons why the city can never be put in an em- Power to subpoena witnesses and to compel said production shall have full
the
of such books,
barrassing financial position and then undertakes to analyze papers and documents as will enable it to effectively accomplish the purpose
for which it is created. Said committee shall serve without compensation
the reasons in detail. The statement finmishes a compre- and shall report its findings to the general assembly at the present session.
hensive outline of the basic structure of the city's credit
standing and voices the conviction that New York City
BOND PROPOSALS AND NEGOTIATIONS.
enjoys a splendid financial status.
ABERDEEN, Bingham County, Ida.—BONDS NOT SOLD—The
New York State.—Bill Introduced to Legalize Whiteface $21,000 issue of not to exceed 6% semi-ann. sewer system bonds offered on
Mountain Bonds.—A bill was introduced in the Senate on Feb. 11—V. 130, p. 1006—was not sold as there was an error in the offering
Jan. 21 by Mr. Brereton (S. No. 253) (Int. 248) which pro- advertisement.
BONDS RE-OFFERED.—Sealed bids will again be received for the purMar.
vides that bonds issued for the construction of a State chase of the above bonds by J. E. Toevs, Village Clerk, untilthe 7. A
payable to the Village must accompany
highway in Essex County be legal investments for savings certified check for 5%voted at a special election held on Jan. 7.) bid.
(These bonds were
banks and trust funds in the State. The text of the bill
AITKIN COUNTY (P. 0. Aitkin), Minn.—BONDS OFFERED,—
Sealed bids were received until 1.30 p. m. on Feb. 21 by H. C. Beecher,
reads as follows:
AN ACT to amend chapter four hundred and twenty of the laws of nine- County Auditor, for the purchase of a $67,000 issue of 6% semi-ann.•reteen hundred twenty-nine, entitled "An Act to provide for the construction funding bonds.
by the State of a State highway in Essibx County leading from Wilmington
to the top of Whiteface Mountain, and making an appropriation therefor,"
In relation to the sale of securities for the financing thereof.
The People of the Slate of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Section seven of chapter four hundred and twenty of the laws
of nineteen hundred twenty-nine, entitled "An Act to provide for the construction by the State of a State highway in Essex County leading from
Wilmington to the top of Whiteface Mountain, and making an appropriation therefor," is hereby amended to read as follows:
Sec. 7. The money needed for such work, above the amount appropriated by this Act,shall be furnished to the State by the commission, and
may be either contributed by the commission or its members or raised on
its own obligations, secured by the pledge of its revenues and tolls arising
out of the use of such highway. The obligations which may be issued by the
commission for the construction of the highway mentioned in this Act are
hereby made securities in which all public officers and bodies of this State,
and of;its municipal subdivisions, all insurance companies and associations,
all savings banks and savings institutions, including savings and loan associations, executors, administrators, guardians, trustees and other fiduciaries in
the State may properly and legally invest the funds within their control. Not
more than twenty-five thousand dollars of the money appropriated by
ALBANY COUNTY (P. 0. Albany), N. Y.—BOND SALE.—The
$1,200.000 4 Yi% coupon or registered jail bonds offered on Feb. 20—
V. 130, p. 1143—were awarded to Barr Bros. & Co. of New York and the
New York State National Bank of Albany, jointly, at a price of 101.405, a
basis of about 4.15%. The bonds are dated March 1 1 30 and mature on
March 1 as follows: $20,000, 1931 to 1959 incl., and $620,000 in 1960.
The purchasers are re-offering the obligations for public investment at
prices to yield 4.10%•
I
ARKANSAS, STATE OF (P. 0. Little Rock).—NOTE OFFERING.—
Sealed bids will be received until 10 a. m.on Mar.7 by Ralph Koonce, State
Treasurer, for the purchase of a $9,000,000 issue of 4Y 454, 43( and 5%
highway notes. Denom.$1.000 or multiples thereof. Dated Mar.7 1930.
Due on Dec. 7 1930. Purchaser will be furnished with the legal approval
of Thomson, Wood & Hoffman of New York, and Rose, Hemingway,
Cantrell & Loughborough of Little Rock. The State reserves the right to
reject any and all bids and to waive all formalities and to sell by private
negotiations any notes for which a satisfactory bid is not offered. The
proceeds of this issue is to be used on the State highway system.
ASHTABULA COUNTY (P. 0. Jefferson), Ohlo.—OTHER BIDS.—'
The following is an official tabulation of the other bids received on Feb. 10
for the $70,000 improvement bonds awarded as 4',s to Stranahan, Harris
FEB. 22 1930.]
FINANCIAL CHRONICLE
Oat's, Inc., of Toledo, for a premium of $98, equal to 100.04, a basis of
ut 4.72%.-V. 130, p. 1015.
Int. Rate. Premium.
Bidder484%
$63.00
he BancOhio Securities Co
542.00
.L.Slayton & Co
5%
5
514.00
ell Roth & Irving Co
511.00
vident Savings Bank & Trust Co
5
507.00
Ind National Co.of Detroit
5
480.00
tis & Co
433.00
raun, Bosworth & Co
cDonald-Callahan & Co
402.00
5
tral-Illinois Co
378.00
5
189.01
tle Guarantee & Trust Co
5
67.00
yan, Sutherland & Co
5
587.60
.B.Leach & Co.,Inc
5%
ASHEVILLE, Buncombe County, N. C.
-Sealed
-BOND OFFERING.
Ids were going to be received until 4 p. m. on Feb. 27 by J. E. Gibson,
ity Secretary-Treasurer, for the purchase of four issues of bonds aggroating $1,240,000, divided as follows:
650.000 general corporate bonds. Due on Mar. 1 as follows: $12,000,
1935 to 1939; $14.000. 1940 to 1944; $16.000. 1945 to 1949:
$18,000. 1950 to 1954; $20,000, 1955 to 1959. and $4,000, 1960
to 1969,all incl.
350.000 public improvement bonds. Due on Mar. 1 as follows: $8.000,
1935 to 1944; $10,000, 1945 to 1959, and $12,000. 1960 to 1969,
all incl.
175,000 street improvement bonds. Due $5.000, Mar. 1 1935 to 1969.
65,000 city hall bonds. Due on Mar. 1 as follows: $1,000, 1935 to 1939,
and $2,000, 1940 to 1969, all incl.
Int. rate is not to exceed 5Si%,stated in multiples of X of 1%,and bids
hall be for all of the bonds and not for any part thereof. Denom. $1,000.
ated Mar. 1 1930. Prin. and semi-ann. in payable at the Central
Ianover Bank & Trust Co. in New York City. The bonds are subject to
e approval of the State Sinking Fund Commission, and the City will
rnish the bond forms and the approving opinion of Reed, Hoyt & Washurn of New York City. A certified check for 2% of the face value of the
onds bid for, payable to the above named official, is required.
(This offering was later withdrawn and the following was substituted:)
ASHEVILLE Buncombe County, N. C.
-BOND OFFERING.Sealed
Ida will be received until 4 p. m. on March 3 by J. F. Gibson, City Secreary-Treasurer, for the purchase of three issues of bonds aggregating
890.000 as follows:
650,000 general corporate bonds. Due on Mar. 1 as follows: $12,000,
1935 to 1939; $14,000, 1940 to 1944; 516.000. 1945 to 1949:
$18,000, 1950 to 1954: $20,000, 1955 to 1959, and $25.000. 1960
to 1969, all inclusive.
175,000 street improvement bonds. Due 55.000 from Mar. 1 1935 to
1969 inclusive.
65,000 city hall bonds. Due on Mar. 1 as follows: $1,000, 1935 to 1939.
and $2,000, 1940 to 1969, all inclusive.
Int. rate is not to exceed 5S4 %,stated in multiples of X of 1%. Denom.
1.000. Dated Mar. 1 1930 All bids shall be for all of said bonds and
ot for any part thereof. The city will furnish the bond forms and the
Sal approval of Reed, Hoyt & Washburn of New York. These bonds
re subject to the approval of the State Sinking Fund Commission. A cer(tied check for 2% par of the bid, payable to the above official, is required.
ASHTABULA COUNTY (P.O.Jefferson), Ohio.
-BOND OFFERING.
W. W. Howes, Clerk of the Board of County Commissioners, will receive
ealed bids until 1 p. m.(Eastern standard time) on Mar.3 for the purchase
f $124,000 5% road improvement bonds. Dated Jan. 1 1930. Denom.
1,000. Due as follows: $6,000 on April and Oct. 1 from 1930 to 1937 incl.,
nd $7,000 on April and Oct. 1 in 1938 and 1939. Bids for the bonds to
ear interest at a rate other than 5% will also be considered, provided,
owever, that where a fractional rate is bid such fraction shall be X of 1%
r a multiple thereof. Interest payable on April and Oct. 1. A certified
heck for 61,500 payable to the order of the Board of County Commissioners
ust accompany each proposal.
Financial Statement,
rue valuation approximate
$155,000,000
ed valuation
150,000.000
his issue
•
124,000
otal bonded debt, incl. township portion & general assessments,this issue included
2,504,035
inking fund
200
Population, 65,000; tax rate, 5.282 mills.
ATLANTA, Fulton County, Ga.-BOND SALE.
-The three issues of
% coupon or registered bonds aggregating $32,500. offered for sale on
eb 14-Y. 130, p. 1006
-were purchased by J. II. Hilsman & Co. of
tlOnta for a premium of $477.75, equal to 101.47, a basis of about 4.20%.
he issues are:
27,000 Fair St. bonds. Due from Feb. 1 1932 to 1939 incl.
1.500 English Ave. bonds. Due $500 on Feb. 1 1933; 1936 and 1939.
4,000 Vannoy St. bonds. Due $1,000 on Feb. 1 In 1933, 1935,'37 & '39.
Other bidders and their bids were as follows:
Bidder-Premium,
obinson-Humphrey Co _ _ _ _ :__ _____________________________________________$263.65
rustCo.ofGeorgia,ofAtlanta__
____
_________--297.00
ourts&Co
310.50
iberniaSecuritiesCo
ell.Speas&Co_______________________
___
341.50
_____________388.35
AUSTIN, Travis County, Tex.
-The fol-BONDS REGISTERED.
oing four issues of 4%% bonds were registered by the State Comptroller
n Feb. 10: $600,000 street imporvement: $175.000 sanitary sewer: $150.
parks and playgrounds. and $75,000 abattoir bonds. Due serially.
BABYLON, Suffolk County, N. Y.
-BOND OFFERING-Joseph
eenan, Village Clerk, will receive sealed bids until 8 p. m. on Feb. 25 for
he purchase of $95,000 coupon 434% land acquisition bonds for parks and
arkway purposes. Dated April 1 1930. Denom. $1,000. Due 55.000
n April I from 1931 to 1949 incl. Prin. and semi-ann. int. (A. & 0. 1)
aYable at the office of the Village Treasurer. A certified check for 2%
f the amount of bonds bid for must accompany each proposal.
BABYLON COMMON SCHOOL DISTRICT NO.7(P.O. Deer Park).
uffolk County, N. Y.
-George B.Gibbons
-OFFER $65,000 5% BONDS.
Co. of New York, are offering an issue of$65,0005% coupon or registered
hool bonds for public investment at prices to yield 4.60%. The bonds
re stated to be legal investment for savings banks and trust funds in New
ork State and were awarded on Feb. 10 at 100.57, a basis of about 4.93%.
.130. p. 1143.
Financial Statement.
ctual value
61.572.322
d valuation, 1930
628.929
otal bonded debt,this issue
65.000
Population 500.
BABYLON COMMON SCHOOL DISTRICT NO.7(P.O. Deer Park),
uffolk County, N. Y.
-OTHER BIDS.
-The following other bids were
eceived on Feb. 10 for the $65,000 coupon or registered school bonds
warded as 58 to George B. Gibbons & Co. of New York, at 100.57, a basis
f about 4.93%-V. 130,9. 1143.
BidderInt. Rate. Rate Bid.
dmund Seymour & Co
5Si 0
100.229
ewey Bacon & Co
5
101.20
atche der & Co
5
o
101.803
BARTHOLOMEW COUNTY(P.O. Columbus),Ind.
-BOND OFFERNO.
-Clarence A. Brooks, County Treasurer, will receive sealed bids
ntil 10 a. m.on Mar.4 for the purchase of $4,000 4X% Ed Borgman et al.
ackson Township highway Improvement bonds. Dated Mar. 4 1930:
enom. $200. Due $200, July 15 1931; $200, Jan. and July 15 from 1932
o 1940 incl., and $200 on Jan. 15 1941. Int. payable on Jan. and July 15.
BATTLE CREEK, Calhoun County, Mich.
-BOND ELECTION.
an election to be held on April 7 the voters will pass on a proposal to
ue $100,000 sewage disposal plant bonds, which, for approval, must
eceive a three-fifths majority vote. At the same time a proposal to issue
00,000 paving and sewer bonds will be passed upon, which requires a
jority vote for passage. This report supersedes that given in V. 130,
. 1007.
BATTLE CREEK, Calhoun County, Mich.
-PROPOSES CHARTER
MENDMENT.-An amendment to the city charter to permit the issuance
f bonds to finance the elimination of grade crossings was suggested on
eb. 7 by Mayor W. P. Plenty, according to the Battle Creek "Morning
ournal" of the Same day. The proposed amendment, however, is not
xpected to be submitted for the approval of the electorate until next year.
1315
BAY CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Bay City),
Matagorda County, Tex.
-BONDS REGISTERED.
-An issue of $125,000
5% serial school bonds was registered on Feb. 10 by the State Compotroller.
BELFAST, Waldo County, Me.
-OTHER BIDS.
-The following other
bids were received on Feb. 13 for the $113,000 434V coupon refunding
bonds awarded to Alexander Gordon & Co. of Portland, and the City
National Bank of Belfast. jointly, at a price of 99,a basis of about 4.59%.V. 130. p. 1015.
Rate Bid.
BidderGraham,Parsons & Co
98.11
Merrill Securities Corp.
97.206
BELLE CREEK TOWNSHIP (P. 0. Goodhue), Goodhue County,
-ADDITIONAL DETAILS.
Minn.
-The 525.000 issue of road bonds that
was purchased at par by the State Investment Board-V. 130, p. 1007
bears interest at 4X% and matures from 1935 to 1940 incl.
BIENVILLE PARISH SCHOOL DISTRICT NO. 5 (P. 0. Arcadia),
La.
-BOND SALE.
-The $100,000 issue of semi-ann. school bonds offered
for sale on Feb. 18-V. 130. p. 660
-was purchased by W. L. Slayton &
3
Co. of Toledo as 5%s, paying a premium of $205, equal to 100.20.
-BOND SALE.
BIRMINGHAM, Jefferson County, Ala.
-The $300,000 issue of public improvement bonds offered for sale on Feb. 18-V. 130,
D. 833
-was purchased by the Bancamerica-Blair Corp. of New York, and
Ward, Sterne & Co. of Birmingham, jointly, as 5% bonds, for a premium
of $2,133, equal to 100.71, a basis of about 4.85%. Dated Mar. 1 1930.
Due $30,000 from Mar. 1 1931 to 1940 incl.
-BONDS VOTED.
-At the
BIRMINGHAM, Jefferson County, Ala.
special election held on Feb. 11-V. IN. p. 3995
-the voters authorized
the issuance of$4.000,000 in bonds by margins reported to have been approximately 2Si to 1. The issues approved were as follows. 83,000,000 for
draining purposes and $1,000.000 for a municipal airport.
BLUF1FTON SCHOOL DISTRICT (P. 0. Bluffton), Clay County,
Ga.-INTEREST RATE.
-The $19,000 issue of school bonds that was
purchased at par by Mr. W. It. Curry, of Shellrnan-V. 130. p. 1143
bears interest at 6%. Due serially over a 30 year period.
BOURBON COUNTY (P. 0. Fort Scott), Kans.-BOND SALE.
The three issues of coupon bonds aggregating $60,800, offered for sale
on Feb. 15-V. 130, p. 1007
-were awarded to the Citizens National Bank
of Fort Scott. as 490, for a premium of $401.28. equal to 100.66. a basis
of about 4.62%. The issues are divided as follows:
519.500 Devon Berlin road bonds. Dated August 1 1929.
21,800 Devon Berlin road bonds, second issue. Dated Feb. 1 1930.
19,500 Arma Drywood road bonds. Dated August 1 1929.
Due serially in from 1 to 10 years.
-BOND OFFERING.BOWLING GREEN, Wood County, Ohio.
Mabel Young, City Auditor, will receive sealed bids until 12 m. on Mar. 1
for the purchase of the following issues of 5X % bonds aggregating $21,975:
$15,000 fire department equipment purchase bonds. Denom. $1,000 and
$650. one bond for $800. Due on Sept. 1 as follows: $1,800, 1931.
and 51.650 from 1932 to 1939 incl. A certified check for $750 is
required.
6,975 real estate purchase bonds. Denom. $775. Due $775 on Sept. 1
from 1931 to 1939 incl. A certified check for $350 is required.
Both issues are dated Jan. 1 1930. Int, payable on Mar. and Sept. 1
Checks should be made payable to the order of the city. Bids for the bonds
to bear int, at a rate other than 5X% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be stated in
a multiple of X of 1%.
BRIGHTWATERS Oneida County, N. Y.
-BOND SALE.
-The two
issues of coupon or registered bonds aggregating $36.000 offered on Feb. 17
-V. 130, p. 661-were awarded as follows:
530.01.0 public improvement bonds sold to George B. Gibbons & Co.of New
ork, as 53. at 100.434, a basis cf about 4.96%. The bonds
mature $1.006 from 1946 to 1969 ind.
i grg:
6,000 434% public improvement bonds sold at par to the Villageg
Fund. Due on Feb. 1 as follows: 5250. 1931 to 1934 incl., and
$1,000 from 1935 to 1939 incl.
Both issues are dated Feb. 1 1930.
-BOND OFFERING.
-Calvin
BROCKTON,Plymouth County, Mass.
R. Barrett, City Treasurer, will receive sealed bids until 5 p. m. on Feb.
27. for the purchase of the following issues of 434% coupon or registered
bonds totaling 6385,500:
$128,500 macadam pavement bonds. Denom. $1.000, one bond for $500
Due on March 1, as follows: $26,500, 1931; $26,000, 1932 and
1933, and $25.000 in 1934 and 1935.
100,000 water bonds. Denom. $1,000. Due $4,000 on March 1 from
1931 to 1955, incl.
53,500 surface drainage bonds. Denom. $1,000, one bond for $500.
Due on March I, as follows: $3,500, 1931: $3,000. 1932 to 1943,
incl., and $2,000 from 1944 to 1950, incl.
53,500 sewerage bonds. Denom. *1.000, one bond for $500. Due on
March 1. as follows: $3,500, 1931: $3,000, 1932 to 1943, incl..
and $2,000 from 1944 to 1950,incl.
30,000 water bonds. Denom. $1,000. Due $6.000 on March 1 from
1931 to 1935, incl.
20.000 water bonds. Denom. $1,000. Due on March 1, as follows:
$2,000. 1931 to 1935, incl., and $1,000 from 1936 to 1945, incl.
All of the above bonds are dated March 1 1929. Principal and semiannual interest (Mar. and Sept. 1) payable at the City Treasurer's office:
interest coupons payable at holders option at the Old Colony Trust Co.,
os
Boston. The bonds will be engraved under the supervision of and certified
as to their genuineness by the afore-mentioned trust company. Bids should
include interest from date of bonds to delivery, and no bid for less than par
Will be considered. Legality approved by Ropes, Gray, Boyden & Perkins,
of Boston.
Financial Statement (Feb. 1 1930).
Valuation for year 1929 less abatements
$78,126,075
Total debt (present loans included)
4,211,150
Water debt (included in total debt)
1.6913.,400
Sinking funds other than water
None
Population. 65,800 (estimated).
UNION FREE SCHOOL DISTRICT NO. 24 (P. 0.
BROOKHAVEN
-BOND SALE.
-The $220,000
Patchogue), Suffolk County, N. Y.
-V. 130, p. 1007
-were awarded
coupon school bonds offered on Feb. II
at a price of par to George B. Gibbons & Co., and Dewey, Bacon & Co.,
both of New York,jointly. The purchasers took $135,000 bonds, maturing
$9,000 on April 1 from 1932 to 1946 Incl., as 53. and $85,000 bonds, maturing on April 1 as follows: 59.000, 1947 to 1951 incl., and $8,000 from 1952
to 1956 incl., as 434s. Net int. cost about 4.54%.
The following is an official tabulation of the other bids received:
Int. Rate. Rate Bid.
Bidder
4%%
101.72
Rutter & Co
4%7
101.4398
Roosevelt & Son
4%
100.0199
Barr Bros. & Co
4%
101.61
Batchelder & Co
5% •
101.12
Rapp St nroswood
uhman Lock
4%%
101.19
-BONDS PARTIALLY
BROWN COUNTY (P. 0. Brownwood), Tex.
AWARDED.
-A $350,000 block of the total issue of *550,000 5% road
-was awarded to Prudbonds offered for sale on Feb. 18-V. 130, p. 1007
den & Co. of Toledo and associates at a price of 97.50.
BROWNFIELD INDEPENDEN1 SCHOOL DISTRICT(P.O. Brown-BONDS NOT SOLD.
-The $75,000 issue of
field), Terry County, Tex.
5% school bonds offered on Feb. 15-V. 130. p. 661-was not sold as no
bids were received. Dated Aug. 1 1929. Due from 1930 to 1969 incl.
-BOND SALE.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
-The
$3,759.56 6% ditch construction bonds offered on Feb. 12-V. 130, p. 1007
-were awarded to the Oglesby-Barintz Bank & Trust Co. at par plus a
Premium of $5, the only bidder. The bonds are dated Oct. 15 1929 and
mature as follows: 5384.5600 Mar. 1 and $375 Sept. 1 1931;$374 Mar.and
Sept. 1 from 1932 to 1035 oclusive.
CALDWELL PARISH ROAD DISTRICTS (P. 0. Columbia), La,
-The two issues of not exceeding 6% semi-ann, bonds
BONDS NOT SOLD.
ting 5145.000, offered on Feb. 11-V. 130, p. 496
-were not sold as
afig
a arbids were rejected. The issues are divided as follows: $100.000 road
district No. 2, and $45,000 road district No. 1 bonds. Dated Feb. 1 1930.
Due from Feb. 1 1931 to 1950 incl.
CAMBRIDGE, Middlesex County, Mass.
-BOND SALE.
-The following issues of 434% coupon bonds aggregating 5815,000 offered on Feb. 17-
1316
FINANCIAL CHRONICLE
-were awarded to R. L. Day & Co. of Boston at a price of
V. 130, p. 1E15
102.919, a basis of about 4.63%:
$500.000 City hospital bonds. Act of 1929. Due on Dec. 1 as follows:
$35,000 from 1930 to 1939 incl., and $3,000 from 1840 to 1944 Incl.
300,00 school bonds, Act of 1928. Due $20,000 on Dec. 1 from 1930 to
1944 incl.
15,000 street macadam bonds. Due $3,000 on Dec. 1 from 1930 to 1934
incl.
All of the above bonds are dated Dec. 1 1929.
-T. Lee
-BOND OFFERING.
CAPE MAY, Cape May County, N. J.
Lemrnon. City Clerk, will receive sealed bids until 11 a. m. on Mar. 4 for
the purchase of $125,011111 coupon or registered sewer bonds, to bear hat, at a
rate not exceeding 6%. Dated Aug. 1 1929. Denom. $1,000. Due annually as follows: $4,000, 1931 to 1950 Incl., and $5.000 from 1951 to 1959
incl. Prin. and semi-ann. int.(Feb. and Aug. 1)Parable at the office of the
City Treasurer. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount of the issue. A certified check for 2%
of the amount of bonds bid for, payable to the order of the City, must accompany each proposal. Bonds are to be sold at public auction.
CARPENTERIA UNION HIGH SCHOOL DISTRICT (P. 0. Santa
-The
-BONDS NOT SOLD.
Barbara), Santa Barbara County, Calif.
$80,000 issue of 5X% semi-annual school bonds offered on Feb.t3-V. 130,
-was not sold as all the bids were rejected.
p. 833
-Sealed bids will again be received for the pur-OFFERED.
BONDS RE
chase of the above bonds by D. F. Hunt, County Clerk. until 10 a. in. on
Mar. 10. Dated Dee. 9 1929. Due $4,000 from Dec. 9 1930 to 1949 incl.
Prin. and int. (J. & D.) payable in Santa Barbara. A certified check for
3% must accompany the bid.
-BONDS OFFERED.
CARROLL COUNTY (P. 0. Delphi), Ind.
Irvin M. Flora, County Treasurer, received sealed bids until 2 p in. on
Feb. 20 for the purchase of the following issues of 43 % bonds aggregating
$16,2(•0:
$8,600 Emory L. McHardie et al., Deer Creek township highway improvcbonds. Denom. $430. Due as follows: $430. July 15 1931: $430,
Jan. and July 15 from 1932 to 1940 incl., and $43C on Jan. 15 1941.
7,600 David Anderson et al.. Deer Creek township highway improvement
bonds. Denom. $380. Due as follows: $380. July 15 1931: $380,
Jan. and July 15 from 1932 to 1940 incl., and $383 on Jaa. 15 1941.
Both issues are dated Feb. 4 1930.
-BOND SALE.
CARROLL COUNTY (P. 0. Huntington), Tenn.
%
We are informed that a $96,000 Issue of 5 county funding bonds has recently been jointly purchased by the Bank of Huntington, and the Farmers
State Bank, both of Huntington. Due in 12 years.
-BOND OFFERING.
CARSON COUNTY (P. 0. Panhandle), Tex.
It is reported that bids are being solicited by A. A. Callaghan, County
Judge, for the sale of $230,000 4X% semi-ann. road bonds. No further
Information available.
-It is reported
CHADRON, Dawes County, Neb.-BOND SALE.
that a $27,000 issue of paving districts bonds has been purchased by the
United States National Co. of Omaha.
-BOND OFFERING,
CHAUTAUQUA COUNTY(P.O. Mayville) N.Y.
-W. J. Doty. County Treasurer, will receive sealed bide until 2 p.m. on
March 11,for the purchase of $450,0005% coupon highway bonds. Denom.
$1.000. Due on April 1, as follows: $50,000. 1939,and $200,000 in 1940and
1941. Interest payable on April and Oct. 1. A certified check for 2% of the
amount of bonds bid for, payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Thomson
Wood & Hoffman, of New York. will be furnished to the purchaser.
CHEROKEE COUNTY ROAD DISTRICT NO. 1 (P. 0. Rusk),
-A $2,000,000 issue of 5% road bonds was
-BONDS REGISTERED.
Tex.
registered by the State Comptroller on Feb. 11. Due serially.
-BOND OFFERING.
CHERRYVALE, Montgomery County, Kan.
Sealed bids will be received until 2 p in. on Feb. 25 by Kate Lower, City
Clerk, for the purchase of a $37,000 issue of semi-ann. refunding bonds.
Int, rate is not to exceed 5%. Dated Apr. 22 1930. Due from .Apr. 22
1931 to 1945 incl. Sale is subject to the right of the State School Commission to buy. A certified check for 2% of the bid, payable to the City,
is required.
-CHICAGO LINCOLN PARK DISTRICT, Cook County, Ill.
-District officials about Mar. 1 are expected to
PROPOSED BOND ISSUE.
solicit sealed bids for the purchase of $10.000,000 bridge construction bonds,
according to report.
-The
-LIST OF BIDS.
CIRCLEVILLE, Pickaway County, Ohio.
following is an official tabulation of the bids received on Feb. 10 for the two
Issues of bonds aggregating $79,500 awarded as 48is to the Banc Ohio
Securities Corp. of Columbus, at 100.24, a basis of about 4.72%.-V. 130,
P. 1144.
Premium.
Int. Rate.
Bidder$195.00
*Banc Ohio Securities Co.,Columbus4X %
5
1,115.00
The Title Guarantee Trust Co., Cincinnati
5
1,400.00
Seasongood & Mayer,Cincinnati
693.00
W.L.Slayton & Co.,Toledo
9 0
840. 0
5
Central Illinois Co.,Chicago
92.50
The Guardian Trust Co.,Cleveland
7
4-5%
139.35
Braun,Bosworth & Co.,Toledo
Stranahan. Harris & Coatis Co.. Toledo
3 :N
1,088 W
2
The Provident S.& B.Trust Co.,Cincinnati
7
,
3 %
492.90
N.S. Hill& Co.,Cincinnati
5 5
1,167.00
Assel, Goetz & Morella,Cincinnati
49.20
The Well, Roth & Irving Co., Cincinnati
4
Otis& Co. Cleveland
72
1,081:01
Detroit & Security Trust Co., Detroit
38.00
5 %
Ryan,Sutherland & Co., Toledo
• Awarded bonds.
-BOND SALE.
-The
0. West Point), Miss.
CLAY COUNTY (P.
$40,000 issue of road and bridge refunding bonds offered for sale on Feb.
-was purchased by A. K. T1grett & Co., of Memphis,
3-V. 130. p. 496
as 5Xs,for a premium 0(1155. equal to 101.13.
-BOND OFCLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-Charles C. Frazine, Director of Finance, will receive sealed
FERING.
in. (eastern standard time) on March 3, for the purchase
bids until 11 a.
of the following issues of 5% bonds aggregating $180,460:
$100,000 special assessment road improvement bonds. Due $10,000 on
Oct. 1 from 1931 to 1940, hid.
36,400 street opening and widening bonds. Due on Oct. 1, as follows:
$2,400. 1931; $4,000, 1932 to 1934, incl.; $3,000, 1935; $4.000,
1936 to 1939. Incl., and $3,000 in 1940.
34,000 city's portion street improvement bonds. Due on Oct. 1, as
follows: $3,000, 1E31; $4,000, 1932; $3,000, 1933; $4,000. 1934
$3,000. 1935 and 1936; $4,000, 1937; $3,000. 1938; 54,000, 1939;
and $3,000 in 1940.
Police Department equipment bonds. Due $1,000. Oct. 1 from
10.000
1931 to 1940, incl.
All of the above bonds are dated March 1 1930. Prin. and semi-annual
int. (A. 8: 0. 1) payable at the office of the Director of Finance or at the
office of the legal depositary of the City of Cleveland Heights in Cleveland.
Bids for the bonds to bear interest at a rate other than 5% will also be
considered, provided, however, that where a fractional rate is bid such
fraction shall be X, of 1% or a multiple thereof. A certified check for 3%
of the amount of bonds bid for, payable to the order of the Director of
Finance, must accompany each proposal.
-BOND OFFERING.
CLINTON COUNTY (P. O. Frankfort), Ind.
Bert 13. Ogle, County Auditor, will receive sealed bids until 10 a. in. on
issues of 6% bonds aggregating
Mar. 17 for the purchase of the following
$39,493.81:
$23,191.67 Lassie C. Johnson et al., drain construction bonds. Due annually on Nov. 15 from 1930 to 1939 Incl. A cert. check for
$200 is required.
Samuel Stowers et al., drain construction bonds. Due an16.302.14
nually on Nov. 15 from 1930 to 1939 mci.
Interest on both Ism% is payable semi-ann. on May and Nov. 15. Checks
should be made payable to the order of the County Treasurer.
[Vou 130.
COFFElfVILLE SCHOOL DISTRICT (P. 0. Coffeyville), Mon
-BOND SALE.
gomery County, Kan.
-A $300,000 block of a total issu
of $400,000 school bonds that was recently voted Is reported to have bee
jointly purchased by the Prescott, Wright, Snider Co., and the Mont
National Co., both of Kansas City. Dated Feb. 15 1930.
COLD SPRING HARBOR FIRE DISTRICT (P. 0. Cold Sprin
-I. W. Valentine
Harbor) Suffolk County, N. Y.
-BOND OFFERING.
Secretary of the Board of Fire Commissioners, will receive sealed bid
until 1 p.m. on March 5, for the purchase of $60,000 coupon or register
fire district bonds, to bear interest at a rate not exceeding 6%.stated in
multiple of X of 1%. Dated March 1 1930. Denom. $1.000. Due o
March 1, as follows: 52.000 1931 to 1939 incl., and $3,000 from 1940
1953 incl. Principal and semi-annual interest (March and Sept. 1) payab
at the Bank of Huntington & Trust Co. of Huntington. A certified ch
for $1,200, payable to the order of the District Treasurer, must accompan
each proposal. The approving opinion of Caldwell & Raymond, of Ne
York, will be furnished to the purchaser.
Financial Statement.
Valuation-Actual valuation,estimated
$10,000.0
4,511,86
Assessed valuation. 1929
Debt
60,
-Total bonded debt (this issue only)
Population-1930 estimated
2,00
COLUMBIA COUNTY SCHOOL DISTRICT NO.47(P.O.Veronia
-Sealed bids will be received until 2 P. in. 0
-BOND OFFERING.
Ore.
Mar. 1 by W. A. Wolff', District Clerk, for the purchase of a $60,000 ism
of school bonds. Int. rate is not to exceed 6%. Dated July 11930. Du
316,000 from July 1 1931 to 1934 incl. Prin. and semi-ann. Int. payabl
at the office of the County Treasurer. Teal, Winfree, McCulloch & Shul
of Portland will furnish the legal approval. A certified check for $1,50
must accompany the bid.
-BOND OFFERING.-Samue
COLUMBUS, Franklin County, Ohio.
J. Willis, City Clerk, will receive sealed bids until 12 in. (Eastern stands
% coupon or regist
time) on Feb. 27 for the purchase of $106,000
bonds, divided as follows:
$71,300 special assessment street improvement bonds. Due on Mar. 1
follows:$7,300, 1932;$7,000, 1933 to 1940 incl.,and $8,000 in 1941
34,700 special assessment street improvement bonds. Due on Mar. 1
follows: $6.700, 1932. and $7,000 from 1933 to 1936 incl.
Both issues are dated Mar. 15 1930. Prin. and semi-ann. int. (Mar. an
Sept. 1) payable at the office of the agency of the City of Columbus 1
N. Y. City. Bids for the bonds to bear int. at a rate other than 434% wit
also be considered, provided, however, that where a fractional rate is bi
such fraction shall be X of 1% or multiples thereof. A certified check fo
1% of the amount of bonds bid for, payable to the order of the City Trees
urer, must accompany each proposal. The offering notice says that tran
scripts of proceedings will be furnished successful bidders and sufficlen
time allowed within fifteen days from the time of said award for the exam
'nation of such transcripts by bidders' attorney, and bids may be mad
subject to approval of same.
-TEMPORARY LOAN.
CONCORD, Merrimack County, N. H.
5200,000 temporary loan, dated Feb. 14 1930 and payable on Dec. 1
1930 was awarded on Feb. 13 to the First National Old Colony Corp. a
a 4.24% discount. The following other bids were received:
Discount
Bidder4.55
Shawmut Corporation
464
S. N. Bond & Co. (Plus $4.00)
CONEJOS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-MATURITY.
--The 530,000 issue of 434
(P. 0. La Jara), Colo.
school refunding bonds that was sold to the U. S. National Co., of Denver
-matures $1,500 from 1930 to 1949
at a price of 98.01-V. 130, p. 834
incl. giving a basis of about 4.75%.
-BOND OFFERING.
CONTINENTAL, Putnam County, Ohio.
C. H. Stambaugh, \Tillage Clerk, will receive sealed bids until 12 m. o
Feb. 24, for the purchase of 119,000 6% water works improvement bonds
Dated March 11930. Denom. $500. Due $500 on Sept. 1 from 1931
1948, incl. Int. payable on M.& S. 1. Bids for the bonds to bear interes
at a rate other than 6% will also be considered, provided, however, tha
where a fractional rate is bid such fraction shall be stated in a multiple o
X of 1%. A certified check for $180, payable to the order of the Village
must accompany each proposal.
-BONDS AUTHORIZED
CORPUS CHRISTI, Nueces County, Tex.
-A special dispatch from Austin to the Wall Street "Journal"of Feb. 1
reports that the legislature has granted this city authority to issue bond
for improvement and beautification of its water front so as to make th
new port modern in all respects.
-Seal
-BOND OFFERING.
CORVALLIS, Benton County, Ore.
bids will be received until 5 p. m. on Feb. 24, by J. M. Conner, eity R
corder, for the purchase of a $60,000 issue of 534% semi-annual fire depa
,
ment equipment bonds. Denom. $1,000. Dated Jan. 1 1930. Due 5200 1
from Jan. 1 1931 to 1960, incl. The approving opinion of Teal, Winfree
.
McCulloch & Shuler, of Portland, will be furnished. A $1,000 certifl,
check must accompany the bid.
CYGNET VILLAGE SCHOOL DISTRICT, Wood County, Ohio.
BOND SALE.-Tbe $125.000 5% coupon school building constructio
-were awarded to W.L. Slayto
bonds offered on Feb. 13-V. 130. p. 834
& Co., of Toledo at par plus a premium of $912, equal to a price of 100.73
a basis of about 4.92%. The bonds are dated Feb. 1 1930 and mature
follows: $2,000, April 1 and $3,000, Oct. 1, from 1930 to 1948, hid., an
$3,000 on April and Oct. 1 from 1949 to 1953 incl.
'
The following is a list of the other bids received:
Int. Rate. Premium
Bidder5
$1,59
Ryan,Sutherland & Co
o
5
1,28
Braun, Bosworth & Co
5
37
Herrick Co
5
77
Stranahae, Harris & Ostia,Inc
54%
84
Otis & Co
5
27
BancOhlo Securities Co
97
5 %
Prudden & Co
-A $4,000,
-BOND ELECTION.
DALLAS, Dallas County, Tex.
Issue of sanitary sewer bonds will be passed upon at a special election to
held on April 1. Water Commissioner John Fouts is reported to have an
flounced that it is probable that Dallas, Highland Park and University Par
will vote simultaneously on the same date upon a proposition to merge th
three cities.
-It is report
-BOND SALE.
DALLAS CITY, Polk County, Ore.
that an issue of $1,675 Improvement bonds has recently been purchased
5s by the Citizens National Bank. Denom. $500. Dated Feb. 1 1830.
DALTON, Whitfield County, Ga.-BONDEL ECTION.-The dt
council has passed an ordinance calling for a special election in the nea
future in order to pass approval on the proposed issuance of $95,000 in bon
for school purposes.
-BOND SALE.
-An 580,00
DAVENPORT, Scott County, Iowa.
Issue of 434% semi-annual special imp, bonds has been purchased by th
White-Phillips Co.. of Davenport, for a premium of $120, equal to 100.15
a basis of about 4.74%. Gated Nov. 11929. Due from 1936 to 1949,incl
-BOND OFFERING
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-It 18 reported that sealed bids will be received until Mar. 3, by the Cler
of the Board of County Commissioners, for the purchase of an issue o
$118,000 school bonds.
-BONDS NOT SOLD.
DECATUR COUNTY (P. O. Leon), Iowa.
The 523.000 issue of Grand River Drainage District No. 2 bonds offered o
-was not sold. Dated Mar. 11930. Due fro
Feb. 14-V. 130. p. 834
June 1 1930 to 1949, and optiohal after 5 years.
-We are
-BOND REDEMPTION.
DENVER (City and County).
receipt of a statement from Clem W. Collins, Manager of Revenue an
Treasurer of the City and County, that the said city and county intend
to redeem $153,000 par value of its 434% municipal water bonds. sari
1918, on the next interest paying day, to wit, May 1 1930, at Par pl
accrued interest and has placed in the sinking fund of the county am
city a sum sufficient for that purpose. The bonds to be redeemed art
numbered variously from 453 to 13942. Bonds should be presented at th
office of the New York Trust Co. in New York,or at the office of the ahoy
named Treasurer. The bonds so called will cease to draw int. on May 1.
-BOND SALE.-Th
DOBBS FERRY, Westchester County, N. Y.
$60,000 coupon or registered land purchase bonds offered on Feb. 17
as 434s to the Marine Trust Co. of Buffalo
V. 130. p. 1008
-were awarded
FEB. 22 1930.]
FINANCIAL CHRONICLE
1317
32,000 series A Lake Road local improvement bonds. Due $1,000 on
at 101.76, a basis of about 4.59%. The bonds are dated Feb. 15 1930 and
April 1 from 1930 to 1961, incl.
mature $2,000 on Feb. 15 from 1932 to 1961 incl.
30,000 series B local improvement bonds. Due 83,000, April 1 from 1930
The following is an official list of the other bids received:
Rate Bid.
Int. Rate.
to 1939, incl.
Bidder50
101.17
17,000 series A local improvement bonds. Due $1,000 on April 1 from
A.B.Leach St Co
4 %
1930 to 1946, incl.
100.738
Roosevelt& Son
8,000 series A refunding bonds. Due $1,000 on April 1 from 1931 to
5%
101.334
Allyn & Co
A.O.
1938, inclusive.
4.4%
100.798
George B. Gibbons & Co
All of
above bonds are dated Feb. 1 1930. Denom. $1,000. Bids
-The $5,000 issue of must be the the entire offering and no bids will be considered unless the
DOWS, Wright County, lowa.-BOND SALE.
for
- printed form of proposal furnished by the city is used. Principal and
5% semi-annual town hall bonds offered for sale on Feb. 10-V.130, p.834
was awarded to the White-Phillips Co., of Davenport, for a premium of semi-annual interest (April and Oct. 1) payable in gold at the Guaranty
75, equal to 101.50, a basis of about 4.75%. Due on May 1, asfollows: Trust Co., New York. A certified check for $3,700, payable to the order
500. 1933 to 1936. and $1,000. 1937 to 1939, all incl. The other bidders of the City Treasurer, must accompany each proposal. The approving
and their bids were as follows:
Vandewater, of New York, will be furnished to
Premium. opinion of Clay, Dillon &
Bidder$46.00 the purchaser.
Geo. M.Bechtel & Co.
33.00
Carleton D. Beh Co.
-A
-BOND SALE.
GEORGETOWN, Williamson County, Tex.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. $60,000 issue of5% sewer bonds is reported to have been purchased by local
Westchester County, N. Y.
-OTHER BIDS.
-In connec- investors.
Tuckahoe),
tion with the award on Feb. 10 of $660,000 bonds as 4_,hs to Graham.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
Parsons & Co. and the Detroit Co., Inc., both of New York, jointly, at Carl L. Woods, County Treasurer, will receive sealed bids until 10 a. m.
-we learn that the fol- on Mar. 5, for the purchase of the following issues of 4%% bonds aggre100.31, a bash;of about 4.48%-V. 130, p. 1144
owing other bids were received:
gating $17,500:
Mt. Rate
RateBid $12,000 George W. Johnson et al., Montgomery Township highway imBidder100.78
George B. Gibbons & Co.
4.60%
provement bonds. Denom. $600. Due 8600, July 15 1931; 8600,
Roosevelt & Son
4.50%
100.0899
Jan. and July 15from 1932 to 1940,incl.; and $600 on Jan. 15 1941.
4.60%
100.13
Rutter & Co.
5,500 Arthur Woods et al., White River Township highway improvement
E. J. Coulon & Co.
100.05
4.60%
bonds. Denom. $275. Due $275, July 15 1931; $275. Jan. and
100.93
4.60%
B. J. Van Ingen & Co.
July 15 from 1932 to 1940, incl., and $725 on Jan. 15 1941.
100.14
Lehman Bros
4.75%
Both issues are dated Feb. 15 1930.
4.60%
100.393
Phelps, Fenn & Co.
--Sealed
-BOND OFFERING.
GOLIAD COUNTY (P.O. Goliad), Tex.
EAST GRAND RAPIDS, Mich.-BOND OFFERING.
-Peter R.
White.
Schregardus, City Clerk, will receive sealed bids until 7:30 p. m.on Mar. 3, bids will be received until 3 p. m. on Feb. 25, by J. A. series BCounty
bonds.
issue of 5%% road,
for the purchase of the following issues of bonds aggregating $54,121.24: Judge, for the purchase of a $50,000
Denom. $1,000. Dated March 1 1929. Due on March 1, as follows:
$25,000.00 5% sewage disposal plant extension bonds.
$15,000, 1946; $17,000, 1948. and 818,000, 1949. Principal and interest
13,500.00 6% Englewood Drive Paving District No. 2 bonds.
(M. & S.) payable at the Hanover National Bank in New York. These
10,381.64 6 Ottawa Hills Sanitary Sewer District No. 3 bonds.
bonds are part of a $250,000 issue of which $200,000 have been sold. Legal
3,469.76 6 Hall Street Sanitary Sewer District No. 3 bonds.
approval by Chapman Sz Cutler, of Chicago. A certified check for $1,000
1,769.84 6% Englewood Drive Sanitary Sewer District No. 1 bonds.
Interest on all of the above bonds is payable semi-annually. Proposals must accompany the bid.
Financial Statement as of Feb. 15 1930.
must be accompanied by a certified check for 1% of the bid, payable to
$513,950
Total bonded debt
the order of the above-mentione-d clerk.
64,000
Total warrant debt
-BOND Less sinking fund
55,944
EDEN SCHOOL TOWNSHIP, La Grange County, Ind.
OFFERING.
-Ora E. Cole, Township Trustee, will receive sealed bids Assessed valuation (1929 tax rolls)
8,480,607
25,000,000
until 2 p. m. on Mar. 8, for the purchase of $60,000 5% school bonds. Actual value (approximately)
Dated Feb. 15 1930. Denom. $500. Due $2,500 on July 15 1931; $2,500, Population (approximately) 1929
10,000
Jan. and July 15 from 1932 to 1942, incl.' and $2,500 on Jan. 15 1943.
-BONDS OFFERED.-Sealed
GRACEMONT, Caddo County, Okla.
Prin. and semi-annual int. (J. & J. 15) payable at the State Bank of Topeka,
Jack Thornton, Town Clerk,
bids were received until 2 p. m.on Feb. 19, by
in Topeka, Ind.
issue of water works bonds. Int, rate to be
purchase of a
-NO BIDS.
-W.R.Jones, Mayor,states for the by the bidder. $26.000bonds were voted at an election held on Oct.8.
ELIDA Allen County, Ohio.
These
0
that no bids were received on Feb. 4 for the purchase of the $6,500 5%7 named
bonds are dated
paving bonds offered for sale.
-V. 130, p. 662. The
-BOND SALE DATE IS
GREAT NECK, Nassau County, N. Y.
.Jan. 2 1930 and mature on Jan. 2 as follows: $700 from 1931 to 1938 incl. CHANGED.
-We now learn that Frank E. Feuerstein, Village Clerk, will
and $900 in 1939.
receive sealed bids until 8 p. m. on March 4, for the purchase of $12.000
-BOND SALE.
-The coupon or registered sidewalk bonds of 1929, to bear interest at a rate not
ELKHART COUNTY (P. 0. Goshen), Ind.
p.
Feb. 25 as previously
$34.000 41,S% coupon Lewis H. Johnson et al., road construction bonds of- exceeding 6%. instead of at 8are m. on Feb. 1 1930. Denom.noted
dated
$1,000.
-were awarded to the State Bank of V. 130, p 1145. The bonds
fered on Feb. 10-V. 130, p. 1144
Rate of interest to be stated in multiples of 31 of 1%. Benda mature
Goshen, at par plus a premium of $353, equal to 101.03, a basis of about
4.37%. The bonds are dated Feb. 15 1930 and mature as follows. $850, $1,000 on Feb. 1 from 1931 to 1942 inclusive. Principal and semi-annual
A
July 15 1931; $850, May and Nov. 15 from 1932 to 1950 incl., and 850 on interest (Feb. and Aug. I) payable in gold at the Bank of Great Neck. the
certified check for 2% of the amount of bonds bid for, payable to
Jan. 15 1951. The following other bids were received.
Premium. order of the Village, must accompany each proposal. The successful
Bidder$287.00 bidder will be furnished with the opinion of Hawkins, Delafield & LongCity National Bank,Goshen
20.50 fellow of New York, that the bonds are binding and legal obligations of
Inland Investment Co.,Indianapolis
252.00 the Village.
Meyer-Kiser Bank,Indianapolis
Jennings), Jefferson Davis
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
ELTON SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
-The following issues of coupon or registered bonds, aggre
Parish, La.
-It is reported that sealed bids will be BOND SALE.
-were awarded as
received until Mar. 6, by the Secretary of the Parish School Board, for the gating $28,000. offered on Feb. 19-V. 130, p. 1145
purchase of a $90,000 issue of school bonds.
4.70s to the Marine Trust Co., of Buffalo,at par plus a premium of $101.20.
0:
-BONDS NOT SOLD.
- equal to 100.36, a basis of about 4.64%
ESCAMBIA COUNTY (P.0.Pensacola), Fla.
improvement bonds. Due on Feb. 1 as follows: $1000,
The $40,000 issue of paving bonds that was offered on Feb. 13-V. 130. p. $17,000 streetto 1941 inclusive, and $2,000 from 1942 to 1944 inclusive.
1931
-was not sold aft no bids were received.
834
11,000 street improvement bonds. Due $1,000 on Feb. 1 from 1931 to
.-W 0. Gay & 1941 inclusive. Both issues are dated Feb. 1 1930.
.
-OTHER BID
FALL RIVER, Bristol County, Mass.
Co. of New York, ollered to discount the $600,000 temporary loan offered
-The $85,000
-BOND SALE.
GREENWOOD,Leflore County, Miss.
on Feb. 10 at a 4.47% basis. The loan was sold to S. N. Bond & Co.,
Boston at a 4.24% discount, plus a premium of $25. Dated Feb. 11 1930 Issue of 5h% semi-annual city hall bonds offered for sale on Feb. 18 (not
-was purchased by the Hibernia Securities
March 18)-V. 130, p. 1145
payable on Oct. 31 1930 at the First National Bank of Boston.
and
Co., of New Orleans. Dated March 11930. Due as follows: $2.000, 1931
FARMINGTON CONSOLIDATED SCHOOL DISTRICT (P. 0. to 1935;$4,000, 1936 to 1953, and $3,000 in 1954.
Corinth), Alcorn County, Miss.
-ADDITIONAL DETAILS.
-The
-OFFERING CORRECTION.
$12,000 issue of school bonds that was purchased by a group headed by the
GREENWOOD,Leflore County, Miss.
Corintn Bank & Trust Co. of Corinth-V.130, p. 1008-bears int. at 5%% We are now informed that the $85,000 issue of 534% city hall bonds that
-V. 130,
and matures as follows:$500,1930 to 1939, and $1,000, 1940 to 1946, all feel. was reported as to be offered on Mar. 18 in the official notice
-was erroneously reported, the correct offering date being Feb. 18.
FOSTORIA, Seneca County, Ohio.
-BOND SALE.
-The $9,325 P. 1145
property owners' portion street improvement bonds offered on Feb. 14-V.
-BOND OFFERING.
-Edward A.
GRIFFITH, Lake County, Ind.
-were awarded as 5s to the First Citizens Corp., of Columbus, Miller, Town Treasurer, will receive sealed bids until 7.30 p. m. on Mar.7
130, p. 835
at par plus a premium of $27. equal to 100.28, a basis of about 4.94%. for the purchaae of $11,400 5% drain construction bonds. Dated Mar. 10
The bonds are dated Feb. 1 1930 and mature on March 1, as follows: 1930. Denom. $200 and $500. Due $400 on July 10 1930; $500, Jan.
$325, 1931, and $1,000 from 1932 to 1940, incl.
and July 10 from 1931 to 1941 incl. Prin. and semi-ann. int. (Jan. and
-NOTE OFFERING.
FRANKLIN COUNTY(P.O. Louisburg) N. C.
- July 10) payable at the Griffith State Bank. A certified check for 2% of
Sealed bids will be received by C. L. McGhee, Chairman of the Board of the amount of bonds bid for must accompany each proposal. Transcript
County Commissioners, until 2 p.m. on March 7, for the purchase of an with approved opinion will accompany the bonds.
issue of $120,000 tax anticipation notes. Due on July 30 1930.
-BOND OFFERING.
HADDON TOWNSHIP(P.O. Westmont),N.J.
GADSDEN,Etowah County, Ala.
-City Council Richard Griffith, Township Clerk, will receive sealed bids until 8 p. m.
-BOND ELECTION.
has called an election for Mar. 11 in order to have the voters pass judgment on March 4 for the purchase of the following issues of coupon or registered
annex to tne local high bonds aggregating $102,000, to bear interest at a rate not exceeding 6%•
on the proposal to issue $100,000 in bonds to build an
school.
$69,000 street improvement bonds. Due on March 1 as follows: $7,000.
1932 to 1940 inclusive, and $6,000 in 1941.
-A 820.000
GALLUP, McKinley County, N. Mex.-BOND SALE.
51,000 assessment bonds. Due on March 1 as follows: $12,000, 1931.
have been purchased recently
Issue of 5%% refunding bonds Is reported to
and $13,000 from 1932 to 1934 inclusive.
by Bosworth, Chanute, Loughridge & Co. of Denver. Dated May 1 1930.
Both issues are dated March 1 1930. Denom. $1,000. Principal and
Due in from 1 to 20 years.
semi-annual interest (March and Sept. 1) payable in gold at the West-LOAN OFFERING -Frank mont National Bank, Westmont, or at the Corn Exchange National Bank.
GARDNER, Worcester County, Mass.
B. Edgell, City Treasurer, will receive sealed bids until 11 a. m. on Feb. Philadelphia. No more bonds are to be awarded than will produce a
25, for the purchase at a discount of a $200,000 temporaty loan. Dated premium of $1,000 over the amount of each issue. A certified check for
Feb. 25 1930. Denoms. $25,000, $10,000 and $5,000. Due on Nov. 6 2% of the amount of bonds bid for must accompany each proposal. The
1930. The notes will be certified as to genuineness by the First National approving opinion of Hawkins, Delafield & Longfellow, of New York,
Bank of Boston; their legality will be approved by Ropes, Gray, Boyden will be furnished to the purchaser.
& Perkins. of Boston. The notes arc payable at the above-mentioned bank.
-BOND SALE.
HAMMONDSPORT, Steuben County, N. Y.
-The
GARFIELD COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Silt), $36,000 coupon or registered street improvement bonds offered on Feb. 15
-PRE
-ELECTION SALE.
Colo.
-A $5,000 issue of 5%% refunding bonds -V. 130, p. 1009
-were awarded as 58 to George B. Gibbons & Co.. of
has been purchased by Boeworth, Chanute, Loughridge & Co. of Denver, New York. at 100.47, a basis of about 4.93%. The bonds are dated Mar.
subject to an election to be held on March 10. Dated April 15 1930. Due 1 1930 and mature $2,000 on Mar. 1 from 1931 to 1948,incl.
from 1935 to 1944 incl.
The following other bids were received:
Rate Bid.
-BOND OFFERING.
GENESEE COUNTY (P. 0. Flint), Mich.
Bidder100.40
J. II. Galliver, County Auditor, will receive sealed bids until 1 p. m. on Rutter & Co., New York
Mar.5 for the purchase of 51,000,000 coupon road bonds, to bear int. at a Marine Trust Co., Buffalo
rate not exceeding 5%. Dated Mar. 15 1930. Denom. $1,000. Due Bank of Hammondsport
10119
7
8200,000 on Mar. 15 from 1937 to 1941 incl. These bonds are part of an
-BONDS REGISTERED.
HARLINGEN, Cameron County, Tex.
authorized issue of $3,400,000 voted April 4 1921, of which $450,000 have -The following seven issues of 5%% serial bonds were registered on Feb. 15
been sold. The balance of the issue will probably be offered the latter part by the State Comptroller. $7C,000 street improvement: $40,000 sewerage
of this year. Prin. and semi-ann. int. payable in New York, Chicago, disposal; $37,5C0 fire station; $30,00, garbage incinerator: $26,000 sanitary
Detroit or Flint, at some bank mutually agreeable. Purchaser to furnish sewer: $12.500 park improvement: and $10,000 storm sewer bonds.
bonds ready for signatures; county will allow $500 towards the cost of the
HARPER ROAD DISTRICT (P. 0. Beckley), Raleigh County,
printing. A certified check for $5,000 payable to the order of the County
-A $62,000 issue of road bonds is reported to have
Treasurer, must accompany each proposal. The approving opinion of W. Va.-BOND SALE. the State Sinking Fund Commission,
Miller, Canfield, Paddock & Stone of Detroit, will be furnished to the been purchased at par by
purchaser.
HAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-A
-BOND OFFERING.-J. F. Good- $350,000 temporary loan, dated Feb. 18 1930 and payable on Oct. 8 1930
GENEVA, Ontario County N. Y.
was awarded on Feb. 14 to F. S. Moseley Sr Co.
man, City Treasurer, will receive sealed bids until 10 a. m. on March 4, count. The following is a list of the other bids of Boston, at a 4.06% disreceived:
for the purchase of the following issues of 4%% coupon or registered bonds
BidderDiscount.
aggregating $185,000:
Colony
series B Lake Road local improvement bonds. Due on April 1, First National Old 13...ston Corp
4 07
$63,000
as follows: 36,000, 1930: $7,000, 1931: $6,000, 1932; $7,000, 1933; Shawmut Corp.of ___ _ _
W.O.Gay & Co _ _
$6.000, 1934; $7,000, 1935, and $6,000 from 1936 to 1939, incl.
_--_________________________________4 11
4.19%
HARTFORD COUNTY (P. 0. Hartford), Conn.
35.000 Seneca Park bonds. Due on April 1, as follows: $2.000, 1930 to
-PROPOSED BOND
Commissioners will issue $1.410,000 in bonds 8 ort1
-The
1943, incl.; $1,000. 1944 and 1945, and $1.000 from 1948 to 1952,
7
the Feb. 15 issue of the Hartford "Courant.
before
SSUE
inclusive.
'
1318
FINANCIAL CHRONICLE
[VOL. 130.
The bonds will probably be serial in form, due in from 1 to 30 years. The on Jan. and July 15.
Due 17.200 on July 151931;$7,200, Jan. and July 15
proceeds of the Wile would be used to take up outstanding notes.
from 1932 to 1940 incl., and $7,200 on Jan. 15 1941.
HAWTHORNE, Passaic County, N. J.
-INTEREST RATE
-PRICE
LEESBURG, Lake County, Fla.
-Sealed bids
-BOND OFFERING.
PA
connection with the report of the sale on Feb. 5 of $100.000 will be received by W.E. Harkness, City
coupon or registered sewer bonds to Rufus Wanles & Co. of Philadelphua- for the purchase of an issue of 3110.00G Clerk, until 7.30 p.m.on Mar. 24,
6Y' special assessment, refunding
s
V. 130, p. 1009
-we learn that the issue bears 53 % interest and was sold bonds.
,
1
May 1 1930. Due on May 1. as follows:
at 100.79, a basis of about 5.19%. The bonds are dated March 1 1930 and $15.003.Denom. $1,000.Dated 1950, and
1935; 1940,
820.000 in 1955 and 1960. Prin,
mature on March 1 as follows:$2,000, 1932 to 1948 incl., and 33,000from and semi-annual int.1945 and at the office of the National City Bank of
payable
1949 to 1970 incl.
New York. Caldwell & Raymond,of New York, will furnish purchaser with
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND OFFER- the legal opinion. It is stated that the prin, and int, of said bonds are to
ING.-Soaled bids will be received by Al. P. Erickson, County Auditor. be paid by a special tax on all taxable property within the corporate Ihnits
until 10. 30 a. m. on Mar. 3. for the purchase of an issue of 8100.000 tract Of the City. A $2,000 certified check, payable to the City Clerk, must
index bonds. Int. rate is not to exceed 57. Bidders must bid a uniform accompany the bid.
(This report supplements that given in V. 130. p. 1146.)
rate of hit, for all of said bonds. No split rate bids will be considered.
Denom. $1,000. Dated April 1 1930. Due $10,000 from April 1 1931 to
LEWIS TOWNSHIP
1940 incl. Prin. and int. A. & 0.) payable at the First National Bank in Brown County, Ohio. RURAL SCHOOL DISTRICT (P.O. Feesburg),
-BOND OFFERING.
-Glenn Cahall, Clerk of the
Minneapolis, or at the National Park Bank, New York. A certified check Board of Education, will receive sealed bids until 12 in, on Mar. 8 for the
for 5% of the bonds bid for, payable to Henry Voegell, County Treasurer. purchase of $15,000 5% school bonds. Dated
Mar. 1 1930. Denom.
Is required.
3500. Due $500 on Mar.and Sept. 1 from 1931 to 1935 incl. Int. payable
HERKIMER, Herkimer County, N. Y.
-BOND SALE.
-The First on Mar.and Sept. 1. A certified check for $500, payable to the order of the
National Bank of Herkimer on Feb. 11 was awarded an issue of $7,083.83 Board of Education, must accompany each proposal.
% coupon paving bonds of 1929 at par plus a premium of $1. Due on
LEWISVILLE, Lafayette County, Ark.
-Sealed
Dec. 2 as follows: $1,483.83, 1930, and $1,400 from 1931 to 1934 incl. bids will be received by the Secretary of the -BOND OFFERING.
Prin. and semi-ann. int. (J. St D. 2) payable at the First National Bank of Feb. 28. for the purchase of an issue of Board of Commissioners, until
$81,600 sewer and water imp.
Herkimer. Legal opinion to be secured by the purchaser.
district No. 1 bonds.
HOUSTON, Harris County, Tex.
-CITY VALUATIONS SHOW
LEXINGTON, Middlesex County, Mass.
-BOND SALE.
LARGE INCREASE.
-The following article on the growth of the city's ton Trust Co. on Feb. 18 was awarded an issue of $50,000-The Lexing% coupon
financial rating appeared in the Houston "Post" of Feb. 18:
bonds at 100.9509, a basis of about 4.06%. The bonds are dated Mar. 1
"Houston's assessed valuations have increased more than $100,000,000 in 1930 and mature annually from 1931 to 1940 incl. The following other bids
the last five years, according to a table of city finance comparisons com- were received:
plied by H. A. Giles, City Controller, and made public Friday by Mayor
BidderRate Bid.
Walter E. Monteith.
Estabrook & Co
100.83
"On Dec. 31 1929. Houston's assessed valuations totaled 8317.075.000 Faxon, Gade & Co
100.711
as compared with 8215,350,200 on the same date in 1925.
0. Liberty), Tex.
-LIBERTY COUNTY (P.
-BOND OFFERING.
"This gain was reelected in accrued revenues totaling $8,114,638 at the
Sealed bids will be received until 2 p. m.on Mar.4 by C. R. Wilson, County
end of 1929 as compared with 35.465.071 on Dec. 31 1925
"Current expenses of the city to..aled $4,651,209 on Dec. 31 of last year Judge, for the purchase of a 3500,000 issue of 5% road, series A bonds.
as compared with $3,186,499 on the same date in 1925, while general Denom. $1,000. Dated Feb. 10 1930. Due as follows: 310.000. 1932 to
expenses on Dec. 31 1929 totaled $1,840,828 as compared with 31.007,759 1939: $15,000, 1940 to 1947; 320,000, 1948 to 1952, and 825,000, 1955 to
1980, all incl. Prin. and int. (A. & 0.) payable at the Central Hanover
on the same date in 1925.
"Houston wound up 1929 with a total indebtedness of $32,496,663 as Bank & Trust Co. in New York. Chapman & Cutler of Chicago will
compared with $17,787,677 on Dec. 31 1925. Of this amount, bonded furnish the legal approval. (These bonds are oa rt of a total issue of$2,250.indebtedness totaled 331.339,009 on Dec. 31 1929, as compared with $18,- 000, voted on Nov.9 1929.) A certified check for 2% of the bonds, payable
693,000 on the same day in 1925. Houston's net bonded debt at the end to the County Judge, must accompany the bid.
of 1929 was $2o,086.561 as compared with $15,924,053 at the end of 1925.
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT, Wood
"During 1929.81.228,993 was placed in the sinking fund as compared with
-F, L. Hillabrand, Clerk of the
-BOND OFFERING.
Ohio.
$600,184. Bond retirements in 1929 totaled $1,193,250 as compared with County, Educstion, will receive sealed bids until 12 in.
Board of
on Feb. 27 for the
$435,250 in 1925."
purchase of $35,000 6% school building bonds. Dated Mar. 1 1930.
HOUSTON COUNTY (P. 0. Crockett), Tex.
-BOND ELECTION.
- Denom. $1,000. Due as follows: 31.500 on Mar. and Sept. 1 from 1931 to
The Commissioners Court has ordered an election to be held on Mar. 22 1941 incl., and $1,000 on Mar. and Sept. 1 in 1942. Bids for the bonds to
to decide upon the issuance of bonds in the sum of $1,450,000 to provide bear int. at a rate other than 804 will also be considered, provided , however,
for the hard-surfacing of all the State and Federal highways in the county that where a fractional rate is bid such fraction shall be stated in a multiple
omitting but three road districts and a few heavily bonded levee districts. of Ri of 1%. A certified check for 31,750. payable to the order of the Board
of Education, must accompany each proposal.
HUTCHINSON COUNTY (P.O. Stinnett), Tex.
-BOND OFFERING.
-Sealed bids will be received until 19 a. in. on Mar. 3. by H. M. Hood,
LINCOLN, Lancaster County, Neb.-BELATED BOND SALES.
County Judge, for the purchase of a $330,010 issue of 57 semi-annual road We are informed by Theo. H. Berg, City Clerk and Auditor, that during
bonds. Denom. $1,000. Dated. Nov. 10 1929. Due 515,090 on May 10 1929, in addition to the sales already reported as they occurred in these
1930 and 1931. These bonds are reported to be part of a total authorized columns, the following bonds were disposed of: 8370,050 57s paving and
issue of 3150,000 voted on Sept. 27 1929. A certified check for 5% must Improvement bonds were sold over the counter to various pruchasers at par.
accompany the bid.
Dated July 11929. Due from July 1 1930 to 1939. The State of Nebraska
purchased an issue of $115,570 5% water districts bonds at par. Dated
INDIANAPOLIS, Marion County,Ind.
-BOND,SALE.
-The Fletcher
American Co.. and the Fletcher Savings & Trust Co., both of Indianapolis, July 11929. Duefrom July 1 1930 to 1934.
on Oct. 1 1929 purchased an issue of $86.000
% coupon municipal imp.
LINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
-ADDIbonds. Dated Oct. 11929. Denom $1,000. Due serially.
TIONAL INFORMATION-In connection with the report of the sale of
BOND SALE.-Caropbell & Co., Of Indianapolis, on Sept. 18 1929 pur- $20,409.03 6% special assessment sidewalk bonds at a price of par to the
chased an issue of $23,000 4j% coupon indianapleis Park District bonds Sinking Fund Commission-V. 130. p. 1010-we lesrn that the bonds
at par and accrued interest. Dated Sept 15 1929. Denom. $1,000. Due mature serially in from 1 to 3 years and were sold on Feb. 3.
81.000 on Jan. 1 from 1932 to 1954, incl. Int. payable on Jan. and July 1.
-BOND SALE.
LITTLE ROCK, Pulaski County, Ark.
-It is reJEFFERSON DAVIS AND ALLEN PARISHES SCHOOL DISTRICT ported that a $17,000 issue of 5.34% street improvement district No. 481
NO. 22 (P. 0. Jennings), La.
-BOND OFFERING.
-Sealed bids will be Ponds has recently been purchased at a price of 99.61 by W. B. Worthen
received by W.P Arnette, Secretary of the Parish School Board,until noon & Co. of Little Rock.
on March 20, for the purchase of a $90,000 issue of school bonds. Int.
LOGAN, Logan County, W. Va.-BOND ISSUES DISAPPROVED.
rate is not to exceed 6%,payable semi-annually. Denom.$1,000. Dated The
bond issues of the above
Feb. 1 1930 and are due on Feb. 1 as follows: 32.000. 1931 to 1933:$3,000, to legality of each of twoon Feb. 14 by R. Dennis named city is reported
Steed, Asst. Attorney
have
1934 to 1938: 84,000. 1939 to 1941: $5,000, 1942 to 1944; $6,000, 1945 and General.been disapproved that the election was Illegal
held
because four of the
1946; 37,000, 1947 and 1948: $8.000, 1949 and 1950. Bidders are re- five votingMr. Steedwere combined into one. The bonds
precincts
were voted at an
quested to sunsuit bids without depository conditions. The bonds wifi be
sold subject to the legal approval of Robira & Jones of Lake Charles. A election held on Nov.5. One issue was for $35.000 to provide funds for the
certified check for 81.1100, payable to the President of the board, must construction of a new incinerator and the other was for $22,000 for grading,
paving and installing sewers.
accompany the bid.
LONG BEACH, Los Angeles County, Calif.
-The
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
-BOND SALE. $504,000 issue of harbor improvement, election of -BOND SALE.
1928 bonds offered for
-The 1250.000 issue of court house construction bonds offered at public sale on
-was
by the Anglo-LondonFeb. 11-V. 130, P. 838
auction on Feb. 19-V. 130, P. 1010
-was purchased by the American Paris Co. of San Francisco as follows: purchased of the Issue as 4.34s,
3155,000
and
Traders National Bank of Birmingham. as 4Jis, for a premium of $500,
of $11,
equal to 100.20,a basis of about 4.74%. Due on Jan. 1 as follows: $100,000 $3345,000 as 4%s,for a premium hat. (J.equal to 100.002. Due from June 1
& D.) payable at the office of the
1948 to 1955, hid. Prin. and
in 1955 and 1956; $50.000 in 1957.
City Treasurer or at the Hanover National Bank in New York City. The
JERSEY CITY, Hudson County, N. J.
-OTHER BIDS.
g
-The follow- following is an official list of the bidders and their bids:
ing other bids were received Feb. 13 for the. 83,500.00.9 coupon or registered
Issue.
Int. Rate.
Prem.
tax revenue bonds awarded as 4.60s to the Detroit Co., Inc., of New York, Dean Witter & Co.; Wells Fargo Bank &
for a premium of $665, equal to 100.619, a basis of about 4.59%.-V. 130.
Union Trust Co.; Heller Bruce St Co.: Wm,
p. 1145.
Dean lvis Sf &()
R. Staattte r Co.; Wm. Cavalier Co., by
BidderPremium.
Int. Rate
$3,853
3500.500
4547
Guaranty Company of New York and associates
4.697
$11.00 Anglo-London-Parls Co.; Eldredge & Co.;
Bancamerica-Blair Corporation
First National Bank of New York: E. R.
4.750
'
1,000.00
Eldredge & Co. and associates
Anglo-London-Paris
4.80
100.00
Gundelfinger, Inc., by
National City Co., and associates
Co. *
1155,000
4.90 s
4Ii%
1,015.00
4 %
JONES COUNTY (P. 0. Trenton), N. C.
- The Detroit oo., San Francisco: American1345,000
-NOTES OFFERED.
troitC
i c
Sealed bids were received until 2 p. m. on Feb. 19, by J. R. Lowery, Chair337,718
454%
man of the Board of County Commissioners, for the purchase of a 40,000 R. H. Moulton & Co.; Security-First Nat'l 500,500
LEIStle of tax anticipation notes. 310.000 payable on July 30 1930. and $10
Co
500,000
4,i%
$3587
000. payable on Nov. 1 1930.
* Successful bidder.
KALAMAZOO TOWNSHIP, Kalamazoo County, Mich.
-BOND
-BOND SALE.
-An ssue of
LONGVIEW, Gregg County, Tex.
-John Kline. Township Clerk, will receive sealed bids until $140.000 improvement bonds is reported to have recently been purchased
OFFERING.
1 p. m. (Central standard time) on Feb. 21 for the purchase of $19,000 at par by Cadwell & Co.. of Nashville.
special assessment improvement district bonds, comprising a 810.000 issue
LOS ANGELES, Los Angeles County, Calif.
-PROPOSED ELECand a $9,600 issue. The bonds are dated March 1 1939 and will bear
-It is proposed to submit to the voters in the spring a $38.800,000
Interest at a rate not exceeding 6%. Due in five equal annual installments TION.
from March 1 1931 to Jan. 1 1935. Principal and semi-annual interest water bond issue. The itemized list of expenditures calls for $17,181.000
payable at such bank or trust company designated by the purchaser. for watersheds and lands in Mono and Inyo counties; for water developSuccessful bidder to pay the cost of printing the bonds. Proposals must ment, including diversion of the Mono waters, $10.300,000; for enlargebe accompanied by a certified check for 5% of the amount of bonds bid for. ment of the present aqueduct,3600,00C; additional local storage. 37,500,000.
and new distribution facilities, $3,219.000.
-BOND SALE.
-The
KANSAS CITY, Wyandotte County, Kan.
BOND
-The 81.560,000 issue of street construction, class C.
$200,000 issue of 454% water works bonds offered for sale on Feb. 18- elecsion SALE.
on Feb. 18 (V. 130, p. 836). WaS
-was purchased by Mr. A. H. Gillis, of Kansas City, at par awarded of 1924. bonds, offered for sale First
V. 130, p. 1146
to a syndicate composed of the
National Bank of New York.
on deferred payment basis. Due $10,600 from Feb. 1 1931 to 150 hid.
Eldredge & Co. and the Detroit Co., Inc., all of New York: Anglo-London-BOND SALE.
-The $22.- Paris Co.. the Bank of Italy, and Dean. Witter & Co., all of San Francisco,
KNOX COUNTY (P. 0. Vincennes), Ind.
-were as 454s at a price of 100.961 a basis of about 4.677. Dated Aug. 11929.
130.95 6% drainage bonds 'offered on Feb. 14-V. 130, p. 836
awarded at par and accrued int, to the contractor. Fred C. Morgan, the Due on Aug. 1 as follows: $42.000, 1930 to 1935. and $39.000. 1936 to 1967.
only bidder. The bonds are dated Dec. 3 1929 and mature on June 1, as all inclusive.
follows: 32.250, 1931 to 1939, incl., and $1,880.95. 1940.
PURCHASERS OFFER BONDS FOR INVESTMENT.
-The above bonds
-On are now being offered by the successful syndicate for public subscription at
-BOND ELECTION.
LA HABRA, Orange County, Calif.
March 11 the voters will be called upon to pass judgment on the proposed prices to yield from 4.25 to 4.55%, according to maturity, They are
reported to be legal investment for savings banks and trust funds in New
ssuance of $60,000 in bonds for the extension of school housing fat:11101es.
York, Massachusetts and Connecticut.
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
Hazel K. Groves, County Treasurer, will receive sealed bids until 10 a. m.
-BOND SALE.
-The
on Feb. 28 for the purchase of $70,000 57 Louis W. Mott et al., North DISTRICT NO. 64 (P. 0. Los Angeles), Calif.
s
Township highway improvement bonds. Dated Feb. 15 1930. Denom. 3262.437.40 issue of improvement bonds offered for sale on Feb. 10--V. 130,
-was purchased by the Wm. R. Boats Co. of Los Angeles, as 6s,
1700. Due $2,800 on July 15 1931, 32,800. Jan. and July 15 from 1932 to ip. 1010
1942 ind., and $2,800 on Jan. 15 1943. Transcript with approved opinion for a premium of 33,641, equal to 101.38. a basis of about 5.85%. Dated
of Matson, Carter, Ross & McCord of Indianapolis, will accompany the Jan.20 1930. Due from Jan.20 1935 to 1954 incl.
bonds and no bids will be received except for immediate cash.
LOWELL TOWNSHIP SCHOOL DISTRICT NO. 1, Kent County,
LAKE COUNTY (P. 0. Crown Point), Ind.
-The Mich.
-BOND SALE.
-BOND SALE.
-The 322.000 refunding bonds offered on Feb. 14
$144.000 5% J. Wesley Reed et al., North Township gravel road con- (V. 130. p. 1010) were awarded as 5s to the Grand Rapids Trust Co. of
struction bonds offered on Feb. 13-V. 130. P. 1010
-were awarded to Grand Rapids at par plus a premium of 331, equal to 10(.14, a basis of
the Commercial Bank of Crown Point, at par plus a premium of $4,325, about 4.97%. The bonds are dated March 1 1930. are coupon in 31,003
equal to a price of 103, a basis of about 4.37%. The bonds are dated denoms. and mature 32.000 on March 1 from 1931 to 1941, inclusive.
Jan. 15 1930 and are in denoms. of $1.000 and $200. Interest payable Interest payable on March and ..sept. 1.
'
FEB. 22 1930.]
FINANCIAL CHRONICLE
1319
4.25%. At the close of business on the daylof the
ment
LOWER CHICHESTER TOWNSHIP SCHOOL DISTRICT (P. 0. awardat prices to yield
the purchasers are reported to have stated that virtually all ofthe
-Raymond C.
-BOND OFFERING.
Linwood), Delaware County, Pa.
Directors, will receive sealed bonds had been disposed of.
Martin, Secretary of the Board of District
Financial Statement.
bids until 8 p. m. on March 5 for the purchase of an issue of $40,0004% Assessed valuation, including special franchise
$160.939.885.00
-coupon school bonds. Denom. $1,000. Due 58.000 on March 1 in 1940. Bonded debt, exclusive of present issue
$14,814,050.00
1945. 1950. 1955 and 1960. Interest payable semi-annually. Sale of the Floating debt
405.428.63
is subject to the favorable opinion of Townsend, Elliott & Munson
bonds
of Philadelphia as to their legality.
$15,219.478.63
Total debt
-The $600,- Deduct from total debt Tax relief bonds--- $1,175.000.00
-MATURITY.
MAJOR COUNTY(P.O. Fairview), Okla.
2,268,000.00
Water bonds
issue of 4(% road bonds that was jointly purchased by the R. J.
-000
Edwards Co., Inc., and the Security National Bank, both of Oklahoma Sinking funds to retire bonds, exclusive of
409,511.85
water bonds
City, at 100.02-V. 130, p. 836-matures on Jan. 1 as follows: $27.000.
1963 to 1954, and $6,000. 1955, giving a basis of about 4.74%•
$3.852.511.85
Westchester County, N. Y.-BON1)
MAMARONECK (Village of)
-The following issues of coupon or registered bonds aggregating
SALE.
$11.366.966.78
Net bonded debt
,
-were awarded as 44s to
U
0 a
eh )00 offered on Feb. 18-V. 130. p. 1010
t2
of assessed vart'n_$16,093,966.50
n Bros. of New York, and the Manufacturers & Traders Trust Co. Borrowing capacity, 10%
11.366,966.78
•of Buffalo, jointly, at par plus a premium of $3,651.60. equal to 101.79. Net bonded debt
about 4.57%:
a basis of
54.726.999.72
Present borrowing capacity
$90,000 water works system bonds. Dated June 1 1927. Due on June 1
Population (1925 State census), 50,382.
as follows: 54.000. 1930 to 1935 incl.; $3,000, 1936; $2.000. 1937
16 (P. 0. Louisville), Jefferson
to 1966 incl.; and $3,000 in 1967.
MOXLEY SCHOOL DISTRICT NO.
-The $2,000 issue of 5% school bonds
50.000 playground bonds. Dated Feb. 1 1930. Due on Feb. 1 as fol- County, Ga.-BOND DETAILS.
-was jointly purchased by two
lows: $2000. 1931 to 1940 incl., and 81.000 from 1941 to 1970 incl. that was reported sold-V. 130, p. 1146
Due $1,000 on local investors at a price of 95.00, a basis of about 6.06%. Due 200 from
30,000 fifth series sewer bonds. Dated June 1 1926.
Feb. 1 from 1935 to 1960 incl.
Apr. 1 1930 to 1939, Ind.
28,000 sewer extension bonds. Dated Feb. 1 1930. Due $1,000 on Feb. 1
-BOND OFFERING.
-Sealed
MURPHY, Cherokee County, N. C.
from 1935 to 1962 incl.
6, by H. A. Fain, Town Clerk,
6.000 fire alarm system bonds. Dated Feb. 1 1930. Due on Feb. 1 bids will be received until 7.30 p.m. on Mar. semi-annual water and sewer
for the purchase of a $40,000 Issue of 6%
1935 incl.
as follows: $2,000, 1931, and $1,000 from 1932 to
refunding bonds. Dated Apr. 1 1930. Due $2,000 from 1932 to 1948,
Allot the above bonds are in $1,000 denominations.
and $3,000, 1949 and 1950. A certified check for 2% of the bonds bid for.
The following is a list of the other bids received for the bonds:
Bid. payable to the Town Clerk, is required.
Int. Rate. Rate
Bidder101.379
-BOND
4%
Marine Trust Co., Buffalo
MURRAY (P. 0. Salt Lake City), Salt Lake County, Utah.
101.11
43(%
Rutter & Co
-A $75,000 issue of 5% school bonds has recently been intrcl•
SALE.
100.03
45%
Mamaroneck Trust Co
AI,
by the Central Trust Co., of Salt Lake City, for a premium of
100.955
43i%
Batchelder & Co
equal to 101.37. a basis of about 4.86%. Due from 1935 to 1949. incl.
100.598
0
43‘.7
Roosevelt & Son
LOAN.
-TEMPORARY
100.6597
NASHUA, Hillsborough County, N. H.
43 %
George B. Gibbons & Co.. Inc
Corp., of Boston, on Feb. 18 was awarded
- The First National Old Colony 4.27% discount. The notes are dated Feb.
MAMARONECK (P. 0. Town of) Westchester County, N. Y.
loan at a
was awarded a $150,000 temporaryon Dec. 2 19.30. S. N. Bond & Co.. of New York.
-The Marine Trust Co., of Buffalo, on Feb. 19
BOND SALE.
20 1930 and mature
the following issues of coupon or registered bonds aggregating $198,000 as the only other bidders, offered to discount the loan at 4.38%.
430, at 100.63, a basis of about 4.45%:
NAZARETH SCHOOL DISTRICT, Northampton County, Pa.
$100,000 water distribution system bonds. Dated Feb. 1 1930. Due on
-C. J. Knauss, Secretary of the School Board, will reFeb. 1 as follows: $2,000. 1931 to 1950 incl.; $3,000, 1951 to BOND OFFERING.
sealed bids until March 18 for the purchase of an issue of $150.000
ceive
1966 incl., and $4,000 from 1967 to 1969 incl.
MINN
% school bonds. Interest payable semi-annually.
98,000 water works system bonds. Dated June 1 1927. Due on June 1,
as follows: $3,000. 1930 to 1941 incl.; $2,000, 1942 to 1961 incl.;
-The following issues
-BOND SALE.
NEWARK, Essex County N. J.
$3,000. 1962 to 1966 incl., and 87.000 in 1967.
coupon or registered bonds aggregating $10,670,000 offered on
6
,
Denom. $1,000. Principal and semi-annual interest payable at the of 43 %
p. 1011-were awarded to a syndicate composed of the
National Bank of Commerce, New York. Legality to be approved by Clay, Feb. 18-V. 130, of New York, the Guaranty Company of New York,
Bankers Company
Dillon & Vandewater, of New York.
Estabrook & Co., E. H. Rollins & Sons, R. L. Day & Co..
Roosevelt & Son,
Barr Bros. & Co., Inc., Kountze Bros., George B. Gibbons & Co.. Inc.,
MANASQUAN, Monmouth County, N. J.-BOND OFFERING.
Annie B. Appleget, Borough Clerk, will receive sealed bids until 8 p.m. on Dewey, Bacon & Co., H. L. Allen & Co., Graham. Parsons & Co., Curtis
March 4, for the purchase of the following issues of coupon or registered & Sanger, Robert Winthrop & Co., Hannahs, Ballin & Lee, and Edward
bonds aggregating $102,400, to bear interest at a rate not exceeding 6%: Lowber Stokes & Co., all of New York, at various prices as shown below.
$35,000 water mains extension bonds. Dated Feb. 11930. Denom. 81.000. Although bids were asked for bonds totaling $10,800.000, only $10,670,000
Due $1,000 on Feb. 1 from 1931 to 1965 incl. Int. due Feb. and were awarded as the laws of New Jersey stipulate that premiums paid in
addition to the par value of the bonds are to be utilized in the reduction of
Aug. 1.
25,000 sewerage system bonds. Dated Feb. 1 1930. Denom. $1,000. Due the principal amount offered. The award consisted of:
Purchasers paid 52.200,$1,000 on Feb. 1 from 1931 to 1955 incl. Int. due Feb. and Aug. 1. 52.169.000 water bonds ($2,200,000 offered). about
4.39%• The bonds
401.70, equal to 101.44, a basis of
22,000 street improvement bonds. Dated Dec. 151929. Denom. $1,000.
mature on March 1 as follows. $50,000, 1931 to 1950 incl.,
Duo $1,000 on Dec. 15 from 1931 to 1952 incl. This issue was
$55,000, 1951 to 1960 incl., $65,000. 1961 to 1969 incl., and
Dec. 3; no bids were received
previously unsuccessfully offered on
$14.000 in 1970.
V. 129, p. 3688. Interest due June and Doc. 1.
1.970,000 Port Newark inapt. bonds ($2,000,000 offered). Purchasers
20,400 street improvement bonds. Dated Dec. 1 1929. Denom. $1,000,
paid 52,000.249.64. equal to 101.53, a basis of about 4.38%.
one bond for $400. Due on Dec. 1, as follows: $1,000, 1931 to 1950
The bonds mature on March 1, as follows: $40,000, 1931 to
incl., and $400 in 1951. This issue was previously unsuccessfully
1950 incl. $60,000, 1951 to 1969 incl., and 530.000 in 1970.
offered on Dec. 3:no bids were received-V. 129, p. 3668. Interest
'
1,987,000 street and sewer bonds ($2,000,000 offered). Purchasers paid
due Juno and Dec. 1.
$2.000,444.88, equal to 100.67. a basis of about 4.42%. The
It is required that no more bonds are to be awarded than will produce a
bonds mature on March 1 as follows: $80,000, 1931 to 1940 incl.;
issue. Principal and semipremium of $1,000 over the amount of each
5100.000, 1941 to 1951 incl., and $87,000 in 1952.
annual interest payable in lawful money. Proposals must be accompanied
1,723,000 public impt. bonds ($1,742,000 offered). Purchasers paid
by a certified check for 2% of the amount of bonds bid for, payable to the
$1,742,905.04. equal to 101.15, a basis of about 4.40%. The
order of tho Borough Collector.
bonds mature on March 1 as follows: $42,000, 1931: 350.000.
MARSHALL COUNTY ROAD DISTRICT NO. 2 (P. 0. Holy
1932 to 1947 incl.; $60,000, 1948 to 1961 incl., and $41,000
Springs), Miss.
-BOND ELECTION.
-The Board of County Superin 1962.
visors have set March 11 as the date of a special election to pass upon the
1.629,000 school bonds (51,650.000 offered). Purchasers paid $1.650,501,
proposed issuance of $60.000 in road bonds.
equal to 101.31, a basis of about 4.39%. The bonds mature
on March 1, as follows: $40.000, 1931 to 1946 incl., $45.000,
-BOND SALE.
MARSHALLTOWN, Marshall County, Iowa.
1947 to 1955 incl., $55,000, 1956 to 1965 incl., and 534.000 in
on Feb. 10 by E.
526,513,31 issue of improvement bonds was purchased
1966.
Raymond Dutro & Co., of Davenport as 5s, at par. (We reported an
986,000 city railway construction bonds ($1.000,000 offered). Pureve
offering on Feb. 10 of a $38,479.35 issue -V. 130, p. 664.)
chasers paid $1,000,932.24, equal to 101.51, a basis of about
-OFFER $787,-000 CERMARYLAND, State of (P. 0. Annapolis).
4.38%. The bonds mature on March 1, as follows: $20,000.
TIFICATES OF INDEBTEDNESS.
-J. A. W. Iglehart & Co. of Bal1931 to 1950 incl., $30.000, 1951 to 1969 incl., and 516,000 in
timore are offering the $787.000 ,”,§% certificates of indebtedness pur1970.
chased by them on Feb. 12 at prices to yield 3.95 and 4%. according to
206,000 Passaic Valley sewer bonds ($208,000 offered). Purchasers
maturity. The certificates are stated to be legal investment for savings
paid $208.999.54, equal to 101.45. a basis of about 4.38%.
banks and trust funds in Maryland, Massachusetts, New York. Connecticut
The bonds mature on March 1. as follows: $5,000. 1931 to 1962
and otner States and are also said to bo eligible as security for Postal Savings
incl., $6,000. 1963 to 1969 incl., and 54.000 in 1970.
deposits. There were nine unsuccessful bids submitted for the issue, two
All of the above bonds are dated March 1 1930 and are being offered
of which follow:
by the purchasers for public investment at prices to yield 4.25% and 4.30%.
Rate B.d. With the exception of the 1931 maturity all of the bonds are priced to yield
BidderAlex. Brown & Sons
102.522 4.30%. The obligations are stated to be legal investment for savings
Mercantile Trust Co., Baltimore
102.51
banks and trust funds in New York, New Jersey and other States and are
Financial Statement.
also said to be exempt from all Federal income taxes. A detailed statement
Assessed valuation (1928)
-$2,785,068,986 of the financial condition of the City of Newark appeared in V. 130. p. 1147.
Net bonded debt(June 30 1929)
27,154,859
-BOND OFFERING-Sealed
Total net bonded debt is less than 1% of assessed valuation. Population
NEW MEXICO (P. 0. State College).
(July 11928. estimated) 1,616,000.
bids will be received by II. L. Kent, President of the Regents of the AgriCollege, until 11 a. m. on Mar. 12, for the purchase of an issue of
-BOND cultural
MARYSVILLE SCHOOL DISTRICT, Union County, Ohio.
Mexico College of Agriculture and Mechanic Arta, Building
-The $150,000 issue of school building construction bonds offered $110.000 New
SALE.
and improvement, series B bonds. Int. rate is not to exceed 6%. Denom.
on Feb. 14-V. 130, p. 664-was awarded as 431s to W. L. Slayton & Co., 31,000. Dated Mar. 15 1930. Due on Mar. 15, as follows: $4,000, 1932
of Toledo, at par plus a premium of $105, equal to a, price or 100.07. 1The to 1934; 55,000. 1935 and 1936; 54,000, 1937 and 1938; 55,000. 1939 and
bonds are dated April 1 1930 and mature serially.
1940; 56,000, 1941; 54,000, 1942: 55.000, 1943 and 1944: 56.000, 1945
-The three issues and 1946; $7,000, 1947 and 1918: 89,000, 1949, and $15,000 in 1950. Prin.
-BOND SALE.
MEMPHIS, Shelby County, Tenn.
1010 and 1011-were jointly and in (M. & S.) payable at the Chase National Bank in New York City,
of bonds offered for sale on Feb. 18-V. 130, P.
purchased by the Chase Securities Corp. and H. L. Day & Co., both of or at the First National Bank, Las Cruces. A certified check for 5% of
the bonds, payable to the Secretary-Treasurer of the Regents of the AgriNew York, as follows:
$1,100.000 coupon or registered school bonds as 431s at a price of 101.91, cultural College, must accompany the bid.
a basis of about 4.61%. Due on Jan. 1 as follows: $25.000,
-TEMPORARY LOAN.
NEWPORT, Newport County, R. I.
1934 to 1943: 530,000. 1944 to 1958, and 540.000, 1959 to Salomon Bros. & Hutzler, of Boston, on Feb. 14 wore awarded a 5100.000
1968. all inclusive.
temporary loan at a 4.18% discount, plus a premium of $1.25. The loan
450.000 coupon sewer and drain bonds and $200,000 coupon general is due on Sept. 2 1930. The following is a list of the other bids received:
hospital bonds, maturing from Jan. 1 1933 to 1957 incl., as
Discount.
Bidder431s. at a price of 101.15, a basis of about 4.64% •
4.237
R. W. Pressprich & Co
-OFFERED TO PUBLIC.
BONDS RE
-The above bonds are now being S. N. Bond & Co. (Plus $8.00)
4.48%
4.28.7
offered for subscription by the successful bidders at prices to yield 4.50% Faxon, Gade & Co
on all maturities. They are offered subject to approval of legality by Thom- Aquidnock National Exchange Bank & Savings Co
4.335%
4350/
son, Wood & Hoffman, of New York City. They are reported to be legal Arthur Perry & Co
investment for savings banks and trust funds in New York State.
4.48%
S. N. Bond & Co (Plus $8.00)
-An issue of
-BONDS OFFERED.
-BOND SALE.
MONROE COUNTY (P. 0. Bloomington), Ind.
County, Iowa.
NEWTON, Jasper
-Marion Burch, County Treasurer, received sealed bids until 2 p. tn. on 5103.000 funding bonds was recently purchased by Geo. M. Bechtel &
% F. H. Miller et al highway Co., of Davenport, for a premium of $141, equal to 100.136.
Feb. 21, for the purchase of $16,800
Improvement bonds. Dated Dec. 3 1929. Denom.$840. Duo $840 on
.
-c, H
-NO BIDS.
NEWTON COUNTY (P. 0. Kentland), Ind.
January and July 15 front 1931 to 1940, incl. Interest payable on Jan.
Stucker, County Treasurer, states that no bids were received on Feb. 15
and July 15.
-V. 130.
for the $3,006.70 6% drain construction bonds offered for sale
MOUNTAIN IRON, St. Louis County, Minn.
-INTEREST RATE.
- P. 665. The bonds are dated Feb. 15 1930 and mature $300.67 on Feb.
The $75,000 issue of certificates of indebtedness that was purchased by 15 from 1931 to 1940, inclusive.
-V. 130, P. 1146-bears int. at 6%.
the Wells-Dickey Co., of Minneapolis
-The city on Feb. 17
NEW YORK, N. Y.-$10.000.000 NOTES SOLD.
-MOUNT VERNON, Westchester County, N. Y.
-BOND 7727,Z= sold $10,000,000 43,% revenue notes at par as follows: $5,000,000 to the
Chase Securities Corp. and the Bancamerica-Blair Corp., both of New
The $1,092,000 coupon or registered school bonds offered on Feb. 171930 and due on Sept.
V. 130, it• 1011-were awarded as 43.is to a syndicate composed of the York. jointly, dated Feb. 13of New York, dated 15 1930. and 56.000.000
Guaranty Co. of N. Y., Estabrook & Co. and Barr Bros. & Co.. all of to the National City Bankoffering of the notes Feb. 17 1930 and due on
was made.
Sept. 15 1930. No public
New York, at a price of 101.057, a basis of about 4.37%. The bonds are
dated March 1 1930 and mature on March 1 as follows: 355.000. 1931 to
NINETY-SIX, Greenwood County, S. C.
-BOND OFFERING.
-We
1942 incl., and $51.000 from 1943 to 1950 incl. Premium paid was 811.- are informed that sealed bids will be received until Feb. 27 by W.B Jeter.
542.44. The successful bidders are re-offering the bonds for public invest- Town Clerk, for the purchase of an $80,000 Issue of' water bonds.
1320
FINANCIAL CHRONICLE
NORTH OLMSTEAD, Cuyahoga County, Ohio.
-BOND SALE.
The following issues of special assessment bonds aggregating $62,099.85V. 130. p. 500
-were awarded as 53is to the Herrick Co. of Cleveland, at
par plus a premium of $263. equal to 100.42, a basis of about 5.63%:
119,613.13 Porter Road bonds. Due Oct. 1, as follows: $3,933.13, 1931.
and $3,920, 1932 to 1935, incl.
18,344.86 Burns Road bonds. Due Oct. 1, as follows: $3,144.86, 1931;
and $3,880, 1932 to 1935,lad.
5,823.80 Summerland Ave. bonds. Due Oct. 1, as follows: $1,023.80,
1931; and $1,200, 1932 to 1935, incl.
5,430.35 Burns Road bonds. Due Oct. 1, as follows: $480.35, 1931; and
$550, 1932 to 1940, incl.
5.072.23 Porter Road bonds. Due Oct. 1, as follows: $572.23, 1931; and
$500. 1932 to 1940,incl.
4,044.55 Dewey Road bonds. Due Oct. 1. as follows: $844.55, 1931;
and $800, 1932 to 1935,incl.
3,770.93 Macbeth Ave. bonds. Due Oct. 1, as follows: $770.93, 1931;
and $750, 1932 to 1935, Mel.
All of the above bonds are dated Oct. 11929.
The following other bids were received:
BidderPremium.
Int. Rate.
Otis& Co
$14
820
Spitzer, Rorick & Co
6
5
McDonald Callahan & Co
14
53.1%
OLMSTEAD FALLS, Cuyahoga County, Ohio.
-BOND OFFERING.
-A. F. Schuttenberg, Village Clerk, will receive sealed bids until 12 m.
on March 10, for the purchase of 521.000 6% special assessment paving
bonds. Dated March 1 1930. Denom. $1.000. Due on Oct. 1 as follows:
$2,000, 1931 to 1939 inclusive. and $3,000 in 1940. Interest payable on
April and Oct. 1. Bids for the bonds to bear interest at a rate other than
6% will also be considered, provided, however, that where a fractional
rate is bid such fraction shall be in multiples of X of 1%. A certified
check for 10% of the amount of bonds bid for, payable to the order of the
Village Treasurer, must accompany each proposal.
OYSTER BAY AND BABYLON JOINT UNION FREE SCHOOL
DISTRICT NO. 22 (P. 0. Farmingdale), Nassau County, N. Y.
BOND SALE.
-The $50.000 coupon or registered school bonds offered on
Feb. 18-V. 130, p. 1147
-were awarded as 4Xs to Barr Bros. & Co., of
New York, at 100.49, a basis of about 4.70%: The bonds are dated
March 1 1930 and mature on March 1 as follows: $2,000, 1935 to 1942,
incl.. $3,000. 1943 to 1945 incl., and $5,000 from 1946 to 1950 inch
kPASADENA ACQUISITION AND IMPROVEMENT DISTRICT NO.
If(P. 0. Pasadena) Los Angeles County, Calif.
-We
-BOND SALE.
are now informed by the City Clerk that the $216,032.46 issue of street
Improvement bonds offered for sale on June 8 1929-V. 128. p. 3723
was purchased on July 10 by the Wm. R. Stoats Co., of Los Angeles. as
53.s, at par. Dated May 21 1929. Due 39.000 from May 21 1934 to
1957. incl. and $32.46 in 1958.
PAWTUCKET, Providence County, R. I.
-BONDS OFFERED.John B. Reilly, City Treasurer, received sealed bids until 7.30 p. m. on
Feb. 21 for the purchase of $175,000 4X% coupon school funding bonds.
Dated Jan. 11930. Denom.$1,000. Due on Jan. 1 as follows: $85,000 in
1940 and $10,000from 1941 to 1949 incl. The bonds may be fully registered
or registered as to prin. only. Prin. and semi-ann. int. payable in gold a
the office of the fiscal agent of the City of Pawtucket in Boston. The bonds
will be engraved under ths supervision ofand certified as to their genuineness
by the First National Bank of Boston. Legality to be approved by Storey,
Thorndike, Palmer & Dodge of Boston.
Financial Statement, Feb. 8 1930.
Assessed valuation, 1928
$138,092,806.00
Assessed valuation, 1929
138,266,190.00
*Actual valuation, 1929
156,055,706.00
Bonds & notes outstanding,incl. proposed issue
14,228,000.00
Water bonds & notes included
$3,012,000.00
Total sinking funds,all purposes
2,919,512.40
Sewer sinking funds,included
469,498.48
Water sinking funds included
356,084.42
Net indebtedness
$11,308,487.60
Exemptions permitted by R. I. Laws in computing "net indebtedness":
Sewer bonds and notes
$2,071,000.00
Water bonds and notes
3,012,000.00
$5,083,000.00
Population, 1920 census 64,248; 1925 census 69,742; **1929, estimated,
75.813.
• As reported to Commissioner of Banks for the Commonwealth of
Massachusetts. ** A survey published by the Newspaper Feature Bureau
PAYNE, Paulding County, Ohio.
-BOND SALE.
-The 33,250 6%
coupon street improvement bonds offered on Feb. 18-V. 130, p.838
-were
awarded at a price of par to the Farmers & Citizens Bank of Payne. The
bonds are dated Mar. 1 1930 and mature $650 on Mar. 1 from 1931 to 1935
incl.
[vol.. 130.
POINT MARION, Fayette County, Pa.
-BOND SALE.
-The First
National Bank, of PointMarion purchased on Feb. 3 an issue of $7,000
5% coupon fire department equipment bonds at par plus a premium of
$148.75, equal to a price of 102.12, a basis of about 4.7207. The bonds are
dated Nov. 1 1929, are in $500 denoms- and mature on Nov. 1, as follows:
$2,500 in 1934 and 1939, and $2,000 in 1943. Int. payable semi-annually.
Legality approved by Shelby. Hackney & Ray, of Uniontown.
J. H. Holmes & Co. of Pittsburgh, offered par plus a premium of $16.00
for the Issue.
POLAND VILLAGE SCHOOL DISTRICT, Mahoning County,
Ohio.
-BOND SALE.
-The $75,000 school building construction bond
offered on Feb. 19-V. 130, P. 1012
-were awarded as 5s to the Banc Ohio
Securities Co. of Columbus,at par plus a premium of $165,equal to 100.22,
a basis of about 4.95%. The bonds are dated April 1 1930 and mature
$3,500 on April 1 and $4,000 on Oct. 1 from 1931 to 1940 incl.
PORT ARTHUR, Jefferson County, Tex.
-BONDS NOT SOLD.
The seven issues of bonds aggregating $3,005,000, offered on Feb. 16V. 130, p. 1012
-were not sold as the only bid received, a tender submitted
by Geo. L. Simpson & Co. of Dallas, was rejected. The issues are divided
as follows:
$580,000 street improvement bonds.
78.500 water works bonds.
180,000 drainage bonds.
300,000 bridge bonds.
300.000 bridge bonds.
36,500 sanitary sewer bonds.
36,500 sanitary sewer bonds.
30,000 park improvement bonds. (All of the above mature from 1931
to 1970).
1,700,000 sea wall bonds.
(This issue matures from Feb. I 1931 to 1950).
BOND AWARD.
-We are now informed that the $1,700,000 issue of sea
wall bonds has since been purchased by the W. Horace Williams Co.
,of
New Orleans, as 5s, at par.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
-Sealed
bids will be received until 11 a. m. on March 18 by Geo. R. Funk, City
Auditor, for the purchase of an issue of 51-000,000 4% water bonds.
Denom. $1,000. Dated April 1 1930. Due 350,000 from April 1 19411to
1960, incl. Bidders are requested to submit separate or alternate bids
based upon the place of delivery of the bonds. If delivery is demanded
outside of Portland, delivery shall be at the expense of the purchaser.
Bidders are required to submit unconditional bids. Principal and interest
(A. & 0.) payable in gold at the office of the City Treasurer, or at the
fiscal agency of the City in New York. Storey, Thorndike, Palmer &
Dodge, of Boston, will furnish the approving opinion. A certified check
for 5% of the bid, payable to the City, must be enclosed.
PORTAGE TOWNSHIP SCHOOL DISTRICT NO. 1, Mich.
-BONDS
-At an election held on Feb. 1 the question of Issuing $25,000
DEFEATED.
In bonds for school purposes was defeated by a vose of 95 to 94, according
to the Secretary of the Board of Education.
PREBLE COUNTY (P. 0. Eaton), Ohio.
-BOND OFFERING.
H. T. Aker, Clerk of the Board of County Commissioners, will reneive
sealed bids until 12 m. on March 8, for the purchase of the following issues
of
% bonds. aggregating 545,450.50:
$25,550.00 bridge bonds. Denom. $1,250, one bond for $1.800. Due as
follows: 51,800. Sept. 1 1930, and $1,250 on March and Sept.
1 from 1931 to 1940, incl. A certified check for $400 is required.
19,900.50 bridge bonds. Denom. 31,000. one bond for $900.50. Due as
follows: $900.50. Sept. 1 1930, $1,000 on March and Sept. 1
from 1931 to March 1 1940. A certified check for $300 is
required.
Both issues are dated March 11930. Bids for the bonds to bear interest
at a rate other than 534% will also be considered, provided, however, that
where a fractional rate .4 bid such fraction shall be stated in a multiple
of X of 1%. Interest payable semi-annually. .
PURCELLVILLE, Loudoun County, Va.-PRICE PAID.
-The
$75,000 issue of water bonds that was jointly purchased by the J. B
McCrary Co., and the Citizens and Southern Co., both of Atlanta
-V.
130, p. 1147
-was awarded at Par.!.
County, Wis.-ADDITIONAL DETAILS.
RACINE, Racine
-The
$170,000 issue of 4 X% semi-annual sewer bonds that was purchased at
par by the Comissioner of Public Lands
-V. 129, p. 2721-is dated Aug.
15 1929. Due over a period of 20 years.
RANDOLPH COUNTY (P. 0. Winchester), Incl.-BOND-SAThe $46,000
% W. E. Baker et al highway construction bonds offered
on Feb. 17-V. 130, p. 1147
-were awarded to the Merchants National
Bank of Muncie, at par plus a premium of $104.70, equal to 100.23, a
basis of about 4.48%. The bonds mature as follows: 11750, July 15 1931;
$750, Jan. and July 15 from 1932 to 1960,incl., and $750 on Jan. 151961.
RED WILLOW COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Le-The $55,000 issue of semi-annual school
banon) Neb.-BOND SALE.
bonds offered for sale on Feb. II
-V. 130, p. 1147
-was purchased by the
United States Trust Co. of Omaha. as 450, at a price of 99.09, a basis of
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-A $75.000 about 4.80%. Dated April 1 1930. Due on July 1 1960. and optional
temporary loan. dated Feb. 17 1930 and due on Nov. 10 1930. was awarded after July 1 1940.
on Feb. 17 to the Warren National Bank at a 4.06% discount.
-BOND SALE.
RUTLAND, Meigs County, Ohio.
-The $1,000 534
-were
PENN TOWNSHIP (P. 0. Butler), Butler County, Pa.
-BOND Fire Engine purchase bonds offered on Feb. 11-V. 130, p. 1012
OFFERING.
-Z. F. Henniger, Attorney for Board of District Supervisors awarded at a price of par to F. F. Mutchler, of Rutland. The bonds mature
will receive sealed bids until 10 a. m.on Mar. 1 for the purchase of $20,000 $100 on April and Oct. 1 from 1931 to 1935 incl.
% coupon township bonds. Dated Mar. 1 1930. Denom. $1,000
ST. CLAIR SHORES, Macomb County, Mich.
-NO BIDS FOR
Due $4,000 on Mar. 1 from 1931 to 1935 incl. Bids will be received for the
-Charles F. Dederich, Village Clerk, states that noentire issue or any portion thereof, and no bids will be accepted below par $1,596,000 BONDS.
bids were received on Feb. 4 for the $1.596.000 special assessment trunk
and accrued in
The above-mentioned attorney will receive proposals sewer
bonds offered for sale. Bidders were asked to name an interest rate.
at his office. 6 West Diamont St.. Butler.
not in excess of 5%.-V. 130, p. 501. The bonds mature 557.000 on Feb.
1 from 1932 to 1959. Incl.
PETERSBURG, Dinwiddie County, Va.-BOND OFFERING.
Sealed bids will be received until noon on Nlarch 18, by Paul Morton,
ST. JOHN SPECIAL SCHOOL DISTRICT, Mercer County, Ohio.
City Manager, for the purchase of a $200,090 issue of 43. % coupon or
-Henry Wendeln,Clerk of the Board of Education,
registered public improvement and funding bonds. Denom. $1,000. Dated BOND OFFERING.
April 11930. Due on April 11970. Prin. and int. (k. & 0.) payable at the will receive sealed bids until 12 m. on Feb. 25, for the purchase of $35.000
Guaranty Trust Co.in New York City. The approvMg opinion of Thomson, 535% grade and high school building bonds. Dated March 11930. Denoms
Wood & Hoffman, of New York City, will be furnished. The bonds will be 31,000 and $500. Due as follows:$500. Sept. 1 1931,5500, March and Sept.
Sept. 1
prepared under the supervision of the
Trust Co., New York, who 1 in 1932 and 1933; 51.000. March 1 and $500payable from 1934 to 1954,
March and Sept. 1.
Interest
and
will certify as to the genuineness of the signatures of the officials, and the incl.,for $1,000 on March 1 in 1955. a rate other than
Bids
the bonds to bear interest at
534% will also be
seal impressed thereon. A certified check for 2% par of the bid, payable to
considered, provided, however, that where a fractional rate is bid such
the City, is required.
(These bonds are reported to have been offered without success on fraction shall be X of 1% or multiples thereof. A certified check for $LOW
Payable to the order of the Board of Education, must accompany each
Feb. 18).
proposal.
PETTISViLLE SPECIAL SCHOOL DISTRICT, Fulton County,
ST. JOSEPH COUNTY(P.0.South Bend)Ind.-BOND OPTMOM:
-BOND SALE.
Ohio.
-The $110,000 coupon school building bonds offered -Fred P. Crowe, County Auditor, will receive sealed bids until 10 a.m. on
on Feb. 13-V. 130, P. 838
-were awarded as 56 to Stranahan, Harris & March 12,
for the purchase of $5,547.50 5% Clinton M. Eller et al, ditch
100.85, a
Ostia, Inc., of Toledo, at par plus a premium of $935, equal to
construction bonds. Dated Feb. 3 1930. Due $554.75 on Feb. 3 from 1931
basis of about 4.90%. The bonds are dated Feb. 1 1930 and mature $2,000 to 1940
incl. Principal and
on May 1 and $3,000 on Nov. 1 from 1930 to 1951 incl. Ten bids were at the office of the County semi-annual interest (Feb. and Aug. 3) payable
Treasurer.
received.
w ST. JOSEPH COUNTY
-BOND SALE:
PIERCE, Weld County, Colo.
-A $35,000 issue of 5% The following issues of 5% (P. 0. St. Joseph), Ind.
-BOND SALE.
coupon bonds aggregating $46,000 offered on
refunding water extension bonds is reported to have recently been purchased Dec.
-were awarded to Thomas D. Sheerin & Co., of
9-V. 129. p. 3670
at par by the State Land Board. Denom. $1,000 and $500. Dated. May
Indianapolis:
1 1930. Due $1,500 from 1935 to 1958 incl.
320,000 011ve Township road construction bonds. Due $1,000, July 15
1931, Jan. and July 15 from 1932 to 1940, incl., and $1,000,
PIONEER IRRIGATION DISTRICT (P. 0. Caldwell), Canyon
Jan. 15 1941.
County, Idaho.
-MATURITY.
-The $14,600 Issue of 6% semi-annual
18,000 Warren Township road construction bonds. Due $900, July 15
refunding bonds that was purchased at par by the Caldwell State Bank
1931, $908, Jan. and July 15 from 1932 to 1940, incl., and $900,
-V. 130. p. 668
-is due on Jan. 1 1940.
Jan. 15 1941.
8,000 Centre Township road construction bonds. Due $400. July 15
-The
-BOND SALE.
PLEASANT RIDGE, Oakland County, Mich.
following issues of bonds aggregating $14,421.12 offered on Feb. 11-V.
1931, $400, Jan. and July 15 from 1932 to 1940, incl., and MOO.
130, p. 1012
Jan. 15 1941.
-were awarded as 65, at a price of par to the City Sinking
Fund, the only bidder:
Allotthe above bonds are dated Nov. 1 1929. We have not been informed
$8,570.72 Special assessment District No. 59 bonds. Due on Feb. 15 as as to the disposition of the $10.000 Liberty Twp. road issue offered on the
follows: $857.07 from 1931 to 1938,incl., and $857.08 in 1939 and same day. The legality of the three issues sold has been approved by Smith,
Renuiter, Hornbrook & Smith, of Indianapolis.
1940.
3,150.00 Special assessment District No. 58 bonds. Due $315 on Feb. 15
ST. PAUL, Ramsey County, Minn.
-BOND OFFERING.
-Sealed
from 1931 to 1940, incl. A $150 certified check is required.
bids will be received by Wm. F. Swtt, City Comptroller, until 10 a.m. on
2,700.40 Special assessment District No. 64 bonds. Due $540.08 on Feb. March 5, for the purchase of an issue of $1,000,000 coupon or registered
15 from 1931 to 1935, Incl. A $150 certified check Is required.
general improvement bonds. Int, rate is not to exceed 43.4%. Denom.
All of the above bonds are dated Feb. 15 1930.
$1,000. Dated March 11930. Due on March 1, as follows: $32,000. 1931:
FEB. 22
1930.]
FINANCIAL CHRONICLE
1321
-BOND SALE. STRONGSVILLE, Cuyahoga County, Ohio.
3,000. 1932: 835,000, 1933; $36,000, 1934; $38,000, 1935; $40,000, 1936: The following issues of special assessment bonds aggregating $33,399 offered
2.000, 1937: 843,000, 1938; $45,000, 1939; 847.000. 1940; $50,000, 1941; on Feb. 15-V. 130. p. 839
-were awarded to W. L. Slayton & Co. of
354,000, 1943; $56,000, 1944: 859,000, 1945; $62,000, 1946;
2,000. 1942;
par plus a premium of $12,for the bonds as 5'4s,equal to 100.03,
Prin.
65,000. 1947: $67,000, 1948; 870,000, 1949, and $74,000 in 1950. Com- Toledo, at about 5.24%:
and semi-annual int. is payable in lawful money at the office of the York. a basis of
$15,194 sidewalk bonds. Due on Oct. 1, as follows: 32,694, 1931; $3,000.
at the fiscal agency of the city in New
missioner of Finance or
1932 to 1934 incl., and $3,500 in 1935.
Bids for the bonds must bear one rate of interest. The legal opinion of
14,065 water mains bonds. Due on Oct. 1. as follows: 81,065, 1931:
Linus O'Malley, of St. Paul, and Thomson, Wood & Hoffman ,of New
$1,500, 1932 to 1934 incl.: $1,000, 1935. and $1,500 from 1936 to
for 2% of the bonds bid for,
York. will be furnished. A certified check
1940 incl.
livable to the city, is required.
4,140 sidewalk bonds. Due on Oct. 1, as follows: 51.140, 1931, and
-The $500,000
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
31,500 in 1932 and 1933..
-was awarded to the
p. 1012
temporary loan offered on Feb. 13-V. 130,
All of the above bonds are dated Oct. 11929. The following other bids
Naumkeag Trust Co., at a 4% discount, plus a premium of $3.65. The were received:
Int. Rate. Price Bid.
dated Feb. 14 1930 and is payable on Nov. 4 1930. The following
loan is
Bidder833,577
other bids were received:
534%
Discount, Herrick Co
33,590
Bidder
6%
Guardian Trust Co
4 05
33,440
Merchants National Bank (Plus $3.65)
53 V
BancOhio Securities Co
4.07
33,455
Warren National Bank, Peabody
5
Otis & Co
4.13
Salem Trust Co. (Plus $3.65)
4.14
-BOND
Barr Bros. & Co. (Plus $10)
SWISSVALE SCHOOL DISTRICT, Allegheny County, Pa.
4.14
Faxon, Gade & Co
-Ida E. Wallace. Secretary of the Board of School Directors,
OFFERING.
4.15
F. S. Moseley & Co
will receive sealed bide until8 p. m.on March 10,for the purchase of$80,_000
Due
-A $69,483.72 /Mlle of 434% coupon school bonds. Dated Jan. 1 1930. Denom. $1,000. from
SALE.
-BOND
SALEM, Marion County, Ore.
1931 to 1935, incl., and 83,000
6% semi-annual improvement bonds has recently been purchased by the on Jan. 1, as follows: $1,000 from Jan. and July 1. 'the issue has been
1936 to 1960. incl. Int. payable on
Smith & Camp Co. of Portland, at a price of 103.24.
Freeman,
approved by the Department of Internal Affairs. No bid will be considered
SAN BENITO-PORT ISABEL NAVIGATION DISTRICT (P. 0. for less than par and accrued int, and all proposals must be accompanied
-A 315,000 issue by a certified check for $800, payable to the order of the Distrxt. The
-BOND SALE.
Brownsville) Calneron County, Tex.
of 5%7. district bonds has recently been purchased by the county sinking successful bidder is to furnish and pay for the printing of the bonds.
fund. (These bonds are reported to be a part of a total authorized issue of
SUGAR CREEK RURAL SCHOOL DISTRICT,Allen County, Ohio.
3500,000).
-Ellis F. Jones, Clerk of the Board of Education,
OFFERING.
SANTA MONICA ACQUISITION AND IMPROVEMENT DISTRICT -BOND sealed bids until 12 m.on March 4,for the purchase of $58,000
-BOND will receive
1
NO. 1 (P. 0. Santa Monica), Los Angeles County, Calif.
534% school building construction and equipment bonds. Dated Marchto
-A $305,272.73 issue of 7% street improvement bonds has recently 1930. Denom., $1,000. Due on Sept. 1 as follows: $2,000 from 1931
SALE.
been purchased by the Brown-Crununer Co., of Wichita. Coupon bonds 1944, incl., and $3,000 from 1945 to 1954, incl. Bids for the bonds to bear
7 1933
In denominations of $1,000. Dated Jan. 7 1930. Due from Jan.
Interest at a rate other than 534% will also be considered, provided, howto 1955, incl. Interest payable semi-annually. Legal opinion of Gibson, ever, that where a fractional rate is bid such fraction shall be stated in a
Dunn and Crutcher. of Los Angeles.
multiple of % of 1%. A certified check for $3,000 payable to the order of
- the Board of Education, must accompany each proposal.
SAYREVILLE SCHOOL DISTRICT, Middlesex County, N. J.
-The 3142.000 coupon or registered school bonds offered on
BOND SALE.
TANG1PAHOA PARISH GRAVITY DRAINAGE DISTRICT NO 2.
-were awarded as 5s to 0. A. Preim & Co of
Feb. 18-V. 130. p. 1148
-We are informed that the
-BOND SALE.
New York, at par plus a premium of $2.84. equal to 100.002, a basis of (P. 0. Ponchatoula) La.
that was unsuccessully
about 4.99%. The bonds are dated June 15 1929 and mature on June 15 6240,000 issue of semi-annual drainage bonds
-has since been purchased by Caldwell
1953 to 1960. incl. offered on Dec. 31-V. 130. p. 502
as follows: 35,000, 1931 to 1952, incl., and $4,000, from
$10,000 from Jan. 1 1930 to 1953
& Co. of Nashville, as 53.45, at par. Due
-BOND SALE. Inclusive.
SCHOHARIE COUNTY(P.O. Richmondville), N. Y.
The $250,000 434% coupon highway and bridge bonds offered on Feb. 14--BOND DESCRIPTION.
& Co., of New York,
-were awarded to Kissel, Kinnicutt
TARRANT CITY,Jefferson County, Ala.
V. 130, p. 838
was purat a price of 102.269. a basis of about 4.33%. The bonds are dated Feb. 1 The $51,000 issue of 6% coupon street improvement bonds that Birming1 from 1945 to 1954, incl. The fol- chased jointly by Ward, Sterne & Co. and Caldwell & Co., both of
1930 and mature $25,000 on March
-is dated Jan. 1 1930.
ham,at 97.80, a basis of about 6.47%-V. 130,P. 502
lowing is an official tabulation of the other bids received for the issue:
te Bid. Denom. 31,000. Prin. and int. (A. & 0.1) Payable at the Bank of America
Bidder
100.5294 In New York City. Legality to be approved by Storey, Thorndike, Palmer
Manufacturers & Traders Trust Co., Buffalo
100.87
& Dodge of Boston.
Geo. B. Gibbons & Co., N.Y.
100.9679
Marine Trust Co., Buffalo
-Lewis A.
-LOAN OFFERING.
101.41
TAUNTON, Bristol County, Mass.
Dewey, Bacon & Co., N. Y.
101.411
Hodges, City Treasurer, will receive sealed bids until 5 p. m. on Feb. 25
Bamcamerica-Blair Corp., N. Y.
101.87
at a discount of a $150,000 temporary loan. Dated
for the purchase
Batchelder & Co., N Y
101.159
Feb. 26 1930. Denims. 325.000. 310,000 and $5,000. Due on Oct. 30
Roosevelt & Son, N. Y
101.695
1930. The notes will be engraved under the supervision of the First
Equitable Corp., N. Y.
101.19
National Bank of Boston. Legality to be approved by Storey, Thprndike,
Rutter & Co N.Y.
100.869
Palmer & Dodge of Boston.
Bankers Company of N. Y
Financial Statement (as Officildly Reported).
TERRELL COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
$18,783,036
Assessed valuation, 1929
-An issue of $150.000
-BONDS REGISTERED.
629,000 (P. 0. Sanderson), Tex. registered on Feb. 12 by the State Comptroller.
Total bonded debt,including this issue
bonds was
The total bonded debt of Schoharie County is only about 334% of the 5% serial school
census, 21,303.
assessed valuation. Population. 1920
TEXARKANA SPECIAL SCHOOL DISTRICT NO.6 (P. 0. Texark-It is reported that a $35,000
-BOND SALE.
SCIPIO REPUBLIC RURAL SCHOOL DISTRICT Seneca County, ana) Miller County, Ark.
-The $90,000 coupon school building construction issue of school bonds has recently been purchased by M. W. Elkins & Co.
Ohio.
-BOND SALE.
-were awarded as 5s to Otis & of Little Rock.
bonds offered on Feb. 18-V. 130, p. 1012
Co. of Cleveland, at par plus a premium of $561, equal to 100.62, a basis
-A 815.000 issue of
-BOND SALE.
THOMAS, Custer County, Okla.
of about 4.92%. Dated Feb. 18 1930. Denom. $1,000. Due as follows:
improvement bonds was purchased on Feb. 18 by the
32,000. April and Oct. 1 1931: 82,000. April 1 and $3,000. Oct. 1 1932: various municipal Inc.,of Oklahoma City as6% bonds for a $35 premium,
Co.,
2.000. April and Oct. 1 1933: 32,000, April and 83.000. Oct. 1 1934: R.J. Edwards
92,000, April and Oct. 1 1935: $2,000, April 1 and $3,000. Oct. 1 1936: equal to 100.23.,
$2,000. April and Oct. 1 1937: 32,000, April 1 and $3,000. Oct. 1 1938:
TOWNSEND TOWNSHIP SCHOOL DISTRICT (P. 0. Vickery,
$2,000, April and Oct. 1 1939: 32,000, April 1 and $3.000, Oct. 1 1940:
-The State Teachers'
-BOND SALE.
52,000. April and Oct. 1 1941: 92,000, April 1 and $3,000, Oct. 1 1942: R. R. 8), Sandusky County, Ohio.
purchased an issue of $75.000
32,000, April and Oct. 1 1943: 32.000, April 1 and 83.000. Oct. 1 1944: Retirement System of Columbus recently bonds are dated March 1 1930.
par. The
$2,000, April and Oct. 1 1945: 32,000, April and $3,000. Oct. 1 1946: school bonds as 5s at a price of $1,500 on March and Sept. 1 from 1931
32,000, April 1 and Oct. 11947; 32,000, April 1 and $3,000. Oct. 11948; are in $1,500 denorns. and mature
authorized at the November 1929 election.
$2,000. April and Oct. 11949, and $2,000. April 1 also 33,000. Oct. 1 1950. to 1945 incl. These bonds were
-The First National
-BOND SALE.
SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. AshTROY, Bradford County, Pa.
-BOND OFFERINO.-Dan E. Bank of Troy recently purchased an issue of 33.000 5% registered fire
ville, R. 4) Pickaway County, Ohio.
Vanvickle, Clerk of the Board of Education, will receive sealed bids until Pumper purchase bonds at a price of par. The bonds are dated July 1 1930
9 a. in. on March 8. for the purchase of 820.000 531% school building con- and are in $1,000 denominations. Interest payable in January and July.
struction bonds. Dated March 1 1930. Denom. $500. Due $500 on
DISTRICT (P. 0.
• UTE INDEPENDENT SCHOOL -Sealed bids will beUte) Monona
March and Sept. 1 from 1931 to 1940, incl. Interest payable on March
received until
and Sept. 1. A certified check for 31,000, payable to the order of the Board County, lowa.-BOND OFFERING.
March 3 by C. S. Greenfield, Secretary of the Board of Education, for the
of Education, must accompany each proposal.
of a $35,000 issue of school bonds.
-The $4.000 Purchase
SEBRING, Mahoning County, Ohlo.-BOND SALE.
-BONDS REGISTERED.
5%% bonds issued for the purpose of paying a non-contractual judgment
VALLEY VIEW, Cooke County, Tex.
-V. 130, p. 501-were awarded at par and ac- On Feb. 12 the State Comptroller registered a $4,000 issue of 5% serial
awarded against the village
crued int. to the Citizens Banking Co. The bonds are dated Feb. 1 1930 high school bonds.
and mature 31,000 on April 1 from 1931 to 1934, incl. A bid of par plus
-A, S. Rout-BOND OFFERING.
a prem. of $4.80 for the bonds as 68 was offered by Breed, Elliott & HarVERONA, Preble County, Ohio.
rison, of Cincinnati.
zohn, Village Clerk, will receive sealed bids until 12 in. on Mar. 6 for the
apparatus purchase bonds. Dated Oct. 1
Va.-BOND ELECTION.
-The purchase of 62,500 554% fire
SMYTH COUNTY (P. 0. Marion),
Denorn. $250. Due $250 on Oct. 1 from 1930 to 1939 incl. Bids
voters will be called upon to give their opinions on the proposed issuance 1929.
0
to bear int, at rate other than 53.7 will also be coruidered,
of not exceeding 835.000 in bonds for repairing and enlarging the county for the bonds
provided, however, that where a fractional rate is laid such fraction shall be
jail at an election scheduled to be held on Mar. 11.
of % of 1%. A certified check for $250 payable to the
stated in a multiple
-LOAN OFFERING.
- order of the Village Treasurer must accompany each proposal.
SOMERVILLE, Middlesex County, Mass.
Joseph L. Murphy, City Treasurer, will receive sealed bids until 10 a. m.
-The 32.800
-BASIS.
-MATURITY
loan. Dated Feb. 24
VICI, Dewey County, Okla.
on Feb. 24 for the purchase of a $250,000 temporary
was purchased by the Citizens State Bank
1930. Denominations to suit purchaser. Payable on Nov. 7 1930 at the issue of water works bonds that
-matures in 6 years,
at the Central Ilanover Bank & of Vic' as 6s. at a price of 10C.03-V. 130. p. 1013
Merchants National Bank of Boston or
Trust Co., New York. Loan to be sold at discount. Legality is to be giving a basis of about 5.99%.
approved by Storey, Thorndike, Palmer & Dodge of Boston.
-BOND OFFERING.WABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.
-Robert Parvin Bond, County Treasurer, will receive sealed bids until.2 p. in. on
SPENCERVILLE, Allen County, Ohio.
M.Sunderland, Village Clerk, will receivesealed bids until 12 m. on Feb.28, March 3, for the purchase of $25,000 434% James L. Elliott et al highway
owners' portion
for the purchase of 522,131.19 6% property 31,000, one bond water works improvement bonds. Dated March 1 1930. Denom. 31,250. Due $1.250,
for $886.28. July 15
31.250, Jan. and July 15 from 1932 to 1940, incl., and $1,250
Imp, bonds. Dated March 1 1930. Denom.
33,000, 1939, and on Jan. 1931;
Due on Sept. 1, as follows: 82,000, 1931 to 1938, incl.,Bids
15 1941. Interest payable semi-annually.
for the bonds
Int. payable on March and Sept. 1.
$2,886.28 in 1940.
-Bids will be received at the same time for the
BOND OFFERING.
to bear interest at a rate other than 6% will also be considered, provided, purchase of $6.500 434% Nathan Gilbert et al Noble Township highway
however, that where a fractional rate is bid such fraction shall be stated in a improvement bonds. Dated March 1 1930. Denom. $325. Due s325.
for 5% of the amount of bonds bid
multiple of % of 1%. A certified check
July 15 1931: $325, Jan. and July 15 from 1932 to 1940, incl., and $325 on
for, payable to the order of the village, must accompany each proposal.
Jan. 15 1941. Interest payable semi-annually.
-BOND OFFERING -Sealed
SPRUCE PINE, Mitchell County, N. C.
J. H. Duncan. Town Clerk, for the
WALWORTH UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
bids will be received until March 4, by
-The $80,000 coupon
-BOND SALE.
purchase of a 835,000 issue of hospital bonds.
Walworth), Wayne County, N. Y.
school bonds offered on Feb. 19-V. 130. P. 1013-were
-BOND SALE.
-The two or registered to F. II. and Dewitt Tuttle of Walworth at par plus a premium
STARK COUNTY (P. 0. Canton), Ohio.
awarded as 5s
issues of bonds aggregating $208,500 offered on Feb. 19-V. 130, p. 1013. of $56, equal to 100.07. a basis of about 4.99%. The bonds are dated
-were awarded as 4%s to the BancOhlo Securities Co. of Columbus Feb. 1 1930 and mature on Feb. 1 as follows: $1.000, 1931 to 1935 incl.;
1148
as follows:
32.000. 1936 to 1945 incl.; 33,000. 1946 to 1955 Incl., and $5,000 from 1956
5177.000 road improvement bonds sold at par plus a premium of $761.10, to 1960 incl. The following is a list of the other bids received:
equal to a price of 100.43, a basis of about 4.63%. Dated Oct. 1
Int. Rate, Premium.
Bidderto 1936 incl., and
1929. Due on Oct. 1 as follows: $20,000, 1931
5 50%
3360
Wayne County Trust Co
319,000 from 1937 to 1939 incl.
5.25%
856
at par plus a premium of 3135.35, George B. Gibbons & Co., Inc
31,500 road improvement bonds sold
590%
88
equal to a price of 100.42, a basis of about 4.63%. The bonds B. J. Van Ingen & Co
5.70%
211
are dated Dec. 10 1929 and mature on Dec. 10 as follows: $3,000, A. C. Allyn & Co
5.25%
160
incl., and $3,500 in 1938. Batchelder & Co
1930 to 1933 incl.; $4,000, 1934 to 1937
5.25%
147
Prudden & Co
-BOND OFFERING -Mary Sage, Wolcott & Steele, Rochester
5 50%
320
STARKE COUNTY (P. O. Knox), Ind.
on Feb.
K. Rickett, County Auditor, will receive sealed bids until 2 p. m,
Middlesex County, Mass.
-BOND OFFERING.
WALTHAM,
-H. NV,
drain construction
26,for the purchase of $8,752.38 6% John P. Origer et alfor
Cutter, City Treasurer, will receive sealed bids until 10.30 a. m.on Feb. 26.
bonds. Dated Feb. 1 1930. Denom. $875, one bond to $877.38. Due for the purchase of the following issues of 41.1% coupon bonds
1940, incl. Int.
aggregating
¶S77.38 on June 1 1931. and $875 on June 1 from 1932
$60,000:
payable on June and Dec. 1.
r5
1322
FINANCIAL CHRONICLE
$30,000 street bonds. Due $3,000 on Jan. 1 from 1931 to 1940 incl.
20,000 surface drainage bonds. Due $1,000 on Jan. 1 from 1931 to 1950
inclusive.
10,000 sewer bonds. Due $1,000 on Jan. 1 from 1931 to 1940 inclusive.
All of the above bonds are dated Jan. 1 1930. Denom. $1,000. Prin.
and semi-annual int. (January and July 1) payable in Boston. These
bonds are said to be exempt from taxation in Massachusetts and will be
engraved under the supervision and certified as to their genuineness by
the Old Colony Trust Co., Boston. No bid for less than par and accrued
interest to date of delivery will be considered. Legality is to be approved
by Storey, Thorndike, Palmer & Dodge, of Boston, whose opinion will
be furnished without cost to the purchaser.
Financial Statement, F767- 1930.
7
Assessed valuation for year 1929
$60,194,020.00
Total debt (including these issues)
2,616,000.00
Water debt, included in total debt
294,000.00
Sinking funds other than water
34,989.96
Population 35,000.
WAPPINGERS FALLS, Dutchess County, N. Y.
-BOND SALE.
The $15,000 coupon or registered fire department equipment purchase
bonds offered on Feb. 19-V. 130. p. 1149
-were awarded as 5%s to
Rutter dc Co. of New York at 100.63. a basis of about 5.02%. The bonds
are dated Jan. 1 1930 and mature $3.000 on Jan. 1 from 1931 to 1935 incl.
The following is a list of the other bids received.
Int. Rate.
Rate Bid.
George B.Gibbons & Co
5.75%
100.1974
Edmund Seymour & Co
5.75
100.169
Manufacturers & Traders Trust Co
6.00 V
100.3259
Marine Trust Co
100.362
5.75%
WARE Hampshire County, Mass.
-TEMPORARY LOAN.
-The
First National Old Colony Corp, of Boston, recently purchased a $100,000
temporary loan, dated Feb. 21, 1930 and payable on Dec. 12, 1930, at a
4.06% discount. The following other bids were received:
BidderDiscount.
Merchants National Bank of Boston
4.09
Ware Trust Co
4.10
Faxon, Gade & Co
4.11 0
WARREN TOWNSHIP SCHOOL DISTRICT (P. 0. South Bend),
-BOND OFFERING.
-Frank A. Plumbeck.
St. Joseph County, Ind.
trustee, will receive sealed bids until 3 p. m. on Mar. 5 for the purchase of
$33,500 5% coupon school bonds. Dated Mar. 1 1930. Denom. $500.
Due on Jan. 1 as follows: *2.500 from 1931 to 1943 incl., and $1.000 in 1944.
Prin. and semi-ann.int. (J.& J. 1) payable at the St. Joseph Loan & Trust
Co.. South Bend.
WARRICK COUNTY (P. 0. Boonville), Ind.
-BOND OFFERM Ulysses G. Bateman, County Treasurer, will receive sealed bids until 10
a. m. on Feb. 24 for the purchase of $33.000 5% Boon Township highway
Improvement bonds. Dated Feb. 3 1930. Denom. $825. Due $1.650,
,
July 15 1931; 51.650. Jan. and July 15 from 1932 to 1940 incl., and $1,650
on Jan. 15 1941. Int, payable on Jan. and July 15.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken) Hudson Coun737,
-Leo P. Carroll, Township Clerk, will receive
N. J.
-BOND OFFERING.
sealed bids until 9 p.m. on March 5,for the purchase of the following issues
of4%% coupon or registered bonds totaling $221,000:
*183,000 public improvement bonds. Due on March 15, as follows: $8,000,
1932:510,000. 1933 to 1939 incl., and $5,000 in 1950.
38,000 assessment bonds. Due on March 15, as follows: $6,000, 1931:
$7,000. 1932. and $5,000,from 1933 to 1937 incl
Both issues are dated March 15 1930. Denom. $1,000. Principal and
semi-annual interest payable in gold at the Hamilton National Bank,
Weehawken. No more bonds are to be awarded than will produce a premium
of $1,000 over the amount of each issue. A certified check for 2% of the
amount of bonds bid for, payable to the order of the Township, must
accompany each proposal. The approving opinion of Reed, Hoyt & Washburn, of New York. will be furnished to the purchaser.
WELD COUNTY SCHOOL DISTRICT NO.91 (P.O. Greeley), Colo.
-PRE-ELECTIONSALE.
-A $15.000 issue of5%%school refunding bonds
has been purchased by the U. S. Bond Co. of Denver. subject to a pending
election. Dated June 11930. Due $1,500 from 1934 to 1943 incl.
-BOND SALE.
WEST HARTFORD, Hartford County, Conn.
The $650,000 4%%, coupon, registerable as to principal, second series
-were awarded to Estaschool bonds offered on Feb. 18-V. 130, p. 1149
brook & Co.,of Boston, and Putnam & Co., of Hartford, jointly, at 101.39,
a basis of about 4.35%. The bonds are dated March 1 1930 and mature
$26,000 on March 1 from 1931 to 1955 incl. The purchasers are offering
the bonds for public investment priced to yield 4.20% and 4.25%. The
following other bids were received:
Rate Bid.
Bidder100.869
R. L. Day & Co. et al
100.356
Eldredge & Co.et al
Debt Statement.
Bonds issued and outstanding
$100,000.00
Sewer construction. Dec. 1 1913-43 sinking fund
Refunding and improvement. Dec. 1 1913-43,sinking fund- -- 200,000.00
150,000.00
Refunding and improvement, Aug.1 1915-45sinking fund.. _ _ _
Refunding and improvement,Feb.1 1922-47 sinking fund---- 360,000.00
High School and refunding, March 151923-48 sinking fund- -- 627,000.00
480,000.00
School 4s, March 15 1929-54
Deduct sinking funds
51.917,000.00
236,973.32
treductsewer construction bonds,less sinking fund
$1,680,026.68
45,572.72
Add fire district bonds
51.634.453.96
40,000.00
Totaltaxable and tax exempt property
Borrowing capacity,5%
Outstanding indebtedness
*1.674.453.96
78,000,000.00
3,900,000.00
1,674,452.96
[Vol.. 130.
All of the above bonds are dated Feb. 15 1930. Interest payable on Jan.
and July 15.
WHITE COUNTY (P.O. Monticello), Ind.
-BELATED BOND SALE.
.
-In addition to the various other county bonds sold during 1929 and reported in these columns as they took place, we learn that the Fletcher
Savings & Trust Co. of Indianapolis, on Sept. 15 1929 purchased an issue
of $11,200 5% Monon Township road construction bonds. Dated Sept.
15 1929. Denom. $560. Due $560, July 15 1931, $560, Jan. and July 15
from 1932 to 1940 incl., and $560 on Jan. 15 1941.
WICHITA,Sedgwick County, Kan.
-BOND SALE.
-The three 11381.103
of 4(% coupon bonds aggregating $328,178.89, offered for sale on Feb.
17-V. 130, P. 1150- were purchased by the Fourth National Bank, of
Wichita, for a premium of $2,241, equal to 100.68, a basis of about 4.61%.
The issues are as follows:
$188,668.99 paving and sewer construction bonds.
72,150.00 bridge bonds.
67,359.90 street opening bonds.
Due serially from 1 to 10 Years.
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND OFFERING.
M. Clifford Smith, President of the Board of County Commissioners will
receive sealed bids until 12 in. (Eastern standard time) on Feb. 25 for the
purchase of $300,000 4%V school bonds of 1929. Dated Feb. 1 1930.
Denom. $1,000. Due on Dec. 1 as follows: 522.000, 1936; $38,000, 1937;
$40,000, 1938; *42,000. 1939: $44.000. 1940; $47,000, 1941; $50,000, 1942.
and *17,000 in 1943. Prin, and semi-ann. int. (J. & D. 1) payable at the
office of the County Treasurer. A certified check for 2% of the amount
bid, payable to the order of the County Commissioners must accompany
each proposal. The approving opinion of Taylor & Taylor of Salisbury,
and of Niles, Barton, Morrow & Yost of Baltimore will be furnished to the
purchser without cost. This report corrects that given in
-V.130, p. 1150.
Financial Statement for the Year Beginning June 1 1929.
Total amount ofreal and personal property
$22,518,684.24
Total amount of business corporations
2.193.651,86
Total amount ofshare corporations
598,202.43
Total amount of bank shares
1,239,260.62
Total amount ofsecurities
2,183,959.00
Total taxable basis for year ending May 31 1930
528.733,758.15
Total bonded indebtedness
136,000.00
(This amount does not include the $300,000 for school bonds).
1929 county tax rate, $1.73 on the $100; 1929 State tax rate, $0.2574 on
the $100.
WOODBURY, Gloucester County, N. J.
-BOND OFFERING.
Walter B. Wooley, City Treasurer, will receive sealed bids until 2 p. m.
on March 6. for the purchase of 545.000 5% water bonds. Dated Jan. 1
1930. Denom, $1,000. Due on Jan. 1, as follows: $2,000. 1931 to 1940
Incl., and $1,000 from 1941 to 1965 incl. Prin. and semi-annual int. payable
at the First National Bank & Trust Co.. Woodbury. No more bonds are
to be awarded than will produce a premium of $1,000 over the amount
of the issue. A certified check for 2% of the amount of bonds bid for,
Payable to the order of the City Treasurer, must accompany each proposal.
YOUNGSVILLE, Lafayette Parish, La.
-BOND OFFERING.
-Sealed
bids will be received until 10 a. m. on Feb. 25, by Willie Langlinals, Mayor,
for the purchase of a 521,000 issue of improvement bonds. Int. rate is net
to exceed 6%, payable semi-annually. Denom. $500. Dated Dec. 31
1929. Due from 1930 to 1959, incl.
bonds were voted at an election
held on August 20 1929.) A certified check for $1,000, payable to the above
Mayor, Is required. (This report supplements that given in V. 130. 13•
1014.)
ZWOLLE SCHOOLMISTRICT NO. 1 (P. 0. Many), Sabine Parish,
La.
-BOND SALE.
-The $45,000 issue of school bonds that was offered
for sale on Feb. 12-V. 130. p. 840
-was awarded to the Sabine State Bank
& Trust Co. of Many,as 5%s,at par. Denom.$500. Dated Feb. 1 1930.
Due from Feb. 1 1931 to 1955 incl. Int. payable on Feb. and Aug. 1.
(These
CANADA, its Provinces and Municipalities.
BARRY'S BAY, Ont.-BOND OFFERING.
-Anthony Prince, Secretary-Treasurer, will receive sealed bids until 12 m. on March 6, for the
purchase of *25,000 6% Sherwood Separate School District No. 6 bonds.
Dated Jan. 1 1930. Due in from 1 to 25 years. Principal and annual interest
payable at tB roiceof 111 =
f
01 realgdBaria': Ba ictLegal opinion of H.
r
by
g
uban c t ,
-J.
dis
BOWMANVILLE, Ont.-BONDS OFFERED.
-Sealed bids addressed
to John Lyle, Town Treasurer, were received until 5 p. m. on Feb. 20 for
thelpurchase of an issue of $100.000 53i% high school building bonds.
Due annually in from 1 to 30 years.
in. and semi-ann. int, payable at
the Bank of Montreal, in Bowmanville. Legality approved by Lona&
Daly of Toronto.
-The Dominion Secues Corp.,
BROCKVILLE,Ont.-BOND SALE.
of Toronto, has purchased a total of $458,716 5% local improvement bonds,
dated Nov. 1 1929 and due annually from 1930 to 1949 incl. In November
1929 the town rejected all bids received for the purchase of $325,000 5%
20
-year bonds.
-V.129, p. 3049. The purchasers of the current bonds are
reoffering them for public investment at prices to yield 5.20%. 5.25% and
5 40%, according to maturity.
II BURNABY DISTRICT, B. C.
-OTHER BID.
-In connection with the
repf . )
to ,0 ,
)% Ltle sale eti Feb 3 ofseven issue of 5% bonds aggregating $309,410
,
s
..
of Toronto. at 95.70-a basis of about 5.37%-V.
130. p. 1150
-we learn that Victor W. Odium & Co. of Vancouver, the only
other bidders,offered $294,394.33 for the bonds,equal to 95.14.
DESERONTO, Ont.-PROPOSED BOND ISSUE.
-The City Council
has applied to the Provincial Legislature for permission to issue $65,000
In bonds, according to report.
GREATER WINNIPEG WATER DISTRICT (Comprising the City
of Winnipeg and the Municipalities of Burnaby, North Vancouver
and West Vancouver), B. C.
-BOND SALE.
-The $1,900.0005% coupon
refunding bonds offered on Feb. 17 (V. 130, p. 1150) were awarded to a
syndicate composed of Wood. Gundy & Co. and A. E. Ames & Co., both
of Toronto. and the Royal Bank of Canada, of Montreal, at a price of
98.52 (Canadian funds), a basis of about 5.09%. The bonds are dated
Feb. 15 1930. Registerable as to principal only. Denom. $1,000, Due
Feb. 15 1970. Principal and semi-annual interest (Feb. 15 and Aug. 15)
payable in New York in U. S. gold coin of the present standard of weight
and fineness, or in Canada in gold coin of lawful money of Canada in the
cities of Winnipeg, Montreal and Toronto, or in London, England, at the
fixed rate of $4.86 2-3 to the C sterling, at the option of the holder. Legal
opinion of E. G. Long. K.C., Toronto. The purchasers are re-offering
the bonds for public investment at 99.25 and interest, yielding 5.04%.
The following other bids were received, according to the "Finland Post"
of Feb. 20.
BidderRate Bid.
Bank of Nova Scotia, R. A. Daly & Co., Ltd., Matthews & Co_- 98.28
McLeod, Young, Weir & Co., Bell, Gouinlock & Co., Ltd.. Fry.
Mills, Spence & Co.. Jas. Richardson & Son
98.17
Bank of Montreal, Dominion Securities Corp
97.51
Gairdner Sr Co., Halsey, Stuart & Co., Dyment, Anderson &
Co., Ltd., C. H. Burgess & Co
96.78
National City Co., Harris. Forbes &Co_
94.71
-Wood, Gundy & Co. of Toronto,
HANOVER, Ont.-BOND SALE.
recently purchased an issue of $132,937 5%% improvement bonds at a price
of 100.60, a basis of about 5.44%. The bonds mature in from 20 to 30
Years. The following is a list of the unsuccessful bids received:
Rate Bid.
Bidder98.872
Gairdner & Co
McLeod,Young, Weir & Co
98.68
R.A.Daly & Co
98.53
Bell,GouMlock & Co
98.17
C.H.Burgess & Co
98.071
Dominion Securities Corn
98.037
$2,225,546.04
Margin as of March 1 1930.exclusive ofthis issue
Tax rate, 1928, grand llst, 17 mills. Percentage of town indebtedness
to total grand list, exclusive of this issue. 2.15%. Population, 1920 census,
8,854; estimated at present time about, 25,000.
WEST VIEW SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
-G. N. Mereness, Secretary of the
-BOND OFFERING.
County., Pa.
Board of District Directors will receive sealed bids until 8 p. m. on Mar. 4,
for the purchase of *130,000 4%7 ?coupon school bonds. Dated June 1
1929. Denom. 51,000. Due on Junell 1959. Int. payable on June and
Dec. 1. A certified check for $1,000Tpayable to the order of the school
district, must:accompany each proposal.
-MATURITY.
WEST VIRGINIA,STATE OF(P.O. Charleston).
The $5,000,000 issue of coupon or registered 4% and 43% road bonds that
was purchased on Feb. 11 by a syndicate headed by the Fkst National Bank
of New York
-Is due as follows: 51,050,000 4% bonds,
-V. 130, p. 1149
mature on•Jan. 1 as follows: $100,00C1 1952; $300,000, 1953 and 1954, and
$350,000 in 1955. The $3,950.000 45% bonds mature:5126.000, 1933 and
1934; $150,000, 1935 and 1536; *175.000. 1937 to 1940; *200,000, 1941 to
1946;$225,000, 1947;$250.000. 1948: 8275.000. 1949 to 1951,and $200,000
n 1952.
-BOND OFFERING.
WHITE COUNTY (P. 0. Monticello), Ind.
W. R. Alkire, County Treasurer, will receive sealed bids until 10 a. m. on
March 5, for the purchase of the following issues of bonds, aggregating
$36,200:
$18,800 John Schultz et al., Big Creek Township highway improvement
bonds. Interest rate 5%. Denom. $940. Due $940, July 15
1931; 3940, Jan. and July 15 from 1932 to 1940, incl., and $940 on
Jan. 15 1941.
9,600 E. W. Zootman et al., Union Township highway improvement
bonds. Denom. $480. Due $480. July 15 1931; $480, Jan. and
July 15 from 1932 to 1940. incl., and $480 on Jan. 15 1941. Int.
-Harris, MacKeen .Sz Co. of
rate 4%%
.
HAWKESBURY, Ont.-OTHER BID.
F 7,800 Charles Tevis et al., Union Township highway improvement bonds. Toronto submitted a bid of 95.08 for the $23784.59 534% bonds, conInterest rate 5%. Denom. $390. Due $390, July 15 1931; $390, sisting of a $15,784.59 consolidated redemption issue and an $8,000 bridge
111 al_ Jan. and July 15from 1932 to 1940,incl., and $390 on Jan. 15 1941. issue, awarded to H. R. Bain & Co. of Toronto, at a discount of $889.59,
1323
FINANCIAL CHRONICLE
FEB. 22 1930.]
equal to a price of 96.25(V. 130, p. 1150). Both issues mature in 20 annual
installments.
-Wood, Gundy & CO. of
NEW TORONTO, Ont.-BOND SALE.
Toronto, recently purchased an issue of $264,300 5% improvement bonds
Toronto payment and delivery, an interst cost basis of
at a price of 95.03.
about 5.73%. The bonds mature in equal annual instalments. The followlowing other bids were received:
Rate Bid.
BidderFry, Mills, Spence & Co., and the Canadian Bank of Commerce,
93.43
Jointly
McLeod, Young, Weir & Co.,and Bell, Gouinlock & Co.,jointly- 92.07
92.05
H.Burgess & Co.,and the Dominion Bank,Jointly
C.
-PRICE PAID -In connection with
NEW WESTMINSTER, B. C.
the report of the sale of 1700.000 4,i% harbor bonds to the Royal Financial
Corp. of Vancouver (V. 130. p. 84()), we learn that the purchasers paid
95.90 for the issue, an interest cost basis of about 5.08%. The bonds
mature in 20 years and are said to be guaranteed unconditionally by the
Dominion of Canada as to both principal and interest.
NORTH YORK TOWNSHIP (P.O. Willowdale) Ont.-BOND SALE.
-The following issues of bonds aggregating $135,696.35 offered on Feb. 17V. 130. P. 101-4-were awarded to Gairdner & Co. at a price of 98.437:
$60,515.00 554% pavement bonds. Due in five years.
57,456.35 5% water mains and concrete bridge bonds. Due in 20 years.
17,725.00 554% sanitary sewers and pavement bonds. Due in 10 years.
The legal opinion et Long & Daly, of Toronto. will be furnished by the
township and the cost of printing the bonds will be borne by the township.
The following is a list of the other bids received:
Rate Bid.
Bidder98.316
R. A.Daly & Co
98.05
Dyment,Anderson & Co
97.645
C. H. Burgess & Co
97.61
Wood,Gundy & Co
97.35
Bell. Goulnlock & Co
97.25
Harris, MacKeen & Co
-BOND OFFERING.
SCOTIA,PRIVINCE OF (P.0. Halifax).
NOVA
- It .Gordon, Deputy Provincial Treasurer, will receive sealed bids until
3 p. m. on Feb. 25 for the purchase of $5,000,000 5% provincial bonds.
Dated Mar. 11930. Due in 30 years. Prin. and semi-ann. int. payable in
Halifax, Montreal, Toronto or New York City, in gold coin of or equivalent
to the present standard of weight and fineness fixed for gold coins by the
laws of the United States of America. Both the prin. and int, are said to
be a charge upon all the revenue, moneys and funds of the province. Denom.of the bonds to be uniform, but not to be less than $1,000. Successful
bidder to obtain legal opinion. Payment to be made in New York funds
in New York, at the agencies of either the Royal Bank of Canada or the
Canadian /husk of Commerce or the Bank of Montreal.
PEEL COUNTY (P. 0. Brampton), Ont.-BOND OFFERING.David Wilson, County Clerk will receive sealed bids until 12 m. on Mar. 4
for the ptchase of an [sue of $94,000 554% highway improvement bonds,
which are part of a $125,000 issue recently approved by the county council.
The bonds mature in 10 equal instalments of both prin. and int.
-McLeod,
SANDWICH WEST, Essex County, Ont.-BOND SALE.
Young, Weir & Co., of Toronto, have purchased the following issues of
5H% improvement bonds aggregating 1685.119.35:
$303.141.02 sewer bonds. Due on Feb. 1 as follows: $8.693.88, 1931;
19,172.05, 1932; 19,676,51. 1933; $10,208.72, 1934; 110.770.19.
1935; 111.362.56, 1936: 111,987.50, 1937; $12,646.81, 1938;
$13,342.38. 1939; $14,076.21, 1940; 114,850.40. 1941: $15.667.18, 1942; 117.528.87. 1943; $17,437.06, 1944: 118,397.05,
1945: 119,408.88, 1946: 120.476.37, 1947: 121.602.57. 1948;
,0
$22,790.72. 1949, and $24,044.21 in 1950.011
241.020.78 pavement bonds. Due on Feb. 1 as follows: 129.154.84. 1931;
$30,758.36, 1932; $32,450.06. 1933; 134.234.82. 1934: $36,117.73, 1935 $38.104.21, 1936, and $40,200.76 in 1937.
140,957.55 water mains bonds. Due on Feb. 1 as follows: $6,290.31,
1931: 16,636.28, 1932; $7.001.28, $933: $7,386.35, 1934;
17.792.60, 1935; 18,221.19, 1936: 98,673.36, 1937; 59.150.39,
1938; $9,653.66, 1939; $10.184.61. 1940: $10,744.77, 1941;
$11,335.73, 1942; $11,959,19, 1943: 112,616.95, 1944, and
$13,310.88 in 1945.
All of the above bonds are in denoms. of $1,000, $500 and odd amounts
and are payable as to both principal and annual interest at the Dominion
Bank at Windsor, Toronto or Montreal. The purchasers are reoffering
the securities for public investment priced to yield 5.75%.
Financial Statement.
Assessed value for taxation
$6,416,345.00
Exemptions not included above
259,600.00
Total gross debenture debt (Including this issue)
2,079.181.03
l'opulation, 3.604. Area, 19.607 acres. Total tax rate, 20 mills.
TORONTO, Ont.-BOND SALE.
-The $5,590,000 454% and 5%
bonds issued for various purposes, as shown in the table below, offered on
Feb. 18 (V. 130, p. 1150), were awarded to a syndicate composed of the
National City Co., Dillon, Read & Co., Harris. Forbes & Co., the Guaranty Co. of New York and the Bankers Co. of New York, all of New York,
also the Dominion Securities Corp. and the Canadian Bank of Commerce,
both of Toronto, at a price of 97.597 (Canadian funds), an interest cost
basis of about 5.08%. The purchasers are re-offering the bonds for public
investment for payment in U. S. funds as follows: The 4;4% bonds. aggregating $3,201,000, are priced to yield 5%: the 5% bonds, totaling $2,389.000,are priced at 100 and interest. The purchasers announced on Feb. 19
that of the entire award only about $500.000 bonds remained unsold.
The offering notice goes on to say that the City of Toronto never renews
or refunds any of its obligations. and in conformity to this established practice has since Jan. 11910 extinguished $81,000.000 of debt, of which $19,700.000 was before maturity. In addition, debentures amounting to
$6,000,000 will mature,this year and provision will be made for the payment of same.
The table below shows the purposes for which bonds are issued, by-laws
under which they are authorized, term of years to run and amount of each
by-law. Approximate average maturity of the entire offering is 10.7
years.
AUCTIONEERS
Date of Term of By-law
Bonds. Years. No.
April 1929 1954 12.086
12,093
Jan. 1929 15
July 1929 954 12,238
12,328
Oct. 1929 10
12,121
Dec. 1929 20
12.208
12.125
Dec. 1929 10
188,000 5% Track allowance pavements
12,209
12,272
Dec. 1929 30
Waterworks
171,000 5%
12,283
Dec. 1929 30
Waterworks
107,000 5%
12,370
Dec. 1929 20
-Glen Road Bridge
52.000 5% Highways
12,371
Dee. 1929 30
Waterworks
31,000 5%
12,385
Dec. 1929 30
210.000 5% Relief sewers and outlets
20
12,418
731,000 5% Bathurst St. Bridge & extension _ Dee. 1929 20
12,419
Gerrard St. & Carlaw Ave. subway Dec. 1929
320,000 5%
12,420
Dec. 1929 20
583,000 5% Humber River Bridge
City of Toronto Funded Debt. Jan.31 1930(Including Present Debenture Issue).
Gross funded debt:
Sinking fund bonds$53,823,934
(Sinking fund accumulation, $21,124,227)
118,035,394
Installment bonds
$171,859,328
Deduct:
revenue-producing debts as follows:
(1) Specially rated and
836,906,900
Toronto Transportation System
25.884.740
Toronto Hydro-Electric System
20,661.564
Waterworks
Local improvements (ratepayers' share)_ -- 10,733,115
railways (under T. T. C.
City-owned radial
2,452.896
operation)
3,335.414
Canadian National Exhibition
1.883.000
Royal Agricultural Winter Fair buildings
594,000
Housing
304,000
Abattoir
151,000
-under T. T. C. operation.._
Island Ferries
Amount of
Issue.
$1,133.000
738,000
508,000
824,000
38,000
Int.
Rate.
454%
454%
454%
455%
5%
Purposes.
Local improvements
Live stock arena
L. I. consolidation
L. I. consolidation
Libraries
Less: Sinking funds on these debts
(2) Sinking fund
$102.906,629
11,018,178
$91,888,451
21,124,227
113,012,678
158.846.650
*Net general debt
this
* The city has fixed assets in general lands and buildings in excess of
debt, in addition to the taring power on an assessment of $1,012,000,000.
Assessment, &c.
Assessed value of rateable property
$1.012.000,000
-For school purposes
1930
941,283,372
-For general purposes
1930
967,371,437
-For school purposes
1929
896.977,126
-For general purposes
1929
131,666,136
not included in foregoing
Exemptions
206,246,000
Capital assets, as at Dec. 31 1929
28.933,995
Revenue from taxation for 1929
4,530.010
Revenue other than taxation, 1929
606,370
Population, 1929
26,454 acres
of city
Area
31.5 mills
Tax rate for 1929
The following is an official tabulation of the bids received for the bonds:
Rate Bid.
BidderNational City Co., Dillon, Read & Co., Harris. Forbes & Co.,
York, Bankers' Co. of New York, DoGuaranty Co. of New
minion Securities Corp., Ltd., and Canadian Bank of Commerce--*97.597
Royal
Wood, Gundy & Co., A. E. Ames & Co., Illinois Bank of Canada, 97.56
Co
-Chase Securities Corp. and Continental
Mills,
Bank of Montreal, McLeod,Young, Weir & Co., Fry,Bank, Spence
N. Y.,
Inc., N. Y., First National
& Co., Hanson Bros.
Stone & Webster & Blodget Inc., Eldredge & Co., and Salomon 97.417
Bros. & Hutzler
Gouinlock & Co.,
R. A. Daly & Co., Bank of Nova Scotia, Bell,Flemming, Denton
Dominion Bank, Matthews & Co., Ltd., and
97.237
& Co
* Accepted bid.
-In ad'
SOLD.
TORONTO, Ont.-ADDITIONAL $2,000.000 BONDS
bonds, The National City Co.
dition to the award of the above $5,590.000purchase an issue of $2,000,000
to
syndicate on Feb. 20 exercised its optionbonds, the price paid being 98.95,
Commissioners of Toronto
5% Harbor
offering of this issue was made. The
a basis of about 5.05%. No public the clause herewith which appeared
option was secured in accordance with
prospectus soliciting tenders for the $5,590,000 bonds: An
in the official
Toronto Harbor Commisoption for one month to purchase $2,000,000 by the City of Toronto.
sioners 5% straight term debentures guaranteed
Sept. 1 1953, payable both as to principal
dated Aug. 1 1929, maturing
England. or New York, will be given
and interest in Toronto, London, of Toronto 454% and 5% debentures
,
City
to the successful tenderer for theat the rate for straight term debentures
enumerated in this prospectus
equivalent af the rate paid for the serial debentures.
which is the
-An issue of $215.000 5% improveWELLAND, Ont.-BOND SALE.
a price
ment bonds was recently sold to Gairdnew & Co., of Toronto, at
basis of about 5.25%. The bonds mature in 30 years. The
of 97.24, a
.
101 "4
bids received:
following is a list of the other
Rate Bid.
Bidder96.62
Weir & Co
McLeod, Young,
96.62
Bell, Gouinlock & Co
96.54
Wood, Gundy & Co
96.53
Dominion Securities Corp
96.52
Dry, Mills, Spence & Co
96.43
R. A. Daly & Co
96.27
Dyment, Anderson & Co
96.07
& Co
C. II. Burgess
CLASSIFIED DEPARTMENT
FINANCIAL
Adrian H. Muller & Son
EatablIshod 1837
We Specialize in
19 Liberty Street
City of Philadelphia
NEW YORK
3s
/
31 28
48
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41
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58
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51/ 8
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51 28
Stock & Bond Auctioneers
Sales Every Wednesday
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
USE and CONSULT
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Biddle & Henry
1522 Locust
Street
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire-Canal 8437
1324
[VOL. 130.
FINANCIAL CHRONICLE
flaticecs
financial
REPUBLIC IRON AND STEEL COMPANY
CENTRAL ALLOY STEEL CORPORATION
DONNER STEEL COMPANY, INC.
THE BOURNE-FULLER COMPANY
Stern, Kempner & Co.
Plan and Agreement
Dated January 15, 1930
.l.ferattv
Nroo York Stork Ezaongo
50 BROADWAY
NEW YORK
Cable Address:"STERNgumP'.
Extension of Time for Deposits Under Plan
The Committee is highly gratified by the response which the
stockholders have made to the request for the deposit of stocks
in support of the Plan and Agreement for the combination of
the assets of your Companies in a single corporation. Nevertheless, the Committee is advised that many stockholders of
these Companies for various reasons have found it inconvenient or impossible to deposit their stocks within the time
originally limited, to-wit, February 17, 1930.
In view of the number of stockholders involved and the
desirability of giving all of them an opportunity to assent to
the Plan, the Committee has decided to extend the time for
such deposits to and including Saturday, March 1, 1930.
All stockholders who have not already deposited their stock
are urged to do so within the period above specified.
COMMITTEE ACTING UNDER PLAN AND AGREEMENT,
F. J. GRIFFITHS, Chairman
RICHARD JONES, JR., Secretary
February 17, 1930
411•11•1•1•11•11••=11,
MICHIGAN
HARRIS,SMALL
& Co
150 CONORESS
D ETROI
Joel Stockard & Co., Inc.
Investment Securities
Main Office
Penobscot Bldg.
DETROIT
Branch O'ices:
KftiAMOzoo
Dearborn
Jackson
Members Detroit Stock Exchange
Members of Detroit Stock Exchange
ineetingo
financial
Charles A. Parcells & Co.
INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT, MICH.
Consolidated Gas Company
of New York
4 Irving Place
The annual meeting of the stockholders of the Consolidated Gas Company of New York, for the election of
Trustees and the transaction of such
other business as may properly come before the meeting, will be held at the
office of the Company on MONDAY.
February 24, 1930, at 12 o'clock noon.
Stockholders of record as of 3 p. m. on
Friday, February 7, 1930, will be entitled to vote at tl.is meeting. The
transfer books will not be closed.
H. C. DAVIDSON. Secretary.
February 1, 1930
inancial
BONDS
Directory Of Stock
and Bond Houses
Incorporated
20 Pine Street
New York
MICHIGAN
"Security Dealers of North America"
Published semi-annually
An 850 Page Book containing over 10,000 listings arranged alphabetically
and geographically with full details
as:
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Stock Exchange memberships
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Correspondents.
Private wire connections.
Local & Long Distance Telephone Numbers.
S. R. LIVINGSTONE & CO.
Members
New York Stock Exchange
Detroit Stock Exchange
New York Curb (Associate)
400 Griswold St.
DETROIT, MICHIGAN
WHITTLESEX.
MeLEAN &CO.
INVESTMENT BONDS
LISTED STOCKS
PENOBSCOT BUILDING,
DETROIT
Price *6
HERBERT D. SEIBERT & CO.
V. C. Bell 8c Company
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Incorporated
Publishers
128 Front St., near Wall New York Oily
Telephone—Joan 4867
Frederick Peirce
CO
BONDS
FOR
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60 Wall Street, New York
207 So. Fifteenth Street, Philadelphia
@FedFRASER