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VOL. 128.
SATURDAY,FEBRUARY 231929.
financial Thranitte
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The Financial Situation.
The subject of railroad consolidation, at least
among the Eastern trunk lines, has the present week
all of a sudden leaped into great prominence. The
desirability of the unification of the railroad mileage in the territory between the Eastern seaboard
and Chicago and St. Louis, and the grouping of the
roads within that territory into four or five strong
systems, with the mileage divided up among the
systems in such a way as to provide effective competition and adequate service to the communities
served, has long been recognized, but a serious obstacle in the way has been the difficulty of reconciling conflicting views and conflicting interests.
Some of the mileage within the territory is so
eligibly located, and so strongly fortified in other
respects, that it would make a valuable addition to
any one of the four great systems which now gridiron the territory, namely, the New York Central,
the Pennsylvania, the Baltimore & Ohio, and the
body of roads controlled by the Van Sweringens.
Hence, all four have had covetous eyes upon them.
The Transportation Act of 1920 definitely provides for the grouping of all the roads in the country, the Eastern trunk lines along with others, "into
a limited number of systems." But the job is so
big a one, and beset with so many complications,
that the Commerce Commission has hesitated about
taking active and positive steps to that end, though
having had tentative plans prepared for the grouping of the roads. It has indeed several times asked
Congress to relieve it of the task. In the meantime
it has been hoping that these Eastern trunk lines at
least would be able to reach some agreement among
themselves for allotment of the roads and mileage
within their respective districts. Repeated conferences among representatives of the different systems
have been held during the last four or five years, but
all have proved futile. The Commission has also
• NO. 3322.
been hoping that Congress would enact new legislation which would facilitate railroad consolidations
and on broader lines than seems possible under existing law. A Committee of the U. S. Senate has
had the Fess bill expressly designed to further consolidations under consideration for some time and
on Saturday last voted to report the bill favorably,
but it is admitted that in the press of other matters,
legislation of any kind on the matter is out of question during the life of the present Congress, which
expires on March 4.
The end not being in sight, two of the great railroad systems have boldly taken the bull by the horns
and submitted plans or proposals of their own and
asked the judgment of the commission thereon. The
Baltimore & Ohio submitted its proposal on Tuesday
and the Van Sweringens or Nickel Plate interests
submitted theirs on Wednesday. It is understood
that the New York Central also has plans or proposals which will be submitted for the consideration of the Commerce Commission. Only the Pennsylvania Railroad seems to be holding back. What
the outcome will be, it is difficult to say. Time
alone will tell.
Of course the plans are rather extreme in some respects, and it remains for the Commerce Commission
to decide how far they are meritorious and in the
public interest and hence deserve approval. The
Van Sweringen people for instance desire to have
alloted to them not only the Chesapeake & Ohio, the
Erie, the Nickel Plate, the Pere Marquette and the
Hocking Valley, all now controlled by them, but
also the Virginian Railway, the Delaware Lackawanna & Western, the Chicago & Eastern Illinois,
and a number of others, besides asking for a onequarter interest in the Delaware & Hudson and several other roads. As there are only three big systems, serving the Pocahontas region, that is, the
Chesapeake & Ohio, the Norfolk & Western and the
Virginian Railway and the Van Sweringens hold dominion over the first of these and the Pennsylvania
Railroad over the second, it may well be questioned
whether the Commission will be inclined to see the
Virginian Railway lodge in the same control as the
Chesapeake & Ohio.
In the Baltimore & Ohio case, acquisition of the
Wabash is sought, which the Pennsylvania RR.
through its holding company only recently acquired
at a high price from Mr. Loree of the Delaware &
Hudson. The Pennsylvania Railroad we may be
sure will not readily surrender control of that road
and may in fact be expected to resist attempts to
take it away. The Wabash is situated in the heart
of the country and would make a desirable acquisition for any one of the four great systems. As far
as the public is concerned it would probably
be served equally well with the road in the con-
1100
FINANCIAL CHRONICLE
trol of either of these four systems. The Baltimore
& Ohio, however, seems to be in greatest need of it
to round out its system. In the case of such indispensable adjuncts as the Reading and the Central
of New Jersey, which now furnish the Baltimore &
Ohio with its outlet to New York, there ought to be
no doubt as to the issue. They belong just where
they are.
It is gratifying to know that definite proposals
are now before the Commission and that accordingly
the problem of the grouping of the systems is correspondingly neater a solution. This week's action
obviously marks the taking of a positive step forward, whatever disposition the Commission may ultimately make of the different proposals.
The position of the Federal Reserve Banks is slowly changing for the better. That is the main conclusion to be drawn from this week's returns, following returns of the same character last week.
Brokers' loans have been further reduced the present week and at the same time there has been no new
increase in the amount of Federal Reserve credit in
use. Last week also brokers' loans showed a reduction, but then member bank borrowing at the Reserve institutions increased. This week's reduction
in the total of the loans is not quite as large as
was that of last week and yet is of substantial
amount. Last week the reduction was $101,000,000.
The present week it is $91,000,000.
For the two weeks combined, the contraction is
$192,000,000. Of course, this is nothing to boast of,
considering the huge antecedent expansion. It is
not even as large as the increase for the two weeks
ended Feb. 6, which was $226,000,000, so that the
aggregate of these loans has not even yet been
brought back to the figure recorded four weeks ago
on Jan. 23, at which time the total was the largest
on record up to that date. But at least the changes
now are in the right direction and, what is especially
gratifying, the long-continued expansion has been
arrested and contraction is now taking place. It is
to be hoped that the downward movement will be
continued until the totals once more get back to more
nearly normal levels.
The fact should not be overlooked that at $5,477,0.00,000 the present week (Feb. 20) the grand total
of these loans on securities to brokers and dealers
by the reporting member banks in New York City
compares with no more than $3,728,000,000 a year
ago on Feb. 21 when the amount of these loans was
already regarded as unduly swollen. And the fur4 billion
ther increase since then has been almost 13
In the
0.
dollars, or in precise figures $1,749,000,00
difthe
all
in
loans
decrease for this latest week the
loans
the
that
except
ferent categories have shared,
for account of others have again moved upward after
the slight decrease the previous week. These loans
for account of others—the bootleggers'loans, as they
have been aptly described—stand now at the highest figures on record. The rise during the week
was from $2,612,000,000 Feb. 13 to $2,668,000,000
on Feb. 20. A year ago the total of these outside
loans was only $1,140,000,000, thus showing an increase during the 12 months of $1,528,000,000. The
loans made by the reporting member banks for
their own account fell during the week from $1,097,000,000 to $1,023,000,000, while the loans for account of out-of-town banks were reduced from $1,859,000,000 to $1,786,000,000.
[Vora. 128.
In their own statements the feature of this week's
figures of the 12 Federal Reserve institutions is that
member bank borrowing, as represented by the discount holdings of the 12 Reserve Banks, has been
reduced. Last week these discounts ran up from
$851,620,000 to $903,949,000. This week they have
dropped back to $864,980,000, at which figure, however, comparison is with only $461,044,000 on Feb.
21 1928, showing that the total is still $403,936,000
larger than it was at the corresponding date a year
ago. An interesting fact is that more than the whole
of the decrease in member bank borrowing occurred
at the Federal Reserve Bank of New York, where discount holdings declined $70,966,000, whereas the decrease for the whole 12 Reserve institutions including New York is $38,969,000.
In addition to the reduced borrowing on the part
of the member banks, Reserve institutions have also
withdrawn funds from the market by reducing their
holdings of acceptances from $391,058,000 to $355,636,000. Likewise by lowering somewhat further
their holdings of U. S. Government securities. The
result altogether is that the amount of Reserve credit
now in use is $1,403,280,000 against $1,481,252,000
last week, but comparing with $1,216,283,000 on Feb.
21 1928. The amount of Federal Reserve notes in
circulation, which last week increased from $1,646,308,000 to $1,659,777,000, has this week fallen back
somewhat and is now 41,651,595,000. Gold reserves
have slightly decreased during the week, being reported at $2,681,110,000 Feb. 20 against $2,686,221,000 on Feb. 13.
The stock market this week has staged a quick
recovery. It was still extremely weak, with large
and general declines in prices, on Saturday last, the
especially depressing influence having been the reports in the daily papers that the Advisory Council
of the Federal Reserve had approved the action of
the Federal Reserve Board in issuing its warning
early in the month against the excessive use of bank
credit in financing stock market speculation. Liquidation on the part of small speculators appeared to
be particularly heavy, such holders having become
discouraged, and therefore having decided to throw
over their holdings. As a consequence, a severe further decline in prices occurred following the very
extensive previous declines, with the result that a
large number of stocks on that day reached their
lowest figures for the month and since the first
of January.
After the renewed collapse of last Saturday, considerable anxiety prevailed as to what would happen on Monday. The opening was weak and in a
few instances even lower prices than those recorded
on Saturday were reached. It soon appeared, however, that last week's liquidation had been thorough
and that no extensive further liquidation was impending. Most important of all, views as to possible
further action by the Federal Reserve authorities
were greatly modified for the better. Bearish operators who had sold the market short, now began
to cover their outstanding contracts, which occasioned further rallying and accordingly the upward
movement kept steadily gaining momentum. At the
end of the day recoveries were shown all through the
list, some of these gains being quite extensive.
Further recovery occurred on Tuesday, Wednesday and Thursday, the tendency being steadily upward. There were occasional periods of weakness,
FEB. 23 1929.]
FINANCIAL CHRONICLE
but they were never prolonged. Perhaps more or
less support was extended to the market at times on
the different days of the week by the big groups of
speculators who have been so long engaged in boosting prices, this being with a view to preventing demoralization. Apparently, however, the main
strengthening influence was the fact that no extensive supplies of stocks appeared to be overhanging
the market, owing to the protracted liquidation which
had previously taken place, and been provoked in
the first instance by the warning of the Federal Reserve Board directed against stock market excesses.
With liquidation no longer in evidence, trading
has been on a reduced scale. On Saturday last,
when the market tumbled so badly, dealings were
still on an extensive scale, the sales for the half-day
aggregating 2,492,000 shares, which was near a record figure, the highest previous total for a Saturday half day's business having been reached on Nov.
17 1928 when the sales footed up 3,105,216 shares.
But after last Saturday the dealings were greatly
reduced, as the market assumed a more settled state;
on Monday the sales for the full day of 5 hours were
3,475,550 shares; on Tuesday they were 3,205,150
shares; on Wednesday they dropped to 2,907,000
shares and on Thursday they were 3,394,990 shares;
on Friday the Stock Exchange was closed, it being
Washington's birthday and a holiday, and the Exchange will also be closed to-day. On the New York
Curb Market the dealings last Saturday aggregated
929,200 shares; on Monday they were 1,600,500
shares; on Tuesday 1,214,800 shares; on Wednesday
1,117,800 shares, and on Thursday 1,128,100 shares.
As compared with Friday of last week, prices
show large gains all around, the recoveries since
Monday having offset the further heavy losses which
occurred last Saturday. General Electric closed on
Thursday at 240 against 228 on Friday of last week;
Amer. Tel. & Tel. closed at 213 against 209; National
Cash Register at 130 against 124; Inten Tel. & Tel.
1
2; Union Carbon & Carbide at
/8 against 208/
at 2097
2111
/
2 against 208; Radio Corporation of America
at 360 against 356; Montgomery Ward & Co. at 130
against 125; Victor Talking Machine at 149 against
146%; Wright Aeronautic at 274 against 265%;
Sears, Roebuck & Co. at 159% against 155%; International Nickel at 64/
1
2 against 60%; A. M. Byers
at 14234 against 138/
1
2; American & Foreign Power
4 against 119; Brooklyn Union Gas at 182%
at 1253
against 175; Consolidated Gas of New York at 108
1
2; Columbia Gas & Electric at 145%
against 106/
against 147½; Public Service Corporation of N. J.
at 85 against 84%; American Can at 117 against
110%; Allied Chemical & Dye at 292 against 282;
Timken Roller Bearing at 77 against 75/
1
2; Warner
Bros. Pictures at 128/
1
2 against 12534; Commercial
Solvents at 244 against 230; Mack Trucks at 1077
/
8
against 106%; Yellow Truck & Coach at 38/
1
2against
37; National Dairy Products at 1253
4 against 125½;
Western Union Tel. at 197 against 188; Westing1
2against 148½; Johnshouse Electric & Mfg. at 154/
1
2against 202; National Bellas Hess
Manville at 206/
at 197 against 198; Associated Dry Goods at 60
against 61; Commonwealth Power at 117/
1
2 against
115; Lambert Co. at 138% against 130; Texas Gulf
Sulphur at 75 against 73%; and Bolster Radio at
631% against 58.
The copper stocks have been rather quiet, and
show only small gains for the week. Anaconda Copper closed on Thursday at 133% against 131% last
1101
Friday; Kennecott Copper at 1563
4 against 1561/
2;
Greene-Cananea at 174/
1
2 against 1745
/
8; Calumet &
1
2; Andes Copper at 59%
Hecla at 563
/
8 against 55/
8; Chile Copper at 97 against 96; Inspiraagainst 541/
1
2 against 52/
1
2; Calumet & Arition Copper at 54/
zona at 129 against 129%; Granby Consol. Copper at
1
2; Amer. Smelting & Rfg. at 1153
8934 against 89/
4
against 115; U. S. Smelting Rfg. & Min. at 66 against
66. In the oil group Atlantic Ref. closed on Thurs1
2 on Friday of last week;
day at 55% against 55/
/
8 against 3734; Texas
Phillips Petroleum at 377
/
8; Richfield Oil at 40%
1
2 against 573
Corp. at 57/
1
2 against 36/
against 41%;, Marland Oil at 37/
1
2;
1
2 against 89; Standard
Standard Oil of Ind. at 87/
Oil of N. J. at 48% against 4834; Standard Oil of
1
2; and Pure Oil at 24/
8 against 39/
N. Y. at 387
/
1
2
against 23%.
All the steel stocks have been strong under the
aggressive leadership of U. S. Steel which closed on
/
8 on Friday of last
Thursday at 182 against 1713
week; Bethlehem Steel closed at 971/
8 against 89%;
Republic Iron & Steel at 867
/8 against 84½; and
Ludlum Steel at 73 against 70%. In the motor group
General Motors closed on Thursday at 811
/
2 against
7934 the previous Friday; Nash Motors closed at
109 against 105; Chrysler Corp. at 105 against 100;
/
8 against 86/
Studebaker Corporation at 893
1
2; Packard Motor at 1383
4 against 130/
1
2; Hudson Motor
Car at 87% against 8334; and Hupp Motor at 737
/
8
against 71%. In the rubber group Goodyear Tire
& Rubber closed on Thursday at 1177
/
8 ex rights selling at 113
1
2last Friday with the rights
4 against 122/
on, but B. F. Goodrich closed at 93 against 907
/8,and
U. S. Rubber at 52% against 48 and the pref. at 861/
2
against 85.
In the railroad group New York Central closed
on Thursday at 190% against 1885/s last Friday.
Del. & Hudson at 195 against 192/
1
2; Baltimore &
1
2 against 120%; New Haven at 90
Ohio at 124/
against 887
/8; Union Pacific at 223% against 220/
1
2;
/
8 against 244; Atchison at
Canadian Pacific at 2503
202 against 198; Southern Pacific at 1317
/8 against
1
2 against 71½; Kan13034; Missouri Pacific at 74/
sas City Southern at 90 against 88/
1
2; St. Louis
Southwestern at 107 against 104; St. Louis-San
1
2; Missouri-KansasFrancisco at 117 against 117/
1
2; Rock Island at 131 against
Texas at 49 against 47/
/8 against 107; North1301/
8; Great Northern at 1097
1
2 against 106, and Chicago Mil.
ern Pacific at 107/
/
8 against 571/2.
St. Paul & Pac. pref. at 583
Securities markets in the important European
centers developed no very definite tone of their own
this week. In general, they followed the lead of the
New York securities exchanges, with a good deal of
uncertainty apparent Monday before the New York
cables began to report the trend. The uneasiness
occasioned by the credit developments and the rising
money markets of the previous week was not allayed,
and in all markets conjecture was prevalent regarding the likelihood of further increases in discount
rates by the central banking institutions. The London Stock Exchange was somewhat depressed on
the opening Monday, owing chiefly to the decline at
New York with which the previous week was ended.
This made itself especially manifest among "AngloAmerican" issues, although the decline was noticeable in most other groups as well. Loans were in
good supply, however, and some improvement occurred later in the day. The air of uncertainty was
1102
FINANCIAL CHRONICLE
not definitely relieved until Tuesday morning, when
overnight cables told of the distinctly better trend
at New York. The international industrial shares
were markedly firmer, and a brighter tone was imparted to the other groups. Although dealings were
still restricted by monetary uncertainty Wednesday,
the improvement continued, owing to further reports
of rising markets in New York. The movement was
aided by reports of "strong American buying." The
gilt-edged market, which attracted little interest in
the earlier sessions, was stimulated by arrival of
South African gold. The firmer tone was maintained Thursday, with industrial issues again in the
foreground. The gilt-edged division was active and
steady.
The Paris Bourse was dull in the opening session
of the week, with trading practically non-existent
during most of the session, although slight improvement occurred just before the close. "The Bourse
as well as the public proved rather anxious to know
Wall Street's spirit and waited before making decisions," a report to the New York "Herald Tribune"
said. More interest was occasioned by the beginning
of conversion operations for refunding a substantial
part of the remaining short-term debt of France.
With better reports from New York Tuesday, the
Bourse brightened up and many issues advanced.
The operations for conversion of the short-term internal debt were conspicuously successful, and this
cleared the atmosphere further. With difficulties
again looming for the Poincare Cabinet, Wednesday,
a reaction took place early in the session, but most
stocks regained their entire losses before the close.
The Berlin Boerse was weak at the opening Monday,
very few buying orders being in evidence. Shares
with an international interest were among the
heavier losers. Fears had been entertained of an
immediate rise in the New York rediscount rate, but
when these failed to materialize, the market improved
substantially Tuesday. The Boerse was again firm
at the opening Wednesday, but weakened later when
speculators began to lighten their commitments owing to the approaching month-end settlements. Unsettlement in the internal political situation also had
a depressing effect.
The first full week of the Experts' Committee sittings in Paris was closed last Saturday by the issuance of an official communication saying that nothing has been accomplished so far. Unofficial accounts of the sessions indicated that the first week
was given over almost entirely to an exposition by
the German experts of economic conditions within
their country. After a week-end spent in studying
the figures supplied by Dr. Hjalmar Schacht and his
colleagues from Berlin, the meetings were resumed
Monday. The full committee sat only two hours on
that day, according to a Paris dispatch to the New
York Herald Tribune. It was indicated that the
members found themselves at a virtual standstill,
since the Germans made no move to turn the conversations toward the question of the actual payments
to be made, while the other experts, believing the
economic exposition of last week completed that
part of the discussion, waited for Dr. Schacht and
his colleagues to continue the discussion along new
lines.
Owen D. Young, as chairman of the gathering,
was credited with extricating the committee from a
dilemma by naming a subcommittee to "study pro-
[VOL. 128.
cedure." Mr. Young named Dr. Schacht and Sir
Josiah Stamp, the chief British delegate, as the
members of this subcommittee. Dispatches of Tuesday from the French capital indicated that Dr.
Schacht and Sir Josiah Stamp.were unable to gree
on a method of continuing the work of the committee.
This development became apparent when the full
committee reassembled that morning. Mr. Young
thereupon named three other experts to the subcommittee and then declared an adjournment. The new
members of the subcommittee are: Jean Parmentier,
for France; Camille Gutt, for Belgium, and Professor Fulvio Suvitch, for Italy, all of the new appointees being secondary delegates.
Sir Josiah Stamp presented a report to the full
Experts' Committee on behalf of the enlarged "steering committee," Wednesday morning, and this statement was considered in both the morning and afternoon sessions. The full committee decided, dispatches said, to send back to the sub-committee for
further study the "question of procedure" involved.
One point under consideration, a report to the New
York "Times" indicated, was the establishment in
London of an international clearing house for all
reparations debt payments. Some impatience was
manifested in sections of the European press this
week because of the apparently slow progress of the
meeting. It was recalled, however, that Mr. Young
had predicted before leaving New York that a minimum of two months would be required for settlement of the delicate and intricate problems involved.
A formal proposal was made to twenty-four Governments by Secretary of State Frank B. Kellogg,
Tuesday, designed to bring the United States into
the World Court. In effect, Mr. Kellogg invited the
Governments to conduct an exchange of views among
themselves with a view to admitting the United
States into membership and participation in the
Court, either by general acceptance of the Senate
reservations or by some other formula. The Senate
reservations, adopted on Jan. 27 1926, were transmitted to all Governments which had adhered to the
Court protocol, on Feb. 12 1926. They were considered at a conference in Geneva in September 1926,
attended by delegates of most of the Governments adhering to the Court. Four of the Senate reservations
were accepted at the time, but the fifth was regarded
as unacceptable, although a further examination of
views was suggested. These findings were transmitted to the United States Government by twentyfour of the nations represented at the Geneva gathering.
In an identic note now addressed to the diplomatic representatives of all Governments which have
adhered to the World Court protocol, Secretary Kellogg points out that "the fifth reservation was not
accepted in full but so much of the first part thereof
as required the Court to render advisory opinions in
public sessions was accepted, and the attention of
my Government was called to the amended rules of
the Court requiring notice and an opportunity to
be heard. The second part of the fifth reservation,
therefore, raised the only question on which there
is any substantial difference of opinion. That part
of the reservation reads as follows: 'Nor shall it
(the Court) without the consent of the United States
entertain any request for any advisory opinion touching any dispute or question in which the United
States has or claims an interest.'" The Geneva con-
FEB. 23 1929.]
FINANCIAL CHRONICLE
1103
ferees suggested, Mr. Kellogg remarks, that "the to American participation presented by the resermanner in which the consent provided for in the vation."
second part of the fifth reservation is to be given"
Steps for the ratification of the general treaty
should be the subject of an understanding to be
reached by the Government of the United States wit renouncing war as an instrument of national policy,
or the Kellogg anti-war pact as it is generally called,
the Council of the League of Nations.
"The Government of the United States," Mr. Kel- were instituted by several governments in the past
logg continues, "desires to avoid in so far as may be ten days. The Cabinet in Madrid, with Premier
possible any proposal which would interfere with or Primo de Rivera presiding, ratified the treaty last
embarrass the work of the Council of the League of Monday, only the signature of King Alfonso remainNations, doubtless often perplexing and difficult, ing to be affixed before the instrument is fully acand it would be glad if it could dispose of the sub- cepted by Spain. The Foreign Affairs Commission
ject by a simple acceptance of the suggestions em- of the French Chamber of Deputies approved the
bodied in the final act and draft protocol adopted at treaty on Feb. 15 by adopting the report of Deputy
Geneva on September 23 1926. There are, however, Pierre Cot favoring ratification. The Hungarian
some elements of uncertainty in the bases of thqse Foreign Minister, M. Valko, introduced a bill in the
suggestions which seem to require further discussion. Budapest Parliament on Feb. 14 for ratification of
The powers of the Council and its modes of pro- the accord. Premier Venizelos of Greece took simicedure depend upon the covenant of the League of lar action in Athens on the same day, describing the
Nations, which may be amended at any time. The pact as a great step toward making peace secure.
ruling of the Court in the Eastern earelia case and Even if no definite force was available to chastise
the rules of the Court are also subject to change at the breakers of peace, it was a great thing that for
any time. For these reasons, without further in- the first time in history war was branded as a crime
quiry into the practicability of the suggestions, it by almost all the countries of the world, M. Veniappears that the protocol submitted by the twenty- zelos declared.
The treaty and its significance were again disfour governments in relation to the fifth reservation
of the United States Senate would not furnish ade- cussed by Secretary of State Frank B. Kellogg on
Feb. 18 in an address before the Foreign Service
quate protection to the United States.
"It is gratifying to learn from the proceedings of School of Georgetown University. World public
the Conference at Geneva that the considerations in- opinion rather than sanctions is to be the main
ducing the adoption of that part of Reservation five reliance of the multilateral treaty as an effective
giving rise to differences of opinion are appreciated instrument of peace, he declared. Asserting that
by the powers participating in that Conference. the treaty was not a mere "gesture," but rather an
Possibly the interest of the United States thus at- instrument that would "make it more difficult to
tempted to be safeguarded may be fully protected in declare war," he hailed the pact as the greatest step
some other way or by some other formula. The ever taken for the furtherance of peaceful adjustgovernment of the United States feels that such an ment of international disputes. Mr. Kellogg exinformal exchange of views as is contemplated by pressed gratification that nearly every nation in the
the twenty-four governments should, as herein sug- world has signed the treaty or adhered to it and that
gested,lead to agreement upon some provision which the ratifications are coming in almost daily. The
in unobjectionable form would protect the rights and public opinion and the conscience of mankind have
interests of the United States as an adherent to the been stirred by this subject, he added, because of the
Court statute, and this expectation is strongly sup- far reaching and appalling war through which the
ported by the fact that there seems to be but little world has just passed.
"For the settlement of international disputes there
difference regarding the substance of these rights
must be a change not only in public sentiment but
and interests."
This move by Secretary Kellogg was given addi- in the very principles which lie at the foundation
tional significance by the departure, late last week, of international cooperation," he continued. "The
of Elihu Root, former Secretary of State, to attend legality of war must be denounced. It must, not
a convention of international jurists summoned by only in the opinion of peoples, but in the conduct of
the Council of the League of Nations to consider nations, be made an international crime. We must
possible revision of the statute which created the reverse the order of international conduct and inWorld Court in 1920. Mr. Root insisted when Railing stead of war being an acknowledged institution
that he would represent nothing but his "own opin- among nations it must be made an offense of naion" at the meeting in Geneva March 11. "There has tions. It is not necessary to dwell upon the appalling
been no suggestion of any fundamental changes in results of the last war, but with the improvement of
the statute or anything more than minor adjustments science—improvement of the means of destruction
to the machinery," he remarked. "Nor has there on land and sea—nobody can look upon another war
been any suggestion of any desire that the committee without shuddering at its inevitable result. It is
shall deal at all with the subject of the relations of my opinion that Western civilization would not surthe United States to the Court." A Washington vive another such calamity. World opinion has been
dispatch of Tuesday to the New York "Times" point- changed largely by its results. It is on account of
ed out, however, that Mr. Root had consulted, before these considerations and the public opinion of the
sailing, with President Coolidge, Secretary Kellogg world that it has been made possible to enter into
and members of the Senate Committee on Foreign the treaty renouncing war as a national polRelations. "It then became known," the dispatch icy and agreeing to settle all disputes by paadded, "that he would discuss the fifth reservation cific means.
with the other legal experts and with European
"It can be made effective if it continues to be
statesmen in the apparent expectation that the backed by the public opinion of all nations. I know
statute could be changed to overcome the difficulties there are those who claim that the treaty has no
1104
FINANCIAL CHRONICLE
value, that it is a mere- gesture. I cannot believe
that the act of practically every nation in the world,
not swayed by sudden impulse but deliberately entering into a treaty solemnly pledging renunciation
of war and backed by the almost unanimous opinion
of the world, can be a mere gesture. After all,
great reforms can only be brought about when
backed by public opinion. This treaty certainly will
make it more difficult to declare war. It is a rallying point for the mobilization of world opinion.
Some say that no means are provided in the treaty
to enforce it. My answer is that the only enforcement behind my treaty is the public opinion of the
people. I do not believe war will become outlawed
and universal peace come to the nations by maintenance of armies and navies to punish an aggressor.
A treaty emphasizing armaments recognizes war as
a means of maintenance of peace. Before peace can
be maintained there must come a changed attitude
of the world. We must learn to settle international
disputes through arbitration, conciliation and diplomatic intercourse."
[Vou 128.
At the State Department in Washington it was
explained by officials that Sir Esme's statement
had been accepted there as containing only his personal views and at no time had been construed as
reflecting instructions from his home Government.
The Opposition press in England was almost unanimous last Sunday and Monday in its praise of Sir
Esme and in condemnation of the Foreign Office
attitude. One or two of the Conservative journals
took the same stand, censuring the Cabinet for its
"rebuke" of the senior British Ambassador. The
"Morning Post" of London explained the original
cabled intimations from London as due to the misunderstanding of an American press representative.
Cables from Tokio early this week indicated that
Japan is prepared to co-operate at any time in a
movement for the limitation of naval armaments.
This has been the Japanese attitude for a number
of years.
The incident was referred to in the House of Commons in London, Wednesday, when several Labor
members sought to interpellate Sir Austen Chamberlain. Commander Kenworthy asked bluntly whether any conference was contemplated by the Conservative Government, while Ernest Thurtle asked
whether Sir Esme Howard's statement was made on
behalf of the Government. The Foreign Secretary's
answer was in both cases a simple negative. Mr.
Thurtle then inquired whether the Foreign Secretary was aware that the Howard statement and the
subsequent developments had caused misunderstanding to arise in America. Sir Austen replied: "If the
Honorable Member would look carefully at the statement of the Ambassador and also that of the Foreign Office, he would see that the statement of the
Foreign Office was a correction of the mistaken inferences drawn from the statement made by our Ambassador to Washington." In reply to a further
question regarding naval disarmament, Sir Austen
said the British Government "has no intention of issuing an invitation for a conference on this subject."
The widely heralded assumptions of a week ago
that Great Britain was about to propose a new naval
disarmament parley were quickly dispelled last
Saturday by the British Government, which issued
a statement in London to the effect that there were
no new developments. Intimations that a new conference was under consideration were contained in
London press dispatches of the preceding two days.
With these in hand, news correspondents in Washington elicited from Sir Esme Howard, the British
Ambassador,a statement saying:"There would seem
to be every reason to believe that, now that the
fifteen cruiser bill has become a law, a further effort
before long will be made to reach an agreement between the principal naval powers of the world for
limitation of naval armaments." This statement was
regarded in many circles, both in England and America, as a virtual assurance that proposals would soon
be made by the British Government.
The British Foreign Office quickly brought the
incident to a close last Saturday by issuing the folTreaties for the inter-American registration and
lowing statement: "There has been no change in protection of trade-marks and for the suppression
the situation since Sir Austen Chamberlain in- of unfair competition in international trade among
formed the House of Commons on Feb. 6 that his the twenty-one American republics were adopted
Majesty's Government were engaged in a careful Tuesday at a meeting of the Pan-American Trade
examination of all questions concerning our rela- Mark Conference in Washington. The sessions of
tions with America and the naval conditions in the the conference were begun in the Pan-American
two countries. This examination is being diligently Union Building on Feb. 11, and the documents were
prosecuted. As soon as it is concluded, the first step signed by the delegates Feb. 20. When the delegates
will be to communicate the results to the Govern- gathered last week, an address of welcome was made
ments of the Dominions and receive and consider by Secretary of State Frank B. Kellogg in his catheir views. It is unlikely, therefore, that his Maj- pacity as Chairman of the Governing Board of the
esty's Government will be in a position to make a Pan-American Union. "The problems entrusted to
further communication for some time." Sir Esme your care are of much importance to the developHoward at the same time issued a further state- ment of good feeling between the business communiment in Washington pointing out that, although his ties of the several republics," Mr. Kellogg said.
"The
statement may have been so interpreted in this coun- adequate protection of trade-marks is a matter
of
try, it contained nothing to indicate that he was concern not only to the producer but to the conspeaking on behalf of his Government. "The state- sumer as well, and every nation of this continent
ment," he said, "was made in an interview and in will therefore profit by a system under which full
reply to certain inquiries in regard to cablegrams recognition and protection are assured." Under the
emanating from London respecting the possibility general convention adopted, the contracting parties
of renewal of discussion for limitation of naval arm- agree to grant to the citizens of other American reaments. It was an expression of my personal opin- publics which ratify or adhere to the treaty the
ion and views and not given under instructions from same rights and recourses which their laws concede
my Government which to-day has issued an authori- to their own citizens "with respect to manufacturtative statement on the subject."
ing, commercial, or agricultural trade-marks, pro-
FEB. 23 1929.1
FINANCIAL CHRONICLE
tection of commercial names, and repression of unfair competition and false indication of geographical origin or source." It was decided that there
should be only one inter-American trade-mark bureau for registration in this hemisphere.
Arrangements for the exchange of information in
regard to illicit traffic in narcotic drugs have been
completed by the State Department in Washington
with thirteen nations. The information will be exchanged directly between the enforcement officers
of the respective nations in an effort to impose a
greater barrier against the illicit trade. Announcement of the agreement was made by the State Department last Sunday. The nations which joined
with the United States in this endeavor are: Great
Britain, France, Germany, Italy, Japan, the Netherlands, Belgium, Poland, Spain, Czechoslovakia, Denmark, Greece and Turkey. The negotiations were
instituted more than a year ago at the instance of
the Treasury Department and met with prompt acceptance by the various Governments which were
approached. The agreements provide specifically
for "the direct exchange between the enforcement
authorities of the United States and those of the
foreign countries of information and evidence with
reference to persons engaged in the illicit traffic.
This would include such information as photographs, criminal records, finger prints, Bertillon
measurements, description of the methods which the
persons in question have been found to use, the
places from which they have operated, the partners
they have worked with, etc.; the immediate direct
forwarding of information by letter or cable as to
the suspected movements of narcotic drugs, or of
those involved in smuggling drugs, if such movements might concern the other country; mutual cooperation in detective and investigating work."
1105
wade there Tuesday. The announcement was reported in a Shanghai dispatch of the same day to the
Associated Press. It was stated that a committee
had been formed compsed of T. V. Soong, the Finance Minister; C. T. Wang, the Foreign Minister,
and Wang Teh-chen, Minister of Communications,
with several foreign experts, to arrange this liquidation. The Foreign Ministry also announced, the
dispatch said, that it had notified the various foreign governments of the intention of the Nationalist
Government to repay foreign debts within twenty
years after the declaration of tariff autonomy. Although no information was given in the report regarding the "several foreign experts," it may be assumed that they are members of the Kemmerer commission of sixteen American economic experts who
arrived in Shanghai Feb. 9 to seek means for stabilizing the finances and unifying the currencies of
China. If this assumption is correct, the information is by all odds the most favorable that has come
out of China in many months. It would indicate an
intention of rapidly settling down to fundamentals
in the discussions between the recently arrived experts and the members of the Nationalist Cabinet.
It would also constitute a splendid augury for success in the difficult tasks faced by the members of
the Kemmerer Commission.
There have been no changes this week in the rediscount rates of any of the European central banks.
Rates continue at 6% in Germany and Austria;
6% in Italy; 532% in Great Britain, Norway and
Spain;5% in Denmark;41A% in Holland and Sweden;
4% in Belgium, and 33% in France and Switzerland.
London open market discounts for both short bills
and long bills are 53@5 5-16%, against 5 5-16% on
Friday of last week. Money on call in London was
43i% on Thursday. At Paris open market discounts remain at 3 7-16% but in Switzerland there
Settlement of the long-standing Tacna-Arica con- has been an advance from 3 5-16% to 3%%.
troversy between Chile and Peru was officially announced at Santiago, Chile, Wednesday. The agreeIn its statement for the week of Feb. 16, the Bank
ment between the Governments provides that the of France reports a decrease in note circulation of
city of Tacna goes to Peru, while Arica will be 482,000,000 francs, reducing the total to 62,618,999,Chilean. The boundary line between the two coun- 005 francs as against 63,100,999,005 francs the pretries is fixed at points just north of the interna- vious week and 63,866,999,005 francs two weeks ago.
tional railroad from Arica to La Paz, Bolivia, with Creditor current accounts dropped 683,000,000 francs
the road remaining within Chilean territory until and current accounts and deposits 129,000,000 francs.
it crosses the Bolivian frontier. The settlement, as Due to an increase of 8,000,000 francs during the
now announced in an Associated Press dispatch week, gold holdings now aggregate 34,026,098,489
from Santiago, follows direct negotiations between francs. French commercial bills discounted rose 940,Chile and Peru which were instituted about four 000,000 francs, bills bought abroad 149,000,000 francs,
months ago. The question dates back to 1879 when advances against securities 11,000,000 francs, while
the war in which Chile was engaged with Peru re- credit balances abroad dropped 508,000,000 francs.
sulted in seizure by Chile of the Province of Tacna, Below we furnish a comparison of various items of the
including the departments of Tacna and Arica. A Bank's return for the past three weeks:
number of efforts were made to settle the dispute,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
among them the appointment of President Coolfor Week
Feb. H.
Feb. 9 1929.
Feb. 2 1920.
idge as a special arbitrator. The award handed down
Francs.
Francs.
Francs.
Francs.
Gold holdings—Inc. 8,000,000 34.026,098,489 34,018,098,489 34,004,022,078
by Mr. Coolidge in March 1925 was not acceptable, Credit bale. abr'd_Dec.508,000,000 11,794,943,167 12,302,943,187
12,435,795,647
however, and further negotiations followed. Owing French commercial
bills discounted _Inc. 940,000,000 5,939,858,879 4,999.856,879 4,081,916.371
largely to the efforts of Secretary of State Kellogg, Bills bought abed_Inc. 149,000,000 18,297.248.031 18,148.248,031 18,074,246,596
aget.secure_ _Inc. 11,000,000 2,325,439,919 2.314,439,919 2,339,439,919
the two nations agreed last July to re-establish dip- Adv.
Note circulation__Dec.482,000,000 82.618,999,005 83,100.999,005 63,888,999,005
lomatic relations, and last October they agreed fur- Cred.curt', accts._Dec.883,000.000 18,883,511,295 19,368,511,295 18.414,511,298
Cum.accts..h deu_Dec.729,000,000 5,700,540.250 6,429,540,250 5,858,540,250
ther to try to settle the controversy directly.
Eventual liquidation of China's domestic and foreign debt is receiving active consideration at the
hands of the new Nationalist Government, located at
Nanking, according to an official announcement
The Bank of England in its statement this week
shows a further increase in gold holdings of £696,563,
the total now being 150,850,938 compared with
150,154,375 last week and £157,917,763 the corresponding period last year. The gain in gold to-
1106
[VOL. 128.
FINANCIAL CHRONICLE
gether with a decrease in circulation of £879,000
brought about an increase of £1,576,000 in reserve.
There was a
The "Bank Rate" remains at
decrease of £4,559,000 in "Public Deposits" and an
increase of £8,191,000 in "Other Deposits." Deposits for "Bankers' Account" and "Other Account"
both increased the former £7,495,000 and the latter
£696,000. Loans on "Government Security" decreased £1,545,000 while those on "Other Security"
increased £3,616,000. "Discounts and Advances"
and "Securities" advanced £1,610,000 and £2,006,000
respectively. The proportion of the bank's reserve
to liability is 50.15%, last week it was 50.28%, this
week last year it was 39.79%. Below we show the
statement in full for the past five years:
end. The official rate Wednesday again declined to
6% after renewing at 63/2%, but withdrawals by the
banks of about $15,000,000 were sufficient to prevent
outside concessions. In the final money market
session of the week, Thursday, the rate on the Stock
Exchange was 63/2% throughout, while in the unofficial market 6% was quoted. Time money hardened early in the week, all maturities being marked
up to 73%. Brokers' loans against stock and bond
collateral reported by member banks of the New
York Federal Reserve for the week ended Wednesday
night decreased $91,000,000. Imports of gold at
the port of New York for the same period totaled
$1,195,000, of which $1,000,000 was from Canada.
Exports amounted to $251,000.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Feb. 25.
Feb. 24.
Feb. 23.
Feb. 22.
Feb. 21.
1925.
1926.
1927.
1928.
1929.
£
£
£
£
i
b351,819,000 134,068,000 136,603,685 141,138,190 124,803,000
Circulation
Public deposits
15.076,000 15,032,000 17,833,762 16,065,199 16,143,995
102,828,000 94,536,000 98,477,824 106.176,402 105,542,656
Other deposits
Bankers' accounts 65,695,000
Other accounts
37,133,000
Governm't securities 46,331,000 31,902,000 29,964,848 38.242,828 41,926,830
Other securities__ 30,748,000 52,275,000 71,250,879 79,056,415 74,399,631
Disct. & advances__ 12,056,000
18,692,000
Securities
Reserve notes & coin 59,032,000 43,599,000 33,204,252 23,105,278 23,534,092
Coin and bullion__2150.850,938 157,917,763 150,147,937 144,493,468 128,587,157
Proportion of reserve
18.89%
1934%
28.54%
to liabilities
50.15%
39.79%
4%
5%
5%
Bank rate
454%
554%
a Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, Includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
The Bank of Germany, in its statement for the
second week of February, reports a decrease in note
circulation of 158,860,000 marks, reducing the total
to 4,077,262,000 marks, as against 3,784,432,000
marks last year and 3,059,392,000 marks the year
before. Other liabilities rose 13,442,000 marks,
while other daily maturing obligations dropped
34,143,000 marks. On the asset side of the account
gold and bullion decreased 201,000 marks, reserve
in foreign currency 39,941,000 marks, bills of exchange and checks 260,613,000 marks, investments
2,000 marks. On the other hand, silver and other
coin rose 5,730,000 marks, notes on other German
banks 6,419,000 marks, advances 33,879,000 marks
and other assets 75,168,000 marks. while deposits
abroad remained unchanged. Below we furnish a
comparison of the various items of the bank's return
for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Feb. 15 1929. Feb. 15 1928. Feb. 15 1927,
for Week.
Reichsmarks.
Reichrmarks. Retchsmarks
Reichstnarks.
Assets—
201,000 2,728,910.000 1,886,389.000 1,834,285,000
Dec.
Gold and bullion
92,868,000
83,532.000
85,626.000
Ot which deem.abed_ Unchanged
201,110,000
Res've in toen curr__ _Dec. 39,941,000 100.354,008 292,822,000 1,287,771,000
1,869,868,000
1,446.569,000
260,613.000
Dec.
checks
Bills ofexch.&
78,153,000 136.044,000
Sliver and other coin_ _Inc. 5.730,000 126,364,000
11,944,000
22,660,000
23.471,000
Notes os 0th. Cler.bks.Inc. 6,419,000
16.141,000
58,424,000
78,284,000
33.879,000
Inc.
Advances
88,885.000
94,257,000
93,170,000
2,000
Dec.
Investments
Inc. 75,168,000 544,577,000 577,167,000 609,739,000
Other assets
Liabilities—
Notes in circulation Dec. 158.860,000 4,077,262.000 3,784,432,000 3,059,392,000
0th.daily matur.obligDeo. 34,143,000 467,171,000 532,571.000 553,252,000
Other liabilities
Inc. 13,442,000 155,870,000 286,446,000 209,614,000
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, renewals on Monday were at 8%, but with the rate for new loans 7%.
On Tuesday the renewal rate was 7%, but on new
loans there was a decline to 6%. On Wednesday
after the renewal rate had been fixed at 63/2% loans
were put through at 6%. On Thursday all loans
were at 63/2% including renewals. Time loans were
quoted at 7%% for all maturities from thirty days to
six months on Monday, but on all the subsequent
days the rates were 7%% for thirty days to four
months and 732@7%% for five and six months.
Rates for commercial paper have moved higher up.
Until Wednesday names of choice character maturing
in four to six months remained at 53/2%, with a few
0.
names of exceptional character selling at 537
On Wednesday there was an advance to 5%©5%%.
Names less well known now command 5%@6%,
with New England mill paper selling at 59%.
There has been no change this week in the rates
for banks' and bankers' acceptances. The posted
rates of the American Acceptance Council have continued throuhout the whole week at 5%.% bid and 51A%
asked for bills running 30 days, 598% bid and 5%
asked for bills running 60 and 90 days, 532% bid
and 53% asked for 120 days, and 5%% bid and
5%% asked for 150 and 180-days. The Acceptance
Council no longer gives the rate for call loans secured
by bankers' acceptances, the rates varying widely.
Open market rates for acceptances have also remained unchanged as follows:
Prime eligible bills
Prima eligible Nils
SPOT DELIVERY.
—180 Days-- —150 Days—
Bid. Asked.
Bid. Asked.
554
534
534
—90 Days— —60 Days—
Bid. Asked.
Bid, Asked.
534
534
55f
534
554
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
—120 Days—
Bid. Asked.
5%
5%
—30 Days—
Bid. Asked.
55.1
534
534 bid
5% bid
There have been no changes this week in Federal
Reserve
Bank rates. The following is the schedule
deslowly
Money rates in the New York market
of
in effect for the various classes of paper
now
rates
the
at
clined this week from the high level reached
at
different
the
Reserve banks:
Monday
close on the previous Friday. Renewals
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
banks
interior
AND MATURITIES OF ELIGIBLE PAPER.
were 8% in the official market, but
sent substantial amounts to take advantage of this
Rate in
Federal Reserve Bank.
Effect on
Fretless
Date
figure and a reduction was made in the afternoon to
Feb. 22.
Established. . Rate.
all
absorb
not
was
to
demand
sufficient
The
7%.
Boston
5
July 19 1928
a%
New York
5
434
July 13 1928
offerings, and a concession to 63/2% was reported Philadelphia
5
434
July 26 1928
Cleveland
04
Aug. 1 1928
5
Tues7%
market.
After
at
renewing
outside
the
Richmond
in
5
July 13 1928
434
Atlanta
5
434
July 14 1928
Chicago
day, the official figure dropped to 6%, while outside St.
5
434
July 11 1928
Louis
434
July 19 1928
5
accomodation was available at 532%, the market MinneaPon9
4
Apr.25 1928
434
Kansas City
4
June 7 1928
434
Dallas
4
434
May 7 1928
still feeling the effects of the large volume of funds Ban
Franeisco
4
June 2 1928
414
attracted here by the stringency of the previous week-
FHB. 23 1929.]
FINANCIAL CHRONICLE
Sterling exchange continues dull and irregular,
reflecting the uncertain position of the money markets both here and abroad. Bankers say that
foreign exchange traders are unable to take a technical position until the trend of money rates becomes
more clearly defined, especially on this side. There
is a rather widespread belief that the New York
Federal Reserve Bank or some of the other Federal
Reserve banks may increase their rate of rediscount
from the present 5%. Other competent authorities
are as strongly of the opinion that there will be no
change in the Reserve Bank rate, although it is conceded that the four Reserve banks now having a rediscount rate of 432% may possibly increase their
rate to 5%, making the rate uniform throughout the
system. However, until a feeling of certainty arises
with respect to the rediscount rate here, the foreign
exchanges must continue dull. In Europe there is
talk of increasing the bank rates in Germany, Holland, Switzerland and Italy. The combination of
these expectations is quite sufficient to account for
the present dull and irregular trading.
The range for sterling exchange this week has been
from 4.84% to 4.85 for bankers' sight, compared
with 4.847A to 4.85 3-16 last week. The range for
cable transfers has been from 4.85 3-16 to 4.85 11-32,
compared with 4.85 5-16 to 4.85M the previous
week. On Friday, Washington's Birthday, there
was no market. There has not been enough trading
during the week to constitute a real test of exchange
trends, but now that the Bank of England rediscount rate is at 5
and its gold holdings show
signs of increasing it is believed that these seasonal
trends should gradually bring about firmness. It is
quite impossible at the lowest rates quoted this week
for any gold to move from London to New York.
Once the uncertainties surrounding the money
market are removed, seasonal factors should bring
about an enhancement of the London rate. From
now on it may be expected that the Bank of England will strengthen its gold holdings from week to
week, with a view to building up its gold reserves
to meet the drains of autumnal pressure. This
has always been the usual course in times of normal
exchange and business conditions. Money has
firmed up promptly in London following the increase
in the Bank of England rediscount rate and there is
hardly any difference between the quotable rates
for bankers' bills in New York and London. It is
estimated that London has approximately $200,000,000 in short-term loans in the New York market.
Should there be any easing off in collateral loan
rates here, a large part of this money would doubtless
return to London and would be a factor in firming
the sterling quotation.
This week the Bank of England shows total gold
holdings of £150,850,938, compared with £150,154,375 last week and with £157,917,763 a year ago. On
Monday the Bank of England sold £3,419 in gold
bars. On Tuesday the Bank bought £712,300 in
goldbars. There was £922,000 bar gold available
on Tuesday; next week £707,000 will be available and
£805,000 the following week. The London market
expects the Bank of England to get at least £2,000,000
of these open-market supplies. On Wednesday the
Bank sold £8,621 in gold bars, and on Thursday sold
£3,411 in gold bars and exported £5,000 in sovereigns.
At the Port of New York the gold movement for
the week Feb. 14-Feb. 20, inclusive, as reported by
the Federal Reserve Bank of New York, consisted of
1107
imports of $1,195,000, of which $1,000,000 came from
London and $195,000 chiefly from Latin America.
The exports were $200,000 to Venezuela and $51,000
to Germany. Cable advices received by the New
York office of Louis Dreyfus & Co. on Thursday
stated that a shipment of $1,000,000 gold is being
made from Buenos Aires to New York on the S. S.
Pan America. There was no Canadian movement of
gold either to or from New York. Canadian exchange continues at a discount. Montreal funds
were at the lowest discount in New York this week in
a number of years. In spite of the extreme weakness
of Canadian, no gold was reported as having come
from the Dominion. This situation gave rise to the
rumor that the Canadian Government has placed an
embargo on the metal. Canadian banks denied the
existence of an embargo and point out that Canada
does not wish to lose gold and that the Canadian
banks refuse to undertake shipments. It is believed
that the entire Canadian situation will be changed
when navigation opens on the St. Lawrence, which
seldom occurs before the middle of April. High
money rates in New York are largely responsible for
the discount on Montreal at this time. Montreal
funds ranged this week from 11-32 of 1% to 31-64
of 1% discount.
Referring to day-to-day rates sterling on Saturday
last was inclined to ease in an extremely dull half-day
session. Bankers' sight was 4.84/@4.85; cable
transfers 4.853®4.85/. On Monday dulness continued. The range was 4.84%®4.85 for bankers'
sight; 4.853®4.85 5-16 for cable transfers. On
Tuesday bankers' sight was 4.84 13-16®4.84y;
cable transfers 4.85 3-16®4.85 9-32. On Wednesday
the easier tone continued. The range was 4.84 25-32
®4.85 for bankers' sight and 4.853®4.85 5-16 for
cable transfers. On Thursday the range was 4.84 27-32
®4.84 29-32 for bankers' sight and 4.85 9-32®
4.85 11-32 for cable transfers. On Friday there was
no market in New York owing to the holiday, Washington's Birthday. Closing quotations on Thursday
were 4.84 15-16 for demand and 4.85 5-16 for cable
transfers. Commercial sight bills finished at 4.84%;
60-day bills at 4.80;90-day bills at 4.78; documents
for payment (60 days) at 4.803/s, and seven-day
grain bills at 4.84 1-16. Cotton and grain for payment closed at 4.84%
3.
The Continental exchanges have been dull and irregular, under the same influences as those already
enumerated as affecting sterling exchange. Aside
from factors connected with the money markets,
there is practically nothing of importance affecting
the Continental list. Marks have been ruling slightly
stronger than a week ago. Exchange on Berlin is,
however, weak and remains at the point which threatens shipments of gold from Gern- rly, although Germany is in a position to draw gold from some of the
other European countries at present rates. It is
estimated in Berlin that the attempts to keep the
mark stable and to prevent the loss of gold have cost
the Reichsbank approximately $36,000,000 of its
holdings of foreign currency since Jan. 1. If the rate
continues at present levels it will be very difficult for
the Reichsbank to prevent some drain on its holdings. This week the Reichsbank shows a decrease
in gold reserves of 201,000 marks, the total standing
at 2,728,900,000 marks, of which 85,600,000 marks
are held abroad. Note circulation stands at 4,077,267,000 marks, so that the gold cover is ample to
1108
FINANCIAL CHRONICLE
Fol.. 128.
withstand a moderate export movement. The Reichs- of 40.20. The undertone of money in Amsterdam is
bank's gold holdings are 842,500,000 marks greater firmer and the general expectation is that the Bank of
than they were a year ago. Money is much more the Netherlands rate of rediscount will be increased
plentiful in Berlin than it has been for more than a from 432%, where it has been since Oct. 13 1927.
year. This leads to talk in Berlin of a lower Reichs- There is less demand for Holland funds proportionbank rediscount rate, but with the Bank of England ately than the Dutch demand for other currencies.
rediscount rate at 53/2%, it seems very doubtful that London is exerting an especially strong pull on Amany change will be made in the German rate.
sterdam and measures must be taken to increase
French francs are slightly easier, but this condition money rates there if the Bank of the Netherlands
has no bearing on the general situation of the franc expects to maintain its gold reserve. The legal reas the market is completely under the control of the serve was recently increased from 20% to 40%.
Bank of France through its large holdings of foreign However, the metallic cover of the Netherlands
exchange. The Bank of France could, if it chose, Bank has been well over 50% during the greater part
very easily draw large amounts of gold from both of the past year, and the bank could stand some slight
London and New York, but bankers say that no such loss if it became necessary. The Scandinavian exmovement will take place, as the French authorities changes have been dull. There is some talk of an
are anxious to co-operate with the American and increase in the Bank of Norway's rate of rediscount.
London authorities maintaining stability in their The Norwegian rate is now 532%.
respective money markets. It is understood that
Spanish pesetas continue irregular, but from special
large amounts of French funds are invested in causes arising outside money market or commercial
New York, Berlin and London, as money is plentiful considerations. The fluctuation in the peseta must
in France and higher rates outside cause a steady be attributed entirely to speculative operations
efflux of French funds.
influenced by the political circumstances of the past
Italian exchange, while less active than in several few weeks. The Foreign Exchange Committee in
weeks, has moved in a direction contrary to the Madrid seems, so far as ascertainable, to have susmajor exchanges, and, though comparatively dull pended exchange operations and have made no
in recent weeks, has been in somewhat better demand attempt to support the peseta after the first break
with considerably increased transfers of outside funds following the attempted revolution of some days ago.
to the Italian security markets. This week the Traders are for the most part unwilling to take a
market discovered evidences of Government support position either way in the exchange because of unof the lira, which accounted for higher quotations in certainty regarding the true conditions in the country.
Wednesday's trading. Money rates are firmer in
Bankers' sight on Amsterdam finished on Thursday
the Italian centres and credit is in demand. Trade at 40.03, against 40.023/ on Friday of last week;
indications are extremely encouraging. Italy's ex- cable transfers at 40.05, against 40.043/
2, and comports reduced to the same gold values were 2,947,- mercial sight bills at 39.99, against 39.99. Swiss
000,000 lire in 1928, as against 2,115,000,000 lire in francs closed at 19.223 for bankers' sight bills and
1913, the most prosperous pre-war year, which is an at 19.233j for cable transfers, in comparison with
increase of 40%. Note circulation of the Bank of 19.223. and 19.233 a week earlier. Copenhagen
Italy has fallen to the lowest total since the war. It checks finished at 26.65, and cable transfers at
stands at approximately 16,589,000,000 lire, against 26.663/
2, against 26.66 and 26.673/2. Checks on
17,271,000,000 lire in December 1927.
Sweden closed at 26.713/2, and cable transfers at
The London check rate on Paris closed at 124.28 26.73, against 26.713/ and 26.73, while checks on
on Thursday of this week, against 124.28 on Friday Norway finished at 26.653/2 and cable transfers at
of last week. In New York sight bills on the French 26.67, against 26.66 and 26.673/
2. Spanish pesetas
centre finished at 3.90 5-16 on Thursday, against closed at 15.44 for checks and 15.45 for cable trans3.90% on Friday a week ago, cable transfers at fers, which compares with 15.62 and 15.63 a week
3.90 9-16, against 3.905
% and commercial sight bills earlier.
at 3.90, against 3.90. Antwerp belgas finished at
13.88% for checks and 13.893/b for cable transfers,
The South American exchanges have never been
as against 13.89% and 13.903/2 on Friday of last more dull. It is believed that the new tariff measweek. Final quotations for Berlin marks were ures being formulated here are having some influ23.723/ for checks and 23.733/2 for cable transfers, ence in creating inactivity in the South American
in comparison with 23.71% and 23.723/2 a week ear- units, especially in Argentine pesos. There is a
lier. Italian lire closed at 5.23 15-16 for bankers' strong agitation in Buenos Aires against the proposed
sight bills and at 5.24 3-16 for cable transfers, as increases in tariff rates on cattle and agricultural
against 5.23% and 5.23%. Austrian schillings products now being considered at Washington.
closed at 14.07 on Thursday of this week, against Strength in Argentina is, however, largely dependent
14.07 on Friday of last week. Exchange on Czecho- upon its trade relations with European countries.
slovakia finished at 2.963/2, against 2.961
%; on The South Americans are looking forward to a more
Bucharest at 0.59%, against 0.59%; on Poland at prosperous export season than ever, beginning with
11.25, against 11.25, and on Finland at 2.52, against the weeks immediately ahead. Buenos Aires dis2.52. Greek exchange closed at 1.29 for checks patches on Thursday stated that two thousand dock2. workers and chauffeurs were ordered back to work
and 1.293/ for cable transfers,against 1.29 and 1.293/
when the Federation Maritima voted to end its strike.
The exchanges on the countries neutral during the As noted above, $1,000,000 gold is on its way from
war are under the same influences as sterling and the Buenos Aires to New York. Argentine paper pesos
leading Continentals, irregular and unsettled owing closed on Thursday at 42.08 for checks, as compared
to the uncertainties arising from money conditions. with 42.10 and at 42.13 for cable transfers, against
Holland guilders have sold off at times to 40.04 for 42.16. Brazilian milreis finished at 11.90 for checks
cable transfers, which compares with dollar parity and 11.93 for cable transfers,against 11.91 and 11.94.
FEB. 231929.)
FINANCIAL CHRONICLE
1109
Chilean exchange closed at 12 1-16 for checks and York Clearing House banks to keep up compiling
123' for cable transfers, against 12 1-16 and 123/
8, the figures for us, we find ourselves obliged to disand Peru at 4.00 for checks and 4.01 for cable trans- continue the publication of the table
we have been
fers, against 4.00 and 4.01.
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
The Far Eastern exchanges have been irregular
and generally lower this week. Japanese yen on
Tuesday declined to 45.03, making a new low. A
slight recovery followed. Japan is entering upon a
period of the year when imports normally overbalance exports, which brings pressure upon the exchange. There has also been a considerable flow of
Japanese capital to American and British security
markets, as well as to Asia, especially Manchuria, DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANK
AT CLEARING HOUSE.
where the Japanese are investing heavily. The genMonday, Tuesday, Wednesday Thursd'y, Friday,
Aggregate
eral business situation in Japan is making considera- Saturday,
Feb. 16.
Feb. 20.
Feb. 19.
Feb. 21.
Feb. 18.
Feb. 22.
for Week.
ble progress toward more normal conditions, but
S
S
S
$
S
3
s
the outflow of funds offsets the improvement in 164.e0e.0eo 123.000.000 150,000,000 145,000,00C 131,000,000 Holiday Cr. 713.000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
domestic business. The silk industry, however, is to the New York Reserve Bank from all parts of the country in the operation of
Federal Reserve System's par collection scheme. These large credit balances,
still greatly depressed, and is constantly receiving the
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
Government aid. The yen is suffering less from bear the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
speculation on the part of Shanghai and other silver not
pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
centres. The Chinese rates are lower, owing to
comparative dulness in the silver market and to the
The following table indicates the amount of bulslightly lower quotations for the metal.
Closing quotations for yen checks Thursday were lion in the principal European banks:
45%@45%, against 45 3-16@45% on Friday of last
Feb. 211929.
Feb. 23 1928.
week. Hong Kong closed at 48.65@48%, against Banks of
Total.
Gold.
Silver.
Gold.
Silver. I
Total.
48.70@48 5-16; Shanghai at 61%@623/
8, against
£
£
£
£
61%@623t; Manila at 493
%, against 50%; Singapore England__ 150,850,938
150.850,938 157,917,763
157,917,763
d
174,649.242 221,753,269 13,717,023 235,470,292
France a.. 174,649.242
at 56%(0)56 9-16, against 5631@56 5-16; Bombay Germany
c994,600 137,440.100, 90.142,850
994,600 91,137.450
b 136,445,500
102.371,000 28,270,000130,841.000 104.298,000 27,704.000132,002,000
at 363/
2, against 363/
2, and Calcutta at 363/
2, against Spain
54.640,000: 49,288,000
Italy
54,640.000
I 49.288.000
Netherrds. 36,213,000 1,874,000 38,087,0001 36,268,000 2,364.000 58.632,000
36%.
1.267,000 27,123.000: 21.217,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is nou
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun
tries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
FEB. 16 1929 TO FEB. 22 1929, INCLUSIVE.
Nat. Belg_ 25,856,000
Switzerrd_ 19,271,000
Sweden _ _ _ 13,094.000
Denmark. 9,595,000
Norway __ 8,159,000
1,844,000 21,115,000
13.094,0001
468,000 10.063,0001
8,159,000:
17,315,000
12,979.000
10,109,000
8,180.000
1,243,000 22.460,000
2.514,000 19,829,000
12.979,000
641.000 10.750.000
8,180,000
1
Total week 731,144,680 34,717,6001 765,882,280729.467,882 49,177.623 778,645.505
Prey. week 730.052,771 34,846,600764,899.371 733,820.851 49,208.623 783.029,474
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 £2,481,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
A New Move Toward the World Court.
The publication on Wednesday of Secretary Kellogg's identical note to the Governments which have
Country and Monetary
accepted certain of the American reservations reUnit.
Feb. 16. Feb. 18. Feb. 19. Feb. 20. Feb. 21. Feb. 22.
garding adherence to the World Court, suggesting
EUROPE$
8
5
8
$
5
Austria. whining --- .140533 .140561 .140531 .140506 .140530
"an informal exchange of views" which might "lead
Belgium, belga
.138912 .138039 .138915 .138903 .138869
Bulgaria, lev
.007202 .007222 .007209 .007179 .007186
to agreement upon some provision which in unobjecCzechoslovakia, krone .029598 .029611 .029609 .029624 .029627
Denmark, krone
I 266045 .286657 .266601 .266605 .286617
tionable form would protect the rights and interests
England, pound ster-:
ling
4.852382 4.852643 4.851890 4.852213 4.852733
of the United States as an adherent of the Court
Finland, markka
.025172 .025171 .025170 .025169 .025170
France,franc
.039046 .039046 .039045 .049047 .039048
Statute," came as a surprise to the large section of
Germany,reichsmark. .237205 .237306 .237394 .237389 .237330
Greece. drachma
.012915 .012917 .012912 .012916 .012916
American public which had probably concluded
the
Holland, guilder
.400380 .400427 .400417 .400462 .400466
Hungary. Peng°
.174287 .174290 .174282 .174273 .174280
that the World Court question had ceased to be an
.052335 .052351 .052350 .052373 .052407
Italy. Inn
Norway, krone
.268835 .266645 .266596 .268830 .286635
Poland,zloty
.112036 .111920 .111931 .111935 .111810
active issue. The announcement on Feb.6 that Elihu
Portugal, escudo
.044080 .044120 .044105 .043900 .043920
Rumania,leu
.005992 .005988 .005987 .005985 .005985
Root was shortly to go to Europe to attend a meeting
Spain. peseta
.156071 .153417 .154065 .155008 .155109
Sweden,krona
.267223 .287243 .287202 .267226 .267236 HOLIof
the international jurists whom the Council of the
Bwuseriand, franc-- .192297 .192300 .192292 .192295
DAY
Yugoslavia, dinar-- .017578 .017574 .017571 .017571 .192303
League
have asked to consider needed changes in the
.017587
ASIAChinaStatute
of the Court had naturally evoked much disteal
Cheloo
.636458 .838333 .638750 .642083 .641686
Hankow tael
.830468 .831562 .632187 .634062
.635000
cussion as to whether or not his mission implied any
Shang tael
.616250 .816428 .818660 .618860 .618392
Tientsin taxi
.650000 .654188 .651666 .655000
change of attitude on the part of the United States
Hong Kong dollar_ .483839 .483125 .485000 .484910 .654168
.484803
Mexican dollar- --- .443825 .443500 .444500
.444625 .444500
toward the Court, but Mr. Root was represented as
Tientsin or Pelyang
dollar
.445000 .445833 .445833 .448458
insisting that his mission concerned only the duties
Yuan dollar
.441666 .442500 .442500 .442708 .445833
.363707 .363591 .363500 .363508 .442500
India. rupee
.363650
the international commission of which he is a
.452259
of
Jaw.
.451953 .450890 .450243 .450828
yen
staggpore(S.S.)dollar- .359583 .559583 .561041
.561041 .561041
NORTH AMER.member,
and had no connection with the American
.995982 .995421 .993688 .995131 .995720
Canada, dollar
1.000218 1.000528 1.000618 1.000497 1.000466
Cuba, peso
Government. On Feb. 6 and 7, however, Mr. Root
.482000 .483166 .484333 .483500 .483433
Mexico. Peso
Newfoundland, dollar .993450 .992687 .991375 .992162 .992656
conferred at Washington with President Coolidge,
SOUTH AMER.-1
Argentina, peso(gold) .957627 .957518 .957486 .957448 .958534
Secretary Kellogg, and members of the Senate Com.119060 .119075 .119098 .119075 .119075
Brazil. milrela
.120168 .120337 .120329 .120334 .120338
Chile. Peso
mittee on Foreign Relations, and the publication of
1.028749 1.026249 1.025344 1.025219 1.024949
Uruguay. Peso
Colombia. peso
.970900 .970900 .970900 .970900 .970900
Secretary Kellogg's note seems now to make it clear
that Mr. Root's mission, if not actually official, is
Owing to a marked disinclination on the part of surrounded by an official atmosphere which gives it
two or three leading institutions among the New a large and exceptional importance.
Noon Buying Rate for Gable Transfers to New York,
Value in United States Money.
1110
FINANCIAL CHRONICLE
[VoL. 128.
The Kellogg note begins by reciting the history of this difficulty, possibly by safeguarding American
the World Court matter as far as the United States interest "in some other way or by some other formis concerned. The resolution of adherence to the ula,"that an informal exchange of views is suggested.
It may be pointed out, in passing, that the differWorld Court, with a number of reservations, was
adopted by the Senate on Jan. 27 1926. The most ence of opinion to which Secretary Kellogg refers
important of the reservations, as events showed, was regarding the necessity of a unanimous vote of the
the fifth, which declared, among other things, "nor Council as a preliminary to an advisory opinion from
shall it (the Court) without the consent of the the Court appears to rest upon the interpretation
United States entertain any request for any advisory to be given to two provisions of the Covenant. Article
opinion touching any dispute or question in which 5 of the Covenant provides that the decisions of
the United States has or claims an interest." Five the Council or Assembly of the League, save where
of the signatory Governments accepted the Senate the Covenant or the Treaty expressly stipulates
reservations unconditionally, three indicated their otherwise,shall be made "by a unanimous vote of the
intention to accept but have not notified their ac- members of the League represented at the meeting."
ceptance, and fifteen merely acknowledged the re- Article 14, providing for the creation of a World
ceipt of Secretary Kellogg's note of Feb. 12 1926, Court, declares that the Court "shall give advisory
transmitting a copy of the Senate resolution. At a opinions on any controversy or other matter referred
conference at Geneva in September 1926, at which to it by the Council or the Assembly." As Article
the United States was not represented, "certain con- 14, relating to a particular matter, contains no exclusions and recommendations regarding.the pro- ception to the requirement of a unanimous vote, a
posals of the United States, together with a prelim- number of authorities in international law have
inary draft of a protocol regarding the adherence of taken the view that the requirement of Article 5,
the United States which the conference recommended being general in scope, governs the action to be taken
that all the signatories of the protocol of signature under Article 14. The point is evidently one that
of Dec. 16 1920 (containing the plan of the Court), should be cleared up, irrespective of the particular
should adopt in replying to the proposal of the case of the United States.
United States," were agreed upon. Twenty-four
The case for the World Court as a European
Governments have since accepted the recommenda- tribunal was well stated by Mr. Root in a statement
tions of the conference, together with the proposed given out on his behalf last Saturday, the day on
protocol, with the result that the first four of the which he sailed for Europe. "It is difficult," he
Senate reservations and the first part of the fifth, said, "to see how the business of establishing peacethe latter stipulating that advisory opinions should fully a new order of things, following the many
be rendered only in public session, have been agreed changes of territory and boundaries provided for by
to. The only obstacle, apparently, to American ad- the Treaty of Versailles, could have been carried on
herence to the Court Statute is the second part of without the opportunity to appeal to this Court
the fifth reservation quoted above.
when States had grown too angry to agree with each
Mr. Kellogg then points out that the objection of other and neither side was willing to humiliate itthe Conference to the reservation in question "rests self by giving in. It seems manifest that the opporupon the presumption that the adoption of a request tunity to appeal to some jurisdiction is a practical
for an advisory opinion by the Council or the Assem- necessity to the future peaceful conduct of affairs,
bly of the League requires a unanimous vote." It particularly in the Near East." Mr. Root added,
was further stated, however,"that since this has not however, in regard to his own mission, that "there
been decided to be the case, it cannot be said with has been no suggestion of any fundamental changes
certainty whether in some or all cases a decision by in the statute or anything more than minor adjusta majority may not be sufficient, but that in any ments to the machinery. Nor has there been any
case where a State represented on the Council or in suggestion of any desire that the committee shall
the Assembly would have a right to prevent by oppo- deal at all with the subject of the relations of the
sition in either of these bodies the adoption of a United States to the Court." A Geneva dispatch of
proposal to request an advisory opinion from the the same date to the New York "Times" announced
Court, the United States should enjoy an equal that Mr. Root was expected to arrive at Geneva on
right." The United States, the note continues, "de- March 1, three days before the regular meeting of
sires to avoid in so far as may be possible any pro- the League Council, and that the League secretariat
posal which would interfere with or embarrass the had decided not to draw up any proposals for the
work of the Council," but there are nevertheless committee of jurists, ostensibly from a desire "to
"some elements of uncertainty in the bases of these leave the jurists quite free to take up the work of
suggestions" of the conference "which seem to re- revision as they think best," but actually because of
quire further discussion. The powers of the Council "fear that any such proposals coming from the
and its modes of procedure depend upon the Cove- League might somehow hinder efforts to arrange
nant of the League of Nations, which may be American entry into the Court."
It is, of course, to be borne in mind that the United
amended at any time. The ruling of the Court in the
Eastern Carelia case (a case involving a territorial States has already agreed to adhere to the World
controversy between Finland and Russia, in which Court, provided the conditions laid down in the
the Court, in January, 1923, declined to give an Senate resolution are accepted, and that all but one
opinion on the ground that Russia, not a member of of those conditions have been accepted, in one form
the League, had not consented to the submission of or another, by a majority of the signatory Governthe question) and the rules of the Court are also ments. If, as a result of Mr. Root's mission and
subject to change at any time." For these reasons, Secretary Kellogg's note, the remaining condition
the note declares, it appears that the protocol of the shall 'be complied with, the United States will autoGeneva conference "would not furnish adequate matically become a member of the Court. The most
protection to the United States." It is to clear up surprising thing about the note is the change which
FEB. 23 1929.]
FINANCIAL CHRONICLE
1111
it indicates in Mr. Coolidge's attitude. In November to "business." This in turn created an appearance
1926, speaking at Kansas City on Armistice Day, of "good times." And, since the pressure behind the
Mr. Coolidge said: "While no final decision can be new production was unequal, the distribution of the
made by our Government until final answers are proceeds of the energies awakened seemed to make
received, the situation has been sufficiently devel- some nations more wealthy than others. And allowoped so that I feel warranted in saying that I do ing for certain modifying features and phases, the
not intend to ask the Senate to modify its position. general truth may be stated that therein is the origin
I do not believe the Senate would take favorable and cause of the familiar legend that the United
action on any such proposal.. Unless the require- States is the most prosperous nation on earth.
We do not minimize the fact that in its resources,
ments of the Senate resolution are met by the other
interested nations, I can see no prospect of this acumen, and energies, it developed the greatest recountry adhering to the Court." Now, after a lapse siliency to adverse conditions. But even its normal
of somewhat more than two years, the signatory advance, due to the possession of these characterGovernments are invited to consider whether the istics, and its natural power of equable distribution,
safety of the United States may not be insured "in were thrown out of joint by the necessity of turning
some other way or by some other formula" than that aside from ordinary and cumulative industrial life
of straightforward acceptance of the Senate reser- to repair the waste of war. Thus for the years since
vation. It can hardly need to be pointed out that if the armistice our building trades have enjoyed an
the condition imposed by the Senate is to be met unprecedented activity—to overcome the apathy inby some alternative proposal, involving some modi- duced by war. Conditions now seem to'point to the
fication of the Senate contention, the whole question conclusion that the void has been filled, and because
will have to go back to the Senate for reconsidera- of the apparent rapid increase, has been overreached.
tion, since only the Senate can alter what the Senate What ensues in this industry henceforth will relate
has voted. In that case we should have the World itself to the continuing demands of increasing population and trade together with the added demands
Court debate all over again.
Fortunately, perhaps, there will be no early de- for improvements over old forms. As to the incision in any case, as Mr. Root made clear in his crease in our foreign trade two contrary forces have
statement of Feb. 16. The committee of jurists, been at work—the demand made by the dearth of fiwhich is to meet on March 11, is expected to require nancial power abroad to energize the nations impovat least two weeks for its work. Its report must then erished (far more in actuality than ourselves) by
go to the Council of the League, which meets in June, war, and the weakened consuming power of these
and thence to the Assembly, which meets in Septem- nations, or their peoples more properly, for our
ber. After that, if the League agrees upon some .goods. Coupled with these activities that seem to
action, its proposals will have to be taken up by the give zest, momentum and volume to our production
various signatory Governments. It will be well and exchange is another of large import—the fact
toward the end of the year, accordingly, before we that agriculture lost its markets and high prices at
shall know what the decision is likely to be. There the time when its natural productive power was
will be ample time for Mr. Hoover to let it be known most stimulated by abnormally high prices. (This
where he stands on the question, and for the signa- brought forth our "farm problem" which in essence
tory Powers to decide whether or not it is worth is nothing more than a false appearance, for our
while to accept the Senate reservation, and make the agricultural production is inherently as strong as
Court a World Court and not merely a Court subject it ever was.)
It remains to examine and rightly analyze our
to the League, for the sake of having the United
And here we discover a new element
Court.
the
manufactures.
States a member of
—the invention and introduction of labor-saving maArtificial Prosperity.
chinery, and the appearance of instruments that,
Now that there seems to be indicated a return to though some of them minister to comfort and pleasmore normal conditions, we may examine into the ure, are to be classed predominantly as luxuries.
elements of real prosperity. In the first place, the We find manufactures turning from supplying
impetus of war is not a healthful force in any kind wants and needs to supplying in enormous quanti•of industry or trade. War creates a vacuum in ties these new things that engage the attention and
legitimate production; and the extra effort to fill whet the consuming appetite of the people for luxthis vacuum, though necessary and salutary at the uries. Co-ordinate with this vital condition is the
time, is after all a mere reparation of waste, though continuance of high wages due to several causes—
often attended by pernicious ill effects, since it en- one, the coercive power of union labor to compel paycourages false notions of what constitutes genuine ment of war scales and in some instances to increase
prosperity and leads to the setting up of false stand- them; another that anomalous factor known as
ards. No nation or people, therefore, ever actually "mass production" through machinery, enabling the
got rich because of a war. Nor did the United manufacturer to pay the high rate of wages, though,
States because of the World War! So that in an as far as he is concerned alone, to a smaller numexamination of the feverish "prosperity" of the last ber of employees; another, the remarkable rapidity
few years we must take note of the antecedent ef- of demand and supply of these new luxuries, thus
taking up the slack of unemployment due to laborfects of "the greatest war in history."
What in broad terms did that lamentable struggle saving together with the peculiar nature of some of
do? It consumed vast quantities of property in the these luxuries to create and diversify occupations
form of supplies, buildings, ships, cultivated lands. consuming the energies of and affording a liveliIt employed in waste huge amounts of human energy. hood to individuals.
Note now two major facts: First, there are in these
It took a heavy toll of human life that is lost forand readjustments no normal elements
The
conditions
rush to fill the gap in normalcy this
ever.
brought about, gave a sudden accelerated momentum of a bona fide "prosperity" caused by the consistent
1112
FINANCIAL CHRONICLE
Fora 128.
moving forward of the activities of a people sus- Empire had been crowned, hung in his Treasury. His
tained and energized by initiative and enterprise. personal ancestry ran back in almost unbroken line
The world is not normal even now. Second,the very for 500 years, and the line, beginning with the corostate of affairs we have outlined has induced, here nation of Charlemagne and extending since more
with us, and everywhere else, an unprecedented ap- than 1,000 years, was now to pass away. The story
peal to the use of credit, which, once in motion, feed- of his unique reign of 68 years and of his personal
ing upon itself as cell begets cell, has caused an in- character, so reserved and little understood, is now
ordinate expansion and inflation in the processes of told by one of his officials who has had access to all
industry, commerce and finance!
the records.*
Now, and note the simple truth of things, conCalled fo the throne at the age of 18, he had little
cealed within, and overtopped by, these fictitious or no knowledge of the world. He had been brought
and abnormal elements, are the normal activities up by his mother, an ambitious woman of strong
(with us) of a hundred and twenty millions of peo- will, who had endowed him with the physical constiple, supplied with unparalleled natural resources tution of her family,and educated him for the throne.
awaiting exploitation and use, pushing forward the When he was announced as successor to the throne
work and sustenance which make up the real "pros- and issued the expected proclamation of devotion to
perity" of any and every people. We have not been the Constitution of the State the leaders knew that
idle, nor will we be. We have then, to use a figure it would be entirely subordinate to his purpose to
of speech, in the years subsequent to the war, the be true to his training. The ancestral trust of the
furnace fires of our industries and activities well throne had come to him. The misleading world of
tended and glowing with power to produce normal- his imagination did not disturb the absolutism he
ly, but lighted up with the credit-begotten electric had been taught, and which was to be fixed imfloodlights of our extravagant living and its luxury- movably by the teaching of his chief minister, Prince
demands,shedding upon the whole scene the glamour Schwarzenberg. He surrounded himself at once
and illusion of unprecedented "prosperity." We with men of his own breeding and views, and held
need not show that in this condition the magnify- off all others. As time went on he yielded in part
ing power of expansion and inflation has brought to circumstances, but only under compulsion. His
about self-deception and a consequent over-extended court was the center of the greatest realm in Europe
confidence and over-strained courage, that has excepting Russia. His grandfather, whom he succhanged investment into speculation, and culmin- ceeded, was, after the death of Napoleon,first among
ated, as one phase of its artificiality, in the great- European sovereigns. The diplomacy of Metternich
est and longest and most audacious "bull market in and the loyalty of his people gave him secure place.
history."
The German element in Austria representing the
There is nothing to be afraid of. Always after the new spirit in Europe was held in check by the settled
fever there is rest. When the dreams disappear the system of government established by the Emperors,
reason returns. The bubble is relatively small, filled and the nation was settled in its ways by able stateswith hot air or gas (no pun intended), which es- men who could guide legislation and keep the army
capes, at the prick of a pin, into the limitless air at its best without creating popular discontent. He
of work and conservation by which we live and had only to accept accustomed ways; and there was
thrive. We seem, as said at the outset, to be again no change in the omnipotence of the State, or need
seeing things whole. We come nearer knowing now of concern about the views of the middle classes or
what real prosperity is than ever before. We know, the low position of the peasantry. The ruling class
or will soon know, that it is not the stock market other than the Emperor had no initiative except in
or the stock-market claims to the best and biggest repressing everything new. It was,in short, a patriof everything. We know that it is not in credit it- archal government, content to do nothing. The strong
self, in its volume or its response to every frenzied will of the Emperor sufficed with the forces at his
cry, rather in the actual activities that it sustains command to suppress disturbance which at any time
than in those it aids and abets out of time and out he could not remove. Wholly apart from any quesof place. Instead of discounting the future earn- tion of his age or lack of experience, he was to rule
ings of trade and industry we will turn aside to dis- the State and to maintain it against every outside
count the false glare and glitter of gold unearned, influence or attack. It was an age of great disturbof profits unrealized, and of a "prosperity" seen ance, and more was to come, but to the end these
through the rainbow colors of inflation and the hyp- were to be held off from affecting the life or the
nosis of repeated claims that never were true.
government of the realm, and he lived true to this
If this shindig of stock-exchange dancing to the conviction through the pressure of modern demojazz-music of overnight riches shall soon exhaust it- cratic and revolutionary ideas until the world war,
self and turn the people to serious estimates of life in the course of which he died, by outside forces
and living based on the normal activities of business which he could not withstand, destroyed the Empire
in their free and fertile powers to sustain a continu- which perished with him.
ous advance, it will have performed a blessing unThe young Emperor was little more than settled in
awares. "Don't sell the United States short." No— his new position than the series of strenuous events
and don't leap so long ahead that realities will never began which crowded upon one another through
catch up with dreams; or, common sense overtake his entire reign. Czar Nicholas decided to establish
boasting.
friendly relations and early took occasion to meet
him. But trouble in the Balkans started differences,
The Story of Francis Joseph and the End of and the Crimean War in 1854 widened the breach
the Oldest Empire.
with Russia, and emphasized the importance of
When on that November day in 1916 the Emperor Austria's position in Central Europe, which three
Francis Joseph died, the crown with which for many years later the Sepoy Rebellion, by drawing Engcenturies the German Emperors of the Holy Roman °Emperor Francis Joseph of Austria, by Joseph Redlich. Macmillan Co.
FEB. 23 1929.]
FINANCIAL CHRONICLE
land's strength to the Far East, increased. The
war with Italy in 1859 and the defeat administered
by Napaleon III gave Bismarck the opportunity to
expand the dominion of Prussia, first by repressing
Denmark, a.nd then, in 1866 at Koniggratz, securing
the formation of the Federal Constitution of Germany entirely to Prussia. This was the first aggressive step in the independence of the Central European States under Prussia's lead, to be followed in
1870 by the war with France and the creation of
the German Reich at Frankfort, with William I as
Emperor.
Meanwhile disturbance at home compelled Francis
Joseph to accept in 1867 a dual relation with Hungary in which, while still Emperor of the Austrian
Empire, he consented to be recognized as King by
Hungary. With the creation of the Dual Monarchy
began the 25 years of the most fruitful period of
his life. He had the powerful support of Tisza, the
Hungarian leader, and of Count Taaffe, his own
chief minister, and secured the mastery which led
him to accept the idea of reconstruction, restored his
freedom of action in foreign affairs, and made him
ready for sacrifice at times of conviction which
strengthened his supporters and secured his position. Even the Magyars accepted him heartily. The
Empire from 1867 on embraced in fact three independent governments, those of Austria and Hungary,
and that of the united nations composing the Empire,
the one normally responsible to the people but, in
fact, to the Emperor and his appointees. This worked
successfully and passed through the various crises
until the fall of the Empire.
Francis Joseph found comfort in the new recognition of imperial rights in Europe created by the
German Reich at Frankfort, only to have his subserviency to the iron hand of Bismarck emphasized
in the burden laid upon him by the war of Russia
with Turkey which he sought to prevent, and Russia's humiliation at the Treaty of Berlin. The assignment of Bosnia and Herzgovinia to Austria gave a
show of added importance which only increased
Francis Joseph's burdens. This strengthened the
local unrest which made it imperative for him to accept the adjustment of dual relations with Hungary.
There followed years of violent disturbance elsewhere in the world in which Austria had no immediate share, and the Emperor was able to restrain
various revolutionary efforts at reconstruction at
home, until 1914, when Austria, with all Europe, was
drawn into the world war, which made the great
break in modern history.
Meanwhile sorrow after sorrow had fallen upon
him in the tragic suicide of -the Crown Prince
Rudolph, in January 1889, the assassination in Geneva in September, 1898, by an Italian anarchist, of
Empress Elizabeth whom he deeply loved, and on
whom he had become greatly dependent; and then
in June 1914 the assassination at Sarajevo of his
nephew Franz Ferdinand, now to be his successor,
with his beautiful wife. One after another the Men
on whom he depended had died, or had to*displaced; his most trusted generals had proved incompetent. His solitude had deepened. Inevitable compromises and readjustments of the government had
left him unchanged in his position and convictions.
Weakened by the long strain and advancing years
he had undertaken reform in the line of popular
demand only to find fresh opposition among his
imperial supporters.
1113
War was threatening anew on his southern frontier, in fact on three fronts, as Rumania had become
hostile as well as Serbia, while Russia was stirring
up trouble and Italy was restless. His Chief of
Staff, General Conrad, had repeatedly laid plans
before him for a preventive war with Italy and
Serbia, which Aehrenthal, his Premier, knowing the
Emperor's views, had opposed. Aehrenthal had now
died, and Conrad renewed his warnings of coming
war, but Francis Joseph was determined to maintain peace. The tension was increasing when in
April of 1914 the Emperor was taken seriously ill
and his life hung in the balance. To the amazement
of his physicians, though 84 years old, he rallied, and
the day after his removal to Ischl from Vienna the
news from Sarajevo was brought to him. The catastrophies of his reign had culminated in the one that
was to shake the world. He still wanted peace, but
pressure about him was too great and he sanctioned
the Ultimatum to Serbia which brought on the war.
The appalling losses that soon followed "hit him
hard." He did what he could to sustain the courage
of his people whose distress quickly became severe.
There was unrest among the various peoples comprised in the Austrian army, and complaint of the
incapacity of their leaders whom he strove to sustain. In the autumn of 1916 the assassination of
his Prime Minister, Count Sturgkh, occurred; the
Emperor was ill and died almost immediately after
this last blow.
Reviewing his career his biographer says that the
most calamitous circumstance of his life was, that
at the beginning of his career he was set by his
advisers in sharpest opposition to the political conceptions of his age. His simplicity of purpose and
of vision, and his steadiness of character were sufficient to attach the men he chose loyally to him. This
secured him successive devoted adherents. But as
these fell away the solitude of his position increased.
While the Prussian Court, at the beginning of
Francis Joseph's career was filled with leaders of
thought, as Humboldt, von Ranke, Bunsen, and the
like, he seems to have little regarded it. Vienna in
his day was sufficient in itself. He limited his court
to the nobility. Entirely surrounded by people tolerating no departure from tradition, he became established in antagonism against everything new. He
could clear away the Constitution he had himself
promulgated and then declare himself autocrat,
while he took every detail of government into his
own supervision.
He inevitably lost independence of action for he
restricted his vision, and he got little wisdom from
the men about him. The air was full of revolutionary schemes of government and he stood out against
them all. When at last he yielded and after Franz
Ferdinand's assassination only a temporary substitute was appointed in his place, when the Emperor
himself died the Empire fell with him.
He remains the most solitary, the least understood,
and in many ways the most pathetic character in the
history of the recent rulers of Europe.
The Wanderings of Science.
The recent meeting of the American Association
for the Advancement of Science held in New York
City, with an estimated attendance of 5,000 members, was not adequately reported in the daily newspapers. Hundreds of the papers read, in the various and numerous sections, were, of course, too tech-
1114
FINANCIAL CHRONICLE
nical for common consumption. But it would be
quite beyond the mission of the newspaper to try to
epitomize in readable form the vast mass of investigation here disclosed, even if it could be popularized. As a result, certain of the bizarre features
were given an undue prominence. Ideas that stick
out against our average beliefs caught the attention. The wonderful was thus dramatized. And yet
even in the scrappy reports that were afforded the
public we gain a remarkable if not very accurate
picture of the researches of Pure Science. And in
awakening our wonder by glimpses of the vast universals we are sometimes made to question the utility of knowledge that cannot be adapted to human
uses and which at best is but a temporary standing
place from which to press on. For science, though
sometimes dogmatic in the extreme, is constantly
revising its reasonings and conclusions.
For instance, a geologist, Professor Alfred C.
Lane of Tufts College, announced to his section that
the age of the earth, placed at 500,000,000 years,
would no longer suffice, and must be doubled. We
quote from the reporter's account: "The error, he
explained, was made in the method of computation
by means of the amount of salt carried to the oceans
by rivers and flood waters. He said that the proportion of salt in rivers is greater than in flood
waters and that up to this time it had been assumed
that the proportion was the same. He said that the
physicists who have estimated the age of the earth
as 900,000,000 years were closer in their estimates
than the geologists who have accepted the 500,000,000 years theory." Now, considering the tremors
that still run through our terra firma, growing pains
of the rock-ribbed, the correction of a mistake of
500,000,000 years may add somewhat to our feeling
of security, but not much. Of a verity, accuracy is
always to be desired, but when we are compelled to
divide the salt in the rivers from that in the flood
waters and then measure the oceans and weigh the
salt in them and compute the number of years it
took to put it there by the annual flow and overflow (if this is the method), there is ample room for
both mathematical and physical mistakes. But right
or wrong, the knowledge as far as we can see is not
an aid to the settlement of the farm problem or the
hydro-electric question. As an exercise in pure science investigation, it is of great importance, but
in these halcyon days of machines and mass production, will this magnificent fact of a billion years old
earth butter any parsnips? It is good to know how
old our planet is, but as we shall see a little later,
the object of our research is a very insignificant
thing in itself, though none of us seem ever quite
ready to depart from our old home.
However, this is only one random thought thrown
out by this comprehensive convocation. Take another. Dr. John H. Gerould of Dartmouth College
before the Zoological Section "explained the results
of experiments on the heartbeats of a butterfly. He
had been able to see the butterfly's heart beat in both
directions, he said, and in this respect it was more
efficient than that of man. His observations confirmed a theory first advanced by Marcell° Malpighi
who lived between 1628 and 1669 but who was discredited, and his theories lapsed into oblivion until
Dr. Gerould sought to ascertain their truth." Now
just what Malpighi's theory was is not made quite
clear to us, but we have no doubt the reporter did his
best considering the nature and importance of the
[VoL. 128.
subject, not having been present at any of the experiments himself. Nevertheless, we are grateful to
think that the theory was not allowed to lapse into
"oblivion" forever. Amid the billions of human beings whose hearts and heartbeats are dust, we had
not thought much about the hearts of butterflies.
But at least we can now realize that they are important—to the butterfly. We have read often of the
"heartbeats of humanity," and since pure science
has shown to the learned professor the beating in
both directions of the butterfly's "more efficient
heart," there is some hope that we may yet cure our
own palpitations and improve the mechanism. But
can Malpighi or Gerould tell us what makes the
heart beat? Let us not be too critical. Given
enough butterflies and enough light-years, we shall
no doubt prove the worth of these independent investigations untainted by any industrial motive.
Even so, will there be any more sympathy in the
world than there was before; and since the heart is
the seat of love, will man love his neighbor as himself? It does not yet appear!
But let us pass on for a day or two in these proceedings. There are so many of these ologies, and
our newspaper space is so short. Come to think
of it, science is now endeavoring to bound space.
Einstein's light line, so some of the learned say, extended far enough, comes back to the same point.
It is a sort of confirmation of a bounded space. You
may be able to think there is no space beyond this
circle, but it is very hard to do. At any rate, according to the telescope, fortified by mathematics,
the exact science, there is plenty of room in the new
conception of space for billions of stars and systems
of stars. The infinite seems to grow the more you
study it; while our earth, which we love and fight
over through the recorded centuries seems continually to shrink in significance.
And as for man, his "relativity" approaches the
minus sign. But let us gather a few nuggets of wisdom from the astronomical section. It is a far
leap, for the reporter records the results of experiments by Dr. Frank E. Lutz with insects that supposedly can exist "in outer space where the interstellar atmosphere would make life untenable." The
reporter writes: "In such experiments, where air
pressure was reduced to a point where human beings
could not live, a milliped or "thousand-legger" was
able to live and run inside a tiny squirrel-cage wheel
built for him without missing a stroke with a single
one of his legs." Astronomy! And foremost, the
"nebular hypothesis"! And consequently "a new
concept of God"! Dr. Harlow Shapley, director of
the Harvard College Observatory, announced in a
lecture that he and his colleagues have proved that
"intergalactic space is transparent"; therefore there
can be no obstacle to a correct measurement of the
nebulae lying outside the Milky Way. These little
fluffy faint night clouds that seem to float somewhere in the far outer space are galaxies of universes. Dr. Shapley's lecture was entitled: "The
Galaxy of Galaxies, New Developments in the Study
of the Superorganizations Outside the Milky Way."
The reporter writes: "Since he measured the first
globular star clusters, showing that our galaxy or
universe consists of more than 10,000,000,000 (stars)
Dr. Shapley has been haunted by the possibility that
it might be impossible to measure effectively the
distances between the galaxies because of interference by meteors, planets and other solar systems.
FEB. 23 1929.]
1115
FINANCIAL CHRONICLE
Now after several years of research in co-operation and lfillikan. It is of little value to attempt to inwith Miss Adelaide Ames, the problem has been culcate a view of God so hopelessly inadequate and
solved." The reporter continues: "His conclusions out of date as that which was slowly and painfully
concerning the virtual emptiness of intergalactic evolved by the semi-barbarous Hebrew peoples in the
space, said Dr. Shapley, came from examination of days when a rudimentary type of geocentric and
the 2,750 faint nebulae in the Coma-Virgo region. anthropomorphic outlook reigned supreme and unIf a watch one and one-half inches in diameter were challenged."
to represent our galaxy, the Coma-Virgo cluster
Without entering into a discussion of this matter
would be a cloud two feet in diameter, six feet away, for ourselves may we not remark that, adequate or
or ten million light years away. The problem be- inadequate, that conception involved something outfore astronomers now, he explained, will be the side of matter and space, a something that warmed
measurement of intergalactic space sixty feet from the heart and comforted the soul, a something with
the watch, or a hundred million light years away, a spiritual quality that science does not seem to
the light year being the distance that light, with a find anywhere in its wanderings through intergalvelocity of 186,000 miles a second, will travel in a actic space in search of the rhythm of the superyear's time (approximately six trillion miles)."
universes. And of what avail these nebulae and
Now the wonder to some will be not that Dr. light-years while one man goes hungry and would
Shapley can measure these incomprehensible dis- but cannot work. Say what you will, applied scitances, but that in the clear stellar atmosphere flow- ence even in a machine age and mass production and
ing so far from home unobstructed by other galaxies, "business" has some independent features far from
he could find these particular Coma-Virgo splashes sublime worth.
of light at all, and locate them so accurately. And
again, since they are so many light years away, like
The Country's Foreign Trade in 1928.
day clouds on the earth, who can say they have not
Taken as a whole the foreign trade of the United
been dissipated in the "super-universes" flux and are States for the year 1928 measured up to that of any
not there at all? It would be unfortunate to spend preceding year, if it did not exceed all previous
so much time measuring and locating a galaxy that records. In some important particulars the latter
floated away ten million light years ago. But be was the case. Measured by money value, which is
this as it may, finding a needle in a haystack will the only way in which a comparison covering the
be mere child's play when he has finished his re- complete return can be considered, there have been
searches. And it is quite sad to think that in a two or three years of the past ten years, in which
hurrying world not yet safe for democracy, we have the total value of merchandise exports and imports
been so long deprived of this important knowledge. combined has exceeded that of the year just closed.
Comes then Dr. Harry Elmer Barnes, of Smith Two of these three years,1919 and 1920, were during
Colleger, with a paper on "Medical Science versus a period in which exceptional conditions incident to
Religion as a Guide of Life." Dr. Barnes was later the war in Europe had so advanced prices that an
severely criticised for injecting his theorem into the even comparison is practically impossible. For the
Association's proceedings, but was there not logic third year, which was 1926, the exceptionally high
in his bomb-shell? Somewhere behind or beyond market prices of two commodities, rubber and coffee,
the super-universes and the light years there should both of which bulk very large in the import trade of
be a cause. And to study phenomena without once this country, caused an unusually high total. The
referring to the Cause woula naturally be anomal- heavy contributions of these two items in the return
ous. But his critics contended. that the study of for 1926 will more than account for the difference
atoms, electrons and super-universes, was not a in favor of that year, as compared with last year. As
study of God and ought not to have been injected to a number of the commodities of which our exports
into the Sciences—though, if we read aright, they are heavy, sales abroad last year were considerably
passed resolutions against the limitation of the in excess of any earlier record.
teaching of evolution which is generally accepted as
(CALENDAR YEARS).
contrary to "fundamentalism." If science is to de- U. S. MERCHANDISE EXPORTS AND IMPORTS
Total Trade.
Exports.
Imports.
Excess.
stroy the most precious hopes of man it ought, in its Cal. Year.
$
$
$
I
proud wisdom, to give him some little something to 1902
1,360,685,933
2,330,002403
969,316,870 Exp. 391,359,063
1,484,753,083
1480,247,410
995.494,327 Exp. 489,258,750
cling to and not thrust him into bounded or un- 1903
1,451,318,740 1,035,909,190 Exp. 415,409450
2,487,227,930
1904
1,626,990,795 1,179,144,550 Exp. 447,846,245
2,806,135,345
1905
bounded space to keep company with the nebulae out 1906
1,798,243,434 1,320,501,572 Exp. 477,741,862
3,118,745.006
1,923,426,205
1,423,169,820
Exp.
500,256,385
3,346,596,025
1907
beyond the Milky Way. But truth, we suppose, in 1908
1,752,835,447 1,116,374,087 Exp. 636,461,360
2,869,209,534
1,728,198,645 1,475,520,724 Exp, 252,677,921
3,203,719,369
the wisdom of pure science, is more than faith in 1909
1,866,258,904 1,562,904,151 Errs. 303,354.753
1910
3,429,163.055
2,092,526,746 1,532,359,160 Rap. 560,167.586
3.624.885,906
1911
the yearning heart of man, more than the philosophy 1912
2,399,217,993 1,818,073,055 Exp. 581,144,938
4,217,291,048
2,484,018,292 1,792,596,480 Esp. 691.421,812
4,276.614,772
1913
and religion he has so patiently and painfully con- 1914
2,113,624,050 1,789,276,001 EZIL 324,348,049
3,902,900,051
3,554,670,847 1,778,596,695 Exp.1,776,074,152
5,333,267,542
1915
structed for himself. Something like this may have 1916
5,482,641,101 2,391,635,335 Ezp.3,091,005,766
7,874,276436
9,185,980,552
6,233,512,597 2,952,467,955 Ezp.3,281,044,642
thought Dr. Barnes. But let our reporter give us 1917
1918
6,149,087,546 3,031,212,710 Exp.3,117.874,835
9,180,300,252
1919
7,920,425,990 3,904,364,932 Exp.4,016,061.058 11,824,790,922
the key to his remarks. We quote: "Dr. Barnes 1920
8,228.016,307 5.278,481,490 Exp.2,949,534,817 13,506,497,779
1921
4,485,031,536 2,509,147,570 Exp.1,975,883,786
6,994,179,109
3,831,777,469 3,112,746.833 Exp. 719,030,636
6,944,524,302
said that if there is a greater need for an adequate 1922
4,167.493,080 3,792,065,963 Exp. 375,427,117
1923
7,959,559,042
4,590,983,845 3,609,962,579 Exp. 981,021,266
8,200,946,424
conception of God,'this newer view of God must be 1924
1925
4,909,874,511 4,226,589,2 3 Exp. 683,2 8, 48
9,136,43 .774
4,808,660,235 4,430,888.366 Exp. 377.771.869
1926
9,239,548,601
formulated in the light of contemporary astrophys- 1927
4,865,375.325 4,184,742,416 Exp, 680,632,909
9,050,117.741
l nal 11414n
PSD 1 (197 Ran
oln nog
ics, which completely repudiates the theological and
cosmological outlook of Holy Scripture. . . .
Merchandise exports from the United States for
What we need,' he said,'if a notion of God is needed, the year 1928 amounted to $5,128,809,000 and imis such a conception of God as Dr. Fosdick might ports to $4,091,114,000, the excess of exports being
work out in the light of the astrophysical discov- $1,037,695,000. In no previous peace-time period has
eries and conceptions of Shapley and Michelson and the value of exports in 1928 been equalled. The same
the study of atoms and electrons by Bohr, Peanck thing is true as to the export trade balance. For the
109II
K 194 52110 5t70
ORR
0
•
Kon
1116
FINANCIAL CHRONICLE
[Von. 128.
year 1927 merchandise exports amounted to $4,865,- chinery the gain in quantity has been relatively much
375,000 and imports to $4,184,742,000, the excess of greater than the increase in value.
Exports of motor cars and trucks have now taken
exports for that year being $680,633,000. Exports
increased in value last year over 1927 by $263,434,- the first place in the machinery division, the value
000 or 5.4 per cent., while the loss in imports in 1928 being $500,174,000 for 1928, an increase over 1927
from the preceding year was $93,628,000 or 2 per of nearly 48 per cent. As might be expected Canada
cent. Exports in 1927 were 1.2 per cent. higher than is our largest customer for motor cars, although
those of 1926 and imports in that year showed a Argentina, Brazil and other South American counreduction of 5.6 per cent. from 1926. Going back tries are important patrons. Two other large buyers
to the year prior to the European war, the volume of are Australia and British South Africa. Shipments
our foreign trade has more than doubled. Exports to Belgium, Germany and Sweden were also very
in 1913 were the highest on record up to that time, large. Agricultural implements continue to show
and were valued for that year at $2,465,884 and heavy shipments abroad; also tractors which are
imports in 1913, which were also at the top, included in this class. Canada is also our leading
amounted to $1,813,008,000. The increase last year customer in this line; likewise, Argentina and Ausover 1913 in the exports was 106.5 per cent. and in tralia. Exports of industrial machinery last year
the imports 125 per cent. According to such calcula- were valued at $226,626,000 an increase over 1927
tions as have been made, it is estimated that fully of 13 per cent.; also of electrical machinery, for
sixty per cent. or perhaps two-thirds of this increase which the value was $88,959,000. These four divifrom 1913 to 1928 is attributable to a higher range sions of machinery contribute more than 90 per cent.
of the total of all machinery exports. There was
of commodity prices at this time.
a
substantial increase last year in the exports of
The improvement in exports last year was quite
ores
and other metals; in petroleum and petroleum
were
eight
There
general throughout the year.
months in which an increase was shown but it was products, and in the chemical division. With metals
in the final quarter of the year that the gain was are included steel mill products, of which the exports
particularly heavy. The larger movement, too, was last year were considerably heavier than in the prequite well distributed, only one of the larger divi- ceding year; also, hardware and tools, the movement
sions, breadstuffs, showing a reduced valuation as for the latter being equally large. Exports of copper
compared with the preceding year. In the following last year exceeded those of 1927 and there was some
table the changes from year to year in a number of increase in shipments to Great Britain and France,
leading staple articles of export such as cotton, notably the latter, but a reduction appears in the
breadstuffs, machinery, chemicals, ores, petroleum movement to Germany and to the Netherlands. Tin
and provisions are shown, also the relation that each plate shows some falling off in exports last year
of these articles bears to the total movement from compared with the preceding year.
The increase in the value of exports of petroleum
this country to foreign ports. The compilation
and petroleum products in 1928 is reflected in a
covers four years:
mil larger movement of crude petroleum, in gasoline,
Imig
1.1.s.
frt....
'Ratio
•
a - •
Ratio
I Ratio
Ratio
kerosene and lubricating oils. A reduction, however,
to
to
to
1925.
1928.
Exports.
1927.
to
1926.
Total
Total
Total
Total
appears in exports of fuel oil. Exports of coal were
$
$
3
$
%
%
%
%
Cotton_ 912,848,839 17.7 826,318,064 16.9 814,429,305 16.9 1059,751,151 21.6 again reduced quite heavily last year, as they had
Bedstfs 315,693,080 6.2 443,766,775 9.1 355,686,698 7.4 351,790,807 7.2
been in the previous year, and in 1928 were only
Mach.,
SsAve....- 1035,415,935 20.2 857,017,873 17.6 755,934,310 15.8 720,477,621 14.7
Chem- 137,305,139 2.7 132,250,932 2.8 124,856.478 2.6 116,345.129 2A 'about one-third of the heavy movement of two years
Total_ 2401,262,993 46.82259,353,644 46.42050,906,791 42.72248,364,708 45.9 ago. The value of bituminous coal shipments abroad
°resolve 500,169,931 9.8 460.217,259 9.7 459,184.421 9.5 463,493,233 9.4
Petrofre 525,536,787 10.2 485,903,129 9.9 554,533,629 11. 472,951,855 9.6 last year was only $59,464,000 compared with $71,Pen,Ow 228,435,083 4.5 226,247,504 4.7 284,853,568 5. 323.181,434 6.6
All oth.1473,404.585 28.7 1433,653,789 29.3 1459.181.820 30.3 1401,856,281 28.5 329,000 in 1927. There was again a larger movement
Tot_ an 512R.809.379 100.04865.375.325100.04808.660.235 100.1 4909.847.511 100.0 last year both in quantity and value in the exports
Cotton held first place in our export trade last of leather, the increase being mainly to Spanish
year as it has previously, and the value of $920,008,- America. Leather exports to Great Britain and
963 for cotton exports in 1928 was considerably other leading European markets were reduced in
higher than in either of the two preceding years. 1928 as compared with the preceding year. AutoThe increase in value over 1927 was 11.3 per cent. mobile tires showed a slight reduction in exports last
There were exported last year 8,732,863 bales of year compared with the preceding year, the decrease
cotton against 9,477,744 bales in 1928, a decrease for in shipments to Great Britain and to leading conthe year just closed as to the quantity of 7.9 per tinental countries being quite marked. A much
cent. Taking the reduced quantity of cotton ex- heavier movement occurred, however, to China and
ported in 1928 at the lower export prices ruling Japan and other far Eastern countries. The foreign
throughout the year 1927, a difference of more than business of the United States in automobile tires
$158,000,000 is shown which to that extent added to in 1927 increased nearly 250 per cent over that of the
the value of cotton exports for the year just closed. preceding year, and was only slightly less in 1928
Machinery lines contributed more than $1,035,415,- than it was in 1927.
Two divisions into which our export trade is separ000 to the volume of our export trade last year, for
the first time in any peace-time period, the increase ated, have shown for a number of years quite a
over 1927 being in excess of twenty per cent. Last tendency in the direction of a recession, and in the
year the ratio of machinery exports to the total of figures for 1928 there appears little evidence of a
all exports was 20.2 per cent., while for 1927 it was change for the better. These two sections cover
17.6 per cent. There has been a constant growth exports of breadstuffs and provisions. In the year
for some time in this yearly ratio, the figure in 1924 1927, owing to a very large demand for wheat and
having been only 12 per cent. The value of our rye from the United Kingdom and from most of the
machinery exports is now not only in excess of pre- other European countries exports of breadstuffs
.ceding years, but as to some important lines of ma- were higher in value in that year, than they had
FINANCIAL CHRONICLE
FEB. 23 1929.]
been for a number of preceding years. This situation
was reversed, however, for the year just closed, and
the value of our exports of breadstuffs last year was
very much reduced as compared with the preceding
year, also in comparison with earlier years. Total
exports of breadstuffs in 1928 were only $315,693,000
compared with $443,767,000 in 1927. Last year the
ratio of our exports of breadstuffs to all exports was
only 6.2 per cent—it was 9.1 per cent in 1927; 7.4
per cent in 1926; 7.2 per cent in 1925 and 9.4 per
cent in 1924. Practically all of the leading cereals,
including wheat, and wheat flour, and rye have contributed to this loss. Corn, for which exports are
not important, barley and rice, are the only important exceptions in the comparison with 1927. As to
provisions, exports last year were valued at $228,435,000, against $226,247,000 in 1927 and the amounts
for these two years were also the lowest in a number
of years past. In 1924, the value of exports of provisions was $330,467,000, and this division has shown
a lower amount each year up to 1927. Last year the
slightly larger movement over the preceding year
was due to a small increase in the exports of lard
and bacon. In some lines there was a small increase
in quantity too, accompanied by a slight reduction
in the value.
The record of merchandise imports tells something
of the same story for the year just closed, as that of
the preceding year. As previously stated the value
of merchandise imports in 1928 was less than in
1927; the latter also showed a reduction in comparison with 1926. The decline was considerably greater
from 1926 to 1927 than it was for 1928 as compared
with 1927. An examination of the detailed statement, however, will explain the greater part of this
decline and it may be indicated that in reality, the
volume of merchandise imports measured by quantity was higher last year than in the preceding years.
Four of the leading commodities, constituting in
value from 25 to 35 per cent of our total imports, are
raw silk, crude rubber, coffee and cane sugar. In
the following table a comparison is made of the
amount of imports covering these four items for the
past three years, with the total for all other imports,
and the final total.
illk
Rubber
Coffee
Sugar
Total
All other
Total all
1928.
1927.
1928.
3287,997,000
244,855,000
309.848,000
207,025,000
3390,385,000
339,875,000
284,275,000
258,155,000
8392.780,000
505.818,000
322,748,000
232,530,000
$1,029,525,000 $1,282,870,000 $1,453,854.000
3,081.589,000 2,932.072,000 2,977,034,000
$4,091,114,000 $4,184,742,000 84,430,888.000
Imports of raw silk have shown a constant decline
in value for this whole period, the loss being particularly heavy from 1927 to 1928. The same is true
as to rubber, except that the decline for both last
year and the preceding year was very great. Coffee
shows an increase in value from 1927 to 1928, but a
reduction for 1928 as compared with 1926, while the
value of sugar imported last year was less than in
both of the two preceding years. In the aggregate
for these four commodities the decline in value last
year from 1927 was 17.8 per cent and for 1928 as
compared with 1926, 29.2 per cent. There was a
small increase in the value of "all other imports"
last year over both 1927 and 1926.
In the face of the heavy loss in the value of silk
imports last year, quantities for that commodity
were record figures, exceeding by a considerable
amount especially the imports for 1926. Likewise
as to rubber, which in the face of the particularly
1117
heavy decline in value during both years shows a
substantial increase in quantity imported for both
1928 and 1927. Coffee shows somewhat larger imports last year as to quantity, the same as in value,
but relatively the increase in value for 1928 was
greater than the gain in quantity. Compared with
1926, coffee imports last year were reduced in quantity at much the same ratio as appears for the reduction in value. Imports of sugar over this period of
three years have been somewhat irregular, but the
value last year was considerably less than in either
of the two preceding years. As to quantity, a constant and heavy reduction has appeared in sugar
imports for each year covering this period. To summarize: In the face of the large reduction in the
value of imports for these four important commodities,three of them show substantial gains in quantity
for 1928 over 1927, and also over 1926, while the
fourth, sugar, for which the value of importations
is the lowest of the four, alone shows a decrease in
quantity. Furthermore, for two of these commodities,imports in 1928 were the largest recorded.
Some other imports last year show a reduction in
value as compared with the preceding year. None
of these however involve nearly so large an amount
as in the case of the four classes given above. One
of these is imports of tin, the value for 1928 of $86,983,000 being smaller than in either of the two preceding years, with a decline of about 13 per cent
from 1927, and with an increase in the quantity imported in 1928 over both 1927 and 1926. Imports'of
unmanufactured tobacco were of considerably
smaller value last year than in 1927 and 1926; also
imports of furs, dressed and undressed; cocoa; unmanufactured wool; woolen fabrics, and copper ores
as well as the refined product. As to some of these
the quantity imported last year was less also than
in the preceding year. Other items of larger value
show quite an increase in imports for 1928 over 1927.
Perhaps the most important is newsprint, imports
of which last year were valued $139,411,000, threefourths of the importations being from Canada; this
compares with $131,489,000 in the calendar year
1927. Hides and skins are another at a value for
1928 of $150,810,000 which was higher than in 1927
by 33.6 per cent; burlaps; crude petroleum at $90,413,000 last year, 15 per cent in excess of the value
shown for imports of petroleum in 1927; leather, and
fertilizers. There are a great many other commodities included in the list of our imports, but for most
of them the amounts are small. They consist mainly
of manufactures more or less in a finished state,
and semi-manufactures. The total of these two divisions is in excess of 40 per cent of all imports and
the amount shows a substantial increase for 1928 as
compared with the preceding year.
Of the six grand geographical divisions into which
the statement of the foreign trade of the United
States is separated, there was only one, and that
Oceanica, where exports in 1928 were less than in
the preceding year. European countries, to which
we sent 46.3 per cent of all our exports last year,
showed a small increase in the value received over
1927. To North American countries, chiefly Canada,
we sent nearly 26 per cent of all exports and the
amount for last year was substantially, higher than
in 1927; also, to South America, although total exports to that continent are only about one-third of
the amount shipped to the North American countries, the latter including Mexico, Central America
1118
FINANCIAL CHRONICLE
and Cuba, as well as Canada. Relatively the greatest
gain in our exports last year was to Asiatic countries,
chiefly China and Japan. There was also a
small increase last year in our exports to
South Africa. The reduction in exports in 1928 to
Oceanica was largely in the smaller shipments to
Australia, this in spite of the fact that exports of
automobiles to Australia were very large.
In considering the export movement to the various
geographical divisions, especially to the countries
last mentioned it must be remembered that the total
value of our merchandise exports last year outside
of Europe and the North American markets, was
less than.25 per cent of the value of all merchandise
exports for that year. Exports to Canada, which
holds first place, were considerably higher in 1928
than in 1927. The United Kingdom, which holds
second place in the value of our export trade, also
made somewhat larger purchases in 1928 than in
1927, although the increase was only a fraction of
one per cent. Germany was third, but for an amount
considerably less than for the United Kingdom.
Furthermore, exports to Germany last year were
much smaller in value than for 1927. Exports to
France exceeded in 1928 those of the preceding year
by a small amount, but for Italy there was a considerable gain in 1928; also, to Spain. Our exports
to Belgium were less in value in 1928 than they were
in 1927; and to Denmark, to the Netherlands, and to
other European markets. There was an increase in
exports last year to Soviet Russia; to Switzerland,
and to Sweden.
To the Spanish speaking countries to the South,
an increase in exports generally appears. Exports
last year were in excess of those of the preceding
year to Mexico, to Argentina, Brazil and most of
the other countries in South America, and for the
three countries first mentioned the increase last year
amounted to a substantial sum. Exports to CI:11)a
were smaller than in 1927 and the same was true for
the Dominican Republic. Japan made much heavier
purchases here in 1928 than in 1927, and so did
China; likewise, New Zealand and South Africa but
the movement to British India and to Australia was
less in value in 1928 than in the preceding year.
There was a reduction in the value of our import
trade from European countries last year compared
with 1927. This was mainly due to the falling off
in imports from the United Kingdom, from France
and from Italy. There are other countries from
which imports last year were less than in the preceding year. Imports from Germany, however, were
higher in value in 1928 than in the preceding year,
and the same is true as to imports from Belgium,
from Spain, Czechoslavakia and Soviet Russia. Imports from Canada, which are the largest in value
from any single country, were also higher last
year than in the preceding year. There was also a
smaller amount of imports from Mexico in 1928
than in 1927. Our imports from South America
were larger last year than in the preceding year,
particularly from Brazil, from Chile, and Colombia.
The increase from Brazil reflected the larger movement in coffee. Imports from Asia were reduced in
1928 against 1927, owing chiefly to the marked reduction the value of silk imports from Japan, and
this in spite of the fact that imports of silk for 1928
as to quantity were at record figures. The lower
value for rubber shipments from British Malaya
affected the movement from the East although the
[VOL. 128.
quantity of rubber imports in 1928 was at record
figures.
We have mentioned the large increase in exports
last year to the United Kingdom, to France and to
Italy, and the sharp reductions which are shown in
the value of exports to Germany, Belgium and other
European markets. Cotton exports last year were
much larger than for the preceding year to the
United Kingdom and to Italy; also to Japan,
whereas there was a marked falling off in shipments
of cotton from the United States in 1928 to Germany
and to France. Likewise as to the heavy reduction
in exports of wheat for the year just closed, as compared with the unusually large movement of wheat
in 1927. To the United Kingdom in 1928 wheat exports were valued at only $18,478,000 as compared
with $60,694,000 in 1927; to France $2,871,000 last
year against $18,241,000 in 1927 and to Belgium
$3,808,000 compared with $16,852,000 in the preceding year. Shipments of wheat for the year just closed
to other European countries also show an equally
violent decline. Furthermore, the smaller imports
in 1928 from Mexico, reflect to some extent a reduction in imports of petroleum as compared with
the preceding year.
The foreign movement of gold during the year just
closed was quite heavily reversed from that of the
two preceding years. Gold exports, which increased
in a marked degree late in 1927, continued to exceed
imports by a large sum each month last year up to
July. The total for 1928 was $560,759,000, which
was a record figure for gold exports from the United
States. Gold imports last year varied somewhat
from month to month, but in the aggregate the total
of $168,887,000, was fairly large. The excess of gold
exports for the year of $391,872,000, was considerably
higher than that for any previous record of excess
gold exports. As noted above exports of gold in
1928 were considerably larger than imports up to
July, but after that month exports dwindled materially, the movement being very small for each month,
except for November when there was some increase,
up to the end of the year. In December gold exports
again dwindled. On the other hand,imports of gold
increased considerably during the last three months
of the year, in comparison with some of the earlier
months, reversing the position, so that imports then
exceeded exports.
Prior to October imports of gold for five of these
,nine months, were purely nominal, but for the other
four months, January, February, June and July
there was some increase in the value of gold imports.
Total imports of gold in 1928 were smaller than for
seven of the eight preceding years back to 1919, and
for most of these years gold imports were very much
larger than exports. The fact is that for this period
of nine years, there were only two years in which
gold exports exceeded imports, and those two years
were 1925 and 1928.
Much the greater part of our gold exports last
year was to France, the amount being more than
one-half of the total. Considerable sums were sent
also to Argentina, Brazil, Canada, the United Kingdom, Germany and Italy but the total for the six
countries last mentioned was very much less than
the amount sent to France. Exports and imports
of silver last year were both larger than they were
in 1927, but in a comparison covering the preceding
ten years, there were six years in which both silver
exports and imports were larger than in 1928. The
FINANCIAL CHRONICLE
Fan. 23 19291
balance of the silver movement, continued on the
export side, as it has in each of the four preceding
years, although the export balance in 1928 was
smaller than in the four years prior to last year.
During this period of four years there has been a
SILVER.
GOLD.
Tsar
ending
Dec.31
Exports.
Excess of
Imports. Exports(+)or
Imports(—).
Exports.
Excess of
Imports. Exports(-I-)or
Imports(—).
1902. 36.030,591 4.1,193,317 —8,162,726 49.272.95426,402,935 +22.870.019
1903 _ 44,346,834 65,267,696 —20.920.862 40,610,342 23.974,508 +16,635,834
1904 121.211,827 84,803.234 +36.408,593 60,135,24526.087,042 +24,048.203
1905. 46,794.467 50,293,406 —3,498,938 57,513,102 35,939.135 +21.573.967
1906 _ 46.709.158 155,579.380-108,870,222 60.597.091 44.227.841 +16,729,250
1907 _ 55,215,681 143.398,072 —88.122,391 81,625,866 45.912.350 +15.713,506
1908 - 81,215,456 50,276,293 +30,939,163 51.837,67142,224.130 +9.613,541
1909.132.880.821 44,086,966 +88.793.855 57,592,309 46.187,702 +11.404,607
—447,696 57,360,973 45,878,168 +11,482,805
1910 - 58,774,822 59,222,518
1911 - 37,183,074 57,445,184 —20,262,110 65.664,646 43,746,571 +21,918.075
1912 47,424.842 66,548.772 —19,123,930 71,961.755 48,401,086 +23,560.669
1913. 91.698.610 63.704,832 +28,093,778 62,776,631 35,867,819 +26.908.812
1914 _222.816,156 57,387.741 +165,228,415 51,603,060 25,959,187 +25.643.873
1915 _ 31,425,918 451,954,590 —420,528,672 53.598,884 34.483,954 -F 19.114.930
1916 _ 155,792,927 685,990,234 —530.197,307 70.595.03732,263.289 +89.331,743
1917 _ 371,883.884552,454,374 —180,570,490 84,130.876 53,340,477 +30,790.399
1918 _ 41,089,818 62,042,748 —20,972,930 252,846,464 71,375,699 +181,470.765
1919 _ 368,185,248 76,534,048 +291.651.202 239.021,051 89.410,018 +149,611,033
1920 _ 322,091,208 417,068,273 —94,977,965 113,616,2208,060.041 +25.556,188
1921. 23,891,377 691,248,297 —667,356,920 51,575.399 63,242.671 —11.667,272
1922 _ 38,874.894 275,169,785 —238,294,891 61,807,286 70,806.653 —7,999,367
1923 28,643.417,322,715,812 —294,072,395 72,468,789 74,453,530 —1,984,741
1924 _ 61,648.313 319,720,918 —258,072,605 109,691,033 73,944,902 +35.946.131
1925 _ 262,639,790 128,273,172 +134,366,618 99,127.58664,595.418 +34.532,167
1926_ 115,707,815 213,504,020 —97,796,205 92,257,56469,595.936 +22,661,628
1927 _ 201,455,100 207,535,195 —6,080.095 75,624,78055,073,917 +20.550,863
1928..560,759,000,168.887,000 +391,872,000 87,382,00068,117.000 +19,265,000
1119
gradual reduction in the silver movement each
year.
With such heavy amounts entered on the credit
side of our foreign trade movement for last year,
both on account of merchandise shipments and for
gold, the final trade balance for 1928 was exceedingly large, reaching no less than $1,448,832,236.
The net movement as to silver in our foreign trade,
which continued on the export side, was slightly
smaller than it was in 1927 or 1926,—in fact there
was also quite a reduction as compared with 1925
and 1924. This added slightly to the final trade
balance. In the following table we indicate the
balance under each of the different heads, as well
as the final balance, for each of the last five years:
TRADE BALANCES FOR CALENDAR YEARS FOR MERCHANDISE,
GOLD AND SILVER COMBINED.
Excess of—
1928.
1927.
$
3
Mdse. exp_ 1,037,695,236 680,632,909
Silver exp. 819,265,000 820.550,863
1926.
3
377.771,869
822,661,628
1925.
3
681,400,441
834,532,167
1924.
3
981,021,266
835,946,131
Total_ _._ 1,056,960,236
Gold imp__ 8391,872,000
701,183.772
6,080,995
400,433,497 715.932,608 1,016,967.397
97.796,205 b134,366.618 358.072,605
Net axe__ 1449.832.236
695.103.677
302.637.292
850.299.226
758.894.792
8 Net exports.
Gross and Net Earnings of United States Railroads
for the Calendar Year 1928.
The railroads of the United States in their returns
for the calendar year 1928 make a much better exhibit than at one time seemed possible. They may
in fact be said to have made considerable progress
on the way to recovery after the setback they experienced during the preceding calendar year. In considering the results for 1928 the fact that the year
1927 was a poor one for the railroads of the United
States should not be overlooked, since it invests the
improvement disclosed with less significance than
would otherwise be the case. For the calendar year
1927 our compilations showed a falling off of no
less than $253,305,228 in the gross earnings and of
$155,453,498 in the net earnings, and in our comments on the results for that year we remarked that
it had been in fact the poorest year that these rail
carriers had had since their return to private control
in 1920.
The whole of the six years from 1921 to 1926 constituted a period of advance and progress for these
iron highways as far as operating results are concerned. Two of the six years were years of trade
depression, when the gross revenues were as a result heavily reduced, but in neither of these two
years—one of which was 1921 when trade slumped
so badly after the post-war period of gigantic inflation, and the other the year 1924 following a new
period of great trade activity which reached its culmination in )1923—was the resulting shrinkage in
gross revenues attended by any loss in net revenues.
By reason of the advance in operating efficiency attained under a return to private management, it was
possible to Offset these losses in gross revenues by reductions in expenses of still larger amount on both
occasions, thereby leaving an actual gain in net. In
1927 there came another very substantial falling off
in the gross earnings, but this time it was not possible to curtail expenses to anywhere near the same
extent, owing to numerous wage increases and a rise
in some other operating costs, and as a consequence,
the railroads suffered the big loss in net earnings
already referred to, being the first time since 1920
that net earnings (before the deduction of the taxes,
which have been a growing item) showed any diminution.
It is in the light of the foregoing, that is, with
the previous year's earnings, showing as already
noted, $253,305,228 decrease in gross and U55,453,498 decrease in net, that the results for 1928 must
be examined. Our tabulations for 1928, which we
present at length further below, show no recovery
in the gross at all after the big falling off in 1927,
but rather a further small decrease, namely, $30,265,342, but this further shrinkage in the gross revenues was attended by a reduction in expenses in the
large sum of $135,435,125, with the result that net
earnings, before the deduction of the taxes, record
an improvement of $105,169,783, which is a little
1
2%, as will be seen from the following comover 6/
parison of the grand totals for the two years:
Jan. 1 to Dec. 31—
Miles of road (184 roads)
1928.
240,626
1927 .
Inc.(+) or Dec.(—)
+1,090 0.49%
239,536
Gross earnings
6,168,119,487 6,198,384,829 —30,265,342 0.49%
Operating expenses
4,462,051,818 4,597,486,943 —135,435,125 2.95%
Ratio of expenses to earnings
72.34%
74.17%
—1.83%
Net earnings
1 706,067,669 1,600,897,886 +105,169,783 6.56%
Though the gain in the net earnings here shown
of $105,169,783 does not amount to a full recovery
of the previous year's falling off in the net of $155,453,498, it yet must be hailed as a very noteworthy
achievement since it was accomplished in the face
of a further shrinkage in the gross revenues, even
though slight, and it serves to reveal what was really
the main characteristic of the year, namely, the further great development a operating efficiency except for which the outcome of the year would have
been poorer even than in 1927. It is the saving in
the expenses, therefore, to which the relatively good
showing for 1928 must be attributed.
The growing afficiency of operation really dates
back to the time when the roads were, as already
said, returned to private control. At first, follow-
1120
FINANCIAL CHRONICLE
[Vol,. 128.
ing that event, the savings in expenses were merely sible appears from what the Bureau of Railway Ecoto be ascribed to the fact that private management nomics says in reviewing the 1928 results as reported
was less prodigal and less wasteful than adminis- in our issue of last week, page 1005. Says the Butration by the clumsy hands of the Government with reau: "In the face of an increase over 1927 of fivethe entire lack of restraint in the making of expen- tenths of 1% in the volume of freight traffic carditures. The pass to which the railroads had come ried by the railroads in 1928 compared with a simiin 1920, the last year of Government control, was lar percentage of decrease in gross revenues, reports
clearly revealed by the results for that year. Huge for 1928 show a decrease of 3.4% in operating exadvances in the rates for the transportation of both penses. The effect of increased economies that have
passengers and freight had been made and this com- come about from improved operating methods, the
bined with unexampled trade activity had produced more prompt movement of freight, fuel conservation,
an addition to gross earnings in amount of over a better physical condition of equipment and operabillion dollars, compared with the year preceding, tion of longer trains due to installation of more powthe exact amount of the increase having been $1,- erful locomotives is reflected especially in the reduc026,235,925, but such was the augmentation in ex- tion in the transportation expense. Such expense
penses that net earnings actually showed a falling in 1928 amounted to $2,097,151,101, a reduction of
off in amount of $303,953,253—and this, too, after $70,415,146 or 3.2% compared with the preceding
heavy losses in net in each of the three previous year."
Notwithstanding that the year 1928 is generally
years, covering the period of Government control.
In 1921 there came the big slump in business al- looked upon as having been a period of no inconsidready referred to, involving a shrinkage in gross erable prosperity from an industrial standpoint, the
revenues in amount of no less than $664,027,980. results disclosed by our tabulations make it apparBut such were the savings and economies effected, ent that the year was far from having been a prosand such the advances made in operating efficiency, perous one for the railroads as a whole and that
that it was found possible to cut down expenses in the improvement in the net, which is disclosed, has
amount of over $1,220,000,000, leaving an actual im- followed entirely from reductions in expenses due to
provement in the net for that year, in amount of the causes mentioned. There was to be sure very
$556,503,286. And every year after that railroad considerable trade revival, particularly during the
net earnings kept rising until 1927, entirely irrespec- last half of the year, and certain leading industries
tive of the course of the gross revenues. In 1922 enjoyed prosperity for nearly the whole of the twelve
only $43,693,964 of the big loss in the gross of the months. The fact that gross revenues of the railprevious year was recovered, but with a further ad- roads failed to show any recovery at all, after the
vance in operating efficiency the addition to the net heavy losses of the previous year, must be ascribed
reached $190,100,146. In 1923 the railroads were to two main circumstances, namely, the fact that
favored with what was perhaps the best year they one important section of the country did not share
have had in recent times—certainly that was true of at all in the business activity which was a feature
the great East-and-West trunk lines in the impor- in other parts of the country, but, instead, still had
tant manufacturing regions of the Middle and Mid- to contend against continued and prolonged busidle Western States—and their gross revenues rose ness prostration, and secondly, that the quantity of
in the prodigious sum of $733,687,222, and concur- coal mined fell far short of that of the previous
rently there came a further addition to the net in year which in itself had shown a considerable fallamount of $249,725,296. In 1924 the railroads had ing off from the year preceding-1926. In both these
to contend, as already stated, with another setback latter respects a decided change for the better ocin trade and $371,087,892 of the big increase in curred in the closing months of the year, but this
gross revenues made in 1923 was lost. Yet this in- did not prove sufficient to offset the losses sustained
volved no loss in net earnings, but was attended, during the early months of the year. As indicating
rather, by a further increase of $14,807,030 in net. how much better the railroads fared in the last six
In 1925 and 1926, with the course of the gross reve- months of 1928 than in the first six months, we have
nues once more upward, net earnings still continued prepared the following statement, separating the reto rise and proportionately very much faster than sults for the two half-yearly periods:
the gross itself. In the first of these last mentioned
First Ste Months- -Second Six Months
1927.
1928.
1928.
1927.
two years (1925) the increase in the gross was $199,- Gross earnings
82.901,379,728 83.018.008.234 83.268.739.759 E3,180.378.595
593,392 and no less than $175,891,175 of this was car- Operating expenses__ 2,200432.949 2,304.102.008 2,281.518.889 2,293.394,937
8700,846.779 8713,906,228 31.005,220.890 8886,981,653
ried forward as a gain in the net. In 1926 with Net earnings
$266,086,139 further increase in the gross, $128,995,From the foregoing, it will be seen that the whole
572 was saved for the net.
of the loss in gross earnings for the full year—and
With such a long record of improvement—entirely more, too--was sustained in the first six months
uninterrupted we have seen in the case of the net— and the whole of the gain in net earnings occurred
the falling off in 1927 marked a departure, but the during the last six months. In the first half of
improvement now shown in the net for 1928 of $105,- 1928 the gross was only $2,901,379,728 as against $3,169,783 shows a recovery of at least a goodly portion 018,008,234 in the first half of 1927, but in the second
of the loss sustained the previous year. If the reduc- six months the gross was $3,266,739,759, as against
tion in expenses in the earlier years represented, as $3,180,376,595. Net earnings (before the deduction
said, mainly a saving of what had during Govern- of the taxes) were $700,846,779 against $713,906,228
ment control been recklessly spent, the further re- in the first half, but $1,005,220,890 against $886,981,duction in expenses in more recent years must be 658 in the second half. One reason for the much betascribed to a real development of operating effi- ter showing in the last six months is found in the
ciency such as can be attained only through a trained fact that comparison was with much poorer results
and experienced management. Some idea of how the in 1927 than during the first half of the year. The
great reduction in expenses in 1928 was made pos- year 1927 was one of declining trade and business,
FEB. 23 1929.]
FINANCIAL CHRONICLE
a decline which eventuated in an actual slump as
the year moved towards its close, while on the other
hand, 1928 was a period of steadily rising trade activity—activity which unlike the experience four
years before, in 1924, was not interrupted in the
slightest degree by the Presidential election and
which kept steadily gaining momentum right up to
the close of the year and has even extended into
1929, no set-back of any kind having occurred up to
this date.
The trade statistics all bear out what is said above.
There was in 1928 a revival, a very pronounced revival, of the automobile trade, after the severe slump
which that trade experienced during the previous
year, which slump, however, was due mainly to the
fact that the Ford plants were out of commission,
being engaged in devising a new model of car. Then
also during 1928 the agricultural implement makers
found a wider market for their machinery owing to
the improved agricultural situation in the spring
wheat sections of the Northwest. The latter part
of the year, with good crops assured, the railroads
also began to place orders with greater freedom
than for quite some time previously.
All this stimulated a growing revival of the steel
trade. The production (factory sales) of motor
vehicles in the United States kept proceeding on a
steadily ascending scale and for the full calendar
year broke all records. Altogether a total of 4,357,384 passenger cars and trucks were turned out in
1928, against only 3,401,326 in the calendar year
1927 and 4,301,134 in the calendar year 1926. Of
the increase of 956,058 vehicles for the full year,
only 127,531 occurred in the first half of 1928, the
Ford plants being actively at work throughout the
year, but developed capacity at first only slowly.
Steel production in 1928 also broke all records, the
output of steel ingots for the twelve months of
1928 being estimated by the American Iron & Steel
Institute at only a little short of 50,000,000 tons—
in exact figures 49,857,223 tons, as against 43,397,743 tons in the calendar year 1927. Production in
the closing months was particularly heavy, the output for December having been 4,019,432 tons, as
against 3,175,484 tons in the previous year; for November 4,259,380 tons against 3,127,015; for October 4,647,891 tons against 3,316,292 tons, and for
September 4,147,583 tons against 3,268,881 tons.
The make of iron, according to the figures of the
"Iron Age," for the calendar year 1928 was not a
record, steel scrap having to a considerable extent
taken its place, but nevertheless aggregated 37,837,804 tons against 36,232,306 tons in the calendar year
1927.
Coal production, as already stated, lagged behind
until the last few months of the year. It is well to
recall that in 1927 conditions in the coal trade had
been unusual, especially in the soft coal regions.
For the first three months of that year (1927) the
soft coal mines were worked to capacity, owing to
the knowledge that on the 1st of April, 1927, there
was to be a strike at all the union controlled mines
in the United States and the output of coal accordingly reached maximum figures. During the last
three months of the half year, after the strike was
actually in effect, there was a pretty general suspension of mining at the different unionized mines
throughout the country, about the only exceptions
being a few in Pennsylvania, which continued operations on the old scale of pay as a result of tem-
1121
porary agreements between miners and operators,
but even these stopped work at the end of June when
the operators refused to continue the old scale any
longer. As far as the country as a whole was concerned, the strike proved of little consequence, the
non-union mines heavily increasing their output,
thereby making up in part at least for the stoppage
of production in the unionized field. Nevertheless,
the roads serving the union mines lost the coal
traffic they would otherwise have had except for
the strike. The result altogether was that owing to
the prodigious amount of coal then mined in the
early months, the production of soft coal for the
half year, notwithstanding the strike beginning with
April, was actually somewhat larger than in the
first half of the previous year (1926).
These explanations with reference to the coal situation the previous year (1927) seem necessary in
order to understand the situation in the coal trade
during 1928. The most important single item of
traffic carried by the railroads is the coal tonnage.
Therefore in any study of railroad revenue the coal
situation demands attention above everything else.
During 1928 the demand for coal was poor, except
during the closing three months. This was so for
a three-fold reason, namely, the mild weather, the
inactive state of general trade during the early
months, and the fact that large stocks of coal were
carried over from the previous year, the stocks accumulated early in that year (1927), when everyone (the railroads, public utilities, as well as ordinary consumers, and also dealers) stocked up with
coal in preparation for the strike, not yet having
been worked off. It was a foregone conclusion of
course that during the first three months of 1928
there would be a big decrease in the soft coal output as compared with the same period of 1927,
when the output was of such huge dimensions, and
that railroad revenues would be reduced as a consequence. As it happened, however, the output during the three months from April 1 to June 30 also
fell below that of the corresponding months in 1927,
when mining was so heavily reduced because of the
strike. This last served to illustrate the slackness
of trade and business more clearly than anything
else, since it showed that the general trade demand
for coal had become so contracted that current output sufficed to meet it notwithstanding it had been
so severely curtailed. Bearing that in mind, it is
only necessary to say that for the first six months
of 1928 the production of bituminous coal in the
United States reached no more than 234,289,000 tons
against 276,629,000 tons in the same six months of
1927 and 265,229,000 tons in 1926, there having hence
been a falling off in the first half of 1928 of over
42,000,000 tons. In July, August and September,
there was little improvement, the output of soft
coal for these three months of 1928 being 118,685,000
tons against 116,809,000 tons in 1927. In October,
November and December a change came with the
product in 1927 139,781,000 tons against 125,409,000. For the full year the output of bituminous coal
in 1928 was 492,755,000 tons against 517,763,000 tons
in 1927 and 573,367,000 tons in 1926.
In the hard coal region the slump in output in
1927 was no less pronounced and only 76,734,000
tons of anthracite were mined in 1928, as against
80,096,000 tons in 1927 and 84,437,000 tons in 1926.
This great shrinkage in anthracite production followed in part as a consequence of the mild winter
1122
FINANCIAL CHRONICLE
weather, which reduced the consumption of hard
coal, but in part it followed also from the further
fact that hard coal is being to some extent supplanted by other fuels and more particularly by
oil.
The statistics regarding the loading of revenue
freight by the railroads of the United States also
emphasize the distinction which must be made between the first and second halves of the year. From
the figures furnished by the Car Service Division of
the American Railway Association, it appears that
the loading of revenue freight by the railroads of
the United States aggregated no more than 24,457,105 cars in the first 26 weeks of 1928 against 25,521,040 cars in the same period of 1927 and 25,333,232 in the same period of 1926. The falling off
from 1927, for this half year, it will be seen, was
over 1,000,000 cars, which speaks eloquently of the
diminished volume of traffic the railroad carriers
had to transport in the first six months. The shrinkage in the coal traffic was of course one element in
the falling off, but it should also be remembered
that this falling off occurred notwithstanding the
great increase in the grain traffic, in part as the
result of the large spring wheat harvest of last season, and in part as the result of the large corn crop
raised in Kansas and Nebraska (which two States
produced 468,356,000 bushels of corn in 1927 against
only 200,600,000 bushels in 1926). In the last six
months the loss of the first six months was recovered and for the full 52 weeks of 1928 the loading
of railroad revenue freight reached 51,576,731 cars
in 1928 against 51,635,806 in 1927 and 53,090,819 in
1926. As is shown further below, grain receipts at
the Western primary markets the first half of 1928
were 91 million bushels in excess of those for the
first half of 1927 and for the full year 1928 were
153 million bushels in excess. Many of the Southwestern roads on the other hand had to contend
with a diminished movement of grain on account of
the reduced yield of both wheat and corn in that
part of the country. Moreover, some of these roads
had to contend at the same time with a shortage
of the cotton crop, the production of which in 1927
was heavily reduced, particularly in Oklahoma, Arkansas and Texas, while the 1928 crop, though larger
was late in coming to market.
In addition to all this, the South experienced no
relief from the intense business depression under
which it labored for about two years. This business
depression in the South, it may be recalled, had its
origin in the first instance in the collapse of the
speculative boom in real estate and the havoc caused
by the Florida hurricane in September 1926. The
situation was made acute by the big drop in the
price of cotton which came with such suddenness in
the autumn of 1926, when the cotton consuming
world began to realize that the crop which was then
being gathered was to be of immense size. The depression persisted all through 1927, even though the
price of cotton fully recovered, and came back to
the level prevailing before the break and even moved
higher than this previous level. During 1928 the
depression continued, besides which the reduction in
the size of the crop itself meant a considerable reduction in railroad tonnage, the 1927 yield of cotton in the United States having been only 12,956,043
bales against 17,977,374 bales in 1926. As a consequence, we find heavy losses in earnings shown by
all the leading Southern railway systems—in addi-
[Vot. 128.
tion, too, in most cases to equally heavy losses sustained by the same roads the previous year. As
was the case in 1927 the heaviest losses in earnings
in 1928 come from railroad systems connecting with
or running through Florida and its winter resorts,
such as the Atlantic Coast Line and the Florida East
Coast. As a measure of the intensity of the business depression in that part of the country, it is
worth noting, that bank clearings at Miami in the
twelve months of 1928 aggregated no more than
$143,364,000 against $260,039,000 in 1927, $632,867,020 in 1926, and $1,066,528,874 in 1925; those at
Tampa only $184,472,445 against $237,515,432 in
1927, $414,418,178 in 1926 and $461,800,170 in 1925,
and the clearings at Jacksonville $832,568,615
against $1,002,493,423 and $1,505,127,663, respectively, in the two years preceding.
As against these various drawbacks there was one
distinct advantage in 1928 in the absence of any
extensive overflow of the Mississippi River. In
April, May and June in 1927 immense damage was
done by the floods in the Mississippi Valley, with
the inundation of large areas in important sections
of the Southwest. These overflows not only interrupted traffic movements in the afflicted areas, but
rendered business wholly out of the question in many
of these areas and thus did two-fold injury, first in
the damage and destruction caused to the roads
themselves and secondly in reducing the traffic to
be handled by the roads in the movement of passengers and freight. Arkansas, Mississippi and Louisiana were the worst sufferers, but several other
States also suffered in greater or smaller degree.
The overflow of the Mississippi River in 1927 was
the worst in history. In the upper reaches of the
Mississippi and its tributaries, the overflow reached
an acute stage as early as April, and then the water
passed.slowly off, making it possible in great numbers of cases to resume farming work the latter part
of May on many of the submerged areas, but unfortunately, in June of that year spring freshets caused
a second overflow which did new damage, and
though this second overflow did not cover anywhere
near so wide an area as the first, it covered a substantial portion of it, and much of this twice submerged land was still under water the middle of
,June. Down in Louisiana the worst stages of the
inundation did not occur until June and important
areas were still under water at the beginning of
July. The damage to the railroads in some parts of
the Southwest was enormous and the Missouri Pacific system apparently suffered beyond all others.
All this, Southern and Southwestern roads escaped
in 1928.
Western roads, as already indicated, during the
year 1928 had the advantage of a greatly increased
grain traffic as compared with 1927. With the single
exception of rye, all the different items in greater
or lesser degree contributed to the increase. The
largest contributing 'factor, however, to the total
grain movement for the year was the volume of corn
moved, the receipts of that cereal at Chicago being
no less than 116,945,000 bu. for the 52 weeks of 1928
as against 85,639,000 in the corresponding period of
1927; at Kansas City 41,048,000 bu., against 21,885,000 bu.; at Omaha and Indianapolis 51,412,000 bu.,
against 44,674,000 bu., and at Sioux City 10,371,000
against 4,980,000 bushels. Total corn receipts at
all the Western primary markets for the 52 weeks
of 1928 were 326,774,000 bushels, as against only
FINANCIAL CHRONICLE
FEB. 23 1929.]
241,813,000 bushels in 1927. The receipts of wheat
at the Western primary markets for 1928 were 518,793,000 bushels, against 476,224,000 in 1927; of oats
155,332,000 against 148,623,000, and of barley 94,044,000 bushels, against 62,688,000 bushels. Adding
rye, the total for the five cereals combined was no
less than 1,121,268,000 bushels, as compared with
968,949,000 bushels in 1927. The details of the Western grain movement in our usual form for the fiftytwo weeks of the last two years are set out in the
table we now present:
Jan. 1 to
Wheat
Flour
Corn
Oats
Dec. 31.
Barley
Rye
(bush.)
(bush.)
(bbls.)
(bush.) (bush.)
Chicago(bush.)
1928_.12,329.000 37,119,000 110,945,000 54,020,000 16,367,000 4.829.000
1927.__12,287,000 45,402,000 85,639,000 48,963,000 10,622,000 3.865,000
Milwaukee1928... 2,581,000 4,166,000 16,426.000 8,255,000 13,847,000 1,081,000
1927- 2.710,000 6,479,000 11,321,000 13,538,000 9,848,000 1,071,000
St. Louis1928... 6,280,000 48,309,000 36,032.000 21,537,000 2,583,000
403,000
1927__. 7.047,000 30.756,000 20.290,000 20,323,000 1,188,000 1,067,000
Toledo192812,239,000
1,728,000 5,076,000
176,000
72,000
192711,884,000 3,214,000 8,150.000
49,000
221,000
()Wait19281,837,000
1,082,000
1,177,000
134.000
299,000
1927--2,826,000
1,178,000
1,239,000
47.000
487,000
Peoria1928_ 3.221.000 2,099,000 25,799,000 8,998,000 2,812,000
67,000
1927- 3,004,000
1,273,000 25,280.000 8,752,000 1,499,000
38,000
Duluth1928_
109,180,000
1,105,000 3.045,000 29,360,000 12.808,000
1927_
111,077,000
422,000
983,000 22,055,000 27,833,000
Minneapolis1928127,076,000 11,598,000 22.031,000 28,405,000 6.697.000
1927112,136,000 11,425,000 21,846,000 17,355.000 4.889,000
Kansas City1928_
96,472,000 41,048,000 4,515,000
192783,578,000 21,885,000 3,561,000
Omaha and indienapolis1928.
38,1131,000 51,412,000 20,794.000
33,000
52,000
1927_
36,382,000 44.674,000 16,298,000
20,000
45.000
Sioux City2.567.000 10,371,000 4,032,000
1928314,000
15,000
1927_
2,157,000 4,980,000 3,360,000
216,000
9,000
St, Joseph19281,435,000
11,720,000 10,597,000
13,000
1,000
19271355,000
10,013.000 10.393,000
26,000
Wichita192829,848,000 2.631,000
417,000
1.000
1927_
22,261.000
1.112,000
455.000
9,000
2,000
Total AU1928_24,411,000 518,793,000 326,774,000 155,332,000 94,044,000 26,325,000
1927-25,048,000 476,224,000 241.813.000 148.623.000 62.688,000 39.601.000
The grain movement at the seaboard during 1928
was also larger than in the preceding year, the increase having reached 32,587,000 bushels. Wheat
alone registered a decrease, while in the case of barley, oats and corn, the increases were very large.
The seaboard grain receipts include also the movement to Montreal as well as to United States ports
and the Montreal receipts (reflecting Canadian shipments) were of very large proportions during 1928.
For the fifty-two weeks of 1928 the seaboard receipts
were 410,988,000 bushels, as against 378,401,000
bushels in 1927, as is shown in the subjoined table:
GRAIN AND FLOUR RECEIPTS AT SEABOARD PORTS FOR 52 WEEKS.
Receipts of1925.
1926.
1928.
1927.
1924.
Flour
We_ 25,210,000 23.225,000 25,217,000 24,802.000 26,154,000
Wheat
Corn
Oats
larleY
Rye
Total grain
buah.278,148,000
19,801,000
33.405,000
59,077,000
20,557,000
296,956,000
10,575,000
24,674,000
29,462,000
16,734,000
303,154,000
8,250,000
42,203,000
38,427,000
30,825.000
242,507,000
11,925,000
76,707.000
44,446,000
29,742,000
308,919,000
18,353,000
51,833,000
31,847.000
40,515,000
410,988.000 378,401,000 422,849,000 405,327,000 451,287.000
The Western livestock movement, on the other
hand, showed a falling off for the twelve months as
it did for the first six months of the year. At Chicago the receipts for the year 1928 aggregated 233,166 carloads, as against 245,013 carloads in 1927,
261,320 carloads in 1926, 259,083 cars in 1925, and
289,966 cars in the fifty-two weeks of 1924. At Kansas City the receipts in 1928 were 102,152 cars,
against 106,302 in 1927, 115,436 in 1926, 123,864 in
1925, and 135,478 cars in 1924, while at Omaha the
receipts were 86,494 cars in 1928, against 89,163 cars
in 1927, 105,075 cars in 1926, 111,283 cars in 1925,
and 129,798 cars in the twelve months of 1924.
As to the Southern cotton movement this was on
a greatly reduced scale as compared with the preceding year, the falling off extending to the overland movement of the staple as well as to the re-
1123
ceipts at the Southern outports. Total cotton shipments overland for the year 1928 were the smallest
in many years, aggregating only 914,507 bales,
against 1,137,001 bales in 1927; 1,580,136 bales in
1926; 1,646,167 bales in 1925, 1,433,140 bales in 1924,
1,364,005 bales in 1923, and 1,766,889 bales in 1922.
The falling off in the receipts at the Southern outports as compared with 1927 was even more pronounced than in the case of the overland movement.
For 1928 the receipts were 9,021,645 bales against
9,750,543 in 1927; 11,513,760 in 1926; 9,445,560 in
1925, but comparing with 7,958,171 in 1924 and but
6,317,636 in 1923, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1923 TO 1928, INCLUSIVE.
Full Year.
Ports.
1928.
1927. I
1926.
1925.
1924.
1923.
Galveston
bales_ 2,887,759 2,443,59113.239,336 3.202,321 3,346.911 2,742,005
2,924.486 3,144,754 3.600.632 2,013,723 1.308.605 1.011,273
Texas City,
1,565,743 1,901,407 2,210,042 2.145,265 1,823,223 1,280,304
New Orleans
260.459 145,991
Corpus Christi
289,313 316.538 339.392 218.610 154.160
Mobile
55.410
16,588
1,978
8,004
28,789
15,003
Penscaola, &e
11.818
471,056 884,448 989,241 850.080 628.998 449,976
Savannah
418
813
283
4.030
Brunswick
226,719 432,086 528,746 340,234 195,441 219,118
Charleston
157.751 163,103 132,109 139,536 118321 135,831
Wilmington
248,553 312,421 477,261 506,189 367,026 405,873
Norfolk
200
7,818
Lake Charles
Total
9,021,845 9,750,543 11.513,760 9,445,560 7358.171 6.317.636
As a final summary of conditions which prevailed
during 1928 and their effects upon railroad traffic
and revenue, the Bureau of Railway Economies has
just completed compilations which show that the
volume of freight traffic handled by Class 1 railroads in 1928 amounted to 476,994,254,000 net tonmiles. This was an increase of 2,304,139,000 net tonmiles or five-tenths of one per cent. above the volume
of traffic in 1927, but a decrease of 11,707,570,000
net ton-miles or 2.4% below 1926. In the Eastern
District there was a decrease of 1.4% in the amount
of freight traffic handled in 1928 compared with
1927, while the Southern District showed a decrease
of 5.4%. The Western District, however, reported
an increase of 5.4%. Passenger traffic in 1928, it
appears, was the smallest of any year in the past
twenty, reflecting of course automobile competition. Passenger revenue in 1928 amounted to $900,326,854, which was a decrease of $75,858,762, or
7.8%, compared with 1927. The significance of this
last statement in any analysis or interpretation of
the year's gross revenues should not be lost sight
of. It has already been indicated that total gross
earnings in 1928 fell $30,265,342 below 1927. It follows therefore that had it not been for this shrinkage of over $75,000,000 in passenger revenue, there
would have been no falling off at all in the total
gross, but actually an increase.
As far as the weather is an influence on the traffic and earnings of the roads, the winter of 1928
ranks as one of the mildest on record, complaints
of obstruction to railroad operations from snow or
ice or extreme cold having been entirely absent in
all parts of the country. In 1927, too, the winter
was not severe in any part of the country, if we except a limited area in the Rocky Mountain regions,
where unusually heavy falls of snow were encountered during January, February and March. In fact,
it may be said that in some of the Rocky Mountain
States, particularly Colorado and Wyoming, repeated heavy snowstorms occuried all through the winter of 1927, making railroad operations difficult;
even towards the middle of April an unusually severe spring blizzard was reported, seriously interrupting traffic, the latter extending also into South
Dakota. Barring this, however, the winter of 1927
1124
FINANCIAL CHRONICLE
did not impose drawbacks of any great consequence
anywhere. In 1926, likewise, the winter, on the
whole, was not much of a disturbing influence. The
situation in that respect was not so extremely good
as it had been in 1925 and yet was on the whole quite
favorable. In January weather conditions in 1926
did not impose much of an obstacle to railroad operations over any large sections of the country. On
the other hand, in February the New England roads
suffered, by reason of heavy falls of snow. The winter of 1926, taking the country as a whole, was, as
stated, quite mild, but in February there were some
big snowstorms in the East, with, however, nothing
approaching a blizzard. In other words, there were
no big drifts to tie up traffic and interfere seriously
with the running of trains. In this city there was
in 1926 no snowfall of any consequence during the
winter until February, but in this last mentioned
month there were two very heavy snowstorms, namely, one on Feb. 3-4, when 10.3 inches of snow fell,
and another on Feb. 9-10, when the snowfall was
11.6 inches. For the whole month of February the
snowfall in this city in 1926 aggregated 25.7 inches,
being the heaviest on record for any February since
1899, when the fall was 27.5 inches, and comparing
with only 0.8 inch in February 1925 (when, however,
the fall was extremely heavy in January), and with
11.5 inches in February 1924 and 17.9 inches in
February 1923. The February snowstorms in 1926
seem to have extended all over New England and
through New York State. New England roads virtually all reported for that month large losses in
gross, as well as in net, and no doubt the circumstance mentioned was in part responsible for this, in
addition to which, however, these roads must have
had their coal traffic reduced by the anthracite
miners' strike.
In both 1925 and 1924 the railroads enjoyed quite
remarkable exemption from bad weather and from
the often extreme rigors of the winter. In January 1925 bad weather was somewhat of a drawback
on certain lines here in the East, though not to any
great extent for the country as a whole. There were
repeated snowstorms in these parts in the month
in 1925, and in New York City the fall of snow was
the heaviest of any January in the history of the
local weather bureau, reaching 26.2 inches. This
compared with only 2.6 inches in January 1924, but
with 21.9 inches in January 1923, this latter having
also been a month of very heavy snowfalls. A storm
which came toward the end of the month in 1925—
that is, Thursday, Jan. 29, and extended into Friday, Jan. 30—proved particularly mischievous in
New York State. The New York Central Railroad
reported it as the worst in its history, especially
between Albany and Rochester, causing considerable delay in the running of trains. The Twentieth
Century train from Chicago was 16 hours late in
reaching the Grand Central Terminal in New York
City. It was due at 9:40 a. m., but did not arrive
until 1:18 and 1:33 the following morning (Saturday), coming in two sections. The area of disturbance, however, in this way was very much circumscribed, being confined largely to New York and
New England, while elsewhere in the northern part
of the country the winter was comparatively mild,
and little complaint was heard of obstruction because of snow and ice or because of extreme cold.
After this heavy snowstorm in New York State the
latter part of January (1925),from which, as noted,
[voL. 128.
other parts of the country were exempt, mild weather developed in February, and this may be said to
have been a condition common to the whole United
States and even Canada, the winter nearly everywhere having been an open one and spring having
come unusually early virtually everywhere. Nor,
as already stated, was there much severe winter
weather in 1924, but in 1923, on the other hand, the
winter was of unusual severity in many parts of
the northern half of the United States, especially
in New England and in northern New York, where
the roads suffered from repeated snowstorms, and
from the depth of the accumulated snowfalls, with
resulting large increases in operating expenses.
In discussing at the outset of this article the
shrinkage in the earnings of the roads which occurred in 1927 and emphasizing the fact that the
1927 loss in net was the first the roads of the United
States had sustained after a long series of gains
beginning with 1921, we referred to the very poor
showing made by the railroads in the years preceding, during the period of Government control.
Previous to 1921 expenses had been mounting up in
a frightful way until in 1920 a point was reached
where even some of the strongest and best managed
roads were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges.
And it is these enormously inflated expense accounts that have furnished the basis for a good part
of the saving and economies effected in the years
since then. As compared with 1920, the roads in
both 1921 and 1922 also had the advantage of much
more favorable weather conditions. In 1921 the
winter was exceptionally mild and much the same
remark may be made with reference to the winter
of 1922. This last, while perhaps not so extremely
mild as the winter of 1921, was at all events not of
unusual severity—at least not of such severity in
most of the country as to entail heavy extra expenses for the removal of snow and the clearing of
tracks, though the winter is declared to have been
a hard one in certain special sections, in Wyoming
and Montana, for instance, and contiguous territory. In 1920, on the other hand, the winter had
been exceptionally severe.
In commenting on the results for 1920 and noting
the tremendous increase in operating costs in that
year, we took occasion to say that taken in conjunction with the antecedent huge additions to expenses it constituted an unfavorable record for
which no parallel could be found in American railroad history. As a matter of fact, 1920 constituted
the fourth successive year in which the net had
fallen off—in each year, too, in face of very substantial gains in the gross earnings. As showing how
extraordinarily poor the results were in 1920, we
may again say that while there was an addition to
the gross of no less than $1,026,235,925, net actually
fell off in amount of $303,953,253. In 1919 the increase in the gross was of only moderate extent
(5.25%), and yet amounted to $258,130,137. As it
was accompanied, however, by an augmentation in
expenses of $401,609,745, there was a loss in net of
$143,479,608, or 15.80%. For 1918 our compilation
showed an increase in the gross in the imposing
sum of $863,892,744, or 21.40% (due in no small
measure to the advance in rates made by DirectorGeneral McAdoo at the close of May in that year),
but the addition to the expenses reached $1,148,664,364, or 40.35%,leaving a loss in the net of $284,771,-
FEB. 23 1929.]
FINANCIAL CHRONICLE
620, or 23.92%. The prodigious augmentation in
the 1918 expenses was due not merely to the general
rise in operating costs, but yet more to the tremendous advances in wages granted by Director-General
McAdoo in May 1918, and made retroactive to the
1st of January of that year. But even for the calendar year 1917 our compilations showed that while
gross had increased $430,679,120, or 11.61%, this
was attended by a rise in operating expenses of $490,738,869, or over 20%, leaving a loss of $60,079,749
in net earnings. There was this qualifying circumstance, however, with reference to the 1917 loss in
net, namely, that it followed strikingly good results, both as regards gross and net, in 1916 and
1915. On the other hand, it is equally important to
remember that these gains for 1916 and 1915 represented in part a recovery of previous losses.
In the following we show the yearly comparisons
as to both gross and net for each year back to 1907.
For 1910 and 1909 we take the aggregates of the
monthly totals as then published by the Inter-State
Commerce Commission, but for the preceding years
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 furnish monthly figures for
publication.
Gross Earnings.
Length of Road.
Year.
Year
Given.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
/928
2,287.501,605
2,235.164.873
2,605.003,302
2,836,795,091
2,805,084,723
3.012,390,205
3,182,451.434
2,972.614,302
3.166.214,618
3,702,940,241
4.138.433.260
4.900.759.309
5.173,647.054
6,204.875.141
5.552,022.979
5,522.522.418
6.342,058,872
5,961,186.643
6,177,280.802
6,435.539,259
6.195,259,346
6,168,119,487
Year
Preceding.
Increase(+)or
Decrease (—).
2.090.595,451 +196,906.154
2,536,914,597 —301,749,724
2,322.549,343 +282,453,959
2,597,783,833 +239.011.258
2,835,109,539
—30,024,816
2,790.810,238 +221.579,969
3,019.929,637 +142,521,797
3,180,792,337 —208,178,035
3,013,1374.851 +152,539,765
3,155,292,405 +547.647.836
3,707,754,140 +430.679,120
4,036,866,585 +863,892.744
4,915,518,917 +258.130,137
5,178.639,216 +1026.235.925
6,216,050,959 —664.027.980
5,478,828.452
+43,693,964
5,608,371,650 +733,687.222
6,332.874,535 —371,087.892
5,977,687,410 +199,593.392
6,169,453,120 +268,086.139
6.448,564,574 —253,305,228
6,198,384,829
—30,265,342
Net Earnings.
Year
Preceding.
Miles.
173,028
199,726
228.508
237,554
241,423
239,691
241,931
246,356
249,081
249,098
250,193
233,014
233,985
235,765
235.690
235,564
235,481
234.795
236,330
236,891
238,527
240.626
171,316
197.237
225,027
233.829
238.275
236,000
239,625
243,636
247.936
247.868
249,879
232,639
234.264
234,579
234.777
235,338
235,705
234,622
236.139
235,809
237,799
239,536
Length of Road.
Year.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1918
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Year
Given.
Year
Given.
Year
Preceding.
Increase (1-) or
Decrease(—).
Year
Given.
Year
Preceding.
$
660,753,545
694,999,048
901.726,065
909,470.059
883,626.478
937.978.711
907,022,312
828.522.941
1.040.304,301
1,272,639,742
1,215,110,554
905,794,715
784.578,730
461,922,778
958,653.357
1,141,598,071
1,410,968.636
1,424,240,613
1,604,400.124
1,731,509,130
1,579,621,895
1,706,067.669
$
665,285,191
748,370,244
750.685.733
900,473,211
907.914,866
877,617,878
940,509.412
904,448,054
828,650,401
1,038,016,315
1,275.190,303
1,190.566,335
908.058.338
765,876,029
402,150.071
951,497,925
1,161,243,340
1,409,433,583
1,428.508,949
1,602,513,558
1,735,075,393
1.60.8071186
$
—4,528,646
—53,371,196
+151,040,332
+8.996,848
—24,288,388
+60.350.833
—33,487.100
—75,825,113
+211,653,900
+236,623.427
—60,079.749
—284,771,620
—143,479.808
—303.953,253
+556.503.286
+190.1013.146
+249.725,296
+14,807.030
+175,891,175
+128,995,572
—155,453,498
4.105 169 7R3
Miles.
173.028
199,726
228,508
237.554
241.423
239,691
241,931
246,356
249,081
249,098
250,193
233,014
233,985
235,765
235.690
235,564
235.461
234,795
236,330
236,891
238,527
2404126
Miles.
171,316
197,237
225.027
233.829
238.275
236,000
239.625
243,636
247,936
247.868
249,879
232,839
234.264
234,579
234.777
235.338
235,705
234,622
236,139
235,809
237.799
220 Anft
As far as the different months of the year are
concerned, there were losses in gross earnings in
each of the first six months of the year and likewise losses in net in these six months, except that a
very small gain in net was shown in February and
also in May, in both of which months the railroads
had the advantage of an extra working day in 1928
—in February because it was leap year and in
May because there was one less Sunday in the month
in 1928 than in 1927. In the last six months of the
year gross earnings showed increases in every month
except September when there was an extra Sunday and therefore one less working day than in
1125
th previous year, against which, however, October
contained only four Sundays against five in the
previous year, giving therefore an extra working
day in that month. In the net earnings there was
an increase in each and every one of the last six
months, the heaviest increase of all occurring in
December when comparison was with exceptionally
poor results in 1927, but when on the other hand
the roads had one less working day than in the
previous year, December 1928 having contained five
Sundays, whereas December 1927 had only four
Sundays. In the following we show the monthly
comparison for all the months of the year:
Nd Earnings.
Gross Earnings.
Month
1928.
1927.
(+)Or
(—).
Inc.
Dec.
1928.
1927.
Inc.(4-) or
Dec.(-1.
$
Jan _- 456.520.897 486.722.646 —30.161.749 93,990.640 99.549.436 —5.558.796
Feb_ _ 455.681.258 468,532.117 —12.850.859 108,120.729 107.579.051
+541.878
Mar_ _ 504.233,099 530.643.758 —26,410.659 131,840,275 135,874.542 —4,034.267
April _ 473,428,231 497.865.380 —24,437,149 110,907,453 113.818.315 —2.910.862
May _ 509.740,395518.609.718 —8.823,323 128,780.393 126.940.076
+840.317
June. 501.576.771 516,448,211 —14.871.440127.284.367 129,111.754 —1.827.387
July__ 512.145,231 508,811.786 +3,333.445 137,412.487 125,700,631 +11,711.856
Aug__ 556,908,120 556.743.013
+185.1071173,922,684 164,087.125 +9.835,559
Sent-- 554.440,941 564.421.630 —9.980.689 180.359.111 178.647,780 +1,171.331
Oct __ 616,710,737 579,954,887 +36.755.850 216,522,015 „ +35.437.734
Nov__ 530.909,223 503,940.776 +29.968,447 157,140.516 127.243,825 +29,896,691
Dec._ 495,574.485 468.395,541 +27.178,944[138.293,445 814,849.024, +48,444.421
Note.—Percentage of Increase or decrease In net for above months has been:
1927—Dec., 23.76% dec.; 1928—Jan., 5.58% dec.: Feb., 0.50% Inc.; March,
2.96% dec.; April, 2.56% dec.; May, 0.66% Inc.; June. 1.41% dec.; July. 9.32%
Inc.; Aug.. 5.99% Inc.; Sept., 0.96% inc.; Oct.. 19.56% inc.; Nov., 23.49% ine.;
Dec., 54.43% Inc.
In the month of Dec.the length of road covered was 238,552 miles In 1927 against
237.711 miles In 1926:10 Jan., 239,476 miles In 1928 against 238,608 miles In 1927:
In Feb.,239,584 miles against 238,731 miles In 1927; In March,239,649 miles against
238,729 miles in 1927:In April, 239.852 miles against 238.904 miles In 1927;In May.
240,120 miles against 239,079 miles In 1927; In June. 240.302 miles against 239,066
miles In 1927; In July, 240,433 miles against 238,906 miles In 1927:10 Aug., 240.724
miles against 239,205 miles In 1927:10 Sept.. 240,693 miles against 239,205 miles In
1927:10 Oct., 240,661 miles against 239,602 miles in 1927; In Nov., 241,138 miles
against 239,982 In 1927: In Dec., 240,337 miles against 239,286 In 1927.
In dealing with the returns of the separate roads,
the feature which stands out most prominently, as
far as the gross earnings are concerned, is that West
ern roads as a rule show improved results due to
a larger grain crop movement and likewise aided
by the economic revival which came in the spring
wheat sections of the Northwest as the result of
two successive bounteous harvests of spring wheat
in that part of the country. On the other hand, the
losses in gross are contributed mainly by the great
East and West trunk lines and by Southern roads
east of the Mississippi and south of the Ohio and
Potomac Rivers. The great trunk lines between Chicago and the seaboard carry huge amounts of coal,
and coal mining, it has already been shown, was on
a greatly reduced scale during 1928, as compared
with 1927, notwithstanding the change for the better which came in the coal trade in the latter part
of the year. The anthracite carriers are very prominent among the roads showing decreased gross, but
in their case also, as the reader has already been
informed, the coal shipments of 1928 fell far below
those of 1927. In the Southwest, also, some considerable losses in gross appear in the case of two
or three leading systems, the explanation here being the greatly reduced yield of cotton in Texas in
1927 as compared with the exceptionally abundant
yield in 1926, the effects of which reduction extended over into 1928, and were felt the greater part
of the latter year, even though the 1928 yield of cotton again proved somewhat larger, this 1928 crop,
however, being late and therefore delayed in coming to market. Some of these Southwestern roads
also had a diminished movement of grain to contend with.
The losses in the gross, however, furnish no clue
to the showing with respect to the net earnings by
the different roads. As a matter of fact, many
leading systems which suffered reductions of their
1126
FINANCIAL CHRONICLE
gross revenues, actually are able to show enlarged
totals of net earnings, due to very notable reductions in expenses, these reductions in turn reflecting the greater efficiency attained in operating, reference to which has already been made in the earlier
part of this article. Very conspicuous instances of
improved returns of net earnings concurrent with
losses in gross earnings are found in the case of
the leading East and West trunk lines. Thus the
Pennsylvania reports $15,938,321 gain in net, with
$14,283,707 loss in gross. The New York Central with
$1,644,067 decrease in gross, shows $3,510,260 increase in net. This is for the New York Central
itself; including the various auxiliary and controlled
roads, the whole going to form the New York Central Lines, the result is $9,499,967 gain in net, notwithstanding $199,391 decrease in gross. The Baltimore & Ohio, while having sustained a decrease of
$9,263,386 in gross, is able to show $4,356,807 improvement in the net. The Erie is one of the Eastern
trunk lines which managed to enlarge its gross revenues in amount of $2,485,594, while simultaneously
effecting a reduction in expenses in the sum of almost $5,000,000, with the result of an addition to
the net of no less than $7,466,807. In the following
we show all changes for the separate roads for
amounts in excess of $1,000,000, whether increases
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1928.
Decrease.
Increase.
$14,283,707
Union Pacific (4)
$12,440,402 Pennsylvania
9,263.386
Texas & Pacific
11,846,293 Baltimore & Ohio
9.059,356
Chicago Milwaukee St.
Atlantic Coast Line
8.966,659
Paul ac Pacific
8.933,939 Louisville az Nashville
8,848.334
Great Northern
8,833,086 Chesapeake & Ohlo
Chic. Burl'g'n & Quincy.. 6.570,955 Atch. Topeka & S. Fe (3) 8,250,004
4,544,943
Missouri Pacific
5.848,120 Seaboard Air Line
4,0'11.089
Northern Pacific
5,697,908 Norfolk & Weqtern
3,984,912
Wabash
3.964,837 Florida East Coast
3.6 ,,667
Michigan Central
3,466,891 Virginian _
Southern Pacific (2)_ _ _ - 2,675,858 Delaware Lack & west. 3,561,135
Wheeling & Lake Erie__ - 2,576,078 Southern Railway
83,522.611
3,273.614
Erie (3)
2,485,594 Western Maryland
3,252.481
Detroit Toledo & Ironton 2,436.483 Illinois Central
Bessemer & Lake Erie
2,383,877 St. L. San Francisco (3). 3.098,718
2,650,402
Chicago & North W estern 1,956.795 Reading
Duluth Missabe & North. 1,582.156 Lehigh Valley
2,567,748
2,500,442
Grand Trunk Western_ _ 1,547,442 Central of Georgia
St.LouisSouthwestern(2) 1.369.240 Delaware & Hudson.... 2,463,196
Indiana Harbor Belt.-- 1,286.950 Cleve Cin Chic & St L.- 2,355,585
Detroit Gd. Haven az Mil 1,165,480 N.Y. N.H.& Hartford.. 2,191,262
1,820,753
1,160,612 Chic. & Eastern III
Western Pacific
a1,644,067
Chic. R. I. & Pacific (2)- 1,145,614 New York Central
Minn St P & S S Marie_,. 1,134,645 Kan City Mex 0 of Tex- 1,442,260
1,016,975 Colorado & Southern (2)_ 1,417,559
Pere Marquette
Boston & Maine
1.224,136
Total (32 roads)
$93.575,530 West Jersey & Seashore.. 1.159,719
Clinchfield
1,049.923
[VoL. 128.
the other hand, each of the three regions into which
the Western district, according to the Commerce
Commission classification, is divided, register larger
or smaller increases in both gross and net. In the
case of the Eastern district, two of the three regions have suffered reductions of their gross in addition to the falling off sustained in the previous
year, but all three of these regions are able to show
very substantial improvement in net earnings, the
saving in expenses which has been discussed above
having found its greatest exemplification on the
roads in that part of the country. The previous
year, when the showing all around was so poor, all
the different districts together with all the different
regions in those districts suffered reductions in
gross and net alike. Our summary by groups is given
below. As previously explained, we group the roads
to conform entirely 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:
Gross Remise
District and Region.
1927.
Ise.(+)or Dee.(-)
Jan. 1 to Dec. 311928.
Eastern
r ctNew England Reg'n(10 roads) 264,969,279 269,880,08i -4,910,804 1.83
+3,367,450 0.30
Great Lakes Region (34 roads).1.124.821.748 1,121,454,298
Central Eastern Reg'n (30 Ms.) 1,382,439,113 1,409.812,212 -37,373,099 1.25
2 772,230,140 2,801,146,593 -28,916,453 1.03
Total (74 roads)
Southern DistrictSouthern Region (31 roads).- 773,466.921 815,280,597 -41,813,676 5.13
Pocahontas Region (4 roads).- 261,287,834 278,332,213 -17,044,379 6.11
1,034.754,755 1,093,612,810 -58,858,055 5.38
Total (35 roads)
Western DistrictNorthwestern Region (18 rds.). 745,066,687 714.964,021 +30.102.666 4.21
Central West. Region (23 rds.).1,048.646.482 1,025,711,504 +22,934,958 2.22
+4,471,542 0.79
Southwestern Region (33 roads) 567.421,443 562,949,901
2 361,134,592 2,303,625,426 +57,509.166 2.49
Total (74 roads)
Total all districts (184 roads).- _6,168,119,487 6,198,384,829 -30,265,342 0.49
Na EntwinesDist. & Regions1927. lig4.(+)or Der.(-)
1928.
Jan. 1 to Dec. 31. -Mileage8
5
%
S
Eastern District- 1928. 1927.
New Eng Reg'n_ 7,315 7,345 73,210,335 65,506,810 +7.703,525 11.76
Gt. Lakes Reg'n 24,858 24,918 296,713,537 269,045.858 +27.667,679 10.28
Cent.East.Reten 27.011 26.996 371,094,970 336,789,231 +34.305,735 10.18
59,184 59,259 741.018,842 671,341,903 +69,676,939 10.37
Total
Southern Dist.Southern Region 40.094 39,722 190,485,557 199.286,835 -8,821,278 4.43
Pocahontas Rgn. 5,626 5,616 94,318,815 98.473,546 -4,154.731 4.22
Total
45.720
Western DistrictNorthw. Region 48.784
Cent.West.Rgn. 51,982
Southwest.Reg'n 34,956
45,338 284,784,372 297,760,381 -12,976.009 4.31
48.528 207.935.478 195,632,647 +12.302.831 8.21
51.885 313,738,925 297.462,830 +16,276,095 5.47
34,526 158,590,052 138,700,125 +19,889.92714.34
Total ___
135,722 134.939 680,264,455 631,795,602 +48.468,853 7.67
Total all districts_240,626 239,536 1706,067,069 1600,897,886+105.169,783 6.56
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York..
Central Eastern Region.-This region comprises the section south of the Great
Total (31 roads)
$116,032,668
Lakes Region, cast of a line from Chicago through Peoria to St. Louis and the
a These figures merely cover the operations of the New York Central Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
itself. Including the various swill ary and controlled roads, like the Parkersburg, W. Va., and a line thence to the wouthwestern corner of Maryland
Michigan Central, the "Big Four," &c., the result is a decrease of $199,391. and by the Potomac River to its mouth.
b This is the result for the Southern Railway proper. Including the
SOUTHERN DISTRICT.
Alabama Great Southern. the Cincinnati New Orleans az Texas Pacific,
Pocahontas Region.-This region comprises the section north of the southern
Georda Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System, 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
the result is a decrease of $5,059,478.
and thence by the Potomac River to its mouth.
PRINCIPAL CHANGES IN NET EARNINGS FOR TWELVE
Southern Region -This region comprises the section east of the Mississippi River
MONTHS ENDED DECEMBER 31 1928.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
Increase.
following the eastern boundary of Kentucky and the southern boundary of Virginia
Increase.
$15,938,321 Indiana Harbor Belt-- 1.901.161 to the Atlantic.
Pennsylvania
1,80',687
WESTERN DISTRICT.
7,466.807K C Max Or of Tex
Erie (3)
6.322,917 Yazoo & Miss Valley-- 1.763,560
Missouri Pacific
Northwestern Region -This region comprises the
adjoining Canada lyind
1.620,492 west of the Great Lakes region, north of a line fromsection
6,107,126 Pere Marquette
Texas & Pacific
Chicago to Omaha and thence
5.636,272 Kan City Mex Orient__ 1,476.806 to Portland and by the Columbia River to the Pacific.
Union Pacific (4)
4,356,807 Union of(Pennsylvania). 1.424,319
Baltimore & Ohio
Central Western Region.-This region comprises the section south of the North1,323.601 western region, west of a line from Chicago
Chicago Burl & Quincy
4,297,299 Long Island
to Peoria and thence to St. Louis. and
Southern Pacific (2)- -- - 4.135.192 Colorado az Southern (2).. 1,322,607 north of a line from St. Louis to Kansas City and thence to El Pus and by the
1,212.322
(2)Pacifx
NY N Haven & Hart.-- 3,938,349 Chic R I &
Mexican boundary to the Pacific.
New York Central
03,510.260 Buffalo Rochester & Pitts 1,081,494
Southwestern Region,-This region comprise the section lying between the MisBoston & Maine
3.182,042
sissippi River south of St. Louis and a line from St. Louis to YAWN City and thence
$107,847,456 to El Paso and
Total(39 roads)
Michigan Central
3,067,244
by the Rio Grande to the Gulf of Mexico.
Decrease.
Great Northern
3,953,550
$5,502,376
Wabash
2,932,416 Southern Railway
Lehigh Valley
2,875,709 Louisville & Nashville... 2,339,867
2,135,016
Northern Pacific
2,750.680Virginian
1,810.509
Bessemer & Lake Erie... 2,745,216 A T & Sante Fe (3)
Detroit Toledo & Ironton 2,499,380 Del Lack & Western.... 1,309,835
1,270,684
Wheeling & Lake Erie.... 2,424,266 Chesapeake & Ohio
Chic.& North Western. _ 2,312.154
$14,368.287
Duluth Missabe & Nort
(8
roads)
Total
2.266.400
a These figures merely cover the operations of the New York Centra EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC. 31.
itself. Including the various auxil ary and controlled roads, like the
Eastern District.
Michigan Central, the "Big Four," &c., the result is an increase of $9,Ilst
Inc or Dec.
499.967.
1927
1928
1927.
1928.
S This is the result for the Southern Railway proper. Including the
New England Region- S
3
5
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, Bangor & Aroostook 7,199,222 7,401,075 2,248,717 2,444,478 -135,781
the Georgia Southern & Florida, the New Orleans & Northeastern and the Boston & Maine_ _ - - 76,624.238 77,848,374 19,194,915 16,012,873 +3,182,042
Northern Alabama, the whole going to form the Southern RailwaySystem, Canad Nat System212,144 -348,734
Atl St Lawrence_. 2.532.217 2,716,787 def136,590
the result is a decrease $1,847,169.
Central Vermont_ 7,603,825 8,259,570
1,535,129
624.386 +910.743
Chic Det & COT J-See Great Lakes Region.
Dui Win & Pacific-See Northwestern Region.
Grand Tr West-See Great Lakes Region.
graphical
Del Grd Hay & Mite--See Great Lakes Region.
Canad Pao Linea1,097 +107,121
108,218
Can Pao L in Me. 2,552,877 2,518,257
1,828.609 def660,509 def20,312 -640.197
Can Pac L in Vt.- 2.037.925
Dui So Sh & Ati-See Northwestern Region.
Minn St P & S8 M-See Northwestern Region
Spokane Inter-See Northwestern Region•
We now add our detailed statement for the last
two calendar years, classified by districts and regions the same as in the table above and giving the
figures for each road separately.
When the roads are arranged in groups, or geodivisions according to their location, it is
found (confirmatory of what has already been said)
that the two divisions of the Southern district record
losses in gross earnings and net earnings alike. On
FEB. 23 19291
FINANCIAL CHRONICLE.
-Gross
Na
1928.
1927.
1928.
1927.
Inc. or Dec.
$
Maine Central
19,301,899 20,217,535 4,315.616 4,144,084 +171,532
New Haven SystemNYNH & H_ _ _137,633,053 139,824,315 43,484,412 39.546,063 +3,938,349
N Y Ont & West-See Great Lakes Region.
New York Connect_ 2,857.741
3,068,455
1.856,019
1,901,530
-45,511
Rutland
6,626,282 6,197,106
1,264.408
640,467 +823,941
Total(10 roads)_ _264,969,279 269,880,083 73,210,335
Great Lakes RegionBuff Roch & Pitts
16,966,504 17,522,081
3,118.145
Canad Nat SystemAtl & St Lawrence-See New Engl Region.
Central Vermont-See New Engl Region.
Chic Det C G T J. 4,020,262 3,835,874 2,396,561
Det Gr H & Milw_ 9,304,756 8,139,276 3.453,679
Dul Win & Pao-See Northwestern Region.
Grand Tr West
22,102,547 20,555,105 6.034.745
40,229,715 42,692,911 8,644,050
Del Lack & West- 81,138,442 84,699,577 23,152,434
Det & Mackinac_ _ _ 1,668,743
1,626,388
429.746
Detroit Terminal_ _ _ 2,323,158
1,949.382
794,760
Det Tol Sh Line_ _ _ _ 4,873.358 4,727,678 2,475.126
Erie SystemChicago & Erie_ _ _ 14,884,622 14,121,190 5.991.044
Erie
110,091,920 108.357,165 23.622,531
New Jerk N Y
1,583.383 1,595,976
198,952
N Y SUEZ & Wart_ 4,957,022 4,933.623
1.075,579
Ind Harbor Belt
_ 12,722,774 11,435.824 4,815.340
Lake Terminal
1,123,497
1,073.037
69,255
Lehigh Valley
71,935,071 74,502,819 18.108.136
Lehigh & Hudson R_ 2,822,846 3,362,338
954,543
Lehigh & New Engl. 5,392,412 5,798,454
1,437,202
Monongahela
7.191,161
7,729,914 3,384,503
Montour
1,720,985
1,299.958
391.908
New Haven SystemNYNH k H-See New England Region.
NY Ont & West_ 12,650,717 13,157,620 2.153,896
Y Central LinesCinn Northern-See Central Eastern Region.
C C C & St Louis-See Central Eastern Region.
Evans Ind az H-S..Central Eastern Region.
Mich Central_
93,217,493 89.750,602 30,573.558
NY Central
331,733,244 383,377,311 93,487.735
Plttsb & L
31,406,816 31,785,820 5,803,826
NY Chic & St Louis 52.876,520 53,619,600 15,009.984
Newburgh & So $h_ 2,120,539
1,843,472
U7,257
Pere Marquette
45,761,568 44,744,593 14,725.221
Pittsb & Shawmull
1.883,261
1,896,899
564.309
Pitts),dr West Va.__ 4,473,024 4,011,617
1,918,670
Pittsb Sharo & No
1,916,609
1,859,339
414,224
Toledo Terminal_ _
1,517,681
1,514,021
587.134
Ulster & Delaware
1,172,434
1,211,568
177,874
Wabash SystemAnn Arbor
5,965,673 5,615,112
1,540,187
Wabash
71,072,991 67.108,154 18,661,423
65.506,810 +7,703.523
2,036,651 +1,081,494
1.848,497
2,740.187
+548,064
+713,492
5,279,037 +755,708
8,147,293 +496,757
24,462,269 -1,309,835
230,708 +199,038
506,643 +288.117
2,345.826 +129.3(10
5.479.702 +511,342
16,733,956 +6.888.575
132,062
+66,890
784,801 +290.778
2.914,179 +1.901,161
def66,716 +135,971
15,232.427 +2,875.709
1,063,539 -108,998
1,761,229 -324,027
3,784,188 -399,685
71,231 +320,677
2,185,574
-31,678
27,506,314 +3,067.244
89,977,475 +3,510,280
5,465.508 +338.318
15.045.106
-35,122
378,404 +168,853
13,104.729 +1.620,492
406,118 +158,193
1,598,069 +320,601
320.196
+94.028
407,076 +180,058
151,794
+26,080
1,282,781 +257,406
15,729,007 +2,932,416
Total(34 roaia)_ _1.1248217481,121454298 296,713,537 269,045,858+27,667.679
Central Eastern RegionAkron Can & Young 3,538,026 3,171,453 1,274,477
1.079,328 +195,149
Bait & Ohio Sy.
Bait & Ohio
236.818,681 246,082,067 64,267,813 59,911,006 +4,356,807
Staten 151 It T
3,127,661
3,277,823
1,024,486
1,031,153
-6,667
B & 0 Chic Term
4,358,197 3,975,102
1,062,530
763.751 +298,779
Belt Ry of Chic_ _
8,152,394 7,537,959 2,551,209 2,511,646
+39,563
Bess & Lake Erie_ _ _ 15,794,736 13,410,859 6,543.931
3.798.715 +2,745,216
Brooklyn E D Term 1.471,638
1,429,496
574.143
498,502
+75,641
Buffalo & Suaqueh_ 1,632,984
1,530,183
166.908 Def23,002 +189,910
Chas & Ohio Sys.
Ches & Ohlo-flee Pocahontas Region.
Hocking Valley
20,801,232 21,042,515 8,123,603 7.534,299 +589,304
Chic & East Illinois_ 24,893,573 26,714,326 5,472.815 5.184,426
+288.389
Chia & Ill Midi _ _ 2,736,600
1,808,012
603.057
+962,195
Chic Ind & Louis_ 18,381,006 18,542,197 5,195,198 Def359.138
4,970.336 +224.862
Elgin Jol & East_ 24.602,240 24.281,541
7,827,438 7,281,233 +546,205
Monongahela Cons_ 2,129,030
1,919,642
539.247
437,323 +101.924
Det Tol & Ironton
11,107,836 8,671,353 4.217,246
1,717,866 +2,499.380
Conemaugh & 131 Lin 1.873,359
1,669,258
297,337
54,714 +242,623
N Y Central LinesCinn Northern_ _ _ 4,061,793 4,636,369
1,187,750
1,482.725 -294,975
C C C & at Louis- 88,830,152 91,185,737 21,840,997 20,863,038
+977,959
Evans Ind & T H_ 1.764,688 2,522.858
430,828
813.903 -383,075
New York Central-See Great Lakes Region.
Pitts ds Lake Erie-See Great Lakes Region.
Michigan Central-See Great Lakes Region.
Pennsylvania Sys-Long Island
40,532,572 40,886,580 12,098,215 10,774,614 +1,323,601
Pennsylvania_ _ _650,567,316 664,851,023 170,395,682 154,182,361+15,2
13,321
W Jersey at *lash 10,484.098 11,643,817 2.399,942
1,795,943 +603.999
Reading SystemAtlantic City._
3,732,785 4,205,844
81,480
365.255 -283,775
Cent of N J
58,002,057 58,745,712 15,879.897 15,401,465 +478,432
Perkloinen
1.300,485
1,277.648
446,286
488.457
-42,171
Port Reading ___ 2,365,220 2,427,509
1.139,840
1,072,134
+67.706
Reading
89,940,034 92,590,436 20,113.688 20.710,367 -596.679
Union
10,142,499 9,779.136 2,585,260
1,160,941 +1,424,319
Western Maryland_ 18.592.557 21,866.171 5,916,386
6,872,859 -956,473
Wheeling & L
20,705.664 18,129,586 6,837,281 4.413,015 +2,424.266
Total(30 roads)._1382439,113 1409812,212 371,094,970
336,789,235+34,305,735
rota). Eastern DistTotal(74 roads).-2772230,140 2801146,593 741.018.842
671,341,903+69,676,939
Southern District.
Gross
Net
1928.
1927.
1928.
1927.
Inc. or Dec.
Southern /teem$
Atlantic Coast Line SystemAtl Birm & Coast- 4,798,168 5,258,712
183,180
314,862 -131,682
All Coast Line.-- 71,393,170 80,452,526 15,427,112
16,098,908 -671,796
Atl & West Point- 3.086,039 3.184,475
717.969
737,299
-19,330
Charles & W Caro 3.279,890 3,525,849
825,179
797.156
+28,023
Clinch:101d
6,870,121
7,920,044 2,669,055 2,855,316 -186,261
Georgia
5,270,783 5,667,787
863,581
Loulsv & Nashv 135,638,46$ 144,605,117 29,407,416 1,042,292 -178,711
31,747,283 -2,339.867
Louisv 11 & St L
3,250,600 412,232
606,375
. , 6 -503.941
Nash Chat & St L 23.335,033 22:905_626 5,207,840 4,023,172
+584,668
West Ry of Ala
3,238,872 3,187,850
801,367
778,041
+23.326
Colum & GreensvIlle 1,829,576
1,881,849
333,460
331,878
+1,582
Florida East Coast_ 13,874,723 17,859,635 3,985,516 3.483,809
+501,707
Georgia & Florida
1.616,576
1,851.804
245,265
339,408
-94,143
Gulf Mobile & Nor_ 7,510,346 7,268,698 2,109,989
1.949,813 +1130,176
Illinois Central ByeCentral of Georgia 25,140,868 27,641,310 5,932,081 6,695,684
-763,603
Gulf& Ship Leland 3,308,201 3,763,553
494,047
131,352
Illinois Central_ _152,569,583 155,822,084 36,135,952 36.839.303 +362,695
Yazoo & Miss Vali 26,850,679 28,975,610 5,998,813 4,235,253 -703.351
+1,763,560
Mississippi Central_ 1,691,523
1.653,416
506,525
439.433
+67,092
New On Gt Nor_ 3,230,330 3,309,494
1,033.412
974.252
+59.160
Norfolk Southern
9,122,317 9,567,021
2.579,047 2,739,053 -160,006
Seaboard Air Line.. 57,245,207 61,790,150 14,342,243 14,916,835 -574,592
Southern Ry SysAla Gt Southern_ 10,110.310 10,359,494 2,947,026 3,026,417
-79,391
C NO & Tex Pao_ 21,631,726 21,811,757 6,392,475 6,251,531
+140,944
GeOrgia SOU & Fla 4,519,309 4,863,249
706,531
775,100
-68,569
Mobile & Ohio _ _ 17,369,129 18,055,294 4,169,821
4.460.503 -290,682
New Orl & N E
5,522,966 6,758,052
1,825,397
1,933,951 -108.554
New Orleans Term 1,634,033
1,917.743
715,296
783.863
-68,567
North Alabama._ 1,155,423
1,376,563
363,985
560,718 -196,733
Southern Ry
144,116,452 147,639,063 42,228,734 47,731.110 -5,502.376
Tennessee Central
3,256,510 3,279,560
710.868
582,924 +127.944
Total(31 roads)-773,466,921 815,280,597 190,465,557 199,286,835
-8,821,278
1127
-Gross
Nei
1928.
1927.
1928.
1927.
Inc. or Dec.
Pocahontas Region- 8
$
$
Ches Sz Ohio SystChes & Ohio
124,825,172 133,673,506 42,281,928 43,552,612 -1.270,684
Hocking Valley-See Central Eastern Region.
Norfolk & Western_106,947,111 110,948,200 40,425,416 41,252,075 -826,659
Rich Fred & Potom_ 11,035.433 11,595,722 3,235.193 3.157,565
+77,628
18,480,118 22,114,785 8,376,278 10.511,294 -2,135,016
Virginian
Total(4 roads)-261,287,834 278,332,213 94,318.815 98.473.546-4,154,731
Total Southern Dist.
(35 roads)
1034,754,755 1093612,810 284,784,372 297,760,381-12,976,009
Western District.
Northwestern
-Gross
Net
Region1928.
1927.
1928.
1927.
Inc or Dec.
Can Nat System$
Atl & St Lawrence-See New England Region,
Central Vermont-See New England Region.
Chic Det & Cl T J-See Great Lakes Region.
Dul Win & Pito_ 2,573,188 2,571,529
456,940
455.865
+1.075
Grand Trunk West-See Great Lakes Region.
Canadian Pac Sys•
Canadian Pac Lines in Me CA.- New England Region.
Can Pac Lines in Vt-See New England Region.
Dul So Shore & Atl 5,045,858 5.121,693
913,059
1,060,175 -147,116
Minn StP&I3SM 50,291,654 49,157,009 13,884,625 13,421.395 +463.230
Spokane Internal 1,195,321
1,239,384
392,862
410,651
-17,789
Chic & N W SysChicago & N W..152,089,765 150,132,960 35,450,847 33,138.693 +2,312,154
Chic St PM & 0_ 27,063,052 26,847,105 4,074,089 5,046,859 -972,770
Chic Great West_ 24,871,023 24.444.753 5.444,502 4,722,543 +721,959
Chic Mil St P & Pac.165,303,693 156.320,454 44,722.775 44.402,951 +319,824
Chic River & Ind__
6,852,263 6,793,393 2,829.943 2,391,071 +438,872
Dul & Iron Range__ 6,548,686 6,648,645 2,154.256
1,947,750 +206.508
Dul Miss & North__ 17,417,640 15,835.484 10,243,642 7,977,242 +2,266.400
Great Northern_ _ _126,737,091 117,904.005 43,501,975 39,548,425 +3.953,550
Green Bay & West_ 1,797,564
1,579,393
464,247
352.835 +111,412
Lake Sup & Ishpem_ 2,517.812 2,322.021
1,064,069
957,344 +106.725
Minn & St Louis_ 14,450,531 14,413.216 2,068,548
1,570,901 +497,647
Northern Pacific_ _101,272,724 95,574.816 30,470,758 27,720,078 +2,750.680
Spok Portl & Seattle 9,345,584 8,932,623 3,492,385 30588.193
-95.813
Union Pacific SysLos Angeles & S Lake-See Central Western Region.
Oregon Short Line-See Central Western Region.
One Wash Ry & N 29,693,248 29,125.538 6,305,956 6,919.671 -613,715
St Jos ,k Grd 151-See Central Western Region.
Union Pacific-See Central Western Region.
Total(18 roads).-745,066,687 714,964,021 207.935,478
Central Western RegionAtchison SystemAtch Top & S Fe_206,277,070 206.293,929 63,512.271
Gulf Colo & 5 Fe-See Southwestern Region.
Panhandle & S Fe-See Southwestern Region.
Bingham & Garfield
482,993
485,857
99,077
Burlington RouteChic Burl & QuInn162,891,409 156,320,454 48.700,250
734.122
Quincy Om & K C
807,175 Def103,904
Ft W & Deny C. 11,601,560 12.362,993 4.381,967
Colo & South_ _ _ _ 12,303.314 12,959,440 3.094,611
Wichita Valley-See Southwestern Region.
Chicago & Alton_ 28,540,347 28.345,728 6,117,387
Denver & Rio Grde_ 33,200,656 33.144,907 8,758,241
Denver & Salt Lake 4,011,663 4,110,286
1,475,341
Nevada Northern.. 1.163,362
974,814
646.151
Northwest Pacific__ 6,355,971 6,606,409
623,767
Peoria & Pekin Un. 1,907,171
1,859,364
515,823
Hock Island SysChic 111 & GulL. 8,915.993 7,159.065 2,503,516
Chic It I & Pac__134.316,611 132,927,925 35,462,748
Southern Pac SysSouthern Pacific_218.885,255 214,898,487 67.673,199
Texas & New Orl-See Southwestern Region.
Toledo Peoria & W. 2,174,649
1,762.746
530,005
Union Pacific SysLos Ang & it Lake 24,772,513 25,382.737 5,004.036
Ores Short Line-- 38,731.874 35,09.738 13.342,726
Oreg Wash Ry & N-See Northwestern Region.
St Jos & Grde 181_ 4,073,862 3,521,309
1,270,016
Union Pacific_ _121,971,611 113.383,608 44,260,039
Utah
1,797,413 1,813.208
573,587
Western Pacific_ _ _ _ 17,594,075 16,433,463 3,387,866
San Diego & Ariz__
1,225,832
1,349,092
294,149
Illinois Terminal... 6,717,136 6,809,030
1,616,056
195,832,647 +12302.831
Total(24 roads)..l048646.462 1025711,504 313,738,925
Southween RegionAtchison SystemAtch Top & Santa Fe-See Cent Western Region.
Gulf Colo & S Fe_ 28,099.317 34,195,211 8,108,393
Panhandle & S Fe 13,256,450 15,393,701
4,019.918
Burlington RouteChic Burl & Quincy-See Cent Western Region.
QUIncy Om & K C-See Cent Western Region.
Colo & South-See Cent Western Region.
Ft W & Den City-See Cent Western Region.
1,918,219
Wichita Valley... 1,752,861
769,435
Ft Smith & West.... 1,559,773
1.646,670
271.616
Frisco Lines1,300,461
W & Rio Gran. 1,314,322
133,812
St Lou San Fran- 82,113,691 85,272,636 25,249,600
St L-S Fran of Tex 1,952,838
1,988,744
432,150
Galveston Wharf...2,334,856
1,970,747
1,088,609
Kan C Mex Orient LinesKan C Mex & Or_ 2,967,097
3,029,695
1,387,706
Kan C Mex Or of T 5,663,336 7,105,596 3,091,078
Kansas City SouthernHans City South- 18,513,388 19.075,667 5,967,355
Texark & Ft Smith 2,910,509 2,972,939
1,367,521
Kane Okla & Gulf.- 3,266,728 2,937,043
1,231.955
Louisiana & Ark... 3,859.960 3,562.302
1.416.180
Louts Ry & Nav
3,424,537 3,291.531
734,928
Louis Hy & Nav of T 1.051,907
1,121.588
48,634
Midland Valley _ - _ - 3,725,530 3.964,918
1,530,510
Mo de No Arkansas_ 1,654.466
1,682.613
142.391
Missouri Kans-Tex 56,549,119 56,181,528 17,615.303
Missouri Pac SystemBeau & Sour Lake 3,310,903 3,054,876
915,556
Int Great North
18.855,805 18,428,470 4.141,352
Missouri Pacific 131,576,525 125,728,405 32,485,324
New On Tex & NI 2,884,211 2,863,407
598,821
St Louis Br & Mex 8,213,085 9,197,732 2,633,187
San Ant Un & Gulf 2,136,335 1,919,355
567,340
Texas & Pacific._ 50,795,832 38,949,539 16,259,592
St Louis Southw SystemSt Louis So West_ 17,999,097 46,833.800 6,517,333
St L So West of''
7,576,668 7,370,725 60272.201
Southern Pacific LineaSouthern Pacific-See Cent Western Region.
Texas dr New On. 70,215413 71.526,323
Term Ity Ass of St L 12.777,614 13,270,086 14,936 644
3,871:182
Texas Mexican
1,248.030 1,280,757
304,459
Trin & Brazos Val
2,717,457 2,836,351
607562
Wichita Falls & Sou_ 1,143,633 1,076,266
416,807
Total(33 roads)__567,421,443 562,949,901
158,590,052
297,462.830 +16276,095
63,538,956
-26.685
80,609
+18,468
44,402,951 +4,297.299
Def84,884
-19,020
3,939,818 +442,149
2,214,153 +880.455
6.081,783
8,053,132
734,784
502.977
1.244,313
489,862
+35,604
+705,109
+740.557
+143,174
--620,546
+25,961
2,096,658
34,657,284
+406.858
+805,464
62,682.686 +1,990,513
217,209
+312.796
4,931,937
+72.099
11,557,196 +1,785,530
917,224 +352,792
40,148.374 +4,111,665
687.717 -114,130
3.308,394
+79.472
345,245
-51.096
1,714,452
-98.396
9,264,333 -1.185,937
4,647,806 -627.88:
880.075
228,713
-110,640
+42.903
def11,931
+145,743
26,407,868 -1.158.268
316,660 +115,490
648,067 +440,542
def89,100 +1.476,806
1.288,391 +1.802.687
6,162,529
1,121,586
635,883
872,143
561,469
105,476
1,435.665
115,616
16,842,354
-195,174
+245,935
+596,072
+544.037
+173,459
-56.842
+94,845
+26.775
+772,949
708,647 +206.909
3,473,798 +687,554
26,162,407 +0,322,917
96.700 +502,121
2,501.511 +131,676
441.578 +125,762
10,152,466 +6,107,126
5,448,923 +1,068,410
263,031
-535,232
12,791,965 +2.144.679
4,105,119 -233,937
198,837 +105,622
546,258
+61.304
375,286
+41,521
138,700,125+19,859,927
Total Western Dist
(74 roads)
2361134592 2303625428 680,264,455
631,796,6624 48,468,853
Grand total (184
roads)
6188119487 6 198384829 1706087669 1600897886 +105169753
FINANCIAL CHRONICLE
1128
[VOL. 128.
RECORD OF PRICES OF WISCONSIN SECURITIES FOR 1928.
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 1928 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 1928.
High.
Low.
BONDS.
Beloit Water, Gas & Electric Co. 5s, 1937
Chicago North Shore & Milwaukee Ry. Co. 55, 1935...6g. 1955
Consolidated Water Power Co. 534s, 1946
5As, 1947
Della Paper & Pulp Co. 65, serial
Eastern Oregon Light & Power Co. 6s, 1929
Gimbel Brothers 6s, 1928
6s, 1931 to 1941
Green Bay Gas & Electric Co. 5s, 1935
Janesville Electric Co. 5s, 1945
Kieckhefer Container Co. 534s, serial
Koehring Co. 6s, serial
Madison Gas & Electric Co. 5s, 1940
Is, 1950
Madison Railway Co. 5s, 1936
Marathon Paper Mills Co. 534s, serial
Marinette & Menominee Paper Co. 7345, 1936
Milwaukee Coke & Gas Co. 734s, 1933
Milwaukee Light, Heat & Traction Co. Is. 1929
Milwaukee Northern Railway Co. 5s, 1931
Pabst Corp. 534s, serial
Pfister & Vogel Leather Co. 7s, 1930
Sheboygan Electric Co. 5s, 1946
Southern Wisconsin Power Co. Is, 1938
Spruce Falls Power & Paper Co. 534s, serial
Superior Water, Light & Power Co. 4s, 1931
Weyenberg Shoe Mfg. Co. Is, 1937
Wisconsin Electric Power Co. 5s, 1954
Wisconsin Gas & Electric Co. 5s, 1952
Wisconsin Michigan Power Co. 5s, 1957
Wisconsin Minnesota Light & Power Co. 5s, 1944
8s, 1944
Wisconsin Power, Light & Heat Co. 5s, 1946
Wisconsin Public Service Corp. 5s, 1942
534s. 1958
6s, 1952
Wisconsin Ry., Light & Power Co. Is, 1943
Wisconsin River Power Co. 5s, 1941
Wisconsin Traction, Light, Heat & Power Co. Sc, 1931
750, 1931 ___________________________________________
102
95
90
102
103
100
101%
101
10334
101
10134
101
100
10234
10234
• 65
101
105
103
101
100
100%
101
102
101
101
97
104
103
104
10134
101
120
100
103
10534
10734
101
101
101
105
100
88
81
100
95
98
100
100
102
99
100
99
98
101
101
50
98
103
102
99
98
99
99
99
98
98
94
101
100
102
99
98
115
98
100
103
104
98
98
99
103
BONDS (Concluded).
Wisconsin Valley Electric Co. 5s, 1942
534s, 1942
Wisconsin Valley Power Co. 5345, 1950
Low.
High.
100
10134
100
102%
103
103
103
99
104
107
105
104
106
109
98
108
97
105
100
112
101)4
110
100
108
105
113
Boris.
Basis.
3.85
4.00
4.10
4.00
4.00
4.10
4.00
4.00
3.95
4.00
4.00
4.00
4.00
3.90
4.10
4.00
3.95
4.00
4.00
4.00
4.15
4.15
4.20
4.20
4.20
4.20
5.25
4.15
4.20
4.15
4.15
4.15
4.20
4.20
4.15
4.20
4.20
4.15
4.20
4.20
4.15
4.20
STOCKS.
Holeproof Hosiery Co.7% preferred
Milwaukee Electric Ry. & Light Co.6% preferred
7% Preferred
Milwaukee Gas Light Co. 7% preferred
Palmolive Co. 6% preferred (now Colgate-Palmolive
Peet Co.)
(A. 0.) Smith Corp. 7% preferred
Weyenberg Shoe mtg. co. 7% preferred
Wisconsin Public Service Corp. 7% Preferred
634% preferred
Wisconsin Telephone Co. 7% preferred
MUNICIPALS.
Milwaukee City 4s and 4145
Milwaukee County 434s, 4Xs
Beloit, Wis. 4348
Brown County 430
Dodge County 5s
Douglas County 5s
Fond du Lac City 434s
Fond du Lac County, Is
Green Bay City 434s, 434s
Kenosha County 4345
Kenosha City 434s
La Crosse County 5s
La Crosse City 434s, 434ii
Madison, Wis., 4345, Is
Marathon County 434s
Ozaukee County 434s, 55
Racine City 434a, 43s
Walworth County 5s
Waukesha County 5s
Washington County 5s
Wisconsin Rapids, Wis., 434s
RECORD OF PRICES OF NORTHWESTERN SECURITIES DURING 1928.
Lane,Piper & Jaffray of Minneapolis have kindly prepared for us the following list of high and low prices for the calendar year 1928 on securities which are traded in more or less actively in the Twin Cities. The list does not include securities listed on the New York Stock Exchange, such as the Twin City Rapid Transit stocks and the Wisconsin Central stocks.
These appear regularly in our records for the New York market. The new Minneapolis-St. Paul Stock Exchange did not
start until Jan. 28 1929.
HIGH AND LOW PRICES OF NORTHWESTERN SECURITIES DURING CALENDAR YEAR 1928.
BONDS.
(The) Baker Block 1st & ref. 6s. S. F., Series A. Nov. 1 1946___
Baker Bldg. Garage 1st M.634s. Serial May & Nov. 1 1928-40_
Bohn Refrigerator Co. 1st Is, Nov. I 1928-29
Clarkson Coal & Dock Co. 1st 6s, Nov. 1 1928-39
Commander Larabee Corporation 7s, July 1 1936
Curtis Hotel & Apt. House Constr. Co. & Curtis Hotel 1st
sinking fund 6s, 1928-41
Dakota Central Telephone Co. 1st 6s, June 1 1935
Duluth Street Ry. Co. gen. sink. fund 5s, May 1 1930
First 5s, May 1 1930
(The) Emporium of St. Paul,Inc.,coll. trust 65, Feb. I 1928-37
First National Soo Line Bldg. 1st 5s, June 15 1928-35
Great Lakes Coal & Dock Co. 1st mtge. 5345, Oct. 1 1928-30_
Great Northern Power Co. 1st 5s, Feb. 1 1935
Griggs, Cooper & Co. 1st Is, 1928-30
1st "A" SYis, Sept. 1 1929-39
Hamm Realty Co. 1st 6s, 1928-29
Holly North. Sug. Co. 1st Ser. 634s, 1928.36 (Called Nov. I .28)
Island Warehouse Corp. 1st sink. fund 68, March 1 1943-- Itasca Paper & Pulp 534s, 1928.38
Kalman Steel 1st 6s, 1935-39
Leader Mercantile Corp. coll. trust 6s, Mar. 1 1928.35 (Called)
(E. J.) i ongyear Co. coll. trust 6s, Nov. 1 192847
Marfield Grain Co. 1st 634s. July 15 1928-33
Marquette Houghton & Ontonagon RR. 1st 6s, April 1 1935..
MarshallWells Building 634s, Feb. 1 1928-37
Minneapolis Gas Light Co. 6s, Feb. 1 1930
Minneapolis General Electric Co. 1st 5s, Dec. I 1934
Minneapolis St. Paul & S. S. Marie Ry. 434s, June 27 1928...
MinneapolisStreet Ry. Co. 1st coll. 5345, Aug. 15 1928
Minneapolis St. & St. Paul City cons. 5s, Oct. 1 1928
Minneapolis Northfield & South. Ry. 1st M. 6s, Sept. 1 1941_
Minnesota & Ontario Paer Co. 1st S. F. 63, Apr. 1 1930-35
6s, April 1 1945
6s, April 1 1948
6% notes, 1931
__
Minnesota Power Co.
iiiiv
____
Minnesota Power & Light Co. 1st & ref. Is, June 1 1955
Minnesota Sugar Corporation 1st 6s, May 1 1928-41
Minnesota Transfer Co. Is, Aug. 1 1946
Minnesota Tribune Co. 1st sink. fund 6345, May 1 1942
Minnesota Valley Canning Co. 1st sink.fund 6s,Jan. 1 1941..
Montana& Dakota Power Co. 1st 5,5s, 1929
Northeastern Iowa Power Co. 1st 6s, Nov. 1 1928
1st & ref. 6s, Sept. 1 1929
Northern States Power Co. 1st & ref. Ser. B 534s, Dec. 1 1940_
1st & gen. 6s. Nov. 1 1948
___
534a, Dec. 1 1950______ _
Ottertail Power Co. gen.
_____ __
____ __ ______
______
1st & ref. 634s, April 1 1939
1st 5s, Series E, Oct. 1 1946
Powell River Co.,
5s, Feb. 1 1928-33
1st 6s, 1928-34
Purity Baking Co.Ltd.,
(Elizabeth C.) Quinlan Realty Corp. 1st 5s, Nov. 1 1928.45
Rockwood & Co. 1st (closed) mtge. 6s, Feb. 1 1928-36
Minneapolis Theatre 1st 6s, 1941
St. Cloud Public Service Co. 1st as. Nov. 1 1934
1st 8s, Nov. 1 1934
St. Cloud Water Power, 1st serial 6s, April 1 1939
St. Croix Power Co. 1st 5s, Oct. 1 1929
Low.
92
99
98
98
90
High.
100
102
100
101
9534
102
100
107
105
93
88
97
91
99
101(
100
9934
100
99
10056 10134
98
1006
98
10034
10134
100
103
98
107
10434
99
10234
102
100
103
99
99
102
101
98
103
100
104
100
10134
100
10034 102
100
99
101
10034
99
97
101
97
10034
96
87
10134
10134
87
97
10034
102
101
9834 10234
100
94
102
10034
105
104
99
95
95
10034
99
100
(Call ed.)
9834 10034
10334 105
10134 104
104
102
106
103
101
99
100
97
(Call ed.)
10134
99
67
10034
98
101
103
102
10734 110
103
101
10034
99
BONDS (Concluded).
Low.
High.
St. Paul Bridge & Terminal 6s, Jan. 1 1929
St. Paul City Cable 1st 6s, 1932
Cons. 65, 1934
55, Jan. 15 1937
St. Paul Gas Light Co. gen. 5s, March 1 1944
Gen. & ref. 5345, June 1 1954
Gen. & ref. 6s, Jan. 1 1952
St. Paul Union Stock Yards 1st 5s, Oct. 1 1946
Sioux Falls Gas Co. 1st 6s, June 1 1944
(G.) Sommers & Co. 1st 6s, May 15 1929-34
Superior Water, Light & Power 1st 4s, May 1 1931
Tri-State Tel. & Tel. Co. 1st & ref. 534s, May 1 1942
Truax Traer Coal Co. 634s, Feb. 1 1929-33
Union Public Service Co. 1st 6s, March 1928-36
Upper Mississippi Barge Line Co. 1st M. 534s, Aug. 11930...
Watab Paper Co. let sinking fund 630, July 1 1942
Yeates Building Co. 1st mtge. 6s, Dec. I 1928-40
101
100
103
101
102
10334
98%
92
103
10034
103
103
10634 108
10134
100
(Call ed.)
10034 103)4
97)4
96
104
106
(Call ed.)
101)4
98
(Call ed.)
105
103
(Call ed.)
STOCKS.
Bank StocksFirst National Bank (Minneapolis)
Merchants National Bank (St. Paul)
Metropolitan National Bank (Minneapolis)
Midland National Bank (Minneapolis)
Northwestern National Bank (Minneapolis)
350
300
240
170
300
450
390
260
195
400
Insurance Companies' StockNorthwest Fire & Marine Insurance Co
St. Paul Fire & Marine Insurance Co
Twin City Fire & Marine Insurance Co
205
190
11
220
240
14
Preferred StocksArcher Daniels Midland Co. 7%—Listed on N.Y.Stock Each.
(W. H.) Barber Co. cumulative 7%
Bohn Refrigerator Co. 8%
Emporium of St. Paul preferred
Gordon & Ferguson. Inc., 7%
Leader Mercantile Corporation 7%
Marshall Wells Corporation 6%
Minneapolis Steel & Machinery Co., special preferred
Minneapolis Threshing Machine Co. cumulative 7%
Minnesota Power & Light Co. 7%
Munsingwear Corporation 7%
Northwestern Bell Telephone Co. 634%
Ottertail Power Co.6%
Russell Grader Co. 8%
Russell Miller Milling Co. 634%
Shevlin Hixon Lumber Co. 7%
Tri-State Telephone & Telegraph Co. cumulative 6%
Vassar Swiss Underwear Co. cumulative 7%
Washburn Crosby Co. cumulative 7%
101
99
99
95
24
20
100
98
101
95
94
86
10
9
104
100
110
105
110
108
10634 10934
100
97
(Call ed.)
104
101
9934 102
11
10
112
105
(call ed.)
Common StocksEmporium of St. Paul
Leader Mercantile Corporation
Novadel Process Corporation
Ottertail Power Co
Russell Miller Milling Co
Yellow Cab Corporation of Minnesota, class A
Class B
4
17
180
200
5)5
24
225
240
FEB. 23 1929.]
FINANCIAL CHRONICLE
Northwestern Prosperity.
By
J. L Seybold, Vice-President of the Wells-Dickey Co. of Minneapolis.
Improvement in farming conditions, sound financial and banking conditions and an excellent mining
and manufacturing business were the outstanding
features of Northwestern prosperity in the year just
passed. This territory comprises the bulk of the
Minneapolis Federal Reserve District in Minnesota,
North Dakota, South Dakota and Montana.
"The most convincing proof . . . is furnished
by the records of the decreasing bankruptcies and
failures," the Minneapolis Federal Reserve Bank
says in its monthly review released early in February.
"The greatest improvement occurred among banks
and farmers."
Another development has been the strengthening
of financing institutions in this territory, where tens
of millions of Northwest securities have been floated
in the past year or two. Investment and banking
houses are in a position to finance on an attractive
basis the needs of the industries of this section. Included in the major financing of the past 24 months
are $14,000,000 in telephone securities, largely for
the Tri-State Telephone & Telegraph Co. of St.
Paul; $3,700,000 for the St. Paul Dispatch and
Pioneer Press; $5,000,000 of Archer-Daniels-Midland
preferred stock; $6,725,000 of Pillsbury Flour Co.
issues and many other offerings for manufacturing
and industrial concerns.
During 1928 there was no Twin Cities Stock and
Bond Exchange on which these Northwest securities
were listed, but the markets maintained by financial
institutions kept prices of Northwest bonds remarkably steady, while shares of stock in Northwest companies advanced in proportion to stocks in other industries. Recently the Minneapolis-St. Paul Stock
Exchange was organized and is now conducting daily
sessions in stocks and bonds.
Average bank deposits in the banks in the Minneapolis Federal Reserve District have increased to
$502,000,000, the highest point ever reached. Volume of business in October established a new high
record for any month in this territory and for December bank check transactions were 27% ahead of
the previous year in rural districts and 11% larger
in the cities. In January of 1929 business as measured by bank check transactions was running 11%
ahead of a year ago in the cities and 9% better in the
rural districts.
Construction, which had been rather light in 1927
and 1928, also is reviving and for the early part of
January the daily average of building contracts
awarded was running $333,900 a day or nearly double
the rate of $119,300 daily in January of 1928.
In the banking field there has been a decided trend
toward consolidation and group banking. The number of banks in the Ninth Federal Reserve district
has decreased from 3,853 on Nov. 15 1920 to 2,503
on Nov. 1 of 1928. This has been largely the result
of consolidations in the past year or two, as the
wave of bank failures which followed the post-war
depression period is at an end. The State banking
departments have encouraged consolidation of small
and weak banks into larger, stronger institutions.
This trend toward larger institutions also has taken
place in the larger financial centers. The First
National Bank of St. Paul and the Merchants
National Bank of St. Paul have announced consolidation into an institution which will have approxi-
1129
mately $130,000,000 in assets. There are two groups
of banks in Minneapolis, the First National and
the Northwestern National, which each have assets
considerably more than $125,000,000 each. All of
these banking groups have several associate banks
in their territories. The Northwest Bancorporation
has been launched in Minneapolis with the Northwestern National, the First National of Fargo, N. D.,
and the First National of Mason City, Ia. It
will be a holding company with between $30,000,000
and $50,000,000 of capital to group large banks of
this district into a strong organization.
With agriculture definitely on its way to stability,
manufacturing and mining also are recording important gains. The copper mines of Montana and
Michigan are being operated at greater capacity.
than at any time since the war and the 1928 mine
income in Montana was in excess of $56,000,000,
with activity in the Butte and Anacona district so
great that the days of the gold rush are being recalled. The iron mines of the Lake Superior district, which provide about 75% of the iron ore for
the country, produced more than 53,000,000 tons
in 1928 and reserves on docks and at mills in the
Lake Erie and Chicago districts are lower than at
this season for several years, indicating that there
will be a rush of activity in the iron ore production
sections when weather permits resumption of open
pit or electric and steam shovel operations.
Exports from Minnesota are recording a decided
and steady increase and production of farm machinery
plants is being speeded up. More tractors and farm
machinery are being manufactured in this district
than for years. Shipments of farm machinery from
the Twin Cities have increased from 2,779 carloads
in 1921 to 7,822 in 1928. This is hardly a full
measure of the increasing agricultural activity,
however, as freight cars are now much larger than
they were seven years ago.
Dairy income for 1928 was valued at $243,631,000
compared with $150,864,000 in 1921 and shows the
trend to diversification which is helping the agricultural situation. Dairy income is larger in this
territory than spring wheat income, excluding
durum.
All in all, the business outlook is the best that the
Northwest has faced in many years.
The Encouraging Outlook at the Head of the
Great Lakes.
By Stanley L. Yonce, Vice-President of the Northern Trust Co. of Duluth.
Duluth and the Head-of-the-Lakes District is able
to report progress again for 1928. While this
progress has not been rapid, it is definite and sound.
The agricultural situation continues to improve, old
credits are being liquidated in the farming territory
and purchasing power is being built up. Wholesale
houses distributing in this territory take an optimistic view of business for 1929. The new year
has made a good start and there appears to be no
reason why it will not continue.
The stock market has affected the volume of
bond business available, though investment stocks
are being freely bought. Stocks and stock market
conditions hold a wide interest with the investment
public.
High interest rates have not affected the:supply
of money available in this territory for every legitimate business need. There appears to be ample
to supply local business at a moderate rate.
1130
FINANCIAL CHRONICLE
Members.
The Great Lakes-St. Lawrence waterway program Eugene
P. McCahlll
is making progress and it is generally believed in C. D. Mahoney
J.
Duluth that the Hoover Administration will be able • Willis
.MN.
Osborne
IY1tllz
H.LOverman
to conclude negotiations insuring the waterway. I.
Jos.
This, it is believed, would be the greatest relief H. D. Thrall
Edwin W. White
agriculture could receive and would bring increased Harold E. Wood
W.C. Winter
prosperity to Duluth and its business.
H. R. Johnston
I
Dave R. West
Henry E. Atwood
Robert A. Rice
W. W.Eastman
S. L. Heater
L. B. Woodard
Charles B. Mills
Stanley Gates
Todd W. Lewis
Donald H. Brown
Justus F. Lowe
S. H. Brooks
G. W. Cochrane
James W. Daln
N. P. Delander
Alva M. Drake
L. Leeds Mitchell
Henry U. Harris
Morris T. Baker_ ,
N.P. McKinnon
Louis H. Piper
Rufus R. Rand
Warren F. Scribner
Stanley Vence
Clyde A. Dodge
Geo. F. Piper Jr., President; W. W. Eastman, Vice-President
C. 0. Kalman, Vice-President, and N. P. McKinnon, SecretaryAccording to the
Treasurer.
Opening of the New Minneapolis-St. Paul
Stock Exchange.
The new Minneapolis-St. Paul Stock Exchange,
an account of which appeared in our issue of Feb. 2,
page 664, began dealings on Jan. 28 and seems assured of success. The first day's sales totaled 1,288
shares, and in two weeks the figure reached 3,133
shares. There are 62 listings at present; ten of
these listings are also listed in New York. Virtually all of the banks and bond dealers belong to
the Minneapolis-St. Paul Stock Exchange, which
has commodious quarters in the Roanoke Building.
The officers of the Minneapolis-St. Paul Stock
Exchange are:
[VoL. 128.
Company.
McCahill & Co.
Self.
Self.
Robinson-Jenkins-Taylor Co.
Self.
Wells-Dickey Co.
The Minnesota Co.
Kalman & Co.
Self.
Farnum, Winter Co.
Self.
The Minnesota Co.
First Minneapolis Co.
Self.
Self.
Marquette Trust Co.
Harold E. Wood Co.
Midland Nat. Bk. & Tr. Co.
Stanley Gates & Co.
Self.
Wells-Dickey Co.
Justus F. Lowe Co.
Merchants National Co.
Metropolitan Co.
Self.
Merchants National Co.
Drake Jones Co.
Harris, Winthrop & Co.
Harris, Winthrop * Co.
Morris T. Baker Co.
Self.
Self.
Self.
Paine, Webber & Co.
Northern Trust Co.
Justus F. Lowe Co.
Minneaplis "Journal" the Stock
Exchange resembles traffic court in its system of
The Governing Board is as follows:
Geo. P. Piper Jr., Chairman, J. L. Seybold, T. W. Lewis, I. H. fines and penalties for infringement of rules. There
Overman,Springer H. Brooks, Edwin White, W.W.Eastman,Harold E. are fines of $25 to $500 to be levied and suspensions
Wood,and D.R. West.
a year for inThe list of members of the Minneapolis-St. Paul of 30 days, 60 days and as much as
open to the
Exchange
isn't
the
"Though
fractions.
Stock Exchange follows:
primary
our
view
as
in
public
public,
have
the
we
Company.
Members.
Northland Securities Corp. E object," Secretary McKinnon said, "and everything
Lester B. Elwood
Northwestern Trust Co.
A. A. Greenman
Traer & Co.
will be done to safeguard the public's interest in
Eugene B. Hanson
Kalman & Co.
C.0. Kalman
securities."
The Minneapolis paper reports that
Lane, Piper & Jaffrey, Inc.
Paul W. Laudon
Lane, Piper & Jaffrey, Inc.
C. Palmer Jaffrey
there
hasn't
been
a Stock Exchange in Minneapolis
Lane, Piper & Jaffrey, Inc.
Geo. F. Piper Jr
since 1913.
Charles E. Lewis
C. E. Lewis & Co.
Baltimore & Ohio RR. Submits Unification Plan to I.-S. C. Commission—Plan
Involves Fifteen Roads—Proposed System Would Embrace 13,815 Miles of Road.
One of the most important steps toward a general unification of the railroad properties of the East was taken Feb.
19 when the Baltimore & Ohio RR. asked the I.-S. C. Commission for an expression of opinion as to whether the complete control by it of ten major lines and partial control
of five others would be in the public interest. Permission
was asked to effect the unification of 13,814 miles of railroads with capital investment in road and equipment of
$2,192,038,343. The project comprises outright control of
ten roads and joint control of five others, the Baltimore
& Ohio to have not less than one-fourth interest with the
Pennsylvania, New York Central and Chesapeake & Ohio.
Among the railroads of which full control is sought, are
the Reading System and the Central RR. of New Jersey,
over whose lines the Baltimore & Ohio gets an outlet to the
port of New York. Trackage rights in Pennsylvania, in
part over lines of the Pennsylvania RR., are also proposed
to permit the Baltimore & Ohio to establish a new short
route from Chicago to New York, which would place it in
a stronger position to compete with other great trunk line
systems,
In placing before the Commission the whole subject of
railroad unification in the Eastern territory, the company
states that it will also seek to acquire any so-called shortline roads which the Commission may rule it should take
over, and agrees if unable to reach satisfactory arrangements with the short lines to accept rulings by the Commission as to the terms.
Another point made by the company apparently in an
effort to avoid objections by the Commissions which have
wrecked other merger proposals, is that there are no leases
or contracts for stock ownership for control of any of the
carriers mentioned in the application, and that steps to obtain control would be taken only after the Commission had
found the unification to be in the public interest.
The application carries the inference that the chief obstacle to the forming of a four-system plan to divide the
carriers of the Eastern territory has been opposition by the
Pennsylvania RR. to suggestions upon which the others
were virtually in agreement. Another suggestion is that the
Van Sweringen interests and the New York Central will
probably submit proposals soon to the Commission (the
proposal of the Van Sweringen people followed the very next
(lay), and the application appears to indicate that any differences between the Van Sweringen interests, the New
York Central and Baltimore & Ohio could be adjusted if the
Commission would consent to assume the role of mediator.
The Baltimore & Ohio emphasizes in its application its desire to have the Commission point out the course it wishes
the big carriers to follow not only in the matter of financing
the merger, but also in regard to the taking over of short
lines into the groupings. In the past the Commission,
while stating in various adverse rulings the objections
which it had to different features of proposals made, has
refused to outline specifically just what the railroads must
do to obtain its approval, taking the position that its duty
was only to rule upon the proposals. Whether the Commission will consent to indicate what short line carriers
must be taken over or the form which financing of a merger must take, remains one of the doubtful factors in the
proceedings now under way.
The application presented by the Baltimore & Ohio said
George H. Shriver, its Senior Vice-President, "while following generally the four-system plan developed some time
FEB.
23 1929.]
FINANCIAL CHRONICLE
since, nevertheless, is a group indication adopted and consequently an independent action on the part of the Baltimore & Ohio and without agreement with other carriers."
The application of the company as submitted to the Commission follows (in part):
Defers the Interstate Commerce Commission.
In the matter of the application of the Baltimore and Ohio Railroad
Company for authority under Paragraph 2 of Section 5 of the Act toRegulate
Commerce to acquire control of certain carriers herein mentioned in the
Eastern Territory by lease or by purchase of stock or in any other manner
not involving the consolidation of such carriers into a single system for
ownership and operation.
To the Interstate Commerce Commission—
The Baltimore and Ohio Railroad Company,herein after called applicant,
hereby files its application and respectfully shows to the Commission:
The exact corporate name of the applicant is "The Baltimore and Ohio
Railroad Company."
The applicant is a carrier by railroad engaged in the transportation of
passengers and property and is subject to the Act to Regulate Commerce.
The railroads *pirated by it, either through direct ownership or through
subsidiaries owned by it and constituting the Baltimore and Ohio System,
embrace 5.753 miles of operated mileage and the component parts of such
system are more fully shown in its annual reports to the Commission.
The application herewith filed is made under paragraphs 2 and 3 of
Section 5 of the Act to Regulate Commerce, and the purpose of the application Is to secure a finding by the Commission that the acquisition of control
by the applicant of the following named carriers is in the public interest, to
wit:
(a) Carriers to he controlled by applicant:
Reading Co. and its constituent and affiliated lines, including the
Central RR. of New Jersey.
Lehigh & Hudson River RR.
Western Maryland Ry.
Buffalo Rochester Se Pittsburgh By.
Buffalo & Susquehanna RR.
Detroit Toledo & Ironton RR.
Chicago Indianapolis & Louisville Ry.
Wabash Ay.
Ann Arbor RR.
(b) Carriers in which applicant shall have not lass than a one-fourth
Interest and joist control with Pennsylvania, New York Central and
Chesapeake & Ohio:
Lehigh & New Ragland Ry.
Montour RR.
Pittsburgh Chartiers At Youghiogheny RR.
Pittsburgh & West Virginia Ry. (east of the Ohio River).
(c) Carrier te be jointly owned by the applicant and Chesapeake &
01210 Ry.:
Detroit & Toledo Shore Line RR.
The applicant states that the control proposed to be acquired of the above
named carriers is intended to include, also, control of all properties which
said carriers control under lease, by stock ownership or in any other manner,
and also all interests and rights appurtenant to the above named carriers
and their subsidiary or affiliated companies.
(e) Trackage to is aciuired by Applicant.—Your applicant believes that
as a necessary part and parcel of the system herein proposed to be created
provision should be made whereby the applicant's proposed new short
line from Chicago to New York, testified to in the proceeding before the
COMM1B81011 known as Docket No. 12964—In the Matter of the Consolidation of the Railway Properties of the United States into a Limited Number
ef Systems—may be made effective. For such purpose your applicant
should acquire trackage over the lines of the Pennsylvania from the connection between the Pennsylvania and the Buffalo & Susquehanna at
Driftwood Junction, Pa., thence to a connection with the Reading at
Newberry Junction, Pa., a distance of approximately 80 miles.
Or, alternately,
From the connection between the Pennsylvania and the Buffalo &
Susquehanna at Driftwood Junction, Pa., over the lines of the Pennsylvania to the connection with the New York Central at McElhatten, Pa.,
a distance of approximately 63 miles, and thence over the lines of the
New York Central from the connection with the Pennsylvania at McElhatten, Pa., to the connection with the Reading at Newberry Junction, Pa.,
a distance of approximately 18 miles.
Also,as a part of the system of applicant as herein proposed, it is declarable
that applicant should obtain trackage over the Wheeling & Lake Erie as
follows:
1. From the crossing of the Wheeling & Lake Erie and Baltimore and
Ohio tracks at or near Canton, 0., to the connection between the Wheeling
& Lake Erie and Baltimore and Ohio at or near West Zanesvllle, 0,a distance of approximately 82.5 miles.
2. From Creston, Ohio, to Toledo, 0., including the use of the Wheeling
& Lake Erie's Toledo Belt Railroad from the main line of the Wheeling &
Lake Erie to the connection of the Toledo Belt R.R. with the Baltimore
and Ohio near leassett St., a distance over the main line of the Wheeling &
Lake Erie of approximately 108 miles and over the Toledo Belt R. R. of
approximately 4 miles.
3. Trackage over Pere Marquette or, alternately, over Detroit & Toledo
Shore Line, from Toledo into Detroit.
The making and filing of this application by the applicant was authorized
and approved at a meeting of the President and directors of the applicant
held in the City of New York, State of New York, on Jan. 30 1929.
The total mileage of the applicant, directly or through its subsidiaries,
and of the several carriers and their subsidiaries hereinbefore mentioned,
for the control of which this application is filed, are shown upon Exhibit
No. 1 attached hereto and which is prayed to be taken as a part hereof.
The points of interchange between the lines of the Applicant and the lines of
the several carriers for which authority to control is sought by this application are shown upon Exhibit No. 2 attached hereto and prayed to be taIen
as a part hereof.
Lines of Railroad Sought are Supplementary and Complementary.
The lines of railroad operated or controlled by the several carriers, for the
control of which by the applicant approved is sought by this application, are
complementary and supplementary to the lines of railroad constituting the
system of the applicant, and especially when considered in the light of the
relationship between the system suggested to be created through their
control by the applicant and existing systems in the Eastern Territory,
such as the important and powerful systems of the New York Central and
the Pennsylvania as well as the proposed Chesapeake & Ohio-Nickel PlateErie system, with each of which the applicant competes, and also when the
proposed system is viewed from the standpoint of the requirements of the
Transportation Act of 1920 looking to the creation of tower better balanced
systems. That while competition exists in varying degree between the
applicant and some of the carriers, control of which is sought to be acquired
by this application, such competition as it now exists is of little, if any.
1131
real value in the public interest, being to a substantial extent uneconomic
and,if and to the extent it may be diminished by the approval of and carrying out of the acquisitions herein sought, such loss or change in kind of
competition will be more than compensated by the stronger and healthier
competition supplied by the system proposed to be created through the
acquisitions herein proposed by the applicant, and by means of which
improved system the applicant will be enabled to compete on terms of
more substantial equality with the systems of the New York Central and
Pennsylvania and with the Chesapeake & Ohio-Nickel Plate-Erie as it is
proposed to be created. If the system proposed to be created by the
acquisitions herein sought on the part of the applicant be approved and
carried out, no Important cities or towns or sections of the country will
be deprived of competition, but, on the contrary, competition of a mere
effective and economic character will be supplied them.
Reasons for Acquisition of Control of Roads.
The applicant respectfully shows to the Commission, briefly, as reason
that the acquisition of control by the applicant of the above named carriers
is and will be in the public interest, the following:
While for many years the applicant has been one of the more important
carriers operating in the Eastern Territory, that is to say, east of the Mississippi River and north of the Ohio River, exclusive of New England, It has,
during all this period, been compelled to operate in competition with other
outstanding systems in this territory and chiefly those of the New York
Central and Pennsylvania, which for many years have been substantially
greater and more complete systems than your applicant from every
standpoint, the mileage of each of them, directly owned or controlled, being
approximately twice as great as the mileage of that of your applicant.
Although the system of your applicant has, during the years past, been
increased to some extent, your applicant has never been able to approach
the size and competitive strength of the New York Central or of the Pennsylvania Systems, which by all tests far exceed all other systems in the
Eastern District, nor has it been able to secure the advantages and the
competitive opportunity which obtain by reason of the larger systems
reaching and serving a far greater territory than that reached and served
by the system of your applicant.
New York Handicap.
While the system of your applicant reaches Chicago and St. Lends in the
West and Baltimore and Philadelphia in the East over its own rails, its chief
development has been in Maryland, Ohio, West Virginia and western
Pennsylvania. Its chief handicap has been the fact that for so many
years it has been unable to provide for the movement, in a satisfactory
manner, of its large and growing traffic to and from the Port of New York.
where it has extensive terminals, over rails owned or controlled by it, it
being dependent for access to the Port of New York, and its terminals there
located, upon the Reading and the Central of New Jersey.
The applicant has, as the Commission is advised, a substantial stock interest in the Reading, which owns 52% of the capital stock of the Central
Railroad of New Jersey, and while for many years it has sought to acquire
sole control of the Reading System it has not yet been able to bring about
the accomplishment of this desirable and necessary result and so recognized in the Commission's tentative plan.
The need of the system of your applicant as it now exists and when
considered in relationship to the other stronger and long existing systems.
the Pennsylvania and the New York Central, received the very careful
consideration of this Commission and of Professor Ripley, who was employed by the Commission to investigate and report upon the problem in aid
of the preparation of the tentative plan for the consolidation of railroads
required of the Commission under paragraph 4 and 5 of Section 5 of the
Interstate Commerce Act as amended by the Transportation Act of 1920
Points Made in Ripley Report.
under which the system of your applicant as at present
r The handicaps
labors, especially in relation to the systems of the New York
constituted
Central and Pennsylvania, were carefully considered in such report and in
their more important aspects were stated to be as follows:
"This property has less than one-half the mileage of the Peansylvania.•1
"Its revenue ton mileage in 1917 was scarcely more than one-third as
great."
"It has considerable extent, reaching Chicago and St. Louis, and the
neighborhood of Philadelphia upon its own rails . . ."
. . but it has no access of its own into New York, being dependent
upon the favor of the Reading and the Central of New Jersey."
"It is a 'powerful trunk line but with an extensive development only
in the middle field of Ohio, West Virginia and Western Pennsylvania."
"It is attenuated both east and west."
"And in order to strengthen it financially and as a competitive factor
throughouttrunk line territory it needs upbuilding at each of its extremities."
"Independent entrance into New York over its own rails is essential
to a Baltimore & Ohio group if it is to continue to compete effectively
with the other system."
"It already owns substantial freight terminals on Staten Island. with
warehouse and delivery yard on Manhattan Island."
"But these properties, operated with Baltimore & Ohio forces, Sr.
obliged to use other roads as an approach."
"The satisfaction of this need is imperative."
Follows New Policy of Congress.
It was because of its realization of the situation thus briefly set forth
that your applicant welcomed the inauguration of the new Congressional
policy evidenced by Section 5 of the Transportation Act of 1920 contemplating, that under the guidance of this Commission, there should be
created sounder, better balanced and more enduring systems of railroads.
Through such systems It was believed the transportation business of the
country as a whole could be conducted more economically and more efficiently and to the greater advantage of the public, of the railroads and of
the investors in their securities than would be possible if such transportation continued to be conducted by a multitude of smaller, less efficient and
less financially sound transportation agencies.
Consequently after the Commission, under date of August 3 1921, published tentative plan as required by the provisions of paragraphs 4 and 5
of the Act to Regulate Commerce, your applicant, as requested by the
Commission, submitted its views with respect to the propriety in the public
interest, under the conditions then obtaining, of System No.3 as said system
was proposed to be created by the Commission's tentative plan, although
your applicant doubted whether System No. 3 as so proposed in the tentative plan, as well as other systems contemplated therein, would meet the
requirements involved in accomplishing the congressional object in the
most enduring and economical fashion.
Failure of Major Systems to Agree.
During the hearings upon the tentative plan of the Commission great
diversity of opinion was disclosed with respect to said plan, not only as to
the railroads which should compose the several systems suggested, but also
with respect to the number of systems which should be created in the
Eastern District and through which the ends sought to be accomplished by
Congress might be more surely attained. In the absence of the adoption
and promulgation by the Commission of a complete plan for the consolida-
1132
FINANCIAL CHRONICLE
tion of railroads into a limited number of systems, a very impressive public
sentiment developed suggesting that, in order to reconcile the conflicts of
view which had developed in the hearings upon the tentative plan and as a
possible aid to the Commission in the solution of the problem for the Eastern
District, the railroads directly interested should themselves endeavor to
develop and offer to the Commission a plan for the formation of a limited
number of systems in the Eastern District.
As a consequence various conferences were held by the representatives of
your Applicant, the New York Central, the New York, Chicago & St. Louis
and the Pennsylvania, but without reaching an agreement. As a result
of the conferences in 1924 and 1925 representatives of the New York
Central, New York, Chicago & St. Louis and Baltimore and Ohio Companies submitted informally to the Consolidation Committee of this Commission certain recommendation and suggestions concerning the formation
of four systems of railroads in the Eastern District. The Pennsylvania did
not concur in the recommendation for four systems, but, assuming that
four systems were to be created,submitted certain criticisms and suggestions
In that connection.
Proceeded on Four-System Basis.
Realizing that the major systems in the Eastern District comprised
approximately 56,000 miles of railroad, of which nearly one-half was found
to compose the systems of the New York Central and Pennsylvania as then
constituted, and appreciating the difficulty, recognized by the Commission,
Inherent in any attempt to dismember existing systems, as also the admonition of the statute itself that"wherever practicable the existing routes and
channels of trade and commerce shall be maintained," the recommendations
aforesaid proceeded upon the basis of four major systems for the Eastern
District.
Your Applicant files herewith as Exhibit No. 10 a copy of the recommendations submitted informally to the Consolidation Committee of the
Commission on behalf of itself, the New York. Chicago & St. Louis and the
New York Central, to which are attached appendices showing the several
systems proposed, their component parts, and the mileage, property investment, gross earnings and net railway operating income of each.
Acquisition of Stock in Certain Companies Explained
In furtherance of the plan by which the system of your applicant would
be augmented and enabled to meet the competition of other larger systems,
and to more effectively serve the public, acquisitions of shares of stock in
certain of the companies proposed to be acquired have been made as follows:
1. For a number of years prior to the Transportation Act your Applicant
held an interest in the Reading equal to about 22% of its total share capital,
and in 1927 acquired additional shares so that its holdings are now as
follows:
Per Cent
of Total
Outstanding.
Shares.
18.78
Common
262,900
24.44
First preferred
136,800
35.77
Second preferred
300,300
Total25.01
700,000
The Reading is the owner of 145,040 shares, or approximately 52%, of
the stock of the Central R. R. Co. of New Jersey.
The Reading and Central not only affords your applicant its only access
to the Port of New York, but via the Shippensburg gateway, in conjunction
with the Western Maryland, the Reading and Central form the "historical
Interior short route."
2. A favorable opportunity offering in Feb. 1927, your applicant acquired
about 40% of the stock of the Western Maryland, and August 1928. exercised its option on certain additional shares, so that it now owns the following shares of stock in the Western Maryland:
Per Cent
of Total
Outstanding
Shares.
32.16
Common159.050
92.36
136,859
First preferred
8.00
8.000
Second preferred
42.88
330.909
Relationship With Western Maryland.
For many years a close relationship has existed between the lines of the
Western Maryland and those of your applicant. Much of the tonnage of the
Western Maryland originates in territory served by your applicant and
moves over its road to reach the lines of the Western Maryland. The
lines of the Western Maryland, with those of the Reading system and
Central Railroad, form a through route which is one of the applicant's
Principal outlets to central Pennsylvania, New York and New England.
The tonnage of the Western Maryland interchanged with your applicant
constitutes over 40% of the total tonnage both local and interchange of the
Western Maryland and nearly 50% of the Western Maryland's Interchange
with all lines. The lines of the Western Maryland and those of your
applicant bear such a physical relationship to each other as to be susceptible
of many working arrangements advantageous to the public, and from an
economical standpoint the lines of the Western Maryland may be operated
most advantageously as part of the system as proposed to be formed by the
applicant.
Relationship With Buffalo, Rochester and Pittsburgh.
3. While your applicant has not acquired any of the shares of stock of
Buffalo. Rochester & Pittsburgh, the relationship between it and the
Buffalo, Rochester & Pittsburgh has been close over a period of approximately 30 years and has important advantages to your applicant, to the
Buffalo, Rochester & Pittsburgh and to the public. For economic reasons
your applicant has practically abandoned its own Mt. Jewett route In
favor of the line of the Buffalo, Rochester & Pittsburgh for through traffic,
while the Buffalo. Rochester & Pittsburgh by virtue of contracts between
it and your applicant uses approximately 80 miles of your applicant's line
between Butler Junction and New Castle and Mold Junction and Pittsburgh, and also through such contracts the Buffalo, Rochester & Pittsburgh
becomes an initial carrier in an important part of the Pittsburgh industrial
territory with access to important traffic-producing lines in Pittsburgh.
Through the course of years the relationship between the two companies
has continued to grow so that they are in an important measure interdependent and which interdependence is susceptible of further uevelopment
In the public interest. And your applicant has assurances that the preferred and common stock of the Buffalo, Rochester & Pittsburgh may be
acquired by your applicant upon a reasonable basis.
Total
[Vou 128.
application, and also the system which your applicant is informed is proposed to be applied for by the Chesapeake & Ohio. not including however
certain substantial trackage rights over other systems, are substantially in
accord with the recommendations made to the Commission in 1924 and
1925. That If said two systems be approved then the following advantages,
as in the Four System Plan, will be realized:
First: Nearly all of the principal producing and consuming centers of the
territory may be served by two or more and in many instances by all of the
systems.
Second: Each of the systems may be ramified throughout the territory
and may be in a position to contribute to the widespread distribution of the
traffic of the territory.
Third: Each of the systems may have adequate access to the sources of
fuel supply and each may participate to a large extent in the commercial
distribution of coal.
Fourth: Each of the systems may have access to at least two of the five
principal North Atlantic ports, though no one of them may have access to
all of said ports, and thus both the service to and competitive relationship
of the ports may be maintained and safeguarded.
Fifth: Each of the systems may have substantial access to the lower lake
ports and thus participate in the transportation of the large volume of coal
and ore traffic passing through these ports.
Sixth: Mileage, property investment, gross earnings and resulting net
railway operating income may be more nearly equalized than would be
possible in the case of the larger number of systems.
Seventh: The systems may, generally spesking, have equality of opportunity to serve the public throughout the territory, to provide adequate
facilities and make necessary extensions from time to time with reasonable
expectation of securing additional traffic.
Eighth: A greater amount of actual and effective competition in service
may be assured by four systems well articulated than by seven or eight
systems, more or less incomplete.
Sound System Assured.
Through the creation of said systems and the consequent realization of the
advantages stated, your applicant believes and asserts that there will be
assured sound economic and efficient systems and systems which will
accomplish the fundamental object of the Congressional policy, namely:
"The promotion of a more evenly balanced competition, especially by
means of equalization of opportunity in originating traffic, as well as in its
interchange and delivery."
Attitude Toward Short Lines.
Involved in the proper solution of the problem of consolidation in the
Eastern District your applicant recognizes the desire and purpose of
Congress, so far as necessary in the public interest, to provide for that
numerous class of railroads commonly designated "short or weak lines."
Such short or weak lines divide themselves into three groups:
•
First.—Those which connect with the lines of your applicant only.
Second.—Those which connect with the lines of your applicant and
some other carrier or carriers.
Third.—Those which are in the nature of terminal or switching roads.
Your appiciant files herewith as Exhibit No. 12 a statement showing,
by way of example, groupings of so-called weak or short lines, which list
Is not, however, intended to be exclusive of other short or weak lines.
With respect to the short or weak lines in Group I, your applicant stands
ready whenever there shall have been a finding by the Commission that
the public interest requires the continuance of any of such Group I roads
and their inclusion into the system of the applicant as herein proposed.
to endeavor to agree upon reasonable terms and conditions for the incorporation of such of said Group I roads into the system proposed by the
applicant as desire to become a part thereof. Or, in the event of failure
to agree upon terms and conditions, to submit the question to the Commission for Its consideration and approval and to be guided by its conclusion thereon.
With respect to the short or weak lines in Group II, your applicant
stands ready whenever there shall have been a finding by the Commission
that the public Interest requires the continuance of any of such Group II
roads and the inclusion of any of them into the system of the applicant
as herein proposed rather than in some other system, to endeavor to agree
upon reasonable terms and conditions for the inclusion of such Group II
roads into the system proposed by the applicant as may desire to become
a part thereof. Or, in the event of failure to agree upon such reasonable
terms and conditions, to submit the question to the Commission for its
consideration and approval and to be guided by its conclusions thereon.
With respect to the short or weak lines in Group III, your applicant
assumes that, being in the nature or terminal or switching lines, their
status as such should be continued and that they should not be included
wholly as a part of any one system, and, your applicant having important
relationships in such properties, suggests that the Commission take such
measures as shall assure the continuance of their Independent status.
If, however, the Commission should find with respect to any of such
Group III short or weak lines that they should be included in the system
herein proposed, your applicant states that it will endeavor to agree upon
reasonable terms and conditions for the inclusion of such of said Group III
roads into the system proposed by the applicant as desire to become a
part thereof. Or, in the event of failure to agree upon terms and conditions, to submit the question to the Commission for its consideration
and approval and to be guided by Its conclusion thereon. If the Commission should find that any of such Group III roads should be jointly
owned or controlled your applicant stands ready to assume its proper
proportionate obligation with respect thereto.
In regard to short or weak lines which do not connect with the lines
of this applicant but do connect with any of the carriers herein proposed
to be acquired by your applicant, your applicant states that it has little,
If any, accurate information concerning them, but In the event of the
Commission approving the system herein proposed, your applicant Is
willing to be governed in general by the principles herein set forth as
applicable to the short or weak lines connecting with it.
In respect to these short or weak lines your applicant states that it
has conferred with representatives of the American Short Line Association
and purposes to continue to co-operate with the same In the effort to
bring about an expeditious and proper solution of the short and weak
line problem, subject always to the approval and direction of the
Commission.
Respecting Trackage Agreements.
Advantages Enumerated.
Your applicant has heretofore referred to certain trackage as necessary
Your applicant believes and asserts that if the commission shall approve
the creation of four systems in the Eastern District substantially in accord to its proposed system. Your applicant proposes, if the Commission
with the recommendations of the Four System Plan, or with such modifica- shall give its approval to the acquisitions of control herein sought by it,
tions as may be considered necessary and desirable in the public interest, to endeavor to agree with the other railroads concerned and upon the
that through such action the congressional policy of consolidation into a terms and conditions whereby trackage necessary to the rounding out
limited number of well balanced systems in the Eastern District will be of the system may be obtained by it. and thereupon to submit such arrangeexpedited and its ultimate accomplishment will result. Your applicant ments as may be made for such trackage to the Commission for its confurther asserts that the system proposed to be created by the applicant sideration and further approval under tho applicable provisions of the
through the acquisitions of control of which approval is sought by this Act to Regulate Commerce
1133
FINANCIAL CHRONICLE
FEB. 23 1929.]
Ilas no Contracts for Acquisition of Stock in any Road.
Your applicant has heretofore stated that there are not in existence
at the time of filing of this application any leases, contracts for stock
ownership or of any other nature for control of any of the carriers hereinbefore set forth, and believes that it is impracticable, if not impossible,
to attempt to negotiate for the same until the Commission shall first
find the extent to which the acquisitions of control herein proposed are
in the public interest. That if the Commission shall approve the acquisitions of control herein proposed from a transportation standpoint,
or shall approve the same with such modifications as may seem to the
Commission to be in the public interest, that very substantial progress
of an important preliminary nature will be brought about to the ultimate
accomplishment of the Congressional policy of consolidation into a limited
number of well balanced systems. That with such approval it will become
practicable to negotiate for and determine all of the terms and conditions
under which the several carriers proposed to constitute the new system
of the applicant may be acquired and to submit such terms and conditions
to the Commission for its consideration and approval, or for a declaration
from the Commission of rules and regulations, terms and conditions for
their acquisition as may seem in the judgment of the Commission to be
just and reasonable.
If and when the Commission shall approve and authorize the acquisition
of control by the applicant of the several carriers hereinbefore mentioned,
your applicant will undertake in good faith and to the best of its ability to
acquire each and all of said carriers to the end that a more completely unified
and effective system of transportation and one offering opportunity for
more balanced competition with the other proposed systems in the Eastern
Territory may become effective. And your applicant will, by further
petition or proceedings supplemental to the application hereby made,
submit from time to time to the Commission for its approval the terms
and conditions as to which it may be able to reach an agreement for the
acquisition not only of the control of the carriers aforementioned but,
from time to time, for the acquisition also of the short and weak lines
and for such trackage rights over other systems as may be desirable and
necessary and approved by the Commission.
Your applicant realizes that the system proposed to be created through
the acquisitions of control of the carriers heretofore mentioned differs
substantially from System No. 3, as set forth in the tentative plan of the
Commission, as also does the proposal that the major trunk lines to be
created in the Eastern District shall be four in number instead of the
greater number as set forth in the Commission's tentative plan. Your
applicant believes, however, for the reasons aforestated, to be hereafter
amplified by proof, that the said four systems in the Eastern District
will more surely accomplish the congressional object than is likely through
a greater number of systems otherwise composed.
Asks Commission to Find that Control Is in Public Interest.
Your applicant therefore prays the Commission, upon the hearing of
this application:
1. To find that the acquisition of control of each of the carriers herein
proposed by the applicant Is in the public interest from a transportation
standpoint.
2. That the Commission retain jurisdiction of this application to the
end that by such supplemental petitions, or other procedure of supplementary nature, the applicant may be enabled to submit to the Commission
and the Commission be enabled to take such further steps and make all
such necessary orders as may be proper and necessary in connection with
the terms and conditions for the acquisition of control of any or all the
carriers which the applicant herein proposes to acquire, and for the acquisition of such short or weak lines as the Commission shall find necessary
to become a part of the system of the applicant herein proposed to be
created, and for the consideration and approval of such trackage rights
as may be hereafter submitted to the Commission for its consideration
and approval, and for the consideration and action upon all such other
matters as may be necessary in connection with the acquisitions herein
proposed
STATEMENT OF MILEAGE AND PRINCIPAL TERMINI, DEC. 31 1927.
Baltimore & Ohio System
-Miles of Road Operated
Owned or Trackage
Total.
Leased.
Rights.
5,683.86
5,602.96
80.90 New York, N. Y.
Philadelphia, Pa.
Baltimore, Md.
Louisville, Ky.
Reading System
1,571.17
1,549.29
21.88
668.79
216.67
601.01
1,811.33
67.78
35.34
Central Railroad Co. of New Jersey
Lehigh & New England Railroad Co
Lehigh & Hudson River Railway Co
96.60
74.60
22.00
Western Maryland Railway Co
703.82
690.62
13.20
Buffalo Rochester & Pittsburgh Railway Co_
520.77
471.96
48.81
Buffalo & Susquehanna Railroad Corp
238.10
238.10
Detroit Toledo & Ironton Railroad Co
469.26
437.98
31.28
Chicago Indianapolis & Louisvile Ry. Co
647.86
614.13
33.73
2,491.06
2,107.04
384.02
293.86
293.86
Wabash Railway Co
Ann Arbor Railroad Co
53.63
53.63
Pittsburgh Chartiers & Youghiogheny Railway Co
22.71
20.41
Pittsburgh & West Virginia Railway Co..--..
89.01
89.01
Detroit & Toledo Shore Line Railroad Co
47.49
47.49
Montour Railroad Co
Principal Termini
Cleveland. 0.
Toledo, 0.
Fairport, 0.
Lorian, 0.
Sandusky, 0.
Bethlehem, Pa.
Atlantic City, N. S.
Allentown, Pa.
Philadelphia, Pa.
Catasauqua, Pa.
Port Reeking, N. J.
Slatington, Pa.
Wilmington, Del.
Scranton, Pa.
New York, N. Y.
Nesquehoning, Pa.
Y.
N.
Hall,
Campbell
Allentown, Pa.
Slatington, Pa.
Bethlehem. Pa.
Catasauqua, Pa.
Phillipsburg, N. J.
Maybrook, N. Y.
Easton,
Pa.
Belvidere, N. J.
Shippensburg, Pa.
Baltimore, Md.
Connellsville, Pa.
York, Pa.
Clearfield, Pa.
Rochester, N. Y.
Butler, Pa.
Bufflao, N. Y.
Ansonia, Pa.
Wellsville, N. Y.
Keating Summit, Pa,
Addison, N. Y.
Wellston. 0.
Detroit, Mich.
Ironton, 0.
Toledo, 0.
Cincinnati,
0.
Chicago, Ill.
Dayton,0.
Michigan City, Ind.
Altamont, m.
Buffalo, N. Y.
Quincy, III.
Toledo, 0.
Hamilton, 111.
Chicago. Ill.
Toledo,0.
Frankfort, Mich.
Montour Jct.. Pa.
Groveton, Pa.
2.30
McKees Rocks, Pa.
Pittsburgh, Pa.
Pittsburgh Jct., 0.
Toledo,0.
Reached by Car Ferries:
Manistique, Mich.
Menominee, Mich.
George, Pa.
Moon Run,Pa.
Beechmont, Pa,
Carnegie, Pa,
Bruceton, Pa.
Clairton, Pa.
River Rouge, Mich.
Chicago, Ill.
E. St. Louis, Ill.
Beardstown, Ill.
Charleston, W. Va
Newberry Junct.. Pa
Shippensburg, Pa
Gettysburg, Pa.
Tamaqua,Pa.
Martins Creek, Pa,
Port Morris, N. J.
Durbin, W. Va.
Vintondale, Pa.
Sagamore, Pa.
Louisville. Ky.
St. Louis, Mo.
Kansas City, Mo.
Des Moines, Iowa.
Omaha, Neb.
Kewaunee, Wis.
Manitowoc, Wis.
Mifflin, Jct., Pa.
Beadling, Pa.
Mifflin. Pa.
13,814.66 13.073.42
Grand total
741.24
Note.-Total miles of road operated and trackage rights exclude duplicated mileage operated under trackage rights by the above mentioned carriers.
SYSTEM AS PROPOSED BY BALTIMORE & OHIO-YEAR ENDED DEC. 31 1927.
Net Railway
Rate of
Investment
Operating
Gross
Return on
in Road and
Miles
Revenue.
Income.
Equipment.
Investment.
Operated.
Baltimore & Ohio System (including B.& 0.0.T. RR.,S. I. R.T. Ry.
Dayton & Union RR.)--------------------------------------- 5,800
$253,453,470
$915,709,061
$46.291,319
5.06%
Reading System ------------------------------------------------- 1,605
103,546.750
411,189,913
17,056.726
4.15%
Central Railroad of New Jersey----------------------------------- 691
58,745,712
202,587,653
10,383,653
5.13%
Chicago Indianapolis & Louisville Railway
18.542.197
52.469,295
2,822,709
5.38%
650
Western Maryland Rallway
21,866,170
147,417,902
6,131,593
4.16%
804
Ann Arobor Railroad
5,615,112
22,872.828
780.182
3.41%
294
Buffalo Rochester & Pittsburgh Railway
17,522,081
72,473,314
1,920,665
2.65%
602
Buffalo & Susquehanna Railroad
11,173.222
1,530,183
161,405
1.44%
254
Detroit Toledo & Ironton Railroad
8,671,353
44.794,606
635,924
1.42%
496
Wabash Railway
277,945,726
67,108,154
9,611.677
3.46%
2.524
Lehigh & Hudson River Railroad
7,257,189
3.362,338
574,097
7.91%
97
X Detroit & Toledo Shore Line Railroad
2,363,839
3,866,569
486,734
12.59%
25
X Pittsburgh & West Virginia Railway (east of Ohio River)
8,198.043
785,675
373,334
1
4.55%
18
h West Side Belt Railroad
I
X Lehigh & New England Railroad
5,167.010
1,449,614
356,283
6.90%
54
X Montour Railroad
2.148,955
324,990
14
106,843
4.97%
X Pittsburgh Chartiers & Youghiogheny Railroad
724,081
128,999
3.06%
6
22.162
X Chartiers Southern Railway
915,936
Included
in
Monongahela By.
3
X Monongahela Railway
5,125,040
1,932,479
10.93%
43
560.129
Trackage
---161
Total
$2,192,036.343
$566,949,116
4.48%
14,141
$98,275,435
Note.-Operations of Chartiers Southern Ry. included in Monongahela By. report to Inter-State Commerce Commission
ment, however,
was not included in accounts of the Monongahela Ry.
Source.-Reports of the carriers to the Inter-State Commerce Commission.
1134
FINANCIAL CHRONICLE
[VoL. 128.
Chesapeake & Ohio Ry. Submits New Unification Plan to I.-S. C. Commission for
Approval New System Would Permit Company to Acquire Complete Control of
Eleven Roads and Joint Control of Nine Others-13,148 Miles of Road Involved.
The Chesapeake & Ohio Railway, acting for the Van
Sweringen interest, in a movement to bring about the
unification of the railroads in the Eastern Territory into
four great consolidations, Feb. 20, filed with the Interstate Commerce Commission.
An application to acquire complete control of eleven
railroads and joint control of nine others. This move of
the Van Sweringen interest follows closely the application
of the Baltimore & Ohio which filed Its application with
the Commission Feb. 19 to acquire control of ten roads
and joint control of five others. The proposal of the
Baltimore & Ohio is given elsewhere in this issue. Under
the plan of the Chesapeake & Ohio, the proposed system
will have 12,265 miles of rails under ownership or lease
and trackage rights over 883 miles, a total of 13,148 miles.
Capital investment of the system is estimated at $2,500,000,000. The proposed system of the Baltimore & Ohio
represents a capital investment of $2,182,036,344 and includes 13,814 miles of railroads and trackage rights.
The General Counsel of the Chesapeake & Ohio regards
the following as the five outstanding points of the company's application.
time to time, the Commission has authorized departures
from the line-up of its "tentative plan."
In 1923, the railroad executives acting on their own
part, began a series of conferences, seeking to agree among
themselves on a plan for the eastern territory, so that
one might be presented to the Commission with their
united approval. These conferences were participated in
by the Van Sweringen lines, the New York Central, the
Pennsylvania, and the Baltimore & Ohio. In 1925 the
Van Sweringen lines, the New York Central, and the
Baltimore & Ohio agreed on a plan. Failing to win the
participation of the Pennsylvania, the former three presented their plan informally to the Commission and it
became known as "The Four Party Plan." The Pennsylvania presented a substitute plan of its own, providing
for four systems but distributing the roads a little differently.
The matter rested there for some time, and in 1927
L. F. Loree entered the picture with a proposition that
there be five systems instead of four. That proposal was
the subject of prolonged negotiations among the railroad
executives, in which Mr. Loree participated as the sponsor
(1) The solution of the railway situation in Eastern Territory has of a fifth system.
keen considered for approximately eight years. A method of solving
During that time, Mr. Loree had acquired the Wabash
the problem is here offered, and the result may be that the entire
and the Lehigh Valley. Under the Four Party Plan, the
situation will be spread before the Commission.
(2) The petition offers an opportunity for cooperation between the Wabash lines east of the Mississippi river were to have
carrier and the Commission.
been allocated to the Baltimore & Ohio and the Lehigh
(3) The petition is made to rest upon the question of public interest. Valley
was to have been allocated to the New York CenNo terms for acquisition are presented. It is provided that these may
be later worked out as to individual properties and then presented by tral. One result of these negotiations was that the Pennsupplemental petition to the Commission.
sylvania withdrew its support of the Five System idea
(4) The theory of the petition is in line with the recent con- and declared in principle for a Four System Plan.
About
structive cases decided by the Commission in which the proposed action the
same time the Pennsylvania acquired Mr. Loree's
of the carrier has been approved as far as is poisible and the cases
holdings in Wabash and Lehigh Valley.
held upon the docket of the Commission for further proceeding.
(5) The petition presents a solution of the short line problem acFrom that point onward, until late in the fall of 1928,
ceptible to the American Short Line Association. This is of itself the
executives of the Pennsylvania, New York Central.
a distinct step in advance.
Baltimore & Ohio and Van Sweringen lines continued conThe New York "Times" in its news columns discusses ferences
hoping to perfect a Four System Plan which
the proposals as follows:
would have their united support before the Commerce
A study of the proposals submitted by the Chesapeake & Ohio and
the Baltimore & Ohio shows that the owners of these two carriers are Commission. Those negotiations were not conclusive and
in almost complete accord as to the allotment of the principal rail- the Van Sweringen Lines determined to act for themselves
roads of the Eastern territory for purposes of unification into huge and present to the Commission
the straight question of
systems. The understanding in railroad circles is that the New York
what railroads could be grouped with them, as a system.
Central, in a large measure, also is in accord with the projects as
outlined, but that the Pennsylvania R.R. is very definitely opposed to in the public interest.
certain of the suggestions which have been made.
The Baltimore & Ohio, acting separately for itself as
As an outcome of the action by the Baltimore & Ohio and the
stated above presented a similar petition, and it is reChesapeake & Ohio, it is believed that the New York Central and the
Pennsylvania, and the other carriers most vitally interested in a four. ported that the New York Central probably may do so,
system consolidation program, will virtually be forced to come forward and it is argued that the
logic of the situation will evenwith proposals of their own, or at least appear as intervenors when
tually compel the Pennsylvania to do likewise.
the applications are called up for review by the Commission, since
Accordingly, to take the whole subject of consolidation
their interests are directly involved by the proposals made. Such a
development, would indicate that another protracted controversy has out of the realm of
executive conference, and place it
begun, of which the preliminary phases may occupy many months.
The proposals of the Baltimore & Ohio are merely that the Com- before the Commission for action, the Van Sweringen
mission find the projects to be in the public interest, and stress the Lines, acting through the Chesapeake & Ohio as the applipoint that where lines involved are not now under their control, cant, are petitioning the
Commission to decide whether
efforts to obtain ownership will be delayed until such a ruling has been it
will be In the public interest to group certain railobtained. Should this be obtained, further proposals dealing with the
acquisition of the lines, and the financial operations essential to such roads into one system. They are not proposing, at this
acquistion, must be prepared and submitted to the Commission for time, the terms and conditions
on which these railroads
its sanction.
Great importance is attached to the proposals made, however, in would be acquired, but propose to have the two questions
that both the Baltimore & Ohio and the Chesapeake & Ohio agree, considered one at a time. Obviously if the commission
virtually without reservation, to take over any short line carriers which held that the proposal was
not in the public interest there
the Commission may rule could properly be included in the systems
they propose to create, and express willingness to have the Commission would be no use in considering terms and conditions.
And so a petition is filed, with the Chesapeake & Ohio
largely dictate the financial policies guiding the unifications, if suggestions made by the applicants are not in line with the Commission's as the applicant, under
paragraphs 2 and 3 of Section 5
views. The Van Sweringen interests, in fact, state that they are prepared to leave it to the discretion of the Commission whether control of the Interstate Commerce Act, and under any other applicable provisions of that act, or any other applicable law
of other lines shall be by lease, stock purchase or otherwise.
As the failure of railroad interests to give consideration to the short asking the
Commission to do the following things: (1)
lines in their former proposals, and objection by the Commission to
financial operations involved have been two of the leading obstacles To hold that the grouping or unification of the railroads
to other merger projects, a distinct forward step in the direction of named will be 4n the public interest. (2) To make
necesultimate consolidation fo the Eastern lines is found by some persons sary orders
for acquisition of short lines which in the
in the new attitude taken by the applicants on these questions.
opinion of the commission should be included in the proThe background of the situation may be summarized as posed Van Sweringen system.
(3) To make necessary
follows:
orders from time to time to enable the applicant
to acThe Transportation Act of 1920 charged the Commerce quire such
railroads as the commission finds it in the pubCommission with the duty of promulgating a plan for lic interest for
it to acquire. (4) To indicate what must
the consolidation of railroads. The Commission published be done to secure the Commission's
approval of terms and
a "tentative" plan and held hearings upon it, but never conditions, if the Commission is unable
or unwilling to
has made any final and complete plan. In the meantime, approve such acquisitions as it finds in
the public interest.
the Commission has three times asked Congress to relieve (5) And to retain jurisdiction of the
application for enit of the responsibility for preparing such a plan. From largement modification or amendment, in
order to carry
FEB. 23 19291
FINANCIAL CHRONICLE
1135
Pennsylvania R.R., Woodville Jct., Pa., to Van Emman, Pa.
Monongahela Railway (including the Chartiers Southern R.R.), Van
Emman, Pa., to Millsboro, Pa., (new construction).
As part of the plan herein submitted, the applicant or the carriers to
be controlled by it will, to the extent that this application shall have
been approved by the Commission as being in the public interest,
undertake to make and enter into contracts with owning carriers for
BEFORE THE
the trackage rights (or leases) and/or construct the new connecting
INTERSTATE COMMERCE COMMISSION
links hereinbefore mentioned, and will, by supplemental or other proper
Chesapeake and Ohio Railway applications filed either in this proceeding or in separate proceedings,
In the matter of the application of the
Company for approval and authorization of the acquisition of con- from time to time, in conformity with Paragraphs (18) to (21), introl of other carriers, and the properties of such carriers, in eastern clusive, of Section 1 or other appropriate provisions of the Interstate
territory, under lease or by purchase of stock or in any other Commerce Act, as amended, submit such contract for trackage rights
manner not involving the consolidation of such carriers into a single (or leases) and/or proposals for new construction to the Commission
system for ownership, under paragraphs (2) and (3) of section 5 of for its approval and for such orders and directors as the Commission
the interstate Commerce Act, as amended, and under any other may, in the public interest, require to be observed. Unless and until
the Commission shall have determined the extent to which acquisition
applicable provisions of law.
of control of the carriers as herein proposed is in the public interest,
APPLICATION.
the applicant cannot forsee, what trackage right (or leases) and/or
The Chesapeake and Ohio Railway Company, hereinafter sometimes new connecting links, will be desirable or necessary and is, therefore,
reand
called the applicant, makes application to the Commission
compelled to postpone for the time being the making of such contracts
spectfully shows:
or plans for new construction and applications and presenting them
CORPORATE NAME.
for the approval of the Commission; the precise number of miles and
(a) The exact corporate name of the applicant is The Chesapeake the location of such trackage rights (or leases) and connecting links
being contingent and dependent upon such grouping or unification purand Ohio Railway Company.
(b) The applicant is a carrier by railroad engaged in the trans- suant to this application for acquisitioa of control, as the Commission
portation of passengers and property subject to the Interstate Com- may approve as being in the public interest. The trackage rights (or
leases) and/or new construction hereinabove mentioned are more fully
merce Act.
set out ir detail in Exhibit No. 3, which is made, and prayed to be
CONTROL PROPOSED.
read as, a part hereof.
of
(3)
and
(2)
Paragraphs
(c) This application is made under
Section 5 of the Interstate Commerce Act, as amended, and under
Proposed Control Includes Short and/or Weak Lines.
any other applicable provisions of said Act and under any other apIn addition to the properties above mentioned and described there
plicable laws, and has ior its object:
are certain short and/or weak railroad lines, which have physical
(1) A finding and opinion by the Commission that the acquisition, connection with the applicant or with a constituent of the applicant's
applicant
the
control
by
of
to the extent indicated by the Commission,
proposed unified system, a list of which short and/or weak roads,
of the following carriers is in the public interest, to wit:
showing where incorporated, operated mileage, termini, connecting
carriers and points of connection or interchange, is filed herewith
Carriers to be Solely Controlled by Applicant.
marked Exhibit No. 1 and asked to be considered as a part hereof.
The Hocking Valley Railway Company (now controlled by the appli- The applicant, in cooperation with officers of the American Short Line
cant through stock ownership),
Railroad Association, has agreed upon and adopted a plan of proPere Marquette Railway Company (finding of public interest as to cedure, hereinafter set forth, for acquiring control of such short and/or
Finance
in
Docket
made
been
the
has
by
applicant
stock control
weak railroads as the Commission may find, should, in the public
No. 6114 as hereinafter shown),
interest, be continued in operation and should be, and desire to be,
(Erie R.R. System,
included in such system. The applicant proposes to, and will to the
The New Yolk, Chicago & St. Louis R.R.,
extent indicated by the Commission, acquire control of and include
The Virginian Railway,
in its proposed system, if it can be done in the manner set forth in
R.R.,
Western
The Delaware, Lackawanna &
said plan, all such short and/or weak lines, which the Commission
Bessemer & Lake Erie R.R.,
considers ought, in the public interest, to be continued in operation
The Wheeling & Lake Erie Railway,
and to be included in the applicant proposed system or such system
The Pittsburg & Shawmut R.R.,
as the Commission may finally approve.
The Pittsburg, Shawinut & Northern R.R.,
Short Line Plan.
Chicago & Eastern Illinois Railway.
what is generally known as the short line situation
that
order
In
Jointly
Applicant
With
Bridge and Terminal Lines to be Controlled by
in Eastern Territory may be properly adjusted in the public interest
the Pennsylvania R.R., The New York Central R.R. and the
the applicant pi—poses the following plan for proper settlement of this
Baltimore & Ohio R.R. Company.
question, which, if approved by the Commission, will be by the appliThe Delaware & Hudson Co.
cant carried out if and when accepted by any short or weak line
Lehigh & New England R.R.,
therein described:
Montour R.R.,
(a) If and when the applicant and/or certain other carriers in
Pittsburgh, Chartiers & Youghiogheny,
Eastern Territory will apply to the Interstate Commerce Commission
The Chartiers Southern,
for authority to unite or group their lines of railroad in the said
The Monongahela Railway,
territory for ownership or control or operation as a unified system,
The Pittsgurgh & West Virginia (East of Ohio River), including the applicant and/or the other constituent carriers of such system will
the properties formerly of West Side Belt R.R.
offer to acquire control of each and every short or weak railroad which
considers ought to be continued in operation and inBridge and Terminal Line to be Controlled by Applicant Jointly With the Commission
cluded in such group or system, or the acquisition of which, indeThe New York Central R.R. and the Baltimore & Ohio R.R.
pendent of such action of the Commission, may have been previoulsy
The Pittsburgh and West Virginia Railway Company (West of agreed upon, subject in every instance to approval of the Commission
Ohio River).
as to the public interest and the considerations, terms and conditions
Bridge Line to be Controlled by Applicant Jointly With the Baltimore of such proposed acquisition.
(b) A short or weak railroad, which has physical connection with
er Ohio R.R.
no other carrier than one which is a constituent of the proposed
The Detroit and Toledo Shore Line Railroad Company.
The applicant requests that the foregoing should be understood to group or system, or such group or system as the Commission may
include control of all properties controlled by the carriers named, finally approve, will be considered as naturally allocated to such group
under lease, by stock ownership, or otherwise, and any successor cor- or system, if the Commission considers such railroad should be conporation or corporations to such carriers or any corporation or cor- tinued in operation, and control of each of such railroads shall be
porations merging or consolidating any of such carriers, and also to acquired without previous allocation by the Commission, if it can be
include all interests and rights which the carriers named or such cor- done by agreement between the parties, subject, as a matter of course,
poration or corpoiations may have in other carriers or properties. The to approval of the Commission in each and every case. If the parties
applicant also requests that, where control is sought as above stated in any case cannot agree as to the considerations, terms and condijointly with -mother carrier or other carriers, such control be granted tions upon which control of such short or weak railroad may be
either to the carriers jointly or granted directly to the applicant with acquired, the considerations, terms and conditions, if the short or weak
condition that it grant joint control or proper trackage rights to such railroad so elect, may be determined as hereinafter provided.
(c) If and when control of a short or weak railroad is proposed
other carrier or carriers.
to be acquired as provided in section (b) hereof, or if such short or
Applications for Trackage Rights (or Leases and/or New Construction) weak railroad shall also connect with some line not included in the
Subsequently to be Filed.
proposed group or system and should, in the opinion of the Commission,
The applicant desires and proposes to acquire trackage rights (or be continued in operation and shall be allocated by the Commission
leases), and/or construct new short connecting lines of railroad, as a to such a unified system as the Commission may finally approve, such
necessary part of the system herein proposed, subject to the approval system or a constituent carrier thereof will acquire control of all such
and authorization of the Commission in the manner hereinafter more short or weak railroads as can be acquired upon reasonable terms, and
fully set forth, as follows:
if no agreement can be reached between the parties as to the considerations, terms and conditions upon which control of such or weak
Trackage Rights.
railroad will be acquired, such short or weak carrier may, at its option,
Kanawha & Michigan Railway, Armitage, Ohio, to Hobson, Ohio.
cause the value of its property, for the purpose of the proposed acCanawha & Michigan Railway, Kanauga, Ohio, to Charleston, W. Va. quisition of control, to be found and fixed (1) by the Interstate
Lehigh Valley R.R., Avoca (Wilkes Barre) Pa. to Waverly, N. Y.
Commerce Commission in the first instance, or (2) by submitting the
Buffalo, Rochester & Pittsburgh, DuBois, Pa., to Allegheny and
question of value to arbitration supported by written contract. The
Western Jct., Pa.
contract, amongst other things, will (1) obligate the short or weak
Allegheny 8: Western Ry., Allegheny & Western Jct., Pa., to Butler
carrier to sell and the acquiring carrier to buy or otherwise acquire,
Pa.
the control and/or ownership of the short or weak railroad described,
Baltimore & Ohio R.R., Butler, Pa., to New Castle, Pa.
and (2) provide, if agreement is not made as to value, that the quesBaltimore & Ohio R.R., North Vernon, Ind., to Louisville, Ky.
tion of value be then submitted to a Board of Arbitration, fully
Cleveland, Cincinnati, Chicago & St. Louis, Ry., North Vernon, Ind., authorized to determine the controverted question of value.
Rushville,
to
Ind., (or new construction).
(d) A provision in such written contract, agreeing to settle the
Michigan Central R.R., St. Thomas, Ont., to Courtright, Out., (or contioversy as to value by arbitration, shall, at the election of the
lease). (If the Commission has jurisdiction).
short or weak carrier, require such arbitration to be made under the
Michigan Central R.R., St. Clair Springs, Mich., to Richmond, Mich., laws of a State, or if the laws of a State be not adopted, the agree(or lease).
ment shall prescribe for arbitrators, in so far as the same may lawBuffalo, Rochester & Pittsburgh, Ry., LeRoy, N. Y., to Rochester, fully be done, with the same powers and duties as are set forth in
N. Y. Joint use of the Rochester terminal, including the belt line, also the Federal Arbitration Actsfor the arbitration of disputes between
the belt line branch to the Charlotte docks.
carriers and employees and disputes arising out of contracts, maritime
will find to be in
out such a grouping as the commission
the public interest.
ComThe text of the application as submitted to the
:
part)
mission follows (in
1136
FINANCIAL CHRONICLE
transactions, or commerce, among the States or Territories, or with
foreign Nations.
(e) In addition to the foregoing, the said written contract, in
which the issue of value is referable ;to arbitration, shall contain- a
provision stipulating in specific terms that the arbitrators, in the determination cf value, shall hear evidence and take into consideration
earning power, geographical location, traffic circumstances, and all the
facts which the Supreme Court of the United States has held, or may
hold, to be elements or factors in the determination of value in cases
of sale, or exchange, or lease, of public utility or quasi-public corporations. The finding of the arbitrators shall in all cases be subject
to the approval of the Interstate Commerce Commission.
FOL.128.
tion of interchanges, which will result in more economical and expeditious handling of traffic; in providing traffic or facilities that will,
on the one hand, more fully utilize existing facilites, or, on the other
hand, supply existing deficiencies; in supplying more diversified and
better balanced traffic; in providing for more uniform adaptability of
equipment to traffic requirements, by supplying the necessities of one
road from the surpluses of another, both in cars and power; in providing for the more efficient, economical and complete use of shop and
terminal facilities; in affording a wider solicitation and distributon of
coal, iron and steel products, agricultural products, miscellaneous manufactures and other commodities originating on the various lines and
thus extending the scope of territory which each lineserves; in
affording one line hauls between points where the constituent lines
Further Findings and Orders Sought.
do not afford this advantage, though their competitors do afford it to
(2) Such findings, approval, authorities, orders and supplemental the shipping public; and generally in stimulating industrial and agriorders by the Commission from time to time under Paragraphs (2) cultural development on applicant's lines and the lines proposed to be
and (3) of Section 5 of the Interstate Coommerce Act, as amended, controlled.
or under any other applicable provisions of law as may be necessary
Unified control and operation of the lines composing the proposed
to enable the applicant, to the extent now or hereafter from time to system will tend toward the development of the great, but only partially
time may be found by the Commission to be in the public interest, to used, harbor of Hampton Roads; it will result in economies in capital
acquire such control under such rules and regulations and for such expenditures, standardization of equipment, structures and supplies,
considerations and on such terms and conditions as now or hereafter and simplified and more uniform practices; it will result in advantages
from time to time shall be found by the Commission to be just and to connecting short and weak lines, which are definitely and directly
proposed to be considered and provided for; and it will result in
reasonable in the premises, and
(3) Any and all other action by the Commission, either immediately simplification and improvement of relations of the carriers with the
or from time to time hereafter, requisite or necessary to approve and public and with governmental authorities. The proposed system will
authorize, and ton enable the applicant to effect, all such acquisitions serve the Great Lakes, and the Central-Eastern, and Pocahontas
to the fullest extent found by the Commission to be in the public Regions upon more nearly equal terms with the three great systems
interest, and, if in any case, because of defect in consideration, terms now operating railroad properties within the said territory. The conor conditions proposed, or for any other reason, the Commission is solidated financial structure of the proposed system will be well balunable or unwilling to approve and authorize any such acquistions, or anced and its prospective earning power will be such that under the
part thereof, otherwise found to be in the public interest, for the established rule of rate making fair dividends as a whole can be paid
establishment by the Commission of such rules and regulations, and of after providing for interest on funded debt and a reasonable surplus.
such considerations and of such terms and conditions as shall be found
(3) Application in Accord With Principles of "Four System Plan."
by it to be just and reasonable in the premises, or the indication by
The applicant further shows that heretofore, to wit, in the year
the Commission of what must be done by the applicant or others to
1923, and in the subsequent years until 1928, there have been held
secure approval and authorization.
various conferences between the representatives of the major carriers
in the Eastern Territory, in an attempt to work out a constructive
Applicant to Undertake Acquisitions Found in Public Interest.
The applicant says that it believes that it can acquire and will, plan for the settlement of the railroad grouping problem in the said
in good faith, undertake to acquire control, to the extent indicated by section; and that as a result of such conferences there has become
the Commission, of all such of the carriers and properties herein and public a certain grouping generally designated as the "Four System
hereby proposed to be brought into a united system as the Commission Plan" for the voluntary grouping or unification of all the railroads of
holds it will be in the public interest for the applicant to acquire Eastern Territory, exclusive of New England, into four systems,
control, and will by amended or supplemental applications, filed herein reasonably well balanced as to mileage, financial strength, traffic,
from time to time, submit for approval of the Commission, the con. territory, and etc.; said plan finally to be submitted to the Commission
siderations, terms and conditions upon which control of each such for its approval or for approval with such modifications as the Comcarrier and property shall be acquired or shall have been contracted mission may see fit, in the public interest, to make. (The "Four
to be acquired, so that the Commission may determine whether or System Plan" is referred to by the Commission in Directors of Wheelnot the considerations, terms and conditions in each instance arc just ing and Lake Erie, 137 I. C. C. 643, 52-4.) This application is in
harmony with the principles of the said grouping and does not in
and reasonable, as the law requires.
any way, unless modified by the Commission, change the same, except
Considerations, Terms and Conditions After Public Interest Findings. in the omission of the Lehigh and Hudson River Railway from the
The applicant is advised, and upon its belief alleges, that it is group of bridge and terminal lines to be controlled by the applicant
impracticable, if not impossible, for the applicant to submit to the jointly with the New York Central, Pennsylvania and Baltimore &
Commission the considerations, terms and conditions upon which Ohio systems; except in the inclusion of trackage rights over the
acquisition of control of said carriers and properties may be acquired, Cleveland, Cincinnati, Chicago and St. Louis Railway (or new conunless and until the Commission shall first determine the extent to struction), between North Vernon, Ind., and Rushville, Ind., and
which the proposed acquisitions will be in the public interest and over the Buffalo, Rochester and Pittsburgh Railway between Le Roy,
shall prescribe rules and regulations by which the applicant may N. Y., and Rochester, N. Y., including joint use of its Rochester
proceed to contract for the acquisition of control of said carriers and terminal and the belt line, also belt line branch to the Charlotte
properties, such contracts as between the applicant and individual docks, and new construction between Van Emman, Pa., and Millsboro,
corporations to be submitted to the Commission for its final approval Pa.; and except in the inclusion of control of the Wheeling and Lake
as to the considerations, terms and conditions upon which the applicant Erie Railway and the Chicago and Eastern Illinois Railway solely
may be authorized to acquire control of said carriers and properties. by the applicant with certain trackage rights to, instead of joint control
with, the New York Central over the Chicago and Eastern Illinois
REASONS WHY CONTROL WILL BE IN PUBLIC INTEREST. and with certain trackage rights to, instead of joint control with, the
The reasons which the applicant has to show that such acquisitions New York Central and Baltimore & Ohio over the Wheeling and
will be in the public interest (full details and particulars being reserved Lake Erie. Said trackage rights to be granted over the Chicago and
Eastern Illinois to the New York Central are from Danville to Pans,
for the hearing herein) are briefly as follows:
Illinois, present trackage rights by the Chicago and Eastern Illinois
(1) Creation of Another Large System in Eastern Territory.
between Pana and St. Louis, Missouri, over the Cleveland, Cincinnati,
The unification ot the applicant and the carriers proposed to be Chicago and St. Louis (part of the New York Central System) being
controlled by it, witnout adding thereto the short and/or weak roads surrounded and trackage over the New York, Chicago and St. Louis
listed in Exhibit No. 1, and such other short and/or weak roads as between Mode, Illinois, and St. Louis being acquired in lieu of the
may accept the applicant's? proposal hereinabove stated, that the trackage thus surrendered. Said trackage rights to the New York
Commission may see fit to allocate to the proposed unified system will Central and Baltimore & Ohio are such as they may need over the
create, out of existing independently operated railway properties, a Wheeling and Lake Erie from time to time and between such points
strong railway system, if and when approved by the Commission, com- as the Commission may approve.
prising approximately 14,760 miles of road (including trackage, rights,
The applicant further says that the manner in which the lines of
or leases, and/or new construction) in the United States, and 640 railroad in Eastern Territory have been grouped in the aforesaid
miles of road (including trackage rights, in the Dominion of Canada. "Four System Plan" is fully set out and shown in Exhibit No. 2,
filed herewith and prayed to be taken and read as a part of this
(2) Additional Complctiam, Advantages and Economies.
application, and that if the acquisitions of control and unified system
One of the fundamental objects of the Transportation Act of 1920 is as
herein proposed shall be approved by the Commission, the adto maintain an adequate railway service for the people of the United
States. The strongest competitors for traffic between Chicago and vantages therein sought to be secured will be realized not only by the
applicant's proposed system, but by the three large existing systems
the West on the one hand, and New York and the Atlantic Seaboard in
Eastern Territory, namely, the New York Central, Pennsylvania
on the other, as well as for traffic between all the principal cities
and Baltimore & Ohio systems, and the public as well Some of these
situated in Eastern Territory, are the New York Central, Pennsylvania
advantages
are as follows:
and Baltimore & Ohio systems, which have grown to great size and
Nearly all of the principal producing and consuming centers
strength not only by a gradual process of accretion, but through the of "First:
the territory may be served by two or more and in many instances
acquisition and unification of other lines of railroad since the passage by all of
the systems.
of the Transportation Act in 1920. The system which the applicant
Second: Each of the systems may be ramified throughout the territory
proposes will afford a greater amount of actual and effective competi- and may be in a position to contribute to the wide-spread distribution
tion in service in Eastern Territory, outside of New England, and of the traffic of the territory.
Third: Each of the systems hay have adequate access to the sources
assure to the people in the said territory transportation service at a
higher standard and more economically managed than is possible or of fuel supply and each may participate to a large extent in the
practicable for the several carriers which the applicant proposes to commercial distribution of coal.
Fourth: Each of the systems may have access to at least two of
unify if they are compelled to continue to function as separate and
the
ports, though no one of them may
independent carriers operating in competition with the said three havefive principal North Atlantic
access to all of said ports, and thus both the service to and
dominant systems in the said Eastern Territory. No important city competitive
may be maintained and safeguarded.
ports
relationship of the
within the territory mentioned will be deprived of railroad competition
Fifth: Each of the systems may have substantial access to the lower
by. the .proposed unification but traffic may be routed so as to main- lake ports and thus participate in the transportation of the large volume
tain existing routes and channels of trade and commerce, avoid con- of coal and ore traffic passing through these ports.
Sixth: Mileage, property investment, gross earnings and resulting
gested terminals, expedite movement and reduce operating costs.
Th unified system proposed by the applicant will be composed of net railway operating income may be more nearly equalized than would
be
possible in the case of the larger number of systems.
lines which are complementary and supplementary and which, in view
Seventh: The system may, generally speaking, have equality of opof their location and physical condition and the nature and volume of portunity to serve
the public throughout the territory, to provide adetheir traffic, logically and naturally lend themselves to unified control quate facilities and make necessary extensions from time
to time with
and operation. The constituent lines are complementary and supple- reasonable expectation of securing additional traffic.
Eighth: A greater amount of actual and effective competition in
mentary to each other in the following respects: In providing routes
with more favorable ruling grades and operating conditions and reduc- service may be assured by four systems well articulated than by
seven or eight systems, more or less incomplete."
FEB. 23
1929.]
FINANCIAL CHRONICLE
1137
with said systems cannot give the same or similar character of service,
and commerce and industry located on smaller systems cannot compete
on equal terms unless the applicant is authorized and permitted by
order of the Commission to unify such carriers into another system
so arranged as that the cost of transportation as between it and every
(I) Application Designed to Effectuate Intent of Statute.
of the other three system in said territory, and as related to the
It is in the public interest and in furtherance of the public policy values of the properties through which the services is rendered, shall
declared in Section 500 of the Transportation Act of 1920, as well be the same, so far as practicable, so that such systems can employ
movement of competitive traffic, and under efas Section 5 of the Interstate Commerce Act, as amended, that pro- uniform rates in the
management earn substantially the same rate of return upon
cedure should be adopted and some definite action authorized to be ficient
exercised, either immediately or from time to time, under the ad- the value of their respective railway properties.
ministrative and guiding care of the Commission, to make effective, as (6) Railroad Stability and Well Balanced Systems to be Accomplished.
far as possible, under existing legislation, the unified operation and
If the Commission in this proceeding will determine to what extent
control of railroad facilities by evenly balanced systems as contemplated the applicant may unify the properties control of which is herein proin said Section 5 of the Interstate Commerce Act, as amended, and posed to be acquired into a system, under one control and managefor including the short or weak lines in the larger systems which may ment, the applicant verily believes, and on such ground alleges, that
be effected or proposed in accordance with the announced policy of it will remove railroad properties in Eastern Territory, exclusive of
Congress, to the end of securing for the public a more efficient New England, from the field of speculation, will bring about the
national transportation system and affording such growth and develop- financial stabilization of such railroads, and finally result in bringing
ment to the smaller or intermediate systems as will enable them into fruition the National Policy. Acquisition by the applicant of conto compete effectively with the great systems which existed prior to the trol of all the carriers named (above) in the manner there dcsrcibed,
passage of said Act and which have been permitted to develop and and also acquisition by the applicant cf control of the short and/or
increase in strength under its provisions.
weak lines hereinbeforc referred to, which he Commission may End
should be included in the applicant's proposed system as in the public
(2) Proposed Grouping a Step in Carrying Out Consolidation Plan. interest,
would be in harmony with the law and in the public interest
Under the provisions of Paragraph (4) of Section 5 of the Inter- if the Pennsylvania, New York Central and Baltimore & Ohio systems
state Commerce Act, as amended, the Commission is required, as shall continue to function as separate systems in Eastern Territory, as
soon as practicable, to adopt a plan for the consolidation of the rail- undoubtedly they can and will do.
way properties of the continental United States into a limited number
FILING OF APPLICATION APPROVED BY CHESAPEAKE &
of systems. The Act does not require the Commission before adopting
OHIO BOARD.
such plan to have before it agreements or contracts between the carriers
The making and filing of this application was authorized and apto effectuate any grouping proposed in any such plan. A prime object
in dividing the railways of the United States into such systems, is, proved at a meeting of the Board of Directors of the applicant held
as expressly provided in this section, that "the cost of transportation as in the City of Cleveland, Ohio, an February 14, 1929.
between competitive systems and as related to the values of the propRESENT CONTROL OF HOCKING VALLEY.
erties through which the service is rendered shall be the same, so far as
of making this application, the applicant exercises contime
the
At
practicable, so that these systems can employ uniform rates in the
movement of competitive traffic and under efficient management earn trol over The Hocking Valley Railway Company through ownership
the total amount of its outstanding capital
substantially the same rate of return upon the value of their respective of $8,837,900 par value of
railway properties." The authority sought for the acquisition by one stock of $10,990,500 par value. The applicant does not exercise concarriers
embraced in this application.
carrier of control of the property of other carriers under lease or by trol over any of the other
purchase of stock, is an intermediate step in carrying out the purposes
Stock Control of Pere Marquette Has Been Found in Public Interest.
set forth in the succeeding paragraphs of said Section 5.
In Finance Docket No. 6114, 138 I. C. C. 517, 537, the Commission
has found "that the acquisition by The Chesapeake and Ohio Railway
(3) Commission's Tentative Consolidation Plan.
Pere Marquette Railway Company by purchase
Heretofore, on the 3rd day of August, 1921, in pursuance of the Company of control of
terms and conditions and for the consideration
requirements of the law, the Commission agreed upon a tentative plan; of capital stock, upon the
gave publicity to the same, and thereafter held hearings in order that stated herein, which we find to be just and reasonable, will be in the
all persons who might see fit to do so might file or present objections public interest and it will therefore be authorized." The applicant
has filed a petition in that proceeding for modification of the Comthereto.
Notwithstanding the hearings were finally concluded about
the year 1923, the Commission has not adopted a complete and final mission's order in respect to the price to be paid for certain shares
plan but is still required by mandate of law to adopt and publish such of Pere Marquette stock and this matter, after further hearing, has
plan. The applicant has reason to believe, and upon its belief alleges, been submitted to the Commission for decision. Nothing herein should
be construed as interfering with an expeditious determination of the
that the Commission still has under consideration the adoption of
such question presented to the Commission in that case.
The authority
a plan, and that in accordance with the provisions of Paragraph
(5) herein sought as to the Pere Marquette is in addition to that requested
of Section 5 of the Interstate Commerce Act, as amended,
the said in the aforementioned case.
plan may and will, in the public interest, be changed as to the
formation
of groups or systems in Eastern Territory. As hereinbefore
TOTAL MILEAGES, TERMINI AND POINTS OF INTERCHANGE.
out, the Pennsylvania, New York Central and Baltimore & Ohio pointed
systems,
with their present mileage, so ramify Eastern Territory as
The total mileages operated or controlled by the applicant and by
that
it
is
in the public interest that the applicant be allowed to acquire
control the carriers of which control is sought to be acquired, and the prinof the railroads hereinbefore named and that the separate
properties in cipal termini of the applicant's lines and the lines of the carriers of
the proposed Chesapeake & Ohio group which are now unable
as a which control is sought to be acquired, are as shown on Exhibit No.
whole to compete with these three large system be unified
by the 3 filed herewith, which is made, and prayed to be read as, a part
applicant into another great system, able to compete in the
public hereof.
interest with the three other systems mentioned. The applicant
The principal points of interchange and connections, between the
further
alleges that the approval of the grouping herein proposed will
applicant's lines and the lines of the several carriers of which conSanto the adoption of a plan with respect to Eastern Territory. be pro trol is sought to be acquired, and between the lines of the several such
carriers, are as shown on Exhibit No. 4 filed herewith, which is made%
(4) Another Large System Will Better Serve the Public.
and prayed to be read as, a part hereof.
•
The applicant, The Chesapeake and Ohio Railway Company,
says
NO SUBSTANTIAL PARALLELISM OR COMPETITION. that it is incorporated under the laws of the State of
Virginia and
operates as a common carrier in the various states hereinafter
There is no substantial parallelism or competition between the appliset
out and is subject to the provisions of the Interstate
Commerce Act; cant's lines and the lines of the carriers of which control is sought
that it owns all of the capital stock, except director's qualifying
herein to be acquired. In Nickel Plate Unification, 105 I. C. C. 425,
of Chesapeake and Hocking Railway Company and that it shares, 434, it was stated:
owns a
controlling stock interest in The Hocking Valley Railway
"Reference is made to the fact that the Erie, Chesapeake, Pere MarCompany. The
applicant further says that it owns and holds, directly or
quette, and Nickel Plate
to some extent with each other. Thus
indirectly, the Chesapeake and Erie compete
are in competition for traffic through Atlantic
545,200 shares of stock in Erie Railroad Company, and that
it owns ports to Chicago and the West. The Nickel
Plate and Erie are in
and holds, directly or indirectly, 15,900 shares of stock
in Pere competition between Chicago and Buffalo, and, through the Nickel
Marquette Railway Company, and that as previously set
Plate's connections, the cempetition extends to New York. So, too, is
forth,
the
Commission has found, in Finance Docket No. 6114, that
acquisition the Pere Marquette somewhat of a factor in the situation. But we
of control of the said Pere Marquette Railway
Company is in the believe that it is unquestionable that the chief and by far the strongest
public interest. The applicant further says that it owns
competitors for traffic between Chicago and the \Vest, on the one hand,
of the other carriers in this application mentioned and no stock in any and New York and the Atlantic seaboard, on the other,
has no contract
are
New
York Central, Pennsylvania, and Baltimore & Ohio systems.the These
with any of such other carriers involving the acquisition
thereof. The applicant further says that it is necessary in of control systems have grown to their present size and strength by a gradual
its develop- process of accretion. The system proposed would
ment that it should have additional markets and outlets
a fourth
for its traffic powerful competitor of the three systems named, whichcreate
have long been
and also greater diversification of traffic, and that it
believes
and strongly entrenched in the territory. There has been no serious sugalleges that it is necessary for it future and for the
public interest gestion that they be disrupted."
that it should be allowed to have control in such
manner as may
MANNER AND TERMS OF ACQUISITIONS.
be indicated by the Commission of the various carriers
and
It is proposed that the manner and terms of the
above set out; that it believe that it is necessary for the properties
proposed acquisiwelfare of tions shall be in all respects subject to the action
the country that there should be caused to come into
of the Commission.
large system in what is known as Eastern Territoryexistence another
of the United
PRAYER.
States, to the end that the public may be served
more adequately,
Wherefore, the applicant prays that upon hearing
efficiently and economically and that inter-system competition
may be
(1) The Commission make the necessary finding or hereof:
increased. The applicant says that this result will
findings, holdfollow if it be ing and declaring that the grouping or
allowed under proper orders of the Commission to acquire
unification of the carriers and
the control Properties of which the applicant seeks to
proposed in the manner and by the method hereinbefore
acquire
control,
will be in
and hereinafter the public interest.
stated.
(2) The Commission make any and all other
requisite findings and
(5) Public and Applicant at Disadvantage Unless
order or orders to enable and authorize the
Applicant on
applicant, to the extent
Comparable Basis With Three Competitors.
indicated by the Commission, to acquire control
of all short and/or
Under the terms and provisions of Paragraph (2)
of said Section 5, weak carriers hereinbefore referred to, which, in the opinion of the
the three great systems, namely the Pennsylvania, New
Commission,
should
be
continued
in
York Central
operation and be included in the
and Baltimore & Ohio, have acquired, and are
still proposing to ac- same system with it under a lease and/or by the purchase of stock,
quire, by authority of the Commission, control of
other carriers; that or in any other manner not involving consolidation of such carriers
the said three systems are and will be so strong as
that the public into a single system for ownership.
interest deepndent upon the carriers in said territory
(3) The Commission, either immediately or
not so unified,
from time to time
will be put at a serious disadvantage, in that a carrier
now competing hereafter, make all findings, rules, regulations, approvals, authorizations,
orders and amended and supplemental
orders, requisite to approve and
FURTHER REASONS WHY CONTROL WILL BE IN PUBLIC
INTEREST.
And for other and further reasons in support hereof the applicant
alleges and shows:
(vim. 128.
FINANCIAL CHRONICLE
1138
tions as shall be found by it to be just and reasonable in the premises,
or indicate what must be done by the applicant or others to secure
such approval and authorization.
(5) Jurisdiction of this application be retained by the Commission
for enlarging, amending, or modifying the same, either upon its own
motion or upon supplemented application or amended application as
may hereafter be filed, in order to fully and completely group or unify
such carriers and the operation of such railroad properties as the
Commission may find to be in the public interest.
authorize and to enable applicant to effect all such acquisitions of
control proposed in this application to the fullest extent found by the
Commission to be in the public interest, and that the Commission
approve and authorize such acquisitions of control.
OOP If in any case, because of defect in consideration, terms or conditions proposed, or for any other reason, the Commission is unable or
unwilling to approve and authorize any such acquisition or part thereof
otherwise found to be in the public interest, the Commission prescribe
suds rules and regulations and such consideration, terms and condi-
STATEMENT SHOWING MILEAGES AND PRINCIPAL TERMINI DEC. 31 1927.
-Milesof Road Operated
Principal Termin
Owned or Trackage
To
From
From
Leased. Rights.*
Total.
To
Name.
Chesapeake & Ohio Group Solely Controlled.
0.
Cincinnati,
Va.
News,
Newport
Va.
191.43
Norfolk,
Columbus, 0.
Chesapeake & Ohio Ry. Co-.... 2,693.09 2.501.66
Chicago, Ill.
Elkhorn City, Ky.
Washington, D. C. Louisville, KY.
Toledo, 0.
Kanauga,0.
6.75 Gallipolis, 0.
341.82
Hocking Valley Ry. Co
Columbus,0.
348.57
Athens(Armitage),0.
SuspenslonBdge.,Ont. Bay View, Mich.
Bay City, Mich.
Pere Marquette Ry. Co
2,276.83 1,978.20 298.63 Buffalo, N. Y.
Chicago, Ill.
•
Ludington, Mich.
Cincinnati, 0.
Rochester, N. Y.
Cleveland 0.
Erie RR.System
2.618.06 2,435.38 182.68 New York N. Y.
Buffalo. N. Y.
II.
Chicago. Iii.
Peoria, Ill.
Toledo,0.
Chicago, Ill
.C.& St. Louis RR.Co
N.Y.
1.688.80 1,668.20 20.60 Buffalo, N. Y.
Indianapolis, Ind.
St. Louis. Mo.
523.99 10.25 Norfolk, Va.
Deepwater, W. Va.
534.24
Virginian Ry. Co
Oswego, N. Y.
8.25 New York, N. Y.
984.52
Utica, N. Y.
Rel.Lack.& Western RR.Co._ 992.77
Buffalo, N. Y.
Pa.
Pittsburgh,
0.
Conneaut,
Erie,
9.01
Y.
N.
206.54
Bessemer,Pa.
Bessemer & Lake Erie RR.Co_ 215.55
Wheeling, W. Va.
Toledo,0.
504.85 32.00 Cleveland, 0.
Steubenville,0.
Wheeling & Lake Erie By.Co- 536.85
Zanesville. 0.
West Mosgrove,Pa.
Brockway, Pa.
102.96
Pittsburgh & Shawmut ER.Co. 102.96
.42 Wayland, N. Y.
Brockway, Pa.
188.34
Pitts. Shaw. & Nor. RR. Co- 188.76
Thebes, Ill
Evansville, Ind.
828.72 123.10 Chicago, Ill.
Chicago & Eastern Ill. Ry.Co_ 951.82
St. Louis, Mo.
Total Chesapeake & Ohio
group solely controlled_13,148.30 12.265.18 883.12
*Excludes miles of road operated by tenant line under trackage arrangements between carriers in the proposed group.
STATEMENT SHOWING MILEAGES AND PRINCIPAL TERMINI DEC.31 1927.
-Miles of Road OperatedPrincipal Termin
Owned or Trackage
From
From
To
Leased. Rights.*
Total.
Name.
Ches. & Ohio Group
Jointly Controlled.
HNC.&0 ,P. RR..N. Y.C.and B.& O.1,036.46
1,108.98
Delaware asudson Co
Lehigh & New Eng. RR.Co
Montour nu. Co
Pittsb. Ch.& Youghlog'y ER..
Monongahela Ry. Co., incl.
Cbartiers Southern Ry. Co.
Pittab. & W. Va. Ry. Co.(east
or Ohio River), Incl. West
Side Belt RR.Co
181.33
181.33
53.63
22.71
53.63
20.41
171.56
158.89
69.54
69.54
Totalloint-C.& O.,P.RR.,
N.Y.C.and B.&0
1,607.75
By0.&0.,N.Y.C.andB. &O.
Pittsburgh & West Virginia Ry.
19.47
Oa.(west of Ohio River)
BtsC.&0.and B. & O.
50.70
Detroit & Tol.Shore Line RR_
72.52 Albany, N. Y.
Wilkes-Barre, Pa.
Binghamton, N. Y.
Nesquehoning, Pa.
Allentown, Pa.
Montour Jct., Pa.
2.30 McKees' Rocks, Pa.
Montreal, Que.
Campbell Hall, N. Y.
Mifflin Jet., Pa
Carnegie, Pa.
12.67 Brownsvllle Jet ,Pa. Fairmount, .
Pittsburgh, Pa.
Mingo,0
19.47
Mingo,0.
Pittsburgh Jct.,0.
47.49
3.21 Detroit, Mich.
1.520.26
'la
West Belt Jct.. Pa.
Clariton. Pa.
87.49
Toledo,0.
Total Ches. & Ohio group
1.677.92 1.587.22 90.70
Jointly controlled
*Excludes miles of road operated by tenant line under trackage arrangements between carriers in the proposed group.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Feb. 22 1929.
Severe winter weather has militated against business in
some parts of the country. Temperatures have shifted remarkably, sometimes dropping 50 degrees or more in the
Southwest, then rising in the Northwest over 60 degrees.
Snows and, later, thawing and freezing have made for bad
country roads. That report is very general. Zero temperatures have at times penetrated well down into the Southwest, seemingly endangering the wheat crop, though it does
not appear that any real damage has been done as yet.
The weather has been especially bad for business in the
Northwest. But taking business conditions in general, they
are better than they were last year or the year before.
Of course, the sever weather has tended to check building,
lumber production and mining. Outdoor activities in general have been halted. Deliveries have been restricted by
the bad condition of the roads. In steel, the finished product has advanced somewhat. Production is active in the
factory industries generally, especially in steel. The highest percentage of operation in steel is reported in the West.
The coal trade, it is not surprising to :earn, has been benefited by the severe weather. Coke has advanced for domestic use.
Wheat has advanced at times on the low temperatures
at home and abroad, together with reports that famine conditions prevailed in Russia, especially in the Ukraine, the
worst in fact since 1921. Apart from this, however, there
has been a fear that the winter crops of Europe had been
damaged by the remarkable severity of the weather. At
one itme wheat prices were at the highest of the season,
partly from a fear that the crop has been damaged in the
Southwest. Osrn as declined somewhat, as export demand Ms been lacking, but on the other hand, the amount
of feeding in this country, owing to the cold weather, has
seemingly been larger than usual, and as a matter of fact,
prices have been in the main very well sustained, partly
owing to the firmness of wheat. Other grain has been more
or less irregular, without showing any marked change for
the week. In fact, taking the grain markets as a whole,
they have shown suggestive of steadiness owing to the low
temperatures and the hope that an export demand may
spring up in the near future. There have been some reports of better export inquiry for rye. It is said, too, that
there is not a little feeding of low grade wheat on the
Continent of Europe owing to the high prices of feedstuff&
Provisions have declined somewhat owing to profit taking,
despite higher prices for hogs. Eggs have advanced owing
to the severe weather at the West. Hides and leather
have declined. Lumber has been very firm with a smaller
production, especially in the Pacific Northwest, where severe cold and heavy snowfalls have interfered with work.
In the South lumber production has been held up by excessive rains. In the Central Mississippi Valley a larger
business has been done in hardwoods. At the South the
manufacture and shipments of fertilizer are active. There
is a brisk manufacture in the Pittsburgh district of electrical goods and glass products. The shoe manufacturing
business is active with the Western mills running close to
capacity and good orders on the books. The furniture trade
rather lags. Employment in January seems to have been
smaller as a rule than in December, but it was larger than
in January last year, especially in such lines as automobiles, agricultural implements, machine tools and electrical
machinery. Where there was a falling off it was mostly in
textiles, leather, glass and tobacco products. In parts of
the South cotton mills are running on full time.
Coffee has shown the effects of profit-taking during the
week in spite of reports of heavy rains in Brazil, damage to
the crop, and landslides on the railroads, tending to delay
FEB. 23 1929.]
FINANCIAL CHRONICLE
1139
Employment decreased 0.6% in January as compared 7/ith
has
the movement of coffee to market. But some advance
and payrolls decreased 2.9% as reported by the
December
the
that
ever
as
clear
as
quite
appears
it
and
taken place
Labor Statistics of the United States Departof
Bureau
in
well
pretty
situation
Defense Committee still has the
Inventory taking, weather conditions and
Labor.
of
hand, aided now by the forces of nature. Sugar has declined ment
trade activities of December make such
the
from
reaction
Cuban
with
prompt
foreign,
under liquidation, home and
in January. The report is based upon
customary
decreases
down to 1 15/16c. at which, however, there have been transestablishments having in January more
23.735
from
returns
more.
bags
or
million
a
half
seems
it
actions involving
4c. than 4% million employees whose combined earnings in one
Rubber has been somewhat irregular, ending about 2/
week were $115,141,698.
summer
the
for
higher
trifle
a
and
delivery
early
for
lower
On the 17th inst. the temperature here was up to 49 demonths. There is no doubt however that the rubber conof the month. On the 18th inst. the temsumption is on a very large scale and the statistical posi- grees, the highest
36 to 55 degrees. Boston over the 17th
were
here
peratures
fluctuCotton
to
owners.
favorable
tion is therefore more
8 to 42, Cincinnati 36 to 52, Cleveland
Chicago
48,
had
36
to
ations have kept within remarkably narrow limits, often
38, Helena 14 below to 4 above, Kanto
22
Detroit
40,
to
38
slightly
is
ending
the
But
points.
dozen
a
less than half
zero to 34, Philadelphia 86
Milwaukee
52,
to
zero
sas
City
higher, with the technical position evidently better, after the
Me., 32 to 44, San Francisco 46 to 52, SePortland,
50,
to
of
event
interest
next
The
March.
of
liquidation
steady
St. Louis 18 to 54, and St. Paul 12 below
will be the issuance of March notices on the 26th inst. attle 30 to 49,
the 18th the forecast was for a cold wave
On
The common impression is that it will be rather large, but to 6 above.
by the 19th on a Northwest wind from
York
New
reach
to
quarters
In
some
taken.
promptly
that the cotton will be
Canada where it was as low as 40
and
Lakes
Great
it is believed that the issue will be only moderate. The the
it snowed a little on the night
Here
zero.
below
degrees
busigood
a
been
has
there
the
during
week
point is that
were 26 to 47; Boston
temperatures
and
inst.,
19th
the
of
ness, but largely in switches from March to later months.
Chicago 6 to 14, Cincinnati 20; Clevedegrees,
38
to
34
had
but
March,
out
sold
side
have
the
long
in
believers
Some
6 to 16; Kansas City zero to 10;
they have almost invariably taken something else, either land 12 to 14, Detroit
5 above; St. Paul 20 to 2 below zero;
July or the new crop months. Spot cotton markets have Milwaukee 2 below to
above; Omaha 2 below to 12 above.
been generally steady with a fair business. There has been Montreal 10 to 12 degrees
over the Plains States and 10
cold
was
it
inst.
19th
at best only a fair business in print cloths and in fact of On the
and Canadian Northwest
American
the
in
above
12
to
below
irregular
somewhat
with
prices
late they have been quiet
zero.
There was a snowbelow
degrees
28
to
2
was
it
where
and even at times %c. lower. Rumors indeed were curnight and all day Thursday, the
Wednesday
here
storm
curunder
as
4c.
/
3
low
as
at
been
made
had
that
sales
rent
three years. The fall had reached
rent nominal quotations. In other quarters prices have worst in these parts in
in the afternoon and 10,000 Jobless men
been steadily maintained. Fine and fancy cloths were in 7 inches by 2 o'clock
clear the streets, making a total numbetter demand and firmer. In spring lines of finished were set to work to
of 14,300. The storm ceased in
cottons and cotton and rayon mixtures there has been a ber of workers employed
was predicted. The temperasnow
more
but
afternoon
the
from
various
sections
steady increase in the demand, while
22 to 27. In Chicago on Wedof the country reports have stated that the retail business tures on Thursday here were
degrees, in Cincinnati 18, Detroit
was brisk. Printed cottons sold freely and there was some nesday it was as low as 12
14, and in St. Paul 2 degrees.
Boston
in
22,
City
10,
Kansas
business in fall lines of cotton goods. The New England
as far north as Portland,
output of fine goods is said to be large. It is recalled, too, The storm of Thursday extended
was
covered with snow, and
York
New
western
Me.
All
that in January cotton spindles were operated at 111.6%
inches in
of capacity against 99.1% in December and 101 in Janu- Nashville, Tenn., reported 14 inches with 5 to 10
.
Pennsylvania
and
Jersey
New
of
parts
and
in
woolens
done
worsteds,
ary. A fair business was
In Europe on the 20th there was a renewal ofbitter cord in
notably in men's wear lines and dress goods, though in many
silks
Europe after the Danube and its tributaries had
in
Broad
lots.
small
for
were
Central
were
orders
cases the
brisk demand especially for print, crepes and novelties. Raw gone over their banks earlier in the week and caused widespread damage and suffering. In Greece rivers were at
silk was quiet but firm.
isolated. Meanwhile a
In the stock market trading has been on a comparatively floodrstage and many villages were
and flood sufferers
Macedonia
sweeping
was
wave
new
cold
at
with
rising
latterly
prices
money
moderate scale, but
heavy snowfalls.
continuing
from
shelter
for
put
were
hard
ruling at 6 to 6%%. The Exchange will be closed on
to take food to outlying districts.
use
in
were
Aeroplanes
Birthday,
FriOn
Washington's
on
as
well
Saturday as
eut short by a rising easterly wind
day prices in many cases moved up to new high levels, with In England a thaw was
In Egypt the rare phenomenon of
frost.
money easy at 6%%, and steel issues leading the rise, and renewal of the
of Biwa Oasis, where rain
neighborhood
the
in
seen
ice
was
reaching indeed a level about 10 points above the low of
Crimean Peninsula lay
The
fell.
it
as
ground
the
on
last week. Prominent in the advance were General Electric, froze
service and comrailroad
all
with
snow
of
feet
16
under
Tire,
National
American Can, Johns-Manville, Goodyear
late last week
England
in
Snows
disrupted.
munication
Cash Register, while copper shares rallied after some early
transportation. London even cabled
disorganized
completely
pre
finding
not
-holiday
decline. Shorts covered freely,
severity of the winter had driven political
selling as large as they had expected. The trading increased that the abnormal
background. All the Continental governthe
into
to approximately 3,400,000 shares, after having dropped differences
to give aid in restoring transportanecessary
it
found
ments
the previous day to 2,907,000.
railroad lines, crippled by snow, giving the right of
on
tion
New Bedford, Mass., wired that coarse cotton goods marway to fuel shipments to hard hit neighbors. Famine was
kets showed an improved tone and though trading was not
in snow blocked parts of Roumania. Vienna has
reported
large in the aggregate, better buying was reported. Lawhad to establish public soup kitchens. Ten entire trains
rence, Mass., advices said that several interesting developwere missing for days in Jugoslavia. Warm rain late in
ments lent credence to the belief that there are better
Macedonia lakes brought the new threat of floods. Icedays ahead for the New England textile manufacturing
breakers were fighting to free vessels from the ice of the
Industry. They included the announcement by one of the
Baltic Sea. Germany has also seriously felt the cold.
city's largest mills of its intention to move additional machinery to its local plant, the expansion of another manufacturing plant and the decision on the part of stock- Colonel Leonard P. Ayres of Cleveland Trust Co. Says
Federal Reserve Board Must Win in Its Move to
holders of a third plant to prevent the liquidation of asa
was
better
there
S.
Curb Speculation or Suffer Loss of Prestige.
C.,
At
Spartanburg,
sets.
feeling
reported among the mills owing to the big consumption reCol. Leonard P. Ayres, Vice-President of the Cleveland
cently reported. At Baltimore a shortage of skilled labor Trust Company of Cleveland, in the institution's Business
in some lines of textile manufacturing is reported. At Bulletin dated Feb. 15, comments on the Federal Reserve
Chattanooga, Tenn., textile mills are increasing opera- Board's efforts to curb speculation, and particularly on the
tions.
Board's recent warning of borrowings by member banks,
London cabled that the Lancashire cotton corporation given in these columns Feb. 9, page 822. The fact that the
formed recently to amalgamate spinning and weaving con- various gestures by the Board during the past year to
cerns will have debenture capital of $2,000,000 besides pre- check speculation have proved futile is noted by Col. Ayres,
!erred and other shares of an unstated amount. The Bank who adds that "it has now firmly declared a policy of
of England, which will appoint the chairman and half of the credit restriction for speculation, and it has thereby placed
itself in the difficult necessity of either making that polio'
directorate, will be trustee for the debentures.
1140
FINANCIAL CHRONICLE
effective, or suffering a humiliating loss of prestige. The
System'can win if it has the will to win, and in view of the
alternative it has abundant reason to put forth every effort
to-win." We quote the following from Col. Ayres's coranients:
•
[Pot,. 128.
constitute a 100% degree of uniformity of movement, and the crosshatched column for that year in the lower part of the diagram would hare
been drawn to reach 100.
The results did not produce any such 100% year, but they did show
more than 78% in the panic year of 1907, and nearly 75% in the great
decline of 1920. The results show that stock prices tend to move together
The Federal Reserve Board issued a warning on Feb. 6 that speculative in falling markets much more than they do in rising ones. They do not
uphold
the theory that there has been any great change during the past 29
Jeans were absorbing an excessive amount of credit, and that conditions
must be corrected by restraining the use, either directly or indirectly, of years in the tendency of stock prices to move together in great upward and
'Federal Reserve credit facilities in aid of the growth of speculative credit. downward swings. A trend line drawn by the method of least squares
The man who writes the headlines for the New York "Times" expressed has been run through the 29 upright columns. It has a gradual downward
a widely entertained scepticism as to the probability that the System slant, but it seems probable that a year of declining prices would produce
intends to back up firm words with a firm policy by running the news- a tall column that would bring it back to a level trend or nearly so.
'tiny under the caption, "Loan Curb Hinted by Reserve Board." On There is much more uniformity of movement in a falling market than there
the day the warning was published the Bank of England raised its redis- is in a rising one.
count rate to 51
/
2%, and stopped the importations of gold from London.
W. W. Putnam of Union Trust Co., Detroit, Surveying
On the stock exchange prices suffered the most severe decline that has
Business Conditions Says Trend Is Toward Higher
ever occurred in a single session. On the same day it was announced that
Levels—Michigan Industries Exceptionally Active.
the New York Stock Exchange had voted the first increase in its membership in 50 years in order to take care of the expected increase in
Noting that "business generally throughout the country
business, and an interview was given out from the Treasury Department
in Washington expressing doubt as to the ability of the Reserve System to continues in a sound state, and for the most part active,
accomplish much toward diverting credit from speculation, and telling of Wayne W. Putnam Assistant Vice-President of the Union
lack of unity of opinion among members of the Board. The New York Trust Co., Detroit, under date
of Feb. 18 adds:
Stock Exchange further complicated the situation by announcing that it
Important basic industries have been expanding since the turn of the
would remain closed on Feb. 9, because of the influenza epidemic, which year and the trend is definitely toward higher
levels. As Spring approaches.
the New York Department of Health had on the previous day declared am upturn of trade earlier than usual
is in prospect on account of the stato be at an end.
bility in employment and the farmer purchasing power. On practically
For more than a year now the Reserve System has been taking one every hand there is evidence of greater activity than at this
time a year ago.
step after another with the purpose of checking the excessive absorption
Reviewing conditions in Michigan Mr. Putnam says:
of credit by speculation, but all of them have proved futile. It has now
Michigan's industries as a whole are exceptionally active for this season
firmly declared a policy of credit restriction for speculation, and it has of the
year. Most factories have completed their annual stocktaking and
thereby placed itself in the difficult necessity of either making that policy have
stepped up production rapidly. Passenger car and truck production
effective, or suffering a humiliating loss of prestige. The System can for the month
exceeded 400,000 units as compared with 240,191 vehicles
win if it has the will to win, and in view of the alternative it has abundant In the corresponding
month in 1928. Heavy production in this industry
reason to put forth every effort to win.
Is starting earlier than usual this year. If the same rate of activity that
prevailed the first part of the current month continues during the latter
Brokers' Loans.
half. February output will reach a new mark for that month. Total asLoans made to brokers constitute the most spectacular and easily identi- semblies
at the Ford factories are averaging 7.200 daily, although numerous
fiable evidence of what the Federal Reserve Board refers to in its recent parts are being manufactured
at a considerably higher rate. The prospects
warning as "The extraordinary absorption of funds in speculative security for the automotive industry
in the spring months are very promising.
loans which has characterized the credit movement during the past year or March will probably be the peak production
month. Output is being
more." In the diagram [This we omit.—Ed.] the dotted line represents synchronized closely with consumer demand.
the total value during the past three years of all stocks listed on the
In keeping with the tenor of activity in the automobile factories, heavy
New York exchange, while the solid line represents the volume of brokers' schedules are in effect in the parts and accessories plants
located throughout
loans multiplied by 10.
the state. Furniture manufacturers are doing a fair volume of business.
It is clear that during most of the time the total of the loans has been A little improvement is noted in the paper industry. Stove and furnace
less than 10% of the value of the listed stocks. The growth in the loans factories are seasonally quiet. Drugs, radio, cereals, textiles, farm implewas rapid during 1927, and still more so last year. The loans represent ments and copper are operating on heavy schedules. The oil industry in
in large part the borrowings by individual speculators who are carrying the western part of the state has been active.
stocks on margin. They also reflect, and partially indicate, the magnitude
Electrical energy consumed in January by industrial users in Michigan
of profits taken out of the market by speculators who have sold stocks totaled 208,854,000 kilowatt hours as compared with 156,667,000 kilowatt
and taken profits, for after such sale the new purchaser, if he be hours last year, a gain of 33%.
Employment conditions have improved steadily since the first of the year.
a margin buyer, must borrow from the broker an amount that is larger
than that borrowed by the previous speculator, and larger by about as In some localities there is a surplus of common labor, in others there is a
much as the price of stocks has increased during the time between the shortage of skilled workmen, but by and large supply and demand are
well balanced. Employment in Detroit, was reported by the Employers'
former purchase and the latter one.
In the lower portion of the diagram there is a cross-hatched area which Association, whose members employ two-thirds of the industrial workers
In
the city, amounted to 294,903 on Feb. 12 ,which is only 5,856 below the
Is equal to the changing spread between the two lines in the upper portion. Early in 1926 this spread was slightly negative, which means that high mark established in September 1928. and a gain of 65,106 compared
the volume of brokers' loans had risen until it was a little more than with this time a year ago. Ford employment on Feb. 15 reached a new
high record of 130.922.
10% of the value of all listed stocks.
Building permits issued in 23 Michigan cities in January had a total
This condition was closely followed by a severe break in stock prices,
value
of $8,791.380 as compared with $8,200,878 in January 1928.
and a sharp reduction in the loans. The record since that time seems to
Debits to individual accounts in Battle Creek, Bay City, Detroit, Flint.
indicate that when the volume of the loans increases until it nears 10% of
Grand Rapids, Kalamazoo, Muskegon, St. Joseph and Lansing for the
the value of the listed stocks, a weakened technical condition is created in
month of January aggregated $1,915,670,188, an increase of 42% over the
the market, which is likely to be followed by a break in prices.
same month a year ago.
Banks throughout the state report a fair to heavy demand for loans.
Building.
About the only evidence that high money rates may be having a re- Fifty of the 53 reporting cities have sufficient funds to take care of local
straining influence on business activity is to be found in a slight decline needs.
The trade situation generally is quite satisfactory. Seasonable weather
in the value of building construction in January of this year as compared has
stimulated the sale of winter goods. Excessive snow and ice, however,
with the same month in 1928 and in 1926. This is illustrated in the
in some parts of the state, especially in the northern portion, have affected
diagram in which the solid line shows for the past four years the average
retail sales adversely. Both wholesalers and retailers report collections fair
daily value of contracts let in 37 States as reported by the F. W. Dodge to
good. Reports from downtown stores and shopping centers in Detroit
Corporation. The data cover about 91% of the value of all construction in record
a substantial increase in sales for the month of January as comthe country, and include engineering projects as well as building opera- pared
with the same month a year ago. Increasing employment is adding
tions.
further strength to the trade situation in Michigan and merchants are
•
•
•
Optimistic over the prospects for spring business.
Stock Price Movements.
During the past 30 years there has been a great increase in the number
of issues dealt in on the stock exchange, and the types of industrial and Loading of Railroad Revenue Freight Keeps
Running
commercial activities represented by the securities have become increasingly
Ahead of 1928 but Below 1927.
diverse. Important new groups such as the motors, the tire companies,
the chain stores, the motion picture theatres, the airplane companies, and
Loading of revenue freight for the week ended on Feb. 9
the radio corporations have been added. Fifty stocks comprised most
totaled 955,478 cars, the Car Service Division of the American
of the active list of 1900, but now it is not unusual for more than 800
Railway Association announced on Feb. 19. This was an
different issues to be traded in on a single day.
Because of this change it has been frequently stated in recent months increase of 49,001 cars over the corresponding week in 1928,
that the stock market prices no longer tended to move up and down to- but a
decrease of 7,124 cars under the corresponding week
gether, but rather by numerous individual groups. The argument has been
that we no longer had a single market responding to generally effective in 1927. The details are set out as follows:
influences, but rather a market for rails, one for steels, one of the motors,
Miscellaneous freight loading for the week totaled 328,598 cars, an
another made up of the oils, and so on, and that in the future we should increase of 10,000 cars above the corresponding week last year and 1,292
cars
over the same week in 1927.
expect to see prices in these separate groups move independently, and with
Coal loading totaled 217.832 cars, an increase of 48,886 cars over the
so general trend.
The diagram [This we omit.—Ed.] at the foot of this page is the same week in 1928, but 654 cars under the same period two years ago.
Grain and grain products loading amounted to 47,860 cars, an increase
result of an attempt to test this theory. The upper line represents the
average monthly prices of all the common Industrial dividend paying of 1,670 cars above the same week in 1928 and 6,518 cars above the same
week
in 1927. In the Western districts alone, grain and grain products
stocks regularly dealt in on the New York exchange, beginning in 1900
and continuing through 1925, and of 100 leading stocks since then. The loading totaled 32,910 cars, an increase of 1.585 cars above the same
averages include relatively few issues in the earlier years, and many in week in 1928
Livestock loading amounted to 27,530 cars, a decrease of 5,314 cars
the later ones. The price line was made by capitalizing the average yield
under the same week in 1928 and 497 cars under the same week In 1927
of all the stocks at 5%.
In
the Western districts alone, livestock loading totaled 20,928 cars, a
The price movements of each year were tabulated so as to show in
decrease pf 4,653 cars under the same week in 1928.
which month each stock reached its highest quotation, and in which month
Loading of merchandise less-than-carload-lot freight totaled 248.688
Its lowest one. If there had been in any one year such a degree of uni- cars,
a decrease of 1,648 cars below the same week in 1928 and 4,282 cars
formity of movement that all the issues had recorded their lowest prices under the
corresponding week in 1927.
In the first month of the year, and all bad reached their highest prices
Forest products loading amounted to 59,812 cars, 8,503 cars below
In the last month, or vice versa, the result would have been considered to the same week in 1928 and 11,156 cars below the
Same week in 1927-
Ore loading amounted to 9.337 cars, 825 cars over the same week in
1928. but 1,767 cars below two years ago.
Coke loading totaled 15,821 cars. 3,085 cars above the same weeu last
year and 3.422 cars over the corresponding week two years ago.
All districts except the Northwestern reported increases in the total
loading of all commodities compared with the same week in 1928, while
all except the Eastern. Pocahontas, and Southwestern districts reported
decreases compared with the same period in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1927.
1928.
1929.
3,756,660
3,448.895
3,570,978
Four weeks in January
965.664
926,262
946,892
Week ended Feb. 2
962,602
906.477
955,478
Week ended Feb. 9
Total
1141
FINANCIAL CHRONICLE
FEB. 23 1929.]
5,473.348
5,281,634
5,684,926
Record Production of Electricity in 1928-Output by
Waterpower Reaches New High, According to
W. B. Foshay Co.
Production of electrical energy by steam power and water
power in the United States established a new record in 1928,
according to the weekly report on the public utility industry
by the W. B. Foshay Co., issued at Minneapolis Feb. 16. The
report follows:
"The average daily production of electricity by public utility power
plants in 1928 Was more than 230,000,000 kilowatt hours, considerably
larger than the average output in 1927.
"The production of electricity by the use of waterpower surpassed all
former records. The average daily rate of production by waterpower was
the largest on record and for the first time exceeded the 100,000,000
mark, with an average daily output of approximately 103,000,000 kilowatt
hours, according to figures of the United States Geological Survey of the
Department of the Interior.
"The proportion of the total electrical energy output, produced by
waterpower, was 44.6%, which surpasses all previous records.
"Total monthly production of electricity by public utility power plants
started the year 1028 with a gain over the previous months and with
but a few slumps, the gain was continued throughout the year. The
total production in January 1928 was 7,265,000,000 kilowatt hours, as
compared with 6,830,000,000 kilowatt hours in the same month of 1927.
"The output figures quoted are compiled from the operations of all
power plants producing 10,000 kilowatt hours or more per month, engaged
In generating electricity for public use including central stations and
electric railway plants. The figures therefore include reports from plants
representing over 95% of the total energy generating from the entire
United States."
Upward Tendency of Wholesale Prices in January.
A slight upward tendency of wholesale prices from December 1928 to January 1929 is shown by information collected
in representative markets by the Bureau of Labor Statistics
of the United States Department of Labor. The Bureau's
weighted index number, computed on prices in the year
1926 as the base and including 550 commodities or price
series, stands at 97.2 for January compared with 96.7 for
December, an increase of M of 1%. Compared with January 1928, with an index number of 96.3, an increase of nearly
1% is shown. The Bureau's advices Feb. 18 continue:
Farm products led in price increases over the preceding month, due
mainly to advances in grains, hogs, sheep and lambs, poultry and potatoes.
Beef cattle, cotton and eggs, on the other hand, were cheaper than in
December. The increase in the group as a whole was over 2%.
Among foods price declines in butter, cheese, fresh beef, bacon, hams,
bananas, lemons and sugar were offset by increases in fresh pork, Iamb,
mutton, veal, dressed poultry, coffee, flour, lard, oranges and corn meal.
The net increase for the group as a whole was % of 1%.
In the group of hides and leather products there was a pronounced drop
In prices of hides and skins. Leather advanced slightly, while boots and
shoes and other leather products exhibited a downward tendency.
Cotton goods were stationary in price in the two months, silk and rayon
receded slightly, and woolen and worsted goods and other textile products
advanced. Anthracite and bituminous coal and coke showed practically
no change in average prices, but petroleum products declined to some extent.
Small advances were recorded for the groups of metals and metal products,
house furnishing goods and miscellaneous commodities, while slight declines
took place among building materials and chemicals and drugs.
Raw materials as a whole averaged higher in January than in the month
before, while negligibk advances were shown for semi-manufactured articles
and finished products, also for non-agricultural commodtiles as a group.
Of the 550 commodities or price series for which comparable information
for December and January was collected, increases were shown in 129 instances and decreases in 133 instances. In 288 instances no change in
price was reported.
Comparing prices in January with those of a year ago, as measured by
changes in the index numbers, it is seen that building materials and metal
products were considerably higher, while fuel and lighting materials and
foods were somewhat higher. Small decreases between the two periods
took place among farm products, textile products, chemicals and drugs and
house furnishing goods, and a considerable decrease among hides and leather
products and articles classed as miscellaneous.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES. (192100.0.)
January
1929.
Purchasing
Power of the
Dollar,
Jan. 1929.
(1926=100)
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
8.5.3
82.5
91.1
93.0
84.5
102.9
94.4
101.7
97.9
89.8
101.2
91.7
94.6
110.3
88.0
80.6
83.0
93.7
92.9
103.7
98.7
120.2
98.9
117.2
121.2
109.8
107.5
118.3
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
96.5
94.9
1-3-9:1
96.5
103.4
99.3
101.2
89.6
101.6
103.5
107.6
107.6
105.7
103.1
115.3
92.8
104.3
97.9
104.8
105.7
103.0
103.5
105.2
102.5
124.2
74.2
113.9
245.1
172.1
99.1
101.3
102.8
103.6
105.4
'
Sharp Rise in the Annalist Index of Business Activity,
Due Mainly to Increased Automobile Production
and Cotton Consumption.
After receding slightly in November and December, the
annalist index of business activity has risen sharply to a new
high point on the recovery from the 1927 recession which
began in Jan. 1928. The preliminary index for January is
13.5, as against 99.0, the revised index for December The
"Annalist's" advices under date of Feb. 21, continue:
This sharp increase was caused mainly by extremely sharp January gains
in two of the 10 component business indicators, automobile production and
cotton consumption. The adjusted index of automobile production, due to
unusually heavy output for this season of the year. rose from 98.8 for
December to 139.1 (preliminary) for January, which brings the automobile
production index to the highest level since Nov. 1925. The adjusted index
of cotton consumption rose from 102.6 for December to 111,2 for January.
The adjusted indices of freight-car loadings, pig iron production and
bituminous coal production are also higher for January, the adjusted Index
of steel ingot production and zinc production being the only components
showing declines.
As is customary at the end of each year,"The Annalist has made certain
revisions, effective this date, in the Index of Business Activity, in order to
take advantage of the moist recent data in determining seasonal and longtime trend factors. These revisions will affect only the data for 1929.
with the following exceptions:
The combined index has been revised back to Oct. 1927: the adjusted
index of pig iron production back to Jan. 1927; freight car loadings back to
Jan. 1928; automobile production back to Dec. 1922: boot and shoe production back to Feb. 1924, and zinc production back to June 1925.
Table I summarizes for the last three months the movements of the
combined index and of the 10 component series, each of which has been
adjusted for seasonal variation, long time trend and variations in cyclical
amplitudes before being combined into "The Annalist Index of Business
Activity." Table II shows the movement of the combined index, as revised,
by' months since the beginning of 1925.
TABLE L-THE ANNALIST INDEX OF BUSINESS ACTIVITY.
Jan.
Dec.
Nor.
Pig iron production
109.6
105.4
109.8
Steel ingot production
103.6
106.0
106.3
Freight car loadings
98.2
97.4
98.7
Electric power production
98.6
101.9
Bituminous coal production
95.7
92.3
94.6
Automobile production
*139.1
98.8
97.0
Cotton consumption
111.2
102.8
107.3
Wool consumption
102.2
102.6
Boot and shoe production
-_-_
91.2
98.2
Zinc production
85.1
91.8
96.2
Combined index
*103.5
99.0
101.5
TABLE 11.-THE ANNALIST INDEX OF BUSINESS ACTIVITY.
1927.
1928.
1926.
1929.
1925.
100.2
97.0
102.3
January
•103.5
102.4
103.6
98.9
103.2
February
102.9
107.0
March
98.6
104.7
102.6
103.6
99.0
103.7
April
103.4
104.0
100.4
101.6
101.4
May
102.8
103.2
97.8
June
98.5
99.7
100.7
102.8
101.1
July
101.3
101.9
105.0
August
100.7
101.3
101.1
107.1
September
100.8
102.6
97.5
105.0
102.1
October
101.5
94.4
103.7
November
104.0
99.0
103.2
92.3
105.8
December
•Subject to revision.
Groups and Subgroups.
All oommodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese,and milk
Mesta
Other foods
Hides and leather products
Hideo and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotten goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting
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
Housefurnishing goods
Fundture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articlesFinished products
Non-naricultund commodities-•Data not yet available.
January
1928.
December
1928.
96.3
106.1
104.7
100.2
110.7
98.5
108.6
91.6
99.0
121.0
151.4
123.8
108.4
108.4
96.7
102.3
83.7
99.0
90.4
80.8
94.8
94.9
88.0
95.9
85.8
98.1
93.9
91.7
98.8
104.3
98.2
90.8
88.5
92.4
96.5
91.9
88.0
92.7
96.3
102.4
72.6
94.8
97.0
98.6
98.2
98.8
89.0
133.1
90.9
82.2
69.7
98.8
100.2
97.7
93.9
93.7
96.7
103.8
94.3
99.1
110.0
98.0
110.0
102.3
90.8
115.7
131.0
119.3
108.4
108.4
98.1
101.3
83.7
100.0
84.9
83.5
91.2
93.2
84.5
93.3
73.9
102.9
98.6
98.0
98.8
111.2
96.9
98.8
93.6
93.6
94.6
97.0
87.7
107.0
96.1
102.4
70.8
94.1
97.8
96.4
95.3
97.1
80.1
137.0
88.6
37.0
58.1
99.7
97.4
97.2
96.4
94.8
/
Monthly Index of Real Estate Activity--January
Figure at 87.0 Compares With 85.6 for December.
The figure indicating real estate activity for Jan. 1929, is
87.0 according to the statistics compiled by the National
Association of Real Estate Boards from the number of deeds
recorded in 63 cities from which the data is drawn, using
1926 as a base year upon which to compare activity from
month to month. The figure for Dec. 1928 was 85.6. The
Association in announcing this Feb. 19 said:
1142
FINANCIAL CHRONICLE
[Vol,. 128.
This is the fifth index figure to be computed by the Association in the largest of the down-State totals, although when compared with December
new series. Index figures formerly compiled by the Association were not or January 1928, It represents a sharp drop, which is also the case with
based on deeds alone, but on all transfers and conveyances recorded in the Peoria and its total of $130,750. Other leading centers to report reductions
East St. Louis
cities reporting. Therefore, the present series is not comparable with the are Springfield, Moline, Decatur and Danville.
experienced a slight increase.
figures which have preceded it.
FOLLOWS.
REVISED MONTHLY INDEX FROM JAN. 1924. TO DATE IS AS
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
1929.
1928.
1927.
1924.
1925. 1926*.
PERMITS ISSUED IN 44 ILLINOIS CITIES IN JANUARY 1929 BY
87.0
89.6
91.3
100
97.7
97.9
January
CITIES, ACCORDING TO KIND OF BUILDING.
92.7
90.5
February
100
94.6
95.7
85.2
91.7
March
100
98.0
88.6
82.6
90.6
100
102.4
99.8
April
Total
90.2
91.2
100
May
107.9
100.9
84.2
87.8
100
97.4
June
88.2
January 1929.
December
1928. Jan. 1928.1
84.3
94.1
July
100
94.4
106.8
91.3
96.1
100
August
107.0
96.3
CitiesNo. Estimated. No. Estimated. Estimated.
83.8
91.2
September
100
109.0
96.0
Bldosis
Cost. b Bidgs.
Cost.
Cost.
95.0
94.7
100
October
112.6
103.0
89.9
96.9
November
100
105.7
92.5
Total (all cities)
816,564,282
1,157
2,018
329,504,143
85.6
95.7
100
December
109.6
99.9
Total (excluding cities reporting
for first time in 1928)
(*Activity for each month of 1926 is taking as the norm of activity for that month.)
1,067 15,902,668 1,816 28,073,880 $32,349,036
Metropolitan AreaChicago
921 23,111,515 27,616,645
686 13,537,260
Business Review of Fletcher American National Bank of Berwyn
454.600
58
27,600
14
631,700
Island
52,340
16
125
1
52,650
Indianapolis-Industrial Indicators in State Ahead of Blue
Cicero
29
247,295
106.170
10
42,676
Evanston
50
311,000
39
671,050 1,321,900
Last Year.
Forest Park*
21
97,900
4
72,750
"January operations in Indiana trade and industry Glen Ellyn
7
8
45.750
19,200
253,400
Glencoe*
9
100,400
8
124,700
says
Edbrought little change in the immediate outlook,"
Harvey
73,450
7
15
40,310
Highland
Park
11
70,590
18
254,591
120,425.
win J. Kunst, manager of the Indianapolis division of the Kenilworth*
1
11,000
6
101,575
e
84,250
8
27,400
Indiana University bureau of business research, in the La Grange*
Lake Forest*
31,250
32
321,181
9
*
current issue of the Indiana Business Review, which is Lombard*
9,907
8
18
59,848
•
Maywood(b)
264,250
9
80,625
27
53,675
National
American
Fletcher
the
published monthly by
Oak Park
13
580,760
31
303.680
462,660
19
Ridge*
34,000
316,276
*
3
Bank of Indianapolis and prepared by the I. U. Bureau Park
River Forest*
4
35,150
5
50,600
*
3
2
4,200
9,850
"
of Business Research. "Again industrial indicators, such West Chicago*
Wheaton*
11
•
98,100
as coal, iron, and electric power production were ahead Wilmette
14
7
46,300
131,615
61,600
14
15
166,075
143,650
242,700
of last year, and all except stone showed good seasonal Winnetka
Outside Metropolitan Area19
113,607
37
125,173
•
mgains over December. Automobile output in the state is Alton'
Aurora
33
16
85,050
118,891
74,026
7
running behind last year, due to extensive plant and model Batavia*
1
4,000
16,500
•
4
51,000
7
Bloomington
27,000
20,000
changes, but is rapidly coming forward again. Building Canton
2
1,700
1
8,000
2
•
Centralia*(a)
16,000
activity continues below last year's high levels, but new Danville
14
1
3,000
52,500
19,878
20
44,325
49
106,950
174,100.
contract awards are showing an increasing seasonal trend Decatur
20
East St. Louis
92,250
37
79,150
144,291
earlier than usual."
Elgin
9
17,500
37
88,115
164,250
4
12,200
7
34,800
5,750
The Business Review shows that the national situation Freeport
3
2
7,000
10,000
*
Granite City*
31
77,652
29
109,700
37,150,
is roughly parallel to local business movements, with gains Joliet
44
10
28,150
158,888
38,689
Monne
1
4.500
over last year in manufacturing, employment, distribution, Murphysboro
13
47,500
8
40,000
•
Ottawa*
and selling activities, and some slackening of new build- Peoria
31
66
299,740
130,730
146,200.
3,900
12
7
13,200
21,850
Quincy
ing construction. Speculation rose to still higher records, Rockford
35
146,735
109
700,790
148,903
29
119,826
85
123,730
44,190
raising the level of stock prices and depressing bond Rock Island
26
51,675
57
254,940
127,630,
Springfield
11
61,900
42
250,000
272,100
prices, according to Mr. Kunst. He points out that while Waukegan
new building in the country as a whole has shown a
•Reported for first time in 1928.
a Includes only buildings within fire limits and business district.
definite slackening tendency from the record levels of last
b Complete total figure exceeds detail figures by 9 buildings and 880.625, since
year, and while new contract awards in Indiana are also classified figures are not available for Maywood.
below last year, January showed a gain over December
In size and value of awards in Indiana and Indianapolis,
Industrial Situation In Illinois-Employment in
indicating an early resumption of construction activity.
January Below December Figures-Analysis By
Public utility, public works, and other engineering projects
Cities.
are expected to form a larger proportion of total building
Employment in Illinois has declined during January and is.
in 1929.
Building in Illinois Declined During January.
Building in Illinois declined sharply during January, according to permit totals of 44 leading Illinois centers. Comparable totals for 28 cities which are responsible for more
than 85% of Illinois' building program indicate that the
month's building was also less than that of January 1928.
The present year's monthly total of $15,902,668 is to be
compared with $32,349,036 for a year ago and also falls
short of the figure for the first month in 1927. Sidney W.
Wilcox, chief of the Bureau of Labor Statistics, of the Illinois
Department of Labor,in reporting this under date of Feb. 10,
adds:
The principal reason for the present month's downward movement is a
sharp decline in residential construction for which permits for only $7,768,750 have been issued during the past month. Last year the comparable
total was $21,310,000.
The fact that the decline in construction in Illinois during the past year
has been due principally to a tall in residential building may indicate that
an unfavorable bond market cannot be held responsible for the drop. With
the exception of the larger hotels and apartment houses residential building
Is scarcely affected by the bond market. Perhaps prospective investors are
inding stocks so profitable that the funds have been temporarily transferred from building to speculation.
Permit totals in Chicago have been especially low. The January all.
building total of $13,537,000 is only slightly more than the amount which
Is often spent on apartment house construction alone. In the non-residential lines three permits have been issued for the construction of amusement halls and theatres, the estimated cost of which is $2,360,000, and
$763,000 is called for to be expended in the erection of factories.
Many other cities within the metropolitan area followed Chicago with a
downward movement, although a number of important exceptions have
been reported. Oak Park's program has risen from $303,680 in December
to $550,760 for January, an amount which exceeds that for the comparable
period of a year ago. Winnetka also reports an increase of $22,000 Evans
ton's total, however, has declined from $671,050 in December to $311.000
in January and large reductions are also noted for Cicero, Kenilworth,
Park Ridge, Wheaton and Wilmette. As 18 true for the State as a whole.
the decline in these centers is due largely to a falling off in residential construction.
Cities outside the area participated in the general slump from the levels
of either last month or a year ago. Rockford's total of $146,735 is the
now 1.6% below the December figure. The movement is in
conformity with that of previous years and is due to a
customary falling off of employment in the manufacturing,
trade, service and building groups. Public utilities and coal
mines are being operated with increased forces, says the
of the industrial situation in Illinois, issued Feb. 16
by Sidney W.Wilcox, Chief of the Bureau of Labor Statistics,
of the Illinois Department of Labor, issued Feb. 16, from
which we quote further as follows:
The free employment office ratio has increased, reflecting more unemployment. This month's ratio of 182 is to be compared with 144 for
December. Both the index of employment and the free employment offide
ratio are in agreement that conditions are much better than they were a
year ago.
The spending power of Illinois workers has declined according to the
reports of 1,500 representative employers which Indicate that 3.5% leas
money has been spent in wages than in December. The diminished payrolls
have been accompanied by smaller drop in average earnings-from $29.51
to $28.72.
It should be pointed out that, after the January slump, the following
month usually brings an increase in employment. During the past five
years iron foundries and steel mills have always added to their forces.
Women's clothing factories and manufacturers of farm implements are also
in the habit of taking on workers during February. As an exception to the
general tendency, employment totals of public utilities are usually lower
during February than in January.
Both trade and employment reports indicate that the Illinois metal
industry is in an enviable position. Orders have been arriving in unusual
volume and a number of establishments have taken on the manufacture of
new types of products. Foundries, the electrical products industry and farm
implement factories have all added to their forces and are all looking ahead
to a busy season. An upswing of 0.3% during the past month is the first
January increase since 1925 when there began a very active industrial period
in Illinois.
The late winter and early spring months usually witness the metal industry's greatest activity. Late spring and summer are ordinarily months
of a recession which continue until fall brings improved conditions. While
there are numerous exceptions to this movement, it describes the course or
employment in foundries, agricultural implements, electrical products and
automobile factories which, when combined, employ the majority of Illinois.
metal workers.
Employment in the food industries has declined by 3.3% during the past
month. Meat packers forces are 1.5% under their December level and in
bakeries a falling off of 2.4% is noted. It is of interest to observe that the
volume of employment in food manufacture follows a course which is exactly.
FEB. 23 1929.]
FINANCIAL CHRONICLE
the reverse of that for the metals group. The late autumn and spring season
Is ordinarily a period of declining employment in the food industries. On
the other hand, the revival of activity comes much earlier than in metals.
The movement in the men's clothing group has been upward, but fewer
An
names appear on the payrolls of women's clothing manufacturers.
upward swing is usually experienced in February after which the volume of
decline.
There
have
been
some
employment in men's clothing is apt to
years in the women's clothing industry, however, when March and April
brought a temporary improvement. May. June and July are generally the
slowest months of the year in both branches of the clothing industry.
Although the course of employment in men's clothing houses during the last
five years has been steadily downward, apparently the condition of workers
who have retained their jobs is much better for seasonal fluctuations have
been reduced. It is of interest to note moreover, that earnings of leading
'clothing houses mounted during the last three years each of which has
measured a further decline in employment.
There have been a number of interesting changes reported recently which
promise to exert a profound influence on the Illinois paper and printing
industry. Two paper mills have been placed in operation during the past
six months and are now manufacturing paper from corn stalks. In one case a
bond paper is being made. Of late, there also have been reports concerning
the introduction of a telatype machine which enables a central operator to
set type directly by wire without a linotype operator in several offices
and even in several cities with a single operation. Employment conditions
have been good in both the printing and paper industries, however. Printing
houses have followed their customary January movement with a pickup
of 6.9%. but the traditional movement during the three months following,
January is downward. Occassionally May brings improvement which
becomes more pronounced during June, September and October usually
witness a dull period which is replaced by the activity of holiday preparations
in the last two months.
1143
In his analysis by cities, Mr. Wilcox says in part:
Although there is an ample labor supply in Illinois, there is need for expert
metal workers. This need is especially apparent in Cicero and Rockford.
Die makers, toolmakers, moulders and skilled mechanicians will find a
demand for their services in either of these centres.
With the exception of temporary jobs created by recent snow storms in
the northern and central parts of the State, there has been practically no
demand for unskilled labor. Builders have been hampered by unfavorable
weather conditions and have applied for permits to construct only $15,902.000. Last year the comparable figure was $32,349,900.
Aurora.-Employment in leading Aurora factories has declined 2.2%
following a usual seasonal movement. It is interesting to note, however,
that textiles are largely responsible for the decline which ordinarily results
from reductions in metal plants. As reflected by payroll reports, Aurora
manufacturers of metal products have been enjoying unusually good conditions and in a number of instances increased working forces are noted.
The free employment office ratio has remained practically unchanged, the
January figure of 165 comparing with 163 in December. Last year there
were 205 people applying for every 100 jobs during January.
Bloomington.-A number of sharp reductions have carried total employment in twelve leading Bloomington factories 13.4% below the December
level. The downward movement has been a general one, although heavy
reductions on the part of one establishment resulted in a decline more acute
than usual. In the non-manufacturing lines railroad car repair shops are
reported to be active, but outdoor industries are closed. The extent of
unemployment as reflected by the free employment office ratio has increased
slightly over last month, but is less than a year ago. The January ratio
of 115 compares with 106 in December and 138 in January 1928.
Chicapo.-Factory employment in Chicago followed its customary downward movement with a falling off of 1.4% and a 2% decline in payrolls is
also noted. The free employment office ratio, following its customary
January movement, reached a figure of 197. an increase of 59 points over
The statistics follow:
December, which is due largely to 3,785 additional applications for work.
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING The decline in factory employment is principally a result of reductions in
the
metals and meat packing groups for Chicago printers and clothing manuJANUARY 1929
facturers report that they have followed their common January practice
of adding workers. Outdoor industries have been quiet during the past
Employment.
Earnings(Payroll).
month because of the cold weather, which also offers a partial explanation
for the unusually low point reached by building permit totals.
Total "AverPer Cent Index of Employment Earnings age"
Cicero.-Opportunities for job seekers have been very plentiful during
Change (Average 1922=100). Per Cent IVeekly
Industry.
The demand has been especially great for metal
of Chge. Earnings the past few months.
from a
workers experienced in the manufacture of electrical products. Instead
Month
from a
for
increase
in unemployment in January, the free employJan. Month
Ago.
Jan.
Dec.
Jan,
of the customary
1929. 1928. 1928.
Ago.
1929.
ment office reports that the month brought improvement. Final tabulations show that 147 more people have been placed•than in December and
96.4
-1.6 101.7 103.4
-3.5 828.72
All industries
152 more than a year ago. These improved conditions are largely a reflec96.3
97.3
88.9
-3.5
All manufacturing industries._ -1.0
27.81
108.1
117.5
108.0 -11.4
ttone-Clay-Glass Products...
27.81
tion of the increased activity of the electrical products industry which has
80.6
86.9
86.6
-1.7
Miscellaneous stone prod'ta
32.22
recently taken on the manufacture of the vitaphone.
82.2
+1.3 107.9 106.5
-1.0
Lime-cement-plaster
27.21
Danville.-Employment conditions in Danville are son ewhat less favor-15.0
86.6 101.9
94.5 -25.2
Brick-tile-pottery
28.13
able than those of December, principally because of further reductions in
-3.8 141.9 147.5 138.4
-1.5
Glass
26.49
112.9
112.8
93.8
-2.7
Metals-Machinery-Convey'ces +0.3
28.96
brick yards, paper plants and metal factories. One metal company, how-1.2 124.6 126.1 110.9
Iron and steel
-5.8
30.01
ever, has increased its forces and finds itself in need of experienced moulders,
97.4 100.1
84.5
Sheet metal work-hardware.
-4.3
25.81
but the building industry has been practically inactive because of cold
87.6
83.6
67.8
+4.8
+4.0
Tools and cutlery
31.47
89.2
Cooking-heating apparatus_ +0.5 107.5 107.0
-0.5
weather. Unemployment conditions are better than last year, according
29.99
Brass-copper-zino-oth. met_ -0.3 158.3 158.8 140.5
-3.4
27.94
to the free employment office report which indicates that 147 applications
34.9
34.6
26.3
Cars and locomotives
+0.8
+0.8
28.73
have been received for every 100 jobs during January in comparison with
+3.8 135.1 130.2
93.1
Autos-accessories
+1.6
27.78
149.1
163 in January 1928. No change is noted when the figures are compared
-0.6 148.2
Machinery
127.6
+0.2
30.30
Electrical apparatus
+1.3 125.1 123.5
91.6
-4.4
28.67
with a month ago. The fact that the present month's employment decline
Agricultural implements__ _
+5.0 160.9 153.2 129.8
+3.8
27.62
is due to temporary layoffs and not dismissals probably accounts for the
58.6
Instruments and appliances -2.3
60.0
54.0
-5.5
28.44
relatively constant free employment ratio during a period of diminished
-1-0.5 113.4 112.8 107.6
Watches and Jewelry
-7.2
24.51
All others
-6.8
forces.
24.73
-5.0
74.9
Wood products
78.8
77-8:6 -11.9 25.20
Decatur.-Total employment in 20 Decatur factories is less than it was
-2.9
Saw-planing mills
89.5
92.2
94.3 -12.8
28.99
last
month, although a number of important additions have been reported
Furniture-cabinet work
-3.6
93.2
96.7
08.7
-9.4
24.60
by individual establishments. A large food products establishment which
Pianos-musical instruments -12.1
56..1
63.8
54.5 -23.8
26.69
3.8
wood
products__
51.1
MisceII.
53.1
52.5
-1.1
21.77
reported reductions a year ago has increased its forces during the past month,
+2.5 106.3 103.7 114.3
Furs and Leather Goods
-2.0
19.00
a textile products establ shment has added 20 names to its payroll and in+1.3
03.0
Leather
91.8 110.4
-2.3
28.27
creases are also noted when the January payroll records of an automobile
-40.7
Furs and fur goods
40.3
68.0
47.3 -42.4
38.17
accessory manufacturing plant are compared with those of a month ago.
+3.2 112.6 109.1 115.6
Boots and shoes
-1.7
17.31
Miscellaneous leather goods
49.3
49.4
71.5
+1.3
20.00
The largest reduction came with the removal of a paper products concern
-0.6 121.7 122.4 112.1
'Chemicals-Oils-Pants
-0.8
27.22
which employed approximately 100 people. The free employment office
Drugs-chemicals
99.6
96.3
+3.4
98.7
+3.5
25.49
report reflects slightly increased unemployment, the January ratio of 166
+2.8 134.7 131.0 128.0
Paints-dyes-colors
+2.5
27.91
-0.8 122.2 123.2 113.4
comparing with 155 for December 1928.
Mineral-vegetable oil
-0.5
29.64
-4.1 140.7 146.7 123.2
Miscellaneous chemicals_
-5.2
24.82
East St. Louis.-The two leading industries of East St. Louis-metal
Printing-Paper Goods
-1.3 117.6 119.1 121.2
-2.4
34.85
products and meat packing-have both increased their forces during the
Paper boxes-bags-tubes. _
132.1 142.3 139.1
-6.9
24.80
past month by no less than 5.7%. Last year a 4.0% pickup was recorded.
Miscellaneous paper goods_ -5.9 123.2 130.9 130.0
-5.8
27.72
Job printing
+6.9 123.3 115.3 1,21.3
+4.1
Furthermore, there have been reported several new developments which
35.43
Newspapers-periodicals. _ _ - -4.1 137.7 143.6 141.5
-4.4
44.60
should be offering jobs to considerable numbers of workers. Thus, a large
Edition bookbinding
-13.6
-------------19.2
34.37
foundry has enlarged its plant and is now adding to its forces, and two
Lithographing & engraving.
+1.1
47.77
'Textiles
+1.4--99.
-0.7
108.6
--chain stores are about to open new retail branches. Outside work has been
-6.2
18.97
Cotton and woolen goods__ - -1.3 140.5 142.4 153.7
-8.7
24.97
tied up but prospects are good for the coming spring.
Knit goods-hosiery
-0.6
85.9
36.4
93.1 -10.4
15.12
Joliet.-Largely because of a reduction in metals and roofing products
Thread-twine
72.7
73.3
73.8
+1.5
-3.9
19.48
All other
concerns, total employment in 24 Joliet factories has declined 7.6%. The
92.7
93.5
91.0
+0.5
20.59
Clothing and Millinery
60.9
66.3
60.8
+2.8
extent of the drop is due to a large reduction in a roofing products concern
26.99
Men's clothing
51.2
50.6
+1.2
56.5
+2.6
32.54
and does not reflect the movement in the majority of firms, most of which
Men's shirts-furnishings__ _ -3.3
93.9
97.1
95.6
-4.6
17.90
made only slight changes. The free employment office ratio indicates imOveralls-work clothing
-3.5
70.0
72.5
71.7 -14.1
16.02
Men's hats and caps
-2.6
proved conditions, although it is to be noted that an undue proportion of
53.1
54.5
54.4
+6.0
32.38
Women's clothing
-5.9 101.2 107.5 122.9
+6.8
20.43
placements have been of a temporary nature. Recent snow storms have
Women's underwear
94.2
95.3 +16.7
98.4
+4.5
12.94
necessitated large crews for street cleaning and railroad operation purposes.
Women's hats
45.5
43.2
+5.4
86.7
+9.3
23.17
Moline-Rock Island.-Totals for the first month of 1929 indicate that furFood-Beverages-Tobaccus
92.5
-3.3
89.4
90.1
-5.1
26.73
Flour-feed-other cereals._ -. +0.9
91.4
90.6 103.9
ther improvement has taken place in the Moline-Rock Island employment
+0.7
26.89
Fruit-vegetable canning_
-7.0
4.9
5.3
12.2
-7.2
19.03
situation. A number of large implement factories have added to their
Miscellaneous groceries__
-4.7
91.1
95.6
92.5
+7.4
29.49
forces, which in several instances are nearly double those of a year ago. One
Slaughtering-meat packing _ -1.5
93.7
95.1
88.4
-6.4
26.23
Dairy products
establishment in order to care for a pickup in business added an additional
-4.8
93.7
98.4
96.9
-2.2
34.48
Bread-other bakery prod'ts. -2.4
80.3
82.3
85.2
-2.3
shift to its schedule. The increase in the free employment office ratio
29.20
Confectionery
-13.1
71.1
81.8
73.2 -22.5
18.81
from 182 in December to 189 in January reflected an increased number
Beverages
58.4
57.7
+1.2
65.8
+3.0
28.82
of applications for work and not a decline in the number of jobs.
Cigars-other tobacco prod
-4.6
84.1
88.2
64.9
+2.8
26.17
Manufactured ice
-3.8
49.2
51.1
56.9
Peoria.-Although reductions in a number of smaller plants carried the
-3.9
41.60
Ice cream
-2.8
----4.1
43.21
volume of employment in 30 reporting manufacturing establishments
Miscellaneous manufacturing_ -1.2
+2.9
28.54
0.1% below the December level, conditions in a number of important indusTrade-Wholesale-Retail
-10.7
;
7-8:5
-7-7-.5
-9.3
27.77
Department stores
tries have improved. A large machine manufacturing establishment added
-20.3 127.4 159.9 119.7 -11.2
25.98
Wholesale dry goods
+8.5
48 workers to its staff and in another instance 21 additional names appear
68-8
61.6
52.7
+0.0
19.76
Wholesale groceries
-1.9
90.9
92.7
93.1
-1.1
25.59
on the payroll. Because of cold weather very little outdoor work has been
Mail order houses
-12.6
93.3 108.8 108.8 -14.0
23.08
available, so that the placing of unskilled workers has been difficult. The
Milk distributing
-0.5
----0.1
49.10
Metal Jobbers
free employment office ratio of 261 compares with 232 of the previous month.
-8.1
29.57
,Services
+0.2
-0.9
19.29
Last year 345 people applied for every 100 jobs jduring Janus/5%
Hotels and restaurants
+0.6------------+0.2
19.11
Quincy.-With the exception of one leather products establishment, in
Laundries
-1.1 13.- 124.
20.00
Utilities
Public
which 64 workers were laid off, forces of 15 leading Quincy manufacturers
+0.0 138.6 138.6 135.8
+0.0
31.83
Water-light-power
-1.0 149.9 151.4 135.2
remained practically unchanged. The free employment office also
have
-1.9
37.28
Telephone
+0.8 135.8 134.7 130.9
+0.9
27.54
reports that the month has been marked by dulness with very little change
Street railways
+0.3 107.2 106.9 109.9
+2.8
35.41
in the unemployment situation. It is to be noted, however, that the free
Railway ear repair shops._ -1.1
53.0
53.6
55.6
-4.6
27.94
Coal Mining
employment office ratio has risen from 144 in December to 173 during the
61.8
60.1
+2.9
74.4
+8.3
30.74
,Building and Contracting.__. -26.4
96.6 131.3
81.8 -40.6
following month. January building permits totals are lower than they were
32.44
Building and construction_ -28.0
69.3
96.2
58.5 -42.3
32.12
in either December or January of 1928.
Road construction
-45.8
86.5 159.6 108.4 -51.7
28.99
Rockford.-Additions of forces in the metal industries have counterbalMiscellaneous contracting._ -9.0 168.3 182.7 167.3 -27.2
34.89
anced reductions in furniture, with the result that 0.1% more people are
1144
FINANCIAL CHRONICLE
[VOL. 128.
employed in Rockford factories in January than was the case the month be- bus, and Toledo showed no change. Manufacturing employment declined
fore. The free employment office reports very active conditions with a slightly in Cleveland, Youngstown, and Stark County. Construction employshortage of skilled metal workers, especially die makers, machinists and ment showed a substantial decline in January from December in all the
moulders. An increased number of applications from unskilled laborers is larger cities of the State except in Youngstown where there was a 2%
responsible for the less favorable free employment ratio which increased increase. The declines, however, were less than the average seasonal
decline in all cases except Dayton and Toledo. As compared with January
from 102 in December to 111 during the past month.
Springfield.—The reports of 15 manufacturers and the monthly summary of last year, employment conditions in January 1929 were distinctly better
of the Springfield free employment office for January are in agreement that in all the cities of the State.
business is on the upswing in the community. Supported by both mines
DETAILED ANALYSIS
and factories, employment has been increasing. The free employment
State of Ohio
office ratio of 121 compares with 196 for the previous Jarman.
Sterling-Rock Falls.—Five per cent more people are employed in 13 Ster Industrial employment during January showed a slight seasonal decline
ling-Rock Palls factories than was the case in December. The upswing from December. This decline of 2.3% is no greater than the average
Is due principally to manufacturers of farm implements products, many of December-January decline of -the past three years. The decline from
whom have reported large additions, one case adding 45 workers and an- December was shared by 500 of the 886 reporting firms, 300 showed inother increasing its payroll by 31 names.
creases, and 86 showed no change from December. January industrial
employment was 12% greater than January 1928 employment and 5%
less than the October 1928 peak.
Industrial Employment in Ohio and Ohio Cities—
Manufacturing employment during January was slightly less than during December and 12% greater than during January 1928. Of the 651
Slight Decline in January.
reporting concerns, 350 showed declines in January from December, 251
Reviewing industrial employment in Ohio and Ohio cities showed increases, and 50 showed no change from December. The decline
the
of
Research
Business
during January, the Bureau of
of 18% in January construction employment from December is far less
than the usual seasonal decline. This decline was shared by 150 of the 285
Ohio State University says:
reporting
concerns, 49 showed increases and 36 showed no change from
The slight decline occurring in industrial employment in Ohio in
December. January construction employment was 12% greater than JanuNovember, December, and January, can not be taken as an indication of
ary 1928 employment.
a recession in business and industrial conditions in Ohio. In fact, the
INDUSTRIAL EMPLOYMENT IN OHIO
slight decline in total employment during these three months was conIn Each Series Average Month 1923 Equals 100.
siderably less than the usual seasonal decline for this period of the year,
[Average Employment for First Half of Each Month from Individual Concernsj
and the 2% decline from December in January employment was no greater
than the usual December to January change. It would seem, therefore,
during
Ohio
in
Number
Indexes.
Change Change
that the favorable employment conditions which developed
of
from
from
City and Industry.
the last half of 1928 were maintained during the first month of the new
Reporting Dec.
Jan.
Dec.
Jan.
employment
in
Ohio
construction
year. There was a decline of 18% in
Firms. 1928.
1929.
1928.
1928.
In January as compared with December, but this was substantially less
21
109
108
0%
—2%
Chemicals
than the usual seasonal decline of 26% from December to January. Food
109
.55
115
+8
—5
products
When, therefore, the usual seasonal decline in construction employment Iron and steel
167
100
98
—1
+13
employment
in
the
32
102
94
—4
Lumber products
—8
in Ohio is taken into consideration it is seen that
116
104
116
0
+16
construction industry showed an increase of 11% in January as com- Machinery
42
128
125
—2
—1
Paper and printing
pared with December. Construction employment in 1928, on an average, Rubber products
29
134
138
+3
+6
64
105
96
was 2% higher than in 1927, as was also manufacturing employment. Stone. clay and glass Products
—8
+2
+11
42
109
108
—1
As a result, total industrial employment, based on construction and manu- Textiles
99
+4
+38
60
95
Vehicles
facturing employment combined, was likewise 2% higher in 1928 than Miscellaneous
35
112
116
+3
+18
manufacturing ---in 1927.
—1
+12
less
than
109
108
declined
651
Total
January
manufacturing
Ohio
in
Total manufacturing employment in
1% from December, and showed an increase of 12% as compared with
—18
+12
109
89
235
Construction
January 1928.
—2
+12
109
107
All industry
880
The declines in manufacturing employment in January from December,
amounting to 5% in the manufacture of food products, and 8% in the
manufacture of lumber products, and stone, clay, and glass products, were
offset by increases in employment in the manufacture of rubber products, Agricultural and Financial Conditions in Minneapolis
vehicles, and miscellaneous manufacturing industries. There were no
Federal Reserve District—Business in January
changes in employment in January as compared with December in the
Exceeds
that of Same Month Year Ago.
manufacture of chemicals and machinery. Minor declines occurred in the
In the preliminary summary of agricultural and financial
iron and steel, paper and printing, and textile industries.
Manufacturing employment in Ohio in 1928 showed a more marked conditions in its District, issued Feb. 18, the Federal Reserve
upward trend than did manufacturing employment in the United States.
•
Industrial employment in Akron increased 2% in January as compared Bank of Minneapolis says:
The volume of business in this district during January exceeded the
with December, in spite of a substantial decline in construction employment. As compared with January of last year there was an increase of,6% volume of business in January a year ago. The daily averages of debits
in manufacturing employment in Akron, 11% in construction employ- to individual accounts at 17 reporting cities and of country check clearings were 7% larger in January than in the corresponding month last
ment, and 6% in industrial employment.
Industrial employment in Cincinnati in January declined 2% as com- year. Country check clearings exhibited an unusually sharp decrease from
pared with December. This decline was due entirely to a 26% decrease the December volume. Increases in January over the same month last
in construction employment, as there was no change in manufacturing year were shown in postal receipts and freight carloadings of coal, coke,
ore and miscellaneous merchandise. Decreases were reported for departemployment in January as compared with December.
In Cleveland, there was also a decline of 2% in industrial employment ment store sales, flour and linseed product shipments and carloadings of
in January as compared with December. The decline in Cleveland employ- grains and grain products, livestock, forest products and less-than-carlot
ment in January due primarily to a decline in construction employment merchandise. Building contracts were twice as large in January as in
also as the decline in manufacturing employment was slightly less than the same month last year, largely on account of the granting of a four1%. As compared with January 1928 there was an increase of 23% in million-dollar contract for an office building in Minneapolis. Building
both manufacturing and construction employment in Cleveland in January permits, on the contrary, were 39% smaller in the 18 reporting cities
during January than in the same month last year.
1929.
The value of cash crops and hogs marketed during January was 22%
There was a decline of 1% in industrial employment in Columbus in
January as compared with December. The employment decline from less than the value of these products marketed in January a year ago.
December in Columbus was caused entirely by a decline in the construction The value of dairy products marketed during December exceeded the value
industry as there was no change in employment in the manufacturing of dairy products marketed in December 1927 by 20%. Prices of corn,
industries. As compared with January of last year, however, there was flax, butter, cattle, calves, lambs and ewes were higher in January than
an increase of 15% in employment in manufacturing industries, an in- a year ago, while prices of wheat, oats, barley, fluid milk and hogs were
crease of 47% in construction industries, and an 18% increase in the lower than a year ago.
Industrial employment index; that is, in the manufacturing and construcESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
tion industries' combined.
IN THE NINTH FEDERAL RESERVE DISTRICT.
Industrial employment in Dayton declined 1% in January from Decem% Jan. 1929
ber. This decline in total industrial employment in Dayton in January
Jan, 1929.
Jan. 1928. of Jan. 1928'
$6,751,000
$9,899,000
was caused by a 34% decline in employment in the construction industry, Bread wheat
68
2,640,000
wheat
5,452,000
48
as there was an increase of 1% in manufacturing employment in January Durum
Rye
589,00060
as compared with December. As compared with January 1928 there was Flax
622,000
1 9
4:88
3
59
18,209,000
an increase in Dayton of 8% in industrial employment, and of 13% in Hogs
19,624,000
93
% Dec. 1928
manufacturing employment in January 1929, but a decrease of 45% in
Dec. 1928.
Dec. 1927. ofDec. 1927.
construction employment.
$18.269,000 $15,229,000
Dairy Products
120
Toledo industrial employment was 3% lower in January than in December. Manufacturing employment in Toledo showed no change in January
from December, but there was a decline of 28% in construction employ- Business Conditions in Southwest as Viewed by
ment. As compared with Jamtary of last year, manufacturing employment
Los Angeles Chamber of Commerce—Satisfactory
In Toledo showed an increase of 86% in January 1929, construction employReported.
Showing
ment an increase of 2%, and industrial employment an increase of 81%.
In its Southwest "Business Review," surveying local
Industrial employment in Youngstown declined 2% in January as compared with December. The decline in total industrial employment in business conditions in January, the Los Angeles Chamber of
Youngstown was due entirely to a decline in employment in manufacturing
Commerce says:
Industries, as there was an increase of 2% in construction employment in
The month of January makes a very satisfactory showing when official
January. As compared with January 1928 there was an increase in
statistical records are considered, although not up to the expectations of
Youngstown in January 1929 of 5% in manufacturing employment, 23%
some business leaders. January is usually designated as the time for all
in construction employment, and 7% in total industrial employment.
business enterprises to suddenly make a miraculous change in spite of the
In Stark County, there was a decline of 2% in total industrial employ- fact that a large percentage of the industries and
business houses occupy
ment in January as compared with December, a decline of 1% in manufac- the greater part of the month taking inventory, making reports of the
turing employment, and of 19% in construction employment. As compared previous year. and re-adjusting the organization for the year ahead. This
with the same month of last year, however, Stark County showed a 27% present year is no exception.
Increase in manufacturing employment in January and a 47% increase in
Statistical records, by which conditions are gauged, show up very well.
construction employment.
Postal receipts are almost 10% higher than the same month a year ago.
In manufacturing employment Akron and Dayton alone showed slight Bank clearings for the first time in Los Angeles history have exceeded the
Increases in January as compared with December, while Cincinnati, Colum- one billion dollar mark. Building permits are a trifle stronger than the same
FEB. 23
1929.]
FINANCIAL CHRONICLE
1145
month last year. Employment in general shows much more favorable than
$2,909,861,000, giving a favorable trade balance of $864,this same period a year ago, the Chamber of Commerce index figures being
almost identical, while transient labor surplus is not nearly as pronounced 861,000 in 1928-29, against a favorable trade balance of
as it was in Jan. 1928. Transient office and clerical supply is about in line $510,377,000 in 1927-28. Gold
imports totaled $48,577,000
with former years.
Stock exchange transactions are 62% above last January, and 82% above in January, against $38,320,000 in the corresponding month
last month. Wholesale prices have shown an upward trend amounting to in the previous year, and for the 7 months were
$134,488,000,
8-10th of 1% during the month. The apparel industry reports the most as against $84,483,000. Gold exports
in January were only
active season in its history. The construction industry is moving along
at a satisfactory pace. The rubber products industry of Los Angelesis now $1,378,000, against $52,086,000 in January 1928. For the
second only to Akron. The motion picture industry is making splendid 7 months of 1928-29 the exports of the metal
foot up $106,progress solving the tremendous problem of adapting studios,equipment and
620,000, against $134,488,000 in the 7 months of 1927-28.
casts to the new style of reproduction.
The furniture industry shows a slight falling off which is a seasonal Silver imports for the 7 months of 1928-29 have been
condition. Water commerce continues to show excellent records for
shipping $44,925,000, as against $34,383,000 in 1927-28, and silver
In every direction, with a 14% increase over the same period a year ago.
exports $53,315,000, as against $44,324,000. Following is
Coastwise receipts are lower than last January. Neighboring States
report
excellent conditions in agriculture, live stock, mining and general develop-. the complete official report:
scent activities. Yields of agricultural crops and prices obtained are generally satisfactory. Some shifting of live stock was necessary on account TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1929, corrected to Feb. 13 1929.)
of range conditions. Mining has turned more active with copper prices
MERCHANDISE.
having advanced to 17 cents.
All fundamental factors are sound and every line of industry should
experience a marked improvement after inventory activities cease
January.
7 Months Etuad Jan.
and as
the season advances.
int.(+)
1929.
1928.
1929.
. 1928.
Dec.(-).
Bank Clearings.
1,000
1,000
1,000
1.000
1,000
For the first time in history, Los Angeles bank clearings exceeded one
Dollars. Dollars. Dollars.
Dollars.
Dollars.
billion dollars, and that by a good margin. This represents a gain
491,000 410.778 3,241,132 2,909,861 +331,271
of Exports
approximately 29.7% over the clearings for January 1928. At the
Imports
371,000 337,916 2,376,271 2,399,484
-23,213
same
time it is a substantial increase over the record of December 1928.
Excess of exports
120,000
72,862
864,861
510,377
It also illustrates the rapid rate of growth of financial transactions in
this city. Six separate months of 1928 showed over $900,000,00
0 in
bank clearings, while in 1927 only one month reached that peak
figure.
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
Now with a billion dollar month as a new high record, it is likely
that the
former $900,000,000 months will represent low points.
1929.
1928.
1927.
1926.
1925.
1924.
The clearing records are as follows:
January 1928
1,000
1,000
1,000
1,000
1,000
1,000
$831,077,121
ExportsDollars. Dollars. Dollars. Dollars. Dollars. Dollars.
December 1928
491,000 410,778 419,402 396,836 446,443 395,172
986,111,377 January
February
371,448 372,438 352,905 370,676 365,782
January 1929
1.078,224,435 March
420,617 408,973 374,406 453,653 339,755
April
363,928 415,374 387,974 398,255 346,936
Building Permits.
May
422.557 393.140 356,699 370,945 335,089
The comparative decline in building permits is not to be construed
388,661 356,966 338,033 323,348 306,989
as June
Indicating any falling off in the construction program but rather expresses July
378,984 341,809 368,317 339,660 276,649
August
379,006
374,751 384,449 379,823 330,660
two things: one, that a number of extra large projects were filed in DecemSeptember
421,607 425,267 448,071 420,368 427,460
ber, 1928, and secondly, that the program for the present year is not
550,014 488,675 455,301 490,567 527,172
yet October
under way. The next month or two should show an appreciable increase November
544,919 460,940 480,300 447,804 493,573
December
475,602 407,641 465,369 468,306 445,748
in this activity:
Official permit records are as follows:
7 mos.end.Jan__ 3,241,132 2,909,861 3,021,209 2.943,364 2,947,704 2,617,106
12 mos. end. Dec..
No Permits.
5,128,120 4.865,3754.808.660 4,909,848 4,590,984
Value.
January 1928
2,665
$7.509,691
ImportsDecember 1928
2,120
10,032,321 January
371,000 337,916 356,841 416,752 346,165 295,506
February
January 1929
351.035 310,877 387,306 333,387 332,323
2.756
7,514,868 March
380,437 378,331 442,899 385,379 320,482
April
345,314
375.733 397,912 346,091 324,291
Employment.
May
353,981 346,501 320,919 327.519 302,988
The Chamber of Commerce Index of Employment showed a
317,249 354,892 336.251 325,216 274,001
slight falling June
off compared with last month, but was well ahead of
317,788 319,298 338,959 325,648 278,594
January 1928. The July
August
346,715 368,875 336,477 340,086 254.542
new index figure, based on the average employment for the
years 1927 September
319,616
342,154 343,202 349,954 287,144
and 1928. stands at 97.1 this month, compared with
97.8 in December October
355,358 355.738 376.868 374,074 310.752
and 94.4 in January 1928.
326,652 344,269 373,881 376,431 296.148
November
Seven of the ten industrial groups are much more active
December
339,142 331.234 359,462 396.640 333,192
this month than
a year ago. They are iron and steel, food products,
wearing apparel, mill
7
mos.
2,376,271
2,399,484
end.
2,485,690 2,579,585 2,106,537 1,999,952
Janwork, printing and lithographing, rubber goods and
4 154 742 44a0 555 4 228 55Q a fifIll QR2
petroleum. Of the
other three groups,furniture and clay products manufactur
e show a moderate seasonal falling off, while motion picture producing
is only about half
GOLD AND SILVER.
what it was a year ago. The largest increases in employmen
t are in the
iron and steel, wearing apparel, m111 work and rubber
goods manufacture.
January.
7 Mos. End. Jan.
Compared with December, the same groups show improvemen
t, with
Inc.(-I-)
the exception of wearing apparel, which fell off slightly.
1928.
1929.
1929.
1928.
Dec.(-).
Petroleum industry employment is higher than during the
past eighteen
1,000
1,000
1,000
months, standing at 41,470 this month. Exploitation of new
1,000
1.000
fields bids
Gold.
Dollars. Dollar*.
Dollars.
Dollars.
Dollars.
fair to increase this figure during the spring.
Exports
1,378
52,086
106,670
223,670 -117,050
Imports
48,577
134,488
38,320
84,483
+50,005
Stock Exchange Transactions.
While not reaching the peak levels attained a few
Excess of exports
13,766
139,187
times last year. Stock
Excess of imports
47,199
27,868
Exchange transactions seem to have become
fairly well stabilized at a level
much above that of a year ago. Total
Silvertransactions for the month exceeded
those of last January by about 62%, and
6,692
8,264
53,315
44,324
+8,991
were 82% above the total for Exports
December. The month on the local Exchange
6,305
8,260
44.925
34,383
+10,542
was characterized by a Imports
broadening of the list due to new listings,
and the growing local interest
Excess of exports
4
387
8,390
9,941
In the securities of Los Angeles companies. The
Priv:wet nf Imnortil
"industrial-mindedness"
of the people of Southern California is beginning
to give tangible evidence
of its existence.
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Figures for Exchange transactions are as follows:
January 1928
Gold.
Surer.
$40,364,535
December 1928
35,979,035
1929.
1928.
1927. 1926. 1929. 1928. 1927. 1926.
January 1929
65.404,701
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
ExportsDols. Dols. Dols. Dols. Dols. Dols. Dols. Dols.
January
1,378 52,086 14,890 3,087 8,264 6,692 7,388 9,763
Country's Foreign Trade in January-Imports
February
25,806 2,414 3,851
7.479 6,233 7,752
and March
97,536 5,625 4,225
7,405 6,077 8,333
Exports.
April
96,469 2,592 17,884
6,587 6,824 7,612
May
83,689 2.510 9,343
6,712 6,026 7,931
The Bureau of Statistics of the Department of Commerc June
99,932 1,840 3,346
e
7,456 5,444 7,978
at Washington on Feb. 14 issued its statement on the foreign July
74,190 1,803 5.069
6,160 6,650 7,921
August
1,698 1,524 29,743
9,248
5,590 8,041
trade of the United States for January and the 7 months Spetember
3,810 24,444 23,081
6,229 6,627 7,243
992 10,698 1,156
7,252 5,945 7,279
ending with January. The value of merchandise exported October
November
22,916 55,266 7,727
7,764 5,634 6,794
1,636 77,849 7,196
8,489 7,186 5,610
in January 1929 was $491,000,000, as compared with December
$410,778,000 in January 1928. The imports of mer- 7 mos. end. Jan_ 106,620 223,670 88,862 74.790 53.314 44,324 50,276 58.375
12 mos.end.Dec
560,759 201,455 115.708
87,382 75,625 92,258
chandise are provisionally computed at $371,000,000 in
ImportsJanuary 1929, as against $337,916,000 in January the January
48,577 38,320 59,355 19,351 8,260 6,305 5,151 5,763
14,686 22,309 25,416
previous year, leaving a favorable balance in the mer- February
4,658 3.849 8.853
March
2,683 16,382 43,413
5,134 4,308 5,539
chandise movement for the month of January 1929 of April
5,319 14,503 13,116
4,888
3,815 6,322
May
1,968 34,212 2,935
4,247 5,083 4,872
$120,000,000. Last year in January there was a favor- June
20,001 14,611 18,890
6,221
4,790
5,628
10,331 10,738 19,820
6,544 4,288 5,949
able trade balance on the merchandise movement of $72,- July
August
2.445 7,877 11,979
6,496 4,856 5,988
4,273 12,979 15,987
862,000. Imports for the 7 months of 1928-29 have been September
5,739 4,992 7.203
October
14,331 2,056 8,857
7.319 5,069 5.098
$2,376,271, as against $2,399,484,000 for the corresponding November
29,591 2,082 16,738
5,448 5,102 3.941
December
24,940 10,431 17,004
5,120
3,770 4.430
7 months of 1927-28. The merchandise exports for the 7
mos. end. Jan. 134,488 84,483 149,740 106,958 44,926 34,383
37,760
months of 1928-29 have been $3,241,132,000, against 7
38.175
12 mos.end.Dec.
168_887 207 KM 212 sna
55 117 55 074 89.5813
Automobile Production in January Large.
January production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce, was 402,154, of which 350,617 were passenger cars
and 51,537 were trucks, as compared with 233,907 passenger
cars and trucks in December and 231,728 in January 1928
and 238,908 in January 1927. The Canadian totals for
1925 heretofore published have been revised.
The table below is based on figures received from 152
manufacturers in the United States for recent months, 47
making passenger cars and 119 making trucks (14 making
both passenger cars and trucks). Figures for passenger cars
include taxicabs and those for trucks include ambulances,
funeral cars, fire apparatus, street sweepers and busses.
Canadian figures have been supplied by Dominion Bureau
of Statistics, since January 1926.
AUTOMOBILE PRODUCTION.
(Number of Machines).
Canada.
United States.
Total.
1927-January
February
March
April
May
June
July
August
September_ _
October
November-December
238,908
304,735
394,513
406.382
405,648
323,817
269,396
309.994
260,310
219,682
134,370
133,571
Passenger
Trucks.
Cars.
199,650
264.171
346.031
358,682
358,725
280,620
237.811
275,58.5
226.443
183,042
109,758
106.083
Total (year)- 3.401,326 2.946.601
1928-January
February
March
April
May
June
July
August
September_ _
October
November_ _ _ _
December
231,728 205,648
323,796 291,151
*413,314 371,821
410.104 364,877
425.783 375,863
396.796 356,622
392,076 338.792
461,298 400,593
*415,285 358,872
*397,112 *339,976
*256,933 *217.254
*233,907 *205,793
LAO ISA
zkn
AI7
Total.
Passenger
Cars.
Trucks.
11,745
14,826
*19,723
20,890
21,991
18,470
8,719
10,139
8,681
*6,236
5,173
2,234
3,631
3,829
*3,527
3,721
3,717
2,738
2,268
2,387
2,581
*1,512
1,444
872
454,725 *179,054 *146.827
*32,227
39,258
40,564
48,482
47,700
46,923
43,197
31,585
34,409
33,867
36,640
24,612
27,488
26,082
32,645
41,493
45,227
49.920
40,174
*53,294
60,705
*56,421
*57,136
39,679
28,114
Total (year)- *4358150 *3827260 *530,890
1929-January
SI C27
15,376
18,655
*23,250
24,611
25,708
19,208
10,987
12,526
11,262
7,748
6,617
3,106
6.705
10,315
15,227
20,517
29,764
25,341
20.122
24,274
16,572
13,016
8,154
6,734
1.758
2,189
2,242
3,694
4,178
3,058
5,104
6,971
4,621
5,520
3,615
2,691
242,382 *196,741
*45,641
8,463
12,504
17,469
24,211
33,942
28,399
25,226
31,245
21,193
18,536
11,769
9,425
91
rni
17 lftA
st 2/7
'Revised.
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the months of
December and the 12 months ending with December for the
years 1927 and 1928. The following is the table complete:
TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of December.
Exports to--
1927.
1928.
12 Months Ended December.
1927.
1928.
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
$
$
$
$
206,959,682 238.865,088 2,310,402,588 2,374,836,302
90,748,631 103,867,878 1,253,026,792 1,322.882.238
37,373,294 42,694,873 438,159,458 480,696,126
46,973,024 61,374,951 562.984,406 653,705.027
15,123,562 17,532,745 193,714,388 180.033,217
10,462,367 11,466.160 107,087,693 116,656,369
Total
Principal CountriesBelgium
Czechoslovakia
1 /eninark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia In Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
DOMInIcan Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hongkong
Netherland East Indies
Japan
philippine Islands
Australia
New Zealand
British South Africa
Swint
407,640.500475,601.695 4,865,375,325 5.128,809,379
3
$
S
5
10,001,868 11,827,634 116,216,009 111,864,679
5,340,709
7,441,708
534,442
490,690
47,172,934
58,605,052
4,220,147 3,287,061
23,147,267 26,384,890 228,780,778 240,690.853
487.205.408
481,680,921
44.678,827
43,857,729
13,853,041
15,028,376
550,511 2,116,024
15,906,577 16,029,775 131,650,544 162,135,329
142,269,936
148,219,960
13,410,466 13,736,501
21,179,066
23,361,290
1.565,765 1,192,282
72,503,956
64,086,677
2,573,900 2.368,344
86.613,191
73,776,303
6.441,131 11,086,824
57,322,423
44,689,426
4,601.438 2,661,419
12,206,250
10,122,672
980,879
1,041,063
72,498,074 94,840,185 840,058,668 847.276,661
916,155,506
836,532,373
69,000,827
58,713,377
82.145,319
76,347,332
6,917,420 7.021.204
8,900,075 8,985,276 109,148.365 115,651.922
127,859,693
155.383,026
11,199,383 10,969.283
16,826,981
18,871,337
1,432,342
1,589,961
15,024,786 14,938.036 163,485,542 178,898,648
88,737,268 100,076,439
7,337,608 8,742,617
40,360,606
37,888,615
3,201,923 4,008,292
58,595,919
48,693.747
4.706.669 4.955,868
6,594,723
5,531,467
511,240
427,672
23,409.469
24,869,505
1,845,074 2,128,509
26,016,798
25,060.001
2,037,401 2,240,196
37,819,979
34,744,133
2,244,537 4,371,528
53,694,822
63.296,781
3,890,212 4,394,906
11,807.861
13,626.397
1,532.534 1,390,333
83,470,655 136,960,010
5,149,962 12,924,974
21,977.505
18.865,846
1,475.315 2,013,235
34,444,703
32,137,012
2,826.026 3,513,123
23,165.656 27,754,517 257,589,702 288,054,175
79,808,181
69,521,666
6,828,461 6.868,282
11,482,847 13.977.464 159,124,155 141,295,271
35,069,988
32,517.125
3,554,908 3,290,026
59,092,632
52,485,658
4,023,558 6.128,892
11,058,8.4
11,182.149
895,482
1,139,704
[VOL. 128.
FINANCIAL CHRONICLE
1146
TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of December.
ImportsfromGrand Divisions-
1927.
1928.
12 Months Ended December.
1927.
1928.
North America
South America
Asia
Oceania
Africa
$
$
$
$
102,285,334 110,654,998 1,264,072,404 1,248,897,932
76,484,766 74,927,595 985,457,842 960,283,601
47,528,584 50,029,047 518,274,775 569,507,024
90,591,142 92,885,910 1,269,151,173 1,168,805,724
53,547,845
54,530,874
4,069,126 3,911,610
90,092,017
93,255.348
10,274,620 6,614,721
Total
Principal CountriesBelgium
Czechoslovakia
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hongkong
Netherland East Indies
Japan
Philippine Islands_
Australia
New Zealand
British South Africa
Egypt
331,233,572 339,023,881 4,184,742,416 4,091,114,143
8
$
$
$
75,100,431
72,234.129
6,125,487 5,864,288
36,800,185
31,726,449
3,010,182 3,424,060
3,940,898
4,144,642
592,541
300.631
13,221,886 14,027.952 167,799,661 158,656,233
15,510,559 18,498,800 200,554,291 221,978,785
14,604.772
29,645,573
3,058,635 1,621,123
8,776,657 10,952,120 108,970,260 101,811,661
83,617,678
87,241,834
6.404,142 6,740,403
21,846.012
22,230,823
1.723,205 1,632,865
13,947,673
12,139,251
1.337,149 1,510,453
35,105,988
34,351,200
2,121,992 3,172,654
46,118,949
47.896,333
5.406,368 6,123,304
42,887,185
45.866,182
3,331,712 3,509,464
29,062,750 29,186,475 357,930,937 348,434,661
40,504,030 40,691,504 475,028,148 488,999,157
45,419,266
40,430,238
3,580,134 2,665,753
10,149,296 11,384,115 137,815.044 124,521,996
14,728,277 11,804,980 256,785.550 202,677.889
9,374,145
653,730
11,026,032
530,767
99,484,924
97,239,662
6.412,664 6.777,697
23,399,523 18,944,656 203,027,137 220,668,450
75,159,582
61,857,438
4,288,514 8,368,643
94,619,472
87,803,351
7,364,154 9,512,651
5,345,429
5,193,466
577,282
338,167
20,775,920
20,091,158
1,541.579 1,523,121
11,757,009
10,894,565
866,397
704,689
38,863,226
28,597,511
3,048,580 3,478,137
11,035,348 12,921,239 131,003,313 148,931,039
16,101,179 13,816,995 277,784,466 204,344,310
8,856,892 8,087,678 151,670,897 140,031,241
13,572.895
14,784,740
859,013 1,575,121
86,151.996
91,388,340
5,590,215 8,417,624
34,228,955 32,822,953 402,105,134 384,346,123
7,962,261 7,915,802 115,980,112 115,477,648
31,657,750
38,626,656
3.221,375 2.386.274
10,224,480
12,670,538
781,358 1,263,574
9,269.945
8,741,550
843,910
1.201,636
28,721,850
33.292,149
4,480,348 3.482,185
Europe
Softwood Lumber Consumption in 1929 Will Show
Increase Over Last Year, According to Estimates.
Preliminary returns to the National Lumber Manufacturers Association from the nation-wide survey of estimated softwood lumber consumption for the current year
indicate generally a moderate increase in demand. On the
basis of approximately 1,500 reports from retail lumber
yards an average increase in consumption of 3.5% is estimated for the first six months of 1929 and 5.9% for the
second six months. Railroads having an annual consumption
of softwood ties and lumber of over 1,600,000,000 feet
estimate a decline of 2.6% in tie requirements and an
increase of 0.3% for softwood lumber. Millwork manufacturers having an annual consumption of approximately
575,000,000 feet estimate an increase of 1% during the first
six months and 2.3% during the last six months. Box
manufacturers who consumed 396,000,000 feet in 1928
estimate consumption of 414,000,000 feet in 1929, or an
increase of 10%. Trade officials, however, express doubt
whether this fairly reflects conditions for the entire industry. Previous reports have indicated an increased
demand by the box industry in 1928 over 1927 and the
general prediction is that consumption this year will approximately equal that of 1928. Softwood lumber exports in
1928 increased 6% in quantity over 1927. Prospects of
foreign business for the current year as good as for 1928.
A summary of the results by districts and the details of
the survey, as prepared by the National Lumber Manufacturers Association, follow:
Southwest.
Retail lumber yards requirements for Missouri, Kansas, Oklahoma and
Arkansas first half of 1929 estimated 2.7% greater, an( last half, 6.4%
greater than 1928. An increase in requirements of retail yards In Colorado,
Wyoming and New Mexico of 4% during tho first half, and 8% during
second half of the year is indicated.
Softwood tie requirements of railroads 30% less than last year. and
softwood lumber requirements 4% less.
Increase in softwood lumber requirements of mill work manufacturers
3.9% during first half, and 5.4% during second half of 1929 as compared
with 1928.
Reports from box manufacturers show an estimated consumption of 334
million feet of softwoods aril 355,000 feet of hardwoods by the 39 firms
reporting.
Northwest.
Estimated requirements of retail lumber yards 4.7% greater during first
half, and 7.8% greater during second half of 1929 as compared with 1928.
A decrease of approximately 12% Is indicated in softwood tie requirements, and 7%% in softwood lumber requirements.
Mill work manufacturers report a decrease of 1.3% during first half
of the year and an Increase of 1.9% during last half of the year as compared
with 1928.
Reports from 38 box mills indicate consumption of 527,000,000 feet of
softwoods.
Central Slates.
Ohlo reports increases In retail yard requirements of 5.6% and 4.3%
for the first and second halves of the year, Indiana reports 2 and 4%,and
Wisconsin an increase of 2.9 and 2 2%
FEL 23 19291
1147
FINANCIAL CHRONICLE
Central Western railroads report a decrease of less than 1% in softwood
tie requirements and an increase of 3% in softwood lumber requirements.
Central West mill work manufacturers estimate an increase of .8%
during the first half, and 1.1% during the second half of 1929. Lake States
mill work manufacturers report increases of 2.4 and 3.3%, and Central
Eastern manufacturers Increases of 1.3%, and 1.1% during second half
of the year.
Twelve Prairie States box mills report estimated consumption of 15,000,000 feet of softwood and 32,000,000 feet of hardwood and 30 Lake States
mills consumption of 189,000,000 feet of softwood and 80,000.000 feet ot
hardwood.
Southern States.
Florida Retal Lumber Dealers report a decline of 4% in their requirements for the first six months of 1929 and no change for the last six months.
North and South Carolina report an Increase of 1.8% and 9.6% for the
first and second halves of the year. Virginia dealers report an increase of
11 and 12%.
Southern railroads report an increase of approximately
in softwood
tie requirements and an increase of less than 1% in softwood lumber requirements.
Mill work manufacturers report an increase of 2% for the first half and
1.5% for the second half of 1929 as compared with 1928.
Nineteen box mills indicate consumption of G3,000,000 feet of softwoods
and 32,000,000 feet of hardwoods.
WEEKLY COMPARISON FOR 193 IDENTICAL MILLS-1929.
(Ali mills whose reports of production, orders and shipments are complete for the
last tour weeks.)
Feb. 9.
Feb. 2.
Weeks Ended-Jan. 19.
Jan. 26.
123,640.306 111.703,890 168,025,573 169,795,884
Production (feet)
159,165,277 148,391.779 185,097.777 193,053,281
Orders (feet)
63,538.785 57,549,609 66,809,885 74,806,048
Rail
67,563,365 57,160,09466,232,318 75,943.353
Domestic cargo
22,403,328 25,770,059 38,942,410 33,506.872
Export
5,659,799
7,912,017 13,113,164
Local
8,797,008
129,087,449 128,337,169 154,236,964 147,506.900
Shipments(feet)
46,502,842 44,365,039 59,836,305 60,217320
Rail
53,054,383 48,450,178 48,606,459 50,114,132
Domestic cargo
23,870.425 29,609,935 32,681,036 28,378,440
Export
5.659,799
7,912,017 13,113,164
Local
8.797.000
779,051,896 751,630,919 738,644,397 711,141,609
Unfilled orders (feet)
227,214,634 211,007.736 198,990,987 193,181,686
Rail
295,114,406 281,508,543 276,470,921 258,465,158
Domesticcargo
256.722,856 259,114,640 263,182,489 259,494,765
Export
DOMESTIC CARGO DISTRIBUTION-WEEK ENDED FEB.2'29(103 nano
13,4%
•
Washington & Oregon
(88 Mills)California
Atlantic Coast
Mtscelhumous
Orders on
Hand BegIn'g Week
Orders
Feb. 2 '29 Received.
Feet.
Feet.
Cancelkaions.
Shipmeats.
Unfilled
Orders
Week Ended
Feb. 2 '29.
Feet,
Fed.
Feet.
91 401,523 22,477,441 316,000 19,976.486 93,586.478
137,592,017 24,472.314 2,061,994 18,909,954 141,092,383
692.188
4,792,440
None 1,063,125 4,421,503
Northeast and East.
No direct reports have been received from the northeast lumber dealers.
Reports collected by the Atlantic Shippers Advisory Board comparing the
Total Wash.li Oregon_ 233,785.980 47.641,943 2,377,994 39,949,565 239,100.364
first quarter of 1929 with the last quarter of 1928 and the first quarter of
Brit. Col.(15 Mills)1928. however, indicate a decline in requirements of 3.9% and 4.8%
5.57,443
261,000 164,000
654.443
None
California
respectively.
541,000
10,020,583
50,000 1,842,000 8,669,583
Atlantic Coast
New England railroads report a slight decline in the use of softwood Miscellaneous
899,958
None
759.958
40,000
180,000
ties and softwood lumber. Great Lake carriers report an increase of 17%
Total British Columbia 11,477,984
842.000 214,000 2,022,000 10,983,984
in softwood tie requirements and an increase of 12% in softwood lumber
requirements. Central Eastern carriers report an increase of about 3% .rne..1 rtnrnnatin ertran
245 2113 054 48.453.943 2.591_994 41.971_565 249.184.348
In softwood lumber requirements.
Mill work manufacturers in the northeastern States report an estimated
decline of 1.6% during the first half of 1929. and 1.1% during the second
half as compared with last year.
Cut in Cuban Import Duties on American Goods ProFifty-five Northeastern box mills report estimated consumption of
posed in Cuban House of Representatives in
263,000,000 feet of softwood and 23,000,000 feet of hardwood; 17 central
Exchange for Free Entry in U. S. of Cuban Sugar.
East mills report softwood consumption of 33,000,000 feet and hardwood
consumption of 47,000.000 feet.
Associated Press advices from Havana (Cuba) Feb. 13
Softwood Lumber Requirements of Millwork Manufacturers in 1929 as Compared
with 1928 (in M.Feet).
(110 Firms Reporting).
Annual Inc. or Dec. 1929
Con
sumption. First
Second
Half.
Half.
Region,
Southwest
Northwest
Central-West
Lake States
South and Southeast
Central-East
North-east
Total_ _
% Inc. or Dec.
First
Half.
Second
Half.
121,820
137,350
39,808
103,938
39,075
45.699
85,175
+2.387
-860
+157
+1.259
+398
+293
-688
+3,329
+1,306
+221
+1,744
+289
+246
-486
+3.9
-1.3
+0.8
+2.4
+2.0
+1.3
-1.6
+5.4
+1.9
+1.1
+3.3
+1.5
+1.1
572,863
+2,946
+6,649
+1.0
+2.3
Lumber Consumption-Miscellaneous Industrial Users.
HardwoodsSoftwoods--
Increase in 1929.
Annual
Con-sum ption.
First
Half.
72,735.000
22.931,800
277,000
315,000
Second
Half.
1,697,000
845,000
Increase.
.8%
1.4% I4.7%
3.7%
Anticipated Requirements for 1929.
Softwoods.
Reports.
Southwest
Northwest
South
Prairie States
Lake States
Central-East
Northeast
Total
First Half.
Hardwoods
Second Half. (Full Year).
39
38
19
12
30
17
55
204.810,000
258.160,000
51,175,000
7.400,000
92,900,000
17,633,000
127,580,000
229,310,000
269,250,000
42,125,000
8,150,000
96,450,000
15,150,000
135,445,000
355,000
23,530,000
31,716,000
31,700,000
80,500,000
47,000,000
22,990,000
210
759,658,000
795,880.000
227,791,000
stated:
Dr. Santiago Rey, Conservative in the Cuban House of Representatives.
asked the House to-day for a 50% cut in Cuban import duties on American
goods as a proposed exchange offering for free United States entry of
3,500,000 tons of Cuban sugar each year.
Dr. Rey said this plan should be mutually acceptable to the United
States and Cuba as a MEWLS of stabilizing Cuba's sugar industry.
"Free entry of 3,500,000 tons of Cuban sugar a year would in no way
affect domestic producers of the United States," he said. "In exchange
American manufacturers of other products would receive the advantages
of our present reciprocity treaty plus 50% Cuban tariff reduction.
"It would enable us to intensify manufacture of cane by-products for
export to the United States and give cheap access to United States products
which are too expensive, under our tariff system, for the average Cuban
purchaser."
Dr. Rey admitted that his plan might read like heresy to his countrymen, but prefaced his address by urging them to forget "lofy nationalism"
and settle down to discovery of a practical method of commercial relationship with the United States.
Pooling of Sugar Crops in Cuba for Sale of 3,500,000
Tons on Co-operative Basis.
It was stated in Havana Associated Press advices Jan. 31
that five of the most powerful sugar-cane growing and grinding concerns in Cuba, and financed by New York capital,
have joined in pooling 3,500,000 tons of sugar on a cooperative basis. The advices added:
The meeting was called by officials of Cuba Cane, one of the largest
companies. Recent lifting of all restrictions on Cuban sugar by the Government and the rescinding of the Tarafa Curtailment act, allow Cuban
sugar men to grow, harvest, grind and sell in any manner. Smaller growers
and grinders were said to be viewing the pooling as a direct blow at the
smaller companies, inasmuch as the co-operative marketing plans proposed
several weeks ago were not supported, and at that time an understanding
was reached that individual sales would be the policy this season.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 196 mills show that for the week ended Feb. 9 Brazilian Sugar Producers Form Co-operative Association Under State Protection-Report That
shipments were 4.42% over production, while orders exceeded
Combine Is for Price Defense.
output by 28.61%. The Association's statement follows:
Regarding the formation of a co-operative association,
WEEKLY REPORT OF PRODUCTION. ORDERS AND SELFMENTS
under State protection, by Brazilian sugar producers, Asso196 mills report for week ended Feb. 9 1929.
(All mills reporting production orders and shipments.)
ciated Press advices from Rio de Janiero on Jan. 30 stated:
Production.
123,901,376 feet
100%
Orders.
159,352,892 feet
28.61% over production
31Wpments.
129,381,131 feet
4.42% over production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY
OPERATING
CAPACITY (245 IDENTICAL MILLS)
(an mills reporting production for 1928 and 1929 to date.)
Actual Production
Average Week2y
Average Weekly
x Weekly
Week Ended
Production 6 Weds
Production
operating
Feb. 9 1929.
Feb. 9 1929.
During 1928.
Capacity
137,964,794 feet
156,929,717 feet
195,199,852 feet y255,472,009 feet
x Weekly operating capacity is based on average hourly production for
the 12 last
months preceding mill check and the normal number of operating hours
per week.
y Includes adjustments result recent mill audit.
111 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete
for 1928
and 1929 to date.)
Average 6
Average 6
Weeks Ended
Week Ended
Weeks Ended
Feb. 9 '29
Feb. 9 '29.
Feb. 11 '28.
Production (fect)
86,648,732
92,585,967
97,018,257
Orders (feet)
111,640,679
104,702,829
105,103,738
Shipments (feet)
92,747,037
89.992,834
93,863,105
Brazilian sugar producers have been trying a plan designed to control
prices in the same manner that the Coffee Institute controls exports and
prices for the beverage bean. Whether their scheme is to have the same
measure of support from the Federal Government that has been given to
the Coffee Institute will be decided by the next session of the national
Legislature.
The movement started about three months ago in Pernambuco, where
producers formed a co-operative association under State protection. They
have held a million sacks of sugar for three months at prices higher than
have been offered in the open market.
Other co-operatives have been projected for the principal sugar Stotts,.
Sao Paulo, Rio de Janeiro, Rio Grande do Norte and Sergipe,
One idea seems to be to boost the prices of sugar in the Brazil market A
newspaper at Sae Paulo expressed public alarm because one merchandise
house there had bought a million sacks of sugar at Pernambuco and then,
raised the price to consumers in Sao Paulo.
Figures for the first 11 months of 1928 show that Brazil exported only
16,500 tons of sugar in that period. The principal market was
Argentina
and word has come from there that Cuba will be able to lay down in Buenos
Aires sugar of a better quality and at a lower price than Brazil if this country
aises her prices to any appreciable extent.
1148
FINANCIAL CHRONICLE
[VoL. 128.
Additional information regarding the movement is contained in the following from Sao Paulo, Jan. 30 to the New
York "Times":
Activity in the Cotton Spinning Industry for
January 1929.
The
Department
Commerce announced on Feb. 20
of
Dispatches from Pernambuco published yesterday reported that Senor
Matarazzo has bought 1.000,000 sacks of crystal sugar at 46.8 milreis a sack that according to preliminary figures compiled by the
of 60 kilograms, which slightly exceeds four cents a pound. This Is the Bureau of
the Census, 35,334,736 cotton spinning spindles
price of sugar at the mills.
The principal sugar producers of Northeastern Brazil, comprising the were in place in the United States on Jan. 31 1929, of
States of Pernambuco. Parahyba and Alagoas have formed a co-operative which 30,757,552 were operated at some time during the
to control prices and eliminate speculation in the Sao Paulo market.
month, compared with 30,622,172 for December, 30,596,840
This co-operative has obtained a license from the Northeastern State
Governments to export a certain amount of sugar without paying the for November, 30,315,086 for October, 28,227,090 for
export tax. These State taxes forced a raise in the price and makes com- September, 28,243,508 for August, and 31,716,746 for
petition more difficult abroad. Without the tax, they can ship sugar
January 1928. The aggregate number of active spindle
abroad in sufficient quantities to maintain home prices.
This new co-operative exports only Crystal and Dernarara grades. The hours reported for the month was 9,225,309,057. During
organization Is opposed by the importers of Rio de Janeiro and Sao Paulo January the normal time of operation was
26% days (allowand as a result there has been an increase in the Pernambuco stocks from
ance being made for the observance of New Year's Day in
200.000 bags to 1.000,000.
In the Northeastern States, the harvest is from September to March some localities), compared with 25 for December, 253
and the production for 1928-1929 was estimated at 4.000,000 bags. In the for November,
% for October, 243/3 for September,
263
States of Bahia, Rio de Janeiro and Sao Paulo the harvest does not begin
until several months after the Northeastern harvest ends, and the existing and 27 for August. Based on an activity of 8.83 hours
stocks In this region are not large, which enables Senor Matarazzo to buy per day the average number of spindles operated during
nearly all of the stocks in the various markets except at Pernambuco.
January was 39,425,240 or at 111.6% capacity on a single
It Is reported that he now holds 400,000 bags, having paid from 59 to 65
mllreLs, c. I. f. Santos, a bag. Prices recently have been from 61 to 68 shift basis. This percentage compares with 99.1 for Demilrels, C. I. f. Santos. Senor Matarazzo recently approached the co- cember, 108.1 for November, 103.9 for October, 90.6 for
operative, proposing that they purchase the million bags held in Pernam- September, 87.7 for August, and
101.0 for January 1928.
buco,and it is reported he is offering 400,000 bags of this stock to the sugar
The average number of active spindle hours per spindle
buyers' trust in Rio de Janeiro, which now has low stocks.
Senor Matarazzo Is of Italian birth and arrived in Brazil several years in place for the month was 261. The total number of
ago as a poor immigrant, and now is one of the wealthiest men in Brazil.
cotton spindles in place, the number active, the number of
According to Sao Paulo advices Feb. 1 to the "Wall Street active spindle hours and the average spindle hours per spindle
News", Senor Matarazzo denied the existence either of a in place, by States, are shown in the following statement:
sugar corner or trust. The account in that paper said:
Spinning Spindles.
He says the Pernambuco mills are entering an agreement with his interests with the view of curtailing speculation. There is no intention of
aising prices, the aim being merely stabilization.
Active Spindle Hrs.for Jan.
State.
Cotton-growing States
In Place
January
31.
Active
During
January.
Total.
Average per
Spindle
in Place.
18,648,482
17,995,096 6,358,403,542
341
F. C. Lowry, President of New York Coffee & Sugar New England States
15,189,658 11,487,426 2.589,770.414
170
All other States
1,496,596 1,275,030 277,135,101
185
Exchange Returns from Abroad-Finds European Alabama
1,711,492 1.646,008 553,138,962
323
1,121,464 1.063,254 251,065,661
224
Sugar Producers Enthusiastic Over Lifting of Connecticut
Georgia
3.093,724 2,991,192 1,019.059.350
329
Maine
1.055,992
790,206 167.799,191
Cuban Sugar Restrictions.
159
Massachusetts
9,174,976 6,590,550 1,460,562,111
159
Mississippi
177,158
147,446
50.991,432
European sugar producers were enthusiastic over the New
288
Hampshire
1,415,302 1,036,156 227,053.257
160
action of Cuba in lifting crop restrictions, according to Frank New Jersey
378,936
339,220
59,425,143
157
New York
739,520 618,898 144,382,865
195
C. Lowry, of Lowry & Co., President of the New York North
Carolina
6,204,948 5.937,024 2,086,599,239
336
Rhode Island
2,305,020 1,890,618 454,676,342
197
Coffee & Sugar Exchange, who arrived on the S. S. Paris South
Carolina
5,516.424 5.456,588 2,101,015,079
381
602.452
on Feb. 13 after a month's business tour on the Continent. Tennessee
571,708 223,046,533
370
Texas
282,060
247.996
71,113,452
252
European producers were of the opinion, Mr. Lowry said, Virginia
709,054
679,254 158,398,870
223
All
other
States
846,214
751,434
197,083,570
233
that considerable time will be required to work out the
United States
35,334,736 30,757,552 9,225,309,057
present unhappy sugar situation, but the removal of arti261
ficial control, all seemd agreed, was the quickest road to
readjustment. Mr. Lowry also stated:
Rayon Prices Cut by Du Pont Company-Instability
The prospects for beet sowage are that the different European countries
Caused by Foreign Yarns Made Change Necessary,
expected.
increase
is
will plant as much as last year and in some countries an
Firm States.
Local consumption, outside of Czecho-Slovakia, takes care of all local production. It is very encouraging to note that there has been a marked
Lower
prices for rayon yarns of all types, including
increase in sugar consumption throughout Europe, which was further
their special dull luster yarns, were announced on Feb. 20
stimulated by low prices.
There is a good deal of interest displayed abroad at the prospect of the by the du Pont Rayon Co., the second largest domestic
New York Coffee & Sugar Exchange dealing in certain securities, especially
producer of rayon said the New York "Journal of Comthose of sugar properties. It is quite probable that if this is undertaken,
foreign properties, including those of the sugar producers of Java might merce" of Feb. 21 which went on to say:
want their issues listed. There is a small market for these securities now
in Amsterdam.
The termination of the Cuban sugar restrictions were
noted in our issue of Dec. 29, page 3619.
Brazil Inaugurates Coffee Warehouse-New Establishment
in Minas Geraes Holds 250,000 Bags-Aids in Export
Control.
The State of Minas Geraes inaugurated another coffee
warehouse at Cysneiros on Feb. 15, according to Sao
Paulo advices Feb. 16 to the New York "Times" which
said:
It holds 250,000 bags and it forms part of a plan to regulate coffee
exports.
Sysneiros serves three municipalities, Tombos, Carangola and Man-
In announcing the change in prices, the company stated that it
had found the step necessary to stabilize the market because of the
disturbing influence exerted by the importations of foreign yarns in
the past two years. The reduction in most cases is 15c a pound.
The announcement of the du Pont Rayon Co. followed reports persistent in the market for the past six weeks that rayon prices would
be cut by domestic producers at the beginning of the new quarter.
Another large producer is expected to make an official announcement
of price changes within the next few days.
In addition to reducing its prices the du Pont Co. announced that it
had discontinued its former yarn classification, substituting a simpler
and more comprehensive one. Under the new classification, yarns are
classified as first and second quality instead of being known as "A,"
"B" and "C" grades.
Lolustra Prices.
Under the new price schedule, which goes into effect today, first
quality "Lolustra" special, 150 denier, 24 filaments, in skeins, formerly
priced at $1.55 is listed at $1.40. First quality in unbleached cones
is listed at $1.45, as compared with A quality in unbleached cones
formerly priced at $L60.
New prices for other standard "Lolustra" special yarns are $1.20 for
first quality 300 denier 60 filament in skeins and $1.25 in unbleached
cones.
"Lolustra" super-standard are now priced as follows: 100 denier 40
filament, first quality, $2.30 in skeins and $2.40 in unbleached cones
125 denier, 50 filament, first quality, $1.70 in skeins and $1.80 in unbleached cones; 150 denier, 40 filament, first quality, $1.45 in skeins
and $1.50 in unbleached cones; 150 denier, 60 filament, first quality,
$1.60 in skeins and $1.65 in unbleached cones, and 200 denier, 80
filament, first quality, $1.55 in skeins and $1.60 in unbleached cones.
huassu, which the Leopoldina Railway traverses. An additional warehouse will be erected at Guaxupe. Warehouses have been erected at
Entre Rios, Barra Mansa and Cruzeiro, The Cruzerio and Barra
Ifansa places are managed by Sul Mineira and the Central Railways,
respectively. Those at Cysneiros and Entry Rios are managed by
the Companhia Armazens Geraes of Sao Paulo, which is a private
company having a contract with the Coffee Defense Institute of Sao
Paulo.
The Mines Geraes authorities hold that it is unfeasible for the State
to operate warehouses, as State administration would be more costly
than private and full of risks and embarrassments.
The Federal Congress gave President Washington Luis power to
limit coffee imports and exports, and Minas in collaborating by buildStandard Yarn Prices.
ing warehouses to hold coffee going to Rio de Janiero. The warePrices for standard 150 denier, 24 filament yarn in skeins, which
houses receive the coffee, giving to the owner a certificate stating his
formerly ranged from $1.35 to $1.50 according to quality, have been
classification, which may be used to obtain credit.
No rain has fallen in Sao Paulo City since Friday, and it is now reduced to $1.20 to $1.30, according to quality. First quality in unhoped the floods will recede. The auto road from San Paulo to bleached cones is listed at $1.35, as compared with A quality, which
Santos is open, but the railways are likely to be closed another week. sold at $1.60. A 75 denier, 18 filament yarn is quoted at $2.50 for
Interior rail service has been reestablished, but that to Soro Cabana first quality and $1.50 for second quality in skeins.
No change has been made in the price of the first quality 65 denier.
is irregular.
Some of the inhabitants of Sao Paulo's flooded suburbs are leaving 26 filament super-extra yarn in unbleached cones, which is still listed at
Other super-extra yarns, however, shared in the prioe reduction.
$2.80.
for new coffee districts, with government aid..
FINANCIAL CHRONICLE
FEB. 23 1929.1
Announcement of Cut.
The du Pont company's statement follows:
"Importations of foreign yarns during the past two years have resulted in unstable prices and generally unsatisfactory conditions in the
American market, which have had a distinctly disturbing influence
Developments in recent months have served to agwith the trade.
gravate this situation.
an
effort
to
correct this and to assist in the stabilizing of rayon
"In
prices in this market, the du Pont Rayon Co. announces the following
schedule of prices for its yarn, effective February 21, 1929.
"Coincident with this price change the du Pont Rayon Co. has discontinued its former yarn classification, substitutiag a simpler and
more comprehensive one."
Petroleum and Its Products-Lacking Price Changes,
Market Interest Centres in Production Decrease.
With only a slight change in posted prices for crude petroleum recorded during the week, market interest is centring
in the drop in production and development of plans for curtailing output to a balance with demand. American Petroleum Institute figures for the first time in many weeks showed
a dropping off in crude production during the week ended
Feb. 16. Daily average production during this period was
2,674,900 barrels as compared with 2,693,550 barrels in the
preceding week, the first indication of results from the
Oklahoma proration agreement placed in effect Feb. 14.
The zone committees charged with studying ways and
means of curtailing oil prdduction in this country and South
America were appointed Feb. 20 by E. B. Reeser, President
of the American Petroleum Institute. R. C. Holmes,
President of the Texas Company, is general Chairman.
The Chairmen of the regional committees are as follows:
Pacific Coast, K. R. Kingsbury, President of the Standard
Oil Co. of California; Gulf and Atlantic Coast, G. S. Davidson, President of the Gulf Refining Co.; Midcontinent and
interior, W. C. Franklin, Vice-President of the Tidal Refining Co.; Mexico and northern South America, E. J. Sadler,
President of the Creole Petroleum Co. These regional committees will report to the general committee of eighty members in New York not later than Mar. 15.
It is believed that one of the most important tasks of the
committee will be that of dealing with the situation in South
America, particularly Venezuela. Production of crude has
been steadily increased in that country until in 1928 it
reached a place next to that of the United States, topping
Mexico and Russia, which preceded it in 1927. Some of this
huge production is being brought out by American firms and
some by British. The Creole Petroleum Corp., a Standard
of New Jersey subsidiary, in the week ended Feb.8 averaged
43,049 barrels daily, against 40,775 barrels in the preceding
week. This output can of course be cut down, especially as
E. J. Sadler, President of Creole, is Chairman of the South
American curtailment committee of the A.P.I. Venezuelan
Oil Concessions, Ltd., British owned, on the other hand,
produced a daily average of 137,571 barrels in the week of
Feb. 16, against 143,755 barrels in the week before. This
production will not be so easy to control.
California production figures continue to reflect the exploitation of the deeper sands at Santa Fe Springs, with the
result that increasing production has been recorded for
the past three weeks. An important number of new completions in the deep sands are scheduled for the next two weeks
and Pacific Coast production is expected to show still further
gains. Just how prolific these new O'Connell and Clarke
sands will be is a matter of much talk in California oil
circles, but based on the estimates of the many geologists
and engineers who have studied the formations, they should
show a substantial yield. The fact that existing holes may
may be easily and quickly drilled to the lower sands, 750 feet
below the Buckbee horizon, may become an important
factor in California production.
The Richfield Oil Co., Feb. 19, announced completion of
two wells in the Santa Fe Springs field of California, with a
combined initial output of 6,500 barrels daily.
Crude petroleum price changes this week follow:
Feb. 16-Stoll Oil Refining Company reduces price of crude oil in its
pipelines at Oil City, KY.. 15 cents a barrel, making the new price $1.60.
Prices are:
Pennsylvania
$4.10 Bradford
$4.10 Illinois
$1.45
Corning
1.75 Lima
1.50 Wyoming, 33 deg- 1.11
Cabe11
1.45 Indiana
1.27 Plymouth
1.18
Wortham, 40 deft- 1.32 Princeton
1.45 Wooster
1.62
Rock Creek
1.18 Canadian
1.90 Gulf Coast "A"-- 1.10
Smackover.24 deg. .00 Corsicana, heavy.. .80 Panhandle
1.14
Buckeye
3.85 Eureka
3.90
Oklahoma, Kansas and Texas$1.08 Big Muddy
$1.28
40-40.9
1.32 Lance Creek
1.38
44 and above
1.44 Bellevue
1.20
Louisiana and ArkansasMarkham
1 AO
32-32.9
1.08 Somerset
1.60
35-35.9
1.17 CaliforniaSpindletop, 35 deg. and up
1.27
14-14.9
.50
Elk Basin
1.36
42-42.9
1.95
1149
REFINERY PRODUCTS-GASOLINE REMAINS WEAK AS NEW
CENT-PACIFIC COAST GASOLINE
YORK PRICE IS CUT
OFF 2 CENTS.
Tan car prices for gasoline in the New York market which
have obtained for some time became a matter of record
this week with a reduction, Feb. 21,from 10 cents per gallon
to 93/2 cents, f.o.b. refineries. When the declared price
was 10 cents, there were persistent rumors that buyers
3 and even 9 cents, were not turned away and
offering 9%,
the change in open quotations was made by the Standard Oil
Co. of New Jersey to clear up the air of uncertainty which
was aiding to slow up the market. Tank wagon and service
station prices in the district remain unchanged. Kerosene
is in good demand at New York and the tank car price remains
at 83/2 cents per gallon at refineries. Bunker C fuel oil is
unchanged at $1.05 per barrel, bulk, f.o.b. terminals, with
a barging charge of 5 cents per barrel within the limits of
the harbor.
The only other change of importance in refined oil prices
was on the Pacific Coast where tank wagon and service station prices for gasoline were reduced another 2 cents, Feb. 20,
following a similar reduction the preceding week. Bright
cent per gallon on
stock lubricating oils were reduced
Feb. 16 by Pennsylvania refiners.
Furnace oils are strong and scarce at Chicago. Quotations
on the 36-38 distillate are still nominally 331 cents per
gallon but 4 cents must be paid for spot goods and that is
what distributors, want, as their stocks have been depleted
by the past few weeks of exceptionally cold weather all over
the territory. Kerosene was firm at Chicago at 53% cents,
f. o. b. refinery, for quick delivery. Orders are not being
taken for future delivery. While the weather has made for
good business in fuel oil and kerosene, the spot market for
gasoline is dull. Wisconsin, Iowa and Missouri have been
afflicted with heavy snowfall and ice storms and this has had
a deadening effect on retail gasoline distribution, with a
resultant let-up on jobbing demand.
Sentiment seems to be shaping in New York State toward
the imposition of a gasoline tax. This State, Massachusetts,
and Illinois are the only three in which retail sales of motor
fuel are not taxed, although Illinois had such a tax last
year and it was ruled unconstitutional by the courts. A bill
introduced in the New York Senate calls for a tax of two
cents per gallon. Governor Smith has come out in favor of
the tax, both in public utterances and in conferences with
Legislative leaders.
The Marland Oil Co., hitherto a marketer only in the
Mid-continent regions, following closely upon the Richfield
Oil Co. and Shell Petroleum Corp., is about to invade the
Eastern seaboard markets through purchase of control of the
Prudential Refining Corp. Prudential has a refinery at
Baltimore and operates retail service stations in Maryland,
Virginia and New Jersey, in addition to doing a jobbing
business in this area. Sinclair is also rounding out its marketing territory by the purchase of the Puritan Oil Co. at
St. Louis, thus closing the gap between its Mid-continent
and Illinois interests.
The Ethyl Gasoline Corp. reports that sales of gasoline
treated with ethyl fluid in 1928 reached a total of 800,000,000,
gallons, or approximately 7% of the total domestic consumption. The ban on ethyl gasoline was lifted in New York
during the year with a consequent expansion in sales in
metropolitan territory and marked progress was made in
the introduction of ethyl gasoline in Europe.
A chronological summary of the week's price changes follows:
Feb. 16-Pennsylvania lubricating oil refiners reduce bright stocks
cent per gallon.
Feb. 20-Texas Company, Shell Oil Co. and other marketers reduced
tank wagon and service station gasoline 2 cents per gallon to 13 cents and
17 cents, respectively, per gallon.
Feb. 21-Standard Oil Co. of New Jersey reduces tank car gasoline at
New York 3i cent per gallon, making the price 93 cents f.o.b. refineries.
2
INSERT 11 B Feb. 16-Stoll Oil Refining Co. reduces price of crude oil in its pipe lines
at Oil City, Ky., 15 cents a barrel, making the new price $1.60.
Prices are:
Gasoline (U. S. Motor)
.10
.0954 Jacksonville
Tampa
New York
.00St
.11% Oklahoma
.0734 New Orleans
Chelsea
07
Providence
(deny.).
.1134 Houston
.11%
Tiverton
0734
0634 California
Boston (delivered)__ .1134 Chicago
0934
Marcus Hook
.10
.10
North Texas
Carteret
NM
10
Philadelphia
10
Baltimore
Norfolk
.10
.10
Portsmouth
Note.-The above prices are f.o.b. refineries, tank car ots, =lees otherwise noted.
Delivered prices are generally M.a gallon above the refinery quotation.
Gasoline (Service Station).
4,.0034 I Richmond
23 I Charlotte
New York
.22
.20
I San Francisco
17
Boston
.22
Charleston
.22 I Wheeling
.22
15
Baltimore
Chicago
23 I Parkersburg
Norfolk
1034
.22 I New Orleans
Note.-The above prices are retail prices at service stations and include Stall
where
a
tax
is
imposed.
States
taxes in
Outside of Metropolitan New York the quotation is 17c.
Kerosene.
05)11Philadelphia (deny.) .0995
.0855 I Chicago
New York
0531
.0854 I Oklahoma
New York (delis%)-- .0954 Philadelphia
above
prices are f.o.b. refineries, tank car lots, unless otherwise noted.
Note.-The
Delivered prices are generally lo, a gallon above the refinery quotation.
Bunker Fuel 011.
.95
1.05 New Orleans
1.05 Norfolk
New York
.89
1.05 California
Baltimore
1.05 Charleston
Note.-The above prices are f.o.b. refineries; a charge of 5o. a barrel is made for
barging alongside.
Gas and Diesel Oil.
2.00
Gas oil, New York
.0551 I Diesel oil, New York
Note.-The above prices are f.o.b. refineries.
Export Quotations.
Gasoline, Navy, New York, cases_ .2640'Kerosene,s. w.,New York,cases__ .1765
1890
Bulk
.0994 I W. W., New York,cases
Gasoline. New York City
Tank Wagon Prices.
17 I Kerosene. w. w., New York
DAILY AVERAGE PRODUCTION.
Feb. 16 '29. Feb. 9'29. Feb. 2'29. Feb. 18 '28.
668,100
728,700
728,350
708,200
109,950
96,800
95,700
9.5,950
59,600
76,250
56,850
51,650
69,400
85,100
84,200
83,700
53,200
52,050
52,450
53,700
295,750
376,050
376,650
372,150
24,100
20,800
21,050
21,350
47,500
23,000
49,350
52,800
45,350
35,950
35,700
36,150
77.400
88,250
77,250
76,850
98,950
119,000
122,000
121,000
20,5.50
14,500
21,500
21,550
104,500
110,600
109,600
108,600
54,350
52,000
53,700
54,500
10,450
10,900
10.850
10,000
6,900
7,500
6.500
6,900
2,400
2,050
1,750
1,950
778,100
617,300
789,900
798,100
2,363,300
2,680,050
2.693,550
2,674,900
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas. North Louisiana and Arkansas,
for the week ending Feb. 16, was 1,552.500 bacrels, as compared with
1.577.550 barrels for the preceding week, a decrease of 25,050 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,501.450 barrels, as compared with 1.526,250 barrels, a decrease of
Total
24,800 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week. In barrels of 42 gallons,
follow:
-Week Ended-Week EndedFeb. 16. Feb.9.
North LouisianaFeb. 16. Feb. 9.
Oklahoma5,500 5,550
27.300 28,950 Haynesvine
Allen Dome
5,850 5,400
Urania
41,100
39,900
Bowlegs
18,950 19,000
Bristow-Slick
Arkansas22,200 22,950
Burbank
10,250 10,450
8,050 8,100 Champagnone
Cromwell
6,600 6,750
63,600 65,650 Smackover (light)
Earlsboro
51,300
51,050
(heavy)
Smackover
101,600
93,500
Little River
13,300 14,100
Logan County
Coastal Texas43,250 40,100
Maud
9,950 10,100
700 Hull
1,200
Mission
11,900 11.800
121,250 127.1.50 PlerceJunction
St. Louis
33.000
33,500
Spindletop
9,100
8,750
Searight
7,100
6,900
37,850 39,600 West Columbia
Seminole
Tonkawa
10,750 10,950
Louisiana
Coastal
Kansas6,400 8,780
Sedgwlek County
6.850 6,000 East Hackberry
2,500
2,500
Sulphur Dome
Panhandle Texas600
600
Lake
5,550 5,900 Sweet
Carson County
4,250 4,200
20,250 21,900 Vinton
Gray County
Hutchinson County_.__ 23,750 26,050
1VormlngNorth Texas34,250 33.300
Archer County
17,450 17,600 Salt Creek
MontanaWilbarger County
27,200 27,550
6,750 6,730
Sunburst
West Central TexasCalifornia9,000 9,200
Brown County
10,000
10.000
Shackelford County_. 13,000 11,600 Dominguez
23,500 23,800
Elwood-Goleta
West Texas48,000
49,000
Beach
Huntington
Crane & Upton Co's_ _ _ _ 50,500 52,400
26,500 27,000
40,600 39,250 Inglewood
Howard County
3,800
3,300
84,600 82,700 Kettieman Hills
Pecos County.
180,500 178.000
Reagan County
18,100 18.800 Long Beach
73,000 73,000
165,200 170,050 Midway-Sunset
Winkler County
7,000 6,500
Rosecrans
East Central Texas191,500 185,500
9,050 9,100 Santa Fe Springs
Corsicana-Powell
32,500 31,500
Seal Beach
Southwest Texas15,000 15,000
12,350 12.000 Torrance
Laredo District
55.000 55,000
12,900 13,000 Ventura Ave
Luling
Gross Crude Oil Stock Changes for January 1929.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 1,652,000 barrels
in 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 generaVcrude oil stocks, including crude oil
in transit, but not producers' stocks at the wells.
Changes in Stocks at Refineries East of California
for January 1929.
The following is the American Petroleum Institute's
summary for the month of January of the increases and
decreases in stocks at refineries covering approximately
88% of the operating capacity east of California.
Bbls.0142 Gal.- Increase. Decrease.
Bbls.0142 Gal.- Increase. Decrease.
Domestic crude oil__ 219,000
Miscellaneous
237,000
Foreign crude oil__.. _1,051,000
Total
6 434,000 2,979,000
4,746,000
Gasoline
397,000 Deduct
2,979,000
Kerosene
2,345,000
Gas and fuel oils.. _ _ _
Net increase
418,000
3 455,000
Lubricating oil
15
Daily Average Crude Oil Production in United States
During Week Ended Feb. 16 1929 Shows Decrease
as Compared With Preceding Week, But is Higher
Than a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ended Feb. 16 1929, was 2,674,900 barrels, as
compared with 2,693,550 barrels for the preceding week, a
decrease of 18,650 barrels. Compared with the output for
the week ended Feb. 18 1928, of 2,363,300 barrels per day,
the current figure shows an increase of 311,600 barrels daily.
The daily average production east of California for the week
ended Feb. 16 1929, was 1,876,800 barrels, as compared
with 1,903,650 barrels for the preceding week, a decrease of
26,850 barrels. The following estimates of daily average
gross production (in barrels), by districts, are for the weeks
shown below:
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
[vol.. 128.
FINANCIAL CHRONICLE
1150
World's Production of Crude Petroleum in 1928 Estimated at 1,322,896,000 Barrels, an Increase of
5% Over the Preceding Year-Ratio of United
States Output to the World Output Dropped from
71.5% in 1927 to 68.2% in 1928.
The world's production of crude petroleum during 1928
is estimated at 1,322,896,000 barrels, an increase over 1927
of 61,823,000 barrels, or 5%. According to statistics compiled by E. B. Swanson, acting chief economist of the Division of Petroleum Economics, Department of Commerce,
U. S. Bureau of Mines. Production outside of the United
States increased by approximately 61,000,000 barrels, or
17%, while domestic production is estimated to have been
only slightly greater than that reported for 1927. As a consequence the ratio of the United States production to the
world total dropped from 71.5% in 1927 to 68.2% in 1928.
The report continues:
Venezuela, with a 1928 production of 106,000,000 barrels, as compared
with 63,134,000 barrels in 1927, showed the largest increase and moved
from fourth place to second among the oil producing countries, its output
being 8% of the world total as compared with 5% in 1927. The output of
Lagunillas field increased from 28.826,000 barrels in 1927 to approximately
The La Rosa and Mene Grande fields also
63,000,000 barrels in 1928.
showed substantial increases.
The gain in Russian output resulted from gusher production in the
Surakhany and Bibi-Eibat fields at Baku and in the Novo-Grozny field,
as well as from increased production by pumping. Discovery of a new
pool was reported at Kara-Chukhur, in the Baku area. Mexico, which
has ranked second or third among oil producing countries since 1911, dropped
to fourth place when its 1928 production decreased approximately 14,000.000
barrels from its 1927 total. Production in Persia. Rumania and the
Netherland East Indies continued to increase and these countries retained
their respective positions in fifth, si th and seventh places among the oil
producing countries.
Trinidad, with a production of 7.750,000 barrels, drew close to British
India and threatened its position as the leading producer among the British
Colonies. The Palo Seco area, which was producing about 18,000 barrels
monthly a year ago, is now reported to be producing that amount weekly.
Iraq is listed separately as a producing country for the first time. The
estimate of 1928 output includes the production of the Naft IChanah field
near Khanaquin as well as that produced in Mosul and used in field operations.
The following table shows the output of the various oil producing countries as reported officially to the Bureau of Mines for 1927 and the estiThese estimates are
mated production of these countries during 1928.
based upon information obtained from Consular Officers located in various
foreign countries, information received from producing companies and such
official figures as are available.
WORLD'S PRODUCTION OF PETROLEUM BY COUNTRIES IN 1928 ht 1927.
1927.
1928.
Percentage
Percentage
Barrels 01 42 of Total by Barrels 01 42 of Total by
U. S. Gallons. Volume. U. S. Gallons. Volume.
United States
Venezuela
RL18818
Mexico
Persia
Rumania
Netherland East Indies
Colombia
Peru
Argentina
India, British
Trinidad
Poland
British Borneo-Sarawak _ Egypt
Japan and Taiwan
Ecuador
Germany
Iraq
Canada
France
Sakhalin, Russian
Czechoslovakia
Italy
Other countries
Total
902,000,000
106.000,000
87,800,000
50,150,000
42,080,000
30,600,000
28,500,000
19,900,000
11,970,000
9.100,000
8,300.000
7,750,000
5,530,000
5,290,000
1,840,000
1,800,000
1,090,000
683.000
650,000
618,000
520,000
509,000
150.000
43,000
23,000
68.2
8.0
6.7
3.8
3.2
2.3
2.2
1.5
.9
.7
.6
1,322,896.000
100.0
.6
.4
.4
.1
.1
.1
.2
901,129,000
63,134,000
77.018,000
64,121,000
39,688,000
26.368.000
25,967,000
15,002,000
10,135,000
8,630,000
7,878,000
5,712,000
5,342,000
4,943,000
1,267,000
1,700,000
537,000
663,000
200,000
477,000
504,000
440,000
149,000
44,000
25,000
71.5
5.0
6.1
5.1
3.1
2.1
2.1
1.2
.s
.7
.6
.5
.4
.4
1,261,073,000
100.0
.1
.1
.2
Production of Crude Petroleum in 1928 May Set a New
Record, Estimates Show-Runs to Stills Also Higher.
According to preliminary figures compiled by the Department of Commerce, from reports received at the Bureau of
Mines, from companies that operate gathering lines, 900,364,000 barrels of crude petroleum was transported from
producting properties in the United States during 1928. The
final figure of total production, which will include crude oil
FEB. 23 1929.1
FINANCIAL CHRONTCLE
1151
consumed for fuel on the leases and the net change in producers' stocks, may amount to 902,000,000 barrels, states
the Bureau of Mines, which we further quote:
It this figure is attained, it will represent a new record for total produc-
The decision of the executive board was in keeping with this resolution
and the two actions were declared by E. B.Reeser,President of the institute and head of the Barnsdall Oil Co. of Tulsa. Okla., to be a concerted
effort toward stabilization. He expected that the regional committees
would be named next Monday.
tion, as it is slightly above the 901,129,000 barrels produced in 1927.
The four committees will be the Pacific Coast Committee, the Internal
This is somewhat surprising in view of the apparent success which attended Committee, the Gulf and Atlantic Coast Committee, and the Mexico and
the many efforts to control output. These efforts were confined, in the Northern South America Committee. The number of members on each
main, to West Texas and the Seminole district. In the former, though was not determined, but Mr Reeser said the representation would be
most of the wells were shut down or pinched in immediately upon comple- large in order to widen the scope.
tion, the total production for the year was more than twice what it was
They will report back to a general committee which will consider the
in 1927, which more than offset the comparatively small decline in the results and make further recommendations for definite action by the
district.
total output in the greater Seminole
The greatest efforts at pro- Institute.
ration in Oklahoma were concentrated on the Little River pool of the
The purpose of the committees, Mr. Reeser said, was to try to solve
Seminole district which, by agreement, was held back until Aug. 15. This the problems of wastage and overproduction. The wastage both above
and the natural decline of the older pools in Seminole were largely respon- and under the ground was immense, he continued, and one hope was that
sible for the steady decrease in the output of Oklahoma during the first the oil reserves could be conserved underground, thereby eliminating much
four months of the year. However, though Seminole continued to decline of the waste and the added cost to production of storage.
for the next few months, the output of the State showed an increase in both
It was announced on Feb. 20 by W. R. Boyd Jr., ExecMay and June. The probable explanation of this Is that the larger companies, faced with an increased demand for high gravity crude and being utive Vice-President of American Petroleum Institute,
averse to withdrawing relatively high cost crude from storage, increased
their pipe-line runs in the older fields of the State. This same situation that the newly appointed committee is composed of prinapplied to Texas, to a minor extent, it is believed.
cipal executives of 80 oil companies, and it will have a
Although the production of crude petroleum remained at a compara • general and four regional committees. R. C. Holmes,
tively high level throughout 1928, a much better balance between supply
and demand was maintained than during 1927. ThLs Is illustrated by an President of the Texas Co., is the General Chairman.
analysis of stocks of all oils, which increased approximately 25,000,000 K. R. Kingsbury,. President of the Standard Oil Co. of
barrels in 1928 as compared with about 68,000,000 barrels in 1927. The California,
is Chairman of a Pacific Coast regional comdomestic demand for all oils increased 7% in 1928, which was the chief
mittee; George S. Davison, President of the Gulf Refining
reason for the smaller increase in stocks.
Texas, with an output of 256.888.000 barrels, was for the first time the Co., Chairman of a Gulf and Atlantic Coast regional comleading producing state. Oklahoma dropped from first to second and
W. C. Franklin, Vice-President of the Tidal Oil Co.,
California, from second to third. Production in Panhandle. Gulf. and mittee;
Central Texas fell off but these decreases were more than compensated by Chairman of an interior regional committee, and E. J.
the increase in West Texas, which produced approximately 125,000.000 Sadler, President of the Creole Petroleum Co., Chairman
barrels in 1928 as compared with 50,000.000 barrels in 1927. The largest
factor in the decrease in Oklahoma was the decline of the Seminole district, of a Mexican and Northern South America regional comwhich, exclusive of St. Louis-Pearson and Maud, produced about 110,000,- mittee.
000 barrels in 1928 as compared with 135.000,000 barrels in 1927. ProIn a letter addressed yesterday to each member of the
duction in California showed a slight increase due to the come-back at
Long Beach and to a last-minute spurt at Santa Fe Springs. Though committee, E. B. Reeser, President of the institute, who
Kansas, the fourth State in order of production, declined in output in 1928. is also President of the Barsndall Oil Corp., says:
the potentialities of the State were greatly increased by important discov"It is well known that most of the important oil fields throughout the
eries late in the year. The Champagnolle field of Arkansas did not come world are producing an amount of crude in excess of the consumption
up to expectations and the output of the state again declined.
In the markets geographically tributary thereto. This overproduction
Stocks of crude petroleum east of California increased from 352,038.000 has developed such an acutely serious situation that the most complete
barrels on hand Jan. 1 to 368.431.000 barrels on hand at the end of the co-operation lawfully possible 113 essential to prevent its further develpoyear. This increase, which was all in light oil grades, was composed of a ment and attendant waste.
small increase in foreign refinery stocks and a sizeable increase in tank"Each regional committe is urged to meet promptly, and engage in
farm stocks in the Midcontinent field. Stocks of light crude in California disussions and co-operative action to hasten adjustment and assist in
again decreased but stocks of heavy crude and fuel oil increased.
In solving the problem; and In order that the general committee, which
Imports of crude petroleum in 1928 amounted to 79.583,000 barrels, an will be composed of R. C. Holmes as general chairman, together with the
Increase over 1927 of 36%. Imports from Mexico again fell off but those chairmen of the regional committees, plus two additional members to be
from Venezuela more than doubled. Shipments of crude from California selected by each of the regional committees themselves. may have before
through the Penama Canal to eastern ports declined materially, becoming them for consideration at least four suggestions of general plans, it is sugpractically negligible.
gested that each regional committee give consideration:
Runs to stills of crude petroleum, both domestic and foreign, in 1928
First, to analyzing the problem of production and consumption of petroamounted to 912.831.000 barrels, an increase over 1927 of 10%. Runs of leum and its refined products, not only in the territory for the region of your
foreign crude amounted to 77,674.000 barrels as compared with 50,106,000 committee, but of the world-giving particular attention, however, to the
barrels in 1927, a gain of over 50%.
determination of methods whereby your particular area can lawfully adGasoline production in 1928 totaled 377.183.000 barrels, which repre- just itself to the problem of producing as nearly as possible only such quansents an Increase over 1927 of 14%. This increase resulted both from tity of oil as will supply its own natural geographical market.
increased runs to stills and frcm an Increase in percentage recovery of from
Second, to prepare and present a report to the general committee, indi39.6% in 1927 to 41.3% in 1928. The increased yield of gasoline from cating conclusions reached as to its own area and suggestions for the proper
crude was due partly to increased cracking activity. The indicated domes- and effective application of your plan and the part this area can and will,
tic demand for gasoline (not including the relatively small items for benzol, endeavor to play in co-operative action with the other regions, looking
&c.) in 1928 amounted to 328.832.000 barrels, an increase over 1927 of toward properly balancing overproduction at least in the Western Hemi11%. The situation as regards stocks of gasoline at refineries in 1928 sphere.
represented a departure from the experience of many former years. Stocks
Third, it is suggested that if such co-operative measures as you may
in the spring months did not accumulate to the usual extent, so that by determine desirable, either in your own region or other regions, do not
mid-summer some refiners found difficulty in filling their orders. In view appear to be feasible because of existing laws or other difficulties, your
of this, it is probable that the low point in stocks. 26,378,000 barrels on committee shall make suggestion for such corrective measures as would
Sept. 30, represented only working stocks.
appear to be helpful in arriving at the solution of the general problem before
The production of kerosene showed a slight increase over 1927. although us.
the indicated domestic demand showed a slight decrease. The output of
The committees should not feel limited in the extent to which they should
gas oil and fuel oil increased, but considerable of the increase was used as study the entire problem and activities in other branches of the industry
cracking stock and stocks east of California showed comparatively little which might, through proper co-operation or regulation, assist in improvechange. The production, indicated domestic demand, and exports of ment in the production and economic situation.
both lubricants and wax increased. Stocks of wax underwent much the
Each regional committee chairman is requested to call, promptly,a meetsame experience as gasoline stoeks, that is. were reduced to a very low ing of his regional committee that the work may be gotten immediately under
level in mid-summer.
way and its report prepared for submission to an early meeting of the
According to preliminary figures, the production of natural gasoline in general committee, to be called by Chairman Holmes in New York not
1928 amounted to 1,776,000,000 gallons, an increase over the correspond- later than March 15.
ing figure of 1927 of 11%. Stocks of natural gasoline held at the plants
decreased from 30.800,000 gallons on Jan. 1 to 25,500.000 gallons at the
While American Petroleum Institute Acts to Halt
end of the year. Blending at the plants decreased but sales to
jobbers
Overproduction, Kansas and Oklahoma "Wild
increased.
For preliminary figures for the month of December and
Catting" Reported More Intensive.
12 months ended Dec. 31 1928, see "Chronicle" of Feb. 9
From the "Wall Street News" we take the following Tulsa
1929, page 808.
(Okla.) dispatch Feb. 14:
Although the directors of the American Petroleum Institute
a meetAmerican Petroleum Institute Names Committee to ing in St. Louis adopted resolutions to curb protection of crude oilatand
limit
unnecessary drilling, both voluntarily and through legislation in some of
Study Oil Production and Consumption Problems.
belief
states,
the
prevails here in important oil
improtant producing
The American Petroleum Institute announced on Feb. 20 the
circles that very little can or will be done in the immediate future toward
the appointment of a Committee on World Production and restricting the production of crude oil. The fallacy of these resolutions is
the fact that many of the companies represented at the Institute's
Consumption of Petroleum and Its Products. The appoint- shown byare
scrambling for acreage in the new oil areas and drilling addimeeting
ment of this committee follows a conference of interests in tional wells as fast as possible.
One
of the new oil areas from which considerable production can be exthe Institute in St. Louis on Feb. 11 and 12, at which action
pected within the immediate future is a territory embracing some 800 square
to stabilize the production of the industry was taken; on miles
in Kansas which is being intensively leased and wildcatted. Kansas has
Feb. 12 the Executive Committee of the board of directors waited 10 years for an oil boom and it is believed that nothing can stop it.
voted the appointment of four regional committees to con- Oil operators are determined to smear the map of Kansas with oil whether
it is Si a barrel or 50c. a barrel. At Valley Center which is at the southern
sider the problem from the angle of world supply. A dis- end
of this new development, a town lot drilling campaign is
full swing
patch from St. Louis on that date to the New York "Times" with 50locations and wells underway. This particular territoryinis 42 miles
long and lies between Valley Center on the south, Marion County on the
said:
At last night's session (Feb. 11) of the board of directors, which
lasted
until after midnight, a resolution was passed favoring legislative
action to
curtail the present overproduction of crude oil and conserve
production
through more economical distribution of oil and natural gas.
north and McPherson on the west.
Near Oklahoma City another boom of a similar character is under way.
Since the discovery of oil in Oklahoma, this city, gazing envyingly at Tulsa.
has been trying to find oil. Now they have it, and like Kansas. they are
going to have their boom, no matter what happens to the price of oil. Pro-
1152
[VOL. 128.
FINANCIAL CHRONICLE
duction from these boom oil areas promises to be in full tide by midsummer.
Meanwhile in other sections of the country the greatest wildcatting campaign in the history of the oil Industry geos on unabated with the leading
oil companies scrambling for leases in favorable territories
So far the revived curtailment movement has been limited to the flush
pools of Oklahoma where considerable opposition has already developed to
hold down the output of this state. The reason for many of the Oklahoma
producers desiring to extend output is attributed to the fact that Oklahoma's
crude oil and gasoline markets are being steadily eaten into by Venezuela,
West Texas and California.
It is the opinion of many of the oil operators and executives who attended
the meeting in St. Louis Monday and Tuesday, that another cut in the price
of crude oil would do more to discourage drilling than anything else.
Standard Oil Export Corporation Files Papers Under
Webb-Pomerene Export Trade Act.
The Standard Oil Export Corporation has filed papers
under the Export Trade Act (Webb-Pomerene law) with the
Federal Trade Commission, for exporting petroleum and
petroleum products. The company will maintain offices at
26 Broadway, New York City. According to the announcement of the commission Feb. 20. Officers of the corporation
are: D. L. Harper, President, W. R. Mook, H. D. Williams
and Frank Balling, Vice-Presidents; C. T. White, Secretary;
R. P. Resor, Treasurer, M. H. Eames, Assistant Secretary;
Oklahoma Oil Yield Prorated-State's Yield Down 20,- and C. B. Millard and Ph. Berau, Assistant Treasurers.
000 Barrels Daily as Seminole Is Held Back.
Members are: Standard Oil Company of New Jersey, StandThe follwoing is from the "Wall Street Journal" of Feb. 19: ard Oil Company of Louisiana, Carter Oil Company, New
First effect of the voluntary arrangement by Oklahoma oil producers York City; and Humble Oil & Refining Company, Houston,
to reduce production in that state, through prorating production in the Texas. The Commission says:
in figures covering production in week ended
whole Seminole area, Is seen
The statute requires every association engaged solely in export trade
February 16.
within thirty days after the
Oklahoma's yield is given at 707,435 barrels daily, decrease of 20,385 to file with the Federal Trade Commission,
efof such association, a verified statement of its officers, stockand
creation
application
barrels daily from previous week's average. Further
a copy of its articles of
fectiveness of the prorating should reduce production still further in the holders place of business, and, if incorporated,
incorporation.
current week.
The Export Trade Act grants exemption from the anti-trust laws to an
While Oklahoma operators are taking such tangible steps to reduce oversolely engaged in export trade, with the prosupply of crude oil, operators in California and Texas are overproducing association entered Into and
trade within the United States, or
oil and in California the outlook is for further increase in yield. Last week vision that there be no restraint of
of any domestic competitor, and with the
California increased 7,750 barrels daily to a record of 795,000 barrels a day. restraint of the export trade
further prohibition of any agreement, understanding, conspiracy or act
To Cut Seminole to 350,000 Bbls.
which shall enhance or depress prices or substantially lesson compeittion
Prorating Oklahoma production started Feb. 15,so full effect of the change within the United States or otherwise restrain trade therein.
confactor
is not apparent in the figures for the week of the 19th; another
tributing to lessen the size, but not the imprtance, of the prorating was
the opening up of walls in the Mission area on Feb. 15 to get a gauge on the Lead Prices Strong on Excellent Buying-Demand
field's performance prelininary to an anticipated prorating of 30%.
for Copper and Zinc Improves.
On Feb. 14, day before prorating, entire Seminole district including St.
Developments in the market for non-ferrous metals in
Louis and Mission, latter only 600 barrels, made 412,000 barrels; on the
15th it was 398,000; 16th it dropped to 395,000; the 17th it rose to 400,000 the past week were mostly favorable, with continued strength
when a number of Mission wells were opened and the 18th, last date avail- in lead a feature, Engineering and Mining Journal reports
able, it was down to 378,000 barrels.
Under the percentages of the plan of prorating, prepared by the umpire, adding:
Demand for lead has been excellent and prices have been advanced ten
entire yield of Seminole area will be brought down to neighborhood of 350,points. Copper and zinc closed unchanged, at 18 cents and 6.35 cents,
000 barrels a day when restrictive measures are in full force.
respectively, but more than twice the volume of business was booked than in
Full Effect to Come.
the preceding week. Silver and tin are substantially unchanged in price.
Seminole
old
excepting
area,
Seminole
of
pools
older
for
Plan provides
The price of foreign quicksilver has been marked up, which has stimulated
and &aright, to produce only 82% of their production; St. Louis pool is some interest by buyers.
to produce 78% and Mission area about 70%. During the few days the
Three-quarter of the copper sold during the week has been for May
plan has been effective, from full production on Feb. 14, and production shipment, though a call for June is beginning and close to a thousand tons
to
52,000
66,000
from
reducee
been
has
Earlsboro
of
on Feb. 18, yield
have been sold for that position. There are no signs that fabricators have
barrels; Little River from 93,000 to 75,000; Seminole from 39,000 to 30.000; overbought, but it is possible that the ultimate consumers have purchased
Lima from 41,000 to 31,000 and St. Louis from 123,000 to 109,000 barrels. more liberally than they would have had if the market had not been adEntire Seminole area between Feb. 14 and 18 was restricted from 412,000 vancing. A firm copper market seems rasonably well assured for some time
barrels to 378,000, or 34,000 barrels daily. Net decrease is smaller than to come. Foreign demand registered some improvement in the last two or
is indicated by the aggregate reduction in the older pools because of the three days.
opening in Mission pool, which has been shut in for six months past. That
The increase in the price of concentrates to $41 has stimulated demand
area was making 600 barrels, nominal yield, from 16 wells on Feb. 14. for zinc. Several good lots have been sold to galvanizers, largely for forward
these
of
barrels,
most
29,500
producing
By Feb. 18 there were 56 wells
•
shipment.
wells having been drilled to the producing horizon but previously not proExcellent consuming demand was reported for lead and the contract
ducing under agreement. Additional wells will be completed in Mission price in New York has been raised to 6.95 cents a pound. Battery and
In the next few days and then the pool is to be restricted by 30%. Full cable manufacturers have been well represented on sellers' books. Several
effect of prorating, therefore, should be seen next week.
sellers are asking a premium for April delivery.
Mid-Kansas Oil & Gas Co. Subsidiary of Ohio Oil Co.
Opposed to Oklahoma Oil Proration.
According to Tulsa, (Okla.) advices Feb. 16 to the "Wall
Street News" the Mid-Kansas Oil & Gas Co., a subsidiary
of the Ohio Oil Co., has notified Umpire Ray Collins of its
unwillingness to prorate its output in Oklahoma in accordance
with the program recently adopted,limiting the output of the
state to 650,000 bbls. daily. It is noted that Senator W.B.
Pine of Oklahoma, a prominent oil operator, and the Wilcox
Oil & Gas Co. previously voiced their disapproval of the
proration program. The dispatch added:
World's Production of Copper in January Higher Than
a Year Ago.
According to figures compiled by the American Bureau
of Metal Statistics. The copper production for the month of
January, by principal countries of the world which furnished
about 98% of the total, amounted to 175,083 short tons as
against 176,240 tons in the preceding month and 140,546
tons in Jan. 1928. The daily rate of production for these
countries for Jan. 1929 was 5,648 short tons, as compared
with 4,534 tons in the corresponding month in 1928 and
5,685 tons in Dec. 1928. Production of non-reporting
countries is estimated at 3,000 tons per month. A comparative table follows:
effect yesterday,
The proration program, which was scheduled to go into
resulted in a decrease of approximately 15,000 bbls. In the Greater Seminole
The
area, the major portion of which was made by the larger companies.
MONTHLY COPPER PRODUCTION (IN SHORT TONS).x
Carter Oil Co., a subsidiary of the Standard Oil Co. of New Jersey, was
(By principal countries of the world, which furnished about 98% of world's total.)
responsible for 5,000 bbls. of this decrease.
References to the Oklahoma Oil proration appeared in our
issues of Feb. 9 page 807 and Feb. 16, page 976.
No Favorable Oil Legislation Likely in Texas.
The "Wall Street News" reported the following from
Houston, Tex., Feb. 14:
The Texas Legislature has refused to pass the bill which the Railroad
Commission of that state drafted, which provided that the commission
might establish proration in any field upon its won volition. This bill had
into
the backing of a few of the large oil operators and had it been enacted
in that
law would probably have aided considerably in cheching production
state. The failure of this bill to pass, however, indicated no favorable
legislation in Texas this year.
The House committee on oil and gas conservation, however, has reported
favorably on a bill introduced by Representative J. R. Long, of Wichita
Falls, which omits all reference to any proration regulation power of the
of
Railroad Conunksion. The chief feature of this bill is the definition
physical
"waste," which emphasizes that "waste" must be regarded as
reducing
mean
really
rather than economic. The passage of this bill would
an existing
the powers of the Texas Railroad Commission, since under floor
fight
A
statute production can be limited if economic waste exists.
amendments are likely
on the bill will probably not occur, but numerous
not
will
which
to be proposed when the bill is reached on the calendar,
be for another week.
Monthly Production.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Monthly average- -
Daily Rate.
1927.
1928.
1929.
1927.
1928.
1929.
142,337
132,870
136,347
135,729
139,114
134,243
132,186
135,015
133,291
145,278
141,975
148,961
140,546
144,546
144,843
143,427
153,414
156,474
153,190
158,838
154,518
173,623
180,813
176,240
175,083
4,624
4,745
4,398
4,324
4,488
4,475
4,264
4,355
4,443
4,686
4,733
4,805
4,534
4,984
4,672
4,781
4,940
5,216
4,942
5,124
5,151
5,601
6,027
5,685
5,648
1,658,346
138,196
1,880,471
156,706
175,083
175,083
4,543
5,138
5,648
x Table includes production by the United States, Mexico, Canada, Chile and
Peru, Japan, Australia, Europe (partly estimated) and Belgian Congo.
January Tin Deliveries Largest in Five Years.
United States tin deliveries for January were 8,795 tons,
the largest for any month since February 1924, and the
second largest for all time, according to figures made public
by Ricard and Friewald, London tin brokers, who add:
FEB. 23 1929.]
FTNANCTA T CHRONICLE
The January figure is 2240 tons above the monthly average for 1928.
which was 6555, the highest ever recorded, and 835 tons above the largest
month's deliveries of 1928. United States deliveries for the quarter ended
Jan. 31 made an all time record for three consecutive months, with 23,095
tons, which is 1,640 more than the figure for any previous three months,
according to the same source of information.
Record-breaking production of tin plate and motor vehicles during 1928,
with the prospect that the annual totals again will be exceeded in 1929 are
largely accountable for this situation. The figures seem to bear out the
often published statement that consumers of tin in this country had reduced
their reserves to a low figure in meeting the large industrial demand of the
past year, and are now buying to replace depleted stocks.
Should this high rate of deliveries be maintained throughout the year,
it would produce an increase of more than 25% in United States tin deliveries, and bring the annual total consumption well above 100,000 tons.
Production of Portland Cement at Same Rate as a
Year Ago-Shipments Decline-Stocks Higher.
The Portland cement industry in January 1929 produced
9,781,000 barrels, shipped 5,735,000 barrels from the mills
and had in stock at the end of the month 26,696,000 barrels,
according to the United States Bureau of Mines, Department of Commerce. The production of Portland cement
in January 1929 showed an increase of 0.1% and shipments
a decrease of 12.3%, as compared with January 1928.
Portland cement stocks at the mills were 6.3% higher than
a year ago.
The output of another new plant, located in Washington,
is included in the statistics here presented which are compiled from reports for January from all manufacturing plants
except four for which estimates have been included in lieu
of actual returns.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
January 1929 and of 155 plants at the close of January 1928.
In addition to the capacity of the new plants which began
operating during the 12 months ended Jan. 31 1929, the
estimates include increased capacity due to extensions and
improvements at old plants during the period:
RELATION OF PRODUCTION TO CAPACITY.
Jan. 1929. Jan. 1928. Dec. 1928. Nov. 1928. Oct. 1928.
The month
The 12 months ended__ _
46.5%
71.0%
49.4%
74.5%
80.4%
74.0%
77.4%
74.1%
87.1%
73.8%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN JANUARY 1928 AND 1929 (IN BBLS.).
Production.
Shipments.
District.
1929.
1928.
1928.
1929.
Stocks at End of Month
1928.
1929.
Eastern Pa., N.
J. and Md__ 2,351,000 2,410,000 1.545,000 1,387,000 5,886,000 6,087,000
N. Y.& Me -549,000 405,000
316,000
257,000 1,761,000 1,804,000
Ohio, West.Pa
& W.Va- -752,000 818,000
453,000
430,000 2,903,000 3,249,000
Michigan
300,000
379,000 704,000
266,000 2,221,000 2,435,000
Wis., Ill., Ind.
and Ky
328,000 3,409,000 3,307,000
1,354,000 948,000 519,000
Va.,Tenn.,Ala.,
1,109,000 884,000 938,000 824,000 1,851,000 1,955,000
East. Mo.. Ia.,
Minn.& S.D. 1,107,000 1,198,000
201,000 3,527,000 3,879,000
278,000
West.Mo.,Neb.,
Kan.& Okla. 476,000 614,000 451,000
349,000 1,655,000 1,611,000
Texas
459,000
463,000 466,000 447,000
423,000
530,000
Colo., Mont. &
Utah
176,000
61,000 473,000
50,000
67,000
524,000
Callfornia
939,000 1,034,000 1,111,000 1,033,000 616.000
785,000
Oregon& Wash.
113,000
391,000
140,000
118,000
252,000
530,000
Total
9,768,000 9,781.000 6,541.000 5,735,000 25,116,000 26,696.000
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1928 AND 1929(IN BARRELS).
Production.
S'hipments.
Meath.
1928.
Jan..__
Feb- - -March-April_ -.
May- -June- - July---August.
sept.-Oct---Nov____
1)e0- - --
9,768,000
8,797,000
10,223.000
13,468,000
17,308,000
17,497,000
17,474,000
18,759,000
17,884,000
17,533,000
15,068,000
12,189,000
Total_ 175,968.000
a Revised.
1929.
9,781,000
1928.
6,541,000
6,563,000
10,135,000
13,307,000
18,986,000
18,421,000
19,901,000
21,970,000
20,480,000
19,836,000
11,951,000
7,384,000
175.455,000
1929.
Stocks at End of Month.
1928.
1929.
5,735,000 25,116,000 26,696,000
27,349,000
27,445,000
27.627,000
25,984,000
25,029,000
22,580,000
19,374,000
18,799,000
14.579.000
17,769,000
222,650,000
1153
the time it goes into effect or fails is, of course, to be expected in a normal
market situation. The raising of prices, therefore, cannot be interpreted
as a maneuver to drive in shipping orders, but rather is a reflection of confidence among the mills, or possibly an effort to bolster up mill confidence.
A common complaint of late has been that market prices, in some sections
of the country, have not been in consonance with the volume of business
that mills have been booking. Irregularities have been due partly, no doubt,
to wide variations in the demand for different commodities, as well as
disparitites in the rate of activity in different districts.
Another factor has been a growing hesitancy in business sentiment,
which is commonly ascribed to recent developments in the money market
and, by some observers, to the unfavorable earnings of many of the smaller
manufacturing consumers of steel.
The advance in plates, shapes and bars, first announced by the Steel
corporation subsidiaries and later adopted by most independents, raises
quotations to 1.95c. at Pittsburgh, and to proportionate levels at other
basing points. The situation in these products illustrates the divergences
previously noted. Bars have been strong in virtually all markets,and plates
and shapes have been in active demand in the Chicago district. In the East,
however, the latter two products, and particularly plates, have been subject
to sharp concessions. In fact,in certain areas there has been little semblance
of market stability, especially in sections that have been invaded by distant
mills.
In a measure, s similar situation has existed in sheets, notably galvanized
and black. The new quotations represent a $2 a ton advance on those two
finishes, as well as on blue annealed, and are $4 a ton higher than the prices
at which much sheet steel is now being delivered. Some mills have also
announced a $2 a ton advance on metal furniture sheets and tin mill black
plate.
The advance of $2 a ton on cold-finished steel bars and shafting is a
corollary of the increase on hot-rolled bars. The new card of extras on
cold-rolled strip, not yet generally adopted, is intended to make net prices
conform more closely to present production costs. Rather sharp increases
on light-gage narrow material and moderately large reductions on the wide
and heavier sizes have been made.
Skelp has been marked up $1 a ton, in keeping with the change in plate
quotations.
A formal advance of$2 a ton on sheet bars, billets and slabs is in prospect,
in view of the high rate of activity in strips, sheets and tin plate.
A leading independent maker of wire products has reaffirmed present
prices for the second quarter, and other mills are expected to take similar
action. The movement of nails and wire into consumption is improving,and
specifications against current quarter contracts, carrying higher prices than
ruled on January shipments, are heavier.
The trend toward a stronger market promises to extend to iron ore, which
has remained unchanged in price for three years. A slight advance, in the
opinion of ore producers, is warranted by the situation in the steel industry.
Ore stocks at furnaces and on docks on May 1 are expected to be 6,000,000
tons lower than on the same date last year, and some users will need
tonnage as soon as water delivery can be made.
Scrap shows further weakness in most markets, with heavy melting steel
down 25c. a ton at both Pittsburgh and Chicago. At Cleveland, however.
that grade has gone up 50c.a ton, bringing it up to the price that prevailed
before the recent decline.
Coke, on the other hand, continues to strengthen under the pressure
for domestic fuel. Furnace coke at Connellsvllle has risen 15c. to $3 a ton,
making a total advance of 25c. a ton id the past fortnight.
Steel production this month will probably equal, if it does not exceed,
that of January. Ingot output in the Youngstown district has lost some
ground, but the general average for Youngstown, Pittsburgh, Wheeling and
Johnstown is fully 85%. At Chicago, where the Steel corporation subsldlarY is adding two blast furnaces to its active list, the district average,
lately 92%, IS expected to reach 95% before the week end. Operations at
Buffalo and in eastern Pennsylvania range from 80 to 90%.
Rail buying is subsiding, although much tonnage remains unrolled. Rail
bookings for the 1928-1929 buying movement to date are estimated at
1,600,000 tons, compared with 1,900,000 tons for the previous movement
at this time a year ago, a decline of about 16%. Rail accessory purchases,
however, are reported to have made a substantial gain.
Both of the"Iron Age" composite prices are unchanged, that for finished
steel at 2.301C. a lb. and that for pig iron at $18.38 a ton, as the following
table shows:
Plg Iron.
Finished Steel.
Feb. 19 1929. 518.38 a Gross Ton.
Feb. 19 1929, 2.391e. a Lb.
One week ago
2.391c. One week ago
818.38
One month ago
2.391o. One month ago
18.42
One year ago
2.610c. One year ago
17.75
10-year pre-war average
1.6890. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average of basic Iron at Valley
wire nails, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia. Buffalo. Valley and BirStates output of finished steel.
mingham.
Low.
High.
High.
Low.
1928_2.3910. Dec. 11 2.314c. Jan. 3 1928-$18.59 Nov. 27 517.04 July 24
1927.-2.4530. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
1926_.2.453e. Jan. 5 2.4030. May 18 1926___ 21.54 Jan. 5 19.46 July 13
1925_2.560c. Jan. 6 2.396c. Aug. 18 1925___ 22.50 Jan. 13 18.96 July 7
1924-2.789o. Jan. 15 2.460c. Oct. 14 1924- 22.88 Feb. 26 19.21 Nov. 3
1923-2.824o. Apr. 24 2.4460. Jan. 2 1923-- 30.86 Mar.20 20.77 Nov.20
Rising steel prices are the sequel to record-breaking steel
production, states the "Iron Trade Review" of Cleveland
on Feb. 21, in its summary of steel and iron conditions.
Bars, plates and shapes this week have been advanced $1
per ton and cold finished bars $2, following the recent
increase of $2 in strip and sheets by some producers. Higher
prices for semi-finished steel continue under consideration,
continues the "Review," adding:
With most important consumers protected for the first quarter and some
deliveries against contracts inevitably falling into the second quarter, the
new levels for the present will apply chiefly against small, pickup
business.
Steel Output Continues at High Rate-Further Ad- Producers,
however, expect the general price structure to harden and specivances in Prices-Rail Buying is Subsiding.
fications to be further stimulated.
Major interest of consumers continues in specifications against current
Fresh advances in steel prices bear testimony to the contracts
and in numerous instances expansion of these commitments,rather
of
volume
business
large
passing through the mills, according than in fresh buying. The resulting eclipse of bookings
by specifications
is
regarded within the industry as a seasonal condition and not an indicato the "Iron Age" of Feb. 21, which continues:
tion
of
lack
buyers.
confidence
by
of
increases of $1 a ton on bars, plates and shapes and $2
a ton on coldThese specifications have broadened in the past week and give further
finished hare, more general adoption of a $2
a ton advance on common backing to the expectation for a record steel
output this month. The
finishes of sheets, a readjustment of cold-rolled strip extras and imminent
shortage of semi-finished steel continues acute in the Mahoning
upward revision of quotations on other products are features of the week. and
to
a lesser degree at Chicago. One Mahoning Valley maker has passed
While the new quotations will not undergo a serious test
until buying for by 5.000 tons of sheets, need for which
developed in the past fortnight.
second quarter sets in, they are calculated to stimulate specifying against
Some automotive parts interests, unable to obtain full finished sheets, are
current contracts. A lag between the announcement of an advance and turning
to wide strip.
1154
[VOL. 128.
FINANCIAL CHRONICLE
Steelmaking in the Mahoning Valley is short of 100% only to the extent
repairs are necessary to open-hearth furnaces. A stack is to be lighted at
Gary this week, making 28 out of the 36 steelworks stacks in the Chicago
district active and stepping up the ingot rate there to 95%. Pittsburgh
mills are averaging close to 90%. Steel corporation subsidiaries are operating at 90% this week, a gain of 2 points. Independents are at 86%, also
up 2 points, and the entire industry is 88 to 89%•
Pig iron, relatively Inactive for many weeks, appears to be heading into
a buying movement. A western Michigan melter has closed on 30,000 tons
for the remainder of the first half, the bulk to be shipped by water from
Lake Erie furnaces. The week's sales at Cleveland mounted to over 53,000
tons. Quiet coverage for the second quarter has been heavy at Chicago.
Purchase of 8.000 tons at Pittsburgh by a radiator interest enlivens than
market. At St. Louis and in most eastern markets demand is broadening.
Pig iron prices, however, are no firmer.
Specifications for soft steel bars are extraordinarily high at Chicago.
Last week they were the heaviest since January 1928, exceeded every
week of 1927 and were matched only once in 1926. While automotive and
implement requirements are outstanding, still an impressive proportion of
bars Is flowing to small, general manufacturing consumers. Bar demand
at Pittsburgh and Cleveland also is seasonally high, and for most makers
February to date has exceeded January.
Freight car builders at Chicago are specifying 10,000 to 15.000 tons of
plates weekly. Pacific coast oil tank inquiry requires 10,000 tons. Plate
mill capacity in the Chicago district continues fully engaged. Six thousand
tons each for railroad bridges in the Pittsburgh district and Chesapeake &
Ohio shops and 20.000 tons for a government building at Washington feature the shape market. The $1 advance in bars, plates and shapes brings
the asking price of most makers to the basis of 1.95c.. Pittsburgh.
Continued capacity operations of sheet mills fail to satisfy requirements.
Carbuilders are now added to buyers seeking more tonnage. On some
high finishes deliveries are further deferred, and automotive users in particular are pressing for shipments. Bethlehem Steel Co has followed other
independents In advancing $2 per ton on the common finishes. A rise at
Chicago is imminent.
Cold strip producers are adopting a new extra card, ironing out inequalities. Generally the effect is to reduce prices on wide sizes and increase
the narrow. An important maker of cold finished bars now is asking 2.30c.
Pittsburgh, an advance of $2. Wiremakers look to improved weather conditions shortly to release heavy agricultural requirements for wire products.
Railroad business has quieted somewhat, although action pends on 4,500
cars in the West. The week's awards include 2,840 freight and 2,443
miscellaneous cars, including 2,325 mine cars. Nine thousand tons of
rails is on inquiry at Chicago.
Higher asking prices on finished steel not yet being reflected in quotation-making sales, the "Iron Trade Review" composite of 14 leading iron
and steel products stands unchanged at $36.25 for the fourth consecutive
week.
Ingot production of the United States Steel Corp. has
been increased to slightly better than 90%, the "Wall
Street Journal" of Feb. 19 states. This compares with
about 89% in the preceding week and with 88% two weeks
ago. Independent steel companies have increased their
operations about 2%, and are now running at 86%, against
84% a week ago and around 83% two weeks ago, adds the
"Journal," which is further quoted:
Miners in Pennsylvania Collieries of Lehigh Coal &
Navigation Co. Suspends Work with Refusal of
Company to Consider Change in Working Schedule.
Lansford (Pa.) Associated Press advices, Feb. 21, stated:
Refusal of the Lehigh Coal & Navigation Co. to meet a sub-committee
of the general mine committee to consider a change in working schedule
at the No. 6 colliery led to a suspensaion of work to-day at all the company's colleries in the Panther Creek Valley, involving about 7,000 employees.
Union officials claim the cutting of two hours from the working time at
the No. 6 breaker is a violation of contract, while company officials insist
that the breaker is compelled to suspend by reason of insufficient coal for
preparation.
Anthracite Shipments Higher Than a Year Ago.
The shipments of anthracite for the month of January
1929, as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 5,811,972 gross tons. This is an
increase over shipments during the same month last year
of 1,288,833 tons. Unusually warm weather which prevailed during the month of January 1928 accounts to a
great extent for the decreased tonnage during that month.
Some of the mines operated only a few days a week, while
others were shut down entirely. Shipments by originating
carriers for January were as follows:
Month of January.
1929,
Reading Co
1.165,139
Lehigh Valley
877,811
CentraIRR. of N.J. 540,893
Delaware Lacks. &
Western
980,541
Delaware & Hudson_ 779.237
1928.
Month of January.
1929.
1928.
965.184 Pennsylvania
508,926 414,075
753.781 Erie
618,777 402,793
99,955
438,807 N.Y. Ont. & West. 130,494
Lehigh dr New Engl_ 210,154 165,728
773,534
509.382
Total
5811.972 4.523.139
Consumption of Coal Increasing—Production Higher—
Prices of Bituminous Coal Steady.
Coal markets are enjoying a measure of improvement,
due chiefly to visitations of real winter temperatures throughout a large portion of the country. While there were no
important fluctuations in prices of bituminous, the fact
that no notable recession took place in the face of increased
output is a fair index of steadiness, the "Coal Age" reports.
Production of bituminous in January was placed at 51,485,000 net tons, which compares with the revised total
for December of 43,380,000 net tons. A year ago the
output for January was 44,208,000 net tons, continues the
"Age," adding:
Steady inroads are being made in stocks of coal held by industrial consumers, and with the otiook for general industry favorable, the situation
gives grounds for optimism. The weighted average price of spot bituFor the entire industry the average Is placed at 8834%, contrasted with minous coal for January was $1.853i per ton at mines, the figure showing
little
change from that named a month previous.
nearly 87% for the previous week and slightly under 86% two weeks ago.
January saw an appreciable quickening In anthracite trade Not only
At this time a year ago the Steel corporation was running at a shade
over 90%. but independents were only at 78%, and this brought the was there an improvement in demand In the well established markets for
hard coal, but there was an encouraging revival of interest in areas where
average for the industry down to a fraction over 84%•
The latest expansion in activities is in line with expectations. Leading Its use had been on the wane, such as Chicago and the Head of the Lakes.
January
production of anthracite amounted to 7,268,000 tons. as against
operations
in
with
the
peak
gains
authorities have been predicting steady
January
to be reached either in March or April, and the indications are that these 6,226,000 tons in the preceding month, and 6,690,000 tons in
1928. Chestnut was in better demand than stove. The steam sizes
views will be found to be correct.
Consumers of steel continue to request deliveries on contracts placed showed marked improvement.
In the past and as a result the steel companies are shipping out actively,
so that no stock is being accumulated. This makes for a healthy situation
Bituminous Coal and Anthracite Production Increases
In the industry.
The "Wall Street Journal" of Feb. 20 says:
First quarter net earnings of district steel makers will exceed figures
for any 1928 quarter judging from present earnings and production. Higher
prices are gradually becoming more firmly established and monthly records
are being established in output and shipments, in certain departments.
There is no apparent lessening in requirements for flat rolled steels for
the automobile trade. Some irregularly has developed this month in such
heavy tonnage units as steel pipe mills, accounting,for a moderate defection
in gross production.
Independents are marking up bars, plates and shapes $1 per ton for
the second quarter, in line with movement to strengthen steel market in
general, and especially to establish current nominal figures for the second
quarter. This advance follows an increase of $2 on hot and cold rolled
strip steel, and on black, blue annealed and galvanized sheets. It is
likely that semi-finished steel, especially sheet bars, will be advanced for
the next quarter.
Automobile trade is taking heavier tonnages than anticipated originally.
In addition to heavy Ford requirements which are being met in this area,
Chevrolet and Wlllys-Overland are heavy buyers. The substantial miscellaneous demands materializing contribute to make an impressive total,
necessitating working of extra turns by the mills. Sheet mill capacity this
week in the district is occupied above 90% and close to capacity basis.
—Beehive Coke Output Slightly Lower.
According to the United States Bureau of Mines, the
production of bituminous coal during the week of Feb. 9
continued at a high rate, amounting to 12,090,000 net tons
as compared with 9,749,000 tons in the same week last year
and 11,675,000 tons in the week ended Feb. 2 1929. The
total output of anthracite amounted to 1,795,000 net tons
in the week ended Feb. 9 1929 as against 1,718,000 tons in
the preceding week and 1,466,000 tons in the week ended
Feb. 11 1928. The Bureau's report is as follows:
The total production of soft coal during the week ended Feb. 9 1929,
including lignite and coal coked at the mines, is estimated at 12,090,000
net tons. Compared with the revised estimate for the preceding week.
this shows an increase of 415,000 tons, or 3.6%. Production during the week
in 1928 corresponding with that of Feb. 9 amounted to 9,749,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons) Incl. Coal Coked.
1928-1929--1927-1928
Coal Year
Coal Year
Week.
to Date.
to Date.a
Week.
11,771.000 406,523,000
January 26
10,121,000 380,242,000
1,529,000
1,962,000
Daily average
1.612,000
1,687,000
11,675,000 418,198,000
February 2 b
10,105,000 396,347,000
The "Daily Metal Trade" is quoted as follows:
, , 00
1,946,000
Daily average
1,620,000.
12,090,000 430,288,000
9,749,000 406,096,000
Pittsburgh scrap is down 50 cents, with No. 1 heavy melting quoted February 9 c
0
1,535,00
2,015,000
1,629,000
1,625,000
Daily average
2181g$18.50. Steel specialties are easier.
a minus two day's production in April to equalise number of days In the two coal
Cold finished steel bars have been advanced $2 a ton to 2.30 cents a
last report. c Subject to revision.
pound. Pittsburgh and Chicago, and 2.35 cents, Cleveland. This follows years. b Revised since
an increase of $1 a ton on hot rolled material.
The total production of soft coal during the present coal year to Feb.
9 1929. (approximately 264 working days) amounts to 430,288,000 net
The "American Metal Market" says:
tons. Figures for corresponding periods in other recent coal years are
Steel production is at fully 90% of ingot capacity, or at fully 5% gain given below:
460,087,000 net teas
406,096,000 net tons 1925-26
over the December rate. These percentages are a better measure of steel 1927-28
500,871,000 net tonal 1924-25
406,992,000 net tons
demand, as such, than of the actual position of the steel mills, for the odd 1926-27
As shown by the revised figures above, the total production of soft coal
10% of apparently idle capacity is not well distributed, being chiefly in
at
Bessemer departments and in plants remote from the area of heaviest for the country as a whole during the week ended Feb. 2 is estimated
the
pressure for deliveries. The principal open-hearth steel making depart- 11,675,000 net tons. This is a decrease of 96,000 tons, or 0.8%. from
ments in the Pittsburgh, Youngstown and Chicago districts are running output in the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent Years:
full and are under pressure to make better deliveries.
FINANCIAL CHRONICLE
FEB. 23 1929.]
Estimated Weekly Production of Coal by Slates (Net Tons).
Week Ended
Feb. 2 '29. Jan.26 '29. Feb. 4 '28. Feb. 5 '27. Jan. 1923
StateAverageoa
332,000
514,000
434.000
Alabama
340,000
337,000
39,000
34,000
68,000
30,000
55,000
Arkansas
213,000
256,000
226.000
322,000
285,000
Colorado
1,588,000 1,519,000 1,399,000 2,188,000 2,111,000
Illinois
690,000
659,000
433,000
400,000
362,000
Indiana
72,000
149,000
99,000
140,000
91,000
Iowa
45,000
133,000
103,000
81.000
72,000
Kansas
923,000
981,000
607,000
Kentucky-Eastern _ _ _ _ 1,029,000 1,043,000
367,000
415,000
240,000
Western
382,000
379,000
55,000
65,000
60,000
65.000
Maryland
67,000
15,000
18,000
15,000
32,000
Michigan
16,000
Missouri
91,000
97,000
88,000
81,000
87,000
66,000
82,000
Montana
86,000
73,000
63,000
65,000
63,000
56,000
63,000
73,000
New Mexico
67,000
58,000
43,000
45,000
50,000
North Dakota
434,000
433,000
198,000
815,000
Ohio
814,000
97,000
92,000
57,000
76,000
Oklahoma
63,000
Pennsylvania
2,789,000 2,886,000 2,548,000 3,305,000 3,402,000
120,000
117,000
108,000
147,000
133,000
Tennessee
19,000
18,000
20,000
29,000
26.000
Texas
151,000
159,000
113,000
97,000
109,000
Utah
283,000
303,000
Virginia
240,000
268,000
211,000
51,000
45,000
45,000
54,000
Washington
74,000
W.Va.-Southern b_ _ 2,086,000 2,210,000 1,835,000 2,077,000 1,168,000
Northern c
743,000
787,000
729,000
813,000
728,000
167,000
168,000
Wyoming
130,000
148,000
186,000
Other States
1,000
1,000
2,000
6.000
7,000
Total bituminous
factured gas was at out 2.3% greater, according to preliminary estimates.
Long distance transmission of natural gas was one of the outstanding
features during the past year and plans now in hand indicate even greater
activity along this line during 1929.
The growth of the gas industry of the United States is indicated in the
following tabulation of investment:
11,675,000 11,771,000 10,105,000 13,530,000 11,850,000
Pennsylvania anthracite-
1,718,000 1,667,000 1,579,000 1,392,000 1,968,000
Total all coal
13,393,000 13,438,000 11,684.000 14,022,000 13,818,000
a Average weekly rate for entire month. b Includes operations on the N. &W.:
C. & 0.; Virginian; K. & M.; and Charleston division of the B. & 0. c Rest of
State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Feb. 9 is
estimated at 1,795.000 net tons, an increase of 77.000 tons, or 4.5%, over
the output in the preceding week. Production in the week of 1928 corresponding with that of Feb. 9 amounted to 1,466,000 tons.
Estimated United States Production of Anthracite (Net Tons).
1928-1929
1927-1928
Coal Year
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
January 20
1,667,000 66,114,000
1,236,000 66,381,000
February 2
1,718,000 67,832,000
1,579,000 67,960.000
February 9 b
1,795,000 69,627,000
1,466,000 69,426,000
a Minus two days' production in April to equalize number of days in the two coal
Years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country during the week
ended Feb. 9 is estimated at 101,300 net tons, as compared with 105,100
tons In the preceding weeks and 91,700 tons in the week ended Feb. 11 1928.
The table below apportions the tonnage by States:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929.
Feb. 9
Feb. 2
Feb. 11
to
1929.
1929.b
1928.
Date.
Pennsylvania and Ohio_ _
64,400
79,700
84,200
491,700
West Virginia
8,600
9,800
13,300
52,700
Ga., Ky.and Tenn
1,900
0
4,300
9,300
Virginia
4,800
4,500
5,100
25,600
Col.. Utah and Wash.__
6,300
6,600
4.600
36,100
United States total__ _
101,300
105,100
91,700
615,400
1928.
to
Date.a
350.300
80.200
24,700
28,500
28,800
512,500
Daily average
16,883
17,517
15,283
17,583
14,643
a Less one day's production in January to equalize number of days in the two
years. b Revised.
Monthly Production of Coal in January.
The total production of soft coal during the month of
January amounted to 51,456,000 net tons, as against 43,-380,000 tons in December, according to the United States
Bureau of Mines. The average daily rate of output in
January was 1,953,000 tons, an increase of 218,000 tons,
or 12.6% over the average rate for the month of December.
The production of anthracite increased from 6,226,000
net tons in December to 7,337,000 tons in January, and the
average daily rate of output in January shows an increase
of 33,000 tons, or 13.3% over that for December. The
Bureau shows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN JANUARY (NET TONS).
Anthracite.
Bituminous,
Month.
November 1928
December 1928
January 1929.a
January 1028
No. of Arg.per
No. of Average per
Total
Total
Working Work'g
Working Working
Product'n. Days. Day.
Produan. Days.
Day.
46,041.000
43,380.000
51.456.000
44,208.000
24.3
25
25.4
25.3
1,895.000
1,735,000
1,953,000
1,747,000
7,457.000
8,226.000
7.337.000
5,690.000
24
25
26
25
311.000
249.000
282,000
228,000
a Revised.
Gas Industry Established New Records in 1928-Investment Estimated at $4,760,000,000.
The gas industry had an important part in the further
progress of public utilities during 1928, according to a review of this phase of the-public utility industry completed
by Pynchon & Co. "Production, including both manufactured and natural gas, rose to a new high total approaching
2,000,000,000,000 cubic feet; sales were at a new record
peak and gross revenues were greater than ever before recorded in a single year," says the review, which supplies the
following information:
The greatest expansion in this industry, one of the oldest in the world,
occurred in the natural gas fields, the estimated increase in production
from that source being about 10% over 1927. while the output of manu-
1155
Dec. 311926
1927
1928
Total Gas
Investment.
$4,000,000,000
4,350,000,000
4,750,000,000
Manufactured
Gas Investment.
Natural Gas
Investment.
$2,700,000.000 $1,650,000,000
3.000,000,000 1.750,000,000
Originally the only conceivable use for gas was for illuminating purposes
but this phase has passed and within the span of a single life the gas industry has witnessed a change from a 90% fighting load to a 92% heating
load and has been accompanied by a 400% increase in sales of manufactured gas during this period. As a fuel, gas now is used in more than
21,000 industrial and factory operations in the United States.
During the past 24 years, marking the period of greatest expansion in
the electric power and light industry, consumption of'manufactured gas
Increased 329% from 114,000,000,000 cubic feet in 1904 to an estimated
total of 490,000,000,000 cubic feet in 1928. Development of natural gas
Industry also has been most important during practically the same period,
this being indicated in a 331% increase in production from 338.842,562.000
cubic feet in 1906 to an estimated total output in 1928 of 1,459.882,000,000
cubic feet.
Total revenues of the gas industry accruing from the sales of both manufactured and natural gas is estimated at about $860,000,000 for 1928, as
compared with $819,000,000 in 1927 and $785,000.000 in 1926. Of the
total operating revenues $591,000,000 accrued from sales made by the
manufactured gas industry in the United States, as compared with $501.000.000 in the preceding year.
There are approximately 16,000,000 gas consumers at the present time
In the United States and to serve them about 160,000 miles of pipe lines
and mains are employed. The manufactured gas industry has 11,800,000
customers and 93.500 miles of main while the natural gas industry has
over 4,000,000 customers and reaches a population in excess of 16.000,000.
It is shown in data of the American Gas Association and the Census Bureau
that 10,830,000 homes are served with manufactured gas and 3,730,000
homes with natural gas, making a total of 14,560,000 homes. General
industry accounts for the balance of consumers in the country.
Continued growth and development and expansion into new and wider
fields are regarded by gas executives as being ahead of their industry.
To a greater extent than ever before the needs of the future are being
anticipated and in every way possible all departments of the gas industry
are keeping step with the economic changes of the times.
An outstanding as well as interesting development in recent years has
been the tremendous growth of the by-product coking Industry in the
United States. All but 15% of American-made coke today is by-product
coke, whereas in 1913 but 27.5% of the total product came from this
source. It is expected in the gas industry that by the end of 1929 fully
90% of coke produced in this country will be by-product coke.
United States District Court in Kansas Upholds Right
of Public Utility Holding Co. to Sell Stock to
Customers Through Subsidiary.
The text of a decision upholding the right of a public
utility holding company to use employes of a subsidiary
to help sell its own securities in a customer ownership campaign is made public in the current issue of Rate Research,
says the New York "Journal of Commerce" of Jan. 16,
from which we quote further as follows:
The decision was handed down by the United States District Court in
Kansas, in Murphy vs. Wyandotte County Gas Co.
The Court, in dismissing the bill under Equity Rule 27, found that the
value of the plaintiff's stock had not been impaired, and that, notwithstanding the invitation to other stockholders to join in the suit, no other had done
so. The opinion follows in part:
The purpose for which defendant company was incorporated under the
laws of this State as expressed in its charter and as admitted in the pleadings
Is as follows:
"Of supplying gas to the public, and that defendant is possessed of the
powers necessary and incident to the carrying out of such purpose."
Now the question presented is this. In the engaging in a campaign of selling the stock, bonds and other securities of the Cities Service Co., the
owner and holder of the majority of the capital stock of defendant company.
through the direction and under the authority of the officers and directors
of defendant corporation, by those in the employ of defendant and paid
their salaries and wages out of the treasury of defendant company alone
during working hours, for which time defendant company pays and is entitled to the services of such employes, so foreign to the lawful purpose for
which defendant was incorporated as to be ultra sires and an abuse of the
trust created between defendant company and its stockholders created by
those purchasing the majority of its stock, and by such majority holding.
electing its governing bodies.
While the two questions are presented the answer to both will be found in
the answer to one other question: Does "customer ownership" and "employe
ownership" of stock bear a rational relationship to the success of a corporation? If it does, the decision of the board of directors. If made in good
faith, cannot be reviewed by the courts. The courts have enough to do
without sitting as a board of review over the Acts of boards of directors.
9 here is little room for dispute as to the law applicable; much more room
for fair argument as to the facts. If the officers of defendant company are
using the machinery of the corporation, their own time and that of the
employes, their lists of customers, and the name of the corporation, to sell
stock of another company. It can be,and should be, enjoined at the instance
of any stockholder. In the first place the company was granted a charter
for the purpose of selling gas and not selling stock. It can't go into the stock
selling business, even if a commission on the sales went directly into the
corporate treasury, and even if it was a profitable business, for the simple
reason that it has no corporate authority to do so.
It must be conceded that the business of selling gas to the public Is a
broader one than the construction of mains, connecting houses and rendering bins. A public utility must find and satisfy Its customers; it lives In
an atmosphere of legislation; unfriendly Legislators, whether In the city
hall or in the State house, by restrictive or unfair enactments, directly
affect the balance sheet of the corporation and the dividends of the stockholders. An unfriendly public too often makes itself felt in the actions of
Legislators who are hypersensitive to public opinion. Gas competes with
coal and electricity for its market, and whatever tends fairly to increase the
1156
[Vol,. 128.
FINANCIAL CHRONICLE
market is legitimate. Small corporations and large ones, in private business and public utilities, have for time immemorial "placed" part of their
stock with good customers, either actual or potential.
Under the circumstances as shown by the evidence in this case, a very
difficult question of fact is presented. On the one hand is a presumption
that the directors of a corporation are acting in good faith and for the sole interest of the stockholders whom they represent, together with the natural
reluctance of courts to interfere in the managment of private business; on
the other is the even stronger demand that the acts of trusttes be rigidly
scrutinized, and the jealous regard which courts accord a situation where
a trustee is dealing with himself. The Cities Service Co. owns the majority
of the stock of the defendant company, and through a board elected by
that stock uses the facilities of the company to dispose of securities Issued
by or owned by itself. Under such circumstances it must clearly appear that its actions are primarily for the benefit of the defendant. It is unnecessary to decide the question in my judgment, for this reason.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Feb. 20, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows decreases for the week
of $39,000,000 in holdings of discounted bills. of $35,400,000
in bills bought in open market and of $4,600,000 in United
States securities. Member bank reserve deposits declined
$54,000,000, Government deposits $5,700,000, Federal reserve note circulation $8,200,000 and cash reserves $8,300,000
Total bills and securities were $78,000,000 below the amount
held on Feb. 13. After noting these facts, the Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills were decreases of
$71,000,000 at the Federal Reserve Bank of New York, $9,700.000 at
San Francisco and $8,700,000 at Cleveland, and increases of $26,300,000
at Chicago. 810.400,000 at Philadelphia. $9,500,000 at St. Louis and
$6,200,000 at Richmond. The System's holdings of billsbought in open
market declined $35,400,000, of Treasury certificates $2,900,000 and of
Treasury notes $1,700,000, while holdings of United States bonds were
unchanged.
Federal Reserve note circulation was $3,200,000 less than a week ago,
the principal decreases being $4.500,000 at Cleveland and $3,100,000 at
Philadelphia.
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 1190 and 1191. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Feb. 20, is as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
(/n Millions of Dollars)Loans and investments-total
New York.
Feb. 20
1929.
$7,109
Loans-total
On securities
All other
Investments-total
-4,581,000
--1,699,000
-2,882,000
-228,923,000
-3,795,00
--112,597,000
-112,531,000
-8,182,000
+59,697,000
Federal Reserve notes in circulation
1,651,595.000
Total deposits
Members' reserve deposits
Government deposits
2,361,021,000 -60.501,000
2,318,844.000 --53,978,000
15,187,000 -5,675,000
-.43,832,000
--38,439,000
-8,494,000
Feb. 21
1928.
6.756
$5,229
$5,304
$4,895
$2,743
2,486
$2,817
2,487
$2,428
2,407
1,880
1.883
1,860
$1,127
753
$1,128
755
$1,085
776
772
61
740
61
728
56
5,212
1,173
12
5,294
1,182
12
5,328
1,083
11
Due from banks
Due to banks
95
948
95
943
108
1,008
Borrowings from Federal Reserve Bank
103
174
55
1,023
1,786
2,668
1,097
1,859
2,612
1,094
1,495
1.140
U8.Government securities
Other securities
Reserve with Federal Reserve Bank
Ca.sh in vault
Net demand deposits
Time deposits
Government deposits
Loans on securities to brokers and dealers:
For own account
For account of out-of-town banks
For account of others
Total
On demand
On time
$5,477
$5,568
$3,728
$4,918
559
$4,984
584
$2,810
919
Chicago.
Loans and investments-total
82,099
$2,076
$1,939
Loans-total
$1,646
31,617
$1,441
$912
735
$899
718
$798
642
On securities
All other
453
Increase (1-) or Decrease (-) Investments-total
During
U.S. Government securities
$195
Other securities
Week.
Year.
258
Feb. 20 1929.
$
$
Reserve with Federal Reserve Bank
177
Total reserves
2,839,861,000 -8,288,000 -144,489.000 Cash in vault
17
Gold reserves
2,681,110,000 -5,111,000 -138,676,000
Net demand deposits
1,245
686
Total bills and securities
1 403,280,000 -77.972.000 +186,997,000 Time deposits
Government deposits
1
Bills discounted. total
864,980,000 -38,969,000 +403,936,000 Due from banks
162
Secured by U.S. Govt.obliga'ns_ 518,271,000 -99,473,000 +227,346,000 Due to banks
315
Other bills discounted
346,709,000 +60,504,000 +176,590.000
Borrowings from Federal Reserve Bank
104
•Revised. a 1928 figures in process of revision.
Bills bought in open market
355,636,000 -35,422,000
+2,409,000
U. S. Government securities, total_ 172,589,000
Bonds
51,592,000
95.144,000
Treasury notes
Certificates of indebtedness
25,853,000
Feb. 13
1929.
$7.187
459
498
$200
259
$229
269
170
18
188
17
1,261
682
1
1,264
649
2
165
330
141
368
81
15
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately.
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the.comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 13:
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, whieri
latter will not be available until the coming Monday. 'tre
New York statement, of course, also includes the broke-A'
.
loans of reporting member banks. The grand aggregate of
these brokers' loans has declined $91,000,000 during the
week, and although this follows a decrease of $101,000,000
last week, the amount of these loans on Feb. 20 was- I1
$5,477,000,000, which compares with but $3,728,000,00)
The Federal Reserve Board's condition statement of weekly reporting
on Feb. 21 1928. The $192,000,000 decilne during the member
banks in 101 leading cities on Feb. 13 shows decreases for the
past two weeks, while large, does not offset the increase week of $22,000,000 in loans and of $31,000,000
in investments, and
of $382,000,000 made in the four weeks previous, that is increases of $95,000,000 in net demand deposits and of $50,000.000 In
from Jan. 9 to Feb. 6. At this latter date the amount was borrowings from Federal Reserve banks.
Loans on securities were $30,000.000 below the Feb. 6 total at all rethe highest in all time, being then $5,669,000,000.
porting banks, the principal changes in this item by districts being declines
FINANCIAL CHRONICLE
FEB. 23 1929.]
Boston
of $54,000,000 in the New York district, of $9,000,000 in the
district, and of $8,000,000 in the Philadelphia district, and increases of
FranSan
the
in
$23,000,000 in the Chicago district and of $16,000,000
cisco district. "All other" loans increased $26,000,000 at reporting
member banks in the New York district and $7,000,000 in the Philadelphia
district, and declined $8,000,000 in the San Francisco district and $6,000.000 in the St. Louis district, all reporting banks showing a net increase
of $8,000,000.
Holdings of U. S. Government securities declined $14,000,000 at reporting banks in the New York district and $19,000,000 at all reporting
banks, while holdings of other securities declined $10,000,000 in the New
York district and $12,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $95,000,000
above the Feb. 6 total, increased $58,000,000 in the Chicago district,
$62,000,000 in the San Francisco district, $13,000,000 in the Cleveland
district. $7,000,000 each in the Kansas City and Dallas districts, and
$6,000,000 in the Atlanta district, and declined $41.000,000 in the New
York district and $7,000,000 in the Philadelphia district. Time deposits
declined $12,000,000 at all reporting banks, $19,000,000 in the New York
district and $9,000,000 in the San Francisco district, and increased $7.000,000 and $6,000,000, respectively, in the Chicago and Atlanta districts.
The principal changes in borrowings from Federal Reserve banks for
the week comprise an increase of $52,000,000 at the Federal Reserve Bank
of New York, of $12,000.000 at Chicago, and of $8,000,000 each at Philadelphia and Cleveland, and reductions of $8,000,000 each at the Federal
Reserve Banks of Boston and St. Louis and of 36,000,000each at Kansas
City and Dallas.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year
ending Feb. 13 1929 follows:
Inc.(+) or Dec.(—)
Since
Feb. 6
Feb. 15
Feb. 13
1928.
1929.
1929.
(/n Millions of Dollars)—
+8951
—$53
$22,243
Loans and investments—total
1157
commodity by one-third over January, 1928, and flour exports, by a fourth
of the previous January total.
The wholesale trade situation in leading centers remains satisfactory,
with the most encouraging reports from Montreal,. Winnipeg Calgary and
Edmonton. Retail trade is improving slightly. Deliveries of spring
fabrics and clothing lines are somewhat larger than at this time last year.
Montreal reports a steady demand for builders' and general hardware.
Ontario steel, automobile, machinery and textile industries show increased
activity. Bills introduced Into the Canadian Parliament during the week
provide for Parliamentary approval of the export of hydro-electric power,
and amendments to the Precious Metals Marketing Act and the Companies
Act.
Toronto and Kingston, Ontario, will have new airports, according to
announcements recently made. A copper refinery to be situated in Eastern
Canada is also projected.
FINLAND.
Economic conditions in Finland during January and the early part of
February were satisfactory. The general decline in activity due to seasonal
Influences has been responsible for the slight easing in the money market.
Building activities havefallen offand with wintersetting it] import trade has
declined noticeably, both tending to relieve the pronounced money stringency that prevailed during the second half of 1928. Activity in the export
industries has declined and was slightly subnormal and the various markets
were rather quiet. The turnover on the stock exchange improved during
seasonal inJanuary but prices remained low. Unemployment shows a
crease but the Government and municipalities are taking steps to cope
the
with the problem. Timber shipments for 1928 were only slightly below
record sale for 1927. Advance sales have been lower than usual. Prices
production.
Russian
large
are firm but below those for last year, due to the
Pulp and paper production continues favorable but prices are unsatisfactory.
was
Plywood remains active but prices are still low. The cost of living
year
slightly lower and was generally above the average of the close of the
earlier.
INDIA.
receipts in
Riots at Bombay continue to disturb local business. Customs
corresponding month in 1928, but total
the
January were lower than for
+$959 collections for the first 10 months of the current fiscal year exceeded those
—$30
$7,525
On securities
+8
8.708
+66 for the same period of 1927-1928. Receipts for the current fiscal year, howAll other
below estimates. Collections in January indicate
—31
—74 ever, are somewhat
6,010
Investments—total
autoincreased imports of sugar, petroleum, tobacco, cutlery, hardware,
—$19
$3,084
+$86 mobiles, tires, tubes, and paper,and in exports of hides and skins. Declines
U.S. Government securities
—161 are indicated In receipts of iron and steel, railway plant, matches, cotton
—12
2,926
Other securities
and manufactured jute.
—11
—15 piece goods, and in exports of raw
1,740
Reserve with Federal Reserve banks
+24
261
+7
Cash in vault
MEXICO.
of
+95
—182
13,510
It is reported that the Federal Government has begun the payment
Net demand deposits
—12
+258 old supply bills which have been pending from previous administrations.
6,879
Time deposits
—7
43
+8
Government deposits
UNITED KINGDOM.
—54
+36
1,190
Due from banks
have
The improvement in the coal trade continues, although shipments
—469
—79
2,927
Due to banks
exports
been temporarily disorganized by extremely cold weather. January
An
October.
+309 at 4,472,000 tons represent the heaviest monthly total since
+50
669
Borrowings from Federal Reserve banks
general
Increase in the average per-ton export value to 154. 6%cl. reflects a
in price levels of British coal. The last weekly output aggreSummary of Conditions in World's Markets According Improvement
the numbers of
gated 6,312,000 tons. Labor returns for Feb. 4 showed
to Cablegrams and Other Reports to the Depart- workpeople registered as unemployed at 1,370,000 in Great Britain and
45,000 respecand
40,000 in Northern Ireland, as compared with 1,453.000
ment of Commerce.
tively a month previous.
show large
The Department of Commerce at Washington releases for
Board of Trade returns of overseas commerce during January
values for previous months. Total
publication Feb. 23 the following summary of market con- increases in comparison with the trade
day)
working
more
Imports aggregated £116,064,000, more (with one
ditions abroad, based on advices by cable and radio:
than in the same month of 1928 by £15,675,000 and the highest recorded
mainly due to
ARGENTINA.
for any month since January 1926. The big increase was
raw cotton. Exports of United Kingdom
Business conditions throughout the week continued to be satisfactory; larger imports of foodstuffs and
for January
amount
by £7,137,000 than the
imports and exports to be heavy; and the ports to be congested. The Cor- goods totaled £66,880,000. more
value for any month since November, 1927. The
doba loan of 72,000,000 paper pesos Is still pending and many American 1928, and the highest
increased shipments of manufactured goods. Refinance corporations are reported planning to bid for It. About 30,000,000 gain was chiefly due to
were less by £486,000 than for the comparable month
paper pesos of this loan will be spent for refunding and the balance for new exports of £9,811,000
roads, public buildings, bridges, &c., including the hydro-electric San of 1928.
of the ConRepresentatives of the Federation of British Industries and
Roque dam which will cost 6,000,000 paper pesos. It is reported that the
Organizations have at a recent meeting rejected
electric light and power company of Cordoba has been purchased by an federation of Employers
Industrial Conference,
the findings and proposals of the Mond-Turner
American company.
industrial council.
including the proposal for the establishment of a national
AUSTRALIA.
expressed sympathy with the idea of industrial
however,
The
meeting,
of the
Business in Australia continues fair to average. Heavy rains have reand extended an invitation to the General Council
lieved some drought areas in New South Wales, but floods in the eastern co-operation
matters of
Congress for a new joint conference to discuss
Union
Trades
Labor
in
damage.
disputes
the
some
New
section of the State have caused
South Wales coal industry and at Sydney lumber yards continue. Wool common interest.
The Department's summary also includes the following
sales at Sydney have remained firm but at reduced prices. Competition
has been principally between buyers for Japanese and German accounts. with regard to the Islands possessions of the United States:
As the Federal Parliament convenes the Government proposes to establish
PHILIPPINE ISLANDS.
an economic research bureau and to reorganize the functions of the Tariff
little buying inquiry.
Board. A representative of the Port of London has arrived in Australia
The abaca market has a steady undertone with
bales last week and estion a trade-promotion tour.
Arrivals of abaca continue heavy, totalling 34,000
week, when an addiNext
mated at 44,000 bales for the current week.
BELGIUM.
probably be the last week of heavy
Severe weather haa affected industries generally in Belgium during the tional 37,000 bales are expected, will
and a temporary dislocation of interpast month, but there has been no great change in the business situation. arrivals resulting from the typhoon
nominal at 29 pesos per picul of 139
Transportation difficulties especially on the waterways are causing incon- island shipping. Prices continue
JUK, 15.50, and L, 14.50. (One
venience and shipping at Antwerp has also been adversely affected by the Pounds for grade F; I, 28; JUS, 19.50;
copra arrivals continue good, production
cold weather and shortage of pilots. The coal industry is profiting as a peso equals $0.50.) Although
will probably be light until May
result of the e..ceptionally cold weather. The iron and steel market is in provincial centers is falling off and
o. b. prices for resecado (dried copra)
calm but producers have heavy engagements and prices are well maintained. All oil mills continue in operation, f.
Legaspi. 12;and Hondagua,
Conditions in the plate glass factories are prosperous and the situation of are: Manila, 12.40 pesos per picul; Cebu, 12.20;
closed this week after a very sucthe window glass industry also remains favorable. Both the local and export 12.10. The annual Manila carnival
Legislature held during
Philippine
the
of
demand for cement Is calm and several factories have closed down. Cotton cessful season. At the extra session
relief and
spinning mills are operating on double shifts, but the weaving situation is the week, 11 bills were passed, 5 of which concerned typhoon
not so good. Difficulties in exporting jute yarn are resulting in an extension banking.
of the local weaving industry in order to provide an outlet for the domestic
production of yarn. Conditions in the rayon industry are unsatisfactory beSecretary Kellogg's Note to World Powers for Exchange
cause of high operating costs and accumulating stocks. An improvement
of Views Looking to Entry of United States to
is noted in the demand for leather. The building industry is slack and
furniture manufacturers are curtailing production. Automobile sales are
Court of International Justice.
experiencing a seasonal calm but the situation is fundamentally sound.
the text of the note addressed this week
Loans—total
$16,233
—$22
+81,025
BRAZIL.
General business has men slow because of the carnival holidays and the
heavy rains throughout the interior. Exchange has been steady with a
firmer tone than last week, and the coffee market has been firm with stocks
moving well and considerable export bills available. A change in important
officials of the Lloyd Braslleiro is exciting general comment.
CANADA.
The Dominion's foreign trade continues the conspicuously high trend of
tom January imports valued at $96,959,000 are 21% higher than in
the first month of 1928, and exports of $94.942.000, 14% higher. Continued foreign demand for Canadian wheat has increased shipments of that
The following is
by Secretary of State Kellogg to the representatives of the
various Powers, members of the Permanent Court of International Justice, with regard to an exchange of views looking
toward the entry of the United States into the World Court:
Excellency:
I have the honor to refer to my note of Feb. 12 1926, with which I transresolution
mitted for the information of your Government a copy of the
forth
adopted by the Senate of the United States on Jan. 27 1926. setting
United
the
which
as
conditions on
certain reservations and understandings
the
States would adhere to the protocol of signature of Dec. 16 1920 of
1158
FINANCIAL CHRONICLE
[VOL. 128.
Statute of the Permanent Court of International Justice. In that note I an
alternate, he declared that "if so, I was incorrectly quoted, as I have
asked to be informed whether the reservations and understandings contained said
nothing of the kind."
in the resolution of the Senate of the United States were acceptable to your
Also on the Paris was Walter W. Stewart, economic adviser to the Bank
Government as a part and condition to the adherence of the United States of England
who came here several weeks ago with the Governor of the
to the said protocol and statute.
Bank, Montagu Norman, Mr. Norman sailed last week on the Majestic.
Five Governments unconditionally accepted the Senate reservations Mr.
Stewart said he could not discuss his visit ot say anything about his
and understandings, three indicated that they would accept but have not
observations of financial conditions.
formally notified my Government of their acceptance, fifteen simply
acknowledged the receipt of my Government's note of Feb. 12 1926, while
24 have communicated to my Government replies as hereinafter indicated.
At a conference held in Geneva in September 1926 by a large number Debt Clearing House in London Proposed—Plan
of the States signatories to the protocol of signature of the Statute of the
Talked of in Paris Calls for Institution to Handle
Permanent Court of International Justice, a final Act was adopted in which
Reich Payments—Subcommittee of Experts Reports
were set forth certain conclusions and recommendations regarding the proon Procedure and is Asked to Continue Work.
posal of the United States, together with a preliminary draft of a protocol
regarding the adherence of the United States which the conference recomThe Paris correspondent of the New York "Times" undermended that all the signatories of the protocol of signature of Dec. 16 1920
date of Feb. 20 said:
should adopt in replying to the proposal of the United States.
Twenty-four of the Governments adopted the recommendations of the
One result of the Expert's Committee for the Fixation of Reparations
conference of 1926 and communicated to the Government of the United may be the establishment of a kind of international clearing
house for all
States in the manner suggested by the conference. By these replies and reparations debt payments.
the proposed protocol attached thereto the first four reservations adopted
Such an institution, It is pointed out, would be a sort of international
by the Senate of the United States were accepted. The fifth reservation bank and could handle the whole intricate business.
It would probably
was not accepted in full, but so much of the first part thereof as required the have its headquarters in London and would easily recruit
its personnel
Court to render advisory opinions in public session was accepted, and the from among those who have been handling reparations
transfers.
attention of my Government was called to the amended rules of the Court
This idea is being taken into consideration. If it develops, it may cause
requiring notice and an opportunity to be heard.
something like a revolution in international banking. It would, to a large
The second part of the fifth reservation therefore raised the only ques- extent, be able to control and remove the difficulties of transfer, which
tion on which there is any substantial difference of opinion. That part is one of the arguments of Dr. Iljaimar Schacht, the chief German
delegate.
of the reservation reads as follows:
for the fixation of a low annuity,figure.
"XXX. . . . Nor shall it (the Court) without the consent of the
Progress Made by Committee.
United States entertain any request for any advisory opinion touching any
dispute or question in which the United States has or claims interest."
Under the chairmanship of Owen D. Young the Experts' Committee adIt was observed in the final act of the conference that, as regards disputes vanced considerably to-day in its task. During the morning session Sir
to which the United States is a party, the Court had already pronounced Josiah Stamp, the English delegate, presented in a conversational speech
upon the matter of dispute between a member of the League of Nations which lasted three-quarters of an hour the results of yesterday's deliberaand a State not a member, and reference was made to the advisory opinion tions of the subcommittee of five. His presentation of the case is declared
number five in the Eastern Carelia case, in which the Court held that it to have been marked by great reasonableness of tone and to have covered
would not pass on such a dispute without the consent of the non-member very fully all the possibilities of the situation.
The subcommittee over which he had presided was appointed to fix
of the League. The view was expressed that this would meet the desire
the procedure of the negotiations. Bur procedure covers practically all
of the United States.
As regards disputes to which the United States is not a party, but in angles of the task of fixing the amount of Germany's annuities. The
which it claims an interest, the view was expressed in the final act that this subcommittee's duty was to study all the various ways by which concurpart of the fifth reservation rests upon the presumption that the adoption rently a conclusion could be reached.
On Sir Josiah's suggestions, which in most cases were unanimously
of a request for an advisory opinion by the Council or the Assembly requires
those of the subcommittee, a round table discussion was carried on all the
a unanimous vote.
It was stated that since this has not been decided to be the case it cannot afternoon. Certain proposals were preferred to others and a few were
be said with certainty whether in some or all cases a decision by a majority selected for further study. These were referred back to the subcommittee,
may not be sufficient but that in any case where a State represented on the which was requested to present them in a more succinct form on Friday to
Council or in the Assembly would have a right to prevent by opposition in the full committee.
either of these bodies the adoption of a proposal to request an advisory
Annuity Figure Rumors.
opinion from the Court, the United States should enjoy an equal right.
Paris is full of rumors. To-day in the Chamber it was currently reArticle 4 of the draft protocol states that"should the United States offer ported that
the figure of 1,750.000.000 gold marks (about $420,000,000)
objection to an advisory opinion being given by the Court, at the request was the annuity
which was being discussed and supported by the English
of the Council or the Assembly, concerning a dispute to which the United delegation and
that the Germans in addition will assume responsibility for
States is not a party or concerning a question other than a dispute between
the 80,000.000,000 francs which France has spent on restoration of her
States, the Court will attribute to such objection the same force and effect devastated
regions.
as attaches to a vote against asking for the opinion given by a member of
The rumore was flatly denied by official spokesmen of the committee,
the League of Nations either in the Assembly or in the Council," and that who insist
that no figure has yet been mentioned and that none is likely to
"the manner in which the consent provided for in the second part of the be. The
method of the committee is to study all ways by which it can arfifth reservation is to be given" should be the subject of an understanding rive at a
figure and not to state any figure and then bargain about it. All its
to be reached by the Government of the United States with the Council of Inquiries are for
the establishment of a basis from which the right figure
the League of Nations.
will naturally evolve.
The Government of the United States desires to avoid in so far as may
be possible any proposal which would interfere with or embarrass the work
of the Council of the League of Nations, doubtless often perplexing and difficult, and it would be glad if it could dispose of the subject by a simple Resolution Authorizing Secretary of Treasury to Conacceptance of the suggestions embodied in the final act and draft protocol
clude Agreement For Settlement of Greek Debt
adopted at Geneva on Sept. 23 1926.
Signed By President Coolidge—Further Advance
There are, however, some elements of uncertainty In the bases of these
Proposed.
suggestions which seem to require further discussion. The Powers of the
Council and its modes of procedure depend upon the Covenant of the
Presidnet
Coolidge signed on Feb. 16, the resolution passed
League of Nations, which may be amended at any time. The ruling of
the Court in the Eastern Carelia case and the rules of the Court are also by the House Dec. 10 and by the Senate Feb. 9 authorizing
subject to change at any time. For these reasons, without further inquiry the Secretary of the Treasury to conclude an agreement for
into the practicability of the suggestions. It appears that the protocol sub- the
settlement of the indebtedness of the Greek Governmitted by the 24 Governments in relation to the fifth reservation of the
United States Senate would not furnish adequate protection to the United ment to the United States. The resolution was given in
States.
our issue of Dec. 29 page 3629. As we noted in our issue of
It is gratifying to learn from the proceedings of the conference at Geneva Feb.
16, page 982, it provides for a further advance of $12,that the considerations inducing the adoption of that part of Reservation
Five giving rise to differences of opinion are appreciated by the Powers 167,000 by the United States. The resolution also provides
participating in that conference. Possibly the interest of the United States for the repayment to the United States over
a period of
thus attempted to be safeguarded may be fully protected in some other
sixty-two years of $19,659,836, including the amount alway or by some other formula. The Government of the United States
feels that such an informal exchange of views as is contemplated by the 24 ready advanced, plus interest. The total credit to Greece
Governments should, as herein suggested, lead to agreement upon some at the time the loan was negotiated amounted
to $48,000,000,
provision which in unobjectionable form would protect the rights and interests of the United States as an adherent of the Court Statute, and this but only $15,000,000 was advanced under the terms of the
expectation is Strongly supported by the fact that there seems to be but little agreement.
difference regarding the substance of these rights and interests.
Accept,Excellency, the renewed assurances of my highest consideration.
Advance to Greece Government By U. S. of $12,167,000.
FRANK B. KELLOGG.
T. N. Perkins Alternate to Owen D. Young on International Committee of Experts, Sails for Europe—
W. W. Stewart of Bank of England also Sails.
Thomas Nelson Perkins, Boston lawyer alternate to
Owen D. Young, who with J. P. Morgan is an American
member of the International Committee of Experts named to
consider the revision of German reparations payments,
sailed on Feb. 15 on the French liner Paris to join Mr.
Morgan, Mr. Young and the other American representatives. The "Times" of Feb. 16, stated:
Mr. Perkins declined to comment on the Commission's work saying he
"knew nothing about it yet." He said he had not received any personal
information.
He denied that he had said recently he favored erasure of remaining
war indebtedness to the United States. When told that such a statement
had been imputed to him in newspaper accounts of his appointment as
Provided For in Resolution Authorizing Debt Settlement °borates Necessity of Raising Similar Sum
in Wo Id Investment Marets.
The signing by President Coolidge on Feb. 16 of the resolution, which authorizes the Secretary of the Treasury
to conclude an agreement for the settlement of the indebtedness of the Greek Government to the United States, and
which provided for the advance of 812,167,000 by the U. S.
Government as an additional relief loan to the Greek Government completes the current financial program of Greece,
it was stated in New York banking circles on Feb. 20. The
arrangement, it is pointed out, also oviates the necessity
of the Greek Government going into the open market to
raise an additional $12,167,000, and at the same time
strengthens the position of the Greek bonds which were
offeied last year in the United :Wee and Europe. The
FEB. 23 1929.]
FINANCIAL CHRONICLE
1159
American rortion of the 1928 loan was offered by Speyer devastation suffered by it during the war, the measures
toward its rebuilding and the stabilization of its currency,
& Co., and the National City Company.
It will be recalled that in the prospectus of the Greek saying in part:
Government loan, floated here and abroad on Jan. 31 1928, I will say nothing further about the history of Poland, except that the
kingdom finally disappeared from the map of Europe In 1775, about the
and referred to in these columns Feb. 4 1928 (page 655) if time we gained our independence.
was stated.
From and after that time, for 125 to 130 years. Poland was partitioned
into three parts, governed respectively by Austria, Russia and Prussia.
Economic walls were set up between these three parts by the ruling Powers,
and every effort was made to stamp out the Polish national spirit, the
language and customs. And anybody who does not acknowledge the
stamina and the fortitude of the Poles has only to study the history of
this period. Any nation that can keep alive its national spirit, its language
and its customs during 125 years of very brutal subjugation is a people
that are worthy of everybody's respect.
Then came the Great War, and under the Treaty of Versailles Poland
was put back together again as a free State. In that free State, under
the leadership of Marshal Pilsudski, Paderewski and other great patriots,
a new constitution was drafted. This constitution placed most of the
power in the House of Representatives, or Seim, as it is called. It provided for three departments of Government, legislative, executive and
judicial, and placed the main authority in the lower house of the Parliament.
In 1926 the constitution was amended, and there is a tendency now
to the great authority passing to the executive branch of the Government.
Incidentally it was noted:
So at the present time you have another new factor that has come in as
Greece funded its war debt to Great Britain in 1927 and the Greek Parlia- opposed to the old factor that existed at the time of partition: you have
.
.
.
ment has adopted a plan for funding such debt to the United States, which. a good constitution, with a strong central Government.
together with the advance referred to above, is to be recommended to the
When Poland was put together as a new State it had suffered six years
United States Congress for its authorization.
of war: not four years. but six years, because for two years after the Armistice
Bolshevik war continued. The devastation in Poland was enormous.
It is pointed out that the ratification of the $12,167,000 the
As it stands to-day the country consists of 150.000 square miles, with
advance by Congress naturally reduces the total amount 30.000,000 of population. it Is three-quarters the size of France in area
devastation in France. But
authorized to be rais _d by the Greek Government under and population. We know of the terriblethe
northeastern portion. In
after all, that was a narrow section along
the League of Nations.
absolutely ravaged by war.
State
was
entire
the
Poland two-thirds of
The machinery in the factories was requisitioned, and the factories were
destroyed. The Russians had the same policy which they used In France
President Coolidge Signs Resolution Authorizing against
Napoleon—when they were retiring they made certain to destroy
Secretary of Treasury to Negotiate Austrian Debt everything and leave a barren waste behind them. Not only did they
deported 2,500,000 Poles out of the country and took
Agreement and to Co-operate With Other Creditor do that. hut they
them away Into the southeast section of Russia.
Nations in Floating Loan.
I can't begin to describe to you the amount of devastation that took
is estimated by a competent commission that
On Feb. 5 President Coolidge signed the House joint place there. In dollars It situation
at $1,800.000.000.
was formed to examine the
resolution under which Secretary of the Treasury Mellon
When the Government started, the Powers that were in force immeis empowered to join with eight European nations in a diately set up commissions to draft a constitution, formed a temporary
to put into effect the ordinary divisions of civil Governreconstruction loan for the Austrian Republic. The resolu- Diet, and proceeded
ment. A tax system was established. That tax system, hurriedly put
tion also authorizes the Secretary of the Treasury to con- together, exists in some parts of Poland to-day, but the Government,
clude an agreement for the settlement of Austria's indebted- realizing that it is not a perfect system—that it bears too heavily on certain
enough on others—has appointed a special comness to the United States. The resolution was passed by classes and not heavily
mission, which was recommended under the stabilization plan, to make
the House on Dec. 11 1928 and by the Senate on.Jan. 30 a study of it, and tax reforms are being made at the present time.
1929. Items regarding the Congressional action appeared
The taxes provide about 50% of the revenues of the Government monopenterprises which the Government fell heir to from
in our issues of Dec. 29, page 3627 (the text of the resolution olies and Government
the former owners of the country, such as the railroads, the forests, the
will be found in that issue) and Feb. 2, page 659.
post and telegraph, the alcohol and tobacco monopolies. These are all
sources of large revenue to the Government and the revenue from these
sources has been used not only to take care of the ordinary governmental
Foreign Trade of France in 1928 Shows Unfavorable expenditures, but also to rebuild Poland.
I wish you to know that a great portion of this rebuilding has been
Balance of Over Two Billion Francs.
done by the Poles themselves out of their own savings. They have had
of loans; and while I
During 1928 France's foreign trade showed an unfavor- very little help from the outside world in the formare
important for you
want to run into figures, I think that these
able balance of 2,101,466,000 francs as compared with a don't
to know:
It is
$429.000,000.
Poland
is
only
debt
of
public
favorable balance of 1,874,881,000 francs in 1927. AccordThe total external
people, and is very rich in natural resources.
ing to offie al customs statistics transmitted to the Bankers a country of 30,000.000
Now, of that $429,000,000. $250,000,000 is owed to the United States
Trust Co. of New York by its French information service, and other
foreign Governments for food and war relief supplies furnished
imports totaled 53,448,265,000 francs, or an increase of to take care of the enormous amount of destitution and disease that followed
after the war.
398,387,000 over 1927. The advices from the trust com- immediately
Another item of $36,000.000 is for the readjustment of the old Hunpany, Feb. 15, add:
garian and Austrian debts. Another item of about $57,000.000 is applied
Exports, on the contrary, decreased from 54,924,759.000 francs to 51,- in connection with the stabilization plan to increase the capital of the
346,799,000, or approximately 63,6%. Imports of foodstuffs declined by Bank of Poland. retire the unsecured Treasury note issues and items like
1,342,918.000 francs in 1928, those of 1927 being exceptionally high owing that; leaving only about $85.000,000 or $90,000.000 that has gone diredtly
to the poor crop in 1926. Imports of raw materials fell by nearly I% and into reparation and rehabilitation work. The rest of it has been done
those of manufactured goods rose by 3644%. The decrease in exports is by the Poles out of their own savings. You take one item. the railroads.
It is a very concrete item; and not wishing to mention too many, I will
due principally to a decline of 3,775,510.000 francs in raw material.
The following table gives a detailed statement of France's foreign trade use It as an example. The railroads were destroyed, worn out by military
in December, when imports exceeded exports by 479,817,000 francs, as operations. The rolling stock had been run out of the country. 2.400
railroad bridges had been blown up, all the railroad stations had been
compared with the same month of last year;
burned down. All the Russian section, which was broad gauge, had to
December
Dec^mber
Difference
be made standard, and new lines had to be put down to connect the three
1927.
for 1928.
1928.
Imports—
Francs.
Francs,
Francs.
separate parts of Poland.
Foodstuffs
1.285,424,000 1,135.788.000 +149.638.000
The railroad as it exists to-day amounts to 10.500 miles of standard
Raw materials
3,135,753,000 3,623,549.000 —487,796.000
possibly, of narrow gauge.
Manufactured goods
791.735,000 618.279,000 +173,456.000 gauge. There is about 2.000 miles more,
The Poles sometimes have been criticized as not being good managers.
5.212,912,000 5,377,616,000 —164,704,000 Now, I will use the railroads to refute that statement. Despite the fact
Export
both passenger and freight, are lower than in most
Foodstuffs
661 353,000 631.041,000 +30,112.000 that railroad tariffs,
Raw materials
1,113.439.000 1,552.743,000 —439.304.000 of the neighboring countries, the railroads of Poland during the last fiscal
Manufactured goods
2,958,503.000 2.891,466,000 +67,037.000 year turned in a net operating revenue of over $20.000,000. It is one
the few State-owned railroads that I know of that pays any profits
4,733,095,000 5.075,250,000 —342,155.000 of
to its owners. Most of this money was turned back into new construction.
In tonnage, 1928 exports totaled 41.080,629 metric tons as against
I have made a statement that the total foreign or external debt of
37,994,267 in 1927. Imports reached 49,105,307 as compared with 49,Poland is $429.000,000. She has a domestic debt of $33,000,000. making
369,840 the year before. During the month of December they reached a total public debt of about $460,000,000.
4,240.205 metric tons and exports 3,262,413, as compared with 4,037,495
I should like to compare the public debt of Poland per capita with
and 3,421,532, respectively, in 1927.
that of some of the neighboring countries. Austria has a public Per
capita debt of $52: Czechoslovakia• $73: Denmark, $89: Finland, $26;
$81: Jugoslavia. $72; Poland. $15.
CharlesS.Dewey, American Financial Adviser to Polish Norway. $150: Sweden.
I have stated that the resources of Poland are quite large. Two-thirds
Government, Finds Marked Prosperity In Poland— of her population either directly or indirectly gain their livelihood from
Review of Financial and Economic Conditions agriculture. The agriculture of Poland is on quite a sound basis, but
there are opportunities for development there. At the present time the
Therein—Zloty on Stable Basis.
country is importing foodstuffs, and it seems paradoxical that an agriSigns of marked prosperity in Poland were cited by Charles cul
eyakshnoouwldodfoththise
oun
st;
cultural
itur
wis
alhcto
economic'
conditions in Poland as they exist
S. Dewey,American Financial Adviser to the Polish Governto-day. I have mentioned the fact that the war devastation amounted
ment, in an address on Jan. 29 at a luncheon tendered to in
round figures to $1,800,000,000. The results of that destruction have
him at the Banker's Club, New York, by the American got to be replaced. In means new machinery, new articles which cannot
in Poland, and which therefore must be imported.
Polish Chamber of Commerce and Industry in the United be manufactured
Poland has had an unfavorable balance of trade during the past two
States, Inc. Mr. Dewey traced the history of Poland, the years, and this year it is going to be larger. This is due possibly to the
Under the terms of an agreement already approved by the Greek Parliament and recommended by the State and Treasury Departments of the
United Stated, which is to be submitted to Congress for Its authorization.
the United Stated Government is to advance to Greece $12,167,000, to
bear interest at the rate of 4% per annum and to be repaid through a sinking fund within twenty years. This advance will be equally secured with
the above $17,000.000 6% Dollar Bonds and £4,070,960 6% Sterling
Bonds (equal at par of exchange to $19,811,327) by a charge, subject to
existing charges and ranking in priority to any future charge, on revenues
under the control of the International Financial Commission. This advance
(if authorized) will be turned over in its entirety to the Refugee Settlement
Commission for its refugee settlement work and accordingly will reduce the
total amount authorized to be raised by the Greek Government under the
League of Nations. If not, a further portion of this Loan equal to an effective sum of $12.167.000 will have to be raised. In addition to the above
Bonds, to constitute the total amount of this Loan.
1160
FINANCIAL CHRONICLE
fact that Poland stabilized her currency, the zloty, in October 1927. She
has had the two effects of greater credit and greater imports, and by the
same token, a greater possibility of meeting this unfavorable balance of
trade without too great a strain on her reserve, her foreign exchange reserve.
I believe that the past 12 months will show an unfavorable balance of
trade of about $93,000,000. But, despite that, the reserves of the Bank
of Poland have only decreased $2,000,000 during that period. There has
been a return flight.
There have been credits, there have been merchandise credits, short and long. There have been two or three small
foreign loans, amounting to a total of $25,000,000. The credit of Poland
is improving. She now has the power to offset an unfavorable balance
of trade, which I believe will exist, but in decreasing amounts, for perhaps
several years to come, until she has made up her war losses, which she
was unable to make up in previous years due to lack of proper credit.
Naturally, there is a great shortage of credit and capital in Poland.
There is a great shortgage of working capital. Interest rates are high,
and I think they will naturally continue high for some time to come.
But the people are wor.eing, savings are increasing, unemployment has
been falling each month, until it reached its low level in September of
only 75,000 in a country of 30,000,000. Carloadings are going up, and
there are other signs of marked prosperity in the country.
I almost cover in what I said about toe balance of trade the stability
of the currency, but I should like to mention teat again. The zloty is
on a sound, stable basis. The drafters of the stabilization plan can be
congratulated on their work, because they set up a plan which covers
practically every eventuality, at least every one that human minds can
foresee, to make that currency stable. The very fact that our reserves
have only run $2,000,000 in face of an adverse balance of trade of $93,000,000 shows that th,s plan is well conceived, and I can assure you that
it is working well in all its details.
[VOL. 128.
Albania Reduces Duty on American Flour to Meet
Food Shortage.
Tirana (Albania) Associated Press advices Feb. 7, stated:
Albania, which periodically at this time of year suffers an acute food
shortage, has reduced its import duty on American flour from $4 a ton to
60 cents.
Mexican Bonds to Be Listed.
In its issue of Feb. 14 the "Wall Street Journal" reported
the following from Mexico City:
To speed up redemption of the agrarian bonds which were Issued by the
Mexican Government to owners of property that it expropriated under the
agrarian laws, the treasury department announced these bonds will be
placed on what corresponds to a stock exchange in Mexico City where the
price will be set on them. Bank of Mexico has been authorized to cash
these bonds at the prevailing market prices. Heretofore, holders of these
bonds had to draw lots for order of payment, unlucky ones having to wait
sometimes for years to get paid.
Mexico Pays Interest.
Special advices from Mexico City, Feb. 16 to the New
York "Times," stated:
During the past week, by order of the Ministry of Finance, the sum of
about 5,000,000 pesos (about $2,490,000) was placed with the Banco de
Mexico.
This sum is to cover interest accrued and due on the bonds of the Argarian
publlcan debt.
Soviet Repays German:Credit.
The• following Berlin account is from the "Wall Street Offering of $2,000,000 Gold Notes of Roman Catholic
Archbishop of Manila.
Journal" of Feb. 18:
At 100 and accrued interest to yield 6% an offering is
The Soviet Government has deposited approximately $12,500,000 in
German banks, It is learned, thus prematurely repaying a big instalment made of $2,500,000 3-year 6% gold notes of the Roman
of German credits nominally falling due Mar. 31. With this deposit,
Moscow repaid half of the credits granted by Germany in 1926. The Catholic Archbishop of Manila. The offering was made in
German banks included the Deutsche Bank and Disconto Gesellschaft,
San Francisco on Feb. 14 by Dean Witter & Co. and Bitting
& Co., and in Denver by Peck-Brown & Co. The notes are
N. Y. Life Wins German Suit—Court Allows for De- in coupon form in denomination of $1,000 each. They will
be dated Feb. 1 1929 and will mature February 1 1932.
preciated German Investments in Paying Policies.
They will be callable, wholly, or in part, on any interest date,
Berlin advices Feb. 15 to the "Times" state that the
upon 30 days notice,at 1013/9% until Feb.1 1930,at 101%
Leipzig Supreme Court has decided that the New York Life
until Feb. 1 1931, and 10034% until Feb. 1 1932. Principal
Insurance Co.'s former German business is under German
and semi-annual interest (Feb. 1 and Aug. 1) will be payable
State supervision in the applying of the valorization law.
at the office of the International Banking Corp., San FranThe advices add:
This Is taken to mean that the New York Life is obliged to compensate cisco and The National City Bank of New York. The
Garman policy holders only to the extent of its depreciated holdings of Ger- borrower will pay the Philippine National Income Tax 3%.
man investments.
The International Banking Corporation, Manila branch,
The decision was accepted as constituting defeat for the policy holders.
is trustee. The advices regarding this offering state:
The Obtioatton.—Theso notes are the direct obligation of His Grace,
Michael J. O'Doherty, D.D., The Roman Catholic Archbishop of Manila.
a corporation sole, and constitute his only funded indebtedness.
The Roman Catholic Archbishop of Manila owns all of the assets and
properties of the Archdoicese of Manila, Philippine Islands.
Assets.—The Most Reverend Michael J. O'Doherty, p.p., Archbishop
of Manila, estimates the value of the ecclesiastical properties of the corporaFour leading German agricultural organizations have taken a joint step tion sole at more than $25,000,000.
which emphasizes the serious situation affecting small and large landCommercial real estate owned by the corporation sole and listed below
owners alike. They have sent the Government the following statement:
in items 1 and 2 has been given a valuation as shown below by appraisers
"In view of the general crisis and danger threatening the entire eco- appointed and approved by the International Banking Corporation. Propnomic system, the undersigned point to the seriousness of the situation erties listed in item 3 are given at their assessed value, which in the
and expect immediate emergency measures, the same as were taken for Philippine Islands is approximately their market value.
other branches of Industry after the war."
1 Real property and improvements, Manila
$625,000
The statement bore four signatures, representing the various organiza- 2 Grace Park subdivision
925,000
tions.
3 Additional city properties and farms
700,000
German Farmers Seek Aid—Four Organizations Urge
Immediate Government Relief.
Under the above head advices from Berlin, Feb. 19 to
the "Times" said:
Total
$2.250,000
To Protect German Wheat—Bill Aims at Milling of
In addition, the Archbishop will pledge with the Trustee as security
Home and Foreign Product Simultaneously.
for this loan 2,623 shares of capital stock of the Bank of the Philippine
From Berlin, Feb. 15, the following advices were reported Islands having a current market value of more than $250.000. 81% of the
capital stock of the Philippine Trust Co. having a book value in excess of
by the New York "Times":
$400.000. and a claim in the amount of $2,500,000 against the Mindoro
An
Reichstag of the Privy Council has proposed a
agrarian member of the
bill forbidding import of flour in Germany except under license. It would
also compel millers who handle foreign wheat and rye to mill simultaneously
a certain quantity of the German product—the quantity to be fixed by the
Government from time to time.
This Project is proposed as more advantageous than the complete State
monopoly in grain which some agrarians demand.
Vienna Rations Coal as Food Stock Dwindles-300
Deaths Ascribed to Central Europe's Cold Wave.
The following cablegram (copyright) from Vienna Feb.
14, is taken from the "Herald Tribune":
The situation in Vienna as a consequence of the disorganization of traffic
caused by the sharp cold and heavy snow recalls the calamities of the first
post--war years, when everything was rationed. Beginning to-day coal
retailers are not allowed to sell more than 100 pounds at a time, while
wholesalers are limited to three times that quantity.
There is fear that soon one will not be able to get coal at all. Vienna depends on Czechoslovakian Silesian coal, which arrives in quantities insufficient to satisfy the demand. Old stocks are used up.
Less alarming, although serious, is the meat and vegetable shortage,
leading to an all-around increase in prices.
Snow Maroons Trains.
Railroad services in neighboring countries are in a pitiable state. All
expresses leaving Vienna for Budapest yesterday became marooned on
Hungarian territory because of the heavy snowfalls. Swarming packs of
wolves make Hungarian roads unsafe. The Croatian capital of Zagreb is
Isolated and no train has arrived or has been able to leave within the last
24 hours. The coal mines at TrIgail, Jugoslavia, have been closed because of
the illness of 1,300 miners
Sugar Estate.
The total value of the ecclesiastical properties and other assets of the
Archbishop as indicated above is more than $30,000,000.
Restrictions.—The Archbishop agrees that ho will not mortgage or encumber any of the assets of the Archdiocese during the life of this note issue.
He further agrees that he will not create any indebtedness having a maturity
longer than one year which will rank prior to or on a parity with this issue.
Retirement of Notes.—Proceeds of the sale of commercial properties,
together with funds realized from the liquidation of other indebtedness
due to the Archbishop in excess of $325,000, which may be retained by the
Archbishop as working capital, must be used for the retirement of these
notes by purchase in the open market or by call. The Archbishop estimates
that this will result in the retirement of not less than $1,000,000 of these
Notes prior to maturity.
Purpose.—The proceeds of this loan will be used to fund obligations of the
Archbishop of Manila.
General.—The Roman Catholic Archbishop of Manila, Philippine Islands
Is a corporation sole with perpetual succession and with authority ot acquire
and hold, as trustee, all of the assets of the Archdiocese of Manila. A
corporation solo consists of one person only, and his successors in office,
who are incorporated by law in order to give them legal capacities and
advantages not possessed by other persons. Property rights, liabilities
and certain other rights attaching to the office pass to the successor in office.
The incumbent of the corporation sole is appointed by the authorities of the
Catholic Church, and the law of the Philippine Government recognizes the
rules of the Church as to his appointment and removal.
$5,000,000 Loan Offered for Ernesto Breda Co.
A $5,000,000 loan for the Ernesto Breda Co. In the form
of an issue of 25-year first mortgage 7% sinking fund bonds,
with stock purchase warrants, is being offered by Dillon,
FEB. 231929.]
FINANCIAL CHRONICLE
Read & Co., E. H. Rollins and Sons and Hemphill, Noyes &
4 and interest to yield 7.33%. Each bond carries
Co. at 961/
a warrant, detachable on or after Aug. 1 1929, entitling the
holder to purchase 30 shares of the company's stock at a
price of 160 lire per share up to Aug. 1 1931 and thereafter
at 180 lire per share up to Feb. 1 1934. These purchase
prices are equivalent, at the present power of exchange, to
$8.42 and $9.47, respectively. The company's stock is presently selling on the Milan Stock Exchange at the equivalent
of $8.15 a share. Proceeds of the loan as well as a portion of the proceeds of $1,893,600 of additional capital stock
are to be used by the company for the retirement of all
bank indebtedness. As part of this financing, an Italian
syndicate, it is stated, has agreed to purchase one-half of
the additional capital stock and has also underwritten an
offering to stockholders at par (150 lire per share), of the
remaining half. " The Ernesto Breda Co. is said to be one
of the largest manufacturers in Italy of steam locomotives
and other railway equipment. It is also engaged in the
production of agricultural machinery, ships and aircraft.
1161
The proceeds of these bonds will be used for investment in real estate
mortgages. They are a direct obligation of the Banco Nacional de Panama
and are guaranteed by the Republic of Panama. In addition they are
secured by Real Estate Mortgages given for loans made by the bank in an
aggregate principal amount not less than 110% of the amount of bonds.
Banco Nacional de Panama was organized in 1904 under the laws of the
Republic of Panama and its entire issued capital is owned by the Republic.
On Dec. 31 1927, the paid up capital of the bank was $837,446.70, and
reserve fund $939,563.99.
The bonds will be dated Feb. 1 1929 and will become
due Feb. 1 1949. Beginning Feb. 1 1930, a sinking fund
of $50,000 per year (or more at the option of the bank) will
be paid to the trustee to be used for buying bonds at the
market or calling bonds at the call price. The bonds (which
are in denominations of $1,000 and $500), will be callable
as a whole at 101 on any interest date after Feb. 1 1939.
Principal and interest (Aug. 1 and Feb. 1) will be payable
in Canadian or United States coin of the standard of weight
and fineness existing on Feb. 1 1929, and are payable in
time of war as well as in time of peace, whether the holder
be a citizen of a friendly or hostile state. Principal and
interest payable at any branch of the Royal Bank of Canada
in Canada or at the agency of the Royal Bank in New York,
or at the principal office of the Banco Nacional in the City
of Panama, without deduction for any taxes, duties or
levies of any nature now or at any time hereafter imposed
by the Republic of Panama or by any province or municipality thereof. • Bonds ay be registered as to principal at
the office of the Montreal Trust Co. in Vancouver, Canada.
Bonds of Republic of Peru Drawn for Redemption.
J. & W. Seligman & Co. and the National City Bank of
New York, as fiscal agents for Republic of Peru, Peruvian
National Loan,6% external sinking fund gold bonds, second
series, due Oct. 1 1961, have issued a notice to holders stating
that $125,000 principal amount of these bonds have been
drawn by lot for redemption on Apr. 1 1929 at par and accrued unpaid interest to the redemption date. Interim State of Parahyba (Brazil) Declines $50,000,000 Loan—
To Float Loan of 40,000 Contos for New Port
certificates, representing drawn bonds, should be presented
Works.
and surrendered on Apr. 1 together with interest warrants
Under date of Feb. 5 the "Times" reported the following
maturing on that date at the principal office of either J.& W.
Seligman & Co. or the National City Bank of New York cablegram from Sao Paulo:
According to to-day's issue of"0 Jornal" of Rio de Janeiro, a European
where they will be paid out of sinking fund moneys received
banking house offered the State of Parahyba a loan of $50,000,000, which
or to be received by them for such purpose. Interest on the
Governor, Joao Pessoa has refused because, so it is declared, the State
drawn bonds will cease to accrue on Apr. 1 next.
does not need the money. It has 2,600 contos 'about $312,000, deposited
Roumanian Loan Oversubscribed—Large Number of
Small Orders—Books .Closed in U. S. and in
Europe.
Oversubscription of the $101,000,000 stabilization loan
for the Kingdom of Roumania both in this and European
countries was announced on Feb. 15 by Blair & Co., Inc.,
Chase Securities Corp., Dillon, Read & Co. and the International Acceptance Bank, Inc., who headed the offering
of the American portion. Of the total loan, $30,000,000
was allotted to the Swedish Match Co., the equivalent of
$22,016,000 of the bonds in franc denominations to France,
$12,000,000 as the American portion and the balance for
10 other countries. The American portion of the loan took
the form of $12,000,000. Kingdom of Roumania monopolies institute 7% guaranteed external sinking fund gold
loan. Other details were given in our issue of Feb. 16
page 983. A feature of the subscriptions, it is stated, was
the large number of relatively small retail orders indicating,
according to the bankers, unusually wide distribution.
The offering in this country was nation-wide, the greater
portion of the loan having been absorbed by investors in
New York and in the Middle West. The successful flotation of the issue, it is noted, provides finances to insure the
stabilization of Roumanian currency.
In the Bano do Brazil, the paper says.
The official newspaper of the State of Parahyba, in referring to the
case, reports that Governor Pessoa is planning to float a loan of 40,000
contos if the Federal Congress approves a bill authorizing the Federal
Government to contract with the State to build port works at Cabadello
and a railway to the interior of the State.
Revenues of Department of Cauca Valley(Colombia) in
First Quarter of Current Fiscal Year.
The Department of Cauca Valley, Colombia, reports to
J. & W. Seligman & Co., fiscal agents, that for the first
quarter of the current fiscal year, the portion of the liquor,
slaughter and tobacco taxes pledged as security for the
department's 20-year 734% secured sinking fund gold bonds
amounted to 2.83 times the full annual service charges of
$396,130 on the loan. Service charges in the same quarter
of the last fiscal year were covered 2.62 times. Converted
into dollars at par of exchange, these revenues were equivalent to $1,122,967, as compared with $1,041,471 for the first
quarter of the fiscal year 1927-1928.
Irish Republic Bondholders to Get About 30%—
Receivers' Report Shows $2,504,365 on Hand.
The final distribution of more than $2,500,000 in funds
of the Irish Republic may be made in September or October
on a pro rata basis of about 30% of claims, according to
a report filed on Feb.9 in the Supreme Court by the receivers
Offering in Canada of 1,000,000 634% Bonds of National of loans of "The Republic of Ireland," covering their
Bank of Panama.
activities for the six months ended last Dec. 31. We quote
Regarding a new loan, of 1,000,000 for the National the foregoing from the New York "Times" of Feb. 10,
Bank of Panama, a cablegram from Panama Feb. 19 to thej which says:
The report recommends that the time limit for the filing of claims.
New York "Times"stated:
be not extended. Peter J.
The National Bank of Panama has arranged for a loan of$1.000,000
from the Montreal Trust Co. for which mortgage loan bonds backed by the
national government will be issued, according to a report published in "El
Tiempo" to-day. Canadian capitalists have been active in Panama lately
and a previous loan of 51,000,000 also was obtained from the Montrea
Trust Co. It is expected the opening here soon of a branch of the Royal
Bank of Canada will increase the interest of Canadians in the development
of Panama.
This new loan brings the total of mortgage loan bonds of the national
bank to 54,000,000. The latest bonds bear interet at 6%% amortized
over 20 years. "El Tlempo" states it is believed all arrangements will be
completed in time to make the funds available here Mar. 1, although
President Arosemena and the Cabinet have not yet given their approval to
the plan.
On Feb. 19 public offering was made by the Royal Financial Corporation, Ltd. of Vancouver, Canada, of an issue
of $1,000,000 634% 20-year (Series D) gold bonds of the
National Bank of Panama, guaranteed by the Republic
of Panama. They were offered at99.50 and accrued interest.
With regard to the issue it is announced:
which ended on that date,
Brady, J. Edward
Murphy and John L. Buckley. the receivers, maintain offices for the
management of the fund at 117 Liberty St.
Although the receivers advertised regularly for claimants throughout
the United States and other countries for 15 months, the report discloses
that only 132,806 persons of more than 300,000 who subscribed about
$6,000,000 to the loans more than six years ago responded.
In the six months covered by the report, the receivers have had $2,664,258.16 on hand. The deduction of $159,892.67 for expenses leaves
a balance of $2,504,365.49. The receivers allowed during this time
100,049 claims of persons who furnished conclusive proof of their identity
and produced bonds which checked with the records of "The Republic
of Ireland" held by the receivers. The bondholders filed claims aggregating
$2,547,980.
The more than 30,000 claims remaining, the report continues, are in
dispute because the claimants offered bonds registered in the names of
other persons, failed to show how they acquired them or neglected to give
satisfactory proof of ownership. Referee Henry M. Goldfogle, it was
said, is hearing evidence on the disputed claims, one of which is for $100.000
by "The Friends of Irish Freedom."
Items regarding the refunds appeared in these columns
Aug. 11 1928, page 768, and Dec. 29, page 3636.
1162
FINANCIAL CHRONICLE
Nation Wide "Consumer Credit" Institutions Proposed—
Statement by A. J. Morris of Morris Plan Corporation
A nationwide system of "consumer credit" institutions
organized regionally, along lines similar to the existing
Federal Reserve System of commercial banks, is expected
to be established shortly with the Industrial Finance Corporation, the Morris Plan Corporation of America and
the Industrial Acceptance Corporation as a nucleus, it
was reported on Feb. 18. Although Arthur J. Morris,
President of these corporations and founder of the 149
Morris Plan Banks declined to make a conclusive announcement, he approved a statement which was interpreted as forecasting the early amalgamation of his companies into a nationwide banking combine. "Reduction of
financing cost to a minimumi and permanent stabilization
of consumer credit in order that the nation's purchasing
power may be maintained at its *present high level;" were
the words in which an executive of the Industrial Finance
Corporation outlined the underlying purpose of the proposed new system. The advices in the matter add:
"The large number of banks forming the system would be to the
citizen consumer substantially what the member banks of the Federal
Reserve System are to the financier, the captain of industry, the
manufacturer, the public utility, and other factors of large-scale
production.
"It is understood that the consumer banks will make personal loans,
discount installment paper, write life and property insurance, negotiate
amortization mortgages on homes, sell high-grade securities on the
installment plan, and offer other credit accommodations suited to the
requirements of the individual. Lower costs and stability of credit
risk for all these forms of financing are expected to be two of the
chief advantages of their conduct under a multiple-unit institution with
a single administrative overhead, it was said.
Automobiles, modern refrigerators, fire extinguishing sprinkler systems, radios, washing machines, industrial machinery, electric power
units, and all the other hundred-and-one labor saving devices that are
now commonly sold on the time-payment plan through the I.F.C. and
its subsidiaries, will cost the purchaser less. Through local operation,
the service to customer and dealer will be improved. The consumer.
credit system of banks is thus expected to increase the nation's buying
capacity, encourage new sales and stimulate production on a sounder
basis than has prevailed heretofore."
"Up to the opening of our first character-loan bank in
Virginia, 20 years ago, there was prevalent among the
public the erroneous idea that credit was for merchants,
financiers, corporations and governments but not for the
Individual of limited means," said the statement which
was approved by Arthur J. Morris, founder of the Morris
Plan system of banks. Mr. Morris continued in part:
"Through the Morris Plan banks and branches which now number
149 with deposits in excess of $90,000,000, there has been an aggregate
of $1,380,000,000 loaned to approximately 6,000,000 American people.
In 1928 the total of their small-loan business alone approximated
$200,000,000. This has conclusively demonstrated that character and
earning power combine to form a sound basis for personal credit.
"Meanwhile, the economic need that prompted the establishment of
Morris Plan banks demanded the expansion of installment banking
accommodations to include some means for facilitating the sale and
purchase of commodities—automobiles, musical instruments, labor saving devices, radios, electric refrigerators and industrial machinery.
"To meet these requirements there arose a new type oE financial
institution, of which the I.F.C., the I.A.C., and the General Contract
Purchase Corporation, are typical and outstanding, and which, in the
opinion of economists, have helped materially to bring about the
prevalent high level of prosperity that is enjoyed in America.
"In only way can we keep up with the quickening pace of production,
and that is by increasing the rate of consumption—the buying power
of the public—by broadening the scope of our consumer-credit institution. The people must buy and not only their willingness to buy,
but also their ability, must be preserved.
"Consumers' credit must be organized if it is to be stabilized. The
cost of consumer-credit, which is invariably reflected in the purchase
price of any commodity, must be reduced to the lowest practicable
minimum. The finance company which heretofore has been subsidized
and controlled by a single manufacturer has served its purpose. The
time has come when such operations should be conducted by a system
of departmentalized consumer-credit banks that will serve not a single
manufacturer of a single product, or a single industry producing a
number of products, but will, rather, serve all the major industries
and, at the same time, serve all the individuals who represent the
nation's buying power and its consuming capacity.
"These banks may select credits and refuse risks with the advantage
of personal contacts with. the borrower. This system will prove the
means of extending credit at cheaper rates where credit is due, and
the method to forestall the high pressure salesman and to counsel the
independent buyer.
"We have for several years made a close study of this problem,
here and abroad. We have experimentally made every test to prove
the efficiency and desirability of our present nationwide plan.
We
have therefore tentatively approved the establishment of a nationwide
organization which we believe will solve the biggest problem in modern
finance today, and thus contribute in large measure to the stabilization
of our present prosperity."
Rejection by Senate of Caraway Bill, Aimed Against
Trading in Futures on Cotton and Grain Exchanges.
With reference to the item appearing in our issue of
Feb. 16 (page 987), relative to the defeat in the Senate
[VOL. 128.
on Feb. 14 of the Caraway bill to prevent the sale of cotton
and grain in future markets, we have received the following communication from Corn, Schwarz & Co., of this city.
Nothing in contravention to what the firm says was contained in our article.
New York, Feb. 18 1929.
The Commercial & Financial Chronicle, Front, Pine & Depeyater Sta.,
New York.
Dear Sira:—We beg to refer to an article appearing on page 987 of
your issue of Feb. 16, speaking of the defeat of the Caraway Bill, in the
third pttragraph of which it is stated:
"Under the Caraway Bill, trading in futures on cotton and grain exchanges
would have been prohibited unless the contracts contemplated actual
delivery of the commodity."
We take the liberty of pointing out that our contract on the New York
Cotton Exchange, as well as the contracts of all commodity exchanges,
contemplate delivery, and no other contract is recognized •by our Exchange, as you well know. It is a fact, however, that contracts are often
unfortunately and incorrectly referred to as "options," although in every
instance they distinctly provide for the delivery of the cotton, and an
optional contract would be regarded by the courts as a gambling transaction.
Yours very truly,
CORN, SCHWARZ k CO.
Waddill Catchings of Goldman, Sachs & Co. on
"Common Stocks from the Investment Standpoint"
—Address at Mid-Continent Trust Conference.
In an address on Feb. 14 before the tenth Mid-Continent
Trust Conference held at the Hotel Commodore, New York,
under the auspices of the Trust Company Division of the
American Bankers' Association, Waddill Catchings of Goldman, Sachs & Co. of New York, discussed the subject of
"Common Stocks from the Investment Standpoint." Observing that "it has only been within the last year or two
that very large agencies of distribution of securities have
been willing to issue common stock," Mr. Catchings pointed
out that "at the present time it is growing, and it is not
long, we expect, before most houses will issue common
stocks as well as issue bonds." Mr. Catchings' address follows in full:
It is an interesting sign of the times that you should be interested in
a discussion of common stocks from an investment standpoint. I have no
doubt that a few years ago most of you thought that it was impossible to
consider common stocks from a strictly investment standpoint.
I well remember that 11 years ago when I went into the banking business, my firm, which had at that time been issuing common stocks for a
period of 11 years, did not feel that it was appropriate for them, as
investment bankers, to advertise issues of common stocks. We would advertise issues of preferred stocks, and in connection with the issue, sell
common stocks, but the common stocks were sold without public announcement or without adviertisement.
It has only been within the last few years that this banking firm which
has been issuing common stock probably as long 28 any other firm in Wall
Street has been willing to advertise the sale of common stocks, and of
course, as you are aware, it has only been within the last year or two
that very large agencies of distribution of securities have been willing
to issue common stock. At the present time, it is growing, and it is not
, bo
we expect, before most houses will issue common stocks as well as
issue
The public itself has indicated an increasing interest in common stocks.
It is quite apparent that the general public to-day is taking a more intelligent interest in common stocks, is buying common stocks with better discrimination, is buying stocks more for investment than at any time in the
past. I am particularly glad to discuss this with you.
Recent studies, and they are very numerous, indicate that as a matter
of actual fact, there is a considerable record to-day of satisfactory results
from intelligent investment in common stocks. I had a calculation made
of the situation at Harvard. They have, according to their report, common
stocks of a cost of $13,000,000 and a market value of $23,000,000.
I am not going to attempt to present a world of statistics, but it is
important, I think, that in considering this subject you have in mind tangles which indicate the results of studies.
A study made of the results of investment in ordinary shares of each
of the six largest English companies in nine different groups, dividend'
Paying stocks, and groups including textiles, railways, public utilities,
and so forth, in comparison with an equal amount invested in the preferred or debenture stocks of the same companies, indicates that over a
period from 1912 to 1926 there was in each year a very substantial greater
income, the figures being 5% to 6% in comparison with 3% to 4%, with
an average annual appreciation of 8 1/5% as against an average annual
decrease in the capital value of the debentures and preferred stocks.
I may say further that taking a more recent period, from 1921 to 1926,
and not an extended period which includes a period of falling priced,
the results are that in the ordinary shares there is an appreciation in the
same companies of 12%, that is, in the ordinary shares, and in the deben/
2%.
ture shares a depreciation of 31
An investigation made by Mr. D. C. Rose of the Investment experience
In bonds and stocks of the 25 largest fire insurance companies indicates
the same sort of experience right along of much greater income from
stocks naturally than from bonds, and an average income over the 19
years of a little over s% as against an average of 43i% in bonds, and in
every year the average income for all the 25 companies was greater frora
stocks than from bonds, and in every one of the 25 companies for the
19 years there was a greater total net gain from stocks than from
bonds.
In grouping the companies, there is this interesting comparison, that the
first five companies in results had an average investment in common stocks
out of their total investment of 35%; the second 5 had an average investment of 27%; the third 5 had an average investment of 19%; the fourth
5 had an average investment of 13%; and the last 5 had an average Investment of 10%.
FEB. 23 1929.]
I
FINANCIAL CHRONICLE
I dislike to refer to our own experience with regard to common stocks,
but I know that you are interested in actual figures, and it is difficult
to get figures out of actual experience. I give you these results with no
thought that they are different from the results of other houses. It may
very well be that other houses have had better experience than we have
had. But I can tell you what our own actual experience has been, and it
seems to use that as you are seriously considering this subject, you would
like to have me tell you what has actually happened with regard to the
preferred stocks which have been issued over a period of 22 years by
our firm.
During that time we have issued 49 common stocks. If a person had
invested $10,000 in each one of those issues, he would have obviously had
a total investment of $490,000. The average life of that investment over
that period is a little over 71,i years. The holder would have had an
average income of over 10% in cash and an average market increase in
the value of securities of 42%. That is the average of 49 companies, and
I may make this interesting observation, that the issue which was probably
the most successful on the day of issue, a security which was issued at
$50 a share and sold on the days of issue at $105, has turned out the
poorest. That indicates how difficult it is to judge individual common
stocks and how important it is in any investment program in common
stocks to get a broad average so that the losses in some stocks are made
up in the appreciation of other stocks.
It is my very strong opinion, from this experience, that you will find
it almost impossible to reach a sound judgment with regard to particular
stocks, that subject any industrial company to any test that you will
to-day there are changes which may occur in business, there are changes
which may occur in management, there are all manner of vicissitudes to
which business is subject, that will make it almost impossible to forecast
the future of any one company. It is only by taking a number of companies and averaging the risk, that you can be at all sure as to the
future course.
I want to emphasize as forcibly as I can that in any investxnent program in common stocks, it is extremely important to diversify the investment and to fortify your judgment with regard to particular companies by
a broad average.
May I say to you that it seems to me at the moment that the trust company's attitude toward common stocks as investments is more or less
colorless. Up ro P short while ago, you were quite convinced, most of
you, that all investments should be made in bonds or in preferred stocks,
and that was a comfortable position to take, but the beauty of business is
that our decisions are not theoretical decisions, but that the facts happen
after our decisions are made, and we find out whether we were right or
wrong, and we have to face the music, whatever it may be.
If these statistics indicate a real condition with regard to common stock
Investment, the attitude which trust companies took in the past was
wrong. I think that there has been some wonder on the part of most
trust companies as to whether that position wasn't wrong, and there has
been a gradual shifting, but so far as I can observe to-day, the general attitude of trust companies is that if the authority is particularly clear, if
there are stocks in estates or if co-trustees insist upon investments in
common stocks, the trust companies acquiesce. They are assuming no
leadership.
I grant you that there may be restrictions against affirmative action on
your part, but there are no restrictions against your judgment and your
feeling and your conviction. If the trust companies of the country were
convinced that it was in the interest of trust estates to invest in common
stocks, certain selected common stocks, if it was their conviction that that
was sound business and you had that great mass of feeling throughout
the country, there would be a development, a constructive development.
As long as the trust companies are in a state of doubt, as long as the
trust companies are uncertain as to the facts, they are not exercising an
Influence throughout the community on the trusts as they are being
created, on the wills as they are being drawn, on the legislation as it is
being passed. If the trust companies ever become convinced that the
facts are as indicated and that they should advocate investment in common stocks under proper conditions, the mere fact that they take that
position will have great influence in bringing about a condition under
which they may be permitted to act, even though to-day they would not
be permitted to act if they had that conviction.
It seems to me that it is very important that trust companies who have
great facilities for investigation, who can find out if these facts that
have been developed in the last few years correctly represent the situation, should satisfy themselves as to whether it would be proper to invest
trust funds in common stocks, under what conditions it would be proper,
and then having that conviction, work toward bringing about a situation under which they could properly act. Your position in the past
has been of course that a trustee's principal duty has been in the conservation of principal. The facts seems to indicate that the conservation of
principal is accomplished to even a greater extent in a diversification in
well selected common stocks and preferred stocks, because in common
stocks, where you do make your mistakes, you have the possibility of offsetting those mistakes by appreciation in other securities, whereas on
bonds and preferred stocks, there is always the opportunity of the security
going down and going down without limit, where there is very little opportunity of the security going up. So that appreciation does not have
the opportunity of offsetting depreciation to the extent that exists in
1163
has received in distribution some of the assets of a company, but so
far as I know, in twenty-odd years experience in business, no common stockholder has ever gotten anything out of assets. If the business has been a
failure, there has been nothing for the common stockholders. It haS
only been out of successful business and out of earnings that the common
stockholder has gained.
It very frequently happens that large asset value of common stock indicates poor management, that the management is not making the use of
the assets which they should, and frequently a successful, alert, energetic
management is making more use and gaining greater benefit for the common stockholder through smaller assets. It is the use of the assets that
counts. So far as common stocks are concerned, bricks and mortar mean
only what can be earned from them, and I urge you, in considering common
stocks, to put your first attention on earnings and particularly on the trend
of earnings. It is business which is progressing and going forward that
offers the possibilities for common stockholders. It is the enhancement
in value that the common stockholder is particularly interested in, and
enhancement in value comes in businesses where progress is being made
and earnings are being increased.
The trend of earnings is of the utmost importance. It is true that from
time to time you can have adequate explanations as to why earnings are
falling off, but when you find earnings falling off, scrutinize the company with a great deal of care because it is the company that is going
to be successful that you are interested in, and nothing indicates future
success so much as an advancing tendency with regard to earnings.
All of this, of course, involves the question of management. So far as
the valuing of common stocks are concerned, management is of prime importance. I could give you, numerous illustrations of companies of great
position, great earnings possibilities, which suffered serious set-back because of management conditions; those management conditions being cured,
the company went forward as it had before. Earnings and management
In our opinion are the vital matters in connection with common stocks.
It is our opinion that this country will develop to a far greater extent
than it has up to the present time, that there is no such thing as sauration point in the development of this country. As a friend of mine puts it,
we are having the interesting experience to-day of passing from a country
with a two-dollar average wage and spending power to a five-dollar
average wage and spending power, and no doubt in the future we will
progress further, and if we are going to progress, there must be a benefit
to the great, sound, fundamental companies. If the country is going to
grow, those companies are going to grow with it.
I urge you, even though you may think this is no time to do it, to study
the common stock situation as promptly as possible and take an attitude
on it, because whether it is to-day or to-morrow, we are going and common stocks are going to continue to make a fine record for themselves
because the common stock, as we are constructed, represents the ownership in American business.
Market Value of Listed Shares on New York Stock Ex1
2 Bilchange on Feb. 1 $71,060,397,412—Increase of 3/
lion Dollars in Month.
On Feb. 1st, 1929 there were listed 1,197 different stock
Issues aggregating 807,858,244 shares, as compared with
1,177 stock issues aggregating 757,301,677 shares on Jan.
1st preceding. Also on Feb. 1st, 1929 the total market
value of all listed shares was $71,060,397,412—an increase
of $3,588,344,112 over the figure of $67,472,053,300 on
Jan. 1st. In announcing this Feb. 20, the Stock Exchange
added:
Over the same period, borrowings in New York on security collateral increased $295,423,731 from $6,439,740,511 on January 1st to
$6,735,164,242 on February 1st.
The ratio of Exchange member borrowing to listed share values
thus decreased 0.06%—from 9.54 per cent on January 1st to 9.48%
on February 1st.
The average market value of all listed shares declined $1.13 per
share, from $89.09 per share on January 1st to $87.96 per share on
February 1st.
Small Speculator Being Forced Out of Stock Market—
Hit,Especially by Refusal to Carry Less Than Twenty.
Five Shares—Brokers Rigidly Enforce New Restrictions.
A strong tendency toward reduced trading activities by
small speculators is reported by Wall Street brokerage
houses as a result of the new restrictions which have been
placed on small accounts by most of the leading brokerage houses during the past two weeks said the New York
"Journal of Commerce" of Feb. 20. Continuing it stated:
Common stock.
These restrictions were announced directly after the warning no
This experience, as indicated by these figures that I have given you,
speculative credit expansion issued by by the Federal Reserve Board on
shows that income, of course, is substantially greater over a period of time
on an investment in common stocks than on an investment in bonds. So
that I say to you unhesitatingly that it is much in the interest of trust
companies, in their own staffs and their own way, to make a careful
study of this situation at the present time, make up their own minds, and
having made up their own minds, exercise an influence in the community
to allow the beneficiaries under trust estates to participate in proper
Investments in common stocks.
May I say a few words about valuing common stocks? I rather hope
that you will not adopt arbitrary rules with regard to particular businesses
and particular industries as applied to valuing common stock investments.
It seem, to me extremely difficult as to what the course of business is
going to be. The rubber industry, the textile industry and various others
are industries which might well be described as fundamental industries,
and they have been subject to the same vicissitudes as other industries
might be which you wouldn't regard as so fundamental.
In my opinion, the most important thing with regard to a common stock
is earnings. You will approach common stocks, of course, from great
experience in bonds and preferred stocks, and you will no doubt feel
that assets are of great importance. As a matter of fact, there is a strong
tendency to overestimate the value of assets in connection with the value
of common stock. It may be that some common stockholder at sometime
February 7 following a meeting of a number of brokers on the night of
that day.
The chief element in the restriction program which is driving out
the small speculator, according to brokers here, is the provision being
enforced by an increasing number of houses that no stock will be
carried on margin in less than 25-share lots. Hornblower & Weeks
was one of the first houses to enforce this practice, but a long list of
others have followed suit.
Prince & Whitely yesterday sent out a
letter to customers announcing the adoption of this ruling.
Lots
of less than 25 shares are bought for cash, but will not be carried
in margin accounts. Outside of the low priced stocks, the purchase
of several lots of stock in 25 shares or more is found in practice
to involve larger resources than a substantial proportion of recent
small speculators in the market can assemble.
High Margins Effective.
The other important elements in the restriction program are the increase in margin requirements to 35 to 50% of the cost of security,
a minimum commission of $5 and the elimination of practically all
Curb stocks from margin trading privileges. Furthermore most houses
will not accept an account with a minimum equity of less than $1,000
at all times.
1164
FINANCIAL CHRONICLE
The small speculator has played a very important part in recent
markets and was to a large extent responsible for the great increase
in the volume of trading which has been witnessed during the past
year. This is reflected in the huge volume of business being transacted by the odd-lot houses. DeCoppet & Doremus, a leader in this
business, is understood to be doing an average daily turnover of about
500,000 shares. This one house, therefore, has been responsible for
more than 10% of the total volume of trading recently accomplished
on the Stock Exchange .
See Beneficial Results.
The discouragement of the small speculator is expected by several
brokers to help considerable in the curtailment of speculative credit
expansion. In the first place, it is pointed out that the small speculator affected by the new restrictions, numbering several tens of
thousands, is generally borrowing as much as be is allowed to and
thus tends to swell the brokers' loan total. Secondly, it is believed
small
by brokers carefully watching the situation that many of these
securities outspeculators, prevented from trading on margin, will buy
the
place,
third
right and thus act to reduce brokers' loans. In the
generally
elimination of the small fry is expected to give the market a
stronger technical position.
present restricFrom the viewpoint of the brokerage business the
in a material
tions on the small speculator are expected to result
heavily on the
lightening of the routine burden which has weighed
speculator,
small
financial district in recent months. The activities of the
bookkeeping
especially on the Curb, have created difficult clearing and
with the
problems, while the income in commissions is incommensurate
in the number of
oevrhead expense necessitated by the vast increase
By making conditions practically prohibitive
these small accounts.
houses can keep
for these small traders they are eliminated and the
operate within
the more profitable accounts and at the same time
thir physical and personnel.
Cashiers' Association of Wall Street Holds First Annual
Banquet.
The first annual banquet of The Cashier's Association
of Wall Street, Incorporated, was held Tuesday night
Feb. 19 at the Cafe Savarin. The organization was formed
a year ago to facilitate clearings and adopt uniform
methods of procedure in the "Street" as well as social
get-togethers. E. Noel Brown, President, announces that
the membership has increased over 200% since the organization. The officers and the board of directors for
the coming year are as follows: E. Noel Brown of Shields
& Co., Ins., re-elected President; Harold Winston of Henry
L. Doherty & Co., First Vice-President; Thomas Keely
of Green, Ellis & Anderson, Second Vice-President;
Edward Ifland of Vought & Co., Inc., re-elected Treasurer; George Failey of George H. Burr & Co., Secretary.
The board of directors consists of the officers and the
following members: C. R. Coutant, of Wellington Bull
& Co.; L. A. Gjobye, of Peabody, Smith & Co., Inc., Thos.
Weir, Jr., of Howe, Snow & Co., Inc.; Donald Kuck of
C. H. Jones & Co.; Christopher Dunn, of Baker Kellogg
& Co., Inc.; and John Murphy, of Purdy, Rennick & Co.,
Inc.
Col, 0. J. Troster Elected President Unlisted Securities
Dealers Association.
Colonel Oliver J. Troster of the firm of Holt, Rose &
Troster, has been elected President of the Unlisted Securities Dealer Association to suceed F. H. Hatch of
Frederick H. Hatch & Co., Inc. Other officers elected
were Frank Y. Cannon of J. K. Rice, Jr. & Co., VicePresident; J. Roy Prosser of J. Roy Prosser & Co., Secretary; C. Lester Horn of C. Lester Horn & Co., Treasurer. J. K. Rice, Jr. was elected a director to succeed
F. H. Hatch. The new head of the association has been
prominently identified with its activities since its inception. Colonel Troster served overseas with the 33rd
(Illinois) Division.
[VOL. 128.
It is reported Hutton will accede to a new agreement establishing brokers' monthly rates of interest on the basis of the average of New York
call money for that period, plus a fraction for brokers' profit.
At present interest rates to brokers' clients are based on the average
cost of money to the brokers, plus a fractional profit. The proposed basis
of the call money average would result in a saving to clients.
Revision of the agreement is not expected to change appreciably the
established maximum surcharge on San Francisco trading in New York
stocks, as members of the wire houses point out that elimination of this
charge would compel them to operate at a loss. However, under the
terms of the revised agreement, it is believed commissions will be fractionally lower on the average.
Curb Ticker to Drop Ciphers.
The following is from the "Times" of Feb. 12:
The New York Curb K.ichange will announce shortly that hereafter in
stating volume of sales on the sales ticker all ciphers will be omitted; that
is, where, for example, a block of 2,100 shares changed hands, it will read
21 on the ticker instead of 2,100.
E. C. Bendere of Cassatt & Co. Says Majority of Investment Bankers Are Not in Sympathy with
Trend of Stock Market—Women As Class Should
Be Barred As Traders.
Addressing Group 2 of the Pennsylvania Bankers' Association at the Bellevue-Stratford Hotel, Philadelphia, on
Feb. 12, Edward C. Bendere a member of the firm of Cassatt
& Co declared that the majority of brokers and investment
bankers are not in sympathy with the present trend of the
market." "People are going crazy" he is quoted as saying
"and mortgaging their homes. The reaction is coming
and to some it will be too late." According to Mr. Bendere
"most women have no place in the market, temperamentally.'
A New York "Times" dispatch from Philadelphia gives the
following account as to what he had to. say:
Bankers were advised here (Philadelphia) to-day to take strong measures
to keep small traders out of the stock market, to restrain themselves from
similar speculation, and to "return to the principles of old-fashioned banking."
Edward C. Bendere of Cassatt & Co. of New York and Philadelphia
declared in an address before Group 2 of the Pennsylvania Bankers' Association that clerks, stenographers and "woman as a class" should be kept
out of the market.
Seventy-five per cent of the men who have been in the market for the
last five years have not made any money, he said. He asserted that individnal bankers should adopt a conservative policy and not attempt to
take a short-cut to huge profits.
"The cycle will turn and I want to issue the warning now," Mr. Bendere
said. In 75% of the cases the market is reaching a point where it is beyond
itself. Most women have no place in the market, temperamentally.
"The majority of brokers and investment bankers are not in sympathy
with the present trend of the stock market. The greatest opportunity
for investment has passed, until there is a complete reconstruction.
"I am much concerned whether you bankers are not getting out of touch
with your customers and allowing them to get out of control. Frequently
we stock brokers refuse and account, and often an indignant woman leaves
us—and I mean all brokers—and goes to her own banker and then goes
into the market with all she has because she has not been warned by him
"The greatest trouble is that many of you bankers are in the market
yourselves. You haven't the courage to tell others to keep out, because the
more people in the market the more bullish it will be. Remember that
the market declines faster than it upturns, and that it is harder to get out
than it is to get in.
"As a class, women should be kept out of the market due to their temperamental condition. A few of them are better suited than most men for
stock market speculation, but these are exceptions. Twenty per cent of
the persons in the market in the last year have been women, and it is getting to be ridiculous.
"People are going crazy and mortgaging their homes. The reaction le
coming and to some it will be too late."
Mr. Bendere further criticized business men for sitting in broker's offices from the opening of the market until late in the afternoon and expecting to carry on their business as well. If they want to gratify the American
mania for speculation let them do it quietly, he said, adding that the whole
country is so over-enthusiastic that it is neglecting its business.
He warned the bankers not to underestimate the Federal Reserve Board
and said it was justified in studying conditions and issuing warnings.
Additional Issues Dealt in on Securities Market of
New York Produce Exchange.
Philadelphia Association of New York Stock Exchange
In
addition to the list of securities dealt in on the Securities
Firma Adopt Resolutions Favoring Minimum Rate
of the New York Produce Exchange, previously
Market
Increase for Odd-Lot Transactions.
noted in these columns, the Committee on Securities of the
Journal"
announced
In its issue of Feb.21, the "Wall Street
Produce Exchange has added the following 27 issues to the
the following from Philadelphia:
list:
Stock Exchange firms
Meeting of Philadelphia Association of New York
In Racquet Club adopted resolutions favoring increases in minimum rates
charged for odd-lot stock transactions on recognized stock exchanges and
at auction sales. Meeting approved minimum charge of $5 except in
transactions involving less than $100, for which favored charge was $2.
Brokers' Interest Rates in West—New Agreement Discussed to Establish Charges on Call Money Basis.
From its San Francisco Bureau, the "Wall Street Journal"
of Feb. 19 reported the following:
Revision of West Coast agreement of New York wire houses, with consequent saving in interest rates to investors on the coast, is foreseen as a
result of E. F. Hutton & Co.'s decision to withdraw from the conference.
The agreement will expire automatically on Feb. 27, six months after
Hutton's notification of withdrawal, unless a move is made in the meantime to extend the terms.
Utility & Industrial Corp. preferred:
Utility & Industrial Corp. common:
United Corp. common:
United Corp. preferred:
Amer. Bamberg Corp. Cl. "B'' corn.;
Am. Solvents & Chem. Corp. rights:
American Alliance Ins. Co. capital;
United Hotels Co. of America, coin:
S. W. Straus Investing Corp. corn,;
S. W. Straus Investing Corp. Units;
Insull Utility Investments,Inc. corn.;
Southwest Gas Util. Corp. common
Voting Trust Certificates;
Reliance Management Corp. corn.;
Remington Arms Co., Inc. common;
Remington Arms, Co., Inc. pref.;
Prudential Investors, Inc. common:
Studebaker Mail Order Co., corn.;
Studebaker Mail Order Co. Class
"A" participating;
Hemisphere Oil Corp. common;
Hemisphere Oil Corp. Class "A";
Goodyear Tire & Rubber Co. o
Canada, Ltd. Preferred;
Consolidated Gas Utilities Co. Class
"B":
American Utilities & General Corp.
Class "B" Voting Trust Certificates:
American Utilities de General Corp.
Units; American Investors, Inc.
Class "B" Common;
American Investors, Inc. Warrants:
Andian National Corp. Ltd. Capital.
The above list was made public on Feb. 20. Our last
reference to the securities dealt on appeared in our issue of
Feb. 9, page 821.
FEB. 23 1929.]
FINANCIAL CHRONICLE
Annual Election of Officers of Los Angeles Curb
Market.
Murry Brophy of Brophy, Weirick & Co., succeeds S. H.
Ellis, Jr., as Second Vice-President and other officers of the
Los Angeles Curb Exchange retain their office for 1929 as
result of the annual election on Feb. 5 by the Curb, it was
announced by by Philip S. Leo, Secretary and Manager of
that Exchange. Other officers, who have held their positions since the Curb was created in June 1928, are D. G.
Grant, President; Edwin A. Barnes, First Vice-President;
Wallace P. Wagy, Treasurer; Norman B. Courteney, Assistant to the President, and Phillip S. Leo, Secretary and
Manager. The Board of Governors, which was elected
Feb. 5 will remain unchanged.
John Clendenin Director of Research For Los Angeles
Stock Exchange.
John Clendenin, formerly of the staff of the University
of California at Los Angeles, on Feb. 6 assumed his duties
as Director of Research for the Los Angeles Stock Exchange
according to Norman B. Courteney, Secretary and Manager.
Mr. Clendenin is a graduate of the School of Business Administration of the University of Blinois and of the University
of California at Berkeley. He was recently engaged in the
Legislature's investigation of compulsory automobile insurance.
E. T. Hall of National Better Business Bureau Warns
Against "Tipster" Sheet.
The "Tipster" sheet is rapidly becoming a national
menace, according to Edward T. Hall, President of the
National Better Business Bureau, Inc., and guest speaker
on the Halsey, Stuart & Co. radio chain program on Feb. 14.
Mr. Hall said:
1165
Fifth District, Texas Bankers' Association, at Dallas, Tex.
Mr. Day in discussing the subject said that "in Los Angeles
we have within a six mile radius of the business center more
than 175 branch banks and about 50 more further out besides branch banks of the larger institutions in the neighboring incorporated cities. The establishment of so many
branch banks," observed Mr. Day, "has been caused by
keen competition for business. I find it difficult," he
said, "to believe that even the most ardent advocate of
branch banking would contend that the public convenience
requires the multiplication of banking facilities to this
extent." He added "It is the old story of 'Jones pays the
freight' and it is the feeling of many bankers that the speed
limit has been exceeded in this multiplication of branches."
We quote as follows Mr. Day's remarks:
At your request I come before you to-day to say a few words on the subject of branch banking. It is not my purpose to come here with words of
advice, or to recommend any specific action on your part, in respect to
such a controversial subject. In times like these during which conditions
change so rapidly It is wise to keep an open mind as far as possible, and to
be receptive to new ideas. What I shall have to say is of a practical character, the outcome of personal experience, and not merely a theoretical or
academic discussion. We can never afford to forget that some fundamentals in banking and in the American community do not change, and
our problem is to give due weight to these different factors in formulating
policies and reaching conclusions.
Seen From Close Quarters.
Circumstances have placed me in a position where this question—branch
banking—is viewed from close quarters. Los Angeles has been the scene
of branch banking development of the most intensive character. The
institution which I have the honor to represent has felt obliged to meet
competition in the suburbs by establishing several branch offices, all of
which are within the city and industrial limits of Los Angeles. To us the
question Is not an academic one by any means but a condition we must
face and deal with from day to day.
It is not within the scope of this address to go into the history of branch
banking development in California. Suffice it to say that the result has
been that in Los Angeles we have within a six mile radius of the business
center more than 175 branch banks, and about 50 more further out besides
branch banks of the larger institutions in the neighboring incorporated cities
of Pasadena, Long Beach, Glendale, Santa Monica and others.
Government and business have combined to check the ravages of this
Too Many Branches.
new and formidable type of security swindler. Better business bureaus,
as the agencies of legitimate business have endeavored to protect the
I find it difficult to believe that even the most ardent advocate of branch
public by a process of education and publicity designed to enable an in- banking would contend that the public convenience requires the multiplicadividual who may be approached by a "tipster" operator to identify him tion of banking facilities to this extent. In one suburban district with which
readily.
I am familiar there are four branch banks in close competition for business,
Fifteen years of sustained Better Business Bureau operation have dis- while a single sub-post office handles the postal business for the same terriclosed no more certain guard for the investor against security frauds than tory. The four branch banks involves four executive salaries, four rents,
facts. For It is only with facts that the prospective investor can combat and nearly four times as much expense of all kinds, all of which expense is
the unscrupulous and unprincipled "gyps" who seek to infest the financial being paid by someone, either in the form of higher charges and poorer
structure of our country, looking for easy money, and eagerly awaiting an service to the public, or by the banks from the earnings of their other
opportunity to perjure themselves for cash
offices. It 18 the old story of"Jones pays the freight," and it is the feeling
We have as fine a group of financial institutions—banks, security houses, of many bankers that the speed limit has been exceeded in this multiplication
and trust companies—as exist anywhere in the world. But,at the same time, of branches.
it cannot be denied that on the outer fringe of these, either In the realm of
The establishment of so many branch banks has been caused by keen
chicanery which Is just within the law, or in the mazes of outright deceit competition for business. Banking services could probably be performed
beyond, there are individuals whose God is gold and who will stop at with as much satisfaction to the public and more profit to the banks, by a
nothing to attain it.
lesser number of offices. However self-preservation is the first law of
Let me caution you, that you can be of very material assistance to nature, and the opening of a branch in territory where a considerable numyourself in protecting your finances if you will pause each time you feel ber of another bank's customers are located naturally provokes reprisals.
disposed to part with your cash, and think just what this means. We are This has been the history of branch banking wherever practised, and there
not urging you to investigate only through the better business bureau. do not appear to be any established principles by which expansion of this
Go to your banker, responsible investment dealer, or lawyer—go where character may be regulated.
you will, so long as you believe that you are getting the best advice ob/n Other Countries.
tainable. But whatever you do, get the facts first.
the multiplication
Both in England and in Canada this same problem of
Mr. Hall also stated:
branches exists, yet these two countries are often cited as the
One of our outstanding accomplishments during the year just past of competing
barriers to unall
of
down
letting
should justify us in the
was the issuance of a bulletin on the subject of "Tipster Sheets." In this precedent that
banking. Furthermore the argument of greater safety so
we pointed out that fake financial promoters have developed an aston- limited branch
not entirely in favor of the Canadian system. Several
ishingly effective method of approaching the investing public, by means of often advanced is
Canadian bank furnished us with an example of what may
purported advisory services or "tipster sheets." These are bogus stock years ago a large
bank gets into difficulties, and a short time premarket advisory services which, in the guise of impartial advisers, mix happen if a large chain
saved from suspension by an emergency congeneral market observations with specific recommendations of stocks in viously another was only
institution.
which they are interested. . . . The Bureau has collaborated with law solidation with a stronger
by which a
The service rendered to the banking public is the criterion
enforcement officers throughout the United States and Canada in the deanalysis. On visiting England some
velopment of evidence which has resulted in the closing of the mails to bank must be judged in the last
in the
problems
difficult
there had
certain offenders, and the prosecution of others under State laws. A little months ago I found that the bankers
institutions so as to combine service and
more than two months ago George Graham Rice, whose real name is Jacob management of their unwieldy
banks have been established
Simon Herzig, was sentenced in the United States District Court to nine safety, and in some English cities independent
and are gaining business.
years in the Federal penitentiary and to pay a fine of $5,000. Herzig was that are proving more efficient and profitable
dilemma—
In large-scale branch banking the executive is faced with this
the editor of the" Wall Street Iconoclast," one of the most notorious of the
operations of all branches,
country's "tipster sheets" and one which served as a model for Herzig's to insure safety he must exercise control over the
making elaborate returns to
many imitators in the "tipster sheet" racket. The specific count on which yet in so doing the additional labor involved in
when received, may offset
he was found guilty was using the mails to defraud in the sale ofstock of the head office, and the task of analysing the same
customers of the bank
Idaho Copper Corp., which for several months he praised as an excellent the economies of large-scale management, while the
do
may find the same kind of problems that are met with in attempting to
investment in the columns of his publication.
"red-tape."
words
other
business with government departments—in
This was examplified to me last year when I visited British Columbia,
Branch Banking As Viewed By J. Dabney Day of Citi- the most westerly province of Canada. In the cities of Vancouver and
been very slow for a number of years.
zens National Trust and Savings Bank of Los Victoria business development has
discussing the situation with prominent merchants and leading business
Angeles—Consideration Urged of Risks Inherent In
part, at any rate, to the difficulty of
in
due
men we were told that it was
in Concentration of Banking Power.
obtaining bank credits. The loaning power was centered in the head
offices of the banks at Toronto and Montreal, and they were evidently
Stating that "there are risks inherent in the concentration employing
the funds of the banks elsewhere.
in
in
our great cities that
a few hands
When we crossed the border into Seattle we found a totally different
of banking power
The northwest Is no different from British Columbia in resources
should be very carefully considered in connection with the picture.
conditions, but was prospering. Growth was in evidence all around us.
extension of branch banking, J. Dabney Day, President of and
The deposit funds of this community were being employed at home by local
to build up the home community. The loaning
the Citizens National Trust & Savings Bank of Los Angeles, bankers and were operatingfamiliar
with local conditions and not located in a
was on the spot,
authority
that
"traffic
address
added
on
12
Feb.
an
conditions
in
Cal.,
distant city.
Suburban Branches.
may compel the provision of facilities through branch offices
These objections do not apply to branches that are merely service stations
in the suburbs of our cities, but we should proceed with
the bank in the same community. The universal use of the automobile,
great caution in extending the system beyond these limits." of
with consequent traffic congestion, together with the spreading out of our
Mr. Day's address, presented under the title "A Practical cities over immense areas of land, have virtually cut off the city bank from
Discussion of Branch Banking," was delivered before the many of its customers. In Los Angeles we have a car to every three
1166
FTNA Ne'T A T, CITRON-7c1
persons, and in California despite its mileage of good roads there are 26
cars registered to every mile of road. Our city streets were not laid out for
this kind of traffic and are so choked with automobiles that our customers
cannot get to the bank with the facility in former years. To send a mmsenger around to outlying customers would be very costly and inconvenient
—therefore the establishment of an office in outlying suburbs is the way In
which the bank is taken to the customer.
There are some further considerations that set up a distinction between
the suburban branch banking office ana those of state-wide, or nation-wide
banking chains. In operating branches within the city limits It is usually
possible to arrange a messenger service whereby customers in the suburbs
enjoy the same clearing and collection facilities as those in town
The books of the bank can be cleared daily of all items as between head
office and branches, and so be kept under proper control and easily checked
by the authorized bank examiners. Responsible executive officers from
the parent office may visit branch offices at very short notice to deal with
all important problems that arise. In all essential features this class of
branch is no different from a mere extension of the banking floor, and in
these days of heavy traffic congestion it brings a real service to the public.
The McFadden Ad.
These considerations were the basis of the McFadden Act two years ago
by which Congress sought to regulate, amongst other things, the establishment and operation of branches by national banks and state bank members
of the Federal Reserve System. As you know, the effect of the law was to
confine future branch openings to the city limits of the parent bank's
locality, and to allow branches to be opened only in those states where
state banks possessed the privilege. A further restriction limited branches
to the larger cities
It was my privilege to go to Washington as chairman of a committee of
independent hankers from California during the Senate hearings on the
McFadden Bill, and when it was finally passed into law the Act was substantially In the form we recommended.
F
128.
consolidation of State Banks with National Banks. This is
learned from the "United States Daily" of Feb.8, which says
The Act, which was passed by Congress and became law on Feb. 2 1927.
provides among other things, the brief states, that"any bank incorporated
under the laws of any State, or any bank incorporated in the District of
Columbia, may be consolidated with a national banking association located
In the same county, city, town, or village under the charter of such national
banking association . . . and said consolidated National banking association shall hold and enjoy . . . the right of succession of trustee. executes'.
or in any other fiduciary capacity in the same manner and to the same
extent as was held by such State or District bank."
Consolidation Opposed.
On June 27 1927. the Comptroller of the Currency issued a certificate
approving the consolidation of the Merchants National Bank of Worcester.
Mass., a National bank, and the Fitchburg Bank and Trust Co., a corporation organized under the laws of Massachusetts. The consolidated bank
bears the name of neither of its constituents, the brief adds, but its corporate title is Worcester County National Bank of Worcester.
Prior to this consolidation, the Fitchburg Bank & Trust Co. was appointed executor of the will of Julia A. Legnard, the brief states. After the
consolidation and approval by the Comptroller of the Currency, the Worcester County National Bank attempted to file the first and final account
of the Fitchburg Bank & Trust Co. as executor.
This account shows, the brief states, that the account Is rendered for the
Fitchburg Bank & Trust Co. up till the date of the consolidation. After
that date it is rendered on its own behalf.
Court Rejects Account.
The probate judge refused to accept this rendition of the account, and
certified to the Supreme Judicial Court of Massachusetts the facts in the
case and the question of law involved. The Supreme Judicial Court found
that the Worcester County National Bank had no new appointment from
Individualism of American Cities.
the probate court to act as executor in place of the Fitchburg Bank &
In contrasting out banking conditions with those in other countries, Trust Co., and accordingly instructed the probate judge to refuse to allow
allowance must always be made for the intense local patriotism of the the account.
This statute, the Friel' adds, provides for the succession of consolidated
American city. There is no country in the world where communities are
as self-conscious as in America and this strong individualism has been an National banking associations as executor by operation of law, and, it is
within
the constitutional power of the Congress to legislate for that purpose.
important factor in the upeuilding of our country. It has prevented In
large measure the domination of considerable areas by any one great city. The history of this I laslation shows that the Congressional purpose waa to
preserve and render more secure the National banking system as an inIt has diffused prosperity instead of unduly concentrating it.
It has given local business a chance to succeed instead of centering vast strumentality of the Federal Government.
The power of Congress to create Federal fiscal agencies and endow them
amounts of business in a few hands. The facts that we do have very large
with relevant and appropriate functions, or to protect them against State
aggregations of industry and finance is a result of these conditions a con
sequence of diffused prosperity and not at the expense of the smaller com- created competition by transmutation, the brief contends, Is as plenary
as the Congressional power to create such instrumentalities by initial
munities
The local bank that is typical of American finance has been both a cause organization.
and a consequence of this feature of our social development. Communities
take pride in their local banking progress and the growth of deposits and
resources. The banker of the community is always a leader. Local Prof. Edie Questions Whether Rate of Gold Production
capital Is invested in the bank and Its stock is usually In strong hands.
Is Adequate for Monetary Needs.
To be a director of a bank implies a certain standing in the community.
Dubt as to whether the rate of world gold production is
Local financial needs come first in the financial operations of the bank and
with the co-operation of strong city correspondents and the Federal Eeserve adequate for monetary needs was raised on Feb. 9 by
System a well-managed bank can take care of all legitimate banking requireProf. Lionel D. Edie, of the School of Commerce and Adments.
However good a case may be made out for suburban branch banking, ministration of the University of Chicago in address to a
there is serious question in my mind whether a branch bank could possibly group of bankers at Fort
Wayne, Ind. Prof. Edie estiserve these other communities as well as he independent. Flanking is
not merely a matter of office routine, but implies an all around knowledge mated that the world's production of gold in 1928 was
of human nature, local conditions, legal and financial matters, and however about $407,000,000, a figure only 1.5% above the level of
well-skilled in banking detail a branch manager may be, he would find it the two
preceding years. He said:
hard to serve the public as well as the local banker, while his power of use-"The world's monetary stock of gold at the end of 1928 was not less
fulness might be circumscribed by control from a distant head office, not
than $10,564,000,000. This sum represents a gain of about $560,understanding local needs.
000,000 during the year just ended.
Conclusion.
"Since 1913, the average annual addition to monetary gold stocks
This brings me to a conclusion. From an experience of 25 years of active
has been not more than $120,000,000. This figure is much less than
banking, and in close contact with a highly organized branch banking comthat
usually assumed, and raises the question, What becomes of the
munity. I feel that we should proceed with extreme caution In the relaxing
gold? The average per annum output of the mines has been nearly
of laws that keep banks from expanding further than the city limits or $4
00,000,000.
Obviously about $280,000,000 per annum of this has
contiguous territory of the community where the parent office is located.
gone either into the hoards of the Orient or into the industrial arts
There is some excuse for neighborhood or suburban offices where traffic
of the world, leaving less than one-third of the current production to
congestion Is a severe problem, though even here there should be a strict
be added to monetary stocks.
limitation of the number of offices established.
"These non-monetary forms of absorption have been much greater
It is my thought that the urgency of the whole subject is over-rated.
than students of the matter had supposed, and if they continue, will
Out of 3.000 branch banks now in existence in this country. 2,000 are within
againmoraise
rn
ae
istry question; Is the rate of world gold production adequate
the city limits of the municipality where the parent office is located, while of
for
the 1,000 outside we may surely believe that most of them are in "contiguous territory," virtually within the same community. There are still
comparatively few branch banks in communities other than that in which Roy
A. Yqung, Governor of Federal Reserve Board,
the parent bank is located.
Confers with Officials of New York Federal ReOur banking situation is far better to-day than for many years past. The
severe economic upheavel caused by the war seems to have run its course
serve Bank.
and suspensions during 1928 were only half the number recorded for 1927,
Roy A. Young, Governor of the Federal Reserve Board,
and the lowest total since 1923. Agricultural states that have been through
a long period of depression are now coming into better times. Education arrived in New York on Monday, Feb. 19, it is reported,
Is playing its part in developing better bankers. Banking authorities and
held a series of conferences on Feb. 20 with officials of
are insisting on higher standards of skill, and adequate capitalization,
the New York Federal Reserve Bank. The "Times" of
before granting charters to new banks. The future outlook is promising.
We can never emphasize too strongly the part that good management Feb. 20 said:
plays in the banking business. Whether it be in Texas, California, Canada,
The presence here of Mr. Young caused considerable comment in Wall
or anywhere else there is no substitute for careful, intelligent, thorough
Street in connection with the Reserve Board's recent demand for a reducmanagement. The task Is sufficiently exacting to require the whole of one tion
in speculative loans and the measures which the Reserve Bank has
man's efforts. It is not possible to be a first class banker and a retail mertaken to carry out the Board's policy. At the Bank, however, It was said
chant at the same time; 16 is not possible to be even a third-class banker
that Mr. Young was here only on routine business. Mr. Young looks over
and a speculator at the same time. We need to take our responsibilities affairs
at the New York Reserve Bank several times a year.
very seriously, to specialize upon the study of banking and bank manag&
ment to the exclusion of everything lose.
It will be only through a constant endeavor along these lines that we
can make progress. A mere change in the structure of bank organization Earnings and Expenses of Member Banks in Federal
would not of itself accomplish it, for whether we have unit banks or branch
Reserve System During First Half of 1928—Increase
banks the factor of management remains all
of $40,000,000 in Net Profits as Compared with Last
Branch Banking Act Involved in Suit—Question as to
Right of State to Obstruct Functions of Bank.
Counsel for the Worcester County National Bank, of
Worcester, Mass, has filed briefs in the Supreme Court of
the United States in a case entitled Ex Parte, Worcester
County National Bank, No. 469, involving the constitutionality of the Branch Banking Act, which authorizes
Half of 1927.
From the Federal Reserve Bulletin for December, it Is
learned that combined net profits of all member banks in
the Federal Reserve system amounted to $254.000,000 for the
first half of 1928. These profits, the Reserve Board states,
"remsent an increase of nearly $40,000,000 over the last
six months of 1927 and constitute a return of 9.32% on the
bank's capital funds, as against 8.21% for the last six
FINANCIAL CHRONICLE
FEB. 23 19291
months of 1927 and 9.13% for the first six months of that
In presenting tables showing earnings and exyear."
penses of all member banks for 6-month periods since Dec.
31 1926, the Board says:
The increase of nearly $40,000,000 in net profits for the first half
of 1928 resulted from an increase in gross earnings only partially offset
by growth in expenses, and a decline in net losses charged off. As a
result chiefly of growth in the volume of member bank loans and investments gross earnings for the first half of 1928 showed an Increase
of about $27,000,000 over the preceding six months. This increase was
partially absorbed by an increase of $10,000,000 in expenses. The net
amount of assets which were charged off during the period, after allowing
for recoveries on assets previously charged off, showed a decrease of more
than $20,000,000. The decline in losses charged off was largely in losses
on loans. Declines in bond values during part of the period were reflected
in an increase of $2,000,000 in amounts changed off on bonds and securities. During the same period, however, member banks as a group showed
an increase of $4,000,000 in profits on securities sold (which are reported
among their gross earnings).
EARNINGS AND EXPENSES OF ALL MEMBER BANKS, DEC. 31 1926 TO
JUNE 30 1927.
[In thousands of dollars)
First 6 Months of 1928
Increase or decrease as compared withAmount
Last 6
months
of 1927
Gross earnings
Expenses
Laid 6
months
01 1927
Net earnings
323,645 +17.201 +25,516
Total losses
Recoveries on loans
Recoveries on Investments_
All other recoveries
306,444
298.129
-622
+3,785
-69
69.421
19.549
28,298
54,324
17,735
19.366
94,519 --22,749
+3.094
117.268
91.425
+709
-333
+543
13.412
12,598
--105
--743
--780
Total recoveries
25,210
-1.628
Net losses*
69,309 -21,121
254.336 +38.322 +23.341
Net profits
5.620
5.210
7.806
6.483
+919
26,838
24.291
+2,175
90.430
67,134
216.014
230.995
• Total losses charged off less recoveries on assets previously charged off.
Summary for the fiscal year 1928.-Member banks earned net profits
of $470,000,000 during the year ended June 30 1928, an increase of about
The banks' capital funds,
at $5,362,000,000* in 1928, were $360,000,000 larger than in 1927, and
the increased profits constituted about the same rate of return on capital
funds in 1928 (8.77%) as was earned in 1927.
Gross earnings showed an increase of about $125,000,000 for the year,
owing chiefly to a growth of $2,000,000,000 in the volume of member
bank loans and investments. Of this increase in gross earnings nearly
$90,000,000 was absorbed by increased expenses attributable in large measure to increase in the amount of interest paid on deposits, in consequence
of growth in the volume of deposits, and to increase in salaries and wages.
Despite an increase in recoveries on assets previously charged off, there
was an increase of more than $5,000,000 in net losses charged off4
$30,000,000 over the preceding fiscal year.
*Average of amounts from reports of condition for five call dates during
the year.
tProfits on securities sold, which showed an increase of $17,000,000 in
1928 and which are reported among the banks' gross earnings, have not
been taken into account in the computation of net losses.
Earnings and expenses of member banks are summarized in the following
table:
EARNINGS AND
ENDED JUNE 30 1928.
Gross earnings:
Interest earned
All other earnings
Gross earnings:
Interest earned
All other earnings
Total
Expenses
Net earnings
Losses
Recoveries
Total
Expenses
Net earnings
National me ,'
ber banks
State member
banks
1.154.523.000
189.040,000
654,246.000
195,618,000
2,193,427,000
1.563,338.000
1,343,563.000
957.131,000
849,864.000
606.207.000
630,089,000
386,432,000
243,657,000
211,787,000
52,048,000
152.970.000
36,460.000
58.817,000
15,588,000
Net losses
159.739,000
116,510,000
43.229,000
Net profits
470,350,000
269,922,000
200,428.000
34,147,535.000, 21,367,297,000
5,362,391,00M
3,388,848,000
9,305,252,000
3,474,986,000
Loans and investments a
Capital funds a
Increase or decrease in 1928 as compared with 1927
Gross earnings:
Interest earned
All other earnings
+85,282,000
+39.275,000
+78,432.000
+22,869.000
Total
+124,557,000
+101,301,000
+23,256.000
Expenses
+88,137,000
+75,259,000
+12.878.000
+36.420,000
+26,042,000
+10,378,000
+9,513,000
+4,026,000
+11.328,000
+3,132,000
-1,815.000
+894,000
Net earnings
Losses
Recoveries
+6,850.000
+16,406.000
Net losses
+5,487,000
+8,196,000
-2.709,000
Net profits
+30,933,000
+17.846,000
+13,087,000
Loans and Investments
Capital funds
+2,045,421,000 +1,631.420.000
+227,242.000
+359,917.000
+414,001.000
+132.675,000
a Average of amounts from reports of condition for five call dates, June 30 1927
to June 30 1928.
S Capital, surplus and undivided profits, less reserve for taxes, interest, ae., ac-
crued.
1928. I 1927.
1928. I 1927.
$5.30
1.13
$5.37
1.08
$5.40
.88
$5.45
.84
$5.12
1.53
$5.24
1.45
6.42
4.58
6.44
4.60
6.29
4.48
6.29
4.47
6.65
4.74
6.68
4.80
1.85
1.85
1.81
1.83
1.91
1.89
.62
.15
.63
.15
.72
.17
.72
.17
.46
.12
.49
.12
Net losses
.47
.48
.55
.55
.34
.37
1.38
1.37
1.26
1.28
1.57
1.51
$6.24 I '16.411
$6.72
Per $1 of capital funds
Net profits (9
$6.37 I $6.42 I $6.31
$8.77 I $8.78
$7.97 I $7.97 $10.16 1 210.18
a Total loans and investments.
b Equivalent to the product of the two preceding ratios. I. e., of the ratios shown
for net profits per $100 of earning assets and earning assets per El of capital funds.
During 1928 total interest earned by member banks amounted to $5.30
per $100 of earning assets (loans and investments) as against $5.37 in
1927. This decrease in the rate at which interest was earned, per $100
of earning assets, was offset by increase in the rate of other earnings, with
the result that gross earnings per $100 of earning assets, at $6.43, were
about the same for 1928 as for the preceding year. Expenses and net
losses per $100 of earning assets showed practically no change as between
1927 and 1928 and as a consequence net profits in 1928, at $1.38 per
$100 of earning assets, were practically the same as in 1927.
Comparison of averages for the two fiscal years. 1927 and 1928, shows
that growth in the capital funds of member banks was at about the same
rate as growth in the volume of their loans and investments, so that the
proportion between the two showed little change. In 1928 member banks
held $6.37 of earning assets for each dollar of capital funds. Profits of
$1.38 per $100 of earning assets represented, therefore, a return 6.37 times
as large on the banks' capital funds, or 8.77%, which approximates closely
the figure, 8.78%, for 1927.
Interest received and interest paid.-Beginning with the last half of
1926, interest, discount, and dividends earned by member banks, together
with interest paid on deposits, has been reported to show separately amounts
received on loans, on investments, and on balances with other banks; and
amounts paid on time deposits, on demand deposits, and on balances due
to other banks. Comparison of amounts of the several classes of interest
for the year 1928 with the average amounts on which they were earned
or paid indicates approximately the rates that were effective during the
year. Ratios computed in this manner are presented in the accompanying
table. It should be noted that the average amounts of loans, investments,
and deposits derived from figures tor five call dates are only approximations to the amounts upon which interest was actually earned and
paid during the year.
INTEREST EARNED AND DEPOSIT INTEREST PAID BY MEMBER
BANKS DURING THE YEAR ENDED JUNE 30 1928.
Interest and discount earned:
On loans
On Investments(c)
On balances with other banks
Interest paid on deposits:
Time
Demand
Bank
Total
Losses
Recoveries
State member
banks
Net profits
Total
1,808,769,000
384,658.000
National member banks
1928. I 1927.
Per $100 of earning assets a
EXPENSES OF MEMBER BANKS DURING THE YEAR
All member
banks
All member
banks
Per $100 of capital funds
53.702 -15.719
21,520 +1.971
19.297 -9,001
13.307
4,877
7.026
OPERATING RATIOS FOR THE YEARS ENDING JUNE 30 1927 AND 1928.
Earning assets
1,110,315 +27.203 +73,150 1.083,112 1,037.165
786.670 +10,002 +47.634
776.668
739.036
Losses on loans
Losses on Investments
All other losses
Operating ratios.-As has already been pointed out, growth during the
year in the volume of loans and investments in part explains increases
in the amounts of both their earnings and their expenses. In the table
following, in which earnings and expenses are expressed as ratios, the
effect of this growth in volume is eliminated, and what may be called the
earning power of a dollar of active bank assets in 1927 and 1928 may be
compared.
First 6
months
01 1927
First 6
months
of 1927
1167
Amount (a)
Rate (5)
$1.290.200.000
483.118.000
5.4
4.7
$1,773.318.000
5.2
$35,451,000
1.8
422.260.000
234.258.000
81.198.000
3.3
1.3
2.0
$737,716,000
2.1
a Figures for interest received and interest paid include $1,334.000 of Interest
earned and $2,310,000 of interest paid by State banks and not classified on their
reports of earnings and expenses. These relatively small amounts have been apportioned, by Federal Reserve districts, on the basis of the distribution of the classified
amounts.
Obtained by dividing the amounts of interest (adjusted) by averaged of the
amounts of related assets and deposits for five call dates.
c Includes dividends.
More detailed statistics of member bank earnings and expenses for the
years ended June 30 1927 and 1928 are presented in the following tables.
These and the statistics presented in the preceding summary tables are
based upon reports which the banks are required to make semi-annuallyState banks reporting to the Federal Reserve Board and national Banks
reporting to the Comptroller of the Currency.$
tStatistics of member bank earnings and expenses, together with some
analytical material, have been published in previous issues of the "Bulletin." (See pp. 402-405 of the issue for June 1925; pp. 869-873 of the
issue for December 1925; pp. 409.414 of the issue for June 1926; pp.
22-28 of the issue for January 1927; pp. 460-463 and 549-553 of the issue
for July 1927 ; pp. 830-832 and 882-885 of the issue for December 1927;
and pp. 450-452 and 536.539 of the issue for July 1928.) Statistics for
years ended June 30 1919 to 1927 were published also in the Annual
Report of the Federal Reserve Board for 1927. (See pp. 247-252.) Detailed figures for national banks are published in the annual reports of the
Comptroller of the Currency.
1168
FINANCIAL CHRONICLE
[VOL. 128.
EARNINGS AND EXPENSES OF MEMBER BANKS.
TABLE 1.-ALL MEMBER BANKS, BY CLASS OF BANK, YEARS ENDED JUNE 30 1927 AND 1928.
Amounts (in thousands of dollars)
National member
banks
All member banks
1927.
1928.
Interest earned
Domestic exchanges and collection charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
1928.
1927.
1.808.769 1,723,487
20,549
21.159
32,262
27.303
17,969
21,989
47.838
59.830
90,945
107.807
135,820
146,570
1,154,523 1,076,091
17,262
16,206
13,435
13.761
997
1,015
16,158
10,807
59,261
52,655
81.927
71,727
2,193,427 2,068,870
1,343,563 1,242,282
737,716
29,785
430.099
110.486
255.252
687,021
29.363
408.048
109,408
241,061
452,098
18.612
262,406
68,723
155,292
Amounts per $100 of earning assets.a
AU member
banks
State member
banks
National member banks
Stale member
bank:
1928.
1927.
1928.
1927.
1928.
1927.
1928.
1927.
654,246
3,897
13,868
20,992
43,672
48,546
64,643
647,396 $5.30
4,343
.06
18,501
.08
16.954
.06
37,031
.18
.32
38,290
64,093
.43
$5.37
.06
.10
.06
.15
.28
.42
$5.40
.08
.07
15.45
.08
.07
.01
.05
.27
.88
$5.12
.03
.11
.16
.34
.37
.51
$5.24
.04
.15
.14
.30
.31
.52
.08
.28
.38
849.864
826,608
6.42
6.44
6.29
6.29
6.65
.668
408,161
18,342
243,061
70.304
142,004
285,618
11,173
167,693
41,763
99,960
278,860
11,021
164.987
39.404
99,057
2.16
.09
1.26
.32
.75
2.14
.09
1.27
.34
.75
2.12
.09
1.23
.32
.73
2.07
.09
1.23
.36
.72
2.23
.09
1.31
.33
.78
2.26
.09
1.33
.32
.80
1,563,338 1,475,201
957,131
881,872
606,207
593.329
4.58
4.60
4.48
4.47
4.74
4.80
630,089
593.669
386,432
360,390
243,657
233,279
1.85
1.85
1.81
1.83
1.91
1.89
Losses on loans
Losses on investments
All other losses
123,123
41,069
47.595
120,676
37,200
44,398
92,087
29,152
31,731
86,497
27,568
27,577
31,036
11,917
15,864
34,179
9.632
16,821
.36
.12
.14
.38
.12
.14
.43
.14
.15
.44
.14
.14
.24
.09
.12
.28
.08
.14
Total losses
Recoveries
211,787
52,048
202,274
48,022
152,970
36,460
141,642
33,328
58,817
15,588
60,632
14,694
.62
.15
.63
.15
.72
.17
.72
.17
.46
.12
.49
.12
Total expenses
Net earnings
Net losses b
Net additions to profits
Dividends declared
159,739
154.252
116,510
108.314
43,229
45,938
.47
.48
.55
.55
.34
.37
470,350
324.294
439,417
292,066
269,922
205,219
252,076
180,629
200,428
119,075
187,341
111.437
1.38
1.37
1.28
1.28
1.57
1.51
86.37
8.77
$6.42
8.78
86.31
7.97
86.48
10.16
$6.72
10.18
23.850,355 22.713.794 14,545.103 13.653,645 9,305.252 9,060.149
10,297,180 9,388.320 6,822,194 6,082,232 3,474,986 3,306,088
Loans e
Investments e
34.147,535 32,102,114 21.367.297 19,735.877 12,780,238 12.366.237
Earning assets c
5,362,391 5,002.474
Capital funds e
3.388,848 3,161,606 1,973,543 1,840.868
Other ratios. (a)
Earning assets per $1 of capital funds
Net profits per $100 capital funds
$6.24
7.97
.33
.63
.53
.38
.63
.52
Losses on loans per $100 of loans
.34
.43
.45
.40
.29
.40
Losses on investments per $100 of investments
a These ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses and dividends. It sho lid be borne in
mind In using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and such ratios as are shown in this and the
following tables are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison
with the figures for entail banks. No adjustments have been made in the underlying data for changes during a given year In the number of banks whose reports underlie
the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes.
b Total losses charged off less recoveries on assets previously charged off.
d Capital surplus and undivided profits less reserves for taxes, interest. dm, accrued.
C Averages of amounts from reports of condition for four call dates (June 30,1926, to June 30 1927). and for five call dates (June 30 1927 to June 30 1928).
TABLE 2-ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDED JUNE 30 1927 AND 1928.
(In thousands of dollars)
Federal Reserve District
new
Boston
Interest earned
All other earnings
Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
I OrK
Bnuaaetpnia
ctevetana
.
1928.
1927.
1928.
1927,
1928.
1927.
1928.
1927.
,
133,063
26,566
127.002
21,411
524,363
143.639
479,343
127,973
136.408
24,974
134,406
20,934
185,365
34,750
180,555
33,243
159.629
148,413
668,002 607,316
62.951
2,163
26,723
6.302
16,360
58,755
1,933
25,407
6.004
15,428
/mamma
Aussie
1928.
1927.
1928.
1927.
76,476
10,757
74,380
10,005
70,254
12.764
71,058
12,219
161,382
155,340
220,115
213,798
87,233
84,385
83,018
83,277
216,970
8,630
123,325
23,779
71,998
196,074
6,807
112,625
26,596
67,233
52,568
2,399
28,059
8,808
16,175
50,180
2.330
27,168
7.837
15,406
85,621
2,420
39,499
13,438
21,242
80.904
2,611
38,769
11,872
21,351
29.290
1.721
16,954
5,551
9.711
27,361
2,096
16,765
4,614
9,137
24.882
2,198
17,653
5,642
11,192
23,589
2,730
17.707
5,843
11,124
114.499
107,527
444,702
409,335
108,009
102,921
162.218
155,507
63,227
60,973
61.537
60,993
Net earnings
45,130
40,888
223,300
197,981
53,373
52,419
57,897
58,291
24,006
23,412
21,481
22,284
Losses on loans
Losses on investments
All other losses
10,961
5,123
2,726
10,019
6.747
2,812
24,520
16,777
8,492
20,251
11,554
9,576
7,131
2,712
2,441
4,093
3,214
2,522
8.730
3,879
4,379
9,889
5,479
4,214
6,230
1,824
1.787
6,149
820
1,582
7,937
942
2,115
8,785
674
1,841
Total losses
Recoveries
18,810
5,501
19,578
4,241
49,789
12,048
41,381
11,781
12,284
3,909
9,829
3,127
16,988
3,275
19,582
3,551
9,841
1,994
8,551
1,335
10.994
2,395
11,300
2,075
Total expenses
Net losses
Net addition to profits
Dividends declared
Loans a
Investments a
Earning assets a
Capital funds a
13,309
15,337
37,741
29,600
8,375
6,702
13,713
16.031
7,847
7,216
1,599
9,225
31,821
20,859
25,549
20,145
185,559
107.226
168,381
97,859
44,998
26,813
45,717
26,493
44,184
28,737
42,260
27.636
16,159
12,756
16,196
13,096
12,882
11,247
13,059
12,208
1808,788 1,730,041 7,659,717 6,885,980 1,630,363 1,600,635 2,206,317 2,162,107 1,024,404 1,013,851
'807,228 745,096 3.176,348 2,952,457 962,221 889,697 1,137,810 1,043,802 321,787 276,636
894,732
262,792
916,674
242,895
2,616,01112,475,137 10836065 9,838,437 2,592,584 2,490,332 3,344.127 3,205,909 1,346,191 1,290,487 1,157,524 1359,569
Soo eon
'175 (12(1
1.712.5811 1_523.385
543.902 507.975 550.808
533.931
240.677
235.321
194.993
189.866
Federal Reserve District
Chicago
Interest earned
All other earnings
Gress earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
St. Louts
Minneapolis
Kansas city
Lnutas
Ban r rancisco
1928.
1927.
1928.
1927.
1928.
1927.
1928.
1927.
1928.
1927.
1928.
1927.
251,333
59,914
243,573
52.511
75.710
12,184
74,783
11,758
50,406
6,948
49,371
6,379
73,044
11,197
71.295
11,772
57,299
7,292
54,749
6,621
175,048
33,673
162,072
30,557
311,247
296,084
87,894
86,541
57,354
55,750
84.241
83,067
64,591
61,370
208,721
193,529
104,274
3,648
63.281
20,985
40,219
97,753
3,497
60,766
18,846
37,755
28.033
2,445
18,035
5.522
10.566
27.461
2,443
17.689
6,447
10,448
21,029
316
12,454
2.967
6.958
20,569
444
12,293
3,033
6,724
24,917
844
20,034
5,034
12,205
24,248
853
19,515
4.808
11,977
15,084
845
15,781
4,571
8,658
13,888
1,307
15,489
4,611
8,577
72,097
2,186
48,301
7,889
20,968
66,239
2,312
43,855
8,197
25,901
232,407
218,617
64,601
64,488
43,724
43,083
63.034
81,401
44,939
43,872
160,441
148,504
Net earnings
78,840
77,467
23.293
22,053
13,630
12,687
21,207
21,666
19,652
17,498
48,280
47,025
Losses on loans
Losses on investments
All other losses
15.893
2,700
6,617
14,651
3,492
6,176
5,472
936
1,901
6,000
822
2,685
5,918
793
1,582
6,433
871
1,133
8,780
1,340
3,452
12,389
1,426
3,311
8,791
341
3.045
8,591
428
2,063
12,760
3,702
9,058
13,426
1,673
6,483
Total losses
Recoveries
25,210
5,608
24,319
6,037
8,309
2,523
9.507
2,665
8,293
2,564
8,437
1,931
13.572
3,901
17.126
4,063
12,177
3,133
11,082
2,602
25,520
5,197
21,582
4,614
19,602
18,282
5,786
6,842
5,729
6,506
9,671
13,063
9,044
8,480
20,323
16,968
59,238
45,198
59,185 17,507
12,988
36,317
15.211
13,746
7,901
5,780
6.181
5,699
11,538
9,821
8.603
8,347
10,608
9,156
9,018
8,289
27.957
33,713
30.057
22,231
942,823
423,861
941,033
384,840
543,969
344,769
548.383
315,644
782,506
404,461
787,959
363.603
686,344
199,218
656,2802,136.221) 2,078,237
165,948 924,683 789,631
4,866,165 4.612,685 1.366.684 17325.873
888,738
864,027 1,186.967 1,151,562
885,562
822,228 2,060,912 2,865,868
Total expenses
Net losses
Net addition to profits
Dividends declared
Loans a
Investments a
Earning assets a
3,534,163 3,394,614
1,332,002 1,218,071
Dapltal funds a
704,501 861.604 208,737 205,103 115,009 113.720 157,341 154,402 162.776 161,281 371,368 2,341,867
a Averages of amountsfrom reports of condition for four call dates(June 30 1928 to June 30 1927) and for five call dates (June 30 1927 to June 30 1928).
1169
FINANCIAL CHRONICLE
FEB. 23 1929.]
TABLE 3-RATIOS-ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDED JUNE 30 1927 AND 11112.
Federal Reserve District
Boston
1927.
1928.
Amount per 2100 of earning assets:
Interest earned
All other earnings
Clevetans
Philadelphia
New York
leiChMOINI
4114111141
1927.
1928.
1927.
1928.
1927.
1928.
1927.
$4.84
1.33
$4.87
1.30
$5.16
.96
$5.40
.84
$5.54
1.04
$5.63
1.04
$5.68
.80
1928.
192E.
192'7.
$5.76
.78
$6.07
1.10
seas
1.00
$5.09
1.02
$5.13
.87
6.10
6.00
6.17
6.17
6.23
6.24
6.58
6.67
6.48
6.54
7.17
2.41
.08
1.02
.24
.63
2.37
.08
1.03
.24
.62
2.00
.08
1.14
.22
.66
1.99
.07
1.14
.27
.68
2.03
.09
1.08
.34
.62
2.01
.09
1.09
.31
.62
2.56
.07
1.18
.40
.64
2.52
.08
1.21
.37
.67
2.18
.13
1.26
.41
.72
2.12
.16
1.30
.44
.71
2.15
.19
1.53
.49
.97
7.1$
.......
2.0$
.94
1.59
.60
.00
Total expenses
4.38
4.34
4.10
4.16
4.17
4.13
4.85
4.85
4.70
4.72
6.32
5.25
Net earnings
1.73
1.65
2.06
2.01
2.06
2.10
1.73
1.82
1.78
1.81
1.86
1.92
.72
.21
.79
.17
.46
.11
.42
.12
.47
.15
.39
.13
.51
.10
.61
.11
.73
.15
.66
.10
.95
.21
.97
.18
Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
Total losses
Recoveries
.51
.62
.35
.30
.32
.27
.41
.50
.58
.56
.74
.80
1.22
1.03
1.71
1.71
1.74
1.84
1.32
1.32
1.20
1.26
1.11
1.13
6.55
7.96
6.62
6.83
6.33
10.84
6.46
11.05
4.77
8.27
4.90
9.00
6.07
8.02
6.00
7.91
5.59
6.71
5.48
6.88
5.94
6.61
6.11
6.88
.61
.64
.58
.91
.32
.53
.29
.39
.44
.28
.26
.36
.40
.34
.46
.52
.61
.57
.61
.30
.89
.36
.96
.28
1927.
1928.
Net losses
Net addition to profits
Other ratios:
Earning assets per $1 of capital funds
Net profits per $100 of capital funds
Losses on loans per $100 of loan
Losses on Investments per $100 of Invest's
Federal Reserve District
Chicago
$6.15
.94
$6.19
1.02
$6.47
.82
$6.66
.81
$5.72
1.10
$5.69
1.07
6.53
6.45
6.45
7.10
7.21
$7.29
7.46
6.82
6.75
2.07
.18
1.33
.49
.79
2.37
.04
1.40
.33
.78
2.38
.05
1.42
.35
.78
2.10
.07
1.69
.42
1.03
2.11
.07
1.69
.42
1.04
1.70
.10
1.78
.52
.98
1.69
.16
1.88
.56
1.04
2.36
.07
1.68
.26
.98
2.31
.08
1.53
.29
.90
4.73
4.86
4.92
4.98
5.31
5.33
5.08
5.34
5.24
5.11
1.70
1.66
1.53
1.47
1.79
1.88
2.22
2.13
1.58
1.64
.61
.19
.72
.20
.93
.29
.98
.22
1.14
.33
1.49
.35
1.38
.35
1.35
.32
.83
1.7
.76
.16
$5.28
1.14
$5.54
.89
$5.64
.89
6.40
6.42
6.43
2.14
.08
1.30
.43
.83
2.12
.08
.1.32
.41
.82
2.05
.18
1.32
.40
.77
Total expenses
4.78
4.74
Net earnings
1.62
1.68
.52
.12
.53
.13
Total losses
Recoveries
Net losses
Net addition to profits
Other ratios:
Earning assets per $1 of capital funds
Net profits per $100 of capital funds
Losses on loans per $100 of loans
Loasei on Inveitment9 per $100 of invest'ts.
1927.
$5.71
.74
$5.17
1.23
Gross earnings
San Francisco
$5.67
.78
1927.
interest on deposits
interest on borrowed money
Missies and wages
Taxes
All other expenses
Dallas
1928.
1928.
1928.
kmount per $100 of earning assets:
Interest earned
kll other earnings
1927.
1927.
1927.
1928.
Kansas City
Minneapolis
St. Louts
1928.
.40
.40
.42
.52
.65
.75
.82
1.13
1.02
1.03
.66
.69
1.22
1.28
1.28
1.15
.89
.72
.97
.75
1.20
1.10
.91
1.05
6.91
8.41
6.97
8.95
6.55
8.39
6.46
7.42
7.73
6.87
7.60
5.44
7.54
7.33
7.46
5.57
5.44
6.52
5.10
5.59
8.24
7.63
8.38
8.79
.45
.20
.43
.29
.58
.22
.64
.21
1.09
.23
1.17
.28
1.12
.33
1.57
.39
1.28
.17
1.31
.26
.60
.40
.65
.21
_
TABLE 4-NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1928.
Note.-The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national
banks. Similar information for the last halt of 1927 was published on page 539 of the July 1928 issue of the "Federal Reserve Bulletin"; additional statistics for She
fiscal year ended June 30 1928 will be found in the annual report of the Comptroller of the Currency for 1928.
[In thousands of dollar:31
Member national banks, by Federal Reserve districts
Total
Gross earnings:
Interest receivedOn loans
On investment c
On balances with other banks
Domestic exch'ge dr collection chargesForeign exchange department
Commissions received
Trust department
Profits on securities sold
Other earnings
Total earnings
Expenses:
Salaries and wages
Interest paidOn borrowed money b
On depositsTime
Demand
Bank
Taxes
Other expenses
Capital and surplus d
St.
Louis
CMcage
Dallas
129,564
0
11,195
8,752 27,913
8,986
9,757
6,722
878
830
860
11,974 25.351 12,538 14,189
6,792 21,246 4,649 5.608
1.530 8,562 1,033 1,987
1.377 5,312 3,482 3,282
5,148 17.617 5.369 5,702
8,899
2,112
971
1,773
3,899
1.068
3,170
6,584 15.863
5,449
5,722
8,959
1,221
587
174
404
6,619 14,743
1,863 9,108
1,164 3.639
1,209 6,535
4,115 10,828
5.358
2,160
1,402
1,558
3,119
7.399
1.344
1,142
1,908
3,330
6,101
3,132
2,120
2,169
5,364
702
367
934
3,473 19.297
2,600 4.060
1,367 2,350
1,915 2.895
4,122 12.178
482,788 36,641 109,171 36.935 41,355 25,236 22.256 61.937 19,633 21.019 28,249 21.033 59.323
9,422
3,697
4,564
219,525
•
41,298
16,734
6,524
46
6,559
71,161
148,364
98,299
9,531 20,823
7,135
4,430
1,273
146
232
486
135
114
834
56
291
18,411 62,092 20,740 16,993 10,716 10.477 22,474
17,120 59,031 18,566 16,007 10,057
311
562
418
4,242
1,449
472
2
536
1,492
995
574
305
570
1,299
394
285
307
9,565 10,35619,221 1,303
85
371
1,030
52
239
413.474
161,851
12.498
7,974
6.061
473
8,446
31.687
42,724
423 685,053
51 135,992
35
64.709
10
27,277
13
33,428
80.852
61
269
483,057
154 201.996
941
686
292
1
0
0
9,423
3.697
4,564
7,870
5.611 11,324 11,677 21,140
155
219,680
2,246 3,127 4,505
970
210
647
669
251
247
-----------1
430 1,
303
1,791
215
252
5
269
2,604
359
347
4
369
9
25
5
-___
1
41,307
16,759
6,529
46
6,560
372
103
184
681
22
243
6,282
8,289
1,218
6
628
2,874
1,326
348
20
294
2.333
933
605
6
240
6.701 16,403
4,862
4,117
3,443
4,018
7,400
2,532
11,710 45,689 15,878 12,876
7,449 27,855 8,487 7.930
7,273
5,080
6,459 15,074
4,308 11,551
5,338
3,958
3,879
721
520
2
753
3,342
207
263
---938
4,093
1,408
1,332
---.544
3,683
5,875
4,750
7,377
40
71,201
1,928
2,560
5,449
4,263
6,927 13,763
3,569 11,295
115
53
148,479
98,358
1,592,981 124,387 376,087 113.191 125,200 96,040 77,529 201.813 74,220 59,847 84,418 89.755 170,492
1.418,710 109.994 438.389 203.885 135,188 74,510 54,694 139,795 37,944 32,795 39,503 42,339 109,674
875 1.593.856
985 1,419,695
• 3,011,691 234,381 814,476 317,076 260,388 170,552 132,223 341.608 112,164 92,642 123,921 132,094 280,166
1,860 3,013,551
_7,685
• Includes national banks of Alaska and Hawaii.
Atfonts
99
201.842
Total earnings and recoveries
Number of banks if
Richmond
NonmomAU
San ber na- national
Fran- stoma
basks
cisco banks*
7,189 17.609
135.941
64,674
27,267
33.415
80,791
Losses charged off:
•
On loans and discounts
On bonds, securities, dsc
On banking house, furniture dr fixtur
On foreign exchange
•
All other losses
Capital stock paid in if
Surplus fund if
Cleveland
Kaneas
COY
185
113
21
28
1
1
0
51
23
11,195
Total expenses
Total losses charged off
New
York
Minneapohs
413,289 30,522 91.196 31,547 30,982 25,257 22,589 54,024 17,369 14,724 24,435 23,472 47,172
161.738 13,575 46,177 16,516 17,932 5,679 4,519 16.604 6,480 6,965 7,749 3,665 15,877
851 1.534 1,208 1.490
693
770 1.046
12,472
588 1,139
958 1.461
734
659
736
605
878
325
235 1.396
7.946
220
869 1,242
255
526
772
89
35
6
16
356 3,184
887
6.030
142
415
106
22
41
0
50
220
15
13
6
472
109
3
8
1
6
88 1.563
289
48
102
775 3,407
8.446
306
168 1,016
276
408
3,981
258
565
535
541
10,810
3,214
31,536
4,218 3,879
583 1,961
991
4,308 10,973 1,688 2,624 1,802 1,987 5,456 1,227 1,193 2,581 1,950 6,912
42,701
684.630 53,761 168,202 55,501 57.362 35,293 31,787 82,760 26,768 25,449 37,314 31,389 78,544
129,505
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, &a
All other
Net addition to profits
Dividends declared
Boston
Phila.delphta
373
771
693
b Includes discount.
7181
507
379
c Includes dividends.
964
4831
6681
_923
if As on June 30 1928.
695
5111
6
7.691
1170
FINANCIAL CHRONICLE
[VoL. 128.
TABLE 5-STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1928.
ILI thousands of dollars]
Federal Reserve District
Boston
Total
Gross earnings:
Interest receivedOn loans a
•
On Investments
On balances with other banks
Unclassified
Domestic exchange and collection charges.
Foreign department
Commissions received
•
Trust department
•
Profits on securities sold
Other earnings
•
Total earnings
•
Dispenses:
Salaries and wages
Interest paidOn borrowed money a
On depositsTime
Demand
Bank
Unclassified
Taxes
Other expenses
mew
York
rfalla-
UMW
RICA-
cletphi4
land
mond
Atlanta Chicago
239.379
88.413
4,495
600
1.800
4,935
10.728
22.821
24.438
30.016
15.946
6,216
206
95,782
35.998
1,270
4
199
3.507
5.330
9.675
11.005
10.638
11,907
7,738
181
31,833
10,413
502
5,483
1,061
246
43
15
202
2.822
1.779
1.233
175
184
315
2,862
2.464
4.314
425,685
26.985 173,408
25.930
62
221
644
1,527
1,218
945
If.
Louis
Minns°poi!,
Kansas
City
San lE
Dallas Francisco
40.627
13,765
847
236
608
558
2.749
3.548
5,253
8.804
9.108
3,746
218
241
318
30
632
480
1.007
1,316
1,046
465
61
98
47
2
46
23
7
64
1.670
912
129
1,524
75
64
18,002
4,932
588
98
50
106
239
573
518
6.451
1,092
183
21
103
127
542
308
400
950
16
7
28
150
104
950
41
2
4
4
87
150
23
130
1,187
54
2,191
53,062
8.374
10.243
74.995
17,096
1,859
3,966
1.801
27,976
6,418
82.735
4,518
32.913
4,828
9,620
1.520
2,081
15.557
3.416
431
937
516
8.769
275
2,243
555
688
196
424
1,231
752
20
63
28
294
78.121
51.162
11.898
1.426
21.439
50.332
6.102
4,874
395
21.938
24.272
6,336
1.313
6,422
19,517
3.493
3.537
346
14.320
5.451
1.388
1,685
597
357
105
74
38
8.846
1,681
512
353
1,182
751
2.512
543
95
54
13
52
233
333
510
255
3.997
4.969
16,009
7.538
1.423
94
5.283
9.763
3.358
1.511
368
1.585
2.796
1,389
1,022
426
6
561
1,598
144
891
126
290
1.226
3,644
20.080 114,954
17.140
40.433
•
303.882
939
2.957
5,870
7,487
56.898
12,668
1.441
3.133
1,177
22.621
121.803
6.925
58.454
8,780
12,629
2,504
2,756
18.097
4,428
418
833
624
5,353
3.885
1.180
2.462
307
290
723
1.723
411
313
114
133
115
368
21
100
30
1
61
77
159
95
583
70
476
239
47
177
54
4
5
38
15
53
71
10
281
29
834
Total net earnings and recoveries
129.330
8.245
80.901
9.142
13,118
2.596
3.087
19.226
4.891
481
939
705
5.999
Losses charged off:
On loans and discounts
On bonds, securities, dm
On banking house, I'culture at fixtures
All other losses
12,404
4.78d
3.271
2,897
1,092
728
195
57
4,297
2,247
760
518
1.026
225
168
56
1,134
537
589
172
457
127
8
31
515
79
29
192
1.699
380
731
341
721
179
379
124
142
12
12
111
120
16
177
347
5
21
118
854
251
409
1,002
23,358
2,072
7.820
1.475
2.402
623
815
3.151
1.403
277
313
491
2,516
105,972
6.173
53.081
7.6417
10,716
1,973
2,272
16.075
3.488
204
626
214
3,483
58.115
3.074
27,391
4.85
6.564
957
1.1428.535
3.128
170
454
78
2,944
822,071
806.820
47.425 341.443 55.663 94,305
51.018 368.512 104.488 121.197
20,023
15,043
24.295 129.978
15,004 131,676
39.785
28.685
4,987
1,771
8.680
3.207
5,452
2.218
50.337
25,881
1.688.891
98.443 709.955 160,151 215.502i
35,666
39.359 201.652
66,470
5,858
11,947
7,070
76,213
ant)
110
59
22
05
I511
Total expenses
Wet earnings
Recoveries on charged-off assets:
Loans and discounts
Bonds. securities. Occ
AU other
Total losses charged off
Net addition to profits
_
Dividends paid
'Capital stock paid in c
Surplus fund c
Capital and surplus c
I
Number of banks c
a Includes discount.
S Includes dividends.
242
371
163
93
50
75
c As of June 30 1928.
Ten Largest New York Banks Increase Deposits 20.7%
During 1928-Total of Increase Is $1,220,216,443,
Says Clinton Gilbert Survey.
Deposits of New York's ten largest banking institutions
increased 20.7% during 1928 or $1,220,216,443, according to
a statistical compilation of 92 banks and trust companies in
Greater New York published by Clinton Gilbert, specialists
in banks and insurance stocks. Gains of other banks and
trust companies in the group covered by the Gilbert survey
showed proportionate averages of increase. The survey is
based on official New York Clearing House figures. A
statement bearing on the information divulged in the survey
says:
From the standpoint of deposits alone the present alignment of banks
and trust companies of Greater New York now begin with the National
City Bank first with deposits of 51.349.024.386. which represents an
increase of $73,981.420 for 1928; Chase National Bank second with deposits
of $1.111,652,400. an increase of $333.800,800 for 1928; Guaranty Trust Co.
third with deposits of $836,505,800, an increase of 5116,476.629 for 1928,
Irving Trust Co. fourth with deposits of 5732.029,300, an increase of $109.•
852.631 for 1928; National Bank of Commerce fifth with deposits of
5651.960.600, an increase of $116,345.200 for 1928: Bankers Trust Co
sixth with deposits of 4585,642,400. an increase of $23.573,349, for 1928:
Equitable Trust Co. seventh with deposits of $530,843,900, an increase of
$51,991,605 for 1928: Bank of the Manhattan Co. eighth with deposits of
5465,762.400. an increase of $154,637,800 for 1c28; First National Bank
ninth with deposits of 5450.360.800. an increase of $100.822.900 in 1928
and New York Trust Co. tenth with deposits of $394,823,200, an increase
of $138,723,107.
These figures are all based on the institutions' financial statements as of
Dec. 31 1927 and 1928, except that of Bank of the Manhattan Co., which
covers the period from Nov. 15 1927 to Dec. 31 1928. there being no State
Bank call on Dec. 31 1927.
The survey points out that during 1928 one more bank-the Chase National-reached the billion dollar deposit level. This brings the total to
two in New York with deposits in excess of a billion dollars, National City
Bank having reacned that figure in 1926.
Resources of New York State Banking Institutions
$16,000,000,000 According to Annual Report of
Bank Superintendent F. H. Warder.
Institutions under the supervision of the New York State
Banking Department experienced a healthy growth during
1928. Their resources at the end of the year totaled approximately $16,000,000,000 according to the annual report of
State Superintendent of Banks, Frank H. Warder, which was
submitted to the legislature on Feb. 15. In his report
Superintendent Warder, says:
The reports of the State banks, trust companies and private bankers as
of Dec. 311928, the date of the last call, show a gain of 21.11 per centum in
resources and 18.93 per centum in deposits during the period from Nov. 15
1051
1927 to Dec. 31 1928. This period covers thirteen and one-half months,
due to the fact that the last call for 1927 was made as of Nov 15 while the
last call for 1928 was as of Dec. 31.
The National banks of the entire country showed a percentage gain in
resources during the period from Dec. 31 1927 to Oct. 3 1928 of 2.70 and
the percentage gain in deposits for the same period was .63. The period
covered, however, in this case is but about nine months, due to the fact that
we have not as yet received the Dec. 31 1928, tabulations from the Comptroller of the Currency.
The resources and deposits of the State banks, trust companies and private
bankers as of Nov. 15 1927, end Dec. 31 1928, are shown by the following
table:
Resources Nov. 15 1927
Resources Dec. 31 1928
$7.985.918,312
9.672.183,052
Increase
Deposits Nov. 15 1927
Deposits Dec. 31 1928
51.686.264,740
56.602.155,588
7.852,005,843
Increase
51.249.850.255
The corresponding tabulations for the savings banks, savings and loan
associations, investment companies and other institutions under supervision
have not been made as yet and these totals will appear In the second and
third volumes of this report to be submitted in March.
We have, however, estimated the total, using the method which has
proved reliable in previous years. and believe that the tabulations will
show that the institutions under supervision had at the close of the
Year
1928 total resources aggregating at least
$16,0003,00.000
The total deposits in State institutions were approximately $10.850,000
000 on Sept. 28 1928, which is 47.16 per centum of the $23.005.000,000
000 reported as total deposits of all the National banks of the country on
Oct. 3 1928.
The percentage of capital and surplus to deposits shown by the reports of
Dec. 31 1928, is 14.27 as against 13.67 on Nov. 15 1927. That this is an
adequate ratio is shown by the fact that it is considerably higher than the
ratio accepted as a standard by good banking practice.
Authorizations were issued to 39 new institutions during the year. This
does not include authorizations issued to seven trust companies resulting
from the conversion of banks already existing nor does it include branch
authorizations or special authorizations granting fiduciary powers.
The Department has found it advisable to approve only a small portion of
the applications for new charters received during the year. The policy
which has been pursued in order to continue the strength of our State
banking system is, first, to grant charters only when there is a reasonable
need for the institution in the particular locality, and, second, to insist
that the application be sponsored by men of recognized financial strength
and standing in the community.
During the last five years there have been an increasing number of applications for new bank charters largely due to the erroneous notions held by
many people regarding bank profits. The real attraction is the mounting
market price of bank shares, and, in many cases, the hope of the organizers
that they will be able to sell out to some other banking institution.
The wisdom of our policy is found in the strength of our banking system
and the further fact that it has met with the universal approval of the best
banking opinion. To change the policy at this stage would be dangerous
not only to stockholders, but, what is far more important, to the depositors
and others who entrust their sayings and other funds and property to banking institutions, their faith being largely predicated upon the belief that
the State has placed its stamp of approval upon the organization and is
safeguarding their interests.
FEB. 231929.]
There are now but 46 private bankers actively engaged in business as
compared with 52 a year ago. This is largely due to the efforts made by
the Department to have the private bankers turn over their business to
corporate banks with the resultant additional protection to depositors.
There are 16 personal loan companies and one firm of personal loan brokers
engaged in business, the same as reported in 1928. Nine new credit unions
were authorized during the year.
Superintendent Warder reports that it appears unlikely
that any important legislation will be introduced by his
Department this year. The Joint Legislative Committee
appointed at the 1927 session of the Legislature to investigate
into the necessity of broadening the scope of savings bank
investments, continued to hear evidence in 1928 but it is
not yet known whether it proposes to present further
recommendations to the present Legislature.
National Bank Resources Dec. 31 at 30 Billion Dollars
Highest on Record.
Comptroller of the Currency Pole announced on Feb. 15
that on Dec. 311928, the date of the recent call for reports
of condition, the resources of National Banks in continental
United States, Alaska and Hawaii, had passed the 30 billion
dollar mark, larger than at any time in the history of the
National Banking System. Comptroller Pole in announcing
this added:
The combined resources of 7,635 reporting banks were 530.569,156.001,
exceeding by $1,663,676,000 resources of 7.676 banks on Oct. 3 1928.
the date of the previous call, and were 52.424.937.000 greater than the
figures reported by 7.765 banks as of Dec. 31 1927, the date of the corresponding call a year ago.
Loans and discounts, including rediscounts on Dec. 31 1928 amounted
to 815.279.631.000. an increase of $385.270,000 since October, and an Increase of $642,902,000 in the year.
Investments in United States Government securities owned totaled
$3,008,723,000, which is a reduction of $3.861.000 since October, but an
Increase of 5260,860.000 In the year. Other bonds, StOCKR, securities, tgc.,
owned were $4.118.595.000, showing an increase of 814,573,000 since
October. but a decrease of $33,349.000 since December a year ago.
Balances on the books of correspondent banks and bankers to the credit
of reporting banks. Including lawful reserve with Fedral Reserve Banks
and items in process of collection, aggregated $5.681.009.000. exceeding
by $1.099,377,000 and $1,218,200.000 the aggregate of these items reported on Oct. 3 1928 and Dec. 31 1927, respectively. Cash in vaults of
$388,120,000 also showed increases since October and December a year ago
of $23.848.000 and $26,753,000 respectively.
The paid in capital stock of the reporting associations was $1,616.476.000.
exceeding by $732.000 the paid in capital on Oct. 3 and was greater by
$87,967,000 than the capital reported paid in as of Dec 311927. Surplus
funds of $1.490.146.000 and net undivided profits of $491,681,000, a total
of $1,981,827.000 showed a reduction since October 1928 of $18,296,000,
but an Increase in the year of $136,636.000.
Circulating notes outstanding amounting to $650.405.000 showed increases since October 1928 and December 1927 of $1,857,000 and $32,000
respectively.
Amounts due to banks and bankers, including certified and cashiers'
checks, and cash letters of credit and travelers' checks outstanding were
$4.073,551,000, exceeding by 8555,619,000 and $421,505,000, respectively,
these liabilities reported on Oct. 3 1928 and Dec. 311927.
Demand deposits of $11,966,891,000, which included United States
deposits of $186,170.000. shows an increase of $780.403,000 since October,
and an increase of $567.371,000 since December 1927.
Time deposits were $8.306,938,000, a decrease of $3,953,000 since
October, but an Increase of $498,501,000 in the year. Time deposits included postal savings of $91,170,000 and deposits evidenced by savings
pass books of $5,977,743,000, the latter amount being represented by 14,979,002 savings accounts.
The total individual deposits (time and demand) were $20.087.659,000,
and shows Increases since October 1928 and December 1927 of $703,613,000
and $1,049,175,000 respectively. Total deposit liabilities on Dec. 31 1928
were $24.347,380,000, exceeding by $1,342,069,009 the total deposits on
Oct. 3 1928, and were $1,487,377,000 greater than the amount reported
on Dec. 311927.
The liabilities for money borrowed, represented by bills payable of
$592,836,000 and rediscounts of $192,473.000, aggregated $785.309,000 as
compared with $707,581,000 on Oct. 3 1928 and $481,382,000 on Dec. 31
1927.
The percentage of loans and discounts to total deposits on Dec. 31 1928
was 62.76, in comparison with 64.74 on Oct. 3 1928, and 64.03 on Dec. 31
1927.
Outstanding Bankers' Acceptances Remain at High
Level—Influence of Rate Advance not Serious—
Decline in Month Only $5,214,617—Jan. 31 Total
$1,279,271,163.
Although acceptance rates are now at the highest level
since 1921 and conditions in the discount and money markets
are in a disturbed and uncertain state, the volume of acceptance business has held remarkably steady, says Robert
H. Bean, Executive Secretary of the American Acceptance
Council. In its acceptance survey report released Feb. 18,
the Council announces that the total volume of bills as of
Jan. 31 was $1,279,271,163. In reporting this Mr. Bean
says:
This is a reduction of only $5,214,617 from the record total of Dec. 31
and compared with a drop of $22,000,000 for the similar period in 1927-28
Is highly satisfactory.
Predictions have been freely made that the current report would reveal
a sharp chock in the acceptance business, as the successive advances in
rates since Jan. 1 have put a heavy burden on the users of acceptance
credits.
If this is true the effects will not be seen until the figures for the February
month-end are compiled, as the new January business had been ver.h
generally contracted for at the easier rates of December. Nevertheless.
1171
FINANCIAL CHRONICLE
the presenrreporrshows that a-very-heavy volume of credits opened in
September and October last, to mature in January, must have been replaced with new credits during the last month, notwithstanding the existing
high rates.
From Aug. 31 to Oct. 31 1928 there was an increase of $170.000.000.
a large part of which was of January maturity and It Is this business that
has been kept in acceptances despite the added cost.
While the slight and unimportant decrease In total volume requires
no comment, a study of the uses to which acceptance credits have been
put furnishes some significant data.
Export credits declined $29,000,000 in the month, while credits based
on goods stored in or shipped between foreign countries increased $24.000,000, and imports increased $35,000,000.
The gain of $6,500,000 in bills to create dollar exchange and nearly
$2,000,000 in credits for domestic shipments were more than offset by
a decline of $11,400,000 in domestic warehouse credits which are now
beginning a normal seasonal reduction.
The information revealed through this survey strengthens the belIef
that the dollar acceptance business of American banks is in a strong and
permanent position. Whatever may be the solution of the problems of
the discount market, there is no doubt to the intention of the banks to
make use of acceptance credits whenever the circumstaces Permit.
In 1928 the volume of business financed by acceptances amounted to
$7,019,164,000, of which 36% was for export purposes, 29% for imports,
16% for foreign storage and shipment and 13% for domestic warehouee
11SeS.
About 51% of the total foreign trade of the United States in 1928 was
inanced by dollar acceptance credit: of American banks.
A business of such impressive totals, developed with the span of a raw
years, Is of tremendous importance to American commerce, a fact that
is now beginning to be appreciated by the bankers and those engaged
In foreign trade.
The present difficulties of the discount market are of course intensified
by the unsettled affairs In the call loan market and for the first time the
bill market becomes a strong competing factor.
The action of the Federal Reserve banks in putting its full-grown adult,
the bill market, out on its own resources, while looked upon with concern
early in December. was the most helpful move that could have been taken,
as the market to-day, despite the surrounding disturbances In the quick
call market, is rapidly and surely finding its own strength and ability
to stand alone.
The statistics supplied by Mr. Bean follow:
TOTAL OF BANKERS ACCEPTANCES OUTSTANDING FOR ENTIRE
COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve Districts.
Jan. 31 1929. Dec. 31 1928. Jan. 311928.
5143,105,330 5145,468.255 5137.106,302
051,919,275
954,945,831
778.146,878
17,321,127
16,031,716
17.443,309
14,963,341
14.379,774
15,442,210
11.809,212
12,609,182
11.329,790
18,270,381
17,310,771
16.662.779
36,432.312
50.969,590
54,156,221
2,028,589
2,061,802
1,937,368
7,210,712
5,854,945
2,966.203
280,014
1'242,832
205,669
10,026,372
8,612,724
6,828,172
35,878,837
50,628.487
51,150,776
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
Grand total
$1.279,271,163 $1,284,485,750 51,057.980.106
—5.6214 817 4-5221 240 O57
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Jan. 31 1929. Dec. 311928. Jan. 31 1928.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
5319,157,719 5315.614,399 5315,253,115
496.652.654
385,806,927
467,298,929
16,197,909
17,817,851
21,035,092
172,819,088
173,589,807
162,107,264
30.345,337
45,690,647
39,152,668
967 108 752
243 278 343
129.720.817
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCE.
JANUARY 16TH—FEBRUARY 16TH.
Days—
30
69
90
120
150
180
Dealers Buying Rat( Dealers Selling licSe
5.009
5.143
5.143
5.268
5.393
5.393
4.565
5.000
5.000
5.018
5.143
5.143
Federal Reserve Board Authorizes All Federal Reserve
Banks to Advance Buying Rates for Acceptances
to Conform to New York Reserve Bank Rate.—
Action Follows Visit to New York of Gov. Young
—774
of Reserve Board.
Following the increased buying rates for bankers' acceptances made effective Feb. 15 by the New York Federal
Reserve Bank, the Federal Reserve Board at Washington
announced on Feb. 20 that it would approve a like increase in
the buying rates of bankers' acceptances by all Federal
Reserve Banks to conform with the rates of the New York
Reserve Bank. As we indicated a week ago (Feb. 16,
Page 991), the Boston and Philadelphia Federal Reserve
banks raised their buying rates to accord with the change
made by the New York Bank. The buying rate of the New
York Federal Reserve Bank for bills made effective Feb. 15
/%, and 91
follows: 1 to 45 days, 5%; 46 to 90 days, 51
days to 180 days, 5W1%. As noted in Associated Press
advices from Washington Feb. 20, bankers' acceptances are
drafts on a buyer from a seller when goods are to be paid for
at some future date. Such a draft is acknowledged by the
buyer and the seller discounts it at a bank. Regarding the
Board's action in equalizing the rates at all the Reserve
1172
FINANCIAL CHRONICLE
[VOL. 128.
banks, theANew,,York "Journal of Commerce" of Feb. 21, by Representative Black should have been addressed to
slated:
the head of an executive department to permit its conAction was taken yesterday by the Federal Reserve Board in Washington sideration by the House as privileged
business. The corto equalize the rates at which the twelve Federal Reserve banks are hererespondent of the New York "Journal of Commerce" on
after to buy acceptances in the open market. Previously, each bank had
been making its bill purchases almost unrestrictedly at rates determined by Feb. 18 in voting the submission of Mr. Black's latest
itseff.
resolutions said:
The four Western banks, whose discount rates have remained at
%,
San Francisco, Dallas, Kansas City and Minneapolis, have been buying
bats at lower rates than others. The Federal Reserve banks of New York,
Boston and Cleveland have been leading the rate advances.
The Board announced yesterday its approval of a uniform minimum buying rate for all of the banks. It was stated that the minimum rates are to
conform with those already established by the Reserve Bank of New
York. This places the New York Reserve Bank in the position of leadership with respect to the acceptance market of the entire system.
New Minimum Rates.
The lowest rates, according to the Reserve Board's announcement, at
which the Reserve banks hereafter are to purchase bills, will be 5% for 1 to
45-day bills, and 53. % for 46 to 90-day bills. Bills of longer maturities
are, with a few exceptions. ineligible, The board of directors of each of the
Reserve banks, as has been the case in the past, will determine the maximum
rates at which bills are to be purchased by that bank. Between the minimem rate fixed by the Reserve Board and the maximum rate fixed locally,
the officials in charge of bill purchases will continue to take bills at rates
to accord with the immediate market.
In making its announcement yesterday the Reserve Board allowed the
effective minimum buying rates of the Reserve banks to be published for the
first time. These are usually kept secret.
Up to the present time the differences in the purchasing rates of the
twelve Reserve banks have resulted in offsetting the efforts of the New
York bank to cut down its bill holdings. Decreases by other Reserve banks
were slight. In some cases holdings were advanced. Some of the dealers
declared yesterday that because of the variation in rate.; bills that normally
would remain In New York had been purchased by Western institutions,
which in turn had sold them to interior Reserve banks.
In contradiction to these claims, however, it is pointed out by local
bankers that the Western Reserve Banks for the most part only buy bills
that are accepted by banks within their own districts. What had happened in fact, it was declared, was that a larger proportion of bills when
drawn had gone to Western institutions for acceptance, with commissions
for this service by local banks diminished.
Follows Young's Visit.
The visit of the Governor of the Federal Reserve Board, Roy A. Young,to
New York on Monday and Tuesday, according to reports current in banking circles yesterday, was for the purpose of hearing arguments of the New
York Reserve authorities as to the necessity of equalizing acceptance rates
throughout the county. It was claimed that the New York bank found its
policy of cutting down its holdings unavailing, in view of the fact that
interior banks were in some cases augmenting theirs. The announcement of
the Reserve Board almost immediately followed Governor Young's return
to Washington.
The effect of the inequality of rates on bills, bankers declared yesterday,
Is reflected in the figures on bill holdings of the various Reserve banks for
Feb. 14 and Jan. 24. Between these dates New York advanced its rates
without interior banks in all cases following suit.
On Feb. 14 the bill holdings of the New York Reserve Bank approximated $94,000,000. This represented a decrease in three weeks of $28,000,000. On the other hand, the combined total for Minneapolis, Kansas City,
Dallas and San Francisco—the Banks whose rates had been advanced—
on Feb. 14 was $91,000,000, a total close to that of New York and a decrease In three weeks of only $7,000,000. Within the same preiod the
Philadelphia Reserve Bank had added $6,000,000 to its holdings, an
Increase of 30%.
Frank 0. Wetmore Re-elected President of the Federal
Advisory Council.
The Federal Reserve Board announced on Feb. 20 that
Frank 0. Wetmore, of Chicago, had been re-elected President of the Federal Advisory Council, and B. A. McKinney
of Dallas, Tex. has been elected Vice-President. These
officers as ex officio members and Messrs. Potter, Rue,
Creech and Smith, will compose the executive committee.
Walter Lichtenstein was reappointed Secretary of the council. The Council members are: from Boston, Arthur M.
Heard; New York, William C. Potter; Philadelphia, L. L.
Rue; Cleveland, Harris Creech; Richmond, John Poole;
Atlanta, J. P. Butler, Jr.; Chicago, Frank 0. Wetmore;
St. Louis, Walter W. Smith; Minneapolis, Theodore Wold;
Kansas City, Peter W. Goebel; Dallas, B. A. McKinney;
San Francisco, F. L. Lipman.
The meeting of the Advisory Council was referred to in
our issue of Feb. 16, page 992. Adjournment of its regular
quarterly meeting was announced on Feb. 16.
Representative Black Seeks Information From President
Coolidge and Secretary Mellon as to Federal Reserve
Board's Conferences With Montagu Norman of Bank
of England.
With the ruling out by Speaker Longworth of the resolution introduced on Feb. 9 by Representative Loring
M. Black of New York calling for information from the
Federal Reserve Board regarding the latter's conferences
with Governor Montagu Norman of the Bank of England
Representative Black on Feb. 18 submitted three resolutions of like purport, addressed to President Coolidge,
Mr. Mellon as Secretary of the Treasury, and Mr. Mellon
as Chairman of the Federal Reserve Board. It was held
by speaker Longworth that the original resolution offered
Mr. Black's resoluion seek to bring out details of the recent conferences of the Federal Reserve Board members with Sir Montagu
Norman, Governor of the Bank of England, with a view to showing
a connection between the conversations and the Board's warning against
the use of Reserve credit for speculation.
He charged that this
country was aiding in building up "the depleted British gold reserves."
In offering his new resolution to overcome the speaker's ruling, Mr.
Black stated that he regretted having drawn President Coolidge and
Secretary Mellon into a controversy in which they have had no part,
but declared resolutions addressing questions to them was necessary
in order to get the information.
We likewise quote from the Washington advices (Feb.
18) to the "Times" regarding Mr. Black's resolutions:
The identic resolutions he offered follow:
1. Did the Federal Reserve Board confer with Mr. Montagu Norman,
Governor of the Bank of England, during the month of February,
1929?
2. Were such conferences, if any, solicited by Montagu Norman or by
the Federal Reserve Board?
3. What was the subject matter of such conferences and what
agreement, if any, was entered into by the Federal Reserve Board
and Montagu Norman, and what was said at such conferences?
4. Were notes made of such conferences, and, if so, what were
they?
5. Did the Federal Reserve Board confer with any individuals other
than Montagu Norman prior to and concerning the public statement
issued by the Federal Reserve Board on Feb. 7, 1929, and what was
said at such conferences, if any?
Says Public Should Know, Motives.
"The President," said Mr. Black, "should let the country
know
whether the Administration has decided on a deflation policy to assist
Great Britain. He should ascertain for the Congress whether or
not the Federal Reserve Board is more concerned about European
financial progress than it is about a continuity of American prosperity.
"It is highly unfair to the incoming administration that the outgoing
administration should allow violent depression to American business.
It is ridiculous to draw a tariff bill against European products if
the Federal Reserve Board is to put an embargo on domestic credits
in the interest of European business. Congress and the public should
be advised of the administration's attitude.
"The Federal Reserve Board has received my resolution of interrogatories from Chairman McFadden of the Banking and Currency
Committee. If its arrangement with Governor Norman of the Bank
of England is in the public interest, it should not have withheld
details from the House committee.
"I intend driving on this inquiry in this Congress, and if I do not get
results now, will take it up at the special session. I wish to see
Mr. Hoover have a successful administration and regret that the
Federal Reserve Board, functioning under the Coolidge Administration,
meets Mr. Hoover on the threshold of his Presidency with a nearpanic. If there is any justification for the Federal Reserve Board's
violence in the matter of securities buying, the public should know
the details.
It is plainly the duty of the White House and the
Congress to have light cast on the visit of Governor Norman.
"The Secretary of the Navy could not give the British Admiralty a
row boat, the Secretary of War could not give the British Army
a cartridge, and there is no reason why the Federal Reserve Board
should help British business at the expense of American industry."
Under the House rules, Mr. Black will have the privilege of calling
up his resolutions for action if at the end of a seven•day period no
response has been made by President Coolidge or Secretary Mellon.
'The resolution previously introduced by Representative
Black (on Feb. 9) was given in our issue of Feb. 16,
page 994.
Schism Alleged in Reserve Bank Here—Want Interior
Reserve Banks to Start Rise—San Francisco Said to Object
The following is from the New York "Journal of Commerce" of Feb. 16:
A wide schism has developed within the Board of Directors of the
Federal Reserve Bank of New York as to rate policy. The battle did
not end after the five hours of heated discussion on Thursday, Feb. 14,
it is learned, and further debate is expected. This division of opinion
exists also in the Federal Reserve Board in Washington.
On the side of a higher rediscount rate are ranged, it is learned,
several business men members of the board of directors of the local
Reserve Bank and several bankers who feel that the speculative credit
expansion of the last few years has been going forward at too rapid
a pace.
This group feels that considerations concerning the gold
position of the Bank of England and possible adverse effects of a
higher rate on the domestic business situation should he ignoled in
the face of the persistent inflation in the securities market and the
danger that this will get out of bounds increasingly as time goes on.
The opponents of a rise in the rate include several bankers, who
feel that such an advantage would merely result in an increase in
loans for the account of others on the Stock Exchange, thus causing
them to lose deposits without getting any offsetting gain. Furthermore, it is claimed by this group that no permanent halt in speculative
activity would result from a rate rise, while it would constitute a blow
to business.
The position of the Federal Reserve Board in this connection is
complicated to a considerable degree by the preceding negotiations
which were carried on wilth Governor Montagu Norman of the Bank
of England. While the general impression in informed quarters is
that no definite commitment had been made by the board with Governor
Norman, a promise is believed to have been made that the rate rise
would not be made unless found really necessary to check dangerous
developments in the domestic credit situation.
Indications were forthcoming yesterday that a compromise may be
effected which would involve tightening up on credit conditions in the
FINANCIAL UaBONICLE
FBB. 281929.]
1173
Mr. Black said the bill probably would be modeled after the present
interior first, and studying the effect of such a move here before
The interior banks have been calling law to prevent members of public service commissions from investing in
attempting similar action.
for
the
bulk
of
the
public
utility stocks because of supervisory power over the utilities.
responsible
heavily,
having
been
brokers' loans
"Due to the enormous power over the money of the country assumed
calling of loans which took place last week. Yesterday $60,000,000 of
additional loans were called, forcing the rate up to 10% and the bulk by the Federal Reserve Board," Mr. Black said, "it seems the part of
protect such power from abuse. Therefore I propose
of it, according to bankers, was for out-of-town banks. Through the wisdom to thoroughly
barring all officials of the Board and directors of the
calling of loans, the interior banks were able to actually reduce their to introduce legislation
from buying and selling stocks and bonds, directly
rediscounts last week, although a sharp rise in borrowing occurred for Federal Reserve Banks
or indirectly, on the exchange, or commodities sold on the commodity
the account of the New York member banks.
0 redis- exchanges.
There still are four Reserve districts which retain the
"This bill would aim to insure confidence in the Federal Reserve Board
count rate, and it would appear that they would be the first to raise and
its motives. I realize that many such officers are security holders,
their rediscount rate under such a program. However, in the San but I take it that they should not be permitted to speculate in securities,
Francisco district it is undersood that several leading bankers have considering their tremendous influence in price fluctuation.
been fighing such action, despite the decline in the reserve ratio there
"I do not propose that they (the officials) should be limited in dealings
The cheap money policy adopted in the San for investment purposes. It will be difficult to draw the line, but the
this week to 63.8%.
in
a
sharp
rise
in
acceptBank
has
latterly
Reserve
resulted
Francisco
intent will be ascertainable from circumstances. They have warned the
ance holdings and other forms of Reserve credit for that institution. public against speculation, and so a legislative curb along these lines
rate persists are Minneapolis, whose should not be objectionable to them.
Other districts where the
reserve ratio is 72.3%, Kansas City with 69.954, and Dallas with
"I am making no charges as to self-speculation by any of the officials.
61.814.
I am merely protecting the Federal Reserve System from a possibility of
speculation abuse. The Federal Reserve has become financially omnipotent.
They exerts sure power over the market value of securities.
Bankers Said to Be Affronted by Federal Reserve WarnThe sanctity of the Federal Reserve system must be preserved in the
interest of American business, and there must be a surety that its officials
ing on Loans—Chicagoan Says No Customers Entitled
operate from unmixed motives."
4%9'
434%
to Barrow Will Be Denied Funds
According to Chicago advices Feb. 17 to the New York
Trenton Banker, Criticizes Federal Re"Journal of Commerce" considerable feeling has devel- E. C. Stokes,
Board's Attitude Toward Speculative Loans
serve
oped in the Chicago center regarding the warning of the
of Member Banks—Suggests 6% as Maximum Rate
Federal Reserve Board that Reserve Bank funds are not
For Call Loans.
to be used for speciulative purposes. The account goes
Edward
C. Stokes, Chairman of the Board of the Firstsay:
on to
Mechanics National Bank of Trenton, N. J. in a letter adOfficials of some of the larger banking institutions are viewing the
A. Young, Governor of the Federal Reserve
Board's statement as a direct affront, with the implication that they dressed to Roy
do not know how to run their banks, and Washington, therefore, must Board, protests against what Mr. Stokes terms a wholesale
take them in hand and spank them publicity.
indictment of the banking system of the country by Federal
The main trouble, in the mind of one of our leading banking officials, officials. The Newark 'Evening News" of Feb. 9, in a
is the fact that members of the Federal Reserve Board seem unable
Trenton dispatch on that day, in noting this says:
to kep abreast of the times and realize that the current trends in
corporation fitancing is toward capital loans in the shape of stocks
instead of through bank loans, and it is up to the banks in turn, to
advance money on stocks.
"The Federal Reserve Board may be endowed with profound wisdom, but there is nothing in the world to prevent corporations borrowing money from us at advantageous rate, loaning these funds in the
call money market at higher rates and pocketing the difference," this
banker declared, "and that is just'
.what this latest 'warning' appears
to promote.
Funds Are Not Denied.
"We have been scrutinizing our collateral loans with extreme care for
many months. On the whole we probably are not loaning in excess
of 30% of market prices, and we are very well satisfied both as to
our position and as to that of our broker customers.
We cannot
afford to defy the Reserve Board openly.
That would be embarrassing to us. But we can smile privately, and you can rest assured
that no customer of ours that is entitled to borrow will be denied
funds."
The letter is in reply to Thursday's statement of the Reserve Board
warning against the excessive use of speculative credit.
Mr. Stokes questions the "speculative" allegation against the brokers'
loan total and points to the relatively small share of the total that comes
from the banks. He says he knows of no bank that refuses a business loan
because its funds are in the call money market,
He protests against the 5% rediscount rate of the Federal Reserve as
an unjust burden on the member banks and suggests a 6% maximum rate
for the New York call money market.
He foresees heavy withdrawals from the banks to "fill whatever void"
in the call money market the Federal Reserve attitude causes.
The Reserve Board he says, ought not "indict the whole banking system
of America for an offense of which it has not been proven guilty and for a
transaction which nobody has ever yet proved was an offense per se".
Cites Business Uses Of Security Credits.
Mr. Stokes wrote in part
"Has there been any diagnosis of the character of the brokers' loans?
What amount constitutes borrowings to carry bonds issued by business
corporations for credit purposes, a perfectly legitimate method of obtaining
credit until such times as these bonds are distributed to investors?
"For example a manufacturing enterprise in Trenton with years of sucHouse Committee on Banking and Currency Considers cess back of it has recently issued 52,500.000 of bowls for credit uses in a
business way. Another a few years ago issued $1,060,000 in bonds for the
Resolutions Bearing on Policies of Federal Reserve same
purpose, part of which credit was used to modernize their plant. Are
Board—Representative McFadden Favors Study of such legitimate credit uses for purely commercial purposes deducted from
the total of brokers' loans or are they counted in as a part of what is termed
Brokers' Loans.
speculation and indicted accordingly?
The affairs of the Federal Reserve Board, and more espe- "Has there been any investigation as to the amount of stock that has been
cially the statement issued Feb. 6 warning banks with re- issued for the purpose of financing business corporations? For example
in 1922, 9.2% of the financing of corporations was done through stock
spect to loans for speculative purposes (given in our issue of Issues
and in 1927 over 26% of the financing was done by the issuance of
Feb. 9, page 822), were under discussion on Feb. 20 by the stock. This a perfectly legitimate credit transaction for business purposes.
borrow on
House Banking and Currency Committee. The New York but when the stockholders take up their new stock, they mayenterprises.
but if they do it is simply for credit purposes for business
it,
"Times" in reporting this Feb. 20 said:
"Has this large total of business credits for business purposes been deThe committee gave further consideration to the suggestion made by ducted from the speculative totals so-called? After these deductions have
Chairman McFadden that the House be asked to adopt a joint resolution been made, has any comparison been made of the brokers' loans of to-day
authorizing the committee to make a survey of several phases of the opera- as compared with those of ten years ago considering the income and wealth
tions of the Federal Reserve System. Mr. McFadden thinks the commit- of the country of the two perioda in question?
tee should study brokers' loans, development of the chain bank plan and
Fourteen Billions Abroad.
activities of holding companies that invest in shares of national banks.
"So far as the credit facilities of the nation are concerned, has there been
This work, he believes, should be done between adjournment March 4
and the regular assembling of the Seventy-first Congress in December. any attention given to the fact that we have lent $14.000,000,000 abroad.
The proposed study cannot be made unless authority Is provided by Joint compared to which the amount loaned to brokers is insignificant, and that
resolution, in view of the probability that the House, in special session, this lending of our credit abroad has curtailed credit and made it dearer
will be only partly organized. Under present plans only four House com- here?
"Is there any special reason why attack should be made upon what are
mittees will be named in the special session. The Banking and Currency
Committee is not among them. At a meeting on Friday (Feb. 22) the pro- called speculative loans in America and no attention paid to the reduction
of available credit at home by our liberal sale of credit abroad because the
posed joint resolution will be given that committee.
The Black resolutions calling on the President and Secretary of the rates there happen to be higher?. President Coolidge in a recent speech
Treasury to inform the House whether Governor Norman of the Bank of called attention to the excessive loans we are making abroad and suggested
•
England had anything to do with the Federal Reserve Board's "warning" caution and curtailment in this connection."
of Feb. 6 was briefly discussed to-day and will have further consideration
Thinks Reserve's Rate Defeats Own Ends.
Friday.
"Why are the member banks of the Federal Reserve system indicted in a
The Black resolution was referred to in our issue of Feb. blanket charge when it is a well-known fact that more loans to-day are made
in
Street by corporations and individuals than the totals made by all
16, page 994, and further mention of it appears in these col- theWall
banks participating therein?
umns to-day.
"Has the Federal Reserve Board considered, when it unjustly queries the
public mind as to whether the member banks are properly functioning, the
fact that by the raising of the rediscount rates the price of credit has been
Representative Black Would Forbid Federal Reserve raised? This has induced depositors to draw their money out of the banks
and lend it as individuals or corporations in Wall Street and the banks,
Officials From Speculating in Securities.
in
to make up this void, have been compelled to borrow at a high
Representative Loring M.Black, Democrat, of New York, rateorder
of interest on their rediscounts.
announced on Feb. 17 that he intended to offer a bill in the "The Federal Reserve system is supposed to supply credit to the member
banks so they can suppoy credit in turn to legitimate business uses. That
House which would forbid officials and directors of the seems
to me to be the proper function of the Federal Reserve system. When,
Reserve Board and the Reserve Banks from buying and however, the Federal Reserve Bank raises discount rates 5% it makes it
for a country bank to borrow for a legitimate credit use at home
impossible
as
speculative. We
selling securities which might be classed
without losing money on the transaction.
quote from advioes from Washington to the "Times" which
"It costs the ordinary bank perhaps 1.35 or 1.36% for operating charges
and when that bank has to pay a rediscount rate of 5% to lend to a manustated:
1174
FINANCIAL CHRONICLE
1 VoL. 128.
facturer in the community the money is costing the member bank 6.36% of weekly averages of daily figures for the week ended Jan. 26 1929, and
and It is losing money on the transaction. How can the National banks of the corresponding week in 1928:
the country properly function when they are thus handicapped by the high
FACTORS INCREASING AND DECREASING DEMAND FOR RESERVE
rediscount rates of the Federal Reserve Bank?
BANK CREDIT BETWEEN WEEKS ENDING JAN. 28 1928 AND
JAN. 26 1929 (WEEKLY AVERAGES OF DAY FIGURES).
"Usury" in Call Rate.
"Has it ever occurred to the Board that there is no more reason why a Factors increasing demand for Reserve Bank credit:
9283,000,000
Decrease
in monetary gold stock
usurious rate should be permitted in New York City than in Boston, or Phil43,000,000
Increase in unexpended capital funds
adelphia, or Baltimore, or Washington? If a contract rate for call loans
6.000,000
Increase In non-member clearing balances
was not legalized in New York the call loan rate there would be no higher
Total
9312,000,000
than in other cities. Why should it be? If the legal rate in New York
decreasing demand for Reserve Bank credit:
City was limited to 6% on call there would be no inducement for individuals Factors
$33,000,000
Decrease in member bank reserve balances
or corporations or banks to lend money for so-called speculative purposes be14,000,000
Increase in Treasury credit
13,000,000
Decrease in money in circulation
cause the temptation of high Interest rates would not exist. Money Is lent
Wall
to
Street because the rates are higher than in other places. Are the
Total
$60,000,000
member banks to be blamed for this condition?
Net increase In demand for Reserve Bank credit
9252,000,000
"If the Federal Reserve system carries out its covert threat to refuse
Volume of Reserve Bank credit outstanding showed an increase of
credit resources to banks to be used for stock exchange purposes there will
be but one result. Corporations and individuals will withdraw the money $252,000,000 for the year covered by the table. This increase was caused
which they now have on deposit in our banks and then lend It at higher rates disregarding minor items by a loss of $263,000,000 in the stock of
of interest on Wall Street to fill up whatever void the Federal Reserve ac- monetary gold and an increase of $43,000,000 in unexpended capital
tion creates in call loans. Such a policy needs only to be stated to be con- funds of the Reserve Banks, offset in part by a decrease of $33,000,000
demned from a banking point of view. It will simply result in an alarming In member bank reserve balances. The decrease in member bank reserve
balances during a year of considerable growth in bank credit was due
reduction of bank deposits.
"Frankly, I do not know of a single member bank that does not take care in part to the fact that deposits against N%hich reserves are required were
of all of the legitimate requirements of its customers before it lends a dollar diminished by gold withdrawals and in part to the fact that such growth
on Wall Street. If the Federal Reserve Board has information to the con- in deposits as did occur was in time deposits which require only a 3%
trary it ought to specify and not indict the whole banking system of America reserve.
Additions to member bank capital and surplus, which furnish loanable
for an offense of which it has not been proven guilty and for a transaction
funds without increasing reserve requirements, were also large during
which nobody has ever yet proved was an offense per se."
the year.
Demand for currency showed a decrease of $13,000,000 for the year,
Reserve Bank Credit at End of Year at Highest Level which should be considered in connection with the fact that money in
circulation
in Over Seven Years—Volume of Credit Increased in 1927, andhadin decreased by a large amount during the business recession
the early part of 1928 was more than $150,000,000 below
$252,000,000 in Year, According to Federal Reserve its level of a year earlier.
Demand for currency arising out of active business in the latter part
Board.
of the year, however, carried money in circulation close to the level
An increase of $252,000,000 in the volume of Reserve Bank of a year ago. A factor in the additional demand
for Reserve Bank credit
credit outstanding during the past year is noted by the Fed- for the year called briefly "unexpended capital funds," and amounting
to
$43,000,000,
requires
some
explanation.
As
is
well known, member
eral Reserve Board in discussing banking and credit conbanks are required to have 3% of their capital and surplus invested in
ditions in its February Bulletin. "This increase," says the the capital stock of the Federal Reserve Banks.
Board, "was caused, disregarding minor items, by a loss
Increases in the capital of member banks, therefore, make it necessary
of $263,000,000 in the stock of monetary gold and an in- for them to take out additional Reserve Bank stock and since they pay for
the stock by drafts on their reserve balances, the process increases the
crease of $43,000,000 in unexpended capital funds of the demand for Reserve Bank credit. The Reserve Banks, furthermore, curReserve Banks, offset in part by a decrease of $33,000,000 rently withdraw funds from the market when they collect the discount on
in member bank reserve balances." The Board in its ob- rediscounted or purchased paper, or the interest on securities in their
portfolio.
sO
servations commenting on conditions at the turn of the
To the extent that these funds are paid out again in e.menses of operayear says that "as a consequence of the increase in the tion or for buildings, or in the form of a franchise tax to the government,
demand for currency, as well as of i growth in the demand they are returned to the market, but to the extent that they are retained
and ultimately transferred to surplus, they cause a corresponding increase
for member bank reserve balances, the volume of Reserve in the demand for Reserve Bank credit. During the year ended in January
Bank credit outstanding increased rapidly and was at the 1929 the growth in unexpended capital funds was, next to gold exports,
end of the year at the highest level in more than seven the largest factor of increase in the demand for Reserve Bank credit.
The growth of $250,000,000 in the outstanding volume of Reserve Bank
years." As to the increase in the volume of Reserve Bank credit for the year represented the net result of a decrease
of $240,000,000
credit during the period between Jan. 28 1928 and Jan. 26 in the Reserve Bank's holdings of United States securities and increases
of
$360,000,000 in discounts from member banks, of $110,000,000 in
1929 the Board says:
holdings of acceptances purchased in the open market, and of about $20,"The growth of $250,000,000 in the outstanding Reserve credit for 000,000 in other forms of Reserve Bank credit.
the year represented the net result of a decrease of $240,000,000 In the
As the result of gold exports and security sales during the year the
Reserve Banks' holdings of United States securities, and increases of 9360,- indebtedness of member banks to the Reserve Banks at the end of January
000,000 in discounts for member banks, of $110,000,000 in holdings of was in excess of $800,000,000, a larger amount than at the same season
acceptances purchased in the open market, and of about $20,000,000 in of the year at any time since 1922, but representing a decrease of nearly
other forms of Reserve Bank credit."
$400,000,000 from the high point of discounts reached last July.
Liquidation of discounts after the turn of the year, as currency flowed in
The Board further notes that "the course of money rates
from
resulted in easier conditions in the money market, reIn January indicates that, aside from seasonal influences, flectedcirculation,
chiefly in a decline of the rate charged for call loans on the Stock
the factors that caused rates to rise in 1928 continued to Exchange.
This rate, which was 12% at the end of December, declined during
be operative in the New Year." The Board's discussion of
January to 7%. Rates on time money, however, continued at 71
/
4 to
banking conditions in its February Bulletin embodies the 7%, open-market rates on commercial paper advanced
somewhat tostatement given out earlier in the month by the Board, in ward the end of the month, and rates on acceptances were advanced twice
which appeared its warning against borrowing by member during January. In view of the large holdings of acceptances by the Reserve Banks, including a relatively large volume of bills of the longer
banks from Federal Reserve Banks for speculative loans. maturities and in the absence of liquidation of bills
in January, Reserve
This latter statement was published in our issue of Feb. 9, Bank buying rates were advanced by one-fourth of 1% on Jan. 4 for all
bills
with
maturities
of
over
thirty
days
and
under
Bulletin
120 days, and on
Monthly
page 822. In the current number of its
Jan. 21 further advances of rates were made for bills of nearly all
the Board thus discusses banking conditions:
maturities.
The course of money rates in January indicates that, aside from seaBanking and credit conditions at the turn of the year were influenced
chiefly by changes in the volume of money in circulation and by the sonal influences, the factors that caused rates to rise in 1928 continued
demand for bank credit in connection with year-end settlements, including to be operative in the new year. Principal among these factors were
the payment of interest and dividends coming due in December and Janu- gold exports and open-market operations of the Reserve Banks during
ary.
the year, which were accompanied by a sustained demand for bank
The seasonal increase in the demand for currency in December, 1928, credit, and resulted in a large volume of member bank indebtedness to
the
was larger than In the preceding year, reflecting greater activity in retail Reserve Banks.
trade, especially ill industrial districts, and a higher level of factory employment and payroll disbursements. As a consequence of the increase Vice-President-Elect
Charles Curtis Resigns as U. S.
" in the demand for currency, as well as of a growth in the demand for
Senator.
member bank reserve balances, the volume of Reserve Bank credit outstanding increased rapidly and was at the end of the year at the highest
Noting the resignation of Vice-President-Elect Charles
level in more than seven years.
After the Christmas holidays the return flow of currency provided funds Curtis from the U. S. Senate, a Washington dispatch Feb.
for a rapid liquidation of member bank borrowings at Reserve Banks, and 20 to the New York "Times" said:
by the end of January Reserve Bank credit outstanding at $1,500,000,000
"My Dear Dawes," and"My Dear Reed," was the way Senator Charles
was in about the same volume as in midsummer of last year. Notwith- Curtis of Kansas addressed letters to the Vice
-President of the United States
standing this liquidation, underlying conditions in the money market and the Governor of Kansas tendering his
resignation as a Senator, preremained firm, and money rates, except on call loans, rose somewhat in paratory to qualifying as Vice-President on
Mar. 4. The resignation is
January.
to become effective on Mar. 3.
• • •
Senator Curtis's letter to Governor Claude M. Reed, addressed to him
[The extract from its discussion previously made public at Topeka, reads as follows:
by the Board, and given in our issue of Feb. 9, pages 822-823, My Dear Reed:
I hereby tender my resignation as a United States Senator from the
follows in this portion which we omit.—Ed.]
State of Kansas, to take effect upon Mar. 3 1929.
At the end of January with seasonal influences of the turn of the year
Very truly yours,
no longer operative, it becomes possible to present a summary of factors
CHARLES CURTIS.
Influencing the position of the Reserve Banks during the preceding year.
The two letters were dated Feb. 18. That to Vice-President Dawes
This Is done in the following table, which shows factors increasing and merely notified
him that the resignation had been forwarded to the Governor
decreasing the demand for Reserve Bank credit, calculated on the basis of Kansas.
FEB. 23 1929.]
FINANCIAL CHRONICLE
Extra Session of Congress Expected to be Called in
April to Consider Farm Relief and Tariff.
According to information from Washington to the "Times"
Feb. 20 the 71st Congress will be called in special session on
April 8 or April 15, or on some date between those named,
for the purpose of passing a farm relief bill and revising the
tariff, the exact time of the call depending upon information
with respect to the status of the farm measure which is to be
communicated to President-elect Hoover in a day or so by
leaders of the House. The dispatch added:
The date of the assembling of the new Congress was considered at a
conference during the day between Mr. Hoover and Representative Tilson
of Connecticut, Republican leader of the House, in cntinuation of a discussion of legislative plans begun by Mr. Tlson with the President-elect
last night.
Senate Committee Approves Fess Railroad Consolidation Bill—No Action Expected at This Session.
The Fess bill designed to permit the consolidation of railroads, was ordered favorably reported on Feb. 16 by the
Senate Committee on Inter-State Comnierce, by a vote of
7 to 2. As approved by the Committee the bill carries two
amendments proposed by Senator Sackett (Republican) of
Kentucky. The "United States Daily" of Feb. 18, with regard to the bill and its amendments, said:
The bill would amend the present consolidation provisions of the InterState Commerce Act by inserting new provisions authorizing the InterState Commerce Commission to approve unifications of carriers on petitions filed by the roads.
Unification Plan Required.
The present law directs the Commission to prepare a general consolidation plan with which individual unifications or consolidations must
conform to be approved. The Sackett amendment proposes a general
plan which shall be tentative only, to be available for the assistance
of the Commission in passing upon petitions filed by the railroads, but
provides that no order approving a plan of unification shall be entered
prior to the completion of such general plan. It also provdes that proceedings in respect to petitions sisal not be delayed pending the preparation of such plan.
Senator Fess stated orally after the meeting that he expected to submit
a written report to the Senate on Feb. 18, but tha he could no say
hat the chance of passage of the bill looked good.
The amendment relating to a plan was proposed as Section 218 of the
bill. Another amendment proposed by Senator Sackett would include in
Section 207 a provision by which the Commission may authorize a petitioning carrier to acquire by condemnation the properties of a carrier
which the Commission finds should be made a party to a proposed unification.
More Changes Proposed,
The Committee voted in favor of a Committee print including some
changes made in the bill by a sub-committee of which Senator Fess is
Chairman, with the two amendments proposed by Senator Sackett, although
other changes in detail provisions of the bill will be necessary, it was
stated, in order to make other provisions of the bill conform to the amend.
. ments of Section 207.
In most respects the bill is similar to a bill (H. R. 12620) reported
by the House Committee on Inter-State and Foreign Commerce last year,
but the latter does not include provision for a plan.
From the Associated Press accounts from Washington
Feb. 16 we take the following:
The measure would facilitate unification of the railroads of the country into a few great systems operating upon a basis of equal opportunity for
fair profit and service to the public. This unification could be brought
about by mergers, consolidations or other methods of obtaining control.
The bill as amended in committee directs the Inter-State Commerce Commission to prepare a tentative plan for consolidation, but the measure
would not make the carrying out of such a plan mandatory.
Another amendment would give the commission power to permit petitioning railroads to institute condemnation proceedings against any line
desired for consolidation when the price asked was deemed to be pro.
hibitive.
In determining what would constitute the public interest when a consolidation was proposed the commission would be required to give consideration to the maintenance of competition between carriers and to
prevent "any undue lessening of existing competition."
Senator Fess, Republican, of Ohio, who introduced the bill, declared he
expected no protesting report to be filed by the two members who voted
against the bill in committee.
Senator Cousens, Republican, of Michigan, is understood to be preparing an amendment to prevent holding companies from bringing about
a consolidation except under the surveillance of the Inter-State Commerce
Commission.
There is no hope of passing the bill in the Senate this session.
The
primary purpose of the committee in reporting it was to bring the
legislation before the country for discussion.
Indicating that no action on the bill is looked for at this
session, the "Wall Street News" in a Washington dispatch
Feb. 16 stated:
No action will be taken on railroad consolidation at this session,
Senator Watson, Chairman of the Senate Inter-State Commerce Committee,
said. The bill as it stands was reported out merely in order to give everybody an opportunity to study it during the interim between now and the
first session of the next Congress. Be indicated the bill will be reintroduced next December and pressed for passage. The bill includes no provision regarding the acquisition of railroad property by holding companies.
Senator Fess said the sentiment was that any provision regarding holding
companies would apply more appropriately to the Clayton anti-trust law
than to the Inter-State Commerce Act. However, Senator Couzens, of
Michigan, will offer an amendment to the bill making some such provisiion when it comes up for action.
1175
An item regarding the bill appeared in our issue of Feb.
2, page 673.
Slason Thompson on Dissenting Opinion of InterState Commerce Commissioner Eastman in New
York Central Consolidation Case.
Slason Thompson, Editor of the "Bulletin of Railway
News and Statistics," discusses as follows the dissenting
opinion of Inter-State Commerce Commissioner Eastman,
(in the New York Central case) in a bulletin issued Feb. 8
under the head "Commissioner Eastman's Needless Forebodings over the Michigan Central 50% Rental—Denounces
Capitalization of Rail Profits."
Commissioner Eastman is deeply concerned in his dissenting opinion on
the New York Central consolidation case lest a "formal record that a rental
equal to 50% upon common stock for a period of 99 years is a fair and
reasonable rental for the properties of Michigan Central" will be an estoppel
on the Commission fixing "a valuation of those properties for rate making
purposes which may prevent the earning of such a rental."
As a specimen brick of the workings of Commissioner Eastman's attitude
on everything pertaining to what Sir Josiah Sharp calls "the process of
shackling the railway 'giant' ", this utterance is happily harmless. The
Commission went ahead and, with certain conditions intended to protect
small roads in Central's territory, the consolidation including the 50% on
stock was pronounced in the public interest and went through. Just the same.
Happily, too, there is present proof that the current Service Rendered
valuation of the Michigan Central Railroad fully justifies the 50% estimated
annual dividend on its capital stock, allowed in the majority decision.
According to the formula worked out by this Bureau in 1927, based on the
Commercial Valuation made by Statistician Adams and Balthasar H.
Meyer,present Inter-State Commerce Commissioner, the Service Rendered
value of the Michigan Central Railroad in that year was $318.029.760.
This may be compared with $92,941,318 capitalization and $150.703,973
final valuation for rate making purposes. Six per cent on this Service
Rendered valuation would call for a net operating income of $19.080,000
against $16,866,557 net income in 1927 after paying rents and interest.
So it will be seen that according to a valuation approved by the final finding in the Smyth-Ames case, there is no reason why Commissioner Eastman
should worry over any embarrassment to the future rate structure in a
50% rental on a capitalization of $18,736.400.
But what really troubles Commissioner Eastman, and it is a chronic
trouble with him, is the accumulation of millions in the value of the chief
means of transportation of a Nation whose population has doubled since he
was born and whose wealth in the mean time has increased eight fold. We
can both understand bow by fecundity and immigration a population of
52.820,768 in 1882 did increase to 120,013,000 in 1928, but neither of us.
without the multiplying power of imposing profits on thrift repudiated by
Mr. Eastman and the late Senator Cummins. can visualize how our national
wealth increased from $43.642,000,000 in 1880 to $320,804,000,000 in 1922.
The growth of our national wealth staggers others besides Mr. Eastman.
Since 1850 the official abstract tells us it has been as follows:
Amount. Per Capita.
Year$7,136.000.000
$308
1850
16.160.000.000
514
1860
30.069,000.000
780
1870 (currency)
24.055.000.000
624
1870 (gold)
43.642.000.000
870
1880
65,037,000.000
1.036
1890
88.517.000.000
1.165
1900
1.318
107,104.000.000
1904
186.300,000.000
1.950
1912
320,804.000,000
2,918
1922
Whence this wealth cometh no man can tell, neither can he count it.
But he sees the signs of its accumulating billions on every side. In 40 years.
1889 to 1929, the net capital of American railways has increased less than
three fold where the Nation's wealth has increased six fold, and the railways
have done more to create the Nation's wealth than any other industry.
Clearly Mr. Eastman would not muzzle the ox that treadeth out the grain.
Else why does he return again and again to question the process of plowing
in surplus earnings to build up adequate transportation. Why does he
call attention to a case decided 20 years ago in which the Commission held:
There is no justification for the investment of this surplus if it is to have
the effect of increasing the rates upon the shippers over the original line.
If the theory is to be recognized that by increasing the value of their property
by putting back operating revenue into the property a carrier may as a
legal right increase rates, then the shipper is worse off each time he pays a
rate which allows a revenue over and above a reasonable return upon the
original investment.
And why call attention to the minority report of the late Senator Cummins in 1918 when he said:
The truth is that the railway properties of the United States have been,
to a very considerable degree, constructed or acquired out of excessively
high rates exacted from the public. The railway theory has been that the
public ought to contribute, through rates for transportation sums that are
not only sufficient to make return upon the capital invested but sufficient
to build up and increase the properties, and the outcome of the theory is
that the public, having contributed the capital, must again pay for the use
4
of the property so acquired.
The time has come to repudiate a theory so destructive and unjust, and
to establish permanently the principle that the public shall not be required
to pay interest upon that part of the value of railway property which is
constructed or acquired through the surplus earnings after outside or
independent capital is fully compensated.
Of course there never was any basis for attributing to the railways any
such theory for the boosting of rates to pay interest on surplus income
invested in construction, expansion. improvements and betterments because
rates have never been adjusted to meet capital expenditures from "outside"
or inside. That it is not so requires no further proof than the fact that as
railway capitalization from outside and inside has gone up, railway receipts
per ton mile have gone down. Twenty years ago, as mentioned by Mr.
Eastman, the net capitalization of the railways was $12,833,591,510 and
their average receipts per ton mile were .754 cents. In 1916. before being
affected by the Great War,their capitalization had risen to $16.336.300.429
and their receipts per ton mile had fallen to .714 cents. After the upheaval
in railway operations caused by the war, and the attendant seizure of the
railways by the Government, were past, in 1921 their net capitalization was
$19,003.045,429 and their receipts per ton mile 1.289 cents. By 1928 their
net capitalization was computed at $20,800.000.000 and their average
ton mile receipts for the ten months to Oct. 1928, were 1.084 cents.
Such facts, open to the public wherever the statistics of the Commission
are accessible, knock the bottom out of all the theories that have been aired
in minority opinions for the past thirty years. Moreover these facts, so
far as they relate to plowing profits, often at the expense of dividends.
Into railway property find their justification in paragraph 3 of the famous
1176
FINANCIAL CHRONICLE
"Section 15a" where, after empowering the Commission to determine the
percentage of value that shall constitute a fair return. the Act provides:
In making such determination it shall give due consideration, among other
things, to the transportation needs of the country and the necessity (under
honest, efficient and economical management of existing transportation
facilities) of enlarging such facilities in order to provide the people of the
United States with adequate transportation.
Commissioner Woodlock's Optimism.
Surely only the unwonted pleasure of concurring with Commissioner
Eastman in anything can explain Commissioner Woodlock's assent to the
principle of robbing Peter to pay Paul, upon which the question of bargerail rates was decided.
In his concurring opinion Mr. Woodlock said:
These advantages (given to the barge line) are in fact a subsidy to users of
the water lines at the cost primarily of the rail carriers. Theoretically, no
doubt, the latter are protected in their revenues by Section 15a of the Act.
Theoretically! How about actually?
[VOL. 128.
trading to-day in addition to yesterday. The "Times" of
Feb. 21 said:
The decision to close the two exchanges on Saturday as well as to-morrow
was reached yesterday at meetings of the governing authorities. The offices
of member firms will be closed also, insuring a complete suspension of
business in the brokerage community. On recent occasions when the exchanges have closed their trading floors to meet emergencies the offices of
members have been kept open for the transaction of routine business, but
In this instance business will be suspended to give the workers a rest.
Banks will be open on Saturday, although closed to-morrow.
Members of the National Metal Exchange on Feb. 15
voted to close the exchange to-day (Saturday, Feb. 23)
following Washington's Birghday. The New York Coffee
& Sugar Exchange and the Rubber Exchange of New
York also closed to-day. The Board of Governors of the
National Raw Silk Exchange also decided that the Exchange
will remain closed to-day (Feb. 23).
Exchanges outside New York will observe the two-day
holiday—these including the Boston, Philadelphia and
Pittsburgh Stock Exchanges, San Francisco Stock and Curb
Exchanges, the Detroit Stock Exchange and Los Angeles
Stock and Curb Exchanges. The Chicago Board of Trade
will be open to-day (Saturday), but the New York Cotton
Exchange will be closed.
Trans-America Corporation to Distribute More Than
$20,000,000 In Dividends For Quarter.
The Trans-America Corporation will pay more than $20,000,000 in regular cash dividends at the annual rate of $4
pef share for the period ending Apr. 25 and a special dividend in stock for this quipster of 1%,equivalent to a quarterly
return of $2.30 a share at present market prices. It will
also offer to stockholders of Bank of America of New York
the exchange privilege of one and one-half shares of TransAmerica for each share of Bank of America. Announcement
Reports of the likelihood of the early conclusion of negoof this action was made by L. M. Giannini, Executive Vicetiations for the merger of the Guaranty Trust Co. and the
President of the corporation, following a meeting of the
National Bank of Commerce in New York have again figured
board of directors. Mr. Giannini said:
news of the week. One of these reports, in
Our stockholders will have every reason to feel well pleased with the in the banking
action of the board since the result materially increases the return. Dec- the "Sun" of Feb. 21, said:
laration of this special dividend for this quarter is in line with the liberal
Sharp advances in shares of both the Guaranty Trust Co. and of the
policy consistently followed of giving something extra to our stockholders National Bank of Commerce to-day were accompanied by further reports
as the earnings justify such procedure and when considerable appreciation of a consolldatlon between the two banks, which would make the first two
in market price of the stock has not been enjoyed. While this should not billion dollar bank in the United States.
be understood as necessarily fixing our future policy at the same time, if
Guaranty Trust jumped nearly 70 points to $1,055 bid, with no stock
later in the year our board of directors should decide that we were war- offered near that level. National Bank of Commerce shares, which for
ranted in making periodic special distributions of some sort, there appears several months have been keeping close to the price of Guaranty, Jumped
to be no reason why a plan might not be adopted calling for quarterly or about 95 points to-day to $1,040 a share.
semi-annual special dividends payable in stock.
Unconfirmed rumors were in circulation that a formal announcement
Early in 1928 we announced that we did not intend to make any addi- would be made on or before Monday of the satisfactory conclusion of merger
tional distribution during the year, believing that an eztra dividend at negotiations. No official comment was made upon these reports.
that time would have further encouraged speculation.
For some time a combination of these banks has been looked upon symOur desire is to have stockholders of Trans-America Corporation purchase pathetically, it Is understood, by interests who hold stock in both instituthe stock on a permanent investment basis, counting on a regular dividend tions. An unusual amount of non-duplicative business would be brought
comparable to that of a savings bank account and with a consistent but together by the union of the two banks.
conservative appreciation in value of their holdings through earnings in
Previous reports in the matter were referred to in our
excess of dividend requirements.
Distribution of permanent Trans-America Corporation
certificates, it is expected will be made about Mar. 15.
Appointment of George A. Webster, Vice-President and
a director of the Bank of Italy, and George A. Hoyer, VicePresident of the Bank of America of New York to vice
presidencies of Trans-America Corporation was announced
following the meeting. Other officers were A. P. Giannini,
President; L. M. Giannini and W. H. Snyder, Executive
Vice-Presidents; P. C. Hale, James A. Bacigalupi, A. Pedrini, Dr. A. H. Giannini, L. V. Belden, J. F. Cavagnaro,
John M. Grant, Carl Starner, H. P. Preston, A. A. Wilson,
Vice-Presidents and Thomas L. Walker, Secretary-Treasurer.
issues of Jan. 19, page 350, and Feb. 2, page 675.
Initial transaction in New York Stock Exchange membership rights were reported this week when 16 rights were sold
at $109,500 each. Later two more were sold at $110,000
each. Four rights are required for a full membership and
the following have each acquired four rights and have made
applicaion to the Exchange for membership: Moorhead
C. Kennedy, Jr., Enrico N. Stein, Percy A. Byron, Alexander B. Carver, William Francis Hefferman, Sylvan M.
Barnet, Daniel Allen Lindley, Edward Roesler, Jr., Robert
Johnston, Jr., and Daniel Manning McKeon.
The regular monthly luncheon meeting of the British
Empire Chamber of Commerce was held Wednesday,
Feb. 20, at the Whitehall Club, 17 Battery Place, this city.
E.B. Filsinger, Foreign Trade Expert, and Sir Alfred Bishop
Morine, K. C., former Minister of Justice and Colonial
Secretary, Government of Newfoundland, were the speakers.
With the expiration on February 15 of rights to subscribe
for new capital stock of the National City Bank of New York,
that institution, now has $100,000,000 of capital stock,
represented by shares of $20 par value each. Prior to the
increase the capital was $90,000,000. Of the proceeds
derived from the new issue, $10,000,000 has been used to
pay in the additional capital, $35,000,000 has been applied
to the surplus, which is thereby increased to $100,000,000:
and $5,000,000 has been applied to increase the capital stock
of the National City Company to $50,000,000, thereby
preserving the previously existing ratio between the capital
stock of the bank and the capital stock of the company.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Items regarding the plans relative to the increase in capital
A Montreal Stock Exchange membership was reported appeared in these columns Dec. 1 page 3041 and Jan. 12
sold this week for $225,000. This is stated to be the highest page 195.
at which they have ever sold.
At the weekly meeting of the executive committee of the
The New York Cotton Exchange membership of Leopold National City Bank of New York on Feb. 19, Joseph M.
Spingasn was reported sold this week to L. B. Lowenstein O'Shea was appointed Assistant Trust Officer, located atthe
for another, for $38,000. The last preceding sale was for Peoples Trust Branch, 181 Montague St., Brooklyn.
$40,000.
Sir Arthur Salter, K. C. B., director of the Economic and
Three N. Y. Cocoa Exchange memberships were reported Financial Section of the League of Nations, who is in this
sold this week as follows: At $5,500, at $5,800 and at $6,000. country on a short visit, was the guest of James Speyer
This last is the highest at which they have ever sold.
at dinner at his house, 1058 Fifth Ave. on Feb. 20.
The Governing Committee of the New York Stock Ex.
change decided on Feb. 20 to suspend trading to-day (Feb23) following yesterday's holiday (Washington's Birthday)
thereby giving the members a three-day recess. The New
York Curb Market likewise decided to do similarly suspend
The regular Monthly Luncheon Meeting of the British
Empire Chamber of Commerce was held on Wednesday,
Feb. 20, at the Whitehall Club, 17 Battery Place. E. B.
Filsinger, Foreign Trade Expert, Vice-President of the
Royal Baking Powder Company, addressed the members
and their guests on "An American's Viewpoint of. present
Day Europe." An address was also made by Sir Alfred
Bishop Morine, K. C., of Newfoundland.
FEB. 23 1929.]
FINANCIAL CHRONICLE
At a special Meeting of the stockholders of the Fidelity
Trust Company of New York on February 15, it was voted
to reduce the par value of the stock from $100 a share to
$50 a share. It is announced that approximately 80% of
the company's 40,000 shares were voted in favor of the plan,
and no votes were cast against it. As a meeting on Feb. 25
the stockholders will pass upon plans for the organization of a
securities company. Reference to the plans appeared in
our issue of Jan. 26, page 507.
Louis Stewart was elected a Trustee of the New York
Trust Co. at a meeting of the Board of Trustees on Feb. 20.
Mr. Stewart is Chairman of the Advisory Board of the
40th St. office of the New York Trust Co.
At the special meeting of the stockholders of The New
York Trust Co. on Feb. 14, the increase in stock, reduction
of the par value of the stock and the increase in the number
of shares of stock were duly authorized and upon compliance
with all the legal requirements and the effectuation of the
changes, the capital stock of the Trust Co. will be $12,500,000,consisting of 500,000 shares of the par value of $25 each.
Warrants evidencing rights of subscription to the new shares
were mailed to stockholders of record at the close of business
on Feb. 20, and subscriptions are to be paid before 3 p. m.
March 26. An account of the plans to increase the capital
of the institution appeared in our issue of Jan. 19, page 352.
1177
it opens for business in the Chapin Building in the next few
months.
At the meeting of the trustees of the Title Guarantee &
Trust Co. on Feb. 19, Charles L. Tyner was elected a trustee
of the company to fill a vacancy in the class expiring 1930.
Mr. Tyner is President of the Home Insurance Co.
The following officers of the Mechanics Bank of Brooklyn,
which recently merged into the Brooklyn Trust Co. (noted
in our issue of Feb. 9, page 832), were elected officers of the
Brooklyn Trust Co. on Feb. 11: Vice-Presidents, Andrew T.
Sullivan, James A. Stewart, Wilton C. Donn, Francis
Weekes, Harry F. Burns, William Boardman and Warren
B. Ashmead; Assistant Secretaries, Edward Q. Baker,
John A. Briggs, William J. Elster, Alexander S. Ingram,
Harry V. Kelly, P. Kunzinger Jr., Leland E.LeBar,John H.
Laeger, John R. Mohr, Willard H. Pearsall and William
Peterson. Umstead Wells was appointed Assistant Comptroller.
An application to organize a new bank in Rochester, N. Y.
under the title of the National Bank & Trust Co. with
capital of $1,000,000 was approved by the Comptroller of the
Currency on Feb. 15.
Fay A. Simmons, Treasurer and a director of Harris,
Forbes & Co., Boston, and associated with that house for
the past 22 years, died suddenly in Lincoln, N. H., on
Feb. 17. Mr. Simmons, who had made his home in Wellesley Hills, Mass., was born in Dorset, Vt., fifty years ago,
and was a graduate of Middlebury College. He entered
the employ of N. W. Harris & Co. (now Harris, Forbes &
Co.) in 1907 and ten years ago was made Treasurer and a
director of the company, the offices he held at the time of
his death. Mr.Simmons was also a director of the Wellesley
Trust Co., Wellesley Hills.
The J. Henry Schroder Banking Corp. announced on
Feb. 20 recent changes in its capital structure which increase
the capital and paid-in surplus from $3,200,00 to $8,000,000,
one item being the payment of a stock dividend of 25% out
of undivided profits. Prentiss N. Gray, President, in his
recent annual report to the stockholders, pointed out that
the original capital and surplus with which the corporation
began business five years ago had been more than doubled
out of earnings by the end of 1928. The increasing capital
Advices under date of Feb. 18 came to us regarding the
funds at this time the corporation has received payment of
approval of plans on that date by the respective stock$1,800,000 due on subscriptions to outstanding stock.
holders for the merger of the First National Bank of Jersey
Distribution of a 25% stock dividend on the 40,000 shares of
City, N. J., and the Lincoln Trust Co. of that city:
$100 par value, which has been the outstanding capital
At special meetings held to-day stockholders of the First National Bank
since Dec. 1923, has increased the outstanding stock to of Jersey City and the Lincoln Trust Co. ratified the conditions of the
two banks as approved previously by the directors
50,000 fully paid shares and the capital to $5,000,000. The merger between the
of the respective institutions. The merger becomes immediately effective.
transfer of $2,000,000from undivided profits to paid-in surplus giving the enlarged institution total resources of $27,000.000 and offices
raises the surplus to $3,000,000 and completes the recent at six focal points in Jersey City. Kelley Graham continues a President
and Edwin M. Farrier becomes Vice-President,
capital adjustments. As a result of these changes capital of the merged institution
uniting banks to operate as the First National Bank of Jersey City.
and surplus totals $8,000,000 and undivided profits over the response to our inquiry, addressed to the bank, regardIn
$500,000.
ing the correctness of an item published in our issue of
it was indicated that
The stockholders of the County Trust Co. of this city on Dec. 8 1928 (page 3190), in which
proceedings
Feb. 15 ratified a proposal to increase the capital of the action by the stockholders approving the merger
have received the following
we
time,
that
taken
at
been
had
institution from $1,000,000 to $4,000,000. The new stock
will be offered to stockholders, officers and employees at from the First National:
For your information, the first stockholders' meeting on the merger
$200 a share. Stockholders may acquire 2 7-10ths shares was
to take place last November. The meeting of the First National
of new stock for every share held. An item regarding the Bank of Jersey City went through according to schedule. A temporary
Trust Co. stockproposed increase in capital of the institution appeared in Injunction, however, held up the meeting of the Lincoln
holders. The injunction, however, was dismissed and applications for
these columns Feb. 2, page 674. Books close on Feb. 21 further restraining orders were refused. The previous notice as of Dec.
and all rights to subscribe will expire at close of business, was all right, but on the suggestion of the Comptroller's office at Washington we started from the beginning and held the stockholders' meetings on
March 15 1929.
results as outlined in the condensed notice we
William J. Large, Vice-President of the Claremont National Bank of New York, announces that a meeting of the
stockholders of the bank will be held on March 21 to act
upon the following propositions:
(a) To reduce the par value of the shares of the bank from
$100 each to $25 each, and to give to each shareholder four
shares of $25 par value each in exchange for each share of
the present CM par value, held by such shareholder;
(b) To increase the capital of this bank from $400,000,
now represented by 4,000 shares of $100 par value each, to
$500,000, represented by 20,000 shares of the par value of
$25 each; and to offer to each shareholder of record of the
bank, as of March 21 1929, the right to subscribe to such
increased shares, in the proportion of one such $25 par value
share, to every one $100 par value share then held by such
shareholder, at such price and upon such terms as the board
of directors may determine.
The statement of condition of the bank as of Dec. 31
1928 shows total resources of $5,153,358, compared with
$2,946,337 as of Dec. 31 1927. Deposits increased from
$2,255,196 at the end of 1927 to $3,991,826 at the end of 1928.
Trust powers have been granted to the Sterling National
Bank of New York and permission to include such powers
in its name. In consequence, the bank will be known as
the Sterling National Bank & Trust Co. of New York, when
Monday. Feb. 18, with the
sent to you. Also for your information, the stockholders' votes on Monday
were much more favorable than the first time. Moreover, not a dissenting
vote was raised in either meeting. The same afternoon, Monday. Feb. 18.
official approval sanctioning the merger was received by wire from the
Comptroller's offiee at Washington. The physical merger became immediately effective.
The National Newark & Essex Banking Co. of Newark,
N. J., which has reached its 125th birthday, plans the erection of a thirty-two story building at its present location at
the corner of Broad and Clnton Streets. This building will
cost $12,500,000 and will be the tallest and largest office
building in Newark. It will occupy practically the entire
frontage between Commerce and Clinton Streets and will be
erected in two sections so that the bank can occupy one half
ofits present location while the new building is being erected
on the other half. The site, now occupied by the old Mutual
Benefit Life Insurance Building, with an ell to Commerce
St. and a building adjoining it on the north (the former banking house of the Federal Trust Co.), will afford entrances
on three streets. The plot fronts 143 feet on Broad St.
block with the exception of the Security Savings Bank Building at the Commerce St. corner. The exterior of the building
will be in a Renaissance style with granite,limestone and brick
facings on walls and tower. The structure will be steel and
reinforced concrete construction. The main floor of the
building, directly above the stores, will be the home of the
bank. This can be entered from all three streets, and there
1178
FINANCIAL CHRONICLE
will be provided ample private and public elevator and stairway service. From the main Broad St. entrance and directly
on axis with it there will be a grand staircase. The banking
floor will give larger quarters for each department and will
provide, all on one floor area. The banking floor, including
all spaces, will occupy approximately 30,000 square feet,
and the banking room will have a clear height of about
twenty-eight feet. Above the main banking floor will be
located office floors, rentable to the public.
The stockholders of the Farmers & Mechanics National
Bank of Woodbury, N. J., at a special meeting on March
14 will vote on a proposal to change the par value of the stock
of the institution from 8100 per share to $10 per share. The
change is scheduled to go into effect March 14.
Christian Fleissner, former President of the Broad &
Market National Bank of Newark, N. J., died on Dec. 31
at Hongkong, China, while traveling on a world cruise.
The Keyport Banking Co. of Keyport, N. J., announces
the death on Feb. 12 of its President, John W. Keough,
who had been associated with the institution as a director
and officer since its organization in 1884.
That the Bankers Trust Co. of Philadelphia is about to
absorb the Empire Title & Trust Co. of that city was announced on Feb. 18 by Samuel II. Barker and William
Powers, Presidents, respectively, of the institutions. The
announcement said.
Consolidation of Empire Title and Trust Company with Bankers Trust
Company of Philadelphia, following merger into it of Federal Trust Company of Philadelphia, has been arranged. The agreement of merger was
approved by the Board of Directors of Bankers Trust Company yesterday
following approving action by the Board of the Empire last Thursday.
There will be issued $187,500 of Bankers Trust Company stock on a basis
of one share for two and two-thirds of Empire.
Empire Title and Trust Co. was organized 1905 and has been built up
to its present position of $2,500,000 resources and $1,875,000 deposits
under direction of William Powers as President. He and William H. G.
Gould will become directors of Bankers Trust Co.
The Empire has two offices; so after this consolidation Bankers Trust
Co. will have, beside the main office Walnut Street at Juniper, six other
offices, 713 Chestnut Street, Broad Street at Federal, 52nd Street at
Ludlow, 44th Street and Lancaster Avenue, Broad Street at Louden, and
80th and Market Streets.
Combined resources of the three institutions, Bankers Trust Co., Federal
Trust Co. and Empire Title and Trust Co., at the present time total above
$44,000,000, and deposits $25,000,000.
[VOL. 128.
due from banks amounted to $14,550,182. On the liabilities
side of the statement deposits are given as $94,132,630 (a
gain for the year of $3,217,211), and combined capital,
surplus and undivided profits as $32,272,180. The gross
earnings for the year were $5,225,707.12. From this was
deducted $2,678,552 consisting of operating expenses,
including additional compensation of 5% on salaries paid to
all officers and employees, and Federal, State, and City
taxes. After such deduction, the net earnings for the year
were $2,547,155. A further charge was made of $146,331.58
being largely premiums on Government and equipment issues
matured or disposed of during the year. Four quarterly
dividends of 6% or $402,000 were paid amounting to
81,608,000. From the undivided profits account $100,000
was transferred to the reserve fund for furniture, equipment
and moving, making the undivided profits account on Dec.
31 1928, $4,572,179.75, a gain for the year of $692,824.
The total individual trusts in charge of the company at the
end of the year were $710,681,258, a gain of $59,020,106.
The company is also trustee for $869,651,270 of corporate
trusts. The total collateral held in this capacity amounts to
6,415,487. Officers of the Fidelity-Philadelphia Trust Co.
include the following: William P. Gest, Chairman of the
Board; Henry G. Brengle, President; Jonathan C. Neff,
Frank M. Hardt, William G. Littleton, T. Ellwood Frame,
T. Homer Atherton, Nelson C. Denney, and Charles H.
Bannard, Vice-Presidents; Henry L. MeCloy, Secretary,
and J. Calvin Wallace, Treasurer.
Announcement was made on Feb. 7 by W. Bladen
Lowndes, President of the Fidelity Trust Co. of Baltimore,
following a meeting of the directors, of the appointment of
John M. Dennis, Jr. as a Vice-President, as reported in the
Baltimore "Sun" of Feb. 8. Mr. Dennis resigned as VicePresident of the Union Trust Co. of Baltimore on Feb. 1
and will assume his new duties March 15, according to Mr.
Lowndes. He is the son of John M.Dennis, President of the
Union Trust Co. and State Treasurer of Maryland.
At a special meeting on March 12, stockholders of the
Pennsylvania Trust Co. of Pittsburgh will vote on a proposed
increase in the institution's capital from $400,000 to $500,000
and will also take action on a proposal to reduce the par
value of the bank's shares from $100 to $20.
Supplementing our item of last week (page 1008) with
reference to the new Midland Bank and Midland Corporation
of Cleveland (just organized by a group of Cleveland capitallists headed by C. L. Bradley, President of the Cleveland
Union Terminals Co. and closely identified with many other
interests of the Van Sweringen Brothers of Cleveland) the
new bank will be in the hands of one of the smallest boards
of directors of any important bank in the country. The
number of directors is only six, two of whom are executive
officers. The directorate includes C. L. Bradley; his
brother Alva Bradley, financier and President of the Cleveland Baseball Co.; Elton Hoyt II, partner of the iron ore
firm of Pickands, Mather & Co.; G. A. Tomlinson, head
of the largest independent fleet of freighters on the Great.
The proposed consolidation of the Industrial Trust, Title Lakes; and President Sherwin and Vice-President Barker.
& Savings Co. of Philadelphia and the Fern Rock Trust Co.
of that city (reference to which was made in our Issues of
With reference to the affairs of the Central National Bank
Nov. 28 1928 and Jan. 12 1929, pages 2912 and 201, respec- of Cleveland, a dispatch from that city on Feb. 14 to the
tively) became effective on Feb. 15. The new organization "Wall Street Journal" says:
—the Industrial Trust Co.—has capital resources of $3,9.72,Within thirty days after ratifying a proposal to increase their bank's
138; deposits of $12,480,271, and total resources of $17,210, capital and to form a new investment company, stockholders of Central
National Bank of Cleveland,
their special committee headed by
MO. In addition it has trust funds aggregating $9,768,766. C. E. Sullivan. bank president,through
declared their new plan operative.
The enlarged bank maintains two offices-1944-52 N. Front
Payment for the 7.000 authorized new shares of stock which were offered
St. and Broad and Nedro ave. Officers are as follows: stockholders at $300 a unit on a pro rata basis, resulting In a total subscription of $2,100.000, will be due Feb. 25. Investment company will
John S. Bowker, Chairman of the Board; J. Edw. Schneider, have $1,000,000 capital, while the combined capital and surplus of the
President; Joseph M. Steele and Samuel B. Davis, Vice- bank is raised to $6,000,000. The investment company is to be known as
Presidents; James P. Pinkerton, Vice-President and Title the Central National Co.
Officer; Harry Marshall, Secretary and Assistant Treasurer;
Directors of the Cleveland Trust Co., Cleveland, on Fob. 7,
Oarl A. Hoyer, Treasurer and Assistant Secretary; Elmer authorized the calling of a special meeting of the stockholders
P. VanLoan, Trust Officer, and C. M. Rittenhouse, Harold on Mar. 29 to vote on increasing the bank's capital from
W. Frame, and Wm. W. Peck, Assistant Secretaries and 810,000,000 to $12,000,000. Commenting on the proposed
Assistant Treasurers.
increase, Harris Creech, President of the trust company,
was reported in the Cleveland "Plain Dealer" of Feb. 9 as
At a meeting of the Board of Directors of the Fidelity- saying
that the directors made the recommendation in acPhiladelphia Trust Co., Philadelphia, on Feb. 18, William
cordance with the bank's policy to increase the capital as
M. Potts was elected a member, thereby increasing the the
growth of the company requires. Mr. Creech furthernumber of directors from 29 to 30. A copy of the annual more
said:
report of the company, in pamphlet form, has just recently
The growth of Cleveland industrially and commercially has been far
been received. The statement, which covers the fiscal more substantial in recent years than most people appreciate. The Cleveland Trust Co. has enjoyed its full share of that growth but our experience
year ended Dec. 31 1928, shows total resources at the close and
our study of the city's prospects clearly indicated the duty of preof business on that date of $135,783,041, of which cash and paredness for the greater business needs of the near future.
Announcement was made by the Integrity Trust Co. of
Philadelphia on Feb. 18 of the appointment of Warren R.
Humphreys as a Vice-President. Mr. Humphreys is First
Tice-President of the Philadelphia Association of Credit Men
and a member of the Union League. Subsequently (Feb. 20)
the stockholders of the company approved the proposed
consolidation of the West Philadelphia Title & Trust Co.
with the institution, according to the Philadelphia "Ledger"
a Feb. 21, which stated that the merger will become effective at the close of business Feb. 28. Our last reference to
the proposed union appeared in the "Chronicle" of Feb. 16,
page 1007.
Fan. 23 1929.]
FINANCIAL CHRONICLE
Continuing the paper mentioned said:
Co. has
This is the second time in two years that the Cleveland Trust
privileged to buy
Increased its capital. Two years ago stockholders were
are
they
Now
share.
additional stock up to 1-6 of their holdings at $160 a
will
permitted to buy 20% additional stock at $200 a share. This increase
bring the bank's capital, surplus and undivided profits to approximately
$20,000.000.
inStarted in 1895 with $500,000 capital the Cleveland Trust Co. has
creased Its capital seven times. It was the first state bank with assets
system
in excess of $50,000,000 to lend its support to the Federal Reserve
deand for several years it has led Cleveland banks in volume of savings
United
the
posits. It ranks among the seven largest savings institutions in
check
to
its
funds
subject
while
accounts,
States having more than 450.000
are the second largest in the State.
Charles H. Hill, a Vice-President of the United Banking
& Trust Co. of Cleveland, and for the past 20 years active
in banking circles in that city, died on Feb.9 after a month's
illness. Mr. Hill, who was born at Tillsonburg, Ontario
(Canada),Nov-.24 1877,went to Cleveland in 1910 and joined
the staff of the Lake Shore Banking & Trust Co. He was
made manager of the Superior-Addison branch of this company when it was opened. When the Lake Shore Banking &
Trust Co. was merged with the Cleveland Trust Co., Mr. Hill
was Assistant Treasurer. He retained the office until the
Lake Erie Trust Co. was established and then became a
Vice-President of that institution. Last year when the
Lake Erie Trust Co. was merged with the United Banking
& Trust Co., the deceased banker became a Vice-President
of the enlarged institution, the office he held at the time of
his death.
1179
quired bank, which was organized in 1918, is capitalized at
$100,000 with surplus and undivided profits of $60,000 and
has total resources of $1,700,000. Arnott H. Moody,
President of the Ecorse State Bank, is a Vice-President of
the People's Wayne County Bank and "is well known in
the down river district." The name of the acquired bank
will shortly be changed to the People's Wayne County Bank
of Ecorse. On Feb. 18 officers were appointed for the
institution as follows: Ignatius J. Salliotte, Chairman of
the board; Arnott H. Moody, President; Donald N. Sweeny
and George A. Burns, Vice-Presidents; Andrew P. McNiven, Cashier, and C. J. Livernois and C. R. Mead
Assistant Cashiers.
The Highland Park State B- ank and Highland Park Trust
Company, Detroit, announce the appointment of Charles I.
Norman as Vice-President of both institutions, in charge of
the bond department.
The respective stockholder-s of the First National Bank
of St. Paul and the Merchants National Bank of that city
will vote on the proposed consolidation of the institutions
(indicated in the "Chronicle" of Feb. 2, page 678) at special
meetings to be held Mar 4 1929.
With reference to the closing last week of several Indiana
State banks located in Bluffton and other places in Wells
County (noted in the "Chronicle" of Feb. 16, page 1008), a
dispatch from Bluffton on Feb. 18 to the Indianapolis
"News" contained the following:
P Although Wells County is still crippled by the financial difficulties
brought on by the closing of the two remaining banks here and three more
In other parts of the county, the spirit of unrest seems to be giving way to
thought of relieving the situation. This is the opinion here.
lir This lull in the situation comes at a time when bank officers, stockholders and directors of the institutions which were closed are working
almost day and night to solve the problem and arrange their institutions
in such way that it would be safe to reopen.
The Union Savings & Trust Co. officers here are continuing efforts to
open the institution but would give no positive assurance they would sueceed. Fred J. Tangeman. President, said the bank would open only after
he received assurance that all present depositors were fully protected.
Concurrently with this announcement comes a statement that stockholders of the Wells County Bank, for which the banking department
has asked a receiver be appointed, are making strenuous efforts to work
tout a plan to open that institution. This plan, while not ready now to be
announced, will be offered to all depositors, possbly this week.
At a mass meeting held at the community building InUniondale,residents
of that community practically completed plans for the forming of a new
private bank to be known as the Bank of Uniondale. Stock subscriptions
totaling $10,000 have already been made and this Is expected to be raised
to $15.000. The officers and directors will be elected at another meeting
to be held to-night and application for a state charter will be made Tuesday
Examiners are now at work on the books of the State Bank of Uniondale.
It is though that the institution will be found to be solvent and stockholders
of the new bank are planning to take over the State Bank,if that institution
Is found to be solvent.
Late Saturday a petition in behalf of the stockholders of the Bank of
Petroleum for appointment of a trustee to liquidate the assets was filed
in Circuit Court here. This bank is a private institution and expected
to pay out in full
Application to organize a new banking institution in
Mason City, Iowa, to be known as the Northwest Savings
Bank, has been filed with L. A. Andrews, the State Superintendent of Banking, according to adviees from that place
appearing in the Des Moines "Register" of Feb. 7. The new
bank will be capitalized at $100,000 with a paid-in surplus
of $50,000. The project, the dispatch said, is headed by
C. 0. Wilkinson, widely known bank receiver and business
man of Mason City, and associated with him are E. H.
Wagner, Jay Decker, Mier Wolf and Lee P. Loomis. Mr.
Wagner will be President and Mr. Wilkinson, Vice-President
and Manager. The new institution will occupy the former
quarters of the Security National Bank. The savings business of the new institution will be emphasized. The movement has the support of prominent business men of the city,
it was stated.
The Comptroller of the Currency on Feb. 11 issued a
charter for the First National Bank of McGehee, Ark., with
capital of $100,000. The new institution represents a conversion of the Citizens' State Bank of McGehee.
Edgard Molitor, who has been Vice-President of the
Hibernia Bank & Trust Co. of New Orleans, for the past
three years, has resigned to enter the investment banking
ield as a member of the organization of P. W. Chapman
& Co. of New York and Chicago.
Announcement was made Feb. 15 by R. S. Hecht, President of Hibernia Bank & Trust Co. and Hibernia Securities
Co.,Inc., that Hibernia Securities Co., Inc., of New Orleans,
has completed arrangements for the further extension of its
private wire system to St. Louis, and for the opening of an
A later dispatch from Bluffton (Feb. 19) to the same paper, office of the Hibernia Securities Co. in that city. In ansaid:
nouncing this, Mr. Hecht said:
that efforts of Bluffton bankers to open
Developments to-day
indicate
Chicago, Atlanta,
Our securities company now has offices in New York,
the Wells County Bank and Union Savings & Trust Co. here under their
Angeles, and with the opening of the St. Louis
own resources have been abandoned and that now they are planning to Dallas, Houston and Los
nationwide distribution of high-grade Southern
merge with Ft. Wayne capital with the view to strengthen the institutions office our acilities for the
will be further enlarged.
handle
we
which
securities
hero so they may be reopened in the next few days. A meeting of Bluffton
of business beWe look for a steady and ever-increasing development
bankers with Ft. Wayne men was to be held at Ft. Wayne to-day.
St. Louis and Mississippi Valley terr:tory.
the
and
Henry Scott has been named trustee to liquidate the assets of the Bank tween New Orleans
of Petroleum, a private institution. He has provided bond of $10,000.
Scott's petition to select a depository was granted and he named the CitiOn Feb. 16 a consolidation of the Lockwood National Bank
zens Bank of Hartford City, as depository during liquidation.
of San Antonio, Texas (capital $200,000), with the Frost
-a_
According to the Indianapolis "News" of Feb. 18, the
Jasonville State Bank, Jasonville, Greene County, Ind., an
institution capitalized at $25,000 and with deposits of
$150,000, was closed on that date by order of the State
Banking Department. The Department and the directors
were reported as saying that it was expected the depositors
would be paid in full. K. B. Brownell, a State bank examiner, was placed in charge of the institution's affairs. According to Luther Symons, State Banking Commissioner,
money reserves had run so low that the bank could no longer
operate. This was due, the Commissioner explained, to
frozen assets and lack of business, owing to the depression
in the coal trade. H. H. Ward is President of the closed
bank and J. M. Henderson, Cashier.
That the People's Wayne County Bank of Detroit has
purchased the stock of the Ecorse State Bank of Ecorse,
Mich., and on Feb. 18 took over the institution, was reported in the Detroit "Free Press" of Feb. 19. The ae-
National Bank of that city (capital $1,000,000) was consummated. The new institution, which continues the title
of the Frost National Bank, is capitalized at $1,200,000.
Incident to the approaching consolidation of the Los
Angeles First National Bank & Trust Co., Los Angeles, and
the Security Trust & Savings Bank of the same city, under
the charter of the first named institution (noted in our
issue of Feb.2, page 678) a dispatch on Tuesday of this week
(Feb. 19) to the "Wall Street Journal" says:
a letter to
.1. F. Barton, President Security Trust & Savings Bank, in
ratify
stockholders calling special meeting of stockholders for Mar. 14 to
consolidation with Los Angeles First National Trust & Savings Bank, outunderWhile
new
stock by shareholders.
lines terms for subscription to
writers have agreed to take any stock not subscribed for, shareholders are
rights.
of
advantage
take
to
urged
First dividend on new stock will be payable for quarter beginning Apr. 1.
There is offered Security Trust shareholders 52,800 shares stock of consolidated bank,$25 par, at $100 a share. Stockholders of record Feb.27 will be
each
entitled to subscribe to new stock in ratio of 11-25ths of a share for
issue
share now held. New shares must be subscribed for between date of
of warrants and Mar. 30, after which warrants will be void.
1180
FINANCIAL CHRONICLE
Mr. Sartori states that of total of $100 a share to be paid $50 will go to
consolidated bank and $50 furnish capital to new Security-First National
Co. This company has been incorporated, he said, and will bear same relation to new consolidated bank that present Security Co. bears to Security
Trust & Savings, I. e. will be owned beneficially by stockholders of consolidated bank in same proportions in which they own stock in the bank. Payment of $50 a share to Security-First National Co.is to provide initial capital
for new securities company to enable it to function and is entirely for benefit
of stockholders of bank.
Henry M. Robinson, President Los Angeles First National Trust &
Savings Bank in letter to stockholders, which is almost identical with that
sent to stockholders Security Trust & Savings has called special meeting
for Mar. 14 to approve merger of two banks. Of capital stock of new consolidated bank, Mr. Robinson states, 550,000 shares will be alloted stockholders of Los Angeles First National on basis of exchange share for share.
Stock purchase warrants will be mailed Mar. 13 and stock must be subscribed between then and Mar. 30. Stockholders of record Feb. 27 will
be entitled to subscribe to new stock at $100 a share, on basis one new share
for each 10 now held.
That a change of title of the National Bank for Savings,
Los Angeles,to the Western National Bank has been formally
approved by the Comptroller of the Currency and the new
name put into immediate effect, was announced on Feb. 13
by Wade E. Hampton, the President of the institution,
according to the Los Angeles "Times" of the following day,
which continuing said:
[VOL. 128.
would be strengthened by addition of several prominent business men and
bankers, management of the institution to rest in the hands of experienced
bank men.
Preliminary negotiations leading to this final consummation were
handled in New York
by George Stratton, junior partner in Vincent
& Co., with C. H. Huston, prominent investment banker of that city, who
represented the Brotherhood in the transaction.
In its issue of the next day (Feb. 7) the San Francisco
paper also printed the following in the matter:
Confirmation of the sale of the Brotherhood National Bank of San
Francisco to Calitalo Investment Corporation and repudiation of denials
of knowledge of the deal purporting to originate with officers of the
Portland Bank of the Brotherhood chain was received by The Chronicle
last night from W. 0. Van Pelt, secretary of the Brotherhood Investment
Corporation.
In his wire Van Pelt states that D. J. Allman, President of the Portland Bank of the Brotherhood organization, was incorrectly quoted in a
published interview.
Other negotiations are pending, Van Pelt stated, which are not yet
ready for public announcement, and locally these are understood to refer
to that portion of the option held by Calitalo Investment Corporation on
the Portland, Seattle and Tacoma banks. Steps are to be taken shortly,
It was understood yesterday, which will facilitate acquisition by Calitale
of any additional units its directors may see fit to add to Its organization,
together with active plans for the operation of the local banks, name of
which will be changed at once to City National Bank of San Francisco.
Effective Feb. 11 the First National Bank of San Pedro
(Los Angeles), Cal., capitalized at $200,000, was placed in
voluntary liquidation. The institution was absorbed by
the Bank of Italy National Trust & Savings Association
The personnel of the Western National Bank is now as (head office San Francisco).
follows: J. B. McCook, Chairman of the Board; Wade E.
Advices from San Francisco on Tuesday of this week
Hampton, President; Everett H. Seaver, Vice-President and
(Feb. 19) to the "Wall Street Journal" stated that the proCecil Casey, Cashier, and W. M. Butler, Trust Officer.
An item concerning the affairs of this bank appeared in our posed consolidation of the Dexter Horton National Bank
of Seattle, Wash., and the Marine Bancorporation (the
issue of Feb.9 1929.
holding company of the Marine National, Marine Central
Election of Frank E. Eckhart, a retired capitalist, as a and Marine State Banks, the National City Bank and the
director of the National Bank of Commerce, Los Angeles, National Bank of Commerce, all of Seattle, as well as sevto succeed John H. Coverley, deceased, was announced by eral other Washington banks) has been abandoned because
Erie M.Leaf, President of the institution, on Feb. 13,follow- of legal obstacles, according to a statement by Andrew
ing a meeting of the directors, as reported in the Los Angeles Price, President of the Marine Bancorporation. The pro"Times" of Feb. 14. Mr. Eckhart is a director of the posed merger of the institutions was indicated in the
California United States Bond & Mortgage Corporation, "Chronicle" of Dec. 22 last, page 3492.
and also of the Fidelity Savings & Loan Association.
A special meeting of stockholders has been called for March 15 to ratify
the recent proposal to reduce the par value of the bank's stock from $100
to $20 a share and to substantially increase capital, Mr. Hampton stated.
Nine new directors have been added, which, he said, comprise young men
successful in various lines of business.
The net profit of the Swiss Bank Corporation for the year
ended Dec.31 1928, together with the carry forward from the
previous year amounts to £644,200 against £537,227 for
1927. At the Annual General Meeting to take place Feb.
28 the Board will recommend the allocation of £20,000 to
the Pension Fund, and of £40,000 to the Reserve Fund for
the extension of the Head Office premises in Bastle; they
further propose to pay a dividend of 8% as for the preceding
year, to place £80,000 to the Reserve Fund, which will thus
reach a total of £1,760,000 and to carry forward £28,610.
Acting upon the authority given by the Extra-Ordinary
General Meeting of the 17th of Oct. 1927, the Board have
decided to issue 40,000 shares of Frs. 500. each, thus increasing the paid-up capital from Frs. 140,000,000 to Frs.
160,000,000. The new shares which will rank for the full
dividend for the current year will be offered to shareholders
at Frs. 625 per share in proportion to their existing holding.
It is noted that the Swiss Exchange has been taken at Frs.
25. to the Z.
According to the San Francisco "Chronicle" of Feb. 6,
sale of the Brotherhood National Bank of San Francisco
to the Calitalo Investment Corporation was approved on
Feb. 5 by the Board of Directors of the Pacific Brotherhood
Investment Co. at a meeting held in Portland, Ore. In
addition to ratifying the sale of the San Francisco institution, it was said, the directors also extended to the Calitalo
Investment Corporation the privilege of purchasing the remaining banks of the Brotherhood chain, located in Portland, Seattle and Tacoma. An immediate change of name
of the Brotherhood National Bank to the City National
Bank of San Francisco and a reduction in the par value of
Its shares from $100 to $25 a share are important features
of the program the Calitalo Investment Corporation purposes to inaugurate, it was said. This will give the bank
a capitalization of $1,000,000, divided into 40,000 shares, and
present stockholders will receive new stock in the ratio of
four shares for one share now held, it was said. The paper
mentioned went on to say:
Additional stock remaining after the four for one distribution will be
offered to stockholders of both Calitalo Investment Corporation and the
bank in the form of rights.
Frederic Vincent of Frederic Vincent & Co., whose firm handled negotiations for the sale, stated yesterday that a New York correspondent for
the bank had already been arranged, and that the board of directors
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market suffered a further bad break on Saturday
last, when an avalanche of selling orders swept into the
market and carried many of the more active speculative
favorites down to new low levels for the year. On Monday
the market manifested considerable improvement and it has
gradually worked higher as the week advanced. Trading
has been on a comparatively moderate scale, the transactions
on Wednesday falling below the 3 million mark for the first
time since December 18. The weekly report of the Federal
Reserve Bank made public after the close of the market on
Thursday shows a decrease in brokers' loans amounting to
$91,000,000. Call money ranged downward from 8% on
Monday to 6% on Tuesday and ruled no higher than 63'2%
on Thursday. The New York Stock Exchange was closed on
Friday in observance of Washington's Birthday and will
remain closed to-day as an added holiday.
As stated, the market at the short session on Saturday
moved lower as a wide assortment of pool favorites were
thrown overboard. The selling orders included practically
every live issue and dozens of stocks receded from 1 to 6
points. Copper shares which were the strong features of
the previous days were no exception to the rule, GreeneCananea yielding 5 points to 170 and similar recessions were
recorded by Cile Copper, Anaconda and most of the other
shares of the group. Motor stocks also were weak, Packard
taking the brunt of the decline with a loss of nearly four
points, followed by General Motors. Chrysler, Hupp,
Hudson and Studebaker with more moderate recessions.
United States Steel common was under pressure and was
driven below 170. Railroad shares moved downward with
the rest, Pennsylvania and New York Central slipping back
to new lows for the year. Radio Corporation was down 21
points to 340, Westinghouse dipped about four points and
Wright Aeronautic was off over six points. Stocks were
again under pressure at th opening on Monday, though the
volume of selling was not heavy and there was no recurrence
of the break of the preceding session. Many sharp recoveries occurred. United States Steel closed with a net
gain of over two points on the day. In the specialties
group Union Carbide & Carbon and Johns-Manville enjoyed substantial advances. American and Foreign Power
was the feature of the utilities and advanced about 15 points
to close at 1283. Copper stocks moved to the front under
the guidance of Andes Copper which rushed ahead 6%
points to 60%. Anaconda gained five points to 1333A•
The rally in the closing hour of the preceding day extended
to the early trading on Tuesday and some brisk advances
were scored by a number of the more active speculative
favorites. As the day advanced, however, profit taking
brought some recessions and a number of stocks closed at
slightly lower levels. United States Steel common at one
time sold up to 175, but closed at 172% with a net gain of
% point. American & Foreign Power again attracted considerable speculative attention by its spectacular advance
to 138, and closed with a net gain of two points. Motor
shares ranged higher, Hupp Motors selling up to 72 with a
gain of four points above Monday's low. Hudson Studebaker and Packard also did better.
The market was fairly bouyant on Wednesday, many
of the more active stocks moving upward from 2 to 10 points.
United States Steel, common assumed the leadership early
in the day and moved ahead nearly 4 points to 17634.
Bethlehem Steel gained 434 points to 9534 and similar
advances were recorded by several other issues in the group.
Aeroplane stocks were in brisk demand, particularly Wright
Aeronautics which sold up to 280 at its high for the day and
closed at 275 with a net gain of 10 points. Motor issues
were especially strong, Packard bounding upward 10 points
to 139% followed by Chrysler which ran ahead about 3 points
to 103 and closed at 102 with a gain of 2 points. General
Motors advanced about a point. On Thursday spasmodic
periods of irregularity characterized the trading until midsession when United States Steel common moved suddenly
forward under the impetus of high buying orders. Blocks
of 5,000 shares were taken and the price rapidly advanced
to 180 and later to 182. Bethlehem Steel was carried along
and sold at 9734. The strength of the steel issues stimulated
interest in numerous other stocks and sharp gains were made
by such issues as National Cash Register, Radio Corporation, Columbia Graphophone and American Steel Foundries.
Local traction stocks were particularly strong, Interboro
Rapid Transit leading the upward swing, Motor shares
continue to work upward under the guidance of Hudson,
Hupp and Chrysler. General Electric gained about 5 points,
Johns-Manville advanced 3 points and Montgomery Ward
moved ahead 6 points. Crosley Radio had a sensational
advance and added 4 points additional to its record of 15
points on Wednesday. The final tone was good.
Automobile was conspicuous for an advance from 152 to
185, the close to-day being at 179%. E. W. Bliss & Co.
1 and reacted finally to
/
com. sold up over 10 points to 543
5234. Boeing Airplane & Transport, com. rose from 8534
to 93, and eased off to 90, the close to-day being at 9034•
Bohn Aluminum & Brass moved up from 10534 to 11034
and finished to-day at 10834. Bristol-Myers corn. after
4 and closed
early loss from 10034 to 99%, ran up to 1053
to-day at the high figure. Checker Cab Mfg. corn. sold
up from 73% to 8534 with the final transaction to-day being
85. Ford Motor of Canada advanced from 625 to 681,
the close to-day being at 670. Niles-Benaut Pond Co. recovered from 2153% to 23234, and finished to-day at 23034.
Phelps Dodge Corp. was up from 306 to 349, the final
transaction to-day being at 350. Schulte Real Estate Co.
sold down from 31% to 26 and at 28 finally. U. S.
Freight eased off at first from 102 to 99% then ran up to
109% the close to-day being at 108%. Westvaco Chlorine
Products gained over 10 points to 83% and rested finally
at 82. Utilities show few changes of importance. Amer.
& Foreign Power warrants advanced from 893% to 11334 and
closed to-day at 100. Amer. Gas & Elec. improved from
149% to 158 and ends the week at 152%. Elec. Bond &
share securities rose from 241 to 2663% with the final figure
to-day 263. The new stock sold up from 79 to 913% and
at 89% finally. Electric Investors was up from 103% to
110, the close to-day being at 1073%. Oils show little of
interest.
A complete record of Curb Market transactions will be
found on page 1211.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Feb. 22.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
,
Total
Railroad,
&c.,
Bonds.
2,492,000
3,475,550
3,205,150
2,907,000
3,394,990
$3,444,000
$1,242,500
4,940,500
2,520,000
5,157,000
2,582,000
4,883,000
2,438,000
5,377,000
1,534,000
HOLI DAY
State,
Municipal &
Foreign Bonds.
$23.801.500
Week Ended Feb. 22.
1929.
Stocks-No, of shares.
Bonds.
Government bonds...
State and foreign bonds
Railroad & misc. bonds
Total bonds
Stocks,
Number of
Shares.
15,474.690
Sales at
New York Stock
Exchange.
1928.
United
States
Bonds.
$158,000
644,000
234,500
211,000
208,000
51.455 50n
$10.325.500
1929.
1928.
15,474.690
9,704,070
172,195,480
97,912,125
$1,455,500
10,325.500
23,801,500
$3,304,500
13,296,000
29,219,000
$21,649,000
98.671,050
259,090,500
$34.269,500
143,966,625
309,303,300
$35,582,500 $45,819,500
$379.410,550
$487,539,425
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond-Sales Shares. Bond Sales.
*42,047
$10,000
*63,000
51,000
74.919
47,500
*82,037
58,000
32,590
33,000
HOLI DAY
$8,000
a46.295
14,500
a72,682
17,300
a61.283
12,500
a42,165
10,000
11,985
HOLI DAY
295,493
234,410
$199,500
$61,300
52,057
$25.000
54,057
37,000
52,481
14,500
52,710
24,500
52,692
82,800
HOLI DAY
13,997
$182,800
$84,500
18.766 5177.800
Prey, week revised 283,208 $207.000 298.055
•In addition,sa es of rights were: Saturday, 10; Monday, 500; Wednesday, 20.
a In addition, sales of rights were: Saturday. 7,000; Monday. 7,800; Tuesday,
6,100; Wednesday 5,000.
S In addition, sales of rights were: Saturday, 16; Monday. 835; Tuesday, 231;
Wednesday, 538; Thursday, 735. Sales of warrants were: Saturday, 50: Monday,
1003(. Sales of scrip were: Tuesday, 12-20.
THE CURB MARKET.
Curb stocks moved upward this week in a rally which
extended to nearly all issues. Toward the close, however,
the market became quiet with considerable irregularity,
the approaching three day holiday being the adverse factor.
Industrials and miscellaneous featured the market. Auburn
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Valise).
Week Ended
Feb. 22.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Shares)
$929,200
1,006.500
1,214.800
1.117,800
1,128,100
5,396,400
Rights
Domestic
26.500
51.453,000
25,100
2,728,000
48,700
2,056,000
38,300
2,301,000
27.100
2.124,000
HOLI DAY.
165,700 510,662,000
Foreign
Government
$336,000
456,000
506,000
350,000
118,000
$1.766,000
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a substantial increase compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ended to-day (Saturday, Feb. 23) bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 22.0% larger than for the corresponding week last year. The total stands at $11,445,192,470,
against $9,378,121,172 for the same week in 1928. At this
centre there is a gain for the five days ended Friday of 25.5%.
Our comparative summary for the week follows:
1929.
1928.
Per a
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,855,000,000
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
$4,665,000,000
475,608,606
357.000.000
313.000,000
91,475,990
101,200,000
169,638,000
141,780,000
120,461,341
121,242,388
83,359,254
72,535,538
45,677,625
+25.5
+9.7
+21.0
+7.7
+1.6
+2.5
-10.9
+18.2
+3.7
+34.2
+21.6
-10.0
+5.7
Thirteen cities, 5 days
Other cities, 5 days
$8,163,671,136
992,482,840
$6,757,978,742
837,798.552
+20.8
+8.9
Total all cities, 5 days
All cities, 1 day
$9,156,153,976
2,289,038,494
$7,595,777,294
1,782,943,878
+20.5
+28.4
SI I 4.4A 102 47(1
59.378.721.172
4-22.0
Clearings-Returns by Telegraph.
Week Ended February 23.
-Tan. 1 to Feb. 22.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Feb. 22 1929.
1181
FINANCIAL CHRONICLE
FEB. 23 19291
Tnt41 ((II ...Mae Mr maalr
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 weeks 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 statement, however, which we
present further below, we are able to give fianl and complete
results for the week previous-the week ended Feb. 16. For
that week there is an increase of 25.9%, the 1929 aggregate
of clearings for the whole country being $12,714,474,940,
against $10,096,163,383 in the same week of 1928. Outside
of this city the increase is only 5.7%. The bank exchanges
at this centre record a gain of 39.9%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
1182
FINANCIAL CHRONICLE
Reserve District (including this city) there is an improvement of 39.4%, in the Philadelphia Reserve District an
increase of 12.1%, and in the Cleveland Reserve District of 4.7%. The Boston Reserve District shows a loss
of 1.9%, the Richmond Reserve District of 1.9%, the
Atlanta Reserve District of 4.4%. The Chicago Reserve
District enjoys an increase of 12.8%, but the St. Louis
Reserve District and the Minneapolis Reserve District
both show small decreases-0.1% in the case of the former
and 0.3% in the case of the latter. In the Kansas City
Reserve District the totals are slightly larger (0.4%),
while in the Dallas Reserve District they are larger by
7.6% and in the San Francisco Reserve District by 5.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Feb.16 1929.
1929.
1928.
Inc.or
Dec.
1927,
1926.
Federal Reserve Dist,.
$
515.210,822
524,986,960 -1.9
533,496,064
503,704,592
let Boston _ _ _12 cities
8,498,817,402 6,098,423,995 +39.4 6,712,740,652 6,002,102,691
2nd New York _11 "
716,630,468
587.205.491
523.790.563 +12.1
Iird Philadelphial0 "
664,344,489
476.487,807
423,734,281
404,823,098 +4.7
4th Cleveland_ _ 8 "
452,667,513
186,823,449
177,074,895
180.568,997 -1.9
6th Richmond _ 6 "
003.228,854
193,147,373
225,465.954
202,083,406 -4.4
6th Atlanta___ _13 "
260.221.639
1,060,266,161
939,728,258 +12.8 1,073,628.050 1,076.165.291
7th Chicago_ _20 "
2.38.544,661
229,791.909
230.063,557 -0.1
8th St. Louts_ _ 8 "
256.131.182
122,069,909
114.619,705 -0.3
114,294,694
9th Minneapolis 7 "
131,571.000
243,118.380
223,369,492 +0.4
224.246.157
10th Kansas City 12 "
234,596,387
77,269,287
71,769,760 +7.6
91,982,932
85,359,501
5 "
11th Dallas
626,097,215
613,427,471
581,935,665 +5.4
121/1 San Fran_ _17 "
591,363,755
129 Mies 12,714,474,940 10,096,1E3,383 +25.9 11,247,085,544 10,461,056,894
Total
4,348,623,627 4,115,605,219 +5.7 4,675,800,707 4,585,118,144
Outside N. Y. City
Canada
31 cities
426,601,780
383,943.474 +11.2
321,350,129
299,995,183
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Feb. 16.
Clearings at1929.
Inc. or
Dec.
1928.
1927.
1926,
3
First Federal Reserve Dist rict-Boston
Me -Bangor.
567.481
588,058 -3.5
Portland
3,997.872
3,245,787 +23.2
Mass.-Boston _ 455,000,000 470,000,000 -3.2
Fall River
1.448,006
2,140.781 -32.4
Lowell
1,463,919
1,162,496 +25.9
1,286,544 + 10.2
New Bed ford_ _
1,417,894
Springfield _ _ _
5,958,738
5,286,751 +12.7
3,170.775 +23.6
Worcester
3,918,358
Conn.-Hartford
14,659,591 + 12.2
16,445,873
7.810,456
+4.0
New Haven.. _
8,153,007
R.I.-Providence
16,059,200
15,003.700
+7.0
N. H.-Manche'r
780,474
602,021 +29.6
Total(12 cities)
515,210,822
524,986,960
-1.9
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
589,284
2.875,810
446.000,000
2,391,677
1,095,061
1,228,513
5,926,112
3,302,249
18,614,484
7,527,528
13,574,000
579,874
533,496,064
503,704,592
Total(11 cities) 8.498,817,402 6,098,423,995 +39.4 6,712,740,652 6,002,102,691
Third Federal Reserve Dist rict-Philad elphia 1,296,139
1,389,592
r1.665,135
+7.2
Pa.-Altoona._ _ _
4,091,033 +17.7
4,705.081
5,014.606
Bethlehem _ _ _ _
1,368,428 -18.3
1,118,141
1,595,197
Chester
2,197,585
2,114,882 +3.9
2,465,192
Lancaster
Philadelphia__ _ 549,000,000 481,000,000 + 14.1 670,000,000
4,491,452
3,906,974 +15.0
4,732,964
Reading
6,570,709
5,921,022 + 11.0
6,659,537
Scranton
3,938,078
3,849,154
3,867.733 +1.8
Wilkes-Barre- 2,224.347
1,971,482 +12.8
2,032,738
York
5,000,054
18,615.945
18,252,370 -72.6
N.J.-Trenton..
Total(10 cities)
587,205,491
523,790,563 + 12.1
Fourth Feder al Reserve D [strict
Cle veland
7,673.000
Ohio-Akron_ _ _
8,044.000 + 19.5
5,404,227
5,409,886 -0.1
Canton
72.438.880
Cincinnati
74,464,228 -2.7
_
141,674.221 135.829,355 +4.3
Cleveland
18,373.200
Columbus
17,876,400 +2.8
__
1,903,329
Mansfield
1,951,732 +9.2
6,333,020
Youngstown
5,682,508 +11.4
P8.-Pittsburgh, 169,934,404 155,563,989 +9.2
Total(8 cities).
423,734.281
716,630,468
1929.
5,569,000
4.951,634
84,974,263
144,370,643
31,253,500
1,906,337
5,244,830
208,217,600
Total(20 cities) 1,060,266,161
+4.7
476,487.807
1.731,821
5,376,027
45,194,000
2,723,033
104,967,518
26,781.050
Total(6 citle3) _
177,074,895
180,568,997
-1.9
Sixth Federal Reserve Dist rict.-Atlan
Tenn.- Chatt'ga
7,885,000
8,379,574
Knoxville
3.878,353
3,800,000
Nashville
24,649,016
23,636,069
Georgia-Atlanta
55,766,877
52,563,161
Augusta
2,171,768
1,963,320
Macon
1,787,933
1,978,984
Fla.-Jack'nville _
16.562,871
18,797,148
Miami
3,767,000
3,675.000
Ala.-Birming'm
22,496,189
24,943,006
Mobile
1,611,608
1,523,883
Jackson
_
Miss.2,284,000
2,337,000
Vicksburg
489,200
442.200
La.-NewOrleans
49,767.558
58,044,061
ta
-5.9
+2.1
+4.3
+6.1
+10.6
Total(13 cities)
193,147,373
202,083,406
186,823,449
+10.6
-14.3
7,840,199
4.077,100
25,892,206
57,201,493
2,360,331
2,092.649
23,413.757
7,825.026
21,961,548
1,961,879
2,244,000
351,420
65.244,346
-4.4
225,465,954
-11.9
+2.5
-9.8
+7.7
1927.
1926.
939,728,258 +12.8 1,073,628,050 1,076,165,291
Eighth Federa I Reserve Dis trict-St.Lo uisInd.-EvansvIlle _
4,986.374
5,126.447 -2.7
Mo.-St. Louis_
140,300,000 145,400,000 -1.7
Ky.-Louisville _ _
44,530.029
41,276,411
+7.9
Owensboro- _ _ _
524,338
513,879 +2.0
Tenn.-Memphis
23,143,131
22,009,379 +5.2
Ark.-Little Rock
14,504,912
14,119,769 +2.7
Ill.-Jacksonville
372.275
307,453 +21.1
Quincy
1,430.850
1,310,219 +9.2
6,275,319
143,888,486
44,631.079
587,728
26,065,482
15,102,869
375,910
1,617,791
5,237,756
161,700,000
41,032,332
570,582
27,626.399
14,920,091
409,183
1,634,839
-0.1
238,544,664
256,131,182
Ninth Federal Reserve Ills rict-Minn eapolis
Minn.-Duluth..
5,720,904
5,731,418 -0.2
73,461.322
MInneanolls_ 71,963,076
+2.1
St. Paul
28.763.927
30,413,140 -5.4
N. Dak.-Fargo _
1,899,629
1,937,715 -2.0
S. D.-Aberdeen _
993,096
1,092,115 -9.1
Mont.-Billings
640,816
636,241
+0.7
Helena
2,815,000
2,846,000 -1.1
6.696,582
76,077,834
32.907.967
1,793,477
1,225,618
626,401
2,742,00,1
6,538.254
82,725,192
35,608,755
1,837,023
1,482,273
557,022
2,822,481
-0.3
122,069,909
131,571,000
Tenth Federal Reserve Dis trict-Kane as City
Neb.-Fremont._
339,684
340,439 --0.3
Hastings
605,933
581,102
Lincoln
4,239.344
4,717,538 --10.1
Omaha
39,978,072
41,147.588 --2.8
Kan.-Topeka _
3,184,935
3,332,924
Wichita
7.519,140
7.923,395
Mo.-Kans, City 130,638,653 126,740,911
+3.2
St. Joseph_ _ _
6,563,072
7,132,954 -8.0
Okla.-Okla.City
28,207.596
29,051,560 -6.4
Colo.-Col. Spgs.
1,442,290
1,098,862 +31.3
Denver
a
a
a
Pueblo
1,527,938
1,302,210 + 17.3
349,523
492,371
4.854,659
43.883,375
3,156,677
8,101,440
140,884,447
6,314,994
32,450,218
1,307,426
a
1,323,250
346.509
692,290
4,674,034
43,304,044
3,281.867
7,466,696
133,628,878
7,761,391
30,999,505
1,086,392
a
1,353,881
Total(8 cities).
Total(7 cities).
Total(12 cities)
229,791.909
114,294,691
230,063,557
114.619,705
223,369,492
+0.4
243,118,380
234,596,387
Eleventh Fede ral Reserve District-Da
Texas-A ustin _
862,95f
1,436,066
Dallas
51.847,962
47,142.893
Fort Worth _ _ _
12,754,177
11,958,570
Galveston
5,035.000
5,186.000
La -Shreveport.
6,046,244
6,758,189
las-40.0
+10.0
+6.6
-2.9
+11.8
1,475,881
57,629,396
11,372.872
15,549,000
5,955,783
1,737.207
55,352,636
14,312,616
8,692,000
5.265,042
+7.6
91,982,032
85,359,501
Franc Isco.
51,003.102
+14.7
-11.0
13,382.000
1,444,057
-0.9
35,589,839
+1.0
-1.9
18.015,778
3,958,691
+21.2
+1.9
8,199,537
+15.4 222,695,000
-3.1
24.206,164
7.760.955
+14.3
-2.6
7,035,329
7.635,404
+30.6
-3.6 215,548,000
2,847.348
+6.0
1,672,350
2,427,171
-6.2
2,636,400
48,992.023
12,335,000
1,517,132
43.491.879
18,332,630
3,882,011
8,533,910
190,238,000
24,262,333
7,360,431
7.332,661
6,559,724
208,876,000
2,989,431
1,592,553
2,415,937
2,651,900
224,246,157
77.258,284
71,769,760
Twelfth Feder a I Reserve D !strict.-San
Was!! -Seattle. _
51,177,437
44.631,556
Spokane
11,095,000
12,459,000
Yakima
1,321,101
1,333,034
Ore.-Portland _
34.812,073
34,483.103
Utah-S L City.15,648,008
15,935,946
Cal.-Fresno__ _ _
4,005,414
3,304,370
Long Beach _
8.491,087
8,334,569
Los Angeles
235,229,000 201.020,000
Oakland
18.495.446
19,082,036
Pa.sdena
8,456,107
7,401,197
Sr or 401ento _ _ _
6,442,287
6,617.616
San Diego
7,208,002
5,519,426
-San Francisco _ 201,982,211 209,571,000
San Jose
2,932,964
2,807,708
Santa Barbara.
1,850,231
1,745,248
Santa Monica _
2,224,159
2,239,300
Stockton
2,182,200
2,325,300
Total(17 cltles) 613.427,471 581.935.665 +5.4 626.097,215 591,363,755
Grand tot.(129
cities)
12 714 474 940 10096 163 383 +25.9 11 247085 544 10 461 056 894
Outside N. Y.... 4,348,623.627 4,115,605,219
664,344,489
5,098,000
4,304,886
87,987,895
130,769,304
15,919.600
2,053,838
4,734,329
201.799,663
Inc. or
Dec.
1928,
$
Seventh Feder al Reserve D istrict-Chic agoMich.-Adrian _
270,097
289,359 -6.7
365,896
300,580
Ann Arbor__ _ _
908,210
872.213 +4.1
1,008,960
1,107,612
Detroit
195,856.676 170,175,394 +15.1 184,366,711 181,472,030
Grand Rapids.
8,554,522
7,526,932 +13.7
9,206,888
9,139,314
Lansing
3,094,910
2.498,881 +23.9
2,687,900
2,800,000
Ind.-Ft. Wayne
3,517.166
2.992,117 +17.4
3,116,730
3,267,728
Indianapolis...
24,151.000
22.731,000 +6.2
21,612,000
22,957,000
South Bend..2,959.596
2,795,100 +5.7
3,727,200
3,254,300
Terre Haute_ _ _
4,948,832
5,124,186 -3.4
5,377,321
5,688.285
Wis.-M ilwaukee
36,938,635
42,825,090 -13.7
42,513,168
40,102,019
Iowa--Ced. Rap.
2,717.168
2,530,281
2,785,906
+5.3
2,522,976
Des Moines_ _ _
9,188.267
8,592,704 +6.9
11,221,752
10,156,525
Sioux City _ _ _ _
6,816,246
3,343,006 +7.5
7,118.277
7,424,320
Waterloo
1,621,454
1,256,804 +29.0
1,074,103
1,167.037
III.-131oomlngton
1,959.510
1,514,686 +29.4
1,701,952
1,589,363
Chicago
742,770,191 649,076,802 +14.4 761,475.154 770,906,720
Decatur
1,352,771
1,247,024 +8.5
1.327,032
1,479,399
Peoria
5.913,640
5,006,630 +18.1
4,795,137
5,451,965
Rockford
3,736,823
3,565,058 +4.8
3,335,454
4,282,613
Springfield....
2,990,507
2,714,991 +10.2
3,323,109
2,682,815
+5.7 4,675,800,707 4,585.118,144
Week Ended Feb. 16.
Clearings at
Fifth Federal Reserve Dist net.-Rich mood.W.Va.-Hunt'g'n
1,177,928
1,327,214 -11.3
Va.-Norfolk
5,134,264
5,293,655 -3.0
Richmond _ _ _ _
44,833,000
43,198,000 +3.8
S.C.-Charleston
.2,400,000
2,300,000 +4.3
Md.-Baltimore _
95,867,164 103,655,944 -6.6
D.C.-Washing'n
27,657,539
25.794.184
+7.2
404,823,098
1,495,278
4,165,183
1,429,894
2,352,260
623,000,000
4,074,001
6,594,808
2,677,974
1.851,370
16,603,721
Week Ended Feb. 16.
Clearings at-
Total(5 cities).
Second Feder al Reserve D 'strict-New York6,738,219
7.106,332
6.571,600 +8.3
N. Y.-Albany._
7,426,610
1,432,000
1,355,500 +0.4
Binghamton_
1.360.847
1.082,300
58,350.075
55,933,612
Buffalo
47,538,043 + 17.7
50,510,862
1,175,729
886.285 +48.5
1.333.826
Elmira
1,082.940
1,243,928
1,862,882
1,288,491 -3.5
Jamestovni_ _ _
1.638,214
New York _ _ _ 8,365.851.3135,980.558.l64 +39.9 6,571,284,837 5,875.938,750
11,93.5,696 +14.0
13,602,432
15.204.259
13,771,623
Rochester
5,800,000 +12.1
6,500,361
6,873,729
Syracuse
5,973,697
3,198,200
3,123,651 + 15.8
3.617,890
Conn.-Stamford
2,890,602
630.311 +51.4
997,821
954,262
N. J.-Montclair
694.147
41,312,599
45,622.901
38.736,251
+6.7
41,089,946
Northern N. J_
[VOL. 128.
1929.
8
1928.
Inc. or
Dec.
1927.
1926.
$
Montreal
136,329,010 129,345,792 +5.5 100.528,085 101,055,298
Toronto
153,999,127 126,620,625 +21.1 115,094,251
05,389,351
Winnipeg
41,945,251
41,281.521
36,617,322
34,356,747
+1.6
Vancouver
22,555,857
19,717,607 +14.4
16,133,632
16,818,165
Ottawa
8,872,611
7,185,890 +23.5
5,840,490
6,122,338
Quebec
5,283,300
5,651,884 -6.5
3,579,326
4,961,826
452,667,513 Halifax
3,619,521
2,789,524 +29.8
2,490,104
2,773,920
Hamilton
6,316,028
5,613,225 + 12.5
4,274,361
5,431,228
Calgary
10,615,175
11,497,692 -7.7
6,968,717
6,159,974
1,615,582 St. John
2.826,287
2,228,351 +26.8
2,633,126
2,426,865
8,132.277 Victoria
2,730,186
2,258,462 +21.0
1,803,602
1,811,568
51,419,000 London
2.704.437
2,603,195 +3.9
2,247,512
2,751,240
2,382,625 Edmonton
5,266,164
5,046,864 +4.3
5,712,1114
4,128,190
114,559,235 Regina
4,391,516
4,651,630 +15.9
3,132,733
6,584,851
25,120,135 Brandon
479,814
453,265 +5.9
393,552
391,989
Lethbridge
576,904
593,214 -2.7
502,628
391,295
203,228,854 Saskatoon
2,004,008
1,826,460 +9.7
1,509,454
1,963,366
Moose Jaw
1,049,500
1,056,635 -0.7
913,015
996,874
Brantford
1,283,098
1,165,635 +10.1
1,029,697
941,919
9,062,837 Fort William _ _ _ _
787,185
806,092 -2.3
646,039
669,475
3,245,733 New Westminster
781,164
724,401
+7.4
621.797
1140,479
24,593,653 Medicine Hat _ _
383,017
335,830 +14.1
229,489
246,919
76,563,606 Peterborough_ _ _ _
1,193,128
765,499 +55.9
571,701
659,799
1,965,756 Sherbrooke
840,875
774,507 +8.6
575,723
775,952
1,589,658 Kitchener
1,309,260
1,024,428 +6.9
994,136
953,023
37,717,984 Windsor
4,941,455
4,527,240 +9.2
4,180,003
3,736,132
20,881,322 Prince Albert... _
334,364
363,717 +5.7
326,302
386,794
24,996,908 Moncton
1,186,190
817,054 +45.2
623,783
764.939
1,838.502 Kingston
755,426
685,884 +10.1
541,918
584,882
2,040,309 Chatham
602,416
803,791 -25.1
686,698
383,014 Sarnia
789,386
524,640 +50.5
525,914
55,289,357
Total(31 cities) 426,801,780 383,943,474 +11.2 321,350,129 299.995,183
260,221,639
a Manager refuses to report weekly clearings. •Estimated.
Canada-
1183
FINANCIAL CHRONICLE
FEB. 23 19291
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. 6 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £152,714,393
£153,103,414 on the previous Wednes
compared
with
ult.
(as
30th
on the
day), and represents a decrease of £1,191,922 since April 29 1925-when
an effective gold standard was resumed. The exchange with New York
being still favorable to the export of gold to that centre, there was a keen
demand for the South African consignment offered in the open market
yesterday. Of the £782,000 available, £119,000 was taken for Indian
and trade requirements, whilst £663,000 was secured for shipment by the
steamship Mauretania to the United States of America. Substantial
withdrawals have also been made from the Bank of England for the latter
quarter, as will be seen from the movements recorded below. Further
shipments were made by the French steamer to-day, making a total export
of about £3,500,000. The following movements of gold to and from the
Bank of England have been announced, showing a net efflux of £3,091,745
during the week under review:
Feb. 6.
Jan. 31. Feb. 1. Feb. 2. Feb. 4. Feb. 5.
Nil
Nil
Nh
Nil
£2,592
£250,000
Received__ _ _
£1,717 £12,069 £1,008,268 £1,791,883
Withdrawn-£508,385 £22,015
The withdrawals consisted of £2,839,337 in bar gold-the hulk of which
was for the United States of America-£500.000 in sovereigns set aside and
£5.000 sovereigns taken for export. The receipt on the 6th inst. consisted
of £250,000 sovereigns "released." The following were the United Kingdom imports and exports of gold registered from mid-day on the 28th ult.
to mid-day on the 4th inst.:
Exports.
Imports.
£20,000
France
£23,809 Germany
822,137 France
15,705
British South Africa
34,963
5.150 Netherlands
Other countries
Switzerland
22,565
Austria
12,300
Egypt
13,808
U. S. A
1127,912
British India
91,369
Straits Settlements
20,355
Other countries
6,067
£851,096
£1,365,044
SILVER.
The market has experienced an absence of demand and prices were
unable to withstand the substantial offers of resales from China. The
Indian bazaars which had hitherto exercised some steadying influence have
lent little support, but, on the contrary, have contributed somewhat to
the supplies. The week has been noteworthy in that cash silver on the
1st inst. was quoted at a premium, prices being fixed at 26 5-16d. and
26346. for cash and two months' delivery, respectively; this was the first
occasion since July 26 1928 that spot silver had commanded a premium.
The circumstance was due to some special inquiry for prompt supplies.
which, however, was not maintained, prices being quoted level on the following day. Another feature was the sharp drop which occurred yesterday,
when supplies pressed on a poorly supported market caused a fall of 34d. in
both quotations. The figure thus reached-25 15-16d.-attracted some
Inquiry, and there was in consequence a reaction to-day of 1-16d. for cash
and 14d. for two months, thus re-establishing a premium of 1-16d. on the
latter delivery. The following were the United Kingdom imports and exports of silver registered from mid-day 04 the 28th ult. to mid-day on the
4th inst.:
Imports.
Exports.
Germany
£30,500 Irish Free State
£24,116
British West Africa
13,092 British India
103,723
16,441 Egypt
Other countries
26,513
Other countries
2.733
gounrcerciai andMiscellanzons4,ents
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Feb. 16 to Feb.21, both inclusive
(Friday, the 22d, being Washington's Birthday and a
holiday on the Exchange) compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
• 60
Allegheny Steel corn
35
Aluminum Goods Mfg_ _ _ _
Amer Vitrified Prod corn 50
100
Preferred
Am Wind GI Mach,com100
100 49
Preferred
434
Arkansas Gas Corp com*
100
834
Preferred
* 6234
Armstrong Cork
25 3934
Blaw-Knox Co
Carnegie Metals Co
10 19
Cent Ohio Steel Prod, com*
Consolidated Ice, com_ _50
50
Preferred
Crandall McK & H
Devonian Oil
10
Diamond National Bank__ 625
Dixie Gas & Util, corn_
*
Follansbee Bros, pref_ _100
Harb-Walker Ref, corn__ _• 5836
100
Preferred
Independent Brew, com_50
Preferred
50
Koppers Gas & Coke pfd_ _
Libby Dairy Prod, com_ •
lot preferred
100
Lone Star Gas
25 7131
McKinney Mfg, com_ ___• 14
Nat Fireproofing, com_ _50 15
Preferred
50
Penn Federal Corp,corn_ _•
Pittsburgh Brewing, pfd _50
Pitts Investors Sec
• 3234
Pittsburgh Plate Glass _100 6934
Pitts Screw & Bolt Corp_ _*
Plymouth 011 Co
5 2514
Reymers,Inc
Salt Creek Consol 011_ _ _10
534
San Toy Mining
1
Stand Sanitary Mfg corn 25
Standard Steel Springs_ __ _
Suburban Elec Dev
* 2534
Third National Bank_ _100
Union National Bank _ _100 520
United Eng Sc Fdy, corn *
United States Glass
25 1234
Westinghouse Air Brake_*
Witherow Steel, com
•
RightsArmstrong Cork Co
UnlistedG L Clark, when issued
______
Hach Linn, pref
oil Well supply Inv
Preferred
Penna Ind pref
Pitts Screw & Bolt Corp w 1
Vanadium Alloy Steel
Western Public Service_ Voting trust otts
Witharnax Ctn.! Tchon lasnlearl
60
3334
17
8434
24
47
4
834
614
60
3535
17.
85"
25
49
434
834
6234
3874 3934
1734 19
2634 2634
5
5
23
23
2634 2734
634 674
625 625
12
1234
99
99
58
5834
110 110
I
114
234 274
103% 103%
33
35
105 105
72
70
14
1534
14
15
34
3434
436 434
8
8
83
83
24
2634
2634 2611
534 534
Ilc
12c
4936 4934
77%
2534
150
520
44
12
80
26
150
520
4434
1234
4734 49
7234 7234
136
13,6
18
4134
36
110
110
19
4134
3634
110
110
2,180
380
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
3874 Feb
60
39
18
85
32
50
474
834
6474
43
1734 Feb
20
25
5
Jan
Feb
28
5
22
Jan
26
29
155
2634 Feb
634 Feb
Jan
620
734 Jan
9734 Jan
52
Jan
110
Feb
1
Feb
174 Feb
10234 Jan
2534 Jan
10434 Jan
67
Jan
1234 Jan
1034 Jan
29
Jan
434 Feb
6
Jan
2534 Jan
64
Jan
58
Jan
24
Feb
25
Feb
534 Feb
Sc
Jan
48
Jan
73
Jan
2534 Feb
150
Feb
520
Feb
38
Jan
1035 Jan
4634 Jan
3134 Jan
100
1% Feb
100
10
25
825
20
5
790
10
169
25
510
200
1,360
650
50
1,298
300
1,000
630
50
1,945
325
100
1.060
100
790
600
200
735
270
3
5
180
555
270
1,420 18
150 4134
1.210 36
120 110
110 110
2434 2531
8.552
70
1.835
2731
64
High.
60
3334
17
8434
24
46
334
734
61
64
27
2731
62t4
6431
2734
Low.
105
1,855
100
20
151
86
8,095
3,712
592
70
3014 34
6834 6934
Range Since Jan. 1.
10
940
8
Feb
Feb
JA.11
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
625
Feb
1334 Feb
9934 Jan
5834 Feb
110
Feb
134 Feb
274 Feb
10334 Feb
35
Jan
107
Jan
75
Feb
1774 Jan
15
Feb
3534 Feb
534 Jan
8
Feb
34
Feb
75
Jan
97
Feb
3034 Jar
2734 Fet
534 Jat
23c
Jar
5434 Fel
8734 Feb
29
150
520
4431
13
49
77
Jar
Feb
Feb
Feb
Feb
Fet
Feb
1% Fe)
Feb 20
Feb 4134
Feb 37
Feb 110
Feb 111
2434 Feb 29
60
Feb 6434
24
Jan 28
2434 Feb 2734
37./ .1'n n
7f1t4
Feb
Fet
Fe)
Feb
Fe)
Fel
Fe)
Fe)
Fel
T
.
01
*No par value.
Public Debt of United States-Completed Returns
Showing Net Debt as of Nov. 30 1928.
£60,033
£157,085
The statement of the public debt and Treasury cash holdings of the United States as officially issued Nov.30 1928,
INDIAN CURRENCY RETURNS.
Jan. 31.
Jan. 22.
(In Lacs of Rupees)
Jan. 15. delayed in publication, has now been received, and as
18974
Notes in circulation
18909
18929 interest attaches to the details of available cash and the
9955
Silver coin and bullion in India
9890
9996
zross and net debt on that date, we append a summary
Sliver coin and bullion out of India
Gold coin and bullion in India
3221
3221
3221 hereof, making comparisons with the same date in 1927:
Gold coin and bullion out of India
Securities (Indian Government)
4327
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
4327
4327
Securities (British Government)
771
771
685
Nor. 30 1928. Nov. 30 1927.
Bills of exchange
700
700
700
$
91,026,728
13,377,447
The stock in Shanghai on the 2d inst. consisted of about 65,800,000 Balance end of month by daily statement. &c
-Excess or deficiency of receipts over
ounces in sycoo. $108,000,000 and 4,140 silver bars, as compared with Add or Deduct
-3,318,996
-3,423.473
or under disbursements on belated items
about 66,100,000 ounces in sycee, $106,000,000 and 5,160 silver bars on
87,707,732
9,953,974
the 26th ult. Statistics for the month of January last are appended:
Deduct outstanding obligations:
31,810,232
42,102,924
Matured interest obligations
-Bar Silver per sta. oz.- Bar Gold
76,818,917
70,329,339
Disbursing officers' checks
Cash Deliv. 2 Mos. Delia. per oz. Fine.
6,121,860
7,205,285
Discount accrued on War Savings CertifIcates___ _
Highest price
26 7-166.
26346.
84s. 11346.
1,256,299
771,670
Settlement warrant checks
Lowest price
266.
26 1-166.
84s. 113d.
06.2576.
Average price
116,007,308
120,409.218
Total
26.333d.
84s. 11.46.
-'28,299,576 -110,455,244
Balance, deficit(-)or surplus(+)
Quotations during the week:
-Bar Silver per oz. std.- Bar Gold
INTEREST-BEARING DEBT OUTSTANDING.
Cash,
2 Months,
per oz. Fine
Interest Nov. 30 1928. Nov. 30 1927.
Jan. 31
263-16d,
26d.
84s. 1134d.
nits of LoanPayable.
$
$
Feb. 1
265-166,
2634d.
84s. 11146.
2s
Consols
of
1930
599,724,050
599,724,050
Q -J
Feb. 2
26%cl.
26 d.
81s. 111.56.
2s of 1916-1936
48,954,180
48,954,180
@ -F.
26 3-166.
Feb. 4
263-166.
84s. 11346,
28 of 1918-1938
Q.-F.
25,947,400
25,947,400
25 15-166. 25 15-166. 84s. 1140.
Feb. 5
3s of 1961
49,800,000
Q.-M.
49,800,000
266.
26 1-166.
Feb. 6
84s. 1134cl.
38 conversion bonds of 1946-1947
28,894,500
28,894,500
Q.-J.
26.1466.
26.156d.
Average
84s. 11.56.
Certificates of indebtedness
J.-J. 2,001,375,200
986,378,500
The silver quotations to-day for cash and two months' delivery are each 3155
First Liberty Loan 1932-1947
1,397,686,700
J.
-J.
1,397,685,200
those
fixed a week ago.
346. below
45 First Liberty Loan. converted, 1932-47
5,155,650
J.-D.
5,155,550
41.4s First Liberty Loan. converted, 1932-47_ J.-D. 532,820,150
532,822,350
3,492,150
434s First Liberty Loan,26 converted, 1932-47_J.-D.
3,492,150
4158 Third Liberty Loan of 1928
M.-S.
2,147,653,200
ENGLISH FINANCIAL MARKETS-PER CABLE.
4%s Fourth Liberty Loan of 1933-1938
A.-0. 6,284,090,600 6,296,901,900
758.984,300
762,320,300
Tho daily closing quotations for securities, &c., at London, 436s Treasury bonds of 1947-1952
45 Treasury bonds of 1944-1954
1,036,834,500 1,042,401,500
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Feb. 16. Feb. 18. Feb. 19. Feb. 20. Feb. 21.
2534
25 13-16 25 13-16
2534
Silver. P. oz-d- 2534
Gold, p.fine oz. 848.1110. 84.5.1110. 848.1034d. 848.1134d. 848.11346.
5534
5534
5516
Consols.2A%10174
10174
10174
10114
British 5%---9834
9834
9814
9834
British 434%-French Rentes
72
71.15
71.90
71.65
(in Paris)-fr.
French War L'n
96.75
97.20
Paris).fr_
97.15
97.05
(in
33is Treasury bonds of 1940-1943
4s War Savings and Thrift Stamps
234s Postal Savings bonds
5145 to 514s Treasury notes
Aggregate of interest-bearing debt
Bearing no interest
----
Matured. interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
----
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
5514
5534
Foreign
.56
5515
55%
334s Treasury bonds of 1946-1956
3345 Treasury bonds of 1943-1947
Fri..
Feb. 22.
----
489,087,100
491,212,100
494,854,750
493,037,750
359,042,950
254,859,537
118,029,725
5-5.
15,875,560
13,951,780
J -D. 2,913,977,050 2,591,290,250
17,162,757,915 17,774,300,797
240,385.714
236,393,848
94,251,850
158,930,240
017,493,403,614 18,173,616,750
-28,299,576 -110,455,294
Net debt
517,521,703,190 18,284,071,994
a The total gross debt Nov. 30 1928 on the basis of daily Treasury statements was
917,493,408,877.61, and the net amount of public debt redemption and receipts in
transit, &c., was $5,263.75.
S No reduction is made on account of obligations of foreign governments or other
Investments.
1184
FINANCIAL CHRONICLE
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
[VOL. 128.
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
per Sh. Shares. Stocks.
$ per Sh.
4 Penna. Warehous'g Sc Safe Dep_ _103
1 Germantown Trust Co
975
20 City Nat. Bank Sc Trust Co--255
5 Haddonfield Safe Deposit Sc Trust
3 National Bank of Olney
Co., N.J
APPLICATION TO ORGANIZE RECEIVED WITH TITLES
193
125
5 Market St. National Bank
1 Burlington Co.Trust Co., Moores622
REQUESTED.
9 Market St. National Bank
town, N.J
615
35114
5
First
Nat.
think, Ocean City,N.5.300
4 Burlington Co. Tr. Co., MooresFeb. 13-The Winters National Bank,Winters,Calif
Capital.1O
45 ,
5 Interborough Bank Sc Trust Co.,
town, N.J
Correspondent, R. L. Niemann Winters, Calif.
35034
Norwood, Pa
25 Girard Life Insur. Co., Par 810_ 27
Feb. 13-The Broomall National Bank,Broomall,Pa
140
825.000
18 Bank of No. Amer. dr Trust Co-185
42 Phila. Life Insur. Co., par $10_ _ 28%
Correspondent, Raymond Sterner, Broomall, Dela80 Penna. Co. for Insur. on Lives,
10 units Fidelity Mtge. Guarantee
ware County, Pa.
Sc GrantinAnnuities (par $10)_142
Feb. 15-The First National Bank of Summit.Ill
Co.(1 pref. Sc 1 corn.)
81.060 lot
50.000
10 Provident Trust Co
18 Bankers Securities Corp., pref._ 60
896
Correspondent. C.L. Genesen,6217 South 75th Ave.,
15 Provident Trust Co
54 Nor. Liberties Gas Co., par $25_ 40
896
Argo, Ill.
10 Real Estate-Land Title Sc Trust
14 U.S. Accept. Corp., v.t.c.__ _$100 lot
APPLICATIONS TO ORGANIZE APPROVED.
Co. (par $10)
4 Phila. Bourse, corn., par $50_ _ _ _ 32
80
Feb. 15-Nanuet National Bank,Nanuet, N.Y
$50.000 18 Bankers Trust Co.(par 550)_ _ _140
100 Motors(as. Corp. of America,
Correspondent, George M. Edson, Esq., Nanuet,
30 Sixth-Ninth St. Terminal Title
par $10
18
Sc Trust Co., par $50
183
15 John B.Stetson Co.,com.,no par 92
Feb. 15-The National Bank & Trust Co.of Rochester,N.Y -- 1,000,000 14 Wm.Penn Title
10 John B.Stetson Co.,com.,no par 91
Sc Trust Co.... 70
Ave.,
Correspondent, Meyer Jacobstein,22 Westland
2 Susquehanna Title Sc Trust Co..
35 John B.Stetson Co.,pfd.,par $25 35
Rochester, N. Y.
Par $50
6352
12 Susquehanna Title Sc Trust Co 6314
Rights.
S per Right.
CHARTERS ISSUED.
3
Title Sc Trust Co... 63
7534 First National Bank
200
Feb. 11-The First National Bank of McGehee,Ark
$100,000 10Susquehanna
Tioga Trust Co., par $50
185
80 Corn Exchange National Bank &
Conversion of the Citizens State Bank,McGehee, Ark.
10
Trust
Co
$50.
_138
Trust
North
City
Co.,
86
par
President, E. S. Terral. Cashier, W. E. Thompson.
10 Cent.Trust Sc Say. Co., par $50_246
10 Penna. Co. for Insur. on Lives
Feb. 15-The Wakefield National Bank,Wakefield. Neb
$25,000 5 Wharton
Sc Granting Annuities
Title Sc Tr.Co.,par $50.. 54
42
President, James F. Toy. Cashier, E. S. Kiernan.
10 Wharton Tit.Sc Tr. Co.,par $50_ 50
267 Camden Safe Dep. Sc Tr. Co. 75%
Feb. 16-The First National Bank in Mt.Vernon,S.D
25,000
President. J. M. Newell. Cashier, R. E. Harris.
By A. J. Wright & Co., Buffalo:
CHANGES OF TITLES.
Shares. Stocks.
$ per sh. Shares, Stocks.
$ per sh.
Feb. 11-The National Bank for Savings in Los Angeles. Calif., to "The 1,000 Bukidnon Associates. no par_ 10c. 1,000 Keora Mines. Ltd.. par 51-513 lot
Western National Bank in Los Angeles."
100 Nipissing Mines, par $5
300 Boston Sc Montana Bevel. Co.:
3
Feb. 15-The Monroe County National Bank of East Stroudsburg, Pa., to 50 Western States 011 Sc Land Co.,
temporary certificates. par$5-53.25 let
"Monroe County National Bank Sc Trust Co. of East Strouds$2101 200 Kirkland Lake, par Si
Par 51
81.355k.
burg."
VOLUNTARY LIQUIDATIONS.
Feb. 11-The First National Bank of San Pedro (Los Angeles),
DIVIDENDS.
Calif
$200.000
Effective Jan.241929. Lig. Agent,Edw. C.Aldwell,
grouped in two separate tables. In the
Dividends
are
San Francisco, Calif. Absorbed by Bank of Italy
National Trust & Savings Association, San Franfirst we bring together all the dividends announced the
cisco, Calif.
Feb. 11-The First National Bank of Braggs,Okla
25,000 current week. Then we follow with a second table, in
Effective Dec. 29 1928. Lig. Agent, H. W. Gibson,
which we show the dividends previously announced, but
Jr., Muskogee. Okla.
Feb. 14-The First National Bank of Siloam Springs, Ark
$50.000 which have not yet been paid.
Effective Jan. 21 1929. Lig. Agent, Connelly HarThe dividends announced this week are:
rington, Slloam Springs. Ark. Succeeded by the
First National Bank in Siloam Springs, No. 13274.
Feb. 11-The First National Bank of Foraker. Okla
25,000
Effective Jan. 19 1929. Lig. Agent, C. H. Coddinit,
Per
When
Books Closed
Foraker, Okla. Succeeded by First State Bank,
Cent. Payable.
Name of Company.
Days Inclusive.
Foraker, Okla.
CONSOLIDATIONS.
Railroads (Steam).
Feb. 11-The First National Bank of Chicago. Ill
220.000.000 Atlantic Coast Line Co.(guar.),
*2M Mar. 9 *Holders of rec. Feb. 28
Rawson State Bank,Chicago,Ili
2
Mar.30 Holders of rec. Feb. 28
4,000,000 Boston Sc Albany (quar.)
Consolidated to-day under Act of Nov. 7 1918, as
•750. Apr. 1 *Holders of rec. Mar. 8
Chesapeake Corp., common (quar.) _
amended Feb. 25 1927, under charter and corporate
Chestnut Hill RR.(quar.)
750. Mar. 4 Feb. 21 to Mar. 3
title of "The First National Bank of Chicago."
1;4 Apr. 1 Holders of rec. Mar. lie
Consolidated RRs.of Cuba, prof.(au.)
No.8 with capital stock of $24,000,000.
Cuba RR. common
$1.20 Mar.28 Holders of rec. Mar. 28a
Feb. 16-The Frost National Bank of San Antonio,Tex
1,000,000 Delaware Sc Bound Brook (guar.)
$2
Feb. 20 Holders of rec. Feb. 19a
The Lockwood National Bank of San Antonio,Tex_ -200,000 Northern Pacific (quar.)
1M May 1 Holders of rec. Mar. 12
Consolidated to-day under Act of Nov. 7 1918. under
Phila. Germantown Sc Norristown (qu.)_ $1.50 Mar. 4 Feb. 21 to Mar. 3
the charter and title of "The Frost National Bank
Pittsb. Youngs. Sc Ashtab., pref.(qu.)-- 1% Mar. 1 Holders of rec. Feb. 20
of San Antonio," No. 5179, with capital stock of
$1,200,000.
Public Utilities.
Amer. Telep. dr.Teleg. (quar.)
21.‘ Apr. 15 Holders of rec. Mar.140
Buff.
Niagara
& East.Pow.corn.(quar.) •300. Apr. 1 Holders of rec. Mar. 15
Auction Sales.-Among other securities, the following, Class A (quar.)
•30c. Apr. 1 Holders of rec. Mar. 15
not actually dealt in at the Stock Exchange, were sold at auction
Preferred (qua,'.)
•40c. Apr. 1 Holders of rec. Mar. 15
First preferred (guar.)
•$1.25 May .1 Holders of rec. Apr. 15
in New York, Boston, Philadelphia and Buffalo on Wednes- Central
Ills. Pub. Ser. $6 pref. (qua,'.)_.•51.50 Apr. 15 Holders of roe. Mar. 30
day of this week:
• b4314c Mar. 15 Holders of rec. Feb. 23
Central Pub. Ser. class A (quar.)
Galveston Houston Elec. Co. pref
3
Mar. 15 Holders of rec. Mar. 5
By Adrian H. Muller & Son, New York:
Gulf States Utilities $5.50 pref.(quar.)-2 1.37% Mar. 15 Holders of rec. Mar. 4
$6
preferred
(qua,'.)
$1.50
Mar.
15 Holders of rec. Mar. 5
Shares. Stocks.
$
Per
Stocks.
sh.
Shares.
$ Per sh.
Houston Gulf Gas pref. A & B (quar.)
134 Mar. 1 Holders of rec. Feb. 18
10 Allerton Corp. class B pref
5200 ditto cony.8s. Apr.251923:
5014
Kansas City Pr. Sc Lt. pref. B (quar.)...•$1.50 Apr. 1 *Holders of rec. Mar. 14
10 Allerton Co. of Chicago com
5800 ditto cony.8s, Apr.211823;
3
Laclede Gas Sc Elec. prior lien (quer.). •51.75 M. 1 *Holders of rec. Feb. 22
20 Allerton Co. of Chicago pref._ 912
12 ditto common, no par; 214
Minnesota Power Sc Light, pref.(quar.)- 134 Apr. 1 Holders of roe. Mar. 15
Electric Welding Co. of Amer.
4 U. S. High Speed Steel & Tool
56 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Welding
Co.
of
Electric
(Md.);20
Corp., par 850: 6 ditto common.
Monongahela West Penn Public Service
no par: 50 Indlahoma Refg., par
Amer., Inc.(Md.), pref., no par;
4310 Apr. 1 Holders of roe. Mar. 15
Preferred (quar.)
10 ditto common,no par;25 Elec.
825: 100 Jos Tin Area (Nigeria,
New England Telep. Sc Teleg.(quar.)_ _
2
Mar.30 Holders of rect. Mar. 9
Welding Co.of Am.,Inc.(N.Y.),
Ltd.), par 5 shillings; 100 Sengat
N.Y.Sc Queens El. Lt. Sc Pr.corn.(qu.). •8730 Mar. 14 *Holders of reo. Mar. 1
Rubber Estate, Ltd.. par 2 81)11common: 5 North Atlantic Ins.
.1.3‘
Mar.
1 *Holders of rec. Feb. 21
Preferred
(qua,'.)
Pipe
Line
&
Premier
hogs; 10 Tranmere Rovers Foot011
Co.; 100
M. 1 Holders of rec. Feb. 15a
Nor.Texas Elec. Co. prof.(pay.In scrip) s3
ball Club. Ltd., par 10 shillings:
Co.,Ltd.,par.21: 200 McIver Co.,
224 lot Ohio Pub. Serv. bat pref. A (mthly.).--* 58 1-30 Mar. 1 *Holders of rec. Feb. 15
Ltd., par il
$200 Manhattan Piggly Wiggly
Pennsylvania Water Sc Power (guar.) - 62340 Apr. 1 Holders of rec. Mar. 15
Corp. cony. 8s. Jan, 20 1923:
60e. Apr. 1 Holders of rec. Mar. 8
Peoples Light Sc Power corn. A (quar.)
500. Apr. 15 Holders of rec. Mar.29
Quebec Power (quar.)
By R. L. Day & Co., Boston:
Mar. 15 *Holders of rec. Feb. 28
Ban
•134
Joaquin
Lt.
Sc
Pr.
7%
pt.
(guar.)
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
*1% Mar. 15 *Holders of rec. Feb. 28
Prior Prof. A (quar.)
1 Webster & Atlas Nat. Bank__ _ _208% 2 Fitchburg G.& E. Co., par 550 122
*50e.
Apr.
10 *Holders of rec. Mar. 15
Shawinigan
Water
Sc
Power
(quar.)
E.
G.
dc
Pk.
• 1 Atlantic Nat.Bank
306% 3 Dedham & Hyde
50c. Mar, 1 Holders of rec. Feb. 14
Standard Pub. Ser. A panic. stk.(qu.)_ _
35
19 Industrial Bk. & Tr. Co.
60
Co., v. t. c., par 825
*134 Apr. 1 *Holders of rec. Mar. 15
23 Newmarket Mfg. Co
74% 150 Old Colony Trust Associates-- 58 Superior Water,Lt. Sc Pow. pref.(qu.) _
30 Naumkeag Steam Cotton Co_ _ _ _130
56 Craton Sc Knight Mfg. Co.,
Trust Companies.
63. 67, 70
8 Boston Mfg. Co., pref
25%
pref
3
Mar.30 Holders of roe. Mar. 16
5 Naumkeag Steam Cotton Co...130.i 50 New Engl. Pow. Assn. pre1-96% flat Equitable (guar.)
70 Naumkeag Steam Cotton Co_ ---130
10 Nor. Bost. Ltg. Prop.. Prof.
Miscellaneous.
60
10 Dartmouth Mfg. Co., pref-78 ex-div.
V. t c.. par $50
Adams Express, common (quar.)
*$1.50 Mar. 31 *Holders of rec. Mar. 15
10 Otis Co
16)4 B.B.& R.Knight Corp. cl A_ 13
42
•$1.25 Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
5 Continental Mills
100 Merrimac Chem.Co., par 850_ _ 83
10
*15c. Mar. 18 *Holders of rec. Feb. 28
stock
(monthly).Allegheny
Steel
_
new
-96M-97
Assn.
wet
5Lancaster Mills, pref
121-122 52 New Engl. Power
Allen Industries pref. (guar.)
750. Mar. 1 Holders of rec. Feb. 20
56 Continental Mills
130% 7special units First peoples Trust__ 3
Allied Refrigeration Industries54
Trust_
_
_
10 Nashua & Lowell RR
Invest.
Bank
Shawmut
35
102
Prior
pref.
(quar.)
51.50
Apr. 1 Holders of rec. Mar. 15
2Boston Wov. Hose & Rub.Co. pf. 64
50 West Bost.Gas Co.v.t.o.par$25- 4035 American Aggregates common (quar.)-- •75c. Mar. 1
Holders of rec. Feb. 20
30 New Bedf'd. Gas& Edison Light
12 Old Colony Trust Associates_ - _ _ 58
'134
Apr,
Preferred
18 Holders of roc. Mar.20
(guar.)
Associates_58-60
Co.,(widen.) par $25
10234-103 20 Old Colony Trust
American Arch, corn. (quar.)
*$1
Mar. I Holders of rec. Feb. 18
2 First Nat. Stores, 1st pref-108 ex-div.
Mar.30 Holders of rec. Mar. 13
Per Cent. American Locomotive, corn. (quar.)___ 82
37J. R. Whipple Corp., pref
45% Bonds.
Preferred (qua:.)
•134 Mar. 30 Holders of rec. Mar. 13
15 U.S.Env.Co.,corn _260-26034 ex-div. 84,000 Crystal Spring Bleaching
Amer. Sc Scottish Invest. corn.(guar.). •30o. Mar. 15 Holders of rec. Feb. 15
25Penebscot Chem.Fibre Co.corn_ 8514
& Dying Co. Assonet, Mass., 1st
*50c. Apr. 1 Holders of rec. Mar. 15
50 Old Colony Trust Associates_ _
825,000 lot American Stores, coin. (quar.)
m. 5s. July 1940
59
Asch, Limited, pref. (guar.)
1% Mar. 1 Holders of rec. Feb. 20
6 Special units First Peoples Trust- 3
3.000 Ferrer Bug. Co.73.6s Apr.'39_31 lot Associates Investment Co., corn. (quar.) '8734c Mar. 31
Holders of rec. Mar.21
Preferred (quar.)
*21.75 Mar. 31 Holders of rec. Mar. 21
By Wise, Hobbs & Arnold, Boston:
Associated Rayon conv.pf.(gu.) (No.1)- 134 Mar. 1 Holders of rec. Feb. 21
Shares. Stocks.
sh.
$
Per
$ per sh. Shares. Stocks.
Atlas Imperial Diesel Engine5 Boston Nat. Bank
19 West Boston Gas Co. V. t. c.,
190
Class A Sc B (guar.)
1,3734e Mar. I Holders of rec. Feb. 20
10 Merchants Nat. Bank (Provi4014
par $25
Class A Sc B (extra)
'12)4c Mar. 1 Holders of roe. Feb. 20
dence), par 550
7M Beacon Participations, Inc., el. A pf.(qu) 25o. Mar. 1 Holders
10 State Theatre Co. common
85
of rec. Feb. 15
2 Nat. Bank of Commerce (Provi20 Mass. Bonding Jr Ins. Co--700 ex-div. Bolsa Chico, class A (guar.)
*2
Mar. 15 *Holders of rec. Feb. 28
dence), par $50
78
20 Western Mass. Cos
Boston Woven Hose Sc Rubb.corn. (411.) 81.50 Mar. 15 Holders of roe. Feb. 23
26 First Nat. Bank
41
483-483M 32 units First Peonies Trust
British Amer. Tob. ordinary (interim)._ (0 Mar.30 Hold. of coup. No.129(l)
2 Stevens Linen Works
110
5 South Carolina G. & El. Co. 2d
British Sc Hungarian Bank, Ltd
$1.21 Feb. 18 Hold. of coup. No. 38
1% Brown (J. W.) Mfg. Co
3Shaw Stocking Co
5
pref
•62340 Mar. 1 *Holders of roe. Feb. 15
50 Farr Alpaca Co
3
11234 2special units First Peoples Trust
Burroughs Adding Machine, corn.(qu.). 75e. M.11 Holders of roe. Feb. 26
105 Naumkeag Steam Cotton Co_ _130
60
Associates....
44 Old Colony Trust
Bush Terminal Co.,corn.(guar.)
*500. May 1 *Holders of rec. Mar. 29
3 Warwick Mills
20
20 Mass. Utilities Associates particiCommon (Payable in common stock)._ 411% May 1 *Holders of rec. Mar. 29
44M
5 Shoe Lam Co.. Ltd
20
pating pref., par $50
'131 Apr, 15 *Holders of rec. Mar. 29
Debenture stock (quar.)
Ludlow
Mfg.
10
Associates_ _180 ex-div 27 New Bedford Gas& Edison Light
•114 Apr. 1 *Holders of rec. Mar. 15
Bush Terminal Bldgs., pref. (quar.)-102% California Ink, class A (quar.)
20 New Eng. Pow. Co.6% P108
f_
Jr (fly.
Co.(undeP.), par $25
•500 Apr. 1 *Holders of rec. Mar.21
6 Rockland Light & Power Co.com30 Mass. Utilities Associates particiCalifornia Petroleum-April 1 div. omit ted.
mon v. t. c.. Dar $50
44% Calumet Sc Arizona Mining (guar.)
12434
Paring pref.. par $50
41.50
Mar. 25 *Holders of rec. Mar. 8
-100 Crowell & Thurlow SS. Co.,
8 special units First Peoples Trust- - 3
*3734o Mar. 15 *Holders of roe. Feb. 28
Canada Malting, Ltd. (qua,'.)
par $10
$1.25 lot 7,000 Bismark Nuggett Gulch Cons.
Canada Paving Sc Supply$6101
150 Herr Automatic Press Co., par
Mining Co
(quar.).. I% Mar. 1 Holders of roe. Feb. 16a
Sinking fund cony. 1st
$10
Per Cent. Central Alloy Steel, corn.pref.
$1 lot
Bonds*No. Apr. 10 *Holders of roe. Mar.23
(guar.)
7Collateral Credit Co.Pf., Par $10. 2
85,000 Chicago Elevator Properties
•134 Apr. 1 *Holders of rec. Mar. 13
Preferred (quar.)
92 & int. Certo Corporation (quar.)
53
60Shawmut Bank Invest. Trust
Inc. 65, July 1942
•75e. Mar. 31 *Holders of roe. Mar. 4
26Farms Co.class A
3
FEE. 23 19291
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Mar. 30 Holders of rec. Mar. 9a
$1
Chesebrough Mfg.(quar.)
50c. Mar. 30 Holders of rec. Mar. 9a
Extra
575c. Apr. 1*Holders of rec. Mar. 15
Chic.& Jeff. Fuse & Elec.(No. 1)
550e. Apr. 1 *Holders of rec. Mar. 15
Extra
*25c. Apr. 1 *Holders of rec. Mar. 20
Chicago Yellow Cab (monthly)
525e, May 1 *Holders of rec. Apr. 9
Monthly
*25c. June 1 *Holders of rec. May 20
Monthly
% Apr. 1 Holders of rec. Mar. 15
(monthly)
corn.
Service,
Cities
Apr. 1 Holders of rec. Mar. 15
f
Coro.(mthly) payable in corn. stk_
50e. Apr. 1 Holders of rec. Mar. 15
Preferredand preference BB (mthly.)_
Sc. Apr. 1 Holders of rec. Mar. 15
Preference B (monthly)
Holders of coupon No.36
City Savings Bank Co., Ltd.(Budapest) 12
Apr. 1 Holders of rec. Mar. 15
Commercial Solvents Corp. (guar.)- - - $2
e2
Apr. 1 Holders of rec. Mar. 15
Stock dividend
Container Corp. of Amer., class A (qu.)_ *30c. Apr. 1 *Holders of rec. Mar. 10
*15c. Apr. 1 *Holders of rec. Mar. 10
Class B (guar.)
*I% Apr. 1 *Holders of rec. Mar. 10
Preferred
Consolidated Automatic Merchandising
*573c Mar. 15 *Holders of rec. Mar. 5
Preferred (guar.)
*37%c Mar. 15 *Holders of rec. Mar. 1
Crane Company, corn. (guar.)
*1% Mar. 15 *Holders of rec. Mar. 1
Preferred (guar.)
Crosse & Blackwell, Inc., pref. (guar.) *873.c Feb. 28 *Holders of rec. Feb. 18
•1% Apr. 1 *Holders of rec. Mar. 13
Crown Willamette Paper, 1st 1:01.
•1% Apr. 1 *Holders of rec. Mar. 13
Second preferred (guar.)
154 Mar.30 Holders of rec. Mar. 15a
Crucible Steel, pref. (quar.)
Cuban American Sugar, corn. & pref.- Divide nds Om itted.
*87e. Mar. 15 *Holders of rec. Mar. 4
Cutler Hammer Mfg.(guar.)
1.3. Mar. I Holders of rec. Feb. 11
Dartmouth Mfg., corn. (guar.)
1E Mar. 1 Holders of rec. Feb. 11
Preferred (guar.)
May 1 Holders of rec. Apr. 20
Dennison Manufacturing, deb.stk.(qu.) $2
13 May 1 Holders of roe. Apr. 20
Preferred (guar.)
*50e. Mar. 1 *Holders of rec. Feb. 19
Dinkier Hotels Co., Inc., class A (qu.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Dominion Textile, corn.(guar.)
1% Apr. 15 Holders of rec. Mar. 30
Preferred (guar.)
Mar. 15 Holders of rec. Mar. 1
DuPont(E.I.) de Nem.& Co., com.(qu) $1
13. Apr. 25 Holders of rec. Apr. 10
Debenture stock (guar.)
*20e. Apr. 15 *Holders of rec. Mar. 31
Eagle-Picher Lead Co.,corn.(guar.) _
*2lApr. 1 *Holders of rec. Feb. 11
East Hartford Co.(No. 1)
Apr. 1 *Holders of rec. Feb. 11
*3
Extra
Mar. 1 Holders of rec. Feb. 21
East Sugar Loaf Coal
Electric Stor. Battery, corn. & pfd.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 9
6c. Apr. 1 Holders of rec. Mar. 1
Ecquadorian Corp., ordinary
Equitable Office Bldg.,corn.(quar.)- - _ _ *50e. Apr. 1 *Holders of rec. Mar. 15
*1% Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Feltman-Curme Shoe Stores, pfd.(qu.) _ *1% Apr. 1 *Holders of rec. Mar. 1
*37),e Apr. 1 *Holders of rec. Mar. 18
First National Stores, com.(guar.)
$1
Mar. 1 Feb. 19 to Mar. 1
Florence Stove Co., corn.(guar.)
Mar. I
1% Mar. 1 Feb. 19 to
Preferred (guar.)
*25.c Apr. 1 *Holders of rec. Mar. 15
Formica Insulation (guar.)
540c. Apr. 1 *Holders of rec. Mar. 15
Extra
33 Apr. 1 Mar. 16 to Apr. 1
French (Fred) Constr. Co., pref
$1.25 Mar. 15 Holders of rec. Mar. 5
Gamewell Co., corn.(guar.)
525c. Mar. 1 *Holders of rec. Feb. 19
Gladding-McBean Co.(monthly)
Gotham Silk Hosiery, corn. (guar.) - - 62%c Apr. 1 Holders of rec. Mar. 12
*75c. Mar. 1 *Holders of rec. Feb. 20
Great Northern Paper (guar.)
Apr. 1 *Holders of rec. Mar. 15
*81
Gulf States Steel, corn. (guar.)
*1% Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
*1% July 1 *Holders of rec. June 15
Preferred (guar.)
*1% Oct. 1 *Holders of rec. Sent. 16
Preferred (quar.)
•134 Jan 2'30 *Holders of rec. Dec. 16
Preferred (quar.)
*37%c Mar. 15 *Holders of rec. Mar. 1
Hall Lamp(guar.)
Hamilton Bank Note Engraving of Ptg.
*73ie Feb. 15 *Holders of rec. Feb. 1
Common (guar.)
*7 lie May 15 *Holders of rec. May 1
Common (guar.)
Hartman Tobacco 1st & 2d pfd.(guar.) _ *1% Mar. 1 *Holders of rec. Feb. 15
50c. May 1 Holders of rec. Apr. 10
Heyden Chemical, corn.(No. 1)
33 Mar. 1 Holders of rec. Feb. 21
Heywood-Wakefield Co., 1st & 2d pref
Mar. 1 Feb. 19 to Mar. 1
2
Higbee Co., 2d pref. (guar.)
Hobart Manufacturing corn.(guar.). -- 62%c Mar. 1 Holders of rec. Feb. 18
*62%c Apr. 1 *Holders of rec. Mar. 15
Holland Furnace, cora. (guar.)
*40c Mar. 1 *Holders of rec. Feb. 13
Holt (Henry) & Co., class A
25c. Mar. I Holders of rec. Feb. 25
Homestead Fund Corp.. corn.(guar.)- - $1.75 Mar. 1 Holders of rec. Feb. 25
Preferred (guar.)
*50e. Mar. 15 *Holders of rec. Mar. 5
Honolulu Consolidated Oil(guar.)
*1% Feb. 28 *Holders of rec. Feb. 21
Hooker Electrochemical
15c. Feb. 28 Holders of rec. Feb. 25
Imperial Royalties, class A (monthly)
1% Feb. 28 Holders of rec. Feb. 25
Preferred (monthly)
1% Apr. 1 Holders of rec. Mar. 23
Indian Refining, pref.(guar.)
Internat. Harvester, new no par (guar.)- *62%c Apr. 15 *Holders of rec. Mar. 25
1% Apr. 1 Holders of rec. Mar. 123
International Silver, pref. (guar.)
Investment Trust, coll, trustee shares - .30c. Feb. 28
*250. Mar. 1 *Holders of rec. Feb. 15
Iron Fireman Mfg. corn. (guar.)
62lie Mar. 1 Holders of rec. Feb. 21
Jaeger Machine (guar.)
75c. Apr. 15 Holders of rec. Mar. 25
Johns-Manville Corp., corn. (quar.)
1% Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
550c. Feb. 18 *Holders of rec. Feb. 15
Johnson Educator Biscuit, class A
050c. Apr. 1 *Holders of rec. Mar. 21
Kelsey-Hayes Wheel, corn. (guar.)
Apr. 1 Holders of ree. Mar. 1
Kennecott Copper Corp.. new stk.(qu.)_ $1
$1.10 Mar. 1 Holders of rec. Feb. 23
Koplar Co.. preferred (guar.)
20c. Mar. 15 Holders of rec. Mar. 1
Lake Shore Mines, Ltd.(guar.)
62%c Mar. 15 Holders of rec. Mar. 5
Lamson & Sessions (guar.)
1% Mar. 1 Holders of rec. Feb. 15
Legare (P. T.) Co., Ltd., pref. (guar.) _
Liggett & Myers Tobacco. pref.(guar.). *1% Apr. 1 *Holders of rec. Mar. 11
May. 1 *Holders of rec. Apr. 20
McCall Corp. (guar.)
*$1
Macfadden Publications, corn. (special)_ *10c. Apr. 1 *Holders of rec. Feb. 28
Mergenthaler Linotype (guar.)
$1.25 Mar. 30 Holders of rec. Mar. 6a
Extra
50c. Mar.30 Holders of rec. Mar. 6a
Metro-Goldwyn Pcitures, pref.(guar.)_ _
1% Mar. 15 Holders of rec. Feb. 28
Mitchell(Robert) Co., Ltd., 1st pt.(qu.) 14 Mar. 1 Holders of rec. Feb. 15
Montreal Cottons, Ltd., corn. (guar.)._
1li Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
1% Mar. 15 Holders of rec. Feb. 28
Morristown Securities(quar.)
*15c. Apr. 2 *Holders of rec. Mar. 15
Extra
*I0c. Apr. 2 *Holders of rec. Mar. 15
Motor Wheel Corp., corn. (guar.)
50c. Mar. 20 Holders of rec. Mar. 5
Nat. Family Stores, pref. (guar.)
50c. Mar. 1 Holders of rec. Feb. 20
National Lead, corn.(guar.)
*$1.25 Mar. 31 *Holders of rec. Mar. 15
Class B preferred (guar.)
*$1.50 May 1 *Holders of rec. Apr. 19
National Transit (guar.)
*25c. Mar. 15 *Holders of rec. Feb. 28
Extra
*25c. Mar. 15 *Holders of rec. Feb. 28
New Bedford Cordage, corn.(guar.)_ _ _
23l Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
*1% Mar. 1 *Holders of rec. Feb. 20
Newport Co., class A
75e. Mar. 1 Holders of rec. Feb. 25
New York Auction Co., cam.(quar.)_
537%c Mar. 15 *Holders of rec. Mar. 1
N.Y.& London Management pf.
.(No. 1) *75c. Apr. 1 *Holders of rec. Feb. 19
North Amer. Investment,6% p1.(guar.) 13. Apr. 20 Holders of me. Mar. 31
SJ.% Preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 31
North American Provision, pref.(qy.)
*13 Apr. 1 *Holders of rec. Mar. 9
North Atlantic Oyster Farms, cl. A (qu.) *50c. Mar. 1 *Holders of rec. Feb. 25
North Central Texas Oil, pref. (quar.) *1.62% Arp. 1 Holders of rec. Mar. 11
Occidental Petroleum (monthly)
*2c. Feb. 28 *Holders of rec. Feb. 18
Oxford Paper Co.$6 pref.(No. 1)
*75c. Mar. 1 *Holders of rec. Feb. 15
Pacific Coast Biscuit, corn.(qu.)
*25c. May 1 *Holders of Me. Apr. 15
Preferred (guar.)
587%c May 1 *Holders of rec. Apr. 15
Pacific Tin Corp.special stock
*8.3 Mar. 1 Hold, of coup.Nos.1,2&3
Page-Hershey Tubes, pref.(guar.)
I% Apr. 1 Holders of rec. Mar.20
Paraffine Cos. (guar.)
Mar. 27 *Holders of rec. Mar. 18
*21
Pepperell Manufacturing
*54 Mar. 1 *Holders of rec. Feb. 20
Pet Milk,corn.(guar.)
37%e Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 11
Phelps Drdge. Corp.(guar.)
*52.50 Apr. 1 *Holders of rec. Mar. 15
Pickwick Corp.7% pfd.
17% Feb. 25 Holders of rec. Feb. 15
Pierce Manufacturing (guar.)
*56 Mar. 1 *Holders of rec. Feb. 23
Port Alfred Pulp &Pap., pref.(guar.) _
14 Mar. 15 Holders of rec. Mar. 1
Pressed Steel Car, pref.(quar.)
1% Mar. 30 Holders of rec. Mar. 1
Procter & Gamble,5% pref. (guar.)_ _ *62% Mar. 15 *Holders of rec. Feb. 25
Six per cent pref.(guar.)
513.4 Mar. 15 *Holders of rec. Feb. 25
6% pref.(for period from Mar.15-28). .25e. Mar. 15 *Holders of rec. Feb. 25
Rand Mines Ltd., Amer.Shares
$1.52 Feb. 28 Holders of rec. Feb. 21
Remington Rand Co., Inc. 1st p1,
•13.( Apr. 1 *Holders of rec. Mar. 8
Second preferred (guar.)
Apr. 1 *Holders of rec. Mar. 8
*2
Reynolds Metal. pref.(guar.)
*51 Mar. 1 *Holders of rec. Feb. 18
Name of Company.
1185
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*52 Mar. 12 *Holders of rec. Feb. 25
St. Mary's Mineral Land
*e10 Subj. to stockhldr. meeting Feb.26
Separate Units,stock dividend
*50c. Apr. 10 *Holders of rec. Mar. 20
Shattuck (Frank) G)Co.(guar.)
550c. Apr. 1 *Holders of rec. Mar. 9
Sheffield Steel, corn.(guar.)
*1% Apr. 1 *Holders of rec. Mar.21
Preferred (guar.)
35e. Mar. 31 Holders of rec. Mar. 6
Shell Union Oil Corp., corn.(guar.)
Sherwin-Wms. Co. Canada,corn.(guar.) *$1.50 Mar. 31 Holders of roe. Mar. 15
1% Mar. 31 *Holders of roe. Mar. 15
Preferred (quar.)
*43%c Mar. 11 *Holders of rec. Feb. 25
Signal Oil & Gas, cl. A & B (guar.)
Simmons-Boardman Publishing Co.
062)5c Mar. 1 *Holders of rec. Feb. 18
Preferred (No. 1)
Southwestern Stores,Inc., pref."A".._ _ _ *45c. Mar. 1 *Holders of rec. Feb. 15
Specialized Shares Corp., corn.(guar.)- *12%c Mar. 1 *Holders of ree. Feb. 20
*75c Mar. 1 *Holders of roe. Feb. 20
Preferred "A" & "B" (guar.)
•1% Apr. 1 *Holders of me. Mar. 15
Sperry Flour, prof. (guar.)
Mar. 31 *Holders of rec. Mar.20
*51
Standard Steel Spring (No. 1) (guar.)
*273-ic Mar. 1 *Holders of rec. Feb. 21
Superior Portland Cement(quar.)
*75c. Apr. 1 *Holders of rec. Mar. 8
Texas Corp.(guar.)
Mar. 15 *Holders of rec. Mar. 4
*$1
Texas Gulf Sulphur (quar.)
*50e. Mar. 15 *Holders of rec. Mar. 1
Tidal Osage Oil (quar.)
Apr.
25 *Holders of ree. Apr. 5
_
_
*51
(No.
1)
_
_
(guar.)
Transamerica Corp.
tel
Apr. 25 *Holders of rec. Apr. 5
Stock dividend
$1.50 Apr. 1 Holders of roe. Mar. 1
Union Carbide & Carbon (guar.)
25.c Apr. 1 Holders of roe. Mar. 8
United Cigar Stores of Am.corn.(qu.)
Union Financial Corp., part. p1. A (qu,).. *37 Mc Mar. 1 *Holders of rec. Feb. 15
Mar. 1 *Holders of rec. Feb. 20
*50c.
(guar.)
Union Mills
*1% Mar. 1 *Holdra of rec. Feb. 20
Preferred (guar.)
550e. Mar. 1 *Holders of rec. Feb. 15
United Milk Crate (guar.)
*83-ic Mar. 1 *Holders of rec. Feb. 15
Extra
U. S. Print. & Litho., coin. & pr. (qu.). .$1.50 Apr. 1 *Holders of rec. Mar.21
*1% Mar. 9 *Holders of rec. Mar. 1
Vapor Car Heating, pref.(ouar.)
*1% June 10 *Holders of rec. June 1
Preferred (guar.)
*151 Sept. 10 *Holders of rec. Sept. 2
Preferred (guar.)
*1% Dec. 10 *Holders of rec. Dec. 2
Preferred (guar.)
*500. Mar. 1 *Holders of rec. Feb. 15
Waitt es Bond, class"A"(ouar.)
*30c. Apr. 1 *Holders of rec. May 15
Class "B"(guar.)
*30e. Mar. 15 *Holders of rec. Mar. 4
Walworth Co., corn.(guar.)
*750. Mar.30 *Holders of rec. Mar.20
Preferred (guar.)
Walker (Hiram)-Gooderham & Worts,
75c. Mar. 15 „Holders of rec. Feb. 28
Ltd., (guar.)
.51 Mar.20 *Holders of rec. Mar. 4
Washington Oil(guar.)
*51 Mar. 30 *Holders of rec. Mar. 16
Weber & Heilbroner, corn.(quar.)
Common (payable in common stock)_ *.f12% Mar. 30 *Holders of rec. Mar. 6
Mar. 1 *Holders of rec. Feb. 21
*h4
West Boylston Mfg., prof
*35e. Mar. 15 *Holders of rec. Feb. 28
Western Canada Flour Mills,corn.(qu.)_
es 1.62% Mar. 15 *Holders of rec. Feb. 28
Preferred (guar.)
*1% Mar. 1 *Holders of rec. Feb. 25
Witherow Steel, 1st pref.(guar.)
Wood Newspap. Mach.$7 cum. pr.(qu.) *51.75 Mar. 1 *Holders of rec. Feb. 18
Mar. 1 *Holders of rec. Feb. 18
*$1.75
(guar.)
$7 prior preferred
Wright Aeronautical Corp.(stock die.)_ *8100 Apr. 30 *Holders of rec. Apr. 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.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
2;4 Mar. 1 Holders of rec. Jan. 254
Atch. Topeka & Santa Fe, corn.(quar.)_
134 Mar. 1 Holders of rec. Jan. 120
Baltimore & Ohio, corn.(guar.)
Mar. I Holders of rec. Jan. 120
1
Preferred (guar.)
880, Apr. 1 Holders of rec. Feb. 280
corn.
(guar.)
Bangor & Aroostook,
134 Apr. 1 Holders of roe. Feb. 280
Preferred (quan)
Boston & Maine, 1st pref. A(unstpd)_.h $21.50 Feb. 28 *Holders of rec. Feb. 15
First pref. class B (unstamped)____*h $34.40 Feb. 28 *Holders of rec. Feb. 15
First pref. class C (unstamped)____*h $30.10 Feb. 28 *Holders of rec. Feb. 15
Feb. 28 *Holders of rec. Feb. 15
First pref. class D (unstamped)____*h $43
First pref. class E (unstamped)____th $19.35 Feb. 28 *Holders of rec. Feb. 15
21,5 Apr. 1 Holders of rec. Mar. la
Canadian Pacific, corn. (guar.)
Apr. 1 Holders of rec. Mar. 1
2
Preferred
234 dApr. 1 Holders of rec. dalar.8a
Chesapeake Si Ohio, cram. Mari
July
1 Holders of rec. June 8a
Preferred
1U, Mar. 30 Holders of rec. Mar. 8a
Chic, It. 1. & Pacific, corn. (guar.)
Cin. N.0.& Tex. Pacific, pref. (quar.)_ *114 Mar. 1 *Holders of rec. Feb. 5
Cleveland ec Pittsburgh, guar. (guar.).- 87lie Mar. 1 Holders of rec. Feb. 90
50c. Mar. 1 Holders of rec. Feb. 90
Special guaranteed (quar.)
254 Mar. 20 Holders of rec. Feb. 20a
Delaware & Hudson Co.(guar.)
Gulf Mobile & Northern, pref. (quar.)_. *134 Apr. 1 *Holders of rec. Mar. 15
214 /Mar30 Holders of rec. Mar. 80
Hocking Valley, COM.(guar.)
1% Mar. 1 Holders of rec. Feb. 84
Illinois Central, corn.(guar.)
Mar. 1 Holders of rec. Feb. 84
Preferred A
1
Apr. 1 Holders of rec. Mar. 15
Maine Central, common (guar.)
13-4 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
New Orleans Texas & Mexico (guar.).- 1% Mar. 1 Holders of rec. Feb. 150
Apr. 1 Holders of rec. Feb. 154
N. Y. Chic. & St. L., corn. & pref. (qu.)
Apr. 1 Holders of rec. Feb. 283
N.Y. N. H.& Hartford, corn.(quar.)-- 1
Apr.
1 Holders cf rec. Feb. 28a
1)4
Preferred (guar.)
Mar. 19 Holders of rec. Feb. 280
Norfolk & Western. corn. (guar.)
Feb. 25 Holders of rec. Feb. 18a
$1
North Pennsylvania (guar.)
87%e Feb. 28 Holders of rec. Feb. la
Pennsylvania (guar.)
13.4 Apr. 1 Holders of rec. Mar. 8a
Pere Marquette, corn. (ouar.)
Apr. 1 Holders of rec. Mar. 84
Common (extra)
si May I Holders of rec. Apr. 54
Prior preference (guar.)
1% May 1 Holders of rec. Apr. 50
Five per cent preferred (quar.)
5(1c. Mar. 14 Holders of rec. Feb. 200
Reading Co., lot pref. (guar.)
Apr. 1 Holders of rec. Mar. la
2
St. Louis-San Francisco. corn. (quar.)
1;4 May 1 Holders of rec. Apr. 13e
Preferred (guar.)
135 Aug. 1 Holders of rec. July la
Preferred (guar.)
144 Nov. I Holders of rec. Oct. la
Preferred (guar.)
134 Apr. 1 Holders of rec. Feb. 25a
Southern Pacific Co. (guar.)
2)4 Apr. 1 Holders of rec. Mar. la
Union Pacific, corn. (guar.)
Apr. 1 Holders of rec. Mar. la
Preferred
1;4 Feb. 25 Holders of rec. Jan. 250
Wabash preferred A (guar.)
Public Utilities.
Holder of rec. Feb. 150
Amer. Power & Light, corn. (guar.).- 25e. Mar.
$1.50 Apr.
Holden; of rec. Mar. 13a
$6 preferred (guar.)
The. Apr.
Holders of rec. Mar. 13a
$5 preferred, aeries A (guar.)
1)4 Mar.
Holders of rec. Feb. 28a
Amer. Telegraph & Cable(qua
"
Holders of rec. Mar. 12a
Am. Wet, Wks. & El., $6 1st pf. (qu.). $1.50 Apr.
Associated Gas & Electric$1.25 Mar. 15 Holders of rec. Feb. 15
$5 preferred (quar.)
$1.50 Mar. 1 Holders of rec. Jan. 31
$6 preferred (qu.)
$ 1.62)i Mar. 1 Holders of rec. Jan. 31
$6.50 preferred (guar.)
50c. Mar. 1 Holders of rec. Feb. 20
Atlantic Public Utilities, corn. A (quar.)_
$1.75 Mar. I Holders of rec. Feb. 20
$7 preferred, series A (guar.)
50e. Mar. 1 Holders of rec. Feb. 22
Barcelona Trac., Lt. & Power, ord
Mar. 1 Holders of rec. Feb. 22
1
Participating preferred
Baton Rouge Elec., prof. A (guar.) - - $1.75 Mar. 1 Holders of rec. Feb. 230
•134 Apr. I *Holders of rec. Mar. 11
Boston Elevated Ry., corn.(quar.)
e35.4 Apr, 1 *Holders of rec. Mar. 11
Second preferred
50c. Mar. 1 Holders of rec. Jan. 31
Brazilian Tr., Lt.& Pow.coin.(qt1.)10c. Mar. L5 Holders of rec. Mar. 2
Brooklyn City RR..(guar.)
2
Mar, I Holders of rec. Feb. 80
(Var.)
Brooklyn Edison Co.
Bklyn.-Manbat.Transit. prof. see A (au) $1.50 Apr. 15 Holders of rec. Apr. la
Canadian Hydro-Electric, 1st pref. (qu.) 134 Mar. 1 Holders of rec. Feb. 1
Cent. Arkansas Pub. Sere., prof. (guar.) 1)4 Mar. 1 Holders of rec. Feb. I50
Mar. 1 *Holders of rec. Feb. 13
Central Gas & Elec.7% Pf.(guar.)
•1% Mar. 1
*Holders of res. Feb. 13
634% preferred (guar.)
Central Ill. Pub. Serv.. prof. (quar.)_.... e$1.75 Apr. 15 *Holders of rec. Mar.31
_
Mao. 1 *Holders of rec. Feb. 20
Central Indiana Power, pref.(quar.)
Chic. Rap. Transit. pr. prof.(monthly). •650. Mar. 1 *Holders of rec. Feb.. 19
*60o. Mar. 1 *Holders of res. Feb. 19
Prior preferred B(monthly)
Chicago South Shore & South Bend RR,
144 Map. 1 Holders of see. Yet). 15
Class A preferred (quar.)
1186
Nam, of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Community Water Service. $7 Df.(411.)- $1.75 Mar. 1 Holders of rec. Feb. 20
Connecticut Power, com. (guar.)
'234 Mar. 1 *Holders of rec. Feb. 20
Preferred (quar.)
"1% Mar. 1 *Holders of rec. Feb. 20
Consol. Gas,El. L.& P.,Balt., com.(qu) "75c. Apr. 1 "Holders of roe. Mar. 15
6% preferred series D (guar.)
'134 Apr. 1 *Holders of rec. Mar. 15
5)4% preferred series E (quar.)
*1% Apr. 1 *Holders of rec. Mar. 15
5% preferred series A (guar.)
"I% Apr. 1 "Holders of rec. Mar. 15
Consolidated Gas of N. Y,, corn.(qu.)
75e. Mar. 15 Holders of rec. Feb. 80
Consumers Power. $5 Pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Six per cent preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
8.8% preferred (guar.)
1.65 Apr. 1 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 15
Six per cent preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (monthly)
50c. Apr. 1 Holders of rec. Mar. 15
8.6% preferred (monthly)
55e. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
55o. Apr. 1 Holders of rec. Mar. 15
Detroit Edison Co.(quar.)
Apr. 15 Holders of rec. Mar. 200
2
East Kootenay Power, Pref. (guar.)
.1)( Mar. 15
Em pire Gas& Fuel8% pfd.(mthly.)
_ *66"cc Mar. 1 "Holders of rec. Feb. 15
smile Mar. 1 *Holders of rec. Feb. IS
7% Preferred(mthly.)
*541sc Mar. 1 *Holders of rec. Feb. 15
634% preferred(mthly.)
*50e. Mar. 1 "Holders of rec. Feb. 12
6% prof.(mthly.)
25c. Apr. 1 Holders of rec. Mar. 4
Engineers Pub. Serv., com.
Common (2-100 share corn. stock).... (s) Apr. 1 Holders of rec. Mar. 4a
$1.25 Apr. 1 Holders of rec. Mar. 9a
$5 convertible preferred (guar.)
$5.50 cumulative preferred (Quar.) -$ 1.3731 Apr. 1 Holders of rec. Mar. 4
Federal Light & Traction, corn.(guar.)_ 3734e. Apr. 1 Holders of rec. Mar. 13a
Apr. 1 Holders of ree. Mar. 130
Common (payable in Common stock). fl
134 Mar. 1 Holders of rec. Feb. 18
Preferred (guar.)
I Holders of rec. Feb. 8
(guar.)._
1500.
Mar.
Federal Water Service, class A
Gary Railways, class A pref.(guar.) _ _ _ $1.80 Mar. I Holders of rec. Feb. 20
Havana Elec. Ry prof.(guar.)
134 Mar. 1 Holders of rec. Feb. 8a
13.1 Apr. 1 Holders of rec. Mar. 12a
Indianapolis Water, pref. A (guar.)
134 Mar. 1 Holders of ree. Feb. 15
Indiana Service Corp.. 7% pref. Mani_
Mar. 1 Holders of roe. Feb. 15
(guar.)
134
6% preferred
Mar. 1 *Holders of rec. Feb. 18
*21
Keystone Telephone. Prof.(guar.)
°234 Mar. 15 *Holders of rec. Mar. 1
Laclede Gas Light, com.(guar.)
Louisville Gas & Elec.. corn. A &El (qu.) 43)4 c Mar. 25 Holders of rec. Feb. 28a
Mar. 15 Holders of rec. Feb. 28
Middle West Utilities, prior lien (guar.). 2
$1.50 Mar. 15 Holders of roe. Feb. 28
28 preferred (guar.)
25c. Mar, 1 Holders of rec. Feb. 130
Nat.Power & Light, corn.(guar.)
400. Mar. 15 Holders of rec. Feb. 27
National Public Service, com. A (quar.)_
Nebraska Power, pref. (guar.)
131 Mar. 1 Holders of rec. Feb. 14
New England Pub. Serv., pr. lien pf.(qu) "$1.75 Mar. 15 *Holders of rec. Feb. 28
f 23.4 Apr. 1 Holders of rec. Mar. 5
North American Co., corn.(quar.)
75e. Apr. 1 Holders of rec. Mar. 5
Preferred (guar.)
North American Edison Co., pt. (qu.). _ $1.50 Mar. 1 Holders of rec. Feb. 15a
Mar. 15 Holders of rec. Feb. 28
Utility
Secur.,
let
pf.
(qu.)
$1.50
North Amer.
$1.50 Mar. 15 Holders of rec. Feb. 28
First pref. alot. Ws.(guar.)
Holders of rec. Feb. 20
Northern States Power, pref.(quar.)_
131 Mar.
Holders of rec. Feb. 15
134 Mar.
Ohio Edison.6% pref. (guar.)
Holders of rec. Feb. 15
6.6% preferred (guar.)
21.85 Mar.
Holders of rec. Feb. 15
7% preferred (guar.)
131 Mar.
5% preferred (guar.)
Holders of rec. Feb. 15
1 g Mar.
Holders of rec. Feb. 15
8% preferred (monthly)
50e. Mar.
Holden) of rec. Feb. 15
55e Mar.
6.6% Preferred (monthly)
Holders of rec. Feb. 28
Oklahoma Gas & Elec.,pfd.(guar.)
_
131 Mar. 1
Hclders of rec. Feb. 20
Pa. Gas & Elec. Corp.,com. A (au.). - 3734c Mar.
Holders of rec. Mar. 20
Seven per cent preferred (guar.)
134 Apr.
Holders of rec. Mar. 20
47 preferred (quar.)
$1.75 Apr.
Holders of rec. Feb. 15
Penn-Ohio Edison, 7% prior pref.(gu.). 134 Mar.
Holders of rec. Apr. 20
Penn.-Ohio Pow. & Lt., $6 pref. (qu.)..... 21.50 May
Holders
of rec. Apr. 20
May
7% preferred (quar.)
131
Holders of rec. Feb. 20
80e. Mar.
7.2% preferred (monthly)
Holders of rec. Mar. 20
80c. Apr.
7.2% preferred (monthly)
Holders of rec. Apr. 20
7.2% preferred (monthly)
60e. May
Holders of rec. Feb. 20
55c. Mar.
8.8% preferred (monthly)
Holders of rec. Mar. 20
6.6% preferred (monthly)
55c. Apr.
Holders of rec. Apr. 20
8.6% preferred (monthly)
55e. May
Holders of rec. Feb. ha
Philadelphia Co.. prof
$1.25 Mar.
50c. Mar. 1 Holders of rec. Feb. 28a
Philadelphia Electric Co., corn. (quar.)_
Holders of rec. Feb. 9
134 Mar.
Phila. Suburban Water. pref. (guar.)
Holders of rec. Feb. 15
Portland Elec. Power, 2d Pref. (guar.)
131 Mar.
Public Service Corp. of N.J., com.(qu.) 65e. Mar. 30 Holders of rec. Mar. la
Mar. 30 Holders of rec. Mar. la
2
8% Preferred (guar.)
131 Mar. 30 Holders 0( 100. Mar. la
7% preferred (guar.)
$1.25 Mar.30 Holders of rec. Mar. la
$5 preferred (guar.)
500. Mar.30 Holders of reo. Mar. la
6% preferred (monthly)
Public Serv. El. & Gas,6% pref.(guar.) 131 Mar.30 Holders of roe. Mar. la
8731c Apr. 1 Holders of rec. Mar. I a
Radio Corp of Amer.pref. A (qu.)
Southern Calif. Edison, pref. A (guar.). 43g c Mar. 15 Holders of rec. Feb. 20
Preferred B (guar.)
3734c Mar. 15 Holders of rec. Feb. 20
25e. Mar. 1 Holders of rec. Feb. 11
Southern Calif. Gas, corn.(No. 1)
$ 1.6234 Mar. 1 Holders of rev. Feb. 11
$6.50 preferred (guar.)
$1.50 Mar. I Holders of rec. Feb. 9
Southern Cities Util., $8 Dr. pf.
50c. Feb. 25 Holders of rec. Jan. 31
Colorado Power, corn. A(qu.)_Sothern (qu.)_
1% Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
Apr. 15 *Holders of rec. Mar. 30
*2
Southern N.E.Telephone(guar.)
Southwestern Power & Light, pref. (qu.) 131 Mar. 1 Holders of rec. Feb. 15
Southwest Gas Utilities. pref.(guar.)..3 1.6234 May 1 Holders of rec. Apr. 20
Mar. 15 Holders of rec. Feb. 28
Standard Gas & El., $4 pref. (guar.)._ $1
Tennessee 1G. Pow.Co.,5% let p1.(au.) 131 Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
6% 1st pref. (quar.)
131 Apr. 1 Holders of rev. Mar. 15
7% lot pref. (guar.)
1.80 Apr. 1 Holders of rec. Mar. 15
7.2% let prof. (guar.)
50e, Mar. 1 Holders of rec. Feb. 15
(monthly)
pref.
6% let
500. Apr. 1 Holders of rec. Mar. 15
6% 1st prof. (monthly)
60c. Mar. 1 Holders of rec. Feb. 15
7.2% let prof. (monthly)
80e. Apr. 1 Holders of rec. Mar. 15
7.2% lot pref.(monthly)
35e. Mar 10 Holders of rec. Feb. 28
Union Natural Gas of Canada (cm.). Sc. Mar. 10 Holders of rec. Feb. 28
Extra
$1.1234 Mar. 30 Holders of rec. Feb. 28a
Wilted Gas Improvement (guar.)
134 Mar. 20 Holders of rec. Feb. 280
Virginia Elec. dr Pow.,6% pref. (quar.)_
131 Mar. 20 Holders of roe. Feb. 28a
Seven per cent preferred (guar.)
West Ohio Gas, pref. A (guar.)
131 Mar. 1 Holders of roe. Feb. 15
West Penn Elec. Co., class A (quar.)..... 51.75 Mar. 30 Holders of rec. Mar. 160
West Penn Railways,6% pref.(guar.)._
13.4 Mar. 15 Holders of rec. Feb. 25
Mar. I Holders of rec. Feb. ila
3
Wilmington Gas Co.. preferred
Wisconsin Power dz Light, 7% pt. (qu.)_ '131 Mar. 15 "Holders of rec. Feb. 28
Wisconsin Public Service. 7% pref. (r111.) 154 Mar. 20 Holders of roe. Feb. 28
631% preferred (guar.)
134 Mar. 20 Holders of rec. Feb. 28
134 Mar. 20 Holders of rec. Feb. 28
6% Preferred (guar.)
Banks.
American Colonial of Porto Rico (rat)._
Mar. 1 Holders of rec. Feb. 15
2
Chelsea Exchange (guar.)
*62 34C Apr. 1 "Holders of rec. Mar. 15
Port Morris
Mar. 1 Holders of roe. Feb. 25
3
Trust Companies,
Central Union (stock dividend)
Interstate (guar.)(No. 1)
Interstate Corp. (guar.)(No. 1)
Fire Insurance.
Brooklyn Fire Insurance
Miscellaneous.
Abbotts Dairies,com.(guar.)
Firstand second prefered (quar.).
Acme Steel (guar.)
Alabama Cash Credit, corn. (quar.)....
Preferred (guar.)
Preferred (extra)
Allegheny Steel. Pref.(quar.)
Preferred (guar.)
Preferred(guar.)
Preferred(guar.)
Alliance Realty, Pref.(quar.)
Alpha Portland Cement,common (guar.)
Preferred (guar.)
Alan/Minn Co. of Am.. pref. (guar.)...
e20 S lib/. toe tockh're meeting Mar.21
•13.‘ Mar. 1 "Holders of rec. Feb. 15
*25e. Mar. 1 "Holders of roe. Feb. 15
$1.25 Apr. 1 Mar. 20
to
Ain. 11
*21 Mar. 1 "Holders of Mo. Feb. 14
•IN Mar. 1 *Holders fo rec. Feb. 16
Apr. 1 'Holders of rec. Mar. 20
•1
90. Feb. 25 Holders of roe. Feb. 11
15c. Feb. 25 Holders of roe. Feb. 11
9c. Feb. 25 Holders of rec. Feb. 11
'134 Mar. 1 *Holders of me. Feb. 15
June 1 *Holders of rec. May 15
Sept. 1 *Holders of rec. Aug. 15
'131 Dec. 1 "Holders of rec. Nov. 15
$1.50 Mar, 1 Holders of rec. Feb. 20a
.75e. Apr. 15 *Holders of roe. Mar. 16
41.75 Mar. 15 "Holders of roe. Mar. 1
el% Ain'. 1 *Holders of rec. Mar. 15
Name of Company.
[VOL. 128.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous(Continued).
Amer. Brit. de Cont'l Corp. 1st pt. (q11.)
$1.50 Mar. 1 Holders of rec. Feb. 14
Amer. Chatillon Corp., pref. (quar.)__ .$1.75 May 1 *Holders of rec. Apr. 30
American Chicle, common (guar.)
50c Apr. 1 Holders of rec. Mar. 120
Prior preferred (guar.)
134 Apr, 1 Holders of rec. Feb. 25.
American Colortype (extra)
60c. Feb. 23 Holders of rec. Feb. 15
Quarterly
600. Mar. 31 Holders of rec. Mar. 12
Amer. & General Securities, $3 pf. (0u.)
75e. Mar. 1 Holders of rec. Feb. 15
$3 pref. (period Nov. 15-Nov. 30 '28) 1234e Mar. 1 Holders of rec. Feb. 15
American Home Products (monthlY)25e. Mar. 1 Holders of rec. Feb. 140
Monthly
25e. Apr. 1 Holders of rec. Mar. 146
Amer. Internat. Corp., com.(No. 1)
Apr. 1 Holders of rec. Mar. 12a
- 21
Common (stock dividend)
e2
Apr. 1 Holders of roe. Mar. 12a
Common (stock dividend)
.e2
Oct. 1
Amer. Laundry Mach., corn. (guar.)... "21
Mar. 1 'Holders of rec. Feb. 20
Common (guar.)
"El
June 1 *Holders of rec. May 20
Quarterly
"21
June 1 *Holders of rec. May 20
American Manufacturing, corn. (guar.).
75c. Mar. 31 Holders of rec. Mar. 15
75c. July 1 Holders of rec. June 15
Common (quar.)
Common (guar.)
75c. Oct. 1 Holders of rec. Sept. 16
Common (quar.)
75e. Dec. 31 Holders of rec. Dee. 15
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
134 July 1 Holders of rec. June 16
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
131 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
American Metal, corn. (guar.)
75e. Mar. 1 Holders of rec. Feb. 19a
$1.50 Mar. 1 Holders of rec. Feb. 19a
Preferred (guar.)
American Multigraph, corn. (quar.)__ -- 62gc Mar. 1 Holders of rec. Feb. 18
American Radiator, common (guar.).- $1.25 Mar. 30 Holders of ree. Mar. 110
Amer. Railway Express (guar.)
$1.50 Mar. 30 Holders of rec. Mar. 1 a
American Rolling Mill,common (guar.). *500. Apr. 15'Holders of rec. Apr.
Common (payableIn common stock)._ sf5
July 30 *Holders of rec. July
Amer. Smelting dc Refining, pref. (qu.). 1% Mar. 1 Holders of rec. Feb. •
Amer.Solvents & Chem., partic. pf.(qu) *75c. Apr. 1 *Holders of rec. Mar. I
Amer.Solvents & Chem., part. pf.(extra) .$1.50 May 1 "Holders of rec. Apr..1
134 Apr. 2 Holders of rec. Mar. a
Amer. Sugar Refining, pref. (quar.)
Amer. Sumatra Tobacco (guar.)
134 Mar. 1 Holders of rec. Feb. 1 a
Mar. 1 Holders of rec. Feb. a
Amer. Tobacco, corn. & corn. B (guar.). $2
Amer. Window Glass, pref
'33.4 Mar. 1 *Holders of rec. Feb. 1
$1.75 May 20 Holders of rec. Mar. 2 a
Anaconda Copper Mining (guar.)
Archer-Daniels-Midland CoCommon (payable in common Stock). 1100 Mar, 1 Holders of rec. Feb.21 a
11% Apr. 1 Holders of rec. Mar.
Armour & Co.(III.) pref.(guar.)
134 Apr. 1 Holders of rec. Mar.
Armour dr Co. of Del. pref. (guar.)
.3734e Apr. 1 *Holders of reo. Mar.
Armstrong Cork, common (guar.)
Common (extra)
'1234e Apr. 1 'Holders of roe. Mar.
'i34 Mar. 1 *Holders of rec. Feb. 1
Artloom Corp., pref. (guar.)
Associated Apparel Industries*3311e. Mar. 1 'Holders of rec. Feb. 1
Common (monthly)
*331te. Apr. 1 'Holders of rec. Mar. 2
Common (monthly)
*331e. May 1 'Holders of rec. Apr. 19
Common (monthly)
'331st. June 1 *Holders of rec. May 21
Common (monthly)
"334e. July 1 *Holders of rec. June 20
Common (monthly)
Associated Dry Goods Corp, 1st Pt.(qtr.) 1)4 Mar. 1 Holders of rec. Feb. Si
134 Mar 1 Holders of roe Feb. 90
second preferred (guar.)
40e. Mar. 1 Holders of rec. Feb. 19
Atlantic Coast Fisheries, com
250. Mar. 15 Holders of rec. Feb. 21a
Atlantic Refining, corn. (quar.)
25c. Mar. 15 Holders of rec. Feb. 21a
Common (extra)
$1
Mar. 11 Holders of rec. Feb. 28a
Atlas Powder, corn. (guar.)
Automatic Regis. Mach., cony. pr. part. *50(3. Apr. 1 *Holders of rec. Mar. 15
134 Apr. 1 Holders of roe. Mar. 20
Babcock & Wilcox Co.(guar.)
4c. Feb. 25 Holders of roe. Feb. 11
Badger State Cash Credit, corn.(guar.).
20e. Feb. 25 Holders of rec. Feb, 11
Preferred (guar.)
4e. Feb. 25 Holders of rec. Feb. 11
Preferred (extra)
*25c. Mar. 1 *Holders of roe. Feb. 20
Balaban & Katz, corn.(monthly)
*25e. Apr. 1 *Holders of rec. Mar. 20
Common (monthly)
'134 Apr. 1 *Holders of roe. Mar. 20
Preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 110
Bomberger (L.) & Co., 1334% pf.
1% June 1 Holders of rec. May 13a
631% preferred (guar.)
1% Sept. 2 Holders of rec. Aug. 12a
631% preferred (guar.)
134 Dec. 2 Holders of rec. Nov. ha
34% preferred (guar.)
Bankers Security Tr.Co..ser. A pt.(oil.) •13.4 Mar. 1 *Holders of rec. Feb. 15
50e. Apr. 1 Holders of rec. Mar. 14
Barker Bros. Corp.. corn. (guar.)
1% Apr. 1 Holders of rec. Mar. 14
Convertible 634% preferred (guar.)
"6234e Mar. 1 *Holders of rec. Feb. 15
Bastian-Blessing Co., com.(quar.)
750. Apr. 10 Holders of rec. Mar. 25,
Beech-Nut Packing (guar.)
Belding Corticelli, Ltd., pref.(guar.)
131 Mar. 15 Holders of rec. Feb. 28
Best & Co.(guar.)
75e. Mar. 15 Holders of rec. Feb. 25a
May 15 Holders of rec. Apr. 190
Bethlehem Steel,corn
$1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 411
Bigelow-Hartford Carpet, pref. (guar.). •1)4 May 1 'Holders of rec. Apr. 18
Preferred (guar.)
"I% Aug. 1 *Holders of rec. July 18
Preferred (guar.)
•134 Nov. 1 *Holders of rec. Oct. 18
Blaw-Knox, new no par stk.(qu.)(No. 1) *25c. Mar. 1 'Holders of rec. Feb. 18
Bolen dr Byrne Beverage. class A
20e. Mar. 1 Holders of rec. Feb. 1
21.50 Mar. I Holders of rec. Feb. 18a
Borden Company,corn.(qUar.)
Mar. 15 Holders of rec. Feb. 21
"22
Borne, Scrymser dc Co
Brill Corp.,class A (quar.)
'$1.50 Mar. 15 *Holders of rec. Mar. 1
•1% Mar. 1 *Holden; of rec. Feb. 18
Preferred(guar.)
Mar. 30.*Holders of rec. Mar. 20
"21
Bristol-Myers Co.(quar.)
*25o. Mar. 30 "Holders of rec. Mar. 20
Extra
80c. Feb. 28 Holders of rec. Feb. lb
Brown Fence & Wire, el. A (guar.)
80e. Feb. 28 Holders of rec. Feb. 15
Class B (No. 1)
62 34 C. Mar. 1 Holders of rec. Feb. 200
Brown Shoe, corn.(guar.)
Mar. 15 Holders of rec. Feb. 21
$1
Buckeye Pipe Line (quar.)
$1.
Mar. 15 Holders of rec. Feb. 21
Extra
25e. Apr. 1 Holders of rec. Feb. 210
Bucyrus-Erle Co., corn.(guar.)
62% Apr. 1 Holders of rec. Feb. 210
Convertible pref.(guar.)
1% Apr. I Holders of roe. Feb. 21e
Preferred (guar.)
1% May 1 Holders of rec. Apr. 16.
Byers (A. M.) Co., prof.(guar.)
•50e. Mar, I *Holders of rec. Feb. 15
Byron Jackson Pump(guar.)
*e100 Mar. 1 'Holders of rec. Feb. 15
uStock dividend
$1.50 Feb. 15 Holders of rec. Feb. 7
Cabot Manufacturing (guar.)
"81.50 Mar. 1 *Holders of rec. Feb. 8
California Dairies, pref.(guar.)
al
Mar, 15 Holders of rec. Feb. 28a
California Packing (guar.)
Mar. 30 Holders of rec. Feb. 28a
Calumet dc Hecht Consol. Copper (guar.) $1
$3
Mar. 1 Feb. 15 to Feb. 27
Canada Bread, common
Canadian Car & Fdry.. pref.(quar.)._... 154 Apr. 10 Holders of rec. Mar.22
$1.75 Mar. 31 Holders of reo. Feb. 20
Canfield Oil, corn.& pref. (guar.)
$1.75 Juno 30 Holders of rec. May 20
Common dr preferred (qear.)
$1.75 Sept. 30 Holders of rec. Aug. 20
Common & preferred (guar.)
$1.75 Dee. 31 Holders of ree. Nov. 20
Common & preferred (guar.)
15c. Apr. 1 Holders of rec. Mar. 15
Capital City Surety
Case (J. I.) Thresh. Mach.corn.(guar.). 134 Apr. 1 Holders of ree. Mar. 11
Apr. 1 Holders of rec. Mar. II
1%
Preferred (quar.)
"75c. Feb. 25 *Holders of rec. Feb. 15
Caterpillar Tractor (quar.)
Celluloid Corp.First pref. partic. & $7 Pref. (guar.).- $1.75 Mar, 1 Holders of ree. Feb. 10
Century Ribbon Mills pref (quar.)---- 1% Mar. I Holders of rec. Feb. 130
5331,Feb. 28 Holders of roe. Feb. ila
Certo Corporation (stock dividend)
25c. May 15 Holders of rec. May 1
Chelsea Exchange Corp., cl. A & 13 (qu.)
25a. Mar. 1 Holders of rec. Feb. 190
Chicago Yellow Cab Co.(monthlY)
75c. Apr. 1 Holders of roe. Mar. On
Chickasha Cotton 011 (guar.)
750. July 1 Holders of roe. June 10a
Quarterly
60c Mar. 11 Holders of rec. Feb. 25.
Childs Company, corn. (guar.)
154 Mar. 11 Holders of rec. Feb. 250
Preferred (guar.)
87340 Apr. 22 Holders of roe. Mar. 29a
Chile copper Co.(guar.)
750. Mar,30 Holders Of roe. Mar. 5.
Chrysler Corp.common (quar.)
Cities Service, common (monthly)
34 Mar. 1 Holders of rec. Feb. 15
Corn.(mthly.)(payable In coin. stk.).
34 Mar. 1 Holders of roe. Feb. 16
500. Mar. 1 Holders of rec. Feb. 15
Prof. and preference BB (mthly.)---Sc. Mar. 1 Holders of roe. Feb. 15
Preference B (mthly.)
900. Feb. 28 Holders of rec. Feb. 15a
City Ice & Fuel(Cleve) corn.(qu.)
134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
37)4e. Mar. I Holders of roe. Feb. 15.
City Radio Stores, com.(qu.)(No. 1)
8734e. May 1 Holders of rec. Apr. 15e1
City Stores Co.,class A (guar.)
50e. Mar. 1 Holders of rec. Feb. 14
Cleveland Stone. common (guar.)
25e. Mar. 1 Holders of rec. Feb. 15
Common (extra)
0500. June 1 *Holders of reo. May 16
Common (guar.)
*50e. Sept. 1 *Holders of roe. Aug 15
Common (guar.)
62)4e. Apr. 1 Holders of rec. Mar. 15•
Cohn-Hall-Marx, corn. (guar.)
6234e. July 1 Holder, of reo. June 15
Common (guar.)
Name of Company.
1187
FINANCIAL CHRONICLE
FEB. 23 1929.]
When
Per
Cent. Payable.
Boors Close.,
Dart hicitroins.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Properties__- $1.25 Apr. 30 Holders of rec. Apr. 50
Mar. 1 Holders of rec. Feb. 150 Great Northern Iron Ore
O750. May 15 *Holders of rec. May 1
Collins At Alkman Corp., pref. (guar.)_
Greenway Corp.. 5% pref. (guar.)
110
Feb.
rec.
of
Holders
25
Feb.
2
O75c Aug. 15 'Holders of rec. Aug. 1
Colorado Fuel & Iron. pref. (qua?.)_._
5% preferred (guar.)
Apr. 1 Holders of rec. Mar. 50
750 Nov. 15 *Holders of rec. Nov. 1
•
Commercial Invest. Trust corn. (guar.). $1
5% preferred (guar.)
Apr. 1 Holders of rec. Mar. 50
500 Mar. 1 Holders of rec. Forb.18is
Common (payable in corn. stock).- 1'1
common (guar.)
134 Apr. 1 Holders of rec. Mar. 50 Gruen Watch,
*500 Mar. 1 *Holders of rec. Feb. 15
7% first preferred (guar.)
(guar.)
Stores
Bros.
Hale
Apr. I Holders of rec. Mar. 50
634% first pref.(guar.)
Hamilton United Theatres(Canada)
Holders of rec. May 10
194 Mar.30 Holders of rec. Feb. 28 '
Community State Corp., A & B (guar.). 134 May 15
Preference (guar.)
134 Sept. 2 Holders of rec. Aug. 28
134 Mar. 1 Holders of rec. Feb. 9a
Class A & B (guar.)
(guar.)
Watch
Hamilton
20
Dee.
rec.
of
31
Holders
Dec.
150 Mar, 1 Holders of rec. Feb. 20
(guar.)
B
Class A & B
Hanes(P. H.) Knitting, corn. & oom.
*I% Mar. 1 *Holders of rec Feb.. 15
Apr. 1 Holders of rec. Mar.20
134
Congoleum-Nairn. pref.(guar.)
(guar.)
Preferred
1 Holders of rec. Mar. 181
Mar.20 Holders of rec. Mar. Sc
134
Consolidated Cigar Corp.. cam.((war.) $1.75 Apr.
let
Prof
Mar. 1 Holders of rec. Feb. 210 Hanna (M. A.) CO
$1.75
1 Holders of rec. Feb. 18a
Preferred (guar.)
Harbison-Walker Refract., corn. (guar.) 60e Mar,
Holders of rec. Mar. 15
Apr. 20 Holders of rec. Apr. 10a
134
Consolidated Dairy Products (guar.)... 500. Apr. .1
Preferred 01=3
1 Holders of rec. Mar. 15
Apr.
6134
I *Holders of rec. Feb. 15
Mar.
dividend
*50c
Stock
Hart-Carter Co., cony. pref.
50c Mar. 1 Holders of rec. Feb.d184
Consolidated Film IndustriesHartman Corp., class A (guar.)
500. Apr. I Holders of rec. Mar. 15
1 Holders of rec. Feb.dlikr
Mar.
30c
Common (guar.)(No. 1)
Class B (qua?.)
500. Apr. 1 Holders of rec. Mar. 15
Feb. 28 Holders of rec. Feb. 15
Participating, pref.(guar.)
Hart-Schaffner & Marx,Inc.,(qua?.)..... $2
1 *Holders of rec. Mar. 15
1 Holders of rec. Feb. 15
Mar,
750
Consumers Co., prior preferred (guar.) •134 Apr. 1
(nu.).
A
class
Inc.,
Bakeries,
Hathaway
Holders of rec. Mar. 150
Apr.
154 Mar. 1 Holders of rec. Feb. 15
Continental Can, pref.(guar.)
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 20
2
500 Feb. 28 Holders of rec. Feb. 15a
Como Mills
(qua?.)
Pineapple
Hawaiian
14
Feb.
rec.
of
1
Holders
Mar.
*250 Mar. 1 *Holders of rec. Feb. 15
Corrugated Paper Box, Ltd.. pref.(gu.)
500. Mar,30 Holders of rec. Mar. 150 Hazeltine Corp.(guar.)
•150 Mar. 1 *Holders of recs. Feb. 15
.Inc.(guar.)
Ceti,
Hecla Mining (monthly)
n1% Feb. 27 Holders of rec. Feb. 11
75e Mar, I Holders of rec. Feb. 18
Stock dividend (guar.)
(No.1)
Inc.,
pf.(au.)
Rubenstein,
Helena
n134 May 28 Holders of rec. May 13
Mar.29 Holders of rec. Mar.22
Stock dividend
Hibbard, Spencer, Bartlett CO.(mthly.) 35e Mar.
12
Aug.
rec.
of
Holders
Aug.
27
Si
n1
1 Holders of rec. Feb. 15
Stock dividend
Hires (Charles E.), common A (guar.)._ 150c Feb. 25 Holders of rec. Feb. 8
n1 I4 Nov.27 Holders of rec. Nov. 12
Stock dividend
Mines
Gold
Consol,
Hollinger
Mar. 20
rec.
of
I
Holders
Apr.
25e
Holders of rec. Feb. 20a
25
(guar.)
Feb.
stock
new
500
Radio,
Crosley
Homestake Mining (monthly)
412 Mar. 1 *Holders of rec. Feb. 14
Mar. 1 *Holders of reo. Feb. 20
Crown Overall(qum.)
Hood Rubber Products. Prof. (rinar.)... •154 Mar.
*Holders of rec. Feb. 13
of rec. Feb. 23
*Holders
1
*134
Crown Zellerbach Corp., pfd. A (guar.) _ "$1.50 Mar. 1
let pref.(guar.)
Horn (A. C.)
"21.50 Mar. 1 *Holders of rec. Feb. 13
Holders of roe. Feb. ill
Convertible pref.(guar.)
Co.,Of N.Y.. pref.(quota- $1.75 Mar. 1 *Holders
Horn & Hardart
"$1.50 Mar. I *Holders of rec. Feb. 13
of rec. Feb. 28
30
Mar.
*25e.
Class B (guar.)
(gu.)AA
&
A
corn.
Mfg.
Signal
Horni
*51 Mar. 15 *Holders of rec. Feb. 28
Mar.20 Holders of reo. Feb. 28
Cumberland Pipe Line(guar.)
P5
Hornt Signal Mfg. al. A corn
0$4 Mar. 15 *Holders of rec. Feb. 28
Mar.20 Holders of rec. Feb. 28
Extra
P5
common
AA.
Class
1
Mar.
Mar. 15 *Holders of rec.
8734e Mar. 1 Holders of rec. Feb. 15a
Cuneo Press, Inc., 634% pref.(guar.).Household Products (guar.)
*Holders of rec. Feb. 28
$1.25 Apr. 1 Holders of rec. Mar.lie
Curtis Publishing, common (monthly)._ *500 Mar. 2
Hudson Motor Car (guar.)
•134 Apr. 1 *Holders of rec. Mar 20
a% May 1 Holders of rec. Apr. 154
Preferred (qua?.)
)
(gU
(Stock
dividend)
Car
Motor
50c Mar. 15 Holders of rec .Feb. 280 Hupp
Aug. 1 Holders of rec. July 154
.254
Curtiss Aeroplane & Motor, corn
Stock dividend (guar.)
Holders of re e.Feb. 28
ell% Nov. 1 Holders of ree. Oct. 16a
Curtiss Assets, offs. beneficial interest- $10 Mar. 15
Stock dividend (Qum.)
Mar. 1 Holders of rec. Feb. 150
Apr. 15 *Holders of Teo. Apr. 3
130c
•
Cushman's Sons, Inc., corn.(guar.)._ $1
Mar, 1 Holders of re Feb. 15a Illinois Brick (lum.)
$2
*60o July 15 *Holders of rec. July 3
$8 preferred (guar.)
Quarterly
$1.75 Mar. 1 Holders of re Feb. 15a
15 *Holders of rec Oct. 3
Oct
*60.
$7 preferred (guar.)
Quarterly
•81 Mar. 2 *Holders of rec Mar. 9
10e. Feb. 25 Holders of rec. Feb. 11
Davis Mills(guar.)
Illinois Cash Credit, corn. (guar.)
*500. Mar. 1 *Holders of tee Mar. 6
(i) Feb. 25 Holders of rec. Feb. 11
Decker (Alfred) &Cohn.Inc.,corn.(nu) •1,i
stock)
pref.
In
share
(1-100th
Common
19
c.Feb.
re
of
Mar. 1 *Holders
200. Feb. 25 Holders of rec. Feb. 11
Preferred (guar.)
Preferred (quar.)
•1,i June 1 *Holders of roe. May 22
be. Feb. 25 Holders of rec. Feb. 11
Preferred (guar.)
Preferred (extra)
Sept. 1 *Holders of rec. Aug. 22
(J)
Feb. 25 Holders of rec. Feb. 11
Preferred (guar.)
stock)....
pref.
share
(1-100th
Preferred
15
•$1.50 Apr. 1 *Holders of rec Mar.
Mar. 1 vFeb. 16 to Feb. 28
25c
Deere & Co.. corn. (guar.)
134 Mar. 1 Holders of re .Feb. I50 Imperial 011, Ltd.(quar.)
250 Mar. 1 oFeb. 16 to Feb. 28
Preferred (guar.)
Special
28a
.Feb.
rec
of
Holders
15
Mar.
2
Mar, 1 Holders of rec. Feb. 18
134
Diamond Match (guar.)
(guar.)
pref.
Indiana Limestone,
500. Mar. 1 Holders of rec. Feb. 15
Mar. 20 Holders of rec. Mar. 8
,/10
Dictaphone Corp.. corn. (guar.)
Industrial Finance, corn.(in stock)
Mar. 1 *Holders of rec. Feb. 15
Mar, 1 Holders of rec. Feb. 41
75e
Common (payable in common stook). *10
(guar.)
corn.
Co.,
Ingersoll-Rand
30
Mar.
Apr. 15 Holders of rec.
Mar. 1 Holders of tea .Feb. 150
87390
Dominion Engineering Works(guar.)... $1
Inland Steel, corn.(guar.)
*750. Mar. 1 *Holders of rec. Feb. 21
prior pf.(gu.) 134 Mar, 1 Holders of rec. Feb. 15s
Dresser (S. R.) Mfg., Cl. A (No. 1)---- 3734c
Corp.,
Agricultural
Inter.
21
Feb.
rec.
of
*Holders
I
Mar.
•
Apr. 10 Holders of rec. Mar. 22a
$1.25
Class B (No. 1) (qua?.)
(guar.).Machines
Business
Mar. 1 Holders of rec. Feb. 150 Internat.
$1
500 Feb. 28 Holders of moo. Feb. 18a
com.
Drug. Inc. (guar.)
Apr. 15 Holders of rec. Apr. is Internat. Combustion Eng.
$1
Apr. 1
25.
•
Dunhill International (guar.)
.
(guar.)
oom.
Corp.
Invest.
Cont.
la
Apr.
hat.
rec.
Apr. 15 Holders of
el
•25e July 1
Stock dividend
Common (guar.)
July 15 Holders of roe. July la
el
May 1 Holders of rec. Mar. 30.
wet__ $1
Stock dividend
Oct. 15 Holders of rec. Oct to Internat. Educational Publishing,
61
134 Mar. 1 Holders of rec. Feb. 54
Stock dividend
(attar.)
pref.
Harvester.
Internat.
•4334c Mar. 1 *Holders of rec. Feb. 15
$1.75
Mar. 1 *Holders of rec. Feb. 18
'
(qua?.)
Durkee-Thomas Co., class A (qua?.)
International Milling, 1st prof.
*20c. Mar. 1 *Holders of rec. Feb. 15
*$1.50 Mar. 1 *Holders of rec. Feb. 15
Class B (guar.)
International Nickel(guar.)
*750. Mar.30 *Holders of rec. Mar. 20
Mar. 1 *Holders of rec. Feb. 15
*52
Early & Daniels, corn. (guar.)
Extra
"134 Mar. 30 *Holders of rec. Mar. 20
of rec. Feb. 11
Preferred (guar.)_ _
Internat,Safety Razor,class A (guar.).- 60e Mar. 1 Holders
of rec. Jan. 31
500
Mar. 1 Holders of rec. Feb. lie
Eastern Utilities Investing.$6 pref.(gu.) $1.50 Mar. 1 Holders
(guar.)
B
Class
$1.75 Mar. 1 Holders of rec. Jan. 31
of rec. Feb. lie
Mar,
1
250
Holders
$7 Preferred (guar.)
Class B (extra)
$1.25 Apr. 1 Holders of rec. Feb. 280
Eastman Kodak, corn. (guar.)
com.(gu.) 760 Mar. 1 Holders of roe. Feb. 15
75e. Apr. 1 Holders of rec. Feb. 28a Inter. %our.Corp. of Am.. A
Mar,
I
of rec. Feb. 15
Holders
1234c
Common (extra)
Class B common
134 Apr. 1 Holders of roe. Feb. 280
13.4 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
7% preferred (guar.)
62340 Feb. 28 Holders of rec. Feb. 15a
of rec. Feb. 15
Max'.
1
Minion Schild Co.. corn.(guar.)
Holders
194
(guar.)
preferred
la
634%
$1.623.4 Mar. 15 Holders of rec. Mar.
Preferred (guar.)
134 Max'. 1 Holders of reo. Feb. 15
6% preferred (guar.)
•3734c Mar. 15 *Holders of roe. Mar. 1
600. Mar. 1 Holders of reci. Feb. 15
El Dorado 011 Works (nu.)(No. 1)
pref.
(monthly)
Shoe
International
18
Feb.
rec.
of
Holders
1
•500. Apr. 1 *Holders of rec. Mar. 15
Ely-Walker Dry Goods corn.(guar.).- 3734c Mar.
Preferred (monthly)
Emerson Drug, corn.(pay. In B pref.).- 1100
•500. May 1 *Holders of reo. Apr. 15
Preferred (monthly)
50o. Mar.24 Holders of rec. Mar. la
Emporium.Capwell Corp.(guar.)
•50o. June 1 *Holders of roe. May 15
Preferred
(monthly)
Apr. 1 *Holders of roe. Mar. 20
*4
500. July 1 *Holders of moo. June 15
•
Evans Auto Loading,stook dividend
Preferred (monthly)
Oct. 1 *Holders of tee. Sept 20
•o2
*500. Aug. 1 *Holders of rec. July 15
Stook dividend
(monthly)
Preferred
I2a
of
Mar.
rec.
Holders
Mar.
30
75e.
50c Sept. 1 *Holders of rec. Aug. 15
Fairbanks, Morse & Co., corn. (guar.)._
•
Preferred (monthly)
1 Si Mar. 1 Holders of rec. Feb. lba
*50c Oct. 1 *Holders of tee. Sept. 15
Preferred (guar.)
Preferred (monthly)
Holders of rec. Feb. 21
•50c Nov. 1 *Holders of rec. Oct. 15
Federal Mining & Smelt. prof. (guar.).- 134 Mar. 15
(monthly)
Preferred
20
•75c. Apr. 1 *Holders of rec. Mar.
"500 Dec. 1 *Holders of roe. Nov. 15
Federal Screw Works (guar.)
Preferred (monthly)
*25c. Mar. 1 *Holders of rec. Feb. 20
*50e Jan 1'30 *Holders of rec. Dec. 15
Extra
Preferred (monthly)
Federated Business Publications134 Mar, 1 Holders of roe. Feb. 15a
corn.
(guar.)
Silver,
International
6234c Apr. 1 Holders of rec. Mar. 20
2
Mar, 1 Holders of rec. Feb. 15a
1st preferred (guar.)
Common (extra)
3734c. Feb. 28 Holders of rec. Feb. 15
Apr. 15 *Holders of rec. Apr. 5
$1
*
Federated Capital Corp., corn
corn.
(qua?.)...
Steel,
&
Iron
Interstate
15
3755c. Feb. 28 Holders of rec. Feb.
28 *Holders of rec. Feb. 15
Feb.
•154
6% Preferred (guar.)
Preferred (guar.)
160. Mar.2 Holders of rec. Mar. 14a
60e Apr, 15 Holders of reo. Dec. 31
Fifth Avenue Bus Securities(guar.)
Investors Capital Corp.,common
Mar.
Feb. 16 to Mar. 1
3
30 Holden of roe. Feb. 28
Mar.
50o
Fifty-five Park Ave., Inc., pref
Copper
Isle Royale
Holders of rec. Feb. 15
Mar.
4
Si
Apr. 16 *Holders of rec. Apr. 2
'
Finance Service Co., cam
Jewel Tea, corn. (guar.)
Mar.
Holders of rec. Feb. 15
6234c Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Shoe
(guar.).
s-Shinkle
Johnson-Stephen
1
First Federal Foreign Bkg.Corp.((M.).- $1.75 May 1 Holders of rec. May 13
Joint Security Corp*Holders of rec. Mar.
Apr.
fl
May 1 Holders of roe. Apr. 20
First Nat. Pictures, 1st pref.(quar.)____ *2
Corn.(Dayablein corn.stock)
Holders of rec. Jan. .11
12340 Mar.
11
Aug. 1 Holders of rec. July 20
First Trust Bank Inc.(guar.)
Corn.(payablein com.stock)
Holders of roe. Jan. 31
734c Mar.
1 Holders of rec. Oct. 20
Extra
Nov.
11
Corn.(PayableIn corn.stook)
I *Holders of rec. Feb. 13
Fitzsimmons de Connell Dredge & Dock
Jones & Laughlin Steel, corn.(guar.)-'$1.25 Mar.
23
•50e. Mar. *Holders of rec.
1 Holders of roe. Mar. 13a
Apr.
Common (guar.)
154
Preferred (guar.)
Holders of rec. Mar. 150
134 Apr.
Florsheim Shoe, pref.(guar.)
134 Apr.41 Holders of rec. Mar.20
pref. (guar.)._
Stores,
Dept.
Kaufmann
of
Feb.
28a
rec.
Holders
1
Mar.
500.
1 *Holders of rec. Mar.20
Follansbee Bros. Co., corn. (guar.)
Apr.
•1254e
(extra)
common
Co..
250. Mar. 1 Holders of rec. Feb. 28a Rayne°
Common (extra)
•1254e July 1 *Holders of rec. June 20
Common (extra)
134 Mar. 1 Holders of rec. Feb 28
Preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 100
(qua?.)
A
pref.
art.
Co.,
Kendall
5
rec
or
Mar
Holders
65* Mar. I
Foote-Burt Co., corn
Feb. 25 Holders of rec. Feb. 70
Kennecott dopper Corp.(stock div.).... (o)
Holders of rec. Mar. 10
Fuller(George A.)Co., partic.pr.pf.(gu) $1.50 Apr.
250. Apr. 1 Holders of roe. Mar.21a
Kinney (G. R.) Co., corn
Holders of rec. Max', 10
$1.50 Apr.
Cum.& panic. pref.(guar.)
2
Mar. 1 Holders of rec. Feb. 18a
(guar.)
Preferred
Galland Mercantile Laundry (guar.)..._ *8734e Mar.
$1.75 Apr. 1 Holders of rec. Mar. 15a
Knox Hat, prior pref.(guar.)
*Holders of rec. Mar. 13
0$1 Apr.
Genf. Amer.Tank Car (guar.)
81.75 July 1 Holders of rec. June 15s
(guar.)
preference
Prior
13
*Holders
of
June
rec.
July
*31
Quarterly
$1.75 Oct. 1 Holders of rec. Sept.160
Prior preference (Quer.)
*Holders of roe. Mar. 13
Apr.
•1
Stock dividend
750 Mar. 1 Holders of rec. Feb. 15a
Participating pref.(guar.)
*Holders of ree. June 13
July
•1
Stock dividend
75e June 1 Holders of rec. May 16a
pref.
(guar.)
Participating
Holders of reo. Feb. 13o
134 Mar.
General Asphalt pref.(guar.)
750 Sept. 3 Holders of rec. Aug. 15a
(quer.)
Participating pref.
*50o Mar. *Holders of reo. Feb. 14
General Bronze (guar.)(No. 1)
750 Dec. 2 Holders of rec. Nov. 15a
(guar.)
pref.
Participating
roe.
of
134
Mar.
Feb.
Holders
$1
General Cable crass A (guar.)
400. Mar. 30 Holders of rec. Mar. lla
(guar.)
corn.
Co.
Mar,
Holders of me. Feb. 214 Kresge (S. S.)
General Cigar, Inc., pref.(guar.)
Mar. 1 Holders of rec. Feb. lla
in com. stock)..... 150
(payable
Common
of
Holders
18a
rec.
I
Feb.
Mar.
750.
1)
(No.
(gu.)
coin.
new
General Motors,
Mar. 30 Holders of rec. Mar. lba
13.1
(guar.)
of
Holders
Preferred
May
0% preferred (guar.)
roe.
Apr.
811
134
Mar. 1 Holders of rec. Feb. lla
25c
corn,
(qua?.)...
Holders of reo. Apr. Sc Kroger Grocery & Baking
134 May
6% deb. stk. (guar.)
Aim. 1 *Holders of rec. Mar. 10
common stock)... •f5
In
(payable
Common
of
Apr.
Holders
May
rec.
50
y% pref.(guar.)
Mar. 1 Holders of rec. Feb. 230
154
(guar.)
pref.
Co..
&
(B.)
Kuppenheimer
4c Feb. 2 Holders of rec. Feb. 11
Georgia Cash Credit, corn. (guar.)
or$1
Mar. 1 *Holders of rec. Feb. 14
Securities
Lackawanna
2
of
Holders
Feb.
rec.
Feb.
20e.
11
(guar.)
Preferred
Mar. 1 Holders of rec. Feb. 16
800
corn.
Milling.
(ctn.).Woods
the
of
2
Feb.
Lake
4o.
Holders of rec. Feb. 11
Preferred (extra)
1 Holders of rec. Feb. 18
Mar.
134
Preferred (guar.)
Holders of rec. Feb. la
$1.25 Mar.
Gillette Safety Razor (guar.)
Lakey Foundry & Mach,
Oct.
Gladding,NfcBeandr Co.,com(in corn stir) *2
Apr.
30
•e254
*Holders of rec. Apr. 15
dividend
Holders of rec. Mar. lila
Stock
373.40 Apr.
Glidden Co.,corn.(guar.)
.4234 July 30 *Holders of rec. Jul/ 15
Stock dividend
Holders of rec. Mar. 18a
12340 Apr.
se2m Oct. 30 *Holders of rei3. Oct. 15
Common textra)
dividend
of
Apr.
rec.
Mar.
Holders
Stock
18a
154
Prior preferred ,quar.)
h$.5
Mar. 20 Holders of roc. Mar. 11
Holders of rec. Feb. 20
Lamson & Hubbard Corp. pref
Globe-Democrat Publishing. prof.(qua- lyi Mar. I *Holders
of rec. Mar. 1
Lanston Monotype Machine(guar.)._ 51.50 Feb. 28 Holders of moo. Feb. 18a
Goldberg (S. M.)Stores, $7 prof.(qua?) 411.75 Mar.
•1
Feb.
28 *Holders of rec. Feb. 18
Co
Mercantile
D.)
Lee (H.
*40c. Mar. "Holders of rec. Feb. 15
Golden State Milk Products
51
Feb. 28 Holders of rec. Jan. 31a
Lehigh Coal & Navigation (guar.)
Holders of rec. Feb. 15
el00
Goldman Sachs Trading (stk. div.)
134
(quar.)__
Apr.
1 Holders of roe. Mar. 144
pref.
Cement,
Portland
Lehigh
rec.
1
of
Doe.
31
Apr.
Holders
$1
Goldwyn Investment Corp.,extra
750 Mar. 1 Holders of moo. Feb. 140
Holders of rec. Feb. 8a Lehn & Fink Products Co.(guar.)
$1 Mar.
Goodrich (B. F.) Co.,common (qua?.)
•500 Mar. 1 *Holders of rec. Feb. 19
Sheet Glees, corn. (qua?.).. •14.4
wens
rec.
of
Holders
Apr.
Libby-O
Mar.
8a
13(
Preferred (guar.)
Mar. I *Holders of rec. Feb. 19
July
Holders of rec. June 10
Preferred (guar.)
Preferred (clear.)
Mar. 1 Holders of rec. Feb. 150
Apr.
Holders of rec. Mar. la Liggett&Myers Tob.,com.&com.B (qu.) $1
Goodyear Tire & Rub. pf. & 1st pt.(gu)
Mar, 1 Holders of rec. Feb. 150
51
B
common
(extra)
and
of
Common
31
Mar.
rec.
Jan.
Holders
Gorham Mfg., corn. (guar.)
Co........
Holding
July
1 Holders of roe. June 20
15n
I-Ineoln Interstate
Holders of rec. May 1
50c. June
Common (guar.)
250 Mar, 1 Holders of rec. Feb. 15
corn, (qua?.)......
Co.,
&
W.)
I
of
Aug.
(C.
rec.
Holders
Lindsay
Sept.
50c.
Common (guar.)
154
Mar.
1 Holders of rec. Feb. 15
(guar.)
1
Dec.
rec.
of
Nov.
Holders
Preferred
500.
Common (quar.)
50c Mar, 1 Holders of rec. Feb. 180
June
Loblaw Groceterlas, corn. (guar.)
Subj,to stkholders. meet.
Common (payable in common stoek)- f5
13.4 Mar. 1 Holders of rec. Feb. 160
(guar.)
preference
1
rec.
of
Feb.
Prior
Mar.
Holders
First preferred (guar.)
'154 Mar. 1 *Holders of rec. Feb. 15
Holders of rec. Feb. 180 Lord & Taylor. 1st pref.(guar.)
75e. Mar.
Grand Union Co..$3 prof.(guar.)
$2.50 Mar. 1 Holders of rec. Feb. 9
Mar. *Holders of roe. Feb. a
Ludlow Mfg. Associates (qtr.)
On. Atlantic & Pao. Tea, corn.(guar.).- •81
m.(qu.)
75c Mar 1 Holders of rec. Feb. 18
Constr..Ltd.,co
Sons
Mar.
of
Lyall(P.)&
*Holders roe. Feb. 8
*$1.75
1st Preferred (guar.)
134
134
134
134
*154
134
134
134
134
1St
600.
134
1188
FINANCIAL CHRONICLE
[VOL. 128.
Per
When
Books Closet*
Name of Company.
Per
When
Cent. Payable.
Books ClOSea
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous. (Continued)
Lunkenbelmer Co.,common (quar.)____ .3736c Mar.
Mieoettaneoua (Continued).
15 *Holders of rec. Mar. 5
St. Louts Screw &Bolt,corn.(quar.)
Preferred (guar.)
•25c. Mar. 1 'Holders of ree. Feb. 25
.134 Mar. 30 *Holders of rec. Mar. 20
Corn.(quar.)
Preferred (guar.)
4.13.5 June 29 'Holders of rec. June 19
•25e bine 1 *Holders of rec. May 25
Savage
Preferred (guar.)
Arms, corn.(guar.)
.1).5 Sept. 30 *Holders of rec. Sept.
50c Mar, 1 Holders of rec. Feb. 150
Second preferred (guar.)
Preferred (guar.)
.1% Dec. 31 *Holders of rec. Dec. 20
"31.50 May 15'Holders of rec. May 1
21
Schulte Retail Stores, corn. (guar)
Manhattan Shirt, corn. (guar.)
87%0
Mar. 1 Holders of rec. Feb. 160
Mar.
500.
1
Holders
of
rec.
Feb.
16a
Common
May Department Stores, corn.(quar.)
154 Mar. 1 Holders Of rec. Feb. 150
$1
Mar. 1 Holders of rec. Feb. 150 ScovilleMa (payable in common stock)_
May Hosiery Mills, pref.(quar.)
nufacturing (extra)
•25c. Mar. I 'Holders of rec. Feb. 28
1
Mar.
1
Holders
of
Feb.
rec.
19
Sears,
McCahan (W. J.) Sugar Refining &
Roebuck & CoQuarterly (payable In stock)
Molasses, pref. (guar.)
Cl
May 1 Holders of rec. Apr. 13a
Mar. 1 Holders of rec. Feb. 18
Second
McCrory Stores, corn. & corn. B (guar.) 1%
50c. Mar. I Holders of rec. Feb. 200 SeemanInter. Secur. Corp.. corn. A (qu.) *50c. Apr. 1 *Holders of roe. Mar. 15
McIntyre Porcupine Mines (quar.)
Brothers,
Inc.,
corn.
(extra)...
50c.
Mar.
Mar.
25c.
15 Holders of rec. Mar. la
1
Holders of rec. Feb. la Segal Lock & Hardw,
M c K e-son & Robbins, Pref. (quar.)_ _ _ _ 873,c
new corn.(No.1)
12%c. Feb. 25 Holders of reo. Feb. 11
Mallinson (H. R.)& Co., pref.(quar,)_. 134 Mar. 11 Holders of rec. Mar. Is SelbyShoe. pref.(guar.)
1% May 1 Holders of rec. Apr. 15
Apr.
1
Holders
of
Mar.
rec.
21a
Marmon Motor Car, core.
Seventeen
3
$I
(gear.)
Mar. 15 Mar. 1 to Mar. 15
Mar. 1 Holders of rec. Feb. 150 Sheffield Park Ave.,pref
Mead Pulp dr Paper,6% pf.(guar.).
Steel- "134 Mar. 1 *Holders of rec. Feb. 20
Common (In common stock)
7% Pref. (guar.)
.11
Apr.
Mar.
1
*Holders
"134
*Holders of rem Mar. 21
of rec. Feb. 20
Common (payable in common stock)_ _ .11
Mengel Company. pref.(guar.)
July 1 *Holders of rec. June 20
13.4 Mar. 1 Holders of rec. Feb. 15
Coro
Merrimack Mfg., corn. (guar.)
.11
(payable in common stork)
Oct
$3
Mar. I Holders of rec. Jan. 14
I •Holders of rec. Sept. 20
Shepard
Preferred
Stores,
Inc.,
class
A
(guar.).234 Mar. 1 Holders of rec. Jan. 14
75c May I Holders of rec. Apr. 20
Sherwin-Williams Co., pref. (quar.)---Merritt-Chapman & Scott Corp.
1
'Mar. 1 !folders of rec. Feb. 15
Shippers'Car Line, class A
New common (guar.)(No. 1)
*40c. Mar. 1 *Holders of rec. Feb. 16
$2
Feb. 28 Holders of rec. Feb. 18
Preferred
Series A 63. % Pref. (guar.)
(guar.)
$1.75 Feb. 28 Holders of rec. Feb. 18
•134 Mar. 1 *Holders of rec. Feb. 16
Shubert
Metropolitan Paving Brick. corn.(guar.)
Theatre Corp.(guar.)
500. Mar. 1 Holders of rec. Feb. 15
31.25 Mar. 15 Holders of rec. Mar. la
Simms Petroleum
Preferred (guar.)
400.
*134 Apr.
of rec. Mar. 15
Simon (Franklin) Co., pref. (guar.) _ _ _ - *1% Mar. 15 Holders of rec. Feb. 28a
Mid-Continent Petrol., pref. (quar.)_ _ _ $1.72 Mar. 11 *Holders
Holders of rec. Feb. 10a Simons
Mar.
(El.) dr Sons, Ltd., pfd.(quar.)_. $1.75 Mar. 1 *Holders of rec. Feb. 21
Miller (I) & Sons, corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. 15
1 Holders of rec. Feb. 20
Sinclair Consol. 011, corn
Preferred (quar.)
$1.6234 Mar. 1 Holders of rec. Feb. 15
50c. Apr. 15 Holders of rec. Mar. 150
Common (extra)
Minneapolis-Honeywell Regulator250.
Apr.
15
Holders of rec. Mar. 150
Skelly Oil (guar.)
Common
*S1.25 Aug. 15 *Holders of rec. Aug. 3
50c. Mar. 15 Holders of rec. Feb. 160
Smith (Howard) Paper Mills, pfd.(qu.)_
Preferred (quar.)
•134 May 15 *Holders of rec. May 1
134 Feb. 28 Holders of rec. Feb. 18
Southern
Preferred (guar.)
Grocery Stores, corn.(quar.) "12140 Mar, 1 *Holders
•134 Aug. 15 *Holders of rec. Aug. 1
of rec. Feb. 15
Class A (guar.)
Preferred (lum.)
.6234c Mar. 1 *Holders of rec. Feb. 15
•134 Nov. 15 *Holders of rec. Nov. 1
Mohawk Carpet Mills (quar.)
623-c Mar. 31 Holders of rec. Mar. 9a Southern Ice & Utilities, pref.(guar.).- $1.75 Mar. 1 Holders of rec. Feb. 15
Mohawk Mining
Participating pref. (guar.)
21.75 Mar. 1 Holders of rec. Feb. 15
$1.50 Mar. 1 Holders of ree. Jan. 28
Southern Pipe Line
Montgomery Ward & Co., class A (qu.)- *51.75 Apr. 1 *Holders of
"161
Mar. I 'Holders of rec. Feb. 15
rec. Mar. 20
Spaulding(A.G.)& Bros., new com.(qu)
Morrell(John)& Co.(No. 1)
400. Apr. 15 Holders of rec. Mar. 30
*900. Mar. 15 *Holders
First preferred (guar.)
Muncie Gear Co.class A (guar.) (No. 1) *50c. Apr. 1 *Holders of rec. Feb. 28
134 Mar. 1 Holders of rec. Feb. 160
of rec. Mar. 15
Second
preferred
Class A (quar.)
(quar.)
"50c. July I *Holders of rec. June 15
Mar. I Holders of rec. Feb. 16
Sparks-Withington Co., corn. (quar.)__ _ "750. Mar. 15
Class A (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
*Holders of rec. Mar. 5
Preferred (guar.)
Class A (quar.)
•1% Mar. 30 *Holders of rec. Mar. 14
"50c. Jan 1'30 *Holders of rec. Dec. 15
Spear
&
Company,
Munsingwear. Inc. (guar.)
first preferred (quar.) 134 Mar. 1 Holders
75c. Mar. 1 Holders of rec. Feb. 140
of rec. Feb. 150
Second preferred (guar.)
Murphy (G. C.) Co., corn.(guar.)
•1% Mar. 1 *Holders of rec. Feb. 15
•300.
Second pref. (acct. accum. dividends)012% Mar.
Muskegon Motor cl A 0:111.)(No.1)
*50c. Mar. 1 *Holders of rec. Feb. 18
1
*Holders
of
rec. Feb. 15
Standard Chemical Co., Ltd
Class B (guar.)(No. 1)
$1
•25c. Mar. 1 *Holders of rec. Feb. 113
Mar. 15 Holders of rec. Feb. 15
Standard
National Belles Hess Co., Pref. (guar.)_
62%c Mar. 15 Holders of rec. Feb. 180
134 Mar. 1 Holders of rec. Feb. 190 Standard Oil (Calif.) (guar.)
NatIonal Biscuit. corn.(guar.)
011
(Indiana) (guar.)
'6234c Mar. 15 *Holders of rec. Feb. 16
$1.50 Apr. 15 Holders of rec. Mar,29a
Extra
Preferred(guar.)
*50e. Mar. 15 *Holders of rec. Feb. 16
134 Feb. 28 Holders of rec. Feb. 15a
Stock
Nat. Dairy Products, corn.(quar.)
*50c. Mar, 15 *Holders of rec. Feb. 16
75o. Apr.
Holders of rec. Mar. 4a Standarddividend
011 (Nebraska)(guar.)
Corn. (payable In COM. MCI)
62%c Mar, 20 Holders of rec. Feb. 25
11
Apr.
Holders
rec.
of
Mar.
4a
Extra
Common (payable In common stk.)... fl
25c. Mar, 20 Holders of rec. Feb. 25
Holders of rec. June 30
July
Standard 01101 N.J., $25 par stk.(qu.).
Common (payable In common stock) fl
25c. Mar. 15 Holders of rec. Feb. 28
Holders of rec. Sept 3a
Oct
$25 par stock (extra)
Preferred A & B (guar.)
1234c Mar. 15 Holders of rec. Feb. 28
"I% Apr.
*Holders of rec. Mar. 4
$100 par value stock (guar.)
Nat. Dept. Stores, 2d pref.(guar.)
1
Mar. 15 Holders of rec. Feb. 28
*Holders of rec. Feb. 16
•134 Mar.
National Fireproofing. pref. (guar.) _ _ 6214c.
$100 par value stock (extra)
50c. Mar. 15 Holders of rec. Feb. 28
Apr. 1
Holders of rec. Apr. 1
Standard
Oil of N.Y.(guar.)
Preferred (extra)
40c. Mar. 15 Holders of rec. Feb. 154
•72340 Apr. 1 *Holders of rec. Apr. 1
Standard
011
Preferred (guar.)
(Ohio),
pfd.(guar.)
Mar. 1 Holders of rec. Feb. 8
6234c. July 1
Holders of rec. July 1
Standard Sanitary Mfg., corn.(quar.). 134
Preferred (I uar.)
42c. Feb. 25 Holders of rec. Feb. lla
6234c. Oct. 1
Holders of rec. Oct. 1
Preferred (guar.)
Nat.Lead, pref. A (guar.)
144 Feb. 25 Holders of rec. Feb. lba
•$1.75 Mar. 1 *Holders of rec. Mar. 1
Steinite
Radio
National Sugar Refining (guar.)
(guar.)
*2;4 Apr. 1
50c. Apr.
Holders of rec. Mar. 4
Quarterly
Nehi Corporation, corn.(guar.)(No. 1)- "250. Mar. I *Holders of
'234 July 1
rec. Feb. 19
Quarterly
Newberry (J. J.) Co.. corn.(guar.)
'234 Oct. 1
*40c. Apr. 1 *Holders of rec. Mar. 15
Stewart-Warner Speedometer (stk. div.) z2
Preferred (guar.)
(.134 Mar. 1 *Holders of rec. Feb. 15
Mar. 3 to Apr. 3
Stlx-Baer-Fuller Co.(stock dbl.)
N. Y. Merchandise, common (extra)... •50c Mar. 1 *Holders of rec.
el0
Mar. 1 Holders of rec. Feb. 15
Feb. 15
Stlx-Baer-Fuller Co.(guar.)
N.Y. Transportation (guar.)
37%c Mar. 1 Holders of rec. Feb. 15
•50c Mar. 2 *Holders of rec. Mar. 13
Strauss(Robert T.)& Co., pfd.(qu.)
Nichols Copper,class B
134 Apr. 1 Holders of moo. Mar. 15
.75c May 1 'Holders of rec. Feb. I
Stroock (S.) Co. (guar.)
ClassB
•75e. Apr. 1 'holders of rec. Mar. 15
"750. Nov. 1 *Holders of rec. Feb. 1
Niles-Bement-Pond
Quarterly
•750. July 1 'Holders of rec. June 15
Mar. 6 *Holders of rec. Feb. 18
(y)
Quarterly
Niles-Bement-Pond, pref. (guar.)
•750. Oct. 1 *Holders of rec. Sept.16
•134 Mar. 34 *Holders of rec. Mar. 20
Quarterly
Preferred (guar.)
•75c. Dec. 21 'Holders of rec. Dec. 10
'134 June 29 *Holders of rec. June 111
Studebaker Corp., corn.(guar.)
NipIssing Mines(guar.)
$1.25 Mar. 1 Holders of rec. Feb. 91
7450. Apr. 20 Ilolders of rec. Mar.30
Common (payablein common stock)_ _ 11
North American Oil (monthly)
*30c. Mar. 1 *Holders of rec. Feb. 20
Mar. 1 Holders of rec. Feb. 90
North Central Texas 011 Km.)
Common (Payable in corn. stock)
Use. Mar. 1 Holders
11
June 1 Holders of rec. May 100
rec. Feb. I I
Common (payable In corn. stock)_ _
Northam Warren Corp. of.(nu.)(No. 1). •75c. Marc 1 *Holders of
fI
Sept. 1 Holders of rec. Aug. 100
of rec. Feb. IA
Common
OgilvieFlour Mills, pref. (guar.)
(payable
In corn. stock)_ _ 11
Dec. 1 Holders of rec. Nov. 90
134 Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
Ohio 011 (quar.)
154 Mar. 1 Holders of rec. Feb. 9
*50c. Mar. 15 *Holders of rec. Feb. 15
Sun Oil, common (guar.)
Omnibus Corp., pref.(guar.)
250. Mar. 15 Holders of rec. Feb. 250
2
Apr. 1 Holders of rec. Mar. Ms
Preferred (guar.)
Ontario Mfg.((mar.)
134 Mar. 1 Holders of rec. Feb. Ile
•45c. Apr. 1 *Holders of rec. Mar. 20
Swan-Finch 011 Corp., pref. (quar.)
Extra
•150. Apr. 1 'Holden; of rec. Mar. 20
Mar. 1 *Holders of rec. Feb. 9
Owens Bottle. corn.(guar.)
•5
$1
Apr. 1 Holders of rec. Mar. 16a Swedish Match
Tennessee Copper & Chemical (quar.)_.
Pacific American Co.. corn. (No. D.-- •$1.50 Feb. 23 *Holders of rec. Feb. 5
250. Mar. 15 Holders of rec. Feb. 280
Texas
Pacific
Packard Motor Car (monthly)
Coal
&
Oil
(
in
stock)
250. Feb. 28 Holders of rec. Feb. 110
e2 Ii Mar. 20 Holders of reo. Feb. 230
Monthly
300. Mar. 1 Holders of rec. Feb. 2Ia
250. Mar. 30 Holders of rec. Mar. 12s Thompson (John R 1 (monthly)
Monthly
250. Apr. 30 Holders of rec. Apr. 12a Thompson Products, pref. (guar.)
1% Mar. I Holders of rec. Feb.
Thompson
Monthly
-Starrett new Pt.(gu.)(No. 1) 87140. Apr. 1 Holders of rem Mar. 20
25c. May 31 Holders of rec. May ha
12
Extra
50c. May 31 Holders of rec. May 11. TImken-Detrolt Axle, pref. (guar.).- 75e. Mar. 1 Feb. 21 to Feb. 28
Timken Roller Bearing (quan)
Page-Hershey Tubes corn.(quar.)
750. Mar. 5 Ilolders of rec. Feb. 180
Apr. 1 Holders of rec. Mar. 20
$1
Truscon
Paramount Famous Lasky Corporation
Steel, Pref. (guar.)
Mar. 1 *Holders of roe. Feb. 19
common (guar.)
Mar. 30 Holders of rec. Mar. 120
750. Mar. 30 Holders of rec. Mar. 80 Underwood-Elliott-Fisher Co.,com.(qu.) $1
Preferred and preferred B (guar.)
Park & Tilford (stock div.) (guar.)
81.75 Mar. 30 Holders of rec. Mar. 120
75e. Apr. 14 Holders of rec. Mar. 28
Union Tank Car (guar.)
Stock dividend (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 16a
Cl
Apr. 14 Holders of rec. Mar. 29
United Biscuit, common (guar.)
Pender (D.) Grocery, class A (quar.)
400. Mar. 1 Holders of reo. Feb. 16a
"8734c Mar. 1 Holders of rec. Feb. 20
Class A (quar.)
Penick & Ford, Ltd., pref. (guar.)
*S1
Mar. 1 *Holders of rec. Feb. 11
134 Apr. 1 Holders of rec. Mar. 150 United
Pennsylvania Dixie Cement pf.(qu.)- - - 154 Mar. 15 Holders of rec. Feb. 280
Elec. Coal, corn.(quar.)
75c. Mar. 1 Holders of ree. Feb. 15
First preferred (guar.)
Pennsylvania Investing class A (quar.). 6234c. Mar.
$2
Mar. 1 Holders of rec. Feb. 18
Holders of rec. Jan. 31a
General preferred (guar.)
Phillips Jones Corp., corn.(guar.)
$1.75 Mar. 1 Holders of rec. Feb. 18
750. Mar.
Holders of rec. Feb. 20a
Phoenix Hosiery, 1st & 2d pref.(guar.). 134 Mar.
$I
Apr. 1 Holders of rec. Mar. 20
Holders of rec. Feb. I6a United Fruit(guar.)
Stock dividend (I-20th share)
Photo Engravers & Electrotypers, Ltd_
(e) Apr. 1 Holders of rec. Mar. 20
Holders of rec. Feb. 15
500. Mar.
tinned Paperboard, pref.(guar.)
Pillsbury Flour Mills, corn.(guar.)
$1.50 Apr. 15 Holders of rec. Apr. la
40c. Mar.
Holders of rec. Feb. 15a
•1%
United
Preferred (guar.)
Piece
Dye Wks..Pref.(quar.)
Apr. 1 *Holders of reo. Mar. 20
Holders of rec. Feb. 15a
134 Mar.
Preferred (quar.)
Pines Winterfront Co., class A (guar.).- •750. Mar. 'Holders of rec. Feb. 15
July 1
•1% Oct. 1 *Holders of MO. June 20
Preferred (guar.)
Class B (guar.)
*Holders of rec. Feb. 15
*750. Mar.
*Holders of rec. Sept.
Preferred
P1ttsourgb Steel. pref. (quar.)
(guar.)
*1% Jan2'30 *Holders of ree. Dec. 20
Holders of roe. Feb. 90
154 Mar.
20
United Securities, pref. (guar.)
Poor & Co cum 101057.)
134 Apr, 2 Holders of rec. Mar. 16
•3734e Mar
*Holders of roc Feb 15
U.S.
Common(extra)
Cast
Iron
Fdy.,
Pipe &
corn. (qu.)
50c. Apr. 20 Holders of rec. Mar.304
*Holders of me Feb IS
.500 Mar
Common (guar.)
Prairie Pipe Line, new $25 par stk.(qu.).
50c. July 20 Holders of rec. June 290
75c. Mar. 30 Holders of rec. Feb. 28a
Common (guar.)
Extra
50c. Oct. 21 Holders of rec. Sept. 30a
500. Mar. 30 Holders of rec. Feb. 28a
Pratt & Lambert& Co., corn.(quar.)..
Common (quar.)
500. an2030 Holders of rec. flea. 3Ia
Apr. I *Holders of rec. Mar. 15
•$1
First & second pref. (quar.)
Propper Silk lIcsiery Mills, corn.(Quax.)
30e. Apr. 20 Holders of rec. Mar.
50c. Mar. 1 Holders of rec. Feb. 11)
304
First & second pref. (guar.)
Pro-phy-lac-tie Brush. pref.(guar.)
300 July 20 Holders of rec. June 29a
1.134 Mar. 15 "Holders of rec. Feb. 28
Pure Oil,common (guar.)
First & second pref. (guar.)
30e. Oct. 21 Holders of rec. Sept.
250. Mar. 1 Holders of rec. Feb. lu
30a
Purity Bakeries, corn. (guar.)
First
&
second
(guar.)
pref.
300.
an2030
750. Mar. 1 Holders of rec. Feb. 15a
Holders of rec. Dec. 310
Preferred (guar.)
Mar.
$1.50 Mar. 1 Holders of rec. Feb. 15a U.S. Dairy Products, corn. A (guar.).- - St
Holders of rec. Feb. 20a
Quaker Oats, Coln. (guar.)
First preferred (guar.)
$1.75 Mar.
Apr. 15 *Holders of rec. Apr. 1
*El
Holders of rec. Feb. 20a
Common (special)
Second
preferred
(guar.)
$2
Mar.
*Holders of rec. Apr. 1
•$4
Apr.
15
Holders
of rec. Feb. 200
U.
Corn.(in corn.stk., one new(ores.
S. Envelope, common
*4
Mar.
25) (f) Apr. 20 *Holders of rec. Apr. 1
*Holders of rec. Feb. 15
Preferred (guar.)
Common (extra)
*4
Mar.
'134 Feb. 28 *Holders of rec. Feb. 1
*Holders of rec. Feb. 15
Ranier Pulp & Paper, cl. A (guar.)
.3%
Preferred
Mar.
•50c Mar. 1 *Holders of rec. Feb. 18
*Holders of rec.
Class B (guar.)
U. S. Freight (guar.)
"75e. Mar. 1 *Holders of rec. Feb. 15
•250 Mar. 1 *Holders of rec. Feb. 18
Rapid Electrotype
U.S. Gypsum,corn.(guar.)
'400. Mar. 3 *Holders of rec. Feb. 18
'3734c Mar. 15 *Holders of reo. Mar. 1
Mar. 15
Raytheon Mfg., corn.(guar.)
Preferred (guar.)
•1% Mar. 3 *Holders of rec. Mar. 15
.50o. Mar, 1 *Holders of rec. Feb. 16
Remington Typewriter. corn. (guar.).
U. S.
$1
Mar.
41.25 Apr. 1 *Holders of rec. Mar.680 11. S. Hoffman Machinery (guar.)
Holders of rec. Feb. 18a
Common (extra)
Leather
clam A participating and
.s4
Apr. 1 *Holders of rec. Mar. d8a
First preferred (guar.)
convertible stock (guar.)
*I.,
$1
Apr.
Holders of rec. Mar. ha
74 Apr. 1 *Holders of rec. Mar. d8a
Second preferred (guar.)
Close A panic. dr cony. stock (c01.)-- $1
July
"2
Apr. 1 *Holders of rec. Mar. 68a
Holders of reo. June 10a
Republic Iron & Steel, corn. (quar.)
Class
A partic. at cony. stock (qua - - $1
Oct.
Holders
81
Feb.
13a
reo.
Mar.
1
of
Holders of rec. Sept. 100
Preferred (Quar.)
U.S.Playing Card (guar.)
Apr.
154 Apr. 1 Holders of reo. Mar. ha U S.
Holder, of rem Mar. 4
Ritter Dental Mfg..corn.(qu.)
Realty
&
Impt.. corn. (quar.)..... $1
Mar. 15 Holden of rec. Feb. 150
(No1)Apr.
I
'62340
Rolls Royce, Ltd.
United States Steel Corp.. COM.(Qua?.). 154 Mar. 30
Holden of rec. Feb. 28a
Amer. dep.recta. for ord. reg.shares_ _ •w8
Preferred(g
uar.).
_
13( Feb. 27 Holden of rec. Feb. 2a
*Holders of rec. Feb. 26
Extra
Vacuum Oil (guar.)
Mar, 20 Holders of rec. Feb. 28
$1
*te2
*Holders of rec. Feb. 26
Van Sicklen Corp.. co
Root Refining, cony, prior pref.(guar.).
on (No. 1)..... •250.
"45c. Mar. 1 *Holders of rec. Feb. 20
Cony. cumul. pref. (guar.)
ClassA
(guar.)
(N 1)
•650. Apr. 1 'Holders of rec. Mar.22
*75c.
Feb.
*Holders
20
rec.
Mar.
of
1
Roxy Theatres Corp., class A (guar.)._ _
Volcanic 011 & Gas (guar.)
•35c. Mar. 10 *Holders of rec. Feb. 28
'8734° Mar. 1 *Holders of rec. Feb. 15
St. Joseph Lead Co.(oner.)
Extra
•50. Mar. 10 *Holders of rec. Feb.
50e. Mar. 20 Mar. 8 to Mar.20
Extra
Quarterly
•35c. June 10 *Holders of rec. May 28
250. Mar. 20 Mar. 8 to Mar. 20
31
Quarterly
Extra
'Sc.
June 10 'Holders of rec. May 31
500. June 20 June 8 to June 20
Quarterly
Extra
•350. Sept. 10 *Holders of rec. Aug. 31
250. June 20 June 8
to June 20
Quarterly
Extra
'Sc. Sept. 10 *Holders of rec. Aug. 31
500. Sept.20 Sept. 10 to Sept 20
Quarterly
Extra
•35c. Dec. 10 *Holders of rec. Nov.30
250. Sept.20 Sept. 10 to Sept.20
Extra
'Sc. Dec. 10 *Holders of rec. Nov.
30
1189
FINANCIAL CHRONICLE
FEB. 23 1929.]
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
1% Mar.20 Holders of rec. Mar. 16
Valvoline 011, cont.(Qmar.)
*51.75 Mar. 1 *Holders of rec. Feb. 20
Vesta Battery, Pref. (guar.)
Virginia Carolina Chem., prior Pt. (on.) 1.5g Mar. 1 Holders of rec. Feb. 146
Wagner Electric, new corn (quar.).... 374c Mar. 1 Holders of rec. Feb. 15
50e. Mar. 1 Holders of rec. Feb. 15
New common (extra)
Apr. 1 *Holders of rec. Mar. 21
Wahl Company. pref.(quar.)
Apr. 1 *Holders of rec. Mar. 23
(guar.)
Waltham Watch, prof.
*154 July 1 *Holders of rec. June 22
Preferred (guar.)
'114 Oct. 1 *Holders of rec. Sept. 21
Preferred (quar.)
Warner Bros. Pictures, new pref.(No 1) $1.10 Mar. 1 Holders of rec. Feb. 286
750. Mar. 1 Holders of rec. Feb. 15
Wayagamack Pulp & Paper (guar.)
8751c. Mar. 1 Holders of rec. Feb. 15
Wayne Pump, cony. pref.(guar.)
25e. Feb. 28 Holders of rec. Feb. 15
Welch Grape Juice Co.. corn.(quar.)
25c. Feb. 28 Holders of rec. Feb. 15
Common (extra)
1% Feb. 28 Holders of rec. Feb. 15
Preferred (quar.)
'1100 Apr. 1 *Holders of rec. Feb. 28
Wesson Oil & Snowdrift, corn
1% Mar. 1 Holders of rec. Feb. 150
Wesson 011 & Snowdrift, Prof. (quar.)
Mar. 1 Holders of rec. Feb. 18
Western Auto Supply, corn. A & B
Mar. 1 Holders of rec. Feb. 96
Western Dairy Products, class A (quar.) 1
50c. Apr. 30 Apr. 1 to Apr. 9
Westinghouse Air Brake(quar.)
500. Apr. 1 Holders of rec. Mar. 196
Weston Elec. Instrument, class A (qu.)_
50c. Apr. 1 Holders of rec. Mar.20
Westvaco Chlorine Products, corn
Mar. 1 *Holders of rec. Feb. 15
*2
Wheatsworth, Inc., prof.(inar.)
•$1.25 Apr. 1 *Holders of rec. Mar. 20
Whitaker Paper,corn.(quar.)
1 *Holders of rec. Mar.20
Apr.
•$1
(extra)
Common
•151 Apr. 1 *Holders of rec. Mar. 20
Preferred(quar.)
114 Mar. 1 Holders of rec. Feb. 15
White (J. G.) & Co., pref.(guar.)
25c. Mar. 29 Holders of rec. Mar. 12a
White Motor, corn. (guar.)
White Rock Mineral Springs, corn.(qu.) 750. Apr. 1 Holders of rec. Mar. 20a
15( Apr. 1 Holders of rec. Mar. 20
First preferred (quar.)
35' Apr. 1 Holders of rec. Mar.20
Second preferred
3750 Mar. 15 Holders of rec. Feb. 15
Wither Food Products(No. 1)
Apr. 1 Holders of rec. Mar. 15
Will & Baumer Candle. pref.(guar.) _ _ _ _ 2
*2% May 1 *Holders pf rec. Apr. 15
Winsted Hosiery (quar.)
a% May 1 *Holders of rec. Apr. 15
Extra
•25g Aug. 1 *Holders of rec. July 15
Quarterly
•1.4 Aug. 1 *Holders of rec. July 15
Extra
(guar.)
pref.
*75c. Mar. 1 *Holders of rec. Feb. 25
cony.
Engine,
Winton
Apr. 1 Holders of rec. Mar. 25
Woods Manufacturing. prof.(guar.) _ _
$1.50 Mar. 1 Holders of rec. Feb. 96
Woolworth (F. W.) Co.(guar.)
500. Feb. 28 Holders of rec. Feb. 14a
Wright Aeronautical Corp.(quar.)
*250. Mar. 1 *Holders of res. Feb. 200
Wrigley (Wm.)Jr. Co., corn.(mthly.)
_ •25c. Apr. I *Holders of rec. Mar. 20a
._
Monthly _ _
50c. Apr. I Holders of rec. Mar. 156
Young (L. A.) Spring dr Wire (quar.)
25c. Apr. 1 Holders of rec. Mar. 15
Extra
Youngstown Sheet & Tube, coin.(qu.)._ $1.25 Apr. 1 Holders of rec. Mar. 146
• 51.375 AM. 1 *Holders of rec. Mar. 14
Preferred (guar.)
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. 15:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, FEB. 15 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep., Dep.Other
Gross.
Quid. Including N. F. and Banksand
Bk. Notes Elsewhere. Trust Cos. Deposits.
Loans.
$
Manhattan157,056,400
Bank of U.S
Bryant Park Bank 1,969,600
Chelsea Exch.BIL. 22,541,000
Grace National__ 17,597,100
Harriman Nat'l_ 32,862,000
4,086,600
Port Morris
Public National.... 120,231,000
BrooklynNassau National_ 21,678,000
Peoples National_ 8,400,000
ma....4.......
ltTa •/••••••••
$
$
$
$
$
28,000 2,256,900 19,732,100 1,171,000 152,389,300
2,088,200
183,000
82,900 144,000
22,057,000
____ 1,723,000 1,472,000
80,200 1,586,100 1,606,300 16,147,800
5,000
20,000 787,000 4,352,000 818,000 38,685,000
303,500
3,732.700
40,100 114,200
37,0002,232,000 7,519,000 10171,000 121,858,000
80,000
5,000
9 7a7 dli0
275,000 1,672,000
611.000
136,000
Rex Ron
RI Ann
488,000 19,334,000
85,000 8,400.000
2 R32 am
51 000
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reeve Dep., Depos.Other
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Dawdle.
$
$
II
Manhattan821,100 11,700,400
52,774,100
American
65,236
862,741
17,248,728
Bk.of Europe &Tr
587,425 1,784,302
22,611,219
Bronx County
255,470,000 *36,681,000 4,708,000
Central Union
78,536,800 *5,059,600 3,443,500
Empire
272,776 1,271,414
17,587,218
Federation
298,900
16,101,500 *2,191,200
Fulton
399,407,000 4,007,000 57,260,000
Manufacturers
63,316,200 1,796,200 4,744,200
Municipal
72,292,517 3,500,000 8,308,893
United States
Brooklyn106,079,200 3,869,300 19,282,100
Brooklyn
30,248,998 2,298,115 2,514,436
Kings County
Bayonne, N. J.976.873
248,101
9.121.308
Meehanieo
$
$
139,100 54,137,800
16.718.062
22,497,925
2,651,000 262,956,000
3,639,800 75,716,500
236,883 17,557,305
18,063,000
2,302,000 363,547.000
84,800 62,192,700
58,648,812
115,798,000
• From unofficial sources. t The New York Stock Exchange has ruled that stock
28,805,222
will not be quoted ex-dividend on this date and not until further notice I The
New York Curb Market Association has ruled that stock will not be quoted ex310.360 9.318.087
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
Bank as follows: Central Union, $35,!Payable in common stock. y Payable in scrip. h On account of accumulated •Includes amount with Federal Reserve
dividends. / Payable in preferred stock.
713,000; Empire,$3,459,600; Fulton, $2,071,000.
share.
one-fourth
of
rate
b Payable in cash on class A stock at
British Amer. Tob. dividend is ten pence per share. All transfers received in
London on pr before March 2 will be In time for payment of dividend to transferees.
n Coty.Inc., declared a stock dividend of8%,payable in quarterly installments.
Boston Clearing House Weekly Returns.-In the
o Kennecott Copper stock dividend Is one share for each share held.
following we furnish a summary of all the items in the
y Payable in class A stock.
g New York Stook Exchange rules Archer-Daniels-Midland shall not be quoted Boston Clearing House weekly statement for a series of weeks:
ex- the 100% stock dividend until March 4.
r Federal Water Service dividend payable In cash Or class A stock at rate of
BOSTON CLEARING HOUSE MEMBERS.
one-fiftieth of a share for each share held.
Engineers Public Service Co.'s stock dividend Is two-one hundredths share
common stock.
Feb. 6
Feb. 13
Changesfrom
Feb. 21)
I New York Stock Exchange rules Certo Corp. be not quoted ex the stock dividend
1929.
1929.
Previous Week
1929.
until March 1.
u Byron Jackson Pump stock dividend subject to authorization by Corporation
3
$
5
$
Department.
85,850,000
85,850.000
+500,000
86,350,000
Capital
o Payable also to holders of coupon No. 17.
111,798,000
111,798,000
+151,000
111,949,000
profits
and
Surplus
w Less deduction for expenses of depositary.
Loans, disc'ts & I nvest'ts. 1,087,171,000 -8,067,000 1,095,238,000 1,113.580,000
z National Belles Hess dividend is two additional shares for each share held.
685,823.000 +3467,000 682,656,000 696,828,000
Individual dePosits
-373,000 135,501,000 141,039,000
135.128,000
shares
common stock of United Due to bankS
y Niles-Bement-Pond voted to distribute 25'
279,792,000 +1.766.000 278,026,000 276,748,000
Time deposits
Aircraft dr Transport Corp. for each share Niles-Bement-Pond stock held.
2,465.000
1,917.000
7
7
deposito.-United
States
a Stewart-Warner Speedometer dividend subject to stockholders' meeting Apr. 2
38,811,000
29,915,000
33.877,000 +3,962,000
Exchanges for Clg. House
82,889,000
83,261,000
89,831.000 +6,570.000
Due from other banks
84.338,000
83,264,000
-457,000
82,807,000
Res've in legal depositor's
8,758,000
8,801,000
+214,000
9,015,000
Cash in bank
1 010 CM
1 957 iliV1
-500 nail
'700 non
City
ViriAlOntrittnnIntAtt
500,000
Totals
§
Clearing Non-Members.
Mechanics Tr. Co., Bayonne-
5
16,000,000
25,000,000
90,000,000
6,000,000
25,000,000
13,500,000
10,000.000
12,100,000
10,000,000
10,000,000
40,000,000
1,000,000
61,000,000
500,000
11,000,000
25,000,000
5.000,000
10,000,000
40,000,000
4,000,000
3,000,000
10,000,000
10,000,000
30,000,000
1,400,000
7,000.000
m
Bank of the Manhattan Co__
Bank of America Nat Assn__
National City Bank
Chemical National Bank
National Bank of Commerce_
Chat.Phenlx Natilk.& Tr.Co
Hanover National Bank
Corn Exchange Bank
National Park Bank
First National Bank
Amer. Exch. Irving Tr. Co__
Continental Bank
Chase National Bank
Fifth Avenue Rank
Seaboard Natioltutl Bank _-__
Bankers Trust Co
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co__
Equitable Trust Co
Colonial Bank
Commercial Nat.Bk & Tr.Co.
m mcwtaw.isk9-4mw.
mbo
taba
-0000=-4mm
,
:qm-,pm4.mmt4m-impm.-4.bammO2mb1W0111A,1.
gloO.-W01.31.1W.-mmmoommmoomcomm.4.6,
.0m.-mmv-4-4mm
.....
0w5owoo-41-4mtovw5-4wo01o.0.a.a.
Clearing House.Weekly Return of New York
Beginning with Mar. 31,'28 the New York City Clearing
House Association discontinued giving out all statements
Philadelphia Banks.-The Philadelphia Clearing House
previously issued and now makes only the barest kind of a
Feb.16, with comparative figures
report. The new return shows nothing but the deposits, return for the week ending
is given below. Reserve
preceding,
weeks
two
the
for
give
it
We
below in full:
along with the capital and surplus.
for members of the Federal Reserve System
requirements
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR THL WEEK ENDED SATURDAY, FEB. 16 1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus st Net Demand
Time
not a part of legal reserve. For trust companies not
is
Deposits
*Capital. Undivided
Clearing House
Deposits
members of the Federal Reserve System the reserve required
Average.
Profits.
Members.
Average.
is 10% on demand deposits and includes "Reserve with
$
$
$
64,374,000
Bank of N.Y.& Trust Co_ __ 6,000.000
9,546.000 legal depositaries" and "Cash in vaults."
179.437,000
41.015,000
143,748,000
48,708,000
a875,423,000 154.598,000
134,051,000
10,352,000
303,918,000
44,738,000
165.514.000
41,135,000
124,293,000
3,018.000
174.394.000
32,076,000
128,458,000
9.477,000
239,816,000
18,130,000
359,485,000
50,944,000
8.830,000
600,000
6805.003,000
66.042,000
29,043,000
933,000
130,801.000
7,010.000
c338,475,000
51,552,000
56,418,000
5,732.000
36,908,000
2,608,000
d466.582,000
77,096,000
45,108,000
5,079,000
19,760,000
2,431,000
145,716,000
22,541.000
el18,136,000
19,976,000
f341,444.000
48,115,000
28,173,000
7,465,000
30,892,000
3,198,000
3,263,000
5,665,000
483.000.000 822.230.000 5.295.459.000
787.771 nnn
• As per official reports: National, Dec. 31 1928; State, Dec. 31 1928; Trust
Companies, Dec. 311928.
Includes deposits in foreign branches: a $293,694,000; b $14.185,000; c $70,275,000; d $110,847,000; e $5,839.000; f $126,731,000.
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.
lVeek Ended Feb. 16 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
57,683,0
Capital
176,857.0
Surplus and profits.
Loans,d(sets &invest. 1,029,161,0
43,170,0
Exch.for Clear. House
93,039,0
Due from banks
130,233,0
Dank deposits
Individual deposits- 608,883,0
209,317,0
Time deposits
948,213,0
Total deposits
Iles. with legal dePos
68,373,0
Iles. with F. R. Bank_
10,280,0
Cash In vault"
78,653,0
Total res. & rash held.
Reserve required
Excess reserve and cash
in vault
Feb. 9
1929.
Feb. 2
1929.
Total.
9,500,0
67,183,0
67,183,0
67,183,0
18,521,0 195,378,0 195,378,0 195,378,0
98,165,0 1,127,328,0 1,127,852,0 1,123,713,0
885,0
45,528,0
44,025.0
40,912,0
618,0
97,181,0
93.857,0
87,483,0
3,971,0 134,204.0 137,753,0 135,656,0
48,132,0 854,795,0 652,633,0 665,244,0
26,673,0 235,990,0 237,649,0 240,185.0
76,776,0 1,024,989,0 1,028,035,0 1,041,085,0
8,121,0
8,236,0
8,238,0
7,665,6
68,904,0
68,373,0
68,751,0
11,999,0
2,470,0
12,750,0
12,356,0
89,024,0
10.706,0
89.359,0
88.772,0
7
•Cash in vault not counted as reserve for Federal Reserve members.
1190
FINANCIAL CHRONICLE
[VOL. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 21 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 1156, 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 20 1929.
Feb. 20 1929. Feb. 13 1929. Feb. 6 1929. Jan.30 1929, Jan.23 1929. Jan. 16 1929. Jan.9 1929. Jan. 2 1929. Feb. 21 1928.
RESOURCES.
Gold with Federal Reserve agents
1,207,199,000 1,214,425,000 1,192,665,000 1,207.793,000 1.223,392.000 1.196,417,000 1,219,166,000 1.233,332,000 1,384,121,000
Gold redemption fund with U.S. Treas.
64,362.000
60,347,000
60,476,000
66.686,000
70,648.000
52,849,000
68,979,000
73,693,000
73,400,000
Gold held exclusively agst. F.R. notes 1,267,675,000 1.274.772.000 1.257.027,000 1,274,479,000 1,294,040.000
1,436,970,000
1,285,390,000
1,307,025,000
1,292,566,000
Gold settlement fund with F.R.Board.. 764,092,000 752.817,000 747,771,000 725.160,000
683,066.000
749,105,000
Gold and gold certificates held by banks. 649,343,000 658,632.000 659,122.000 667,545,000 670,984.000 704,819.000 684,091,000 685,346,000 633,711,000
660.355.000 655,015,000 595,256.000
-Total gold reserves
2.681,110,000 2,686,221,000 2,663,920.000 2,667,184.000 2,648,090,000 2,630,570.000 2,631.672,000 2,587,627,000 2,819,786,000
Reserves other than gold
158,751,000 161,928,000 166.685,000 168,013,0410 165,440,000 162,065,000 151,435,000 130,898,000 164,564,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,839,861,000 2,848,149,000 2,830,605,000 2,835.197.000 2,813,530.13130 2,792.635,000 2,783,107,0002,7113,525,000 2,984,350,000
86,458,000
81.967.000
77,396.000
91,881,000
96.488.000
71,496,000
96,532,000
99.091,000
83,308.000
518,271.000
346,709,000
617,744,000
286,205,000
539,462.000
312,159,000
523,778,000
296,856,000
471,443.000
310,671,000
525,735,000
296.089.000
558,186,000
318.361,000
757,451,000
394.013,000
290,925,000
170,119,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
864.980,000
355,636,000
903.94,9,000
391,058.000
851,621,000
410,742.000
820,634,000
435,609.000
782,114,000
454,218,000
821,824.000
481,239,000
876,547,000 1.151,464,000
477.100,000 484,358,000
461,044,000
353,227,000
51,592,000
95,144,000
25,853,000
51,592,000
96,843,000
28.735,000
51,615,000
97,869,000
50,605,000
51,599,000
99,572,000
50,600.000
52,344,000
98.383,000
51,307.000
52,679,000
122,478,000
63,186,000
52,666,000
113,425,000
73.151,000
55,387,000
207,741,000
138,384,000
Total U. S. Government securities
Other securities (see note)
172,589.000
10,075,000
177,170,000
9.075,000
200,089,000
0,075,000
201,771,000
9,025,000
52,666,000
120,818,000
70,469,000
202,034,000 238,343,000 239,242,000 243,953,000 401,512,000
9,025.000
9.825.000
500,000
9,825,000
9,885,000
Total bills and securities (see note)_...._ 1,403,280,000 1.481,252,000 1.471,527,000 1.407,039,000 1.447.391.000 1,551,231,000
1.602,714,000 1,889,660,000 1,216,283,000
Gold held abroad
Due from foreign banks (see note)
731,000
731,000
729,000
730.000
731.000
731,000
568,000
729.000
728,000
Uncollected Items
719,244,000 665,350,000 646,528,000 631,465,000 700.026.000 793,508,000 691.004,000 826,187,000 649,135,000
Bank premises
58,622,000
58,656,000
58,656,000
58,607,000
58,606,000
58,591,000
59,055,000
58,591,000
58,591.000
All other resources
7.674,000
7,934,000
7,830,000
8.811,000
8,421,000
7,740,000
10,913,000
7,678.000
7,715,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
5 107.100.0005.143,935,000 5,102,145,000 5,093,730.000 5.125.193,000 5,300,968.000 5.242,914,000 5.584,714.000 4,991,800,000
1,651,595,000 1.659.777.000 1,646,308,000 1,645,494,000 1,600,967.000 1,697,302,000 1,745,262,000 1.829,364.000 1,591,898,000
2,318,644,000 2,372,622,000 2.388.284.000 2,390,947,000 2,358,861,000 2,414,553,000 2,404.678,000 2,493,757,000 2,357,083,0011
24.042,000
15,187,000
20.862,000
18,038,000
12,088,000
25,535,000
23,681,0011
14,108,000
30,099.000
5,876,000
6,475,000
5,371,000
6,903,000
6.762,000
7,283,000
5,324,000
5,935,000
5,853,000
21.938.000
000
22,667,000
21,211,000
19.379,000
25,211,000
18,765,000
27,600,000
33,042,000
20.715•
2,361.021,0002.421.522,000 2,438,140,000 2,437.097.000 2,397,090,000 2,472,582,000 2,452,239,000 2,563.733,0002,404,853,000
671,503,000 640,560,000 596,735,000 501,235,000 648,570.000 713,457,000 829,574,000 778,626,000 613,456,000
150,196,000 149,764,000 149,565,000 148,810,000 148,356,000 147,856,000 146.826,000 146,952,000 136,474,000
254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254.398.000 254,398,000 254,398,000 233,319,000
16,999,000
18,387,000
17.914.000
18,696,000
15,812.000
15,373.000
11,800,000
13.641,000
14,615,000
Total deposits
Deferred availability items
Capital paid In
Surplus
AU other liabilities
Total liabilities
5,107.100,000 5,143,935,000 5,102,145,000 5.093,730,000 5.125,193,0005,300,968,000 5,242.914,000 5.584.714,000 4.991,800,000
Ratio of gold reserves to deposits and
F. It. note liabilities combined
65.2%
65.8%
668%
135.3%
65.3%
63.1%
70.6%
62.7%
58.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
69.3%
69.8%
70.8%
69.4%
69.3%
67.0%
66.3%
74.7%
61.9%
Contingent liability on bills purchased
for foreign correspondents
306,830,000 312,893,000 306,111,000 317,774,000 325,443,000 332,338,000 333,971,000 325,064,000 241,238,000
Distribution by Maturities1-15 days bills bought In open market
1-15 days bills discounted
1-15 (lays 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
21-60 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. S. 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
122,069,000
708,979,000
884,000
140,202.000
767,210,000
706,000
138.009,000
707,601,000
506,000
133,502,000
677,446,000
132.608,000
656,529,000
780,000
3
156,899,000
688,297,000
12,965.000
104,340,000
35,853,000
8,216,000
89,121,000
35,609.000
7,779.000
91,155,000
36,500,000
95,602,000
37,802,000
81,392,000
33,076.000
77.198,000
36,022,000
106,076,000
67,067,000
135,951,000
56,914,000
4,000
150,152,000
60,261,000
22,863,000
156,122,000
51,437,000
23,073,000
160.109,000
58.933,000
22.028.000
19,326,000
43,758.000
23,381.000
33,905.000
1,000
28,468,000
36,303,000
45,000
46,947,000
42,387,000
1,049,000
3,825,000
9,323,000
16,753,000
2,403,000
10,311,000
20,245,000
2,958,000
10,896,000
27.191,000
3,436.000
11,562,000
26,478,000
$
146.784,000 156,817.000
741,362,000 1.011,198,000
23,020,000
19,885,000
60,000
69,215,000
89,543.000
37,238,0011
38.475,000
$
118,113,000
389,673,000
100,000
141,846,000
50.422.000
22,913.000
139.511 ON
49,880,000
129,680,000
54,432,000
28,000
119,308,000
27,022,000
7,200,000
76.359.000
40,430,000
100.252,000
.31.801,000
97,221,000
35,162.000
22.888,000
104,083,000
31,148,000
22,995,000
40,466,000
17,811,000
3,750,000
13,1431,000
27,599.000
5,044.000
15.282,000
27.308.000
4.041.000
12.905.000
27,243,000
4,563,000
16,301,000
27,561,000
4,382,000
6.123,000
125,172,000
70,958.000
20,415,000
5,912,000
F. R. notes received from Comptroller._ 2,905,238,000 2,911,688,000 2,927,701.000 2,941,893,000 2.963,997.000 2.982,912,000 3,001,234,000 3,013,124,000 2,889,110,000
F. It. notes held by F. R. Agent
854,472,000 857,443,000 863,687,000 862,727,000 840.547.000 800,957.000 758,582.000 733,832,000 889,305,000
Issued to Federal Reserve Banks
2,050,766,000 2.054.225,000 2,064,014,000 2,079,166,000 2.123,450,000 2,181,955,000 2,242,652,000 2,279.292,000 1,999,805,000
How Secured—
382,845,000 360,145,000 360,145,000 360,145,000 360,155.000 365.155,000 371,273,000 371,273,000
By gold and gold certificates
Gold redemption fund
97.206.000
90,144,000
96,968,000
93.611,000
94,958,000 101,271.000
101.300.000
98,442,000
Gold fund—Federal Reserve Board._._ 743,254,000 760,669,000 735,314,000 757,504,000 766,269,000 736.304.000 746,622,000 763,017,000
By eligible paper
1,175,606.000 1,244,987,000 1,220.038.000 1.217,957,000 1,197.449.000!1.262,034,000 1.314.853,000 1,562,351,000
414.841,000
94,611,000
874.669,000
787,140,000
Total
2.382,805,0002,459,412,000 2.412.703.000 2.425,750,000 2.420,841,000 2,458,451,000 2,534,019,000 2.795.683,000 2,171,261,000
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 dtle
60 foreign correspondents. In addition, the caption, • All other earning assets." Previously made tIP of Federal Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description
of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was
stated, are the only Items included
therein
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS FEB. 20 1921
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis Minneay. Kan.City. Dallas. San Fran.
Total.
Federal Reserve Bank of—
RESOURCES.
S
$
Gold with Federal Reserve Agents 1,207,199,0 63,167.0
Gold red'n fund with U. S. Treas.
60,476.0 5,336,0
Gold held excl. agst. F. R.notes 1,267,675.0 68,503,0
Gold settle't fund with F.R.Board 764.092,0 73,793,0
Gold and gold ctfs held by banks 649,343.0 24,864.0
Total gold reserves
Reserve other than gold
2,681.110,0 167.160,0
158,751,0 17,577.0
$
$
8
8
8
$
$
8
$
$
$
241,981,0 93.464,0 138,474.0 52,599,0 86,529,0 232,651,0 28,143,0 48.057,0 52,833,0 21,342,0 147,959,0
14,841,0 6,759,0 4,801,0 2,540,0 3,669,0 6,483,0 3,945,0 1,507.0 4,582,0 1,942,0 4,071,0
256,822,0 100.223,0 143,275,0 55,139,0 90,198,0 239.134,0 32,088.0 49,564,0 57,415,0 23,284,0 152,030,0
329,703,0 22,749.0 70,422,0 12,913,0 16,376.0 93,414,0 20,970,0 23,730,0 40,467,0 26,747,0 32,808,0
407,006.0 37.093,0 44,659,0 14,392,0 7,196,0 53,544,0 11,905.0 4,595,0 5,261,0 10,517,0 28,311,0
993,531,0 160,085,0 258,356,0 82,444,0 113,770,0 386,092,0 64.963.0 77.889.0 103,143,0 60,548,0 213,149,0
39,773,0 8,869,0 10,281,0 9.115.0 9,738,0 15,180.0 17.405,0 2,878.0 6,216,0 7,195,0 14.524,0
Total reserves
2.839,861,0 184,737,0 1,033,304,0 168,934,0 268,637,0 91,559,0 123,508.0 401,272.0 82.368,0 80.767,0 109,359,0
Non-reserve cash
31,451,0 2,586,0 4,618,0 5,611,0 4,024,0 7,073,0 4,475,0 1,281,0 1,757,0
77,398,0 6,756.0
Bills discounted:
See. by U. S. Govt. obligations 518,271,0 36,865,0 107.926,0 59,613.0 54,716,0 20,722,0 19,019,0 111,429,0 25,486,0
6,398,0 15,558,0
Other bills discounted
73,801.0 30,961,0 26,093.0 20,485,0 36,133.0 77,773,0 16.322,0 3,067,0 18,441,0
346,709,0 17,166,0
Total bills discounted
864,980,0 54,031.0 181,727.0 90.574,0 80,809.0 41,207,0 55,152,0 189.202,0 41,808,0 9.465.0 31,999,0
Bills bought in open market
70,355,0 24,793,0 34,484,0 15,813,0 19,716,0 39,488,0 10,397,0 13,357,0 11,539,0
355.636,0 47,623,0
U. S. Government securities:
Bonds
585,0
1,384,0
548,0 1,152,0
51,592,0
689,0
21,0 19,937,0 7,125,0 4.519,0 7,755,0
Treasury notes
10,381,0 10,225,0 28,434,0 1,033,0 3,529,0 6,339,0 11,504.0 4,575,0
95,144,0 3,004,0
902,0
Certificates of Indebtedness
4,549,0 8,483,0 1.480,0
25.853,0 2,219,0
455.0
452,0 3,225,0
885,0
663.0 1,106,0
17., coon
F. 019 n
In 914 0 10 203 0 nn 4f12 n 9 fun n 40090 no Knt 0 10 ,-,1.1 A 0 157 n 0 ,09 n
Total U. S. Gov't securities
67,743,0 227,673,0
3,280,0 4,484,0
13.486,0 47,053,0
4,232,0 24,235,0
17,718,0 71,288,0
19,200,0 49,071.0
64,0
7,813.0
2,219,0 12,999,0
856,0 1,480,0
In
0000 1.0
542 (1
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
$
8
$
$
10,075,0
Dther securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Another
1191
FINA NM A T. C1FERONTCLE
FEB. 23 1929.]
1,403,280,0 107,566,0
54,0
729,0
719,244,0 69,250,0
58.656,0 3.702,0
85,0
7,934,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Tres.
5
5
$
$
$
1,825,0
$
8
6,000,0
$
1,500,0
8
750.0
268,396,0 134,660,0 145,755,0 59,460,0 78,870,0258.191,0 71,719,0 34,404,0 54,801,0 53,806,0135,652,0
24,0
29,0
18,0
24,0
53,0
100.0
219,0
29,0
70,0
75,0
34,0
20.5,457,0 62,827,0 69,715,0 48,882,0 27,797,0 88.359,0 31,094,0 13,073,0 37,132,0 28,310.0 39,348,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,862,0 2,110,0 4,140,0 1,921,0 3,701,0
772,0
359,0
526,0
413,0
483,0
827,0
776,0
282,0 1,208,0
499,0 1.704,0
5,107,100,0 372,150,0 1,555,690,0 371,111,0 496,543,0 209,620,0 238,676,0 762,349,0 194,030,0 132,425.0 207,572,0 155,610,0 411,324,0
Total resources
LIABILITIES.
F. It. notes in actual circulation_ 1,651,595,0 128,962,0 313,707,0 139,452,0 201,459.0 75,624,0 130,167,0 276,945,0 60,144,0 61,420,0 66,537.0 39,489,0157,689.0
Deposits:
Member bank-reserve accl 2,318,644,0 143,018,0 917,400,0 132,401,0 184,722,0 67,721,0 65,038.0 342,167,0 81,787,0 48,623,0 91,909,0 70,794,0 173,064,0
744,0 1,177,0 1,018,0 1,063,0
15,187,0
369,0
2.201.0
858,0 1,391,0
921,0
412,0 3,644,0 1.389,0
Government
156,0
206,0
249,0
206,0
2,132,0
853,0
461,0
598,0
243,0
448,0
6,475,0
836.0
287,0
Foreign bank
280,0
220.0 1,004,0 8,597.0
306,0
118,0
8,384,0
669.0
20,715,0
138,0
784,0
111,0
104,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
930,117,0 133,995,0 187.533,0 69,033,0 65,804.0 347,333,0 83,731,0 49,803,0 93,512,0 73,022,0 183,172,0
183,441,0 58,053,0 64,800,0 45.300,0 25,497,0 79,433,0 32,579,0 10,100,0 33,498,0 29,392,0 41,006,0
52,525,0 14,732,0 14,609,0 6.174,0 5,282,0 18,710,0 5,496,0 3,086,0 4,286,0 4,383.0 10,647,0
71,282,0 24,101,0 26,345,0 12,399,0 10.554,0 36,442,0 10,820,0 7,082,0 9,086.0 8,690.0 17,978,0
934,0
653,0
634,0
832,0
4,618,0
778,0 1,797.0 1,090,0 1,372,0 3,486,0 1.260,0
2,361,021,0 143,966,0
671,503,0 68,404,0
150,196,0 10,266,0
254,398,0 19,619,0
933,0
18,387,0
5,107,100,0 372,150,0 1,555,690,0 371,111,0 496,543,0 209,620,0 238,676,0 762,349,0 194,030,0 132,425,0 207,572,0 155,610,0 411,324,0
Totalliabilities
Memoranda.
66.8
68.3
60.2
72.6
83.1
64.3
57.2
(percent)
70.8
67.7
ratio
61.8
69.1
63.0
Reserve
63.3
Contingent liability on bills pur94,791,0 29,205,0 31,030,0 13,994,0 11.864,0 41,678,0 12,169,0 7,605,0 10,039,0 10,309,0 21.904,0
chased for foreign correspondls 306,830.0 22.512,0
P. R. notes on hand (notes ree.d
from F. It. Agent leas notes in
ntroillatInn
390171.0 17_877.0 117.023.0 43.712.0 36 415 n 17 909 n sn 012 n 51.715.0 10.814.0 7.844.0 7.392.0 10.078.0 68.994.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEBRUARY 20 1929.
Federal Reserve Agent at-
Total.
New York.
Boston.
Phila.
Cleveland. Richmots4 Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Aran:
Two Ciphers (00) omitted$
$
F.R.notes ree'd from Comptroller 2,905,238,0 230,014,0
F.R.notes held by F. R. Agent__ 854.472,0 83,175,0
$
$
3
$
$
8
8
$
8
$
$
768,535,0 214,964,0 270,407,0 113,677,0 221,769,0 428,280,0 84,528,0 84,663,0 105,129.0 62,989,0 320,283,0
337,805,0 31,800,0 32,530,0 20,761,0 61,590,0 119,620.0 13,570,0 15,399,0 31,200,0 13,422,0 93,600,0
F. R.notes issued to F. R.Bank_ 2,050,766,0 146,839.0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 362,645,0 35,300,0
Gold redemption fund
101,300,0 14.867,0
Gold fund-F.IS. Board
743,254,0 13,000,0
1,175,606,0 101,579,0
Eligible PaPer
430,730,0 183,164,0 237,877,0 92,916,0 160,179.0 308,660,0 70,958,0 69,264,0 73,929,0 49,567,0 226,683,0
.
Total collateral
7,500,0 14,167,0
14,758,0 35,000,0
171.880,0
50,000,0 6.090,0 27,350,0
15,101,0 14,087.0 13,474.0 6,909,0 8.679,0 1,651,0 1,643,0 2,890,0 3,473,0 3,584.0 14,942,0
55,000,0 79,377,0 75,000,0 39,000,0 50.500.0231.000,0 19,000,0 31,000,0 49,360,0 3,000,0 98,017,0
235,785,0 97,719,0 112,435,0 52,630,0 74,261,0 228,424,0 52,104,0 22,403,0 42.965,0 36,787,0 118,514,0
477.766.0 191.183.0 250.909.0 105.229.0 1R0.790.0461.075.0 80,247,0 70,460,0 95,798,0 58,129,0 266,473,0
2.382.805.0 164.746.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917,Cpage 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 1156 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted: in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and investments of 5135,000,000 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 OP WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON FEBRUARY 13 1929. (In millions of dollars.
Federal Reserve District.
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.city Dallas. San Fran.
Loans and Investments-total
$
22,243
5
1.475
$
8,404
8
1.238
3
2.203
Loans-total
16,233
1,111
6,199
896
7.525
8,708
458
654
3,235
2.963
502
394
6,010
363
2,205
3,084
2.926
161
203
1,228
977
1,740
261
104
18
13,510
6,879
43
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
737
384
687
498
3
1,953
2,588
537
253
450
367
1,301
1,211
1,377
260
277
80
173
151
299
129
238
428
873
136
759
200
131
237
131
652
69
67
361
397
82
118
74
.57
114
123
90
41
391
261
41
11
42
10
258
43
50
7
24
6
60
12
35
9
116
22
1,040
985
4
370
240
1
338
234
2
1,909
1,268
2
418
241
1
216
139
___
520
177
1
320
146
4
832
970
11
56
162
115
214
51
103
86
120
239
464
55
145
52
85
119
216
68
112
151
194
45
74
17
07
WI
IR
8
13
14
71
676
641
$
3,347
1,507
518
506
710
798
202
316
160
345
342
695
158
107
234
335
361
71
87
809
76
76
16
126
31
916
476
1
5,895
1,715
13
735
289
3
1.190
2,927
50
108
147
1.003
669
30
206
8
8
5
$
$
5
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 20 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U. S. Treasury_
Feb. 20 1929. Feb. 13 1929. Feb. 21 1928.
$
241,981,000 242,072,000 319,025,000
14,841,000
11,441,000
14,683,000
Gold held exclusively mat. F. R.notes 256,822,000
Gold settlement fund with F. R. Board. 329.703,000
Gold and gold certificates held by bank_ 407,006,000
253,513,000
269,467,000
414,398,000
Total gold reserves
Reserves other than gold
993,531,000
39,773,000
937,378,000 1,037,658,000
40.970,000
31,902,000
Total reserves
1,033,304,000
Non-reserve cash
31.451,000
Bills discountedSecured by U. S. Govt. obligations- 107,926,000
Other bills discounted
73.801,000
978,348.000 1,069,560,000
33,531,000
22,252,000
197,399,000
55,294,000
63,895,000
23,951,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
181,727,000
70,355,000
252.693.000
94,598.000
87,846,000
102,797,000
1,384,000
10,381,000
4,549,000
1,384,000
11.882,000
5,603,000
3.384.000
39,176,000
33,358,000
16,314,000
18,669.000
75,918,000
268,396,000
385,960,000
266,561,000
Total U.B. Government securities
Other securities tree note)
Total bills and securities (See Note)...
333,708,000
301,516,000
402,434,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Feb. 20 1929. Feb. 13 1929. Feb. 21 1928
$
219,000
205,457,000
16.087,000
778,000
222,000
177,457,000
16,087,000
973,000
216,000
171,229,000
16,516,000
2,662,000
1,555,890,000 1,572,578,000 1,548,996,000
LtabilWesFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve scot
Government
Foreign bank (See Note)
Other deposits
313,707,000
917,400,000
2,201,000
2,132,000
8,384,000
315,709,000
947,151,000
4,687,000
1,028,000
7,384,000
350,348,000
917,038,000
6,111,000
2,029,000
9,555,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
930,117,000
183,441,000
52,525,000
71,282,000
4,618,000
960,250,000
168,140,000
52.524,000
71,282,000
4,673,000
934,733,000
155,743,000
42,193,000
63,007,000
2,972,000
Total liabilities
Ratio of total reserves to deposit and
Fedl Res've note liabilities combined.
Contingentliability on bills purchased
for foreign correspondence
1,555,690,000 1,572,578,000 1,548,996,500
83.1%
76.7%
83.2%
94,791,000
96,285.000
68,810.000
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(Mete
foreign correspondents. In addition, the caption "All other earning assets." Previously made up of Federal Intermediate Credit Bank debentures, was changed Is
“Other securities." and the cainlon "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 he Federal Reserve Act, which,it wasstated, are the only Itemsincluded therein.
1192
FINANCIAL CHRONIOLE
Vaulters'
New York City Banks and Trust Companies.
(All prices dollars per share.)
antic
Wall Street, Thursday Night, Feb. 21 1929.
review of the
Stock Market is given this week on page 1180.
Railroad and Miscellaneous Stocks.-The
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Encle,d Feb. 21.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ Per share.$ per share.
RailroadsAllegheny & West_ _ _100
Buff Roch & P pref._1C0
10 115
170 100
Centml RR of N J__ _1001
Ill Cent leased line_ 100
Market St Ry 2d pref 100
Jan 360
Feb
200328 Feb 21 330 Feb 21 325
Feb
20 7934 Feb 19 80 Feb 19 7934 Feb 80
100 734 Feb 16 716 Feb 16 716 Feb 716 Feb
New Orl Tex & Mex .100
N Y Lack & West__ _100
Pitts Ft W & Chic pf_100
70 135
30 106
20153
Feb 21 115 Feb 21 115
Feb 1910034 Feb 21 98
Feb 20 135
Feb 18 106
Feb 16 153
Indus. & Miscall.
Allegheny Corp w l____.44,500 2834 Feb
Preferred wi
100 9,000101 Feb
Allis-Chalmers rights__ 15.700 214 Feb
Am Encaustic Til new_. 2,300 4316 Feb
Am & For Pow pf (6)_*1
50 95 Feb
Am Metal rights
5,411 234 Feb
Assoc Dry G'ds 2d p1100 100 10734 Feb
I
Byers Co rights
10,800 9 Feb
16 11
Feb 115
Jan 103
Feb
Feb
Feb 14036 Feb
Feb 20 135
Feb 108
Jan
Feb 18 106
Jan
Feb 16 15234 Jan 154
19 3136 Feb
18 102 Feb
18 334 Feb
18 4536.Feb
18 98 Feb
21 334 Feb
20 10734 Feb
21 2836
16 101
19 234
21 43*
20 95
21 234
20 105
Fob 19
9
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb 17
Jan
Feb 3836
Feb 7936
Feb 6234
Feb 156
Feb 516
Feb 50
Feb 134
Jan 68
Feb 116
Feb 11616
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan 1234 Feb
18 1236 Feb 19 8
20 24 Feb 20 2334 Feb 2834 Jan
Elk Horn Coal pref
120 12 Feb
EmporiumCapwellCorp *1 1,090 31 Feb
Engineers Pub Ser rights 28,500
74 Feb
First Nat Piet 1st pf _100
10010634 Feb
20 12 Feb
19 37 Feb
18 136 Feb
16 10634 Feb
20 12
21 27
36
19
16 10434
Feb 13
Feb 37
Feb I%
Jan 10636
Jan
Feb
Feb
Feb
Gen Gas & El pf A (7)....*
78010834
Gen Motors prof (6)A00 80010934
Debentures (61_ _ _100 200 10934
Gen Ry Signal pref. _100
100 10134
Goodyear Tire & Rub rts 26.20C 10
Feb
Feb
Feb
Feb
Feb
20 115
2010934
21 10934
18 10116
21 12
1610834
20 10934
21 109
18 99
21 10
Feb 1.16 16
Feb 1091;
Jan 11034
Jan 103
Feb 12
Jan
Feb
Jan
Jan
Feb
Helme(G W)pref_ - _100
100 124
Feb 2112434 Feb 2112334 Jan 12436 Jan
Ingersoll Rand pref _ _100
Int Nickel of Can pfd 100
10 114
300 122
Feb 18 114
Feb 19 122
Feb 18114
Feb 114
Feb 19118 • Jan 123
Feb
Feb
Feb 19 93
Feb 19 93
Feb 96
Feb
Feb 2434
Feb 39
Feb 61
Jan 10234
Feb
Feb
Feb
Jan
Kendall Co pref
•
Lehigh Valley Coal
Preferred
Link Belt Co
Ludlum Steel pref
* 9,300 19
100 39
* 2,700 54
• 1,100100
ii 93
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
19 2334 Feb
21 39 Feb
20 58 Feb
16 10016 Feb
16 3336
21 6734
20 59
18 156
19 234
16 4816
21 13336
19 57
20
76
21 9034
Feb 37
Feb 10536
Feb 5
Feb 4576
Feb 9934
Feb 334
Feb 110
Cavanagh-Dobbs Inc..'2,300 3336 Feb
Ceiotex
• 6,800 6734 Feb
City Ice & Fuel
* 2,000 59 Feb
City Investing
100
10 156 Feb
City Stores cl B rights_l 5,900 254 Feb
Coca-Cola class A
*I 9,100 4836 Feb
Colo Fuel& Iron pfd_100
20 134 Feb
Columbia Gas'lc El new *,12,200 5834 Feb
Continental Motors rts.60,701'
34 Feb
Crosley Radio
*71.009 9016 Feb
Duluth Superior Tr..1001I
70 10 Feb
Duplan Silk
*1 300 2334 Feb
21 3534 Feb
16 7234 Feb
21 5954 Feb
18 156 Feb
18 334 Feb
16 49 Feb
21 134 Feb
21 6034 Feb
16 134 Feb
1911634 Feb
16 19
21 39
16 54
20 100
McGraw-Hill Pub Co * 2,100 4334 Feb 21 4516 Feb 18 4334 Feb 48
National Tea rights__ 1,400
16 Feb 21
yi Feb 21
34 Feb
Feb
16 Feb
Pacific Gas & El rights 11,300 334 Feb 16 336 Feb 16 334 Feb 316 Feb
Pirelli of Italy
1,400 60 Feb 16 61 Feb 21 60
Feb 6536 Jan
Pub Sec of N J rights__ _ 103100
76 Feb 16 13.4 Feb 19
34 Feb 134 Jan
Radio Corp new
* 167900 6834
Radio Keith Orph rts„ 5,300
34
Rand Mines
ICC 3616
IC 104
Rem TYPewr 2d pt_ _I
Feb
Feb
Feb
Feb
41 129
So Porto Rico Sug pf_100
Spencer Kellogg & Sons 2 1,200 40
Feb 19 132 Feb 18 129
Feb 18 4116 Feb 16 40
19 7336 Feb
1e
% Feb
16 3636 Feb
18 104 Feb
21 0834
18
%
16 3615
18 104
Feb 83
Feb 1
Feb 3634
Feb 104
Feb
Feb
Feb
Feb
Feb 135
Feb 43
Feb
Feb
Tenn Con & Chem rtg_ _ 8,400
36 Feb 16
% Feb
% Feb
% Feb 11
Texas Corp Part paidi25- 5,700 5536 Feb 21 5734 Feb 16 5536 Feb 5834 Feb
Jan
36 Feb 2
Thompson Co rights.- 5,700
16 Feb 19
% Feb 16
U S Express
100
601' 3
United
_100
60( 7
US Realty
& Imprta___ 1,000 536
Dyewood_Univ Leaf Tob pfd 100
10 12034
Feb
Feb
Feb
Feb
18 3 Feb
18 9 Feb
21 734 Feb
1812034 Feb
18 2
19 616
20 534
18 12034
[VOL. 128.
Jan 426
Jan 9%
Feb 734
Jan 12034
Banks-N.Y Bid Ask Banks-N.Y. Bid
America
192 195 Port Morris.. 900
Amer Union* 233 240 Public
255
Bryant Park* 275 375 Seaboard -- 825
Central
195 201 Seward
175
Century
235 250 Trade*
305
Chase
940 945 Yorkville
240
Chath Phenix
Yorktown•- _ 260
Nat Bk& Tr 650 660
Chelsea Ex old 415 420
Brooklyn.
New
102 106 Globe Exch*
360
Chls'aExC'p A 35
40 Municipal*
580
Class 11 _ _
40 Nassau
35
625
Chemical
1210 1235 People's
1100
Colonial.
1400
160
Prospect
1005 103.
Commerce
0
Contlnental*. 575 625 Trust Co..
Corn Exch.- 785 795
New York.
Fifth Avenue. 2200 2300 Am Ex Iry Tr 525
First
5400 5510 Bence Comle
Grace
600
Italians Tr_ 415
Hanover
780 791 Bank of N Y
Harriman_
900 930
& Trust Co. 845
Liberty
280 290 Bankers Trust 1240
Manhattan*
820 830 Bronx Co Tr _ 450
NationalCity.
_
Central Union 2575
New
340 345 County
1/415
Park
890 910 Empire
485
Penn Each_
163 170
*State banks. t New stock. z Ex-dividend.
Ask Tr.Cos.-N.Y. Bid
Equitable Tr. 560
260 FarmL & Tr. 990
840 FidelityTrust 420
179 Fulton
325 Guaranty_ _ _ 1020
270 Int'lGermanIc 212
275 Interstate.- _ 335
Lawyers Trust
Manufacturers 271
410 Murray Hill.. 318
590 Mutual(West375
640
cheater)
N Y Trust... /252
176 TimesSquare. 176
Title Gu & Tr 870
U S Mtge &Tr 575
United States 3575
532 Westchest'r Tr 1000
Ask
570
1010
435
16g220
345
275
325
400
257
184
890
590
3575
1100
Brooklyn.
425
Brooklyn _
1060 1080
860 Kings Co_.- 2850 2950
1260 Midwood330 350
435
495
U Ex-stock dIV. y Ex-rights.
United States Liberty Loan Bonds and Treasury
on the New York Stock Exchange.
-
Certificates
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record 0/U. S. Bond Prices. Feb. 16. Feb. 18. Feb. 19. Feb.20 Feb. 21. Feb.22.
First Liberty Loan
High
3Si% bonds 01 1923-47. _ Low(First 334)
Close
Total sales in $1,000 units-Converted 4% bonds of High
1932-47 (First 43)
9718
97"31
97113,
23
----
972131 97242
971,32 971%
972133 971133
103
40
---__-
Total sales in 91,000 units__
Converted 434% bonclarlgli
of 1932-47 (First 4i(s) LowClose
Total sales in $1,000 units ___
Second converted 4%% High
bonds of 1932-47(First LewSecond 43
-is)
Total sales in $1,000 units__
{High
Fourth Liberty Loan
Low434% bonds of 1933-38
Close
(Fourth 4165)
Total sales in 91,000 units __
111114
Treasury
Low.
434s, 1947-52
Close
Total sales in $1,000 units__
(High
Low_
4s, 1944-1954
Close
Total sales in 81,000 units-(High
Low.
334s, 1946-1956
Close
Total sales in 81,000 units
-1
11.11g1
Low_
336s, 1943-1947
Close
Total sales in $1.000 units--{High
Law.
3548. 1940-1943
Close
Total sales in 81,000 units-
_
9-9-1;33
9921n
9922
2
_
9-9.1;31
992%
991%
59
Note.-The
_
9b-1;a3
991%
991131
15
____
____
-_-_
-_-----
97803,
971%
9711n
91
-_
_
9-$1;;u
9914
991131
5
_
9-9-1in
9921n
972131
5
-----------------------_
_
99wn 1/9"33 99",, 100100
..9921n 99113: 992% 991% 992%
992242 991114 991,32 991132 9910, HOLI123
179
107
106
65 DAY
108114, 1081,33 108133
---- 108,
32
1081131 108133 108%
---- 108113
1081% 1081022 108%
---. 108131
1
66
25
____
10
1031n 103133 103131
---- 10311n
103111 103133 103111
---- 10313,
1031:3 103133 103131
---- 1031133
5
45
10
____
27
__-- 1001042 1002124 1001% 1001%
____ 1001042 1002% 1001124 1001%
--- 1001% 1001132 10011n 1001113
136
35
5
3
____ 97
_ ___
____
973=1.,
961144
--_
____
____ 97
He%
----_
-- 97
31
91
97
if
____ 97
962% 97
97
97
96,132 97
29
1
1
above table includes only sales of coupon
bonds. Transactions in registered bonds were:
25 1st 4169
991% to 9911st
2 4th 411a
991133 to 991111
Jan
Feb
Feb
Jan
Foreign Exchange.
To-day's(Thursday's)actual rates for sterling exchange were 4 84 27-32(4
4.84 29-32 for checks and 4.85 9-32(4)4.85 11-32 for cables. Commercial on
Vulcan Detin pref A-10C
Feb 98
Feb banks.sight,4.84 5-8@4.8434;sixty days.4.79 15-16@4.8034; ninety days.
4(97 Feb 16 98 Feb 19 97
Webster Eisenlohr____25 1,000 9134 Feb 21 9434 Feb 18 9136 Feb 11334 Feb 4.77 13-16©4.478,and documents for payment.4.79 7-16(44.8034. Cotton
Rights
900 1534 Feb 20 1734 Feb 18 1536 Feb 1734 Feb for payment, 4.84 1-16 and grain for payment 4.84 1-16.
Wells Fargo & Co
Feb
1
100 334 Feb 19 334 Feb 19 33-4 Feb 4
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9034
Wilcox & Rich cl A__• 2,100 4416 Feb 18 4534 Feb 19 4436 Feb 4816 Feb
bankers' guilders wore 40.010j40.0434 for
Class B
Feb 3.9034 for short. Amsterdam
• 4,700 4336 Feb 19 4434 Feb 19 4334 Feb 47
Exchange at Paris on London, 124.28 francs; week's range, 124.28 francs
Bank. Trust & Insurhigh, and 124.24 francs lows.
ance Co. Stocks.
The range for foreign exchange for the week follows:
Bank of N Y & Tr Co 100
Jan 840
Feb
10 • 40 Feb 16840 Feb 16 775
Equit Tr Co of N Y__100
Jan 566
Feb
Sterling, ActualCables.
61'- 115 Feb 16519 Feb 19493
Checks.
High for the week
o par value.
4.85
4.85 11-32
Low for the week
4.85 3-16
4.8434
Paris Bankers' Francs
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
High for the week
3.909-18
3.9034
3.9034
3.9035
Maturity.
Rate. Bid. Asked.
Rats. Bid.
Asked. Low for the week
Maturity.
Amsterdam Bankers' GuildersMar.151929___ 3,4% 9910s2 100
% 9011,1 991% High for the week
Sept.151930-32
40.04
40.0534
Mar.161929 ___ 334% 992044 100
Mar.15 1930-32 334% 992,22 992%
40.04
June 151929_ _ 434% 9910,2 100
40.00
Dec.15 1930-32 354% 992224 9914 Low for the week
Sept.15 1929
100,23
992242 9924,2 Sept.15 1929
451% 100
Germany Bankers' Marks
Dee.16 1929_ _ 454% 9921s2 99,181
High for the week
23.7434
23.74
Low for the week
23.7234
23.7034
New York City Realty and Surety Companies.
(AU prices dollars per share.
Bid
Alliance R'Ity 90
AmSurety new 154
Bond & M G_ 440
Lawyers Mtge, 308
Lawyers Title
& Guarantee 375
Ask
110 Mtge Bond..
158 N Y Title &
455
Mortgage..
316 U S Casualty.
385
Bid
130
620
440
Bid
Ask
150 Realty Assoc's
(Bldyn)corn t 44
630
1st pref....I 98
25 pref ___- 97
400
Westchestenl
Title dc Tr .1 500
Ask
45
The Curb Market.-The
given this week on page
review of the Curb Market is
1181.
A complete record of Curb Market transactions for the
week will be found on page 1211.
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
For sales during the week of stocks not recorded here, see preceding page.
•Bid and asked prices: no sales on this day. s Ex-dividend
88888882:
8888 88
88888888 88
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest
Railroads
Par
itch Topeka & Santa Fe__100
100
Preferred
Atlantic Coast Line RR__ _100
100
Baltimore & Ohio
Preferred
100
Bangor dr Aroostook
50
100
Preferred
100
Boston & Maine
Bklyn-Manh Tran v t o_No par
No par
Preferred v t c
Brunswick Term & Ry Sec_100
Buffalo & Susquehanna_ _..100
100
Preferred
100
Canadian Pacific
Caro Clinch & Ohio ctfs st'd100
100
Chesapeake & Ohio
100
Preferred
100
Chicago & Alton
100
Preferred
Chic & East Illinois RR_ _ _100
100
Preferred
Chicago Great Western-100
100
Preferred
Chicago Milw St Paul & Pao_
Preferred new
Chicago & North Western_100
100
Preferred
Chicago Rock Isl & Pacific_100
100
7% preferred
100
6% preferred
100
Colordao & Southern
100
First preferred
100
Second preferred
Consol RR of Cuba pref._.100
100
Cuba RR pref
100
Delaware & Hudson
Delaware Lack & Westeni_100
Deny & Rio Gr West pref 100
Duluth So Shore & AU__ —100
100
Preferred
100
Erie
100
First preferred
100
Second preferred
Great Northern preferred 100
100
Fret certificates
Iron Ore Properties_Na par
Gulf Mobile & Northern-100
100
Preferred
Havana Electric Ry_ _ _No par
100
Preferred
100
Hocking Valley
100
Hudson & Manhattan
100
Preferred
100
Illinois Central
100
Preferred
RR Sec Stock certificates._
Interboro Rapid Tran v t c_11111
Int Rys of Cent AmerIca 100
No par
Certificates
100
Preferred
100
Iowa Central
Kansas City Southern....100
100
Preferred
Lehigh Valley
50
100
Louisville & Nastiville
Manhattan Elevated guar_100
100
Modified guaranty
100
Market Street Ry
100
Prior preferred
RRRRARRSSPA"AggSg 888 8888 8888'8°8888888888888 8888888 888 8
Ca
00
. oo •-•-ooly,"4...co
Cv
Ca
0
10.•
CO
ab
Ca
2.
0
.
4.•
Ca .
Ca .
OW!.
.Co
•
Ca 0
.
Q.
c
$-•
CO 0
Ca
o.
Co
.0.
C. WOO -
.
00 .C4
.
r.4
.C4
1.*
Ca
00O.:. 0
OJ
-0..rn*Ca
Ca
CO
100
Minneapolis & St Louls
Minn St Paul & 55 Marle_100
100
Preferred
100
Leased lines
Mo-Kan-Texas RR_ __No par
100
Preferred
100
Missouri Pacific
100
Preferred
50
Morris & Essex
Nash Chatt & St LoUIs .l0O
Nat Rye of Mexico 2d pref.100
100
I New York Central
) NY Chic & St Louie Co
100
) Preferred
100
50
1 N Y & Harlem
100
)NY N H & Hartford
) Preferred
),N Y Ontario & Western_ _100
l'N Y Railways pref_..No par
100
NY State Rys prof
100
3 Norfolk Southern
100
)Norfolk & Western
100
) Preferred
5,RRR: 9R.95-1: R49: 974*299 9R9
0.
0
Ca
-III - iii4 -i-i- iiii4 -ii--- ---15% -1-6—12 —
15- -1634
191
1938 1972 1912 1934 20
2012
2138 20
42
*37
41
*35
41
*34
40
40
*34
62
*57
63
*57
62
61
5812 59
8212
197
1912 20
1912 2038 1934 2075 19s 2012
57'8 5718 5934 5838 597
593 6114
594 62
354 3578 3514 3512 355* 3578 353 37
3614 37
5518 568 5512 5872 58
5872 56
,
5712 574 583
87
8738 8634 88
88
8812 8712 8834 8834 89%
*136 142 *136 142
136 136 *136 14112 *136 14112
12712 130
130 131
13018 13012 130 13134 130 13118
*10512 107
106 106
10512 1064 *10514 10612 10612 1068
10012 101 *10012 10112 101 10112 101 101
10012 1001
•11118 112
11118 11118 112 112 *11318 115
113 113
*76
79
*76
79
*76
79
*76
79
79
*76
7212 *6514 7212 *66
070
*6512 7212 *5512 72
69
66
66
66
67
6614 6614 66% 67
6634
66
*7812 8012 *7812 8012 *7812 8012 *7812 801 *7812 80'2
190 191
193 195
193 19512 193 195
Stock
195 196
12434 12534 12414 125
12434 12534 12834 12714 12814 13134
67
68
68
715* 7138 731
704 71
7312 7734 Exchange
*33
414 *312 414 *334 414 *354 41
*334 414
*54 6
*54 6
*512 61
612 612 Closed
*512 612
8614 6714 6618 68
68
69
6818 6938 6912 7138
595* 60
5912 5932 5912 60
597 81
81
617e Washing574 5712 *5714 5712 *5714 5712 57
5714 58
58
107 107
10634 10714 107 10718 10714 108
ton's
108 1103*
10518 10512 105 105
10412 10413 10512 1051 105 105
334 34
335 3458 34
354 34% 35
3412 351 Birthday
5012 5012 51
51
*50
501
524 5234
51
52
•100 102 *100 102
100 100
*99 100 .99 100
*712 8
71
7
*612 8
•Bh 8
*612 8
55
55
58
58
58
59
58
•5918 60
59
*402 436 *401 412 *401 412 *401 412
412 415
5284 5118 5118 51
503 5178 51
5112 52
5212
7
7
79
79
•77
80
*77
80
*7978 80
80
*77
1407 14078 14012 141
142 142
142 142
142 142
•138 140
14014 1401 *138 145 *138 145 *138 145
*79
80
80
80
795 80
8018 8018
80
80
50
52
504 5432 5112 53
5118 5272 5212 61372
60
54
503* •50
4912 497
4914 4934 *4912 497g
*50
64
*50
54
50
50
50
*48
50 .48
•764 76'2 7614 7614 7614 7612 75
75
75
75
37
3% 37
37
*334 4
*334 3% *334 4
8634 87
87
89
88
89% 8818 8812 8912 90
065
69
*65
69
*65
69
6638 66% 882 662
92
92
92
93
9214 934 95
*95
96
9534
•146 150 •14634 150 •146 148 *14714 148 *14714 148
•83
84
.83
84
86
84
*83
84
84 .83
50
51'o 5114 5412 5012 5012 5114 5112 5214 56
*33
33
.338 334
418 418 *338 4
.338 4
34
34
*34
35
34
34
*34
3212 3217
35
258 258
212 258
258 25
25, 2%
238 234
4012 4012 397 39% *39
4212 42'z
40
394 41
80
80
80
80
80
8112
80
80
80 •80
66
*64
•64
65
*64
65
69
*64
*64
65
4612 47
46
477
47
4014 4812 491
48h 48
104% 105
10458 105
10434 105
10458 10514
10458 105
704 717g 7112 7232 7112 7232 723g 74'2
704 71
13018 13078 130 13034 13034 131
131 13114 13112 132
87
83
*83
83
*83
87
87
84
84 .84
1903 19234 192 193
190 191
193 193 •193 197
3
3
318 318
318 318
234 3
3
3
18614 18714 18612 18912 18812 19032 1891 19114 188
19012
13434 13612 135 136
136 136
13414 135
133 134
*10612 108 *106 10712 107 107
10634 106% •10534 10612
301 310 •305 320
315 315
335 335
315 325
8612 8834 8712 885* 8712 89s 8812 9014
85% 88
•11614 117
1163g 11634 11632 11678 11634 11634 11834 117
277g 28
2714 28
28
2832 283g 29
2812 29
' *6
8
84 814
9
9
*714 9
934 972
*30
*30
40
40
*30
40
40
•30
*30
40
*43
44
45
44
*43
46
45
*43
4712 *43
19214 194 •195 196
19214 193
19512 19612
195 196
87
.83
87
*83
83
83
.8312 87
*8312 87
1051s 10515 105s 1063* 10614 10614 105h 10712 10614 108
10438 10434 104 105 *105 106
105 10658
105 107
*18
•18
22
22
22
22
2412 2412 2412 2734
*36
371 *36
3712 ..
1 36
37 .30
3712 3712 40
*2514 2912 2514 2514 •25
25
25
2912 2912 2912
7538 76% 751 777
7614 7734 7638 7712 7718 7734
*27
32
32
*27
*27
32
32
•27
*27
33
•159
165
1503
4
15934
*157 162
162 162
162 162
9834 9834 9834 9834 9834 9834 *9812 99
983 99
9412 94
9412 •94
*94
94
94
94
*94
9512
so% ____ *5038 ___ *5038 ....__ •502, ____ •503*
_
*50
._
_
•50
_ _ _ *50
. *50
__
50 -id
136
1
37
137 138
13714 13714
- _138% fici *137 14134
10512 10014 1051g 108
107h 109
10814 11034 10814 10912
4212 4212 *4212 4312 •421 4312 *42
4312 4218 4218
*4614 49
48
47
*4614 4812 *4614 49
*4614 4034
*66
69
71
*66
*66
71
71
*66
.66
71
11618 11878 11618 11734 117 1177 117 11712 11632 117
9518 9518 *9512 96
954 9534 9514 96
955 98
1033 107
104 10638 10414 1063, 106 10712
10316 104
•90
91
91
•90
•90
91
*90
91
*90
91
8
194
*____
*5814
1914
5612
0
$ per share $ per share S per share
200 20112 201 202
10312 10312 10312 10358
180 18112 183 183
124 12478 123 124%
7917
*79
791.2 *79
66
66
65
66
10912 10912 110 110
*95 100
.95 100
77
7838 7634 8012
90
*89
*8612 90
38
3658 373*
37
61
*56
61
*56
59
59
*57
59
246 24712 24712 25178
10014 10014 *10014 101
217 21712 21614 21714
Sales
for
the
Week.
1,
Z
$ Per share S per share $ per share
19618 197
197 200
19812 201
10312 10312 10312 10358 10312 10312
18014 18014 181 181
18312 18312
120 12112 12012 122
12218 12378
*79
7912 *79
7912 79
79
65
65
6514 6514 65
6514
•108 111 *109 110 *10912 110
•98 100
*98 105
*98 103
74% 7634 7618 79
775* 7872
*85
91
89
89
*87
90
35
351
35
3512 3534 3658
*55
61
*55
61
*55
61
*554 59
*5518 59 •5518 59
24012 24212 24014 24412 243 24612
•10014 101
10014 10014 10014 10014
21134 213
21212 218
21612 217
Wednesday, Thursday,Friday,
1
Feb. 22.
Feb. 21.
Feb. 20.
; Cn
Tuesday,
Feb. 19.
;
Monday,
Feb. 18.
COCetC-4;
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Feb. 16.
100
)Northern Pacific
100
) Certificates
100
)Pacific Coast
100
) First preferred
) Second preferred
100
60
)Pennsylvania
100
.Peoria dc Eastern
100
)Pere Marquette
100
) Prior preferred
1 Preferred
100
. Phila Rapid Transit
60
) Preferred
50
)Pittsburgh & West Va
100
)Reading
50
3 First preferred
50
50
3 Second preferred
100
.Rutland RR pref
1St Louls-San F11111218C0-- — 100
3 1st prof paid
100
100
3 St Louis Southwestern
100
) Preferred
Ex-dividend and ex-rights. g Ex-tights, b
Highest
PER SHARE
Range for Previa=
Year 1928
Lowest
Highest
$ per share
19618 Feb 16
10212 Jan 3
169 Jan 2
1187s Jan 16
78 Jan 23
6.5 Feb 16
1063 Jan 2
91 Jan 2
724 Jan 4
88% Feb 15
35 Feb 16
5434 Jan 26
5312 Jan 4
23312 Jan 8
100 Jan 14
211 Feb 8
21312 Jan 18
1118 Jan 2
1738 Jan 9
40 Jan 31
5812 Feb 20
19 Jan 15
4618 Jan 7
S per share 5 pet share 3 per share
20938 Feb 4 1823 Mar 204 Nov
1037g Jan 7 10212 Jan 1084 Apr
1913 Feb 4 15718 Oct 19112 May
131 Feb 4 10334 June 12558 Des
8014 Jan 8
77 Nov 85 Apr
72 Jan 2
61 June 8414 Jan
11012 Jan 22 104 Dec 11534 May
1093 Jan 5
88 Feb 91 Dee
7734 May
8078 Jan 30
5338 Jai
9258 Feb 1
82
Jan 951 May
4418 Jan 18
1412 Jan
4738 Sept
61 Feb 4
3214 July 6412 Nov
60 Jan 29
38 Sept 63 Noy
26978 Feb 2 19512 June 253 Nov
101 Jan 26
98 Sept 1074 Maz
22712 Feb 1 17512June 21834 Dec
21312 Jan 18
195 Feb 4
1834May
558 Jan
77 Feb 2638 May
2534 Feb 4
43 Feb 4
37 Feb 4814 May
66% Feb 4
58 Aug 7638 Ma,
237 Feb 1
012 Feb 25 Dec
6338 Jan 31
2012 Feb 501* Dec
34 Jan 7 397 Feb 2
224 Mar 4012 Api
55 Jan 4 6334 Feb 2
37 Mar 595 Noi
864 Feb 18 9414 Feb 5
78 June 9414 May
135 Jan 5 145 Feb 5 135 Dec 150 May
12712 Feb 16 1397 Jan 19 106 Feb 1395* Nos
10512 Feb 19 10814 Jan 25 105 Dec 11113 May
100 Jan 8 10278 Feb 5
99 2 Dec 185 May
11118 Feb 18 120 Jan 3 105 Aug 126 May
76 Jan 14 80 Jan 25
67 July 85 Ap
6912 Jan 26 71 Jan 14
6912 Nov 85 May
654 Jan 24 7058 Jan 2
6812 Dec 875
,JUDI
7712 Jan 31 81 Jan 2
79 Dec 94 Jun
190 Jan 2 20714 Feb 1 1634 Feb 228
Ap
12414 Feb 18 13314 Feb 1 12514 Dec 150 Ap
.5514 Jan 2 7734 Feb 21
5012 Feb 6634 Ap
47 Feb 4
34 Jan 8
3 Aug
63 Jai
712 Feb 4
514 Jan 4
438 June
912 Ma:
6618 Feb 18 753 Feb 1
4834 June 7212 De
5912 Feb 18 6434 Feb 4
50 June 637g Jai
57 Feb 20 6014 Jan 5
4914 June 62 Ja,
1064 Feb 18 11312 Feb 4
9312 Feb 11434 No
10412 Feb 19 11012 Feb 2
911 Feb 11138 No
194 Jun
2738 Jan 7 3918 Feb 1
333 On
504 Feb 7 59 Feb 4
43 Aug 617* Ma:
100 Feb 19 103 Jan 3
99 Aug 109 Ma:
'7 Feb 18
834 Jan 4
7 Aug 1734 Jun
51 Dec 7818 See
55 Feb 16 60 Jan 12
410 Jan 8 450 Jan 22 340 July 473 No
5018 Dee 734 Ap
50 Feb 14 583 Jan 5
Oct 9312 Ap
79 Feb 4 84 Jan 18
81
14014 Jan 4 152 Feb 1 13134 Jan 14834 Ma'
14014 Feb 18 14514 Feb 4 13018 Jan 147 Ma
7738 Jan 15 8018 Feb 21
75 July 8238 Jun
47 Feb 15 577 Jan 23
29 Jan 62 Ma
3612 Mar 6218 No
4914 Feb 20 59 Jan 26
50 Jan 10 6912 Jan 25
69% Jan 82 Ma
75 Feb 20 8014 Jan 2
57 Ms
2 Mar
414 Jan 18
314 Jan 30
43 June 95 No
8634 Feb 16 988 Jan 12
6612 Aug 77 AO
6612 Feb 21 7012 Jan 15
844 Feb 116 At
92 Feb 18 10214 Feb 2
14512 Jan 15 15312 Feb 5 13934 Nov 15912 Ma
75 Jan 96 Ma
834 Jan 4 87 Jan 3
Jan 64 Ma
40
50 Feb 11 5712 Jan 11
43 Jan 22
334 Feb 15
313 Dec
712 Ma
3812 Dec 5438 Ma
3212 Feb 21 3912, Jan 4
334
178
Jan
May
14
19
612 Ms
Feb
212
3912 Feb 20 4714 Feb 4
40 June 5238 Ja
71 Jan 14 87 Jan 23
7014 Dec 8738 Ma
6112 Jan 4 66 Jan 25
60 Dec 7112 Jo
46 Feb 18 55 Feb 4
3012 June 58 Di
10318 Jan 4 10512 Feb 4 10112Jtme 109 Fli
624 Jan 4 7534 Feb 2
4178 Feb 764 Bei
120 Jan 2 13418 Feb 2 105 Feb 12678 DI
83 Jan 30 8658 Jan 17
8212 Aug 89 Jux
186 Jan 29 19912 Feb 5 17112 Aug 20434 Ms
234 Feb 20
2 Feb
338 Jan 25
512 Al
18614 Feb 16 2044 Feb 1 158 Feb 196,2 FR
133 Jan 30 145 Feb 2 12114 Oct 146 Ms
10634 Feb 20 10914 Jan 4 10412 Aug 110 .11
301 Feb 16 379 Jan 18 168
Jan 505 Al
8078 Jan 4 98% Feb 2
541 June 8234 D
11458 Jan 3 11958 Feb 2 112 Sept117 M/
27 Jan 25 32 Feb 4
24 Feb 39 1v11
97 Feb 21
634 Jan 14
13 Mi
614 Jan
30 Jan 3 41 Jan 30
234 Dec 43 Ju
43 Jan 14 4812 Feb 4
32 June 58 N,
191 Jan 9 206 Feb 1 175 June 19812 NI
83 Feb 15 86 Jan 17
8478 Oct 90 Ju
10518 Feb 16 114 Feb 2
923* Feb 118 N,
104 Feb 15 112 Feb 2
9058 Feb 115 AT,
20 Feb 15 2734 Feb 21
1912 May 347 M,
36 Jan 5 41 Jan 21
40 Aug 70
A
2112 Jan 10 30 Jan 15
2012 Aug 39 M,
763* Feb 16 8214 Jan 18
617 June 7678 D
30 Jan 18 347 Feb 1
25 Mar 37 M,
148 Jan 3 1743 Feb 1 1247 Feb 164 N,
96 Jan 5 100 Feb 2
96
Oct 10134 M
934 Jan 4 97 Jan 8
92 Nov 1001* M
50 Jan 9 60 Jan 9
50 Nov
6638 A,
50 Jan 2 50 Jan 2
50 Mar 5112 C)
136 Feb 18 148% Jan 10 12114 Feb 163 C
1054 Feb 18 11712 Feb 4
944 Feb 11938M,
42 Jan 4 43 Jan 8
4112 Nov 46 A
4612 Jan 28 4934 Feb 5
44 Jan 597 M,
66 Jan 28 68 Jan 24
50 Feb 77 D
11512 Jan 30 1224 Feb 4 109 Feb 122 M
94 Jan 14 964 Feb 2
94 Dec 101 M
102 Jan 29 11534 Feb 4
6712 Feb 12418 N
904 Feb 13 92 Jan 15
89 July 95 I
of 1314 the shared of Chesapeake Corp 13t013k.
1194
New York Stock Record-Continued-Page
Tor sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 16.
Monday,
Feb. 18.
Tuesday,
Feb. 19.
Wednesday, Thursday,
Feb. 20.
Feb. 21.
Friday,
Feb. 22.
8 Per share s per share 8 per share $ per share 8 per share $ per share
1753 1734 *1814 1878 1858 19
19
194 1912 201a
24
2018 2014 24
2214 2214 *2212 2312 2312 24
130 13058 1294 13014 12934 13112 13012 13114 13014 1317s
14634 14734 14638 14734 14712 148
14712 14938
14712 148
9834 9834 9834 9834 9834 9834 9812 9834 9812 9812
*124 126
12212 126
125 125
126 127
127 127
16412 16412 16734 168
165 165
17112 17112 "168 171
3512 3712 3614 3612 3634 3634 3512 38
*3412 35
51
5112 5012 52
52
53
5218 5212 5314 55
•100 101 *100 101 *100 101 *100 101
100 100
2184 22134 21914 22234 221 22112 22034 22314
21814 220
*8312 84
8358 8378 8358 8358 *8358 84
8358 8378
*98
. *98_
_
_ *100
*99
. 100
*
*100 103
*99 1-lii *100 1-6i *100 1-13 *100 163
71
6912 6912 68
6912 7034 7034 7014 7238 71
*95
97
97
*95
97
*95
*95
97
*95
97
88
*85
87
*85
*85
86
86
*85
88
88
4218 4278 424 4412 4358 45
45
4734 454 471
49
*41
48
4818 4912 *48
*43
47
*42
47
3412 3412
*5814 59
3412 35
5814 583
3514 36/
1
4
5888 61
36/
1
4 40
6114 6312
3938 3978
62
6338
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads (Con.)
Shares
Par
14,000 Seaboard Air Line
100
1,900 Preferred
100
8,600 Southern Pacific Co
100
5,000 Southern Railway
100
1,300 Preferred
100
90 Mobile dr Ohio certlfs
100
1,000 Texas ez Pacific
100
3,300 Third Avenue
100
3,800 Twin City Rapid Transit 100
70 Preferred
100
7,200 Tinton Pacific
100
600 Preferred
100
Vicksburg Shrev & Pac-__100
Preferred
4,300 Wabash
100
Preferred A
100
100 Preferred B
100
26,800 Western Maryland
100
300 Second preferred
100
8,800 Western Pacific
100
9,500 Preferred
100
PER SHARE
Range Since Jan. 1.
On basis of 100-share logs
Lowest
$ per share
1612 Jan 2
20 Jan 2
128 Jan 2
14618 Feb 18
9812 Jan 2
1221/ Feb 18
16412 Feb 18
3212 Feb 6
44 Jan 29
974 Jan 29
21434 Jan 8
8284 Jan 3
984 Feb 6
68 Feb 18
94 Jan 2
8212 Jan 21
41 Jan 29
4134 Jan 10
334 Jan 25
57 Jan 28
Industrial & Miscellaneous
4,100 Abitibi Pow &Pap
No par 4018 Jan 4
300 Preferred
100 83 Jan 21
1,600 Abraham & Straus____No par 128 Feb 16
310 Preferred
1
4 Jan 16
100 109/
2,700 Adams Express
100 389 Jan 16
1
4 Jan 22
Preferred
100 93/
1,300 Adams Millis
No par 3034 Feb 20
64,100 Advance Rumely
100 48 Jan 29
6,500 Preferred
100 5812 Jan 23
312 Jan 2
56,800 Abumada Lead
1
7,600 Air Reduction, Inc____No par 9678 Jan 7
15,000 Ajax Rubber,Inc
9 Feb 16
No par
12,700 Alaska Juneau Gold Min__10
718 Feb 18
700 Albany Pert Wrap Pap_No par 2012 Feb 16
16,500 Allied Chemical & Dye_No par 241 Jan 7
300 Preferred
100 121 Jan 3
1,400 Allis-Chalmers Mfg
100 16712 Feb 18
300 Amalgamated Leather_No par
8 Feb 14
100 Preferred
60 Feb 13
18,300 Amerada Corp
No par 30 Feb 18
3034 3134
32
3014 3138 31
31
31
3188 30
1,900 Amer Agricultural Chem__100 1814 Feb 16
1814 1812 183* 1838 1812 19
1812 1878 1812 19
4,300 Preferred
100 6114 Feb 16
65
6312 6312 6312 64
63
6234 63
6114 63
10 12288 Jan 7
4,000 Amer Bank Note
1
4 12914 12614 12734 12588 12612
125 12514 12512 12778 127/
110 Preferred
50 60 Jan 3
1
4 *6014 64/
*6014 6478 6014 6012 *6014 64/
1
4
1
4 *6014 64/
400 American Beet Sugar--No par
16 Feb 21
16/
1
4
*1712 18
18
16
*1712 18
*17
•17
18
Preferred
100 51 Jan 7
*5018 60
*51
59
*50
59
*50
60
*50
60
46.400 Amer Bosch Magneto__No par 4012 Feb 14
4034 4138 4114 4334 4314 444 43/
1
4
1
4 464 444 45/
8,700 Am Brake Shoe dr F__ __No par 45 Jan 16
54
1
4 5418 55
1
4 5312 54/
5212 5318 5234 53/
5534
100 12212 Feb 7
Preferred
*122 1251s *122 12518 *122 12518 *122 125 *122 125
23,000 Amer Brown Boveri El_No par 1518 Jan 7
20
21
2012 2218 2114 2238
1914 2012 1938 20
1,640 Preferred
100 4934 Jan 7
70
67
75
70/
6514 6512 66
7812
1
4 7412 76
Stock
25 10734 Feb 18
229,700 American Can
108 10938 10734 11138 11058 11414 11312 11534 11414 11712
1,400 Preferred
100 14058 Feb 14
/
4 *141 14114 1414 14112 14118 14118
•140 143 *141 1411
2,700 American Car & Fdy__No par 93 Feb 18
97 Exchange
95
9312 9412 94
95
95
9558 93
95
600 Preferred
100 1184 Feb 7
117 117
11612 11612 11612 117 *11612 117 *11612 117
300 American Chain pref
Closed
100 7238 Jan 23
82
82
82
82
*81
82
82
*81
82
.81
No par 4718 Jan 3
7,200 American Chicle
5234 5334
53
5314 54
51
5134 5012 5134 52
10 Prior preferred
No par 10912 Jan 2
11014 11014 Washing*11014 112 *11014 112 *11014 111 *11014 111
8,500 Amer Druggists Syndicate__ 10
9 Jan 25
914 938
938 912
9% 918
938 95
918 988
ton's
200 Amer Encaustic Tiling_No par 83 Jan 8
_
_
_
_
_
_
_
_
8612 864
1,000 American Express
100 280 Feb 2
iii i8-8-12 *285 gi iii isiii i55 29612
•285 290
1
4 Jan 4
115 12914 12938 13878 131 13612 12512 13314 Birthday 383,800 Amer & For'n Power___No par 75/
114 118
2,300 Preferred
No par 1051 Jan 3
10712 1074
10712 108
107/
1
4 10734 10734 10734 108 108
4,700 20 preferred
No par 9678 Jan 2
9934 1004 10018 10014 10118 103
1
4 100
9934 99/
1
4 99/
*8
812 .818 812 *812 9
*814 9
800 American Hide & Leather_100
/
4 Feb 21
81
814 814
2,200 Preferred
1
4 Feb 6
100 30/
1
4
1
4 34/
334 33/
1
4 33/
3234 324 33
313 3138 *32
5,400 Amer Home Products__No par 75 Jan 2
7712 8134
1
4 77
76
7634 7612 7678 76/
7634 77
6,500 American Ice
No par 381s Jan 16
4058 4078
1
4 4058 4138 4058 41
40
4014 4018 40/
200 Preferred
100 9012 Feb 11
93
93
921 *91
92
92
*91
913
94
*91
27,600 Amer Internat Corp__ _No par 62 Feb 18
66
6714
6512 6678 65
648 65
64
6534 62
4,300 Amer La France & FoamIte.10
71
612 Feb 8
8
67
7
6% 7
68 7
7
7
900 Preferred
100 66 Feb 20
75
70
67
*66
67
66
67
*65
67
*65
8,500 American Locomotive_No par 1021
/
4 Feb 18
105 10514 10258 10312 105 10714 107 10958 11014 11034
400 Preferred
100 113 Jan 3
116 116 *114 11512 114 11512
*114 116 *114 116
1,700 Amer Machine dic Fdy_ _No par 170 Feb 16
173 17512
173 173
173 174
170 175
170 171
10 Pref (7) ex-warrants
11212 Feb 5
113 113 *11312 115 *113 115 •113 115
*11314 115
16,400 Amer Metal Co Ltd___No par 6014 Jan 7
72/
1
4
7114 7318 7114 75 z731g 7538 7312 7414 y69
1,400 Preferred (6%)
100 117 Jan 3
12014 12014 118 118
12218 12218 z120 122
122 122
200 Amer Nat Gas pref____No par 85 Feb 4
*9212 93
924 93
92
93
93
93
92
92
2,200 American Plano
No par 13 Jan 2
*1314 15
1314 1478
*1314 14
*1314 14
14
14
240 Preferred
100 38 Jan 2
49
5312
*45
49
*45
49
49
*45
*45
48
102,600 Am Power & Light_---No par 8118 Jan 8
10914 11312
105 10812 108 11312 11012 11658 11118 116
900 Preferred
No par 9912 Jan 2
•10114 10112 101 10114 10118 1014 *102 10214 10118 10118
400 Preferred A
No par 73 Jan 7
76
76
77
*77
7814 77
77
*73
7814 77
1,600 Pref A stamped
No par 8034 Jan 15
83
83
83
83
8414 8414 8212 83% 8278 83
American
Radiator
25 187 Feb 18
6,700
187 18934 18812 18812 188 190
188 18912 187 190
100 140 Jan 7
100 Preferred
170 170
•165 190 *165 190 *165 190 *165 190
12978 Jan 18
Amer
Railway
_100
12,800
Express134
143
134
13912
136
136
137 137
138 138
3,000 American Republice___NO par 44 Feb 18
47
46
47
47
48
4818 45
49
4918 44
1,900 American Safety Razor_No par 67 Feb 18
6912
*6812 6912 *67
6714 69
68
6712 6758 67
No par 3234 Feb 16
1,500 Amer Seating v t c
*34
3434
35
1
4 35
3334 34/
33
33
32/
1
4 33
3,000 Amer Ship dr Comm__ _No par
338 Jan 2
5
514
478 518
5
5
418 412
412 434
88 Feb 19
-100
American
Shipbuilding230
9014
9014
9212
*9014
9212
93
9312 88
*93
94
ows
Jan 16
Smelting
&
Refining_100
Am
64,900
113 116
11318 114
113 115
111 11134 11012 113
100 13512 Feb 2
600 Preferred
136 136
136 136
13612 13612 13614 13614 *13512 137
200
Snuff
100
Jan
30
American
1,700
202
200
200 20112 *199 200
201 201
200 200
100 108 Feb 13
20 Preferred
•108 112 *108 112 *108 110
108 108 *108 110
par 6434 Jan 7
Amer
Steel
Foundries_No
27,800
68
7134
683
4
66
6718
67
6718
694
651 68
100 11012 Jan 4
100 Preferred
112 112
11114 11114 1111
/
4 11134 11114 11114 112 11234
100 82 Feb 18
9,500 Amer Sugar Refining
84
8712
8238 8312 82
8278 8218 83
82
83
Preferred
10812 Jan 3
100
700
10912 10912 *11014 11034 11014 11014 11014 11014 11014 11058
No par 52 Feb 8
1,300 Am Sum Tob
55
*53
53
5218 5312 53
54
5318 *52
53
17 Jan 2
Amer
Cable_
_100
7,100
Telegraph
&
32
4
293
22
221s 23
3112
297
8
2434 2434 28
100 19314 Jan 8
24,700 Amer Telep & Teleg
206 208
20538 207/
20912 21012 208 213
1
4 20812 210
1,200 American Tobacco com____50 17234 Feb 18
173 17312 172/
1
4 173
17434 17512
17314 17512 175 175
50 173 Feb 16
4,100 Common claw B
173 174
174 175
173 17338 17414 17534 175 176
100 11914 Feb 1
700 Preferred
•120 12012 120 120
120 120 •120 12012
120 120
1,000 American Type Founders-100 13612 Jan 5
142 144 *144 145
14038 143
144 144
14334 144
lool 1074 Jan 8
10 Preferred
*109 110 *109 11012'110 11012 11012 11012'5110 111
No par 6714 Jan 8
56,100 Am Wat Wks A: El
86'l
8112 8212 8218 8614 85
84/
1
4 8618 85
87
97 Jan 3
300, 1st preferred
99% 99'2
•97
99 *-- -_ 99
99
99
*98 100
1001 2238 Feb 16
4,200 American Woolen
23
225s 231/ 2218 23
23%
23
227s 23
24
2,200 Preferred
1001 50 Jan 29
5018 .504 50
5058 50
5012 5013 5012 5014 51
2,300 Am Writing Paper etfs_No par 1112 Feb 18
12
•113g 1178 '
1112 12
12
51112 1178 *1112 12
300 Preferred certificate--100 414 Feb 18
4158 42
42
42
.411
/
4 4314
42
42
42
42
18,300 Amer Zinc. Lead & Smelt _25 3518 Feb 16
354 3575 353* 3938 3812 4258 40
4138 384 394
500 Preferred
251 101 Feb 15
•10012 101
101 102
10338 10338 10312 10312 *103 10388
533,600 Anaconda Copper Mining-50 11514 Jan 15
128 12938 128 13334 13112 13458 13114 13314 132 134s
parj
19,800
53 Feb 7
Anchor
Cap
No
5312 5518 554 57/
58
623s
53
54
1
4 5738 58
300 Preferred
No par 112 Jan 2
11214 11214 11218 11212 *11514 116 *117 119 *117 119
501,100 Andes Copper Mining...No par 48 Jan 31
6012 5958 6214 591s 6038 5818 6058
5314 5412 55
4,900 Archer, Dan'Is. Mld'id_No par 93 Feb 18
96
9514 93
9478 95
9578 9678 95
94
95
Preferred
100 114 Jan 4
*114 11412 *114 11412 *114 11412 *114 11412 *114 1141
500 Armour & Co (Del) pref._ _100 9134 Jan 9
9312
94
1592
9212
94
12
9212 9212 *9212 94
92
28,400 Armour of Illinois class A.„25 15 Feb 18
1554 1518 1512 1515 1558 15'8 1558
1514 1512 15
8 Feb 16
25,700 Class 13
251
8
8
81s
818
8
81s
8
8%
8
81
1,700 Preferred
1001 82 Jan 7
827s
82
83
82/
1
4 8278 8258 8258 8214 8234 83
2,200 Arnold Constable Corp No par 2934 Feb 2
31
31
3114 317s 3018 3173 .31
31
3112
31
No pail 27% Jan 22
300 Artloom Corp
29
•29
29
29
30
29
*28
29 .28
29
10019712 Jan 9
60 Preferred
9912
*99
9912 99% 9912 9912 p()% *99
6612 *99
47/
1
4 49
45/
1
4 4514 4612 4758 4718 4834 4778 48
83
*82
83
83
84
8414 84/
1
4 *83
84
*83
139 14012 140 14112
128 13014 *12818 13734 *130 135
11114 11114 *110 11212 *110 11112 *110 11112 110 110
420 42912
400 410
398 400 *390 399
392 395
*95
96
*95
96
*95
96
96
*95
*95
96
*30
3034
3034 31
3112 3112 3112 *30/
31
1
4 32
6638 6958
1
4 63
6388 67
5578 5618 5818 58/
55
69
6512 6978 66
5858 5834 6118 67
58/
1
4 60
37
37
412 412
1
4
412 4/
4
412
4
4
104/
1
4 10734 10514 10614 10588 1078
10188 104
10288 103
9
978
9
914
94 914
9
94
9
918
714
734
714 712
714 758
718 712
74 712
22
*22
2234 22
22
22
2012 22
2012 21
286 29212
28012 28412 281 285
275 27834 275 280
*122 1228 *122 12278 122 12238 *12238 123 *1224 123
171 172
169 171
16834 169/
1
4 16712 16712 *168 175
812 812 *84 9
812
*8
878 *8
•8
9
63
*63
65
*63
65
*63
6434 63
65
*56
•Bid and naked prim; no Woe on 2121s day.
s Ex-dividend.
r Ex-rights.
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
s per share $ per share $ per share
1158 Mar 3012 Jan
2078 Feb 4
241
/
4 Feb 4
17 Aug 38 Jan
13838 Feb 2 11758 Feb 1311* May
15838 Feb 1 13912 Feb 165 May
99 Jan 3
9618 Sept 10214 Jan
1407 Jan 14 100 Jan 1591 Jan
178 Feb 1
991 Jan 19488 Oct
38 Feb 21
2818 Jan 46's May
3214 Sept 56 May
5814 Jan 25
9458 Oct 107 Feb
100 Jan 5
231 Feb 2 18612 Feb 22478 Nev
82% Oct 8714 Jan
84 Feb 7
Jan
10014 Jan 5
99 Aug 111
991 Nov 10812 Mar
51 Feb 9614 May
8138 Jan 5
8812 Feb 102 May
10478 Jan 7
87 Feb 9912 MaY
91 Jan 8
3134 Feb 15484 May
54 Feb 4
334 Feb 5478 May
5312 Feb 4
41 Feb 4
6412 Feb 4
2814 Feb
5212 Aug
3812 Dee
6218 Jan
5479 Jan 22
8888 Jan 7
15912 Jan 3
112 Jan 2
42912 Feb 21
96 Jan 3
3575 Jan 15
744 Feb 4
7334 Feb 4
4/
1
4 Feb 20
11488 Jan 28
1114 Jan 2
1014 Jan 8
25 Jan 3
301 Feb 2
123 Jan 24
194 Jan 11
11% Jan 14
73 Jan 17
361 Nov
76 Nov
90 June
109
Oct
195
Jan
93 Jan
3012 Dec
11
Jan
3414 Jan
254 Jan
59 June
72 Jul e
1
Jan
2234 Dec
146 Feb
12012 June
11518 Feb
9% Oct
69 Mar
4288 Jan 3
2358 Jan 15
7354 Jan 11
1344 Feb 6
62 Feb 13
201 Jan 16
8014 Feb 5
474 Jan 17
62 Feb 4
125 Feb 15
2312 Feb 6
7612 Feb 21
120 Feb 6
141/
1
4 Jan 14
10612 Jan 3
120 Jan 29
82 Feb 15
5812 Feb 1
11414 Jan 30
11 Jan 2
98 Jan 31
302 Feb 14
13878 Feb 19
10812 Feb 14
103 Feb 21
10 Jan 2
38 Jan 2
8558 Jan 24
4334 Feb 5
94 Jan 3
7614 Jan 18
87s Jan 10
75 Feb 21
115 Jan 3
118 Jan 22
188h Jan 11
11612 Jan 12
8134 Feb 6
135 Feb 6
9814 Jan 7
177 Jan 31
55 Jan 31
120 Jan 30
10234 Feb 2
80 Feb 13
84/
1
4 Feb 15
85 Aga
10258 July
142 Dee
11412 June
425 Dee
994 Max
334 Dee
65 Sept
6934 Sept
534 Mat
9958 Dee
143* Jan
10 Nov
31/
1
4 Jan
2523 Nov
12758 May
200 Dec
163 Apr
90 Apt
43/
1
4 Nov
26 Nov
7978 Nov
159 May
65/
1
4 Jan
241 Aug
6188 Sept
4438 Nov
494 Jan
128 June
2614 May
65/
1
4 May
1174 Nov
147 API
11112 Jan
13712 Mal
105 June
505 Dec
114 May
1512 Api
86 Nov
310 Dec
85 Dec
274 Feb
1558 Feb
55/
1
4 Feb
7434 Jan
60
Oct
143 July
Feb
38
1538 Feb
397 July
120 Dec
1088 Apr
40/
1
4 Apr
7012 Jan
13634 Jan
8814 July
11058 Aug
71 Dec
44 Dec
Jan
107
1012 Dec
53 Jan
Jan
169
2258 Feb
104/
1
4 June 110 May
81
Feb 100 Sept
1558 Feb
814 Oct
1
4 Feb
31 Nov 67/
59 Feb 88 Nov
28
Jan 463k Aug
Jan 9912 May
90
__-- -- -- IL-- - ---51 Jan
1138 Oct
Jan 8512 Oct
58
Jan
87 June 115
10314 Oct 134 Mai
12912 June 1833 Dec
Jar
110 Dec 116
1
4 Nol
39 Mar 63/
109 Aug 11712 Ma]
963,1 Dec 9934 Nov
123 July 25 Fell
38 Dec 90
Jam
6214 Jan 95 May
10012 Dec 10714 Ma/
7018 Nov 7712 Nov
8112 Dec 8614 Not
13018 Jan 19112 Deo
141
Oct 152 Alm
11012 Jan 143 Dec
51% Feb 86
Arm
56
Jan 74/
1
4 Beni
2758 Nov 45 May
312 Aug
618 May
80 Sept 119
Jam
169 Feb 293 Dec
131 Mar 142
Api
141
Jan 210 Dec
100
Oct 120 Junt
50% June 703* Jar
109 June 120 Feb
55 Feb 9312 Nov
100 Feb 11012 May
46
Feb 7358 Sept
Jan
17/
1
4 Dec 32
172 July 211 May
152 June 18438 Dec
1
4 Nov
152 June 184/
115/
1
4 Sept 128
Api
10972 Aug 14214 Nov
210 Jan 15
195 Jan 29
153 Feb 14
64% Jan 2
74/
1
4 Jan 31
3678 Jan 3
7 Feb 5
94 Jan 24
12212 Feb 8
138 Jan 4
206 Feb 1
112 Jan 24
797 Feb 4
11234 Jan 16
9454 Jan 25
111 Feb 1
60 Jan 2
32 Feb 21
222 Jan 30
1884 Jan 28
188 Jan 28
12114 Jan 15
155 Jan 31
11012 Jan 2
9212 Jan 30
104 Jan 28
27/
1
4 Jan 3
5838 Jan 2
15/
1
4 Jan 21
44 Jan 4
44/
1
4 Jan 2
108 Jan 31
1364 Feb 13
6238 Feb 21
119 Jan 5
6214 Feb 19
11078 Jan 9
115 Jan 11
95 Jan 30
1818 Jan 2
1014 Jan 2
88 Jan 24
4072 Jan 2
30 Feb 5
100 Jan 4
107 Nov
52 June
98
Oct
14 July
39 Aug
1012 June
34 June
6% Jar
40
Jan
54
Jan
48 Dec
10614 Dec
3618 Nov
55/
1
4 Feb
112
Oct
8638 Jan
1114 Jan
658 Jan
674 Jan
3514 July
2814 Dec
99 Dee
115 Mai
7612 Nov
106
Alm
3238 Nov
65/
1
4 No',
1912 Fell
53/
1
4 Oct
Oct
57
1177 Oct
12014 Dec
5458 Dec
111 Dec
56 Nov
11278 Nov
11514 Mai
9712 JUDI
2313 Sep
1312 Mal
9112 Jun'
515 AP
4438 Ma
114 Ma
1195
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOIV SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 16.
Monday,
Feb. 18.
Tuesday,
Feb. 19.
Wednesday, Thursday,
Feb. 21.
Feb. 20.
Friday,
Feb. 22.
3 per share $ per share $ per share $ per share 8 per share $ per share
2912 298 *2914 2912 2912 2912 2912 2912 *2912 30
59/
59
605s 605 6153 6012 61
1
4 6034
5812 60
1021 10212
10312 10312 *102 104 *102 104 *102 104
45
4712 45
*45
44/
1
4 45
43
*4413 4712 43
3314 3458 3478 3478
324 3218 324 3234 3212 35
48
47
4778
461g 4618 4634 4634 4658 4712 *47
5578
5438 5514 5412 5512 554 5638 5514 5638 x55
411614 11634 11614 11614 11614 11614 11534 11614 *11512 11614
10112 10178 10014 10112 10012 102 •
9912 100
100 101
103 10414 *103 10413 *103 10412
*103 10412 103 103
1014 1012
*1012 12
*1012 12
*1012 12
•1012 12
712
7
6/
1
4 7
7
7/
1
4
7
7
6/
1
4 7
*3214 38
*3214 34
*3214 34
*3214 34
*3214 38
*61
64
60
60
*62
64
*62
64
6012 62
2212 2212 2212 2272 2212 2234 2214 2278 *2212 23
374 3738 37
3718 38
37/
1
4
37% 3778 3743 38
45
45
45
451
45
*45
4714 45
45
45
•217 225 *217 235 *217 230 *217 230 *217 230
117 11712 117 117
117 11734 117 117
117 117
•10813 110 *10814 109 *10814 109 "10814 109 '10814 109
*2812 3018 *2834 3012 *2914 3012 3014 3014
30
30
9712
9712 *97
9712 •97
*97
9712 *97
*97
99
2212
2212 2212 22
22
22
20
21
20
20
3918 3978 3918 394 3858 3912
3934 4014 3818 40
*3812 40
3812 39
39
'3812 41
*3812 41
38
105 10512 107 107 *10512 109
10412 105
106 106
1
4 10514 10512
4105 10514 *105 10514 *105 10514 105 105/
2014 2018 2038 20
20
2012 20
2014 20
20/
1
4
8718 89
85/
1
4 8814 87
*8812 8912
89
853 87
1214 1138 1212 1138 1134
1112 1138 1134 1212 12
8134 8134 82
82
82 .8112 82
480% 8212 82
86
8318 8334 83% 8453 844 85
84% 8614 86
1
4 9134 9018 9238 9078 95/
874 88/
1
4 87/
1
4 9312 9712
12112 12134 *12112 12134 12112 12134
12134 1218 12134 122
4318 45
45
45
*46
48
4318 4412 45
47
•110 1104 *110 11014 *110 11014 *110 11014 110 110
100 100
100 100
*9734 9934 9934 9934 100 100
82
811
/
4 82
84
78312
83
84 '
82
8434
712
*7/
1
4 8
8
8
758 818
713 712
7
53
5212 *49
*48
55
55
5213 521 *18
*50
187 18714 187 187
185 187
185 186
186 187
1584 1314 1314 *1312 1434 *1314 1434 .1314 14
414
5112 49/
4834 497g 49
1
4 5078 50
5034 49
5113
*5
53
*5
538 538
514 *5% 534
518 553
*9
10
*9
10
*934 11
*9
11
10
10
60
61
5912 6012 5934 6112 6018 6112
591 60
121 123 *117 135 *117 135 *117 135 *117 140
4305 345 *305 345 *305 345 *320 340 *305 345
17234 17634 17534 18114 180 18238 18214 18234
172 175
4212 4212 4214 4234 34214 4214 4112 4113
*4213 43
11912 1191
119 11912 *11912 121 *117 121
•11812 119
48
48% 4838 483
48
464 4711 4612 4714 47
237/
1
4 3812
37% 38
38
3614 3734 3614 377 *37
4812 47
4638 4612 z46
4534 47
457 46
46/
1
4
Stock
/
4 11612 11612 11618 11618 *11618 11978 *11612 1197
•11538 1191
1
4 112 *109 112 .110 112 *108 112
113/
1
4 11314 111/
3112 3112 32
*3112 34
3111 3118 *3112 33 Exchange
32
104 104
103/
1
4 10334 '10384'104
10334 104
•103 104
Closed
240 240 *238 242
240 240
238 238 *236 242
74I
7412 73
73
7432 74
73
7012 7313 71
Washing10714 10812 10718 10834 *10712 109
4107 108/
1
4 107 107
118 11812 116 116
116 117
116 116
115 115
91
ton's
9
914
9/
1
4 914
914 938
914 912
914
77
77
8
818
818 81
8
818
818 814
3114 34
31
3312 314 32
3234 3234 3258 3334 Birthday
1
4 14312 14538 142 144
N354 13738 136 141/
14234 14413
112 112 *11212 114
4112 114 *112 114 *112 114
113 11334 *113 114
11014 111
106 11014 107 109
75
75
7512 7678 77
7414 75
7412 75
7714
2978 27
2978 1527
•27
2978 *27
30
27 '27
33
312
314 31
314 313
314 314
31/4
35
131 13334 12712 13078 12612 1294
126/
1
4 12718 12718 131
5512 5612
54/
1
4 5518 5458 5678 5512 5778 5518 56
7934 794 7912 78/
1
4 84/
1
4
7858 7818 7812 79
78
4414 *4412 4472 4412 45
45
44
44% 44
4514
465 47013 *455 468
465 465
450 450
4430 455
128 128 *125 135 *125 135 *125 135
4125 128
42
401 43
40
401
4014 41
44
4214 43
1
4 4578 45% 4678 45% 4678 4618 4838
44
4538 44/
4111 11214 *111 11112'3111 1111 *111 112 *111 112
*1714 1712 1714 1714
1714 1714 *17
1714 *1712 18
*7412 80
*7412 80
*7512 80
7614 7614 *7412 80
10581 10634 105 10814 10712 10938 10714 10812 106 108
2238 23
22% 23
2134 2212 21
22
22
2132
*55
60
455
60
60
75
*60
75 .50
60
8238 8238 82
8212 8214 84
82
82
082
84
*1814 2013
418
21
*20
21 . 201 207 *20
21
---- ---- ---- --- - ---- ---- ---- ---- ---- ---*__ __ 40 *..._ 404 *---- 3812 *30
39
83
8155 8178 8112 8212 8212 82/
1
4 8212 8312 8234 Siag
30/
1
4 3034 113014 33
31
33
*31
32
30% 3218
52
5212 5212 5212 52
53
53
5214 52
5218
3212 3212 *3112 3212 3212 32/
*31/
1
4 32
32
1
4 32
7
7
457
*4534 47
45
45
46
46
47
*46
4712
5412 5538 55
5218 54
5572 55
5712 5614 58
9318 9714 9514 984 97
92/
1
4 94
97
96
981
/
4
*9934 122
*9934 122
49934 112
*994 122
'9934 122
9978 10214 100 10332 10212 106
983e 9912 9812 102
4958 49/
1
4 .54958 52
•4938 50
"4958 50 "4912 50
2278 234 2314 2418 231 2438 2334 244
2212 23
64
66
66
•65
68
*66
6712 *6534 66
6514
.115 11512 115 115 *115 11511 •115 11512 115 115
13018 13112 130 13018 130 13032 13078 13212 132 132
54
5634 54
5312 54
1
4 5512 5558 5812
5534 54/
*99 10214 *____ 10214 __ 10214 *____ 10214 *--- - 10214
6612 6612 69'4 6714 69
6638 65
65
68
70/
1
4
13934 140
14312 14734 14634 146/
13913 143
135 136
1
4
1434 14558 14318 145
145 145
144/
1
4 14518 145 146
10534 10578 *103 105 *103 105
.105% 106 *10534 106
67
6938 6838 7112
1
4 70
6612 6814 661s 6934 67/
1
4 4914 5078
4812 495
4914 5078 4934 50/
49
48
*25
25
25
*25
26
26
26
*25
26
*25
*2618 27
•2614 27
.2618 27
2618 2618 *264 27
100 10014 100 10134 10014 10178
100 100
100 100
17712 18232
17712 183
170 17012 170 1722 17334 180
107 10712 *107 109 *10712 109 *107 109
410712 109
*97
*97
98
*97
98
*97
98
98
*97
98
5112 5112 5112 *51
5412 5634 5314 534
53
51
23212 235
23412 24034 237 2441
/
4
22614 22614 225% 233
11712 11103
11612 119
11212 11312 112 11734 11612 120
83
80
1
4 *79
8114 8112 *80
761 8012 7712 78/
27
277s 28
2834 2812 2972 2838 2912
2718 28
8912
8612 8814 87
8378 8234 86
83% 82
82
113
1
1
*1
78
1
1
1
1
1
915s 92
9112 9114 92
8938 9013 8914 8953 91
94
*90
94
*90
94
*90
94
*90
95
493
2714 2714 271 28% 273$ 27/
1
4
2612 2612 2612 27
10612 10834
403118 10534 10318 1064 106 10712 10618 108
9104 9912 9914 9912 9914 9938 9914 9912 9914 9932
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
Lowest
..
Shares Indus.& Mace.(.?Jon.) Par
700 Art Metal Construction__ 10
No par
16,900 Assoc Dry Goods
100
200 First preferred
25
150 Associated 011
3,800 Au G te8 WI 59 Llae__No par
100
1,000 Preferred
25
48,500 Atlantic Refining
100
130 Preferred
No par
2,300 Atlas Powder
100
130 Preferred
No par
300 Atlas Tack
1,800 Austin, Nichols & Co..No par
Preferred non-voting____100
500 Austrian Credit Anstalt
No par
2,600 Autosales Corp
50
2,200 Preferred
700 Autostr Fief Razor "A".No par
Baldwin Locomotive Wks_100
100
110 Preferred
1
8 Per share I
2918 Feb 7
574 Feb 11
10112 Feb 7
43 Feb 11
3218 Feb 16
4534 Feb 11
5313 Jan 29
115 Jan 21
9912 Feb 18
103 Feb 13
1014 Feb 21
6/
1
4 Jan 3
34 Feb 15
60 Feb 20
2218 Feb 15
37 Feb 21
4314 Jan 10
230 Feb 8
11534 Jan 4
Highest
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
$ Per share $ per share $ per share
3072 Feb 4
2512 Jan 343 Apr
7034 Jan 10
4014 June 7512 Des
107 Jan 15
9912 Aug 11378 Apr
47 Jan 5
3712 Feb 533 Sept
4318 Jan 11
3718 Feb 59/
1
4 May
5534 Jan 2
38 Feb 6514 Got
68 Jan 2
50 Nov 6613 Dee
Jan
11
11738
11412 Sept 118/
1
4 Jan
115 Jan 2
63
Jar 114 Dee
10612 Jan 14 102 July 11012 May
1512 Jan 3
84 Jan
171 June
43 Jan
10 Jan 11
914 May
42% Jan 14
Jan
25 July 39
58
65 Jan 8
Oct 75 May
612 Jan 343 Nov
2912 Jan 7
25 Aug 41 Nov
43/
1
4 Jan 23
43
Oct 5212 May
50 Jan 31
248 Jan 21 235 June 285 Mar
Oct 12434 Apr
120 Jan 25 115
1
4 Jan
11012 Feb 1 10714 Nov 111/
1
4 Dee
26/
1
4 Aug 35/
333 Jan 23
917 Dec 10112 June
97 Jan 28
2312 Aug 521 Feb
29% Jan 15
20 June 53 Nov
4678 Jan 3
20 Jure 5118 Nov
49 Feb 2
98 June 14012 Mar
11334 Jan 25
10634 Jan 29 10312 Dec 11018 Mar
1214 Mar 2412 Dee
2812 Jan 8
7038 July 10114 Dec
101 Jan 12
Jan
12 Dec 22
1434 Jan 2
8218 Sept 9212 May
8478 Jan 3
Oct
5334 Jan 102
931 Jan 3
51% June 8818 Dee
9712 Feb 21
123 Jan 11 11618 June 125 Apr
3355 July 50 Sept
548 Jan 29
1
4 Jan 11134 July
111 Jan 16 109/
87 June 122 Dec
118 Jan 2
6514 Jan 8512 Dee
8912 Jan 12
12/
1
4 Nov
514 Jan
1134 Jan 2
411 Mar 7218 Nom
63% Jan 18
20334 Feb 5 152 June 187 Jan
834 Aug 23 Jan
1512 Feb 11
631 Jan 3
2118 Feb 6318 Oct
67 Jan 28
914 May
11
/
4 Jan
214 Jan 12 Fet
1312 Jan 28
4513 June 7513 NON
73/
1
4 Jan 2
145 Jan 2 110 June 150 Not
340 Jan 5 20634 Jan 325 Not
20012 Jan 28 139 June 20334 Not
44 Dec 5512 API
47 Jan 2
11912 Feb 18 115 Nov 120 Jar
2712 Feb 6234 Belli
5514 Jan 18
2412 Feb 4834 May
4234 Jan 5
3338 Feb 5438 Ma3
50 Feb 5
11612 Feb 18 11014 Mar 117 Apo
931 Feb 127 0c1
127 Jan 11
157s Mar 4338 Juno
39 Jan 14
10514 Jan 7
9734 Feb 11034Juno
Jan 249 Del
250/
1
4 Jan 30 139
50 June 88 Del
8918 Feb 2
109 Feb 5 1047 Aug 115 Mal
11812 Feb 19 111 Aug 11912 Juno
1634 mill
1
4 Aug
8/
12/
1
4 Jan 4
12/
1
4 Nei
418 Jan
912 Jan 3
3712 Dec 6712 Mal
41 Jan 2
113amberger (L)& Co pref_100 10814 Jan 2
No par 2812 Jan 14
500 Barker Brothers
100 8934 Jan 19
Preferred
No par 20 Feb 16
1,300 Barnett Leather
25 3818 Feb 18
87,700 Barnsdall Corp class A
45 38 Feb 16
500 Class B
No par 10412 Feb 18
1,100 Bayuk Cigars, Inc
100 104 Feb 8
180 First preferred
No par 20 Feb 7
7,500 Beacon Oil
20 8514 Feb 18
2,700 Beech Nut Packing
3,100 Belding Hem'way Co-_No par 1118 Feb 13
400 Belgian Nat Rys part pref_ _ __ 81 Jan 29
No par 8318 Feb 16
2,200 Best & Co
254,300 Bethlehem Steel Corp_ _ __100 8218 Jan 31
1,700 Beth Steel Corp pf (7%)_100 12112 Feb 19
No par 4214 Jan 21
1,900 Bloomingdale Bros
100 110 Jan 4
10 Preferred
100 97 Feb 15
260 Blumenthal & Co mei_
No par 8112 Feb 16
1,300 Bon Amt class A
7 Feb 16
No par
2,300 Booth Fisheries
100 5212 Feb 16
100 1st preferred
50 17412 Jan 8
4,700 Borden Co
100 Botany Cons Mills class A-50 1134 Jan 10
74,700 Briggs Manufacturing_No par 49 Feb 8
418 Jan 8
100
300 British Empire Steel
534 Jan 14
100
100 2d preferred
1
4 Feb 16
5,500 Brockway Mot Tr____No par 59/
100 121 Feb 16
200 Preferred 7%
100 300 Jan 2
Brooklyn Edison Inc
No par 172 Feb 16
5,300 Bklyn Union Goa
No par 4112 Feb 21
1,200 Brown Shoe Inc
100 117 Feb 7
70 Preferred
6,300 Bruns-Balke-Collander_No par 4612 Feb 18
10 3618 Jan 3
5,700 Bucyom-Erie Co
10 4553 Jan 30
2,800 Preferred
100 112 Jan 3
50 Preferred (7)
300BurnsBrosnewclAcOmNOpar 11178 Feb 18
500 New class B com__ _.No par 3038 Jan 31
100 10314 Jan 5
130 Preferred
500 Burroughs Add Mach_No par 234 Jan 16
par 7012 Feb 16
No
9,000 Bush Terminal
100 10514 Jan 5
120 Debenture
100 114 Jan 15
120 Bush Term Bldgs pref
9 Feb 15
2,800 Butte & Superior Minlng__iO
7/
1
4 Feb 20
5
8,2001Butte Copper di Zino
31
Feb 16
100
2,1001 Butterick Co
13514
Feb 16
6,600 Byers & Co (A M)---No par
100 110 Jan 17
100 Preferred
4,400 By-Products Coke-___No par 106 Feb 16
3,100 California packing__ _ _No par 741s Jan 31
25 27 Jan 3
30 California Petroleum
3 Jan 8
10
6,900 Callahan Zinc-Lead
1
4 Jan 7
20,700 Calumet di Arizona Mlning_10 121/
Jan 8
44
25
Calumet
&
Heels
51,900
25,700 Canada Dry Ginger Ale No par 78 Jan 4
No par 44 Feb 11
2,800 Cannon Mills
600 Case Thresh Machine___ _100 445 Feb 8
100 124 Jan 14
200 Preferred
3,200 Central Aguirre Asso_ _No par 3755 Jan 11
32,900 Central Alley Steel____No par 44 Feb 16
100 111 Jan 3
Preferred
300 Century Ribbon MWs_No par 1714 Feb 15
100 7614 Jan 5
10 Preferred
31,200 Cerro de Pasco Copper_No par 10178 Jan 16
5,100 Certain-Teed ProducU_No par 21 Feb 21
100 60 Feb 21
100 7% preferred
No par 7713 Jan 7
1,600 Certo Corp
300 Chandler Cleveland MotNopar 20 Jan 24
1
4 Jan 11
No par 22/
Certificates
No par 3612 Jan 7
Preferred
No par 37 Jan 9
Pref certificates
No par 8018 Jan 7
10,800 Chesapeake Corp
1,300 Chicago Pneumat Tool No par 2934 Jan 17
No par 52 Feb 18
2,200 Preferred
130 Chicago Yellow Cab__ _No par 31 Feb 2
10 457 Feb 15
900 Chickasha Cotton 011
No par 5218 Feb 16
22,400 Childs Co
25 7114 Jan 8
21,900 Chile Copper
Christie-Brown tern etfallo par 102 Jan 3
No par 9834 Feb 16
386,000 Chrysler Corp
No par 4958 Feb 18
100 City Stores class A
No par 2212 Feb 16
9,200 New
900 Cluett Peabody & Co No par 83 Feb 11
1
4 Feb 4
100 113/
70 Preferred
No par 130 Feb 18
. 3.400 Coca Cola Co
No par 50 Jan 4
22,000 Collins & Alkman
Preferred non-voting_100 93 Jan 3
12,000 Colorado Fuel & Iron
100 65 Feb 16
7,600 Columbian Carbon vi cNo par 124 Jan 7
8,300 Colum Gas & Elec____No par 13612 Jan 2
500 Preferred
100 10555 Jan 18
225.300 Columbla Graphophone
6618 Feb 18
16,700 Commercial Credlt__No par 48 Feb 16
25 2415 Jan 2
10 Preferred
100 Preferred B
25 25 Jan 21
700 lst preferred (6 ti %)-- _100 100 Feb 11
10,200 Comm Invest Trust-No par 13112 Jan 2
110 7% preferred
100 104 Jan 26
100 94 Jan 3
Preferred (63.4)
100 2714 Jan 7
3,200 Warrants
13,900 Commercial Solvents__No par 2254 Feb 18
14,500 Commonwealth Power_No par 10714 Jan 7
1.700 Conde Nast Publics_ _No par 7612 Feb 18
54,100 Congoleum-Nairn Ino_No par 27 Feb 18
1
4 Jan 8
No par 79/
14,600 Congress Cigar
78 Feb 19
5.800 Conley Tin Foil stpd-No par
3,300 Consolidated Clgar....No par 8914 Feb 18
100 93 Jan 28
Prior pref
7,100 Coneol Film Ind pref__No par 2514 Jan 2
122,400 Consolidated Gas(NY)No par 1031* Jan 7
No par 9813 Jan 2
4,500 Preferred
•Risi and asked prime;ao safe ea this day. t El-dividend of 100% In eom,stook. x Ex-dividend.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
1927s Jan 2
12938 Jan 26
12934 Jan 25
80 Feb 5
2978 Jan 25
4 Jan 22
136 Feb 6
60 Jan 19
8613 Feb 4
4812 Jan 3
509 Jan 2
12818 Feb 15
48/
1
4 Jan 30
5212 Feb 1
11212 Jan 28
2012 Jan 2
82 Jan 17
11434 Feb 6
2855 Jan 2
8111 Jan 11
9214 Jan 31
23 Jan 11
2234 Jan 18
41 Jan 29
40 Jan 14
89/
1
4 Feb 2
3578 Jan 25
5614 Jan 11
36 Jan 7
50 Jan 2
6012 Jan 2
9934 Feb 13
115 Feb 4
135 Jan 2
52 Jan 2
27 Feb 4
7234 Jan 3
119 Jan 3
140 Feb 5
5812 Feb 21
10312 Feb 6
7712 Jan 29
15478 Feb 4
160 Jan 31
10778 Jan 11
8834 Jan 9
621s Jan 21
26 Jan 9
2712 Jan 30
10534 Jan 24
195 Feb 4
109 Feb 5
99 Jan 28
621g Feb 4
248 Jan 29
13212 Jan 29
93 Jan 19
3534 Jan 28
9233 Feb 8
113 Feb 7
9614 Jan 2
96 Jan 7
2878 Jan 16
11812 Jan 26
9934 Jan 8
90% Jan 20634 Do
10855 Apr 118 Do
65 Mar 122 Do
6813 June 821g Sep
2514 Mar 38 Sep
114 Mar
534 Ap
89 Feb 133 No
1
4 No'
2018 Jan 47/
547 Jan 8612 Mal
43 Dec50 Sep
Jan 515 No'
247
12012 Dec 13512 Ma
3814 Dec 39% De
28% Mar 4838 De
Jan 11134 Ma:
107
Oc
11 Aug 24
77 Aug 92 Ma:
5812 Jan 119 No'
231s Dec 6438 Ap
75 Nov 100 Ma:
7012 Oct 83% De
513 Feb 24 No•
14
Mar
3778 De
6234 July 8118 Ja:
111 Aug 17312 De
2978
45
37
3738
76
5434
5114
Aug 43 Ja
Dec 5612 Oc
Apr 64 De
Mar 7478 No
Ja
Dec 131
Jan 14012 0(
Jan 5414 Jun
6034 -Dec 1095 As
11112 Dec 12434 Ms
--------------44/
1
4 Dec III% Ja
Ja
90 Nov 109
5213 June 8412 Ja
79 June 13434 De
89/
1
4 Mar 1407s Di
106 June 110% Ja
61 Dec 8435 No
21 Feb
23 Feb
23 Feb
85 June
5534 Mar
Jan
99
9234 June
612 Aug
13772 June
6214 Jan
48
Jan
22 June
67 Feb
14 Jan
7912 Jan
9438 Oct
23 July
y74
Aug
9714 Aug
Ex-rights. 84111111Ings. 8 Ex-div. and ex-rights.
71 No
27 Ma
28 Di
107 No
14078 No
109 Ma
981s At
30/
1
4 Do
25014 Nc
11018 Do
84 01
3112 Al
8714 Do
334 Ms
100 DI
10234 Al
2912 Sel
17014 Me
106 .. lb
1196
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page
precedingHIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Feb. 16.
Monday.
Feo. 18.
Tuesday,
Feb. 19.
1Vednesday, Thursday, i
Feb. 20.
Feb. 21. I
Friday.
Feb. 22.
36
36
181 18312
12612 12712
65
67
174 178
11714 11714
37
*36
*36
37
*36
37
18214 184
18212 18312 *182 184
12712 12712'12612 12712 .12612 12712
6713 6814 6818 70
6853 698
179 181
179 18214 17934 1847*
11714 11714 11714 11738 11714 11714
3i- ii- -5Z- -331-2 -51 -3
.
3.12 -*33 Iil-2 -55i2 I4
*104 106 *104 105 *104 105 .104 105 •104 105
14914 154
1511
/
4 156
15514 158
15434 15738 15512 160
*11218 113 *11218 113 *11278 113 .11218 113
11012 112
13
1318 1212 127s
13
1314 127g 1314
1353 13
5734 588 58
60
60
6112 5934 6078 59
6012
10714 10738 107 10718 107 108
10714 10714 *10712 1081g
*135 140 *134 140
135 135
13312 13312 *13312 135
8278 843s 83
8412 8414 848 84
8534
85
85
*512 614 *513 614 *534 614
558 558 *512 6
14
16
1413 1712 17
1712 17
1718 1738 1738
754 754 74% 75
748 7518 747g 747 *7514 7512
•120 125 *12312 125 *12312 125 *12312 125 *12313 125
53
5353 5212 54
54
547
54
54
5434 54
*9118 93
9038 9112 917 9178 93
93
92
92
34% 3412 3418 3434 34
3413 3418 3412 3414 36
46% 4678 46% 4818 4618 481
4613
/
4 4612
4634 47
•22
2212 *22
233* nz
*22
23
23
23
*22
46
46Ig 54514 46
46
46
47
47
*47
4712
10714 1085 *10712 108 *10712 108
108 108
108 108
771
/
4 7753 7658 78
7934 80
*7653 793 *7658 78 ,
•101 104
*9913 104 *100 104 *100 104 •I00 104
*280 350 nso 325 nso 400 *280 400 *280 375
0100 10012 *100 10012 *100 100121.1100 1001 *9814 10012
1812 19
1814 1812 1812 19
1812 187s
1834 1934
9784 9712 98
97
9678 97
95
96
96
96
•I213 1312 1238 1234 *1212 1312 *1212 131 *1212 1312
8914 91
88
888 87
85
91
958 9412 9634
*10514 10613 *10514 10612 *10514 10612 *10514 1061 10514 10514
6638 67
674 67% 6738 7114 70
68
67
7178
1684 1612 17
1558 1634 1558 1618 1614 164 16
1
4 64
6314 6314 •6314 64
64
*63/
64
6414 6414
*6812 70% *6718 71
*6613 71
71
71
73
70
72
72
735
72
73
7318 723 7338 73
7334
51
*48
51
5012 51
51
50
*48
51
50
*98 102
994 •98 102
99
99
*98
*98 102
6234 6414 62
62% 6234 634 631
62
62
6314
45
45
•47
*4612 49
45
45
50
48
48
8512 8634 85/
8612 8913 86
8814 8734 8884
1
4 88
*10612 109 .10612 110
10834 10834 *10612 110 *10612 110
4512 4612 4518 4614 46
47
4534 47% 4618 47
*101 1053* *103 10558 •104 10558 *105 1052 10558 106
287s 2914 2838 2914 2918 2984 29
2922 2918 2934
15
16
1558 16
1514 1614
1534 17% 164 177
89
86
90
8812 88
917
87
9234 91
90
6812 6814 6638 8738 6712 6912 8753 7014 69
70
10878 10914 10878 10872 *109 115
10914 10914 .109 112
•138 149 *138 140 *138 140
138 138 *138 140
5258 5314 53
5434 5734 531g 55
58
5418 55
10434 106
10434 114
10818 113
10714 110
10814 1094
107 107 *107_ 107 107
10634 1063 *10678
-67
6714 67 -.
67-14 6712 7034 7034 721
73
72 -*119 121
119 119 *119 121 .120 121 *120 121
224 22634 225 23134 229 2338 22834 23312 232 240
114 n% 102 n% 1112 n4 1112 1158 1138 1112
85
86
86
88
87
8818 87
8812 8814 89
94
94
90
90
*90
935 *91
9214 •9214 94
126 130
129 129
12113 125
/
4 125
121 12112 1211
11112 11113 10812 115
108 10912 110 11112 109 1101/4
*95 115
*95 110
•95 110
*95 115
*95 115
8518 857
85
86
8512 8812 8518 85% 854 8614
9734 977 *97
98
*97
98
9734 *974 9754
*97
7813 7914 7818 7934 7918 804 791
/
4 8034 80
8153
12514 12518 125 125
125 12514 124% 1254 125 125
5012 504 *50
5012 50
50
50
4934 4934 50
3212 3213 *32
*3238 33
321
/
4 .32
3214 33% 34
997
9712 99
98
997 10214 10012 103
10212 104
75
76
76
78
78
84
8234 8612 8214 85%
11512 11638 115/
11434 116
1
4 117
11632 11712 11612 1174
424 4214 4312 4312 4253 4313 4258 4312
4214 43
*8312 84
8378 837
8312 8378 8312 8312 8312 8312
381
/
4 388 39
384 392
3914 39
408
408 40
*10412 10434 10453 10458 *10412 10454 10412 1041
*10412 105
56
5612 5512 58
3 561/4
5718 577k 56
5714 55,
6612 6812 6814 7018 6812 703* 6914 71
6638 68
8734 8934 87/
1
4 89% 90
937
9134 9014 93
91
/
4 11418 11418 1141
/
4 11438 1145, 11434 11434 115 115
1141
11812 1207* 11938 1237 122 12414 12234 128 y112 11914
*103 10312 10234 103 *103 10314 10314 10322 10353 1034
•BM and asked prints; no salsa on this day. s Rs-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
I
Lowest
Highest
Shares Indus. & Mace'. (Con.) Par $ per share $ per share
II per share $ Per Mat*
16,300 Consolidated Textlle_No par
48 Feb 161
214 Aug
68 Jan 15
612 Dec
3,500 Container Corp A vot- _No par 20 Jan 31 2312 Jan 9
20 Nov 36 Apr
18,000 Class B voting
No par
9 Feb 7 1112 Jan 2
93
4 Oct 1914 Apr
13,900 Continental Baking cl ANo par 474 Jan 8 607 Jan 17
2612 Apr 534 Jan
27,700 Class B
No par
8/
1
4 Jan 8 1334 Jan 17
92 Del
334 Apr
4,000 Preferred
100 8812 Jan 2 97 Jan 16
73 Apr 9612 Jan
53,000 Continental Can Inc__No par 60 Jan 19 7013
Feb 6
53 Dec 12878 Sept
Preferred
100 12434 Jan 7 126 Feb 14 123 Jan 128 Mar
6,300 Continental Ins
10 8358 Feb 18 9412 Jan 14
75 Feb 9478 May
51,000 Continental Motong___No par
1918 Jan 2 2838 Jan
10 Mar 2012 Nov
15,300 Corn Products Refining_ 25 6853 Feb 8 917 Jan 21
3
6438 Jan 94 Nov
50 Preferred
100 14153 Feb 21 14434 Jan 19 13812 Jan 14634 Apr
30,100 Coty Inc
No par 6418 Feb 18 8214 Jan 28
8253 Dec 891 Nov
Crex Carpet
100 2238 Jan 10 30 Jan
1212 Sept 27 Nov
Crown Will Pap 1st pf_No par 997 Jan 8 10114 Jan 28
18
Jan 10514 Oct
9612
700 Crown Zellerbach
No par 22 Feb 21 253 Jan 9
2314 Dec 2634 Nov
2,200 Crucible Steel of America_100 8512 Jan 7 94 4 Jan 11
93 Feb
July
6914
100 Preferred
100 109 Jan 8 11514 Feb 18 111 Dec 121 May
7,000 Cuba Co
No par 21 Feb 20 2412 Jan 3
20
Oct 28/
1
4 May
5,100 Cuba Cane Sugar
No par
43 July
4 Feb 21
713 May
512 Jan 3
9,400 Preferred
100 1134 Feb 20 1878 Jan 3
133
4
323
Oct
8 Jail
12,300 Cuban-American Sugar
_10 1138 Feb 20 17 Jan 3
1538 Dec 2414 May
500 Preferred
100 6814 Feb 21 95 Jan 3
933
Feb
4
108
Dec
1.600 Cuban Dom'can Sug_No par
5/
1
4 Feb 19
634 Jan 2
5 Nov
Jan
12
6,000 Cudahy Packing
50 58 Feb 18 677 Jan 15
54 Jan 7814 Aug
27,700 Curtiss Aer & Mot Co_No par 141 Jan 4 17313
Feb 5
Feb 19234 May
5318
Cushman's Sons
No par 221 Jan 25 22514 Jan 15 14434 Jan 230
Oot
20 Preferred (7)
100 1204 Jan 22 124 Jan 31 114
Jan 141 Sept
Cutler-Hammer Mfg
10 60 Feb 15 6534 Jan 11
52 June 6512 Nov
1,300 Cuyamel Fruit
No par 63 Jan 3 85 Feb 5
49 July 63 Oct
22,900 Davison Chemical____No par 5818 Feb 18 6918 Jan 31
343 Feb 6834 Nov
500 Debenbarn Securities
53 3812 Jan 2 487 Jan 24
36
Oct 4914 Apr
460 Deere & Co pref
100 123 Feb 18 128 Jan 4 11513 Feb 12634 May
2,000 Detroit Edison
100 224 Jan 2 252 Feb 1 16612 Jan 22414 Dec
3.300 Devoe & Raynolds A__No par 5513 Jan 7 64% Feb 6
40 Jan 61 Apr
60 1st preferred
100 112 Jan 7 11512 Jan 15 108
Jan 120 May
380 Diamond Match
100 15414 Feb 21 16412 Jan 11 13438 Jan 172 Nov
3,100 Dome Mines, Ltd
No par
918 Jan 2 1038 Jan 9
8 June 1312 Jan
9,200 Drug Inc
No par 11534 Jan 9 12818 Feb 4
80 Mar 12018 Nov
8,400 Dunhill International_No par 6412 Feb 16 92 Jan 2
5512 Jan 9953 Nov
400 Duquesne Light 1st pref___100 4913 Jan 24 10012 Feb 19
993s Oct 11612 Mar
Durham Hosiery MIU3 B__ 50
54 Jan 14
7 Jan 14
3 Aug
812 Mal
10 Preferred
100 36 Jan 2 3714 Jan 30
3434 Oct 4612 Jan
3,900 Eastman Kodak Co____No par 181 Feb 18 19412 Feb 2 163 Feb 19414
.7111,
30 Preferred
100 126 Jan 2 I '7 .: Feb 18 12312 Aug 134 Apr
14,300 Eaton Axle & SprIng___No par 61 Jan 7 76, Fab 1
26 Jan 684 Nov
38,700 E I du Pont deINem
20 15534 Jan 22 1
, Feb 1
800 6% non-vot deb
100 11534 Jan 21 11878 Jan 8 114 July 12112 MeV
Eisenlohr & Bros
25 9578 Jan 2 1124 Jan 18
124 Jan 99 Dec
Preferred
100 9312 Jan 9 100 Jan 18
87 Nov 10013 Feb
3,300 Eitingon Schild
No par 32 Feb 18 398 Jan 10
3314 Aug 43 Nov
Preferred 64%
100 108 Feb 1 113 Jan 19 1014 Aug 1217* Nov
68,200 Electric Autolite
No par 13418 Jan 7 170 Jan 28
60 June 13618 Del
30 Preferred
100 109 Jan 2 113 Jan 16 1084 Sept 11212 Dee
Stock
8,600 Electric Boat
No par 1212 Jan 9 1534 Jan 16
834 Aug
1738 June
70,300 Electric Pow At Lt
No par 434 Jan 8 6438 Jan 30
2838 Jan 4938 Dec
Exchange
2,000 Preferred
No par 1064 Jan 2 10914 Feb 13 105 Dec 11018 Mar
260 Certificates 40% paid
12213 Jan 4 136 Feb 13 12014 Nov 12978 Apr
Closed
9,400 Elec Storage Battery___No par 82% Feb 18 92/
1
4 Feb 4
69 Feb 914 Dec
100 Elk Horn Coal Corp___No par
53 Feb 20
612 Jan 9
6 June
9 Jan
Washing2,700 Emerson-Brant class A_No par 1058 Jan 22 2212 Feb 7
54 Feb
1552 Deo
1,900 Endicott-Johnson Corp____50 747 Feb 18 83% Jan 4
7434 Dec 85 Apr
ton's
Preferred
100 121 Feb 7 1244 Feb 15 12114 Jan 12753 Del
11,300 Engineers Public Serv__No par 4812 Jan 4 6014 Jan 31
33 Feb 51 Nov
Birthday
800 Preferred
No par 90 us! 12 10412 Jan 31
9012 Dee 1024 Oct
28,3001Equitab1e Office Bidg No par 3114 Jan 4 36 Feb21
295 Oct 3384 July
2,600 Eureka Vacuum Clean_No par 4413 Feb 1 5234 Jan 3
43 Dec 79 Jan
Exchange Buffet Corp_ _No par 2214 Jan 15 23 Feb 6
1934 July 245 Oct
500 Fairbanks Morse
No par 437 Jan 8 5184 Jan 21
3212 Jan 54 Apr
70 Preferred
100 10714 Feb 16 11078 Jan 9 104 Jan 1144 May
1,200 Federal Light & 'Frac
15 8818 Jan 3 8611 Jan 29
42 Jan 71 Did
Preferred
No par 9934 Jan 17 104 Feb 6
98 Jan 109 Arw
Federal Mining & EimelVg_100 234 Jan 8 310 Feb 4 120 Apr 230 Dee
Preferred
100 100 Jan 4 10034 Jan 7
9114 Ja. 10212 Sept
2,300 Federal Motor Truck_ _No par 1818 Jan 31 223* Feb 8
1653 Aug 2573 May
3,000 Fidel Phen Fire Ins N Y
_10 95 Feb 18 106 Jan 2
7514 June 10712 Dee
10 Fifth Ave Bus
No par 1112 Feb 11 13 Jan 3
1114 Jan
lala May
4.500 Filene's Sons
No par 85 Feb 18 9734 Jan 14
200 Preferred
100 10514 Feb 21 107 Jan 23
55,500 First National Stores__No par 64 Feb 8 717 Jan 2
28 Apr 7632 Dee
27,200 Fisk Rubber
No par 1538 Jan 8 2018 Jan 23
84 Aug
1734 Jan
400 1st preferred stamped_ -100 6314 Feb 16 7212 Jan 14
5534 Oct 9112 Jan
300 1st preferred cony
100 6612 Feb 14 8212 Jan 25
54
Oct 9734 Jan
30.700 Fleischmann Co
No par 72 Feb 16 843* Jan 2
66 June 898k Oct
500 Florsheim Shoe cl A--_No par 5012 Feb 19 54 Jan 8
4914 Nov 561 Nov
400 Preferred 67
100 99 Jan 5 10218 Jan 18
981s Oct 111 1 Dee
3,000 Follansbee Bros
No par 62 Jan 18 89 Feb 1
567 Dec 6912 Dee
800 Foundation Co
No par 45 Jan 22 53 Ja1r22
1
4 Dee
363* Oct 57/
22,700 Fox Film class A
No par 8514 Feb 18 101
Jan 19
72 June 1195a Sept
10 Franklin-Simon pref
100 10834 Feb 19 110 Jan 4 10612 Dec 113 Feb
9,400 Freeport Texas Co___ _No par 4518 Feb 18 547 Jan 25
43 Oct
200 Fuller Co prior pref___No par 101 Jan 8 106 Feb 21 102 Mar 10914 Jan
10975 API
5,200 Gabriel Snubber A____No par 24 Jan 2 3378 Feb 5
15 Mar 2812 Jan
20,400 Gardner Motor
No par 15 Jan 7 25 Jan 31
714 June
1733 Dec
9,100 Gen Amer Tank Car_ _ _No par 86 Feb 16 102 Jan 9
604 Feb 101 Dec
7,800 General Asphalt
100 6632 Feb 18 8114 Jan 12
68 June 944 Ape
800 Preferred
100 10878 Feb 16 12014 Jan 12 1101
/
4 June 1414 Apt
10 General Baking pref___No par 1303* Jan 28 140 Feb 5 132
Oct 150 June
10,900 General Cable
No par 3712 Jan 9 6034 Feb 4
21 Feb 4138 Noy
17.100 Class A
No par 81 Jan 8 1197 Feb 4
56 Feb 8834 Noy
400 Preferred
100 106 Jan 11 10712 Jan 21 102
Oct 107
Oct
53,900 General Cigar Inc
No par 63 Jan 8 73 Feb 21
591
/
4 Nov
7531 Feb
20 Preferred
100 11214 Jan 5 122 Jan 24 11414 Sept 130 Mal
100,100 General Electric
No par 222 Jan 2 26238 Feb 1 124 Feb 22112 Dec
7,600 Special
10 11 Jan 3 1114 Feb 4
11 Sept 12 June
MOO General Gas dr Elec A_No par 70 Jan 7 89 Jan 23
3514 Jan 74 Noy
300 Class B
No par 76 Jan 3 10412 Jan 22
37
Jan 80 Nov
No par 121 Feb 20 135 Fob 14 121
499 Pref A (8)
Oct 144 Apt
1,080 Prof B (7)
No par 10714 Feb 1 115 Feb 15 105
Oct 11478 Ma,
Gen Ice Cream Corp__No par 104 Jan 2 1093 Feb 5
744 July 1054 Oct
3.900 General Mills
No par 83 Jan 8 891g Jan 18
79 Dec 844 Not
200 Preferred
100 9714 Feb 7 100 Jan 4
9812 Dec 10014 Dec
322,100 General Motors Corp
10 78 Jan 15 86 Jan 26
7334 Dec 90/
1
4 Nov
3,900 7% preferred
100 12434 Jan 10 12612 Jan 2 1234 Jan 12712 Apt
700 Gen Outdoor Adv A__No par 4958 Feb 6 52 Jan 2
49 Aug 587 Jar
1,100 Trust certificates____No par 32 Feb 14 36a Feb 2
2913 Aug 5238 Jar
19,700 Gen Ry Signal
No par
@FedFRASER