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VOL. 128. SATURDAY,FEBRUARY 231929. financial Thranitte PUBLISHED WEEKLY Terms of Subscription—Payable in Advance IncludingFostage— 12 Mos. 6 Mos. Within Continental United States except Alaska $10.00 $6.00 In Dominion of Canada 11.50 6.75 Other foreign countries, U. S. Possessions and territories__ 13.50 7.75 The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is $5.00 Per year each. COMPENDIUMS— MONTHLY PUBLICATIONS— PUBLIC Urnarr—(semi-annually) BANK AND QUOTATION RECORD RAILWAY & Irmusralia..—(iour a year) MONTHLY EARNINGS RECORD STATE AND MUNICIPAL—(serni-annually) Terms of Advertising Transient display matter per agate line 45 cents Contract and Card rates On request Orticeoo Orrice—In charge of Fred. H. Gray, Western Representative. 208 South La Salle Street, Telephone State 0813. LONDON Omen—Edwards & Smith, i Drapers' Gardens. London, E. 0. WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets, New York Published every Saturday morning by WILLIAM B.DA NA COMPANY. President, and Editor, Jacob Seibert; Business Manager, William D. Riggs Tress., William Dana Seibert;See., Herbert I).Seibert. Addresses of all.°Moe of Co 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