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VOL. 128.
SATURDAY,FEBUARY 9 1929.
NO. 3320.
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Published every Saturday morning by WILLIAM B.DANA COMPANY. rate by itself alone will not suffice, unless it is folpresident and Editor. Jacob Seibert; Business Manager, William 13. Riggs
Treas.. William Dana Seibert; See., Herbert D.Seibert. Addresses of all. Office of Co lowed by an advance in the London open market to
somewhere near the Bank figure. But here the imThe Financial Situation.
mediate response has been satisfactory, as short bills
/
The two important events of the week have of in the open market yesterday were up to 51 8(4)5 3/16
course been the action of the Bank of England in against 4 3/16@414 on Friday of last week, and
/
raising its discount rate a full 1%, from 4 % to three months bills were 5 3/16 against 4 5/16(g438
/
/
1
2
5 %, and the new warning issued by the Federal last week.
/
1
2
Reserve Board at Washington against the excessive
Another factor, however, to be reckoned with is
use of bank credit in Stock Exchange speculation. the course of money rates on this side. If the abOf the two events, the step taken by the Bank of sorption of bank credit in speculative channels conEngland unquestionably ranks foremost as a practi- tinues and is supported by correspondingly high
cal means of obtaining results, though the Stock rates—by this we mean the actually ruling rates
Exchange fraternity has been engaged chiefly in en- in the market here, not the rate of the Federal Redeavoring to determine the portent of the admoni- serve Bank of New York which latter is of little
tory words of the Reserve Board.
consequence since it always lags behind the market
The raising of the Bank of England's discount rate—even the marking up of the Bank of England
rate has long seemed inevitable, but though it comes rate to 5 % may prove unavailing.
/
1
2
in the nature of a foregone conclusion, it is unquesIt looks as if the Federal Reserve pronunciamento
tionably freighted with important consequences and had been timed so as to coincide with the advance in
has the merit of dealing in a decisive way with the the Bank of England rate and with the view to maksituation. On the other hand, the Reserve Board's ing the higher Bank of England rate effective. It is
utterances, though couched in somewhat stronger admitted that the Reserve Board through Gov. Norlanguage than previous similar warnings, are after man had foreknowledge of the English Bank's inall mere declaratory statements—possessing great tended advance. The purpose of the Federal Reweight by reason of the authority which the Board serve Board of course would be to bring about a
possesses and the power it wields—and remain to sharp decline in prices and thereby release large
be translated into action before they will become ef- amounts of funds now tied up in brokers' loans.
fective. It is one thing to view a situation with dis- Certainly, the Reserve Board's announcement was
favor and disapprobation, or even positive condem- given out in such way as to attract especial notice
nation—such as the unbridled speculation in the to it. There was no concealment even on Wednesstock market undoubtedly merits—and it is quite day that some kind of an announcement of a highly
another thing to decide upon measures, which in important character would he forthcoming
at the
public estimation will be deemed wise and expedi- end of the day. All the afternoon papers
carried
ent for dealing with such a situation.
news items to that effect and the announcement
The raising of the Bank of England's discount rate when it came was labeled "For release in
morning
is a practical step for meeting the requirements, papers Feb. 7 1929."—that is, on Thursday.
Being
whether it shall prove effective to that end or not. apprehensive as to the nature of
the announcement,
The Bank of England has been losing huge amounts the market was weak and depressed on
Wednesof gold, much of it latterly to New York, and was day.
confronted by the neeessity of protecting its reThe Reserve Board statement appeared in the
serves. The reason why gold engagements for ship- morning papers Thursday as designed
and when the
financial Tlaciniclt
772
FINANCIAL CHRONICLE
market opened on that day it was also known that
the Bank of England rate had been raised. As a
result of the two events combined, the stock market completely collapsed, suffering one oftheseverest
breaks in its history. The situation was not improved
by the announcement which came from the N. Y.
Reserve Bank after the close of business on Thursday that a special meeting of the directors of the
New York Reserve Bank would be held on Monday
of next week. The reason for this special meeting
was not disclosed, thereby creating new apprehension as to what might happen. In these circumstances, a further break in the market on Friday
was, of course, to be expected. If there had been a
deliberate purpose to demoralize the stock market
and bring about a release of bank credit tied up in
stock speculation, with a view to easing the money
situation here as an aid to the Bank of England
in moving up its discount rate, the steps could not
have been better planned to that end.
No exception, of course, can be taken to what the
Federal Reserve Board says in condemnation of the
excessive use of bank credit in stock speculation.
The board is absolutely correct when it declares that
"the extraordinary absorption of funds in speculative security loans which has characterized the
credit movement during the past year or more, deserves particular attention lest it become a decisive
factor working toward a still further firming of
money rates to the prejudice of the country's commercial interests." Nor does the Reserve Board put
the situation too strongly or too broadly when it
avers that "the matter is one that concerns every
section of the country and every business interest, as
an aggravation of these conditions may be expected
to have detrimental effects on business and may
impair its future."
The admonition to the member banks, it is to be
hoped, will be heeded. The board is absolutely correct when it says that "a member bank is not within
its reasonable claims for rediscount facilities at the
Federal Reserve Bank when it borrows either for the
purpose of making speculative loans, or for the purpose of maintaining speculative loans."
It is decidedly encouraging also to have the Reserve Board say that it (the Board) has "a grave
responsibility whenever there is evidence that member banks are maintaining speculative security loans
with the aid of Federal Reserve credit." There can
be no doubt about this, and the further statement
naturally follows that "when such is the case the
Federal Reserve Bank becomes either a contributing
or a sustaining factor in the current volume of speculative security credit." Every well informed
person must obviously subscribe to the Board's further statement that "this is not in harmony with the
intent of the Federal Reserve Act, nor is it conducive
to the wholesome operation of the banking and credit
system of the country." We thus see that the Reserve Board clearly recognizes its duty in the premises.
It could have been wished that the Board had
gone a step further and admitted its part in bringing about the present unfortunate situation instead
of saying that "the economic system of the country
has functioned efficiently and smoothly" and that
"among the factors which have contributed to this
result, an important place must be assigned to the
operation of our credit system and notably to the
steadying influence and moderating policies of the
[VoL. 128.
Federal Reserve system." It is almost farcical to
have the Board speak of the "steadying influence
and moderating policies of the Federal Reserve"
when these policies—these mistaken policies—have
directly provoked the situation which the Reserve
authorities are now trying to correct, and in the
presence of which they appear so helpless.
The Federal Reserve authorities certainly had full
occasion for fresh anxiety regarding the credit situation in the two statements of brokers' loans that
have come to hand the present week. The Stock Exchange statement for the month of January appeared
after the close of business on Monday and showed
that the amount of brokers' loans was close to the
/
634 billion mark, the exact total for Jan. 31 being
$6,735,164,242, an increase for the month of $295,423,731. These Stock Exchange monthly totals
have been increasing uninterruptedly month by
month since last July 31 when the total was $4,837,347,579, from which it appears that during the six
months since then, to the end of January, the addition to the amount of these loans has been no less
than $1,897,816,663. These Stock Exchange figures
are to the end of January. The Federal Reserve
Board's figures, issued on Thursday, are for almost
a week later, being for the seven days ended Wednesday night. The Federal Reserve figures are much
less comprehensive than those of the Stock Exchange, but show a further increase for this latest
week in amount of no less than $110,000,000. This
follows $116,000,000 increase the previous week,$48,000,000 increase the week before and in fact an uninterrupted increase, with one exception, in all the
weeks since Dee. 26 when the grand aggregate of
these brokers' loans was reported at $5,091,427,000.
Accordingly, there has been an expansion between
Dec. 26 and Feb. 6 in the huge sum of $578,000,000.
It is no surprise under such circumstances that
the Federal Reserve authorities should have manifested renewed anxiety as to the continued absorption of bank credit in this way. In the latest week's
further expansion of $110,000,000 to a new high total in all time, the contribution has come mainly in
the loans made for account of out-of-town banks,
which have risen from $1,853,000,000 to $1,931,000,000. The loans made by the reporting member banks
for their own account are also somewhat higher at
$1,116,000,000 Feb. 6 against $1,091,000,000 Jan. 30.
The further rise in the loans "for account of others"
has been only from $2,615,000,000 Jan. 30 to $2,621,000,000 Feb. 6. The grand total of the loans in all
the different categories according to these Federal
Reserve figures is $5,669,000,000 Feb. 6 against $3,835,000,000 a year ago on Feb. 8 1928, thus showing
an expansion for the 52 weeks in the prodigious
amount of $1,834,000,000.
The changes for the week in the returns for the
Federal Reserve banks themselves are not very noteworthy, except that they show an increase for the
week in member bank borrowings, the discount holdings of the 12 Reserve institutions having risen from
$820,634,000 Jan. 30 to $851,621,000 Feb. 6. It is
noteworthy that this increase for the 12 Reserve
Banks as a whole has come concurrently with a reduction during the week in the discohnt holdings of
the Federal Reserve Bank of New York from $212,908,000 to $195,127,000, which suggests a transfer
of borrowing from New York to the other Reserve
centers. As against the $30,987,000 increase in the
Fm.9 1929.]
FINANCIAL CHRONICLE
discout holdings of the 12 Reserve institutions, the
holdings of acceptances by the 12 Reserve Banks are
lower the present week at $410,742,000 against $435,609,000 and the holdings of U. S. Government securities are also somewhat lower at $200,089,000 against
$201,777,000. The final result is that the total of
bill and security holdings of all kinds, which represents the amount of Federal Reserve credit in use,
stands this week at $1,471,527,000 against $1,467,039,000 last week. A year ago on Feb. 8 1928 the
total of bill and security holdings was $1,229,896,000. The amount of Federal Reserve notes in circulation increased during the week from $1,645,494,000 to $1,646,308,000. Gold reserves declined
slightly, falling from $2,667,184,000 to $2,663,920,000.
The course of the stock market during the week
is pretty well indicated in what has been said above.
It fell into a state of complete demoralization on
Thursday as the combined result of the advance in
the discount rate of the Bank of England from 41 2
/%
/
to 51 270 and the action of the Federal Reserve Board
at Washington in warning the member banks anew
against undue use of bank credit to promote speculation on the Stock Exchange. The warning was really
contained in a letter addressed to the member banks
bearing date Feb. 2—that is last Saturday—though
it is not known whether this letter was actually
mailed on the date named. At all events, more or
less apprehension regarding the credit situation was
manifested all through the week and this knowledge
was reflected in the course of values on the Stock
Exchange on Monday and Tuesday, when prices
showed considerable irregularity and more or less
weakness, though with upward movements in certain stocks. On Wednesday, definite knowledge
came that the Federal Reserve Board intended to
give out an important statement bearing on the
credit situation after the close of business. Anxiety
as to the precise nature of the statement was naturally very keen and this alone was sufficient to depress the market,and to bring about a pretty general
decline in prices on that day.
The Federal Reserve announcement came at the
end of the day, but was labeled as released for publication the next day (Thursday morning). It contained the warning already referred to. Perhaps
more importance was attached to it than it was
meant to have. In its general tenor, it was a good
deal like a number of previous similar warnings,
though perhaps more emphatic in its general statement and more directly to the point. At all events,
this warning concurrently with the action of
the
Bank of England in raising its discount rate to 51 27
/ 0
and which was really the more important of the two
events, served completely to demoralize the stock
market on Thursday with the result that
prices
opened all the way from 2 to 17 points lower
than
at the close Wednesday afternoon. Confidence
for
the time being was completely undermined. After
the first hour the market rallied on extensive covering of outstanding short contracts by bear operators
and also influenced by a statement which came from
the Treasury Department at Washington. This statement appeared on the tickers and was to the
effect
that Treasury officials had expressed the
opinion
that there was really little the Federal Reserve
Board could do to curb speculation and, hence,
that
there was little to fear regarding the possible ac-
773
tion of the Board. While this had somewhat of a
softening influence, it was perhaps not as reassuring as it was intended to be, considering the immense powers possessed by the Federal Reserve
Board and the other Federal Reserve authorities.
At all events, the rally was followed by a renewed
break in the afternoon and the market ended with
many stocks close to the lowest figures of the day,
though numerous others showed more or lees recovery, but with the whole list substantially lower
than at the close on Wednesday.
Dealings all week were again of considerable volume. Last Saturday the sale§ on the New York Stock
Exchange were 2,333,400 shares; on Monday they
were 4,051,400 shares; on Tuesday 4,067,880 shares;
on Wednesday 4,680,500 shares; on Thursday 5,211,900 shares, and on Friday 4,553,250 shares. On the
New York Curb Market the transactions last Saturday aggregated 867,100 shares; on Monday they were
1,972,300 shares; on Tuesday 1,828,000 shares; on
Wednesday 1,861,600 shares; on Thursday 1,703,900 shares, and on Friday 1,377,130 shares.
A few illustrations will serve to indicate the extent of the break on the opening Thursday morning.
General Electric, which had closed at 248, opened on
sales of 11,100 shares at 231, off 17 points; Case
Threshing Machine, which had closed Wednesday afternoon at 465, opened Thursday at 450; Commercial
Solvents, which had closed at 236, opened at 226;
Johns-Manville, which had closed at 231, opened at
220; Radio Corporation of America (old stock)
which had closed at 389 opened at 375; Simmons
Co., which had closed at 1101 8 opened at 100; Amer/,
ican Can, which had closed at 116, opened at 110%;
American Tel. & Tel. which had closed at 217%,
opened at 214; Anaconda Copper, which had closed
at 12878 opened at 125%; Bethlehem Steel, which
/,
had closed at 91%,opened at 86%; Chrysler Motors,
which had closed at 111%, opened at 106% on sales
of 10,300; Consolidated Gas, which had closed at
11334, opened at 11014; General Motors (new stock)
/
which had closed at 84, opened at 81 on sales of
20,000 shares; Greene-Cananea Copper which had
closed at 179% opened at 17214; Kennecott Copper
/
which had closed at 162 opened at 15514; Interna/
tional Combustion which had closed at 93 ,opened
/
1
4
at 85 on sales of 10,700 shares.
/
1
4
Mack Truck which had closed Wednesday at 111
opened Thursday at 106; Montgomery Ward, which
had closed at 137%, opened at 132; Nash Motors,
which had closed at 112%, opened at 104; Packard
Motors which had closed at 139% opened at 135,;
Union Carbide & Carbon which had closed at 22178
/
opened at 215 ; Vanadium which had dosed at
/
1
4
115 opened at 109; U. S. Steel which had closed
/
1
4
at 18138 opened at 175%; Victor Talking Machine
/
which had closed at 154% opened at 147; Warner
Bros. Pictures which had closed at 129 opened at
121 on sales of 10,000 shares and Westinghouse
Elec. & Mfg. which had closed at 159% opened at
148 on sales of 15,100 shares. In many of these
cases, too, still lower prices than the opening prices
were recorded later in the day. Nor did the railroads escape in the general tumble. Baltimore &
Ohio which had closed Wednesday at 126 opened
Thursday at 122; Canadian Pacific which had closed
at 255% opened at 246%; Chesapeake & Ohio which
had closed at 2197 opened at 215; New York Cen/s
tral which had closed at 197% opened at 195%;
Union Pacific which had closed at 228 opened at 220.
774
FINANCIAL CHRONICLE
The announcement made by the Federal Reserve
Bank of New York after the close of business on
Thursday that a special meeting of the directors
of the New York Reserve Bank would be held on
Monday next, without specifying what was to be
considered at the meeting, was not calculated to
strengthen the stock market on Friday, nor were the
figures of brokers' loans also given out Thursday
evening, these figures, as already indicated further
above, showing a further expansion in these loans of
$110,000,000, raising the total to a new high level
in all time. Hence, stocks on Friday, though showing recovery at the opening and during part of the
morning, manifested renewed weakness in the afternoon and in this new break still lower prices were
reached in many instances than those recorded on
Thursday. As it happened, too, the banks called
loans to a very large aggregate, estimated at $40,000,000, with the result that call money touched 9%,
intensifying the depression. For the week, heavy declines are shown all around, as appears by a comparison of the closing prices yesterday with the close
on Friday of last week. General Electric closed yesterday at 233 against 256 on Friday of last week;
/
Amer. Tel. & Tel. closed at 209% against 21978; National Cash Register at 123% against 135%; Inter'l
/
Tel. & Tel. at 2081 8 against 223; Union Carbide &
Carbon at 209 against 219; Radio Corporation of
America at 352 against 402%; Montgomery Ward
& Co. at 127 against 141%; Victor Talking Machine
8;
at 145 against 1577 Wright Aeronautic at 265
against 275; Sears, Roebuck & Co. at 157% against
/
166; International Nickel at 57% against 6714; A.
at 140% against 158%; American & ForM. Byers
/
eign Power at 93% against 9478; Brooklyn Union
/
Gas at 180 against 19312; Consolidated Gas of New
/
York at 109 against 1161 8; Columbia Gas & Electric
at 143% against 155; Public Service Corporation
of N. J. at 85% against 91%; American Can at
/
/
1101 2 against 116%; Allied Chemical & Dye at 2791 4
Bearing at 75 against
against 291; Timken Roller
/
7878; Warner Bros. Pictures at 121% against 129%;
Commercial Solvents at 227 against 245%; Mack
Trucks at 108 against 109; Yellow Truck & Coach
at 367 8 against 40; National Dairy Products at
/
/
1261 8 against 137; Western Union Tel. at 190
against 205%; Westinghouse Electric & Mfg. at 148
/
against 16178; Johns-Manville at 208 against 238;
National Bellas Hess at 199% against 204; Asso/s
ciated Dry Goods at 593 against 65%; Common/
wealth Power at 11518 against 126%; Lambert Co.
/
at 131 against 132%; Texas Gulf Sulphur at 741 8
at 58% against
against 77%; and Kolster Radio
70.
In the steel group U. S. Steel closed yesterday at
173% against 187% on Friday of last week, but
/
Bethlehem Steel at 8714 against 86%;Republic Iron
& Steel at 80 against 85; and Ludlum Steel at 75
against 80%. In the motor group, General Motors
/
closed yesterday at 80% against 8278; Nash Motors
/
at 105% against 1125/s; Chrysler Corp. at 10218
/
at 8678
against 111%; Studebaker Corporation
against 95%; Packard Motor at 131% against
%;
138%; Hudson Motor Car at 84% against 891
79%. In the rub/
and Hupp Motor at 7318 against
ber group Goodyear Tire & Rubber closed yesterday
at 118 against 131 the previous Friday and B. F.
Goodrich at 91% against 100, while U. S. Rubber
/
/
closed at 49 against 5178 and the pref. at 8278
87%.
against
(VOL. 128. '
The copper stocks are also lower in most instances
notwithstanding the further advance in the price of
the metal. Anaconda Copper yesterday closed at
125% against 127 last Friday; Kennecott Copper at
15414 against 161; Greene-Cananea at 170 against
/
180%; Calumet & Hecla at 55 against 54%; Andes
Copper at 50 against 50%; Chile Copper at 91%
%;
against 92; Inspiration Copper at 50 against 483
%
/
Calumet & Arizona at 1273 against 12778; Granby
/
Consol. Copper at 881 8 against 89%; American
%;
Smelting & Rfg. at 114% against 1193 and U. S.
Smelting Rfg. & Min. at 65% against 68%. In the
oil group Atlantic Ref. closed yesterday at 5578
/
against 60% on Friday of last week; Phillips Pe8;
troleum at 38 against 397 Texas Corp. at 59%
/
against 61%; Richfield Oil at 4278 against 45;
Marland Oil at 37 against 40; Standard Oil of Ind.
at 923 against 98%; Standard Oil of N. J. at 48%
%
against 50%; Standard Oil of N. Y. at 40 against
%.
413%; and Pure Oil at 23% against 243
The railroad stocks moved lower with the rest of
the market. New York Central closed yesterday at
1903 against 202% the previous Friday. Del. &
%
Hudson closed at 193 against 204; Baltimore & Ohio
at 123 against 127%; New Haven at 89% against
97%; Union Pacific at 224 against 225%; Canadian
%
Pacific at 2463 against 264%; Atchison at 20178
/
against 206%; Southern Pacific at 133 against
/
136%; Missouri Pacific at 71 against 7478; Kansas
%
City Southern at 881 against 94%; St. Louis Southwestern at 104 against 106%; St. Louis-San Francisco at 1171 8 against 119%; Missouri-Kansas-Texas
/
%;
at 48 against 53; Rock Island at 132 against 1373
Gt. Northern at 107% against 112; Northern Pacific at 106% against 111%; and Chic. Mil. St. Paul
& Pac. pref. at 58 against 62%.
For the third consecutive month, mercantile insolvencies in the United States during January were
less numerous than a year ago. The return for the
month just closed, however, is scarcely as favorable
as that for December, while the number of business
failures was slightly less in January than the number a year ago, there was quite an increase in the
number of the larger defaults in January this year,
in consequence of which the total liabilities for that
month were very high. The records of R. G. Dun
& Co. show 2,535 mercantile defaults in the United
States in January this year with an indebtedness
of $53,877,145, against 1,943 insolvencies in December involving $40,774,160 and 2,643 defaults in January a year ago for $47,634,411. Failures in January
are usually at the high point of the year. The decrease last month from January of the preceding
year was 4.1 per cent; in December there was a decrease of slightly more than 10 per cent. The number
of insolvencies in January 1928 was exceeded in only
one preceding month, that of January 1922. For
the month just closed the number of defaults was
the third highest on record.
The decrease in the number of defaults last month,
compared with January a year ago, was wholly in
the trading class, the number, both in the manufacturing division and for that of agents and brokers
in January this year exceeding the number a year
ago. Liabilities in January this year for both the
trading and manufacturing classes were higher than
the amount shown a year ago. There were 1,769
trading failures last month involving $32,023,675 of
indebtedness. The last mentioned figure was unusu-
FEB. 9 1929.]
FINANCIAL CHRONICLE
ally high, even for Jannary. Manufacturing defaults in January this year numbered 614 for $16,689,855 of liabilities, while for the third classification, including agents and brokers, there were 152
insolvencies with total indebtedness of $5,163,613.
The January 1928 trading failures numbered 1,946
for $26,445,860; manufacturing defaults 553, owing
an aggregate amount of $14,870,665; and agents and
brokers 144 involving $6,317,886.
The improvement as to the number of failures last
month in the large trading class was quite marked.
There are 14 separate divisions in the trading section, comprising more than 80 per cent of all trading
failures, and of the 14 divisions nine show fewer
insolvencies in January this year than a year ago,
and only four an increase, there being one division
in which the number is unchanged. The notable improvement is in the classes covering dealers in clothing, in shoes, in drugs and in beverages and tobacco.
There is some reduction in the number of defaults in
January this year compared with a year ago, for the
very large grocery class and for dealers in dry goods,
though for both of these large divisions the reduction
is small; also,for dealers in hats and furs; books and
stationery and paints and oils. On the other hand
there were some increases, mainly for general stores,
dealers in hardware, jewelers and for hotels and restaurants.
As to the liabilities nine of the 14 separate classes
into which the trading section is divided show a larger amount for January this year than a year ago.
As to a number of these classes the increase was
notably heavy, hence the big losses shown for the
trading class as a whole for the month just closed,
to which reference has just been made. The 14 trading classes into which this return is separated also
show a total of more than 80 per cent of all trading
liabilities for the month. There was a very large increase last month in liabilities reported in the paint
trade, due to a large failure, although the defaults in
that line in January were fewer than they were a
year ago. Another division showing much heavier
defaulted indebtedness was for hotels and restaurants; also, for general stores; in the jewelry line,
and for dealers in hardware. The increase shown
in these divisions reflect mainly losses due to large
failures.
In the classification covering manufacturing defaults failures were more numerous than they were
a year ago in nine divisions out of the 14 leading
sections into which the January statement is separated. Only one division, however, makes a rather
unfavorable showing, namely the lumber class. There
were fewer defaults in January this year than last
year in the important iron division; also, for machinery and tools and the liabilities reported for both
these classes were purely nominal. In the large
clothing division defaults and liabilities are both
less than a year ago. Increases appear for manufacturers of furs and hats; for leather goods,
including shoes, for bakers, and in the printing
line,
but for none of these were the losses particularly
heavy. In the divisions embracing manufacturers
of
woolens and cotton goods there were no failures
in
the former and only one in cotton goods.
Attention is particularly directed to the
report
of large failures in January by the number and heavy
indebtedness shown for the trading division.
There
were 36 such trading defaults with a total of indebtedness amounting to the large sum of
$12,-
775
313,000. Only in January 1922 and 1923 has the
number reported for January this year been exceeded. Furthermore, there is no previous record
for January where the amount reported has been
as high as to the liabilities, the latter constituting
nearly 40 per cent. of the entire amount of trading
indebtedness shown for last month. The large failures for the manufacturing class, at 29, involving
$8,513,000 were practically the same as a year ago.
The total of the larger defaults for January of all
classes, that is those where the liabilities in each
instance amounted to $100,000 or more, was 76 for
$24,248,000, against 66 involving $17,190,000 in January a year ago.
European securities markets were quiet and generally cheerful in the early days of this week, while
later in the week they were, of course, dominated by
the Federal Reserve Board warning here and its effect on the New York Stock Exchange and by the 1%
increase in the Bank of England discount rate. When
the long-rumored rate increase was finally announced, Thursday, the Continental stock markets
showed more of an immediate effect than the London
Stock Exchange, although all markets became weak.
The London Stock Exchange opened the week with
upward price movements in the industrial group
and in communications and shipping stocks. Giltedged issues were quiet, with traders showing little
disposition to make commitments, as fears of higher
money rates were current. The market was again
fairly firm Tuesday, with gilt-edged securities neglected as before. International issues as a whole
advanced easily. Although the strength was still
maintained Wednesday, there was a more distinct
undercurrent of uneasiness concerning a possible
imminent rise in the British bank rate. Industrial
issues were quieter, with a few strong spots, and
scattering strength was shown in oils, tobaccos,
cables and mines. The gilt-edged list began to feel
the effects of continued selling pressure and losses
were general in this department. With the increase
in the Bank rate accomplished Thursday, the entire
market was depressed with gilt-edged securities particularly affected. The action was accepted, however, more quietly than was expected. A few industrial shares resisted the general downward trend,
but otherwise the higher bank rate had its effect all
along the line.
• In yesterday's London session, the full effect of
the Wall Street slump of Thursday was felt and the
market as a whole went to lower levels. Gilt-edged
securities and the international shares were the
chief sufferers. The decline was hastened by evidence of the serious situation in the British iron
and steel industry, which was furnished in the drastic capital reconstruction scheme of Armstrong,
Whitworth & Co., by which almost $70,000,000 of
capital was written off.
The Paris Bourse, after an uncertain opening Monday, developed a rather firm tone during the day and
general gains were registered at the close. Bank
shares made the principal advances, with oils also
strong as a group. The buying continued Tuesday
morning but profit taking on an increasing ticale
again brought a reaction so that prices closed almost unchanged. The Bourse was quiet but generally firm Wednesday. When the decision of the
Bank of England to raise its discount rate became
known Thursday morning, considerable uncertainty
776
FINANCIAL CHRONICLE
developed in the market. Selling on a wide scale
appeared, particularly in international stocks, and
losses were general. Later in the day, however, the
trend of the market changed, and in the latter half
of the day there was a decided recovery. Rentes and
domestic securities showed strength and at the closing a generally steady tone was re-established. The
Paris market was highly irregular yesterday but
with selling pressure evident throughout. The
Berlin Boerse was uneven at the opening Monday
with bank shares firm and others weak. Trading
remained within very narrow limits. In Tuesday's
session the volume of trading was again small, but
evidence was seen that foreign buying was again
becoming a factor and this encouraged the trading
element in Berlin to make commitments with the
result that leading stocks advanced. With a Cabinet
crisis appearing as a possibility, there was again
little disposition to buy stocks in Berlin Wednesday and trading was of very small proportions.
There was interest in only a few shares, but despite
the dull tone of the market, prices held fairly firm.
Berlin was more unprepared than other markets for
the news of the increase in the English discount
rate, and a general drop in quotations followed the
announcement Thursday. There was a sharp drop
when the announcement was first made and then,
after a slight recovery, the decline was resumed and
continued throughout the remainder of the session.
Apprehension was general that the New York rediscount rate also would be raised and this increased
the desire to sell. With some of the pressure lifted
yesterday the Berlin market assumed an irregular
appearance.
The first meeting of the Committee of Experts,
called by six interested Governments to arrange a
complete and definite settlement• of the German
reparation problem and thus achieve a "final liquidation of the war," will take place at the Bank of
France in Paris to-day. Subsequent meetings will
be held at the Hotel Astoria in the French capital
and the conferences are expected to continue two to
three months before the desired solution can be announced. Although the experts will be unhampered
in their deliberations by instructions from their respective Governments, their final report will, of
course, be subject to the approval of the German
Government on the one hand, and the French, British, Italian, Belgian and Japanese Governments on
the other. The task before the Committee is a truly
formidable one, not only because the reparations
problem is a highly complicated one, but also because of the bearing it may have indirectly on the
Allied war debts to the United States. It has a
direct bearing also on the matter of Rhineland evacuation. The Committee, however, as several times
reported in these columns, is composed of exceptionally able men, and no question has been raised
regarding their ability to find an acceptable solution.
Developments in regard to reparations and the
meeting of the Experts' Committee have been very
few in the past week. In Washington, Tuesday, it
was again made plain on behalf of the Administration that the reparations problem is considered an
entirely separate one from that of the war debts
owed by the former Allies to the United States Government. It was also made plain once more that
J. P. Morgan and Owen D. Young, the American
[VoL. 128.
experts sitting with the European experts, are acting in an unofficial capacity and do not represent
the American Government In Rome, Monday,
statements by Premier Benito Mussolini were published in which the Italian attitude of the inseparability of reparations and war debts was again
defined. Italy will be ready, the Premier said in
substance, to entertain any equitable proposals so
long as they do not violate the principle of Italy's
willingness to pay in war debts not one lira more
than she receives from Germany. The Reichsbank
in Berlin published its annual statement Monday,
containing a resume of the reparations problem. Dr.
Hjalmar Schacht is both President of the Reichsbank and Germany's chief delegate to the Experts'
meeting in Paris, and the report therefore attracted
great attention. The declaration is repeated in the
report that Germany until now has paid reparations
with borrowed money and the question is raised as
to how long this will be possible in the future. According to the Dawes plan, the transfers should now
be effected through the trade balance, it is pointed
out.
Plans for an economic union of European States
are entertained by Sir Austen Chamberlain, M. Ariatide Briand and Dr. Gustav Stresemann, Foreign
Ministers of Great Britain, France and Germany,
and a general conference to effect such a union probably will be called in Brussels next October, according to a London report of Feb. 3 from Edwin L.
James, special correspondent of the New York
"Times." One of the leaders in this movement is
quoted as saying: "The directing idea of this movement is to make of all Europe one economic domain
by common lowering of customs barriers, the constitution of great European producing trusts, careful study of possible outlets for this production and
a world series of industrial accords of the kind
prevailing in the United States. Such a movement
is necessary to put Europe on a footing of commercial equality with the United States." The backers of
the plan, Mr. James states, do not intend to set up
economic machinery in rivalry with the United
States, the purpose being rather "to create a European economic organization in juxtaposition to the
American economic organization, passive rather
than active so far as America is concerned, and
defensive rather than offensive."
The conference now under consideration is represented as a rebirth of the ideas of M. Briand and
Lloyd George, which resulted in the Genoa Conference, some years ago. Although little resulted from
that meeting, two of the ideas put forward remained,
it is said. One was the reconciliation of the former
enemies of the World War and the other was the
bringing of Russia into the economic corporation of
Europe. "Conciliation between the Allies and
Germany has gone through the Locarno stage, and
now the coming conference on reparations is expected to bring the former foes closer and closer
together," the dispatch adds. "And certainly it is
no secret that there has been great extension of businesi with Russia since 1922 and that the coming year
will in all likelihood show progress in that direction,
a forecast of which at this time would appear an
exaggeration. M. Briand has kept his idea in the
back of his head and believes this year is the right
year to bring it forward,especially if the reparations
negotiations are successful. It is well known in
FEB. 9 1929.]
FINANCIAL CHRONICLE
diplomatic circles that he has more than once discussed the possibilities with Sir Austen Chamberlain and Dr. Stresemann. The latter is said to have
shown himself enthusiastic and the British see only
gain in economic stabilization and the strengthening
of Continental markets."
The Kellogg Treaty for the renunciation of war
as an instrument of national policy was formally
ratified by the German Reichstag, Wednesday, by
a vote of 287 against 127, the minority being composed of the Nationalists, Fascists and Communists
in the German chamber. The bill for ratification
was presented amid a good deal of enthusiasm last
Saturday, by Dr. Gustav Stresemann, the Foreign
Minister. In a short speech urging acceptance of
the treaty, Dr. Stresemann expressed the conviction
that realization of the pact must exercise an immediate influence on international relations. "Not
only must the new peace guarantee give an effective impulse to the execution of common disarmament," he said, "but as a necessary counterpart to
the renunciation of war, ways and means calculated
to bring settlement by peaceful and just processes
to the existing and the potential frictions among
clashing national interests must be discovered." Dr.
Stresemann also pointed out, a Berlin dispatch to
the New York Herald-Tribune said, that the long
negotiations and many reservations which preceded
the ratification of the treaty, far from detracting
from its value, enhanced it by showing that the
signatories really took seriously their vow to renounce armed conflict as an instrument of national
policy. Ratification of the treaty by various other
parliaments also was foreshadowed during the past
week. A report on the bill for ratification was presented in the French Chamber of Deputies Wednesday, and a vote will be taken on the coming Wednesday. The Foreign Affairs Committee of the Polish
Diet unanimously voted for ratification on Feb. 6.
Early in the week, Premier Venizelos, of Greece,
moved a bill to bring about ratification.
Attempts by the Soviet Government, meanwhile,
to bring the pact into immediate effect among the
nations of Eastern Europe, have resulted in a 7ather
complicated diplomatic situation. The Soviet proposed at the beginning of the year that a sort of
regional application of the treaty be placed in immediate effect between Moscow and Warsaw. The
Poles, after some delay, replied that they were willing to sign jointly with the other Baltic States and
with Rumania. Moscow promptly accepted, but
some question appeared thereafter as to whether Finland and Lithuania would join in this step. Poland
indicated, dispatches said, that Latvia and Estonia
would join the circle of nations making the pact
immediately effective as among themselves, but a
misundertanding developed as to whether Warsaw
had spoken with the authority of the respective Governments. Soviet officials were apparently much
perplexed by the course the negotiations took, but
an adjustment was finally arrived at and the socalled "Litvinoff Protocol" to the Kellogg Treaty
has been prepared for signature in Moscow.
Arrangements for the stabilization of Rumanian
currency and for other measures tending to the
economic consolidation of Rumania were made in
Paris last Saturday, the plan including an
international loan of about $100,000,000 by syndicates
of
777
bankers in various countries, and the extension of
credits to the National Bank of Rumania by central banks of 14 countries. A loan agreement was
signed in the French capital on that day by Henri
Cheron,the French Minister of Finance, and Michael
Popovici, the Rumanian Minister of Finance. The
central bank credits will supplement the direct banking loan. While the total involved in these credits
has not been revealed it is said to be in proportion
to similar credits established in the case of other
countries which have been assisted back to a condition of economic and budgetary stability. The plan
of stabilization contemplates fixing the gold value
of the Rumanian leu at about 166 lei to the dollar,
approximately equivalent to the exchange rate that
has prevailed without substantial change since the
middle of 1927.
The Rumanian National Bank, which will continue to have the exclusive right of issuing currency
notes, will undertake to maintain the stability of the
leu. Changes in the Bank's statutes, amended to
conform to the plan, will require it to maintain
against all demand liabilities a minimum reserve
of 35% in gold or gold exchange, at least 5/7 of
which must be in gold. The Bank's notes will be
exchangeable for gold or gold exchange drafts. The
plan will add Rumania to the long list of European
countries that have returned to the gold standard.
The International loan arranged in Paris in connection with Rumanian stabilization is placed at
a minimum of $72,000,000 and a maximum of $102,000,000, although it is quite likely, according to a
Paris dispatch to the New York "Times," that
Rumania will use the full credit before her economic plans are carried out. "Considerable importance, political and economic, is attached to the issuance of the credit," the "Times" dispatch said.
"The Rumanian Peasant Party, which recently assumed power, has high hopes of re-establishing the
nation among the financially and economically
sound States of Europe." Approximately one-sixth
of the international banking loan is to be floated in
the United States, the Paris report to the New York
"Times" said.
Revolutionary movements in Spain, which were
officially reported definitely suppressed last week,
again broke out early this week in the city of Valencia, according to numerous dispatches f r om
French frontier points. Paris journals were said
to have information to this effect which had eluded
the Spanish censorship at a dozen different points.
The revolt of the previous Tuesday had gained real
headway only in Ciudad Real, about 100 miles south
of lIa.drid, and was promptly put down by loyal
troops. A simultaneous uprising had been planned
for Valencia and other cities, according to reports,
but the plans apparently miscarried, owing to a mishap to former Premier Sanchez Guerra, who was the
reputed leader of the movement. Notwithstanding a
strict censorship and regulations imposed on the
Spanish press which required reservation of onesixteenth of each newspaper for governmental communications, and "editorials" for the direction of
public opinion, the press was described as increasingly antagonistic to the dictatorship of de Rivera.
Some papers made it plain in spite of the censorship
that they favored the revolting parties rather than
the Government, the Paris reports said. Premier
de Rivera, however, appeared to be but little con-
778
FINANCIAL CHRONICLE
cerned. He stated last Sunday that the situation in
Valencia is not causing,the Government any undue
alarm, and later issued a note saying: "The loyalty
of the garrison at Valencia is excellent and the
forces on duty are obeying the Government's orders.
This faithfulness is believed to be a correct interpretation of the general feeling. It is deemed best that
the public be completely informed of all developments so as to thoroughly understand the situation.
At present, however, the Government has nothing
more to say." By Tuesday, official reports indicated
that Valencia had been completely pacified. Aroused
by the "exaggerated" reports of the situation, Premier de Rivera announced Wednesday an offer of
$5,000 reward to "any one who can name a single
person killed or wounded in the recent uprising."
There were no strikes or demonstrations anywhere
and no more than 50 arrests, the Premier said.
Premier Sverhla, of Czechoslovakia, who has been
ill for more than a year, resigned his post late on
Feb. 1, and in his place Minister of War Udrzal was
appointed President of the Council. M. Sverhla's
resignation had been expected for some time as the
nature of his illness made attendance to his duties
an uncertain matter. Intimations had been conveyed
to him on several occasions that a change would
be welcome. President Masaryk made the announcement of Premier Sverhla's resignation and
at the same time appointed M. Udrzal to preside
over the Cabinet. For the present, the new Premier
will continue to hold the office of Minister of War.
"The form of, the appointment makes clear," a
Prague dispatch to the New York "Times" said,
"that M. Masaryk is anxious to avoid the resignation of the entire Cabinet. M. Masaryk also obviously wants to keep the place open in order to allow
M. Sverhla to resume office in the unlikely event
of his restoration to health." M. Udrzal, the new
Premier, was said to be considered generally a rather
"colorless" person of moderate views.
Agreement between the Holy See and the Italian
State for settlement of the long pending Roman
question was formally announced in Rome Thursday morning by Cardinal Gasparri, the Papal Secretary of State. There have been fairly definite
indications throughout the past month that such a
settlement was about to be concluded. The diplomatic body accredited to the Vatican was summoned
by the Cardinal two days ago, and they were briefly
informed that a two-fold treaty had been negotiated
between Italy and the Vatican. After the meeting
of the diplomats in the State apartment at the Vatican, Cardinal Gasparri was received by Pope Pius,
who expressed keen pleasure over the conclusion of
the accord. The Pope had previously informed all
nuncios, internuncios and apostolic delegates that
complete agreement had been reached and it was
also made clear that the treaty will be signed Monday at the Lateran Palace. On that occasion, Cardinal Gasparri will represent the Pope and Premier
Mussolini will sign on behalf of King Victor Emmanuel. The signatures will end an estrangement between the Vatican and the Italian State which began in 1870 with the investment of Rome by the
troops of King Victor Emmanuel 1 of Italy, and
the subsequent self-imposed imprisonment of the
Pope at the Vatican. Elaborate churchly ceremonies
are planned for Feb. 12 in honor of the anniversary
[VOL. 128.
of the coronation of Pope Pius and in celebration
of the new accord.
The new treaty regulates in its first part the question of conciliation between the Church and State,
a question that has been of grave import since the
loss of temporal power in 1870. The second part is
in three sections which stipulate what the future
relations shall be between the Holy See and Italy.
The terms of the settlement provide for only a very
small rectification of the present boundaries of the
Apostolic palaces, according to Associated Press
dispatches from Rome. The Pope is said to have refused any enlargement of his territory to include the
Villa Doria. The new Papal State will include a
plot of ground on the southeastern side of the Vatican as far as the colonnade of St. Peter. St. Peter's
Square and both colonnades will be given to the Holy
See, but the Italian Government will be entrusted
with their upkeep. The Vatican has the right to ask
that Sr. Peter's Square be closed to the public whenever it so desires. The official name of the new territory will be the "Vatican City," or the "Vatican
State." The Pope will have the right to erect his
own railway station, telegraph, telephone, postal
and wireless stations. He will be entitled to have
an aviation field and will enjoy the right to coin
money, issue banknotes, print postage stamps and
exercise other prerogatives of sovereignty. Special
privileges and immunities are also to be granted several other Papal structures in Rome and in some
other Italian cities.
In consideration of the Pope's renunciation of any
important enlargement of his territory, the Italian
Government authorized an increase in the amount of
the indemnity to be paid to the Holy See to 2,000,000,000 lire (about $105,000,000). Half of this
amount is to be paid immediately in cash or bonds
of the Italian Government, while the other half will
be paid in yearly installments plus interest. The
Italian States on its part has made an important
concession, binding itself to secure enforcement of
the Roman Catholic Canon law throughout Italy.
This is regarded as a notable victory, as the Popes
during the entire period of the Vatican temporal
power, 1,116 years, tried to have canon law accepted
by the Governments which ruled Italy. The canon
law, codification of which was completed only in
1917, contains 2,414 canons, or rules, regulating
faith, morals, conduct and discipline of church members. Cardinal Gasparri is considered the greatest
living authority on these statutes, which have been
prescribed or propounded to Catholics by ecclesiastical authority since the Church's beginnings.
Prolonged conferences in Shanghai between Chinese anl Japanese negotiators gave some indication
Tuesday, that the long-standing difficulties centering around the Tsinanfu incident of May 1928, and
other less important questions, may finally be settled. Dr. C. T. Wang, the Chinese Foreign Minister, and Kenkichi Yoshizawa, the Japanese Minister
to China, conferred virtually all night from Monday to Tuesday, and although the Chinese officials
were reticent about the results, the Japanese gave
out optimistic views. Documents based on a new
agreement were being prepared and would be submitted to the negotiators' respective Governments
for approval, Mr. Yoshizawa said. Only after the
proposed agreement had been accepted as a basis
by both Governments, could regular negotiations be-
FEB. 9 1929.]
FINANCIAL CHRONICLE
gin, according to a dispatch to the New York "Herald Tribune" from Thomas F. Millard, Shanghai
correspondent of that journal. The conditions
agreed upon, it is indicated, include (1) the setting
by Japan of an early date for withdrawal of her
troops from Shantung and restoration of China's authority at Tsinanfu; (2) adjustment of damages on
both sides by a special Chinese-Japanese commission; (3) ignoring of the question of responsibility
for starting the Tsinanfu fighting and the question
of apologies. In the meantime announcement has
been made by Great Britain of the transfer of the
counselor of her legation, Basil C. Newton, from
Peking to the new Nationalist capital at Nanking.
This, with other indications, is seen as presaging a
general movement of the powers to transfer at least
part of their diplomatic staffs to the seat of the new
Government. The new tariff schedules prepared
by
the Nanking regime went into effect on Feb. 1, apparently ;without a hitch, and China has thus
at
length achieved tariff autonomy. Attempts are being made, dispatches say, to abolish the pernicious
likin, or internal transport taxes. Such a step
would be difficult because of the strength of the
war lords who impose them, and strong doubt is
expressed in the reports of the ability of the Nanking Nationalist Government to accomplish it.
Mexican agrarian bonds will be redeemed in the
future by purchase on behalf of the Government
on
the Mexico City stock exchange, instead of the
previous system of canceling them by lot, according to
a
Mexico City dispatch of Feb. 5 to the New York
"Times." A decree to this effect has been issued
by
the Federal Government, the dispatch declar
ed."One
of the most satisfactory features of recent Mexic
an
finance," the report said, "has been the punctu
al
payment of interest on bonds issued to landowners,
and it is thought that the improved state of affair
s
has been largely due to the co-operation between Ambassador Morrow and Finance Minister Luis Montes
de Oca. Ambassador Morrow has always been disinclined to discuss the agrarian question publicly,
but it has long been an open secret that much of his
time here has been devoted to the question of payment to the owners of land expropriated for communal grants." Although no official declarations
have been made, the correspondent states that
the
present situation sums up about as follows:
"The
government through the Banco de Mexico or a
national bank of issue, will take up outstanding
bonds
as they are placed on the market, thus makin
g it unnecessary for the owners to await drawings,
and
what is considered vital in the proposal is that
it will
place the owners in a position to use their
securities
as negotiable instruments."
The Bank of England, as stated above,
raised its
rate of discount from 432% to 53/2%. Otherwise
there
have been no changes this week in the
rediscount
rates of any of European central Banks.
Rates continue at 63/2% in Germany and Austria;6%
in Italy;
5/% in Norway;5% in Denmark;41 %
A in Madrid,
Holland and Sweden; 4% in Belgium, and
332% in
France and Switzerland. London open
market discounts for short bills are now up to 5%@5
3-16%
against 4 3-16@)43.
1% on Friday of last week, and
5 3-16% for three months bills, against 4 5-16%
the
previous Friday. Money on call in London
was OM
on Thursday and 4% yesterday. At Paris open mar-
779
ket discounts remain at 3 7-16% but in Switzerland
there has been a reduction from 33.
4% to 3 3-16%.
The Bank of England shows this week a further
decrease in gold holdings of £3,060,683 reducing the
total to £149,917,446. Note circulation increased
£1,875,000 and this with the loss in gold caused a
decrease in reserves of £4,935,000. The most important change was of course the increase in the
Bank's discount rate to 53/2% in an effort to check
the gold outflow. Public deposits dropped to £8,351,000. "Other deposits," comprised of "Bankers'
Accounts" which increased £10,280,000 and "Other
Accounts" which decreased £859,000, now aggregate
£105,503,000 or £9,431,000 more than last week.
Government securities increased £4,885,000. "Discounts and Advances" and "Securities both showed
decreases, the former £943,000, and the latter
£418,000 bringing "Other Securities" are down to
£24,242,000. The proportion of reserve to liabilities
now stands at 46.0%, against 49.73% last week, but
compares with 37.32% last year. We furnish below
the statement in detail for the past five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1926.
1925.
Feb. 7.
Feb. 8.
Feb. 9.
Feb. 10.
Feb. 11.
Circulation
b357,519,000 135,270,000 136,969.655 141,092.0
00 124,847,910
Public deposits
8,351,000 15,353,000 14,720,210 17,887.17
5 9.559.278
Other deposits
105,503,000 97,305.000 105,625,176 108,813,1
05 115,081.190
Bankers' accounts 68,500,000
Other accounts._ _ 37,003,000
Govt. securities.— 55,386,000 35,577.000 29,872,691
43,947,247 45.819,540
'Other securities
24,242,000 53,197,000 75467,988 77,686,14
7 75.480.483
Disc't & advances 8,714,000
Securities
15,528,000
Reserve notes & coin 52,398,000 42,044,000 32,969,620
23,214,776 23.479,419
Coin and bui1ion.'_a149,917,446 157,565,100 150,189,275
144.556.755 128,577,329
Proportion of reserve
to liabilities
46%
37.32%
27.39%
19Iiii%
1871%
Bank rate
554%
454%
5%
5%
4%
a Includes, beginning with April 29 1925.
527,000,000 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 geld 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 builkm
held up to that time In redemption account of currency
note Issue.
The Bank of France in its statement for the first
week of February reports an increase in note circulation of 1,714,000,000 francs, increasing the total
to 63,866,971,710 francs, as against 62,152,515,8
05
francs the previous week and 62,442,515,805 francs
two weeks ago. On the other hand, creditor curren
t
accounts decreased 1,792,000,000 francs and curren
t
accounts and deposits 1,496,000,000 francs.
Due
to an increase of 9,000,000 francs during the week,
gold holdings now aggregate 34,004,022,078 francs
.
Credit balances abroad rose 647,000,000 francs
and
advances against securities 141,000,000 francs,
while
French commercial bills discounted dropped
881,000,000 francs and bills bought abroad
561,000,000
francs. Below we furnish a comparison of the
various items of the Bank's return for the past
three
weeks:
BANK OF FRANCE'S COMPARATIVE
STATEMENT.
Chances
&GS= as of
for Week.
Feb. 2 1929. Jan. 26 1929.
Jan. 19 1929.
Francs.
Francs.
Francs,
Praxes.
Gold holdings_ _ _Inc. 9,000,000 34,004,022,078
33.995,440,752 33,98.3.468.096
Credit bats. abr'd_Inc. 647,000,000 12,435,795,647
11,789,204,454 11,936.687.899
French commercial
bills discounted_Dec. 881,000,000 2,552,008,658
3,431,878,829 3,886,678,829
Bills bought abr'd_Dec. 561,000,000 18,071.354,108
Adv. agt. securs__1nc. 141,000,000 2,338,936,015 18,625,366,872 18.609.361.872
2,197.766,460 2,243,766.460
Note circulation_Inc.1,714,000,000 63,866,97
1,710 62,152,515,805 62.442.51
5.805
Cred. curr.accts_Dec.1,792,000,000 18,414,387.500
20,206,915,407 19,069.915.
407
Cur.accts.& dep_Dec.1,496,000,000 5,658,443,655
7,154,566,909 6,341,566,909
In its statement for the week ending Jan. 31,
the
Bank of Germany reports an increase in circula
tion
of 644,637,000 marks, raising the total to
4,453,882,000, marks, as against 4,197,185,000 marks last
year and 3,409,616,000 marks, the year before
.
780
Other daily maturing obligations dropped 360,212,000 marks, while other liabilities rose 2,160,000
marks. On the asset side of the account gold and
bullion increased 6,000 marks, bills of exchange and
checks 234,627,000 marks, advances 61,156,000
marks, investments 11,000 marks and other assets
39,988,000 marks. Reserve in foreign currency
dropped 11,258,000 marks, silver and other coins
15,587,000 marks notes on other German Banks
22,358,000 marks, while deposits abroad remained
unchanged. Below we furnish a comparison of the
various items of the banks return for the past three
years:
COMPARATIVE STATEMENT.
REICHSBANK'S
Changesfor
Jan. 31 1929.
Week.
Retch:marks.
Reichrmarks.
Assets—
6.000 2,729,182,000
Inc.
Gold and bullion
85,626,000
Of which depos'abed. Unchanged
00
Res've in for'n curr_ _Dec. 11,258,000 152,217,0
00 2,018,730,000
Bills of exch.& checks.Inc. 234,627,0
00
Silver and other coin_ -Dec. 15,587,000 131,478,0
8,277,000
Notes on oth.Ger. bks.Dec. 22,358,000
Inc. 61,156,000 101,854,000
Advances
93,356,000
11,000
Inc.
Investments
Inc. 39,988,000 482,355,000
Other assets
LtabUttics—
,000
Notes in circulation—Inc. 644,637,000 4,453,882
00
0th. daily mat. obllg _Dec.360,212,000 422,929,0
188,361,000
Inc. 2,160,000
Other liabilities
Jan.31 1928.
Reichsmark:.
1,865,284,000
83,532,000
296,005,000
2,372,850,000
71,300,000
6,937,000
91,246.000
93,271,000
591,113,000
new loans were put through at 6%. On Thursday
all loans were at 6% but on Friday after renewals
had been effected at 6%, there was an advance to
9%. For time loans rates have ruled throughout
the week at 732% for 30 days and at 73.2%@7%%
per annum for all other dates from 60 days to six
months. The commercial paper market continues
unchanged. Names of choice character maturing in
four to six months remain quoted at 53/2%, with a
few names of exceptional character selling at 5%%.
For names less well known the figure is 5%%. New
England mill paper sells at 53/2@5%%.
Jan. 31 1927
Reichsmark:.
1,834,661,000
128,420,000
421,082,000
1,415,035,000
126,810,000
6.565,000
81.618,000
88,884.000
570,194.000
4,197,185,000 3,409,616.000
497,777,000 574,566.000
281,403,000 200,794,000
Call money in the New York Market showed a
distinctly firm tendency early this week, with some
relaxation the middle of the week as the credit situation gradually loomed larger and larger and loans
began to be repaid. In yesterday's final session,
tension was again in evidence and rates advanced to
the highest levels reached during the week. From
a renewal rate of 7% for call loans Monday, accomdation was advanced on the Stock ExcAange to 8%
after banks had withdrawn about $20,000,000. Funds
began to flow into the market when this figure was
reached, and the quotation dropped to 73/2% in the
outside trading. On the Stock Exchange call money
was 7% all of Tuesday, but outside loans were fixed
hand
as low as 6%. With a good supply of money on
the Stock Exchange rate declined from
Wednesday,
the.
to
7%' 6%, while funds which overflowed into
official
outside market were offered at 53/2%. The
posted
rate was 6% all of Thursday, but the banks
and this was rewithdrawals of about $30,000,000,
e market,
flected in a hardening tendency in the outsid
led early in the day. In
where a 53/2% rate had prevai
at
yesterday's official market the rate was again 6%
awals by the banks of $40,the opening, but withdr
ce in the
000,000 caused stringency and a rapid advan
9%.
demand loan figure to
stock
Two compilations of brokers' loans against
were made public this week, and
and bond collateral
both again showed new record totals. The monthly
tabulation of the New York Stock Exchange, issued
of $295,Monday, showed an increase for December
the Federal Re423,731. The.weekly compilation of
g
serve Bank of New York, issued Thursday evenin
night, registered an
for the week ended Wednesday
increase of $110,000,000. Although further heavy
engagements of gold for shipment from London to
New York were announced early this week, the actual
movement of gold for the week ,ended Wednesday
consisted of imports of $1,149,000, of which $1,000,000 came from Canada, and exports of $152,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, renewals on Mon8%.
day were at 7%, but with the rate for new loans
7%,including renewals.
On Tuesday all loans were at
at 7%,
On Wednesday with the renewal rate still
[you 128.
FINANCIAL CHRONICLE
The market for banks' and bankers' acceptances
has again been 'very much unsettled. With the
Federal Reserve Banks reducing their holdings of
acceptances the tendency of rates has been upward,
and one leading dealer actually advanced his rates
yesterday afternoon %of 1% for all dates of maturity.
In the official rate of the American Acceptance
Council no change has yet been made, and the
posted rates of the Council yesterday continued
%
to be quoted at 5% bid and 4 8 asked for bills runbid and 5% asked for bills
ning 30 days, 5%%
running 60 and 90 days, 53.% bid and 5% asked
/% bid and 54% asked for 150
for 120 days, and 53
-days. The Acceptance Council no longer
and 180
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
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Bid. Asked.
534
534
554
534
—120 Days—
Bid. Asked.
5
554
Prime eligible bills
—90 Days—
Bid. Asked.
5
554
—60 Days—
Bid. Asked.
5
534
—30 Days—
Bid. Asked
434
5
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
534 bid
534 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
E BANKS ON ALL CLASSES
DISCOUNT RATES OF FEDERAL RESERV
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in
Effect an
Feb. 8.
5
5
5
5
5
5
5
5
43'4
414
44
Of
Date
Establtshed.
Pret4OUS
Rate.
July 19 1928
July 13 1928
July 20 1928
Aug. 11028
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
May 7 1028
June 2 1928
434
434
434
454
434
434
434
454
4
4
4
4
Sterling exchange, while somewhat dull in actual
volume of transactions, played a most conspicuous
part in the financial markets this week. Quotations
moved up sharply on Wednesday and Thursday.
On Thursday sterling cables opened at a new high for
the year at 4.85%. The range this week has been
from 4.84% to 4.85 9-16 for bankers' sight, com5
pared with 4.84 13-32 to 4.84% last week. The
transfers has been from 4.84 11-16 to
range for cable
4.85 13-16, compared with 4.84 25-32 to 4.85 the
previous week. Unquestionably the event of most
outstanding importance in financial circles was the
increase on Thursday in the rediscount rate of the
The Bank
Bank of England from 43/2% to 5
of England rate had been at 4M% since April 211927.
The higher quotations which prevail for sterling and
FEB. 9 1929.]
FINANCIAL CHRONICLE
most of the Continentals are due undoubtedly to this
increase in the British bank rate. This is the first
time that the rediscount rate of the Bank of England
A
has been at 51 % since July 21 1921, when it was
reduced to that figure from 6%. The "Wall Street
Journal" said in commenting on the marking up of
the London rate on Thursday: "There can be no
mistaking the meaning of increase in Bank of England
rate to 53'%, from 4%%. It is an act of defense
directed against the New York money market, with
its abnormally stiff money rates in the midst of a
world of generally, easing monetary tendencies. And
the cause for this abnormal situation here is solely
the demands of the security markets. As a result of
high money rates at this center an undue, and unseasonable,influence has been exerted against sterling,
culminating in the recent heavy imports of gold.
Bank of England can not afford to lose gold at this
time, following the amalgamation of the note issues
in England, when it is necessary that the bank should
maintain intact its gold reserves. The minimum
gold reserve regarded as necessary to carry the increased currency liability was established unofficially
at £150,000,000. In the past two weeks a total of
£4,000,000 has been withdrawn from Bank of England, reducing its gold reserve below £150,000,000.
Wall Street is naturally interested as to whether the
Federal Reserve Banks will now raise their rates. It
is recognized in Federal Reserve circles, and also
among bankers, that the speculative activity is the
main reason for the excessive money rates prevailing.
Hence, action of the Bank of England directors may
be of itself sufficient to rectify the abnormal credit
conditions."
The higher sterling rate precludes the possibility
of any further gold shipments from London to New
York for the time being. While the Federal Reserve
Bank of New York reports no movement of gold
from London to this side this week, $15,700,000
gold has been angaged for New York account and
was on the water when the Federal Reserve Bank
made its official report on Feb. 7. Approximately
$3,000,000 of this shipment was accounted for here
last week. The present movement brings the total
to $28,750,000 in three weeks. Banking circles
seem quite confident that this will be the end of
the movement and of course the increase in the
Bank of England rate is calculated to confirm this
view. This week the Bank of England shows a loss
in gold holdings of £3,060,680. On Saturday last
the Bank of England sold £1,717 in gold bars. On
Monday it sold £12,069 in gold bars. On Tuesday
the Bank sold £1,008,268 in gold bars. On Wednesday a London dispatch stated that market circles
reported that the British Overseas Bank was shipping
to New York on the steamship Paris £500,000 gold
and another financial house £750,000, all of which
was taken from the Bank of England. On Wednesday
the Bank sold £1,791,883 in gold bars and released
£250,000 in sovereigns from earmark. On Thursday
the Bank of England bought £1,479,000 in gold
bars and sold £20,552 in gold bars. Of the $15,700,000 gold due to arrive the Irving Trust Co. is
receiving $5,000,000; Dillon, Read & Co.,$1,000,000;
Central Union Trust Co., $1,500,000; New York
Trust Co., $2,000,000; Goldman, Sachs & Co.,
$2,500,000, and Brown Brothers & Co., $3,750,000.
At the Port of New York the gold movement for
the week Jan. 31—Feb. 6 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
781
of imports of $1,149,000, of which $1,000,000 came '
from Canada and $149,000 chiefly from Latin
America. Gold exports consisted of $152,000, of
which $52,000 was shipped to Germany and $100,000
to Venezuela. The Federal Reserve Bank reported
no change in gold earmarked for foreign account.
Canadian exchange continued at a discount through-out the week, Montreal funds ruling on average at
% of 1% discount. As frequently stated here, the
discount on Montreal funds at this time is due
largely to the transfer of Canadian funds to New
York security markets.
Referring to day-to-day rates, sterling on Saturday
last gave firmness. Bankers' sight was 4.84%@
4.84; cable transfers, 4.84 11-16@4.84 27-32. On
Monday the market was steady. The range was
4.84 7-16@4.843/ for bankers' sight and 4.84 13-16®
2
4.847 for cable transfers. On Tuesday the market
4
was dull with a firm undertone. Bankers' sight was
4.84 7-16@4.843/;cable transfers 4.84 13-16@4.84%.
2
On Wednesday sterling advanced sharply. The range
was 4.843'@4.84 13-16 for bankers' sight and
4.84 15-16@4.85 3-16 for cable transfers. On Thursday the advance continued. The range was 4.853'®
4.858 i for bankers' sight and 4.85 9-16@4.8578 for
/
/
cable transfers. On Friday sterling was a trifle easier
at 4.85 1-16@4.85 9-16 for bankers' sight and 4.851 2
/
@4.85 13-16 for cable transfers. Closing quotations
on Friday were 4.853/g for demand and 4.853' for
cable transfers. Commercial sight bills finished at
4.85; 60-day bills at 4.80%;90-day bills at 4.78 9-16;
documents for payment (60 days) at 4.80%i, and
seven-day grain bills at 4.84%. Cotton and grain
for payment closed at 4.85.
The Continental exchanges have been irregular,
although not all units reflected immediately the
change in the sterling rate. Berlin marks were off.
French francs and Antwerp belgas firmed up slightly.
The rise in the Bank of England rate is not expected
to affect conditions in France materially and it is believed that the Bank of France will not follow suit.
Money is abundant in Paris and the demand in Germany for both credit and gold have been so much reduced that the French authorities feel no anxiety in
that quarter. It is possible that further funds may
be attracted to London on account of the higher rate,
as they have been attracted to the United States and
to Germany, but the French have the funds to spare.
German marks, following the tendency of recent
weeks, have been weak. The money market continues to show an easier tone in Berlin, and although for
the past few weeks a further reduction in the Reichsbank's rate of rediscount has been considered a possibility, a lowering of the rate now appears uncertain
in view of the changed situation in Great Britain.
The credit situation in Germany has improved to
such an extent, however, that President Schacht of
The Reichsbank has seen fit to urge German interests
to cut down external loans of every description as far
as practicable. As already stated earlier in this article, the central banks of fourteen countries, including the Federal Reserve banks, have arranged to place
at the disposal of the National Bank of Rumania
credits which, supplementing receipts from the forthcoming $100,000,000 direct banking loan, are calculated to be sufficient to stabilize currency and exchange in Rumania. The plan of stabilization contemplates fixing the gold value of the Rumanian leu
at about 166 lei to the dollar, which is approximately
782
equivalent to the exchange rate which has prevailed
without substantial change since the middle of 1927.
The Rumania National Bank will be required to
maintain a reserve of 35% gold or gold exchange
against demand liabilities. At least 5-7ths of the
reserve must be in gold.
The London check rate on Paris closed at 124.31
on Friday of this week, against 124.09 on Friday of
last week. In New York sight bills on the French
centre finished at 3.90 7-16, against 3.903/ a week
ago; cable transfer at 3.90 11-16, against 3.90%,
and commercial sight bills at 3.903g, against 3.903..
Antwerp belgas finished at 13.903/ for checks and
at 13.913 for cable transfers, as against 13.89 and
13.89% on Friday of last week. Final quotations for
Berlin marks were 23.723. for checks and 23.733. for
cable transfers, in comparison with 25.733/ and
23.743/i a week earlier. Italian lire closed at 5.233
for bankers' sight bills and at 5.233/ for cable transfers, as against 5.233 and 5.233/. Austrian schil2
lings closed at 14.07 on Friday of this week, against
14.07 on Friday of last week. Exchange of Czechoslovakia finished at 2.96 3-16, against 2.963i; on
Bucharest at 0.603, against 0.603; on Poland at
11.25, against 11.25, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29 for checks and
1.291 for cable transfers against 1.29 and 1.293/
4
2
The exchanges on the countries neutral during the
war have been dull. The Swiss and Scandinavian
units moved up in response to the improvement in
the sterling quotation, but guilders and Spanish
pesetas are weak. The weakness in guilders may be
attributed entirely to the shifting of surplus funds
from the Holland centers to Germany and England
and to some extent to the United States, because of
the more attractive returns.
The Netherlands
Bank seems not to have been taking gold from other
centers to any extent in recent months. Early in
the year by royal decree the legal minimum ratio
of gold cover of the notes issued by the Netherlands
Bank was raised from 20% to the pre-war figure of
40%. As a result the surplus gold of the Bank has
declined considerably, so that a renewal of Dutch
demand for gold is a possibility. London advices
on this situation are to the effect that the increase
in the legal ratio is decidedly a retrograde step and
one that is contrary to the tendency toward a more
scientific monetary system. One London authority
said that since the gold standard has worked satisfactorily in Holland during the last four years notwithstanding the low legal ratio, and as there is no
shadow of doubt of the stability of the Dutch currency, there was no need to re-assure public opinion
by raising the ratio to 40%. The change is criticized
further as a bad precedent which is likely to be
followed by other central banks and may easily
contribute still further to increase the abnormal
demand for gold. The sharp drop in Spanish pesetas
is due entirely to the untoward political events in
Spain.
Bankers' sight on Amsterdam finished on Friday
at 40.033, against 40.033/ on Friday of last week;
2
cable transfers at 40.053, against 40.053/2, and
commercial sight bills at 40.00, against 40.00. Swiss
2
francs closed at 19.233/ for bankers' sight bills and
19.243/ for cable transfers, in comparison with
2
at
19.223 and 19.233 a week earlier. Copenhagen
checks finished at 26.683/i and cable transfers at
%
26.70, against 26.653 and 26.663 . Checks on
[voL. 128.
FINANCIAL CHRONICLE
Sweden closed at 26.743/i and cable transfers at
2
26.76, against 26.71 and 26.723/, while checks on
Norway finished at 26.673/2 and cable transfers at
26.69, against 26.64 and 26.653/ Spanish pesetas
2
.
closed at 15.69 for checks and 15.70 for cable transfers, which compares with 15.97 and 15.98 a week
earlier.
The South American exchanges have been inactive. Exchange on Buenos Aires has been particularly quiet. The immediate prospect for the
peso appears to point to better quotations, as economic conditions are progressing rapidly in Argentina
and merchants are looking forward to an export
season of exceptional volume. Brazilian exchange
is lower, and there is a widespread disposition to
complain about business in Rio de Janeiro and
other centres. Argentine paper pesos closed on
Friday at 42.21 for checks, as compared with 42.16,
and at 42.27 for cable transfers, against 42.22.
Brazilian milreis finished at 11.91 for checks and
11.94 for cable transfers, against 11.94 and 11.97.
Chilean exchange closed at 12 1-16 for checks and
A
at 121 for cable transfers, against 12 1-16 and 121 ,
%
and Peru at 4.00 for checks and 4.01 for cable transfers, against 4.00 and 4.01.
The Far Eastern exchanges have been quiet.
Japanese yen have ruled fractionally firmer, doubtless because of the fact that less anxiety is felt over
the Chino-Japanese situation. Advicesfrom Shanghai
during the week stated that conferences between
C. T. Wang, Chinese Foreign Minister and K. Yoshizawa, Japanese Minister to China, had a successful outcome and the prospects for settlement of differences between the two countries had improved
greatly. The silver currencies are quoted lower, but
this is due to a slightly lower average price for silver
rather than to any other causes. Closing quotations
for yen checks yesterday were 45 7-16(4)45%, against
455@45 7-16 on Friday of last week. Hong Kong
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
FEB. 2 1929 TO FEB. 8 1929. INCLUSIVE.
Country and M,
Unit.
Noon Buying Rate for Cable Transfers to Note York.
Value in United States Money.
Feb. 2.
EUROPE$
Austria. schilling -----140555
.138919
Belgium. belga
.007180
Bulgaria, lev
Czechoslovakia, kron .029591
266605
Denmark, krone
England, pound ate
4.847825
ling
.025161
Finland, markka
.039065
France, franc
Germany,reichemark_ .237306
.012909
Greece, drachma
.400447
Holland, guilder
.174296
Hungary, Pengo
.052332
Italy, lira
266445
Norway, krone
.111925
Poland.zloty
.043310
Portugal, escudo
.006017
Rumania.leu
.158995
Spain, peeeta
.267216
Sweden,krona
Switzerland, franc__ - .192294
Yugoslavia, dinar-. .017573
ASIAChina651250
Cheloo tael
.643125
Hankow tact
.627857
Shang tael
663333
Tientsin tadl
Hong Kong dollar- .495625
Mexican dollar_ ___ .453000
Tientsin or Pelyang
.454166
dollar
.450416
Yuan dollar
India, rupee
363765
.452284
Japan, yen
Singspore(S.S.)dollar_ .558958
NORTH AMER.997343
Canada, dollar
.999875
Cuba, peso
.485833
Mexico, peso
Newfoundland, dollar .994812
SOUTH AMER.--1
Argentina, peso(gold) .958056
Brazil, milrels
119433
120684
Chile. peso
1.026761
Uruguay, peso
I 970900
Colombia, peso
Feb. 4.
Feb. 5.
$
.140533
.138924
.007197
.029593
.286598
$
.140571
.138923
.007220
.029950
.266580
Feb. 6.
Feb.?.
.848059
.025168
.039066
.237320
.012916
.400496
.174271
.052323
.266478
.111931
.044120
.006025
.154015
.267230
.192294
.017575
4.848007
.025162
.039064
.237332
.012906
.400532
.174221
.052315
.266452
.111950
.044140
.006030
.155804
.267275
.192297
.017575
4.850299
.025170
.039070
.237401
.012907
.400577
.174337
.052332
.266472
.111925
.044190
.006034
.158611
.267288
.192316
.017571
4.856184
.025175
.039091
.237364
.012915
.400629
.174281
.052359
.266806
.111975
.044155
.006030
.156221
.267463
.192496
.017572
4.858264
.025168
.039076
.237307
.012917
.400582
.174312
.052353
.288902
.111875
.044120
.006025
.156810
.267525
.192438
.017571
.650833
.642500
.627232
.654583
.494642
.451500
.647916
.641562
.625714
.660000
.492678
.452500
.647500
.640625
.625510
.660208
.494232
.450750
.648958
.641093
.624642
.661458
.491875
.450500
.645000
.638125
.623214
.657083
.490803
.450000
.452500
.448333
.363742
.452800
.558958
.452916
.449583
.363631
.456018
.558791
.452500
.447916
.363492
.454365
.558791
.452916
.448333
.363335
.455471
.558958
.453333
.447916
.365507
.455406
.558791
.907395
.999875
.486833
.995000
.997473
1.000242
.486166
.994812
Feb. 8.
$
$
$
.140558 .140580 .140806
.138942 .139098 .139128
.007200 .007235 .007199
.029591 .029593 .029589
.266581 .266847 .266925
.997491 .997693 .998212
1.000307 1.000307 1.000120
.486166 .486166 .485333
.994875 .995267 .9915495
.957944 .958376 .958398 .958639
.119418 .119377 .119278 .119266
.120728 .120637 .120614 .120653
1.026761 1.026761 1.026761 1.027181
.970900 .970900 .970900 .970900
.958722
.119202
.120544
1.026601
.970900
FEB. 9 1929.]
FINANCIAL CHRONICLE
closed at 49.15@)49%,against 49.70@493'; Shanghai
1
/
at 623g@,62,% against 62%@,63%; Manila at 50%,
3
against 49%; Singapore at 563'(4)56 5-16, against
563@56 5-16; Bombay at 36M, against 36%, and
Calcutta at 36 2, against 36/.
783
1930. Any of the vessels which is not built in the
fiscal years ending June 30 1929 or 1930 "may be
undertaken in the succeeding fiscal year." The construetion of the vessels, including their equipment,
is to be carried on as far as possible in the government navy yards, naval gun factories, naval ordOwing to a marked disinclination on the part of nance plants or arsenals. The construction provided
two or three leading institutions among the New for is to be subject to the limitations imposed by
York Clearing House banks to keep up compiling the Washington Treaty of August 17 1923, limiting
the figures for us, we find ourselves obliged to dis- naval armaments, as long as that treaty remains in
continue the publication of the table we have been force, and it may be suspended in whole or in part
by the President in the event of the conclusion of an
giving for so many years showing the shipments and
international agreement for the further limitation
receipts of currency to and from the interior.
of naval armament.
As the Sub-Treasury was taken over by the FedThe prediction that the House would approve the
eral Reserve Bank on Dec.6 1920,it is also no longer action of the Senate was fully borne out when, on
possible to show the effect of Government operations Thursday, the amended bill was accepted by the
in the Clearing House institutions. The Federal House without a record vote, and sent to the PresiReserve Bank of New York was creditor at the Clear- dent. Mr. Coolidge, as is well known, has been outspoken in his opposition to the time limit contained
ing House each day as follows:
in the bill, but it seems unlikely that he will go to
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
the length of interposing his veto, especially in view
AT CLEARING HOUSE.
of the very large majorities recorded in the two
Saturday. Monday. Tueaday, Wedneed'y. Thursday. Friday.
Segregate
houses. If approval is not delayed, there will be
Feb. 2.
Feb. 4.
Feb. 5.
Feb. 6.
Feb. 7.
Feb. 8.
for Week.
time for Congress to provide the initial appropria8
150.000,000 no.etu.00 136,000.000 145,000400 121400.000 141.000000 Cr. 123.000,61.
tion to begin construction, estimated at about
Note.—The foregoing heavy credits reflect the huge mass of checks which
come $12,000,000, before the end of the present session.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing The total cost of the three-year program will be
HOUSIC institutions, as only the items payable in New York City are represented
the daily balances. The largo volume of checks on Institutions located outside in about $274,000,000.
New York are not accounted for In arriving at these balances, as such checks of
do
Public interest in the cruiser bill centres mainly
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.
about three points. The first and most immediate
significance of the measure is the policy of adequate
The following table indicates the amount of bul- national defense which it embodies. The rapid exlion in the principal European banks:
pansion of American commerce, together with the
world-wide financial, business and personal interFeb.7 1929.
Feb. 9 1928
Banks of—
ests which commerce entails, call for a navy comGold.
Silver.
l'oial.
Gold.
Silver.
Total.
mensurate in size and quality with the interests to
Z
Z
Z
.0
Z
England.- 149,917,446i
149,917,446 157,565,100
1.57,565,100 be protected. Merely as a matter of police, or of
France a__ 272,032,177
d
272,032,177 221,753,269 13,717,023235,470,292
,956,30
b1129. 86.3001 c994,600130,950,900 94,331,000 0094,600 95,325,600 efficient aid in accident or disaster, the United
9
Spain
1102,377,0001 28.293.000130.670.000 104,258,000 27.810,000 132,168.000
Italy
54.638,000 46,978,000 3,961.000
I 54,638,000
Neth'0and 36,211,000 1,876,000 38.087,000 36,100,000 2,400,000 50,669,000 States needs a larger and better navy than it now
38,500,000
Nat. Belg_ 25,714,
1,270,000 26,984,000 21,200,000 1,243,000 22,443,000
Switsland 19,284,0000 1.822,000 21,106,000 18,047,000 2,491,000 20,538,000 has, and it is toward the provision of such a navy
13,096.000 12,991.000
Sweden_
13.096,000,
12,991,000
bill takes the first step. With these
Denmark 10,112.000I
491,000 10,603,000 10,112.000
611,000 10,723,000 that the cruiser
Norway .._ 8,159,000
8.159,000 8.180,000
8.180,000 ordinary peace-time duties goes the legitimate necesTotal week 821,496,923 34.746,620856,243,523731,515.369 52,957,623 84,772.992
Prey. week 821,568.452 34,55.8,600856.127.052724.374.792 52,775.623777,150,420 sity for defense against possible aggression. For•These are the gold holdings of the Bank of France as reported in the new
tunately for the United States, it is at peace with
of statement. b Gold holdings of the Bank of Germany are exclusive of gold form
held
abreact, the amount of which the present year Is £2481300. c As of Oct. 7
1924. all the world, and the ratification of the Paris Pact
d Silver le now reported at only a trifling sum.
looks forward to a time when war as an instrument
shall have been renounced, and
The Cruiser Bill and the Freedom of the Seas. of national policy
arbitration or good offices substituted for force in
The amended cruiser bill which the Senate, by a
the settlement of international disputes; but until
vote of 68 to 12, passed on Tuesday was passed by
the Pact of Paris shall have been generally accepted
the House of Representatives on March 17, 1928, by
and its spirit as well as its letter consistently apa vote of 322 to 13. The most important amendment plied,
the United States, like every other naval
added by the Senate is contained in Section 5 of the Power, justified in safeguarding its
is
future by an
bill, which prnvides "that the Congress favors a adequate provision of naval defense. Only
a heated
treaty or treaties with all the principal maritime imagination can see in the new
naval program a
nations regulating the conduct of belligerents and
menace to world peace, or a covert intimation that
neutrals in war at sea, including the inviolability
the physical power of America is to be made a. domiof private property thereon," and "that such treaties
nating factor in world affairs. The temper of the
be negotiated, if practically possible, prior to the American people does not run
along such lines.
meeting of the conference on the limitation of armaThe second interest of the new program concerns
ments in 1931." The remainder of the bill auits bearing upon the much-discussed question of an
thorizes the President to undertake, prior to July 1 international agreement for
the limitation of naval
1931, the construction of fifteen light cruisers and armament. The debates
which this issue has inone aircraft carrier. Five of the cruisers are to be
spired have centered largely upon the question of
built during each of the fiscal years ending June naval parity, and it was because
of inability to agree
30 1929, 1930 and 1931, at a cost, including armor
upon a working scheme of parity for vessels not
and armament, of not exceeding $17,000,000 each, covered by the Washington
agreement that the
while the aircraft carrier, the total cost of which is
Geneva Conference broke down. The express provilimited to $19,000,000, is to be built prior to June 30
sion of the cruiser bill that the new construction
784
FINANCIAL CHRONICLE
authorized shall be subject to the limitations prescribed by the Washington Treaty makes it clear
that, as long as that treaty remains in force, the
United States does not intend to depart from the
5-5-3 ratio as between the United States, Great
Britain and Japan which the treaty established. As
a matter of fact, however, the United States has
not until now made any important attempt to attain the naval parity with Great Britain which the
Washington Treaty set up, nor does the cruiser bill
go very far in that direction. The new construction
for which the bill provides will do little more than to
replace antiquated cruisers with new and modern
ones, and while the new navy will obviously be more
effective than the present one, it will still fall considerably short of parity with the navy of Great
Britain.
Whether, on the other hand, now that the United
States is preparing to modernize and strengthen its
fleet for defensive purposes only, Great Britain will
be more disposed than it was at the Geneva Conference to join in some practical plan of armament
limitation, is a question the answer to which ought
to be forthcoming before long. Premier Baldwin,
while supporting the action of the British representative at Geneva, has let it be known all along
that American naval building did not necessarily
mean increased building by Great Britain, and that
in any case an armament race between the two
Powers was not to be thought of. On the other hand,
W. C. Bridgeman, First Lord of the Admiralty, told
the House of Commons on Thursday night that the
building of the two cruisers whose construction has
been delayed from last year would go on. All things
considered, however, itseems probable thatthe United
States, if another disarmament conference were held,
would find itself in a stronger position than it held
when the Geneva Conference was convened. It has
made clear its attitude toward aggressive war by the
Kellogg pact. Its new cruisers and aircraft carrier,
while they will not put the American navy on a par
with that of Great Britain, will have brought parity
somewhat nearer. As parity of naval strength is,
after all, more or less of a theoretical matter, involving complicated comparisons of armament and tonnage, difficult to realize in practice, and liable to
dislocation at any time by the retirement of old vessels as well as by construction of new ones, it is
entirely possible that Mr. Hoover, upon whom the
summoning of a new conference would devolve, may
be able to give the whole subject of naval limitation
a different turn, leaving each of the interested Powers free to meet in its own way its proper needs of
naval defense, while at the same time eliminating
the danger of competitive building.
The question of the freedom of the seas presents
many and serious difficulties, and it is not clear that
Congress has advanced a solution of the problem by
incorporating in the cruiser bill a provision which,
to some extent, seems to prejudge the issue in advance of the treaties which Congress wishes to see
made. Neutrality, of course, presupposes belligerency. There are no neutrals except when there is a
war. The obligations of neutrality, while well
enough defined in a general way, are subject to many
modifications and exceptions according to the nature of the war. Moreover, since the World War we
have the Covenant of the League of Nations with its
provisions for sanctions, and the Locarno treaties,
and now the Kellogg pact. What Senator Borah and
[Vor.. 128.
Senator Reed, whose ideas are represented by Section 5 of the cruiser bill, appear to desire is the complete inviolability of private property at sea in time
of war. It is doubtful if so sweeping a guaranty
would or could be conceded by the great naval
Powers, and history shows only too abundantly how
imperfect is such guaranty as we now have when
national existence is felt to be at stake. What will
have to be done, apparently, is to examine anew the
whole subject of neutrality in the light of the new
obligations which the nations have assumed, and to
secure as complete protection as possible for private property which is not obviously useful for war
purposes. When such guaranties shall have been
embodied in treaties, it will be for defensive navies,
such as the United States is now contemplating, to
make the treaties effective against any aggressor
nation that seeks to infringe them.
It would be well for the United States if the passage of the cruiser bill could be followed by a subsidence of extreme demands for a "big navy" on the
one hand, and equally extreme denunciation of "militarism" and "preparedness" on the other. Such
provision of naval defense as the United States proposes is in no proper sense a preparation for war.
The proper measure of defense is the magnitude and
character of the national interests to be safeguarded.
The United States is committed to the development
of a merchant marine for the furtherance of American trade. Its commerce extends throughout the
world, and in the natural course of things its commerce will grow. Its investments are international
as well as national, and the money which it has sent
abroad has been used for the development of an economic life which in turn increases American commerce. It is right and proper that the American
navy, distributed about the globe wherever American interests are found, should be raised to a point
of efficiency commensurate with the dignity of the
nation, and the honorable duties of protection which
a nation is bound to perform. That, and that alone,
as we understand it, is the purpose of the new naval
program.
The British Commonwealth.
The final steps in the creation of the British
Commonwealth taken in the closing years of the
decade following the war create an event in the history of modern Constitutional Government to which
the only parallel is the creation of the American
Union a century and a half ago. Standing out as
equally unique, both will have permanent places in
history. Differing as they do, each opens a new
epoch in Constitutional Government. America rests
on a written Constitution, carefully regarded, the
basis of its legislation, and subject to amendment
or change only by specific act and general consent.
The original States uniting in the compact and all
which have subsequently become members have surrendered their independence to the extent of forming a nation of which they are organic parts of an indissoluble whole.
Britain has no written Constitution and has
moved on an entirely different line, no less unique
and no less significant. Indeed, it is so important
that a detailed account of its process of rapid formation under the pressure of recent events constitutes the substance of a book on "The Conduct of
British Empire Foreign Relations Since the Peace
Settlement," by so high an authority as Professor
FEB. 9 1929.]
FINANCIAL CHRONICLE
785
Arnold J. Toynbee of London University; pubReturning to South Africa after the meeting of
lished by the Oxford Univ. Press.
the Inter-Imperial Relations Committee in London
It was quickly discovered that Britain's foreign in 1926 to which we have referred, General Hertzog,
relations were intelligible enough when considered the Prime Minister, who had opposed
the union
by themselves, but were in the way of being deeply with Britain said that he no longer feared
the Emaffected by changes going on within the British pire. There was no question any longer of
dominaEmpire. The Dominions within the Empire were tion or superiority over the Dominions.
Each was
beginning to concern themselves with these matters, now free to follow its own will. "He
could feel love
and the co-ordination of all these parts in the inter- and respect for Great Britain as the country
which
nal relations of the Empire was the immediate task. through free institutions and a common
sense use
The British Empire was but a single state in rela- of them, had brought the younger nations
to being as
tion to foreign countries, only one among some 58 free as the Motherland and at the same
time standindependent states existing then in the world. But ing in the closest tie of affection." He said
further,
this single state covered from one-sixth to one-fifth referring to the London Conference, "No one
need
of the habitable area of the earth, and contained bother in the future about South Africa breaking
from one-fifth to one-fourth of the earth's popula- away from the Empire. The old Empire
no longer
tion. It extended to all regions with examples of existed. What remained was a free
alliance of Engall races and all civilizations, so that it had every land and the six Dominions, co-operating as
friends
variety of problem and of task. It was in fact a and, so to speak, forming their own
League of Nacomplete sample of 'contemporary human society. tions. When they spoke of the
Empire to-day, it
Moreover, while the danger to Britain, if involved meant the name given to seven
Free States, all freely
in Continental complications was greater than ever co-operating in so far as they wanted
to do so, and
before because of modern warfare with great guns, so long as they wanted to do
so. The Englishmen
submarines and airplanes, her constituent units need not fear that they would
say farewell to the
were remote, and in part at least the best secured Empire, because it was in their
interests not to do
countries anywhere. Canada indeed had just re- so."
minded herself that she "lived in a fireproof house;"
At that Conference decisions were reached only by
and this, while altogether advantageous for her, was a unanimous vote, reached through
conference. No
not disadvantageous to the British Empire, but was excluding definitions were introduce
d. "The Britnevertheless a possible source of embarrassment to ish Commonwealth of Nations was
established withthe British Empire. The good of all was closely in the British Empire which, considere
d as a whole,
connected with the responsibilities of each.
in virtue of the decision had become a political orConsequently, at the Imperial Conference in Lon- ganization that defied classification
and bore no
don in 1926, When it was stated that in the conduct real resemblance to any other."
The Committee,
of foreign affairs as in the sphere of defense the summing up the result, said:"This free
and informal
major share of responsibility must rest with His Commonwealth of Nations—to
Americans a stumMajesty's Government in Great Britain, it was bling block, to Europeansfolly—wasthe
maturefruit
added that the Government sought no paramount of British statesmanship, ripened by
the cumulative
control over the conduct of the whole common weal. experience of many generations." With
good show
So far from this, the British people sought to de- of reason, the contrast is pointed out between
the
volve upon as many as possible of the other com- conduct of the British statesmen who
before the
munities of the Empire, at the fastest possible rate, American War of Independence was well over, had
the greatest possible measure of self government learned their lesson, and the statesmen of the Emwith all its implications. This in its fulness could pires of the Hohenzollern, Hapsburg, and Romanoff
not be applied at the time to certain states like dynasties before the outbreak of the war of 1914-18.
Egypt and India, for which these measures are an "These were driven helpless to shipwreck
on a lee"earnest of the future." On the other hand, those shore, while the British Empire re-rigged in
time
communities within the Empire having "Dominion successfully, rode the storm."
Status" have received a plenitude of self-governThe British change was made, however, after the
ment not to be found elsewhere except in indepen- usual British manner, just in time, by the
piecemeal
dent states, while they remain integral parts of an evolution of the Commonwealth out of the
Empire
Empire which is still a unitary state in interna- assured of development, but not unduly
pressed fortional law.
ward in a world changing so fast that some of its
This "Dominion Status" is perhaps to be de- political developments were
unprecedented. The
scribed as a new "variation"—a mutation in the poli- changes which had taken place may be
noted as foltical life of manhood. It has been accompanied, lows: First, and fundamental was the
fact that the
says Prof. Toynbee, by "the evolution, within the international system to which the British
Empire bechrysalis of the British Empire, of a wholly new longed had ceased to be a European
system with
creature, the British Commonwealth of Self-Govern- overseas appendages, had become a
world-wide sysing Nations," and justifies the bold assertion in tem in which Europe no longer retained
a predomin1926 when it included Ireland, India, Canada, South ance. The great Empires had disappear
ed. Those
Africa, Australia and New Zealand, that it bore no that may possibly reappear will be
very different
real resemblance to any other political organization and in a different world. Europe is
in a measure
which then existed or had ever been tried. The sanc- exhausted, and the scene has shifted
on the great
tion to which each Dominion is subject is internal stage. The State of affairs in Europe
will probably
and not external. There is reason to believe that continue for many years. But, as
General Smuts
"no Government, party or national element in any said at the Imperial Conference in
1921, the probDominion could propose secession without splitting lems of the Pacific are
the coming world problems,
the country to such an extent as to imperil the na- and the vital question is: Will it be a
future of peacetional unity of that Dominion itself."
ful co-operation of friendly co-ordination of all the
786
FINANCIAL CHRONICLE
[VoL. 128.
berries suitable for the transmigratory birds which
flew over Florida twice a year in their flight from
the frozen north to Cuba and the West Indies, where
thousands of birds lost their lives from exhaustion
on their long migration. The verdure to be planted
grew in the swamps and lowlands of Florida, and
the miracle to be performed was to transplant this
verdure from its moist habitation to dry, high
ground.” (The natural elevation at this point is
324 feet above sea level.)
The planting now begun, it was decided that it
should be of large specimens: blue berries and gall
berries shoulder high, and magnolia, gordonia, suriname cherries, and live-oak trees from ten to forty
feet high. . . . When success was demonstrated,
the experiment of transplanting flowering trees and
shrubs was entered on, and thousands of dogwood,
wild plum, acacia, and current were transferred.
A lower color effect was attempted by the planting
of 8,000 azalea shrubs and groups of iris and lily."
To-day the sanctuary is complete so far as its planting is concerned, and its visitors are amazed at a
scene which looks more like a planting fifteen years
old. "Two lakes were dug and added, and from their
banks the impression is conveyed that they have always been there, whereas one is four years old and
the other a little over a year. In these ponds teal
ducks, the colorful wood ducks, and the only flamingoes in the United States live and add an interest
to the water. A wonderful panorama of a forty-mile
view which gives the visitor the impression that he is
in hilly Vermont rather than in flat Florida was
made accessible to the visitor by the change from a
sharp sandy declivity to a filled-in plateau more
than an acre in extent, covered with a grass base
suggesting the perfect lawn of a private rbsidence,
with live-oaks picturesquely planted at different
points."
"The mammoth pine-trees were used and transformed into flanking sentinels for beautiful vistas
of long distance views toward the Gulf of Mexico
and the Atlantic Ocean; soft, shaded grass-covered
A Sanctuary and Singing Tower.
walks abound and lead to every part of the sancEdward W.Bok,former editor of the Ladies Home tuary; the colors of the azaleas enliven every path;
Journal, and a prominent stockholder in the the unusual and superb song of the nightingale, imCurtis Publications, has created in the State of Flor- ported from England, and nowhere else to be heard
ida a sylvan retreat that will long be a wonder and in the United States, is heard in the paths adjacent
a delight to the American people. President Cool- to the aviary; while the myriads of birds who have
idge last week brought it to the attention of the quickly found the haven where they could rest, bathe
whole country by taking such a prominent part in in the fifty or more shallow bird-baths provided, and
the dedicating exercises. In the February Scrib- eat the millions of berries offered as their food, fill
ner's, Mr. Bok, writing before the President's visit, the air with song. It is nothing unusual to hear the
outlined the enterprise at length. We quote some mocking-bird, the thrush, the robin, the Kentucky
excerpts from the article, as follows: "On Friday, cardinal, the bob-white, the blue jay, the towhee, the
the 1st day of February, the President of the United warblers, all singing and whistling in concert, proStates will journey, unless public business inter- rlucing a combination of note and song entrancing
feres, from Washington to Mountain Lake, Florida in its effect. . . . In short, the miracle, which
to dedicate and present, for visitation, to the Ame so many discouraged at the outset, of transforming
jean people, lilt. most beautiful spot of verdure in th.: a hill of sand to the most beautiful spot of its area
United States, which five years ago was a dreary in America has been accomplished, and fills the visisand hill devoid of growth and beauty." Mr. Bok tor with amazement and admiration."
Mr. Bok, endeared to his splendid philanthropy,
describes minutely the processes of tran,formation
under the direction of Frederick Law Olmsted, the as well he may be, writes enthusiastically of the
noted landscape architect: "A natural sanctuary it "other half" of his undertaking, the singing tower.
was to be, beautiful but reposeful and full of the. Mr. Milton Medary of Philadelphia was commisspirit of a quiet, lovely place. . . . After a year sioned to design one the equal of that at Mantles,
of providing irrigation [water it was early seen must Belgium. W. can only indicate some .of its princibe the talisman f success] the landscape gardener pal features. Standing on reinforced concrete piles,
began to plani This planting was to be, in charac- it rises to a height of 205 feet from its foundation
lines
ter, Floridian and largely to consist of bushes with base of 51 feet, "changing its form by graceful
vast interests at stake? Of the three great powers
with world-wide interests that emerged from the
war, Britain was the only one that had any footing
in Europe; Soviet Russia having shifted, in contrast
to the former Russian Empire, and America having
remained wholly non-European. In response to this
change Britain created the New Commonwealth.
The second change is that the world had become
a one and indivisible field of international action.
This was enforced in a special and effective manner
by the great advance made in means of intercommunication, the telegram and the airplane, and the
obvious possibility and necessity of frequent Imperial Conferences in London.
The third important change is the ferment which
the leaven of Western civilization is producing in
all mankind. The body of ideas which was generated by the evolution of responsible parliamentary
government in Great Britain and her daughter countries is pressing in all lands. In all those daughter
countries these ideas were working great change
which appeared both in their home conditions and
soon where they compelled recognition, in their connection with the mother country. Experiment began in all. The problems were many; the original
Dominion states with new institutions; Ireland and
India with self-government; mixed populations
everywhere needing adjustment or possible fusing.
These combined to make the all-embracing Commonwealth the new creation it is.
The fourth change is that in the world to which
Britain must adjust herself. Wars within limited
areas have passed away, giving place to universal
war as the only war possible. Outlawry of war
has been hitherto enforced by certain great superstates. But violence had reached an end, and the
demand now is for that community of men everywhere which shall abolish all war. To this end the
New British Commonwealth is a contribution substantiated already in Prof. Toynbee's book in interesting detail.
FEB. 9 1929.]
FINANCIAL CHRONICLE
787
at the point of 150 feet until it becomes octagonal, fornia, many years ago, John
McLaran, the landmeasuring 37 feet at the top."/Its 8 windows are scape architect of the Panama
Pacific International
of Gothic lace pattern worked in faience, each win- Exposition, transformed a shifting
sand dune frontdow of a height of 35 feet, behind which are sus- ing the Pacific into Golden
Gate Park, one of the
pended the bells/The first structure was of steel most beautiful parks in the
country, a paradise of
construction to the top, then a brick wall beginning tropical growths. A much
larger area than "The
at the base 4 feet 4 inches thick, and finally as the Sanctuary," it has no "singing
tower," and though
outer covering, a layer of the most beautiful pink luxurious in its bloom and
beauty, it has no special
marble from the Georgia marble quarries, with the appeal to bird life, no magic
of pervading sound.
base up to 150 feet of native Florida coquina rock—
These "improvements" show what may be done
tan in its color—the same as was used by the Span- with our waste places by
putting water on sand.
iards in the old fort at St. Augustine./It is the per- But this is the utilitarian
lesson and the least of the
fect blend of these mixtures of stone that gives the thought !n the mind
of the creator of "The Sanctower its soft and unbelievable tone of beauty, par- tuary." The America
n people need to cultivate beauticularly at sunrise when the rising orb bathes the ty for
beauty's sake; they need to rest and think for
pink marble and brings out its marvellous tone. The the soul's
sake, and Mr. Bok has afforded the opsame is true in the ruby glow of the setting sun.... portunit
y to those who travel, ad how many, many
Every travelled visitor who sees it now, in its com- now travel
in their own conveyances for a part of
pleted state, is immediately reminded of the Taj Ma- the year!
The lesson must spread far and wide.
hal, in India, and unhesitatingly ranks it with that No garish amuseme
nt is here. No passion for pleasworld-renowned tomb, both in its whole and its de- ure. Commun
ion with nature leads upward and ontail of stone and its wealth of sculpture." Just an- ward
other excerp and we finish our lengthy quotations
Public works of this character continue to live
reluctantly. 'Alt.. Bok answers thi question: Why long
after their donors have passed away. And
th e name "The Sinng Tower"? "This definition
Singing
though this is still privately owned, its benefit accomes from the Netherlands, and 18 the traditional
crues to the people perpetually, it has, and can have,
name of a carrillon tower. From early mediaeval no
other object than to teach its silent lesson of
times, in the Netherlands, Belgium, and the north of christen
ing in the all too violent turmoil of an overFrance, watchtowers were erected from which senbusy world, Do the birds know their benefactor?
tinels could see the flooding of the dikes or the comNot in the sense of an appreciation of the aesthetic
ing of invaders. In such a crisis the blowing
of a feeling which prompted this "Sanctuary." But the
horn by the watcher would summon the people
to influence of this tribute toward a regard for the
t lie threatened danger. . . . Gradually a bell
re- sacredness of all life, we may hope, will spread to
placed the horn. Then clocks were introduced
into the confines of our nation.
i the towers, and bells were struck to mark the passA rare combination of art and nature reveals the
ing of the hours. More bells were added; then
secondary creative power of man and his necessary
chimes, on which simple tunes were played at
the humility in the presence of the divine power that
quarter hours, and more fully before the big bell
fashioned the universes and placed the no'e of joy
struck the hour. Slowly through the succeeding cenin "the throat of the tiniest songbird." And for
turies still more bells were added, until in the sevenwhat do we all labor, in season and out, to pile up
teenth century that majestic instrument, the cariltreasure as best we may,save that there may be more
lon, was evolved. . . . These towers were of
of truth, goodness and beauty in the world, either
great national importance in the community life,
directly from our own hands, as circumstances will
calling their people to war, to peace, to prayer, to
permit, or through the love we bear to others that
work,and to feast. As each country saw its national
are near and dear to us, that they, in their turn and
history reflected in the architecture of the tower, as
time, may make the earth more beautiful, more quiet
well as in the music of the bells, both became
a and restful, with the serene joy of a gentle peace?
single unit to its folk and known as a 'singing tower.'
May we congratulate Mr. Bok upon a happy idea
When you hear the carillon at the sanctuary send
carried to a noble end?
' out its glorious melodies from the tower's
heights,
/
you lose the idea of the tower as just a building,
or
The Visit of Gov. Norman of the Bank of
of the bells as bells. Instead, you feel the whole
unit
England—Federal Reserve Bank Policy.
alive, a wonderful singing force, the noblest
expres[Editorial in the New York Journal of Commerce Feb. 8 1929.]
sion of democratic music, a true singing tower."
The Governor of the Bank of England, Mr. Montagu
The purpose of it all? Simply to preach the
gospel Norman, has been spending some time in the United States.
and influence of beauty reaching out to
visitors Part of his visit has been passed in New York, and part
' through tree, shrub, flowers, birds, superb
architec- in Washington. He has consulted with financiers and
financial authorities in both places, but particula
ture, the music of bells, and the sylvan setting.
And the Federal Reserve Bank in New York and the rly with
Federal
\ a restful, quiet, beautiful spot where visitors
may Reserve Board. This is the latest of a series of annual
feel, as the sign at the entrance declares by an
ex- visits, and it is well known to everyone who is interested
tract from John Burroughs: "I come here to
find hat upon these visits the question of British-American
; myself. It is ao easy to get lost in the world."
banking policy has been discussed. Secretary of the TreasI
ury Mellon in his current report gives
Mr. Bok is renowned for many other philant 1
I
ro- banking policy that was thus decided the reason for the
upon, admits that it
pies, but in this he has combined so many ideas
of was a failure, and recognizes the character of the existing
charm, rest, tenderness, beauty and helpfuln
ess that situation.
it constitutes a notable event in the history of
Mr. Norman is an able, upstanding and highly respected
our
advance, and the President did well in assistin
g in banker of the old English school. As head of the Bank of
the dedication. On the prosaic side we are at
England he exercises a magisterial influence which is not
the paralleled
by any similar potentate in any other
beginning of the conservation of our desert
areas; and to which unfortunately our Reserve system country,
and its
that they literally "blossom as the rose." In Caliofficials have never approached. He is welcome in the
l
788
FINANCIAL CHRONICLE
United States at all times, and his views upon American
conditions should be carefully and thoughtfully received
and considered. If, moreover, there is anything the United
States or its banking system can more properly do to sustain
Great Britain in her courageous monetary policy, and in
the maintenance of her gold standard, that should be done.
The Federal Reserve system, however, is not an overseas extension of the British banking system, nor is the
Bank of England what an enthusiastic after-dinner speaker
In this city not long ago described as being the 13th in the
series of Federal Reserve Banks. The United States has
its own banking interests, and its problems of self-preservation to consider. It cannot for a moment think favorably
of maintaining an unduly easy or relaxed condition of credit
in this country in order to permit the maintenance of an
unduly low bank rate in England. Neither can it, except
within very moderate limits, properly undertake to peg
exchanges, and to prevent the flow of gold from one country to another. Great Britain is not a financial vassal of
the United States, nor is this country a vassal of England.
Whatever is done on the whole subject should be thoroughly
made known to the financial community in general. The
policy of secrecy and backstairs negotiations which has
prevailed for several years past has worn itself out. It
should not be resorted to any further. Secretiveness which
to the English public seems natural in banking, seems to
ours suspicious and dangerous. The Reserve system was
organized on a basis of reasonable publicity. It should
continue en that foundation.
There is grave difference of opinion among groups of
financiers in England as to the wisdom of the policy which
the particular faction of which Mr. Norman Is the head, has
been advocating. A growing group of business men in
Great Britain believes that the pegging of sterling to dollars has resulted in giving to the American exporter a
very decided advantage over the British exporter in neutral niarkets; owing to the fact that at the present time,
on a general level of prices assumed to be the same in both
countries, mass production and shipments in large units
gives our producer a relatively great advantage in price
competition abroad. It would have been better, according
to this point of view, had Great Britain allowed herself to
work back to a lower general price level.
These are difficult questions of economic and financial
theory. It is not necessary to pass upon them to form the
conclusion that the United States surely ought not in any
circumstances to allow itself to take sides and to be used
for the purpose of promoting the views for interests of one
group or another in a foreign country. Those who oppose
Mr. Norman in England have the same right to object to
our support of him that those who oppose the recent policies
of the Reserve Board in this country have to object to his
participation in American affairs. In neither country does
wise or conservative opinion unanimously sanction the
agreements that have been entered into, or the use that has
-which are
been made of the reserve funds of our banks
the property of the depositors and other creditors of these
institutions.
These are some of the reasons why the public at large
is doubtful and critical about the relationship between the
Bank of England and the Reserve system. The matter was
sharply adverted to In the hearings before the House of
Representatives Banking and Currency Committee not long
ago by a member of the Board who was then on the witness stand. What this member said appealed strongly to
many readers. The general character of the situation is not
satisfactory. It is urgent that the Reserve system should
at once set to work to rectify it. In so doing it ought to
have the help of Mr. Norman himself, but it must accomplish the necessary result without that help if it cannot do
so with it.
Business Conditions in Dallas Federal Reserve District
-Gains in Retail Trade Seasonal Recession in
Wholesale Trade.
The Federal Reserve Bank of Dallas reports in its Feb.
1 Monthly Business Review that the distribution of merchandise at retail in the larger centers during December
reflected a seasonal increase of 47% as compared to the
previous month but it fell 2% below the heavy volume of
December, ion. While the December sales did not come
up to earlier expectations, the total for the full year 1928
was generally satisfactory, showing a gain of 2% over
[VOL. 128.
that for 1927. The Bank's further comments on conditions
In the district follow:
Wholesale distribution reflected a seasonal recession as compared to the
previous month but continued larger than in the corresponding month last
year. In most lines of trade, sales during 1928 reflected a substantial
increase over the previous year. During the year 1928, retailers generally
strengthened their financial position and continued to follow the conservative policy of limiting commitments to well defined needs.
The past month witnessed a further increase in the deposits of member
banks. The combined net demand and time deposits of member banks rose
to $974,968,000 on December 12th which reflects a gain of $11,829,000 over
those a month earlier and $59,651,000 over those on Dec. 7, 1927. Furthermore, the gross deposits of member banks as reflected by the Dec. 31 call
reports, reached a new high record for all time. The borrowings of member banks at the Federal Reserve Bank showed the usual year-end recession, reaching the low point at $11,161,445 on Dec. 31, but by Jan. 15
they had risen to $20,296,584, which was 85,153,631 higher than those
thirty days earlier. There is still a strong demand from country banks for
bankers' acceptances, commercial paper, and other short-time investments.
The business mortality rate in this district was more unfavorable during
December but such an occurrence is not unnatural during the closing
month of the year. While both the number of failures and the amount
of liabilities involved showed an increase over November, they were
considerably smaller than in December of either of the two immediately
preceding years.
The district's farmers practically completed harvesting operations and
made good progress with winter plowing. The general rains have placed
a good surface and subsoil season in the ground in most sections of the
district and the soil is in good condition for spring planting. Weather conditions were generally favorable for the growth of small grains and their
condition is reported to be fair to good, which is in marked contrast to
the condition at this season a year ago. The physical condition of the
district's ranges and livestock was well sustained during the past month.
Livestock generally are in good shape and are wintering well. Due to
the mild weather losses have been few. Market prices have shown a further
recession and trading on the ranges has been slow.
For the third consecutive month, construction activity, as measured
by the valuation of building permits issued at principal cities, reflected
a gain as compared to both the previous month and the corresponding month
last year. The total valuation in December was 12% larger than in
November and 13% greater than in December, 1927. Reflecting the usual
year-end decline, the production and shipments of cement and the production, shipments, and new orders for lumber were considerably smaller
than in November.
Detailing whole and retail trade conditions, the Bank
says:
IVholesale Trade.
The distribution of merchandise in wholesale channels of trade during
December reflected the usual slowing down due to the mid-season quietude.
Sales of farm implements and drugs were larger than in November but
those of dry goods, hardware, and groceries, were smaller. All reporting
lines except dry goods and hardware, showed increased business for the
month of December and all except dry goods in the final six months of
the year as compared to the corresponding periods of the previous year.
:n some lines of trade, business during December was retarded by the
unseasonable temperatures prevailing during the month. Retailers throughout the district continue to limit commitments to actual needs and this
was especially true in the past month as merchants generally endeavored
to close the year with low inventories. Collections generally were slow.
The December sales of reporting wholesale dry goods firms reflected a
decline of 50.3% as compared to the previous month and were 7.1% less
than in the corresponding month last year. Distribution during the last
half of the year showed a decline of 3.9%, which practically offset the
gain during the first half. Most firms closed the year with stocks considerably smaller than in the previous year. The decline in December business
as compared to a year ago was due in part to unseasonable temperatures
and the desire of retail merchants to close the year with small inventories.
Collections reflected a decline as compared to the previous month.
A substained demand for drugs at wholesale was in evidence during
December. Sales of reporting firms, contrary to the usual trend, reflected
a gain of 6.5% as compared to the previous month and were 16.1%
greater than a year ago. Business during the last half of 1928 exceeded
the same period of last year by 5.3%. The increase in business in both
December and the six-month period was fairly general over the district.
Collections were reported to be slow.
The demand for hardware at wholesale reflected a large seasonal decline
of 29.2% during December as compared to the previous month and was
9.6% less than in December last year. Distribution during the last six
months of 1928 was 4.2% larger than during the corresponding period
of the previous year. Trade during December was somewhat spotty, with
business good in some sections but slow in others. The mild temperatures
prevailing during the month held down buying on some seasonal items.
The demand for farm implements at wholesale reflected a further seasonal expansion during December. Sales were 19.1% greater than in
November and were practically the same as in the e......sponding month of
1927. Distribution during the last half of 1928 averaged 14.4% larger
than during the same period of the previous year. Prices remained generally steady and collections showed some improvement.
The sales of wholesale grocery firms reflected a seasonal decline of 12.8%
as compared to the previous month but were 4.5% larger than in December a year ago. Sales during the final six months of the year averaged
8.5% larger than during the same period of 1927. Prices remained generally steady. The buying demand is reported to be generally good.
Retail Trade.
The distribution of merchandise at retail in the larger cities; reflected
a large seasonal increase of 48.8% as compared to the previous month
but was 1.9% less than in December 1927. Sales for the full year 1928
averaged 1.6% greater than in the previous year. Christmas shopping was
reported to be in large volume but the unseasonable temperatures preveiling during much of the month tended to hold down ordinary retail
distribution. A further retarding factor was the wide-spread illness due
to the influenza epidemic.
Stocks on hand at the year-end were 23.9% less than a month' earlier
and 5.9% less than at the same date in 1927. The rate of stock turnover
during 1928 was 3.11 as compared to 2.92 in the previous year. This increase was brought about by an increase in sales and a reduction in the
average amount of stocks carried.
Collections during December reflected a seasonal decline. The ratio of
December collections to accounts outstanding on Dec. 1 was 37.3% as
compared to 39.4% in November and 37.0% In December 1927.
FEB. 9 1929.]
FINANCIAL CHRONICLE
189
MONTHLY RANGE OF PRICES ON THE DETROIT STOCK EXCHANGE.
The three tables following show the range of prices for each month of the years 1928,1927
and 1926 for all
securities dealt in during that period on the Detroit Stock Exchange.
The record is based entirely on actual
sales, and is that of the Detroit Stock Exchange itself except that we have brought the figures
for the different
months together and combined them into a single statement, enabling the reader to trace the
fluctuations
for each security during the different months by casting the eye along a single line across the
page.
The
table, it will be observed, covers stocks and bonds alike, and is meant to include every
sale of either made
during the year.
It also includes sales of bank and trust company shares:
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1928.
STOCKS.
INDUSTRIALS
Airway Lice Appliance
Preferred
Allen Indust Inc corn
Allison Drug Store A
Alloy Steel units
Artie Dairy Prod corn
Auto Fan &Bearing co.
Baldwin Rubber units
Baxter Laun Inc Acorn
Belle Isle Cream corn
Bohn Alum & Brass corn
Bower Roller Bearings
Brit Amer Brew Ltd A
Class 11
Units
January
February
March
April
May
1
August September
June
July
October
Nocember December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High
fog
•
• 20
_
213 1914 20
4
15
1912 1818 193 19
4
___ ____ ____ ____
193 1514 17
8
10 2634 3014 28 30
28
2312 28 2812 2712 2814
------------- ------------1012 1213 93 1212 2512 2712
4
812 103
4
2034 2413
•
2514 26
233 26
4
24 2612 2934 293 24 24
8
10 17
1834 17
1712 1713 1713 183 1914 183 183 17
4
4
17
4
• 34 4712 40 505 473 61
8
4
58 8012 7214 8514 71
8612
•
4
4
9
11
834 9
71
, 9
•
30 30
25 25
19
19
•
Brown (John W) Mfg com- -10
Brown Fence & Wire Pref A_5
Class B
•
Burkart httg corn
*
Preference
*
C G Spring & Bumper corn—*
Preferred
10
Carling Brew Ltd corn
•
Colum ia Sugar corn
10
Consol Paper corn
10
Cont Motors corn
•
Copeland Products A
•
Class II
•
Class II v t c _ __ _________ *
Crowley Milner -& Co corn ____*
8
105 10
8
107
8
912 107 1034 3012 23
8
12
20
1012 107 10
8
1114 912
8
4012 4114 3112 37
33
2
112
2
2134 1712 20
20
17
1012 1112 __ _--- 1014
15
2214
12
812
38
112
1914
12
14
22
8
814
35
13
4
184
11
_
_
.a - 413 51
l
2912 19
1614 1413 15
15
24
2312 2312 22
12
9
1012 7
814 814 914 818
35 --------31
13
4 212 3
212
1814 18
18
1814
13
1214 145 1114
8
1,
1
2512
9
19
233
4
17
74
7
163
4
:2
2712 2714 84
103
19
22
24 ---18
1514
7212
79
8
7
11
21
____ ____ ____ ____ ____ 101
10412
--14
__ 2614
29
-3
0
914 812
244 24
- -- ---1514 15
7912 71
714 67
8
16
14
2214 21
3112
32
9
11
2812 2214
- - ---18
-1612
78
7114
1314 1114
1412 134
2812 2612 3314 2512 3414 2312 35 4 31
3
26
41
155
8
2714
- _...
18
76
1413
21
25
3914
1313
22
---17
7112
1112
173
4
4012 37
____ ____ __-- ____ ____ 35
13
12
12 --------12
1212 1314 12
15
22
21 --------20
21
21
2312 2112 22
714 6
914 67
9
s 812 6
714 814 63
2
4 712 712 _ _
752 75
53
4 814 814 ____ __-_
31 ------------------------30 30
3
..5
2
112 112 112 112 114
212 212 212 2
183 19
1812 1912 1914 20
8
183 1812 20
4
1912
8
1313 1112 1218 115 1214 12
1914 1512 16
17
— 173 19
4
1512 204 17
14
43
165
8
253
4
12
9412
147
8
2013
25 2F9r14
4212 4234
12
143
4
20 233
4
---19 1213
90 11812
1214 17
17
1713
4014 3112 3$
40
12
21
75F
_
1i
b
112
2012
2012
20
30
36
11
11
183 19
4
652 9
6
014
114 1
-33
1812 20
1712 1713
-- - - .
---- 64 6 8 5
6
5
5
6
43
4 513
231- -481-2 I1 2 -43- - 2 -48T2 12 -48 10
4
-1641-48 55
5112 5712 5413 5614 52 55
Davega Inc corn
" 4312 48
40 4218 3713 3314 33 3.312 3712 3714 34
383 --------3013 3514 33 3614 34 4113 36
4
39
3514 333
4
Detroit & Cie)/ Nay corn
10 1314 1414 133 153 14
4
4
147 1414 1614 1512 16
8
1514 153 1412 55 144 15
1412 16
15
4
17
8
1512 17
1512 17
Detroit Creamery corn
13
10 47 5112 32 47
3514 3878 3612 3812 3612 38
8
4
37 46
383 403 384 4412 40 4512 41
38 41
45
39
45
Detroit Edison corn
100 163 17412 172 193 176 182 178 190 188
204 190 209 195 205 193 205 202 220 192 216 198 202 218 220
Detroit Electric units
30 3512 30
35
28 36
Detroit Forging A corn
• 8
8
_---- 123 13
4
13 20
15
1912 _-__
16
19
17
18
•14 17
15
-- 15
18
163 19
4
18
19
Detroit Motorbus
10 87
8 97
8 812 - 10
9
1014 94 1414 133 17
4
52 918 1212 87 12
858 -16
8 9
8 85
93 103
8
8
75 1018 712 1113
8
Federal Mogul corn
•
23 26
23 29
2412 2812
Federal Motor Truck corn._ • 1814 2112 18 20.8 18
1913 1814 2312 i1 2514 -17- 21 2 _
4
2112 21 253 2014 2212 1838 21
4
19 - 163 213 18
14
Federal Screw Wks corn
•
-- ---- -___ ____ ____ ____ _--- ---- ---- 26
3012 28
3913 3814 5914 54
593
Federated Publications
4
- -- ---- ---- ---Foote Burt corn
•
_.... ---- ---- ---- ---- ---- --_- -___ 40 4213
Ford Motor of Can
100 510 565 516 532 538 608 555 590 5(
. - 726 - 5.55- 601 - .aZ- iiii 540 530 560 615 575 637 535 625 573 675
3
.
5
Frost Gear & Forge corn
•
- 12
11
1012 14
143 10
10
125 21
8
4
93 11
4
13
1812 297 2214 2912
8
Gemmer Mfg class A
• 32
3212 33 34
343 363 353 3712 3612 39
4
4
4
3814 3612 373 37 4412 38 43
4
3814 39
3'7
3314 43
40 44
dry & Machine units__ __
Gen ,
'
_
_
__ _ _ __ ____ _
__
_
_
__
_ ____ _ __ ____ _ - 28 2913 26
3514 28
22
General Necessides
25 13 - 4 412 238 3
14 - -528
lir, :i
2'T2 -11; --i•T2 -15; --- -- 3
214 Vs 214
4 212
212 13 - 112 214
112 13
Graham Page Mot corn
4
• 17
207 163 193 1714 2712 26
8
4
4
3934 33 3713 25 3814 3034 34
43 60
3214 43
4812 5914 45 461 45 5112
:
Common v t c _ - __ _
• ___ ____ ____ ____ 2514 26
243 3712 32 3514 2814 36
4
-.. ---- -.---Grand Rap Nfetalcraft
•
1 Ds 1 158 718 1134 812 1 13
1014 952 11 4 1314 16
3
- -78 1452 -- -34 1214 4 712
16
1512
Hall Lamp corn
• 912 11
1012 117 1058 123 117 183
8
8
8
4 17
2313 1934 234
4
8
133 1412 1818 1514 173 1614 1834 1712 263 2113 2412 21
4
Hayes Body corn
21
371
361
29 431 43 55
50 653 50 6014 45 56
4
AA preferred
10 --------------------------------------------- 1 32
--------------934 93 4
- - - Hershey Corp class A
Class B
•
- ---- ____ ____ ---- --- ---- ---- ---- ---- 41
47
434 82
45 6612
Hiram Walker Gooderham &
Worts I.td corn*
- -- 74 8612 80 901: 7012 85 4
3
Hoover Steel Ball
10 12
1414 10
133 10
4
1214 12
121 13
1214 1212 113 12% 12 2314 1712 201 18
14
13
1214 13
:
_2 4 14
19
Hoskins Mfg corn
3312 3613 3312 3614 33
37 45
4212 443 43 50
,
33 3312 32 3314 33 43
3434 32 34
Houdaille Corp class A---:
---- ---- ---- 5014 611 44 60
•
Class 11
___ ---- ---- 50 601 4213 59
:
Houseman Spitzley A
• 26
26 --------27 27
2613 2612 26
26 --------25 26
27 27
5
---- ---- ---- ---- ---- ---Class B
512 512 413 412
Iron Silver Min corn
&Se
7 . iie ioe __
_ ____ _ _
72c 72c 80c 80e igc . ; Jackson Motor Shaft
---------------------------------17 205 15
1412 1512 15 30
30 4614 401- -1738 1412 16
8 471.: 293 - -14
8
4 42
Kalamazoo Stove corn
• 62 1053 108 115 10934 130 129 13414 130 132 124 124 110 11412 114 124 113 136 124 136 101 133 110
4
11313
Kawneer corn
10 29 29
29 2912 2912 31
30 3018 30 30
8
3158 313 3212 314 3212 32
3212 --------31
3012 3214 31
31
Kresge (S 5) corn
100
Lakey Foundry & Mach
•
,i -3I- 1-iii -3 27 31 2734 3114 55i4 -3 51 - . 31 .5
3514
ii4
ii 30T2 .
-i34
3"g
Mahon (It C) Cony pref
•
273 3113
4
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --__ 2912 32
Marks Stores class 1.1 com
• ---- ---- ---- ---- ---- ---- ---_ _ _
---Marquette Oil Co
10 45e 50c 50c 87c 80c 90c 80c 80c ---- --- ____ ____ ---- ---- ---- ---- ---- -- - - - ____ 2412 2712 2512 30
75c 754
60c 60e ____
50c 55e 50c 700
Mary Lee Can A with warrs_-* 453 46
46 46 ---- ---- --4
-___ ____ ____ --- -__-Class B
712 8
7'2 713
Michigan Steel corn
51
59
50 60
5414 61i'g
53 62
Mich Steel Tube Prod com
•.
_
--- -25
Michigan Sugar corn
32
10 -118 —1 4 — 118 --- 2 - 138 -- — 1E8 -21- --i3.
113158
2
8 — -5- — if?. -28 — 13-4 -24 — 112 -2- —2- -2 -14 1
128
1-12 114 1
Preferred
-12 1
Tit
io
41
41
Miles 1)etrolt T heatre
10 _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ ii -2i _ _ _
_ _
2212 - 12 _--- ---- 201 - - 13- il 1212 2212 - 12
21
4 2C- 4
Monlghan Mfg class A
- 21
•
25 263 25
4
2712 ---- - - ---, -_-- ---- - - 27 27
Motor Wheel corn
-27 • 26
2(313 26 285 273 3412 3272 37's 35 3814
8
4
46' 4512 5012 384 , 4 39ls 3914
f834
34 373 3714 39
3214 -Muller Bakeries A corn
*
2912 31
25 264 25 25
____
Murray Body corn
4712 47 5734 56 91 4 I5
3- - -- - - --- ---- 4013 5712 41
10 12 — — -- --8
National Baking pref
73
National Grocer com
10 318 33
8 ii8 -ICS a
:
1 a "i if - 11- —518 -11- 274 414 3 4 312 414 312 412 334 512 4s2 673
, 8
8
Nat Screen Service com
*
_
Noble Oil &Gas prof
Oakes Products units
•
44
41
52
40 43
Class A
4
1834 43 48
------------------------------------------------3
1 42
39
Class B
76
68 8712 66 .
61
___ ____ ____ ____ ____ ____ ____ ____ 31
3312 35 71
6412100
()dirt Cigar corn
9912 9912
--- ____ ____ ---- ____ -___ -_-- - - __ _ __
___ 19 20
Packard Motor cons
19
19
18
18
16
17
15
17
10 57 6312 5614 6112 6012 70
67 72
- -34 69 -- - - -"dais 793
4
7312 85
83 943 91 1003 93 142 130 159
79
Parke Davis & Co
21.1 gi
4
4
• 373 44
4
40 433 4012 45
4
4414 5014 47 4914 4514 4714 46 47
46 473 463 52
4
Parker Rustproof corn
4
4712 493 50 5514 513 5514
4
4
• 23 23
22
22
22
25
2312 25
2312 2512 25 3114 29
3012 35
31
33 35
Preferred
33 45
40 4512 4512 51
100 --------914 914 912 912 -- _
_
012 912 93 1012 97 10
Peerless Motor Car
97 10
10
8
4
8
10
10
10
93
4 93
4
...-
-,5;-- (ic -io,
5
wi, 2611 -s - :::: --_-_-_
aii.
Reo Moto
10 2213 254 223 253 233 2714 2512 2913
4
4
4
26
8
257 30
29
3414 2812 35
ructs
3214 2512 333 25 28
4
Ric h Prod cornunits
Class A
Class 11
11 24
1
• ---- ---- ---- ---- ---- ---3
1
0
onv Prof
Ric
------------------------------------341437
Class B com
• ---- - _ ____
-- ---- - _ _ _
___ _ _ __-_
-- --7- - _-- --- - -- 32 4 3612
River Basin Paper
,
• 83 11
10
5
1
91s 1 -1
101 Ti 4 ii
4 f1
Riverside Forge &Mach
4 -1
7
12
- -14 93 1 -12 10 1012 712 ifotifi 7 2 912 64 314
----27 3514 31
36
24 30
2412 29
26
2912 3312 27 32
Ross Gear & Tool com
3514 28
33
* - - -r--- --- -- - 28
30 35
3212 34
Schutter Johnson Can A* _-__ ---- - 3712 2912 33
34 4214 41
463
4
____
-__
Class 11
3 1
•- 84 814 8
8 ____ _
Units
--- ---- ---- ---- ---- ---4
pref__ ---- ---- --- ___ _ _ __
814 83
__
Schwartz Cigar A
_ _ ...._
* 21
2212 22 24
23 233 26 2
4
6
30 - - 2 27
26
2412 2612 274 28
331
30
28
Class II
•
25 - 28
____
_ 1334 1413 141, 181. 15
13
12
912 1014 10
133 15
Scotten Dillon com
4
16
18
10 30
16
18
31
283 If 2812 2912 2714 29
4
3812 283 28
28
2612 2712 27
27
28
Second Nat Investors units.__ ____ __
4
291.2 2812 29
•No par value.
2818 30
28
3134
•
--- ---- ---- ---3414
323
4
67
8
27
4013
812
23
16
28
4314
4114
73
4
3212
45
-33
•
31
67
s
2712
41
912 ---
- ;
42
1
373
4
73
4
3113
4413
----
28
28
21 - 2212 204 2313
29
2612 28 4
790
FINANCIAL CHRONICLE
[VOL. 128.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1928—(Concluded).
April
March
May
January February
June
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Law High Low High
1928—STOCKS.
INDUSTRIALS (Concluded)
Silent Automatic pref
100
Square D units
Class A
:
Class B
-3414 38
33 3612
• Stinson Aircraft corn
•
26
_ ___ _
_ 19 --- _—_
---- ---- ---- ---- .--4
19 --12 17 22
175 23
26
12
Su herland Paper corn
t 23 2412 20 2812
25
10 ----------------------------------------21 --- 2212 --- 224 --- 24
2312
25
2612 23 25
Szekely (0 E) corn
*
----------------------------------------------------44 48
37 45--4
Tinken Axle corn
8
67
4 (714
4
10 114 1214 113 127 123 144
2 18
5
3
29
3
2 17
12 1612 194 183 264 23 263 2212 264 2212 4
Preferred
100 104 104 104 105 105 10612 107 108 1071210812 107 107 --------10612 108 107 107 10712 108 108 109 10612 107 4
3
39 4012 36 4012 38 40
Truscon Steel corn
10 34 3814 35 3712 3514 3712 37 40
393 4612 46 54
4
52 6412 --------684 583
4
3
Preferred
4
12
100 10812 10812 107 10812 10712 10812 108 10814 105 10814 1063 108 10612 10612 104 106 104 105 104 10412 104 10414 104 10414
1
1
1
1
1
Union Mortgage pref
1
1
950 95e ----------------------------------------750 750
10 118 114 1
Unit Shirt Distributors com_-• ---- --- ---1212 8
- ---- - -- ---- ---- ---- -- - ---_ 10
101
3
-- -- --- 39 40
0
39 41
- 3912 -U S Radiator com
45 -- -3 40 4
4 4
6
4112 591. -- -3 9912 2 3 4
9
4 47
• 373 . 41
40 40
45 -49 44 44
Preferred
100 105 105 10512 10712 106 106 104 104 104 105 102 10212 101 101
98 98
98 98
96 9712 10 100
97 99
ie. -4-3
Universal Cooler class A
Class B
Universal Production com
Wilcox Products A
Class B
•
__ _ _
•
_
_ _ _
_
•_
25
21
• 99 - 12 94 --24 2912
4
• 183 31
__ _ _
_
944
2412
___ _
__
2512
33
_ __ _
____
2418
31
- — 918
____ ____
2512 25
3514 31
Class B
•
Wintoo Engine cony
612 612 6
6
Wolverine Port Cem corn—10 94 - 12 92 - 12 O
1 6
i
_ __ ____ ____ ____ ____ 243
4
Wolverine Tube corn
*
Preferred
100
-------------------192
4
Worth Inc
•
Young Spring & Wire com___• ----------------3514 3812 3712 44 4 41
3714 45
403
4
____ 3512 39
Cony pref
•
- 12 9
3
____ 22
27
2412
35
2484
- 6
614 812
10
- 318 1is -2
4 ii4 -2
1"12 -11 1
'4
l6
314 214 214
2
24
214 23
22 274 2614 48
423 5014 4312 4914 4012 47
4
26
253 28
4
263 28
4
28
2912 ____ ____ ____ ____ ____ —__
3212 2512 2912 2614 2912 28 44
3412 391
4612
6
6f2 -- 6i4 -.4 9'4 -93-4612 512 Ws 1
614
,
4 54
6. 7
3
2514 20 233 193 213 20 2112 21
4
4
4
2112 21
21
-2212 1912 2014 --------17 --17
4314 4012 455 45 433 39 423 41
4
4
8
5513 51
433 39 42 2 404 43
4
40 45
,
4512 53
15
9
-6
6
9i4 --
57 4
3 54
5012 - 3- 45 4 -
BANKS
American State
100 290 395 250 290 265 280 260 270 262 270 270 280 263 270 267 267 268 297 285
Bank of Detroit
100 245 268 210 235 220 235 225 247 230 300 235 256 238 248 238 240 238 242 235
Detroit Savings
100 700 700 675 675 675 675 675 675 695 695 700 700 ----------------720 720 718
695 700 702 702 ----------------712 712 710
Dime Savings
First National
100 541 575 656 iii6 iii 540 532 540 545 565 550 563 555 565 550 555 550 550 646
Griswold First State
100 250 320 207 250 211 247 215 235 212 225 214 220 210 218 196 231 220 249 239
Highland Park State
100 485 502 --------------------------------460 480 440 440 --------442 448 440
_
Merchants National
100 330 350 315 315 308 308 ------------------------303 303 --------332 332 305
Nat Bank of Commerce.
I00 577 727 600 650 605 625 623 660 845 645 645 645 595 607 595 595
Peninsular State
100 438 450 400 410 400 400 405 405 --------405 405 400 410 403 410 --------398
Peoples State
100850 875 800 850
Peoples Wayne County_100 --------800 840 666 825 815 825 815 815 810 810 360 lio 666 la ioo 867 goo
United Savings
100
295
240
718
710
550
245
446
330
285
2:13
720
712
535
238
442
325
325 305 325
240 236 245
720 __.- ---712 703 703
550 530 540
-239
442
332 350 350
405 599 3911i --- ----
816 666 iii 666 846
TRUST COMPANIES
American Trust
Bankers Trust of Det
100 _
Detroit & Security Trust100-- ---- ---- ---- ---- ---- ---- ---- ---- ____ ____ _ __ ___ __-- 877 907 890 905 667 907 656 89
—
6
Detroit Trust
100
---------------- 880 880 850 940 895 905 898 808
Equitable Trust
100 ----------------------------------------145 145 ----------------150 la 56 116 --------150 ii150
Fidelity Trust
100 500 520 500 520 ------------------------520 520 505 515 ------------------------495 500 500 500
Guaranty Trust
100 340 348 303 312 --------------------------------275 275 275 275 _ _ _ _ _ _ _ _ 280 280 280 280 277 277
Highland Park Trust
100 _
Security Trust
100 --------------------------------900 900 900 900 566
660_—
Union Commerce Invest100 ---------------------------------------------880 663 . .595 615 577 595 566 577
--------650 660 670 67666i6466610 610 666 64
Union Trust
1006
iia_ 8-i6
RIGHTS
Belle Isle Creamery
Brown (John W) Mfg
Detroit Creamery
Detroit Edison
Detroit Forging
Hayes Body Co
Highland Park & Trust
Jackson Motor Shaft
Wilcox Products B
•No par value. z Ex-dividend.
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- ---- 15
33
158
33
26
-18
-
20
ii -
25
2
y Ks-rights.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1927.
1927—STOCKS.
INDUSTRIALS
Allison Drug St "A" conv
5
American Electrice "A"
American Light & Trac corn_..
Arctic Dairy Products. corn .10
Belle Isle Creamery. corn..___10
Bohn Alumin & Brass coin_ •
Bower Roller Bearing
10
Belt-Amer Brew Ltd "A" units
April
May
Oaober
November December
March
Jun
July
August September
January February
Low High Low High Low High Low High Low High Low Ihighs Low High Low High Low High Low High Low High Low High
s per share $ per share $ per share 5 per share t per share 8 per s, re $ per share $ per share $ per more $ pa share Spa shore I{ per share
20 2112 20 2142
____ ---- ---- ---- --__ __.. 20 21
---- --__ ---_ _-__ -__- ..— ---: ---- ---- ---- ---- ---_
19 -11 -------- --13 -1i ____ ____ ____ ......,„ .,
012 229 -----------260 2
227 232 230 230
lilt ii - A ii 2714 ii I
5
8
8 5 -99- - ----26 - ii 3012 323 3212 33 8 324 3312 333
II
2912 3213 30 31
4
19 215 1812 19
18
19
1718 1714 1714 20
17
4
1614 1718 ------- 1834 163 ----------------16
3
612 15 4 1853 183
2412 2114 327 30 3
8 0 8 1814 2114 20 8 2312 2113 2514 21
3
8
5
15 4 183 15
3
38
7
14 8 14 8 1312 19
3
_ _--- _--- ____ -_-4
41g
_ __-_ _-__ _--- _-__ __-_ ___ _--- __-- __-- .
33
::-_:
33:: 33:: 33'4 3 3.1,
3
.
N.i
f
- -- -------31 - p v,4 _Y__ 8._ _yHi,
29
--ii, -iii,
4
Burkart mfg units
•
_--- ____ ____ ___ ___ -_-- ---- .
•
Common
1118 10
3
117 1014 117 10
8
--ifs a- 774 384 6 8 -714 - "ifika IA
11 2
-1ii
10 8
C G Spring & Bumper corn__ • 10
10 8 94 -- -7- 10
3
84 812 -------- 8143
912 9 4 9 4
4
3
812 g -------- 812 83 --------912_
iii
84
1
Preferred
4 i314 312 312 34 314 gls 3 4 —51 -- ------------------------2
3
4
2
____
,
33
4 32
10
Columbia Sugar corn
Consolidated Paper corn... 10 12
11
4
12 4 -ii; 11- -iii2 -1i- -lora -1224 -194 ---- -161; iii- -i614 -168- --5f4 -1Rili --6- -1 - tit 1r11
1
i
-3
:
Continental MOtOra COM
1i
• iii2 -- 5g -ilia 12;-iii2
54 5712 5412 6612 48 50
56
5512 45
7 4414 484 48
0 21 2614 25 2814 2712 3314 3214 4412 41
Davega Inc common
48 474
1512 1412 15
1314 14
13 14
13
15
1453
13 3 13
,
1412 1438 13
143 15
4
134 13
Detroit & Cleveland Nay Co 10 1458 15
1412 15
134
4213 43 4113 423 403 42
4212 413 42
3
4212 42 45
41
4012 212 41
8
43
4
42 63
Detroit Creamery
42 4312 42
10 414 43
143 14912 148 152 15012 16012 15312 15712 15612 168 163 170
Detroit Edison
100 134 136 13412 137 13612 14012 138 143 141 15512 143 1
Detroit Forging class A
___- --_- ---- -_-- ---- ---_ ---- --- .--- .
•
- 412 594 434 5 4 Ws - .3- i
3
64
8 5
14 9 -5514 —64 iiii
Detroit Motorbus common_10 --------------------------------512 75
____ ____ _--- ---- ---- ---- ---- ---- ---- ____ ____ ---Evans & Co Inc A _____________ ---- ____ 3214 344 ---- -_-- --- ___. -- ____ ____ .
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---"B"
2814 3212
3912 3912 ----------------46 48
3
4
4614 54
3
4
Evans Auto Ldg Inc"A" corn.5 __ ---- ---- ____ 39 -- 14 32 4 3814 3814 393 40
31 --------45 45 -------- 45 4512 4612 58
2_
4
293 3214 3014 3712 3713 3912 3912 94 39 "B" common
5
8
45 20 2314 1913 244 197 224 1812 204 18
8
21
24 25
3
Federal Motor Truck
22
17
19 4
3
• 27 3014 2712 2914 2414 2912 233 2714
Ford Motors of Canada Ltd_100 412 420 415 495 425 480 395 425 400 468 440 4 5 477 555 532 570 485 547 528 585 570 '730 565 695
2'3 21* 114 114
Frischkorn Real Est"B"cons* ---------------------------------------212 3
Gemmer Mfg class A
•
General Motors corn (old)___ •
New stock
55
General Necessities com
10
Globe Finance
le
Hall Lamp
10
Hoover Steel Ball
10
Houseman-Spitzley class A___•
Class B
5
•
Iron Silver Mining
---53
7
1212
812
10
--__
Kawneer common
10
Marquette Oil
•
Mary Lee Candy units
•
"A" with warrants
"B" with warrants
•
Mathews Indus Inc"A"com_10
Mexican Crude Rubber com_111)
Michigan Sugar common__111
2912 30
29
---- --_5313
5212 53
_
---_
---- ------------16
1
24 38 23
1
4
............
•Ne par value.
453 33 33
33 33 33 33 27 3014 30 32
34 3512 34
32 3212 32 39
32 34
14
34 34
19512 19714 2 3 19518 22513 ---- ---4
8
—
__-- 153 3 15612 1683 1823 18213 19311 192
7
1943. 134 - 199 4 licit iio 1341
4 .
3
4
1
—---- ---- ---- :
iii
_
3
51-- 4 - 314 484 324 14 27 -314 24 3 112 2 112 214 114 2 4 iii 114
47113
14 I -- 4
-- 3- --513 - 1- -64
8
_
1212 1012 1013 ---------------- 1058 107 ---- ---- ---- ---- ---- ---- ---- ---- ---- - — ---- ---8 838 9 3 812 9
3
3
84 9 4 84 9 4 712 81
3
8
7
84 84 - 7
9 8 85
3
8 95
913 84 9 4 94 104 8 3 10
3
4 9
913 11
1178 12
5
7
12
912 84 84 8 8 8 3 83
9
12
12
1212 1218 1211
3
10 3 94 10
10
11
324 33 ----------------2611 2612 2812 284
284 2 30 31
3112 32 -------- 29 29
____ 32 32
2
12 --------912 1014 64 10 ----------------413
12 534 534 553 57,
---- ---- --_- ---- ---- .
c
__.- ---- ---- ---- ---- ---- ---- ---- ---- .---. --_ _ 350 364 ---- ---- ---- --_---
--ais
-
29
3
2912 29 4 29 29
30
---- ---- ---- ---- ---- ----5312 54 54 2
- 491.
7
___ --_- ---. 49 3 III
---- ---- -- 712 818 8
22
23
— 2112 2112 2112
15 -------- 16
TEN 15
53
25g 2a 2
314 2114 3
29 29
2914 29
914 292 2912 2812 29
4
29 29
1l
1
---- ---- .
--_ -194 49i2 4512 -ii12 ifi- --------4,5
8. 814 734 8 8 8 -_i4612 __
8
812 8
2253 2114 13
4
1423 2421
15
15
15
278 24 27 ---21g
jig 15Nl
; 2W 2
8
g
8 9
29
74
29
29 294
480 510
a
-46i- -a- - 778
754
74
3
-5i Ws;
12 i
FEB. 91929.]
FINANCIAL CHRONICLE
791
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1927—(Concluded)
.
1927—STOCKS.
April
February
March
January
August September
July
May
June
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
2ND STRIA S (Concluded)
Miles-Detroit Theatre
•
5
Motor Wheel common
Muller Bakeries "A" com-100
National Baking pref
0 per share $ per share $ per share $ Per share $ per share $ per share $ Per share $ Per share $ Per share $ per share $ per share $ per share
4
4
_
2232, 223r, 222 223 2212 223 22 22
4
4
2238 223g ----------------2213 2212 2212 223 -___
2734 24 2512 233 2612 2312 -- 3 24 2514 2412 28
22
2212 22
2012 24
2518 273 2514 2612 2512 /7 4 25 4 17
8
4
25 4
3
3
14
28
2912 28
3012 3312 31
3234 32 37
277 2814 2612 28
8
3312 36 --------3112 32
32
30 30
303 31
4
Noble Oil & Gas pref
100
Packard Motor common
Paige-Detroit Motor common
Parke Davis & Co (old stock)_
;
New stock
Parker Rust Proof common_ •
Preferred
It)
50
Peerless Motor common
We
ZE(1 2K ____
ioe
____ ifc iic ____ ____ idc Hie__ ____ ____ ____ ____ ____ ____ ____ --_- ____ ____
3614 3418 36
3414 3714 34
363
4
113 10
4
103
4 77 1012 834 1178
8
145 136 143 13512 139 136 13714
3112
21
23
21
2212 197 197
1834 23
g
8
93
4 93
4 9 4 984 95
3
8 97,3
32
28
28 287 2612 2714 233 25 8
8
4
1
34
10
138
34
3718 3414
1014 143 1012
8
- 2712 16 2812
19
2114 2212
_
912
---25 -- - 2714
2 38
6
367 3414
8
4
1314 113
-7
16 iO!2
24
25
4
912 93
2714 25
3614
13
-.
3
6
24
93
4
257
8
3512 427 4014 4414 433 493 4614
8
8
8
11
1278 10
1012 12
1034 1014
- - -i6i2 36 aO - 12 Ois - - 2 OO!T2
31
36s--------2311 24
2212 23
2218
1
0
9
34 93
4 93
4 9 4 912
3
233 2512 ----------------2812
8
Reo Motor
22
10 201s 2314 21
8
21
213 21
1938 21 18 1912 221g 21
23
23 8 21
5
2 73
8 7
River Raisin Paper common__•
75
8 738 81g 7 2 814 712
613 7 4 63
4 634 718 6)
3
4 73
7
10i 10'4
Schwartz Cigar "A" (old)
"A" (preference'
25 -•
2
i 2412 2E io ii ----------------1813
Schutter-Johns'n Candy units* --------------------------------------------------------41
Scotten Dillon Co
33
3512 3334 3414 3314 412
10 34 36
312 3414 3312
2
2 3
Silent Automatic pref
100
Timken-Detroit Axle com___10
Preferred
100
Truscon Steel corn
10
Preferred
100
Union Mortgage. prof
10
US Radiator corn
•
Preferred
100
Wilcox Products units
•
•
Wolverine Portl Cement_ --_10
12
123
8
97 9714
24
27
993 100
4
1
I
41
4312
97 100
25 257s
54
3
12
1238 115 1212
8
9712 9712 9514 99
2312 2614 243 26
4
101 101 100 102
1
1
1
1
39 4f) ____
___
98 100
99 100
2512 263
4
25 27
6
68
3
543 513
4
8
143 133
4
8
_ . _
16 a
12
2212 23
938 ---2812 263
4
---6134
1811
-
16
25
--26 4
3
223 2112 23
4
2214 27
2414 2612 2518 267
4
4
fiss
3
7
53 7 4 712 77. 738 74 8
8
1112 ------------------------2113 ill,
4
4238 4214 44
403 4212 4034 413 40
4
41
3212 34
32 3312 2914 32
34
30
31
12
123 1118 1214 1134 1213
8
125 1112 1214 1214 13
8
12
100 10012 9912 101 10012 10012 10012 10212 10214 10212 102 104
3418
2812 3014 2912 34
4
2412 2812 263 29
33
4
233 25
10212 103 103 103 103 103 104 10512 105 10612 107 109
I
1
1
1
ila
90c 95c --------1
1 14 114
391 3814 39
39
40
--------3114 4012 3914 4012 39
9912 9912 --------10012 10012 103 103 105 105 105 105
293 303 - --4
2912 3012 2914 30
- -- -4
—
- - - - -2812
2312 -2412
2212 21 -23
2212 -- - -- ____ --- 21
183 20
4
---- ---- ---- ---- ---- ---- ---- ---- 1738 2318 2338 2812 --------19 20
63 ---- ---- 512 512 --------6
8
7
7
73
4 62
4 712 ---- ---- ---- ---- ---- ---- ---- ---115 1314
8
07 9814
24
25's
10112 10212
1
1
373 39
4
98
9812
2512 2612
1214 133
4
97 98
243 2512
8
102 102
1
1
37
3712
9812 99
2634 3112
123 1338
4
983 100
4
4
2374 243
4
102 1023
1
1
37
37
98 99
2914 3012
230 230
168 177
225 270
177 220
253 257
205 216
BANKS
252 280
186 188
American State Bank
100
Bank of Detroit
100
Detroit Savings Bank
Dime Savings Bank ________
First National Bank
iiii
First State Bank
100
Griswold-First State Bank____
213 225
147 154
500 500
_
ill
_
___. ____
Highland Park State Bank_100
Merchants National Bank_100
Nat Bank of Commerce_
100
Peninsular State Bar:dr....100
Peoples State Bank
100
United Savings Bank
100
Wayne Co & Home Say Bk100
325 362 380 382 --------372 374 378 382 -------------------------------- 375 445 440 475 470
--------307 307 275 290 26 285 280 295 285 300 302 362 --------------------------------305
422 440 428 435 422 422 440 440 440 465 475 485 475 475 465 469 464 464 465 470 483 495 495
--------------------------------380 380 370 430 400 415 395 400 395 395 383 393 380 380 392
610 884 650 660 650 650 650 60 625 850 635 675 685 700 ----------------725 750 --------725
------3
25
200 210 -----------------------------------------------------i 866 --------750 fiE 752
------------------------700
ii
552 558 o:
i
8
t
250 250 250 252
195 195 188 192
230 240
155 200
225 230
185 173
565 'i(i3
385 395
----------------------------------------590 590
463 490
i
46
t
5o
____
____ ZiL iii 2,i8 22 3
6
.55 3 6 iiO
235 252
198 198
266 Zia 286 ido
iio
5(5 628
468 497
aio
625
487 495
265 265 285 382
186 186 192 277
485 4:85
iki
irk;
248 26
- - Oii 266 Zii iii 250 122
6
506
310
520
450
920
ill
TRUST COMPANIES
American Trust Co
100
Bankers Tr Co of Detroit 100
Detroit Trust Co _____________
Eq uitable Trust Co ___________
Fidelity Trust Co _.
___
Guaranty Trust Co
100
Highland l'ark Trust Co ______
Security Trust Co
Union Trust Co
100
91
285
_---___310
57i
91
320
--------3
88
iii
98 120 --------102 114 --------98
320 335 --------312 312 --------320
---- ------- ---- ---- ---- -- — 2.:.:---- - -- ---- ---- ---- _--- --:: _:__ 1.3r
575 575 ------------------------435
352 387 317 380 340 364 370 370 372
—
- ---- ---- ---- ---- ---- ---iiii 612 iii& 635
-_
_666- fiiiii - iii- 7
728I 7 5-
89 90 --------120 120 --------120
88 100
99
.., ,.,,„
325 320 325 330 330 ------------------------328
..: - ---- --- ---- --- --- -"-" '''' '"" --------858
1.31 ---- ---- --- --_— ---- ---- ---- ---- ---- --- -- 435 --------450 450 455 455 --------455 455 4(31
372 338 340 --------340 340 340 345 --------343
---- ----____ 220 224 --------233 233 --------300
- -- ---- ---- ---- ---- -727 700ii:ki- -__ ____ii iii ---------------- 705
.
120
330
999
--it12
350
340
ill-
RIGHTS
• No par value.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1926.
1926—STOCKS
January
February
August September
July
October
November December
March
April
May
June
Low High Low High Low High Low 1105 Low High Low High Low High LOW 1105 Low High Low High Low High Low High
$ per Sh47C S per share Per share $ Per share 5 per share 0 per share $ per share $ Per share S. per share $ per share $ per share $ per share
INDUSTRIALS
2212 2314 20 233
Amer Electrice Corp cl
4
224 241 12 233 234
Amer Light & TractIon____100
iii- iii- 267- idi
iff
di- -30- 16- 30 3312 --------30 /1 2734 2iki -------25 26
25 2918 29
Arctic Dairy Products
• 3412 - - -24- 32
Auburn Automobile com_25 Listed Ju ne 24 1026
812 --i5 -18
418 3
3
412 3
Auto Body common
10
511
43
4 5
Preferred
10
1314 133 -1338 1384
Belle Isle Creamery common_10 1314 13
1414 15
4
15
-- 15
1314
Bohn Aluminum & Brass
• 17
,
1814 1612 1712 13 4 1314 1338 14 4 13 8 418 1312 1418 ---- -1314 1512. 15
1512 133 1514 1338 1414 137 15
4
1314
3
3
Bower Roller Bearing
10
312 3'2
- --- ---- ---- ---- ---- ---- ---- ---- ---- ----
--i- --2-ii 5?"?14 -_-_-_-_ -------- ---------------6' 1334 --------13
CC Spring & Bumper cona___• 1112 121a
Preferred
8
83
4 93
10
Coahuila Lead & Zinc com _ 1
6c
6c
Columbia Sugar common_ _10
5
5
Continental Motors Corp.corny 12
13
Dayega,Inc com
•
Dot Brass & Malleable Wks.100
Detroit & Cleve NavigatIon_10 173 1838
Detroit Creamery common_ 10 4434 463
4
Detroit Edison Co
100 134 13812
Detroit Forging class A com_-• 20 20
Edmunds &Jones Corp com__•
Preferred
100
Fedi Motor Truck corn (old).
New stock
•
Ford Motor of Canada
100
10 4 12
3
91s 1 118 811 93
8
4
8 912 1112 918 1112 113 15'8 123
87
8 912 812 918 814 9
9
9 7 ---8
9
9
9
9
Sc
4c
414 vs 438 434 i- --i- -1- —41
4- -14 --4- -1" --ii, -18
1),
1214 103 1212 1014 1114 10
8
8
1012 117 107
1012 1014 11
4
14
1418 128 1418 10
912 11
10
1212
8.7
8 9
---- 812 9
814 83
4 83
8 868
---- --i- 43
411 1
4 5
5
; 453 4711
4, 5
1
127 1034 1152 101- 1114 1058 123 113 1334
8
2
8
8
203 2314 2012 241
8
95 95 -65- - 9i1713 18
18
18'2
8
16 4
TS - 2- 14l 15 -141- 11 4
1734 -17 4 -17T8 1/4 -iiii. -ci- ii -- -1 1412 1412 1412 147
-1
4 1E44 4514 40 4414 3812 41
3914 42
41
4112 40, 42
4
41
44
3812 4112 37 39
43 45
3612 38
133:2 141 1231:133 12412 1323 128 131 130 13512 132 135 134 13712 134 139 13412 13814 133 135 133 139
4
193a 20
1919
31
333 2912 3112 28 3114 2734 30
4
4
28
3614 35 3912 373 41
998 10014
4
993
4100
_ _ 109 110 119 119
41
4514 -iiT2 41
3712 44
37
43
8
423 3912 - 1.1 43 4914 447 50
4
200,000 ad dl share.a las. July 28 1926 (400,000 shs. no w outert);) 2314 25
620 620 610 620 590 650 449 590 455 488 475 495 492 518
Gemmer Mfg class A
3714 38
• 3514 4112 37 40
General Motors, corn
•
Gen Necessities Corp com___10 1014 12
107g 131g
Globe Finance Corp
Listed Au 3 2 1926
Grennan Bakeries
8
• 1712 1814 161 18
Preferred
100
Warrants
Hall(CM)Lamp Co
•
Hoover Steel Ball common_ 10
Housernan•SpItzley Corp corn
(old)
10
Class A (new)
•
Class II (new)
•
Kawneer Co (listed Jan 27) •
14
11
3614 37
37
5112
37
1814
3114
5518
38
2(1
33
NatIonz)
411 rt.-f
National Grocer coma40.2_15
Preferred
100
Noble (Cho:11')On & GOP prof
Northern Cr,. _______
.107
*No 00r value. a Ex-20% stock dirkland.
36
3612 37
3
1612 15118 1614 14 4 1618 142 15 4 1412 1818 14
4
3
1112 1112 1314 13
1112 1114 111g 11
13
12
46
5214
Lila Feb 24
1otb'eb 21
3012 3112
31
35
27 3212 IRem'd fr
[Oct. 16
4912 i51
2412 8412 -287 3355 -i52 1i- 2438 25
495 500 480 500 389 440 325 400
6
DA -- -1- iiii - - -14 --81- -24 -- O'2 -- --_10 2
2
10 11- -1
-87'
- iiIT., -iii- ---_-- -_-_-: __ _
2
5
106 166 --------100 - 100 --__ -_-_-_-_
-__
60 653
14
16
1314 12
13
15
1214 13
36
638 10
1412 a912 14
13
12
12
om Board
1926.
-2414 294
395 440
333 3312
8
146T 146T
53
4 73
4
121211212
------- -------
14134 fid-
714 812 73 1014
8
10
4
1112 117 117 12
8
g
1112 104
Stricken f corn Ilst Feb 23 19 26
---36
3612 :34 y 3512 34 35
4
8
4
333 34 __ _ __ 3212 347 3334 343 ____
-1342 24 2
1212 1712 15
16 ------------ _ _ 1314 1312 13
133 133 1412 1312 14
8
8
29 3214 2912 3112
- -12 3012 3112 3012 3114 2912 31
31
2
l,
2912 29% 2912 30
29
Mary Lee Candy units
[dated !ic pt 27 1928
Mexican Crude Ruboer
10
Michigan Sugar C0111111011.-- 10
4 18 312 4
4
4 14 4
Ps
Prokrted
Iii
Miles-Detroit Thoutre corn_10
21
21
21
34)S 331, 24 303 257
Motor Wheel Corp coin
• 21- 33
8
8
Muller Bakeries common._ ._• 2814 2) 27 2712 27 2712 27
Preferred (with worrants)10 I
100 100
36
2912 38
_
20 20
2
12 ii8 - -- 31
3x8
4 312 i1
8
- 518 518 514 512 --21 14 ----------------2112
2714 2 12 2
2318
-23 25
2712 2814 31
32
30 4 32
3
505 105
53
--20
20
38 3
-3
34 318
- ---- 12 2114 - 14 -2221
21
241g 2314 25
2012
3212 30 311:
75 75
.4 - a 5 8 3
6
5754 - 3
3
1
5 4 512 511
_ 9112 9112 -20c 23"C 2.54; 27e ii; - - - iK iie
3
62
:
----
"3 6
5312 _5212 521 523 5254 5244 53
4
20
--_- -311
3'2 -51- -Is; 23
4 312 3
2
518
5
8
612 63
s
2/3
4
2212 223 222 22 4
4
24 -24- W - 19 2112 197 211
4
8
.:::
----___
84 84
---- --_.
ic i5' 20c 200
>ci
85
4
4
502 102
85
8.3
85
792
FINANCIAL CHRONICLE
[VOL. 128.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1926-(Concluded).
April
March
January February
May
July
June
August September
October
Nocember December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
-1926
INDUSTRIALS (Concluded)
$ per share $ per share 5 per share $ Per share 2 Per share $ per share $ per share 2 per share 5 Per share 2 per share $ per share $ per share
Packard Motor Car
3134 3752 3314 37
3212 3512 35 423 40 45
10 38 4332 37 41
3512 43 4 35 3712 32 35 4 3352 353 33 4 373
2
3
3
2
3
4
Paige-Detroit Motor Car corn.
• 2412 2812 23 2514 1812 2314 1812 203 1314 173 1514 173 1414 1612 1512 17
4
4
2
153 1712 113 1512 9
4
2
1232 WA 1312
Parke, Davis & Co common_25 113 11412 110 114 1083 111 10212 110 10912 11012 10812 112 1083 114 11712 12912 120 124 123 131 128 145 13412 145
4
2
Parker Rust Proof common- • 63 67
1212 1312 1412 15
1412 1412 1412 15
4
143 15
4
2 712 1214 1214 1212 1212 13
14
153 --------17
4
17
Preferred
I0
812 812 _
-- ---- ---- 812 812 83 812 ---- ---s
7
__ 8 2 Vs 9
91* 914 914 97
2 97 10
2
1012
Peerless Motor Car
50 Listed Ju ly 8 1926 --------------------------------30 333 2972 3312 31
--__-- 4
323 28 3134 24 3118 24 3012
4
Reo Motor Car common
2
10 2314 2514 233 2414 193 233 193 221 193 2014 1912 21
2
2172 19 2014 19 2012 19 2012
2
193 203 20 23
20
4
2
- ----- ---- 63
River Raisin Paper common _10
4 7
_
714 714
712 8
7
7g 8
63
4 7
63
4 7
6
63
8 814 614 6
63
4 Ps 83
2 6
87
2
Schwartz(Bernard) Cig A con.. 13
14
13
14
1112 14
103 1212 1012 1114 1052 113 10
4
4
1112 11
113 Ills 113
2
4 93 103
4
4 93 1012 934 1032
4
Class B common
• 1212 13
1253 13 ------------------------1014 1114 --------1014 1052 10
103
4
_ ____
_
_
Scotten, Dillon Co common_10 32 34
3112 3034 3112 31
31
32 3412 3012 32
3112
30
3112 3214 --__-3212 3114 32
32 33
3214 - _-- 33ii
Timken-Detroit Axle com___10
9
10
9
2
94 0
3
912 1112 97 11
93
1I8 1114 1312 12
2 Vs 93
8
2 9
1314 11
1212 1114 133 12
4
13
Preferred
4
94 9412 9412 963 933 96
4
100 94 9412 9412 96
9312 94
96 9612 9812 9812 97 9714 97 100
933 95
4
97 97 2
,
Truscon Steel common
2112 2412 2212 24
2217 24
10 26 30
22 25
24 25
24 28
2212 24
2514 267 2314 26
4
2312 27
25 4 2812
3
Preferred
_ 1001210012 100 100 _--- ---- ---- ---- ---- ---- 1021210312 10312 10312 10214 10214 --------100 102
100
993 101
4
Union Mortgage preferred_ _10
13
4 214
13
4 2 --------134 13
2 3
Ps 212 23
4
112 13
4 114 112 118 112
Ds Ds
112 112 ---- -Ill S Radiator Crpcom (old)100 210 220 New corn non stock issued Ja n. 25 1926
____ ____ ---- ---- ---- ---- ---- ---- - .-- ____ .-Common (new)
3814 39
• 40 4112 393 4214 37 4112 37 39
4
3812 3812 ---- -- ---- ---- 38 4 40
3812 3812 3814 4012 4012 __-,
44
Preferred
9912 10012 100 100 100 101
100--------101 102 101 102
9812 12111 -___ ____ 100 101
9912 9912 98 9812 97 97
Wilcox Products units
LIsted Dec .20
2 ----------------6
i
i
r 53 -- -- --- - 53
4 54
3
BANK & TRUST COMPANY
"-3314
American State
Bank of Detroit
First National
First State
Highland Park State
Herchants National
Nat Bank of Commerce
100 199 199 200 200 200
100 177 180 --------150
100
342 345 342
100
100
100
2. 5 221 iFt
2
_
----------------405
200 200 200 200 202 202 204
150 ----------------150 150
342 330 330 325 330 325 330
15012 15012 --
23 - ------------------------237 237
-7
410 402 405 410 410 --------415 419
Peninsular State
100 _
__ __ ____ _ ___ ____ ____ ____ ____ ____ ____ ____
Peoples State.............
United Savings100
____ ____ ____ ____ ---- ---- ---- ---American Trust
Bankers Trust Co
Guaranty Trust Co
Union Trust Co
100
100
100
100
203 205 --------207 210 209 209 210 211
150 152 151 152 150 152 147 151 150 150
328 328 330 330 332 335 335 335 340 341
_
___ ____
150 151
240 240
----------------450 452 - --------500 500
eii
_ ____ ____ ___ ____ iiii 6ii --------627 630
132
-i
- ---- ---- ---- ---
iio Ici
____
_
_
--------------------- ----------------------------255 255 --------214 214 227 230 -------263 3
00
--------------------------------------------------------205 205 _ _ _ - _
. . .200 200 205 235 300
200
------------------------475 475 500 500 --------528 528 528 528 532 532 525 530 525
525 525 525
RIGHTS
First National Bank
Detroit
Bexican Crude ifUbhier ___
72
72
67
70
66
68
---- ____ ____ ____ ___. --__ ..- _ ____ _
_
_ ____ __ ____ ____ ____ ____ ---- --- --- __ -- _--- ---- 500 500..
•No par value. t U. S. Radiator old common exchanged for new no par value common on basis of 5 new shame for one old share. New stock
issued Jan. 25 1928
YEARLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE.
In addition to the foregoing monthly record, we also show on this and succeeding pages the high and low
prices for each of the last two calendar years for every stock .
and bond in which any dealings have taken
place on the Detroit Stock Exchange during these two years, as well as the total volume of business during
the year in each security. The record of prices is that compiled by the Detroit Stock Exchange itself, but
we have added in every case the month when the high and low prices were reached.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1928.
INDUSTRIALS.
Air-Way Electric Appliance common
Preferred
Allen Industries common
Allison Drug Stores"A" cony
Alloy Steel units
Arctic Dairy Products common
Automotive Fan & Bearing common
Baldwin Rubber units
Baxter Laundries"A"common
Belle Isle Creamery common
Bohn Aluminum & Brass common
Bower Roller Bearing common
British American Brewing units.°
"A"
"B"
Brown Fence & Wire"A"
"B"
Brown (John W) rag common
Burkart Mfg common
Preference
C G Spring & Bumper common
Preferred
Carling Breweries common
Columbia Sugar common
Consolidated Paper common
Continental Motors common
Copeland Products "A"
"B"Free
"B" v t c
Crowley Milner common
Davega Inc common
Detroit & Cleveland Navigation common..
Detroit Creamery common
Detroit Edison common
Detroit Electric units
Detroit Forging "A" old stock_b
"A" new stock
Detroit Motorbus common
Federal Mogul common
Federal Motor Truck common
Federal Screw common
Federated Publications preferred
Foote-Burt common
Ford Motor of Canada Ltd
Frost Gear & Forge common
Gemmer Mfg"A"
General Foundry & Machine units
General Motors common
General Necessities common
Graham-Paige Motors common_c
V tc
Grand Rapids Metalcraft common
Hall Lamp common
Hayes Body common
"AA" preferred
Hershey Corp "A" cony preferred
Hiram Walker-Gooderham & NVorts com____
HOW/el' Steel Ball common
Hoskins Mfg common
Houdaille Corp "A"
"B"-----------------------------------____________________________________
Houseman Spitzley"A"
Iron Silver Mining common
Jackson Motor Shaft common
No. Shares
High.
136,579 47
70 10446
1,075 1734
31,820 214(
33.820 34
28,866 43
134,128 1694
159,037 2844
4,700 2951
45,320 42
355.028 118;§
139,123 17
11.855 35
14,453 35
1,887 6
15,923 42
7,216 40
420,719 4094
4,283 1694
4,849 24
170,756 12
4,998 941
1,500 413(
8,098 3
12,897 2194
43,100 2046
1,925 2094
8,207 7
3.140 6%
120.014 58
Nov
Dec
May
Jan
Nov
Nov
Nov
Sept
May
Dec
Dec
Dec
Jan
Apr
Feb
Nov
Nov
Oct
Apr
Apr
Mar
May
Jan
May
Jan
Nov
Oct
Sept
Sept
Oct
Low.
36
101
1194
14
2046
2546
63(
19
234(
15
34
434
324(
11
2
30
29
8
11
1894
6
6
30
1
17
10%
1544
431
5
46
Oct
Dec
Aug
July
Sept
June
Aug
July
Mar
Sept
Jan
Mar
Jan
Aug
Oct
Dec
Dec
Jan
Dec
Dec
Aug
Dec
Oct
Nov
Mar
Mar
Oct
Oct
Dec
Mar
Jan 30% Aug
81,812 48
52,318 1746 Dec 13% Jan
Feb
Jan 32
93.889 5194
Jan
4,193 223 Sept 183
Dec
Oct 30
17,175 36
Jan
Apr 8
19,463 20
Dec 16% Nov
11,883 19
May 734 Dec
296,723 17
Oct
Nov 23
56,815 29
168,777 2594 Oct 184( Aug
323,790 6994 Dec 2634 Sept
Dec 2594 Dec
1,715 28
Dec
4,345 4246 Dec 40
Jan
May 10
10.188 oo
186.896 29% Nov 934 July
Jan
16,847 4494 Sept 32
Nov
29,310 3544 Nov 28
540 81834 Nov 50 June
146 Apr
43,389 444 Jan
Sept 1134( Feb
264,444 60
8,747 3746 Apr 2434 Apr
325,945 1634 Oct 7894 June
855,501 26% Sept 9% Jan
May
728,499 6541 Oct 21
6 941 Sept 934 Sept
Nov 443.4 Oct
13,540 82
Oct
Nov 41
12,178 82
75,805 90% Nov 70% Dec
Feb
32,905 23% Oct 10
Dec 32 June
42,311 50
Dec
35,312 61% Nov 44
37,605 00% Nov 42% Dec
July
Mar 25
785 27
Feb
609 546 Apr 4
8,300 .80 June .50 May
273,298 4734 NOV 143.4 July
INDUSTRIALS-(Confinued).
Kalamazoo Stove common
Kawneer common
Kresge (S 5) common
Lakey Foundry & Machine common
Mahon (R C) cony preferred
Mark's Stores "B" common
Marquette Oil
Mary Lee Candy "A"(with warrants)
"B"
Michigan Steel common
Michigan Steel Tube Products common...Michigan Sugar common
Preferred
Mlles Detroit Theatre common
Monighan hug class A
Motor Wheel common
Muller Bakers A common
Murray Corp of America common
National Baking preferred
National Grocer common
National Screen Service common
Noble 011 & Gas preferred
Oakes Products units
"B"
Odin Cigar common
Packard Motor common
Parke, Davis & Co
Parker Rust Proof common
Preferred
Peerless Motor common_e
Rich Products units
"B"
Reo Motor common
Rich Tool "A" cony preferred
"11" common
River Raisin Paper common
Riverside Forge & Machine common
Ross Gear & Tool common
Schutter Johnson Candy units_0
"A"
"13"
Schwartz Cigar class A preference
"B"
Scotten Dillon Co
Second National Investors units
Silent Automatic preferred
Square D units
"A"_h
"II"____________________________________
Stinson Aircraft common
Sutherland Paper common
Szekely(0 E) common
Timken-Detroit Axle common
Preferred
Truscon Steel common
Preferred
Union Mortgage preferred
United Shirt Distributors
U S Radiator common
Preferred
Universal Cooler"A"
"B"
Universal Products common
Wilcox Products "A"
-t
"B"
No. Shares
High,
Low,
37.344 135
Jan
Sept 62
5,640 3246 Aug 29
Jan
110 72
July 7094 Aug
May
133,573 374( June 23
Nov 274( Dec
9,260 32
Dec 2446 Nov
3,166 30
23,612
.45 Jan
.90 Mar
Jan 453.4 Jan
140 48
Jan 2
420 8
Aug
59,121 132
Nov 50
Sent
Dec 25
7,805 32
Dec
34,994 236 May
1
Dec
100 434 Apr 494 Apr
527 23
Mar 2034 Oct
41,020 35
May 25
Mar
57,250 484( Sept 28
Jan
1,830 31
Jan 25
Feb
35,293 10634 Oct 40% June
340 90
Jan 90
Jan
131,539 8% Dec 294 Feb
5.275 30
Dec 27.4 Dec
500 .10 May
.09 May
48,912 52
Aug 40
July
44,238 91
Nov 31
Aug
73,725 100
Oct 31
Aug
11,175 1994 Aug 15
Dec
430,905 169
Dec 5134( Feb
201,233 5554 Nov 373.4 Jan
8,995 51
Feb
Dec 22
785 1034 June 934 Feb
Apr 1746 Jan
4.000 24
May 3534 Apr
22,763 49
42,811 39% Sept 25 June
54,276 38
Sept 2134 Aug
354,093 43343434 Oct 2234 Jan
Nov 33
78,441
Dec
36,102 413.4 Nov 31
Dec
176,578 12% Apr 6% Oct
Apr 24
July
302,116 36
May
84,713 464( Oct 28
Jan 3934 Jan
875 41
Nov
1,317 284i Oct 23
Mar
800 84( Oct 8
Apr 21
Jan
33,324 36
31,098 2354 Dec 934 Aug
Jan 2894 May
13,881 31
Dec 100
1,870 101
Dec
Nov 100
192 120
July
5,865 5054 Nov 4934 Nov
12,385 314( Nov 25
Dec
7.884 38
Nov 33
Dec
61.614 2694 Oct 17
Nov
43,045 2894 Dec 20
Dec
4,796 48
Oct 37
Nov
356,484 29
Dec 1141 Feb
889 09
Nov 04
Jan
25,825 64
Oct 34
Jan
1,182 0844 Jan 04
Aug
4,842 144 Jan
4( Dec
27,820 1246 Nov 8
Deo
15,883 47
Jan 3741 Jan
1,414 0734 Feb 96
Nov
17,172 10
Nov 5% Dec
210,482 334 May 131 Aug
219,432 5034 Oct 2154 July
44,552 3
Jan
694 Sept 23
171,576 44
Sept 18% Jan
FEB. 9 1929.]
FINANCIAL CHRONICLE
INDUSTRIALS-(Concluded).
No. Shares
Wilcox Rich Products "A" J
"B"
Winton Engine cony preferred
Wolverine Portland Cement common
Wolverine Tube common
Preferred
Worth Inc class A cony
Young (L A) Spring & Wire common
Preferred _k
Total industrials
RIGHTS.
Belle Isle Creamery common
Bower Roller Bearing
Brown (John tY) common
Detroit Creamery
Detroit Edison
Detroit Forging "A"
Oct
Oct
Sept
July
May
June
May
Nov
Sept
Low.
3334
30
464
54
19%
96
17
354
354
Oct
Dec
Sept
Oct
July
Sept
Aug
Mar
Mar
10,191,144
BANKS & TRUST COMPANIES.
American State Bank
Bank of Detroit
Detroit Savings Bank
Dime Savings Bank
First National Bank
Griswodl-First State Bank_i
Highland Park State Bank
Merchants National Bank
National Bank of Commerce_m
Peninsular State Bank
Peoples State Bank_n
Peoples Wayne County Bank
United Savings Bank
Wayne County & Home Savings Bank_o__
American Trust Co
Bankers Trust Co of Detroit
Detroit Trust Cop
Detroit & Security Trust Co
Equitable Trust Co
Fidelity Trust Co
Guaranty Trust Co
Highland Park Trust Co
Security Trust Coq
Union Commerce & Investment Co
Union Trust Co r
Total Banks & Trust Companies
High.
39.795 46
131,057 4234
100 4614
5,486 6
3,790 254
220 103
8,920 224
199,938 574
72.853 62
4,076 305
5,089 300
190 720
123 725
679 575
18,071 320
556 502
216 350
2,382 727
968 450
41 875
1,037840
230 379
3 875
222 150
13 332
335 940
55 940
80 150
130620
108 346
16 370
45900
858 610
393 845
Jan 250
May 210
Sept 675
Jan 675
Jan 530
Jan 196
Jan 442
Jan 303
Jan 577
Jan 398
Jan 800
Feb 800
Nov 325
Jan 875
Dec 118
Sept 290
May 850
Sept 850
Sept 145
Jan 495
Jan 275
Feb 335
May 900
Oct 565
Jan 600
Feb
Feb
Feb
Jan
Feb
Aug
July
July
Jan
Oct
Feb
Feb
Mar
Jan
Jan
Oct
May
Sept
June
Nov
July
June
May
Dec
Sept
May 134
Nov
134
Sept 44
Feb 5
Dec 15
Nov
.40
May
Nov
Sept
Feb
Nov
Nov
35,875
348 14
20.626 3
19,691 64
27.720 7
1,162 20
349
50
793
RIGHTS-(Concluded).
No. Shares
Hayes Body common
Highland Park Trust Co
Jackson Motor Shaft common
Wilcox Products "B"
Low,
High.
58,587 44 Oct
21 35
Mar 33
6,657 134 Oct 14
11,046 2
Feb 14
Nov134
Feb
Oct
Feb
Total Rights
146.358
a British American Brewing units changed to "A" and "13" Feb. 15 928.
b Detroit Forging "A"-50.000 shares new stock listed Oct. 24 1928
c Graham Paige Motors changed from Paige Detroit Motors Jan, 3 1928.
d Oakes Products units changed to "A" and "13" Aug. 16 1928.
e Peerless Motor common-Listed Sept. 1 1928.
.1 Rich Products units changed to "A" and "13" May 9 1928 and on Oct. 1 consolidated with Wilcox Products Corp. under the name of Wilcox-Rich Products.
g Schutter Johnson Candy units changed to "A" and "B" Feb. 2 1928.
S Square D units changed to "A" and "B" Nov. 15 1928.
f Wilcox Products"A" and "B." This company consolidated with Rich Products
Corp. Oct. 1 1928 under name of Wilcox-Rich Products Corp.
J Wilcox-Rich Products consolidation of Wilcox Products and Rich Products
on Oct. I 1928.
It Young Spring & Wire Co. convertible preferred stock was converted into
common stock on Oct. 4 1928.
I Griswold-First State Bank removed from list Nov. 7 1928 upon consolidation
with National Bank of Commerce and Union Trust Co. under name of Union
Commerce & Investment Co.
m National Bank of Commerce removed from list Sept. 29 upon consolidation
with Griswold-First State Bank and Union Trust Co. under name of Union Commerce & Investment Co.
n Peoples State Bank removed from list Feb. 18 upon consolidation with Wayne
County & Home Savings Bank under name of Peoples Wayne County Bank.
o Wayne County & Home Savings Bank removed from list Feb. 16 1928 upon
consolidation with Peoples State Bank under name of Peoples Wayne County Bank.
p Detroit Trust Co. removed from list on Aug. 8 upon consolidation with Security
Trust Co. under name of Detroit & Security Trust Co.
Security Trust Co. removed from list Aug. 8 upon consolidation with Detroit
Trust Co. under name of Detroit & Security Trust Co.
r Union Trust Co. removed from list Sept. 29 1928 upon consolidation with
Griswold-First State Bank and Union Trust Co. and National Bank of Commerce
under name of Union Commerce & Investment Co.
1 8
TOTAL SALES ON DETROIT STOCK EXCHANGE FOR THREE YEARS.
10
1928,
1927.
10,191,144 2,765.683 1,850,162
Listed stocks
Listed banks and trust companies
2,899
35.876
Rights
48, 58
20 656
8,245
10
0
Warrants
Total Sales
10,227.019
2,834,397
1.861,316
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1927.
INDUSTRIALS.
Par No, Shares
Allison Drug Stores "A"conv.a
19,870
•
American Electrice "A"
..b
185
American Light & Traction com_C
110
Arctic Dairy Products com_d
10
15,311
Belle Isle Creamery come
10
3,100
Bohn Aluminum & Brass com.f
• 214,853
Bower Roller Bearing
10
366
British-American Brewing Ltd units.g____•
49,969
Brown (Joltn W) Mfg cornmon_Is
10
3.742
Burkart Mfg units_i
11,433
•
Common
•
48
C G Spring & Bumper common
• 111,325
Preferred
10
2,788
Columbia Sugar common
10
1.150
Consolidated Paper commonj
10
371
Continental Motors common
•
53,815
Davega Inc common
*
85,569
Detroit & Cleveland Navigation
10
17,795
Detroit Creamery
10
35,466
Detroit Edison
100
13.895
Detroit Forging class A
•
6
Detroit Motorbus common_k
10
51,076
Evans Auto Loading Inc "A" common _1_5
8,160
5
"B"common
12.720
Federal Motor Truck rn
• 80.211
100
16,520
Ford Motor of Canada Ltd
3,850
Frischkorn Real Estate "B"common_n____•
8.275
•
Gemmer Manufacturing class A
.o
3,975
General Motors common (old stock)
25
10,100
New Stock
10
30,858
General Necessities common
10
219
Globe Finance
10 143.603
Hall Lamp
10
8,497
Hoover Steel Ball
•
2,122
Houseman-Sptfziey class A
5
1,600
Class B
•
160
Iron Silver ?dining
10
2.910
Kawneer common
•
2,855
Marquette Oil_p
180
Mary Lee Candy units-g
•
825
"A" with warrants
•
2,566
"11"
7.439
Mathews Industries Inc "A" common _r__10
2,360
Mexican Crude Rubber common
10
21,110
Michigan Sugar common
10
Preferred
475
10
Miles
-Detroit Theatre
•
5
529
Motor Wheel common
84,052
Muller Bakeries "A" common
24,002
100
National Baking preferred
138
10
National Grocer Common
15
100
Noble Oil & Gas preferred
14.787
100
Packard Motor common
414,174
Paige-Detroit Motor commons
235,387
Parke Davis & Co (old stock)_f
5,823
(New stock)
• 85,540
Parker Rust Proof common
•
3,047
Preferred
1.601
10
Peerless Motor common
5,250
50
Reo Motor
Raisin Paper common
! 51 1,5a
1
4 7River
Schwartz Cigar class A (old stock)A,
3
Class A (preference)
6,593
Schutter-Johnson Candy units
•
19.053
Scotten Dillon Co_o
10
8,938
Silent Automatic preferred
352
100
Timken-Detroit Axle common
10
79,047
Preferred
1,519
100
Truscon Steel common.to
10
50.939
Preferred
100
1,957
Union Mortgage preferred
10
3.090
a
U S Radiator common
7,873
Preferred
1,736
100
Wilcox l'roducts units_z
45,622
.
..A ,
•
9,347
"
Bo
•
10,096
Wolverine Portland Cement
10
3,947
Total Industrials, year 1927
High.
Low,
214 Dec 20
Oct
13
Jan 13
Jan
260
June 220)4 Mar
35
June 25
Aug
214 Sept 16
June
36
Dec 134 Feb
44 Dec 4
Dec
34
Dec 32
Dec
9
Dec 54 Oct
344 Sept 2854 July
22
Sept 214 Oct
13)4 Nov 6
Oct
9% June 84 Oct
34 Jan 2
Nov
22
Dec 214 Dec
Nov
1354 Jan 9
574 Sept 21
Jan
154 April 13
July
53
Dec 404 June
170
Dec 134
Jan
7
Aug 7
Aug
10% Dec 4
Oct
54
Dec 32
Mar
56
Dec 284 Feb
3034 Jan 17
Dec
730
Nov 395
Apr
3 June 114 Aug
3534 May 27
Oct
22534 July 1 5334 Jan
135
Dec 1254 Oct
114 Nov
654 Jan
124 Jan 104 Feb
10% Mar 74 July
1234 Nov 84 May
33
Aug 264 Nov
114 Apr 44 Oct
75c May 35c
Feb
30
Jan 284 Aug
14 July 48c Dec
54
Mar 624 Jan
48
Apr 45
Sept
84 May 74 Apr
23
Apr 204 Aug
16
Jan 144 Aug
1
354 Jan
Nov
6
Feb 4
Dec
224 May 22
liOct
28
Aug2034 Van
37
May 204 Jan
87
Dec 84
Jan
24 Nov 24 Nov
25e
Feb 10c June
614 Dec34
Jan
1834 Dec734 Mar
145
Jan 1354 Mar
40
Dec 27
Apr
25
Dec 184 Jan
10
Aug 9)4 June
32
Jan 234 Aug
27
Oct 1954 Mar
84 Dec 955 Jan
104 Jan 104 Jan
25
Mar 184 Aug
44
Sept 40
Dec
36
Jan 294 Nov
110
Oct 93
Apr
134 May 114 Nov
104
Dec 9534 Mar
3434 Dec 2334 Feb
109
Dec 9914 Jan
14 Dec 900 July
434 Jan 37
May
105
Nov 97
Jan
3134 May 25
Jan
254 Dec 21
Sept
284 Sept 174 Aug
754 July 5.34 Apr
2,765,683
o Allison Drug Stores "A" cony. listed Oct. 14 1927.
American Electrice "A" and preferred removed from board May 14 1927.
o American Light & Traction common removed from board Oct. 11 1927.
Arctic Dairy Products common, 25% stock dividend paid July 15 to stockholders of record July 1 1927.
e Belle Isle Creamery common, 20% stock dividend paid Dec. 20 to stockholders
of record at close of business Dec. 10 1927,
Bohn Aluminum & Brass common, additional 14,321 shares listed Dec. 6 1927
g British-American Brewing, Ltd., listed Oct. 28 1927.
h Brown (John W.) Mfg., common listed Oct. 6 1927.
Burkart Mfg. Co. listed June 2 1927.
Consollated Paper, common. listed Dec. 27 1927.
S Detroit Motorbus, common, listed May 5 1927.
I Evans Auto Loading, Inc., "A" & "B," listed Feb. 1 1927.
m Federal Motor Truck, 10% stock dividend paid quarterly Jan. 5 to stock of
record Dec. 18 1926; 2)4%, April 5 of record May 19: 24% Paid July 5 of record
June 18. and 24% paid Oct. 501 record Sept. 17 1927.
n Prischkorn Real Estate, "B" common, listed June 24 1927.
o General Motors, common-On and after Sept. 15 1927 common stock was
changed from no par to $25 par on basis o ftwo shares par value stock in exchange
for one of no par value.
p Marquette 011, listed July 9 1927.
Mary Lee Candy "A" & "B" changed from units on April 18 1927.
r Mathews Industries, Inc.. "A" common, listed March 25 1927.
s Paige-Detroit Motor-Additional 49,149 shares common listed July 29 1927
and $3,672,700 2d preferred voting trust certificates listed on same date.
Parke, Davis-Old stock removed from board at close of business April 7 1927
and new stock listed April 4 1927.
t, Schwartz Cigar-Old Mock removed March 22 1927 and new stock listed
same date.
o Schutter-Johnson Candy, units, listed Aug. 4 1927.
Tniscon Steel, cornmom. 6% stock dividend paid Jan. 31 to stock of record
at close of business Jan. 15 1927.
z Wilcox Products, "B" stock listed June 15 1927 in addition to units already
listed. "A"stock listed Sept.6 1927 and trading in units discontinued on same date.
BANKS.
High,
Par No. Shares
100
American State Bank
100
Bank of Detroit
Detroit Savings Bank
Dime Savings Bank
100
First National Bank
100
First State Bank_a
Griswold-First State Bank_b
100
Highland Park State Bank
100
Merchants National Bank
100
National Bank of Commerce_c
100
Peninsular State Bank
100
Peoples State Bank
100
United Savings flank
Wayne County & Home Savings Bank_.100
3,567
5,041
31
91
1,679
600
12,590
1,864
313
770
1,122
531
19
438
Low.
382
277
500
628
550
265
323
506
310
520
450
920
325
950
Dec
Dec
Jan
Sept
Dec
Feb
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Dec
213
147
500
505
375
245
245
325
275
422
360
625
280
552
120
335
900
131
575
387
340
635
782
Feb
Feb
Dec
June
Feb
Feb
Dec
Mar
May
88 July
285 Jan
858 Deo
131 June
435 June
310 Jan
220 Aug
577 Jan
600 Apr
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Jan
May
May
Jan
Jan
28,656
Total banks
TRUST COMPANIES,
American Trust Co
Bankers Trust Co of Detroit
Detroit Trust Co
Equitable Trust Cod
Fidelity Trust Coe
Guaranty Trust Co
Highland Park Trust Co.!
Security Trust Co
Union Trust Co_g
100
100
100
584
651
72
10
115
910
41
45
109
Total trust companies
Total banks
2,517
28,656
Total banks and trust companies
31,173
a First State Bank, removed from list March 26 1927.
S Griswold-First State Bank, listed March 26 1927 upon merger with Firs
State Bank.
c National Bank of Commerce, additional 5.000 shares listed April 4 1927.
Equitable Trust Co.. listed May 18 1927.
e Fidelity Trust Co.. additional 5,000 shares listed May 19 1927.
f Highland Park State Bank, listed July 8 1927.
g Union Trust Co., 25% stock dividend paid Jan. 25 1927 to stock of record It
close Jan. 13 1925. On March 15 1927 additional 5,000 shares listed.
RIGHTS.
Paige-Detroit Motor Co
No, Shares
40,058
1927.
Listed stocks
2 765,683
Listed banks and trust companies
31,173
Rights-------------------------------------- 40,058
Warrants
Unlisted stocks (discontinued Oct. 17 1925)_
Total sales
High,
54 Nov
Low,
NOV
1926.
1925.
1,850,162 3,059,224
2,120
2.899
33,921
8,245
20
10
202,820
2,856,914 1,861,316 3,298.105
791
FINANCIAL CHRONICLE
[VOL. 128.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1926.
1926
-LISTED STOCKS.
eiEdmunds 4, Jones, common and preferred both removed from list Oct. 16
1926. This company has merged with Hall Lamp Co.
5,690 2334 Oct 20
f Federal Motor Truck stock increased from 200,000 510 par to 410,000 shares,
Nov
306 24154 Nov 207
May no par, on Aug. 15 1926. Also 254% stock dividend paid Oct. 5 1926 to stock of
7,952 36
Jan 25
Oct record Sept. 18 1926.
300 5534 June 55% June
0 General Motors stock dividend paid Sept. 11 to stock of record at close of
4% Feb 1% Apr business Aug. 211926,
7,315
50%.
Feb 1
365
5
Oct
S General Neee,ities common 25% stock dividend paid Dec. 31 to stockholders
3,452 15% Sept 13 June
of record at close of business Dec. 20 1926.
48,801 18% Jan 13
July
Globe Finance, listed Aug. 2 1926.
3% Nov 3% Nov
100
123,771 15% July 8% Apr
Hall Lamp Co., 20% stock dividend paid Sept. to stockholders of record Si
9% July 8% Apr Close of business Sept. 29 1926.
4,952
Jan 40 Feb
60
1,150
k Houseman-Spitzley, common and preferred, old stock, stricken from list at
7,195
Jan 3% June close of
5
business Feb. 23 1926. New A and B stock listed Feb. 24 1926.
May
90,958 13% Dec 10
I Kawneer Co., common, listed Jan. 27 1926.
18,148 24
Dec 20% Dec
m Mary Lee, A and 11, listed Sept. 27 1926.
40 95
Aug 93
Sept
9,607 18% Feb 1414 Oct
n National Baking, preferred, listed Feb. 24 1926.
18,438 46% Jan 36% May
o Packard Motor, common, additional 3,896,380 no par stock, listed Sept. 15
12,299 141
Feb 23% Mar 1926.
Also 15% stock dividend paid Aug./31 of record Aug. 14 1926.
Jan 19
406 20
Apr
P Peerless Motor, common, listed July 6 1926.
36,452 41
July 2791 Apr
July 99% Jan
583 119
O Schwartz Cigar, class A, & B. additional 6,400 shares listed April 1 1926.
r Truscon Steel, common,stock dividend,6%. paid Feb. 15 of record Jan. 30 1926
51,732 51
Aug 34% Mar
a U. S. Radiator, common, new no par common, Issued Jan. 25 1926.
98.139 3454 Aug 23% July
1 Wilcox Products, class A. and class B, listed Dec. 20 1926.
1,604 650
Nov
Mar 325
11,180 4154 Jan 33% Dec Silent Automatic, listed Nov. 5 1926.
Oct 41% Oct
1,845 170
77,794 1354 Feb
,
Dec
-LISTED BANKS & TRUST COS. Par. No Shares.
485 15
Aug 12% Dec 1926
High.
Low.
515 1834 Jan 16% June
40 100
100
Mar 00
Mar American State_a
338 211 Nov
Jan
199
100
68,469 1654 Jan 734 Nov Bank of Detrolt_b
600 180 Jan
Oct
147
100
6,125 1354 Apr 11
Jan First National_c
298 345 Feb 325 May
First State
100
7,675 5554 Feb 46
Jan
50 152 Dec 149 July
100
5,335 38
Feb 32% Aug Highland Park State
45 302 July 300 July
100
Aug Merchants National
3,605 20
Feb 13
141 240 Aug 225 Feb
100
13.609 33
Feb 29
Mar National Bank of Commerce
179 500 Dec 402 Apr
100
1,497 5354 Sept 52% Oct Peninsular State
28 300 Nov 274 Feb
100
37 20
June 20 June Peoples Stated
66 632 Sept 627 Nov
100
454 Jan 234 Nov United Savings
50,821
12 240 June 240 June
100
1,453
654 Dec
Nov Wayne County & Home Savings_ e
32 515 Mar 510 June
100
579 2254 Nov 21
10
Mar American Trust
90 Nov
90 Nov
100
34,492 3354 Feb 19
Nov Bankers Trust of Detrolt_f
254 300 Dec 214 Sept
100
3,730 3254 July 27
665 300 Dec 200
Feb Guaranty Trust
Oct
May 100
100
4 105
181 532 Sent 475 Apr
Feb Union Trust
Nov 75
76 85
July
Total listed banks and trust companies__
654 Jan 4
3,989
Oct
2,899
200 9154 May 91% May
a American State, $500,000 additional listed March 20 1926.
20,450 300
Jan
90 Dec
S Bank of Detroit, $1,333.940 additional listed July 23 1926.
10 102
Oct 102
Oct
C First National, $2,500,000 additional Lsted June 18 1926.
415,024 45
July 31% Mar
d Peoples State, $1.000,000 additional listed July 23 1926.
99,882 2855 Jan 9
Nov
14,184 145
Dec 102% Apr
eWayne County & name Savings, $1,000,000 additional listed July 23 1926.
f Bankers Trust of Detroit, listed $500,000 June 30 1926 and Increased to $1,4,044 17
Dec 6% Jan
1,041
1054 Dec 8% May 000,000 Oct. 1 1926.
25,653 3354 July 24
Fidelity Trust listed Feb. 2 1928.
Nov
177,253 2534 Jan 19
Oct
8
7,412
Jan 6
Aug
I926
23,004 14
Jan 9% Oct
-RIGHTS
Number.
High.
Low.
Jan 10
1,785 13
Sept
12,891 34% Feb 30
July Detroit Edison
8,046
3% Dec 3% Dec
First National Bank
142,428 13% Nov S% June
62 72
Mar
Jan 66
1,384 100
Nov 93% June Mexican Crude Rubber
135
50e Dec
500 Dec
29.157 30
Jan 21% Apr Wayne County & Home Savings Bank
2 75
May 75
May
507 103% Aug 0934 Dec
Total Rights
9,135
154 Sent
3
Feb
8,245
495 220
Jan 210
Jan
25,526 44
Dec 37
WARRANTSMar
Feb 97
867 02
Dec Grenan Bakeries
10 60
June 60
June
1.325 26
Dec 25
Dec
1,395
744 Oct 534 Dec
1924.
1926.
1925.
Listed stocks
Total listed stocks
2,127.25254
1,850,162
3,059,224
1,850,1621
Listed banks and trust companies
1,690
2,120
2,899
a American Electrice A and preferred listed Oct. 1 1926.
Rights
33,921
8,245
Warrants
I) Auburn Auto, common listed June 24 1926 and removed Oct. 28 1926.
20
10
Unlisted stocks(discontinued Oct. 17'25)
356.952
202,820
c Auto Body, common and pref. removed from list Dec. 29 1926.
Davega, Inc., common listed Nov. 16 1926.
Total sales
2.485,89434
3.298.105
1.861,316
Par, No. Shares
High.
Low.
American Eleetrice A" a
25
American Light & Traction, common_100
Arctic Dairy Products, common
10
Auburn Automobile, common_b
25
Auto Body, common_c
10
Preferred
10
Belle Isle Creamery,common
10
Bohn Aluminum & Brass, common
•
Bower Roller Bearing
10
C. G. Spring Se Bumper, common
*
Preferred
10
Coahuila Lead & Zinc,common
1
Columbia Sugar, common
10
Continental Motors, common
•
Davega, Inc., common d
•
Detroit Brass & Malleable Works
100
Detroit & Cleveland Navigation
10
Detroit Creamery, common
10
Detroit Edison
100
Detroit Forging, Class A" common
Edmunds & Jones, common e
•
Preferred
100
Federal Motor Truck, corn., old (from
Jan. 1 to Aug. 5)_,(
New stock
•
Ford Motor of Canada
100
Gemmer Manufacturing, Class"A"
•
General Motors, common_o
General Necessities, common_h
10
Globe Finance Corp _i
10
Grennan Bakeries, common
Preferred
100
Hall (C. M.) Lamia-.1
•
Hoover Steel Ball
10
Houseman-Spitzley, common, old_k
10
Class A", new
Class B," new
•
Kawneer, common_I
•
Mary Lee Candy units_m
Mexican Crude Rubber
10
Michigan Sugar,common
10
Preferred
10
Miles-Detroit Theatre, common
10
Motor Wheel Corp.,common
•
Muller Bakeries, Inc., common
Preferred (with warrants)
100
National Baking. preferred_n
100
National Grocer, common
10
Preferred
100
Noble (Chas. F.) Oil & Gas, preferred
1
Northern Company, common
100
Packard Motor, common_o
10
Paige-Detroit Motor Car, common
•
Parke, Davis & Company
25
Parker Rust Proof, common
•
Preferred
10
Peerless Motor Car, common_p
50
Reo Motor Car, common
10
River Raisin Paper, common
10
Schwartz (Bernard) Cigar, class A.
.2.
Class B common
•
Scotten Dillon Co
10
Timken-Detroit Axle, common
10
Preferred
100
Truscon Steel, common_r
10
Preferred
100
Union Mortgage, preferred
10
U. S. Radiator, commons (old)
100
New common
•
Preferred
100
Wilcox Products units_t
Wolverine Portland Cement
10
Analytical Comparison Detroit Banks and Trust Companies-December 31 1928
Prepared by Keane, Higble & Co., Inc., Detroit.
Capital.
Surplus
and
Undivided
Profits.
Deposits.
Dec. 31
1927.
Dec. 31
1928.
Ratio of
ApDeposits
wort(Dec. 31
mate
1928) to
MarCapital.
1/vet
Surplus& Book Price
Undivid. Value. Jan. 8
Profits.
1929,
$
Banks$
$
i
S
964,787 32,570,958 38,211,626 12.9 to 1 148
2,000,000
American State
Bank of Detroit
141
4,000,000 1,648,407 44,127,238 47,544,006 8.4 to 1
Commonwah-Comnal_ 1,000,000 1,135,707 20,025,747 20,923.974 9.8 to 1 213
Detroit Savings
1,500,000 3,025,252 40,660,239 44,949,099 9.9 to 1 302
Dime Savings
1,500,000 4,049.590 60,641,133 62,941,817 11.3 to 1 370
First National
7,500,000 12,321,310 144,598,022 150,994,815 7.6 to 1 0264
Guaranty State
152
2,000,000 1,047,778 1,285,583 2,304,629 0.8 to 1
Highland Park State_.... 1,000.000 2,092.970 25,852,268 26,560,656 8.6 to 1 309
Industrial Morris Plan_
500,000 1,071,527 9,134,582 11,709,175 7.5 to 1 314
Merchants National
2,000,000 2,055,465 21,379,962 22,015,643 5.4 to 1 203
Peninsular State
193
2,500,000 2,332,328 46,066,755 49,572,197 10.3 to 1
Peoples Wayne County 11,000,000 27,131,901 246,930.731 274,204,964 7.2 to 1 346
United Savings
1,000,000
794,935 15,562.355 17,150,590 9.5 to 1 179
Trust Companies
Bankers
184
1,000,000
836,892
Detroit & SecuritY
3,000,000 10,689,022 41,787,560 41,424.808 3.0 to 1 456
Equitable
137
500,000
187,030
Fidelity
1,000,000 1,301,313 11.738,134 8,373,395 3.6 to 1 230
Guaranty
750,000
760,819 1,631,944 2,039,927 1.3 to 1 201
Highland Park
161
500,000
996,656 1.2 to 1
306,534 1.272,053
Unified
The Guardian Group
6255
p7,750,000 h
46,653,139 58,543,295
Guardian Detroit Bk. 5,000,000 3,426,380 30,383,623 40,648,978 4.8 to 1
168
Guardian Detroit Co. 11,750,000 h
h
Guardian Trust Co
1,000,000 1.567,220 16,269,516 17,894,317 7.0 to 1 257
Union Comm. Inv. Co_ m7083,300
n283
122,262.808 133,385,161
Grisw'dFirstStateBk. 5,000,000 2,668,753 39,179.313 40,612,543 5.3 to 1
153
Nat. Bank of Comm_ 2,500,000 3,902,251 43,961,265 50,244,103 7.8 to 1 256
h
Union Co.of Detroit_ 0250,000 h
Union Trust Co
2.500.000 32.cil 011 00 199 9311 42 028 515 7.4 to 1 230
Arer- Art'Ratio
age
age
of
.
Indicated Ell171 3
Earn- EarnMarPer Share
tags
inos
ket
on Present
on
on
Capitalization.
DirtPrice
Book Market dead
to
Year 3-Year Value. Price. Rate.
Book
Year
Year
Value, 1926, 1927. 1928. Average
$
310
235
285
705
710
535
130
445
375
350
400
845
350
$
%
5
$
209 13.30 12.28 11.42
8.60
167
8.31
7.22
20.98
134
a
a
233 21.91 25.22 28.37
192 32.21 31.77 34.94
203 18.76 21.53 19.13
c
86
1.76
c
144 35.68 30.51 30.21
119 52.49 55.76 55.74
172 16.86 13.26 15.87
207 16,71
18.00 19.10
244 d29.67 (131.00 (131.35
196 29.39 28.38 28.93
300
890
150
500
280
335
163 27.40 19.45 10.97
195 e52.73 e47.31 e43.05
4.67
109
f
1
217 25.45 30.31 34.79
139 21.89 15.35 19.28
208
6.03 10.50 12.43
555
218
------
i
7.96
h
h
------12.48 12.75 31.48
560
98o21 17
______
___
p
6.33
P
------19.72 19.33 20.65
h
h
------34 RR 30 61 26.67
_
_
•
Yield.
$
%
%
%
12.33
8.3
4.0
10
5.7
8.04
3.4
6
------------9
25.16
8.3
3.6
17
32.97
8.9
4.6
18
19.80
7.6
3.7
14
%
3.2
2.5
3.1
2.4
2.5
2.6
32 13
.
54.66
15.33
17.93
30.67
28.90
10.4
17.4
7.6
9.3
8.9
16.1
7.2
14.5
4.4
4.5
3.6
8.3
16
16
11
13
20
12
36
.
4.2
3.1
3.2
2.3
3.4
19.27
47.69
10.5
10.5
6.4
5.4
9
16
3.0
1.8
.
30 5
18.84
9.65
13:1
9.4
6.0
KO
1- 3
6.7
2.9
15
6
--------------- --- ------7.4
18.90
------------16
19.90
--- --
2:8
7.8
33:E
-
-- 6
2
.
5.3
1.8
14.4
a Commonwealth-Federal Savings Bank and Commercial State Savings Bank Merged on June 27 1927. 0 Does not Include First National Co. c Operations began
July 6 1927. (1 Computed by combining the figures for Peoples State Bank and Wayne County & Home Savings Bank for periods prior to the consolidation effected
Feb. 15 1928. e Computed by combining the figures for Detroit Trust Co. and Security Trust Co. for periods prior to the consolidation effected July 11 1928. f Operations began Jan. 7 1927. g Represented by 50,000 shares of unified ownership. Each -Unit" consists of 1 share Guardian Detroit Bank stock. 1 share Guardian Detroit Co. stock and 1-5 share Guardian Trust Co. stock. h Not available. I Does not include surplus and undivided profits of Guardian Detroit Co. .1 Consolidated
earnings of Guardian Detroit Bank and Guardian Trust Co.; does not include earnings of Guardian Detroit Co. (See a.) k Operations began June 15 1927. I RemoRented by 50 000 shares without par value. to Represented by 70,833 shares of $100 par value issued or Lssuable in exchange for the shares of National Bank of Com.
merce and Union Trust Co. on a share for share basis, and for the shares of Griswold First State Bank at the rate of 5 for 12. n Represents consolidation of capital, surplus and undivided profits of above subsidiaries, but does not include surplus and undivided profits of Union Co. of Detroit. o Consolidated earnings of Griswold First
Bank, National Bank of Commerce and Union Trust Co.; does not include earnings of Union Trust Co. subsidiaries. P Griswold National Bank and First1State
Slate
Bank Consolidated March 19 1927. 025,000 shares Of $10 par value.
FEB. 9 1929.]
FINANCIAL CHRONICLE
The Bright Outlook for 1929.
By Frank W. Blair, President, Union Trust Co., Detroit, Michigan.
With an engineer guiding the affairs of the United
States for the next four years, American business
is assured of one of the most prosperous periods that
it has undergone for some time. The indications of
confidence in Hoover manifested by every type of
business in the recent prosperity in spite of a presidential election year is a conclusive indication of
the fact that business men throughout the entire
country place great faith in our future executive.
All signs point to a 1929 far above any recent year
in commercial activity and in general economic
soundness. Beginning in the early fall of 1928, business developed increased momentum which carried
it through an unusually busy and profitable Christmas trade period. Even the seasonal declines of
January were slighter this year than usual. The
automotive industry in particular announced increases in employment and an earlier renewal of activity than is usual at this time.
The prosperity that has been constantly increasing during the past six months will find reflection
in increased buying during the coming year with consequent increases in employment and production. It
will be a prosperity founded upon the soundest basis,
wide-spread distribution of wages, and of profits
to the multitude of stockholders in large manufacturing industries.
The year 1929 will put to the test the tremendous
banking combinations, the creation of which was a
feature of 1928. The whole country has been affected by this tendency toward the combination of
old-established and respected banking institutions
into great organizations even better fitted to serve
the individual and the business man. This same tendency has characterized manufacturing businesses
for the past several years. Mergers of manufacturing industries have proved themselves to be a power
for good.
The coming year in the opinion of those who have
in their hands the responsibility for administration
of these great banking institutions will prove the
great banking houses fitted for even better service
to the business man or the individual who calls upon
them.
Dealings on Detroit Stock Exchange for
Four Years.
VOLUME OF LISTED SHARES TRADED BY
MONTHS.
1928.
1927.
1926.
1925.
January
397,597
148,155
193,515
219,568
February
342,673
135,066
157,654
123,317
March
655,486
202.851
210,494
175.070
April
1.020,781
199,604
135,498
200.942
May
873.431
258,414
99.104
325,181
June
761,951
208.942
187,961
292,598
July
287.459
112.300
199.368
298,958
August
671.803
235,790
119,548
202,334
September
1,451,161
161,344
126,570
264,497
October
1.582,357
377.774
119,834
476,145
November
1,339,173
364.575
106,524
284,384
December
821,301
316,133
118.210
190,792
Total
10,227,019 2,796.856 1.853.061
3.061.344
Translating those figures into dollars, it is
found
that, during the twelve months of the year,
securities
cleared through the Stock Exchange Clearing
House
had an aggregate value of $548,549,486. The
total
for 1928 will be well in excess of a half billion
dollars. This is more than three times the
clearings of
any previous year.
Compare this with a total of $151,760,463, in
1927;
$80,247,728, in 1926; and $147,650,144, in 1925.
In
fact, the clearings for the month of October
1928
795
were greater than for the entire year, 1926. Here
are the figures:
STOCK EXCHANGE CLEARINGS FROM 1925 TO 1928 INCLUSIVE.
1928.
1927.
1926.
1925.
January
$24,503,385
$6,040,914
$7.891,107 56,231.196
February
8,366,382
6,354,016
6.713,654
4,419.287
March
32,134,422
9,044,120
9,972,643
5,537.023
April
49,653,440
7,741,904
7.123,476
5,986,250
May
45,684.952
14.782,992
3,790.767
9,909.817
June
47,097,871
11,051,109
9,145,626
9.012,362
July
18,092.075
7,774,338
8,476,061
21,368,020
August
36,486.942
11,874,881
9,635.622
17,182.334
September
70,659,339
19,953,376
4,559.066
17,252,787
October
91,602,125
19,978,511
4,370,538 24.339,063
November
71.378,770
15.059,831
3.903,268
19.171,774
December
52,889,778 22,104.466
4,665,806
7.239.316
Total
5548,549.486 $151,760.463 $80,247,728 $147.650,144
The Activities of the Detroit Stock Exchange
-Rapid Growth in 1928.
By Lewis S. Castle, Secretary Detroit Stock Exchange.
Nineteen hundred and twenty-eight saw every previous record broken on the Detroit Stock Exchange.
Locally as well as in other cities, the interest was
not confined to a few traders and speculators, but
to the general public, consisting of people in all
walks of life. Their trading in local securities
swelled the volume of transactions on the local exchange to over 10,000,000 shares of stock for the
year against 3,000,000 in 1927.
A pronounced increase in new listings began late
in 1927. During that year th shares of 16 companies were added to the list. These, together with
30,000 additional shares of companies already listed,
increased the total of shares listed by 3,248,611, with
an aggregate value, when listed, of $77,553,904.
That rapid rate of increase in listings has continued throughout 1928. During 1928 90 applications for listing were approved, consisting of 68
new companies or a total of 8,917,259 new shares.
In keeping with that constant growth, there has
also been a consistent increase in membership.
Starting with a group of seven members, in 1907,
the membership limit has now reached 40.
Memberships $60,2041
Naturally, too, in view of the greatly increased
trading activity, there has been an impressive appreciation in the value of memberships. In 1925,
for example, a seat on the Detroit Stock Exchange
sold as low as $700. Later that year five new members were admitted at a new high price of $3,000
eaeh. Then there was a gradual growth in value
until, early in 1928, a membership was sold at $7,500. This was followed by three sales of $15,000
each. Early in the fall of 1928 it seemed that the
high record for the year had been reached, when a
membership on the Detroit Stock Exchange brought
a price of $26,500.
However, all previous records were eclipsed in
the last week of November, when a seat on the Exchange was sold for $60,200. The tremendous rate
of appreciation from $700 to $60,200 took place in
less than four years. It is indicative of the corresponding rapid growth of the activities of the Exchange.
Trading Increases.
Turning our attention, now, to the business of the
Detroit Stock Exchange, we find further remarkable and interesting developments. Records show
that, from 1922 to 1928, inclusive, the volume of
trading on the Exchange did not fluctuate a great
deal.
The year 1926, for example, was the smallest of
that group, with less than 2,000,000 shares changing hands; and 1925 had the largest volume, of
3,061,344.
796
FINANCIAL CHRONICLE
Scarcely was 1928 under way, however, before it
became apparent that the Exchange was entering a
period of activity which would far overshadow anything in its history. March set a new high monthly
record of 655,486 shares. April passed the million
share mark with an aggregate of 1,021,781. And in
September a new record was set, with 1,451,161
shares; only to be eclipsed by the October, 1928, total of 1,582,357 shares.
A Record Year.
The records for 1928 show a total volume of 10,227,019 shares as compared with 2,794,339 shares
in 1927 or an increase of 7,432,680.
Translating those figures into dollars, it is found
that during 1928 securities cleared through the
Stock Exchange Clearing House had an aggregate
value of $548,549,486. This is more than three times
the clearings of any previous year and compares
with $151,760,463 in 1927; P0,247,729 in 1926, and
$147,650,144 in 1925. In fact, the clearings for the
month of October 1928 were greater than for the
entire year 1926.
The Detroit Stock Exchange was founded in July
1907 by seven brokers and in its early days held forth
in a mall room in the Moffet Building.
[VOL. 128.
At that time the space was ample, for the list of
securities traded in was small, and operations were
rather limited. A short session was held once
each day, when the various listed securities were
called.
Early Expansion.
Gradually the business of the Exchange expanded,
and after several years it was moved to larger quarters in the Dime Bank Building. One-hour sessions
were held twice each day for the purpose of calling
listed securities and recording transactions.
As time went on it was found that additional
equipment and facilities were required to accommodate the increased membership and the constantly
growing volume of business. Finally the call system became inadequate, and the open system of trading was adopted. Continuous sessions of operation
were also inaugurated.
In the meantime there also has been constant and
consistent growth in the number of listed securities,
as well as in the general brokerage service rendered.
Numerous Michigan corporations have been financed
through members of the Exchange, and thus capital
has been provided for local industrial enterprise and
expansion.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. export demand there has been little foreign buying`ofIlat
and the shipping demand has also been small. Other grain
Friday Night, Feb.8 1929.
has declined. Provisions have advanced with prices for
Trade has been hampered more or less by bad roads in the hogs rising. The receipts being much smaller than those of a
central and northwestern parts of the country, with rain year ago. The East has been buying lard of late and packers
and snows in various sections. But on the whole the condi- have been selling less freely
tion of business in this country is considered fair to good.
Rubber has declined M to 4c with less demand and a
3
In other words it is nothing remarkable But there is a fear that the statistics of the Rubber Association which will
certain amount of activity in the silk, shoe, implement, appear next week will be bearish. Foreign rubber markets
machine tools, copper, iron and steel industries, so that the have also declined. Sugar has dropped to 1 31-32c for
exhibit is better than that of a year ago. That much prompt Cuba and futures have also declined. In other
at least can be said. The weather has not been so severe. words dullness and depression still attend the sugar market,
Trade has been promoted to some extent by auto and style and its is not easy to see when the long lane will come to a
exhibitions and "Market Weeks." January mail order and turning. Coffee on the other hand has advanced, partly
chain store trade was active. But of course the great event it seems under the influence of Brazilian buying, although
of the week was the break in the stock market coincident receipts are to be increased. Cotton after being depressed
with a warning from the Federal Reserve Board at Washing- for a moment by the decline in stocks, the rise in the English
ton that excesses of stock speculation would call for action bank rate and further liquidation of March contracts has
looking to the restriction of credits. Another sign of the times latterly rallied on a persistent trade demand. Moreover
was the sudden advance of 1% in the Bank of England rate the technical position is better after recent drastic liquidaof discount to 534%. These things have attracted universal tion. Spot markets are stronger especially as regards the
attention in this country and abroad. What the outcome is more desirable grades and there are intimations that some
to be remains to be seen. There is very little speculation houses in the Worth Street district have been doing an
going on in the United States except in stocks. There are excellent business in various goods this week. Interest
certainly no speculation extravagances in commodity markets now centers largely on the reports to be issued next week
not even in grain.
by the Association of Textile Merchants as to the proportion
Meanwhile the cold weather recently has helped the coal of sales of standard cloths to production in January and on
trade and caused some reduction in stocks. The output the report of the domestic consumption by the Census
of bituminous in January was the largest since early in 1927, Bureau. There is a disposition to believe that these reports,
but prices for all that have been on a higher level than in however, will not be so unfavorable as was at one time
recent years. The leather business of New England is expected. Under the circumstances most months end at a
more or less unsettled by lower prices for hides. The pro- moderate advance for the week. Copper has advanced to
duction of petroleum in 1928 turns out to have been a little 18 and to 183c the latter for export. Steel prices have been
smaller than the high record of 1927, while consumption in the main steady. The output of steel keeps up well and
was about 11% larger. Manufacturers of men's clothing in some directions the sales have been satisfactory. Steel
for the spring trade report that operations are active and output in January made a high record for the month. The
the outlook fair. Wheat has declined as the export demand railroads, it is said have been buying cars on a larger scale
for the American grain has been small at the existing pre- and the automobile trade has bought a good many sheets
miums and also because of the break in the stock market and bars. The demand from implement and machine tool
and the rise in the Bank of England's rate of discount not industries and by fabricators of structural material made up
to mention the effect of some decline in corn. There are a notable volume of business in January and there is some
potential bullish. factors in wheat such for instance as the continuation of this demand in the present month. Iron
large exports to non-European countries, indicating an un- has been in moderate demand where it has not been quiet.
suspected scarcity there, and the uncertain outlook in our
Car loadings are larger than those of a year ago but smaller
winter wheat belt, but they have no effect at this time. than in 1927. Detroit employment shows a further gain of
Corn has declined in spite of small country offerings, for about2,600, making the total 292,228 against289,6111ast week
this grain has not escaped the depressing effect of the break 225,292 last year, 219,575 in 1927 and 266,106 in 1926. Wool
in stocks and though at one time there were reports of better has been quiet and none too steady with foreign markets weak-
FEB. 9 1929.]
or. Not all of the reports from the furniture factories are favorable; they are irregular. Silk fabrics, expecially printed lines
have been in pretty good demand. Stocks on the 7th inst.
broke2to 35pointson heavysellingowingto the advancein the
Bank of England rate to 54% and admonitory action of the
Federal Reserve Board at Washington, regarding excesses
In stock speculation with an intimation, as it was understood,
that unless the warning is heeded the granting of loans will
be subjected to a rigorous supervision with the view of eliminating such as seem promotive merely of trading extravagances rather than of the legitimate needs of Wall Street.
The stocks that suffered the most included Steel, General
Electric, Radio, Warner, Mack Truck, Chrysler, Gold Dust,
Allied Chemical, Johns-Manville, American Smelting, Curtis
Aeroplane, General Electric and sundry other stocks. Secretary of the Treasury, Mellon expressed the opinion that
there will be a gradual return to normal conditions and that
there is no danger of a crash in industry. This was regarded
as taking something of the edge off the announcement that
the Federal Reserve Board intended to restrict the use of
reserve funds in the speculative stock market. At a meeting
after the close on the 7th the New York Federal Reserve
Bank did not change the rediscount rate of 5%. Loans to
brokers and dealers for the week ending Feb.6 were announced
by the Federal Reserve Board as $5,669,000,000, representing an increase of $110,000,000 as compared with the preceding week and reached another new high record. To-day stocks
were again lower with the call money rate up to 9%. The
New York Stock Exchange will be closed to-morrow, owing,
It is said, to the wide prevalence of illness among members
of the board and their staffs. The New York Curb and the
Produce Exchange Securities Market will also be closed.
At Fall River, Mass. production is said to have been
materially increased as additional looms were started by
several of the mills, while others increased their overtime
operations. Charlotte, N. C. advices said that cotton
manufacturers are again indulging in considerable curtailment talk, but in the meantime very few mills have adopted
short time. There will be a meeting of the Cotton Textile
Institute very shortly for the purpose of stopping night
work and the action seems to meet the approval of most mill
men.
At Acworth, Ga. The Elizabeth Bartlett Mills
are now operating at full capacity in all departments. These
mills manufacture high grade silk and silk and cotton tapestry materials. At Forsyth, Ga., the persons Hosiery Mill
will soon begin day and night shift schedules. This plant is
operating at full capacity now. At Spartanburg, S. C.,
cotton goods have been so dull that stocks are piling up and
should such conditions continue, curtailment will again be
resorted to, it is believed, perhaps as early as April. The
ineffective week-end curtailment of early last summer will
hardly be tried, but rather the more successful closing of a
full week practiced later in the season, according to mill
officials.
Leading tire manufacturers are reported to have reduced
prices on sales to dealers from 2M to 10% making the second
cut since October. This was said to have been expected
owing to the action of some of the leading mail order houses
in December although dealers were not inclined to confirm
this idea.
F. W. Woolworth Co's. sales during January were $17,658,408 an increase over January, 1928 of 3.22%. In
January building it is said fell off 26%. The total volume
of construction started in the metropolitan district of New
York during the month of January amounted to $90,421,700
according to F. W. Dodge Corporation. The above figure
was 25% less than the total for the corresponding month of
1928 and there was a drop of 26% from the total for Dec.
1928. Wages of copper mine workers and smelter employes
in the West were advanced about 5% on the 5th inst. by
the larger producers and at the same time the price of
refined copper was advanced Mc.
On the 1st inst. the temperatures here were 21 to 34 degrees; in Boston, 28 to 36; Chicago, 6 to 24; Cincinnati,
8 to 22, Cleveland, 18 to 20, Detroit, 18 to 20; Kansas City,
22 to 28; Milwaukee,6 to 22; Minneapolis,2 to 18; Montreal,
8 to 20; Seattle, 30 to 34 and St. Louis, 16 to 28. On the
4th inst. the temperatures here were 20 to 30 degrees; over
Sunday in Boston they were 16 to 36 degrees; in Chicago,
14 to 24; Cincinnati, 12 to 24; Cleveland, 16 to 20; Detroit,
14 to 22; Kansas City, 24 to 26; Milwaukee, 22 to 24; Philadelphia, 20 to 36; Portland, Me., 12 to 34; San Francisco,
50 to 58; Seattle, 28 to 34; St. Louis, 26 to 30 and St. Paul,
16 to 22. It was very cold in Europe; that is 4 degrees below
zero in Berlin, 26 below in Vienna the lowest in five years,
797
FINANCIAL CHRONICLE
and 4 to 5 below in some other parts of Europe. On the
6th inst. came rain here amounting to nearly two inches with
temperatures 36 to 48 degrees. Flooded streams close to
the city did much damage. The rain caused subway delays,
washed out tracks, caused motor car accidents and flooded
cellars. It was colder with snow in the Western States and
also colder in the American and Canadian Northwest where
the temperatures ranged from 30 degrees below to 14 degrees above zero. At Chicago it was 26 above with light
snow. Here the temperatures to-day were 35 to 40 degrees with rain forecast for to-night and to-morrow. Chicago
within 24 hours had 26 to 32, Cincinnati 32 to 38, Cleveland
26 to 32, Kansas City 4 to 14, Milwaukee 24 to 32, Philadelphia 34 to 48,Portland, Me.34 to 40, New York 34 to 50,
San Francisco 40 to 46, Seattle 24 to 36, and St. Paul 8 degrees below to 10 above.
New York Federal Reserve Bank's Indexes of Business
Activity.
In presenting its Indexes of Business Activity in its Feb.1
"Monthly Review," the Federal Reserve Bank of New York
says:
Average daily car loadings, both of merchandise and miscellaneous Commodities, and of bulk freight, declined more than usual in December, but
remained larger than a year previous. Merchandise exports also declined
December, after seasonal allowance, while imports increased slightly.
December retail trade was of record volume, and average daily sales of
department stores and of mail order houses Increased more than usual.
Shares sold on the New York Stock Exchange declined sharply from the
November peak, but bank debits, both in New York City and in 140 centers
outside of New York City, advanced further to very high levels.
This bank's indexes of business activity, in which allowance is made for
Year-to-year growth, for seasonal variations, and where necessary for pries
changes, are shown in the following table:
Computed trend of past yearil00 per cent: adjusted for seasonal variations/
Dec.
1927.
Primary Distribution—
Car loadings, merchandise and miscellaneous
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to Consumer—
Department store salea. 2nd district
Chain grocery sales
Other chain store sales
Mail order sales
Life insurance paid for
Advertising
General Business Acridly
-Bank debits, outside of N.Y.CIW
Bank debits, New York City
Velocity of bank dep. outside of N.Y.City
Velocity of bank deposits, New York City
Sharessold on N.Y.Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts,
New corporations formed in N.Y.State— —
General price level
Composite index of wages
enat nf livimr
y Preliminary. r Revised.
Oct
1928.
Nos.
1928.
95
86
78
104
88
96
103
97
105
111
89
98
101
98
103
104
88
102
98
99?
107
97
97
97
94
99r
101
105
98
95
97
97r
102
106
99
95
101
93r
108
113
103
93
106
138
164
136
228
98
102
95
108
138
116
174
223
172
106
164
117
188
389
88
109
98
115
136
126
177
224
172
108
173
117
191
393
84
107
98
103
118
115
178
224
172
115
183
121
201
330
89
Deer
1928.
28
SU
891
,
106;
.._ __
Oa
96
111
112
178
226
171
Monthly Indexes of Federal Reserve Board.
The monthly indexes of production, employment and trade
issued regularly by the Federal Reserve Board about the
first of each month, in advance of publication of the Federal Reserve Bulletin, were made available as follows on
Feb, 1; the terms "adjusted" and "unadjusted" used below
refer to adjustments for seasonal variations:
(Monthly average 1923-25=100.)
1928 1928 1927
Dec. Nos. Dec.
1928 1928 1927
Dee. Nov. Dec.
Industrial Produclion. adjusted—
Total
Manufactures
Mineral!
Manufactures. adbated—
Iron and steel
Textiles
Food products
Paper and printing-Lumber
Automobiles
Leather and shoes__
Cement, brick, glass_
Non-ferrous metals__
Petroleum refining__
Rubber tires
Tobaccomanufactures
Minerals, adjusted
Bituminous coal
Anthracite
Petroleum
Copper
Zinc
Lead
River
Freight-car loadings.
adjusted—
Total
Grain
Livestock..
Coal
Forest products
Merchandise I. 0. 1.,
anti rnlAratbillit01111_
•Revised.
112
Ill
113
99
99
103
122 119
110 *113
106 103
115 *119
88 *85
90
97
92 *96
122 118
128 126
159 159
140 150
126 125
93
105
95
113
93
53
96
105
111
137
110
113
95
98
98 115
133 127
133 *131
106 110
114
103 *93
87
91
124
104
109
109
95
102
104
83
102
89
103
106
82
104
90
94
94
82
93
82
108
108
99
112
112
112
Building contracts—
Adjusted
Unadjusted
Wholesale distribulion, adjusted—
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing--Shoes
Hardware
Drugs
Furrnture
Wholesale Distribulion, unadjusted
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing__
Shoes
Hardware
Drugs
Furniture
Dept.store sales
-AdJusted
Unadjusted
Dept. store stocks—
Adjusted
Unadjusted
Mall order house
sales—
Adjusted
Unadiusted
116
105
126
115
120
118
92
97
89
94
115 *122
88
91
101
95
54
5.5
72 100
93 599
128 113
98 105
109
87
93
61
lg
81
95
87 *100
109 •117
69
90
51 •66
34
38
59 105
86 *97
120 114
92 *110
82
90
103
70
48
39
82
90
99
82
117
188
107
122
111
186
98
92
100
113
102
96
185
208
141
176
120
107
B
106
89
798
FINANCIAL CHRONICLE
EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Payrolls.
Employment.
1928
Dec.
Total
Iron and steel
Textiles-group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,dm_
Leather, dm
Stone, clay, glass
Tobacco, Ac
'
Chemicals, Ac
[VOL. 128.
1928
Nov.
1927
Dec.
1928
Dec.
1928
Nov.
1927
Dec.
91.3
89.4
90.6
93.8
86.4
87.4
70.4
136.6
109.5
88.5
76.6
106.2
79.8
79.0
91.6
89.1
90.2
92.9
86.8
89.7
70.5
138.4
109.5
88.3
77.1
109.3
82.4
79.1
89.1
81.4
93.6
96.4
89.9
88.2
72.0
105.0
110.1
86.7
79.8
109.0
80.3
77.2
106.6
99.0
101.0
104.3
96.9
100.7
79.6
161.9
153.0
105.5
75.2
131.7
86.7
111.2
105.9
98.4
97.9
100.7
94.3
104.2
79.7
165.0
149.6
104.3
70.2
135.4
86.5
111.5
101.9
86.6
103.6
106.1
100.6
103.1
80.2
127.8
152.7
102.2
77.8
133.6
87.0
112.4
Line and Federal
Reserve District.
Sales-December 1928 Stocks-December 1928
Compared with
Compared with
Nov. 1928. Dec. 1927. Nov. 1928, Dec. 1927.
Groceries
Per cent. Per tent. Per cent. Per cent.
United States
-12.2
--3.2
-1.3
+8.1
Boston District
New York District
--14.5
-116
Philadelphia District
---4.4
i-0.7
-1.2
+4.3
Cleveland District
9.2
--3.6
Richmond District
--11.7
--0.2
-F97
,
1
Atlanta District
--6.6
--1.1
-5.0
+12.7
Chicago District
--12.4
--3.3
+10.1
+1.9
St. Louis District
---6.3
--1.7
-17.3
+17.6
Minneapolis District
--18.0
--7.0
+1.0
+5.0
Kansas City District
24.7
--2.0
-5.3
+7.6
Dallas District
--12.8
4-4.5
4-11.9
--6.8
San Francisco District
--14.5
--8.4
--8.8
Dry Goods
United States
--23.4
--1.4
--15.3
Further Gain in Detroit Employment.
-0.9
New York District
--3.3
--4L0
--22.6
--11.3
The Detroit Employers Association reports employment Philadelphia District
•=8:5
Cleveland District
--12.7
i-7.1
figures for the week ended Feb. 5 as 292,228, an increase of Richmond District
---32.8
--5.9
-WO
Atlanta District
--29.7
4-1.3
-8.1
--11.1
2,617 over the preceeding week and 66,936 over the corre- Chicago District
--27.8
i-0.1
-9.5
--20.4
St. Louis District
---32.4
--11.5
+9.4
--24.6
sponding week last year.
Kansas City District
---27.6
--2.0
-11.1
--13.5
Dallas District
50.3
--7.1
--6.4
-3.9
San Francisco District
--26.0
--2.1
+0.9
Shoes
Wholesale Trade During December as Reported to
United States
-44.2
--28.7
+1.5
+0.6
Federal Reserve Board-Distribution in Larger Boston District
New York District
---5.4
Volume than Usual.
Philadelphia District
--15.4
--23.1
Cleveland
--40.1
Wholesale distribution decreased in December more than Richmond District
--28.0
District
--52.6
--19.2
--6.2
+2.9
is usual at that season, according to reports received from Atlanta District
--36.6
---7.5
Chicago
--33.1
--7.9
firms in the nine lines of trade included in the Federal St. LouisDistrict
District
--,57.9
--29.2
+2.8
+11.6
Minneapolis District
--5.0
--1.0
+13.0
Reserve Board's index. In indicating this in its statement Ban Francisco District
--29.6
--19.9
+5.2
--5.8
Hardware
issued Feb. 2, the Board says:
United States
-11.1
--3.7
+1.3
+0.6
The volume of sales during the month was slightly smaller than during New York District
-5.1
--9.2
-12.1
+1.1
the corresponding month a year ago. Of the individual Pnes women's Philadelphia District
+2.8
--4.I
--5.1
Cleveland District
-18.4
--2.3
clothing and boots and shoes showed the largest decreases in comparison
-13.4
--3.6
with December 1927, while the largest Increases were in the sales of drugs Richmond District
Atlanta District
-15.4
--7.8
-0.1
and furniture.
Chicago District
-16.5
-5.1
+0.3
Figures for the year as a whole show that sales of wholesalers in 1928 St. Louis District
-17.3
-6.4
+5.3
-8.8
Minneapolis
-9.0
+9.0
--2.0
+4.0
were six-tenths of 1% smaller than in 1927. All lines of trade reported
Kansas City District
-8.1
-3.7
--2.2
+2.0
decreases except groceries, meats, and drugs.
Dallas District
-20.2
+1.0
--3.7
+9.9
Current developments in wholesale trade are summarized in the following San Francisco District
-3,7
-6.1
+3.1
+5.4
Drugs
table:
United States
+5.3
+20.7
+0.5
New York District
--I8.9
+13.9
+3.8
+22.1
Percentage Increase(+)or
Philadelphia District
+23.7
+21.1
Cleveland District
Decrease(-) in Sales
Index Numbers Adjusted
+26.0
+29.5
Richmond District
for Seasonal Variations
+3.6
+13.4
December 1928
Atlanta District
(1923-25=100).
Year
+5.4
+7.6
Compared with
Chicago District
+20.5
1928
+22.7
St. Louis District
Compared
+1.4
-3.6
+3.7
November December with Year December November December Karma City District
+14.0
+22.1
+0.5
Dallas District
1928.
1927.
1928.
1928.
1927.
1927.
+5.7
+16.7
-10.8
+2.3
San Francisco District
+5.8
+29.4
Groceries
94
-12.2
92
Furniture
89
-3.2
+0.4
Meats
122
United States
115
109
-8.3
+5.9
+4.5
--16.3
+10.7
+0.9
+11.5
Dry goods
Richmond District
91
-23.4
1.4
87
ss
--42.3
-8.7
Men's clothing- - - -21.5
101
Atlanta District
95
93
--0.4
+8.2
--I0.3
-17.2
Women's clothing- -10.0
55
Chicago District
61
--7.6
54
-11.6
--I3.7
+17.8
Boots and shoes_ _ -44.2
St. Louis District
100
72
101
--5.4
-28.7
--10.1
-31.3
.
+11- 5
Hardware
Kansas City District
99
-11.1
--1.8
93
97
-3.7
--8.0
-1.0
-3.3
+14.0
San Francisco District
Drugs
113
+5.3
+5.1
128
106
+20.7
--I4.2
-0.4
+28.6
+7.0
Furniture
105
98
-16.3
89
Agricultural Implements
-1.0
+10.7
-United States a
+10.9
4-8.6
Total nine lines_ -14.8
92
97
93
Minneapolis District
-0.6
-0.8
-30.0
--36.0
Dallas District
-7.0
4-19.1
+0.1
Paper and Stationery
Stocks of goods held by reporting wholesale firma were smaller at the
New York District
+3.5
--6.0
end of December than a month earlier in three lines of trade-groceries, Philadelphia
-4.4
--I3.2
District
dry goods and drugs. Stocks of boot sand shoes, hardware and furniture Atlanta District
-7.7
+4.9
4-11.3
were larger than in the previous month. As oompared with December San Francisco District
Automobile
1927. larger Inventories of merchandise were reported by wholesalers in San FranciscoSupplies
+11.4
+3.8
+2.0
--7.9
District
each of the lines mentioned above except dry goods, which showed a large
Cotton Jobbers
New York District
+1.1
-14.9
--I2.9
decreases.
-4.8
Silk Goods
Orders for machine tools decreased 5.5% during December from the
New York District
--0.8
8-0.2
+0.0
b+20.0
previous month, but were larger than a year ago.
Cotton Commission Houses
Detailed statistics by districts and for previous months are given below: New York District
4-12.4
+18.1
Machine Tools
LINES.
WHOLESALE DISTRIBUTION BY
United States c
-5.5
+62.4
Diamonds
(Index numbers, based upon dollar value of sales. Monthly average 1923-25=100.)
New York District
-18.6
+14.2
Jewelry
Furni- New York District
-2.3
Total GroDry Men's We- Boots Hard-0.6
d--10.9
d-4.0
+63.3
Nine caries. Meat Goods. Cloth- men's and ware. Drugs lure.
+2.1
Philadelphia District
-20.8
+11.4
Lines.
inv. Cloth'S Shoes
Electrical SuppliesPhlladel ph la District
With adJ ustmen t for se asonal %trials'on+4.8
Atlanta District
1927
-1.0
Chicago District
+26.0
--5.0
+9.5
October- _
. 91
St. Louts District
99
-3.2
+10.1
94
91
90
--1.4
54
109
81
86
-16.2
November- 95
-7.0
+14.5
100
San Francisco District
100
105
94
--2.2
67
89
105
+6.5
86
December
. 93
89
97
92
109
101
61
93
87
1928
a Sales of agricultural implements for the United States are comp led by the
January _ __ 94
92
89
115
93
70
99
89
106
Chicago Federal Reserve Bank.
February_ 97
96
93
98
113
110
70
99
88
b Stocks at first of month-quantity, not value.
March __ _ 93
.
91
97
95
109
96
55
94
83
Based upon indexes of orders furnished by the National Machine Tool Builders'
April
89
93
86
87
112
94
57
77
78
Association,
May
96
99
92
94
109
113
86
62
96
4 Includes diamonds.
June
89
94
94
92
112
79
82
49
76
July
93
91
91
Ill
95
lE
83
79
80
August.-- 98
100
94
116
106
90
1
68
90
Federal Reserve Board's Survey of Retail Trade in the
September- 94
92
112
92
122
84
62
89
October- 95
95
110
111
97
85
United States-Volume of Sales in December Are
99
87
62
November_ 97
94
105
123
55
91
100
95
99
Largest on Record.
December _ 92
89
115
98
93
86
72
54
101
Without ,djustmentfor seasonal variations
1927 avge_ 95
Department store trade showed greater activity in Decem94
100
95
108
104
89
68
92
1928 avge_ 94
95
113
99
85
91
98
62
93
ber than in any other month of the year, except September,
1927
October
106
102
122
118
99
105
114
even when allowance is made for the usual seasonal expan87
101
November_ 93
100
101
105
88
98
110
45
61
sion of trade and for number of business days. The total
December
. 82
90
103
83
90
70
48
82
39
1928
volume of sales during the month was the largest on record,
January_ - _ 87
85
106
78
85
82
94
65
76
February__ 93
85
96
108
89
82
128
87
88
exceeding that of December 1927, which had one more busiMarch.,
98
99
105
107
87
95
111
131
89
April
86
88
105
88
70
88
75
99
53
ness day. For the entire year 1928 the volume of sales inMay
89
109
96
75
87
57
114
35
97
creased about 1% over the preceding year. Under date of
114
97
84
June
71
83
39
21
77
96
113
87 i 92
July
74
78
68
90
98
46
Feb. 1 the Board adds:
118
August- - _ 108 I 101
110
108
148
95
93
119
Sales of mall order houses and reporting chain stores in all lines except
130
6epsember. 109 1 100
126
105
137
88
100
110
125
Detober- Ill I 107
131
99
cigars were larger during December than a year ago, the largest increases
123
108
100
108
117
November. 95 . ise
90
110
66
97
38
105
being reported by drug and apparel and dry-goods chains. For the year
109
nneember - 81 . 87
69
92
51
34
86
59
as a whole, sales of chain stores in all lines of trade except cigars, Increased
^.N0
............
mOo.nOnt-mcoMM
0
•-.N
MO
WM=
Ci".
v...
C....m0.4.NO=.1.4.0
00N,-..-.0C),11.5,1e...
--alai
FINANCIAL CHRONICLE
FEB. 9 1929.]
17%
1927,
larger.
and sales of mail order houses were
in comparison with
These increases reflect in part the establishment during the year of additional retail outlets.
and December
Percentage changes in dollar sales between December
together with the
as compared with
and for the year of
number of firms reporting and stores operated, are given in the following
table:
1927
1927,
1928
1028,
799
Changes in Calm
Changes in Stoc.k.s.
Jan.1 to Dec. 31
Federal Reserve
December 31 1928
District and City. December 1928 1928 Compared
Compared with
Compared with with Jan. 1 to
December 1927. Dec. 31 1927. Dec. 31 1927. Nov. 30 1926.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
Atlanta:
Atlanta
-2.0
+9.7
+7.6
-20.3
Birmingham_ _ _
-1.7
+4.1
Number of Stores. Inc. or Dec.in Sales.
-7.5
-15.4
-12.3
-4.7
Chattanooga_
No.
+2.5
-20.8
Nashville
December Year 1928
-0.3
+5.3
of
+0.6
-21.6
-4.4
New Orleans_ _ _
-10.3
Firms. December December 1928, Com- Compared
+0.2
-16.3
pared with with Year
Other cities.....
-6.6
-4.1
1928.
1927.
+0.7
-14.0
Dec. 1927
Total
+0.6
-5.8
1927.
+0.6
-17.3
Chicago:
Chicago
+2.1
Per Cent. Per Cent.
+2.9
+6.4
-19.1
+15.5
Detroit
+11.3
+24.6
Department stores
510
510
+0.6
+0.9
-19.6
Indianapolis....
-3.9
-0.9
-4.5
Chain stores:
-22.1
30,324
29,433
Milwaukee
34
+19.8
Grocery
+8.1
Five-and-ten
3,224
2,944
+1.8
14
Other cities....
+1.4
-2.6
+9.4
+8.5
-18.1
+4.6
Apparel and dry goods
5
1,280
1,080
+18.0
Total
+5.1
+18.8
+3.6
-19.6
1,111
936
13
+23.3
St. Louts:
+16.6
Drug
St. Louis
-8.5
4
3,669
3.471
-0.6
+0.3
Cigar
-0.2
-3.5
-18.6
Evansville
+4.2
7
690
625
+6.9
+6.0
-17.8
Shoe
+3.2
+8.7
+1.9
-4.9
-17.1
Candy
4
300
269
Little Rock_...
+0.6
+3.8
+4.8
-6.3
-22.0
Mall order houses a
4
+24.1
Louisville
+1.7
-3.3
(b)
(b)
+14.6
-16.0
Memphis
-6.8
+1.3
-17.5
a Increases in the dollar sales of mai order houses reflect in part the establishTotal
-1.2
-8.9
-18.5
+0.3
ment during the year of additional retail outlets. b Number of stores not reported. Minneapolis:
-12.0
-22.0
MinneapolLs._
-12.0
Increased sales for the month, as compared with December
were
-3.0
-7.0
-5.0
-18.0
Duluth-Superior
reported by department stores in the New York, Richmond, and Chicago
-5.0
-14.0
-1.0
-2.0
St. Paul
Federal reserve districts, while large decreases occurred in the Atlanta and
-5.0
-7.0
-17.0
Total
-6.0
Minneapolis districts.
Kansas City:
-1.2
-2.0
-25.7
Kansas City- -+0.3
Merchandise stocks of reporting department stores decreased by less
-3.0
-2.0
-11.8
-17.7
Denver
than the usual seasonal amount during December, as compared with the
-2.0
Lincoln
+2.2
previous month, but were smaller than a year ago, and the rate of stock
+5.4
-16.8
Oklahoma City_
+5.6
+8.4
turnover of department stores during the year
+1.4
+5.3
-13.6
Omaha
+0.3
was higher than dur-0.7
0.0
-10.8
Topeka
+1.0
ing
+11.1
-25.5
+7.0
Tulsa
More detailed statistics, by districts and for previous months, follow
,
+6.5
+4.9
-18.5
-3.2
Other cities....
+0.8
-19.0
Total
+0.6
-1.9
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
Dallas:
RESERVE DISTRICTS.
0.0
+2.2
-21.5
Dallas
-10.0
+1.3
(Index numbers. 1923-25 equals 100.)
Fort Worth
-4.6
-35.3
-4.8
Houston
+0.9
-3.9
-19.9
+1.8
+2.9
-19.4
Other cities_
+3.3
Federal Reserve District Number.
-1.8
+1.6
Total
-24.0
-6.0
U.S.
San Francisco:
I
2
3
4
5
6
7
8
9 *10 11 12
+1.5
San Francisco
+3.8
-19.1
6.5
-0.2
+0.6
-3.9
Los Angeles-16.0
Sales (unadJu sled)+6.2
+4.3
Oakland
-6.1
-19.4
-Oct---- 119 115 128 109 113 121 128 119 127 109 106 125 119
1927
+4.1
Salt Lake City_
+7.3
-15.0
-26.4
Nov-- 122 120 134 120 112 125 119 125 120 100 110 120 121
+6.8
+9.7
Seattle
+6.1
-23.1
Dee ..... 186 182 201 174 176 195 191 189 177 155 165 189 195
+0.3
+0.6
-7.9
Spokane
1928-Oct---- 123 119 135 114 112 125 123 133 119 88 110 125 129
-0.9
+1.3
-3.5
Other cities....
-17.4
Nov_ _ _ 122 119 134 113 110 127 120 136 119 89 111 126 118
+2.2
+2.3
-4.6
Total
-17.9
Dec --- 187 181 206 172 174 197 180 203 175 137 166 186 195
Sales (adjuste d)+0.9
United States__ - +0.6
-3.2
-18.4
-Oct---- 106 104 108 98 102 105 106 109 110 99 -- 106 112
1927
CHAIN STORES AND MAIL ORDER HOUSES.
Nov--- 107 107 113 95 103 104 104 115 105 94 - 106 117
SALES
Dec _ 111 107 115 102 108 108 114 117 106 100 __ 115 117
(Index numbers. 1923-25 average equals 100.)
1928-Oct---- 105 103 110 99 97 104 98 116 99 77 __ 102 116
Nov-- 107 106 114 89 101 106 105 124 104 83 __ 111 114
Sales Without Seasonal
Dec... 117 111 122 105 111 113 112 131 108 92 __ 118 122
Sates With Seasonal
Adjustment.
Stocks (unadjtitled )Adjustment.
1927
-Oct.... 113 113 116 111 112 118 112 114 112 97 129 97 113
Dec.
Nov.
Dec
Nov__ 116 118 117 114 116 122 115 116 112 97 128 98 119
Dec.
Nov.
Dec
Dec ___ 96 101 99 95 93 97 90 93 93 78 102 74 100
1928.
1928. 1927.
1928.
1928.
1927.
1928
-OM__ 110 107 117 101 108 116 109 120 104 87 129 92 112
Nov__ 113 113 122 104 111 118 110 122 104 86 128 92 116
Chain stores:a
220
218
204
Dec . 92 95 101 83 91 96 91 98 86 72 102 69 96
Grocery
211
214
188
305
158
279
Stocks (adjust ed).Five-and-ten
164
151
147
413
289
1927-Oct____ 103 102 104 100 102 104 101 103 101 88 -- 88 105
350
258
Apparel and dry goods
229
215
224
169
182
Nov_ 103 102 103 100 104 105 105 104 101 88 __ 89 109
190
178
148
Drug
155
107
Dec ___ 102 103 103 99 101 103 101 100 102 86 _ 85 110
156
115
111
Cigar
111
184
130
178
140
1928-Oct....... 100 97 106 92 98 101 98 108 94 79 - 83 104
123
130
Shoe
170
130
164
125
Nov___ 100 97 107 92 100 102 100 109 94 78 -- 83 106
129
115
Candy
176
167
208
165
141
128
Dec ___ 98 97 105 86 99 102 102 105 93 80 -- 79 105
Mall order houses_b
1927,
1928
1927.
OF
•Monthly average 1925 equal 100.
1 Boston: 2 New York: 3 Philadelphia; 4 Cleveland: 5 Richmond: 6 Atlanta:
7 Chicago:8 St.Louis; 9 Minneapolis: 10 Kansas City; 11 Dallas; 12San Francisco.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
DECEMBER 1928.
(Increase (+) or Decrease (-) Based on value figures.)
Changes in Sales.
+2.6
+4.8
-0.3
+4.6
-4.1
+3.5
+0.3
+2.4
+1.3
+1.0
-2.0
+4.9
+0.3
-0.8
-1.0
-1.0
+1.3
-2.7
-3.4
-2.2
-2.8
-8.2
+1.1
+0.2
-5.1
-0.9
+0.3
+4.2
+6.9
+0.2
-0.5
+0.6
+0.1
-1.5
-0.1
+1.4
-0.6
+2.0
+5.7
-2.8
-2.4
+0.5
+9.9
-1.2
+0.5
-0.3
-2.6
-1.8
+2.5
-6.5
-U.S
+2.3
-1.3
+3.3
-6.2
+8.2
-0.1
+0.4
-3.2
-0.7
4.04
-7.1
-5.9
Per Cent.
-12.9
-20.0
-15.8
-15.9
15.9
+0.8
+3.4
-1.3
+0.4
+0.1
-1.5
-2.1
+0.4
-16.2
-5.5
-21.5
18.5
-16.4
-19.7
-18.3
-16.9
-14.3
-8.3
-3.0
-1.0
-20.6
-18.7
-17.5
21.8
-3.7
-6.5
13.3
-10.4
+2.1
-0.8
-11.4
-21.5
22.4
23.4
-25.2
-21.4
-15.4
-16.9
20.3
+52.8
+0.7
+4.2
+5.2
-5.0
-9.0
-12.5
-13.1
-6.5
-1.5
17.8
10.1
-16.5
19.6
-21.7
19.0
-15.5
27.6
-27.8
-17.0
-18.2
-4.0
-1.2
-4.2
-0.2
-9 4
19.6
17.9
-19.6
-21.7
_..n.,
no YorkNex York____
BridaeP art- _ _
Bull
.
Newark
Rocheater
Syracusl
Other cities__
Total
Phi ielphia
Plilladelphia._
Anent° en
Altoona
Harrisb int.__
Lancas er-_
Peadin
Scranto a
Trento
Wilkes-Barre
Wilmin :ton ._
Other citjes
Total
CtevetiIndClevelax
AkronCiLleilill ati --Columb de_
Dayton
Plttsburgh _
Toledo_
Wheels
Youngs own_
Other cities-Total
RidesendMehra°nth
Baltimo
Washin Mon._
Other elties
Total
Attant
'aAtlanta
Binningham
4.38
3.34
3.17
3.22
3.95
.63
.53
.51
.64
.51
.68
.40
.60
4.38
3.82
3.44
4.38
3.65
4.25
2.58
4.17
.57
.36
.43
.44
.44
.47
.52
64
.44
.42
.43
.51
4.01
2.39
2.82
2.88
2.91
2.78
3.52
3.79
2.98
3.00
2.61
3.65
46
41
.8
4
.46
46
.43
55
.65
.39
.46
.54
.57
.36
.48
Oct
-0.4
+5.8
-4.7
-3.4
-0.7
-3.7
+8.2
+1.5
-0.7
+1.7
-1.2
Per Cent,
-5.7
-6.1
59
.47
.47
.48
.54
.ONeMMt•WOMO....b. .1!NOWONWOO WOMOM
Per Cent,
-1.9
BostonkBoston
Outside Boston
New H menProvide ace_ __
Total
NQQ0N000
Tntial
Per Cent,
-.03
-0.2
+1.1
+2.4
-0.3
Rate of Stock Turnover.*
Rate of Stock Turnover.*
Federal Reserve
Federal Reserve
December. Jan.1-Dec.31
December. Jan.1-Dec.31 District and
Dtstr I and
City.
I
.
1928. 1927. 1928 1927.
1928. 1927. 1928. 1927.
OOOel..
9‘t‘t.te
Boston:
Boston
Outside Boston_
New Haven__
Providence_
Total
New York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities._ _ _
Total
Philadelphia:
Philadelphia_ _ _
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre...
Wilmington_ _ _
Other cities_ _
Total
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown...
Other cities....
Total
Richmond:
Richmond
Baltimore
Washington
Other cities....
Changes in Stocks.
Jan. 1 to Dec.31
December 31 1928
Dec. 1928
1928 Compared
Compared with
Compared with with Jan. 1 to
Dec. 1927.
Dec. 311927. Dec. 311927. Nov. 30 1928.
OF
I
Federal Reserve
District and Ctty.
a For number of firms reporting and number of stores operated see table above.
b Including sales made through branch stores.
DEPARTMENT STORES DECEMBER 1928.
STOCK TURNOVER
3.51
3.36
3.54
3.45
3.32
3.21
3.74
3.48
4.35
2.52
3.38
3.74
3.23
3.69
2.50
3.35
4.32
3.32
3.08
3.14
3.91
Chattanooga.. .31
Nashville_ _ _ - .48
New Orleans_ .30
Other cities. __ .37
Total
.37
ChicagoChicago
.55
.64
4.30 Detroit
3.55 Indianapolis _ - .60
3.52 Milwaukee_
4.53 Other cities_ .44
Total
.55
3.64
St. Louis
4.17
.52
2.46 St. Louis
4.08 Evansville - - - .40
Little Bock._ .38
3.82 Louisville. -- - .54
_ .49
2.58 Memphis._
2.95
Total
.50
2.68
Minneapolis
2.91 Minneapolis_ .75
2.91 Duluth-Sup r _ .52
3.47 St. Paul _ - -_ .56
3.45
Total
.59
2.93
Kansas City
2.84 Kansas City
.43
2.48 Denver
.38
3.52 Topeka
Tulsa
.61
3.52 Other cities
.32
3.68
Total
.40
Dallas
3.65
3.44 Dallas
.47
3.42 Fort Worth__ .43
3.09 Houston
.47
3.38 San Antonio__
__
3.06 Other cities._ .43
4.04
Total
.47
2.49
San Francisc
3.33 San Francisco. .45
Los Angeles__ .44
3.51 Oakland
.47
3.31 Salt Lake City .46
3.51 Seattle
.49
3.69 Spokane
.31
3.33 Other cities.__ .29
Total
.43
4.13
3.03 United States_ .52
.37
.49
.38
.44
.44
2.43
3.19
2.22
2.47
2.63
2.56
3.48
2.53
2.86
3.00
.58
.70
.61
3.97
5.25
4.61
4.10
4.97
4.75
.42
.56
3.31
4.11
3.10
4.04
.48
.40
.36
.49
.46
.46
3.89
2.68
2.55
343
3.37
3.55
3.57
2.49
2.63
3.50
3.07
3.33
.74
.55
.54
.58
5.85
3.64
4.04
4.39
5.76
3.85
4.02
4.40
.43
.35
3.01
2.51
2.95
2.46
.71
.31
.39
4.24
1.82
2.77
4.70
1.79
2.75
.43 3.22
.45 2.71
.49 3.24
__-_
.43 2.91
.46 3.15
2.86
2.67
3.17
--2.88
2.94
.42
.42
.42
.39
.48
.29
.29
.41
2.87
3.29
2.73
2.38
3.30
2.09
1.97
2.94
3.03
3.20
3.07
2.89
3.46
2.27
2.09
3.04
.47
3.52
.36
2.59
.50 3.67 3.57
• Rate of stock turnover is the ratio of sales during given period to average
stocks on band.
800
FINANCIAL CHRONICLE
CHANGE IN SALES OF DEPARTMENT STORES, BY DEPARTMENT
S
(Increase (+) or decrease (-) in sales in Dec. 1928, compared with Dec.
1927.
Department,
Federal Reserve District,
Total.
Bostan.
New Cleve- RichYork. land. mond
CMSi.
DalSan
capo. Louis. las. Fran.
Piece GoodsPer Cl. Per Ct Per Cl. Per Cl. Per Cl.Per Cl. Per
Silk and velvets.-- -15.2 -14.0 -5.0 -22.3 -15.4 -20.0-2 Cl. Per Cl. Per Ct.
1.2 -15.1 -9.7
Woolen dress goods -25.0 -25.8 -20.5 -34.7
Cotton wash goods _3.8 -8.2 +25.2 -6.6 -28.6 -25.9 -30.1 -27.8 -14.6
-1.6 -1.4 -10.6 -7.7 -11.3
Linens
+0.7 +1.3 +3.5 -6.2 -3.1 +7.8 -2.2 +2.3 +5.2
Domestics,muslins,
sheeting, &c
+5.6 +6.6 -14.5 +5.0 +3.3 +9.8 -8.4 +0.2 -.07
Ready-to-Wear A cessori es
Neckwear & scarfs +2.7 -7.5 +32.8 -0.5 -3.2 -0.7 -0.9
-2.2 +5.4
Millinery
8.6 -6.6 -3.7 -7.7 -11.7 -7.0 -27.7 -14.9 -6.8
Gloves (women's &
children's)
-0.4 -4.6 +0.2 -0.7 +2.3 +5.2 -3.8 -4.7 +1.8
Corsets& brassieres +3.0 +0.8 +8.2 +1.8
-4.8 +7.6 -4.5 +6.6 +2.9
Hosiery (women's
& children's).- +1.9 +0.8 +5.3 +3.8 -1.7 +4.0 +0.4
-3.9 -2.2
Knit underwear_
+0.2 -3.8 +5.0 -1.4 +2.5 +3.6 -4.6 +3.4 +0.2
Silk &muslinunderwr.(incl. nettle.) +5,9 +1.5 +12.4 +3.9 +5.0 +8.1 +2.8 -1.1
+9.8
Infants' wear
+6.0 +4.8 +9.6 +5.7 +1.3 +6.4 +5.4 -7.9 +8.7
Smallleather goods +3.0 +0.1 +9.1 +3.8 -1.5 +7.3 -3.8 -6.3 -0.3
Women's shoes.,. -4.9 ____ +9.5 -10.4 -4.2 -7.5 -8.5 -13.3 +0.3
Children's shoes
-6.8 +9.4 -2.1 -8.8 -4.4 -0.5 -4.8 -19.3 -5.9
Women's & Miss es Rea dy- to - WearWomen's coals,,. -2.6 +1.3 -2.5 -6.4 -10.1 +18.4 -5.6 -11.8 +6.1
Women's BIlit.9___ - +29.6 ____ -12.9 +53.6 ____ -62.0 ____ +8.7 +49.6
Tot.(2 above lines) -1.3 ---- -2.7 -6.1 -4.0 +18.3 -5.3 -3.8 +9.7
Women's dresses
-2.5 -1.4 -4.7 -3.8 -15.6 +3.1 +0.7 -7.0 +4.8
Misses' coats and
suits
+12.6 +9.1 +17.1 +11.4 +0.1 +46.9 ____ -7.5 +9.8
Misses' dresses_ _ _ +9.1 +14.0 +26.1 -6.7 +15.5 -1.2 -11.8 -3.8 +33.2
Juniors' and girls'
wear
+12.0 +18.0 +9.6 +9.4 +9.9 +12.9 +12.3 -1.7 +14.4
Men's & Boys' W ear
Men's clothing_
-4.2 -6.6 -2.2 -6.9 -0.1 -3.0 -4.7 -6.2 +2.7
Men's furnishings.
(Inel.men'shos'y,
gloves & und'w'r +3.6 +0.7 +5.0 +2.8 +1.4 +6.3 -2.8 -3.0 +10.3
Men's hats & caps_ -50.2 ---- -0.7 -5.7 ____ +8.3 +7.2 -10.7 +1.9
Tot.(2 above lines) +3.8 ---- +4.9 +2.5 +1.7 +5.2 -2.4 -3.7 +10.0
Boys' wear
+2.2 -4.4 +8.7 +2.5 +1.4 -2.8 +0.8 +0.1 +4.1
Men's& boys'shoes -3.6 -6.0 -2.5 -10.8 -4.5 +5.9 -6.7-11.4 +5.3
House Furnish'p,Fur'ture(Incl,beds,
mattresses&sp'es +2.1 +2.8 +7.8 -10.5 +4.1 +7.8 -8.8 -12.6 +10.8
Oriental rugs
+2.9 ____ +1.0 +1.5 -3.4 +22.8 -29.2 -___ +2.8
Domes.floor cover. -1.1 +1.8 +3.0 -2.0 -3.4 -1.5 -21.5 -9.9 +2.9
Draperies, curtains
& upholstery,.. +0.3 -2.4 +4.8 -2.6 +3.9 +6.2 -20.8 -10.0 +4.9
Lamps & shades.. -2.0 ____ +5.5 -7.8 +2.8 -5.9 -4.7 ____ -2.4
Tot.(2 lines above) -0.1 ____ +5.0 -4.3 +3.6 +3.0 -17.3-15.3 +2.8
China & glassware_ -0.1 +0.5 +4.2 -3.0 -0.1 +1.2-10.5 -7.6 -1.1
CHANGE IN STOCKS OF DEPARTMENT STORES. BY DEPARTMENTS.
(Increase (+) or decrease (-) in stocks in Dec. 1928, compared with Dec. 1927
Department.
pass through important readjustments involving
some contraction in
1929.
Because of these prospects the following forecasts seem
justified:
1. Short term interest rates will probably be
higher in the first
part of 1929 than they were in the first part of 1928,
and lower in the
closing months of 1929 than they were in the closing
months of 1928.
2. Automobile output will almost surely be greater
in the early months
of 1929 than in the corresponding months of
this year, but less in the
closing months of next year than in the closing months
of this year.
3. The total value of new building permits is
likely to be somewhat
less in 1929 than in 1928.
4. The total tonnage of iron and steel produced in
1929 will probably
not exceed that of 1928.
5. The average price of common stocks as
measured by the index
of the Standard Statistics Company will probably
be lower at the end
of November in 1929 than it was at the end of
November in 1928.
6. It is not likely that the cost of living will change
much in 1929.
7. The average price of non-agricultural commodities
as measured by
the wholesale price index of the Department of Labor,
will probably not
differ in December of 1929 by more than 5% from its
level in January
1929.
8. There will probably be less unemployment in
the opening months
of 1929 than there was in the early months of 1928,
but more unemployment in the closing months of 1929 than in the
closing months of this
year.
9. The average wage rate of factory workers for
1929, as measured
by the index of the National Industrial Conference
Board, will probably
not differ from the average for 1928 by more than 2%.
10. The trend of the cost of building during 1929
will probably be
a declining one.
11. The net profits of industrial corporations as compiled
by the Federal Reserve Bank of Cleveland will probably be
less in 1929 flum in
1928.
Chain Store Sales Continue to Increase.
Sales of 24 of the leading chain store companies for tho
month of January amounted to $74,323,746, an increase of
$13,750,552, or 22.7%, over the corresponding month last
year, when sales aggregated $60,573,194, according to
statistics compiled by Merrill, Lynch & Co. of this city.
From the satdnpoint of dollar gain, the Safeway Stores, Inc.,
leads the list, while of the normal gains on a percentage
basis, the American Department Stores Corp. heads the
list. A comparative table shows:
Month of January.
Federal Reserve District.
T tat.
Bostan.
New Cleve- Rich- CMDalSi.
York. land, mend, cape. Louts. las.
San
Fran.
Piece GoodsPer Ct. Per Ct. Per Ct. Per Ct. Per Ct l'er Ct. Per Ct. Per Cl. Per Ct.
Silk and velvets_ _ _ _3.6 -6.8 +1.0 -2.0 -2.0 +0.9 -11.6 +0.9 -7.2
Woolen dress goods -18.3 -27.5 -10.4 -22.6 -19.9 -1.6 -25.7 -24.2
-15.0
Cotton wash goods -9.8 -19.5 -3.8 -1.0 -15.8 -1.9 -8.2 -13.7 -14.5
Linens
-5.5 -12.0 -4.4 -8.0 -1.4 +15.0 -15.5 -14.7 -8.4
Domestics,muslins,
sheeting,
-9.1 -9.4 -0.5 -10.2 -4.4 -2.2 -13.8 -21.2 -18.3
Ready-to-Wear - cessort es_
&c__.
A
Neckwear & scarfs -7.6-13.0 +22.0 -14.0 +0.2 +2.0 -25.3 -10.2 -3.9
Millinery
-12.3 -8.9 -18.9 +2.8 -14.5 -14.2 -40.2 -28.5 -11.1
Gloves (women's &
children's)
_7.2 -14.6 -9.1 -1.4 -2.7 +11.2 -23.5 -17.6 -8.7
Congets& brassieres -5.3 -2.1 +1.1 -5.3 -2.3 -10.1 -6.0 -16.5 -6.7
Hosiery (women's
& children's),.. +2.9 +8.1 +5.6 +3.6 -3.9 +9.8 -12.4 -1.3 +1.0
Knit underwear _ _ _ -4.0 -13.1 +3.1 -8.3 -3.6 +16.5 -5.4 -6.3 -4.0
Slik&muslInunderwr.(incl. nettle.) -12.0 -9.1 -9.7 -16.1 -0.1 -9.5 -16.9 -22.5 -12.1
Infants' wear
+2.0 +1.0 +6.1 -1.1 +0.3 -14.4 +1.5 -19.8 +1.3
Small leather goods -2.9 -18.9 +1.8 -2.2 +1.3 +8.1 -2.1-13.3 +3.7
Women's shoes.... +1.4 _
_
-12.2 -0.9 +2.7 +12.4 -1.1 -5.5 -9.0
Children's shoes.. -1-6.2 1;- +15.2 +3.6 +3.3 +21.8 -0.5 ---- -6.7
5.9
Women's & .51130 es' Rea dy -to- WearWomen's coats._. -4.1 -9.4 -6.0 -1.1 -25.0 +7.2 -0.4 -23.0 -0.3
Women's suits.... +12.1 ____ +66.7 -7.1 +50.3 -15.1 ---, +31.0 +2.8
Tot.(211nes above) -2.3_
-2.8 -1.3 -20.9 +4.2 +2.3 -8.5 -0.1
Women's dresses_
-5.0
+1.9 +3.5 -11.9 -16.9 -21.8 -2.4 -2.0
Misses' coats and
suits
+12.3 +2.1 +35.4 +8.2 -1.0 +28.4 ____ +32.3 +10.2
Misses' dresses
+2.2 +1.9 +11.4 +8.2 +12.8 -20.1 -22.9 +13.8 +2.7
Juniors' and girls'
wear
+1.6 +6.0 +13.8 -4.8 +0.9 +10.9 -6.8 +12.2 +6.4
Men's & Boys' 11 earMen's clothing._ _ -4.6 -6.5 +0.2 -11.0 -2.7 +7.3 -15.5 -10.2 -10.7
Men's furnishings
(inel.men'shos'y'
gloves & und'w'r. -5.7 -5.8 -9.0 -3.9 -5.2 -4.6 -7.1 -6.7 -6.8
Men's hats & cans_ -5.6
__ +1.7 -9.6
_ +5.4 -4.9 -8.9 -15.2
Tot.(2lines above) -5.9
_ -8.4 -4.3 -7.1 -4.6 -6.8 -6.9 +7.3
__Boys' wear
-0.6 -2.1 +17.8 -6.2 _9.4 _2,4 -6.7 +5.7 +9.9
Men's & boys'wear +2.3 +1.2 +19.7 -2.0 -5.8 +15.5 -14.7 -12.5 -4.8
House Furnish'ps Furture(inel.beds,
mattresses, Wes -9.1 -2.2 -2.2 -0.7 -5.9 +13.8 -15.1 -11.1 +1.
5
Oriental rugs
.
0
-0.9 _ .. -4.9 _6. +6 9 _18,7 _28.6__ , +14.2
Domes.floor cover. -3.6 - .3 +1.4 -8.0 +3.0 +5.0 +3.8
5
--1311 -6.4
Draperies, curtains
& upholstery - - _ +5.5 -6.3 +33.0 -1.9 +6.6 +14.5 -6.5 -17.0 +5.
3
Lamps Re
_ _ -3.8
+0 3 -- - - +19.1 -7.0 +1.4 -1.0 -19.1
.
Tot.(21Ines above) +6.9 ____ +30.3 -2.9 +6.0 +12.3 _8.1..201 +4.0
shades_.
China&glassware_ +0.4 -6.3 +13.8 -2.4 +0.4 +10.4 -11.8 -10.3 -13.8
-1610
Forecast of Business Conditions in 1929 by Col. Leonard
P. Ayres of Cleveland Trust Company Cites Probability as to Status of Employment, Interest Rates,
Building, &c.
In the January-February number of the Cleveland Trust
Monthly we find the following observations by Col. Leonard
P. Ayres, Vice-President of the Cleveland Trust Company,
as to conditions in 1929, the forecasts enumerated by him
below having featured his address in December before the
Cleveland Chamber of Commerce:
Business conditions are now good and they will be good in the opening
months of the new year. But credit conditions, on which business depends, are not equally favorable and it seems probable that they will
[VOL. 128.
F. W. Woolworth & Co
Safeway Stores, Inc
S. S. Kresge Co
National Tea Co
S. II. Kress & Co
W.T. Grant & Co
McCrory Stores Corp
Melville Shoe Corp
American Department Stores Corp
Interstate Department Stores
J. .1. Newberry Co
Waldorf System, Inc
J. R. Thompson Co
McLellan Stores Co
David Fender Grocery Stores, Inc
G. R. Kinney Co
Peoples Drug Stores, Inc
F.& W.Grand 5-10 -cent Stores, Inc_
-25
G. C. Murphy Co
Neisner Bros., Inc
I. Silver & Bros., Inc
Davega, Inc
Federal Bake Shops, Inc
Metropolitan Chain Stores, Inc
Total
1929.
1928.
Increase.
$17,658,408
12,889,399
9,018,932
7,272,102
4,143,377
3.328,489
2,692,397
1,569,997
1,517,167
1,410,124
1,299.026
1,296,046
1,224,161
1,165,107
1,152,021
1,117,285
1,112,444
1,095,765
814,146
587,759
365,084
443,992
352.292
798,226
817,108,358
6,903,237
8,657,776
6,119,332
3,759,947
2,624,161
2,426,122
1,125,035
789,854
953,560
859.993
1,226,568
1,235,352
773,085
1,035,657
889,933
693,426
800.394
598,343
389,065
312,425
271,274
321,951
692,346
3.2%
86.0%
4.2%
18.8%
10.02%
26.8%
10.9%
39.5%
02.0%
47.0%
61.0%
5.6%
s.09%
50.7%
11.2%
25.5%
60.4%
36.9%
36.0%
50.7%
16.8%
63.6%
9.4%
15.2%
874.323.746
860.573,194
22.7%
Decrease.
Loading of Railroad Freight Larger Than in 1928, but
Lower Than in 1927.
Loading of revenue freight for the week ended on January
26 totaled 926,188 cars, the Car Service Division of the
American Railway Association announced on Feb. 5. This
was an increase of 23,524 cars over the corresponding week
in 1928 but a decrease of 17,691 cars under the corresponding
week in 1927. Details are as follows:
Miscellaneous freight loading for the week totaled
320,077 cars, an increase of 9.154 cars above the corresponding week last year and
12.111
cars over the same week in 1927.
Coal loading totaled 209,453 cars, an increase of 33,299 cars over
the
same period two years ago.
Grain and grain products loading amounted to 47,938 cars, a decrease of
5,372 cars below the same week In 1928 but 1,514 cars above the same week
in 1927. In the western districts alone, grain and grain products loading
totaled 34,195 cars, a decrease of 3,332 cars below the same week In 1928.
Live stock loading amounted to 26,836 cars, a decrease of 5,890 cars under
the same week In 1928 and 4,401 cars under the same weak in 1927. In the
western districts alone, live stock loading totaled 20,422 cars, a decrease
of 4,668 cars under the same week in 1928.
Loading of merchandise less than carload freight totaled 240,826 cars.
a decrease of 3,809 cars below the same week in 1928 and 4,343 cars under
the corresponding week In 1927.
Forest Products loading amounted to 59,839 cars, 6,212 cars below the
same week in 1928 and 5,366 cars below the same week in 1927.
Ore loading amounted to 8,567 cars, 721 cars over the same week In 1928
but 1,890 cars below two years ago.
Coke loading totaled 12.652 cars. 1,663 cars above the same week last
year but 107 cars below the corresponding week two years ago.
All districts except the Southern and Northwestern reported increases in
the total loading of all commodities compared with the same week In 1928
while all except the Eastern. 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:
801
FINANCIAL CHRONICLE
FEB. 9 1929.]
1929.
798,723
914,187
931.880
926,188
Total
1928.
754,247
907,301
884,683
902,664
1927.
933,890
942,731
936,160
943,879
3,570,978
Week ended January 5
Week ended January 12
Week ended January 19
Week ended January 26
3,448,895
3,756,660
Farm Price Index Shows Slight Decline in Prices in
Month to Jan.15-1928 Average Highest Since 1925.
The index of the general level of farm prices declined
from 134 to 133% of the pre-war level during the period from
Dec. 15 to Jan. 15, according to the Bureau of Agricultural
Economics, United States Department of Agriculture. There
were slight advances during this period in the farm prices
of most crops, all meat animals, wool, mules, and chickens,
and slight declines in the farm prices of cotton, horses,
and milk cows; slight seasonal declines in the prices of
dairy products, and an abrupt seasonal drop in the farm
price of eggs. The Bureau advices (Feb. 1) add:
The 1928 annual average of the general farm price Index at 139%
of the pre-war level is reported the highest since 1925 and compares
with 131 in 1927, and 136 in 1926. However, the index ended the last
year 3 points below December 1927, and on Jan. 16 1929 was 4 points
below the corresponding date in 1928.
The farm price of hogs on Jan. 15 was nearly 5% higher than a year
ago. From Dec. 15 to Jan. 15 the farm price advanced 5% in the North
Central States and 3% in the Far West; made no marked change in the
North Atlantic States, and declined 3% in the South Atlantic States, and
1% in the South Central States. The price advance during this period
amounted to 3% for the country as a whole. These farm price changes
have been accompanied by indications that the combined spring and
fall pig crops were more than 5% smaller than in 1927. During the
month prior to Jan. 15 the corn-hog ratio declined from 10.4 to 10.2 for
the United States and from 12.0 to 11.4 for Iowa.
The farm price of corn made a sharp advance of about 5% from Dec. 15
to Jan. 15. The advance was accompanied by indications of a continued
high export demand due to reports of unfavorable growing conditions in
Argentina. Farm stocks of corn on Jan. 1 were slightly less than a year
ago.
The farm price of wheat on Jan. 15 showed little change from the previous
month. The farm price failed to show the usual seasonal rise during this
period and remains about 15% below last year's wheat prices, due to the
larger world crop in 1928, the relatively large visible supply in the
United States at this time, and indications that with average abandonment
the 1929 winter wheat crop will be practically as big as the crop in
1928.
The farm price of potatoes advanced approximately 2% from Dec.
15 to Jan. 15. The price advance was accompanied by indications that
farmers intend to plant a decidedly reduced acreage in potatoes this year,
especially in the early producing States.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Feb. 5 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
MLseellaneous
All commodities
144.8
146.8
158.2
163.0
128.0
153.7
134.6
129.6
146.6
Jan.29 1929. Feb. 7 1928.
Fourth quarter
September
August
July
5,804
1,635
1,852
1.723
5,813
1,573
1,708
1,756
5,662 5116,366.069 5123,444,698 $111,544,291
32,786,125
29,989,817
33,956,686
1,437
39,195.953
28,129,660
58.201,830
1,593
43,149,974
29,680,009
29,586.633
1,605
Third quarter
June
May
April
5,210
1,947
2,008
1,818
5,037
1,833
1,852
1,968
4,635 5121,745,149 $115,132,052 587.799.486
1,708 $29,827,073 534.465,165 529,407.523
37,784,773
33,543,318
1.730
36,116,990
53,155.727
38,487,321
37,985,145
1,957
Second quarter
March
February
January
5,773
2,236
2,176
2,643
5,653
2,143
2.035
2,465
5,395 $103,929,208 5125,405,665 5101.438,162
1,984 $54,814,145 $57,890,905 $30,822,547
34,176,348
45,070,642
46,940,716
1,801
43,681,444
2,296
47,634,411
51,290,232
7,055 6,643 6,081 $147,519,198 $156.121,853 5108,460,339
First quarter
-JANUARY 1929.
FAILURES BY BRANCHES OF BUSINESS
Number.
Manufacturers
Iron. foundries and nails....
Machinery and tools
Woolens,carpets & knit g'ds
Cottons, lace and hosiery
Lumber,carpenters & coop's
Clothing and millinery
Bats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving....
Milling and bakers
Leather, shoes and harness_
Tobacco, &c
Glass, earthenware & brick
All other
8
22
-1
92
49
25
8
3
25
47
24
9
15
286
10
25
2
1
81
56
15
2
1
21
43
14
7
10
265
Total Manufacturing.-- 614 55
Traders
116 100
General stores
359 366
Groceries, meat and fish
119 115
Hotels and restaurants
21
40
Tobacco, &c
278 331
Clothing and furnishings
153 167
Dry goods and carpets
88
58
Shoes. rubbers and trunks74
74
Furniture and crockery....
57
70
Hardware,stoves and tools_
85
58
Chemicals and drugs
8
14
Paints and oas
70
77
Jewelry and clocks
17
23
Books and papers
17
27
Hats, furs and gloves
346 389
All other
Total trading
Other commercial
7'ntsal
147.5
146.4
154.9
164.4
125.6
153.7
134.6
128.9
147.4
Liabilities.
1929. 1928. 1927.
8
22
9
__
57
49
14
3
2
27
44
14
12
10
230
cOO,C0Wh.C.t.NN.NWW0
,
C.COMNMI Ot.1“0.[... N
,
The chief causes of the decline were marked reductions in the prices of
farm products and fuels, making these groups stand at the low point for
the year. These declines were more than enough to offset moderately
higher prices in food products, textiles, metals and miscellaneous commodities.
December
November
October
LfabiZfUes
Number
1929.
1928.
1927.
1929. 1928. 1927.
2,535 2,643 2,465 553,877.145 $47,634,411 $51,290,234
1927.
1926.
1928.
1928. 1927. 1926.
1,943 2,162 2,069 $40,774,160 $51,062,253 545,619,578
36,146,573 32,693,993
40,601,435
1,838 1,864 1,830
33,230,720
36,235,872
2,023 1,787 1.763 34,990,474
January
Op
Annalist's Weekly Index of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices has resumed the downward trend which began last
September by declining this week to 146.6 from 147.4 last
week, and is lower than at any other time this year with the
exception of Jan. 22. The "Annalist" adds:
same month of 1927 is only about 2%2%. The number of
failures for last month is appreciably above the figures of
recent months, and is, in fact, the highest reported in exactly
a year. Such a tendency, however, always is to be expected
m January, when the statistics of business mortality reflect
more plainly the strains incidental to the annual settlements.
Despite the smaller total of defaults last month, the
liabilities rose considerably. That increase was due to a
number of insolvencies of unusual size, which swelled the
aggregate indebtedness to $53,877,145. Not since last
August, when more than $58,200,000 was involved, has last
month's amount been equalled. It contracts with $47,634,411 in January 1928, or an expansion of more than 13%.
The indebtedness for January two years ago approximated
$51,300,000 and in this month of 1922 an aggregate of practically $73,800,000 was recorded.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
1929.
$224,500
473.050
41,300
3.764,493
527,922
418,700
52,441
60,500
391,799
766.500
442.308
65,500
217,326
9,243,516
1928.
1927.
5137.625 51,585,700
983,700 2,811,345
324,200
250,000
100,000
2,414.441 3,096,641
904,394 1,481,326
76,200
356,652
36,100
12,800
14,300
130,000
436,448 1,860,860
2,609,114
197.796
722,148
413.477
111,014
139,800
175,110
155,913
5,951,590 7.378,163
$16,689,855 $14.870,665 519,996.202
$2,209,378 51,746.289 53,467,626
3,396,706 3,692.270 2,979,661
3,490,144 1,138,609
549,900
216,050
192,500
416.768
3,675,309 4,228.255 3.830,592
2,385,000 2,383,344 3,023,130
453,800 1,000,685 1,452,920
1,303,852 1,621,122 1,364,174
1,090.450
846,017
631,902
619,280
650,736
529,477
88,562
134,564
4,320.233
1,978,817 1,102,395 1,794,964
374,400
225,600
243,219
402,004
169,000
77,300
6,482,150 6,917,041 4,103,795
1,769 1,946 1,842 532,023,675 526,445,860 824.530,455
152 144 122 5,163,613 6,317.886 6.763,575
2.535 2.643 2.465 553.877.143 $47,634,411 551,200.232
148.2
151.0
151.3
158.0
120.3
150.0
134.0
128.2
145 0
December Business in Cleveland Federal Reserve
-Spring Orders
District Close to Year's High Point
For Tires.
December business in the Cleveland Federal Reserve District was close to the year's high point, after allowing for
seasonal factors, and January was on a par with DecemDun's Price Index.
Monthly comparisons of Dun's index number of wholesale ber, says the Monthly Business Review (dated Feb. 1) of
prices, based on the per capita consumption of each of the the Cleveland Federal Reserve Bank. The Bank makes the
many commodities included in the compilation, follow:
following further comments:
GroupsBreadstufts
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
Feb. 1
1929
534.899
24.697
22.059
19.497
35.138
21.303
36.572
Jan. 1
1029.
532.673
24.620
21.690
19.598
35.658
21.348
36.780
Feb. 1
1928.
533.384
22.537
22.007
19.665
36.242
21.890
36.159
Feb. 1
1927.
530.042
19.781
22.573
19.897
32.372
23.371
37.435
Feb. 1
1926.
533.188
20.234
24.298
20.536
36.898
23.480
36.420
5194.165 $192.365 5191.884 5185.471
5195.054
Dun's Report of Failures in January.
Continuing the trend of the two immediately preceding
months, commercial failures in the United States during
January fell below those of the corresponding period of the
previous year. At 2,535, last month's total, as compiled
by R. G. Dun & Co., compares with 2,643 defaults in
January 1928, or a reduction of a little more than 4%.
Moreover, the increase over the 2,465 insolvencies of the
Heavy production schedules were being maintained during January by
the steel, motor accessory, electrical supply, and machine tool industries.
Improvement in January over December was reported by the clothing, glen,
railway equipment, and building trades, particularly the two latter.
Building contracts were small in December but in the first half of January showed a marked gain. The rubber and tire trade did fairly well
in January but was hampered by large inventories in manufacturers' hands.
As noted last month, the holiday trade in the Fourth [Cleveland]
District fell slightly behind last year. When taken in conjunction with
an increase of 29.5% over the preceding year in December wholesale
drug sales, by far the largest gain ever reported by that line, the decline
in holiday buying in this District may be largely ascribed to the influenza.
The credit situation in this District, as elsewhere, remained tight in
January, although there was a seasonal reduction in borrowings from the
Federal Reserve Bank of Cleveland. Bankers report, however, that business
has not felt the effect of firm money rates, except here and there in the
ease of building. The Cleveland Reserve Bank's reserve ratio advanced
from 59.1 on December 26 to 68.1 on January 23.
The chart below [This we omit.
-Ed.], adjusted for seasonal and longtime trend, shows the steady increase in the Fourth District's business
802
FINANCIAL CHRONICLE
during 1928. The December figure of 104.1 was exceeded only by September, when the year's high of 106.3 was attained, and by November.
The December figure also compared very favorably with the same month
in earlier years.
[VoL. 128.
electricity is maintaining its position and 113 apparently gaining in relative
importance in comparison with the output by the use of fuels.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
Conditions in the rubber and tire industry, the Bank
says:
Both production and shipments of tires declined toward the end of 1928,
but stocks in manufacturers' hands mounted rapidly until on Dec. 1
they were not far from the seasonal peak reached on June 1. The December
figure was considerably higher than usual at that season and was 24%
higher than a year earlier.
Reports from Akron manufacturers indicate that Spring-dating orders
are slow, inasmuch as dealers are restricting their purchases. Business in
January was about equal to or slightly ahead of last year in volume, but
owing to the lower prices now existing, the actual dollar value was somewhat less. The demand for tires as original equipment is heavy. Preliminary figures for December place United States production of tires at
4,213,000 or 23.5% more than last year.
Crude rubber prices have strengthened to some extent lately, being
quoted at 214 cents a pound (first latex, spot) on Jan. 17 as compared with
18 cents a month earlier. A year ago the quotation was 42 cents a
pound.
Imports of crude rubber into this country in December were the largest
yet recorded, amounting to 46,684 tons as against 29,062 tons a year
earlier. Imports in 1928 also established a new record, amounting to
446,421 tons as against 432,316 in 1927. Over 96% of the rubber originated in the British and Dutch East Indies, most of the remainder coming
from Brazil.
Describing the situation in the clothing industry, the
Bank states:
The condition of the manufacturing end of this industry appears to be
somewhat improved over a month or two ago. Cold weather in January
had a beneficial effect on retail buying, and although this has not as yet
worked itself back to the manufacturers to any great extent, a slight betterment has been evident. Advance orders in most instances are equal
to or better than a year ago, but in certain parts of the district, especially
the soft coal areas, sales are reported to be poor. Prices of both finished
goods and raw materials changed but little in the last part of December
and the first part of January.
Sales of 12 reporting wholesale dry goods houses in the district were
unusually good in December. Although seasonally smaller than in November, they showed an increase of 7.1% over December of 1927, this
being the sixth largest gain reported in any month during the past five
years. Nine out of the 12 reporting firms shared in the gain. For the
year 1928, sales were 2.3% larger than in 1927
-the first year to record
an increase since 1923, and the largest year in total sales since 1925.
Early reports from department stores in this District indicate that retail clothing sales in December were rather irregular. On the basis of
these incomplete figures, gains over the year before were shown by girls'
wear, sports' wear, aprons and house dresses, men's furnishings, boys'
wear, and hosiery, while decreases occurred in shoes, women's coats,
women's dresses, furs, and men's clothing.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
Increase Produced by Water
Power.
1928
Over
1927.
1928.
1927.
6,830,000,0007.265,000,000
6%
6,166,000,000 6,871,000,000 al 1%
6,840,000,000 7,246,000,000
6%
6,482,000,000
6%
. ,
6,600,000,000 7,130,000,000
8%
6,493.000.000 7,010,000,000
8%
6.477,000.0007,143,000,000 10%
6,693,000,000 7,510,000,000 12%
6,605.000,000 7,282,000.000 10%
6 932,000,0007.922,000,000 14%
6,876,000,000 7,750,000,000 13%
7 211.000,000 7.870,000,000
9%
36%
37%
39%
40%
41%
39%
37%
36%
33%
34%
36%
38%
3
8%
38%
39%
43%
45%
44%
43%
41%
38%
36%
36%
35%
Total
80205 000.000 87852 000,000 10%
37%
40%
a Part of increase Is due to Feb. 1928, being one day longer than Feb. 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including central stations and electric railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports is
estimated; therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.]
Business Conditions in Atlanta Federal Reserve
District-Retail Trade Increased-Wholesale Trade
Declined.
The Jan. 31 Monthly Review of the Federal Reserve Bank
of Atlanta in summarizing conditions in its District, says:
According to statistics compiled by the United States Department of
Agriculture, the value of the principal agricultural crops not including livestock or livestock products produced during the year 1928 in the six
States comprising the Sixth [Atlanta] Federal Reserve District, based
upon prices prevailing on Dec. 1, was about 3% less than for the preceding year. Increases over 1927 were shown in the value of crops
raised in Florida, Louisiana, and Tennessee, but decreases are shown for
Georgia, Alabama and Mississippi.
The volume of retail trade increased, and wholesale trade declined, in
December compared with preceding months because of seasonal influences. Retail sales in the sixth district were, however, 5.8% smaller
than in December 1927, and for the year 1928 show an increase of 0.6%
over the year 1927. Wholesale trade in December averaged 2.8% smaller
than a year ago. Debits to individual accounts increased in December
over November, and were nearly 6% greater than in December a year
ago, but savings deposits of 83 banks at the end of the year were nearly
1% smaller than a year ago. Loans to customers by 31 weekly reporting
member banks were somewhat smaller on January 9 than four weeks
earlier, but greater than on the same report date a year ago. Discounts
for member banks by the Federal Reserve Bank of Atlanta increased
nearly 51,4 millions during the four-week period ended Jan. 9, and were
approximately double those at the same time a year ago. Demand deposits
of all member banks in the district increased in December, but time deposits decreased, and both were somewhat smaller than in December 1927.
Building permits in the Sixth District during December show an increase of 54.7% over December 1927, due to an unusually large total
reported from Atlanta. For the year, total permits at the twenty reporting cities show a decrease of 6% compared with 1927: December
production by cotton cloth and yarn mills in the Sixth District was at a
higher level than in December a year ago, and production of bituminous
coan in Alabama andTe9n7
t l
1 n2es
.see, and of pig iron in Alabama, was greater
than
Production of Electric Power in the United States in
1928 Increased Approximately 10% over the
Preceding Year.
The production of electric power by public utility power
plants in the United States during the calendar year 1928
amounted to approximately 87,852,000,000 k.w.h., as
compared with about 80,205,000,000 k.w.h. in the previous
year, an increase of 10%, according to the Division of
Power Resources, Geological Survey. Of the total for 1928,
about 40% was produced by water power and the balance
by fuels.
The total output of electric power by the above plants
amounted to 7,869,860,000 k.w.h. in December 1928, an
We also quote what the bank has to say relative to reincrease of approximately 9% over the same month in tail and wholesale
trade:
1927, when production amounted to about 7,211,000,000
T tail.
k.w.h. Of the total for December last, 5,115,074,000 k.w.h.
The distribution of merchandise
In the Sixth District, reflected
et radere
au
were produced by fuels and 2,754,786,000 k.w.h. by water in sales figures reported confidentially to the Federal Reserve Bank by
45 department stores located throughout the district, increased seasonally
power.
in December, but was somewhat smaller than In December 1927. This is
The "Survey" further shows:
the first time
by reporting department
stores have
since 1921 that sales
failed to show an increase for the month of Deocmber over that month of
the preceding year. Figures reported by these 45 department stores indicate that December business was smaller by 5.8% this year than last,
Change in Output
and the decrease is shared by all reporting cities. Aggregate sales during
Division.
Totals by Fuels and Water Power.
from Previous Year.
the year 1928 were greater than in 1927 at Atlanta, Birmingham, and
Oct. 1928.
Dec. 1928. Nov. '28. Dec. '28. Nashville, and averaged six-tenths of 1% greater for the district. Stocks
Nov. 1928.
on hand at the close of the year were slightly larger than a year ago, but
New England
+9%
561.789,000 553,646,000 557.469,000 +18%
17% smaller than for November. Accounts receivable at the end of DeMiddle Atlantic_ _ _ _ 2,026,290,000 2,023,339.000 2,090,610,000 +4% +2%
East North Central. 1,932,600,000 1,895,819.000 1,934,311.000 +17% +12%
cember were 13% greater than a month earlier, and 2.6% greater than
West North Central
451,305,000 449,037,000 453,371,000 +5%
+3%
a year ago, and December collections averaged 1.4% better than in NoSouth Atlantic
946,462,000 930,496,000 907.565.000 +32% + 18%
vember, nad one-half of 1% larger than in December 1927. The ratio
East South Central_ 292,608,000 278,537.000 301.744,000 -5% +18%
of collections during December to accounts receivable and due at the beWest South Central. 391,111.000 369.111,000 368.563,000 +24% +22%
Mountain
323,416,000 320.902,000 320,638,000 +16%
+7%
ginning of te month, for 33 reporting firms, was 32.8%; for November
Pacific
996,749,000 929,568,000 935,589,000 +12%
+8%
this ratio was 33.3%, and for December a year ago, 34.4%. For December, the ratio of collections during December against regular accounts outTotal U.S
7,922,330,000 7,750,455,000 7,869,860,000 + 13%
+9%
standing, for 33 firms, was 35.2%, and the ratio of eollections against
The average daily production of electricity by public ut lity power plants Installment accounts, for 8 firms, was 14.5%.
In December was 253,900,000 k.w.h., about 2% less than the average
Wholesale Trade.
daily output in November.
The volume of wholesale trade in the Sixth District during December,
The average daily production of electricity by the use of water power was
nearly the same as in Dec. 1927. The curve of average daily production of reflected in sales figures reported confidentially to the Federal Reserve Bank
electricity by water power shows a fairly uniform decline since August, by 126 firms in eight different lines of trade, Eleclined seasonally comwithout the usual seasonal increase in average output after September; pared with preceding months, was slightly smaller than a year ago, and
this indicates that the water supply of the power streams of the country was at a lower level than for December of any year since 1921. December
sales by these 126 firms averaged 11.3% less than In November, and 2.8%
is abnormally low.
The total production of electricity in 1928 by public utility power plants less than in December 1927. Stocks at the end of December averaged
was 87,852.000,000 k.w.h. an increase of about 10% over the output for 2.7% smaller than a month earlier, and 1.4% smaller than a year ago.
1927. The total output in 1927 was about9% larger than the output in 1926. Accounts receivable were smaller by 7.7% than for November, and 1.2%
The amount of electricity produced by water power was about 40% of less than for December a year ago. December collections increased nearly
the total in 1928. In 1927 about 37% of the total was produced by water one-half of 1% over November, but were 2.3% smaller than during Depower. These figures indicate that the use of water power in generating cember 1927,
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES(IN KILOWATT-HOURS).
FEB. 9 1929.]
FINANCIAL CHRONICLE
803
Business Conditions in Richmond Federal Reserve C. A. Bogert of Dominion Bank in Surveying Canadian
Balance Sheet Sees Nothing to Check Course of
District—December Volume at Seasonal Levels—
Prosperity.
Labor Fairly Well Employed.
At the 58th annual meeting of the Dominion Bank, held in
The volume of business transacted in the Richmond FedDecember and early January was Toronto on Jan. 30, C. A. Bogert, Vice-President and General Reserve District in
at seasonal levels, and showed the usual advance over No- eral Manager, reviewed Canadian conditions in an informavember business, according to the survey contained in the tive address, concluding with an interesting survey of "Au
Jan. 31 Monthly Review of the Richmond Federal Reserve All-Canadian balance sheet showing among the assets: (1)
a satisfactory condition of employment; (2) a steady price
Bank. The bank adds:
business is free from inflation; (3) the
The weather was favorable for the Christmas trade, and the stores appear level showing that
to have disposed of most of their holiday stock. Retail trade as reflected continued growth of mining; (4) increased traffic and earnin department store sales last month was a fraction of 1% below the ings of the two great railway systems; (5) indication of a
volume of business done in December a year earlier, which had one more
(6) regular reductions in our nabusiness day than December 1928. Debits to individual, firm and corpo- real immigration policy;
ration accounts in 24 leading cities during the four weeks ended Jan. 9 tional debt; (7) an increasingly favorable balance of trade,
1929 set a record for four weeks, not only exceeding debits for the cor- and (8) a strong liquid banking position. While the only
responding periods ended Dec. 12 1928 and Jan. 11 1928 but surpassing
to be: (1) the depression in newsthe previous record of the four weeks ended Jan. 12 1927. Loans and dis- important liabilities seem
counts of 63 regularly reporting member banks in the larger cities of the print, and (2) the over-extended speculation, both of which
Fifth (Richmond) district decreased between Dec. 12 1928 and Jan. 16 time should correct. Canadian enterprise tand Canadian
1929, and these banks also reduced their rediscounts at the Reserve bank.
On the other hand, country banks more directly dependent on agriculture banks including the Dominion Bank," he added, "are unhave not been able to liquidate their indebtedness at the Reserve bank as doubtedly able to cope with hte expansion that is sure to
promptly as the city banks, and last month additional accommodation was continue and we can see nothing to check the course of
extended to the country banks in sufficient amount to increase slightly
the Federal Reserve Bank of Richmond's holdings of member bank paper. prosperity indefinitely into the future."
On Jan. 15 1929 rediscounts held by the Richmond Reserve Bank totaled
approximately 50% more than rediscounts held on Jan. 15 1928, and the
circulation of Federal Reserve notes was also higher on the 1929 date.
Deposits in member banks at the close of 1928 were materially lower than
a year earlier, time deposits as well as demand deposits declining last year.
Business failures in December in the United States and in the Fifth district
were fewer and liabilities were lower than in December 1927. The value
of building prmits issued in December for new work was more than double
the amount reported for new work in December 1927. Coal production
In December was below production in November 1928, but exceeded that
of December 1927. Textile mills in the Fifth district used less cotton
last month than in either November 1928 or December 1927. Cotton exports in December 1928 were about 30% larger than exports in December 1927, and spot cotton prices showed an upward tendency after the
new year. Tobacco marketing continued in December, and prices for fire.
cured and burley tobacco were higher than in December 1927, but fluecured tobacco, which makes up the bulk of the crop in Virginia and all
of the crop in the Carolinas, brought lower prices than in either November
1928 or December 1927.
The total value of agricultural products raised in the Fifth district in
1928 was considerably lower than the value of the 1927 crops, chiefly due
to lower cotton, tobacco and potato prices in 1928, and the farmers' purchasing power in 1929 apparently will not equal their purchasing power
last year. However, a more extensive building program is now under
way than was the case a year ago, and if construction work holds up
through the year the purchasing power of workmen in building trades
may make up for the impaired purchasing power on the farms. Some
of the banks in the district are less favorably situated than in January
last year, but the unsatisfactory conditions are confined to a relatively
small part of the district.
Regarding labor conditions, the bank says:
In contrast with conditions of a year ago, when a period of unemployment for many workers appeared to have begun, labor is now fairly well
employed for this season of the year. The improvement over last January and the summer months of 1928 is due chiefly to the large building
program in the Fifth Reserve District, although nelrly all other employers
of labor are using normal quotas of workers. A fedFlarge plants in the district are shut down, but all of them have been closed for some time and
their workmen have been for the most part absorbed by other industries.
Prospects appear good for employment during the next few months, the
outlook being considerably better than it was a year ago.
Comments on wholesale and retail trade follow:
Billions—Last Year
Canada's Net Income Put at
Most Productive in History of Dominion, According
to Canadian Bank of Commerce.
The new wealth created in Canada in 1928, which was
the most productive year in the history of the Dominion,
says General Manager S. H. Logan of the Canadian Bank
of Commerce, in a resume of the year issued Feb. 5, has
given Canadian business an excellent start for the current
year, particularly in view of the strengthening factors
noted during January. Evidence of Canada's prosperous
condition, according to Mr. Logan, is afforded by the bank's
recent analysis of retail trade which was about 20% larger
than in 1927, and by official estimate of the net national
income as $5,500,000,000, or about $200,000,000 more than
in the preceding year. Mr. Logan eontinues:
"Lumbering was conducted under the most favorable conditions existing
in the last five years, owing largely to the curtailment of operations in
the American States on the Pacific Coast. Mining reached a new high
record in 1928, with an increase in value over 1927 of about 10%. Important gains were made in the three main groups of mineral products—
metallic, non-metallic and structural materials.
"Fishing on the Atlantic Coast was conducted under the most favorable
conditions since 1919. On the Pacific Coast the results were much better
than in 1927, a record salmon pack having been put up and the landings
of the next most valuable fish, halibut, exceeding those of the preceding
year by over 2,000,000 pounds. General construction, including building
operations, public works and engineering projects, was more active than
ever before.
"It will be noted that the value of the crops in 1928 has been estimated
as about $68,000,000 less than that of the preceding year; the explanation is to be found mainly in lower prices for grains, particularly wheat,
and for potatoes. a decrease in hay and alfalfa was more than offset by
an increase in other fodder crops and in roots. In most ether branches of
agriculture, especially dairying and stock raising, improvement over 1927
is to be recorded to the extent of about $25,000,000,
"The textile mills, particularly those employing rayon and natural
silk, operated on higher production schedules, though manufacturers of
cotton and woolen goods experienced many difficulties. When reports of
all the factories and mills that make up the industrial structure are received it will probably be found that the value of their products wag
about $3,750,000,000, or approximately $250,000,000 greater than in
1927."
Retail trade in December, as reflected in department store sales, CCM up
to seasonal average, increasing 55% over November sales and also averaging 7.9% above average December sales by the same stores during the
three years 1923-1925, inclusive. Sales in December by 30 stores fell
6 /10 of 1% below December 1927 sales, but total sales in the calendar year
1928 were 4
/10 of 1% above sales in 1927. Sales in Richmond and
Washington in 1928 exceeded sales in 1927 by 2.3 and 3.3%, respectively, National Park Bank Finds "Key" Industries Doing
but sales in Baltimore and the other cities were smaller.
Well—First Quarter's Sales of Motor Cars Expected
Stocks on hand at the end of December 1928 were 2.4% smaller than
stocks at the end of 1927, and were 19.2% smaller than at the end of
to Break All Records.
November 1928. Sales during December amounted to 48.4% of average
The National Park Bank of New York in its monthly
stock carried during the month, and total sales during the calendar year
1928 were 334.7% of average stock on the shelves at the end of each of circular dated Feb. 1 comments upon the fact that "never
the twelve months. This indicates an average turnover during the year before have the people evidenced such a genuine interest
of 3.347 times, the stores in Richmond leading with approximately 3.74
in new motor cars of every description, and the indications
times.
Collections in December equaled 28.9% of total receivables outstanding are that the first quarter's sales this year for the enon December 1, a slightly higher figure than 28.6% of receivables
collected tire industry will break all records for both the United
In December 1927. Washington, with 32.6%, reported the best
collections States and Canadian factories."
As to business condilast month.
Wholesale trade in the Fifth Federal Reserve district in December, as tions, the bank also says:
Indicated by reports from 80 firms in six lines, was in smaller
Business continues in large volume and most of the great key industries
volume
In every line except drugs than in either November 1928 or
December are doing well with good current demand and an immense potential in1927. The decreases in December sales under those of November
were quiry. This is especially true of steel where urgent buying by large
largely seasonal, but the declines in comparison with December 1927
sales consuming interests has created a situation where speeifications in many
show actual decreases in business. Total sales for the year 1928 were
also lines exceed shipments. The strength of scrap has been in keeping
smaller in every line reportd upon except groceries and drugs,
which with a high rate of ingot output and general production for the United
gained 0.9% and 3.6%, respectively.
States Steel Corporation's subsidiaries hae eontinued around 85%. An
Dry goods and hardware stocks declined in December, while
stocks of interesting feature has been the veritable rush of rail buying by the great
groceries and shoes increased. At the end of the year stocks in
all of railroad systems which are also giving out large equipment orders in
the four lines for which information was available were less than
stocks preparation for the heavy volume of business which the country is expected
on hand Dec. 31 1927.
to offer the carriers during the coming months. In addition to these
Collections in December were better than in November in all
lines ex- demands, the steel mills have booked large orders from autoraobile name
cept groceries. In comparison with collections in December 1927,
those facturers who are speeding up output in all branches. Sales of new cars
of December 1928 were better in dry goods, shoes and drugs, but
grocery, representing ll types and designs at last month's automobile shows were
hardware and furniture collections compared unfavorably with
those of especially heavy and reflective of the extraordinary purchasing power of
the corresponding month of the preceding year.
the American people.
801
FINANCIAL CHRONICLE
Reduction in Tire Prices.
Reporting a cut in prices (effective Feb. 4) by leading tire
manufacturers on sales to dealers from 23/i to 10%—the
second cut since October—the "Times" of Feb. 5 stated:
The first announcement of reductions was made by the 13. F. Goodrich
Company, followed by the Goodyear Tire & Rubber Co.
The cut was expected because of reductions of 7 to 20% in tire prices in
December by the Chicago mail order houses. Denials were made yerstedaY.
however, that there was any connection between the two sets of reductions.
The revised schedules brought 234 to 5% reductions on standard balloon
sizes used on Ford and Chevrolet models, and similar reductions on many
sizes for larger cars. The cut was as high as 10% on certain sizes of cord
tires. Along with the reductions the companies announced one advance
In tire prices.
There was a disposition yesterday to ascribe the cut to further discountlng of the heavy decline in crude rubber prices last year from around the
40
-cent level to less than 20 cents a pound. Of late, however, the tendency
of prices has been upward, with the level around 22 cents a pound at the
present time.
Keener competition among tire manufacturers is leading to new developments. such as the acquisition of dealer stores, says Cram's Automotive
Reports. Inc.
Several large manufcturers are taking over their dealer
stores, it is indicated, either buying them outright or controlling them with
the former owners employed as managers.
"Major tire manufacturers this year will acquire upward of 1,000 dealers'
establishments," the report states. "Whether the movement will also lead
to entrance of tire manufacturers into the battery and accessory field is a
matter of conjecture and concern.
"Conditions in the tire industry continue on a firm basis, with an unusually high level of production for this time of year, an increasing primary
market demand and active dealer buying. Car manufacturers' current
orders continue to average from 50 to 75% greater than a year ago. Akron
tire officials estimate that the city's output will average fully 20.000 tires
more a day this year than last. The replacement market will require fully
53,000.000 casings, with a primary market for at least 20,000,000."
The reduction in tire prices in December was noted in
these columns Dec. 29, page 3612. Incident to the reduction this week, Harvey S. Firestone, President of the Firestone Tire & Rubber Co., asked about the future course of
rubber prices, was quoted in a Miami dispatch to the "Wall
Street Journal" Feb. 4 as saying:
Rubber has advanced from 17 to 18 cents a pound to 20 cents, which Is a
fair price, and the growers believe they should get 25 cents. I believe that
American manufacturers have a supply on hand sufficient to meet all demands, and that if the price does advance it will be duo to speculation and
nothing else.
Stabilization of the market is entirely due to the foresight of the manufacturers who formed the syndicate which has established the supply centre
In the United States rather than in London. This syndicate is the one thing
that has enabled us to keep the situation well in hand. Of course, we were
unable to do much last year, with the elimination of restriction, but we are
In good shape now.
Wintry Weather Checks Lumber Production.
A noticeable decrease in softwood lumber production occured during the week ended Feb. 2, according to telegraphic
reports to the National Lumber Manufacturers Association.
Unsettled weather restricted production somewhat in the
South, and unusual snows on the. Western slopes of the
Cascades seriously impeded logging operations and lumber
manufacture on the West Coast.
Reports from 790 mills, both hardwood and softwood, for
the week ended Feb. 2, showed production in both fields as
only 286,809,000 feet, compared with a production of
350,631,000 feet reported from 819 mills the previous week.
Hardwood production showed no change for the week, the
net decrease being in softwoods. Softwood and hardwood
demand, with 29 fewer mills reporting, fell off somewhat
during the week, orders from mills reporting amounting to
354,046,000 feet as compared with 396,476,000 feet reported
the previous week. Some decline in shipments is also reflected in the reports; they being 326,890,000 feet, as against
shipments the previous week amounting to 355,005,000 feet,
adds the Association, which is further quoted:
Unfilled Orders Increase.
The unfilled orders of 322 Southern Pine and West Coast mills at the
end of last week amounted to 981,178,750 feet, as against 975,969,452 feet
for 322 mills the previous week. The identical Southern Pine mills In the
group showed unfilled orders of 234,047,750 feet last week, as against
238,865.452 feet for the week before. For the 190 West Coast 'inns the
unfilled orders were 850,131,000 feet, as against 737,101,000 feet for 190
mills a week earlier.
Altogether the 498 reporting softwood mills had shipments 117%, and
orders 128% of actual production. For the Southern Pine mills these
percentages were respectively 110 and 103; and for the West Coast mills
115 and 133.
Of the reporting mills, the 498 with an established normal production
for the week of 299,900.000 feet, gave actual production 78%, shipments
91% and orders 100% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the two weeks indicated:
Past Week.
Preceding TVeek 1929.
(Revised).
Softwood. Hardwood. Softwood. Hardwood
i
346
MIlls (or units.)
498
331
5381
Production
235,171,000 51,638,000 297,483,000 53,048,000
Shipments
274,408,000 52,482,000 301,257,000153.748,000
Orders (new business)
300,238,000 53.808,000 336,324,000 60,152,000
• A unit is 35,000 feet of daily production capacity.
[VOL. 128.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 190 mills reporting for the week ended Feb. 2 totaled
148,392,000 feet, of which 57,160,000 feet was for domestic cargo delivery.
and 25.770,000 feet export. New business by rail amounted to 57.550.000
feet. Shipments totaled 128,297.000 feet, of which 46,450,000 feet moved
coastwise and intercoastal, and 29,590,000 feet export. Rail shipments
totaled 44,345,000 feet, and local deliveries 7,912,000 feet. Unshipped
orders totaled 750,131,000 feet, of which domestic cargo orders totaled
280.862,000 feet, foreign 258,841,000 feet and rail trade 210,429,000 feet.
Weekly capacity of these mills is 219,018,000 feet. For the four weeks.
ended Jan. 26, orders reported by 136 identical mills were 10.05% over
production and shipments 6.01% under production. These same mills show
an increase of 2.05% in inventories Jan. 26 as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 132 mills
reporting, shipments were 10.36% above production, and orders 3.08%
above production and 6.60% below shipments. New business taken during
the weel amounted to 68,205,196 feet (Previous week 72,349,682): shipments 73,022.898 feet (previous week 70,498,338); and production 66,165.132 feet (previous week 65,136,996). The normal production (three-year
average) of these mills Is 73.842.400 feet.
The Western Pine Manufacturers Association of Portland. Ore, reports
production from 33 mills as 19,725,000 feet, as compared with a normal
production for the week of 14,609,000. Thirty-one mills the previous
week reported production as 23,662.000 feet. Shipments were about the
same last week, with new business well in advance of that reported the
week earlier.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 19 mills as 11,286,000 feet, as compared with a normal figure for the week of 9,378,000. Twenty-three mills
the preceding week reported production as 12.357,000 feet. Shipments
were slightly lower last week, while new business showed a substantial
increase.
The California Redwood Association of San Francisco, reports production
from 13 mills as 6,672,000 feet, compared with a normal figure of 7,743,000.
and for the week earlier 6.352,000. Shipments showed a nominal decrease
last week and now business a slight increase.
The North Carolina Pine Association of Norfolk, Va. reports production
from 73 mills as 11.982,000 feet, against a normal production for the week
of 14.670,000. Seventy-two mills the week before reported production
as 9,675,000 feet. Shipments showed a marked Increase, and new business
was about the same as the preceding week.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
reports production from 9 mills as 3,942,000 feet, as compared with a
normal figure for the week of 6,111,000 and for the previous week 4,035,000.
Shipments nearly doubled last week, and now business showed a notable
Increase.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 25
mills as 3,695,000 feet, as compared with a normal production for the week
of 4.308.000. Twenty-eight mills the week earlier reported production
as 3.019,000 feet. Shipments showed a nominal increase last week, and
new business an increase of nearly 3,000,000 feet.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 42 units as 8.735,000 feet, as compared with a normal figure for the week of 10.560.000, and for the week
before 8,601,000. Shipments showed a notable decrease last week, and
new business was about the same as the preceding week
The Hardwood Manufacturers Institute of Memphis, Tenn , reports
production from 292 units as 42,903,1300 feet as against a normal production
for the week of 52,503,000 Two hundred and eighty-one units the week
earlier reported production as 40.472,000 feet. Shipments were somewhat
larger last week, and new business showed a noticeable decrease.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR FIVE WEEKS AND FOR WEEK ENDED
FEB. 2 1929.
Normal
Production
Association—
Production.
for Wee/c.
Orders.
Shipments.
Southern Pine
-5 weeks__ 329,970,000 333.108,000 338,586,000
Week (132 mills)
66,165,000
73,023,000
68,205,000 73,842,000
West Coast Lumbermen's—
Five weeks
727,191,000 695,000,000 818,735,000
Week (194 mills)
111,704,000
128,337,000 148,392,000 169,239,000
Western Pine Mfrs.
-5 wks. 108,940,000 130,274,000
146.784,000
Week (33 mills)
19,725,000
25,262,000
30,040,000 14,609,000
Calif. White & Sugar Pine—
Five weeks
72,398,000 113,423,000 113,380,000
Week (19 mills)
11,286,000
18,978,000
22,898,000 9,378,000
Calif. Redwood-5 weeks— 32,094,000
38,152,000
32,536,000
Week (13 mills)
6,672.000
6,672,000
8,223,000 7,743,000
No. Caroline Pine
-5 weeks 50,463,000
38,908,000
50,635,000
Week (73 mills)
11,982,000
12,357,000
7,792,000 14,670,000
No. Pine Mfrs.
19,733,000
-5 weeks
32,067,000
39,074,000
Week (9 mills)
3,942,000
9,408,000 6,111,000
8,021,000
Norther Hemlock & Hardwood (Softwoods)—
Five weeks
24,566,000
13,668,060
20,320,000
Week (25 mills)
4,416,000 4,303,000
3,695,000
2,453,000
Softwoods total-5 wks-1,365,355,000 1,400,761,000 1,553,939,000
Week (498 mills)
235,171,000 274,408,000 300,238,000
No. Hemlock & Hardwood
42,126,000
(Ilardwoods)-5 weeks.... 56,988,000
41,301,000
Week (42 units)
5,092,000 10,560,000
5,791,000
8,735,000
IIardood Mfrs. Institute—
Five weeks
192,331,000 200,490,000 215,466,000
47,816,000 52,503,000
Week (292 units)
46,691,000
42,903,000
Hardwood total
-5 weeks 249,319,000
Week (334 uni(s)
51,638,000
241,701,000
52,482,000
257,592,000
33,808,000 63,063,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 194 mills show that for the week ended Jan. 26
shipments were 8.22% under production, while orders
exceeded output by 10.14%. The association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS
194 mills report for week ended Jan. 26 1929.
(All mills reporting production orders and shipments.)
Orders.
Shipments.
Production.
185,147,777 feet
154,286,964 feet
168,100,573 feet
10.14% over production
8.22% under production
100%
4
FEB. 91929.]
FINANCIAL CHRONICLE
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (229 IDENTICAL MILLS)
(All mills reporting production for 1928 and 1929 to date-)
Actual Production
Average 1Veekly
Average Weekly
• Weekly
Week Ended
Production 4 Weeks
Production
Operating
Jan. 26 1929.
Ended Jan. 26 1929.
During 1928.
Capacity.
182,640,058 feet
193,041,513 feet
169.892,400 feet
244,342,427 feet
WEEKLY COMPARISON FOR 100 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and shipments are complete for
the
last four weeks.)
Week EndedJan. 26.
Jan. 19.
Jan. 12.
Jan. 5.
Production (feet)
166,866,573 168,235.884 162,462,405 113,719,389
Orders (feet)
184,562,777 190,993,281 156,359.330 133,642,044
Rail
66.654,885
74,616,048
58,836,782
53,597,539
Domestic cargo
66,232,318
74,851,353 68,394,332
46,891,544
Export
38,842,410
33,156,872
20,005,215
22,554.877
Local
12,833,164
8,369,008
9,123,001
10.598,084
Shipments(feet)
152,684,964 144,387,900 137,842,403 126.774.168
Rail
59,725,305
60,083,320
52,424,568
40,588,289
Domestic cargo
47,545,459
48,494,132
47,817,504
43,190,850
Export
32.581.036
27,441,440
28,477,330
32,396.945
Local
12,833,164
8,369.008
9,123,001
10,598,084
Unfilled orders (feet)
737,104,397 708,543,609 665,193,408 652,796,590
Rail
198,391,987 192,471,686 179,008,634 175,601,796
Domestic cargo
275,832,921 256,871,158 230,394,729 201,457,113
Export
262,888,489 259,200,765 255,790.045 266,737,681
107 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete
for 1928
and 1929 to date.)
Average 4
Average 4
IVeek Ended
Weeks Ended
Weeks Ended
Jan. 26'29.
Jan. 20 29.
Jan. 28'28.
Production (feet)
105,042,904
97,638,789
89,689,567
Orders (feet)
118.162,300
104,068,199
98,239.780
Shipments (feet)
103.027,444
90,433,762
87,893.575
• Weekly operating capacity is based on average hourly
production for the 12
months preceding mill cheek and the normal number of operating
hours per week.
Silk Imports in January Highest Since August 1928
-Deliveries to American Mills at Peak-Stocks
Increase.
According to the Silk Association of America, Inc., imports
of raw silk during January amounted to 58,384 bales, an
increase of 11,976 bales over the corresponding month
last
year and 14,256 bales over December 1928. The current
figure is tho highest reached since August last, when a total
of 62,930 bales were imported.
Approximate deliveries to American mills in January
totaled 57,349 bales, a new record, and compares with
45,026 bales in the preceding month and 52,420 bales in
January 1928, the previous record month.
Stocks of raw silk on Feb. 1 1929 amounted to
49,943
bales, as compared with 48,908 bales on Jan. 1 1929
and
47,528 bales on Jan. 1 1928.
The following statistics have also been released by the
Silk Association:
RAW SILK IN STORAGE FEB. 1 1929.
(As reported by the principal warehouses in New York City and Hoboken.)
Figures in Bales.
European. Japan.
All Other.
Total.
Stocks Jan. 1 1929
905
42,811
5,192
48,908
Imports month of January 1929_ x
383
51,220
6,781
58,384
Total amount available during January__ 1,288
94,031
11,973
107,292
Stocks Feb. I 1929-5
964
42,576
6,403
49,943
Approximate deliveries to American Mills
during January_ y
324
51,455
5.570
57,349
SUMMARY.
Imports During the Month.'
Storage at End of Month.z
1929.
1928.
1927.
1929.
1928.
1927,
January
February
March
April
May
June
July
August
September
October
November
December
58,384
46,408
44,828
50,520
36,555
52,972
45,090
38.670
62,930
47,286
48.857
48,134
44,128
48,456
33,991
38,600
46,486
49,264
42,809
47.856
55,819
52,475
51,207
36,650
44,828
49,943
47,528
41,677
40,186
35,483
42,088
41,127
38.866
50,975
50,464
49,381
49,806
48,908
52,627
43,758
33,116
31,749
35,527
37,024
43,841
56,618
58,986
62,366
52,069
53,540
Total
Average monthly
58,384
566,373
47,198
552,441
46,037
44.707
46:708
Approximate Deliveries
to American Mills.y
40;545
Approximate Amount in Transti
Between Japan & New York,
End of Month.
1929.
January
February
alarch
April
May
June
July
August
September
October
November
December
1928.
1927.
1929.
1928,
52,420
50,679
52,011
41,258
46,367
46,051
40.931
50,821
47,797
49,040
47,709
45.026
48,307
42,860
49,242
47,853
45,486
41.312
41,039
47,042
50,107
47,827
46,947
43,357
31,000
25,000
17,700
Review of Meat Packing Industry by Chicago Federal
Reserve Bank-Production and Employment Increase.
Slaughtering establishments in the United States produced
a larger tonnage of edible products in December than in
the preceding month or a year ago, according to the February 1 Monthly Business Conditions Report of the Chicago
Federal Reserve Bank. The Bank's survey of the meat
packing Industry also says:
Employment for the last payroll of the period increased 0.3% in munber of employees and 0.7% in hours worked, but declined 1.2% in value
compared with the corresponding figures for November. Demand in domestic markets average good for lard, fair to good for fresh pork, fair for
beef, lamb, and smoked meat, and rather quiet for bacon and dry salt
meats. Sales billed to domestic and foreign customers aggregated 8.3%
less in value than in November, and 5.9% in excess of a year ago, according to a compilation for 61 meat packing companies in the United
States. The total value of sales billed during the calendar year 1928 by 63
concerns in the United States was 4.6% greater than for 1927. Chicago
prices of pork products declined in December from the preceding month, and
those of beef, veal, and smoked meats were a little easier than in November;
quotations rmained steady for mutton, firmed slightly for lamb, and advanced for fresh hams. Inventories at packing plants and cold-storage
warehouses in the United States showed a marked gain on Jan. 1 over
the beginning of December, and were considerably heavier than last year
and the 1924-28 average for Jan. 1 ; stocks of cured beef, however, declined
from the five-year average.
Reports from representative companies show that shipments for export
increased in December over the preceding period. Foreign demand for
lard was better than in November; the United Kingdom purchased some
meat from landed stocks, and the Continent took a fair tonnage of fat
backs during the month. Prices continued close to United States parity;
British quotations for lard, however, remained at a slight discount with
Chicago. Jan. 1 consignment inventories of packing-house products,
already landed and in transit to European countries, were indicated as
somewhat larger than those for the beginning of December.
Dairy Products.
Sixty-seven creameries in the Seventh (Chicago) Federal Reserve District
manufactured 10.5% more butter during December than in the preceding
month, the volume being 2.2% larger than last year. Production in the
United States remained about on a level with November, according to statistics of the American Association of Creamery Butter Manufacturers, but
was indicated as larger than for the corresponding period of 1927. The
tonnage of creamery butter billed to customers by 69 companies in the
district totaled 0.6% less than in November and 19.5% below a year ago.
Receipts of American cheese at Wisconsin primary markets frorn factories
within the State decreased 9.0% during the four weeks ended Dec. 29
from the preceding period and were 2.1% below the volume for the
corresponding weeks of 1927; redistribution from these centers declined
27.7% and gained 1.3% in the respective comparisons. Stocks of dairy
products at cold-storage warehouses and packing plants in the United
States showed the usual recession on Jan. 1 from the beginning of December. Inventories of cheese and eggs increased and holdings of butter decreased in comparison with last year and the 1924-28 Jan. 1 average. December receipts of butter and eggs at Chicago were in excess of November
and a year ago; cheese arrivals decreased in volume. Chicago Quotations
for dairy products trended downward in December, with the average for
the month a little higher for butter and cheese and slightly lower for
eggs than in November.
Sir William D. Henry Says Higher Tin Prices Are
Inevitable-Efforts To Be Made To Regulate
Production.
The declaration that serious efforts will be made in the
near future by tin producers throughout the world to regulate production with a view to placing the industry on a
more stable and remunerative basis was conveyed to shareholders of the Tin Selection Trust at their annual general
meeting in London on Jan. 30 by Sir William D. Henry,
Chairman, according to Associated Press accounts from
London. These advices also said:
As the Tin Selection Trust is the senior member of the Anglo-Oriental
group of companies which dominates the British tin industry, Sir
William's remarks were regarded as highly significant.
Sir William cited three reasons why "higher tin prices are inevitable."
These are:
1. Approximately 70% of the world's production is derived from
alluvial properties with an extremely short life, and it is therefore
necessary
for alluvial producers to recover out of the profits in a brief
period, not
only the purchase of the property, but also the whole cost of
developing
and equipping it.
2. The tin producing industry is living to a considerable extent
on its
capital, inasmuch as the only output is derived from resources
which have
become depleted at an alarming rate within recent years.
3. There exists to-day undoubted limitation of supplies.
1927.
57,319
805
Total
.
Average monthly _
B:Ng 2:°2
25,000
28,500
24,000
17,600
32,300
27.500
25,600
31,200
22.800
42,500
22,900
26,600
29,000
28,400
21,500
18,500
26,9(10
33,500
57,349 571,010 551,379
____
47.584
45,948
31;1565 28;64
24:225
x Imports at New York during current month and at Pacific
ports previous
allowed In transit across the Continent covered
the time
by Manifests 1 to to
24
Inclusive). y Includes re-exports. x Includes 2,973 bales held at
railroad
at end of month. Stocks In warehouses include National Raw Silk terminals
Exchange
certified stocks 2,550 bales.
Further Increase in Copper Prices.
Following the increase in the price of refined copper to
173 cents on Feb. 1, noted by us last week, page 652, further increases have occurred this week; on Feb. 5 the price
in the domestic market was raised to 173 cents; on Feb. 7
it was advanced to 173I cents, and yesterday (Feb. 8) it
was announced that the price had reached 18 cents. At the
same time the price of copper for delivery in foreign countries
was advanced a quarter cent to 18% cents a pound by the
Copper Exporters, Inc. The "Post" of last night (Feb. 8)
stated:
Domestic producers are now asking 18 cents for deliveries in
this country
to the end of May, and sales are reported at that price.
806
FINANCIAL CHRONICLE
These advances are the third within three days and are due to continued
heavy sales, the highest since 1920. Some producers are reported to have
sold out up to the middle of June and gone short of the market.
[VOL. 128.
-KENTUCKY AND OHIO STANDARD
REFINERY PRODUCTS
OIL COMPANIES CUT GASOLINE TO CONSUMERS.
The spot market for gasoline was unchanged both on the
It was also announced on (Feb.5,that the American Brass Atlantic Coast and at New Orleans and Chicago, although
Co. has advanced copper wire one-quarter of a cent a prices were a trifle less inclined toward shading as in the past
pound to 19% cents.
several weeks. This is accounted for by the curtailment of
crude runs to stills in the Mid-continent.
Increase in Wages of Employees in Copper Industry.
Reductions in the price of gasoline to consumers were
An advance of about 5% was made on Feb.5 in the wages announced last week by the Standard Oil Co. of Ohio and
of mine workers and smelter employees in the copper in- Standard Oil Co. of Kentucky. The reductions were both
dustry of the West by the larger producers, following an of 1 cent per gallon and the territory affected includes the
increase in the price of copper to 17M%. The price of copper States of Ohio, Kentucky, Alabama, Georgia, Florida and
has since risen higher, as we note in another item in this Mississippi.
Issue. Regarding the wage increase the "Times" of Feb. 6
Kerosene was steady and without change in price.
said:
Demand, which has been good for the past few weeks, due
The advance in wages is considered in some informed quarters e01f to the exceptionally cold weather in most parts of the
27c.
ditional upon maintenance of the price of refined copper at or above
last country, showed a slight let-up.
a pound. The last previous advance was about 10% and was made
October, when the metal reached 15c. a pound. Mine employees insisted
The tendency of Pacific Coast marketers to come east for
at that time that an old agreement entitled them to such an advance.
made new fields to conquer, was reflected again last week in the
In the present advance, a general increase of 25c. a shift has been
em- announcement of plans of the Shell Union Oil Corp. Richin Montana by the Anaconda Copper Co., both miners and smelter
per man per
ployees benefitting thereby. As the average remuneration
field Oil, hitherto a refiner and distributor on the Pacific
5%
shift was previously very close to $5, this increase will approximate
Coast only,two weeks ago broke into the New York distributon the payrolls of the company.
-Dodge Corporation and other producers in Arizona and ing market by the purchase of a large local concern. This
The Phelps
Utah raised wages 5% all around. Owing to the diversity of employment past week Shell Union announced the formation of Shell
and wage scales in effect at different camps and among domestic laborers
pre- Eastern Petroleum Products, Inc., which will operate all
and workers from Mexico, none of the Southwestern producers was
over New England, starting with the purchase of the New
pared yesterday to say what the advance amounts to in definite figures.
England Refining Co. refinery, distributing terminal and
Petroleum and Its Products-Interest Centers in retail business.
Of interest to thousands of independent gasoline distribuAttempt of Oklahoma Producers to Bring About
tors all over the country, was the decision last week of the
State-Wide Curtailment.
of Appeals that the Independent
With price changes in both the crude and refined petroleum District of Columbia Court
Hat" trade-mark, were
markets undergoing only minor changes during the week, Oil Men of America, with their "Red
centered in the attempt of infringing on the "Red Crown" mark owned by the Standard
Interest in petroleum circles was
courts
Oklahoma producers to put into effect a plan of State-wide Oil Co. of Indiana. This litigation has been in the
in an effort to prevent the further piling up of and patent office for many months.
curtailment
The Cities Service Co. further expanded its nation-wide
crude stocks, already higher than ever before. Producers
of the Commet in Tulsa early in the week and elected Ray Collins, who marketing business last week with the purchase
Seminole curtailment agree- monwealth Oil Co., St. Louis, operators of eleven service
has been umpire in the various
ments, umpire for the whole State. The oil men voted to hold stations and a jobbing business.
A chronological summary of the week's price changes
State production down to 650,000 barrels a day, a reduction
figures. Oper- follow:
of nearly 80,000 barrels a day from recent
Feb. 5
-Pennsylvania refiners reduced wax 31c. per pound.
ators in the Mission pool also have agreed that no additional
Feb. 5
-Standard Oil Co. of Kentucky reduced tank-wagon and service
territory from Feb. 15 to March station prices on gasoline lc. a gallon throughout its territory, except in
wells shall be started in that
already lower than surrounding territory.
15. All wells in this pool are now shut down in accordance cities where prices were Co.of Ohio reduced service station prices of gasoline
Feb.5
-Standard Oil
agreement effective to Feb. 15. Oil operators in lc. per gallon. Tank-wagon prices were unchanged.
with an
Texas are also planning further curtailment. Representatives
-DOMESTIC GASOLINE PRICES LOWER
of companies drilling in Howard and Glasscock counties REFINERY PRODUCTS
-EXPORT MARKET FIRMER.
Commission to approve an
have asked the Texas Railroad
Prices are:
agreement to extend the present proration order, expiring
Gasoline (U. S. Motor)
.10M
.1031 Tampa
New York
three months.
103g Jacksonville
Feb. 15, for another
.10
0731 New Orleans
*Oklahoma
12
.10
during the week Chelsea
Houston
Tiverton
The only change in crude prices posted
Providence (deliv.)_ .12
.07M
.06% California
12
.073(
North Texas
reduction of 5 cents a barrel in the Lost Soldier field Boston (delivered)__ . 2 °Chicago
was a
.1034
Carteret
.1031 Marcus Hook
1034
10M Philadelphia
Baltimore
of Wyoming, by the Producers & Refiners Corp.
1034
Portsmouth
.10M Norfolk
While the success of plans for curtailment in Oklahoma
Note.-The above prices are fob.refineries, tank car ots, unless otherwise noted.
gallon above the refinery quotation.
furnish some measure of relief to the over Delivered prices are generally lo. awere still quoting 8c. to 9310.
and Texas will
*A number of the large refiners
a low level,
heavy stocks of crude which have kept prices at
Gasoline (Service Station).
.23
Charlotte
.24
operators in California have not desisted from their various New York
.19 I Richmond
•
.23
Charleston
.21
production is falling Boston
17 lflan Francisco
.16
attempts to rejuvenate wells whose
Chicago
23
Baltimore
22 'Wheeling
.1534
New Orleans
.23
23 !Parkersburg
a search for a lower producing sand, and some of them Norfolk
off, by
stations and include State
Note.
-The above prices are retail prices at service
have met with success.
taxes in States where a tax is Imposed.
Venzuelan crude petroleum production reached a new •Outside of Metropolitan New York the quotation is 170.
Kerosene.
record high in the week ended February 1st, with 967,719
05M 'Philadelphia (deny.) .0931
New
08M 1 Chicago
.0534
08K 'Oklahoma
barrels, as compared with 962,459 barrels in the previous New York (dolly.).... .0931 'Philadelphia
York
Note.
-The above prices are f.o.b. refineries, tank car lots, unless otherwise noted.
week.
ie. a gallon above the refinery quotation.
Delivered prices are generally
A call for a tariff on crude petroleum was made Feb. 1 in
Bunker Fuel 011.
the House of Representatives by Representative Howard of New York
95
1.05 New Orleans
1.05 Norfolk
.90 California
85
that the present depression in the Baltimore
Tulsa. Mr Howard said
1.05 Charleston
f.o.b. refineries; a charge of 5o. a barrel Is made for
remedied
Note.
-The above prices are
oil industry, due to low prices for crude, can not be
barging alongside.
until the industry is protected by a tariff from competition
Gas and Diesel Oil.
2.00
.05M1Diesel Oil. New York
further that he Gas oil, New York
with South American crude oil. He said
Note.
-The above prices are f.o.b. refineries.
would urge a protective tariff on crude oil in the tariff bill
Export Quotations.
now under consderation.
Gasoline, Navy, New York, cases_ .26401 Kerosene,s. w., New York,eases- .1766
Crude oil price charges recorded during the week follow:
.11 1 W.W., New York,cases.-- .1890
Bulk
-Lost Soldier crude was reduced 5 cents per barrel by the ProFeb. 4
ducers & Refiners Corp
Prices are:
$1.45
$4.10 Illinois
$4.10 Bradford
Pennsylvania
1.50 Wyoming, 33 deg- 1.11
1.75 Lima
Corning
1.18
1.27 Plymouth
1.45 Indiana
Cabell
1.63
1.45 Wooster
Wortham, 40 deg_ 1.32 Princeton
1.90 Gulf Coast "A".._ 1.10
1.18 Canadian
Rock Creek
1.29
Smackover,24 deg. .90 Corsicana, heavy_ .80 Panhandle
3.85 Eureka
3.90
Buckeye
Oklahoma, Kansas and Texas
$1.28
Big muddy
-32.9
32
1.38
1.32 Lance Creek
40-40.9
1.20
1.44 Bellevue
above
44 and
1.00
Markham
Louisiana and Arkansas1.75
1.08 Somerset
32-32.9
1.17 California35-35.9
.50
1.17
14-19.9
ndletoP. 35 deg, and up
1.95
1.36
42-12.9
Basin
K
Gasoline, New York City
Tank Wagon Prices.
.17 [Kerosene, w. w., New York
Is
Crude Oil Production in United States Continues
Advance.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States,
for the week ended Feb. 2 1929 was 2,680,050 barrels, as
compared with 2,663,100 barrels for the preceding week,
an increase of 16,950 barrels. Compared with the output
for the week ended Feb. 4 1928, of 2,366,300 barrels per day,
FEB. 9 1929.]
FINANCIAL CHRONICLE
the current figure shows an increase of 313,750 barrels daily.
The daily average production east of California for the week
ended Feb. 2 1929, was 1,901,950 barrels, as compared with
1,894,800 barrels for the preceding week, an increase of
7,150 barrels. The following estimates of daily average
gross production (in barrels), by districts, are for the weeks
shown below:
SO
Would Hold Mission Pool
The resolution points out the inadvisability of opening up the Mission
pool at this time and urges operators in that pool to co-operate with the
umpire in a plan that will postpone further development. The resolution provides all drilling wells shall take a delay prior to drilling into the
sand of a number of days having a relation to the average drilling time
of. Seminole wells, considered to be 75 days, equal to the actual or
realized percentage of proration then currently in effect.
It also says that the Wilcox sand shall not be tested in the MandMission area except in cases of an expiring lease where production was
not found in the upper horizons and then only by special arrangement
with the umpire and on condition that Wilcox production will be held
back to not more than 100 barrels a well a day.
DAILY AVERAGE PRODUCTION.
(Figures in Barrels).
Weeks EndedFeb,2 1929. Jan. 26 '29. Jan. 19 '29. Feb. 4 1928.
Oklahoma
728,700
723,650
723,650
667,700
Prior to the meeting on Feb. 5, representatives of the
Kansas
96.800
97,350
97,150
110,800
Panhandle Texas
59,600
61,200
59,550
80,950 major oil companies operating in Tulsa, met at Tulsa, Feb.
North Texas
85,100
86,150
86,750
71,350 1, and appointed Ray
M. Collins as oil and gas conservaWest Central Texas
52,050
52,750
53.200
53,550
West Texas
376,050
373,450
368,750 278,350 tion umpire. It was noted in the "Times" of Feb. 3 that
East Central Texas
20,800
20,700
21,000
25,100 Mr. Collins acted in a similar capacity in the first
curSouthwest Texas
47,500
43,500
41,700
22,700
undertaken in the Seminole field of Oklahoma.
North Louisiana
35,950
36,350
36,300
45,400 tailment
Arkansas
77,400
78,100
78,250
The "Wall Street Journal" of Feb. 4 in referring to the
90.150
Coastal Texas
119.000
118,600
115,950
104,600 action on the 1st instance said:
Coastal Louisiana
20,550
21,300
22,300
14,500
Action of Oklahoma oil producers in voluntarily preparing a plan to
Eastern
110,600
111,600
111,750
107,500
Wyoming
52,000
50,100
52,900
59,900 reduce production to market needs, as a step for conservation, is one
Montana
10,900
11,150
11,450
10,450 of the most important steps to check overproduction of crude.
Producers at the informal meeting Friday [Feb. 1], who endorsed
Colorado
6,900
6,850
7,100
6,600
New Mexico
2,050
2,000
3,150
2,600 this step and pledged themselves to assist Ray M. Collins, the umpire,
California
in carrying it out, represented about 80% of the state's production.
778,100
768,300
753,300
614,100
They are also large producers in Kansas and recommend similar action
Total
2,680,050
2,663,100
2,644,200
2,366,300 in that state. A meeting of all Oklahoma producers will vote on
the plan
The estimated daily average gross production of the Mid-Continent Field February 5.
With Oklahoma producers leading the way, it is expected similar
ncluding Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for the steps will be taken by California and Texas producers. These states,
week ending Feb. 2, was 1,579,950 barrels, as compared with1,573.200 with Oklahoma, form the bulk of the country's oil yield.
barrels for the preceding week, an increase of 6,750 barrels. The MidCompanies represented at the Tulsa meeting were Independent Oil
Continent production, excluding Smackover. Arkansas, heavy oil was & Gas Co., Phillips Petroleum, Skelly Oil, Prairie Oil & Gas, T.
B.
1,528,900 barrels, as compared with 1,521,750 barrels, an increase of Slick, Inc., Tidal Oil & Gas, Carter Oil (Standard Oil of New Jersey),
7,150 barrels.
Shell Petroleum, Indiana Territory Illuminating Co. (Cities Service),
The production figures of certain pools in the various districts for the Gypsy Oil Co. (Gulf Oil), Producers & Refiners Corp., Sinclair Oil &
current week, compared with the previous week, in barrels of 42 gallons, Gas and Empire Refining Co.
follow:
The resolution, which they unanimously adopted, follows:
"The consensus of opinion of the above-named producers in the State
-1Week Ended-Week Ended- of Oklahoma is that there is approximately 50,000 to
Oklahoma75,000 barrels ef
Feb. 2. Jan. 26. North LouisianaFeb.2. Jan.26. oil a day being produced in Oklahoma in excess
Logan County
of consumption, with
14,250 14,9°0 Ilaynesville
5,500 5,550 other large potential production
Tonkawa
immediately in prospect.
10,950 11,200 Urania
5,550 5,750
Burbank
"Therefore, in order to adopt definite and constructive means of
23,000 23,300
Bristow-Slick
19,000 19,050 Arkansas
conservation, Ray M. Collins is employed as oil and gas conservation
Cromwell
8,100 8,100 Smackover, light
6,900 6,900 umpire until May 1, 1929, and is hereby directed to call immediately a
Seminole
39,600 40,400 Smackover,heavy
51,050 51,450 meeting of the operators interested in all the producing areas of OklaBowlegs
42,400 42,000 Champagnolle
10,650 10,950 homa for the purpose of reaching an agreement for curtailment
Searight
of
9,200 8,550
drilling and reduction of production, to the end that waste may be
Little River
101,900 100,100 Coastal Texas
Earlsboro
eliminated and the oil and gas resources in said state may be conserved.
66,200 68,050 West Columbia
7,100 7,100
St. Louis
129,850 128,500 Pierce Junction
"Said producers pledge their assistance to the umpire to carry out
11,950 12,100
Allen Dome
29,500 27,900 Hull
9,850 10,100 this conservation program, with the recommendation that efforts be imMaud
34,950 31,300 SpindletoP
32,950 34,250 mediately made to curtail in Seminole district and other important areas
Mission
750
900
a sufficient amount of production to maintain a balance between such
KansasCoastal Louisiana
production and consumption requirements.
Sedevelck County
6.700 7,250 Vinton
4,200 4,000
Panhandle Texas
"Nearly all the producers named are also operators in Kansas and
East Itackberry
5,800 5.750
Hutchinson County_ _ _ _ 27,100 27,500 Sweet Lake
500
800 endorse the same action, as far as that state is concerned, and recommend
Carson County
6,000 6,850 Sulphur Dome
2,500 2,850 that a similar meeting of the Kansas producers be held at the earliest
Gray County
23,300 23,650
possible date to consider the same action."
North TexasWyoming
Wilbarger
28,450 28,850 Salt Creek
From the "World" of Feb. 5 we take the following from
32,150 29,600
Archer County
17,700 17,900
Montana
lVest Central Texas
Sunburst
6,750 6,750 Tulsa regarding the curtailment in production:
Shackelford County__ .... 11,650 11,700 California
The first step in a Nation-wide campaign to reduce oil production was
Brown County
9,250 9,300 Santa Fe Springs
175,000 165,000 taken here to-day when operators in the Greater Seminole field, after
West Taos
Long Beach
178,000 181,000
Reagan County
19,000 19,200 Huntington Beach
49,000 49,000 a four hour conference at which Umpire Ray M. Collins presided,
Howard County
41,150 40,800 Torrance
15,000 15,000 voted to reduce daily output by 73,000 barrels and slow up drilling.
Pecos County
74,200 73,050 Dominguez
10,000 10,000
This agreement is a definite move toward lowering the flow of crude
Crane de Upton Co.n___ 51,000 49,750 Rosecrans
6,500 6,500
Winkler County
177,300 176,900 Inglewood
27,000 27,000 oil, which reached a record daily average in the week ended Feb. 2 of
East Central Texas
Midway-Sunset
2,680,050 barrels; a curtailment of drilling operations in newly discov73,000 73,000
Corsicana-Powell
9,100 9,200 Ventura Avenue
57,000 55,000 ered fields, and a consequent drop in crude and gasoline stocks, which
Southwest Texas
Seal Beach
31,500 32,000 ordinarily do not meet sizable consuming demands until late
Luling
in spring.
13,100 13,000 F.Iwood-Goleta
20,000 18,500
Laredo District
12,000 11,500 Kettleman Hills
The meeting to-day, although directed primarily at flush pools in
3,800 4,000
Greater Seminole, applies to all big fields of Oklahoma and is a predecessor of similar gatherings to be held in Texas and California, in
Crude Oil Output in Oklahoma Limited By Operators to which three States 85 per cent, of the present crude oily supply is being
produced. Further, behind to-day's
650,000 Barrels Daily-Ray M. Collins Conservation world oil executive in a hunting ledgemeeting was the assembling of
in Scotland last summer, when
Umpire.
Henri Deterding, Walter C. Teagle and others discussed the glut of oil
and its effect on the industry.
At a meeting of operators in the greater Seminole
There is a large public interest in the movement, because if flush proArea
(Okla.) on Feb. 5, a resolution was drafted, limiting
crude duction is curtailed it will have a decisive effect on oil and gasoline
prices. Automobile drivers for years have been able to buy cheap
oil production in Oklahoma to 650,000 barrels daily.
Tulsa gasolne because there was a big surplus of oil.
advices to the "Wall Street Journal" Feb. 6, from
Under stabilization there would be at least no cuts from present rates
which
we quote, says that the reduction from the State's
probable that
present and it is would benefit prices would stiffen. Holders of oil stocks also
probably
from increased profits.
output of more than 700,000 barrels daily is to be
accomMeeting of Oklahnna oil producers was preceded by a gathering of
plished by proration of all greater Seminole
pools. The executive representing Mission Pool operators. They agreed that Misdispatch adds:
sion Pool instead of being opened to new drilling on Feb. 15 be kept
shut down until March 15. This agreement by executives is yet to be
Discussion of the resolution required so much time that
it was found ratified by producers.
impossible to put it to a final vote, but apparently all
in
Since the meeting of the American Petroleum Institute in Chicago
were in favor of it, and will vote for it when called upon attendance
to do so by last December there has been
a series of constant efforts to solve the
Umpire Ray M. Collins.
twin problems of overproduction and conservation. Early in January
Ifiould Last to May 1
E. B. Reeser, President of the Institute, announced the personnel of a
The figure of 650,000 barrels daily will remain in effect
representing the five chief oil producing sections of the coununtil another committee
meeting is deemed necessary to change it and the
resolution is intended try. Committees, after meetings held in the five sections, will gather at
to be effective until May 1, 1929, but may be modified or
Worth, Tex.
revoked at an Fort
earlier date by action of a meeting similar to that of
At the Fort Worth assembly, date for which has not yet been fixed,
Tuesday.
will be discussed actual shutdown production in Oklahoma, California
Proration is to be applied on a percentage basis by
leases in accord- and Texas, potential production,
ance with gauges taken twice each month under direction of
recommendations for retarding wild cat
the umpire. drilling-at which last week's
Proration shall be such percentage of potential
series of crude oil price cuts were aimed
production, pool by disposition of refined
products, proposals for legislation and results of
pool, as the umpire may deem necessary to reduce
production in the co-operative movements now in
required amount, and due consideration will be given to
effect.
settled producFormation of an oil export association under the Webb act for the
ing fields as compared with those still in the flush stage.
Each pro- more successful meeting of foreign
ducer will furnish the umpire with an affidavit giving his
marketing problems and naming of
leases for the first five days in February and the average producton by Gilbert Montague, a New York lawyer, as head of the association foldaily produc- lowed Mr. Reeser's proposals.
tion as revealed will be taken as potential production until
Formation of a $100,000,000 investment
gauges can trust in oil securities, with most
of the prominent leaders on the direcbe taken.
torate indicates what bankers think of the oil outlook.
808
[VOL. 128.
FINANCIAL CHRONICLE
Crude Oil Production in December Totaled 79,448,000
Barrels-Slightly Below Record Established in
October 1928
-Stocks Increase-Gasoline Output
Fell Off Slightly.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gathering or lead lines, the production of crude petroleum
in the United States during December 1928 amounted to
79,448,000 barrels, a daily average of 2,563,000 barrels.
This represents an increase over the daily average of November of 29,000 barrels, but is slightly below the record established in October 1928. The daily average production of
both the two leading States, Oklahoma and Texas, showed
only small increases over the previous month, but the daily
output of California, the third ranking State, recorded
another material increase. This resulted primarily from the
completion of large wells in the two new deep sands at
Santa Fe Springs. The West Texas area recorded a small
increase in daily average production over November, but
the Seminole district (Seminole City, Earlsboro, Searight,
Bowlegs and Little River pools) continued to decline. This
was counterbalanced by successful extension in the St. Louis
and Maud areas nearby. The majority of the remaining
producing States reported decreased daily output in December, an exception being Kansas, which in December had
just begun to reflect important discoveries near Wichita.
Total stocks of crude petroleum east of California increased
approximately 800,000 barrels, this addition being composed
of an increase in tank-farm stocks of approximately 1,000,000
barrels and a net withdrawal of about 200,000 barrels in
other classes of stock. Stocks of light crude in California
increased for the first time in several months, but the greatest
accumulation in that State occurred in stocks of heavy
crudes, which rose to a new high level of 99,975,000 barrels.
Although a large part of the increase in gasoline stocks
incident to declining winter consumption was compensated
by withdrawals from fuel oil storage to satisfy increased
demands for heating, the present heavy production of crude
was reflected in total stocks of all oils which increased
4,958,000 barrels in December and totaled 614,539,000
barrels on Dec. 31 1928, adds the Bureau, which is further
quoted as follows:
was 859,000 barrels, which was only 1% below November
but 13% above December 1927. Exports of gasoline fell
off materially from November 1928 to well below the average
for the year. Stocks of gasoline continued to rise sharply,
and on Dec. 31 1928 amounted to 33,066,000 barrels, which
represents 34 days' supply, as compared with 29 days'
supply on hand a month ago and 39 days' supply on hand
a year ago.
The domestic demand for kerosene increased materially,
but this was compensated by decreased exports. The production of gas oil and fuel oil increased, but stocks (east of
California) fell off nearly 3,000,000 barrels, indicating heavy
domestic consumption. Little change of consequence, except for an increase in stocks, occurred in the statistics of
lubricants. Stocks of wax continued to increase as exports
remained below the average, continues the Bureau, which
also states:
The refinery data of this report were compiled from schedules of 336 refineries, which had an aggregate daily crude oil capacity of 3,271.000 barrels. These refineries operated during December 1928 at 78% of their
recorded capacity, as compared with 338 refineries operating at 81% of
their recorded capacity in November.
ANALYSIS OF SUPPLY AND DEMAND OF A LL OILS.
(Including wax, coke and asphalt in thousands of barrels o42 U. S. gallons.)
December November December Jan.
-Dec. Jan.-Deo,
1928.
21928.
1927.
1928. b 1927.
New Supply
Domestic production:
Crude petroleum:
Light
Heavy
71,231
8,217
67,999
8,032
66,427
8,524
806,534
93,830
788,794
112,335
Total crude
Natural gasoline
Benzol
79,448
3,929
253
76,031
3,769
241
74,951 900,364
3,433
42,286
212
2,810
901,129
38,657
2,562
Total production
Daily average
Imports:
Crude
Refined
83.630
2.698
80,041
2,668
78,596
2,535
945.460
2,583
942.348
2,582
6,807
1,097
6,908
728
6,210
756
79,683
11,891
58,383
13,353
Total new supply, all oils
Daily average
Change in stocks all oils
91,534
2,953
4.058
87,677
2.923
2,212
85.562 1,036,934 1,014,084
2,760
2.833
2,778
3,127
24,932
68,471
86.576
2,793
85,465
2,849
82,435 1,012,002
2,659
2,765
1,529
9,483
75,564
2,438
1,691
11,298
72,476
2,416
1,717
9,366
71,352
2,302
Demand
Total demand
Daliy average
Exports: c
Crude
Refined
Domestic demand
Daily average
Excess of daily average domestic
Production over dom. demand
945,813
2.591
18,973
15,844
136,489 125,191
856,540 804,578
2,340
2,204
260
233
252
243
378
Production in the Seminole field proper In December 1928 amounted to
Stocks (end of Month)
barrels. This represents a
8,407,000 barrels, a daily average of 271,000
Crude:
material decline from the daily average of the previous month. The St.
East of California: d
Louis field more than held its own in December 1928. as efforts to extend
Light
320,015 319,196 303,539 320,015 303,539
Heavy
48,416
48,499
48.423
48,499
48.416
IC In all directions met with fair success and as the production of the old
California:
West Texas fields
wells continued to hold up well. The slow decline in the
Light
16,995
16,524
20,086
16,995
20,086
output was 348,000 barrels
was halted in December, when the average
Heavy e
99,975
93,719
99,975
98.529
93,719
as compared with 341.000 barrels in November. Long Beach fell off, due
Total crude
485.401 482,672 465,843 485.401 465,843
to fewer completions, but Santa Fe Springs scored a sensational increase
734
Natural gasoline at plants
734
608
404
608
In output as completions of large wells became a daily occurxt.nce.
Refined Products
128,530 126,505 123,030 128,530 123,030
on Dec. 31 1928
Considerably more wells were drilling in the flush fields
Grand total stocks, all oils --- 614,539 609,581 589.607 614,539 589,607
than on Nov.30,though production at the former time was higher than ever
222
222
228
214
Days' supply f
220
before. The Seminole, Maud and St. Louis districts had 373 wells drilling
on Dec. 31 as compared with 304 the month previous. West Texas and Bunker oil (Included above in
4,264
4,235
51,124
50,051
4.235
domestic demand)
Long Beach fields each had a few more drilling wells on Dec. 31 than on
Nov. 30.
a Revised. b Final figures. c Includes shipments to non-contiguous territories.
Stocks of oil held in the Seminole field showed a slight increase in Decem- d Exclusive of producers'stocks. e Includes fuel oil. I Grand total stocks divided
by daily average total demand.
ber and on Dec. 31 amounted to 17.766,000 barrels.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
(From Bureau of Foreign and Domestic Commerce.)
December 1927.
November 1928.
December 1928.
December 1928. November 1928. January- January
Total. Daily Avg
Total. Daily Avg
Total. Daily Avg
December December
Daily
Daily
--1928.
1927.y
Avge.
Total.
Seminole
Total.
Avge.
8,407,000 271,000 a8,913,000 297,000 11,689,000 377,000
Bt. Louis-Pearson _ 4,131.000 133,000 3,929,000 131,000
West Texas
10,785,000 348.000 210234000 341,000 7.903,000 255,000 Imports
Long Beach
1,293,000 41,700 1,960,000 65.300 17,279,000 26,019,000
5,794,000 187,000 5,870,000 196,000 3,360,000 108.000
From Mexico
39,000
Santa Fe Springs
55.000 1,203,000
3.021 0001 97.000 1.641.000
4,091,000 132,0003,954,000 131.80046,976,000 21,560,000
From Venezuela
1,227,000 39,600 324,000 10,800 11,838,000 7,962,000
From Colombia
a Revised.
From other countries. 196,000 6,300 670,000 22,400 3,490,000 2,842.000
STOCKS AT SEMINOLE BARRELS OF 42 U. S. GALLONS).
6,807,000 219,600 6,908,000 230,300 79,583,000 58,383,000
Total imports
Exports x
December 1928. November 1928. December 1927.
Domestic crude oil:
1,335,000 43,100 1,292,000 43,100 15,430,000 13,038,000
To Canada
462.000
Producers' stocks
439,000
415,000
To other countries_ 194,000 6,200 399,000 13,300 3,533,000 2,807,000
14,916.000
Tank-farm stocks
17,025,000
17,351,000
-- -Foreign crude oil_ __ _
---1,000
15,378.000
Total stocks
17.464.000
17 726 non
Total aanorta
1 529.000 49.300 1.691.000 56.400 18.0114 non ic glilq non
RECORD OF WELLS,DECEMBER 1928.
Average
Total
Drilling
initial
Initial
Completion.
Production. Production. Dec. 31.
OIL
(18U.)
Gas. Dry.
(bbis.)
Seminole
St. Louis-Pearson x
West Texas
Long Beach
giants.. Vs Sorters
29
1
12
513
-60
__
25
15
__
__
28
22,100
41,700
324,700
11,400
110 Inn
800
800
5,400
800
a MO
213
160
350
146
212
x Represents wells in Pottawatomie County as reported by "Oil & Gas Journal."
The daily average throughput of crude petroleum at
refineries fell off slightly, but remainedrat a relatively high
level. Runs of foreign crude again decreased;with a tendency
to replace with domestic grades.
Daily average gasoline production fell off slightly in
December 1928, but remained well above the 1,000,000barrel mark. Daily average domestic demand for the month
No crude shipments to territories. y Final figures.
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (BARRELS).
Domestic Petroleum by Fields
of Origin.
December 1928.
Total.
Daily As.
Ivoremoer 11125.
Total.
Daily As.
JanuaryDecember
1928.
JanuaryDecember
1927.a
93,100 2,810,000
93.700 32,800,000 30,915,000
Appalachian._ "2,886,000
238,000
7,900 1,649,000 1,366,000
Lima-Indiana__
5,600
175,000
88,000
2,300
2,900
Michigan
71,000
595,000
435,000
797,000
16,000
Ill. & S. W.Ind
26,600 8,225,000 7,317,000
496,000
Mid-Continent 46,612,000 1,503,600 46,836,000 1.561,200 534,012,000 471,941,000
Gulf Coast
4,089,000 131,900 4,129,000 137,600 45.337,000 64,479,000
87.000 30,758,000 31,391,000
81,000 2,609,000
Rooky Mount'n 2,511,000
Deliveries &
•
91
exports.- 56,840,000 1,833,500 57,507,000 1, 6,900653,376,000 597,844,000
55,725,000 1,797,600 56,326,000 1,877,500 640,092,000 587,257,000
Deliveries
219,000 6.873,000 229,100 79,407,000 58,908.000
For. petroleum 6,790,000
Deliveries of
domestic &
for. notrol 112 515 000 2.016.600 63.190.000 2.106.600 719.499 000 646.165.000
a Final figures.
FINANCIAL CHRONICLE
FEH. 9 1929.]
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALLONS).
December 1928.
Total.
Daily Av.
JanuaryDecember
1928.
November 1928.a
Total.
Daily As
JanuaryDecember
1927.6
Field
2,551,000 82,300 2,549.000
Appalachian
85,0001 30,968,000 30,454,000
123,000
4.000
117,000
Lima-Indiana
3 9001 1,677,01 1,835,000
.
71,000
2.300
88.000
2.900
595,00
439,000
Michigan
594,000
19,800 7,422,0001 7,720.000
603,000
19,500
111.-S. W. Ind__
Mid-Continent -- 48,240,000 1,556.10046,657,0001,555,300 552,980,000546,987,000
3,991,000 128,700 3,778,000 125.900 45,719.000' 52,069,000
Gulf Coast
74,000 2,340,000
78,000 29.021.000c30,429.000
Rocky Mountain 2.294,000
21,575,000 696.000 19,908,000 663,600231,982,000231,196,000
California
' I
U. S. total- 79,448,0002,562,00076,031,0002,534,400900,364,000,901,129,000
State2,562,000 82,6001 2,594,0001 86,500 32,295,000! 40,005,000
Arkansaa
21,575,000 696.00019,908.000, 663,600231,982,000,231,196,000
California
208,000
6,700, 217,000
7,20
2,722,0001 2,831,000
Colorado
514,000 16,60o; 507,000 16,9001 6,459,000 6,994.000
Illinois
93,000
95,000
3,100;
3,100 1,053,000,
852.000
Indiana
Southwestern
89,000
2,900
87,000
2,90
963.000'
726.000
6,000
Northeastern
2001
6,000
2001
126,000
90.000!
2,979,000
96,100 2,826.000
94,2001 38,332,000 41,069,000
Kansas
597,000
19,2001 608.000
20,3001 7,325,0001 6,719,000
Kentucky
1,607,000 54.700 1,656,000
55,2001 21,626,000, 22,818,000
LOUI818,118
600,000
19,300, 558,000
18,6001 6.805,000 5,050,000
Gulf Coast_
35.400 1,098.000
36,6001 14,821,000, 17,768,000
Refit of State_ 1,097,000
71,000
2,300
88,000
595,000
439,000
Michigan
2.9001
346.000
11.200
304,000
10.1001 3,925.00
5,058,000
Montana
107.000
3.400
90.000
959.000 1.226,000
3,0001
New Mexico
251.000
8.100
246,000
8,2001 2,573,000, 2,242,000
New York
535.000
17,300
17,700 7.030,000, 7,593,000
Ohio
13,500 420,000
14,000 5,443,0001 5,884,000
Central & East. 418.000
117,000
3.800
Northwestern _
111,000
3,700 1,587,000 1,709,000
22,772.000 734.60021.993,000 733,100249,558.000277.775,000
Oklahoma
45,700 1,403,000 46,800 19,667,000 23,586.000
Osage County_ 1,415.000
Rest of State 21,357,000 688.90020,590,000 686,300229,891,000254,189,000
845.0
27,300, 824,000 27,500 9,876.000 9,526,000
Pennsylvania
1,000
I
3,000
100
47,000
60,000
Tennessee
22.221.000 716,80021,366.000 712,200256,888,000217,389,000
Texas
3,391,000 109,400 3,220.000 107,300 38.914.000 47.019.000
Gulf Coast_
Rest of State_ 18,830,000 607,40018,146.000 604.900217.974,000170,370,000
439,000
14,200 448,000
14,900 5,704.000 6.023,000
West Virginia
1,633,000
52.700, 1,729,000
57.700 21.415,000 21,307,000
Wyoming
1,010.000
32,600, 1,070,000
35,700 14,103,000 14,399,000
Salt Creek
623,000
20,100
659,000
22,000, 7,312,000 6,908,000
Rest of State_
I
I
DiassiNalfon by
Gravity(aPPros.)
71,231,0002,297,80067,999,0002,266,700806,534,000788,794,000
Light crude
8,217,000 265,100 8,032,000 267,700 93,830,000112,335,000
Heavy crude.
a Revised.
b Final figures. c Including Alaska.
NUMBER OF PRODUCING OIL
WELLS
COMPLETED.z
1
November 1928.a
Jan.
-Dec. 1928.
1,195
December 1928.
12,540
1,059
Jan.
-Dec. 1927.b
14.442
z For States east of California, from Oil & Gas Journal: for California, from the
American Petroleum Institute. a Revised. b Final figures.
the
SHIPMENTS
OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
Dec. 1928.
Nov. 1928.
Jan.
-Dec. 1928. Jan.
-Dec.'27.b
147,000
2,300,000
10,692,000
1,887.000
1,288,000
11,675,000
250.000
3,000
2,000
2,000
283.000
2,000
73,000
2,000
16,779,000
263,000
2,504,000
848.000
335,000
28,000
Total refined prod's
2,144,000
1,648,000
20,757.000
23.328.000
b Final figures.
x East of California.
y Includes 1.065,000 barrels tops in storage.
Crude oil
Refined Products
Gasoline
Tops
Gas oil
Fuel oil
Lubricants
Asphalt
Kerosene
STOCKS OF
CRUDE PETROLEUM
4,197,000
7,010,000
355,000
17,000
74,000
HELD IN THE U. S (BARRELS)
Dec. 31
Nov. 30
Dec. 31
1928.
1928.a
1927.1s
At refineries (and in coastwise transit thereto)
Reported by location of storage:
-Domestic
East coast
Foreign
Appalachian
Indiana. Illinois, &c
Oklahoma. Kill31118. &o
Texas
-Inland
Gulf coast-Domestic
Foreign
Arkansas and Inland Louisiana
Louisiana Gulf Coast
-Domestic
Foreign
Rooky Mountain
8,496,000
4,306,000
2.183,000
2,939,000
5,530,000
2,184,000
7,206,000
207,000
758,000
3,315,000
1,359,000
2,046.000
8,243,000
3,773,000
2,235,000
2.982,000
5,849,000
1,885,000
7,399,000
179,000
1,098,000
3.954,000
1,153,000
2,017,000
8,690,000
2,768,000
1,871.000
2,777,000
4,871,000
1,432,000
7,686,000
219,000
408.000
6,149,000
1,046,000
1,400,000
Total east of California
40,529,000 40,767,000 39.317,000
Elsewhere than at refineries
Domestic-Reported by field of origin:
Appalachian
-N. Y., Pa., W. Va.. Gross 5,023,000 5,322,000 6,621,000
Net
eastern and central Ohio
4,738,000 5,027,000 6,294.000
Kentucky
913,000
961.000 1.168,000
Gross
810,000 1,040,000
764,000
Net I
Urns
-Indiana
Growl 1,344,000 1,397.000 1,287.000
Net
1,162,000 1,214,000 1,134,000
Illinois-S. W.Indiana
Gross 12,035,000 11,927,000 12,664,000
Net
11,367,000 11,260,000 12,170.000
-Oklahoma. Kansas. Gross 252,021,000 250,593,000 234,420.000
Mid-Continent
central, north and watt Texas
Net 1239.527,000 238.673,000 221,466.000
Northern Louisiana and Arkansas-- Groe 29,008,000 28,271.000 28,174,000
Net
26,280,000 25,506.000 25,373.000
GrosS 18,858,000 18,855.000 18.365.000
Gulf coast
Net
18.304.000 18.402,000 17,922,000
Rocky Mountain
Gross 25,522,000 25,750,000 27.281,000
Net
25,501.000 25,718.000 27.238.000
Total pipe-line and tank-farm(Gr.
stocks east of California
1Net
sirgoeggn crude Petroleum on Atlantic MutatForeign crude petroleum on Gulf coast
344,724.000 343,076,000 329,980,000
327,643,000 326,610,000 312,637,000
49.000
210.000
67.000
175,000
46,000
38,000
259,000
242,000
84,000
Total refinery, pipe-line, and tank-farm
stooks of domestic and foreign crude
petroleum east of California
368.431,000 367,619,000 352.038.000
oassification by Gravity (A•Prozitnate)East of California:
deg. and above)
320,015,000 319,196.000 3
Light crude (24
03,539.000
48.416,000 48,423,000 48,499,000
BMW]crude (below 24 deg.)
16,995,000 16,524,000 20,086.000
California Light
Hosiry (111131110:111111 fuel)
99,975,000 98,829,000 93,719 000
•Revised. b Final figures.
809
STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED STATES
DECEMBER 31 1928.
(Barrels.)
East coast
Appalachian
Indiana, Illinois, &c
Oklahoma, Kansas. &c
,
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total Sept 30 1928
Texas Guff Coast
Louisiana Gulf Coast
Gasoline.
Kerosene.
Gas & Fuel
Oils.
5,537,000
1,229,000
5,099,000
3,691,000
4,863.000
2,158,000
1,568,000
8,921,000
1,288,000
312,000
1,286,000
729,000
1,565,000
946,000
366,000
2,509,000
5,360,000
1,190,000
2,771,000
6,385,000
11,952,000
6,070,000
1,198,000
2,773,000
1,220,000
805.000
480,000
1,899,000
103,000
181,000
879,000
33,066,000
9,001,000 x34,926,000
8,340,000
29,185.000
4,063,000
1.979.000
8,886,000 x37,878,000
1,472,000
9,242,000
927.000
5.033.000
7,921,000
1,817.000
101.000
Was.
Lbs.
Coke.
Tons.
Asphalt.
Tons.
Lubricants.
other Finish alUnignished
Products.
Oils.
Bbls.
Bbla.
92,200
400
46,100
1.500
10,700
31,500
8,100
45,000
49,000
56,000
93,000
97,000
21,000
98,000
54,000
167,000
7,946,000
1,437,000
3,823,000
2,387,000
11.370,000
2,188,000
1,293,000
78,157,000
110,344,000 436.900 235,500
635,000
38,601,000
Total Nov.30 1928.... 103,949,000 418,800 228,000
726,000
38,114,000
9.000
03 0(10
9,744,000
1.828.000
39,588,000 27,800
East coast
2,300
13,056,000
Appalachian
17,412,000 53,700
Indiana, Illinois. &c
5,472,000 80,400
Oklahoma, Kansas, dic___
5,623,000 137,000
Texas
12,651,000 60,600
Louisiana and Arkansas
16,542,000 75,100
Rocky Mountain
California
Total
TexatiGulf Coast
z Ens of California.
5,464,000 116,100
I', Acl nnn 00 100
10,500
31100
y Includes 1.109.000 barrels tops in storage.
Sues To Enjoin Secretary of Interior Roy 0. West
Oil Company Fights Cancellation of Red River
Leases.
A dispatch from Washington to the "Times" reports
that Secretary West of the Department of the Interior
was named as defendant in a suit for an injunction instituted in the District of Columbia Supreme Court on Feb. 5
by the Bell Oil and Gas Company, which asked that he be
restrained from canceling the company's leases in the Red
River fields because the company refused to pay a premium
of 15 cents on Government royalties. The dispatch also
said:
The company's petition, filed by William T. Black, attorney, asserted
that it had been in competition with larger firms before acquiring leases
of its own and had purchased oil at higher prices than its competitors.
After acquiring six leases of its own, the petition stated, the company
paid royalties to the government at the market price set by competitors.
Secretary West ruled, according to the petition, that the original price,
which is 15 cents higher than that offered now, set a standard regardless
of the competitor's prices.
Natural Gasoline Production in December 1928
Exceeded Similar Month in 1927 by 20,800,000
-Stocks Advance.
Gallons
During the month of December 1928 the output of natural
gasoline amounted to 165,000,000 gallons, an increase of
20,800,000 gallons over the corresponding period in 1927
and 6,900,000 gallons over the figure for the month of November 1928, according to the Bureau of Mines, Department of Commerce. Total stocks increased from 16,978,000
gallons at Nov. 30 1928 to 25,540,000 gallons at Dec. 31 1928.
The Bureau further shows:
OUTPUT OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Production.
Dec.
1928.
Appalachian
Illinois, Kentucky, &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
United States total
Daily average
Nov.
1928.
Dec.
1927.
StocksEnd ofMo.
Dec.
1928.
10,600 9,200 10.000 2,436
1,500 1,000 1.300
284
57,000 55.400 51,300 10.392
3,300 3,200 2.700
955
31.200 30,400 27,000 8.125
5,100 4,800 4,100 1,189
2,700 2,600 2,700
336
3,800 3.900 2,800
654
49,800 47,600 42,300 1,169
Nov.
1928.
2,032
281
7,095
892
3,747
875
259
642
1,155
165,000 158.100 144.200 25,540 16,978
5,320 5,270 4,650
Steel Ingot Production in January Heavy.
The American Iron & Steel Institute, in its monthly
report issued yesterday, shows an increase in the output
of steel ingots in January this year, which contained 27 working days, of 469,959 tons or 11.59% over December 1928,
in which month there were 25 working days, and 498,059
tons or 12.48% over January 1928 which had 26 working
days. The actual figures were as follows: January 1929,
4,489,391 tons; December 1928, 4,019,432 tons, and January
1928, 3,991,332 tons. These figures are based on reports
of companies which made 94.68% of the steel ingots produced in the calendar year 1927.
810
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928 TO
JANUARY 1929
-GROSS TONS.
Reported for 1928 by companies which made 94 68% of the Open-hearth and
Bessemer Steel ingot Prmlucti m In 1927.
Months
1928.
Openhearth.
January
4.280,247
February _ _
3.3119,728
March.. __
3.71lo,41 I
April
3,509,837
May
3.397.631
June
3,1116.4147
July . _ .... 3.ii75.247
. .
August.... 3 386.75
0
.
SePtenber. 3,381.9 I 7
October.
.. 3.402.396
November. 3,441,985
December . .3.308,1172
Total
1929.
January_
[VoL. 128.
FINANCIAL CHRONICLE
A poroz. Per
Calculated
Monthlo
Manthip No.of !MIlit
Cent.
Output
Bessemer. Companies. Output, all Wko. Output, (Me,
Repo-Hay. Companies. Onus. all Cos. titan.'
498.746 3.778.993 3,991,332
621.366 3,830.004 4.945.304
567.309 4,267.720 4,507,520
664.039 4,1173.676 4.302.573
581.949 3.979.580 4.203.190
527.351
3,543.838 3.742.964
5:43.5311 3.604,797 314)).373
589.436 3,956.186 4.i 73,431
6450115 3,926.932 4.147,5/43
698,227 4,400,1423 4,647.891
4.259.380
590.796 4.032.781
496,726 .3,805,59s *4,019,432
26 153.513 81 43
25 161.312 85144
168,945 88 36
27
23 172.103 91.29
27 155.674 82.58
14:1.061) 76 37
26
25 152.463 80.34
27 154,759 821)9
23 165.903 881)1
27
172.144 91.32
26
163.322 '.690
25 .160.777 *85.29
*40,610,308 6,594,510 *47,204,818 *49.8.57,223 311 *160,313 .85.04
3.700.930
54061)1
4.259.555
4.489.391
27
166.274 88.20
•Revised
x The figures cf "per cent of operation" are based on the annual capacity as of
Dec.311927. of 58,627,910 gross tons kr Bessemer and Open-hearth steel ingots.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Works.
Merchant..
69,520
78,444
83.489
85,183
85.576
81,630
79.513
82.642
82,500
88.051
88,474
85,415
85,530
23,053
21,560
19,726
21,000
20,355
21.103
19,578
18.538
19.487
20.781
21.610
23.290
25.514
1928-January
February
March
April
May
June
July
Aueust
September
Octobm•
November
December
1920-January
Total.
92.573
100,004
103,215
106,183
105,931
102.733
99.091
101,180
102.077
108,832
110,084
108,705
111,044
*Includes pig Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE
BEGINNING JAN. 1
1929.
1928.
1927.
Jan___ 3,103,820 2,869.761 3.442,370
Feb.__ 2,940,679 2,900.126
Mar.. 3.483,362 3,199.674
Apr...3.422,226 3.185,504
May.. 3,390.940 3.283,856
June__ 3.089,651 3,082,000
PIG IRON IN UNITED STATES
1927-GROSS TONS.
1926.
1927.
1928.
July.. 3,223,338 2,951,160 3,071,824
Aug.. 3.200.479 2.947,276 3,136,570
Sept-. 3,136.293 2.774.949 3,062.314
Oct__ 3.334,132 2.784.112 3,373.806
Nov__ 3.236.707 2,648,376 3,302,523
Dec___ 3,091,060 2,695.755 3,369.846
yr_10.430.678 18.520.921
Year*_39,070,470 36.232,326 37.837,804
• These totals do not Include charcoa pig iron. The 1927 production of this
Iron was 164.569 tuns.
3.
Record January Pig Iron Output.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
All January pig iron production records were broken
Total Pig trot:
last month, according to the "Iron Age" of Feb. 7. At
Spiegel and Ferromanganese.
Ferromanganese.x
111,044 gross tons per day, with returns from all companies,
1927.
1928.
1929.
1921.
1928.
1928.
last month surpassed war records for that month and also
for January 1923, the record year in pig iron production. January
2.343,881 2.155,133 2,651,416 31.844 22,298 28,208
2.256.651 2,274,880
24.360 19.320
The largest January output in the war was 102,746 tons February
2.675,417 2.583,158
27.834 27,912
per day (in 1916), while that for January 1923 was 104,181 March
2.637.919 2,555.500
A nr11
24,735 18,405
2.619.078 2.652.872
tons. Last month's rate of 111,044 tons per day was the May
28.734 29,940
2.343.409 2.448.905
29.232 32,088
largest since April 1927, when the average was 114,074 June
--tons daily.
Half year
14.876,355 14.675.448
166,939 149.963
2.163.101
2.464,896
26.394 32,909
Total January pig iron output was 3,442,370 tons, or July
Au rust
2.213.815 2,561.904
21.279 24.583
111,044 tons per day for the 31 days, as against 3,369,846 September
2.091.200 2.477.695
20,675 22,278
2.076.722 2.729.549
17.710 23.9:49
tons, or 108,705 tons per day, for the 31 days of December. 03)ber
1,933.043 2.654.211
N.;vember
17.851
29.773
This is a gain for January of 2,339 tons per day, or 2.15%. December
1.987,652 2.647.863
20.992 28,618
---In December there was a drop as compared with November
Year
27.345.438 30.211.696
291,840 312,061
of 1.25% in the daily rate, while in November there was
Includes output of merchant utrnaces.
an increase over October of 1.15%. A year ago, or in
January 1928, the daily rate was 92,573 tons, making the
January rate this year 20% higher.
Steel Production Maintained at High Rate-Pig Iron
Operating Rate Active on Ffb 1.
Output Reached Record in January-Prices Steady.
There were 202 furnaces operating on Feb. 1 with an estimated operating
rate of 111.985 tons per day. Tots compare.s with 110,675 tons daily for
A January record in pig iron production, growing dethe 201 furnaces blowing on Jan. 1. The higher ra,e on Feb. 1 as compared
mand for automobile and railroad steel and increasing
with Jan. 1, with only one more furnace operatinv. Is due to the faster operation of some of the larger furnaces. In January nine furnaces were blown price strength in a number of mill products confirm the
n and eight were shut down, giving a net increase of one.
confidence of the iron and steel trade in a sustained rate
Of the nine furnaces blown in last month, four were Steel Corporation
of activity during the remainder of this quarter, says the
stacks. one belonged to an independent steel company and four were
merchant furnaces. Of the eight furnaces put on the idle list, five belonged "Iron Age" of Jan. 7, which continues:
to the Steel Corporation, one was an independent steel company stack
and two were merchant furnaces. Thus there was a net loss of one steelmaking furnace and a net gain of two merchant furnaces.
Large Gain in Merchant Iron.
An interestlag feature was the gain in merchant iron production last
month. Al 25,514 tons per day, the merchant production was 2.224
tons. or 9.5%, larger than the December average of 23,290 tons per day.
There was a slight gain in steel-making iron of 115 tons per day last month
over December.
Furnaces Blowin In and Out.
The following furnace, were blown in during January: One Susquehanna furnace of the Hanna Furnace Co. in the Buffalo district; the
Standish furnace of the Chateaugay Ore & Iron Co in New York: one
Clairton and one Edgar Thomson stack In the Pittsburgh district; one
Sparrows Point furnace of the Bethlehem Steel Co. in Maryland' one
Hubbard stack of the Youngstown Sheet & Tube Co. in the Mahoning
Valley; one South Chicago and one Gary furnace of the Illinois Steel Co.
in the Chicago district, and one Rockwood stack of the Roane Iron Co.
in Tennessee.
During the month the following furnaces were blown out or banked:
Two Edgar Thomson stacks of the Carnegie Steel Co. and one Monongahela furnace of the National Tube Co. In the Pittsburgh district; the
Norton furnace of the American Rolling Mill Co. in Kentucky: two Bessemer furnaces of the Tennessee Coal, Iron & RR. Co. and one Woodward
stack of the Woodward Iron Co. in Alabama, and one Rockwood furnace
of the Roane Iron Co. in Tennessee.
Large Ferromanganese Output.
Ferromanganese output last month was 28,208 tons, which compares
with a monthly rate of 26,000 tons in 1928. Five months last year exceeded
last month's production in ferromanganese. Two companies were producing spiegelelsen last month.
Pig iron production last month, according to statistics gathered by the
"Iron Age." totaled 3.442,370 tons, or 111,044 tons a day, compared with
3,369,846 tons. or 108.705 tons a day in December. a gain of 2.15% in
the daily rate. Output was not only the greatest for any January, but
was the largest. In terms of daily average, for any month since April 1027.
Railroad buying has been featured by the placing of 3.900 freight cars,
including 2.000 for the Chicago & North Western and 1.100 for the Pere
Marquette. Since Jan. 1 domestic roads have ordered over 18.000 freight
cars, or 35% of the number purchased in the entire year 1928.
Pressure for shipments of automobile tee Is increasing as deliveries become more extended. Some mills cannot promise shipments of automobile
-rolled strip
body sheets and cold-rolled strip until late In April. Hot
makers are booked ahead for four to six weeks, and bar mills are well committed. The size of these backlogs is impressive in view of heavy deliveries
last month. Shipments of the leading sheet producer were the greatest for
any January since 1916 and have been exceeded in few other months.
An advance of $2 a ton on sheets for second quarter shipment is talked
of as an early possibility, and certain mills, with heavy bookings, are
stipulating that tonnage unshipped this quarter will be billed at prices
prevailing at the time of delivery.
-rolled strip.
Higher prices are also looked for in hot
Mill obligations
in the narrow sizes are to heavy that many producers are uninterested in
new business at less than 2c. a lb., Pittsburgh, or $2 a ton above the recent
market.
Reflecting the situation in flat-rolled finished products, mills rolling
sdmi-finished material, particularly sheet bars, are pressed for shipments
and are likely to ask higher prices on second quarter contracts.
Following the receipt of specifications on a 75,000
-ton gas line frown the
Southwest to Omaha, the Milwaukee maker of electrically wided PIPS has
increased its plate consumption to more than 1.000 tons daily.
A projected 22
-in, gas line from Louisiana to St. Louis will take 100,000 tons of
steel.
Possibly Active Stacks Reduced.
Steel ingot output at Chicago has risen to 92% of capacity, compared
Five furnaces were dismantled or abandoned during January. These
with 88% a fortnight ago. Operations in Greater Pittsburgh continue to
were the Mettle furnace of the A. M. Byers Co. In the Mahoning Valley;
the Top furnace of the Wheeling Steel Corp. in the Wheeling district, average 85%.
Heavy melting scrap at Pittsburgh has dropped to $18.75, or $1 a ton
and the two stacks of the Wellston Iron Furnace Co. and the Bessie furbelow its peak of two weeks ago, while the same grade at Philadelphia,
nace in southern Ohio. This reduces the number of possibly active blast
after advancing $1.50 to $17.50 a ton last week, has receded to $16.50.
furnaces In the country from 330 to 325.
Tho "Iron Age" composite price for finished steel Is unchanged at 2.391c.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED a lb. for the ninth successive week. The pig
iron composite remains at
-GROSS TONS.
STATES BY MONTHS SINCE JAN. 1 1924
$18.38 a ton, as the following table shows:
Finished Steel.
Pig Iron.
1928.
1928.
1927.
1924.
1926.
1929, 2.3910. a Lb.
1925.
One
Feb.k 1922. 518.38 a Gross Ton.
5
5ag0
week
2.391c. Onewee
January
92,573 111,044 One month ago
97.384 108,720 106.974 100,123
2.3910. One month ago
February
106,026 114,791 104,408 105,024 100,004
One year ago
2.350c. One year ago
March
111,809 114.975 111,032 112,366 103,215
10
-year pre-war average
1.689e. 10
-year pre-war average
April
107.781 108,632 115,004 114.074 106,183
Based on steel bars, beams,tank plates,
Based on average of basic Iron at Va114
S11115788 6438276
May
84.358
94,542 112.304 109.385 105,931
wire nails, black pipe and black sheets, furnace and foundry irons at Chicago.
June
67,541
89,115 107,844 102,988 102,733
These products make 87% of the United Philadelphia. Buffalo. Valley and 131rm
First six months
101,763
95,794 105.039 109,660 107,351
States output of finished steel.
99.091
July
95,199
57,577
Low.
85,936 103,978
High.
High.
Low.
August
95,073 101,180
80,875
87.241 103,241
1928...2.391e, Dec. 11 2.3140. Jan. 8 1928-518.59 Nov. 27 817.04 July 24
September
68.442
92,498 102.077
90,873 104,543
1927_2.453c, Jan. 4 2.2930. Oct. 25 1927._ 19.71 Jan. 4 17.64 Nov. 1
October
79,907
89,810 108,832
97,528 107,653
1926_2.453c. Jan. 5 2.403c. May 18 1926-- 21.54 Jan. 5
19.46 July 18
November
83.656 100,767 107,890
88,279 110,084
1925_2.560c. Jan. 6 2.396c. Aug. 18 1925._ 22.50 Jan. 13
18.96 July 7
December
95,539 104,853
86,960 108,705
99,712
1924_2.789o. Jan. 15 2.4600. Oct. 14 1924_ 22.88 Feb. 26
19.21 Nov. 3
12 months'average
85.075
99,268 103,382
99,735 107,043
1923_2.824o. Apr. 24 2.446c. Jan. 2 1923-- 30.86 Mar. 20 20.77 Nov.20
FEB. 9 1929.]
FINANCIAL CHRONICLE
811
middle of the year. The only
With iron and steel tonnage for the first half year ap- in some lines of consumption towards the the continuance of high money
is
precise foundation for such
into the usual rates affecting construction expectations
parently assured, prices are moving rapidly
work.
February test period, states the "Iron Trade Review" of
Cleveland in its weekly summary of iron and steel conditions.
Bituminous Coal, Anthracite and Beehive Coke Output
Expanding specifications and deferred deliveries are appraised
Continues Advance Over Last Year.
as fortifying the price structure,
by steel producers generally
According to the United States Bureau of Mines, the
which
if not warranting advances, continues the "Review,"
production of bituminous coal during the week ended Jan.
further states:
net tons, as compared with 10,121,000
and strip for the second quarter 26 totaled 11,768,000
Books on steel bars, plates, shapes
should be opened within the month. Consideration of prices thus far tons in the corresponding week last year and 11,686,000
indicates a rise of $2 per ton. Last week's advance of $2 in cold strip tons in the week ended Jan. 19 1929. The total output of
points the way for hot strip. In some districts, pig iron producers have
the week ended Jan. 26 last amounted to
takenlausiness through the first half, but a price remains to be fixed on the anthracite in
bulk of second quarter tonnage.
1,668,000 net tons, as against 1,789,000 tons in the preDelivery continues to take precedence over price for most consumers of ceding week and 1,236,000 tons in the week ended Jan.
bars, plates, sheets and strip, which includes such proverbially-close buyers
report is as follows:
as freight car builders and automotive manufacturers. The break in scrap 28 1928. The Bureau's
prices at Pittsburgh and Detroit, resulting more from overproduction than
BITUMINOUS COAL.
from underconsumption of scrap, is an indication of the heavy consumption
The total production of soft coal during the week ended Jan. 26, including
of steel.
the mines, is estimated at 11,768.000 net tons.
Increasingly is it apparent that iron and steel activity in January was at lignite and coal coked at
the Compared with the revised estimate for the preceding week, this shows an
a record height. For most important producers of steel last monthwas
tons, or 0.7%. Production during the week In 192$
best peacetime January in history, and for some its specifications and increase of 82,000
with corresponding with that of Jan. 26 1929 amounted to 10,121.000 tons.
bookings exceeded any moi.th in over three years. February opens
Coked.
no diminution of this pace. In fact, structural steel demand has lent Estimated United States Production of Bituminous Coal(Net Toss)Including Coal
-1927-1928
1928-1920------strength to a situation dominated by the automobile and railroad industries.
Coal Year
Coal Year
As the third steelworks stack in as many weeks is lighted at Chicago,
to Date..
Week.
to Date.
Week.
steelmaking there has risen to 92%. Twenty-seven of the 36 steelworks
366.397.000
capacity. Pitts- January 12
10,865.000
11,670.000 383.066.000
stacks in that district are active; bar and plate mills are at
1.523,000
1,811,000
1.595.000
operating fully, has bettered Daily average
1.945.000
burgb, where sheet, strip and tin plate mills are
9,724.000 376.121.000
11.686.000 394,752,000
last week's ingot rate of 85%.
January 19 b
1,525.000
1,621,000
1,603,000
1.948,000
Buffalo, with 32 of its 37 open hearth furnaces on, is at the highest rate Daily average
10.121,000 886.242,000
11,768.000 406.520,000
of the year. Independent steelmakers in tho Mahoning valley are at 92% January 26 c
1,529,000
1,687,000
operations in the valley have Daily average
1,612,000
1,961.000
this week, against 90 a week ago; sheet mill
been scaled down from 99 to 96% this week owing to a scarcity of sheet
days in
a Minus one day's production first week in April to equalize number of
bars Operations of Steel corporation subsidiaries have increased another
years. b Revised since last report. a Subject to revision.
point this week, going to 88%. With independents at 83%, the average the two
Jan.
for the entire industry is 86%.
The total production of soft coal during the coal year 1928-29 to
January fulfilled expectations of being a record pig iron production month. 26 (approximately 252 working days) amounts to 406,520,000 net tons.
With a daily rate of 110.736 tons, it exceeded the previous January record Figures for corresponding periods in other recent coal years are given below:
-by 2%. The spread over the 108.702 tons of December was 1927-28
435,568,000 net tons
-in 1925
386,242.000 net tons11925-26
about the same, but over the 92.113 tons of last January it was more 1926-27
385,132,000 net tons
473,858,000 net tonal 1924-25
-January
-3,432.832 tons
than 20%. Both in its daily rate and in its total
As shown by the revised figures above, the total production of soft coal
surpassed the best month of 1928. The six steelworks stacks dropped in
whole during the week ended Jan. 19 is estimated at
January cancelled the six blown in, but the net gain in active merchant for the country as a
tons. This is an increase of 16.000 tons, or 0.1% over the
stacks was four. Consequently. 202 stacks of the 328 available were in 11,686.000 net
output in the preceding week. The following table apportions the tonnage
blast Jan. 31.
comparable figures for other recent years:
Freight car awards of the past week exceed 5.000. including 2,298 by the by States and gives
Estimated Weekly Production of Coal by Stales (Net Tons).
Rock Island, 2,000 by the North Western and 350 by the Western Pacific
Jes.1928
Week Ended
but excluding 500 bodies for the Seaboard Air Line. Coupled with the
-Jon.1929. Jan.12'29. Jan.21'28. Jan.22'27. dverage.a
State
13,200 cars placed in January, actual car business in the opening six weeks
434,000
497,000
835.000
346.000
341.000
30.000
of 1929 is 40% of the entire 1928 total. Live inquiry for cars approximates Alabama
34.000
43.000
54.000
62.000
Arkansas
226.000
261,000
228,000
290.000
267,000
15,000. The Chicago & Eastern Illinois has bought 6.000 tons of rails at Colorado
1.585.000 1,605,000 1,156.000 2,227,000 2,111.000
Illinois
Chicago. Nearly 7,000 tons of fastenings was placed there last week.
659.000
649,000
324.000
414.000
398,000
Even capacity operations of place mills at Chicago scarcely suffices to Indiana
140.000
160,000
71,000
86.000
95.000
Iowa
103.000
69,000
meet requirements of c.arbuilders and the Milwaukee welded ninemaker• Kansas
126,000
69.000
79,000
607,000
058.000
885,000
985.000
998.000
New inquiry includes 15,000 tons for Humble Oil & Refining Co. tanks In Kentucky-Eastern.--240.000
359.000
325,000
399.000
392.000
Western
West Texas. River barge work pending at Pittsburgh totals 5,100 tons,
65.000
72,000
63.000
64.000
63.000
Maryland
exclusive of 15.000 tons credited last week to the Federal Barge Line.
32.000
17.000
13,000
15.000
16.000
Michigan
87.000
82.000
87,000
86,000
January shipments of sheets by Pittsburgh and Youngstown mills were Missouri
97.000
82.000
79.000
79.000
73.000
73.000
the heaviest in history for that month, chiefly on account of automotive Montana
73.000
54.000
63.000
63.000
65.000
requirements. One maker of strip is asking 6 to 7 weeks deliv.ry on cold New Mexico
50.000
33.000
44.000
60.000
62.000
North Dakota
814.000
and 4 to 5 weeks on hot.
781,000
175.000
416.000
455,000
Ohio
63.000
76.000
73.000
95.000
100.000
Weakness in scrap, initiated at Pittsburgh and followed closely at Oklahoma
2,838.000 2,832.000 2,492.000 3,258.000 3,402,000
Detroit, has had a sobering influence on other markets. Realization that Pennsylvania
133,000
142.000
113.000
113,000
136.000
practically a record tonnage is coming out of automotive plants precipitated Tennessee
26.000
30.000
20,000
18,000
18,000
Texas
109.000
106.000
124.000
158,000
158.000
the break at Detroit. Some dealers look upon the past week's adjustment Utah
other raw materials,
211.000
265.000
227.000
274.000
279.000
Virginia
as a turn from abnormal to normal conditions. Of the
74.000
56.000
43.000
48.000
50.000
-finished Washington
beehive coke is stronger, responding to heavier demand. Semi
2.155.000 2,159,000 1,781,000 2,116,000 1,168,000
W.Va.-Southern b-728,000
807.000
730,000
steel is scarce, but unchanged in price.
785.000
746,000
Northern e
180.000
178.000
158.000
161.000
156,000
For the third consecutive week the "Iron Trade Review" composite of Wyoming
7.000
7,000
A month ago Other States
3.000
2.000
2.000
14 leading iron and steel products is unchanged at $36.25.
year ago it was $35.62.
this index stood at $36.24 and one
11,686,000 11.670,000 9.724,000 13,421,000 11,850,000
Total bituminous
The Wall Street "Journal" of Feb. 5, says:
anthracite. 1,789.000 1.749,000 1,103,000 1,478.000 1.968.000
The United States Steel Corp. has further increased its ingot production Pennsylvania
13,475.000 13.419,000 10,827,000 14,899,000 13,818,000
and is now running at approximately 88%, compared with between 86%
Total aU coal
and 87% in the preceding week and 85% two weeks ago. A year ago the
a Average weekly rate for the entire month. b Includes operations on the N. &
This is the first time in months that operations W.; C.& 0.; Virginian; K.& M.and Charleston division of the B.& 0. c Iteet of
corporation was at 89%.
of the corporation have been under the rate existing at the corresponding State. Including Pandhandle.
ANTHRACITE.
time in the preceding year.
However, it might be stated that there was an unusually sharp upturn in
The total production of anthracite in the week ended Jan. 26 is estimated
the leading interest toward the end of January and early at 1,668,000 net tons, a decrease of 121,000 tons. or 6.8% from the output
the activities of
Feb. 1928. for in the corresponding week of last year the gain amounted to in the preceding week. Production in the week of 1928 corresponding with
6%, the operations showing a sharp rebound from the low rate which had that of Jan. 26 amounted to 1,236,000 tons.
prevailed from the beginning of the year.
Estimated United States Production of Anthracite (Net Tom").
Independent steel companies increased their operations by slightly less
------1928-1929-----------1927-19211-----than 1% in the past week, and are now at 83%,contrasted with a fraction
Coal Year
Coal Year
above 82% in the two preceding weeks. At this time last year these comto Date.
Week,
Week.
to Date.•
Week Endedpanies were at 78%.
62,658.000
1 749,000
1.591,000 64,042.000
12
For the entire industry the average is placed at nearly 86%, against 85% January
I 789,000 64,447,000
1,103.000 65,145.000
January 19
a week ago and about 8334% two weeks ago. A year ago the industry was
1668,000 66,115,000
1,236,000 66,381.000
b
January 26
working at a shade over 83% of capacity.
a Minus two day's production in April to equalize number of days in the two coal
Indications are that there will be progressive increases in operations in
b SubJect to revision.
the coming weeks. Because the rate had been on a high even keel right years.
BEEHIVE COKE.
along no sensational jump is anticipated, but the climb is likely to be gradual
The total production of beehive coke for the country during the week
and steady. In March the industry is expected to reach its maximum, and
there is a feeling in authoritative quarters that next month may establish ended Jan. 26 is estimated at 109,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 6.100 tons, or 5.2%. Tim
a new production record.
tonnage by States:
its review this week table below apportions theProduction of
The "American Metal Market" in
Beehive Coke (Net Tons).
Estimated
says:
Week Ended
1928
1929
Steel ingot production is estimated at 92% for the Chicago district, 86%
tO
Jan. 19
Jan. 26
to
Jan. 28
Date.*
1929.c
1929.6
Date.
1928.
for the Youngstown district, 90% for the Pittsburgh district and con226.300
85,900
93,300
327,900
61.500
siderably under 90% for the East, making close to 90% for the steel industry Pennsylvania and Ohio__
52.500
10,600
34,400
8.900
12,700
Virginia
as a whole, against the 85% rate officially reported for December. There WestKy.and Tenn
15.500
1.900
1.900
7,400
3.500
Ga..
4,600
18.600
have been ups and downs at different mills since Jan. 1 whereby the general Virginia
16.300
4.600
5.700
19.500
6.000
23.200
6.400
5,300
increase is not a clear indication that steel production will continue Colorado, Utah & Wash.
slight
gaining. The precedents, however, indicate it will, as in the past ea years
332.400
109,000
409,200
115.100
88,700
United State. total.a peak has been reached in March four times and in April the other two
14.452
18,167
17,791
19,183
years.
14,783
Daily average
days in the two
There is a widespread disposition to regard the steel industry as running
a Minus one day's production in January to equalize no
largely on the momentum of its customers and to expect distinct decreases years. b Subject to revision. c Revised.
812
FINANCIAL CHRONICLE
[VoL. 128.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 6, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows an increase for the week
of $31,000,000 in holdings of discounted bills, and decreases
of $24,900,000 in bills bought in open market and $1,700,000
in Government securities. Cash reserves decreased $4,600,000
and member bank reserve deposits $4,700,000, while Government deposits increased $6,000,000 and Federal Reserve
note circulation $800,000. Total bills and securities were
$4,500,000 above the amount held on Jan. 30. After noting
these facts, the Federal Reserve Board proceeds as follows:
Feb. 8.
1929.
751
54
Jan. 30.
1929.
787
56
Feb. 7
1928.
768
52
5.357
1,201
14
5,334
1,200
23
5,438
1,110
13
Due from banks
Due to banks
102
970
97
889
97
1,039
Borrowings from Federal Reserve Bank
114
128
94
1,116
1,931
2,621
1,091
1,853
2,815
1,171
1,554
1,110
(/n Millions of Dollars)Reserve with Federal Reserve Bank
Cash 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
5,689
5.081
588
The principal changes in holdings of discounted bills for the week were
Increases of $26,400,000 at the Federal Reserve Bank of San Francisco,
Chicago.
$13,000.000 at Chicago, and $10,100.009 at Cleveland. and decreases o Loans and Investments-total
2,088
117.800,000 at New York and $11,300.000 at Boston. The System's hold- Loans
-total
1,813
ings of bills bought In open market declined 324,900,000 and of Treasury
notes 11.700,000. while holdings of U. S. bonds and Treasury certificates
On securities
889
All other
were practically unchanged.
724
Federal Reserve note circulation decreased 53,400,000 at the Federal Investments-total
453
Reserve Bank of Cleveland and 51,700,000 at New York, and increased
U.S. Government securities
$2.600,000 at Philadelphia. 52,000,0(0 at Atlanta and $800.000 at all
199
Other securities
254
Federal Reserve banks.
Reserve with Federal Reserve Bank
182
The statement in full, in comparison with the preceding Cash In vault
16
week and with the corresponding date last year, will be found
Net demand deposits
1,243
on subsequent pages-namely, pages 848 and 849. A Time deposits
675
1
summary of the principal assets and liabilities of the Reserve Government deposits
Due
banks, together with changes during the week and the year Due from banks
150
to banks
328
ended Feb.6 is as follows:
Borrowings from Federal Reserve Bank
77
Increase (-I-) or Decrease (-)
•Revised. a 1928 figures in process of revision.
During
Year.
Week.
Feb. 6 1929.
Total reserves
Gold reserves
--4,592,000
-3,264,000
--154,480,000
-153,671,000
Total inns and securities
+4,488
1,471,527
Bills discounted, total
851,621.000 +30.987.000
Secured by U.S.Govt. obligalst_ 539,462,000 +15,684.000
Other bills discounted
312,159.000 +15,303,000
.4 241,631
+392,837,000
+241,298.000
+151,539,000
Bills bought In open market
2 830.605,000
2 663,920.000
410,742,000 -24.867,000
U. S. Government securities, total_ 200,089,000
Bonds
51,815,000
Treasury notes
97,869,000
Certificates of indebtedness
50,805,000
Federal Reserve notes in circulation_ .1,646,308,000
Total deposits
Members' reserve deposits
Government deposits
2,438,140,000
2 386,284,000
24,042,000
+41.469.000
-1,682.000
+16,000
--1,703,000
+5,000
-201,250,000
-2,828,000
-112,890,000
-83,526,000
+814.000
+62,125.000
+1,043,000
-4.863.000
+6.000,000
-7,034,000
-8,753.000
-2,343,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in tne New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simuttaneously witn the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week have
reached no less than $5,669,000,000 being an increase of
$110,000,000 over last week's high record of $5,559,000,000.
The grand aggregate of these loans a year ago on Feb. 8
1928 was considered large although the amount at that
time was only $3,835,000,000 or $1,834,000,000 below the
present week's figures. This week's increase of $110,000,000
follows a $116,000,000 jump last week, $48,000,000 the previous week and $82,000,000 three weeks ago.
CONDITION- OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb.7
Jan. 30.
Feb. S.
1928.
(In Millions of Dollars)1929.
1929.
$8,889
and investments-total
57.148
Loans
57,227
5,321
On securities
All other
-total
Investments
U.8.13oveninicat neuritic.Other secttrItkil
5,234
4,985
2.857
2.484
Loans-total
*2,795
*2,439
2,537
2,448
1,905
•
1.915
1.884
1,140
755
1,139
775
1,097
787
5,559
4,987
592
3,835
2,920
915
2,049
1,948
1,601
1.448
880
721
803
643
448
502
198
250
238
266
182
16
184
17
1.234
679
2
1,284
847
2
143
317
134
373
85
19
Complete Returns of the Member Banks of the Federa l
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with tne 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, tne loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsements," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of tne 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 Jan. 30:
The Federal Reserve Board's condition statement of weekly reporting
member banks In 101 leading cities on Jan. 30 shows an increase for the
week of $69,000.000 In loans, partly offset by a decline of $18.000.000 In
investments, and increases of 129.000,000 in net demand
dePosito. of
$8,000,000 in time deposits, and of $26,000,000 in borrowings from Federal Reserve banks.
Loans on securities were $100,000,000 above the Jan. 23 total at all
reporting banks, Increases of $63,000.000 being reported by member banks
In the New York district, of $13,000,000 in the Cleveland district, of $11.000,000 in the Atlanta district and of $10,000,000 In the Richmond district
and a decline of $9,000,000 In the Chicago fistrict. "All other" loans.
declined in all districts except New York, which shows an Increase of $16,000,000, the principal decreases being $11,000.000 In the Richmond district, $7,000,000 in the Chicago district and $5,000,000 each In the Boston,
Cleveland, Atlanta and Minneapolis districts. All reporting banks show a
net reduction of 531.000.000 in "all other" loans.
Holdings of U. S. Government securities declined $7,000,000 at reporting
banks In the New York district and $15,000.000 at all reporting banks,
while holdings of other securities increased 36.000,000 In the New York
district declined $2,000.000 at all reporting banks.
Net demand deposits, which at all reporting banks were $29,000,000
above the Jan. 23 total, Increased 149.000,000 at reporting banks In the
New York district and 57,000.000 in the St. Louis district, and declined
16.000.000 each in the Philadelphia, Chicago and Dallas district., and
$5,000,000 in the Boston district. Time deposits Increased $20,000.000
in the New York district and declined $10,000,000 In the Chicago district,
all reporting banks showing a net increase of 58,000,000.
FINANCIAL CHRONICLE
FEB. 9 1929.]
The principal changes in borrowings from Federal Reserve banks for the
week comprise increases of $51,000,000 at the Federal Reserve Bank of
New York and $8,000,000 at Boston, and decreases of $17,000,000 at Chicago and $7,000,000 at St. Louis.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending
Jan. 30 1929, follows:
Inc. (-I-) or Dec. (—)
Since
Jan. 23
Feb. 1
Jan. 30
1929.
1929.
1928.
Millions of Dollars)—
+551
822,184
+5765
Loans and investments—total
Loans—total
On securities
All other
816,131
+869
$7,444
8,687
*+$100
*--31
8+815
a
a
6,053
—18
—50
83,101
2,952
—615
—2
+883
—133
1,759
244
+29
___ _
—18
+6
13,395
6,893
84
+29
+8
+1
—460
+299
+7
1,121
2,864
—49
—98
—96
a
Borrowings from Federal Reserve banks
580
+26
•Jan. 30 figures revised. a 1928 figures in process of rettslon.
+281
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Feb. 9 the following summary of market conditions abroad, based on advices by cable and radio:
813
business continues practically at a standstill, due to the approaching Chinese
New Year and heavy stocks now carried. No expansion of activities Is
anticipated until after the New Year settlement period or later. Inactivity
Is also reflected in all export commodities, with no improvement anticipated
until after Chinese New Year.
DENMARK.
The favorable trend in the Danish economic situation of recent months
was maintained during January. Although seasonal factors tended to Increase unemployment and reduce somewhat activity temporarily, the outlook is considered promising. The industrial situation remains fairly
satisfactiry with increasing exports of industrial products. The money
market is growing easier. Trade conditions continue to show a slow and
steady improvement,and shipping is fairly satisfactory. There is at present
no idle tonnage while last year at this period ships laid up aggregated
about 40,000 tons. The shipping industry consequently is looking toward
1929 with considerable optimism believing that the year will prove far
more satisfactory than 192b. Agricultural production and exports are
being maintained at an unusually high level which have definitely aided
the agricultural situation. Unemployment was estimated at about 78.000
at the close of January compared with 61,000 at the end of December.
While these figures are still considerably above those of 1924, when the
depression in the Danish industry set in, they are much lower than those
of a year ago showing that an actual improvement has taken place. The
official wholesale index remained unchanged at 151 for December.
FRANCE.
A commercial treaty with Yugoslavia was signed on Jan. 30. Under the
treaty France grants only most favored nation treatment but Yugoslavia
accords, In addition to similar treatment, a reduction in duty on typical
French products. A marked improvement has occurred in the coal situation, the mints now having no difficulties in finding outlets for their preproduction. The coal production for December,according to official figures,
was lower at 4,178,000 metric tons; the coke output was practically stable
at 387.000 metric tons and that of briquettes showed little change at 316.000
metric tons.
INDIA.
Export trade activity in India has improved slightly in the past week
but imports are still slow. At the opening of toe winter session of the
legislative Assembly the Viceroy announced the appointment of a Royal
Commission to investigate grievances of industrial workers.
ARGENTINA.
JAPAN.
Business in the Federal capital district continued to be favorable,throughBank rates have been reduced and the issuance of many debentures on a
out the week but the agricultural districts were further damaged by drought
and by severe windstorms which occurred on the night of Jan. 13 and which 6% basis is being proposed. Sales of new automobiles during 1928 totaled
destroyed the communications between some northern and western 25,000. The cotton yarn situation is showing improvement.
provinces. These communications have not been re-established as yet.
MEXICO.
January bankruptcies in liabilities, amounting to 13.785,000 paper pesos,
Business in Mexico remains slow, although a favorable atmosphere has
were less than those of the previous month but considerably higher than
those of the corresponding month of the previous year. The province of been created by the entry into the Mexican field of a large American public
Salta Is asking authorization to float a 7% loan of 2,700,000 gold pesos utility concern and the increasing interest in investments, particularly
for the purpose of refinancing and carrying out certain small and scattered In timber and fruit properties. As a result of low prices for lead and zinc,
construction work. A campaign for modern fire-fighting equipment has a number of mines have reduced operations. On the other hand copper
mining is progressing favorably. On Feb. 15 the Southern Pacific Railroad
started in Rosario.
will inaugurate a fast passenger service between Nogales. Sonora and
AUSTRALIA.
The lack of rain in several sections of New South Wales has affected Guadalajara, Jalisco, operating three trains weekly and supplementing
business adversely, but improvement in the northern part of the State and the present mixed trains. Provisional air service between Mexico City
in southern Queensland has resulted from rainfalls in those regions. Wool and Mexicali, Lower California. was inaugurated on Jan. 29.
sales are characterized by a good demand, especially from Japan and
NETHERLAND EAST INDIES.
Germany, but prices are irregular, with the tendency easier. The deadlock
The Batavia steam and electric tramway systems are to amalgamate.
of employers and employees in the New South Wales coal and lumber
been proposed with a municipal subsidy of 2,Industries continues and the outlook is not encouraging. Substitution of A new electric system has
an additional tax on petrol for motor taxes in New South Wales and Victoria 000,000 florins (5801.000).
PANAMA.
is under consideration. The unification of railway gauges is receiving
Retail sales have shown a substantial increase as a result of the visit
further consideration at Canberra, the Federal capital.
of the United States fleet. National revenues amounted to $835,000 during
BRAZIL.
December, which represents an increase of 30% over the preceding month.
General business continues slow, exchange steady, and the coffee market It Is reported that a meat packing plant is to be established and operations
quiet. Foreign trade figures for eleven months of 1928 place imports at commenced during the present year.
£81,575,000 and exports at £88,902,000. the favorable balance having
United Kingdom.
declined £1.000.000 during the month of November. Imports of coal into
As usual, a post-Christmas slump occurred in retail trade in production
Brazil during December amounted to 78,236 tons, all of British origin.
for the season. Amalgamations and relatioiaalizaThe President has signed a decree increasing the pay of Federal employees to but it was not abnormal
cotton, iron and steel, and coal industries and, while
an estimated cost to the Government of 800,000 contos ($9.600.000). tion continue In the
greater unemployment they already indicate
It is reported that there were 25 or 30 cases of yellow fever in Rio de Janeiro temporarily resulting in
stronger positions for these trades in the export market. Labor returns
in January.
for Jan. 21 showed the number of registered unemployed persons in Great
BRITISH MALAYA.
Britain to be 1,426,000, a figure greater by about 250,000 than the total
The sustained rise In rubber prices is causing renewed confidence in
reported for one year previous. The present trend of trade, however, is
all commercial circles. Since the first of January spot quotations on the slightly more encouraging, especially in shipbulding and allied industries.
New York market have advanced about 4 cents, rubber Prices increasing
Monetary conditions are stable and commodity prices are steady. Retail
from slightly over 18 cents per pound on January first to 22 cents on January
sales are good. There is slightly more activity in the iron and steel trade,
31.
with the revival in shipbuilding having a beneficial effect on these industries
CANADA.
Good business is being done in automobile steels, but trade In pig iron and
Trade continues to improve, and manufacturers are increasing produc- semi-finished steel is quiet. The tinplate market is steady; tin plate makers
tion. Boot and shoe makers are not very active, but reports from employ- have decided to continue the output restriction for another quarter, bement offices indicate exceptional demand from automobile plants. Copper ginning Feb. 24. Steel prices are being maintained with no immediate
fabricators are likewise busy. Eastern bank clearings and freight car prospect of reduction. Prospects in the engineering trades have improved,
loadings show some recovery from the post-holiday low point. The usual partly because of the better position of shipbuilding. Locomotive builders
seasonal decline is in evidence in January reports of total employment are actively employed as is also the case with makers of machine tools,
In the Dominion, but Is materially less than In former years.
textile machinery, and power plant equipment. Demand for agricultural
mchinery Is slightly better. The electrical industry shows further improveCHINA.
Conclusions reached at the Nanking disbandment conference are greatly ment in the domestic trade, due to the important orders placed by the
helpful to a better trade outlook In China. Interest continues in the de- Electricity Supply Board; the industry is also experiencing good foreign
velopment of aviation routes in north central and south China, with small trade. The coal trade was much more active during January. Demand.
purchases of planes reported from time to time. Commissioners of the especially for bunkers, frequently exceeded the reduced supply, and reChinese Maritime Customs for the three Eastern provinces in Manchuria sulted in the re-opening of a number of pits, some of which had been closed
were notified to enforce the new tariff schedule on February 1. Due to for a year or more. Cotton yarn business shows a volume increase, but
There is a better demand for plecegoods
prior belief that enforcement of the new tariff would be postponed in Man- Prices continue unsatisfactory.
churia, only a few merchants have booked more than normal stocks. Banks for China, and grey and white shirtings are in demand at the Shangha
report an increased demand for cash to clear goods through the Darien auction sales. There is a poor domestic market in woolen plece,goods and
customs prior to February 1. China's new tariff schedule which became current orders for the export trade are generally small. Worsted manufaceffective on Feb. 1 is arousing no adverse comment of significance in foreign turers are busy. Trading conditions in hide and leather and allied lines
mercantile circles. Rates at which duties are levied is dependent upon the remain quiet in all sections and little improvement is expected until raw
become better stabilized. Upper leather trade
date of entrance of vessel on which the cargo arrived, and all cargo arriving material and leather prices
classes. Demand for fresh fruit is not noticeably
on ships entering after Jan.31 are assessed duties according to the new tariff remains slow in most
schedule. Cargo arriving at Shanghai on vessels which entered prior to mproved but prices are firm where stocks are reduced.
Feb. 1 and which has been bonded will pay duties at the old rates if withThe Department's summary also includes the following
drawn from bond on or before Apr. 30. All cargo for transshipment to
with regard to the Island possessions of the United States:
other China ports which arrived on vessels entering Shanghai prior to
PHILIPPINE ISLANDS.
Feb. 1 will be assessed duties at the old rates at port of destination. The
new tariff schedule abolishes surtax and luxury taxes. Export duties reCopra arrivals were seasonally lighter during the past week. As a result
main unchanged, with 23 % surtax continuing in force. The general busi- of sonsiderable quantities made available from nuts blown down by the
ness outlook in the Shanghai and Yangtze areas has considerably improved typhoon, however, total arrivals of copra in January amounted to about
and increased optimism is evident as a result of the amicable settlement of 320.000 sacks which were sufficient to keep all oil mills operating. Present
Sino-Japanese iSSUCel, particularly with regard to tqriff matters. Import f. o. b. prices for resecado (dried copra) are Manila. 12.50 pesos per picul of
814
FINANCIAL CHRONICLE
Fol.. 128.
139 pounds; Cebu. 12.25 pesos: and Hondagua, and Legaspi, 12 pesos. (1 in case no new arrangement is made, result in the payments under the
Peso equals $0.50.) The week's abaca, trade was quiet due to lack of de- Dawes plan growing from 2,500,000,000 marks to 3,000,000,000 or more.
mand from all markets and heavy arrivals, which had been anticipated
since the typhoon. Stocks at all ports on Jan. 30 totaled 153,300 bales and
receipts during the week amounted to 28,350 bales. Current abaca prices Montagu Norman of Bank of England Returns to
are nominal at 32 pesos per picul for grade F; I, 29; JUS, 22; JUL 17.50
Europe.
and L. 16. It has been announced that the tariff law equalizing Philippine
Referring to the departure for Europe last night (Feb. 8)
Import duties on tobacco and sugar with those of the United States will
become effective at midnight February 13.
of Montagu Norman, Governor of the Bank of England, the
"Times" of yesterday (the 8th) said
Allies Reported as Likely to Urge Experts to Call upon
Germany to Make Reparations Payments as Long
as They Make Payments to the United States.
Writing from London, Jan. 30, to the New York "Times"
Edwin L. James stated that the former Allied nations are
now in agreement and they will indicate to the Experts'
Committee soon after it meets that an acceptable final plan
for a reparations settlement should provide payments from
Germany for as many years as they must pay the United
States. Mr. James continued:
This means for some sixty years, provided there is no arrangement between the Allies and America for a reduction of the periods fixed In the
.1..'ot settlement treaties.
Although indications have not been lacking that the important German
leaders are not opposed to a final settlement along such lines, because it
offers the Reich a prospect of benefiting by any better settlement the
Allies may in the future obtain from the United States, yet it is expected
that for various reasons the German will at first meet this allied demand
by the retort that the Dawes plan was intended to run for only 37 years
and that it is not just that any completion of the Dawes plan should provide payments for a longer period.
Are Likely to Aek Reduction.
In any case, the Germans may be expected to contend that if they pay
for 60 years instead of 37 there should be a substantial reduction of the
annual payments as laid down by the Dawes plan.
The German contention is based on the fact that the Dawes plan provides for amortization in 37 years of the railroad and industrial bonds
ereated by it and that therefore by implication the Dawes experts considered the whole plan as operative over that period.
One of the chief Allied governments has prepared a legal answer to
this contention in the form of a statement which will go before the experts. Inasmuch as this statement will in all probability be adopted by
all the Allied nations, its contents derive special interest In connection
with the well-defined plan of the Allies to oblige Germany to pay the
sums they must remit to America and for as long as they must remit to
America.
Text of the Statement.
The text of this statement is understood to have been prepared as a
common Allied statement, as follows:
The opinion has been recently expressed on several occasions that the
Dawes plan's duration is 37 years. This idea is doubly erroneous.
In the first place, the Dawes plan has no fixed duration, and if it
should seem useful to give it a time limit, the figure of 37 years, which
corresponds to the period of amortization of the securities planned by the
Dawes committee, would have no imperative influence on the whole plan.
The Dawes Plan Committee met on the invitation of the Reparations
Commission to "seek means of balancing the budget and proper methods
of stabilization of the currency of Germany." The plan the experts prepared WAS directed to these ends.
According to the experts themselves, "Our plan does not attempt to
settle the whole reparations problem, for we have no right to do that"
It provided two moratorium years, 1924 to 1926; two transition years,
1926 to 1928; a typical year, 1928-1929, and suggested in addition that
for 1929-1930 and for the folowing years of its operation the index of
Prosperity, which would multiply, by a co-efficient, be calculated according to the progress of German economy on half the German payments,
which is to say 1,250,000,000 marks, from 1929 to 1934, and thereafter
on the whale annual sum of 2,500,000 marks.
Last Specific Provision.
The year 1924 is the last for which the Dawes plan makes specific provision. The future is left to automatic operation of the plan until the
day foreseen by the experts in the last phrase of their report when circumstances would make possible a definite accord for the whole problem
of reparations and the annexed problem of the figure.
The figure of 37 years, as we have said, corresponds roughly to the period
of amortimtion of the railroad and industrial bonds, which in a normal
year supply about one-third of the German payments
-960,000,000 of the
total of 2.500,000,000 marks. After the fourth year the service of these
bonds includes In addition to 5% interest 1% for amortization. At this
rate the present bonds would be amortized in 1964. Indeed, they will be
amortized sooner if their sale in the open market permits advantageous repurchase.
But two observations must be made:
On the one hand amortization affects neither the budgetary contribution
of 1,250,000,000 marks for the tax on transfers, 290,000,000; and
these two sorts of payments, thanks to the operation of the index of
prosperity, will perhaps in 1964 largely satisfy the demands of Germany's
creditors at that time.
On the other hand, nothing in the Dawes plan excludes the hypothesis
of substitution for the amortized bonds of a new and equal charge. This
hypothesis seems to be indicated by phrases in which the experts show the
modesty of the burden represented by the obligations of the plan, a burden
!PAS for the railroads than 3% of their invested capital and for industry
legs than the total of the industrial enterprise of Germany before the
war.
Thus the limit of 37 years does not affect the duration of the Dawes
plan, on the other hand, because it affects only one of the elements of
this plan, representing about one-third of the total payments, since
nothing excludes eventual renewal of these obligations, and in the second
place because the experts themselves indicated the provisional character
and consequently determined the time limit of the plan, primarily intended
to remedy the crisis of 1923-1924 and to prepare by the re-establishment
et a balanced bliftet and stable money in Germany the possibility of a
definite settlement of reparations, a task which will be undertaken by the
committee of experts, which will meet in a few days.
In the discuesions of the experts' committee a great deal will be heard
of the index of prosperity which, according to some Allied experts, might,
Montagu Norman, Governor of the Bank of England, who has been conferring with executives of the Federal Reserve Bank and who visited
Secretary Mellon and officials of the Federal Reserve Board in Washington
on Wednesday, will sail for home to-night on the Majestic. He has said
nothing of the purposes of his visit other than it was routine, much like
the visits that he and the late Governor Strong of the Federal Reserve
Bank exchanged every year.
With the termination of Mr. Norman's stay here and the advance in
the London bank rate, the belief became general that no arrangements
had been made here for a new British credit such as had been discussed as a
possibility at the time the gold was moving heavily from London to New
York. It was learned definitely that no credit was asked of private banking
organizations here, and the same is believed to be true of the Federal Reserve Bank, though officials of the latter refused to comment on the subject
or a credit. With the higher rate now in effect in London, it was said In
banking circles here, there was no longer any need of the added exchange
protection that would be afforded by a credit.
Reference to Gov. Norman's visit appeared in these
columns Jan. 26, page 496 and Feb. 2, page 658.
J. P. Morgan and Owen D. Young Arrive in Paris.
J. P. Morgan, Owen D. Young and Thomas W. Lamont,
the American reparations experts, arrived in Paris on Feb. 8,
aboard a special train from Cherbourg, according to Associated Press accounts from Paris yesterday which said:
Mr. Young reiterated, that no member of the party was able to say anything until they had conferred with other members of the Reparations
Commission.
Edwin Wilson, First Secretary of the American Embassy, who also Is
an American member of the American Reparations Commission, and
M. Parmentier, representing, the French Ministry of Finance, greeted
the American experts and accompanied them to the Ritz Hotel, which
will be the American headquarters.
— -Commerz-und Privat-Bank to Take Over Mitteldeutsche
Creditbank and Increase Capital.
Another step in the expansion of the Commerz-und Privat-Bank, A.G., Berlin, is announced the directors having
decided to propose to a special general meeting of the
stockholders, on Feb. 28, that the Mitteldeutsche Creditbank, Berlin-Frankfurt, be taken over. At this meeting
the stockholders will also vote on a proposal to increase
the capital stock from 60,000,000 reichsmarks to 75,000,000
reichsmarks. Announcement to this effect was made this
week by the New York representative of the CommerzUnd Privat-Bank. The Mitteldeutsche Creditbank, BerlinFrankfurt is reported to be one of the oldest commercial
banks in Germany, having been founded in 1856 with a
capital of Mks. 24,000,000. The present capital of the
bank is 22,000,000 reichsmarks and its total assets are
about 250,000,000 reichsmarks. The amalgamation with
the Mitteldeutsche Creditbank means to the Commerz-und
Privat-Bank, A.G. a considerable expansion of the volume
of its business and its relations in Germany and abroad.
The Commerz-und Privat-Bank took over the Braunschweigische Bank und Kreditanstalt ill Braunschweig
only a few weeks ago, thereby combining with all institution datdng back to 1853. In the first week of January
it acquired the banking firm of Aachener Bank fuer
Handel and Gewerbe in Aachen, an institution which had
been in successful operation for over half a century.
These acquisitions were noted in the Chronicle of Jan. 5,
page 30 and Jan. 26, page 490.
Austria Pensions Former President Hainisch
Associated Press adviees from Vienna, Jan. 18, stated :
Parliament today voted Dr. Michael Hainisch, former President, a
life pension of $150 monthly.
Switzerland's Dollar Bonds Have High Credit Rating In
U. S. Markets.
Switzerland has the highest credit rating in American
security markets, ranking ahead of the Dutch East Indies,
Great Britain, Sweden and Canada, according to a study
of nearly 30 separate foreign government dollar bond
Issues held by investors in this country, compiled by Kean,
Taylor & Co. The credit rating is based on market prices
as of December 31, 1928, using the probable average redemption to fix the yield basis. As European conditions
continue to improve, many high coupon rate bonds will
doubtlessly be called, the firm points out, and it Is there-
4
FEB. 9 1929.]
FINANCIAL CHRONICLE
probfore, essential to consider their yield on the basis of
able redemption.
Examined on this basis, Swiss issues are found to yield
East
an average of 4.75%, compared with 4.81% for Dutch
dollar obligations and 4.85% for British and SweIndies
dish bonds held by American investors. Canadian obligations rank fifth with 4.89%. On other issues the yields
range from 5 to above 10%. "It is not unlikely that many
dollar bonds will gradually be refunded abroad in principal foreign markets with lower coupons," according to
Sean, Taylor & Co. Altogether, 283 Government bond
issues with a par value of about $4,890,000,000, including
national, state, and municipal bonds, were studied in compiling the statistical information, details of which are
shown in a pamphlet published by the firm.
Offering of $4,000,0000 Debentures for Prussian
Electric Company
The American portion of the financing for the Prussian
Electric Co. (Preussische Elektrizitats-Aktiengesellschaft)
said to be one of the most important power producers and
public utility holding companies in Germany, and whose entire capital stock Is owned by the State of Prussia, is being
carried out in the offering of a new issue of $4.000,000
6% sinking fund gold debentures. The debentures, due
Feb. 1, 1954, and priced at 91 and yielding 6.75% are
being offered by Ilarris, Forbes & Co., Brown Brothers &
Co., The Equitable Trust Co. of New York, The New
York Trust Co., Mendelssohn & Co. (Amsterdam) International Acceptance Bank, Inc. and J. Henry Schroder
Banking Corp. Proceeds from this financing will be devoted to new construction and enlargement of the company's plant and for other corporate purposes. The debentures, together with the £1,200,000 sterling issue offered
In London and Amsterdam in Nov. 1928, will constitute,
It is stated the company's only funded indebtedness except for internal obligations equivalent to $683,365, of
which $435,867 are secured by mortgages on portions of
the properties. Consolidated net earnings of Prussian
Electric Co. and Northwest German Power Co., over 74%
of the capital stock of which company is owned by Prussian Electric Co., for the twelve months ended March 31,
1928, before depreciation, interest on funded debt and
taxes based on Income, were over three times, it is reported, combined annual interest charged on funded debt
of these companies, including this issue.
815
Chase Securities Corporation and Dillon, Read & Co. and in Europe
by a group including the following: Banque de Paris et des Pays Has
in France; Hambros Bank and Lazard Bros. in England; Niederoestereichische Escompte Gesellschaft, Austria; Banque de Bruxelles in
Belgium; Zivnostenska Bank in Czecho-Slovakia; Disconto Gesellschaft
and Deutsche Bank in Germany; Mendelssohn & Co. and Nederlandscbe
Handels Maatschappij, Amsterdam, in Holland; Banca Commerciale
Italiana in Italy; Banque de Credit Marmoresh and Banca Romansca in
Roumania; Societe Credit Suisse in Switzerland and Skandinaviska
Bank in Sweden.
The loan will be issued by the Kingdom of Roumania Monopolies Inreceipts
stitute and will be secured by a direct first charge on the gross
of State Monopolies, including the tobacco, salt and match monopolies.
The entire loan will be guaranteed unconditionally by the Roumanian
government.
Proceeds will be used in accordance with a plan of stabilization and
the Bank of
economic development drawn up under the auspices of
France for strengthening the liquid position of the National Bank of
of Roumanian currency; to
Roumania in connection with stabilization
provide for rehabilitation and development of the Roumanian railways
and for other important public works.
Central Reserve
In connection with the stabilization plan, important
National Bank
Banks of the world are arranging credits in favor of the
of Roumania to protect the position of the Roumanian currency.
The credit arranged by the Central banks, including the
Federal Reserve Banks, is referred to in another item in
this issue of our paper.
Regarding the participation of the Swedish Match Company in the loan, the following announcement was made
available on Feb. 6 along with the statement given above.
has signed
The Swedish Match Company announced today that it
thirty
a contract for operation of the Roumanian Match concession for
Roumanian Governyears and that it has agreed to purchase from the
loan which has
ment $30,000.000 of the $100,000,000 international
been arranged to aid in carrying out a plan of currency stabilization.
to the
The contract with Roumania will add a large European area
world-wide field that has come under the influence of the Swedish Match
Company.
Company and its American subsidiary, the International Match
Actual operation of the Roumanian concession will be carried on
by a corporation to be organized by the Swedish Match Company and the
Roumanian Government. The Kingdom of Roumania Monopolies Institute, a Governmental organization that has been set up to take over all
monopolies in that country, will receive a royalty payment for every
fox of matches sold in Roumania. The Swedish Match Company has
royalty
guaranteed to the Monopolies Institute a minimum annual
payment of $3.000,000.
The arrangement with Roumania is typical of the method by which
the Swedish Match Company has broadened the scope of its activities
to embrace an important interest in the match industry of nearly every
progressive country in the world. The most notable achievement was
the granting of a $75,000,000 5 per cent, loan to France late in 1927,
when the Swedish Match Company and the French Match Monopoly
reached a long-term arrangement for co-operation in the match industry
of that country. In that instance Swedish Match sold $50,000.000 of
the loan to the International Match Company and the latter financed the
purchase by selling in this market $50,000,000 of its own debentures
through Lee, Higginson & Co.
Last fall Swedish Match obtained the Hungarian Match concession
Bank
for fifty years and purchased $36,000,000 Hungarian Mortgage
Combonds. These bonds were later purchased by the Kreuger & Toll
Company
pany, a Swedish corporation controlling the Swedish Match
It was in
and, through the latter, the International Match Company.
Offering of $600,000 6% Notes of Unterelbe Power &
certificates representing
connection with this transaction that American
Light Co.
introduced in the AmeriKreuger & Toll participating debentures were
& Co. are offering at 99 and interest yield- can market. They are now listed on the New York Stock Exchange and
A. G. Becker
2
ing over 61‘% a new issue of $600,000, Unterelbe Power are selling at more than 45% above the issue price.
-year 6% gold notes maturing Feb. 1, 1931.
& Light Co., 2
and represented by American participation certificates of
International Acceptance Trust Co. The company, whose
entire capital stock is owned by the City of Altona, Germany, supplies electric power and light without competition in the City of Altona and nearby districts and in
addition, owns gas and water properties which supply the
entire requirements of the city with its population of
229,000 living adjacent to the City of Hamburg. Combined
net earnings of the properties owned and operated by
Unterelbe Power & Light Co. and subsidiaries, available
for interest, depreciation, royalties, etc., for the year ended
Dec. 31, 1927, are reported at $1,900,568, compared with
$336,000 which represents the maximum annual interest
requirements of this $600,000 note and $5,000,000 25-year
6% sinking fund mortgage gold bonds, series A, due April
1, 1953.
Signing of Preliminary Agreement For $100,000,000 Roumanian Loan—$30,000,000 To Be Taken By Swedish
Match Co.—Balance To Be Offered in U. S. and
Abroad.
Blair & Co., Inc., Chase Securities Corporation and
Dillon, Read & Co., who are heading an international
group which is arranging for the underwriting of the
Roumanian Stabilization Loan, announce on Feb. 6 that
the preliminary agreement for this loan had been signed
in Paris.
A statement issued in the matter said:
The new loan will be in the neighborhood of $100,000,000 of which
about $30,000,000 will be taken by the Swedish Match Company. The
balance will be offered in the United States by Blair & Co., Inc.;
the
Paris cablegram Feb. 2 reporting the signing of
say in part:
agreement for the loan, had the following to the $100,000,000
delay
and
After many months of tedious negotiation
in the United States,
Roumanian loan, one-sixth of which is to be floated
France at 5 o'clock
was formally signed at the offices of the Bank of
Henri Cheron affixed his signature as the French
this afternoon.
signed as hte Roumanian
Minister of Finance, and Michael Popovici
Minister of Finance.
is attached to
Considerable importance, political as well as economic,
which
the issuance of the credit and the Roumanian Peasant government
re-establishing the nation
recently assumed power, has high hopes of
among the financially and economically sound States of Europe.
It is assumed that the Roumanian currency will be stabilized and that
other measures tending to the economic consolidation of Roumania will
be carried out.
Representatives of the Amercan, British and other foreign banking
groups which are to participate in the operation also attended today's
ceremony. Some details remain to be settled before the loan becomes a
fact, and the Roumanian Finance Minister returned to Bucharest to-night
to see a series of legalizing measures through the Parliament and to
arrange the final aspects of the loan with international bankers.
The exact amount of the loan has not yet been fixed, the minimum
being $72,000,000 and the maximum $102,000,000, although it is quite
likely Roumania will use the full credit before her economic plans are
The details, such as the rate of interest, remain
carried through.
to be worked out.
The French have agreed to absorb $22,500,000 and subscripitons will
open on the morning of Feb. 11. It is presumed offerings will be
made in London, New York and other financing centres about the same
time. The American syndicate is headed by Blair & Co.
Just before leaving M. Popovivi received the press representatives
and emphasized how vital the loan is to Roumania. He said the nation
was about to emerge from the struggles and difficulties of the post-war
period and that this year's deficit of 4,000,000 lei (about $772,000)—due
to bad crops and the general governmental reorganization incidental to
the new regime—would be overcome in a short time.
In diplomatic circles the position of Roumania is regarded as having
greatly improved since the accession to power of the Peasants' party.
Confidence in the nation—without which a nation can do but little in
the way of financial and economic recovery—is returning in world
credit centres and the recent initiation of negotiations for a circular
816
FINANCIAL CHRONICLE
Polish-Roumanian-Soviet peace pact has added to this feeling
of
hopefulness.
The Roumanian loan represents the first large stabilization
undertaking of its kind since an international loan of $70,000,000
was
floated in behalf of Poland in the Autumn of 1927. Italy officially
stabilized her finances in December, 1927, but that was done with
the support of international banking credits instead of a bond issue.
Last Spring France returned to the gold standard, but made the
move
without the assistance either of loans or credits.
The Roumanian move is the latest in a world-wide trend toward
financial stabilization that has been in progress in recent years and that
has now placed practically all of Europe on the gold basis. Greece
is expected shortly to complete an international loan for similar
purposes
and Spain is expected to take action at a later date. American financial
co-operation has been given in practically all the stabilization programs
adopted abroad.
The loan is guaranteed by the net profits of the tobacco, match, salt
and powder monopolies to the extent of double the amount required for
interest and sinking fund charges. The present profits of these monopolies are four times these charges. The monopolies have been ceded
to
an autonomous organization which will handle the loan payments. The
entire loan will be guaranteed unconditionally by the Roumanian Government.
The Swedish Match Company, which has made loans to governments
in many parts of the world, including one of $45,000,000 to France,
with which a French loan in the United States was refunded, figures
largely in the Roumanian situation.
The match company receives
a monopoly for thirty years in Roumania in return for a $30,000,000
loan at 7%.
The match company guarantees to pay portions of
the gross receipts of its Roumanian monopoly toward the hcarges on the
international loan. It also undertakes to subscribe to 20% of future
Roumanian loans up to a proposed limit of $300,000,000, keeping
its holdings intact for two years.
It is understood that 40% of the total loan will be used for stabilization purposes and the balance for public works, including $35,000,000
for railroads.
Charles Rist, Deputy Governor of the Bank of France, has been
appointed adviser to the Roumanian National Bank for three years.
The adoption on Feb. 6 by the Roumanian Chamber of
Deputies of bills approving the loan was noted in the following message from Bucharest Feb. 6 to the "Times."
[Vori. 128.
Roumania to aid in the stabilization of Roumanian currency and exchange. While the bankers, in announcing
this phase of the stabilization plan, did not reveal the
total involved in these credits, the amount is said to be
In proportion to similar credits established in the case of
other countries which have been assisted back to a condition of economic and budgetary stability. The advices
to the press regarding the credits state:
The signatories to the international agreement to aid Roumania, in
addition to the Federal Reserve banks, the Bank of England and the
Bank of France, are the Austrian National Bank,
the National Bank of
Belgium, the German Reichsbank, Bank of Italy, Swiss National Bank,
Bank of Poland, the Nederslandsche Bank of Holland,
Sveriges Riksbank of Sweden, the Finlands Bank of Finland,
the Magyar Nemzeti
Bank of Hungry and the Narodni Banka Ceskolovenska, of Czech°.
slovakia.
Fixing of Gold Value
The plan of stabilization contemplates fixing the gold value of the
Roumanian leu at an amount corresponding to about 166 lei to the dollar, approximately equivalent to the exchange rate that has prevailed
without substantial change since the middle of 1927. The Roumanian
National Bank, which will continue to have the exclusive right of issuing currency notes, will undertake to maintain the stability of
the lea.
Changes in the Bank's statutes, amended to conform to the plan will
require it to maintain against all demand liabilities a minimum reserve
of 35% in gold or gold exchange, at least five-sevenths
of which must
be in gold. The Bank's notes will be exchangeable for gold
or gold exchange drafts.
The entire amount of exchange realized from the loan just arranged
by the American participating group of bankers, headed by Blair & Co.,
Inc., the Chase Securities Corporation and Dillon, Read & Co. will be
put at the disposal of the Bank. After execution of the measures provided in the plan, the State's debt to the bank will be reduced to about
11% of the assets of the Bank and less than 20% of its outstanding
notes.
The equilibrium of the budget will be strictly maintained and to this
end the international banking group floating the $100,000,000 loan and
the central banks extending the credit have set up the machinery for
rigid supervision of the Government's finances.
Great Britain was the first of the Old World countries to return to
the gold standard with the aid of foreign credits, but at that time no
country other than the United States was in a position to lend assistance. . The Federal Reserve banks extended a credit of $200,000,000 and
J. P. Morgan & Co. a credit of $100,000,000. In the case of Italy,
the central banks of several countries, including the United States,
granted a credit totaling $75,000,000, which was supplemented by a credit
of $50,000,000 by the Morgan house. Belgium received international
credits of $35,000,000 and Poland $20,000,000.
The Chamber of Deputies to-day voted bills sanctioning the stabilization loan of $72,000,000 and the Swedish match trust loan.
Minister
of Finance Popovici presented the stabilization and foreign loan bills
of the Parliamentary Commission.
The stabilization rate will be
fixed by the government without consultation with Parliament.
At
moment it probably will be three gold francs and twelve centimes the
for
100 lei. The National Bank of Roumania will be obliged to redeem
its
bank notes on demand in gold or the equivalent in foreign exchange.
The note issue must be covered to the extent of 35% in gold.
The directorate of the National Bank will be changed. In place
of
the present eight directors there will be ten counselors. The
present Rumanian Chamber and Senate Adopt Bill Stabilizing
Governor, together with three of the present directors, will constitute
a
Lei at 167.18.
directing committee.
Charles Rist, Deputy Governor of the Bank
of France, will be appointed Financial Adviser to control the process
Under date of Feb. 7 a wireless message from Bucharest
of stabilization and other bank transactions in the name of foreign
banks and of the government. It is reported that M. Rist will receive to the "Times" said:
The Senate voted to-day a bill for stabilization of the currency.
an annual salary of £6,000.
M. Popovici, Minister of Finance, proposed that the rate of stabilizaTerm: of Match Monopoly
tion should be one lel equal to ten milligrams of gold of nine-tenths fine.
At the same time an agreement with the Svenska Tandslicks AktieThis means that one United States dollar will equal 167.18 stabilized
bogalet, the Swedish match trust, was laid before Parliament. The leis, one pound sterling 1313.58 lei, one French franc 6.55 lei and one Swim
franc 32.25 leis.
agreement allots a monopoly of match sales in Roumania for a period
This rate was unanimously accepted by the Chamber and Senate.
of thirty years, beginning in July, 1929, to the trust. The Government
leases to the trust for a yearly rental of 20,000,000 lei all the Roumanian
match factories. In addition to the rental the trust pays a royalty of
1 lei a box of matches until the end of 1929, and thereafter 14 1M. Charles Rist Resigns from Bank of France To Act in
Advisory Capacity to Rumanian Government.
The retail price a box is fixed at 2 lei until the end of 1929; until
July, 1930, 254 lei, and afterward at 3 Id. It is estimated that the
Paris advices to the "Wall Street Journal" yesterday
government revenue under this agreement will be at least $3,000,000 a
(Feb.8) stated that Charles Rist, formerly Deputy Governor
year.
The trust takes over $30,000,000 from the stabilization loan at par of the Bank of France, has resigned from the bank and is
which will be blocked for three years, and further guarantees to take proceeding to Bucharest where he will act in
an advisory
over from subsequent issues 20% at the New York issue rate, which
will be blocked for two years. Roumanian banks will accept $3,000,000 capacity to the Rumanian Government in connection with
of the stabilization loan. The government will pay industrial and inland stabilization program.
debts largely with the new loan bonds.
All the political parties are satisfied with the terms of the loan,
the Liberal party alone protesting against the leasing of the match Taxes in Iowa Take Large Share of Farm Income.
monopoly.
Taxes took on an average more than 28% of the net rent,
, The loan will be devoted mainly to reconstruction of Roumania's before deducting taxes, of cash-rented
farms in Iowa in 1928
ruined railways.
The French, therefore, do excellent business by
delivering the major portion of their share in the loan in railway and 1927. On share-rented farms in 1926, the percentage
material. Germany offered at an earlier date credit in kind amounting to was 27. In the years 1913-1915, the percentage on cash125,000,000 gold marks, which was accepted.
rented farms was 14 and on share-rented less than 8. These
are some of the results of a co-operative investigation of the
Disposition of Roumanian Loan
relation of property taxes to property earnings made by
Associated Press advices from Bucharest Feb. 5 stated: Whitney Coombs of the Bureau of Agricultural
Economics,
The disposition of the loan of $106,000,000 negotiated in Paris was United
States Department of Agriculture, and Iowa State
explained today by Michael Popovitch, Finance Minister, on his return
from the French capital. He said that the National Bank would receive College of Agriculture. The Department's advices Jan. 81
$25,000,000, the treasury $20,000,000 and the State railroads, for replace- state:
ment of rolling stock, $35,000,000. The State Treasury will also receive
Cash•rent figures were secured for 862 farms in 1927 and 608 in 1926.
a revolving fund of $25,000,000 which will be issued from various Share-rent information came from 490 farms in 1926. The average
net
European banks.
cash-rent per acre was $4.54 in 1927 and $4.90 in 1926, and taxes amounted
to $1.30 and $1.36 per acre in these years. Net share-rent per acre in
Central Banks, Including Federal Reserve Banks, To Pro. 1926 was 85.11 per acre, slightly higher than cash-rent, but taxes at
Vide Credits To Aid In Stabilization of Roumanian $1.38 per acre were also higher.
Figures for the years 1913 to 1915 illustrate the changing levels of
Currency.
rent and of taxes on farm land in Iowa during the past fifteen years.
Supplementing the $100,000,000 Roumanian Loan—an Average annual net rent on cash-rented farms during the years 1913.1915
account of which appears in another Item in this issue was $4.26 per acre. On share-rented farms it was $7.51. Taxes were el
cents and 50 cents respectively.
of our paper—it was made known on Feb. 6 that arrangeAn important part of the investigation was devoted
an analysis of
msnts have been made whereby the Central Banks of the variation of the relation of taxes to net rent amongtoindividual farms
fourteen countries, including the Federal Reserve Banks, in particular years. In 1913 less than 3% of the 346 cash-rented farms
studied paid 30% of
rent in taxes. In 1927, 44% of the 862
will place credits at the disposal of the National Bank of farms paid over 30%.their netin that year
Taxes
took all the net rent of over
FEB. 9 1929.]
FINANCIAL CHRONICLE
6% of the farms. At the other extreme, taxes took 16% or less of the
net rent of 60% of the farms in 1913, and of less than 6% of them in
1927.
Analysis of studies made of rented city property indicates that taxes
took in 1927, 31.5% of the net rent of business property and 29.9% of
the net rent of residential property. Among these properties, as among
the farms, there was a wide variation among the individual properties in
the percentages of rent taken by taxes.
Corporations filing reports in Iowa for 1926 reported that all taxes,
including the Federal, corporation income tax, took 35% of their net
profits. Taxes other than the Federal corporation tax took nearly 23%.
There appeared to be as great a variation among individual corporations
in the percentages of their incomes taken by State and local taxes as
among individual pieces of rural and of urban real estate. There was also
great variation in this respect among various classes of corporations.
Construction companies, for example, paid on the average less than 5%
of their net profits in taxes other than Federal and 17% in all taxes,
while corporations in the finance group paid nearly 65% and 76%, respectively. All manufacturing corporations averaged 7.6% of profits
paid in taxes other than Federal and 21.1% in all taxes, but within the
group, corporations manufacturing metal and metal products paid 4% and
18%, respectively, and those manufacturing textiles and textile products
paid 16% and 30%.
817
it has been in operation, during which 2,804 families have been colonized
on 667,452 acres of land in the three prairie provinces. In Alberta there
have been no failures so far, and in Saskatchewan only about 1%. In
Manitoba the percentage of failures has been about 8%, due chiefly to
troubles with flooding, weeds and rust. During the present year 460
new families have been colonized to date.
The purpose of the new finance corporation is to reduce costs of colonization,supervision and management. It will have only a nominal capital, its
expense being largely met by advances from the Canadian Pacific Railway.
Loaning companies having farm lands to sell will turn them over to the
finance corporation at an appraised valuation based on the productivity
of the land over a period of 15 years. after allowing for a reasonable standard
of living, and Class A bends of the finance corporation will be issued in
return.
An estimate will be made of the amount of equipment and livestock necessary, which will generally average somewhere around $7 an acre, and the
loaning company will advance the amount necessary for this purpose, for
which Class B bonds will be given. These will have priority over the Class
A bonds and will be retired first. Participating certificates will also be
issued to the amount of 25% of the appraised value of the land and the
amount advanced for equipment, and 15% of the amount advanced for
new buildings, if any are necessary.
Banks for Farmers Is Canadian Issue—Radicals Favor
Business Transacted by Farmers Co-operative AssociaInstitution—Costly Home Bank Failure Recalled.—
tions in 1927 over Two Billion Dollars.
From the "Wall Street Journal" of Sept. 11 we take the
Farmers' co-operative associations transacted business to following Winnipeg advices:
Radical elements among agrarian forces on the prairies are urging organthe amount of $2,300,000,000 in the 1927 marketing season,
according to a preliminary report by the Division of Co- ization of a financial institution devoted wholly to farming interests.
It was this branch of organized agriculturists that promoted widespread
operative Marketing of the Department of Agriculture, investment in Home Bank stocks over the prairies. A stock-selling camfor the 11,400 active associations listed by the Department. paign of that company's securities was engineered between the lakes and the
One of the
the
This figure is less by $100,000,000 than the total business coast, based uponheadtheory that it catered directly to farmers.
of the largest organization of farmers, politically and
directors was the
the 10,803 associations listed by the Department in 1925. in a mercantile way. This circumstance "sold" the idea to the agrarians.
for
When the failure of the Home Bank came, it was a distinct shock to the
However,the price level for 1927 was lower than that for1925.
heavy losses. Farmers had deposited
source
Had prices offarm products, and the prices of supplies bought rural communities and thein that of
institution. This Home Bank episode
to a considerable extent
by farmers, been as high in 1927 as in 1925 the total business acted as a wet blanket on that element of the agrarians which had been
of the co-operatives would have been in excess of $2,500,- urging a farmers' bank.
prairies devoted wholly to the interest of the
Now the publications
000,000. The Department under date of Oct. 27 also added: grain growers are again on the renewed consideration of a purely farmers'
urging
The largest amount of business credited to any one group was $680,000.000, this being the sum of the transactions by the associations handling
grain. The associations marketing dairy products had a total business of
$620,000,000; the livestock associations, 6320,000,000; the fruit and vegetabel associations, $300,000,000; the associations marketing cotton, $97,000,000; the poultry and egg associations, $40,000,000; the nut marketing
associations, $14,600,000; tobacco associations, $22,000,000; and the
associations handling wool, 67,000,000. The business of the associations
selling miscellaneous products and buying farm supplies amounted to
nearly $200,000,000.
Some lines of activity which were important in 1915 were of less relative
Importance in 1927. This was not because of a decline in the amount of
business transacted by these groups but because of a very great increase
In the amount of business being reported by the associations in other
groups. The associations handling dairy products and shipping livestock
have made enormous strides since 1915 while the associations handling
grain, fruits and vegetables have made gains of about 100% and 50%
respectively.
The West Central States led in co-operative activity in 1915, in 1925
and in 1927. The Pacific States were in second place in 1915 but had
dropped to third place in 1925 where they remained in 1927. In 1925
the South Central States had advanced in relative importance as compared
with 1915 but by 1927 had slipped back slightly. California associations
reported a larger amount of business for 1927 than the associations for any
other State, the estimated total being $226,320,000. More than half of
this business represented activity by the 285 fruit and vegetable associations.
Corporation Formed to Finance Settlers in Three
Prairie Provinces of Canada—Lands Provided with
No Down Payment and Funds Advanced for
Purchase of Equipment.
A finance corporation has been formed in Canada to
reduce costs of colonization, supervision, and management in
the settlement of the Prairie Provinces, the Department of
Commerce was advised Oct. 13 by the Trade Commissioner
at Winnipeg, J. Bartlett Richards according to the "United
States Daily" which gave the report as follows:
What may prove to be an important step in the problem of establishing
settlers on farms in the Prairie Provinces was taken by representatives of
five of the largest insurance and loan companies and the executive of the
Canada Colonization Association, a subsidiary of the Canadian Pacific
Railway, when they recently came to an agreement on the formation of a
finance corporation, to handle the payments on farms sold by loans and
insurance companies to settlers.
These companies loaned very largely on western farm lands before and
during the war, and the deflation period following the war forced a number
of foreclosures, leaving large tracts of land in the hands of the loaning
companies. At first the practice was followed by selling such foreclosed
farms to owners of adjoining farms, but this was not altogether satisfactory, as such farmers frequently did not have sufficient capital or equipment to farm a full section to the best advantage, for example, where they
had been doing well on a half section.
To remedy this situation the Canadian Colonization Association was
formed by the Canadian Pacific Railway ,and charged with co-operating
with the loaning companies by getting desirable settlers, establishing them
on the land, and assisting their operations through the medium of supervisors thoroughly experienced in farming, who pay periodical visits to
settlements and give advice and assistance until they are on their feet.
These settlers are obtained chiefly from Europe, through the medium of
subsidiary boards, such as the Mennonite Board, the Lutheran Board,
the Dutch Catholic Board, etc. An effort has been made to obtain American settlers, but results have been insignificant, only 34% of the farmers
settled by the Colonization Association having been Americans.
The settlers are not required to make any down-payment, but apply
one-half the proceeds of each crop to payment of principal and interest.
This method is said to have proved strikingly successful in the four years
bank. They are making much of the fact that centralization of financial
power is proceeding rapidly in Canada. The fact that in 1917 there were
23 banks, while now there will be only ten, is used as a clincher for their
viewpoint.
These publications are predicting that the demand for a farmers' bank
charter will be the big issue in the next session of Parliament. The agrarians
with their 50 members in the House of Commons can force Government
action if they are combined on that issue, but they are at present somewhat
divided. The fact that funds are available at a low rate of interest for moving the crops is an argument made much of by the farmers who fear to
reach into the banking field as a separate unit.
One agrarian combination that markets more than half of all the wheat
produced, representing a total investment of $350,000,000, has not a dollar
of funds for that purpose. The banks do it economically.
Possible Congressional Inquiry Into Investment Trusts
and Group Banking—House Committee Authorizes
Representatives McFadden and Wingo to Draft
Resolution with View Toward Legislation.
A study of changing conditions in the banking field of the
United States may be undertaken by the House Committee
on Banking and Currency as a result of discussions at an
executive session held in Washington on Jan. 23. Chairman
Louis T. McFadden (Rep.), of Pennsylvania, and Representative Otis B. Wingo, Arkansas, ranking Democratic member, were authorized to draw up a resolution to be presented
at the next meeting of the Committee outlining the activities
to be undertaken, says a dispatch from Washington Jan.23
to the New York "Journal of Commerce," the account in
which is further quoted as follow :
It developed that in the minds of some of the members was the thought
that the Committee should inform itself as to certain aspects of banking
with a view to determining what, if any, constructive legislation may be
needed to safeguard the public interest, while at the same time protecting
legitimate interests from others less scrupulously inclined who might seek
to trade on the reputation and integrity of the first-named group.
Underlying these thoughts were the rapid development of investment
trusts and group banking. Members of the Committee appeared rather
loath to discuss the matter, indicating a desire to prevent the idea going out
that the Committee was about to pillory these newly created Institutions
or that it was "out to get someone or something." On the contrary, there
was every evidence of a wish on the part of the members simply to acquire
a working knowledge of conditions, at the same time preparing to initiate
any new Federal legislation that may be necessary.
Uniform Law Lacking.
It is understood that most of the members of the Committee present
entered into the discussion. It is certainly a live subject with the members,
since individually they have been receiving a number of announcements of
the creation of holding companies, investment trusts and other allied
features of banking. There have been no complaints of wrongdoing, but to
some, apparently the spread of these institutions is rather appalling when
it is observed that there is no Federal blue sky law and that the laws of some
of the States operating in such matters are extremely lease and supervision
of these undertakings extremely lax.
These various features were discussed at some length by representative
Wimp), with representative Stephenson (S. C.), Strong (Kansas), and
Goodwin (Minn.),expressing varying views. The matter of lack of uniform
law on the subjects under discussion was stressed. The suggestion was
made by Mr. Wingo that if these institutions are going to spread all over
the country, and the men directly involved in them are going to become
Practical bankers in that they will control banks, in the case of the group
bankers, and without restriction, it might be wise to call in some of the
leaders in the field and learn from them just what are the future PresPecia
818
FINANCIAL CHRONICLE
Wingo believed that it would be better to gain from the men actively
engaged in the promotion of group banking just what is and would be the
situation than calling upon economists and banking experts. From the
testimony thus obtained the Committee could determine whether it would
be desirable to seek the enactment of Federal Legislation at an early date
or whether to defer legislation until Congress is prompted by some
occurrence to take summary action.
He believed further that it would be better to proceed on the theory that
the purposes of these organizations are worthy any honest any with the
thought that this should motivate the Committee to the consider Mon of
constructive legislation that would protect all such honest institutions from
wildcatters.
From the general conversation had between the members, it would appear that the investment trust and group banking interests would be given
an opportunity to present their views any even assist in the drafting of the
legislation. They have much at stake as to the future, and since these are
new developments,the public and legitimate undertaking must be protected
against the operations of those likely to throw the whole structure into
public disrepute.
Acquisitions Planned.
Some of the members have received a circular calling their attention to
the formation of a new corporation which is about to undertake the acquisition of majority stock in a number of up-State New York banks. The
corporation in such event would be represented on the boards of directors
by "its own men." By reason of the character of this corporation, it was
suggested, neither the corporation, nor its members would be subject to
the Kern amendment as to directors of banks, nor the anti-trust laws.
"Since the conclusion of the hearings on the Strong stabilization bill it
was thought by the Committee that it might be desirable to call in members
of the Fderal Reserve Board and the management of the system once or
twice a year to have them explain to the members the different phases of
their operations," said Chairman McFadden. "They would be somewhat
in accordance with the procedure that has taken place during the hearings
on thr Strong bill. In this way we may be afforded an opportunity to
secure complete data that we may be qualified to deal in legislative manner
with any and all proposals for changes in the banking laws that may be
made from time to time.
While no conference !have yet taken place, undoubtedly a definite plan
of action will be presented to the Committee at its next meeting.
It is indicated that some of the members are desirous to secure the authority of the House of Representatives for the holding o !bearings either
in advance of or during the coming special session of Congress. The belief
has been expressed by some of the members that this permission wouly be
granted, but it is known that it is likely to be found the desire of the leaders
to confine the attention of Congress to farm relief and tariff revision at the
special session to the exclusion of all other matters.
In order to limit the extent of the undertakings of the special session,
with a view of its early adjournment, the House might refrain from organizing its Committee, thus precluding other than the Agricultural and Ways
and Means Committees from functioning. While the usual procedure is to
reappoint re-elected members to the Committee on which they had served
in a preceding Congress, except in cases of transfer to more desirable assignments. membership does not carry over from one Congress to another:
nor can a Committee become operative in a new session until formally
organized.
New Index Shows Money Market Trend—Dr. G. W.
Edwards, Economist, of Stone & Webster and
Blodgett, Inc., Compiles Monthly Chart.
A new money market index, with a chart of the statistical
position of the governing factors, has been compiled by
George W. Edwards, Ph. D., economist of Stone & Webster
and Blodget, Inc., and will shortly be available in booklet
form. Declaring that accurate information on money market trends is more essential than ever before to bankers,
brokers, corporations and owners of securities, Dr. Edwards explains the significance of the principal factors determining the trend of the money market and how they
operated through 1928. Hereafter, Dr. Edwards will chart
prevailing conditions in a monthly money market index to be
issued regularly by Stone & Webster and Blodget, Inc. In
his analysis of the factors which indicate the trend of the
money market, Dr. Edwards selects the following indices:
The reserve and credit position of Federal Reserve banks.
Earning assets and deposits of Federal Reserve member banks.
New financing by corporations and governments.
Brokers' loans with lenders and maturities.
Current quotations on the Federal Reserve Bank of New York discount
rate and the buying rate for 90-day bills.
Rates on prime commercial paper, call and time loans, Treasury Certificates, and prioes and yields of domestic bonds and industrial common
stocks.
Dr. Edwards explains the function of the money market
and points out that the commodity traded in is not money
but credit, or rather claims to credit; that the buyers and
sellers are banks, corporations, insurance companies, investment trusts and individuals, and that the brokers are stock
exchange, commercial paper and foreign exchange houses.
In his analysis of brokers' loans as an index of money market conditions, Dr. Edwards says:
[VOL. 128.
which are more conscious of this obligation and would continue to support
the money market through a period of stress."
Brokers' Loans on New York Stock Exchange at Record
Volume—Soar to $6,735,164,242.
A new high mark has been reached in the outstanding
brokers' loans on the New York Stock Exchange, the loans
on January 31 having reached the stupendous volume of
$6,735,164,242. These figures represent an advance of
$295,423,731 over the previous high mark of $6,439,740,511 recorded the month before—December 31. The
January 31 total consists of demand loans of $5,982,672,411
and time loans of $752,491,831, these two classes of loans
having risen from $5,722,258,724 and $717,481,787 respectively since Dec. 31. The "Times" of Feb. 5 in its Wall
Streets Topics commented thus on the Jan. 31 figures given
out by the Stock Exchange after the close of the market
on Feb. 4:
It was agreed by all well-informed persons that Wall Street had
no reason to expect anything except a sharp expansion in brokers' loans
in January; but the Stock Exchange compilation, showing an Increase
of more than $295,000,000, was received in some quarters with astonishment. Most followers of the market with any long stock at their brokers
seemed to be expecting that the unexpected would happen, and that the
increase would be less than that shown by the Federal Reserve Board
between Jan. 2 and Jan. 30, amounting to $229,000,000. This view was
held rather generally, in spite of the fact that the Stock Exchange increase is always larger than that shown by the Reserve Board. For some
reason, Wall Street had fully made up its mind to expect a smaller
increase in the Stock Exchange figures. The official figures did not
come out until nearly 4 o'clock, so that all the stock market community could do was to indulge in conjecture as to the possible effect
on today's trading.
In its issue of Feb. 6, the "Times" had a further paragraph, as follows, on the subject:
It was considered rather remarkable, in the opinion even of professional Wall Street, how completely the market chooses to ignore the
brokers' loan figures. Time was, and not so long ago it was remarked,
when such an advance as was reported yesterday by the Stock Exchange
would have brought a rush of liquidation. This was not at all the case
yesterday and, while market movements were mixed, nevertheless little
of the apprehension which was visible could be traced directly to the
expansion of brokers' loans. The comment most frequently heard around
brokerage offices is that "brokers' loans do not mean anything," and
gains or losses as they may take place in this account are inconsequential
because of the fact that so many of the new stock and bond issues go
directly into the banks on loan and quite naturally are listed as "advances against securities." It was admitted that there might be some
future in connection with this violent expansion of brokers' hnrrowings,
but the "new crop" of Wall Street speculators evidently hold very
lightly the facts and figures as presented weekly in the Federal Reserve
reports.
The statement given out on Feb. 4 by the Stock Exchange
follows:
Total net loans by New York Stock Exchange members
on collateral, contracted for and carried in New York as
of the close of business Jan. 31 1929, aggregated $6,735,164,242.30.
The detailed tabulation follows:
Time Loans.
Demand Loans.
(1) Net borrowings on collateral from New York
banks or trust companies
$5,043,292,321.47 $820,499,847.38
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others lathe City of New York
939,380.089.29 131,991,984.16
$5,982,672,410.76 $752,491,831.54
Combined total of time and demand loans, 36,735,164.242.30.
The scope of the above compilation is exactly the same as
in the loan report issued by the Exchange a month ago.
Demand Loans.
Jan19.236-0
Feb. 27
Mar.31
April 30
May 28
June 30
July 31
3311
Sept 30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar,31
A prl
M ar
6
$ .494:84 599
2 516 97..2 4
9.033.483,760
1,969.869.852
1.987,316.403
2.225.453.833
2.282,976,720
2.363.861,382
2.419.206,724
2,289,430,450
2.329,536.550
2,541,682,885
Time Loans,
3966,213.555
1.040,744.057
966,612.407
855.848.657
780 084.111
700.844.512
714,782.807
778.286,686
799.730.286
821,746.475
799,625,125
751.178,370
Total Loans.
63.513.174.154
3,536,590,321
3000.096.167
2,835,718,509
2.767,400.514
2.026,298.345
2,098.759,527
3,142.148 068
3.218,937,010
3.111.176,925
3.129.161,675
3,292.860,255
2,328,340,338
2.475,498.129
2,504,687,674
2.541.305,897
2,673.993,079
2,756,968,593
2,764.511.040
2.745,570,788
3.107.674.325
3,023,238.874
3,134,027,003
3.480,779,821
810,446,000
780,961,250
785.093,500
799,903,910
783,875,950
811,998,250
877,184.250
928,320,545
896.953.245
922,808,500
957,809,300
952,127,500
3.138,786,338
3.256.459,379
3,289,781.174
3.341.209,847
3,457,869,029
3,568.966,848
3.641.895,290
3,673,891,333
3.914.627.570
3,948.137,374
4.091.836,303
4,432.907,321
1,627,479,260
1,028,200.260
1,059,749.006
1,168,845.000
1,203,687,250
1,156.718,982
1,069,653.084
957,548,112
824.087.711
763.993.528
777,255.964
717,481,787
4,420.352,541
4,322.578,914
4,840.174,172
4,907,782.599
5.274.046,281
4.898.351,487
4.837,347,579
5.051,437,405
5,513,639,685
5,979,721,082
6.391,644,264
6,439,740,511
752,491,831
6,735,164,242
. lae 3301
11' ny
lu
July 30
3301
Sept.30
Oct. 31
"The statement (N. Y. Stock Exchange) first shows the extent to which Nov.30
the member banks are placing funds on their 'own account' in brokers' Dee. 31
1928—
loans. The report next indicates the amount of money which these metroJan. 31
3.392,873,281
politan banks are placing in the New York market for the account of 'out- Feb. 29
3,294,378,654
of-town banks.' Finally, the report shows the volume of surplus funds Mar. 31
3.580,425.172
3,738.937.599
flowing into the market from 'others,' namely, individuals, corporations, April 30
May 31
4.070.359,031
insurance and investment companies attracted by the relatively higher rate June 30
3.741.632.505
Obtainable in the investment as against the business field. The thought is July 31
3.767,694,495
sometimes expressed that a growing proportion of such loans for the ac- Aug. 31
4,093.889.293
30
4.689.551.974
count of others as against loans by the banks for their own account is a Sept.31
Oct.
5,115.727.534
sign of weakness, since, it is contended, non-bank lenders have no public Nov 30
5,614,388.360
responsibility to sustain the financial structure and so would be more Dec. 31
5,722,258,724
1929—
inclined to withdraw their funds in an emergency than would the banks Jan.
315,982,672,411
FEB. 9 1929.]
FINANCIAL CHRONICLE
819
The Committee may change any of the foregoing regulations at any
time and reserves the right to make such other regulations as it may
determine to be necessary or proper in connection with the transfer
by members of the Exchange of their interests in the additional memberships.
There are enclosed herewith three forms, the first being an offer to
sell your right. If you desire to make use of this form, kindly fill in
the amount for which you wish to sell your right, sign the offer and
return it in the enclosed envelope to the Secretary of the New York
Stock Exchange.
The second form is an offer to purchase rights. If some person who
is not a member of the Exchange desires to purchase rights, kindly
782
Approving
have him fill in the number of rights and aggregate price which he
133
Disapproving
desires to pay for them; fill in the numbers of contracts to acquire
27
Defective ballots
the rights of other members, which contracts must be enclosed with the
offer to purchase; sign the offer and return to the Secretary of the
942
Total ballots cast
Exchange in the enclosed envelope.
The third form is a contract for the transfer of a right, and is to
The report of the Commitee recommending an increase
member of the Exchange doesires to transfer his right
of 275 in the membership of the Exchange was published be used when a for membership either for a consideration that has been
to an applicant
In our Jan. 26 issue (page 500). We likewise gave in mutually agreed upon or for a nominal consideration. It must be
that issue the resolution adopted by the Governing Com- signed by both the member of the Exchange and the applicant and
in the
mittee authorizing the increase. In the reference to the should then be returned to the Secretary of the Exchange
enclosed envelope.
vote of the members the "Times" of yesterday (Feb. 8)
Very truly yours,
RICHARD WHITNEY,
said:
ALLEN L. LINDLEY,
Under the plan of increase each of the 1,100 members of the Exchange
WARREN B. Nzszt, Chairman.
has a 25% interest in one additional seat. The proceeds from the sale
of the "rights" granted will accrue to the present members.
Members of New York Stock Exchange Approve Proposal
to Increase Membership.
The proposal to increase the membership of the New
1
York Stock Exchange from ,100 to 1,375 to which reference was made in these columns Jan. 26, page 500 and
Feb. 2, page 664, has been approved by the members of
the Exchange. The result of the vote was announced as
follows on Feb. 7:
Three Years to Sell "Rights"
E. A. Pierce In Letter to President Simmons of New
York Stock Exchange Urges Leasing for Active
Members of the Exchange have three years in which to dispose of their
"rights." Although the Exchange has made no ruling on that point,
Use of Memberships Now Dormant in Lieu of
it has been assumed by members that the "rights" will lapse if they
Increased Memberships.
are not exercised within that time. The Exchange is hoping that the
greater part of the "rights" will be exercised as soon as transfers can
Bringing to the attention of President Simmons of the
be arranged, since the purpose is to increase the number of floor traders New York Stock Exchange his views on the subject of inand thus enlarge the trading facilities.
Exchange, Edward Allen Pierce,
No seats have been sold since the Government committee's proposal to creased membership of the
increase the number from 1,100 to 1,375 was announced two weeks of E. A. Pierce & Co. of this city, quotes a letter which he
ago. The price involved in the last transaction was $625,000, which addressed in December to Warren B. Nash, Chairman of
represented a tecord. Theoretically, therefore, the 25% interest in an
Exchange, inquiring into the question
additional seat which each member receives has a value of $125,000. which the Committee of the
would make a total of $137,500,000. The actual value of the "rights" of enlarging the membership, in which Mr. Pierce indicated
will not be known, however, until their sale is artanged.
that he was "not disposed to favor any increase in memMembers of the Exchange take it for granted that the value of each
an intelligent effort is made to put into active
seat will be reduced by the 25% increase in the total number. The 1,109 bership until
seats existing prior to the adoption of the increase had an aggregate use those now dormant." The report of the Committee
market value of $687,500,000.
recommending an increase of 275 in the membership of the
We give herewith the announcement made by the Ex- Exchange, raising the maximum to 1,375, was referred to in
our issue of Jan. 26, page 500, and the following week
change on Feb. 7.
New York Stock Exchange announces that resolution increasing the (Feb. 2, page 664), we printed a letter of President Simmembership of the Exchange by 275 has been approved by the members
mons to the members urging their serious consideration of
of the Exchange.
the proposal of the Committee. Mr. Pierce contends that
A circular describing regulations in regard to transfer of rights in
new memberships and enclosing forms for transfer is being mailed to -no plan involving the sale of additional memberships
all members of the Exchange. It states that all transfers of rights to would insure 100% active use of the additional seats." In
additional memberships must be made through the Secretary's Office of
his lvtter to Mr. Nash, he also said:
the Exchange on forms provided by it and that bids
or offers to pur"1 have yet to hear any sound argument against an arrangement whereby
chase or sell riOns of existing members will be received by the Secretary
would lease his seat to a house in New
up to noon on February 18, 1929. All bids or offers so received will a member living in Chicago, say,
floor member, the New York house to assume
be tabulated and where necessary precedence among equal bids or offers York requiring an additional
action of such individual as it might nominate, the
will be determined by lot. Bids or offers received after noon on February responsibility for any
course, to be approved by the Admissions Com18, 1929, will take precedence in order of the time when received by nominee, as a matter of
mittee. If, for instance, $50,000 per year were paid for the privilege,
the Secretary of the Exchange. Prior to February 18, 1929, no transfers
say, going to the lessor, $10,000 to the Exchange, and $10,000
of rights to additional membership will be allowed except when they $30,000
to a fund to be apportioned at the end of the year to the 1,100 present
are transferred for a nominal consideration.
members, everybody concerned would be benefited substantially."
The circular referred to above follows:
February 7, 1929.
To the Members of the
New York Stock Exchange:
By a Resolution of the Governing Committee the undersigned were
appointed a Special Committee to make such regulations as may be
necessary and to pass on all questions that may arise in connection
with the transfer by members of the Exchange of their proportionate
parts of the additional memberships referred to in the Resolution adopted
by the Governing Committee on Jan. 24. 1929. It pursuance of the
authority vested in it the Special Committee has adopted the following
regulations:
(1) All transfers by members of the Exchange of their rights to
such
additional memberships (hereinafter for convenience called "rights")
must be made through the Secretary's office of the Exchange and on
forms which will be provided by the Exchange.
(2) No right may be transferred except to an applicant for
membership who is approved by the Committee on Admissions pursuant to
the Constitution and who is contracting to acquire the rights of four
members of the Exchange.
(3) All bids and offers to purchase or sell rights received by the
Secretary of the Exchange up to noon on February 18, 1929, will
be
tabulated and, where necessary, precedence among equal bids and
offers
will be determined by lot. Bids or offers received after noon on Feb.
18, 1929, will take precedence in the order of time when received by
the
Secretary of the Exchange. Prior to noon on February 18, 1929,
no
transfers of rights will be allowed, except when rights are
transferred
for a nominal consideration to an applicant for membership.
(4) All bids and offers for rights shall be in multiples of $500.
(5) Until a member has transferred his right any transfer of his
membership must carry with it his interest in the additional memberships. There will, therefore, be three types of bids that may be made
by applicants for memberships. They may bid (a) for the rights of four
members; (b) for memberships ex-rights or (c) for memberships with
rights. Any existing member of the Exchange may offer to transfer
(a) his right, (b) his membership carrying with it a right, or (c) his
membership alone, provided his right has been transferred. Any agreement to transfer a membership in the Exchange by a member who has
not disposed of his right shall be presumed to be an offer to transfer
his membership and his right.
The letter of Mr. Pierce to President Simmons follows:
Jan. 30 1929.
Mr. E. H. H. Simmons, Pres., New York Stock Exchange, New York City.
Dear Mr. Simmons:—On the 18th ult. I exercised the opportunity, if not
the right—having regard to the fact that I am no longer a member of the
Exchange—to express myself on the subject of the proposal to increase the
number of Exchange memberships in a letter sent to Mr. Nash reading in
part as follows:
"Personally, I am not disposed to favor any Increase in memberships until an
intelligent effort is made to put into active use those now dormant. Probably
at least 100 seats which at present are used merely for conveying membership
privilege could be put into actual use If the proposition were approached In a practical
manner. I am not one of those who are opposed to increase in membership because
of the fear of possible dilution of the value of those now In existence, but I do think
that before an increase is authorized It should be ascertained whether or not it is
necessary.
"1 have yet to hear any sound argument against an arrangement whereby a
member living In Chicago,say, would lease his seat to a house In New York req1drinS
an additional floor member, the New York house to assume responsibility for any
action of such individual as It might nominate, the nominee, 88 a matter of course.
to be approved by the Admissions Committee. If. for instance, 1150,000 per Year
were paid for the privilege, 530,000,say, going to the lessor, $10,000 to the Exchange.
and $10,000 to a fund to be apportioned at the end of the year to the 1,100 present
members, everybody concerned would be benefited substantially and the factor of
dilution vitiated. Beyond peradventure, any New York house leasing a seat would
lease it only for active use. No plan involving the sale of additional memberships
would Insure 100% active use of the additional seats.
"Probably to some members the use of the word 'lease' in connection with a
Stock Exchange seat would oe anathema, for no better reason than the fact that.
to some, anything involving any change whatsoever from the status quo is unthinkable. Likely enough, too, the first reaction of some would be that the Plan suggested
might not be legal. As for the first obJection, the clearing house, the questionnaire.
and increases in the commission schedule, for instance. were all unthinkable to the
many members who permitted others to do their thinking for them. As for the
second, I have observed that, generally speaking, almost any project basically
correct can be made legal if it is not already so.
"Would it not be quite early enough to Issue new memberships if and when It
was discovered that such Issue was essential? Also, is it not quite likely that a
'lease' proposition might at this time carry the sanction of a majority of the members
when the proposition to increase the number of the seats, either regular or associate.
might not?"
In a circular lately issued to members, conveying an expression of your
Special Committee to the Governing Committee, it is held that all plans
save that recommended by the Committee "are necessarily impractical,
both because they involve certain legal difficulties owing to the character
of the organization of the Exchange and because they do away with the
individual moral and financial responsibility that exists to-day since contracts are made only between members of the Exchange." Infee.obisetr.
820
FINANCIAL CHRONICLE
[VOL. 128.
at least, the obstacles, from a legal standpoint, to the leasing proposition upon the point of whether or not the Exchange would not build more solidly
are not insurmountable, else your Committee would have rested its case for the future if it were to make available for active use the many seats
on the point of illegality. M for your Committee's contention that the now inactive and demonstrate its determination to "snap into it" with the
leasing of a seat would do away with the individual moral and financial already existing facilities, both personal and material. No man worthy
responsibility that exists to-day, it should be borne in mind that in many of the name, as intensely interested in the welfare of the Exchange as I
cases under existing conditions the financial responsibility rests not with know you to be and you know me to be, could read the final paragraph
the titular owner of the seat but with the firm of which he is a member. of your letter of the 28th inst. without being inspired to the best thought
Many seats are held by those who had, and perhaps still have, little or no of which he is capable. Nevertheless, I stand solidly on the ground that
capital, the purchase money having been provided by the firm with which the more thinking your fellow members do on the subject matter of the
they are connected. Your Committee's contention as to moral responsibility Special Committee's circular the fewer votes they will cast in favor of
seems to rest on a foundation quite as insecure. If your firm, finding it increased membership under its plan and in making that assertion I'm not
necessary to place another member on the floor, concluded to lease a seat unmindful of the fact that the plan carries with it the weight of conrather than to buy one, you would be quite as careful in the selection of stituted authority. It is not at all unlikely that already a sufficient number
your nominee as if you were purchasing, since the responsibility for his of votes have been pledged or cast to insure the passage of the proposed
action under a properly designed scheme for leasing would be the same in resolution. Nevertheless, I'm going to essay the role of a prophet to the
the one case as in the other.
extent of predicting that, unless more is done in the future to insure the
I cannot subscribe to your Committee's argument that "if, for instance, proper and efficient use of Exchange facilities—both actual and potential,
the inactive members are allowed to lease their trading privileges, the both personal and material—than has been done in the past, the machinery
members who are active on the floor of the Exchange will have to com- of the institution even under the proposed plan will be as pitifully ineffipete with these lessees and this would be inequitable as the existing mem- cient with 1,375 members as with 1,100.
bers have acquired their memberships at great cost and the lessees would
My sole desire in submitting this lengthy letter is to be constructively
be exercising an equal privilege upon the payment of only an annual helpful in the development of a plan which will assure the most efficient
rental" If one were to carry such argument to a conclusion he necessarily service to the public and will maintain the high ideals and best tradiwould have to hold that the man who to-day pays $600,000 for a seat is tions of the Exchange.
placed at an unfair advantage in competing with the members who not
With an assurance of my high regard for the extraordinarily fine service
so many years ago bought their seats for but a fraction of $600,000, all that you, personally, and many of your associates have given to the Exchange
of which might be true but certainly would be irrelevant. The fee for in recent years, I remain,
listing suggested in my memorandum to Mr. Nash, I. e., $50,000, is far
Yours cordially,
greater than the cost of many seats now held by members and, mark you,
(Signed) E. A. PIERCE.
the $50,000 figure suggested represents an annual payment.
ParenMemorandum.
thetically, the figure used in my communication to Mr. Nash was for
It would seem superfluous to state, with reference to the text of the
purpose of illustration only. The gross amount of $50,000 quite con- foregoing letter to Mr. Simmons, that my suggestion does not contemplate
ceivably may be out of line and, moreover, the suggested division in- the loss of the "franchise" privilege by the lessor. In other words, it
equitable; also, the elimination of the Exchange in the scheme of rental would be provided that the lessor's status as to right to membership rates
fee division might be deemed preferable. If the principle of leasing were would not be in any way affected.
E. A. P.
established as correct however, a fair division of the fee no doubt could be
determined without difficulty.
Your Committee's statement, "If the rentals were paid to the Exchange Less Rigid Rules Planned for Listing Foreign Shares
and distributed by it to all the members, the active floor brokers would
on Exchange—Representatives Go Abroad To Study
still be at a distinct disadvantage because their share of the rentals would
European Practices.
be considerably lees than the commissional they would lose through the competition of these lessees," seems decidedly gratuitous. Presumably the
It was stated in the New York "Journal of Commerce"
principal purpose of the proposed increase in memberships is to put addi- of
Feb. 2 that proposals for a radical revision of the regutional brokers on the floor and certainly if additional brokers are put on
the floor increased competition will develop whether they are placed there lations governing the listing of foreign securities on the
through the sale or through the lease method. Moreover, if your Coin- New York gtock Exchange are now being considered by
mitte's plan in put into operation, the competition will be there for all
the authorities of the exchange. Several representatives of
time, whereas under the leasing plan it would be there only when great
volume of business required a larger number of brokers, for no New York the exchange left for Europe on Feb. 1 and will make a
house already owning a seat would indulge in the expensiv luxury of new study of methods of trading in foreign securities in
paying $50,000 a year for the use of one not needed of which it could divest vogue
In other markets, according to the paper quoted, from
Itself.
During the last few years of unprecedented activity on the Exchange, which we also take the following:
there have come into its membership many young men who, in the very
General results of the listing requirements of the New York Stock Exnature of things, must look upon current conditions as approximating change, as adopted more than a year ago, have been disappointing. Rela• the normaL Having all the floor business they can handle and profiting tively few foreign issues have been listed, as the regulations have
substantially therefrom, they see nothing of the picture presented in such proved too onerous. Furthermore, in a number of cases, prices on the
a period as when, not so many years ago, one of my floor partners told me New York market have not been sensitive to fluctuations abroad, so that
after the close that a certain popular "two dollar" broker had not received wide differences between quotations here and elsewhere on the same
that day a single order for execution. There seems not the remotest likeli- security have developed. This has tended to give the trading public less
hood of our ever going back to the time when 300,000 or 400,000 shares confidence in the New York market for these issues.
represented an average day's turnover on the Exchange; but on the other
At the time that the New York Stock Exchange passed Its listing regu'hand, 4 and b million share days aren't likely to establish themselves as lations for foreign shares, outside of Canadian and Mexican, only four such
a fixture.
issues were traded in on the exchange. The number has since been inYourCommittee's argument that "this proposition would greatly weaken creased by about six others, including the Austrian Credit Anstalt, the
the disciplinary power of the Exchange because the penalty of suspension North German Lloyd, the Belgian National Railways, the Columbia Graphor expulsion in the case of a lessee would be obviously less serious than aphone Co. and the Rhine Westphalia Electric Co. However, the exif the same penalty were imposed lupon a member of the Exchange" seems pansion of trading in foreign shares on the New York Curb Market has
as illogical as its other objections. Presumably there can be but two real gone ahead much more rapidly than on the New York Stock Exchange,
reasons for suspending or expelling the holder of a seat; one, to rid the because of the less burdensome listing requirements prevalent there.
organization of a seatholder who is found unfit, and the other, to serve
Considerable pressure for modification of the present listing regulations
as a warning to those few who perhaps might be disposed to transgress if of the New York Stock Exchange has been exerted by houses interested in
the fear of suspension or expulsion were not upon them. How could either foreign stock financing, who find it difficult to do business successfully
purpose be served less in the case of the holder of a leased seat than in and profitably under these arrangements. They feel that relaxation of
the regulations in certain directions may be made with safety, and at
the cage of the holder of a purchasd seat?
There may be some undisclosed reason why the lease proposition is un- the same time with good effects on the volume of foreign stock trading
feasible, but I respectfully submit that your Committee's circular discloses on the exchange.
none that is convincing to me. It is my personal opinion, for whatever it
There is fairly general agreement in quarters close to the exchange that
Is worth, that the creation of additional memberships eventually will be it will be necessary to continue to restrict listings to American certificates
necessary. In the meantime, why would it not be well to put into effective representing foreign shares. Only in this way, it is felt, can the American
use those which now exist. There is no way of predetermining beyond holder be protected. By listing the actual foregin share certificates loss
peradventure what use will be made of any considerable number of the ,because of the peculiar financial methods and practices in vogue abroad,
additional 275, if they are created. On the other hand, it is a moral cer- such as failing to clip coupons in time, would be risked. On the other
tainty that any leased seat would be actively used for the reason that no hand, in several exchanges abroad active and broad markets have been
member firm conceivably would lease a seat for any purpose other than built tip in foreign securities even when certificates of deposit were traded
active use.
In in place of the actual shares themselves. Thus, on the Amstredarn
Under the lease plan, all the groups principally entitled to consideration market, certificates of deposit made out to bearer representing foreign
would be benefited. The lessor would come into possession of an income shares are generally used and listed on the exchange, and satisfactory marthat would substantially more than cover the cost of his carrying charges ket conditions exist there.
It is expected in informed quarters that after the exchange completes
provided a fee as high as $50,000 per annum were fixed. The lessee,
on the basis of a $50,000 fee, would, it is true, expend in rental somewhat studies now under way, probably by the late spring, a modified set of
more than the carrying charges on a $600,000 investment, but on the regulations will be published to replace those now in force. The regulaother hand would be relieved of the risk involved in the fluctuations in tions will be changed in such a way as to meet certain objections which
the value of a $600,000 commitment, and moreover, he could divest himself banking houses and brokers have against them as a result of actual exof the fee at any time when conditions were such that an additional seat perience.
were not required. The public, undoubtedly, would fare far better for the
reason that in the aggregate the holders of leased seats would be far more New York Stock Exchange and Other Markets to Suscapable of handling floor business than the holders of purchased seats; for
pend Trading Operations To-Day.
In practically every instance the leasing house would see to it that its
Announcement that the New York Stock Exchange would
nominee was a man of capability while in the case of purchased seats
nothing is required save the price th.raeof plus a reasonable degree of not be open for trading to-day (Feb. 9) was made on Feb. 7;
respectability. Under any plan, as a matter of course, seats would continue at a
special meeting of the Governing Committee of the Exto be bought and sold; but it seems certain that under the lease plan far
of .them would fall into the hands of those capable of using them as change on that day the following resolution was adopted:
more
Whereas, the Governing Committee is desirous of affording relief to the
they should be used if the public is properly to be served.
In your circular of the 28th inst. you appeal to your fellow members Personnel of the member houses from the effects of sickness caused by the
epidemic of influenza during the recent month;
to ignore all minor or personal opinions in making their decision and to
Resolved. That the Exchange be not opened for trading on Saturday.
look on the question from the point of view of the needs of the Exchange Feb. 9
1929.
and our obligation to the public. Your admirably worded expression unAnd be it further resolved, That the offices of members and of the Exdoubtedly breathes the right spirit, but I maintain that it is up to those change remain
open for the transaction of their regular office business
who are capable of doing their own thinking to deliberate long and earnestly on that day.
rm.9 1929.]
FINANCIAL CHRONICLE
821
In the "World" of yesterday (Feb. 8) we find the following: last August. Jesse V. Craig, Commissioner from Nebraska
and President of the organization, re-appointed a committee consisting of H. C. Hicks of Utah, L. E. Shippee, State
Bank Commissioner of Connecticut and A. L. Putnam, Securities Commissioner of South Dakota. Messrs. Hicks and
Shippee conducted the investigation and will submit the
fact finding report, together with the Committees conclusions, to the members of the National Association of Securities Commissioners, which is made up of the officials
of about forty-two States. W. P. Landon, Certified Public
Accountant and Analyst ef Hartford, Connecticut, also renThe "Times" comments of yesterday stated:
dered assistance to the Committee in checking information,
It will be the first closing of the two Exchanges since Saturday, Nov. 24, financial statements and other data which came before it.
when the two-hour trading period was eliminated so that the overworked
The Committee summoned before it not only the officers,
brokerage organizations could p3st up their books. That was during the
prolonged advance which culminated shortly thereafter and was followed directors and Chairmen of the various committees, but many
by the violent break of Dec. 6, 7 and 8. . . .
whenever information of interest to the ComIt is not likely, it was said yesterday, that the Exchanges will close on employees, and
Monday, the day before Lincoln's Birthday, although there was some missioners, bearing on the Exchange activities, was given,
talk of suspending trading on that day. Trading will be suspended on such testimony was placed in the record. The files, includTuesday in observance of the holiday.
ing the applications for 'listing or unlisted stocks with all
The New York Curb Market and the New York Produce data
were also furnished. Messrs. Hicks and Shippee
Exchange will also be closed to-day. The Chicago Stock
presented their recommendations as follows:
Exchange will likewise be closed, as will the Detroit and Los
Your committee has recommended to the New York Curb Market that,
Angeles stock Exchanges.
upon the request of any Securities Commissioner in the United States, it
The Exchange contributed no little to Wall Street's wonder by announcing
after the close of trading that it would not be open to-morrow. The official
explanation was that the institution wished to relieve employees of member
houses from the effects of the recent epidemic of influenza.
The clerical workers seemed surprised, if not startled, to learn that they
were ill, most of them assuming that the influenza epidemic had long since
passed its peak. They were further puzzled at the Exchange's solicitude
when it announced that they would have to remain at their bookkeeping
tasks to-morrow, although no new business will be done.
It will be generally accepted in Wall Street that the Exchange's action
grows out of the present uncertain situation of the stock market. An extra
holiday may tend toward orderly trading by giving speculators and investors
time to collect their thoughts.
President Simmons of New York Stock Exchange Sails
for Europe to Deliver Address in Paris Feb. 22.
E. H. H. Simmons, President of the New York Stock Exchange, has accepted an invitation to be the guest of the
American Club of Paris, and to sPeak at the club's Washington's Birthday dinner on Feb. 22. He sailed last night
(Feb. 8) on the White Star liner Majestic.
Stock of Chemical National Bank and National Bank of
Commerce Stricken from New York Stock Exchange
•
List.
It was announced on Feb. 7 that the stock of the Chemical
National Bank of New York had been stricken from the list
of the New York Stock Exchange at the request of the bank.
About a week ago the stock of the National Bank of Commerce in New York was also removed from the Stock Exchange list. The action of the stockholders of these two
banks in voting to remove their stocks from listing on the
Exchange was noted in our issue of Jan. 12, page 191.
Report by Committee of National Association of
Securities Commissioners Commends Listing Requirements and Disciplinary Methods of New
York Curb Market.
Uniform and efficient co-operation of men trained in the
business of operating a stock exchange, together with drastic
listing requirements and firm disciplinary methods are
largely responsible for making the New York Curb Market
the second largest institution of its kind in the United
States, according to H. C. Hicks, Chairman of the Committee on Investigation of Stock Exchanges, of the National Association of Securities Commissioners, and Director of the Utah State Securities Commission. This statement is borne out in the report of the Committee which has
just completed its New York Curb Market fact finding investigation and report. In discussing the matter, Mr. Hicks
said:
"We examined the officers, directors, Chairmen of Committees, departmental secretaries and managers and all others entrusted with responsibility from President William S. Muller dawn to the floor manager
of the Exchange itself. In every case I was impressed with the knowledge
the members of the organization displayed in presenting a true story of
the operations of the Curb Market to our Committee."
place such Commissioner on its mailing list, and thereafter forward to such
Commissioner copies of listing bulletins published on every security listed,
containing a synopsis of the information furnished to the Committee on
Listing of the New York Curb Market on the regular listing application
blanks, at the time application was made for listing. The Committee is
pleased to report that the New York Curb Market accepted this suggestion
and said publications will be available to any Commissioner upon request
Your Committee also suggested that the New York Curb Market agree
to furnish any Securities Commissioner in the United States, upon the request of such Commissioner, such information as the Listing Committee of
the New York Curb Market had obtained concerning any security admitted
to unlisted trading privileges. Your Committee was advised that the
New York Curb Market would be delighted to furnish this sperial information upon the specific request of any Securities Cominissioner.
Your Committee further suggested that the New York Curb Market supply
the various Commissioners with more detailed information concerning any
security listed, than is contained in the bulletins, when, as and if such Securities Commissioner, for good reason, would especially request such information. The New York Curb Market acquiesced in this suggestion and
detail information will also be available upon special request
Your Comniittee suggested that the New York Curb Market work out
some plan with the various newspapers and financial publications which
carry daily stock quotations, whereby the listed and unlisted securities
might be distinguished by any reader of such publications. The officials
of the New York Curb Market stated that an effort would be made to
comply with this suggestion.
Your Committee suggested that the Listing Committee of the New York
Curb Market, as a committee, or through a special sub-committee, make a
special study of securities now listed or admitted to unlisted trading
privileges on the Exchange, with a view of suspending and-or removing
from trading privileges, the se6urities of all companies whose personnel, financial condition, lack of activity in trading, or lack of distribution, do
not merit a continuance of trading on the Exchange.
Additional Issues Dealt In On Securities Market of
New York Produce Exchange.
Supplementing the lists of Securities dealt in on the
Securities Market of the New York Produce Exchange,
which have been given from time to time in these columns (the last having appeared in our issue of Jan. 26,
page 502) the Exchange has made three announcements as
follows of additions to the list.
The Committee on Securities of the New York Produ.ce
Exchange has designated the following as issues to be
dealt in in the Securities Market on this Exchange:
Jenkins Television Corp. Common.
Helena Rubenstein Inc. Con. 3 Dividend Preference.
American Utilities Co. Common.
American Utilities Co. $7 Cum. Preferred.
Crosse & Blackwell, Inc. Common.
Cincinnati Ball Crank Co. $2.25 Cum. Cony. Partic. Preferred; Cincinnati Ball Crank Co. Common.
Hutte Engineering Co. Inc. Common.
Moth Aircraft Corp. Units.
Paterson & Hudson River Railroad Co.
Standard Commercial Tobacco Co. Non-Voting Common "lit."
Smith (L. C.) & Corona Typewriters, Inc. Common Voting
Trust
Certificates.
LaLasine International, Inc. Common.
Home Fire Security Corp. Capital.
Suburban Light & Power Co. Common.
Cleveland Electric Illuminating Co. Common.
Lockhead Aircraft Co. Class "B" Common.
Stearman Aircraft Co. Common.
United States Radio & Television Corp. Common.
The investigation of the New York Curb Market, as contained in the record of the Committee, began in 1926, when
members of the organization met in New York City with the
Securities Commissioners of various States. Two years
ago a committee was appointed by S. Louis Ostrem, Securities Commissioner of Iowa, and at that time President of
the National Association of Securities Commissioners. Mr.
Hicks was made Chairman of this Committee and commenced a preliminary survey of the stock exchangesthroughout the United States. Correspondence between the exThe Committee on Securities of the New York Produce
changes and the Committee took place for practically a
year. Many of the exchanges notified the Committee that Exchange have designated the following 15 issues to be
their Constitutions and By-Laws, together with many rules dealt in on this Exchange:
Aviation Securities Corp. Common stook.
and regulations, were undergoing drastic provisions, conseAmerican Surety Co. of New York Common stock.
quently they were unable to make proper reports as to
Cesana Aircraft Co. Common stock.
their activities at that time.
Robert Gair Co. $7.75 Cura. Partic. arum "A."
Robert Gair Co. Common "B."
Mr. Hicks submitted his report to the Securities CommisHoudaille Corp. $2.50 Cum. Class "A" Pref.
sioners at the Convention held in Salt Lake City, Utah,
Houdaille Corp. Class "B."
822
FINANCIAL CHRONICLE
[VoL. 128.
could be delivered would broaden the market and increase
the volume of trading. It would also afford a greater opportunity for arbitrage. Leon Isreal is Chairman of the
special committee to draw up a mild coffee contract. The
other members are Frank C. Russell, D. M. Enright, A. M.
Walbridge and C. M. Mackey. The contract must go before
The Committee on Securities of the New York Produce the membership of the exchange for approval before it
Exchange has designated 23 more issues to be dealt in on can be adopted.
the Securities Market, as follows:
Federal Reserve Board Warns Member Banks Against
Warner Aircraft Corp. New Common.
Lebanon Financial Corp. of America Class "A" Common.
Borrowing From Reserve Banks for Speculative Loans.
Alexander Industries, Inc. Common.
With brokers' loans, according to New York Stock ExAtlas Stores Corp. Common.
change records Jan. 31, well on toward the 7 billion dollar
reat Lakes Aircraft Corp. Class "A" stock.
Canadian Bank Stocks, Inc. Trust Certificates.
mark, the Federal Reserve Board saw fit on Feb. 7 to
Big Missouri Mining Company Common
make public a warning contained in a letter to the FedHudson River Navigation Corp. Common Voting Trust Certificates.
eral Reserve Banks under date of Feb. 2 against "the
Chelsea Exchange Bank Common.
American Surety Co. of New York Common.
extraordinary absorption of funds in speculative security
Almar Stores Co. Common.
loans which has characterized the credit movement during
American Cities Power & Light Corp. Class "A" Preferred.
the past year or more." In its advices to the Reserve
American Cities Power & Light Corp. Class "B" stock.
Maddux Air Lines Co. Common Voting Trust Certificates.
Banks, the Board states that in its judgment the moveS. C. Sandwich Shops, Inc. Common.
ment "deserves particular attention lest it become a deBangor Hydro-Electric Co. Common.
cisive factor working toward a still further firming of
Bangor Hydro-Electric Co. 6% Preferred.
money rates to the prejudice of the country's commercial
Bangor Hydro-Electric Co. 7% Preferred.
British Columbia Pulp & Paper Co. Ltd.
interests." The Board adds:
Heywood Starter Corp. Common stock.
Magnavox Co. Common stock.
Swallow Airplane Co. Common.
Standard Hoisting Corp. Non-Voting Common "A."
Power Manufacturing Corp. Common.
Venezuelan Holding Corp. Common.
United Carbon Co. Warrants.
Missouri Kansas Zinc Corp. Common.
Common Voting Trust Certificates.
Bronx Fire Insurance Co. Capital stock.
Excess Insurance Co. of America Capital stock.
Utah Radio Products Co. Common.
California Dairies Inc. Series "A" Preferred.
Six Seats Held in Treasury of New York Coffee & Sugar
Exchange Sold at Initiation Fee of $25,000.
Six of the twelve memberships held in the treasury of
the New York Coffee & Sugar Exchange were sold on
Feb. 4 at the initiation fee price of $25,000 before the
members by a unanimous vote the same day adopted an
amendment bo the by-laws raising the initiation to $50,000.
The price paid for the six seats was the highest at which
memberships ever sold, the previous high being $23,750
established last Saturday.
The action of the members in increasing the initiation fee
was followed by a jump of $4,500 in the asking price of the
only seat offered for sale by a member of the exchange.
These seats were offered at $24,500 on Feb. 2 and the price
was raised to $29,000 on Feb. 4. With the $1,000 transfer fee, the seat will now cost $30,000 to buy.
The purchasers of the six seats on Feb. 4 were: Carl F.
Glaesser, of Huth & Co., bankers; George E. Keiser, of
G. E. Keiser & Co., sugar brokers; J. S. Lobo, of Lobo &
Co., commission house; James Bliss Coombs, of L. W. & P.
Armstrong, sugar exporters and importers; II. Volkening,
of Mecke & Co., importers and exporters, and Leon Israel,
Jr., coffee broker. The membership of the Exchange is
limited to 350.
New York Coffee & Sugar Exchange Receives Certificate
Authorizing It to Trade in Securities.
Supreme Court Justice E. J. Glennon on Feb. 4 approved the certificate permitting the New York Coffee &
Sugar Exchange to conduct trading in securiites as well
as coffee and sugar futures. The way is now clear for the
exchange to establish a department for such trading and
report with recommendations is expected soon from the
special exchange committee of which Frank C. Russell is
chairman. A notion to extend the provisions of the
charter of the Exchange so as to permit the purchase and
sale of securities of concerns dealing in coffee and sundry
grocery articles, was filed in the Supreme Court by the
Exchange on Jan. 25.
Committee Named to Draft Contract for Trading In Mild
Coffee Futures on New York Coffee & Sugar Exchange, Inc.
Benjamin B. Peabody, Vice President of the New York
Coffee & Sugar Exchange, on Feb. 7, at the direction of
the Board of Governors, appointed a special committee to
draw up a contract for trading in mild coffee futures.
The exchange already has two coffee contracts and proposes to adopt a third to meet a demand for such a contract for heeding purposes from the mild coffee trade.
The so-called mild coffees are grown largely in Mexico,
Colombia and Venezuela and their production and consumption has increased materially in recent years. Brazil
produces none of the mild grades. The addition of a contract on the exchange against which these mild coffees
The Federal Reserve act does not, in the opinion of the Federal Reserve Board, contemplate the use of the resources of the Federal Reserve
Banks for the creation or extension of speculative credit. A member
bank is not within its reasonable claims for rediscount facilities at its
Federal Reserve bank when it borrows either for the purpose of making
speculative loans or for the purpose of maintaining speculative loans.
The statement of the Federal Reserve Board, issued
Feb. 6, for publication Feb. 7 (and of which the foregoing advices to the Reserve Banks are a part), is one
prepared for insertion in the Federal Reserve Bulletin for
February to be issued later in the month. On the day
of the issuance of the Board's statement (Feb. 6) Montagne Norman, Governor of the Bank of England was in
Washington conferring with Secretary of the Treasury
Mellon, and Governor Harrison of the Federal Reserve
Bank of New York was in conference with Governor
Young of the Federal Reserve Board. Referring to Mr.
Norman's presence in Washington, a dispatch Feb. 6 to
the New York "Times" said:
The fact gave rise to reports that Mr. Norman was seeking the establishment of a new credit by the Federal Reserve system, through the
Federal Reserve Bank of New York, to sustain British exchange, which
has been adversely affected by the high interest rates in the American
money market caused by the unprecedented speculative activity in
securities.
No information could be obtained from Mr. Norman or American
officials concerning the purpose of his visit other than that he had come
here for a general discussion of international financial conditions with
the Secretary and members of the board.
It was generally accepted in financial circles here that the international as well as the domestic financial situation was involved in the
action taken by the board in issuing its warnng to stock market speculators that hereafter loans made by member banks of the system would
be more carefully scrutinized by the Reserve banks. The fact that the
continuing high money rates were threatening definitely to reverse the
flow of gold and unsettle seriously international exchanges has been a
cause of concern to officials for some titme.
In all of its earlier references to the speculative activities on the
Stock Exchange and their effect upon the credit situation, the Reserve
Board has been extremely cautious. The frankness of its announcement
today therefore added to the interest it caused in financial circles.
Mellon Joins in Conference
The decision by the Federal Reserve Board to take so definite a stand
in connection with its attitude toward speculative activities, was made,
it is understood, only after a conference in which Secretary Mellon, as
Chairman Ex-Officio, participated.
It has been hoped by members that a gradual decline in speculative
operations, with an accompanying shrinkage of brokers' loans and easier
interest rates, would come as a normal development, but instead, the
trend continued in the opposite direction, with no definite sign that a
reversal was in prospect.
Another development which caused considerable comment was the fact
that a recent survey of construction activities made by the Board showed
that the value of contracts awarded in November and the early part of
December had receded sharply from the figures for the two preceding
months, and that the volume of building contracts for the first two
weeks of December was smaller than a year ago. The board offered no
opinion as to the cause, but in other quarters it was singled out as
probably due to the continuation of high money rates.
The Reserve Board's statement released for publication
Feb. 7 follows:
FEDERAL RESERVE BOARD
February 5, 1929.
The Federal Reserve Bulletin for February, 1929, will contain the
following statement:
The United States has during the last six years experienced a most
remarkable run of economic activity and productivity. The production,
distribution and consumption of goods have been in unprecedented
volume. The economic system of the country has functioned efficiently
and smoothly. Among the factors which have contributed to this result,
an important place must be assigned to the operation of our credit system
and notably to the steadying influence and moderating policies of the
Federal Reserve System.
FEB. 91929.]
FINANCIA L CTIRONICLE
During the last year or more, however, the functioning of the F•tderal Reserve System has encountered interference by reason of the
excessive amount of the country's credit absorbed in speculative security
loans. The credit situation since the opening of the new year indicates
that some of the factors which occasioned untoward developments during the year 1928 are still at work. The volume of speculative credit is
still growing.
Coming at a time when the country has lost some 500 million dollars
of gold, the effect of the great and growing volume of speculative credit
has already produced some strain, which has reflected itself in advances
2
of from 1 to 1Y per cent in the cost of credit for commercial uses. The
matter is one that concerns every section of the country and every
business interest, as an aggravation of these conditions may be expected
to have detrimental effects on business and may impair its future.
The Federal Reserve Board neither assumes the right nor has it any
disposition to set itself up as an arbiter of security speculation or
value. It is. however, its business to see to it that the Federal Reserve
banks function as effectively as conditions will permit. When it finds
that conditions are arising which obstruct Federal Reserve banks in the
effective discharge of their function of so managing the credit facilities
of the Federal Reserve System as to accommodate commerce and business, it is its duty to inquire into them and to take such measures as
may be deemed suitable and effective in the circumstances to correct
them; which, in the immediate situation, means to restrain the use, either
directly or indirectly, of Federal Reserve credit facilites in aid of the
growth of speculative credit. In this connection, the Federal Resreve
Board, under date of February 2nd, addressed a letter to the Federal
Reserve banks, which contains a fuller statement of its posiiton.
"The firming tendencies of the money market which have been in
evidence since the beginning of the year—contrary to the usual trend at
this season--make it incumbent upon the Federal Reserve banks to give
constant and close attention to the situation in order that no influence
adverse to the trade and industry of the country shall be exercised by
the trend of money conditions, beyond what may develop as inevitable.
The extraordinary absorption of funds in speculative security loans
which has characterized the credit movement during the past year or
more, in the judgment of the Federal Reserve Board, deserve particular attention lest it become a decisive factor working toward a still
further firming of money rates to the prejudice of the country's commercial interests.
The resources of the Federal Reserve System are ample for meeting
the growth of the country's commercial needs for credit, provided they
are competently administered and protected against seepage into uses
not contemplated by the Federal Reserve Act.
The Federal Reserve Act does not, in the opinion of the Federal
Reserve Board, contemplate the use of the resources of the Federal reserve banks for the creation or extension of speculative credit. A
member bank is not within its reasonable claims for rediscount facilities
at its Federal Reserve bank when it borrows either for the purpose of
making speculative loans or for the purpose of maintaining speculative
loans.
The Board has no disposition to assume authority to interfere with
the loan practices of member banks so long as they do not involve the
Federal Reserve banks. It has, however, a grave responsibility whenever
there is evidence that member banks are maintaining speculative security
loans with the aid of Federal Reserve credit. When such is the case
the Federal Reserve bank becomes either a contributing or a sustaining
factor in the current volume of speculative security credit. This is not
in harmony with the intent of the Federal Reserve Act nor is it conducive to the wholesome operation of the banking and credit system of
the country."
823
attention lest it become a decisive factor working toward a still further
firming of money rates to the prejudice of the country's commercial interests.
Ample Commercial Credit.
The resources of the Federal Reserve System are ample for meeting the
country's commercial needs for credit, provided they are
growth of the
competently administered and protected against seepage into uses not
contemplated by the Reserve Act.
"The Federal Reserve Act does not,in the opinion of the Federal Reserve
Board, contemplate the use of the resources ef the Federal Reserve Banks
for the creation of extension of speculative credit. A member bank is not
within its reasonable claims for rediscount facilities at its Federal Reserve
Bank when it borrows either for the purpose of making speculative loans
or for the purpose of maintaing speculative loans.
"The Board has no disposition to assume authority to interfere with the
loan practices of member banks so long as they do not involve the Federal
Reserve Banks. It has, however, a grave responsibility whenever there is
evidence that member banks are maintaining speculative security loans
with the aid of the Federal Reserve credit. When such Is the case the Federal Reserve Bank becomes either a contributing or a sustaining factor in
the current volume of speculative security credit. This is not in harmony
with the intent of the Federal Reserve Act nor is it conducive to the wholesome operation of the banking and credit system of the country.Functions of Reserve System.
The main function of the Federal Reserve system is the maintenance of a
proper gold reserve and control of the total volume of credit, and,of course,
in the exercise of these prerogatives it necessarily must keep in touch with
world gold and credit movements but only for the purpose of wise and
competent management in the preservation of the gold reserve and total
volume of credits.
I do not understand at this time that the gold reserve is in danger, nor
do I see any Indication of a general rise in the commodity price level, and
because of these facts. I do not think that the Federal Reserve system
should concern itself about the condition of the stock market, or of the security loan market.
I desire to quote from a speech I delivered before the American Bankers
Association in Philadelphia on Oct. 1 1928 as follows:
"l'he Federal Reserve system is charged with a grave responsibility in
dealing with this situation, because it would be easy for them to produce a
business slump without intending to do so. In this connection it is interesting to note the views of a leading British authority on the subject offinance
who is a student and close observer of our Federal Reserve operations:
'I am now more concerned lest the Federal Reserve authorities should accidentally bring about a general business depression by attempting to take
action toward the stock markets which, however well meant, is not really
compatible with the system's duty toward business. I think the Federal
Reserve system may have been quite rit..ht to try to frighten the speculators
a few months ago, but, this having failed. I think they would be much
better advised to leave Wall Street alone and let it boil over of itself, rather
than do things which, if continued, will certainly put at risk the general
"
prosperity of the country.'
Conditions Exaggerated.
The emphasis upon this aspect of our credit structure has been much
exaggerated, partly by people who are unaccustomed to a new situation
and partly by those who are personally interested in a decline of security
prices. I do not think that the assumption is warranted that brokers'
loans are depriving business of funds, nor that all of the security loans are
unproductive. In my judgment, there is too little known about the ultimate disposition of stock market loans to warrant any action designed to
depress these loans by the Federal Reserve system. There appears at the
present to be no danger to the gold reserves and should the Reserve system
tighten credit with the purpose °restricting stock speculation, and should
It actually succeed, two results may follw: (1) The high rate of interest
rates will make it too expensive for corporations to finance by bonds: and
(2) if the public is afraid to buy stocks it will be impossible to financd by
stock issues which are usually purchased by speculators. I think this may
pave the way for that lack of confidence which can easily lead to a business
Representative McFadden Holds Federal Reserve recession if not a depression.
If It were possible to show, and I believe it is not, that any positive harm
Board Should Not Concern Itself About Conand industry, to employment or to bank depositors
dition of Stock Market or Security Loan Market. is being done to business securities, I think restrictive action might be sancby the present growth of
The action of the Federal Reserve Board in issuing a tioned. I firmly believe now as I have in the past that the eye of the
system should be kept (where the gold reserve is not in
warning against the further extension of loans for specu- Federal Reservequestion of prices, and employment. It seems to me to
danger) on the
purposes, was the subject of discussion in the House be rather far fetched to endanger the pay envelope of the working an and
lative
one gets the notion that
on Feb. 7 by Reprsentative Louis T. McFadden, Chairman the profits of the business man because someshould not sell as high asthere
they
is too much stock speculation or that stocks
of the House Committee on Banking and Currency. Mr. now are. There are so many matters of judgment involved in stock prices
erred in predicting the
McFadden in taking exception to any action by the Reserve that I believe most of the critics and experts have
Board to curb speculation says "I do not think that the stock market. If, however, the condition of corporate profits does not
warrant present prices, the market will correct itself in time. Meanwhile
Federal Reserve system should concern itself about the con- the Federal Reserve system should keep its attention chiefly upon the
dition of the stock market or of the security loan market," stability of business and employment which finds itself reflected generally
"I firmly believe now, as I have in the past," says Repre- in stable commodity prices.
While money rates remain relatively high in the United States I believe
sentative McFadden, "that the eye of the Federal Reserve
there is little danger of a further drain upon our gold reserves except by
System should be kept (where the gold reserve is not in the deliberate action of the central banks. In fact the recent decline In
danger) on the question of prices, and employment. It sterling is bringing gold back into this country. Since we are paying a
being paid abroad, this reaction
seems to me to be rather far fetched to endanger the pay higher price for short-term money than isonly if the Bank of England raise
is to be expected. It could be prevented
envelope of the working man and the profits of the business the discount rate with an accompanying increase of all money rates abroad.
man because someone gets the notion that there is too much If in the judgment of borrowers in this country, the uses of bank funds are
high rates (for
stock speculation or that stocks should not sell as high as they such that they are willing to payshould be done use in the stock market or
about it and these events
elsewhere) there is nothing that
now are.".
run their course. On the other hand, indications point
should be left to
beginning of a fall in commodity prices, although this is not as yet
Representative McFadden makes the further statement to a
the Bureau of Labor index number. I am inclined
that "I do not understand at this time that the gold reserve shown bydiscount rates are beginning to show their effect on to think that
commodities
the high
is in danger, nor do I see any indication of a general rise in and are beginning to bring about an inflow of gold, which can be prevented
raising the rates in England and abroad, and this, again, would
the commodity price level." Mr. McFadden's speceh only by
tend to depress commodity prices. Our reserve ratio is ample, and I do
is taken as follows from the United States Daily:
not see why we need to be alarmed about it at the present time.
The Federal Reserve Board yesterday afternoon issued a second recent
The large loans of our banking system at the present time, I think.
warning in regard to the credit situation. By this statement they have are due to a number of causes:
indicated that they are using at this time in management one of the most
(1) The large volume of individual savings which banks must invest
potential influences under their control, namely publicity. The other two somewhere. These savings correspond partly to the production of addimajor powers vested in the system are the "discount rate" and "the pur- tional wealth, and they are partly the result of the capitalization of values,
chase and sale of securities in the open market." Heretofore use has been such as stocks and real estate. Large bank loans are, of course, required
made of these latter two functions within their power without satisfactory if there are to be large savings.
results.
(2) The large volume of corporate savings which are being retained by
corporations in the form of cash. These cash balances standing on the
Restriction of Speculation.
This statement just issued indicates special reference to loans made for liability side of the balance sheet of banks must be offset by loans and
speculative purposes as indicated by the following quotation from the investments on the asset side. Accurate statistics on this question are not
available though I am now planning some research to get more adequate
publicity noitce issued yesterday:
The firming tendencies of the money market which have been in evidence data upon this subject. Most of these savings are the result, not of caPI
since incumbent upon the Federal Reserve Banks to give constant and close talization, but of the production of additional wealth since most corporaattention to the situztion in order that no influence adverse to the trade tions are not speculators but producers.
and industry of the country shall be exercised by the trend of money con
(3) Some portion of our deposits and loans are the result of the capitalizaditions, beyond what may develop as icvitable.
The extraordinary absorption of funds in speculative security leans tion of stocks and bonds and do not represent actual increases in productive
which has characterized the credit movement during the past year or wealth, but It Is difficult to get any accurate data to substantiate this
more, in the judgment of the Federal Reserve Board, deserves particular
assertion.
824
vINAxr1.U. CITRONTCLE
The deposits and loans and investments of the banking system will
decrease In the volume of individual savings, or (2) if savers buy securities
directly (or through investment trusts) rather than leave their funds on
deposits in banks, (5) if those holding deposit balance derived through the
sale of securities, go back into the market and repurchase these securities
from those who are holding them on margin. This is, of course, what would
happen should any extensive decline take place in the stock market.
Though I doubt whether any such decline is in prospect unless this present
action should bring It about when we have such heavily protected margin
accounts as we do at the present time. Furthermore, I do not think that
it is the business of the banking system to try to wipe out one group of
speculators and investors in order to benefit the other. Such a decline
might be initiated among the speculators themselves should corporate
earnings fail to come up to expectations.
Should the indexes of employment or of prices show any tendency to
decline, I think that the Federal Reserve System should tend to ease
money rates and should there be no change in these indexes I do not think
that any further credit restriction should be brought about because I am
afraid it might result in a lack of business confidence followed by a recession.
Last year the high money rates made it seem to some observers that it
would be difficult to finance by bond issues. It is true that bond issues
declined and that many feared a resultant decline in new construction,
which would mean a slackening demand for steel, and other raw materials.
This result, however, did not follow for a number of reasons. Some of
these it seems to me are: (1) Corporations have adequate cash balances so
that they can finance themselves without creating additional debts; (2)
many, such as Goodyear, United States Rubber, Westinghouse, American
Telephone & Telegraph, and others financed by stock issues. The public
was still willing to buy stock and as a result brokers' loans have not yet
declined. However, if the reserve system seeks to do so and succeeds in
making money rates so high that people will be afraid to buy either stocks
or bonds, I think that the depressing results on business may be realized
There is much to be said for the independence of action and careful planning of our American business men which enabled them to keep their
businesses on an even keel in spite of t e disturbing money rates. I think
It is also being realized that high money rates need not necessarily result
in any immediate reaction in business when commodity prices are relatively
stable and no lack of confidence is endangered in the future course of profits
and prices. If commodity prices had been moving up and the commercial
loans of business had been expanding in order to finance increasing Inventories at increasing prices, I believe we would then be easily susceptible to
the restraining effects of higher money rates. An upward movement in
general prices always raises the question of how high the inflation will go;
and when people think it will go no higher it is generally followed by a
deflation. We have, however, not had a general increase in commodity
prices in spite of all of the talk of wild speculation. When all commodity
prices rise there Is no general increase in productive wealth but merely an
inflation. However, stock prices should be distinguished from commodity
prices since there is often a corresponding increase In value measured by an
Increased capitalization.
There is a tendency to pay too much attention to the spectacular action
of the stock market. But we should remember that the business man, the
worker and the farmer, are not greatly concerned as such, about stock
speculation. Their chief interest is in the continuity of business and of
the stability of general prices which serve as a guide to industrial activity
and help to maintain employment, wages and profits.
I do not think that the Federal Reserve System should at the present
time concern itself about security loans unless there is a tendency to speculation in commodities which means a disturbance in the industrial mechanism.
To disturb industry, merely to prevent stock speculation, seems to me to
be unwarranted and would work a gross injustice upon the business man
and the working man. This I suggest might be the result of an abortive
attempt to restrict speculative and investment activities by banking policy.
The statement issued on Feb. 6 by the Federal Reserve
Board appears elsewhere in our issue to-day.
Comment In Senate By Senator Glass and others on
Federal Reserve Board's Warning Anent Speculative Loans.
According to the "Herald-Tribune," comment in Senate
circles on Nov. Feb. 7 on the announcement of the Federal
Reserve Board anent loans for speculative purposes was to
the effect that, while it was in the right direction, it would
not halt the loaning of vast sums of money for speculative
purposes. A dispatch to the paper indicated, from Washington Feb. 7, further stated:
That the whole subject of speculative loans and related matters will be
opened in the new Congress was the view expressed by some members of
the Banking Committee of the Senate.
Senator Glass, former Secretary of the Treasury, said that if the Reserve
Board had acted two years ago, when he called attention to the situation,
It might have been effective. As it is, he believes the situation has got beyond the control of the Board. He has repeatedly said the situation relating
to brokers' loans should be dealt with by the Reserve Board rather than by
legislation.
Senator Glass has offered three different bills relative to the amendment
of the Reserve Act. One of these would increase the percentage of reserve
required to be held by member banks against time deposits from 3% to 5.
He holds this would tend to prevent a flow of money to specualtive centers.
(Vol- 128
into the action of the Federal Reserve Board in warning
member banks against loans for speculative purposes.
The "Evening Post" of last night (Feb. 8) from which
we quote, adds:
Representative Black of New York rose in the House to demand an
Inquiry by the Banking and Currency Committee to reach a decision
"as to the necessity of legislation to prevent the Board from using Its
powers unofficially to raise or lower the market in securities."
Senator Heflln of Alabama asked that the Board be requested to give
a reason for the recent increase in rediscount rates and introduced a resolution suggesting that legislation be made which would tend to correct the
evils of speculation complained of in the Board's statement. Although
he asked immediate consideration, the resolution went over on the suggestion of Senator Curtis that regular rules be observed.
Charges Misuse of Power.
Should the Black proposal receive support it would give responsibility
for the investigation to Chairman McFadden of Pennsylvania, who, yesterday, declared that the Board had gone beyond its authority In issuing
Its warning against excessive speculation.
"When the Board was given its tremendous power over the credit situation," said the Black resolution in part, "it was hoped that it would afford
facilities for a normal flow of money to reinforce the course of trade. It
was not anticipated that It would so use its credit power as to accelerate
or depress trade securities.
"Its recent warning has caused a great loss to investors in the securities
market. It was a violent and radical step for a responsible Government
agency to take. The Federal Reserve Board owes it to this country to
appear before our committee and explain, step by step, its
Processes leading
up to its warning against member banks.
Sees Unparalleled "Intrusion."
"To my mind this recent warning was an unparalleled example of
Governmental intrusion into the conduct of American business and Congress
should take steps to prevent its recurrence,'
Treasury Officials Deny That Federal Reserve Board's
Warning Against Speculative Loans Was Directed
Toward Market.
The "Times" in stating in a Washington dispatch Feb. 7
that while security values on the New York Stock Exchange
were falling rapidly on that day as a result of the action of
the Federal Reserve Board in announcing that the credit
situation might force it to adopt corrective measures to
reduce the total of brokers' loans, and the increase by
Britain of its discount rate to check the outward flow of gold
from that country, officials at the Treasury Department
were explaining informally that the purpose of the Board's
statement was not to bring on a sudden slump in pricesit
was said that it was the hope and belief, that instead, speculation, having run its course, would gradually subside. The
"Times" dispatch in its further comments said:
In some quarters some doubt was expressed as to the ability of the
Reserve Board and Reserve Banks to accomplish very much in its diverting
credit from security loans because of their limited power in that direction
under the Federal Reserve act and the fact that the bulk of the money
being employed to finance stock exchange accounts was loaned by corporations or came from other sources over which the Board had no final control
There were evidences to
-day that while the Federal Reserve Board
had felt that the time at last had come when it must do something by
public announcement to check the ever-increasing brokers' loans It had
in a measure paved the way to temper the action.
This was found in the fact that a forewarning had been given by the
Board on Tuesday that a statement would be issued the following day after
the close of the stock market, and was further emphasized by the apparent
efforts which were made by some officials to-day, shortly after the stock
market opened, to give such informal reassurances as they could that a
severe reaction that might cause harm was the last thing in their minds.
These efforts followed quickly the reports that the opening sales had shown
a sharp decline in a number of the leading issues. There were reports also
that a sharp difference of opinion had existed among prominent members of
the board concerning the advisability of the step, but so far as could be
learned these were merely rumors. The statement it is understood, was
completed at least twenty-four hours before its publication and Its contents
known to and sanctioned by all members.
Various Viewpoints Stressed.
Officials were extremely reticent about discussing the board's action
for publication. It one quarter it was asserted that the term restriction,
as used by the board in connection with its warning that it might fool It to
be its duty to limit the use of Federal Reserve Bank credit for speculative
purposes on the Stock Exchange, did not necessarily mean complete denial.
In another quarter stress was laid upon the viewpoint that the board actually could do little more than it already had done to control use of capital
available to brokers.
Still another viewpoint advanced was that the activities of investment
trusts, the development of which has been an outstanding feature recently
had been in no small part responsible for the unusual situation in the
Might Amend Reserve Act.
Senator Brookhart predicted that the new Congress would open up the security market. These trusts, it was held, had withdrawn large quanwhole subject of speculative loans and amendment of the Reserve Act. tities of securities from the market for investment purposes and thus had
He has a bill pending which would bar loans for speculative purposes by restricted the number of shares which were now being bought and sold.
The Federal Reserve Banks, it was contended by one authority, had but
banks or by corporations In inter-State commerce.
three courses to pursue, namely a raising of discount rates, the sale of
La Follette Resolution.
government securities in the open market, which would divert
money
Pending in the Senate is a resolution by Senator La Follette reported from speculative channels,
and the close scrutiny of loans which member
favorably by the Banking Committee last spring, holding that the Reserve banks sought
to rediscount at the Reserve banks. All of these methods.
Board should admonish Reserve banks against expansion of speculative It was stated, had been tried out, and doubt
was expressed that member
loans by member banks and asking the Reserve Board to report what legis- bank loans could be much more sharply
restricted.
lation is needed.
Rumors of "Leak" of News.
The fact that word reached the Stock Exchange yesterday 1Feb.6] morning
Senator Heflin and Representative Black Propose Legisa statement
be
lation to Inquire into Federal Reserve Board's that had kept thewas to to made, and that Well Street was deeply agitated
and
Washington busy for several hours in an effort
wires
Reason in Warning Against Speculative Loans.
to determine its exact nature, caused some comment at the Capitol to-day.
There
Resolutions were introduced in both the Senate and the complete was one rumor that a few in Wall Street actually had obtained
information as to the character of the statement in advance of
House yesterday (Feb. 8) asking that inquiries be
its publication and that a "leak" investigation misittt be asked. But whet
made
FEB. 9 1929.]
FINANCIAL CHRONICLE
efforts were made to get some member of the Senate or the House to accept responsibility for such a threat they proved futile.
That the action of the board in making public its statement was taken
with foreknowledge that Great Britain proposed simulaneously to increase
its rediscount rate to 5 %, which is % in excess of the New York Reserve Bank rate, and thus attempt to check the flow of gold to New York
was admitted.
This information was brought here by Montagu Norman, Governor of
the Bank of England, who consulted with Treasury officials yesterday.
It was said, however, that Mr. Norman had not requested that action to
increase the New York rate to the same or a higher level be withheld.
The presence of Mr. Norman and his admitted concern over the financial
worries of Great Britain, with heavy shipments of gold being drawn to
New York by the high money rates, served to emphasize, however, the
international angle of the developments.
Danger Abroad Seen.
In this connection it was pointed out that not only Great Britain but
other foreign nations were in danger of having their economic structure
seriously disturbed by the return flow of gold to this country which had
set in definitely with the continuance of the high money rates at New York.
825
of the possiblity of a rate change. It was regarded as something in the
nature of a club to be held over the head of the stock market during its
next two business days.
It was likewise noted in the same paper:
The opinion was expressed in some banking quarters, however, that no
advance in the New York rate is imminent, the effect of the advance of the
Bank of England rate being counted on for the present to correct the situation here. Attention was directed toward the view attributed to Secretary
Mellon that Federal Reserve banks would not raise their rates to meet the
British advance.
New York Federal Reserve Bank Adistes Member Banka
as to Computation of Reserves—Changes Incident
to Revision by Reserve Board of Member Banks'
Reporting Service.
Following the change in the weekly statement of condition of member banks recently made by the Federal
Reserve Board and referred to in our issues of Jan. 19,
Analyzes Federal Reserve Board's Warning—Declares page 290, and Feb. 2, page 667, the Federal Reserve Bank
Market Significance of Credit Threat Lies in Board's of New York has addressed a circular to member banks
relative to the computation of reserves in accordance with
Method of Enforcing It.
, Commenting on the Federal Reserve Board statement of the new requirements. The circular reads as follows:
FEDERAL RESERVE BANK OF NEW YORK.
this week warning against the further extension of brokers'
Circular No. 902, Feb. 1929.
loans, Leonard P. Ayres, vice president of Cleveland Trust
Reference to Circulars Nos. 828 and 848.
Co., is quoted in the "Wall Street Journal" of Feb. 7 as
Computation of Reserves.
saying:
To each Member Bank in the Second Federal Reserve District,
The significance of the warning on the use of Reserve credit depends
entirely on how seriously they mean it, and on how vigorously they
back up their word.
If the Federal Reserve Board and Reserve Banks genuinely undertake
to stop the direct and indirect use of credit for stock speculation, their
action will surely bring this bull market to an end. This was demon.
strated last month when the temporary use of hundreds of millions of
Reserve Bank credit had to be employed to tide the stock market over
the year-end.
This bull market has largely been financed by corporation funds
loaned on the call market, but at the end of each month and each quarter,
and particularly at the end of the year, corporations withdraw funds
from the call market in large volume to pay dividends and to make their
year-end statements of finance without revealing that they are lending
money in the call market.
"At these times commercial banks make up these losses by borrowing
heavily from the Federal Reserve System and placing funds on call to
take the place of the corporation funds.
"If the Federal Reserve System actually intends to terminate this
practice, its action will be definitely felt within the next few weeks."
Commenting on Col. Ayres' observations, the New York
"Journal of Commerce" of Feb. 8 had the following to
say editorially:
"If They Mean It"
A Cleveland financial pundit and financial forecaster received the
announcement of the Federal Reserve Board with the statement that it
may bring an end to the present inflated stock market if they mean it.
Evidently he is a doubting Thomas, who wants to have actual physical
evidence of things hoped for, things not seen. There has been a brief
sudden reaction in the stock market as the result of the announcement,
and yet the prevalent opinion among financial authorities is that the
statement will have little effect because "it has no teeth in it."
What would such teeth have been? Well, one might have been an
advance in rediscount rate. Another, the definite statement that the
Reserve Bank would stop buying acceptances for the present, or would
buy only those that actually grew out of real business. Still another
might have been the announcement (already made by Western Reserve
banks, where it does not make much difference) that the Reserve Bank
of New York would in no circumstances rediscount for a bank that had
more than a specific percentage of its capital on call.
From Great Britain comes the announcement that the Bank of England rate has been raised 1%. This belated action ought to have been
taken a long time ago, and today of course would do no good if we
were immediately to raise our discount rate. It may be assumed that
we have an understanding with Great Britain whereby she raises her
rate in the effort to check the outflow of gold, while we keep our rate
steady, and merely thunder in the index against "speculation." As
soon as the market appreciates this state of things it will give about the
same attention to Federal Reserve policy that it has given lately—that
is to say, none.
A little less than a year ago, the Governor of the Federal Reserve
Board went before a committee and told the members that he had no
reason to think that brokers' loans were too high. Last autumn he
went before the Indiana Bankers' Association, and later the American
Bankers' Association, and said very much the same thing in other
language. The publicity officers of the local Reserve bank said
there
was no use to pay the slightest attention to the exportation of gold, because they could always provide a cushion of credit to take its place.
Today they regretfully refer to speculation and the loss of gold. Why
should they be more nearly right now than then?
Special Meeting of Directors of Federal Reserve Bank
of New York to Be Held Monday, Feb. 11.
Announcement was made at the New York Federal Reserve
Bank on Feb. 7 that a special meeting of the directors of
the Bank will be held on Monday next Feb. 11. With
reference there to the "Times" of Feb. 8 observed:
The mystery as to what is going on behind the scenes within the
higher
Federal Reserve circles was increased greatly yesterday by the
announcethat a meeting of
ment
the directors of the Federal Reserve Bank of New
York will be held on Monday. Ordinarily these meetings are held only on
Thursdays. The officials of the bank were carefully noncommittal in
announcing the special meeting, and encouraged no assumptions
whatever
regarding possible action on the rediscount rate or other subjects that
have
been so much in the public eye. In the financial district, however, the
announcement of the special meeting could not be divorced from
discussions
To obtain greater uniformity in the classification of deposit liabilities
the Federal Reserve Board has recently revised somewhat the form approved
for the use of memlxr banks in arriving at the amount of deposits subject
to reserves. No change has been made In the method of calculating the
reserve requirements, but the form has been arranged so that the figures
used will be on the same basis as those given in the quarterly condition
report. It will be noted that reference has been made In some Instances
to the related items in the condition report which, it is believed, will be of
assistance to member banks in compiling the figures.
For convenient reference the details illustrating the method to be followed
are set forth in the revised form reprinted below (Form St. 6059). This
form supersedes the form accompanying Circular No. 828 of this bank
dated Dec. 27 1927. A small supply of the new form is also enclosed,
and additional copies will be furnished upon request.
GEORGE L. HARRISON. Governor.
F. R. Board Form St. 5069 January 1029
COMPUTATION OF RESERVE TO BE CARRIED WITH THE FEDERAL
RESERVE BANK BY MEMBER BANKS.
Demand Deposits Subject to Reserve
1. Deposits, except bank and U. S. Government, due in 30
days or less or subject to less than 30 days' notice (Total
of Schedule K In the quarterly condition repert)
2. Due to Banks:
(a) Due to Federal Reserve Bank (deterred credits)___
(b) Demand balances due to other banks and trust companies in United States
(0) Demand balances due to banks in foreign countries
(d) Certified and cashier's or treasurer's checks, including dividend checks, outstanding
(e) Letters of credit and travelers checks sold for cash
and outstanding
(0 Total due to banks (Total of Schedule .1 in the
quarterly condition report)
LESS:
3. Due from Banks:
(a) Items with Federal Reserve Bank In process of
collection
(b) Due from banks(other than Federal Reserve Bank)
and trust companies In United States (Do not
include any amounts not subject to withdrawal
without notice)
(c) Exchanges for clearing house and other checks on
local banks
(d) Balances payable In dollars due from foreign
branches of other American banks
(e) Total due from banks (Total of items 4 to 8 in
Schedule I of the quarterly condition report)_ _
4. Net Balance Due to Banks (excess of item 2-I over item
3-e;if "Total due to banks"(Item 2-f) is less than "Total
due from banks" (item 3-e), no amount shall be rereported against this item)
5. Net Demand Deposits Subject to Reserve (Rem 1 plus
Item 4)
Time Deposits
6. Deposits payable after 30 days or subject to 30 days' or
more notice, as defined in Federal Reserve Board Regulation D;and Postal Savings(Total of Schedule L in the
Quarterly condition report)
Reserve Required—
On Net Demand Deposits (item 5 above): Banks in central
reserve cities, 13%;In reserve cities, 10%; elsewhere,7%
On Time Deposits (item 6 above): 3%
Total Reserve to be maintained with Federal Reserve Bank
Pamphlet of Farmer's Loan & Trust Co. on "How to
Read the Statements of the Federal Reserve Banks."
Under the caption "How to Read the Statements of the
Federal Reserve Banks" the Farmers' Loan & Trust Company of New York has issued a pamphlet in which every
Item appearing under the head of "Resources" and "Liabilities" in the consolidated statement of condition of the
twelve Federal Reserve Banks is explained. In its "Foreword," the trust company says:
The title of this pamphlet is indicative of its scope. To those familiar
with the mechanism of the operations of the Reserve Banks the statements
are self-explanatory, but to others there are undoubtedly many items which
fail to convey their true significance. It is primarily for the convenience
of the latter class that this booklet is intended.
The consolidated statement of condition of the twelve Federal Reserve
Hanks that is published each week is In a sense the barometer of the
country's money market. It affords an insight not only of the ebb and
flow of gold but also of the currency and credit situation throughout the
826
FINANCIAL CHRONICLE
country. Those who study the statements can follow the major trends of
credit and money market conditions.
One of the principal purposes of the Federal Reserve Banks is to
maintain an even distribution of credit for the use of the country as a
whole. The Influence of the Reserve Banks as a regulatory factor in the
credit situation can be observed through their policy of purchase or sale
of Government securities, thereby releasing or withdrawing funds from
the money market, and their bill holdings. The policy of the system with
respect to the discount rate also is directly reflected in the general credit
situation both here and abroad.
It is for these reasons that the Federal Reserve statements possess a
peculiar significance for those interested in the country's financial trend.
It is with the hope that the explanations contained in this pamphlet will
serve to clarify some of the points which may seem somewhat obscure that
this summary has been prepared.
Representative McFadden Declares Officers of Federal
Reserve Banks Seek to Control Banking Powers
Beyond Their Jurisdiction.
Representative McFadden, Chairman of the House
Committee on Banking and Currency, in a statement made
public Jan. 18 makes the assertion that in a number of instances officers of Federal Reserve Banks"have attempted to
control banking policies wholly beyond their powers and
responsibilities. Instances which have come to his attention, have he says, arisen out of the granting of trust powers
by the Federal Reserve Board upon the occasion of the
conversion of a State bank or trust company into a National
bank or the consolidation of a State bank or trust company
with a National bank. Representative McFadden's statement, as given in the "United States Daily" follows:
New Developments Outlined.
In view of the new banking movementa in the United States affecting
bank organization .and management control, it seems to me appropriate
to direct attention to the status ot the Feder'l Reserve System with reference
to the question of general banking policy. Some of these new developments are based upon the authority of the McFadden Act of 1927 or derive
their impetus therefrom. As an example. I may mention the encouragement which that Act gives to bank consolidations, to the growth of branch
banking in the cities, to the wider distribution of bank stocks through making possible the reduction to the amount of the par value, to the purchase
and sale of investment securities by national banks—thus giving impetus
to the trend towards larger banks with wider public distribution of their
services and of their stocks. Other developments in the ownership of bank
stocks are taking place in a manner not specifically regulated by statute,
but within the general terms of the law.
Bankers Discuss Policies.
In banking circles these questions naturally lead to a discussion of the
attitude of Governmental officials. The inclination of the banker is to ask
the views of the Comptroller of the Currency, of members of the Federal
Reserve Board and of officers of the local Federal Reserve Bank. The
latter being in close daily contact with the member banks can be more
readily approached. They are by virtue of proprinquity in a position to
advise bankers what course to pursue. There is thus a temptation to the
officers of the Federal Reserve Banks to be led into discussions of general
banking policies with respect to which neither the Federal Board, not even
Congress itself, may have taken a position for or against.
of
For the purposes of this discussion there may be said to be five phases
First,
banking policy from the standpoint of the Federal Reserve Banks:
by the
that over which authority is delegated to the Federal Reserve Banks
must
Federal Reserve Board; second, that over which the Board alone
exercise jurisdiction; third, that over which the Comptroller of the Currency
which Congress has
alone has been given supervision; fourth, that over
executive agencies;
legislated directly without delegation of authority to any
has been enunciand fifth, that over which no definite expression of policy
phases of policy to
ated by the Government. It is to the last of these
which I now wish to address myself.
expressed in laws
Under our form of Government where public policy is
where the execution
enacted by representatives elected by the people and
officials, commissions and
of these laws must be entrusted to appointive
bureaucratic exercise
boards, there is always the potential danger of the
paternalistic adminisof Governmental power, as well as the danger or the
expedient to direct public attentration of law. Every once in a while it is
presuming to
tion to this condition and to warn appointive officials from
their jurisdiction.
speak for the Government upon questions wholly beyond
Practice Is Declared To Lead to Evils.
to
The Federal Reserve Banks are by their very nature peculiarly subject
this temptation. They have grown into great financial institutions; they are
powers over credit and
noused in magnificent buildings; they exercise wide
they maintain by virtue of their position the most vital contact with the
movementa of finance. Their officers are surrounded by the dignity and
formality of high office. Bankers come to them for advice on all sorts of
banking questions, particularly those questions of policy upon which the
attitude of the Government is in doubt because Congress has not definitely
expressed itself. It takes a strong official to resist the implied flattery of
such an approach. It la an invitation to paternalism. It is but another
step from paternalism to bureaucracy, that is, the use of official position to
influence or control banking movements, concerning which the Federal
Reserve official disapproves, but over which he has no proper authority.
In the course ot my official contact with the Federal Reserve System.
there have, within the last few years, come to my attention a number ot
instances where officers of Federal Reserve Banks have attempted to
control banking policies wholly beyond their powers and responsibilities.
Several of these occasions have arisen out of the granting of trust Powers
by the Federal Reserve Board upon the occasion of the conversion of a
State bank or trust company into a national bank or the consolidation of a
State bank or trait company with a national bank. Under the procedure
adopted by the Federal Reserve Board, the national bank applies to the
Federal Reserve Board for a permit to exercise trust powers. This application is filed with the local Federal Reserve Bank for transmission to the
Board. Since the State bank or trust company is already carrying on the
trust business and has otherwise qualified as a national bank, the granting
of the trust permit to the resulting national bank becomes purely a routine
matter. Nevertheless, instances have occurred where Federal Reserve
Agents, taking advantage of their duty to perform the ministerial act of
transmission of the application to the Board, have attempted to enforce
[VOL. 128.
conditions of policy upon the applying bank with respect to questions
wholly unrelated to toe exercise of trust powers. In other words, these
officers have attempted to control and direct banking operations in fields
outside of the scope ot the Federal Reserve Act and over which the Federal
Reserve Board had not and could not assume jurisdiction.
Unauthorived Activities of Banks Are Cited.
There had been occasions where Federal Reserve Bank officials have
withheld the rediscount of eligible paper in order to force a member bank
to conform to banking policies having nothing to do With the Federal
Reserve Act. I recall a particular occasion where a Governor of the Federal
Reserve Bank denied a national bank the right to rediscount because such
national bank had in the opinion of this Governor invested too large a
sum in its bank building. There is no law limiting the amount a national
bank may invest in its building, that being left to the discretion of the
bank's board of directors. A question might possibly be raised by the
Comptroller of the Currency, but certainly not by the Governor of a
Federal Reserve Bank.
I do not mean to say that these examples are of frequent occurrence.
That they have occurred at all is sufficient occasion for warning. The
member banks themselves do not feel that they can afford to enter openly
into a controversy with a Federal Reserve Bank even though they are
in the right. This is all the more reason why Federal Reserve officials
should be on their guard to confine themselves strictly to legitimate Federal
policies. The inclination of the member bank would naturally be to suffer
inspection and meet the conditions imposed rather than combat the Federal
Reserve official.. . .
Now I have frequently heard In Federal Reserve circlets comment to
the effect that the Federal Reserve Board might upon occasion revoke
the trust powers of a national bank. This seems to me a very vital question.
I am sure that bank lawyers will agree with me that Congress contemplated
in the Federal Reserve Act that there could be no conditional granting
of trust powers to national banks and that once a permit for such trust
powers has been issued by the Federal Reserve Board, the power so conferred automatically becomes a charter power of the corporation to carry
on the trust business any cannot be, therefore, revoked by the Board.
It Is inconceivable that Congress intended that national banks should
engage in the trust business—which is perhaps the most profitable and
at the same time the most delicate phase of the banking business—under
a mere license subject to revocation by a majority of the Board without
a public hearing and upon the ex parte recommendation of a Federal
Reserve Agent. If Congress intended that the Board should have the
power to revoke trust permits it would have provided the proper Procedure whereby property rights might be protected. In fact, the legal
remedy is ample. If a national bank violates any provision of the banking laws relating to trust powers, the Federal Reserve Board may direct
a suit against it for the forfeiture of its charter. But it would have it.
day in court.
The Federal Reserve Bank officials have enough to do in carrying out
the operating policies required by the Federal Reserve Act without attempting to set themselves up as arbiters of general banking policies with
regard to which the Federal Reserve Board has not by resolution properly
taken jurisdiction.
Definition of Privileges of Institutions Is Offered.
With these thoughts in mind, I shall now briefly define the limits of
banking policy within which each of the respective agencies of the Federal
Reserve System may properly and legally act.
Let us begin with the Federal Reserve Bank. Each Federal Reserve
Bank is a creature of the Federal statutes and is an instrumentality of
the Federal Government. It has no responsibility for the formulation
or the initiation of banking policies except within the narrow powers and
duties which have been specifically provided in the Federal Reserve Act
and even those policies are under the control of the supervising body,
namely the Federal Reserve Board.
Of the nine directors of each Federal Reserve Dank, three are designated
by the Federal Reserve Board and from these three the Federal Reserve
Board appoints the Chairman of the Board. Under the general supervision of the Federal Reserve Board. the board of directors of the Federal
Reserve Bank, in addition to performing the routine duties of a board of
directors of a corporation, are authorized to execute the powers specifically
granted by the provisions of the Federal Reserve Act.
It should be noted that the Governor of the Federal Reserve Bank and
the Deputy Governors are not positions created by law. Each local
board of directors is authorized to appoint officers and employees, and
the Governor and the Deputy Governors come under this category. Their
compensation is controlled by the Federal Reserve Board, and the Board
may remove them from office for cause. The Governor, therefore, of a
Federal Reserve Bank, as is the board of the bank itself, is distinctly
removed from the field of general banking policy and has no responsibility
and no duty with reference thereto.
The Federal Reserve Board is required by law to maintain a local office
on the premises at each Federal Reserve Bank. This office is in charge
of the Chairman of the Board of the Federal Reserve Bank and under his
designation by law as "Federal Reserve Agent." In his capacity as
Federal Reserve Agent, he is the official representative of the Federal
Reserve Board. His salary is fixed by the Federal Reserve Board as
well as those of his assistants, the appointments of whom must be approved
by the Federal Reserve Board. He is, therefore, an employee of the
Board and may be removed from office by the Board.
Powers of Board Limited by Law.
The Federal Reserve Agent has no specific powers conferred upon him as
Chairman of the Board of Directors of the Bank. Being the local Agent,
of the Federal Reserve Board his powers and duties are limited to the execution of the orders and directions issued to him by the Board. He can am
Chairman ot the Board or as Federal Reserve Agent assume no responsibility for or take any official position with reference to questions of
banking policy upon which the Federal Reserve Board has taken no position.
He may, with reference to a general banking policy, communicate his
views to the Board but that is as far as he can go.
Turning now to the Federal Reserve Board, its powers and duties are
limited by the terms of the Federal Reserve Act as amended from time to
time. The Board possesses no general power of supervision over member
banks or of the initiation of general banking policies,. The Board can act
only by the adoption of resolutions. These resolutions in order to be valid
must come within the statutory powers of the Board. The resolutions thus
passed constitutes a definite record of the Board's financial policy—which
policy must be within and in furtherance of the Federal Reserve Act.
Upon questions of banking policy which are definitely neglected by any
Act of Congress, the Board may go no further than to recommend to
Congress the enactment of new legislation.
Individual members of the Board may indeed have personal views with
reference to banking developmenta from time to time and they may be
influenced by these views in their standing for or against proposal' for
action which may be put before the Board. There is thus a natural temp-
FEB. 91929.]
FINANCIAL CHRONICLE
Cation before members of the Board to direct or control general banking
policies watch are admittedly beyond the scope of the Federal Ri.serve
Act which informally they say influences by withholding action upon routine
matters which may properly come before the Board.
It is the pride of American business enterprise that its phenominal
+success has been due not to governmental patronage and direction, but to
the individual initiative of private citizens. In the field ot corporate organization and management the pioneer spirit has prevailed. These movemeets have always proceeded regulatory action by the Government. The
field et banking is not essentially different. It is for Congress to say when
regulatory laws should be enacted to control new banking movements
and thie power will not be used to crusk the spirit of enthusiasm and courage
without which our banking system cannot rise to meet the new conditions
of a modern world.
Let the Federal Reserve System, an institution of watch we may all be
justly proud, be on its guard against overstepping the bounds of the authority vested in it. In bankiag policy, it caq circumscrib the held of credit
arising out of the Federal Reserve funds. Further than that its policy
doss not extend aithouga there has been imposed upon the Federal Reserve
Board by law the duty to perform many ministerial and routine acts.
Teyond the Federal Reserve policy of credit, all questions of general
banking have been reserved by Congress.
Federal Reserve Bank of New York on Gold Movement.
In its Feb. 1 Monthly Review of Business Conditions the
Federal Reserve Bank of New York has the following to
say regarding the gold movement:
Due to the persistent weakness of Canadian exchange, the gold import
movement initiated on Dec. 5 continued irregularly throughout January
and resulted In an inflow of about $38,500,000 from Canada, increasing
the total from this source on the current movement to $61,500,000.
addition, approximately $7,300,000 was received from England late in the
month in response to exchange transactions, while $750,000 arrived from
Argentina, the peso standing slightly below the gold export point from
Buenos Aires to New York. Other imports were negligible. Exports of
$521,000 were inconsiderable, but there was a large increase in earmarkings. The total gold movements for the month, according to a preliminary calculation, were as follows: Imports $47,200,000; exports $500,000; earmarkings (net increase) $65,000,000; net loss to country $18,300,000.
Federal Trade Commission's Inquiry Into Resale Price
Maintenance.
A preliminary report of its economic investigation of resale price maintenance was sent to Congress by the Federal Trade Commission on Jan. 30. As a result of its inquiry, the Commission finds that "the professional classes,
who may be described as consumers and bystanders," appear
to be against resale price maintenance by a small majority.
"Retailers on the other hand," says the Commission, "are
for it by a large majority, although the chain and department stores are decisively opposed thereto. Manufacturers,
particularly those making trade-marked goods, are decisively in favor of it. The wholesalers are more strongly for
It than any of the other groups." In a statement regarding its report, the Commission says:
The report covers general economic and legal aspects of the commission's
Inquiry, which is not yet completed, and will be followed later by a
volume based on a study of actual business results of dealing in trademarked or otherwise identified products.
The preliminary report "should not be taken to imply conclusions or
recommendations, which properly await the completion of the inquiry,"
as the commission declares in its letter of transmittal.
Investigation of resale price maintenance in its many phases was
authorized by the commission on its own initiative July 28 1927.
The letter of transmittal accompanying the report to the
House and Senate is as follows:
FEDERAL TRADE COMMISSION
WashingtonJan. 30 1929.
To the President of the Senate and the
Speaker of the Rowe of RePreeentatives:
This inquiry into resale price maintenance was undertaken
on the
Initiative of the Commission, but, as it has an immediate
relation to pending
legislative proposals Volume I of the report is herewith
transmitted to
Congress prior to the completion of the inquiry for such
use as this portion of the information may have at
the present time.
The inquiry comprises: (1) an examination of
existing law and public
policy with regard to resale price maintenance,
including some comparison of United States law and policy with those
of other countries; (2)
an analysis of data regarding the experience
and the opinions of various
Interested classes with regard to resale
price maintenance with indications
of the reasons and motives for various
practices relating to this question,
and (3) the development and analysis
of pertinent facts of a quantitative
or statistical nature based on actual
business results of dealing in trademarked or otherwise identified products.
The last mentioned aspect of the
inquiry requires more time for coinpletion, and will be submitted, as soon
as practicable, in Volume II of
this report. Volume I, which is herewith
submitted is confined, therefore, to the first two topics above mentioned,
namely, the legal situation
and the general experience and opinions
of interested business classes and
of consumers.
In canvassing experience and opinion,
a special effort was made to obtain expressions from consumers. The consumer,
however, is a comparatively inarticulate element of society.
In this country the great mass of
the population is, indeed, composed
producers, but everybody is a conof
sumer. The interest of a particular consumer who
is also a financially
interested producer in some definite
line—this line being his preponderant
Interest—however, may be expected to be
influenced thereby in his reaction
toward legislative proposals in this field, provided he
is conscious of any
immediate effect on his business. If the
consumer is a merchant, for
827
example, his opinions, even when approached as a consumer, are likely
to be based on his experience as a merchant, in so far as the questions
raised have any practical relation to his own merchandising. But farmers,
in general, appear to have no special interest in resale price maintenance,
and they express themselves on this subject generally in the capacity of consumers. For the rest, as representing consumers, expressions of opinion
were obtained from members of the National Consumers League and from
certain professional classes. Expressions from such persons are likely to
be made from the point of view of the consumer, although the National
Consumers League is in fact a social-betterment organization, especially
interested in labor conditions, apparently, rather than merely representative of consumers. This situation may well serve as a reminder of the
lack of organization and of the means of expression of consumers as
such.
It is impracticable here to go into details regarding the variation of
opinion among consumers, as for example by occupation, although this
subject receives attention in the body of the report. Their opinions, as
reported, are against resale price-maintenance, in any form, by a large
majority. The professional classes, who may be described as consumers
and bystanders, appear to be against it by a small majority.
Retailers, on the other hand, are for it by a large majority, although
the chain and department stores are decisively opposed thereto. Manufacturers, particularly those making trade-marked goods, are decisively in
favor of it. The wholesalers are more strongly for it than any of the
other groups.
If these opinions are combined into a unified total result by giving te
those replying as consumers, or to the consumer aspect of opinion, a weight
of one-half and to producing and distributing interests the other half,
the consensus of public opinion appears to be quite evenly divided.
As regards the legal situation and the principles involved, proposed legislation would give to manufacturers the right, by contract, to fix the
resale prices of their identified products, which, under existing law in
this country, is held illegal as a restraint of trade. In some foreign
countries, such powers of price regulation, however, are permitted, and
this is consistent with other features of their industrial and trade policies.
The power to fix resale prices means the power to control the prices of
goods that are no longer owned. Such restriction of trade may have a
specific and well-defined purpose and might be allowed by appropriate
changes in the law if found to be in the public interest, as has been done
in some foreign countries where the legal conception of public interest
differs from that now prevailing in the United States. In this country
the control of the price at which a manufactured product is sold to the
ultimate consumer can often, however, be completely effected under present
law: (1) through establishing retail outlets that are owned and operated
as manufacturers' branch establishments; (2) through placing goods is
the hands of independent retailers for sale on consignment; or, (3) through
some other device utilizing the agency type of contractual relation. But
in many lines of business these methods are not regarded as practical.
Under these methods of price-control just mentioned, the manufaeturer
continues to be the owner of the goods and has the responsibilities of
ownership, which naturally includes the power to fix the ultimate selling
price. There are evident advantages to consumers where thie is the situation, because responsibility for the condition and quality of the goods,
and for auxiliary service in connection with their use, is definite and ia
presumably placed upon a concern whch has generally greater financial
means and technical ability and one to which "good-will" in the literal
sense of the term, is an especially important and permanent asset. There
may be disadvantages to consumers if the manufacturer is unable to secure
adequate distribution, assuming the products are of superior quality or
have value in stimulating competition.
It may be generally true, also, as alleged, that the consumer is better
and more economically served where the emphasis in competition is upon
quality rather than upon price. The question is, would this advantage
be made more generally available if the manufacturer were granted the
right to fix the price at which his identified products are to be resold by
all retailers regardless of the fact that he has parted with ownership?
The majority of independent retailers, apparently, believe that such a
measure would be desirable.
What the independent retailer opposes especially is persistent price
cutting on trade-marked and branded articles by chain stores and department stores and other competitors merely for the purpose of attracting
customers. In certain respects, this practice is quite generally regarded
as objectionable.
But, it is alleged by opponents of resale price maintenance, the mere taking of less than the usual gross margin between purchase price and selling
price, still less the mere selling of an article at a price lower than that
indicated by the manufacturer does not necessarily constitute an evil.
To have the manufacturer fix the retailer's selling price would, if effective, presumably end the evils of reckless or unjustifiable cutting, but
its opponents allege that it would bring other evils in its train. It is
suggested, on the other band, that objectionable practices of price cutting
can be dealt with as an unfair method of competition, without giving to the
manufacturer the power to fix the resale prices of his products.
Under resale price maintenance the margin allowed to the retailer
would still be a competitive matter to a large extent, but a Matter
of competition, obviously, among manufacturers and not among dealers.
Thus dealer price competition would largely be eliminated; that is, the
dealers would have nothing to say regarding the margin taken for handling
price-maintained goods, but would act in this matter substantially as
agents of the manufacturer. In such a position, it is alleged, they should
be protected, eventually, especially through the right of returning unsold
stocks at purchase cost and in the matter of equal treatment of dealers
as to margins.
The fixing of resale prices by an individual manufacturer does
not
amount to concerted and general price fixing by manufacturers, though
this is feared by some, but it necessarily restricts the scope of
dealer
competition. It is claimed, therefore, that the interest of the consuming
public would also need some safeguard with respect to such prices. This
general point of view finds frequent expression in answers to
the questionnaires discussed in this report.
The subject of resale price maintenance can be viewed in its true
light
only as a part of a much larger situation; that is, in relation to efficiency
and economy in the whole scheme of distribution. The cost of
distribution—the margin between producer and consumer—is, at present, alleged
to be unduly wide, especially on staple articles. This proposition
is not
exact or even quantitative in its terms, and cannot be made as a positive
and definite statement without extensive analysis of the concrete
facts
in statistical form. Without waning for that, however, the question
is
raised by some whether encouragement should be given to any tendency to
increase the margin in question. It is contended by those opposed to the
plan that resale price maintenance not subject to authoritative control
828
FINANCIAL CHRONICLE
by governmental, or other impartial, agency, might easily cause a widening
of trade margins, which are alleged to be, often, too wide already.
The foregoing comments, regarding the facts presented in this report
on resale price maintenance, are made with a view to calling attention to
the general nature of the question and the opinions expressed and should
not be taken to imply conclusions or recommendations, which properly
await the completion of the inquiry.
By direction of the Commission:
EDGAR A. McOULLOOH, Chairman.
Owen D. Young on Moral Aspect of Business.
The advance of the moral standards of business in the
last 30 years was discussed by Owen D. Young, Chairman of
the Board of Directors of the General Electric Co., recently
desighated as one of the American members of the International Committee of Experts which is to meet in Paris
next month to take up the question of the re-adjustment
of German reparations payments. Mr. Owen's discourse was
delivered from the pulpit of the Park Avenue Baptist
Church in this city on Sunday night, Jan. 20. In depicting
the attitude toward Big Business in 1905 and the changed
view which the intervening years have brought, Mr. Young,
according to the "Times" spoke as follows:
Says Big Business Is Servant.
Dire prophecies were indulged in as to what would happen if large
business units were to be permitted. It was said the masses of the people
would become enslaved. But in fact it has turned out that these big organizations have become the servants of the masses—not their masters.
The business machines have become better adjusted through a quarter of a
century. The drivers of them have become skilled. They are, in asense,
people trained for the job, like motor car drivers. And while we still have
some reckless and irresponsible ones who are a menace to the road, by and
large we move motor cars by the millions with amazing skill and safety.
"So our big business is no longer feared by the people. Exploiters no
longer own the big concerns, Bankers no longer own them. Their shares
are spread from one end of the country to the other. Broadly speaking,
the vast organizations are in skilled hands and the road is reasonably safe."
"Now when we think of what is right or wrong in business we must take
account of the conditions under which such impressions are formed.
Everything was wrong with business or especially big business in the common opinion of 1905. Such prejudices which exist against it to-day are
much more largely due to the recollections of the old days than to real
complaints in this day. Just as the driver to-day is less considerate and
less careful on the highway so it is likely to be true that the smaller units
of business, not the larger ones, are less considerate and less careful.
"We have had to go through the process of adjustment, however. We
have had to change our rules and practices in business and our laws governing it In the last quarter of a century, just as we have had to change our
rules and practices on the highway, We have had to extend government
control over business by way of regulation in the interest of all, just as we
have had to compel the carrying of lights and license plates on motor cars.
We have to see further ahead,and so we put strong headlights on our cars to
show the read, just as we put research laboratories and long-time budgets
and surveys onto our machines of business."
The danger to-day, Mr. Young proceeded, comes not from bad men or
bad principles, but from "the difficulty of applying right principles to
increasingly complicated situations. Our greatest risk is in the mistaken
judgment of good drivers where the traffic is heavy and the signals are
complicated."
Moral Aspects of Reserve Bank Rate.
Mr. Young mentioned the discount rate of the Federal Reserve Bank
as an instance.
"Do you say," he demanded,"that there is no question of right or wrong
In the moral sense in the fixing of the bank rate—that it is a financial
matter? I am here to tell you that I know of no act in business which bristles with more moral problems than the fixing of the bank rate. I do not
mean problems in the sense that the men who fix the rate are likely to act
In bad faith. Not at all. I mean in the sense that men may fail to apply
correctly the sound moral principles which they recognize to a difficult
and complicated business problem."
The speaker described the situation when he received a member of the
German labor party during the hearings of the Reparations Committee
In 1924. The mark had been tumbling rapidly. The answer the German
made to Mr. Young's question as to what he could do was,"Give us a stable
currency." He cited to Mr. Young the impossibility of German wage
earners to perform their "moral obligations" with a tobogganing mark.
"In principle," Mr. Young pointed out, the Golden Rule is all that a
business man needs "Yet if you ask me to apply the Golden Rule to a
bank rate. I find it amazingly difficult to do. It is like telling me to
apply the multiplication table to the design and manufacture of a steam
turbine. What is right in business requires that the Golden Rule be applied
by men of great understanding and knowledge as well as conscience in highly
complicated situations. They must be as highly skilled as the turbine engineer who makes the connection between the multiplication table and the
modern high pressure turbine.
"I purposely omit from this discussion the immoral things done in business by weak and dishonorable men. Whenever these occur they are exploited in the headlines of the newspapers, not because they are the common
thing but because they are the unusual thing.
[vol. 128.
presidents and vast executive organizations. They alone know the business.
They must be held responsible not only for its material welfare but for
Its moral conduct."
In the early days of big business, Mr. Young said, the tendency was
to appoint lawyers as heads of corporations because lawyers seemed to
be the only persons who could manage such affairs and keep inside the law.,
"While that was the purpose of appointing lawyers," he continued, "the
result was quite different from that anticipated.
"If there is one thing a lawyer is taught it is knowledge of trusteeship
and the sacredness of that position. Very soon he saw rising a notion
that managers were no longer attorneys for stockholders; they were becoming trustees of an institution.
Outlines His Attitude Toward Job.
"If you will pardon me for being personal," Mr. Young proceeded, "it
makes a great difference in my attitude toward my job as an executiVe
officer of the General Electric Co. whether I am trustee of the institution
or an attorney for the investor. If I am a trustee, who are the beneficiaries
of the trust? To whom do I owe my obligations?
"My conception of it is this: That there are three groups of people who
have an interest in that institution. One is the group of fifty-odd thousand
people who have put their capital in the company, namely, its stockholders.
Another is a group of well toward 100.000 people who are putting their labor
and their lives into the business of the company. The third group is of customers and the general public.
"Customers have a right to demand that a concern so large shall not
only do its business honestly and properly, but further, that it shall meet
its public obligations and perform its public duilues—in a word,vast as it
Is, that it should be a good citizen.
First Safeguards Capital.
"Now, I conceive my trust first to be to see to it that the capital which
is put into this concern is safe, honestly and wisely used, and paid a fair
rate of return. Otherwise we cannot get capital. The worker will have
no tools.
"Second, that the people who put their labor and lives into this concern get fair wages, continuity of employment and a recognition of their
right to their jobs where they have educated themselves to highly skilled
and specialized work.
"Third, that the customers get a product which is as represented and
that the price is such as is consistent with the obligations to the people
who put their capital and labor in.
"Last, that the public has a concern functioning in the public interest
and performing its duties as a great and good citizen should.
"I think what is right in business is influenced very largely by the growing
sense of trusteeship which I have described. One no longer feels the
obligation to take from labor for the benefit of capital, nor to take from
the public for the benefit of both, but rather to administer wisely and
fairly in the interest of all.
"It is no easy matter to determine right and wrong, even as between
the groups which I have indicated. To protect capital one must build up
reserves against bad years or unforeseen contingencies. ,To grant fair
wages or high wages and adequately reimburse employees moans adjusting
the price so as to provide income adequate to do it.
"To try to increase price for the sake of labor without regard to whether
Your labor is efficient, productive and progressive would be to take the
road to ruin. It would destroy continuity of employment because one
morning we would wake up and find our bsuiness gone; our prices too high:
a product not good enough; employees discharged.
"Just what is right in all cases we cannot foresee. We make mistakes.
We learn from our mistakes. We try to correct them. By and large,
looking over the quarter century with which I have been familiar I am
pleased with the rapid progress which we are making toward the right in
business. We are not perfect and never shall be, but we are training young
men with a sense of these great responsibilities, and we are providing them
experience from our own mistakes.
"As time goes on I feel that the right in business will more and snore
prevail. The larger business becomes, the more scrupulously careful the
administration of it will be. We have had much difficulty with questions
of technical competence and moral responsibility in the offices of Aldermen,
but we have had practically none in the great office of President of the
United States. Somehow, as responsibility increases, men are found big
enough to meet adequately the great questions of right and wrong which
come to them. So I welcome big business and big responsibilities, not
in the fear that It will make business wrong, but in the hope and belief
that it will make business right."
4
Resources of Member Banks of Federal Reserve System
June 30, Reach $45,091,849,000—Loans and Investments at New High Figure of $35,498,000,000.
In making public, recently, figures of condition of member
banks at the end of June the Federal Reserve Board announced that loans and investments of all member banks
on June 30 reached a new record total of $35,498,000,000, an
increase of $1,354,000,000 since Feb. 28, the preceding call
date, and of $2,531,000,000 for the year. Of the total
increase since Feb. 28, member banks in Central Reserve
cities reported $601,000,000, of which $490,000,000 was in
New York City, banks in other Reserve Cities an increase of
$328,000,000, and country banks an increase of $425,000,000.
The Board, under date of Aug. 13 added:
Finds "Sharpness" Disappearing.
Total loans were $24,739,000,000 on June 30, an increase of $1,185,000,
"During the last thirty years the moral standards of business have ad- 000 since Feb. 28 and of $1,591,000,000 since June 30 1927. The principal
certain amount of astuteness and cleverness and sharpness Increases in loans since Feb 28 by Federal Reserve districts were: New
vanced. A
of the earlier day has disappeared. They would not work very well in York $579,000,000, Chicago $228,000,000, Boston $112,000,000, Philadelphia $95,000,000, Cleveland $75,000,000, San Francisco $64,000,000.
large business.
-measure or short-change his customer. He and Atlanta $29,000,000.
"A storekeeper might short
-measure. But he
his clerk to short-weigh and short
Investments in U. S. Government securities were only $10.000,000
might even induce
could not organize a vast department store on that basis. Either his em- higher than on Feb. 28, but $429,000,000 above the amount held a Year
ployees are honest people who would refuse or he would soon have as em- ago, while investments in other securities showed an increase of $159,000,000
ployees a vast organization of crooks who would beat each other and soon since Feb. 28 and of $511,000,000 for the year. Of the total increase of
ruin the proprietor himself. Big business does not lend itself readily to $169,000,000 in security holdings since Feb. 28, $79.000,000 was reported
by banks in Central Reserve cities, $26,000,000 by those in other Reserve
dishonesty and crookedness."
Mr. Young pointed out that while a few years ago the owners of busi- cities, and $64,000,000 by country banks.
Deposits of all classes aggregated $36,007.000,000 on June 30, an increase
ness were responsible for it. that is not so to-day where shares of stock
are distributed among so many thousand people. "In our modern or- of $669,000,000 since Feb. 28 and of $656,000.000 for the year. Net dehave completely divorced ownership from responsibility. mand deposits were $59.000,000 lower than in February, and about the
ganizations we
chairmen and same amount lees than a year age, an increase of $97,000.000 at Contra)
And as a result we have developed managers of business,
FEB. 91929.]
FINANCIAL CHRONICLE
Reserve city banks being more than offset by declines of $123.000,000 at
banks in other Reserve cities, and 833,000,000 at country banks. Time
deposits show an increase of 3516,000.000 since Feb. 28, and of $1,229,000,000 for the year, substantial increases being reported by member banks
in nearly every district.
payable and rediscounts increased from $581.000.000 on Feb. 28 to
$1,209,000,000 on June 30, or by $628,000,000. Of the total increase,
$303,000,000 was reported by member banks in Central Reserve cities,
including $250.000,000 by those in New York City. $155.000,000 by banks
in other reserve cities, and $170,000,000 by country banks. Borrowings
increased in all Federal Reserve Districts except San Francisco, where a
decline of $38,000.000 is shown. Amounts due to banks and bankers
declined $259.000,000 since Feb. 28, and $206,000,000 since June 30 1927.
In the attached tables are figures by Federal Reserve Districts for all
member banks and System figures for State bank members and for National
banks.
Changes in the principal resources and liabilities as compared with figures
for Fob. 28 1928, and June 30 1927, were as follows:
Bills
crease(÷)Decrease (--)
Since
June 30 1923. Feb. 28 1928.
June 30 1927.
Loans & disc.(incl. overdrafts)_324,739,273,000 +$1.185.379,000 +31,590.547,000
United States securities
4,225,790,000
+ 9,968,000
+429.443,000
bonds,stocks & securities 6,532,596,000
Other
+159,966,000
+510,869,000
Total loans and investments_ 35,497,659,000 +1,354,313,000 +2,530,659,000
Demand deposits
17,806,564,000 +.301.918,000
-128,680,000
Time deposits
13,438,585,000
+515.947,000 +1.228,751,000
Government deposits
256,681,000
+170,649.000
+39,059.000
Due to banks and bankers
3.917.165,000
259,243,000
-206,488.000
Certified and cashiers' checks_ _
787,770,000
-80,294,000
-276,835,000
Acceptances outstanding
744 505 000
+ 13.496.000
+208.868,000
Bills payable &rediscounts_ _ _ _ 1,209,437,000
+628.545,000
+678,189,000
* Demand deposits plus certified and cashiers' checks outstanding and less exchanges and other uncollected items increased $113,000,000.
829
ALL MEMBER BANKS
-CONDITION ON JUNE 30 AND
FEBRUARY 28 1928.
State Baruts
National Banks
June 30.
Feb. 28.
June 30.
Feb. 28.
Resources
$
Loans & disc. (Incl.
overdrafts)
9,590,355,000 9,148,262,000 15,148,918,000 14,405.632,000
1,337,118,000 1,317,963,000 2,888,672,000 2,897,859,000
U.S.securities
Oth.bds ,elks. & sec. 2,279,871,000 2,196,152,000 4,252.725,000 4,177,478,000
Tot. loans & Inv_ -13,207,344,000 12,662.377.000 22,290,315.000 21,480,069,000
Cash in vault
135,178,000
156,877,000
314,020,000
369,115.000
Res. with F.R.banks 888,662.000
909,174,000 1,453,383,000 1,457,431,000
Items with F.R. bits.
In process of coll._ 23,2.310,000
232.715.000
448.182.000
454.166.000
Due from banks &
460,923.000
456.499,000 1,436,308.000 1,484,120,000
bankers
Exch. for clearing
house, & checks on
oth. bks. in same
584,346,000
595,869,000
862.873.000
place
715.948,000
All other resources_. 1,090,182.000 1,009.669,000 1,687.823.000 1,596.727.000
Total resaurces_ ..i6,598,945,000 16,023,180,000 28,492,904,000 27,558.476,009
LiabUUies6.609,276,000 6,484,354.000 10,997,288,600 10.820,292.000
Demand deposits_
5,144,337,000 4,932,924,000 8,294.248,000 7,989,714.000
Time deposits
72,676,000
25,227,000
184,005,800
U.S.deposits
60,805.000
Certified & cashiers'
372,954,000
393,981,000
414,818.000
454,083,000
checks
Due to bks.& bkrs_ _ 1,130,801.000 1,234,838,000 2,736,364.000 2,941,570,000
Total deposits_ _ _13.380.044,000 13,071.324.000 22,626.721,000 22.266,464,000
Bills pay. & rediscts _
Acceptance outstdg Cap.stk. paid In.. _
Surplus fund
All other liabilities
409,252,000
313.569.000
822,395.000
866.826,000
807.859,000
ALL MEMBER BANKS (7,885 NATIONAL BANES AND 1.244 STATE BANKS)
-CONDITION ON
(Amountsin thousands of dollars.)
186,194,000
801,185,000
394,698,000
333,813,000
430,936,000
392,196,000
809,155.000 1.592,981.000 1,536,364,000
815,061,000 1,418,710,000 1,329,121,000
802.633,000 1,622,371,000 1,639,833.000
1:301928,BY FEDERAL RESERVE DISTRICTS
Federal Reserve District.
Total.
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta. Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
I
Dallas,
San
Franca.
Liabilities$
$
$
$
$
$
$
$
$
$
$
$
$
Capitalstock paid in
2,415.376 171,812
63,959
93,098
717,530 188,854 219,505 116,685 101,824 331,789 114,005
95.507 202.828
Surplus fund
84,629
34,567
2,285,536 161,012
42,770
69,758 271,471
806,006 308,373 256,385
44,557 135.555
89.553
Badly. profs.,less exps.& taxes pd.
924.012
31,350
17,440
82,940
26,422 121,698
21,447
339.229
34,630
23,918
86,263
84,206
54,469
Res.for taxes,int., &c.. accrued_ 3,817
25.811
4,693
145.458
5.469
3,404
18,182
5,604
2.860
48,384
11,718
8.828
8,708
Due to F. R. banks
211
2,781
49,823
6,299
2
2,113
1,98
17,875
1,603
6.320
5,633
4.305
694
Due to banks,bankers,& trust cos• 3
,867.
342 168 937 1 67 .667 181.988 222,696 109,165 131,600 525.907 151,942 101,925 229,268 118,451 251,796
.
3
Certified & cashiers' or treasurers'
checks outstanding
787,770
16.628
18,330
55,410
11.195
11,448
19,607
520,980
14,484
15.374
32,039
13.310
58,965
Demand deposits
17,606,564 1,324,667 6,325.028 1,098,336 1,439,532 557,233 565,9332,453.523 643,430 416,633 807,014 841.535 1,333,700
Time deposits
13,438,585 993,097 3,037,691 1,104,008 1,643,809 606,060 476,523 2,275,300 543,605 461,363 372,402 212,836 1,711,891
United States deposits
256,681
11,359
18,278
5,578
13,808
8.531
18,165
69,077
10,655
13.208
17,629
53.130
17,263
Total deposits
36,006,765 2,525,138 11,644,318 2.419.234 3,360,010 1.303,230 1,205,7825,331,199 1,387,175 998,696 1.438.809 1.004,998 3,410.176
Agreements to repurchase U. S.
Govt. or other securities sold_ _
.
18,103
711
207
1,692
9
11,368
444
301
1,360
1,215
398
39
359
Bills payable
971,429
51,176
450,275
5,217
17,771 131,924 .. 48.117
97,289
7,767
47,759
94.821
6.777
12.536
Notes & bills rediscounted
238,008
41,268
16.889
32.874
3.073
30,773
15,196
11,701
36.517
21,391
6,880
16,843
4.703
Acceptances of other banks and foreign Mils of exchange or drafts
sold with endorsement
436,486
41,055
8
4,316
958
361,953
1,144
97
7,052
916
543
6,525
11,921
Letters of credit & tray,checks sold
for cash and outstanding
43,177
1,161
143
3,425
29,413
56
124
544
185
102
161
6,278
1,585
Acceptancesexecuted for customers
718.270
80.893
762
2.131
32.509
521.842
13,424
12,349
397
3,278
5.959
31,372
11,354
Acceptances executed by other bks.
for account of reporting banks_ _
28,235
1,784
20,240
69
664
334
3.963
27
1.316
138
National bank notes outstanding_ _
648,602
39,899
27,632
43,761
87.091
32,884
41,567
85,603
54,882
54,049
79,818
46.138
55.480
Securities borrowed
37,782
233
142
6,183
8,830
612
627
2.847
1.019
5,627
4.732
7.283
1,847
Other liabilities
178,610
1,299
6.235
24.675
1,96.
82,859
29,392
1.822
9,482
5,908
4,714
2,156
6,303
Total
Number of banks
45,091,849 3,227,341 15,149,320 3,199,350 4,181,183 1.888,047 1,528,178 6,412.685 1,718,609 1,156,989 1.655.519 1.237,382 3,957.246
8,929
410
728
593
945
934
1,264
791
457
641
788
557
823
Resources
Loans and discounts.
24,739,273 1.890,333 8.120,485 1,697,271 2,272,323 1,021,451 911,365 3,701,890 943,179 543,946 788,891 692,482 2355.677
U.S. Government securities
4,225,790 245,492 1,373,308 226,496 429.473 130,587 113,831 563,600 147,651 138.480 193,958
9,822 515,092
Other bonds,stocks and securities. 6,532,596 547,060 1,966,475 739,087 752,314 193,365 149.413 856,424 294,450 228.240 241.643
.392 490,233
Totalloans and investments
35,497.859 2,682,885 11.460.248 2,662,854 3,454,110 1,345,403 1,174,609 5,121,914 1,385,280 908.666 1,224,492 9 . 96 3,161,002
Cust.I lab. on acct. of acceptances_
710,207
79,681
520,566
2.175
778
32,229
3,2781 29,831
389
16,846
8.190
6.008
10,256
Banking house,furniture & fixtures 1,099.210
70,421
43.345
24.361
45.654
245,498
61,795 166.267
91,855 137,907
62.150
42.9211 107,036
Other real estate owned
10,951
184,109
9,058
7,672
11,514
28,531
18,597
14,576
11.7231 19,851
14,995
14,775
21.856
Cash in vault
449,198
30,557
18,471
17.037
73,581
22,838
93,587
19,964
19,590
18,6451 57.326
31,733
45,869
Reserve with F. R.banks
2,342,045 140,412
53,926
78,552
94.149
65,53
943,631 137,420 181.671
65,795 330,451
180.625
69,881
Items with F. R. banks in process
of collection
680,492
57,039
31.396
7.134
78.991
27,375
24,
247.839
21,038
32,955
39,565
43,633
69,018
Due from banks,bankers,and trust
companies
1,897,231
85,376
207,414 115,888 159.78e
90.184 124,169 341.938 105.381 110,549 194,403 129,968 232,181
Exchanges for clearing house, and
checks on oth bks. in same place 1,447,219
20.818
10.510
32,474 1.026,971
19.424
13.34
17,990 132.128
53,636
24,264
54,930
40,732
Outside checks & other cash items_
5,62
217,291
5,074
9,578
11,959
39,867
3,559
72,604
8,674
4,425
3,492
43,537
8,893
Red.fund & due frorn Li.S. Tress_ _
33.025
1,402
2,003
4,381
1.655
2.227
2,110
4,377
2,405
2,787
2.797
2,882
4.019
Securities borrowed
142
37,733
6,133
812
233
6,831
i,019j
2,847
627
5,627
4,732
7,283
1,847
Other assets
496,430
4,507
26,425
12,320
55,578
3.438
307,361
6,421
4,275I3.4.7'7
4.986
16,577
19,789
Total
45,091,849 3.227,341 15,149.320 3.199,350 4,161.183 1.688,047 1,528.178 6.412,685 1.718,609 1,158,989 1,855,519 1.237,3821 3,957,246
•Including overdrafts.
Wages of Telegraphers on Pennsylvania RR. to Be
Increased March 1.
According to Associated Press advices from Philadelphia,
the Pennsylvania RR. on Feb. 7 confirmed a report that a
wage increase of 4 cents an hour to 4,200 telegraphers employed by the company will go into effect on March 1. The
total increase will amount to $450,000, it was said. The
dispatch also says:
In addition to the pay rise, a six-day week was established for the operators, opening 276 additional positions.
The total amount of the increases for all classes of employee will amount
to $700,000 a year, the company announced.
The various classes of worxers in the shop-crafts trade who will receive
81 instead of 77 cents an hour include machinists, boilermakers, blacksmiths, sheet-metal workers, plumbers, electricians, molders, carmakers.
passenger-car rvairers, locomotive carpenters. patternmakers. upholsterers, platers and buffers.
An increase of 4 cents an hour, from 73 to 77 cents, also was granted
electric stationary engineers and linemen, while the wages of steel and
work-car repairers, inspectors, painters and carpenters in shops and yards
were increased from 70 to 74 cents an hour.
Wage increases to shopmen and other workers on the ITEMS ABOUT BANKS, TRUST
COMPANIES, ETC.
Pennsylvania were noted in our issue of Feb. 2, page 673.
A membership on the Montreal Stock Exchange was
reported sold this week for $200,000 a new high record.
Pay Increase Granted Reading Shop Crafts.
Increases in wages of 4 cents an hour to some 6,500 shopPittsburgh Stock Exchange membership was reported
craft employes, effective as of Feb. 1, was announced on sold this week for $20,000 a new high record.
Feb. 6 by the Reading Co. according to the Philadelphia
Arrangements were reported made this week for the transfer
"Ledger" which says:
The increases were agreed upon Tuesday at a conference in the general of three New York Curb Market memberships, one for
offices of the company in the Reading Terminal between representatives $171,000 and two for $17_5_4_
,000 each.
the employes and company executives.
of
830
FINANCIAL CHRONICLE
[Vox,. 128.
The New York Cotton Exchange membership of Wilbur Company; W. R. Timken, Vice-President of the Timken
B. Tredwell was reported sold this week to Harold & Sands Roller Bearing Company; Claudius Huston, Chairman of the
Transcontinental Oil Company; Eugene L. Norton of Norfor $339,000. The last preceding sale was for $38,000.
ton & Co., and Vice-Chairman of the Baltimore Trust ComTwo associate membership on the New York Produce pany; Howard S. Cullman of Cullman Brothers, Inc.; WilExchange were reported sold at $10,500 and $12,000 respec- liam F. Kenny of William F. Kenny Company; Archibald
tively.
F. C. Fiske, Vice-President of the Metropolitan Life Inbank
memberships were surance Company. An item regarding the proposed
Two New York Cocoa Exchange
appeared in these columns Aug. 25 1928, page 1059.
reported sold this week for $4.900 and $5,000 respectively.
The last preceding sale was $4.125.
Roy E. Tomlinson, President of the National Biscuit
New York Coffee & Company, was elected a Director of the Seaboard National
Six Treasury memberships on the
Sugar Exchange were reported sold this week for $25,000 Bank of the City of New York at the Director's meeting
each. The purchases were as follows: Carl F. Glaesser of Feb. 7.
Huth & Co., George E. Keiser of G. E. Keiser & Co., J. S.
Franklin Q. Brown, senior partner of Redmond & Co.,
Lobo of Lobo & Co., James Bliss Coombs of L. W. & P.
Co., and Leon Israel, bankers, and William R. K. Taylor, senior partner of Taylor
Armstrong, H. Volkening of Mecke &
& Company, bankers, were on Feb. 7 elected directors of
Jr.
seats out of a total of 350. Harriman National Bank and Trust Company of New
This leaves in the treasury six
The only seat offered by a member is held at $29,000, which, York.
with the $1,000 transfer fee, would cost the buyer $30,000.
Rogers W. Gould, formerly manager of the 41st Street
the New and Madison Avenue branch of the Chase National Bank,
The second membership of Charles Slaughter on
Assistant Vice-President of the Murray
York Coffee and Sugar Exchange was sold to-day to Wade has been elected an
$4,000 over the previous Hill Trust Company of New York.
Bros. & Co. for $29,000, a gain of
sale and making a new high record for the exchange's memA. M. Strong was made Vice-President of the Bank of
berships.
United States of this city on Feb. 7 and Harry C. Thompson, formerly Trust Officer of the Anglo-South American
The twenty-eighth annual banquet, New York Chapter,
Banking (Section American Trust Company, was appointed Assistant Vice-President.
Inc., American Institute of
Bankers Association) will be held at the Hotel Astor on
The stockholders of the ne- wly organized Panama-AmerSaturday evening Feb. 10. Governor Eugene R. Black of ican Trust Company of Panama City will meet on Feb. 11
will address the
the Federal Reserve Bank of Atlanta, Ga.,
to vote on proposals to change the par value of the stock
diners on "A Southern Prospect." The other speakers are from $100 to $10 and to increase the authorized capital from
President Murray Bartlett of Hobart College, and President $500,000 to $1,000,000. The new trust company has purFrank M. Totton, of the American Institute of Banking.
chased the bank building at Central Avenue and Cathedral
where it will establish its home. As
Chapter, Inc., Ameri- Plaza, Panama City,
The Bankers Forum, of New York
noted in our issue of Dec. 22, page 3487, the institution will
can Institute of Banking, held its regular meeting Wednesopen a branch in Colon and will establish an agency in this
day, Feb. 6, at the Building Trades Club, 2 Park Avenue, city and Washington.
at 6:30 P. M. Alexander Dana Noyes, Financial Editor of
the New York "Times," spoke on "The Financial Outlook,"
On Feb. 5 William C. Red-field, Secretary of Commerce
and Ivy Lee, Publicist, addressed the gathering on "Rus- under President Wilson. was elected President of the newly
sia." Mr. Lee visited Russia in 1927 and 1928 and met the organized Brooklyn National Bank. We indicated in our
outstanding Government and financial leaders there.
Issue of Jan. 12, page 201, that Mr. Redfield was slated for
the presidency of the new bank. Congressman Emanuel
The newly organized Sterling National Bank of this city Celler has been appointed Chairman of the Board of the
will open for business about April 15 in the Chapin Build- new bank, and Robert Sherwood, now an Assistant Viceing at Forty-second Street and Lexington Avenue. The in- President of the Irving Trust Company, has been chosen
stitution will have a capital of $1,500.000 and a surplus Executive Vice-President. The institution will open for
of $1,500,000. The stock of the institution, which has a business on March 15 at 32 Court Street, Brooklyn, with a
par value of $25, has been subscribed at $65 a share. Sam- capital of $1,000,000 and a surplus of $1,000,000. The diuel H. Golding will be Chairman of the Board. Joseph rectors of the institution subject to changes and additions
Brown, who resigned as Senior Vice-President of the Bank with the approval of the Comptroller of the Currency, will
of United States of this city on Jan. 1, is President of the be: James F. Butler, Operating Manager, Furness Withy
new bank and Charles H. Hoffman is Cashier. The direc- & Co., Ltd.; Edward J: Byrne, Justice, Supreme Court of
tors are: Oscar Abel, Vice-President, Consolidated Retail New York State; Emanuel Celler, Member of Congress;
Stores; Abraham Bricken, President Bricken Construction William W. Cohen, Member of Congress; George Dressler,
and Improvement Corporation; Joseph Brown, President; President, Wallabout Basin Storage & Terminal Co.; Alfred
Abraham Del Monte, Abe Del Monte & Co., Inc.; Morris Frankkenthaler, Justice, Supreme Court of New York State;
Eder, Samuel H. Golding, Michael Hollander, A. Hollander Benjamin S. Graham, Assistant Secretary, Brooklyn Na& Son, Inc.; Henry Homes, Homes & Davis; Julius Klorfeln, tional Life Insurance Company; William F. Kenny. PresiGarcia Grande Cigars; Arthur M. Lamport, A. M. Lamport dent William F. Kenny Co.; Martin H. Latner, Director
& Co.; Walter H. Leonard, President Leonard-FitzpatrickNational Title Company; William C. Redfield, former SecMueller Stores Company; Irving I. Lewine, Frank Murray, retary of Commerce; Jerome Riker, President, Biker &
Treasurer the Hilton Company; Sidney T. Perrin, W. L. Company; Albert Rosen, President, Retail Butchers CorpoPerrin & Son; David V. Picker, Loew's, Inc., Samuel Rais- ration; Morris Rosenwasser, President and Director Rosenler, President Raisler Heating Company; Lee Shubert, Preswasser Bros., Inc.; Morris Salzman, President Colonial
ident Shubert Theatrical Corporation; Peter M. Speer,
Discount Company; Abraham Schoen, President, Wise Shoe
Standard Oil Company of New York; Harry Thoens, Thoens Company; Elmer A. Sperry, Jr., Director and Engineer,
& Flaunlacher, Inc.
Sperry Gyroscope Co.; Nathan Strauss, President Nathan
Strauss, Inc.; II. Uehlinger, Vice-President and Director,
The daily papers on Feb. 7 reported plans to organize in
Hilo Varnish Corporation; Major Charles A. Williams,
National Union
this city a new bank under the name of the
Comptroller, American Safety Razor Corporation.
Bank and Trust Company. According to these accounts,
the institution will have a capital of $10,000,000 and a surThe Board of Trustees of Central Union Trust Company
plus of $30,000,000 and will locate on Wall Street. The of
New York have voted a 20% stock dividend to stocknew bank will have a security affiliate, the Central Union
holders, increasing the capital stock from $12,500,000 to
Securities Corporation, which will have a capital of $10,$15,000,006, and have further voted to change the par value
000,000 and a surplus of $5,000,000. The stock of the bank, of
the stock to $20 instead of $100 effective May 2. This,
it is reported, has been placed privately at $111 a share,
with the increased capital, will give each holder six shares
subject to allotment after the bank has been chartered. for one
held now. To effectuate this, a stockholders' meetThe directors so far appointed are: Robert G. Stewart, ing has
been called for March 21.
President of the Pan-American Petroleum and Transport
FEB. 9 1929.]
FINANCIAL CHRONICLE
Three new Vice-Presidents—Harry E. Henneman, Howard C. Sheperd and James B. Pike—were elected at the
weekly meeting of the board of directors of the National
City Bank of New York held Feb. 5 at 55 Wall Street. Mr.
Henneman entered the employ of the National City Bank
of New York in 1919 and was made an assistant cashier in
January 1924. He later became foreign branch manager and
as Assistant Vice-President of the institution had charge
of the bank's branches in the Caribbean district. Mr. Sheperd joined the National City in 1916. During the war he
was in aviation and upon his return in 1919 he went with
G. Edwin Gregory, former Vice-President and Comptroller
of the bank, and worked with him in Federal Reserve matters in Districts 3 and 4. In July 1921 he was made an
Assistant Cashier and later was stationed at the 42d Street
branch where he remained until February 1926 when he
became an Assistant Vice-President. Mr. Pike joined the
National City organization in 1918 as an Assistant Cashier
and two years later became Assistant Vice-President. The
Executive Committee at its meeting Feb. 5 announced the
appointment of Walter J. Hoffman, Louis Naetzker and
'Murray S. Wilson as Assistant Vice-Presidents and of Burness Kydd as Assistant Cashier.
At the annual stockholders meeting of the Guaranty
Company of New York, on Feb. 5, Willis H. Booth, VicePresident of the Guaranty Trust Company of New York,
was elected a director of the Guaranty Company. At the
same meeting, all of the directors of the Company were
re-elected.
The Equitable Trust Company of New York announces
the removal of its Baltimore representative's office from
,
the Keyser Building to larger quarters in the Garrett
, Building on the corner of Redwood and South Streets.
Bryan G. Dancy, recently appointed Baltimore representative of the trust company will be in charge of this office.
Direct communication by wire with the New York office
of The Equitable provides customers of the trust company
in Baltimore with a ready means for the transaction
of
New York banking business.
The board of directors of The Continental Bank
of
New York has elected Frederic N. Insinger a Vice-President and appointed him Cashier. Mr. Insinger was formerly connected with the Spokane and Eastern
Trust
Company, Spokane, Wash.
Over the week-end, the Longacre Unit of Manufacturers Trust Company, at 680 Eighth Avenue, this city
transferred cash, securities, valuable papers and safe deposit boxes on Feb. 3, across the street to the new building of State Unit of Manufacturers Trust Company, 081
Eighth Avenue, corner of 43rd Street. Beginning Feb. 4,
the business of both units have been combined at
State
Unit.
831
The subterranean compartment containing the vault under
the Irving Trust Company's new headquarters building at
1 Wall Street will, it is stated, be the second largest of its
kind in New York City. The largest is that of the New York
Federal Reserve Bank which protects United States gold reserves. The Irving's vault will extend the full length of the
block from Broadway to New Street and will be forty feet
in width. It will contain three floors. It will rest on solid
rock well below the water level, 69 feet under Broadway.
Each of the six massive doors will be thirty inches thick,
and the two main doors on the safe deposit level and one
on each of the other floors will weigh approximately fiftyfive tons. Special elevators will connect the vault with the
banking floors.
Incorporated in the vault at 1 Wall Street will be the
latest tested and proven devices for protecting the wealth
of precious metals, cash and securities which will be stored
there. Since the entire vault will be below the water level,
it may be reached from the outside only by means of elaborate compressed air machines with air locks and air pumps
similar to those used for tunnel construction under a
river.
William L. McCrodden has been appointed Assistant Secretary of the Inter-State Trust Company of New York. Mr.
McCrodden was formerly Chief Clerk at the Franklin
Branch of that institution, where he will be located in his
new official capacity.
The Comptroller of the Currency on Jan. 21 authorized
the Seward National Bank of this city to change its name
to the Seward National Bank and Trust Company of this
city. An item regarding the ratification by the stockholders of the Seward National Bank of the proposal to
change the title of the institution appeared in these columns
Jan. 12, page 199.
,
The doors and walls of the vault at 1 Wall Street will
be of laminated construction which includes layers of hardest steel, heat generating and heat defying alloys and the
recently devised chemical gas plates from which even gas
masks do not give protection. The vault will be guarded
by special watchmen and police, electric controls and electrical and mechanical alarms which would bring a special
detachment of armed guards from outside.
Stockholders of the Public National Bank & Trust Company of this city at a special meeting on Feb. 5 ratified
plans to increase the capital of the institution from $6.000,000 to $6,600,000. The new stock (par value $25) will be
offered to stockholders at $200 a share and $10 per share
of the Public National Corporation in the ratio of one new
share for every ten shares held. The increase in capital
will become effective Feb. 15. A reference to the proposal
to enlarge the capital appeared in our issue of Feb. 2,
page 675.
The report of the Chelsea Exchange Corporation, securities affiliate of the Chelsea Exchange Bank of New York,
covering the first six months of operation, as submitted
to the directors, shows a surplus of $340,000 as of Jan. 31,
after payment of all expenses including organization expenses, and after payment of dividends on the outstanding
Class A and B stocks. Of the surplus, $150,000 is classed
as operating earnings and $190,000 as earned surplus. The
actual earnings were equal to $2.30 a share on the 65,000
In addition to the list of directors already given in
these shares of stock outstanding, or at the rate of over $4.50 per
columns of the Hibernia Trust Company now being
organ- share annually.
ized in this city, the following have been named to the
directorate: Frank C. Ferguson, President Hudson County
NaA. L. Marsten, capitalist and President of Mohawk 011
tional Bank of Jersey City; Martin O'Mara,
President, Co. of California, has been elected a director of the ChelBrockway Motor Truck Corporation; Eugene Geary,
Attor- sea Exchange Bank of New York.
ney; Francis E. Lee, Treasurer, Nichols Copper Co.;
Peter
P. McDermott, Senior Partner of Peter P. McDermott &
John J. Quinn, Assistant Vice-President of the InterCo.,
members New York Curb Market. As noted in our
issue State Trust Company oR New York, has been elected Execuof Feb. 2, page 074, the institution will have a capital tive Vice-President of the Raritan
Trust Company of Peril
of $3,000,000 (par $100) and a surplus of $2,000,000
and Amboy. He assumed his new duties on Feb. 1.
will open for business in the Wall Street district in
April.
Its stock will be placed at $200 per share. The organizaThn Madison Avenue office of the Guaranty Trust Co. of
tion committee consists of John F. Barry, partner of Gil- New Yor , lo ated at Madison
Ave. and 60th St., fo-mally
bert Eliott & Co., Philip deRonde, director, Empire
Trust opened its new banking quarters at that address on Feb. 7.
Co., and Eugene F. Kinkead, partner of Kinkead, Fiorentino The ,ite is the same that has
been occupied by the offioe
& Co. The temorary offices are at 17 Battery Place.
since its establishment in 1918, but the new banking rooms,
which take up the ground floor, second floor and basement
The Brooklyn headquarters of the National City
Company, heretofore maintained in the building adjoining
the
National City Bank of New York's structure at 181
Montague Street, were shifted on Feb. 1 to 151 Montague
Street,
pending the completion of alterations of the bank
building which will permit the later establishment
of the
branch unit at 181 Montague Street.
832
FINANCIAL CHRONICLE
-story building just completed, provide greatly
of the 22
increased floor space and the most modern banking equipment, including a new safe deposit vault with coupon and
conference rooms of unusual size for custemers. The Guaranty's Madison Ave. office is one of the company's two
branch offices in New York City, and provides for uptown
residents and business houses the same range of facilities as
the main office downtown. James M. Pratt, Vice-President, is in charge of the office. An unusual feat in building
construction made it possible for the bank to retain its quarters without moving even temporarily while work on the new
building was in progress. The new building occupies a
plot about twice as large as the former two-story bank and
construction on the unoccupied portion of the lot was carried
up four floors and finished in the interior so the bank could
take occupancy of that half of its new quarters before the
old building was torn down.
At a meeting of the Executive Committee of the directors
of Guaranty Co. of New York on Feb. 6 the following were
appointed Assistant Vie -Presidents: F. A. Brayer, J. N.
Land, R. B. Menapace, Henry G. Pitts, Edward Stair,
Karl Weisheit, and Webb Wilson. At the same meeting
John K. Moffett was appointed branch office manager of
the Company's Fifth Avenue Office, and J. Paul Stabler
and T. P. Barber Assistant Managers at that Office. Norman H. Blake was appointed Manager of the Main Office
sales Department and Arthur L. Wills and Theodor) W.
Hawes Assistant Managers of the Main Office Sales Dept.
The merger of the Me hanies Bank into the Brooklyn
Trust Co., became effective yesterday (Feb. 8). The
enlarged Brooklyn Trust Ce. has capital and surplus of
$30,000,000 and resources of over $145,000,000. The merger
was referred to in our issues of Jan. 26, page 508 and Jan. 5,
3Page 4
At a regular meeting of the directors of the First National Bank of Cooperstown, N. Y., on Jan. 31, a dividend
of 4% and an extra dividend of like amount was declared
payable to stockholders Feb. 1. This rate if continued
would make the annual distribution of 16%. The surplus
was increased $50,000, that item now being $400,000. Since
February 1923, the surplus has been increased $300,000 by
successive additions in an amount double the capital of
the bank. The invested capital of this institution made up
of its capital ($150,000), surplus and undivided profit account is now approximately $600,000, its deposits $3,000,000 being at a ratio of one dollar of capital to five dollars
of deposits.
The action of the directors in again increasing the surplus
is another evidence of the conservation that actuates them
in the conduct of its affairs. The First National succeeded
to the business of the Otsego County Bank established in
1830 and became a National Bank in February, 1864. The
institution is thus nearing its one hundredth birthday.
The Mount Vernon Trust Company of Mount Vernon,
N. Y., has reduced the par value of its stock from $100
to $20, five shares for one share. The reduction in the
par value of the stock was ratified by the stockholders
Jan. 21.
proL. 128.
On Feb. 4 Paul C. Cabot, President of the State Street Re.
search & Management Corporation, was elected a director
of the Lee, Higginson Trust Co. of Boston, according to the
Boston "Transcript" of Feb. 5. The directorate of the
company is now as follows:
Charles Francis Adams, trustee; Frank G. Allen, Ohairman of the
Board, Winslow Brothers & Smith Co.; Frederick W. Allen, New York,
Lee, Higginson & Co.; Paul 0. Cabot, President, State Street Research and
Management Corporation; Charles F. Choate, attorney, Choate, Hall k
Stewart; William J. Cooney, with Lee, Higginson & Co.; Charles E.
Clotting, Lee, Higginson & Co.; Francis 0. Gray, Vice-President, Lee,
Higginson Trust Co.; N. Penrose Hallowell, Lee, Higginson & Co.; Francis
L. Higginson, Lee, Higginson & Co.; Louis E. Kirstein, Vice-President,
William Filene's Sons Co.; Ivan Kreuger, Wm. Filene's Sons Co.; Ivar
Kreuger, Stockholm, Sweden President International Match Corp., President Swedish Match Co.; George C. Lee, Lee, Higginson & Co.; Arthur
N. Maddison, trustee; Charles W. Nash, Kenosha, Wis., President, Nash
Motors Co.; James Nowell, Lee, Higginson & Co.; Edward H. Osgood, Lee,
Higginson & Co.; Thomas Nelson Perkins, attorney, Ropes, Gray, Boyden &
Perkins; Charles II. Schweppe, Chicago, Lee, Higginson & Co.; James J.
Storrow, Jr., trustee, and L. Edmond Zacher, Hartford, Vice-President,
Treasurer, Travelers Insurance.
A proposed readjustment in the capital structure of the
Merchants' National Bank of New Bedford, Mass., to take
care of business expansion, especially that of the investment securities department of the institution, was announced on Jan. 18 by E. H. Leland, the bank's President,
In a letter to the stockholders, according to an Associated
Press dispatch from that city on Jan. 18, printed in the
Boston "Transcript" of the same day. Continuing, the dispatch said:
He states that the directors have unanimously recommended that the par
value of the shares be changed from $100 to $20 per share and the capital
stock increased from $1,000,000 to $1,500,000 and the surplus from $1,500,000 to $2,500,000.
The directors have authorized the issue of 25,000 new shares of stock
of $20 par value to the stockholders for subscription in proportion to their
holdings, at $60 per share.
The National Globe Bank of Woonsocket, R. I., capital
$100,000, was placed in voluntary liquidation on Jan. 14.
The institution has been absorbed by the Rhode Island
Hospital Trust Co. of Providence, R. I. The approaching
merger of the National Globe Bank and its affiliated institution, the Mechanics Savings Bank of Woonsocket, with
the Rhode Island Hospital Trust Co., was indicated in the
"Chronicle" of Dec. 22 1928, page 3490.
The stockholders of the Montclair Trust Company of
Montclair, N. J., on Feb. 1 approved plans to increase the
capital of the institution from $1,000,000 to $1,250,000
and to reduce the par value of the stock of the institution
from $100 to $25. The additional 10,000 shares (par 25)
will be disposed of (4) 62.50 per share. The new capital
will become effective April 1.
of
Stockholders of the Girard Trust Co. of Philadelphia on
Feb. 5 approved the proposed increase in the capital of the
institution from $3,000,000 to $4,000,000, according to the
Philadelphia "Record" of Feb. 6, of the 10,000 shares to be
issued, 5,000 will be given as a stock dividend to stockholders of record Feb. 15 and the remaining 5,000 shares will
be offered to stockholders at $1,000 a share, on the basis of
one share for every six shares held. Fractional rights will
be issued for odd amounts. Of the $1,000 subscription
price, $100 will be allotted to capital and $900 to surplus account.
R. Emmett Archibald, Cashier of the First National
Bank of Lake George, N. Y., died suddenly of heart disease
Stockholders of the Fox Chase Bank & Trust Company
in the lobby of the bank building on Feb. 5. Mr. Archibald,
of Philadelphia at their annual meeting on April 2 will vote
who was sixty-five years of age, had been Cashier of the
on a proposal to increase the capital stock of the company
'First National Bank since its organization in 1907.
from $125,000 to $187,500, according to the Philadelphia
On Feb. 3 the directors of the East Hartford Trust Co., "Ledger" of Feb. 2.
• East Hartford, Conn., voted to recommend to the stockHarry F. Richards, who has been associated with the Fedholders at-a special meeting to be held Feb. 18, an increase
in the bank's capital from $150,000 to $200,000, through the eral Trust Co. of Philadelphia for over fifteen years and its
declaration of a stock dividend, according to the Hartford President during the past year, was recently appointed a
"Courant" of Feb. 5. If given the right by the Connecticut Vice-President of the Integrity Trust Co. of Philadelphia,
General Assembly, the trust company will probably reduce according to the Philadelphia "Ledger" of Jan. 17, which
the par value of its shares during.the current year, it was continuing said:
Said. Following the distribution of the proposed stock divi- at Pending the completion of its new main office in the Integrity Building
16th and Walnut Streets, the Integrity Trust Company will occupy ai
dend, the bank will have a capital of $200,000; surplus of a temporary office the building at 1508 Chestunt Street. Mr. Richards
will make his headquarters at this office and will have associated with
$200,000 and undivided profits of $80,000.
him J. Somers Smith, Jr., lecretary of the company.
As indicated in our issue of Jan. 26, page 509, the Fed,Thomas J. Rogers, for many years an Assistant Secretary
in the trust department of the Hartford Connecticut Trust eral Trust Co. Is to be consolidated with the Bankers Trust
Co., Hartford, was advanced to Trust Officer at the recent Co. of Philadelphia.
annual meeting of the trustees, according to the Hartford
William B. Walker has become associated with the
"Courant" of Jan. 19.
First National Bank of Philadelphia as Southern Repro-
FEB. 9 1929.]
FINANCIAL CHRONICLE
sentative. Mr. Walker is a native of Aberdeen, Mississippi, graduated from the University of Washington at
Seattle, Class of 1926, with the degrees of A.B. and LL.B.
and is a member of the Washington Bar. In 1926 he
entered the Harvard School of Business and graduated
in 1928 with the degree of M.B.A., since which time he
had been associated with the Equitable Trust Company
of New York.
A special meeting of the stockholders of the Drovers &
Merchants National Bank, Philadelphia, will be held on
March 15 to vote on the question of decreasing the par
value of the capital stock from $100 a share to $10 a share.
The Dime Bank-Lincoln Trust Co., S. E. corner Wyoming
Ave. and Spruce St., Scranton, Pa., announces the opening
of the new quarters of its trust department, during the
past week.
Incident to the proposed union of the Baltimore Trust Co.,
Baltimore, and the National Union Bank of Maryland, that
city, noted in last week's issue of the "Chronicle," page
667, the directors of the trust company at a special meeting
on Feb. 5 formally ratified the terms of consolidation, subject to the approval of their stockholders at a special meeting to be held Feb. 16, according to the Baltimore "Sun"
of Feb. 6. Donald Symington, President of the trust company, was reported as saying that his institution approached
the matter upon the basis of an actual merger of the net
assets of the National Union Bank of Maryland with its own
assets, determined after an appraisal. His company then
offered, he said, to exchange one and one-half shares of
its stock, which represented the approximate net appraised
value of one share of National Union Bank stock, the basis
upon which the exchange is proposed. Mr. Symington added: Through this merger the Baltimore Trust Co. will substantially increase its capital stock, which has been under
consideration, and at the same time it obtains a proper proportion of deposits to the increased invested capital.
With reference to the new bank being organized in Pittsburgh by Italian-American citizens, noted in our issues of
May 26 and June 23, pages 3247 and 3883, respectively, the
Pittsburgh "Gazette" of Jan. 28 stated that the stockholders of the new institution, the Bank of America & Trust
Co., met for the first time on the night of Jan. 25 at the
temporary offices of the bank, 5524 Penn Avenue, and
elected a board of directors and appointed officers for the
new organization. The Board of Directors includes the
following:
W. P. Ortale, G. A. Pivirotto, A. J. Bradford, Michael Mane11a, A.
Jacovetti, Jack Ossola, Salvatore Sunseri, D. Oarapellucci, Girard H. Sisca,
John A. Friday, John H. Scott, A. J. Barone, R. G. Quaile, George Plotzinger, Joseph A. Roes], Charles Ross, Dominic Navarro, R. D. Thomas
and Nunzio Battaglia.
W. P. Oitale was °planted President and A. J. Bradford,
Secretary and Treasurer. Combined capital and surplus
of the bank is approximately $500,000 and all of the stock
has been subscribed for locally. Several sites, it was said,
are under consideration for the location of the bank in the
downtown district of Pittsburgh and selection will be made
shortly. The institution will open about May 1.
That a new banking institution will be organized in Pittsburgh under the title of the Straus National Bank & Trust
Co. of Pittsburgh, if an application filed on Jan. 29 with
the Treasury Department by A. Leo Well, an attorney, is
approved, was reported in the Pittsburgh "Post Gazette"
of Jan. 30. Mr. Well stated that the new bank will
have
a capital of *1,000,000 and a surplus of $250,000, and
will
conduct a general banking and trust business. The Pittsburgh paper went on to say:
The bank will be located in the building of S. W. Straus,
investments,
469 Wood Street, according to Weil. He stated that neither
officers
nor directors have been determined upon yet. Following the
filing of
an application of this nature, the attorney said, an
interval of from
three to nine months must elapse before final action of the
treasury department if made known.
833
The proposed merger of the American Trust Co. of
Detroit with the newly organized Central Trust Co. of
that city, indicated in our issue of Dec. 15, last, page 3348,
became effective on Tuesday of this week, Feb. 5. An
announcement in the matter received from the new bank
says in part:
With the opening, Tuesday, February 5th, of the doors of the Central
Trust Co., which will occupy the banking offices on the ground floor of
the Buhl Building, a new chapter will be added to the growing history
of Detroit's great financial institutions.
Upon their purchase of the American Trust Co., the executive officers
of the Central Trust Co., assembled a staff of department heads possessing broad experience, all highly regarded in Michigan trust company
circles, in order that they would be able to function from February 5th
as efficiently as a trust company of many year's standing.
As president of this latest addition to Detroit's financial institutions,
U. Grant Race, senior member of the law firm of Race, Haas & Allen,
brings his many years of trust company experience as former president
of the American Trust Co. Mr. Race is also a director of the Peoples
Wayne County Bank.
Harold R. Crusoe, vice-president, in charge of the Corporate Trust
department of the Central Trust Co., was for 18 years with the Detroit
and Security Trust Co., lately as assistant vice-president in the Corporate
Trust department.
Julius H. Moeller, attorney, vice.president in charge of the Trust
department of the Central Trust Co., was formerly assistant vice-president of the Detroit and Security Trust Co., in the Trust department.
John W. Ballmann, vice-president of the Central Trust Co., in charge
of the Bond department, has been affiliated with various bond houses for
over 25 years. Formerly manager of the Bond department of the
Highland Park State Bank, and, before that, Detroit and Michigan
representative of the municipal bond house of Bolger, Mosser and
Williaman, Chicago, Mr. Ballmann is one of the best known bond men in
Michigan.
Harry 0. Mohrmann, vice-president in charge of the Financial department, Central Trust Co., and formerly vice-president of the American
Trust Co., occupied variously the offices of Examiner and Chief
Examiner, State Banking Department, Lansing, and acted as Deputy
Banking Commissioner from 1921 to 1926.
Robert C. Simpson, secretary and assistant vice-president of the
Central Trust Co., was formerly Trust Officer of the Detroit & Security
Trust Co., handling personal estates. Lawrence J. O'Brien, treasurer
of the Central Trust Co., was formerly an examiner for the State
Banking Department and later was connected with the American Trust
Company.
Assistant vice-presidents of the Central Trust Co., are Nathan C.
Mente, formerly Trust Officer of the Detroit and Security Trust Co.
handling trust mortgages; John C. Shaw, formerly affiliated with the
American Trust Co., Security Trust Company, and the Bay City
First National Bank; and Harry W. Gross, former bank examiner and
later associated with the American Trust Co.
Wilfred C. Dickie and H. Raymond Bacon have been appointed &ssistant Managers of the trust relations department of the Union Trust Co. of Detroit, according to an announcement by John A. Reynolds, Vice-President in charge
of that department. Mr. Dickie, who will have charge of the
business extension activities at the uptown office of the
Union Trust Co. in the General Motors Building, has been
with the trust company since 1923. He is a graduate of
the University of Toronto.
Mr. Bacon has been since 1924 a representative of the
Union Trust Co. in its business extension work. He is a
graduate of Will'ains College and holds a law degree from
I Iarvard University.
Stockholders of the First National Bank of Chicago at a
special meeting Feb. 4 voted to increase the capital stock
of the bank from $15,000,000 to $20,000,000. The additional
$5,000,000 of new stock, which is to be allocated to stockholders on the basis of one new share for each three shares
held, represents the first stock dividend in the 65
-year
history of the bank. The meeting was adjourned to Feb. 11
when stockholders will vote on the First National-Union
Trust Co. consolidation. In the consolidation, the capital
stock of the First National will be increased to $24,000,000,
consisting of 240,000 shares of which 40,000 shares will be
allotted to stockholders of the Union Trust Co.
The Chicago "Journal of Commerce" of Feb. 5 had the
following to say concerning the approaching consolidation:
The first of the various Chicago bank mergers to attain physical consolidation will be the First National-Union Trust Company. An opportunity offered in the Lincoln birthday holiday, next Tuesday, will be utilized
to enable the removal of the Union Trust Company activities to the First
National quarters.
On Feb. 5 action was taken by the respective directors
Closing of the People's State Bank of Farrell,
Pa., on of the Chicago City Bank & Trust Co. and the Guarantee
Ian. 18, was reported in the following advices from
Youngs- Trust & Savings Bank—both outlying Chicago banks—
town, Ohio, on Jan. 19 to the "Wall Street
looking towards the merger of the institutions and the
Journal":
Doors of the Peoples States Bank at Farrell, Pa., closed
Friday, with erection of a new banking home for the enlarged organiState Examiners in charge. Last statement showed resources of
8847,833. zation, according to the Chicago "Journal of Commerce"
Rumors in connection .with bankruptcy of Farrell Drygoods
Co. started
a run on the bank.
by the stockholders and the State Banking authorities,
of Feb. 6. Actual consolidation of the banks, if approved
834
FINANCIAL CHRONICLE
[VoL. 128.
fact at the close of business Feb. 2. The new bank begins with a capital of $2,500,000, surplus of $1,500,000 and
undivided profits of $831,160. Its deposits aggregate $25,044,747 and its total resources $31,136,699. Affiliated with
the enlarged bank is the First Securities Co. with combined capital and surplus in excess of $900,000, which is
held by trustees for the pro rata benefit of the shareholders of the First National Bank. The roster of the
First National Bank is as follows: W. A. Sadd, Chairman
of the Board; J. P. Hoskins, President; C. C. Nottingham, Executive Vice-President; J. T. Lupton, Z. C. Patten,
W. E. Brock, T. R. Durham, H. R. Rutland and R. W.
Barr, Vice-Presidents; 'W. H. Ford, Vice-President and
Trust Officer; Carl Gibbs, E. D. Walter, J. H. McDowell,
J. It. Higgins, J. W. Durrett, J. V. Holdam and E. H.
Lawman, Assistant Vice-Presidents; W. H. DeWitt,
Cashier; G. L. Nichols, P. H. Stegall, S. C. Brooks and
H. R. Newton, Assistant Cashiers; T. 0. Trotter, Jr.,
We are advised that a new company, under the title of Assistant Trust Officer; F. L. Gardner, Manager Main
the First Wisconsin Mortgage Co, has been organized to Street Branch; H. A. Minor, Comptroller, and W. M.
take over the mortgage business of the First Wisconsin Vickers, Auditor.
Trust Co., Milwaukee, an affiliation of the First WisconAnnouncement is made by the directors of the City
sin National Bank. The new company does not represent National Bank of Knoxville, Tenn. of the appointment of
a new activity on the part of the First Wisconsin group. William S. Shields as Chairman of the Board and the
The F"rst Wisconsin Trust Co. and its predecessors have advancement of Cowan Rodgers, formerly Vice-President,
conducted a mortgage loan business since 1894. On account to the Presidency, succeeding Mr. Shields, effective Jan.
of the increase in the amount of business handled in this 8, 1929. The personnel of the institution is now as foldepartment and the large expansion program on which lows: William S. Shields, Chairman of the Board; Cowan
the First Wisconsin has embarked during the past year, it Rodgers, President; Powell Smith, D. C. Chapman, and
was decided to organize the new company. The company W. M. Fulton, Vice-Presidents; A. P. Frierson, Cashier;
will operate in the quarters of the First Wisconsin Trust G. W. Owen, Jr., E. F. Dearing, and J. K. Weems, Assistant
Co. on the second floor of the First Wisconsin National Cashiers, and I. L. G. Stooksbury, Assistant Vice-PresiBank Building. It is planned to extend the services of dent, in charge of the North Knoxville Branch.
the company through all branches and banks affiliated with
--Closing of the People's Bank of West Virginia of Buckthe First Wisconsin group. The following officers were
chosen on Jan. 25 for the new organization: George B. Luh- hannon, W. Va. on Feb. 5 and the subsequent arrest of
man, President; Philip P. Edwards and Wilbur I. Barth, the Cashier and Assistant Cashier of the institution, was
Vice-Presidents; A. F. Sperling, Secretary and Treasurer, reported in the following advices by the Associated Press
and R. W. Janssen, Assistant Secretary and Assistant Treas- from that place on Feb. 5, appearing in the New York
"Times" of Feb. 6:
urer.
will become effective Jan. 1, 1930, at which time it is
contemplated the new building will be ready for occupancy.
The new banking home will be on 63(1 Street, immediately
West of Halsted Street, and plans for its construction
are said to be nearing completion. The enlarged institution, which will continue the name of the Chicago City
Bank & Trust Co., will be capitalized at $1,300,000 with
surplus and undivided profits in excess of $1,800,000. The
officers of both banks units will remain with the consolidated bank. The Chicago City Bank & Trust Co. was
founded in 1893 by Louis Rathje, who served as its President until his death three years ago. William J. Rathje,
the present head of the institution, was the bank's first
Cashier. The Guarantee Trust & Savings Bank, on the
other hand, was established in 1908. Its President, Henry
F. Jeager, is a son of one of the organizers of the Chicago
City Bank & Trust Co.
The People's Bank of West Virginia here was closed shortly before
noon
when an examination of accounts by State bank examiners
to-day
The Merchants Trust Co., St. Paul, Minn., announces that showed a shortage of $172,000.
real estate mortgage
on and after Feb. 1 1929, the bond and
A. V. Rush, 37 years old, cashier, and E. B. Ross, 33, his assistant,
departments will be conducted by the Merchants National are under arrest charged with embezzlement. They are being held at
the Upshur County Jail.
Co., St. Paul. The announcement says:
According to bank examiners, $125,000 of the loss is attributed to
The segregation of the investment business, and its operation by a separate organization, is a timely development which will enable us to offer
a more diversified and broader investment service to our customers.
The trust and banking departments will be operated by the Merchants
Trust Company, as heretofore. Both institutions will share the banking
room now occupied by the Merchants Trust Company.
Advices from What Cheer, Iowa, appearing in the Des
Moines "Register" of Jan. 29, stated that the Farmers' Union
00-operative Bank of What Cheer, said to be the only cooperative bank in Iowa, closed its doors on Jan. 28. J. H.
Wynuin, Secretary of the bank, it was stated, was acting
as President of the institution in the absence of L. C. Wilson, who a week previous to the closing had obtained a
three months' leave of absence and was in Oklahoma. The
closed bank was capitalized at $25.000, and had deposits of
$117,000. It was the depository of the local school district's
funds. The dispatch went on to say:
Recently a 100% assessment was made against the bank's stockholders,
which they have until Feb. 8 to pay. Officials declared Monday (Jan.
28) that the bank would probably reopen as soon as all stockholders had
paid their assessment.
That Dr. L. D. Ricketts, Chairman of the Board of the
Valley Bank of Phoenix, Ariz., and well known mining executive, has assumed the duties of President of the institution, succeeding the late Charles E. Mills, was reported
in advices from Phoenix on Jan. 28 to the Los Angeles
"Times." C. C. Rittich, an accountant closely associated
with the bank, was appointed Executive Vice-President recently to succeed the late C. J. Loe, and A. T. Esgate, VicePresident and Secretary, and Sims Ely, Jr., Cashier, were
reappointed at the directors' annual meeting. The dispatch furthermore stated that the Valley Bank maintains
eleven branches and has deposits of more than $18,000,000.
Consolidation of the First National Bank of Chattanooga, Tenn. and the Chattanooga Savings Bank & Trust
Co., the two oldest banks in that city—under the charter
of the former, to which reference was made in the "Chronicle" of Dec. 15, page 3350, became an accomplished
Rush, $20,000 to Ross and the other $47,000 is unaccounted for but
thought to have been mulcted by both.
In a financial statement issued Dec. 31, 1928, deposits were given
as $623,000; capital $50,000; surplus, $65,000, and it is believed bank
realty holdings are worth between $40,000 and $50,000.
W. M. Hendren was elected a director of the Wachovia
Bank & Trust Co. (head office Winston-Salem, N. C.), at
the recent annual meeting of the stockholders. Mr. Hendren
is a-member of the law firm of Manly, Hendren & Womble of
Winston-Salem. At the subsequent annual meeting of the
directors, the following changes were made in the bank's
personnel: Frank Page, a Vice-President and a director of
the bank, was also made Associate Trust Officer and Chairman of the Board of the Raleigh office of the institution
to succeed Gilbert T. Stephenson who was placed in charge
of the public relations department with headquarters in
Winston-Salem; Major A. C. Avery, formerly Assistant
Trust Officer at the Asheville office, was advanced to Associate Trust Officer and Assistant Secretary to succeed W. B.
Williamson, who resigned after many years of loyal and efficient service to the bank at the Winston-Salem office; A.
W. Madison was appbinted an Assistant Trust Officer for
the Raleigh office, and N. D. Smithson and C. N. Walker
were advanced to Assistant Trust Officers for the Asheville office. F. H. Fries is President of the Wachovia Bank
& Trust Co.
•-Two Dallas, Texas, banking institutions have been consolidated, the Oak Cliff State Bank & Trust Co. and the
Jefferson Bank & Trust Co. of Oak Cliff, under the name
of the Oak Cliff Bank & Trust Co. The new bank, which
is affiliated with the Republic National Bank & Trust Co.,
Is located at 106 Jefferson Street and has combined capital
and surplus of $110,000 and deposits of over $1,100,000. The
officers are W. 0. Connor, President; J. Ervin Shilg, J. B.
Copeland, It. D. Suddarth, Charles R. Moore and Mike F.
Reed, Vice-Presidents; Irving Hitt, Cashier, and Ike P.
Rainbolt and L. II. Mapp, Assistant Cashiers.
PEB. 9 1929.]
FINANCIAL CHRONICLE
835
speaking before a gathering of some 300 directors, officers, and employees of the institution at the annual dinner
on the night of Jan. 24. J. Dabney Day, President of the
institution, presided, and short talks were made by Carl R.
Gray, President of the Union Pacific Railroad; John G.
Mott, a director of the bank and companion of Herbert
Hoover, President-elect of the United States, on his trip to
South America, and several officers of the institution.
Speaking for the directors, Mr. Connell, as reported in the
Mr. Cline is a native Texan, born and reared in Houston, where he re- Los Angeles "Examiner" of Jan. 26, said, in part:
According to the Houston (Texas) "Post" of Jan. 29, A.
R. Cline has been appointed Vice-President of the San Jacinto Trust Co. of that city, effective Jan. 29. Mr. Cline
was also elected a director of the company. Until his recent resignation from the Houston Land & Trust Co., with
which he had been associated for the past 22 years, Mr.
Cline was Vice-President and Trust Officer of that institution and a member of its Board of Directors. The paper
mentioned went on to say in part:
ceived his education. After his graduation from the public schools he completed a course in law at night school and was admitted to the bar in
1910. He is a charter member of the Houston Chapter, American Institute
of Banking, and his activities in the organization's work has been a contributing factor to its success. He has also served the institute as an
instructor for the past several years.
During the World War he served in the field artillery and received a
commission all second lieutenant in that branch of the service at Camp
Taylor, Louisville, Ky., in 1918. He is a member of the board of directors of the Gulf Bitulithic company.
'Effective Jan. 15, the First National Bank of Mt. Pleasant, Texas, capitalized at $75,000, was placed In voluntary
liquidation. The institution was succeeded by the First
National Bank in Mt. Pleasant.
Announcement was made on Feb. 1 that an increase in
the capital of the National Bank for Savings, Los Angeles,
from $300,000 to $500,000 was voted by the directors at
their annual meeting on Jan. 31, according to the Los Angeles "Times" of Feb. 2, which stated that the par value of
the stock will be reduced from $100 to $20 a share and the
stock spilt five for one. Rights will be issued to stockholders, it was said, to purchase the new stock at a price
to be announced later. The following changes were made
by the directors at the same meet'ng: J. B. McCook, President of the institution since its opening last spring, was
made Chairman of the Board of Directors, and Wade Hampton was appointed President in his stead. E. H. Seaver
was appointed Vice-President and Cecil Casey, Cashier,
while W. M. Butler was reappointed Assistant Cashier. The
Institution is said to be the first chartered by the Comptroller of the Currency for a savings bank exclusively.
While the bank was In course of organization, a controlling
Interest was acquired by the McCook brothers, including R.
D. McCook, President of the American National Bank
of
San Bernardino, Cal.; Nelson McCook, President of the
California National Bank of Long Beach, Cal., and J. B.
McCook, former President of the American National
Bank
of Pendleton, Ore. According to its officers, it was said,
the National Bank differs from other national banks "in
that it meets, exclusively, the requirements of money savers,
having no commercial departments and no unsecured loans,
but with a group of allied services that function by authority
and under supervision of the Treasury Department." The
paper mentioned furthermore stated Ott it is reported
that
the bank has Important expansion plans under way.
The Second Avenue State Bank, a small Los Angeles
institution, has been purchased, by the Bank of America
of
California (head office Los Angeles) and opened as
a
branch of that organization on Jan. 28, according to
the San
Francisco "Chronicle" of Jan. 27, which also printed
the following concerning the status of the last-named
bank, an institution formed recently when the Merchants'
National
Trust & Savings Bank of Los Angeles and the United
Security Bank & Trust Co. of San Francisco were
consolidated.
Bank of
"It is necessary for us to repeat again that we have no intention of
changing our policy in any particular. Our institution is making excellent
progress financially, is growing in deposits and resources and, after
giving effect to the increase in capital that is now being effected, we shall
have capital and surplus of $15,000,000, in addition to an investment of
$1,500,000 in the Citizens National Company.
"We feel that the bank has never been in a better position to serve this
community, and we do not see how it could be improved merely by an
increase in size.
"Directors and principal stockholders of the Citizens National Bank
some time ago entered into an agreement by which stockholders who desire to dispose of their holdings shall first offer the stock at the current
market price to the controlling interest, thereby effectually precluding
the acquiring of any considerable holdings of the stock by those who might
be interested in securing control.
We believe that an independent local bank, operating in Los Angeles
and not entering other communities in competition with our correspondent
banks, centering all efforts on the building of a strong, efficient, allinclusive service, represents the character of the Citizens National Trust
and Savings Bank.
It is our steadfast purpose to continue to uphold it."
The Bank of Italy, California's giant branch banking
institution, recently installed a beacon in the tower of its
fifteen-story bank building at San Jose, as a guide to
airmen engaged in night flying through the Santa Clara
Valley. This method of good will advertising is new in
bank experience. The lighting of the beacon was made
a festival occasion by the citizens of San Jose. During
the afternoon, the officials of the head office flew from
San Francisco in the Standard Oil Company's tri-motor
Ford plane and were received in San Jose by a committee
of local citizens headed by City Manager Clarence Warren. The passenger plane was escorted to San Jose by a
squadron of army planes from Crissey Field under command of Captain Floyd Shumaker. The army planes
circled the Bank of Italy tower and then landed at the
local flying field. They were escorted to the tower by
the reception committee and after inspecting the light,
returned to San Francisco. The beacon can be seen for
a distance of eighty miles by flyers and from twenty to
thirty miles by automobildsts.
According to the San Francisco "Chronicle" of Jan. 9,
directors of the Crocker First Federal Trust Co. of San
Francisco (the affiliated institution of the Crocker First
National Bank) at their annual meeting on Jan. 8 appointed D. J. Murphy and F. G. Willis Vice-Presidents.
Mr. Murphy and Mr. Willis are Vice-President and Cashier,
respectively, of the Crocker First National Bank. Other officers of the trust company were re-appointed. The directors of the Crocker First National Bank made no changes
in the bank's personnel. At the annual meeting of the
stockholders of the Crocker First National Bank, held previously the same day, George T. Cameron, President of the
Santa Cruz Portland Cement Co., was elected a director, and
the old directors re-elected. Stockholders of the Crocker
First Federal Trust Co. at their meeting made no changes
In the directorate.
America of California reports total deposits as of
December
31 1928 of approximately $358,000,000 for the
combined commercial and
It is learned from the Portland "Oregonian" of Jan. 22
savings departments, says the Manheim Dibbern News
yesterday,
Cash on hand, due from other banks, bonds and securities
that it is proposed to merge the Portland National Bank,
total approximately $95,000,000, which gives the bank a liquid
position of about 25% Portland, and the American Exchange Bank of that city,
behind deposits.
and that details of the consolidation will probably be
Loans and discounts, including advances and
overdrafts,
012,335.29, other real estate $2,382,904.88, acceptances totaled $263,- completed about Mar. 1, according to Charles Hall, PresiUnited States securities $16,285,213.03, bonds, warrants $5,248,709.48, dent of the Pacific Bank Corporation of Portland, which
and securities
$40,576,067.04, cash and due from banks $29,638,405.27,
recently announced the purchase of the American Exchange
checks and collections $8,057,777, interest earned but not exchanges and
collected $2,- bank. The merged institution will be known as the Ameri535,094, other resources $8,514,089.59, and bank
premises of $10,932,944.30, making a total of combined resources for the
new institution of can National Bank and will occupy the present quarters of
$387,183,569.88. It is expected that this total of resources
will be ap- the American Exchange Bank at Sixth and Morrison
proximately $400,000,000 or more after the completed
physical consolida- Streets. Officers of the consolidated bank have been antion has been effected and additional banks assimilated for
which negotiations have been made.
nounced as follows:
Liabilities of the bank include deposits of approximately
President, A. H. Averill; vice-presidents, Carl Detering, John A.
$357,974,000,
other liabilities of $1,691,461.75, acceptances of $5,228,460.70,
reserve for Davis, H. A. Freeman, Walter H. Brown and Frank 0. Bates; cashier,
interest, taxes, &c., of $301,960.15, unpaid dividends of $545
31,591.42z
00
$21,6,0; : Milne It. Jamieson and assistant cashiers, V. 0. Steenrod, Alfred R.
teal,, surplus and undivided profits of approximately
Puchner, J. H. Cruikshank, E. J. Klein and G. E.. Stephenson.
it is understood, does not reflect changes of the recent consolidation.
Failure of the Exchange National Bank of Spokane,
That the Citizens' National Trust & Savings Bank of
Los Wash., an institution with deposits of about $8,000,000 on
Angeles Is determined to retain its independent status
was Jan. 18, was reported in a dispatch by the Associated Press
made clear by M. J. Connell, Chairman of the Board,
in from Spokane on that date, appearing in the New York
836
FINANCIAL CHRONICLE
"Times" of Jan. 19. A national bank examiner was placed
in charge of the bank's affairs. Subsequently (Jan. 21)
advices by the Associated Press from Spokane, appearing
In the Topeka (Kan.) "Capital," had the following to say
concerning the closed bank:
The Exchange National was closed, its directors said, because of the
bankruptcy of Fred Herrick, northwestern lumberman, who was believed
to have owed the bank $500,000, and because the alleged defalcations of
employes had caused the public to begin withdrawing deposits.
The last mentioned dispatch also contained the following:
Two more banks of the Inland Empire were closed to-day, making in
all five institutions with have been shut down by their directors in order to
protect depositors.
The Miners and Smelters Bank at Northport, Wash., and the Rockford State Bank of Rockford, Wash., the former with approximate deposits of $70,000 and the latter with estimated deposits of $80,000, did
not open to-day. The Exchange National Bank of Spokane, the First
Exchange National of Coeur d'Alene, Idaho, and the Bank of Colville had
been shut down last week. All the smaller Banks either had heavy deposits
with the Exchange National or were owned by its officers or were affiliated
with it.
[Vol.. 128.
1928 and shows on that date total resources of £72,434,308, of
which the principal items are: Bills discounted, advances
to customers and other accounts, £35,906,078; customers'
bills for collection, per contra, £10,953,369; cash in hand
and with bankers and cash at call and short notice, £8,930,073; bills of exchange purchased and current at this date
(Sept. 30 1928), £8,169,674, and investments, £5,207,382. On
the liabilities side of the statement, deposit, current and
other accounts (including profit and loss account and provision for contingencies) are given at £53,379,869. The institution has a paid-up capital of £2,229,165 and a reserve
fund of 12,893,335. The directors, the report tells us, have
declared an interim dividend of 7s. per share (being at
the rate of 14% per annum), subject to income tax, out of
the profits of the half year under review. And furthermore, the bank's investments stand in the books at less than
the market value as at Sept. 30 1928, and all usual and
necessary provisions have been made. The New York
Agency of the Standard Bank of South Africa is at 67
Wall Street.
That re-organization of the First Exchange National
Bank of Coeur d' Alene, Idaho (one of the closed institutions mentioned above) is contemplated, according to T. E.
Harris, San Francisco, Chief National Bank Examiner for
The directors of Lloyds Bank Limited, London, announce
the 12th Federal Reserve District, was reported in an that,
after payment of salaries, pensions, staff bonuses and
Associated Press dispatch from Spokane on Jan. 30, printed
allowances, other charges and expenses, the annual contribuin the Seattle "Post" of the following day, which said:
tions to the provident and insurance fund and to the staff
It is understood here that J. L. Eckerson, receiver, has secured the
promise of additional capital for the institution from Coeur d' Alene widows and orphans fund and making full provision for
business men. The bank closed simultaneously with the Exchange Na- rebate, income tax, bad debts and contingencies, the availtional of Spokane. It has $1,000,000 deposits.
able profit for the past year is £2,528,143. To this has to
The 58th annual statement of the Dominion Bank (head be added £485,780 brought forward from the previous year
office Toronto), covering the twelve months ended Dec. making a total of £3,013,923. Out of this total interim
31 1928, was presented to the shareholders at their an- dividends were paid for the half-year ended June 30 last at
nual meeting on Jan. 31 and is noted as the best statement the rate of 16 2-3% per annum on the "A" shares, equal to
ever put out by the institution. Net earnings for the pe- is. 8d. per share, amounting, less income tax, to 4958,197,
riod, the report shows, after deducting charges of manage- and at the maximum rate of 5% per annum on the fully
ment, interest accrued on deposits and making full provi- paid "B" shares, equal to 6d. per share, amounting, less
sions for all doubtful assets, were $1,408,088, as against income tax, to £28,746. £300,000 has been placed to the
$1,328,496 in the previous twelve months. There remained staff superannuation fund and £250,000 to bank premises
from 1927 a balance to credit of profit and loss of $120,- account. After making these appropriations there is a bal524 and this when added to the net profits made $1,528,- ance of £1,476,980 remaining, and the directors have decided
613 available for distribution. After appropriating from to recommend to the shareholders at the ensuing general
this amount $780,000 to pay the usual quarterly dividends meeting that dividends on the "A" and "B" shares at the
at the rate of 12% per annum ($720,000) together with a same rates,amounting together, less income tax, to £986,943,
leaving £490,037 to be carried
bonus of 1% ($00,000); $50,000 contributed to officers' pen- be paid for the past half-year,
account for the current year.
sion fund; $176,326 to take care of Dominion and Provin- forward to the profit and loss
The available profit for the previous year was £2,475,674,
cial taxation and $250,000 written off bank premises, a
to which was added £533,992 brought forward from the
balance of $272,287 remained to be carried forward to the
previous year, making a total of £3,009,666. Out of this
current year's profit and loss account. Total resources are
£1,973,886 was paid in dividends,£300,000 was placed to the
shown in the statement at $152,805,147 (as compared with
staff superannuation fund and £250,000 to bank premises
$141,482,754 the previous year) of which $77,470,389 are
account. The comparative statement of the bank for 1927liquid assets, or 58.21% of the bank's liabilities to the pub1928 follows:
lic, while total deposits are given as $115,340,587, as against
1928.
1927.
£2,528,143 £2,475,674
$108,756,920 in 1927. The bank's paid-in capital is $6,000,- Profit forward
485,780
533,992
Brought
000 and its rest fund $8,000,000. A. W. Austin is Presi•
£3,013,923 £3,009,666
Total available
dent and C. A. Bogert, General Manager.
1,916,394
1,916,394
Dividend (16 2-3'),. "A' shares
Frederic W. Molson, a director of the Bank of Montreal,
and prominent in the financial and commercial life of Canada, died suddenly in Montreal on Feb. 5. Mr. Molson, who
was 69 years of age, was a former President of Molson's
Bank, an institution founded by members of his family
which in 1924 was acquired by the Bank of Montreal. Among
his numerous activities, Mr. Molson was a director of the
Canadian Pacific Railway, Canadian Pacific Railway Express, the Standard Life Assurance Co., the Bell Telephone
Co., the Northern Electric Co., the Dominion Bridge and
Engineering (lb., the Montreal Trust, Limited, the Canada
Steamship Lines, the Ice Manufacturing Company, the
Standard Clay Products, Limited, the Montreal City and
District Savings Bank, &c.
•
• W. V. Gordon has been appointed Superintendent of Maritime branches for the Canadian Bank of Commerce (head
office Toronto), In succession to E. E. Henderson, who goes
to Winnipeg as Superintendent of Manitoba branches, accordin gto the Toronto "Globe" of Jan. 14. Both moves, it
was said, are promotions resulting from the recent appointment of B. P. Alley as Assistant General Manager, as the
latter was chosen a short time ago as the successor of F. E.
Kilvert, who, until his retirement, was in charge of the
bank's business in Winnipeg and the Province of Manitoba.
es
Dividend (5%) B shares
' '
Staff superannuation fund
Bank premises account
Carried forward
57,492
300,000
250,000
490,037
57,492
300.000
250,000
485.780
The net profits of Westminster Bank, Ltd., London, for
the year ended Dec. 31 1928, after providing for bad and
doubtful debts, and all expenses, amount to £2,148,408 3s. 6d.
This sum, added to £535,062 14s. 6d. brought forward from
1927, leaves available the sum of £2,683,470 18s. The dividend of 10% paid in August last on the £20 shares and 63i,
%
on the £1 shares absorbs £678,137 us. A further dividend of
10% is now declared in respect of the £20 shares, making
20% for the year, and a further dividend of 634% on the £1
shares will be paid, making the maximum of 123i% for the
year. £275,000 has been transferred to bank premises socunt, £100,000 to rebuilding account, £200,000 to contin-a
gent fund, and £200,000 to officers' pension fund, leaving a
balance of £552,195 16s. to be carried forward. The Bank's
m27.
balance sheet for the past three years follows:
1928.
1926.
Net profit
£2,148,408 3s. 6d. £2,132,815 9s. 10d. £2,157,232 10s. 86.
Brought forward_ _ _ 535,062 148. 6d. 508,522 6s. 8d.
457,564 188.
Total available_ _ _£2,683,470 188.
Divs. (20% on £20
shares: 1234% on
11 shares)
1,356,275 28.
Bank premises accl. 275,000
Rebuilding acc't
100,000
Contingent fund.... 200,000
Officers' pens. fund_ 200,000
Carried forward_
552,195 168.
£2,641,337 168. Od. £2,164,797 88. 86.
£2,683,470 188.
£2,641.337 168. 6d. £2,614,797 8s. 8d.
1,356,275 28.
1,356,275 28.
200,000
150,000
150,000
250,000
200,000
150,000
200,000
200,000
535,062 148. 6d.
508,522 Os. 86.
The half yearly statement of the Standard Bank of South
Total assets of the institution are shown in the annual
Africa, Limited (head office London), has just come to report as £340,508,305, of which £38,438,974 are liquid
hand. The statement covers the six months ended Sept. 30 assets. The bank's paid-up capital is £9,320,157 and its
FEB. 9 1929.]
FINANCIAL CHRONICLE
reserve fund a like amount. During the year under review
42 branches and sub-branches were opened, including offices
at Bishopsgate, Blackpool, Exmouth, Halifax, Melbury
Court (Kensington), Leadenhall Street (Lloyd's Building),
Mark Lane, Mill Hill, Smith Square (Westminster), and
Trowbridge.
837
gains were recorded by Kennecott, Andes and Cerro de
Pasco, but most of their gains were lost in the later recessions. Railroad shares were down all along the line, the
principal losses being recorded by such stocks as New York
Central which was off about six points from its recent high,
Baltimore & Ohio which yielded about five points and
Atchison which dipped to 2024. Motor shares gave ground
all along the line, Packard losing more than five points,
points, while Studebaker lost nealy three points and closed
at 934. Chrysler improved but did not regain its recent
losses. General Motors and Hudson closed with fractional
recessions. The bright spot of the session was Int. Combustion Engineering which moved against the trend, dosing
at 933i with a net gain of nearly six points.
The most drastic decline in stocks since the December
break was precipitated on Thursday by the action of the
Governors of the Bank of England in raising their rediscount
rate from 43- % to 5%%. Losses during the early trading
ranging from 2 to 17 points were recorded by many of the
speculative leaders as well as numerous stocks of the more
conservative type. Some of the most important of the net
declines for the day were American Can 4% points to 1113 ,
4
General Motors 13 points to KM, General Electric 12%
4
points to 235%, United States Steel common 63 points to
,
175%, Int. Combustion Engineering 43 points to 89,
Case Threshing Machine 10% points to 454%, Motor
Products Corporation 11 points to 180 and Radio Corporation 27 points to 354. Prices improved somewhat around
midsession but the market weakened in the late trading and
the trend again was downward. Copper stocks yielded as
prices declined, most of the speculative favorites declining
from 2 to 8 points. On Friday the market displayed
moderate improvement in the early trading, but with the
advance of call money first to 7, then to 8 and finally to 9%
the entire list gave way and prices in many instances slumped
to new low levels. United States Steel common, Anaconda
General Motors, New York Central, General Electric and
Baltimore & Ohio were some of the market leaders that
slipped back to new low ground on the current reaction.
The final close was weak.
THE WEEK ON THE NEW YORK STOCK EXCHANGE
The stock market suffered a sharp break following the
unexpected action of the Bank of England in raising its
rediscount rate from 4%% to 5Y and the distribution of
2%
the statement issued simultaneously from Washington on the
subject of money rates. The advance in the Bank of England rate is the highest since 1921 and one half of one per cent
above New York's rate. The weekly report of the Federal
Reserve Bank issued after the close of the market on Thursday showed a further increase of $110,000,000 in brokers'
loans. Call money touched 8% on Monday, gradually
worked downward to 6% on Thursday but advanced to 9%
on Friday. The market continued its upward swing during
the brief session on Saturday though the advance was somewhat uneven, some issues being more or less heavy. Railroad stocks were again in demand and several forged ahead
into new high ground. Baltimore & Ohio was especially
prominent on reports that the road intended to consolidate
with the Central Railroad of New Jersey and the Reading
Railroad. The initial sale was a block of 5,000 shares at
129%, the highest price in history. Union Pacific also
bounded upward to a record top slightly under 230 and new
peaks were reached by Northern Pacific, St. Paul pref.,
Nickel Plate, Atlantic Cost Line and New Haven. St.
Louis-Southwestern also attracted attention and moved
ahead about 6 points. Allied Chemical & Dye was the
feature among the so-called specialties and advanced about
10 points to 301. Motor shares were somewhat irregular,
Chrysler being carried down over 2 points to below 109,
while other prominent issues like Hudson and General Motors
were well maintained after early recessions. Radio Corporation at 385 had dipped about 17 points below its preceding
close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
On Monday considerable profit taking was apparent as the
DAILY. WEEKLY AND YEARLY.
the day advanced. Railroad shares maintaind their leadership in the early trading but sold off later in the session.
Stouts.
Railroad.
State,
Untied
Number of
Atchison crossed 209 to a new top record in all time. BaltiWeek Ended Feb. 8.
&c.,
Municipal &
,ctw.te
Shares.
Bonds.
Foreign Bonds
Bonds.
more & Ohio was an outstanding feature and moved to a
2,333,400
$3,699,000
$1,553,000
record top at 131. St. Louis-San Francisco commanded Saturday
8158.500
Monday
4,051,400
7,507.000
2,224,000
491,000
4.067.880
6,829.000
considerable speculative interest and surged forward to a Tuesday
2,230.000
317,500
4,680,500
Wednesday
7,455,000
2,314,000
483,500
new top for 1929 as it crossed 122. Copper stocks advanced Thursday
5,211,900
6,708,000
2.723.000
532,500
4,553,250
7.402,000
1,830,000
819.000
with the leaders under the guidance of Anaconda which Friday
24 898.330 339.591.000 812.874.000
82802 nnn
moved briskly ahead. Greene Cananea scored a net gain of .r.,.....v
three points as it touched 180. Bethlehem Steel was bought
Week Ended Feb. 8.
Sales at
Jan. 1 to Feb. 8.
New York Stock
in large blocks and advanced upward six points to its highest
1929.
1928.
Exchange.
1929.
1928.
level since 1920. Motor shares were not expecially note- Stocks-No.of shares- 24,898.330 14,329,200
140.674.980
78.079,475
worthy for their activity though there was some demand for
Bonds.
Government bonds- _ - $2,802.000
General Motors which improved about a point. Copper State and foreign bonds 12.874,000 $2,299,000 $17,300.500 $25,006,500
19,539,500
76,158.500
115,071,000
stocks assumed the marked leadership on Tuesday as a Railroad & misc. bonds 39,591,000 42,915,000 209,347,000 245,491,300
855,267.000 364.753,500
result of the advance in the price of metal for domestic ship- Total bonds
$302,806,000
3385.568,800
ments. Greene Cananea ran rapidly upward and registered
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
a four point gain. Anaconda was in strong demand
and
crossed 129 to a new peak. Kennecott, Nevado, Cerro
Boston.
Philadelphia.
de
Baltimore.
Week Ended
Pasco and Calumet & Hecla also were higher. Railroad
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
Feb. 8 1929.
.
stocks were at a standstill but in the mortor group
Packard Saturday
$39,000 a54,334
.46,824
$6,000
32,736
346.300
Motors rushed upward about 4 points followed by
.80,233
53,000 a93,921
Monday
21,500
34,634
Chrysler Tuesday
78,400
64,000 a69,464
.87.457
33,000
which improved three points. Aeroplane issues were
84,522
53.100
49,500 083,815
*87.188
9,500
in Wednesday
84,728
52,000
15,000 a132,277
.84.451
strong demand, Wright selling up to 289 with a gain
Thursday
27,500
33,985
47,700
of 10 Friday
25,000 020.865
.55.346
6,000
b4,538
77.000
points,while Curtiss forged ahead about five points to
17332. Total
441,499 3245.500 454,676 5103,500
American Can was the feature of the specialties
25,143 $354.500
and as it Prev oz,..ak
revised 464.552 $218.500 668.672
crossed 119 it touched the highest price recorded
for the • In addition, sales of rights were: Saturday, 5180.700 42.713 2951 Ann
1.879: Monday, 1.900; Tuesday.
present stock.
370: Wednesday. 172
.
Prices were generally lower on Wednesday and
a In addition, sales of rights were: Saturday, 9,500; Monday. 9,500;
Tuesday.
Wednesday, 8,200: Thursday. 2.400; Friday, 800.
thelmarket leaders and speculative favorites were most of 27.300;additi
In
down a
on, sales of rights were: Saturday, 3.275; Monday, 8.062; Tuesday,
point or more. Copper stocks held out against the
7,005; Wednesday. 3,824; Thursday, 11.141; Friday. 4.907.
wardltrend as Anaconda moved into new high down- c In addition, sales of warrants were: Saturday. 124; Monday. 3: Wednesday. 3;
ground. Thursday, 103; Friday, 5.
Greenerananm_was up about four points and
d In addition,
substantial 28-20; Friday, sales of scrip were: Saturday. 53-20; Tuesday, 54-20; Wednesday.
5-20.
•
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 telegraphicAdvices
the chief cities of the country, indicate that for the from
ended to-day (Saturday, Feb. 9) bank exchanges for week
all the
cities:of the United_States from which it is possible
to obtain
weekly returns will be 36.0% larger than forhet corresponding week last year. The total stands at $14,269,027,872, against $10,495,594,935 for the same week in
1927. At this centre there is a gain for the five days ended
Friday of 57.7%. Our comparative summary for the week
follows:
[VoL. 128.
FINANCIAL CHRONICLE
838
1929.
1928.
Per
Cent.
58,209,000.000
628,175,151
395,000.000
439,000,000
108,913.935
117,600,000
191,371,000
196,510,000
174,056,216
208.331,154
109,926,465
79,344.349
57,073.097
55,204,000,000
535,385,013
407,000,000
373,000.000
109.512.025
111,400,000
182,388.000
151,703.000
146,637.397
126.817,824
91,942,832
70,630,007
58.755.464
+57.7
+13.3
-2.9
+17.7
-0.5
+5.6
+4.9
+2.5
+18.7
+64.2
+19.6
+12.3
-2.9
Thirteen cities, 6 days
Other cities, 5 days
310,914,301,367
1,143,221,860
57.569.171,562
1,011,631,980
+43.8
+13.0
Total all cities, 5 days
All cities, 1 day
$12,057,523,227
2,211,504.645
$8,580,803,542
1,914,791.393
ea 919 AAR M14 AU
there is an improvement of 49.9% and in the Philadelphia
Reserve District of 9.4%. The Boston Reserve District
with a decrease of 2.7% is the only district that shows a loss
from the previous year. In the Cleveland Reserve District
the totals are larger by 10.9%, in the Richmond Reserve
District by 2.6% and in the Atlanta Reserve District by
2.3%. The( hicago Reserve District shows a gain of 12.5%,
the St. Louis Reserve District of 6.6% and the Minneapolis
Reserve District of 7.1%. In the Kansas City Reserve
District the increase is 7%, in the Dallas Reserve District
15.3% and in the San Francisco Reserve District 15%.
+36.5
+15.5
-I- 25 n
Marieto-Returns by Telegraph.
Week Ended February 9.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angels
Plitaburgh
Detroit
Cleveland
Baltimore
New Orleans
CIA ace naa
TWA] $.11 rithal fnr mark
December
1919
Federal Reserve l)Ists.
let Boston._ _ _13 cities
2nd New York_14 "
3rd Philadelphia!4 "
455 (3eveland 15 "
5th Richmond -10 "
6th A tlanta.___18 ''
7th Chicago . "
. _29
8th 81. 1..ouis.-10 "
9th MInneap011813 "
10th Kanaas City 16 "
11th 1)ellats
12 "
1255 San Fran- _27 "
December
1928.
Inc.or
Dee.
December
1927.
December
1926.
$
2,690,782,723
44,773.376,446
2.991,695,772
2,085.316.299
857,791,525
965.206.988
5,223.452,454
1,126,276,417
539,859.687
1,311,22E1,207
625,437,834
2,987,011,158
$
2.765444,151
31,775,816,636
2,736,207,440
1,879,983,237
815,891,699
913.901,096
4,646,022,186
'1,056,650,599
532,076.964
1,225.909,657
512,336,429
2,594,696,469
44
-2.7
+40.9
+9.4
+10.9
+2.6
+2.3
+12.5
+6.6
+7.1
+7.0
+15.3
+15.0
9
2,483,038,756
26,265,749,393
2,623.168.962
1,834,503.328
897,261,108
975,383,907
4,277,561,665
1,021,266.190
500,195,332
1,260,09,563
592,092,835
2,461,990,792
$
2,512,500,575
27,811,212.491
4820,750,714
1.1149.443,573
933,084,936
.371
1.274664
4,522,678,144
1.095,133,206
656,029.058
0
1.220431.73
595,042,619
2,410,002.023
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we Total
37
192 cities 65,210,468,510 51,534,639,563 +26.5 45,195,310,503 47,597.673.4
23.306,802,640 20,491,159.634 +13.7 19,633,397,033 33.496,575,171
present further below, we are able to give final and complete Outside N. Y. City
..... A..:
"..........
al• nnos _I_ •• • • .. A,
a a,,..,. •nn • , .
II ....,
-the week ended Feb. 2. For rlant.Aa
.
,
. •
,
.
results for the week previous
that week there is an increase of 30.5%, the 1929 aggregate
of bank clearings at leading cities of the country
The course
of clearings for the whole country being $14,378,312,723, for the month of January in each of the last eight years is
against $12,027,456,899 in the same week of 1928. Outside shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JANUARY.
of this city the increase is only 5.8%. The bank exchanges
1923. 1922.
1929. 1928. 1927. 1926. 1925, 1924.
$
$
s
at this centre record a gain of 27.4%. We group the cities
$
$
$
$
$
43,903 31.043 25,562 27,101 26.721 20,689 19,775 17,296
districts in which they New York
now according to the Federal Reserve
3,523 3,187 2,890 3,133 3,070 2.676 2.797 2,123
Chicago
1.285
1.735
1,922
2.361 2,466 2,217 2.228 2,059
Boston
are located, and from this it appears in the New York Philadelphia
1,701
2,175 2,194
2,798 2,547 2,437 2,637 2,511
650
697
655
629
703
685
678
698
Reserve District (including this city) there is an increase St. Louis
499
688
702
763
774
772
847 '760
582
703
724
of 27.3% and in the Philadelphia Reserve District of 9.3% Pittsburgh
764
832
824
923
944
San Francisco
277
419
443
443
496
490
465
460
District there is a decrease of Baltimore
but in the Boston Reserve
235.
308
296
315
346
338
353
352
Cincinnati
675
628
634
686
588
631
579
601
3.5%. The Cleveland Reserve District records a gain of Kansas City
344
483
471
496
528
527
555
647
Cleveland
251
338
276
359
342
299
6.7% and the Richmond Reserve District of 2.5%, while Minneapolis
321
350
210
264
291
296
281
266
270
265
a loss of 2.4%. In the New Orleans
the Atlanta Reserve District shows
877
537
594
661
720
708
778
1,012
Detroit
105
152
140
156
159
157
182
198
Chicago Reserve District the totals are larger by 12.5%, Louisville
140
196
153
182
175
168
178
191
Omaha
49
56
67
District are slightly smaller Providence
67
71
65
72
80
but in the St. Louis Reserve
118
153
156
172
185
188
189
155
Milwaukee
410
545
683
660
738
823
(0.3%). The Minneapolis Reserve District has suffered Los Angeles
831
1,078
169
196
199
227
256
228
237
290
119
a decrease of 3.8%, the Kansas City Reserve District of Buffalo
154
141.
135
138
126
133
135
82
92
136
143
of 7.3%. The Bt. Paul
132
136
148
167
Denver
13.8% and the Dallas Reserve District
71
93
93
86
99
107
102
113
Indianapolis
173.
247
241
244
243
218
Reserve District enjoys a gain of 8.0%.
188
201
San Francisco
Richmond
76
116
105
116
II..
MO
Week End. Feb. 2 1929
1929.
1928.
Incur
Dec.
Federal Reserve Dist.
604,256.597, -3.5
683,146,391
12 cities
1s5 Buxton
9.920.581.562 7,792,688.762 +27.3
2nd New York 11
601.311.910 +9.3
657.469,297
3rd Phibulelohls10
439,299.470 +6.7
468.798.1137
4th Cleveland.- 8
180.065,742 +2.5
184.590,934
lith Richmond - 6
231,729.083 -2.4
196,841.928
13
6th Atlanta
1,127.594,116 1,002.030.642 +12.5
7th Chicago. 20
226,962,671 -0.3
226.264,579
8th St. Louis 8
110,432.933 -3.8
106.188,080
9th Minneapolis 7
263,335.109 -13.8
228,879.245
10th Kansa Cltyl2 "
33,318.913 -7.3
77,237,532
11th 14allas
568,126,067 +e.0
602,793.232
12th Sas Fran.-17 "
129 eitiol 14.378.312,723 12,027.456,899 +19.5
Total
4.615.966.208 4,363.519.634 +5.8
Outside N. Y. City
Canada
31 cities
474.3413.681
108
227
85
104
Memphis
Seattle
Salt Lake City-Hartford
SUMMARY OF BANK CLEARINGS.
1927.
1926.
93
180
80
69
98
199
84
83
120
196
80
76
176
69
66
170
80
66
153
68
54
130
58
41
61.891 47.649 41.264 43,377 42.177 34,853 33,843 38.030
4,320 3.888 2,946 4,234 8,990 3.629 8.262 2.450
30,480
66,211 51,537 45,209 47.611 46,167 38,482 37,331
Total all
Outside New York 23,308 20.494 19,647 20.510 19.442 17.793 17.753 13.184
Total
Other cities
540.282.805
653,492,540
2 935 6,334,215.425
6,918.82 .
611.474,578
619,370,567
410,754.699
480,413.219
220.132.1136
192,268.280
262.252.720
199.9E0,430
1,001.124.318 1.020.3E0.098
240,482,607
221282,108
114,886,081
103,918,7E6
229,496,569
433.650.264
88.130,107
e3,064,11
562,062,402 694,627,945
11.299,306,979 10,657,160,448
4.481,941,319 4,449,566.270
378.466.363
464.600.983 +2.1
338,621.111
Federal Reserve
We also furnish to-day a summary by
the month of January. For
districts of the clearings for
country of
that month there is an increase for the whole
aggregate of the clearings being $66,210,28.5%, the 1928
9,563. The
468,510, and the 1927 aggregate $51,534,63
total of $66,210,468,510 not only establishes
present years
it is the
anew high total for the month of January, but in any
highest monthly total ever recorded in any month
part of the
year. New York City is responsible for a good
Outside of this city the inincrease, its gain being 41.4%.
crease is only 13.7%. In the New York Reserve District
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for January in 1926 to 1929 are given below
Month of January.
Ducription.
1926.
1927.
1928.
1929.
110,805,940 56,919.395 34,275,410 38,987,888
Stock, number of shares-5233.688,200 8212,055,000
Railroad and mlscell. bonds. $163,754,000 $179,899,300 112,475,700 55,146,250
- 61,880,500 85,215,500,
State, foreign, &c., bonds
13,886,500 20.580,750' 25,627,650 30,311.300
U.S. Government bonds,,
5239,521,000 5285.695,550 5371,791,650 3297,612,550
Total bonds
The volume of transam,ions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1926 to 1929 is indicated in the following:
1928.
1929.
No. Shares.
110,805.940
Month of January
No. Shares.
56,919,395
1926.
1927.
No. Share..
34,275,410
No. Shares.
38,987,881
We now add our detailed statement showing the figures
for each city separately for January and for the week ending
Feb. 2 for four years:
YEARS, AND FOR WEEK ENDING FEB. 2.
CLEARINGS FOR JANUARY FOR FOUR
Week Ended February 2.
Month of January.
Clearings at
1929.
1928.
Inc. or
Dec.
1927.
1926.
1929.
1928.
Inc. or
Dec.
1927.
1926.
First Federal Reserve D Istrict-Bosto n3,006,047
2,696,672
Maine-Bangor
18,677.800
17,412,597
Portland
2,361,293,107 2,466,340,263
-Boston
Mass.
8,322,366
6,736,686
Fall River
4,314,530
3,044,680
Holyoke
5,593,808
5,799,670
Lowell
5,074,098
6,759.425
New Bedford
26,741,297
27,826,827
Springfield 16,589,611
17.399,987
Worcester
83,366,552
104,661,415
-Hartford
Conn.
38,680,193
43,338,388
New Haven
12,914,400
11,427,100
Waterbury
72.202,000
80,231,000
-Providence
R.I.
3,321,186
3.155.189
-Manchester
N.H.
3,286,453
4,079,966
-10.3
15,471,922
16,191,548
-6.8
-8.3 2,216,982,138 2,228,000,000
9,428,892
2,672,009
-19.1
4,584,290
4,269,569
-29.4
4,939,835
5,476,670
+3.7
5,984,600
5,173,649
+13.5
27,803,157
26,170,503
+4.1
17,211,868
16,309,767
+4.8
76,198,689
68,570,985
+25.6
33,202,622
34,499,818
+12.0
11,138,600
11,272,900
-11.5
62,359,900
71,425,800
+11.1
3,143,635
3,690,547
-5.0
562,782
4,084,080
515,000,000
1,330,578
747,996 -23.4
3,689,571 +10.7
538,000,000 -4.3
1,248,982 +6.5
776,912
4,679,863
598,000,000
2,125,695
808,938
1,696,522
482,000,000
2,217,907
1,261,910
1,130,552
6,215,475
3.888,744
23,019,411
8,298,469
1,234,679 +2.1
1,097,419 +3.0
6,280,487 -1.0
3,816,148 +1.9
21,444,771 +7.3
8,558,022 -3.0
1,104,775
1,283,728
5,700,834
3,697,303
14,664,265
7,162,457
906,869
1,402,031
5,541,229
3,812,050
18,090,823
7.479,934
17,655,900
698,490
17,387,900
751,623
+1.6
-7.1
13,570,700
726,008
13,509,700
816,802
-2.7 2,483,038,758 2.512,500.575
583.146.391
604,256.597
-3.5
6531492,540
540,282,805
2,690,782,723 2,765,144,151
Total(14 cities)
FEB. 9 1929.]
FINANCIAL CHRONICLE
839
CLEA RINGS-(Continued.)
Month of January.
I
Clearings at
Inc. or
Dec.
IVeek Ended February 2.
1928.
1927.
1926.
1029.
1928.
Inc. or
Dec.
1927.
1926.
5
1929.
$
$
5
%
$
$
$
$
%
Second Federal Reserve District-Ne w York
-Albany
+8.6
27,163,511
29.497.426
f. Y.
26,411.258
27.776,153
7.471,891
Binghamton
6.220.762 +20.1
5,594,893
5,767.600
236,628,768 +22.7
290,251.442
Buffalo
227,971,692
255.975,421
5,299.132
Elmira
4,615,541 +14.8
4,671,864
4,694,052
Jamestown
6,034,009 +3.2
6.526,487
6.654,746
7,114,512
43.903,665,870 31,043,479,929 +41.4 25,561,913,470 27,101,098,266
New York
6,815.213
Niagara Falls
6,068,888+12.3
4,891.440
4,557,633
81,558.422
Rochester
68,361,909 + 17.6
61,797,757
63,483.693
29.729.430 +18.4
35,197.580
Syracuse
29,167.507
27.661,622
:onn.--Stamford
22,604,177
15.102,311 +49.7
15,140,899
14,680,709
-Montclair
4,324,750
4,332,320 -0.2
g... 2.
3.936.764
2.861,533
150,297,554
Newark
123,972,438 +21.2
112,181.161
115,554,584
220,710,149
Northern N. J
197,230,209 +11.9
197,657.645
173,418,452
9.156,353
Oranges
6,876,611 +33.9
7.758,297
6,568,261
Total (14 cities)
2,994.695,772 2,736,207,440
Fourth Federal Reserve District-Cle velandOhio Akron
31,028,01/0
26,868,000
Canton
20.751.502
17,712,644
Cincinnati
352.695.819
352,233,367
Cleveland
554,877,964
647,637,531
Columbus
83,854.700
77.397.800
Hamilton
5,129,161
3.616.485
Lona»
1,928,931
1,620.836
Mansfield
9.293,939
8,528,300
Youngstown
31,459,657
26,026,714
Pa.
-Beaver Co
3.487.345
3,253,783
Franklin
840,977
1,424,853
Greensburg
6.566,783
9,3(9,5(4
Pittsburgh
759,810,379
847,262,207
Ky.-Lexington
21.022,569
16,907,632
W. Va.-W heeling
22.819.630
19,9)8,512
Total (15 cities)
19.061.377
7,201.521
3.807.095
903.945
17,925,321
7.364,462
4,058.815
931.706
-4.3
-2.2
-6.2
-3.0
15.644,761
7.522.315
4,099.639
951.370
17.758.679
8,326.091
3,372,027
788.956
54,385,766
39,528.438 +37.6
-...).
39,185,861
36.047.981
44,773,376,446 31,775.816,636 +40.9 26,265,749,393 27,811.212,4911 9,920.581,552 7.792,688,762 +27.3 6.948.822.935
6,334,215.425
Third Federal Reserve 0 istrict-Phila delphia?is.-A Itoona
6.507,429
6,492,592
Bethlehem
33,093,568
17,856,604
Chester
5,527,391
5.785.762
Harrisburg
22,102,214
19,216,005
8,241,819
Lancaster
9,832.718
Lebanon
2,576,474
2,874,190
Norristown
4.309,615
4,155,701
Philadelphia
2,798,000.000 2,547,000,000
Reading
21,502,627
20,402,497
Scranton
30.174,756
29.050.274
Wilkes-Barre
20.586,132
18,684,824
York
9,158,830
9,004,541
N. J-Cainden
10,399,591
11.424,573
Trenton
22,525,296
34,427,158
Total (14 cities)
6.681.002
6,200,802
+7.7
6,610.001
6.123.307
2,025,739
2,122.882 -4.6
1,968,630
1.611.300
61,163,644
48,113,820 +27.1
52,990,388
49,980,829
1.373,676
1.357.969 +1.3
1,236.682
1,259.591
1.626,292
1,146,282 +42.0
1,247,638
1,503.486
9,762,347,515 7.663.937,625 +27.4 6,817.365.660 6.907,605.178
+0.2
8,214,640
6,445.4671
+85.3
18.199.467
17,693,257
-4.4
6,574,164
5,955,158
+15.0
21,026.891
20,175,294
-16.2
8,670,210
10,656,081
-10.4
2,534,411
2,604,214,
+3.7
4.231,258
3,791.5911
+9.9 2.437,000,000 2,637,000,000
+5.4
18,192,368
17.775,122
+10.4
30.476,489
28.184,205
+10.2
17,800,281
16,20(1,165
+1.7
7,425,971
8.065,208
-10.1
13.698,365
18,453,728
-20.0
29.213,444
27,751.194
1,506.514
5,247,1115
1,083.183
1,485,641
+1.4
4,348,117 +20.7
1,156,501 -6.3
1,513,607
4,598,133
1.431,855
1.483.139
4..631,337
1,487.466
2,478,087
1,345,150 +84.2
2.172,387
2,370.132
624,000,000
4,355,922
7,231,797
4.370.102
2,433.809
569,0011.000 +9.7
4,429,785 -1.7
6,532,103 +10.7
3.8)1,990 +12.3
1,939.929 +30.6
587.000.000
4.7611,054
6.174.644
3.931.819
1,722,838
581,000.000
3.567.381
5,774.078
3,070.414
1,821,353
1
4,761.968
6,056,230
6.369.277
+9.4 2.623.168,962 2,820,750,7141
657,469,297
601,311,910
+9.3
619.370,567
611,474,676
6,520,000
3.818.839
80,616,268
138,928,900
15,989,200
5,477,000
4,164,315
84.453,449
125.193,099
19,433,300
+19.0
-17.0
-4.5
+11.0
-17.8
5,672.000
3.598.1128
74.330,288
119.524.245
16,794,000
5.555.000
4.216,468
81,059,314
112,657.119
17.1/91,100
1,813,738
6,004,951
1,854,36. -2.2
4,973.765 +20.7
1.813.058
4,853,414
2,055.100
4,487,552
215.076.941
193.747,973 +11.0
253,828,186
183.638,046
468,708.837
439.290,470
+6.7
480.413,219
410,754,699
1,268,791 -18.3
5,233,290 -8.6
42.859.000 +13.3
1,637.319
6,091,840
48.867.000
1.625,033
8.566,627
58,644.000
+15.5
+17.2
-0.1
+16.8
+8.3
+41 2
+18.3
+9.0
+20.8
+ 17.2
-41.0
-29.5
+ 11.5
+24.3
+14.5
23,315,000
17,334,028
337,710.028
526,600.813
75.408,700
3,993,795
1.735,970
8,367,366
26,163.085
3,163,543
1,333,834
6,239,597
772,462,431
10,888,430
19.787.708
28,398,0001
18,253,962
345,796,010
528,174,996
74.292,3110
3,735,410
1,802,653
9,287,809
23,573.736
3,221,200
1,661,495
5,580,941
774,441.558
11,130,108
20,093,395
2,085,316,299 1,878,983.237 +10.9 1.834,503.328 1,849,443,573
Fifth Federal Reserve D 'strict-Rich mood
Vi. Va.-Huntington
5.375.714
5,618,474 -4.3
Va.-Norfolk
23,286,853
25,533,703 -8.8
Richmond
201,132,974
187,6(16.385 +7.2
N. C.
-Raleigh
11,186.401
12,042.866 -7.1
-Charleston
B. C.
10.894,413
11,070,2 i0 -1.6
Columbia
10,894,207
8,917,277 +22.6
Md.-Baltimore
460,659,962
465.084,066 -0.9
Frederick
2,017,122
2,043,197 -1.2
Hagerstown
2,908,588
3,566,688
+9.6
D. C.
-Washington
129,438,291
114,408.833 +13.1
6.709,768
29,909,405
217.884,001/
12,274,117
11,016,966
7,274.105
489.710,046
1,881.313
3,526.335
117.074.963
6,529.487
38,211,947
243.218,000
11,242,476
12.936.052
7,002,998
495,521,978
1.998,482
3.570,075
112,853,441
1,036.414
4,782.025
48,549,000
7.183.194 -33.6
*2.400.000
2,500,000
-4.0
2,477,181
3,292,717
101,278.348
101,897,138
-0.6
105,238.872
111,145.115
26.545,147
26,307.523
+0.9
28,05068
28,859.344
835,891,699
+2.6
897,261,108
933,084.936
184,590,934
180,065,742
+2.5
192.268,280
220,132,836
Sixth Federal Reserve D istrict-Atlan ta39.092,024
Tenn.-Chattiumoga
35,094,152
Knoxville
16.088,700
.15,00(1,000
Nashville
114,635,649
102,354,403
Ga.-Atlanta
247,373.531
231.1,429,202
Augusta
9,944,717
8.726,4117
5,217,138
Columbus
4.823,060
8,417,810
Macon
9,488.314
74.518.568
Fla.-JacksonvIlle
78.397.753
Miami
12,108,0181
16,745,000
16.751,942
Tampa
18,445,512
-Birmingham
Ala.
113,763.699
112,422.595
8.563.163
Mobile
7,832.441
7,938,423
Montgomery
8.742,761
Miss.
7,01$0.000
-Hattiesburg
8,050,000
Jackson
11,475,382
10,506,111
Meridian
4,131.204
4,806.634
Vicksburg
2,246,363
2,126,140
La.
-New Orleans
265,334,675
269.913,551
+11.4
+7.3
+12.0
+7.
4
+14.0
+8.2
-11.3
-4.9
-27.7
-9.2
+1.2
+9.3
-9.2
-5.5
49.3
+1.1
+5.7
-1.7
33,480,129
14,998,260
94,524,061
227.850.857
9,053,918
4.652,752
8,558,243
104.063,118
35,191,420
25,182.431
110.920.130
10,512,883
7,614,216
8,514,084
7,890.576
3,989.526
2,234.127
266,143,176
33.804,401
16.442,027
94,870.168
333.215.969
9,585,386
4.938,872
6,741.423
169,660,016
101,887,199
54,726,977
120.316.990
10,028,388
9,233,621
9,355,017
8,915,514
4,338,490
2,284,933
281,319,076
8,484,465
3,257,301
26.672.792
63,987,411
2,429,782
7,744.172
4,750.0011
23,651,282
47,1129.608
2.023.914
+9.6
-31.4
+12.7
+12.6
+211.1
7,557.656
4.500.000
23,574,117
49,082,294
2,097,860
7,251.620
4.200.000
22.138.371
70.676.498
2.037.374
1,821.748
15,326.847
2,662.000
2.115,173 -13.9
17,281,693 -11.3
3,1103,000 -6.1
2.079.457
24,044,752
7,624.8)2
1.808,258
36.881,977
20,227,953
23,656.257
1,690,176
23,877,952
1,810.0511
-0.9
-6.6
24.328.771
2.368.612
27,322.541
2.374.276
2,115.730
2,243.467
-5.7
2,097.291
1,935.608
676,181 -18.5
64.027.525 -15.4
640,400
50.984.405
636.605
64.845,760
975,383,907 1,271,664.371
196,841,928
201.729.083
-2.4
199,980,430
262.252,730
286,733
2,143,104
212,609,044
270.345 +2.6
1.115.992 +92.0
161,702,048 +31.5
269.859
1,021.192
163.005,763
269,899
1366.791
154.657,214
Total (10 cities)
Total (18 cities)
857,794,525
965,206,988
943,904,096
+2.3
Seventh Federal Reserv e District
-C hicago-Mich.-Adrian
1,318,860
+4.6
1.261,226
1,134,895
1.040,237
Ann Arbor
5,124,993
4,415.510 +16.1
6,476.523
5,154,311
Detroit
1,012,952,237
778,047,063 +30.1
719,714,637
708,486.570
Flint
15.528.297 +12.0
17,393,209
14,514,847
12,556,558
Grand Rapids
37,760,927 +13.8
42,983,780
37.599,219
37,307.938
Jackson
11,536,274
12,665,603
+9.9
9,868,140
9,052.056
Lansing
12,834.960 +28.4
16,479,025
10,764,892
12,198,713
Ind.
-Ft, Wayne
15,239,370
14,468,895 +5.3
12.028.627
12,190,996
Gary
23,259,863 -2.9
22,584,046
23,994.810
24,604.570
Indianapolis
102,307,102 +11.2
113,717,000
106,838.410
98,810,000
South Bend
12.642,900 +23.2
15.578,765
12,920,900
12,244,300
Terre Haute
25,901.263 -1.6
25,750,085
29,832,249
28,678,486
Wis.-Madison
17,432.737 -15.9
14,663,725
17,647,117
15.614,062
Milwaukee
189,312,548 -17.7
155,765,595
188,116,824
185,108,080
Oshkosh
3,906,242 +19.3
4,659,383
4,229,062
3,736,533
Iowa-cedar Rapids
12.736,226
13,474,547
+5.8
12.131,208
12,180,152
Davenport
51,163,247 +2.9
52,064,667
45,977,712
48,106,833
Des Moines
41,571,539 -4.1
39,870.370
39,908,498
45,534,835
Iowa City
2,153,968
2,065,230 +4.3
1,951,121
1,861.675
Sioux City
28,563.020 +12.1
32,000,617
29,008,743
30,994,339
Waterloo
4,823,440 +41.3
9.807,209
5.606,607
4.648.000
-Aurora
111.
6,080,220
5,590,844
+8.8
6.987,880
6,808,589
Bloomington
7,491,642 +10.4
8,268,572
6,335,342
6,876,443
Chicago
3,523,044,102 3,187,210,151 +10.9 2,890,292,746 3,133,022,937
Decatur
6,358,855
5,773,418 +10.1
5,897,823
6,157,274
Peoria
27,180,690
23,351,537 +16.4
22.075.268
22,807,255
Rockford
15,977,077
13.307,203 +20.1
14,536,594
12,700,688
Springfield
12,695,584
11,758,882 +34.5
12,402,268
12,906,837
Total (29 cities)
5,223,452,454 4,646,022,186 +12.5 4,277.564.885 4,522,678,144
Eighth Federal Reserve District-St. Louis
Ind.-Evansville
13,179,088 +116.2
28,498,090
23,376,523
25,383,799
New Albany
874,898
857,133 +2.1
823,942
783,831
Mo.-St. Louis
696,706,682
677,982,864
+2.8
665,492,199
703.378,670
Ky.-Louisville
198,444.182
182,310,080 +8.8
156,796.452
158,657,841
Owensboro
2,365,005 +17.8
2,787,003
2,361,156
2,603,679
Paducah
9,812.397 +69.7
16,649,431
1 1,260,745
10.843,254
Tenn.-Nlem phis
108,055,872
97,871,560 +10.4
92,697,443
119,579,130
-Little Rock
Ark.
66,504,580
64,623,306 +2.9
60,885,987
65,319,736
-Jacksonville
III.
1,659,303
1,320,992 +25.6
1,632,298
1,830,905
Quincy
6,328,204 -3.7
6.096,316
6,939,445
6,752,360
1,126,276,417 1,056,650,599 +6.6 1
Total (10 Cities)
,021,266,190 1,095,133,205
551,298
54.186.i 73
8,339,471
8,303,919
+0.4
1.868.009
8.305,315
3,375,405
3,238,233
2,803,918 +10.4
3,242,126 -0.1
2.448.000
3,125,645
3,100,000
2,460.644
22,549,000
3,192.204
4,663,949
22,268.000 +1.2
2,813.300 +13.5
4,963.821 -6.0
23.764.000
2.958,600
5.261,850
22.870.000
3,030,600
5,432,942
34,763,966
42,145,301 -17.5
61,886,426
46.604.570
2.806,392
2,945,072
-4.7
2.855.559
2,698,694
8,857,383
10,022.841 -14.3
10,251,263
11.495.691
6,950,471
1,273.672
7,206.385 -3.5
1.122,836 +13.4
7,299,959
1,190,592
7,638.156
1,169.442
1,569,416
797,342,462
1,377,467
5,895,607
3,456.922
2,813,215
2,218,230 -29.2
715,546.114 +7.4
1,345,826
+2.1
6,048,610 -2.5
3,093,834 +11.7
2,843,124 -0.7
1,678,588
713,108,008
1.388,554
5,434,256
3,484.066
2,824,127
1,531.182
734.946,307
1,397,647
5,189,281
3,302,938
2,902,985
1.127,594,116 1,002,030,642 +12.5 1,001.124.316
1020,360,098
5,031,199
141,500,000
42.479,076
603.161
22,362.865
12,715,479
375,905
1,196,894
226,264,5791
4,488,237 +12.1
144,500,000
39,027,874
571,368
-2.1
+8.9
+5.6
:=6:5
23,536,824
12,725,929 -0.1
355,916 +5.6
1,756,326 -41.8
226,962,671
-0.3
5.196,639
4,861,366
142,737,749
37,108,393
551,610
155,800.000
36,030.144
576.722
21,076,596
12,909,579
371,807
1.259,735
27,211.000
13,985,286
456.970
1,661,119
221,282.108
240,482,607
[VoL. 128.
FINANCIAL CHRONICLE
840
CLEARINGS.-(Concluded.)
Week Ended February 2.
Month of January.
Inc. or
Dec.
ac..ttaSS 01^
1929.
1928.
1927.
1926.
1929.
1928.
Inc. or
Dec.
1927.
%
$
$
$
$
%
$
$
$
-Min neapolisNinth Federal Reserv z District
27,690,029
26,249.721
-Duluth
Minn.
320,933,231
350,463,439
Minneapolis
2,627,546
2,703,534
Rochester
132,772,180
135.714,746
St. Paul
8,365,156
9,100,166
No. Dak.-Fargo
5,539,000
5,685.000
Grand Forks
1,499.764
1,781,344
Minot
5.185,304
•
5,019,490
B. D.
-Aberdeen
6,575,150
8,312,611
Sioux Falls
2,556,000
3,195,323
-Billings
Mont.
4,481,484
5,839,443
Great Falls
13,237,000
15,199,346
Helena
735,140
595,524
Lewistown
-4.9
+9.2
+2.9
+2.2
+8.8
+2.6
+18.8
-3.2
+26.4
+25.0
+30.9
+14.8
-19.0
26,068,661
299,402.015
2,452,722
125,553.135
8,141,674
5,511,000
1,144,494
5,275,203
7,391.494
2,656,325
3,853,200
12,139,774
606.135
30,102,085
342,542,225
2,230,095
137,651.171
7,312,319
5,370.000
1,012,505
6,155,009
5,114,039
2.539,695
3,127,672
12,263.380
608,863
2,994.000
532,076.964
+7.1
500,195,832
556,029,058
106,188,080
+2.4
+26.5
-6.8
+7.7
-7.9
+9.8
+3.8
-4.7
+3.8
+0.9
1,658.991
1,810.410
20,256,816
167,636,354
11,591,516
13,807.806
36.418.449
7.142.743
631,318.552
31,410.332
666.407
136,992,612
52,671,346
4,853,437
135,685.125
5,673,657
1,501,541
2.669,147
20.242,752
174,591,436
20,493,683
15,998,420
33,313,197
8,208,216
587,502,163
37.164,845
1,265,610
133,095,765
41,523.794
4,806,369
132,694,219
5,058,523
336,038
629,247
4,133,934
41,417,508
Total(13 cities)
569,859,687
Tenth Federal Reserv , District- Ka nsas City
1,782,153
1,825,757
Neb.-Fremont
2,334,138
2.952.777
Hastings
21,173,127
20,254,147
Lincoln
177,745,307
191,456,537
Omaha
10,914.164
10,054,148
_
Kan.
-Kansas City
16,420,521
18,034,611
Topeka
38.028,152
39,460,116
Wichita
6,410,035
6,108,768
_
-Joplin
Missouri
579,081,243
601,102,000
Kansas City
32,075,945
32,377,276
St. Joseph
Okla.
-McAlester
129,614.142
141.998.297
Oklahoma City
49,950,415
62,339,133
Tulsa
5,968,918
8,643.829
Colo.
-Colorado Springs-- _
147,951,107
167,194,738
Denver
5,898,290
7,426,073
Pueblo
Total (IS cities)
1,311,228,207 1,225,909,657
-D alias
Eleventh Federal Rese r e District
8,224,222
9.386,341
-Austin
Texas
8,723,000
10,100,000
Beaumont
229,304,531
265,365,726
Dallas
24,076.411
28,181,176
El Paso
60,945,928
66,145,618
Fort Worth
23,316,000
27,304,000
Galveston
142,946,353
173,078,335
Houston
2,620,652
2.858,792
Port Arthur
2,718.212
2,893,699
Texarkana
12,590,000
13,580,000
Wichita Falls
26,871,120
26,544,147
La.
-Shreveport
Total (12 cities)
625,437,834
+9.5
+24.8
+44.8
+12.9
+25.9
+7.0 1,260,094,553 1,220,131,730
+14.1
+15.8
+15.7
+17.1
+8.5
+17.1
+21.1
+9.1
+6.5
+7.9
-1.2
542,336,429 +15.3
6,550,377
8.987,000
229.992,906
22,385,871
54,843,327
52,405,000
167,662.258
2.640.569
2,789,230
16,036,000
27.800,297
592,092,835
7,795,178
7,018,993
240,544,209
22,645.817
61,156,947
52.060,000
155,806.991
2,669,506
3,714,560
15,913,735
25,536.683
595,042,619
2
23.306.802.640 20.491.159,634 +13.7 19.633.397,033 0,496,575.171
$
4,928,394
68,250,930
5.714,653 -13.8
70,257,668 -2.9
5,562,061
64,611,266
5,837,996
72,441,884
26,881,091
1,713,187
27,926,847
1,871,066
-3.7
-8.6
27,641,643
1,859,897
30,024,495
1,979,100
994,285
1,122,724
1,427,445
476.193
4,039,436
7,628,701
-9.2
1.074,897
657,975 -27.6
584,806
539,760
2,882.000
+3.9
----
2,584,215
2,635,371
110,432,933
-3.8
103,918,785
114,886,051
349,066 -3.7
650,313 -3.2
5,334,173 -22.5
41,915,087 -1.2
429,433
483,444
4,915,975
38,703,982
328,800
803,551
5,062,561
41,000,318
3,359,732
8,318,400
4,414,998
8,333,151
3,599,972 +12.2 ,
9.098,095 -16.1
130,800,045
6,398,046
129,867,850
7,016,163
+0.7
-8.8
142,448,006
7,026,601
130,893,779
8,142,580
29,139,000
27,306,911
+6.7
25,395,190
28,085,138
862,971
a
1,494,319
892,021 -3.3
a
a
1,305,468 +14.5
1,311,336
a
1,258,165
1,298,837
5
1,132,856
226,879,245
263,335,109 -13.8
233.650,264
229,496,669
+0.5
- -8.8
1,578,188
2,092,367
50,656,806
63,701,872
12,879,553
12,431,000
16,488,851
10,602,000
1,866,851
1,857,508
50,138,335
54,958,191
13,525.698
6,965,000
15,290,833 -11.5
5,970,000 +16.7
4,741,648
5,242.381
--9.7
5,518,566
5,245,027
77,237,532
83,318,913
-7.3
83,064,113
88,130,107
+4.0
-9.0
-43.0
40,602,917
11,435,000
1,291,659
42,084,980
14,144,000
1,445,559
-2.9
37,260,453
35,676,675
-6.1
15,356,045
16,711.787
-14.5
+18.4
+26.1
4,438,524
6,945,828
189,644,000
3,616,859
7,488,624
173,974,000
-6.3
+41.2
20,160,968
7,303,720
21,497,393
7,848,205
-12.5
+11.6
-2.6
-8.1
+22.2
+23.2
8,935.287
8.480.028
201,234,000
2,869,305
1,270,906
2,108,262
8,591,978
6,577,041
246,632,000
3,066.629
1,659,952
2,042,863
-S an FranciscoTwelfth Federal Rese r e District
3,366,000
3,411,000
3,079,000 +8.9
3,352,000
-Bellingham
Wash.
44,221,058
46,012,974
195,622.410
180.278,772
198,834,518 +39.5
227,386,148
Seattle
11,539,000
10.197,000
50,366,000
51,188.000
55,927,000 +6.5
59,582,000
Spokane
2,261.725
1,288,727
5,795,064
6,557,285
6,059.774 +0.1
6,065,279
Yakima
4,949.917
5,339,372
5,586,098 -1.1
5,522,174
Idaho-Boise
2,007,000
+22.0
2,283,815
1,786,000
2,179,000
Oregon-Eugene
33,803,298
32.811,756
157,840,151
150.277.284
147,386,131 +10.0
162,060,179
Portland
6,082,186
7,032,000
8,129,059 -5.4
7,690,672
Utah-Ogden_
17,504,832
16,617,146
80,187,498
79,677,971
84.088,874 +1.9
85,742,727
Salt Lake City
13,377,000
11,900,000
15,663,000 +34.4
21,042,000
Arizona-Phoenix
6.310.351
+15.2
5,893,994
5,784,129
6,665,031
.
Ca111.-Bakerafield
22,415,098
21,855,672
24,730,243 -2.3
•
24,150,021
Berkeley
3,493.678
2,986,602
17,429,610
17,257,396
16,584,106 -2.7
16,136,552
Freon°
7,528,824
8,916,475
32,496,201
33,209,370
33,979,424 +28.6
43.697,425
•
Long Beach
184,508,000
232,6711,000
822,832,000
737.906,000
831,077,000 +29.7
• 1,078,224,009
Los Angeles
4,197,995
3,858,078
+1.5
4,186,965
4,249,994
•
Modesto
20,099,149
18,830,024
82,780,668
95,429,938
86.695,203 +3.3
89,554,385
Oakland
7,407,088
10,446,197
34,678,246
30,454.597
33,189,030 +17.6
39,013,756
Pasadena
5,805,671
4,685,102
4,897,201 +29.5
6.340,125
Riverside
6,796,720
5,944,830
38,311,671
32,083.767
32,296,944 +5.9
34,214,881
Sacramento
5.348,292
5,968,923
29.425,995
26,727,200
24,668,248 +25.8
31,040,901
San Diego
205,944,425
200,608.063
824,336,036
831,541,107
923,022,177 +2.3
944,034,792
San Francisco
2,993,198
2,749,295
14.295.427
+8.3
12,956,675
14,261,178
15,384,961
San Jose
1,458,947
1,783,364
6,517.771
6,760,311
7,725,028 +14.4
8,840,407
Santa Barbara
1,948,133
2,400,256
9,735,533
9,514,527
9,232,883 +18.8
10,990,245
Santa Monica
1,972,958
2,028.583
+2.8
2,169,056
2,230,102
Santa Rosa
2,169,700
2,179,600
13,940,800
12,909,700
13,658,200 -14.7
11,645,400
Stockton
558,126.067
602,720,232
2,464,990,792 2,410,002,021
2,987,041,158 2,594,696,469 +15.0
Total(27 cities)
12,027,458,899
4
66,210,468,510 51,534,639,563 +28.5 45,195,310.503 7,597,673,437 14,378.312.723
Grand total (192 eities)
Outside New York
1926.
+0.5
2,725,500
2,569,500
+8.0
562,062.402
594,627,945
+19.5 11,299,306,979 10,657,160,448
+5.8 4,481,941,319 4,449,565,270
4.615.965.208 4.363,519,634
WEEK ENDING JAN. 31.
CANADIAN CLEARINGS FOR JANUARY FOR FOUR YEARS, AND FOR
Week Ended January 31.
Month of January.
Clearings ab1929.
1928.
Inc. or
Dec.
1927.
1926.
1929.
1928.
Inc. or
Dec.
1927.
$
411,663,291
407.878.163
202.911.318
73,298,095
25,999,393
23.599.720
13,390,887
19,590,474
35.237,730
11,451,202
10,466,745
11.023,528
22,472.747
18,667,226
2,1.35,976
2,779,092
7,675,963
5,024,150
3,989.583
3.887.622
2,764,200
1,194.679
3.055.868
3,108.346
4,153,308
13,927,053
1,539,540
3,514,740
2,886,004
$
158,399,651
177.825,012
42,775,738
21,389.978
8,464,737
6,650.380
3.483.485
5,883,606
11,540,753
2,814,980
2.305,121
2,922,502
5,406,100
5,672,404
513,891
570,850
1,800,095
961,580
1,306,641
651,862
889,629
484.938
834.551
827,949
1,149,938
5.472,984
358,230
851,177
825,116
782,600
532,403
8
153,912,679
158,701.513
54,615,277
24,308,702
7,116,943
5,364,198
2,770,577
6,6011,135
13,790,023
2.729,259
2,218.280
3,201.379
6,236,279
4,149,209
531,126
706,926
2,057,824
1,108,284
1,562,197
892.610
791,762
402.326
1,009.148
919.628
1,055,048
4,457,175
424.118
680.371
719.170
918.182
615,335
%
+2.9
+12.1
-21.7
-12.0
+18.9
+24.0
+25.7
-11.0
-16.6
-1.6
+3.9
-10.4
-13.3
+36.7
-3.2
-19.2
-12.5
-3.2
-16.3
-27.0
+12.4
+20.6
-21.9
-10.0
+9.0
+22.8
-15.5
+24.0
+14.7
-14.8
+3.3
i
122,629,952
124,770.768
47,654,065
22,959.478
6,706,697
5,475.846
2,651,534
6,384,629
7,568,390
2,431,258
2,170,072
3,137,019
4,553,636
3,439,202
479.325
447,315
1,608.414
1,157,322
898.400
743,941
756,374
236,203
772,793
827.739
1,003,067
3,721,250
373,177
881,022
649,859
863,381
613,336
2,212,678,102 1,938,611.722 +14.4 1,514.206,723 1,349,286,643
Total (31 cities)
'
clearings. •Estimated.
•Manager of Clearing House refuses to report weekly
474.348.881
464.600,983
+2.1
378,465.363
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
Lodilon
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
$
755,624,464
744,585,149
227,514.355
105,738,357
40,665,862
30.076.203
17,507.059
27,927,393
61.775,949
12,940,623
12,238,263
15,420,596
30.043.569
24,986,358
2,652,326
2,987,335
10,829,728
5,937,374
6,110,077
4,173.622
4,221,483
2,244,679
4,537,348
4,145,017
5.695,149
25,260,308
1,971.129
4,242,779
3,911.291
3,538,796
3,176,061
$
634,110,058
669,303,580
225,858,842
92,163.790
30.621,869
27,511.409
12,670.468
25,644,406
50,838,438
11,681,204
9,904,443
14,877,374
27,879.204
21,042,017
2,383,181
2,675,029
10,658,289
5,919,874
5,329.900
4,017,216
3,105,115
1,634,664
4,349.027
3.708,609
5,392,255
19.304.723
1,875,600
3,759,611
3,454,761
4,099,775
2.843,051
%
+19.2
+11.2
+0.7
+14.7
+32.8
+9.3
+38.2
+8.9
+21.5
+10.8
+23.6
+3.6
+7.8
+18.7
+11.2
+11.7
+1.5
+0.3
+14.6
+3.9
+40.0
+37.3
-18.7
+11.8
+5.6
+30.8
+5.1
+12.9
+13.2
-13.7
+11.7
$
474,437,219
512,802,497
186,980,986
74,237,750
26,451,654
25.476.827
13.021.237
22,424,319
32,305,225
11,264,095
8,411,576
13,201,261
23,075,499
17,766.630
2,200,520
2,196,288
7,223.320
5,381,946
4,640,192
3,442,593
3,139,985
1,096.905
3,739,527
3,587,305
4,517,366
16,687,365
1,670.553
3,657,757
2,958,926
3,473.479
2,736,921
1928.
$
105.546,685
110,417,173
45,038,288
18,296,467
6,657,156
5,909,195
2,791,888
5,044,489
7,418,337
2,486,034
1,872,626
2,570,512
5,114,052
3,188,431
484,714
545,649
1,790,253
1,065,332
937.144
741,143
744,681
272.436
529,505
860,241
907.795
3,225,879
344,316
719,620
686.081
336.621.111
FEB. 9 1929.]
FINANCIAL CHRONICLE
THE CURB MARKET.
The Federal Reserve Board's warning and an advance in
the Bank of England rate caused an avalanche of selling
orders in the Curb Market on Thursday of this week and
resulted in a severe break in prices. One exception was the
Goldman-Sachs Trading Corp. which on reports of a combination with the Financial & Industrial Securities Corp.
ran up from 1343/i to 222%, and sold finally at 2224. The
new stock "when issued" was traded in to-day was off from
120% to 104, the close to-day being at 1073/8, Southeastern
Power & Light corn. sold down from 88% to 773/8, United
Gas Impt. broke from 1903 to 173 and ends the week at
176. United Gas Co."w.i." fell from 38% to 373. Among
Oil stocks Standard Oil of Indiana was heavily traded in
up from 903i to 102 and down to 913,, the close to-day
4
being at 923 . A 50% stock dividend was declared. Humble
Oil & Ref. sold down from 94 to 91%,but recovered to 923/•
8
Ohio Oil declined from 693 to 65, and finished to-day at
%
65%. Penn. Mex. Fuel was off from 435 to 36. Standard
Oil (Ohio) corn. fell from 124% to 115 and Vacuum Oil from
123 to 1173/8. Gulf Oil sank from 153 to 145.
A complete record of Curb Market transactions for the
week will be found on page 869.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
Feb. 8.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Shares)
Foreign
Government
Rights
Domestic
867,000
1,972,300
1,828,600
1,861,600
1,703,900
1,377,100
52,500
133,100
126,500
123,200
90,800
100,500
$1,677,000
2,436,000
2,687,000
2,994,000
2,652,000
2,543,000
$139,000
362.000
289,000
353,000
194,000
131,000
11,076,900
626,600
$14,989,000
$1,468,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 23 1929:
GOLD.
The Bank of England gold reserve against notes amounted
to £154,171,272 on the 16th inst. (as compared with £154,284,469 on the
previous
Wednesday), and represents an increase of £264,957 since
April 29 1925,
when an effective gold standard was resumed.
The feature of the week has been the resumption of shipments
of gold
to the United States, although the rate of exchange appears to show
little.
if any, margin.
About £787,000 bar gold was available in the open market this
week
and was disposed of as follows: £359,000 for a destination undisclosed
,
- £298,000 for the United States, £85,000 for India and £45,000 for the
trade.
The following movements of gold to and from the Bank of England
aye been announced, showing a net efflux of £1,078,579 during the week
under review:
Jan. 17. Jan. 18. Jan. 19. Jan. 21. Jan. 22. Jan. 23.
Received
Nil
Nil
Nil
Nil £207,000
Nil
Withdrawn_ _ _ £10,713 £21,873
Nil
Nil £204,327 £1,048,666
The receipt on the 22d inst. was in the form of bar gold, and the withdrawals consisted of £1,259,579 in bar gold and £26,000 in sovereigns.
Of the bar gold withdrawn, about £1,200,000 was for the United
States.
The announcement by the Bank of England of a purchase of bar
gold
was somewhat of a surprise to the market.
The following were the United Kingdom imports and
exports of gold
registered from mid-day on the 14th inst. to mid-day on the
21st inst.:
Imports.
Exports.
France
£20.735 Belgium
£1,602,677
British South Africa
60.738 Germany
13.620
Other countries
6,395 Netherlands
31,206
Switzerland
48.896
Austria
26,620
British India
44,025
Straits Settlements
25,500
Other countries
28,816
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Jan. 15. Jan. 7. Dec. 31.
18929
18910
18910
Silver coin and bullion in India
9996
10047
10088
Silver coin and bullion out of India
Gold coin and bullion in India
3221
5ii
5iio
Gold coin and bullion out of India
Securities (Indian Government)
4327
4327
i5ii
Securities (British Government)
685
685
685
Bills of exchange
700
700
700
The stock in Shanghai on the 19th inst. consisted of about 64.300.000
ounces in sycee. 105.000.000 dollars and 2,320 silver bars, as compared with
about 63,500,000 ounces in sycee, 102,000,000 dollars and 4,000 silver
bars on the 12th inst
Quotations during the week:
Bar Silver per Or. Std.
Bar Gold
Cash.
2 Mos.
per Oz. Fine.
Jan. 17
26 %d.
26 qd.
84s. 1134d i
Jan. 18
26 3-16d.
26 5-16d.
84s. 1134d'
Jan. 19
26 346d.
26 5-16d.
84s. 1134d:
Jan. 21
26 346d.
26 5-16d.
.A
Jan. 22
26 %d.
26 34d.
84s. 11%d*
Jan. 23
26 1-16d.
26 3-16d.
84s. 1134d
.
Average
26 .145d.
26 .270e1.
84s. 11 4di
The silver quotations to-day for cash and two months' delivery are
each 3-16d. below those fixed a week ago.
Notes in circulation
ENGLISH FINANCIAL MARKETS
-PER CABLE.11
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows_the past week: 4
London week end. Sat.,
Feb. 8
Feb. 2.
Mon.,
Feb. 4.
Tues.,
Feb. 5.
Wed.,
Feb. 6.
Thurs.,
Frb. 7.
FM:
Feb. 8.
Silver, per oz._ 26%d.
26 3-16d. 25 15-166. 26d.
25 15-16d. 2535d:
Gold,p.fine oz. 8413.1134cl. 84s.1135d. 84s.1134d. 84s.1135d. 84s.1135d.
84s.1130
Consols,235
5635
5635
5634
55%
55%
British 5%____ ____
102%
10234
10234
10234
10234
British 435
99%
9934
9934
9934
9934
French Rentes
(in Paris)Jr72.10
72.20
72
72
71.75
French War L'n
(in Paria)_fr_ ____
97.65
97.50
97.45
97.70
97.25
%- ---%,__ ____
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (cts.):
Foreign
5634
5634
5634
5634
5634
5634
Kommercial andMiscellaueonsnews
------
---
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sate
of Prices.
Week
Par. Price. Low. High Shares.
Amer States Pub Serv pfdArundelCorporation
•
Atl Coast Line (Conn)_ _50
Baltimore Corn Bank_ _100
Baltimore Trust Co
SO
Baltimore Tube
100
Preferred
100
13enesch (I) & Sons corn...*
New
Preferred
25
Black & Decker corn
•
Preferred
25
Central Fire Insurance_ _10
Century Trust
50
Ches & Po Tel of Balt pf100
Commercial Credit
•
Preferred
25
Preferred B
25
Warrants
Corn Credit of NO pref.__
Consol Gas, EL & Pow_ _*
6% preferred ser D_ _100
535% pref w I ser E__100
5% Preferred ser A_ _100
Consolidation Coal.. _ _ _100
Continental Trust
Crook (J W) pref
50
£87,868
£1,821.360 Davis Drug Units
Delion Tire & Rubber_
•
It will be remembered that the gold shipments
from South Africa which Drovers & Mech Bank_ 100
arrived in this country during the last three
weeks in December 1928 were Eastern Rolling Mills____*
announced as having been disposed of prior
Scrip
to their arrival: at about the
same time withdrawals were made from the Bank of
Equitable Trust Co
25
England, and it was Fidelity & Deposit
50
then popularly supposed that this gold had
been acquired for French Finance Co of Amer A _*
account. From the figures which appear
above, however, it will be seen Finance Service corn A.10
that an export has been made to Belgium of some
Preferred
10
£1,600,000. This, First
together with £500,000 exported to Switzerland,
Nat Bank
as shown by the figures Houston Oil profw I c.. _100
vt
given in our letter of the 9th inst., accounts for the
greater portion of the Mfrs Finance corn v t_ _ _25
gold in question.
let preferred
25
The following was the composition of the Indian Gold
2d preferred
25
Standard Reserve Maryland
Casualty Co-.25
on Dec. 31 1928:
Maryland Mtge com
•
India
In
Ni Merch & Miners Transp •
In England-Cash at the Bank of England
£8 Monon W Penn P S pref _25
G old
2,152.334 Morris Plan Bank
10
British Treasury bills-Value as on Dec. 31 1928
5.862.737 Mt V-Wood Mills v t pf 100
Other British & Dominion Government securities
-Value as
Nat Bank of Baltimore_100
on Dec. 31 1928
31,984,921 National Cent Bank__ _100
Nat Union Bank ofMd_100
£40,000,000 New Amsterdam Car Co 10
SILVER.
Northern Central Ry__ _10
The market has been rather more active during the past week.
Re- Penna Water & Power__ _*
selling on China account has been consistent, but buying by the
Real Estate Trustee
Indian Roland Pt Homeland--100
Bazaars was sufficient at first to offset these sales and keep the
market
1st preferred
100
byeady. With a slackening of the Indian demand, however,
and America Sharpe & Dohme pref--10
0
more disposition to offer silver, an easier tone
showing
developed, and Silica Gel Corp corn v t--•
prices again drooped. The quotations fixed to-day, viz. 26
Sou Bank Sec Corp
1-16d. and
Preferred
26 3-16d. for cash and two months' delivery, respectively, are the lowest Standard Gas common__
recordednce 8%4.11711928AM
Stand Gas Eel pf wh war100
841
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Imports.
Exports.
Netherlands
£11,000 Germany
I:38,300
France
26,063 Egypt
25,960
Canada
23,868 China
16,450
Mexico
110,211 British India
79,028
Other countries
13,840 Other countries
9,725
£184,982
£169.463
4034
186
3934
1834
41
116
25
12
2434
10035
10831
10231
18
43215
31
32
130
300
1134
18
5834
162
3634
4631
270
87
9035
100
52
41
95
9534
4034 4234
195 200
158 158
180 18634
21
21
75
75
3934 3934
18
1834
2734 2734
4034 42
28
28
39
39
200 205
116 11634
52
52
25
2535
2635 27
12
1235
2434 25
10034 104
111 11134
10834 10834
10234 10235
18
19
290 290
52
52
5634 57
2
235
43234 43234
3034 3434
32
3434
12434 135
300 305
1134 1134
18
19
10
10
5834 5935
85
87
28
29
2035 22
19
19
16034 169
3634 37
4635 47
26
27
13
13
8035 8034
268 275
276 280
270 274
8834 90
8634 8034
9034 9635
123 123
9935
110
28
52
101
1534
4034
100
110
2
834
52
101
1534
45
105
2,690
43
15
389
76
11
10
35
8
3,581
70
60
62
55
15
710
76
127
105
1,512
100
20
307
532
75
5
45
355
20
1,911
8
879
623
300
471
15
902
15
277
322
108
1,327
282
143
71
10
100
43
10
688
1,597
20
505
5
Range Since Jan. 1.
Low,
High.
95
4034
179
1.5034
168
20
61
3934
18
2634
3134
2735
39
199
11335
52
25
26
12
2434
9234
110
10631
102
18
290
52
5634
1
43234
29
28
115
300
11
18
10
5835
85
27
2034
1734
16035
31
44
2535
13
8 34
0
267
275
200
7734
Feb 9535
Feb 4334
Jan 200
Jan 158
Jan 195
Jan 21
Jan 75
Feb 3934
Feb 1835
Jan 2734
Jan 42
Jan 28
Feb 40
Jan 210
Jan 11635
Feb 62
Jan 26
Jan 27
Jan
1334
Feb 2534
Jan 104
Jan 11134
Jan 10834
Feb 103
Feb 2234
Jan 300
Feb 52
Feb 57
Jan
334
Feb 43234
Jan 343.4
Jan 3435
Jan 135
Jan 310
Jan
12
Jan
19
Jan
10
Feb 6035
Feb 9234
Jan 2935
Jan 2134
Jan 1934
Feb 18335
Jan 39
Jan 4734
Jan 27
Jan 40
Jan 82
Jan 275
Jan 280
Jan 280
Jan 93
8534 Jan 88
84
Jan 100
123
Feb123
52 9934
10 110
65 24
100 50
20 100
8 15%
91 40 W
Feb100
Feb 110
Jan 28%
Jan 54
Jan 10134
Feb 15%
Jan 4a
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Fet
Jar
Jar
Fet
Fet
Fet
Jar
Jai
Jaz
Fel
Jai
Jai
Fel
Fel
Fel
Fel
Jill
JAI
Jw
Jill
Ja
Ja
Ja
la
Ja
Ja
Ja
Ja
Fe
Ja
Ja
Fe
Fe
Ja
Ja
Jo
Ja
Fe
Fe
Fe
.
111
rIe
Is
Fe
Se
842
'may
sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks Concluded) Par. Price. Low. High. Shares.
Un Porto Rican Sug corn..
.
43
Preferred
* 47
47
Union Trust Co
50 350
350
United Rys & Elec
50 12
12
U S Fidelity & Guar new.- 884 89
135 Fide & Guar Fire w l__
7531 763.4
Walton pref
100
Wash Bait & Annapolls_50
8
Preferred
50 113.4 114
West Md Dairy Inc corn-. 130
126
Preferred
*
95
Western National Bank_20 40
4()
Rights
U S Fid & Guar WI new
Comm Credit
334
Bonds
Baltimore City bonds
4s Sewer Loan
1961
45 Water Loan
1958
4s School House_ _1957
4s 2d Water Serial_ _1957
1954
4s Annex Impt
Bait Traction 1st 58_i929
Benesch & Son Inc 6s w L_ 994
Black & Decker 64s__1937 150
Consol Gas gen 435s.._1954
Consol G E L & P
1949
1st ref 6s ser A
1965
lot ref 55 ser F
Houston Oil 535s notes1938 97
5,1d Elec Ry 1st 55_ _ _ _1931 954
1st & ref 6 As ser A_1957
biorf & Ports Trac 5s _ _1936 99
gorth Ave Market 65_1940
Dlustee Timber 65_ _1935
Poulson (C W)& Sons
1941
634s
Prudential Refining 648'43 10435
iouthem Bankers Sec 55'38 10235
1In Porto Rican Sugar
64% notes
1937 97
United Ry & El 1st 45_1949 634
Income 48
1949 41
Funding Se
1936 624
6% notes
1930
1949
1st 6s
Nash Balt as Ann 58_ _1941 8434
•No par value.
43
48
350
13
91
7834
100
836
1135
1304
95
40
Range Since Jan. 1.
Low.
480 39
115 47
27 339
222 115
%
2,123 84
459 7634
15 100
8
290
35 11
218 102
30 94
134 40
High.
Jan 43
Jan 48
Jan 3M
Jan 134
Jan 944
Feb 87
Feb 100
Jan
835
Jan 114
Jan 13034
Jan 96
Jan 40
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
850 Feb
335 Feb
9935 994 23,000 99
700 99
994 993.4
100 994
994 994
900 994
9931 994
100 99
994 9935
1,000 95
95
95
9934 9935 3,000 9935
54,000 120
150 155
9935 9934 2,000 9934
1.20 Jan
5
Jan
Jan 9935
Jan 994
Feb 9934
Feb 994
Jan 9935
Feb 95
Feb 994
Jan 155
Feb 9935
105
10234
97
9534
88
99
96
95
14,000 105
Feb 106
105
100 10234 Feb 105
10235
Feb 974
9734 31,000 97
9535 1,000 954 Feb 9534
2,500 88
Feb 88
88
1,000 99
Feb 99
99
Feb 98
1,000 96
96
9,000 944 Jan 95
95
92
104
102
1,000 90
92
10435 49,000 100
1034 11,000 101
97
634
41
62
90
7835
83
97
65
42
63
90
79
8431
190
362
395
188
190
379
395
195
Trust Company
Mercantile Trust
100 615
St Louis Union Trust 100 511
615
506
620
511
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
6,000
14,000
21,000
21,000
1,000
25,000
33.000
964
624
41
60
90
7835
7635
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan 02
Jan
Jan 10435 Feb
Jan 105
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
97
65
43
63
9435
834
8414
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Range Since Jan. 1.
Low.
50
67
30
329
190
3424
395
175
46 575
71 500
Feb
Jan
Feb
Jan
108
379
395
210
Jan
Feb
Feb
Jan
Jan 628
Jan 511
Jan
Feb
25
50
10
837
2
28
35
55
72
10
86
180
574
8
675
10
180
350
3,486
100
25
1,204
371
2,464
33
162
70
60
354
1034
284
4735
1234
40
8
124
10335
37
104
32
101
294
107
6
550.
1735
25
20
3
62
70
1084
39
54
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
60
Feb
37
Feb
1044 Feb
34
Feb
494 Feb
14
Feb
4035 Jan
1035 Jan
130
Jan
10834 Jan
47
Jan
1334 Jan
36
Jan
106
Jan
30 !Jan
109
Jan
735 Jan
55c. Feb
24
Feb
31
Feb
224 Jan
434 Feb
694 jar,
744 Jan
110
Jan
39
Feb
63
Jan
100 100
375 375
55
564
63
63
1735 2335
30
30
90
90
544
54
6036 55
50
49
184 184
9935 9935
1934
19
314 3236
234 234
2335
22
110 110
99
9931
184 1831
3635 39
100 100
174 1735
46
46
68
50
11934 1194
4135
38
26
26
77
78
22
2234
46
50
1094 10931
55
7
320
50
6.060
3
5
860
4,980
230
50
50
975
105
100
1,860
10
36
20
2,980
5
30
55
295
154
355
10
3863.4
165
6,835
27
100
368
4735
60
1636
30
90
54
44
484
1834
9934
1835
314
224
22
10835
07
18
343i,
100
1734
45
46
117
37
244
77
21
424
10734
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
101)
38135
62
63
2335
30
90
55
554
5334
194
9935
2034
3335
25
244
110
100
1831
4235
100
174
514
58
1194
444
26
81
24
50
110
8434 8435
5,000
9834 14,000
9534 12,000
500
99
1004 6,000
804 Jan
98
0334
9735
9934
85
Feb 9935
Jan 9534
Jan 99
Jan 1004
Feb
Jeri
Jan
Feb
Feb
Feb
Feb
Jan
Feb
jail
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
210.237,265
261,588,850
-5,975,626
-1,082,549
260,506,301
43,732,010
76,216,756
6,191,480
2,656,809
54,614,773
69,885,723
7,336,410
1,050,938
128,797,055
132,887,844
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates__ _ _
Settlement warrant checks
Total
+75,464,584 +127,618,457
INTEREST-BEARING DEBT OUTSTANDING.
Interest Oct. 31 1928.
Title of LoanPayable.
$
2s Consols of 1930
Q -J
599,724,050
2s of 1916-1936
Q.
-F.
48,954.180
2s of 1918-1938
25,947,400
Q.
-F.
35 of 1961
Q.
-M.
49,800,000
3s conversion bonds of 1946-1947
Q.
-J.
28,894,500
Certificates of indebtedness
J.
-J. 2,017,577,200
335s First Liberty Loan. 1932-1947
J.
-J. 1,397,685,200
4s First Liberty Loan, converted. 1932-47
.3 -D.
5,155,550
445 First Liberty Loan, converted, 1932-47
J.
-D. 532,820,150
431s First Liberty Loan,2d converted. 1932
-47_J.
-D.
3,492,150
4s Second Liberty Loan, 1927-1942
M.
-M.
435s Second Liberty Loan, converted
445Third Liberty Loan of 1928
M.
-S.
44s Fourth Liberty Loan of 1933-1938
A -O. 6,284,040,600
434s Treasury bonds of 1947-1952
758,984,300
48 Treasury bonds of 1944-1954
1,036,834,500
3318 Treasury bonds of 1046-1956
489,087,100
345 Treasury bonds of 1943-1947
493,037,750
34s Treasury bonds of 1940-1943
359,042,950
4s War Savings and Thrift Stamps
125,455,425
24s Postal Savings bonds
J.
-J.
15,875,560
-D. 2,914,577,050
545 to 545 Treasury notes
.I.
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
High.
60
60
37
37
104 10435
314 34
494 4934
14
14
40
40
9
9
124 125
106 106
43
43
1131 1134
3531
34
103 10334
294 2935
107 10734
64 7
550. Me.
1734 24
31
31
22
22
44
4
69
62
7134
70
10834 10934
39
39
57
54
Miscellaneous
Houston 011 5315
1938
98
Moloney Elec 535s_ _ _1943
9535
Serial
Scruggs-V-13 75
99
1941 1004 10034
Scullin Steel 65
•No par value.
Balance end of month by daily statement, &c
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
Total debt
Deduct Treasury surplus or add Treasury deficit
Bank
Boatmen's Nat'l Bank 100
First National Bank___100 376
Lafayette-South Bank_100
National Bank of Com_100 188
Street Ry. Bonds
United Railways 48_A934
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 31 1928. Oct. 31 1927.
Balance, deficit(-)or surplus (-I-)
Sales
Friday
Last Week's Range for
Week.
Sate
of Prices.
Par. Price. Low. High. Shares.
Miscellaneous
Amer Credit Indem_-__25 60
AS Aloe Co corn
20
Preferred
100
Bentley Chain Stores corn • 33
Preferred
•
Beet Clymer Co
*
Boyd-Welsh Shoe
• 40
*
Burkart Mfg corn
Century Electric Co_ _100
Champion Shoe Mach pf100
Coca-Cola Bottling sec _1
Consol Lead dr Zinc A__• 114
Elder Mfg corn
• 35
Emerson Electric pref__100
2935
Ely & Walker D Gds corn
1st Preferred
100 10735
Fulton Iron Works com_ •
Granite Bi-Metallic.... _10
Hamilton-Brown Shoe__25 21
Hussmann Refr corn_ _ __• 31
Hutting S dr D corn
Hydr Press Brick com_100
4
Preferred
100 6834
Internet Shoe oAn
• 704
Preferred
100 10834
•
Johansen Shoe
Johnson-S & S Shoe
• 57
Laclede-Christy Clay Prod
Preferred
100
Laclede Steel Co
100 376
Landis Machine com___25
•
McQuay-Norris
Mahoney-Ryan Aircraft_ _5 19
Meletio Sea Food com- •
Preferred
100
Moloney Electric A
• 54
Mo Portland Cement_ _ _25 514
Marathon Shoe corn_ _25
Meyer Blanks corn
•
New preferred
100
National Candy corn
•
Pedigo-Weber Shoe
• 32
Pickrel Walnut
•
Rice-Stix Dry Gds com_ • 22
1st Preferred
150
2nd Preferred
190 9934
Scruggs-V-B G com____25
Scullin Steel pref
• 39
Sedalia Water pref__ _100
.
Sieloff Packing eon,
Skouras Bros A
*
South Acid & Sulph com_•
Southw Bell Tel pref _ _ _100 1194
Stix, Baer & Fuller come 38
St Louis Car com
10
St Louis Pub Serv pref A_• 78
St Louis Pub Serv corn__* 22
Wagner Electric com _ _ _15 47
Preferred
100
Public Debt of United States
-Completed Returns
Showing Net Debt as of Oct. 31 1928.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Oct. 31 1928,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
hereof, making comparisons with the same date in 1927:
204,261,639
850 970 25,015
334 44 10,239
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, Feb. 2 to Feb. 8, both inolusive, compiled from official sales lists:
Stocks-
[VoL. 128.
FINANCIAL CHRONICLE
Oct. 31 1927.
$
599,724,050
48,954,180
25,947,400
49,800.000
28,894,500
561,532,500
1,397,686,700
5,155.700
532,822,300
3,492,150
17,171,100
740.374,400
2,147,655,700
6,296,902,900
762,320,300
1,042,401,500
491,212,100
494,854,750
257,413,976
13,951,780
2,594,290,250
17,186,985,615 18,112,558,236
241,258,690
237,695,890
14,863,790
119,461,020
a17,468,677,942 18,388,678,716
+75,464,584 +127.618,457
117,393,213,358 18,241,060,259
Net debt
a The total gross debt Oct. 31 1928 on the basis of daily Treasury statements wait
217,544,145,939.96, and the net amount of public debt redemption and receipts in
transit, &c., was $3.414.
S No reduction is made on account of obligations of foreign governments or other
investments.
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
Jan, 29
-The Straus Nat'l Bank & Trust Co.of Pittsburgh,Pa_ _S1,000,000
Correspondent, A. Leo Well, 721 Frick Bldg., Pittsburgh, Pa.
50.000
Feb. 2
-The First National Bank of Overland, Mo
Correspondent, P. A. Gordon, Overland, Mo.
APPLICATIONS TO ORGANIZE APPROVED.
100,000
1-The Central National Bank of Leonia, N.J
Correspondent, John Pollock, Paulin Blvd., Leonia,
N.
APPLICATION TO CONVERT APPROVED.
1,000,000
Jan. 29
-Peoples Nat'l Bank & Trust Co. of Chicago,Ill
Conversion of Peoples Stock Yards State Bank,
Chicago, Ill.
Feb.
s.
CHARTERS ISSUED.
Jan. 29
-The South Oklahoma Nat'l Bank of Oklahoma City,
Okla
President, Glan L. Dark, Cashier, N. L. Dillow.
Feb. 2
-The First National Bank in Farmersville. Tex
President, J. E. Pendleton. Cashier, G. H. Beam.
100,000
25,000
CHANGES OF TITLES.
Jan, 31-National Exchange Bank in St. Paul, Minn to "The Empire
National Bank of St. Paul."
Feb. 1-The Citizens National Bank of Lehighton, Pa. to "Citizens
National Bank & Trust Co. of Lehighton."
CONSOLIDATIONS.
Feb. 1
-The First Nat'l Bank & Trust Co.of Springfield, Ohio- 1,000,000
300,000
The Mad River National Bank of Springfield, Ohio.
Consolidated to-day under the Act of Nov. 7 1918,
under the charter and corporate title of '"I'he First
National Bank & Trust Co. of Springfield," No.
238, with capital stock of $1,000,000.
200,000
Feb. 2
-The First National Bank of Milton,Pa
100,000
The Milton National Bank,Milton,Pa
Consolidated to-day under the Act of Nov. 7 1918,
under the charter of the First National Bank of
Milton, No. 253, and under the title "The First
Milton National Bank," with capital stock of
$300,000.
1,250,000
Feb. 2
-The First National Bank of Chattanooga,Tenn
The Chattanooga Savings Bank & Trust Ce., Chattanooga, Tenn. Consolidated to-day under the
Act of Nov. 7 1918,$1,000,000, as amended Feb. 25
1927, under the charter and corporate title of "The
First National Bank of Chattanooga," No. 1606,
with capital stock of 82,500,000. The consolidated
bank has two branches, both located in Chattanooga.
(This includes the branch located at the Northwest
corner of Market and Main Sts. Chattanooga,
'
which was reauthorized by Permit No. 449A, on
Feb. 2 1929, as listed below).
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Feb. 2
-The First National Bank of Chattanooga, Tenn. Location of
branch, Northwest corner of Market and Main Sta., Chattanooga.
VOLUNTARY LI QUIDATIONS.
-The City National Bank of Tipton,Iowa
Jan. 28
Effective Nov. 10 1928. Liq. Comm. Charles
'
Swartzlender, Oscar Wills and L. W. Mathews,
Tipton, Iowa. Succeeded by Tipton National
Bank, Tipton, Iowa., No. 13232.
-The Little Neck Nat'l Bank of New York, N.Y.
Jan. 28
Effective 12 o'clock noon, Jan. 26 1929. Liq.
W. Bryce Rea, Willis A. Schauf and Guy H.
Grunstett,er, Little Neck, New York, N. Y. Absorbed by the Manhattan Co. of New York, N.Y.
-The Watkins National Bank of Lawrence, Kan
Jan. 29
Effective Dec. 12 1928. Liq. Comm., R. F.
Dick Williams and Walter G. Thiele, Lawrence,
Kan. Absorbed by the Lawrence National Bank,
Lawrence, Kan., No. 3849.
-The First National Bank of Winnebago City, Winnereb. 2
bago, Minn
Effective Feb. 1 1929. Liq. Agent, J. E. Borman,
Winnebago Minn. Succeeded by the First Nat'l
Bank of Winnebago, Minn., No. 13255.
By Wise, Hobbs & Arnold, Boston:
$50,000
100,000
100.000
50,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per sh.
6 Cleveland Discount Co., coca.:
6 Union Discount Co. pref.; Z
Union Discount Co. corn.; 66 4-6
Island Oil & Transport corn.
v. t. 0.; 134 Scarsdale Theatre,
Inc., pref.; lyi Scarsdale Theatre,
Inc.. common
$14 lot
P. Lorillard & Co. 50c. scrip ctf.
for corn. stock; 1,003 Breece
Mining Co. of Leadville, par
$25; 300 Colorado Consol. Mines.
par 100.;200 Foley-O'Brien, Ltd..
par $5; 200 Green Monster Minlag Co., par 50c.; 9.320 Greenwater Copper Mines Smelters.
par 100.; 10 Invest. Z. Scour. Co.
of Fla.. part paid subscr. rot.:
1,000 Keystone Tire & Rubber.
no par;5 Walter M.Lowney Co.,
no par; 13 Le Clair Mines Co.,
par 100.; 1,319 Mountain View
Mining Co., par 10c.; 1,500 Mollie
Gibson Consol. Mg. & Mill., par
$5;300 New El Paso Mines, Inc.,
par 100.: 20 011 Lease Devel.Co.,
no par;500 Pharmacist Gold Min.
Co., par lc.; 20 Rochester Silver
Corp., Dar $1; 224 Richmond
Eureka Min. Co.. par $10; 2,900
Silver Leaf Min. Co., par $1; 100
U. S. Steamship ctf. of den..
corn., par $10: 100 Wilbert MM.,
par 50c.; 2-4 Oklahoma Prod. &
Refg. Corp. of Am.; 1.040 Doctor
Shares. Stocks.
$ Per sh.
Jack Pot Mtn. Co., par 230.;
500 Dunkba Min. Co., par $1; 50
Keom Mines, Ltd., par $1;2 MidColumbia Oil & Dev. Co., no par;
4,300 Temlskaming Min. Co.,
Ltd.. par $1; 1,000 Vacuum Gas
dr Oil Co., Ltd., par $1; 4,010
Adams Min. Co. of Leadville,
Colo., Par $10; I H. D. Foss &
Co. class B. no par
$250 lot
28 Columbia Graphophone Mfg.Co.
corn. and 17-20 she. com, scrip
ctf., no par: 3 E.E.Taylor Corp.
pref.; 10 Pacific Oil Co., no Par;
25 Keystone Tire & Rubber Co..
no par; 75 Goldfield Deep
Mines Co. of Nevada, par 50.; 75
Goldfield Consol. Mines Co., par
$10: 15 E. E. Taylor Co. 1st
.
preferred
$125 lot
BondsPer Cent.
$3,000 face amount guar. let M.
ctfs. of N.Y. Title & Mtge. Co.,
No. 1869, series Q N-0 Philip
Haslach
$2.810 lot
$3,500 reduced to $3,000, bond &
mtge. Appolona Breit to John
Mueller, dated Oct. 19 1905, on
lot in Queens County
$2,750 lot
$6,000 face amount bond & mtge.,
Christian F. Zimmer to Philip
Haslach, dated Apr. 23 1928. on
premises Amherst Ave., Jamaica,
N. Y
$5,350 lot
By A. J. Wright & Co., Buffalo:
Shares, Stocks.
$ per sh.
300 Boston & Montana Devel. Co.
Boston tenan'y ctfs., par 35_600. lot
1.000 Keora Mines, Ltd., par $1,340. sh.
100 Assets Been Co., par $10_75c. lot
500 New Sutherland Divide, par
$10
$1 lot
Shares. Stocks.
$ Pet oh.
1,000 Preston East Dome, par $1_ lc. sh.
44 Hygrade Oil & Fuel Corp., no
par
$11ot
15134 Hygrade Oil & Fuel Corp., no
par
$1 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
S Per sh.
19 Overbrook Nat. Bank
183
10 Nat. Bank of Olney
18334
27 Tradesmens Nat. Bk.& Tr. Co-584
16 Nat. Bank of Germantown,
par $10
134
15 Nat. Bank of Germantown,
132
par $10
908
6 Philadelphia Nat. Bank
868
10 Penn National Bank
58 Allegheny Title & Trust Co.,
69
Par $50
5 Colonial Trust Co., par $50
273
10 Republic Trust Co., par $50_ _ --176
5 Manayunk Trust Co., par 825_ _ _235
15 Empire Title & Trust Co., par $5073
21 Sixty-Third St. Title & Tr. Co.,
par $50
55
18 Media Title de Tr. Co.,par $25...213
10 Glenside Trust Co.. par $50
5934
10 Phila. Life Ins. Co., par $10- -- - 2834
25 Independence Indemnity Co.,
par $10
2034
50 Independence Fire Ins. Co.,
par $10
21
50 Vero Country Club, Inc.. Miami,
Fla
$1 lot
5 Phila. Co. for Guar. Mtge
393
45 Phila. Co. of Guar. Mtgs
392
40 Associated Mtge. Co. of N. J.,
no par
$2 lot
3 Market St. Nat. Bank
625
2 Erie Nat. Bank, Phila
18334
12 Union Bank & Trust Co
340
25 Amer. Bk. da Tr. Co., par $50- -228 Si
Shares. Stocks.
$ Per sh.
10 Bank of Phila. & Tr. Co
552%
16 First Nat. Bank & Tr. Co.,
Woodbury, N. J., par $50.---196
16 First Nat. Bank & Trust Co.,
Woodbury, N. J., par $50
190
8 Miners Nat.Bank,Pottsville, Pa.,
par $50
10734
12 Darby (Pa.) Bank & Tr. Co_
156
1 Provident Trust Co
914
5 William Penn Title & Tr. Co.,
par $50
75
6 Susquehanna Title & Tr. Co.,
par $50
60
10 Parkway Trust Co., Phila., par
550
247
19 Allegheny Title & 'Tr. Co., par
350
69
25 John B. Stetson Co. common---- 96
1 West Phila. Pass. Ry
117
21 Union Trac. Co
3674
20 Germantown Pass. Ry
71
9 Land Title Bldg. Corp., par 350_ _141
St French Co. pref-111
5 Smith, Kline
7 Phila.& Grays Ferry Pass. Ry
50
25 69th St. Terminal Trust
178
10 West Phila. Trust
392
17 West Phila. Trust
390
10 Corn Exchange Nat. Bank &
Trust Co
9934
BondsPer Cent.
$3,000 No. 1708 Chancellor Street
(Penn-Warwick Garage) let M.
65, 1932, series B
8534
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
5 First National Bank
49634
15 Webster dr Atlas Nat. Bank_ _ _ _212
10 Atlantic National Bank
30834
6 Old Colony Trust Co
500 ex-div.
30 Industrial Bank & Tr. Co
75
1 American Trust Co
465
10 Spencer Nat. Bank,Spencer_ _..l80
1 Arlington Mills
3734
I Wamsuttn Mills
3934
50 Nashua Mfg. Co., common_ --- 4034
45 Whitman Mills
1434
35 Naumkeag Steam Cotton Co.,
131-131%
5 Pepperell Mfg. Co
11334
127 Continental Mills
1213.4
2 Brookside Mills
55
5 Waterloo Textile Co. 7% pref
86
10 Brookside Mills
56
25 West Point Mfg. Co
13534
20 Brookside Mills
55
8 Springfield Rye. pref
76
45 Saco-Lowell Shops common_
8
200 Saco-Lowell Shops 1st pref __28-28 Si
200 E. E.Gray Co.class A, par $10 534
10 Fall River Gas Wks., par $25.- 5934
25 No. Bost. Ltg. Prone. common v. t o
86
4 First Nat. Stores, let pref. 107 ex-div.
15 Plymouth Cordage Co
1 mass. Ltg. Coe. 6% prof. (un- 80
deposited)
10634
843
FINANCIAL CHRONICLE
FEB. 9 1929.]
Shares. Stocks.
8 per sh.
1 Saco-Lowell Shops let pref
2834
1 unit Mutual Finance Corp
563.4
8 Milford Water Co. corn., par $50_ 5034
10 units First People's Trust
50
10 Firestone Footwear Co. pref..-- - 9034
5 Winchester Co. 1st pref
5134
1 unit First People's Trust
50
6 special units First Peoples Trust
3
5 Jones McDuffee & Stratton Corp.A 7
2 Amer. Glue Co. common
3834
Wakefield Co. com_ --- 22
5 Heywood
20 Brown Durrell Co.corn. w.1_ _ _ _ 37
6 units First Peoples Trust
50
29 West Boston Gas Co. v.t.c., par
$25
35%
Northern .Paper Co., par
15 Great
$25
44%
2 units First Peoples Trust
50
30 Nicholson File Co.(new)
56 M
30-100 Mass. Investors Trust____sosi%
units First Peoples Trust
34
50
6 special units First Peoples Trust
3
1029 Charlestown G. Sr Else
34
BondsPer Cala.
$500 Fitchburg, Mass., 4s, Nov.
1930, reg. tax exempt
9834
$500 Belmont Spring Trust ref. mtg.
6s, May 1936
90
$100 Boston Lodge B.P.O.E. No.
10, 2d mtge. 6s, Apr. 1940._ _50 flat
$ per sh.
Shares. Stocks.
195
2 Boston National Bank
1 First National Bank
495
100 New England Southern Mills,
41c.
pref., ctf. of deposit
12134-123
49 Continental Mills
6834
36 Newmarket Mfg. Co
53 Asbestos Textile Co..8% pref._ 434
50 Otis Company
4434
65 William Whitman Co., Inc., pre94% ex-div.
ferred
3734-3
30 Arlington Mills
8
11334
2 Pepperell Mfg. Co
5334
36 Flint Mills
65 Androscoggin & Kennebec Ry.
13
Co., lot pref
111
10 Northern RR.of N.H
68 New England Power Assoc, 6%
98
Preferred
27 Lowell Elec. Lt. Corp., undepos55
Iced, par 525
365
10 Nicholson File Co.(old)
10 Nicholson File Co. new, w.L.__ 62
20 Collyer Insulated Wire Co -265
20 Central Maine Power 7% pref _ _109
1 Amer. Glue Co. pref
1934
34 Boston Woven Hose & Rubber
9134
Co., common
176 Eastern Utilities Associates.
21034 ex-div.
Common
25 Shawmut Bank Invest. Trust__ _ 5534
45 units Thompson's Spa, Inc.100 ex-div.
14 Merrimac Chemical Co., par $50 8434
18 Malden & Melrose Gas Light
47
Co., par $25
50 Nantasket Beach Steamboat Co_ 20
10 Hood Rubber Co. 7Si% Pref.- 74
30 New Bedford Cordage Co. com7
mon,par 310
4334
10 Howe Scale Co. preferred
27 Shawmut Bank Invest. Trust- 57
2 West Penn Steel Co.common__ _ _250
3
8 special units First Peoples Trust
8 First Nat. Stores, Inc., 7% pre10734 ex-div.
ferred
Shares. Stocks.
$ per sh.
150 Shawmut Bank Investment
Trust
5534-5634
3 Hotel Trust Touraine
150
1 unit First People's Trust
50
10 Great Northern Paper Co., par
$25
64
24 units First People's Trust
50
15 Chic. Wllm. & Franklin Coal
Co., pref
91
17 New England Power Co. 6%
preferred
107M-108 ex-div.
100 Old Colony Trust Associates _ _ _ 60
33 Shawmut Bank Invest. Trust_ __ 5534
23 units First People's Trust
50
8 special units First People's Trust
3
5 Shawmut Bank Invest. Trust...,. 57
62 Old Colony Trust Associates_ _61-63
100 Amer. Glue Co. common
3834
23 Draper Corn
6434-6
35 Fall River Elec.Light Co. v.t.c..
par $25
5734
20 Robert Glair Co.class A
35%
25 Great Northern Paper Co.. par
525
63%
1 Industrial Acceptance Corp. corn_ 35
10 Pay-As
-You-Enter Car Corp.
Prof.; 30 common
$2 lot
60 A. L. Sayles & Sons Co. pref.,
550: 40 Hartford Automotive
Parts, Prof.. par $10
$1 lot
$ Per HOU.
Rights30 Nor. Bost. Ltg. Prop., undoPosited, w. 1
134
BondsPer Cent.
$1,000 Nor. Ohio Tr. & Lt. 1st &
ref. 5s, Aug. 1956; $1,000 Shawmut Bank Inv, Trust 434s.
March 1942
$1,826 & int.lot
$1,000 South West Gas ULU. Corp.
91%
634s. May 1943
$1,000 Chicago Elevator Properties
Inc.6s, July 1942
so
$1,000 Distribution Terminal &
Cold Storage Co.634s, April'52_
50
DIVIDENDS.
are grouped in two separate tables. In the
Dividends
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announeed, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
Railroads (Steam).
*1% Mar. 30 *Holders of rec. Mar: 8
Chic. R. I. dr Pacific, corn.(quar.)
Cin. N.0.& Tex. Pacific, pref. (quar.)_ eq.Si Mar. 1 *Holders of rec. Feb. 5
134 Apr. 1 Holders of rec. Mar. 86
Pere Marquette, corn. (quar.)
2
Apr. 1 Holders of rec. Mar. 8a
Common (extra)
134 May 1 Holders of rec. Apr. be
Prior preference (quar.)
134 May 1 Holders of rec. Apr. 56
Five per cent preferred (quar.)
Apr. 1 *Holders of rec. Mar. 1
Bt. Louis-San Francisco. corn. (quar.). *2
Public Utilities.
American Gas dr Power, 1st pref.(quar.) $1.50 Feb. 15 Holders of rec. Feb. 1
$1.50 Feb. 15 Holders of rec. Feb. 1
$6 preference (quar.)
25c, Mar. 1 Holders of rec. Feb. 15
Amer. Power & Light, corn. (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 13
$6 preferred (quar.)
75c. Apr. 1 Holders of rec. Mar. 13
Preferred, series A (quar.)
$5
Am. Wat. Wks.& El., 56 1st pf. (qu.)_ 31.50 Apr, 1 Holders of rec. Mar. 12
*$1.75 Mar. 1 *Holders of rec. Feb. 23
Baton Rouge Elec., pref. A (quar.)Cent. Arkansas Pub.Sem,pref.(quar.) 134 Mar, 1 Holders of rec. Feb. ma
•1% Mar. 1 *Holders of rec. Feb. 13
Central Gas& Elec.7% pf,(quar.)
'134 Mar. 1 *Holders of rec. Feb. 13
• % preferred(quar.)
Cities Service Pow.& L.$6 pf.(mthly.) *500. Feb. 15 *Holders of rec. Feb. 1
*E.811e Feb. 15 *Holders of rec. Feb. 1
$7 preferrecirmonthly)
2
Apr. 15 Holders of rec. Mar. 204
Detroit Edison Co.(quar.)
*6623c Mar. 1 *Holders of rec. Feb. 15
Empire Gas& Fuel8% pfd.(mthly.)
*5818c Mar. 1 *Holders of rec. Feb. 15
Preferred(mthly.)
7%
*54tie Mar. 1 *Holders of rec. Feb. 15
• % Preferred(mthly.)
*50c. Mar. 1 *Holders of rec. Feb. 12
6% pref.(mthly.)
250. Apr. 1 Holders of rec. Mar. 4
Serv., corn. (quar.)
Engineers Pub.
(s) Apr. 1 Holders of rec. Mar. 4
Common (2-100 share corn. stock)
$1.25 Apr. 1 Holders of rec. Mar. 4
$65 convertible Preferred (quar.)
$5.50 cumulative preferred (quar.) --$ 1.3734 Apr. 1 Holders of rec. Mar. 4
Federal Light & Traction, com.(quar.). 37540. Apr. 1 Holders of rec. Mar. 13a
Apr. 1 Holders of rec. Mar. 134
Common (payable in common stock)_ fl
134 Mar. 1 Holders of rec. Feb. 18
Preferred (quar.)
*40c. Mar. 15 *Holders of rec. Feb. 27
Nat.PublicServ corn A
New Eng.Pub. Serv., pr,lien pf.(qu.) *31.75 Mar. 15 *Holders of rec. Feb. 28
North American Utility Securities
$1.50 Mar. 15 Holders of rec. Feb. 28
First pref. alit. ctfs. (quar.)
.13.1 Mar. 15 *Holders of rec. Feb. 28
Oklahoma Gas& Elec., pfd.(quar.)
Penn.-Ohio Pow.& Lt., $6 pref.(MO- $1.50 May 1 Holders of rec. Apr. 20
1% May 1 Holders of rec. Apr. 20
T% preferred (War.)
60c. Mar, 1 Holders of rec. Feb. 20
7.2% preferred (monthly)
600. Apr. 1 Holders of rec. Mar.20
(monthly)
7.2% preferred
600, May 1 Holders of rec. Apr. 20
7.2% preferred (monthly)
Mc. Mar. 1 Holders of rec. Feb. 20
6.6% preferred (monthly)
550. Apr, 1 Holders of rec. Mar.20
6.6% preferred (monthly)
556. May 1 Holders of rec. Apr. 20
.6% Preferred (monthly)
6
Portland Elec. Power. 2d pref.(quar,).. 13.4 Mar. 1 Holders of rec. Feb. 15
*87340 Apr. 1 *Holders of rec. Mar. 1
Radio Corp of Amer.pref."A"(qu.)_
*2
Apr. 15 *Holders of rec. Mar.30
Southern N.E. Telephone(guar.)
Southwestern Power & Light, pref.(ou.) 1% Mar. 1 Holders of rec. Feb. 15
$1.75 Mar. 30 Holders of rec. Mar. 16
West Penn Elec. Co., class A (quar.)_
West Penn Railways,6% prof.(quar.)_. 134 Mar. 15 Holders of rec. Feb. 25
Trust Companies.
Central Union (stock dividend)
e20 S ubj.toe tockla'rs meeting Mar.21
Miscellaneous.
Abbotts Dairies,com.(quar.)
Firstand second prefered (quar.)._
Allegheny Steel. pref.(quar.)
Preferred(quar.)
Preferred((Var.)
Preferred(quar.)
American Manufacturing, corn.(quar.).
Common (quar.)
Common (quar.)
Common (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
4.$1 mar. 1 *Holders of rec. Feb. 15
.1% Mar, 1 *Holders fo rec. Feb. 15
'1% Mar. 1 *Holders of rec. Feb. 15
•134 June 1 *Holders of rec. May
15
•
11i Snot. 1 *Holders of rec. Aug. 15
*1.34 Dec. 1 *Holders of rec. Nov. 15
754. Mar. 31 Holders of rec. Mar. 15
756. July 1 Holders of rec. June 15
750. Oct. 1 Holders of rec. Sept. 15
75e, Dec. 31 Holders of rec. Dec. 15
134 Mar, 31 Holders of rec. Mar. 15
154 July 1 Holders of rec. June 15
134 Oct. 1 Holders of rec. Sept. 15
134 Dec. 31 Holders of rec. Dec. 15
844
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent, Payable.
Books Closed
Days Inclusive.
[VOL. 128.
Below we give the dividends announced in previous weeks,
This list does not include dividends anMiscellaneous (Concluded).
nounced this week, these being given in the preceding table.
American ColortyPe(quar.)
*600. Feb. 28 *Holders of rec. Feb. 15
Extra
*60e. Mar. 31 *Holders of rec. Mar. 12
Anaconda Copper Mining (quar.)
$1.75 May 20 Holders of rec. Mar. 29
Per
When
Angus Company, common
Book.: Closed
15c. Feb. I Holders of rec. Jan. 19
Cent. Payable.
Name of Company.
Preferred (quar.)
Days Inclusive.
Feb. 1 Holders of rec. Jan. 19
$1
Atlantic Coast Fisheries, corn
40c. Mar. 1 Holders of rec. Feb. 19
Atlas Powder, corn. (quar.)
Mar. 11 Holders of rec. Feb. 28a
$1
Railroads (Steam).
Bamberger (L.)& Co..6M% pf.(qu.)
1% Mar. 1 Holders of ree. Feb. ha
$2
Feb. 13 Holders of rec. Jan. 11
()%% preferred (guar.)
1% June 1 Holders of rec. May 130 Alabama Great Southern, preferred
51.50 Feb. 13 Holders of rec. Jan. 11
Preferred (extra)
1% Sept. 2 Holders of rec. Aug. 12a
6j.% preferred (guar.)
234 Mar, 1 Holders of rec. Jan. 250
04% Preferred (quar.)
1% Dec. 2 Holders of rec. Nov. ha Atch. Topeka & Santa Fe. corn.
Se Ohio. corn.(guar.) (qUar.)Bltimoe
134 Mar. 1 Holders of rec. Jan. 12a.
Bastian-Blessing Co., corn. (guar.)
•6214c Mar. 1 'Holders of rec. Feb. 15
1
Mar, 1 Holders of rec. Jan. 120
Preferred (guar.)
Beacon Manufacturing, pref. (guar.)... "$1.50 Feb. 15 *Holders of rec. Feb. 1
Bangor & Aroostook, corn.(quar.)
880. Apr. 1 Holders of rec. Feb. 280
Brill Corp.,class A(guar.)
Mar. 15 *Holders of rec. Mar. 1
"51.50
Preferred (quar.)
134 Apr. 1 Holders of rec. Feb. 280
"1% Mar. 1 *Holders of rec. Feb. 18
Preferred(quan)
Buffalo Rochester & Pittsburgh, corn___ 2
Feb. 15 Holders of rec. Feb. 8a
Brown Shoe, corn. 'quar.)
62%c Mar. 1 Holders of rec. Feb. 20
3
Feb. 15 Holders of rec. Feb. 80
Preferred
Bunker Hill & Sullivan Mining dr ConCentral RR. of N. J. (guar.)
2
Feb. 15 Holders of rec. Feb. 4a
centrating
*25c Feb. 5 *Holders of rec. Jan. 31
*510 Feb. 15 Holders of rec. Feb. 8
Chicago River dr Indiana(annual)
Extra
*50c Feb. 5 *Holders of rec. Jan. 31
234 Mar. 20 Holders of rec. Feb. 200
Delaware dr Hudson Co.(guar.)
*50e Mar. 1 'Holders of rec. Feb. 15
Byron Jackson Pump(quar.)
5
Green Bay & Western
Feb. 11 Holders of rm. Feb. 90
*e100 Mar. 1 'Holders of rec. Feb. 15
uStock dividend
Hudson & Manhattan, preferred
234 Feb. 15 Holders of rec. Feb. la
Holders of rec. Feb. 9
1% Feb. 15
Casein Co. of America, corn.(quar.)____
134 Mar. 1 Holders of rec. Feb. 80
Illinois Central. corn. (quar.)
*75c. Feb. 25'Holders of rec. Feb. 15
Caterpillar Tractor (quar,)
3
Preferred A
Mar. 1 Holders of rec. Feb. 80
*132%c Feb. 15 *Holders of rec. Feb. 5
Chain Belt Co
Internet Rys of Cent Amer.. pref.(qu.)_
134 Feb. 15 Holders of rec. Jan. 31a
25c. Mar. 1 Holders of rec. Feb. 15
Cleveland Stone (extra)
Louisville & Nashville
334 Feb. 11 Holders of rec. Jan. 15a
*50c. Feb. 16 'Holders of rec. Feb. 5
Colgate Palmolive Peet
Apr.
.
1% Mar. 1 Holders of rec. Feb. 16a Maine Central, common (guar.)
Holders of rec. Mar. 15
Collins & Alkman Corp., Pref. (guar.)._
134
Preferred (quar.)
Holders of rec. Feb. 15
*1% Mar. 1 *Holders of rec Feb.. 15
Congollum-Nairn, pref. (guar.)
New Orleans Texas & Mexico (quar.).-- 1% Mar. 1 Holders of rec. Feb. 15a
Consolidated Dairy Products (quar.)--- *50c. Apr. 1 *Holders of rec. Mar. 15
N.Y.Chic. & St. L., corn. & pref.(qu.) 1% Apr. 1 Holders of rec. Feb. 15a
*el% Apr. 1 'Holders of rec. Mar. 15
Stock dividend
2
Mar. 19 Holders of rec. Feb. 28a
Norfolk & Western, corn. (quar.)
Consolidated Film Industries
1
Ad). preferred (quar.)
Feb. 19 Holders of rec. Jan. 31a
*50c. Apr. 1 'Holders of rec. Mar. 15
Common (quar.)(No. 1)
8734c Feb. 28 Holders of rec. Feb. la
Pennsylvania (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Participating, pref.(guar.)
*4
Peoria di Bureau Valley
Feb. 9'Holders of rec. Jan. 19
Crown-Zellerbach Corp., cl. B (m.) --- *51.50 Mar. 1 *Holders of rec. Feb. 13
Feb. 14 Holders of rec. Jan. 17a,
$1
50c. Mar. 15 Holders of rec. Feb. 28a Reeding Co., common (quer.)
Curtiss Aeroplane & Motor, corn
50c. Mar, 14 Holders of rec. Feb. 2011
First preferred (quar.)
Curtiss Assets, Mts. beneficial interest-- $10 Mar. 15 Holders of rec. Feb. 28
St. Louis-San Francisco, pref.(guar.) - 134 May 1 Holders of rec. Apr. 13a
Mar. 1 *Holders of rec. Feb. 15
Cushman's Sons, Inc., corn. (quar.)____ *21
134 Aug. 1 Holders of rec. July la
Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
*52
$8 preferred (quar.)
Preferred (guar.)
13-4 Nov. 1 Holders of rec. Oct. la
*51.75 Mar. 1 *Holders of rec. Feb. 15
$7 preferred (guar.)
ig Feb. 25 Holders of rec. Jan. 25a
Apr. 15 Holders of rec. Mar. 30
Wabash preferred A (guar.)
Dominion Engineering Works(quar.)_-- $1
Douglas(W. L.) Shoe, 7% Pfd (qu.)- - - *1% Feb. 15 *Holders of rec. Feb. 9
Public Utilities.
Mar. 1 Holders of rec. Feb. 15a
$I
Drug, Inc. (guar.)
Emerson Drug, corn. (pay. in B pref.).- *J100
Allied Power & Light. $5 prof.(qu.)___ $1.25 Feb. 15 Holders of rec. Feb. 1
*60c. Feb. 15 'Holders of rec. Feb. 5
Ewa Plantation
75e. Feb. 15 Holders of rec. Feb. 1
$3cumulative preference (guar.)
"75c. Apr. 1 *Holders of rec. Mar. 20
Federal Screw Works (guar.)
*25c. Mar. 1 Holders of rec. Feb. 20 'Amer.& Foreign Power, 2d pref. A (qu.) $1.75 Feb. 15 Holders of rec. Feb. la
Extra
250. Feb. 15 Holders of rec. Feb. la
Amer. Water Wks. & Elec., corn. (qu.).
3734c. Feb. 28 Holders of rec. Feb. 15
Federated Capital Corp., corn
Corn.(one-fortieth share corn. stk.)__
37%c. Feb. 28 Holders of rec. Feb. 15
U) Feb. 15 Holders of rec. Feb. la
6% preferred (quar.)
*75c Mar. 12 'Holders of rec. Feb. 16
Associated Gas & Electric
General Motors, new (qu.)(No. 1)
•13.5 May 1 'Holders of rec. Apr. 8
$1.50 Mar. 1 Holders of rec. Jan. 31
58 preferred (qu.)
preferred (guar.)
6%
$ 1.6234 Mar. 1 Holders of rec. Jan. 31
$6.50 preferred (guar.)
8% deb. stk. (quar,)
"134 May 1 *Holders of rec. Apr. 8
si u May 1 *Holders of rec. Apr. 8
50c Mar, 1 Holders of rec. Jan. 31
Brazilian Tr., Lt.& Pow.com.(qu.).
7% deb. stk. (quar.)
2
Mar. 1 Holders of rec. Feb. 8a
Brooklyn Edison Co. (quer.)
Gladding,McBeen& Co.,com(is corn stk) "2
Oct. 1
Holders of rec. Feb. 15
Bklyn.-Manhat. Transit, prof.ser A (qu) $1.50 Apr. 15 Holders of rm. Apr. la
el00
Goldman Sachs Trading (stk. illy.)
'Sc. Feb. 15'Holders of rec. Feb. 1
Canadian Hydro-Electric, let pref. (qu.) 13.4 Mar. 1 Holders of rec. Feb. 1
Hartford Times, partic. pref
'go
Mar. 1 *Holders of rec. Feb. 14
Cent. & Southwest. Util. prior pt.(qu.)_ $1.75 Feb. 15 Holders of rec. Jan. 31
Hartman Corp., class A (guar.)
Mar. 1 *Holders of rec. Feb. 14
51.75 Feb. 15 Holders of rec. Jan. 31
*30
$7 preferred (quar.)
Class B (guar.)
Inc., pref. (quar.)__ *75e, Mar. 1 'Holders of rec. Feb. 18
Chic. Rap.'Transit, pr. pref.(monthly). *65c. Mar. 1 *Holders of rec. Feb. 19
Helena Rubinstein,
fue, Mar. 1 Holders of rec. Feb. 15
Prior preferred B /monthly)
*600. Mar. 1 *Holders of rec. Feb. 19
Hires (Charles E.), coronon A (guar.)._
1
Feb. 25 Holders of rec. Feb. 8
Columbia Gas & Elec., corn.(quar.)_.... $1.25 Feb. 15 Holders of rec. Jan. 190
Hollinger Consol. Gold Mines
50c. Feb. 25 Holders of rec. Feb. 20
Preferred, series A (guar.)
134 Feb. 15 Holders of rec. Jan. 19a
Homestake Mining (monthly)
Connecticut Ry.& Ltg., corn.& pr. NIL) 13-4 Feb. 15 Feb. 1 to Feb. 15
Hoosec Cotton Mills, pref. (quar.)
134 Feb. 15 Holders of rec. Feb. 5
Mar. 20 Holders of rec. Mar. 8
110
75c Mar. 15 Holders of rec. Feb. 80
Industrial Finance, corn.(in stock)
Consolidated Gas of N. Y., corn.(qu.)
75c. Feb. 15 Holders of rec. Feb. 5
Consumers Power,$5 pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
bake Bros., corn. (quar.)
31%c. Feb. 15 Holders of rec. Feb. 110
Six per cent preferred (quar.)
Kruskal & Kruskal Inc.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
'1
Feb. 28 "Holders of rec. Feb. 18
Lee(H. D.) Mercantile Co
1.65 Apr. 1 Holders of rec. Mar. 15
6.6% Preferred (guar.)
*52.50 Mar. 1 'Holders of rec. Feb. 9
Ludlow Mfg. Associates (qu.)
Seven per cent preferred (quar.)
134 Apr. 1 Holders of reo. Mar. 15
50c. Mar. 1 Holders of rec. Feb. 16
Manhattan Shirt, corn. (quar.)
50c. Mar. 1 Holders of rec. Feb. 15
Six Per cent preferred (monthly)
Mar. 1 "Holders of rec. Feb. 15
Six per cent preferred (monthly)
May Department Stores, com.(quar.)__ "El
50c. Apr. 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
McCrory Stores, corn. & corn. B (quar.) *50c. Mar. 1 *Holders of rec. Feb. 20
55c. Mar. 1 Holders of rec. Feb. 15
*134 Mar. 1 *Holders of rec. Feb. 20
Mead Pul & Paper,6% pf. (quar.)
6.6% Preferred (monthly)
55c. Apr. 1 Holders of rec. Mar. 16
*134 Mar. 1 *Holders of rec. Feb. 20
Eastern Massachusetts Street Ry7% pref. (quar.)
First pref. & sinking fund stock
Mengel Company. Pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 15
Feb. 15 Holders of rec. Jan. 31
3
East Kootenay Power, pref. (quar.)
Metropolitan Paving Brick, corn,(quar.) *50e. Mar. 1 'Holders of rec. Feb. 15
4,134 Mar. 15
sui Apr. 1 *Holders of rec. Mar. 15
Federal Water Service, class A (quar.).- r50c. Mar. 1 Holders of rec. Feb. 8
Preferred (guar.)
"6234c Mar. 31 'Holders of rec. Mar. 101 Foreign Power Securities. 6% pref.(qu.) 134 Fen. 15 Holders of rec. Jan. 31
Mohawk Carpet (quar.)
134 Mar. 1 Holders of rec. Feb. 190 Havana Elec. Ky., pref.(guar.)
National Belles Hess Co., pref. (quar.)_
134 Mar. 1 Holders of rec. Feb. 80
•
Havana Elec.& Utilities 1st pt.(quar.)._ $1.50 Feb. 15 'folders of rec. Jan. 19
134 Mar. 1 *Holders of rec. Feb. 15
Dept. Stores, 2d pref. (quar.)
Nat.
"50c. Mar. 15 'Holders of rec. Feb. 15
Preferred (quar.)
$1.25 Feb. 15 Holders of rec. Jan. 19
Ohio 011 (quar.)
Illuminating & Power &cur., corn.(qu.) 21.50 Feb. 9 Holders of rec. Jan. 31
Pacific American Co., corn,(No. 1)___ - *51.50 Feb. 25'Holders of rec. Feb. 5
Preferred (quar.)
Pender (D.) Grocery, class A (quar.).-- *8734c Mar. 1 'Holders of rec. Feb. 20 ,
154 Feb. 15 Holders of roe. Jan. 31
Kentucky Utilities llinior pref.(guar.)._ .87340 Feb. 20 *Holders of rec. Feb. 1
"134 Apr. 1 *Holders of rec. Mar. 15
Penick & Ford, Ltd.. Pref. (quar.)
Mar. 1 *Holders of rec. Feb. 18
Keystone Telephone, prof.(quar.)
*31
Hosiery, lot & 2d pref. (quar.). "14 Mar. 1 *Holders of rec. Feb. 17
Phoenix
*40c. Mar. 1 *Holders of rec. Feb. 15
Louisville Gas Sz Elec., corn. A & B (qu.) 4334c Mar. 25 Holders of rec. Feb. 28a
Pillsbury Flour Mills, corn. (guar.)
'1% Mar. 1 *Holders of rec. Feb. 15
Middle West Utilities common (quar.)__ 51.75 Feb. 16 Holders of rec. Jan. 31
Preferred (quar.)
Nat. Power & Light, corn.(guar.)
*75c. Mar. 1 'Holders of rec. Feb. 15
250. Mar. 1 Holders of rec. Feb. 130
Pines Winterfront Co., class A (guar.)
'75c. Mar. 1 *Holders of rec. Feb. 15
Nat. Water Works Corp., corn. A (au.)25e. Feb. 15 Holders of rec. Feb. 6
Purity Bakeries, corn. (guar.)
*51.50 Mar. 1 'Holders of rec. Feb. 15
8734e. Feb. 15 Holders of rec. Feb. 5
(guar.)
Preferred A (quar.)
Preferred
2
Feb. 15 Holders of rec. Feb. 5
f 234 Apr. 1 Holders of rec. Mar. 5
North American Co.. corn. (quar.)
Quissett Mill, corn.(quar.)
*3734c Mar. 15 *Holders of rec. Mar. 1
75c. Apr. 1 Holders of rec. Mar. 5
Preferred (guar.)
Rapid Electrotype
*50c. Mar. 1 'Holders of rec. Feb. 16
51.50 Mar. 1 Holders of rec. Feb. 15a
North American Edison Co. pf. (qu.)
(guar.)
Raytheon Mfg., corn.
North Amer. Utility Secur.,1st pr.(qu.) $1.50 Mar. 15 Holders of rec. Feb. 28
Richardson & Boynton, partic. pref.- Divide nd pass ed
*25c.IMar. 1 'Holders of rec. Feb. 28
Northern States Power, pref. (guar.).--- 134 Mar. 1 Holders of rec. Feb. 20
Scoville Manufacturing (extra)
'40e. Mar. 15 *Holders of rec. Feb. 28
$1.75 Feb. 15 Holders of rec. Jan. 31
North West Utilities, pref.(quar.)
Simms Petroleum
Ohio Edison,6% pref. (quar.)
*52 'Feb. 28 *Holders of rec. Feb. 18
134 Mar. 1 Holders of rec. Feb. 15
Shipper Car Line, class A
$1.65 Mar. 1 Holders of rec. Feb. 15
*81.75 Feb. 28 'Holders of rec. Feb. 18
6.6% preferred (quar.)
Preferred (quar.)
7% preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Southern Ice & Utilities, prof.(quar.)--- $1.75 Mar. 1 Holders of rec. Feb. 15
$1.75 Mar, 1 Holders of rec. Feb. 15
134 Mar. 1 Holders of rec. Feb. 16
5% Preferred (quar.)
Participating pref. (guar.)
*El
Mar. 1 'Holders of rec. Feb. 15
50c. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
Southern Pipe Line
'Holders of rec. Jan. 31
55c. Mar. 1 Holders of rec. Feb. 15
*e50
6.6% preferred (monthly)
South Penn Oil (stock dly.)
•373-4c Feb. 15 *Holders of rec. Jan. 31
Pacific Gas & Elec.,6% prof.(quar.)
Spaulding(A.G.)& Bros.,new com.(qu) 40c, Apr. 15 Holders of rec. Mar. 30
*3434c Feb. 15 *Holders of rec. Jan. 31
134 Mar. 1 Holders of rec. Feb. 16
5%% preferred (quar.)(No. 1)
First preferred (quar.)
Mar. 1 Holders of rec. Feb. 16
2
750. Feb. 15 Holders of rec. Jan. 310
Pacific Lighting common ((Plan)
Second preferred (guar.)
•51.25 Feb. 15 *Holders of rec. Jan. 31
Preferred (guar.)
Spear & Company,first preferred (guar.) •1% Mar. 1 *Holders of rec. Feb. 15
Penn-Ohio Edison.7% prior pref.(qu.)- 134 Mar. 1 Holders of rec. Feb. 15
*134 Mar. 1 *Holders of rec. Feb. 15
Second preferre (quar.)
$1.25 Mar. 1 Holders of rec. Feb. 11
Philadelphia Co., pref
Second pref. (acct. accum. dividends) 5*1234 Mar. 1 'Holders of rec. Feb. 15
50c. Mar. 15 Holders of rec. Feb. 28a
"6234c Mar. 15 "Holders of rec. Feb. 18
Philadelphia Electric Co., corn. (quar.).
Standard Oil (Calif.) (quar.)
13.4 Mar. 1 Holders of rec. Feb. 9
42e, Feb. 25 Holders of rec. Feb. 11
Phila. Suburban Water. pref.(guar.).-Standard Sanitary Mfg., corn. (quar.)
65c. Mar. 30 Holders of rec. Mar. la
Public Service Corp. of N.J.. corn.(qu.)
Preferred (quar.)
134 Feb. 25 Holders of rec. Feb. 11
2
Mar, 30 Holders of rec. Mar. la
8% preferred (quar.)
*1323-4c Mar. 15 *Holders of rec. Feb. 16
Standard Oil (Indiana) (guar.)
134 Mar, 30 Holders of reo. Mar. la
*50c. Mar. 15 *Holders of rec. Feb. 16
Extra
7% Preferred (quar.)
$5 preferred (guar.)
$1.25 Mar. 30 Holders of rec. Mar. la
*50c. Mar. 15 'Holders of rec. Feb. 16
Stock dividend
50c. Mar. 30 Holders of rec. Mar. la
6% preferred (monthly)
5234c Mar. 20 Holders of rec. Feb. 25
Standard Oil(Nebraska)(guar.)
Public Serv. El. & Gas,6% pref.(guar.) 134 Mar.30 Holders of rec. Mar. la
25c. Mar. 20 Holders of rec. Feb. 25
Extra
Scranton-Spring Brook Water Service
373.4c Mar. 1 Holders of rec. Feb. 15
&ix-Baer-Fuller Co.(quar.)
$1.50 Feb. 15 Holders of rec. Feb. 50
56 preferred (quar.)
*75c. Apr. 1 'Holders of rec. Mar. 15
Stroock (S.) Co. (guar.)
$1.25 Feb. 15 Holders of rec. Feb. fics
55 preferred (quar.)
Quarterly
*75c. July 1 'Holders of rec. June 15
50c. Feb. 15 Holders of rec. Jan. 200
Southern California Edison. corn.(qu.)-*75c. Oct. 1 'Holders of rec. Sept. 16
Quarterly
134 Mar. 15 Holders of rec. Feb. 20
Preferred A (quar.)
Quarterly
"75c. Dec. 21 'Holders of rec. Dec. 10
134 Mar. 15 Holders of rec. Feb. 20
Preferred B (guar.)
*250. Mar. 15 "Holders of rec. Feb. 25
Sun Oil, common (guar.)
•5
250. Mar, 1 Holders of roe. Feb. 11
Southern Calif. Gas, corn.(No. 1)
Swedish Match
1.6234 Mar. 1 Holders of rec. Feb. 11
Thatcher Mfg., pref. (quar.)
$6.50 preferred (quar.)
90c. Feb. 15 Holders of rec. Feb. 5
25e. Feb. 15 Holders of rec. Jan. 31
Southern Canada Power, corn. (quar.)_..
Thompson-Starrett.
Southern Cities Util., $6 pr. pf. (qu.)__ $1.50 Mar. 1 Holders of rec. Feb. 9
New pf.(qu.)(No. 1)
87%e. Apr. 1 Holders of rec. Mar. 12
50c. Feb. 25 Holders of roe. Jan. 31
Southern Colorado Power, corn. A (qu.).
Timken-Detroit Axle, pref. (guar.)._
750. Mar. 1 Feb. 21 to Feb. 28
Southwest Gas Utilities, pref.(guar.).-$ 1.6234 May 1 Holders of rec. Apr. 20
*1% Mar, 1 'Holders of rec. Feb. 19
Truscon Steel, pref. (quar.)
50c. Feb. 15 Holders of reo. Jan. 250
Tempe Electric Co., corn. (quar.)
Union Tank Car (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 16
V) Feb. 15 Holders of rec. Jan. 250
Common (1-50th share corn. stock.)__
Mar. 20 Holders of rec. Feb. 28
Vacuum Oil (quar.)
51
Tennessee El. Pow. Co..5% 1st Pt.(qu.) 13.1 Apr. 1 Holders of rec. Mar. 15
Wagner Electric, new corn (quar.)
37%c Mar. 1 Holders of rec. Feb. 15
6% 1st prof.(guar.)
134 Apr. 1 Holders of rec. Mar. 16
New common (extra)
50c. Mar. 1 Holders of rec. Feb. 15
I% Apr. 1 Holders of rec. Mar. 15
nix Apr. 1 *Holders of rec. Mar. 21
7% 151 pref. (quar.)
Walal Company, pref.(quar.)
1.80 Apr. I Holders of rec. Mar. 15
7.2% 1st pref. (quar.)
Wayne Pump,cony. Prof.(guar.)
87%c. Mar. 1 Holders of rec. Feb. 15
50c Mar. I Holders of rec. Feb. 15
6% let Prof.(monthly)
25c. Feb. 28 Holders of rec. Feb. 15
Welch Grape Juice Co., corn. (quar.).__
50c Apr. 1 Holders of rec. Mar. 15
6% 1st pref. (monthly)
Common (extra)
25c. Feb. 28 Holders of rec. Feb. 15
60c Mar. 1 Holders of roe. Feb. 15
7.2% 1st pref.(monthly)
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. 15
60c Apr. 1 Holders of rec. Mar. 15
7.2% 1st pref.(monthly)
Auto Supply, corn. A &B
"75c. Mar. 1 Holders of rec. Feb. 18
Western
35c Mar. 10 Holders of rec. Feb. 28
Union Natural Gas of Canada(qui-- Westinghouse Air Brake (guar.)
*50c. Apr. 30 *Holders of rec. Mar. 30
Sc.Mar. 10 Holder, of rec. Feb. 28
Extra
Mar. 1 Holders of rec. Feb. lb
2
Wheatsworth, Inc., pref.(quar.)
51.1234 Mar, 30 Holders of rec. Feb. 280
*Holders of rec. Mar. 12
United Gas Improvement (guar.)
*25c Mar. 29
White Motor, corn. (quar.)
13.4 Feb. 15 Holders of rec. Jan. 21a
West Penn Electric Co.. 7% pref.(qu.)Feb. 15 Feb. 5 to Feb. 16
5
Wilcox de Gibbs Sewing Machine
Mar. 15
134 Feb. 15 Holders of reo. Jan. 210
Six per cent preferred (quar.)
Young (L. A.) Spring & Wire (guar.).- *50e. Apr. 1 *Holders of rec. Mar. 15
8
Mar. 1 Holders of rec. Feb. 90
141bnlngton Gas Co., Preferred
*25c. Apr. 1 'Holders of rec.
Extra
and not yet paid.
FEB. 9 1929]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Banks.
National City (new $20 par stock)
Interim div.for period Jan.1-Feb.15'29
Books Closed
Days Inclusive.
50c. Feb. 15 Holders of rec. Feb. 2
Trust Companies.
Interstate (guar.)(No. 1)
Interstate Corp. (guar.) (No. I)
•134 Nfar. 1 'Holders of rec. Feb. 15
'250. Mar. 1 'Holders of rec. Feb. 15
Fire Insurance.
Brooklyn Fire Insurance
Employees Re-Insurance
$1.25 Apr. I Afar. 20 to
Apr. 11
•75c. Feb. 15 'Holders of rec. Jan. 31
Miscellaneous.
Apr. 1 *Holders of rec. Mar. 20
Acme Steel (guar.)
Feb. 9 Holders of rec. Jan. 31
2
Alaska Packers Assoc. (guar.)
Feb. 9 Holders of rec. Jan. 31
Extra (from ins, fund net. Income)_
2
Allegheny Steel, corn.(in corn.stock) _ _ _ *1100
•Holders of rec. Feb. 15
Alliance Realty, corn.(guar.)
Feb. 20 Holders of rec. Feb. ba
flO
Preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 20a
Allis-Chalmers Mfg corn (quar.)
$1.75 Feb. 15 Holders of rec. Jan. 25s
Alpha Portland Cement,common (guar. •75c. Apr. 15 *Holders of rec. Mar. 15
Preferred (guar.)
*51.75 Mar. 15 *Holders of rec. Mar. I
Aluminum Co. of Am., pref. (quar.)
"1.3i Apr. 1 *Holders of rec. Mar. 15
Amer.Can corn.(guar.)
75c. Feb. 15 Holders of rec Jan 31s
Amer. Chatillon Corp., pref. (guar.)-- *61.75 May 1 'Holders of rec. Apr. 30
American Chicle, common (guar.)
.500. Apr. 1 Holders of rec. Mar. 12a
Prior preferred (guar.)
194 Apr. 1 Holders of rec. Feb. 25a
Amer. Encatoalc Tiling
(m) Feb. 15 Holders of rec. Feb mlo
Amer. European Securities, Pf• (guar.)
51.50 Feb. 15 Holders of reo. Jan. 31
American Home Products (monthly)....
250. Mar. 1 Holders of rec. Feb. 14s
Monthly
25c. Apr. 1 Holders of rec. Mar. 14o
American International (in stock)
*2
Apr. 1
Stock dividend
2
Oct. 1
American Metal, corn. (guar.)
75c. Mar. 1 Holders of rec. Feb.d19a
Preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb419a
American NIultigraph, corn. (guar.)- - 6234e btar. 1 Holders of rec. Feb. 18
American Radiator, common (guar.)
$1.25 Mar. 30 Holders of rec. Mar. Ila
Preferred (guar.)
194 Feb. 15 Holders of rec. Feb. 90
American Rolling Mill,common (quar.)_ *50c. Apr. 15 'Holders of rec. Apr. 1
Common (payable in common stock) _ _ •.1"5
July 30 *Holders of rec. July 1
Amer. Smelting & Refining, pref. (qu.)194 Mar. 1 Holders of rec. Feb. Is
Amer. Solvents & Cbem., partic. pref_ .51.50 May 1 *Holders of rec. Apr. 10
Amer. Sumatra Tobacco (quer.)
194 Mar. 1 Holders of rec. Feb. Ito
Amer. Tobacco, corn. & corn. B (guar.) $2
Mar. 1 Holders of rec. Feb. ha
Amer. Wringer, pref. (acct. accum .div
51031 Feb 811 Holders of rec. Jan. 28
Amparo Mining (guar.)
1
Feb. 9 Holders of rec. Jan. 31
Anaconda Copper Mining (guar.)
$1.50 Feb. IS Holders of rec Jan 12e
Archer-Daniels
-Midland Co
Common (payable in common stock)_ 1100 Mar. 1 Holders of rec. Feb ellls
Armstrong Cork, common (guar.)
*37 Sic Apr. I *Holders of rec. Mar. 9
Common (extra)
•1234c Apr. 1 *Holders of rec. Mar. 9
Artloom Corp., Pref. (guar.)
•134 Mar. I *Holders of rec. Feb. 19
Associated Apparel Industries-Common (monthly)
*3318c. Mar. 1 "Holders of rec. Feb. 19
Common (monthly)
*331rc. Apr. 1 *Holders of rec. Mar. 21
Common (monthly)
"3313c. May 1 *Holders of rec. Apr. 19
Common (monthly)
*331.c. June 1 *Holders of rec. May 21
Common (monthly)
*331.c. July 1 "Holders of rec. June 2e
Associated Dry Goods Corp, 1st pt.(all.) 139 Mar. 1 Holders of rec. Feb. 9/,
Second preferred (guar
I ki Mar. 1 Holders of rev Fen lk
Babcock & Wilcox Co.(guar.)
194 Apr. 1 Hold, of rec. Mar. 20'29s
Balaban & Katz, corn. (monthly)
"250. Mar. 1 *Holders of rec. Feb. 20
Common (monthly)
•250. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
•194 Apr. 1 *Holders of rec. Mar. 20
Bankers Security Tr. Co.. ser. A p1.(qu.) •139 Mar. 1 *Holders of rec. Feb. 16
Baumann (Ludwig)& Co., 1st pf.(qu.) _
194 Feb. 15 Holders of rec. Feb. I
Beacon 011 pref (guar.)
1.87 si Feb. 15 Holders of rec Feb
1
Beech-Nut Packing (guar.)
75c. Apr. 10 Holders of rec. Mar. 256
Bethlehem Steel,corn
$1
May 15 Holders of rec. Apr. 19s
Preferred (guar.)
194 Apr. 1 holders of rec. Mar. 4m
Blgelow-Hartford Carpet. pref. (gust.). "134 May 1 *Holders of rec. Apr. 18
Preferred (guar.)
'134 Aug. 1 *Holders of rec. July IS
Preferred (guar.)
•134 Nov. 1 *Holders of rec. Oct. IS
Etlauners,corn.(guar.)
30c. Feb. 15 Holders of rec. Feb. 2
Preferred (guar.)
75e. Feb. 15 Holders of rec. Feb. 2
Blaw-Knox, new no par stk.(qu.)
(No. 1) .25c. Mar. I *Holders of rec. Feb. IS
Bolen & Byrne Beverage, class A
200. Mar. 1 Holders of rec. Feb. 1
Bond & Mortgage Guarantee (quar.)_ _
5
Feb. 15 Holders of rec. Feb. 8
Borden Company. cow.(guar.)
$1.50 Mar. 1 Holders of rec. Feb. lla
Boss Mfg., common
52.50 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
131 Feb. 15 Holders of rec. Jan. 31
Brown Fence & Wire, Cl. A (guar.)
60c. Feb. 28 Holders of rec. Feb. 15
Class II (No. 1)
60c. Feb. 28 Holders of rec. Feb. 16
Bruck Silk Mills, Ltd., (guar.)
250. Feb. 15 Holders of rec. Jan. 31
13runswick-Balke-Collender. corn. (au.) _
750. Feb. 15 Holders of rec. Feb. 6o
Buckeye Pipe Line (guar.)
Mar. 15 Holders of rec. Feb.d21
$1
Extra
Mar. 15 Holders of rec. Feb.d21
4$1
Bucyrus-Erie Co., corn.(guar.)
25c Apr. 1 Holders of rec. Feb. 21a
Convertible pref.(altar.)
6294 Apr. 1 Holders of rec. Feb. 21e
Preferred (guar.)
134 Apr. 1 Holders of rec. Feb. 2I0
Burns Bros., class A (guar.)
62 Feb. 15 Holders of rec. Feb
lo
Burroughs Adding Machine (special).. _ 52 Feb. 11 Holders of rec. Feb. is
Butler Brothers (guar.)
*234 Feb. 16 *Holders of rec. Feb. 4
Byers (A. M.) Co., pref. (guar.)
134 May 1 Holders of rec. Apr. 15
California Dairies, prof.(guar.)
"51.50 Mar. 1 *Holders of rec. Feb. 8
California Packing (guar.)
al
Mar. 15 Holders of rec. Feb. 280
Calumet & Ilecla Consol. Copper (guar.) Si
Mar.:30 Holders of rec. Feb. 28a
Canadian Car & Fdry.. pref. (guar.)_ _ _ _
134 Apr. 10 Holders o free. Mar. 22
Canadian Converters, Ltd.(guar.)
134 Feb. 15 Holders of rec. Jan. 31
Canfield 011, corn.& pref.(guar.)
$1.75 Mar. 31 Holders of rec. Feb. 20
Common & preferred (guar.)
$1.75 June 30 Holders of rec. May 20
Common & preferred (guar.)
$1.75 Sent. 30 Holders of rec. Aug. 20
Common & preferred (guar.)
$1.75 Dec. 31 Holders of rec. Nov. 2.0
Capital City Surety
15c. Apr. 1 Holders of rec. Mar. 15
Celluloid Corp.
First pref. partic. & $7 pref.((mar)
$1.75 Mar. 1 Holders of rec. Feb. 10
Centrifugal Pipe (guar.)
15c. Feb. 15 Holders of rec. Feb. 5
Century Ribbon Mills pref. (guar.)._
134 Mar. 1 Holders of rec. Feb. 18s
Certo Corporation (stock dividend)
e3311 Feb. 28 Holders of rec. Feb. Ho
Chelsea Exch. Corp., A & H (guar.) _ _
25c. Feb. 11 Holders of rec. Feb. 1
Class A & 11 (guar.)
25c. May 15 Holders of rec. May 1
Chicago Yellow Cab Co.(monthly)
250. Mar. 1 Holders of rec. Feb. 190
Chickasha Cotton Oil (guar.)
75c. Apr. 1 Holders of reo. Mar. 90
Quarterly
750. July 1 Holders of rec. June 100
Chile Copper Co.(guar.)
87340 Apr. 22 Holders of rec. Mar. 20a
Chrysler Corp. common (guar.)
75o. Mar. 30 Holders of roe. Mar. 2o
Cities Service, common (monthly)
34 Mar. 1 Holders of rec. Feb. 15
Corn.(mthly.)(payable In corn. stk.).
39 Mar. 1 Holders of rec. Feb. 15
Prof. and preference BB (mthly.)
_
50c. Mar. 1 Holders of rec. Feb. 15
Preference B (mthly.)
Sc. Mar. 1 Ilolders of rec. Feb. 15
City Ice & Fuel(Cleve)(PI.)
000. Feb.428 Holders of rec. Feb. 150
City Radio Stores, com.(alt.)(No. 1)
3734 c. Mar, 1 Holders of rec. Feb. 15a
City Stores Co., class A (altar.)
8734c. hay 1 Holders of rec. Apr. 15a
Cleveland Stone, common (guar.)
50c Mar. 1 Holders of rec. Feb. 15
Common (altar.)
'50c June 1 *Holders cf rec. May 15
Common (guar.)
•60c. Sept. 1 *Holders of rec. Aug 15
Cohn-Hall-Marx, corn. (guar.)
6231o. Apr. 1 Holders of rec. Mar. 15a
Common (guar.)
6234c. July 1 Holders of rec. June 15
Colorado Fuel & Iron, pref. (guar.). _ _
Feb. 25 Holders of rec. Feb. ha
2
Community State Corp., A & B (quar.)_
134 May 15 Holders of rec. May 10
Class A & B (guar.)
134 Sept. 2 Holders of rec. Aug. 28
Class A & B (guar.)
134 Dec. 31 Holders of rec. Dec. 20
Consolidated Bond & Share, Pref. (au.)_
134 Feb. 15 Holders of rec. Jan. 15
Consumers Co., preferred
"334 Feb. 20 *Holders of rec. Feb. 9
Prior preferred (guar.)
'134 Apr. 1 'Holders of rec. liar. 15
Cont. Can,new corn.(qu.)(No, 1)
623
-dc. Feb. 15 Holders of ree. Feb. la
Comb 11 ills
Mar. 1 Holders of rec. Feb. 20
2
Corrugated Paper Box, Ltd., pref. (qu.)
134 Mar. 1 Holders of rec. Feb. 14
Inc (guar.)
.
COtY.
•500. Mar. 30 *Holders of rec. Mar. 15
Stock dividend (guar.)
*0134 Feb. 27 "Holders of rec. Feb. 1
Crosby Radio, new stock (guar.)
"250. Apr. 1 *Holders of rec. Mar. 20
Greeley Radio (extra)
'$1
Feb. 15 *Holders of rec. Jan. 20
.5
Name of Company.
845
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Crown Overall(altar.)
52 Mar. I 'Holders of rec. Feb. 14
Crown Zellerbach Corp., pfd. A (guar.) _ *11.50 Mar. I 'Holders of rec. Feb. 13
Convertible pref.(guar.)
*$1.50 Mar. 1 *Holders of rec. Feb. 13
Cumberland Pipe Line (guar.)
*12 Mar. 15 "Holders of rec. Feb. 28
Extra
"54 Mar. 15 *Holders of rec. Feb. 28
Curtis Publishing, common (monthly)._ "50c. Mar. 2'Holders of rec. Feb. 23
Preferred (guar.)
'191 Apr. 1 *Holders of rec. Mar.20
Nlar, 23 *Holders of rec. Mar. 9
Davis Mills(guar.)
'St
Decker (Alfred) &Cohn,Inc., corn. (au.) .50c. Mar. 15 *Holders of rec. Mar. 5
"194 Mar. 1 *Holders of rec. Feb. 19
Preferred (guar.)
June 1 *Holders of rec. May 22
Preferred (quer.)
Preferred (guar.)
'134 Sept. 1 *Holders of rec. Aug. 22
Deere & Co., corn. (gear.)
'$1.50 Apr, 1 *Holders of rec. Mar. 15
134 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Mar. 15 Holders of rec. Feb. 280
2
Diamond Match (guar.)
Dictaphone Corp., Corn. (oliar.)
Soc. Mar. 1 Holders of rec. Feb. 15
Mar. 1 *Holders of rec. Feb. 15
Common (payable in common stock)- •10
Dominion Bridge, Ltd. (guar.)
65e. Feb. 15 Holders of rec. Jan. 29
$1.50 Feb. 15 Holders of rec. Feb. 1
Dow Chemical, corn.(guar.)
14 Feb. 15 Holders of rec. Feb. I
Preferred (guar.)
Apr. 15 Holders of rec. Apr. la
Si
Dunhill International (guar.)
Apr, 15 Holders of roe. Apr. la
el
Stock dividend
July 15 Holders of rec. July la
el
Stock dividend
Oct. 15 Holders of rec. Oct. la
el
Stock dividend
50c. Feb. 15 Holders of rec. Feb. is
Duplan Silk Corp., common
Eastern Utilities Associates, Coln. (Qtr.)50c. Feb. 15 Holders of rec. Jan. 25a
Eastern Utilities Investing,$6 pref.(qu.) $1.50 Mar. 1 Holders of rec. Jan. 31
$1.75 Mar. 1 Holders of rec. Jan. 31
37 preferred (guar.)
Eitingon Schild Co., corn. (guar.)
6239c Feb. 28 Holders of rec. Feb. 15a
$1.62.39 Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
El Dorado Oil Works (qu.)(No. 1)
'373i c Mar, 15 Holders of rec. Mar. 1
50c. Mar,24 Holders of rec. Mar. la
Emporium-Capwell Corp. (guar.)
50c. Feb. 15 Holders of rec. Feb. 1
Equitable Casualty & Surety
Evans Auto Loading,stock dividend
Apr. 1 *Holders of rec. Mar.20
Oct. I *Holders of rec. Sept. 20
Stock dividend
*62
750. Mar. 30 Holders of rec. Mar. 120
Fairbanks, Morse & Co., corn. (gear.)..
194 Mar. 1 Holders of rec. Feb. lla
Preferred (guar.)
•1234c Feb. 15 *Holders of rec. Feb. 1
Federal Fur Dyeing, corn. (special)
Federated Business Publications
623ic Apr, 1 Holders of rec. Mar.20
1st preferred (guar.)
*51.50 Feb. 15 'Holders of rec. Jan. 31
Fidelity industrial Bank (guar.)
•50c Feb la 'Molders of rec. Jan. 31
Extra
•160. Mar. 29 'Holders of rec. Mar. 14
Fifth Avenue Bus Securities(guar.)
Mar. I Holders of rec. Feb. 15
Finance Service Co., corn
194 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Firestone Time & Rubber,7% pref.(qu.) 134 Feb. 15 Holders of rec. Feb. 1
$1.75 Feb. 15 Holders of rec. Feb. 1
First Federal Foreign Bkg. Corp.(au.)
$1.75 May 15 Holders of rec. May 1
Quarterly
1234c Mar. 1 Holders of rec. Jan. 31
First Trust Bank Inc.(guar.)
734c Mar. 1 Holders of roc Jan. 31
Extra
50c. Feb. 20 Holders of rec. Jan. 31
Fisher Brass, pref. (guar.)
139 Apr. 1 Holders of rec. Mar. 150
Florsheim Shoe, pref.(guar.)
50e. Mar, 15 Holders of rec. Feb. 280
Follansbee Bros. Co., corn. (guar.)
25e. Mar. 15 Holders of rec. Feb. 286
Common (extra)
134 Mar. 15 Holders of rec. Feb 28
Preferred (guar.)
firie. Mar. I, Holders of rec. liar. 5
F. ore Bort Co.. corn
Genl. Amer.Tank Car(guar.)
'51
Apr.
*Holders of rec. Mar. 13
'Si July
'Holders of rec. June 13
Quarterly
*1
Apr.
Stock dividend
'Iholders of rec. Mar. 13
"1
July
'Holders of rec. June 13
Stock dividend
114 Mar.
General Asphalt pref.(guar.)
Holders of rec. Feb. 130
'50c. Mar. 'Holders of rec. Feb. 14
General Bronze (guar.) (No. 1)
Si
General Cable mass A (guar.)
Mar.
Holders of rec. Feb. 130
194 Mar.
General Cigar, Inc., pref.(guar.)
Holders of rec. Feb. 216
$1
Genl Outdoor Advertising, Cl, A (qu.)
Feb. 1
Holders of rec. Feb. 5a
•139 Feb. 15 *Holders of rec. Feb. 5
Preferred (guar.)
$1.25 Mar. 1 Holders of rec. Feb. la
Gillette Safety Razor (guar.)
3739c Apr. 1 Holders of rec. Mardl8a
Glidden Co.,corn.(guar.)
1234e Apr. 1 Holders of rec. NIardl8a
Common (extra)
134 Apr, 1 Holders of rec. Mardlga
Prior preferred ,guar.)
Globe-Democrat Publishing, pref.(rm.). 134 Mar, 1 Holders of rec. Feb. 20
75c. Feb. 10 Holders of rec. Jan. 25
Godrnan (II. C.) Shoe Co.(guar.)
$1
Apr. 15 Holders of rec. Dec. 31
Goldwyn Investment Corp.. extra
Mar, 1 Holders of rec. Feb. 80
Goodrich (B. F.) Co., common (altar.).. $1
194 Apr, 1 Holders of rec. Mar. 8a
Preferred (guar.)
134 July 1 Holders of rec. June 10
Preferred (guar.)
50c. Mar. 1 Holders of rec. Jan. 31
Gorham Mfg., corn. (guar.)
50c. June 1
Common (guar.)
50c. Sept. 1
Common (guar.)
50c, Dec. I
Common (guar.)
June 1 Subj. to stkholders. meet.
Common (payable in common stock) fb
134 Mar. 1 Holders of rec. Feb.
First preferred (guar.)
Mar. I "Holders of rec. Feb. 8
Gt. Atlantic & Pat. Tea, corn. (guar.)._ "S1
*51.75 Mar. 1 *Holders of rec. Feb. 8
1st preferred (guar.)
2
Feb. 15 Holders of rec. Feb. 7
Great Lakes Dredge & Dock (quar.)__
Feb. 16 Holders of rec. Feb. 7
2
Extra
134 Feb. 15 Holders of rec. Feb. 1
Greenway Corp. (guar.)
34 Feb. 15 Holders of rec. Feb. 1
Extra
*75c. Feb. 15 *Holders of rec. Feb. 1
5% preferred (guar.)
•75c. May I *Holders of rec. May 1
6% preferred (gaal.)
•750 Aug. 1 *Holders of rec. Aug. 1
5% preferred (guar.)
503- Preferred (guar.)
•75e. Nov. 15 *Holders of rec. Nov.
$100 Feb. 20 Holders of rec. Jan. 31
Group No. 1 Oil
Holders of rec. Feb.190
50e Mar
1.imen Watch, common (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 29
Guggenheim & Co. 1st pfd.(guar.)
"50c. Mar. 1 *Holders of rec. Feb. 15
Hale Bros. Stores (guar.)
134 Mar. 1 Holders of ree. Feb. 90
Hamilton Watch (guar.)
15c. Mar. 1 Holders of rec. Feb. 20
Hazes (P. II.) Knitting, corn. & corn. 13
131 Apr. I Holders of rec. Mar.20
Preferred (guar.)
134 Mar. 20 Holders of rec. Mar. 56
,
Hanna (If A.) Co., 1st pref
50c. Mar. 1 Holders of rec. Feb. 180
Harbinon-Walker Refract., corn. (guar.)
139 Apr. 20 Holders of rec. Apr. 10a
Preferred (attar.)
Feb. 28 Holders of rec. Feb. 15
Hart-Schaffner & Marx, Inc..(guar.)... 52
50c. Feb. 28 Holders of rec. Feb. 15a
Hawaiian Pineapple (guar.)
•25e. Mar. 1 *Holders of rec. Feb. 15
liazeltine Corp.(guar.)
Feb. 15 Holders of rec. Jan. 254
Hershey Chocolate Corp., pref. (gear.). 1
134 Feb. 15 Holders of rec. Jan. 250
Prior preferred (guar.)
,
Hibbard, Spencer, Bartlett Co.(mthly.) 350. Feb. 22 Holders of rec. Feb. 15
35c, Mar,29 Holders of rec. Mar. 22
Monthly
•194 Mar. 1 *Holders of rec. Feb. 20
Hood Rubber Products, pref. (guar.)
•3739c Feb. 18 *Holders of rec. Feb. 1
Hormel(G. A.) & Co.(guar.)
Horn Ar. Ilardart of N. Y., pref.(guar.)._ •$1.75 Mar. 1 *Holders of rec. Feb. 11
p5
Mar. 20 Holders of rec. Feb. 28
Eland Signal Nifg. cl. A corn
p5
Mar. 20 Holders of rec. Feb. 28
Class AA,common
8734c Mar. I Holders of rec. Feb. 15a
Household Products (guar.)
61.25 Apr. 1 Holders of rec. Mar. Ila
Hudson Motor Car (guar.)
Hupp Motor Car (Stock dividend) (gPI.) e234 May 1 Holders of rec. Apr. 150
e239 Aug. 1 Holders of rec. July 150
Stock dividend (guar.)
e239 Nov. I Holders of rec. Oct. 15a
Stock dividend (guar.)
•60c Apr. 15 'Holders of rec. Apr. 3
Iffinoia Brick (guar.)
*60c July 15 'Holders of rec July 3
Quarterly
'60. Oct. 15 'Holders of rec Oct. 3
Quarterly
Si
Indiana Pipe Line (guar.)
Feb. 15 Holders of rec. Jan. 25
$1
Feb. 15 Holders of rec. Jan. 25
Extra
75c Mar. 1 Holders of rec. Feb. 46
Ingersoll-Rand Co., mom.(gear.)
8739c Mar. 1 Holders of rec .Feb. 156
Inland Steel, corn.(guar.)
Inter. Agricultural Corp.. Prior pf. (qu.) 134 Mar. 1 Holders of rec. Feb. 156
Internat. 13usinessMachines (gust.).... $1.25 Apr. 10 Holders of rec. Mar. 220
50c Feb. 28 Holders of rec. Feb. 186
Internat. Combustion Eng. corn. (qu.)...
lot. Cont. Invest. Corp. corn.(guar.)- -- •25e Apr. 1
•25o
Common (guar.)
ly 1
Internat. Educational Publishing, prof.. Si
May I Holders of rec. NIar. 30.
194 Mar, 1 Holders of rec. Feb. 5a
Internet Ilarvester, pref. (guar.)
41.50 Mar. 1 *Holders of rec. Feb. 15
International Nickel (guar.)
Extra
"52 lIar, 1 *Holders of rec. Feb. 15
Internat, Paper Co.. coin.(guar.)
60c. Feb. 15 Holders of rec. Feb. la
let Pap. & Pr., el. A corn Jan.)(No. 1)
60c. Feb. 15 Holders of rec. Feb. la
Internat. Safety Razor, desk; A (guar.)_ _
60c. Mar. 1 Holders of rec. Feb. 11
Class B (guar.)
500, Mar. 1 Holders of rec. Feb. 11a
20c, Mar, I Holders of rec. Feb. 116
Class B (extra)
Inter. Scour. Corp. of Am.. A corn. (gu.) 0750. Mar. 1 *Holders of rec. Feb. 15
846
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inc!mice.
Miscellaneous. (Cont(nued)
International Shoe pref.(monthly)
500. Mar. 1 Holders of rec. Feb. 15
Preferred (monthly)
•50c. Apr. 1 'Holders of rec. Mar. 15
Preferred (monthly)
*50c. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
•50e. June 1 *Holders of rec. May 16
Preferred (monthly)
•500. July 1 *Holders of rec. June 15
Preferred (monthly)
*50c. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*50c. Sept. 1 *Holders of rec. Aug. 15
Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*50o. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50c. Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
•500. Jan 1'30 *Holders of rec. Dec. 15
International Silver, corn. (guar.)
131 Mar. 1 Holders of rec. Feb. 150
Common (extra)
Mar. 1 Holders of rec. Feb. 15a
2
Interstate Iron & Steel, corn.(quar.)Apr. 15 *Holders of rec. Apr. 5
*El
Common (special)
*$1.50 Feb. 21 *Holders of rec. Feb. 15
*1.11 Feb. 28 *Holders of rec. Feb. 15
Preferred (guar.)
Intertype Corp., com.(quar.)
250. Feb. 15 Holders of rec. Feb. 1
Common (extra)
25c. Feb. 15 Holders of rec. Feb. 1
Investors Capital corp., common
100. Apr. 15 Holders of rec. Dee. 31
Isle Royale Copper
50c. Mar. 30 Holders of rec. Feb. 23
Joint Security Corp
Corn.(payablein corn,stock)
May 1 Holders of rec. Apr. 20
/I
Com.
Aug. 1 Holders of rec. July 20
(payablein corn.stock)
11
Nov. 1 Holders of rec. Oct. 20
11
Corn.(Payablein corn.stock)
Jones & Laughlin Steel. com.(guar.) - •$1.25 Mar. 1 *Holders of rec. Feb. 13
Preferred (guar)
i'% Apr. 1 Holders of rec. Mar. 13a
"123.c Apr. 1 *Holders of rec. Mar. 20
Kaynee Co., common (extra)
*12%c July 1 *Holders of rec. June 20
Common (extra)
Kendal Co.. part. pref. A (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 100
(o) Feb. 25 Holders of rec. Feb. 70
Kennecott Copper Corp.(stock dly.)
25c. Apr. 1 Holders of rec. Mar.21a
Kinney (G. R.) Co., com
Mar. 1 Holders of rec. Feb. 18a
2
Preferred (guar.)
Knox Hat, prior pref.(guar.)
$1.75 Apr. 1 Holders of rec. Mar. 154
Prior preference (guar.)
$1.75 July 1 Holders of rec. June 15a
$1.75 Oct. 1 Holders of rec. Sept.16a
Prior preference (guar.)
Participating pref.(guar.)
75c Mar. 1 Holders of rec. Feb. 15a
Participating pref.(guar.)
750 June I Holders of rec. May 15a
Participating pref.(guar.)
75c Sept. 3 Holders of rec. Aug. 15a
Participating pref. (guar.)
75c Dec. 2 Holders of rec Nov. 15a
Kresge (S. S.) Co., corn. (guar.)
40e. Mar. 30 Holders of rec. Mar. ha
. 1 Holders of rec. Feb. Ila
Common (payable in corn, stock)_
fSO
Preferred (guar.)
131 Mar.30 Holders of rec. Mar. 1la
Mar. 1 Holders of rec. Feb411
Kroger Grocery & Baking corn.(quar.)
25e.
Common (payable in common stock). "15
Apr. 1 *Holders of rec. Mar. 10
Lackawanna Securities
•11. Mar. 1 *Holders of rec. Feb. 14
Lake of the Woods Milling, com.(qu.)._
80c. Mar. 1 Holders of rec. Feb. 16
Preferred (guar.)
1% Mar. I Holders of rec. Feb. 16
Lakey Foundry & Mach.
Stock dividend
•e231 Apr. 30 *Holders of rec. Apr. 15
Stock dividend
•e231 July 30 *Holders of rec. July 15
Stock dividend
'e231 Oct. 30'Holders of rec. Oct. 15
Landis Machine, com. (guar.)
75e. Feb. 15 Holders of rec. Feb. 5
Lanston Monotype Machine (quar.)
$1.50 Feb. 28 Holders of rec. Feb. 18a
Lehigh Coal & Navigation (quar.)
Feb. 28 Holders of rec. Jan. 31a
$1
Lehigh Portland Cement, pref. (guar.)._
131 Apr. 1 Holders of rec. Mar. I40
Lehn & Fink Products Co.(guar.)
75c. Mar. 1 Holders of rec. Feb. 14a
Leighton Industries, class A (guar.)*3731c Feb. 15 *Holders of rec. Feb. 1
Class B (guar.)
*25e. Feb. 15 *Holders of rec. Feb. 1
Libby-Owens Sheet Glass. com.(guar.). *50c. Mar. 1 *Holders of rec. Feb. 19
Preferred (guar.)
•131 Mar. 1 *Holders of rec. Feb. 19
Liggett&Myers Tob..com.decom.B (qu.) $1
Mar. 1 Holders of rec. Feb. 150
Common and common B (extra)
Mar. 1 Holders of rec. Feb. 15a
$1
Lincoln Interstate Holding Co
150. July I Holders of rec. June 20
LitBrothers
50e. Feb. 20 Holders of rec. Jan. 21a
Loewe,Inc., pref.(guar)
$ 1.6231 Feb. 15 Holders of rec. Feb. 4a
Louisiana 011 Retie., Prof. (guar.)
$ 1.6234 Feb. 15 Holders of reo. Feb. la
Lunkenheimer Co..common (guar.)_ _ _ _ *371ic Mar. 15 *Holders of rec. Mar. 5
Preferred (guar.)
*131 Mar. 30'Holders of rec. Mar. 20
Preferred (guar.)
'134 June 29 *Holders of rec. June 19
Preferred (quar.)
•
13.4 Sept. 30 *Holders of rec. Sept. 20
Preferred (quar.)
*134 Dec. 31 *Holders of rec. Dec. 21
McIntyre Porcupine Mines(guar.)
250. Mar. 1 Holders of rec Feb. Its
McKessos & Robbins, com. (qua:.)....
40c. Feb. 11 Holders of rec. Feb. la
Preferred (guar.)
873.4c Mar. 15 Holders of rec. Mar. In
MacKinnon Steel Corp. 1st Pfd.(guar.)- 131 Feb. 15 Holders of rec. Feb. 1
Macy(R. H.)& Co..eon).(quar.)
50e Feb. 15 Holders of rec. Jan. 25a
Common (payable n cam.stock). -f5 Feb. 15 Holders of rec. Jan 25a
Mallinson (H. R.)& Co., pref. (guar.)._
151 Apr. 1 Holders of rec. Mar. 214
Marmon Motor Car, corn. (guar.)
Mar. 1 Holders of rec. Feb. 15
$1
Massey-Harris Co., Pref.(guar.)
111 Feb. 15 Holders of rec. Jan. 31
Medart(Fred) Mfg.corn.(quar.)
Feb. 15 Holders of rec. Feb. 4
50c
Mercantile Stores, corn.(guar.)
$1.25 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Mar. 1 Holders of rec. Jan. 14
Merrimack Mfg., com. (quar.)
$3
Preferred
234 Mar. 1 *Holders of rec. Jan. 14
Corp
Feb. 15 Holders of rec. Jan. 28
Metropolitan Royalty
10c.
Miami Copper Co. (guar.)
50c. Feb. 15 Holders of rec. Feb is
Mid-ContInentPetrol.„ com
500. Feb. 15 Holders of rec. Jan. 10a
$1.75 Mar. 1 Holders of rec. Feb. 10a
Preferred (guar.)
Miller (I) & Sons, corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
/1.6231 Mar. 1 Holders of roe. Feb. 15
Minneapolis-Honeywell Regulator
Common
•$1.25 Feb. 15 *Holders of rec. Feb. 4
Common
*11.25 Aug. 15 *Holders of rec. Aug. 3
Common (extra)
• 50c. Feb. 15 *Holders of rec. Feb. 4
*114 Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
Preferred (guar.)
"111 May 15 Holders of rec. May 1
•114 Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
Preferred (guar.)
•111 Nov. 15 Holders of rec. Nov. 1
Mock.Judson, GoIhringer„ Inc.
Common (guar.)(No. 1)
50c Feb. 15 Holders of rec. Feb. 1
Mohawk Mining
$1.50 Mar. 1 Holders of rec. Jan. 28
Mond Nickel-Amer. deposit refs. for
ordinary shares
18 1-3 Feb. 21 *Holders of rec. Dec. 21
Montgomery Ward & Co., corn.(quar.) 6234c Feb. 15 Holders of rec. Feb. 4a
Class A (guar.)
41.75 Apr. 1 *Holders of rec. Mar. 20
Moody'sInvestors Service
Participating Prof.(guar.)(NO.1)75c. Feb. 15 Holders of rec. Feb. la
Mulford (H. K.) Co. common (qua:.) •11.50 Feb. 15 *Holders of re*. Jan. 15
Common (extra)
Feb. 15 *Holders of rec. Jan. 15
•$1
Munsingwear, Inc. (guar.)
75c. Mar. 1 Holders of rec. Feb. 14a
Muskegon Motor CIA (qu.)(No.))
*50c. Mar. 1 *Holders of rec. Feb. 18
Class B (guar.)(No.1)
•25c Mar. 1 *Holders of rec. Feb. 18
National Biscuit, com.(guar.)
$1.50 Apr. 15 Holders of rec. Mar. 290
Preferred(guar.)
134 Feb. 28 Holders of rec. Feb. 15a
National Brick, pref.(guar.)
134 Feb. 15 Holders of rec. Jan. 31
Nat. Dairy Products, corn.(guar.)
75e Apr. 1 Holders of rec. Mar. 9a
Corn. (payable in corn. stock)
Apr. 1 Holders of reo. Mar. 4,2
11
Common (payable in common stk.)-- fl
July 1 Holders of rec. June 3a
Common (payable In common stock)_ 11
1 Holders of rec. Sept 30
Oct
Preferred A & B (guar.)
•114 Apr. 1 *Holders of rec. Mar. 4
National Fireproofing, pref. (quar.)- - 6234c. Apr. 15 Holders of reo. Apr. 1
Preferred (extra)
'723.4c Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
6234c. July 15 Holders of rec. July 1
Preferred (quar.)
6234e. Oct. 15 Holders of nee. Oct. 1
Nat.Food Products, class A (guar.)- --- 6234c. Feb. 15 Holders of rec. Feb. 4a
Nat.Lead, pref. A (guar.)
"31.75 Mar. 15 *Holders of rec. Mar. 1
National Refining (guar.)
373.4c Feb. 15 Holders of rec. Feb. 1
Extra
50c. Feb. 15 Holders of rec. Feb. 1
National Supply, corn.(guar.)
111.25 Feb. 15 Holders of rec. Feb. fgr
Neill Corporation, corn.(guar.)(No. 1)_ *234. Mar. 1 'Holders of rec. Feb. 19
Nestle-Le kiur Co.class A (guar.)
50c. Feb. 15 Holaers of rec. Feb. 1
Newberry (J. J.) Co.. prof.(quar.)
Mar. 1 *Holders Of roe. Feb. 15
•131
New Cornelia Copper (guar.)
50e. Feb. 18 Holders of rec. Feb. 1
New Jersey Zinc
Feb. 9 *Holders of rec. Jan 19
"2
N. Y. Merchandise, common (extra)._ *50c. Mar. 1 *Holders of rec. Feb. 15
N.Y.Transportation (qua:.)
.500. Mar. 28 *Holders of rec. Mar. 13
Nichols Copper,class B
'750. May 1 Holders of rec. Feb. 1
Class B
'750. Nov. 1 Holders of rec. Feb. 1
Nlles-Bement-Pond„ pref. (guar.)
*131 Mar.30 "Holders of roe. Mar. 20
Preferred (guar.)
•134 June 29 *Holders of rec. June 19
[vol.. 128.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inr.Jusies.
Miscellaneous (Continued).
Nineteen Hundred Washer A (qu.)
50c. Feb. 15 Holders of rec. Feb. 1
North American Investment,com
11
Feb. 20 Holders of rec. Jan. 31
North Central Texas 011(qu.)
150. Mar. 1 Holders of reo. Feb. 11
Northam Warren Corp. pf.(qu.)
(No.1)- *75c. Mar. 1 *Holders of rec. Feb. 15
Ohio SeamiessTube(guar.)
11
Feb. 15 Feb. 6 to Feb. 15
2
Apr. 1 Holders of rec. Mar. 15a
Omnibus Corp., pref.(Qua:.)
.
450. Apr. 1 *Holders of rec. Mar. 20
Onraria Mfg.(guar.)
Extro
*15c. Apr. 1 *Holders of rec. Mar. 20
Ontario Stet), Products,corn.(War.)---40e. Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
151 Feb. 15 Holders of rec. Jan. 31
OPPenbelm, Collins & Co.. COM. (guar.) Si
Feb. 15 Holders of rec. Jan. 250
Feb. 15 *Holders of rec. Feb. 1
Oppenheimer (S.) & Co., pref. (guar.).- "12
Otis Elevator
Common (payable in common stock)-- 115
Feb. 15 Holders of rec. Jan. 186
$1
Overseas Securities
Feb. 15 Holders of roe. Feb. 1
Packard Motor Car (monthly)
25c. Feb. 28 Holders of rec. Feb. 114
Monthly
25c. Mar. 30 Holders of rec. Mar. 120
Monthly
25c. Apr. 30 Holders of rec. Apr. 12a
Monthly
25c. May 31 Holders of rec. May ha
Extra
50c. May 31 Holders of rec. May lla
Park & Tilford (stock dividend)75c. Apr. 14 Holders of rec. Mar.29
Stockerly
r dividend (qua:.)
I
el Apr. 14 Holders of rec. Mar.29
Parker Pen. corn. (guar.)(No. 1)
*6214c Feb. 15 *Holders of rec. Feb. 1
Fenmans, Ltd.. common (guar.)
11
Feb. 15 Holders of rec. Feb. 5
111 Mar. 15 Holders of rec. Feb. 28a
Pennsylvania Dixie Cement pf.(qu.)__ _
Pennsylvania Investing class A (guar.)_ 6234c. Mar. 1 Holders of rec. Jan. 316
Phillips Jones Corp.,corn.(guar.)
75c. Mar. 1 Holders of rec. Feb. 20a
Pick (Albert) Barth & Co., part. pf.(qu.) 4334c Feb. 15 Holders of rec. Jan. 26
1% Mar. 1 Holders of rec. Feb. 96
Pittsburgh Steel, pref. (guar.)
Poor & Co..com.(guar.)
'3734e Mar 1 'Holders of rec. Feb. 15
.
500. Mar. 1 *Holders of reo. Feb. 15
Common(extra)
Apr. 1 *Holders of reo. Mar. 15
Pratt & Lambert & Co., corn.(quar.)
"11
Procter & Gamble Co.,corn.(guar.)_ _ _ _ "$2 Feb. 15 *Holders of roe. Jan. 25
1% Mar. 15
Procter & Gamble6% pf.(quar.)
*I% Mar. 15 *Holders of rec. Feb. 28
Pro-phy-lao-tic Brush,pref.(guar.)
El
Feb. 15 Holders of rec. Jan. 24a
Pullman Inc. (quar.)
1% Feb. 15 Holders of rec. Jan. 31
Pullman Company(guar.)
25e. Mar. 1 Holders of rec. Feb.d10
Pure 011,common (quar.)
•114 Feb. 28 *Holders of rec. Feb. 1
Quaker Oats, preferred (guar.)
•
50c. Mar. 1 *Holders of rec. Feb. 18
Ranier Pulp & Paper, cl. A (guar.)
*25c. Mar. 1 *Holders of rec. Feb. 18
Class B (guar.)
Mar. I Holders of rec. Feb. 130
It
Republic Iron & Steel, com.(quar.)
I% Apr. 1 Holders of rec. Mar. 11,
Preferred (guar.)
50c. Feb. 15 Holders of reo. Jan. 196
Richfield Oil common (guar.)
Ritter Dental Mfg..corn.(qu.)(No. 1)_ _ '6234c Apr. 1
500. Mar. 20 Mar. 8 to Mar.20
St. Joseph Lead Co.(guar.)
25c. Mar. 20 Mar. 8 to Mar.20
Extra
50c. June 20 June 8 to June 20
Quarterly
25c. June 20 June 8
to June 20
Extra
500. Sept.20 50131. 10 to Sept.20
Quarterly
25c. Sept.20 Sept. 10 to Sept.20
Extra
50c. Feb. 15 Holders of rec. Jan. 31
St. Louis Car, corn
•250. Mar. 1 *Holders of reo. Feb. 25
St. Louis Screw &Bolt,corn.(guar.)•25e June 1 *Holders of rec. May 25
Cora.
(guar.)
.55 50 Mar. 15 Holders of rec. Feb. 154
1. o. m y 1
0
Savage Arms, corn.(guar.)
*Holders of rec. May 1
Second preferred (quar.)
*134 Feb. 15 'Holders of reo. Feb. 1
Savage Arms.2d prof.(quar.)
8734c Mar. 1 Holders of roe. Feb. 150
Schulte Retail Stores, corn. (guar)
yi Mar. 1 Holders of rec. Feb. 15a
Common (payable in common !Mock).
*4
Feb. 15 *Holders of rec. Feb. 7
&often Dillon Co.(guar.)
Feb. 15 *Holders of reo. Feb. 7
*3l
e
Extra
Sears, Roebuck & Co
May I Holders of rec. Apr. 136
Quarterly (payable in stork)
50e. Apr. 1 *Holders of rec. Mar. 15
Second Inter. Scour. Corp., corn. A (qu.) •
Security Management
Feb. 20 *Holders of rec. Feb. 20
*El
First investment fund, class B
Feb. 20 *Holders of rec. Feb. 20
"12
Second investment fund, class B
50c. Mar. 15 Holders of rec. Mar. is
Seeman Brothers, Inc., corn.(extra)_ _ _
111 Feb. 1
Segal Lock & Ilardw. new com.(No.1)__ 12 . 54y 25 Holders of rec. Feb. 11
Holders of rec. Apr. 15
Selby Shoe, pref. (guar.)
Mar. 15 Mar. 1 to Mar. 15
3
Seventeen Park Ave., pref
Sheffield Steel
.11
Apr. 1 *Holders of ref. Mar. 21
Common (in common stock)
July I 'Holders of rec. June 20
Common (payable in common stock) _.
Oct. 1 "Holdera of rec. Sept. 20
Common (payable in common stock). •fl
75c. May 1 Holders of rec. Apr. 20
Shepard Stores, Inc., class A (guar.)... _
75c. Feb. 15 Holders of rec. Jan. 31
Sherwin-Williams Co.corn.(guar.)
25c. Feb. 15 Holders of rec. Jan. 31
Common (extra)
1% Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Simons(H.)& Sons, Ltd., pfd.(guar.).- $1.75 Mar. 1 Holders of rec. Feb. 20
Feb. 15 Holders of rec. Feb. la
2
Sinclair Consol.011, pfd.(guar.)
50c. Mar. 15 Holders of rec. Feb. 156
Skelly Oil (guar.)
be. Feb. 15 Holders of rec. Feb. 1
Smith (A.O.) Corp., corn.(guar.)
1% Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
Smith (Howard) Paper Mills, pfd. (g11.). 1% Feb. 28 Holders of rec. Feb. 18
$1.75 Feb. 15 Holders of rec. Jan. 31
South Coast Co., pref. (guar.)
r
11 31 M b. 1
Southern Grocery Stores, com.(guar.) *.27 c Fea. 15 *Holders of rec. Feb. 15
*62%0 Mar. 1 *Holders of rec. Feb. 15
Class A (guar.)
*Holders of rec. Mar. 5
Sparks-WithIngton Co., corn.(guar.).
*1 )4 Mar .. 3 *Holders of rec. Mar. 14
*75r. M 10
5
Preferred (guar.)
Holders of reo. Jan. 26
Standard Investing. pref.(guar.)
40c. Mar. 15 Holders of rec. Feb. 154
Standard Oil of N.Y.(fluor.)
131 Mar. 1 Holders of rec. Feb. 8
Standard Oil(Ohio), pfd.(quar.)
Standard Royalties
1
Feb. 15 Holders of rec. Jan. 31
Prefeoka CworuaP.r..)Pref. (mthly.)
Wew rred
ta
Standard Sanitary Mfg., corn. (guar.).- •42e. Feb. 25 *Holders of rec. Feb. 11
'
1 34 Feb. 25 *Holders of rec. Feb. 11
*2% Apr. I
Eitel:lite Radio(guar.)
'234 July 1
Quarterly
'23.4 Oct.1
Quarterly
Stewart-Warner Speedometer (guar.).-- $1.50 Feb. 15 Holders of reo. Feb. Sa
el°
Mar. 1 Holders of rec. Feb.dI5
Stlx-Baer-Fuller Co.(stock div.)
Strauss(Robert T.)& Co., pfd.(qu.) --- 1% Apr. 1 Holders of rec. Mar. 15
$1.25 Mar. 1 Holders of reo. Feb. 90
Studebaker Corp., corn.(guar.)
Mar. 1 Holders of rec. Feb. 90
Common (payable in common stock)._ Ii
fl
June 1 Holders of rec. May 104
Common (payable in COM.stock)
Sept. 1 Holders of rec. Aug. 104
Common (payable in corn. stock) _ - 11
Dec. 1 Holders of rec. Nov. 9a
in com. stock). . fl
Common
11‘ Mar. 1 Holders of rec. Feb. 9
Preferred (quar.)
1% Mar. I Holders of rec. Feb. 110
Sun Oil. Preferred (Van)
(quar.) - - "43$1,c Mar. 1 *Holders of rec. Feb. 9
Swan-Finch Oil,
an-rlteraa410.l
a nch01 Corp.,rp., p
Si
Feb. 11 Holders of roe. Jan. 15
Swill
3
Feb. 15 Feb. 1 to Feb. 15
1010 Fifth Ave.Inc. prof
e234 Mar. 20 Holders of roe. Feb. 236
Texas Pacific Coal & 011( in stock)
300. Mar, I Holders of rec. Feb. 210
Thompson (John It.)(monthly)
134 Feb. 15 Holders of rec. Jan. 18
Tide Water 011, pref.(guar.)
Tobacco Products Corp.. class A (quar.) 184 Feb. 15 Holders of reo. Jan. 250
Twelfth Street Store Corp., corn.(guar.) 25e. Feb. 15 Holders of rec. Feb. 5
"500. Feb. 10 *Holders of rec. Jan. 18
Union Oil Associates(guar.)
50e. Feb. 9 Holders of rec. Jan. 180
Union Oil of California (guar.)
40c. Mar. 1 Holders of rec. Feb. 160
United Biscuit, common (guar.)
*II
Mar. 1 *Holders of rec. Feb. 11
Class A (guar.)
75c. Mar. 1 Holders of reo. Feb. 15
United Elec. Coal, corn.(guar.)
12
Mar. 1 Holders of rec. Feb. 18
First preferred (guar.)
$1.75 Mar. 1 Holders of ref. Feb. 18
General preferred (quar.)
11.50 Apr. 16 Holders of rec. Apr. la
United Paperboard. prof.(guar.)
*14 JAeb 211 *Holders of rec. Feb. 1
Fplry. 1
u .
Unireferred olaar.
pted Plece D ye ) •. com
Wks
•1%
*Holders of reo. Mar. 20
134
*Holders of rec. June 20
Preferred (guar.)
*1% Oct. 1 *Holders of reo. Sept.20
Preferred (guar.)
•1% Jan2'30 *Holders of rec. Dee. 20
Preferred (guar.)
I% Apr. 2 Holders of rec. Mar. 15
United Securities, pref. (quar.)
50c. Apr. 20 Holders of rec. Mard30a
U. S. Cast Iron Pipe & Fdy., corn.(qu.)
50e. July 20 Holders of rec. Juned290
Common (guar.)
50e. Oct. 21 Holders of rec. Sept. 300
Common (guar.)
50c. Jan20'30 Holders of rec. Dec. 315
Common (guar.)
300. Apr. 20 Holders of rec. Mard30a
First & second pref. (guar.)
30c. Jaly 20 Holders of rec. Juned29a
First & second pref. (guar.)
300. Oct. 21 Holders of rec. Sept. 300
First & second pref. (guar.)
30o. Jan20'30 Holders of roe. Dee. 310
First & second pref. (guar.)
FEB. 9 1929.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
50c. Feb. 15 Holders of rec. Jan. 31
U.S. Fidelity & Guaranty Co.(qu.)____
$1 Mar. 1 Holders of rec. Feb. 186
U. S. Hoffman Machinery (guar.)
O. El. Leather class A participating and
Apr. 1 Holders of ree. Mar. lla
convertible stock (guar.)
$1
July 1 Holders of rec. June 106
Class A panic. & cony. stock (gu.)__
Oct. 1 Holders of rec. Sept. 106
Class A partic. & cony. SLOCk (q.)_ _ Si
U.S.Playing Card (guar.)
*El Apt. 1 *Holders of rec. Mar. 4
Mar. 15 Holders of rec. Feb. I56
$1
U. S. Realty & Impt., corn. (quar.)
United States Steel Corp., corn.(quar.)- 15 Mar. 30 Holders of rec. Feb. 28a
Preferred (quar.)
Feb. 27 Holders of rec. Feb. 2a
Utah Radio Products (stock div.)
*e100 Feb. 10 *Holders of rec. Jan. 29
Valvoline Oil, corn.(in common stock)._ 16
Feb. 14 Holders of rec. Feb. 9
Vanadium Corp.(guar.)
750. Feb. 15 Holders of rec. Feb. la
Van Sicklen Corp., common (No. 1).... •25c.
Clam A (guar.) (No. 1)
*65c. AM. 1 *Holders of rec. Mar. 22
*62c. Feb. 15 *Holders of rec. Jan. 31
Veeder Root Co
Venezuelan Petroleum (guar.)
•50. Feb. 15'Holders of rec. Jan. 31
Virginia Carolina Chem., prior Pf. (nu.) •15i Mar. 1 *Holders of rec. Feb. 16
Volcanic 011 de Gas (guar.)
•35c. Mar. 10 *Holders of rec. Feb. 28
Extra
'Sc. Mar. 10'Holders of rec. Feb. 28
Quarterly
•35c. June 10'Holders of rec. May 31
Extra
•5c. June 10'Holders of rec. May 31
Quarterly
•35c. Sept. 10 *Holders of rec. Aug. 31
Extra
'Sc. Sept. 10 *Holders of rec. Aug. 31
Quarterly
•350. Dec. 10 *Holders of rec. Nov.30
Extra
'Sc Dec. 10 *Holders of Tee. Nov. 30
•1% Apr. 1 *Holders of rec. Mar. 23
Waltham Watch, pref. (guar.)
Preferred (guar.)
July 1 *Holders of rec. June 22
Preferred (guar.)
•1% Oct. 1 'Holders of rec. Sept. 21
Wayagamack Pulp & Paper (guar.)
750. Mar. I Holders of rec. Feb. 15
Weeson Oil & Snowdrift. pref. (guar.)._
Mar. 1 Holders of rec. Feb. I50
Westfield Mfg.,corn.(guar.)
37Mc Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
2
Feb. 15 Holders of rec. Jan. 31
Wheatsworth, Inc., pref.(guar.)
*2
Mar. 1 *Holders of rec. Feb. 15
Whitaker Paper,corn.(guar.)
•El.25 Apr. 1 *Holders of rec. Mar. 20
Common (extra)
'El Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 20
White (J. G.) & Co., corn.(annual)._ 6
Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
13 Mar. 1 Holders of rec. Feb. 15
Mineral Springs, corn. (en.) 750. Apr. 1 Holders of rec. Mar. 20a
White Rock
First preferred (guar.)
U' Air. 1 Holders of rec. Mar. 20
Second preferred
3f' Apr. 1 Holders of Tee. Mar. 20
Widlar Food Products(No. 1)
37Sic Mar. 15 Holders of Tee. Feb. 15
Will & Baumer Candle, common
10c. Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
2
Apr. 1 Holders of roe. Mar. 15
Wirsated Hosiery (guar.)
•2M May 1 *Holders pf rec. Apr. 15
Extra
.34 May 1 *Holders of rec. Apr. 15
Quarterly
'234 Aug. 1 *Holders of rec. July 15
Extra
*34 Aug. 1 *Holders of rec. July 15
Winter (Benjamin), Inc., Pref.(guar.)._ $1.25 Feb. 15 Holders of rec. Feb. 5
Woolworth (F. W.) Co.(guar.)
$1.50 Mar. 1 Holders of Tee. Feb. 96
Wright Aeronautical Corp.(guar.)
50c. Feb. 28 Holders of rec. Feb. 146
Wrigley (Wm.) Jr. Co., corn.(mthly.)... •25c. Mar. I *Holders of ree. Feb. 206
Monthly
•25c Apr. I *Holders of rec. Mar. 200
Youngstown Sheet de Tube, corn.(gu.)
$1.25 Apr. 1 Holders of rec. Mar. 14a
Preferred (guar.)
• 51.375 Ain. 1 *Holders of rec. Mar. 14
Zonite Products Corp.(guar.)
250. Feb. 15 Holders of rec. Feb. 5
•From unofficial sources. '1 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice f The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
m American Encaustic Tiling dividend is one share for each share held. New
York Stock Exchange rules stock be not quoted ex-dividend until Feb. 18.
n Coty.Inc., declared a stock dividend of6%. payable in quarterly installments.
o Kennecott Copper stock dividend is one share for each share held.
p Payable in class A stock.
a New York Stock Exchange rules Archer-Daniels-Midland shall not be quoted
ex- the 100% stock dividend until March 4.
r Federal Water Service dividend payable In cash or class A stock at rate of
one-fiftieth of a share for each share held.
a Engineers Public Service Co.'s stock dividend is two-one hundredths share
common stock.
I New York Stock Exchange rules Certo Corp. be not quoted ex the stock dividend
until March 1.
is Byron Jackson Pump stock dividend subject to authorization by Corporation
Department.
847
TheINewlYork "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended Feb. 1:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY. FEB. 1 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash. Res. Dep., Dep.Other
Gold. Including N. Y. and Banksand
Gross.
Bk. Notes Elsewhere. TrustCos. Deposits.
Loans.
Manhattan$
$
$
$
$
$
Bank of U.S
160,866,800 32,500 2,226,000 17,841,800 1,476,600 153,480,700
Bryant Park Bank 1,981,100 80,800 151,600
160,200
1,996.800
Chelsea Exch. Bk. 22,602.000
1,769,000
700,000
21,966,000
Grace National_ __ 18,525.100 5,700
77,300 1,591,6002,038,800 16,523.800
Harriman Nat'l__ 32,030,000 20,000 806,000 4,390,000 2,045,000 39,669,000
Port Morris
4,225,900 35,800 105.000
212,700
3,515,100
Public National__ 117,291,000 32,000 1,919,000 7,046,000 3,326.000 111.785,000
Brooklynbill
Mechanics
55,346,000 237,000 1,663,000 17,504,000
50,819,500
Nassau National_ 20,949.000 75,000 257,000 1,680,000 415,000 19.088.000
Peoples National_ 8,400,000 5.000 109,000
96,000 8,250,000
581,000
Traders National_ 2.768.200
321.600
56.000
44,400 2,363,000
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Res'oe Dep.. Depos.Other
N. F.and Banks and
Gross
Elsewhere. Trust Co.. Deposits.
Manhattan$
$
$
S
S
American
770,400 14,204,500
52,324,700
112,200 54,883,500
Bk.of Europe ,k Tr
17,319,400
840,100
109,900
16,690,100
Bronx County
22.397,899
502.795 1,750,555
22,096,709
Central Union
254,965,000 *38.488,000 4.719,000 2,695,000 268,495.000
Empire
78,082,600 *5,262.500 2,963,500 3,446,300 74,853,500
Federation
17,502,714
263,235 1,321,761
226,842 17.569,712
Fulton
16,462,600 *2,157,000
315,900
16,555,700
382,857,000 4,615.000 61,604,000 2,655,000 368,583,000
Manufacturers
Municipal
64,111,200 1,677,000 4,795,000
50,900 61,490,900
United States
70,059,544 3,600,000 8,857,150
57,282,770
Brooklyn
Brooklyn
61.596,700 1,401,200 12,613,400
67,783,400
Kings County
30,260,388 2,131,000 2,524,494
28,734,900
Bayonne, N. J.
Mechanics
9,195,279
241,343
770,162
285,526 9,260,430
•Includes amount with Federal Reserve Bank as follows: Central Union, $37.648,000, Empire 53,705,200, Fulton 32,040,000.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Feb. 8
1929.
Changesfrom
Previous Week
Jan. 30
1929.
Jan. 23
1929.
$
$
$
X
Capital
85,850,000 Unchanged
85,850,000
85,850,000
Surplus and profits
111,798,000
+30,000 111,768,000 111,768,000
Loans, disc'ts & investls. 1,113,580,000 -7,039.000 1,120,619,000 1,113,880,000
Individual deposits
696,828,000 +9,523,000 687,305,000
694,048,00
Due to banks
141,039,000 +6.703,000 134,336,000 137.843,000
Time deposits
276,746,000 -1,822,000 278,568,000 280,004,000
2,465.000
-414,000
United States deposits...
2,879,000
2.930.000
38,811,000 +8,159.000
30.652,000
Exchanges for Clg. House
30,837,000
Due from other banks
82,889.000 +7,539,000
75,350.000
80,302,000
Heave In legal depositor's
84,336,000 +1,109,000
83,227,000
84,117,000
Cash in bank
-264,000
8,758,000
9,022.000
9,329.000
Itweva aTreacze In V Tt 111r
1 (119 000
+428.000
691.000
721.000
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
-The Philadelphia Clearing House
Philadelphia Banks.
Issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with return for the week ending Feb. 2, with comparative figures
for the two weeks preceding, is given below. Reserve
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB. 2 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus & Net Demand
Time
Clearing House
is not a part of legal reserve. For trust companies not
*Capital. Undivided
Deposits
Deposits
Members.
Profits.
Average.
Average.
members of the Federal Reserve System the reserve required
$
S
$
$
is 10% on demand deposits and includes "Reserve with
Bank of N. Y.& Trust Co
6,000,000 13,324,400
66,142,000
8,686,000
Bank of the Manhattan Co__ 16,000.000 28,775,400 177,198,000
41,162,000 legal depositaries" and "Cash in vaults."
Bank of America Nat Assn_ 25,000,000 37,384,600 144,786,000
48,860,000
National City Bank
90,000,000 76,986,700 a863,403,000
Beginning with the return for the week ending May 14 1928,
Chemical National Bank _ _ _ _ 6,000,000 20,294,200 138,009,000 161,286,000
11,211,000
National Bank of Commerce_ 25,000,000 48.295.300 286,149.000
44,627.000 the Philadelphia Clearing House Association discontinued showChat.Phenix Nat.Bk.de Tr.Co 13,500,000 15,460.600 165.589,000
41,396,000 ing the reserves and whether reserves held are above
Hanover National Bank
or below
10,000,000 21,983,000 126,643,000
3,074,000
Corn Exchange Bank
12,100,000 21,157,000 177,897,000
32,173,000 requirements. This will account for the queries at the end
National Park Dank
10,000,000 25,594,600 130,423,000
9,416,000
First National Bank
10,000,000 92,684,400 247.168,000
16.970,000 of the table.
Amer. Each. Irving Tr. Co
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
54,084,000
1,522,300
80,067,300
3,382,100
15,912,900
77,387,200
6,187,200
22,577.900
63,377,000
3,771.400
4,087,800
25,938,100
23,113,900
27,098.900
3,965,400
7,000,000
374,178,000
8,563,000
6592,705,000
27,380,000
127.149,000
c343,633,000
58,547,000
36,172,000
d473,431,000
45,222,000
19,170,000
145,069,000
el17,692,000
1337,353,000
27,780,000
31,534,000
500.000
816.400
3,188.000
5,701,000
483.000.000 822220000 6_292.173.000
5(11 274 rim
Continental Dank
Chase National Bank
Fifth Avenue Bank
Seaboard National 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 dr Tr.Co.
Clearing Non-Members.
Mechanics Tr. Co., BayonneTotals
52,443,000
600,000
67.120,000
1,093,000
7,873,000
52,664,000
5,761.000
2,533,000
80.007,000
5,110,000
2.501,000
21,048,000
20,310,000
47,288,000
7.473,000
2,998,000
• As Per official reports: National. Dec. 31 1928; State, Dec. 31 1928; Trust
Companies. Dec. 311928.
Includes deposits in foreign branches:(a)
$289.975,000;(b)
480,000;(d) $109,342,000;(e) 38,403,000;(1) 5126,746,000. 513.852,000;(c) $69,
Week Ended Feb. 2 1929.
Two Ciphers (00)
omitted.
Members of
Trust
F R.System Companies.
1928.
Total.
Jan. 26
1929.
Jan. 19
1929.
Capital
57,683,0
9,500,0
67,183,0
67,183,0
67,183,0
Surplusand profits.... 176,857,0
18,521,0 195,378.0 195,378,0 195,375,0
Loans,discts.& invest. 1,026,031,0
97,682,0 1,123,713.0 1,124,410.0 1,122,083,0
Each. for Clear. House
44,675,0
853,0
45,528,0
43,460,0
44,918,0
Due from banks
96.603,0
578,0
97,181,0
90,460,0
97,397.0
Bank deposits
132.217,0
3,439,0 135.656,0 134,061.0 139,667,0
Individual deposits... 618.724.0
46,520,0 665,244,0 664,864,0 871,887,0
213,877,0
Timedeposits
26,308,0 240,185,0 240,003,0 230,503,0
Total deposits
964,818.0
76,267,0 1,041,085,0 1,038.928,0 1,0501037,0
Res. with legal dePos8.121,0
8,121,0
7,752,0
8,086,0
Res. with F. R.Bank_
88.904,0
68.904,0
69,628,0
70,287,0
Cash in vault'
9.489,0
2,510.0
11,999,0
12,558,0
12,914,9
Total res. & cash held_
78.393,0
10,631.0
89,024,0
89 938.0
83,201.0
Reserve required
Excess reserve and cash
in vault
5 Cash In vault not counted as reserve 10
rFederal Reserve members
848
[VOL. 128.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 7 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 812, 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. 6 1929.
Feb. 6 1929. Jan.30 1929. Jan.23 1929. Jan. 16 1929. Jan.9 1929. Jan. 2 1929. Dec. 26 1928. Dec. 19 1928. Feb. 51928.
$
$
$
RESOURCES.
5
5
s
$
5
$
Gold with Federal Reserve agents
1,192,665,000 1,207,793,000 1,223,392,000 1,196,417,000 1,219,166,000 1,233,332.000 1,171,408,000 1,268,645,000 1,422,938,000
64,362,000
66,686,000
50,116,001
Geld redemption fund with U. S. Trees_
70,648,000
76,485,000
68,979,000
73,400,000
73.693,000
83.171.000
Gold held exclusively apt.F.R. notes 1,257,027,000 1.274,479,000 1.294,040,000 1,265,396,000 1,292,566,000 1,307,025,000 1,254,579,000 1,345,130.000 1,473,054,000
Gold settlement fund with F.R. Board._ 747.771.000 725,160,000 683,066.000 704,819,000 684,091,000 685,346,000 750,186,000 736,444,000 695,604,000
Gold and gold certificates held bY banks- 659,122,000 667,545.000 670,984,000 660,355.000 655,015,000 595,256,000 579,474,000 533,383,000 648,933,000
Total gold reserves
Reserves other than gold
2,663,920.000 2,667,184,000 2,648.090,000 2,630,570,000 2.831,072,0002.587,627.000 2,584,239,000 2,614,957,000 2,817,591,000
166,685,000 168,013,000 165,440.000 162,065,000 151,435.000 130.898,000 104.588,000 108,800,000 167,474,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,830.605,0002,835,197.000 2,313,530,000 2.792,635.0002,783.107.000 2,718,525,000 2.688.827,000 2.723,757,000 2,985,065,000
79,007,000
91,881,000
86,458.000
96,488,000
56.973.000
96,532,000
99,091,000
83,308,000
64.093.000
539,462,000
312,159.000
523,778,000
296,856,000
471,443,000
310,671.000
525,735,000
296,089,000
558,186,000
318,361,000
713,759,000
453,820,000
582,722,000
363,988,000
298,164,000
160,620,01)0
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
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 1,167,579,000
477.100,000 484,358,000 489,270,000
946.710.000
453.111,000
458,784,000
369,273.000
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
52,666,000
120,818,000
70.489,000
52,717,000
104,759,000
74,852,000
53,386,000
105.318,000
131,838,000
56,443,000
210,765.000
134,131,000
Total U. S. Government securitiesOther securities (see note)
200.089,000
9,075,000
201,771,000
9,025,000
202.034,000
9,025,000
238,343,000
9,825,000
239,242,000
9,825,000
213,953,000
9,885,000
232,328.000
10,135,000
290.542.000
10.360.000
401,339,000
500,000
757,451,000
394,013.000
Total bills and securities (see note).,...
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1,471,527,000 1.467,039,000 1,447,391,000 1,551,231.000 1,602,714.000 1,889,660.000 1,899,312,000 1.700,723,000 1,229,896,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
0
5,102,145,000 5,093,730.000 5,125,193.000 5,300,968,000 5,242,914,000 5,534,714.000 5,443.401,000 5,418.479.0004,952,899.01)
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,438,140.000 2,437,097,000 2,397.090,0002.472,583.000 2.452.239,0002,563.733,000 2,455,093,000 2,356,426,000 2,445,174,000
596,735.000 591,235,000 648,570,000 713,457,000 629.574,000 778,626,000 654.553.000 771.548,000 544,506,000
149,565,000 148,810.000 148.356,006 147,856,000 146.826,000 146,952,000 146,868,000 146,876.000 134,619,000
254,398,000 254,398.000 254,398.000 254,398,000 254.398.000 254,398.000 233,319,000 233,319,000 233,319,000
16,696,000
16,999,000
11,098,000
15,812.000
41,118,000
42.730.000
13,641,000
15,373,000
14.615,000
731,000
646,528.000
58,622,000
7.674,000
730,000
631,465.000
58,607,000
8,811,000
731,000
700,026,000
58.606,000
8,421.000
731,000
793,508,000
58,591.000
7,740,000
729.000
691.004.000
58.591,000
7,678,000
728,000
826,187,000
58,591,000
7,715,000
728,000
722,108,000
60.629,000
7,704.000
568,000
589,083,000
58,869,000
10,411,000
727.000
867,294,000
60,630,000
8,375.000
1,646,308,000 1,845,494,000 1.660,967,000 1,697,302,000 1,745,262,000 1.829,364,000 1,910,838,000 1,869,192,000 1,584,183,000
2,386,284.000 2,390,947,000 2,358,861,000 2,414,553,000 2,404,678,000 2,493,757,000 2.409,195,000 2,325,879,000 2,395,037.000
26,385,000
18,036,000
24,042,000
12.088,000
30,999,000
5,489,000
15,782,000
14,108,000
25,535,000
6,903,000
5,376.000
5,151,000
6,762,000
5,744,000
7,534,000
5,935.000
5,853,000
7,283,000
21,211.000
18,601,000
21,938.000
19,379.000
19,314,000
22,582.000
33,042,000
27.600.000
25,211,000
Total liabilities
5,102,145,000 5.093.730,000 5,125,193,000 5.300,968,000 5.242.914,000 5,584,714,000 5.443,401,000 5,418.479,000 4,952,899,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
65.2%
65.3%
65.3%
69.9%
59.2%
61.9%
58.9%
63.1%
62.7%
Ratio of total reserves to deposits and
F. R. note liabilities combined
69.3%
69.4%
69.3%
74.1%
61.6%
64.5%
61.9%
67.0%
66.3%
Contingent liability on bills purchased
for foreign correspondents
306,111,000 317,774,000 325,443,000 332,338,000 333,971,000 325,064,000 327.315,000 321.010,000 238,821,000
- ----Distribution by Maturities-.
$
s
8
$
$
$
$
$
5
1-15 days bills bought in open market _ 138,009,000 133,502.000 132,608.000 156,899,000 146,784.000 156,817,000 166,325,000 139,251,000 112,598,000
707,601,000 677,446,000 656,529,000 688,297,000 741.362.000 1,011,198,000 1,012,581,000 797,249,000 385,943,000
1-15 days bills discounted
506,000
1-15 days U. S. certif. of indebtedness.
21,790.000
780,000
80,690,000
19,885,000
23,020,000
12,965,000
1-15 days municipal warrants
125,000
60,000
91,156,000
95,602,000
69,436,000
16-30 days bills bought in open market _
94,713,000
93,021,000
81.392.000
80,215,000
89.543.000
77,198,000
19,353,000
37,802,000
16-30 days bills discounted
38,749,000
33,076,000
36,500,000
39,031,000
38,475,000
36,022.000
37.238,000
16-30 days U. S. certif. of indebtedness_
60,000
60,000
16-30 days municipal warrants
11-60 days bills bought in open market .. 150,152,000 156,122,000 160,109,000 141,848.000 139.511 000 129,680.000 131,901.000 143,448,000 111,343,000
27,125,000
58,914,000
51.437.000
59.509,600
31-60 days bills discounted
60,261.000
58,933,000
54,432,000
50,422,000
49,880,000
20,419,000
23,073,000
22,863,000
22,928.000
31-60 days U. S. certif. of indebtedness_
28,000
22,913,000
31-60 days municipal warrants
70,974,010
46,947,000
71,311,000
28,468,000
93,531.000
76,359.000 100,252,000
81-90 days bills bought in open market.
97,221,000 104,083,000
19,876,000
33.383,000
42,387,000
38,616,000
40,430,000
36,363.000
31,148,000
51-90 days bills discounted
35,162.000
31.801,000
1,049,000
22,873,000
45,000
24,203,000
51-90 days U. S. certif. of indebtedness_
22,995.000
22,888,000
81-90 days municipal warrantS
4.922,000
3,436,000
4,388,000
4.492,000
3,750,000
2,958,000
Dyer 00 days bills bought In oPen market
4.583.000
4.041.000
5,044.000
6,487,000
11,562,000
18,133,000
18,124,000
10,896,000
16,301,000
13,146.000
Over 90 days bills discounted
12,905.000
15,282,000
26,473.000
27.191,000
28,275,000 113,712,000
28.859.000
27,599,000
Over 90 days certif. of indebtedness_ 27.561,000
27.243,000
27,308.000
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes held by F. It. Agent
2,927,701.000 2,941,893,000 2,963,997,000 2.982,912 000 3,001,234.000 3,013.124,000 3,009,974,000 3407.737.000 2,910,017,000
863,687,000 862.727,000 840,547,000 800,957,000 758,582,000 733,832,000 635,137,000 720.295.000 889,119,000
2,064.014,000 2,079,166,000 2,123,450,000 2,181,955,000 2,242,652,000 2,279,292,000 2,324,837,000 2,287.442.000 2,020,898,000
--=
-
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Sold redemption fund
Clold fund-Federal Reserve Board
By eligible paper
•,.„....
414,441,000
98,023,000
910,474,000
805,059,000
360.145.000 360.145,000 360.155,000 365,155,000 371,273,000 371,273,000 370,673.000 441,021,000
90,144.000
96,968.000
94,785,000
98,442,000
96,905,000
97,206.000
94,958,000 101.271.000
735,314,000 757,501,000 766,269,000 736,304,000 746,622,000 763,617,000 703,830,000 732,839,000
1,220,038,000 1,217,957,000 1,197,449,000 1,262,034,000 1,314,853.000 1,562,351.000 1,588,168,000 1,350,802,000
- ...., --- ,,nn
.
.
•.
•1 /0 M 1kr% MIA „
0 .1,11 i1d
,
,
,
v •nnn n
A.
. .. -- _ _-. -.••• --,,......ne eon arta n nen ena nesna at.
„
.
.
.
.
,
,
a.14.,
ann
n
-Inn awl,aim
NOTE.
-Beginning with the statement of Oct. 7 1925. two new items were added in order to sbow separately the amount of balances held abroad and amounts due
10 foreign correspondents. In addition, the caption, "All other earning assets." Previously made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, -Total earning assets" to -Total bills and securities." The latter 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. 6
Two ciphers (00) omitted.
Federal Reserve Bank of
-
Total.
Boston,
New York.
Phila.
192,
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,192,665,0 62,305,0
Gold redo fund wills U. S. Tress.
64,362,0 7,630,0
$
3
$
$
$
$
$
$
$
$
3
242,173,0 102,174,0 137,049,0 50,814,0 79,137,0 232,8343,0 28,017,0 47,536,0 54,300,0 18,254,0 138,070.0
12,560,0 8,221,0 5,053,0 2,789,0 4,547,0 6,307,0 5,332,0 1,091,0 4,086,0 2,505,0 4,241,0
Gold held excl. met.F.R.not 1,257,027,0 69,935,0
Gold settle't fund with F.R.Boar
747,771,0 50,024,0
Gold and gold ctis held by bank
659,122,0 27,519,0
254,733,0 110,395,0 142,102,0 53,603,0 83 684.0 239,143,0 33,349,0 48,627.0 58,386,0 20,759,0 142,311,0
299,273,0 28,178,0 64,830,0 12,332,0 17,2 6,0 134.057,0 22,870,0 25,039,0 37,899,0 20,826,0 35,237,0
0
414,971,0 36,500,0 45,397,0 14,295,0 6,678.0 51,151,0 11.470,0 4,192,0 5,428,0 12,837,0 28,684,0
Total gold reserves
Reserve other than gold
968,977,0 175,073,0 252,329,0 80,230,0 107 568.0 424,351,0 67,689,0 77,858,0 101,713,0 54,422,0 206,232,0
41,107.0 9,534,0 11,593,0 10,686,0 10:9 0.0 15,978,0 18,255,0 3,038,0 5,734,0 7,183,0 13,875,0
7
2,663,920,0 147.478,0
166,685,0 18,732,0
Total reserves
2,830,605,0 166,210,0 1,010,084,0 184,607,0 263,922,0 90,916,0 118,538,0 440,329,0 85,944,0 80,896,0 107,447,0 61,605,0 220.107,0
Non-reserve es.,h
35,089,0 2,476,0 4,984,0 7,392,0 4,508,0 7,488,0 4,659,0 1,138,0 1,929,0 3,193,0 4,710,0
86,458,0 8,892,0
Bills discounted:
Sec. by U. S. Govt. obligation
539,462,0 35,387,0 141,628.0 48,112,0 49.879,0 18,716,0 23,247.0 96,226,0 23.549,0 9,084,0 16,449,0 18,356,0 58,829,0
53,499,0 22,220,0 30,844,0 20,722,0 36,218,0 54,486.0 15,503,0 3,892,0 20,206,0 4,619,0 22,972,0
Other bills discounted
312,159,0 26,888,0
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
851,621,0 62,275,0
410,742,0 58,762,0
51,615,0
97.869,0
50.605.0
689,0
3,091,0
4,411,0
585,0
1,384.0
548,0
12,682,0 10,307,0 28,530,0
12,121,0 10,555,0 3,884,0
1,152,0
1,062,0
1,213,0
44,0 19,037,0 7,125,0
3,558,0 6,239,0 11,563,0
1,303,0 7,439,0 2,355,0
Total U. S. Gov't securities
snit neon
e int 0
28 187 0 21.447,0 32.0620
2 457 n
el
195,127,0 70,332,0 80,723,0 39,438,0 59,465,0 150,712,0 39,052,0 12,976,0 36.745,0 22,975,0 81,801,0
103,734,0 25.167,0 37,061,0 17,488,0 22,162,0 42,230,0 9,172,0 15,777,0 9,129,0 20,003,0 50,057,0
4,519,0
4,619,0
1,770,0
min n eq Ai c n 21 043 0 10 008 0
7,755,0
002,0
1,106,0
64,0
7,813,0
2,219,0 13,097,0
506,0 3,042,0
0741S (1 1456360 17103.0
FEB. 9 1929.)
FINANCIAL CHRONICLE
849
_
CES (Concluded)RESOURphe (00) omitted.
Two Cirs
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Ctly. Dallas. San Fran.
$
s
$
$
s
$
$
$
$
825,0 1,500,0 6,000,0
750.0
325,048,0 116,946,0 150,746,0 60,353,0 86,532,0 226,557,0 69,267,0 40,486,0 57,137,0
59,516,0 149,711,0
222,0
70,0
75,0
34,0
28,0
100.0
29,0
18.0
24,0
24,0
53,0
175,703,0 56,096,0 57,302,0 50,441,0 24,790,0 74,587,0 31,089,0 12,440.0 37,864,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,828,0 2,110,0 4,140,0 26,794,0 35.257,0
1,921,0 3,701,0
1,047,0
228,0 1,175,0
479,0 1,389,0
797,0
456,0
790,0
326,0
513,0
4413,0
Total resources
5,102,145,0 372,322,0 1,563,280,0 362,175,0 484,739,0 213,190,0 238,529,0 758,385,0 195,272,0 137,878,0
203,867.0 153,566,0 113,942,0
LIABILITIES.
F. It. notes In actual circulation_ 1,646,308,0 130.847,0 318,161,0 132,879,0 195,780,0 77,393,0 129,235,0 274,126,0 60,091,0 61,179,0
66,757,0 40,877,0 158,983,0
Deposits:
Member bank-reserve acc't 2,386,284,0 147,851,0 948,515,0 136,188,0 188,284,0 69,560,0 67,098,0 352,564,0 84,524.0 53.679,0
92,398,0 69,652.0 175,971,0
Government
24,042,0
168,0
5,433,0 1,382,0 2,609,0 1,411,0
1,733,0 1,760,0 1,398,0
1,055,0
867,0 1,926,0 4,300,0
Foreign bank
5,876,0
461,0
1,533,0
598,0
636,0
287,0
243,0
853,0
249,0
156,0
206,0
208,0
448,0
Other deposits
21,938,0
110,0
8,076,0
91,0 1,476,0
115,0
137,0
915,0
337,0
279,0
262,0
964,0 9,176,0
$
9,075,0
Dther securities
$
$
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
&Bother
1,471,527,0 129,228,0
54,0
731,0
646,528,0 64,165,0
58,622,0 3,702,0
7,674,0
71,0
Total dePosits
Deferred availability items
Oapital paid in
3urplus
All other liabilities
2,438,140,0
596,735,0
149,565,0
254,398,0
16,999.0
$
148,590,0
62,120,0
10,258,0
19,619,0
888,0
963,557,0
153,525,0
52,385,0
71,282,0
4,370,0
138.259,0
51,764,0
14,543,0
24,101.0
629,0
193,005,0 71.373,0 69.211,0 356,092,0 86.508,0 55,169,0 93,733,0 72,748,0 189,895,0
53,405,0 44,802,0 22,970,0 69,970,0 31,249,0 10,487.0 34.349,0 26,361,0 35,733,0
14,560,0 6,162,0 5,261,0 18,712,0 5,414,0 3,028,0 4,289,0 4,310,0 10,643,0
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
1,644,0
1,061,0
1,298,0 3,043,0 1,190,0
933,0
653,0
580,0
710,0
Totalliabilities
5 102,145,0 372,322,0 1,563,280,0 362,175,0 484,739,0 213,190,0 238,529,0 758,385,0 195,272,0 137,878,0 208,867,0
153,566,0 413,942,0
Memoranda.
Reserve ratio (Percent)
69.3
59.5
78.8
68.1
67.9
61.1
69.9
58.6
69.5
59.7
66.9
54.2
63.1
Dontingent liability on bills purchased for foreign correspond'ts 306.111,0 22,695,0
92.345,0 29,443,0 31,283,0 14,108,0 11,961.0 42,017,0 12.268,0 7,667,0 10,121,0 10,121,0 22,082,0
F. It. notes on hand (notes reed
from F. It. Agent less notes in
nl,nyllatinn
417 7116 A 99 7000 195 4112 A 452 900 n .10 102 n 1, 1Ko n on cAl n lo non n 11 Gm n ft 754
2
(1 7000 n 0 277 0 RR 051 0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE
BUSINESS FEBRUARY 6 1929.
AGENTS AT CLOSE OF
Federal Reserve Agent al-
Total.
Boston.
New York.
Phila.
$
$
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Citg. Dallas. San Fran.
Two Ciphers (00) omitted$
$
F.R.notes ree'd from Comptroller 2,927,701,0 234,152,0
F.31. notes held by F. R. Agent__ 863,687,0 80,525,0
$
$
S
8
8
$
$
$
$
770,404,0 216,274,0 272,662,0 116,892,0 221,576,0 435,485,0 86.002,0 83,722,0 106,597,0 64,401,0 319,534,0
326,805.0 35,100,0 38,730,0 21.141,0 62,500,0 129,320,0 13,950,0 15,789.0 31,980,0 14,247,0 93,600,0
F.It. notes issued to F. It. Bank_ 2,064,014,0 153,627,0
Collateral held as security for
F. It. notes issued to F. It. Bk.
Gold and gold certificates____ 360,145,0 35,300,0
Gold redemption fund
97,206,0 19,005,0
Geld fund-F. R. Board
735,314,0 8,000,0
Eligible paper
1,220,038,0 120,961,0
443,599,0 181,174,0 233,932,0 95,751,0 159,076,0 306,165,0 72,052.0 67,933,0 74,617.0
50,154,0 225,934.0
Total collateral
171,880.0
50,000,0 6,690,0 27,350,0
7,500,0 14.167,0
12,258,0
15,293,0 13,397,0 12.049,0 5,124,0 5,287,0 1,836,0 1,517,0 2,369,0 2,940,0 2,996,0 35,000,0
15,393,0
55,000,0 88,777,0 75,000.0 39,000,0 46,500,0 231,000,0 19,000,0 31,000,0 51,360,0
87,677,0
281,480.0 79,203,0 116,651.0 52,361.0 81,199,0 192,685,0 48,148,0 28.434,0 45,401,0 3,000,0 130.614,0
42,901.0
523 653.0 181.377 0 253 700 n 102 1900 Inn 220 n 495 591 n 76 1(15 0 75 070 n 00 701 0 RI 100
0 2R8 084M
2 412 703 II 1822660
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returnsgiving
are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the
statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment
of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions,"
on page 812 immediately
following which we also give the figures of New York reporting member
banks for a week later.
Beginning
with the statement of Jan. 9 1929, the loan figures exclude
"Acceptances of other banks and bills of exchange or drafts sold with
endorsement, and include all real estate mortgages and mortgage loans
hold by
endorsement were included with loans, and some of the banks included mortgages the bank. Previously acceptances of other banks and bills sold with
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
banks is DOW omitted; in its place the number of cities included has been by commercial paper, only a lump total being given. The number of reporting
Francisco district, with loans and investments of $135,000,000 on Jan. 2, substituted. The figures have also been revised to exclude a bank in the San
which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON JANUARY 30 1929. (In millions
of dollars.)
Federal Reserve District.
Total.
S
Boston. New York
$
s
Phila.
$
Loans and investments
-total
22,184
1,504
8,384
Loans-total
16,131
1,136
6,147
889
7,444
8,687
479
657
3,232
2,915
368
2,236
3,101
2,952
163
205
1,238
998
1,759
214
99
17
$
497
392
6,053
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. Cite
1,231
$
s
$
$
1
499
5
1,943
255
447
364
1,285
77
177
147
299
125
239
408
877
202
131
237
135
659
85
117
74
57
114
123
93
42
Reserve with F. It. Bank
Cash in vault
393
265
Net demand deposits
Time deposits
Government deposits
259
39
48
7
24
6
60
11
37
8
114
21
331
231
4
1,833
1,264
5
415
239
2
218
140
514
179
1
313
143
8
785
986
21
Due from banks
Due to banks
Borrowings from F. R. Bank
51
105
80
116
212
451
57
146
46
83
115
219
65
110
141
196
97
101'.
21
7
13
10
44
642
3,300
738
386
1,494
521
507
2,551
536
697
797
201
320
157
350
1,170
1,381
255
282
342
698
160
135
749
107
234
334
364
72
89
68
68
360
389
832
69
78
15
126
30
42
11
40
10
919
477
2
5,918
1,740
25
734
294
5
1,044
960
8
372
211
2
48
110
142
946
60
165
107
218
550
U.S. Government securities
Other securities
s
684
681
1,121
2,864
Investments
-total
Dallas. San Fran.
on
2,192
13,395
6,893
84
On securities
All other
$
49
170
35
:IR
*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 Fob. 6 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. 6 1929. Jan. 30 1929. Feb. 8 1928.
3
242.173 000 242,272,000 299,145,000
14,128,000
12,560,000
13,026,000
Gold hold exclusively scat. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
254,733,000
299,273,000
414,971,000
3545,400,000
282,271.000
419,602,000
Total gold reserves
Reserves other than gold
968,977,000
41,107.000
958,273,000 1,033,126,000
40,212,000
32,593,000
Total reserves
1,010,084,000
Non-reserve cash
35,089,000
Bills discounted
Secured by U.S. Govt. oblIgatIons___ 141,628,000
bills discounted
Other
53,499,000
998,485,000 1,065,719,000
35,009,000
27,198,000
169,411.000
43,497,000
98,808,000
26,938,000
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
195,127,000
103,734,000
212,908,000
115,440,000
125,746,000
95,503.000
1,381,000
12,682,000
12,121,000
1,384,000
12,682,000
12,121.000
3,384,000
40,171,000
32,363,000
26,187,000
26,187,000
75,918,000
325,048,000
354,535,000
297,167,000
Total U.S. Government securities__
Other securities (see note)
Total bills and securities (See Note)
312,171,000
307.644,000
413,311,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources
LiabilitiesFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acct..
Feb. 6 1929. Jan.30 1929. Feb. 8 1928
$
$
$
221,000
175,703,000
16,087.000
1.048,000
Total liabilities
Ratio of total reserves to deposit and
Fed'i Res've note liabilities combinedContingent liability on bills purchased
for foreign correspondence
216,000
149,275,000
16,516,000
2,545,000
1,563,280.000 1,575,060,000 1,558,636,000
318,161.000
948,515,000
Government.
Foreign bank (See Note)
1.533:000
Other deposits
8,076,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
222,000
169.547,000
16,087,000
1.175,000
963,557,000
153,525.000
52,385.000
71,282,000
4,370.000
319,820,000
963,955,000
2,079.000
2.574,000
8,686,000
•
342,996,000
956,368,000
12,833,000
1,856,000
9,258,000
977,294,000
150,394,000
51,870,000
71,282,000
4,400,000
980,315,000
127,653,000
41,910,000
63,007,000
2,755,000
1,563,280,000 1,575,060,000 1,558,636,000
78.8%
77.0%
80.5%
92,345,000
96,059,000
68,511,000
NOTE. Bogliming with the statement of Oct. 7 1925, two new
foreign correspondents. In addition, the caption "All other earning items were addedln order to show separately the amount of balances held abroad and amounts due to
assets,"
"Other securities." and the caption "Total earning assets" to "Total bills and previously made up of Federal Intermediate Credit Bank debentures, was changed to
securities.- The latter term 97114 adopted as a more accurate
discount acceptances and securities acquired under the provisions of
description of the total of the
Sections 13 and 14 oft be Federal Reserve Act, whIcli,11 was
stated, are the only itemaincluded therein.
[VoL. 128.
FINANCIAL CHRONICLE
850
New York City Realty and Surety Companies.
azette,
Vanters'
(All prices dollars per share.)
Wall Street, Friday Night, Feb. 8 1929.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 837.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Feb. 8.
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Lowest.
Highest.
Lowest.
Par Shares $ per share.
Highest.
$ per share. $ per share.$ per share.
RailroadsAtch Top & S Fe rights__ 61,400 2
120 103
Buff Roch & P pref _ _100
CanadaSouthem_ _100
Caro Clinch & Ohlo_100
Central RR of.N J._100
20 59
40 90
800340
Feb 6 2% Feb 2 1%
Feb 5 98
Feb 5 103
Jan 2% Feb
Jan 103
Feb
Jan 61% Feb
Feb 6 61% Feb 5 58
Feb 2 92% Feb 5 89% Feb 92% Feb
Jan 360
Feb
Feb 5 325
Feb 2360
100
Detroit & Mack
Ill Cent leased line_ _ _100
Jan 55
Feb 2 40
Feb 2 55
20 55
3
81 7946 Feb 2 79% Feb 4 79% Feb 80
New on Tex & Mex_100
Northern Central_ _50
50 136
8 86
Pitts Ft W & Chic pf _100
Rena ec Saratoga_ _ _ _100
Wheel & L Erie pref _100
20 153
10 136
101 75
Feb
Feb
Feb 4140% Feb 4 135% Jan 140% Feb
Jan 86% Feb
Feb 4 86% Feb 6 85
Feb 4 153% Feb 6 152% Jan 154
Jan 140
Feb 8 132
Feb 8 136
Jan 89
Feb 8 75
Feb 8 75
Jan
Jan
Jan
Industrial & Misceii.
Feb
Feb
Feb
Feb
Feb
7 34%
7 104
7 4%
8 74%
8 108
Feb
Feb
Feb
Feb
Feb
2 31
4 101
2 3%
5 68
4 105
Feb 37
Feb
Feb 105% Feb
Feb 5
Jan
Feb 76% Jan
Feb 110
Jan
Byers rights
28,000 1136
Cavanagh-Dobbs Inc
18,600 35%
Preferred
300 104
Celotex
*27,300 72%
Preferred
101
700 90
Feb
Feb
Feb
Feb
Feb
7 14%
2 3836
7104%
7 79%
4 93%
Feb
Feb
Feb
Feb
Feb
2 1144
8 34%
2 104
4 69%
7 89
Feb 17
Jan 38%
Jan 104%
Jan 79%
Jan 93%
Jan
Feb
Feb
Feb
Feb
City Ice & Fuel
Preferred
City Stores new
B rights
* 1,601 6036
ill
100104%
*22,805 23%
20,101 4
Feb
Feb
Feb
Feb
7 62
8104%
8 27
8 544
Feb
Feb
Feb
Feb
8 6046 Feb 62%
8 04% Feb 105%
4 23% Feb 27
Jan 546
4 4
Jan
Jan
Feb
Jan
Coca-Cola new
17,201 131%
11,611 48%
Class A
Colo Fuel & Iron pref 101
40133%
Columbia G & E new * 41,701 59%
Comm'l Credit rights_ 41,000 3%
Feb
Feb
Feb
Feb
Feb
4 140
5 50
4133%
8 64
8 4%
Feb
Feb
Feb
Feb
Feb
5 3134
4 4834
4 133%
2 57
2 3%
Feb 140
Feb
Feb 50
Feb
Feb 13346 Feb
Jan 66
Jan
Feb 5% Jan
Consol Cigar pref....A i •
100 99
Continental Mot rights_ 63,500 1
Cudahy Packing rights__ 15,300
76
Cushman's Sons pref_..'
40 10846
0
11
De Beers Cons Mines__
30 22%
Dunhill Internet rights__ 5,600 7%
Dupian Silk
*
400 27
Preferred
100
100 thog
Feb
Feb
Feb
Feb
5 99
7 1%
8 1%
4115%
Feb
Feb
Feb
Feb
5 94%
2 1
.%
4
8 108%
Feb 99
Jan
Feb 1% Feb
Feb 136 Jan
Feb 115% Feb
Feb
Feb
Feb
Feb
2 22%
8 9
6 2741
8 10034
Feb
Feb
Feb
Feb
2 22% Feb 22% Feb
4 744 Feb 11% Jan
2 26% Jan 28% Jan
8 100 A Feb 102
Jan
Jan 13
Feb
Feb 7 4
Feb 6 13
Feb 28
Jan
Feb 7 27
Feb 7 27
Feb 6105% Feb 6 104% Jan 105% Feb
Emerson-Branting cl B.* 3,300 7%
Emporium Corp
20 27
First Nat Pict 1st pf_100
100105%
el Pr
Gen Cas & Elec pf A(7) *
6)114
:rand Stores pref _ _ _10 i
200 115
tot Nickel of Can pf_10 #
200 122
Feb 2116% Feb 4 114
Feb 8'115
Feb 8 115
Feb 5 118
Feb 4 123
Kendall pref
Lambert Co rights
Ludlum Steel new
Preferred
Feb
Feb
Feb
Feb
20 94
60,701 5%
2,700 75
2,900 100
qanhattan Shirt pf _ A00
60 120
110 106
Dutlet Co pref
100
I.
Pac Gas & Elea rights__
300 3%
Pirelli of Italy
7.500 60
Pub Serv of N J rights 136500 I
5 94
8 7%
8 80%
2100%
Feb 2120
Feb 2106
Feb
Feb
Feb
Feb
Feb 116% Jan
Jan 116
Jan
Jan 123
Feb
Feb 94
5 94
Feb
6 4% Jan 7% Feb
Feb 80% Feb
5 75
Jan 102% Jan
4 100
Feb 2 120
Feb 2 106
Jan 120
Jan 109
Jan
Jan
Feb 8 334 Feb 8 3% Feb 3% Feb
Feb 65% Jan
Feb 7 64% Feb 2 60
Feb 144 Jan
Feb 7 134 Feb 2 1
Jan 83
Feb 8 82% Feb 4 71
Radio Corp new
*445300 71
Reynolds Tobc B new_ 1 i 30,400 5934 Feb 8 64% Feb 2 5934 Feb 66
Feb
Feb
Feb
Feb
6 5
6130%
5 12
4 145
Feb
Jan
Jan 7
Jan 135
Feb 21
Feb 147
Jan
Feb
Jan
Feb
Feb
46
Jan 40
Feb 61%
Feb 5836
Feb 2
Feb
Jan
Jan
Feb
Jan
3hell Transp & Trad rts_ 2,200 636
90 132
30 Porto Rico Sug pf _100
3tandard Milling rights_ 4,900 12
Certificates
300 145
Feb
Feb
Feb
Feb
8 6%
2135
8 18%
4 147
Tenn Copper Jr Chem rts 9,200
46
Texas Corp 50% pd_ _25
200 40
Full Paid
25 1,700 5744
Part paid
400 58
Thompson rights
4,600
36
Feb
Feb
Feb
Feb
Feb
44
44 Feb 8
8
2 40 Feb 2 3 8
Feb 4 57%
8 59
7 5836 Feb 7 58
'A
6 134 Feb 2
U S Express
100
900 246
United Dyewood_ _ _ _100
20 9
Union 011 of Calif rights_ 24,400 1%
Wily Leaf Tob pref_ _101
10120%
Feb
Feb
Feb
Feb
4 334
5 9%
7 134
4120%
P7ebster Eisenlohr Inc 25 4,800108%
Rights
100 17%
Wells, Fargo & Co
1
100 4
Westinghouse Elec &
Mfg rights
22,616 6%
Feb 7113% Feb 5 108% Feb 113% Feb
Feb 5 17% Feb 5 17% Feb 17% Feb
Feb
Feb 5 4
Feb 5 3% Jan 4
Feb 2
Feb
Feb
Feb
Feb
Jan 4% Jan
7 2
4 6% Jan 9% Feb
2 144 Jan 1% Jan
4 120% Jan 120% Jan
7% Feb 4
4
Jan
734 Jan
Bank, Trust & Insurance Co. Stocks.
No
110551
Feb 5566
Feb 2 493
Jan 66
Feb
par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Bid.
Asked.
Mar.15 1929 -Mar.16 1929
June 15 1929_ _ _
Sept.15 1929.._
Dec.16 1929_ _ _
334%
3%%
434%
431%
431%
9914„
99,112
991,32
pan.
99111
,
9937.,
992,22
100
99 in
,
99,132
Alliance R'Ity
Amer Surety Bond & M G_
Lawyers Mtge
Lawyers Title
& Guarantee 385
Bid
Ask
145 Realty Assoc's
(Bklyn)comt 48
1st pref ____ 98
645
2d pref ____ 97
470
Westchesteri
Title & Tr _I 450
Bid
Ask
110 Mtge Bond__ 130
330 N Y Title &
465
Mortgage-- 635
322 US Casualty_ 450
393
Ask
50
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid
America
191 194 Public
255
Amer Union*_ 235 245 Seaboard _..- - 825
Bryant Park* 275 375 Seward
172
Central
198 205 Trade*
305
Century
235 250 Yorkville _- 250
Chase
895 905 Yorktown'___ 260
Chath Phenix
Nat Bk& Tr 645 655
Brooklyn.
Chelsea Exch*
- Globe Exch. _ 360
Chemical ___ - 1210 1250 Municipal* __ 575
Colonial* _--1400
Nassau
610
Commerce __- 925
- People's
1000
Continental* _ 525 600 Prospect
160
Corn Exch_ _ _ 785 795
Fifth Avenue_ 2200 2300
Trust Cos.
First
5350 5450
New York.
505
Grace
600
Am Ex Iry
Hanover
780 800 Banns Com'
Harriman_ - _ 900 930
Itallana Tr_ 410
Liberty
285 295 Bank of N Y
Manhattan*
835 845
& Trust Co_ 845
Bankers Trust 107 0
12
0
NationalCity _
New
315 322 Bronx Co Tr _ 450
118 122 Central Union 2390
Rights
Park
870 890 County
Penn Each_ - _ 175 185 Empire
500
Port Morris.- 900
Ask
260
840
180
325
265
275
410
585
630
175
-.
512
420
Ask
Tr.Cos.-N.Y. Bid
Equitable Tr_ 520 528
Farm L & Tr. 970 1000
Fidelity Trust 425 440
630
Fulton
Guaranty..- 933 948
Int'lGerrnanIc 215 222
Interstate.... 315 322
Lawyers
Trust-- _.Manufacturers 260 265
Murray Hill.. 318 325
Mutual
(West380 400
chester)
N Y Trust_ _ _ 1140 1160
141 146
Rights
Times Square_ 173 179
Title Gu & Tr 870 890
U S Mtge &Tr 580 595
United States 3525 3625
Westchest'r Tr 1000 1150
860
Brooklyn.
1200 Brooklyn _ -- 1040 1080
Kings Co.... 2800 2950
2430 Midwood-- - 300 320
1070
510
*State banks. I New stock. z Ex-dividend. o Ex-stock div. y Ex-rights.
Allegheny Corp w i_ _ _ _. 2,500 31
.
Preferred A WI... _1# # 13,000 101
336
Allis-Chalmers rights_ 13,01
Am Internet new
*54,201 68
Assoc D Gds 2d pf _100
701 105
Equit Tr Co of N Y__100
Bid
90
320
450
315
Maturity.
Rate.
Bid.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation
Daily Record of U. S. Bond Prices. Feb. 2. Feb. 4. Feb.5. Feb.6. Feb.7. Feb.8.
First Liberty Loan
High
33.4% bonds of 1923-47_ _{Low(First 346)
Close
Total sales in $1,000 units...
Converted 4% bonds of High
1932-47 (First 4s)
Total sates in $1,000 units_ -Converted 434% bonds High
of 1932-47 (First 436s) LowClose
Total sales in $1,000 units _-_
Second converted 4 pr% High
bonds of 1932-47 (First LowSecond 4%s)
Total sales In $1,000 units__ _
Fourth Liberty Loan
High
431% bonds of 1933-38
Low(Fourth 4%s)
Close
Total sales in $1,000 units...
Treasury
{High
45,4s. 1947-52
Low_
Close
Total sales in $1,000 units.-{High
4s, 1944-1954
Low.
Close
Total sales in $1,000 units_ -(High
3445, 1943-1947
Low_
Clese
Total sales in $1,000 units-{High
'37%a. 1940-1943
Low_
Close
Total sales in $1,000 units...
High
{
'
031(0, 1946-1956
Lf.',WClose
TrIfra onlo• 4,, to non oin41,
2
99 n
,
98,123
99
21
____
98"32
982,32
9813,3
92
----
98"22
,,
98 ,,
98333,
114
----
981,22
98nss
982233
342
---
98"32
981$33
981522
9
----
981,22
Nun
981831
94
--
___---------------,
1003,3 1000,3 100133 100333 10040 100 32
993131
,
,
100133 100031 100033 100 31 100 12
,
,
,
32 100 32 100 32 100 33 100
100 31 100,
,
125
26
1
5
10
16
____
____
------------___-------------_--_
100132
100 32
,
100 32
,
113
110 32
,
110132
110 32
,
5
____
____
____
---1021,32
1021333
102,13,
- --100 32
,
100 32
,
100832
310
1101,22
110132
110 132
33
____
_.____
---102 32
,
1026:1
102 3,
,
15
1
--__
97,432
---97,432
---97"n
972,
32
973033
97001:
1
____
____
----
---100 32
,
,
100 32
100 32
,
129
110 32
,
110 22
,
,
110 32
57
105 32
,
1053,3
105...
1
102ln
102233
1022,3
972,32
972,n
97"32
-- -,
100 31
100 33
,
100132
50
110 33
,
110 32
,
110'22
10
105 32
,
1053,3
,
105 a,
____
------____
----,
100132 100 32
99"n
100 32
,
991022
100 32
,
200
17
110
110
109"3.
110
110
.
100 41
5
1
---- 105
____ 1043033
---- 104"at
8
____ 101"n
-_-- 101"as
---- 101,831
50
____ 97,422
- _.-
____
972432
972832 971/32
, 9731.
97213
972522 971132
____
971221
____
26
____
970,22
210
1
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
I First 446s
993033 to 9930#1
80 Fourth 4%s
1 Treasury 444s
990,32 to 100 an
1092031 to 10920,3
Foreign Exchange.
To-clay's (Friday's) actual rates for sterling exchange were 4.86 1-160
4.85 9-16 for checks and 4.853404.85 13-16 for cables. Commercial on
banks, sight,p4.84 13-1604.85 1-16; sixty days, 4.80 9-1604.80%; ninety
days, 4.78 7-1604.78 9-16, and documents for payment, 4.80 1-160
4.80%. Cotton for payment, 4.84%, and grain for payment 4.84%.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90%
03.90% for short. Amsterdam bankers' guilders wore 40.04040.05 for
short.
Exchange at Paris on London, 124.31 francs; week's range, 124.31 francs
high, and 124.10 francs low.
Exchange at Paris on London. 124.31 francs; week's range, 124.31 francs
high and 124.10 francs low.
34..98/105e lo w
c
There
.6
cluaif r foreIgn exchange for the week fll9ks4 s:
o
Cables.
Sterling, Actual90
High for the week
3. .91%. -16
4 85 13
Low for the week
4.84%
4.84 11-16
Paris Bankers' Francs
High for the week
Low for the week
Amsterdam Bankers' Guilders
40.07%
High for the week
Low for the week
4 . 7%
4 .069
0.
0
40.03%
Germany Bankers' Marks
High for the week
23.75
23.74%
Low for the week
23.73
23.71%
Asked.
Sept.151930-32 33 % 9624sa 961,32
,
5
% 96,41, 98"13
Mar.15 1930-32
Dec.15 1930-32
% Nun 961333
100 23
,
Sept.15 1929
4%% 100
-The review of the Curb Market is
The Curb Market.
given this week on page 841.
A complete record of Curb Market transactions for the
week will be found on page 869.
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.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday,
Feb. 5.
Wednesday, Thursday,
Feb. 6.
Feb. 7.
Friday,
Feb. 8.
$ per share S per share $ per share $ per share $ per share $ per share
2064 20812 20614 2093 20314 205 20014 20434 19812 201
8
19718 2017
8
103 103
103 103
103 103
103 10318 103 10314 103 10318
190 19112 190 19134 187 187
18512 187
18514 18512 185 186
1283 131
1253 130
4
4
1273 129
4
124 1273 1213 1237 12112 12412
4
4
8
7918 794 7918 7912 7918 7918 *79
7914 79
79
7918 7918
6912 6912 70
69
6912 694 6712 693
67
4 67
6514 6514
4
1093 1093 10814 10814 10814 110
4
110 110 *10814 111 *108 110
*103 105 *103 105
103 103
103 103 *100 103 *100 103
794 797
8 775 783
8 7614 7714 76
8
7714 74
7518 723 753
4
4
8 9258 9258 *91
8
925 925
92
*9034 9112 903 90 4 90
4
3
90
42
39
38
38
4118 4314 40
424 3718 3814 36
3814
56
59
5614 61
61
61
'58
607 *56
8
58
*55
58
59
*5518 59
60
*5518 593 *5518 5912 5912 5912 *55
4
59
262 2697 258 2643 25914 26212 253 25914 24614 251
8
4
245 25014
•10012
_ •10012
*10012 105 *10012
_ *10012
_ *10012
_
224 2257- 22314 225 220 22112 219 22012 21214 21614 211 21114
-- 3
--_--
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads
Par
25,900 Atch Topeka & Santa Fe__100
3,700 Preferred
100
7,500 Atlantic Coast Line RR
100
107,100 Baltimore & Ohio
100
2,400 Preferred
100
2,800 Bangor & Aroostook
50
170 Preferred
100
300 Boston & Maine
100
22,500 Bklyn-Manh Tran y t c_No par
500 Preferred v t c
No par
31,100 Brunswick Term & By Sec_100
2,900 Buffalo & Susquehanna_ _ .100
230 Preferred
100
68,700 Canadian Pacific
100
Caro Clinch & Ohio ctfs st'd100
15,200 Chesapeake & Ohio
100
Preferred
100
1614 1934
8
143 1618
165 1712 155 17
8
8
1518 155
8 143 153 55,300 Chicago & Alton
4
4
100
214 227
8 223 253
4
4 225 2314 213 227
8
4
8 193 2112 1914 203 37,500 Preferred
4
8
100
42
42
43 43
*41
42 '40
42
"40
42 '40
42
500 Chic & East Illinois RF1,
100
66
643 66
8
667
8 654 6512 64
64
*60
63
63
63
3,100 Preferred
100
8
225 2312 2212 2312 22
223
4 207 225
8
8 193 204 1912 2012 45,600 Chicago Great Western_100
4
604 613
8 6018 614 5918 607
3 593 613
4
8 5518 5814 5518 5712 42,700 Preferred
100
3914 397
8 384 397
8 3838 3858 3738 383
8 3512 37
3618 3618 65,300I Chicago Milw St Paul & Pee_
63
633
4 613 633
4
8 62
6314 603 6214 575 597
8
8
8 573 594 98,0001 Preferred new
4
9113 9212 9118 93
9218 9414 9014 94
885 903
8
4 8712 8913 59,800 Chicago & North Western.100
•136 145 *137 145
145 145
145 145 .139 143 *139 143
400
100
13714 13914 136 139
135 1357 13314 13712 13118 13312 131 13234 23,300 Preferred
8
Chicago Rock III & Pacific_100
•107 108
10618 10618 1074 1073 *107 1073 .107 1073 *107 10734
4
4
4
300 75' preferred
100
*102 103
10212 10212 10278 10278 10214 10214 *102 1025 10214 1025
8
8
500 67: preferred
1130
11812 11812 *116 119 *116 119
115 115
1163 1163 116 116
8
8
800 Colordao & Southern
100
7634 763 *763 79
4
4
7634 763 *75
4
79
.76
79
*76
79
240 First preferred
100
*70
*7012 73
73
*7012 73
*7012 7212 '7012 73
*7013 73
Second preferred
100
69
69
6912 693
6912 70
4 69
70
68 68
6814 6814
1,700 Consol RR of Cuba pref. ICI()
*7812 82
*80
8012 *80
8012 *80
8012 8012 8012 *80
8012
50 Cuba RR pref
100
20314 20512 201 205
202 20618 200 20314 195 19912 192 197
12,100 Delaware & Hudson
100
13114 132
131 133
13112 132
130 13234 127 129
127 128
7,600 Delaware Lack & Western_100
643 66
4
683 70
8
6814 693
4 69
70
6612 67
66
67
15,900 Deny & Rio Or West pref-100
37
37
8 47
3 4
8
43
4 434
43
8 44 *33
4 412 •312 41
3,100 Duluth So Shore & Atl_
100
6
67
8
7
74 *63
4 712 *612 63
4 *6
612 *6
612 1,700 Preferred
100
7318 7412 72
7414 715 7312 693 7214 675 69
8
8
8
665 687 77.400 Erie
8
8
100
633 64
4
6312 643
4 6318 634 6212 63
6118 6238 61
6184 10,800 First preferred
100
*59
60
60 60
*5914 61
5918 5918 .58
58
59
700 Second preferred
100
111 1133 112 11312 11012 11214 10938 1093 1087 109 8 58
8
8
3
3 1074 10833 21.800 Great Northern preferred 100
10914 11012 10912 11012 10914 10914 108 109
10518 10812 1055 106
8
9,700
100
375 383
8
8 36
3778 347 363
8
8 344 357
8 3318 3412 3234 3412 130,600 Fret certificates
Iron Ore Properties_No par
5612 573
4 56
59
56
55
5412 5412 5012 5212 5114 52
7,700 Gulf Mobile & Northern
100
10212 103 *103 104 *103 104
103 103 *10212 103
102 102
500 Preferred
100
'812 9
*814 9
*8
9
*8
9
*8
9
'8
9
Havana Electric By.__No par
60 60
*593 60
4
*58
60
60
60
*5213 60
60 60
460 Preferred
100
*420 440 *420 440 *420 440
438 438 •405 440 •400 430
10 Hocking Valley
100
544 553
8 5413 5618 5312 544 5318 5412 53
531
52
53
7.800 Hudson & Manhattan
10
0
82 82
79
8012 824 8212 8212 8212 *80
83
*80
83
9130 Preferred
100
150 1517 146 14814 146 14658 14314 144
8
1425 14434 214118 1427
8
8 5,500 Illinois Central
100
•146 155
14514 14514 *145 150 *142 150 *143 150 *142 150
100 Preferred
100
*78
79
7812 7812 784 79
7914 7912 80
80
80
80
430 RR Sec Stock certificates__
5134 48
51
5312 543
4 5212 521
8 5258 533
5014 48
511z 26,500 Interboro Rapid Tran v t 0_100
•55
554 *55
54 *____ 5312 5312 54
56
56
54
56
500 Int Rys of Cent America 100
*54
*55
56
563 563 '55
8
8
56
56
*5112 52
*5112 54
100 Certificates
No par
*7614 7814 783 784 *7712 78'4 77
8
78
77
77
77
77
100 Preferred
100
414 414 *33
4 41
*33
4
4 414
4
4
4
•312 4
200 Iowa Central
100
94
943
4 93
941
93 93
9112 93
9014 913
8 8814 8914 11,100 Kansas
100
City Southern
*683 6912 6812 6S'n 683 683
4
4
4 6812 6812 *65
70
687 687
8
500 Preferred
100
10114 10214 10038 10214 9713 9912 964 967
3 9433 9618 9212 94
50
153 15312 152 15313 14914 15112 149 15013 7,100 Lehigh Valley
153 153
15112 152
4,100 Louisville & Nashville...-100
*8413 86
*8412 87
*8412 87
•84
*8412 87
87
*84
87
Manhattan Elevated guar.100
54
54
534 55
5314 52
5314 534 53
523
4 51
5218 5.800 Modified guaranty
100
•3 8 4
3
.33
8 33
4
4
4
4
*33
3 44 •34 4
200 Market Street By
100
*3612 37
*36
3612 36
35
36
35
35
35
•34
35
500 Prior preferred
100
253 23
4
23
234 27
3
3
4 27
23
4 23
4
234
23
4
234
23
4 7,300 Minneapolis & St Louis_ 100
.
*44
45
45
4714 43
*42
43 .41
46
474 *42
43
3,700 Minn St Paul & S S Marle_100
*80
82
79
813 *77
8
80
*77
80
77
77
*77
80
700 Preferred
100
*65
66
55
65
*65
6512 *65
6512 6512 653
8512 65
4
100
160 Leased lines
5i13 5412 524 55
3
523 535
8
8 503 5213 49
4
50
473 495 47,200 MO-Kan-Texas Bit.....NO par
4
8
1043 105
8
105 10513 10478 105
1043 10514 10412 lO47 10434 105
s
4
4,500 Preferred
100
744 753
4 7314 75
7312 7412 725 7414 71
731
71
8
7213 86.100 Missouri Pacific
100
133 13418 131 13358 13012 13214 130 1317 1283
8
4 13058 129 131
15,100 Preferred
100
*8218 8714 *8218 8714 *83
8714 *83
8712 8314 831 *8313 87
60 Morris & Essex
50
198 199
199 199
198 19013 195 199
195 195
19314 105
690 Nash Chatt & St Louls
*318 314
100
313 314 *313 314
313 31,
334
3
314
314 2,300 Nat Rys of Mexico 2d prof _100
202 204
200 2033 1983 20012 107 1994 1934 196
3
4
190 1943 99,500 New
4
100
York Central
144 145
144 145
141 142
13913 142 *136 138 *136 138
7.100 NY Chic dc St Louis Co
100
10712 10812 *10713 109
10853 10858 108 108
8
108 1087 10812 10813 1.800 Preferred
100
350 355
349 384
350 358
341 359
326 337
318 320
330 N Y & Harlem
50
075 983
8
4 955 983
8
8 953 963
8
8 0212 95o 9118 933
8 89
92
76,900 NY Nil & Hartford
100
11814 1195 1183 11918 11812 119
8
4
118 h184
8
1177 117 1177
8 4.700 Preferred
295 3012 3014 32
8
3018 313
8 2914 307
8 273 2918 2714 2918 26.000 NY Ontario
4
*7
& Western__100
97
8 .75
8 97
8 .73
4 97
8 *8
973
8
8
•28
29
100 N Y Railways prof...
.No par
*39
413 *39
4
42
*36
41
*35
*36
41
41
•35
40
100
N Y State Rys pref
46
47
48
4813 47
47
45
48
45
45
447 447
3
1,600 Norfolk Southern
100
2033 2033 201 204
4
4
20014 20014 108 200
194 19712 192 195
4,600 Norfolk & Western
100
*82
87
*81
87
*81
87
*81
87 .81
87
*81
87
100
Preferred
111 114
11114 1133 11012 112
8
10918 11012 10718 109
10612 1073 17,100 Northern Pacific
4
100
112 112
11013 III
109 1094 10712 1097 1065 108
8
8
1053 107
4
9.400 Certificates
100
*22
25
21
21
*22
25
25
2214 2214 •20
.20
25
200 Pacific Coast
100
*34
3712 *35
371 *36
3712 *36
3712 *36
3712 •36
3712
100
First preferred
*25
2912 *25
291 *25
2912 25
2912 *25
2913 *25
25
100
20 Second preferred
8014 803
4 8018 8114 80
8013 7814 8012 7714 7914 7712 783 100,100 Pennsylvania
4
50
3478 3478 *32
3434 33
3312 *33
•32
35
33
*32
33
100
500 Peoria & Eastern
170 174
173 1733 .168 171 *165 171
165 168
164 164
2,500 Pere Marquette
100
100 100
99 100
99
9912 9933 993
8 9834 983 .94
4
96
100
570 Prior preferred
*96
9612 *96
9612 *96
9612 *96
97
96
95
954 96
100
400 Preferred
•5058 53
*504 53
*503 53
8
*503 53
8
*5018 53
*503 53
8
50
Phila Rapid Transit
*50- *50
_ .50
_ .50
- •50
'
50
- 50
Preferred
145 1463 148 141
--- 4
- 12 144 1,W
144 14512 143 143 '140 141_- .
----- 52 2.800 Pittsburgh & West Va
100
11412 11612 11518 11712 11218 115
10912 114
10712 1097 1071s 1103 32,200 Reading
8
8
50
4218 4210 4
.4210 4312 "
*4212 4312 4212 4258 43
4218
43
500 First preferred
.50
4914 4914 4938 4912 4934 4312 *4812
4934
4912 *4812 491 •47
49
400 Second preferred
50
67 67
*67
71
•67
71
•66
67
71
67
71
200 Rutland RR pref
100
120 12114 12034 12212 12013 1223 11912 12114 118 1192 •60
8
2 11718 1195
8 40,100 St Louis-San Francisco
100
96
9612 9614 9814 96
953
4
963
953
8 96
4
5
95
2,300 1st prof paid
100
11272 11512 11212 11534 11132 11333 10912 9614
11212 102 107
104 10518 23,300 St Louis Southwestern
100
*91
9112 91
91
91
91
91
•90
91
91
*90
91
100
300 Preferred
1177,
• Bid and asked Deices: no sales on this day. s Ex-dividend
PERSHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
S per share
19614 Jan 2
10212 Jan 3
169 Jan 2
1187 Jan 16
8
78 Jan 23
6514 Feb 8
1063 Jan 2
4
91 Jan 2
7214 Jan 4
897 Jan 3
8
36 Feb 8
543 Jan 26
4
5312 Jan 4
23312 Jan 8
100 Jan 14
211 Feb 8
21312 Jan 18
1118 Jan 2
8
173 Jan 9
40 Jan 31
69 Jan 28
19 Jan 15
4618 Jan 7
34 Jan 7
55 Jan 4
867 Jan 7
3
135 Jan 5
13012 Jan 16
10618 Feb 4
100 Jan 8
112 Jan 22
76 Jan 14
6912 Jan 26
6512 Jan 24
7712 Jan 31
190 Jan 2
127 Jan 10
5514 Jan 2
313 Jan 8
514 Jan 4
6653 Feb 8
61 Jan 17
58 Jan 1
10718 Feb 8
10518 Feb 7
274 Jan 7
5012 Feb 7
102 Jan 11
712 Jan 2
56 Jan 7
410 Jan 8
52 Feb 8
79 Feb 4
14014 Jan 4
141 Jan 15
774 Jan 15
48 Feb 7
51 Jan 2
50 Jan 10
7614 Feb 1
310 Jan 30
8814 Feb 8
6812 Feb 4
9212 Feb 8
14512 Jan 15
8314 Jan 4
51 Feb 8
4 Jan 3
35 Feb 6
253 Feb 2
4013 Jan 15
71 Jan 14
6112 Jan 4
473 Feb 8
4
10318 Jan 4
6212 Jan 4
120 Jan 2
83 Jan 30
186 Jan 29
3 Jan 8
8
1865 Jan 8
133 Jan 30
10714 Jan 17
318 Feb 8
807 Jan 4
8
11453 Jan 3
27 Jan 25
4
63 Jan 14
30 Jan 3
43 Jan 14
191 Jan 0
8
847 Jan 2
5 per share
20938 Feb 4
1037 Jan 7
8
1913 Feb 4
4
131 Feb 4
8014 Jan 8
72 Jan 2
11012 Jan 22
1093 Jan 5
4
807 Jan 30
8
8
925 Feb 1
4418 Jan 18
61 Feb 4
60 Jan 29
8
2697 Feb 2
101 Jan 26
22712 Feb 1
21312 Jan 18
4
193 Feb 4
253 Feb 4
4
43 Feb 4
667 Feb 4
8
234 Feb 1
634 Jan 31
397 Feb 2
8
633 Feb 2
4
9414 Feb 5
145 Feb 5
1397g Jan 19
10814 Jan 25
1027 Feb 5
8
120 Jan 3
80 Jan 25
71 Jan 14
704 Jan 2
81 Jan 2
20714 Feb 1
13314 Feb 1
70 Feb 4
47 Feb 4
8
712 Feb 4
75 8 Feb 1
3
643 Feb 4
4
6014 Jan 5
11312 Feb 4
11012 Feb 2
3918 Feb 1
59 Feb 4
103 Jan 3
4
83 Jan 4
60 Jan 12
450 Jan 22
8
583 Jan 5
84 Jan 18
152 Feb 1
14514 Feb 4
80 Feb 7
8
577 Jan 23
59 Jan 26
5912 Jan 25
8014 Jan 2
414 Jan 18
987 Jan 12
8
7013 Jan 15
10214 Feb 2
15312 Feb 5
87 Jan 3
5713 Jan 11
43 Jan 22
3
3913 Jan 4
33 Jan 19
4
4714 Feb 4
87 Jan 23
66 Jan 25
55 Feb 4
10512 Feb 4
753 Feb 2
4
13418 Feb 2
8
865 Jan 17
19913 Feb 5
358 Jan 25
20414 Feb 1
145 Feb 2
10914 Jan 4
379 Jan 18
983 Feb 2
4
11953 Feb 2
32 Feb 4
4
93 Jan 26
41 Jan 30
4812 Feb 4
206 Feb 1
86 Jan 17
114 Feb 2
112 Feb 2
26 Jan 18
41 Jan 21
30 Jan 15
8214 Jan 18
347 Feb 1
8
1743 Feb 1
4
100 Feb 2
97 Jan 8
50 Jan 9
50 Jan 2
1483 Jan 10
4
11712 Feb 4
43 Jan 8
493 Feb 5
4
68 Jan 24
12212 Feb 4
9612 Feb 2
1153 Feb 4
4
92 Jan 15
10612 Feb 8
10414 Jan 12
21 Feb 4
36 Jan 5
2112 Jan 10
7612 Jan 8
30 Jan 18
148 Jan 3
96 Jan 5
9312 Jan 4
50 Jan 9
50 Jan 2
138 Jan 30
10514 Jan 15
42 Jan 4
4612 Jan 28
66 Jan 28
11512 Jan 30
94 Jan 14
102 Jan 29
9012 Jan 2
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ per share $ Per share
18238 Mar 204 Nov
10212 Jan 10812 Apr
15718 Oct 19112 May
4
1033 June 1255 Dec
8
77 Nov 85 Apr
61 June 8414 Jan
104 Dec 1153 May
4
68 Feb 91 Dec
7734 May
533 Jac
3
82
Jan 95 s May
3
1412 Jar 474 Sept
3214 July 6412 Nov
38 Sept 63 Nov
19512 June 253 Nov
98 Sept 1074 Mat
17512-Tune 2183 Dec
4
53 -Jan
8
183 May
4
74 Feb 2633 May
37 Feb 4814 May
58 Aug 765 May
8
918 Feb 25 Dec
2012 Feb 50 3 Der
3
2214 Mar 4012 Api
37 Mar 595 Nov
8
78 June 9414 M53
135 Dec 150 Ma3
106 Fab 13958 Not
105 Dec 11112 Mal
99 2 Dec 185 Mal
105 Aug 126 Mal
67 July 85 Ap
6912 Nov
85 Mal
6812 Dec 875 Jun,
8
79 Dec 94 Jun
16314 Feb 226 Ap
12514 Dec 150
Ap
5012 Feb 6534 Ap
3 Aug
634 Jai
438 June
913 Ma:
483 June 7212 De
4
50 June 63 8 251
7
4914 June 62
_no
9312 Feb 1143 No.
4
9118 Feb 1113 No
4
1914 June 333 Oc
8
43 Aug 6173 Ma,
99 Aug 109 Ma
7 Aug
175 Jun
4
51 Dec 7818 Sep
340 July 473 No
5018 Dee 7312 Ap
Oct9313 Ap
81
1313 Jan 1483 Ma
4
4
13012 Jan 147 Ma
75 July 823 Jun
8
Jan 62 Ma
29
3612 Mar 5218 No
697 Jan 82 Ma
3
2 Mar
57 Ms
8
43 June 95 No
6612 Aug 77 Al
8410 Feb 116 At
1393 Nov 15912 Ma
4
75 Jan 96 Ma
Jan 64 Ma
40
34 Dec
712 Ma
3812 Dec 543 Ma
4
17 May
3
813 Ma
40 June 523 Ja
8
7014 Dec 873 Ma
4
60 Dec 7112 Ja
3013 June 58 Di
10112 June 109 Fe
417 Feb 7614 Sei
8
105 Feb 1267 DI
g
8212 Aug 89 Jui
17 113 Aug 2043 Ms
4
2 Feb
512 Al
156 Feb 196.2 Ne
12114 Ott 146 Ms
10412 Aug 110
Jt
168
Jan 505 A'
543 June 823 D
8
4
112 Sept117 Mt
24 Feb39 M:
54 Jan
13 Nli
2313 Dec 43 Ju
32 June 58 N.
175 June 19812 N.
847 Oct 90 Ju
3
9238 Feb 118 IN,
905 Feb 115 N,
8
1912 May 347 M,
8
40 Aug 70
J
2012 Aug 39 NI
614 June 7673 D
25 Mar 37 NI
12472 Feb 154 N
Oct1013 NI
96
4
92 Nov 1003 51
4
50 Nov 5653 A
50 Ma
5112 C
12114 Feb 183
C
944 Feb 1195556
4112 Nov 46 A
44
Jan 5978 M
50 Feb 77 E
109 Feb 122 11
.1
94 Dec 101 M
6711 Feb 12418 N
89 July 95 J
Ex-dividend and ex_rignt3, p Es-rights. I Ex-cliv. of Pio the shares
.
of Chesapeake Corp. stock.
852
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second Dade preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Peb. 4.
Tuesday,
Feb. 5.
Wednesday, Thursday,
Feb. 6.
Feb. 7.
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ Per share Shares
Railroads (Con.)
1938 2014 2018 207
1918 1973 8.500 Seaboard Air Line
8 1912 2014 19
1918 20
20
23
2314 2312 2414 2312 233
214 3,700 Preferred
8 2118 2118 21
4 2212 235
13712 1383 1353 13712 135 136
8
4
4
1313 1353 13212 1343 13218 13312 24.800 Southern Pacific Co
4
4
1554 1583 1543 1563 1537 1545 153 1547 1514 153
8
8
1484 151
16,200 Southern Railway
4
8
8
8
*984 983
4 9817 9812 983 99
4 9812 984 1,400 Preferred
4
983 983
4
4 9812 983
•130 133
130 130
12513 12514
1273 1273 12714 12712 *128 130
4
1,460 Mobile & Ohio certifs
4
177 177
170 170
1,500 Texas & Pacific
176 177
171 171
177 17712 177 177
35
35
400 Third Avenue
35 35
*31
36
35
45
35
3212 3212 *34
50
51
48
48
3,400 Twin City Rapid Tranalt
51
5212 52
52
•48
50
51
51
*99 100
99 100
*974 100
100 100 •
120 Preferred
*99 100
*99 100
22714 231
22812 231
219 224
31,400 Union Pacific
22814 230
219 224
226 230
824 827
8 823 827
823 82 4 2,700 Preferred
4
3
4
8 823 823
4
4
4 823 827
4
8 823 84
*100 101
*98 ____ *98 ____ 983 983 •98•98 ____
10 Vicksburg Shrev & Pac
8
8
*100 103 *100 103 *100 103 *100 103
*99 idi- •100 103
Preferred
77
*71
74
71
72
5,000 Wabash
74
7812 7135 793
75
74
8
4 75
98
98
97
*96
9712
600 Preferred A
9754 973 *97
97
97
97
4
98
*86
91
8614 8614 *86
*86
91
600 Preferred B
91
91
.86
91
*86
8
4812 52
8
8 427 453 162,100 Western Maryland
497
8 4218 457
513 54
4
483 5212 46
4
503 514 52
4
48
48
*43
52 .4314 50
2,600 Second preferred
5312 504 52
36
39
35
35 14 3514 3412 36
10,900 Western Pacific
3912 41
39
397
8 35
*594 60
5,800 Preferred
60
62
61
617
8 5914 60
6214 6412 617 63
8
Lowest
Par
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Industrial & Miscellaneous.
5117 4712 49
4512 4812 12,400 Abitibi Pow ck Pap
49
4914 50
5214 50
51
49
No Dar
85
85
85
85
1,100 Preferred
100
85
84 84
85
84
84
83
*84
14258 14258 •13418 1384 *1344 138
5,200 Abraham & Straus_ --No par
4
8
13914 1443 1443 1487 *144 146
4
110 112
480 Preferred
100
110 110 *11012 112
1103 11112 *11012 112
4
111 111
392 395
4 800 Adams Express
100
390 399
404 41912 400 413
400 40312 406 406
.95
96
100
96
*95
96
*9412 96
*95
Preferred
*9412 96
*9412 96
32
No 1oo
par
3314 334 324 324 32
3,100 Adams Mills
4
*34
8
333 34
3412 335 34
93,100 Advance Rumely
5412 613
4 5514 59
7212 6012 66
645 667
8
8 69
7412 65
5812 62
20,400 Preferred
100
60
64
653 69
4
733
4 6612 72
663 674 68
4
418 458
4
412
4
43 53,200 Ahumada Lead
8
1
414
38 4
5
4
33
4 34
109 1093 108 11012 105 10712 10614 10614 11,900 Air Reduction, Inc____No par
4
11014 11112 10914 111
par
914 9 4 19,300 Max Rubber, Inc
3
94 9 4
3
10 8 10
3
103
8
97 10
8
1018 103
8 10
75
8 8
74 77 21,600 Alaska Juneau Gold Minn
8
N
4
812 87
8
812 87
8
77
8 83
88 9
7
2312 23
23
700 Albany Pert Wrap Pap _No par
•2312 233
4 2338 2338 2312 2312 2312 2312 *23
27914 286
284 289
20,000 Allied Chemical &Dye_No par
294 299
290 294
291 296
299 301
8
400 Preferred
100
12212 12212 1224 12212 12218 12218 12218 12218 *122 1223
*12212 123
100
179 187
17714 17812 1754 1774 3,200 Allis-Chalmers Mfg
185 18512 186 186
188 188
*97 1014 10
8
978
934
978
978 2,500 Amparel8fearmreadted Leather_No Dar
10
10
10
94 10
65
•6012 65
*60
70
•60
*69
701z *69
71
*6912 70
3518 34
3434 33
32
3312 32
33
12,500 Amerada Corp
34
333 343
No par
4
4 34
2118
2038 21
2014 2058
1912 2014
194 193
4 6.400 Amer Agricultural Chem_ 100
21
21
21
635 67
8
3,900 Preferred
6812 67
68
69
100
4
6912 683 684 6812 6858 68
10
130 13414 125 129
125 1287 17,000 Amer Bank Note
8
4
1247 12712 12412 12514 1253 129
8
350 Preferred
6014 6014 6014 6014 61
50
61
6014 61
6014 6014 *6012 81
1912 20
1912 197
8 1818 183
1812 1812 1812 1912
4 18
1824 3,900 American Beet Sugar__No par
60 6014 *50
60
*55
60
*55
60
*59
700 Preferred
100
60 60
60
25,600 Amer Bosch Magneto__No par
4214 4314 4114 4238 4114 4378 4318 4418 413 427
s
8 404 42
57,300 Am Brake Shoe & F____No par
6138 55
53
55
5314 5712 58
62
59
593
4 53
56
*124 125
200 Preferred
124 124 *12212 125 *122 125
1221z 1224 *122 124
100
8 2114 2312 1914 214 2
183 194 194 215
4
185 19
8
04 2112 64,200 Amer Brown Boyer! El_No par
70
1,800 Preferred
7114 73
734 744 70
7314 69
70
707
8 70 70
100
8
5
1
1143 1187 11012 11412 1095 11312 326.600 American Can
4
8
115 11718 115 8 1174 1168 120
25
14112 142
14112 14112 14112 14112 1,300 Preferred
14114 14114 14112 14112 *14112 143
100
984 99
9712 975
99 10012 9914 100
8 97
9812 99
9712 4,3001 American Car dr Fdy _ _No par
117 117
300, Preferred
1164 117
11612 11612 *116 117
*117 120 *117 118
100
78
80
*7312 85
1,000 American Chain pref
7512 7812 79
793
4 80
80
75
75
100
5312 9,600 American Chicle
4 56
5719 55 4 5614 5212 54
52
3
5812 5612 578
58
No par
11014 1117 11014 1114 •11014 1117
8
8
*11014 112 *11014 112 .11014 112
Prior preferred
No par
10
94 10
6,000 Amer Druggists Syndicate__10
10
10
10
1018 10
10
10
10
10
800 Amer Encaustic Tiling_No par
*94
96
914 915
8 91
92
*88
90
884 8812
95
96
290 290
289 28912 2894 29312 290 295
290 290
3,700 American Express
280 280
100
953 93,500 Amer & For'n Power
4
9712 92
4 913 98
4
95 1003
8 89
9414 957
8 9212 955
No par
10612 10612 1,600 Preferred
1063 1063 10612 10612 10634 107
4
4
1065 107
8
1067 107
8
No par
9912 993
4 9912 9912 9812 9012 4,200 2d preferred
993 100
4
993 100
8
100 100
*912 9
*812 9
*812 914 •812 9
*812 9
*812 9
American Hide & Leather _IOO
Nn Pnr
34
3014 323
4 30 8 307 *3114 33
5
8
1,500 Preferred
*3212 33
4
333 333 *33
4
100
785 797
8
8 783 80 4 11,100 Amer Home Products--No Par
4
3
8 8018 82
827
827
8212 827
8 82
81
8
4 4114 4312 4012 4113 4012 415 2518 American Ice
0
407 4314 4212 433
8
No 10o
par
403 407
8
92
9212 921 *9212 9314 *9212 9314 *9212 9314 9314 9314 92
139 14114 13614 1393 17.100 Amer Internet Corn---No Par
4
140 145
14414 148
14212 147
14614 147
714
7
74
7
612 678
714 714
718 714
AnPerrefLnerreFtlance dc Foamite_10
718 714
67
•55
67
7.(843
1
6614 6614 *55
*6614 69
*6614 70
100
*6614 70
10612 10712 13,a0 neeferre.
8
0
8
rrlcan kocomotIve_No par
111 1113 110 1105 110 11078 109 1107 104 107
8
116 116 *11512 116
116 11712 *115 117
116 116
100
*115 116
17514 177
1,800 Amer Machine & Fdy_ _No par
181 183
178 17912 177 178
*1833 1843 *183 184
4
4
330 Pref (7) ex-warrants
11212 11312 115 115 •115 116 *115 116
115 115
115 115
763
4 734 7812 90,300 Amer Metal Co Ltd_ __No par
4 73
8
7638 787
8 755 8112 764 813
7318 757
8
12714 1293 12712 13018 2,600 Preferred (6%)
4
133 135
129 130
8
100
*127 12712 1275 129
9212 95
95
9112 94
970 Amer Nat Gas pref___ _No par
913
4 92
90
90
85
90 90
*1414 17
*1418 15
16
1614 *14
American Piano
1614 *15
*1412 1612 *15
43
4412
45
*4412 48
45
120 Preferred
*4812 534 4812 4812 *4412 48
8
4
4
105 11012 1043 11014 10012 10512 1013 1033 41,500 Am Power & Light
No 1p0r
No 75a0
11218 1133 107 110
8
4
8
8
8
4
4
No Par
102 1023 10218 10218 1013 1013 1013 1013 *1013 1013 *10112 10134
4
Ng Preferred
*7615 77
*7618 77
*7618 77
77
A
7618 7618 77
*7618 77
8
83 4 833 834 4,300 Prof A stamped
3
r
8212 8318 83
o
No par
813 8212 8218 8212 8212 83
4
4
10,10 Arrreiteearrner
50
0
8
4
10diator 25
19814 2033 201 2017 198 20312 19114 1953 188 192
201 203
195 195 *190 206 *185 195 *185 194 •175 195 •175 195
139 14118 4.400 Amer Railway Express____100
4
139 1413 140 140
1374 138
137 137
137 137
5,600 American Republics__ _NO pa
544 543
4 5214 5417 504 5212 4814 50
557 557
8
8 544 56
683 6912 5,000 American Safety Razor_No pa
4
71
6912 70
714 71
71
73
7112
72
73
3418 4,800 Amer Seating v to
3412 354 3418 354 34
No par
35
4 34
3418 343
3314 35
618 64
8
511 614 40,400 Amer Ship & Comm__ _No par
614 67
518 522
512 6
618 7
92 127.06 American Shipbuilding_ -__100
91
0
025 0
93
9218 *92
92
9178 92
92
92
92
92
8
8
Am rree
PP
8
eeSnuf d dt Ref1n1ng _ _ 100
8
8
1185 120
118 1197 11818 1223 1173 1221 113 1183 1137 1174
8
000
13512 13512 13512 1351
ffeeSmeltingreferred
100
136 136
13512 136
13512 13512 *136 137
2013 203
4
1,400 American
100
20112 20112 202 20212 202 204
206 206
202 202
100
10818 10818 *108 110
8
*108 112 *108 112 *108 1117 *108 110
71.350 PreferredAmrSteel Foundries-No par
73
797
8 7538 7738 72
764 7012 7314 6714 72
73
743
8
112 112 *11112 112
100
•112 11212 112 112
112 112 *11114 112
96
993 23,500 AmerSugar Refining
4
100
4
90
8
9012 905 9112 9012 9112 893 9012 8712 8978
:
4
Preferred
100
1505 1505 *110 1103
15 8 151
*110 111
1104 1107 11018 1104 110 110
8
4.80 Am Sum Tob
75
0
No
5512 5714 5758 5818 584 584 5514 5514
571:300
52
2
0
5512 er T800 Am
2
0
20
Pn
elegraph &Cable__10Or
193
4 19
1918 20
183 187
4
8 19
19
19
8
208 2105
Amer Telep & Teleg
100
211 215
4
21917 2203 21884 2207 217 2184 2143 218
8
4
4,100 American Tobacco corn.- _50
4
183 18312 182 18312 179 18112 17614 1793 217514 177
182 182
8, 0
0 0
5
17514 177
50
4
18014 1823 17614 180
183 184
18214 184
183 184
0
Preferred elan8 B
3
rn o l
100
120 120 *120 120 4 120 120
*120 12014 120 12034 120 120
141 14114 1,200 American Type Founders-100
14712 149
143 145
15112 15212 150 150
15312 15312
501 Preferred
100
109 1093 10712 10912 108 108 *10712 110 *10712 110 *10712 110
8
32,800 Am Wat Wks & El
84
No par
4
874 823 844 81
84
87
8312 8517 82
85
85
300 1st preferred
10212 10212
102 103
102 102 *10112 ____ •101 102
•100 103
100
2518 234 244 2418 2418 7,500 American Woolen
8
• 2412 243
4 245 2612 2518 2612 25
5312 5114 5212 6,300 Preferred
100
4 52
8
54
57
5414 543
2 51
513
4 503 56
800 Am Writing Paper et:6.N° par
1212 1212
13
1314 1312 1378 137
8 13
14
14
14
14
43
100
434 2,600 Preferred certificate
8
433
4 424 435
8 4212 4314 417 43
*43
433 *43
4
6,060 Amer Zinc. Lead dr Smelt___25
36
38
38
404 37
8
40
39
*3812 4112 397 4014 39
1,500 Preferred
25
10212 104
104 104
106 106
105 105
*1053 10712 105 106
4
4
50
12712 1307 12412 12712 1243 12712 697,900 Anaconda Copper Mining8
12612 1724 12618 12814 12612 130
53
555
8 8,100 Anchor Cap
No Par
564 5714 557 567
8
8 54
5614 63
554
57
57
600 Preferred
par
_ ._3
i1 2
116 116 .11S
8
1187 119 *115 119 •_ 117
118 118
171,100 Andes Copper Mining-N:par
N
9018 5112 5014 5114 5014 517
8 507 53
8
494 51
5
9614 997
8 9614 984 7,300 Archer, Danis, Mid'id_No Par
10212 1033 1025 1033 10114 103
4
8
8
103 103
60 Preferred
100
114 114
11414 11412 *114 11412 114 114
114 114 *114 105
1,300 Armour & Co (Del) pref
93
100
93
94
4
943
4 94
943
4 9412 943 *94
*94
9412 95
1612 48,800 Armour of Illinois clans A___25
4
1738 173
4 1714 174 174 1712 163 1712 1612 164 16
25
8
83
8 85 37,600 Class B
84 83
4
8 8 914
7
9
914
83
4 94
9
9 12
600 Preferred
834
100
83
8
*837 100
84
8
8412 *837 8412 8412 8412 84
*84
21,500 Arnold Constable Corp.No par
8
3378 314 33
3114 3312 335 3618 3458 3614 33
32
4
293
400 Artioom Corp
30
No Po
8 30
30
*29
35
*30 ---- 30
2918 294 *2918 293
50 Preferred
10
•984 100
*9814 100
99
99
*9814 100
*99 100
9814 99
•Bid and asked Woes; no sales on WS day.
Ex-dividend.
v EX-rialaa.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Per share
1612 Jan 2
20 Jan 2
128 Jan 2
1464 Jan 2
9812 Jan 2
12518 Feb 8
165 Jan 26
3211 Feb 6
44 Jan 29
9712 Jan 29
2143 Jan 8
4
4
823 Jan 3
983 Feb 6
8
70 Jan 29
94 Jan 2
8212 Jan 21
41 .19.1129
4134 Jan 10
334 Jan 25
57 Jan 28
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
r8arhe
$ per share $ per share 8 per share
Mar 8012 Jan
207 Feb 4
8
17 Aug 38 Jan
2414 Feb 4
1383 Feb 2 11758 Feb 13114 May
8
165 May
1583 Feb 1 12369%12
8
FebSept 10214 Jan
99 Jan 3
14071( Jan 14 100 Jan 15912 Jan
19458 Oct
178 Feb 1
92114 j n 464 May
391 8 Ja t
2 2 e3
8
2
3738 Jan 11
56 May
5814 Jan 25
9458 Oct 107 Feb
100 Jan 5
231 Feb 2 18612 Feb 2247a Nov
824 Oct 8714 Jan
84 Feb 7
Jan
99 Aug 111
10014 Jan 5
9914 Nov 10812 Mat
51 Feb 9614 May
814 Jan 5
8812 Feb 102 May
1044 Jan 7
87
3134
91 Jan 8
9911 May
Feb 5434 May
54 Feb 4
334 Feb 5478 May
534 Feb 4
2814 Feb
3812 Dee
41 Feb 4
5212 Aug 624 Jan
6412 Feb 4
3614 Nov 85 Apr
5478 Jan 22
76 Nov 102h July
8858 Jan 7
90 June 142 Dee
15912 Jan 3
Oct 11411 June
112 Jan 2 109
Jan 425 Dec
424 Jan 24 195
96 Jan 3
93 Jan 0913 mar
3012 Dec 3312 Dec
357 Jan 15
11
11
7412 Feb 4
Jan 65 Sent
4
3414 Jan 893 Sept
733 Feb 4
4
254 Jan
45 Jan 21
8
5 4 Mar
3
59 June 9958 Des
1145 Jan 26
8
1438 Jan
1114 Jan 2
74 Jul
10 Nov
1
Jan
1014 Jan 8
223 Dec 3114 Jan
4
25 Jan 3
Feb 25234 Nov
301 Feb 2 146
123 Jan 24 12012 June 12738 May
194 Jan 11 11518 Feb 200 Dec
018 Oct 1634 Apr
1118 Jan 14
69 Mar 90 Aror
73 Jan 17
274 Feb 437g Nov
425 Jan 3
8
155 Feb 26 Nov
8
235 Jan 15
8
555 Feb 797 Nov
8
733 Jan 11
4
743 Jan 159 May
4
13414 Feb 6
60
Oct 657 Jan
61 Jan 18
1434 July 2412 Aug
2012 Jan 16
36 Feb 61h Sept
6014 Feb 5
153 Feb 444 Nov
8
474 Jan 17
397 July 494 Jan
8
62 Feb 4
124 Jan 23 120 Dec 128 June
105 Apr 2614 May
8
2312 Feb 6
4014 Apr 657 May
8
747 Feb 6
8
704 Jan 11712 Nov
120 Feb 5
4
1417 Jan 14 1363 Jan 147
8
Apr
8814 July 11112 Jan
10612 Jan 3
120 Jan 29 11058 Aug 13712 Mar
71 Dee 105 June
80 Feb 7
44 Dec 503 Dec
4
5812 Feb 1
Jan 114 MAY
11414 Jan 30 107
1012 Dec 154 Apr
11 Jan 2
Jan 86 Nov
53
98 Jan 31
Jan 310 Dee
298 Jan 2 169
2258 Feb 85 Dec
10112 Jan 31
1043 June 110 Ma7
4
108 Jan 10
10512 Jan
Feb 100 Sept
81
101 Jan 29
9678 Jan
814 Oct 1538 Feb
10 Jan 2
9 Jan 1
31 Nov 6738 Feb
38 Jan 2
3014 Feb
59 Feb 86 Nov
8538 Jan 24
75 Jan
Jan 4638 Aug
28
3
43 4 Feb 5
384 Jan 1
Jan 9912 May
90
94 Jan 3
92 Feb
Jan 150 Dec
71
1507 Jan 2
8
1364 Feb
1138 Ott
514 Jan
8 8 Jan 10
7
612 Feb
Jan 8512 Oct
56
72 Jan 4
Feb
Jan
87 June 115
Jan 3
115
104 Feb514
6
118 Jan 22 10314 Oct 134 Mar
113 Jan
1883 Jan 11 12912 June 18334 Des
4
17514 Feb
Jan
11615 Jan 12 110 Dec 116
11212 Feb
39 Mar 6334 Nov
813 Feb 6
4
6014 Jan
135 Feb 13 109 Aug 117h May
117 Jan
083 Dec 9934 Nov
4
9814 Jan 7
85 Feb
123 July 25 Feb
4
177 Jan 31
8
13 Jan
38 Dec 90
Jan
6214 Jan 95 May
3
125 j n30
5
0 J:n 1
814 j n
38 Ja
02 4 Fe 2
e
1773 7, b 5 10012 Dec 10714 May
9912 Jan
7018 Nov 7712 Nov
8112 Dec 864 Nov
833 Feb 7
4
33j
04 Jan 1
8
7
1874 Jan 2 210 Jan 15 13018 Jan 19112 Dec
Oct 152 Apr
140 Jan 7 195 Jan 29 141
1294 Jan 16 143 Jan 28 11012 Jan 143 Dec
4
5114 Feb 85 Apr
4814 Feb 8 643 Jan 2
4
56
Jan 747 Sept
8
68 Jan 2 743 Jan 31
275 Nov 45 May
8
3
33 Jan 21 367 Jan 3
358 Jan 2
7 Feb 5
618 May
312 Aug
Jan
80 Sept 119
90 Jan 7 94 Jan 24
9312 Jan 16 12212 Feb 6 169 Feb 293 Dec
Apr
13512 Feb 2 138 Jan 4 131 Mar 142
Jan 210 Dec
200 Jan 30 206 Feb 1 141
Oct 120 June
1034 Feb 7 112 Jan 24 100
5018 June 7038 Jan
8
4
643 Jan 7 797 Feb 4
11012 Jan 4 11234 Jan 16 109 June 120 Feb
55 Feb 9312 Nov
8318 Jan 7 9454 Jan 25
10612 Jan 3 111 Feb 1 100 Feb 11012 May
46
Feb 7358 Sept
52 Feb 8 60 Jan 2
1714 Dec 32
Jan
17 Jan 2 2012 Feb
19314 Jan 8 222 Jan 30 172 July 211 May
175 Jan 8 18612 Jan 28 152 June 1844 Dec
17414 Jan 8 188 Jan 28 152 June 1847 Nov
4
1
Apr
11914 Feb 12114 Jan 15 1153 Sept 126
8
13612 Jan 5 155 Jan 31 1097 Aug 14214 Nov
2
112
0
12
8 ,1 2 Jan 30 107 Nov 115 Mar
1007711:
52 June 7612 Nov
Jan
98
Oct 106
Apr
97 Jan 3 104 Jan 28
14 July 3238 Nov
8
2
9
4
20 jan 2
53 Jan , 277 Jan 3
30 Aug 653 Nov
4
583 Jan 2
8
1912 Feb
104 June
1214 Jan 17 1514 Jan 21
34 June 5334 Oct
415 Jan 16 44 Jan 4
4
63 Jar 57
8
Oct
36 Feb 8 448 Jan 2
40
Jan 1177 Oct
10212 Feb 8 108 Jan 31
54
Jan 12014 Dee
3
11514 Jan 15 1307 Feb 6
48 Dec 5458 Dec
53 Feb 7' 5812 Jan 3
112 Jan 2 119 Jan 5 10614 Dec 111 Dec
364 Nov 56 Nov
48 Jan 31 5334 Jan 2
554 Feb 11278 Nov
8
9614 Feb 7 1107 Jan 9
Oct 11514 Mar
114 Jan 4 115 Jan 11 112
863 Jan 9712 June
8
4
913 Jan 9 95 Jan 30
1114 Jan 2312 Sept
16 Feb 7 1818 Jan 2
1312 May
655 Jan
1
81, Jan 25 104 Jan 2
674 Jan 9112 June
82 Jan 7 88 Jan 24
3514 July 514 Apr
293 Feb 2 4078 Jan 2
4
2814 Dec 4438 Mar
2712 Jan 22 30 Feb 5
99 Dec 114 Mar
9712 Jan 9 100 Jan 4
4018 Jan 4
83 Jan 21
13812 Jan 30
1094 Jan 16
389 Jan 16
9314 Jan 22
315 Jan 8
8
48 Jan 29
5812 Jan 23
312 Jan 2
9878 Jan 7
94 Feb 8
75 Feb 7
8
23 Jan 18
241 Jan 7
121 Jan 3
175 Jan 25
9 4 Feb 8
3
7014 Jan 16
3111 Jan 30
1918 Feb 8
634 Feb 8
8
1225 Jan 7
60 Jan 3
17 Jan 2
51 Jan 7
4038 Feb 8
45 Jan 16
12212 Feb 7
154 Jan 7
4954 Jan 7
10912 Jan 30
141 Jan 3
97 Feb 8
11612 Feb 7
723 Jan 23
8
474 Jan 3
10912 Jan 2
9 Jan 25
83 Jan 8
280 Feb 2
7514 Jan 4
New York Stock Record—Continued--Page 3
853
For sales during the week of stocks not recorded here, see third page preceding.
111011 AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday,
Feb. 5.
Wednesday, Thursday,
Feb. 7.
Feb. 6.
Friday,
Feb. 8.
Sates
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share S per share Shares Indus. & Miscel. (Con.) Par
*297 30
30
8
30% 294 297 *293 30121 29181 293
4
8
4 2912 30 8 1.600 Art Metal Construct1on___ 10
3
8
8 627 6412 6212 64 8 g 5912 6238 594 62
3
633 6512 6214 643
4
37,000 Assoc Dry Goods
No par
10112 10112 *98 104
10112 10112 •99 102
0101 104
*98 101
200 First preferred
100
46
4518 4518 46
46
46
46
46
4518 46
45
4512
25
930 Associated Oil
3518 3512 3312 3514 3,400 Atl 0 & W I S S Line__No par
3612 353 36
36
37
37
4
364 37
4714 473
474 48
4 474 4718 4712 4712 47
47
4634 463
4 1,300 Preferred
100
08
584 554 574 554 564 55's 57 131.800 Atlantic Refining
603 6173 5812 61
4
25
11614 11614 116 116 *11512 117
11512 11612 *11512 117
117 117
100
90 Preferred
110 112
111 112
111 11112 107 109
106 1063 102 106
41
6,000 Atlas Powder
No par
•105 10612 105 105 *105 10612 105 105
105 105
105 105
110 Preferred
100
01214 14
14
12
*12
12
12
12
12
12
12
12
600 Atlas Tack
No par
718 818
74 818
734 8
712 712
738
738
7
712 3,800 Austin, Nichols & Co_No par
036
3712 *3614 37
37
*35
*35
*35
37
37
*35
37
Preferred non-voting____100
6312 6312 63 63
*6312 64
*63 64
63
*62
63
64
400 Austrian Credit Anstalt
8
2234 233
223 224 225 23
8 2314 2312 224 233
8
8 2238 2312 3.000 Autosales Corp
No par
3812 39
39
394 3918 3812 3812 384 384 1.800 Preferred
*3812 39
39
50
4512 46
48
45
4612 4818 4512 45121 46
*4412 45
477
8 4,200 Autostr Sal Razor "A"_No par
*230 240 *230 240 *230 240 *230 234 *230 280
230 23014
200 Baldwin Locomotive Wks.100
117 *11612 118
/
1
117 1173 117 117 I 11712 11712
4
11612 1173 1164
4
210 Preferred
100
4
/ 1093 1093 1093 1093 1093 1093 1093 110
1
4
4
/
1
4
1094 109
4
4
4
1093 110
4
4
300 Bamberger (L)& Co pref 100
32
32
33
32
33
32
327 327
8
8 32
32
31
1,100 Barker Brothers
31
No par
975 *96
973 *96
8
•96
8
97
9718 97
*96
97
97
97
200 Preferred
100
25
26
2518 25
025
2438 2478 *2412 25
25
24
2412 1.200 Barnett Leather
No par
4418 454 43
46
45
12 444 42
4 405 417
4
8
433
8 4012 413 168,900 Barnsdall Corp class A
25
4614 4614 *44
49
44
41
46
41
4012 4012 42
42
1,900 Class B
05
0106 109
109 110 *1094 112121•108 112 *10612 108 •10612 108
200 Bayuk Cigars, Inc
No par
106 106
105 10512 *10514 10512 *10514 10512 104 106
106 106
100 First preferred
100
2114 213
22
4 21
2178 203 213
22
4
2038 20
8 20
2014 11,200 Beacon 011
No par
944 9434 944 9312 94
/
1
93
06
04
9114 9314 87
9114 6,300 Beech Nut Packing
20
1212 13
1214 1212 1214 124 *1214 1212 1214 1214
1214 2,800 Belding Ilem'way Co__No par
12
08112 82
813 82
8
82
8314 8212 8212 8212 823 *8214 8314 1,100 Belgian Nat Rys part pref __
4
88
8
873 8812 87
8818 89
874 88
8512 87
8718 4,000 Best & Co
83
No par
/
4
864 8712 8814 9312 911 923
/
1
8 8918 934 8618 804 8618 89 343.800 Bethlehem Steel Corp ___100
/
1
4
•122 12214 122 122
122 12214 122 122
122 12218 122 122
3,600 Beth steel Corp pf (1%)_100
4858 49
4712 48
5112 47
4612 4714 46
47
4612 47
5,700 Bloomingdale Bros
No par
0110 11012 110 110
110 11018 *110 11012 *110 1101 •110 11012
230 Preferred
100
102 102
*97 102
*97 102
*97 1011 •97 1011 *9712 10112
/
4
10 Blumenthal & Co pref
100
8418 *8412 85
84
84
/ 8414 8412 8514 8412 841z 83
1
4
8418 1.700 Bon Aml class A
No par
94 918
10
*9
9
9
9
9
9
9
84 912 2.400 Booth Fisheries
No par
60
*53
60
531g *52
*53
*53
60 .53
60
63
58
300 1st preferred
100
195 198
19312 197
19814 2033 193 199
4
/
1
4
189 192
188 19212 43.700 Borden Co
50
13
/ 133
1
4
4
14
8
4 133 133
4 137 1378
1412 14
151
15
15
1,5001Botany Cons Mills class A_50
525 55
50' 523
8
2
5418 65
5412 5514 544 55
49
5258 182,5001 Briggs Manufacturing_No par
*5
6
518 512
512 512
5t2 5
/ *5
1
4
44 44
5'2
600 British Empire Steel
100
*912 1012
912 103
4 *918 11
914 914
10
914 94 *9
8001 2d preferred
100
677 683
8
4 673 684 673 6918 6734 684 65
4
8
663
4 6418 6618 11,900 Brockway mot TrNo par
•132 145 *132 145 *132 145 •132 145 *128 140 •128 142
i Preferred 7%
100
*320 340 .320 340
340 340 *320 345 .320 345 *318 345
100 Brooklyn Edison Inc
100
189 189
190 190
18912 191
180 180
1894 18912 185 185
3,600,Bklyn Union Gas
No par
4414 4414 *44
46
*4412 4512 *4412 46
43
44
4318 4318 1.300 Brown Shoe Inc
No par
•119 1191 11912 11912 *119 11912 119 119
117 117 .117 118
401 Preferred
100
8
4 523 533 z5012 514 5018 517
5212 533
8
4
8 483 50 4 4814 49
3
9,600 Bruns-13alke-Collander_No par
384 3812 383 404 393 415
8
/
1
4
8 3918 413
4 374 387
8 374 3818 29,400 Bucytios-Erie Co
10
467 4712 4718 493
8
8 483 50
48
4
495
8 4614 484 4618 474 21,900 Preferred
10
8
8
1145 1145 1143 11434 115 115
4
115 115
11518 11514 1154 11514
560 Preferred (7)
100
•117 120 *11614 118
1164 1164 1174 1173 *11612 118 .1153 1194
3
8
200 Burns Bros new elAcomNo par
032
32
34
334 33
335 3412 34
8
34
343
8 3034 33
2,400 New class B com___-No par
104 104
105 105
105 105 .104 105 *104 105
105 105
50 Preferred
100
245 245
240 243 •238 241
245 245 *24212 245
24412 24412
1,200!Burroughs Add Mach_No par
88
8918 8218 871
8418 863
8 8112 86
783 81
4
77
811 36.200Bush Terminal
No pa
1083 1084 1083 1083 10814 109
4
4
4
10812 1084 *10812 109
10812 10812
2401 Debenture
100
•115 117
116 116
116 117 *11512 117
11512 11512 115 115
80 Bush Term 131dgs pref
100
1014 103
8 1012 103
4 1012 1024 1012 103
4
1038 10511 1014 101
4,800 Butte & Superior M1ning...10
818 813
812 9
84 914
9
9 12
812 87s
812 9
26,900 Butte Copper & Zinc
"
4 35
,
35 4 35
3
35
35 35
35
357
3512 35
8 35
35
3,600 Butterick Co
100
167 15912 156 157 *156 158
15412 157
14714 152
14012 1501
7,2001
7.200 Byers & Co (A N1)____No par
*115 116
11512 116 *112 118 *115 118
116 116
114 114
701 Preferred
100
11814 11814 120 120
11912 12014 119 1247 116 11834 115 1171z 5,100 137-Products Coke____No par
8
7514 764 21,100 California
7514 7512 7512 7614 774 80
4
8 754 77
773 795
Packing_ _ __No par
1327
30
*27
303 *27
28
28
28
*27
28 .27
28
20 California Petroleum
25
314 314
34 34
314 33
318 3 8
8
3
3
3 18
3
31s 4,600 Callahan Zinc-Lead
10
13012 133
1287 130
8
131 13434 12912 136
127 13034 1263 13134 56,100 Calumet & Arizona Mining_jO
4
3
573
543 55 8 56
4 5614 587
4
564 583
8 53
5614 5412 567 179,000 Calumet & Heels
25
80
84
8 80
84
84
7812 81
8611 8314 843
784 80
63.800 Canada Dry Ginger Ale No par
4518 451
4512 46
46
457 457
46
8
45
45
443 44 8 2,400 Cannon Mills
8
No par
465 467 *460 470
458 459
465 405
450 45412 445 454
2,300 Case Thresh Machlne__1OO
0126 128 *125 128 *127 128
128 128 •126 128
128 128
300 Preferred
100
44
43
4134 4314 42
47
444 46
4738 4612 47
43
7.100 Central Aguirre Ass°._No par
8 47
4843 4618 4734 74,200 Central Alloy Steel____No par
51
8 4912 50's 4814 427
40
/ 513
1
4
52
*11_ *112
212__ •11212
__ *11212
__ *11212
*11212
.
10
Preferred
1712 1712 •1812 -1918 18 -18 184 1712 _18
18
18 -111
1,100 Century Ribbon Mills_No pa
*7614 85
*7614 85
80 .7614 80
80
90
•80
*7612 80
50 Preferred
100
106 10612 106 10834 10712 11212 110 11438 106 10834 1074 11014 98,
90 Cerro de Pasco CoPper_No par
0
25
2512 243 25'2 25
2414 243
8
8 235 24
4
8
*243 25
23
2.200 Certain-Teed Products_No par
•____ 75
*40
75
75 •50
*40
70
*50
76
65
65
100 7% preferred
100
8712 84
•82
87
83
8512 8512 *85
86
8518 84
84
8001 Certo Corp
No par
*21
23
*2112 22
•22
23
2212 *21
•20
22 .21
22
Chandler Cleveland MotNopar
•22
23
*21
23
____ ____ _-- ---- ---- ---- ---- ---I Certificates
No par
4012 ...._ __ 40 . . _ 40
3_ _
40 .---- 37
4012 *38
•37
I Preferred
No par
---- ---- ---- ---- ---- ---- ---- .-- - ---- ---- ---- -- -- ------ Pref certificates
No par
8814 893
8 8718 893s 8618 873
4 854 8712 8312 8512 8218 833 33.000
4
No par
Chesapeake Corp
*3212 3412 34
3412 334 3314 30
30
•314 33
*314 32
1,200'Chicago Pneumat ToolNo par
55
55
55
6514 55
55
5518 55
5514 55
55
5518 7,2001 I'referred
No par
31
3112 317 32
8
32
33
32
33
32
33
32
32
360 Chicago Yellow Cab
No par
4818 4812 4614 48
47
473
4 4612 463
4 4612 4612 46
463
8 3.600 Chickasha Cotton 011
10
5413 5714 5513 577
55
563
4 55
55
54
5312 557 16.800 Childs Co
56
8
No par
92
924 9214 9312 914 95
9118 9234 51,000 Chile Copper
92
955
8 914 93
2'
114 114
1133 115
4
*993 116
4
*993 113
4
*993 111
4
4
*993 112
90.Christie-Brown tern ctfsNo par
1084 11214 10812 11114 1104 1133 1093 1134 10012 11014 10114 1077
4
8
8 618,200 Chrysler Corp
No par
52
050
•50
52
•50
52
050
52
50
50
50
50
420
99
No par
'City Stores class A
99
99 101
_
. _
_
_
,.. -777 „
.
500 Class 11
No par
*65
/ 6612 653 66
1
4
4
(512 - - -34 fi
3.
65
- - 12 633 4 64
65
6314 - ;
637
•1144 116
&
1137 1137 11478 11478 1154 11514 11514 11514 *11514 11512 2.400 Cluett Peabody & Co No par
8
130 Preferred
100
1774 1781
2___ - --7_
3,000 Coca Cola Co
No pa
5112 5213 53 58
5614 57
5312 5212 5312 5212 57
5412 33.200 Collins & Alkman
No par
*9713 100
*9812 99
9934 101
10212 10312 .102 103 0102 103
4,4001 Preferred non-voting___10
0
7318 7412 73
753
4 73
74
7012 7412 67
4
7014 663 6934 16.400 Colorado Fuel & Iron
100
14712 1527 1504 1547 150 1543 146 15214 139 145
8
8
4
135 14212 27.800;Columblan Carbon v t cNo par
25312 15412 15214 155
15012 1524 16018 162
146 1493 14312 14714 15,81010
8
0116a Gas & Etec____No par
8
1063 107 *1063 1067 107 10714 10718 10718 •107 10714 10612 1074
8
8
1,6001 Preferred
100
7814 8134 773 813
8
8 77
80
744 783
8 705 75
8
8
5S's 733 426.500,Columbla Graphophone
8
8 523 5334 52
524 533
53
524 53
5212 34.700'Commercial Credit____No par
514 5234 50
25
25
25
25
2434 25
25
25
.25
2514 25
25
220 Preferred
25
2614 2612 26
2614 26
26
26
261g *26
2614 2614 2614
220 Preferred 13
25
102 1023 1015s 102
102 1024 10218 1027 102 10214 10058 10153
4
8
610 1st preferred (63.%)__1O0
193 195
189 1912 1861 189
187 192
4
/
4
17758 18412 1753 183
4
30.100 Comm Invest Trust___No par
010612 109 *107 109
107 109 *10712 109 *107 109 .107 109
1.800 7% preferred
100
06
99
97
97
96
96
963 963
4
4 96
*95
96
97
1.200 Preferred
100
5611 58
61
627
8 58
60
5512 58
514 5412 505 5214 12,740 Warrants (654)
8
100
4
245 2473 242 24312 242 243
23512 240
226 232
227
6,800 Commercial Solvents—No par
32613 12738 1254 12912 121 1243 119 1223 11612 1197 11518 232
8
4
8
11812 20,900 Commonwealth power_No par
87
87
87
88
86
88
86
87
8518 8518 8414 85
2,100 Conde Nast Publica___No par
32
323
4 314 325
8 3112 32
3018 3112 2918 3012 2814 29 117,200 Congoleum-Nairn Inc_No par
/
1
4
87
9012 8934 9112 887 924 85
8312 85
8
884 84
883 128,500 Congress Cigar
8
No par
.1.1
114
Ils
118
1
114
118
14
112
112
114
112 2,900 Conley Tin Foil stpd No par
94
93
93
9212 9212 9113 93
94
91
9112 9114 9214 10.800 Consolidated Clgar—No par
*95 101
*90
96
94
04
*91
*94
96
06
*9314 96
100 Prior pref
100
28
284 273 284 28
2858 2714 2812 265 2714 265 27
4
8
8
pref__No par
116 11
4
0 11438 1154 1144 1153 11218 115
1081 1117 210734 11014 12,800 Consol Film Ind
/
4
8
No par
994 9912 994 90
4 9914 9912 9914 9912 9914 9914 9914 9912 209.800 Consolidated Gas(NY)No par
4.100 Preferred
PER SHARE
Range Since Jan. 1,
On basis of 100
-share jots
Lowest
I
$ per share I
2918 Feb 7
593 Feb 8
8
10112 Feb 7
4334 Jan 2
3312 Feb 8
4
463 Feb 25
5312 Jan 29
115 Jan 21
102 Feb 8
105 Jan 2
1112 Jan 2
64 Jan 3
36 Feb 1
6212 Jan 2
223 Feb 1
8
38 Jan 14
434 Jan 10
230 Feb 8
1154 Jan 4
/
1
10814 Jan 2
2812 Jan 14
893 Jan 19
4
24 Feb 8
40 Jan 29
40 Jan 30
106 Jan 8
104 Feb 8
20 Feb 7
87 Feb 8
12 Feb 8
81 Jan 29
85 Feb 8
8218 Jan 31
1213 Jan 2
4
4214 Jan 21
110 Jan 4
102 Jan 22
83 Jan 7
83 Feb 8
8
53 Feb 7
17412 Jan 8
113 Jan 10
4
49 Feb 8
418 Jan 8
53 Jan 14
4
641s Feb 8
4
1363 Jan 24
300 Jan 2
175 Jan 7
43 Feb 7
117 Feb 7
4814 Feb 8
3618 Jan 3
453 Jan 30
8
112 Jan 3
1163 Feb 5
8
302 Jan 31
8
10314 Jan 5
234 Jan 16
7414 Jan
10514 Jan 5
114 Jan 15
104 Jan 2
818 Jan 30
334 Jan 24
14012 Feb 8
110 Jan 17
108 Jan 8
744 Jan 31
27 Jan 3
3 Jan 8
12114 Jan 7
44 Jan 8
78 Jan 4
443 Feb 8
8
445 Feb 8
124 Jan 14
373 Jan 11
8
4618 Jan 7
111 Jan 3
1712 Feb 7
7614 Jan 5
1017 Jan 16
8
234 Feb 8
/
1
65 Feb 8
7712 Jan 7
20 Jan 24
2212 Jan II
3612 Jan 7
37 Jan 9
8018 Jan 7
29 Jan 17
/
1
4
55 Jan 16
31 Feb 2
46 jan11
524 Jan 30
7114 Jan 8
102 Jan 3
10114 Feb 8
50 Jan 30
9812 Jan 29
6314 Feb 8
1137 Feb 4
8
16812 Jan
50 Jan 4
93 Jan 3
8
665 Jan 8
124 Jan 7
13612 Jan 2
1054 Jan 18
6818 Feb 8
50 Feb 8
2412 Jan 2
25 Jan 21
8
1003 Feb 8
13112 Jan 2
104 Jan 26
94 Jan 3
2714 Jan 7
22712 Jan 8
1074 Jan 7
80 Jan 3
273 Jan 2
8
794 Jan 8
1 Jan 8
91 Feb 7
93 Jan 28
2514 Jan 2
10318 Jan 7
9812 Jan 2
Highest
S per share
304 Feb 4
7034 Jan 10
107 Jan 15
47 Jan 5
4318 Jan 11
5534 Jan 2
68 Jan 2
1174 Jan 11
115 Jan 2
10612 Jan 14
1512 Jan 3
10 Jan 11
4218 Jan 14
65 Jan 8
2912 Jan 7
8
437 Jan 23
50 Jan 11
248 Jan 21
120 Jan 25
11012 Feb 1
3334 Jab 23
97 Jan 28
2914 Jan 15
464 Jan 3
49 Feb 2
1133 Jan 25
4
/
1
1064 Jan 29
2812 Jan 8
101 Jan 12
4
143 Jan 2
844 Jan 3
9312 Jan 3
9312 Feb 4
123 Jan 11
544 Jan 29
111 Jan 16
118 Jan 2
8912 Jan 12
1134 Jan 2
63 Jan 18
/
1
4
2033 Feb 5
4
1518 Feb 7
6318 Jan 3
678 Jan 28
1312 Jan 28
734 Jan 2
145 Jan 2
340 Jan 5
20012 Jan 28
47 Jan 2
119 Jan 9
5514 Jan 18
4234 Jan 5
50 Feb 5
11514 Feb 7
127 Jan 11
39 Jan 14
10.514 Jan 7
25014 Jan 301
8918 Feb 2
109 Feb 5
117 Feb 5I
1'24 Jan 4
912 Jan 3
41 Jan 2
1027 Jan 2
8
12938 Jan 26
4
1293 Jan 25
80 Feb 5
294 Jan 25
4 Jan 22
136 Feb 6
60 Jan 19
8612 Feb 4
484 Jan 3
509 Jan 2
128 Feb 6
483 Jan 30
4
5212 Feb 1
11212 Jan 28
2012 Jan 2
82 Jan 17
1143 Feb 6
8
285 Jan 2
8
8112 Jan 11
9214 Jan 31
23 Jan 11
223 Jan 18
4
41 Jan 29
40 Jan 14
893 Feb 2
8
357 Jan 25
8
5614 Jan 11
36 Jan 7
50 Jan 2
6012 Jan 2
9558 Feb 6
115 Feb 4
135 Jan 2
52 Jan 2
109 Jan 2
723 Jan 3
4
119 Jan 3
17812 Feb 2
58 Feb 4
10312 Feb 6
7712 Jan 29
1647 Feb 4
8
160 Jan 31
1077 Jan 11
8
4
883 Jan 9
623 Jan 2
8
28 Jan 9
2712 Jan 30
1053 Jan 24
4
195 Feb 4
109 Feb 5
99 Jan 28
624 Feb 4
248 Jan 29
13212 Jan 29
93 Jan 19
35 Jan 28
/
1
4
923 Feb 6
8
112 Feb 7
9614 Jan 2
96 Jan 7
284 Jan 16
11812 Jan 26
99 Jan 8
/
1
4
PER SHARE
Range for Precious
Year 1928
Lowest
14
Mar
377 De
8
623 July 8118 Ja
4
111 Aug 17312 De
294 Aug
45 Dec
37
Apr
373 Mar
8
76 Dec
544 Jan
/
1
5114 Jan
62
Jan
603 Dec
8
11112 Dec
127 Feb
4418 Dec
90 Nov
5212 June
79 June
8912 Mar
106 June
61 Dec
21 Feb
23 FebI
23 FebI
85 June
55 Shari
/
1
4
99
JanI
923 June
8
618 AugI
1374 Junel
621 JanI
4
48
Jan
22 junel
67 Feb1
14 Jan
7912 JanI
Mr Oct1
23 j,41yI
y74
AugI
971, Au1
4
•131d and sated prices; no sale on this day. t Ex-41y1dan6 of 100%
In awn.'took. z Ex-dlyldand. r got
-Mena. t Sh111111gs• S E3- , and az-egbflf.
0117
Highest
$ per share $ per share
2512 Jan 3434 Apr
4014 June 7612 Dee
9912 Aug 1137 Apr
8
3712 Feb 533 Sept
8
374 Feb 594 May
38
Feb 6514 Oct
50 Nov 6612 Dec
11412 Sept 11814 Jan
63
Jar 114 Dec
102 July 11012 May
814 Jan
173 June
8
43 Jan
8
914 May
25 July 39
Jan
58
Oct 75 May
612 Jan
344 Nov
/
1
25 Aug 41 Nov
43
Oct 5212 May
235 June 285 Mat
115
Oct 1243 Apr
4
10714 Nov 1117 Jan
8
267 Aug 3514 Dec
8
917 Dec 10112 June
8
2312 Aug .5212 Feb
20 June 53 Nov
20 June 6118 Nos
98 June 14012 Mar
10312 Dec 1103 Mat
8
1214 Mar 244 Dec
703 July 10114 Dee
8
12 Dec 22
Jar
825 Sept 9212 May
8
533 Jan 102
4
Oct
514 June 883 Dec
8
11618 June 125 Apt
334 July 50 Sept
10912 Jan 11134 July
87 June 122 Der
654 Jan 8512 Dee
514 Jan
1212 Not
414 Mar 7212 NON
152 June 187
Jar
8 Aug 23 Jar
/
1
4
2112 Feb 635 Or
8
118 Jan
94 Mal
/
1
24 Jan
12 Fel
4512 June 7512 Not
110 June 150 Not
2063 Jan 325 Not
4
139 June 2033 Nee
4
44 Dec 5512 Ap:
115 Nov 120
Jai
2712 Feb 623 Sep
4
2412 Feb 488 ma]
4
333 Feb 544 mat
8
11014 Mar 117 Ap
9312 Feb 127
Oc
154 Mar 433 Jun,
8
9734 Feb110
/
1
4Jun,
139
Ja
249 De
50 June 88 De
1044 Aug115 Ma:
111 Aug11912 Jun,
83 Aug1634 Ma:
4
44 Jan
1214 No'
3712 Dec6712 ma:
9012 Jan 20634 De
1085 Apr 118 De
8
65 Mar 122 De
6812 June 825 Sep
8
2514 Mar 36 Sep
134 Mar
53 AD
8
89 Feb 133 No
2018 Jan 474 No
544 Jan 8612 ma:
43 Dec 50 Sep
247
Jan 516 No12012 Dec 13512 Ma
3814 Dec 3912 De
2818 Mar 483 De
8
107
Jan 1113 Ma;
4
11 Aug 24
Oc
77 Aug 92 Ma'
5812 Jan 119 No
2318 Dee 64
/ AD
1
4
75 Nov 100 Ma
7012 Oct 8318 De
512 Feb 24 No
43 Ja
5611 Or
64 De
744 No
131
Ja
14012 Oi
5414 Jur
1147 No
8
10934 Al
12434 Mi
18012 01
11134 Ja
109 .18
844 Ja
13484 DI
14078 Di
11018 is
8438 Nc
71 NC
27 Mo
28 DI
107 Nc
1404 NC
109 Ma
9812 At
307 DI
25014 Nc
110122Di
84 ft
3113 Al
874 Di
33
4;Ma
100 ,,Di
1023 Al
4
29121Sel
17014 Ms
1052 nt
854
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday, 1 Wednesday, Thursday,
Feb. 5. 1 Feb. 6.
Feb. 7.
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rance Since Jan. 1.
On basis of 100
-share tots
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & &fiscal. (Con.) Par $ per share $ per share
5
47
s 5
47
54
41 518
/
4
8 518
4
43
4 4
/
1
4
43
4 43 16.000 Consolidated Textile_ _No par
43 Feb 7
4
6 Jan 15
/
1
4
20
20
/ 204 2012 2014 20
1
4
2014 5,400 Container Corp A vot__No par 20 Jan 31 2312 Jan 9
/ 20
1
4
2014 20
20
20
10
1018 10
1018 10
104
918 912 9,200 Class B voting
9
/ 1018
1
4
9
10
No par
9 Feb 7 1111 Jan 2
/ 563 58
1
4
5712 57
54
4
10,000 Continental Baking cl ANo par 474 Jan 8 60 Jan 17
534 5512 53
564 5712 5614 57
/
1
/
1
4
1118 113
8 1114 113
34,000 Class D
4 1014 107
8 1014 103
912 10
9 4 1014
3
4
No par
818 Jan 8 133 Jan 17
4
923 9314 9314 933
4
4 92
3,700 Preferred
9278 92
/ 9314 911 92
1
4
/
4
/ 914 92
1
4
100 8812 Jan 2 97 Jan 16
632 6414 64
3
673
8
8 67 677
8 6718 7012 6514 6712 6412 667 164,100 Continental Can Inc__Na par 60 Jan 19 7012 Feb 6
•125 126
1243 1243 *1243 126 *1243 126
4
4
20 Preferred
4
1243 1243 *12412 126
4
4
4
100 1243 Jan 7 1243 Jan 7
4
4
922 93
8
9212 93
902 9212 89
8
/ 89
1
4
/ 8714 8712 8512 8712 21,200 Continental Ins
1
4
10 8512 Feb 8 9412 Jan 14
242 25
8
2434 2512 2414 25
/ 90,700 Continental Motors___No par 1918 Jan 2 284 Jan 21
1
4
/ 2212 23
1
4
2428 2228 23
23
/
1
892 9014 8918 904 8914 90
8
8514 8714 30,700 Corn Products Refining
/
1
87
88
897
8 85
25 682 Feb 8 917 Jan 3
8
8
14314 14314 1434 14314 14314 14414 *14314 14412 *14314 144
14314 144
350 Preferred
100 143 Jan 2 14434 Jan 19
72
/ 7418 73
1
4
74
7212 682 7212 77,500 Coty Inc
8
734 74
712 7428 70
8
No par 7118 Jan 12 8214 Jan 28
*28
3012 *28
8
3012 *2712 3012 28
800 Crez Carpet
/ 272
1
4
272 272
8
8 27
28
100 222 Jan 10 30 Jan 28
8
100 100 *100 1013 *100 10114 *10012 10114 100 100 *10012 101
20 Crown Will Pap let pf_No par 99a Jan 8 10114 Jan 18
4
224 227
/
1
8 2238 23
8 1,700 Crown Zellerbach
233
8 2314 2314 2314 233
223 223
4
4 23
No par 2218 Jan 25 253 Jan 9
4
14,600 Crucible Steel of America_100 8512 Jan 7 94 Jan 11
89 9212 90
/ 90
1
4
8812 85
913
87
92
4 9112 9212 90
*11112 11518 *11112 1154 *111 11518 115 1151 *111 120 *111 120
400 Preferred
/
1
/
4
100 109 Jan 8 11518 Jan 31
223 23
4
223 23
4 227 2312 11,100 Cuba Co
8
4
223 23
4
4
/ 2314 23
1
4
/ 223 223
1
4
No par 2112 Jan 8 2412 Jan 3
518 518
5
*43
4 5
5
1.700 Cuba Cane Sugar
434 5
/
1
4
43
4 5
47
8 4
No par
43 Feb 5
4
512 Jan 3
17
17
154 1,700 Preferred
/
1
*1612 17
1614 15
164 161
/
1
: 1612 1612 15
100 15 Feb 7 1878 Jan 3
1512 3,700 Cuban-American Sugar__10 15 Feb 6 17 Jan 3
153 16
4
157 15
8
/ 1512 153
1
4
154 15
/
1
4 15
1512 15
*8718 92
*8818 95
Preferred
*8718 95
*8718 92
*8718 95
*874 92
100 9312 Jan 22 95 Jan 3
4
300 Cuban Dom'can Sug__No par
512 512 *512 53
53
4 53
4
*5 4 6
1
*53
4 6
*53
4 6
54 Jan 23
63 Jan 2
4
62
6312 631
62
/ 6012 6212 7,700 Cudahy Packing
1
4
: 6312 64
4
63
/ 647
1
4
8 633 64
50 6012 Feb 8 677 Jan 15
8
8
4
15514 157
15714 1663 168 17312 162 173
4
15414 16112 1513 1573 116,600 Curtiss Aer & Mot Co_No par 141 Jan 4 17312 Feb 5
__ ...... Cushman's Sons
*206 ____ *206
____ *221
____ *206
____ *206
____ *221
No par 221 Jan 25 22514 Jan 15
40 Preferred (7)
12014 12114 12012 12114
*12114 124 *122 124 *12114 124 *12114 124
100 1204 Jan 22 124 Jan 31
62
2,100 Cutler
62
62
62
6012 62
6112 62
6112 62
-Hammer Mfg
*6212 63
10 60 Feb 2 6534 Jan 11
/
1
4
8114 8112 3,400 Cuyamel Fruit
81
8412 80
7714 80
*84
813 837
4
8 8214 85
No par 63 Jan 3 85 Feb 5
8 6014 6418 6058 6212 62,000 Davison Chemical
6614 6734 6528 6628 6412 667
662 68
8
No par 593 Jan 2 6918 Jan 31
6
400 Debenham Securities
8
*452 46
44 .437 4412
8
453 45
8
4412 44
/ *4434 447
1
4
55 3812 Jan 2 467 Jan 24
8 4412
8
700 Deere & Co pref
4
12512 12534 125 12512 125 12512 1243 125
126 126
125 126
100 1243 Feb 8 128 Jan 4
4
1,300 Detroit Edison
24012 2473 242 242
4
248 248
248 24812 *248 249
248 248
100 224 Jan 2 252 Feb 1
8
4
63
5712 5912 572 593 22,500 Devoe & Raynolde A__No par 5512 Jan 7 644 Feb 5
5818 584 59
643
4 624 647
/
1
8 60
/
1
130 lat preferred
____ 115 115
____ *115
115 115 *115
115 11512 115 115
100 112 Jan 7 11512 Jan 15
360 Diamond Match
15612 15712
100 15612 Feb 8 16412 Jan 11
1594 1597 1593 1593 15812 1593 15814 15914 158 158
/
1
8
4
4
4
912 93
4
914
93
914 6,400 Dome Mines, Ltd
4 934
9
3
94 9 4
/ 934
1
4
No par
94 Jan 2 103 Jan 9
/
1
93
8 93
4
8
8
28,900 Drug Inc
8
122 1237 124 12618 125 12618 12212 12512 11912 1223 119 120
No par 1153 Jan 9 12618 Feb 4
4
72
6,300 Dunhill International.. No par 70 Feb 7 92 Jan 2
711 70
/
4
7312 70
73
/ 733
1
4
8 734 74
7318 7314 72
/
1
100 100
1,100 Duquesne Light 1st pref___100 4912 Jan 24 100 Jan 16
100 100
*100 10112 10014 10014 10014 10014 100 100
/
1
4
7
____ ____ __ __ ____ ____ ____
*5
7
____ ____ *5
Durham Hosiery Mills B__ 50
54 Jan 14
7 Jan 14
110 Preferred
37
37
37
*3714 3712 *36
3714 3714 3714 3714
37
37
100 36 Jan 2 3714 Jan 30
18934 19412 191 1933 189 19334 189 193
4
184 187
18212 185
20.500 Eastman Kodak Co__-_No par 18114 Jan 2 1541 Feb 2
/
4
100 Preferred
12714 12714 *127 12714 *127 12714 127 127 *127 12712
•127 130
100 128 Jan 2 12714 Feb 4
70
33,700 Eaton Azle dr Spring___No par 61 Jan 7 763 Feb 1
8 7412 76
7318 744 711 75
743 763
4
682 7012 68
8
:
/
1
4
194 19814 19014 194
178 1823 84.200 El du Pont de!Nem
4
186 190
175 184
20 1553 Jan 22 19812 Feb 1
4
18114 188
4
4
1173 1173 1173 118
4
8
1173 1177 1733 173 •117 1177 *117 11712 1.600 6% non-vot deb
4
100 1153 Jan 21 1184 Jan 8
8
4
8
/
1
4
/
1
____ ____ ____ ____ _ __ _ ____ ____ ____ ____ ____
•108 109
/
1
4
Elsenlohr & Bros
25 95 Jan 2 11212 Jan 18
*954 9812 ----------------------------------------/
1
100 9312 Jan 9 100 Jan 18
Preferred
37
3612 362
36
8 3612 3612 3614 371 3612 37
600 Eitingon Schild
/
1
4
3614 37
/
4
No par 36 Feb 8 39 Jan 10
*108 10912 *107 109
300 Preferred 655%
10812 1081? 108 10812 *10712 10912 *10712 10912
100 108 Feb 1 113 Jan 19
78,700 Electric Autollte
1663 169
8
146 158
163 16712 163 1654 15914 16612 156 160
/
1
No par 13418 Jan 7 170 Jan 28
10 Preferred
112 112 *11012 113 *11218 113 *11218 113 *11218 113
•112 115
100 109 Jan 2 113 Jan 16
142 15
8
1434 15
22,900 Electric Boat
7
4
No par 1212 Jan 9 153 Jan 16
1412 144 1418 143
4 1312 13 8 1318 14
/
1
/
1
4
62
8 5618 59 159,100 Electric Pow & Lt
643
8 5912 623
3
/
1
4 5918 602
No par 4318 Jan 8 64 8 Jan 30
8 5912 6212 574 593
1,200 Preferred
10714 10812 *108 10812 10814 10812 *10814 108
/ 10814 10814 .10812 109
1
4
No par 10618 Jan 2 10812 Feb 2
130 Certificates 40% paid
133 133
•134 ____ 134 134 *13414
*13414 140
132 132
12212 Jan 4 13412 Jan 29
35,900 Elec Storage Battery--_No par 8312 Jan 29 92 Feb 4
89
/ 911 9012 927
1
4
/ 8414 87
1
4
/
4
/
1
4
8 89
90
/ 88
1
4
9012 8518 87
Elk Horn Coal Corp_ __No par
612 Jan 9
*6
63
4 "6
6 Jan 19
63
4 •6
63
4
63
63
4 *6
4 *6
63
4 *6
33,900 Emerson-Brant class A_No par 102 Jan 22 2212 Feb 7
11
11
8
1212 137
8 13
164 2212 1914 22
/
1
/ 1614
1
4
16% 20
4 2,700 Endicott
7612 763
/
1
4
77
7718 77
-Johnson Corp--50 7612 Feb 8 83 Jan 4
/ 7612 77
1
4
77
77 771 7612 77
/
4
300 Preferred
*120 125 *120 125 *120 125 *120 125
121 121 *120 125
100 121 Feb 7 123 Jan 4
54
56
26,300 Engineers Public Serv-No par 4812 Jan 4 6014 Jan 31
57
58
59
583
8 58
8 5312 56
57
5614 573
934 934 3,100 Preferred
95 9514 95
/ 97
1
4
No par 90 uYy 12 10412 Jan 31
942
3 9312 94
944 9514 94
327 33
8
33
343
4 3312 3414 27,100 Equitable Office Bldg _No par 3114 Jan 4 35 Feb 5
3414 3312 35
34
3414 35
4612 6,200 Eureka Vacuum Clean_No par 441 Feb 1 523 Jan 3
4
4428 45
/
4
45
45
4 4612 4612 46
454 487
8 4812 493
400 Exchange Buffet Corp No par 2214 Jan 15 23 Feb 6
4
*2212 23
*223 23
4
•227 233 *2212 2334
2278 2278 23
8
23
48
2,100 Fairbanks Morse
4
*50
8 47
/
1
4
484 487
/
1
5078 50 8 513 *5028 51
3
8
No par 43 Jan 8 513 Jan 21
4912 51
8
10 Preferred
•10914 110 *108 110 *10814 110 *10814 110
1094 10914 *10812 110
100 108 Jan 17 1107 Jan 9
/ 7912 7912 4,000 Federal Light & Trac
1
4
78
/ 80
1
4
83
15 6818 Jan 3 8612 Jan 29
84
8012 8212 7812 79
8014 82
30 Preferred
4
*100 104 *100 104 *101 104
No par 993 Jan 17 104 Feb 6
104 104 *10112 104 *10112 104
600 Federal Mining & Smelt'g_100 234 Jan 8 310 Feb 4
290 294) 300 310 *300 320
300 300 *285 320 *280 310
100 Preferred
100 100 •100 10012
100 100 Jan 4 10034 Jan 7
*9912 100
*9912 104
*9912 100 •99 100
1912 19,300 Federal Motor Truck__No par 184 Jan 31 223 Feb 6
8
4 19
18
184 184 1812 1818 21
/
1
8
8 1914 193
202 223
100 10112 99 10034 7,600 Fidel Then Fire Ins N Y_-_10 99 Feb 8 106 Jan 2
10212 1024 102 103
/ 10118 104
1
4
103 104
130 Fifth Ave Bus
4 123 123
4
4
/
1
4
No par 114 Jan 31 13 Jan 3
1212 1212 111 117 *1112 123 *111 123 *1112 123
/
4
4
/
4
8
4
9112 9012 9114 2,900 Filene's Sons
95
89
No par 89 Feb 7 973 Jan 14
94
9512 96
944 95
/
1
*9512 96
400 Preferred
10612 10612 10612 107
100 108 Jan 28 107 Ja2223
*10512 107 *105 /
1
4
-•105 10618 *19512 107
653 21,200 First National Stores__No par 64 Feb 8 717 Jan 2
4
s
4
67
677
8 67
68
8 643 6714 64
68
683
4 674 682
/
4
8
8
No par 153 Jan 8 2018 Jan 23
1812 19
173 18
4
/ 172 1812 1714 1818 167 1712 161 1714 47,500 Fisk Rubber
1
4
3
600 1st Preferred stamped-100 64 Feb 7 7212 Jan 14
6618 634 67
'
6712 6712 64
*6612 68
664 6612 *664 67
71
900 1st preferred cony
*64
71
100 6812 Jan 5 8212 Jan 25
7318 71
7712 78
72
7512 7818 •7518 78
7618 53,900 Fleischmann Co
764 75
No par 75 Feb 8 8438 Jan 2
8 76
77
/ 787
1
4
4 7612 7712 76
774 7612 773
51
1,700 Florsheim Shoe cl A
51
51
51
No par 5114 Feb 1 54 Jan 8
51
.5112 511 5112 5112 •51
/
4
5112 51
300 P
100 99 Jan 5 10218 Jan 18
/
1
•99 101
*99 10012 *99 1004 10012 10012 *100 101
*99 102
o
6312 6412 5,100 Follansbee Bros
65
No par 62 Jan 18 69 Feb 1
667
8 6412
8 6512 67
6658 663
67
683
8 65
3,300 Foundation Co
3
/
1
4
4812 49 4 45 50
No par 45 Jan 22 53 Jan 22
49
*44
4612 454 45
/ 4512 4818 49
1
4
101
Jan 19
8
No par 8512 Feb
8 8512 913 39,600 Fox Film class A
917
90
/
1
941 95
/
4
/
1
9414 944 944 944 934 95
/
1
110 Jan 4
440 Franklin-Simon pref
100 110 Jan
10612 110 *10612 110
110 110
110 110 •10612 110 *10612 110
49
54 Jan 25
19,700 Freeport Texas Co____No par 47 Feb
/
1
4
4
5028 511 504 5112 5014 513
/
4
4 483 4914 47
4 5014 513
1,000 Fuller Co prior prat__ __No par 101 Jan
105 Feb 6
8
101 101
104 104
10312 105 *103 1047 104 104
102 102
33 Feb 5
56,000 Gabriel Snubber A____No par 24 Jan
/
1
4
/ 2812 30
1
4
333
3212 3234 33
8 2814 30
2918 311 31
/ 31
1
4
/
4
25 Jan 31
8
4
No par 15 Jan
4
8
4 173 1912 163 182 74,900 Gardner Motor
192 203
1912 21
2014 221 2018 21
/
4
102 Jan 9
9312 8812 9284 21,400 Gen Amer Tank Car__ _No par 8812 Feb
90
98
95
95
9514 952
99
8 95
95
8114 Jan 12
/
4
8 7014 711 14,900 General Asphalt
100 7014 Feb
/
4
4 711 717
74
74
734 75
4 7112 723
7218 723
8
1204 Jan 12
8
100 1112 Feb
•11328 115
8
115 115
1122 1132 11212 11212 112 11214 1112 11128 1,000 Preferred
8
110 General Baking pref___No par 130 8 Jan 2 140 Feb 5
138 138
3
138 138
•138 140 *139 141
139 140
/
1
4
140 140
5412 48,000 General Cable
5618 59
60 4 Feb 4
3
/
1
No Par 374 Jan
5812 5012 5312 51
54
572 60 4 5712 59
8
3
119 Feb 4
/
1
4
2
4
10312 1083 10412 1087 35,000 Class A
No par 81 Jan
112 119
11412 11972 115 11712 109 117
10712 Jan 21
____
700 Preferred
100 106 Jan 1
•106 108
107 107
107 107 *107 1074 106 107 *106
71 Jan 24
11,000 General Cigar Inc
No par 63 Jan
/ 6712 68
1
4
68
6812 6714 68
67
6812 6814 7012 6712 68
122 Jan 24
60 Preferred
100 11214 Jan
•115 120 *115 121
115 119 *115 119
116 116
11212 120
8
2623 Feb 1
8
232 2393 146,400 General Electric
253 25812 251 257
No par 222 Jan
231 244
249 2544 24514 253
/
1
4
2
113 Feb 4
4
2
10 11 Jan
113 111 113 1134 113 1112 1138 115
8
/
4
8
2 1112 1112 115 115 22,000 Special
8
8,200 General Gas & Elec A__No par 70 Jan
85 Jan 23
85
85
85
86
85
84
8314 83
84
83
82
83
94
10412 Jan 22
200 Class B
No par 76 Jan
•84
94
*90 10212 *90 10212 90 90
*94 10212 94
Pre A (8)
No par 12112 Jan 1 134 Jan 24
•125 130 •125 125 *125 130 *125 130
125 130 •125 130
180 Pref B (7)
10714 108
No par 10714 Feb 1 10912 Jan 9
108 108
108 108
108 108
108 108 *10714 108
400 Gen Ice Cream Corp No par 104 Jan 2 109 4 Fob 5
3
•10812 109
1084 1082 1093 1093 *10812 110
/
1
108 10812 *100 110
8
4
4
9.800 General Mills
8512 86
No par 83 Jan 8 8918 Jan 18
864 87
/
1
8612 87
8 8512 86
861s 883
863 87
4
300 Preferred
973
4
100 9714 Feb 7 100 Jan 4
9734 9714 9714 *97
9734 *97
4
4
973
4 973 973 *97
•
97
10 78 Jan 15 86 Jan 28
3
8434 8314 8434 814 85
8212 8314 83
8012 8212 792 8112 732.500 General Motors Corp
/
1
4
4 2,000 7% preferred
100 1243 Jan 10 12612 Jan 2
12512 12512 12512 126
1254 12514 12512 126 *125 12512 12514 1253
8
50 4 1,700 Gen Outdoor Adv A___No par 492 Feb 6 52 Jan 2
3
3
3
50 4 50 4 51
3
51
/ 4934 49 4 50
1
4
x50 4 51
3
49
/ 49
1
4
3312 3412 3312 3312 334 34 8 5.700 Trust certificates
3
-No par 3212 Jan 12 368 Feb 2
35 4 367
3
s 35
3512 343 3514
4
36,300 Gen Ry Signal
4
No par 95 Jan 24 1063 Feb 5
2 9812 104
2
10012 1017 100 10234 103 1063 10212 10612 99 1017
4
11,500 General Refractories_No par 74 Jan 8 8312 Feb 1
80
8012 78
82
83
8113 83
813
4 79
813 82
4
81
/
4
12214 12312 12318 124
11814 1191 117 11912 17.400 Gillette Safety Razor No par 118 Jan 2 12634 Jan 25
1223 123
8
/ 120 123
1
4
16,600 Gimbel Bros
/
1
4
/
4
No par 42 Feb 2 481 Jan 28
/ 434 45
1
4
/ 43
1
4
45
423 43
8
43
44
43
434 434 43
/
1
100 8314 Feb 7 90 Jan 3
8
3 1,600 Preferred
3
85
841 8412 .83
/
4
8312 843
8 834 84 8 832 843
8 843 843
3
/
1
4
40 4 51,600 Glidden Co
3
No par 36 Jan 2 4414 Jan 17
8 411 42
/
4
4114 4338 4112 432
4112 423
8
8 407 4112 40
380 Prior preferred
/
1
4
100 10312 Jan 3 105 Jan 7
1043 105 *1047 105 *1044 105
4
105 105
8
8
104 1047 10412 104
/
1
4
/
1
98,800 Gobel (Adolf)
4
6114 573 60
6112 654 5g
No par 52 Jan 8 66 Feb 6
/
4
/ 6412 66
1
4
622
3 611 64
61
/
1
4
8 7012 73 179,200 Gold Dust Corp y t c-__No par 7012 Feb 8 82 Jan 19
743
75
/ 767
1
4
3 74
/ 72
1
4
764 7414 7712 7412 77
/
1
4
3
4
2893 934 50,700 Goodrich Co (B F)__-_No par 89 4 Feb 8 1053 Jan 2
4
9758 9912 9614 98
/ 96
1
4
8 923 95
97
95 4 983
3
1,500 Preferred
100 113 Jan 9 115 Jan 17
115 115
4
4
4
1143 1143 1143 1143 115 115
4
4
115 115 *1143 115
86,000 Goodyear T & Rub____No par 116 Feb 8 140 Jan 9
/
1
2
4
12612 1323 12914 1314 12818 13012 12712 1293 122 1263 116 126
4
8 3.800 1st preferred
No par 102 Jan 30 104 Feb 6
8
/
1
4
103 1034 10312 1032
10212 10212 1023 10212 10212 10318 1023 104
•Bid and sated Wool no ales on this day. a Ex-dividend. 6 Ex-righta.
PDR SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share
214 Aug
612 Des
20 Nov 36 Apr
93 Oct 1914 Apr
4
2612 Apr 5312 Jan
93 Dee
8
3
3 4 Apr
73 Apr 9612 Jan
/
1
53 Dec 1284 Sept
123 Jan 128 Mar
/
1
4
75 Feb 94 May
10 Mar 2012 Nov
64
/ Jan 94 Nov
1
4
13812 Jan 14634 Apr
/
1
4
622 Dec 89 Nov
8
1212 Sept 27 Nov
9612 Jan 10514 Oct
4
2314 Dec 263 Nov
6914 July 93 Feb
111 Dec 121 May
Oct 284 May
/
1
20
712 May
43 July
8
323 Jan
8
133 Oct
4
153 Dec 2414 May
8
933 Dec 108 Feb
4
Jan
5 Nov
12
54 Jan 7814 Aug
5318 Feb 1923 May
4
Oct
1443 Jan 230
4
114 Jan 141 Sept
52 June 6512 Nov
Oct
49 July 63
343 Feb 683 Nov
4
8
36
Oct 4914 Apr
11512 Feb 1263 May
4
16612 Jan 22414 Deo
40 Jan 61 Apr
Jan 120 May
108
1343 Jan 172 Nov
8
1312 Jan
8 June
80 Mar 12018 Nov
/
1
5512 Jan 994 Nov
993 Oct 11612 Mar
8
3 Aug
812 May
343 Oct 4612 Jan
4
163 Feb 19414 July
12312 Aug 134 Apr
26
Jan 684 Nov
114 July 12112 MaY
124 Jan 99 Dec
87 Nov 10012 Feb
3314 Aug 43 Nov
10138 Aug 1217 Nov
8
60 June 13612 Dec
10812 Sept 11212 Deo
83 Aug 173 June
4
8
283 Jan 493 Dee
4
8
105 Dec 11018 Mar
1204 Nov 1297 Apr
8
69 Feb 911 Dec
/
4
6 June
9 Jan
514 Feb
152 Dec
8
743 Dec 85 Apr
4
12114 Jan 12723 Deo
33 Feb 51 Nov
9012 Dec 10212 Oct
292 Oct33 4 July
8
3
43 Dec 79 Jan
193 July 2428 Oct
4
3212 Jan 54 Apr
104
Jan 1143 May
4
42 Jan 71 Dec
98 Jan 109 Apr
120 Apr 230 Dec
9114 J8.11 10212 Sept
162 Aug 257 May
8
8
754 June 10712 Dee
114 Jan
1614 May
28 Apr
87 Aug
8
55 4 Oct
3
54
Oct
65 June
4914 Nov
981s Oct
564 Dec
/
1
363 Oct
8
72 June
1061 Dec
/
4
43
Oct
102 Mar
15 Mar
714 June
607 Feb
8
68 June
11018 June
132
Oct
21 Feb
56 Feb
102
Oct
5918 Nov
11414 Sept
124 Feb
11 Sent
354 Jan
37
Jan
121
Oct
105
Oct
741 July
/
4
79 Dec
9812 Dec
733 Dec
4
123
/ Jan
1
4
49 Aug
2912 Aug
844 June
45 June
/
1
4
974 June
3418 Mar
87 Mar
2038 Jan
95 Jar
424 Dec
/
1
71
Jan
684 June
10912 Feb
454 June
9212 Mar
763 Dec
8
173 Jan
4
9112 Jan
973 Jan
4
893 Oct
8
5612 Nov
100 Dee
6912 Dec
5712 Dee
1192 Sept
8
113 Feb
10914 Jan
1097 Apr
8
2812 Jan
1738 Dee
101 Dec
947 Apr
8
14112 Apr
150 June
4138 Nov
8834 Nov
107
Oct
7538 Feb
130 Mar
22112 Dec
12 June
74 Nov
80 Nov
144 Apr
1147 May
8
10512 Oct
8412 Nov
10014 Dec
9014 Nov
12712 Apr
587 Jan
8
5238 Jan
12328 Jan
82 Jan
12338 Oct
59 June
/
1
4
101 June
37 Deo
105 Sent
624 Nov
14314 Dec
10934 Dec
115 3 MAY
3
140 Deo
105 Dec
New York Stock Record-Continued-Page 5
855
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOTV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday, i Wednesday. Thursday.
Feb. 5. I Feb. 6.
Feb. 7. I
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
Orebasts of 100
-share lots
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share t Per share 8 per share $ per share Shares Indus. & Miscel. (Con.) Par 8 per share $ per share $ per
share $ per share
4 7212 735
7214 7012 7134 6814 7018 67
4
s 71
723 733
69
9,500 Gotham Silk Hosiery_No par 67 Feb 8 8118 Jan 2
7312 Dec 937 Apr
7114 717
8 70
7114 70
7112 70
6718 695
71
8 67
6812 6,800 New
No par 65 Jan 16 744 Jan 23
70 Dec 93 Apr
*101 107 *101 107 *101 107 *101 107 *101 107 .101 107
Preferred new
100 9812 Jan 12 10114 Jan .5 100 Dec 130 Apr
*99 100
99
99
*98 100
98 98
*98 100
*98 100
100 Preferred ex-warrants
100 97 Jan 11 100 Jan 12
95 Dec 112 May
*712 834
/ *74 812 *712 84 *74 815 *712 812
1
4
812 8
200 Gould Coupler A
712 Jan 2 10 Jan 9
No par
67 Dec 125 Feb
5
48% 49% 49
484 493
50
47
4 4712 4938 46
/ 45
1
4
47
34,100 Graham-Paige Motors_No par 45 Feb 8 .54 Jan 2
163 Feb 6114 Sept
4
4412 4412 *45
46
46
474 4512 4512 4512 46
4312 46
3,100 Certificates
par 4314 Jan 25 4912 Jan 11
No
2612 June 56 Sept
937
864 8918 88
/
1
8914 8912 89h 9012 90
9112 91
go
53,700 Granby Cons M Sm & Pr_100 85 Jan 16 93% Feb 22
391s Feb 93 Dee
8114 8112 8174 8212 8112 82
8114 828 8012 8012 79
8014 3,400 Grand Stores
100 773 Jan 30 86 Jan 3
4
6514 June 947 Oct
2712 273
4
2612 25
4 263 2712 26
26
244 26
25
2614 7,100 Grand Union Co
No par 2412 Feb 7 3278 Jan 2
2634 July 417 Oct
8
8
52 .5218 515 5238 5112 5212 51
525s 51
5112 51
51
3,100 Preferred
No par 504 Jan 19 548 Jan 4
4612 Aug 623 Oct
5
140 14438 142 143
130 138
*130 136
133 133
133 134
4,900 Grant (W T)
5
No par 11612 Jan 17 144 8 Feb 5 11134 Dec 12512 Sept
413
41
4 4012 4112 3918 4018 3834 3912 374 383
4 3718 38
29,400 Great Western Sugar
No par 37 Jan 7 44 Jan 25
31
Jan 3812 Dec
11912 1173 1183 11714 119 *115 118
*119
4
4
119 119
1174 119
420 Preferred
100 11612 Jan 16 11912 Feb 1 11212 Feb 120 Jan
177 18114 17412 180
1751s 18112 17712 1844 17118 1753 170 1751y 135,100 Greene Cananes, Copper_100 168 Jan 14
4
8
1867 Jan 4
893
8June 17714 Dec
*47
5
43
4 5
5
48 47
5
43
4 43
4 *43
4 5
1,000 Guantanamo Sugar__ _NO par
512 Jan 3
43 Feb 5
4
4 4 Dec
3
9 8 Jan
3
88
89
88
88
*8814 90
*8814 90
*8814 90
*8814 90
70 Preferred
100 88 Jan 3 90 Jan 2
90 July 107 Jan
718 717
72
7333 7312 743* 733 7412 7012 7012 70
4
71
5,600 Gulf States Steel
100 66 Jan 7 743 Jan 21
7
51
4
Jan 73 Sept
•107 10812 *107 10812 *107 10812 *107 10812 107 1084 107 107
70 Preferred
100 107 Jan 22 10812 Jan 17 1033 Nov 110 Apr
8
2612 26
26
*253 26
4
26
2612 2612 26
*2512 26
26
320 Hackensack Water
4
25 25 Jan 7 263 Jan 5
23 Jan 30
Jar
29
*28
273 273 *2818 29
4
4
28
28
28
28
273 28
4
60 Preferred
4
23 Jan 30 Dee
25 273 Feb 4 30 Jan 8
*27
28
27
27
27
27
27 27
*27
*27
28
28
360 Preferred A
25 26 Jan 31 29 Jan 14
2512 Jan 29 June
5134 5112 535* 5112 53
5058 5118 51
484 5012 487 493 99,400 Hahn Dept Stores
8
4
No par 484 Feb 7 55 Jan 10 _
1093 11014 1094 11014 11018 1117 11014 1117 109 11018 1083 10912 13,600 Preferred
8
8
8
4
100 10812 Jan 29 115 Jan 31 _
4
•10212 1023 *10212 1023 *10212 1023 10212 10212 *10212 1023 10214 10214
4
4
4
80 Hamilton Watch pref
100 101 Jan 2 1053 Jan 8
s
99 Aug 104 Apr
951 9518 96
/
4
96
9712 974 9712 9712 *96
9712 96
9612
190 Hanna 1st prat class A
59 May 97 Nov
100 91 Jan 14 993 Jan 23
7
*4512 55
54
54
55 55
55
55
5514 5514 *5514 56
180 Harblson-Walk Refrac_No par 54 Jan 3 5578 Feb 6
54 Dec 5712 Oct
•112
__ *112
__ *112_ *112
*112
_ •112
- --Preferred
100 112 Jan 14 11812 Jan 29 110 June 120 Jan
26 -*2512 16
2
i
*2512 16
26 16
*2534 "26
253 -- 4 253
4
400 Hartman Corp class A_No par 2518 Jan 28 27 Jan 2
2312 Aug 2758 Feb
/
4
3314 341 323 3333 323 33
8
8
317 3212 3114 32
4
31
317
4 8,400 Class B
No par 31 Feb 8 39h Jan 2
4
1658 Aug 373 Dec
*6014 6112 *60
6112 *60
61
*60
6114 *60
*60
61
61
Hawaiian Pineapple
20 6014 Feb 1 63 Jan 10
61 Dec 68 Nov
*116 119 *110 115
115 115
111 111 *110 119 *106 119
200 Helme(G W)
25 110 Jan 2 118 Jan 29 105 Dec 120
Oct
70
69
69
707
6914 69 4 673 677
3
4
8 67
67 8 67
67
7
7
1,700 Hershey Chocolate____No par 65 Jan 28 7211 Jan 3
303 Jan 7212;Dec
4
8214 8214 823 827
4
8 8218 8258 824 8214 8112 82
8212 2,900 Preferred
82
5
No par 80 5 Jan 29 85% Jan 3
7014 Feb 89 ,Nov
*104 10412 10412 10412 *104 10412 10412 10412 105 105
1054 10518
800 Prior preferred
100 104 Jan 4 10518 Jan 17 10014 Aug 105 Apr
1912 1912 *1812 20
*18
1938 *1812 19
*18
19
*18
19
100 Hoe (R) dr Co
4
No par 18 Jan 7 203 Jan 2
1514 Sept 30% Jan
47
4712 4012 478 46
4812 4612 47
46
46
45
45
6,300 Holland Furnace
No par 4114 Jan 3 50 Jan 16
401a Dec 493 Oct
e
1934 1933 19
19
*18
19
19
19
1,400 Hollander & Son (A)
1912 *1812 20
19
No par 1714 Jan 21 22 Jan 2
18 Dec 367 Apr
8
*73
/ 74
1
4
733 733
4
4 7312 734 *7314 7312 733 733
4
4 7314 7314
600 Homestake Mining
100 7314 Feb 8 76 Jan 3
67 Jan 80 Nov
76
7514 7614 75
76
/ 7012 755* 757
1
4
75
8 75
74
7418 2,800 Househ Prod Inc
No par 74 Jan 4 7912 Jan 7
6418 Feb 84
Oct
*87
88
86% 87
8612 90
903 93
4
834 85
83
8
5
3 4 Houston Oil of Tex tem ctfs 100 8318 Feb 7 107 Jan 3
, 00
79 Dec 167 Apr
'7018 71
7012 71
71
743
4 7312 76
7014 7212 7012 73
73,300 Howe Sound
No par 6614 Jan 8 76 Feb 6
3
4033 Feb 73 4 Nov
8714 8912 875 895* 87
8
/ 8918 86
1
4
883
4 8412 86
8418 • 8558 84,100 Hudson Motor Car
No par 84 Jan 8 93 Jan 2
75 Jan 997 Mar
781s 793* 773 787
8
8 773 7878 7612 78
4
733 76
8
734 747 89,900 Hupp Motor Car Corp-1
7318 Feb 8 82 Jan 28
29
Jan 84 gyov
3114 313* 3112 324 3112 32
31
3178 3012 303
4 3012 31
25,700 Independent OR & Gao_No par 30 Jan 31 3514 Jan 2
2134 Feb 383 Nov
s
24
2312 24
24
25
25
2414 26
24
24
2
2,600 Indian Motocycle
433 25
No par 201s Jan 31 3212 Jan 2
20
Oct 70 Apr
•____ 944 94
94
9212 953
4 92
92
96
*92
*92
96
150 Preferred
100 92 Feb 6 95 Jan 4
93 Nov 115 Apr
30
37
36
367
4 353 3612 3312 3512 3214 3354 32
3314 42,500 Indian Refining
4
3
10 29 Jan 8 42 4 Jan 28
9 Feb 395a July
/
4
353 361 3512 36
4
3412 3512 3212 34
313 323
4 3112 32's 22,700 Certificates
4
10 28 Jan 7 4238 Jan 28
812 Jan 374 July
*150 200 *150 200 *150
__ *150 ____ *165
_
165 165
100 Preferred
100 160 Jan 2 165 Jan 11 140 Dec 185 Nov
*1253 130
4
1297 1297 130 1/0
8
s
130 132
1263 1/6 4 126 126
4
1
1,400 Industrial Rayon
No par 121 Jan 2 135 Jan 18 118 Dec 146 Oct
*135 136 *130 136
135 1351, 134 134 *127 134
127 127
400 Ingersoll Rand
120 Jan 3 137 Jan 26
No par
90 Feb 127 Nov
90 90
8812 9018 8812 8912 854 89
8414 85z 80
84'2 7,300 Inland Steel
No par 7812 Jan 2 92 Jan 31
46 Mar 80 Dec
485 4912 4812 497
s
4812 497
4812 497
503 52
s
4918 507 87,500 InsPlration Cons Copper__ _20 434 Jan 7 52 Feb 6
18 Feb 487 Nov
113 113
4
4 1114 1114 1118 1114 11
1112 107 1112 10 4 11'4 3,800 Intercont'l Rubber
3
4
No par 104 Feb 8 144 Jan 11
84 July 213 Jan
/
1
4
1614 1612 1614 167 *1614 167
8
* 16
1614 153 16
4
1512 153
4 4,100 Internat Agricul
No par 15 Jan 8 177 Jan 28
13 Feb 207 May
8
8512 8512 8512 8512 85 85
8318 831s 83
83
*8214 83
600
100 83 Feb 7 8812 Jan 26
485 Mar 85 Dec
5
151 1517 1517 1533 15314 1605 161 1643 156 1595 155 156z 21,400 Prior preferred
8
a
8
8
8
4
Int Business Machines_No par 149 8 Jan 24 1643 Feb
3
4
s
95 1025* 974 1028
975 994 941 974 925 9414 925* 9414 44,200 International Cernent_No par 898 Jan 7 1023 Feb 6 114 Jan 1663 Nov
8
8
4
56
Jan 947 Dee
8714 883
4 8714 903
s 8714 89
8812 9314 8514 915* 90
951 514,600 Inter Comb Eng Corp _NO par 6818 Jan 7 9512 Feb 8
4514 Feb 80 Dec
*113 -_
11212 11212 11212 11212 *114 116
113 113
1134 114
/
1
1,100 Preferred
100 10812 Jan 2 114 Feb 8 103 Mar 110 Sept
10912 1107- 109 11018 1084 1097 1073 10912 100 106
s
10038 1033 38,500 International Harvester No par 923 Jan 15 115 Jan 29
5
8
s
4
80 Dec 977 Dec
*143 144
143 143 x142 143
142 142
142 142 *142 144
1,200 Preferred
100 142 Feb 5 145 Jan 18 13614 Mar 147 May
9314 94
93
947
8 923 94
8
92
s 90
92
943
8914 923 28,800 International Match pref__35 8914 Feb 8 10212 Jan 4
4
85 Dec 1217 May
5
6
6
53
512 57
8
4
5
5 8 612 7,400 Int Mercantile Marine
5
5 8 53
584 57
58
100
512 Feb 4
6% Jan 11
3 4 Mar
3
Ps May
3612 371s 363 3738 3612 37
4
3612 3612 3612 3654 3654 3914 14,900 Preferred
100 3612 Feb 1 3912 Jan 2
344 June 44 8 Jan
5
6612 673
/ 674 634 664 go
1
4
8 6514 67
63
621
5718 62 580,500 Int Nickel of Canada_No
Jan 2
3
735 Feb 2694 Dec
8
73 73
72
7212 72
7212 7312 774 7212 7212 724 7312 2.300 International Paper___No par 464 Jan 11 72 4 Jan 23
7714 Feb 6
par 5712
50
Oct 863 May
8
931 9312 93 8 935* 94 94
5
9212 905 917
*92
94
*93
s
8
700 Preferred (7%)
100 894 Jan 15 9412 Jan 8
89 Dec 108 Jan
325 3314 33
8
34
331a 34
321s 3312 3118 3258 315* 325* 14,000 Inter Pap .1s Pow cl A__No par 2712 Jan 8 35 Jan 31
22 Dec 341 Nov
1934 20
21
213
204 207
s 1812 2014 185s 2034 20
20 4 28,900 Class B
3
No par 15h Jan 16 2212 Jan 30
147 Dec 19 Nov
8
1414 16
1514 163
4 154 15 4 143 15 4 133 143
/
1
7
8 14
3
4
4
145 108,200 Class C
8
4
No par 1058 Jan 10 163 Feb 4
103* Nov 13 4 Dec
3
91
9218 9212 923
4 92
92
9214 92
917 917 .904 911
s
1,100 Preferred
100 884 Jan 4 93 Jan 23
88 Dec 91 Dec
*6012 61
5954 6012 607 607
4
61
4 60
5818 5958 58
59 4 2.400 Int Printing Ink Corp_No per 5712 Jan 14 63 Jan 23
3
473 Oct 60 Dec
4
•10412 115 *10512 115 *10512 115 *10512 115 *105 115 *105 115
Preferred
100 100 Jan 2 10518 Jan 30 100 Dec 100 Dec
74
74
743 743
4
4
4 7312 73)2 733 73 4 7312 7312 73
3
73
160 International Salt
4912 Mar 683 Jan
100 5512 Jan 4 7618 Jan 28
4
•135 143 *1354
__ 14112 1451 *138 144 *138 144
136 136
/
4
700 International Silver
100 131 Jan 22 1493* Jan 3 126 June 196
Jan
*115 116 *115 1 - *115 116
115 115 *115 1183 *11512 118
-16
10 Preferred
100 11214 Jan 4 119 Jan 17 11214 Dec 131
Jan
22315 22512 2193 223
8 219 22218 213 2197 210 213
8
20818 213
4
41.400 Internat Telel)& Teleg
100 19714 Jan 7 22712 Jan 28 13912 Feb 201 Dec
80
827
8 78
797
8118 8412 78
797
76
79 84
7812 6,200 Interstate Dept Stores_No par 76 Feb 8 9312 Jan 2
6112 Nov 90 Dee
•134 145 *1283 145 *135 145 *137 145 *131 145 *129 140
4
Preferred
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dec
303 303* 304 30 4 30 4 304 30
8
3014 29
3014 30
3
1
29
2,700 Intertype Corp
s
23 4 Sept 3812 Jan
3
No par 29 Jan 2 317 Jan 28
554 557
55 4 56
3
544 55
57
5512 557
55
54
55
3,200 Island Creek Coal
1 53 Jan 2 578 Jan 28
47
Oct 61 May
157 158
159 162
1607 16214 159 159
154 154
150 150
6.000 Jewel Tea. Inc
No par 1464 Jan 18 16214 Feb 5
773 Mar 179 Nov
4
•125
.
__ •125
___ •125
_ •125 _ -- ...._.. Preferred
___ *125
100 12412 Jan 3 125 Jan 8 1195a Nov 12512 Nov
2383 24234 •1258
233 139
232 136
- 8
208 2245 205 21812 99:000 John8-Manville
227 236
No par 18012 Jan 7 2423 Feb 2
4
9614 June 202 Dec
1201/ 12012 *120 12012 *120 12012 120 120 *120 12012 1203 120 4
4
3
130 Preferred
100 119 Jan 21 12012 Jan 3 11812 Oct 122 Apr
•121 12112 121 12112 *121 12112 121 121 *121 1211 •
121 12112
140 Jones & Laugh Steel pref_100 11812 Jan 4 122 Jan 21 119 Dec 12414 May
•25
29
*23
29
*2812 29
*25
29 •_ _ _ - 26 *- _ _ 29
.
Jones Bros Tea Inc--No par 35 Jan 21 35 Jan 21
2533 Mar 4112 Oct
13
1318 1318 1358 131a 1312 13
1214 123 12,200 Jordan Motor Car
133
4
5 123 13
4
No par 1214 Feb 8 1612 Jan 2
818 Aug
1912 Oct
*112 113 *112 113
112 112 •____ 11112 • ___11112'__.... 11112
60 Kan City P&L 1st pf B_No par 112 Feb 5 1123 Jan 22 108 Aug 114 Apr
4
30
30% 3112 3438 3438 36s 33
343
3212 343 41,500 Kaufmann
373* 33
8
2912 Dec 34
Dept Stores_812.50 2912 Jan 31 3718 Feb 0
Oct
85 8 8618 873
84
3
8 86
87
8312 9614 82t4 83
81
827 30,200 Kayser (J) Co v t c
4
3
No par 80 4 Jan 24 88 Jan 3
623 Jan 92 Nov
8
41
41
403* 4012 3914 3912 3912 40
363 363
37
37
4
4 2,600 Keith-Albee-Orpheum_No par 363 Feb 8 46 Jan 4
4
1512 May 5112 Nov
124 125 *117 125 *117 124
125 127
115 11712 114 1173
4 1,100 Preferred 7%
100 114 Feb 8 138 Jan 5
7512 May 160 Nov
21
2114 22
2154 20 4 2114 2012 21
3
20 s 194 20 5 37,400 Kelly-Springfield Tire_Napar 1912 Feb 8 237 Jan 2
20
3
3
8
1914 Dec 2512 Nov
885 885* 90 90 . 8 96 .
*8812 91
s
883 885a 88
881 .5
95
95
98
8
9
8
88
98
1300 8% preferred
8
554 Feb 95 Nov
100 88 Feb 7 947 Jan 9
98
*95
977 977
98
98
800 6% preferred
100 977 Feb 4 100 Jan 14
58 Feb 101 Nov
54
3
573
557
8 5912 60 4 5612 go
4 5434 567 63,700
5 5614 613
55
4
221 Jan 58
Kelsey Hayes Wheel___No par 473 Jan 15 613* Feb 4
4
Oct
__ *110
•11012
.*11112
-- *11112
- *11112
__ •11112
__ _Preferred
100 109 Jan 21 110 Jan 8 106 Ma 111 Nov
1534 _.
674 16 -.
153 1
16
4 ..
1712 173 --4 19 14
1014 173
8 1612 175 135:200 Keivinator Corp
No par 15 Jan 7 1914 Feb 6
73 July 227 Atm
4
15915 16178 1593s 1615s 159 16312 15918 16485 1544 15834 1523 158
5
4
239,900 Kennecott Copper
8
No par 15012 Jan 16 1643 Feb 6
8015 Feb 156 De(
52
5314 545
53
8 55
.563
4 5412 57
53
5433 5312 5312 12,300 Kinney Co
No par 504 Feb 1 5814 Jan 3
377 Aug 563* Oct
9712 9772 99
9738 9712 97
9814 987
4 99
99
984 99
790 Preferred
100 9312 Jan 2 99 Feb 5
8715 Mar 100 Ap
685 713
8
8 6812 70
6612 68
6514 663
4 583 643
4
4 5718 613g 83,900 Roister Radio Corp -No par 5718 Feb 8 7833 Jan 3
5114 Aug 95 5 Nov
.
854 353
8 3514 3514 354 36
3512 36
7
3434 353
4 343 35
4
7,700 Kraft Cheese
4
No par 343 Feb 7 39 Jan 21
32 Dec 42 Nov
9812 *98
•98
9812 *98
9812 9712 9712 *973 98
4
97
97
200 Preferred
100 97 Feb 8 993 Jan 2
4
9914 Dec 10114 Der
871a 873
4 8612 8714 8612 87
853 8714 85
5
8618 8414 855s 13,500 Kresge
10 84 Jan 16 91 Jan 30
(8 8) Co
65 Feb 913 Nov
•1137 115
4
8
1137 1137 1137 1137 *112 115
8
8
8
a
113 113 *11212 115
30 Preferred
100 109 Jan 5 1137 Feb 4 1l.O'iJune 118 Ap
8
20 20
2038 203
s 29
2088 204 204 20
20
1914 1912
900 KresgelDept Stores____No par 1914 Feb 8 23 Jan 2
1312 Jan 2714 Fel
*7112 90
*72
72
90
90
•72
72
.72
90
*72
90
100 Preferred
100 72 Jan 15 72 Jan 15
5134 Feb 75 Ant
*1093 112
4
4
4
1091 11012
8
1093 1093 1094 10914 *1093 110
110 110
700 Kress Co
/
1
No par 1094 Feb .5 114 Jan 5
87 Feb 1243 Nos
40 4 413* 4058 4114 4012 41
3
4
40 403
4 3812 393
8 38
3914 122,500
3612 Jan 3 42% ..1an 13
J2.2 7
7314 m ec 143044
3 3 Da
28
114 1157 114 115% 113 1137 11134 1137 107 110 4 1051a 1093 55,300 Kreuger & Toll
8
8
8
3
s
Kroger Grocery & Bkg_No par ll 518 Feb 8 12212
*235 245 *230 250 *230 250 236 23612 *230 243 *225 240
Nos
200 Laclede Gas
100 235 Jan 16 243 Feb 1 200
Jan 260 Fel
*102 112 *105 112 *104 112 *103 112 *105 112 *105 112
100 102 Jan 4 102 Jan 4
Preferred
99 Nov 12412 Jar
27
/ 2712 26
1
4
26
/ 27
1
4
2812 29
28
29
29
2712 2712 2,900 Lago
par 271v Jan 29 33 Jan 2
Oil & Transport-No
273* Feb 3918 Ap
131% 1327 13214 13912 13714 14012 13512 1394 132 1343 130 13414
8
4
205,800 Lambert Co
No par 12718 Jan 22 14012 Feb 5
7912 Jan 1363* No
2214 223
2234 2158 22
4 2212 23
22
2018 2134 2038 21
7.500 Lee Rubber & Tire
No par 2018 Feb 7 25 Jan 14
1714 Jan 2614 Oni
59
5912 01
63
12 6212 6412 6212 65
6018 62
60
623 12,600 Lehigh Portland Cement__ 50 5612 Jan 8 65 Feb 6
4
4234 Jun
10912 110
110
5812 No
109% 110
1097 110
8
110 110
10913 1097
8
ipo 1063 Feb 8 16 12 an 14 10614 Dec10
4 Jan 3 18
190 Preferred
0
eb 6
38
641s 647
8 6318 6812 663 68
16 5 Mosel,
14 2
08
4
6412 67
64
63
611s 633* 32,000 Lehn & Fink7%
Feb
No Par 6118
32
*31
Jan
32
32
3212 33
3212 3212 .31
35
*31
33
500 Life Savers
No Par 2914 Jan 7 398 Jan 5
2812 Aug 4014 No)
973 973
4 971 973
4
4 967 967
*
8 9514 973* 9388 95
9214 93
3,700 Liggett & Myers Tobacco___25 92 Jan 2 1054 Jan 28
8712 983) 974 98
834 June 12212 Jar
9514 974 944 9612 9014 93
3a 9112 923 19,700 Series B
4
25 8933 Jan 7 10312 Jan 29
*136 1363 1363* 1363 137 137 0137 138 .137 138
4
8014 June 12312 Jar
4
137 137
400 Preferred
100 138 Jan 3 137 Feb 5 134 Aug 147 Ap
4912 4912 4712 4912 *47
49
48
47
4812 46
45
46
2,500 Lima Locom Works-__No par 45 Feb 8 5212 Jan 3
8
109 1097 x803 93
38 Jnly 657 Mal
4
87
917
8612 883
917
4 85
87
9014 24,500 Liquid Carbonic
No par 85 Feb 8 11374 Jan 3
6312 Feb12412 No)
7612 787
s 774 79
8
76% 7758 75
7712 713 744 70 8 738 76,200 Loew's Incorporated
3
No par 6358 Jan 2 80 8 Feb 1
3
109 1097 z1098 1097 108 1093 1084 1085 106 106
8
494 June 77 Mal
8
4
5
/
1
106 107% 2,300 Preferred
8
No par 1023 Jan 2 11534 Jan 31
8
12 8 4
812 8
812 87
/
3
1
4
812 8
997 Mar 1105* Ap
/
1
4
8
6
835
734 818 11,000 Loft
74 Jan 19 10 Jan
No par
Incorporated
3112 31
31
*31
31
5h Feb
198 Aui
31
31
31
31
31
30
30 5 1,500 Long Bell Lumber A...No par 2814 Jan 2 3212 Jan 24
3
5
26
Jan 35 4 Fel
3
•Bid and asked prices; no sales on this day.
Ez-dlyldand. p Ex-risttte.
New York Stock Record-Continued-Page 6
856
For sales during the week of stocks not recorded here, see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday,
Feb. 5.
Wednesday, Thursday,
Feb. 7.
Feb. 6.
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share $ per share $ Per share i per share Shares Indus. & Niece!. (Con.) Par
25
8
24,800 Loose-Wiles Biscuit
8 8412 6614 647 67
68
12 6912 8914 704 685 893
8
8 8714 685
100
20 let preferred
*117 118
12
1174 11712 118 118 *118 120 *118 120 *118 120
25
245 2538 24.400 Lorillard
8
8
253
25 4 26
3
25 4 26
3
7
25
12 257
8 25 8 25 8 25
3
100
*89
90
100 Preferred
90
92
92
12 92
*89
9212 •89
9212 *89
1890
No par
8
s
8
1518 15 4 147 154 1412 15
3
1414 1412 137 144 137 1412 18,100 Louisiana Oil
100
20 Preferred
8912
*8912 9012 89
'*8912 9112 *90
914 *90
9112 *8912 90
4014 4118 25,900 Louisville G & El A__ __No par
4312 44
4318 4412 4258 433
4 403 434 4018 42
8
No par
va 2 vnl
,
8018 804 8012 501., ••• ..-2 ------------------------200 Ludlum Steel
1,900 MacAndrews & Forbes_No par
441 4414 *4312 45
/
4
43
404 4112 41
414 4118 4312 43
100
50
-_ •10814
-- 10614 1081
/
4
*10614
__ •10614
*10614
__ *10614
100
Mackay Companies
.
8125 fio *125 110 *125 14
-- *125 110 .125 140
0
-- •125 14
0
100
*8318 85
Preferred
*8318 85
188318 85
*8318 85
*8318 85
*8318 85
No par
8
3
1083 11114 1093 113
4
4
/ 11212 1143 110 114 4 106 10912 10614 1097 138,800 Mack Trucks,Inc
1
4
4
165 165
1,500 Macy Co
No par
165 167
4
170 170
173 173
167 16712 1693 170
12
8
7,400 Madison So Garden__ _No par
2018 197 20
194 1912 1912 2018 2014 2012 2014 2012 20
8
/
4
No par
7112 685 711 12.503 Magma Copper
72 8 7312 72
7
7412 7214 744 69
7412 72
8 8,5001 Mallison (H R) & Co No par
32
2914 315
32
3212 3212 33
32
33
32
324 32
100
Preferred
*104 106 *103 106 •103 104 *103 104 *103 104 •103 104
21
100
280 Manati Sugar
2012 204 21
21
8204 2412 *21
2118 21
23
21
100
.434 50
1,3001 Preferred
48
44
51
50 •45
*434 50
50
50
50
No par
82918 32
900 Mandel Bros
29
32
32
30
29
29
29
30
32
•30
333
4 9.000 Manh Elea Supply__ _ _No par
/
1
7
7
3412 35 8 334 33 8 32
8 3514 36
3512 344 353
34
25
324 323
4 2.600 Manhattan Shirt
33
33
33
33
4
3
4 323 33
32 8 32 4 3212 323
5
134 14
1,300 Maracaibo Oil Expl____No par
14
14
1418 1418
*14
15
14
15
15
15
No par
/
1
4
8 364 37'2 364 373 47,200 Marlin Oil
, 3712 387
8
3
393 403
4
8 3918 40 8 385 391
No par
734 741 1.600 Marlin-Rockwell
75
775
8 7734 7734 •76
75
/
4
77
7712 •76
77
No par
70
7,200 Marmon Motor Car
6814 60'z 89
72
7112 72
70
72
3
704 70 4 71
161 1.200 Martin-Parry Cory
/
4
No par
4 16
164 163
8
*163 167
4
8 165 165 •1612 17
8
*17
18
2.100 Mathieson Alkali WorksNo par
192 19212 187 190
200 200
204 209
210 21012 207 210
12
100
2601 Preferred
121 122 *122 125 •122 125 *122 125 *122 125 *122 125
25
8
18,800 May Dept Stores
9512 9714 935 97
100 10238 98 102
4
993 10212 983 10012
8
8 7,800 Maytag Co
No par
/
1
8 2238 225
8 224 225
8
8 2214 2212 223 225
2218 2212 2218 227
43
No par
433
8 43
4,500 Preferred
4314 43
4318 43 4312 43
4318 434 43
No par
88
89
88
800 Prior preferred
.88
*88
89
88
8818 88
8812 88
1888
No par
3,400 McCall Corp
76
771 744 78
/
4
78
77
774 78
78
78
77
77
8
4
1114 11214 112 1123 112 11334 1127 11312 10912 11212 108 10912 3.450 McCrory Stores class A No par
No par
10912 11012 5.800 Class B
11412 1154 11012 114
11312 115
112 1124 11212 114
100
1197 120
8
600 Preferred
- 120 120
115 4 1153 8
3
4 117*11812 _ _ •120
If *2012 21 2014 2014 2.000 McIntyre Porcupine Mlnes__5
0
4 - 4
4
20 -.-3- 203 2 3- 21
/ 2 4
1 0
4
*203 21
4 7314 7814 27,000 McKeesport Tin Plate_No par
/ 763
1
4
7812 8014 7712 7918 7714 794 75
77
79
8
4 527 534 8,400 McKesson & Robbins-No par
8 5114 553
55 8 5618 5514 5614 561z 565
3
55
12 58
8,100 Preferred
50
6018 584 59
607
8 59
82
61
614 60
5912 6114 61
No par
6418 6418 2,100I Melville Shoe
65
64
693
4 65
6712 6712 68
8 67
707
69
2712 277
8 9.100 Mengel Co (The)
No par
/
1
8
2914 294 284 2912 2712 29
8 297 31
294 307
8 1,000 Metro-Goldwyn Pictures pf _27
264 2514 253
/
1
2614 26
26
26
2814 *26
2614 *28
*26
474 72,100 Mexican Seaboard 011 No par
464 43
53
5312 503 53
4
5012 44
50
47
51
3912 99.000 Miami Copper
5
38
/ 384 38
1
4
/ 373 3914 3818 40
1
4
4
8 3712 39
3514 367
8 3114 313 37.500 Mid-Cont Petrol
4
No par
8 314 317
5
8 314 327
33 8 3314 33 4 33 333
3
33
200 Preferred
100
1204 12012 812012 122
8
8
•1203 12112 12038 1205 *12012 122 *12012 122
4
44
4
/ 17.400 Middle States 011 Corp
1
4
10
4
41e
4
4
414
4
418
4
/
1
4
4
4 3
10
23
2,300 Certificates
8 24
27
24 3
3
3
3
3
318
3
232 235
2,500 Midland Steel Prod pref ..100
238 2423 237 237
4
240 240 241 241
242
242
*233 24
4
24
1,400 Miller Rubber
No par
8 24
4 2414 2434 2378 245
2418 2414 2412 243
763 46,600 Mohawk Carpet Mills_No par
4
4 74
7312 783
3
/
4
8 724 741 73 4 78
7614 77
/ 744 767
1
4
4
8
4
.
13812 14134 13612 1393 1303 1353 125 1313 144,800 Mont Ward&ColllCorpNo par
14212 14412 313914 142
8
7
718
7
71
/
4
7
Ws 65 17.100 Moon Motors
718
7
Ds
Pa
7
No par
/
1
34 34 19,600 Mother Lode Coalition_No par
33
8 312
314 312
34 312
314
34 314
3
1612 *1514 1612 2,400 Motion Picture
*15
No par
18
194 18
183
4 18
18
1914 19
2114 5,400 Moto Meter A
2112 21
No par
4
8
8 2112 2214 203 2212 21
2112 2112 217 217
1813 185
4
5,000 Motor Products Corp__No par
180 188
191
189 191
190 19014 190
1871z 190
4
No par
464 4612 471: 4514 4812 4518 454 4418 454 4312 443 29,800 Motor Wheel
45
6318 8712 6,300 Mullins Mfg Co
6318 64
No par
67
/ 71
1
4
74
703 71
8
73
75
72
8 1,080 Preferred
: 974 977
9712 981
No par
8 99 100
993 1017
4
99 100
100 100
58
/ 574 59
1
4
11,100 Munsingwear Inc
No par
56
5718 574 5714 59
4
4 573 59
574 573
/ 23,400 Murray Body
1
4
/
4
No par
73 4 7018 711 6712 70
3
74
75
/ 724 7412 7212 7312 72
1
4
10412 1073 107.7001 Nash Motors Co
8
/
1
4
No par
4
8
11218 11312 11218 11438 11218 1137 10914 1133 103 110
311 33
/
4
73,100 National Acme stamped--10
4
3014 323
4 3318 3478 313 331
8
287 294 293 30
8
1994 203
200 203
5.700 Nat Sanas Hess
No par
20818 210
210 21014 21612 2113 213
4
20518
*85 114 *110 115
400 Preferred
100
1154 1154 115 115 *100 115
*115 117
4
/
4
35
195 19534 19112 192
187 19012 1841 1871 18212 1863 12,900 National Biscuit
193 194
144 144
3001 Preferred
100
144 144 *14312 148 *14312 147
•144 148 *144 146
4
12312 12012 11934 1273 180,900 Nat Cash Register Awl No Par
4
1364 1373 13314 13818 13218 13512 12818 134
128 1293 61.400 Nat Dairy Products-No par
4
/ 1285 131
1
4
8
8
130 134
/ 134 1357 134 135
1
4
4
1353 137
4 32
3314 6,800 Nat Department Stores No par
333
4 3218 323
33
334 34
333 34
s
34
34
*9214 94
*9214 94
2001 1st preferred
100
89214 94
9214 9214 *9214 94 .
93
93
3614 6,700 Nat Distill Prod ctfs--_No par
8 35
3814 3512 375
384 3818 3914 37
4 38
3814 383
68
1,100, Preferred temp ctfs__No par
/ 6712 671z 68
1
4
4
8 673 67
694 697
69
69
*674 70
5312 54
2,700 Nat Enam & Stamping
5238 541
100
5818 67
5712 5712 *5712 5212 *574 59
143 144
6,700 National Lead
143 143
100
1497 15018 148 151
8
150 15012 150 151
130 Preferred A
140 14014 140 140
100
140 140
140 140
*140 144 *140 141
50 Preferred B
118 118 *11812 120
100
118 118 *118 11934 118 118
0118 121
511 53 187,400 National Pr & Lt
/
4
/
1
4
8 5112 53
No par
8 5212 557
55
/ 5214 543
1
4
5412 5638 53
144 2,800,National Radiator
No par
8 1418 1412 144 144 14
3
154 14 4 147
/
1
4
1514 143
15
*38
40
40
*38
100i Preferred
*3818 40
No par
40
8,304 41
3918 3918 *38
124 128
4,600 National Supply
1254 129
50
1263 133
4
125 130 312812 132
124 124
11414 1141
101 Preferred
/
4
100
115 •11414 115 .114 115
/
4
*1144 116 *1144 115 *1141
50
8
1.400,National Surety
1507 1507 *140 150 .140 150
8
7
/
1
154 1544 15312 154 8 152 152
34112 3411 340 342
1.500'National Tea Co
No par
343 348
•34112 34412 34412 34412 *34412 345
/
4
493
4 454 471 4618 4814 252.1001NevadaConsoicopper_No par
4 48
/
1
477
8 4712 4834 484 493
47
474 483 22.900,5T Y Air Brake
8
49
No par
8 4814 4912 4814 4912 4714
/ 494 481s 493
1
4
48
50
50
52
5,400 New York Dock
100
56
5 8 54
83
/ 534 52
1
4
up. 53
534 53
89
*86
89
100
*85
89
Preferred
*86
89
•86
89
*86
89
*87
10112
180 NY Steam pref (6).
-No par
100 10112 101 102 *101 10112 101 101 •101 114
101 101
114
330 1st preferred (7)
No par
114 11418 114 114
11418 *11418 115
11418
114 114
10
994 80,900 North American Co
983 100's 98
8
99 102
/
1
4
4
7
10318 103 8 1004 1033 100 102
524 5312
53
500 Preferred
50
5312 53
5312 5312 5312 1753
*53
*5312 54
4
4
300 No Amer Edison met-No par
8 103 •1024 103'4 1023 1023
8
8
s
10318 10318 *1027 1034 1027 1027 81027
58
5712 3,700 North German Lloyd
8 5812 57
4
583
8 573 583
5811 58
/ 58
1
4
583 68
8
*484 4912
40 Northwestern Telegraph-50
8
8
8
048 8 49: •483 4912 *483 4912 •483 494 4912 491
3
54 6
54 6's
/
1
3.400 Norwalk Tire & Rubber ___10
618
6
6
/
1
4
6
61
/
4
6
6
6 18
48
*40
100
48
1740
Preferred
48
•40
48
*40
48
42 •40
0
39
8
8
1,100 Nunnally Co (The)
-No par
/ 7
1
4
/ *734 812
1
4
7
74 7
3
/ *712 74
1
4
74 74
27
25
271s 27
2,700 011 Well Supply
2814 27
28
28
v27
2712 274 294 28
270 Preferred
100
*104 10412 103 10438 104 10412 104 104 *104 10458 101 104
/
1
4
84 83
8 3,700 Omnibus Coro
No par
84 81
8
812 85
812 84
83
4 84
3
812 8
/
1
4
88
*87
100
100 Preferred A
87
87
90
•87
89
•87
•87
89
*87
89
73
733
8 7214 73
74
2,900 OPPenheim Collins & CoNo par
7418 744 74
7334 74
74
74
1
50
*23
50
Orpheum Circuit, Inc*23
50
*13
50
*23
50 .
825
*23 65
60 Preferred
100
8
885 864 •8512 87
87
91
86 .85
*88
8718 8718 86
308 310
50
800 Otis Elevator
310 312
320
318 318 *305
318 318 *318 330
100
20 Preferred
*122 1244 *122 12412 *122 124 *122 12411 .122 1241 123 123
384 395 69.100 Otis Steel
8
No par
40
4012 4018 424 4112 4214 404 414 3758 40
100
101 101
5,100 Prior preferred
1023 10312 10118 103
4
102 104
102 103
/
1
4
102 102
91
9114
No par
3001 Outiet Co
93
*91
93
*91
93
93
*91
93
*91
*91
25
95'e 9314 9412 18.50010wens Bottle
4 94
9712 9414 963
923 923
8
4 93
/ 95
1
4
95
594 16.400 Pacific Gas & Elea
/
1
25
634 6118 62's 58
62
/ 6234 64
1
4
64
6314 6412 63
:
731 74
1,600i Pacific Lt. Corp
No par
7934 *76
7612 7612 7414 741
78
784 764 77
100
320 Pacific Mills
.
8324 351 *3212 34
34
32
323 323 1833
4
4
33
32
*32
118
114 10,100 Pacific 011
11
No Par
118
114
114
118
Ds
113
14
114
118
100
173 173
130 Pacific Telep ds Wee
172 172
173 174
176 176
173 173
*176 177
100
126 *126 128
50 Preferred
126
*126 128 *126 128 *128 128 •126 128
10
8
/ 1354 1383 1377 143
1
4
4
138 1427 130 1357 129 135 236,900 Packard Motor Car
8
135 137
50
42
2.300 Pan-Amer Petr & Trans
8 42
4312 4112 423
43
12 4312 434 434 43
4312 43
50
414 427 39,800 Class B
8
43
42
45
4312 4414 4318 44
4434 453
8 44
•143 16
4
300 Pan-Am West Petrol B_No par
•143 16
4
*14
/ 16
1
4
4
•143 16
1512 1512 *154 16
3
2,900 Panhandle Prod & rid-No par
9 4 10
9
/ 1018
1
4
8
1012 1012 107 11
s
104 104 1012 107
100
Preferred
.8____ 70 *---- 65 •____ 65 •____ 65 *---- 63 *-::- 65
627 195,400 Paramount Fain I.oky_No par
8
: 60
631
6418 684 82
664 6718 65
12 67
6612 67
8 78
14.900 Park es Tilford
No par
/
4
8012 794 8012 771 7914 715
80 4 7912 8018 77
3
80
1
8
8 115 1214 51,700 Park Utah CM
8
113 123
12
1214 12
13
1214 127
8
8
113 12
4
8
Ni per
103 115 107,900 Pathe Exchange
117 134 1212 1314 1134 127
8
8 114 114
4
113 12
Ni par
10,600 Class A
8 2312 24
277
8 2614 27
254 2812 2312 247
/
1
2518 25
25
3712 17,200 Patin° Mines & Enterpr..-.20
/
1
364 36
4 36
3614 38
3612 3712 3612 373
374 38
-dividend. a
•
Bid and asked prices: no sake on this day. x Hz
. S 13x-dividen4 and
PER SHARE
Range Sinai Jan. 1.
On basis of 100
-share tots
.
$ per share
641 Jan 28
/
4
11612 Jan 12
2412 Jan 21
88 Jan 4
134 Feb 7
89 Feb 8
385 Jan 23
8
7714 Jan 4
40 Feb 2
/
1
4
104 Jan 8
122 Jan 19
8318 Jan 26
104 Jan 16
188 Jan 28
1814 Jan 5
66 Jan 16
2914 Feb 8
101 Jan 15
20 Jan 30
4314 Jan 31
29 Feb 4
304 Jan 7
/
1
3212 Jan 2
1312 Feb 8
365 Feb 7
8
7312 Feb 8
6814 Feb 7
16 Feb 8
175 Jan 9
120 Jan 28
93 8 Feb 8
5
2218 Feb 1
423 Jan 26
8
88 Jan 15
73 Jan 10
1003 Jan 4
4
101 Jan 10
1137 Jan 31
s
204 Feb 8
/
1
7112 Jan 8
49 Jan 7
571 Jan 18
/
4
.
621 Jan 31
274 Jan 31
24 Jan 10
43 Feb 8
3018 Jan 8
3118 Feb 7
12014 Jan 18
4 Feb 1
2 Feb 8
/
1
4
232 Feb 8
2212 Jan 5
7012 Jan 4
125 Feb 8
612 Jan 24
3 Feb 8
1212 Jan 8
20 Jan 29
165 Jan 16
4212 Jan 7
634 Feb 7
974 Feb 7
53 Jan 12
6712 Feb 8
10214 Jan 4
2818 Jan 7
195 Jan 31
115 Feb 1
1824 Feb 8
14313 Jan 2
96 Jan 8
126 Feb 8
2818 Jan 4
9214 Feb 4
35 Feb 8
6712 Feb 7
5212 Jan 4
132 Jan 2
140 Jan 2
118 Jan 2
424 Jan 8
14 Feb 8
38 Jan 7
120 Jan 30
/
4
1141 Feb 8
140 Jan 2
340 Jan 24
393 Jan 16
4
424 Jan 7
/
1
49 Jan 9
854 Jan 7
100 Jan 26
11212 Jan 3
904 Jan 7
5214 Jan 12
1017 Jan 2
s
56 Feb 8
481s Jan 3
5 Jan 7
4018 Jan 14
612 Jan 25
2618 Jan 31
10218 Jan 5
84 Feb 8
83 Jan 2
/
1
4
724 Feb 3
/
1
Highest
Lowest
Highest
$ per share $ eo* share $ Per sham
7458 Jan 5
4
4414 June 883 Sept
118 Jan 17 11712 Aug 125 Mal'
283 Jan 11
8
2334 June 4678 Ape
93 Jan 16
8612 Dec 114 Mar
18 Jan 9
938 Feb
193 Apr
4
95 Jan 9
78 July 98 Apr
47 Jan 31
28 Feb 41 May
873 Jan 18
8
254 Jan 894 Nov
46 Jan 4
44 Aug 57 Apr
/
1
4
Oct 110 Nov
10814 Feb 8 106
12518 Jan 15 10812 Mar 134 Mar
Oct
6814 Jan 88
8418 Jan 14
83 Apr 110 Nov
1143 Feb 5
4
1883 Jan 2 y134 Aug 382 Aug
4
1814 Dec 34 May
214 Jan 2
744 Feb 6
433 Feb 75 Nov
4
18
Jan 384 Nov
39 Jan 15
/
1
4
Oct
10812 Jan 18
8718 Jan 110
Jan
21 Nov 41
26 Jan 14
40 Nov 88 Jan
5012 Jan 10
344 Jan 10
32 June 4012 Jan
8
2812 Sept 663 June
373 Jan 14
4
3134 Feb 43 May
355 Jan 4
8
1212 Feb 2512 Apr
1714 Jan 3
4
4718 Jan 3
33 Feb 493 Nov
4514 Mar 83 Nov
8
797 Jan 21
84 Jan 2
77 Dec 86 Deo
1218 Mar 255 June
8
18 Jan 2
2163 Jan 25 1173 June 190 Dec
4
4
Jan 130 Apr
125 Jan 2 115
75 July 11312 Nov
1081s Jan 10
2414 Jan 3
1712 Aug 3012 Nov
454 Jan 3
4018 Aug 52 May
9018 Jan 10
8912 Dec 101 May
56 Feb 80 Dee
80 Jan 22
8
77 Feb 1097 Nov
113 Feb 6
/
1
4
4
11512 Feb 6
804 Mar 1193 Nov
120 Feb 7 109 Feb 11812 Nov
1914 Sept 2812 Mar
2312 Jan 5
/
1
4
82 Jan 31
6212 June 78 Nov
4
58 Feb 2
4518 Nov 503 Dec
62 Feb 4
54 Nov 834 Nov
72 Jan 3
607 Nov 70 Sept
8
3478 Jan 4
2514 July 41 Sept
2614 Feb 1
2412 Dec 2718 May
69 Jan 3
/
1
4
45 Jan 73 Deo
8
40 Feb 6
173 Jan 33 Dec
4
397 Jan 3
8
2518 Feb 4412 Nov
121 Jan 4 1031 Feb 12012 Dec
/
4
518 Jan 3
2
/ Jan
1
4
73 May
8
5 8 May
7
312 Jan 3
112 Jan
26314 Jan 2 193 June 295 Nov
283 Jan 14
4
1812 Aug 27 Jan
793 Jan 31
4
3918 Aug 754 Deo
1567 Jan 2 11514 Dec 1564 Deo
8
8 Jan 8
53 Feb
8
1112 May
4
23 Aug
8
33 Jan 3
44 May
8
1912 Feb 4
5 Mar 147 Deo
13 Mar 2434 Sept
4
253 Jan 3
4
94 July 2183 Oct
194 Jan 22
/
1
4
471 Feb 4
/
4
2612 Jan 5114 Oct
/
1
6914 June 954 Oct
817 Jan 4
8
98 Dec 1047 Nov
8
10214 Jan 11
483 Mar 6212 May
4
59 Feb 4
2112 Feb 12414 Oct
4
775 Jan 17
1187 Jan 25
8
801 Feb 112 Nov
/
4
344 Feb 6
714 Jan 324 Deo
Jan 24914 Dec
41
234 Jan 11
0014 Jan 11812 Dec
118 Jan 3
205 Jan 4 15912 July 19514 Nov
144 Jan 26 13712 Feb 150 Apr
4
4714 Jan 1043 Dec
1433 Jan 25
4
644 Jan 1334 Dec
1373 Jan 29
8
217 Jan 3214 Oct
8
344 Jan 30
Jan 102 May
91
94 Jan 22
291 June 584 Jan
/
4
433 Jan 3
8
8
5114 June 713 Jan
75 Jan 3
/
1
4
8
2314 Mar 573 Nov
624 Jan 9
/
1
Jan
15812 Jan 9 115 July 136
Jan 14714 May
14112 Feb 1 139
120 Jan 31 11212 Mar 122 July
217 Jan 464 Dec
8
5912 Jan 30
8
14 July 403 Jan
17 Jan 10
36 Dec 9812 Jan
41 Jan 29
8414 June 146 Dee
144 Jan 2
116 Jan 15 114 Sept 119 Jan
4
155 Feb 1 1383 Dec 150 Nov
Jan 390 Den
370 Jan 2 160
49 Feb 5
/
1
4
4913 Feb 2
58 Feb 2
/
1
4
89 Jan 31
103 Jan 10
11414 Feb 1
106 Jan 30
6414 Jan 9
10334 Jan 15
6414 Jan 12
4912 Jan 4
61 Feb 4
/
4
45 Jan 31
8 Feb 8
32 Jan 3
10612 Jan 16
10 Jan 22
87 Jan 24
79 Jan 3
/
1
4
Feb 1 953 Jan 2
4
Jan 7 335 Jan 19
Jan 8 125 Jan 24
374 Jan 2 42 Jan 18
/
1
4
101 Jan 21 104 Feb 4
91 Feb 1 964 Jan 4
/
1
81 Jan 7 9712 Feb 5
/
4
534 Jan 2 681 Jan 31
70 Jan 7 813 Jan 31
.
an128 3311 Jan 10
1
3014 JJan
7
111
/
4
159 Jan 3 182 Jan 30
/
1
1164 Jan 3 126 Jan 31
129 Feb 8 153 Jan 2
4112 Feb 7 50 Jan 4
415 Feb 8 514 Jan 3
8
1
4
71
1 an
143 Feb 7 13 Jsa 3
94 Feb
55 Feb 1 76 Jan 16
554 Jan 2 6718 Feb 4
715 Feb 8 877 Jan 14
8
8
114 Jan 30 134 Jan 3
/
1
4
103 Feb 8 1478 Jan 9
2312 Feb 7 30 Jan 9
3418 Jan 7 394 Jan 12
85
276
122
PER SHARE
Range for Previous
Year 1923
173 Jan
4
397 Oct
8
47 Aug
85 Sept
984 Oct
Jan
102
585 Jan
8
51 Sept
99
/ Oct
1
4
633 June
4
48
Oct
24 Mar
33 4 Jan
3
6 Dec
/
1
4
2014 June
97 June
712 Dec
8812 Dec
673 Aug
4
18 May
76 May
14718 Feb
11914 Jan
1012 Jan
821z Jan
81 June
7411 Jan
434 Feb
69 Dec
25 se st
1
Ob
424 Dee
5011 Nov
6414 Jan
95 Jan
-10512 May
116 Apr
07 Nov
554 May
8
1057 Feb
694 Nov
85 May
712 Sept
48 Sept
13 May
Jan
41
11114 Jan
1614 MaY
993 Jane
8
884 Jan
Oct
70
104 Nov
2854 Dec
1264 July
/
1
404 Nov
103 Nov
991 Serd
/
4
054 Apr
561. Nov
85 1 June
5
3
24 N bv
54 Ao e
145 June 169 Dec
114
Ost 12512 May
561 Feb 163 Dec
4
384 Feb 5512 Nov
/
1
37 Feb 584 NOV
/
1
4
4
2/
11
reb
MI Jaly 288,830;Ap
70 Feb 10814 MAY
471 Oct Ws Dec
/
4
674 Oct 564 Dec
/
1
34 Mar 98 Nov
9 Aug
1413 Jar
15 Nov
1 Feb
84 Feb 34 Ana
New York Stock Record-Continued-Page 7
857
For sales during the week of stocks not recorded here, see seventh page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday,
Feb. 5.
Wednesday, Thursday,
Feb. 6.
Feb. 7.
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 5 per share S per share $ per share 3 per share $ per share Shares Indus. & Miscoli. (Con.) Par
205
8 2014 205
2058 20
8 203 2012 1912 195
8
20
8
1918 1938 5.400 Peerless Motor Car
50
4 4012 4112 4014 417
4112 424 4012 413
8 40
407
8 39
40
7,200 Penick & Ford
No par
•104 109 *106 109 *10618 109 *10612 109 *10614 108 *10612 109
Preferred
100
8
103
8 1014 1014 .10
•103 1012 *103 1012 10
8
8
103 •10
1014
300 Penn Coal & Coke
50
8
4 2318 2418
213
4 2112 2478 227 243
21
2218 223
4 224 2314 21,900 Penn-Dixie Cement____No par
*92
94
9218 92
92
91
93
9078 907 *90
*93
8
91
1,400 Preferred
100
240 24134 24112 245
*230 245 *230 245
242 2453 24212 245
8
4
.100 People's G E & C(Chic)_100
8
8 425 43
4212 4314 425 427
4212 427
8
8 4212 4212 4212 4212 2,700 Pet Milk
No par
•171 174 .155 170 .157 170 *155 170 •150 170 *150 170
Philadelphia Co (Pittsb)._50
50 .49
50 .49
50
*49
*49
50
•49
51
*49
50
5% preferred
50
8 533 533
4
8
8
8
8
4 535 535 .535 5378 *5312 54
8
535 535 .5312 535
500 6% preferred
50
4 315 323
8
313
333
8 3114 323
4 32
4 3118 32
31
3034 3114 52,500 Phila & Read C & I___No par
18
4
4 173 173
173 173
175 173
4
8
4 173
4 17
4
175s 17
18
8,300 Philip Morris & Co., Ltd__ _10
*8812 90
*8818 89
.8812 89
.884 89
*884 90 .8818 90
100
Phillips Jones pref
8 3814 3918 373 383
3938 40
393
3912 4018 39
4
8 373 384 21,700 Phillips Petroleum___No par
4
34
34
34
34
34
33
33
*33
3214 323 .31
4
32
2,600 Phoenix Hosiery
5
9912 *94
*94
___ 98
99
9912 100
94
____
94
____
190 Preferred
100
3414 3212 34
4 34
4 3418 343
343
3118 33 I 3118 3212 11,500 Pierce-Arrow Class A_No-par
*34
83 .83
8312 83
83
83
83
83
83
83 I 8014 8014
1,000 Preferred
100
212 258
212 258
212
212
212 212
212 25
8
214
212 11,800 Pierce 011 Corporation
25
32
32
31
31
.314 32
*29
31
30
30
3014 303
4
800 Preferred
100
47
47
47
8 5
8 518
8 5
43
4 47
8
43
4 43
4
43
4 5
8,400 Pierce Petri:Wm__ _____ No par
4
595
59
8 583 5912 58
573 5834 57
4
59
577
8 5514 57
13,700 Pillsbury Flour Mills__No par
•144 150 *145 150 *145 155 *141 150 .111 150 *138 144
Preferred
100
73
74
7312 73 73
71
74
7212 6912 71
663 70 4 5,1100 Pittsburgh Coal of Pa
4
3
100
91
91
917
91
8 01
91
91
*91
•90 • 91
90
90
1,000 Preferred
100
*2812 30
30
28
30
28
*2812 3012 *2812 30
297 30
8
400 Pitts Terminal Coal
100
*7012 74
71
.71
743 .71
4
•70
743 .70
4
70
71
71
70 Preferred
100
833 843
s
8 8214 8458 8218 823
8218 8218 8212 84
4 81
82
5,500 Porto Rican-Am Tab el A_100
40
403 134 1138 44
8
4 39
373 373
3914 40
4
37
4012 16,000 Class Li
No par
•104 10412 10412 10434 *104 10414 1045 1045 104 104 .104 1043
8
8
4
700 Postal Tel dr Cable wet_ __100
7618 717 753
7518 763
8 75
8
4 735 7518
8
7114 733
8 695 7214 108,900 Postum Co Ins
8
No par
5978 60 8 593 6212 61
4
62
3
5914 603
4 59
60
59
60
51,200 Prairie Oil& Gas
25
8 58
563 59
57
8
587
5812 5618 58
5618 58
56
57
32,200 Prairie Pipe & Line
25
2112 2112 2158 2112 2312 2178 227
2114
8 20 4 213
3
* 2012 21
19,100 Pressed Steel Car
No par
78
.77
78
78
7914 77
•76
77
76
767
8 75
76
1,200 Preferred
100
2114 2138 2138 2018 2012 193 193
.21
4
203 21
4
4
193 20
4
2,600 Producers & Refiners Corp__50
539
*4018 42
90
4018 4018 40
40 .38
40
*38
40
30 Preferred
50
697 .66
8
60 .66
69
.66
66
66
.61
65
.64
05
10 Pro-phy-lac-tic Brush__No par
9034 9212 8914 9112 874 893
4 875 894 844 87
8
8412 867 79,800 pub sec corn of N „I...N0 par
8
10712 10818 *10612 108
•107 108 .10612 108
10712 1074 10718 10714
1,000 6% preferred
100
8
•121 125 •121 1235 121 121
121 121
121 121 *12118 122
300 7% preferred
100
514512 150 *14512 150 .14512 150 .147 150
147 147 .148 154
100
100 8%
10814 10838 .10814 10878 1083 1083 .10814 1083 1084 10814 1,400 pub preferred
•1084 109
4
4
4
Serv Elee & Gas pref _100
8558 8612 8512 863
8 8512 863
8 8418 8618 83
843
8 8218 84
22,600 Pullman, Inc
No par
1712 165 184
8 17
1712 173
8
175 187
8
8
165 175
8
8 165 17
8
4,900 Punta Metre Sugar
• 50
243 257
4
25
8 2514 2512 243 2518 244 2412 Z233 24
25
4
4
25,600 Pure 011 (The)
25
.113 11312 113 11314 11212 11314 11234 1128 11234 1123 112 11212
4
4
330 8% preferred
100
4
8
13718 1387 1373 13978 13612 13714 13418 1387 13218 135
1295 13312 15,100 Purity Bakeries
8
.140 190 *140 190 •140 190 •150 180 *110 180 •140 180
Preferred
393 404
385 402
39212 396
384 397
354 379
34512 365
43,200 Radio Corp of Amer__ _No par
3
55 4 55 4 5518 55 4 55
3
3
557
8 553 56
56
4
56
563 565
8
8 1,900 Preferred
50
4114 3914 403
8 3812 4038 3718 383
4118 4234 40
4 37
383 121,800 Radio Keith-Orp Cl A_ _No par
8
7258 72
7212 72
72
7312 70
74
7212 6214 7113 21,900 Real Silk Hosiery
70
10
*100 10038 100 100
100 100
100 100
100 100
100 10212
390 Preferred
100
135 147
8
8
8 145 16
15
153
4 143 153
8
143
8
8
13
1318 14
26,100 Reis (Robt) & Co
No par
93
90
9312 96
97 106
95 4 108's 95
3
99
91
95
16,600 First preferred
100
4 333* 353
333
33
4 344 353
4 3212 34'8 305 32
8
31
324 282,600 Remington-Rand
No par
933 96
4
91
91
*91
93
.91
93
.90
92
*91
92
1.500 First preferred
100
*9212 9612 9612 99
9812 9812 99
99
*99
993
4 99
99
1,300 Second preferred
100
283
8 273 284 277 2814 277 2818 2712 2734 2714 275 28,000 Reo Motor
28
4
8
8
4
10
Car
8 86
8514 865
877
8 8534 8714 8418 867
8118 8212 794 827 53,200 Republic Iron & Steel_ _100
8
.
•11312 11418 *11312 114
114 114 *113 114
11218 11218 .111 114
200 Preferred
100
8 1012 107
103 107
4
8 103 107
8 105 107
4
8
1012 1012 1012 103 10,500 Reynolds spring
4
No par
159 159
15812 15812 15714 15714 155 15513 151 155
150 151
6,900 Reynolds (18,J) Too class 13_25
•180 190 *185 195 *185 195 *185 195 .185 195 .185 195
Class A
25
5914 5512 5512 *554 56
5614 5614 5614 .56
553 5912 *56
4
800 Rhine Westphalia Elec Pow_
45
455
8 434 447
8 435 4434 4318 44
8
4214 4318 4112 4278 25,100,5(ichtield Oil
of Callfornia_25
3914 4018 3914 403
4 3914 397
8 377 393
8
4 36
3712 36
37
62,600 Rio Grande Oil
No par
4
245 2473 248 248 .244 218
24512 25112 238 240 .234 236
4,100.Rossia Insurance Co
25
344 35
4
3
3614 3714 353 364 35 4 36
3358 35
33
3412 7,000 Royal Baking Powder_No par
•10112 105 *10112 105 *10112 105 .10212 105 .10212 105 *10212 105
Preferred
100
5112 5112 505 513
8 5014 503
8
8
4 505 51;2 5012 501: 503 51
4
5.300 Royal Dutch Co(NY shares)
81
843
8012 8314 75
824 7414 783
4 8012 82
8 704 7614 77,800ISt. Joseph Lead
10
17838 180
18012 181
17814 18114 180 180
175 17714 167 1753
4 7.600'Safeway Stores
Vo par
*964 97 .9618 97 .9618 97
95
95
.95
97 .95
97
2001 Preferred (6)
100
•102 105 *10418 105 .10118 105 *105 106 *105 10618 104 105
200 Preferred (7)
100
5014 4758 4878 4658 4838 46
4634 473
8 47
4812 4558 175 17,400 Savage Arms Corp_ No par
8
.
3412 3638 3458 37
32
323
4 3214 34
33
314 3378 344 62 60
. 01Sehulte Retail StoresNo par
•105 108
10614 107
10612 1061: 107 10812
105 1054 10514 106
4201 Preferred
100
1712 1778
1812 1812 183 207
1758 1914
4
8
8
8 193 193
1612 174 28.9001Seagrave Corp
No par
16512 16712 165 1667 16314 16578 1625 16412 15912 162
15758 161
8
8
76.900ISears. Roebuck & Co No par
512 55
6
8
512 534
63
8
54 6
512 614 3
54 613
6.500'Seneca Copper
No par
132 132
13212 142
130 132
4
137 1393 13212 135
129 132
16, 00iShattuck (F G)
7
No par
*45
473 .453 48 .453 47
4
.4512 40 .454 47 .15
8
3
47
IShell Transport & Trading.£2
2714 273
4 263 2712 2612 27
2612 267
4
8 2618 2634 26
263 49.2001Shell Union 011
4
No par
4 697 7012 704 704 69
7018 703
8
7012 68
685
8 65
68
7.000I8hnbert Theatre Corp.No par
112 11314 110 1123 10812 1143 1075 112
4
4
100 108
97 10438 121.0001Sinamons Co
8
No par
20 4 21
2014 21
3
2018 2014 30
195 2014 9,600131r:um Petrolem
8
2018 .1195 2018
8
10
8 3834 40
3918 395
3812 3912 375 3914 3614 3712 36
8
38 253.400lSInclair Cons 011 Corp_No par
•108 120 *108 109
1093 1097 .1093 110 .1093 11014 *109 4 11014
4
8
4
3
4
200 Preferred
100
36
36511 34
3512 313 3514 3112 355
4
8 3312 343
4 333 347 25.200 Skelly 011 Co
8
8
25
•120 12212 *120 123 *118 121
118 118 .105 120 .114 120
1001Sloss-Sheffield Steel & Iron 100
•108 112 .108 112 .108 112 *108 112 .108 112 .10712 108
I Preferred
100
15
15
1518 153
4 153 1614
8
1514 1614
14
1514 14
1414 10,800 Snider Packing
No par
4 4612 483
45 4 463
3
8 4818 493
4 4812 5012 47
477
8 46
4612 11,6001 Preferred
No par
4218 423
8
4 415 4218 4138 417
8 414 42
394 404 393 4012 11.200.So Porto Rico
4
No par
Sug
63
647
8 6213 643
4 623 6312 6112 6312 6018 613
4
4 5918 607 21.600'Southern Calif Edison
8
25
38 .37
39
38
37
37
35 s 3612 36
5
37
*36
37
600 Southern Dairies cl A_No par
1414 1414
1114
14
1312 1312 133 133
4
1312 13
13
4 13
2.000 Class 13
No par
•1154 117
11514 11514 *115 11834 117 117 .115 118
1154 11514
40 Spalding Bros 1st pref
100
*46
47
4012 473
8 47
47
47
1412 45
17
4014 4418 7,400 Spang Chalfant&co IncNo par
97
*95
97 .95
*90
97
•95
97
.90
97
.90
97
100
Preferred
113 143
4
11
4
11
13
1312 13
14
1312 '•13
1214 125
8 1.690 Spear & Co
No par
79
8012 80
*7912 SO
8014 80
SO
80
.79
*79
80
760 Preferred
100
5112 55
545 57
8
51
52
53
5614 173 517
4
8 49
5114 43,200 Spicer Mfg Co
No par
8
10812 1127 110i, 1173* 113 1177, 1071, 1127 10158 1093
113 115
8
4 72.300 Spiegel-May-Stern Co..No par
363
36
4 35
34
3712 35
36
33
37
3412 32
3314 14,700 Stand Comm Tobaceo_No par
9112 9614 9314 9513 9212 037
8 92
943
4 88
90
88
893 29,700 Standard Gas & El Co_No par
4
66 :: 608 864 67
,
664 67
*6612 67
664 667
s 6612 6612 1,960 Preferred
50
135 137
•134 139
137 138
13412 136
13412 13412 134 134
3,700 Standard Milling
100
124 1305 129 13134 130 13112 .126 128 .126 128
8
121 121
3,850 Preferred
100
6638 667
8
8 655 607
8 0614 6812 665 6878 665 68
8
8
653 67
4
36,400 Standard 011 of Cal _No par
493 49i2 485 49
4
5018 5012 4912 5014 4912 501„ 4914 59
8
89,700 Standard Oil of New Jersey_25
4
4118 4114 403 4112 41
413
8 105 4114 397 403
8
8
8 397 10 8 123,200 Standard 011 of New York __25
8
3
71, 718
718
712
714 73
8
7
7
7
7
618 63
8 3,800 Stand Plate Glass Co__No par
25
4
233 2334 2312 25
2512 254 25 4 2514 2514 2514 2512 1,400
3
100
Preferred
5114 524 514 52
4
523 534 5144 53
50
49
4934 5012 22,800 Stand San Mfg Co ____ No par
____ *130 ____ •I30 ____ •130
____ *118
*118
____ •130
____
100
Preferred
'
4078 407
8 4
04 403 *40
4
403
4 40 40
40
40
40
40
2,100 Stanley co of Amer__ _No par
13688 14012 1301, 139
139 14012 1404 14114 213912 141
1263 1333 33,700
4
4
-Warn Sp Corp..No par
65
6638 65
67
6618 673
8 6412 96
6112 6312 6118 6312 9,800 Stewart
Stromberg Carburetor_1Vo par
05
9512 95
9612 95
953
4 9312 953
4 90
927 x8518 893 155,600 Studeb'r Corp (The___No par
8
4
125 125 *12434 125
124% 125 •12434 125
8
1247 1247 1217 1243
8
8
4
890 Preferred
100
312 312
312 312
33
8 312
33
8 312
314 314
34 33
8 2,400 Submarine Boat
No par
61
60
.6014 61
61
60
61
61
60 6012 58
60
No par
8
8
1053 1053 .10412 105 *10412 105 *10153 10512 1045 104513 5,000 Sun 011
105
•10412
8
10 Preferred
100
812 83
8
4
812 87
518 812
84 84
712 8
712 8
31,900 Superior 011
No Par
43 4 45
3
41
43
46
43
95
46
.42
43
42
42
100
3,800 Superlor Steel
1818 1818
1714 1714 174 1718
184 184
1612 1612 16
1612 1,700 Sweets Coot America
50
512 512
5'2 512
512 55
8
512 512
512 512
5
5
1,400 Symington
No par
4
1312 1358 *1312 14
•1312 14
1312 133
1314 1312 13
13
1,100 Class A
No par
20
2012 20
20
1912 20
2014 *1913 20
*20
1914 1914
1,000 Telautograph Corp .No par
•131d and asked orlon% no pato on this day. a Ex-dividend. a Ex-rights
I
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots I
Lowest
Highest
5 per share
1918 Jan 25
38 Jan 2
10412 Jan 4
9 Jan 30
21 Jan 2
8612 Jan 8
208 Jan 11
4218 Jan 16
159 Jan 2
4812 Jan 15
53 Jan 2
30 Jan 2
17 Jan 8
8814 Jan 17
3714 Jan 29
3214 Feb 7
9812 Feb 1
283 Jan 3
4
7212 Jan 2
214 Feb 8
30 Jan 8
434 Feb 6
5514 Feb 8
143 Jan 2
663 Feb 8
4
90 Jan 14
28 Feb 2
70 Jan 29
77 Jan 11
36 Jan 4
103 Jan 7
6958 Feb 8
58 Jan 30
535 Jan 14
8
2012 Feb 8
75 Feb 8
193 Jan 31
4
3912 Jan 3P
6018 Jan 7
813 Jan 8
8
104 Jan 5
119 Jan 8
14518 Jan 18
108 Jan 4
824 Feb 8
1612 Jan 31
2313 Jan 30
112 Jan 14
1295 Feb 8
8
8 per share
2212 Jan 11
4458 Jan 4
110 Jan 9
12 Jan 20
27 Jan 5
94 Jan 22
25412 Jan 26
4512 Jan 3
180 Jan 5
4834 Jan 11
534 Jan 24
34 Jan 8
20 Jan 23
9012 Jan 11
47 Jan 3
375 Jan 22
8
100 Jan 6
3778 Jan 9
8612 Jan 9
278 Jan 7
35 Jan 23
57 Jan 15
8
637 Jan 15
8
15614 Jan 11
8334 Jan 9
100 Jan 5
343 Jan 9
8
7814 Jan 9
845 Feb 6
8
50 4 Jan 2
3
105 Jan 31
8
783 Jan 5
655 Jan 2
8
59 Feb 2
233 Jan 2
4
7912 Jan 3
257 Jan 3
8
43 Jan 3
823 Jan 14
4
9434 Jan 31
10818 Feb 5,
1247 Jan 31
8
14818 Jan 31
1095 Jan 28
8
917 Jan 3
8
2114 Jan 14
2812 Jan 3
11512 Jan 21
1397 Feb 4
8
34512 Feb 8
55 Jan 19
37 Feb 8
57 Jan 7
97 Jan 5
1112 Jan 30
80 Jan 7
297 Jan 24
8
9014 Jan 4
9312 Jan 19
274 Feb 8
794 Feb 8
8
1087 Jao 7
8
103 Jan 7
150 Feb 8
190 Jan 3
5514 Feb 1
4112 Feb 8
3418 Jan 22
238 Feb 7
3112 Jan 22
10212 Jan 23
5014 Jan 31
62 Jan 7
167 Feb 8
94 Jan 10
104 Feb 1
4514 Jan 7
3112 Jan 31
105 Feb 4
157 Jan 2
8
1575 Feb 8
8
512 Jan 2
12312 Jan 8
43 Jan 25
26 Feb 8
6.3 Feb 8
92 Jan 8
1958 Feb 7
36 Feb 8
10912 Jan 10
333 Feb 8
8
118 Feb 6
105 Jan 2
12 Jan 2
33 Jan 3
393 Feb 8
4
535 Jan 4
8
35 8 Jan 6
5
13 Feb 7
115 Jan 2
404 Feb 8
96 Jan 22
11 Feb 2
79 Jan 3
45 Jan 7
774 Jan 15
32 Feb 8
82 Jan 8
65 Jan 2
134 Jan 28
113 Jan 21
643 Jan 30
4
485 Feb S
8
8
397 Feb 7
412 Jan 2
17 Jan 3
4618 Jan 4
11812 Jan 15
40 Jail 21
12112 Jan 3
4
z523 Jan 11
77 Jan 5
1243 Jan 2
4
318 Jan 8
58 Feb 8
100 Jan 3
74 Jan 29
38 Jan 2
16 Feb 5
5 Jan 3
13 Feb 8
194 Feb 8
410 Jan 5
57 Jan 3
467 Jan 4
8
7658 Jan 22
10212 Feb 8
1614 Feb 1
10812 Feb 6
3534 Feb 4
96 Feb 4
99 Feb 4
317 Jan 3
8
883 Jan 2
4
114 Feb 5
1214 Jan 16
163 Jan 11
191 Jan 2
64 Jan 2
405 Jan 3
8
417 Jan 23
8
2583 Jan 19
4
4314 Jan 2
10312 Jan 21
553 Jan 5
4
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
514 Jan 24
1112 Jan 8
11812 Jan 2
207 Feb 4
8
181 Jan 2
634 Jan 5
112 Feb 4
553 Jan 10
4
3014 Jan 3
7412 Jan 24
116 Jan 31
237 Jan 3
8
45 Jan 2
111 Jan 29
40 Jan 22
125 Jan 19
112 Jan 18
1614 Feb 5
5012 Feb 6
443 Jan 2
4
1)812 Jan 31
42 Jan 2
1538 Jan 12
117 Feb G
5214 Jan 3
97 Jan 17
143 Feb 4
4
8012 Jan 2
57 Feb 5
1177 Feb 6
8
8
435 Jan 11
997 Jan 31
8
67 Feb 4
16314 Jan 18
133 Jan 12
7312 Jan 5
551? Jan 3
453 Jan 2
4
958 Jan 21
31 Jan 18
54 Jan 29
11812 Jan 15
4314 Jan 3
145 Jam 22
9212 Jan 9
98 Jan 26
125 Jan 18
33 Jan 17
4
681 Jan 10
)
10512 Jan 8
12 Jan 3
4814 Jan 21
2)) Jan 24
74 Jan 14
1654 Jan 14
22 Jan 4
PER SHARE
Range for Precious
Year 192S
Lowest
Highest
$ per share $ per share
1418 Sept 257 Mar
8
8
223 Jan 4112 Oct
103
Oct 115 Mar
8 Aug
1412 Jan
1434 July 31 May
75 Sept 9658 Apr
1513 Jan 217 Nov
4
4112 Dec 4614 Dec
145 Mar 1743 May
4
4512 Mar 49 Aug
513 Oct 57 Mar
4
2738 June 393 Jan
4
15 Mar 2512 May
85
Apr 99 May
3514 Feb 537 Nov
8
21
Oct 38 May
94 Dec 10314 Feb
1812. Oct 307 Dec
8
5612 Oct 744 Dec
12 Mar
514 Apt
1614 Feb 50
Oct
312 Feb
65 Apr
8
323 Feb 587 Dec
4
8
Jan 1417 Dec
108
8
3618 June 787 Dec
8
81 May 1007 Dec
8
26 Feb 38 Dec
6318 Oct 82 Mar
533 July 85 4 Dee
4
3
2314 Aug 517 Dee
8
10058 Aug 106 Sept
613 July 13612 may
8
5912 Dec 615 Dec
8
18 June 3312 Ocl
70 Aug 9312 Oct
16 Feb 297 Nov
8
11 Feb 495 Jun(
8
52 Nov 91 Pet
4112 Jan 831 De(
:
1033 Jan115 May
8
117
Oct12912 may
134
Jan 150 May
10612 Dec 11012 Apl
777 Oct 94 May
8
175 Dec 347 Jar
8
8
19 Feb 314 Nol
108 Mar 119 Juni
75 June 1393 Oc'
8
105 July 16614 Oc'
8514 Feb 420 Deg
5412 Jan 60 Mal
3414 Dec 5112 No'
2478 Jan 6058 De,
8012 July 9712 De,
512 Feb
15 De
6114 Feb 8912 De
2312 Jan 3612 Mai
8714 Dec 98 Jun,
8818 Oct 100
Jai
2212 Jan 3514 Oc
4918 June 9412 No,
102 June 112 Fel
814 Feb
1478 Jun
128
Apr 16513 No
16512 Mar 195 Ma:
50
Oct 61 De
2312 Feb 56 No
145 June
40 Dec
10412 Dec
4458 Jan
37 Mar
171 Dec
95 Dec
10612 Dec
3614 Dec
353 Dec
4
115 Dec
10 Feb
8218 Jan
2
Jan
8012 Feb
393 Jan
8
2314 Feb
543 Juin.
4
553 June
4
278 No
493 De
4
10412 De
64
Oc
7112 De
2013 De
4
97 De
10612 De
51 De
6712 Ap
129 Ap
1712 Jun
19712 No
712 Or
1404 Oc
5712 Oc
393 No
8
8514 No
1014 No
1818 Feb 2714 No
173 Feb 463 No
s
4
10212 Jan 110
Oc
25 Feb 425 No
8
102 June 134 Fe
10412 Oct123 Ma
11 Dec 20 At
31 Nov 60
Ja
3212 Feb 493 Ma
8
4312 Jan 5612 No
2412 Jan 605 Ma
8
9
Jan 30
Al
109
Jan 120
At
26 July
573 D(
8
97
Oct 100 At
1014 Nov
20 Fe
763 Nov 923 Fe
4
8
2312 Jan 515 Di
8
6312 Sept 91 Nc
24
Oct 4014 Nc
574 Jan 8158 DI
645 Dec 711 Mt
8
100
Jan 11213 Di
97 Nov 115 Di
53 Feb 80 N(
373 Feb 593 NI
4
4
283 Feb 451. Di
4
214 Jan
74' Ft
10
Jan 40 Ft
34 June 5338 D,
118
Oct 1263 Ms
4
35 Dec 6934 Se
774 Feb 12818 13,
44
Jan 99 D,
57
Jan 8712 0
12112 Feb 127 Jul
3 Feb
614 M
3112 Jan 77 N(
100
Jan 110 Al
212 Feb
1414 N(
18
Jan 567 N(
8
114 Feb 2311 Sei
8
4 Aug
7 ME
10 Aug
1938 Al
1514 Jan 2238 Me
858
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday,
Feb. 5.
Wednesday I Thursday,
Feb. 7.
Feb. 6.
Friday,
Feb. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ Per share Shares Indus. & Mlscel. (Con.) Par
4
4
8
4
1932 2034 185 193 9183 103 100,600 Tenn Copp de Chem__No par
8 59
25
593e 63,100 Texas Corporation
593 6032 593 597
4
75% 744 757 112,800 Texas Gulf Sulphur_ __No par
2 75
7614 783
47,400 Texas Pacific Coal 42011
175 1818 173 18
8
10
183 19
2
1812 20 8 32.900 Texas Pac Land Trust
3
20
3
1
207 2114 20
8
2134 2134 2,100 Thatcher Mfg
23
.22
No par
23 23
*425 448 *420 4412 *425 4412
400 Preferred
No par
45
46
48
7,900 The Fair
46
473
4 45
No par
150 Preferred 7%
100
110 110 *110 112 *110 112
55
4
2,800 Thompson (J R) Co
25
5512 5312 533 *54
54
23,700 Tidewater Assoc 011__No par
4
1818 183
4 173 1814 1712 18
*85
88
1,200 Preferred
87
87% 8784 87
100
2718 287
2 2.700 Tide Water Oil
29
•27
29
29
100
*91
93
600 Preferred
92
100
9214 9214 92
777 65,300 Timken Roller Bearing_No par
787
8 75
80
8284 78
94
96
8,300 Tobacco Products Corp
9532 98
9812 97
I00
10412 105
2,200 Class A
10514 106
105 8 106
7
100
*1712 18
*1712 18
Dividend certificates A ---*174 18
8
100 Dividend certificatewB
1712 1712 *173 21
*173 21
8
400 Dividend certificates 0
1718 1718 •1614 21
*1718 21
1784 1784 175 1732 *1718 18
912 91
97 10
912 934 32,100 Transc't'l Oil tern ctf__No par
97 1014
7
1014 10
104 1012
46
500 Transue & Williams St'l No par
48
47
*48
46
46
45 45
*44
48
*45
46
4212 4318 4212 4278 424 4284 4132 4218 4114 4134 11,000 Trice Products Corp__ _No par
4132 427
4 2,600 Truax Truer Coal
No par
4
274 273
4 263 2714 2814 2852 2512 263
4
28
287
8 273 28
1,200 Truscon Steel
*5312 5412 5312 5312 5018 53
52
5312 *53
10
56
52
52
105 10712 17,900 under Elliott Fisher Co No par
110 1118 1074 11114 106 108
,
112 1133 11012 113
125 125
30 Preferred
100
•125 128 *125 126 *125 126 •125 128 *125 128
36
37
3784 3584 3818 2,200 Union Bag & Paper Corp_ 100
3
363 36 4 37
4
3814 3814 3612 38
4
219 222% 21912 2244 220 22732 21912 22632 211 2173 205 21534 132,500 Union Carbide & Carb_No par
8
17,800 Union 011 California
5012 4912 5018 493 50
25
4
8 50
4
50 4 495 5012 493 507
2
50
13112 137
3,000 Union Tank Car
130 131
1322s 13232 133 133
100
131 134
•128 131
493 51
4
4,800 United Biscuit
514 5214 50 50
52
No par
5212 5314 52
5284 53
_ _ __
_ *122
*120
__ •122
__ •124
Preferred
100
_ *124
8 2312
7
8
233 13 - 233 - . 10:500 United Cigar Stores
8
24
10
3 2418 23% -2414 23 8 - _.
7
•124-- . 23% .
2332 23 8
10214 10214
700 Preferred
100
8
*10214 103 *10214 1027 1024 10214 1024 10214 *10214 103
84 7312 99,700 United Electric Coal___No par
742 7718 77
4
78
7914 7884 8118 724 7811 67
79
2
4
147 1512 14514 1497 14,500 United Fruit
No par
4
151 1543 15014 155
152 15
15414 156
4
18
18
1,300 United Paperboard
*13
20
21
100
2312 *18
3
4 234 23 4 22
23 4 233
3
754 7312 744 2,200 Universal Leaf Tobacco No par
774 76
774 7714 *76
77
787 787
8
8 77
140 Universal Pictures 1st pfd_100
8812 87% 88
2
8812 *881 8812 *8818 8812 *8818 8812 88
*88
171s 183 11,400 Universal Pipe & Rad__No par
1834 198 174 187
s
1814 1814 197
18
184 18
200 Preferred
100
984 984 9814 9814 •99 101
•99 101
*99 101
.99 101
40
42
7,500 U S Cast Iron Pivot Fdy_20
3
434 4432 434 43 8 43
4414 4212 43 4 4012 42
7
1834 1834 2,500 1st preferred
4
4
4 183 183
No par
4
19
4 19
183 183 *184 183
4
183 183
4
8
8 1984 195
500 Second preferred
No par
8
1912 1912 *193 1984 1912 1912 1912 1012 *194 195
1514 1618 1512 1514 10,200 U S Distill) Corp
1614
18
187
8 18
164 183
4 1814 17
No par
76
76
700 Preferred
7712 78
79
100
79 4 7912 7932 *78
3
795 79 4 3
4
3 79
4512 457
458 4532 2,800 fl 5 Hoff Mach Corp___No par
4532 4512 457 4812 45 8 46
2
.4514 46
52,400 U S Industrial Alcohol
1(10
15214 1537 15114 154
8
15132 15332 14532 15214 141 1457 1404 146
7 1247 1247 *12412 12512
8
70 Preferred
2
8
1
100
•1247 125 *1247 1254 •12432 12538 1247 124
8
2712 12,400 U S Leather
27
28
31
29
3018 27
3
No par
303 3112 30 4 3112 30
4
8
6,600 Class A
55 2 567
7
8 547 5612 5412 65
No par
55 4 57
3
577
573 5814 57
4
200 Prior preferred
10512 10512 10512 10512
10512 10512 *105 107
10512 108
100
•108 107
101 1083 139.800 175 Realty & Impt____No par
4
8
9714 99 4 995 10212 9918 10814 10914 11912 105 112
3
4814 4912 85.700 United States Rubber
3 52
4
517
2 4814 493
100
50
613
2 5018 514 49
50
3.800 1st preferred
82 s 83
7
100
88
387
2 8712 8814 8512 8712 854 8514 83% 85
6518 6712 39,700 US Smelting. Ref & Min...50
6934 674 7012 6512 67
8 67
88
8918 8634 883
7 557
58
600 Preferred
5512 5512 56
50
55 4 55 4 5514 5.514 *5512 58
3
3
55
8
4
8
1834 18612 1822 1855 17914 18412 1743 17812 17118 17658 497,300 United State, Steel Corp
1847 188
2
/
4
2
4
14112 1413 14132 1418s 141 14112 14114 14112 1414 1417 1411 14114 3,800 Preferred
100
600 U S Tobacco
103 10312 *102 103
105 105 *105 106 *105 105
10412 105
No par
_ 137 137
40 Preferred
__ 137
•137
__ *137 ____ •137 _ _ _ •137
100
90 Utah Copper
285 290 *265 290
-285 288 285 270 *275 290 •270 290
_10
4312 100,900 Utilities Pow & Lt A_No par
42
4,514 484 4512 46
45
5
41
4432 4614 433. 483
1214 117 12
12
9,200 Vadsco Sales
1214
1212 12
1218 1232 1232 124 12
No par
$ per share $ per share
19
193
4
183 19
4
611 6132 803 613
/
4
4
4
771 7732 7612 7714
/
4
1818 187
8 1858 2014
2138 217
2 2114 2134
2112 2112 23
233
*44
4.484 44
44
473 4814 474 48
4
*10512 110 *108 109
55
5.512 557
5512
18% 1914 187s 1912
•8612 87
87
873
4
30
3012
3018 30
9314 9314 922 9234
4
785 7914 79
8
80
0718 99
9718 99
107 10714 10512 107
•1714 21
*1714 18
*174 173, *1714 21
$ per share
1912 1978
80 8 603
3
4
8
7814 785
1818 19%
21
2138
23
2312
244
44%
47 473
4
1093 110
4
55
55
1812 19
*8712 8812
2984 30
*9212 94
80
83
97 977
8
10.5% 106
*1712 18
*175 21
•72
76
I Preferred
100
110 11612 178,900 Vanadium Corn
No par
•30
32
100,Van Raalte
No par
69
•68
8401 let preferred
100
84 4 85
3
4.200 Vick Chemical
No par
14418 1483 78.300 Victor Talk Maehine
8
No par
1124 11214
1,2001 7
100
% Prior preferred
20
212 25,400 Virg-Caro Chem
8
No par
60
60 4 7,000 6% preferred
2
100
96
98
400 7% Preferred
100
4
10712 1072
20 Virg Mee & Paw pf (7)_ - 100
52
*48
10 Virg Iron Coal & Coke pf 100
Vivadou (V)
No par
_ _ ---Preferred
100
801
56% 67
1,380 Vulcan Detinning
-7597 60 - 58 19 2 55
8
100
594 it)
V
-54 *984 90
99
220 Preferred
99
9812 100
97 97
n612 97
97
07
100
55
*53
55
520 Class A
*53
56
55
54
55
547 57
100
55
50
2414 8,200 Waldorf System
2412 24
24
2412 2414 25
24 4 24
3
No par
234 2412 24
4
4
8 2652 2784 2632 273 39,400 Walworth Co
273 293
No par
12 2832 2714 29
2718 27 8 27
7
8812 71
886 Ward Baking Class A No par
6912 77
79
*77
76
76
3
777s 75 4 76
77
1812 18,800 Class B
108 167
1612 1812 18
8
No par
1732 167 17
1714 1714 17
7 80
79
80 80
800 Preferred (100)
83
No par
8218 8218 •82
88
*82
85
•82
121 125 157,200 Warner Bros Pictures_No par
/
1
12914 13114 129 13214 12834 13112 1274 13212 120 127
5318 5512 5312 55
24,400 Preferred
No par
57 8 5614 5714 5618 58
7
57
5732 58
355 387 10.300 Warner Quinlan
8
2
37; 38; 3612 37
No par
374 3818 3712 38
38 388
14818 14814 146 148
1,800 Warren Brea
No par
151 151
4
1513 154
15034 152
*151 154
52
•51
52
20 First preferred
•51
52
*51
52
50
52
*51
52
52
4151
2438 2514 2412 25
5,300 Warren Fdry & Pipe___No par
28
25
27
277
27
5
s 26
2714 28
7612 7812
600 Weber & Helibr
4
No par
797 *79
7714 7714 763 77
797
*78
77
77
98
10018 98
100 Preferred
100
98 10018 *98 10018 *98 10018 *98 10018 *98 1043 103 1040
.
2
2 18.400 Wesson Oil& Snowdrift No par
10212
4
2
104 1047 10412 1083 106 110
104 105
900 Preferred
No par
109 11018 110 110 .108 110 *108 110
*109 111 *108 110
48.500 Western Union Telegram__ 100
190 193
190 195
4
20012 2023 196 198
206 2077 203 208
8
4814 4784 39,500 Wstnghse Air Brake
47
46
49
484 46
No par
4 47
464 4712 4678 473
4
.
162 1884 182 1652 15512 16312 148 1553 1454 1513 232,900 Westinghouse Elec & Mfg--50
18012 163
142 1432
4
650 151 preferred
50
1544 15712 *14212 150
153 153
158 159
155 159
2518 2612 2318 2612 24,900 Weston Elee Instrurn't_No par
*22
2212 •22
2212 2212 23% 2311 27
4
800 Class A
No par
334 3312 3418 34; 34; 343 *3412 35
•3312 34
.3312 35
50 West Penn Elec cl A__ _No par
4
109; 1003 *108 109; 108 108
*108 110
10934 109 4 *108 110
2
1093 110
8
350 Preferred
3
100
10914 10914 10912 10912 109 8 lows 109 10912 *109 4 110
3
100 100
300 Preferred (6)
3
100
994 9918 997 997 100 100% 100 100 4 101 101
8
114 115
260 West Penn Power pref
100
4
11312 115
114 114
1133 1133 11414 11512 *115 116
4
110 6% preferred
4
100
10812 10812 10812 10812 •10814 108; •108 108; 108 108; *108 1083
258
56
2,100 West Dairy Prod cl A_No par
2
4 563 58
4 5812 593
*55
55 4 5534 587
3
8 684 593
2714 297 10,800 Class B
8
32
30
33
2718 283
No par
2812 29; 31
34; 31
7,100 WhiteEagle011&Refg_No par
3012 3112 3012 31
3118 32
3232 323
8 32
8
3212 317 32
4712 487 114.200 White Motor
s
8 474 50
No par
48
6012 494 5032 404 5232 5018 517
4412 4434 2,900 White Rock Min Sp ctf
50
4318 44
44
44
44
44
44
44
4412 44
4014 9,900 White Sewing Machine_No par
4012 39
39
43
413
4 418 44
415* 4112 41
42
4
•55
56
5512 5512 5515 5,6
400 Preferred
5784
573 *56
8
.57
No par
5784 •56
27
77,300 Wilcox Oil & Gas
No par
4
2512 2612 Ms 2712 26
2914 273 29; 2544 27; 25
8
3112 30; 31; 30; 31; 30; 3012 2912 303 129,100 WIllyi.--Overland (The)
5
3118 313
4 31
300 Preferred
100
10014 10014 *100 102
100; 10018 10012 10012 .10014 101
•100; 102
1112 72
1,800 Wilson & Co Inc
1158 11% 1112 117s
12
No par
8
12
1132 12
1132 117
8 4,200 Class A
No par
2512 2512 25; 24; 25; 2412 25; 2414 247
2514 2514 25
72
7212 72
100
3.100 Preferred
7132 731s 71
74
734 73
7212 7212 73
25
20118 2044 220014 2048 28.700 Woolworth (F W) Co
4
20714 20912 2054 208
207 20932 2072 211
100
18,000 Worthington P & M
5514 5812 5514 57
64
8 5714 594 5914 6412 60
58
567
87
88
1,200 Preferred A
85
100
85
85
85 .88
86
88
90
90
*85
7712 7712 7818 7812
900 Preferred 13
100
*79
SO
79
*79
80
78
80
79
57.600 Wright Aeronautical
260 275
-No par
275 283
267 276
23212 299
273 277
280 295
7818 6,800 Wrigley(Wm Jr)
793
No par
70
4 7818 797
72 4 764 774 75
3
78
0
79 4 8
3
83
62
2,200 Yale & Towne
25
64
84
63
64
83
64
63 8312 64
63
4
4 3614 3878 363 3814 80,000 Yellow Truck & Coach cl 13_10
4 394 407
/
4
40
413
8 39% 411 3932 413
*85
90
90
100
*85
•-__ SO
595
96
Preferred
90
90
1- __ _
*85
4
43,600 Young Spring & Wire_No par
8
594 573 60
3
5932 59 4 62
5914 82 2 58
69
581s 59
4
11312 114
111 111
3
111 11312 110 4 1133 11012 11012 11012 11012 2,500 Youngstown Sheet & T _No par
78
•72
*72
76
•72
77
•7012 71
4
8
10811 1073 106 10812 106 1107 1073 11514
4
32
*30
*30
32
30 30
*30
32
70
70
71
*70
470
71
70 70
8712
87
873 89
89
8 88
89
907
41 1573 15 s 15614 15314 15812
154 156
47
15
3
3
1123 11224 11234 112 4 11232 112 4
4
4
1122 113
4
233
8 2214 223
23; 2318 2384 23
23
6412 642
4 641 6.424 6332 8418 6214 8312
/
4
9612 9612
97
12 974 97 97
*97
9712
12
•10712 109 *107 109 •10712 109 *10712 109
53
*48
48 48
*48
52
53
*48
•Bid and Wed pricoin no Woe On this day.
70
•72
4
1083 1154
32
•30
70
*69
84 8 8814
3
145 152
11214 11214
2118 22
62
60
974
*97
10712 109
52
.48
Ex-dividend. a Ex-dahlia. • No par value.
PER SHARE
Range Since Jan 1.
On bash of 100
-share lots
Ex-rates.
Highest
$ per share
1712 Jan 25
59 Feb 8
744 Feb 8
1814 Jan 25
1812 Feb 8
20 Jan 21
4212 Jan 10
45 Feb 7
108 Jan 2
5312 Feb 7
1712 Feb 8
87 Feb 1
2718 Feb 1
92 Feb 7
75 Feb 8
94 Feb 8
10412 Jan 8
1718 Jan 28
173 Jan 22
8
5 per share
203 Feb 8
4
68 Jan 2
82 Jan 3
2014 Feb 4
2412 Jan 17
27 Jan 3
48% Jan 5
517 Jan 15
110 Jan 2
82 Jan 12
22 Jan 3
90 Jan 2
3732 Jan 3
9712 Jan 17
150 Jan 3
102 Jan 11
112 Jan 3
1712 Jan 24
19 Jan 14
1912 Jan 15
13 Jan 2
52 Jan 2
4414 Jan 22
317 Jan 23
s
81% Jan 3
11384 Feb 2
125 Jan 51
43 Jan 14
2272 Feb 5
524 Jan III
137 Feb 8
5312 Jan 14
126 Jan 24
2713 Jan 11
104 Jan 2
8118 Feb 6
15811 Jan 31
263 Jan 22
2
8112 Jan '21
93 Jan 2
2214 Jan 2
10012 Jan 9
474 Jan 10
19 Jan 11
1058 Feb 8
173 Jan 3
4
8012 Jan 3
497 Jan 2
8
1547 Jan 25
2
1257 Jan 4
8
3512 Jan 14
617 Jan 14
8
107 Feb 1
11912 Feb 6
5514 Jan 14
924 Jan 18
70 4 Jan 1i
3
58 Jan 3
1923 Jan 25
4
14332 Jan 28
1092 Jan 30
4
1384 Jan 23
293 Jan 5
4932 Jan 30
1312 Jan 21
82 Jan 18
11812 Feb 8
85 Jan 17
7214 Jan 17
944 Jan 16
158 Fob 1
114 Jan 15
243 Jan 26
4
8512 Jan 28
9712 Feb 4
108 Jan 5
48 Jan 29
15 Jan 4
__
__..
-6
012 Feb 8
100 Feb 6
57 Feb 4
2712 Jan 3
293* Feb 6
844 Jan 17
214 Jan 16
874 Jan 15
134 Jan 21
18 Jan 18
914 Jan 30
45 Feb 5
4118 Jan 15
2412 Jan 15
50, Feb 8
8
91 Jan 7
125 Jan 5
347 Jan 4
8
19612 Jan 7
4814 Jan 14
1217 Jan 15
8
4812 Jan 2
120 Jan 19
2332 Feb 7
10113 Jan 18
66 Jan 7
13918 Jan 24
16 Jan 7
7312 Feb 8
Si Jan 30
17 2 Feb 7
,
9814 Feb 6
40 Feb 8
1818 Jan 15
1914 Jan 14
15 Jan 29
78 Feb 8
44 Jan 11
128 Jan 16
12414 Jan 8
27 Feb 7
5412 Feb 8
102% Jan 7
81 Jan 8
42 Jan 8
81 Jan 9
815 Jan 8
8
5518 Jan 24
15718 Jan 8
141 Feb 5
9712 Jan 9
137 Jan 5
284 Jan 2
40 Jan 8
117 Jan 24
s
7614 Jan 24
9524 Jan 7
28 Jan 2
60 Jan 2
82 Jan 4
14418 Feb 8
1113 Jan 2
4
1814 Jan 8
5832 Jan 2
9418 Jan 2
10712 Jan 28
48 Jan 28
13 Jan 18
50 Jan 18
91 Jan 4
40 Jan 2
2312 Feb 2
2318 Jan 8
6812 Feb 8
18 Feb 8
7912 Jan 2
11812 Jan 7
5318 Feb 7
35 8 Feb 8
5
148 Feb 8
5012 Jan 4
24 8 Feb 7
3
7532 Jan 8
98 Feb 8
9318 Jan 7
10812 Jan 2
1793 Jan 2
4
454 Jan 24
13712 Jan 15
132 Jan 2
22 Jan 28
3312 Jan 7
104 Jan 5
108 Jan 8
97% Jan 25
113 Jan 8
10714 Jan 9
5312 Jan 18
26 Jan 10
3014 Jan 30
40 8 Jan 3
3
43 Jan 2
3812 Jan 29
55 Feb 5
.
1912 Jan 7
2912 Feb 8
995 Jan 25
8
1112 Jan 4
24 Jan 9
681 Jan 3
/
4
21)014 Feb 8
474 Jan 7
85 Feb 4
7612 Jan 31
2584 Jan 7
734 Jan 2
62 Jan 11
3614 Feb 7
85 Jan 21
5318 Jan 8
107 Jan 8
594 Jan 22
427 Jan 2
170 Jan 2
52 Jan 8
3414 Jan 3
83 Jan 19
100 Jan 8
110 Feb 6
11112 Feb 1
208 Feb 4
493 Jan 3
4
18612 Feb 4
159 Feb 4
27 Feb 6
3514 Jan 16
110 Feb 1
11114 Jan 17
102 Jan 17
1 1544 Jan 11
11012 Jan 16
593 Feb 5
4
34, Feb 5
8
364 Jan 3
523* Feb 5
487 Jan 8
48 Jan 2
577 Jan 16
293 Feb 6
4
35 Jan 3
103 Jan 3
1312 Jan 23
27 Jan 21
79 Jan 23
22214 Jan 3
644 Feb 5
924 Jan 23
82 Jan 11
299 Feb 5
807 Jan 30
8
65 Jan 2
7
43 Jan 25
91 Jun 8
82% Feb 6
1163 Jan 18
4
PER SHARE
Range for Previous'
Year 1928
Lowest
Highest
$ per share $ per share
197 Dec
1012 Jan
s
7434 Nov
50 Feb
6218 June 8212 Nov
1218 Mar 2652 Nov
4
20 June 303 Apr
22
Jan 3912 Mal
Oct 5384 June
45
34
Jan 524 Dee
10412 Jan 11414 Oct
5814 June 715 June
143 Feb 25 Sept
4
817 Mar 9124 Dec
8
195 Mar 4112 Dec
883 July 10018 Dec
4
1127's Mar 154 Nov
93 Aug 11812 Apr
Feb
1097 Aug 128
8
10 Aug 25 4 Jan
3
19 Aug 2
4 June
19 Deo 23 Aug
1412 Nov
83 June
4
4414 Deo 5912 Feb
32% June 447 Sept
5,514 Nov
63 June
119 Mar
30 Dec
13618 Feb
423 Feb
4
Oct
110
3412 Apr
11214 Mar
227 Aug
1037 Dec
5814 Oct
13112 June
1813 Dec
6012 June
9114 Nov
15% June
877 Sept
38 Dec
18 Nov
1812 Nov
1312 June
78
Oct
41
Dec
1024 June
1183 Sept
3
22
Jan
52
Jan
10034 Deo
614 Feb
27 June
55 July
394 Feb
51
Jan
13232 June
1385 Jan
86 June
12712 Jan
139
Jan
2812 Feb
Jan
60
7% Jan
9378 Jan
58
Jan
5258 Jan
10112 Jan
12 Juno
445 Jan
8812 Jan
10812 Deo
Oct
47
112 June
4
78 June
2212 June
74 June
1912 June
1912 Jan
1412 Aug
70 Dec
1514 Dec
77 Doc
807 Aug
8
513 Dec
4
26
Feb
190 June
9914 Nov
13 June
5918 June
98 Deo
87 Nov
10532 Dec
13912 July
4218 June
884 Jan
952 Jan
4
1212 Jan
3034 Jan
103 June
10712 Oct
9812 July
11312 Oct
103 June
524 Deo
203* Jan
201 Feb
/
4
3014 Feb
344 Jan
334 June
5134 Aug
174 Dec
1724 Jan
9234 Jan
11
Oc
22
Jan
8314 Oc
17512 Feb
28
Jan
484 Jan
41
Jan
60 Feb
68 July
8112 Nov
2732 Feb
83 Nov
453 Deo
4
83 Jun.
12
63% Dec
937 Deo
Apr
126
4
492 Feb
209 Nov
58 Nov
12818 MaY
Oct
57
Oct
135
3432 Feb
11418 Apr
894 Dec
148 Nov
27% Apr
8732 Nov
100 Feb
357 Oct
3
105 4 Doc
53 Nov
1912 Nov
1914 Dec
2014 Jan
903 Jan
8
583 Jen
8
Oet
138
1257 Nov
2
51 May
72
Anr
10912 MaY
9332 MAY
634 Jan
10932 Jan
714 Nov
58 Deo
17212 Nov
14714 Apr
Oot
120
139 June
273 Dec
458 MAY
4
11112 Nov
40% Oct
78 Nov
85 Dec
4
1582 Nov
11212 Dec
20 4 Nov
3
6414 Nov
9912 Nov
11412 Apr
823 Jan
2
25 8 Jan
2
Jan
100
74 Nov
99 Sept
43 4 Nov
3
2814 Dec
267 Sept
8
123 Feb
2932 Jan
9712 Jan
13914 Sept
5714 Dec
447 Oct
1924 Apr
Apr
61
36; Oot
824 Dec
Jan
103
110 Dec
4
1083 Nov
201
Oot
5732 Jan
144 Nov
139 Nov
2812 June
4012 May
Apr
112
11514 Apr
10412 Apr
118 June
Jan
113
78
ADr
Apr
49
38 Nov
438 June
497 Nov
522 Dec
58 Doe
2212 Nov
33 Dec
10418 Dec
Feb
16
85 May
4
773 Feb
4
2253 Nov
55 Nov
93 Nov
80 Nov
289 Nov
84 Aug
8412 Apr
5732 Nov
98 Apr
4
562 Nov
1155 Dec
859
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Ezchange method of quoting bonds was changed and prices are now "and interest"—ercept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 8.
Price
Friday
Feb. 8.
Week's
Range or
Last Said.
112
Range
Since
Jan. 1.
High No. Low
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Feb. 8.
cr.;
Price
Friday
Feb. 8.
Week's
Range or
Lan Sale.
cc :
,
Range
SIneS
Jan. 1.
Bid
High
Ask Low
High No. Low
High
Cundinsmarca (Dept) Columbia_
98143299"U
1959 MN 86 Sale 88
88
Eat' s f 634s
16
86
8914
998
.419928u Czechoslovakia(Rep of)89_1951 A 0 10914 Sale 10914 11018 24 1
19 10911
1952 A 0 10914 Sale 10914
9918221003n
Sinking fund 88 ser B
Sinki
09
11012
--- ____ Danish Cons Municip 89 A 1946 F A 1095 1105 10912 110
8
8
6 10914 ill
1946 F A 109 10914 1083
4 110
Series B s f 8s
25 103,4 1044
834 1078
1942 .1 J 1034 Sale 10314
991322 100822 879 99102210012n Denmark 20
1043
4 72
-year eat'68
1095421101122 Ill 1095
1955 F A 1003 Sale 10014
42111142
4
101
51 100 10134
Extl g 5149
104142 105522 14 114132210813n
Extlg 4148
Apr. 161962 A 0 8914 Sale 894
684 11
893
71
1
87 9 8 /
93 91
8
932
84
1011822102142 70 101842103142 Deutsche Bk Am part ctf 89 1932 M 5 97 Sale 97
972232 972342 122 97
981132 Dominican Rep Cust Ad 5145 '42 M S 99 Sale 98
99
15
973 99
4
96
98
1940 A 0 96
971522 97842 248 971n 98142
1st ser 555s of 1926
96
9312 973
4
2d series sink fund 5549_ 1940 A 0 96 Bale 96
98
21
96
9612
10012 11 190 10112
Dresden (City) external 78_1945 M N 10012 Sale 100
State and City Securities.
Dutch East Indies eat' 69
9 10312
1947 J J 1034 Sale 1033
/
1
6 10319 10334
1962 M S 10312 Sale 1033
8 10312 17 103 104
8812 Jan'29
8812 884
40-year external 65
NYC 314% Corp stNov 1954 MN
92
/ 10238 18 102 103 9
1
4
8812 Jan'29
8812 884
8
/
1
4
314% Corporate st May 1954 MN
30
-year external 548-1953 M 8 1023 104 102
7
1936 MN
195316 N 1023 10312 10312 Jan'29 ____ 1024 10312
9934 Mar'28
_
30-year external 534s
4s registered
4
1956 MN
1104
5 110 III
El Salvador (Repub) 88— _1948 J J 110 Sale 110
9912 June'28
40 registered
1957 MN
2 "973 987
8
99
8 ii- Finland (Republic) extl 6s 1945 M 5 9614 Sale 9512 97 14 9512 974
4% corporate stock
1957 MN
105 10458 Nov'28
1950 M S 100 Sale 100
10014 41 100 1004
434% corporate stock _
---- -___
External sink fund 7s
1957 MN
1056 IN 5 98
9812 9818
9812 17
1045 Nov'28
8
414% corporate stock _
9712 994
External 8 f 854s
1958 MN
- 9812 974 Jan'29
1958 F A 9038 Sale 9014
97I90
4% corporate stock
-Chia - .1i7 2
7
6
9
Eat] sink fund 5348
96,2 9 12
90
9,
2
N
1959
Jan'29
9718 98
98
4% corporate stock
Finnish Mun Loan 8348 A 1954 A 0 97 Sale 97
1960 MS "99i8 166- 9958 Jan'29
1954 A 0 97
9712 973 Jan'29 ____
4
4349 corporate stock
99 8 993
3
8
96
External 0545 series B
984
1964 MS
corporate stock
4
101 1004 Dee'28
4145
- -- --__ French Republic ext 710_1941 J D 112 Bale 112 1133 I 136 112 115
1966 AO
1949 J D 1084 Sale 10814
_ 1013 Nov'28
8
448 corporate stock
1083 263 10634 le8
4
External 78 of 1924
/
1
/
1
4
1972 AO
8
108
73 1053 108
10112 Nov'28
411s corporate stock
/
1
4
German Republic extl 7s.. 1949 A 0 1064 Sale 1067
1971 J o
stock
1954 M N 10112 10178 1015 Jan'29 ____ 190 4 10212
10512 10812 June'28
414s corporate
8
Gras (Municipality) 85
3
1963 MS
5349_1937 F A 10312 Sale 10318
1041 104
/
4
Jan'29
4348 corporate stock
iO4
1037 181 103 10412
9
1965 S D
- 1.95— Gt Brytal irei( b%of
1929 F A 997 1004 116
Jan'29 ____ 116 1184
105 107 June'28
414s corporate stock
l0- ie
8
eon22li s )
414s corporate stock_July 1967 J J
10312 10418
105 10418 Jan'29
4% fund loan Lop 1960_1990 MN 2 86 Sale c874 Jan'29 ___ 5864 8734
/
1
8
8
983
8
1 4983 100
8
5% War Loan .1 opt 1929.1947 J D - 981 9914 983
New York State Canal 4s.....1960
9912 Aug'28
4
Greater Prague (City) 7148_1952 MN 10614 1003 10618 Jan'29 ____ 104 10612
1942 i"-i
49 Barge Canal
993 Dec'28
4
Greek Government s f sec 79_1984 MN 97 Sale 97
9814 32
96
981
4
48 HighwaY
Mar 1962 M
75
9412 gni
90
1968 F A 86 Bale 8512
10312 June'28
Sinking fund sec es
1952 A 0 9912 Sale 9912 100
24
9912 101
burg ( blice)236
(Repu t
sta ) 1
66s
Foreign Govt. &Municipals.
1945 A 0 9414 Sale 9414
95 8 23
3
9414 9614
Hamburg
2 10312 10412
Heidelberg (Germany)ext 734s 50 J 5 10312 10414 10312 1034
1947 F A 8814 Sale 8814
Agrlc Mtge Bank s f 6s
8
8
9714
11
957 1011
8
8712 9012 Hungarian Munic Loan 7149 1945 J J 9612 977 9612
8912
Sinking fund Os A_ _Apr 15 1948 A 0 87
4
89
10
8814 8814
924
3
88
90
External 9 f 78....Sept I 1948J J 9118 9212 913
913 9
4 4
Akershus (Dept) eat! be __.1963 M N 8718 Sale 8718
874 894 Hungarian Land M Inst 730 '01 MN 96 Bale 96
964 41
95
98 4
1
8814 24
11:2
1
Antioquia(Dept)col 75 A
94
18
94 Sale 93
93
4 10012 36
09 4 10112
3
963 Hungary (KIngd of) 91730_1944 F A 10012 Sale 993
4
External f 7s ser B
M N 9814 Sale 9818
9318 Sale 93
14
94
983
4 81
93
947 Irish Free State °atlas f 59_ _1980
8
9514 9714
External s f 78 series C-1945 J J 93 Sale 93
93
2
9212 957 Italy (Kingdom of) ext'l 75_ _1951 J D 987 Sale 963
8
4
9712 177
983 97
4
/
1
4
9
9312 11
1945J J 93 Bale 93
Externals f 78 8er D
4
8
96
93
9414 Italian Cred Consortium 79 A1937 M S 9434 953 957
13
9418 964
External 51 75 let aer
1957 A 0 95 Sale 92
1947 M El 943 Sale 933
12
95
8
91
4
943
4 32
95
Eat,sec 9 I 79 ser B
9314 94 s
7
Exti see 8 f 7s 7s 2d ser _..1957A 0 91 Sale 91
92
9, 91 927 Italian Public Utility ext. 79_1952 J J 94 Sale 9312 9434 16 931 954
8
/
4
1957A 0 92 Sale 92
Extl sec s I 79 3d ser
11, 9119 93
1931 J J 9212 Sale 9214
93
9234 31
Japanese Govt £ loan 4s
911 94
/
4
Argentine Govt Pub Wks 68_1960 A 0 1003 Sale 100
1954 F A 10114 Sale 101
8
1004 39
1011 125 10012 10214
/
4
995 1007
8
8
30-year 5 f 6129
Argentine Nation (Govt of)—
10012 13
Leipzig (Germany) s f 78_1947 F A 10012 101 100
9912 100
12
Sink fund 69 of June 1926-1959 J D 1014 Sale 100
100 4 86
3
99 8 10118 Lower Austria (Prov) 710-.1950 J D 98 Sale 98
5
98
2
9612 994
1959 A 0 100 Sale 100
ExtlsfOsof Oct 1925
1005
8 45
995 10034 Lyons (City of) 15
8
-year 68..1934 M N 10018 Sale 9912 10018 58
99 1084
/
1
1957 M S 100 4 Sale 10014
Sink fund 65 series A
69_1934 MN 10014 Sale 9934 10014 31
101
3
49
99 4 101
3
98 10014
/
1
4
Marselles (City of) 16-yr
External es series B._Dec 1958 J D 10014 Sale 100
993 100 4 Medellin (Colombia) 6 Ns_ -1954 J 0 86
1003
63
89
86
4
8612 13
8
85
/ 89 4
1
4
3
Rai s es of May 1926 _1960 MN 1004 Sale 100
1003
28
25
99 100 4 Mexican !resat Asstng 4145_1943 ---- 24
/
1
4
39
Jan'29 ____
3
25 25
External s f 6e (State Ry)_1960 M
1004 Sale 100
1005
8 73
343984
995 100 4 Mexico(U 5) exti bs of 1899 £'45 Q 5 3112 34
8
3
____
Extl 88 Sanitary Works_ 1961 F A 100 Sale 100
1945 ____ ___ ____
Jan'29 ____ -ii
993 1007
4
8
1001
73
- 35
Assenting 58 of 1899
Ext 142 pub wks(May'27).1981 MN 10014 Bale 100
9912 10084
50014 57
3312 Jan'29 ____
Assenting 58 large
33 3 33
1
12
Public Works eat' 5 Ns
1962 F A 9612 Bale 96
2112 Sale 21
211 28
/
4
983
31
94 4 9714
3
Assenting 48 of 1904
21
2212
Argentine Treasury bs E.._ _1945 M S 911
2212
4 921 9112
92
4
2
91
92
2118 23
14
Assenting 48 of 1910 large_ - - - ---- ____ _____ 2218
Australia 30-yr 59_ _July lb 1955J J 9518 Sale 95
203, 2078 102 203 224
96
188
4
95
97
Assenting 49 of 1910 small- ---------------2034
External bs of 1927Sept 1957 M S 9514 Sale 943
8
3418
1
951
94
3419 37 2
1
9439 9617
Tress 6s of'13 assent(large)'33 i—i "ii- -4-6 3418
Batt g 4348 of 1928
1958 M N 87 Sale 87
33
Jan'29 ____
871
84
87
Small
33
354
8814
1943 J D 103 Sale 10214 103
Austrian (Govt) s f is
/
1
4
32 10219 103
9012 123
Milan (City, Italy) ext'l 6 Ne '52 A 0 -io- 618- 89
8912 91
Minas Gerae8(State) Brazil
Bavaria (Free State) 6345_1945 F A 9512 9612 9512
1958 Id 8 93 4 Sale 93
961
11
8
94
95
15
964
93
Extl 9 f 649
954
D 11518 Sale 11434 1151 128 11412 11512 Montevideo (City of) 79
Belgium 25-yr ext 51 734s 9_1945
10212 17 101 10314
1952 -I D 10212 Sale 102
1941F A 110 Sale 10914
20-yr s f 89
110
79 108 110
1949 M
25-year external 8349_
10612 Sale 10614
108
107
43 10512 107
2 106 108
Netherlands es (flat prices) 1972 M S 108 Sale 108
1955 J
External s f (le
10014 Sale 100
1954 A 0 1004 Sale 100
1004 70 100 100 5
10012 76 100 1007
8
30-year external Ca
3
-1955 J D 1083 Sale 10884 109
External 30-year 81 75
4
9312 95
64 10734 109
941 116
/
4
New So Wales (State) ext 591957 F A 9414 Sale 94
1956 M N 105 Bale 10534 1064 63 105 4
Stabilization loan 78
/
1
4
4
941 53
/
4
93 8 944
8
Apr 1958 A 0 9414 Sale 941
8 10812
External 9 1 be
1945 M N 112 Bale 11112 112
Bergen (Norway) s f 88
58 10214 103 4
1
6 110 11212 Norway 20-year ext1 68____1943 F A 103 Sale 10212 103
_
15
-year sinking fund 68-1949 A 0 100
100
/ 103
1
4
30 10218 1031
1944 F A 1028 Sale 102
4
100
7 100 101
4
20-year external 69
1950 A 0 98 Sale 9812
/
1
4
Berlin(Germany)s f 3421
99
10312 30 102 l03 8
1952 A 0 103 Sale 103
7
40
973 99
4
30-year external es
External sink fund Bs__ --1958 J D 904 Sale 90
91
101
67 100 101
/
1
4
19055 D 100 Sale 100
25
90
92
40
-years 1 545
1945 A 0 10212 10314 103
Bogota (City) ext'1518s
10312 18 10212 104
5
/
1
97
76
963 91
8
884
Externals f 59____Mar 15 1963 61 8 964 Sale 96 9
Bolivia (Republic of) esti 89_1947 M N 102 Sale 10112 10234 44 10112 104
931
4 24
897 95
8
Municipal Bank =Os f 59_1967 J 11 93 Sale 93
1058 J J 90 Sale 93
External sec 75
94
9012 39
18
8812 90
9012 95
12
Nuremberg (City) call 621_1952 F A 9018 Sale 90
1969 M
93 Sale 90
Externals f 78
913
8 62
/
4
8 18 10014 10238
90
1955 MN 10112 1011 10112 1017
0138 Oslo (City) 30-year 51 612
9934
6
9912 10114
Bordeaux (City of) 15-yr 68_1934 M PS 10012 Sale 10014 10012 28
1946 F A 993 Sale 9912
4
994 10012
Sinking fund 5145
1941 5 D 108 Bale 108
109
10218
6 102 1024
Brazil(11 501)external 8s
76 105 4 109
8
Panama (Rep) extl 554a.. 1953.1 D 10114 102 102
External 51 6349 of 1926 1957 A 0 964 Sale 9512
9612 128
1981 J D 9314 9414 10112 Jan'29 ___ 1014 1014
9418 9612
Eati see 81 6348
4
1957 A 0 96 Sale 953
Extls 6348 01 1927
93
9414
6618 73
9414 26
94
965
8
Exti s f 5s ser A__May 15 1983 M N 9414 Sale 93
1952 J D 100 Sale 100
10012 25 100 102
78 (Central Railway)
4
938
4 37
9318 95
4
Pernambuco (State of) ext 79 '47 M 8 923 Bale 933
/
1
4
749(coffee secur) 0190_1952 A 0 108 107 10512 106
7 10512 10512 Peru (Republic of)
10138 31 101 10212
Bremen (State of) extl 75- —1935 M S 1013 Sale 101
8
_ 10714 Jan'29._I 107 10712
Extl 9 f sec 7149 (of 1926)_1956 MS
1957 M S 92 Sale 9114
Brisbane (City) s f be
92
45
4
9118 93
ioi_Sale 102 1021 55 1003 10212
1959 M
Eat? 8 1 sec 7s
Sinking fund geld 58
1958 F A
9114 28
9012
88
904
9012 915
89
128
1980 J D 88 Sale 88
8
Nat Loan eat'5f 69
Budapest (City) extl s 1 88 _1982 J D 8012 81
8012
8114 58
8014 8312
s g 0,
( 2
891 110
88
904
A 0 8814 Bale 88
Buenos Aires(City)848— --1955 J
1013
8 10 10014 10112 Poland (Rep of) gold 68_2194 A 0 82 Sale 811
101 Sale 101
8312
821
34
81
960
/
4
1960 A 0 9914 Sale 983
Extl e I 89 ser C-2
9
9914 30
983 100
8
881 200
1947 A 0 884 Bale 8712
87 4 88 4
1
3
Stabilization loans 1 79
1960 A 0 994 Sale 983
Eat! 1 es ser C-3
9912
4
5
9612 10018
8
99
110
967 99
9
J 9718 Sale 967
1950
Extl sink fund g 88
935
8 70
9212 93 4 Porto Alegre (City of) 89_1961 J D 1054 Sale 10512 1051
Buenas Aires (Prov) extl 69_1961 M
9314 Sale 93
5 1054 10612
3
Bulgaria(Kingdom) 7s_ 1987 S J 8814 Sale 88
883
4 19
88
90
1013
8
6 10012 10238
/
4
9
Extl guar sink fd 7148- - - -1966 J J 1007 1011 101
Eitabl'arn sf 7 Ns_Nov. 15'68
02 Bale 893
97
4
107
89 4 9714 Queensland (State) enlist 791941 A 0 112 Sale 111
8
112
17 10812 112
17 10312 10479
25-year external 6a
1947 F A 1044 Sale 10419 1043
Calda9 Dept of(Colombla)7149'46 J J 9912 Sale 99
9912 41
98 101
24 10514 106
Rlo Grande do Sul exti 8 I 89_ 1946 A 0 10512 Sale 10512 106
96
8
Canada (Dominion of) 58_1931 A 0 10112 Sale 100
1001 106 100 1011/4
8812 92
8988 51
Extl s f 69 temp
J D 8914 Sale 8812
10
1929 F A 100 Sale 100
-year 634s
10018 83 100 10038
99
44
9714 Me
Eat!9 I 75 of 1926
1986 M N 983 Sale 98
4
1952 M N 1054 Sale 1045
be
9 1053
4 53 103 1053 Rio de Janeiro 25-yr 9 I 8s
4
10612 29 105 10612
1946 A 0 106 Sale 106
1936 F A 99 Sale 988
410
994 95
9
984 993
8
Extl 5 f 6349
95
73
93
95 4
3
1953 F A 94 Sale 94
1954 J J 105 1061 10614
Carlsbad (City) sf88
1081
6 106 10712 Rome (City) extl 6149
1952 A 0 911 Sale 911
/
4
90 4 914
3
/
4
911 250
/
4
Cauca Val (Dept) Colom 714s'53 A 0 100 10112 10012 10112
4 10014 102
Rotterdam (City) eat' 69
963
1964 M N 104 Sale 104
104
9 10312 10412
Bank (Germany)
Central Agee
Saarbruecken (CRY) ea
J J 8912 9112 90
Jan'29 ____
90
911
/
4
Farm Loan sf 78 Sept 15 1950 M S 987 Sale 984
8
988
4 45
96
99
Sao Paulo(City)s f 89_ _Mar 1952 MN 113 Sale 113
113
4 113 114
Farm Loan s f es_July 15 1960 J J 86 Sale 86
88
39
88
883
8
N 974 Sale 97
Extl 9 1 634s of 1927
1957
98
4
96
984
Farm Loan s f 65.Oct 15 1980 A 0 8612 Sale 86
87
106
86
88
San Paulo (State) eat!9 f 88_1930 ▪ J 10614 Sale 1064 107
7 1051 108
4
Farm Loan 68 ser A_Apr 15'38 A 0 9014 Sale 90
9012 65
884 903
4
External sec e 1 83
1950• J 106 Sale 106
10712 27 10512 1074
Chile (Republic of)
External s f 78 Water L'n_195 • S 100 101 10012 101
1966
8
16 100 102
20
-year external s f 75_ ___1942 MN 10212 Sale 1017
8
1025
8 43 100 103
Extl 8 f 69 5 int rcte
J
9114 Sale 91
9274 44
91
934
1
External sinking fund 69 1960 A 0 923 Sale 9212
4
9212 94
9312 126
Santa Fe (Prov Arg Rep) 78 1942 M 5 9714 Sale 97
974 15
963 98
4
1981 F A 9234 Sale 9212
External s 68
924 94
9312 107
Saxon State Mtg 'net 75_..,1945 J D 9814 99
9812
9812 12
984 99 4
8
1981J J 93 Bale 9212
Ry ref extl s f 68
9314 50
9212 94
S f g 814s
Dec 1946 J D 943 Sale 943
4
4
95
10
94
95
1961 M S 93 Sale 9234
Eat'sinking fund 642
934 92
923 94
4
Seine, Dept of(France)eat'7s '42 J J 108 Sale 1063
4 108
70 10512 10812
D 9714 Sale 97
Chile Mtge Bk 634s June 30 1957
99
35
963 998 Serbs, Croats .32 Slovenes 8s'62 M N 934 Bale 934
4
4
9414 42
93
96
5!6345 of 1028__June 30 1961 J D 984 Sale 983
/
1
9
9912 40
9712 100
/
1
4
1982 M N 8014 Bale 793
Esti sec 78 ser B
9
81
143
79
814
Apr 30 1961 A 0 92 Sale 913
Guars 69
94
4
65
9112 93
Silesian Landowners Assn 68,1947 F A 97
9734 824
8412 30
8218 844
Chinese(Hukuang Ry) bs__1051 J D 41
/
1
4
4414 41
441 46
/
4
35
N
443 Soissons (City of) eat' 68_1936
8
9918 Sale 9818
99
30
98
99
Christiania (Oslo) 30-yr lea '64 M $ 100 Sale 100
100
6 100 loll: Styria (Prov) eat' 78
F A 92
93
92
9212 11
90 4 93
3
1939 J D 10212 Sale 10218
Sweden 20-year 89
946
10212 33 10178 10414
cologne(City)Germany 5101950 M S 957 Sale 95
8
957
8 29
95
9758
1954 M N 10434 Sale 1033
External loan 554s
4 1047
9 38 103 105
/
1
4
1051 J J 88 Sale 883
Colombia(Republic) Be
/
1
4
4
8912 50
883 91
4
Swiss Confed'n 20-yr 5 185._1940 J J 110 Sale 1093
4 110
/
1
4
7 109 11 8
/ 04
1
4
of 1928
1961 A 0 89 Sale 89
External f
898
4 60
883 91
4
/
1
Switzerland Govt ext 534e.,.1944 A 0 1034 Sale 102
/ 10318 19 102 108 9
1
4
/
1
4
7
/
4
1
Colombia M1 Bank of 6148_1947 A 0 851Z/2871 87
877
8
/
4
4
84
4 8812 Tokyo City be loan of 1912 1952 M
774 Sale 7712
78
11
7712 718 4
1
1946 M N 905 Sale 89
/
1
4
905
8 20
Sinking fund 780! 1926
8
89
9214
1961 A 0 88 Sale 88
Exti s f 5 Ns guar
89813
4 61
88
/ 904
1
4
Sinking fund 78 of 1927_1947 F A 8912 Sale 8812
92
M N 91 Sale 904
9
8812 954 Tolima (Dept of) eat'78
1947
Copenhagen (City) 58
1952 1 D 96 Sale 9512
9612 22
9512 97
TrondhJem (City) 1st 510-195 M N 9512 964 9512
7
9614 12
5
94
96
/ 914
1 96
4
1953 M N 8814 Sale 8814
89's 62
25-yr g 4 Ns
874 8918 Upper Austria (Prov) 79
1945 J D 9812 9914 9812
984
2
964 98
12
(City) extl s f 722_1057 F A 97 Bale 96
Cordoba
9712
8
9,752 11
External s 6 Ns...June 161957 J D 875 Sale 9712
(
7
941 9712
4
884 87 4
3
Externtil 5 f 75 Nov 15 1937 M N 9512 961 9512
964
/
1
8
5
9
512 967 Uruguay (Republic) extl 89_1946 F A 10812 109 109
1094 16 108 111914
oorooba (Prey) Argentina 751942 J .1 997 1004 99
/ 100
1
4
8
/
1
5
991 1004
/
4
External s f 65
19130 M N 984 Sale 97 8
8
9814 86
971 994
8
(Repul)ext1 73.1E151 MN 94 Sale 945
9
9514 45
/
1
4
944 9534 Venetian Prov Mtg Bank 78_1952 A 0 9012 531e 9012
Coate Rica
94
9114 24
90
S 1014 10214 10112 10112
4 1004 1011. Vienna (City of) exti 9 I 09_19523.1 Si 872 Sale 8712
Cuba (Repub) 59 of 1904_1944
4
8814 103
8612 6814
4
External be of 1914 tier A _1949 F A 1013 Sale 1013
4 10134 12 10112 1021; Warsaw (City) external 75..1958 F A 8234 Bale 8234
84
10
82
12 85
/
1
4
97
External loan 4 Ns war C 1949 F A 97
971 97
/
4
65 10134 10712 Yokohama (City) eat' 88_1961 J D 95 Sale 95
1
9614 94
9514 50
96
981/4
104
1034 Sale 103
Sinking fund 6349...Jan 15 1563 J
a Cash tale.
50n the blade of $6 to the 8 oterflog
Bid
Ask
U. S. Government.
First Liberty Loan
S D 981,122 Sale
314% of 1932-1947
S D
Cony 4% of 193247
S D 100
Sale
Cony 434% of 1932-47
S D
2d cony 434% of 1932-47
Fourth Liberty Loan
AO 993822 Sale
434% of 1933-1038
1947-1952 AO 1092332 Sale
Treasury 445
1944-1954 J D 1042322 Sate
Treasury 48
1946-1958 MS 1011322 Sale
Treasury 348
1943-1947 S D 973422 Sale
Treasury 3543
Treasury 3148 June 15 1940-1943 S D 971522 Sale
Low
98122 99122 672
998882Jan'29 ____
993022100'n 183
991822Dee'28 ----
860
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 8.
New York Bond Record-Continued-Page 2
13
Price
Friday
Feb. 8.
Railroad
Ala Gt Sou lst cons A 58.-1943 J D
1st cons 48 ser 22
1943 J
Alb & Susq 1st guar 3He_ _1946 A 0
Alleg & West Mt g gu 4s_
1998 A 0
Alleg Val gen guar g 4s
1942 m S
Ann Arbor 1st g 4s----JulY 1995 Q J
Atch Top & S Fe
-Gen g 43_1995 A 0
Registered
A 0
Adjustment gold 4s-Ju1y 1995 Nov
Registered
Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 4e of 1909
1955 J D
Cony 4s of 1905
1955 J D
Cony g 4s Issue of 1910_ _ _1960 J D
Rocky Mtn Div 1st 4s_ _ _ 1965.1 .1
Trans
-Con Short L 181 43.1958 J .1
Cal-Ariz let & ref 434a A.1962 111 S
All Knoxv & Nor 1st g 55-._1946.1 D
Atl & Charl A L 1st 4Hs A_ _1944 „T J
let 30-year 58 series B
1944 J .1
Atlantic CIty 151 cons 48_._1951 J
All Coast Line 1st cons 46 July'52 M
Registered
M S
General unified 4s
1964.1 D
L& N coil gold 4s._ _ _Oct 1952 MN
AU & Day 1st g 48
1948.1 .1
1948.1 j
2d 4s
Atl & Yad Ist guar 4s
1949 A 0
Austin &N W 1st gu g 5s-1941 .1 j
Bait& Ohio
g 4s__July 1948 A 0
Registered
July 1948 Q J
20
-year cony 4Hs
1933 M S
Registered
Ftefund & gen 54 series A-1995 J D
Registered
J D
lst gold 58
July 1948 A 0
Ref & gen 6s series C
1995J D
P LE& W Va Spire!98_1941 MN
Southw Div 1st 58
1950 J
Tol& Gin Div 1st ref 43 A.1959 J J
Ref & gen 5s series D._2000 M S
Bangor & Armstook 1st 58...1943 J .1
Con ref 4s
1951 .)
Battle Crk & Stur Ist gu 3a 1989
D
Beach creek
gu g 4s
1936 J .1
Registered
.1 .1
2d guar g 5s
1936J J
Beech Crk Ext 1st g 3As_ 1951 A 0
Belvidere Del cons gu 3;96_1943 J J
Big Sandy 1st 4s guar
1944J D
Bolivia Ry 1st 58
1927 J j
Boston & Maine let 5s A C_1987 M
Boston& N Y Air Line 1st 48 1955 F A
Bruno & west 1st gu g 4s_ _1938 .1 J
Bull Roch & Pitts gen g 5s.. _1937 M
Consol 4858
1957 MN
Burl C R & Nor 1st & coll 5s 1934 A 0
Bid
•
Week's
Range or
Last Sale.
Ask Low
High
No.
Low
91%
9238
9114 Jan'29
9812
98': Sale 9818
98 June'28
102
lolls Sale 101
993 Dec'28
4
jail; 11113- 10334 10412
4
109 Sale 10812 10914
933
2
93% 933 93%
4
10134 10212 101% 102
8214
82 Sale 82
10112 Sale 101% 102
103
103 Sale 103
8312
8312 Sale 8312
6812 Feb'28
95 Dec'28
95 Aug'28
97 June'28
82 Aug'28
81
77's
9138 Sale
91
Sale
ei--
11884 Aug'28
9934 Dec'28 _ _ _ _
1034
5
10214 Dec'28 _
96% 19
96 Sale 96
9518 Jan'29
9978 79
1003 Sale 99
4
993 Jan'29 4
10012
3
8718 W3- 90 4 Sept'28
4
8418 8614 86
864
6
90 83 Jan'29
100 Jan'29
99% Sale 9912 10012 305
70% 12
70%
6912 71
69 Jan'29 _67 i6- 694 7012 36
22
70
70 69
67
7
85%
84% 86% 8512
_
8512 Dec'28
1
94
. -. 7 04
12 93 8
.
1
9278
3
91% 927 92%
933 Sept'28 _
4
-9
9814
9811 Salo 9818
10412
3
10418 10412 104
105 Jan'29
106
8212 99
8112 Sale 81
2
104
10312 10812 104
69
135
68 Sale 68
6
4
113%
_ 1134 1133
10114 166_ 100 Jan'29
92 Jan'29
1
16012 10014 10014
35
10613 Sale 10612 107
_ 9218 9214 Dec'28 -_ 9918 Oct'28 -8412 53
8384 8312
8258 Dec'28
7412 15
72i2 /41i 7312
95
4
94
95 95
_ 100 May'28
11318
16612 10234
Price
Friday
Feb. 8.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
1g
No. Low
MOS
25
9318 954
915 94
g
77 80
77% Ms
337
961
3
89's 911s
89'i 90'g
10512 fois-4
99
99
-9912 1664
10612 10i1s4
10034 10034
29
18
15
31
23
101%
109
104
9534
8712
130
-9384
42
2
5
10
5
17
1
19
1
18
4
1
23
7
3
103
1114
10512
973
4
89
95
9234 923
4
90 2 954
,
85
88
105 105
-
ioi- 101
leo- 16i9614 97
98 101
9818 994
9734 10012
9018 9212
9812 10014
103 103 4
3
100 102%
114 116
10114 10114
874 883
s
10312 106
101 101
9412 9412
8888
--
91
56
98
9784 Sale in-2
79%
81
4
79
793
954 9814 9488 Jan'29 _ _
10114 10612 (0012 Dec'28
s 38
913
9012 Sale 9012
10014 102 102 Jan'29 --
103
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8.
High Chic MIlw dc St P (Coneluded)Bid
A sk Low
High
Gen 4Hsseries E_ _ May 1989 J J 93% Sale 9312
9412
10234 102%
Debentures 48
1925.113
_ 71% Feb'28
93 94 Chic Mllw St P & Pac 58_ _ _1975 FA 92 Sale 913
4
9312
85 86
Cony adj 55
Jan 1 2000 AO 773 Sale 7712
4
793
4
Chic & N'west gen g 3395.._ _1987 MN
7718 7738
7812
-ea- 95
Registered
Q F
-- -- 7712 Oct'28
76'g 78
General 4s
1987 MN 904 91
9012
9012
9012 93%
Registered
Q F
94 Apr'28
8914 90%
Stpd 4s non-p Fed in tax '87 MN 894 9112 904 Jan'29
84% 87%
Gen 4%sstpd Fed Inc tax_1987 MN 102 105 0612 Oct'28
Gen 55 stpd Fed Inc tax- _1987 MN 107 1094 0812 1084
847 887
k
s
Registered
MN
13 May'28
Sinking fund Os
1879-1929 AO ioei2
99 Jan'29
88% 90
Registered
A0
0014 Oct'28
90 91
Sinking fund 53
1879-1929 A0 9914 100 9934 Jan'29
Registered
AO
9814 Nov'28
9134 92
Slnkliag fund deb 58
1933 MN
10012 0038 100%
9114 93
Registered
MN
0034 Jan'29
9714 9814
10-year secured g 7s
1930 1 D 10212 10224 02% 1023
4
10314 10314
15
-year secured g 634s..._1936 el
10914 Sale 09
10914
96
96
1st ref g 58
May 2037 in 104 Sale 04
104
101 103
1st & get4Hs
May 2037 J D 964 Sale 95%
9614
Chic R I & P Railway gen 4s 1988 J J 89 Sale 8712
89
8984 93
Registered
J J
8814 Dec'28
9014 9014
Refunding gold 4s
1934 A0 941s Sale 93 4
944
3
95
97%
Registered
A0
9234 Jan'29
86% 91
Secured 434a series A
1952 MS 91
9112 9012
91
73
75 Ch St L & NO Mem Div 43_1951 J D 85 Sale 85
88
66 6712
Gold Ss
June 15 1951 in 104 __ -- 05 Jan'29
in
Registered
07 Apr'28
lea loo
Gold 3345
June 15 1951 J D 834 ____ 8412 Jan'27
Ch St LA P 1st cons g 5s____1932 A0 100% 102 01 Jan'29
53 90 93
A0
Registered
01% June'28
9114 9114 Chic St P M &0cons 69_ _ _ _1930 J D 10014 Sale 0014 10014
72
98 99
Cons Os reduced to 3148._ _1930 J D
9612 Jan'29
Debenture 5s
1930
•S 98
98% 98
9818
102 10012 1024
MS 9918 Sale 9918
Stamped
994
Chic T & So East 1st 5s.. _ _1960 J D 973 Sale 97%
4
98
28 jog., 16112 Inc gu Sa
Dec 1 1960 NI 5 91% 9314 0134
913
4
14 10812 110 Chic Un Sta'n 1st gu 4343 A.1963 J J 98% 100 9812
9914
6
923 94
4
1st 58 series IT
1903 J J 10334 Sale 10334 10334
24 10012 10312
1944 J D 10018 102 100
Guaranteed g 58
10112
11
82 8514
1963 J J 116 Sale 11412 116
1st guar 0345 series C
28 10014 102 Chic & West Ind gen 68 Dec 1932 033
10114 10114
1 103 10314
1952 J J 87'4 874 8734
Consol 50-year 45
8814
8
8318 8312
1962 MS 10334 Sale 10312 1033
1st ref 5348 series A
4
N 100% -_ 101
Choc Okla & Gulf cons 58_ _ _ 1952
101
1947 J J 945 9712 9411 Jan'29
Cln H & D 2d gold 4Hs
8
C 1St LA C 1st g 4s_Aug 2 1936 Q F 944 9614 9512 Dec'28
Aug 2 1936 Q F
- _ 9714 Oct'28
Registered
Gin Leb & Nor 1st con go 48 1942 MN 873 91 88 Jan'29
4
10212 104 10234 Jan'29
9314 9412 94 Jan'29
8612 8712 85 Jan'29
843 90 8912 Nov'28
4
95
95
97 95
76
7614
7612 7614
913 111
4
9138 Sale 9012
90 Jan'29 8512 25
84n Sale 84%
8812 Jan'28
28
86
85 Sale 85
89 Oct'28
8914
3
8911
8818
91
9012 Sale 9012
8614 90 91 Nov'28
9134 92 Jan'29
8
9114 92 913 Jan'29
8
98
97% Sale 97%
10314 Jan'29
103
96 Jan'29
2
103
102 103 103
89 8718 Oct'28
85
923
4 37
4
913 92 91%
9014 Jan'29
9612 14
96 Sale 95
9018 13
9112 89%
90
11
75
77 73
72
3
66
68 6814 66
4
79
80 853 Dec'28
99 101 100 Jan'29
Canada Sou cons gu 5s A_ _ _ _1962 A 0 10314 110 105
5
105
Canadian Nat 4Hs_Sept 15 1954 M
9584
9514 95% 9512
5
-year gold 4Ha...Feb 15 1930 F A 9934 Sale 9938
9934 32
30-year gold 4358
9538 76
1957J J 9434 Sale 944
Canadian North deb s f 78_1940 J D 113 Sale 11114 113
49
25
-year s f deb 6Hs
1946.1 .11 115% Sale 11584 116
12
10-yr gold 4Hs.._ _Feb 151938 F A 98%
_ 9884 Jan'29 _
Canadian Pac Ry 4% deb stock__
121
.1 84 Sale 83%
85
Col tr 4Hs
,1946 M S 9712 Sale 97
9734 56
Garb & Shaw 1st gold 4s. _ _1932 al
_ 9818 Nov'28 Caro Cent Mt cons g 4s
1949 J .1 7514 80 80 Jan'29 Caro Clinch &0 Ist 30-yr 56_1938 J D 100 1007 100
2
100
8
let&cong6sserA.1)ec 15'52 J
1
108 10812 10812 10812
1981.1 D 8734 Sale 87%
Cart & Ad lat gu 43
4
87%
Cent Branch U P ist g 4a_ .1948 J D 8212 85 8412 Jan'29
Central of Ga let gs_Nov 1945 F A ____ 10634 105 Dec'28 Consol gold 58
1945 M N
103 10114 10114 11
Registered
M N
_ 100 Jan'29 _ _
10
10
-year secured 68_June 1929.1 D 99% 100 99% 100
Ref & gen 5Hs series B-1959 A 0
105 Jan'29 _
Ref & gen 53 series C
1959 A 0 jai fa 10118 Jan'29
Chan Div pur money g 4s_ 1951 J D 86
- 9312 June'28
Mac dr Nor Div 1st g 5s
_ 1- 101 Jan'29 19 6 J J
66
4
MldGa&AtldivpermSalO4TJ J ioi 10412 1034 Apr'28 -Mobile Div 1st g 58
1046 .1 J
105 105 Dec'28
8312
1
Cent New Eng 1st gu 48- -- -1961 J J 8.34 8514 834
Central Ohio reorg 1st 4 Hs _ _1930 M
9714 99 99 Jan'29 2
Cent RR & Bkg of Gs co.. 581937 M N 97% Sale 9712
98
Central of N J gen goad oz ..1987J
109 1103 10912 10918 25
8
1987 Q .1 10812 111 109 Jan'29
Registered
General 48
91 Dec'28
.987.1 .1 ____ 94
76
91
Cent Pac 1st ref gu g 4s
3
1949 F A 91 Sale 90 2
F A
Registered
_ 88 Sept'28 - Mtge guar gold 334s. _ Aug 1929 J D 99
9914 99 Jan'29 -1
91%
Through Short L ist g 49_1954 A 0 91% 9214 9138
42
1980 F A 103 Sale 10214 103
Guaranteed g 5s
Charleston & Sayn'h Ist 7s_ _1936 J J
Cheat Ohio fund & impts56_1929 J J
let consol gold 55
1939
N
Registered
1939 MN
General gold 43s
1992 MS
MS
Registered
20
-year cony 4Hs
1930 FA
Craig Valley let 58_ _May 1 '40 J
Potts Creek Branch 181 40_1948 J
R & A Div 1st con g 4a.,_ _1989 J J
2d consol gold 4s
1989 J J
Warm Springs V lat g 53.-1941 M
Chimp Corp cony be May 15 1947
N
Chic & Alton RR ref g 38__ _1949 A
CU dep stpd Oct 1928 tot
Railway first lien 3358_ _ _1950 JJ
Certificates of deposit_
Chic Burl& Q-111Dly 3898_1949
Registered
.1.1
Illinois Division 4s
1949 .1.1
General 4s
1958 MS
Registered
MS
1st& ref 4Hsser13
1977 FA
1st & ref 53 series A
1971 FA
Chicago & East Ill Ist Os_ _ _ _1934 AO
C & E III Ry (new co) con 58_1951 MN
Chic.4 Erie 1st gold 5s
1982 M
Chicago Great West 1st 4s_ _1959 33 S
Chic Ind & Loulsy,-Ref 6s_ _1947j
Refunding gold 58
1947 J J
Refunding 45 Series C.__ _1947 J J
Ikrt & gen 58 ser A _____ _1966 MN
1st & gen 68 ser
May 1,966 JJ
-year 4s_ _ -1956 .1.1
Chic Ind & Sou 50
Chic L S & East 1st 434s _ _ 1969 J D
Ch NI & St P gong 45 A_Nlay 1989 .1.1
Registered
(3.1
„May 1989 J J
Gong 3Hs ser B..
Gen 4348 series C...-May 1089 J J
Registered
Range
Since
Jan,1.
91
9114 Clearfield M Mali 1st gu 58_ _1943 J J
100 July'28
Cleve CM Ch & St L gen 48._1993 in 88% 01 8812
2
8812
97
99
1931 .1.1 98
98
98% 98
2
20-year deb 4143
7934 8112
112 Jan'29 _1993 D
General 58 series B
9418 94%
Ref & lmpt 6s series A _ _ _1929 J J 100 10014 9978 10018 16
1941 J J 10412
Ref & Rapt ser
- 104 Jan'29
90' 9224 Ref & Impt 6s ser C
1963 J J 100% 1013 10114 10112 10
4
5s
D
10014 102
9312
1
Cairo Div 181 gold 48 __.,1939 J J 9312 Salo 9312
Chi W & M Div 1st g 4s._1991 J J -_ 84% 91 Jan'29
105 1063
4
87%
St L Div lat coil tr g g 4s._1990 MN 87% 88 87%
1
9512 96%
Spr & Col Div Ist g 4s.--1940 MS 92% 95 924 Dec'28
98% 9934
1940.1.1 9112 --- 90 Oct'28
W W Val Dly 1st g 4s
944 96
96
Ref & Impt 439s ser E._ _ _1977.1.1 9512 97 9512
lilla 113 CCC&Igenconsg 6s
104
1934 J J 104 _ _ 104
6
11418 116% Cleo Lor & W con 1st g 5s
100
4
1933 A0 100 Sale 100
97% 99
100 Oct'28
Cleve de Mahon Val g 58-- -1938 J J
83% 86
CIA Mar 1st gu g 434s.._.1935 MN -9614 97 - 9614 Jan'29
97
99 Cleve & P gen gu &Hs ser B_1942 A0 9812 101 10034 Mar'28
1942• J 9812 ---- 100 Nov'28
Series A 4I9a
80 801s
1948 MN
91 Oct'28
Series C 3Hs100 10112
8934 Jan'29
1950 P A
Series D 3I58
107 1084 Cleve Shor Line let gu 4396-1981 A0 9914 100 9912
1
9912
873 873 Cleve Union Term 1st 534e_ _1972 A0 106 Sale 10512 106
4
4
8412 8412
107 Oct'28
A0
Registered
23
1973 AO 105 Sale 10412 105
lets f 5sserB
10114 1661st s f guar 4;98 ger C
1977 AO ____ 9912 101 Jan'29
100 100
99% 10018 Coal River Ry let gu 45
90 Jan'29
1945 in
105 10512 Colorado & South 1st g 46.-1929 FA 99% 100 9978 Jan'29
10118 10118
9614 313
Refunding & exten 434e._ _1935 ▪ N 9512 Sale 9512
91 Jan'29
Col
1948 A0 8912 -Ist eat 48
lei- 1- 1 Col& H V let ext 45
6 -& Tol
1955 FA 9112 ---- 924 Nov'28
90 May'28
Conn & Paasum Rly hit 4s_1943 AO
953 --- 9534 Nov'28
4
1930 F
Consol Ry deb 4s
lir: 14
73 75 Jan'29
J J 71
Non-cony 48
1954
9714 99
75 72 Jan'29
Non-cony deb 4s_ _ __J&J 1955• J 69
9712 9914
78 Nov'28
Non-cony deb 45____A&O 1955 A0
1094 11118
4
Non-conv debenture 4a_ _1956• J 69 833 73 Jan'29
109 10938 Cuba Nor Ry 181 5348
8
1942• D 887 Sale 8812
139% 41
93% 31
Cuba RR let 50-year g--1952 J J 93% Sale 92
102 103 102
1936 J
let ref 734s series A
-Ws
103
15
lat lien & ref 6s ser 13 _ 1938 J o ---- 93% 9478
95
2
-65- 99
904 913 Day & Mich 1st cons 434e 193Ii J 97% 9812 9734 Jan'29
4
102 103 Del& Hudson 1st & ref 43._1943 III N 92 Sale 92
92
23
1935 A 0
10412 Jan'29
30
-year cony 55
1937 M N lei Sale 104
15
-year 5J911
10434
10
1930 J D 10154 10284 1013
-year secured
8 102
102T2 16.11- D RR di Bldge 1st 7s g 48._.1936 F A 9514 ---- 9614 Aug'28 32
- 2
gu
Den & ItO 1st cons 4s.-1936 J .1 90% 9078 9014
90% 22
90 1661- 4 Consol gold 4343 g
1930.1 .1 93 Sale 93
9412 21
954 9518 Den & R CI West gen 5s_Aug 1955 MN 9612 Sale 9814
9714 198
99
9978
Ref & Rapt 5a ser B Apr 1978 MN 01 Sale 9012
91% 32
9934 100 Des M & Ft D 1st gu 4s
1935.1 .1 3518 3931 33
38
5
30 Sale 30
Temporary ctia of deposit
34
11
86 - 1 Des Plaines Val 1st gen 4348_1947
16 4
92% 99 10214 Feb'28
8278 83 Det & Mao list Ilan g 4s
1995.1 D 7614 79 7614 Jan'29
100 100
1995i D 75
78
Cipld 48
75
5
99 10012 Detroit River Tunnel 410_1981 #1 N 08 Sale 98
984
69
70% Dul Miasabe & Nor gen 511-1941 J
10314 ._
10312 Aug'28
69 69 Dul & Iron Range let 58---1937 A 0 10118
101 Jan'29
71
68
A0
Registered
10012 May'28
68
71
Dul Sou Shore & Atl g
2
J -661 8284 8112 Jan'29
8512 86 East Ry Minn Nor Div 1st 4s'48 A 0 9312 ---. 94
94
09 Sale 99
East'1' Va & 013a Dly g 58-1930 1
.
99
92'2 94
1956 M N 1044 1053 10418 Jan'29
Cons 1st gold 58
4
913 9312 Elgin Joliet & East 1st g 53.-1941 MN 10012 10212 101 Jan'29
4
_1966 A 0 101% ____ 10284 Jan'29
El Paso & S W 151 58
97
9912
104 105 Erie 1st consol gold 75 ext._1930 MS 10214 103% 103
103% 12
105 105
19116 ii 84 85 84
1st cons g 48 prior
85% 12
81
8518
1996 J J
Registered
86 Jari'28
10312 106
1998 J J 7712 Sale 77
let consol gen lien g 4
78
50
68
697
8
1996 J J
Registered
773 Nov'28
8
11334 11334
Penn coil trust gold 48._ _ _1951 FA IOUs 104 101% 10118
1
100 10312
_ _1953 A0 8214 Sale 8114
50
-year cony 'Is series A
823
4 16
92 92
1953 AO 82
8234 82
Series B
844 15
9,93 10314
4
1953 AO - - 857 8412 Dec'28 _ -.Gen cony 48 aeries D
8
WO 10812
1987 MN 95 Sale 94%
Ref & impt 58
9514 142
grie& Jersey 1st s f 68._ 1955 J J 107 10878 109
109
1
Genesee() River 121 8 I 59-1957 J J 107 10912 109 Jan'29
-1584 116-4 Erie & Pitts gu g 3Hs ser 0_1940'.1 8818 __ 102 Feb'28
21940 J J 88% 91 8818 Jan'29
Series C 3Hs
7312 75 Est RR eat's f 7s
N 1044 Bale 10418 10412 64
1954
9414 95 4
3
883 91
9778 981
4
112 112
99 1017
4
104 10414
10114 103%
9312 9312
87 91
87% 8812
9513 98
104 104'
100 10112
-96-
9614
89 8914
3
98
9934
10512 109
10414 10514
9914 101
90
9912
9512
90%
9018
997
4
974
91
74
72
75
72
73
75
8818 9314
92
96
100% 106
94% 98
9734
9134
10418
10312
10014
97 4
8
9412
10412
105
10314
-66-
9234
9412
9712
93%
90
36
93
93
9012
33
30
7614 101g
75
75
98 1001a
10014 101
.1613 lift;
94
94
99
10418
101
102%
991s
1041s
10312
10514
19218 104
7
84 86 1
16177 - 3
s
iooi Wro
8114 so,
82
84
"Rio Vali
109
mg
110
12
1111s
88's 8814
1081e 1043s
861
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8.
Price
Friday
Feb. 8.
180016
Since
Jan. 1.
ICeek's
Ranoe or
Last Sale
High
High No. Low
Ask Low
Bid
Oct'28
99
Fla Cent A Pen 1st ext g 5s_1930 J J
9914
99
Jan'29
1943 J J 9512 9912 09
let consol gold 58
9312
93
9312 Jan'29
Florida East Coast 1st 4 Hs_1959 J D 9312 96
8
7612 87
755 80
8
1974 M S 76 Sale 755
lot & ref .55 series A
2512 50
26
44
Johns & Glov 1st 4Hs 1952 SIN 3812 Sale 38
Fonda
94
94
94 Jan'29
97
Fort St IJ D Go 1st g 4 H8_1941 J J 94
1961 J D 10714 - - -- 107 Dec'28
Ft W & Den C 1st g 5Hs
-73 10554 163 2
8
8
Is._1933 AO 1037 Sale 10378 1037
From Elk & Mo Val 1st
991, 9332
993a Jan'29
8
1931 MN 997 100
G H& SAMA let 5s
991, 9912
1931 J J 9912 9912 9914 Jan'20
exten.s 55 guar
2d
9812 99
3
99
4
1933 AO 9812 9912 983
Galv Hous & Ilend 1st 5s
8514 86
3
86
Ga & Ala Ry 1st cons 58 Oct 1945 J J 8512 Sale 8512
4
8
087 983
4
4
Nor 1st gu g 58_ _1929 J J 973 083 973 Jan'29
4
Ga Caro &
8
743 75
1
8
743
8
743
8
I946 Au 733 75
Georgia Midland 1st 35
96
97
Jan'29
97
Or R & I ext Ist gu g 4 Hs _ _1941 J J 9412
9 11118 113
113
Grand Trunk of Can deb 68_1940 AO 11214 Sale 11211
1053
4 25 105 106
4
1936 M S 10514 1053 10514
15-year s 1 Os
Oct'28
98
Point Term 1st 55_ _1947 J D
Grays
8
136 111 1125
112
1936 J J 111 Sale 111
Great Nor gen 78 series A
J J
Apr'28 _
114
Registered
96
98
9
96
8
let & ref 43‘s series A____1961 J J 0112 957 96
4
9 10712 1093
General 5 Hs series B____I952 J J 107 10712 10712 1087s
8 10334 15 10212 104
1973• J 10314 Sale 1025
General 5s series C
9318 9714
9434 46
8
8
General 41s series D._ 1976 J J 043 Sale 935
93
s
22
973
94
1977 J J 9315 Sale 93
General 4 Hs series E
__
Oct'28
85
Green Bay & West deb ctfs A____ Feb
Feb 2412 25
271: 25 -26r4 2934
2614
Debentures Ufa 13
8
Greenbrier Ry 1st gu 45_ ,.1040 MN 935 _ _ _ _ 9313 Dec'28 106 166"
Jan'29
,
Gulf Mob & Nor 1st 5)0.-1950 AO 98 10I75 106
1950 AO 10014 102 102 Dec'28
1st M Ss series C
108 16i"
J J 1075s -- -- 108
Jan'29
Gulf & S I 1st ref & ter g 53_91952
4
983 99
4
93
99
Hocking Val 1st cons g 4315_1999 J J 09 100
10212 1sfay'281999 J J
Registered
08 IA;
081s Jan'29
4
1937 MN 973 98
Housatonic Ry cons g 5s
n & T C 1st g 5s int guar 1937 J J 10218 - - - - 102 Dec'28
102 102
Jan'29
Waco & N W dlv 1st 6s_..1930 MN 10014 102 102
99
4
993
Houston Belt A Term 1st 0.9_1937 J J 99 10112 09 Feb'29 -9812 9812
2
9812
Houston E & W Tex lot g 58_1933 MN 9812 Sale 9812
10014 10014
1013 10014 Jan'29 1933 MN
4
let guar 5s red
955s 98
64
98
4
s
Bud & Mantua 1st 58 ser A.1957 FA 973 Sale 967
8112 843
4
4 83
843
AdjustmentIncome Ss Feb 1957 AO 83 Sale 8212
2
94"
Illinois Central 1st gold 4s_ _ _1051 J J
---- 9412
1 J ---- -- - - 95 May'28 - Registered
3
2
s
853
8
853 Sale 85 8
,
1st gold 335s
i--i
84 Nov'28
Registered
8714 8612 June'28 -- -Extended 1st gold 33-0_1931 A 0 -84
84 Sept'28
73%
1st gold 35 sterling
951 A S
9014
Collateral trust, gold 4s_ _ 1952 M O 8618 9014 0014
Oct'28
87
Registered
1955 SIN -0114 Sale 0012
s 22
927
Istr efunding 4s
1
4
4
833
Purchased lines 310
1952 J J 834 9012 833
.1 1
87 Nov'28
Registered
4
873
8812
88
Collateral trust gold 4s_ _1953 M N 87
SIN
9014 May'28
Registered
4
Refunding 55
1955 M 3 105 166- 1053 Jan'29
!
11012 10
15
-year secured 6Hs g__ _ _1936 J J m 11134 110
69
99
4
-year 4.14 s
40
8
Aug 1 1966 F A 983 Sale 973
Cairo Bridge gold 4s
__ 9438 8618 July'28
1950
Litchfield Div 1st gold 38_1951
7
73 8 777 7818 June'28
5
8212 Jan'29
_
Loulsv Div & Term g 33-0 1953
A 7314 76
7712 Nov'28
Omaha Div 1st gold 3s_ _ _1051
8
731s
783 Oct'28
St Louis Div & Term g 35_1951
Jan'29
86
Gold 310
1951
8018
4
783 Oct'28
Registered
88 Dec'28
Springfield Div 1st j 3148_1951
A 8914 - - 9014 Jan'29
Western Lines let g 4s___ _1951
93
A
92 Apr'28
Registered
DI Cent and Chic St LAN 0
8
10212 Sale 10112 10212
Joint 1st ref 5s series A___1903
11
95
1st & ref 410 series C_ _ _ _1963
945s 95 9418
Ind Bloom & West 1st eat 48 1940 AO
1950 J J
Ind III & Iowa 1st g 4s
Ind Ai Louisville 1st gu 4s...1958 J J
Ind Union Ity gen 5s ser A_1965 J J
1965 J J
Gen & ref rai series B
Int & Grt Nor ist 6s ser A_ _ _1952 J J
Adjustment 6s ser A July 1952
Stamped
1956 J--i
1st 58 series B
1958 J J
1st g 53 series C
lot Rys Cent Amer 1st 5s_ 1972 MN
1st colltr 6% notes__ 1941 M N
1st lien & ref 83-0
1947 F A
Iowa Central 1st gold 58_ _ 1938 J D
Certificates of deposit
V
1951 I-1-9
Refunding gold 4s
James Frank & Clear 1st 4s_1959 J D
Kan A A G It 1st gu g 55_
1038 J J
Kan & M 1st gu g 4s
1990 AO
91 Nov'28
02
Jan't49
Oct'28
89
103
103
i55
103
Jan'29
103
4
1053
10515 Sale 10518
937s
9214 Sale 9214
7712 Feb'28
96
9512 Sale 9514
9518
9515 Sale 9518
8012
8012 8114 8014
94
8
8
935 Sale 935
985s
s
9815 983 97
49
50
49
50
4812
5014
55
48
17
1714
1514 17
Jan'29
88
8618 92
10015
- 1001g
____ 8412 8414
100-8414
-91
ig_ 8812
K C Ft S & SI Ryeefg4s..1938 AO
K GAM RA 15 1st gu 5s 1929 A 0
Kan City Sou 1st gold 3s...1950 A 0
Ref & irapt 5s
Apr 19.50 J J
Kansas City Term 1st 4s._ _1960 .1 J
Kentucky Central gold 4s_ _1987 J J
Kentucky & Ind Term 4)0_1961 J J
Stamped
1961 J j
Plain
1961 J J
Lake Erie & West 1st g 58
1037 J J
2d gold 55
1941 J J
Lake Sh A Mich So g 3 Hs_ _1997 J D
Registered
1997 J D
-year gold 45
25
1931 M N
MN
Registered
Leh Val Harbor Term gu 5s_1954 F A
Leh Val NY 1st gu g 43.0_1040 J J
',high Val(Pa) cons g 4s___2003 MN
MN
Registered
General cons 4 Hs
2003 M N
M N
Registered
9214
92
9914 Jan'29
7314
741s
99
8
983
88
87
8912
8912
95 Jan'29
9212 Oct'28
95 Jan'29
95
101
_ 101
101
Jan'29
983 103 100
4 - -12
7812
7812 Sale 7812
7812 8112 July'28
_
4
9814
4
973. Sale 973
Apr'28
6i- 993
jai- 1- 104 4 104
9912
9912
--_ 99
8
857
8
i5 Sale 845
Jan'29
86
100
e
-55T4 finl- - 9812
---- ____ 99 Nov'28 _
Lehi Valley RR gen 58 series 2003 MN
3__1941 AO
Leh V Term Ry 1st gu g 3
AO
Registered
up& N V 1st guar gold 48_1945
S
Lox & East 1st 50-yr 58 gu_ _1065 A
Little Miami gen 48 series A.1962 MN
Long Dock consol g 6s
1935 AO
Lang Isld 1st con gold 5s July1931 Q J
1st consol gold 4s___ _July 1931 Q J
General gold 4s
1938J D
1932 J 13
Gold 4s
Unified gold 45
1949 M
Debenture gold 5,3
1934. D
1
-year I) m deb fas
30
1937 M N
Guar Sh B 1st con gu 5s Oct'32 M S
Nor Sh 131st con gu Ss_Oct'32 Q J
Lou & Jeff Ildge Co gd g 48_1945 M S
Lontsville A Nashville 58_ _1937 M N
Unified gold 48
1940 J J
J J
Registered
Collateral trust gold 5s___1931 MN
8
10318 1067 1087
13
10312
10312
103715
5972 90
s
ioii 109 10738
8812
10413 108 10412
9812 100 10114
-- 97
93
97-4
903 94
0914
95
5
935 89
89
98
98 100
9612
97
96
9012 9114 9012
9812 100 100
9412 90
90
10114 10212 10212
3
947 9512 93
9312
5
1005
lOOls
Due Feb. 1.
9218 93
9914 9912
7314 Sale
99 Sale
88 Sale
90
89
_ _ 93
,
60
;A -
8
1067
Jan'29
Feb'28
Oct'28
Jan'29
Dec'28
Jan'29
Jan'29
Jan'29
Jan'29
Dec'28
Jan'29
98
9612
Jan'29
Jan'29
90
Jan'29
9512
Dec'28
Jan'29
20
33
9
7
10
7
26
7
3
16
9
2
13
62
47
1
1
_
15
80
2
1
33
20
3
2
1
48
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Feb. 8.
Price
Friday
Feb. 8.
Week's
Range or
Last Sale.
High
High No. Low
Ask Low
Bid
Louisville & Nashv (Concluded)
39 101 103
15 1930 MN 103 Sale 10218 103
10-year sec 7s_ _ _May
8
4
1st refund 5 Hs series A._2003 AO 105 1053 10412 10612 21 1041, 1073
g
2 104 1057
2003 AO 10312 104 10412 10412
1st & ref 55 series B
2
975 99
8 12
AO 981z 99
985
9815
2003
1st & ref 43Is series C
4
993 10034
1
_ 10014
10014
8
1930 J J 997
N 0 & NI 1st gold 68
10014 10014
4
1030 JJ 993 -- 10014 Jan'29
2d gold 65
9214 Dec'28 _ _ _ _
Paducah & Stem Div 45_ _1946 F A 9114
6514 6912 6618 Dec'28
St Louis Div 2d gold 35_ _1980 M
100 Sept'28
S 9812
Mob & Montg 1st g 4 Hs_ _1945 M
887 8013
1
8
887
s
_ 887
South Ry joint Monon 48_1952 .1 J 8812
9112 92
1
9158
8
915
8
Div 4s_ _1955 M N 915 92
Atl Knoxv & Qin
987s 991z
1
99
99
4
8
Loulsv Cin & Lex Div g 4155'31 MN 983 993
__
1934 J J 0914 1001 9912 Dec*28
Mahon Coal RR let 58
74 141-2
2
74
7414 74
M N 74
Manila RR (South Lines)48_1939
75 Dec'28
80
1959 M N 77
1st ext 4s
_ -53i8
8
987 Jan'29
Coloniza'n 551934 J D
Manitoba S W
Man GB&NW 1st 33-0-1911 J J
Mich Cent Det A Bay City 55.31 MS
QM
Registered
1940 J J
Mich Air Line 43
J
Registered
1952 M
1st gold 330
1929 AO
20-year debenture 4s
AO
Registered
1940 AO
Mid of N J 1st ext 55
Milw 1. s & West imp g 58- -1929 FA
Mil& Nor 1st ext 410(1880) 1934 J D
Cons ext 430(1884L,1934 J D
Mil Spar & N W 1st gu 48. _1947 MS
Milw State Line 1st 3Hs_ _1941 J J
Minn & St Louis let cons 58_1934 N1 N
Temp et's of deposit_ 1934 MN
1st AL refunding gold 4s_ _J949 M
Ref & ext 50-yr Is ser A._1962 Q F
Certificates of deposit
M St P & S S con g 4s int gle 38 JJ
1938 J .3
let cons 55
1938 J J
1st cons 55 gu as to int
1931• S
10-year coil trust 6 Hs
1946 J J
1st A ref Os series A
1949 M S
25-year 53-0
1st Chicago Terms 145_ 1941 MN
91
9514
1949 J
Mississippi Central 1st 5s
814 Mo Kan & Tex 1st gold 45_1990 J D
85-34 .
---- Mo-K-T RR pr lien 55 ser A_1962 J J
1962 J
40-year 9s series B
____
1978 J J
Prior lien 43-40 ser 1)
Cum adjust 55 ser A _Jan 1967 A 0
9014 933
4
Mo Pac lst & ref 58ser A _ _1965 F A
1975M
General 4s
90' 927k
1977 M
835; 8354 15t le ref 58 series F
Mo Pac 3d 7s ext at 4% July 1938 MN
1978 M N
1st & ref g 5s ser G
874 VC_
1945 J J
Mob & 131r prior lien g 5s
J J
10614 11534
Small
1945 J J
1st NI gold 9s
110 111
1945 J J
Small
973 10012
4
Mobile A Ohio gen gold 48 1938 M S
Montgomery Div Ist g 56_1947 F A
1977 M S
8211 - 5Ref & Mut 43-0
818
48..1991 M S
Moh & Mar 1st gu gold
1937 J J
Mont C 1st gu 68
1937 J J
-116 2 1st guar gold 55
gu 3Hs_ _2000 J
Morris & Essex 1st
88 July'28
-55i2
9912 Jan'29
---4
1003 Apr'28
---93
9612 9112 Nov'28
9218 July'28
8034 85-34
8
8514 16- 805 Jan'29
4
8
993 993
4
8
995 993 9934 Jan'29
Oct'28
99
4
96°4 983
4
95
963 963 Jan'29
4
9912 9512
9912 Jan'29
_
96
98
1
96
96
94
97
94
94
Jan'29
94
95
4
913 92
Jan'29
9112 9312 92
90 Apr'28
50 15 4
-117
53
551s
52
55
5314
49
63
51
4912
4712 50
1918 35
3012 178
2712 Sale 2614
155 20
8
1812 99
17
1714 1634
16
16
16
Jan'29 _8832 8914
8914 24
2
-38T/8 Sale 883
4
933 99
9513 Sale 9512
11
99
4
963 99
5
9812
99
9812 99
9934 101
31
4 100
100 Sale 993
100
3 100 102
100 Sale 100
94
92
10
94
93 Sale 93
93'2 9312
9312 _ _ _ _ 9312 Jan'29
9952
3
9812
98
9812 Sale 9812
84
8514 30
8.555
8414 Sale 8418
42 10014 102
101
10014 Sale 10014
8
8312 865
8 12
847
84 Sale 8312
4
923 9412
4
9013 0234 923 Jan'29
8
8
10512 65 1035 10454
10478 Sale 1045
93 10138
100
29
9975 Sale 9914
75
65
77
76
75 Sale 75
97
99
9814 199
9712 Sale 97
91
9218 0214 Dec'28
9714 9834
98
61
9714 Sale 9714
9814 101 103 Aug'28
9956- 100
99
Jan'29 _ _
98 100
4
833 89
4
883 Jan'29
4
883 91
861s
86
8814 88
Jan'29
_
86
9218 93
9212 Jan'29
0212 96
4
1033 Nov'28
_
10378
9213 95
9318 9212
93
92
15
8512 86
86
Jan'29
8512 95
1 106 106
106
106 Sale 106
101 101
101
101 Sale 101
7914 Jan'29 _
7812 8012
7778 80
88
89
9912
5
907
Nash Cbatt & St 1.45 ser A.1978 FA 90 Sale 00
1937 FA 10118 10112 10115 Dec'28
N Fla & S 1st gu g 5s
18 July'28
_
Nat Ity of Mex pr lien 43-0_1957 J J
4
183 July'28
J J
1734
10112 10514
July 1914 coupon on
1314 85
Assent cash war rct No 4 on ---- 1314 Sale 1314
941s 95 4
3
8712 Aug'27
1977 A 0
-year a f 45
Guar 70
8 11
155
8
Assent cash war rct No 5 on --- 153 Sale 155s
3812 July'27
02
Nat RR Mex pr lien 410 Oct'26 J J
02
2214 18
2214 Sale 22
war rct NO 4 on
Assent cash
22 Apr'28 -1951 ;CO
103 103
let consol 42
1
912
913
103 103
Assent cash war rct No 4 on --- 10 Sale
86
Oct'28 -_1954 M N
Naugatuck KR 1st g 4s_ _ _
103 108
9815 Oct'28
903 96
New England RR cons 58_1945 J J
4
I
8818
1945 J J 8638 90
Consol guar 4s
8818 Nov'28
94
9655 NJ June RR guar let 48_ _1986 F A
2
9634
4
983
4
94
9518 NO& NE Istref &imp 4H8A'52'.1 J 963 100
12
91
7912 82
New Orleans Term 1st 45_ 1953 J J 8912 Sale 8912
5
10012 9812 Jan'29
931s 9412 NO Texas & Nies n-c Inc 5 )935A 0
8 16
4 1003
1964 A 0 10018 Sale 993
let 55 series B
96
8
085
1
100
1956 F A 10614 Sale 100
40
51
1st 5s series C
12
95
1956 F A 9475 Sale 94
4812 50
1st 430 series D
3 10212
5
8
1964 A 0 1023 10212 1023
15
1st 510 series A
20
4
953 963 Oct'28
4
8778 8912 N & C Bdge gen guar 43-0_1945 J J 94
4
0
4
993 983 Dec'28 -9914 10015 N Y B & SI 13 1st con g 5s 1935 A N
4
106
M
106 Sale 10514
8414 841z NY Cent RR cony deb 63 1935
107 Apr'28 M N
Registered
8834 50
1998 FA 88 Sale 88
9114 923
8
Consol 45 series A
9934 15
0912
99
Ret& jinni 4 Hs series A 2013 AO 9912 1021 9912
8 62
1067
7414 76
2013 AO 10614 Sale 106
Ref & impt 55 series C
106 Mar'28
AO
Registered
9814 993
4
87
9012
5
797
8912 9078 NY Cent & Hud RP;NI 3)1s 1997 J J 7978 Sale 7912
771 7812 Jan'29
1997 J J 77
95
95
Registered
32
96 3
1934 MN 96 Sale 96
Debenture gold 4s
Jan'29
95
MN
_
95
95
ltegLstered
Jan'29
4
1942 J J 9114 987 94
3
100 8 101
30-year debenture 48
14
78
791
4
gold 3%8_1998 FA 773 80
9912 100
Lake Shore coil
FA 77
801e 78 Nov'28
1998
7812 8112
Registered
4
79
Mich Cent colt gold 3 Hs_ _1998 FA 79 Sale 783
78 Nov'28
1998 FA 7612 78
973 WI;
Registered
951
9
N Y Chic & Si L lei g 1s--1937 AC 951z Sale 9512
9812 Feb'28
9937 AO
103 105"
Registered
20
9712
973
1931 MN "0715 98
9912 0914 25-year debenture 4s
10
4
1931 MN 10112 1017 10012 101
8155 8814
2d 6s series A B C
1071
4
1063
68
4
86
Refunding 53-0 series A...1974 AO 1063 sate 10612
86
1067
16
4
983 100
Refunding 5368 series 13_ _1975 2.1 107 Sale 9412
951
81
8
1978 MS 945 Sale
,
Ref 43is series C
951
22
9712 95
N y Connect 1st gu 43-0 A-1913 FA 95
1
1953 P A ____ 10372 10212 10212
1067 10714
8
let guar 55 series B
90
Jan'29
10312 10312 N Y & Erie 1st ext gold 4s 1947 MN
0912 Nov'28
1933 MS
3d ext gold 430
99
Jan'29
1930 AO
4th ext gold 58
8
2
Jan'29
- -1946 MN 953 967 98
107¼ 1087 N Y & Greenw L gu g
8
83
MN
Jan'29
N Y & Harlem gold 33-0-2000 MN 7518
851s Apr'28
104T2 104
-1:
Registered
80 July'28
8 73
19114 1011i NY Lack & W 1st & ref go 5 ' M N 165E2
10018
10015 10
1973 M N
97
1st & ref gu 410 con
07
104 Feb'28
1930 M S
93
N Y I. E & W ist 78 ext
93
10934 100
1932 F A
6
1001s
N Y & JerseY la 58
90 Nov'28
0
89
9015 NYANE 13ost Term 48-1939 A
86 Dec'28
S
98 100
NYNH Az II n-c deb 48_ 1947
S
4
4
763
8
5
9834
Non-cony debenture 3348_1947 M 0 7513 773 763
96
5
5
735 747 735
75
8
9
9052
90
Non-cony debenture 33-0_1954 A
81
82
82
15
8111
debenture 45...1955 J
100 100
Non-cony
MN
5
8214 19
00
Non-cony debenture 45.-1956• j 81 Sale 807
90
7412 Sale 74
7418 36
1958
10214 10212
Cony debenture 3Sis
121 Sale 119
125
1948 J
139
65
4
952
93
Cony debenture
J j 11713 Sale 11712 11712
2
Registered
1940 A 0 10414 Sale 10414
4 20
1043
trust 88
1165; Collateral
1957 M N 78 Sale 76
8 4 57
7,
Debenture 48
D 895s Sale 895s
9014 45
let A ref 4)0 ser 01 1927.1967 J
9012
9
Harlem R & Pt Ches 1st 4s 1954 M N 9012 Sale 8912
-65T2 161;
Range
Since
Jan, 1.
8912
1
90 s
1211
fit;
-
-9654
9735
91
5
991
1()03
6
101
96
10518
3
88 4
9812
9812
100
94
1023
2
6
1- 188 195;
.
9912 10015
108 10713
7912
783
8
95 4
3
95
94
78
8214
781z
9744
95
9438
813
4
-iiTg
79
95
96
96I
10012
10534
106
9414
9418
100
90
977j
10213
14
107
107
9512
97
10212
90
99
93
83
99
98
83
100's lOO's
Roo" fooii
k
757 775
2
743 75
8112 8414
8873 841/4
75
74
11712 125
115 11712
10414 10512
7812
75
2
893 9212
891z 901z
862
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 8.
Price
Friday
Feb. 8.
NYO&W ref 1st g 48_June 1992 M S
Reg $5,000 only_June 1992 M S
General 4s
1955 JD
NY Providence & Boston 4s 1942*0
Registered
AO
NY & Putnam let con gu 48 1933 AO
NY Susq dz West 1st ref 58_1937 J J
2d gold 4 Sis
1937 FA
General gold 55
1940 FA
Terminal 1st gold 5s
1943 MN
N Y W-ches & B let ser I 4148'46 J J
Nord Ry ext'l s f iJ.s
1950 AO
Norfolk South 1st ref A 5s_1961 FA
Norfolk & South 1st gold 5s _1041 M
Norfolk & West gen gold 65_1931 MN
Improvement & ext 0s_ _ _1934 FA
New River let gold Os....1932 AO
N & W Ity 1st cons g 4s 1996 AC
RegLstered
1996 AO
DWI let lien & gen g 4s_ _1944 J J
10-yr cony Os
1929 MS
Pocah C & C joint 4s _ _ _1941
D
North Cent gen & ref 58 A_ _1974 M
Gen & ref 41.9s ser A stpd_1975 MS
North Ohio let guar g 56_ _ _1045 AO
North Pacific prior lien 4s_ _1997 @ J
Registered
1997 Q
Gen lien ry & Id g 32.Jan 2047 Q F
Registered
Jan 2047
Ref & impt 43.48 series A_ _2047 J J
Ref & impt 68 scrim B
°047 J J
Ref & Impt 5s series C____2047Si
Ref & inapt 58 series D____2047
J
Nor Pac Term Co let g 6/1_1933 J J
Nor Ry of Calif guar g 53_ __1938 AO
North Wisconsin 1st 6s _ _ _ _1930 J J
Og & I. Chain let gu g 4s __ _1948 Si
Ohio Connecting Icy let 4s__1943 NI S
Ohio River lilt let g 53._ _ _1936 JD
General gold 55
1937 A0
Oregon ItR & Nay con g 48_1946 JD
Ore Short Line 1st cons g 58_1946 J J
Guar stud cons 55
1946 J J
Guar refunding 4s
1929 JD
Oregon-Wash let & ref 48. _1961 J J
Pacific Coast Co let g 55_1940 JD
Pac RR of Mo let ext g 45_ _1938 F A
25 extended gold .5s
1938 Si
Paducah & Ills let 5 f 4 Sis_ _1955 J J
Paris-Lyons-Med ItR exti Os 1958 F A
Sinking fund external 75_1958 M S
Paris-Orleans RIt s f 7s__ ,,1954 SI S
Ext sinking fund 5
..1968 MS
Pattlista Ry 1st & ref at 78 1942 MS
Pennsylvania RR cons g 48_1943 MN
Consol gold 45
1948 MN
Meted stpd dollar_ May 1 1948 MN
Consol sink fund 43.4s------360 FA
General 414s series A
_1965 J I)
General 5s series 11
1968 Jo
10
-year secured 7s
1930 AO
I5
-year secured 6 yis
1936 FA
Registered
FA
40
-year secured gold 58
1964 MN
Pa Co gu 3348 coil tr A reg._1937 M $
Guar 334s colt trust ser B_1041 FA
Guar 334s trust ctfs C
1942 Jo
Guar 33.4s trust ctfs D__,1944SD
Guar 15-25
-Year gold 48_ _1931 AO
Guar 48 ser E trust ctfs. 1952 M
Secured gold 43.4's
1963 SIN
Pa Ohio & Del let & ref 45.0 A'77 AO
Peoria & Eastern let eons 48_1940*0
Income 4s
April 1990 Apr.
Peoria & Pekin Un 1st 5343_1974 FA
Pere Marquette 1st eer A 58_1956 Si
let 48 series B
1956 Si
Phila Balt & Wash 1st g 43--1943 MN
General Se series 11
1974 FA
Phillippine Ity let 30-yr s f 48'37 Si
Pine Creek registered let 68_1932 JO
P C C& St I. gu 4 As A
1940 AO
Series It 434s guar
1942 AO
Series C 43.4s guar
1942 SIN
Series I) 4s guar
1945 MN
Series E 33.4s guar gold_._1949 FA
Series F 4s guar gold
1953 JO
Series G 4s guar
1957 SIN
Series 11 con guar 98
1960 FA
Series I cons guar 434s....1963 F A
Series J cons guar 434s
1964 MN
General M 55 series A
1970 JD
Registered
JD
Gen mtge guar 53 ser B__1975 A0
Registered
*0
Pitts McK & Y 1st gu 6s__ _1932 J J
2d guar fts
1934 J J
Pitts 913 & L E 1st g 5s
1940 w 0
1st coruhd gold 58
1943 5 J
Pitts Va & Char 1st 48
1943 M N
Pitts Y & Ash let 48 set A_ _1948 J D
1st gen Is series 13
1962 F A
1st gen 56 series C
1974 J D
Providence Secur deb 4s
1957 M N
Providence Term 1st 48. _ _1956 M
RoadLng Co Jersey Cen ooll 45'51 A 0
Reglateral
A
Gen & ref 4 Sis series A..1997 J 0
J
Rich & Meek 1st g 4s
1948 MN
-has Term Ity 151 gu 58_ _1952
Ric
Rio Grande June 1st gu 58 1939
Rio Grande Sou let gold 48 1940 J D
J J
Guar 48 (Jan 1922 coupon)'40 J J
Rio Grande West let gold 4s_1039 J J
1st eon & coil trust 4s A_1949
A 0
RI Ark & Louis 1st
M
Rut
-Canada let gu g 48_ _ _1949 J J
Rutland let con g 430
19415 J
St Jos & Grand Isl 1st 4s..._1947
'5
St Lawr & Adir let g 5s....1996 J J
25 gold Is
1996 AO
St L & Cairo guar g 4s
1931 J J
St L Ir Mt & S gen con g 58.1931 AO
Stamped guar As
1931 A0
Unified & ref gold 4s
1929 J J
RN & G Div Ist g 43_ _ _1933 MN
St L NI Bridge Ta gu g 5&..1930 AO
Due May
0 Due June,
Week's
Range Or
Last Sale.
Ask Low
Sale 68
76
687
8
8812 91
874
893
4
___ 887 887
8
8
8
-835 8612 8212
____ 844 843
4
7712 7912 764
0918 10113 10112
82 Sale 8114
104 Sale 10312
87
87
88
10018
10018
81.2
68
nIx
983 ____
4
9614 9812
885 Sale
8
864 ____
6512 Sale
955 98
8
112 Sale
1033 Bale
4
103 Sale
1093 ____
4
101 1053
8
3
2
18
27
0358
2
Jan'29
Jan'29
99
96 Jan'29
885
90
8
89 Jan'29
6512
6818
6514 Dec'28
9712
98
112
1123
4
104
1033
4
103
104
1091 Nov'28
4
107 June'28
____ 10214 100 Sept'28
83 Sale 83
83
9312 ____ 9538 Nov'28
4
993 10212 104 Apr'28
995 100
4
9934
993
4
9318 935 9218 Jan'29
:3
10412 1053 1041 y
4
10412
106 10612 1053 Jan'29
4
9914 Sale 983
4
9914
874 Sale 8714
874
80
79
78
79
9218 94
92
924
99 103 100 Nov'28
____ 100 1005 Oct'28
8
10014 Sale 100
10012
104 Sale 1037
10411
8
Jan'28
-- 103
9512 96
957
8
963
8
Jan'29
1023 103 103
4
9414
9414
10714
10714
363
4
3614
104 June'28
954
94
5
Jan'29
99
993 Jan'29
4
Jan'29
95
9012 - --- 9714 Sept'28
8
945 Jan'29
95
Oct'28
95
95
94 Dec'28
Jan'29
9934 10312 100
9934 100
993
4
993
4
1067
8
10612 Sale 10614
1134 Jan'28
10812
108 Sale 108
11312 Jan'28
9414 ---10912 108
3614 Sale
103 - -- 8
955 Sale
_ 904
983 _--4
51
22
29
61
10
4
5
73
6
10
3
51
54
56
2
9214 941 1
107 107 4
,
36
39
2
-664
10113 1047s
97
93
993 Sale
4
-9914 Sale
9414 Sale
9914 100
5 Due August
8814
Dec'28
Nov'28
9718
100
Dec'28
9914
945
8
Jan'29
-- 3
96 4
99 10012
994 993
4
0412 95
5,- E8 Ws;
1
12
7
4
-i6/ 100
993 9944
4
10014 10818
16
1674 1- 2
611-
Oct'28
105
102
1034 July'28
994 ---- 10012 Jan'29
10014 Aug'28
904 Sept'28
-554 - - 9318 Jan'29
104 _
10318 Oct'28
104
7513 Nov'28
Jan'29
- 84
9314
834-- 9314
93
9314
_ 943 June'28
4
9814 25
98 Bale 9712
_ 85
7910 May'28
9913 .Jan'29
102
997--_- - - 8 100 Nov'28
6 May'28
7
____
_ - 712 Apr'28
02
-61- - -14 014 914 1
8412 Sale 8412 85' 7
95 Sale 95
9518 21
_
8314 82 Nov'28
891. ---- 9012 Jan'29
8814
100
1053
4
9718
9914
10134
99
9418
99
t
Price
Friday
Feb. 8.
•
Week's
Range or
Last Sale
Range
Since
Jan,1.
Bid
Ask Low
High No. Low
11195
St L-San Fran pr lien 45 A__1950 MS 8614 Sale 855
8
854 8812
873 158
4
Con M 4 t8s8eries A
1978 PA
8713 Sale 8714
863 89
4
8814 227
Prior lien 55 series B
• J 983 Sale 983
1950
4
4
9912 35
984 101
St Louis & San Fr Ry gen 03_1931 S i 10112 10212 10112 Jan'29
10112 1017
8
General gold 55
1931 J J 993 10014 100
4
Jan'29
994 1004
St L Peor & N NV 1st gu 5s 1948 J J 1034 10514 10318 Jan'29 -- 10318 1034
-St Louis Sou 1st Cu g 4s_
1931 50 S 96
9712 96
96
9512 97
3
St L S W 1st g 4s bond ctfs_.1989
N 883 9013 884
4
89
86
89
6
25 g 48 Inc bond ctfs Nov 1989 J J 7914 83
793 Jan'29 -4
4
793 814
Consol gold 4s
1932 J
963
8 29
964 Sale 953
9512 964
4
let terminal & unifying 58_1952 J J 997 Sale 99
8
99 10158
10014 39
St Paul & K C Sh L 1st 430_1941 FA 9418 9434 9114
9312 9514
941
3
St Paul & Duluth 1st 5s__ _1931 P A
100
Oct'28 -- -1st consol gold 4.3
1963 J D
9312 Sept'28 -- -_
St Paul E Gr Trunk 1st 4348_1947
'
-. 9718 Jan'28 -S
---101, 10314 St Paul Minn & Man con 48_1933 j
2
9613 9714 9614 Nov'28 - - ____
9513- 1933 ▪ J 104 105 105 Dec'28 - --16522 10 -- 1st consol g 65
-4
J
91 9214 6s Registered gold 434s_.A933• J 103 10514 103 Jan'29 3
reduced to
J
98
993 98
98
4
Registered
J J 9712 9912 9712 Dec'28 -- --6i- 94
Mont ext 1st gold 4s
1937 J I) 94
9614 95
Jan'29 -- - Pacific ext guar 45 (sterling)'40 S i 8912 914 92 Nov'28 -'--56T8
St Paul Un Dep let & ref 58_1972 J J
1047 103
8
Jan'29
- i55- 10;
1077 1077 S A & Ar Pass 1st gu g 4s_ 1943 J J _
8
8
8012 91
0
2
8. 8 903 897
8
8
897
8
9612 99
Santa Fe Pies & Phen 1st 58_1942 NI S 98 102 102
1 102 102
102
96
96
Say Fla & West 1st g 6s
1934 AO 1044
104
Oct'28
8812 00
1st gold 55
-664 995
1934 AO 993
4 _ -- 993 Jan'29
4
89
87
Scioto V & NE 1st gu g 4s
1989 MN
_ _ _ 0012
7
0012 904
9012
65
6712 Seaboard Air Line 1st g 4s
1950 AO 907318 80
74
74
74
Jan'29
Gold 48 stamped
1950 AO 73
76
9
73
7514
73
74
-66Adjustment 53
Oct 1949 P A 933 Sale 4312
4
107
38
45
45
112 11312
Refunding 48
1959 AO 594 Sale 59
23
60
574 604
10314 105
let & cons 6s series A.
...1945 M S 7514 Sale 7514
125
7314 80
77
103 1043
8
Registered
SI S
85 Dec'28
Atl&131rin 30-yr let g 4s_d1933 M S 8712 89
5
88
88
8712 85
Seaboard All Fla let gu Os A.1935 FA 664 Sale 6618
6458 7114
6814 45
Series 11
1935 P A 68 Sale 664
11
704
65
68
---- -- Seaboard & Roan 1st 53 extol 1931 J J _
100
98 Dec'28
8212 83
So Car & Ga 1st ext 5.10_ _ _1929 MN 654 10112 993 Jan'29 -8
- - -654 16
.
4
& N Ala cons gu g 59
1936 P A 101- _ 101
Dec'28
-1
684
-664 116- Gen cons guar 50-yr 5s_ _ _1963 AC 10614 166 10614 10614 5 ioriT4 1- So Pac coil 4s (Cent Pac col) 5.'49
9012 917
8718 9012 9012
905
8 12
8
10412 1083
8
Registered
J D 8514 89
8714 Dec'28
1053 10614
92 4 92
20-year cony 4s
June 1929 J D 9914 Sale 9914
9924 .
iTCP;
99 4 -ioi
,
9914
1st 43.4s (Oregon Lines) A_1977 M 9 981
4
2- 0914
984 994
9914
8714 894
0887
9 4
20-year cony 58
1934 J D 100 16- 100,
6 100 1014
2 101
- 114
75
80
Gold 43
0
1968 M 9 954 96
95
957
95
8 26
974
92
9418
San Fran Term let 4s_ _ 1950 A 0 883 91
4
90
3
90
90
89
Registered
A 0 ___ 86
90 Nov'28
So Pac Cal 1st
gu g 53_1937 M
10418
103
i65- 103
-684 101 so Pae ofR itst rtcong 4s___1937 J N 102 100 103
Su rgr C as le er
lio
J 9512
4g
9512
9512 95 2
9512
,
1035 10414
8
JJ
1955.1 J 9112 Sale 91
112
92
91
9213
Registered
924
-6:14 - - -1- Southern lty 1st cons g 5s___1994 J J 1083 Sale 1074 Des'28 74
08 2
8
10912
fur
1023 103
4
Registered
J J 108
28 108 108
108
108
Deivtegel jggu48 series A_ _ _1956 A 0 8612 Sale_ 8518
detor
gen
8612 82
8518 8813
933 94
4
A 0
8714 Sept'28
923 033
4
4
Develop & gen Os
1956 A 0 112- .94;le 112
7
16 112- 111
114
- 5
;
9212 93
Develop & gen 6.1
19511 A 0 117 Sale 117
0
11912 15 117 12212
994 10113
Stem Div 1st g 58
1996J 1 106 10812 106 Dec'28
99 10014
St Louis Div 1st g 4s
1951 J J
_ 8878 89
Jan'29
6
-WI- - - 8
107 10812
East Tenn reorg lien g 55 1938 M S 66 106 10518 Dec'28
10158 10378
Slob & Ohio coil tr 4s_ _ _ _1938 NI S 9213 06
9212
9313 el -91T8 - -11
63
110 111
933 9412 934
4
933
2
4
93
934 93
93
4
9213
9212
1
- 9212
10012 Sale 10014
10111 30
9912 Sale 991s
994 75
107 Sale 107
10714 34
1014 Sale 1014 1025
8 74
1103 Sale 110
1103 128
4
4
112 Apr'28
156 gale 102
1035s 63 166- 105
Oct'28
88- 88
I7185 16 8412 Jan'29
-2
89
89
89
2
89
85
85
85
1
86'z 85
85
97 8 99 8
,
977 9812 977
977
,
8
8 16
8
92
887 90
8
8812 _ _ _ _ 894
3
984 9918
984 175
9813 Sale 981s
94
963
4 23
4
963 Sale 94
9714
844 87
8414
5
8414 86
8414
38
42
2
45
3714 4112 42
1 10112 10112
1013
4 -- 10112 10112
10212 35 10218 1047
10218 104 10218
8
917
8 22
917
86
8
90 Sale 894
8814 Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8.
High No, Low
Iflab
6912 43
68
793
4
Apr'28
684
6834 ii14
Oct'28
Jan'28
1
887 8912
884
8
Jan'29
82
8212
Nov'28
7 -i6T8 - 82
7814
Jan'29
- 10112 10112
8212 63
81
85
64 10012 105
105
19
89
87
903
4
Jan'29
100 100,8
10112 1025 10112 1014
8
1041 ____ 10438 Dec'28
8
10312 ____ 10312
104
9114 ____ 9114
913
4
9118 Nov'28
91
90
903
94
8
184 Nov'28
-654 -_-_-_-_ 035,3
10734 ---- 10778
.•
Z
,
Range
Since
Jan.!,
1
3
42
43
32
i664 10 2
--€693'8 031s
84
92
- - -84
9712
-9913
997
9312
9912
Spokane Internat 1st g 58
1955 5 5
Staten Island Ry 1st 41.0_ 1943 J D
Sunbury & Lewiston 1st 13_1936 J J
Superior Short Line 1st 55_ _e1930 NI 9
Term Assn of St L 1st g 4.148- 1939 A 0
1st cons gold 5s
1944 F A
Gen refund s I g 48
Texarkana & Ft9 1st 510 A 1950 j J1
9 3 F .1
5
Tex & N 0 corn gold 58
1943J .1
Texas& Pac 1st gold 55
2d lne53(Nlar'28cpon)Dec 2
999 Nfar
000 i D
Gen & ref 58 series B
1977 A 0
La Div 11 L 15t g 58
1931 J J
ie i &
T ux Pac-MoPa ' ru:. 964 NI S
cugtelst 5/8_ ,
feg 5 1 1 35J j
Ohio
Western Div 1st g 5s
1935 A 0
General gold 5s
Toledo Peoria & West 1st 4s_ 193 JJ
917 j D
5
Tol St L & IV 50-yr g 48_ _ I950 A 0
Tol W V & 0 gu 410 A
193I J J
t
1st
r 4 8erleg c B_ _ _.1933 J J
41gr sees
ri
guar
Toronto Ham & I3uff let g 45 1 9 6 J D
4
1942 M S
80%
805
8
85 Nov'27
95 Apr'28
997 Apr'28
8
98
Jan'29
1025
8
1013 Dec'28
4
1187, 884
89
4
1623 10412 10312 10312
9812 101 Nov'28
16§i2 10913 1084 Jan'29
100 Dee'27
102 gale 102
102
9913
8
987 100
9912
100 10614 1055
8 1055
8
100
100
100-9913 103 10112 Jan'29
973 983 9912 Jan'29
4
4
15 Nov'27
12
897 4
8 9213 893
893
4
9312
98 Nov'28
973 Oct'28
9312
4
9412 Nov'28
9212
8812 Sale 8812
8812
Ulster A Del 1st cons g 53_ _1928 J D 78
8478 787
8
80
UnionR
(.3ertlfleates of deposit
79
-. 80_ _ 76
1st refunding g 4s
1952 Ali 5512 iile 5212
56
eggiteegu
Pac lrt ltlt & Id gr't 481947 J J 94 Bale 933
4
9414
J J 9113 927 92
92
8
1st lien & ref 4s
June 2008 M S 873 Sale 873
4
4
8912
Gold 41.48
1967 J J
- 9714 9713 9812
let Ilen & ref 58
June 2008 NI 9 jai
10012 10818 Jan'29
40-year gold 48
8812 Bale 8638 8734
U N J RR & Can gen 4s_ _ _ _1948 j D 9212 96
1 64 M S
93 Dec'28
Utah & Nor let ext 48
957
8
96 Nov'28
Vanugg g consger ig Il A..193 .1 A 9312 _
dalia f 4 sg t g series
3
1 55 F i
9514 Aug'28
Cons
9312 ---- 94
Jan'29
Vera Cruz & P assent 410..19547 8 !---1_1
93 _
17
Jan'29
Vi
._1931 M S
a8115gid 58 series F..
10014 June'28
G lnia
rge er
105T4 161-13 10012 1004
Va gc S guth' yearg u 53..-2 03 M N
l d t ro us 5o- lst 5g
103 J J
96
wn
100 100
Jan'29
1958 A 0 9313 9434 943
4
95
I‘'I2gg niaI dit i5styji gst 5s eries A _ 1962 M N 1037 Sale 1034
v r dbiggohin R l t golds5
8
g
104
M A:3
F
1939 m N 1013 Sale 101 14
8
1013
4
993 Sale 993
4
4 101 14
103 Sale 1025
8
103
1 er tritur 11 51i eler A - -.19739 5 5
R b enred 199359
)
36s r is tee8
_
8818 May'27
let lien 50-yr g term 48
1954 -I J 98127718 85
887 Nov'28
8
lleg & C glc ext , 1tu 5s_ _ ,1, J
uet Muilieg Di 18r gg 4g 193 5
4
,
_ 100 Jan'29
88 - - 88
91
88
0nr haRhylle let g 4g
.1,bo st c D vpiv 3Iis
1941 A 0 8314 84
853
4
853
4
89
95
9012 Jan'29
V.
O 9712 985 9712
S
ref & gen 58 15..1941 M
7
196 A
8
9813
Ref & gen 4 Ms series C
1978 F A 803 8712 874
8
887
8
---91
9214
8412 863
8
943 964 Warren let ref gu g 33.43......2000 FA
4
Wash Cent 1st gold 45
1948 QM
9012 9012 Wash Term let gu 3348
1945 FA
1st 40-year guar 45
1945 FA
99 8 99 4 W Min W & N IV 1st gu 58_1930 P A
,
,
West Maryland let g 4s
1952 AO
let S, ref 534s series
-664 -671- West N Y & Pa 1st g 5sA___.1977 .1 J
8
1937 J
991 101
Gen gold 4s
1943 * 0
Western Pac let ser A 55_
•S
1946
-65Registered
MS
8
937 94 8 West Shore 1st 4s guar....„2361
,
'
S
99
99
Registered
2361
Wheeling & Lake ErleExt'n & Irma gold 58
1930 FA
Refunding 43.4s series A _.1966 M
Refunding 5s series B
1966 MS
RR let consol 4s
1949 MS
8014 83
89
8414
85
84
94
91
99
987
8
Sale 81
Sale 98
10112 101
8812 8914 884
9812 Bale 98
9718
85 Sale 85
8312 854 8412
8414
84
91
97
81
9914
Nov'28
Jan'29
84
91
Dec'28
82
9914
10118
885
8
99
Aug'28
86
8412
99
995 100 Sept'28
8
9011 905 9014
8
903
s
975 102
8
9712 Nov'28
864
87
87
2
805 81.:
8
-5645
3
29
18
10
2
7
98
88
89
10212 10414
ioi- 1- 604
161- f62l;
994 100
10558 1064
98 1014
10112 10112
9912.
98
-854 IC
1
i;12
8
14
6
65
1
37
21
5513 85
55
85
33
58 8
5
933 954
4
92
92
873 907
4
4
9712 99 2
,
108 1084
864 894
---____
68
-55-
94
1612 1713
HAI 1- -160 8
20
62
31
11
32
3
_
31
119
100
94
10312
10114
4
093
1017
8
100 100"
88
88
853
84
4
9012 9
04
9712 19014
8712 907
2
-giTs
2
1
91
21
4
1
18
13
1
100
9514
1043
4
102
1014
10414
84
91
8414
85
91
-8011
98
101
8858
9714
82
997
8
10118
9112
100
8454 11C:
8412 884
i6i
-io" Ws:
87
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8.
•
863
New York Bond Record-Continued-Page 5
Price
Friday
Feb. 8.
Week's
Range or
Last Sale
.4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb.8.
Price
Friday
Feb. 8.
Week's
Range or
Last Sale.
Range
mace
Jan.l.
Bid
Ask Low
High No. Low
High
High No. Low
High
Ask Low
Bid
'
5 76
7514 79%
77
76
767
8 10
6512 7314 Cuba Cane Sugar cony 78_ ...1930
7314 11
1942 J D 72 Bale 72
Wilk & East lat gu g 58
/
4
7612 80
77
/ 24
1
4
0
stamped 8%.J93 J J 761 Sale 7612
Cony deben
1003 1003
8
8
1004 Jan'29
/
1
1938 J 1)
Will &13 F let gold 58
9912 1033
/
1
4 1004 33
/
1
4
Cuban Am Sugar let coil 85_1931 MS 1004 Sale 993
92 June'28
Winston-Salem S B 1st 4s_ 1960 J J
/
1
4
947
8 53
93
/ 97
1
4
/
1
4
1 7
-14 Cuban Dom Sug 1st 7 As_ _ 1944 MN 94 Sale 93
8414 24 -.12 8 14
Wls Cent 50-yr 1st gen 48. _ _1949 J J 8414 Sale 84
' 10214 Sale 10218 10214 26 192 1024
5
881 9112 Cumb T & T lgt & gen 53_ __1937
/
4
4
8814
8814
Sup & Dul dlv & term 1st 48'36 M N 8812 89
9912 102
26
Cuyamel Fruit latsift A _.1940 AO 9912 Sale 9912 100
9238 Dec'28
1943 J J 78
Wor & Con East 1st 4345_
76 Dec'27_ _
_ 76
Denver Cons Tramw 1st 5s _ _1933 AO
INDUSTRIALS
1 -165- 101
loo
Den Gas& E L 1st & ref afg 58'51 MN 166 sale 100
Abraham & Straus deb 5548.1943
9838 101
2
1951 MN 9912 Sale 9912 100
8 69 11112 120
Stamped as to Pa tax
A 0 11112 Sale 11112 1157
With warrants
7012
1
6
7
6
0
6811
73
8314 857 Dery Corp(D G) 1st a f 78_ _1942 MS 6812 Sale 7012
8
864 19
/
1
4
Adams Express coil tr g 4s_ __1948 M S 8514 863 85
67 66
65
94
98
Second stamped
98 9512 Jan'29
Adriatic Elec Co exti 7s____1952 A 0 96
10114
2
2
10012 102
4
4
10412 10 10314 10412 Detroit Edison 1st coll tr 5s_1933 JJ 1013 Sale 1003
D 104 Sale 104
Ajax Rubber 1st I5-yr a f 85_1936 J
/
4
8
10212 10 1014 1043
/
1
4
let & ref Os series A_July 1940 NI 8 10214 1021 1017
8 Dec'28
312 4
Alaska Gold M deb 68 A _ _ _ _ 1925 M S
11 102 1044
10314
104 102
1949 AO
Gen & ref is series A
8
8
8 Jan'29
1926 M S
Cony deb 65 series B
312
108
/ 17 105 1 81
1
4
07
S 108 Sale 108
0:
5
1
lot & ref 6s series B _ _July 1940
9718 983
33
/
4
4
98
8
Albany Pefor Wrap Pat) 65_1948 A 0 973 Sale 971
10 10212 104
/
1
4
1955 S D 10212 Sale 10212 104
Gen & ref 5s ser B
10612 2150 103 11012
1944 F A 103 Sale 103
Allegheny Curp cli tr 5s
105
1962 FA 102 106 105
99 101
10012 37
Allis-Chalmers Mfg deb 55_ _1937 M N 99 Sale 9914
/
1
4
6
97
98
98
Del United 1st cons g 4354
9312 95
95
-1932 J J 97 Sale 97
Alpine-Montan Steel 1st 7s_ _1955 M S 9412 Sale 9412
04
1940 M N 10112 Sale 10112 10312 716 10112 1 11
8
Am Agric Chem lat ref 517 As'41 F A 10512 105 10512 10612 21 1043 10612 Dodge Bros deb 68
/
1
4
863 88
4
871 19
/
4
871
/
4
86
8932 hold (Jacob)Pack 1st 65_ _ _ _1942 MN 8714 88
3
8918
/
4
Amer Beet Sug cony deb 68_1935 F A 891 Sale 8914
97 Dee'28_ _ _
99
963 99
4
Dominion Iron & Steel 5s_ _1939 MS 90
21
/
1
97' 974
2
98
1933 A 0 97
American Chain deb s I 6s
1
101
3 --18 4 101
1942 J J 101 Sale 101
98
Donner Steel 1st ref 75
99
9818 Jan'29
/
4
Am Cot Oil debenture 5s__ - _1931 M N 981 99
3
/ 10514 24 104 4 105%
1
4
Duke-Price Pow 1st 65 sec A '66 MN 10518 Sale 104
933 96
4
31
96
1942 A 0 9512 Sale 9512
Am Cynarnid deb 5s
8
10012 226
99 1007g
9212
90 4 9212 Duquesne Light 1st 434s A_ _1967 AO 997 sale 99
3
7
1953J D 87
Amer Ices:deb 5s
8712 91
25
9212 97
64
East Cuba Sug 15-yr 81 g 732, 7 M S 9212 Sale 9212
11012 1899 105 111
105
Amer Intermit Corp cony 5345'49 J J 10512 Bale
8 n
2
4
9512 96 4
96
3
9612 96
Ed El III Blin 1st con g 4s._.-.sos J J 96
1033 104
4
Jan'29
1939 A 0 1033 1053 104
Am Mach & Fdy at 65
4
4
g
2 11011 110%
Ed Elec III 18t cons g 55
19955' 1108 117 11078 1107
American Natural Gas Corp--16
921 96
96
MS 9312 Sale 9312
9112 963 Elec Pow Corp (Germany)6 As'50
8
9312 71
Deb 652a (with porch warr)'42 A 0 9112 Sale 9112
Jan'29
90 9012
Elk Horn Coal 1st & ref 6 34s•1931 J O 9012 95 90
49 10014 102
Am Sul & R 1st 30-yr 58 ser A '47 A 0 10012 Sale 10012 102
78 Dec'28
/
4
Deb 7% notes(with warr 1.-2) 31 J O 781 85
10414 30 1Q4 104%
Amer Sugar Ref I5-yr 6s_ .....1937 J J 10418 Sale 104
9912 1001
/
4
1001 10
/
4
100
MS 100
96%
9918 993 Equit Gas Light 1st con 58._1932
8
110
133
Am Telep & Teleg coil tr 48.._1929 J J 9914 Bale 9914
9214
6
9518
95
96
95 943 9712 Federal Light & Tr 1st 55_1942 M
4
4
943
4
2
1936 M S 9414 _ _ _ _ 943
Convertible 4s
97
95
95 2
8
7
95 Sale 95
/
1
4
let liens f Os stamped_ __ _1942 M
99 101
100
2
1933 M S 1034 104 100
20-year cony 450
/
1
17 10111 104
1942 M 18 102 104 10212 104
/
1
4
1st lien (38 stamped
8
1054 10412 69 103 1047
/
1
30-year colltr 5s
19465 D
9912 101
4
/
1
/ 9912 9912 1004
1
4
1954 J D 99
30-year deb Its ser 13
J D 104 1114 4 1023 Dec'28 _
8
Registered
110418 10 102 104%
LI 10312 105 103
j95
/
1
4
8
/
1
/ 1044 121 103 1053 Federated Nletais s f 78
1
4
35-yr a f deb 56
1960J
8
1037 Sale 103
1691 68 158 171
/
4
1946 J J 162 Bale 162
4
155 10614 1073 Fiat deb 7s(with warr)
1943 MN 10612 Bale 10612 107
20-years f 534s
964 103
52
100
988 99
4
3 10414 1044
/
1
Without stock purch warrants_ ---- 98
Am Type Found deb 68
1940 A 0 1043 105 10414 10414
8
8
/
4
8 11318 1147
/
1
9718 991 Fisk Rubber Ist s f 88
/
4
1941 NI S 11418 Sale 1144 1141
9812 44
Am Wat Wks & El col tr5e_ _1934 A 0 9812 Sale 98
1043 Nov'28
8
4
3
/ 1041s 31 1023 105 4 Ft Smith Lt & Tr lat g 5s_.A936
1
4
Deb g 6s ser A
1975 M N 104 Bale 103
/
1
3
8 10512 32 104 4 1064
/
1
8512 Frameric Ind az Deb 20-yr 7548'42 5 . 1054 Sale 1047
3
8212
Am Writ Pap 1st g 6s
1947 J
847
s 17
83 Sale 8212
12 10418 107
/ 107
1
4
Anaconda Cop Min 1st 65....A953 F A 1043 Sale 1043
4 10514 295 10434 19534 Francisco Sugar 1st f 73213_ _1942 MN 10612 Sale 105
4
/
1
4
4
/ 32 1013 102
1
4
4 102
French Nat Mall SS Lines 78 1949 J D 102 Sale 1013
Registered
10414 Oct'28
/
1
D
_ 106 1054 Dec'28
186 216" Gas& El of Berg Co cons g 53 1949 J
206
24
15-year cony deb 7a
1938 F A HA- Sale 193
106
7 -. - WI
11
1939 A 0 106 Sale 106
Gen Asphalt cony Os
196 200
200 Jan'29 _
Registered
981g 100
9912 73
/
4
Gen Cable 1st at 550 A _ __ _1947 J J 991 Sale 991g
Andes Cop Min cony deb 79.1943 J J
235 Dec'28
__
94% 94%
943 Jan'29
8
1942 F A 9518 96
- Gen Electric deb g 352s
112 "iii2 166
Anglo-Chilean s f deb 78_ _ _1945 M N 100 Sale 98
/ 100
1
4
8 15 18014 10414
7014 79
/ Gen Elec(Germany) 7s Jan 15'40' J 10212 Sale 10112 1037
1
4
764 21
/
1
Antlila(Comp Azuc) 7 As_ _ _1939 J J 7014 Sale 7014
115 123
Jan'29
10112 10112
S f deb 6 As with Warr_ _ _ _1940 J D 110 11712 115
Ark & Mem Bridge & Ter 58.1964 M
10112 102 10112 Jan'29
9812 Sale 9814
9712 9914
9914 31
903 927
4
Without warr'ts attach'd '40 J
Armour & Co 1st 4 34s
8
9212 75
1939 .1 D 921 Sale 9112
/
4
9212 9412
94
110
20-year a I deb 65
1948 M N 9312 Sale 9314
9014 9212
Armour & Coot Del 550_1943 S .1 92 Sale 9112
9212 88
4
1937 F A 103 Sale 10212 10334 161 1024 1033
/
4
13 102 1031 Gen Mot Accept deb 62
Associated 0116% gold notes 1935 M S 10212 Sale 10212 103
Goal Petrol 1st a f 58
1940 1 A 10112 Sale 10012 10112 12 10012 102
?
Atlanta Gas L 1st 55
1947 .1 D 10114 -- -- 10312 Dec'28
6 10414 107
1051s
1952 F A 10412 10514 10414
Gen Refr 1st s f 68 ser A
Atlantic Fruit is ctfs dep_1934 J D 124 -- 15 Nov'28
/
1
97% 100 4
7
9914
100
8
/
4
Good Hope Steel & I sec 7s_ _1945 A 0 991 100
Stamped ctfs of deposit
J D 124
/
1
_ 15 July'28 _
/
1
4
107 Sale 10712 10818 43 107 10814
72 V/ Goodrich(B F)Co 1st 6348. _1947 J
Atl Qulf & W 1 SS L col tr 58_1959 J J 72 Sale 72
7412 12
93%
92
9314 163
Atlantic Refg deb 5s
32 10018 10212 Goodyear Tire & Rub 1st 52_1957 M N 92 Sale 92
1937 J J 10012 101 10018 102
4 31
9912 190
/
1
4
993
4
Gotham Silk Hosiery deb 65_ 1936 J D 993 Sale 99
Baldw Loco Works 1st 5s
107
1 10612 107
1940 #1 N 10612 -- - - 107
73
71
7112
7
1940 F A 7112 Sale 7112
96
Gould Coupler 1st sf68
99
Jan'29
Baragua(Comp Az) 7 As_ _ _1037 J
9912 99
97
98% 9912
9914 32
Gt COI1SEI Power(Japan)78_1944 F A 9914 Sale 9812
12918 142
Jan'29
Barnsdall Corp 63 with warr 1040 J D
136
9314 9512
4
9512 28
4
1950 J 1 943 Sale 948
ist & gen a f 654s
98 100
/
1
4
Deb 65(without warrant).1940 J
188
993
4 100
997 100
1043 10534
4
4
/
4
923 9312 Great Falls Power lets f 5s._1940 MN 1041 ___ 1043 Jan'29 _
4
Batavian Pete gen deb 4343_1942 J J 925 Sale 923
9314 61
4
8
99
96
99
8
9814 9818
90
92
13elding-Hemingway (Is
G.ulf States Steel deb 5 As _ _ _ 1942 J D 9812 9112
3
1936 1 J 9018 9112 9018
87
87
8718
66
89
87
_1952 J
3
Bell Telco of Pa Os series 13_ _1048 J
/
1
8 66 104 4 10512 Hackensack Water let 45_
105 Sale 1044 1053
Nov'28
1930 M S 961/4
1st & ref 5s series C
1073
4 48 10714 10814 Hartford St Ry lat 4s
1960 A 0 10714 Sale 10714
81
83
82
8
92% 95
Havana Elec consol g 5s_ _..1952 F A 8114 Sale 81
Berlin City Bloc Co deb 6345 1951 J D 93 4 Sale 93
9418 37
3
84
22
59
64
4
92
Deb 554s series of 1926_ 1951 NI S 633 Sale 73
9372
Berlin Eiec El & Undg 6 As_1956 A 0 93 Sale 93
931 25
/
4
85
87
9
87 2
,
8812 87
Hoe(R)& Co 1st 6 As ser A_1934 A O 87
Beth Steel 1st & ref Os guar A '42 M N 1023 Sale 1023
8 10 10232 104
4 1027
4
a
103
1 1023 103
4
1023 ____ 103
100 102
6s(flat)..1947 M
Holland-Amer Line
41
30-yr p m & imp a f
_ _1936 J
1003 Sale 10012 101
4
821k 45
80
85
Cons 30
4
-year Ss series A.A948 F A 1043 Sale 10412 105
137 104 1053 Hudson Coal let a f 55 ser A.1962 J D 81 Sale 80
4
105
1 103% 10§
1940 M N 105 Sale 105
Hudson Co Gas let g 55
101 102% 104
Cons 30-yeer 532s ter 11_1953 F A 1033 Sale 10312 104
4
/
4
/
4
9812 100
4
Humble Oil & Refining 550_1932 S i 10112 Sale 1011 1011 64 100% 102%
99
Bing & Bing deb 634s
7
1950 M S 983 9014 983
4
9912 10111
15
7112 7312
Deb gold 58
1937 AO 100 Sale 9912 100
7212 11
Plotany Cons Mills6 As
1934 A 0 72 Sale 7112
4
8 1041 29 103% 1047
/
4
/
1
98% 100
Illinois Bell Telephone 5s-195 • 1) 1044 Sale 1043
6
Bowman-Bilt Hotels 78
100
6
1934 M
983 100 100
4
93% 983,
9614 44
/
4
/
1
751
1940 A0 951 Sale 934
721 7718 Illinois Steel deb 434s
/
4
24
B'way & 7th Av let cons 53_1943 J D 7312 Sale 7313
1 103 103%
103
8814 9212 Raeder Steel Corp a 178
1946 AO 103 10312 103
92
22
Brooklyn City RR let 5s
9112 Sale 9112
_1941 J
8612 9214
55
881
4
1948 FA 878 Sale 8718
Mtge 6s
Bklyn Edison Inc gen 5s A_ _ _1949 J
8 16 10414 10512
/
1
1044 1054 10412 1043
/
1
92
90
N 90 Sale 90
19
90
3
Indiana Limestone Isle f 65_1941
1053 Dec'28
8
Registered
N 9712 ____ 9712
1
9714 9912
9714
Ind Nat Gas & 01155
1936
2 1001
General(is series B
1930 1
io6E8 102 10034 1021 178
12 102 105
1021
/ Indiana Steel lat 51
1
4
1952 MN 10212 Sale 102
98
Bklyn-Man It'I' sec 6s
9112 98
1968 J
98 Sale 98
102 Sept'28
63
76
76
Ingersoll-Rand 181 05 Dec 31 1935 J J
12
Bklyn Qu Co & Sub con gtd 5.2'41 MN 7414 Sale 7414
92
93
924 68
/
1
/
1
/
1
4
1978 AO 92 Sale 924
83
80
Inland Steel let 434s
83 Jan'2
1st 5s stamped
1941 J
10114 23 101 102
8814 Nov'2
Inspiration Con Copper 63.48 1931 MS 10118 10114 101
Brooklyn It Tr 1st cony g 48_2002 J
/
4
771 79%
39
79
/
4
Nov'28
5s_ _1966 55 7712 Sale 771
Interboro Rap Tran 1st
3-yr 7% secured notes_ _ _1921 J
105 --- - 13614
7912
77
is 77 Sale 77
7814 65
903
Stamped
30 -90"
Bkiyn Un El 1st g 4-5s
1950 F A 90 Sale 90
77 Nov'28
901 93
/
4
90
/
1
4
4
Registered
/
1
4
Stamped guar 4-52
1950 F A
90
/ 90
1
4
8212
79
-A 15 80
3
81
/
1
4
811
/
4
105 10614
813
4
10-year 6s
1932
Jan'2
Bklyn Un Gas ist cons g 5.2_1945 MN 106 1063s 105
98
/ 90
1
4
/
1
4
9913 36
10-year cony 7% notes...1932 NI S 9812 Sale 9812
13t lien & ref 68 series A _ _ _1947 MN 118 Sale 11718
31 11718 118
118
93
N 92
92
6
93
93
94
Int AgrIc Corp 1st 20-yr Os 1932
359 400
Cony deb 5545
19365 J 365 380 400 Jan'2
N 79
7912 8112
8
80
81
7912
9612 Nov'28
Buff & Susq Iron Ist 8153_1932 .1 D
Stamped extended to 1942 _ _ -8
/
1
4
1184 420 1093 118
/
1
8714 5
11212 Sale 112
Int Cement cony deb 53.__ _1948 M
88
Bush Terminal ist 4B
1952 A (2 8714 8814 88
9714 99
9814 141
9712 Sale 9714
1947
97 8 9912 Internet Match deb 51
,
Consol
1955 J J 981 Sale 984
/
1
9912 12
/
4
9914 102
11
101
/
1
Bush Term Bides Is gu tax-ex '60 A 0 10212 Sale 10212 10314 12 10212 1044 Inter Moreau Marines t 6s _ _1941 A 0 101 Sale 100
9412 96%
9612 47
95
13y-Prod Coke let 5545 A_ _ _1945 M N 100 102 10012 101
8
3 100 102
International Paper 55 ser A_1947 J J 957 06
4
1955M 8 95 Sale 9518
943 97
9612 66
/
4
Ref s 68 ser A
/
4
4 1011 10234
Cal0& E Corp unit & ref53_1937 M N 102 103 10212 1021
/
1
4
3
92 4 29512
93 12 67
75 100 102
102
Cal Petroleum cony debs f 5.2 1939 F A 100 Sale 100
7717 Teter.& Teleg deb g 4 As 1952,J J 9312 Sale 93
1013 10314
4
1939J J 11312 Sale 11312 11912 3737 10912 120
Cony deb 431s
Cony deb st 5528
1938 MN 10218 Sale 10218 1023
4 59
4
1053
4 32 10312 1053
93
4
8
94
Camaguey Bug 181st g
9712 Kansas City Pow & Lt 55_ _.1952 NI S 1037 1043 104
26
_1942 A 0 93
9312 93
4 100% 10012
8 1004
/
4
/
4
1957 J J
_ 1001 1001 10012
Canada SS L 1st & gen 6s
lat gold 4 As series B
1 10012 10112
1941 A 0 100 8 107 1002
/
1
3
8
6 105 106
/
1
/
1
Cent Dist Tel lat 30-yr 5s. _ _ 1943 J D 103 10312 10212 103
8
Kansas Gas & Electric 65._1952 M 8 1057 Sale 1054 1057
4 1024 104
128 141
132
Jan'29 _
9612 963 Kayser (Julius)& Co deb 5528'47 M
Cent Foundry lat 8168 May 1931 F A 94
4
4
963 Jan'29 -99
93
97
9412 13
/
1
4
Central Steel 1st g s 88
9312 Sale 93
3 123 12412 Keith (13 F) Corp 1st 65._1946 M
4
1941 MN 1233 12412 1234 1233
/
1
4
110
4 110 1104
78
Certain-teed Prod 634a A._ _1948 M
83
Kelly-Springf Tire8% notes.1931 M N 110 Sale 110
7914 40
773 7812 78
8
95
1
Ceepedes Sugar Co lst s f 7 As'39 M
Kendall Co 5 As with warr. 1948 M 11
99
15
9712
98
98 105
_
93% 9312 Nov'28
Chic City di Conn Rya 5a Jan 1927 A 0
65
65
Keystone Telep Co 1st Os. _1935 J
65 Jan'29
_ 1034 10312
--1/
1
2 -117131 l03 2
8
Ch G L & Coke ist gu g 58_ _ _1937 J .1 1011 Sale 1011 102
2 1013 10212 Kings County El P g 5s-19371A 0
/
4
/
4
1997,A 0 13012 131 130 Jan'29
130 130
7814 83
Chicago Rys let fie
- 12
Purchase money tis
53
1927 F A 781 Sale 7814
79
/
4
80
8212
944 96
81
10
/
1
Chile Copper Co deb 5s
Kings County Elev 1st g 48-.1949 F A 81 Sale 81
114
19475 J 9512 Sale 95
96
7914 81%
87
48
1949 F A 80 Sale 7914
CM & ist NI 4a A
80
8914
8
Stamped
87
/ 37
1
4
1968 A 0 8718 Sale 87
104% 105
1041 Jan'29
/
4
Clearfield Bit Coal lst 4s__ _ _1940 .11 J ____ 75
Kings County Lighting 5s_.1954 J J 10514
90 Dec'28 --1954 Si 11514 119 11614 Jan'29
11614 11814
Colon Oil cony deb Os
First & ref 65411
85 10812 1113
1938 F A 109 Sale 10812 110
8
98
/
4
4 10518 10612
/
4
/
1
4
9912 Kinney(OR)& Co 734% notee'36 J O 1051 105 1051 1051
5
1943J J
ColoF&ICogensf 5a
9812
98 Sale 98
94
23 10284 104
Col Indus 1st & coil Os gu._ _1934 F A 9412 97
/
1
Kresge 1. ound n coil tr 68_ 1936 .13) 1024 Sale 102
95
12
95
/ 103
1
4
9412
99 100
991 209
/
4
Columbia G & E deb 5s
1952 M N 99 Sale 99
101
8 100 102%
Lackwanna Steel 1st Es A 1950 M 8 100 101 100
/
1
4
97
9812 Lace IGas of St L ref&ext 52_1934 A 0 10012 Sale 10012 1011-2 19 10.112 1017
4
9812 21
Columbus Gas lat gold 5s _ _1932 J J 9812 Bale 9712
F A 10312 Bale 102/2 104
91% 9312
Col & ref 5528 series C_
Columbus Ity P & L 1st 4 As 1957 J J 9214 931 93
9312 21
67 10212 10512
/
4
Lehi C & Nav 5 f 4545 A.1954 J J 99 991 99 Jan'29 _ _/
1
4
Oct'28
9912 9934
Commercial Cable let g 4s-2397
/
4
8711 --- 87
/
4
'5 9912 1003 100
161- Lehigh Valley Coal 1st g 58.-1933
.2
12
99
Commercial Credits f 65_ _ _1934 M.N 9812 991 9812
99 101
4
100
7
/
4
is
93
9312 13
100 Oct'28
964
Col tr s f 554% notes
Registered
1935J J 9312 Sale 93
----94
Sat 40-yr go mat red to 4%.1933 J J 921 97
07
9812
Comm'i Invest Tr deb(18_ _ _1948 M S 94 Bale 94
973
4 79
/
4
Oct'28 _
1934 FA 101
/
1
101 Sept'28
lat&refsf 5s
3 1044 106
Computing-Tab-Rec s f 68_ _1941 J J 106
_ -- 10512 10512
1944 FA
9612 99
1st & ref 13 f 51
Conn Ry & L 1st & ref g 4 As 19515 J 9612 97
__ 917 93 4 Jan'29
2
5
933 93
4
/
1
4
9612 Jan'29
1954 FA
lst & ref a f 55
Stamped guar 4 As
1951 J J 964 93 2 97
9412 914 Jan'29
9612 99
91% 93%
/
1
9712
/
1
,
1964 FA i38_ 92
lat & ref a f 55
Consolidated Hydro-Elec Works
94 Nov'28
FA 1974
95
1st & ref a f 5s
973
of Upper Wuertemberg 78..1956 J J 9614 9712 97
4
9
89 88
9712
904
/
1
88
Jan'29
Cons Coal ofNld 1st & ref 58_19513 J D 7212 Sale 7212
6912 7334 Lex Ave & P F 1st gu g 5s---1993 MS
727
8 16
371 May'28 -4
4
Consol Gas(NY)deb 532s_ _1945 F A 10518 Sale 1044 10512 113 1043 1063 Liggett & Myers Tobacco 75_1944 AO iio gale 120
/
1
12112 11 -118- 1214
4
FA 9912 10012 100
1951
1011 1011
/
4
Consumers Gas of Chic gu 5s 1936 J D 1013 10314 1011 Jan'29
/
4
5s
/
4
1001
4 26 100 103
4
Consumers Power 1st 5s_ _1952 NI N 10312 Sale 103
Liquid Carbonic Corp tis_ _ _ _1941 FA
10312 18 103 104
177 Dec'28 _ _
_
Container Corp 1st 68
98 10012 Loew's Inc deb 68 with warr.1941 A0 11824 Sale 116
1946 J
;
98
/
1
4
1
98
99
1204 30 -jigs 127
/
1
98
15-yr deb Os with warr _ _1943 J D 9012 Sale 90
90
9012 30
9112
Without stock pur warrants_ A0 98 Bale 983
/
1
4
9
8%i10012
4
9934 73
97
Cont.Pap & Bag Mills6 As._1944 F A
7
97
97
Lombard Elec 1st 75 with war '52 J D 100 Bale 100
97
99% 102
102
34
3D 927 Sale 90
Copenhagen Telop ext65_ _ _1950 A 0 100 Sale 100
100
12
Without warrants
8
4
993 10012
90 :94%
0278 Si
1944 AO 109 113 110
Corn Prod Refg 1st 25-yr it f 5s'34 M N 1016 103 1011 1011
991e 103
/
4
Lorillard (P) Co 78
1
/
4
8
111
12 10912 11312
A0
Crown Cork & Seal at 6s_ _ _ _1947 J D 991 Sale 9918
98 100
9912 13
Registered
117 Apr'28
----/
4
1951 FA 85 Bale 8514
Crown-WIllamette Pap Os.,_1951 J J 101 Sale 100
3
27 100 4 10314
5s
/ 101
1
4
8514 91%
/
1
4
87
14
1937 Si 88 Sale 8712
864 89%
Deb 552s
/
1
4
897ii 48
Louisville Gas & El(Ky) 514_1952 MN 103 Sale 103
10012 21 10211 104
93,2
Louisville Ry lat cons 55-1930
90
90 Bale 99
90
/ 15
1
4
864
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb.8.
New York Bond Record-Concluded-Page 6
C,
Price
Friday
Feb. 8.
Week's
Range or
Last Sate.
Range
Since
Jon. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8.
Price
Friday
Feb. 8.
Week's
Range Of
Last Sale.
4`3,
53
Range
Since
J50. 1.
Bid
Ask Low
High No. Low
High
Lower Austrian Hydro El PowBid
Ask Low
High No. Low
High
Pure Oils f
% notes
1937 F A 0812 Sale
letsf 654s
8
1944 F A 8514 Sale 8514
987 10014
8
99,
8 88
8512
85% 877 Purity Bakeries s fdeb 5s_ _ _1948 J J 94% Sale 087
8
8
McCrory Stores Corp deb 554s'41 J D
94%
94% 59
94
95
99
98
28
09
Kensington Arms 6s
Manati Sugar 1st s f 734s_ _ _1942 A 0 0812 Sale 9812
9912 Sale
10012 22
0914 101
9918
32
100
98% 1001s Rem Rand deb 534s with war '47 M N 94 Sale 9914
19
Manhat Ry(NY)cons g 4s_ 1990 A 0 100 10012 6614
139
95
937 951s
8
6612 Sale
67
38
6614 677 Repub I & 5 10-30-yr 55 e f _ _1940 A 0 10314 Sale 94
8
2d 4s
103
2013J D 60
10314 28 102 10314
63 60
60
1
60%
59
Ref & gen 5348 series A_ _ _1953 J J 10112 Sale
Manila Elec Ry & Lt of ....1953 M
6 10112 103%
100,
8 21
9718 10012 Relnelbe Union 75 with war 1946 .1 J 1043 Sale 10112 101%
Marlon Steam Shove s f 6s_ _1947 A 0 100 Sale 100
3
104
10412 13 103 10412
9818
98
2
99
0812
98
9912
Without stk punch war_ _ _1946 J J 963 Sale 963
Mfrs Tr Co ctfs of partic In
8
4
9714 25
9612 98
Rhine-Main-Danube 78 A_ _ _1950 NI S 102 Sale 10034
A I Namm & Son 1st 6s.1943 J D
102
12 100 10212
Sale
10214
3 102 105
Rhlnelii,itgh 6a Elec Pow 78'50 M N 101 1013 101
Dir t e tp ealis
s
Market St Ry 78 ser A April 1940 Q J 10214 Sale 102
8
101%
7 101 102
92%
40
923
95
4
93 4 9718
3
1952 NI N 92
Meridional El lot 7s
9214 9214
913 933
4
923
1957 A 0
4 33
6
943 9712
4
9614 24
9614 9512
Cons m 6s of 1928
1963„F A 9314 Sale 9314
,6 F
5
Metr Ed 1st & ref 5s ser C__ _1953 J J 96
9314 98%
9414 43
1023
4
4 13 10112 103
Rime Steel lots 17s
Metr West Side El(Chic) 4s_1933 F A 1013 10214 102%
93
943 93
9312 12
91
9312
80
78
7812
7812 11
8014 Rochester Gas & El 75 ser B..1946'M S 10812 Sale8 10812
Miag Mill Mach 7s with war_1956 J D 77
2 10812 110
1097
8
1
933 Sale 933
933 98%
4
4
9334
4
Gen mtge 5558 seriesC _ _ _1948 NI S 106,
Without warrants
4
106 10614
-- 10614 Jan'29
J D 86
9412
6
90
89
90
89
Gen mtge 434s series D....1977 NI
99 16012 10018 Jan'29
Mid-Cont Petrol 1st 654s_ _ _1940 M
10018 10018
14 104 10514 Roch& Pittse & 1 p m 5s
10414 105 104
105
1946 M N 90
Midvale Steel &0cony s f 5s 1936 M
-- 90 Dec'28
.
49
99% 10018 St Jos Ry Lt & Pr Ist 5s. __ _1937
9912 Sale 9912 100
N 96 9618
Milw El Ry & Lt ref & ext 4548'31 .1 J
_17 -5!; Ids
96
8
6
983 Sale 98%
9712 99, St Joseph Stk Yds lot 4348_1930 J J 9512 99 06
4
98%
8
99 Jan'29
General & ref 5s series A_ _1951 J D 10234 103 1023 Jan'29
99
99
102% 103
4
St L Rock Mt& P 53 stmpd_1955 J J 75
let 8, ref 5s series B
783 75
4
2
76
77
75
1961 J D 10012 10112 1003
6 100
Montana Power 1st 53 A_ _ _ _1943 J J 100% Sale 102 8 10012 13 102 10114 St Paul City Cable cons 5s_ _1937 J J __-- 9714 92 Jan'29
92 92
10214
104
San Antonio Pub Serv 1st 6s_ 19522 J 105 Sale 104
Deb .5s series A
105
10 10318 105
1962 J 33 9914 Sale 9914
10014 42
9914 101
Saxon l'ub Who(Germany) 7E1'45 F A 9912 Sale 9812
Montecatini Mln & Agric9818 100
99% 36
Gen ref guar 6548
1951 MN 9418 Sale 9312
Deb 78 with warrants.... _ _1937 J .1 121 Sale 121
9412 44
93% 94%
12612 256 118 127
Schulco Co guar 6548
10462 J 10014 Sale 100
Without warrants
10012 20 100 1003
4
.1 J 0412 Sale 933
42
93
943
95
4
4
Guar s 1654s series B
1946 A 0 100 10014 100
Montreal Tram Ist & ref 58_ _1941 J .1 9838 Sale 9814
100
11 100 101
9818 18
9814 99% Sharon Steel Hoop s f 550_1948 MN
___ 97
Gen & ref s f 53 series A _1955 A 0
Jan'29
967 9712
8
4
963
4 96% Shell Pipe Lines f deb 5s_ _1952 M N -9512 Sale 97
- 963 Jan'29
Series B
95
9912 77
97
1955 A 0 96% 97% 9818 Sept'28
963s- - _ Shell Union 011 s f deb 5s_ _ _1947 MN 9612 Sale 9512
Morris & Co 1st s f 4 As_ _1939 J .1 87% Sale 87%
9012
116
97
9612 987
8
8712 8812 Shlnyetsu El Pow 1st 6 As._1952 J D 88
8814 38
9112 35
Mortgage-Bond Cods ser 2_1966 A 0
8812
9014 9112
8112
8112
8112 8112 Shubert Theatre 6s_June 15 1942 J D 88 Sale 91
1
8018
10-25
88
-year 5s series 3
89
9112
88
1932 .1 J 97
6
07
W7
-12 9718 Jan'29
9712 Siemens & Halske 5 f 7s
1935 2 J 102 103 10218 10212
Murray Body 1st 6 W3
3 102 105
1934 J D 10118 Sale 101
9 9934 102
102
Debsf 65413
105184 S 10414
Mutual Fuel Gas 151 gu g 68_1947 M N 1023
10712 Jan'29
10612 108
Jan'29
1027 104
8
8- 104
St 6545 allot Ws 50% pd_ _'5I 84 S 10412 Sale 10312 105
Mut Un Tel gtd Os ext at6% 1941 MN
119 10312 106
4
101 1043 July'28
Sierra & San Fran Power 58_1949 F A 99 10114 9934
Nam=(A I) & Son-See Mfrs Tr
101
16
4
993 101
Silesia Elee Corp s f 6 As_ _1946 F A 8812 Sale 8812
Nassau Elec guar gold 4s
1951 J J 6212 Sale 62
7
83
88
8812
57
64
55
64
Silesian-Arn Exp coll tr 7s_ _ _1941 F A 9812 99 9812
Nat Acme 1st s f 63
13
19422 D 10114 102 10114
09
99
98
1 10114 10138 Simms Petrol 6% notes
10114
1929 NI N 100 10012 100
Nat Dairy Prod deb 5%s_ _ _1948 F A 95% Sale
Jan'29
100 100
254
96
9538 97% Sinclair Cons 01115-year 75-1937 M S 103 Sale
95%
Nat Enam & Stampg 1st 58 1929 J D 101
10214
344 10114 10312
2 101 101
101
101
let lien coll 65 series D__ _ _1930 M S 9912 Sale 9912 10318 60
Nat Radiator deb 654s
0854 100
1947 F A 81 Sale 80
993
4
39
74
81
82
1st lien 654s series D
3
1942 .1 D 10012 Salo 10012 101
98
Nat Starch 20
-year deb bs_ _ _1930 J J 98 100
81 10012 loth
3
98
98
98
98
Shicalir Crude 011554sser A_ 1938 J J 97 Sale 053
National Tube 1st a! 58_ _ _ _1962 M N 10214
4
953 973
4
9714 66
4
3 103 104% Sinclair Pipe Line s f bs
103
10312 103
A 0 95 Sale 9314
Newark Consol Gas COLIS 5s_1948 J D
95
26
95
93
4
1939 M S 9212 Sale 9212
New England Tel & Tel 5s A 1952 J D 10312 10514 10312 10312 27 10312 10312 Skelly 011 deb 554s
93% 15
9212 93%
1053 107
10611 Sale 105% 107
4
Smith (A 0) Corp 1st 634s_ _1933 M N 102.8_ 10212 102
1st g 4)4s series 13
1961 MN
2 102 102138
993 10014 South Porto Rico Sugar 7s. _1941 J D 1054
4 Sale
8
993
4 35
8
New On Pub Serv 1st be A.1952 A 0 £93 Sale 993
107 10312 10312
-- 1 10312 107
95
953
3
95
4 19
95 4
963 South Bell Tel& Tel lots! bs 1941 J J
4
First & ref 58 series
_1955 J D 9514 Sale 947
94% 9612 Southern Colo Power Os A...1947 J J 10312 Sale 10312 10312 27 10318 10414
063
8 18
8
N Y Dock 50-year 1st g 4s....1951 F A
103
10312
9 103 10412
7
8212 87% Sweat Bell Tel lot & ref 58_1904 F A 104% Sale 103
83% Sale 83%
8418
Seria15% notes
Sale 1043
8 105
1938 A 0
4
87% 90
8812 11
,
Spring Val Water let g 5s_1 43 M N 96_ 0912 Dec'28 28 1033 105
1930
,
NY Edison lst & ref 6345 A_1941 A 0 8712 88 4 87%
115 4 30 113 11514 Stargazd N13,i 1st Os
,
i
ref 111iii
01 N 993 0018 9934
1st lien & ref Os series B_ _ _1944 A 0 114 Sale 113
4 1-10114
7 -.56i8 10;
8
104% 17 1037 105
1945M S
N Y Gas El Lt H & Pr g 5s_ _1948 J D 104% Sale 10418
Jan'29
103 104
10 10612 10712 Stand 011 of N J deb 58 Dee 15'46 F A ____ 103 103
106% 110 1003
4
4 1063
Registered
102 Sale 102
1027
8 76 102 1033
1
110 Apr'28
Stand 011 of N Y deb 45413_ _1951 J D 98 Sale 953
Purchase money gold 4s_ _1949 F A
4
953 98
4
"oi 94 Stevens Hotel lst 6s series A.1945 J J 9412 Sale 9812 96% 105 9812 100
9314
NYLE&WC&RR 5548_1942 M N 9312 Sale 9318
9912 31
102% Oct'27
Sugar Estates (Oriente) 7s_ _1942 NI S 94% Sale 9312
NYLE&WDock& Imp 581943 J J
953
0312 98
4 12
Aug'28
Superior Oil 1st e f 7s
1929 F A
NY&QEIL&PIstg 5s__1930 F A ioo 161-12 100
_
993 100 Nov'28
4
14
0914 100
9914 Jan'29
Syracuse Lighting 1st g 58_ _ _1951 J D 10512 105% 10534
N Y Rye 1st R E & ref 48
194'2 J J 56_ 56
1 105 fdi"
1053
4
Jan'29
56
58
Tenn Coal Iron & RR gen 53_1951 J .1 10218 Sale 102%
Certificates of deposit
10312 20 101% 10312
Jan'29
56
58
Tenn Cop & Chem deb 68_ _ _1941 A 0 115 Sale 106
30-year adi Inc 543_ _ _Jan 1942 A 0 as -136 56
113
117 104 114
Oct'28
2% 10
3
Tennessee Rice Pow 1st 6e_ _1947 J D 10614 Sale 10614
Certificates of deposit..........
1063
4 37 108 107
Jan'29
2
3
212 3 Third Ave lot ref 45
9
1960 .1 J 633 Sale 60
N Y Rys Corp Inc 68_ _ _Jan 1965 Apr
4
62
66
60
48
179
20 Sale 18%
22
183 2412
4
Ad)Inc 5s tax-ex N Y Jan 1960 A 0 6012 Sale 63
Prior lien 6s series A
19652 J
6412 16
6114 643
4
3
84
857
87
8
Third Ave Ry 1st g 58
N Y & Richm Gas 1st 68 A _ _1951 MN 85% 8912 85%
1937 J .1 9418 96
4
95%
9512
95% 97 4
,
1 10518 106
Toho Elec Pow 1st 73
NY State Rys 1st cons 4345_1962 MN 10518 107 10518 10518
1955 M S 9814 Sale 9814
99% 21
9814 99%
33
51 Sale 51
54
45
54
6% gold notes_ _ _ _July 15 1929 J .1 99% Sale 9912
lot cons 6345 series 13
1962 M N
993
987 99%
4 37
8
34
70
5712 70
Tokyo Elec Light Co, Ltd---_ _
N Y Steam 1st 25-yr 6s ser A 1947 M N 6812 Sale 6812
5 100 1073
8
4
lot Os dollar series
N Y Telep Ist & gen 8 f 450_1939 MN 1067 107 10612 107
1953 J D 9014 Sale 9014
9114 339
8914 91 14
10012 49
993 101
100 10012 100
4
Toledo Tr L.44P 554% notes 1930 J .1
30
-year deben s r 6s_ _Feb 1949 F A
9912 10012
10012 29
11012 28 110 1103 Transcont 011650 with war 19382 J 100 Sale 100
4
20-year refunding gold 68_1941 A 0 11018 Sale 110
10112 59 100 104%
106% 64 106 10812 Trenton G az El lot g 5s_ _ _ _1949 M S 100 Sale 100
106 Sale 106
N Y Trap Rock 1st Os
102% 104% 1043 June'28
1946 J D 10014 Sale 100
4
9912 101
10
10012
Truax-Traer Coal cony 6348_1943 84 N
Niagara Falls Power 1st 5s.._1932 J J
9912 103;
26
100
71
10212 103 10215 1023
8 15 102 102% Trumbull Steel lots I 6s_..1940 M N 9912 Sale 9912
Ref & gen6e
103 Sale 10214
Jan 1932 A 0
103
29 10214 10318
3 102 10318 Twenty-third St fly ref 5.5. _1962
103
Nlag Lock & 0Pr lst 5s A_ _1955 A 0 10212 Sale 103
J J 58
60
60
60
7
60
60
103% 34 103 10418 Tyrol Hydro-Elec Pow 7343_1953 M N
103 10312 103
Norchleutsche Lloyd (Bremen)
99 Sale 99
14
98% 994
99
Guar sec s f 78
1952 F A 91 Sale 9012
20
-year f Gs
91
1947 SIN 9214 93 02%
4
90
91
93
37
913 94
4
UJigawa El Pow e 1 7s
1945 M
Nor Amer Cem deb 654s A.1940 NI
983 Sale 983
59
98 100
4 100
19
76
80
70
76 Sale 75
Undergr'd of London 4345_1933 J J
No Am Edison deb 55 ser A_ _ 1957 M S 101% Sale 10112 1017s 49 1083 102
953
4
4
Union&tu & Pr (510) 51032 NI S 110151- gale 10018 Mar'28
t EleeLt
ox
8_
Deb 55.413ser BAug 15 1063 F A
8
1 Mors 100 4
5
10018
55 10012 10112
101 Sale 10012 1017
1933
Nor Ohio Trac & Light 6s
8
1003
1947 M S
4 25 10018 1013
12 10114 10314 UnE L&P(111) lstg 554sserA_'54 M N 100% 101% 10018
Sale 10112 102
J
Nor States Pow 25-yr 513 A...1941 A 0 102 Sale 1003
18 101 104
10112 36 10038 10134 Union Elev Ry (Chic) 5s...1945 J 0 102 10212 101% 102
100%
A
1st & ref 5-yr 6s series 13_ _1941 A 0 105 Sale 105 s 1053
85
11
851s 8512 85
85
8712
4 12 105 10612 Union Oil lot lien s f 5s
1931 J J 101%
North WT Ist fd g 454s gtd_1934 .1 J ____ 98% 10514 Dec'28
_
8
1013 Nov'28
30-yr Os series A_ _ May 1942 F A 1087 I
Norweg Hydro-El Nit 554s-1957 84 N
8 109
7 i68‘
8 -09 1087
53
9118 0212
92
9112 Sale 9114
1st lien St 5s series C_ Feb 1935 A 0
Ohio Public Service 754s A 1946 A 0 11214 Sale 11218
19
99
9S18 101%
14 11218 11312 United Biscuit of Am deb 63_1942 84 N 9814 Sale 0814
11214
9912 Sale 99i2
lat & ref 78 series 13
993
98
9911
4 14
1947 F A
11314 11512 United Drug 25-yr 55
Jan'29
1114 114
9514 Sale 943
Ohio River Edison 1st 68_ _ _1948 J .1 10618 Sale 10618
4
913 9714
0117
8 71
4
4
107
8 1053 107
United Rys St L Iota 48_ _1 54 J 8 8412 Sale 84
1933 M J
9
Old Ben Coal 1st 6s
8412 54
84%
82
1944 F A 8914 Sale 8914
8914 91
9
8914
United SS Co 15-yr 68
4
993 Sale 0812
Ontario Power N F 1st 58_1943 F A 1005s Sale 100
993
4 18
977 100
1
4 10012 102
5s 101
Un Steel Worlu3Corp 6548A.1 9 M D 8912 90 8912
51.
1937 J N
Ontario Transmission 1st Os. 1945
90
19
89
N ,12 s03 19312 Jan'9
9012
103 103
2
,712
2
107 1616 00
With stock pun warrants
J D 8914 Sale 89
Oriental Devel guar Os
92
24
89
1953,M S
92
9612 97%
29
Series C without warrants J D .8812 9331 891s
Esti deb 554s Int ctfs
5
8918
88
19581M N 8812 Sale 88
901
4
88
90
88% 64
With stock pun warrant8..5 D 89
893 8914
4
Oslo Gee & El Wks ext1 5s.1963 M S
8914
88
89 4
8
0218 9314 United Steel Wks of Burbach
.
923
4 16
921s 931 9212
5%8
19461
Nov'28
100
Otis Steel 1st M 6s ser A_ _ _ _1941 M S
26
637 Esch-Dudelange s I 78_ _ _ _1951 A 0 10434 106 01% 10514 159 103 10514
10312 49 199- 1- 2 U S Rubber lot & ref 55 ser A 1947 J J 91% Sale 105
102 Sale 102
Pacific Gas & El gen & ref 5s 19422 J
9212
8912 92%
4
4
1013
4
4 26 1003 10212
10-yr 754% secured notes_ 1930 F A 10212 Sale 1011
Pac Pow & Lt 1st & ref 20-yr 5s'30 F A 1003 Sale 1003
10218 45 101 10238
4
5
99.4 10014 U S Steel Corp(Coupon Apr 1963 MN 10814
10014 Sale 99
10014 19
Sale 108
Pacific Tel & Tel 1st 55
108% 133 107 10911
1937 J J 1023 103 1023
8 10218 16 10214 10314
8
5!10-60-yr &silica's_ _Apr 1963 SIN
Ref mtge be series A
10614 Dec'28
1952 M N
10514 37 104% 105% Universal Pipe & Rad deb (38 1936 J D
105
873 8914
4
Pan-Amer P & T conva f 6s_1934 MN 105% 10514 103
8914 31
874 9 6
1033
4 30 103 106
103 Sale
Utah I.t & Trac ist & ref 5s_1944 A 0 933 Sale 87%
8
1st lien cony 10-yr 78
92%
95
56
927 m2
8
1930
5 102% 1043 Utah Power & Lt 1st 55
4
10412 1044 10412 10412
100 Sale 993
Pan-Am Pet Co(of Cal)cony 68'40 J D
4
100 4 27
003.2 101
,
1
0512 9718 Utica Elec L & P 1st s f g 5 1195404
25
97
9612 95
96
s- 9
104%
_ 1043 Jan'29
Paramount-Wway 1st 5.548 1951 .1 J 102 Sale 101
4
1043 104%
4
10212 51 101 10212 Utica Gas & Flee ref & ext 55 1957 J J 1063 167
4 - - 106% 1063
12
Paransount-Fam's-Lasky 65.19472 D
6 1043 1067
4
8
4
3
9914 1003 Utilities Power & Light 534s.1947,J 13
4
10014 77
Park-Lea 1st leasehold 854E3_1953 J J 100 Sale 99
977 256
0314 98
8
94% 9512 Vertlentes Sugar lot ref 7s_ _1942 .1 D 06% Sale 96
0412 Jan'29
93
Pat & Passaic G & El cons 55 1949 M 8 89
93
04
94
94
6
94
97%
9 10312 105
Victor Fuel lots 155
10412 Sale 1041 2
105
1953 J J 353 37
Pathe Each deb 7s with warn 1937 M N
4
3612
3612
34% 40
3
8
787 84
Va Iron Coal & Coke lot g 581949 M
4
793 Sale 793
81% 24
4
Penn-Dixie Cement Os A._ _ _1941 NI
8114 82
94% 9714 Va Ity & Pow lot & ref 5s ..1934 J J 8212 8312 82 Jan'29
5
96%
Peon Gas & C 1st cons g 68_1943 A 0 0614 Sale 9614
9912 Sale
0912 21
99 1001s
11212 113
Jan'29
Walworth deb 650(with war)'35 A 0 96 Sale 99
113
113 115
Refunding gold 60
05
07
43
07
91
1947 M
4
4
let sink fund Os series A_ _ _1945 A 0 92
10514 Sale 10514
10512 14 1043 1053
Registered
94
91
92
M 5
90
24
92
Warner Sugar RefIn let 713_1941 J D 106
102 Dec'28
Philadelphia Co sec Os ser A.1987 J D
106% 106
3 106 107
106
3 125 -68- 166 Warner Sugar Corp 1st 7s_ _ _1930 J J
99
9812 Sale 98
Phila Elec Co 1st 454s
853 8514
4
83% 85%
1987 84 N
3
85 4
,
99% 993 Wash Water Powers f 53._ _.1939 J .1 85
4
993
4 76
Phila & Reading C & I ref 50_1973 .1 J 993 Sale 9914
101
101
3 100 102%
89% 93
Westches Ltg g 5.1stmpd gtd 1950 J D 105% Sale 100
8
9212 Sale 9214
9212
Phillips Petrol deb 534s
Sale 1053
8
1
io548
.1 D 92 Sale 913
1 104% 1053
s
91% 04
West Penn Power ser A 58_ _1946 01 S
923 111
8
4
M S
Pierce-Arrow Mot Car deb 881943 M
_ 10212 103
10212 104
18t, Os series E
10718 11 10618 10712
1963
Pierce 011 deb s f 8s_ _Dec 15 19313 D 10612 10712 107
104E8 gale 104% 105
.
40 10334 105
106 107
1st 55413 series F
Jan'29
1953 A 0 1043 Hale 1043
Pillsbury Fl Mills 20-yr 6s_ _1943 A 0 1081 107 106
4
4 10514 11 104% 10514
1st sec 5s series0
13 104 105
1930 3 D 10318 104 10312 104
, J j
56
Pirelli Co (Italy) cony 7s_ __ _1952 M N 105 Sale 10412 105
23 10218 104%
153 119 15412 Wt Va C &C 1st 6s
es
.1
Pocah Con Collieries lots!581957 J .1 1413 Sale 14012 148
32
33
31
32
2117 3314
8
9412 9412 Western Electric deb 58.. _ _1944 A
3
9412
9412
Port Arthur Can & Dk 6s A.1953 F A 9412 95
0 102% Sale 102% 1033 100 102 1033
4
4
4
2 104 1003 Western Union coil tr cur 58_1938 J J
1043 Sale 1043 1044
4
lot M 6s series 13
103% Sale 10212 10312 18 10212 10 3
1963 F A 10412 10512 105
4,
10334 105
Jan'29
Fund & real est g 41513.- -- 1950
,
Portland Elec Pow 1st Os 13..1947 M N
N 97% Sale 9712
9712 9914
977
8 22
15
10212 21 10112 10314
-year 6548
Portland Gen Elec 1st 55_ _1935 J .1 10112 Sale 10112
1936 1. A 109% Sale 10812 10954 61 10812 111
100 102
Jan'29
-. 102
25-year gold 55
Portland Ry 1st & ref 5s_ _1930 IsI N
1951 J D 1023 Sale 102
8
3
1023
4 81 102 103 s
0612 99
97
2
West'h'se E & M 20-yr g 5.9_1946 NI
9612 9714 97
Portland Ry L & P 151 ref 58_1942 F A 100-105
4
16 10414 105
987 9914 Westphalia Un El Pow 6s..1953 J J 105 Sale 1043
8
10
987 993 987
99
8
4
1st lien & ref 6s series B._ _1947 M N
87% Sale 86%
88
86s 9
43
0
102 10212 Wheeling Steel Corp 151 550
13
10214
10112 10214 102
let lien & ref 7548 series A_1946 M
1948 J
1003 Sale 1003
4
4 10112 20 100 102
1 107 10718 White Eagle Oil& Ref deb 5548'37
10718 10718
Porto Rican Ain Tob cony Os 1942 J J 10712 _
1013
With stock Dutch warrants.__ M S 99% Sale
107 1276 10012 107
4
Postal Teleg & Cable eon 56_1963 J J 10234 gale
997 1057
8
99% 101% 64
s
93% 95
937 179
,4
White Sew Mach 6s(with war)'36 J J 1223 130
Pressed Steel Car cony g 58_ _1933 .1 J 9312 Sale 923
4
125
128
4 125 130
9517
9512 99
9714 265
Without warrants
prod & Refs f 8s(with war).1931 J D 9512 Sale
9812 Sale 9814
90
981
97
31
_ 1103 Sept'28
Panic 8 f deb Os
Without warrants attached_ J I) 11112
993 Sale 09%
4
10014
093 10015
4
16
11184 111(8 Wickwire Spen St'l let
4
4
1113
4
784...140./J 4818 Sale 48
035 M N
9
Pub Sera Corp N J deb 454s_ 1948 F A 1103 ifi 1113
4434 5012
50
94
Pub Serv El & Gas let & ref 56 85 J D 193 Sale 19011 19914 107 18112 20814 Wickwire Sp 811 Co 7s_Jan 1935 MN 45
49
48
43
50
4814 18
10334 104 10414
4 1033 105
8
10412
Willys-Overland s I 654s_ _ _1933 M
1st & ref 4548
1013 Sale 101
4
19673 13
10134 14 101 102%
99% Wilson & Co 1st 25-yr a f 63_1941 A 0 1023 Sale
99
4
993
4 29
8
Flints Alegre Sugar deb 75-1037 I J 993 Sale 9918
102
103
45 101% 10312
8512 88
8512 88
8512
Winchester Repeat Arms 7%8'41 A 0 1073 Sale 107% 1073
8612 15
4
16 107% 108
Youngstown Sheet & Tube 68 1978
100 Sale 100
100% 132 100 101
865
FINANCIAL CHRONICLE
FEB. 91929.]
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2d preferred
Bost & Maine corn unet 100
Preferred unstm pd _.100
Ser C lot pf unstpd. _100
..100
Preferred stamped.
Prior preferred stpd 100
Ser A 1st pfd stpd ._ lOn
Ser"B" 1st pfcistpd_ _100
Ser C let pref stpd 100
Ser D lot pref ate& _ _100
ChicJct Ry &U S Y pf_100
100
Conn & Pass pref
East Mass St By Co_ _ _100
100
1st preferred
100
Adjustment
100
Maine Central
N Y N Il & Hartford _ _100
100
Northern N II
Norwich Sz Worcester pf100
100
Colony
Old
50
Pennsylvania RR
H-
afininziAreadian Cons Min Co_ _25
5
Arizona Commercial
10
Bingham Mines
25
Calumet & Heels
25
Cliff Mining Co
25
Copper Range Co
Copper Mln_10
Emit Butte
Franklin Mining Co---25
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30
17
17
17
29,257 63%
67
69
220 7334
7331 7311
234
200
2%
3
16% 16%
20 15%
47% 4715
50 47%
208% 22135 7.636 193
2,475 20
20
21%
100 102
467 95
105 10035
101
102
311 92%
93
93
250 72
7315 7436
2,678 7015
7015 82
140 10711
1071; 110
730 13%
1414 15
120 10%
10% 13
4
6
5"
4
2%
745
215 3%
3,180 99
101 108%
2' 47
4715 4735
50 100
101% 101%
1,630 22%
22% 2315
739 280
301 335
43
46% 3,635 3935
140 23
23
24
5 57
58
58
742 11
18
19
1
41
41
27
6
6
50
6
2715
4
182
88%
101
114
108
106
92
132
90
110
81%
129
111
160
10735
103
24
72
56%
73
98%
115
13335
139
8235
Feb
Jan
Fe
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
63
615
5
13
136
65
12
50
300
300
316
175
332
35
18
27
33350
335
960
3,509
24
10
176
3,128
415
5215
54
35
27%
4
1%
435
5215
59
35
29%
4%
1%
400
2.190
325
2.468
30
8,395
1,410
705
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
20
Jan
70
Jan
75
311 Jan
Jan
18
47% Jan
22211 Jan
24
Jan
Jan
102
104
Jan
Jan
94
Jan
75
88% Jan
Jan
116
15% Jan
13
Feb
6% Jan
331 Feb
108% Feb
48
Jan
102
Jan
23% Jan
Jan
351
4914 Jan
27
Jan
61% Jan
19
Feb
42
Jan
6 I Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Fe
Fe
Fe
Fe
Jan
Feb
Jan
Jan
17
33%
126%
18%
4135
47
124
3513
58
26
5235
108
3311
9235
93
1311
13
145
78
15
10431
45
555
40
615
2734
26
40
96
98%
10414
156
19
9
353a
33
25
1731
2931
87
2535
37
139%
84
1715
21
30%
80%
87
3134
4115
2515
10834
9%
7715
28
70
9515
102
27
184%
35%
17%
1
Jan
za
Jan
5035 Jan
44% Jan
34
Jan
2535 Jan
3% Jan
Jan
1
111
53.4
55
59
36
30
a%
114
16% 16%
165 1635
27% 29
520 2735
118 124% 2,034 11714
17% 1835 3,30
12%
40
56
4115
39
44% 45
12
4435
11
124
124
110
3334 3515 2,415 3331
1,610 4435
49% 58
1,295 24
24
25%
4915 51% 1,375 40
70 99
105 105
800 30
32%
30
1,155 68%
8514 92%
33 93
93
93
412 13%
13% 1313
574 12
12
13
573 128%
135 140
257 7631
77
77
9,327 12%
14
13
120 100%
10335 104
43% 4715 1,020 4335
4
513
4%
4
280 35
35
37
5%
6% 1,085
6
1,500 26
26
28
310 24
2411 26
350 37
34% 40
15 92
96
96
95 9711
9735 98
320 101
10315 104
390 144
15015 156
17
1714 1,23' 17
20
9
9
9
12 34
8
8
31
3214 1,610 30
1
25
23%
25
40 1715
1715 1735
310 18%
18% 2015
25 87
87
87
24% 2535 5,69
2335
3,395 32%
35
36
79 134%
135 136%
729 79
7935 83
13
8
17% 13,80
46
19% 21
18%
75
27
29
26
16
6655
75
75%
3,69
79
85
7431
44
31
3115
31
1,380 39
40% 41%
25
685 25
2515
105% 10813 4,315 100
420
8%
8
8
1,305 68
68
72
23% 2435
560 23%
25 64
64
64
225 87
87
88
97 100
100 102
60 2515
27
27
10 152
152 152
32
270 32
3455
15
895 1431
1635
1% 1;3
4%
52%
55%
High.
Low.
178%
85
99
110
103
100
86
121
86
107
77%
124
108
15635
104
103
23
70
5335
62
83%
106
132
135
76%
178% 180
85
87
99
99
112 113
103 104
100 101
101
92
92
132 132
90
90
109 110
109
80
81
81
124 128
108 109
109
157 160
106 107%
103 103
23
24
70
70
70
54% 5435 55
70
73
71
90% 9015 9835
112 115
115
132 132
13731 139
139
77% 81%
86
99
Miscellaneous American Brick Co
Amer Cities Pr Lt Corp..50 6734
Amer. & Gen Sec Corp_ _ _ _
214
Amer Pneumatic Service 25
50
Preferred
100
lot preferred
100 209%
Amer Tel & Tel
• 20%
Amoskeag Mfg Co
Bigelow-Hartf Carpet_ _ _ _• 100
100
Preferred
Brown & Co
Capital Admin Co Ltd_
Columbia Graph'n
Continental Securities Coro 109
1435
Crown Cork dr Seal Co, Ltd
Dixie Gas & Util
10
East Boston Land
Eastern Manufacturing_5
Eastern SS Lines Inc._ _ _25 103
•
Preferred_
100
let preferred
Economy Grocery Stores.. 23
100 308
Edlson Elea Illum
4355
Empl Group Assoc
Galveston lions Elm...100
Preferred
100
General Alloy Co
General Pub Sur Corp
---o
Georgian Inc (The)
Goorglan Inc (The)
Class A pref
20
• 2734
Gilchrist Co
Gillette Safety Razor Co.• 11834
Greenfield Tap & Die___25 1711
Greif Coop'ge Corp el A _ _ , 40
Hathaway Bakeries cl A _ _
_' i Preferred
34%
Class B
45
Haygart Corp. cap stock
• 24
Hood Rubber
4915
Hygrade I.amp Co
Preferred
10
Insurance Sec
International Corn._
Kidder Peab accep A p1100
Libby McNeill & Libby _10
25
Loew's Theatres
Massachusetts Gas Co_100
Preferred
100 77
13
Mass Utilities Ass, corn__
Mergenthaler Linotype 100
Mortgage Ilk of Colombia
National Leather
4
10
Nat Mfrs & Stores Corp_ •
Nat Serv ice Co
Nehl Corp
Nelson Corp(berm)tr ctf5
New Eng'Equity Corp_ _ _ _
Preferred
100 96
* 98
New Engi Pub Serv
New Engl Pub Serv pr pfd* 103%
New Eng Tel & Tel__ _100 153
North Amer Aviation Inc.
Nor Atl Oyster Farms__
North Texas Elec prel_ _100
100 31%
?twin° Mills
Plant(Thos G)lot prof _100
Reece Button Hole Mach 10
Rona Stores(The) Inc__ •
100 87
lot preferred
25
Shawniut Ass'n Con Stk_ _
35
Star Eleo Corp pf allot Ws__
100 135
Swift & Co
• 8235
Torrington Co.
13
Tower Mfg
Traveller Shoe Co
5 27
Union Twist Drill
•
United Eleo Coal
United Shoe Mach Corp_25 7911
Preferred
25 313.3
41
V S-13rit lot $3 pfd
US & Int'l Sec Corp
10635
Utility Equities Corp
Venezuela Holding Corp_ _
Venezuelan Mx Oil Corp 10
Waldorf System Inc
•
Waltham Watch cl B corn •
100 87
pref trust ctfs
100
Prior preferred
25..
Walworth Co
50
Warren Bros
Westfield Mfg. Co. cap ark
Wbitenights. Inc
Range Since Jan. 1.
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
Range Since Jan. L
Low.
2% 3
1,870
Hancock Consolidated_25
215
385
2
2
1
Hardy Coal Co
100 65c
850 85c
25 85e
Helvetia
270 52%
55
56
1 55
Island Creek Coal
35 105
1 10535 105 105%
Preferred
27
28
2,316 25
Isle Royal Copper
25
1,635
531
25
53.4
555 631
Keweenaw Copper
135
1,325
2
211
La Salle Copper Co
25
235
1%
1%
100
134
Lake Copper Corp
25
115
131 1%
400
Mason Valley Mines
5
155 500
50c 60c
Mass Consolidated
25
700 750
850 95c
Mayflower & Old Colony 25
44
25 44
4631 1,477 41
Mohawk
2,295 4031
41% 4135 46
New Cornelia Copper
6,315 20o
27c 40c
40c
New Dominion Copper
61
125 58
60
New River pref
335
315 3%
77
Nipissing Mines
GU
8
32,567
535
lb
711
North Butte
410 30c
300 50c
North Lake Alining Co 25
2%
331 4
425
25
Ojibway MinIng
17
18
2,236 16%
25
Old Dominion Co
140 1135
1115 12
P. C.Pocahontas Co
•
12,908 45
25 4634 4511 50
Quincy
2,925
38
40
St Mary's Mineral Land_25 38
60 30c
300 30c
South Lake Mining Co_ _25
75 30o
45c 50c
Superior As Boston Cop_10
4% 515 9,593
331
5
5
Utah Apex Mining
135
5,035 99c
111
131
Utah Metal & Tunnel_--1
BondsAmoskeag Mfg 65_...1948
Boston Elevated 4s...1935
Central Pr & Lt 5s____1956
Chic Jet By US Y 5s_1940
East Mass Street RR
Series A 4155
1948
1948
Series B bs
Fox N Eng Th Inc 6358'43
C B Theatres Corp 635s'56
1936
flood Rubber 7s
Italian Superpower 65_1963
Han City Ai & B Inc 55 1934
Karstadt(Red) Inc 6s 1943
Koholyt Corp 63.38_1943
Mass Gas Co 435s____1931
New Engl Tel & Tel 58.1932
P C Pocah Co 78 deb_ _1935
Pow Gas & Wat Sec Corp
5s
1948
Reliance Alanagment 53 54
'
Swift & Co 5s
1949
Western Tel & Tel 58_1932
• No par value.
8855
9215
95
10035
6334 61%
SO
10131 10111
98
95
8035
98%
94
91
98%
100
100
10515 104%
MO.
Jan
315 Jan
Feb
215 Jan
Jan 85c Feb
Jan
5715 Jan
Jan 105% Jan
Jan 28
Jan
Feb
715 Jan
Jan
3
Jan
Jan
14 Feb
Feb
235 Jan
Jan 800
Jan
Jan 950 Feb
Jan 4815 Jan
Jan 48
Feb
Jan 450
Jan
Jan 61
Feb
Jan
335 Jan
Jan
Jan
Feb 50c
Feb
Jan
534 Jan
Jan 19% Jan
Jan
1235 Jan
Jan 50
Feb
Jan 40
Feb
Feb 30c
Feb
Jan 50o
Jan
Jan
535 Feb
Jan
131 Jan
89 $37,000 8735 Jan 90
Jan
9235
1,000 9215 Feb 9215 Feb
1,00
95
Feb 95
95
Feb
101
6,00 100
Jan 101% Jan
6315
80
102%
98
9535
8034
98%
96
91
9815
100%
105%
7,00
61
Jan 64
Jan
2,00
71
Jan 80
Feb
21,00 101% Feb 10615 Jan
1,000 98
Feb 98
Feb
5,00
95
Jan 96
Jan
10,00
Jan
80% Jan 81
2,00
98% Jan 99
Jan
60,00
93
Jan 98
Jan
4,000 91
Fe
Feb
91
5,000 9835 Jan 99% Jan
10,000 100
Feb 100% Jan
3,000 10435 Feb 107
Jan
100 100
1,000 95
100
14,000 99%
9911 9911 101
10131 21,500 101
101
101
99% 9934100% 22,000 99
Jan
Jan
Feb
Jan
100
101
102
100%
Jan
Feb
Jan
Feb
z Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Feb. 2 to Feb. 8, both inclusive,
compiled from official sales lists:
Stocks-
JCIles
Frtaay
Last Week's Range for
Week,
of Prices.
Sale
Par. Price. Low. High. Shares.
Jan
Jan
26 a90
Acme Steel Co
Jan
Adams (J D) Mfg corn _ _ _* 4015
Feb Adams Royalty Co, corn.
•
Feb
MI-Amer Mohawk "A"_ _5 31
Jan
Allied Alotor Ind Inc com_. 5135
Feb
• 49
Preferred
Feb
Allied Products "A"......._• 67
Feb
Altorfer Bros cony pfd. •
Jan American Colo rty pe corn.
• 4635
Jan Am Com AI Corp corn v t c• 84
Jan
1
Rights
Jan
Amer Commw Pow "A".* 25
Feb
• 313-3
Class "13"
Jan
Warrants
Amer Cons Power
Jan
Jan
*
let pref 3615A
Jan
Amer Pub Serv pref__100 100
Jan
Amer Pub URI part P1.100
Jan
American Service Co,corn • 1535
Jan Amer Shipbuilding corn 100 9011
Jan
Am States Pub SerA com.• 27
Jan
Amer State!! See Coro
Jan
135
Rights
Jan
Class "B rights
Jan Armour & Co pref
100
Feb
At Metal Wks Inc
-Feb
• 48
Common
Jan
Assoc A ppar Ind Inc corn.* 52
Jan
Ammo Investment Co _ _ ... _• 56
Jan
• 2754
Assoc Tel CBI Co com
Feb
Atlas Stores Corp com_ _ _• 62
Jan
Auburn Auto Co corn _ _ _ _• 140
Feb
Automatic Washer Co
Jan
Convertible preferred..' 3535
Jan
Backstay Welt Co com _ • 5014
Jan
Rastian-Blessing Co corn.* 43
Jan Baxter Laundries Inc A....• 2231
Jan
Beatrice Creamery com_50 92
Feb
Bend!: Coro
Feb
5 108
Class B new
Jan
2
Rights
Jan Maks Alfg Co cl A cony pf• 3031
Jan
Borg-Warner Corp com_10 134
Feb
33-4
Rights
Jan
100
7% preferred
Jan
Brach & Sons(E J) corn..• 27
Jan
Bright Star Elea "A"....'•
Jan
933
Class B
Jan
Brown Fence & Wire cl A.* 32
Jan
• 32
Class "B"
Feb Brown Mfg Co
10 50
Feb Bunte Br,s common _ _ _ _10 29
Jan
20 3415
Butler Brother!!
Jan Cam rth Wyant& Can Fdy• 4255
Jan Canal Constr Co cony pf_•
Jan Castle & Co(AM)com _ _10 70
Jan re Co Mfg Co Inc Corn..'- 64
•
Jan Celotex Co. corn
Feb Cent Dairy Prod CorpA pf•
Jan Central Ill Pub Serv pref.... 98
Jan Central Ind Power. prefJan
Cart Meares of deposit_ - - 95
• 36%
Cent Pub Ser (Del)
• 41
Claas"A"
Jan Central SW URI corn_ _ _ _• 82
• 07
Jan
Preferred
•
Jan
Prior lien. pref
Feb Cent St Pow & Lt Corp pi•
• 5635
Jan Chain Belt Co corn
Jan Cherry Burrell Corp corn.'- 543-3
Jan Chic City & C Ry par sh_ •
Feb
erroel
83%
40
20
31
49
4835
66
48
4635
84
1
25
3115
815
1,700
91
4335 2,700
450
22
3,500
3734
5735 49,150
1,050
49
12,050
75
1,400
50
4955
750
400
84
350
1
4,050
29
450
34
1014 1,050
83
9915
95
1435
9013
27
110
90
140
100
76
95
30,300
16
91
75
2,550
2711
231 10,350
135
200
334
3
100
85
85
45
52
56
2735
60
139
3431
5035
41
2115
92
Range Since Jan, I.
Low.
8374
40
20
29
47
48
493.3
46
3655
84
1
22
24
8
High.
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
91
4335
25
39
5715
49
75
53
4915
8515
115
29
34
103-1
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb 91
88
Jan
9935 Jan 10035 Jan
Jan
96
9335 Jan
16
Feb
1436 Jan
Jan
Jan 92
90
27
Jan
Jan 29
135
135
8355
Jan
Jan
Jan
2%
411
85
Jan
Jan
Jan
5736 101,550 36
5414 2,550 52
1,975 53
60
3,500 2735
2891
7415 8,650 62
15135 15,000 131%
Jan 5711 Feb
Feb 5635 Jan
Feb
Jan 60
Jan 33
Jan
Jan 7435 Feb
Jan 15135 Pet
,
34
46
41
2135
92
Jan
3934 Jan
Jan
5215 Jar
Feb 4631 Jar
Feb26
Jar
j
ar
Jan 98
3515
52
43
23
94
1,100
3,350
550
2,350
2,250
108 12135
2
3
303-4 3235
134 150
435
3
102 10335
2813
27
2535
24
915 11
34
31
3414
32
56%
50
29
29
34
3734
4235 451.'
20
2031
7555
68
8633
64
78
76
4214 4315
98
97
16,150 108
2
21,500
5,850 29
32,650 134
3
28,850
550 102
1,550 27
550 2335
1,400
9
3,200 31
3,000 31
12,550 50
50 27
26,900 34
3,900 4035
3,100 20
2,550 68
15,000 5915
300 63
400 2335
350 9633
Feb 12815
Feb
315
Jan 3735
Feb 152
Feb
535
Jan 10334
Jan
2915
Jan 28
Jan
1235
Feb 3611
Jan
37
Feb 57
Jan
3235
Feb 45
Jan 47
Feb 2134
Feb 79%
Jan 8615
Jan
78
Jan 4336
Jan 98
Jar
Jar
Jar
Jam
Jar
Fel
Jar
Jam
Jar
Jar
Jar
Jai
Jai
Jai
Jai
Jai
Jai
Fel
Fel
Fel
Jai3
95
95
3614
30
41
4334
85%
82
9655 9754
101 101%
9434
94
55
5634
5415 56
1% 1%
100 94
1,451
24
1,700 35
200 82
425 94
200 100
50 94
450 53
600 50
100
1%
.
Jan 9555
Jan
363-1
Jan 4331
Jan 90
Jan 98%
Jan 103
F*b 9415
Jan 5935
Jan 5835
Jan2
_
Jal
Fe
Fe'
Ja
Jo:
Ja
Fe
Ja
Ja
ja
866
FINANCIAL CHRONICLE
Friday
Sales
tor
Last Week's Range .
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Chicago Elea Mfg A
Chic Jeff Fuse dc El coin_ •
Chic No Bh dr Mil
Preferred
100
Common
100
Chic Rap Tran pr pfd A 100
Chicago Towel Co,cony pf*
Club Alum Uten Co
•
Coleman Lamp & Lt.com •
Commonwealth Edison_100
Commonw Util Corp B_ *
Community Tel Co cum pt*
Gonsol Auto Mdse, corn_ •
Consumers Co common..5
Warrants
Crane Co, common
25
Preferred
100
Curtis Mfg Co
6
Davis Indue me A'.
Dayton Rubber Cl A corn _•
Decker (Alf) & Cohn Ine.•
Eddy Paper Corp (The)--*
El Household Util Corp.10
Elea Research Lab Inc._ -•
Empire0& F Cu
6% Preferred
100
654% preferred
100
7% preferred
100
8% preferred
100
Fabrics Finishing com*
Fitz Simmons dr Connel Dk
& Dredge Co.com _ _ _ _20
Foote Bros dr M Co._..5
GleanerComHarvee'rCorp•
Godchaux Sugar, Inc. el B•
Goldblatt Bros Inc corn_ _•
Great Lakes Aircraft A_ _•
Great Lakes D & 13. _100
Greif Bros Cooper A corn.'
Origeby-Grunow CA,
Common (new)
•
Hahn Dept. Store, com ,•
Hall Printing Co corn_ _10
Hart
-Carter Co cony pf _ •
Hartford-Time')part pfd _ •
Hart Schaffer & Marx--100
Hershey Corp. cony pf A_•
Clam "R"
•
Hib-Spen-Bart dr Co corn 25
Hormel'& Co(Geo)oom A•
Houdallle Coro cl A con pf*
Class B
•
Houd Her A
Class 13
Illinois Brick Co_ _
.
_25
Indep Pneu Tool v t a_ _
Inland WI & Cable com_10
Insull Util Invest Inc- _ _.•
$535 prior preferred__ __*
Iron Fireman Mfg Coy •
Jackson Motor Shaft Co. •
3135
237
3135
1135
431
364
15
40
274
40%
1634
7234
264
100
5,100
Low.
15
4531
High.
Jan
Jan
Jan
15
5835 Feb
253 54
65
63
20
90 1335
20
22 99
10034 10035
100 95
97
97
34% 18,200 30
30
300 7334
78
80
1,774 209
235 23734
950 35
41% 4234
3135 3535 4,650 2934
1231 1231
50 12%
11
1234 2,850 11
4%
4% 5
350
47
247 46
48
115 117
117 118
1,900 36
38
364
1,100 15
15
154
72 38
40
40
100 24
24
24
100 244
274 274
34,400 30
344 44
16
204 36.300 14%
Jan 65
Jan
Jan 20
Feb
Jan 1004 Jan
Jan 97
Feb
Jan 344 Feb
Feb 80
Feb
Jan 250
Jan
Jan 4335 Jan
Jan 35% Feb
1735 Jan
Feb
1335 Jan
Feb
Feb
6% Jan
Jan
48
Feb
Jan 119
Jan
Feb 37
Jan
1735 Jan
Feb
Jan 43
.lan
Feb 27
Jan
Jan 28
Jan
Jan 44
Feb
Jan
2235 Jan
180 934
120 953.1
245 96%
100 1094
2,400 2334
Jan 9635 Jan
Jan 97
Jan
Feb 9731 Jan
Jan 11035 Jan
Jan 25
Jan
2,000
2,650
Jan
Jan
934 95
964 96%
96% 96% 974
1094 1094
24% 23% 244
724 8334
26% 2731
112
110 115
31
294 35
324 324 34
25% 30
26
264 265
41
41
1524 150 179
46)5 494 52%
33
31
324
314 31
45
45
18535 190
6434
56)4 56
50% 6434
52
56
56
51
4335 5734
64
52
52
52% 5135 64
594
57
57
59
55
55
374 374 384
64
54
54
77
7834 804
3535 43
43
215
182 215
sog
33
30
39
4035
Kalamazoo Stove corn. _• 11634
Kellogg Switch bd corn _ _10 15
Ken-ltad Tube & Lamp A _
38
Kentucky Util Jr cum pf 50 51%
Keystone Si & WI com_ • 5135
Kirsch Co corn
Convertible preferred. •
LaneDrugcomvso• 23
Cum preferred
• 2535
La Salle Ext Univ. com..10
5
Leath & Co nom
•
Cumulative preferred.. _• 454
Warrants
Libby McNeill & Libby _10 1335
Lincoln Ptg Co 7% prel_50 44%
Purchase warrants
Lindsay Light,corn
4
10
Lion Oil Ref Co corn
• 30
Loudon Packing Co
• 4814
Lynch Glass Mach Co....' 27
McCord Radiator Mfg A.*
McQuay-Norrls Mfg
•
Mapes Cons Mfg Co.corn •
Mark Bros Theatres Pref• 27
Material Sort' Corp corn 10 39%
Meadow Mfg Co cam__ -• 2035
Preferred
50 52
Mercantile Dlac't Corp .5..• 28%
Mer & Mfrs Sec
Part preferred
25 30%
Metro Ind Co ctf of deli--•
Mid Coot Laund Inc. A -34
•
Midland Steel Prod, Corn.'
Middle West Utilities.-..-• 172
Rights
634
Preferred
102 120
56 cum preferred
103
$O cum prior lien
Pflug lien pre(erred 100 127
Midland Utile% Prier lien
100
6% Preferred "A"
100
7% prior Ben
100 9954
Miller & Hart,Ino,00nv pf• 49
Bauman Honeywell Reg.• 62
MO-Kan Pipe Line com--• 2.4
Modine Mfg nom
• 57
Mohawk Rubber
Common
• 53
Monlithan Mfg Corp A _ • 31
Muneanto Chem Works_ _•
Rights
Monroe Chem coca
• 25
Preferred
• 44
Morgan Lithograph hhre • 48
.
Morrell& Co
_ _• 61
Muncie Gear Ino_.
class"A". • 27
_.
..
Class"B"
• 25
Muskegon Mot Specialties
Convertible class A___.• 32
Nachman SPringlllied cons. 67
Nat Bancserv Corp corn 100 70
National Battery Co lit&• 50
Nat Else Power A part _ ..• 35
National Leather corn._.10
4%
Nat Secur Inv Co,COM- _1 29
0% cumul pret
100 105
Nat Standard sem
• 4935
Neve Drug Stores. Dom _ _•
Nobbllta-Sparke Ind corn.* 43
North American Car corn.' 60
North Amer 0 dr El ol
24%
Northwest Eng Ca,corn...' 44
North West Utilities
Prior lien preferred__100 101%
Oak & Prod olase A
•
•
Class B
Ontario Mfg Co corn
• 35
Pacific Pub Service Co_ - _
23
15
5731
15
53
53
Range Since Jan. 1.
60
24
900 110
14,000 24
1,150 31
21,550 254
30 240
150 40
Feb 125
Jan 35
Jan 36
Jan 32
Jan 275
Jan 42
95,20 14035 Jan 179
1,200 4631 Jan 5435
2,000 2935 Jan 3535
,
3,850 31
Jan 3435
100 42
Jan 45
660 175
Jan 190
5,400 5434 Jan 664
6,700 5035 Feb 67
150 5535 Jan 58
7,250 3335 Jan 57%
11,800 52
Feb 6635
18,950 51% Jan 66%
600 57
Feb 59)i
Feb 59
700 55
250 374 Feb 41
150 54
Jan 554
6,700 71
Jan 84
36,050 30
Jan 43
575 125
Jan 215
9,150 24% Jan 33
206 33% Jan 404
129% 9,550 115
1835 12.050 15
1.700 38
42
293 50%
51%
3,300 5135
54
550 28
31
350 28
31
2434 2,550 22
2,100 2534
27
4
550
535
17
150
21
1,000 45
45%
150
6
10
7,250 1331
14
300 42
4454
5
50
5
3.800
334
5
3,100 30
3234
500 43
4835
925 26
2934
250 40%
43
100 574
85
100 39
39
1,200 27
30
1,850 3654
404
23% 26,050 14%
2.168 45
54
1,150 28
2831
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan 131
Feb 19%
42
Feb
Feb 52%
Feb 58
Jan 324
Jan 32
Feb 29)4
Feb 32
Jan
54
Jan 21
Jan 46
Jan
10
Feb 1535
Jan 4535
Jan
6%
5
Jan
Feb 34
Jan 48%
Jan 30
Jan 44%
Jan 65
Feb 42
Jan 3331
Jan 42%
Jan 23%
Jan 54
Feb 284
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
32
106
3435
108
190
84
122
10354
1024
127
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
8835 Jan 91
85% Jan 88
9935 Feb 102
Feb 52
49
67
3 34 j i 2635
22 M Jarl
3
a
dam Jan 59
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb 66
1,700 53
31Feb 35
Fan
j
2,100 104
129
1,550
715 Jan
9
400
1,700 2335 Feb 2634
2635
,
Feb 51
400 44
45
Jan 564
3,350 48
53
Feb 66
3,500 41
63
29% 13,300 2634 Feb 31
Jan 30
8,500 20
28
110%
15
38
50%
51%
3034
30%
22
253;
5
21
45
835
134
4331
5
4
30
47
27
4235
65
30
27
39
204
52
28
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
3634
7531
70
64
38
5%
294
1054
56
114
50
70
25
48
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
6,400 294 Feb
2931 32
50 102
Jan
102 102
Jan
3431 3.450 34
34
Feb
150 98
98 101
Jan
6
3,950 16 9
182
171
6% 835 34,650
Jan
1,235 119
120 122
770
102 1034
250
102)4 102%
Jan
098
295 12 31 jjaann
0
5
126 127
89
85%
9935
49
62
2331
5535
833/ Feb
30
Jan
40
8934
93
86
267
100
1,050
5035
1,350
65
2635 17.650
2,500
60
53
31
110
834
23%
44
48
61
264
25
60
34
129
314
68
70
50
35
44
25
104%
49
10
43
59
24
45
344 8.300 2934
2,050 6134
70%
100 0070
70
1,450
554
2,350 35
37
431
4% 2.600
2934 8.700 25
1054 3,650 1044
11,100 49
58
200 10
10
7,950 13507
50
864 7,700
1,850 24
24%
550 43%
48
un
60
6135
34
2234
10131
63%
62
38
23
60 101
800 58
200 58
1,100 34
1,200 2231
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
JanJan
Fe
Jan
Jan 103
Jan
Jan
Jan 67
Jan
Jan 68
Jan 40% Jan
Feb
Feb 23
[VOL. 128.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
IWeek.
Stocks (Concluded) Par. Price. Low. High. Shares
Pacific West 011
•
Parker Pen (The)Co com10
Penn Gas & Elea A com•
Peoples Lt dr Pow "A"oom•
Perfect Circle (The) Co..'
Pines Winterfront A oom_5
Poor & Co class B com
•
Potter Co(The) corn
•
Process Corp corn
•
Pub Serv of Nor Ill
Common
100
Common
•
6% Preferred
100
7% preferred
100
Q-R-S Music Co, corn _ _ _ _•
Quaker Oats Co corn
*
Preferred
100
Raytheon Mfg Co
•
Rights
Reliance Mfg corn
10
Richards(Elmer) Co pf.'
Kole Gear & Tool corn_ •
Ryan Car Co (The) coin _25
Ryerson dr Son Inc com...•
Low.
20
450 18
53
1,100 50%
24%
1,800 22
54
1.750 47%
55
150 4935
236
5,200 182
3235 12,750 29
40
2,800 so
29
450 27
Jan
23
Feb 57
Jan
Feb
Jan 2431 Feb
J.
Jan
Jan 60
54
Jan
Jan 236
Feb
Jan
Jan 4231 j ll
3
0
Jan
Jan
Jan 33
241
241
123
132
152
35634
242
34
242
1,279
123
27
132
101
164
300
365
200
115%
30
61
1,850
3% 4,000
28
12,400
28
1,550
57
2.200
16
950
46
10,900
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
241
239
123
132
150
355
11531
58
57
3%
3
25
25
28
28
53
53
12
41
41
40
4335
58
6035
48% 50
81%
79
1814 1931
3831 32
3
335
3535 4435
25
2534
100 10034
90% 9031
93
95
37
40%
29
30
38% 44%
34
36
2731 2831
17
1935
2735 28%
74
66
19
19%
13531 136%
3334 34%
2531 27
5335 56
31
135
3335 3831
24
2435
335
335
33
36
22
2235
34
3831
205
205
117%.
12531
144
350
11531
55
3
25
28
45
8
84
8234
8031
10135
80%
78
61%
434
1034
2735
1,850
36
100
23
50
31% 13,050
32% 3,500
6235 117,300
Jan 46%
Jan 73
Feb 5135
Jan 90
Jan 20%
Jan 3235
434
Feb
Jan 4435
Jan 2535
Jan 101
Jan 9031
Feb 95
Jan 4034
2035
Jan
Feb 49
36
Feb
Jan 30
Jan 20
Jan 30
Feb 74
Jan 21
Jan 140
Feb 37%
Jan 28%
Feb 62
Feb
134
Jan 3935
Jan 26
335
Jan
Jan 3735
Jan 23
Jan 3935
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jas
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
27
Jan
341
Feb
23
Feb
24
Jan
3135 Jan
48
Jan
100%
4231
55
1514
72%
53
130
141
56
3635
15
35
5735
27
65
26
36
13234
175
3234
46
6531
3535
57
49
49
2031
27
55
94
72
8
28% Jan
Jan
37
Jan
43
Jan
32
Jan
35
6235 Feb
93
$9,000 84
Feb 93
82% 6,000 8231 Feb 85
8014 9,
8034 Feb 83%
1014
1,000 101% Fe
10134
8034
1,000 80% Feb 8534
78
5,000 78
Feb 83%
61% 3,000 6135 Feb 6135
4335 7,000 43
Jan 4334
104
2,000 103% Feb 10434
Philadelphia Stock Exchange.
-Record
at Philadelphia Stock Exchange, Feb. 2 to
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Almar Stores
731
•
731
American Milling
10 27
26
American Stores
• 89
88%
Bankers Seeur Corp pf_ _50 5931 58
25% preferred
14
1175
175
Common
Bell Tel Co of Pa pref....100
11635
9
Bornot Inc
834
• 4811 473.4
Budd (E Gl) Mfg Co
Preferred
72% 72%
Budd Wheel Co
6835 84
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
38
100 100
100 98
35
40
5,850 35
48
52
850 45
1431 15%
1,050 11
83
6735 5,400 63
48
53
750 4535
130 130
35 128
101
141
29,900 4431
44
.5331 7.700 4135
34
3534 4,200 34
1331 14
115 1335
3235 35
650 32
45
53
2,550 45
23
26%
1,850 23
6034 60%
100 58
2231 24
1,550 22
34
33
2,050 33
13134 13235
250 131
170 175
70 170
27% 28
100 27%
42
4235
400 42
53
6335 45,300 38
34% 3431
1,000 3431
1,000 5035
50% 54
49
6,800 37
44
4,300 3331
49
44
26% 28% 13,000 20
2431 2531
1,550 24%
100 55
55
55
siA
2.150 70
70
64
600 55
62
1,000
8
7
6
27
36
23
27
3134
ao
24431
24434
125%
132
164
365
120
70
534
3035
2835
57
18
48
1,450 3535
1,550 58
350 4834
1,368 66
900 1731
1,750 28%
650
3
74.450 3135
350 24
130 99
80 87%
450 93
7.500 3535
2,000 27
4,300 3835
2,550 34
1,100 27
10,050 1335
1,350 27%
9,550 66
100 19
850 135
3.550 3331
2,650 25
1.550 53%
4,650
31
7,235 33%
500 24
50
234
6,050 3235
13,050 22
12,450 2935
984 9835 4,000 98%
99% 100% 7,000 98%
101% 10135 2,000 100
100 100
1,000 100
185 215
37,000 140
9734 9735 3.000 9734
100 100
3.000 100
994 101
11,000 99
954 95% 5,000 9531
1004 100% 3,000 98%
• No par value. a 50% Stock d vidend.
Stocks-
High.
18
18
50% 5034
2435 2331
52
52
50
50
212
212
30
2935
34
34
28
9angamo Electric Co._ _ _• 40
Saunders clam A corn_ _ _ • 58
Preferred
50 4834
iheffleld Steel corn
• 80
Signori° Steel Strap Co... 19
Preferred
30 313.5
Purchase warrants
331
Ammon Tube Co corn__ .• 36
So Colo Pow El A com_25 25
Southw Gas & El 7% pf 100
Southwest Lt & Pow pfd_ _*
Sake May Stern6 % pf100
itandard Dredge cony pf..• 38
Stand Pub Sem "A"
• 30
,
Steinite Radio Co
• 40
Sterling Motor, pref
34
Storkline Fur cony pref _25 2731
Studebaker Mail Or com_6 17%
Clue A
• 28
4.iper Maid 'MHz Com. _ _• 68
Sutherland Pap Co,COM-10
iwIft & Co
100 1353.4
Swift International
15 3311
Tenn Prod Corp. nom_
•
Thompson (J It) com.....25 53%
Rights
31
Tirne-O-St Controls "A"_• 3335
12th St Store (The) pfd a • 244
Stock par warrants
nun Corp of Am prig• 33%
United Dry Dks,Inc corn.* 22
United Gas Co corn
• 34
United Light & Power
Class"A"preferred_ _ _.•
no Repro Corp part of A_• 3535
Universal Products Co_ •
linty Theatres cony el A_ _5
20 63
u 8 GYesum
25% paid
60
Preferred
100 130
S Radio & Telev Corn..' 110
Utah Radio Products coma 45
Van Sick Ian Corp part el A• 34
Vesta Battery Corp,corn 10 14
Vogt Mfg corn
•
Vorclone Corp part prof--• 45
Wahl Co corn
• 23
WalgreenCo,com pur war•
Warchel Corporation_ ....• 2235
Preferred
• 3335
Ward(M)& Co,claes A •
Waukesha Motor Co corn' 170
Wayne Pump Co corn..
Convertible preferred..' 42
Wextark Red Sts Inc,corn' 55
WestP L& T Pt pfd A._.• 3435
Wieboldt Stoma. Inc
•
Wilcox-Rich cony pf A__. 46
Class B
•
Williams 011-0-Matic com• 26%
W1I-Low Cafeter Inc corn.' 25
Convertible prof
•
Winton Engine con pref _• 77
Wisconsin Parts corn
• 63
Wolverine Port Cement _10
735
Woodruff & Edwards Inc,
Panic clue A
• 27
Woodworth Inc, pref _
•
Common
• 23
Yates
-Amer Mach part rif• 28%
Yellow Cab Co Inc (Chic)• 32
Lenith Radio Corp corn_ _• 50
Bonds
Chicago MIR Ice 6s _ _1938
Chic City 1ty 58
1927
Certificates of deposit.
Chic G Lt & Coke Co 56'37
Chicago Rye 58
1927
Certificates of deposit...
rki series A
1927
Sseeriomiil
1927
Commonw Edison 55_1943
Commonw Subsld CorP5 3.58 A
1948
El Paso 6348
1943
10-yr 68 debs
1938
Holland Furnace 6s..1936
Insull Util Inv 55"A"..1949
M & M Bldg 635% __ _1938
National Power 5349 A_
Saxet Co 65 A
1938
Standard Tel Co 548 A '43
Un Pub Son Co 6358_1933
,
Range Since Jan. 1.
Feb
Jan
Jan
Feb
Jan
Jan
Fob
Feb
Jan
Jan
98%
101
10135
100
215
9735
100
99
95)1
100%
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
of transactions
Feb. 8, both
Ranee Since Jan. 1.
Low.
8
7,245
64
28
1,425 18
93% 23,100 8834
5935 2,200 58
15
600 14
175
365 175
118
705 115%
9
200
831
53% 11,400 3435
77
837 56%
694 14,600 34
High •
Jan
834
Jan 28
Feb 97
Jan 6334
15
Feb
Feb 220
Jan 118
9
Jan
Jan 5354
Jan 8131
Jan 69%
Jan
Feb
Jan
Jan
Feb
Jon
Jan
Feb
Jan
Jan
Feb
FEB. 9 1929.]
FINANCIAL CHRONICLE
Friday
Sale,
Last Week's Range for
Sale
Week.
of Prices.
Stocks Concluded) P47. Price. Low. High. Shares.
Cambria Iron
50
Camden Fire Insurance-CatawLsint RR 1st pee_. i
Commonwealth Can Co_10
Cons Theatres Ltd
Consol Trac of hl J__ A I i
Cramp Ship & Eng_ -_100
Curtis Pub Co new
Preferred
Electric Stor Battery_ _1
10
Fire Association
Giant Portl Cement prof 50
Horn & Ird't(Phila) corn_.
Hora & Hardart(NY)com •
Preferred
100
Insurance Co of N A_-10
Keystone Telephone__ _50
Preferred
50
Lake Superior Corp----100
Lehigh Coal & Nay
50
11
Lit Brothers
Mho Casualty InsuranoeMark (Louis) Shoes Inc_ •
Minehill & &Any* Flay--50
North East Power Co_ _*
50
North Penn 11.11
Penn Cent L & P cum pf _-•
Pennsylvania Insurance_
Pennsylvania RR
50
Pennsylvania Salt Mfg _ _50
Phila Co (Pitts) 6% Pi- • I
Phila Dairy Prod prof
25
Phila Elea of Pa
Mils Elea Pow prof... _25
•
Phila Insulated Wire
50
Phil. Rapid Tran
7% preferred
50
PhiladelphiaTraction .I
Certificates
Phila dr Western Ry_ _50
Preferred
50
R E L Title new
Reliance Insurance
10
Shreve El Dorado Pipe L 25
Scott Paper Co
•
Tacony-Palmyra Bridge_ *
Tono-Belmont Havel_ _ _1
Tonopah Mining
1
Union Traction
50
Certificates
United Coo of N J
100
United Corp temp ctfs____
Temp ctts preference_.__
United Gas Improvement50
United Lt & Pr A corn •
U8 Dairy Prod class A_ •
Victory Insurance Co_ _ _ 1 i
Victor Talk Mach corn •
WestJersey & Seash RIt_50
York Railways prof
50
Rights
Commonwealth Can
Parma Insuranee
404
3534
28
334
4834
80
734
2934
157
654
79
92
8834
3354
5034
3374
6234
1
37
50
4534
17434
50
23
404 4054
364 3934
4554 46
28
284
1834 19
5734
57
24 4
120 12134
11634 11634
853.4 9234
4874 4954
40
4134
230 230
60
60
105 105
80
8434
734 8
16
18
28
3434
157 1694
23
234
6534 68
2
254
54
544
5234 61
8734 8734
79
7934
136 139
784 814
97
9834
5334 5334
914 9234
8734 95
3354 3434
61
61
53
54
5034 5034
5234 5234
48
50
8
834
29
30
8134 814
24
2494
3374 344
6234 70
45
4934
1
liii
334 334
3034 3734
35
35
215 215
49
5834
4534 47
17234 19034
364 4634
4934 5034
23
2334
147 15634
4834 50
40
4034
34
44
Bonds
Elea dr Peoples tr ctfs 40'45
Inter-State Rys coil tr 4s'43
Lake Sup Corp 58 st pd_ .. _ _
Peoples P21133 tr aft;40_1943
Phila. Elea (Pa)
1st 4 34s series
1967
lit lien & ref 5s_ _1960
181 56
1966
Phil& Elea Pow 534s_ _1972
Strawbridge & Cloth 58'48
*Par value.
4
27-4
61
534
52
48
61
5334
994
10334
10434
10594
100
1
54
110
12,500
57
400
1,000
175
9,700
482
30
2,073
4,200
400
10
1,200
10
3,900
320
116
11,100
4,600
800
3.000
1,700
27
52,800
6
130
500
28,000
600
34
237
800
1,300
100
2.160
754
800
300
700
200
200
1,200
3,500
320
1,360
4.300
2,200
1,600
100
6
9,900
5,900
79,700
2,925
330
600
4,000
1,600
65
2,100
9,900
54
13,500
4934 12,000
62
10,000
534 3,000
Range Sines Jan. 1.
Low.
4094
3334
4554
28
18
57
274
118
11434
8334
4834
394
226
5834
105
80
4
14
17
15034
23
65
24
534
50
8734
79
136
764
97
5234
9134
8334
3334
57
5134
50
51
48
8
29
814
24
33
48
36
1
34
35
35
16234
49
45
16254
3234
48
23
145
45
40
High.
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
4 Feb
234 Feb
52
48
45
53
994 5,000 99
1034 5,000 10334
10534 9,000 10434
10554 10,000 10534
1004 28,000 9934
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
4134
4234
46
32
19
61
4
12134
11634
9234
5134
414
233
6234
107
91
1034
25
42
169
26
7134
334
544
5734
88
8034
139
8234
9834
5334
9334
95
343j
63
54
5034
5534
50
934
3034
8434
26
3834
70
4934
.
174
4
3834
35
215
5834
47
19534
4234
5094
2534
15634
5234
4034
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
1
Feb
534 Jan
5434 Jan
50
Jan
65
Jan
55
Jan
993-4
105
10534
106
10034
Jan
Jan
Jan
Jan
Jan
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stook Exchange, Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Pox. Price. Low, High. Shares,
Aetna Rubber corn
Air-Way Elea Appi pfd_100
Akron Rubber Red oom-•
Allen Industries corn
•
Preferred
•
Amer Multigraph corn.
Amer Shipbuilding nom 1 i •
Apex Electric cam
• 284
Bessemer Lime&Cem nom•
Buckeye Incubator oom__•
Byers Machine A
•
Central Alloy Steel nom-. 4634
Preferred
100 11234
City Ice dc Fuel
• 6154
Clark (Fred G) corn --- -10
9
.
Cleve Auto Mach pref _100
Cleve Build 8 & B oom__•
Cleve-Cliffs Iron nom_ _• 13834
Cleve Ekzo II16% prof--100 111
Clove Railway com_ A.• i
Cleve Securities P L pfd _10
•_
Cleve Stone corn
Cleveland Trust
100
Cleve Worst Mills oom 100
Cleve & Buff Tran com-100
Columbus Auto Parts._ _-•
Dow Chemical corn
• 250
Preferred
100 105
Eleo Contrail & Mfg oom_•
Edwards(Wm) prof- 100
•
Falls Rubber corn
84
Preferred
25
Federal Knit Mills nom_ •
Firestone T & Rub com_10
100
6% preferred
100
7% Preferred
Foote-Burt com
•
General Tire & Rub corn _25 250
Preferred
1i 1
Glidden prior prof
100
Godman Shoe corn
• 52
Greif Bros Cooper corn_ •
Guardian Trust
100
Rights
• 33
Goodrich
Halle Bros
10Prat
100
Harbauer cam
•
India Tire & Rub corn.---• 68
Interlake Steamship com-• 150
*
Jaeger Machine corn
Jordan Motor pref
100
Kaynee corn
10
25
2634
100 101
2274 24
1434 14
32
32
3934 40
9234 9234
2634 30
37
374
14
16
18
1434
464 4634
112 1124
6B% 624
934
70
70
33
3434
13834 140
111, 11134
10434 105
334 34
83
63
445 447
1734 18
32
32
31
31
250 250
105 105
61
6134
704 7094
1154
6
1534 154
39
40
241 241
110 111
1084 109
4334 44
250 250
101 101
10434 105
5234
52
40
43
394 395
37
33
96
96
44
45
105 105
234 254
69
55
150 154
37
3734
304 3034
31
31
578
210
140
135
44
522
5
3,813
205
170
1,920
200
147
892
380
13
225
110
276
1,263
560
68
157
50
100
235
25
15
136
5
2,942
100
865
25
51
401
1,705
10
105
70
785
40
55
96
100
380
186
798
3,285
67
435
65
60
Range Since Jan. 1.
Low.
2494
100
22
12
31
37
90
264
36
104
13
4634
112
6074
5
70
314
138
111
10434
334
63
398
1734
32
31
200
105
57
704
5
12
354
233
10934
10934
40
250
9934
1034
52
40
376
30
974
44
10334
21
39
149
364
3034
29
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
27
101
24
1434
33
40
93
30
3734
1634
20
48
113
64
10
75
35
147
11234
106
334
63
447
1935
3234
32
250
10634
6134
7034
1134
1534
41
250
111
111
4434
282
102
105
54
43
500
37
9734
4634
105
2534
73
155
4534
42
33
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
jam
Jan
Jan
.jan
Jan
Jail
Jan
Jan
Jan
Feb
Jan
Jam
Jan
Feb
Feb
Jan
Jam
Jan
Jan
867
Friday
Saks
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Pries. Low. High Shares.
Kelley Isl Lime & Tr com_•
Lake Erie Bolt & Nutcorn•
Lawson & Sessions
25
McKee,ArthG&Co Corn_.
MetPaving Brick corn _--•
Preferred
100
Miller Wholesale Drugcom•
Miller Rubber pfd
100
Mohawk Rubber corn_
•
Preferred
100
Murray Ohio Mfg corn _ •
Myers Pump corn
*
National Acme corn
10
National Carbon. pfd _ _100
National Refining corn _ _25
Preferred
100
National Tile corn
*
National Tool corn
50
100
Preferred
Nestle-LeMur nom
•
1900 Washer corn
North Ohio P dr L6%pf 100
Ohio Bell Telephone pfd100
Ohio Brass"B"
•
Preferred
100
Ohio Seamless Tube corn ..•
•
Patterson Sargent
Packard Electric corn - •
Packer Corp COM
*
Paragon Refining corn ---*
Preferred
•
Paragon v t c.
•
Reliance Mfg nom
•
*
Richman Bros corn
•
L&MSerNol
Preferred v t c
$25
*
Scher-Hirst class A.
Seiberling Rubber corn _ _ -•
100
Preferred
Selby Shoe corn
•
100
Preferred
Sheriff St Mkt corn _ _ _100
Sherwin-Williams corn,.. _25
Preferred
100
Smallwood Stone nom_ _ _.•
Stand Textile Prod corn.100
"A" preferred
100
"B"preferred
100
Stearns Motor corn
•
Steel at Tubes Inc"A" _ - -•
.
•
Stauffer"A"
•
•
Thompson Prod corn
Turnbull-Cliffs Furn pfd100
Un Metal Mfg corn
•
Union Mtge corn
100
Union Trust
100
United Bank
Weinberger Drug
•
Wellman-Seav-Morg com_•
100
Preferred
White Motor Sec pfd_ _ _100
Wood Chemical Prod nom.*
•
Youngs 13 & T pfd
100
41
48
36
3634
37
16
60
2534
984
85%
38
30
25%
494
359
54
8534
48
72%
335
Bonds
Cleveland Railways. _1931
1933
Steel & T 6s
5634 57
29
30
43
44
4034 41
48
50
105 10534
28
284
82
82
59% 59,4
85
85
34
34
36
36,4
3334 34
130 13034
36% 37
138 138
3674 38
16
16
60
60
2534 26
2234 2274
9834 994
114 115
87
85
1064 106%
714
70
38
38
116 126
2974 31
25
27
43
43
254 26
484 52
359 385
7
7
143 143
2134 23
54
60
107 107%
33
32
99
99
20
20
88
85
106 1073(
27
27%
1134 114
86
85
50,
39
534 5%
94
94
72% 7234
3034
30
60
66
10554 105%
59
52
34
34
330 335
294 295
32
3234
10
10
64
64
10434 10434
28
2834
2334 234
102 10254
100
95
100
96
692
315
285
245
92
5
55
42
7
5
25
1,644
675
131
90
20
3,676
15
11
842
76
55
199
826
2
250
970
183
730
4,286
70
715
4,436
389
50
320
150
1,169
98
185
25
25
515
382
70
150
480
1,694
1,045
53
28
790
375
31
650
335
221
12
605
17
22
61
25
20
305
Range Since Jan. 1.
Low.
5634
29
43
394
44
105
27
78
59
81
34
36
2954
130
38
138
34
15
46
2534
2234
98
11234
85
10634
69
Feb
Jan
Jan
J
J
Jan
Jan
Jan
Feb
Jan
Feb
Jan
J
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
59
324
4534
4334
52
10534
31
83
6534
9034
84
3754
34
13034
38
138
38
16
60
2034
2334
9934
115
92
10634
7554
116
2954
2234
43
21
48
359
634
1254
2134
55
10534
32
99
20
85
106
26
11
71
33
534
94
76
80
4654
104
52
34
307
Feb
Jan
Jan
J
Jan
Jan
Feb
J
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
J
Jan
Jan
J
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
1264
3334
27
44
26
52
390
834
16
25
65
10734
35
10034
20
88
108
28
1477
89
60
64
94
75
24
10
64
102
28
214
101
Jan 83
Jan
Feb 10
Feb
J
65
Jan
J
10434 Feb
Jan 29
Jan
Jan 2354 Feb
Jan 102% Jan
Jan
Jan
Jan
Jan
Jan
Pet
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
3034 Jan
Jan
68
1053,4 Jan
as Jan
34 Jan
335
Feb
31,000 100
J
100
8.000 9434 Jan 96
Jan
Jan
•No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Feb. 2 to Feb. 8, both
inclusive compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Lou,. High Shares,
• 1934
• 15
Amer Laund Mach,com_25 924
• 28
Preferred
Amer Products, COM---100 3234
Amer Rolling MI11, com_25 9434
Am Seeding Mach, pfd_100 25
Amer Thermos Bottle A_ •
50 47
Preferred
Baldwin, new pref. _100
• 1434
Buckeye Incubator
50
Burger Bros. Drat
Chili Ball Crank pr
Carey (Philip) cam_ -100
100 123
Preferred
• 2734
Central Brass A
100
Central Trust
Ch Coated Papist PL-l00
A00
Special preferred_
100
Champ Fibre, pre
• 3334
Churngold Corp
Cin Gas dc Else, prof _ _ _100 98
C N & C Lt & Trac,com100
100
Preferred
50 53
Cin Street Ry
50
Cin & Sub Tel
Cin Union Stock Yards_100
Cin Postal Term,Pref-100
.
City Ice dr Fuel*
Coca Cola A
Col Ry P. L & Tr com-100
Crosley Radio,old
100 9754
New
100 3834
Dow Drug,cam
Eagle-Picher Lead, com_20 zog
• 35
Egry Register A
100
Fay & Egan,corn
100
Preferred
Fenton United, cam_ _ _100
Firth-Third Union Tr_ _100
Formica Insulation
•
Foundation Invest, pr____ ......
French Bros-I3auer pfd_100
•
Fyrefyter A
• 55
Gibson Art, corn
Globe-Wernicke, pref _ _100
2834
Goldsmith Sons
• 55
Gruen Watch, corn
Hatfield-Campbell,com_ *
100
Preferred
• 6934
Hobart Mfg
• 59
Int Print Ink
100 107
Preferred
Jaeger
Machine* 304
Julian Kokenge
100
Kahn, Ist Prof
40 40
Participating
Kodel Elec & Mfg A
• 25
Kroger.corn
10
inn
Ahrens-Fox A
128
1934 20
154
229
15
2,084
924 94
29
28
750
583
3234 34
94
9834 2,487
--------25
17
18
250
48
213
47
104 104
5
994
1334 1554
49
49
100
700
3734 3
8
41
280 315
10
125 125
225
2534 274
291
290 290
8
111 111
14
106 106
III
108 108
236
3334 34
'I
9834
98
57
97
98
26
76
76
5234 5534 4.998
75
12654 127
42
4054 41
18
85
85
156
624 63
200
3434 344
108 108
5
2,415
178 230
5,771
9034 127
250
3834 38
204 2134 3,091
--------297
6
16
16
8
40
40
15
185 190
335 33534
8
3,626
3,534 34
101 103
70
90
15
90
284 2874
10
543£ 55
948
90
90
9
1834 32
243
5434 5634 1.032
1334 1331
244
95
95
2
69
70
514
59
61
350
10634 108
190
38
38
246
3034 31
229
100 101
10
40
42
183
2034 29
4,839
1153-4 11534
40
d9r
59k
.2o
Range Siam Jan. 1.
Lots.
184
15
92
274
30
94
195(
16%
47
103
10
49
3834
230
123
2574
28
11094
10574
108
33
98
984
7034
4934
119
3534
8334
604
34
108
114
9054
3834
194
35
16
40
181
336
2634
101
90
28
4834
90
24
50
13
95
68
684
103
18
3034
9974
3654
15
11534
A O.
High.
Jan
Jan
Jan
J
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
J .
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
J
Feb
Feb
Jan
Feb
Jan
Feb
Fe'
Jan
Jan
Feb
Ja
J
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jr..
J
la..1.
20
1534
96
30
34
105
25
18
49
10734
164
49
40
136
126
274
290
112
106
100
37
99
9834
77
5554
130
4434
85
63
344
108
230
127
4114
2134
37
16
40
190
3.50
36
103
90
2814
55
97
3634
6634
134
97
70
6334
108
45
36
101
42
29
116
LOC
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jar
Feb
Jar
Jar
Jar
}et
Jar
Pet
Pet
Fel
Fel
Jas
Jar
Jai
Fel
Fel
Jar
Jar
Jar
Fel
Fel
Jai
Jai
Jai
Jai
Jsu
Fel
Jai
Jai
Jai
Fel
Jai
Jai
Jas
Jai
Fel
Jai
Thal
868
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Little Miami guar
50
Lunkenhelmer
•
Manischewitz, com_ -_ _100
McLaren Cons A
•
Mead Pulp
•
Special preferred--...100
Meteor Motor
•
Nash (A)
100
Nat Recording Pump_ _ _ _•
Ohio Bell Tel, pref
100
Paragon Ref, corn new.
.25
Voting trust ctfs_ _100
Preferred
100
Procter & Gamble corn._20
5% preferred
100
Pure Oil 8% pref
100
8% preferred
100
Rapid Electrotype
•
Richardson, corn
100
United Milk Crate A
•
US Playing Card
10
U S Print & Litho,com _100
Preferred
100
U S Shoe. com
Preferred
100
Whitaker Paper. pref. _100
106
106
30
35
33% 3514
1651 18
71
71
70
108
108 108
29% 3014
30
170
161 175
32% 3151 32%
113% 11411
26
27
26
2551 26%
43
43
305 375
380
103% 103 104
102
102 10254
11314 112% 11311
5911 60
282 280
280
35
3555
11011 110 111
95
94
95
101 101
8% 651
60
60
106% 106%
Range Since Jan. 1.
High.
LOw.
5
60
348
328
169
5
72
443
275
75
1,285
668
10
2,908
844
89
9
455
345
25
262
177
24
4
5
8
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
103
28
33
1611
6856
105
29%
150
30
113%
22%
20
4234
279
103
102
112
59%
235
34
109
8511
101
631
60
102
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
107
32
36
18
71
10851
36
175
32%
114%
27
2634
43
375
104
10331
113%
64
280
37
115
95
10134
8
65
10734
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Feb. 2 to Feb. 8, both
inclusive, compiled from official sales lists:
OW..
maw
Last Week's Range for
Week.
0/ Prices.
Sale
Par. Price. Low. High. Shares
Stocks-
Range Since Jan. 1.
Low.
High.
Am Wind GI Mach com.I00
100 2834
30
30
Preferred_
340 46
100 4911 4951 50
Arkansas Gas Corp com _ _•
4
334
4
434 8,519
Preferred_
10
734
851 834 1,051
854
Armstrong Cork Co
3,299 6134
6134 6134 63
Bank of Pittsburgh
51 180
50 180
180 185
Balw-Knox Co
1.646 40
40
25 40
41
Carnegie Metals Co
465 18
10 18
18
1954
Cent Ohio Steel Prod com_•
237 25
2731
27
Crandall Mc & 11
185 2734
2734 2734
Devonian 011
7
10
7
7
130
7
Dixie Gas & Utll com--• 1311 10
715
1315 20,985
Follansbee Bros pref._ _100
35 9734
9954 9955
Harb-Walk Ref corn
513 52
• 5534 5511 57
Jones & Langhl SU pf_ -100
121 121
50 121
Koppers Gas & Coke
lossi 103 10334 1,005 103
Libby Dairy Prod corn _ _ _* 35
410 2534
36
35
1st prat
100
200 10454
106 106
Lone Star Gas
25 72
72
3,695 67
75
McKinney Mfg com
•
15
1634 1,575 1251
Nat Fireproofing com_ _50
14
1434 4,250 1051
Preferred
50 35
35
3551 4,862 29
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Pittsburgh Brewing pref_50
6
556
631
6
834
Pitts Investors Sec
• 3154 2734 3134 2,612 2554
Pittsburgh 011 & Gas-- _ _5
300
351
451 411
436
Pitts Plate Glass new...100 6951 69
798 64
73
Pitts Screw & Bolt Corp _ • 87
.
4,800 58
87
87
Pittsburgh Steel Fdy corn _•
165 33
38
38
Plymouth 011 Co
5
27
190 2636
28
Richardson & Boynton,pf•
25 17
17
17
Salt Creek Consol 011__ _ 10
534
335
534
534 534
San Toy Mining
50
1 13
12e 17e 10,200
Stand Plate GI pr pf......100
10 25
30
30
Stand Sanitary Mfg com 25 4934 4951 5451
485 48
Suburban Elea Dev
620 26
26
• 26
2634
Union Steel Casting coms•
25 23
23
23
United Engine & Fdy corn • 3954 3951 41
615 38
United Plate Glass
4,300 1054
25 1231 11
13
Westinghouse Air Brake_ •
320 4634
47
4734
30 ssu
West Penn Rys pref. _-100 106
9934 100
Witherow Steel corn
389 3111
62
•
77
100 73
Preferred
78
75
100
10 101
Zoller (William) pref..- _100
101 101
Jan
634 Feb
Jan 3111 Feb
Jan
451 Jan
Jan 75
Jan
Jan 97
Feb
Jan 40
Jan
Jan 3034 Jan
Feb 20
Jan
Jan
534 Jan
Jan 23e
Jan
Jan
Jan 31
Jan 5451 Feb
Feb 29
Jan
Feb 25
Feb
Jan 4114 Jan
Jan 13
Feb
Jan 48
Jan
Jan 10034 Jan
Jan 77
Feb
Jan 78
Feb
Feb 101
Feb
Unlisted
3951 3934
Aluminum Goods Mfg____
Koppers Gas & Coke pfd__ ...... 103% 10334
Reymer Brothers Inc
2734
25
Standard Steel Springs.... 80
80
8734
Western Public Service_ _ __ ...... 25% 26
Voting trust ctfs
2551 2534
Witherow Steel w I
6211 70
•No par value.
32
50
434
854
6434
188
43
20
28
2734
8
1354
9911
57
121
10334
35
107
75
1734
1434
3511
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan 3951 Feb
370 32
170 1023.4 Jan 10355 Feb
Jan 2711 Feb
615 23
Jan 8754 Feb
1,580 71
Jan 2634 Jan
1,802 24
100 2536 Feb 2511 Feb
Feb
2.938 3711 Jan 70
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Feb. 2 to Feb. 8,
both inclusive, compiled from official sales lists:
High.
gtraggnigtMgCnittgVagnggtggIME
X
XXX
XXXX
X
X
X
XXX
XXX
XX
XX
Low.
..
N
b..1
OWIPCSOIWW.NWOOW,
.I.ZNO0 4.4CO
,
.W•4•1.,DM.O W
,
4.4.0O..N0.0049..0. V.40..4WtQWWWWW.I.VW.400000NC.
,
American Company
14051 140 14034 6,240
Anglo & London P Nat Bk 263
193
26211 264
Assoc Ins Fund
1031 10,385
10
10
Atlas Im Diesel Engine A
573.4
5834 6434 2,397
Bank of California N A_ _ _ _ 29731 29736299
60
Bean (John) Mfg Co
4534 4851
897
Byron Jackson Pump Co
7611 7934 6,774
77
Calamba Sugar corn
100
27
27
Preferred
California Copper
8
751 851 5,256
Calif Cotton Mills cora _ _
165
84
84
85
California Packing Corp_ - _
76
76
7834 2,155
Caterpillar Tractor
7551
7411 7834 27,103
Clorox Chemical Co
1,588
46
4211 42
Coast Co Gas & El let prat 98
125
98
98
Crown Zellerbach prat
96
1,667
9534 96
Voting trust ctfs
2211 2211 2336 13,472
Dairydale A
1,146
2434 24
2451
B
19
2,485
2151
2134
pagan' Motors corn
651 3,540
6346
Preferred
900
8
8
Fireman's Fund Ins
145
138 151
2,788
Foster & Kleiser com
1134
1111 12
1,367
First Secur Corp of Ogden 146
140 146
120
Galland Mere Laundry _
...... 54
240
5431
Golden States Milk Prod
5514 35
5754 6,617
Great Western Power pref. 106
235
10534 10634
Series A 6% preferred _ _
. 102
10134 1021.4
72
General Paint Corp A
233
3134 3151
B
28
27
945
28
Haiku Pineapple Ltd corn.
1 134 1134
100
Preferred
sale Bros Stores Inc
2311 24
281
Hawaiian Com'l & Sot Ltd
52
5234
60
Hawaiian Pineapple
60
6034
379
Home Fire & Marine Ins_
4334 4434
958
Honolulu Cons 011
3734 3734 3734
473
vn...• um.
PAffik A ens*
22
25
92LL
KKR
Range Since Jan. 1.
g
Stocks-
Sales
Friday
Last Week's Range for
Week.
ef Prices.
Sala
Par Price. Low. High. Shares.
1463.4
26936
11
65
300
5031
8636
27
19
951
94
7851
8034
5051
99
on
25
25
2151
2
8
151
1251
148
55
5936
10711
10234
3234
28
13
2351
2414
5251
6234
4834
3834
2244
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
[VoL. 128.
Friday
Sales
Last West's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Hutchinson Sugar Plantat'n
Illinois
-Pacific Glass A_
Jantzen Knit Mills
Raster Radio Corp
5834
Langendorf United Bak A_
3051
B
2751
Leighton Ind A
Byte
Leslie Salt Co
40
LA Gas & Elea pref
10634
Magnavox Co
751
Magnin (I) corn
Market St Ry prior pref __. ......
Mercantile Am Realty 6% 100
Nor Am Investment com .._ 114
Preferred
North American 011
31
OccidentalIns
Oliver Filter"A"
4034
39.34
Pac Gas& Elec corn
58
1st preferred
Pacific LitIng Corp corn ___
7351
6% preferred
Pacific 011
Pac Tel & Tel pref
12651
Paraffine Cos Inc corn __ _ _
8311
Piggly Wiggly West Sts APIg'n Whistle pref
1351
3.20
Pac Gas & Elec rights
Pac Public Service Co__ -- 22
Richfield Oil
4236
Preferred ex-warr
2474
Roos Bros co
Preferred
SJLt& Pow prior prof__ 11511
6% prior preferred
B F Schlesinger A com____
2036
Preferred
3hell Union 011 corn
2654
31erra Pac Elea pref
95
3perry Flour Co corn
9251
Preferred
3pring Valley Water
3tandard 011 of Calif
6851
Tidewater Ass'd Oil corn
18
Preferred_ I
8734
Transamerica Corp
13231
Union 011 of Calif rights_ _
. 1.35
Union 011 Associates
4711
1.2254
Rights
Union Oil of Calif
4934
Union Sugar prof
3036
West Amer Finance pref ......
West r3,-..st Ilanknarn
27%
1234 1234
4351 4551
4411 443.4
5734 69
28
3034
2711
25
1834 1855
911 951
40
4411
10636 10734
7
95-4
3534 3534
36
36
100 100
114 116
100 10015
3091 3355
29
303.4
4011 4474
3934 43
8394
58
2736 2744
7334 77
103 104
1.25 1.25
12651126%
86
83
2734 29
1314 1314
3.75 3.50
2134 2234
42
4534
2434 25
3351 33%
99
99
11511 1155/
10134 10151
20
2036
8834 90
2651 2736
95
94
9631
92
10251 103
90
9136
6534 6954
18
18
87
8734
13034 13391
1.3234 1.50
4734 4951
1.22 1.3734
4934 5051
30
3134
511 534
271., 2911
25
1,625
125
27,291
1,350
2,035
60
5
3,717
240
58,606
1,595
200
15
345
100
5.345
1,367
2,050
2,300
14,595
5,150
2,923
120
1,000
55
3.432
1,095
200
14,876
12,669
5,143
921
471
20
10
5
1,411
125
2,000
55
1,010
230
490
14,940
300
240
36,516
18,618
4.472
21,787
7,078
875
200
2.503
Range Sinus Jan. 1.
Low.
High.
1131 Jan
Jan
40
44
Jan
5751 Feb
28
Feb
75
Feb
1636 Jan
7
Jan
40
Feb
10634 Feb
7
Feb
Jan
35
36
Feb
100
Jan
113
Jan
Feb
100
3051 Feb
Jan
27
3834 Jan
Jan
36
Jan
54
27
Jan
Jan
70
10131 Jan
1.25 Jan
121
Jan
83
Feb
2736 Feb
Jan
13
2.75 Jan
2054 Jan
Feb
42
2411 Jan
32
Jan
98% Jan
114
Jan
10134 Jan
Jan
20
Feb
88
2834 Feb
93
Jan
90
Jan
101
Jan
8934 Jan
6534 Jan
18
Feb
8851 Jan
12934 Jan
1.3254I1Jan
473-4 Feb
1.2211 Feb
48% Jan
Jan
30
534 Jan
2736 Feb
1254 Feb
47
Feb
4834 Jan
7911 Jan
3451 Jan
Jan
29
1834 Jan
10
Jan
4711 Jan
10854 Jan
1311 Jan
39
Jan
Feb
36
10051 Jan
116
Jan
10134 Jan
Jan
38
3034 Feb
46
Feb
45
Feb
6751 I Jan
28
Jan
8034 Jan
Feb
104
1.25 Jan
12651 Feb
8811 Jan
29% .Tan
Jan
14
3.85 Jan
2254 Feb
4836 Jan
Jan
25
34
Jan
10051 Jan
117
Jan
10254 Jan
Jan
21
Jan
90
29
Jan
9694 Jan
9834 Jan
Jan
103
Jan
92
7234 Jan
2134 Jan
8931 Jan
13414 Jan
1.70 Jan
5131 Jan
1.20 Jan
5134 Jan
3111 Feb
83.4 Jan
30
Jan
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Feb. 2 to Feb. 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
13arnsdall Corp A
25 4034
Bolsa Chin 011 A
1
2.85
Broadway Dept St pf_ _100 94
Pref ex-warrants_ _ _100 93
.
Buckeye Union Oil pref _ _1
.47
Byron Jackson Pump...._• 7751
California Bank
25 130
Central Investment_ _ _ _100 10231
Citizens National Bank 100 520
Douglas Air Co
• 2651
Ernsco Derrick new
• 3734
Farm & March Nat Bk_100 475
Gilmore 011
8 1251
Globe Grain & Nfill com _25 3351
1st preferred
25 25
Hal Roach 8% prof
25 17
Ilolly Development
1 1.0236
Hydraulic Brake corn..
.25 5151
Internat Re Ins
10 55
Illinois-Pacifle Glass A...* 4334
Jantzen Knit Mills com • 443
Laguna Land & Water_ _1
2.50
Lincoln Mortgage corn _ _ _.
1
L A 1311tmore pref
100 97
L A First Nat Tr & S 13_25 136
L A Gas & Elea pref._ _ _100 10694
LA Investment Co
2.25
1
Low.
4036
High.
2.60
94
93
.34
7734
125
102
621
26
3711
460
1234
3134
25
15
1
40
55
4354
4411
2.50
.60
96
12011
1065-4
2.15
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
46
4.30 Jan
Jan
99
Jan
95
1.85 Jan
8634 Jan
13651 Jan
Jan
103
Jan
520
Jan
30
Jan
44
Jan
475
1551 Jan
3311 Feb
2511 Jan
Jan
17
1.10 Jan
5834 Feb
Jan
60
4611 Feb
4851 Jan
2.50 Feb
1.4731Jan
99
Jan
150
Jan
108
Jan
2.35 Jan
2,140 3811
4,950
2.25
20 230
3.850
.50
5,800
.20
155
5
60 190
1.000 150
59,097 2.10
2,900 1.0251
390 31
1,027 6734
280 2
836
420 2431
244 25
600 5471
295 2
674
581 70
175 49
1,130 37
1,380 1811
29
1,077 28
4,040
511
1,170 60
5.700 42
1,012 2434
35,800 3214
62 11511
169 530
1,931 3834
150 40
4,100 5431
20 62
409 2934
2,457 2434
138 25
24 1004
5,300 6551
200
5
2,750 12934
4,200 48
9,600 48
20 255
19,400 1.15
51,300 1.2234
27.900 1.35
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
4011 Jan
3.10 Jan
25336 Jan
.80 Jan
.35 Jan
5
Feb
191
Feb
Jan
300
534 Jan
Jan
1.20
3651 3Jan
11111 Jan
3
654 3Jan
2534 Jan
2534 Jan
6554 Jan
2734 Jan
8051 Jan
Jan
50
Jan
40
Jan
23
Jan
28
Jan
30
934 Feb
Jan
61
4854 Jan
Jan
25
4234 Jan
11634 Feb
65034 Jan
Jan
42
Feb
100
6751 Jan
Feb
70
2994 Jan
Feb
25
2634 Feb
Jan
101
7211 Jan
551 Jan
Jan
134
5134 Jan
5254 Jan
Jan
256
.1735 Jan
1.6734 Jan
Jar
1.70
4011 4434 3,600
2.75 3.10 32,000
94
94
10
93
50
93
.40 .70 338,500
340
7734 80
130 135
250
10211 10214
25
23
520 520
1,900
2754 2851
3711 42
7,762
11
475 475
180
1251 1251
200
3311 3311
200
25
25
100
17
17
750
1.0236 1.05
5511 2,4.50
51
415
55
55
1,110
4336 46
270
4434 4411
2.50 2.50 1.125
1.821
1
1
40
97
97
136 13974 3,150
69
10651 107
2.25 2.40 12,989
Macmillan Pete
3611
3611 3851
Mascot Oil
2.25 2.45
2.25
1
March Nat Tr & Say Bk _25 230
230 245
Merchants Pete
1
.53 .53 .55
Midway Northern OIL .._ _ 1
.25
.25 .25
5
Moreland Motors pref _10
5
.
5
190 191
Mortgage Guarantee Co100 190
Mt Diablo Oil
150 175
1 150
.
Occidental Pete Tr Ctf__ I 3.35 3.10
4.50
Oceanic Oil
1 1.05 1.0251 1.05
Pacific Clay Products_ .._ ..• 35
35
33
94
Pacific Finance com_ _ _ _25 95
98
Preferred series A.- - -25 2811 2834 2811
Preferred series C--- _25 25
25
25
Preferred series D_ _ _ _25 2534 2514 2551
Pacific Gas & Elec com_ _25 63
63
63
First preferred
25 2674 2674 2751
Pacific Lighting corn
73
• 73
78
Pacific National Bank- 25 50
49
50
Pacific National Co
25 37
37
3911
Pacific Western Corp_...• 1851
1834 1954
Palmer Union 011 prat_ 1
29
29
Piggly Wiggly W Si A...• 29
29
29
Republic Pete new
10
734
751 8%
Republic Supply Co
• 60
60
61
Richfield 011 corn
25 4234 42
45
Prof ex-warrants
25 2434 2451 2454
Rio Grande Oilcom new_ 25 3611 3
534 4051
San Joan L & P 7% prpf100 116
118 11634
Security Tr & Say Bank 100 630
630 635
Signal 011 & Gas A
25 39
3834 3931
B
25 40
40
40
So Calif Edison corn-25 60
60
64
Original preferred... _25 70
70
70
7% preferred
25 2934 2931 2934
25 25
2434 25
511% preferred
So Calif Gas6% prat- _25 2594 2534 2834
So Counties Gas6% pf-100 10094 10036 10034
Standard Oil of Calif
• 6654 6534 6851
Sun Realty corn
5
1
5
5
Trans
-America Corp_ -25 13211 130 134
Union 011 Associates_ __ _25 48
48
4951
25 4934 49
Union 011 Calif
51
255 255
Union Bank & Tr Co_ _100 255
US Royalties
.15
.15 .1614
25c
Union Associates giants__ 1.2751 1.2214 1.3234
Union Oil Calif rights
1.3754 1.35
1.55
Range Since Jan. 1.
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
BondsL A Gas & Elec 5s___ _1961
1945
' Miller & Lux 69
Richfield 1st coil 6s_ _ _1941
So Counties Gas 4558-1968
1947
So Calif Tel 5s
869
FINANCIAL CHRONICLE
FEB. 9 1929.]
100%
10234
107%
01%
102
100%
10255
10755
91%
102
10055
10234
10715
92
102
9,000
5.000
1,000
7,000
1.000
-For this week's record of
Baltimore Stock Exchange.
transactions on the Baltimore Exchange, see page 841.
Range Since Jan. 1.
High.
Low.
100%
10131
107%
9155
102
Feb
Jan
Feb
Feb
Feb
Jan
101
10255 Feb
Jan
112
92
Jan
Feb
102
-For this week's record of
St. Louis Stock Exchange.
transactions on the St. Louis Exchange, see page 842.
New York Curb Market-Weekly and Yearly Record
on the Now York Curb Market for the
In the following extensive list we furnish a complete record of the transactions
on Saturday last (Feb.2) and ending the present Friday (Feb.8). It is compiled entirely from the daily
week beginning
stock or bonds, in which any dealings
reports of the Curb Market, itself, and is intended to include every security, whether
the week covered:
occurred during
Sales
Friday
Last Weeks' Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Week Ended Feb. 8.
Stocks-
Indus. & Miscellaneous.
Acetol Products Inc A_ •
Acoustic Products corn._ _•
•
Aero Supply Mfg A
•
Class B
Corp com__ *
Agfa Ansco
jOil
Preferred
50
Ala Great Sou ord
50
Preference
•
Allied Pack corn
100
Prior preferred
100
Senior preferred
•
Allison Drug Stores A_
•
Class B
Alpha Portl Cement corn _•
Aluminum Co common_ _ _•
100
Preferred
•
Aluminum Ltd
•
Aluminum Mfrs com
100
Amer Arch Co
Amer Beverage Corp w 1 •
Amer Brit & Cont Corp..•
Am Brown Boyer!Elec Corp
•
Founders shares
100
Amer Cigar corn
100
Preferred
_ _•
Amer Colortype corn
Amer Corn Alcoholv t c 100
Amer Cyanamid cum el 1320
100
Preferred
Amer Dept Stores Corp..•
10
Amer Hawaiian SS
12%
3934
155
3%
5255
165%
105%
37%
1534
2155
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. bow. High. Shares.
Range Since Jan. 1.
High.
Low.
300 1734 Jan 23
2135
21
Feb 19
1434 19,100 12
12
Feb 43
400 40
40
4234
Jan 43
300 41
4234 4291
Jan 4334
700 36
3931 42%
300 7354 Jan 8234
81H
81
600 14451 Jan 161
158 161
620 15034 Jan 167
160 167
2
Jan
1
131 3,700
1
934
73.4 Jan
600
734 955
234
154 Jan
300
2%
234
431 Jan
73.4
1,100
534 535
5%
331 Feb
3% 454 2,900
5034 54% 2,800 5034 Feb 5435
Jan 189
2,200 146
165% 184
1,100 10355 Jan 106
10551 106
Jan 134%
200 117
128 132%
9,300 3255 Jan 41
41
37
200 4555 Feb4734
4534 45%
15% 21,300 1334 Jan 15%
15
2255
2054 2134 4,100 1955 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
854 Jan 12% Jan
10% 1134 5,600
11
Jan 14351 Feb
325 140
140 143%
140
Jan 112
Jan
25 112
112 112
112
Jan 49% Feb
46% 4651 4855 4,200 37
Jan 8534 Jan
2,700 78
85
83
83
Jan 80
Jan
5955 5955 7034 25,200 950
Jan 1P1
Jan
400 98
100 100%
Jan 24
Jan
2134 2251 15,100 20
22
Jan
2,700 20% Jan 32
2455 2434 26
Amer Laund Mach com •
Amer Mfg common_ _100
100
Preferred
•
Amer Meter
Amer Milling Co com_ __ 10
Amer Rolling Mill com _ _25
Am Solvents & Chem v t c•
Cony panic preferred _.*
*
Amer Stores com
5
Amer Thread pret
Amsterdarn Trading Co.American shares
Anchor Yost Fence corn....
Anglo-Chile Nitrate Corp..•
Apco Mossberg Co cl A _ _25
•
Apponaug Co corn
Armstrong Cork com......_*
Art Metal Works corn_ _.•
Associated Dye & Print_.*
Associated Laundries A_ •
Associated Rayon corn__ _•
100
6% preferred
Atlantic Fruit & Sugar...*
•
Atlas Plywood
Atlas Portland Cement_ _ _•
•
Auburn Automobile com.
Automatic Regis Mach .._ ..*
*
Cony prior partic
Aviation Corp of the Amer*
Axton-Ftsher Tob com A 10
Babcock & Wilcox Co_ _100
Bahia Corp common
•
Preferred cumulative_25
Bellanca Aircraft v t c___•
Manner's common
•
Blaw-Knox Co
•
Bliss( E NV) Co common...
Blumenthal (5) & Co corn •
13lyn Shoes Inc corn
10
Boeing A irpl & Trans corn •
Prof with warrants_ _.50
Bohn Aluminum & lirass_.
Borden Co,new w i
Brill Corp CIDas A
*
Class 11
•
Ennio Mfg common
•
Class A
•
Bristol-Myers Co corn_ _..•
-Amer Tob ord bear_£1
Brit
British CelaneseAmer deposit reed ptil.- _
Budd (E CI) Mfg corn _ __ _•
Bullard Co (new co)
•
Burma Corp Amer dep rcts
Butler Bros
20
Buzza Clark de Inc corn_ •
93
40%
6934
12155
26
9534 94
3534
37
5134 51%
8855 8335
3
75 89
93
425 3734
41%
100 69%
70
75 120
122
700 24
27%
9935 23,400 9355
3955 9,800 2655
5254 3,700 46%
4,700 88%
93
3
2.000
331
300 32
323.4 33
1,500 3634
3655 42
2,900 33
3335 42
100
8
8
8
1,000 65
65
65
65
250 61
61% 6134 62
5635 7,800 41
45
45
22
22
2755
700 2035
1335 2,400 12
13
700 2834
30
29
29
7655 7635 78% 1,700 7654
1
154 22,100
155
155
5,300 53
59
53
56
50
100 50
50
10
2.600 13054
139 149
143
8
13
1434 8.600
13
8,500 2751
27% 2834 29
5035 5034 55% 23,400 3234
1,200 3555
39% 3755 4355
3235
3634
3855
130
18
18
59%
4774
82
254
9454
76
111
9634
26
955
2234
10234
531
49
4834
x4
3434
Campbell Wyant &
Cannon Foundry
• 44
Canadian Indus Alcohol_ •
Carnation Mil Prod corn 25 4635
Carreras Ltd.Amer dep rents dB
Casein Co of Amer__ _100 230
•
Caterpillar Tractor
Celanese Corp of Am COM • 4355
100
First preferred
77 1st panic Pf
100
100
New preferred
•
Celluloid Co corn
*
First preferred
.
Centrifugal Pipe Corp _ _• 1055
Chain Store Stocks Inc__• 3834
•
Charts Corp
Checker Cab ktfg corn _ _ ..• 75
100 10355
Childs Co prof
Cities Service common _ _20 9531
100 97%
Preferred
I()
Preferred B
100
Preferred BB
City Machine & Tool coin • 3134
City Radio Stores Inc....* 2754
City Say Bank (Budapet)- 5555
Clark Lighter cony A. •
Jan 9554
Jan 4134
Feb 70
Jan a124
Jan 27%
Jan 105%
Jan 4055
Jan 55%
Feb 97
335
Feb
Jan 33
Feb4331
Jan 4534
Feb 1255
Jan 6534
Jan 64
Jan 5634
Jan 2755
Jan 13%
3554
Jan
Feb 8735
2
Jan
Feb 8055
Feb54%
Jan 149
15%
Jan
Feb2935
Jan 55
Jan 4334
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan 137
175 124
130 135
Feb2231 Jan
1,600 18
2034
18
Jan
15
700 1455 Jan
14% 1434
Jan 2334 Jan
16% 18% 6,400 15
Jan 6035 Feb
59% 6055 6,500 51
Jan
Feb42
100 41
41
41
Jan 5634 Jan
55% 14,500 46
47
8755 2,300 8054 Feb9454 Jan
82
Jan
2% Feb3
600
2% 234
8,400 8355 Jan 9831 Jan
9335 97
Feb
Jan 80
7931 3,400 70
76
5,900 10851 Jan 12334 Jan
110 119
500 9634 Feb9634 Feb
9655 0655
400 2535 Feb2834 Jan
2555 26
934 Jan
1034 Jan
100
954
934
Jan
Feb25
1,000 20
23
20
Feb
400 2635 FebI 27
26% 27
10134 10934 4,000 9234 JanI 10951 Feb
400 3034 Ja& 32% Jan
31% 32
555
47
48
4
3434
14
755 4,700
53j 3,000
5194 11,600
434 40,400
3735 4,400
100
14
413.4 4555
43
42
4655
42
8
224
7634
4334
115
115
9355
47
100
10
3834
3355
7455
103%
9151
9634
9
9255
3155
2755
55%
12
700
200
1,300
8% Jan
434 Ja
3435 Jan 53.55 Jan
Jan 5134 Feb
45
.5% Jan
Ja
4
3454 Feb4455 Jan
Jan
14
1734 Jan
39
40
42
Jan
Jan
Feb
Feb
8
500
8
Jan
1,250 180
260
100 72% Jan
7654
4534 9,000 4134 Jan
Jan
400 111
118
Feb
700 115
11534
200 9234 Feb
9355
Jan
300 46
47
Jan
300 100
10034
Feb
1074 3.000 10
4034 13.700 3834 Jan
1,100 3355 Feb
37
8634 64,800 4634 Jan
50 10351 Jan
10655
9535 107,100 8834 Jan
9755 3,000 9655 Feb
8% Jan
300
934
100 92% Jan
9235
Jan
2,600 31
33
1,500 2755 Feb
2955
Jan
800 54
5655
100 1134 Jan
12
46 34 Jan
43
Feb
47
Jan
8
267
82
5334
118
116
98
50
10055
13
4074
42
88
109
9555
9834
9%
93
3435
3054
5634
2434
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Clinch field Coal corn_ _100
Club Aluminum Utensil_*
•
Cohn-Hall-Marx Co
Colgate Palmolive Peet _ .. _
Colombian Syndicate
Commerz-Und-Priv BkAm deo rcts bearer shs...
Consol Automatic
Merchandising v t c_..•
•
$3.50 preferred
Consol Cigar warren ts _ _ _ _
Consol Dairy Products _ ...•
Consol Film Indus corn •
•
Consol Laundries
Cons Ret Stores Inc corn.*
5
Coon(W B) Co COM
_100
7% pref with war .
Copeland Products Inc
•
Class A with warr
Courtaulds Ltd Amer dep
rects for ord stk reg_ _ £1
Crock Wheel El NIfg com 100
Crosse & Blackwell
.
Pref with warrants _ _ _•
Crowley Milner & Co com •
Cuban Tobacco v t c_ •
Cuneo Press common_ _10
5
Curtis Mfg common
Curtis Publishing corn new
$7 cumulative preferred •
Curtiss Aeropl Exp Corp-5
Curtiss Flying Serv Inc __
14
14
2934 3355
39
39
7754
75
1% 155
4734 4734
31
75
134
100
2.300
100
2,500
7,900
100
* 34
Davega Inc
Davenport Hosiery Co _ -.• 27
Davis Dnig Stores allot etts
Deere & Co common _ __100 615
Be Forest Radio v t c___ • 2034
io
Detroit Creamery
"
Dictograph Prod
Durkler Hotels
Class A with warrant_•
Dixon (Jos) Crucible Co 100 168
• 35%
Doehler Die-Casting
• 16I54
Dominion Stores Ltd_
Donner Steel new corn. •
8% cum prior pref__100
• 2634
Douglas Aircraft Inc
Dresser (S R) Mfg class A • 48
934
Dubilter Condenser Corp..•
• 1654
Durant Motors Inc
•
A
Duz Co Inc class
Educational Pictures
8%Curl pf with war_ 100
Elec Shovel Coal par pref _• 50
Elgin National Watch_ _25
Evans Auto Loading el B 5 59
4734 Feb
4734 Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
1751
45
13%
5034
25%
19%
363.4
4334
,
9835
1,900
1534
Jan
1734 Feb
1634 1734
2255 23
235 285
45
2355
14
Feb
3355 Feb
Jan
45
8051 Jan
Jan
2
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
17
5434
5455
2031
4551
35%
119
115
3235
2335
High.
Feb
Jan
Feb
Feb
Jan
1234
33
934
41
18
17
3251
37
9855
14
35
10
4454
22%
17
32%
37
9834
56
Low.
14
2954
39
75
Ulf
15,600
15
7,200
3334
2.100
13%
5055 14,100
24% 45,100
18% 8,300
36% 6,200
1,200
3934
100
9834
1434
36
10
45
23
17
32%
240
Range Since Jan. 1.
200 21%
825 I2754
600 5234
56
5734 2,300 54
22
300 2051
200 44
46
35%
200 3534
500 115
12034
100 113%
115
46
38.000 2634
21%
51,20
25
Jan 2534 Jan
Feb
Jan 285
Jan 56
Jan 6234
Feb 25
Jan 47%
Feb3634
Jan 12034
Jan 121
Jan 46
Jan 25
Feb
Jan
Jan
Jan
Jar
Fet
Jar
Feb
Feb
3451 1,500 34
34
3,200 1834
29
27
57
100 5634
57
875 597
615 642
2055
2034 23% 45,70
200 4534
4951 49%
300 23
2351 2334
Feb3655 Jan
Jan
Jan 29
57
Jan
Jan
Feb
Jan 642
Feb2634 Jan
Jan 4934 Jan
Jan 2431 Jam
2254
200 22
22
120 160%
167 168
3,400 3535
3534 3734
300 15934
16134 164
27
3134 1.100 21
20 98%
102 103
26% 2851 26.200 25
4755 48
2,400 47%
8%
935 1155 10.200
1654 18
44,300 13%
5
500
5
434
Feb22%
Jan 170
Jan 42
Jan 165
Jan 32
Jan 103%
Jan 3054
Jan 4834
Jan
1134
1954
Jan
Jan
7
9100 9100
5834 5934
7155 7134
5755 6131
Fabrics Finishing com____• 243.1
535
10
Fageol Motors COM
Fairchild Aviation class A • 3134
100
Fajardo Sugar
•
Fandango Corp corn
Fan Farmer Candy Shops *
Fansteel Produets Inc____• 14
•
Fashion Park Inc corn
44
Fedders Mfg Inc class A.
Federal Mogul Corp_. •
Federated Metals tr ctf__• 34
Ferro Enameling cl A.....• 6955
Film Inspection Mach_ •
Firemen's Fund Ins__ _100
Firestone Tire A; R. com _10 222
100
7% preferred
Fokker Air Corp of Amer..• 24
Fonts-Fischer Inc corn..• 3734
Ford Motor Co Ltd
.
Amer dep rcts ord reg £1 16
Ford Motor Coot Can _100 628
• 3154
Forhan Co class A
Foundation Co
Foreign shares class A • 15
Fox Theatres class A corn.' 3034
Franklin (II H) Mfg corn ..• 31%
394
Freed-Eiseman Radio _ _ _ ....
French Line Amer she for
corn B stock _ _600 francs
8%
•
Freshman (Chas) Co
• 71
Gamewell Co corn
• 1855
General Alloys Co
General Amer Investors_.• 80
•
955
General Baking com
• 7355
Preferred
General Bronze Corp com • 5335
General Cable warrants_ _ _ 40
Gen Elec Co of Gt Britain
1534
American deposit rcts___
General Elee (Germany).
Gen'l Firepr f'g new com _• 33
Gen'l Laundry Mach corn • 2555
Gen Realty & Utilities pref 100
German General Electric
American dep receipts__
.
Gilbert(AC) Co corn _ _ _• 2354
C G Spring & Bumper corn* 14
Gleaner Comb Harvester.•
• 130
Glen Alden Coal
Goldberg(SM)Stores
• 1934
Common
57 pref with warrants..'
Goldman-Sachs Trading_ _• 22231
112
New when issue
Gold Seal Electrical Co__ _• 4151
•
Gorham Mfg corn
100 155
Preferred
Gotham Knitbac Mach..' 1335
Gramophone Co Ltd
Amer dep recta ord _ __CI
50
1,300
70
7.600
Feb
Jar
Jar
Jag
Feb
Jar
Jar
Jar
Jar
Jar
Jar
Jan p0755 Jar
75
Jar
5755 Jan 61
Jan 73
Jai
71
5734 Jan 6154 Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
2554
651
34%
124%
655
4054
2131
51
50
32
36
70
334
155
250
110%
2731
3834
Jar
Jar
Fel
Jar
Jar
Fel
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Jar
Jar
Fel
Jar
2055
1735 68,900 1535 Jan
16
1,330 626
Feb 818
626 638
Jan 33%
3054 3334 2.300 31
Jai
Jar
Fei
2434 2534 3,400 2355
531 654 2.600
554
34% 26,800 23
28
210 117
120 123
1,000
5
5%
5
200 3131
3435 4054
1355 1735 5,800 1134
100 44
48
48
1,100 4334
4351 45%
1,900 27%
31
3154
3355 34% 3,500 3334
400 6934
6935 6955
1%
100
3
3
2,600 127
13734 155
925 222
222 240
100 10355
10855 10335
2335 2735 14,500 1854
1,800 3755
3755 3734
16
2,500
14
3354 70.400
30
400
3355 34%
500
375
334
5434
8%
7055
17
80
934
7355
5355
38
57
974
71
19
83%
10
7534
58
45
800
19,600
1,000
2,500
1,300
51.700
10.800
26,900
5,500
19%
3534
3815
4%
Jai
Jai
4255 Jan
59
814 Feb 1234
70
Jan
7235
14
Jan 21%
7834 Jan 93%
934 Feb1074
7354 Feb7934
43 Jan
593.4
1754 Jan 45
Jai
Jai
Jar
Jai
Jai
Ja
Ja
Fe'
Fel
14
Feb
30
Feb
33
Jan
354 Feb
Jai
Ja
1554 1955 188,800 1155 Jan 2034 Fe
20 4134 Jan 49
210 220
Ja
3155 3355
3,700 3055 Jan 3551 Ja
27
25
9,700 25
Jan 2735 Ja
100 10034 6.000 100
Feb 10034 Fe
210 220
23
2451
1355 14
116 118%
130 1355
(
20 210
Feb 220
Fe
400 18
Jan
2551 Ja
9,200
755 Jan
1434 Ja
600 118
Jan 12434 Ja
1.800 11931 Jan 139
Ja
1954 • 1954
400 19
Jan 2274 Ja
83
88
100 86
Ja
Jan 88
13455 22254 319.300 11755 Jan 22254 Fe
11134 11234 6,800 1 1134 Feb 11294 Fe
3655 4154 28.400 23
Jan 4154 Fe
7755 7755
100 71
Jan 7954 Ja
15355 157
Fe
575 145
Jan 157
13% 1534 8,400 1355 Jan 16% Ja
75
7934
490
6234
Jan
79%
Ja
870
FINANCIAL CHRONICLE
[VeL. 128.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks 'Continued) Par. Price. Law. High. Shares.
Friday
Safes
Range Since Jan. 1.
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Law.
High.
Stocks (Continued) Par. Pike. Low. High. Shares.
Low.
High.
Granite City Steel corn...' 38
37
39
4,300 35%
40%
Nebel(Oscar) Co Inc corn •
01 AU & Pao Tea let p1100
2234 2614
500 21% Jan 2634 Feb.
11534 11714
130 115
Nerd Corp common
11714
• 26% 25% 28
Or Lakes Dredge&Dock100
4,800 2534 Feb 29% Jan
284% 265
110 28431
265
1st preferred
•
Greenfield Tap & Die corn•
73% 76
200 70
Jan 76
17% 1915
1,300 12
Feb.
19%
Neisner Bros common_
•
Greif (L) & Bros cora___ •
151 15934
700 142
Jan 15934 Feb.
1414 14%
200 1314
15%
Nelson (Herman)Corp__ _5 2534 2531 28
Preferred class X_ _ _100 95
1,200 24% Jan 26
95
Jan
95
100 95
97
Nestle LeMur Co class A
Griffith (D W)
27
27
100 27
Feb 27
1%
Feb
136
1,500
1%
13.4
Neve Drug Stores oom___• 10
174
Grigsby-Grunow Co new.• 150
10
10
100 10
Feb 13
150 177% 6,900 140
Jan
177%
Certlfs of deposit
Ground Gripper Shoe Co
816
8% 854
100
8
Jan 10
Jan
Newberry (J J)common--•
Common
12011 120%
• 33
100 118
Jan 125
32% 33% 2,400 27
Jan
3834
Preferred
100
$3 preferred
108 107
•
250 102% Jan 107
1,000 32
3614 38
Feb
38
New Mex dr Ariz Land_ __I
Guardian Fire Assurance 10 80
714
900
814 Jan
73-4 Jan
56
6411 2,800 59
69%
New Orl Gt Nor RR ___100
Habirshaw Cable& W emu.
31
32
1,100 29
Jan 32
39
Feb
800 22
43%
43%
Newport Co prior corn A 50 50
Hall(C M)Lamp Co__ • 2534
50
50
1,400 50
Jan 50% Jan
25
26
500 2334
26%
Newton Steel new
Hall(W F) PrInting_ .i0
• 71% 7011 78
1,800 68% Jan 7934 Ian
3044 3215
2,100 92911
35
N Y Auction corn A
• 22
Hanes(PH)Knit el B..... 14%
19% 2431 8,700 1914 Feb 24% Feb
1414 1544
400 14%
15%
NY Hamburg Corp_
50
Happiness Candy Si cl A.
48% 48%
200 483-4 Jan 50
AD
416 4% 4,300
415
414
5%
N Y Investors
48 4751 48%
Harrison Orange Huts-_• 3214 3214 3214
10,400 4731 Feb 48% Feb
100 32%
37
N Y Merchandise
• 40
Hartman Tobacco corn. _10 22
40
45
3,400 38% Jan 45
21
22
Feb
500 20
22
NY Transportation_ _10
Hart
-Parr Co corn
50% 5014
100 50% Feb 50% Feb
• 71% 7034 77% 6,100 63%
78%
Niagara Share Corp
• 41
834% preferred
41
4314 6,700 25
•
Jan 45
164 17154
Jan
200 14611
175
Nichols& Shepard Co.....
Haygart Corp
8034 8034 85
2,400 76
• 55% 48% 5714 51.500 46
Jan 90
Jan
5734
Niles
-Bement
-Pond com_• 218
Hazeltine Corp
218 234% 14,900 196
•
Jan 239% Jan
46
48
1,100 43
5031
Noma Electric Corp corn.' 2254 2211
Helena Rub'stein Inc corn • 21% 21% 23% 3,100 21%
23% 3,700 20
Jan
Jan 24
26%
N A Aviation Inc
• 16% 1611 17% 80,400
Hercules Powder corn. 100
425 425
19
1674 Jan
Jan
10 350
425
North American Cement... 1214 12
Common new
12%
200
•
104 130
936 Jan
200 9634
13
Jan
130
Northam Warren Corp pt_• 42% 42% 4311
Preferred
100 115
1,400 42% Feb 45% Jan
115 115
40 119%
121%
Northwest Engineering..' 45% 45
Hayden Chemical
48%
2,500 4334 Jan 4834 Feb
•
21
400 21
23%
24%
Novadel-Agne common...' 24% 2411 24%
Hires (Chas E) Co oom A •
500 2434 Feb 27
2434 25
Jan
1,000 2334
25
7% cum pref
100
Holt(Henry)& Co class A•
90
9011
200 90
24
24
Jan 004 1 Jan
800 24
24%
Ohio Brass class B
•
Hormel(Geo A)& Co come 5014 43
8931 89%
50 86
57
Jan 92
3,700 3334
Jan
57
011 Stocks Ltd
Horn (A C) Co corn
• 40% 4034 43
500 40%
47
Class A without ware..' 1834 16% 18
7% first preferred_ -50
45% 46
200 45%
19)4 Jan
4814
Class B without warr__• 1534 15% 1714 5,000 1451 Jan
Horn & Hardart corn.. •
700 15% Jan 17% Feb
60% 60%
100 59
6114
Ovington Bros partly pf__•
7
7
Housh'd Finance part Pf 50 50
731
200
49% 50
1,800 4951
614 Jan
7% Jan
5015
Huyler's of Del corn
•
28
28% 1,100 2534
32
Paramount Cab Mfg corn _• 3411 3431 40
7% Preferred
8,000 3411 Feb 4334 Jan
100 98% 9814 99
200 98
99
Park Austin & LlpsoombHYgrade Food Prod corn.* 4134 41% 4811 12,200 3411
49%
Partic pref
•
25
Imperial Chem Industries
25
100 24
Jan 25
Jan
Parke Davis & Co
• 5254 5114 5674
Am dep rcts ord shares £1
700 5154 Feb 5834 Feb
10% 1111 2,200 10
1134
Parker Pen Co common_10
51% 513-4
Indus Finance corn v t c_10 51
100 51
Jan
6,300 50
51
Jan 56
55
58%
Pander(D)Grocery cl A_ • 6114 5511 6254
.
Imperial Tob of Canada.1
500 60
Jan 64
Jan
11% 11%
100 1016
11%
Penney (J C) Co cora_
•
39814 412
7% cum preferred_ _100
1,500 336
Jan 412
90
250 88
91
Feb
91
Class A preferred_ __100
1003410134
Insur Co of North Amer_10 79% 77% 8434 3,400 7714
370 100% Jan 101% Jan
90%
Peoples Drug Storea Inc-•
77
82
Insurance Securities- -__10 31% 31
3,700 77
32% 15,700 30%
Feb 94
Jan
33%
Pepperell Mfg
100 11234 1123-4 1133.4
Internal Perfume corn..
180 11014 Jan 113)4 Feb
23
22
23% 2,000 22
24%
Pet Milk pref
100
11011 11034
Internal Products coin_ __• 1251 12% 13% 3,900 12%
100 110% Feb 114
Feb
1411
Phelps Dodge Corp__ _ _100 305
262 323
Internal Projector
7.350 19914 Jan 323
• 19
2,800 12%
17
20
Feb.
2014
Philippe(Louls)Inc A corn • 283-4 28
30
Internat Safety Razor B..• 40
900 26% Jan 30
2,100 40
40
Jan
41
48
Common B
• 27
27
27%
International Shoe corn_ _• 70
900 213% Jan 20% Jan
72
70
900 70
7316
Phil Morris Con Inc corn.
•
314 4
Internal Text Book__..100
4,900
3% Feb
21
50 20
434 Jan
2134
21%
Class A
25
9
974 4,000
Iron Fireman Mfg v t
814 Jan
9% Feb
30% 3031 32%
600 30%
33%
Pick (Albert), Barth & Co
Isotta-Frashini common... 1314
3.100 1314
13% 14
14%
Prat class A (panic pf)-• 18
%sena warrants
18
1916 2,800 18
Feb 19
Jan
20 180
180 170
185
Pie Bakeries of Amer A_ •
26
26
100 24% Jan 26
Feb
Piedmont & Nor Ry___100
Jackson Motor Shaft_
53% Jan 6834 Jan
•
45
800 33%
50
50
Pierce Governor Co
• 333-4 3334 3634 2,
Jaeger Machine
•
32
Jan 3811 Jan
50 377'
37% 37%
40
Pitney Bowes Postage
Jonas Air Naumburg corn..° 18%
2,700 18
18
18%
1831
Meter Co
• 4514
41
5131 12,400
3 cum oonv prof
• 54
2,400 52%
52% 55
55
Pitts & L Erie RR com_ _50 147% 14754 156% 1.400 15% Jan 51 34 Feb
Joake Bros com v t
145
Jan 156% Feb
• 4134 41% 4314 3,600 38
44
Pittab Plate Glass new....
69
72%
Karstadt(Rudolph) Am she 22
500 64
Jan 76% Jan
22% 6,700 21
21
2354
Potrero Sugar common__ •
65( 831
100
Keystone Aircraft corp..• 44
534 Jan
6% Jan
4214 49% 9,800 42%
50
Pratt & Lambert Co
• 8034 80
85
2.400 6314 Jan 85
Kimberly-Clark Corp com• 49% 49% 51% 4,500 49%
Feb
52
Procter & Gamble corn.
.l0 351
303 385
2,425 281
Kinnear Stores corn
Jan 385
• 4034 40% 42
Feb
900 36
47%
Propper Silk Hosiery Inc.• 38
38
3914
500 38
Certificates of deposit_ __
Feb 43
Jan
40
200 40
40
4854
Prudence Co 7% prat_ _100 10314 103 103%
125 102
Kirsch Co corn
Jan 10334 Feb
•
900 2814
32
32
33
Pyrene Manufacturing_ _10
834 8% 2,200
Preferred
714 Jan
100 3015
934 Jan
30% 3014
3014
Quaker Oats pref
115% 11511
100
60 115
Klein (D Emil) Co corn..• 26
Jan 120
Jan
25% 2714 1,800 24%
2834
Rainbow LuminousProd A• 6734 55
64% 18.700 47% Jan 65
Klein (H)& Co part pref 20 21
Jan
21% 1.800 19%
21
21%
Raybestos Co common_25 74
74
75% 2,500 8954 Jan 78% Jan
Knott Corp corn
•
500 32
3214 3334
3334
Realty Associates corn
•
480 496
90 469
Kobaeher Stores coin_
Jan 555
•
Jan
400 44
4914 51%
5116
•
New common
4816 48% 1,300 4834 Jan 563-4 Jan
Lackawanna Securities_ •
4431 45
300 43%
4514
Reeves (Daniel) common.' 41
4034 42
900 4034 Feb 4534 Jan
Lake Superior Corp_ _ _.100 29
3414 3,900 1614
29
4134
Reliance Mfg
49% 52%
400 48
Lakey Foundry & Mach--• 3334 33
Jan 5234 Feb
3411 4,800 30%
3511
Repetti Inc
5
920
1
1,000 65a
Land Co of Florida
Jan
1% Jan
• 10
400 10
10
13
10%
Republic Brass common __• 5034 5034 5316 4,400 42
Lane Bryant Inc
Jan 53% Feb
•
Class A
102% 110
2,200 DO
Common
Jan 110
Feb
200 75
81%
75
78
Republic Motor Tr v t c_.•
2
216
600
214
Larrowe Milling
Jan
23-4
•
28
32%
31% 1,700 28
Reynolds Metals common • 3731 35% 3834 2,100 3134 Jan 39% Feb
Lekourt Realty corn
Jan
400 31%
39
• 313.4 3154 34
Preferred
• 6431 6411 68
700 63
Jan 68% Jan
Preferred
300 3814
39
3814 38%
Rice-Stix Dry Goods
900 22% Jan 2431 Jan
2274 2214 23
Lehigh Coal & Nay
50 15654 15614 168% 7.500 150
172
Richman Bros Co
•
10 375
380 380
Jan 894
Lehigh Val Coal(new cur)
Jan
• 2434 2314 2414 6,600 23%
2614
Richmond Radiator com_• 1434 1214 1534 3,800 10% Jan
1534 Feb
Lehigh Val Coal Sales_ _50
200 45
50%
48% 4931
7% cum cony prat
1,300 29
35
30
•
Jan 35
Leonard, Fitzpatrick &
Feb
Ritter Dental Mfg com__• 48
1,200 47
48
5214
Jan 5336 Jan
Mueller Stores com____* 3034 30% 3151
400 30%
37
Ross Stores Inc
•
1,400 18
18
20
Feb 2914 Jan
Libby, McNeil & Libby_10
300
15
1311
1316 13%
Royal Typewriter com
97% 100
275 81
•
Jan 103
Jan
Libby Owens Sheet Glass 25 204
3,400 179
220
204 21514
auberoid Co
100 9434 94% 99%
1,000 9416 Feb 10874 Jan
Lit Brothers Corp
10
200 2216
23
26%
23
London Trust Syndicate
Sate-T-Stat Co common__• 2415
2434 2616 5,800 2354 Jan 29% Jan
Am dep rots ord shs regil
1,000 18
18
18
18
Safety Car Heat & Ltg_100 205
200 219%
750 157
Jan 22914 Jan
Mapes Consul Mfg
•
42
100 40
40
40
Safeway Stores
Marion Steam Shov corn _• 5134 50)4 54% 1,600 4834
56%
20 series warrants
600 600
50 600
Feb 828
Mavis Bottling Co of Am.•
Jan
8% 8% 16.500
9%
831
811
St Regis Paper Co
• 135
134 14516 14,200 127
Jan 14534 Feb
McCord Rad & Mfg el )3.0
31%
1,300 28
28% 2815
Preferred
100 10414 104% 10416
100 10414 Feb 107
McGraw-Hill Pub
Jan
• 45
49%
45
4654 5,400 45
Schulte Real Estate Co....' 32
32
3311 1,100 32
Feb 89% Jan
McLellan Stores class A..• 51
59
53% 2,000 5016
50
Schulte-United Sc to $1 Si• 2014
20
21% 1,400 20
Feb 26
Mead Johnson & Co corn.• 6534 65% 8614 1,200 61
Jan
6734
7% pref part pd rets_100
80
80
400 80
Feb 89
Meadows Mfg common_ • 2033 2014 24
Jan
5,800 20%
24
Schutter-Johnson Candy A
1314 13%
1315
200 1351 Jan
Mercantile Stores
1534 Jan
119%
200 10531
10514 10514 11011
Second Gen'l Amer Inv Co.
Merritt Chapman & Scott• 2811 28
2814
26% 2.100 26
Common• 3014 29% 32% 9.700
2814 Jan 3534 Jan
614% pref with war_100
300 100
100 100%
100%
6% pref with warrants_
116 11851 2,400 114% Jan 125
Mesabi Iron
Jo
•
234
23-4
214
3
254 3,700
Seeman Bros com mon __• 76
76
78% 1.
000 70
Metal ,k Thermit corn_ _*
Jan 80
Jan
25 150
175%
175% 175%
Segal Lock & Hardw corn.•
11% 1114
200 1134 Jan
Metropol Chain Stores._.
1311 Jan
6.100 74
80%
7931
• 7531 74
Selberling Rubber cora
•
55
58%
300 55
Matron 5 & 50c ERB el A- •
Feb 8574 Jan
716
100
73-6
7% 7%
Selected Industries cora-• 2774 26
31% 84.600 1834 Jan
Class B
4%
3134 Feb411
414 4%
100
4%
Allot ctfs lot paid
10215 101 105% 30.700 100
Preferred
Jan 106
Jan
100 7215 70
79
500 70
73
Selfridge Provincial Stores
Michigan Weal Corp
84%
•
600 62%
81
81
Ltd ordinary
Li 31516
316 3453 1.000
Mid-Continent Laund A.
3% Jan
31126 Feb
3454
900 34
34
34
34
Servel Inc(new co) v t c--• 1631
1611 1854 39.900 1411 Jan
Midland Steel Prod
Jan
19
•
600 9931
10811
100 102%
Preferred v t c
70
100
70%
300 81
Midvale Co
Jan 71% Jan
52
1,200 48%
•
5014 52
Beton Leather common
3014 32% 2,900 28
30/4
Mllgrirn (H)& Bros oom.• 5134
Jan 32% Jan
300 17%
18%
1714 17%
1714
Sharon Steel Hoop
50 42
37% 4454 4.900 8534 Jan
Miller (I) & Bons cm_
39
4351
4436 Feb
4234 1,200 39
39
Sbeatter(W A)Pen
57
• 57
60
2,300 5734 Feb 6334 Jan
Minneapolls-Honeyweli
Sherwin-Wm, Co com__25
87
87
100 87
Regulator common....' 81% 61% 64% 2,600 5534
Feb 88% Jan
67%
Sikorsky Aviation com___• 40
34
44
21,400
Mock,Judson Voehriner •
Feb
36
1,600 28
36
34
Silica Gel Corp com v t a_ _• 2614 2614 27% 3,800 2036 Jan 44
Monroe Chemical Co corn • 3434 24% 26%
2334 Jan
28,4 Jan
27
1,100 24
Silver (Isaac) & Bro
69% 74% 3,200 6934 Jim
•
Montecatini Min & Agri
7434 Feb
Preferred
118 118
150 115% Jan 120
Warrants
Jan
6%
534
5
5,31 614 12,300
Simmons Boardman
Moody's Inv part pref....,
• 48
52%
48
49% 1,500 48
Publishing $3 pref
150
5114
•
Moore Drop Forge Cl A_ •
6
00 50
Feb 5234 Jan
'45
100 68%
70
70
Singer Mfg Ltd
7% 8% 1,200
£1
734
Murphy(0 C) Co com___• 8034 79
834 Jan
Jan
83
500 77%
80%
Skinner Organ
42
•
42%
300 40
Muskegon & Specialties A.
Jan
91492411
3214
200 32
3214
32
3234
Smith (A 0)Corp com •
179% 18534
570 179% Feb
Sala Viscosa
200 lire
511
400
Nat Aviation Corp
63.4 Jan
Jan
• 70
7234
70
7234 21,100 8311
Sonatron Tube common...• 36
38
433.4
1,900 33
Nat Baking common
•
531 Feb.
Jan 43
8
5%
5% 531 1.400
South Coast Co common.'
2611 2611
Nat Bankserviee Corp....' 69
200 26
Fob
Jan
75%
69
72% 2.400 69
Southern Asbestos
• 4234 4034 49% 17,100
Nat Belles-Hess new corn.' 68
9
4294 Jan
Feb.42631
82
68
72% 4,400 6511
Sou Groc Stares common_'
28
29
Nat Dairy Prod prof A-100
200 2134
29
10654
10 103
Class A
•
34% 35% 1,800 3254 Jan 3514 F b
Nat Family Stores com___• 4114 10534 10534 65,900
Feb
Jan
4854
39% 48%
3034
Sou lee de Uttl com A.-..• 143-4
1414 14%
300 1434 Feb 17% Jan
Preferred with warr__25 42%
48
6,800 321i
4231 48
Common class B
153-4
15
1554
Nat Food Products
900 15
Feb 17% Jan
Southwest Dairy Prod--• 1534 15
17% 4,800 1234 Jan 2991
Class A with warr
•
an
37
36
400 3314
36%
Preferred
100 9914 9914 9915
• 11
600 9934 Jan
Class B
Jan
12
11
2,400 11
11%
Southwestern Stores coin.* 2534 25% 27% 3,400
Nat Mfg & Stores
2434 Jan 28
•
2841 j
Jan
an
4014
35
300 35
36
Preferred series A
26
213%
• 2614
Nat Rubber Machinery..' 35% 35%
500 26
Jan
41%
Spalding(AG)& Bro cora• 318
3711 4.900 35
318 342
Nat Screen Service Corp.' 28
290 2
8534 J1111
34%
28
500 28
29%
New
65
85
6951
• 48
1,800 65
Nat Sugar Refg
Feb
48
5551
5414 3,400 45
Span & Gen Corp Ltd__ _Ei
414
454 534
7,800
National Tea new corn...* 8554 85% 87
43-4 Feb
90
1,300 85%
Sparks-WithIngton Ce.._.• 15931 156 178
2,800 156
Nat Theatre Supply eam_•
1473
8
:i
7
j il
Jaa
jj
Feb 363:
12%
954 10% 1,900
8
Spencer Kellog & Sons new 43
42% 44% 2,800 4034 Jan
National Tile
•
3854 38%
37%
100 36
Spiegel May Stern Go
Nat Trade Journal Inc...'
3034 31
34%
600 29%
634% preferred
100 94
92% 98% 2.600 86
Jan 9814 Feb
.50
53.4
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Squibbs(E It).4 Sons__ __•
Stahl-Meyer Inc com____•
Standard Investing com_..•
Standard Motor Constr.100
Stein-Block Co corn
Stern Bros class A
ClassB vtc
Stetson (J B) Co
-Warner (new corp)
Stewart
Stinnes(Hugo)Corp
Strauss (Nathan)Inc corn *
Stromb-Carl Tel Mfg_ _ _ .•
Stroock (81).4 Co
•
Stutz Motor Car
•
Swift & Co
100
15
Swift International
SYIELC Wash Mach B corn.*
871
FINANCIAL CHRONICLE
FEB. 9 19291
56
4755
38%
3%
14
45
46
15
94
94
66
66
11
11
32% 30%
30
30
61% 5435
18
18%
135
135
33% 3334
20
21
Taggart Corp common_ _.•
Tennessee Prod Corp corn •
Thermoid Co w 1
Cony preferred
Thompson Prod Inc Cl A_ _*
Thompson Starrett pref._
Timken-Detroit A xle._ _10
100
Preferred
Tishman Realty & Constr •
Tobacco & Allied Stocks...*
Tobacco Products Exports*
Todd Shipyards Corp.
Toddy Corp class A
•
ClassBvte
2,,
"
*
Torrington Co
Trans-America Corp
Transcont Air Transp___.•
Trans
-Lux Pict Screen
•
Class A common
Travel Air
•
'Fri-Continental Corp corn •
6% cum pref with war100
Triplex Safety Class
Am rcts for ord sh reg...
Trunz Pork Storm
•
Tubize Artificial Silk Cl B_*
Tulip Cup Corp common_•
Tung-Sol Lamp Wks coin.*
Class A
•
57
4754
42%
3%
55%
29
90%
61%
20%
10731
54%
3
131%
25%
400
57
400
48%
3,100
43
356 7,400
100
14
400
46
15
200
25
94
72% 3,100
3,500
12
36% 8,100
34% 4,500
63% 16,500
21% 3,500
136% 2,20
34% 10,90
1,60
22%
4951 59%
25% 27
30
25
90%
90
60% 66%
5515 57%
2955 31%
107 107%
55% 60
5435 55%
3
3%
64
65%
30% 3135
12
12%
78% 7835
130% 133%
2455 26%
Range Since Jan. 1.
Low
Ii igh.
Jan 82
Jan
46
45% Jan 53% Jan
37 /Jan 43 lyeb
456 iJan
351 Jan
Feb
14
14
Feb
Jan 46
Feb
45
Jan
15
Jan
15
94
Feb 100
Jan
Feb 72% Feb
66
12
Feb
935 Jan
2855 Jan 3655 Feb
29
Jan
3455 Feb
4555 Jan 61% Feb
Jan
18
Fe
34
135
Feb 139% Jan
33% Feb 3755 Jan
20
Fe
23% Jan
24,700 4316
1,600 24
15,200 25
400 90
13,300 46
2,400 5534
8,000 2954
370 107
1,900 49%
4,100 5456
3
900
1,200 60
300 28%
1,000 12
100 78%
21,800 12915
35,900 24%
Jan 59%
Jan 27
Fe
30
Feb 90%
Jan 6951
Feb 58%
Feb 3655
Feb 108
Jan 64%
Feb 55%
Jan
3%
Jan 7655
Jan 3134
Feb
1434
Feb 85
Jan 13335
Feb 30
5%
5355
30
105
11
11%
58% 56
31% 30%
105
105
12% 69,70
2,60
6035
n35 105,70
107
21,60
2915 2834
58
58
495
490%
11%
12
17% 17%
25% 2535
Mi 18,200 22%
6,500 5335
60
680 490%
50534
500 1015
1251
1,600 15
18
1,100 25%
26
Union Aircraft & Transp_ _
6% cumul pref
Union Amer Investment-•
Union Tobacco
United Biscuit class A-- _*
Class B
•
United Carbon v t c
Preferred
100
*
United Milk Prod corn...°
7% turn preferred.. A00
Unit Piece Dye Wks corn •
100
634% preferred
United ProfItShare coot..•
United Shoe Mach tom 25
U S Asbestos
U S Dairy Prod class A_ •
S Finishing corn
io0
US Foil class B new
•
U dr Foreign Sec nom_ ...•
•
$6 Preferred
U S Freight
•
US Gypsum common.
.20
U S Radiator common_ _ _*
Common v t c
U S Rubber Reclaiming_ _•
Universal Aviation
•
Universal Insurance... _25
Universal Pictures
Van Camp Milk pref _ _100
Van Camp Pack new corn _•
New preferred
25
•
Vogt Mfg Corp
Wahl Co common
•
Waitt & Bond class A _ ..•
Class B
Walgreen Co common _.•
Warrants
Walker(Hiram) Gooderham
& Worts common
•
Watson (John Warren)Co•
Wayne Pump common
•
Wester!' Auto Supply CIA'
West Point Mfg
100
Westvaco Chlorine Prod_ _•
Wheatsworth Inc com„ •
Wheeling Steel com
_100
Preferred A
100
whiteniglas Inc cow...,.'
Widlar Food Products_ _•
Wilcox-Rich corn 11
•
Preferred A
•
WIlliams(R 0)& Co Inc_*
Williams 011-0
-MM Heat.*
Wil-Low Cafeterias w I. _
Winter (Ben)) Inc corn,.*
Wire 5v heel Corp COM new.
Wolverine Port'Cement AO
Woodworth Inc common _•
Worth Inc cony class A. •
Yellow Taxi Corp
•
Zenith Radio now
Zona° Products Corp corn •
91%
75
65
17
72%
32
0
15rt
16%
79%
10
4934
61
9334
105
63%
5655
18
25
74
3255
33%
3315
22%
2534
80
85
10
57
135%
70
25%
45
36%
25
14%
3255
54
3415
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Public Utilities(Cond.) Sale
Par. Price. Low. High. Shares.
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
1255 Jan
Jan 61
Jan
Jan n35
Feb
Jan 107% Jan
Jan 3334
Jan 60%
Feb 595
Jan
12%
Jan
19
Jan 2755
Feb
Jan
Jan
Jan
Jan
Jan
10,300 91% Feb 97
9155 97
Fe
80
2,500 75
80
75
7255
70%, 2,600 5834 Jan
65
2,400 163.4 Jan 20
16% 17%
Jan 74
7,800 63
74
67
32
34% 8,200 26% Jan .1434
Jan 6234
5655 62% 6,500 46
Jan 96
800 92
95% 96
600 15% Feb 21
16% 17
Jan 80
79% 79%
300 75
102% 108%
800 10234 Feb 114
100 10455 Feb 106%
104% 104%
Jan
10%
900 10
10%
10
80
83%
700 74% Jan 85%
50
50%
500 47% Jan 51%
1,200 4834 Jan 50%
4915 5034
Jan 93
400 90
93
91
Jan 68%
57
5,70
5734 66
5954 Jan 65%
59% 64% 9,70
9351 Jan 9555
93% 94%
1,00
91% Jan 108
17,80
100 108
73
5,000 62% Feb
68
63
1,800 43% Jan 6231
56% 59%
Feb 54
1(10 54
54
54
Jan 24%
600 16
19%
18
2551
22% 25% 65,400 17% Jan
300 72% Jan 75
75
74
24%
100 16% Jai
18% 18%
100
28%
2954
3256
300 100
100
32% 13,800 28
3,500 28
3354
4,000 28
34%
500
2355
800
2631
1,500
20%
85% 10,000
62% 1,360
Amer Superpower Corp A•
•
Class B common
100%
First preferred
92%
Convertible preferred
Arizona Power corn._..100 3834
Ark Pow & Lt 7% pref_100 106
Assoc Gas 66 Elec class A..• 5634
170
Warrants
100 1055
Brooklyn City RR
Buff N lag dr East Pr com• 76%
• 6215
Class A
25
Preferred
_100
Carolina Pow & Lt pref.
Central Pub Fiery ci A_ __.• 4155
16%
Cent AU Seri/ States v t cCent States Elec common.• 135
6% pref without warr_-. 8435
6% pref with warr.100 10856
Convertible preferred.-- 112%
27
Warrants
Compania Jispano Americana de Electricidad A
Amer Sits for E Stock.........
Cities Serv P & L 7% pf.100
•
6% preferred
Columbus Elec & Pow-- •
.100
Com'w'Ith Edison Co.
Com'w'Ith Pow Corp pr.soo 101%
Cons G E I.& T Balt com.• 9955
ContlnG&E7% pr pf _100
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan 101
Jan
Jan 32% Feb
Jan 33% Feb
Jan 3451 Feb
22% Feb
Jan
25
20
Feb
80
Feb
68
Jar.
2655
26%
2255
91
65
Jan
Feb
Jan
Jan
Jan
Jan 93%
84% 93% 100,700 80
935 Jan 1435
10% 3,200
10
Jan 32
700 28
30
30
2,400 46% Jan 5954
54% 57
Jan 140
60 135
13554 137%
47% Jan 75
70
74% 12,50
Jan
59
200 55
5554 55%
400 s9I 34 Jan 100
96
9631
300 13135 Jan 141
135 141
14% Jan
18
15% 1654 2,90
25 .+3 Feb 2831
1,20
25% 25%
46% 47% 2,900 4255 Jan 47%
4355 Jan 49%
45
4955 8,60
36% 41% 8,200 3554 Jan 4156
Jan 29%
100 22
26% 2611
Feb 25%
25
25
25% 5,30
1634
14
15% 10,800 12% Jan
43,200 29% Jan 36
3255 36
5% Jan 17
300
7
7
Jan 43%
600 37
37% 4634
100
7% Feb
7%
1151
800 18% Jan 21
19% 21
Jan 61%
51
61% 12,300 50
2,100 31% Jan 44%
34% 36%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
22%
2555
20
80
5835
Rights
Amer Comin'l Alcohol- _
_ 50c. 50c.
Amer Cyanamid
23%
Amer Roiling Mill
255
151
Am States Securities el A_
2
1%
B
Clam
Amer Superpower w 1 .
1351
12%
Borg-Warner Co
Cities Service
2%
14
Flat
1415
Golden Center Mines
15c
10e.
Loew's Inc
34
34
Middle West Utilities
634
6%
Monsanto Chemical
851
Northeru States Power_ _ _ _ ______ o835
Warner Bros
434
4
White Sewing Mach deb rta 10
10
3,300
134
24% 3,500
2% 76.100
50,300
11,000
4
17% 70,300
100
234
83,600
3
17% 42,800
35c. 65,000
1,700
42%
3,000
851
10
834
955 11,000
555 217,900
2,100
12
50c Feb
1355 Jan
Feb
156 Jan
156 Jan
11% Jan
2% Feb
Jan
2
1415 Jan
100 Feb
Jan
28
Jan
6
8% Feb
Jan
6
4
Jan
Feb
10
2
26
211.
3
4%
21
3
17%
1
44
815
8%
11%
555
14%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan 27%
Jan 37%
Jan
10%
Jan
76%
Jan 192%
Jan 109%
Jan 25936
,
Jan
18%
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Public Utillties
25% 27% 21,300 22
Am Com'w'Ith P corn A • 26
Common B
• 32
5,200 26%
32
34
Warrants
954
8
955 1055 8,300
63,100 5254
Amer & Foreign Pow warr_ 67
6551 75
15,200 z128
148% 162
Amer Gas & Elea corn.... 151
• 106% 106% 10651
500 106
Preferred
2,18 216
248 25955
Amer Lt & Trae com....100 248
• 17%
1715 18% 9,100 17
Amer Nat dias corn v to..
100
Duke Power Co
East States Pow B nom.--•
Edison Gen Elec (Ital)_
Elec Bond & Share pref _100
Elec Bond tic Share Secur_•
Elec Invest without war__*
Preferred
Elec Pow & Lt 2nd pf A...
Option warrants
Empire G & P8% pref_100
7% preferred
Empire Pow Corp part stk*
Engineers Pub Serv war
Federal Water Serv cl A __*
General Pub Serv corn_ -•
•
7% preferred
Georgia Pow $6 pref new.
•.
Internat Utll class A
Class B
Participating preferred
Warrants
Italian Super Power
Warrants
Long Island Light corn. •
100
7% Preferred
Marconi Internat Marine
Commun Am dep rcts-Marconi Wirel T of Can_ _1
Marconi Wireless Tel Loud.
Class B
Mass Gas Co's com____100
Middle West Utilcom--•
100
Prior lien
•
6% preferred
Mohawk & Hud Pow cam*
•
1st Preferred
•
2nd preferred
Warrants
•
Municipal Service
178
48
245
107%
100%
38%
9755
5515
2915
x59%
37%
122 12755
122 12754
100 10054
92% 9254
33
38%
100 106
5711
56
110% 178%
10% 1055
70% 77
61% 67
26% 2614
105 105
41
4354
13
17%
133 13755
84% 8756
108% 120%
112 115
32%
26
10,600
1,500
1,000
500
2,400
40
70,700
9,040
20,000
16,100
4,900
900
50
10,700
91,500
1,200
2,200
2.200
2,200
2,000
107
107
9655
71
244%
10251
10451
104
100
100
300
200
100
1,000
3,300
2
107
107
96
71
225%
10155
9955
104
Range Since Jan. 1.
Low.
621(
68
9955
8934
28
100
4931
52%
8
7035
4935
2655
105
35
13
116
84
10356
97
1935
22%
731
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jam
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
210
5855
49%
10956
274%
124
10031
10256
46%
110
9854
59
35
63%
44
n205
106%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan 49
47% 2,400 44
Jan
20% 71,900 1554 Jan 22
200 96
Feb 100
96%
Jan
451 Jan
10
Jan
11
5,300
17% 21,800 1155 Jan
1854 Jan
555 Jan
12% 8,900
Jan
15
Jan 67% Feb
67% 20,200 49
20 10854 Jan 109% Feb
109%
sissi
Jan
Feb
28
10%
Jan
Jan
2156 25,000 1851
150 132
132
500 170
18334
50 12256
12255
100 100
101
1.500 55
68
450 107
107%
75 107
107
1,400 24%
34%
2754 4,400 25
Jan
Feb
Jan
Fe
Jan
Jan
Jan
Feb
Jan
Jan
22%
138
189
12354
102
71
110%
110
4556
28%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
22
26% 12,100
754 8% 33,900
1851
132
175
12235
101
101
64
107
107
34% 28
2655 26
18%
175
134%
133
100%
94
3851
106
58%
17814
11%
7935
7235
2654
105
44%
17%
13954
87%
122
117%
40
Feb 107
107
Feb
Feb 10735 Jan
107
Feb 96% Jan
96
Jan 7234 Jan
64
Jan 258
Jan
215
10156 Jan 103% Jan
91% Jan 112
Jan
Jan 10451 Jan
103
425 155
178 18755
48
58% 18,100 43
500 45
49
4955
400 108
109 109%
22131 254 134,700 10734
104 120% 41,400 7735
500 99
100 100%
10055 102% 2,100 9955
36% 4535 15,100 2834
100 109
109 109
1,600 9755
'
97% 98
43,200 43%
5355 59
33% 2,600 26
29
5854 6355 25,700 57
37
43% 15,800 27
2 8205
n205 n205
100 100
106% 10634
4551 45%
18% 17%
96
96
8%
8%
15
15
10%
11
53%
64
10955 10934
High.
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan 3755 Feb
300 35
3715
35
Nat Elec Power class A . 35
800 10755 Jan 109% Feb
108 109%
Nat Power & Lt prof
Feb
4,000 24% Jan 26
26
25
Nat Pub Serv corn class A•
Jan 32% Feb
200 30
• 32% 3255 3235
Common class B
Jan
375 112% Feb 114
Y Telep 64% Pref__100 113% 112% 113%
1834 Jan
1,800 13% Jan
13
16%
13
Nor Amer Util Sec corn_.
300 9555 Jan 9554 Jan
95% 9534
1st preferred
Northeast Power nom__ _ -• 52% 5211 61% 88,000 4915 Jan 61% Feb
Nor StatesP Corp corn _100 15215 152 157% 5,400 13635 Jan 16935 Jan
100 10851 Jan 10934 Feb
10931 10951
100
Preferred
Feb
Feb 104
50 104
104 104
Ohio Power 6% pref
200 110% Jan 111% Feb
111 111%
Oklahoma Gas & El pref
Feb 2855 Jh
Pacific G & E 1st pref-25 2651 26% 2755 1,200 27
Jan 7131 Jati
6,200 55
• 6335 63% 70
Penn-Glue Ed corn
110 104% Jan leo% Jan
105 105%
7% prior preferred__101
Jan
40 9355 Jan 96
94% 94%
66 preferred
Jan 46
Jan
44% 2.900 32
38% 38
Option warrants
Jan
100 1931 Jan 22
22
22
•
Penn Ohio Securities
23% 24% 2,200 22% Jan 24% Jan
Pa Gas A- Elec class A.-_.*
50 98% Jan 99% Feb
9931 9951 99%
Penn-Ohio Power $6 prefJan 110% Feb
200 108
10931 11055
•
Penn Pr & Lt 67 pref
Feb 103
50 103
Feb
103 103
66 preferred
Jan 101
Jan
700 64
9535 95%
Penn Water dr Power....
Jan
el A _ - 5255 5214 5335 3,700 47% Jan 55
Peoples Light dc Pow
2,475 9755 Jan 122
Feb
112 122
Power Corp of Can com__• 114
Jan 68
100 65
Jan
67
67
Power Securities pref_ -•
Jan 99 Pan
70 98
98
98%
Puget Sd P&L 6% prof.100
Radio Corp of Amer
7434 75% 58,700 7234 Jan 77% Jan
7455
New class B pref
400 29% Feb al% Feb
2934 29%
R 1 Pub Serv $2 pref ____•
Jan 49
2,600 41
Jan
46
Rochester Central Power.. 4454 44
Jan s89
100 86
Feb
s89 s89
ShawiniganWater Sr Pow_*
Jan 6234 Feb
Sierra Pacific Elec corn _100 59% 5751 62% 7,300 51
Jan
Southeast Pow & Lt corn_• 7755 7735 8835 25,300 7134 Jan 90
1,200 87% Jan 98
8934 98
Feb
Participating preferred _•
300 106% Feb 10755 Jan
10656 106% 10634
S7 preferred
3655 4454 21,800 27% Jan 4734 Jan
.
Waffle to pur cornstk _ 37%
200 28% Jan 30
Jan
Sou Calif Edison pref A.25 2951 2934 2934
26% 2634
800 26% Jan 2634 Jan
25
II
Preferred
200 24% Jan 2651 Jan
2455 2434
25
534% preferred C
25 8256 Jan 87
87
87
Jan
Sou Cities ULU prat_ _ _100
1,000 2415 Jan 26
26
25
Feb
Sou Colorado Pow Cl A..25
100 118% Jan 120
11974 11955
Jan
bou'west Bell Taint/ IV-100
50 68% Feb 68% Feb
So West Power & Light.-- 68% 68% 68%
100 109% Jan Ill
11035 110%
Jan
Stand Gas& El 7% rd--100
64
70
3,700 4955 Jan 70
Feb
Standard Pow & Lt com_25
200 102% Jan 10455 Jan
103 103%
•
Preferred
200 97
98
9855
Jan 9855 Jan
Swiss
-Amer Else prof.....
3,000 6454 Jan 79% Jan
• 71% 7155 78
Tampa Electric Co
10815 10855
20 108% Feb 10834 Feb
Toledo Edison 7% pref _100
103 103
60 103
Feb 103
Feb
6% Preferred
36
36%
300 36
Jan
Feb 39
Union Natural Gas Can... 36
3% 4
52,800
254 Jan
4
Feb
United Elec Seri warrants_
,
Jan
Jan 39
United Gas when issued- 33% 3354 3836 68,300 25
173 19055 51,700 161% Jan 19554 Jan
United Gas Improveml_50 176
31% Jan 43% Jan
United Lt & Pow coin A _ _• 3655 3634 4155 104,60
49%
1,200 32
4754 45
Jan
Jan 50
Common class B
200 97
97% 9751 9934
Jan 100% Jan
Preferred class A
600 55S§ Jan 5755 Feb
56
57%
•
PreferredB
Jan 4451 Jan
UM Pow & Lt class 13.- • 40% 4034 4335 5,200 37
30
34% 2,100 18% Jan 35
30
Jan
Utility Shares corn
200 105
Jan
105341053'
Jan 107
Western Power pref-- -100
ioi
•
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil(vot sit) £1
Vet elk etre of dep
Non-voting shares__ £1
Non vol MU of dep
16
1555
15%
1555
1435
15
16%
16
16%
15
7,200
200
1,300
600
14% Jan
15
Jan
14% Jan
1434 Jan
16%
16
16m
15
Jan
Feb
Feb
Feb
72
FINANCIAL CHRONICLE
Sales
Former Standard 011
Last Week's Range for
Subsidiaries
ofPrices.
Week.
Sale
(Concluded)
Par. Price. Low. High. Shares
Borne-Scrymzer Co_ _ __I00 46
46
Buckeye Pipe Line
50
70
Chesbrough Mfg
'25
142
Continental Oily t c____10 21% 20%
Cumberland Pipe Line. 100
70
Eureka Pipe Line
100
69
Galena Signal new pref_100
90
Old prof
100
83
Humble Oil& Refining_ _25 0251 91%
Illinois Pipe Line
100 299
299
Imperial Oil(Canada) cou• 94
94
Indiana Pipe Line
50 82
82
National Transit
_12.50 24% 23%
New York Transit
100
80
Northern Pipe Line
_100 op
60
Range Since Jan. I.
Low.
High.
100 40%
46
71
400 67
143
200 140%
23% 219,500 1755
74
550 62
150 65%
70%
30 80
90
85
130 80
94
15,300 9155
500 285
305
97% 5,300 94
1,300 8431
87
25% 7,000 2256
81
100 72
100 60
60
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
46
74%
144
2334
74
7035
90
85
105%
311%
103%
90%
25%
85
63
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
IlJan
Jan
Jan
Jan
Ohio 011
25 65% 65
5,100 64%
69%
Penn-M ex Fuel
25 36
36
43% 1,800 3434
Solar Refining sew
50
200 50
50
South Penn 011
2,5 64% 63
65%
1,500 63%
Sou West Pa Pipe Lines 100
70
70
150 68
Standard 011(Indiana)
.25 92% 0051 102 367,900 65
Standard OH (Karisa0 _ _25 19% 19% 19%
1,800 18
Standard 011 (14y) new... 40% 40
44% 20,400 3951
StandardOil(Neb)
25 47% 45% 49% 2,700 45%
Standard 011(0) cam_ _25 115
115 124%
900 115
100
122 122
Preferred
30 11634
Vacuum 011new
11,400 10555
117% 117% 123
Jan
Jan
Feb
Jan
Van
Jan
Jan
Jan
Feb
Jan
ran
Jan
7451
4434
50
69%
70
103%
2134
45%
4934
12455
122
130%
Jan
Feb
Feb
Jan
han
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Other 011 Stocks
Amer Contr Oil Fields_ _ _1
Amer Maracaibo Co
5
Argo 011 Corp
10
Arkansas Gas Corp com__•
10
Preferred
Atlantic Lobos 011com_ •
•
Preferred
British Amer Oil Cott_
•
Carib Syndicate new corn._
Colon Oil
•
Consol Royalty 011
1
Creole Syndicate
• •
Crown Cent Petrol Corp •
625
6%
4%
8%
351
11
8
955
131
65c 34,300
60c
6% 735 13,400
255
256
900
434 4% 3,200
8% 8%
1,400
2%
2
1,000
3% 4
300
55
56
100
331 335
2,300
11
12% 6,600
8
8% 5,500
9% 10
18,300
151
3,500
600
5%
234
3%
8
2
3%
53
355
11
631
9%
151
Janl
Jan'
Jan
Jan
Jan
Jan!
Feb,
Van'
Jan'
Jan
Jan'
Feb,
Feb'
1
1
720
Jan
855 Jan
Jan
5
Jan
8% Jan
2% Jan
4
Jan
Jan
62
4% Jan
15
Jan
8% Jan
11% Jan
131. Jan
Darby Petrol Corn
25% 3,700 24
21
Feb 26
• 24
Derby 011 A: Ref coin_ _ _•
5
Jan
2
334 3%
200
3%
Preferred
25
25%
•
200 20% Jan' 27%
Gulf 011Corp of Penna_25 145
145 153% 10,100 142% Jan,' 167
Homaokla Oil
755
44 555 4,300
% Jan'
5
Houston Gulf Gas
• 18% 18% 20%
3,300 1834 Jan 22
Preferred A
95
95
Feb 95
200 05
95
Intercontinental Petrol_ _10
1% 2% 18,400
2%
1% Jan
134
International Petroleum_ _• 53% 5354 60% 23.700 504 Jan 65%
Kirby Petroleum
1% 2% 2,300
•
131
1% Jan
3%
Leonard 011Developm't _25
5
5
Jan
5
5% 2,900
555
Lion 011 llefg
30
• 30
Feb 3355
32
1,300 30
Lone Star Gas Corp_ _ _25 7351 73
7431 1,300 67
Jan 74%
Jan
Jun
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jun
Feb
Magdalena Syndicate_ _
Margay 011
•
Mexico-Ohio Oil Co
•
Mo Kansas Pipe Line
Mountain & Gulf Oil
1
Mountain Prod Corp.-10
Jan
Jan
Jan
Feb
Jan
Jan
80c
5
24%
1%
20
72c
85c 11,400
33
33
100
535
5
SOO
23% 26% 49,800
155
3,900
1%
19
20
7,200
27%
600
Jan
33
Feb
354 Jan
15% Jan
Jan
19
Jan
1%
3834
5%
26%
1%
2135
Jan
26
4% Jan
355 Jan
18
Jan
Jun
27%
5
Nat Fuel Gas new
•
New Bradford Oil
5
New England 011
•
N Y Petrol Royalty
North Cent Texas Oil_ _ _
26%
Pacific Western Oil
•
Panden 011 Corp
•
Panetpec Oliof Venezuela•
Pennock 011 Corp
•
PatIOICUrn (Amer)
Plymouth 011
1855
2
8%
3456
26%
25
Red Bank Oil
Reiter Foster Oil Corp...
Richfield 011 pref
25
Ryan Consol Petrol
•
Salt Creek Consol Oil_ _10
Salt Creek Producers_ _.10
Savoy OH
Superior Oil B warrants_
13
12
13
700 12
Jan
5
655 .5,700
5
7%
Feb
24% 24%
700 24% Jan 25
8
951 4,800
8
Jan 11
831
5% Jan
5%
555
551
600
555
2356 2231 24% 15,900 22
Jan 25%
1%
1%
1% Feb
100
250 250
Feb 250
1 260
Taxon Oil & Land new ,w 1
Tidal Osage 011 v t stock.*
•
Non-voting stock
Transcont 0117% pref.100
Venezuela Petroleum_ _. _5
Woodley Petroleum CorP_25
"Y" 011 & Ga8 Co
19
1951
10%
26%
451
3%
19
1034
3%
19%
11
5,900
2,100
500
2,600
1,500
18% 20
4,600
2
2% 2,000
8% 834 8,800
6% 651
400
34
3451 62,300
26% 28%
2,500
18%
2
83,4
651
34
2655
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
2151 Jan
11% Jan
3%
23% Jan
Jun
10% Jan
7% Jan
3435 Feb
30
Jan
5
5
751
4
19
13%
11
83
5
751
4
2055
14%
13%
83
535
855
454
3,400
800
3,600
100
4,100
4,000
2,500
1855 Jan
12% Jan
10% Jan
83
Feb
5
Feb
551 Jan
355 Jan
23
15
14%
89
655
9
5%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mining Stocks
13c
9c
105
Am Commander M & M__1
255 400
Arizona Globe Copper...1 290
125% 140
Bunker IllS & Sullivan_10 136
18
19
10 18
Carnegie Metals
351 3%
1
Chief Consol 1%11E1111g
1% 1%
Comstock Tun & Dege_10c
1%
13% 15
Consul. Copper Mines_.5 14%
165 200
Consol Nev Utah Cop---3 160
29%
28
Copper Range Co
25
240 335
Cortez Silver Mines
1
910
1
Cresson Consol G
& 1)1_1 965
Divide Extension
1
Dolores Esperanza Corp_ _2
Eagle-Picher Lead
20
Engineer Gold Mln Ltd_ _5
Evans Wallower Lead com•
Preferred
Falcon Lead Nlizies
1
First National Copper.
...6
110
1%
22
3%
22%
87
335
Golden Centre Mines__ 5
Goldfield Consol Minus..
Hada Mining
255
HollIngerConsGold Mines
Mud Ray Mln & Smelt_ _.•
Iron Cap Copper
10
934
39c
17
9
21%
3%
3%
234
40
750
Friday
Sales
Last Week's Range for
Mining Stocks
ofPrices.
Sale
1Veek.
(Concluded)
Par. Price. Low. High. Shares.
951
1,100
1,
14 1*45 1,600
125 175 35,200
I 3
9to 3%
500
95c
1
3,900
2055 22% 22,200
20%
134 251 6,300
131
1%
1%
3,300
5
5,900
5
555
151
1%
1,700
151
851 Jan
1
Jan
85
Jan
351 Jan
80c
Jan
20
Jan
131 Jan
134 Jan
Jan
955
Jan
956
2
39c
4itio
1
2451
251
2%
556
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Walker Mining
1
Wenden Copper Mining _ _1
Yukon Alaska Trust CtfsYukon Gold Co
5
2%
2
33%
90c
700
251 254
255 37,000
151
200
3354 3355
90c ,
2,900
234 Feb
155 Jan
3355 Feb
90c Feb
2191s
2%
3451
151
Jan
Jan
Jan
Jan
205
5,000
48% 9,900
725 19,100
19c 137,000
23
7,900
13%
100
3
2,500
29c
6,000
Pio
17c
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
290
Jan
Jan
50
72c Feb
Jan
265
23% Jan
13% Jan
334 Jan
Jan
365
1,000 9855
95,000 86
140,000 93%
5,000 101
50,000 45
16,000 46
21,000 48
52,000 101
20,000 9756
Jan 100
Jan 87%
Feb 9551
Feb 103
Jan 67
Jan 55%
Jan 57
Feb 10255
Jan 98%
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Amer Aggregates 6s__1943 11356 11355 114% 30,000 111
Amer CominliAlcohol 68'43
With warrants
12531 12514 126% 50,000 115%
Amer G & El deb 5s..2028 95
95
96% 168,000 95%
American Power & Light
6s. without warr_ _2016 105% 10555 106% 144,000 105%
97
9754 17,000 97
Amer Radiator deb 456s47
Amer Roll Mil deb 58_1948 9,5% 9551 0634 57,0001 95%
1936 97
Amer Seating 68
97
97% 6,0001 9556
Amer Solv & Chem 63_1936
11656 11934 85,000 114
95
Without warrants
96
30,000 05
Appalachian El Pr 58_1056 98% 98
9831 118.000 98
96
0655 41,000 06
Arkansas Pr & Lt. 5s_ _1956 96
Jan 11555
Jan
Jan 10031 Jan
9935 Jan
Feb
Feb 9755 Jan
Jan 9755 Jan
Jan 122
Jan
Jan 96
Jan
Feb 9951 J66
Jan
Feb d98
Arnold Print Wks 69_1941
Asso Dye & Press 68..1938
Associated G & E 55581977 112
Con deb 4558 wi war 1948 123
Without warrants_ _ 106
Feb 98
Jan 94
Jan 116
Jan 124
Jan 108
5,000
953-4 9555
92
92
104 116 1212000
115 124 itoa,w
10434 10734 891,000
05
02
98%
99%
9455
Jan 132
Jan
Feb 97% Jan
Assoc'd Sim Hard 6568 '33 8651 8655 8755 1 21,000 8655 Jan 8756
Atch Top It S F4558_1948 11554 115% 121% 2024000 114
Jan 122%
1949
2,000 19% Jan
21
Atlantic Fruit 85
21
2255
40,000 95% Feb 10354
Atlas Plywood 5%s_ _194g
9551 97
Bates Valve Bag Gs_ _ _1942
66,000 105
With stock purch warr- los% 105% 110
Jan 110%
Beacon 01168. with warr'36
112% 11351 31,000 110% Jan 118%
19,000 10155 Jan 10255
Bell Tel of Canada 58.1955 101% 10155 102
5,000 10155 Jan 102%
1957
10255 10255
Ist 58 series B
13,000 102% Feb 103
Boston Cons Gas 5s.. .1947
102% 103
Boston dr Maine RR 6s '33 10151 10151 10134 4,000, 10134 Jan 103
2,000' 40
40
Brunner Turb dr Eq 736855
46
Feb 46
1,000 103
Buffalo Gen El 54......J56
103 103
Jan 104
Burmeister & Waln of
Copenhagen 15-yr (is '40
99% 4,000 97% Jan 99%
98
Canada Cement555s _1947
10051
Canadian Nat Rye 78_1935
109
455s
1968 95% 95
Carolina Pr dr IA 51956 101% 101%
Cent States Elec 5s_ _1948 89
89
Cent States I'& Lt 5555'53 0431 9451
Chic Pneum Tool 535s '42 100
100
Chic Rye
ctf dep1927 79
79
1943 89
Childs Co deb 58
89
Cincinnati St Ry 5568_1952
Cities Service es
1966
Cities Service Gas 55531942
Cities Serv Gas Pipe L 6843
Cities Serv P & L 5%8_1952
Cleveland Term Bldg 65'41
Columbia River Long Bdge
bat 65513
1943
Commander Larabee6s_'41
Com Inve.st Tr 55
5s_ _1949
Commerr uud Private
1937
Bank 5558
Common Edison 4568.'57
Conan! GEL&P Balt1049
6s, aeries A
1965,
55 series F
Consol Publishers 6518 1936
1941
Consol Textile 8,s
1958
Cont'l G & El 55
Continental Oil 55111-1937
CosgrovekleehanC6565.'5
4
Cuban Telep 7345....._i941
Cudahy Pack deb 55481937
1946
So
99
00%
9054
9755
9555
98%
99
8951
90
97%
95%
98
95
95
90
105
105
88
98%
100%
109%
9535
102
8954
95
101
82
89
99
9031
90%
98
06%
9851
9655 06%
Delaware Elec Pow 555 8 59
Deny & Salt Lake Ry 611'60 8931 89% 90%
100% 10035
Detroit City Gas 58 IL 1950
1947 1053' 10534 106
68 series A
Detroit lot Judge 6568-1952 0431 9456 95
2555year sf deb 78..1952 8934 8855 8951
Dixie Gulf Gas 6558-1937
87
8755
With warrants
87
934 Jan
Jan
16e
Jan
16
855 Feb
1951 Jan
351 Jan
12
47
1756
9%
23
4711
Jan
Feb
Jan
Jan
Feb
Jan
129,900 7655 Jan 83%
Jan
1%
1,000 455
21%
1.000
Pio Feb
1% Jan
255
3,100
4% Jan
6%
21,000
Jan 4551
43,000 40
150 27931 Jan 325
200 75% Jan 87%
23,300 19151 Jan 20655
Feb
334
3
2,200
45,100 5935 Jan 6851
Feb
Jan
Jan
Jan
Feb
Feb
Jun
Jan
Jan
Jan
Jan
Fabric() Finishing 68._1939 10054 10051 101%
05
95
Fairb'ks Morse & Co 58 '42 95
1933 95
9456 9551
Federal Sugar 6s
Finland Residential Mtge
1961 8831 88
Bank 68
90
93
94
Firestone Cot Mills 58_1918 04
9431 05
Firestone T&1), Cal 5s_1942
First Bohemian Glass Ns, ks
85
30-yr 7Fi with warr_1957 85
88
Fisk Rubber 555s___ _1931 94
94
94
Florida Power It Lt 58_1954 92% 92% 93%
Jan
Feb
Jan
Jan
Galena Signal Oil 78_1930
Gatineau Power 58...1956
1941
es
Gelsenkirchen Min 68_1031
0351
99
99
101
9055 8954
96%
999.4
91
2,000
118.000
27,000
35,000
55,000
6,000
8751 88
65,000
9851 9855 17,000
10456 10435 105
104% 104% 10531
100 100
9355 9355 94
9054 8931 0055
94
94%
90
00
109% 10955
99
08
99
100 100%
100
9651
01%
1,000 l00%
3,000 los%
87,000 95
53,000 101
47,000 89
7,000 94%
13,000 99
4,000 79
28.000 89
6.000
500,000
2,000
10,000
64,000
25,000
1,000
2,000
45,000
19,000
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
10134 Jan
Jan
110
9631 Jan
102% Jan
90% Jan
9651 Jan
101% Jan
82
Feb
90
Jan
9954
9051
9254
9831
07%
98,4
Jan
Jan
Jan
Jan
Jan
Jan
Feb 100
Jan
Jan 90
Jan
Feb 10531 Feb
87%
08
Jan
Jan
10455
103%
0856
9354
8951
94
00
107%
98
100
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
88
98% Jan
106%
105%
100
00
0155
9654
92
111
0954
101
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2,000 96% Jan 0655 Jan
22,000 8954 Feb 91% Jan
5,000 100
Jan 10035 Jan
20,000 105% Jan 10655 Jan
56,000 9251 Jan 06
Jan
25,000 85% Jan
8955 Feb
23,000
94
19,000
100
10,000
10135 31,000
9055 59,000
96
9855 51,000
91
9154 18,000
0756 9755 5,000
101
96%
OM
90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
97
89% Feb
90
Jan
9651 Jan
9554 Feb
96
Jan
18,000 95
06
1,000 87
90
10554 130,000 105
954 931 6,600
360 475 38,000
16% 17% 3,100
1,500
855 9
21% 23 140.900
355 455 4,000
4%
11
255
no
110
3851
46c
5c
2151
13%
2%
150
BondsAbbotts Dairies 68_ _1942
100 100
Abitibi P & P 5s A____1953 87% 87
87%
Alabama Power 455s_ _1967 94% 93% 94%
1956
101
lot It ref 5.9
101
Allied Pk 1st col tr 88_1939 5431 5451 57
Certificates of deposit_
54
5531
1939
Debenture Os
55
57
Aluminum Co *1 deb 58'52 100
100 102
Aluminum Ltd 5s___ J948 98
98
98%
El Pow Corp (Ger) 6568 '53
El Paso Nat Gas 6558 A '43
Deb 6%a..
.Dec 1 1938
Empire Oil & Rehr 5555 '42
Ercoie Marel Elea we
655s with warrants_1953
EuropMtg&Inv7ssere 1967
1950
7%s
131 Jan
Feb
11
85 1Jan
251 Feb
High.
I
290
205
45
670
125
2156
13%
2%
160
225
Jan
151 Jan
23
Jan
4% Jan
26% Feo
92
Jan
540
Jan
Jan
3
356 93,400
11
11
100
180 220 10,200
2% 2% 2.400
Low.
Teck Hughes
1
Tonopah Belmont Devel_ 1
Tonopah Extension
1
Tonopah Mining
1
United Eastern Min
1
United Verde Extension 505
United Zinc Smelt Corp._
Unity Gold Mines
1
Utah Apex
5
Utah Metal & Tunnel..
..1
20c
46
705
135
2153
Jan
Jan
log Jan
3% Feb
1555 Feb
Jan
81
100 Jan
200
Jan
13c
1%
22
3%
265i
87
405
156
Range Since Jan. 1.
Red Warrior Mining
1
Roan Antelope C Min Ltd_
St Anthony Gold Min
San Toy Mining
1
Shattuck Dann Mining.. 5
..
Silver King Coalition
So Amer Gold & Plat_ __I
Standard Silver Lead..__1
11.600
5.600
510
1,800
41,700
200
178,000
20,500
Sic
1
21%
355
20%
87
30c
91c
Kennecott Copper new w I 7755 77% 83%
Kerr Lake
5
510 720
Kirkland Lake Gold Min_ I
1%
1910 154
Mason Valley Mines
151
1%
Mining Corp of Canada_ _5
5%
556 634
New Cornelia Copper_
41% 41% 4534
New Jersey Zinc
100 314% 310 319%
New
81% 81% 81%
Newmont Mining Corp.10 195
19355 206
Nlpissing Mines
5
3
3
3%
Noranda Mines, Ltd
• 60% 6051 6634
1
Ohio Copper
Pond Creek Pocahontas_ •
Portland Gold Mlning __I
1
Premier Gold Mln
Sc
84,000
Jan 22c
Jan
Sc
146,000
Jan 475
Jan
500 12554 Feb 14555 Jan
2,000
18
Feb 19% Jan
1.500
3% Jan
4
Jan
1
30,500
Jan
151 Jan
28,800 1351 Jan 15% Jan
Sc
8,000
Jan 24c
Jan
1100 2555 Jan 29% Jan
Jan 37c
2,300 18c
Feb
Jan
5.700 715
135 Jun
[VOL. 128.
8655
Jan
8851
Jan
Jan
Jan 95
93
99
Jan 100% Jan
Jan 10135 Feb
99
8955 Feb 9155 Jan
06
Jan
01
Jail
07% Feb
98%
92
9954
Jan
Jan
Jan
18,000 100% Jan 101,55 Feb
3,000 05
Jan 0655 Jan
52,000 86% Jan 95% Jan
45,000
23,000
19,000
14,000
6,000
134,000
88
93
94
Feb
Jail
Jan
Jail
84
89% Jan
8955 Jan
101
1,000 100%
973.4 69,000 9551
100
15,000 9955
91
53,000 89
91%
94
95
Jan
Jan
Jun
Feb
88
Jan
116
9251 Feb
Jan
Jan 101
Jan 97% Feb
Jan 10031 Jan
Jan 9151 Jan
FEB. 9 1929.]
FINANCIAL CHRONICLE
owes
Last Week's Range for
Week.
of Prices
Sale
Bonds (Continued) Par. Price. Law. 111911. Shares,
Fruzay
Sales
Last Week's Range for
Sale
Week.
of Prices.
Bonds (Concluded) Par. Price. Low, High Shares
P11(481/
Genl Amer Invest 5s__1952
Without warrants
Gen Laund Mach 65451937 100
General Rayon (is ser A '48 93%
General Vending Corp
Os with warr Aug 15 1937 86
1946 65
Ca & Fla RR 65
Georgia Power ref 58_ _1967 9755
Goody'r T&R(Cal) 5555 '31 99.15
Grand Trunk Ry 6%8_1936 10635
Guantanamo&W Ry50 1958
1937 10055
Gulf Oil of Pa be
Sinking fund deb 65_1947
Gulf States 'It') be_ _ _ _1956
1935
Hamburg Elec 7s
Hanover Crud 'net Os 1931
1936
Hood Rubber 78
1936
10-yr cony 5%s
Houston Gulf Gas 6550 '43
1943
68
85
85
100 100
9331 94
8435
65
9751
9935
10651
85
100
100%
96
102
9551
94%
8035
90% 90
90
90
8735
65
98%
100
108
85
10054
10051
96
102
1,000 101
5,000 93%
9551
9531
7,000 9331
81
6,000 8051
9055 76,000 90
9051 23,000 90
Invest Coot Am Os A_1947 10135 10131
7951
Without warrants
Investors Equity 5s A 1947
110
With warrants
9355
Iowa-Neb L & P 58_1957
87
1sarco Hydro-Elec 78_1952 87
Isotta Fraschini 7s.1942
102
102
With warrants
88
Without warrants
Italian Superpower 60_1963
79
79
Without warrants
104
Jeddo Highland Coal Os '41
10135 52,00
8051 73.00
Manitoba Power 5555.1951
Mansfield Min & Smelt
7e with warrants_ _ _1941
Without warrants
Mass Gas Cos 5340_1946
McCord Rad & Mfg 6s 1943
Memphis Nat Gas 6s__1943
With warrants
Metrop Edison 4558_1968
Milwaukee 0 L 4540._1967
Minn Pow & Lt 4350_ _1978
Montgomery Ward 58_1946
Montreal 1,11 & P col 58'51
Morris & Co 7558-1930
Munson SS Lines655e _1937
With warrants
Narragansett Mee 5s A '57
Nat DistillersProd 6555 '35
Nat Power & Lt 6s A_2026
Nat Public Service Os..1978
Nat Rub Mach'y 69._1943
Nat Trade Journal 65_1938
Neisner Realty deb (Is. 1948
New Eng G & El Assn 5e '47
50
1948
NY & Foreign Invest
5550 A with warr
1948
NYP&L Corp let 4%8'67
Niagara Falls Pow 60_1950
Nippon Elec Pow 655e 1953
North Ind Pub Serv 581966
Nor States Pow 6%%_1933
North Texas Utilities 7s '35
110
1,00
9335 28,00
8955 22,00
10355
95
9535
9551
98
98
78
Jan 86
Jan 10255
Jan 95
Jan
Jan
Jan
Jan 103
Jan
Jan 95% Jan
Jan 97
Jan
Jan 84% Jan
Jan 92% Jan
Jan 9254 Jan
6,000 101%
2,000 87
5,000
Jan
Jan
Jan
Jan
Jan
Jan
Jan 104%
Jan 9655
Feb 9655
Jan 97
Jan 98
Jan
Jan
Jan
Jan
Jan
Jan 107
Jan 83
Jan
Jan
105
Jan 110
Feb
9355 Feb 9455 Jan
87
Feb 9151 Jan
8051 137,000 79
104
6,000 104
95
High
3,000 9455 Jan 96%
15,000 9955 Jan 10055
119,000 10255 Feb 110%
50,000 99
Jan 99%
25,000 94% Jan 96
42,000 90
Jan 92
104% 8,00
96
28,00
9651 48,00
96
23.00
98
1,00
105
88
I
Jan 8735 Feb
77,000 81
Jan 7035 Jan
1,000 65
146,000 9751 Feb 98% Jan
8,000 99
Jan 100
Feb
19,000 10651 Jan 108
Jan
3,000 85
Jan 85
Jan
24,000 100
Feb 10135 Jan
26,000 100% Feb 102
Jan
Jan 99% Jan
3,000 96
9555
100%
106%
9955
96
91
95
Low.
54,000 84%
34.000 100
36,000 93%
9555
Illinois Pow & Lt 5350_1957
100
1954
5555 series 13
Indep Oil& Gas deb 681939 10455 102%
99
Ind'polis P & L Is ser A '67 99
9536
Int Pow Secur 78 ser E 1957
Internat Securities 50_1947 9055 9034
Interstate Nat Gas 65 1936
10451
Without warrants
Interstate Power 5s._ _1957 95% 95%
9555 9551
New
9551
1952
Debenture 6s
98
Interstate Pub Serv Os D'56
Kaufmann Dept Sts 5%8'36
Kelvinator Co 68
1936
Without warrants
KendallCo 5%e
1948 97
Koppers G & C deb 58_1947 99
Laclede Gas Light 5555 '35 100
Lehigh Pow Secur 68_ _2026 105
Leonard Tietz Inc 7550 '46
Without warrants
Libby, McN & Libby 5s'42
Lone Star Gas Corp Os 1942 9855
Long Island Ltg 65_1945 10551
La Power & Light 58_1957 9555
Now
Range Since Jan. 1
95
Jan 10655
Jan 88
Jan
Jan
Feb 82
Jan 104
Jan
Jan
Feb
9631
Feb
7655
9655
9851
100
10435
7755 8,000 7355 Jan 79
97% 79,000 96% Feb 98%
0955 64,000 9851 Feb 9935
100
1,000 9955 Jan 10031
105% 183,000 10454 Jan 106
Jan
Jan
Jan
Jan
Jan
102
93
9851
104%
9555
95
102%
94
9855
105%
9555
96
10055 100% 101
13,000 101
Jan 10234 Jan
7,000 9235 Feb 94
Jan
10.000 98
Jan 9955 Jan
24,000 10351 Jan 105% Feb
9,000 9554 Jan 9655 Jan
12,000 95
Fe
97
Jan
38,000
99
Jan 101
Jan
100
97
103% 10351
9751
100% 10,000 100
Feb 10155 Jan
97
1,000 94
Jan 97
Feb
10455 52,000 10355 Jan 10955 Feb
9951 45,000 9651 Jan 9951 Jan
99
97%
9955
9151
102%
100% 10054
100% 100%
100
9835
100
9135
10255
101
101
9951
98
9951
98
99%
10554
8251
9255
10755
9634
98%
7,000
99% 100
100% 10055
105 105%
83
82
143 149
9235 94
107% 108
9655 9751
96% 96%
22,000
1,000
18,000
72,000
25,00
29,00
39,000
25,000
5,00
94
93
10651
91%
100%
104
101
355,000
119,000
2,000
12,00
13,00
28,00
10.00
92
92
10655
9155
10034 10055
10334 10235
101
92
92
108
Ohio Power Is ser B__1(152
9955
4558 series D
1956 9255 9235
Ohio Riv Edison be_ _ _1951
0935
Osgood Co with warr 65'38 10255 100
Pac Gas & El 1st 4%0_1957 9654
Pacific Invest 55
1948 96
Pacific Western 011655e '43 96
Penn-Ohio Edison 6s 1950
Without warrants
101
Penn Pow & Light Os 13 '52
1st & ref bs ser D._1953
555e
1947
Phila Elee Pow 5%8_1972 105
Phila Rapid Trans 63_1962
Phila Suburban Cos
Gas & El lot & ref 4548'57
Pittsburgh Steel (is__ _1948 10255
Potomac Edison bs_.i956 97
Potrero Sugar 7s Nov 15'47
Power Corp of NY 534e '47 98%
Pressed Steel Car 50_ _ 1943
Procter & Gamble 43461947
100,000 9655
15,000 97%
24,000 98
6,000 91
1,000 10155
7,000 10051
48,000 100%
10055 9,00
9231 39,00
9955 8,00
102% 37,00
72,00
96% 98
9455 9651 44,00
9555 9851 189,00
100%
101
101
107
105
103
97%
10255
97
75%
9735
00
97
10155
101%
101
107
105%
103%
19,000
10,000
1,000
2,000
13,000
11,000
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
Jan
99
Jan
100
Jan
9231 Jan
10255 Jan
10151 Jan
101
Jan
9855
Jan
99% Jan 10055
100
Jan 101
104
Jan 105%
81
Jan 83%
143
Feb 163
92% Feb 98%
10754 Jan 10855
9655 Feb 9751
9651 Jan 9751
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
92
Jan 94
Feb
92
Feb 9356 Jan
10454 Jan 10755 Jan
Jan 92
90
Jan
100% Jan 10155 Jan
102% Jan 104
Feb
10055 Jan 102
Jan
9955 Jan 101
Jan
9255 Feb 93% Jan
Jan 10054 Feb
99
Jan 10254 Feb
100
9635
94%
95%
Jan
Jan
Jan
98% Jan
08% Feb
9835 Jan
10035
100%
101
10654
105
10155
Feb
Jan
Feb
Jan
Jan
Jan
102
Jan
101% Jan
10251 Jan
107
Feb
105% Jan
103% Feb
9735 8,000 9751 Feb 98%
Jan 103
102% 14,000 102
25,000 9655 Jan 97%
98
7,000 72
Jan 78
76
9851 14,000 9754 Jan 98%
1,000 90
Feb 91
90
4.000 96% Jan 97%
97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Queensboro 0 & E 555e '52
10354 10355 5,000 103
Jan 104
Jan
Rem Arms 555% notes 1930
98
Jan
15,000 98
99
99
Jan
Richfield 011 534% notee'31 10051 100 101% 32,000 100
Jan 10255 Jan
Rochester Cent Pow 5s '53 8755 86% 8754 71,000 8651
Jan 8835 Jan
Ruhr Gas 654s
1953
94
15,000 94
94
Jan 94
Jan
Ryerson (Jos T)& Sons Inc
-year s deb 5s___1943
16
95
10,000 93
Jan 96
95
Jan
9t Louis Coke & Gas 60 '47 8955 8955 90
31,000 8955 Feb 92
Jan
San Ant Public Serv 501958 97
18.000 96
96% 97
Jan 97
Feb
Banda Falls 58
1955
102 102
11,000 101% Jan 102% Jan
Schulte Real Estate Gs 1935
Without warrants
92
92
13,000 92
Jan 9255 Jan
92
Scripps(E W)5550_ __1943 94
10,000 92% Jan 95
94
94
Jan
Serval Inc(new co) 546_1948 79
7,000 75
7735 8034
Jan 85% Jan
Shawinigan W & P 455e '87 94
9355 94
22,000 9351 Jan 94;5 Jan
Shawsheen Mills 78_ _ _1931
9755 97% 3,000 97
Jan 08% Jan
Sheffield Steel 513
1948
9955 9955 2.000 9955 Feb 9955 Feb
Sheridan Wyo Coal 68.1947
93
1,000 93
93
Jan 93
Jan
Sloes-Sheffield S & I 601929
100 100
1,000 9954 Jan 100
Jan
Snider Pack 6% notes,1932 99% 10035 10635 187.000 95
Jan 107% Jan
Solvay-Am Invest Os.1942
Southeast P & L 6s__ _2025
Without warrants
Sou Calif Edison 58_ _ _1951
Gen & refunding 58_1944
1952
Refunding 50
1937
Sou Calif Gas Os
1957
50
Southern Dairies 68_ _ _1930
So'west Dairies 63.4s.1938
With warrants
So'west Lt & Power Is 1957
Sweat Pow & Lt 6s_ _ _2022
Staley (A E) Mfg 68__1942
Stand Pow & Lt 8s_.1957
Stinnes (Hugo) Corp
7s Oct 1 '36 without warr
78 1946 without warents
Strauss (Nathan) 68..1938
Sun Maid Raisin 6550_1942
1939
Sun 01155513
Swift & Co bs Oct 15 1932
97
Low.
High.
98
23,000
10334
10134
102
10155
9251
9854
9951 97
10435
101%
10255
10135
93
9954
9956
155,000
131,000
14,000
29,000
49,000
6,000
37,000
100
9934
9635
104
98
9851 9855
100
9655
10931
98%
99%
30.000 9954 Jan 101
4,000 95
Jan
9834
14,000 104
Feb 107%
13.000 97% Jan
9851
64,000 9851 Jan 99%
Jan
Jan
Jan
Jan
Jan
89
89
12335
74
100
100
9951 99%
90%
89
139
74
10155
10054
48,000 8855 Jan
90
11,000 88
Jan 89%
68,000 117
Jan 14055
6,000 65
Feb
7951
43,000 100
Feb 102
57,000 0851 Jan 10055
Jan
97
104
101%
102
101%
93
9051
131
Texas Power & Lt 58 1956 98% 98%
102
Thermoid Co 6s w w 1934 102
Tran Lux Dayl Pict Screen
122
1932
6555 with warr
93
95
Without warrants
1936
Ulen de Co.6558
Union Amer Invest 58_1948
United El Serv (Unes)7s
With warrants
Without warrants
United Industrial 6555 1941
United Lt & Rye 5550_1952
1952
60 series A
United Oil Prod 8e_..1931
Un Rys Havana 7%s_ _1936
United Steel Wks 65501947
With warrants
S Rubber
Serial 655% notes_ _1929
Serial 834% notes_ _1930
Serial 834% notes._1931
Serial 634% notes_ _1932
Serial 655% notes_ _1933
Serial 655% notes_1934
Serial 655% notes_1935
Serial 655% notes.._1936
Serial 834% notes_ _1937
Serial 63.4% notes- -1938
Serial 655% notes__1939
Serial 655% notes__1940
US Smelt & Ref 5558_1935
Range Since Jan. 1.
9951
100%
100
100
9931
9935
100
100
100
99
100
103%
89
Feb
98
Jan
193% Feb 10555 Jan
10155 Jan 102
Jan
101% Jan 102% Jan
10155 Jan 102
Jan
92% Jan
Jan
93
9855 Feb 99% Feb
9651 Jan 99
Feb
Jan
Jan
Jan
Jan
Jan
9955 81,000 98% Jan 9955 Jan
104 106,000 102
Feb 104
Feb
122
95
6,000
42,000
94
90
9955 9955 21,000 99%
110 115
34,000 10434
127
9051
89% 8955
9255
9355
100% 10055
71
110
89
97
130
9031
89%
9455
10151
73
110
90
9955 9955
100 10051
100 10051
100 10055
9951 100
9955 100
100 100%
100 100
99% 100
99 100
100 100
100 100
103% 10931
Jan
Jan
122
95%
Jan
Jan
Jan 99% Jan
Jan 11635 Feb
3,000 115% Jan 130
Feb
1,000 9034 Feb 9255 Jan
10,000 8934 Jan 9155 Jan
72,000 9255 Jan 9451 Jan
26,000 100
Jan 10155 Jan
15,000 71
Jan
Feb 79
1,000 110
Jan 110
Jan
43,000
87
Jan
90
Feb
4,000 9931 Jan 100
Jan
11,000 9851 Jan 1005/ Jan
8,000 98
Jan 10034 Jan
3,000 97
Jan 10035 Jan
11,000 9655 Jan 10034 Jan
11,000 96% Jan 1003( Jan
10,000 96
Jan 10055 Jan
18,000 97% Jan 100% Jan
5,000 97
Jan 100% Jan
20,000 98
Jan 10055 Jan
15.000 96
Jan 10034 Jan
13.000 97
Jan 101% Jan
66,000 103% Jan 104% Feb
106 106
5,000 106
86
85
28,000 85
9955 99%
2,000 9955
Jan 106
Jan 86%
Jan 100%
Jan
Jan
Jan
8,000 92% Feb 9835
Webster Mills 6558_ _ _1933 9255 9255 93
Western Power 5545_ _1957 11255 11255 120 261,000 109% Jan 121
Westvaco Chlorine 5555 37 102% 10251 10334 6,000 102% Jan 109
'
Wheeling Stee14545___1953 88% 88% 89 102.000 88% Jan 89
98
98
3,000 96% Jan 98%
Wise Central Ry bs_ _1930 98
Jan
Jan
Jan
Jan
Jan
Valvoline Oils 78
1937 106
Van Camp Packing 68_1948 85
Virginia Elec Pow 50_ _1955
Foreign Government
and MunicIpalitieeAgricul Mtge Bk Rep ofCol
20-yr 75
Jan 15 1946 9755 9735 9735
98
9851
20-yr 7s___Jan 15 1947
9455
94
Antwerp (City)
58-1958
9735 97%
Baden (Germany) 7s._1951
Bank of Prussia Landowners
9655 97%
Aes'n 6% notes____1930
Buenos Aires(Prov) 755847 103% 10351 104
1952 10055 10055 10035
75
Cauca Valley (Dept) Col9255 93
ombia ext.' s f 78... _ _1948
Cent 13k of German State&
86
86
Prov Banks 68 B___1951
86
8651
1952
60 series A
88%
88
655e
1958 88
10055 101
Danish Cons Munk 5545'
55 10034
94
94
1953
55 new
Danzig P & Waterway Bd
84
83
1952
Extl s f 634s
Estonia (Rep) 7e
1967 8855 8754 88%
95% 96
96
Frankford (City)8345-1953
97
97%
German Cons Mimic 70 '47 97
87
8834
1947 87
6s
Indus Mtg Bk of Finland
101 101%
78...1944 101
1st mtge coils f
93
93
Lima (City) Peru 6.55S 1958
Medellin (Colombia) 78 '51
Mendosa (Prov) Argentina
1951
7550
Montevideo (City) (is 1959
Mtge Bank of Bogota 7547
New
Mtge Bank of Chile 6s 1931
Mtge Bk of Denmark 58'72
Mtge Bk of Jugoslav 75 '57
9655 9731
98%
9551
93%
93
9731
7831
9751
94
93
93
9754
96
7831
98
9555
94
9351
9735
96
79
1972 10555 10555 105%
Netherlands Gs
91% 94
Parana (State of) Bras 78'58 94
96
95
Prussia (Free State) 6558'51 95
Mal 60 (of '27) Oct 15'52 88% 8855 90%
Rio Grande do Sul (State)
95% 9834
Brazil 7e (of '27)
1967
Russian Governments
12% 12%
1919
655s
1919 1334 1251 1356
6345 Ws
12% 15
1921 15
555e
1251 1235
534s certificates__ _1921
99
1935
Saar Basin 70
9955
1935
Saarbrucken 78
Santa Fe (City) Argentine
Republic extl 7e_ _ _ _1945 93% 9351
98%
Santiago (Chile) 78._ _1949
83
1958 83
Silesia (Prov) 75
100
Switzerland Govt 535s 1929 100
99%
100
1,000
2,00
13,00
97
97
94
4,000
96
21,000 95
32,00 102
16,00 89951
Jan
Jan
Jan
Jan
Jan
Jan
Jan
101)
09
9455
98
Jan
Jan
Jan
Jan
9754 Feb
104
Feb
101
Jan
23,000
92%
Jan
9655 Jan
11,000
2,000
72,000
85%
85
8655
Jan
Jan
Jan
87
87%
89
Jan
Jan
Jan
9,000
10,000
99
94
Jan 10155
Jan 9855
Jan
Jan
5,000
18,000
34,000
81
86
9351
Jan
Jan
Jan
8455
89
96.55
Jan
Jan
Jan
45,000
58,000
96
87
Jan
Jan
98
89
Jan
Jan
Jan 102
Jan 93
Jan
Jan
5,000 101
8,000 93
9,000
96
Jan
97% Feb
9655
94
91%
9051
97%
9555
7854
Jan
Feb
Jan
Jan
Jan
Jan
Feb
9855
96
94
94
9835
96
82%
Jan
Jan
Feb
Jan
Jan
Feb
Jan
1,000 105
Jan 105%
15,000 9131 Feb 9355
58,00
94
Jan 96
129,000 88% Jan 9055
Jan
Jan
Jan
Jan
37,000
17,000
17,000
12,000
12,000
14,000
24,000
7,000
6,00
24,00
5,000
5.00
5,00
4,00
95
Jan
1254 Feb
12% Jan
12% Feb
12% Feb
97
Jan
13
14%
13%
1355
Jan
Jan
Jan
Jan
99
Jan 101
9955 Jan 100
94
15,000 93
9934 11,000 9755
8435
9,000 82
100% 15,000 100
96
Jo
Jan 100
Jan 85
Jan 10054
Jan
Jan
Jan
Jan
Jan
Jan
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. is Sold under the rule. o Sold for cash.
a Option Bales. I Ex-rights and bonus. w When issued. z Ex-dividend. if RI'
rights. z Ex-stock dividend.
"Under the rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128; C Danish Con. Manic. 54s, 1955, Jan, 16
.
at 105; p Educational Pictures pref, Feb. 6 at 100.
follows:
"Cash" sales were made as
d Arkansas Power & Light 1st & ref. 315 Jan. 22 at 99.
874
FINANCIAL CHRONICLE
[VoL. 128.
Quotations of Sundry Securities
All bond prices an."nod interest" except where marked "P'.
Public Utilities
Par Bid Ask
American Gas & ElectrIc-I 149 153
5% preferred
1063
4
Amer Light & Tree com_100 244 250
Preferred
100 115 118
Amer Pow dr Light
Deb 632016____ __MAE 10538 106
Anisr Public URI com
65
100 55
"% prior preferred__ 100 93
97
Ennio preferred
100 91
94
Appalachian El Pr pi_ _100 107 10812
5mociated Gas & Elea com.t *28
30
Original preferred
• .56
5612
$5 preferred
96
*94
$513 pref
1 *99 101
$6 preferred
*993 101
4
$634 preferred
*993 101
4
•10212 1031*
$7 preferred
Deb 5e 1968
A & 0 8812 8912
Deb 5s
2876 97 100
Com'with Pr Corp pref _100 10112 102
*403 413
4
ZAN. Clii. Assc. corn
4
*1412 15
Cony. stock_
Elm Bond & Share pref _100 109 110
38
General Pub Sery com_ _ t *37
•I82
$7 preferred
*99 101
$6 first preferred
Gen'l Public Utll
100 9312 9412
Mietrissippi RD'Pow pre1.100 •106 108
First mtge be 19S1.• _ ..I&J 10114 Deb be 1947
MAN 97
National Pow & Light pref *108 109
North States Pow com_100 315212 1543
4
7% Preferred
100 10612 10812
9
Nor Terse Elea Co coM_100
Preferred
100 33
Ohio Pub Sem
pref _100 11012 11212
10212 10412
• pref
Pacific Gag & El let pref._25 2714 2712
Puget Sound Pow& Lt 6%,,p
*98 100
*89
91
5% Preferred
let & ref 5348 1949--f&D 10112 e6_
South Cal Edison 8% 91-25 *50 "and & E 7% Dr 111- -100 10912 112
Tenn Elea Power let pref 7% 107 109
6% preferred
100 101 10112
104 106
Toledo Edison 6% pf
100 10914 11012
7% Prof
Western Pow Corp pref..100 104 109
Short Term Securities
Allis Chal Mfg, be May '37_
Alum Co of Amer,Es May'52
Amer Red.deb 434s. May'47
Am Roll Mall deb 5e, Jan '48
Anglo-Am 011434e, July '29
Ana'da Cop MM let cons (le
Feb. 1953
HatavIan Pete 434s___ _1942
Bell Tel of Can be A _ Mar'55
Beth St15% notes June 1529
Sec
notes_June 15 '30
Sec 5% notes_June 15 '31
Sec 5% notes_June 15 '32
Corn'l Invest Tr 58_ May '29
6% notes
May 1930
Cud Pkg,deb 534e_Oct 1937
Cunard SS Line 434e Dec'29
Ed El Ill Bost
434% notes_ _ _ _Nov 1930
Empire Gas & Fuel be
June 1929-30
Fisk Rub 5348___Jan 1031
Gen Slot Ac Corp 58 Mar'29
5% serial notes_ _Mar '30
6% serial notes__Mar '31
6% serial notee_Mar '32
6% serial notes__Mar '33
5% serial notes__Mar '34
5% serial notes_Mar '35
5% serial iactes_Mar '36
Gulf 011 Corp of Pa deb 5e
Dec 1937
Deb be
Feb 1947
Koppers Gas & Coke deb be
June 1947
Meg Pet 434aFob 15 '30-'35
Mar 011 Is. notes June 1530
Serial 5% notes June 1531
Serial 5% notes June 15'32
Mass Gas Coe,534e Jan 1946
Parrific Mills 534EL-1 '
-eh 31
Peoples
L & Coke 4348
Dee 1029 & 1930
Proct & Gamb,434.9 July '47
Bloes She( 811 & Ir 68 Aug '29
Swift & Co 5% notes
Oct 15 1932
Un NJ RR & Can 48Sept'29
U S Sm A Ref 534s__Nov '35
Who Cent Es
Jan '30
Tobasc• SSSSS
9914 993
4
10012 10113
95
97
96
9612
9914 100
105 10514
923 9314
4
10112 1013
4
9912 100
99
993
4
99
993
4
99
9912
9812 9912
9612 9712
973 9812
4
9812 9912
983 9914
4
6712 9912
93 9512
993 100
s
9918 993
3
9814 99
9714 9814
9612 9712
9614 9714
96
9714
96
9714
100 1003
4
10115 1013
3
9814 99
9512 100
9812 9914
96
97
9514 9614
10312 104
9612 9812
99 100
96
97
9914 100
993 10018
4
99
9912
102 104
97
9812
Par
American Cigar coma _ _100
Preferred
100
British-Amer Tobac orfl _ _51
Bearer
Imperial Tob of 0 B & Dern
Int Cigar Machinery new100
Johnson Tin Foil & Met..100
Union Tobacco Co corn_
Class A
Young (3 El) Co corn ___I00
Preferred
100
138 142
109 111
531
32
*31
32
*3112 3231
102 108
60
70
17
18
67
70
107 112
104
Indus. A Miscall
[
AMel1C811 Hardware
35 *73
75
Babcock & Wilcox
100 132 136
man(E W)Co
8
1 3427 3523
4
Preferred
50 58
_
Ildway Bldg 7s with stk
106 10813
Cblias Company ure1-100 103 105
Hercules Powder new
• •115 120
freferred
100 117 119
Internal Sliver 7% pre!-100 115 116
Phelps Dodge Corn
100 305 309
Royal Baking POw aom___f *32
35
Preferred
100 100 103
ainger Manufacturing.. 100 600 625
*812 9
Al
71nger Mfg Ltd
•res *nary. t NO par value. 0 Beals.
Railroad Equipments
Par 601
5.25
Atlantic Coast Line 61
4.90
Equipment630
5.25
Baltimore & Ohio Se
4.90
Equipment 434s & be_
Buff Roch & Pitts equip 6e_ 5.00
Canadian Pacific 434e & de_ 5.10
5.25
Central RR of N J 68
5.25
Chesapeake & Ohio 68
5.00
Equipment 6348
4.90
Equipment 56
5.30
Chicago & North Weet
5.00
Equipment6 34e
4.90
Chic It I & Pee 4348 & 51_
Enuipment 68
5.30
5.40
Colorado & Southern 61_
5.25
Delaware & Hudson 68
5.20
Erie 434s& be
5.40
Equipment 6s
5.25
Great Northern lle
4.90
Equipment bs
4.90
Hocking Valley be
5.25
Equipment 68
4.90
'Simla Central 434e &
5.20
Equipment68
5.00
Equipment 7e & 6341
5.30
Kanawha & Michigan 6s_
Kansas City Southern 53411. 5.25
Louisville & Nashville 6e__ _ 5.25
4.95
Equipment6348
5.10
Michigan Central be & 68.
MinnERP&SS M 6348 & 58 5.30
5.50
Equipment 6345 &
Missouri Pacific 68 & 634..... 5.25
4.90
Mobile & Ohio be
New York Central 4341 & 58 4.85
5.25
Equipment 68
5.00
Equipment 78
4.80
Norfolk & Western 4343
4.90
Northern Pacific 75
5.00
Pacific Fruit Express 7s
4.90
Pennsylvania RR eq Se
Pittsb & Lake Erie 1348....... 5.05
4.90
Reading Co 6348 & be
St Louis & San Francleco 51.. 4.90
Seaboard Air Line 5348 & tie 5.75
4.90
Southern Pacific Co 434I_
4.90
Equipment 78
4.85
Southern fly 6348 & 58
Equipment de
5.30
5.30
Toledo & Ohio Central Gs
4'90
Union Pacific 78
Chain Store Stocks
Investment Trust Stocks
Ask)
and Bonds
Par. Bid
Par Bid A la
Bohack (H C) Inc com_ _t 1.721 77A Amer Brit & Coot corn
2013 21
6% preferred
7% 1st preferred
92
100 104 108
89
*9
11
Amer Finn Hold corn A
Butler (James) corn
2812
A m & For Sh Corp units_ _ _ _
40
Preferred
100 30
83
29
City Radio Stores
Common
27
37
35
5% cony debs
Consol Ret Ste, 8% of with
98
1938 97
Amer Founders Corp corn.... 8414 863
warrants
100 112
4
44
40
Diamond Shoe, corn
4414 4714
6% Preferred
10412
7% preferred
Preferred
50 53
31
140the
Fan Farmer Candy Sh pref 1 29
59c 64c
*612 9
Rights WI
Fed Bak Shops, COM
238 313
Amer & Geni Sec. units76
Pref 7% with warr _100 95 100
74
Class A
34
30
Feltman & Curme Shoe
lo
20
Class B
Stores A corn
1112 1312
65
Amer Internal Bond & 8/3_
47
50
7% preferred
100
375
434
at All & Pee Tea vot com_t
Andrews Scour Inv Co
4
Astor Financial class A
47
50
Preferred
100 114 117
18
Class B
15
10
14
Howorth-Snyder Co, A_
Atl & Pac Intl Corp units...... 7212 75
Kinnear Stores corn
2412
Banker's Financial Trust_
8% preferred
100 130 140
*235 255
Bankers Investm't Am corn. 1434
Knox Hat,corn
*105 108
Debenture shares
$7 cum pref
64
.
158
Basle Industry Shares
87
8 963
CI A partly pref
*4812 50
British Type Investors A.... 54
55
Kobacker Stores COM
Continental Securities Corp_ 107 112
Cum pref 7%
100 104 107
Preferred
82
85
Landay Bros
*70
80
Is 1942 with warrant
107
Lane Bryant Inc corn
Without warrants
105
7% cum mei
100 125 135
125 135
Crum & Forster 'neuronPreferred with warr
eharee cons
108 112
Leonard Fitzpatrick &
*3012 3312
Preferred
102 104
Muller Stores corn
Diversified Trustee she
100 110 116
253 2612
4
Preferred 8%
Shares B
226 2338
8
Lord &Taylor
100 380 395
Eastern Bankers Corp corn_
27
First preferred 6%
-100 100
Unite
145 1E1
100 110
Second pref.8%
Flnan & Indust Sec com _ _ _ _ 144 146
McLellan Stores 6% pref 100 100 103
65
First Fed Foreign Inv Trust
Melville Shoe Corp corn __t •63
Fixed Trust Shares
121 227s
.8
let pref 6% with ware..100 10512
*3
12
Foundation Sec corn
11
Warrants
Genl Am Inv be with warr
Mercantile Stores
General Trustee common
-26
100 104
Preferred
7812
Old units
Metropolitan Chain Stores-1
New units
75
70
New preferred
100 118 121
•40
43
6% bonds
111)
Miller (I) & Sons corn._ _
2112 2312
Greenway Corp corn
100 96 100
Preferred 634%
Preferred (w vr)
.5312 6512
Mock Judson & Voekinger pf. 10212 105
81
Guardian Investment
27
Murphy(0 C) Co corn. _t *77
Preferred
28
8% cum pref
100 104 109
21
Incorporated Equities
4514
Nat Family Stores Inc witty 18
*17
21
Incorporated Investors
Nat Shirt Shops, corn
9312
92 'neuron sharea aer B 1927_
223 2414
4
Preferred8%
100 85
Series C
283 3014
4
Nat Tea 612% pre!
100 102 106
*21
Aeronautical Securities
25
3114 323
Series F
4
Nedick's Inc corn
Aeromarine-Kierrun
151 159
8
9
5
Series H
2614 273
4
Nelener Brcs Inc corn
Aeronautical Industries..___ 2112 2212
Inter Germanic Tr new
22
Preferred 7%
100 200 230
*115 122
12
14
lot See Corp of Am core A. 6412
Air Associates
Newberry(JJ) Co corn
37
39
35
37
Air Investors pref
Common It
Preferred 7%
100 104 107
1 13
45
16
Alexander Indus corn
% preferred
95 100
Y Merchandise corn....._t •43
96 100
6% preferred
91
95
8% participating pref
First pref 7%
100 107
55
American Airports Corp- t 95 100
51
Invest Co of Am corn
Penney (J C) Co now..._100 143 145
260
12
1231
96 102
Amer Eagle Aircraft
Rights
7% Preferred
2313 2414 Peoples Drug Stores corn_ _t *80 82
Aviation Credit Corp
167
Series A units
18
19
BellancaAircraft Corp, new
4
1214 123
Investment Trust of N Y_
634% cum pref
100 129
21
24
.
4712 1612 Invest Trust Associates__ _ 4812 5312
Cessna Aircraft new cum _
PieglY-Wiggly Corp
100 110
Preferred
Joint Investors Cony. pref. 104 107
Preferred 8%
100 10312
400 402
*28
30
Claude Neon Lights
Piggly West States A
Kent Securities Corp corn... 11214 11414
41
42
10018 1007
s
New WI
Rogers Peet Co tom...... _100 130 140
Preferied
97 100
21
Consolidated Instrument.- t 20
4
Massachusetts Investore... 523 5512
Safeway Stores pref
12
15
25
129 131
30
Crescent Aircraft
Mohawk Invest Corp
Saunders(Clarence), corn B_
84014 346
70
70
1212 131z
Curtiss Airpl Export
Mutual Investment Trust_
Schitf Co com
1512 1613
12
Curtiss Cap Aircraft
New England Invest Trust_
Cum cony prof 7% __ _100 260 285
Curttas-Robertson Airplane
76
Silver (Isaac) & Bros com_t 573
Old Colony Invest Tr corn... 31
130 140
89
93
Units
434% bonds
7% cum cony pref.... _100 110 120
30
35
42
36
Curtiss Assets
Pacific investing Corp corn.. 37
Southern Groc Stores A _ -1 .34
32
73
35
75
00
Curtiss Reid pref
Petroleum Industries
Southern Stores() units
5412 5712
65
Fairchild Camluez Engine_ _ 55
Second Internet Sea Corp
Spald (A 0)& Bros, corn 100 33.5 345
24
26
24
25
7
Fokker Aircraft
Corn li when if & as Ise_
U S Stores corn class A _ _ .1 *5
•312 412
45
48
19
22
Preferred
0% preferred
Corn class Ii
56
53
10
15
62
Shawrnut Bk Inv Trust.... _
-Day Aircraft
Gates
1st preferred 7%
100 57
00
25
26
*86
89
4345...1942 87
Great Lakes Aircraft
Walgreen Co corn
91
94
35
40
Se 1952
Haskelite Mfg
8% cum pref
10 104
812 10
58 Os
.....1952 240
Heywood Starter Corp
West Auto Supply corn A 1 •55
57
South Bond & Share
Kreider-Reisner Aircraft_ _ _ 50
31
16
33
1612
Corn & allotment ctfs
Lockheed-Vega
12
50
14
52
$3 pref allotment ctIs. _
Maddux Air Tines corn
Standard 011 Stocks
12
19
Stand int Sees Corp units....
Mahoney-Ryan Aircraft.. _ _ _
12
-116
-1Standard Investing Corp._ _ 11 2 13 3
Mohawk Aircraft
Anglo-Amer 011 Tot stook.S1
7
110
102 105
83.4% preferred w w
Non-vottng stock
Mono Aircraft
Cl *8-1E: 2 16
30
s
8
35
12512
5% bonds w w
Atlantic Refit corn pew _25 553 557
Preferred
16
19
State Bankers Financial_ _ _ _
21
Preferred
Moth Aircraft Corp unite _
100 115 117
10
20
Swedish Amer Investing pf_
Borne Scrymeer Co
Common
26 *4612 51
68
71
U S Shared class A
1438
Buckeye Pipe Line Co..... _50 .
National Air Transport... _ _ 460
14
14
Class A 1
1512
Cheeebrough Mfg Cone_ _25 •140 143
Nat Aircraft Math Corp_ _
213
70
71
Class C 1
31
Contineatisl 011 V 0
National Aviation
10 . 8 2112
73
1612 1712 Cumberland Pipe LIne....100 70
Class C 2
323
8
North Amer Aviation
72
8
10
Class C 3
263 2934
8
Eureka Pipe Line Co__ _100 68
Pollak Mfg
6
312 5
7
Class D
Galena Signal 011corn.._ _100
183
4
Scenic Airways common_
83
85
U S As Brit Internal CI B
18
com _ _ _ _• 120 125
Preferred old
100
Stearman Aircraft
84
00
20
21
Class A w I
3712 4113
Preferred new
100
Stinson Aircraft COM
3
9
10
42
40
Humble Oil& Refining_ _25 *9218 923
Preferred
Swallow Airplane
54
U 8 & Foreign Sec corn..... 5913 6112
59
Illinois Pipe Line
100 295 306
Travel Air Mfg New
9312
1212 1412 Imperial 041
Preferred
,
I •92
9314 05 2
U 8 Air Transport
86
92
93
Indiana Pipe Line Co _ _ -50 *81
.
United Aircraft
4
23
24
International Petroleum...... *533 54
Sugar Stacks
Universal Aircraft units
2412 Caracas Sugar
National Transit Co_12.50 *24
3
80 •
Warner Aircraft Engine._ 195 205
16_ New York Transit Co___100 78 82 Fajardo Sugar
100 *118 120
New
Cl
Northern Pipe Line Co_ _100 58
Federal Sugar Rd com_100 15
20
Western Air Express: new.... 43
6512
Ohio 011
Preferred
28 .65
45
100 35
Water Bands.
3713 Godchaux Sugars,Ina
99
Penn Met Fuel Co
25 *35
34
Arkan Wat let be'56 A.A&O 97
t *28
4
4
4
Preferred
25 *5912 593
95
Birm WW 1st 534sA'54.A&O 1013 1023 Prairie Oil& Gas
100 89
*56
5614 Holly Sugar Corp corn....1 *36
99 100
Prairie Pipe Line
39
1st M Se 1954 ser B..
10112 10234 Solar Refining
100 200 212
Preferred
90
100 87
City W(Chatt)534e'154AJA
48
54
New
National Sugar Ref new..100 49
50
Jag D 95
let M be 1954
1512 New Niquero Sugar
Southern Pipe Line CO.... _50 15
40
100 30
City of New Castle Water
94
South Penn Oil
Savannah Sugar oem
25 *6413 05
J&D I
58 Dec 2 1941
t •I27 130
42
45
New
Preferred
Clinton WW let 55'39_F&A 94
100 115 117
*68
70
S'west Pa Pipe Lines. new
Boor* Estates Oriente pf _100 23
25
Com'veth Wat let 534sA'47 100 102
87
. _ Standard Oil (California)--1 *66
Verldentes Sugar pf
be0at2'39Ad301 95
Connellsv W
100 50 60
*926 927
8
8
98 Standard 011 (Indiana).--25
E St L & lot Wat be '421..161.1 96
62
63
Rubber Stocks (Cleveland Quotas Ions)
Nev
Jerk 100 102
let M 61 1942
1912 Aetna Rubber common...A *20
25
Standard 011 (Kansas)_ _.25 •19
Huntington let 68 '54_013IS 100 102
Falls Rubber corn
Standard 011 (Kentucky)-25
1954 95
1 •813 1012
Es
465- - - 78 Proierved
8 40
New
Mid Statee WW 6tE30 MAN 100
25 •1313 14
.47
96
48
Faultless Rubber
38
Standard On (Nob)
25
Monm Con Wird be'51)AJ&D 94
1 •36
483 Firestone Tire & Rub oom.10 *240 250
4
99
Standard 011 of New Jer 25 •48
Monm Val Wt 5340 '50.-J&J 97
4018
Standard Oil of New York 25 •40
retriased100 10963 11013
Muncie WW be Oc12'39 A01 94
Standard 011 (01110)
25 •114 117
100 108 10912
St Joeepb Water Es 1941A&O 93
Geuera8751 prefer edDr
Preferred
100 12014 124
Rub corn.. _25 *250 260
Shenaago ValWat bread A&O 93
19
Preferred
Swan & Moab
25 •17
100 101 10112
So Pitts Wat let Si 1960 ReJ 97
Goody'r TA Rot Can Dl 105 r106 108
Irdi A 97
Preferred
let M be 1955
13
66
Union Tank Car Co
100 171- ii#312 India Tire A Rubber
1 *65
Ter H W W de '49 A _ J&D 100 103
50.
Mama Tire A Rubber com_t
95
Vacuum 011 (New)
25 ) 4 119
let M 5.1956 ser
6
Preferred
'40..al&S 100 1- i
Wichita Wat 1st 68
100
82
95
80
Investment Trust Stocks
let M be 1955 err
62
Minesw t Rubber
M
oba ik
and Bonds
100
90
Preferred
Allied Internet Investors-A •111 114
Chain Store Stocks
100 81
Amer Bond & Share aora.10 2712 3014 Sedborling Tire & Rubber_ _t 5313 56
Am Dep St let pf 7%___100 •105 107
112 116
Preferred
100 lops
Berland Stores units
4 Purchaser also pays seamed dleTtlen0 •Nominal. a Ex-dividend. i Es-rights. r Canadian quotation •Said Woe.
Ask
5.00
4.70
5.00
4.70
4.80
4.70
5.00
5.00
4.80
4.70
5.00
4.80
4.75
5.00
5.00
5.00
4.90
5.10
5.00
4.70
4.70
5.00
4.70
5.00
4.80
5.00
5.00
5.00
4.75
4.75
5.00
5.00
4.95
4.70
4.70
5.00
4.80
4.70
4.75
4.85
4.70
4.80
4.70
4.75
5.25
4.70
4.80
4.70
5.00
500
4.75
96
tiIrat1,nteragente.
Inuestuunt mut
-In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
fourth week of January. The table covers 10 roads and
shows 6.07% increase over the same week last year.
Fourth Week of January.
1928.
1929.
Increase.
Decrease.
$6,656,120 $6,144,631 $511,489
Canadian National
4,973,000 4,934,000
39,000
Canadian Packfic
123,062
129,137
Duluth South Shore & Atlantic....
38,500
35,317
3,183
Georgia & Florida
6,591
8,058
Mineral Range
287,678
289,625
Minneapolis & St Louts
474,095
460,259
Mobile & Ohio
13,198
726,100
712,902
St Louis Southwestern
5,369,256 4,792,899
576,357
Southern Railway System
520,854
545,008
Western Maryland
219,161,420 518,065,748 $1,143,227
1,095,748
Total (10 roads)
Net increase (6.07%)
$6,075
1,467
1,947
13,836
24,154
$47,479
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
opq
)0 ,
T
..k
...Ct
-.ONOD.WCOMNMN0W0 .
”
,
, 0r,
-.▪
,10
3o6aoOrtici...Naci
:!:.c.iLivi5i4.174e54,Omie44.4706,
........
.
.
.
M0Qt-Nmu5No.N000.0.-,000NNMMW.-.C.mwz
4100N..N.MOno..nuDWM0-.0.0'NMV.Oocc
00V....
,
week May (12 roads)
week May (12 roads)
week June (12 roads)
week June (12 roads)
week June (11 roads)
roads)
gin weck June (11 reads)
1st week July (12
26 week July (12 roads)
36 week July (12 roads)
4th week July (12 roads)
lei week Aug (12 roads)
ad week Aug (12 roads)
3d week Aug. (12 roads)
4th week Aug.(12 roads)
lit week Sept.(12 roads)
2d week Sept.(12 roads)
3d week Sept.(11 roads)
iltit week Sept.(12 roads)
(12 roads)
1stweek
34 week Oct. (12 roads)
Oct.
34 week Oct. (11 roads)
4th week Oct. (11 roads)
lit week Nov.(12 roads)
2d week Nov.(12 roads)
liti week Nov.(12 roads)
4th week Nov.(12 roads)
let week Dec (12 roads)
2d week Dec (12 roads)
8d week Dec (12 roads)
lith week Dec (10 roads)
1st week Jan. (11 roads)
2d week Jan. (11 roads)
3d week Jan. (10 roads)
4th week Jan. (10 roarh0
lid
lith
la
lid
fiti
Previous
Year.
$
13.508,087
14,264,043
13,394.889
13,551.112
13.541.992
18,288,339
13,318,138
13,648,978
14.078,523
19.038,584
13.605,103
14,211,656
14,278,486
21,421,180
14,510.064
14,614,550
14,445,792
20,831.363
16,045.279
16.492,870
15,578.335
23.795.760
15,854.197
17,485,732
15,790.861
20.637,770
14,501,895
14,280,804
14,365,208
12,061.018
11,212,753
12,721,605
12,905,285
18 065 74R
Increase or
Decrease.
%
$
+952,046 7.04
+742,987 5.21
+278,542 2.08
+678,341 5.01
+596.986 3.68
+962,147 5.25
+808,584 8.07
+717.797 5.26
+532.435 3.78
+ 1,686,586 8.84
+ 1.361.816 10.00
+981,589 6.91
+1.223.405 8.57
+1,186,629 5.54
+304,567 2.09
+1,238.046 8.28
+2.223,567 15.48
+2,298,871 10.9E
+2,583.052 16.1C
+2,690,331 16.31
+2,858.686 18.33
+3,491,040 14.60
+1,481.714 9.21
+280,032 1.6C
+ 1.616,309 10.8E
+1.219,329 5.91
+1.175,548 9.41
+1.361,324 9.51
+1.410.892 9.81
+116,488 0.96
+105,207 0.99
-593,795 4.6(
-124,303 0.91
-1-1096 748 R IR
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class 1 roads in the country, with a total
mileage each month as stated in the footnote to the table:
1927.
1926.
inc.(+)or
Dec. (-).
1927.
1928.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Barcelona Traction Light & Power Co.
Gross earnings
Operating expenses
(+)Or
Dec. (-).
$
5
$
Dec
- 468,526,003 525,820.708 -59,294.705 90,351,147 118,520,185 -28,169.018
1928.
1927.
1928.
1927.
Jan _ 456,520,897 486,722,646 -30,161,749 93,990.640 99,549,436 -5.558.798
Feb_ 455,681,258 468,532,117 -12,850,859 108,120.729 107.579,051
+541.678
Mar_ 504,233,099 530,643,758 -26,410.659 131.840,275 135,874,542 -4.034,267
April. 473,428.231 497.865,380 -24,437,149 110,907,453 113,818.315 -2,910,862
+840,317
May.509,746,395 518,569,718 -8.823.323 128.780,393 127,940.078
June 501.576,771 516,448,211 -14.871,440 127.284.367 129,111,754 -1,827.387
July-- 512,145,231 508,811,786 +3,333,445 137,412,487 125.700,631 +11.711.858
+ 165,107 173.922,684 164,087,125 +9,835,559
Aug-- 556,908,120 556,743.013
554,440,941 564,421,630 -9.980,689 180,359.111 178,647,780 +1.171,331
Sept.Oct-- 616,710,737 579,954,887 +36.755,850 216.522,015 181.084,281 +35,437,734
Nov-- 530.909,223 503.940,776 +29,968.447 157,140,516 127,243,825 +29.896,691
Note -Percentage of Increase or decrease in net for above months has been:
-Dee.. 23.78% dec. 1928-Jan.. 5.58% dec.; Feb., 0.50% Ins.: March.
1927
2.96% des.; 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.. 19.58% inc.
In the month of Dec. the length of road covered was 238,552 miles in 1927 against
337,711 miles in 1926; In Jan., 239,476 miles in 1928 against 238,608 miles In 1927:
In Feb., 239,584 miles, against 238,731 miles in 1927; in Marsh, 239,649 miles.
against 238729 miles in 1927; In April, 239,852 miles, against 238,904 stiles in 1927:
In May. 240,120 miles, against 239,079 miles is 1927; in June, 240.302 miles, against
239,066 miles in 1927; in July, 240,433 miles, against 238,906 miles in 1927; in Aug.,
240,724 miles, against 230.200 miles in 1927; in Sept., 240.693 miles, against 239,205
miles In 1927; in Oct., 240,661 miles, against 239.602 miles in 1927: in Nov., 241.138
miles, against 239.982 in 1927.
-Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1928.
1927.
$
Pesetas.
Pesetas.
Pesetas.
Pesetas.
8,666,285 8,329,938 91,088,183 87,464,132
2,511,562 2,397,736 27,185,018 26,630,358
6,154,723
Net earnings
5,932,202 63,903,165 60,833,774
The Electric Light & Power Co. of Abington and
Rockland.
-Month of December- 12 Mos. Ended Dec. 31
1927.
1928.
1928.
1927.
S
8 ,
$
8
54,639
59,277
648.217
627,857
Gross earnings
Net Earnings.
Gross Earnings.
Month
875
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1927.
1928.
1927.
1928.
1927.
$
$
Detroit & Mackinac
95,878
153,421 -119,725
December_ _
87,979
141,702 -129,699
From Jan 1_ 1,668,743 1,626,388
429,746
230,708
297,647
108,844
Fonda Johnstown & Cloyersville21,997
105,932
December_ _
89,768
43,082
28,143
48,179
286,803
From Jan 1_ 1,036,155 1,150,927
368,123
210,839
291,111
Galveston Wharf
135,663
152,539
December_ _
273,525
116,452
55,070
10,254
From Jan 1_ 2,334,856 1.970,747 1,246,247 1,322,680
762,693
384,610
Georgia
408,343
46,276
39,508
December.. 425,690
41,152
29,084
863,581 1,042,292 7,411,141
From Jan 1. 5,270,783 5,666,787
886,191
K C Mexico & Orient
265,484
256,754 -48,574
December... 240,893
37,356 -52,779
From Jan 1_ 2,967,097 3,029,695 1,387,706 -89,100 1.100,308 -141,396
K C Mexico & Orient of Texas
779,104
110,647
--3,569 --254,695 --11,268
439,729
December_ _
From Jan 1_ 5,663,336 7,105,596 3,091,078 1.288,391 2,555,107 1,202,156
Louisiana & Arkansas
258,229
113,955
54,778
73,155
306,248
35,093
December_ _
872,143 1,018,638
From Jan!.. 3,859,960 3,562,302 1,416,180
559,387
Louisville Henderson & St Louis
310,642
77,877
19,593
65,507
6,988
December... 272,039
606,375 1,110,316
457,573
856,144
From Jan 1_ 3,250,600 4,127,232
Nevada Northern
87,135
75,802
41,839
59,857
14,069
December.... 124,922
646,151
974,814
502.977
493,855
348,639
From Jan 1_ 1,163,362
New Orleans Texas & Mexico
St Louis Brownsville & Mexico
177,085 -48,414
138,405 -93.149
660,159
December.... 610,388
From Jan 1 8,213,685 9,197,732 2,633,187 2,501,511 2,366,307 2,072,861
Union Pacific System
Oregon Short Line
911,292
769,526
December.... 3,033,402 2,908,614 1,279,067 1,067,222
From Jan 1..38,731,874 35,999,738 13,342,726 11,557,196 9,897,843 8,278,811
Utah
111,948
228,386
102,538
99,756
55,848
December... 238,216
573.587
687,717
472,985
544,055
From Jan 1_ 1,797,413 1,813,208
Western Pacific
320,444
109,954
194,492 -12,867
December... 1,374,138 1,068,195
From Jan 1_17,594,075 16,433,463 3,387,866 3,308,394 2,215.799 1,804,114
Western of Alabama.
271,241
30,234
95,686
47,390
15,906
December... 265,071
801,367
778,043
581,009
557,329
From Jan!.. 3,238,872 3,187,850
Wichita Falls & Southern
57,489
103,161
25,250
50,209
15,039
December.... 122,980
416,807
375,286
From Jan 1_ 1,143,633 1,076,266
353,932
329,270
40,952
6,215
2,264
Net operating revenue_ -- Interest charges
37,939
5.292
3,317
454.559
46,824
39,879
416,018
42,092
43.344
5,207
12,727
106,953
10,615
126,402
7,258
96.337
Operation
Maintenance
Taxes
119,143
Balance
Honolulu Rapid Transit Co.
Gross revenue
Operating expenses
-Month of December- 12 Mos.Ended Dec. 31.
1928.
1928.
1927.
1927.
$
$
$
$
94,984
85,741 1,076.433 1,004.774
53,100
56,398
630,341
626,453
41,884
Net revenue
Other income
29,343
446,092
13,338
378,321
14,471
41,884
29,342
459,430
392,792
13,231
550
4,963
10,411
550
6,473
2,238
147,277
6,600
57,068
22.000
123,801
6,600
51,766
24,238
Total deductions
18,937
19,674
239,353
208.280
Balance
22,946
9,663
220,077
184.511
Total. rev.from operation_
Taxes
Interest
Depreciation
Replacements
International Railways of Central America.
-Month ofDecember- 12 Mos.Ended Dec. 31.
1928.
1927.
1928.
1927.
$
$
$
$
967,798
895,818 8.715.743 7,661,011
Gross revenues
508,584 5,285,146 4.736,000
663,703
Oper. expenses and taxes......
304,095
387,234 3,430.597 2,925,011
chgs_
Railway- -Net after Taxes
- Income applic. to fixed
1927.
1928.
1927.
Market Street Railway Co.
$
(Subsidiary of Standard Power & Light Corp.)
Month of 12Mos.Ena
257,183
106,007
83,612
Dec. '28. Dec.3128.
2,984,149 1,024,465
952,424
$
$
811.968 9,754,460
Gross earnings
92,326 1,421,655
Net earnings
535,299
498,537
471,018
(Including other inc. & before prow.for retire.)
4,647,805 3,479.774 4,061,197
60,344
Income charges
743,900
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway.- -Net from
1028.
1927.
1928.
$
American Railway Express
November _12,093,438 12,426,277
278,591
From Jan 1_131157 876 135859,321 2,908,336
Atchison Top & Santa Fe
Panhandle & Santa Fe
December__ 1.205,408 1,191,290
575,745
From Jan 1_13,256,450 15,393,701 4,019,918
Atlanta dc West Point
December.. 250,301
241,716
5,412
48,040
20,288
From Jan!. 3,073,917 3,184,475
737,299
705,667
508,514
Canadian Pac Lines in Me
December__
325,206
262,699
6,951
39,196
56,610
From Jan 1_ 2,552,877 2,518,257
1,097 --89,198
108,218
Canadian Pac Lines In VtDecember _. 168,194
69,944
3,863
3,340 -81.053
From Jan 1_ 2,037,925 1,828,609 -660.509 --20,312 -708,886
Central Vermont
324,385 2.412,017 -524,505 2,396,534
December.. 685,617
From Jan 1_ 7,603,825 8,259,570 1,535,129
624,386 1,387,279
elite Rock Island & PaoDeoember_10,985,127 10,317,334 3.017,361 3.254.024 2,267,498
From Jan 1 134316,811 132927,925 35,462.748 34,657,284 27,335,698
Denver & Salt Lake
427,001
December.. 359,429
159,815
147,946
126,245
From Jan 1_ 4,011,883 4,110,286 1,475,341
734,784 1.343.643
706
544,157
-10,271
-187,125
-85,819
-77,728
31,982
Balance
-Month of November- 12 Mos.Ended Nov.30.
1928.
1927.
1928.
1927.
$
$
$
$
73,135
65,646
Gross operating revenue......
696,956
683.656
42,812
45,830
Oper. expenses and taxes.-525,737
515,681
-543,929
390.785
Net revenue
Deductions from Income
Interest on funded debt
2,582,503
26,961.892
Net income
Income approp. for invest. in
physical property
137,873
646.049
677,755
The Philippine Railway Co.
Balance
30,323
19.816
171,218
167.974
28.496
28,498
341,960
341,960
1.826
-8,680 --170.741 --173.985
1.826
-8,680 -281.063 -176.426
110,321
2.441
876
[Vox,. 128.
FINANCIAL CHRONICLE
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 2. The next will appear in that of March 2.
CONSOLIDATED BALANCE SHEET DEC.31.
1928.
1927.
1927.
1928.
Assets$
Liabilities$
$
$
Property
x85,352,569 85,009,399 Preferred stock_ 25,000,000 25,000,000
Investments
6,831,840 6,395,840 Common stock_ 55,000,000 55,000,000
U. S. Govt. gee..
87,000 Bonds
48,000
4,250,000 4,500,000
Mat'Is & suppl's 14,779,386 15,653,203 Acc'ts payable
4,288.499 3,282,029
Unexpired taxes,
Notes payable... 1,000,000
int. dr Maur__
245,166 Accr.Int. dr tax_
178,633
523.012
608,530
Notes receivable
83,112
114,919 Coro. div. pay825,000
687,500
Acc'ts rec., less
500,000
500,000
Conting. reeve..
reserves
6,069,766 4,566,814 Insurance res've
788,440
788.449
Cash
5,041,714 3,633,224 Surplus
28,264,044 25,267,077
Total
118,385,022 115,885,586
Total
118,385,022 115,685,568
x After provision for depreciation and amortization of 529.299,658 and
The Fleischmann Company.
depletion of minerals of $773,702.-V. 126, p. 3934.
(Annual Report
-Year Ended Dec. 31 1928.)
Alpha Portland Cement Co.
A comparative income account and balance sheet for the
(Annual Report-Year Ended Dec. 31 1928.)
year 1928, together with the remarks to stockholders of
The remarks of President G. S. Brown, together with/a
Pres. Joseph Wilshire, are given in the advertising pages of
comparative income account and balance sheet for the year
to-day's issue.
CONSOLIDATED INCOME AND PROFIT c% LOSS ACCOUNT
-YEARS ended Dec. 31 1928, will be found in the advertisingrpages
ENDED DECEMBER 31.
of this issue.
-V.127, p. 3543.
1926.
1925.
1927.
1928.
Net sales
564.004.366 564,668.138 $62,951,699 $56,645,813
yDeduct cost of sales_ _ _ 25.671,589 26.050.979 a26,182.288 20.820,924
Gross profit
$38,332,777 538.617,159 836,769,410 535,824,889
y Deduct selling, adm.
and general expenses_ 17.164,835 17,289,240 16,400,694 20,587,306
Add- Kt:inc.amdits- 1:3g1 52 ,7gUi? 52 0321,111 5151Eigg
t of
- s
7
?
,
"
1.
11
Grossincome
522.486.160 $22,434,530 $21,382,128 $16,061,281
Deduct-Income charges
193.546
217,128
126,569
179.208
Fed'I & Canadian tax_ 2,538,922
2,700,422
2.817,388
1,959,968
Netincome
Profit and loss credits-
819.820,669 $19,423,596 518,464,578 813,922,105
139,975
176,944
52,378
860,645
Grosssurnlus
820.681,314 $19,475,974 $18,604,553 $14,099,049
Deduct Profit& Loss Chgs.Prem.on pref.stock pur.
$1.125
$1,547
$861
Gen. the,fund set aside.
158,528
126,424
131,224
162,611
Adj. of prop. valuesaddl amort'n of war
time facilities
Misc. profit & loss chges.
681,141
141,892
454,399
138,049
Total profit&loss chgs $304,503
$808,425
5614.053
$270,822
Net surplus before divs- 20.376,810 18,861,921 17,796,128 13,828,227
Deduct-Preferred dlvs_
73,323
73,929
74,274
73.320
Common dividends_ _ _ 15.750.000 15,750.000 11.250,000
7.500,000
Surplus for the year
$4,553,490 $3,038,597 $6,472,199 $6,253,955
x Add other credits
438,480
Suns. beginning of year_ 42.525.271 39,486,673 33,014,474 26,322,040
Surplus at end of year447.078.761 $42,525.271 $39,486,673 $333.014.474
Shares ofcom.outstand'g
(no par)
4,500,000
4,500.000
4,500.000
4,500,000
Earned per share on com.
$4.09
$4.30
$3.08
$4.39
a Includes transportation and packing charges amounting to $5,431,773
heretofore classified under selling, administrative & general expenses.
x Excess of book value over cost of capital stock of American Diamalt
Co.and Canadian Diamalt Co., which became fully owned during 1925.
y Depreciation has been charged off on plants and personal property
• under these headings. aggregating 52,278,226 in 1928, 52,444,404 in 1927
and $2,519,660 in 1926.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
[Fleischman° Co. and Subsidiary Companies.]
1927.
1928.
1927.
1928.
AssetsLiabilities$
$
Mfg. plants & eq't27,813,116 26,992,038 Preferred stock_ _ _b1,222,000 1,222,000
Other real estate_ _ 3,768,787 3.388,820 Common stock. _ -c7,500,000 7,500,000
Furn., natures, &c 5,741.955 5,404,390 Surplus
47,078,780 42,525,271
Patents
3,843,234 3,827,763 General insurancea2,527,972 2,375,949
Prepd.tax.,Ins.,dre 288,896
Current Liabils344.019
Gen.'mut.Fund
Accounts payable.. 951.790 1,415,379
U.S.ctfs. of lndebt
20,000
25,009
25,009 Mortgage payable
U.S.Liberty bonds 322.851
832.899 Mel' int.. payroll
Other bonds
taxes (ether than
2,136.147 1,484.201
Accrued interest_ Fed. dr Can'n) &
21,717
18.870
270,216
263,074
Cash
expenses
12.122
25,294
2,426,487 2,770,052
Investments
Accr. Fed'I taxes
139,882
83,883
Bonds & stocks- 16,187 Accr. Can'n taxes_
25,340
Real estate mtges_
Reserves28,812
49,375
Policy of life insur_
31,906
29,857 Deprec'n plants dv
14,871,745 14,250,610
Current Assets
equipment
344,757
Caen & call loans_ _13,856,257 7,400,485 Depr. oth. real eat 394,157
1J.S.treas. ctfs. _ _ 9,334,359 3,299,141 Depr. fur.,fixt.,&e 3,572.992 3,250,520
941,043
U.S.Llberty bonds 1,095.232 6,984,683 Amort.cost of pats 1,236,557
State & munic. bds 4,289,004 7,351,048 Uncollectible acc'ts
508,744
518,992
Dom.of Can. bds_ 299,080
and loans
284,935
285.596
Notes & coll. loans
90,625
132.468 Mlscell. reserves
Accts.receivable_ 3,693,860 3,570,349
Accrued interest_ _
189,719
157,962
Inventories at cost 6,065.626 6,443,069
Total
82,952.006 77.799.358
82,952,005 77,799,358
Total
a Appropriated surplus set aside to meet contingencies. b Authorized
and issued. 30,000 shares of $100 each; in treasury. 17.780 shares; outstanding, 12.220 shares. c Authorized and outstanding, 4,500,000 shares at
declared value of 57,500,000.-V. 127. p. 3098.
Pennsylvania Water & Power Co.
(19th Annual Report-Year Ended Dec. 31 1928.)
COMPARATIVE INCOME,PROFIT AND LOSS ACCOUNT.
1928.
Gross inc. (all sources)- _ $4,388,087
Exp., maint., taxes, &c_ 1,535,027
1927.
53,525,343
1,272,617
1926.
53.103,674
956,721
1925.
52,960,436
683,323
Net earnings
$2,853,060 52.252.525 $2,146,953 $2,077,113
Interest on bonds
855,000
754,050
738.000
745,100
Dividends
($2.50) 1,074,620
x967,158(8%)859,696 (8)859,696
Balance, surplus
923,438
5531.317
$4479,417
$542,157
Total (incl. prey. surp.) _
946,491
566,195
483.624
564,931
Deduct-Misc. reserves_
150,000
200,000
140,000
200.000
Renewal & replace res
345.573
343,144
220,850
230.053
Sinking Fund
100,000
100.000
100,000
100,000
Surplus Dec.31
$350.918
$23,052
$22,774
'534,878
She, cap. stk. outstand.
(no par)
429.848
429,848
y107,462
y107,462
Earn. per sh.on cap. stk.
$4.65
$3.48
$13.05
$12.46
x Being 2% on the outstanding stock of $100 (par value) for the quarters
ended Mar. 31 and June 30, and 623. cents per share for the quarters
ended Sept. 30 and Dec. 31.
y Par $100. the stock having been changed
to no par during 1927 and four no par ans. exchanged for each $100 par
share.
BALANCE SHEET DEC. 31.
1928.
1927.
1927.
1928.
Assets$
Liabilities
$
$
$
Property account_28,200,845 27,190,992 Capital stock
10,888,312 10,868.312
Plant additions in
1st ref. mtge. 5148
3,000,000
progress
355,349
196,217 1st mtge. bonds_a11.500,000 11,506,000
Secure,of other cos 4,368,502 4,368,502 1st ref. mtg. 4.14s - 6,000,000
Loose plant and
lloltwood Pr. Co
equipment
217,498
197,145
bds
2,750.000
Bills & notes ree_
40,000
525,000 Accounts payable- 451,002
387,833
Accts.receivable.... 475,719
732.351 Contingent fund..
2,141,540
Cash
1,970,463 1,000,692 Depreciation fund 2,307.352 2,080,142
Cash for band reTax reserve
430.924
432,144
demption
100,000
100,740 Equalization res _ 2,441,540
Prepaid charges
11,873
23,634 Res.for sink fund_ 1,150,000 1.050,000
Accr. Int. on bonds
90,000
96,250
Miscel. res
150,000
Profit and loss- -- 350,919
23,051
Total
35,740,049 34,335,273
Total
35,740,049 34,335,278
a First mortgage 5% bonds are after deducting $1,000,000 bonds redeemed
by trustees or canceled for sinking fund investment.
-V. 128, p. 248.
Deere & Company.
(Annual Report
-Year Ended Oct. 31 1928.)
The remarks of Wm.Butterworth, Chairman of the Board,
together with income account and balance sheet for year
ended Oct. 31 1928, will be found in the advertising pages of
to-day's issue. Our usual comparative tables were given in
V. 128, p. 735.
F. W. Woolworth Co.(5 and 10 Cent Stores), New York.
(Annual Report
-Year Ended Dec. 31 1928.)
GROSS SALES AND PROFITS FOR CALENDAR
YEARS.
No.of
No.of
Year. Stores.
Sales.
Profits.
Year. Stores.
Sales.
Profits.
1928.......1,725 $287,318,720 $35,385,806 1919_1,081
1927____1,581 272,754,046 35,350,474 1918........1,039 $119,496,107 $10,381,557
7,088,718
1928__1,480 253,845,124 28,204,927 1917___1,000 107,179.411 9,252,349
1925_ _1,423 239,032,946 24,601,784 1916._ 920 98,102,858
1924 ___1,356 215.501,187 20,889,397 l915..__ 805 87.089,270 8,713.445
75,995,774
1923_1,260 193,447.010 20,698,180 1914_ 737 89,619,689 7,548,210
6,429,896
1922___1,176 167,319,265 18,324,399 1913_ 684 88,228,072 6,461,118
1921____1,137 147,654,647 13,792,980 1912_ 631 60,557,787
5,414,798
1920_ _ __1,111 140,918,981 9,775,252
INCOME ACCOUNT YEARS ENDED DEC 31.
1928.
1927.
1926.
1925.
Netsales
$287,318,719 $272,754,046 8253,645,124 $239,032,946
Rental receipts
3,282,879
2,743,579
2.139,609
2,016,458
Prop. of surp.earns,for cos _
4,118,770
4,042,782
Income from securities
3,017,862
2,415,389
907,223
1,509,246
Interest. &c
2,035,986
1,849,740
1,248,835
1,533,294
Totalincome
$299.774,218 $283,805,535 $258,827,273 $243,203,460
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS. Oper.exps.,deprec.. &c._
281,488,811 245,455,062 226.922.346 214,401,695
1926.
1927.
Res.for Federal taxes
1928.
2,900,000
3,000,000
4.200.000
3,700,000
Operating profits z
59,540,474 $7.891,262 $9,994.174
Other income
1,003,235
989.254
Net income
617.472
$35,385,606 835,350,474 528,204,927 $24,601.7_65
Common dividends
(20%)19,500,000(20)19,500,000(24)15800.000(12)7,800.00u
Profits
$10,157,946 $8,894,497 $10,983,428
Maint, of plants, deprec. & renewals_ 4,308.945
4,196,114
3.050,270
Balance,surplus
$15,885,606 $15,850,474 812,604,927 816.801.765
Interest on bonds
239.583 Previous surplus
227,083
214.583
33,154,272 49,803,798 23,632.892 18,830,927
Net income
56.547.731
Total
$49,039,878 $65,654,272 $38,237,819 $33,632,692
Preferred and common dividends
4.637.439 Stock dividend
0
7
:124:11
5
(50%)32,500000
Reduction of good-will
9,999,999
Balance, surplus
$567,207 51,910,292 Revaluation
5996.967
50-13,568,179
Earns. per sh.on 550,000shs.common
stock (par $100)
57.03
$8.72
Total surplus
$7.06
549.039.878 833,154,272 849,803,798 823,632.892
z After deducting Federal and other taxes.
x Revaluation of stock holdings in F. W. Woolworth & Co., Ltd.,
England.
Note.
-Dividends at rate of 7% annually have been paid regularly on
1921. 1922. 1923. 1924. 1925. 1928. 1927. 1928.
the pref. stocks. Common dividends have been paid as follows: July 31 Net earnings on sales(%)
9.34 10.35 10.70 9.59 10.29 11.12 12.96 12.32
1923 to Oct. 31 1925. 1% quarterly; Jan. 31 1926 to Oct. 31 1926, 1 X% Net earns,on corn.stock (8)
20.04 27.11 31.84 a7.95 9.46 10.85 b9.06 0.07
quarterly; Jan. 31 1927 to April 31 1928,1% quarterly; July 31 1928 to
a Par value per share on common stock changed from $100 to $25 as of
May 28
Jan. 31 1929, 1g% quarterly.
1924. b Stock dividend of 50% paid in Feb. 11927.
Crucible Steel Company of America.
(28th Annual Report-Year Ending Dec. 31 1928).
The remarks of Chairman H. S. Wilkinson, together with
income account and balance sheet as of Dec. 31 1928, will
be found in the advertising pages of to-day's issue.
9
52:317:1411
FEB. 9 1929.]
FINANCIAL CHRONICLE
877
COMPARATIVE BALANCE SHEET NOV. 30.
BALANCE SHEET DEC. 31.
1927.
1927.
1928.
1928.
1927.
1928.
1927.
1928.
$
$
LiabilitiesAssets$
$
$
LiabillttesAssets
789,618 Capital stock
y7,323,022 7,323,022
789,505
Com.stock
97,500.000 97.500.000 Real estate
Real est., bldgs.,
Plant, equip., &c_ 9,060,977 9,166,237 Accounts payable_ 1,845,992 1,294.869
a50,720,430 41,484,415 Purchase money
&e
598,721
167,236 Vouchers payable_ 434.685
3.546,500 Oil & sulphur wells 162,330
3.551,000
1
1
mortgages
Leases &g'd-will
407,158 Investments
73.037
Reserves
x4,460,967 4,290,572
388.976
Securs.owned c23,001,541 18,762,550 Accts.payable_ _
37,121 U. S. bonds
5,239,015 6,751,507
1,013,750 1,013,750 Surplus
36,220
20.422,915 Accrued interest
Cash
16,408,179
Cash
2,455,880 3,688,866
860,278 Res've for Fed3
Accts.receivable 1,482,192
1,273,292 1,357,271
2,900,000 3,000,000 Acels receivable
taxes
Invent's (mdse.,
10,059
52,180
Notes receivable.32,202,041 30,398,402 Res've for em&c.)
3,848.446 3,375,727
Inventories
ployees' beneAdv. payments
Total(each side)19,303,681 20,258,691
689,924
100.000 Deferred assets.-- 574,283
100,000
fits
204,203
324,669
to impts
49,039,878 33.154,272
Surplus
Net advs. to forx For depreciation. 83.855,417, for amortization. $249,679: for taxe
-V. 127, p. 3548.
eign branches_ 2.737,727 1,272,622
y 729,844 shares of no par value.
8355,872.
Impts. to leased
b24,337,199 22,275,984
premises
The Brooklyn Union Gas Co.(and Subsidiaries).
1,972,671
916,132
Store suples,&c_
91,009
114,340
Mtges.receiv•le
(Annual Report-Year Ended Dec. 31 1928).
Deferred charges 1,271,623
153,516,075 137,745,050
Total
153,516,075 137.745,050
Total
a Includes in 1928 (cost values) real estate and buildings owned, $17,676,537,
less depreciation reserve, $1,221,268; buildings owned on leased ground, to be
amortized over period of leases, $12,503,143 less amount charged off during year
1928, $194,162 furniture and fixtures, 529,280,826 less reserve for depreciation,
$7,324,647. b Alterations and Improvements upon leased premises to be written
off during the terms of leases after charging to profit and loss. $1,935,577 during
1928. c Including majority holdings of F. W. Woolworth & Co., Ltd., England,
-V. 128, D. 269.
and F. W.Woolworth Co. of Germany.
President James H. Jourdan reports in substance:
The issue of 811,800.000 5 % convertible debenture bonds dated Jana
1926 becomes convertible on Jan. 1 1929. These bonds are convertible
on the basis of two shares of stock of the company for each $100 of bonds
surrendered.
The merger of our former subsidiary companies, viz. Jamaica Gas Light
Co., Woodhaven Gas Light Co., Richmond Hill & Queens County Gas
Light Co., Flatbush Gas Co. and Newtown Gas Co., operating in the
Boroughs of Brooklyn and Queens, and the Equity Gas Co., a non-operating company, was accomplished on Dec. 31 1927. The offices of these
subsidiaries are now operated as branches of the Brooklyn Union Gas Co.
A new rate schedule was filed with the Public Service Commission to
Continental Baking Corp. & Subsidiaries.
become effective May 16 1928, as follows For the first 200 cubic fee of
(Annual Report-Year Ended Dec. 31 1928.)
gas or less per meter per month, 95 cents; for all additional gas,9 cents per
100 cubic feet.
RESULTS FOR YEARS ENDED
This new rate more equitably distributes the cost of gas service to each
Dec. 29 '28. Dec. 31 '27. Dec. 25 '26. Dec. 26 '25. customer in proportion to his requirements. The small. or "convenience"
$8,946,240 $10,296,576 $10,731,341 813,436.916 user, who is carried at a great loss borne by the larger users of gas, would
Gross earnings
633,817 more nearly pay his proper share of the cost of his service and allow a de509.648
537,018
491.350
Interest paid
Depreciation
2.483.247 2,595,201 2,621,707 2,596,064 crease in the rate to the user of larger quantities of gas.
917,000 1,258.978
937,000
647,500
Estimated Federal taxes
An industrial rate is also included in the new schedule, decreasing the rate
y554,825
Appropriation
for this character of business, which it is felt will greatly stimulate the use
of gas for industrial purposes.
$5,324,144 $5,672,532 86,682,986 48,948.056
Net profit from oper
The new rate schedule has been suspended by the Public Service CornDivs. paid & seer., min.
mission pending an investigation. Several hearings have been held, but
153,652 no decision has as yet been rendered by the Commission.
136,262
102,971
50,841
preferred stockholders
4,091,914 3,766.510
Divs. on 8% pref.stock_ 4,063,720 4,085,324
The net capital expenditures for the year 1928 amounted to 813.381,040.
1,157,252 2,333,440 2.203,307 The larger portion of these expenditures covered construction work on the
Divs, on class A stock_
new water gas plant and the new coke oven plant at the Greenpoint Works.
$121,371 42,824,587
$326,983
Balance, surplus
$1,209,583
The water gas plant at the Greenpoint works Is in successful operation.
Previous surplus (adj.)- 2,997,268 2 768.741 3,123,391
It commenced the manufacture of gas in Dec. 1927 and has a daily capacity
Premiums paid
lir69,974
of 20,000,000 cubic feet.
Res, for reval, of cap.
The coke oven plant under construction at this works started operations
Dr1,000.000
assets of subs
in Nov. 1928. This plant will have a daily gas production capacity of 20,See x
000.000 cubic feet.
Earned surplus
83.206.851 $3,025,750 $3,244,762
During the construction of the coke oven plant, which was built by the
2,503.000 2,503,000
Capital surplus
2.503.000
Koppers Co. and associated contractors, the Koppers Co. made a proposition to purchase the coke oven plant, to reimburse the company for all of
Total surplus
$5,709,851 $5,528,750 $5,747,762
its expenditures, and to sell gas to the company. A contract was executed
x In the statement for 1925 submitted to the New York Stock Exchange June 28 1928. The contract, which is for a period of 25 years, also enables
the company shows a net income (as above) of $8,948.056; less portion of the company to purchase its requirements of coke for generator fuel. The
net earnings applicable to dividends on pref. stock not owned in sub. cos., contract will shortly be submitted to the Public Service Commission.
When the 5%% convertible debenture bonds were issued in Jan. 1926.
8153,652; balance, 88,794,404. The consolidated earned surplus from
date of incorporation (Nov.6 1924) to Dec. 26 1925 was reported as follows: $631,000 par value of bonds were reserved for the employees of the company
Equity of corporation in earnings of subsidiary owned and controlled for subscription on an installment basis. Employees were permitted to
companies from date of acquisition in these companies (a) companies subscribe to these bonds at par. The installment payments covered a period
acquired in 1924, $7,025,291: (b) companies acquired in 1925, $1.041,541: of 2;4 years. A large majority of the subscribers have signified their intotal. $8,066,831; add earnings of Continental Baking Corp. not Including tention of taking advantage of the privilege of conversion on Jan. 1 1929.
dividends received from subs.. $1,865.895; total, $9,932,727. Deduct: and over 1,250 employees will thereupon become stockholders of the comDividends paid (1) on pref. stock $4,200.865: (2) on common stock, pany.
82,621,164; consolidated earned surplus at Dec. 26 1925. $3,110,697.
STATEMENT FOR CALENDAR YEARS.
y Net income from sale of capital assets, less estimated Federal taxes CONSOLIDATED INCOME
1925'
1926.
1927.
1928.
thereon, appropriated to revaluation of capital assets of subsidiaries.
Sales of gas, misc. rev.
CONSOLIDATED BALANCE SHEET.
income__$25,915,105 $25.778,912 $27.641,173a$20.968,499
& non-oper.
Dee.29'28. Dec.31'27. Oper. & non-oper. exps.
Dec.29'28. Dee.31'27.
Liabilities8
$
Assets(incl. taxes and retire$
19.817,158 19,918.519 21.717,346 19.328,372
Notes payable... 575,000
ment expenses)
Land, bidgs., mach.
140,946.482 41,062.370 Accounts payable_ 1,237,917 1,221,129
&o
Pat.,good-will,&e_10,837,528 10,837,608 Accr. int., taxes,
Income... 86,097,947 85,860.393 85.923,827 81.640.127
Gross corp.
1,210,693
1.741.571
1,762.238
&c
346.825
288,412 Deduct-Int.on fund. dt. 1,760,626
3,554,459 3,827,118
Cash
175,088
170,662
165,534
182,140
274,271 Divs. pay.& accr_z1,028,457 1,312,198
Int.on unfund.debt__
Marketable secure. 282,990
Est. Habil. for Fed.
5,494,706
Amort., &c., miscel.
Notes rec.-special
1.810
15,583
21,063
20,455
taxes
647,500
924,000
deduc'ns (net)
Accts.roe -trade. 1,352,782 1.517,274
313,575
3,826,827 3,568,418 Empl.guar. depoa. 350,670
Inventories
830,213
711,057
266,245 Reserves
Sundry invest'ts__ 6,025,135
Fund.debt of subs. 5,781,052 6,168,012
1,595,279 1,595,279 Min. Int. appl. to
stock
stk. of subs, not
590,925
Deferred charges.. 635,905
614,700
672,085
owned
Capitalstock. _ _.y51,935.200 51,892.800
2,503,000 2,503,000
Capital surplus
Tot.(ea.side)-69,057,387 69,034,220 Earned surplus... 3,206,851 3,025,750
x After deducting $15,919,563 reserve for depreciation. y 8% cum.
pref. stock, $100 par value: Authorized 2,000,000 shares; outstanding
519,352 shares. Class A common stock, no par value: Authorized,
2,000,000 shares, outstanding, 291.813 shares. Class B common stock,
no par value: Authorized. 2,000.000 shares; outstanding. 2.000,000
shame. z Dividends payable and accrued on pref. stock of subsidiary
companias not owned and on pref. stock of the corporatIon.-V. 127, p.
2690.
Inv. in co.'s pref.
Freeport Texas Co.
(Annual Report-Fiscal Year Ended Nov. 30 1928.)
RESULTS FOR FISCAL YEARS ENDED NOV. 30.
1925-26.
1924-25.
1926-27.
1927-28.
813,173.860 813,363,630 89,422,899 87,227,877
Cost of sales
8,694,615 8,633,809 6.520.829 5.041.389
805.867
Shipp'g sell'g & gen. exp.
761.716
761,950
1.092.275
Net profit
$3,717,295 83,968,104 82,096,202 $1,094,213
income
68.493
Other
281,513
64,475
118,761
Prof.on sale of cap.assets
90.390
Gross income
83.836,056 $4,340,007 $2.164,695 81.158,688
Res, for de'preciation
245.144
188.236
267,516
191,008
Tax reserve
110.511
369,471
325.781
140,862
profit
Net
$750,310
$3.275,575 $3,825,990 $1,809,040
Prey.sur. & depl. res.-- 6.751.506 6,261,458 4,225.479 4,673.119
Total surplus
$10.027,081 810,087,448 86.034.519 $5,423,429
Net loss on sale of equip_
234,105
44.081
Dividends
4.743.986 3.101.837
& depl. reserve.. $5,9j5 $6,751,506 $6,034,519 $5,423.429
Sur.
Shares of cap. stk. outstanding (no par)
729,844
729.844
729,844
729,844
Earned per sh.on cap.stk
$2.48
$5.24
$1.03
$4.49
Consolidated Income Statement Quarter Ending Nov. 30 1928.
Gross sales _ _ ___ -- ________________________________________$4,495.380
Cost of goods sold _____________________________________ 2.836.389
Generalexpenses_____________________________ 186.902
Gross sales
Net profit on sales
Other income
81,472,088
25,117
Total income ___________________________________________$1,497,206
Previous surrilus __________________________________________ 4,828.138
Total surplus
Reserved for depreciation
Reserved for taxes
Dividend paid Nov. 1 1928
Surplus Nov.30 1928
$6,325,343
48,316
125,707
912,305
$5,239,015
Net corporate income_ $4,134,726 $3,911,558 83,996,011
Net rev, in suspense
not incl. in above....
$252.538
b2.952,746
Net corporate income_ $4,134.726 $3.911.558 $3.996,011 $3,205,284
2,555,580 2,425,781 2,037,180 c5,542,573
Dividends declared
Shares of capital stock
508,330
510.076
511.024
516,912
outstanding (no par).
85.30
$7.83
$7.65
88.00
Earns.per sh.on cap.stk_
a Based on rate of $1 per $1,000 Cu. ft. for gas. b Amount charged in
cu. ft. c Includes special payment
excess of statutory rate of $1 per 1,000
of $7 per share paid Jan. 11 1926 and is equal to the amount of the dividends
omitted during the period Jan. 1 1920 to July 1 1922, when the company
was forced to suspend dividends owing to the inadequacy of the rate allowed
under the 80
-cent gas law.
CONSOLIDATED BALANCE SHEET DEC.31.
1928.
1927.
1928.
Liabilities$
Assets$
$
Fixed capital.-108,826.008 95,444,968 Capital stock___x25,557,300
Cash
4.874,403 3,323,959 Funded debt___y32,821,700
30,027 Acc'ts payable__ 2.886,710
38,712
Notes receivable
1,866,064 Notes payable.. 23,000,000
Accts.receivable 2,105,867
452,440
Int. & diva. rec.
4,438 Contr. for ext'ns
4,533
45,321
Materials & sup_ 3,020,203 3.686.665 Mis.unadj.cred.
191.217 Consum. dopes_ 3,037,197
300,531
Prepayments...
25,164
170,000 Misc. aecr. liab_
Investments
160,000
35,121
109,554 M at'd int.un pd.
212,227
SPecial deposits_
Int.accrued_ _ _ _ 1,455,294
Unamort. debt
654.788
156,468 Taxes accrued._
dlset. & exp..
142,234
36.451
Misc. curr. liab_
Suspense(gas un640,997
1,688,036 Divs. declared_ _
billed,&c.)_ _ _ 2,413,157
Res.for retire'ts,
conting.,&c.. 16,000,532
Unamort. prem.
on debt
88.000
15,360,863
Total(each side) 122,097,879 106,689,396 Surplus
1927.
$
25.551.200
32,827,800
1,266,587
11,000,000
398,532
47,724
2,931,837
20,658
36,884
1,370,534
819,889
33,319
638,771
15.807,858
92.800
13,845,201
x Represented by 516.912 shares of no par value in 1928 and 511,024 abs.
in 1927. y 5% 1st consol. mtge, bonds, due 1945. 814.736.000 Citizens
Gas Light Co. 5% consol. mtge, bonds, due 1940. $264.000 1st lien & ref.
mtge. 68, due 1947, 86.000.000 7% cony, debentures. due 1929. $4.500
7% cony, debentures, due 1932.$17.200 53-5% cony,debentures, due 1936.
--NT. 127. 11. 3704.
811.800.000,
United States and Foreign Securities Corp.
-Year Ended Dec. 31 1928.)
(Annual Report
President Ernest B. Tracy, Newark, N. J., Jan. 10, wrote
in brief:
The net income for the year was $7,652,887. Dividend requirements on
1st and 2d pref. stocks were more than covered by income from interest
and dividends on securities owned.
In addition to the cash income reported as interest and dividends.
corporation received during the year stock dividends with an aggregate
market value when received of approximately $890,000, the receipt of
which was not treated as income.
The item "profits" represents principally income from sale of securities.
in many cases, these securities had been purchased before 1928. The
Income therefore represents partly gains accumulated in prior years.
878
FINANCIAL CHRONICLE
The surplus at Dec. 31 1928, as shown in the balance sheet, was $12.224,366 compared with $6.368,928 on Dec. 31 1927. an increase of
$5.855A37.
As the call for final payment of 1st pref. allotment certificates was
made Nov. 1 1927, the corporation operated throughout the year 1928
with its entire capitalization outstanding. The average paid-in capital,
from organization in October 1924 to Dec. 31 1928, was approximately
$25.000,000. Regular dividends at the rate of $6 a share per annum
have been paid on the let pref. stock from time to time outstanding and
on the 2d pref. stock. In addition, there has been accumulated the abovementioned surplus of $12,224,365 and also an increase in the value of the
securities held not reflected in the balance sheet.
[VoL. 128.
The Revere Sugar Refinery melted 361,120,180 pounds,as compared with
347,046.217 pounds for 1927. Market conditions continued favorable.
The company produced 11,479,895 pounds of cacao as compared
with 8,018.361 pounds in 1927, but market prices weresomewhat lower during the year.
Ships.
-During the year three new ships for the European service have
been added to the fleet and two of the older ships have been sold for scrapping. Company now has three ships under construction for
European
service, to be delivered early in 1929. During the year thecompany's
ships made 1,383 round trip voyages and steamed 5,945.636 the
nautical miles.
Freight and Passengers.
-In addition to transporting
fruits and other products, the fleet carried during the yearthe company's
72,203 passengers, 1,044550 tons of cargo and 246,917 bags of mall.
Communications.
-Operations of the radio
of the company
were reorganized during the year, resulting indepartment reduction in the
substantial
cost of this service to the company. New radio
Puerto Armuelles in the Republic of Panama and stations were opened at
at Shrewsbury, La.
SECURITIES OWNED DEC. 31 1928.
Shares.
Bank Reeei's-Shares.
1,000 Anglo & London Paris Nat.Bk.
500 Ford Motor Co. of Can., Ltd.
3,500 Bank de L'Union Parislenne
4,235,300 rm. Gelsenkirchener Bergwerks
2,000 Canadian Bank of Commerce
Aktien-GesellschaJt, cons.
Our usual comparative income account was published in
400 Central Union Tr. Co.of N.Y.
4,000 General Baking Corp., Pref.
98 Chemical Nat. Bk. of N. Y.
V. 128, p. 267.
5.000 General Elecalc Co.,corn.
400 Colonial Trust Co., Phila.
3,896 A. C. Gilbert Co., common
480 Corn Exchange Bank, N. Y.
6,000 Goodyear Tire & Rub.Co.,com
CONSOLIDATED BALANCE SHEET DEC. 31.
8,000 Disconto-Gesellschaft in Berlin
3,000 Gulf Oil Corp. of Pa.
1928
1927.
1927.
1928.
(100 no. par value)
4,000 Internat. Harvester Co., corn.
AssetsLiabilities
200 First National Bank cf Boston
5,000 International Printing Ink Troplands& eq-111,346,598 100,062,534 Capital stock_.l00.000,000 100,000,000
1,000 First National Bank of Chicago
Corp.. common
Domestic dr EuDrafts payable_
1,729,768
4,247 Mfrs.& Traders
-Peoples Trust
2,000 Rudolph Karstadt Aktienropean prop- 7,491,971 7,724,729 Accts. payable_ 1,639,022 3,778,241
Co., Buffalo
Steamships ---- 30,602,774 31,212,859 Divs. payable__ 4,797,501 2,499,938
gesellschaft (100 rm.Par)
2,499,971
200 Nat.Bk.of Commerce in N.Y.
Ins, fund secur_ 10,000,000 10,000,000
5,000 Kennecott Copper Corp.
5.700 National Park Bank of N.Y.
12,600 Etablissements Kuhlmann(250 Govt.securities. 1,629,659 1,682,611 Deferred credits 1,153,760 1,400,627
to operations_
1,000 N.Y. Title & Mtge. Co.
francs par), part paid
Employ.stk.pur.
Employees'stock
125 Old Colony Trust Co., Boston
5,000 Etablissements Kuhlmann (250
fund
2,800,428 1,261,302
purch.
2,474 Pester Ungarische Commercial
francs par)
Other investmls 6,180,683 3,104,954 Property plan__ 2,738,357 1,257,503
parch.
Bank, Budapest
10,000 Loew's Inc., common
Cash
32,878,052 29,386,815
obligations... 7,753,483
61 Philadelphia National Bank
79,400 Loulasiana Land & Expl. Co.
Notes and accts.
Insurance res've 10,000,000 10.000,000
2,500 ctfs. Wiener Bank-Vereln(Am.
3,000 May Dept.Stores Co.
receivable
5,065,259 3,966,651
trust certifs., each of 400
5,000 Nat.Cash Register Co.,corn. A Sugar dr fruit stk 2,660,596 5,532,974 Tax reserve_ _ _ _ 6,285,352 5,788,866
Deferred liablis.
797,948
729,811
Austrian schillings par value)
3,000 Nat. Dairy Prod. Corp., corn. Matls &supra._ 7,478,279 7,058,081 Profit and
loss._ 87,885,359 81,028,729
Railroad StocksNat. Sugar Refg. Co. of N. J. Deferred assets. 4,183,825 4,392,171
16,000
5,000 Atch. Top. & Santa Fe corn.
1,000 Otis Elevator Co., common
Deferred charges 2,260,042 2,056,232
850 Chesapeake Corp.
408,000 no. "Phoenix" Aktien-Gesell- Transit items.._
904,450
839,705 Total(each side) 225,482,616 208,281,618
2,000 Ches. & Ohio Ry. common
schaft fur Bergbau und
x The stockholders on Mar. 24 1926 approved a change in the capital
1,000,000 no. Deutsche Feeichsban-GeHuttenbetrieb
stock from shares of $100 par value
selischaft, 7% pref.
1,000 Price Bros. & Co.. Ltd., corn. of 214 no par shares for each $100 to no par value shares and the issuance
share. There are outstanding 2,500,000
5,000 New York Central RR.
2,040 Sears, Roebuck & Co.
no par value shares.
-V. 128, p. 267.
1,500 N.Y.Ch.& St. L.RR.corn.
5,000 Standard 011 Co.(N.J.), corn.
1,500 Norfolk & Western Ry.corn.
5,000 Texas Corp.
10,000 Southern Pacific Co.
Liggett & Myers Tobacco Co., New York.
1,000 Timken Roller Bearing Co.
10,000 Southern Ry. common
Carbide & Carbon Corp.
2,000 Union C
(Annual Report-Year Ended Dec. 31 1928.)
8,000 Union Pacific RR.common
372 Vereinigte Stahlwerke AktienPublic Utility Stocksgesellschaft (1,000 no. par)
INCOME ACCOUNT FOR CALENDAR YEARS.
10,200 Amer. Gas &Elec. Co. corn.
Wcodworth, Inc., preference
5,250
7,062.72 Am. Pr. & Lt. Co. common
3,000 Woodworth, Inc., common
1928.
1927.
1925.
1926.
5,000 American Tel. & Tel. Co.
Net profits, incl. diva.
Other SecurUies5,000 Corunionw'th Pow.Corp.,COM.
from subsidiary cos-521,125,560 $20,467,457 $19,372,780 $17,028,475
1,000 Delco Royalties, Inc.
b1,631 2-3 Compagnie d'Electricite de
*Difference between pur.
1,000 Cobel Royalties, Inc.
i l'Ouest-Praisien (Ouestprice & par.7% bonds
30,024
2,500 Florida Lake Shore Farms,Inc.
28.805
26,178
31,914
Interest on bonds
Lumiere)
pref. A
1.686,892
1,695,257
1.701,920
1.712,645
20,000 Consol. Gas Co. of N. Y. corn.
2,500 Florida Lake Shore Farms,Inc.
5,000 International Tel.& Tel. Corp.
Netincome
common
$19,408,644 $18,743,395 317,636.946 $15,289,652
b1,433 1-3 Energie Electrique du
28,634 German Credit & Investment Pref.dividends(7%)
1,575,987
1.575.987
1,575.987
1.575.987
Littoral Medlterraneen
Common diva ____(16%)13.071.190(16)10,041,050(16)9128205(16)7886395
Corp., let pref. allot. etre.
20,000 North American Co., commcn
12,500 German Credit & Investment
b346 2-3 Societe d'Electric. de Paris
Balance,surplus
Corp. 2d pref.
$4,761,467 $7.126.358 $6.932,754 $5,827,270
b516 2-3 Societe Lyonnalse des
62,500 German Credit & Investment Previoussurplus
49,003.175 47,818,268 46,286,814 40,459,543
Forces Motrices du Rhone
Stock dividend(10%) Corp., common
5,941.451
5,401.300
b1,538 2-3 Union d'Electricite
5,000 Guardian Casualty Co.(v.t• C.)
5,000 United Gas Improvement Co. 8165,000 "Montecatini"SocietaGenerale
Profit &loss
$53,764,642 $49.003.175 $47,818,268 $46,286,814
Industrial Stocksper l'Industria ,Mineraria ed Shs. corn. & corn. "B
4,900 Aero Underwriters Corp.
Agricola (Italy), 10-yr. debs.
stk. outst'd'g (par $25) 2,614,238
2.614.238 2,376.574 2,160.522
1,000 Aluminum Co. of Amer., coin.
Earns. per share
7s, 1937, without warrants
$6.82
$6.56
$6.33
$6.75
389 Aluminum, Ltd.
150 Rita Hotel. Ltd. (Paris)
* This is the difference between purchase price and par of 7% gold bonds
20,000 Amerada Corp.
1,745 Schulte Real Estate Co., Inc., of this company (par 3122.000) purchased and canceled during the year as
5,000 American Smelting & Refining
common
required by trust indenture.
Co.. common ($100 par)
815,000 U. S. & For. Sec. Corp., corn.
1,000 Broadway Department Store,
94,000 U. S. & Internatational &curBALANCE SIIEET DEC. 31.
Inc., common
Ries Corp., 2d pref.
1928.
1927.
1928.
1927.
12,500 Chrysler Corp.
1,940,000 U. S. & International SecurAssets$
Liabilities
$
2,000 Consol. Cigar Corp.. ccmmon
!ties Corp., common
Real estate, ma.
7% Wei stock._ 22,514,100 22,514,100
6,000 Continental Can Co., Inc.,com
400 Western N. Y. Investors, Inc.
chinery de fixCommon stock._ 21,496,400 21,496,400
4,000 Coty, Inc.
200 Warrants, each entitling holder
tures
21,443,757 21,410,725 Com.stock B __ 43,859,550 43,859,550
3 Doehler Die Casting Co., pref.
25
to purchase 50 shares of
7% bonds
13,371,600 13,491,600
"MontecatInl" Societe Gene- Brands, trade2,500 Drug Inc.
marks, good5% bonds
15,059,600 15,059,600
1,000 E. I. du Pont de Nemours &
rale per l'Industria Mineraria
will,&c
40,709,711 40,709,711 Accr.Int. pay...
547,745
549.845
Co. common
Leaf tob., mid.
393,996
Pt.dly.pay.Jan.
393,997
1.000 Eastman Kodak Co. of N. J.,
' stk. dr oper.sup
.
10 Warrants for contingent add
common
interest appertaining to $50.- Stks. In sub. cos.92,851,710 95,893,891 Accounts & bills 7,243,777 10,870.668
492,584
492,584
payable
250,000 no. I. G. Farbenindustrle
000 Siemens & Halske Ak- Securities
4,476,164
4,476,164 Res. for taxes.
tiengesellschaft, SiemensAktiengesellschaft,common
Cash
advances,&c.. 3,151,371
Schuckertwerke. Gesellschaft Bills & accounts 19,707,827 15,390.249 Deprec. reserve.. 9,087,689 3,764,045
1,300 Federal Bake Shops, Inc., pref.
8,401,878
with coin. stk. pur. warrants
mit besChrankter Haftung,
receivable
10,808,718 11,031,534 Profit &loss__ 53,764,642 49,003,175
2,250 Federal Bake Shop4, Inc., corn.
25-yr. 6 Si% debentures
2,000 Flelschmann Co.. common
Total
190,490,471 189,404,858
Total
190,490,471 189,404,858
a Under option to the President of the corporation at $25 per share.
b Securities marked represent the corporation's interest as of Dec. 31 1928 -V.126, p. 571, 588.
In certain joint accounts.
-V. 128, p. 267.
Our usual comparative income account was published in
V. 128, p. 267.
Atlas Powder Co., Wilmington, Del.
(Annual Report-Year Ended Dec. 31 1928.)
Pres. Leland Lyon, Jan. 29, wrote in substance:
CONDENSED BALANCE SHEET DEC. 31.
Federal tax returns have now been audited by representatives of the
1928.
1927.
1928.
1927,
Internal Revenue Department for all years up to and including 1926,Iand
$$
AssetsIS
LiabilUtes$
our books are in agreement with their findings.
Cash
e25,000,000 25,000,000
171,870
325,027 let pref. stock.__
Adequate reserves for depreciation, uncollectIble accounts and accidents
Call loans (see.)_
50,000 have been set aside from earnings. In
300,000 2d pref. stock---- b50,000
addition, a
appropriation
Adv.loans,int.,atc. 839,970
812,057 General reserve c4.950.000 4.950,000 of 32.500.000 has been made from surplus at Dec. special as a reserve
31 1928
100,000 for contingencies.
Securities
42,316,513 35,421,709 Common stock- d100,000
Due on pref. stock
11,036
752
6,325
62,550 Accounts payableDuring the year It has been determined that certain idle explosives
241.378 plants of the company have become
Prov.for Fed.taxes 809.561
200,000 and dismantled, and the depreciated obsolete and should be abandoned
lus conting.... 200,000
for
book value, leas salvage, written
Tot.(each side)_43,334,679 36,921,342 surplus
12,224,366 6,368,928 off on the books of the company.
R
Appropriate action
a 250.000 shares (no par) $6 cum dividend. b 50,000 shares (no par) carry this into effect and certain other adjustments of has been taken to
$6 cum. dividend. c General reserve set up out of $5,000,000 paid-in been considered proper and advisable, all of which have asset values have
resulted in charges
cashiby subscribers to 2d pref. stock. d 1,000,000 shs.-V. 128. P. 267.
against the reserve for contingencies of $685,309. Federal income tax
accrual shown in the income account does not give effect to any tax saving
resulting from these charges.
United Fruit Company.
The company has nearing completion two plants for
manufacture
(Annual Report-Year Ended Dec. 31 1928.)
of nitric acid by the ocidation of ammonia which are the
in conjunction with two of our present dynamite plants. being built process
This
President Victor M. Cutter, in statement to shareholders, will furnish nitric acid used in the manufacture of explosivesnowa saving
at
in cost sufficient to justify the large initial investment.
says:
During October and November 1928, sale was consummated of the
Appropriations.
-Appropriations have been made this year of$18,674,870 company's entire investment in preferred
for capital expenditures during 1929. In addition, there remained unex- Industries. Ltd., at a price resulting in a and common stock of Canadian
profit of $4,151,001, subject to
pended appropriations previously made in the sum of $9,008,007 for work 12% Federal income tax amounting to
$498,120. Good-will account has
now in progress.
been reduced $303,695 in determining the proper original cost of this
Depreciation charges in 1928 amounted to $9,323,817.
investment. While the investment in Canadian Industries. Ltd.. yielded
Bananas.
-In Honduras, weather conditions during the past year have a highly satisfactory rate of return on
been especially favorable. In Costa Rica, during the latter part of Novem- however. in view of the price offered,the original cost of the investment,
the sale of this investment in the
ber. especially heavy rains washed
railway lines and normal trans- Judgment of the board of directors appeared to be desirable and in the
portation in the mountain districts away
will not be restored until late spring. best interests of the company. Furthermore, the sale of this stock has
This will result in a curtailment of banana shipments from the districts enabled the company to finance large
extensions of plants now under
affected.
way as well as to provide for a proper and substantial reserve of cash and
From all the tropical divisions there were shipped during the year 55.- liquid investments, thus greatly
strengthening the working capital of the
513.819 stems of bananas, an increase of 5,668,672 stems over 1927. De- company.
veiopment work on the Pacific coast of Panama, begun in 1927, has conAs of June 1 1928, Atlas Powder Co. through its operating subsidiary,
tinued satisfactorily. It is anticipated fruit
be available for shipment Richards & Co., Inc., purchased the entire capital stock of Duratox Corp.
from that area early in 1929. Other sources will
of supply have been provided of Newark, N..3., manufacturing pyroxylin and rubber coated fabrics, and
during the year. The company now has 168,198 acres in banana cultiva- particularly double texture automobile top
material. As a part of the
tions, with substantial reserve lands for future development.
purchase arrangement and prior to
Sugar -Due to the continuation in Cuba of laws restricting production, disposed of its land and buildings. the purchase of its stock, Duratex Corp..
With the ownership of the stock, therethe company was permitted to produce only 969,456 bags of sugar, result- fore, there was acquired only the manufacturing
machinery and equipment,
ing in higher than normal costs of production. Of this amount, 245,756 together with the current assets and business
of the company. This
bags were delivered to the Sugar Export Commission of Cuba,717,044 bags greatly strengthens the Stamford operations in
the manufacture of coated
were refined in the United States and the balance was disposed of locally in fabrics, including automobile top material, in
which rubber is used as an
Cuba.
important ingredient.
FEB. 9 1929.]
FINANCIAL CHRONICLE
879
RESULTS FOR YEARS ENDED DEC. 31.
1926.
1927.
1925.
1928.
Sales(net)
321.248,993 $19,727,474 $20,454,323 $20,588,981
Cost of sales,& Cr. exp- - 19,155,039 17,742,522
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1925.
1926.
869.393,295 865,294.060 $62,638,104 854.405,849
Operatingrevenues
Operating expenses
48,343,506 45,316.306 44.057,646 42,555,083
Net oper. profit
2,093,954 $1,984,952
Other income (net)-- _
383,930
353.215
Income from sale of stock
in affil. co
4,151,001
Net operating rev.... $21.049,789 $19,977.755 $18.580,458 $11,850,766
Taxes
5,520,894
5,209,748
4,732,675
2,920,334
Uncollectibles
415,069
533,755
627,523
408,979
Gross income
Federal taxes
Not available
Operating income..
...$15.113.825 $14,234,252 $13,220,260 $8,521,454
Non-operating revenue399,277
415,810
682,974
658,571
$6.628,884 $2,338.168
293,937
789,220
Netincome
$5.839.665 $2,044,231 $2,381,296 $2,130.535
Preferred dive. (6%) - 540,000
540,000
540,000
540,000
Common dividends__($4) 1,045,740(84)1,045,737(85)1307.160($4)1045,722
Balance, surplus
$4.253,925
$458.494
$5.34,136
$544,813
Total surplus
8,008.712
6,254.788
5,796.294
5,262,159
Earns, per sh. on corn-- _
x$6.30
$7.04
$5.75
$6.08
x Not including profit of $4,151,001 from sales of holdings in Canadian
Industries Ltd. If such profits were included the earnings per share would
amount to $20.27.
BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COS.)
1928.
1927.
1928.
1927.
Assets8
$
Liabilities
$
$
Plant. property &
Preferred stock-- 9,000,000 9,000,000
equipment- 13,688,792 13,205,766 Common stock_b_ 8,714,625 8.714,625
Goodwill, pat., &c 2,875,236 3,178,925 Pur. money notes_
150,000
200,000
Secur, of affil. cos_ 1,785,023 3,362,916 Accts. pay., incl.
Cash
1,950,376 1,961,508
dlvs.on prf. stk.,
Notes & accts. rec. 8,049,472 3,824,813
& Fed. taxes__ 1,587,996
892,392
Finished product
1,634,422 1,586,837 Res. for deprec.,
Materials & supp_ 2,553,008 2,053,215
uncoil. accts. &
Security investin't a1,438,478
397,664
contingencies... 6,688,718 4,664,415
Deferred Items
175,244
154,576 Surplus
8,008,712 6,254,788
Total
34,150,051 29,726,220
Total
34,150,051 29,726,220
a Security investments incl. acquired securities of Atlas Powder Co.
b Common stock represented by 261,438% shares of no par value.
-V.
127. P. 681.
Cluett, Peabody & Co., Inc. (& Subs.).
(Annual Report-Year Ended Dec. 311928.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
Net sales
$21,557,011 $21,224,637 $23,650,382 $24.882,867
Expenses,&c_x
19.890,528 18,746,013 21,647,408 22,386,834
Depreciation at factories
305,894
265,788
276,257
280,925
Interest paid (net)
1,574
Profit
81,359,014 $2,212,835 $1.726,717 32,215.108
Misc.,other income_ _ _ _
69.142
45,506
27,590
Net income
$1.359,014 $2,281.977 $1,772,223 $2,242,699
Prof. dividends (7%)_ _ _
346,279
384,239
518.976
590,935
Common dividends
961,955 $5,957,080 (85)955,455 (85)939.966
Balance, surplus
$50.780
$910,658
$297,792
8711,798
Previous surplus
6,680.045
5,739,386
8,987,183
8.275,385
Total surplus
$6,730,825 $6,680,045 $9,284,975 88,987,183
Red.in good-will
3,000,000
Prof.stock redeemed,&c
545.589
Adj. applic. to prior
period
51,077
Total surplus Dec. 31. $6,679,748 $6,680,045
$5,739.386 $8.987.183
Com. shares outst'g (no
par)
192,391
192.391
192,391
192.391
Earns, per share on corn$5.26
$9,86
$6.51
$8.59
x Including cost of raw materials, labor, supplies, operating
general and selling expenses, all administrative expenses, reserves expenses,
for taxes,
&c.; interest and depreciation.
BALANCE SHEET DEC. 31.
1928.
1927.
1928.
1927,
Assets
Real estate
3,834,104 3,839,389 Common stock__b 9,743,460 9.743,460
Good-will,pat.rights
Preferred stock.- - 6,000,000
trade names,&c. 6,000,000 6,000,000 Notes payable_ _ _ 500,000 6,000,000
Cash
1,085,881 1,128,101 Accounts payable
Awls receivable_a 4,572,915 4,215,617
& accrd.
538,812
384,832
Misc,Investments,
10,500
10,500 Res. for taxes, &c_
181,069
414,973
Merchandise
8,547,715 6,250,383 Prof. divs. payable
86,384
87,103
Pref. stk. in treas. 1,377,631 1,225,398 Sur. for red. of pref
1,623,380
Prepaid Maur
141,026 Surplus
298,706
6,679,748 5.056,685
Secured loans_ _ _
500,000
Tot.(each side)_23,727,452 23,310,413
a After deducting reserve for cash discount and bad debts amounting
to
$77.025. b Represented by 192,391 shares of no par vale.
-V.127, p.957.
Hart, Schaffner & Marx.
(18th Annual Report-Year Ended Nov. 24 1928.)
Gross income
Interest
Rent & miscell. deb_
Debt disc. & exP
$15,513,102 $14,650,062 $13,903.233 89,180.025
4,424,008
4,205.930
4,043,168
4,755,988
618,828
573,732
552.602
542,216
166,306
166,304
133,163
Net income
Dividends
$10,303,960 $9,704,096 $9,174,300 $3,881,821
8,852,278
8,851,748
8,838,903 (6)4,981,524
81,451.682
Balance, surplus
Previous corp. surplus- 2,169.689
$852.348
1,317.342
Total cororate surP- $3,621,371
Earn, per share on stock
$9.31
$2,169.689
$8.77
$335,397 df$1,099,703
981.944
2.081.647
$1,317,342
$8.29
BALANCE SHEET, DEC. 31.
1927.
1928.
1928.
Assets$
$
Telephone plant.245,533,572 237,844,717 Capital stock_ _ _110,661,000
General equipl_ 4,388.449 4,209,434 *4% deb. notes_ 1,000,000
1,714,123 *5% deb. notes_ 10,000,000
Invest't secure. 1,660,569
*1st M.5% bds_ 35,000,000
Advances to sys501,503 *1st mtge. 43.is. 40,000,000
855,357
tem corpus...
58,295 Note secured_ _ _
820,000
64,558
Misc. Investmls
1,333,027 Adv.fr.sys.corp. 5,700,000
Cash & deposits 1,029,352
17.977 Bills payable_ __ 3,224,790
7,645
Marketable secs.
Accts.& bills rec. 8.155,745 7,768,939 Accts. payable_ 3,745,872
Accr.liab.not due 2,499,831
Materials & sup900,299
plies
1,048,500 ',tab. employees
benefit fund...
Deferred items_ 8,065,596 6.587,526
48,846
Deferred credits
Deprec'n reserve 50.926,720
Res.for amortiz.
371,688
intang. prop_
Corp.sur.unappr 4,682.393
$981.944
$3.52
1927.
$
110,647,400
1.000.000
10.000,000
35,000.000
40.000,000
820,000
5,032,799
246,128
3.041,500
2.225,681
1,970.627
58.685
48.928.773
2,112,449
268,661,141 261.082,043
Total
268,661,141 261,082,043
Total
-V.127, p. 2527.
* All issues are equally secured by mortgage.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-Reading Co.,Feb.7,announce an in'
Reading Co. Grants Wage Increase.
crease from lc. to 4c. per hour for 300 employees of the signal department.
The increase will take effect after Feb. 9. "Wall Street News" Slips.
Feb. 7,
-Class 1 railroads on Jan. 23 had 323.125 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the
car service division of the American Railway Association announced. This
was a decrease of 52.855 cars compared with Jan. 15 at which time there
were 375.980 cars. Surplus coal cars on Jan. 23 totaled 112.392. a decrease
of 27,694 cars within approximately a week while surplus box cars totaled
162,012, a decrease of 24,793 cars for the same period. Reports also
showed 24,107 surplus stock cars, a decrease of 69 under the number reported in Jan. 15, while surplus refrigerator cars totaled 11.948, an increase
of 209 for the same period.
Freight Cars in Need of Repair -Class 1 railroads on Jan. 15 had 135,116
freight cars in need of repair or 6.1% of the number on line, according to
reports just filed by the carriers with the car service division of the American
Railway Association. This was an increase of 849 over the number reported on Jan. 1, at which time there were 134,267, or 6%. Freight cars
in need of heavy repairs on Jan. 15 totaled 98,791 or 4.5%, a decrease of
329 compared with Jan. 1, while freight cars in need of light repairs totaled
36.325 or 1.6%, an increase of 1,178 compared with Jan. 1.
-Locomotives in need of repair on the
Locomotives in Need of Repair.
Class 1 railroads of this country on Jan. 15 totaled 8.992 or 15.4% of the
number on line. according to reports filed by the carriers with the car
service division of the American Railway Association. This was an increase of 1,061 compared with the number in need of repair on Jan. 1. at
which time there were 7,931 or 13.6%. Locomotives in need of classified
repairs on Jan. 15 totaled 4,793 or 8.2%. an increase of 413 compared with
Jan. 1, while 4,199 or 7.2% were in need of running repairs, an increase
of 648 compared with Jan. 1. Class 1 railroads on Jan. 15 had 6,045
serviceable locomotives in storage compared with 6.482 on Jan. 1.
-Class I railroads on Jan. 15
SurElus Freight Cars in Good Repair, &c.
had 35,98O surplus freight cars in good repair and immediately available
for service, the car service division of the American Railway Association
announced. This was a decrease of 35,340 cars compared with Jan. 8 at
which time there were 411,320 cars.
Surplus coal cars on Jan. 15 totaled 140,086, a decrease of 19,061 cars,
within approximately a week while surplus box cars totaled 186.805. a decrease of 12,638 cars for the same period. Reports also showed 24,176
surplus stock cars,a decrease of 2,293 under the number reported on Jan. 8.
while surplus refrigerator cars totaled 11,739, a decrease of 886 for the same
Period.
-Unification of New York CenMatters Covered in "Chronicle" of Feb. 2.
tral properties declared to be in public interest; plan conditionally ap-S. C.Commission.-p.624,633.
proved by I.
INCOME ACCOUNT FOR YEARS ENDED
Nov. 24 '28. Nov. 2627. Nov. 30'26. Nov. 30'25.
x Net profits
$2,583,799 $2,244,573 81,874,192
Common dividends__(8%)1,200,000 (8)1,200,000 (8)1,200,000 $1.854.447
(6)900,000
Balance, surplus
$1,383,799 $1,044,573
$674,192
$954.447
Previous surplus
8,624,780
9,669,353
7,950,588
6,996.141
Total surplus__ ------$11,053,152 $9,669,353 $8,624,780
$7.950,588
Earns. per sh.on 150,000
slul.com.stk.(par $100)
$17.22
$14.96
$12.49
-Earnings.Ann Arbor RR.
$12,36
x Net profits after deducting manufacturing, marketing,
1928.
1927.
Calendar Yearsexpenses and interest on loans and provisions for depreciationadministrative Operating revenues
85,965,673 85,615,112
of equipment.
doubtful accounts and Federal taxes
4,425.486
Qperating expenses
4,332,331
935,312
780,182
Netrailway operating income
COMPARATIVE BALANCE SHEET.
961.215
802,998
Nov.24 '28. Nov.28'27.
Nov.24 '28. Nov.26'27. Gross income i
471,487
AssetsNe corporate oLme
v
-t.i27.p.11nco
256,787
$
8Liabilities$
g
Good-will, trade
Capital stock_ __ _c15,000.000 15,000,000
names, Jo_--a10,000,000 10,000,000 Accounts payable_ 286,284
-Bonds.
155,910
Atlantic Coast Line RR.
Machinery, fundAccrued taxes, salThe I. S. C. Commission on Jan. 26 authorized the company to procure
la Lure & fixtures_ - b379,358
417,124
aries, &c
,
1,242,220
-A 4)i% general
Inventories
4,806,449 4,398,677 Good in transit___ 245,670 1,081,232 authtntication and delivery of 83,724.000 of series
185,983 unified mortgage 50-year gold bonds in respect to capital expenditures
Investments
1,937,560 1,609,500 Reserve for continheretofore made, the bonds to be held by it until the further order of the
Accts.& bills reo 8,363,472 7,217,213
guides
1,750.000 1,750,000
Cash
3,555,319 3,581.364 Profit and loss_ _ 11,053,151 9,669.352 commission -V. 128. p. 397.
Prep.ins.prem.,&e.
68,392
60,363
-New Secretary.
Baltimore & Ohio RR.
Sundry accounts
55.590
56,519
George F. May, assistant secretary, has been appointed secretary to
Payment by emsucceed C. W. Woolford. who has resigned -V.128, p. 554.
ployees for purchase com.stock 393.185
Chicago Burlington & Quincy RR.
483,717
-Abandonment of
Total
29,557,325 27,822,478
Total
29,557,325 27,822.478
a Good-will, &c., account shown after deducting amount written
1920. $5,000,000. b After depreciation of 8651,671.c Common off in
stock
authorized and issued, 150,000 shares of $100 each.
-V. 126, p. 586.
New England Telephone & Telegraph Co.
(Annual Report
-Year Ended Dec. 31 1928).
OPERATING STATISTICS CALENDAR YEARS.
1928,
1927.
1926.
1,183.438
1,162,866
1,129.793
94,234
97,177
92,341
It• Total stations
1,280,615
1,257,100
1.222,139
No. of miles of wire
4,241,077
4,037,463
3,877,266
No. of central offices
484
481
481
No. of employees
21.027
20,744
21,588
No,of owned stations___
Miscellaneous stations_
1925.
1.085,649
88.748
1,174,395
3,652,759
479
23,968
Branch.
-S. C. Commission on Jan. 19 issued a certificate authorizing the
The I.
company to abandon a branch line of railroad extending from Newcastle
in a northerly direction to Cambria, a distance of 6.87 miles, in Weston
County, Wyo.-V. 127, p. 679.
Chicago Rock Island & Pacific Ry.-Dividend Increased
-The directors on Feb. 6 declared a quaron Common Stock.
terly dividend of 1Vi% on the outstanding $74,482,523 corn.
stock, par $100, payable Mar. 30 to holders of record Mar.8.
Dividends were inaugurated on this issue on Mar. 31 1927
by the distribution of 13 %, which rate was paid to and incl.
,
Dec. 31 1927, while from Mar. 31 1928 to Dec. 31 1928,
inclusive, quarterly distributions of 1
each were made.
-V. 127, p. 3239, 2953.
880
[VOL. 128.
FINANCIAL CHRONICLE
Chkago Indianapolis 8eLouisville:Ry.-Earning8.-
Fort Smith & Western RR.
-Final Valuation.
-
Calendar Years1925.
1926.
1928.
1927.
Grossrevenue
$18.381,006 $18,542,197 $18.598,066 $17,686,039
Expenses
13,185,808 13,571.861 13,327,121 12,869,194
Taxes, &c
896,483
1,058,224
902.231
1.067,876
Equipment,rents,&c__ - 1.430,386 1,245,396 1,233.581
1.076.839
4
Netoperating income_ $2.696,936 $2,822,709 $2,979,140
Other income
118.489
172,997
114,662
Totalincome
$2.811,598 $2,995,706 $3,097,629
Interest,rents, arc
1.407,989
1,429,374
1,438,978
Net income
Preferred dividends..
Common dividends
$1,372,620 $1.566,332 $1,689.640
199,652
199,652
199,652
734,790
734,790
734.790
Surplus
She. corn. stk. outstdg.
(Par $100)
Earns per share
-V4127, p. 3393.
8438.178
$631.890
$755.198
104.970
$11.17
105,000
$13.16
105,000
$14.19
The I.
-S. C. Commission recently placed a final valuation of $4.928,300
on the owned and used properties of the company as of June 30 1919.V. 120. p. 3183.
Genesee & Wyoming RR.
-Bonds.
The I.
-S. C. Commission on Jan. 26 authorized the company to procure
$2,843,523 the authentication and delivery of8400,000 of5% first mortgage gold bonds,
128.736 for the purpose of retiring maturing obligations.
There are outstanding and will mature April 1 1929, $459,000 5% first
$2,972,259 mortgage gold bonds, dated April 1 1899. To provide a part of the funds
1,351,510 necessary to pay these bonds at maturity,the company proposes to execute
a new first mortgage on its properties as of April 1 1929, to a trustee not
$1,620,749 yet selected but which will be a trust company chartered under the laws
199,652 of New York and to issue thereunder $4400,000 of 5% bonds. The differ524.850 ence between the proceeds of the new bonds and the amount required to
meet the maturity will be taken from the company's treasury.
No arrangements have been made for the sale of the bonds. The com$896,247
pany states that it seeks authority at this time for the nominal issue of
105,000 the bonds so that it may be ready to enter upon negotiations for their sale
$13.53 or, in the event sale can not be made at a reasonable price, that it may
use them as collateral security for a loan, the proceeds of which would be
used in paying the maturing bonds.
-V. 126, p. 573.
-Earnings.
Delaware Lackawanna & Western RR.
Calendar YearsGross earnings
Expenses
Taxes. &c
1925.
1926.
1927.
1928.
$81,135,181 884,685,831 $88,804,744 $83.635.056
57,975,287 60,183,062 62,377.489 62,390,610
6.403.186 7,469,333 7.680.903 6,842,425
Operating income_ _ _-$16.756,708 $17,033,436 $18,746,352 $14,402,021
585,557
531.977
Equipment,rents, &c_ _ _
364,663
362.517
Other income
3.065.308 5,294.953 5,643.804 6,076,553
Total income
Interest, rents, &c
$20,184,533 $22,693,052 $24,975,713 $21,010,551
7.054,991 6,985,280 7,062,513 6,580,357
Net income
Dividends
$13,129,542 $15,707,772 $17,913,200 $14,430.194
11.821,754 11,821,754 11.821,754 11,821,754
Imperial RR.
-Proposed Construction of Line.
The L-S. C. Commission on Jan. 22 denied the application of the company for authority to construct a line of railroad from Mendenhall, Miss..
to Birmingham, Ala.
International Great Northern RR.
-Earnings.--Calendar Years
1928.
1927.
1926.
Operating revenues
,083,.748
$18,855,805 $18.428.470 $19.245,644 $171925
Operating expenses
14,714,453 14.954.672 15.074,442 13.517,750
Net railway operat.inc_
1,326,720
2,627,076 2,178.180 1.616.404
Gross income
2,772 02
3407
9: 0 2,252,250 2,666.352 2,334.188
5
Net corporate inme_xco
447.461
33,950
684.650
x After interest and fixed charges, including interest on adjustment
mortgage bonds at 4%.-V. 127. p. 1250.
Kansas City Connecting RR.-Final Valuation.
Surplus
$1,307,788 $3,886,018 $6,091,446 82,608,440
The 1.-S. C. Commission recently placed a final valuation of $1.710,000
Earnings per share on
on the owned and used properties of the company as of June 30 1919.
1.688,822 she. capital
stock (par $50)
$10.61
$8.85 -V. 124, p. 502.
$9.30
$7.77
-V.127. p. 3701.
Duluth Missabe & Northern Ry.-New Director.
E. H. Dresser has been elected a director to succeed J. W. Krettter,
resigned.
-V. 126. p. 3925.
Duluth South Shore & Atlantic Ry.-Earnings.Condensed Income Statement.
-Over. End. Dec. 31--12 Mos.End.Dec.311928.
1927.
1928
.
1927.
Freight revenue
$836.759 $3.890,952 $3,897.577
$892.487
Passenger revenue
710,839
785,974
183.656
161,933
All other revenue
444,067
438,142
68.526
104,066
Total operating rev..- $1,158.426 $1,068,941 $5,045,858 $5,121,693
919,568
Maint• or waY &struct__
886.358
182,497
177,535
Maint. of equipment_ - 809,183
809,775
185,721
196,074
Traffic expenses
93,708
92,845
23.405
22.946
Transportation expenses
465,736 2.136,393 2,089,334
509.176
Miscellaneous operations
44,840
57,740
14.328
9,659
General expenses
129,107
125,466
26,743
30.601
Net operating revenue $212.435
$913,059 $1.060.175
$190,511
Railway tax accruals.399.464
370,886
94.886
105.464
Uncoil,railway revenue_
16
35
Cr58
128,263
Equipment rents
120.755
22,146
20,264
Joint facility rents
57.822
52.503
16,188
14,067
Net railway oper. inc.
$327.475
$516,015
857,291
$72.698
Other income
89,923
94,653
20.739
25,697
Gross income
$417,398
$610,668
878,030
$98,395
Interest on funded debt _
874,183
876.38.3
218.775
217.858
Other income charges.._ _
3.169
4,021
789
390
Net deficit
$459.954
$269,736
$141,534
$119,853
-V.127, p.2681.
Maine Central RR.
-May List Stock on N. Y. Stock Exch.
W. J. Lanigan Jr., bankers. New York. are requesting stockholders to
signify their intentions on blanks sent out by that firm whether they are
in favor of listing the common stock on the New York Stock Exchange.
The signatures will be presented to the board of directors of the Maine
Central RR.
-V. 127, P. 1251
.
Manistee & Northeastern Ry.-Acquisition.The I.
-S. C. Commission on Jan. 19 approved the acquisition by the
company of control of the Leelanau Transit Co. by lease of its properties
-V. 124, p. 369.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.Calendar Years
Freight
Passenger
All other revenues
1927.
1928.
$25,477,033 $23,931,698
2,768,416 3,085,156
2.416,048 2.395,527
Total
Maintenance of way & structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$30.681,497 $29,412,381
3.893,492 3,851,931
5,284,156 5.189,420
497,646
539,258
10,138,469 9,935,584
860.377
892,057
Net operating revenue
Railway tax accruals,&c
$9,914,064 89,077,422
1,986,990
2,016,653
Railway operating income
Hire of equipment
Joint facility rent income
$7.897,411 $7,090,433
192,852
246,014
117,625
134,617
Net after rents
Other income
$7,516,780 $6,779,956
182,465
348,809
Total income
Interest offunded debt
$7,865,589 $6,962,420
4,945,601 4,942,219
Eastern Kentucky Ry.-Successor.Netprofit
See East Kentucky Southern Ry.-V. 123. p. 1250.
$2,919,988 $2,020,202
-V.127, D.3394.
East Kentucky Southern Ry.-Acquisition & Operation.
Missouri-Kansas
-Texas RR.-Earnings.The 1.-8. 0. Commission on Jan. 19 issued a certificate authorizing the
Company to acquire and operate a line of railroad extendingfrom Grayson
to Webbville, 93.40 miles, all in Carter and Lawrence Counties, Ky.
The report of the Commission says Part:
in Kentucky for the purpose
The applicant was incorporated Dec.6
of acquiring and operating the railroad of the Eastern Kentucky Railway.
1928'
The latter company originally operated a line extending in a southerly
direction from Riverton, through Grayson, Hitchins, where it connects
with the Ashland-Louisville division of the Chesapeake St Ohio RR. and
Willard, to Webbville. In July 1925. the company and its receiver filed
application for authority to abandon the entire line. Citizens of Grayson,
Willard, and Webbville objected to the proposed abandonment so far as
it related to the line between Grayson and Webbville, alleging that there
was sufficient traffic to warrant the operation of that portion of the line,
and that if the Eastern Kentucky Railway were relieved of maintaining
and operating its line north of Grayson, it would be possible to operate
that part of its line south of Grayson. By our certificate and order dated
July 10 1926, we authorized abandonment of the line between Riverton
and Grayson and denied the application as to that portion of the railroad
between Grayson and Webbville, without prejudice to renewal after one
year of operation succeeding the abandonment of the line north of Grayson.
On Sept. 18 1928.that company and its receiver filed a petition for reopening
of Finance Docket No.4966,asking that the authority originally requested
be granted, and alleging that the portion of the line retained has been
operated at a continuous loss since our order; that there have been no
industries located along the line; that several of its bridges are unsafe; and
that its roadway and fills have been washed out and in places wholly
removed. That case was reopened but further hearing has not yet been
held.
It is the belief of the applicant that it can increase gross revenues and
curtail operating expenses to an extent sufficient to permit profitable operation of the line. It expects to encourage the opening of new industries and
the development of fire-clay and coal deposits in the territory traversed.
The applicant has an authorized capital stock of $50,000 (500 shares).
It is stated that practically all of this stock has been subscribed by citizens
in the territory served. It appears that the court ordered a deed delivered
to the applicant for the properties herein involved. The consideration
therefor is shown to have been $30,000, of which $15,000 was paid in cash,
and a bond furnished to cover the balance.
Fonda Johnstown & Gloversville JUL Co.
-Earnings.-
1927.
1928.
$56.549.118 $56,181,528
38.933,816 39,339,174
13,077,415 12,501,903
5,581,152 6,507,093
Calendar Years
Op
Operating revenues
Operating expenses
Available for interest
Interest charges, incl. adjustment bonds
$7,496,263 $5,994,810
Net income
-V. 127. P. 2362.
-Earnings.Missouri Pacific RR.
Calendar Years
Operating revenues
Operating expenses
It railway operating income
eing
income
- al2 r uterest and fixed charges
Net fte ,ip 55i
8
V.
1928.
1927.
3131,576,525 $125,728,405
99,091,201
99,565,998
16,899,498
21,347,536
25,385,139 20,723,265
9,512,691
4,401,196
New Orleans Texas & Mexico Ry. Co. 926arninge.
-E
1
1928.
1927,
Calendar YearsOperating revenues
$14,713 741
1 8;
$15,428.651 $16.500,683 $14,715,818
1928
10,543.521 12.084.940 11,580,539 9.828,640
mating expenses
N- railway open inc- 2,943,821
et
1.910.674 3,415,735 3,757,859
3,443,929 2,628,202 3,748.740 4,114,541
Gross income
Net corporate income__ - 1,092.371
475.723
1.874,559 2,514,164
-V. 127. p. 2953.
-New Freight Yard.
New York Central RR.
-
The company on Feb. 4 announced that it had taken an option on 128
acres of land just north of the Buffalo city line, adjacent to its Wonalancet
Branch at Black Rock, N. Y., and will develop it as a new freight yard
with an eventual capacity of 2,000 freight cars. The yard will be developed
first for a capacity of 560 cars only. Work will be started early this Spring.
This new yard will serve the industrial territory between Black Rock
and Tonawanda on the Central's Niagara Falls and Wonalancet branches.
This territory has developed rapidly in the past few years and at this time
has 44 industries which the now yard willl serve. Among these are the
Curtiss Aeroplane Corp., which is now constructing a large plant that, it
has been stated, will employ 3.000 men. The plant will have track connections with the Wonalancet branch. The new yard will supplement the
service now given by the Black Rock and Harriett yards.
The southerly part of the yard will be developed first and the remainder
when and as required. The new yard will improve the service and provide
the capacity required in the territory.
-V. 128, p. 724.
Calendar Years
1925.
1926.
1927.
1928.
Freight revenue
$472,804
$453,288
$449,617
$419.124
Passenger,steam divis_ _
29.851
36.978
23,958
19,959
Passenger, elec. divis_ _ _
642,142
689.449
608.648
531.715
Mail, express, &c
72.236
66,129
68.704
65,357
Total oper. revenue_ _ $1,036,155 $1,150,928 $1,217,034 $1.245.843
1927
.
New York Ontario 8c WesternR y.
Total oper. expenses_ _ _ _
815,859
821.157
782.804
en
1928.
749.352
Calendar YearsRailway tax accruals__ _
73.627
86.200 Operating revenue
77.012
75.963
$12.650.716 $13,157,620
Railway oper.income _ 8210,839
$327,547
$338,487 Oper. expenses,taxes,&c. 11,027,930 11,430,674
$291,112
709,209
Miscellaneous income
660,807
16,653
20,414 Equip., rents, &c.(net).
9,146
10.281
Non-operating income__
72.121
65,121
87,006
91.424
$913,577 $1,066,137
Netoper.income
Gross income
$416,323
$424.021 Other income
$312.546
$387,264
369,430
353,595
Deductions
384.911
381,068
382,786
385,902
Divs, on pref. stock
30,000
30.000
30,000
30.000
$1,283,007 $1,419,732
Total Income
Bal. to profit •St loss- _def$100,240 def$28,639
$1,411
$12.954 Deductions
1.442,677
1,414,101
Earns, per sh. on 25.008
sho coin.stk.,par 16100
.
Nil
$0.06
$0.52
det$159.669
Nil
Net income
$5.631
-V. 126, p. 2300.
-V.126. D. 2145.
Co.
-Earnings.1926.
2
$13,974,119 $1219 7;512
,245
11,547,080 10,751,819
404,239
818,908
$1,808,130 $1,091,461
353,766
379,045
$2,187,176 81,445,226
1,412,047
1,404.159
11776,128
$41.067
-Earnings.
Norfolk Southern RR.
1925.
1926.
1927.
Calendar Years1928.
$9,122,317 $9,567,021 $10,066,486 $9,131,878
Gross revenues
7,231,790
7,473,974 0 7,814,295
7,272,418
Expenses, tax, &c
391,632
466,104
374.865
Equipment,rents, &c_ -304.291
Net oper. income_ _ _ _ $1,545,608 $1,718,182 $1,786,087 $1,508,456
78,659
62,050
72,050
Other income
92,683
Total income
Interest, rents, &c
Net income__ Earns, per sh. on 160,000
shs. cap.stk.(par $100)
-V. 127, p. 3087.
$1.638,291 $1,790,232 $1,864,746 $1,V0,506
1,C157,982
1,051,168
1,049,877
1,031,364
$606,927
$740,355
3813,578
$512,524
$3.79
$4.62
$5.08
$3.20
Norfolk & Western Ry. Co.-Earnings.--Calendar Years-
1927.
1926.
1925.
1928.
$
$
$
$
97,501,584 99,992,235 108,703,463 93,370,357
Freight
9,113,820
9,851,503 10,282,616
Passenger, mail, express 7,960.742
496,883
539,574
539,245
562,354
All other transportation_
1,302.571
1,314,830
1,003.664
Incid. & jct. facil. revs
987,902
Total oper. revenue_ _106,947,111 110,948,201 120,409,038
Maint.of way & struct__ 15,475,725 15,711.540
Maintenance of equip_._ 19,933,551 21,261.404 21,215,215
1,309,177
Traffic
1,360,4901,340,034
Transportation
26,608,500 28,988,768 30.283,220
Miscell. operations
275,430
270,640
245,895
2,269,535
General
3,110,151
2,558,173
534,026
Transp. for invest.-Cr.
212,618
439,225
105.218.991
15,109,818
21,655,956
1,190.439
28.140,128
272,971
2,084.549
519,077
Total oper. expenses__ 66.521,696 69,696,126 71,226,914 67,934,815
Net revenue from oper_ _ 40,425,416 41,252,075 49,182,124 37.284.175
Tax accruals
9,200,000 10,300,000 11.075,000 8,600,000
12,332
Uncollectible revenue_
29,022
13,740
7,271
Total oper. income_ __ 31,218,144 30,938,335 38,094,793 28,655.153
Equip. rents (net)
2,547,281
2,553,747
2,872,670
3,018,143
Joint facility rents (net)_ Dr.32,230
280,077
199.945
302,052
Net railway oper. inc_ 34,204,058 34,010.950 40,922,151 31,510.952
Other income
1,106.817
1,767,966
420,663
1,489,904
Gross revenue
35.693,961
Int. on funded debt_ __ _ 4,966,918
Net income
- 127, p. 3087.
V.
881
FINANCIAL CHRONICLE
FEB. 9 1929.]
35,778,916
5,127.621
42,028,968 31,931,615
5,224,779
5,366,857
30,727,043 30,651.295 36.804,188 26,564,759
Pere Marquette Ry.-Extra Dividend of $2 per Share.
The directors on Feb. 6 declared an extra dividend of $2 per
share on the outstanding $45,046,000 common stock, par
$100, in addition to the regular quarterly dividend of $1.50
per share, both payable Apr. 1 to holders of record Mar. 8.
An extra dividend of $2 per share was also paid on the
common stock on April 2 1928, on April 3 1927 and on
May 1 1926. (See also "Railway and Industrial Compendium" of Nov. 22 1928, page 119).-V. 127, p. 2524.
Pittsburgh & West Virginia Ry. Co.
-Earnings.
-
decline from that of the corresponding months of 1927. Beginning with
Pctober, traffic turned upward as shown by the following comparison of
revenue ton miles for the last three months of 1928 and 1927.
Revenue Ton Miles,
1928.
1927.
773,933,000
October
764,153,000
November
741,753.000
678,453,000
December
665,540,000
608,316,000
Three months
2.181,226,000 2.050,922,000
-Freight revenues for December also continued the
Freight Revenues.
upward trend which was reported in both October and November. The
increase for the month was $677.000 or 8.5%. For the year, freight
revenues amounted to $108,641,000 as compared with $109,331,000, a decrease of $690.000 or 0.6%. Thus the improvement in the last three
months of the year came close to offsetting the losses in traffic sustained
during the first nine months.
-Receipts from passenger business still continue to
Passenger Revenues.
make an unsatisfactory showing, although the percentage of loss in the
latter months of the year has been less than in the earlier months. For
December, passenger revenues show a decline of $212.000 or 8.8% from
December 1927. The loss in passenger revenues for the year amounted to
$2,733,000 or 10.2%. The problem of offsetting this continued loss in
passenger business is common to all railroad managements. The continued growth of automobile travel and the beginning of transportation
by air are bringing about a gradual revolution in passenger transportation. Railroads are alive to this situation and are working out plans
where by they may meet these changing conditions.
-Southern has shown marked ability to keep down
Operating Expenses.
operating expenses during a period where traffic has been falling off. This
expenses is the result of effilcent train operation. Operatclose control of
ing expenses for December showed a decrease of $104,000 or 1.3%. A remarkably good showing was made in the cost of transportation which was
reduced $158,000 or 4% while a larger gross business was handled. Transportation ratio for the month was reduced to 32.14% as compared with
34.77% in December 1927. The ratio of operating expenses to operating
revenues for December was 67.1% as compared with 70.6%.
-The outstanding feature of the improveImprovements to the Property.
ment program for 1928 was the placing of the largest order for equipment
ever given by the Southern. Important improvements include the following:
Construction of a modern engine terminal at Macon, Ga.
Strengthening of the Murphy line of the Asheville Division to permit the
operation of heavy locomotives over the entire line.
Construction of a modern freight station at Winston Salem, N. C.
Fnlarged freight station facilities at High Point and Gastonia. N. C.
Continuation of Southern's bridge renewal program, whereby stronger
structures
installed to permit the passage of heavier locomotives and
trains,
In addition to these projects on the lines of Southern Railway proper.
work was started on the revision and double tracking of 35 miles of line
between Lexington and Danville. Ky., and the stregthening of the line
between Louisville and Danville.
-Southern has made a satisfactory record in a difficult
The Record of 1928.
year. Faced with business irregularity, unsatisfactory agricultural conditions and adverse weather. Southern totaled $144,116,452 M gross operating revenues, a loss of only 2.39% from the 1927 total. In spite of extra
expenditures for repair of roadway and structures because of damages
brought about by the heavy rains and floods, total maintenance expenses
were held practically even with those of the previous year. The ratio of
transportation expenses to revenues was actually lowered in a year of dedining traffic. The railroad property was maintained in excellent condition and large expenditures were made for additional improvements.
Net earnings were over 50% in excess of dividend requiremonts.
Stockholders have good reason to feel gratified at the proven ability of
the management to control operating costs in an unfavorable year.th
a turn in the trend of traffic as indicated by the last three months, net
earnings should begin to show improvement. We look for such improvement during 1929.
Southern Railway Earnings for December and 12 Months (000 Omitted).
December
12 Months
oJof
%of
r.
Cr. 1927. Cr,
1928. %of%of 1928. Gr, 1927.
Calendar YearsRailway operating revenues
Railway operating expenses
19'8.
1927.
$4,473,023 $4,011,616
2,554.354
2,413,547
Net revenue from railway operations
Net railway oper. income (net after rentals)
Non-operating income
$1.918,669 $1,598.069
2.218.718
1.906.221
91.288
122,079
Grass income
Deductions from gross income
$2.310.006 $2,028,300
295.067
313.768
Freight revenue
Passenger revenue
Net income
-V. 127, p. 3702.
$2.014,939 $1,714,531
Tot.rev.incl.others11,862
Maint. of way & struc 1,455 12.3
Maint. of equipment - 1,942 16.4
272 2.3
Traffic
3,813 32.1
Transportation
88 .8
Misc. operations
400 3.4
General
.1
8
Trans. for inv. Cr.
St. Louis San Francisco Ry.-Earnings.Calendar YearsFreight revenue
Passenger revenue
Other revenue
1928.
1927.
$67,281,964 $67,656,367
11,781,415 14.353,330
6,719,439
6,619.086
Total operating revenue
Maintenance of way and structures
Maintenance of equipment
Transportation expenses
Other expenses
$85.782,817 $88,628,782
10,604.109 11.641,289
16,451.448 17,118,235
28,942,184 29,377.271
3,786.059
3,535,263
Total operating expens-s
Net railway operating income
Balance available for interest
Surplus after all charges
- 128, p. 111.
V.
$59,783.801 $61,672,060
20,969,445 22,155,765
24,636,429 23,085.940
8,570,279
7,574.226
2824:6185
7,946
2,397
11.421
1.301 11.4
2.070 18.1
250 2.2
3,970 34.8
.8
94
388 3.4
8 .1
108,641
24,017
109,331
26.749
144.116
21,050
24.370
3,111
47,573
1,042
4,342
100
147,639
14.6 20.337 13.8
17.3 26,081 17.7
2.2 3,035 2.1
33.0 49.342 33.4
1,113 .8
.7
3.0 4,184 2.8
.1
184
.1
7,961 67.1 8,065 70.6 101,888 70.7 103.908 70.4
Total oper. exp_ _
Net from railroad.... 3,901 32.9 3.356 29.4 42,229 29.3 43,731 29.6
9.598 6.7 9,489 6.4
743 6.5
822 6.9
Taxes & uncollect_
Net after taxes_ _ _ _ 3,079 26.0 2,613 22.9 32,630 22.6 34.242 23.2
1,477
1,788
191
Eq. & jt. fac. rents.- 116
Net after rents
Other income
2.963
532
2,422
569
30,843
6,383
32,765
6,823
39,588
37,225
2,991
3,495
Total income
17,885
17,958
1,491
St. Louis Southwestern Ry. Co.-Earnings.1,497
Fixed chgs. & deb
:cdendar Years1928.
1927.
21,7
19,267
1,500
1.998
, ailway operating revenues
Avail. for pfd.
,
$25.575,765 $24.206.525
3,6:
3.000
260
250
Railway operating expenses
19,330,633 18,494,571 Pfd. dividends
Railway tax accruals and uncollected railway revs. 1,242,812
1,190,187
18,700
16.267
1.250
Est, veil, for com- - 1.748
Other railway operating income
Dr.167,941 Cr.363,921
$12.51
$14.38
$0.96
Deductions from railway operating income
740,915
721,315 Per share of common_ $1.34
(1.300,000 shares)
1.83
1.45
0.17
Net railway operating Income
Est.eq.in sub.earns._ 0.27
$4,093,463 $4,164.372
$13.96
$16.21
$1.13
$1.61
Non-operating income
Total
319,845
555,750
-V. 128, p. 720.
Gross income
$4,413,308 U.720,122
Deductions from gross income
-Bonds Offered.
Terminal RR. Association of St. Louis.
2,653,945
2,872,308
P.Morgan & Co., First National Bank and The Nations
Net income
$1,759,362 $1,847.814 -J.
-V. 127, P. 1944.
City Co. are offering ,000,000 gen. mtge. refdg. 4% sink-
St. Paul Bridge & Terminal Ry.-Final Valuation.
The I.-S. C. Commission recently placed a final valuation of $474,448
on the owned and used properties of the company, as of June 30 1919.
- 138, p. 245.
V.
Salt Lake City Union Depot & RR. Co.
-Final Valuat'n.
The I.-S. C. Commission has placed a final valuation of $1,059,000 on
the owned and used properties of the company as of June 30 1919.-V.
126, p. 574.
Southern Railway.
-Earningsfor 1928.-Walter S. Case,
President of Case, Pomeroy & Co., New York, states in part:
The first half of 1928 showed general irregularity in railway earnings and
a sharp decline in the traffic of those roads which serve the Southern District. Tho after effects of the collapse of the Florida building boom and
the Mississippi floods in 1927 brought some left down in general
activity throughout the Southeast. In addition unusually heavy business
rains in
the summer and early fall of 1928 damaged growing crops thus
agricultural profits. These adverse conditions brought lower reducing
earnings
for all important roads in this section. October was the first
show improvement over the previous year. For the last quarter,month to
reported an upward trend in freight traffic, gross revenues and net Southern
earnings.
The rate of improvement was accelerated and December made the best
comparative showing of any month of the year 1928.
Freight Tonnage.
-The amount of freight carried is measured In ton miles
which represents the total tons of revenue freight times number of miles
carried. The actual freight Movement for 1928 amounted to 8,412,608,000
ton miles as compared with 8,482,576,000 ton miles in 1927, a decrease of
only 0.8%. Lraffic for the first nine months of the year continued to
ing fund gold bonds at 89 and int. (from Jan. 1) to yield
4.77%. Interest and sinking fund payments guaranteed
proportionately by the proprietary companies. Bonds are
dated Jan. 1 1903 and are due Jan. 1 1953.
-Authorized by the Interstate Commerce Commission.
Issuance.
-The company below named own severally all the capital
Guaranty.
stock of the Terminal Railroad Association of St. Louis. In a guaranty
agreement dated Dec. 16 1902, 14 of the proprietary companies (or their
predecessors), guaranteed, each of them severally to the extent of 1-14th
thereof, the prompt payment of the interest on all issued pm. mtge. bonds
and of the sinking fund installments payable under the mortgage. By
later agreement, the St. Louis Southwestern Ry. became obligated for
an equal share of such obligations, so that the same are new borne ratably
by all the said companies. The proprietary companies are the following:
Baltimore & Ohio Southwestern RR. Missouri Pacific RR.
-Kansas
-Texas RR.
Chicago Burlington & Quincy RR. Missouri
St. Louis Iron Mtn. & Southern Ry.
Chicago & Alton RR.
Chicago Rock Island & Pacific Ry. St. Louis-San Francisco Ry.
Cleveland Cin. Chic. & St. L. Ry. Southern Ry.
Pittsb. CM. Chicago & St. Louis RR.
Illinois Central RR.
Wabash Ry.
Louisville & Nashville RR.
St. Louis Southwestern Ry.
In the 39 years of its existence the Association has been entirely selfsupporting and has never had to call on its proprietary companies to meet
all
any deficits of any nature.
-The Association, organized is 1889 and in successful operation
Property.
ever since, is the largest system of unified freight and Passenger termini
-km
in the world. The 17 subsidiary and leased companies comprising the
system operate the only union passenger station in Bt. Louis, which is
882
FINANCIAL CHRONICLE
[VoL. 128.
used by all the railroads entering the city: two bridges across the Mississippi
Acquires Additional Properties.
River, connecting St. Louis with East St. Louis; six belt lines, three on
each side of the river freight yards and terminals; a tunnel, and other
L. L. Davis Co., as fiscal agents, have announced the acquisition by the
facilities and equipment for the rapid interchange of traffic.
American States company of the Sault Electric Co. and its wholly owned
Operating Agreement,
-Under operating agreements each of the pro- subsidiary the Chippewa Edison Co. These properties, wihch will
prietary companies agrees that the tariff rates of the Association shall controlled by the American States Electric Co., whose common stock be
Is
1)e so fixed by it as to insure the production at all times of sufficient revenue owned by the American States Public Service Co.. distribute electric light
to enable it punctually to meet the interest and sinking fund Payments and power to Sault Ste. Marie, Mich., and
at
on all gen. mtge, bonds at any time outstanding, all rentals, taxes and that point. In addition five other towns into the Government locks be
Northern Michigan will
all expenses of every nature incurred in the maintenance, operation and served.
renewal of its system and properties and every part thereof.
This acquisition brings the total appraised value of controlled properties
Mortgage.
-The general mortgage dated Dec. 16 1902 authorizes the to 511,600.000 and the total number of customers to 52,000.-V. 128, p. 554
Issuance of bonds of an aggregate principal amount of $50,000,000, of
•
which upon the issue of these $8,000,000 bonds. $31,790,000 will be outAssociated Gas & Electric Co.
-Contracts to Acquire
standing in the hands of the public; $410,000 will be held in the treasury Control
of General Gas & Electric Co.
of the Association: $15,500,000 will be reserved to retire $12.000.000
The company announces that it has contracted to acquire all of the
underlying bonds of the Terminal Association and $3,500,000 mortgage
bonds of a subsidiary company. Bonds to the amount of $2,300,000 stock of W. S. Barstow & Co., Inc., which owns a substantial majority of
have been retired by the sinking fund and cancelled. The mortgage pro- the class B common stock, carrying control of the General Gas & Electric
vides a sinking fund for the retirement and cancellation of$100,000 principal Corp. The systems of both the Associated and General companies dovetail in such a manner as to permit of economical operation.
amount of bonds each year.
In a letter to the General Gas & Electric stockholders, H. C. Hopson,
The mortgage covers the entire railroad and terminal property of the
Terminal Association now owned or hereafter acquired, subject to the Vice-President of the Associated Gas & Electric Co., said that by exchanglien of closed underlying mortgages under which $12,000,000 bonds are ing their shares they would realize on the recent increased market value of
General Gas & Electric securities and would receive annual dividends of
outstanding.
Use ofProceeds
.-Proceeds will be used towards the purchase of52.000,000 at least $12 for each 3 shares, or double the present cash dividends on the
St. Louis Merchants Bridge Co. 1st mtge. 6% gold bonds maturing Feb. 1 stock held.
The exchange basis offered consists of 3 shares of A or B common stock
1929, and the payment of $5,000,000 St. Louis Bridge Co. 1st mtge. 7%
gold bonds maturing April 1 1929, for which latter the Association is of General for two $5 dividend preferred shares and one class A common
being reimbursed through the receipt of a like amount of St. Louis Bridge share of Associated. The class A stock of the Associated company is
entitled to a priority cash dividend of $2 a share annually which holders
Co. renewal 1st mtge. 7% bonds due April 1 2029.-V. 128, p. 724.
take in class A stock. Scrip will be delivered in lieu of fraces
tiowal shy
no n ma ar
Texas & Pacific Ry.-Earnings.The Bank of America, 44 Wall St., N. Y. City, is named as depository
Calendar Years1928.
1926.
1925.
for the shares of the General Gas & Electric Co., which are to be deposited
1927.
Operating revenues
550.795,832 538.949.539 $35,449,650 535.272.899 by Feb. 18.-V. 128, p. 555.
Operating expenses
34,536,240 28.797.073 26.488,388 26,453,802
Central Public Service Corp.
Net railway oper. rev„.. 10.446.475 6.497,569
-Debentures Offered.
6.240,676
5,974,105
Gross income
6,609,333
6,347.242 Harris, Forbes & Co.H. M. Byllesby & Co., Inc., Federal
10.979.600
7.063,675
Net corporate income_ 3,927,341
7,993.956
4.113,981
3.821,555 Securities
Corp. and 'West & Co. are offering at 96 and
-V.127. p. 2681.
Wabash Ry.-Earnings.-Calendar Years
Operating revenue
Operating expenses
Net railway operating income
Gross income
Net corporate Income
-V. 128. p. 398.
1927.
1U8.
$71,072,991 $67,108,154
52,411,567
51,379,147
11,950,039
9,611,677
13,585,895
11.592,875
6,401,277
4,763,610
Western Maryland Railway Co.
-Earnings.
-
Calendar Years1926.
1925.
1928.
1927.
.Total oper.revenues----$18.592.557 521,866.171 $25,259,575 $19,861,774
Mit f way &
2.952.965 2.43,541
Maintenance ofequip__ 3,653,259 4,552,230 6.098,196 4,566,342
Traffic expenses
436,079
502,784
439.113
473,848
Transportation expenses 5,040,077 6,076,838
7,276.518
5,802,371
Miscellaneous operations
136.974
132,827
114,784
138,941
General expenses
529.455
535,209
528,678
557,940
Transp. for investment_ Cr.22,676
Cr.25,554
Cr.96.158
Cr.3,846
Net rev.from ry. oper. $5,916,386 $6,872.858 $7,854,942 $5,896,217
Tax accruals
1.096.082
775,205
1,180.026
983.478
Uncollec. railway rev
735
2,568
1.704
1,098
Total oper. income
$4,931,204 $5,691.733 0.758,125 $5,118,443
Joint facility rents, net_
193.743
222,374
185,304
192.884
Hire of equipment, net.. Cr.504,719 Cr.632,743
489.158
169,912
Net oper. income__ - _ $5,250,619 $6.131,593 $6,075.223 $4.726,158
Other income
188,664
80,976
144,236
207,656
Gross income
$5,394,855 $6,339,249 $6,263,887 $4,807,134
Fixed charges
3,004,548 3,028.075
3.064,171
3,019,670
Net income
$2.375,185 $3,275,078 $33,259,342 $1,779.059
-V. 127, p. 819.
Wisconsin Central Ry.-Earnings.Calendar YearsFreight revenue
Passenger revenue
All other revenue
1928.
1927.
$15,996,162 $15,779.035
2,220,485
2,518,642
1,413,509
1,446,949
Total
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$19.630,156 $19,744,628
2.649,504
3,028.210
3.424,048
3.505,993
414,756
390,488
8,032.008
8,110,800
760.572
743,869
Net earnings
Taxes and uncollectible revenue
Hire of equipment
Rental of terminals
$3,970,561
955,069
909,210
616,886
54.343.973
986,917
859,076
614,587
Net after rents
Other charges (net)
Interest on funded debt
$1,489.394
271.931
2,039,764
$1,883,392
324.524
2,037,165
16822,302
$478,298
Deficit
-V. 126, p. 2956.
PUBLIC UTILITIES.
American Commonwealths Power Corp.
-Earnings.
(Including Earnings of Controlled Companies.]
12 Months Ended Dec. 311927.
1928.
Gross earnings
-all sources
$17,871,714 $8,131.835
Operating expenses, incl, maintenance dc gen. taxes 10.814.886
4,969,958
Interest charges, funded debt,sub. companies
1,318,551
3,328,570
Balance
53,728.258 $1,843,326
Divs., preferred stocks,
427,061
1,306,137
Interest charges, fundedsubs. companies Commondebt, American
wealths Power Corp
248,993
515.000
Balance available for dive,
51,907,121 $1,167,272
Annual div. charges, 1st pref. and reserves
stock, American
Commonwealths Power Corp
175,000
534,996
Annual div. charges, 2nd pref. stock, American
Commonwealths Power Corp
95,977
95.977
Balance avail, for res.. Fed. taxes & surplus- $1,276,148
$896,295
.-V. 128. p 246.
.
American Power & Light Co.
-Larger Pref. Dividend.
interest, yielding 5.80%, $25,000,000 5% cony, gold
debentures (with stock purchase warrants).
Dated Feb. 1 1929; due Feb. 1 1949. Int. payable at office of Harris, Forbes & Co., New York, or, at the option of the holder, in Boston
or Chicago. Callable in whole or part on the first day of any month on 30
days' notice at 105 and int. through Jan. 1 1933 and thereafter at a premium
reducing 1% each four year period or fraction thereof through Aug. 1 1948
and thereafter prior to maturity at 100 and I. Denom. of $1.000 and
$500. Harris Trust & Savings Bank, Chicago. trustee. Corporation
will agree to pay int. without deduction for any Federal income taxes not
excding 2% per annum which it may be required or permitted to pay
thereon or retain therefrom, and to reimburse the holders of these debentures, in any year, upon application within 60 days after payment, either
for the Penna. or for the Conn, personal property taxes not exceeding
4 mills or for any Calif. personal property tax not exceeding 5 mills or for
the Mass. Income tax not exceeding 6% of the interest per annum.
Data from Letter of A. E. Peirce, President of the Corporation.
Conrersion.-Debentures will be convertible at the holders' option, subject to the restrictions of the charter on the issue of additional pref. stock
and to the indenture provisions regarding recapitalization, &c., at any time
prior to maturity, into $6 cumulative pref. stock at the rate of 10 shares
of pref. stock for each $1,000 principal amount of debentures. In the event
that the debentures are called for redemption prior to maturity the conversion privilege may be exercised only up to the tenth day before the
date set for redemption.
Stock Purchase Warrants.
-Debentures will carry non-detachable warrants entitling the holder to purchase class A stock, subject to the indenture
provisions regarding stock dividends. recapitalization, &c. at the rate of
10 shares for each $ ,000 principal amount of debentures, ' a price of $47
at
per share for the period commencing immediately and extending through
Jan. 31 1931 and at a price of $52 per share for the period commencing
Feb. 1 1931 and extending through Jan. 31 1934. Delivery of and payment for class A stock will be required 30 days after surrender of the warrants. Warrants sill become void on Jan. 31 1934 or any earlier redemption or conversion date.
Company.-Incorp.in 1923. Furnishes through subsidiaries electric light
ugh
and power, gas, water and(or) transportation service to 197,000 customers
in 337 communities located in 20 States of the United States and in 2 Provinaes in Eastern exces do. 1T0 .population of the territories served is estimc ted to t;e in Cana af 4he 000
s
0
.
Purpose.-Entire proceeds will be used in connection with the acquisition
or retirement of funded debt of the corporation, funded debt and(or) pref.
stocks of subsidiaries and bank loans of the corporation, together aggrecoting notatess than .are. ,000 pref. stocks without par value, being
gam puted l smo per$h , 00
2 6
6
Capitalization.
-Consolidated capitalization of the corporation and subsidiaries as of Nov. 30 1928, after giving effect to the present financing, the
proposed sale of 40,000 shares of $6 cumulative prof. stock and the recent
sale of 15 a
off60,00.
s:of class A stock, and the application of the proceeds
follows:
Pllaiizaiion(ntoo r
)ding with Public.
A
Common and class stocks
506,962 shs.
par value)
Preferred stocks (cumulative, no par value)
0.
14 i4527;.
347 2 2 0
5%% convtible gold debentures, due 1949
convertible
$25,000,000
Subsidiary companies' bonds and preferred stocks*
At par or if without par value at 8100 per share.
Earnings.
-The consolidated earnings of the Central Public Service Corp.
and subsidiaries for the 12 months ended Nov.30 1928 (irrespective of dates
of acquisition) and annual charges, after giving effect to the present financing, the proposed sale of 40,000 shares of $6 cumulative pref. stock and the
recent sale of 60,000 shares of class A stock, and the application of the
proceeds thereof, were as follows:
Gross revenues and other income
$14,452,514
Oper. exp., maint. & taxes (except Federal taxes)
8.588,184
Net earnings before int.. prov. for replacements,dividends, &c.$5,864,330
Annual int. and dividend requirements on subsidiary companies' bonds and preferred stocks
$2,036,493
Annual int. requirement on funded debt of corp. (this issue) _ _ 1,375,000
Net earnings, as above, were over 1.7 times the combined annual int.
and dividend requirements on subsidiary companies' bonds and pref. stocks
and on these debentures. Net earnings, after deducting annual int. and
dividend requirements on subsidiary companies' bonds and pref. stocks, as
above, were $3.827,837. or over 2.78 times the annual int. requirements
on these debentures and after providing for both maintenance and replacements at the initial rates to be required in the indenture were over twice
the annual interest requirements on these debentures.
Class A Stock Offered.
-A block of 60,000 shares of class
A stock was recently placed privately by the Harris Forbes
Corp., H. M. Byllesby & Co., Inc., Federal Securities Corp.
and West & Co. The offering price was $39 per share.
V. 127, p. 1674.
Cities Service Co.-Subsidiary Company Acquisition.
Continuing
the expansion program of its retail petroleum activities, the
Cities Service Co. announced that the Cities Service Oil Co., one of its
oil marketing subsidiaries, has purchased the Commonwealth 011 Co. of
St. Louis, Mo. The purchase includes 11 stations in various parts of St.
Louis. A number of sites for additional stations have been secured and an
extensive program of expansion and development in this important area
will be started immediately. The purchase follows closely the recent
acquisition of additional systems of retail stations in several important
communities located In Ohio. Illinois, Kansas, Minnesota and the DistriCt
of Columbia.
-V. 128, p. 725, 556.
The directors have declared a quarterly dividend of 75c. a share on the
$5 preferred stock, series A, and the regular quarterly dividend of $1.50
a share on the $6 preferred stock, both payable April 1 to holders of record
March 13. In each of the preceding
dividend of 62%c.
a share was paid on the 55 preferred3 quarters a regular entitled to cumulative dividends at the annual rate ofseries A stock which
$3 a share during 1929; $3.50 a share
during 1930. 54 a share during 1931 and thereafter
the rate of $5 per
Columbus(Ga.) Elec. & Pow. Co.
share annually. This stock was issued to holders ofat
-To Issue Preferred.
Montana Power Co.
At the annual meeting to be held March 6, the stockholders will be asked
common stock In the ratio of two pref. shares for each Montana Power
to approve an additional issue of $4.000,000 of new series "IV' preferred
common share held (See details in V. 126. p. 23061.-V. 127, p. 3703.
stocks of which $2,000,000 will presently be offered for sale in the territory
which the company serves and the balance to be issued from time to time
American States Public Service Co.
-Listing.
at the directors' discretion.
The Baltimore Stock Exchange has authorized the listing of 16.000 shares
It Is undersood the series "D" preferred
be entitled to 6% cumuwithout par value) cumul. pref. stock. See also V. 128. P. 554•
lative dividends and redeemable at 110. shall proceeds are to be used
The
FEB. 9 1929.]
FINANCIAL CHRONICLE
toward paying bank borrowings amounting to $750,000 and paying off
an issue of $2,000,000 of 5% gold coupon notes, maturing June 1 1929.V. 126, P. 3447.
-Annual Report.
Commonwealth Edison Co.
1926.
1927.
1925.
1928.
Calendar YeatsOperating revenues-477,042,776 $71,628,560 $65,776,058 $58,691,584
39,127.367 36,379,367 34,135,648 31.329,442
Operating expenses
310,491
305,000
361,138
440,421
Uncollectible oper. rev_
5,929,225
7,309,225 6,489,795
4,932,967
Retirement expenses_
5,400,000
4,500,000
5,700,000
6,000,000
Taxes
2,139,816
1,959,093
1,756,268
Municipal compensation 2,294,056
Operating income_ _ __421,871.706 $20,558.444 418,041,601 $15,867,905
408,488
1,312,527
937,239
741,290
Other income
Total
Interest on bonds
Other deductions
$22,612,996 $20,966,933 $19.354,128 $16,805,144
5,755,530
5,157,405
4,544,280
5,894.280
1.698,522
1,494,078
1,243,607
1,227.234
Net income
Dividends
$15,475,109 $13,984,169 $12,498,201 $10,766,786
9,671,462
8,793,216
7,990,450 7,202,942
$5.803,647 $5,190,953 94,507,751 $3,563,844
Balance
28.866,192 23.566,368 19.153,586 15,563.361
Previous surplus
459,068
Profit from sale of prop_
Miscellaneous
Cr14,156 Cr108,871 Deb94,969
Cr26.380
Profit & loss, surplus _835.143,065 $28,866,192 $23,566,368 $19,153,585
Shares capital stock outstanding (par $100)
1,255,168
1,110.880
1.088,026
967.485
$12.33
$12.59
$11.48
$11.13
Earned per share
Balance Sheet December 31.
1928.
1928.
1927.
1927.
Liabilities
Assets
Fixed capital.___264,487,647 242430,263 Capital stock__ .125,516,800 111088,000
16,798,051 12,393,990 Funded debt._ __119,774,000 119774,000
Cash
II, B. Treas. Ws_ 3,992,500 2,700,000 Accts. payable__ 2,917,146 2,653,188
64,037
Consumers' dep.
646,285
560,285
Notes receivable_
Accts.receivable_ 8,125,131 8.231,668 Misc. curt', Bab__ 1,110,499 1,036,519
93,633 Taxes accrued- - _ 7,368,596 7,064,038
118,976
Int. & dive. rec
Mat. & supplies_ 2,506,464 2,338,693 Munic.comp.accr. 1,485,573 1,389,926
Fuel(coal in st'ge) 2,103.840 1,982,161 Interest accrued_ 1,998,510 1,998,510
Prepayments_ _
304,255
312,020 Retirement res__ 36,826,207 32,263,574
262,507
374,009 Insurance reserve 2.911,833 2,593,635
Misc. curl'. assets
Inv. in MM. cos_ 29,401,100 29,401,100 Service ann.res._ 3,306,749 2,219,104
2.074,113 3,343,967 Amortization res. 3,387,300 2,847,300
Misc.invest
Insurance fund._ 2,911,833 2,593,635 Misc. unad.cr___
91,361
120,171
3,306,749 2,219,104 Surplus
Barr. ann.fund
35,143.065 28,866,193
6,499
Special deposits
5.809
Unam. debt disc.
5,313,250 5,548,242
& expense_ 320,743
170,292
Jobbing accounts
95,107
Work in progress_
46,316
Misc. def. debits_
291,810
Total (ea. sIde)342.483,923 314474.443
284.391
-V.127, p. 3539
Community Telephone Co.
-Debentures Offered.
-P.W.
Chapman & Co., Inc. are offering $1,300,000 6% cony, gold
debentures, ser. A at 98% and int. to yield about 6.12%.
Dated Jan. 1 1929; due Jan. 1 1949. Prin. and int. (J.& J.)payable at
the option of the holder in either N. Y. City or Chicago. Denom. 41,000
and $500 c*. Interest payable without deduction of any portion of any
normal Federal income tax, payable at the source, not in excess of 2%.
Refund of state property taxes not exceeding 6-10 of 1% of the principal
per annum and state income taxes not exceeding 6% of the interest upon
timely and proper application, as provided in the trust indenture. Rod.
at any time as a whole or in part upon 30 days' notice to and incl. Jan. 1
1933 at 105 and int.; thereafter, to and incl. Jan. 1 1937 at 103 and int.:
thereafter, to and incl. Jan. 1 1941 at 102 and int., and thereafter, to and
incl. July 1 1948 at 101 and int. Central Trust Co. of Illinois, trustee.
Company organized in Delaware. Through its subsidiaries operates a
general telephone business in the States of Ohio, Wisconsin, Minnesota,
Illinois and Pennsylvania. The properties have records of successful operation extending over various periods up to 29 years and serve without competition 14 cities and towns in Ohio, 37 in Wisconsin. 10 in Minnesota. 42
in Illinois and 10 in Pennsylvania. In addition, telephone service is furnished to adjacent rural areas.
Earnings.-Consolidatcd earnings of the properties for the 12 months
periods ended Oct. 31 1927 and Oct. 31 1928, af.er giving effect to nonrecurring charges amounting to $37,580, are reported as follows.
883
/
Security.
-These $10,500,000 Series 0. 434 % bonds, upon completion
of this financing, (equally with $4,982,000 Series E 5%% bonds and
bonds previously issued, and with 45,407.500
$15,947,000 Series F 5%
Series F 5% bonds in the treasury of the company, when issued, will be
secured, subject to underlying liens, by mortgage on all property now
owned or hereafter acquired.
The first refunding mortgage makes provision for the refunding of all
underlying issues.
Earnings Year Ended Dec. 31.
Net Earns.
Gross
Net Earns.
d Fixed Times Fixed
Earnings. Before Dep.
Charges. Charges.
22,221,699 0,633,107
3.088,722
1923
3.12
a21,711,928 8,647,926
3,074.365
1924
2.81
b23,092,209 9,974,699
3,036,391
3.29
1925
b25.089,219 10,054,745
2,929,772
1926
3.43
c25,004,529 9,876,472
3.070.133
3.22
1927
26,562,311 11,112,103
3,047,522
3.65
1928
a Rate decrease effective July. 1923. b Rate decrease effective Dec.
1925. c Rate decrease effective Jan. 1927. d Exclusive of Amortization.
Net earnings for 1928 of $11,112.103 (before deducting $1,890,940 for
depreciation) were more than 354 times annual interest charges on total
funded debt to be outstanding upon completion of this financing.
The company's gas and electric rates average lower than those in any
other large city on the Atlantic seaboard.
-Continuous cash dividends on the common stock have been
Dividends.
paid since 1910. In 1924 the common stock, then $100 par value, was
changed to no par value, at four shares for each $100 par value. Present
dividend rote 83 per annum per no par share.
-Annual sinking fund of 1% of 1st ref. mtge, bonds outSinking Fund.
standing for purchase or call and retirement of 1st ref. mtge. bonds.
Franchises.
-All the company's gas and electric franchises are unlimited
as to time and no other company can enter field without consent of Public
Service Commission of Maryland. The grants and conditions of the
company's franchise are satisfactory.
-Company has outstanding a total of 419,875,700 preCapital Stock.
ferred stock, issued in Series, and 949,462 shares no par value common
stock. Upon issuance of $624.300 preferred stock, now subscribed or
authorized for subscrintion, and 6.238 shares common stock now subscribed
for, the company will have outstanding a total of $20.500,000 par value
Preferred stock, issued in Series, consisting of 415,500.000 Series A 5%,
%,and 955.700 shares
$2,750,000 Series D 6% and $2,250,000 Series E
no par value common Stock.
Funded Debt Upon Completion of Present Financing.
gen. (closed) mtge-a$13,845,000
Consol. Gas Elec. Light & Power
Co..
Consol. Gas Elec. Light & Pw. Co. of Bait,. 1st Ref. Mtge.
Sinking fund gold bonds:
$4,982,000
Series E 5)4%. due Sept. 1 1952
b15.947,000
Series F 5%,due June 1 1965
10,500,000
Series G 434%, due March 1 1969 (this issue)
Consol. Gas Co.of Bait. City, 1st cons. 5s. July 11919 (closed) 3,400,000
6,100,000
Congo'. Gas Co. of Bait, City, Gen, Mtge. 4%s, Apr. 1 1954
United Electric Light & Power Co., 4%s, May 1 1929 (closed) 4,428,000
211,000
Roland Park Electric & Water Co., 1st mtge 5s. Feb. 11937..
Terminal Freezing & Heating Co., 1st mtge 5s, Apr. 1 1932
253,000
(closed)
a In addition to the $13,845.000 gen. mtge. 414s, 1935, which are outdeposited under the first refunding mortstanding, there are $1,155,000
gage.
b In addition, there are $5,407,500 1st ref. mtge bonds, series F 5%,in
the treasury of the company, unissued but issuable for corporate purposes.
Bonds Called.
-year 6% 1st ref. mtge. s. f. gold bonds
All of the outstanding series A 30
have been called for redemption April 5 at 105 and int. Payment will be
made at the Bank of the Manhattan Co.. 40 Wall St., N. Y. City, or at
the office of Alex. Brown & Sons, Baltimore, Md., or at the London Joint
City & Midland Bank. Ltd.(now known as Midland Bank Ltd.) London,
England.
-V. 127, p. 2683.
-Stock Increased.
Detroit Edison Co.
'rho stockholdersfn Fey. 4 increased the authorized capital stock, par
$100 from $120,000,000 to $150,000,000. See V. 128, p. 398, 552.
-New Power Station.
Duquesne Light Co.
Actual construction work on the James H. Reed power station to be
built on Brunet Island, Pittsburgh, for the above company, has been
started, according to H. W. Fuller, vice-president in charge of engineering
and construction of the Byliesby Engineering & Management Corp. Orders
have been placed for the major equipment, turbines, boilers, stokers and
condensers.
This new station will have a rated capacity of 60.000 kilowatts. It will
be located adjacent to the Duquesne company's switch house and the
Gross revenue
4959,855
$977.122 present power station on Brunet Island.
Oper. exp., maint. & taxes (excl. Fed. tax)
539,678
531,535
The building to be constructed at this time will be large enough to house
two 60,000 kilowatt generators and six boilers, but only one 60,000 kilowatt
Balance
$419,877
$445,587 generator and three boilers will be installed now. The extra space provided
Prior charges of subsidiary companies
152,390 is Mr future additions to the station capacity.
Construction work will continue through 1929 and the station will be
Balance
-V.127,p.3540.
4293,197 completed in the summer of 1930,according to Mr.Fuller.
Annual int. requirements on $1,300,0006% gold debs., ser. A
78,000
-Bonds Called.
Earninset, as shown above, for the 12 month period ended Oct. 31 1928
Eastern Montana Light & Power Co.
are over 3.75 times the annual interest requirements of the total outstandAll of the outstanding 1st mtge, sinking fund 6% gold bonds were
ing funded indebtedness of the company.
int., payment
recently called for redemption as of Jan. 1 1929 at 101 and Co., successor
Conversion Privilege.
-At the option of the holder, these debentures are
Continental National Bank & Trust
convertible at the principal amount thereof into cumulative participating being made at the
2309.
stock upon the following basis: to and incl. Jan. 11930,at the rate of$37.50 trustee. Chicago, 111.-V. 118. p.
per share; thereafter, to and incl. Jan. 1 1931, at the rate of $40 per share;
-New Control.
Electric Public Utilities Co.
thereafter, to and incl. Jan. 1 1932, at the rate of $42.50 per share; there-V. 127, p. 2955.
See Empire Public Service Corp. below.
after, to and incl. Jan. 1 1934. at the rate of $45 per share: thereafter,
until maturity at the rate of $50 per share. The indenture provides for
-Construction Progressing.
El Paso Natural Gas Co.
adjustment of accrued interest on the debentures and accrued regular
President Paul Kayser. announced that construction of the company's
curnul. dive, upon the full shares ofstock deliverable upon such conversion.
County, New Mexico, field to El Paso.
The indenture contains provisions for the protection of the conversh n 200 mile gas line from the LeaIt is stated, that over 50 miles of pipe is
rights. These debentures may be called for redemption at the option of Texas, is progressing rapidly.
miles of the ditch has been excavated
the board of directors at any time in part or as a whole upon 30 days' on the ground and strung. About 20 crossing the Pecos River is expected
published notice; and said debentures are convertible up to and including and 15 miles of pipe welded. The bridge the Lea County field operations.
be completed within 3 weeks. As to
to
the 10th day prior to the date fixed for redemption.
capacity approximateling 200,000,000 cubic ft.
Purpose.
-Proceeds of this issue, together with other funds, will be used gas wells with an open flow
-V.128. p. 399, 247.
with the line.
for the retirement of indebtedness incurred in the acquisition of properties. Per day are now ready for connection
and for other corporate purposes. See also V. 128, p. 725.
-Class A Stock Offered.
Empire Public Service Corp.
Consolidated Gas Electric Light & Power Co. of Yeager, Young & Pierson, Inc.; Pirnie, Simons & Co., Inc.,
Baltimore.
-Bonds Offered.
-Alex, Brown & Sons, Lee, and Vought & Co., Inc. are offering at $25 per share, 100,Higginson & Co., Brown Brothers & Co., Jackson & Curtis, 000 shares class A common stock.
Class A common stock is entitled (1) in preference to the class B common
Spencer Trask & Co., and Minsch, Monell & Co., Inc., are
cumul. diva, at the rate of $1.80 per share per annum (hereinafter
offering $10,500,000 1st ref. mtge. sinking fund gold bonds, stock, toto as preferential diva.), when and as declared, payable Q.
-F.:
referred
(2) in each year after all preferential dive. are paid or set apart on the
/
series CI, 434% at 100 and interest.
class A common stock and diva, of El per share have been paid or set apart
Dated March 11929: Due Mar 11969. Prin. and int.(M. dr S.) payable
at offices of Alex. Brown & Sons, Baltimore, and Bank of the Manhattan
Co.. New York. Denom.c" $1,000, and r* g1,000 and authorized multiples
Red. all or part, at any time on 60 days' notice at 105 during first 10 years,
at 104 during second 10 years, at 102% during third 10 years, at 101 during
next 8 years and at 100 during last 2 years before maturity; plus accrued
int. in each case. Int. payable without deduction for Federal income tax
up to 2%. Bankers Trust Co., New York, trustee.
-For Savings Banks in New York, Rhode Island,
Legal Investments.
Maine, New Hampshire. Vermont, Minnesota and California.
Data from letter, of Herbert A. Wagner. President of the company.
Business.
-Company does entire gas, electric light and power business in
Baltimore. Its operations extend into suburbs and surrounding counties.
Steam for heating is also supplied to central business district of Baltimore.
Electrical generating capacity, owned or available under contract, is
446.000 h. D. Total population now served is about 975,000. For year
1928, electric sales were 738,033,805 k.w.h, and gas sales 11,531.293,950
cubic feet.
-Proceeds of these $10,500,000 bonds, together with additional
Purpose.
cash to he supplied by the company, will be used (a) to refund $10,265.000
consol. Gas Rlectric Light & Power Co. of Baltimore, 1st ref. mtge. bonds,
Series A 6%, doe Feb. 1 1949. which have been called for redemption at
105 on April 5 1929, thereby decreasing bond interest charges by $128,312
per annum, and (b) to reimburse the company, in part, for cost of property
additions and extensions.
on the class B common stock, to share equally with the class B common
stock on a share for share basis until the class A common stock shall have
received additional dive. amounting to $1.80 per share; (3) in preference to
the class B common stock, to receive in liquidation or dissolution up to
$25 per share plus accrued preferential diva., and thereafter to share equally'
with the class B common stock on a share for share basis until the class A
class
common stock shall have received an additional 435 per share. The upon
A common stock is redeemable as a whole or in part on any div. date divs.
days' notice at $60 per share and accrued preferential
at least 30
Class A common stock is without par value and has limited conditional
voting rights. The rights of the holders of the class A common stock are
subject to the rights and preferences of the pref. stock when and as issued.
Dividends are free of present normal Federal income tax. Transfer
Park
agent, Seaboard National Bank, New York, Registrar, Nationalwhich
Bank, New York. The board of directors has announced a policy,
is subject to change, of permitting class A common stockhoMers at their
option to apply quarterly their preferential cash dividends of 41.80 pm.
share per annum, when and as declared and paid, to the purchase of additional class A common stock at $18 per share.
Data from Letter of Floyd W. Woodcock, President, Chicago, Feb. 5.
Company.-Incorp. in Delaware. Proposes to presently acquire all outstanding common stock (except directors qualifying shares) of Electric
Public Utillties Co., all outstanding common stock (except directors' qualifying shares) and pref. stock and debentures of Southwest Utilities Corp..
884
FINANCIAL CHRONICLE
and all outstanding stocks (except directors' qualifying shares) and all
obligations (except $50,000 principal amount of bonds and current indebtedness of Home Electric Light Co., Antietam Electric Light & Power Co.,
Midland Electric Light Co.and Emmitsburg Electric Co., which companies,
either directly or through subsidiaries, render electric light and power,
natural gas and water services in 94 communities in the States of Maryland, Ohio, Kansas, Louisiana, Oklahoma, Texas and Colorado, and other
states. The system will serve approximately 27,617 electric, 5,895 gas
and 1,849 water customers in territories with a population in excess of
175,000. In addition there are 22 ice plants in the system, with a daily
capacity of 2,055 tons, and 48 miles of interurban railway in Ohio.
CapitalizationOutstanding.
Authorized.
Cumul. pref. stock (no par)
100,000 shs.
None
Class A common stock (no par)
*600,000 sits.
100.000 shs.
Class B common stock (no par)
327,000 shs.
800.000 shs.
* Of this amount 56,000 shares have been reserved for conversion of
subsidiary company bonds.
The subsidiaries of the corporation as of Dec. 31 1928, had funded debt
of $21,345,000 and $4,553,937 of pref. stock (considering no par value
stock at $100 per share) outstanding in the hands of the public.
Earnings.
--Consolidated earnings of the properties of the subsidiary
companies to be acquired, for the 12 months ended Aug. 31 1928, except
properties of Southwest Utilities Corp., which are for the 12 months ended
Sept. 15 1928 (after elimination of $106,000 non-recurring expenses as
estimated by the management and including $70,000 net earnings conservatively estimated for two gas properties in Texas), after giving effect to
Present financing, are oMcially reported, as follows:
Gross earnings from all sources
$6,021.197
Oper. exp., maint., deprec. & taxes (except Federal taxes)
4,093,061
Balance
$1,928,136
Annual int. and div. requirements on bonds, notes and pref.
stock of subs. co.'s outstanding in the hands of the public1,566,950
Balance
$361.186
Annual pref. div. requirement on 100,000 shs. cl. A com. stock
(this Issue)
180,000
Balance
$181,186
The above balance of $361,186 is over $3.60 per share on thmlass A
common stock to be presently outstanding.
Purpose.
-Proceeds received from the sale of the class A common stock
and the class B common stock to be presently outstanding will be used
to reimburse the corporation for the cost of acquiring the above mentioned
subsidiaries, for working capital and for other corporate purposes.
...1:$19$3k•mt3gramam-._
616,
3.0011*MiffiL
-
Engineers Public Service Co., Inc.
-Rights-Initial
Stock Dividend on Common Stock.
-
The company on Feb. 1 authorized the sale to its stockholders of approximately 200,000 shares of additional common stock at $42.50 per share.
The common stockholders and $5.50 cumul. pref. stockholders will receive
rights to subscribe for one new common share for each 10 shares held.
convertible pref. stockholders 13 shares common for each 10 shares held
,
6
and option warrant holders one share common for each 20 warrants held,
all applicable to record holders as of Feb. 14. The issue has been underwritten by a banking group consisting of Stone & Webster and Blodget,
Inc., Chase Securities Corp., Blair & Co., Inc. and Brown Brothers & Co.
The proceeds of the issue will be used for further investment in the company's subsidiaries, thus supplying a part of their 1929 construction
requirements.
Regular quarterly preferred dividends were declared as well as the regular
quarterly cash dividend on the common of 25c. per share and the initial
semi-annual stock dividend on the common stock of 1-50 share per share
all payable April 1 to stockholders of record March 4. This lain accordance
with an announcement made by the board in Oct. 1928. An initial quarterly
cash dividend of 25c. per share was paid on the common stock on Jan. 2
last.
-V. 128. p. 725, 556.
[VoL. 128.
Balance Sheet December 31.
1928.
1927.
1928.
Assets$
Liabilities
$
Cash
1,235,207 1,736,475 Capital stock _ _ _ y66,485,108
Investments__ -- 16,778,134 12,801,659 5% bonds
29,549,000
Call loans
4,500,000 2,000,000 Accounts payable x1,859,918
Bills & accts. ree_ 1,579,788 1,654,021 Customers'depos.
880,222
Stocks, bonds and
Accrued interest_
964,578
Interest In sub.
Dividend payable 1,221,911
cos., less depr_ 78,553,510 78,021,690 Pref, stk. unred_
37,0.55
Inventories
351,146
873,794 Insurance fund
1,000,000
Contingent fund_ 1,000,000
1927.
61,425,100
29,780,000
1,543,716
792,041
971,708
978,981
62,055
1.000,000
534.002
Total
102,997,793 97,087,638
Total
102.997,793 97,087,638
x Including provision for income tax. y Represented by 2.041,837 shares
of no par value.
-V. 127, p. 1947.
North American Gas & Electric Co.
-Debentures Offered.
-A. C. Allyn & Co. are offering at 983/2 and interest
to yield about 6.15%,$2,000,000 gold debentures, 6% series
due 1944 (to be accompanied by stock purchase warrants).
Dated Jan. 1.5929: due Jan. 1 1944. Interest payable J. & J. Denom.
$1,000c*,$500 and $100. Red. all or part at any time upon 30 days' prior
notice at 103% and int. to and incl. Jan. 1 1930. this premium of 334%
decreasing at the rate of 3.1 of 1% on each Jan.2 thereafter to maturity.
in.
and int. payable at Equitable Trust Co., New York, trustee. Interest MHO
payable at the office of the Harris, Trust & Savings Bank. Chicago. Interest payable without deduction for normal Federal income tax not to
exceed 2%. Company will refund
by
the States of Conn., PEI., and Calif.,personal property taxes imposed not
not exceeding 4 mills; Maryland
exceeding 43.i mills; Michigan exemption tax not exceeding 5 mills, and the
Mass. income tax not in excess of 6% per annum of the interest to holders
resident in those States.
Stock Purchase Warrants.
-Each definitive
by a stock purchase warrant, non-detachabledebenture will be accompanied
prior to
ing the right of the holder to purchase on and after Jan. 2 1930, evidencthat date, subject
the provisions thereof, two shares of the common stock for each $100 to
of
debentures at the following prices: To and incl. Jan.2 1931,at $20 per share:
thereafter to and incl. Jan. 2 1933, at $25 per share, and
incl. Jan. 2 1934 at $30 per share, this privilege expiring thereafter to and
on the last mentioned date.
Listed.
-Debentures are listed on the Chicago Stock Exchange.
Company, organized in Dec. 1928. in Delaware, will own or control
through subsidiaries a group of properties supplying a diversified public
Utility service in the State of Washington and in the Province of Saskatchewan, Canada. The total population served is
and the aggregate number of gas, electric and estimated to exceed 260,000
water customers is in excess
of 28.000.
Consolidated Earnings.
-For the 12 months ended Oct. 31 1928 the consolidated earnings of company and its subsidiaries or their predecessors.
after giving effect to present financing, have been as follows:
Gross earnings, all sources
$1,634,754
Operating expenses, maintenance and local taxes
1,018,472
Net earnings
Balance of net earnings, before depreciation and Federal and $616,282
Dominion taxes, after deducting annual interest charges and
dividends on preferred stock of subsidiaries*
365,662
Annual interest requirements on gold debentures,6% series due
1944 (this issue)
* Estimated non-recurring charges and expenses amounting to 120,000
$24,261
have been eliminated and no deduction has been made for
interest
in the Dominion Electric Power Co., to which no net minorityafter all
profits,
charges, accrued during the period.
The balance of net crnings, as shown above, was thus more than
times annual Interest requirements on all debentures to be presentlythree
outstanding. Compare also V. 128, p. 726.
Northern Indiana Telephone Co.-Pref Stock Offered.
.
Federal Light & Traction Co.
-Larger Cash Dividend in
Breed, Elliott & Harrison and E. F. McCoy & Co. recently
Addition to Uusual Stock Dividend on Common Stock.
offered $150,000 6% preferred stock at par and interest.
The directors have
dividend of 373ic. per
share in
declared a quarterly
cash and 1% in common stock on the common stock, both payable April 1
to holders of record March 13. A dividend of 20c. per share in cash and
1% in stock was paid on this issue in each of the 15 preceding quarters.
The company reports that the December output of its subsidiary companies was 20,431.849 k.w.h.,an increase of nearly 17% over the 17.496.139
k.w.h. reported for the corresponding month of Dec. 1927.
The total output for the 12 months ended Dec. 31 1928 was 204,341,094
k.w.h., an increase of 20% over 173,620,681 k.w.h. for the 12 months
ended Dec. 31 1927.-V. 128, p. 112.
General Gas & Electric Corp.
-Control to be Acquired by
Associated Gas it Electric Co.
-See latter company above.
V. 128, p. 725.
-Retires Bonds.
Indiana Light & Power Co.
All of the outstanding 1st lien collateral trust 6% gold bonds were recently
called for redemption as of Jan. 2 1929 at 105 and lot.
-V. 126. p. 1506.
Indianapolis Water Co.
-Earnings.
Calendar Years-Operating revenues
Oper. exp. and taxes
1928.
1926.
1927.
1925.
$2,673,084 $2,520,339 $2,455,089 $2,348,988
1,240.808
1,176.725
1,086,048
1.182,746
Net oper. income_
Non-operating income_
81,587,036 $1,279,531 $1,278,364 $1.166,242
77,452
43,479
24.413
Net earnings
$1,587,036 $1,356,983
Interest
536.303
552,980
Amort.,&c.,deductions_
26.253
30,757
Nert corporate income_ $1,003,299
-V. 126. p. 3754.
$794,426
31,321.843 $1,190,655
463,642
503,392
23.406
14,301
$795.045
$712,712
Dated April 11928; due April 11943. Exempt in Indiana from all
county and municipal taxes and from Federal normal income tax. State.
Authorized by the P. S. Commission of Indiana. Dividends cumulative and
Payable Q.
-J. Callable at any illy. date at 103 first
ears, 102 second
five years and 101 the last five years. Indiana Trust (o., registrar and
five'
transfer agent.
Company owns and operates telephone properties which serve prosperous
and populous communities in the counties of Marshall, Kosciusko,Fulton.
Miami, Wabash and Huntington, Ind., maintaining exchanges in the towns
of Bourbon, Etna Green, Atwood, Menton°, Burket. Claypool, Sidney,
Silver Lake, Akron. Millwood, Bippus, Luther and North Manchester.
These properties are so interrelated as to form a compact system which
condition will allow for the consolidation of certain exchanges and the
elimination of some. Company has an advantageous toll situation because
of these circumstances and by reason of the toll routing to and from points
outside the exchange area of the company
The Indiana P. S. Commission in its order approved April 14 1928,
authorized the issuance of this preferred stock and placed the value of the
company's properties, including intangibles, at $600.000.
Net earnings after deductions for all operating expenses, maintenance,
interest and local tax,after giving effect to the increase in rates awarded
es
by the I
Indiana P. S. Commission in its order approved Oct. 19 1928, and
subject to the elimination of certain non-recurring charges,have been at the
rate of approximately two times the dividend requirements of this issues
Further additions to net income are expected by reason of certain economic.
In operation now being placed in effect and by furthtr reason of advantageous toll contracts now in process of negotiation.
Purpose.
-This stock is issued for the purpose of providing, in part for
the reimbursement of the company for funds expended in the acquisition
,
of these properties -V.126. p. 3298.
Pacific Public Service Co.
-To Change Dividend Policy
New Financing Probable.
-
Important changes in the dividend policy of this company, whose outstanding class A common stock has just been listed on the Chicago Stock
Exchange, in addition to being listed on the San Francisco Stock Exchange.
will be announced to the stockholders according to a statement made Feb.6
Kentucky Hydro-Electric Co.
-Bonds Called.
All of the outstanding 1st mtge. gold bonds, series A. dated June 2 by President A. E. Fitkin before sailing for Europe.
The changes contemplate the class A stock sharing equally as a class in
1924, due June 11949,have been called for redemption June 1 at 104 and
int. Payment will bmade at the Illinois Merchants Trust Co., trustee, further dividends after payment of cumulative dividend of $1.30 per share
on the class A stock and $1 per share on the class 11 stock. In addition,
Chicago, Ill.
Any of the bonds will be accepted and prepaid at the office of the trustee class A stockholders will be given the right to apply their quarterly dividend
at any time prior to the redemption date at 104 and int. to the date of at the rate of $1.30 per annum to the purchase of additional class A stock
redemption, less discount at the rate of 5% per annum from the date of at $13 per share, placing this stock on a basis equivalent to an annual 10%
stock dividend. At present class A stock is entitled to cumulative dividends
prepayment to June 1.-V. 125, P 2387.
of $1.30 annually after which the class B stock is entitled to $1 per share.
In any subsequent dividend declaration, "A" stock shares alike with "B"
Madison River Power Co.
-Tenders.
The United States Mortgage and Trust Co., trustee 55 Cedar St., N.Y. stock only up to a total of $2.50 per annum.
common stock of Coast Counties Gas & Electric
The company
City will until Feb. 18 receive bids for the sale to it of 1st mtge. bonds to Co., California owns the
and other important subsidiaries recently
an amount sufficient to exhaust $41.419 at a price not exceeding 105 and acquired, and Consumers Co.acquisition.
in the process of
int.-V. 124, p. 921.
It is expected that new financing will shortly be announced by banking
,
interests identified with the company, including representative Eastern
Montreal Light, Heat & Pow. Consol.-Annual Report. bankers.
-V. 128, p. 248, 727.
Years End. Dec. 311925.
1926.
1928.
1927.
-Electric Output.
Penn-Ohio Edison Co.
Gross earnings
$21.235,991 $20,314,902 318.907,382 $18.348,806
Operating subsidiaries of this company report electric output of 88,628,055
Operating expenses
7,349,24:3
7,109.918
7,059,312
7,280,697
Taxes
1,213,038
1.274.656 k.w.h. in January, an increase of 5.93% over 1928. For the year ended
1,258.102
1,186,708
Deprec. & revewal res
1,834.881 Jan. 31 1929 the output totaled 991).220.486 k.w.h. as ompared with
1,890.738
2,123.599
203,490
on 9
2
Fixed charges
1,213.650 925,521,698 k.w.h. for the isevious 12 m19 ths an increase of 6.88%.
1,611,121
2,928,516
2.922.913
K.It'll. Output
1928.
Increase.
Net income
88.628,055 83,665,940
37.866.467 $6.893,093 $7,082,567 66.676.377 Month of January
4,962,116
Dividends paid
990,220.486 925,521.695 64,698,788
4.256,639 12 mos. ended Jan. 31
5,135,041
4,354,651
3,915,422
Dividends accrued
-V. 128, p. 557. 248.
862,452
Pensions fund
20.000
20,000
20.000
20,000
Insurance fund
Public Service Electric 8c Gas Co.
-Approves Large N
58.044
c465.997
300,000
Interconnection Program.
Balance, surplus
$3,025,814 32,657,671 $1,869,482 $1.537.286
Details of the $22,000,000 construction
Earned per share on corn.
b$10.37 the electric department of this company,budget for 1929. Just approved,for
a$3.85
a$3.47
a$3.38
a subsidiary of the Public service
a On 2,041,837 shares no par value. b On approximately 646.000 shares Corp. of New Jersey, include, as a major item. $4,276,000 for interconnecof $100 par value. c Contingent fund only.
tion purposes. The greater portion of this appropriation will be used on the
FEB. 9 1929.]
FINANCIAL CHRONICLE
885
so-called "southern leg" of the company's interconnection program, which 8,000 shares of common and 12,500 shares of preferred held by the estate
will tie in the Public Service and Pennsylvania Power & Light systems with of 1. II. Given; 31,790 shares of common held by H. Content & Co.; 18.138
that of the Philadelphia Electric Co.
shares of common and 80 shares of preferred held by Dominick & Co.;
The "northern leg" of the interconnection, with Pennsylvania Power & 10.406 1-5 common and 111 5-10 preferred held by Hornblower & Weeks,
Light Co., and a portion of the "southern leg" was provided for by an and 13,110 3-5 common held by W.E. Hutton & CO,
appropriation of $4.655.000 in former budgets.
New Director.
Construction of the "southern leg" will include a single circuit high
Andrew
voltage steel tower transmission line from the Roseland Switching Station facturing W. Robertson, chairman of the Westinghouse Electric & ManuCo.. has been elected a director -V.128, p. 727.
to the Delaware River near Lambertville (48 miles), and the installation
of a 90.000 kilowatt transformer bank with the necessary switching equipSouthwestern Bell Telephone Co.
-Earnings.
ment at Roseland and synchronous condensers at Roseland and Athenia.
12 Mos. End. Dec. 31- 1928.
1927.
1926.
The electric program also provides over $3,000,000 for the construction
1925.
--$78,199,450
of a tower transmission line between Metuchen and Trenton and for Gross revenues--------$78,199,450 $69.707,258 $58.863,170 $49.854,941
19,695,934 17,043,794 15,616.209 12.797.026
various other lines necessary for increased facilities to consumers. The line Operating income
from Metuchen to Trenton is for the purpose ofreinforcing the service now -V. 128, p. 401.
being supplied to Trenton and adjacent territory. The appropriation
Southwest Gas Utilities Corp.
-New Director.
provides for a double circuit steel tower line from the Metuchen Switching
Ross J. McClelland has been elected a director.
-V. 127. p. 3091.
Station to the Trenton Switching Station and for the installation of switchstations.
ing equipment at both
Texas-Louisiana Power Co.
-Bonds Sold.
-Howe Snow
Nearly $3,500,000 will be spent for new substations, extensions of existing substations, for reinforcements and for purchase of land upon which & Co., Inc., E. H.Rollins & Sons and H.M.Byllesby & Co.,
substations will be built in the near future. Also, about $1.500,000 will
Inc., have sold at 99
and interest to yield over 6%, an
be used for additional transmission facilities at various substations.
For extensions to new customers for additional transformer services and additional issue of $3,000,000 1st mtge.6%gold bonds,ser.A.
meters approximately 54.000.000 has been assigned. For distribution lines
and equipment approximately $3.000,000 has been appropriated. This Dated Jan. 1 1926; due Jan. 1 1946.
Data from Letter of A. P. Barrett, Chairman of the Board.
Item provides for distribution circuit reinforcements and underground
distribution conduits and cables. For generation plants. office and storeCompany.
-Is a public utility operating company organized in Delaware
room facilities and for new laboratory equipment over 51,500,000 will be in 1925. Company upon completion of present financing will serve without
-V. 128. p. 400.
expended.
completion 30,192 electric and (or) gas customers and 4,052 water customers
in 141 growing communities located in Texas. New Mexico, Louisiana and
Public Service Co. of Northern Illinois.-Earnings.
- Kentucky and (through subsidiaries) in Oklahoma and Arizona, over 85%
of its business being transacted in Texas. Artificial ice plants are operated
Calendar Years1928.
1927.
1926.
1925.
Operating revenue
$29,516,270 $26.070,067 $23,311,199 $20,646,821 in connection with electric properties in 14 communities and independently
Operating expenses
15; 21,698 13,904.576 12,747,719 11,010,152 operated ice plants are located in the important centers of Houston, For
Retirement reserve
2,100.000
1.725,000
1,500.000
1.200,000 Worth, El Paso and Gainesville, Texas. Through subsidiaries transportaTaxes & uncollect. rev
2,196,249
1.923.022
1,673,373
1,610,404 tion service is furnished to Wichita Falls with interurban connections to
Fort Worth, Texas.
Net operating income-$10,008,323 $8,517.469 $7,390,106 $6,826,264
CapitalizationAuthorized. Outstanding.
Other income
954.028
977,086
1,340,027
800,620 1st mtge.6% gold bonds, Series A. due 1946 (incl.
thisissue).
a
510.350.000
Lotal income
$10.982,351 $9,494,555 $8,730,133 57.626.884 15
-year 6% sinking fund debenture gold bonds,
Interest charges,&c_ - 5,108,897
4.308,542
3,836,753 3,480.334
Series A,due19424,773.500
7% cumulative preferred stock ($100 par)
$5,(f00.000 3.550.000
Net income
$5,853,453 $5,186,013 $4,893,380 $4,146,550 Common stock (no par value)
30.000 she. 20,000 shs.
Preferred dividends
1.042,506
1,039.666 1,040,139
1,004.412
a Limited by restrictions of the indentures under which they are heeled.
Common dividends
2,431,368
2,404,248
2,252,238 1.710,289 but not to any principal amount.
In addition there will be
Balance,surplus
$2,379,580 $1,742,099 51.601.003 $1,431,849 purchase money mortgagesoutstanding in the hands of the public $252,500
payable In total annual installments of $27.500.
x Shs. of com.outst d g 349,646
302,071
298 571
263,926 and $300,000 of funded debt and preferred stock of subsidiary companies.
Earned per sh. on com
$13.76
$13.71
s1.91
$11.91
Security.
-Secured by first mortgage on all fixed properties of the company
x Includes 1928, 120.750 shares.$100 per each and 228,896 shares no par; now owned and to
to 5252.500 of purchase
in 1927, 120,750 shares $100 par each, and 181,321 shares no par; in 1926, money mortgages. be presently acquired, subject Victor A.
upon an appraisal by
Dorsey & Co.
120,750 shares, $100 par each, and 177,821 shares no par and in 1925, and plus subsequent Based expenditures to Dec. 31 1928 and expenditures
capital
120.750 shares, $100 par each. and 143,176 shares no par.
for properties to be acquired in connection with present financing, the
fixed properties subject to the mortgage have an estimated reproduction
Balance Sheet Dec. 31.
cost new including going concerned value,less depreciation, of not less than
1928.
1927.
I
1927.
1928.
218,400,000.
Assets
Lia
Liabilities$
$
$
The company also owns all the outstanding common stocks (except
Fixed capital_ _ .120,542,487 108,709,396 8% pref.stock__ 10,000.000 10,000,000
Cash
12,885,512 7,309.578 7% pref.stock-- 8,357,800 8,357.600 directors' qualifying shares) of certain subsidiary companies which are
not pledged under the mortgage, the properties of which companies have a
Notes receivable
59,261
125,929 Corn. stk. par)
Accts.receivable 2,803,548 3,044,008 6100)
12.075.000 12,075,000 value, appraised as above, in excess of $2,000.000. These subsidiary
Int.& diva. ree 15,783
11,344 Corn.(no par)._ 22,252.600 b17,505,100 companies have outstanding in the hands of the public $300,000 of funded
debt and preferred stock.
Mat'is &sum)__ 1,056,765 1,064,358 Cow.stk.subse_ c5,204.500
Earnings.
-The following Is a statement of earnings, of the properties
Fuel (coal, oil,
Funded debt .__ 90,162.300 82.313,500
etc„In storage)
547,374
817,355 Accts. payable 887,842 1,056.209 owned Including those to be acquired in connection with presort financing,
by company and subsidiaries for the 12 months ended Dec. 311928:
Prepayments_ _
74,202
64,685 Cons.dee
1,185.709 1,039.399
Subsc.to cap.stk 2,798,968
Taxes accrued- 2,346,017 1,943,123
Gross earnings from all sources
52.435,941
Misc.cur.ass _
17,919
17,186 Interest accrued 1,114.423 1,028,641 Oper. exp. maint. & taxes (except Federal taxes) and prior
Inv.In MM.cos_ a21,713,361 21.152,228 Misc.cur. liab._
charges
191.900
1.854,481
172,820
Misc. investm'ts 1.859,879
874.747 Retirement res _ 9,748,487 8,574.254
Sinking funds __666,497
293.602 Misc.reserves__ 1,173,217
Net earnings
873.875
$1,581.460
Misc.spec.fds.- 1,084,963
804,415 Miscell. unadj.
Annual interest requirements on 1st mtge 6% gold bonds,
Spec.deposits __
15,622
19,460
credits
153.334
Series A, (incl. this Issue)
391,401
621,000
Unamor'ed debt
Surplus
10,254,195 7,934,138
disc.& exp..- 6,164,708 5,550.010
Balance
$960.460
Jobbing sects __
96,366
259.262
Purpose -Proceeds will be used to reimburse the company for construcMisc. def. debits
567,231 1.246,200
tion expenditures, to retire existing equipment obligations, for the acquisiReacquired.- _ _
113,200
100,500
tion of additional properties and (or) for other corporate purposes.
Management.-Comrany (subject to the control of its board of directors)
Total
173,114,827 151,265.060
Total
173.114,827 151,265,060 is under the control of General Water Works & Electric Corp. through
a Included in the above is an investment of $14,258,161 in the Waukegan ownership of all its outstanding common stock.
-V. 127. p. 2957
Generating Co., the subsidiary owning the Waukegan generating station,
13 228,896 shares no par value in 1928. c Represented by 52,045 shares.
-Bonds Offered.
Tide Water Power Co.
-E. H. Rollins
V. 127, p. 3090.
Snow & Co., Inc.; Old Colony Corp.; Hill,
Radio Corp. of America.
-To Vote on Changes Feb. 27.
The stockholders will vote Feb. 27 on approving the plan of
recapitalization and unification as outlined in V. 128, p.
248. Pres. James G. Harbord in a circular to the stockholders says:
The board of directors has determined, subject to the approval of stockholders, to reclassify the "A" common stock of the corporation (including
all common stock now outstanding) into a new class of common stock
without par value, on such terms that each share of"A"common stock will
be converted into five shares of the new common stock of the corporation.
The board of directors has also authorized an offer to holders of common
stock of Victor Talking Machine Co., providing for the acquisition by the
corporation of such common stock, in exchange for stock of the corporation
and cash, at the rate of one share of "B" preferred stock, one share of
new common stock and $5 in cash (less any dividends paid on Victor
common stock in excess of regular dividends at the rate of $4 per share per
annum) for each share of common stock of Victor Talking Machine
acquired. The offer is subject to necessary fiction by stockholders of Co.
corporation to authorize the issue of the "IP preferred stock and the the
common stock,and is effective only if accepted by seven-eighths of the new
stock of Victor Talking Machine Co. outstanding in the hands corn.
of the
public, or such smaller amount as the corporation may approve.
This offer Is the result of several months of negotiation, and the
board of
directors and officers of the corporation believe that the unification
of the
activities of the two corporations in the radio and phonograph
fields
logical development in the industry,and will be of substantial benefit is a
to the
companies themselves and to the public.
The stockholders will vote Feb. 27 on authorizing the
reclassification of
the common stock, the issue of the new "B" preferred
necessary amendments to the certificate of incorporationstock, and the
therewith. The shares of the new "B" preferred stock will in connection
value, ranking junior to the "A" preferred stock, and be without par
will
subject to the rights of the "A" preferred stock, to cumulative be entitled,
dividends at
the rate of $5 per share per annum. The "B" preferred
stock will be redeemable at any time at $106 per share and accrued
The stockholders will also be asked at the specialdividends.
meeting to
the transfer from time to time, as the board of directors may authorize
determine,
of all or any part of the assets of the corporation to one or
companies, now organized or hereafter to be organized. more subsidiary
The
corporation have become so diversified that operations activities of
the
can be most
efficiently carried on by vesting in a separate subsidiary the
assets and
business connected with each general division of the
corporation's activities.
After the stockholders have approved the reclassification,
certificates for
Shares of the "A" common stock now outstanding will
be exchangeable for
certificates for the new common stock, when prepared and ready
for deliven.
Large Stockholders Named.Wenton Davis, V.-1'res. & Gen. Counsel testifying before the
.Committee on Interstate Commerce in answer to a question by Senate
Senator
Wheeler of Montana, as to the large stockholders of the corporation,
that the latest figures show that the General Electric Co. owns stated
248.106
shares of common stock and 27.080 shares of preferred, while the
Westinghouse Electric & Manufacturing Co. owns 27,760 shares of common
and
50,000 shares of preferred. Col. Davis said that blocks of stock are held
by various brokers for their customers. Among these he included
10,373
shares of common and 625 shares of preferred held by J. S. Bache &
Co.;
& Sons; Howe
Inc.; Hemphill,
Joiner & Co., Inc.; Halsey, Stuart &
Co.,do.; Stroud & Co.,
Noyes & Co.; Coffin & Burr, Inc.- Otis &
'
and Eastman, Dillon
Emery, Peck & Rockwood Co.,Inc;
& Co. are offering at 9454 and int. to yield about 5.35%
$5,300,000 1st mtge.5% gold bonds, series A.
Dated Feb. 1 1929: due Feb. 11979. Int. payable F. & A. Denom.
$1.000 and $500 c*. Red. all or part on 30 days' notice at any time to and
incl. Jan. 31 1939, at 105 and int.; thereafter to and incl. Jan. 31 1949.
at 104 and int.; thereafter to and incl. Jan. 31 1959. at 103 and int.; thereafter to and incl. Jan. 311969. at 102 and int.; thereafter to and incl. Jan.
31 1978, at 101 and int.; and thereafter at par and int. Pennsylvania Co.
for Ins. on Lives & Granting Annuities and C. S. Newhall. Philadelphia.
trustees. Principal and int. payable at principal office of the corporate
trustee. Interest also payable at the option of the holder in Chicago.
Company agrees to pay interest without deduction for any normal Federal
Income tax not exceeding 2%. which the company or trustee may be required or permitted to pay at the source, and to reimburse the resident
holders of these bonds, if requested within 60 days after payment, for the
Personal property tax in the States of Conn..Penn.and Calif.,not exceeding
4 mills per annum. State of Maryland not exceeding 43i mills per annum
and District of Columbia not exceeding 5 mills per annum and also for the
Income tax, not exceeding 6%,on the interest thereon in the State of Mass
Data from Letter of Harry Reid, Pres. of the Company,
Company.-Organtzed in North Carolina. Serves 70 communities in
North Carolina having a total population of 66,000, including Wilmington
and vicinity, with electric light and power and also furnishes all the gas
and street railway service in Wilmington. The electric system includes
generating stations having a total installed capacity of 15.350 h, p. and
289 miles of high tension transmission lines serving 10.318 customers. The
gas properties include a combination coal and water gas plant with a capacity
of 1,685,000 c. ft. of gas daily and 62 miles of mains serving 3,443 customers. During the year ended Nov. 30 1928, 26087,664 k. w. h. of
electric energy were generated and purchased, and Pi1,558,000 cu. ft. of
gas were manufactured.
Capitalization to be outstanding (upon completion of prestni financing).
let mtge. 5% gold bonds, Series A. due 1979 (this issue)
$5.300.000
$6 cumulative preferred stock (no par value)
24,000shs.
*Common stock (no par value)
115,789shs.
* Over 99% owned by Seaboard Public Service Co.
-The bonds will be secured by a first mortgage on all of the fixed
Security.
property of the company. Additional bonds may only be issued under the
restrictive provisions of the indenture, which include the requirement that
no bonds shall be issued in respect of extensions or additional property
unless the indenture is a first mortgage thereon. The indenture does not
limit the bonds issuable thereunder to any specific aggregate principal
amount.
Earnings of Properties 12 Months Ended Nov. 30 1928 (after giving effect to
present financing).
Gross earnings, incl. other income
$1.463,622
Oper. exp., incl. maint. & taxes other than Federal taxes
823.397
Net earnings before depreciation, amortization, &c
$640,225
Annual int. require. on 1st mtge. 5% gold bonds Series A
265.000
Net earnings, as shown above, more than 2.4 times annual interest requirements on the total funded debt. Over 86% of the net earnings were
derived from the sale of electric light and power anti gas.
886
FINANCIAL CHRONICLE
[Vol.. 128.
-These bonds, together with the preferred stock to be presently
Purpose.
outstanding, are being issued for refunding the present funded debt of the
company and retiring preferred stocks bearing dividends at higher rates.
-V. 128. p. 728.
1927.
1926.
Gross earnings, including miscellaneous income__ _ $3,254,875 83,825,662
Oper. expenses, incl. maint., taxes not based on
1,925,094
1,681,724
profits, charges under the Dawes plan,&c
-P. W. ChapUnion Utilities, Inc.
-Debentures Offered.
man & Co., Inc., are offering at $94.50 and int., to yield
about 6%,an additional issue of $1,300,000 5.50% convertible gold debentures. Dated May 1 1928; due May 1 1948.
Net earns, avail,for int., deprec.,royalties,&c_* $1,573,151 $1,900,568
Maximum annual int. require. of this note and
-year 6% sinking fund mtge. gold
$5.000,000 25
bonds, series "A"
336,000
•The city has covenanted to subordinate royalty charges, accruing to it
for franchises held by the company, to current interest and sinking fund
charges on the series "A" bonds, and interest and repayment of principal
on this note.
In 1928(December estimated) the company's unit sales of electric current
and of gas exceeded 1927 figures by approximately 15% and 25% resnectively.-V. 127, p. 1528.
Data from Letter of H. G.Scott, President of the Company.
Ccrmpany.-A Delaware corporation. Through its wholly owned subsidiaries, owns and operates gas manufacturing and (or gas distributing
systems supplying gas for domestic and industrial purposes in the cities
of El Paso, Galveston, Waco, Pails and Brenham. Tex.; Council Bluffs,
Ia.; Guthrie, Okla., and upon completion of this financing will own and
operate the gas manufacturing and distributing systems in Astoria and
Pendleton, Ore.; Yakima and Walla Walla, Wash., and Lewiston. Ida.
The cities served have a combined population estimated in excess of 400,000.
The properties include artificial gas manufacturing plants with a total daily
capacity in excess of 17.775,000 cubic feet, gas holders with an aggregate
storage capacity of 4,395,000 cubic feet, and distributing systems consisting of 679 miles of city mains and 54,859 consumers' meters. The properties have been in continuous and successful operation for various periods
up to 72 years and both the cities served and the properties themselves
give evidence of continuing development and prosperity.
-Union Management & Engineering Corp., a
Management Contracts.
wholly owned subsidiary of Union Utilities, Inc., directs under contract
the operation of Memphis Natural Gas Co. and Ohio Valley Gas Corp
and has contracted to operate the Ohio Kentucky Gas Co. The corporation also directs the operations of Texas Cities Gas Co., Council Bluffs Gas
Co., Guthrie Gas Co. and Northwest Cities Gas Co., all subsidiaries of
Union Utilities, Inc. The above companies serve a total population estimated in excess of 700,000.
Issued.
Authorized.
Capitalization5.50% gold debentures, due 1948 conyb$2,600,000
d7,500 shs.
c100,0110 SIM
Preferred stock (no par)
5,000 shs.
500,000 shs.
Common stock, class A (no Par)
250,000 SIM.
500.000 shs.
Common stock, class B (no par)
accordance with the provisions
a Additional debentures may be issued in
of the debenture agreement. b Includes $1,300,000 Union Utilities, Inc.,
5.50% debentures, series of 1928, previously issued, to which on May 1
1929 will be extended the same conversion privilege as is extended to this
Issue. c Issuable in series, the initial series being designated $7 cumul. pref.
stock, series A. d Includes 6,963 shares in treasury of corporation.
-Net consolidated assets, shown by the balance sheet, as of Nov.
Assets.
30 1928. amount to over $2,100 for each $1,000 principal amount of debentures. exclusive of certain other securities which are carried on the balance
sheet at 41 and which at current market quotations have an indicated
value In excess of $900,000.
-Debentures are convertible at the option of the holder at
Conversion.
any time prior to Oct. 2 1933, into shares of the common stock, class A,
such debentures being valued for such conversion at the principal amount
thereof and such shares being valued on the basis of $25 per share if such
conversion is effected on or before Oct. 1 1929: $30 per share if thereafter
and on or before Oct. 1 1931: $35 per share if thereafter and on or before
Oct. 1 1933: accrued interest and cumul. divs, to be adjusted. Proper
adjustment will also be made to eliminate the issuance of certificates for
fractional shares. This conversion privilege will, on May 1 1929 be extended to include the issue of $1,300,000 debentures previously issued, and
as to all debentures will expire on redemption.
Earnings.-Consolldated income of Union Utilities. Inc., including Income from management contracts, as reported for the 12 months ended
Nov. 30 1928. was as follows:
$2,883,108
Gross income
Oper.exp., maint., annual int. charges of subsidiary companies'
2.511,738
financing & taxes (not incl. Federal income taxes)
$371,370
Balance
143,000
Annual debenture interest requirements
Amount available as shown above is over 2.5 times the annual interest
requirements on all outstanding debentures including this issue.
The corporation has commenced paying dividends on the common stock,
class A, at the rate of $2 per share per annum.
-Proceeds from the sale of these debentures will be used to
Purpose.
reimburse the corporation for expenditures in connection with the acquisi-V. 128. p. 401.
tion of properties and for other corporate purposes.
Unterelbe Power & Light Co.(Elektricitatswerke Unterelbe, Aktiengesellschaft).-Notes Offered.-A. G. Beck-year 6% gold note, repreer & Co. are offering a $600,000 2
sented by participation certificates of International Acceptance Trust Co., N. Y. City, at 99 and int., to yield
6%%.
payable F. & A.
Principal
Dated Feb. 11929; due Feb. 1 1931. Interest
and int. payable in United States gold coin without deduction for German
taxes, present or future. Non-callable prior to maturity. Coupon partic.
certificates of International Acceptance Trust Co., trustee, issued against
.
the deposit of the note, in denom. of $1,000c5 Payments received by the
trustee on account of principal and interest are to be payable to holders of
certificates and interest warrants in New York City at the principal office of
the trustee.
-The entire capital stock is owned by the City of Altona.
Company.
Supplies electric power and light without competition in the City of Altoona
owns
and certain nearby districts. In addition, it entire all the capital stock of
gas and water
Altona Gas & Water Co., which supplies the territory thus served requiredirectly
ments of the City. The total population of the approximately
280,000.
and indirectly with electricity, gas and water is
a population of about 229,000. is situated upon
The City of Altona, with
the River Elbe immediately adjoining the City of Hamburg. Its docks and
has developed
shipping facilities are an integral part of the port whichthe Continent in
of
and about Hamburg, the most important harbor of
Europe. Altona is also an important terminal point in the German railway
to the city, though largely agricultural is
system. The territory tributary
developing along the same lines of manufacture and trade as the city
proper.
-The electric properties owned and operated by company
Properties.
consist of generating facilities of a total capacity of 73.000 k.w., together
with high tension lines for transmission of current to outlying districts and a
distribution network within the city providing for a total connected load
in excess of 80,000 k.w. The gas and water properties owned by the company and operated through Altona Gas & Water Co. consist of gas generating facilities of a daily capacity in excess of 5,650.000 cubic feet of coal
gas (with by-products) and a water filtration, central pumping and supply
plant.
Purpose.
-Proceeds of this note will supply additional working capital in
connection with the operation of the recently completed generating plants.
-This note is to be the direct obligation of the company. In
Security.
addition to this note, the company's funded debt consists of $5,000.000
-year 6% sinking fund mortgage gold bonds,series "A," due April 1 1953,
25
Issued under an indenture dated April 1 1928, under which additional mtge.
bonds may be issued upon the terms therein stated. Company has agreed
that it will not create any lien upon any of its property or inCome to secure
any indebtedness, except purchase money mortgages, pledges of quick
assets given to secure short term loans in the ordinary course of business
and liens to secure bonds of the company issued under the above named
indenture, unless the company shall secure this note by such lien ratably
with the other indebtedness thereby to be secured. The total sound value
of the property which the company either owns or has the exclusive right to
use, based on appraisal by independent engineers, as of Dec. 31 1927. and
on estimated cost of plant then under construction but now completed,
is $13,000,000.
As the company is municipally owned,it is not subject to a capital charge
under the Dawes plan, and its property is therefore free from the so-called
laws of
Dawes mortgage. However, in accordance with thecompanythe German
is obligated
Reich, enacted to put the Dawes plan into effect, the present assessments,
annual payments which, on the basis of the
to make
are estimated at about $50,000 per year.
-Combined earnings of the properties owned and operated by
Earnings.
Unterelbe Power & Light Co. and its subsidiary, Altona Gas & Water Co.,
for the years ended Dec. 31, were as follows:
-Harris,
Wisconsin Gas & Electric Co.
-Bonds Offered.
Forbes & Co., and Spencer Trask & Co. are offering at 100M,
and interest to yield about 4.95%, an additional issue of
$4,542,500 1st mtge.gold bonds,5% series A. Dated June 1
1912; due June 1 1952.
Issuance.
-Approved by the Railroad Commission of Wisconsin.
Data from Letter of S. B. Way, President of the Company.
Company.
-Organized in 1866 as Racine Gas Light Co. Does directly
the entire commercial electric light and power business in 145 communities
In southeastern Wisconsin, including the cities of Kenosha, Watertown and
Waukesha, and sells electric power at wholesale for distribution in 10 other
communities. It also does directly the entire gas business in the cities of
Racine and Kenosha and in more than 40 other communities,furnishes the
local transportation service in Kenosha and does the steam heating business
In Waukesha. More than 95% of the company's operating revenues is
derived from sales of electricity and gas. The population of the territory
served is estimated at 245.000.
The company purchases the major portion of its power supply from the
Milwaukee Electric Railway & Light Co. Its power system is connected
with those of the Milwaukee Electric Railway & Light Co. and Wisconsin
Michigan Power Co., the systems of the three companies being operated
as a super-power system extending throughout eastern Wisconsin from the
Illinois State line into the northern peninsula of Michigan.
Earnings 12 Months Ended Dec. 31.
1928.
1927.
Gross revenues incl. other Income
$5.838,452 $6,541,083
Oper. exps., maint. & taxes,excl. deprec
4,009,232 4,372,933
Net income
81,829,222 $2,168,150
Annual interest requirements on all bonds to be outstanding
525,000
and in treasury upon completion of this financing
$1,643,150
Balance
-Bonds are secured by a first lien on the entire fixed property
Security.
of the company, except minor property acquired since the date of the
mortgage, on which the bonds are secured by direct mortgage lien subject
only to $600.000 divisional bonds.
Purpose.
-To provide funds to reimburse the treasury of the company for
expenditures for property additions.
Capitalization of the Company as of Dec. 31 1928 (Including this Issue).
Common stock
$6,000,000
3,000,000
Preferred stock 7% series A
1.500,000
Preferred stock 6%% series B
1st mtge. gold bonds 5% series A due 1952 (incl. this issue)
a9,900,000
600,000
Divisional 5% bonds
a Includes S445,000 of bonds in the treasury of the company.
-Company is an important part of the North American System.
Control.
Operations of this company have, for more than a quarter of a century.
-V. 127. p. 2821.
been under the control of the North American Co.
INDUSTRIAL AND MISCELLANEOUS.
Miners' Wages Advanced 5%.-Mlners' wave in Montana and Arizona
have been advanced 25c. a day approximately 5%. Wages are also being
Fev .pkiUtah and Nevada,probably 25c.a day. "Wall Street Journal"
ad ban5ced
-Supreme Court Justice Nathan Bijur
-Day Week.
Court Deicdes for Five
at New York, in a decision Feb. 6 denied the application of the Building
Trades Employers Association to restrain the Electrical Contractors Association from putting into effect a five-day week at $13.20 a day in place
of the 53i-day week at $12 a day at which electrical workers have recently
been employed. New York "Sun" Feb. 6, p. 2.
Matters Covered in "Chronicle" of Feb. 2.-(a) Listings on the New York
Stock Exchange for the year 1928, p. 615. (b) Mercantile Insolvenciee
in 1928, p.621. (c) Record of prices on St. Louis Stock Exchange, p.634.
(d) Automobiles and railroads now consume about 340,000,000 pounds of
copper annually, p. 653. (s) Indiana miners accept 1917 pay rate, men in
Bicknell Field agree to offer by company of $5 a day wage, p. 654. (f) Offering of $4,000,000 bonds of Province of Hanover (Germany) for Harz
% certifi660. (g) Offering of $10,000,000
Water Works System,
p.
cates of Republic of Cuba-second installment of Public Works Loan,
books closed p. 661. (h) $1,750.000 7% bonds of Department of Antioquia (Republic of Colombia) floated by banking syndicate, p. 661.
St) New code to guide investment trusts, rules formed by Committee of
-37 States represented,
National Association of Securities Commissioners
P. 662. (j) Trading inaugurated on newly organized Minneapolis-Bt.
Paul Stock Exchange, p. 664.
Agnew-Surpass Shoe Stores, Ltd., Brantford, Ont.-Greenshields & Co., R. A. Daly & Co.,
Pref. Stock Offered.
Ltd., and Bankers Bond Co., Ltd., are offering $1,000,000
7% cumul. cony, preference stock 99 and dividends.
Preference stock is fully paid and non-assessable; entitled to fixed cumul.
preferential cash dividends at the rate of 7% per annum' preferred over the
common shares as to assets and accrued dividends; callable as a whole or in
part at $110 per share and dim at 30 days' notice; convertible at the
option of the holder into three shares of common stock without par value.
Preferred dividends will be payable Oct. 1. and quarterly thereafter, the
first dividend to accrue from Oct. 11928. Non-voting unless dividends have
become in arrears to an amount equivalent to four quarterly dividend
payments and until arrears are paid. Transfer agent, National Trust Co..
Ltd. Registrar, Toronto General Trusts Corp.
-The same bankers are offering
Common Stock Offered.
10,000 no par common shares at $18 per share.
Company.-Incorp. under the laws of the Dominion of Canada. Has
acquired all the outstanding shares (except directors' qualifying shares)
of the John Ritchie Co., Ltd., John Agnew, Ltd. and Surpass Shoe Co.,
Ltd. As a result company controls one of the largest manufacturers of boots
and shoes and the largest boot and shoe chain store system in Canada.
-The combined net earnings of John Ritchie
Earnings and Asset Values.
Co.,(years ended Oct. 31) John Agnew, Ltd. (years ended Jan. 23) and
Surpass Shoe Co., Ltd. (years ended Jan. 31) after providing for depreciation, making adjustment for non-recurring items, and after providing
for Federal income tax at the current rate, for the undermentioned periods
were as follows:
-26
5102,06511925
$129,210
8107,86511927-28
1923-24
70,6111
1924-25
79'8t1h31c9orb2in7ed net earnings of the three companies for
On the same bas1s, e
the three companies for the 12 months ending May 31 1928, were $162,210.
or better then 2.3 times the dividend requirements of the preference stock,
and after allowance for preferred dividends equal to approximately $1.15
a share on the common shares outstanding. Earnings subsequent to May
31, are running substantially in excess of earnings for the same period last
year.
The Canadian Appraisal Co.Ltd.. certifies the combined depreciated
replacement value of the land, plants and equipment of the company and its
subsidiaries, as of May, 1928, to be $578,414. Net current assets as shown
by the consolidated balance sheet as of May 31 1928, are $757.915, after
making provision for the payment of all Incorporation and organization
expenses. Total net assets, which include no valuation for the company's
FEB. 9 1929.]
FINANCIAL CHRONICLE
very valuable trade marks, leases, contracts and good-will and
nominal depredated value for the lasts, dies and patterns of the a only
John
Ritchie Co., Ltd., amounts to 61,268,680.
Listmg.-Application will be made to list these shares on the Montreal
Stock Exchange.
Air Reduction Co., Inc.
-Earnings.
Income Account for Calendar Years.
1928.
1927.
1926.
1925.
Gross income
$15,652,009 $13,550,940 $12,735,031 $10,500,600
Operating expenses_ --- 9,752,924
8,818.234
8,035,623 6.837.719
Operating income.-- $5,899,085 $4,732,706 $4.699,407 $3,662,880
Reserves
1,992,023
1,905,455
1,871,646
1,294.159
Compens. to off. & empl.
198,324
117,362
122.479
108,546
Federal taxes
499.746
297,292
a443,091
243,309
Net income
$3,208.993 $2,412,597 $2,262,191 $2.016,866
Dividends paid
2,050.398
1.532.741
1.118,462
986,857
Balance, surplus
$1,158,595
$879,856 $1,143,729 $1.030,005
Shares of corn, outstanding (as par)
696,793
224.597
208,855
201.123
Earn, per share on corn..
$10.74
$4.60
$10.83
$10.02
a 1926 Federal taxes. $433,441; add correction of estimate for 1925
Federal taxes. $9,650.
Income Account for 3 Mos. Ended Dec. 31.
1928.
1927.
1926.
1925.
Gross income
$4,584,587 $3,489,471 $3,400,475 $3,014,542
Operating ex penses.._ -- 2,675,962
2.176,646
2,046,637
1,845,078
Reserves
529,727
489,786
493,048
410.851
Bal. before Fed. tax --$1,378,897
$823,039
$860,789
$758.613
Shs. of corn. outstanding
(no par)
896,793
224,597
208,855
201,123
xEarns. per sh. on corn..
x$1.98
$3.66
$4.12
$3.77
x Earned per share on common before Federal tax.-V. 127, p. 2822.
887
(Res.), Pres. Colonial Airways System; J. Leslie Kinkaid, Pres., American
Hotels Corp.; Franklin Remington, Chairman of Board, the Foundation
Co.; Hon. James W. Wadsworth, Capitalist.
Income for 11 months of 1928 amounted to $.34,558.
already been secured for 1929 amounting to 522.500. It Contracts have
the entire income for 1929 will exceed $100,000. This is estimated that
is equivalent to
over $30 per share on the present outstanding stock. Among the stockholders of the company's 3,385 shares of no par value, at present
standing, are some of the most prominent figures in the commercial outand
financial world.
The American Airports Corp. has in the past rendered its services to the
following airports: Philadelphia Air Terminal. Pinehurst, N. C.;
Springfield, Maas.; Flint, Mich.; Poughkeepsie, N. Y.: Columbus, Ohio; Lowell.
Mass.; Danbury, Conn.; Colonial Western Airway, Colonial Airways,
Webster, Mass., and City of Newark, N. J.
American Bank Note Co.
-New Director, &c.
-
Albert L. Schomp, formerly Vice-President in charge of domestic sales,
has been elected 1st Vice President, a member of the board of directors
and
of the executive committee to succeed the late A. Claxton Cary.
-V. 127.
P. 2958, 2531.
American Benzol Corp.-Pref. Stock Offered.
-Traders
Shares Corp., New York, recently offered at $20'per share,
15,000 shares 8% cumul. pref. stock (with common stock
warrant attached). The stock is offered as a speculation.
Redeemable all or part at any time upon 30 days' notice at $22 per
share plus diva. Preferred in the event of liquidation at $20 per share 'due
diva. Preferred has a warrant attached entitling the holder thereof to subscribe to one share of common stock at $10 up to Jan. 1 1930: at $20
share up to Jan. 1 1931; at $30 per share up to Jan. 11932, and at an per
increase of $5 for each additional year until Jan. 1 1934. Registrar and
transfer agent, United States Corporation Co., N. Y. City.
CapitalizationAuthorized. Outstanding
8%, cumulative preferred stock ($20 par)
50,000 she. 16,250 shs.
Common stock (no par)
*50,000 shs. 35,000 shs..
* Including 15,000 shares held by the United States Corp. against
Alaska Juneau Gold Mining Co.
-Earnings:
Preferred stock warrants.
Month Ended Jan, 311929.
1928.
1927.
Data from Letter of Asa F. Davison, Pres. of the Company.
Gross income
$268,500
$285,000
$241,000
Business.
-Corporation was organized to take over certain exclusive
Net income after int. & Ebner Mine
rights under the Ormont patents to manufacture and sell benzol and its
development charges
64.600
84,650
25,300 by-products and to sub-license others to manufacture and sell
-Nr. 128, p. 250.
benzo and its
by-products under royalty and stock interest arrangements, and to disseminate
Alleghany Corp.
regarding the uses and value of benzol in arts and
-Common Stock Sold.
-A group headed industriesknowledge up a world-wide
and build
industry for the production of benzol
by Guaranty Co. of New York and including Lee, Higginson from petroleum oils.
The Ormont process is to secure benzol on a commercial basis from
& Co., Dillon, Read & Co., The National City Co. The
petroleum
has been examined by many leading chemists,
Harris Forbes Corp., The Union Trust Co., Cleveland; The engineers, oils. The processoil experts.
technicians
In the opinion of the foremost
Union Trust Co. of Pittsburgh; Hayden, Miller & Co., experts this method of and
refining will be generally adopted and will replace
Cleveland, and Wood, Gundy & Co., Inc., announce the many of the methods now In use. The process has been patented in the
United States and various foreign countries.
sale of 500,000 shares common stock at $24 per share. Full
Company expects to have a thousand-barrel plant in operation by May
1929, and
details regarding the company were given in last week's of 10,000 it is expected that this plant will be increased to a production
barrels of petroleum daily through-put. Benzol, (also known as
"Chronicle," page 728.
benzene) has numerous known uses in a wide field of arts and
It is of great commercial importance as an ingredient in fuel industries.
blends for
Allied Packers, Inc.
-About 65% of Bonds and Deben- automobiles, aeroplanes, speedboats, &c.
Purpose.
-Proceeds will be used for working capital and to
tures Deposited.
company's first 1,000 barrel unit. Several sites along the Newestablish the
York
Deposits of approximately 65% of the bonds and
front are now under consideration and the company will pick from watercorporation are understood to have been made under thedebentures of this these,
among
plan of reorganizathe best suited for its purposes.
tion, which involves the acquisition of the company's properties by
Hygrade Food Products, Inc. Deposits are still being received under this
American Capital Corp.
-Earnings.the
plan, the success of which appears to be virtually assured. No formal
for Period May 19
-Dec. 31 1928.
nouncement by the committee declaring the plan operative is expected anto
made, however, until the completion of the examination of titles of be Gross income Earnings
$1.314191:031446
the Federal taxes, &c
various plants included In the transfer contemplated by the plan.
Policies
of title insurance have been obtained as to most of the plants involved
and
Net profit
It is expected that the remaining policies will be furnished shortly.
$1,162.108
-V.128. Prior preferred dividends
p. 250.
181.043
Preferred dividends
198.500
Class A dividends
Allis Chalmers Mfg. Co.
-Invades Tractor Field.
122,222
D. H. Howden & Co. a well known wholesale hardware firm has
Balance, surplus
$662,343
included in the United Tractor & Equipment Corp. a merger of 30 been
These figures do not include unrealized profits. All operating expenses
States manufacturers and 20 distributing organizations. The United
United dtuing the period have been charged to reserve for expenses and accordingly
Tractor concern is said to be the result of Henry Ford's decision to
withdraw are not included in above statement.
his farm tractor from the market.
Dealers affected by the Ford Co.'s decision interested manufacturer
balance Sheet Dec. 31 1928.
s in
the making of tractors and their distribution. The Allis-Chalmers company
I4abflUtesundertook to build tractors to meet the needs of distributors and is building
Cash
s453,6471$5.50 prior pref. stock
a$5,700,000
and equipping a $3.000.000 plant. Out of this came the United Tractor St Call loans
11,000,000 83 preferred stock
65,520,000
Equipment merger headed by the Allis-Chalmers Company.
4,631,692 Class A common !Mock
Investment securities
c99,999
George H. Clarke has been appointed general manager of the United Accounts receivable. including
Class B common stock
d366,666
Tractor & Equipment division of the Howden Co. The company will
24,469 Accrued dividends payable__
dividends and interest
117,500
control distribution in Ontario. Quebec and the Martime Provinces. A
Federal tax reserve
133,986
feature of the Howden Co.'s plan is to be the establishment of a school where
Accounts payable
9,507
dealers and their salesmen will be trained in the selling of equipment.
Unearned discount
566
Reserve for expenses
-Net Profit Avail for
30,404
Paid-In surplus
Corn. Stock Dies.
-Billings.3.346.635
$16,109,829 Profit and loss surplus
Total (each side)
1928.
1927.
1928.
784,565
1927.
1st Quarter
$8.415,254 $7,906.356
$675,600
a Represented by 60,000 no par shares. b Represented by 120.000 no
$561,460
2nd Quarter
8.979.359
8,666,874
804.408
543,237 par shares. c Represented by 99,999 no par shares. d Represented by
3rd Quarter
9,337.925
8,479,653
743,623
-V. 126, p. 4084.
776,709 366,666 no par shares.
4th Quarter
9,562,024
8.299,369
710,278
723.613
American Colortype Co.
-Dividend Rate Increased
Total 12 months
$36,294.562 $33,352,252 $2,933.910 $2,605,020 Extra Distribution of 60c. Also Declared.
Net profits shown above are after debenture interest for 1928
and after
The directors have declared an extra dividend
preferred dividends and debenture Interest applicable to 1927,
and for payable Feb. 28 to holders of record Feb. 15, and aof 60 cents per share,
both years after provision for Federal Income Taxes.
regular quarterly dividend of 60 cents per share, payable Mar. 31 to holders of record
The earnings per share on the common of $11.28 in 1928 (which
is the The company on Dec. 31 last paid a quarterly dividend of 50 cents Mar. 12.
only class of stock now outstanding, the preferred having been
retired as compared with a dividend of 35 cents per share in the previousper share
July 11927) compares with $10.02 per share in 1927.
quarter.
Bookings In 1928 aggregated 635,957,197.93 contrasted with $30,651,- -V. 127, p. 2531.
807.98 in 1927. an increase of 17.31%. Unfilled orders on hand
Dec. 31
American & Continental Corp.
-Annual Report.
1928, amounted to 59,681,214.39.
-V. 128. p. 250.
Earnings Year Ended Dec. 311928.
Gross income
$934.850
Alloy Steel Spring & Axle Co.-Rights, &c.
Ooperating Expenses
40,930
The stockholders on Feb. 5 approved
Interest & taxes
431,782
stock from 37,500 to 50,000 shares of an increase in the class B common
no par value. Warrants will be
Issued to present class B holders to purchase the new stock at $19 per
Net income
3462,138
share
in the ratio of one new share for each 3 shares held. Extensive
additions Dividends (class A stock 7%)(class B stock 8%)
205.000
to the plant and equipment make necessary this financing officials
stated.
-NT. 127. P. 2092.
Transferred to undivided profits
$237,138
Balance Sheet Dec. 31 1928.
Aluminum Co. of America.
-New Director, &c.
AssetsLiabilities
E. S. FIckes Vice-President in charge of engineering has been
Cliiab A stockhldrs. uncalled.
ass
15-year5% gold.debentures__ 67,500,000
elected a
director. W. C. Neilson has been elected Vice-President.
88,000,000 Class A,stock
-V.128. p. 250.
10,000,000
Due from banks
190,164 Class B.stock
812,500
Americana Corp.
-New President, &c.
Call loans, secured by stock
Undivided profits
1.578.274
700,000 Accrued dividends
At a meeting held Jan. 28 of this corporation publishers of the
exchange collateral
102,500
8,274.132 Reserved for taxes
pedia Americana, Horace L. Hayward was elected President and Encyclo- Loans & advances
59,661
Treasurer; Due trcm participants
1,260,696 Accr. int. 5.- commis, accts.
Col. Edward C. Carrington, V.-Pres., and A. H. McDannald,
Sec.
1,284,911 payable, unearned disc.& int.
The company declared a dividend of 7% on its outstanding
Securities owned
pref. stock.
Accr. er prepaid int. commis.
&c
185.390
528,422 Rbackceppatrt.cicredipaitts in foreign
disc, on secur. issued. etc..
American Airports Corp.-Organization, &c.
ion
Customers' liab. under forThe corporation was bloom in Delaware. Jan. 6 1928, for
351.625
the purpose
351,625
eign acceptance credits-of rendering an engineering and management service to
private airport corporations, chambers of commerce, air municipalities,
$20,589,951
Total
Total
panies or individuals in connection with the developmenttransport com520.589,951
and operation -v. 127. p. 825.
of commercial airports.
The corporation is sponsored by men of prominence and
experience in
American Department Stores Corp.
the various phases of the aviation industry and public enterprises
-Sales.
pertinent
Month of January1929.
to this industry and is staffed by a group of men of high
1928.
1927.
technical fields of engineering, architecture, commercial standing in the Sales
$1.517.167
$789.854
1,579.831
aviation, exposi- -V.128.
tions and pageants, real estate and general business
P. 559.
management. The
Directors are: Guy George Gatrielson, Counsellor
-at-law;
AmericanEagle Aircraft Corp.
Mayo, Chief Engineer, Nord Motor Co.; Stedman S. Hanks, William B.
-To Manufacture Motor.
Lt. Colonel,
The corporation has taken over the manufacture of the "Hudson Hawk"
Air Corps (res.), Pres., Stedman Ranks & Co.; George Miner, Vice
-Free., six-cylinder radial airplane motor, develoned by Finn S. Hudson, according
Division of Aeronautics. Stone & Webster, Inc.;
Jerome C. Hunsaker, to an announcement. Production is
Vice-President, Goodyear-Zeppelin Corp.; John F. O'Ryan, Major
schelulecl to start
General at the company's new factory at Kansas City, Kan.. andbefore March 1
is estimated at
[VOL. 128.
FINANCIAL CHRONICLE
9
088
2.000 motors for the year 1929. The motor will be sold at $1.000 and will
be the lowest priced airplane motor of its type on the market, it is stated.V. 128. p. 730.
Surplus Jan. 1 1928
Miscellaneous surplus adjustments 1928
Net Income for the year ended Dec. 31 1928
$2,688,566
14.630
1.253,252
-Balance Sheet
American Furniture Mart Bldg. Corp.
Dec. 31.-
Total surplus
Preferred dividends
Common dividends
$3,956,449
170,824
325,000
1927.
1928.
1928.
1927.
Assets
$
$
Land, buildings &
Preferred stock_ - _ 3,992,700 4,109.500
15.179,345 15,390,306 Common stoce___ 2,170.000 2,170.000
equip
8.675.000 8.900.000
Deferred charges
519.893
559.783 Funded debt
705.809
Caah
677.326
715,453 Deferred Income-- 724,803
231.648
Receivables
246.055
170,590 Capital surplus_ _ _ 232.648
214,457
Inventories
5,675
6,658 P & L surplus__ _ _ 301,604
26,496
37,900
Accounts payable_
Inveetmente
12.500
412,941
436,254
Accruals
71,935
69.885
Dividends payable
Total
16,840.794 16,842,786
-V. 126. p. 3452.
Total
16,640,794 16,842,786
-New Directors.
American International Corp.
Robert Cassatt of Robert Cassatt & Co., Philadelphia, and Arthur Lehman of Lehman Bros.. New York, were recently elected directors to fill
vacancies on the board.
-V. 128. p. 559.
-Dividend Rate Increased.
American Multigraph Co.
The directors have declared a quarterly dividend of 62%c. per share on
the common stock, no par value, payable March 1 to holders of record
Feb. 18. This action places the issue on a $2.50 annual dividend basis
compared with $2 regular and 40c. extra paid during 1928. Compare
V. 127, P. 2532.
-Dividend Rate Increased
Anaconda Copper Mining Co.
-The directors have declared a
from $6 to $7 per Annum.
quarterly dividend of $1.75 per share on the outstanding
capital stook, par $50, payable May 20 to holders of record
March 29. On Feb. 18, a quarterly dividend of $1.50 per
share is payable. In Aug. and Nov. last, quarterly distritions of $1 per share were made. From May 1925 to May
1928, incl., quarterly dividends of 75 cents per share were
paid.
The company has issued the following statement:
Ordinarily the dividend would be declared at the regular March meeting
of the board of directors. However,in view of the offer made by Anaconda
Copper Co. for the exchange of
on Jan. 23 to stockholders of the
Anaconda stock for Chile stock, it was deemed advisable to anticipate the
declaration of the dividend for the current quarter.
The date for the closing of the stockholders' list of Anaconda for the dividend is the same as heretofore has been fixed for the closing of the list
of stockholders of the Chile dividend. The date of payment of the Chile
dividend is April 22. The date of payment of the Anaconda Copper Co.
dividend is the same as it would have been had its declaration been deferred
to the March meeting.
$10,000,000 of 7% Debentures Converted into Common Stock
at $62 per Share.
The National City Bank of New York, as trustee, has issued a notice to
holders of 15
-year 7% cony, debentures stating that a fourth $10,000.000
principal amount of these debentures has been presented for conversion into
capital stock at $62 a share.
The notice points out that the last $10,000,000 debentures to be presented
for conversion may be converted Into capital stock at $65 a share, the level
to which the conversion price automatically advances under the terms
-V.128. p. 730.
upon which the 850.000.000 debenture issue was sold.
-Grace
-Bonds Offered.
Appalachian Publishers, Inc.
Securities Corp. Richmond, Va., recently offered at 100
and interest, $1d0,000 7% 1st mtge. gold bonds.
and
interest
Dated Feb. 11929; due serially Feb. 11931-1939. Principal
payable Feb. & Aug. 1 at Investment Trust Co. trustee. Richmond. Va.
These bonds are secured by first deed of trust on property located in
Johnson City, Tenn., fronting on West Main St. and extending through to
Market St., thus giving the property frontage on three streets. It is
Improved with a modern fire-proof building containing 300.000 Cu, ft. of
space. These bonds constitute a first lien on all of the real estate,franchises
and assets of the company.
Compame-Owns and operates the only morning and evening paper in
Johnson City, Ten., with a circulation of 11.000 daily. They have exclusive
news rights, including Universal, Associated Press, and other news services.
A sinking fund is provided to retire the bonds maturing Feb. 1 1931.
The bonds are personally endorsed by Guy L. Smith, Pres. of the company. whose net worth is $250,000. Life insurance on Mr. Smith in the
amount of $110,000 is being carried as an additional security behind these
bonds.
-Net income for the past three years is 8108,575 or at the
Earnings.
annual rate of $30,191.
-New Officers.
American Railway Express Co.
Eugene W. Leake, Vice-Preeldent and General Counsel of the Adams
Express Co., has been elected Chairman of the board to succeed the late
and
J. Horace Harding. W.T. Hoops has been elected a director on amember
special
of the executive committee, also succeeding Mr. Harding
committee to deal with the railroads. Albert H. Wiggin has been elected
-V.128,p.252.
the executive committee.
a director and also as a member of
-Bonds Called.
American Silk Spinning Co.
Certain outstanding serial payment 6% s f, gold debenture bonds,
1936, have been
aggregating $400.000. due serially Feb. 15 1933 to Feb. 15
called for redemption Feb. 15. Payment will be made at the Industrial
-V. 116, p. 413.
Trust Co., trustee, Providence, R. I.
Archer-Daniels-Midland Co.-Dividend Ruling.
The committee on securities of the New York Stock Exchange rules
that the common stock shall not be quoted ex the 100% stock dividend
until March 4.-V. 128. p. 252. 404.
-40c. Common Dividend.
Atlantic Coast Fisheries Co.
A dividend of 40 cents per share has been declared on the common stock,
no par value, payable March 1 to holders of record Feb. 19. This is
equivalent to $1.20 per share on the common stock outstanding prior to
the 200% stock distribution which was made on Dec. 1 1928. An initial
cash div. of $1 per share was made on the old common shares on Sept. I
past.
-V.127. D. 3094.
-Annual Report.Arrow-Hart & Hegeman Electric Co.
Pres. Edward R. Grier says:
or merger
Company was incorp. Dec. 31 1928, through a consolidation
of the Arrow Electric Co., the Hart & Hegeman Manufacturing Co.. the
Arrow Manufacturing Co., and the H. & H. Electric Co. The Arrow
Manufacturing Co.. and the H. & H. Electric Co. were incorp. on Nov.30
1928,and acquired from Arrow-Hart & Hegeman Inc. the total outstanding
common sto&s of the Arrow Electric Co. and the Hart & Hegeman Manufacturing 0o. respectively,
The various proceedings culminating in the present consolidation or
merger were adopted to meet the criticism of the Federal Trade Commission
against the late holding corn
1928.ny, Arrow-Hart & Hegeman, Inc., which
was dissolved on Dec. 10
The results of operations for 1928 were gratifying. The combined net
Income of the Arrow Electric Co. and the Hart & Hegeman Manufacturing
Co. for the year ended Dec 311928. after adequate provision for deprecht
tion. taxes and other operating reserves, was $1,253,252, a marked increase
over the preceding year.
-A statement of the combined profit and loss and surplus of
Earnings.
the Arrow Electric Co. and the Hart & Hegeman Manufacturing Co. for
the year 1928 and the initial surplus of present company at Jan. 1 1929 is as
follows:
$3,460,625
Surplus Dec. 31 1928
Less, increase in outstanding common stock arising from recapitalization as follows: Outstanding common stock of
2.000.000
Arrow-Hart and Hegeman Electric Co
Less,outstanding commonstock prior to merger or consolidation:
750,000
Arrow Electric Co
500,000
Hart & Hegeman Manufacturing Co
82.710.625
Surplus Jan. 1 1929
Balance Sheet Jan. 11929.
Liabilities
AssetsCash and marketable emir__ $2,850,079 Accts. pay.& seer.'lab
Notes & accts. rec., less res. _
844,025 634% cum. pref. stock
2,079,434 Common stock
Inventories
Other assets
228,559 Surplus
Real estate, plant & equip..
less reserves
2,449.466
Total
$8,451,562
$512,537
3,228,300
2,000.000
2,710,625
$8.451,562
Total
-Loan Approved.
Atlantic Gulf & West Indies SS. Lines.
The U. S. Shipping Board has approved a construction loan to this
company of 75% of the cost to construct two ships to be used between
New York and Havana. The amount of the loan is $6,525,000. The
ships will cost $4,350,000 each and are to be delivered before Nov. 1 1930.
They will be of 20 knots speed and approximately 16,000 tons displacement.
-V. 127, p. 2823.
Atlantic Refining Co.
-Earnings.
Period End. Dec. 31.- 1928-3 Mos.-1927.
1928-12 Mos.-1927.
Net income after int..
deprec., deplet.& Fed.
taxes
$4.940.013 82,460.125 $16,849,000 $2,315,714
Shares corn. stk. outst'g
x500,000
2.000,000
(par $25)
2,000.000
x500.000
$1.83
$2.29
Earns. per shr._ _ _ _ _ _
$4.20
S.72
.
x Par $100.-1 . 127 p. 2823.
7
-A. Iselin &
-Stocks Sold.
Atlantic Securities Corp.
Co. and F. S. Smithers & Co. have sold 60,000 shares $3
cumulative preferred and 60,000 shares common stock in
units of one share of preferred stock (with one warrant) and
one share of common stock at $85 per unit.
The $3 cumulative preferred stock is to be preferred as to assets and
dividends over the common stock and entitled to cumulative dividends at
the rate of $3 per share per annum,accruing from Mar. 11929,and payable
-M. Call, all or part on any quarterly dividend date on 30 days notice
Q.
at 852.50 per share and div. Entitled to $52.50 per share and dive.In case
of liquidation. Both classes of stock have equal voting power. Transfer
agent for preferred and common stock, International Acceptance Trust Co.,
New York. Registrar for preferred and common stock, Seaboard National
Bank, New York.
Outstanding.
Authorized.
Capitalization60,000 shs.
120.000 slut.
Preferred stock (without par value)
500,000 shs. *168,250 shs.
Common stock (without par value)
* In addition, there will be outstanding warrants entitling the holders to
purchase 60.000 shares of common stock up to Mar. 11934, at prices ranging from $35 to $45 per share. There are outstanding certain options
created by the corporalton in lieu of management fees or other compensation covering the right to purchase one share for each nine shares issued by
the corporation (otherwise than under such options), which options run for
periods of five years respectively from the dates of each issue of shares and
at the issue price in each case. These options will presently entitle the
holders to purchase 18,694 shares at an average price of about $25.50 per
share.
Corporation.-Incorp. in Delaware in 1927 for the purpose of investing
and reinvesting its assets in a diversified group of stocks, bonds and other
securities. Under the corporation's charter the board of directors is given
wide discretion in the administration of the corporation's affairs, including
the selection and disposition of securities.
Earnings.
-Corporation began business in November 1927, with a paid-in
surplus of $108.250, and a subscribed capital stock of 82.165,000 of which
o
25% was paid in, the balance being paid in 25% on Jan. 14 1928 and 50%,
on July 2 1928. For the year ended Dec. 311928. the first year of operation, the realized net profits of the corporation, including profits from the
sale ofsecurities, amounted to $349,238,equivalent to 20.4% on the average
the
amount of capital and paid-in surplus available for investment duringyear
Year. The increase in market value of securities held at the end of the unadditional, bringing the total realized and
was equivalent to 10.8%
realized profits up to 31.2% on the average amount of capital and paid-in
surplus employed. The realized net profits, after deduction of all expenses
and Federal income taxes, for the year ended Dec. 31 1928, were equal to
nearly twice the dividend requirements on the $3 cumulative preferred
stock to be presently outstanding. These earnings do not reflect any income to be derived from the proceeds of the present financing.
Assets.
-On basis of the balance sheet of Dec.31 1928.(in which securities
owned are carried at cost or market whichever is lower) and giving effect to
the present financing, the net assets will aggregate over $7,460,000 or $124
for each share of$3 cumulatuive preferred stock to be presently outstanding.
Warrants.
-Stock certificates representing this issue of V cumulative
preferred stock will be accompanied by stock options warrants (non-detachable unless exercised, except at the option of the corporation or in case
of redemption of the share of preferred stock to which the warrant appertains) entitling the holder of each share of $3 cumulative preferred stock to
Purchase one-half share ofcommon stock of the corporation at $35 per share
on or before Mar. 11930. thereafter at $37.50 per share on or before Mar. 1
1931. thereafter at $40 per share on or before Mar. 11932. thereafter at
242.60 per share on or before Mar. 1 1933 and thereafter at $45 per share on
or before Mar. 1 1934. Such stock option warrants will be void and of no
effect after Mar. 1 1934.
-Maurice L. Farrell (F. S. Smithers & Co.); George S. FrankDirectors.
lin (Cotton & Franklin): N. Abbot Goodhue(Pres. International Acceptance
Bank, Inc.): J. Henry Harper, Jr. (F. 8. Smithers & Co.); Ernest Iselin
-V. 128,P. 731.
(A. Iselin & Co.): John J. Rudolf(A. Iselin & Co.).
-Annual Report.
Autosales Corp., New York City.
1927.
1925
1926.
1928.
Calendar Years41,068,433 41.222.194 $1,153,149 $1,192,752
Earns, after costs
1,074,901 1,080.401
Oper.,gen.,&c.,exps_ _ y1,011,784 y1,081.985
$140,208
$78.248
$112,351
$56,649
Net earnings
119,305
65.441
33,753
1,092
Other income
$259,613
8133,689
9146,104
$57,741
Total income
3,334
1
Int. on sub. cos. bonds_ 82,457
2.812
Dept. & repairs
14,103
29.645
18,210
5,278
Federal taxes
12,143
11,250
18,939
4.693
Other charges
944,958
26,883
$143.369
79,305
$108,336
107,169
$97,620
93,772
$18,075
Balance,surplus
1,193,567
Previous surplus(adJ.)
1,337
Consignment reserve..Dr.182,560
Miscell. adjustment_
Net capital surplus
264,065
1,155,536
$1,167
309,224
$3,748
302,964
Net income
Preferred dividends- - - -
Dr.26,034 Dr.356.360
1,198,815
8306,712
81,030.419 81,193,567 81,152,845
Total surplus
Shares of preferred out27 199
35.899
57 730
25,798
standing (Par 850)- _ $1.69
$1,25.27
$4.20
Earn. per share on pref
Net sales before cost of goods sold. y gcluding cost of goods sold.
FEB.
9 1929.1
FINANCIAL CHRONICLE
889
Comparative Balance Sheet Dec. 31.
The proceeds of the stock to be sold will be used for the redemption and
retirement of the balance of all the outstanding notes of the issue of 5
Liabilities1927.
-year
1928.
1928.
Assets1927.
81,115.461 $1,032,431 Preferred stock-- _$1,794.964 $1,359,964 6% sinking fund secured gold notes and the payment of other indebtedness
Machines
mach'y & equip- 59.366
52.892 Common stock...
80,591
80.591 of the corporation, and for its general corporate purposes The subscription privilege will expire on Feb. 18. Payment should be made to the
Weighing & Bales
Pats., leases, con1,573,448 1,520.137
45.706
Co.5% bonds__
tracts. &o
66,906 Central Trust Co. of Illinois, transfer agent, 125 West Monroe St., Chicago,
M.
-V. 128. p. 404.
135,799
26,884
30,614 Dividends payable
Cash
100
1,300 Reserve for taxes.
Notes receivable_
Berland Shoe Stores, Inc.
-January Sales.
15,404
51.200
losses. &c
5,214
Accts. receivable_ 62,710
Month of January1929.
Marketable secure.
1928.
Accounts payable43,868
45,206
Increase
Bales
$160,593
807
Accrued int. pay
204
$136,755
& investments__
807
289
$23,838
160,747
153,165 Surplus
1,030,419 1,193,587 -V.128. p. 252.
Inventories
12,011
3.752
Deferred chargesBethlehem Milling Co.
-Stock Offered.
-An issue of 30,adv__
693
Cont. pd.in
Tot.(each slde)-$3,073,833 $2,809.235
8,922
000 shares of class A stock is being offered by Strabo V.
-V. 128. P. 731.
Auburn (Ind.) Automobile Co.
-New Vice President.
- Clagget & Co. of Boston and Higgins & Co. of New York at
$25 per share. This offering supersedes that mentioned in
our issue of Jan. 12, p. 252.
Transfer agent, Farmers Loan & Trust Co. Registrar, Central Union
Automatic Registering Machine Co., Inc.-Init. Div.
- Trust Co., New 'York. Class A stock will be entitled to receive cumul,
Ellis W. Ryan, formerly Vice-President and General Manager of the
Central Mfg. Co. at Connersville, Incl., has been elected a Vice-President
-V.128. p.731.
and director,in charge ofoperations at Connersville,Ind.
The directors have declared an initial quarterly dividend of 50 cents per
share on the cony, prior partic. stock, no par value, payable April 1 to
holders of record March 15.
It is understood that the name of the company will shortly be changed
to Automatic Voting kfachine Co., Inc. See also V. 128, p. 115.
Aviation Credit Corp.
-Stock Sold.
-Hayden, Stone &
Co. Hemxhill, Noyes & Co., James C. Willson & Co. and
Nat'ional viation Cort. have sold at $23.50 per share,'250,000 shares capital Stock (no par value).
Options.
-Of the 250.000 shares not now being sold, the company has
granted options on 150,000 shares at $23.50 per share until Feb. 1 1934,
with provisions protecting the options in the event of Issuance of additional
stock. recapitalization or reorganization. These options are held by the
underwriters, who are represented on the board of directors, and others
identified with the management.
Transfer agents, Equitable Trust Co. of New York and Atlantic National
Bank, Boston. Registrars, Central Union Trust Co. of New York and
State Street Trust Co., Boston.
Data from Letter of Howard L. Wynegar, President of Corporation.
CapitalizationAuthorized. Outstanding.
Capital stock (no par value)
*500,000 shs. 250,000 shs.
• Of this amount, 150,000 shares are under option.
Corporation.-Organized in Delaware. Will engage in the business of
financing the sales of aircraft, motors and other accessories, sold on a time
basis, usually referred to as installment sales.
Corporation will have working agreements with Wright Aeronautical
Corp., Curtiss Flying Service, Inc., Keyst-wne Aircraft Corp. and Travel
Air Co. Curtiss Flying Service, Inc.,is the exclusive sales agent for Curtiss
Aeroplane & Motor Co., Inc., Curtiss Robertson Aeroplane Manufacturing
Co., Sikorsky Aviation Corp. and the Ireland Company. Similar arrangements will be made with other prominent aircraft manufacturers. These
arrangements should insure at a low acquisition cost a substantial volume
of desirable business and will provide proper credit safeguards on installment paper so financed, and particularly resale facilities for any airplanes
or aircraft accessories which Aviation Credit Corp. might find necessary
to repossess from the buyer.
A comprehensive insurance coverage will be provided to cover hazards of
flying,in addition,of course, to the usual fire and theft insurance coverage.
It is estimated that the total sales of aircraft, motors and accessories for
1929 will be approximately $40,000,000, excluding sales to the Government,
and that a substantial percentage of this volume will lend itself to installment financing. It is further estimated by the management that an even
greater volume of production and sales will result from the providing of
suitable time payment facilities. The development of the airplane industry, bringing Increased production and distribution, should automatically
make available an Increased volume of installment paper to be financed,
for which the facilities of this corporation can well be utilized.
Definite and authentic figures are not available, but it is estimated that
In 1928 between five and six billion dollars of business of all character and
kind was financed on an Instalment basis which makes evident the value of
finance facilities in connection with mass production and mass distribution.
A very large percentage of this volume of business has been handled by the
larger finance companies with satisfactory results. Representative banks
In the United States and foreign countries have not hesitated to supply
proper credit to those companies who have followed conservative policies
in instalment financing and have displayed efficient management.
Management.
-The management will be in the hands of men familiar with
the manufacture and technical details of aircraft production and distribution. together with men familiar with and seasoned in the financing of instalment sales. This combination should Insure efficient management.
This corporation has a working arrangement with Commercial Credit
Co. (of Baltimore) and affiliated companies, whereby these companies
undertake all credit and collection details in connection with the financing
of aircraft instalment paper. Such credit and collection work will be under
the supervision of a seasoned staff. as Commercial Credit Co. is one of the
large pioneer institutions engaged in instalment financing, its operations
dating back to 1912.
Commercial Credit Co. will receive for such services a moderate fee based
on the volume of business financed, and in addition will have an interest in
the profits of Aviation Credit Corp.
Assets.
-Aviation Credit Corp. will begin business with $5,000,000 In
cash.
Officers -Richard F. Hoyt,_ Chairman; Howard L. Wynegar, Pres.;
C. L. Mathews, Vice
-Pros,; William B. Robertson, Vice-Pros.: J. A. B.
Smith, Sec. & Treas.; J. E. Miller, Asst. Sec.; Wm. M. Wetzel, Asst. Treas.
Members of Executive Committee.
-George W. Davison. A. E. Duncan,
Richard F. Hoyt,Clement M.Keys James C. Willson, Howard L. Wynegar
(ex-offico).
Directors.-Chester W. Cuthell, Arthur W.Loasby, J. Cheever Cowdln,
Albert Palmer Loening, Walter S. Marvin, George W. Davison, William
B. Mayo, A. E. Duncan, James C. Fenhagen, George F. Rand. Earle H.
Reynolds, Allan Forbes, Richard F. Hoyt, Frank H. Russell, Waiter W.
Smith. Clement M. Keys, Charles L. Lawrence, James 0. Wilson and
Howard L. Wynegar.-V. 128. p. 731.
pref. diva, at the rate of $1.75 per share per annum;the common stock will
then be entitled to 75 cents per share per annum dividend; thereafter the
class A stock will be entitled to receive, before any further dividend is
declared or paid on the common stock, an additional dividend of 25 cents
per share per annum, and thereafter all surplus earnings will be applicable
to the common stock. Dividends on the class A stock will be payable
Q.
-M. (cumul. from Dec. 1 1928). Class A stock sill be callable as a
whole, or from time to time in part, at any time on 60 days' written notice
at $30 per share and div. The shares of class A stock will have full voting
rights with the common stock, share for share. The shares of class A
stock shall first receive $30 and div. in event of voluntary liquidation, and
after such preferential payment all remaining assets shall be distributed
among the holders of the common stock.
Conversion Privilege.-Class A stock will be convertible into common stock,
at any time upon demand, on the basis of two shares of common stock for
each share of class A stock.
Authorized.
CapitalizationOutstanding.
Class A stock (no par)
30.000 shs.
30,000 shs.
Common stock (no par)
*100,000 shs.
40.000 sin.
* 60,000 shares reserved for conversion rights of class A stock.
Company has been incorp. in Delaware. Is engaged in the manufacture
of high quality cake, cracker and biscuit flour from soft wheat. Company
acquired by purchase the plant, property and good-will of the Luckenbach
Flour Mills, a co-partnership, and with its predecessor has been in continuous operation since 1751. This business, in continuous operation since
1751 by the Luckenbach family, was operated as a co-partnership, accurate
records of which are unavailable Net earnings for the year 1929. based
on capacity production and after depreciation and taxes, are estimated in
excess of $250,000, or almost 5 times preference dividend requirement on
class A stock and over $1 per share net earnings on outstanding corn. stock.
Proceeds from this financing will be used to retire the present funded
debt of the company; to purchase and install additional machinery and
equipment to increase the daily capacity of the plant to 500 barrels of soft
wheat flour and 500 barrels of whole wheat flour; and to provide additional
working capital.
Company has agreed to make application to list both the class A and
common stock on the New York Curb Market and the Boston Stock
Exchange. See also V. 128. p. 252.
Beaux-Arts Apartments, Inc.
-Stocks Offered.
-The
National City Co. offered Feb. 6, 39,375 shares 1st pref.
stock and 39,375 shares common stock in units of one share
of 1st pref. stock and one share of common stock at $100
per unit.
The 1st pref. stock will be entitled to cumulative dividends at the rate of
-F. (initial dividend payable May 1 1929
$6 a share per annum, payable Q.
In the amount of $1.25 per share). Dividends exempt from the present
normal Federal income tax. First pref. stock redeemable, in whole or in
Part, at the option of the company or through operation of the sinking fund,
on any dividend payment date. upon 30 days' prior notice, at $102.50 per
share and all diva. In any voluntary distribution of capital assets entitled
to $102.50 per share and all dive. In any involuntary distribution of capital
assets entitled to $100 per share and divs. Transfer agent, National City
Bank, New York; registrar, Farmers' Loan & Trust Co., New York.
Authorized. Outstanding.
CapitalizationFirst preferred stock (without par value)
39.375 shs. 39.375 shs.
Second preferred stock (without par value)*
17.500 shs.
13.125 shs.
100,000 shs. 100.000 shs.
Common stock (without par value)
*The 2d pref. stock will be entitled to dividends at the rate of $6 a share
per annum, cumulative from Feb. 1 1930. and in liquidation or upon redemption entitled to $100 per share and all accumulated unpaid dividends;
subject in all respects to the prior rights of the 1st pref. stock. The unissued
shares are to be reserved for future issuance if necessary to provide for
contingencies.
Data from Letter of H. S. Black, Chairman of U. S. Realty &
provement Co., and Lou R. Crandall, Pres. of Geo. A. Fuller Co.
Company.-Incorp. In New York. Has contracted to acquire title to
two sites on East 44th St. between 1st and 2d Ayes, In N. Y. City. One of
the sites comprises a frontage of 158 feet on the north side of the street and
the other 175 feet on the south side. The combined ground area aggregates 33,000 square feet upon which the company will erect two apartment
buildings of modern fireproof construction. The buildings will contain
over 800 rooms, principally single studio apartments with serving pantry
and bath. The upper floors of each of the buildings will contain a number
of duplex studio suites. The plans provide for the completion of the buildings on or before Feb. 11930. The George A. Fuller Co. is the contractor
and the firm of Kenneth M. Murchison and Raymond Hood. Godley &
Fouilhoux are the architects.
The section in which the apartments will be located is rapidly becoming
one of the chief residential districts of the city. It'is located near the important Grand Central business zone and is. In addition, of easy access to
other Important sections of the City.
There will be deposited with the National City Bank of New York, as
depositary, a construction fund which, it is estimated, will be sufficient to
complete the construction of the buildings, said funds to be withdrawn from
Bates Manufacturing Co.
time to time in accordance with the provisions of a construction fund deposit
-Earnings.Net earnings of the company after depreciation for the 6 months ended agreement. The United States Realty & Improvement Co. and the George
Dec. 31 1928, were $55,636, equal to $2.06 per share on 27.000 shares A. ruiner Company will enter into a contract guaranteeing completion of
For the full year earnings were $187,577. equal to $6.95 per share, as com- the buildings substantially in accordance with the architects' plans and
specifications. Title guaranty policy will be issued by the Lawyers Title
pared with 1927 profits of $317,107, equal to $11.75 per share.
and Guaranty Company.
Balance Sheet Dec. 31.
The actual investment in the company will amount to approximately
'
$5,250.000, comprising the cost of the land,the estimated cost of the build1928.
1927.
1928.
1927.
Assetsings, architects' fees, carrying charges during construction, financing exLiabilities$
$
$
Real est. & mach._ 6,506,445 6,290,286 Capital stock
2,700,000 2,700,000 penses, working capital. &c. Of this total cost, 75% will be represented
Securities
23,212
23,522 Guarantee fund.-- 249,785
249.785 by the 39.375 of 1st pref. stock and 25% will be represented by the 13,125
Cash
1,124,042
803,000 Improvement fund 750,000
750.000 shares of 2nd pref. stock. The common stock will be distributed 39.375
Accts.receivable- 780,392
2,161,329 2.082,309 shares with the 1st pref. stock, 39,375 shares with the 2nd pref. stock and
692,330 Depr. reserveNotes receivable
3,424
500.000 Tax reserve
3,423 20,250 shares to the U. S. R. Management Corp.. for the purpose of assurInsurance prepaid_
59,769
61,231 Accounts payable49.948
91,675 ing continuity in the management of the enterprise. The United States
Interest accrued
1,789 Profit & loss
4,622,164 4,650,587 Realty & Improvement Co. will own 50% of the capital stock of the U. S.
Taxes unexpired_ R. Management Corp.
55,468
57.236
Inventory
825.1.927,322 2,078,383
Earnings.
-The annual earnings and expenses of the company, upon
Total(each side) 10,536,650 10,507,779
P.
completion of the buildings, are estimated as follows:
Gross earnings from rentals (less 10% for vacancies)
Bear Mountain Hudson River Bridge Co.
-Bonds Called Management expense incluIng repairs, &c. and taxes other than
$734,4°13
Certain outstanding 1st mtge. 7% 30
-year s. f. gold bonds, due Apr. 1
Federal income taxes
180.000
1953 aggregating $55,600, have been called for redemption Apr. 1 at 105 Depreciation
80,000
and int. Payment will be made at the Chase National Bank, trustee,
pine St.,corner of Nassau, New York City.
-V.125, p. 1713.
Net earnings before Federal income taxes
8474,400
Federal Income tax at 12%
56.928
Bendix Corporation, Chicago.-Rights.-Pres. Vincent Bend's In a letter to the stockholders, Jan. 26, said:
Net income available for dividends. &c
$417,472
The directors have decided to offer to stockholders of record on Jan. 26
income of the company after depreciation,available for
The annual
1929, additional stock for subscription at $90 per share In the proportion dividends, &c.net
is thus estimated at more than $417,000 as compared with
of one share for each 10 shares held. Two thousand shares of stock are to maximum annual dividend requirements of $236,250 on the
first preferred
offered for sale to employees and 3,000 shares are being issued in connec- stock.
be
tion with the acquisition of the majority Interest In Eclipse Machine Co.,
Until the amount of first preferred stock
which purchase was concluded during the past year and Is regarded as being shares and until all of the second preferred outstanding is reduced to 26,250
highly advantageous to the Bend's Corp. This additional issue of 50.000 before depreciation, after dividends on stock is retired, the net income,
shares of stock has already been listed upon the Chicago Stock Exchange. preferred stocks, is to be applied to the the first preferred and second
retirement of first preferred stock
Pr
890
FINANCIAL CHRONICLE
and second preferred stock through a sinking fund as later described. On
the basis of the estimated earnings, it is calculated that 13,125 shares of
first preferred stock will have been retired on or before Nov. 1 1938, and
that on or before Nov. 1 1941. all of the second preferred stock will have
been retired. After such retirements, the capitalization would consist of
26,250 shares of first preferred stock, representing only 50% of the actual
Investment in the company, and the common stock. The estimated net
Income, before depreciation, after deducting annual dividend requirements
on 26.250 shares of first preferred stock is equivalent to $3.40 per share of
common stock. After deducting depreciation on a basis revised to consider
the retirements effected by the sinking fund,such net income is equivalent
to approximately $3 pe" share of common stock.
Sinking Fund.—Until the amount of first preferred stock is reduced to
26.250 shares and until all of the second preferred stock is retired, the company is to pay to the sinking fund agent, on or before July 1 in each year,
an amount in cash equivalent to the amount of its net income for the fiscal
year ended on the preceding April 30 in each case and remaining after deducting all charges except depreciation and after deducting dividends paid
during such fiscal year on Its first preferred stock and second preferred stock.
So long as the amount of first preferred stock outstanding exceeds 26.250
shares:
(a) 75% of the amounts paid into the sinking fund are to be applied during
the period ending with the next succeeding Sept 15 in each case, to the
purchase of first preferred stock, if purchasable at or below the redemption
price, and any balance of such 75% remaining unapplied at the end of such
period is to be applied to the redemption of first preferred stock on the next
succeeding Nov. 1 and
(la) 25% of the amounts paid into the sinking fund are to be applied during
the period ending with the next Sept. 15 in each case, to the purchase of
second preferred steak. If purchasable at or below $100 per share, and any
balance of such 25% remaining unapplied at the end of such period is to
be applied to the redemption of second preferred stock on the next succeeding Nov. 1
After the amount of first preferred stock is reduced to 26,250 shares and
so long as any of the second preferred stock remains outstanding, the entire
amounts paid into the sinking fund are to be applied during the period
ending with the next succeeding Sept. 15 in each case, to the purchase of
second preferred stock If purchaseable at or below $100 per share, and any
balance remaining unapplied at the end of such period is to b eapplied to
the redemption of second preferred stock on the next succeeding Nov. 1.
All first preferred stock and second preferred stock retired through operation of the sinking fund is to be permanently retired and not to be reissued
Realty Financing by Stock Issues Substituted for Bonds.—
The following statement was issued Feb. 6:
Moving to forestall any further retardment of building operations by
tightening money conditions and to put the building industry in a position
advantageously to compete with general business and the stock market
for funds, The National City Co. has evolved, in collaboration with the
United States Realty & Improvement Co, a plan for enlisting public participation in construction enterprises on a partnerhsip basis through an
entirely new type of real estate financing, involving the issuance of stock
rather than bonds.
Details of this plan which places real estate financing on a strictly equity
basis, thereby meeting the current public preference for securities carrying
a direct interest in profits, were revealed in connection with the announcement that The National City Co. will offer first preferred and common
stocks of Beaux-Arts Apartments, Inc.• to provide funds for the erection of
two apartment houses on East 44th 'Street. This particular offering Is
expected to be the forerunner of a series of operations which over the next
year may reach an aggregate of upwards of $100,000,000.
The plan, as exemplified in the Beaux-Arts offering, departs from precedent in real estate financing in discarding such instruments as first and
second mortgages and such established practices as the payment of bond
premiums, appraisal and other fees. All calculations are bossed on costs
rather than appraised valuations and the public is admitted on this basis
to full partnership privileges in the enterprise from the outset.
The extent to which the plan, backed by the influence and resources of
the National City and the United States Realty. is likely to revolutionize
accepted methods of real estate financing IS indicated by the fact that the
entire funds required for the construction of the Beaux-Arts Apartments
will be raised by the Issuance of 6% preferred stocks accompanied by common shares. The savings thus effected in comparison with prevailing
high charges for second mortgage money or its equivalent are supplemented
under the plan by the elimination of the many incidental costs which have
gone to swell the total outlays entailed in building financing.
l'ublic financing under the plan will be restricted to 75% of the cost
of land and building to provide which stock units consisting of one share of
first preferred and one share of common stock will be issued by the corporation owning the property. The common stock accompanying the
first preferred will represent 40% of the total common stock to be outstanding. This first preferred stock will be the senior security of the
enterprise and will have a first claim on the land and building and upon the
earnings. The only charges ranking ahead of its dividend requirements
will be taxes and operating expenses which, together, take on the average
20% of the gross rentals from a building.
One of the most important features of our plan. said II. S. Black,
Chairman of U. S. Realty. In commenting upon the project. "is that we
protected
the invester a security which represents a thoroughly are met—
offer
ownership interest in a building. If operating expenses and taxes
that
and it Is inconceivable that income should fall below from requirement—
him. Through
there Is no chance of anybody taking that interest away
the common stock, he obtains an opportunity to share in increased values,
resulting from the appreciation of the land and the profitsfrom the operation
of the building.A further protection is afforded the holder of the first preferred in the
provision that if dividend payments fall in arrears for specified periods,
elect a
the stock will have full voting rights and as a class will be entitled toshares,
of common
With their
majority of the board of directors. eventuality holdingshave control. No
would
this
the preferred stockholders in
senior securities may be issued, or mortgages created, by the building
corporation.
of the
The balance of the cost of a building financed. representing 25% States
total cost, will be met through the issuance and sale to the United stock,
for cash of second preferred and common
Realty & Improvement Co.
common.
in units of one share of second preferred stock and three shares ofpreferred.
The second preferred will bear the same dividend rate as the first will repreand the amount of common accompanying the second preferred
sent 40% of the total common as in the case of the first preferred. .by the
The building's completion will be guaranteed without charge
Co.,
United States Realty & Improvement Co. and the George A. Fuller City
and funds for its completion will be deposited with The National
Bank of New York as depositary.
Management of the buildings financed under the plan will be vested in
U. S. R. Management Corp. which Is being formed by The National City
Co. and the United States Realty & Improvement Co. In which each will
hold a 50% interest. The board of directors of this corporation will be
composed of representatives of the National City and representatives of
of
the United States Realty. As a further protection to the purchasersof the
the
preferred stocks, this corporation will hold approximately 20%
common stock of the buildings financed, which under the plan will be its
only profit from the individual operation of each building.
Dependent on the earnings of each particular enterprise, the amortization
feature is calculated to retire one-third of the first preferred stock within
approximately ten years and the entire issue of second preferred within
about twelve years, after which dividend payments on the common shares
may be authorized.
The initial financing under the plan consists of the public offering at $100
a unit of 39,375 units comprising one share each of first preferred and
common stock of Beaux-Arts Apartments, Inc. The Actual investment
In the company, which will erect and own two apartment buildings on East
Forty-fourth Street between First and Second Avenues, will amount to
approximately $5,250,000, comprising the cost of land, the estimated cost
of the buildings, architects' fees carrying charges during construction,
financing expenses, working capital. etc. Of this total. 75% will be
represented by the first preferred stock offered to the public and 25%
will be represented by the 13.125 shares of second preferred stock which
will be purchased by the United States Realty & Improvement Co. The
common stock will be distributed 39.375 shares, each, with the first and
second preferred stocks and 21 250 shares to the U. S. R. Management
Corp. for the purpose of assuring continuity in the management of the
enterprise.
Gross annual earnings from the two buildings,allowing for 10% vacancies,
are estimated at $734,000, and net income after Federal taxes and after
all other charges, except depreciation, is placed at $497.000.
°Jai,
(VOL. 128.
On the basis of this estimate, the amount of first preferred stock outstanding will be reduced to 26,250 shares, representing 50% of the cost of
land and building, by Nov. 1 1938, and the second preferred stock will be
retired by Nov. 1 1941. after which date dividends on the common may be
The first preferred stock is redeemable through the shifting
fund at $102.50 a share and the second preferred at $100 a share.
Bethlehem Steel Corp.—Offering of Additional 7% Cum.
Pref. Stock to Employees at $122 per Share.—
Announcement is made of a new offering of 7% cumul, pref. stock to
employees at $122 a share. Subscriptions from employees will be received
up to Mar. 1 1929, and stock may be paid for ha cash or instalments at $4
per share monthly extending over a period of 28 months. Although the
offering price Is $122 each share subscribed for will actually cost the employee only $110.23. While he is paying for his stock he will be credited
with dividends and will also receive special benefits of $1 to $5 per share
for each year he holds the stock up to five years.
rg
nerits of previous offerings as reported to the employees show the
following:
More than 30,000 employees—half of the total number---have become
stockholders in the company.
Each year the number of employees applying for shares has steadily
increased.
Market value of the stock itself has steadily increased—the offering price
each year being: $94 in 1924; $100 in 1925; $101 in 1926; $107 in 1927;
81201n 1928.
Dividends and special benefits totalling $3,257.506 have been paid to
employees on the stock which they own or for which they are subscribing.
If an employee subscribed for one share of stock in each of the five
annual offerings his investment at the end of the five year period amounts
to $605.57, whereas the total deduction from his pay has been only $408.50.
This is an increase in his capital of nearly 50%.
Five years results of employees stock ownership which have just been
compiled by the corporation show that In this period the employees have
accumulated savings under the employees saving and stock ownership
plan amounting to approximately 814,500.000.—V. 128. p. 731. 561.
Bibb Brick Co., Macon, Ga.—Bonds Offered.—Citizens
& Southern Co. recently offered at 101 and interest,$275,000
1st (closed) mtge. 7% serial gold bonds.
Dated Jan. 15 1929; due serially Jan. 15 1930-1941 Denom. $1.0000.
Principal and int. (J. & J.) payable at office of company in Macon, Ga.,
or at any office of the Citizens & Southern National Bank, trustee, in the
State of Georgia. Red. all or part of not lees than $10.000 principal by
Call from last maturities first, upon 60 days' notice at 10314 and int.
Company.—Chartered in 1901, and enjoys the distinction of being the
first electrified brick plant in the United States. The plant has been completely rebuilt, Is modern in every respect and the largest brick and clay
tile plant in the Southeast. Company manufactures common and face
brick and tile. Its products are known as common brick, du-brick, Jumbo
brick, partition tile, a patented tile known as toupet, and a complete line
of face brick sold under the trade name Wesleyan.
Capealizatitm.—Upon completion of the present financing, the capitalization will be as follows:
$275.000
First mortgage 7% serial gold bonds
400,000
Common stock (par $100)
Based on a recent statement of the company after giving effect to the
present financing, the ratio of current assets to current liabilities is 17 to 1,
bnn s
aoddthe total net tangible assets are in excess of 4.4 times this issue of
Earnings—Average net earnings for the 4 years' period 'ended Sept. 30
1928, before interest and Federal taxes, are 4.46 times the maxmum interest
requirements of this issue, and 2.46 Unite the maximum interest and principal requirements.
Sinking Fund.—Trust deed requires equal weekly deposits with the trustee
of interest and principal next due, beginning Jan. 26 1929.
Purpose.—Proceeds will be used to pay off and retire all bank Indebtedbass, to redeem the outstanding preferred stock. to pay off and retire bank
indebtedness of the two companies whose stocks are pledged under this
mortgage, and to provide additional working capital.
Bloedel Donovan Lumber Mills.—Notes Offered.—Baker,
Fentress & Co., Chicago; George H. Burr, Conrad & Broom,
Inc., Pacific National Co., Seattle, and G. H. Rollins &
Sons, San Francisco, are offering $2,000,000 6% serial gold
notes at prices to yield from 6% to 6.55%, according to
maturity.
Dated Feb. 1 1929; due serially Feb. 1 1930-36. Inclusive. Prin. and
int. (F. & A.) payable at Pacific National Bank, Seattle. Wash., trustee,
or at the Illinois Merchants Trust Co., Chicago. Denom.$1,000 and $500.
Red, as a whole or in part on 30 days' notice at par and int., plus te of 1%
premium for each year or any Teta thereof of the unexpired term, such
premium in no event to exceed 2%.
Authorized. Outstanding.
Capitalization—
$3.500.000 $3.500,000
Common stock (par $100)
2.000.000
2,750,000
Preferred stock (par $100)
2.000.000
2.000.000
6% serial gold notes
Data from Letter of J. H. Bloedel, President of the Company.
History & Business.—In 1898. J. H. Bloedel, J. J. Donovan, and associates, organized the Lake Whatcom Logging Co. with a capital of $6.000.
Two years later they organized the Larson Lumber Co. with a capital of
$30,000. These two companies were reorganized in 1913 as the Bloedel
Donovan Lumber Mills. Of the present capital and earned surplus,
amounting to more than 87.576.921, about $7.00.000 represents accumulated earnings on the original capital. Company has been under the same
management since its inception 30 years ago. It is today the largest
producer of forest products under one management on the Pacific Coast.
Its products are sold direct to the trade In nearly every state in the Union
as well as the principal countries of Europe, South America. China, Japan
and Australia.
Manufacturing plants consist of 4 saw mills, 3 planing mills, a box factory, a sash and door factory and 3 shingle mills. These plants employ
1.600 men and have a daily capacity of over 1,000.000 feet of lumber.
500.000 shingles, 500 doors and 140,000 b.m. feet of boxes. Six logging
camps are in active operation employing 1,400 men and producing about
1,400,000 feet of logs per day. Approximately 140 miles of standard railway is owned by the company and used in their logging operations. Over
$3.000.000 has been expended in the past five years in extensions and improvements to main line railway, plants and equipment.
Company owns or controls 60,000 acres of standing timber in Western
Washington containing 3.200,000,000 feet. Of this it owns in fee simple
13,500 acres, containing over 627,000,000 feet with a value based upon
the appraisal of James D. Lacey & Co. of 83,157.422. The balance is
held under cutting contracts or controlled through affiliated companies.
Company also owns in fee simple over 28,000 acres of logged off land.
Sales ofsimilar land over a period of 15 years have averaged $27.50 per acre.
Sales & Earnings.—In no year since its inception has the company failed
a profit. The sales and earnings for the past three years are as
follows:
show
Depreciation. Net Earn'es.a
Net Sales.
$531,300
$189.826
86,098,426
1926
819.977
203.359
7.379.120
1927
856,815
271,574
8.902.696
1928
a After interest and depreciation but before Federal tax.
three
Earnings applicable to interest, after depreciation, for the past
requireyears have averaged $844,168, equal to 7 times annual interest
ments of this issue.
notes are
Sinking Fund.—Terms of the indenture under which these
Issued require the company to create a sinking fund on the basis of $1
its own timber M
in excess of 100,000.000 feet cut from for the purpose of
Per 1,000 feet
any one calendar year, such sinking fund to be used
purretiring outstanding notes of the longest maturity if not used for
chase of additional timber.
reimburse the company for timber
Purpose.—Proceeds will be used to
additional
Purchases and for other capital expenditures and to provide
working capital.—V. 113. P. 1397
.
the
Bolen & Byrne Beverage Corp.—Stock Offered.—Chas.
J. Swan & Co. are offering 25,000 shares eumul. participating
class A stock at $10 per share.
FINANCIAL CHRONICLE
FEB. 9 1929.]
Capitalization.
25.000 shs.
Class A cumul. partic, common stock (no par)
25.000 shs.
Class B common stock (no par)
Both classes of stock have voting power. Class B stock is held by the
management in escrow for three years.
Registrar and transfer agents, Security Transfer & Registrar Co.. N. Y.
Data from Letter of Ehler Meyer, President of the Company.
History.
-Corporation is a successor of the original partnership of Bolen
& Byrne, established in 1857, the first manufacturers of ginger ale in
America. "Piping Rock" ginger ale is made from the original formula.
1. In addition to ownership of the franchise and prestige of Bolen & Byrne
"Piping Rock" ginger ale, the corporation will OWD all of the stock of
Orange Crush Co. of New York and all of the stock of Piping Rock Corp.
of New Jersey. both producers of high-class pure food beverages. The
company is engaged now in the manufacture and distribution of "Piping
Rock' ginger ale and the products of its subsidiaries.
The manufacturing plant has been equipped during the past year with
machinery of the most modern type, with a maximum production capacity of 36.000.000 bottles per year. It is planned to increase this production capacity to over 100.000.000 bottles annually.
-Further development of the metropolitan territory and of a
14 Purpose.
,
national expansion program.
-Class A stock Is a cumul. panic. common stock, entitled
Class A Stock.
I.^
to 80c. per share. cumul. div.. from Dec. 1 1928 before any dim. can be
paid on class B stock. It will also participate equally with class B stock
In any diva. after 80c. annually has been paid on class A stock. Class A
has preference as to assets to $10 a share, and diva. The first div. of 20c.
per share on class A stock will be paid Mar. 1 1929 to holders of record
Feb. 1 1929.
Earninos.-The dividend on class A stock Is assured. For 1929 the
earnings are conservatively estimated at $100.000. This would be five
times the dividend requirements on class A stock, or at the rate of $2.40
per share on the participating basis. The profits from the sale of "Orange
Crush" and other products are expected to be large.
891
Canadian Terminal System, Ltd.
-Stock Offered.
-The
Willison Neely Corp., Ltd., Montreal, are offering at $35
per share, 30,000 shares common stock (no par value).
Dividends exempt from normal Federal income tax under present law.
Data from letter of H. Addison Johnston. Gen. Mgr. of
Companp.-Has been organized in Canada, for the purpose ofCompanycontrolling
and operating public utilities and of holding, buying, and selling securities
of public utility and other companies in large or small blocks as the directors
may deem advisable. In view of the character of the business, the corporation expects to derive substantial earnings from appreciation in the value of
securities as well as from dividends or interest thereon. Continuance of the
substantial growth in the public utility industry to meet the steadily-increasing public and industrial demands for electric light and power, gas
service, terminal warehouses, grain terminals and lake transportation
should afford favorable opportunities for this corporation.
Assets-Corporation now owns a majority of the voting trusts certificates
representing the controlling common stock of the Canadian Rail & Harbour
Terminals Ltd. at Toronto, and also a majority of the voting trust certificates rer resenting the common stock of Montreal Rail & Water Terminals
,
Ltd., subject to certain charges which are being met in due course. The
Corporation also owns a controlling interest in the stock of the Collingwood
Terminals. Ltd.. and contemplates the immediate construction of grain
terminals In Penetanguishene and Meatord. having a total prospective
capacity of 5.000.000 bushels. An aereement has already been entered into
on behalf of the company with the Town of Meaford for the reaction of the
elevator at that town. Corporation also owns the controlling interest in
the National Utilities Corp. Ltd., which owns and operates Public utilities
in a number of Manitoba municipalities and it.plans extending its interest
In public utilities through the National Utilities Corp., Ltd., or other subsidiary companies to include several of the largest cities and towns in NorthWestern Ontario and in Manitoba and Saskatchewan. The voting trust
certificates and shares of said companies owned by the corporation are,
with other assets, subject to a mortgage and pledge to secure the 20
-year
6% gold debentures:
-Plans Stock Split-Up.
Borden Co.
Authorized.
CapitalizationOutstanding,
The directors have adopted a resolution approving a recommendation by 20
sinking fund gold bonds_ $5,000.000
-year 6% mtge.
$215.000
the finance committee that the par value of, the capital stock be changed 20
2.000.000
-Year 6% gold debentures
1,070.000
from $50 per share to $25 per share, subject to the approval by the stock- Common stock (no par value)
300.000ohs.
300.000 ohs.
holders at the annual meeting to be held April 17, according to President
Directors.
-A. E. Warren: Hon. E. C. Drury, LLD.; John McMillan,:
Arthur W. Milburn.
If approved by the stockholders the effect of this action will be the issu- Louis Cote, K.C., LLD.; G. L. Laffoley: Colonel Robert Starke: T. A.
ance to each stockholder of two shares of $25 par value for each share of Neely: Colonel Frederick McRoble: Graham Curtis: M. R. Twomey,
stock of $50 par value surrendered. Further details will be furnished at a Harry Price: John J. Fitzgerald; T. W.Foran and R. B.Hutcheson. N.P.
-V. 128, p. 732.
later date.
-Successor Co.
Carlisle Lumber Co.
-Bonds Retired.
See Carlisle-Pennell Lumber Co. below.
Brill Corp.
-1;1.50 Dividend on Class A Stock.
directors have
r Theand the rezulardeclared a dividend of $1.50 per share on the class A
-Bonds Called.
Carlisle-Pennell Lumber Co.
quarterly dividend of $1.75 per share on the pref.
stock
The Carlisle Lumber Co.. successor company. recently called for redempstock, both payable March 1 to holders of record Feb. 18. An initial die.
of $1 per share was paid on the class A stock on April 1 1927, while on tion Jan. 1 1929. certain outstanding bonds. aggregating $50,000, at 102
March 1 1928 a distribution of $1.25 per share was made: none since.
- and int. Payment was made at the Detroit & Security Trust Co.. Detroit.
and at the Continental National Bank & Trust Co.. Chicago. Ill.
V. 126. p. 721. 1511.
-V.115. p. 1103.
Mich..
British-American Tobacco Co., Ltd.
-Annual Report.
-
Years Ended. Sept. 30-1927-28. 1926-27.
1925-26.
1924-25.
x Net profit after chges- £6,563,560 £6,354,096 £6,195.817 /5.145.238
Preferred dividends(5%) 225,000
225,000
0
225.000
225.000
Ordinary dive._ _(259)5.879,225(25)5.874.939
(25)4.956.725(28)4.487.733
Balance, surplus
Previous surplus
£ 459,335
4,277,468
Total
Stock dividend
Adjustment
E4.736,803 £2,322,031
2,901
630
£254,157 £1,014,092
2.067.874 4.346.577
E 432.505
3.914,113
£5.360.669 54.346.618
4,047,514
43
yCr.755,299
-Regular Dividend Increased.
Caterpillar Tractor Co.
-
The directors have declared a quarterly dividend of 75c. per share.
Payable Feb. 25 to holders of record Feb. 15. This places the stock on a
regular $3 annual basis, compared with $2.20 per annum previously paid.
In addition, the company on Aug. 25 and Nov. 25 1928 paid an extra
-V. 127, p. 3402.
dividend of 20c. per share.
-Export Business at Record.
Celotex Co.
The company is beginning its export business for 1929 with more than
100% increase in business over 1928, and expects to ship approximately
100,000.000 so. ft. of Celotex and insulation board this year to 75 countries
compared to 40.000.000 ft. to 70 countries In 1928. according to President
B. G. Dahlberg. The first large shipment of 500,000 sq. ft. to India is now
under way for distribution in new district depots recently established in
Ceylon, Rangoon, Bombay, Caleutta, Karochl and Madras.
Fifty million feet of Celotex will be used in 1924 for insulating mechanical
ice boxes, according to contracts made with the Celotex Co. by the General
Electric Co., Frigidaire, Copeland, Kelvinator and other electrical refrigerator manufacturers. Aeonsti-Celotex for sound-deadening the machine
compartments of some of the ice boxes is also being supplied.
-V. 128. P.
733.
Profit and loss,surplus E4.736.173 £2.319.130 £1,068.454 £4.346.576
x After deducting all charges and expenses for manaeement, dtc.. and providing for income tax. y Adjustment in respect of United Kingdom excess
profit duty and United States taxation.
Balance Sheet Sept. 30.
1928.
1927.
1928.
1927.
AssetsLiabilities
$
Real est.& bldg.. 569,059
530,689 Preference atock_b 4,500,000 4,500.000
Plant. mach.,Sec- 777,247
617,361 Ordinary stock .c23.540.236 23,499,606
-Stockholders' Protective ComChilds Co., New York.
Good-will, trade
Cred. & cred. bats. 5,724.366 4.083.458
marks. &c
200.000
200.000 Rea. for bidgs..&c. 525.000
500.000 mittee Formed.
Inv.In assoc. cos- _20,931,082 20,135,802 Prem. on ord. she_ 559.658
539.658
A protective committee of preferred and common stocholders has
Invest. in British
Redemp. of coup's
58.964
58.990 been formed, designed to take any necessary steps to safeguard the
49,034 Special reserve__ - 1,921.511 1,718.665 of the company and its stockholders at the annual meeting on interests
Govt.securities_ 275.229
March 7,
Profit and loss beLoans. associated
it was announced on Feb. 6.
fore deducting
companies. Ac.. 5,434,405 5,390.631
Members of the committee are: 1Ffollyday 8. Mends (of Laird, Bissell
final dividend- 4,736.173 4.277,469 & Mee is), Clement R. Ford (of Tucker, Anthony & Co.), Leroy W.
Materials & supp. 6,269,490 5.652.893
Debtors and debit
Baldwin (P'resident of the Empire Trust Co.), Harry S. Black (Chairman
bal.,less reserves 4.352,575 3,812.205
of the Board of United States Realty & Improvement Co.), Wilson P.
Total(each side)41,585.908 39.177.848 Foss(Chairman of the Board of New York Trap Rock Corp.),and William A
2756.821 2,789,431
Cash
a Real estate and buildines at cost, less provision for amortization of Barber (of Barber, Fackenthal & Giddings), with William S. Dulles as
leaseholds. b Preferred stock authorized and outstanding. £4,500.000 5% Secretary of the committee, and Cotton & Franklin as counsel.
,
cumulative share' of El each. c Ordinary stock re resents 23.540,236
The committee does not ask for deposit of the stock.
shares of £1 each. The total authorized issueis £23,500.000.-V. 127.
Organization of the committee follows the recent announcement of a
stockholders group, representing the same interests, that a call would be
p• 3545.
made for proxies to elect a new board of representative directors at the
forthcoming annual meeting.
-Organized.
Bush Chain Stores, Inc.
Asserting that William Childs had agreed to retire from the Presidency
Plans for the formation of the largest chain store system of Its kind at
its inception ever formed in the luncheonette, ice cream and confectionery of the company following the purchase of nearly all of his stock by the
field in the greater New York and metropolitan area were announced this group last November, a statement issued by the group said: "The reason
week by a group of business men, bankers and capitalists headed by Philip we insisted upon, and still insist upon, an arrangement that Mr. Childs
of the active management
F. Cohen, who has had an experience of 35 years in the business, and who and his immediate family retire from
was formerly, Vice-Pre,. of Happiness Candy Stores, Inc. general manager of the Childs Co. Is that we believe his policies of mapagement have not
of Park & Tilford candy division, and general manager cif Huylers Whole- been and are not in the best interests of the stockholders of the company."
sale Division, Inc.
Laird, Bissell & Moods, Tucker, Anthony & Co., Leroy
The new company, which will be 1ncorp. in New York as Bush Chain
Stores, Inc., will start business with 104 large high-grade shops until now W. Baldwin and William A. Barber, in a notice to the stockconducting profitable businesses under individual ownership, located in holders on Feb. 4 said:
strategic locations throughout the district. Approximately 25,000,000
We as
individual sales were made in these stores last year. The volume of busi- Co. Wea group are the largest holders of the common stock of the Childs
purchased from William Childs in November 1928 nearly all
ness done by these stores is approximately 80% soda fountain and luncheonthe
ette, and 20% candy. Sales will be entirely for cash, thus eliminating ofIn common stock which he held.
view of the changes recently made in the officers of the Childs Co.
credit rislcs.
Financing for the new enterprise will be handled by a group of banking and of the statements issued to the public on behalf of William Childs
because we emphatically do not agree
to those changes
houses headed by Colvin & Co. and including Redmond & Co.. Paul H. In regard changes were wise, and make the following
we
statement:
Davis & Co., Jackson, Storer & Schwak, and Baker. Simonds & Co., Inc. that such
The recent election of his brother, Luther Childs. as President, and
the election of two members of the Childs family as directors (made at
Butte Copper & Zinc Co.
-Annual Report.
the instigation of William Childs) were, we believe, contrary to William
Calendar Years1928.
1925.
Childs' written agreement with us that he would endeavor to have Luther
Receipts from lessee-- y$215,375
1927.26
$87,171 421695,9.23 $44 ; 32 Childs resign as director and that he himself would retire as President
2 3
6 19
4
Other Income
25,591
14.731
11,119
and General Manager.
The reason we insisted upon, and still insist upon, an arrangement
Total income
$291.514
$101.902
$226.494
$470,532 that Mr. Childs and his immediate family retire from control of active
Expenses & taxes. &c..._
43,592
96,990
40,336
91.583 management of Childs Co. is that we believe his policies of management
have not been and are not in the beat interests of the stockholders of the
Net income
$58,310
$194.524
$188.158
$378.950 company.
Earns, per share.600.000
The next annual meeting occurs on March 7 1929. Before that date
Rh. cap. stock (Par 45)
$0.32
$0.10
$0.31
$0.63 we will request proxies of stockholders to join in the election of a
a Being proceeds of ore (less $10,000 deducted each year for depreciation board of representative directors who will restore competent officers, new
and
of plant and equipment). y Receipts from lessee operator of company's have the business of the company operated in the interest of its stockproperties, being 50% of net smelter returns on 154.869 tons ore.
holders.
-V. 128. P. 733.
Balance Sheet Dec. 31.
William Childs, Chairman of the Board, on Feb. 3 said
1928.
1927.
1928.
1927.
in part:
Assets$
Liabilities$
$
$
During 1928, the law firm of Barber, who was removed on Jan. 30 as
Mines and mining
Capital stock
3,000.000 3,000,000
legal counsel and member of the executive committee of Childs Co., took
3,359,759 $3,344,746 Accounts payable..
I: claims
14,561
6.113 $2 0 is sin "leral feesrter
"
e
Th 5Op abou a qua from thee company.
5.
Plant & equip- -- - 100,000
100,000 R.for dePree
100.000
100.000
income of the
This
Inventories
224,621
101,837 Surplus
661,566
448,566 more than a quarter of all the dividends received by the company, and
common stock25,633
Accts.receivable.2,987
holders, and more than two-thirds of all the dividends received by all the
65.114
Cash
5,128
Total(each aide) 3,778.127, 8.554.678
preferred
-v. 127. o. 2688.
BI now the chief executive officer of' the comBy o sto the board. am
order o olde .
r
pany with greatly increased powers to which I am now giving my entire
Calumet & Arizona Mining Co.
-Production.
time and energy, and Luther Childs. Victoria Childs and Ellsworth Childs!,
Month of January-1929.
1927.
1928.
1926.
who were elected President, Secretary and Treasurer in place of the deposed
Copper output (lbs.)--- 4.312,000
4.132,000 3.728,000 3,474.000 representatives of the Barber faction, have stipulatedto serve in these
-V.128.p. 253
offices without salary until further order of the board.
-V. 128, P. 733.
892
FINANCIAL CHRONICLE
Claude Neon Lights, Inc.-Gets Injunction.
A preliminary injunction was issued on Jan. 31 in favor of Claude Neon
Lights, Inc. restraining the American Neon Lights Corp. from further
Infringements of the Claude patents covering the manufacture of Neon
electric signs and displays. The injunction Is directed against the American
Neon Light Corp., Otto B. Shulhof, William E. McGuirk, Abraham E.
Lefcourt, Louis Hass, Bertram A. Unger, David Nickelsburg and John
W. White: William J. Rose, J. A. Green and Eugene I. Doctor, conducting
business under the style of Neon Tube Sign Corp; and Morris L. Jacobs,
and David C. Brooks, doing business as Kane, Brooks & Co. The injunction was granted in the U. S. District Court, 7th District of New York,
with Judge John C. Knox presiding.
-V. 128, la• 733.
Cleveland Stone Co.
-Extra Dividend.
The directors have declared an extra div. of 25c. per share. in addition to
the regular quarterly div. of 50c. per share, both payable Mar. 1 to holders
of record Feb. 15. An extra div. of 25c. per share was paid in each of the
four preceding years, while an extra distribution of 50c. per share was
made on Dec. 1 1927.-V. 127, p. 2689.
Cleveland Tractor Co.
--New President, &c.
-Earnings
Net earnings for the 9 months ended Sept. 30 1928, after all charges
and reserves, were $489,130, equal to about $9.80 per share on approximately 50.000 shares of outstanding no par common stock. The company
has changed its fiscal year to end Sept. 30 instead of Dec. 31 as previously.
W. King White has been elected President to succeed his father. Rollin
H. White. He will also carry on his former duties of Treasurer. Other
officers elected include R. B. Tewksbury and C. D. Fleming, Vice-President
R. T. Sawyer, Secretary: Attorney Grover Higgins, Asst. Secretary, and
V. J. Sweet, Asst. Treas. E. E. Allyne and Warren T. King were elected
dlrectors.-V. 116. p. 2393.
Cloverland Dairy Products Co., New Orleans, La.
Debentures Offered.- Caldwell & Co., Wheeler & Woolfolk and Canal Bank & Trust Co., Nashville, Tenn., are
-year 6% sinking fund gold debenoffering $350,000 10
tures, series A, at 100 and interest.
Dated Jan. 11929; due Jan. 11939. Prin. and Int. (J. & J.), payable at
Canal Bank & Trust Co., New Orleans. La., trustee and Chemical National
Bank, N. Y. City, without deduction for normal Federal income tax not
exceeding 2%. Company agrees to refund, the Penn., Conn. and Calif.
taxes not in excess of 4 mills per annum; Maryland and District of Columbia
personal property taxes not in excess of 4)4 mills per annum; Kentucky,
Virginia and Mich. taxes not In excess of 5 mills per annum and the Mass.,
Income tax on the interest not In excess of 6% per annum. Denom. $1,000
and $500,0. Red. as a whole or in part on any int. date, upon 30 days
notice at 102%% prior to Jan. 1 1934: for each year elapsing thereafter to
maturity, call price shall be reduced Si of 1%•
Converslon.-Debentures are convertible at any time prior to Jan. 1 1934,
or if called, then prior to the redemption date into Cum. 7% preferred
stock of the company in the ratio of 11 shares to each $1,000 principal
amount of debentures.
Data from Letter of Geo. A. Villere, Pres. of the Company.
History & Business.
-Company organized in Dec. 1927, succeeded its
predecessor of the same name, organized in 1922. Company operates its
principal plant in the city of New Orleans and owns the entire business
operated by the former company. Company is engaged principally in the
pasteurization and sale of milk, both wholesale and retail, which it buys
from the surrounding territory. It also manufactures and sells by-products,
such as cream cheese, condensed milk, and ice cream mix, in the City of
New Orleans and vicinity. The business of the company's predecessors
began in 1899 with a daily production of 100 gallons of milk and has grown
to its present daily production of approximately 10,000 gallosn.
Assets.
-Balance Sheet as of June 30 1928, after giving effect to the
present financing, shows current assets of $247,402 and current liabilities
of $100,888, or a ratio of about 2.5 to 1. The same balance sheet shows
net tangible assets of $953,084 applicable to these debentures. This is
equivalent to over $2,700 for each $1,000 debenture of this issue.
Earnings.
-For the 5%-years ended June 30 1928, net earnings available
for debenture interest charges, depreciation and Federal taxes were $922,320
or an annual average of $167,694. This Is over 7.37 times maximum annual
Interest charges of $22,750 on this issue of debentures.
For the six months period ended June 30 1928, such earnings were at the
rate of approximately 9 times maximum annual debenture interest charges
for the period. These figures do not include earnings of the Brookhaven
Creamery Co.
Sinking Fund.
-Beginning Nov. 20 1929, company will pay to the
trustee, as and for a debenture sinking fund. $15,000 per annum for the
first five years and $30.000 per annum each year thereafter until maturity.
Such sinking fund payments should retire approximately 63% of this issue
by maturity.
In addition to these sinking fund payments, commencing April 30 1930
and each year thereafter, the company will also pay to the trustee for the
account of the sinking fund 10% of its net earnings for the preceding calendar
year.
Purpose.
-Proceeds will be used in part for the purchase of 100% of the
capital stock of the Brookhaven Creamery Co. and to retire the Cloverland
Dairy Products Co. Five-year 6 % convertible sinking fund gold notes
now outstanding.
Authorized.
Outstanding.
Capitalization-year 635% convertible
,
1st (closed) mtge 15
$658,000
$725,000
sinking fund gold bonds
10-Year 655% convertible gold debentures
,
350,000
1.000,000
(this issue)
335.100
1,500,000
Cum. 7% pref. stock ($100 par value)
25,000 shs.
35,000 abs.
Common stock(No par value)
-V.126, p. 875.
-Bonds Offered.
(James B.) Clow & Sons, Chicago.
Illinois Merchants Trust Co., Chicago, recently offered at
100 and interest, $3,000,000 1st mtge. & coll. trust 532%
serial gold bonds, series A.
Dated Feb. 1 1929; due Feb. 1 1931,1939. Prin. and int. (F. & A.)
payable at Illinois Merchants Trust Co., Chicago,trustee. Denom.$1,000
and $500. Red. on any int. date on 60 days' notice at 100 and int.. plus
a premium of X of 1% for each year or part thereof of unexpired life, the
call Price in no instance, however, to exceed 102Yi and accrued interest.
Data from Letter of William E. Clow, President of the Company.
History & Business.
-Established in 1878. Is now the second largest
manufacturer of cast iron pipe in the United States, being exceeded in size
only by the United States Cast Iron Pipe & Foundry Co. Company is
also an important manufacturer of plumbing supplies. Recently the company acquired the assets and business of the National Cast Iron Pipe Co.
of Birmingham, Ala., and now owns 95% of the stock of a subsidiary
company of similar name organized to own and operate this property.
Company and its subsidiary own 5 manufacturing plants. The general
offices, the plumbing supply and other divisions, as well as the marble mill
are located in Cnicago. There are 2 plants in Ohio, one at Coshocton,
covering 75 acres, and the other at Newcomerstown, covering 107 acres.
The plant of the National Cast Iron Pipe Co., covering 170 acres, is located
near Birmingham, Ala. In addition the company owns a valuable piece
of improved real estate at the northwest corner of Harrison and South
Franklin Sts., Chicago, near the "Loop" district. This property was appraised as of May 31 1928 at $1,481,761. It is leased to a large department store on a favorable basis and could be sold at any time without
Interfering with the company's operations.
Security.
-Secured by a 1st mtge. on all of its fixed assets, which were
appraised, as of May 31 1928, at a net sound value in excess of $4,300.00
As additional security there will be pledged with the trustee 95% of the
capital stock of its subsidiary, the National Cast Iron Pipe Co. No
security, except mortgages in respect of additional properties, may be
placed ahead of this stock unless also pledged with the trustee.
-Proceeds will be used to retire short term indebtedness which
Purpose.
the company incurred in purchasing the assets and business of the National
Cast Iron Pipe Co.
Outstanding.
Authorized.
Capitalization*$3.000,000
$5,000,000
1st mtge. coll, trust bonds
1.000,000
1,000,000
7% cumul.(par $100)
Pref. stock,
750,000
750,000
Common stock (Par $100)
Series A 53i% serial gold bonds. due Feb. 1 1931-1939.
*
[VoL. 128.
Earnings.
-The combined sales and earnings of James B. Clow & Sons
and the National Cast Iron Pipe Co. have been as follows:
Net
Max. Annual Times
Year.
Net Sales.
Earnings.a Int. Charges. Earned.
1923
$11,039,775
$1,541.294
$165.000
9.34
1924
11.915,480
1,660.114
165.000
10.06
1925
12.474,400
1.549.491
165.000
9.39
1926
13.084,098
1,666,405
165,000
10.10
1927
11,759,522
875,878
165,000
5.31
*9,919,600
1928
*762.546
165.000
*4.62
a After depreciation and provision for minority interest but before nonrecurring charges and Federal taxes. * Includes only 11 months earnings
of James B. Clow & Sons for 1928.
Consolidated Dairy Products Co., Inc.
-13i% Stock
Dividend.
The directors have declared a quarterly stock dividend of 1 X % in addition to the regular quarterly cash dividend of 50 cents per share on the
capital stock, no par value, both payable April 1 to holders of record March
15. The board announced that it was their intention to pay a similar stock
dividend each quarter.
-V. 127, p. 2689.
Income Account for Calendar Years.
1928.
1927.
1926.
1925.
a Net earnings
$519,762
$228,816
$98,841
$45,759
a After interest and sinking fund payment but before Federal taxes and
depreciation.
1927.
1928.
1928.
1927.
LiabilitiesAssets$
$
S
$
Capital stock--_ x2,279,284 1,058,234
Fixed assets (depre°. value) _ _ 1,483,912 1,139,882 Accts. payable_ _ _
47.517
25,313
Cash
1,023,597
166,460 Accr. exp. payable
4,581
10,074
92,329 Cont. liab.-soda_
Notes & accts. rec_ 402,533
1,542
4,815
90,536
foun.(see contra) 16,283
Investments
528,900
11,991
17,709 Equip. notes pay.
Merchan. invent'y
39,229
66,205
59,009
Pure, money mort 105,500
Cont. asset-soda
81,300
11,991 10-year 7% gen.
foun. (see contra) 16.882
mtge. bonds_ _ _ _
Prepaid insurance,
69,000
466,500
6,323 Sundry reserves__
12,701
taxes,&c
2.683
3,646
Good-will
500,000
500,000 Earned surplus_ _ _ 1.466,472
304,347
51,912
Deferred charges_ Total(each side) 4,059,068 2,025,229
x Represented by 167.099 no par shares.
-V. 127. p. 2689.
Commercial Investment Trust Corp.
-Debentures Offered.
-Dillon, Read & Co., Lehman Brothers, Cassatt &
Co., A. G. Becker & Co., E. H. Rollins & Sons, Hemphill,
Noyes & Co., Sheilds & Co., Inc., and Commercial National
Corp., New York, are offering $35,000,000 53' % convertible
debentures at $105 and interest.
Debentures are to be limited to the aggregate principal amount of $35,000,000, all presently to be issued. Debentures are dated Feb. 1 1929 and
mature Feb. 1 1949. Principal and int. (F. & A.) payable at principal
office of Dillon, Read & Co., New York, without deduction for Federal
Income tax not exceeding 2% per annum. Indenture contains provision for
refund of Penna. personal property tax not exceeding four mills per annum
and Mass. tax, measured by income, not exceeding 6% per annum. Denom.
$1,000c*. Redeemable as a whole, or by lot in principal amounts of not less
than $5,000,000, at any time prior to maturity,on 45 days notice, to and
incl. Feb. 1 1939 at 110 and int. and thereafter at 105 and interest.
-Corporation has agreed to make application in due course to
Listing.
list these debentures on the New York Stock Exchange.
Conversion Privilege.-Convertible at principal amount into common
stock at the following rates per share of common stock: to and including
Feb. 11931. at $200 per share; thereafter to and incl. Feb. 11933, at $220
per share; and thereafter to and including Feb. 1 1935, at $240 per share,
subject in each case to cash adjustment for interest and dividends. Nondividend-paying scrip exchangeable for stock will be issued in lieu of fractional shares. The conversion privilege expires Feb. 1 1935 or, in case of
debentures called for redemption prior thereto, on the date fixed for redemption.
The indenture will contain provisions for an adjustment of the conversion
rate in the event that holders of common stock (whether through exchange,
reclassification, stock dividend or other change in capitalization) receive
without payment therefor additional shares of stock or other securities, but
no change in the conversion rate will result from the payment by the
corporation to holders of Its common stock of dividends payable in common
stock except to the extent that such dividends in any calendar year exceed
In the aggregate six shares for each 100 shares. The indenture will also
contain provisions whereby, in case on or before Feb. 1 1935 the corporation
shall offer to holders of its common stock rights to subscribe for shares of its
stock or other securities, it will offer, by published notice, to the holders
of these debentures the right to subscribe for such stock or other securities
on the same terms and to the same extent as though they were the holders
of the number of full shares of common stock which they would then be
entitled to receive upon the conversion of these debentures.
Data from Letter of Henry Ittleson, Pres. of the Company.
Company.
-A holding company. Is one of the largest and most successful
organizations offering financing service to facilitate the distribution of
manufactured products on credit. Operations, conducted through the
medium of subsidiary companies, are widely diversified, one of the major
functions being the extension of credit in connection with instalment payment sales. Such financing is an important factor in the sale of such products as automobiles, machinery,farm implements, hotel, office and factory
equipment, electrical appliances, musical instruments and furniture. The
corporation now assists in the distribution of more than 70 different types of
manufactured products, carefully selected on the basis of usefulness,
durability and marketability. A number of leading automobile manufactures have availed themselves of the service of the corporation In assisting
distributors and dealers to finance purchases and sales of cars, and contracts
have been made with the manufacturers of the following automobiles:
Chandler, Essex, Graham-Paige, Hudson, Hupmobile, Nash and Reo. A
few of the other manufacturers served are the American Piano Co., Brunswick-Balke-Collender Co., the Hoover Co., Radio Corp. of America.
United States Radiator Corp. and Westinghouse Electric & Mfg. Co.
The corporation acquired chuing 1928 all of the capital stock of Pekes,
Buhler & Co., Inc., one of the oldest and most representative institutions
engaged in factoring service to the textile trade, and in Jan. 1929, con-Wdk. Vietor & Achells, Inc., a leader in the same field
tracted to acquire}
for nearly 100 years. It is planned to merge these two concerns.
The business of Commercial Investment Trust Corp. was started in 1908
by the present management with a paid-in capital of $100,000. The consolidated balance sheet as at Dec. 31 1928 shows total capital stock and
surplus of $41,697,531. Total obligations acquired during 1928 (adjusted
to include those of Peter's, Buhler & Co., Inc. for the full year) amounted
to $302,543,829. The volume of business of Fredk. Vietor & Achells, Inc..
and certain other companies, arrangements for the acquisition of which are
nearing completion (payment to be made in cash and common stock).
should increase substantially the total business in 1929.
Purpose.
-Proceeds are to be used to provide additional working capital
for the increasing volume of business and are to be applied, in the first
Instance, to the reduction of bank loans of subsidiary companies, thereby
substituting long term funds for short term borrowings, and, based on the
present cost of bank loans, effecting a saving of interest.
-Since inception of the business in 1908, substantial net
Earnings.
earnings have been shown in every year. Consolidated earnings of the
corporation and subsidiaries for the five years ended Dec. 31 1928 (adjusted
to include earnings of Peierls, Buhler & Co., Inc. for the entire period),
have been as follows:
1925.
1926.
1924.
1927.
1928.
Year$
Net earns, bef. all int.
& U.S. Fed.inc.taxes4,571,118 6,129,217 7,817,291 7,143,727 10381,508
Net earns, avail, for
divs, on corn. stk- - -2,298,800 3,099,059 2,927.607 2,567.962 4,669,812
Interest and preferred dividends paid by subsidiary companies during
1928,adjusted to give effect to the reduction of bank loans with the proceeds
of these debentures and the proceeds of 127,429 shares of common stock
sold in Dec. 1928 amounted to $720,342. After deducting such interest
and preferred dividends of subsidiaries from the $10,381,508 of earnings
shown above for the year 1928, there remains $9,661,166 available for
Interest on indebtedness of Commercial Investment Trust Corp. and U. S
Federal income taxes. The annual interest requirement on total funded
debt of the corporation to be outstanding upon issuance of these debentures
amounts to $2,998.960. The corporation has no bank loans, all bank
borrowings having been by subsidiary companies.
Capitalization Outstanding on Dec. 31 1928.
[Adjusted to give effect to issuance of these debentures and cancellation of
$375,000 6% convertible debentures through operation of purchase fund.]
$35,000,000
,d 1949(thi iss e)
5
p
6 Cony,debentures, due 1948 (cony. into 6 % 1st pref. stk.) 14,566,000
4,000,000
5% serial gold notes,due 1929-1930
6,659,000
6% 1st preferred stock ($100 par)
4,920,000
7% 1st preferred stock ($100 par)
Corn. stk. (incl. 4,675 shs. issued as stk. div. on Jan. 1 1929).
600,307 shs.
without par value
As at Dec. 31 1928, none of the subsidiaries had any funded debt or
capital stock outstanding in the hands of the public except $1,000.000 of
7% cumulative preferred stock. As at the same date, there were outstanding purchase warrants entitling holders to subscribe for 41,937 shares
of additional common stock of Commercial Investment Trust Corp. at
$90 per share prior to Jan. 1 1930, and thereafter at $100 per share prior to
Jan. 1 1931.
Consolidated Balance Sheet Dec. 31 1928 (Cos. & Subs.)
[Adjusted to give effect to the issuance of these debentures and to cancellation of 8375,000 of 6% convertible debentures.]
Liabilities
Assets
$15,635,191 Notes payable (of subs.)__ _ _ $31,043,604
Cash
5,325,319
Retail automobile lien notes.. 75,848,937 Accounts payable
843.573
9,166,529 Federal, State, &c. taxes_Wholesale auto, lien accept_
1,145,790
37,775.300 Dealers reserves
Industrial paper
332,153
105.118 Int. accrued on notes & debs.
Repossessed automobiles__
807,469 531% cony. debentures_ _ _ - 35,000.000
Miscell. accounts receivable_
14,566.000
6% cony.debentures
Due from officers & empl.for
4,000.000
394,853 5% serial gold notes
stock purchased
4,684,192
747,488 Deferred income
Inv.In atilt. foreign cos
2.578,345
Corporation's own securities 1,024,152 Res. for losses & conting_
711,462
pfd. stk. Mercantile AcDeterred charges
1,000,000
Furniture and fixtures
8 ceptance Co
6,659.000
63.1% 1st preferred stock
4,920,000
7% 1st preferred stock
11,912.640
Corn. stock (595,632 shs.)
93,500
Stock dividend
18,112,391
Surplus
Total
-V.128.P.733.
$142,216,507
$142,216,507
Total
Consolidated Film Industries, Inc.
-Initial Corn. Div.
The directors have declared an initial quarterly dividend of 50c. a share
on the common stock, no par value, and the regular quarterly dividend of
50c. a share on the annual partic. pref. stock, no par value, both Payable
April 1 to holders of record March 15.-V. 128. p. 734.
Consolidated Paper Box Co.
-Initial Dividend.
The directors have declared an initial dividend of 37 X, cents per share on
the no par value class A convertible stock, payable Feb. 15 to holders of
record Feb. 1. See also V. 127, p. 2827.
Consolidated Paper Co.,Monroe,Mich.
-Report.
Earnings for Year Ending December 31 1928.
Profits from operations
Allowance for depreciation
Provision for Federal taxes
$1.772,729
706.591
145,160
Net profits
Preferred dividends 7%
Common dividends (9%)-
$920.978
145,627
675,000
Balance
Earns, per share on 750,000 corn. shs. (par $10)
Balance Sheet Dee. 31 1928.
Assets
Liabilities
Cash
5831,467 Accounts payable
99,501 Accrued taxes
Notes receivable
719,421 Accrued salaries & wages
Accounts receivable
Inventories
1,359,634 Federal taxes
Other assets
13,879 Pref. dividends payable
Land, build., mach. & equip. 8,955,856 Corn, dividends payable
Prepaid insurance, taxes, &c_
54,678 Preferred stock
1 Common stock
Patents & good will
Surplus
$100,352
81.03
Total
-V. 126, p. 257.
$12,044,438
Total
$409,254
102.721
54,792
145.160
34.867
150,000
1,941,700
7,500,000
1,705.943
$12,044,438
CosmopolitanFire InsuranceCo.-Bal.Sheet Dec.31'28.Liabilities
AssetsII. S. Gov't. & railroad bonds_ $420,000 Res. for unearned premiums__ $99,557
Res. for unpaid losses
Railroad, public utility & In2,033
dustrial bonds & stocks____ 1,626,245 lies, for commissions, taxes &
other liabilities
Collateral loans
3.500
400,000
Cash
508.044
88.825 Voluntary reserve
Proms. in course of collection_
1 000,000
71,429 Capital stock
Accrued Interest
1,000.000
6,635 Net surplus
Total
--V. 127, p 3710.
$2,613,134
Total
$2,613,134
Cumberland Pipe Line Co.
-Balance Sheet Dec. 31.Assets1928.
1928.
Liabilities-1927.
1927.
Plant
551,351,633 $1,555,651 Capital stock
$1.500.000 $3,000,000
U. S. Govt. secur_ 1,110.681 1,810.354 Acct's payable,_,- 286.772
222,700
Acc'ts receivable_ 428,874
1,294.231
331,678 Profit and loss
576,537
Cash
189,815
101,554
Total
$3.081,003 $3,799,237
$3,081,003 $3,799.237
Total
x After deducting 53,280,097 for depreciation.
Our usual comparative income account was published in V. 128, P• 735.
Curtiss Assets Corp.
-7'o Pay $10 on Account of Principal
of Certificates of Beneficial Interest.
-
The corporation has authorized the payment of $10 on account of principal
of certificates of beneficial interest, payable Mar. 15 to holders of record
Feb. 28. A similar distribution was made in March last year and in Sept.
1926.-V. 126, 9. 876; V. 123, p. 1386.
Davega, Inc.
-January Sales.
-
Month of JanuarySales
-V. 128, P. 255.
893
FINANCIAL CHRONICLE
FEB. 9 1929.]
1929.
$443,992
1928.
$271,274
1927.
$288,780
1926.
$221,478
Data from Letter of Seymour Franklin, Pres. of the company.
-The business was founded in 1919 in Detroit, Mich
History& Business.
for the purpose of manufacturing corrugated shipping cases, rolls, sheets
Company has progressed from a small beginning. In 1926
and folders.
the company moved into a new plant, especially designed for its Purpose
and containing approximately 40,000 square feet of floor space. Contemplated additions will provide facilities for doubling the present output.
Earnings.
-Net earnings, after all charges, including Federal income
taxes at the present rate and after allowance for certain non-recurring
charges (averaging $8,228 annually), as were as follows
YearNet Earnings. Per Share.1 Year- Net Earnings. Per Share.
$59,193
1.48
1927
$1.48
$59,207
1925
1.88
75.381
1928
1.25
49,962
1926
-Directors have declared that they will place the present
Dividend.
capital stock on a $1.20 annual basis. The initial quarterly dividend will
be payable April 1 to stockholders of record March 20.
-Company has agreed to make application to list this stock on
Listing.
the Detroit Stock Exchange.
-Annual Report.
Detroit and Cleveland Navigation Co.
Calendar Years.
Gross income, transportation
Operating expenses
1928.
1927.
$3,764,078 $3,793,912
2,419.691
2,491,217
Net operating revenue
Other income
$1.344,387 $1,302,695
172.528
149,428
Total income
Taxes & rent
Accrued depreciation
Special contingent reserve
$1,516.915 $1.452,122
272,956
244,785
457,150
451,154
223,937
$591,043
4,539.102
35,260
Net income
Previous surplus
Sundry adjustments
$718,013
4,304,091
39
85,165,405 $5.022,142
483,040
603,800
Total surplus
Dividends paid
$4,561.605 $4,539,102
Profit & Loss, (surplus)
$1.18
$1.35
Earns, per shr. on 603,800 shs, cap. stk. (par $10)
Balance Sheet Dec. 31
1927.
1928.
1927.
1928.
Liabilities$
$
Assets
6.038,000 6.038.000
Vessel property.- _10,701,929 10.695,289 Capital stock
Accounts & vouch.
Real estate, build.
payable
59.253
312,208
& wharves
1,351,828 1,351,828
Accrued nab. not
Miscel. Physical
93,918
985,442
due (taxes)
70,343
985,442
property
Special conting. res.
Rep.ahoptis, wh'f
309.811
income tax
63,683
33.683
& o. eq. & sup._ 275,191
74.231 Res, to amortize
51,648
Cash
impv. to leased
&hour., notes, etc.,
prop.
75,997
70,546
3,069,643 2,391.777
owned
36.507 Res, for accrued
30,479
Accounts recelv __ _
depreciation__ 5,456,865 4,999,741
101.725
135,765
Deferred assets
Other reserves_ _ - _
81.910
51.650
Deferred items_ _
.
484
1,576
Profit & loss
4,561,605 4,539,102
16,601,925 15,946;610
Total
-V.126, p. 876.
Total
16,601,925 15.946,81e
-Bonds Offered.
-B. W.
Dilworth, Porter & Co., Inc.
Todd & Co., Inc., and The Colonial Trust Co., Pittsburgh,
are offering at 99 and interest, $1,000,000 1st (closed) mtge.
10
-year 6% sinking fund gold bonds.
Dated Feb. 1 1929; due Feb. 1 1939. Guaranteed as to principal and
interest by Witherow Steel Corp. Principal and inc. payable at Colonial
Trust Co., Pittsburgh. trustee Free of Federal norma. income tax not
.
exceeding 2%. Interest payable (F. & A.). Denom. $1,000c5 Call.
as a whole or in part or for sinking fund purposes at 103 and int. Free of
Pa. 4 mill tax. A sinking fund payable at the rate of 8200,000 per year
beginning 1935, wilt be provided in the mortgage.
Data from Letter of W. P. Witherow, Pres. of Witherow Steel Corp.
-Company and predecessors have been in suecessfu
History A Business.
operation for 70 years manufacturing railroad spikes, tie plates and kindred
products. The plant located at Fourth St., South Side, Pittsburgh, Pa.,
covering approximately 300,000 square feet is in excellent condition owing
to large expenditures for maintenance and repal-s in the pact two years.
The Witherow Steel Corp. was tricorn. in 1927 to acquire the assets and
business of the Witherow Steel Co. Corporation owns and operates a
completely equipped modern plant and is the largest manufacturer in existence of die-roiled products. The major portion of the company's production is automobile axles and other standard parts.
Earnings.-Earnines of the Witherow Steel Corp. and Dilworth, Porter
& Co., Inc., consolidated for the four years ending Dec. 31 1928, after
deducting non-recurring charges, estimated by the management at $80,000
per year, but before depreciation and taxes.
$319,165
$637,41211927
1925
464.261
560.,39 11928
1926
The average earnings for the past four years as above have been $495,244,
charges.
approxmatelv 4 X times all interest
Control-Witherow Steel Coro, has made arrangements to acquire complete control of the Dilworth, Porter & Co., Inc.
Tentative Financial Statement, Dec. 31 1928 (Alter Present Financing).
(Witherow Steel Corp. and Dilworth. Porter & Co., Inc.)
Liabilities
Resources
$374,360
$319,925 Accounts payable
Cash
25,000
397,986 Res.for conting.tax liability,
Accounts receivable
725.000
1,487,892 let mtge.6% skg. fit, gold bits
Inventories
1,000,000
41,315 Mortgage bonds
Notes receivable
720,000
230.862 5% 1st pref.stock
Marketable securities
250.000
3,929.995 7% pref.stock
Land, bldgs., mach.,&c
554,600 Com .stk.(no par) 100,000shs. 500.000
Patents
3,626,174
90,367 Surplus
Other investments
167.589
Deferred charges
Total
$7,220,535
Total
57.220,535
-Larger Dividend.
Dominion Engineering Works,Ltd.
The directors have declared a quarterly dividend of $1 per share on the
Capital stock. par $20. payable Apr. 15 to holders of record Mar. 30. In
each of the three precedinc quarters regular dividends of 75 cents per share
-for-I basis follow:
were paid. Distributions made since snit up on a 5
Oct. 1928.
Jan. 1929.
April 1928. July 1928.
Jan. 1928.
75c.
75c.
75c.
50e,
65c.
-V. 126, p. 4088.
Dryden Paper Co.,Ltd.-BondsOffered.-Nesbitt, Thom(Jacob E.) Decker & Sons, Mason City, la.
-Control
-- son & Co., Ltd., Montreal, are offering at 100 and interest,
Offer Made to Minority Stockholders.
$1,500,000 6% 20-year 1st mtge. sinking fund gold bonds.
See Adolf Gobel, Inc. below.
-V. 121, p. 2014.
Dated Feb 11929: due Feb. 11949. Principal and int. (F. dz A.) payable at option of holder in Canadian gold coin of the present standard of
Deere & Co., Moline, Ill.
-New President, &c.
weight and fineness at any branch of Royal Bank of Canada in Canada or
Charles D. Wiman has been elected President,succeeding William Butter- in U. S. gold coin at the agency of Royal Bank of Canada. in N. Y. City.
Denom. $1,000 and $500c5. Red, all or part on any int. date on 60 days'
notice at 105 and int, if red. on or before Feb. 1 1933; and thereafter at
1% less for each subsequent four year period or portion thereof. Montreal
Trust Co. trustee.
Authorized,
Issued.
Capitalization$1,500,000
6% 20
-year 1st mtge bonds (this issue)_- $2,000,000
150,000 she.
150.000 shs.
Common stock (no par value)
Data from Letter of J. H. A. Acer, Pres. of the Company.
-Company was incorp. in 1920 in Canada, and is
Company & Properties.
Tax exempt in Michigan. Dividends exempt from present normal engaged in the manufacture of sulphate pulp and kraft. Manila and buildFederal income tax. Transfer agent, Union Trust Co., Detroit, Mich.: ing papers. Company's plant is located at Dryden, Ont., about 200 miles
Registrar, Fidelity Trust Co., Detroit, Mich.
east of Winnipeg, on the main transcontinental lin^ of the Canadian Pacific
Capitalization
Authorizd.
Issued.
Ry. There the company owns and operates a pulp and paper mill of
Common stock, no par value
60,000 shs.
40,000 shs. modern design and construction with an annual capacity of 25.000 tons
worth, who becomes Chairman of the board.
-V. 126. P• 735.
Detroit Paper Products Corp.
-Common Stock- Sold.
-Samuel Ungerleider & Co. and Nicol-Ford & Co., Detroit,
have sold at $16.25 per share, 18,000 shares common stock
(no par value). This offering does not represent any new
financing by the company.
894
FINANCIAL CHRONICLE
of sulphate pulp, about 15,000 tons of which at present are being manufactured into finished products.
Company owns in fee simple hydro-electric powers capable of developing
7.000 h.p. of which 5,500 h.p is now installed and in operation. These
powers are well situated and supply low-cost energy to the plant.
Company's timber limits, which are in close proximity to the mill, consist
of 1.100 square miles and are held under 20
-year renewable leases from
the Ontario Government. These limits are estimated to contain approximately 2,000,000 cords of pulpwood which is about 50 years' supply at the
present rate of consumption, without allowance for reforestation, growth.
or purchase from other sources. The limits are being conserved by the
purchase from settlers of more than one-half of the wood which is consumed
annually by the mill.
Ear/mtgs.-Earnings have been showing steady and consistency growth.
Net earnings for the past three years available for interest on these bonds,
after deducting all operating charges, maintenance and repairs, but before
depreciation, depletion and Federal taxes have been as follows for year
ended Sept.30: 1926 $223,558; 1927 1274.497.19281324,169,annual Interest
on these bonds requires $90.000.
Earnings for the last-mentioned period are equal to more than 31‘, times
the annual interest of $90.000 on the first mtge bonds to be presently issued.
Net earnings for the current fiscal year are showing a consideratble increase
and It is estimated that they will amount to approximately $450.000 for
the year ending Sept. 30 1929.
Assets.
-The balance sheet as at Sept. 30 1928, after giving effect to the
present financing shows fixed assets of 16.858,588, and net current assets
of 1840.491. making total net tangible assets of $7,699.080 equal to $5.132
Per $1,000 of 1st mortgage bonds of this issue.
Security.
-These bonds will be secured by a first mortgage and charge
on all the company's assets, present and future, specific as to real estate,
Plants, buildings,equipment and other fixed assets,and by way of a floating
charge as to all other assets. They are part of an authorized issue of
($2,000,000): the remaining $500.000 may be issued from time to time in
such amounts as the directors may determine in accordance with the provision of the trust deed for the corporate needs of the company.
Sinking Fund.
-A sinking Fund will be created, payments to which will
commence on Feb. 1 1932, which it is estimated will retire two-thirds of
this issue by maturity.
Purpose.
-Proceeds of the sale of these bonds, together with 50.000
shares of common stock, will be used to redeem the present outstanding
prior lien notes and debenture stock, to reimburse the company for expenses
Incurred in the construction of extensions and additions made to its plant
and hydro
-electric developments, and to provide additional working
capital for future corporate needs.
-V.128 p. 408.
Dominion Rubber Co., Ltd.
-Split Up of Stock.
-
The stockholders late last year voted to change the common stock of
$100 par value into no par stock and to increase the number of shares to
120.000 from 30.000. The stockholders received four shares of new common for each old share held. The United States Rubber Co. owns over
90% of the issue.
-V. 127, p. 2690.
Donnaconna Paper Co., Ltd.
-Annual Report.
Earnings Year Ended Dec. 31 1928.
Profits for year
Bond interest
Depreciation & depletion
$869.763
590.704
216,687
Balance,surplus
562.370
Cap.stl. earns. per share on 150.000 shs.(no par)
$0.41
Consolidated Balance Sheet Dec. 31 1928.
AssetsLiabilities
Real estate, plant & equip,&c.$14,213,430 Capital stock
x$3,000.000
Investments
545.115 1st mtge.gold bonds
7,000.000
Cash
269,914 Debentures
4,000.000
Accounts receivable
372,696 Accounts payable
27.714
Investments
591,995 Accruedinterest
260.417
Advances
463.193 Accrued payrolls, ate
34,200
Deferred chargeif
23.361 Reserves
706.459
Capital surplus
1,388,543
Total(each side)
$16,479,704 Profit & loss surplus
62,371
it Represented by 150.000 shares of no par value.
-V.126.P. 584•
Eastern Steamship Lines, Inc.
-Obituary.
-
Josiah W. Hayden, Vice-President, died in Boston on Jan. 29.-V. 127,
p. 2828.
Economy Grocery Stores Corp.
-Earnings.
-
6 Months Ended Dec. 31Sales
Net profits before deprec.& Federal taxes
-V. 127. p. 1681.
1928.
1927.
$4,837,908 $4,380.059
135.868
76.801
(E. B.) Eddy Co. Ltd.
-New President.Victor M. Drury, of Montreal was recently elected President to succeed
the late George H. Millen.
-V. 125. p. 3648.
Electric Elevator & Grain Co., Ltd.
-Stock Offered.
Harley, Milner & Co., Toronto, recently offered 31,500 shs.
class A stock (no par value) at $25 per share,
a
bonus of one class B common share with each 4 class A
shares purchased.
Entitled to preferential dividends of$1.50 per share per annual cumulative
from Feb. 1 1930, payable quarterly. After payment of the preferential
dividend, and of $1 per share in any year on the Class "B" common stock,
the Class "A" stock and the Class "B" common stock participate equally
In any further dividends payable in such year. but the Class "A stock
shall not be entitled to receive in respect of any one year more than a total
of $2 per share. Red. on any div. date upon 60 days' notice at $30 per
share and preferential dive. Preferred as to assets in the event of liquidation to the extent of 130 per share. Non-voting until or less 8 quarterly
cumulative dividends are In arrears. Transfer agent, Montreal Trust Co.;
Registrar: Royal Trust Co.
CapitalizationAuthorized.
Issued.
let Mtge.6% 15
-year sinking fund bonds__
1650.000
1450.000
Class"A"stock, no par value
50.000 shs.
31,500 shs.
Class"B"common stock ,no par value_
50,000 shs.
31,500 she
Data from Letter of Frederick H. Bole, President of the Company.
Company.-Ineorp. under the laws of the Province of Ontario to acquire
from the Bole Grain Co. Ltd.. the electric elevator at Fort William, Out..
as a going concern. This property has been continuously and profitably
operated as a terminal elevator engaged in handling,storing and conditioning grain for 12 years. The plant has been designed primarily for the
rapid handling and conditioning of grain. It Is capable of unloading cars
at the rate of 100 per day, and of loading boats at the
carload
a minute. There are two drying plants and cleaning rate of one to
equipment
care of 15.000 bushels an hour. Company owns one Trading Seat andtake
one
Clearing Seat on the Winnipeg Grain Exchange,and is therefore
equipped to carry on a general grain merchandising business. completely
Assets.
-The land, buildings, machinery and general equipment were
appraised by the Sterling Appraisal Co., Ltd.. as at Nov. 1
according to its certificate dated Nov.6 1928, have a value after 1928, and
for depreciation, of $796,689. Net current assets, after givingallowance
effect to
the present financing, as at Aug. 1 1928, according to a
certified to by W. M. Hurley & Co., amounted to $100,000. balance sheet
In addition,
the company's seats on the Winnipeg Grain Exchange have a value of
130,000. Total assets, after deducting air current liabilities are therefore
$926.689 or $476.689 after deducting first mortgage bonds be presently
outstanding.
Earnings.
-W. M. Hurley & Co.. have certified to earnings for years
ending July 31 as follows:
1925.
1926.
1927.
1928.
Earnings
$109,281
1137.615
$140,592
1155,129
These earnings have been adjusted to give effect to savings by reason of
additional facilities acquired by the new company amounting to $12,000
per year, and allowance has been made for non-recurring
payments, but provision has been made for full and expenditures and
proper operating
charges, depreciation of plant and equipment, maintenance and repairs J
interest on loans applicable to the business and bond interest of
$27.
per year. but before allowance for Federal Income tax.
Listing.-It is proposed to make application in due course to list thee
shares upon the unlisted department of the Toronto Stock Exchange.
(VOL. 128.
Electric Power Associates, Inc.
-Stock Offered.
-W. C.
Langley & Co. are offering at $27 per share 280,000 shares
common stock (no par value).
Chemical National Bank of New York, transfer agent. Equitable Trust
Co. of New York, registrar.
Capitali-arionAuthorized, Outstanding.
1st preferred stock (no par)
500,000 shs.
None
Class A stock (no par)
400.000 shs.
None
Common stock (no par)
*800,000 shs. 400.000 shs.
* Includes 400,000 shares reserved for the exercise of warrants to be
outstanding, each warrant entitling the holder thereof to purchase, at any
time up to and incl. March 1 1944, one share of common stock at $27
a share. The charter will contain appropriate provisions to protect the
warrants against dilution.
Company.
-Will be formed under the laws of the State of Maryland with
broad powers of operation. It may,among other things, buy, sell, hold, or
exchange securities, participate in syndicates, underwritings and in other
financial transactions, control, manage or operate companies. It Is the
present intention of the management to confine its activities chiefly to
companies in the electric light and power, gas and water business.
Management.
-The board of directors consists of: Wilbur L. Cummings
(Sullivan & Cromwell), Chester Dale (W. C. Langley & Co.), William CO.
Langley (W. C. Langley & Co.), H. Hobart Porter (Sanderson & Porter).
Beton Porter (Sanderson & Porter), and Edwin N. Sanderson (Sanderson
& Porter).
Assets.
-Corporation will start business with assets, either in cash or
securities, in excess of $10.000,000. The management will acquire 120.000
shares of the common stock and the warrants in exchange for securities of a
market value in excess of $3.000,000. Corporation will have no management
contracts but the board of directors as such may receive ordinary directors'
fees.
Common Stock.
-The common stock will have sole
power, each
share of common stock entitling the holder thereof voting vote. The
to one
authorized class A stock will be the same in all respects as the common
stock but will have no vote. No stockholder shall, as a matter of right, be
entitled to subscribe to additional stock of any class now authorized or
which may be hereafter authorized. Corporation may offer in the future
debentures, preferred stock and (or) other securities as may be determined
by the board of directors.
Emerson Drug Co.
-100% Stock Dividend.
-
The directors have declared a 100% stock dividend on the common stock
payable in class B pref. stock of $25 par value.
-V. 120. p. 2820.
Endicott-Johnson Corp.
-Annual Report.
Calendar YearsSales..a
Cost ofsales& exps_b
1928.
1927.
1925.
1926.
169.333.401 573,078.800 170.661,674 $69.346.931
64,807,159 66,697.822 65.711.237 62.972,202
Net operating income- $4,526,242 56,380.978 54,950.437 16,374,729
Provision for taxes
652.461
908.840
902,288
8.32.198
Profit-sharing plan
272.518
1.153.824
1,146.003
420.363
Netincome
$3,601.263 54,332.685 $3,697,878 $4,312,064
Pref. dividends(7%)
779.564
813,167
876,228
846.405
Common diva.(1O%)..... 2,026,800 2.026.800 2.026.800 2,026.800
Balance
5790,899 $1,492.718
1824.673 11.409.036
Previoussurplus
8.401.449 7,460,694 7,163,977 6.538,369
Addl deprec. for 1924Dr.232.708
Over-provided taxes
Cr.582,468
Retirement of pref.stk.450.000
450.000
450.000
450,000
Disc. retired Pref. stJe Dr. 116.89 Dr.101.962 Dr. 77.956 Dr.100.720
6
Balance,surplus
$9.211.921 $8,401,449 $7.460.693 $7,163,977
Earns. per sh. on 405.360shs. cont.(par $50)
$6.96
$8.68
$7.03
$8.47
a Sales offinished product and by-product to customers (net). b Including all manufacturing, selling and administration expenses, depreciation
and interest charges (less miscellaneous income).
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets8
Liabilities
$
Land. bldgs., maPreferred stock- -y10,913,900 1E390.700
chinery,&o _ _x11.627.698 12,385,751 Common stock _20,268.000 20,268.000
Good-will
7.000.000 7,000,000 Notes payable.__ 4,550,000 6,250,000
Inventories
21,042,540 18,491,722 Sundry creditors_ _ 704,929
862,217
&ems & noteereo ,
Workmen's comp
508,861
508,660
less reserve
10.706,024 13,124,204 Accts. payable ___ 577.844
450.464
Workers'houses __ 1,959.348 1,901,802 Due employees unSundry debtors_ . 379,083
_
276,003
837.635
536,557
der plan
Sundry investmls
247,199
305,863 Profit-sharing plan 272.517 1,146,004
Cash
2 271,245 3,307,612 Res.for taxes ____ 684.577
725.752
Deferred charges-4 Initial surplus ____ 2,653.156 2,653,156
4
Approp.surplus.__ 4.050.000 3.600.000
Currentsurplus.- _ 9.211.922 8.401,449
Total
55,233.143 56,792,961
Total
55,233,143 56,792,951
ic Land, buildings, machinery and equipment. 521.166.092. less depreciation of $9.538,393. y Pref. stock authorized and issued. 115 000.000, less
retired and canceled and purchased for cancellation, $4.086.100.-V. 127.
p. 553
Eureka Pipe Line Co.
-Report for Calendar Years.
Profits for year
Dividends paid x
1928.
1927.
1926.
1925.
$64.725
$4.602 loss$13.673 loss$208.353
(4%)200,000 (4)200,000 (4)200,000 (4)200.000
Bal. deficit
$135,274
$195.398
$213.673
1408.383
Earns, per sh. on 50.000
shs.cap.stk.
(par VW)
$1.28
$0.09
Nil
Nil
x The dividends paid as shown above were from earnings as follows:
1928, from surplus at Mar. 1 1913: 1927 and 1926 all from earnings prior
to 1913: 1925,$1,991 from earnings prior to 1913:
Balance Sheet Dec. 31.
Assets1928.
1927.
Ltabtfiffey1927.
1928.
x$4830,258 $5,234.070 Capital stock
Plant
$5,000,000
0
Other investments 2,222,614 1,905.268 Accounts payable.. 351,643 $5,000.00
299,556
305,971
Accts.receivable
260,484 Profit and loss
2,282,840 2.418.10
275.641
Cash
317,848
Total
17.634.483 $7,717,671
Total
17.634,456 57.717,611
x After depreciation of 16,593,956.-V. 126. p. 723
Federal Bake Shops, Inc.
-Sales.
-
Month of JanuarySales
-V.128. P. 118
.
1929.
$352,292
1928.
$321,951
Increase.
$30,341
Financial & Industrial Securities Corp.
-Merger with
Goldman, Sachs Trading Corp.
-See latter company below.
-V. 127, p. 3711.
First National Pictures, Inc.
-New President, &c.
-
Irving D. Rossheim, President of the Stanley Co. of America. recently
resigned as President and director of First National Pictures, Inc. and was
succeeded by Herman Starr in both capacities. The beard of directors of
First National Pictures was reduced from ii to 10 members, and is now
composed of the following: Herman Starr, Stanleigh P. Friedman, R. W.
Perkins, S. P. Sitouras, Harold S. Bareford, R. 0. Lieber, G. E. QuigleY,,
Jack Leo, Richard Hoyt and S. W. McDonald.
The newly appointed officers of First National are: Herman Starr.
President; S. P. Friedman, Vice-President; Warren Itoothby. Treasurer;
Aebert Perkins, Secretary.
-V.127, P. 2963.
First Realty Corp., Seattle.-Pref. Stock Offered.
Seattle Title Trust Co. recently offered 23,118 shares class
A partic. pref. stock (no par value) at $12.50 per share.
Entitled to preferential non-cumulative dividends from the net earnings
of the corporation, as may be declared in any calendar year by the board
FEB.
9 1929.]
FINANCIAL CHRONICLE
of directors, up to $1 per share. The common stock shall then be entitled
to 25e. per share; thereafter the remaining net earnings declared as dividends shall be divided in the ratio of 80% thereof to the class A stock and
20% to the common stock. Class A stock will be entitled, in the event of
liquidation, up to $25 per share. Common stock shall then be entitled to
receive $15 per share; thereafter the remaining assets shall be divided in
the ratio of 80% thereof to the class A stock and 20% thereof to the common stock. Class A stock shall not be entitled to vote except in the event
of the non-payment of dividends for any two-year period. First National
Bank, Seattle, transfer agent. Dexter Horton National Bank, Seattle,
registrar.
CapitalizationAuthorized.
Outstanding.
Claes A stock
200,000 sits.
50,000 shs.
Common stock
10,000 abs.
40.000 abs.
Data from Letter of Henry Broderick, Chairman of the Board.
Compene.-Incorp. in 1925 in Washington for the purpose of investing
and reinvesting its capital in real property, leaseholds and (or) personal
property. The initial capitalization of the corporation amounted to e50,000. The present issue of 23.118 shares of class A stock is a portion of a
total issue of 50,000 shares, of which 26,882 shares have been subscrined
by the present stockholders, who relinquished their pre-emptive rights with
respect to 23,118 shares at the request of the board of directors for the purpose of obtaining wider distribution of the shares of the corporation. Corporation has at present over 175 stockholders. Corporation has been uniformly successful in its operations since its inception in 1925.
Balance Sheet Jan. I 1929 (Giring Effect to Present Financing).
AssetsLiabilities
Cash (incl. proceeds of this
Mortgages payable
218.750
issue)
$340,436 Res. for Fed. taxes
5,952
Real estate (at cost)
163,020 Class A stock
500.000
Contracts receivable on sale
Common stock
5,650
property
of
30,575 Surplus
3,679
Total
$534,031
Total
$534,031
Fitz Simons& Connell Dredge & Dock Co.
-To Increase
Stock-Stock Dividend Proposed-Rights, &c.-Pres. P. G.
Connell in his remarks to stockholders accompanying the
annual report for 1928 says:
Net profit for the year 1928, after all charges, including depreciation
and Federal income tax, was the largest in the history of the company,
and amounted to $327,785. compared with $258.848 in 1927. an increase
of 26.63%.
Company closes the year with no bank loans outstanding.
The steady increase in the business makes it desirable to acquire additional
plant equipment. Directors have already authorized the purchase of
a sandboat. Negotiations have been completed by the officers for the
purchase of a 3,500
-ton hydraulic sandboat, the acquisition of which
should materially increase the volume of business in the future and give
the company added diversification in its operations. The purchase of
this ship and of additional plant equipment which may from time to time
be necessary, requires that the company be placed in a position where it
can finance the acquisition of such additional equipment.
With this in view, the board of directors has considerodi it advisable
to change and increase the authorized common stock from 50,000 shares
of $20 par value to 100,000 shares of no par value.
If the amendment increasing the authorized common stock is adopted
by the stockholders, directors propose to declare an extra dividend of
1-10 of a share of common stock of no par value payable over the year
In four quarterly installments of 1-40 of a share each, the first quarterly
installment to be paid March 1 1929 to holders of record Feb. 23
1929
and the later quarterly installments to be paid on or about June 1. Sept.
1,
and Dec. 1 1029 to holders of record as determined by the directors.
The directors further poropose to offer to the common stockholders
of
record Feb. 23 1929 5,000 shares of the newly authorized common
of no par value at the price of $40 per share, each stockholder to be stock
to subscribe as March 15 1929 for 1-10 of a share for each share of entitled
common
stock held.
Income Account for Calendar Years.
1928.
1927.
1926.
Not
{ $265,867
available
46.138
Net after deprec. & res_ _1
Res. for Federal taxes_ j
Net income
Divs. paid & accrued-.-
$327,785
103.282
$258,848
104,868
$219.730
106,471
1925.
$311.729
38,966
$272.763
45,479
Surplus for year
$224,503
$153.980
$113,258
$227,283
Earns, per sh. on 50,000
corn. slug. (par $20)
$6.42
$4.10
$4.26
$5.32
Comparative Balance Sheet Dec. 31.
Assets1927. I Meet/Wes1928.
1928.
1927.
L'd, plant &equip..
Preferred stock-- 192.600
392.600
docks, &o
$1,074,255 $976,674 Common stock___ 1,000.000 1.000,000
Cash
131,366 Pur. money mtge.
237,141
58,564
84,593
Marketable sec.- 202,112
220.351 1 Aecte. pay., &C..
Notes & accts. res. 208,551
bacl. prov. for
307,975
Cash val.-11te kw_
22,135
14,8471 Fed.Inc.taxes__ 104,791 165,848
Inventories
133.586
102.276 Div. payable
1,242
1,242
Investments
30,000
30.000 Install,on land con.
Treasury stock_ __
82,438
30,0801 & purch. money
Sink. fund (pref.
mortgage
27.298
stock)
10.236
5.136 Res, for canting_
25.000
25.000
Deferred charges
2,992
1,654 Oper. reserves-- 108,549
Rgi for
p
s .lus marine ins.
45,589
Tot.(each side).22,039.214 $1.820.3591
588,469
378.388
-V. 126. P. 877.
895
to the 125,000 shares presently to be outstanding, the conversion price
will be ratably reduced, and upon the further issue of shares at less than the
then conversion price, it is subject to further reduction. Common stock
Is listed on the New York Curb Market and 30,000 shares have been reserved
for the conversion of these notes.
-Indenture provides for an annual sinking fund of $50,000.
Sinking Fund.
or 10% of net earnings, whichever is the greater, payable to the trustee
begInning Jan. 1 1931, to be applied to the call or purchase of notes at not
exceeding redemption price. Compare also V. 128, p. 567.
-Annual Report.Forhan Co.
1928.
$882,223
257,564
1927.
2848,087
16,845
1926.
2717,650
8.555
1925.
$649.065
def15,189
Net inc. bef. Fed.tax_ $1,139,787
133,529
Prov. for Federal taxes_
$864,934
112,000
$726,205
95,000
$633,876
76,077
Calendar YearsNet operating income_ -Other inc., less deducts_
Net income
Class A dividends
Amount
Common dividends
5752.934
$1.006,258
$631.205
$557.799
240,000
240,000
240,000
60.000
($1.60)
($1.60)
($1.60)
(51)150,000 41)150.000 (61)150,000(25c• 31%0
)
.
)
0
$362.934
$616,258
$241,205
$460.299
$5.02
$6.71
$4.20
$3.66
Balance Sheet Dec. 31.
Liabilities1928.
1927.
Assets1928.
1927.
Accounts payable. $67,838
Mach. and equip.
$27,074
$87,894 Divs. Payable-97,500
less deprec
$87,414
97.500
Res. for Fed. and
Call loans
500,000
State tax
175,529
322,283
Cash
239,661
146.366
418,431 Capital & surplus_a3.543,681 2,925,6/5
Marketable scour.. 495,312
156,910
Accts. rec., less res. 155.323
211.038
Inventory
217,482
Formulae,tr.-mks.
Tot.(each side)_$3,884,549 $3,196.555
2,000,000 2,000,000
good-will, &o
a Represented by 150,000 shares (no par) class A stock and 150.000
-V. 127, p. 416.
shares (no par) common stock.
Balance, surplus
Rarn.s. per sh.on cl. A stk
(H. D.) Foss & Co., Inc.-Balance Sheet Dec. 31.AssetsCash
Notes receivable_ -}
Accts.receivable
Inventory
Securities
Mech.& fixturesGood-will
Other assets
1928.
$9,300
375.897{
202.248
101.200
348.776
80.000
24,026
1927.
$54.428
62,051
312,569
218.842
110,850
342.953
80,000
Liabilities1928.
Notes payable_ ___ $220,000
.
Accts. payable_ _
11,214
Res. for taxes &
rents
Res.for bad debts_
19,549
Res. for deprec
48.700
Other reserves_
9,195
Class "A" divs_ _.
19,500
Cap.stk & surp _ __ $813,289
1927.
$235,533
66.609
1,572
297
25.000
19.500
x833,182
Total
$1.141,447 $1,181,693
$1,141.447 $1,181.593
Total
x Represented by 6.500 class "A" 2.768. "B" 3.116, "0," and 1,500.
"D"shares, allof no par vlaue.-V.
p.2974.
_
_
12q.
Fourth Church of Christ, Scientist in Washington,
District of Columbia.-Bonds Offered.-Stix & Co., St.
Louis, are offering at 100 and interest, 8260,000 1st mtge.
serial gold bonds.
Dated June 11928: due serially Dec. 1 1929 through 1939. Washington
Loan & Trust Co., Washington. D. C., trustee. Denom. $1,000 and $500.
Principal and int. (J. & D.) payable at Washington Loan & Trust Co.,
and Stix & Co.. St. Louis, Mo. Red. all or part, on any int. date, on 30
days' notice. at 102 and int., provided however, that any bonds so called,
having less than 4 years to run to maturity. shall be called at a premium
of % % each unexpired year or part thereof.
for
Fourth Church of Christ. Scientist, in Washington. D. C. was organized
in Feb. 1919. During 1928,in order to provide an adequate meeting Place,
the present edifice was erected. It is a structure of outstanding dignity and
beauty, of steel and concrete construction, faced throughout with Bedford
stone, and occupies a commanding location on N. W. 16th Street, one of
the finest and most important throughfares in Washington.
These bonds constitute the direct obligations of Fourth Church of Christ.
Scientist, in Washington, D. C.. and are secured by a closed first mortgage
upon all of its property, consisting of(1) a lot facing 156 feet on N. W.16th
Street. by 157 ft. on Oak St., and 88 ft. on Meridian St., and (2) the church
building and all improvements erected thereon. The valuation of the
property, based upon actual costs, is as follows: Land, $75,000; building,
5382,000; organ and equipment. $37,000; total, $494,000.
Net income of the church for the year 1928 was approximately twice the
Interest and amortization charges for the current year on this loan. With
the completion of the new building, the membership and attendance is
expanding rapidly and the increase ii, income will undoubtedly be
commensurate.
-Stock Offered.
Fulton Industrial Securities Corp.
W. A. Becker & Co., Inc., New York are offering 30,000
units, each unit consisting of 1 share $3.50 cumul. pref.
stock and 1 share of common stock at $55 per unit. This
offering does not represent new financing in behalf of the
company.
The preferred stock Is preferred as to assets and dividends over any other
class of stock: entitled to cumulative dividends at the rate of 33.50 per share
-F. Red, all or part on not less than 30 days' notice
Per annum payable Q.
at $60 per share and diva. Preferred as to assets up to $55 per share in
Foltig-Fiecher, Inc.
-Century Trust Co. event of voluntary, or $50 per share in event of involuntary dolution.
-Notes Offered.
Outstandinp.
Authorized.
of Baltimore, L. S. Carter & Co., Inc., Brooke, Stokes & Co.
Capitalization$400,000 II
$825.000
Participating debenture bonds
and A. B.Leach & Co. Inc. are offering at 993 and interest, Preference stock,(no par value)
30.000 she.
30,000 she.
yielding 6.56%, $1,5;30,000 634% sinking fund 10
200.000 shs.
200,000 shs.
Common stock,(no par value)
-year
Business.
-The corporation was chartered in Feb. 1927, to own and
cony, gold notes.
operate industrial loan companies functioning under the uniform small
Dated Jan. 11929; due Jan. 1 1939.'''' Prin. and int, payable at main
loan law sponsored by the Russell Sage Foundation, which law is now
of either the trustee or National Park Bank of New York, without office effective in 25 States. Company's subsidiaries are bonded to and licensed
tion for any present or future Federal income tax not in excess deduc- by the States in which they do business. They make small, secured loans,
of
Denom. $500 and $1000 c*. Provision is made for refund of any 2%. amortized monthly and limited by law to a maximum of $300. Generally
State.
county and(or) municipal income, securities or personal
long period
property taxes accepted statistics, covering a the Small of time. indicate that more than
not exceeding in the aggregate 5 mills per annum on each dollar of
Loan Law are collected, and this
the prin- 99% of all loans made under
cipal amount of notes held or 6% of the income therefrom on
company has, since incorporation, enjoyed a collection-experience of over
application 99i %.
within 60 days after taxes are paid, accompanied by proper proof
of payment. Red. at the option of the company as a whole or
resent subsidiaries are located in St. Louis, Missouri; Kansas City,
prior to maturity on 45 days published notice at 105 in part at any time Missouri; Atlanta, Georgia; Shreveport, Louisiana: and New Orleans,
and int. Century
Trust Co. of Baltimore, trustee.
Louisiana. Other offices are in contemplation and will be opened during
t
the early pt of 1929.
part
Data from Letter of C. Foltis, President of the
-Corporation's earnings have been substantial and have shown
Company.
Earnings.
Company.-OrganIzed in Delaware. Will operate a chain of 29
for the last quarter of 19'8 were more
consistent increase. Net earnings
28 with central commissaries, strategically located in New York cafeterias, than 2.16 times those of the first quarter of that year. From Jan. to
City, and
one in the business section of Newark, N. J. Company has
1928, net earnings increased from $3,909 in the former montn to
chains of cafeterias. 13 in number,formerly operated by Foltisacquired two $10,100 in the latter.
Dec.,
4
and Fischer Foods Co., nc., to which are being added 16 Foods, Inc.,
After giving effect to the present financing, earnings available for preindependent
cafeterias with proved isarning power.
ferred dividends should be about 3.2 times requirements, and the balance
Security.
-Company's net tangible
excluding these notes and upon available for common stock dividends should be substantial.
completion of this financing withoutassets,
deduction for organization expenses.
2%'Participation.
after leaseholds and good-will acquired at a cost of $2,775,000, have
been
written down to $1 and will be $2.071,499 which amount is
W. A. Becker & Co., Inc., announce that the Fulton corporation and the
to ELMO per $1,000 note. Company will own the property equivalent Security Bankers' Finance Corp. have declared a 2% participation as of
located at Feb. ion all bonds of record of Dec. 311928.-V.
530-32 West 27th St. in fee simple and 30 leaseholds with an
126, p. 1362.
average term
of over 10 Years.
Galland Mercantile Laundry Co.-Larger Dividend.
Rarnings.-Earnings of the 29 cafeterias for the year ended
-1
Aug. 31 1928.
after adjustments, and upon the basis of operations
The directors have declared a quarterly dividend of 87% cents per share
under the consolidation, were:
on the common stock, no par value. payable March 1. Previously the
Gross income
company paid quarterly dividends of 75 cents per share, the last one at this
$5,637,630 rate having been made on Dec. 1 1928 to
Operating expenses, including depreciation
holders of record Nov. 15 1928.
4,903.299 -V. 127, p. 959.
Net before Fed'i & State taxes available for note interest_
$ 52: 31
43 303
7 43
Gardner Motor Co.
Balance after note interest, taxes and preferred dividend
-Negotiating for Purchase of
Conversion -Notes are convertible into the common stock of
Another Airplane Co.
no
at the rate of $50 per share, or 20 shares per $1,000 note, at any par value
time
The company is negotiating for the purchase of a second airplane comJuly 11938, or until 10 days prior to any date set for redemption. until
tipetl pany, officials announce. It now owns the Parks Aircraft Corp. of East
Issue of shares of common stock to the amount of 20,000 shares in
addition St. Louis, Ill., which is on a production schedule of 400 planes Per year.
P
896
[VOL. 128.
FINANCIAL CHRONICLE
The General Mills, Inc., will retire the outstanding 6% bonds of the
Sperry company at 107 and will provide cash to retire the outstanding
Sperry pref, stock on the next call date, Apr. 1 at 105 and divs.
The General Mills, Inc. will deliver to the Sperry company 27.000 shares
of General 6% cumul. pref. stock and 31,765 no-par common shares. As
soon as legal action will permit preferred and common stocks of General
Mills will be distributed to holders of Sperry common subject to the payment of all liabilities of Sperry, after which, it is believed by Roy M.
General Alloys Co.-Expands.
Bishop, President of Sperry Flour Co., each holder of Sperry common
The company announces that a new electric melting furnace is being will receive 34 of a share of preferred and a little over 35 of a share of cominstalled and will be ready for production about Feb. 1 to meet the ex- mon of General Mills.
After the consolidation, General Mills will have 21 four mills, with
pansion demands of the company made necessary by the success of a new
alloy introduced by the company. Nickel-chromium alloy will be melted 87,700 barrels of flour capacity daily, 30,500,000 bushels terminal grain
in the new furnace to supply General Motors, Ford and International storage capacity, 10,500,000 bushels country grain storage capacity. 219
country grain elevators and warehouses, seven proprietary feed mills, two
Harvester companies.
Officials of the corporation report that January gross was 10% ahead of cereal food produce mills and 74 branch sales offices and warehouses.
-V. Present management policies and personnel are to be maintained in the
its best previous month, with substantial unfilled orders on hand.
Sperry Flour Co., it is stated.
-V. 128, p. 256.
125, p. 1717.
Orders from dealers have been received for 150 planes which are now in the
process of manufacture.
President Russell E. Gardner, Jr., interviewed in New York in connection with the rise of the company's stock to a new high of 25, said, "In my
opinion, the price reached by Gardner stock is too high and more than
discounts the present development of the company's affairs."
-V. 128, ri•
567.
-Acquisition.
General American Tank Car Corp.
The corporation in Nov. 1928 acquired by purchase the plant and property
of the Buffalo (N. Y.) Steel Car Co. The plant of the latter company will
be used primarily as a repair and maintenance works for tank cars and
similar railroad-owned rolling stock. No additional financing was required.
-V. 128, p. 737.
-Comparative Balance Sheet.General Baking Corp.
AssetsDec.29'28. Dec.31 '27.
Property dc plant x$27511,107 522778,360
Cash
2,649,547 3,310,386
U.S. Liberty bonds
2,011,525
729,092
Accts.rec.(Iess res.) 845.894
Inventories
2,170,835 1,961,298
Investments
260,799
273,494
Deferred charges._ 743,088
738,566
Trade-marks,copyrights, good-will,
1
.ke
1
Liabilities-.. _ _Dec. 29'28. Dec.31'25.
Accounts payable.. $844,467 $289,833
Divs. payable__ 1,672,115 1,241,225
Est. Federal tax,
1,001,538 1,193,506
current year_ _
47,432
55,269
Sundry accruals 96,500
93,000
Funded debt
158,059
203.667
Res. for canting
Gen.Bkg.$8 pf.stk.y9077.500 9,077,500
18,474
16,106
Min.Int. corn.stk.
Capital stock_ ...z16,083.967 16,068,515
Earned surplus_ 5,173.381 3,571,937
Tot.(each side)S34,181,272 531802,722
x After deducting reserve for depreciation of $7,449,660. y Represented
by 90,775 shares of no par value, having a value at liquidation of $100
per share. z Preferred stock (no par value) authorized 2,000.000 shares
issued, 1,110.980 shares; less held in treasury, 117,900 shares; balance
992,980 shares, having a value at liquidation of $100 per share. Common
stock (no par value) authorized, 5.000,000 shares; issued, 4.496.490 shares;
less held in treAsury, 1,024,129 shares; balance, 3,472,361 shares. These
are represented by capital surplus of 516.083.967. Our usual comparative
income account was published in V. 128, p. 737.
The company in a letter to the stockholders Jan. 30 says in substance:
The new Philadelphia bakery has been completed at a cost of more than
$1,000.000 and is now in full operation,supplementing the two other Philadelphia bakeries. The Wichita bakery was completed early in the year of
1928 and is also in operation. The Manhattan bakery has been modernized
by an electric traveling oven and a complete interior rearrangement. The
Rochester bakery, where Pond Bread originated in 1915. has been greatly
improved by the erection of a new addition. The new bakery in Oklahoma
City is virtually completed and will be in operation within a few weeks.
Ground has been broken for modern new plants in Norfolk, Va., and
Worcester. Mass.
Bakeries have been acquired in 7 new cities-Columbus,0.;Indianapolis,
Ind.; Louisville, Ky.,Schenectady, N. Y.; Albany. N. Y.,and at Allentown
and Reading. Pa. (the latter two from the Kolb Baking Co.)
In 1928 $5,240,190 and in the last 3 years a total of $9.817.891 has
been devoted to the physical improvement and expansion ofthe corporation's
plants, all without the issuance of additional securities. The Liberty bonds
we have been carrying have provided a part of the funds used for this
purpose.
-V. 128, p. 737.
General Cigar Co., Inc.
-Annual Report.
Calendar YearsGross earnings
Sell. adm. & gen. exps
Deprec. and amort
Federal taxes
Net income
Other income
109e.
1(111.
1928.
$11,209,660 $10,899,477 38,857.738 $9,008,235
5,341,053
6.301.326
6,599,624
313,882
531,000( 5,938.5611
668,771
379,073
519,980
416,997
$3,524.267 $3,546.570 32.919.177 52,974.226
181,267
131.126
280,274
47,602
Total imcome
$3,571,869 $3.826,844 33,050.303 $3,155.493
487.490
498,002
Int. on notes and. loans....
460.708
431,409
Net income
$3,140,459 $3.366.136 $2,562,813 32,657.491
350,000
350,000
Preferred diva. (7%)......350,000
350,000
160,447
158,069
(7%)-....112,036
Deb. pref. diva.
Common dividends__ ($4)1,,630,280($4)l472.623 x1.449,696(8)1,448,320
Surplus
$1.160,179 $1,431,477
Previous surplus
5,628,723
9,221,947
Premium on redemption
Dr.550
of deb. pref. stock_
Approp, for red, of deb
Cr.2,315,000
preferred stock
152,702
Unamort. disc, on notes
$605,048
5,023,675
$698.724
5,530,539
Dr.5,587
Dr.1,200.000
Profit & loss, surplus_310,382,126 39,221,947 $5,628,723 $5,023.676
Sims. corn. stk. outstand.
y362,576 181.040
407.570
(no par)
407,570
$5.66
$11.85
$7.12
Earned per sh, on corn._
$6.88
x Being 2% on old stock ($100 par) paid in Feb., and $3 paid on 362,576 shares of no par value. y Common stock was changed on Feb. 3 1926
from 250,000 shares, par $100, to 500,000 shares of no par value, two no
par shares being exchanged for each share of old common stock of $100 par.
Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
• Assets$
Liabilities$
Land, buildings
7% cum. pref.stk_ 5,000,000 5,000.000
x407,570 x407.570
machinery,ate__ 4,840,583 3,646,970 Common stock.. _
Good-will, &c...._ _
Bank notes pay'le 2,250.000
1
Cost of licenses for
66.500
Mortgages payable
machinery
2,453,822 2,252.556 6% gold notes- 4,900.000 5.600,000
Inv. In other cos
5,000 Special capital res.. 1,000,000 1.000,000
5,000
Mtges. receivable_ 120,000
225,000 Accounts payable,
Co.'s corn. stock
pay-rolls, &c...... 1,399,763 1,191,638
purch. or subsc.
550.000
Fed. tax prey_ ___ 430,000
for by employees 644,986
500.000
564,996 Insurance reserve_ 500,000
6% serial notes (at
Unapprop.surplus 10,382,126 9,221,947
cost)
21,156 Capital surplus.__ 4,970,931 4,970,931
Raw malls, supplies, &c
16,811,344 15,699,155
Notes & loans rec.
55,792
30.892
Accts.receivable 4,331,532 3,417,720
Cash
1,760,934 2,289,986
Deferred charges
282,913
288,654
Total
31,306,890 28.442,087
31,306,890 28,442,087 Total
x Represented by 407,570 shares of no par value.
-V. 127, p. 2691.
General Carbonic Co.
-Sale Negotiations Concluded.
See Liquid Carbonic Corp. below.
-V. 127, p. 3405.
General Electric Co.
-Additional Locomotive Order.
See Utah Copper Co. below.
-V. 128. P• 567.
GeneralFireproofing Co.
-Vice President Resigns.
J, S. Sprott recently resigned as Vice-President in charge of sales.
V. 127, p. 3254; V. 128, p. 737.
General Mills, Inc.
-To Acquire Sperry Flour Co.
The directors of the Sperry Flour Co.have concluded a contract with the
General Mills, Inc., providing for the consolidation of the two concerns
subject to the approval of two-thirds of the Sperry stockholders at a meetleg
sailed for Feb. 20.
General Outdoor Advertising Co.
-Annual Report.
Calendar Years
1928.
1927.
x Sales
$29,912,901 $29,826,252
Oper., selling, adm. &
gen. exp., &c
24,380,606 24,144,707
Balance
$5,532,295 $5,681,545
Miscellaneous income...._
383.664
377,328
1926.
10 Mos.End
Dec. 31 '25.
Not
Available.
Total income
$5,915,958 $6,058,873
Int. on bonds. notes &
59,201
mortgages
72,422
Prop, of prof. applic. to
481
minority ints
2,886
Profits after int. charges y$5,856,276 Y$5.983,565 $5,924,081
Prov. for retire & amort.
2,333,109 2,259,310
of adv, display plants_ 2,490,358
495.657
Federal income tax
387,904
477,257
$2,146,114
262.014
$2,978,014 33.173.199 33,169 114 31.884.100
Net profit
Preferred dividends__ -(6%)170,250 (6)170,247 (6)170.426(434)128.260
Class "A" stock diva_ _ _($4)500,000 (4)500,000 (4)500,000 (3)375,000
Common dividends.. _ _ ($2)1.284,766 (2)1,284,765(135)963.577
Surplus
Previous surplus
$1,022,998 51,218,187 31,535,111 $1,380,839
2,915,951
4,134,138
1,380.839
$5,157,136 $4,134,138 $2,915,951 $1,380,839
Total surplus
Shares of com. outstdg.
642,383
(no par)
642,382
642.382
642,382
$2.15
Earns per share on corn_
$3.59
33.89
33.89
x Advertising displayed on own plants and gross commissions earned on
business sublet. y Also after charges of $697,981 for ordinary repairs in
1928, $764,676 in 1927 and $727,967 in 1926.
Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Liabilities
Assets$
S
6% cum. pf. stk.. _ 2,837,825 2,837,825
Real est., mach.,
dr equipment....,6,859,723 6,711.492 Class A stock.. ___ 6,250,000 6,250,000
3,427,131 3,072,972 Common sotck...:14,224,397 14,224,397
Cash
359,028
Acts.receivable_ _ _ 3,541,629 3,303,756 Acts. payable........ 313,262
Commiss. payable 430,688
376,982
Painted Map'. not
Accr.exp.&c.nab. 879,567
652,272
billed to cus'ts
868,971 Amts. pay. on sub(estimated). __
816.583
let contracts_ __ 1,688,542 1,588,983
323 979
2
A d v to esut:1 19
m atis & m 39 T 734:83
330,761
7
493,201
824.466 Prov.for Fed. tax_ 404,968
321,191
Prepd.lease rentals 822,241
787,396 Common dlv. pay_ 321,191
737,486 1,027,816
Funded debt
Prepd., Ins. & oth.
259,856
expenses
502,416
438,326 Res. for canting... 257,859
Res. for min. lnts.
Cash, depos. with
98,075
98,075
outstanding_
31,462
trustees
39,857
Earned surplus._ 5,157,136 4.134,138
Mtges., notes &
274,699
other ree'bles..._ 195,675
Tot.(each side)_33,600,998 32,623,744
Stks.& oth.secs
170,220
201,583
Adver.display plts.15,816.709 15,429,880
Organ. expense.... 350.000
350,000
x Comprised of 642,382 shares of no par value, recorded at $20 Per share
and initial surplus.
-V. 127, p. 2692.
-New Common Stock Placed on a
General Motors Corp.
$3 Annual Dividend Basis-New Chairman-Establishes New
Record Earnings.
-The directors on Feb. 7 declared a regular
quarterly dividend of 75 cents per share on the new $10 pax
common stock, payable Mar. 12 to holders of record Feb. 16.
This is equivalent to $7.50 per share per annum on the old
$25 par common stock which was recently split up on a 2
for-1 basis. Dividends paid on the old $25 par common
shares since issuance follow:
Regular
Extra
Dec. 12 '27. Jan. 3 '28. Mar. 12 '28. June 12 '28.
$ •
$ •25
$1.25. 7E()
-July 3 '28. Sept. 12 '28. Dec. fi '28. Jan.4 '29.
$1.25
$1.25
Regular
Extra
Compare also V. 127, p. 3406.
Lammot du Pont, President of E. I. du Pont de Nernours
& Co., has been elected Chairman of the Board, succeeding
Pierre S. du Pont, who will continue as a member ot the
board and a member of the finance committee.
President Alfred P. Sloan Jr. announced that the corporation's sales and earnings for the year 1928 established new
records for the fourth consecutive year. Sales, excluding all
inter-company items, amounted to $1,459,762,906, an in:
crease of $190,243,233 or 15% over the previous year.
.
Preliminary figures iiulicate that net earnings of the cor.
poration, including equities in the undivided profits of subsidiary operations not consolidated, for the year 1928 were
$276,468,108. This compares with $235,104,826 for the
year 1927, an increase of $41,363,282, or 17.6%. After deducting dividends on preferred and debenture stock amounting to $9,404,756, there remains $267,063,352, being the
amount earned on the common shares outstanding. This is
equivalent to $15.35 per share on the common stock outstanding at Dec. 31 1928, immediately prior to the exchange of
2 shares of common stock of $10 par value for one share of
old common stock of $25 par value, and compares with $12.99
per share earned on the common stock in 1927 calculated on a
comparable basis. The amount earned on the common stock
for the year 1928 is equivalent to $6.14 per share on the new
common stock of $10 par value.
The company's announcement adds:
Sales and earnings in the Moshe( months of 1928 did not fully refleet the
demand for the corporation's products. Shipments of the new Chevrolet.
Pontiac and Olds models were limited by production. The first quarter of
1929 will likewise suffer from inability to fill accumulated orders.
More than 1.100.000 four-cylinder Chevrolet cars were produced In 1928
necessitating capacity operations until late Fall. Plants and machinery
were changed over for production of the new six-ciyinder Chevrolet which
FINANCIAL CHRONICLE
FEB. 9 1929.]
was shipped in volume to the dealers in December. In January more than
80,000 of the new Chevrolets were produced. Currently, Chevrolet
passenger and commercial cars are being turned out at the rate of approximately 5,000 a day, and this division is looking forward to its most successful year.
For the year 1928, retail sales by General Motors dealers to users were
-an increase of
1,842,443 cars compared with 1,554.577 cars in 1927
18.570. General Motors sales to dealers totalled 1,810,806 cars compared
-an increase of 15.9%.
1,562,748 cars in 1927
with
The corporation's cash position continues strong, current cash and
marketable securities aggregating approximately $176,000,000 compared
-V.l8, p. 737.
with $170,000,000 at this date last year.
-Annual Report.
General Railway Signal Co.
1925.
1926.
1927.
1928.
Calendar YearsGross operating income_ $3,288.910 84,983,812 $5,647.083 $3,242,345
896,044
1.092,807
1,131.464
Selling,adm.& gen. exp. 1,146,200
Int.,amortiz.,misc..chgs.
316.531
151.479
326.769
&c. (net)_ _ _ _ - ______ Cr.280.685
240,000
475.000
585,000
375.000
Fed. & State taxes (est.)
$2.048.396 $2,940,579 83.927.797 $1,789,770
Net income
3,542.677
1.971,658
4,324.115
Surplus as at Dec.31-- - 3.515.738
Res,for conting.restored
60,000
215,000
to surplus
Capital paid in rep.g net
amt. rec. for corn. stk.
759,756
2,905,375
3,665.131
in excess of par
49.376
Adj. applic. to prior yrs.
$9,278,641 $10,230,069 $7.470.474 $4,736,184
Total surplus
Losses on liquidation &
Dr93,712
Dr56,877
Cr14,764
oper. of subs
Adjust. of res. for depr.
441.054
& amort
554,440
Add. chargesx
1,014.409
244.610
Res. for contingencies_
138,684
Res,for obsolence_
120.000
120,000
Disct.& exp.applic.to bds
Int. on pref. stock paid
144,738
Fed. Sig. Co
68,860
Sub Co. bonds retired--146.717
154.554
158.234
170,004
Divs. on pref. stock_
1.625,000
725.177
1.665.625
Divs. on corn. stock_ _ - - 1.787.500
Dated Jan. 1 1929; due serially Jan. 1931-1940. Denom. $1,000. Pen
and int. (J. & J.) payable at First National Bank, Cincinnati, O. Red. all
or part on any int. date after 30 days ntotice; at $1.05. If redeemed in part,
such redemption shall be by lot.
Authorized Outstanding
Capitalization$1.500.000 81.500.000
7% convertible notes (this issue)
1.567.300
2,000.000
6 cumulative preferred ($100 par)
3,349,09
.000.000
Common stock ($100 Par)
•15,000 shares of the common stock will be held in the company's treasury
to apply to the convertible privilege of this issue.
Data from Letter of Henry C. Yelser, Jr.,Pres,of the Company.
-This note issue is to provide funds for the purchase of the
Purpose.
assets of The Steel Equipment Corp. of Avenel, N. J., which has recently
been acquired.
Company.-Incorp. in Ohio in Feb. 1882. Is one of the largest manufacturers of office furniture, filing cabinets stationers supplies, sectional
bookcases, &c., in the United States. Starting originally in a small building, employing 15 workmen, the organization has grown steadily until
the plants at the present time occupy modern fire-proof buildings of brick,
concrete and steel consturction covering 20 acres of ground and employing
2.500 skilled workers. The plant at Avenel, N. J., will give the company
great advantage In handling Eastern and export markets, and its close
proximity to N. Y. City affords quick sercvie in this district. elimination
of freight and direct contact with dealers and consumers which is an outstanding advantage. The progress of the company has been steady over
a period of 40 years; starting with an original capital of $60.000. the company's net worth has increased until it is now approximately 87.500,000.
-Net earnings for the last 10 years have averaged $523,570
Earnings.
per annum, which Is equal to 4.9 times the maximum interest charges of
$105,000 of these notes. The balance sheet of the corporation, before
taking into consideration the acquisition of the Steel Equipment Corp..
shows net tangible assets of over $5,862,461 or the equivalent of $3,241 for
each $1,000 note. The figures will be greatly increased upon the llnal
consolidation of the two corporations. In addition attention is called to
the fact that the earnings of the Steel Equipment Corp. at the present rate
will more than cover the into est charges on this note issue and will add
substantially in reducing the principal amount.
-At any time upon ten days' written demand, prior to maConversion.
turity or redemption of the notes, they may be converted into common
stock of $100 par value at the rate of 10 shares of stock for each $1,000 note.
-V. 127. p. 960.
Total surplus, Dec. 31 $7,252,278 $7,180,869 $4,324,115 $3,542,677
$11.61
$5.06
87.78
$5.25
Earns, per share on com_
x Amount charged to eliminate balance of appreciation of plant and
equipment thereby restoring these assets to a basis of cost.
Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$
Magian-$
8
$
AssetsPlant, fixtures, &ez2.921,702 2,648,878 Preferred stock--- 2,833,400 2,833.400
pats.,goud-will,&e. 3,904.420 3,793,021 Common stock_x 7,150.000 7,150,000
163,402
Notes & acc'ts pay. 151.307
Good-will of Ails696.559
20,348 Federal tax (est.)- y531,428
20.346
tralian company
489,378
1,060,000 1.200.000 Accrued dividends 489,376
Call luans
655,740 Accrued int., taxes,
498,623
Cash
189,999
64.088
he
Accounts reelvable 1,829,351 1,997.260
70,587
10,783 Reserve
Rives. In other cos. 441,808
7,252,278 7.180,869
663,402 Surplus
Contract wk.'1.1,011 647 240
Securities owned__ 3.988.985 4,526.160
Invested In and adv
19.785
24,995
to atil. cos
2,821,191 2.733.225
Inventories
179,000
Mtgs. rec.on rl. es 134.000
15,050
15,858
Emp. pension fund
73,269
180,790
Other curl', assets_
Total(each side)18.597,789 18,648.283
112.352
119.675
Prepaid items- _
x Represented by 357,500 shares of no par value. y Includes State
taxes. a After reserve for depreciation of 82,266,097.-V. 127, p. 2374.
-Earnings.
Giant Portland Cement Co.
Calendar YearsNet profit after depreciation and taxes
Bank &c.Int.,rents, &c.
Total income
Deduct-Int.on bds..&c_
Fed. inc. tax for year
LOSR on dismantling of
machinery, &c
Net income
Prof. diva. paid
1928.
1927.
1926.
1925.
$220,321
11.550
$230,606
8,579
$584,912
19,554
1536,498
19,672
$231.871
5.895
31.565
$239,186
9,375
23.916
$604,466
6,539
72,957
$556,170
8,149
63.929
23,776
31.233
50,289
19,540
$174,871
(7%)130,998
$182,119
$493.737
$433.803
(7)130,998 (26)486.564 (17)318.096
$51,121
$7,172
$43,873
$115,706
Balance, surplus
22,085
22,108
22,121
22,083
(par $50)
Shs.com.stk.out.
$2.31
$16.41
$1.99
13.69
Earns, per sh. on com_
Sheet Dec. 31.
Balance
Liabilities1928.
1927.
1927.
Assets1928.
Preferred stock---$1,871,400 81,871.400
Real est., bides.,
machin'y. &c._-$2,874.713 $2,914,988 Common stock___ 1,104,150 1,104,250
57.000
89.000
Cash
220,903
238.315 let mtge. 85
51,671
Accounts payable_
45,353
U.S.ctfs. of I ndebt. 100,344
1,880
Notes & &els rec..
1.064
66,949 Cust. credit bal.__
66,830
unPayroll and
Loaned on collat.
15,499
claimed wages__
demand notes-- 100,000
9,517
26,131
Sundry debtors_.
2,557
2,875 Accr. lot. & taxes_
28,116
Rents & int. recelv.
1.654
495 Res. for contingen18,804
Inventories
426.121
518,249
18,757
cies,&e
Deferred charges-659,500
10,566
15,535 Surplus
615,627
Fund for red. bds_
19,857
Stock & mortgages
owned
2,347
Totsgeach side)83.806,036 83,781.085
6,022
-V. 126. p. 2799.
Gimbel Brothers, Inc.
-7'o Open Saks Branch in Chicago.
The corporation recently announced the forthcoming opening in the
spring of this year of a new store at Chicago under the name and management of Saks Fifth Ave., New York City, supplying the same type of merchandise as that now sold by Saks Fifth Ave. Its departments will consist
of women's and misses apparel, hats, dress accessories and shoes. Saks
Fifth Ave. in Chicago will be located at the southwest corner of North
Michigan Boulevard and Chestnut St., in the Northside shopping section.
Arrangements contemplate the use of approximately 34,000 sq. ft. of floor
space in a new building now completed. The street and second floor space
together with basement has been secured on lease covering a Period of
years, with options providing for expansion.
President Bernard F. Gimbel in announcing this newest store, said in
part: "The public response in New York and throughout the country to
Saks Fifth Ave. has been so marked, it was decided that the exclusive
section of Chicago-second city of the United States
-offered a logical
point for an expansion of the type of service in merchandise rendered by
Saks Fifth Ave. The New York store enjoys a very large Chicago clientele
and in opening a branch store in Chicago this service will be localized for our
Chicago patrons as well as made available to other residents of Chicago.
Roy Chappelle, who formerly managed out-of-town and fashionable resort
stores under direction of Saks Fifth Ave., has been appointed general
manager of Saks Fifth Ave. in Chicago."
-V. 126, p. 3306.
Cladding, McBean Co., San Francisco.
-Stock Dividend
The directors have declared a 2% semi-annual stock dividend on the common stock, no par value, payable Oct. 1.-V. 125.P. 395.
Glidden Co., Cleveland, 0.
-Sales.
Years Ended Oct. 311928.
1927.
Sales
$27,406,295
$25,512.620
(See also earnings in V. 128, P. 119.)-V. 128, p. 738.
Increase.
$1.893,675
Globe-Wernicke Co.
-Notes Offered.-N. S. Hill & Co,.
Cincinnati, are offering $1,500,000 7% cony, coupon notes
at prices to yield from 6% to 6,i%,according to maturity.
897
-Acquires Packing Co.
(Adolph) Gobel, Inc.
The corporation, has acquired approximately 80% of the common stock
of Jacob Decker & Sons. of Mason City, Ia., through an exchange of four
shares of Gobel stock for each share of Decker common stock. Jacob
Decker & Sons have been established for more than 30 years and operate
a large and modern packing plant in the center of the richest corn belt
and hog raising territory in Iowa. This acquisition will insure Gebel an
adequate supply of raw materials of a kind not produced in its own packing
plants in the East. Jacob Decker & Sons does an annual business in excess
of $15,000.000.
An offer of exchange of Gebel stock on the same basis will be given the
minority stockholders of the Decker Co. If all of the 14.498 of Decker
common stock is exchanged, the outstanding stock of Adolph Gobel will
be increased by 57,992 shares. Gebel now has outstanding approximately
-V.127, P. 2829.
350,000 shares of common stock.
-Over 51% of Standard Milling Stock
Gold Dust Corp.
-Under Plan.
Deposited.
The corporation announced on Feb. 7 that well over 51% of the Capital
stock of the Standard Milling Co. has been deposited with the Equitable
Trust Co. as assenting to the offer of Gold Dust Corp. dated Jan. 8 1929.
under which plan the latter is offering its securities in exchange for those
of the Standard Milling Co.
It was further announced that although sufficient stock of the Standard
company has already been deposited to make the plan effective the privilege is open to other Standard stockholders to deposit their shares under
the offer until the close of business Feb. 9 1929.
-V. 128,
Pres. George K. Morrow on Feb.8 declared the plan operative.
1)• 738.
-100% Stock Dividend
Goldman Sachs Trading Corp.
-As a
Merger with Financial dc Industrial Securities Corp.
preliminary to its merger with the Financial & Industrial
Securities Corp., the directors Feb. 7 declared a 100% stock
dividend on the 1,125,000 outstanding shares of capital stock.
This dividend is distributable to stockholders of record Feb.
15.
The directors of Financial & Industrial Securities Corp.
were to take action yesterday on the rights to subscribe to
additional stock in order to bring its capital, taking securities
at market, up to $122,000,000.
Announcement Regarding Merger.Waddill Catchings, President of Goldman Sachs Trading Corp. and
Ralph Jonas, Chairman of Financial & Industrial Securities Corp., announced Feb. 7 that an agreement has been entered into, subject to appropriate stockholders' action, for the consolidation of the two companies.
The capital and surplus of the Goldman Sach.s Trading Corp..taking securities at market, is approximately 8122.000,000. 815,776,000 of which has
been received through the sale to the public in the market of 125,000 shares
of stock so that there are now outstanding 1.25,000 shares of capital stock.
The capital and surplus of the Financial & Industrial Securities Corp. as of
Jan. 1 was approximately $111.000,000, taking securities at market. The
realized profits of the Financial & industrial Securities Corp. for 1928 were
upwards of $35,000,000. By offering rights to its stockholders the Financial
& Industrial Securities Corp. will increase its capital to $122.000.000 and
the two corporations will be consolidated on an equal basis. The new
consolidated company will be known as Goldman Sachs Trading & Financial Corp.
The board of directors of the new company will consist of Waddill CatchWalter E. Sachs,
Ings, Ralph Jonas, Arthur Sachs,Weinberg. There Howard J. Sachs,
will be an executive
Henry S. Bowers and Sidney J.
committee consisting of Ralph Jonas, Waddill Catchings, Arthur Sachs
Sidney .1. Weinberg. The officers of the new company will be Waddill
and
Catchinas, Pres.: Ralph Jonas, Chairman of the executive committee;
Arthur Sachs, Vice-Pros, and Sidney J. Weinberg, Treas.
The management contract between Goldman, Sachs & Co. and the
Goldman Sachs Trading Corp. will be continued and will apply to the consolidated company, which will be called Goldman Sachs Trading & Financial
Corp.
Nathan S. Jonas President of the Manufacturers Trust Co., announced
Sachs will be elected to the board of
thit Waddill Catchings and Walter E.
directors of the Manufatcurers Trust Co. at its next meeting.
Charles L. Tyner, President of the National Liberty Insurance Co. of
America, the Baltimore American Insurance Co. of New York and Peoples
National Fire Insuranc,Co., announced that Ralph Jonas, Waddill Catchings and Walter E. Sachs will be elected to the board of directors of the
.
ytefeivn co wpa hles at th sta ext mt issued
resnectreece m tue forin aleir ntemen eeting
on the merger of Goldman
Corp. and the Financial & Industrial Securities Corp. will
Sachs Trading
reveal that the consolidated corporation will have combined capital and
surplus, taking securities at market, of $244,000,000. This total, combined with the resources of the institutions and companies in which the
corporation will hold a dominant interest, notably in the banking and
insurance field, will make an aggregate in excess of $1,000.000,000.
Goldman Sachs Trading Corp. started operations six weeks ago with a
capital and surplus of 8100,000,000. Of the $22,000,000 increase since
that time, $15,776,000 has been contributed through the sale of additional
shares of the corporation's capital stock. The balance of slightly more
than $6.000,000, on the face of the figures, would appear to represent
profits of the corporation during the six weeks' period.
It is significant to note that the group of insurance companies in which
Financial & Industrial Securities is the dominant interest and with which
Goldman Sachs now becomes associated, is closely related to the Home
Insurance Group, which is also headed by Charles L. Tyner. The Manufacturers Trust Co. ranks well up toward the top of the list among the
banking institutions of New York.
898
FINANCIAL CHRONICLE
The terms and basis of the exchange of stocks between the two corporations is now being worked out. The number of shares of Financial & Industrial Securities Corp. now outstanding is a fraction more than $1.700,000.
k Financial & Industrial Securities Corp. has been particularly active in the
banking and insurance stock field. The firm of Goldman, Sachs & Co.,
which in lending their name to the corporation are staking a reputation of
60 years on the success of the Trading company, has specialized primarily
in industrial securities.
The merger represents the consolidation of two of the largest corporations operating in the trading field on an equal basis and the consolidated
corporation will have the benefit in its direction of the combined experience
of Ralph Jonas and his associates and of the Goldman Sachs interests.
V. 128, P. 410.
Granite City Steel Co.
-Stock Increase, &c.
The stockholders on Jan. 25 increased the common stock, no par value,
from 250.000 shares to 300,000 shares.
Pref. Stock Called.
-
All of the outstanding pref. stock has been called for redemption March 1
at 105 and div. Payment will be made at the Chatham Phenix National
Bank & Trust Co., 149 Broadway. N. Y. City.
-V. 127. p. 2097.
[Vol.. 128.
on air passenger tickets, mall transport freight and express
contracts: (3)
Hangar and Salesroom rentals: (4) Gasoline sales, mechanical, repair and
storage services; (5) Other sources of income such as field meets, athletic
events, aviation meets.
Purpose.-Dobentures are being issued to provide funds for improvements on land; construction of runways and
in the building of the Airport; and for generalother necessary expenditures
corporate purposes.
Hudson Motor Car Co.
-Record January Shipments.
-
The company manufactured and shipped
Essex
in January, establishing a new high record 27,527 Hudson andA year cars
for that month.
ago
shipments were 25,390. It is announced also that sale of Hudson and
Essex cars by distributors and dealers to retail buyers exceeded any previous
January. February shipments are expected to exceed 37,000.-V. 128.
p. 722.
Hudson River Navigation Corp.
-Albany Seaplane
Service from New York to Open Soon.
-
Regular seaplane air service between New York and Albany,
to meet the needs of attorneys, financiers and busy executives, scheduled
who have
business in the Court of Appeals or who must remain in the city for the
close of the Stock Exchange, will be put in operation this summer by this
(F. & W.) Grand 5-10-25c. Stores, Inc.
-Sales.
company in conjunction with Constal Airways, Inc., Howard Curtis, pasMonth of January1929.
1928.
1927.
1926.
senger traffic manager of the steamship company announced on Feb. 6.
Sales
$1.095,766
$655,674
$800,394
$642,923
"The new seaplane service between New York and Albany will operate
-V. 128, p. 257.
between the company's landings at Desbrosses and 132nd streets in New
York and the company's landing at Albany," Mr. Curtis said in his an(W. T.) Grant Co. (Del.).
-Sales.
nouncement. "The operation of the service will be in charge of Coastal
Period Ended Jan. 31- 1929
-Month-1928. 1929-12 Mos.-1928.
Airways, Inc.,
Sales
$3.328.490 $2.624,161 $55,690.091 843,743,929 within anhour of New York City. The seaplane trip will bring passengers
and 20 minutes to Albany. Tickets will be procurable at all
President C. B. Freeman stated that old stores gained 4.55% in sales in of
the company's ticket offices in the United States.
the month and 4.31% in the 12 months.
-V. 128. p. 257.
"A tentative schedule for the New York-Albany service will go into effect
on a basis of two daily trips each way."
(W. T.) Grant Realty Corp.
-V.128, p. 119.
-Capital Reduced.
The company has filed a certificate at Albany, N. Y.. decreasing its
Illinois Brick Co.
-Report.
authorized capital stock from 51,000 shares to 1,000 shares of no par
Years Ended Dec. 31- 1928.
value.
-V. 119. p. 1961.
1927.
1925.
1926.
Net income
8957.192 $1,305.156 81.465.832 81.655.570
Exp.,deprec.,taxes,&c_
Hamilton-Brown Shoe Co.
-New President, &c.
367,632
619.278
535,643
626,180
M. E. Singleton has been elected president, succeeding A. C. Brown,
Net earnings
Who becomes vice-president. Mr. Singleton has also been elected a director
8839.652 $1.036,292
8769.513
560
8589.
to succeed C. P. Ladel and J. Grover a director to succeed John F. Shipley. Dividends
564.000
451.200
658.000
526,400
resigned. Mr. Grover has been also elected a Vice-President.
-V. 126,
Surplus
p. 4090.
3585.092
$25.560
$111,513
3313.252
Previous surplus
779,476
1,162.145
1.899,288
1.568,838
Hamilton Woolen Co.
-Annual Report.
Total surplus
$805.036 82.010,801 81.882.090 $1.747,237
Years End. Nov. 301928.
1927.
1926.
1925.
Stock My. (25%)
1,175.000
Sales (net)
$4,436.987 $4,016.251 $3959043 84.988.172 Cash di v. in excess
ofres.
59
a56,324
Operating costs
x4.357.873 4,326.415 4,462.558 5,069,748 Adjustment
Cr11,198 Dr178,399
-Operating loss
prof$79.114
$310.164
$503.515
$81.576
Profit and loss surplus 8805.095
$779.476 81.899.288 81,568,838
Other income
5,975
9.470
731
9.843 Shs. cap. stk. (par $25)_
235.000
188.000
235.000
188,000
Earns. per sh. on cap stk.
$2.51
$3.27
Net loss
Prof$85.088
$300,694
$502.784
$71,733
Cash dividend in excess of 1927 reserve du
eser due increase in
3
x The
3
x Includes cost of sales 33,912.292:selling and general expenses,$270,390;
stock was changed from shes of $100 par value to shares of $25 par alu1
shares
"
xv 5e
and interest charges. depreciation. &c. $175.192.
in Jan. 1925.
A comparative balance sheet was published in V. 128. p. 119.
Comparative Balance Sheet Dec. 31.
Hart & Hegeman Electric Co.
Assets-Consolidation.
1928.
1927.
LiabilitiesPlan estndeequip_x$2,676.026 82,598.027 Capital stock
Reait a at
See Arrow-Hart 8: IIegeman Electric Co. above.
1 77
82
.
55,8758
192 060 55,9 5,000
-V. 125. P. 2273.
1,678,369 1,565,031 Ace ts payable____ 134,576
71,807
Cash
44,640
184,940
72.211 Accr wages,tax.drc. 140,135
Hercules Powder Co.
-Balance Sheet Dec. 31.Notes orimi
m yemdr acc'ts rec. 666,237
782,690 Federal tax
1928.
1927.
1928.
1927.
601,433
744.485 Doubtful accounts
Assets
$
Liberty bonds_ _
$
569,150
Plants dr property_30,487.721 27,936.803 Preferred stock_ - -11.424,100 11,424,100 Other investments 2,490,687 2,490,688 Fire & tornado ins. 586,002
67,814
67,814 Dividends payable 564.000
658.001)
Cash
1,423,733 1,518,952 Common stock_ _14,700.000
Prepaid insur., dm.
6.925
9.407 Surplus
779,477
805.095
Accts.receivable 4,645,060 4,508.902 Accounts payable_ 650,720 14.700.000
438,770
Collateral loans_ 300.000
Accrued pref. div_
99,961
Total
99.960
58,232,132 $8,330,353
Total
88.232,132 88,330,353
Invest't securities_ 701,631
753,185 Deferred credits_ _ 185,587
x After reserve for depreciation.
36,411
-V. 126, p. 879.
U.S. Govt. sec__ _ 3,371,700 3,371.750 Federal taxes(est.) 545.137
481.987
Materials & imp_ 3,775,789 4.025.659 Reserves
Indian Motocycle Co.
7,537.290 6.050,706
-Annual Report.
Finished product_ 3,153,770 2,682.583 Profit and loss_ _ 12,863,378 11.682,085
Year Ended
-Years End. Aug.51Deferred charges
146,769
116,385
PeriodDec. 31 '28.
1925.
1926.
1927.
Sales less returns & allow $3,806,552 $3,689,061 x84,037,441 84,286,866
Total
48.006,175 44,914,019
48.006,175 44.914.019 Cost, expenses, &c
Total
3,910.728
4,115,361
3,249,686
3,662,146
Our usual comparative income account was published in V. 128, D. 738. Maint. E.Springf. prop _
10,297
6.232
Depreciation
163,928
156,590
157.069
168.052
(A.) Hollander & Son, Inc.(& Subs.).
-Earnings.
Net income for year _loss$465.399
$201,913
Income Account Year Ended December 311928.
$271,323
$211,994
Gain on sale of sec
46,370
Sales
$3.026,657 Previous surplus
1.086,793
1,190.696
1.170.308
1,263,430
Cost of sales
2,102.973
Selling, general & administrative expenses
684,734
Total surplus
$844.400 $1,441,631 81,402,690 81,288,706
Adj. of depr, prior yrs_ _
y49.096
Gross profit
$238,950 London branch adj._ __ Dr41.485
Cr1.948
Other income
266.510 For Fed. inc. tax_ _ __
15,000
Inventory adjustment
125.828
Total income
$505.460 Prem,on pref. stk. purch
304
Interest paid
61,158 Inc. in res. for conting._
14,674
Depreciation
60,038 Sale cap stk. Wire Wheel
Other deductions
216,064
Corp
Dr27.870
Reserved for Federal income taxes
20,183 Preferred dive. (7%)_ _ _
52,500
56.525
54,512
48.685
($1.00)100,000(1.50)150000(1.50)150.000
Common dive
Net profit
$148,016
-V. 128, p. 568.
Surplus
$554,907 81,176,982 $1,170.308 $1.190.696
Holmes Airport, Inc., N. Y. City.
-Bonds Offered.
- Earns, per sh.on 100,000 Nil
shs. of no par com.stk.
$2.03
$1.45
81.57
E. H. Holmes & Co., Inc., New York are offering $3,000,000
x Includes London branch net income of $1,673. y To agree with basis
established by the U. S. Treasury Department for Federal income tax
6% convertible debenture gold bonds at 98 and int.
purposes.
Dated Jan. 1 1929; due Jan. 2 1949. Denom. $1,000. $500 and $100.
Consolidated Balance Sheet Dec. 31.
Liberty National Bank & Trust Co., New York, trustee, registrar and
Assets1927.
1928.
Liabilities1928.
1927.
depositary. Int. payable (J. & J.) at the office of the trustee.
Land & bldgs____ 14520.982 $537,275 Preferred stock___ 5688,000 3712,000
Convertible into no par common stock at the option of the bondholders
675.769 Common stock_z4.000.000 4,000,000
in accordance with the following schedule. Conversion privileges become NI&eh'y dr equip__ b653,510
44.876
operative Jan.1. 1030. when each $1.000 bond shall be convertible, at the Good-will, drc____ 2.500,000 2,500,000 Res, for conting_
345,158 Accepts. payable_
16,653
10.035
option of the holder. into 70 shares of common stock, if exercised during the U. S. Govt. secur_
298,656
338,080 ACCOUnt8 payable_ 211.175
165.247
current year of 1930; or 60 shares during the current year of 1931; or 50 Investments
115,836 Notes payable__
y137.286
shares during the current year of 1932: or 40 shares during the current Cash
290,000
5,463
20,595 Wages payable.-year of 1933; or 30 shares during the current year of 1934. Conversion Notes rec.(rade)._
10,330
11,396
59,280 Res. for Fed. taxes
80,685
20,583
privileges expired ec.31 1934,after which these bonds may be called.either Install. notes rec...
8.704
Accts. receivable
z527,245
478.649 Accrued taxeswholly or in part, by lot, by the corporation, at 102 and int.
6,112
Prepaid royalties
25,000
Ltab. for corn. stk.
83,220
64,707
CapitalizationOutstanding.
Authorized.
Inventories
1,017,581 1,129,719 Surplus
854,907 1,263,429
Common stock (no par value)
100,000 she. Prepaid exp. dr aca310.000 shs.
Convertible debentures (this issue)
$3,000,000
crued I ncome._ _
$3.000.000
5,805
8,869
a 210.000 shares of the total authorized capital are being held unissued Corn. stk. acquired
33,220
04,707
Tot (each M8).85,805,438 $6,303,939
and in reserve for the purpose of having stock available to comply with the
a After depreciation of $251,745. b Aft r depreciation of $686,154
options embodied in these convertible debenture gold bonds.
x Common stock represented by 100,000 shares of no par value. y InCompany.
-Has been formed
the purpose
cash in bank subject to trustee writ. z After deducting
of constructing and operating under the laws of New York for Airport to cluding $50,441for doubtful
modern
350,919 reserve
a close-in
accounts.
serve the City of New York with proper and strictly
Note
.-On Dec. 31 1928 there were unmatured foreign drafts and acterminal facilities for handling
all manner of aircraft transportation.
ceptances under discount aggregating $400,772.-V.
127, p. 1684.
Location of Property.-Property is located in Queens Borough. Here
over 220 acres of land have been acquired just Minting from the 59th Street
Industrial Finance Corp., N. Y.-10% Stock Dividend.
2
Bridge (Queensboro Bridge) over the
The directors have delcared a
East River, 4 miles directly East of
Central Park: 5 miles from 42nd Street and Broadway.. An addition 80 payable March 20 to holders of 10% stock dividend on the common stock
record March 8. The company
acres, connecting the 220 acres block up
Island Sound, with 15 1927, paid a 25% stock dividend on the common shares. on Sept.
ample water frontage affording an excellentwith Long
-V. 12
seaplane base, is under option, p. 739.
which, when exercised, brings the total
300 acres.
Innovation Trunk Co., Inc.
Security.-Debentures are a direct area to overof company, subject to
-Opens
obligation
real estate mortgages 5.3 follows: Mortgages on the 130 acres being acquired
Fella w hp.; time announcement of its plan to enter Second Store. field,
the chain store
in fee simple amount to $2.254,070.
This particular block of 130 acres, the company opened its second large trunk store
upon completion of improvements to be made out of proceeds from these under the direction of F.. W. Ititchell. The in Denver, Cob,on Feb. 4.
initial store of the chain is
debentures, has been appraised at
$7,792,500. The additional 80 acres in New York. A third store will be opened shortly in Los Angeles.
under option to be acquired In
On Jan. 15, the company secured, the patent
from these debentures,
-a
Is valued at $2,400,000. and willpart out of proceedsmortgage of $1.800,000. device which enables the entire hanging contents on selector hangers
carry an
of a trunk to be instantly
The 21-year leases are on an adjoining additional
appraised at $5,600.- removed and placed in a closet. See also V. 128, p. 568.
000, but these leases at the present 90 acres of land $1. To summarize:
International Combustion Engineering Corp.
upon completion of this financing and are carried at
-Ho donly-taking into account fee simple
land, valuations amount to $10,192,500, with first mortgages thereon ing_Company Organized.amounting to $4,054,070, leaving an equity for these debentures of $6.130,
With the idea of establishing one responsibility for all of its activities in
430. exclusive or any valuations on the lea,eholl property.
America relating to the power plant business, the corporation in November
Sources of Income.
-Income from the operation of this Airport will be last organized the Combustion Corp. of America
as a holding company
derived from the following sources: (1) Land Fees; (2) Terminal percentage for the following subsidiaries: Combustion
Engineering Corp., Coshocton
gl..in 1n.i.111)
Iron Co., Green Engineering Co., Raymond Bros. Impact Pulverizer Co.,
Heine Boiler Co.of St. Louis, Heine Boiler Co.of Phoenixville, Pa., Hedges
Walsh-Weidner Co. of Chattanooga and Ladd Water Tube Boiler Co.
The entire capital stock of the Combustion Corp. of America is owned
-V.128. p.412,258.
by the International Combustion Engineering Corp.
-Preliminary Earnings.
International Cement Corp.
Period Ended Dec. 31- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
U.541.359 $7,189,536 $34,214,647 $29,323,153
Gross sales
1.367,916 6.729,759 5.612,711
Packages.dlscts. & allow 1.707,266
Manufacturing costa_ _ - 3,334,909 2,921,407 13,990.863 12,381,231
506,571 2.256.784 1,822.456
647,866
Depreciation
Int. charges & financial
6.140
425,813
202
148,168
expenses
Shipping, selling & ad1,137,969 5,002.118 4.201,105
ministrative expenses.. 1,314,870
*1,388,278 $1,255.470 $5,809,309 $5,299.510
:r
C verofiF
RL t i for t ederal taxes
744,796
680,024
Cr.126,631 Cr. 15,724
& contingencies
$1,514,909 81,271.195 *5.129.285 $4,554,714
Net to surplus
562,500
618.826
562.500
618.826
.
Shs.com.stk.out (no par)
*6.90
$1.96
$7.87
$2.45
Earns. per.share on com_
-V. 128, p. 412.
-New Director.
International Germanic Trust Co.
Charles A. Frueauff has been elected a director, succeeding Fred C.
Pritzlaff.-V. 127, p. 2966.
-Reorganized Into an InvestKeystone Investing Corp.
ment Trust.
Reorganization of the Keystone Investing Corp., recently formed to
acquire all the outstanding capital stock of the Keystone Bond & Mortgage
Co., into an investment trust to deal in high-grade bank. insurance and
realty stocks, was announced this week by the company. The corporation
was originally organized to act as a holding company for Keystone Bond
& Mortgage Co., the latter company continuing its business in purchasing
and selling first and second mortgage issues.
The reorganization plan will convert the corporation into an investment
trust, and with the proceeds from the recent sale of 5,000 stock units,
each unit consisting of five shares of class A and two shares sf el.ss B.
the original list of securities will be purchased for the portfolio. This
sum will aggregate 8875,000 and the new plan will furnish a working
capital of $1,500,000.
Officers elected at the corporation's meeting include William Godnick,
Pres.; Jerome Roth of B. H. Roth & Co., Inc., V.-Pres.• Ralph Raphael,
'
Treas., and Jacob A. Freedman, Sec. B. H. Roth, head of B. H. Roth
& Co.Inc., was named head of the security purchasing committee.See alai) V. 128. p. 740.
-January Sales.
(G. R.) Kinney Co., Inc.
Increase.
1928.
1929.
Month of January$227,351
$889.934
x$1,117,285
Sales
x This is the ninth consecutive month in which sales have shown increases
over the corresponding month of the previous year. It is the third con-V.128.
secutive month in which sales have established new high records.
p.413.
-Balance Sheet
International Germanic Trust Co.
Dec. 31 1928.Assets
34.227.839
Cash
818,735
N. Y. City Municipal Bonds
Bonds & mort. Investments__ 4,179,234
180.000
Federal reserve bank stock-5.529.929
Demand loans
1.609,979
Time loans
Bills mach.,loans & advances 4.511.733
Customers' dab. on accept- 2,279,086
176,598
Accrued interest receivable__
133,987
Vaults & furniture & fixtures.
7,883
Other resources
Total
-V.127. y. 2966.
899
FINANCIAL CHRONICLE
FEB. 9 1929.]
*23,6.54.799
Liabilities
34.000,000
Capital
2.000.000
Surplus
228.96.5
Earned profits
160.474
Reserve
12,636.219
Deposits
Certified & official cheeks out. 1.043.075
9.06.5
Accrued interest payable.-28,180
Unearned discount
14,133
Reserve for taxes. &e
2,303,617
Acceptances
Accept. of other banks sold
with our indorsement __... 1,219,623
11.448
Other liabilities
Total
$23,654.799
-Annual Report for
International Safety Razor Corp.
-The remarks of President A. H.
Year Ended Dec. 311928.
Bryant, together with income account and balance sheet for
year ended Dec. 311928, will be found in the advertising
-V.128, p. 412.
pages of to-day's issue.
-New Director.
International Salt Co.
---Earnings.
(D. Emil) Klein Co., Inc.
Earnings for Calendar Year 1928.
Gross profit from sales
Selling, administrative and general expense
8794.394
294.813
Net profit from sales
Other•..ine
$499.581
29.222
Gross income
Charges against income
Federal income taxes,1928
$528.803
104,022
48.258
Net profit
Preferred dividends
$376,522
70.000
8306.522
Balance,surplus
93.06
Earnings per share on 100.000 shares common stock (no par)
Dec. 31 1928 shows current assets of 81.374.971,
The balance sheet as of
against current liabilities of $117.175. a ratio of more than 11 to I. Net
working capital amounted to 81,257.796. The invested assets of the company are carried at $71.071 and total assets at 81,474,801, with good-will.
brands and trade marks valued at $1.-V. 128. p. 740.
Kolb Baking Co. of Philadelphia. -Sale.-
-V.121. p. 3012.
See General Baking Corp. above.
-New Director.
Kraft-Phenix Cheese Co.
3. R. Moulder, general manager in charge of the company's subsidiaries,
-V. 127.
has been elected a director, succeeding A. S. Kleeman, resigned.
P. 3408.
-V.127.
H.J. Osborn and J. H.Dunham were recently elected directors.
-January Sales.
(S. S.) Kresge Co.
P. 1815.
1927.
1926.
1928.
1929.
Month of January-New Directors.
International Shoe Co.
$9,018.932 $8,657,776 $7,955,788 $7,450,760
Sales
R. E. Blake and L. B. Jackson have been elected directors. Election - 128, p. 569.
V.
-V. 128. P. 110.
of a chairman has been deferred.
-January Sales.
(S. H.) Kress & Co.
1927.
1926.
1928.
1929.
-Sales.
Interstate Department Stores, Inc.
Month of January$4,143.377 $3,759,947 *3.292,250 83.016.025
1928.
Increase. Sales
Month of January1929.
V.
$1,410,124 _ $958.659_84514115 - 128. p. 740. 2.59.
Sales
---Annual Report.
Kroger Grocery & Baking Co.
Jonas & Naumburg Corp.-Pref. Stock Sold.
-Taylor,
1927.
1928.
Calendar YearEwart & Co., Inc., New York, have sold 36,880 shares $3
8
$
207.372.551 161.261.354
cumul. cony. pref. stock (no par value) at $50 per share. Sales
173,737.55.5 133,152.734
The same bankers also offered 25,000 shares common Cost ofsales
33.634,996 28,108.619
stock at $15 per share. This offering does not represent new
Gross profit
25,667
112,428
financing on the part of the corporation, but represents the Interest
896,760
1.183.434
Discount on purchases
purchase of a portion of preferred and common stock holdings from the estate of the late Aaron Naumburg and his
widow. The balance of these holdings has been purchased
by President Messing and associates for cash.
Dividends cumulative from Jan. 1 1929, payable quarterly. Red. in
whole or in part on any div. date upon 30 days' notice at $55 per share
and divs. and in event of liquidation is entitled to $50 per share and diva.
before any distribution shall be made to the common stock. Preferred
stock has no voting power unless cumulative dividends aggregating $4.50
per share shall have accumulated and be unpaid, in which event holders of
preferred stock shall be entitled to one vote for each share held. This right
shall continue until all accumulated unpaid diva. shall have been paid
or provision for such payment shall have been made. Transfer agent,
Guaranty Trust Co. Registrar, Bankers Trust Co.
Convertible into shares of common stock of the corporation on the basis
of three shares of common stock for one share of preferred stock
Data from Letter of Louis N. Messing, President of the Corporation.
History and Business.
--Jonas & Naumburg was established in 1890 as
S partnership and is engaged in the production and sale of hatters' fur
which is used by its customers in making fur-felt hats of every description.
This product is sold to all of the principal fur-felt hat manufacturers in
the United Staten, several of which have continuously purchased this
product since the founding of the business in 1890.
Its plants are located in New York City, South Norwalk, Conn. and
Hamme, Belgium. The latter plant is owned by a subsidiary, all the
capital stock of which, excepting directors' qualifying shares, is owned
by Jonas & Naumburg Corp.
Balance Sheet.-Iteal estate, plants and equipment of the corporation
are carried on its books at a depreciated value of $264,605, although the
sound value as of March 30 1928 was appraised by Standard Appraisal Co.
at $819,195. Since this appraisal the corporation has made some slight
additions to its equipment. There are no mortgages or liens on any of these
properties.
The balance sheet as of Dec. 31 1928 shows current assets of $3,260.465
as compared with current liabilities of 91,026,757 leaving net working
capital of over *2.230,000 with cash items alone in excess of total current
liabilities.
Earnings.
-The business has operated continuously at a profit for the
past 36 years and for each of the last 13 years has reported net earnings
available for preferred dividends of over 8300,000 which is in excess of
twice the annual preferred dividend requirements. Net profits for the
three years ended Dec. 31 1928 after all charges including Federal income
taxes, after adjustment to give effect to non-recurring charges,are as follows:
Year1927.
1928.
1926.
$400.1e1
$396,304
Net profit after Federal taxes
3441,635
Times preferred dividend earned_ __ _
2.4
2.94
2.66
$1.64
Earnings per share on common
$1.94
$1.67
Orders as of Dec. 31 1928 were approximately 100% in excess of those
on the books of the corporation on Dec. 31 1927.
Listing -Application will be made to list these preferred and common
stocks on the New York Curb Market,
Authorized. Outstanding.
Capitalization$3 cumul. convertible pref. stock (no par value)_ 50,000 shs. 50.000 shs.
400.000 shs.• 150,000 shs.
Common stock (no par value)
* 150,000 shares reserved for conversion of preferred stock.
-200% Stock Div.
Johnson Motor Co., Waukegan, Ill.
A 200% stock dividend has been declared on the common stock, no par
-V. 125, p. 3650.
value, according to reports.
Kari Keen Mfg. Co., Inc.-Registrar.
The Chase National Bank has been appointed registrar for 40,000 shares
of class "A" stock (no par value) and 240,000 shares class "B" stock (no
par value).
Gross income
Store expense
Depreciation
Administrative expense
Interest
Federal income taxes
34.930.957 29.031.047
26.234.017 22.032.798
1.054.643
1.273,181
852.050
1.152.454
23,643
218.779
690,809
729.839
Net profit
Previous surplus
5,323.586
13,063.111
4.377,104
9.875.646
18,386,696 14,252,751
Total surplus
6.180
4,994
tst preferred,6% dividends
5.761
4.571
dividends
2nd preferred. 7%
35.693
7% cumulative pref. dividends
1,127.953
1.025,168
dividends
Common-cash
262,567
250,075
Common-stock dividend
Direct credits di charges to surp. prof. realized by
Cr.194.368
for income tax thereonsale of prop. less prov.
96,340
Premium paid on redemption pref.stock
Cr. 14,924 Cr. 35,210
Sundry other credit adjustments
- 17.001,645 13.063,111
Balance of surplus
1,050,423
1,534,618
Sits, corn. stk. outstanding
14.12
33.46
Earns, per share
Balance Sheet December 31.
Comparative
1927.
1928.
1927.
1928.
LtaM1Ittes$
$
Assets7,242.311 1,903,499 Accts. payable.... 8,086,036 3,933.279
Cash
561.748
Notes payable
Market. securities 1,122.230
Accrued expenses- 352,744
107.516
Accts. & notes rec.
2,364
2.364
193,710 Divs. decl. & pay.
443,045
Customers
690.809
16,819 Prov.for Fed.taxes 825.799
Offic's dr em ployees 120.190
198,213 Res, for ins., &c..- 446,567
353,589
Claims & adv.__ 301,734
21.784.496 12,244,170 Recelptstromempl.
Inventories
on subscrip. for
Inv. & advances in
1,419.664
43,921
942,779
cam. stock
- 6,280.679
in other coil_ -48,400
Mortgage payable
Def. install. notes
127,500
261,229
287,604 Mortgage bonds_
recelv
Foltz Grocery &
Corn.stock held for
Baking Co. 7%
38,041
sale to employ.- 247.770
729,000
Pref. stock
Land,bidg.,equip.
81,400
81.400
18,844,733 9,415,961 let pref. stock_ __
elre
65,300
65,300
1 2nd pref. stock___
1
Good will
150,324 Common stock_ _827,366,191 5.252,116
465.838
Deferred charges
382,475
Capital surplus.. _ _ 382.475
Earned surplus_ _ _16,619.170 12.680.635
57.114,257 24,492,262
Total
57,114,258 24,492,262
Total
a 1,534,618.7 shares outstanding December 31 1928.-V. 128, p. 741.
-Report.
Landers, Frary & Clark, New Britain, Conn.
Calendar Yearsx Net earnimos
Surplus on Jan. 1
Adjustments
1925.
1927.
1926.
1928.
$2,189.172 91,777,076 $2.474,053 $2,311.417
4.182,561
5.532.664
4.418,643
5,435,588
Cr.222,892 Dr.395,336
Total
Cash dividends
$7.721,836
1.680.000
$7,212,664
1.680,000
$7.115.598 *6,008,643
1,680,000
1,680,000
Prof.&loss sur. Dec.31 $6,041,836 $5.532,664 $5,435,588 $4,418,643
Shares of cap. stock out420.000
420.000
420,000
420,000
standing (par $25)_ -$5.50
$5.89
$5.21
Earn, per sh. on cap.stk.
$4.23
deducting reserves for depreciation (1928, 9391,186; 1927, 3378.x After
916) and income, taxes and after reserve adjustments.
900
FINANCIAL CHRONICLE
For,. 128.
Balance Sheet Jan. 1.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
1928.
1927.
1928.
1927.
Assets
Liabilities$
Assets$
t
Liabilities
Plant, mach.& eq. 5,090,910 5,284.683 Capital stock
10,500,000 10,500,000 Land, buildings.
Common stock -710,552.850 10,552,850
Inventories
3,031,584 3,181.271 Accounts payable,
machinery,&o._x3,749,454 4,110.246 Accts. payable __ 123,329
40,794
Cash
1,241.455 1,947,413
accrued expenses
Drawings, patt'ns,
Miscellaneous acAccts. & notes rec.
& income taxes_ 710,450
615,959
dies, dm
1
1 crued liabilities _ 100.334
109,350
and investments 8.493,056 7,260,256 Reserve for continGood-will
2.687.716 2.687,716 Rea.for cording. - 440,000
450.000
Ctts of deposit.-- 300,000
gencies
613,583
605,000 Cash
74,375
66,515 Accident insurance
Prepaid expenses-- 128,861
Dividends payable 420,000
420,000 U.S. Govt. securs. 4,494,196 5,713,193 reserve
159,922
165,516
Surplus
6,941.836 5,532.664 Other investments. 170.380
170,380 Surplus
2,381,052 2.914,772
Ils & nears. ree
739,357
251.682
Total
18,285,869 17,673,623 Total
18,285,869 17,673,623 Inventories
1,627,197 1,021,838
-V. 126, p. 1992.
Accident ins.fund
165,516
159,922
Deferred charges
64.890
46.194
Tot.(each skle)_13.773,082 14,227,687
(The) F. and R. Lazarus & Co., Columbus,0.
-Stocks
x After reserve for depreciation amounting to $2.638,182. y 300.000
Offered.
-Lehman Brothers and A. G. Becker & Co. are shares without par value authorized, 88,943 shares unissued, 211,057
shares outstanding. z After reserve of 115,000.-V. 127. D. 658.
offering $2,500,000 6
cumul. pref. shares
at 104 and
dividends, and 80,000 common shares at $29 per share. Both
the pref. and the common shares exempt from present Ohio
personal property tax. This offering consists of shares
acquired from individuals.
Lindsay Light Co.-Earnings.
--
Preferred shares are preferred as to dividends, and as to assets to the
extent of $110 per share plus dividends In the event of liquidation; dividends
payable quarterly, cumulative from Feb. 11929; red. in whole or in part at
any time upon 60 days' notice at $110 per shar, plus diva. Company
agrees on or before Feb. 1 in each year beginning with 1932 to acquire for
retirement by redemption or purchase at not exceeding the redemption
price, out of surplus or net profits after dividends on the preferred shares,
at least 3% of the largest amount in par value of the preferred shrares
which shall ever have been issued and outstanding.
Transfer agent, National City Bank of New York. Registrar, Commercial National Bank & Trust Co. of New York.
CapitalizationAuthorized. Outstanding.
636% cum, preferred shares (par $100)
,
35.000.000
$3.500.000
Common shares (no par)
500,000 abs. 350.000 shs.
-Company has agreed to make application to list both the pretListing.
end the common shares on the New York Stock Exchange.
Data from Letter of President Simon Lazarus. Columbus, Feb. 4.
Company
.-The largest department store in Columbus, Ohio, is the
outgrowth of a business founded in 1851. In 1906 the business was incorporated in Ohio as the F. & R. Lazarus & Co. With the completion of
first large building program in 1909, company entered the department
store field. Since that time the rapid growth of the business necessitated
several building additions, the most recent of which, completed in 1926,
doubled the space occupied. The store in Columbus now has approximately
500.000 square feet of floor space and more than 1,400 employees. making
it one of the largest retail establishments in the State of Ohio.
Interest in the John Shillito Co.
-During 1928 the company acquired a
substantial majority of the common shares of the John Shillito Co. of
Cincinnati, Ohio. The Shillito store has a record of 98 years of service
to the Cincinnati public. Under the supervision of the Lazarus company
the store has since been re-fixtured and re-equipped In a thoroughly modern
manner at a cost of more than $500.000. Although there has not yet been
sufficient time to realize the full effects of these improvements and of the
new management, a substantial increase in sales volume has already been
evidenced.
Profits.
-From the inception of the Lazarus business. 77 years ago.
sales and earnings have shown steady and substantial growth. Since
the opening of the first part of the present store building 20 years ago,
the volume of sales in each year has been greater than that in the preceding year, and in the last ten years the volume of business of the Columbus
store alone has increased fourfold. Co nbined sales of the F. & R. Lazarus
& Co. and the John Shillito Co., in the calendar year 1928. totaled more
than 317.000.000.
The net profits of the F. & R. Lazarus & Co. for the three years ended
Jan. 31 1928. after (1) making adequate provision for depreciation. (2) excluding the net amount of certain non-recurring items averaging annually
168.241, consisting of (a) officers' bonuses. (b) the cost of demolishing
buildings. (c) expenses incident to opening new departments, and (d) nonrecurring interest income less loss on investments disposed of; and (3)
deducting Federal income tax at the rate of 12%. were as follows:
Year Ended Jan 311926.
1927.
1928.
Net profits as above
$742,537 $582.985 1929.884
Times preferred dividend requirement
3.2
2.5
4.0
Per common share
$1.47
$1.01
$2.00
Net profits of $935.830 were shown by the books of the company for the
11 months ended Dec. 31 1928, equivalent
more than 4.1 times the
preferred dividend requirement for the fulltoyear and comparing with
$912,746 for the 11 months ended Dec. 31 1927. Both figures are after
deductions for depreciation and other reserves and for Federal income tax
at the present rate.
Pro Forma Balance Sheet Jan, 311928.
(Giving effect to recapitalization of company and other transactions.]
Assets
Liabilities
Cash
$310.756 Notes payable
$50,000
Accounts receivable
1.249.810 Accounts payable
635.806
Inventory
1.853.591 Accrued liabilities
160,278
Other assets
510.595 Reserve
4:3.431
Inv. in John Shinn° Co
1.472,84:3 6Si% Preferred shares_ -- 3.500.000
Permanent assets
757,134 Common shares
1.300.000
Good-will
1 Surp. from apprec. of prop 2:30.812
Deferred assets
48.518 Earned surplus
282,921
Total
36,203.249
Total
16,203,249
Leasing's, Inc., N. Y. City.
-Earnings.
-EarningsYear Ended Dec. 311928.
Sales
Cost of sales. operating & general exp
Other charges
$444.319
400,190
2,564
Operating profit
Previous surplus
Profit on stock acquired
341.565
14,032
483
Total surplus
Adj. ofinventories
Provision for taxes
Store fixtures written down
Dividends paid
$56,080
1.299
6,780
9,500
1:3,519
Balance Dec. 31 1928
-V. 128.9. 122.
$24 981
Libbey-Owens Sheet Glass Co. -Pref. Stock Called.-
The directors have called all of the outstanding pref. stock for redemption
on April 1 1929 at 115 and div. However, if they desire, holders of pref.
shares may surrender them for redemption and receive 115 and diva, to date
of presentation. Payment will be made at the Ohio Savings Bank & Trust
Co., Madison Ave., Toledo, 0.-V. 127, p. 2952, 3409.
Lima Locomotive Works, Inc.
-Annual Report.-
Calendar Years1925.
1926.
1928.
1927.
Sales$6,558,958 $6,218,760 $17,899,074 $4.490,028
Expenses,&c.x
6,971,084 6,697,468 15.788,430
5,540,095
Oper. loss
$478,708su$2,110,644 11,050.067
1412.126
Other income
300,526
205.675
165,434
287,367
Total loss
$191,341sur$2276,078
$844.392
$111,605
Reserve for Fed.taxes.
221,250
Res. for contingencies_
350,000
Deficit for year.
$191,341sur$1704.828
$844,392
$111.605
Common dividends
422,114
844,228
844,228
844.228
Total deficit
1533,719 $1,035.569 sur$860,600 $1,688,60
Profit & loss surplus _ _ _ _ 2,391,052
2,983,072
3,843,672
2.914,772
Com.shs.ou tst.
(no par).
211,057
2i1.
211,057
211,057
Earns, per sh. on com__
Nil
Nil
$8.08
Nil
x Including manufacturing, administrative and other expenses (amounting to $6,556,322 in 1928). and depreciation (to the amount of $414,762
in 1928).
Calendar Years1928.
1927.
1926.
1925.
Net prof. aft. Fed. taxes
$48,578
$45,550
340,897 loss 18,424
Comparative Balance Sheet Dec. 31.
Assets
1928.
1927.
Liabilities1927.
1928.
Real eat.& bldg _ _ 1245,403 8247,693 7% pref.stock__ 8325,900 $360,000
Good-will, tradeCommon stock-- 600,000
600,000
marks & patents 800.000
600.000 Accts. payable_ ___
11,303
7,988
Cash
27,340
20,038 Res.for Fed. tax__
5,937
Accts. receivable_ _
46.504
29,085 Mtge. payable__ __ 127.500
135.000
Inventories
92,709
130.490 Pref. diva. accrued
6,300
5,703
Investments
1,000
1,000
Deficit
60.073
84,297
Tot.(each side) 31,073.028 81,112,603
At the annual stockholders' meeting Jan. 22 C. W. Stabenau, Robert
L. Little and M. W. Eichelberger were elected directors to succeed J. M.
Sherburne, R. E. Wilsey and F. J. Clifford-V. 127, p. 2543.
Lion Oil Refining Co.
-Changes in Personnel.
-
Col. T. H. Barton was recently elected President succeeding E. C.
Winters who was elected Chairman of the board, a
created position.
T. M. Martin was elected Vice-President, Secretarynewlydirector, succeedand
ing M. M. Breidenthal, resigned. Col. Barton, formerly Vice-President
of the Arkansas Natural Gas Corp. was also elected a director succeeding
F. T. Childs.
-V. 127, p. 2968. 3552.
Liquid Carbonic Corp.
-Acquires General Carbonic Co.--
The corporation, it was announced last week, has concluded negotiations
for the acquisition of all of the assets of the General Carbonic Co., including
their 8 plants located at Long Island City. Albany and Buffalo, N. Y.;
Philadelphia, Norfolk, Va., New Orleans. Chicago, Ill., and Nashville,
Tenn. This acquisition will give the Liquid Carbonic Corp. a total of 26
plants and greatly Increase their productive capacity which was essential
in order to meet the increased demands for dry ice, in which the Liquid Corp,
is interested-V. 128, p. 741.
Lord & Taylor (N. Y. City).
-Balance Sheet Dec. 31.1928.
Assets$
Fixtures &equip__ 8958,140
Good-will
' 3,000,000
Cash
558,933
Accts.receivable.b 3,461,460
Notes receivable_
2.327
Due from affiliated
foreign cos
30,555
inventories
c4,149,750
Prepd.& def. chges
62.770
Loans & Inv. In
MM.cos
734.049
Invest.(incl.insur ) 32,495
1927.
1928.
I LiabtlUies$
$
1,015.830 1st pref.stock -__ 2,385,000
3,000,000 2d pref.stock._ _ 1,895,100
.
.
924.684 Common stock..._ 2,998,000
3,135,165 Accts. payable .... 1.172.683
2,149 Accrued exp. dc
Fed. tax reserve
565,862
28,105 Div. payable Feb._ 112.852
3,749,529 Surplus
3,858,982
61,613
1927'
i
2,385,000
1,895,100
2,998,000
1,148,913
554,109
112,852
3,246,388
390,122
31,168
Total
12,988,479 12,338,362
Total
12,988,479 12,338,382
a Fixtures and equipment, $2.789 933, less reserve. 31.831.793. b Aocounts receivable. 83,542573. less reserve for doubtful accounts. $81,113.
C Inventories of merchandise after deducting 3255.565in 1928 and 1214,048
In 1927 for unearned discounts.
During 1928 dividends were disbursed by the company as follows: Regular
dividends on first pref. stock (6%). 1143.100; on second pref. stook (8%).
$151.608; and on common stock (15%), 1449.700.-V. 127. p. 2241.
(P.) Lorillard Co.
-Earnings.
Calendar Years1925.
1926.
1927.
1928.
Net Inc. after Fed. taxes 13,852.622 $4,121,793 $5.340.779 $6,868,461
Premium on 7% bonds- 16.214
13.765
17,015
11.564
Bond interest
1.213,263
1,207.368
1,613.992
2.023.630
Net income
Preferred dive.(7%)
Common diva
$1.817.428 32.490,786 $4,117.197 $5,641.431
791,532
791,532
791,532
791.532
683.810 a3.505.362 3.704,039
Surplus after dive$1.025,896 $1,015.444 def$179.695 11.145,860
Rejected tax claims_ _Dr.1.604,077
Previoussurplus
14.421,982 13,406.537 13.586.233 12.440.373
Profit & loss surplus -$13.843.801 114,421.981 $13.406.537 $13.586.233
Shs.com.outst'g(par$25) 1,361.745
1,359.742
1,286 644
1,286 640
Earns. per sh. on com _ -$0.75
$1.25
$2.58
$3.77
a Includes dividends paid in stock dividend certificates.
Balance Sheet Dec. 31.
19527.
1928.
1928.
AssetsLtablItetn$
$
Real estate, mach.
Prefstk.7%cum 11,307.600
to b. riiwn.. 3,237.066 12,526,710 Common stock . 34,043,825
storeafi .1
Leaf tub.,
Com Ink.div scrip
770
stock
Com.stk.div.ctfs
88.727
& oper. Bopp.. 53,941,949 51.878,541 Gold bonds ____ 35.105.200
Stk. In other cos. 2,167.500 2.167.500 Pref. dive
.
197.883
Tr_ tror subs.
flueink.brbiid 1.443,280 2.201,972 Bills payable
a msu a
3,000.000
Accr. Int.on bds.
799,732
,t bills 21,268,023 21,270.980 Res.funds
3,185,325
Ccch
Aas
3,183,575 3,030,932 Accts. payable _ 1,095,235
Accts.
Profit & loss.... 13,843,801
receivable
6,638,605 8,927,875
855,000
Deferred assets.
785.000
Total
102,645,898 102,659,511
-V. 126, p. 3309.
Total
1927.
$
11.307,800
33.993.550
770
138.802
35,192,200
197.883
2,500,000
801,255
3.090,287
1.017,203
14,421,981
102,645,898 102.659,511
McCall Corporation.
-Annual Report.-Calendar YearsNet sales
Oper. exp. & deprec'n
1928.
1927.
1926.
812,069,726 811,601,778 $10,735,199
10,169.345 10,017,847
9,270,546
$1,900,381 $1,553.931 $1,464.653
Operating profit
Other income
56.348
42,275
77,299
Total income
11.956,729 81.596,206 11,541,952
Reserve for taxes. &c_..241.701
239,11:3
218,049
Res. for doubtful accts.50,661
47,960
99,996
Net income
$1.664,367 31.309,133 31.223,907
First preferred dividends b
Second pref. dividends__
45,097
307,859
Common dividends
857,156
491.169
599,099
Balance, surplus
3807.211
$772,867
$316,949
Shares of common stock
outstanding (no par)..
263.644
263,504
240,000
Earns, per sh. on corn_
56.30
84.80
34.82
a Shares of $100 par value. b Retired Dec. 1 1927.
1925.
$9,711,646
8.461,693
$1,249,952
41,619
$1,291,572
186,515
91,767
$1,013,290
337,862
143.190
$532.238
a54,390
$16.24
901
FINANCIAL CHRONICLE
FEB. 9 1929.1
Consolidated Balance Sheet Dec. 31.
-January Sales.
Melville Shoe Corp.
1928.
1927.
1927.
1928.
Increase.
1929.
1928.
Month of January$
Liabilities-$
$
s
$1,569,997 $1,125,035
$444,562
AssetsSales
Mach., bldgs., &c.x3,366,968 3,297,291 Common stock-y8,973,752 6,969,606 -V. 128. p. 261, 123.
Acc'tspayable____ 403,508
325,754
Subscr. lists, good131.665
-New Directors.
Merchants National Properties, Inc.
6,077,292 6,077,292 Dividends payable 263,825
will,&c
134,237
5,000
5.000 Accruals and misc.. 163.216
Investments
Edmund C. Lynch, Frederick A. Yard and Luigi Criscuolo have been
239,091 elected directors.
789,314 Res've for taxes-. 250,866
Accts. civ notes rec_ 798,568
-V. 128, p. 123.
12,963
1,683
1,823,021 2,005.587 Other reserves_ __...
Inventories
-January Sales.
143,285 Deferred credits... 1,347.454 1,211.371
Metropolitan Chain Stores, Inc.
Mdse. with dealers 133,657
4,783,421 3,976,210
374,841.
425,300 Surplus
1929.
1928.
1927.
Cash
Month of January1926.
Marketable secure.
$798,226
$692,346
5654,816
Sales
5567,415
at cost & coil Vas 1,291,263
-V. 128. p. 261.
103.287
Inpl's' acc'ts rec._ 211,689
-Bonds Called.
Mid-Continent Petroleum Corp.
Sinking fund cash_
Total(each side) 14,199,008 12,989,618
143,261
-year 631% sinking fund gold bonds,
Deferred charges__ 116,707
All of the outstanding 1st mtge. 15
dated March 1 1925, due March 1 1940, have been called for redemption
x Real estate, buildings, machinery and equipment at cost, $4.456.047,
will be made
less reserve for depreciation, $1.089,079. y Represented by 263,644 shares March 1 at 105 and int. PaymentN. Y. City. at the National Bank of
-V. 128, p. 742
Commerce, trustee, 31 Nassau St.,
-V. 127. p. 3409.
of no par value.
Midsun Oil Corp.-Registrar.
-Sales.McCrory Stores Corp.
Month of JanuarySales
-v. 128, p. 260.
1929.
1928.
1927.
1926.
52,692,397 52,426,122 $2,285,594 $2,157,446
-New Wells.Missouri-Kansas Pipe Line Co. (Del.).
-January Sales.
McLellan Stores Co.
Net sales of this company, including sales of the recently acquired Green
Stores Co., for January 1929 were V .165,107. compared with $773,085 in
January of 1928, an increase of $392,022. or 50.7%. Net sales of $855,226
for the old McLellan Stores chain showed an increase of 36.7% over sales
for the corresponding period of the previous year and sales of the Green
Stores Co. of 5309.881 showed an increase of 109% over the corresponding
-V. 128. p. 261.
period of the previous year.
Manufacturers Finance Co.(& Subs.)
-Earnings.
-1928.
1927.
1926.
Calendar Years1925.
$2.488,845 52,355.825 $2,4t 0,943 $2,823.150
Compensation
1,172,575
1,250.282
1,305.596
Exp. (incl. taxes & dep.) 1,049.250
744.417
646.351
661,272
738,663
Interest paid
Fed. income taxes, est__
83,000
Dividends: Subsidiaries_
51,918
162,039
105,192
126,806
Credit losses
Net income
Previous surplus (adj.)_ _
Adjustments
$533,138
73,099
$431.706
515,510
Total surplus
Preferred dividends _ _ _ _
2nd preferred dividends_
Common dividends
Other charges. Sze
5606.237
157.745
146.280
40947,216 51,793.007 $2,209,320
157.745
154.428
100.663
140.280
160.210
97.522
40.000
340.000
207,227
530.092
622,858
244,951
Surplus and undivided
profits Dec. 31
Earns per sh. on 80.000
shs corn. stk. (par
$1001
126, p. 1050.
295.616
$372,523
1,420.484
$643,973
860,628
704,719
512,596
873,099
$515,511
81,558.058
$2.94
$1.67
$0.72
$5.57
Maryland Casualty Co.
-New Directors.
Louis S. Zimmerman and Charles B. Gillet have been elected directors to
fill vacancies caused by the deaths of J. William Middendorf and Henry
S. Dulany.-V. 128. p. 414.
Maud Muller Candy Co.
-Stock Offered.
-The Huffman
Co., Dayton, 0., recently offered 15,680 shares common
stock (no par value) at $12.50 per share. With the exception of 2,000 shares purchased from the company by the
bankers, at $12.50 per share, this issue of common stock has
been acquired from individual owners and is not offered by
or on behalf of the company.
Transfer agent, Fifth-Third Union Trust Co., Cincinnati, 0. Registrar,
Fifth-Third Union Trust Co., Cincinnati. 0.
Data from Letter of George S. Ball, Pres. of the Company.
CapitalizationAuthorized.
Outstanding.
Common stock (no par value)
32.000 abs.
32.000 she.
-An Ohio corporation. Has taken over the business and
Company.
assets of the partnership which operated under the same name. The
business had its inception in 1917. Company owns 3stores in Dayton,0. and
in addition a 50% interest in another store. It also owns one store in
Toledo, 0. and a 50% Interest in two stores in Cincinnati, 0.; 3 stores in
Indianapolis. Ind., and one store in Muncie. Ind. In addition, company
has agencies in 9 stores in Dayton, 0., 2 stores in Cincinnati, 0., and one
store in each of the following: Columbus, Springfield, Greenville, Franklin,
Oxford. Middletown and Xenia, 0.; Richmond, Ind.. and Lexington,
Covington, Newport and Louisville, Ky.
Earnings.
-An audit by Wall, H ardman & Lane reflects net earnings
for Maud Muller Candy Co., a partnership, after depreciation, for the
past 4 years endei Dec. 31 1928, and as applied to the present outstanding capital stock, as follows:
Per Sh.l
Per 5h.
1925
582,856
549,973
$1.56 1927
$2.58
1926
2.24i1928
71,803
67,436
2.10
No deductions have been made in these figures for Federal income taxes.
(Necessary in the case of a corporation.)
Assets.
-The consolidated balance sheet of Maud Muller Candy Co.,
the partnership, as of Dec. 31 1928, adjusted to give effect to this financing, shows current assets of $59,973 and current liabilities of $5,362, or
in tho ratio of over 11 to 1.
Dividends.
-It is anticipated that dividends of $1 per share per annum
will be paid on the common stock, payable quarterly January, &c.
Listing.-Corporation has agreed to make application to list this stock
on the Cincinnati Stock Exchange.
Minneapolis-Honeywell Regulator Co.
-Earnings.
-Earnings for Year Ended Dec. 31 1928.
Net sales
Cost of goods sold and operating expenses
Depreciation
$5,204,815
3,915,095
118,149
Net profit
Interest and dividends received
Miscellaneous income
$1,171.509
43,681
8,644
Gross income
Interest on bonds
Provision for doubtful accounts
Provision for Federal taxes
Miscellaneous deductions
51,223,895
15,000
23,777
138,691
9.165
Net income
Previous surplus
$1,037,263
744,754
Gross surplus
Preferred dividends
Common dividends
Amortization of organization expense
1928 patent costs written off
$1,782,017
139,349
243,571
27,000
3,846
Surplus Dec. 31 1928
Earnings per share on 134,172 shares common stock (no par)_ _ _ _ 51,368,252
$6.77
The company began operations in Oct. 1927 as a consolidation of two
predecessor companies. The net profit as reported for the first three months
of operation. Oct. 1 to Dec. 31 1927, was $278,581.
The balance sheet as of Dec. 31 1928 shows cash, call loans and marketable securities amounting to $1,603,968 and total current assets of 53,455.014,
as compared with total current liabilities of $364,861.
Earle Baillie and 13. L. Dealt have been elected directors to succeed P. S.
StImson and A. P. Mudgett, respectively.
Vice-President C. B. Sweatt said January sales were approximately 45%
larger than in the same period of 1928.-V. 128, p. 41.5.
The Chase National Bank has been appointed registrar for 45,584 shares
of common stock (no par value).
Presi lent Frank Parrish. has received a wire from the company's office
n Kansas City stating that 7 new gas wells were brought in last week,
one producing 1,350,000 cubic feet per day, one 1,20(1.000 feet and a third
1.000,000 feet. The wells are located on the company's property at Baniste
-V.128. P. 743.
Ridge about five miles from the Kansas City limits.
-Annual Report.
Mohawk Carpet Mills, Inc.
Year End.
-6 Mos. End.
Dec. 31 '28. Dec. 31 '28. June 30'28.
518.507.316 59.342.634 59,164.682
16.647.128 8.526,968
8,120,160
Period
Net sales
Exp. deprec. & Fed. tax
Net earnings
Other income
51.860.188
31.944
$815.666 51,044.522
21.161
10.783
Total income
Interest
51.892.132
28.927
5836.827 51.055.305
12.010
15.917
Net income
$1.863.205
5823.817 51,039.388
Earns, per sh. on 600,000 shs.cap.stk.
$3.10
(no par)
$1.37
$1.73
Balance Sheet Dec. 31.
1927.
1927.
1928.
1928.
Liabilities$
$
Assets$
$
Capital stuck _ _y15,000.000 15,000.000
Land,b1dg.,equip.,
&c
x12.205.893 12,325.640 Contingent reserve 265.000
400.000
160.990 Accounts payable. 227.157
265.687
424.422
Prepayments
Cash & call money 1.496.357 1,074.776 Accruals
327.344
182.111
25.000 Tax reserve
25,000
Market securities
230.224
406.135
Accts receivable.._ 2,461,719 2,597.920 Profit & loss earn._ 8,105,823 7,632,510
7.700.892 7.860,852
Inventories
Total
24,155,548 24.045.178
Total
24.155.548 24.045.178
x After depreciation. y Represented by 600,000 no par shares.
-V.127.
P. 963.
-Vice President Resigns.
Montgomery Ward & Co.
-
(I. E. Crandell, in January last, resigned as Vice-President in charge of
-V. 128, p. 743, 722.
sales and advertising.
-Annual Report.
Mullins Mfg. Corp.
1928.
51.319.149
y569.419
1927.
5804.153
203.919
1926.
5445.541
193.171
1925.
5503.014
175.851
Oper. profit
Other income
5749.720
64.356
5600.224
53.476
5252.270
48.719
$227.163
38.419
Total income
Federal taxes
5814.086
85.555
5653.710
65.000
$301.090
27.916
$3365.581
1.106
Netincome
Preferred dividends -
$728.531
75.720
5588.710
75,720
5273,174
76.670
5324.475
77.160
Calendar YearsGross profit
Expenses
$652.811
5512.990
Balance,surplus
5196.504
$247.215
3,668,789 x3,117,427
Profit & loss surplus
2,508.438 2.417.520
Earns per share on 100,000 abs corn. stk. (no
$6.52
$5.13
51.97
par)
82. 7
x Includes 5300.000 arising from revaluation of radiator plant building
y Includes interest of $5,397.
Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
Liabilities$
$
$
$
Assets$7 preferred stock- 3,000,000
Real est, plant,
x3.642,907 3,034.420 8% pref.stock _ _
946.600
equip., aro
415,814 Com .stock
755,439
y500.000
500.000
Cash
434.034 Notes& accts. pay 604.980
365.669
Accts.& notes reciv 594.855
989.821 Accrued taxes..
21.199
2,019.126
14.346
Inventories
36.569 Due on stk.subsea.
24.221
Other assets
34,178
25.636
85,454 Res.for Fed.tax,dre 85.555
72.670
85.454
Pat.& goodwill..,,.
Surplus
3,668,789 3,117.427
Special fund for
building & equip. 430,000
2,759
Pref. stk. sink. fel _
233,671
Reog. expense_
50,230
Deferred charges... 102.261
Total
7,897,891 5,049.101
7,897,891 5,049,101
Total
x After depreciation. y Represented by 100,000 no par shares.
-V.128.
P. 124.
Mortgage & Securities Co.-Pref. Stock Offered.
-Interstate Bank & Trust Co., Moore Hyams & Co., Corporation
Eustis & Jones, Newman Saunders &
Investment Trust Co.,
Co., Woolfolk Waters & Co., Fairfax & Butler and Donald
Yarborough & Co., New Orleans, La., recently offered 4,000
shares 7% cumul. cony. pref. stock (at market).
Dividends payable Feb. 1 and Aug. 1. Preferred as to assets and
earnings over common stock. Red. on any div. date after 31 days public
notice at 105 plus accrued dividends. Registrar, Interstate Trust &
Banking Co., New Orleans, La.; Transfer Agent: Mortgage Sr Securities Co.
New Orleans, La. Under the present Federal income tax law dividends
on this stock are exempt from the normal tax. Dividends when received
by corporations are entirely exempt from all Federal income taxes.
-into common stock,share for share. up to Jan. 2 1936. upon
Convertible.
Payment of a premium of $10 per share.
Data from Letter of J. L. Hiers, Pres. of the Company.
-Company was incorp. in Louisiana Feb. 23 1905, with a paid
Business.
in capital of $600,000. This capital was increased to $800,000 in 1923.
Company engages in the orginatiotl, participation and distribution of
investment securities, principally first mortgage loans, and, through
national recognition, it is a participant in the distribution of major national
Issues. During its 24 years of activity in the investment field, the company
has handled in excess of $125,000,000 of high grade investment securities.
-Proceeds will be used to furnish increased working capital for
Purpose.
the enlarged volume of business handled by the company, and for other corporate purposes. The volume of bond business handled by the institution
has grown from 57,500.000 in 1924 to $9,500,000 in 1928.
-Company owns the entire capital stock, except
Subsidiaries Owned.
directors' qualifying shares, of the First Joint Stock Land Bank New
Orleans, and of the Southern Mortgage Co. of Abilene, Tex, The First
Joint Stock Land Bank of New Orleans is chartered under the Federal Farm
Loan Act and business already on its books shows an annual operating profit
of $40.561 for the past three years. The Southern Mortgage Co. negotiates
loans for distribution to insurance company clients and other Texas loans.
and has shown an annual profit of $40,405 for the past three years.
902
FINANCIAL CHRONICLE
Consolidated Earnings.
-The following schedule indicates the net consolidated earnings of the Mortgage & Securities Co. and subsidiaries before
providing for Federal income taxes and reserves, for the 12 months ended
March 31:
1926
$127,766
$120,67711928
1927
206.3(18 I
The past three year average therefore equals $154,611 or over 514 times
dividend requirements on this issue.
Equity-This issue of 7% cumulative convertible preferred stock is
followed by 8,000 shares of common stock, also listed on the New Orleans
Stock Exchange. The net tangible assets behind this stock amount to
$319.71 per share.
Listed.-These shares are listed on the New Orleans Stock Exchange.
Motion Picture Capital Corp.
-New Financing,
The common stockholders will vote Feb. 19 on approving (a) the creacommon
tion of an authorized issue of 200.000 shares of cumul. 2nd pre stock,
issuable in series, shares of the first aeries to be presently designated as
$2.50 cumul. cony. 2nd pref. stock, series A. to be redeemable at $40 per
share and accrued dividends plus a premium of $4 per share to be conver
tible into common stock on the basis of 2 shares of common for each share
converted: (b) on increasing the authorized number of shares of common
stock to 1,000,000 shares, no par value.
The directors are now negotiating for the sale for an aggregate purchase
price of $2,000.000 of 50,000 shares of $2.50 cumul. cony. 2nd pref. stock
and warrants entitling the holders to subscribe on or before March 1 1939.
for an aggregate of 200.000 shares of common stock at $10 per share. In
the event of such sale the proceeds thereof will increase the funds of the
corporation available for investment, as will also the proceeds of the sale
-V. 128, P. 571.
of any shares of common stock upon exercise of warrants.
[vol.. 128.
Mich.; B. Nugent Co., St. Louis, Mo.: Frank & Seder, Philadelphia, Pa.;
Lipman, Wolfe Co., Portland, Ore.; E. E. Atkinson Co. Minneapolis,
Minn.; E. E. Atkinson Co., St. Paul, Minn.; Lewin, Neiman Co., Pittsburgh, Pa.; Goldberg's, Inc., Trenton, N. J.; George H. Stifel, Wheeling,
W. Va.; George R. Taylor Co., Wheeling, W. Va.: and the Kaufman
Store, Richmond, Va. Sales of these stores are approximately at the rate of
375.000,000 per year.
The company is now practically a coast-to-coast organization. It was
formed Feb. 1 1923 and financed through an offering of securities by Blair
& Co. President Victor W.Sincere states that much progress has been made
in the last six years in consolidating the businesses now represented in this
countrywide system of large stores.
It will be the company's policy this year to add several million dollars in
volume through the acquisition of additional units. These new units will be
assembled within a close geographical range.
-V. 127, p. 1958.
National Family Stores, Inc.
-Proposed Acquisition.
-
President A. S. Lipman, announced Feb. 7 that the company has just
completed the most satisfactory year in its history, lie further stated that
negotiations are pending for the acquisition of a large company in the same
line of business, and that the details of this purchase could not be made
public at this time but he hoped to have something definite to say in the
near future.
-V. 128, p. 262.
National Liberty Insurance Co.
-New Officers, &c.
-
Charles L. Tyner was recently elected President to succeed George U.
Tempers, resigned. Mr. Tompers continues as a director. Gustav Kehr
was elected honorary Chairman of the board and Edwin G. Forster was
elected Chairman.
In addition to the above, the following officers were re-elected, thus completing the official staff as a result of the recent affiliation of the National
-January Sales.
(G. C.) Murphy Co.
Liberty and Home Insurance groups: Charles H. Coates, V.-Pres.: Benjamin
Increase. B. Weaver, V.-Pres. & Sec.; Alfred J. Barrett. Vice-Chairman of the board
1928.
1929.
Month of January$598,343
$215.803 and Comptroller; E. M. Rebstein, executive Sec., David C. Thorns
$814,146
Sales
and Edward E. Ikier, Asst. Secretaries.
-Earnings.
(F. E.) Myers & Bros. Co.
The new officers elected as Vice-Presidents and Secretaries are Clarence
A. Ludlum, Wilfred Kurth, Prank E. Burke and V. P. Wyatt, who are
Earnings Year Ended Oct. 31 1928.
$1,464.700 also Vice-Presidents of the Home Fire Insurance Co.
Gross profit
All of the foregoing were elected to corresponding positions with the Balti180.000
Federal taxes
124.774 more American Insurance Co. of New York and the Peoples National Fire
Depreciation
22,181 Insurance Co., except that Mr. Barrett was elected Vice-President and
Miscellaneous deductions
Comptroller of the two last named companies. New directors of Baltimore
$1,137,745 American and Peoples National Fire were elected as follows: Sumner Ballare
Net profit
$4.79 (President of the International Insurance Co.). Frank B. McElhill (ViceEarns, per shr.on 200,000 she. corn,stock (no par)
President of Financial & Industrial Securities Corp.), Charles L. Tyner.
Balance SheetOct. 31 1928.
Clarence A. Ludlum and Wilfred Kurth.
-V. 128. p. 743.
Liabilities
Assets33,000.000
Cash, certif. of deposit & sec. $1.823,540 Preferred stock
National Properties.
-Certificates Sold.
-The Foreman
200,000
Notes & accts. receivable_ _
498.891 Common stock
96.803 Trust & Savings Bank, Chicago, announced Feb. 7 the overInventories
633.737 Accounts payable
Real estate, mach.&equip__ 2,099,136 Rea. for Fed., State & Local
subscription of $4,500,000 1st mtge. 5Y
2% trustee's certifi304.148
Miscellaneous insets
taxes & miscel.items
47.802
803.374 cates, series A at par and interest. Sears, Roebuck & Co.
Capital surplus
will be lessees and occupant of all the properties under non698.780
Profit & loss surplus
Total
$5.103,105
Total
x Represented by 200,000 no par shares
-V. 126. p. 1365•
$5,103,105
National Aviation Corp.
-Earnings.
Earnings for Siz Months Ended Dec. 31 1928
Profit from sales of securities
Underwriting commission
Interest on call loans & bank balances
Dividends received
$343.810
10.000
47.343
4.533
Total Income
Officers' Ss office salaries
Rent. telephone & sundry office expenses
Provision for Federal & N. Y. State income taxes
;405.687
4,914
5.698
64.058
Net profit for period
Organization expenses written off
Office furniture & equipment written off
$331.017
40,991
3.146
Earned surplus
$286.879
Earnings per sin-. on 150,000 shs. (no par)
$2.21
Balance Sheet Dec. 311928.
Liabilities
Assets
2,122
e2,926.698 Accounts payable
Investments
Call loans
100.000 Res. for Fed. & N. Y. State
interne taxes
64.058
Cash ln bank
326,382
Capital stock
12,250.000
Initial surplus
750.000
286,879
Earned surplus
$3,353,060
83.353,060 Total
Total
x Represented by 150,000 no par shares.
-Of the unissued capital stock 150,000 shares are subject to options
Note.
expiring July 1 1931, to purchase 50,000 shares at $20 per share, 50,000
-V.
shares at $25 per share and 50.000 shares at $30 per share. _128, P. 571.
-Sales.
National Bellas Hess Co., Inc.
1927.
1926.
1928.
1929.
Month of January42.816,533 $2,501.112 $3,343.473 $2,832,347
Sales
x Includes cash receipts of the Charles Williams Stores.
x1928.
1927.
Year Ended Dec. 31$44,649.103 $44,665,419
Net sales
Cost of goods, selling, operating & administration
41,323.973 43,463,054
expenses, less miscellaneous earnings
735.313
Losses sust. in disposal of aband. lines of mdse._
350,077
63,052
Provision for Federal income tax
269,900
Depreciation of buildings and equipment
137,684
Interest and discount on funded debt
Net profit
Dividends on 7% preferred stock (net)
$2,567,468
432.579
Balance,surplus
Previous surplus
Miscellaneous credits
Capital surplus
$2,134,888 def$37,329
5,612,668 5,168,601
20,539
481.396
411.520
411.520
$404,000
441,329
$8,179,616 $6,024,188
Total surplus
Surplus appropriated for retirement of pref. stock_ 2,549,400
2,299,500
$10.67
Earnings per share on 200,000 shares of common
Nil
x Includes profits of Charles Williams Stores for three months ended
Dec. 311928.
Consolidated Balance Sheet Dec. 31.
1927,
1928.
1927.
1928.
Assets
Lfabilitfes-Plant & equip-- 6,129,103 8,337.213 7% pref.stock„.... 6,184.700 6,184,700
Cash
599,015 Common stock___ 0200.000
200.000
963,388
Call loans, includ.
2,046.500 2,219.000
Funded debt
accrued interest_ 5.116.551 3,054.122 Accts. pay. Incl.
17,313
Seoul'. at market16,276
accepts, under
Postage stamps &
letters of credit_ 2,960.162 1,331,729
postcards
33,580
21,068 Due to customers_ 437.734
318.797
171,195
Notes & accts. rec.
Cust, unfilled ord. 213.894
270,677
less reserve
181,317 1st mtge.6% notes
Inventories
7,329,908 5,352.088
47,500
50.500
not presented-Prepaid expenses._ 920.076 1,002,813 Res. for Federal
106,500
66,276
Accts.rec. not curs
350,077
96,674
tax 1927
1
1 Accr. exp. & unci.
Good-will
53,271
257,440
Unamort. bd. disc.
Pagel!
1.250
& fin. expense-25,562 Rent paid in adv_
1 44
8. 8
30,000
44.849
Res. for coating_
8,179,616 6,024.188
Surplus
Tot.(each sIde).20,865,273 16,686.130
-V. 128. p. 743.
a Represented by 200,000 no par shares.
-Expansion.
National Department Stores, Inc.
The corporation announces that it now controls and is operating the
following stores: The Rosenbaum Co., Pittsburgh, Pa.; Frank & Seder,
pittsburgh, Pa.; the Bailey Co., Cleveland, O.; Frank & Seder. Detroit,
cancellable leases extending five years beyond the maturity
of these certificates.
Dated Feb. 1 1929; due Feb. 1 1949. Pri I lira. and Int. (F. & A.
payable at office of Foreman Trust & Saving
ti. 0; . rustee
Denom. $5.000, $1,000 and $500 c*. Redeemable
1
, in par
at the end of 5, 10 or 15 years on .30 days' notice at face value plus Int.
otherwise in whole or in part at any int. date at face value plus int.and
a premium of 1%. If redeemed In part, certificates so retired shall be
drawn by lot. Rentals payable directly to the trustee under the mortgages
are sufficient to pay principal and interest and retire this Issue through a
sinking fund by maturity.
Sears. Roebuck A Co. has leased the properties securing this issue to be
used as retail "A" stores and in connection therewith. These properties
are located in Rochester and Syracuse, N. Y.; Cincinnati, Ohio; Indianapolis, Ind.; Louisville, Ky.. and Houston. Tex.
Leases require that Sears, Re
-shuck & Co. shall pay taxes, maintenance
and other charges against land and buildings, and shall restore any damaged
properties. Leases are non-cancellable, except under purchase of property
leased at a price sufficient to redeem pro rata portion of this issue, and
extend five years beyond the to .rturity of these certificates; leases include
,
provisions for completion of all buildings by Feb. 1 1930.
Rentals, payable directly to the Foreman Trust & Savings Bank, as
trustee under the mortgagee, sufficient to meet principal and Interest
charges on this issue. area direct. operating charge of Sears. Roebuck & Co.
Security provisions for this issue include that the trustee will bold (1) First
mortgages, amounting to $4,500,000 on properties appraised at more than
$6.100,000. no mortgage to be in excess of 75% of the appraised value of
property mortgaged; (2) non-cancellable leases on all properties to Sears,
Roebuck & Co.. assigned to Foreman Trust & Savings Bank, as trustee
under the mortgages.
Ti e security for these series A certificates will not secure any subsequent
series.
Listed.
-These certificates are listed on the Chicago Stock Exchange.
National Securities Investment Co.-Pref. Stock Sold.
-A. G. Becker & Co. have sold $20,000,000 6% cumul.
pref. stock in units of 1 share of pref, 3 share of common
(and a warrant for 3, share of common stock) at $103.50
per unit. The stocks were offered in the form of allotment
certificates.
There will be deliverable against the allotment certificates and in aocordance with the terms thereof with each share of 6% cumul. pref. stock,
;i share of common stock. Each allotment certificate will carry a nondetachable warrant exercisable at any time after Dec. 31 1929 and before
Jan. 1 1934 as to ;i share of common stock, at the rate of $15 Per share,
for each share of pref. stock represented by such allotment certificate.
The pref. stock is preferred over common stock as to cumul. diva at
the rate of 6% per annum payable Q.
-F. (accruing from Feb. 15 1929),
and as to assets on liquidation up to $100 per share and diver.,_• red. in whole
or in part on any quarterly div. date upon 30 days' notice at $105 per share
and diva.: having equal voting rights share for share with the common stock.
Authorized.
CapitalizationOutstanding.
6% cumul, pref. stock (par $100)
200,000 she,
200,000 she.
Common stock (par $1)*
*1,500,000 shs.
950,000 she.
* 100,000 shares of common stock to be reserved against warrants
accompanying the allotment certificates and 250,000 shares to be reserved
against Managers warrants. The remaining 200.000 shares of authorized
and unissued common stock will be available for future corporate purposes.
The above capitalization is as of April 1 1929 after giving effect to the
redemption of $2,500,000 outstanding 1st pref. stock and $500,000 outstanding 2nd pref. stock.
-Company was organized June 18 1926 in Delaware,
History & Business.
to acquire, hold, sell, underwrite and generally to deal in domestic securities of any nature. The proposed amendments to the certificate of incorporation will add the power to deal in foreign securities. It is the policy
of the managers at present to limit themselves to domestic securities.
Company has been operated profitably since organization and affords investors an opportunity to invest in a diversified list of securities and in
financial operations which might not be available to them as individuals.
The present increase in capital funds will enable the company to widen
its activities and extend its opportunities.
Assets.
-Company will receive $20,100,000 in cash from the proposed
sale of 6% cumul. pref. stock, the accompanying 100,000 shares of com.
stock and warrants for 100,000 shares of corn. stock. It will also receive
$3,125,000 in cash from the proposed sale to the managers at $12.50 a
share of 250,000 shares of COM, stock, and the accompanying managers
warrants for 250,000 shares of corn. stock. The net assets of the company
as of Dec. 31 1928, on the basis of the then market value of securities then
held, after giving effect to the proposed recapitalization and redemption
on April 1 1929 of the present 1st pref. stock and 2nd pref. stock, the proposed sale of $20,000.000 par value of 6% cumul. pref. stock, 350.000
shares of common stock, managers warrants for 250,000 shares of corn.
stock and warrants for 100,000 shares of corn. stock, amount to $30,986,721,
or more than $150 per share on the 6% cumul, pref. stock proposed to be
authorized and issued. The equity of 110,986.721 back of this 6% cumul.
pref, stock will arise in part from now capital subscribed by the managers
and in part from profits, realized and unrealized, as of Dec. 31 1928 on
the basis above indicated.
FEB. 9 1929.]
FINANCIAL CHRONICLE
Management.
-The proposed recapitalization involves no change in the
management of the company. The board of directors will consist of
members of the firm of A. G. Becker & Co.. George Pick of George Pick
& Co.. Chicago, Ill., and Charles K. Foster of Chicago, Ill. Other members may be added to the board from time to time.
Stock Purchase Rights.
-The allotment certificates to be delivered will
carry warrants, detachable only when exercised or in the event of redemption, retirement or delivery of the stock represented by the allotment
certificates, entitling the holder to subscribe for com. stock of the company
at the rate of $15 per share at any time after Dec. 31 1929 and before
Jan. 1 1934, in the ratio of 4 share of com, stock for each share of 6%
cumul. pref. stock represented by such allotment certificates. The managers warrants for 250,000 shares of corn, stock will entitle the holder at
any time and from time to time before Jan. 1 1939 to purchase corn, stock
of the company at the rates of $15, $17.50 and $20 per share, for the first
and second 100,000 and the last 50,000 shares, respectively, as to which
such managers warrants are exercised.
Allotment Certificates.
-Holders of allotment certificates will be entitled
to receive all dividends paid upon the share of 6% cumul. pref. stock and
com, stock represented thereby and to receive, on Feb. 15 1931, or earlier,
at the option of the company.stock certificates for such shares of6% cumul.
pref. stock and common stock.
Listing.-ApplicatIon has been made to list the allotment certificates
on the Chicago Stock Exchange.
903
per annum. Each certificate will bear the endorsement of the trustee that
it holds said bond.
Earnings.
-The net earn ngs of the property after deducting all operating expenses, upkeep, insurance. taxes, &c., have been estimated at
$257,900. This net income is equivalent to 2.53 times the maximum
annual interest requirements of the loan.
Sinking Fund.
-Mortgage provides that 98 Riverside Drive Corp. shall
make systematic monthly payments in advance directly to the trustee,
equal to 1-12th of the total yearly int, and sinking fund requirements.
North American Aviation, Inc.
-New Directors.-
1
At a recent meeting of the board of directors, the following members
were elected: It. D. Chapin (Chairman of the board of Hudson Motor Car
Co.), Hamilton F. Corbett, Herbert Fleishhacker. Thomas Hitchcock, Jr.,
R. R. McCormick, William B. Mayo, Frank Phillips (Pres. of the Phillips
Petroleum Co.), James A. Richardson, and James A. Talbot (Pres, of the
Richfield Oil Co.).
-V. 128. p. 573, 125.
North American Trust Shares.
-New Industrial Trust.
-
Common stocks of 28 American corporations, each a leader in its field.
form the security for North American Trust Shares, creation of which
was announced this week by Distributors Group, Inc., organized to issue
the shares. Through Distributors Group, Inc., certificates will be marketed representing participating non-voting ownership in these stocks,
four of each corporation. The trust will run until Dec. 31 1932. W. W.
Nathan Hale Investing Co., Inc.-Stocks Offered.-S.J. Watson. Jr. Is President of the issuing company.
Included in the list are United States Steel, General Electric,
.
Weiss & Co., New York, are offering 12,500 shares pref. Fruit, Du Pont, Westinghouse, American Radiator, Woolworth, United
American
stook and 12,500 shares common stook m units of 1 share of Telephone & Telegraph, Western Union, Consolidated Gas, Standard Oil
of New York, Standard Oil of New Jersey, Atchison, New York Central,
each at $25 per unit.
Canadian Pacific. Pennsylvania and Union Pacific.
Capitalization.
In the event that any company in the group fails to pay a dividend
50.000 shs. within 100 days after the scheduled time, the terms of the trust provide
7% cumulative preferred stock ($20 par)
75.000 shs. that the stock of this company be sold. Further features are that dividends
Common stock (no par value)
--Organized under the laws of the State of New York. Busi- on North American Trust Shares will be exempt from present Federal
Company.
ness consists solely of investing and re-investing its resources.
income tax and that any bearer of certificates may terminate his relationWith its resources and its extensive facilities for study and interpretation ship at any time during the life of the trust.
of economic and business conditions, the company is able to afford pur-Earnings.
Ohio Leather Co.
chasers of its securities the benefit of careful selection, an opportunity to
participate in underwritings. broad diversification and constant superCalendar Years1928.
1927.
1926.
1925.
vision of investments to a degree not ordinarily available to the individual Net earnings after est.
Investor. By confining its operations to liquid investments the company
Federal taxes
$147.278
$216.349 loss$52.402
$77.238
opportunities for unusual capital Preferred dividends..
will be enabled to take advantage of
132.329
34,850
15.972
63,888
enhancement.
Management -The officers will be headed by S. J. Weiss (of S. J. Weiss
$181,499 xclef368.374
$14,949
Balance, surplus
813.350
-V. 128. IL
& Co.. Bank and Insurance Stock specialists) as President.
x Before Inventory adjustment and reserve of $25,257.
415.
Second pref.stock diva, in arrears amounted to $279.242 on Dec. 31 1928.
Balance Sheet Dec. 31.
Neisner Bros., Inc.
-January Sales.Assets1927. I Liabilities1928.
1927.
1928.
1927.
Month of Jan.1928.
1926.
1929.
Plant &equip.. &o.
First pref. stock_- $697.000 $697,000
Sales
$189.343
$328,625
$389,966
$587,760
less depreciation $8.87.226 $908,345. Second pref.stock_ 790.800
790,800
-V.128, p. 262.
7,2351Common stock... a677.609
Cash
6.561
677,609
U.S. Treas. notes
Accts. pay.& accr.
(J. J.) Newberry Co.
-January Sales.50,4911 taxes
ar accr. Interest_
152,801
124.174
1927.
Month of January1928.
1926.
1929.
Notes payable._
275,000
$387,920 accts.& notes rec.. 479,682
$585.032
Sales
$859.993
$1.299,026
488,922 Dividends payable
less discount__
34.850
-V. 128. v. 262.
1,611,341 1,229,079 Cording. reserve__
Inventory
92,544
59.342
10.492 Liability ins. res__
12,366
Prepaid expense
22.990
29.211
-Production.New Cornelia Copper Co.
Golding. cred. res..
21.298
20.634
1929.
1927.
Month of January1928.
1926.
Federal tax res...,
27.000
34.000
Copper output(kist.)
6.207,040 7,345.020 5,540,400 7,328,120
Tot.(each side)-82,997,176 $2,694,564 Balance
240.134
226,942
128, 13. 353
.
a Consisting of 48.657 shares of no par value.
-V. 127. p. 3555.
New England Oil Refining Co.-Sale.
Oil Shares Inc.-Annual Report.
-V.127. D. 3715.
See Shell Union 011 Corp. below.
Earnings for Period April 10 1928 to Dec. 31 1928.
New York Merchandise Co., Inc.
-Annual Report.- 7,1 Interest,dividends & realized profits
$700.970
Administration & general expenses
52.039
Earnings Year Ended Dec. 31 1928.
47.362
Profit from operations
$394.399 Service,trustee,transfer agent. registrar & other fees. &c
22.689
Other income
110.259 Accrued service fees
Provision for Federal income tax
45.000
Total Income
37.476
8504.658 Organization,legal fees & expenses
Reserve for Federal income tax
60.700
Net income for period
8496.403
Net profit
$443,958 Div. paid & accrued. $361.400: less accrued divs. received on
sale of pref.stock,$26.839
Dividend on 7% preferred stock
334.562
58.333
Net profit applicable to common stock
$161.841
BalancesurPlus
3385.624
Earns. per share on 75,000 she. cont. Ilk. (no par)
Balance Sheet at Dec. 311928.
$5.14
Liabilities
Assess
Balance Sheet Dec. 31.
Cash in banks& on hand ....-_ $237,094 Accounts payable
_-,.-.w.7
13.689
aawar•
-:.....
I. Assets
1927.
1928.
Liabilities1,000.000 Preferred dividend pay.Jan.5
1928.
1927.
Call loans
118.875
Cash
311,452
236.178 1st pref.1% cumn.
116.707 ries for Federal tax
Accounts receivable
45.000
1.404,290 1,495,656
accla receivable
stock
9,434.516 Accrued service fee
8565.300 8700.000 .Investments at cost
22.690
Notes & trade ee2d pref. 7% cumu. 200,000
2,202 6% Preferred stack
200.000 Furn.& fixtures, less deprec..
7.925.000
224,629 Common stock_
186,616
1 cept. rec
Common stock
x300,000
300.000
al.585.000
Life ins. policies
Accept. under corn.
Paid In surplus
928.423
15.240
cash Burr. value.
14,380
letters of credit.. 297.004
Earned surplus
204.675
161.841
Securities
48.915
Notes payable.... 200.000
500,000
Merch. Inventory
Other liab. & acct.
$10,790,519
Total
39,891
54.030
810.790,519
Total
& in transit.-1,087.317 1.179.893 Discount& taxes_
72.700
60,506
* Class A-"Standard Oil" group, $4.542,369; class B-"Independent"
Cap. stock of &fel
Surplus
1,474,241 1,245,243 group, $2,615.580; class C
-"Other Companies" related to the oil or gas
I cos
72,084
72,083
industry. 82.216.566.
Fern. & fixtures17.719
20.647
market value of these securities Dec. 31 1928 was 310.708.563.
The
Unexpired Ins_ _
4.500
20,989
-V.127. p. 3103.
a Represented by 158,500 shares of no par value.
Total
83.149,135 $3,264,455
$3,149,135 $3,284,455
Total
-Initial Common Dividend. Pacific American Co.
x Represented by 75,000 shares no par stock.
-V. 128. p. 744.
The directors have declared an initial dividend of $1.50 per share on the
common stock. no par value, payable Feb. 25 to holders of record Feb. 5.
New York Transit Co.
-New Director, ctc.The company was organized only 8 months ago when its securities
r R..1. Marony has been elected a director succeeding J. R. Fast. 0. H. offered by a banking syndicate headed by Hunter, Dulin & Co.(Boe V.were
126,
Oleaver succeeds W. F. Livingston as treasurer.
-V. 128. P. 573.
P. 3312.)-V. 127. p. 422.
Ninety-Eight Riverside Drive Apartments (98 Riverside Drive Corp.), N. Y. City.
-Bonds Offered.
-Empire
Bond & Mortgage Corp., and Arthur Perry & Co. are offer$1,700,000 1st (closed) mtge.6% sinking fund gold loan
ing
at 100 and interest.
Dated Jan. 1 1929; due July 1 1941. Interest payable. J. & J. Denom.
of $1,000. $500 and $100 c*. Red. as a whole or in part for sinking fund
purposes on any int. date, upon 3 months notice at 102 and int., after
Jan. 1 1931. Interest payable without deduction for normal Federal income
tax not In excess of 2%. Corporation agrees to refund upon application
within 60 days of payment, the present personal property tax of Penn.,
Conn., Maryland, ICentucky, Virginia and the District of Columbia, and
the income tax of any State or District of Columbia not exceeding 6% per
annum, insofar as may be permitted by law, on income derived from these
certificates. Bank of United States, New York, trustee.
Legal for investment of trust funds under the laws of the State of New
York, upon completion of building.
Data from Letter of Robert M. Silverman, Pres, of the Corporation.
Building.
-The property is located at the southeast corner of Riverside
Drive and 82nd St. In the heart of one of the foremost residential sections
Of Manhattan. The building will be of fireproof construction throughout.
16 stories in height, with penthouse and will contain 130 apartments
arranged in suites of three. four, five and six large sized rooms 'with one,
two and three baths. Dinettes,spac ous foyers and ample closet apace have
i
been provided and each suite will be equipped with electric refrigerators and
other modern features for comfort and convenience. The main lobby and
other public spaces will be attractively furnished. The building will be
equipped with four elevators.
-This loan is secured by a closed first mortgage on the land and
Security.
16 story and penthouse fire-proof apartment building under construction.
The plot has a frontage of 109 ft., 34 inches on Riverside Drive and
161 ft. 1 inch on West 82nd St., comprising a total ground area of approximately 14,478 sq. ft.
-In addition to the security of the mortgaged property, there
Guaranty.
'
has been deposited with the trustee, a bond executed by Empire Bond &
Mortgage Corp. agreeing. In the event of default, to pay interest on the
certificates of this issue as the same becomes due, and the principal sum of
any of said certificates within 12 months after receiving notice from the
trustee of default, but with interest in the meantime semi-annually at 6%
Pacific Western Oil Co.-Production Increases.
-
The company's production continues to show steady gains, as shown by
the daily reports of the production department. The present output is now
running at more than 18.500 barrels daily. These figures do not include
between 4,000 and 5,000 barrels a day of heavy crude shut in. Present
production represents a gain of 3.000 barrels a day since the company's
organization in November. The company has 13 strings of tools running.
-.127. p. 2971, 2836.
-Stock Sold.-Trubee dr PutPan American Share Corp.
nam, Inc., Buffalo, announce the sale of $21 per share of
100,000 shares common stock (par $10).
Transfer agent, Marine Trust Co. of Buffalo. Registrar, Manufacturers
& Traders-Peoples Trust Co.
CapitalizationAuthorized.
Outstanding.
Common stock (par $10)
100,000
300,000 shs.
Of the above authorized stock, the managers will receive option warrants
for the purchase of 100.000 shares of the common stock at $23 per share,
to and including Dec. 31 1930 and at $1 per share additional for each succeeding year up to and including Dec. 31 1933.
The corporation will start business with a paid in capital of 31.000.000
and a surplus of $1,000.000.
Company.
-Has been organized under the laws of the State of New York
to buy, sell, trade in. or hold stock and (or) securities of any kind. and (or)
to participate in syndicates and underwritings and (or) to exercise such
Other of its charter powers as the board of directors may determine.
Earnings.
-The corporation will derive its earnings from four principal
sources: (a) through purchase and sale of stocks and bonds of corporations.
governments, &c.: (b) through stock and cash dividends and interest, on
Its investments: (c) through participation in syndicates, underwritings.
&c..
with local and New York banking groups: (d) through participation in
trading accounts.
Management
.-The board of directors will include the president of the
corporation, F. Sears McGraw Jr., and the directors of Baker, Trubee &
Putnam, Inc., who will have full supervision of the ocrporation's affairs.
In addition. the corporation will have the benefit of an advisory committee including partners of several New York banking houses.
The corporation will enter into a 10
-year contract with Baker. Trubee &
Putnam, Inc., whereby the latter will receive for management services
compensation, based upon the appraised net value of the assets owned by
the corporation, not to exceed J.l of 1% quarterly.
The managers of the corporation will purchase for their own investment
over 10% of the presently outstanding capital stock of the corporation at
the public offering price.
(D.) Pender Grocery Co.-Sales.
Month of JanuarySales
-V. 128. p. 744.
1929.
1998.
$1,152,021 $1,035,657
1927.
$930,638
1926.
$805,787
(J. C.) Penney Co., nc.-January Sales..1V.onth of JanuarySales
-V. 128, p. 264.
1926.
1927.
1929.
1928.
$8,621,134 $7,728,947 $6,330,660 $4,967,051
Peoples Drug Stores, Inc.-January Sales.
Month of JanuarySales
-V. 128, p. 264.
[VOL. 128.
FINANCIAL CHRONICLE
904
1929.
$1,112,444
1928.
$693,426
1927.
$584,130
1926.
$427,437
Corp., operating extensively in the Middle West, will become Vice-President
in charge of sales.
Properties taken over by the new Shell company Include a comprehensive
retail distributing system covering many important points in New England.
The refinery of the New England company at Fall River Mass., was sold
this week to E. C. Storrow. Jr., representative of the 1st mtge. Stockholders
Protective Committee. The purchase price was $2.154.000 and the sale
includes the New England company's terminal at New Bedford in addition
to the Fall River refinery. These properties will in turn be sold to the Shell
Eastern Petroleum Products, Inc.
-V. 128, p. 747.
(Isaac) Silver & Bros. Co., Inc.
-January Sales.
Month of January1929.
Sales
$ 365.284
-V. 128, p. 265: V. 127, p. 3262.
1928.
$312,425
1927.
$280,366
1926.
$216,829
Simms Petroleum Co.
-40c. Dividend.
-
The directors have declared a dividend of 40 cents per share on the capital
stock, par $10 payable March 15 to holders of record Feb. 28. A similar
distribution was made on Dec. 15 last, the first payment since April 1
President.
-New
Prudence Co., Inc., New York.
1927 when a quarterly distribution of 37% cents per share was made.
Arthur H. Waterman has been elected President. succeeding William M. Prior to the latter date, semi-annual dividends of 50 cents per share were
-V.126, p.883.
paid.
-V. 127. p. 2550.
Greve, who has been elected Vice-Chairman of the Board.
-Rights.
Radio-Keith-Orpheum Corp.
Skelly Oil Co.
-New Directors.
-
Clarence R. Bitting and Carle 0. Conway have been elected directors
The stockholders of record Feb. 15 will be riven the right to subscribe
on or before March 7 for approximately 290.000 additional shares of class V. 127, p. 3262.
A common stock (no par value) at $30 per share on the basis of 1% new
Southern Utilities Service Co.
-Paul C.
-Bonds Offered.
class A common shares for each 10 shares of either class A or B common
stocks held.
-V. 128, p. 745.
Dodge & Co. Inc., Chicago, recently offered at par and
interest, $750;000 1st mtge. 61% gold bonds, series A.
-Elects Trustees.Realty Foundation, Inc.
Dated Dec. 1 1928; due Dec. 1 1933. Int. payable (J. & D.) National
At the annual meeting of the stockholders, the following trustees were
elected: Joseph P. Day, Audley Clarke, John J. Duffy, Leo J. Ehrhart, Bank of the Republic Chicago, or at American Trust Co., Jacksonville,
Alfred E. Foster, Louis Gold, John Kadel, Max N. Koven, George Kumpf, Fla, trustee. Denom. 81,000 and $500c5. Red. all or part at any time
Andrew N. Nilesen, Simon Newman, J. Dudley Phillips and J. Henry upon 30 days' notice at following prices and int. On or before Dec. 1 1929
at 102%; this premium of 2% 6' reducing at the rate of % of 1% per annum,
Robinson.
-V. 127, p. 2837.
each succeeding 12 months• period ending on and including Dec. 1 resulting
Reliance Management Corp.- Debentures Sold.- in a premium of ji of 1% during the last 12 months. Company pays
in excess of 2% and agrees to refund upon
normal Federal income tax
Ames, Emerich & Co., Inc., Estabrook & Co., and F. A. due application as provided notmtge to the holders who are residents of any
in
Willard & Co. have sold at 99V and int., $5,000,000 5% state in the United States or of the District of Columbia, any personal
assessed
property
not
said
gold debentures, series A (with allotment and stock purchase exceeding taxes mills per on account of the ownership ofMich. bondsmills
annum, including the present
five
five
warrants).
and Penn. and Conn, four mills taxes and to residents of Mass. all Income
the interest paid in any year.
Dated Feb. 1 1929: due Feb. 1 1954. Principal and int. (F. & A.) pay- taxes not in excess of 6% of
Security.-Secured by a direct first mortgage on all the fixed properties
able at Central Union Trust Co.. New York, trustee. Red. all or part on
properties have been appraised by Spooner & Merrill.
any int, date upon :10 days' notice at 105 and int, on or before Feb. 1 1934: of the company. The date of May
15 1928 as having a sound depreciated
thereafter at 105 and int, less3.4 of 1% for each year or fraction thereof Inc., engineers, under
Feb. 2 1934. Denom. $1,000 c*. Interest payable without value of $2,031,194.
elapsed since
-The same bankers offered
deduction for normal Federal income tax not In excess of 2%. Corporation
Offering of $500,000 Notes.
will agree to refund to holders of the debentures, resident in such states.
respectively, upon proper application, the Penn. 4 mill tax. the Conn. 8500,000 one-year 6% gold notes at 99 and interest to yield
personal property tax not exceeding 4 mills per dollar per annum. the over 7%.
Maryland securities tax not exceeding 4% mills per dollar per annum. the
Dated Dec. 11928: due Dec. 11929. Int.
Calif. personal property tax not exceeding 5 mills per dollar per annum. Bank of the Republic of Chicago. trustee. payable (J. & D.) at National
Denom. 81,000
$500 c*.
and the Maas. Income tax not in excess of 66' of the int, thereon per annum. Red. In whole or in part at any time upon 15 days' notice atand and hit.
101
Allotment Warrants.
will carry an allotment warrant Company pays normal Federal income tax not in excess of 2% and agrees
-Each debenture
(non-detachable prior to Feb. 1 19:10 or such earlier date as may he fixed to refund upon due application as provided In trust agreement to the
by the corporation except upon redemption of the debenture prior to such holders who are residents of any state in the United States or of the District
date) entitling the holder to receive on or after Feb. 1 1930. without cost of Columbia, any personal property taxes assessed on account of the owner4 shares of common stock.
said notes not exceeding five mills per annum, including the present
Stock Purchase IVarrants.-In addition, each debenture will be ac- ship offive mills and
Conn. 4 mills taxes and to residents of
companied by a common stock purchase warrant (with the same provision Mich. all income taxesl'enn. and
not in excess of 6% of the interest paid in any year.
Mass,
as to detachability as the allotment warrant), entitling the holder to purchase
Data from Letter of Pres. L. W. Ross, dated Dec. 10 1928.
incl. Feb. 1 1930 at $32
6 shares of common stock at any time up to and
Company.
-A Florida corporation will acquire the ice business, physical
per share: thereafter up to and incl. Feb. 1 1931 at $34 per share; thereafter
up to and incl. Feb. 1 1932 at 836 per share; thereafter up to and incl. assets, Fruit Growers Express contracts and the good-will of six concerns
Feb. 1 19:33 at $38 per share; thereafter up to and incl. Feb. 1 1934 at 840 supplying artificial ice at wholesale and retail In the (At les of Jacksonv.ile,
South Jacksonville, Kissimmee, New Smyrna and Wildwood, Fla. and
per share. The stock purchase warrants will be void after Feb. 1 1934.
Authorized. Outslondino. Tuscaloosa, Ala. and various other small communities adjacent to'
Capitalizationthese
a
$5.000.000 principal distributing centers. In addition to normal commercial Ice
5% gold debentures, series A.due Feb. 1 1954-1,600.000 shs. c220.000 shs. business, the plant at Wildwood has a contract with the Fruit Growers
Common stock (no par value)
under the conservative Express Co. for supplying ice required in the shipment of perishable coma Additional debentures may be issued only
restrictions of the trust indenture. b Includes 30.000 shares reserved for modities which terminates under fixed conditions on Dec. 31 1939 and has
exercise of stock purchase warrants attached to the debentures and 200.000 sold to the Fruit Growers Express Co., annually from 22,000 to :3:3.000 tons
shares for exercise of option warrants held by organizers, management, of ice during the three years this contract has been in existence. The
bankers and their associates on or before Feb. 1 1939. at $30 per share. Jacksonville plant has a contract with the same company expiring Jan. 1
Stock purchase and option warrants will contain provisions designed to 1932, the average annual requirements under it being 15,000 tons of ice
per annum. The New Smyrna plant has a contract with the same company
safeguard the purchase privilege against dilution.
c Includes 20.000 shares represented by allotment warrants attached to expiring Sept. 1 1932 having sold thereunder 18,000 tons during the past
this issue of debentures stockholders will have no pre-emptive right to year.
subscribe for additional stock or securities.
The properties consist of 6 new and modern artificial ice making plants
Corporation.-Incorp. in Maryland for the dual purpose, among others, having a daily capacity of 580 tons with sales in 1927 of 110,000 tons.
of: (a) Managing the portfolios of companies organized and financed to The plants have modern cork lined ice storage capacity for 7,800 tons of ice.
carry on an investment trust business in the United States or in foreign
Outstanding.
Authorized.
Capitalizationcountries for which services it Is anticipated the corporation will receive let mtge 6%% gold bonds, Series "A," due
junior securities and (or) options and (or) other rights in such companies
$750.000
s$2,500,000
Dec. 119.33
in addition to the usual management fees.
500.000
500,000
1-year 6% gold notes, due Dec. 1 1929_
Be) Affording Its own security holders the opportunity of participating not Common stock (no par) Class A
10.000 shs.
10,000 shs.
only in profits of such subsidiaries, but also in the income and profits to Common stock (no par) Class B
10,000 shs.
10,000 she.
derived from the investment of a large portion of the corporation's
be
*The issue of additional bonds of Series "A" or any other Series is refunds in a widely diversified list of stocks and bonds selected and con- stricted by provisions of the mortgage.
stantly supervised by a management organization not ordinarily available
Earnings.
-The consolidated earnings of the constituent p-opertles.
to the individual investor.
for the twelve months ended Oct. 31 1928, (with adjustment
certain
Resources -Upon completion of the present financing, the resources of non-recurring charges, amounting to $24,508 per annum) were for follows
as
corporation will be in excess of $10,000.000. See also V. 128. p. 746
the
Gross revenue
$560,766
Operating costs & expenses, Incl. maint. & local taxes
. 342,023
-Defers Pref. Dividend.
Richardson & Boynton Co.
The directors recently voted to defer the quarterly dividend of 75 cents
Net earnings before int., deprec. & Fed. taxes
$218,743
per share ordinarily paid Jan. 1 on the 83 cumul. div. panic. preference Interest on 1st mtge.634% bonds
48.750
stock, no par value. This rate had been paid regularly since Apr. 11925-.
V. 126, p. 4097.
Balance available for interest on these notes
$169,993
Notes
30,000
- Interest on $500;000 6% the sale of the notes, together with the proceeds
(Dwight P.) Robinson & Co., Inc.-Pref. Stock Called.'
Purpose.
-Proceeds of
the outstanding 6% non-cum. 2d pref. stock has been called for of the sale of $750.000 1st mtge 614% bonds and 10,000 shares Class
All
redemption Feb. 28 at 101 and dive. Payment will be made at the Sea- "A" common stock, will be used for the acquisition of the properties above
-V. 126, p. 426.
board National Bank, 115 Broadway, New York City.
mentioned, to retire the entire existing funded indebtedness on the proper-Initial Preferred Dividend.
- ties, for additions to the properties, and for other corporate purposes.
(Helena) Rubinstein, Inc.
The directors have declared an initial quarterly dividend of 75c. per
South West Pennsylvania Pipe Lines.
-Capital Disshare on the cony. $3 div. pref. stock, no par value, payable March 1 to
holders of record Feb. 18. See offering in V. 127, p. 3414, 3718.
tribution Withheld until Old Certificates are Turned in.
M. Towl Jan. 31, in a letter to the stockholders, says:
President Forrest
-Extra Dividend.
Scovill Mfg. Co. (Conn.).
"Attention is called to the fact that the payment of the $15 per share on
An extra diviuend of 25 cents per share has been declared on the capital account of the capital stock reduction, which was ready for payment on
stock. par $25, payable March 1 to holders of record Feb. 28. The com- Dec. 311928,cannot be made until the old $100 par certificates are returned
pany is also paying regular quarterly dividends at the rate of $3 per share and new 850 par certificates are issued, and that all dividends to the holders
of the $100 par certificates must be retained by the company until the old
per annum.
-V. 126, p. 3774.
certificates are sent in." (See V. 127, p. 1961.)
-Leases, tfcc.Sears Roebuck & Co.
Income Account for Calendar Years.
1927.
1926.
1928.
-V. 128.13• 747, 722.
See National Properties above.
1925.
4340.317
$361.975
8249,362
$200.906
Profit
210,000
560.000
140,000
- Dividends
140.000
-2% Participation.
Security Banker's Finance Corp.
-Y.125, p. 402.
See Fulton Industrial Securities Corp. above.
$151,975
loss$219.683
$109,362
$60,906
Balance surplus
487,598
639,887
566,856
607,577
Previous surplus
Seneca Plan Corp.
-Resignation.
George T. Webb has resigned as a director and Chairman of the board.
8639,573
$420,204
$676,218
$668.483
Total surplus
-V. 127, p. 2838.
32,683
cr314
188.620
101,627
Adjustments
Shawmut Association.
-New Vice-President.
Kenneth L. Fleming, Vice-President of the National Shawmut Bank of
Boston, was recently elected Vice-President.
-V. 127, p. 3415.
Shell Union Oil Corp.
-Organizes New Engl. Subsidiary.
A new subsidiary, the Shell Eastern Petroleum Products, Inc., has been
organized by the above corporation to take over the business of the New
England Oil Refining Co., it is announced, The home office of the new
company will be at 141 Milk St., Boston, Mass. The business will embrace, in addition to the New England territory previously served by the
New England Oil Refining Co., all of the northeastern Atlantic Coast States.
The personnel of the new company will very largely include the personnel of the New England Oil Refining Co. with such additions and
changes as may be considered advisable in the interests of improved efficiency. W. J. Filer, who has been connected with the Shell Petroleum
$639.887
$487,598
$566,856
Profit & loss,surplus - $387,521
17.500
35.000
35.000
35,000
She. outstg.(par $100)__
$19.45
$10.34
$7.12
$5.74
Earned per share
a After adding rentals and Interest of 894,402.
Comparative Balance Sheet Dec. 31.
1927.
Liabtliztes1928.
1928.
1927.
Assetsx$1,935,727 $2,101,798 Capitaistock
$1,750,000 $3,500,000
Plant
Other Investm•ts__ 1,495,915 1,898,235 Cap.stk. reduction
188,600
account
1,367,507
Accts.receivable_ - 204,701
43,508 Accts. payable ___ 209,516
92,253
78,202
Cash
Profit & loss
387,521
639,887
Total
$3,714,545 $4,232,140
Total
33,714,544 84,232,140
-V. 127, P. 1961.
x After deducting $2.500,231 depreciation.
FEB. 9 1929.]
FINANCIAL CHRONICLE
-Stock Offered.
-Dillon, Read
(A. G.) Spalding & Bros.
& Co., Hathaway & Co., Smith, Moore & Co. and Shields
& Co., Inc., are offering at $65 a share 50,000 shares common
stock (without par value).
Bankers Trust Co., New York, registrar. United States Mortgage &
Trust Co., New York. transfer agent. Company has agreed to make
application in due course to list the common stock on the New York Stock
Exchange.
Data from Letter of J. W. Curtiss, President of the Company.
Business.
-A. G. Spalding & Bros., with subsidiaries, manufactures and
distributes a larger volume of athletic goods and equipment than any other
company in the world. It is the only concern which Is engaged in the
manufacture of practically all kinds of athletic equipment with a complete
and widespread sales organization for wholesale and retail distribution of
Its products. Company maintains its own chain of retail stores, of which
47 are situated in the United States and 16 in Canada, England, Scotland,
Ireland, France and Belgium. The present company, which was organized
under the laws of New Jersey in 1892, is the outgrowth of a business established more than 50 years ago. A substantial part of the products manufactured is sold under the well-known trade names of "Spalding," "Wright
& Dltson" and "Reach."
Purpose.
-Proceeds from the sale of this stock will be used to increase
working capital.
Earnings.
-The consolidated net sales of the company and whollyowned subsidiaries, and consolidated net earnings after all charges but
adjusted to reflect reductions of interest as a result of this financing (Federal
taxes having been adjusted accordingly) and after dividends paid on
preferred stool's, for the last six fiscal periods have been as follows:
Net Earns.
Net Earns.
Net Sales. as Above.
PeriodPeriodNet Sales. as Above.
$19.859,125 91,117,304 b1926*
a1923
$19,713.230 $842.753
20,065,981
a1924
608,822c1927
23,961,319 1,050,208
20,810.182
763.058 c1928
a1925
26,024,701 1,552,367
* inasmuch as operations during November and December normally
result in a net loss owing to the seasonal nature of the business, net earnings,
as above, for the 12 months ended Oct. 31 1926 would have amounted to
less than those shown for the 10 months ended that date. a Years ended
Dec. 31. b 10 months ended Oct. 31. c Years ended Oct. 31.
Net earnings as shown above for the fiscal year ended Oct. 31 1928 are
equivalent to approximately $4.45 for each of the 349,110 shares of common
stock to be outstanding upon the issuance of these 50,000 shares.
Capitalization.
-The capitalization of the company, as shown on the
consolidated balance sheet of the company and wholly-owned subsidiaries
as at Oct. 31 1928, adjusted to give effect to certain changes in the form of
capitalization approved by stockholders subsequent to that date and to the
Issuance of these 50.000 shares of common stock and the application of the
proceeds thereof is as follows:
Authorized. Outstanding.
7% 1st pref. stock ($100 par)
93,900,000 $3,885,000
8 s 2nd pref. stock (15100 par)
1.000.000
1.000.000
Common stock (no par value)
500,000 shs. 349,110 shs.
Note.
-On Oct. 31 1928 there was outstanding a mortgage on a leasein the principal amount of 9100,000.
hold
Balance Sheet.
-The balance sheet mentioned above shows current assets
of 915,787,603 and current liabilities of 92,085,541. or net current assets of
$13.702,062.
Dividends.
-Company has paid regular dividends on its preferred stocks
since issuance, and commencing in 1903 has paid dividends each year on its
Common stock. The board of directors has declared a quarterly dividend
on the common stock of 40 cents a share, payable April 15 1929 to stockholders of record on March 30, which is at the rate of $1.60 a share per
8111111111.
Split-up of Shares Approved-Dividend Rate Increased.
-
The stockholders on Feb. 5 voted to change the authorized common
stock from 60,000 shares of $100 par value (59,822 shares outstanding) to
500,000 shares of no par value, 5 new shares to be issued in exchange for
each common share owned.
The stockholders also confirmed the acts of the outgoing board of directors in retiring 11,000 shares of 1st pref. stock, which have been purchased from time to time in accordance with the sinking fund provisions.
The directors have declared a dividend of 40 cents per share on the new
no par common stock, payable April 15 to holders of record March 30.
This is equivalent to $2 per share on the $100 par common stock on which
a quarterly distribution of $1.50 per share was made on Jan. 15 last, while
from July 1926 to Oct. 1928, incl., quarterly payments of $1.25 per share
were made. In addition, an extra of $1 per share was paid on Oct. 15
1928.-V 128, p. 266.
Spear & Co., Pittsburgh.
--Clears up Accumulations.
-
The directors have declared 7 quarterly dividends of $1.75 each on the
7% 2nd pref. cony, stock, payable March 1 to holders of record Feb. 15
(clearing up all arrearages) and the regular quarterly dividends of $1.75
each on the 1st and 2d preferred stocks payable on the same date.
-V.127,
p. 362.
Sperry Flour Co.
-Proposed Consolidation.
-
See General Mills, Inc., above.
-V. 127, p. 1118.
905
Stock Purchase Warrants.
-Each note will bear a warrant entitling the
holder to purchase common stock at $25 per share, in the ratio of 20 shares
per 91,000 note, at any time until Feb. 1 1931. These warrants will not be
detachable unless the notes are called, in which case they may be detached
and may be exercised at any time until Feb. 1 1934.
Stocks Sold.
-The same bankers have sold $1 000 000 7%
cumulative convertible preferred stock and 10 000 shares of
common stock in units of one share of each at $110 flat per
unit.
Each share of this stock is convertible into three shares of common stock
at any time, unless called for redemption, in which case it may be converted
at any time up to within five days of the redemption date. Provisions
to protect the conversion privilege from dilution are contained in the cer-F.
tificate of incorporation. Dividends payable Q.
Red. as. whole or
In part on 60 days' notice ay $105 per share and div. Entitled in liquidation to 9100 per share and div. Transfer agent. National Bank of Commerce in New York; Registrar, the Bank of America, National Association.
-Company has argeed to set aside on Mar. 1 1931 and
Sinking Fund.
semi-annually thereafter, after preferred stock dividends, an amount equal
to 1;5% of the par value of the greatest amount of 7% cumulative convertible preferred stock at any time outstanding. This fund is to be used
to retire preferred stock of this issue by purchase at or below the call price
Or, if not so available, by redemption.
Data from Letter of R. J. Stokes, President of the Company.
Company.
-Is the outgrowth of a business founded in 1897 and, through
its subsidiary companies, is one of the largest manufacturers of automobile
brake-lining in the United States. "Thermoid" is an outstanding name in
this field. Thermoid brake-lining is also sold extensively to the manufacturers and users of oil well machinery, elevators, hoists, tractors and other
Industrial equipment. Company also manufactures automobile clutch
rings and facings, rubber belting and hose, universal joint discs, asbestos
packing and other asbestos and rubber products.
Among its customers the company numbers some of the largest passenger
car, bus, truck and tractor manufacturers in the United States. No one
customer, however, purchases more than a small percentage of the company's total output and a large part of the sales of brake-lining is for replacements on automobiles already in use. These sales are made through
the company's jobbers, approximately 600 in number, who carry stocks of
Thermoid products. A large expansion in the replacement demand is
anticipated during the next few years, not only because of the increasing
number of automoibles, but also because of the more universal use of fourwheel brakes. The concentration of public attention upon the necessity
of adequate brake maintenance in promoting the safety of automobile
operation is a further influence in increasing this demand.
Extensive national advertising has made the trade-marked name "Theymold" widely known to the general public as well as to the trade.
Authorized, Outstanding.
Capitalization5
-year 6% sinking fund gold notes
82.500,000
$3.000.000
2.000,000
1.000,000
l'referred stock ($100 par)
*600,000 shs. 200,000 shs.
Common stock (no par value)
* Includes 60.000 shares reserved for the exercise of stock purchase warrants on the 5
-year 6% sinking fund gold notes and 30,000 shares reserved
for the conversion of 7% cumulative convertible preferred stock.
-Combined net earnings of the companies after all charges.
Earnings.
including interest requirements on 92,500,000 5-year 6% notes, and Federal income tax at present rates, for the three years and ten months ended
Oct. 31 1928, and as reported by the companies for Nov. and Dec. 1928.
averaged $316,950 annually, or more than 4.5 _clines the annual dividend
m
s,ureereofs7p3rem stock.
requieasmsetnottoodf
for the year
or or thant10.5
e 'antlitting:s re
r1928,
above, were
requirements of the preferred stock outstanding.
Earnings as stated above for the year 1928 after deducting dividend requirements of the preferred stock outstanding, are equivalent to 93.33 Per
share on the 200,000 shares of common stock outstanding.
Purpose of Issue.
-The Thermoid Co. (Del.) has acquired the entire capital stocks of the Thermoid Rubber Co. and its associate company, the
Stokes Asbestos Co. The proceeds from the sale of the notes, preferred
purose.and
common stocks outstanding will be used towards the acquisition of
the entire capital stock of the above mentioned companies, and for other
corporate
Listing -Company has made application to the New York Curb Market
for the listing of the 5
-year 6% gold notes, the 7% cumulative convertible
preferred stock and common stock.
Assets ro Forma Consolidated Balance Sheet Oct. 31 1928.
P
$494,873 Acc'ts PIO% & res.for sem exp. $441,618
Cash
U.S. Gov't securities
246,273 Reserve for Federal tax (estj_ 136,580
215,129
less res've. 712,931 Notes payable, deferred
2,500.000
Inventorles rec.
N°tes& aec't8 '
1,138,841 5-yr.6% gold notes
1,000.000
23,545 Preferred stock
Prepaid expenses
26,246 Common stock (no par value)
Sundry investments
775,201
pment_ 2,415,317 and surplus
dt
1
Good-will, patents,
10,50
0
Deterred charge
95.068,528
Total
$5.068,527
Total
-January Sales.
(John R.) Thompson Co.
Standard Milling Co.
-Time Extended.
-
Month of JanuarySales
-V. 128. p. 749.
See Gold Dust Corp. above.
-V. 128, p. 748.
1929.
$1,224,161
1927.
1928.
81.235.352 81,224,745
1926
81,093,665
Standard Oil Co. of Indiana.
-50% Stock Dividend and
Extra Cash Distribution of 50c.
-The directors on Feb. 5
-Initial Preferred Dividend
Thompson-Starrett Co., Inc.
declared a 50% stock dividend and an extra cash dividend -Acquires Interest in General Realty & Utilities Corp-To
50 cents per share in addition to the regular quarterly Increase Common Stock.of
dividend of 623 cents per share, all payable March 15 to
An initial quarterly dividend of 87;5 cents per share has been declared on
holders of record Feb. 16. It is stated that the cash divi- the $3.50 cum. div. preference stock, no par value, payable April 1 to
p.
12 (see offering
dends will be paid on the stock outstanding following the holders of record March vote Feb. 11 onin V. 127.the3262). of the officers
action
ratifying
will
payment of the above stock dividend. The last stock dis- ofThe stockholdersin executing an agreement, dated Jan. 29 1929, between
this corporation
this corporation and Lehman Brothers, Hallgarten & Co.. Hayden, Stone
tribution made was one of 100% in December 1922.
Webster and Blodget, Inc.,
D.
In each of the preceding 12 quarters, an extra dividend of & Co., Chas.Co.Barney & Co., Stone &Co., Central States Electric Kissel,
Corp.,
Brown Brothers and
Kinnicutt &
and
cents per share was paid in addition to the usual quarterly Louis W. Abrons% The Teeson Co., George Pick & Co.will General Realty
25
acquire 100,000
& Utilities Corp. (of Del.), whereby this corporation
dividend of 62 cents per share.
shares of the common stock (without par value) of General Realty & UtiliAt last accounts, there were 9.231,540 shares of capital stock outstanding
out of an authorized issue of 15,000,000 shares, par $25.-V. 128. p. 576.
Standard Oil Co. of Nebraska.
-Smaller Extra Dividend.
The directors have declared an extra dividend of 25c. per share in addition
to the regular quarterly dividend of 623.5c. per share, both payable Mar. 20
to holders of record Feb. 25, An extra distribution of 50c. per share was
made on Sept. 20 and Dec. 20 1928.-V. 127, p. 2698.
ties Corp. and options to purchase 50,607 shares of such common stock at
$10 per share, and will issue in full payment of and in exchange therefor
100,000 shares of its common stock.
The stockholders will also vote on increasing the authorized common
-V.128. p. 749.
stock, no par value,from 500,000 shares to 600,000 shares.
-Increased Common Stock
Timken Roller Bearing Co.
Placed on a $3 Annual Dividend Basis.
Tennessee Copper & Chemical Corp.
a quarterly dividend of
The directors
-Convertible the new commonhave declared value, payable Feb. 18. 75c. per share on
stock, no par
This is equivalent
Approved-Rights.
Bonds
to $6 per share per annum on the stock outstanding prior to the split-up
The stockholders on Feb. 4 authorized an issue of not exceeding $5.000.000
87 15
0 -year convertible bonds.
It is proposed to issue from $3,000,000 to $3,500,000 of the bonds as
series B. dated March 1 1929 convertible into stock at $20 a share during
the first year, $22 a share during the second and $24 during the third, after
which date they will no longer be convertible. Each stockholder
Feb 8 will be given the right to subscribe on or before March of record
.
6 to these
bonds in the proportion of 9400 of bonds for every 25 shares of stock owned.
The present series A bonds, of which approximately $941,000 are outstanding are to be called for retirement Oct. 1. Holders have the
right
Ao convert same into preferred stock up to Sept. 20. See V. 128. p. 749.
-Notes Sold.
Li Thermoid Co.
-Eastman, Dillon &
-for-1 basis. A quarterly distribution of $1.50
of the common shares on a 2
Per share was made on the old stock on Dec. 5 last, while in each of the
nine preceding quarters the company paid a regular dividend of $1 per share
-V. 128. p. 126.
and an extra dividend of 25c. per share.
Tooke Bros., Ltd.-Reorganization, &c.
The resignation of W. A. Tooke. President, has been accepted by the
directors. An executive committee, consisting of W. K. Trower, N. A.
Galt, and W. M. Weir, has been appointed. Donald Young has been
appointed General Manager, and Alex Smith as Secretary-Treasurer.
V. 127, p. 1118.
Co.;
United States Realty 8z Improvement Co.
-Rights
---To
/7 Schluter & Co., Inc., and Oliver J. Anderson & Co. have Increase Capital Stock-To Acquire 2nd Pref. Stock of Beaux-year 6% sinking fund gold notes
sold $2,500,000 5
stock purchase warrants) at 100 and int.
(with Arts Apartments, Inc., &c.
-The stockholders of record
Feb. 20 will be given the right to subscribe on or before Mar.
20 for 244,367 additional shares of unissued capital stock (no
par value) at $80 per share on the basis of one new share for
each three shares held. The entire issue has been underwritten by the National City Co.
Dated Feb. 11929; due Feb. 11934. Denom. $1,000 and $500c* Principal and int. pyable at the office of the trustee. Interest payable (F. & A.)
Red. as a whole or in part on 30 days' notice at 102 and int. until and incl.
Feb. 11930; thereafter until and incl. Feb. 1 1931 at 10135 and hit.; thereafter at 101 and hit, prior to maturity. National Bank of Commerce In
New York, trustee.
906
FINANCIAL CHRONICLE
The company's announcement further states:
At a meeting of the board of directors held on Feb. 7. contracts were
approved aggregating approximately $11,000,000, one of the principal
being the Beaux-Arts Apartments, on which the National City Co. purchased an issue of $3,900.000 preferred stock.
The directors also voted to recommend to the stockholders at the next
annual meeting, increasing the capital stock from 1,000.000 to 2.000,000
shares, the additional stock to remain in the treasury and be disposed of
from time to time as the requirements of the company may demand and
the directors elect.
The board approved the purchase by the company of 2nd preferred stock
in Beaux-Arts Apartments, Inc.. and authorized an expenditure of $450,000
by the Rockwood Alabama Stone Co., which is owned entirely by the
George A. Fuller Co..for further equipment in order to increase the capacity
of the plant.
They also authorized an appropriation of $4,000,000 to cover cost of two
additional stories for the Trinity and U. S. Realty Bldgs., together with new
elevator equipment to increase the carrying capacity. This work, which is
to be started as soon as possible, will be carried on without inconvenience
to the tenants and will give the company four more floors for rental purposes.
-V. 127, p. 3107.
-New Officers.
United States Shares Corp.
Paul Clay, formerly Vice-President and Chief Economist of Moody's
Investors Service, has been elected Vice-President and director and has
-V. 128. p. 750.
been Placed in charge of the research division.
[vol.. 128.
Wilcox-Rich Corp.
-January Record Month.
Orders for valves have been received by the corporation recently from
several airplane motor manufacturers in such volume that a special department for manufacturing and research in this line has been established,
according to President C. IL L. Pintermann. This business includes
several orders from the Wright Aeronautical Corp. and the entire valve
business of the Warner Aircraft Corp.
The output for January was substantially in excess of any month in the
company's history despite the fact that the consolidation of the WilcoxRich Corp. and the Rich Tool Co. was not formally ratified until Jan. 3,
Pres. Flintermann adds. Co-ordination of the corporation's four plants.
however, had been fairly well completed by the first of this year, so that
the advantages of the merger have already been felt.
-V. 128, p. 269.
Will 8c Baumer Candle Co. Inc.-New President, &c.Harold H. Will has been elected President succeeding Theodore C.
'
-V. 128.
Eckermann, who becomes Chairman of the board of directors.
p.751.
-Successor.
Winchester Repeating Arms Co.(Conn.).
-V. 126. p. 3469.
See Winchester Repeating Arms Co. (Del.) below.
Winchester Repeating Arms Co. (of Delaware.).
-Kidder, Peabody & Co. are offering at
Debentures Offered.
-year 6
2
997 and interest to yield 69'%, $6,500,000 5
debentures.
Dated Feb. 1 1929; due Feb. 11934. Interest payable (F. & A.) at office
,
of Peabody Trust Co., Boston, trustee, or at office of Kidder, Peabody &
Co., New York. Callable on any int. date during 1929 at 105 and at 1%
decreasing premiums for each year thereafter. Denom. $1,000 and $500 c*.
Company will agree to pay int. without deduction for any Federal income
tax not exceeding 2% which it or the trustee may be required or permitted
to pay thereon or retain therefrom and to reimburse the holders of these
-Dividend Rate Increased.
Vacuum Oil Co.
The directors have declared a quarterly dividend of $1 a share on the bonds resident in the respective States, if requested within 60 days after
Maryland security tax not
outstanding capital stock, par $25. payable Mar. 20 to holders of record payment, for the Penn. 4 mills tax, for the and
Calif. personal property
Feb. 28. This compares with quarterly dividends of 75c. per share pre- exceeding 434 mills per annum,for the Conn.
company made an extra cash distribution taxes not exceeding 4 mills and 534 mills respectively per annum, and for
viously paid. In addition, the
- the Mass, income tax on the int, not exceeding 6% of such int. per annum.
of $1 per share on Dec.20 last, and in April 1928. a 100% stock dividend.
Data from Letter of Louis IC. Liggett, Chairman and W. A.Tobler,
V. 127, p. 2699.
President of the Company.
-Winchester Repeating Arms Co. (of Delaware) will acquire
Company.
-Earnings.
Chemical Co.(& Sub.).
Vick
the plant, inventory and all other tangible property, receivables, cash,
1927.
1928.
Ended Dec. 316 Months
51,994,662 51,604.716 patents, trade-marks, copyrights and good-will of Winchester Repeating
Net income
13,756
13.690 Arms Co. (of Conn.) and assume its indebtedness including $6,022,000 of
Depreciation
215,700 1st mtge. 734% bonds, due 1941 and $850,000 represented by a 63.4% note
242,301
Federal and State taxes
due Jan. 1 1932, the latter having been issued to the National Lead Co.
$1,738,605 $1,375,325 in connection with a contract for the manufacture of ammunition under the
Net profit
(52)800,000 (52)800,000 "U. S." brand.
Dividends
Winchester Repeating Arms Co. was incorp. in 1867 under a charter
General Assembly of the State of Connecticut.
$938,605
5575.326 granted by special act of the of the Volcanic Repeating Arms Co., which
Surplus
It succeeded to the business
$4.35
$3.44 was
Earns, per sh. on 400,000 shs.(no par) capital stkorganized in 1855. Its business grew steadily and substantially every
Balance Sheet Dec. 31.
year until the start of the World War, as evidenced by its uninterrupted
1927.
1928.
record of dividends from 1868 to 1915. During that period sales increase
Liabilities1927.
Assets1928.
Property & plants- $288,673 $357.541 Capital stock____:$2,002,900 52,002,900 from $324,000 to 511.500,000 and the net profits of that entire period
9,191 averaged over $800,000 per annum.
60,587 Accounts payable_ 303,360
51,246
Sundry accts. rec_
During the World War the Winchester plant was virtually turned over
Reserve for Federal
Trade marks and
432,975
390,498 to war work. That was a period of mass production. The demand for
MEM
1
1
good-will
3,576,779 2,390,087 war munitions was so great that the sales problem became practically nil
268,438 Surplus
939,812
Cash
and the entire plant's increased capacity was taken up with the manufacture
7.395
Empl.stk.sub.acc't 434.304
of war munitions. The sale of sporting arms and ammunition naturally
352,979
663,831
Acc'ts receivable
fell off during the War, so that, upon its termination, the company was
1,324,507
Inventories
775,538
Total(each side) $6,316,014 54,792,675 faced with the necessity of developing new lines of products. This has
3,162,609 2,421,227
Investments
been a slow and expensive process, the years from 1916 to the present time
-V.127, p.1267.
x Represented by 400,000 shares of no par value.
having been a period of readjustment. We feel that this readjustment has
now been accomplished.
Back Dividend.
-13
Wahl Co., Chicago. A%
The company's plant, located at New Haven, Conn. contains approxiThe directors have declared a dividend of 14% on the preferred stock for mately 3,000,000 sq. ft. of floor space, and is thoroughly modern. The
the quarter ended Sept. 30 1927. payable Apr. 1 1929, to holders of record year 1928 shows the largest volume of sales for the last five years and the
Mar.21. A like amount was paid in July and October 1928 and in January hugest profit for the last nine years, the latter amounting to over $1,000,000
last.
after interest and all charges. We look to the future with confidence.
1926.
1925.
1927.
1928.
Calendar YearsWinchester Repeating Arms Co. does about 25% of the total sporting
$4,866.281 $4,935,367 64,438.493 54,336,980 arms and ammunition business done in this country, and with the developGross sales
3,843,531
3.772,665 ments under way, company expects to increase that proportion materially.
4,327,157
4,473,284
Net sales
3,809,272
3,607,666
4,158,383
Not only is the company increasing its business in guns and ammunition,
Mfg.,selling & adm.exp. 4,150,210
but it also has developed its new lines to a point where it is now providing a
3235.864 def$36,608 substantial volume of profitable business.
$168,774
$323,074
Net income
88,775
63.456
55.751
The new lines,all of"Winchester" quality,are: Flashlights and batteries,
79.124
Miscellaneous income
cutlery, fishing tackle, tools, skates, ice and roller, radiators for airplanes
$ 26,848 and automobiles.
$324,639
5224.525
$402,198
Gross income
159,072
127,030
103,885
The trade name "Winchester"
157.416
-built up by the quality of the merchanMiscell., &c., expenses
dise and national advertising-is known the world over. The good-will
38,000
Prov. for Fed. taxes
represented by its name constitutes a most valuable asset but it is not
$165,567 def$100.182 included in the company's balance sheet.
$120,640
$206.782
Net profit
(334)38,251
(7)76.503
(7%)76.503
Pref. dividends
Consolidated Earnings Statement for Calendar Years.
[Winchester Co., Winchester Repeating Arms Co. and Subs., after
$165.567 def$138.433
$44,137
8130,279
Balance, surplus
eliminating results of operations of subsidiaries no longer owned or operated.)
50.57
$0.28
$0.85
Earnings per sh. on com_
1926.
1927.
1928.
Comparative Balance Sheet Dec. 31.
$16,526,306 $15,048,644 $12,879,808
Sales
19 .
1927.
1928.
Nil
9,272,490
Liabilities11.737,300 11,841,180
1927.
Cost of sales
1928.
Assets7% cum. pret.stic.$1,092,900 $1,092,900
Land, bldgs., maCommon stock- _ _02,485,424 2,485,424
Gross earnings from operations- $4,789,006 53.207,464 $3,607,318
chinery, tools &
150.324 Selling & gen. exp, hid. deprec
1,920,712
2,330,032
1,997,191
equipment.. _ __x$1,539,506 $1,455,384 Accounts payable_ 264.938
63,512
28,990
93,004 Taxes accrued_ ___
105.271
Patents
52,458,974 $1,210.273 51,686,606
347,619 Dividends payable
Net earnings
324.743
Cash
19,125
19,126 Other income
266,242
72,017
Jan. 1
404,209
II.S. Treas. notes_ 591,206
1,043.783
913,504
Notes & accts. rec.y1,213,013 1.297.677 Surplus
$2,530,992 $1,476,515 $1,686,606
946,610
Total income
Inventories_z__-_ 1.054,575
518,633
357,370
297,644
93,932
Other deductions
93,932
Investments
51,833 Total(each aide)_$4,969.683 $4.690,268
47,436
Deterred charges
$2,012.358 $1.119,145 $1,388,962
Net earnings before interest
preferred stock are in arrears at Dec. 31 1928,
-Dividends on
Note.
55,250
55,250
Deduct
-Interest on 5-yr. 634% note
amounting to $114755 or 1034%.
506,613
496,608
After deducting
502,501
On 1st mtge. 20-yr. 734s
x After deducting reserve for depreciation, $723,557. y z
422,500
422,500
422,500
On 5-yr. 634% debs
Inventories of
and discounts.
reserve for doubtful accounts, allowances
supplies (at cost or
finished stock, work in process, raw materials and
$459,848
$138,894
$1.037,999
Net earnings
market, whichever is lower). a Common stock represented by 154,796
Consolidated Balance Sheet Dec.31 1928 (after Reorganization).
-V. 127, p. 3419.
shares of no par value.
LiabilittesAssets
-Defers Dividend.
$998.123 Aects. & trade aceept.Day.-- $951.616
Webster Hall Corp. of America.
Cash
143,636
820,443 Adv. rec. on dot,shipments__
The directors have decided to defer the quarterly dividend of 14% due Accts & notes rec.(less red.)
8,107.260 Accr.int,taxes. pay-rolls. etc.
1059.
676,021
-V.126.P.
Inventories
Feb.) on the 7% cumul. pref. stock.
Fixed assets less deprec, &c.... 25,063,322 Res, for reorg. exp. Fed
taxesin dispute,etc
1,137,656
Weinberger Drug Stores, Inc.-Initial Dividend.
Deferred items & advances- 652,213
5
850.000
-year 614% note
The directors have declared an initial quarterly dividend of 40 cents
5
6,500,000
-year64% deb
per share on the capital stock, no par value. See offering in V. 127, p. 3723
1st mtge,20
6,022,000
-year 7%%
-Extra Dividend:
5,036,400
7% Pref. stock
Welch Grape Juice Co.
Class A and con, stock._ 89,451,788
The directors have declared an extra dividend of 25e. a share on the
Capital surplus (plant values) 4,772,253
common stock, together with the regular quarterly dividends of 25c. a
share on the common and $1.75 a share on the preferred stocks, all payTotal
$35.541,361
535.541,361
Total
able Feb. 28 to holders of record Feb. 15. Like amounts were paid on
-V. 127. p. 2699.
Nov. 30 last.
a Represented by $71,014 Class A stock (no par) $6 div. (cum. after
per share in liquidation and 150,000 shs.
Jan 1. 1932).
- common stockentitled to $100
-Stock Authorized.
Western Oil & Refining Co., Inc.
(no par value).
The company, in a statement this week, declared the recent announceCorporation Commission of
-Stock Sold.
ment that it had been authorized by the
Winslow Lanier International Corp.
California to sell 66,666 no par class A common shares and 135,400 no
Co. have placed privately at $100 per
par class B shares, referred to the Western Drilling & Producing Co,, Winslow Lanier &
one of its subsidiaries. The proceeds from the sale are to be used to conduct share, 150,000 shares common stock of no par value. The
an exploration and development campaign for the Western Drilling 8/ 150,000 shares of common stock have been purchased for
Producing Co. See V. 128, D. 750.
banking
-New Directors.
United States Steel Corp.
Junius Spencer Morgan Jr., of the banking firm of J. P. Morgan & Co.,
and Walter S. Gifford, President of the American Telephone & Telegraph
-V.128, p. 720.
Co., were recently elected directors.
interests in this couni925
-Preliminary Earnings. investment by commercial and
White Rock Mineral Springs Co.
try and abroad closely identified with Winslow, Lanier & Co.
alendar Years1927.
1928.
Transfer agent, Winslow, Lanier & Co.;registrar, National Bank of Commerce in New York; depositary. Commercial Trust Co. of New Jersey.
Company.-Incorp. in Delaware. The corporation is an investing cor$3.82
$4.57 poration of the management type, with broad powers, Including the right
to purchase, hold and sell securities, both domestic and foreign. Its affiliations are international in scope.
-Authorized capitalization consists of 300,000 shares of
-Stock Increased.
Capitalization.
(H. F.) Wilcox Oil & Gas Co.
The stockholders on Feb. 4 increased the authorized capital stock, no no par value common stock, of which 130,000 shafts will be presently outpar value, from 800,000 shares to 2,400,000 shares. See also V. 128. standing, and 50,000 shares are reserved for the exercise of option warrants
giving rights to purchase common stock at $100 a share. In addition,
p. 761, 578.
Net inc. after tax & chgs $1 150 214 51,063.678
Earns per sh. on 200.000
shs. corn. stk. (no par)
after pref.dive
$3.73
34.04
-V. 128. p. 751.
54
1926.630 51,091,486
59
'
4
4
FEB. 9 1929.]
FINANCIAL CHRONICLE
907
10,000 no par value founders' shares are authorized and will be presently
—Taylor, Bates & Co.. members New York Stock Exchange, announce
outstanding.
the removal of their main offices to 48 Wall St., New York City. They
Management.—The new company will have included on its executive have also announced that William C. Cooke, formerly with
Laird, Bissel &
committee de Denney'Ile K. Seeley, Pres. (member of Winslow, Lanier &
Co.); R. J. McClellan and James J. Higginson, special associate and mem- Meeds, had become associated with them.
ber of Winslow, Lanier & Co., respectively, and Everett W. Sweezy.
—James E. Durkin. during the past eight years with the Shawmut Corp.
of Boston, has been appointed Manager of the Trading Department for
Witherow Steel Corp.—Guaranty.
—
the New York office of Harrison, Smith & Co., investment bankers of
See Dilworth, Porter & Co., Inc. above.—V. 127, p. 2249.
Philadelphia and New York.
—T. J. McGahan, formerly with the New York office of F. L. Putnam
& Co., and E. H. McGahan announce the formation of T. J. McGahan &
Co., with offices at 111 Broadway, New York City, to act as brokers In
—William T. MuRally, formerly Vice-President of Charles W. Hoyt unlisted stocks and bonds.
Co., Inc., has become associated with the Rudolph Guenther-Russell Law,
—C. Clothier Jones & Co. members New York and Philadelphia Stock
Inc., financial advertising agency. Mr. Mullally began his business Exchanges, have opened a New York office at 30 Broad St.,
under the
career with the Knickerbocker Trust Co., now the Irving Trust Co., and management of George G. Davidson, who was formerly with Stanton & Co.
later became Treasurer of the Bankers & Merchants Advertising Agency
..
.
—Miller Investment Company, Chicago, dealers in Bank stocks and
and afterwards President. In 1910 he organized his own agency, Wm. T.
Mullally, Inc., charter members of the American Association of Adver- Insurance stocks, announces the removal of offices to larger quarters in the
tising Agencies, of which he was Chairman of the Financial Practices Com- State Bank Building, 120 So. La Salle Street, Telephone Franklin 7888.
mittee. He is a former President of the Sphinx Club, the oldest adver—Charles A. Donnelly who has been engaged in financial newspaper
tising organization composed of advertising executives and is well known work for the past ten years has become associated with the New York Stock
as a writer on advertising. During the Liberty Loan drive M. Mullally Exchange firm of Hendrickson & Co.. 61 Broadway, New York City.
was chosen chief of the copy division of the 12th Federal Reserve District
—Paul Clay, formerly Vice-President and chief economist of Moody's
and served throughout the five loans.
Investors Service has joined the United States Shares Corp.,50 Broadway,
—Formation of Woodward, Butler & Co., to deal in bank, insurance New York City, as Vice-President in charge of research.
trust company stocks, with offices at 37 Wall St., New York, has been
—Thomas J. Davis, formerly with Outwater & Well, is now associated
announced. Four of the five general partners were formerly associated with the Trading Department of Clokey & Miller, specialists in Bank and
with Clinton Gilbert in various capacities. They include Walter H. Wood- Insurance Company stocks,52 Broadway, New York.
ward,formerly sales manager and a writer on financial, banking and econo—W.E. Hutton & Co.. moved their Detroit offices from the Penobscot
mic subjects. John Butler, fromerly of the trading department: E. M. Building to the Book-Cadillac Hotel, mezzanine floor. on
February 4th.
Smith,formerly statistician and recognized authority on the stocks of banks H. L. Cunningham is the reisdent manager.
and insurance companies, and Donald H. Gardener, formerly of the sales
—R. A. Daly & Co. Limited, announce the removal of their offices
department. Frank L. Elliott, the other general partner was formerly
to the 19th and 20th floors of the Toronto Daily Star Building, 80 King
In the bond department of the National Park Bank. Frederick Dietrich
Street West, Toronto, Ontario.
Is a limited partner with the firm.
The current issue of The Granger Financial Review, published by
—G. L. Ohrstrom & Co., Inc., 44 Wall St., New York., have issued a
Sulzbacher, Granger & Co., Ill Broadway, New York., discusses the New
new booklet, entitled "Increasing Your Income Return," which describes
York, New Haven & Hartford Railroad.
he modern way to obtain a higher average investment yield:and assure
—G. E:Barrett& Co., Inc., announce the opening of an uptown branch
its con tinuance,without impairing the safety of principal. The booklet,
calls attention particularly to preferred stocks of sound, prosperous and office in the Canadian Pacific Bldg.,342 Madison Ave., under the management of James A. O'Hara.
well-managed public utility companies provided electric, gas and water
services.
—William Donald Young has become associated with the Newark,
—W. C. Langley & Co.. investment bankers, have prepared for distri- New Jersey, office, 60 Park Place, of J. G. White & Company, Inc.. 37
tion the fifteenth edition of their Federal Income Tax Table which shows the Wall St.. New York.
total amount of taxes to be paid by individuals this year on their 1928
—Robert Fleming & Co., of London announce that Archibald Auldjo
income. The table covers married persons without dependants. Income Jamieson and Maurice Hely-Hutchinson have been admitted to partnerranging from $3,000 to $1,500.000 are covered by the tables which list ship in the firm.
total income, normal tax, percentage, surtax, percentage and total ta=i's.
—E. W. Clucas & Co., members of the New York Stock Exchange,
—Announcement has been made of the formation of the New York Stock announce the opening of a Philadelphia office under the management of
Exchange firm of Stern, De Goff & Co.. with offices at 50 Broadway, New W. Hall Brown.
York. to transact a brokerage business in listed securities. The partners
—Curtis & Sanger, members New York and Boston Stock Exchanges,
are Louis Stern, who is the floor member, and Herman De Goff,formerly 49 Wall St., New York City, have issued a circular
discussing insurance
proprietors of the Riverdale Manufacturing Co., one of the leading drapery company stocks.
fabric converting organizations of New York, and Abraham Stern.
—Howard M. Rand has become associated with Bauer, Pogue, Pond &
—C. G. Hoffman a judge of the town of West Orange, New Jersey, Vivian, members of the New York Stock Exchange, In
their retail sales
and who has been in Wall Street for the past 19 years, and Murice Cohen. department.
announce the formation of a new firm under the name of C. G. Hoffman
—Lawrence D. Woodbury has become associated with Bertron, Griscom
& Co., Inc., with offices at 42 Broadway, New York, for the transaction
& Co., Inc., 40 Wall St., New York City, as amanager of their trading
of a general investment securities business, specializing in banks trust department.
companies, insurance companies and investment trust securities.
—James Gilligan announces the admission of WfflIanf Will to Partner
—The firm of Calvin Bullock, with offices in New York and Denver ship in the firm and a
change in the name to J. Gilligan & Co., 30 Broad
announces the opening of a Boston office at 50 Congress St. Henry L. St.. N. Y.
Johnson, formerly manager of the Bond Department of Charles Head &
Harold Merckle, John E. Smith and G. de Noyon have joined the sales
Co., will manage the new office. They also announce the opening of e.
organization of the International Germanic Company, Ltd., 26 Broadway,
trading department at their New York office under the direction_of Frank
New York.
L. Hall, formerly with Charles Head & Co.
—Clem V. Gels and Selwyn B. Badger, both formerly of Perez F. Huff
—H.B Boland & Co., 37 Wall St., New York, have prepared for disCo., Inc., have become associated with Leopold Colt & Co., 11 Broadway,
tribution two booklets on investment trusts, one entitled "Choosing in
Investment Trust" in which brief descriptions of several of the larger and New York.
—O. F. Childs & Co., specialists in United States Government and
better known trusts are given, and the other entitled "Investment Trusts"
which gives a few of the advantages of investment trust securities as a Federal Farm Loan securities, have removed their New York office to 51
Broadway.
source of income and profit.
—Barstow & Co.,,members New York StockTExchange, have opened an
—Tucker, Anthony & Co., members of the New York and Boston Stock
Exchanges, announce the opening of an office at 201-202 Trust Company uptown branch office-in the Bankers Trust Blinding. 598-S/Irdison ATe:
—
Building, Watertown, New York, under the management of Harold F. :77-- Goodbody &
—Comany, 115
-Broadv
7.i7New Yk7haie7Prepared
O'Keefe. In addition to the regular investment facilities, this offielMil for distribution an analysis of the United Light and Power Company.
afford complete facilities for the execution of commission orders in the
—Edward H. Jewell has become associated with' Neeley & Company,
principal security markets.
39 Broadway, New York., as manager of their new business departmentA
—Montgomery. Scott & Co., members New York and'Philadelphia
—Orton, Kent & Co.. members New York Stock:Exchange, 39 BroadStock Exchanges, 123 South Broad St.. Philadelphia, announce that
Weston D. Bayley, formerly with F. P. Ristine & Co., had become asso- v7ay, New York, have issued a treatise on the general railroad situation.
—Thomas J. Evans. formerly with Stephens & Co.,is now associated
ciated with them and that Harry B. Maneely,formerly with Cassatt &
Co., with Edward Lowber Stokes & Co., in their New York office.
rt=conie associated with them in the trading department.
—Blyth & Co., announce the removal of their Seattle offices to the
—Larkin & Jennys, 50 Broad St., N. Y., have published a
twenty-four
second floor of the Fourteen-Eleven Fourth Avenue Building.
page analysis of the Crocker-Wheeler Electric Manufacturing Co.
The
analysis reviews the history of this company since the founding
—R. L. Day & Co., 14 Wall St., New York., have Issued for distribution
of the
original unit In 1884. and discusses its position in the electrical
manu- a bond list of municipal, railroad and public utility bonds.
facturing field at the present time.
—W. Wallace Lyon & Co., 51 E. 42d St., N. Y. City, have issued an
—Chandler & Company,Inc., New York and Philadelphia,are
distribut- analysis of Republic Fire Insurance Co., Pittsburgh, Pa.
ing to their clients a special loose-leaf booklet called "Food Securities
—Shields & Co.. Inc., have opened an office in the Packard Building,
Review." Analyses and investment information concerning food
manu- rtilladelphia, under the management of John M. Bowman.
facturing and chain store companies will be supplied to holders of
these
—E. N. Townsend Co., Ill Broadway, New York:City, haseissued a
booklets from time to time.
February analysis and quotation pamphlet.
—Frederick Ehll, formerly Vice-President of Wm. T. Mullally, Inc.,
—Holt, Rose & Troster. 74 Trinity Pl., New York., have issued a
and afterwards associated with the Lesan-Haman chain of agencies with
circular on Chelsea Exchange Corporation.
of
fices in New York, Chicago. San Francisco, Los Angeles,
Portland. and
—Hewitt,Ladin & Co., specialists in reorganization Issues, have moved
other cities, has joined the financial advertising agency of Rudolph
their offices to 74 Trinity Place, N. Y.
Guenther-Russell Law,Inc.
—Prince & Whitely 25 Broad St. New York, are distributing an analysis
—Harry M. Anable, for several years associated with Noble &
Corwin
in their Trading Department, is now in charge of the Over-the-Counter of New York, Ontario & Western By.
Trading Department of Tracy, Willis & Richardson, members of the New
—Arnold & Co.;60 Broad St., New York, have issued a descriptive
'circular on R. C. Williams & Co., Inc.
York Curb Market, 25 Broad St., New York City.
—Harris, Winthrop & Co.,11 Wall St.. New York, are distributing an
—Announcement has been made of the admission of George Workmaster
to partnership in Ralph B. Leonard & Co., 25 Broad St., New York City. analysis of United States Steel Corp.
Mr. Workmaster, formerly with Chase National Bank, became associated
•-John Jerome Farley has become associated with J. S. Ackerman &
with the Leonard interests about three years ago.
Co.;Inc., 50 Broad St.. N. Y. City.
—J. G. White & Co., 37 Wall Bt., New York City, have prepared a =Lee W.Carroll has been elected a director of Mendes. Bell & Whitney.
statistical study of 55 leading railroad systems of the country, giving com- Inc..20 Pine St,N.Y.
parative operating figures and revenues for recent years andfshowing the
—Brown & Clayton, bankers, have moved their Philadelphia office to
relation of earnings to_outstanding,securities.
1500 Walnut St.
CURRENT NOTICES.
FINANCIAL CHRONICLE
908
[VOL. 128.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper, immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 8 1929.
COFFEE on the spot early in the week was steady but
the demand was confined to small lots. Supplies of desirable grades of Santos and of Rio and Victoria coffees
on the spot continue light and on the Santos, the strictly
fancy brings a premium, while most holders of Rio 7s
want 181 although the general range of quotations re/
2c.
/
/
2c.
mains 241 to 2434c. for Santos 4s and 1814 to 181 for
/
2
Rio 7s. Rio 7-8s in some instances are bringing 18c. Victoria 7-8s were quoted at 1734c. On the 4th inst. firm
offers from Santos were generally unchanged but Rios
and Victorias were higher. On the 5th inst. cost and
freight offers were very irregular but averaged 5 to 15
points higher on Santos tenders. Early on the 6th inst.
cost and freight offers were a little easier. They included
for prompt shipment Santos Bourbon 2-3s at 2434c; 3-4s
at 23.60 to 242 3-5s at 23.45 to 24.45c.; 4-5s at 23.05
/
1c.;
to 23.80c.; 5s at 23 to 23.10c.; 5-6s at 22.60c.; 6-7s at 20.35
to 21.15c.; 7-8s at 195/ to 21.40c. Part Bourbon or flat
4
bean 3-5s at 2334 to 232 6s at 20.30c.; Peaberry 4s at
/
1c.;
23.40c.; 4-5s at 23.10 to 23.65c.; Rio 7s at 17.15c.; 7-8s at
1634c. Victoria 7-8s at 16.60c. On the 7th inst. cost
and freight offers from Santos were very irregular
Prices were irregular. There were no reported offers from
Rio or Victoria. For prompt shipment, Santos Bourbon
2-3s were quoted at 2454 to 24.85c.; 3s at 243/4 to 24.55c.;
3-4s at 23.60 to 24.45c.; 3-5s at 22.85 to 24.15c.; 4-5s at
22.60 to 23.95c.; 5s at 2254 to 23.80c.; 5-6s at 22 to 23.55c.;
6s at 20.95 to 21.05c.; 6-7s at 20.35 to 21.40c.; 7-8s at 1954
to 20.65c. Part Bourbon 3-5s at 23.35c.; Peaberry 4s at
23.40c.; 4-5s at 22.85c to 23.65c.; 6s at 22c. Early Santos
cost and freight offers today were practically unchanged.
During & Zoon of Rotterdam state the arrivals during
January as 853,000 of which 418,000 were Brazilian; deliveries 929,000 of which 481,000 were Brazilian; stock in Europe
February 1st, 1,792,000; world's visible supply Feb. 1st,
5,016,000 bags, showing a decrease for the month of 156,000; last year's visible supply 5,010,000 bags. The New
York Coffee & Sugar Exchange stated the world's visible
supply on Feb. 1st at 5,037,516 bags against 5,267,008 on
January 1st and 4,862,411 bags on Feb. 1st last year. According to a cable to the Exchange the Rio regulating
warehouse stocks on January 31st were 532,000 bags. Arrivals of mild coffe in the United States last month were
292,651 bags against 319,925 in December and 303,159 in
January last year. Deliveries in January totaled 284,905
against 317,436 and 277,023 bags respectively. Stock on
February 1st, 370,505 bags against 362,759 on Jan. 1st
and 241,275 on Feb. 1st last year. Rio de Janeiro cabled
the Department of Commerce: "Coffee stocks at Santos
on January 25th were 1,000,000 bags with the market firm
and prices slightly higher during the latter half of the
month. Heavy rains are said to have damaged the coffee
crop, but commercial estimates still give 14,000,000 bags
bags for the 1929-30 crop exportable at Santos."
Futures on the 4th inst. closed 11 to 18 points higher on
Santos with sales of 32,000 bags and 15 to 30 higher on Rio
with sales of 34,000 bags. Brazil seemed to be giving support.
Contracts were rather scarce. Futures on the 5th inst. advanced for a time due to covering and some buying by houses
with European connections which encouraged the continued
steadiness of both the Brazilian and European markets. Later
came a net decline of 2 to 10 points on free realizing in the
afternoon. Futures on the 6th inst. closed 5 to 13 points
higher on Rio and 7 to 12 up on Rio with sales of 47,500 bags
of Rio and 34,250 of Santos. Houses with Brazilian connections were buying. The selling was scattered and evidently to
take profits. On the 7th inst. futures ended at some decline
with sales of 49,000 bags. Official cables stated that the
average daily receipts at Rio from February 16 to 28 inclusive had been fixed at 11,463 bags as against the current
average of 5,694 bags. Brazil was said to have bought on the
decline. Today futures declined 9 to 13 points on Rio with
sales of 33,000 bags. Santos ended 5 points lower to 2 points
higher with sales of 7,000 bags. Final prices show an advance
however on Rio of 2 to 35 points and on Santos of 1 to 6
points.
Rio coffee prices closed as follows:
16.071September 14.410nom.
Spot (unofficial)_ --183i I May
March
16.98 I July
15.061Docember _13.77013.78
Santos coffee prices closed as follows:
I May
Spot (unofficial)_
22.10 I September 20.480nom.
23.16 I July
March
21.29 I December -19.86 ----
i
COCOA closed at 10.40c. for March, 10.66c. for May and
10.85c. to 10.86c. for July, a decline of 4 to 7 points for the
day. Final prices for the week show a decline on March of
9 points but an advance on other months of 1 to 6 points.
SUGAR-Prompt Cuban raws were 2c. c.&f. with sales on
the 2nd inst. of 25,000 bags at 2c. Some made the comment
that the market acted well despite the piling up of supplies
in Cuba and the fact that March liquidation is not far off;
they think that the steadiness indicates a better technical position; that bearish factors have been discounted. But later
sales were made at 1-31/32c. Refined was 5.10c. with satisfactory local withdrawals but out of town withdrawals not
so much so. New business was not to all appearance brisk.
Second hands sold at 5.05c. to 5.072
/c. Futures on the 4th
1
inst. ended 1 point lower to 1 point higher with sales of
79,500 tons. Cuba apparently sold. Receipts at Cuban ports
for the week were 186,144 tons against 195,638 tons in the
same week last year; exports 72,139 tons against 52,804 last
year; stock (consumption deducted) 457,157 tons against
249,981 last year; centrals grinding 160 against 166 last year.
Of the exports 40,950 went to Atlantic ports; 15,582 to New
Orleans, 3,921 to Galveston, 1,728 to Interior United States,
1,907 to Savannah and 8,051 to Europe. Receipts at United
States Atlantic ports for the week were 68,284 tons against
44,155 in the previous week and 50,630 last year; meltings
44,731 tons against 46,639 in previous week and 49,000 same
week last year; importers' stocks 81,723 tons against 85,803
in previous week and 103,936 last year; refiners' stocks
61,922 against 34,289 in previous week and 67,994 last year;
total stock 143,645 tons against 120,092 in previous week
and 171,930 last year. According to the Cuban Sugar Club
at Havana production during January totalled 1,196,000 long
tons. This compares with production to the end of January
last year when grinding started January 15th of 552,000 long
tons and production during the month of January, 1927 when
grinding commenced January 1st of 855,000 long tons.
San Juan cabled that a Porto Rican autnority estimated
the crop of that Island for the current year, at 535,000 tons
against 670,000 last year. India cabled that the 1928-29
Indian sugar crop is estimated at 2,735,000 long tons. This
compares with production in 1927-28 of 3,216,000 tons and
represents a reduction of 15% compared with last year. .According to present advices sugar production in San Domingo
in 1928-29 is now estimated at 341,928 long tons. This compares with 1927-28 out turn of 368,132 tons. The present
estimate indicates a reduction of some 26,000 tons or 7%
compared with last year. Honolulu advices said: "Plantations shipping raw sugar exclusively to the California &
Hawaiian Sugar Refining Corporation at Crockett, Cal. have
decided to resume shipments to eastern ports for the first
time since 1921. The first shipment of 3,500 tons is scheduled
to leave in a week or 10 days on the steamer Eulalia, of the
Isthmian Line, for sale to refineries or in the open market.
Thereafter, it is expected to ship 3,500 tons monthly until
17,500 tons have been consigned, with probability that other
shipments will be made. Eastern markets will tend to relieve
the pressure at Crockett in view of the rapidly increasing
Hawaiian crop. Crockett has been refining the bulk of
Hawaiian raws for many years."
On the 5th inst. 10,000 bags of Porto Rico due about the
middle of the month sold 3.74c. delivered, equivalent to
1-31/32c c.&f., the lowest price in more than two years.
Futures on the 6th inst. prices closed unchanged to lc.
net lower with sales of 32,000 tons. A small cargo of
Cuba sold to an outport refiner at 2c. and 5,000 tons.
Porto Rico prompt shipment went at 3.74c. delivered equal
to 1-31/32c. c.&f. Cuba. Futures on the 7th inst. closed
unchanged with sales of 31,800 tons. Buying of September attracted some attention. For prompt Cuba 1-31/32c.
vi
. bid but a rumor that 2c. had been paid was not con.Tas
firmed. To-day futures closed 1 point lower to 1 point
higher with sales of 53,000 tons. Final prices show a
decline for the week of 1 to 3 points.
Closing quotations were as follows:
Spot (unofficial) _13 1-32 July
2.130
!December
March
1.98 September__ _2.1502.16 January
May
2.07
2.10
2.17
LARD on the spot late last week was steady. Prime
Western 12.40 to 12.50c.; refined Continent 1254c.; South
America 131c.; Brazil in kegs 141c. Spot prime western
/
2
/
2
was later 12.35 to 12.45c.; refined unchanged. In January
there was an increase in the lard stock of 39,166,754 lbs.
The total February 1st was 73,126,328 and on February
1st last year 33,626,233. Hogs late last week advanced
on the unusually small receipts at all Western points,
the total being 88,700 against 138,900 a week previous and
163,400 last year. Futures on the 2nd inst. ended 5 to 7
poin's hialictr partly owing to the decline in corn. Futures
FEB. 9 1929.]
FINANCIAL CHRONICLE
on the 4th inst. closed unchanged to 7 points off. Yet
the Western hog markets were steady with a top price of
$10 reported at Chicago with receipts 55,000. Liverpool
lard was 3d to 6d higher. Futures on the 6th inst. were
lower on selling by packers and scattered liquidation. The
best buying seemed to be for foreign account and there
was also some scattered demand on resting orders. Futures closed 2 to 8 points lower on the 7th on the selling
by packers and a small demand. Cash lard was a little
lower and hogs were down 10c. with the top $9.75. Today futures advanced 15 to 17 points on covering of shorts
and eastern buying together with strong prices for hogs
and less selling by packers. Final prices show a rise for
the week of 7 to 12 points.
DAILY CLOSING PRICES
Sat.
12.00
March delivery
12.32
delivery
May
12.60
July delivery
OF LARD FUTURES
Wed.
Tues.
Mon.
11.85
11.92
11.95
12.25
12.17
12.22
12.47
12.50
12.52
IN CHICAGO.
Thurs.
Fri.
12.07
11.90
12.17-30 12.32
12.65
12.47
PORK quiet and steady; Mess $30.50; family $34. to $35.;
fat back $30. to $31. Ribs, Chicago, cash 12.75c. basis of 50 to
60 lbs. average later 12.50c. Beef quiet and steady; Mess $25.
packet $26. to $27.; family $28. to $30.; extra India mess $44.
to 446.; No. 1 canned corn beef $3.10; South America $16.75;
pickled tongues $75, to $80. per bbl. Cut meats steady but
4c.;
1
/ pickled bellies
/
quiet; pickled hams 10 to 20 lbs. 1814 to 19
1
/
1
/
clear, 6 to 12 lbs. 174 to 184c.; bellies, clear, dry salted
1c.
/
boxed, 18 to 20 lbs. 1494c.; 14 to 16 lbs. 142 Butter, lower
1c.
/
grades to high scoring 44 to 562 Cheese, flats 24 to 29c.;
daisies 24 to 28c. Eggs, medium to extras 32 to 43c.; premium marks 44c. Chicago wired today that owing to heavy
snows at the West restricting shipments eggs went up to
new high levels for the season in excited trading. February
fresh gathered firsts sold at the rate of 30%c. as against
2834c. yesterday.
OILS-Linseed recently was a little more active with
carlots quoted at 10.2c. for February-April delivery. For
single barrels 11c. was quoted. There has been a better
jobbing demand. Spot oil was in fair demand but most of
the buying is for spring delivery. Cocoanut, Manila Coast
tanks 77%c.; spot N. Y. tanks 854c. Corn crude bbls. 101 2c.;
/
tanks f.o.b. mill 9
4c.; Olive, Den. $1.35 to $1.50 China
1
/
wood, N Y drums, carlots spot 15c.; Pacific Coast tanks
February 132 Soya bean, bbls. N. Y. 12',4c.; tanks Coast
1
/c.
10c. Edible, corn, 100 bbl. lots 12c. Lard, prime 151c;
2
/
extra strained, winter, N. Y. 1334c. Cod, Newfoundland
1c. Rosin $8.422 to $12.50
/
1
/
1
/
67c. Turpentine 592 to 642
Cottonseed Oil sales today including switches 13,100 bbls. P.
4c.
1
/ Prices closed as follows:
Crude S. E. 9
10.75011.251April
Spot
February_ _10.656411.00 May
,
March_ _ _ _10.866110.90 June
10.86010.95,July
11.156,
10.920410.011August---11.150 11.27
,
10.920411.15 September 11.2901-11.33
909
stock of all kinds was 3,860 tons against 3,824 tons a week
previously an increase of 36 tons.
But on the Rh inst. New York advanced 30 to 60 points on
active factory buying of actual rubber. Outside prices were
strong and higher. The Exchange sales were 1,525 tons.
Foreign markets advanced.
On the 6th inst. outside prices declined %c. recovering
4c.
1
about / of this later in the day. Futures fell 10 to 20
points with sales of 1,080 tons against 1,525 on Tuesday. London and Singapore dropped rAd. There was
less snap in both foreign and domestic trading. A decline
followed the line of least resistance. New York closed
on the 6th inst. with March 22c.; May 22.40 to 22.50.;
July 22.80c.; Sept. 22.90 to 23c. On the 7th inst. prices
here fell 40 to 50 points with London weaker for a time,
the Bank of England rate up to 5% per cent and an
expectation of a bearish January report from the Rubber
Association next week. Imports, stocks and rubber afloat
are believed by some traders to have been considerably
above private estimates. Manufacturing demand fell off
as prices dropped so easily. Here March ended at 21.90
to 22c.; May at 22.30 to 22.40c.; July 22.60 to 22.70c.; September 23c. and October 23c. Outside pr:ces: Smoked
1
/
sheets, spot and February 22% to 224c.; March 22 to
1
/
4c.; April-June 22% to 244c.; July-Sept. 23 to 234c.
1
/
22
Spot first latex crepe 244 to 23c.; clean thin brown crepe
4c.;
/
1
/
204 to 20%c.; specky 20 to 201 rolled 1634 to 17c.; No.
1
/
2 amber 20% to 2034; No. 3, 204 to 20%c.; No. 4, 20 to
4c. Paras, Upriver fine spot 244 to 24c.; coarse 15
/
201
1
/
4c.; Acre, fine spot 244 to 24%c.; Caucho Ball/
to 151
4
/
Upper 141 to 14%c.; Brazil, washed dried fine 28c. London on the 7th ended with spot and February 107%d;
/
March 11d; April-June 11%d78 July-Sept. 1134d and October-December 11% d. Singapore, February ended at
/
101 1d; April-May-June 1078; and July-Sept. 11d. London cabled: "An unofficial estimate of stocks of rubber
at London is that it will be unchanged. At the beginning
of the current week the stock abroad was 25,389 tons."
To-day prices closed 10 to 20 points lower with sales of
567 tons. Final prices show a decline for the week of
50 to 70 points.
-A fair business was reported in River Plate
HIDES
frigorifico including 31,000 at 204 to 20-13/16c. Both
the United States and Europe bought. Of Uruguayan
steers Swift Montivideo sold to Russia at 20-7/16c. City
packer hides remained quiet. Native bull hides back to
November sold at 11c. Country hides were dull. Common dry hides were also quiet. Orinoco 27c. Packer
butts are said to be obtainable at around 16%c. and Colorado at 15%c.
-At one time the demand covered
OCEAN FREIGHTS
.
various trades to an extent not seen in recent trading.
Later business was generally quiet.
PETROLEUM-The export demand for gasoline was more
active. Large Continental buyers are now more anxious to
CHARTERS included coal Hampton Roads to West Italy $2.55 spot;
purchase for spring supplies. In the Gulf section some large
wheat, Vancouver to U. K.
sized purchasers were reported, but prices remained un- Hampton Roads to Rio, February $5.75;$6.15 March loading. Grain:
or Continent 33s; Vancouver to Shanghai
changed. The local bulk market showed little change. Lead- heavy, Atlantic range, March 5 canceling, Piraeus 20',4c.; 34,000 qrs.
1
/
ing refiners quoted 10 to 104c. for United States Motor in St. John, March 1-20, to Mediterranean 1714c. Sugar: Santo Domingo,
-Continent 21s; Santo Domingo, February-March, to
4c.
/
tank cars at refineries and 11 to 111 in tank cars delivered March, to U. K.-Continent 21s 6d, option St. John Halifax 16%c;
United Kingdom
to nearby trade. Smaller refiners were said to be making Santo Domingo, Feb. 20-28, to U. K.
-Continent 19s 6d. Time: three
concessions in some cases. Bunker oil was steady. Stocks months, West Indies $1.25; three months, West Indies $1.70; West
Indies round $1.60. Tankers: Gulf, Feb.
are not as burdensome as they haye been. Refiners were Indies, round $1.75 West
19c.: clean, 10 months' delivery Feb.
March, to north of
asking $1.05 for grade C at refineries and $1.10 f.a.s. New 6s 6d; dirty, atoum, Hatteras Copenhagen 16s 6d; clean, California.
Feb. to
York Harbor. Diesel oil was steady at $2. at refineries. March, to North of Hatteras 68c.
Sulphur, Tampico, February, to French Atlantic 26s, one port exFurnace oil was in better demand and cleady. Gas oil was
late February early March, Plate
a little more active. Kerosene business was largely routine tra Is. Lumber Christiansborg, to Plate 157s 6d; Gulf, Feb., $13.76
half February
160s
2
1
/
with prices steady. Water white was 8 to 9c. refineries, one, ; Gulf, second of discharge.
$17 two ports
with most refiners asking the outside price. Prime white
4c.
1
was / under water white. Pennsylvania lubricating oils
TOBACCO-Connecticut shade grown was reported in pretty
were steady.
good demand at firm prices. Other descriptions were in
fair demand. Richmond, Va., reported price on a number
[Tables, of prices usually appearing here will be found on an earlier page In
our department of "Business Indications," in an article entitled "Petroleum
of types of tobacco tend to improve as the marketing seaand Its Products."
son advances, and the season average is expected to be
RUBBER-On the 4th inst. New York declined early 10 but a little below that of the 1927 crop. Virginia dark
4d.
1
to 20 points on some months with London off / and Singa- fired, which was decreased in acreage and damaged by expore % to 3/16d. The Malayan gross shipments in January cessive rainfall was estimated in the report at 21,824,000
were above 50,000 tons for the third consecutive month; lbs. compared with 26,560,000 in 1927. Clarksville and
tire prices had been reduced on Saturday and a prominent Hopkinsville, Ky., were estimated at 82,300,000 lbs. against
manufacturer declared that American rubber manufacturers 63,000,000 a year ago and Paducah 30,700,000 lbs. against
have ample rubber on hand to meet all demands. London and 18,000,000 in 1927.
The "United States Tobacco Journal" said: "It is estiLiverpool stocks also increased. But later a better demand
arose and prices rallied 10 to 20 points. January Malayan mated that activities in the Pennsylvania market have reshipments after all were only 52,546 tons against 66,763 in sulted to date in the purchase of some 50,000 cases of filler
December. Still later prices sagged again ending unchanged leaf at prices that are said to be .much stiffer than those
to 20 points net lower. Outside prices declined. London on that prevailed last year. In Wisconsin, it is said, the
Feb. 4th closed with spot and Feb. 10 34d; March 10 %d; Northern crop has amounted to only a case to a case and
April-June 11d; July-Sept. 111 and Oct.
-Dec. 111d. Singa- quarter of good binder tobacco to the acre as against
2
/
4d
/
pore closed on the 4th with Feb. 10 7/16d; April-May-June three to three and a half cases. In other words, the
1034d; and July-Sept. 1074d. Akron Ohio, wired on Feb. 2nd: 1928 Northern Wisconsin is only about a 20 per cent. crop.
"Readjusting of tire prices to dealers was announced by the However, it is generally admitted that the good portion
B. F. Goodrich Co. although no general price move was made of this tobacco is especially desirable leaf. Due to the con.
and increases as well as moderate declines were included. dition of this crop, the market for old tobaccos has been
The Goodyear Tire & Rubber Co. is considering price re- very active, both in Wisconsin and in New York, so that
visions to dealers, and will meet any changes by competitors. there is very little of this tobacco which has not already
In London the stock on Feb. 2nd was 25,389 tons an increase been gobbled up by the manufacturers. Ohio Gebhardt
of 966 tons over the preceding week. Last week it was 1928 tobacco is reported to be 100 per cent, sold while 80
24,423 tons, a month ago 21,963 tons, last year 65.969 tons and per cent. of the Zimmer crop has already been placed untwo years ago 55,740 tons. In Liverpool on Feb. 2nd the der contract. Gebhardt was taken up at 17 to 20 cents a
910
FINANCIAL CHRONICLE
pound while from 18 to 20 cents a pound has been paid
for Zimmers. There has been quite some activity in Connecticut where buyers have been riding hard in quest of
choice crops of both Havana Seed and Broadleaf. Both
crops failed to come through the curing season satisfactory, considerable polesweat having been developed. Thus,
buyers complain that buying has become especially difficult this year. Good leaf in both crops is commanding
high prices. Shade continues to move with comparative
ease in the Connecticut market. Harvesting operations
are progressing in Cuba. Mean while the Havana market is witnessing some buying activity in Vuelta Abajo
and Remedios tobaccos of last year's crops. New York
importers also state that there has been a brisk demand
here during the past week or 10 days for Havana leaf."
COAL
-No change was reported in the local markets.
Milder weather has had some effect on the sales of anthracite. A fair business is going on in bituminous.. On
Jan. 1, 1929, the total stocks of anthracite and bituminous
coal in industries in the United States and Canada fell off
approximately 1,000,000 tons from the first of the preceding month. Consumption, however, increased 2,700,000
tons in December as compared with November. The number of days' supply of coal on hand dropped from 34 days
as of December 1st to 32 days as of January 1st. Bituminous and anthracite production in the United States
showed a further decrease in December as compared with
November of 3,700,000 tons. Comparing December, 1928,
consumption with December, 1927, steel mills, by-product
coke plants and electric utilities and coal gas plants
showed a marked increase. Railroads, bee hive coke and
other industries showed a slight gain.
Later anthracite retail sales fell off further in parts of
the city though they reached a good volume in the apartment districts. Anthracite, f.o.b. mines company, grate
$8.25; stove $9.10 to $9.25; pea $4.25 to $5; egg $8.75 and
nut $8.75.
COPPER advanced to 17 c. early in the week as con/
3
4
trasted with 172 at the close last week. The price is now
/
1c.
the highest in the last nine years. It was as high as 19/2c.
in 1920. Copper wire was advanced / by the American
1c.
2
Brass Co. The same company advanced copper and brass
products / The export price was raised to 17c., and
1c.
2
as export copper always commands a premium of / over
1c.
2
domestic another advance to 18c. is expected in order to
.
maintain the usual differential. Offerings were scarce.
Foreign buying was active. Foreign sales on the 4th inst.
were over 11,000,000 lbs. and in the morning of the 5th they
exceeded 7,000,000 lbs. Production of the Calumet & Arizona Mining Co. in Jan. was 4,312,000 lbs. New Cornelia's
January production was 6,207,040 lbs. Of late 18c. has been
quoted for domestic and the export price to-day was raised
to 182 In other words the tone is very firm. Yet on the
/
1c.
7thinst. London declined 11 17s 6d to 178 5s for spot
standard with futures £77 15s; sales 1200 tons of futures.
Electrolytic up £1 5s to 183 spot and £83 lOs for futures.
TIN advanced early in the week. On the 5th inst. prices
rose 85 to 90 points on sales of 625 tons. March was the
most wanted. On the 7th inst. London dropped 14 early
for spot standard to £225 10s; futures off 13 5s to 1226 5s;
sales 80 tons spot and 450 futures. Spot Straits dropped
£4 lOs to 1223 10s; Eastern c.i.f. London fell a lOs to
1228 lOs with sales of 375 tons; later on the same day spot
standard was off to 1224 5s and futures to 1224 15s; total
sales for day 930 tons. The outside market here closed at
‘.19% to 49
/ on the 7th inst. London closed on the 8th
3
4c.
inst. 5s higher at 1224 5s for spot; futures rose lOs to
sales 400 futures. Today prices closed unchanged to 5 points
lower with sales of 185 tons. March ended at 49.30c.; May
at 49.30 to 49.40c. and July at 49.30 to 49.40c.
LEAD was advanced 10 points to 6.75c. by the American
Smelting & Refining Co. Spot lead in London on the 6th
inst. advanced 7s 6d to £22 16s 3d; futures up 2s 6d to 122
15s; sales 250 tons spot and 1100 futures. Of late trade has
been quiet at 6.75c. New York and 6.60 to 6.621 2c. East St.
.
/
Louis.. In London on the 7th inst spot advanced 3s 9d to
£23 with futures 122 18s 9d; sales 350 tons spot and 2150
tons futures.
ZINC was rather quiet but firm at 6.35c. East St. Louis.
The trade is awaiting January statistics and until they appear, no real activity is looked for. The demand this month
has fallen off somewhat. In London on the 6th inst. prices
were unchanged at 126 7s 6d; futures 126 11 s 3d; sales 350
tops. Latterly business has been small with the price maintained at 6.35c. East St. Louis. In London on the 7th inst.
spot declined is 3d to 126 6s 3d with futures 126 lOs and sales
of 100 lbs.
STEEL-Increased demand from railroads, and automobile companies was a clear cut factor and prices in some directions were firmer. Sales of freight ears were 6,000.or
18,000 in about a month. Automobile companies are pressing
for deliveries. Steel output increased it is stated one per
cent. The high rate of production is stressed as a notable
feature.. The average it is stated is 85%; the big corporation
is working at 88 per cent; independents at 83. At Pittsburgh
[VOL. 128.
scrap dropped to $18.50 but some 20,000 tons were sold it is
stated in the Eastern Pennsylvania district at higher prices.
Railroad scrap is quoted at $15.50. Steel bars and hot rolled
strip are said to be selling well to automobile companies and
there are predictions of higher prices for these products. On
February 2nd Detroit scrap sold down it was said to $8. to
$825 due to unexpected dumping of 20,000 tons of turnings
on the market by the Ford Motor Co. Heavy melting steel
dropped 50c. to $1425 to $14.75, No. 1 bushelings $12.50 to
$13. Hydraulic compressed short turnings, borings and loose
sheet clippings also have been reduced. But in Philadelphia
scrap early in the week was reported $1. higher with a large
business at $17.50.
PIG IRON has been quiet but some small increase in the
demand is reported at unchanged prices. They are supposed
to be pretty well stabilized for the time being. The January
output it seems was 3,442,370 tons or 111,044 tons a day
against 3,369,846 tons or 108,705 tons a day in December, a
gain of 2.15 per cent in the daily rate. Output was not only
the greatest for any January on record but was the largest
in terms of daily average, for any month since April, 1927.
Birmingham, Alabama reported an increase in spot buying.
Jobbers say business is better than at this time last month
and distinctly better than a year ago.
WOOL.
-Boston reported late last week sales of fail
quantities of Texas 12 months' wools at steady prices.
Moderate sized lots or Oregon original bag wools of 64s
and finer qualities are moving at $1.05 to $1.07 scored basis.
These wools are of mostly French combing staple with an
occasional lot carrying an edge of strictly combing wool.
The lots containing the longer staple, however, are not
bringing any better prices than those of average to good
French combing. At the Invercargill sales on February 1st
25,300 bales were offered and 20,000 sold. Competition between Yorkshire, Continental and American buyers was irregular. The crossbreds selection was representative but
merinos were poor. Prices were at about equal to those
of the sale at Wanganui on Jan. 23rd. Prices realized on
merinos averaged 1,61 to 18d, crossbreds 50-56s, 19d to
/
2
242d; 48-50s, 17d to 21d; 46-48s, 16d to 19d; 41 16s, 151d
/
1
/
2
to 17d.
At Melbourne, Australia on Feb. 5th 9100 bales were offered. Demand from some directions was good but in the
absence of American support, super merinos failed to realize
the previous day's high prices and many lots were withdrawn. Prices were almost unchanged. An Dunedin on
Feb. 6th 27,000 bales were offered and 25,000 sold. Some
irregularity in bidding but prices averaged unchanged. Closing fairly firm. Prices paid: Merinos super 18 to 22
/
3
4d;
average 161 2 to 18d; crossbred 56-58s, 19 to 24%d; 50-56s,
/
18 to 222d; 48-50s, 17 to 21d; 46-48s, 162 to 20d; 44-46s,
/
1
/
1
15 to 162d. London cabled Feb. 5th that at Sydney last
/
1
week's. sales closed irregular with best and faulty merinos
averaging par to 5 per cent lower and skirtings firm. This
week the market tone was better and competition more.general with Continent and Japan chief buyers. Prices realized:
Ilparran Glen Innes 26%d; Laverstock Yass 25d; Romans
Armidale 252d; Natue Booligal 22d. At Perth on Feb. 5th
/
1
Yorkshire competed briskly for wool. Compared to the
sales January 15th there was little change in topmaking
.
wools. Less demand for Continental types. Satisfactory
clearance of crossbred wools and lambs made for firm prices.
Superior spinners types ranged from par to 5 per cent lower.
Little change in others.
Boston wire Feb. 8th: "The Commercial Bulletin will say:
"Wool has been marking time. Manufacturers evidently
need only to cover small requirements for the time being.
This fact and the easing tendency in prices abroad as well
as the disturbing influence of the advance in discount rates
by the Bank of England and the warning against speculation by the Federal Reserve Bank of this country there has
been a disposition to go slow. Foreign markets are all distinctly easier more especially on the finer wools. The goods
markets have revealed no definite trend in goods demand as
yet. In the West, contracting has subsided. Mohair is
quiet and rather inclined to be easier, especially on foreign
descriptions. The rail and water shipments of wool from
Boston from Jan. 1, 1929 to Feb. 7, 1929 inclusive were
20,260,000 lbs. against 28,625,000 lbs. for the same period
last year. The receipts from January 1, 1929 to Feb. 7, 1929
inclusive were 23,760,600 lbs. against 28,054,700 lbs. for the
same period last year."
SILK closed unchanged wto 2 points lower with sales of
505 bales. February ended at 4.95 to 4.98c.; March at 4.95
to 4.97c.; May at 4.95 to 4.97 and July at 4.91c.
COTTON
Friday Night, Feb. 8 1929.
THE(MOVEMENT OF THE CROP,as indicated by our
t7717iiams from the South to-night, is given below. For the
week ending this evening, the total receipts have reached
135,078 bales, against 155,731 13a1e‘7 - 3- 'week, and 171,761
- -last
bales the previous week, making the total receipts since
Aug.'1 1928Z47,458 bales, against 6,785,080 Icrale=he
same period of 1927-28 showing an inereasersince'Atig. 1 1928
of 1,062,378 bales.
Receipts atGalveston
Texas City
Houston
New Orleans.. _
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Baltimore
9'ntn1ath1lastrarldalr
Sat.
4,650
Mon.
Wed.
Tues.
2,864 13,211
6,389
11.151
7,044
8,524
2,967
2.348
396
6,779
61
3,760
102
540
228
107
185
339
417
40
25
319
120
535
361
25
524
----
6,044
438
300
12
117
176
278
211
-It has never been our prattle° to include in the
,
Note.
-Exports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion conies overland and It Is Impossible to get
returns concerning the same from week to week, while reports from the Customs
districts on the Canadian border are always very slow In coming to band. In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
11,012 4,121 34,064 have been 37,679 bales. In the corresponding month of the preceding season the
1,629 1,577 4.203
the five months ended Dec. 31 1928 there were 119,--------300 exports were 41,940 bales. For
107,823 bales for the corresponding live months of 1927.
122 1,864 227balesexported, as against
238
220
1.077
111
In addition to above exports, our telegrams to-night also
567 1.122
222
amounts of cotton on shipboard, not
259
924 2,489 give us the following
1,166 cleared, at the ports named:
---496
Thurs.
Fri.
Total.
2,845 34,856
3,799 3.799
2,935 14.966 47.587
4,897
On Shipboard Not Cleared for
111 044 17.8811 27.042 16.932 21.908 81.6113 125.078
The following table shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night, compared with
last year:
1928-29.
Receipts to
Feb 8.
.
.
911
FINANCIAL CHRONICLE
FEB. 9 1929.]
1927-28.
This Since Aug This Since Aug
Week. 1 1928. Week. 1 1927.
Stock.
1929.
1928.
34,856 2,495,378 41.982 1,797,455 535,989 449,606
Galveston
82.266
40,825
3.799 164,205 1,590
40.635
Texas City
47,587 2,620,874 27,461 2,288.204 894,107 855,008
Houston
____ 256.188
---- 181,186
Corpus Christi
1,825
9,912
Port Arthur,&c__
New Orleans
34,064 1,230,416 22,210 1,145,907 329,748 505.186
204
Gulfport
4,203 215,274 2,409 224,320
34,519
Mobile
12.954
300
10,123
Pensacola
150
11,409
120
____
708
Jacksonville
8
592
Savannah
1.864 309,030 8,078 503,709
45,353
34.206
Brunswick
1,077 149,858 1,414 214.684
Charleston
41,517
31.564
--__
5,505
---756
Lake Charles_ -- 1,122 110,192 1,833
87,656
42.338
25,256
Wilmington
2,489 201,947 1.801 190,511
99.726
78,339
Norfolk
N'port News,-------92
1,166
32,621
102
5,110
77,457 193,075
New York
1,785
307
4,620
3,374
Boston
4,359
726
33,734 2.488
47,124
Baltimore
1.178
1,587
Philadelphia
155
4.628
9.336
Feb. 8 at
Galveston
New Orleans_
Savannah
Charleston_ Mobile
Norfolk
Other ports*
Other CoastGerGreat
Britain. France. many. Foreign wise.
8,800
9,432
1,856
ioo
9,000
4.300
2,851
6.800 30.600
3,866 10,110
47:48o
COM 10:666 18;686
Total.
Leaving
Stock.
5,500 55.400
280 26,539
400
400
480.589
303.209
44,953
41,517
75 6.025
28,494
100
99,626
44,000 1,020.615
Total 1929
28,832 13,151 20.666 62.560 7,255 132.464 2,019.003
Total 1928.. 22,696 9,897 15.648 39,102 7.533 94.876 2,146,827
43,378 14.349 26,945 79,789 13.028 177.539 2.701,054
Total1927•Estimated.
Early in the week new lows in cotton were touched for
the movement; they went below those of Jan. 7. March
liquidation played a conspicuous part for a time for it
was feared that the notices would mean large tenders effect.
The certificated stock has recently increased materially in
New York, New Orleans, Galveston and Houston. Spot
firms and Wall Street interests on some days sold March,
May and July heavily. That was taken as foreshadowing
large March tenders, though they were about three weeks
off. Also there were fears for a time of a bearish report
135,078 7,847.458 111,825 6,785.080 2,151,467 2.241,703 on January's sales of standard cloths by the Association
Totals
In order that comparison may be made with other years, of Textile Merchants very shortly. But that was not all.
On the 14th inst. will appear the Census report of the dowe give below the totals at leading ports for six seasons:
mestic consumption. Another thing of moment was the
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24. expectation of a report before long by the Manchester Fed43,359
69,302
34,856
41,982
61,579
Galveston_ _ _38.838 eration of Spinners. None of these reports were expected
47,587
27,461
51,508
20,105
Houston
50.700
21,564 to be of a bullish tenor. Meantime spot cotton was dull;
50,529
38,528
New Orleans..
34,064
22,210
52.369
22,691
4,203
2,409
5.260
2,545
2,504
Mobile
540 Japan was the best buyer. Daily sales at the South fell
Savannah_
1,864
8,078
20.484
8.986
12.832
6,739 below the total of the same date last year. The SouthBrunswick
Charleston_
1,077
1,414
9,806
13.091
13.185
2,851 western basis was reported easier.
1,111
1,833
4,657
4,824
Wilmington
1.122
1.778
On the other hand, the liquidation recently has been so
Norfolk
9,817
6,756
9,275
2,489
1,801
4,467
drastic that necessarily the technical position strengthened.
Wport N.,&c.
12,961
1,863
3,792
All others.-7,816
4,637
2,776 If the routine grades of spot cotton have been neglected
Total this wk_ 135,078 111.825 228,441 148,354 204,982 101.244 there has been a steady demand for the higher grades or
R1nril AMY 1_ 7 R47 4RR 11/88.11R0 111118111150 7.8031.01R 7424284 5541 '702 specialties; also it seems for the lower grades. In Memphis
recently it was declared that the stocks remaining are in
The exports for the week ending this evening reach a total strong hands. Factors' unsold stock there of 104,000 bales,
of 201,034 bales, of which 54,048 were to Great Britain, it was said early in the week, are mostly held at 19 c.
/
1
2
19,075 to France, 35,261 to Germany, 15,309 to Italy, to 20c. for medium and good grades. Factors and owners,
54,311 to Japan and China, and 23,030 to other destinations. it is declared, expect to get better prices in the spring.
In the corresponding week last year total exports were Meantime, it was stated, shippers continued to buy from
139,731 bales. For the season to date aggregate exports
each other. Last week strict middling 1 1/32 inch to 1 5/32
have been 5,727,985 bales, against 4,741,292 bales in the inch
premiums advanced 15 to 35 points. Exports at times
same period of the previous season. Below are the exports
have made no bad showing. Indeed, the increase for the
for the week.
season over the same date last year is now above 1,000,000
Exported to
bales. The danger of a strike in Lancashire over the disWeek Ended
pute with machinery cleaners was for the time being averted
Japan&
GerGreat
Feb. 8 1929.
by maintaining existing system until the Masters' FederaExports Irons
- Britain. France. many. Italy. Russia. China. Other. Toted.
position afresh. Operatives, it is true,
16,822 17,118 90,140 tion can review the
20.928 9,040 20,235 3.997
Galveston
15,974 3,207 36,383 rejected the Federeation's proposal that they make arrange2,835 3,365 2,295 8,707
Houston
-84 6.530 ments with individual mills, but further meetings were ex890 2,768
Texas City
2,808
1,825
Port Arthur ___ _
1,825
3,912 2,216 30.932 pected. Bombay cabled that the East Indian crop had lost
11.777 4.664 6,288 2.075
New Orleans_
Mobile
662
4.394
5,056 300,000 bales by frost, making the total yield perhaps 5,500,Pensacola
300
300
iab
Savannah
550
1,080 000 -bales against 5,025,000 in 1926-27, 6,15,000 in 1925-26
"ion
Charleston
100
1924-25. Some reports point at the mo100 3.638 and 6,088,000 in
Norfolk
1.000
2,538
454
225 3,347 ment to an increase in the American acreage of only 2%
2,668
New York
3,701
16;iii
Los Angeles _ _
20,579 and a decrease in fertilizer sales of 20% thus far. Of
725
399
Ban Francisco_ _
- 1,124
course it is too soon for more than purely tentative acreage
54,311 23,030 201,034
Total
54,048 19,075 35,281 15,309
estimates.
43,474 17,489 31,213 20,329
6,863 20,383 139,731
Total 1928
On the 5th inst. though, liquidation of March and May
33,310 17,982 62.443 7,869
49,719 13,006 184,338 was heavy and the Liverpool market a little lower than
Total 1927
due, New York prices after declining about half a dozen
Exported to
From
duo. 1 19281
points to new lows for this movement recovered this loss
Great
GerJapan&
Feb. 8 1929.
and advanced 5 to 7 points. This was traceable to larger
Britain. France. many. Italy. Russia. China. Other. Total.
Exportsft
trade buying and considerable covering. Moreover, the
Galveston _- 312,804 242,244 482.394 125,500 15,798 472,443 266,733 1.917 725
still better. The market easily
335,978 225,429 424,287 153,178 29,458340.609 119,12 1,62459 technical position looked
Houston
27,455 10.188 32.834 1,616"7,213 8.913 88 210 took heavy selling by Wall Street and the South and not
Texas CityChristi_
47,576 41,724 87.712 21,774 4.904 55,036 27,86 286,588
Corp.
a little short selling by the West. Later on this selling
_ __
430 2,430
6.152
250
650
-- Port Arthur.._
9,912
1,151 3,250
1.296
-- 330
Lake Charles_
6,027 pressure relaxed. Spot markets were generally steady. The
New Orleans- 308,758 69.982 178.135 78,742 68:440 116,:155 73,659 892,121
short interest seemed to be large. The long account has
63,961 1,633 63,171 3,198
7,300 3,71
Mobile
142,873
3,348
5.225
75
7
Pensacola...1
10,123 recently been considerably reduced.
24 100,138 1,730
Savannah_ __- 121,652
10,50
2,501 236,545
On the 6th inst. came a rise of 12 to 14 points, owing to
204
_
Gulfport
204
48,556
777 50,307
Charleston_
8
10.747 111,237 what was taken to be a sold-out condition of the market,
5,585 27,65Wilmington . 26,800
2,5
61,935
demand, covering, and smaller offerings. The
54,150
638 18,369 1,144
Norfolk
1,405 79,706 a good trade
92
Newp News...
92 liquidation had been very drastic within a couple of weeks.
15.661 4,924 25,555 12:556:643i 12.641 77,301 There is supposed to be still a good-sized short account. A
New York_ _
548
441
Boston
2,08
3,069
1.865
Baltimore. _
1,i55
- 3,324 little underneath the market were said to be a good many
.
Philadelphia
1 trade buying orders. This idea tended to check short sell43,5:
- 38,251 11,949
26,952 2,55
Los Angeles
122,381
2,700 1,948
4.296
60
San Diego..
9,644 ing. Some who sold "long" March holdings bought later
5,989
250
-tioo
13:575
SanFran. _ _329 25,046
5.208
months. In general, however, the long account has been
15,973
Seattle
15,973
reduced by Wall Street, Western and other interests. Spot
1,414,209615,905 1516190434
118,6001093458 535.389 5,727,985 markets advanced on Wednesday, though the total sales
Total
Total '27-'28- 789,405666,079 1530590 389.248 113.226 732,009 520,735 4,741,292 at the South were smaller. New Orleans reported a tenTotal '26-'27_ 1.755.786 757.805 19772421517136 132.773 019235 702,8236.862.800 dency toward higher premiums. There is said to be a short
912
FINANCIAL CHRONICLE
[VoL. 128.
interest among Southern cotton shippers. Some are said
FUTURES.
-The highest, lowest and closing prices at
to have sold staples ahead through June. Worth Street New York for the past week have been as follows:
was reported in the main steady, though occasional shadSaturday, Monday, Tuesday, Wednesday, Thursday, Friday,
ing of prices was reported on some print cloths and sheetFeb. 2.
Feb. 4.
Feb. 6.
Feb. 5.
Feb. 5.
Feb. 7.
ing& Manchester was undoubtedly much quieter. Liver'
pool was not inclined to be bullish, but Bombay selling, day Feb.Range..
after day, was rather well taken by the mills and the ConClosing_ 19.7019.46- - - 19.45
19.59
19.6619.64
tinent. On Thursday prices at first declined 12 to 17 points Starch
Range__ 19.81-19.90 19.59-19.75 19.51-19.62 19.58-19.72 19.55-19.78 19.70-19.80
on lower cables than due, a rise of 1% in the Bank of
Closing_ 19.83-19.84 19.59-19.81 19.58-19.59 19.7219.77-19.78 19.79-19.80
England rate of discount to 5%% and an announcement that April
Range-the Federal Reserve Board might adopt measures to curb
Closing- 19.8519.6219.6219.8519.7519.82undue stock speculation. Moreover, the stock market broke MayRange- 19.84-19.92 19.65-19.81 19.58-19.69 19.65-19.80 19.65-19.88 19.82-19.92
badly and Wall Street, the West and scattered interests sold
Closing_ 19.87-19.88 19.65-19.66 19.66-19.67 19.79-19.80 10.87-19.88 19.90-19.91
cotton freely. Later on, however, the fact that the technical June
Range....
19.67-19.67
position was better became more obvious than ever. OfferClosing- 19.6919.4719.50- 19.71 -- 19.7419.63
ings fell off. Contracts became scarce. Prices ran up July
Range.... 19.49-19.55 19.30-19.45 19.24-19.37 19.33-19.48 19.33-19.55 19.49-19.80
22 to 30 points from the low level of the morning and ended
Closing_ 19.5219.30-19.3119.34-19.35 19.46-19.48 19.54-19.65 19.57-19.60
at some 5 to 15 points net higher for the day. An outstand- Aug.
Range....
ing feature was an increased demand from the mills. The
Closing_ 19.4819.2519.50 -19.5619.41 19.30.spot basis in the Eastern belt was said to be firmer. Spot Sept
Range__
prices advanced with a little better business. Alabama
Closing_ 19.43- 19.19
19.4719.3719.2519.54reports said that the sales of fertilizers in that State thus 3d.
Range.... 19.36-19.38 19.16-19.30 19.09-19.20 19.16-19.33 9.21-19.45 19.41-19.52
far with only two months of the active season to go were
Closing.. 19.3819.16- - 9.44-19.45 19.5219.20
19.33
one-third less than during the same time last season. More- 7et.(new)
Range._ 19.20-19.24 19.02-19.18 18.97-19.10 10.08-19.23 9.08-19.34 19.30-19.43
over, an impression was gaining ground that the report of
Closing_ 19.2419.0419.40-19.43
19.1019.3419.23the Association of Textile Merchants next Monday will be Vat.
Range....
more favorable than has hitherto been expected. On the
Closing_ 19.41 19.19- 19.23
19.5519.3619.4714th inst. some now contend too the report of the domestic Vet% (new)
Range__
consumption for January will be bullish rather than otherClosing.. 19.2719.1319.0719.4319.2619.37wise. New Orleans suggested 600,000 bales. After all the Dec.
Range.... 19.26-19.30 19.07-19.20 19.02-19.14 19.09-19.28 9.15-19.40 19.33-19.45
fact that seems to stand out more clearly than anything
Closing_ 19.3019.08-19.09 19.1419.27-19.28 19.40 -- 19.45else was that the market has been sold out and was sensi- ran.
Range__ 19.29-19.29 19.06-19.20 19.06-19.17 19.15-19.28 9.14-19.44 19.38-19.48
tive to anything like stimulating influences, especially at
nt......... t n 'go _ long _ 10 171020 _l0 AA _10 AR the persistent demand from the mills is a constant stimuRange of future prices at New York for week ending
lus.
To-day prices made a small net advance on trade buying, Feb. 8 1929 and since trading began on each option:
firmer spot markets, reports of better business in Worth Option
Range Since Beginning of Option.
Range for Week.
for
Street among some houses
-one is said to have sold 46%
18.68 Aug. 21192820.07 DeC. 24 1928
more than a full production of goods this week-larger Feb. 1929_
Mar. 1929_ _
2 17.20
1928
19 1928
spinners takings and exports now up to a point over 1,000,- April 1929.. 19.51 Feb. 5 19.90 Feb. 18.58 Sept. 18 1928 22.38 June 29 1928
22.06 July 9
Aug.
000 bales above the total of a year ago. Desirable grades May 1929_ 19.58 Feb. 5 19.92 Feb. 2 17.72 Sept. 19 1928 22.30 June 29 1928
June 1929_ 19.87 Feb.
19.67 Feb.
18.00 Aug. 13 1928 20.43 Nov. 281928
of the actual cotton were in particular demand in parts July 1929_. 19.24 Feb. 8 19.60 Feb. 8 17.12 Sept. 19 1928 20.57 Nov. 27 1928
8
5
of the South. The trade was a steady buyer here. This Aug. 1929
19.50
1929
1928 19.63
18
was an outstanding and influential feature. Shorts seemed Sept.1929- 18.97 Feb. 5 19.52 Feb. 8 18.08 Dec. 6 1928 20.02 Dec. 27 1928
Oct.
Nov. 5
Nov.
1928
19.45 Dec. 15 1928 19.80 Dec. 18 1928
less confident. Not a few were covering as contracts were Nov. 1929_
Dec. 1929-- 19.02 Feb. 519.45 Feb. 818.89 Jan. 7 1929 19.66 Jan. 14 1929
anything but plentiful. Though the stock market was lower, Jan. 1930__ 19.06 Feb. 4 19 48 Feb. 8 19.06 Feb. 4 1929 19.48 Feb. 8 1929
the fact that the decline was more orderly, eliminated it
THE VISIBLE SUPPLY OF COTTON to-night, as made
as a factor in cotton. The West and Wall Street sold to
some extent and also the South. But Liverpool, the mills up by cable and telegraph, is as follows. Foreign stocks as
and spot houses in some cases bought. There was, however, well as afloat are this week's returns, and consequently
a good deal of switching from the old crop to the new. Final all foreign figures are brought down to Thursday evening.
prices show an advance of 5 to 16 points, except on March, But to make the total the complete figures for to-night
which was 3 points lower. Spot cotton ended at 20.05c. for (Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
middling showing no change for the week.
1926.
Feb. 8
1927.
1928.
1929.
The following averages of the differences between grades, Stock at Liverpool
bales_ 970,000 763,000 1,321,000 878.000
Stock
as figured from the Feb. 7 quotations of the ten markets Stock at London
79,000
at Manchester
71,000 178,000
91,000
designated by the Secretary of Agriculture, are the differTotal Great Britain
1 061,000 834.000 1,499.000 957,000
ences from middling established for deliveries in the New Stock
at Hamburg
York market on Feb. 15:
Stock at Bremen
677.000 577.000 593.000 295.000
Middling fair
White
Strict good middling
White
Good middling
White
Strict middling
White
White
Middling
Strict low middlingWhite
Low middling
White
*Strict good ordinary
White
*Good ordinaryWhite
Good middling
Extra white
Strict middlingExtra white
Extra white
Middling
Strict low middlingExtra white
Low middling
Extra white
Good middling
Spotted
Strict middling
Spotted
Middling
Spotted
*Strict low middling
Spotted
*Low middlingSpotted
Strict good middling
Yellow tinged
Good middling
Yellow tinged
Strict middling
Yellow tinged
*Middling
Yellow tinged
*Strict low middling
Yellow tinged
*Low middling
Yellow t
tinged
Good middling
Light yellow stained
*Strict middling
Light yellow stained
*Middling
Light yellow stained
Good middling
Yellow stained
*Strict middling
Yellow stained
*Middling
Yellow stained
Good middlingGray
Strict middling
Gray
*Middling
Gray
*Good middling
Blue stained
*Strict middling
Blue stained
Middling ___ _ .
. _ _ Bine stained
*Not deliverable on future contracts.
.77 on middling
.57 on middling
.39 on middling
.25 on middling
Basis
.78 off middling
1.62 off middling
2.49 off middling
3.39 off middling
.39 on middling
.25 on middling
Even on middling
78 off middling
1.62 off middling
.23 on middling
03 off middling
.78 off middling
1.60 off middling
2.39 off middling
.04 off middling
.45 off middling
.92 off middling
1.58 off middling
2.19 off middling
2.96 off middling
1.02 off middUng
1.56 off middling
2.24 off middling
1.34 off middling
2.07 off middling
2.72 off middling
.67 off middling
1.08 off middling
1.45 off middlina
1.56 off middling
9.17 off middling
2.92 off middling
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 20 Feb. 8Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
20.05 20.05 19.85 19.85 19.95 20.05
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 8 for each of the past 32 years have been as follows:
1929
1028
1927
1926
1925
1924
1923
1922
20.05c. 192
1 .1 . 1920
14.15c. 1919
20.75c. 1918
24.45c. 1917
:33.50c. 1916
27.85c. 1915
17.40c. 1914
12
38.00c. 1913
25.00c. 1911
31.70c. 1910
15.55c. 1909
12.10c. 1908
8.65c. 1907
12.65c. 1906
12.95c. 1905
95c.
10.30c. 1904
14.40c. 1903
15.00c. 1902
10.00c. 1901
11.70c. 1900
11.10c. 1899
11.25c. 1898
14.25c.
9.25c.
8.62c.
9.75c.
8.62c.
6.44c.
6.06c.
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent _
Stock at Antwerp
Total Continental stocks
288,000
13,000
105,000
76,000
223.000
6,000
107,000
33,000
1,099.000 1.082,000 1.075,000
664,000
261,000
14,000
95,000
52,000
316,000
12.000
114.000
63.000
2.160.000 1.916,000 2,574.000 1.621,000
Total European stocks
India cotton afloat for Europe- - 130.000 137,000
76,000 167.000
American cotton afloat for Europe 445,000 446,000 578,000 390,000
Egypt,IIrazil,&c..afloatforEurope 74.000
76,000
84,000 113.000
452.000 412,000 437,000 297.000
Stmk in Alexandria. Egypt
1,031,000 748,000 683.000 724,000
Stock in Bombay, India
Stock in U. S. ports
a2,151.467a2,241,703a2,878,593 1.530,761
Stock in U. S. Interior towns- _ -a1.007.913a1,087,f354a1,350.179 1,912,997
U. S. exports to-day
2,141
9.023
7,650
7.451,380 7,066,498 8,668,422 6.764,781
Total visible supply
Of the above, totals of American and other descriptions are as follows,
AmericanLiverpoolbales 694,000 522.000 999,000 614,000
65,000
Manchester stock
51,000.
60,000
1,039,000a1.032.000 1,035,000 625.000
Continental stock
445,000 446.000 578,000 390,000
American afloat for Europe
U. S port stocks
a2,151.46702,241.70302,878.693 1,530,761
U S interior stocks
a1,007.913a1,087.65..a1.350.179 1,912,897
U.S. exports to-day
2,141
7,650
9,023
5.402,380 5,382.498 7.005,422 6,141,781
Total American
East Indian. Thant. 14c.
-
Liverpool stock
London stock
Manchester
Continental stock
Indian afloat for Europe
Egypt, Brazil, Am., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
276,000
241.000
322,000
264,000
26,000
60,000
130.000
74,000
452,000
1 031.000
20.000
50,000
137.000
76,000
412,000
748,000
21,000
40,000
76,000
84,000
437,000
683.000
19.000
39,000
1137,000
113,000
297,000
724.000
2 049,000 1,684.000 1.663.000 1,623,000
5,402,380 5.382,498 7,005,422 5,141,781
Total visible supplY
_7,451,380 7,066,498 8,668.422 6,764.781
10.35d. 10.07d.
Middling uplands. Liverpool _ 7.69d. 10.52d.
Middling uplands. New York -- 20.05c.
18.45c. 14.10c.
20.30c.
Egypt,good Sakel, Liverpool-- 17.95d. 18.50d. 15.354. 19.85d.
Peruvian. rough good. Liverpool_ 14.506. 12.00d. 11.50d. 23.00d.
8.80d.
Broach, fine. Liverpool
9.106.
9.154.
6.854.
10.05ci.
Tinnevelly, good, Liverpool
9.55d.
7.30d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
•Estimated.
Continental imports for past week have been 145,000 bales.
The above figures for 1929 show a decrease from last
FINANCIAL CHRONICLE
FEB. 9 1929.]
913
Movement into sight in previous years:
week of 155,476 bales, a gain of 384,882 over 1928, a
Bales.
Since Aug. 1Bates.
Weekdecrease of 1,217 042 bales from 1927, and a gain of 686305,615 1926
14,932,520
1927
-Feb. 12
599 bales over 1926.
238,123 1925
1926
-Feb. 13
13.229.859
265.290 1924
12.202.421
AT THE INTERIOR TOWNS the movement-that is, 1925-Feb. 14
QUOTATIONS FOR MIDDLING COTTON AT
the receipts for the week and since Aug. 1, the shipments for
-Below are the closing quotations
the week and the stocks to-night, and the same items for the OTHER MARKETS.
corresponding periods of the previous year,is set outin detail for middling cotton at Southern and other principal cotton
markets for each day of the week:
below:
ma.,Birming'm
Receipts.
Ship- Stocks
meals, Feb.
Week. Season. Week.
8.
618
5
257
216
959
1,023
232
197
362
1,452
474
1,206
448
--SS
2,149
5,059
942
560
380
1,016
1,145
217
543
373
798
121
28
19,127
668
51,758
12,989
51,872
43,711
79,236
25,898
53,440
55,248
32,382
107,214
45,913
125,186
36,157
3,55
27.781
108,693
193,956
42,295
50,494
34,236
139,988
140,052
29.240
184,391
45,462
27,851
24,092
39,170
324.853
16,376
Eufaula
Montgomery.
Selma
Ark.,Blythevffie
Forest City._
Helena
Hope
Jonesboro_
Little Rock
Newport-Pine Bluff _
Walnut Ridge
Ga., Albany-- Athens
Atlanta
Augusta - _ -Columbus_ _ _
Macon
Rome
La., Shreveport
Miss.,Clarksdale
Columbus_ .. _
Greenwood_
Meridian... _
Narcbez
Vicksburg_ _ _
Yazoo City -Mo.. St. Louis_
N.C.,Gensboro
Raleigh
Oklahoma15 towns *._ _ 7,403 743,844
S.C., Greenville 5,696 132,792
Tenn.,Memphis 46,8841,358,136
Texas, Abilene_ 1,347 49,506
250 47,251
Austin
268 31,194
Brenham......
1,186 120,040
Dallas
Paris
555 87,205
Robstown_ ...
7 28,003
326 41,554
San Antonio.
309 62,632
Texarkana Waco
1.500 138,519
Closing Quo ations for Middling Cotton on
-
Movement to Feb. 10 1928.
Movement to Feb. 8 1929.
Towns.
Receipts.
Ship- Stocks
meets, Feb.
Week. , Season. Week. 10.
3,302 7,729
194 5,889
2,860 21,644
664 21,711
2,698 15,146
2,033 8,407
2,523 14,786
1,413 6,597
601 4,240
2,694 22,144
1.933 6,183
6,289 27,711
1,569 9,094
_ ..- 1,890
375 13,615
5,332 51,688
3,698 74,127
312 9,938
990 8,147
200 30,420
2,432 59,692
4,946 31,712
1,582 10,780
5,189 46,053
1,428 8,275
1,563 19,803
548 4,317
881 8.827
18,479 27,517
300 10,379
464 81,495
28 18,334
4671 69,763
97, 55,708
1,095 75,469
529 35,421
678 48,337
90 44,150
396 30,945
1,418 98.961
478 47,383
1,872 116,922
734 34,057
11;
4,973
200 48,242
1,801 102,343
1,997 224,657
405 49,778
1,172 51,710
215 32,378
690 92,388
1,246 148,738
165 32,088
1,000 154,231
194 37,085
194 34,895
145 16.917
48 27,317
11,048 258,191
263 21,578
281
11,61
1
51
13,419 50,183 9,868 706,182
8,235 41,896 3,000 239.392
58,864270,598 42,7491,154,778
861
1,564 1,777
48.784
99 24,491
315 2,679
2,623 5,652
595 24,669
2,346 18,233 2,209 80,432
1,181 4,026
559, 70.702
____
604
--- -, 29.692
13 2,532
306 33,342
1,671 8,780,
522 54,708
2,000 12,494
517 83,379
1,635
311
1,396
1,383
2,436
501
737
1,234
1,077
2,395
1,122
3,402
1,020
35
1,500
2,179
7,104
722
951
300
1,783
4,236
1,525
2,000
439
217
328
1,045
11,03'
2,278
506
10,395
9,314
28,761
23,742
17,462
13,576
20,810
4,371
4,914
22.342
6,024
36,384
6,911
2,143
16,706
34,148
80,919
2,428
5,605
18,206
43,858
62,433
7,453
79,282
8,151
20,618
7,320
14,784
2,516
15,781
4,169
16,637 77,554
6,000 66.549
49,223238.399
883 1.657
185 2,751
315 12,316
2,044 26,710
1,128 5,252
____ 1,465
42 4,784
997 9,286
1,700 11,505
Total, 57 towns 106,3564,992,468 169,2691007913 89,986 4.657,860 135.9811087654
•Includes the combined totals of fifteen towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 64,765 bales and are to-night
79,741 bales less than at the same time last year. The
receipts at all the towns have been 16,370 bales more than
the same week last year.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot.
Total
Since Aug. 1
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
19.10
18.75
18.40
18.76
18.88
19.45
18.81
18.10
18.90
18.10
18.30
18.30
19.30
Galveston
New Orleans_- 18.95
18.65
Mobile
19.08
Savannah
19.13
Norfolk
19.50
Baltimore
19.06
Augusta
18.30
Memphis
19.10
Houston
Little Rock- - -- 18.38
18.50
Dallas
Fort Worth_ _ _ _
200
7,200
200
7.200
500
700
500
700
8.600
8,600
130,459 141,100273,559
19.10
18.75
18.40
18.73
18.81
19.25
18.81
18.10
18.85
18.10
18.30
18.30
19.20
18.88
18.50
18.87
18.94
19.25
18.94
18.20
18.95
18.20
18.40
18.40
19.30
18.93
18.55
18.93
19.00
19.25
19.00
18.25
19.00
18.28
18.45
18.45
19.30
18.93
18.55
18.94
19.06
19.35
19.00
18.30
19.00
18.28
18.50
18.50
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 2.
Monday,
Feb. 4.
Tuesday, Wednesday, Thursday.
Feb. 6.
Feb. 7.
Feb. 5.
NUM,
Feb. 8.
February -
March ___ 19.20-19.21 18.99-19.00 18.99-19.00 19.13-19.14 19.18-19.20 19.20April
10.26-19.27 19.3019.23-19.25 19.04-19.05 19.04-19.05 10.19May
June
19.27-19.29 19.3019.05-19.06 19.2019.22-19.23 19.04July
August
September
18.96-18.97 18.75-18.76 18.81-18.82 18.96-18.97
October
November
December 18.99 Bid 18.78-18.80 18.66 Bid 19.01 Bid
18.75 Bid 18.81 Bid 18.96 Bid
Jatery('30)
Feb.(1930)
Tone
Steady
Steady
Quiet
Quiet
Spot
Steady
Steady Very st'dY
(Infirm.. _ Rtaluto
19.01-19.02 19.10
Bid
19.05 Bid 19.15
19.05 Bid 19.17
Bid
Bid
Steady
Very st'dy
Steady
Steady
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that temperatures have
been higher during the week in most parts of the cotton
belt. Rain has fallen in many localities, but as a rule precipitation has been light.
Rain. Rainfall.
2 days
4 days
2 days
1 day
3 days
2 days
4 days
1 day
3 days
5 days
3 days
2 days
? days
7 days
6 days
Galveston,Tex
Abilene, Tex
Brownsville, Tel
Corpus Christi. Tel
Dallas. Tel
Del Rio, Tex
Palestine, Tex
San Antonio, Tex
New Orleans, La
Shreveport, La
Mobile, Ala
Savannah,Ga
Charleston, S. C
Charlotte, N. C
Memphis, Tenn
Contr'ct Total.
Saturday__ - Quiet,unchanged __ Steady
Monday ___ Quiet,20 pts. decl _- Barely steady_ _
Tuesday __- Steady,unchanged - Firm
Wednesday_ Quiet, 10 pts. adv
Very steady
Thursday _- Steady.5 pts. adv _- Firm
Friday
Quiet, 5 pts. adv. Steady
Week Ended
Feb. 8.
0.37 in.
0.49 in.
0.09 in.
0.02 in.
0.16 in.
0.10 in.
0.86 in.
0.6 in.
1.48 in.
0.78 in.
0.93 in.
0.12 in.
0.45 in.
1.56 in.
0.23 in.
Thermometer
-
high 64
high 60
high 80
high 72
high 40
high 76
high 52
high 76
high -high 49
high 66
high 60
high 62
high 54
high 44
low 43
low 12
low 40
low 40
low 20
low 36
low 32
low 34
low __
low 28
low 32
low 33
low 31
low 23
low 21
mean 54
mean 16
mean 60
mean 56
mean 30
mean 56
mean 42
mean 55
mean 51
mean 39
mena 51
mean 46
mean 47
mean 35
mean 34
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Feb. 8 1929. Feb. 10 1928.
pp,t.
Feet.
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
12.0
32.2
12.7
17.3
39.4
8.3
17.4
14.0
8.4
28.9
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
of the crop which finally reaches the market through
-1927 28
- part
the . rts.
_
Since
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Feb. 8Shipped
-
Via St. Louis
Via Mounds. dm
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. Stc
-1928-29Since
Week. Aug. 1.
18,479
3,450
215
1,205
4,945
30,858
298.707
56,115
4,082
29,918
131.947
372,423
59,152
547
23,175
Week. Aug. 1.
11,030
6,100
696
1,208
6.619
14.522
258,624
192,792
11,194
22,915
156.248
225.128
883,192
40,175
866,901
67,583
11,564
388,902
2,897
589
17.534
58.485
13,367
429,344
25,614 468,049
Leaving total net overland*---33.538 425,143
*Including movement by rail co Canada.
21,020
501,196
19,155
365,705
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_.._ 1,892
Bewteen interior towns
Inland,dm,
from South
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 33,538 bales, against 19,155 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 59,438 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Feb.8
-1928-29
Since
Week.
Aug. 1.
135,078 7,847,458
33.538
Net overland to Feb.8
425,143
Southern consumption to Feb.8...118,000 2,953,000
286,616 11,225,601
Total marketed
*64,765
Interior stocks in excess
690,444
Excess of Southern mill takings
---739,132
over consumption to Jan.1
Came into sight during week--221,851
12,655,177
Total in sight Feb.8
North'spinn'ss'takings to Feb.8_ 31,293
Decrease.
807,832
1927-28
Week.
Since
Aug. 1.
111,825 6,785.080
19,155
365,705
90,000 3.041,000
220,980 10.191,785
*46,433
714,802
329.928
174.547
11.236,515
31,308
964,573
Week
gnde
Receipts at Ports.
1928.
1927.
1926.
Stocks at Interior Towns. Receiptsfrom Plantar's*.
1928.
1927.
1
1926.
1928.
1927. 1926 -
Nov.
2-- 538,8221438,156 508.768 1,034,0491,199,9351,264,450616.351 536,276 606.538
9-- 396.001390.293 488.446 1.050445 1460,956 1449.9.1 412.497(51,314.
16_ 351,467341,143517.711 1,099,921 1.290.4091.415.095 400,843 370.596 583.298
23.. 351.5051257.764 470.442 1,155.384 1.307.971 1,456,381 406.968 175,320 511,728
30._ 265.180284.933 48'1,959 1.215.753 1.329.900 1.490.161 425.558 306.862516,739
1
l
7.. 388.9881233.588 451.084 1.223.5731,342,5081.528.555 396,808 246.196 489.478
14.._ 311.716109.962 400.731 1.232.683 1,331.182 1452.303 320,846 188.636 424,479
265.780l80.499339.577 1.232,436 1.308.7701,561.460265.551158,067345.935
21...
28_.255.551 159.069 323.796 1.255.901 1,328.743 1.562.861 279.131 179.042325.197
1927
1929.
1929.
1928. -1 1927.
1929. 1928
Jan.
4... 188,298 110.324 238,809 1.240431 1.295.5321,529,304173,028
11_ 172,340 117.331 264.749 1.203.459 1.261.688 1.509,833 135.168
l8.._ 151,177 122,215 296.254 1.161.140 1,217.543 1.487481 108,858
25._ 171,76 y20,405258.932 1,118,699 1.180.0961,487.429 129,320
Feb.
1._ 155,731 139,567235,198 1,072,678 1,134,087 1,404,189109,710
8.... 135,078 111,825 228.441 1,007,913 1,087,654 1,350,179 70.313
1928. 1927.
77,113205.252
83.487284.220
78.070274.400
82,958238,380
I
93.558 171.950
65,392174,431
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,517,604 bales;
in 1927-28were 7,488,381 bales,and in 1926-27were 10,699,978
bales. (2) That, although the receipts at the outports the
past week were 135,074 bales, the actual movement from
plantations was 70,313 bales, stocks at interior towns
having decreased 64,765 bales during the week. Last year
receipts from the plantations for the week were 65,392
bales and for 1927 they were 174,431 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
914
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1927-28.
1928-29.
Season.
Week.
Season.
Week.
Visible supply Feb. 1
7.162,849
7,606,856
Visible supply Aug. 1
4.961.754
4.175.480
American in sight to Feb. 8....-- 221,851 12,655,177 174,547 11,236,515
Bombay receipts to Feb. 7
84,000 1.583,000
123.000 1,404,000
Other India shipments to Feb. 7
5,000
308,500
299,000
38,000
Alexandria receipts to Feb.6
956,860
22,000
23,000 1.264,200
Other supply to Feb. 7*b
412,000
15,000
468,000
15,000
Total supply
Deduct
Visible supply Feb.8
8,027,707 20,265,857 7.463,396 19,458,629
7,451.830 7.451,380 7.066,498 7,066,498
Total takings to Feb.8_a
576,327 12,814.477 396,898 12,392,131
Of which American
329,327 9,394.277 261,898 9,243,771
Of which other
247.000 3.420,200 135,000 3,148.360
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, Rm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,953,000 bales in 1928-29 and 3.041.000 bales in 1927 -28
takings not being available-and the aggregate amounts taken Dv Northern
and foreign spinners. 9.861,477 bales In 1928-29 and
bales in
1927-28, of which 6,441,277 bales and 6,202.771 bales American.
b Estimated.
9,351.11
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1926-27.
1928-29.
Bombay
1927-28.
Sam
Week.1 Aug. 1.
February 7.
Receipts at
-
Since
Week. 1 Aug. 1.
Week.
Since
Aug. 1.
122,000 1,404.000 84,000 1,583,000 142,000 1,579,000
Exports
from
-
For the Week.
Since August 1.
Great I Conti- Japan&
Great
Britain. neat. China.1 Total. Britain.
Bombay
1928-29__
1927-28._
1926-27._
Other India:
1928-29_1927-28-1926
-27--
5.000 22.
64,0001 91.000
6.000 25,000 30,000 81,
2,000 4,
60,000 66.000
10,000 28,000
4,000 1.000
6,00
38,00
5.000
6.0
Total all
1928-29_ 15,000, 50,000 64,000129,
1927-28-- Rime, 26,000 30,000 66,000
1926-27__ 2.000 10,000 60,000 72
Conti- Japan &
neat.
Total.
China.
402,000 783.0001 1,211.000
26,
33.000 263.000 510,000 806,000
703,000 880,000
4.000 153,
58.000 243,000
55,500 253,000
17,000 174,000
299,000
308,500
191,000
82,000 645,000 783,0001.510,000
88,500 516,000 510,0001,114,500
21,000 327,000 703,000 1.051,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
39,000 bales. Exports from all India ports record an increase
of 63,000 bales during the week, and since Aug. 1 show
an increase of 395,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
A lexandna, Egypt,
Feb. 6.
1928-29.
1926-27.
110,000
4,585.468
185,000
5,876.680
This Since
Week. Aug. 1.
Export (bales)
-
1927-28.
115,000
6,302,919
Receipts (ranters)
This week
Since Aug. 1
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
82.769
6.000 112,655
136,533
87.163 9:86o 113.840
4,000 109.072
10,000 288,359 13.750 237,538 11.250 212.491
50 76,819
12,000 98,871
73,301
To Liverpool
To Manchester,&c
To Contin't& India
To America
32,000 608,957 13,800 4,48289 20,750 536,165
Totalexports
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Feb. 6 were
115,000 canters and the foreign shipments 32.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both yarns and cloths is active. Manufacturers are generally
complaining. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1928.
32s Cop
Twist.
Nov.-
d.
d.
15 016g
15 016g
1631017%
15% 16%
1534@1634
1927.
81i Lbs. Shirt- Cotton
Oros, Common Middrg 32s Coy
Uprds. Twist.
to Finest.
e. d.
13 1
13 0
13 0
13 1
13 3
1534@1634 13 3
15%016% 13 3
15%016% 13 3
1534@1634 13 3
19 29.
15K @161t 138
153114
,1614 133
15I3016.3( 13 3
15%016.% 133
8).4 Lbs. Shirt- Colton
inos, Common Middry
to Finest.
UpPds.
e. d.
013 3
©13 2
013 2
013 3
013 5
d.
10.49
10.46
10.55
10.84
10.97
d. it. e. d.
163(018Si 13 3
14 ©16 13 0
1534017g 13 0
15.34©1734 13 1
15%©17 0 13 1
sit.
013 6
013 3
013 3
@l3 2
@13 4
d.
11.75
11.04
10.91
11.14
10.90
1413 5
013 5
©13 5
013 5
10.63
10.69
10.58
10.63
153(016K 13 1
10(016% 13 0
1534(41634 13 2
15%4017 13 4
@l3 4
013 4
013 7
®14 1
10.68
10.68
10.88
11.06
Dec.
-
Jan.-
[vol.. 128.
FINANCIAL CHRONICLE
@135
@135
013 5
@138
Feb.
15Iii01.6g 13 3 @l3 6
15 ©16 13 3 013 5
10.50
10.50
10.63
10.48
19 28.
15;4017 0 13 5 014 1
15%016% 13 5 ©14 1
15%016% 13 7 ©14 1
15 ©16% 13 6 014 0
10.35 1434©1534 13 5 ©13 7
10.34 1434©16 0 13 5 013 7
10.92
10.90
10.82
10.32
9.79
10.07
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 201,034 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON-To Liverpool
-Jan. 30-Dakarian, 4,306; West Bales.
Celina, 4,270_ _ _Feb. 1-Anselma do Larrinaga, 5,484_ _ _ _ 14,060
To Manchester-Jan. 30-Dakarian, 623; West Celina, 1,068
Feb. 1-Anselma de Larrinaga. 7,177
8.868
To Havre-Jan. 30
-St. Andrew, 3,755
-City of
Feb. 4
8,687
Omaha, 4,939
To Antwerp-Jan. 30
-St. Andrew. 100
100
To Ghent
-St. Andrew, 3,324. Feb. 4-City of
-Jan. 30
Omaha. 150
3,474
To firemen-Jan. 30-Eibergen. 2,094--_Jan. 31-George
Pierce, 3.816_ __Feb. 1-Gonzenheim, 5,250; Villaperosa,
1,685_ _ _Feb. 4-Framlington Court, 6,897-- _Feb. 5Thistleford, 493
20,135
To Japan-Jan. 30-Scottsburg, 1.900; Toba Maru, 7,250_ -- Feb. 1-Chattanooga City,525._ _Feb.4
-Victorious, 1,800 11,475
To China-Jan. 30-Scottsburg, 2.050; Toba Maru, 1,250_
Feb. 1-Chattanooga City,350... _Feb.4
-Victorious, 1.607 5,347
To Barcelona-Jan. 31-Mar-Baltico, 5,208; Cardonia, 3,150
Feb. 5
10,758
-Rostock, 2,400
To Rotterdam-Feb. 1-Villaperosa, 1,745_Feb. 4
-City of
2,786
Omaha, 1,041
To Dunkirk-Feb. 4
353
-City of Omaha,353
To Genoa-Feb. 6
3,997
-Montreal, 3997
NEW ORLEANS
-De La Salle, 250; Carplaka,
-To Havre-Feb.2
3.464
.030__Feb. 1-Ostende, 1,164
To Dunkirk-Feb. 1-Ostande, 1.200
1,200
To Ghent
720
-Feb. 2-Carplaka, 720
To Antwerp-Feb. 1-Ostendo,25
25
To Rotterdam-Feb.4-Indljk, 1,071
1,071
To Japan-Feb. 2
-La Plata Maru, 1,019--_Feb. 1-Chat2,712
tanooga City. 1,693
1,200
To China-Feb. 1-Chattanooga City. 1,200
9,766
To Liverpool-Feb.5-Nevisian,9.766
To Cartagena-Feb. 2-Heredia. 100
100
2,011
To Manchester-Feb. 5-Nevisian, 2,011
200
To l'orto Colombia-Feb. I-Coppename, 200
To Bremen-Feb. 2
-Aquarius, 2,854___Feb. 6-Ralment,
4,850
1,9%
To Gothenburg-Feb. 6
100
-Florida, 100
To Hamburg
-Aquarius,884--_Feb.6
-Raiment.554 1.438
-Feb.2
To Genoa-Feb. 6-Scantic. 2.075
2.075
1.743
NORFOLK-To Liverpool-Feb.5
-London Corporation. 1,743
To Manchester-Feb. 5
795
-London Corporation, 795
100
To Rotterdam-Feb. 5-Binnendijk, 100
1,000
To Bremen-Feb. 6-Harburg, 1,000
SAN PEDRO-To Liverpool-Feb. 2
-Pacific President. 1,188
3,001
Feb. 4-Lochgoil, 1.813
-Pacific President, 700
To Manchester-Feb. 2
700
-Golden Mountain, 378; Silverpine, 12,900
To Japan-Feb. 4
16,878
__Feb. 6
-Argon Main. 3.600
400
N
SAVANAH-To Bremen-Feb. 5-Schoharie. 400
150
To Hamburg-Feb. 5-Schoharie, 150
530
To Genoa-Feb. 1-Labette, 530
NEW YORK-To Havre
-Feb. 5
-Vincent, 452Feb. 1-In454
noke, 2
125
-Cabo Villano, 125
To Santander-Feb. 5
2,368
To Liverpool-Feb. 1-Andania, 2,368
100
To Lisbon-Feb. 1-Estrulla, 100
300
To Manchester-Feb. 1-Matopp ,_ts 300
-West Maxiums,300
PENSACOLA-To Bremen-Fob.6
300
TEXAS CITY-To Liverpool-Jan. 26-Dakarlan, 388___Jan.
1,025
29-Anselma de Larrinaga, 637
64
To Rotterdam-Feb. 1-City of Omaha. 64
To Manchester-Jan. 26-Dakarian. 625; Anselma de Larrin1,783
age, 1.158
640
To Havre-Feb. 1-City of Omaha.640
-George Pierce, 2,768
2.768
To Bremen-Jan. 26
250
To Dunkirk-Feb. 1-City of Omaha, 250
-Rio Bravo. 2.295
2,295
HOUSTON-To Bremen-Jan. 29
-West Harshaw, 1,456___Feb. 1-Terni,
To Genoa-Feb. 4
4,524
3,068
-Chattanooga City, 945--Feb. 2
-Scotts
To Japan-Feb. 4
-Victoria Meru, 2,274--Feb. 7
burg, 2.700. Feb. 6
11,424
Vancouver Meru, 5.505
-Chattanooga City, 1,225_ _ _Feb.2
-ScottsTo China-Feb.4
-Vancouver Maru, 2,125
4.550
burg, 1,200- _Feb. 6
3.365
-Feb. 1-West Quechee. 3,365
To Havre
100
1-West Quechee. 100
To Ghent
-Feb. 1-W
750
To Rotterdam-Feb. 1-West Quechee, 750
2,635
To Liverpool-Jan. 31-West Celina, 2,635
200
To Manchester-Jan. 31-West Celina, 200
1.782
To Barcelona-Jan. 29-Cardonia, 1,782
500
To Malaga-Jan. 29-Cardonia, 500
3,904
To Venice-Feb. 1-Burma.3,904
279
To Trieste-Feb. 1-Burma, 279
75
-Mayan,75
To Buenaventura-Jan. 24
SAN FRANCISCO-To Liverpool-Jan. 31-Pacific President,
399
181-__Feb. 2-Lochgoll. 218
725
-Rhine Meru, 725
To Japan-Feb. 2
100
CHARLESTON-To Antwerp-Feb. 2-Schoharie, 100
1.483
-Belgian. 1,483
MOBILE
-To Liverpool-Feb. 5
2,911
-Belgian. 2,911
To Manchester-Feb. 5
662
-Jacques Cartler. 662
To Havre-Feb. 6
-West Tacook, 1,825
1,825
PORT ARTHUR-To Bremen-Feb.6
201,034
COTTON FREIGHTS.-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
Iftgli
/km/11y.
Liverpool .450.
Manchester.45e.
Antwerp .45c.
Havre
.310.
Rotterdam .45c.
.500.
Genoa
Stand
ord.
.600.
.600.
.60c.
.460.
.60c.
.550.
High
Density.
.500.
Oslo
Stockholm .60c.
.50e.
Trieste
Flume
.500.
.45c.
Lisbon
.600.
Oporto
Barcelona .30e.
Japan(
65c
Standord.
.60o.
.75c.
.65c.
.650.
.60c.
.750.
.450.
800
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
IBM
Density.
.70o.
.700.
.450.
450.
.750.
.75e.
.500.
Standart.
.650.
.850.
.600.
.600.
.90e.
.900.
.65o.
-Sales, stocks, &c., for past week:
LIVERPOOL.
Jan. 18. Jan. 25.
27,000
44,000
26,000
17.000
1.000
1,000
69.000
59,000
921,000 959.000
638,000 670,000
93,000 103,000
75,000
75,000
254,000 228,000
178,000 162,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total Imports
Of which American
Amount afloat
Of which American
Feb. 1.
29,000
19,000
1,000
63,000
964,000
678,000
78,000
60,000
221,000
161,000
Feb. 8.
24,000
18,000
1,000
67,000
970,000
691,000
55,000
33,000
253,000
183,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday•
Market,
12:15 I
P.M.
Quiet.
Qulet.
Mid.Upfde
Sales
10.37d.
3,000
10.33d.
5,000
Tuesday. Wednesday, Thursday,
Friday.
Quiet.
Quiet.
Quiet.
10.24d.
5,000
10.23d.
5,000
Quiet.
10.33d.
5,000
10.34
5,000
Quiet
Steady at
Q't but sty
Quiet
Quiet
Future/
Quiet
Market
4 to 6 pts. 3 to 5 pts. 6 to 8 Pts. unch'd to 2 1 to 2 pts. 7 to 10
decline.
pts. adv. advance. Ms. adv.
opened
advance, decline,
Steady
Quiet
Steady Qt but st'y Quiet at
Market, I
Quiet
4
5 to 6 pts. 4 to 6 pte. 4 to 7 pts. 3 to 6 pts. Opts. (reel. 7 to 9 Pt&
decline, advance. to 3 ptaadv. advance.
P. M.
advance, decline,
FINANCIAL CHRONICLE
FEB. 9 1929.]
915
Prices of futures at Liverpool for each day are given below: intimations that there may be a scarcity of wheat in some
parts of the world. But to-day all this fell flat. The
Wed.
Thurs.
Fri.
Tues.
Sat.
Mon.
export sales were only 200,000 to 300,000 bushels. Final
Jan. 26
/ to 2c.
1
2
12.15 12.30 12.1, 4.00 12.1 .400 12.1. .40012.15 4.0012.15 4.00 prices show a decline for the week of 1
to
Feb. 2.
p. m p. m.p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
d.
d.
d.
d.
d.
d.
d.
d.
d. (i.
d.
d.
__ .... 10.12 10.0810.06 9.99 9.99 9.98 10.0210.03 9.96 10.04 10.04
February
March
.
10.1910.1510.1310.06 10.06 10.0510.09 10.10 10.04 10.1310.13
.
10.21 10.17 10.1510.0810.0810.0810.1210.13 10.0710.16 10.16
April
.
10.2710.23 10.31 10.1410.1410.1510.1810.19 10.14 10.2410.23
May
10.2410.20 10.1910.12 10.12 10.1410.1710.18 10.1410.2410.23
June
July
__ __ 10.26 10.22 10.31 10.1410.1410.16 10.20 10.21 10.1810.27 10.27
.
10.21 10.17 10.16 10.09 10.1010.1210.16 10.1710.1510.2410.24
August
_ 10.1710.13 10.12 10.0510.06 10.0810.11 10.13 10.11 10.2010.20
September
10.1310.0910.0810.02 10.0310.0510.0710.09 10.0810.17 10.16
October
Novem er----... ..._ 10.10 10.06 10.0510.00 10.01 10.03 10.0510.07110.07 10.16 10.15
Decem er --------10.10 10.07 10.06 10.0010.01 10.03 10.0510.07110.0710.16 10.15
January (1930) -- -- 10.0810.0510.04 9.98 10.00 10.02 10.0410.06,10.0710.16 10.14
. _- 10.08 10.0510.04 9.98 10.00 10.02 10.0410.06110.0710.16 10.14
February
BRE ADSTUF FS
Friday Night, Feb. 8 1929.
Flour was still in moderate demand generally for small
lots and with wheat advancing recently prices became firmer for flour. No new features appeared so far as trade
was concerned. Export business so far as could be judged
by appearances was quiet City flour mills advanced
prices 20e. a barrel in this market and quoted 8.55 to 9.25
for fancy Minneapolis patents.
Wheat.
-Liquidation, a decline in the stock market, lower
prices for corn and a lack of any aggressive export demand
of late caused lower prices. On the 2d inst. prices declined 1 to 12 net on profit taking including selling by
/c.
1
some leading operators. Outside speculation fell off after
having recently been active. A decline in corn had some
effect. Only covering and buying against bids checked
the decline. Export sales were only 200,000 bushels in all
positions; 100,000 bushels of hard winter were bought in
Omaha to go to Chicago. This had some effect. On the
4th inst. prices ended %c. higher after rallying le. from
the earlier low. The United States visible supply decreased last week 2,411,000 bushels against a decrease of
1,841,000 in the same time last year; total now 126,570,000
bushels against 76,604,000 a year ago. Winter wheat receipts were fairly large. There was a good demand for
choice milling grades, but medium and ordinary grades
were dull and it was reported that further purchases were
made to go from the Southwest to Chicago. The weather
was somewhat more favorable with higher temperatures but
some expressed the fear that the crop had been damaged
badly by the recent unfavorable weather. On the 5th inst.
after a rally prices broke 2 to 24c. on increased offerings
of the Southwest to Chicago, realizing lack of an aggressive export demand and reports that recent cold weather
had done no severe damage. Export sales were estimated
at 500,000 bushels, largely Manitoba. It was stated that the
No. 4 and No. 5 grades are pretty well cleaned up in the
East. No important export demand appeared at the Gulf.
Western and Southwestern markets offered wheat to go
to Chicago and some purchases were made on a delivery
basis.
, The Modern Miller said the past week was less severe
for winter wheat. Snow fell over most of the belt. Reports show a covering of ice under the snow in many parts
of the soft winter wheat territory and the effects of this
remain to be seen. On the 6th inst. prices ended 12 to 1%c.
/
1
higher. Winnipeg rose / to %c. The various other mar1
2
kets were generally firmer. The cables were better and
unfavorable reports were received from the winter wheat
belt. There was a better export demand with sales in all
positions estimated at 500,000 bushels. The foreign news
was bullish. On the 7th inst. prices ended % to / lower.
1c.
2
Liverpool fell / to %d. owing to the advance in the Bank
1
2
of England discount rate to 52 and freer offerings of
/
1
%
Argentine and Canadian wheat. Argentine shipments for
the week were estimated at 6,250,000 bushels. Non-European countries continued to take a *good deal of wheat and
the claim is that in some countries there is a scarcity. In
export business American wheat is barred as a rule, it is
said, by the American premiums over Canadian and Argentina. Practically no interest was shown at the Gulf.
In Russia, China and some of the smaller foreign countries, it is intimated that there will be continued heavy
consumption throughout the entire seasons, as famine conditions prevail in many parts. Weather conditions over
the winter wheat belt were more favorable with considerable snow.
To-day net changes were practically negligible. There
was an early advance and then a reaction. Argentine shipments for the week were 6,970,000 bushels and Australian
4,392,000, with Bradstreet's North American 10,479,000,
pointing to a total world's shipments for the week of 21,848,000 bushels. Most of the selling was due to reports
of further sales of wheat by the Southwest to Chicago. European crop news was considered unfavorable. Large clearances are being made to non-European markets. There are
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
16334 16534 163% 164% 164% 164%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed. Thurs. Fri.
124% 1253 123
124% 123% 124
128
128% 126% 127% 127% 127%
129% 130% 128
July delivery
129% 128% 129
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
March delivery
May delivery
May delivery
July delivery
October delivery
Sat. Mon. Tues. Wed. Thurs. Fri.
129q 1291 128R 128R 128% 128
131
129
131
129
130
128
130
128
130% 130
128% 128
Indian corn has declined with a falling off in shipping
demand and general selling, together with the influence of
Wall Street's break. Export inquiry, at one time good, is
apparently small now. On the 2d. inst. prices fell 1%c.,
little of which was recovered. Some leading operators sold
aggressively. It was called a more two-sided affair to say
the least. Argentine had had some rain. A Chicago industry bought 100,000 bushels at Kansas City to be shipped
to Chicago tended to increase bearish sentiment. Outside
trading was small. Private estimates indicate that the Argentine exportable surplus next season will be 180,000,000
bushels; Liverpool had estimated it at 200,000,000 bushels.
Some think corn may be a much more difficult crop to "bull"
this season than the last crop. September last year went
out at about 86 cents or 13 to 14 cents under present price
for May corn.
4c. lower after being a little
On the 4th inst. prices closed 3
higher. The United States visible supply increased last
week 1,528,000 bushels against an increase of 2,941,000 a
year ago. The total is now 26,043,000 bushels against 31,498,000 a year ago. On the 5th inst. after an advance of
about lc., prices dropped with those for wheat about 134
to 1%c. No export business was done though some export
demand was reported. Rains were reported in Argentina.
Country offerings to arrive were still very small, but there
was more corn moving to all markets on consignments. On
/
1
the 6th inst. prices closed 12 to 1%c. higher, owing to unfavorable weather, good foreign buying and a forecast for
rain or snow. Export sales of 700,000 to 1,000,000 bushels
were reported to have been made. Country offerings to
arrive were small.
On the 7th inst. prices showed little net change. At one
time / to / higher most of this rise was lost later in a
1 3
2 4c.
quiet market. The weather was unfavorabel for the movement. Exporters at one time were reported as bidding
freely for the grain at higher prices. But the actual export business was said to be much smaller than on the
day before. From some of the important provinces of South
Africa it was said exports will be prohibited owing to fears
-day prices closed / to /
1 1c.
2 2
of famine among the natives. To
lower, after being firm early in the day. Export clearances for the week were put by Bradstreet at 2,310,000
bushels, a total of 20,459,000 bushels for the season against
only 4,812,000 for a like period last season. Shipping demand was small. Unsatisfactory crop conditions were again
reported in South Africa. Argentine exports for the week
/
1
2
were 1,932,000 bushels. Final prices are 2 to 2 c. lower for
the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
115% 11534 114% 116 115% 114%
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
96% 96% 95% 96% 96% 95
March delivery
993's 99% 98
May delivery
9934 99% 98
101% 10134 100 101% 101% 100q
July delivery
-Liquidation and the influence of other grain acOats.
count for the decline in oats this week. On the 2d inst.
prices fell / to %c. in response to the decline in corn
1
2
but recovered a little of the loss. No striking features
developed. On the 4th inst. prices were a little lower.
The United States visible supply increased last week 510,000
bushels against a decrease in the same week last year of
165,000 bushels. The total is 13,611,000 bushels against
1
2
20,349,000 a year ago. On the 6th inst. prices were / to
%c. higher for the day. The foreign demand improved a
little. The country movement did not increase much. The
Government weekly weather report was unfavorable. On
the 7th inst. prices declined / net with little specula1c.
2
tion and cash trade nothing active. But on the other
hand the country movement was small. To
-day prices
1c.
2
ended unchanged to / lower after a firm opening, with
offerings small and good milling oats reported to be becoming rather scarce. Later on oats followed other grain
downward. Final prices show a decline for the week of
% to lc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
63
No. 2 white
63
63
63
63
63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
52
57% 52% 52% 5234 52
53
53
May delivery
52% 52% 5284 52%
5
5
50
July delivery
49% 49% 49% 49% 49%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
62
May delivery
61 7 61% 615% 61
61g
6
July delivery
59% 595% 59% 59%
034 60
October delivery
55% 55
54% 54% 54% 55
FINANCIAL CHRONICLE
916
[VoL. 128.
The destination of these exports for the week and since
Rye sympathized with the downward drift of other
grain prices and was also depressed by the lack of any Feb. 2 1929 is as below:
active export demand. On the 2d inst. prices were irreguCorn.
Flour
Wheat.
lar, March rising 14c. and later months dropping % to %c. Exportsfor Week
/
Since
Week
In sympathy with the decline in wheat. On the 4th inst.
Week
Since
and Since
Week
Since
July 1
July 1
Feb. 2.
Feb. 2.
July 1 toFeb. 2. July 1
prices closed unchanged to %c. net higher taking the tone
1928.
1929.
1929.
1928.
1929.
1928.
largely from wheat. The United States visible supply deBushels.
Bushels.
Barrels.
Bushels.
creased last week 43,000 bushels against an increase of United Kingdom- Barrels. 2,204,045 1,501,800 54,516,420 Bushels. 6.427.110
516,000
71,683
20,000 in the same week last year. The total is now 6,419,- Continent
32,382 3,429,786 2,020,852 148,153,272 805,000 10,155,962
132,000
1,000
Cent.
10,000
238,000
000 bushels against 3,929,000 a year ago. On the 6th inst. 80. drIndiesAmer. 6,000 220,000
600,000
22,000
West
49,000
296,000
1,000
7.000
prices followed those for wheat and wound up % to %c. Brit.No.Am.Cols_ ____
20,000
1,000
2,250
2.849,733
higher: The market was in general featureless, however. Other countries__ 2,000 717.718
On the 7th inst. prices advanced % to 1%c. with reports
Total 1929
119,065 6,868,649 3.533,652 205,826,425 1,344.000 17.317,322
Total 1928
199,309 1,761,518 174,426,286 212,000 2,298,739
169,902
of an export demand. No export business, however, was
confirmed. Still the firmness of the undertone was indisThe visible supply of grain, comprising the stocks in
putable. To-day prices ended 14 to %c. lower. Some East- granary at principal points of accumulation at lake and
/
earn buying was reported early, but no export demand. And seaboard
ports Saturday, Feb. 2, were as follows:
later on the depressing influence of other grain was seen.
GRAIN STOCKS.
Final prices show a decline for the week of % to 1c.
Barley
Rye.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tiers. Wed. Thurs. Fri.
March delivery
110% 1104 110%
111
110
111
1093.
May delivery
110% 109
1094 110
110
July delivery
I087 1074 10834 1093i 10831
1084
GRAIN.
Wheat, New York
Oats. New York
63
No. 2 red, f.o.b
1 643
No. 2 white
__ 62
No.2 hard winter. f.o.b.__ _ 1.38%
No. 3 white
Corn. New York
Rye. New York
1 2134
No.2 yellow
No. 2 fob
1.1431
No.3 Yellow
.1.1131 Barley, New York
92%
Malting
FLOUR.
Spring patents
$6.90(7.25
36.25@$6.50 Rye flour. patents
clears, first spring__ 5 80th 6.15 Semolina No. 2. pound..
331
Soft winter straights.._ 6 30@ 6.`5 Oats goods.
2.90@ 2.9S
Hard winter straights__ 6 10 qe 6.40 Corn flour
2.75(8 2.85
Hard winter patents.-- 6 350 6.75 Barley goods
Bard wifiter clears
3.60
5 40© 5.95
Coarse
Fancy Minn patents... 8.350) 9.05
Fancy Pearl Nos. 1.2.
City mills
6.5oa 7 00
8 500 9.203and 4
All theistatements below regarding the movement of grain
-receipts,E exports, vis'le supply, &c.
-are prepared by
us from figureslcollected by the New Y
change. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for:each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye
blds.1961bs. bush.60168.1bush.56 lbs.lbush. 32lbs. bush.48lbs bush.56Ibs
Chicago
241,000
176.000 2,320,000
608,000
167,000
31.000
Minneapolis._
1,626,000
208,000
551,000 547,000
98,000
Duluth
340,000
43,000
34,000
14,000
38.000
Milwaukee_ _- , 41,000
10,000
59,000
102,000
342,000
5.000
Toledo
147,000
38,000
79,000
4,000
2,000
Detroit
28,000
12,000
33,000
Indianapolis
45.000
210,000
618,000
St. Louis- - _ _
148,000 1,082,000 1,424,000
567,000
15,000
1,000
Peoria
69,000
41,000
153,000
561.000
82,000
Kansas City_ _
1,708,000 1,712,000
100,000
Omaha
714,000
116,000
803,000
St. Joseph
145,000
4,000
446,000
Wichita
22,000
483,000
219,000
Sioux City_ _
44,000
146,000
66,000
1,000
Total wk. '29
Same wk. '28
Same wk. '27
499,000 6,569,000 8,913,000
474,000 5,665.000 15,587,000
483,000 6,163,000 7,823,000
2,581,000 932,000
3,105,000 1,007,000
2,957,000 604,000
175,000
271,000
424,000
Since Aug.11928
13,681,000351,318,000157,925,000 89,930,00072,786.000 19,334,000
1927
13,094,000 322,720,000 157.395,000 89,658,000 52.330,00029,050,000
1926
12,733,000238,345,000131.730,000 89,674,000 27,076.000 21.544,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
afloat
Detroit
Chicago
'
afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Wheat.
bush,
969,000
Corn,
bush,
85,000
Oats.
bush,
85,000
12,000
80,000
131,000
bush.
83,000
3,000
6.000
3,000
bush.
286,000
30,000
191,000
230.000
455.000
67.000
398,000
1,723,000
18,000
13,000
435,000
49,000
773,000
78,000
667,000
138,000
1,000
956,000 1,004,000
32,000
4,000
249,000
186,000
3,288,000
412,000
243,000
5,310,000 1,737,C00 1,785,000
594,000
6,640,000
240,000
27,000
6,000
2,002,000
34,000
253,000
500,000
600,000
81,000
10,000
40,000
201,000
31.000
12,001,000 9,891,000 3,044,000 2,347,000 1,198.000
535,000
555,000
510.000
786.000
398,000 2.204.000
834,000
375,000 1,851,000
23,113,000 1,043,000
278,000
418,000
30,465,000 1,259,000 2,031,000 1,063,000 3,201,000
33,000
907,000
288,000
515,000
128,000
4,000
478,000
3,487.000 1,174,000
70,000
28,000
61,000
18,238.000 1,962,000
4,000
75,000
4,000
4,709.000
3,000
274,000
2,116,000
524.000
18.000
138.000
13,000
730,000 1,473,000
572,000
128,000
39,000
7,801,000 1,575,000 1,157,000
Total Feb. 2 1929-126,670,000 26,043,000 13,611,000 6,419,000 8,855,000
Total Jan. 26 1929...129,081,000 24,515,000 13,101,000 6,462,000 8,955,000
Total Feb. 4 1928- 76,604.000 31,498,000 20,349,000 3,929,000 2.508,000
Note.
-Bonded grain not included above: Oats, New York,63,000 bushels; Philadelphia,40,000; Baltimore,24.000; Buffalo,333,000: Buffalo afloat,229.000; Duluth.
14,000; total, 703,000 bushels, against 346,000 bushels in 1928. Barley, New York.
680,000 bushels; Boston, 221,000; Philadelphia, 177,000; Baltimore, 411,000; Buffalo, 1,196,000; Buffalo afloat. 437,000; Duluth. 92,000; total, 344,000 bushels,
against 2,275.000 bushels In 1928. Wheat, New York, 3,285,000 bushels; Boston,
1,041,000; Philadelphia, 2.799,000; Baltimore, 4,047.000; Buffalo, 9,747,000;
Buffalo afloat, 8,054,000; Duluth, 270.000; Toledo afloat, 1,470,000; total, 30,713,000 bushels, against 26,714,000 bushels in 1928.
Canadian
472,000
383,000
975,000
Montreal
8,965,000
4,975,000 1,709,000 5,731,000
Ft. William & Pt. Arthur 56,337,000
206,000
" afloat
41,000
7,792,000
704,000 1,244,000
1,937,000
Other Canadian
8.123,000
7,928,000
Total Feb. 2 1929... 81,217,000
8,177,000
Total Jan. 26 1929_ __ 80,683,000
3,144,000
Total Feb. 4 1928._ 70,212,000
Summary
American
128,670,000 28,043,000 13,611,000
7,928.000
Canadian
81,217,000
2,796,000 7,743.000
2,764,000 7,680,000
3,103,000 3,697,000
6,419.000 8,785,000
2.796,000 7,743,000
Total Feb. 2 1929-207,887,000 26.043,000 21,539.000 9,215,000 16,508,000
Total Jan. 26 1929...209,764,000 24,515,000 21.278,000 9,226.000 16,635,000
Total Feb. 4 1928-146,816,000 31,498,000 23,493,000 7,032,000 6,205,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 1, and since July 1 1928 and 1927,
Total receipts of flour and grain at the seaboard ports for are
shown in the following:
the week ending Saturday, Feb. 2, follow:
Corn.
Wheat.
Receipts at-
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
Exports.
Bushels. Bushels. Bushels.
112,000 230,000
183,000
9,000
27,000
25.000
81,000
Barrels.
Bushels.
330,000
766,000
12.000
264,000
34,000
202,000
14,000
504,000
3,000
69,000
16,000
45,000
59,000
93,000
85,000
44,000
886,000
48,000
Bushels.
42,000
43,000
35.000
29,000
Total wk. '29 560,000 2,914,000
Since Jan.1'2 2,699,000 16,635,000
764,000
7,782,000
Week 1928___
436,000 1,696,000
Since Jan.1'28 2.392.000 13.613.000
403,000 949,000
500,000,
87,000
1.760.0001 1.957.000 3.600.000 1.582.000
New York_ _ _
Portland, Me_
Philade1phia__
Baltimore._ _ _
Newport News
Norfolk
New Orleans.
Galveston_
St. John, N.B.
Baotou
352,000
202,000
61,000
27,000
86,000
16,000
184.000
44,000
71,000
2,000
275,000 749,000
73.000
1,611,000 4.167.000 1,164,000
*Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seatboard ports for the week
ending Saturday, Feb. 2 1929, are shown in the annexed
statement:
Exports from-New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
6t. John, N.B
lialifax
Mobile
Wheat.
Corn
Flour.
I.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,050,652
33,065
9,424
50,008
68,000
183,000
264,000
12,000
43,000
602,000
183,000
4,000
213,000
5,000
29,000
146,000
656,000 366,000
3,000
16,000
45,000
69,000
3.000
59,000 217,000
15,000
8,000
206,000 360,000
3,000
886,000
71,000 184.000
61,000
44,000
86,000
2,000
86,000
Total week 1929._ 3,533,652 1,344,000
Same week 1928-- 1.761.518 2121100
119,065
150 002
103,424
420131
71,000 1,170,008
429 239 585.881
1928-29.
Week
Feb. 1.
Since
July 1.
1927-28.
Since
July 1.
1928-29.
Week
Feb. 1.
Since
July 1.
1927-28.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
5,051,000
North Amer. 1,238,000 364,080.000 314,023,000 2,310,000 22,280,00
1,827,000 13,768,000
2,024.000 9,128,000
Black Sea...,
6,138.000 86,521,000 64.199,000 1,612,000170,953,000 02,917,000
Australia
4,536,000 51,760,000 35,319,000
1 1,064,000 8.240,000
India
0th. countr's 960.000 31.684,000 21,480,0
272,000 20,844,000 15,246,000
Total
22,872,000537,133,000453,289,000 4,194,000215,904,000236,982,000
WEATHER BULLETIN FOR THE WEEK ENDED
JAN. 29.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Feb. 5 follows:
Temperatures had moderated somewhat over the northern Great Plains
the first of the week, but it was still rather cold for the season over most
eastern districts. A depression of slight Intensity was central over Colorado
Jan. 30. and by the succeeding morning had moved south to extreme
southern Texas; there was little or no precipitation attending this "low."
High pressure and rather cold Weather for the season dominated practically the entire country east of the Rocky Mountains for the balance of
the week, though there was some moderation of the cold on Feb. 1-2 in
the northern Great Plains area. Precipitation was generally scattered
and, except for some locally heavy rains or snows in the Pacific Coast
States where measurable amounts were reported every day of the week,
the falls were mostly light, although rather widespread in some central
sections on a few days.
The table on page 3 shows that the week, in general, was again abnormally cold in the northwestern border States, and also in practically all
sections east of the Rocky Mountains. In the western portions a the
Dakotas, in Montana, and eastern Washington the weekly mean temperatures were 12 deg. to more than 20 deg. below normal. Throughout the
interior of the central and eastern portions of the country they were generally from 6 deg. to 15 deg, below, but along the extreme northern border
and in more southern districts the minus departures of temperature were
smaller. In the far Southwest, and quite generally in the Great Basin, the
reaction to warmer weather brought the average temperature to considerably
above normal, with large areas having from 4 deg. to 7 deg. of excess.
Early in the week minimum temperatures were again very low in CentralNorthern States between the Lake region and Rocky Mountains,the lowest
FEB. 9 1929.1
FINANCIAL CHRONICLE
917
velop and thus relieve the situation and enable the primary
end of the trade to regain a profitable trading basis. In
the meantime, it is pointed out that buyers are making the
best use of opportunities for securing cheap goods in their
own good time, aided and abetted by the strenuous efforts
of manufacturers to prevent further accumulation of stocks
by means of forcing sales. Widespread talk of curtailment
continues to be the rule, and there is much outspoken criticism of night operations in Southern mills, but the fact
that New England producers have lately adopted night shifts
as a means of lowering costs is not an indication of progress. However, "scientific marketing" is not, after all, such
an old phrase, and there is no reason to believe that the
obstacles which have stood in the way of a co-operative attitude so far are destined to cripple the trade forever.
The forthcoming campaign of the Cotton Textile Institute
to promote "style consciousness" is instilling hope into the
hearts of those factors who believe cotton fabrics have
undeveloped potentialities. It is planned to restore to goods
a recognition of individuality which has been degraded in
late years to a mere consideration of construction, width,
and weight. Woolen goods have not developed much so
far, but great hopes are being entertained for the approaching "Golden Fleece" Pageant.
DOMESTIC COTTON GOODS.—Conditions in the cotton
goods market remain discouraging as there has been no
discernible alleviation of the selling pressure which has
been demoralizing prices of late. The emphasis which has
been laid on the necessity of regulating production as the
only apparent means of relieving an intolerable situation,
continues to stimulate a great deal of discussion, but appears to have accomplished little more so far. While a
fairly good volume of goods is being sold, buyers are in
a position to pick and choose, and the forced competition
The Weather Bureau also furnishes the following resume
of manufacturers who are constrained to move superfluStates:
of the conditions in the different
for all practical purposes, any cost, is enWeek cold, with temperature much below nor- ous stocks at,
VIRGINIA.—Richmond:
mal; precipitation light. Unfavorable for farm operations. Winter couraging the former to hold out for concessions. As a
grains fair to good, though freezing temperatures in middle and western natural consequence of excessive output which individual
counties, without snow cover, unfavorable. Cold checked growth of
manufacturers endeavor to relieve by means of price-cutting
early truck and preparation of soil for spring crops 'n extreme east.
North Carolina.—Raleigh: Coldest week of winter to date; temperain the hope that an expanding demand will retures about 10 deg. below normal. Precipitation light, with snow in interior competition
at close of week. Growth of hardy truck retarded, but no material damage adjust production in a natural ratio to consumption as
Small grains doing well. Many
and some benefited by being held back.
time goes on, buyers are encouraged in a hand-to-mouth
tobacco beds planted in east.
South Carolina—Columbia: Generally raw weather kept tree fruits at policy which is calculated to offset the temptation to take
and winter truck
practically normal development. Wheat, oats, rye,
of concessions. At the same time, with a kind
made little advance, but lettuce is somewhat ahead in growth for season. advantage
of inverted optimism, the latter are wondering whether
Considerable spring plowing and some hog killing.
Georgia.—Atlanta: Week quite dry and moderately cold, but with lowest
sink still lower. It has been demonstrated in
temperatures so far this winter in northern division on Feb. 1. Cold prices may
weather favorable in checking too rapid growth of cereals and premature the past few weeks that the volume of goods which was sold
development of fruit buds; winter cereals generally in very good condi- as a result of price-cutting was inconsiderable in comparison
tion. Good stands of plants in tobacco beds. Considerable plowing
with the total volume on hand in primary quarters, while
accomplished.
Florida.—Jacksonville: Dry, and low temperatures delayed truck and the effects of the lower prices were an unsettling influence
some early up to good stands; Planting continued
germination of melons;
In north. Potato planting about finished in Hastings district; shipping throughout the trade. Curtailment or the adoption of a
cabbage and celery in car lots. Planting tobacco seed beds continued in co-operative attitude toward prices which will enable mills
north and locally in west. Strawberries plentiful; shipments active.
Oats doing well. Citrus have much new growth and bloom; hulk of fruit to hold out for a profitable figure without risking the loss
still to be shipped. Farm work advanced, except on lowlands of west.
of sales as a result of undercutting from competitors, apAJabomo.—Montgomery: Severe freezing in north and moderate nearly
possible solutions of the present diffito coast on 1st and 2d; light showers latter part; otherwise fair. Plow- pear to be the only
sections. Oats mostly doing culties, unless demand grows a good deal before long. Print
ing and other farm work begun in many coast section
and some parts
advance in
well. Truck crops made fair
x 60's construction are quoted at 5%c.
of northwest; little growing elsewhere. Pastures improved in more southern cloths 28-inch 64
portions; mostly poor elsewhere. Moderately cold in coast section, benefi- and 27-inch 64 x 60's at 5%c. Gray goods 39-inch 68 x 72's
fruit trees.
cial in preventing premature blossoming of
at 8%c. and 39-inch 80 x 80's
Mississippi.—Vicksburg: Unseasonably cool throughout with mod- construction are quoted
erate cold wave Friday; no important damage. Latter part of week at 10%c.
mostly cloudy, with light, scattered precipitation. Generally unfavorable
for farm activities, although some plowing accomplished. Progress of
WOOLEN GOODS.—While primary factors are moving a
pastures and truck pioor to fair.
the optimistic sentiLouisiana—Now Orleans: Cold, cloudy weather, with wet soil, unfavor- fair volume of goods into distribution,
able for work and crops, retarding growth of oats and truck. Pastures ment so evident in woolens and worsted markets is mainly
poor to fair. Little plowing accomplished.
as a very promising fuTexas.—Houston: Temperatures ranged from moderate in extreme west due to what is generally regarded
to low northeast. Precipitation heavy in portions of northeast and east; ture. The main source of immediate encouragement lies in
light elsewhere. Excessive cloudiness and frequent light rains unfavorable
orders for fall
for farm work and plowing backward in eastern half of State; well advanced the apparent willingness of buyers to place
in west. Condition of winter wheat, oats, and truck mostly good, growth worsteds without further delay. Communications from disslow. Strawberries late, but crop promising. Truck and citrus shipment
a readireduced by damp. cloudy weather. Livestock suffered some, because of tributors in various parts of the country intimate
sleet in west-central and northeast, but general condition good.
ness to anticipate requirements which appears to indicate a
Oklahoma.—Oklahoma City: Moderately cold, cloudy, and misty, with
light rain, snow, and sleet. Field Work largely suspended, but some plow- modification of the hand-to-mouth buying policy which so
ing and seeding oats begun in south. Winter grains dormant,but in fair to hampers production. Meanwhile, preparations for the Wool
good condition. Pastures short; livestock fair to good condition.
Arkansas.—Little Rock: Frozen ground and snow cover in north favor- Pageant in March are in full swing and a good deal of enthuable for wheat. Oats and winter t4uck in central and south damaged siasm is being manifested over its prospective effects. As a
some by hard freeze first of week. Scarcely any work in central and north,
some plowing in south; work getting behind. Fruit. meadows, and pastures result of internal adjustments at the production end of the
in good condition.
goods are of an unprecedentedly high quality and
Tennessee.—Nashville: Changeable temperatures, ranging much be- trade,
low seasonal average. Dry weather, followed last of week by snow and style, and are offered in a remarkable variety. It is exrain. Weather was not especially beneficial for wheat. Oats, rye, and pected that potential buyers who have already been favorbarley generally not adversely affected by thermal changes. Livestock conably impressed by the progressive improvements in productinue in very good condition.
Kentucky.—Loutsville: Temperatures low and precipitation light. Soil
will register further approval on viewing the new fabdeeply frozen. Light snow cover at end of week. No change in condition tion
rics in the setting which has been so elaborately planned
of winter grains, which are fairly good.
to illustrate the undoubtedly great possibilities of woolens as
a combination of beauty and utility in wearing apparel.
THE DRY GOODS TRADE
FOREIGN DRY GOODS.—Conditions in the linen marNew York, Friday Night, Feb.8 1929.
not suffered any radical change. A moderate
Reports from retailers of the difficulty experienced in kets have activity continues in evidence, and the trade is
amount of
maintaining sales volume are regarded by some factors as generally more hopeful. Handkerchiefs constitute some
the reason for the prevailing quietness in the cotton goods, of the best trading lines at present, and there has been some
and to a lesser extent, the woolen divisions of the textile expansion in the public use of household goods. The latter
markets. The opinion is offered that the present unsatis- circumstance has not as yet had much effect on primary
markets, but it is thought, as time goes on, that the refactory position of cotton goods is due to the delayed apviva! of their popularity will be strong enough to be of
of demand. However, there are'those who con- measurable benefit to the trade. Burlaps are firm. Light
pearance
sider it still possible for an expanding sales volume to de- weights are quoted at 6.95-7.00c., and heavies at 9.40-50c.
reported from first-order stations ranging from 16 deg. to as much as 36 deg.
below zero. Subzero temperatures extended also into the Ohio Valley
and central Appalachian Mountains and to the westward as far south as
northern Missouri and northern Kansas. As in previous weeks, extremely
cold weather did not reach the more southern districts, as the line of freezing did not extend quite to the Gulf Coast, although the period was persistently cool in these sections. In the Northwest there was a moderation
in temperature toward the close of the week.
Precipitation for the period was substantial to heavy in most of the Pacific
Coast area, with heavy snows in the mountains. Generous amounts were
received quite generally in California, with the lower elevations having
from 1 to more than 2 inches of rain, and there were rather heavy snows
in the central and northern Great Basin, being unusually heavy in Idaho.
East of the Rocky Mountains, and in the far Southwest, the weekly totals
were mostly moderate to small, with very little rain occurring in the lower
Mississippi Valley, the Southeast, and the Atlantic Coast States. Moderate snowfalls were quote general in much of the interior about the close
of the week, and had extended eastward to Appalachian Mountain districts
by the morning of the 5th.
There was some moderation of the very cold weather that has prevailed
in the Northwest. but temperatures continued subnormal, and considerably colder weather, with rather frequent, light precipitation, prevailing
In the Central and Eastern States. This made another disagreeable week
in many sections, and outside operations were largely suspended. At
the close of the period much of the Winter Wheat Belt had a fairly good
snow cover, though some sections were still bare and in others ice remained
over the fields.
In the Southern States some field wotk was accomplished, but preparations for spring planting were not active, bemuse of the coolness, rather
frequent precipitation, and wet soil, though in the Southwest, principally
western Texas and New Mexico, moisture is still needed. The rather
low temperatures in the Southeast were favorable in retarding development of fruit buds. Potato planting has been largely completed in the
Hastings district of Florida, and some spring oats were seeded as far
north as southern Oklahoma. Strawberries are plentiful in Florida, but
are late in Texas.
In the more western States warmer weather, especially toward the close
of the week, was helpful for livestock, which have recently experienced
unusually severe conditions in many places, but the range is still largely
snow-covered, necessitating heavy feeding, especially in Northern States.
Feeding is difficult in some sections because of the heavy snows. The stored
snow in most western mountain districts has increased materially.
SMALL GRAINS.—Snows were rather frequent. though mostly light,
over much of the winter wheat belt, and at the close of the week a fairly good
cover was present, except in the immediate Ohio Valley, the southwest,and
the more western portions of the main producing area. Eastern Kansas was
fairly well covered, but the western portion was bare, and little protection
was present in Nebraska. The upper Mississippi Valley has a rather favorable blanket, but there is much ice under the snow in the northern parts of
Illinois and Indiana. In Ohio there is ample protection. In the more western bare portions of the belt wheat is frozen to the ground,and its condition
in otner places, where unfavorable weather has recently prevailed, will
probably be uncertain for some time. In the far Northwestern States
wheat fields are covered generally with a heavy snow blanket, but they are
mostly bare in the middle Atlantic area. Some harm by [reefing has been
reported to the winter oat crop in central-northern portions of the belt.
918
gs, tate and Titil ,Pc-partntent
MUNICIPAL BOND SALES IN JANUARY.
State and municipal long-term bonds sold during January,
aggregated $72,916,565. This figure compares with $99,246,627 in January a year ago, and with $166,084,054 in
Dec. 1928.
Not one of the offerings awarded during the month
amounted to $5,000,000. The City and County of San
Francisco, Calif., advertised for bide to be opened on Jan.
14, for the purchase of $41,000,000 Spring Valley water
bonds to bear a coupon rate of 4%. The notice of sale
stipulated that the issue was to be sold in its entirety for
not less than par and accrued interest. No bid was submitted
for the bonds. Judging from newspaper reports very little
interest was manifested in the scheduled sale due to the conditions therein. Nothing has yet been disclosed as to the next
steps to be taken for the disposition of the obligations.
Specific mention of other municipalities which were
unsuccessful in marketing their offerings is made below.
The largest sale during the month consisted of eight issues
of 43'
4% City of Rochester, N. Y., bonds, aggregating
$4,720,000 awarded to a syndicate managed by George B.
Gibbonv & Co. of New York, at 100.447, a basis of about
4.19%. Cook County, Ill., sold $4,320,000 4% road and
bridge bonds to Halsey, Stuart & Co. and the National
City Co., both of New York, at a price of 98.238, a cost
basis to the county of about 4.21%.
A summary of the other awards of $1,000,000 or over is
given herewith:
$3.955,000 4% registered harbor bonds of the City of Baltimore. Md.,
awarded to a syndicate headed by Estabrook & Co. of New
York,at 99.20. a basis of about 4.06%. Bonds mature annually
In odd amounts from 1933 to 1957, incl.
2,918,000 Los Angeles County Drainage Districts, Calif., 6% bonds
consisting of two issues maturing serially from 1931 to 1948,
incl., awarded to a syndicate headed by R. H. Moulton & Co.
of San Francisco. Price paid not disclosed.
2,590.000 Asheville, N. C., bonds consisting of five issues, maturing
serially from 1934 to 1969. incl., awarded as 54 to a syndicate
headed by Seasongood & Mayer of New York. at a price of
102.26, a basis of about 4.82%.
2,510,000 Atlantic City, N. J.. convention hall bonds maturing serially
from 1931 to 1969, incl., awarded as 4%s, to a syndicate headed
by the Chase Securities Corp. of New York, at 102.802, a
basis of about 4.53%.
2,050,000 Yonkers, N. Y., bonds consisting of three issues, maturing
serially from 1930 to 1949. incl.. $1,650,000 bonds sold as
and $400,000 bonds as 43.0. to a syndicate headed by
4
Stone & Webster and Blodget. Inc of New York. at 100.56,
a basis of about 4.25%.
1,967,000 Trenton, N. J., bonds consisting of four issues, maturing
serially from 1931 to 1960, incl., two of which aggregating
$1,824.000 were awarded as 40, to a syndicate managed by
Graham, Parsons & Co. of New York, taking $1,377,000 bonds,
at 100.359 and $447,000 bonds, at 100.519, a cost basis to the
city of about 4.21%. The other two issues aggregating $193,000
were awarded as 4).is, to a syndicate managed by Eldredge &
Co. of New York. paying 100.58 for $123.000 bonds and 100.40
for $70,000 an average cost basis to the city of about 4.385%.
1,500,000 43 % Kansas City. Mo., bonds consist ng of two issues maturing serially from 1930 to 1954, incl., awarded to a syndicate
managed by the Equitable Trust Co. of New York, at 103.001,
a basis of about 4.18%.
1,500,000 Tennessee (State of) Smoky Mountain Park, 43(4% bonds,
maturing serially from 1935 to 1949, incl., awarded to a syndicate headed by the Harris Trust & Savings Bank of Chicago.
at 100.154. a basis of about 4.23%•
1.103,000 Fort Lee, N. J., 5% temporary improvement bonds, awarded
to B. J. Van Ingen & Co. of New York and M. M. Freeman &
Co. of Philadelphia. Jointly. Bonds mature serially from 1929
to 1938, incl. Price paid not given.
1.100,000 Rockland County, N. Y., 4l% court-house and jail bonds,
maturing serially from 1930 to 1946, incl., awarded to the Bankameric Corp. and Estabrook & Co.,both of New York,at 100.35,
a basis of about 4.21% •
1,000,000 4% water bonds of Portalnd, Ore., maturing In equal installments from 1940 to 1959. Incl., awarded to C. F. Childs & Co.,
Inc. of Chicago, at a price of 96.63, a basis of about 4.24%.
1,000.000 St. Paul, Minn., sewer bonds awarded as 43ls, to White, Weld
& Co.of New York and the Continental National Co.of Chicago,
at 101.10. a basis of about 4.16%. Bonds mature serially from
1930 to 1959, inc.
Among the municipalities which failed to market their
offerings, it may be mentioned that no bids were submitted
on Jan. 3, for the purchase of $2,500 6% Union County
Sch. Dist. No. 54, Calif. bonds. A $44,000 issue of not to
exceed 43'% Lander High School District, Calif., offered
on Jan. 12, was not sold. All bids submitted on Jan. 19,
for the purchase of $1,500,000 not to exceed 6% Marion
County, Fla., bonds were rejected. Pascagoula, Miss.,
failed to sell a $60,00 issue of 5% park bonds on Jan. 19.
Previously offered unsuccessfuLy on Jan. 5—V. 127, p.
3742. Two issues of not to exceed 6% Saluda, No. Caro.,
bonds, aggregating $175,000 were offered on Jan. 14. All
bids then submitted were rejected; bonds nave since been
sold privately. The City Auditor of Marietta, Ohio, states
[VoL. 128.
FINANCIAL CHRONICLE
that the $55,000 bonds offered on Jan. 26, were not sold as
all bids received were rejected. $117,214.74 43i% Auburn,
N. Y., improvement bonds offered on Jan. 28, were not sold
as no bids were submitted for the offering.
Short-term borrowings during the month totaled $125,466,500. This includes $93,775,000 borrowed by New York
City. The City of Montreal, Canada, during January sold
to the Bank of Montreal and the Banque Canadienne
Nationale both of Montreal, a $15,959,000 4% note issue
at a price of 99.76. Issue is due on July 14 1929. Longterm Canadian bond disposals, aggregated $6,917,572. The
Province of British Columbia, Canada, privately awarded
to a syndicate composed of American and Canadian investment houses, headed by A. E. Ames & Co. of Toronto, a
$6,417,000 4
refunding sinking fund bond issue, due on
Jan. 23 1969. Of this amount about $3,750,000 bonds are
reported to have been sold in the United States. The Government of Porto Rico, sold on Jan. 4, a $320,000 issue of
43- % San Juan Harbor improvement bonds to a syndicate
composed of Barr Bros. & Co. and the Old Colony Corp.
both of New York, also the Fletcher-American Co. of
Indianapolis, at a price of 101.099, a basis of about 4.39%.
Bonds mature on Jan. 1 1954, optional after Jan. 11939.
Below we furnish a comparison of all the various forms of
obligations sold in January during the last five years:
1929.
1928.
1927.
1928.
1925.
January—
$
$
$
$
$
Perm. loans (U. S.). 72,916,585 99,246,627 206,877,975 70,366,623 135,536,122
*Temp. loans(U.S.) 125,466,500 71,441.522 32,478,000 81,500,000 53.575,306
Can. loans (temp.)__ 15,959,000 4,000.000
Can. loans (perm.)—
Placed in Canada_ 73,187.572 2.100,113 5,617.358 6,378,797 3,160,510
Placed in U. 5..... r3,750.000 4,340.000 43.550.000 11,000.000 4,000,000
Bonds of U.S. pos'ns
320.000 1.000,000 1.385.000 5,748,000 3,000,000
Tntal
991 2/0 A/7 122 19R 909 950005/2/ 17A 00/ Aon 100 an, 0/2
• Includes temporary securities issued by New York City: $93,775,000 in 1929;
$55.230,000 in Jan. 1928, $17,000,000 In Jan. 1927, $62.350,000 in Jan. 1926, and
$42,350,000 in Jan. 1925.
The number of municipalities in the United States emitting
permanent bonds and the number of separate issues made
during Jan. 1929 were 285 and 407 respectively. This
contrasts with 375 and 469 in Jan. 1928.
For comparative purposes we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years. It will be
observed that the 1926 January disposals were the smallest
of any year since 1919.
$23.843,801
1929
*$50,176,099 1904
$72,916,565 1916
15,941.796
1928
34,303,088 1903
97.593,730 1915
10,915,845
1927
s84,803.094 1902
:171,877.975 1914
9,240.864
1926
30,414.439 1901
70.366,823 1913
20,374.320
1925
25.265,749 1900
135.538.122 1912
8,075,957
1924
.78.510.274 1899
99.825,470 1911
8,147.893
1923
16,319,478 1898
96.995,609 1910
10.405.776
1922
29,318.403 1897
108,587,199 1909
6.507,721
1921
10,942,088 1898
87,050.550 1908
10,332,101
1920
10,180,148 1895
83,529.891 1907
7,072,267
1919
8,307,582 1894
25.090.625 1906
5,438,577
1918
8,436.253 1893
24,060,118 1905
1917
. .
•Including $25,000,000 bonds of New York State. a Including $51,000.000
bonds of New York State. i Including $80,000,000 corporate stock of New York
City.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Louisiana, State of.—Legislature Authorizes Governor to
Borrow Funds.—Governor Huey P. Long has announced
that on Jan. 24 he was authorized by a majority vote of
both Houses to borrow the funds that are needed to carry
out all six of the proposed measures as submitted to the
Legislature by the State Board of Liquidation, aggregating
$1,460,000. The following list shows the proposed disposition of the moneys, as published in the New Orleans "Times
Picayune" of Jan.25:
For the State current school fund, $1,000,000 against the severage tax
and carbon black tax funds.
For the repayment of money borrowed for free school books. $230,000.
For a new executive mansion, $150,000.
For the State Tax Commission to employ additional inspectors, $25,000.
For paying additional salaries authorized for judges of the Court of Appeal and State Supreme Court, $50,000.
For employing a mineral expert for the State land office, $5,000.
Massachusetts, State of.—Additions to Legal Investments List.—The Commissioner of Banks has issued a bulletin dated Feb. 5 showing the following additions to the list
of securities considered legal investments for banks and
trust funds:
Bonds.
Public Utility
Consumers Power Co. 1st lien and unifying mortgage 4;is, 1958.
Rockland Light & Power Co. 1st mortgage 5s, 1938.
Ohio, State of.—Impeachment Proceedings Started
Against Convicted State Treasurer.—After he had ignored the
ultimatum to have his resignation in at a certain hour, the
House of Representatives, acting at the request of Governor
Cooper, adopted without a dissenting vote, the resolution
calling for the impeachment of State Treasurer Bert B.
Buckley, convicted on Feb. 2, of attempting to violate the
FEB. 9 1929.]
FINANCIAL CHRONICLE
Prohibition law and bribery. The following article on the
action is taken from the New York "Times" of Feb. 5:
At the request of Governor Cooper,the House of Representatives to-night
instituted impeachment proceedings against State Treasurer Bert B.
Buckley, who was convicted in Federal Court Saturday of attempted bribery
and conspiracy to violate the National Prohibition law.
The action followed Mr. Buckley's refusal to resign pending the outcome
of a motion for a new trial filed by his attorneys in Federal Court to-day.
Before the House went into its evening session Governor Cooper held a
conference with members of his Cabinet and legislative leaders, and later
served an ultimatum on the Treasurer that unless his resignation was
received by 7 o'clock the matter would be taken before the Legislature.
At the appointed hour the Governor had received no word from Mr.
Buckley. The Executive sent his message to the House promptly at 7
o'clock, and immediately a resolution was offered calling for appointment
of a committee to investigate Mr. Buckley's conviction, with a view to
bringing impeachment proceedings. The resolution was adopted unanimously without debate.
BOND PROPOSALS AND NEGOTIATIONS.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND SALE.
-The
-were awarded
$2,219.05 6% ditch bonds offered on Feb. 5-V. 123. p. 765
to the Farmers Trust Co. of Fort Wayne, paying $2,241.05, equal to
100.99, a basis of about 5.57%. Due $443.81 Dec. 1 1929 to 1933 incl.
No other bid submitted.
ALPINE, Brewster County, Tex.
-BONDS REGISTERED.
-The
$126,500 issue of 5;,f,% serial permanent impt. refunding bonds purchased
-V. 127, p. 3431-was
at par by the J. E. Jarrett Co. of San Antonio
registered on Feb. 1, by the State Comptroller.
ANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Anton)
-BOND SALE.
Hockley County, Texas.
-A $45,000 !Mlle of school
bonds has been purchased by an unknown investor at a price of 102.50.
Due from Dec. 1 1931 to 1910, incl.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND OFFER-W. W. Howes, Clerk Board of County Commissioners, wil receive
ING.
sealed bids until 1 p. m. (eastern standard time) Feb. 18, for the purchase
of the following 5% bonds issues, aggregating $7,350:
$3,950 sewer bonds. Dated Feb. 15 1929. Due Oct. 1 as follows: $270.
1930, and $230, 1931 to 1946, incl.
3,400 sewer bonds. Dated Feb. 15 1929. Due $200 Oct. 1 from 1930 to
1946, incl.
Interest payable on April and Oct. 1. A certified check payable to the
order of the Board of County Commissioners, of $500 for each issue, must
accompany proposals.
Financial Statement.
True valuation approximate
$155,000,000
Assessed valuation
147,000,000
Total bonded debt, incl. township's portion and general assessments, these issues included
2,879,180
Sinking fund
144,152
Population, 65,000. Tax rate, 5.282 mills.
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND OFFERING.
John It. Haut, Clerk Board of County Commissioners, will receive sealed
bids until 11 a. m. (eastern standard time) Mar. 12, for the purchase of
$500,000 43 % coupon road bonds. Part of an authorized issue of $2,000,000. Bonds to be sold are dated Apr. 1 1929 and are in denoms. of $1.000.
Due $100,000, Apr. 1 1949 to 1953 incl. Prin. and int. (Apr. and Oct. 1)
payable at the Second National Bank, Towson. A certified check payable
to the order of the Board of County Commissioners for 1% of the bonds
bid for is required. Legality to be approved by Elmer J. Cook of Towson.
BARLOW TOWNSHIP RURAL SCHOOL DISTRICT, Washington
County, Ohio.
-BOND OFFERING.
-J. II. Greenless, Clerk Board of
Education, will receive sealed bids until 12 m. Feb. 11, for the purchase of
$39,000 5% school building additional bonds. Dated Jan. 15 1929. Due
$1.500, Mar. and Sept. 15 from 1930 to 1942 incl. Int. payable on Mar.
and Sept. 15. A certified check payable to the order of the Board of Education, for $1,950 is required.
BARTLETT, Wheeler County, Neb.-BOND SALE.
-The $9.000
Issue of 5% registered transmission line bonds offered for sale on Dec. 1
-V. 127, p. 2715
-was awarded to the Commerce Trust Co. of Lincoln,
for a $25 premium, equal to 100.27, a basis of about 4.97%. Dated Feb. 1
1929. Due $500 from Feb. 1 1932 to 1949 incl.
BELLEROSE TERRACE FIRE DISTRICT (P. 0. Hempstead),
Nassau County, N. Y.
-BOND SALE.
-The $23,000 coupon or registered
fire bonds offered on Feb. 5-V. 128, p. 591-were awarded as 53.Is to the
First National Bank of Bellerose, at a price of 102, equal to a basis of about
5.06%. Bonds are dated Jan. 11020 and mature $1,000. on Jan. 1, from
1934 to 1956 incl.
The following bids were also submitted:
Int. Rate. Rate Bid.
BidderFarson, Son & Co
534%
100.291
George B. Gibbons & Co
51i 7e
100.66
BELMONT HIGHWAY DISTRICT (P. 0. Rathdrum) Kootenai
-Sealed bids will be received by the
County, Ida.
-BOND OFFERING.
clerk of the Board of County Commissioners, until 1 p. m. on Feb. 9, for
the purchase of a $10,000 issue of semi-annual highway bonds. Interest
rate is not to exceed 6%. A certified check for 5% must accompany the bid.
BENNINGTON (P. 0. Toluca) Marshall County, Ill.
-ADDITIONAL INFORMATION.
-The $50,000 5% road and bridge bonds
awarded in-V. 128 p. 764
-to the Hanchett Bond Co. of Chicago, are
dated Feb. 15 1929. in denoms. of $1,000 and mature on Sept. 1 as follows:
$3,000, 1929: $4.000, 1930: $5.000, 1931 to 1935 incl., and $6,000, 1936 to
1938, incl. Principal and interest (March and Sept. 1) payable at the First
National Bank, Chicago. Legality to be approved by Chapman & Cutler
of Chicago.
BENTON COUNTY (P. 0. Ashland) Miss.
-BOND SALE.
-An
$11,500 issue of road bonds has been purchased by the Bank of Ashland,
for a $75 premi um,equal to 100.652.
BERKELEY, Alameda County, Calif.
-ADDITIONAL INFORMA-The $484,000 issue of 434% municipal improvement bonds that
TION.
was jointly awarded to the Detroit Co. and the American National Co. for
a premium of 37,368, equal to 101.5207-V. 128, p. 764
-is due on July 1
as follows: $16,000, 1930 to 1938. and $17,000, 1939 to 1958. all incl.,
giving a basis of about 4.36%. The other bidders and their bids were as
follows:
A group composed of Anglo London-Paris Co., Securities Division National Bankitaly Co. and Weeden & Co., offered a premium of $2.614 for
4Ms
Ci'tizens' National Co. of Los Angeles and the National City Co. bid
,
$2,570 for 4103.
Two bids were submitted by ilkind & Goodwin & Tucker, Inc., and
Croker First Co.. a premium of $1,,1)45 for 410, or a premium of $24.692
for 5s.
R. E. Campbell tic Co. and William R. Stoats Co. bid $857; It. H.
Moulton & Co., $414; and Anglo California Co., $291, all bids being for
bonds with a 434% coupon rate.
Helier, Bruce & Co. and Dean Witter & Co. bid $1,553 for 1930 to
1953 maturities as 4 ,Vs's and 1954 to 1958 maturities as 4s or a premium of
$11,009 for the entire issue as 434s.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-BOND
-B. 11. Bittner, County Clerk, will receive sealed bids until OFFERING.
10:30 a. m.
Feb. 23. for the purchase of $394,000 refunding bonds. Rate of interest
not to exceed 5%. Bonds mature on March 15, as follows: $39.000, 1931,•
$70,000, 1932:890,000. 1933:895,000, 1934,and $100,000, 1935. A certified
chock payable to the order of the above-mentioned official for $3,000 is
required. These bonds are part of an authorized issue of $480.000.
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-The
Beverly National Bank, was awarded on Jan. 31, a $200,000 temporary
loan on a discount basis of 4.72%. The loan which is dated Jan. 30 1929
matures on Nov.7 1929. The following is a list of the other bids submitted:
BidderDiscount Basis.
Old Colony Corp
4.76
Salomon Bros. Sc Hutzler (Plus 52.00)
4.78 s
F. S. Moseley & Co
4.79%
Bank of Commerce & Trust Co
4.80
Beverly Trust Co
4.95
a
919
BIBB COUNTY (P. 0. Macon), Ga.-BOND SALE.
-The $500.000
issue of 434% coupon school bonds offered for sale on Feb. 5-V. 128.
p. 283
-was awarded jointly to J. H.'Haman & Co. and the Citizens &
Southern Co., both of Atlanta, at a price of 104.158, a basis of about
4.15%. Dated Jan. 1 1929. Due from Jan. 1 1930 to 1958, incl.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription by the purchasers at prices to yield
as follows: 1930 to 1940 maturities. 4.00%, and the 1941 to 1958 maturities are priced to yield 4.05%. The following statement is furnished
with the official offering circular:
Financial Statement.
Actual values
$100,000,000
Assessed values, 1927
57.702,192
Total bonded debt (including this issue)
2,180.000
Population, 1920 census
76.588
The total bonded debt of this county is limited by the Constitution of
valuation.
the State to 7% of the assessed
BIG HORN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Lovell)
-Sealed bids will be received until Feb. 25, by
Wyo.-BOND OFFERING.
C. S. Robertson, District Clerk, for the purchase of a $36,000 issue of 5%
school building bonds. Denom. 0000. Dated Jan. 1 1929. Due as follows:
52.000. 1940 to 1948 and $3,000, 1949 to 1954. all incl. Prin. and semiannual int, payable at Kountze Bros. in New York City.
-BOND ELECTION.
BIRMINGHAM, Oakland County, Mich.
-An
election will be held on March 11, on which date the voters will be asked
to pass on a proposal to issue $60,000 bonds the proceeds of the issue to be
used for the purchase of property within the civic center.
BISHOPS DRAINAGE DISTRICT (P. 0. Bradenton), Manatee
-Sealed bids were received by James
County Fla.
-BONDS OFFERED.
G. Yates, Treasurer of the Board of Commissioners. until Feb. 6, for the
purchase of an issue of $130,000 6% semi-annual school bonds.
-BOND SALE.
BLAIR, Jackson County, Okla.
-Two issues of bonds
aggregating $52,000 have been purchased by R. J. Edwards, Inc., of Oklahome City. The issues are divided as follows: $27.000 sewer and $25,000
water works bonds.
BRAMWELL, Mercer County, W. Va.-BOND SALE.
-A $30.000
issue of water system bonds has been purchased at par by the State of
West Virginia.
BRITTON, Marshall County, S. Dak.-BOND SALE.
-A $12.000
Issue of hospital bonds has been purchased by local investors. A $25,000
issue of hospital bonds has been sold to the Minnesota Loan & Trust Co.
-BOND SALE.
BRONXVILLE, Westchester County, N. Y.
-The
$290,000 coupon or registered land-purchase bonds offered on Feb. 5V. 128, p. 592-were awarded to Bachelder, Wack & Co. of New York.
as 4.40s at 100.666, a basis of about 4.36%. Dated Feb. 1 1929. Due
Feb. 1, as follows: $7,000. 1930 to 1959 incl.; and $8,000, 1960 to 1969
inclusive. The following bids were also submitted:
Int. Rate.
Rate Bid.
BidderGeorge B. Gibbons & Co
4.40%
100.437
Rutter & Co
4.40%
100.13
Dewey, Bacon & Co
4.40%
100.28
Gratamatan National Bank
4.50%
100.10
Harris, Forbes & Co
4.40%
100.339
BRUNSWICK COUNTY (P. 0. Southport), N. C.
-BOND OFFERINC.-Sealed bids will be received until 11 a. m. on Feb 18, by W. H.
Walker, Clerk of the Board of County Commissioners, for the purchase
of an issue of $100,000 6% road and bridge bonds. Dated Nov. 1 1928.
Due $5,000 from Nov. 1 1935 to 1954, incl. Prin. and semi-annual int.
payable at the Hanover National Bank in New York City. A certified
check for 2% of the amount of bonds bid for, payable to the County, is
required.
-BOND SALE.
-The following &X%
BUFFALO, Erie County, N. Y.
coupon or registered bond issues aggregating $594.000 offered on Feb. 6
-were awarded to Edward Lowber Stokes & Co. of Phila-V. 128, p. 764
delphia, at a price of 100.313, a basis of about 4.70%:
$330.000 series "C" general impt. bonds. Due $11,000, Feb. 13930 to 1959
incl.
264,000 local impt. gold bonds. Due $66,000, Feb. 1 1930 to 1933 incl.
Dated Feb. 1 1929. Successful bidder is reoffering the bonds for investment priced according to maturity to yield 4.50 to 4.05%.
-BOND SALE.
CACHE, Comanche County, Okla.
-The two issues
of bonds aggregating $25,000 offered for sale on Nov. 19-V. 127,o. 2854
were purchased by R. J. Edwards. Inc.. of Oklahoma City. The Issues
are divided as follows:$23,600 water works and $1,400 fire equipment bonds.
-BOND OFFERING.-Ellza
CALDWELL, Noble County, Ohio.
Cunningham, Village Clerk, will receive sealed bids until 2 p. m. Feb.16
for the purchase of $7,975 6% street improvement bonds. Dated Feb. I
1929. Denominations $400, one bond No. 1 for $375. Due Mar 1. as
follows: $775. 1930; and $800, 1931 to 1939 incl. Interest payable on
Mar. and Sept. 1. A certified check payable to the order of the Village
Treasurer, for 1% of the bonds offered is required.
-BOND
CAREY SCHOOL DISTRICT, Wyandot County, Ohio.
SALE.
-The Clerk Board of Education, informs us that an issue of $120,000 school bonds bearing interest at the rate of 45.4% payable semi-annually
has been purchased by the Teachers Retirement Commission of Columbia
-PRE
-ELECTION SALE.
-A $60.CELESTE, Hunt County, Tex.
000 issue of improvement bonds has been purchased by Garrett & Co. of
Dallas subject to an election to be held in April.
-LOAN OFFERING.
-Sealed
CHICOPEE, Hampden County, Mass.
bids will be received by Louis M. Dufault, City Treasurer, until 12 m.
Feb. 11,for the purchase on a discount basis of a $200.000 temporary loan.
Dated Feb. 11 1929. Denoms. $25.000, 310,000 and $5,000. Due on
Nov. 21 1929. Notes to be engraved under the supervision of the Old
Colony Trust Co., Boston. Legality to be approved by Storey, Thorndike.
Palmer & Dodge of Boston.
-WARRANT SALE.
CLARKE COUNTY (P. 0. Grove Hill), Ala.
A $40,000 issue of 6% school warrants has been purchased by Caldwell &
Co. of Nashville. Denom. $1,000. Dated Oct. 11928. Due $2,000 from
Oct. 1 1930 to 1949 incl. Prin. and bit. (A. & 0. 1) payable at the office
of the County Treasurer of School Funds or at the Farmers Bank & Trust
Co. of Thomasville.
-BOND SALE.
-H. L. Allen
CLARENDON, Orleans County, N. Y.
& Co. of New York, were awarded on Jan. 14, an issue of $63,600 drainage
bonds. bearing interest at the rate of 6%. at a price of par. Dated Oct. 1
1928. Due $12,720. Dec. 1, from 1929 to 1933 incl.
-BOND ELECTION.
CLARKSDALE, Coahoma County, Miss.
-A
special bond election will be held in the near future due to the fact that the
two issues of bonds aggregating $280,000 that were voted at an election
-failed to obtain the legal approval of
3739
held on Dec. 11-V. 127, p.
St. Louis bond attorneys. We quote from the New Orleans "TimesPicayune" of Feb. 1 as follows: "The bond issues were not approved because a clause was not inserted in the bond ordinance giving the amount of
existing municipal indebtedness coupled with the bond issues voted on
which total indebtedness must be less than 15% of the valuation of city
taxable property. This law as to taxable valuation of city property in
connection with municipal bond issues is in accordance with a recent decision of the State Supreme Court. The bond issues were $250,000 for
school building purposes and $30.000 for a library annex."
CLARKSTOWN AND ORANGETOWN COMMON SCHOOL DISTRICT NO. 6 (P. 0. Nanuet) Rockland County, N. Y.
-BOND
-Ralph 0. L. Fay, Clerk Board of Trustees, will receive
OFFERING.
sealed bids until 8 P. m. Feb. 18, for the purchase of $165,000 coupon or
bonds. Rate of interest not to exceed 5% and to be stated
registered school
In a multiple of 1i or 1-10th of 1%. Dated Jan. 11929. Denoms. $1,000.
Due Jan. 1 as follows: $3,000, 1930 to 1935, incl.; 84.000, 1936 to 1939.
incl.; $5,000, 1940 to 1942, incl.; 86.000, 194:3 to 1946. incl.; $7,000, 1947
to 1949. incl.; $8,000. 1950 to 1952, incl.; $9,000, 1953 to 1956. incl., and
$11,000, 1957. Principal and interest payable in gold at the First National
Bank, Spring Valley. A certified check payable to the order of James J.
Demarest, Collector. for $3,300 is required. Legality to be approved by
Clay,
& Vandewater of New York City.
CLAVIS, Curry County, N. Mex.-OFFERING DETAILS.
-The
$45,000 issue of city hall bonds to be offered for sale on Feb. 15-V. 128.
-is to bear interest at not exceeding 6%. The first installment
P. 705
of the bonds is due not less than one and not more than five years from
date and the last installment is not less than 15 nor more than 20 years from
date.
920
FINANCIAL CHRONICLE
-BONDS OFFERED FOR
CLEVELAND, Cuyahoga County, Ohio.
INVESTMENT.
-Stern Bros. of Kansas City were also members of the
syndicate headed by the Chase Securities Corp. of New York, which was
awarded on Feb. 1 the five issues of bonds aggregating $8,300,000 at a price
of 100.156-V. 128, P. 764. The $1,500,000 city's portion street opening
bonds were taken as 4s; the other issues as 430. The $1,500,000 4%
bonds are being reoffered for investment, priced to yield 4.50 to 4.15%.
and the $6.800,000 4s are priced to yield 4.50 to 4.25%. The bonds are
stated to be legal investments for savings banks and trust funds in New
York, Massachusetts and Connecticut. Two syndicate bids were submitted, terms of which are given below:
Int. Rate. Int. Pay'ble.
Bidders-Issue.
Otis & Co.,Cleveland: Chase Securities $300,000.00 43i
$82,125.00
Corp.; Arthur Sinclair. Wallace & 2,500.000.00 4V 1,418.145.00
815,000.00
Co.; Ames, Emerich & Co.; Dewey, 1,500.000.00 4 V
Bacon & Co.; R. H. Moulton & Co.; 1.500,000.00 43V
512,775.00
Wells
-Dickey Co.; Lehman Bros.; 2,500,000.00 43i o 1,361,895.00
Continental National Co.; Kean.
$4,189,940.00
Taylor & Co.; Guardian Detroit Co.;
Premium
H.L. Allen & Co.;Stern Bros.& Co.;
12,948.00
Illinois Merchants Trust Co.; Northern Trust Co.; Salomon Bros. &
$4,176.992.00
Net cost
Hutzler; Mississippi Valley Trust
Co.; W. H. Newbold's Son & Co.
$82.125.00
First National Bank. New York; $300,000.00 43i
7 1.418.145.00
Halsey, Stuart & Co., Inc.; Kissel, 2,500,000.00 43. °
865.937.50
Kinnicutt & Co.; White, Weld & 1,500,000.00 4)j%
455,800.00
Co.; Eldredge & Co.; Kountze 1,500,000.00 4%
Bros.; Old Colony Corporation; 2,500,000.00 4)4% 1.361.895.00
R. W. Pressprich & Co.; Strana$44,183,902.50
han, Harris & Oatis
Premium
2,324.00
[VOL. 128.
DEPEW SCHOOL DISTRICT (P.O. Depew), Creek County, Okla.
BOND SALE.
-The $7,000 Issue of coupon school bonds offered for sale
on Nov. 7-V. 127, P. 2716
-has since been purchased by local banks.
DES MOINES,Polk County,Iowa.
-ADDITIONAL BOND SALES.
We are now informed that the following issues of bonds were purchased
during 1928:
$250.000 434% serial water bonds by the Iowa National Bank of Des
Moines at par. Dated June 1 1928.
128,000 434V serial judgment bonds by Hughes, Taylor & O'Brien of
Des Moines at par. Dated Aug. 11928.
DUBUQUE, Dubuque County, lowa.-ADDITIONAL DETAILS.
The two i&sues of bonds aggregating 819.751.53. that were purchased at
par by local investors
-V. 128, p. 593
-bears interest at 5%, payable on
Apr. & Oct. 1. Registered bonds in denominations of $100, 3300 and $500.
Optional bonds due serially.
-The $106.
DUNEDIN, Pinellas County, Fla.
-BONDS NOT SOLD.
000 issue of 6% refunding bonds offered on Jan. 22-V. 128, p. 141 and
later deferred until Feb. 5, was not sold as no bids were received for the
bonds . DatedJuly 11928. Dueon July 11938,withoutoption ofprior payment.
-BOND
DUQUESNE SCHOOL DISTRICT, Allegheny County, Pa.
-L, L. Canon, Secretary. Board of Education, will receive
OFFERING.
sealed bids until 7:30 p. m. Feb. 20 for the purchase of $140,000 434%
coupon or registered school bonds. Dated Oct. 1 1928. Denom. $1,000.
Due $28,000 Oct. 1 from 1950 to 1954 incl. Principal and interest payable
in Duquesne. A certified check for $5,000 is required.
-NOTE OFFERING.
DURHAM COUNTY (P. 0. Durham), N. C.
Sealed bids will be received until noon on Feb. 7, by P. C. Crompton,
County Accountant, for the purchase of a $60,000 issue of anticipation
notes. Denom. to be $10,000, unless specified to the contrary by bidder.
Net cost
$4,181,578.50 Interest rate is to be named by the bidder. Due on June 15 1929. Chester
B. Masslich of New York City will furnish the legal approval. A $500
- certified check must accompany the bid.
-BELATED BOND REPORT.
CLIFTON, Passaic County, N. J.
In addition to other bonds of this city sold during 1928 and reported in these
-An $8,000 issue of
DYSART, Tama County, Iowa -BOND SALE.
columns, we are not informed that the following issues aggregating $1,435% improvement bonds has been purchased at par by Geo. M. Bechtel
438,000 were awarded at par as stated below:
& Co. of Davenport. Dated Dec. 1 1928 and due on Dec. 1 as follows:
To the Clifton Trust Co., Clifton:
Maturity.
Mo. Sold. $500, 1929 and 1930; $1.000 in 1931: $500, 1932; $1,000, 1933; $500, 1934
Int. Rate.
Date.
Amount. Purpose.
and $1,000, 1935 to 1938.
January
% Sept.! 1927 Sept. 1193.3
$361,000 water
-BOND OF334,000 street & sewer 4 YL % Sept. 1 1927 1928-1947. incl. January
EAST CHICAGO SCHOOL CITY, Lake County, Ind.
1928-1959. incl. January
263,000 school
4 x1,% Sept. 1 1927
FERING.
-Sealed bids will be received by E. J. Carlson, Treasurer Board
February of Trustees, until 8 p. m. Feb. 27 for the purchase of $175.000 not to exceed
% Feb. 1 1928 Feb. 1 1934
250,000 assessment
January
87,000 water
% Sept.! 1927 Sept. 1 1932
4% school building bonds. Dated June 1 1929. Denom. $1.000. Due
January
52,000 park
June 1 as follows: $25,000, 1945 to 1948 incl., and $75.000, 1949. Prin535% Sept. 1 1927 Sept.! 1932
To the Sinking Fund Commissioners:
cipal and Interest (June and Dec. 1) payable at the American State Bank.
November East Chicago. A certified check for $3,500 must accompany each bid.
July 1 1928 July 1 1933
$75.000 assessment
5%
To the Pension Commission:
-BELATED POND RE
EAST MOLINE, Rock Island County, 111.
November
July 1 1928 July 1 1933
$16.000 assessment _ _6%
PORT -George M. Bechtel & Co. of Davenport, state that they were
- awarded on Sept. 4, last, an issue of $19,000 5% coupon sewer bonds at a
-BOND OFFERING.
CONNEAUT, Ashtabula County, Ohio.
B. L. Palmer, City Auditor, will receive sealed bids until 12 m. Feb. 8, premium of $553.00, equal to 102.91. Bonds are dated Nov. 1 1928. Defor the 'purchase of $62.700.57 5% sanitary sewer bonds. Dated Dec. 1 nominations $1,000. Due serially from 1930 to 1938 incl. Interest payable
1928. Due serially on Sept. 1 from 1930 to 1938 incl. A certified check on May and Sept. 1.
payable to the order of the City for 1% of the bonds offered is required.
-BOND OFFEREAST PROVIDENCE, Providence County, R. I.
COWANSHANNOCK TOWNSHIP (P. 0. Yatesboro), Armstrong ING.
-William E. Smyth, Town Clerk, will receive sealed bids until
County, Pa.
% township bonds offered 7:30 p. m. Feb. 15 for the purchase of the following issues of 434% bonds,
-BOND SALE.
-The $30,000
on Feb. 1-V. 128, p. 433
-were awarded to the Armstrong County Trust
Co., Kittanning, at a price of par. Dated Feb. 1 1929. Due Feb. 1, as aggregating $275,000:
construction bonds. Due as follows: $4.000, 1930 to
follows: $2,000, 1930 to 1934 incl.; and $4,000, 1935 to 1939 incl.; bonds 580.000 drainage
1934,inclusive, and $3,000, 1935 to 1954,inclusive.
optional after 1934.
75,000 highway construction funding bonds. Due $5,000 from 1930 to
-The $8,500 5%
1944, inclusive.
CRESTON, Wayne County, Ohio.
-BOND SALE.
-were awarded
70,000 school construction funding bonds. Due $3.500 from 193010 1949.
lighting system bonds offered on Dec. 27-V. 127. p. 3277
inclusive.
to the Stebbins Banking Co. of Creston, at a premium of $35.00, equal
50,000 park and playground bonds. Due 52,000 from 1930 to 1954 incl.
to 100.294. a basis of about 5.96%. Dated Dec. 1 1928. Due August 1,
Dated Mar. 1 1929. A certified check for 2% of the bonds bid for is
as follows: $500, 1929; and 31.000, 1930 to 1937 inclusive.
required.
.
-A
CROSBY, Divide County, N. Dak.-CERTIFICATE SALE.
-William
-LOAN OFFERING.
EVERETT, Middlesex County, Mass.
$6.000 issue of certificates of Indebtedness has been purchased by J. C.
bids until 11 a. in. Feb. 11
E. Emerton, City Treasurer, will receive sealed
Rousseau of Crosby.
for the purchase on a discount basis of a $500,000 temporary loan. Dated
- Feb. 14
-BOND SALE.
CUMBERLAND COUNTY(P.O. Crossville), Tenn.
1929. Denom. 325,000, $10,000 -and $5,000. Due $150,000 on
A $75,000 issue of school bonds has been purchased by Little, Wooten & Nov. 7 and Nov. 14 1929 and $200,000 on Nov. 21 1929. The notes will
Co. of Jackson for a premium of $550, equal to 100.73.
be engraved under the supervision of the Old Colony Trust Co., Boston.
-BOND OFFERING. Legality to be approved by Ropes, Gray, Boyden & Perkins of Boston.
CUYAHOGA COUNTY (P.O. Cleveland), Ohio.
-F. J. Husak, Clerk Board of County Commissioenrs, will receive sealed
-The following
-BOND SALE.
FINDLAY, Hancock County, Ohio.
bids until 11 a. m. (Eastern standard time) Feb. 20. for the purchase of issues of 431% bonds, aggregating $73,348.49. offered on Feb. 1 (V. 127.
the following 434% bond issues aggregating $316,503.31:
128. p. 141) were awarded to the First National Co. of Detroit
ri•
bonds. Due Oct. 1 as fol- on 3739: V.premium bid of $404, equal to 100.63, a basis of about 4.65%:
$123,720.00 assessment portion, road impt.
its total
lows: $11.720,1929; $12,000, 1930 to 1934 incl.; and $13,000 $338,078.49 special assessment street improvement bonds. Due Oct. 1 as
1935 to 1938 incl.
follows: 52.078.49. 1930. and $4,000, 1931 to 1939. Inclusive.
Due Oct. 1 as follows:
53,296.31 county's portion road impt. bonds.
25,270.00 city's portion street improvement and construction bonds.
$4,296.31. 1929; $5,000, 1930 to 1934 Incl.; and $6,000. 1935
Due Oct. 1 as follows: $3,270. 1930; $3,000, 1931 to 1934 incl.,
to 1938 incl.
and $4,000. 1935 to 1939 incl.
47,380.00 assessment portion, road impt. bonds. Due Oct. 1 as folDated Feb. 1 1929.
lows: $4,380, 1929; $5,000, 1930 to 1934 incl.; and $6,000, 1935
-The following issues
-BOND SALE.
FLINT, Genesee County, Mich.
to 1937 incl.
35,215.00 assessment portion, road improvement bonds. Due Oct. 1 of special assessment bonds aggregating $725,000 offered on F03. 4-V.
-were awarded to the Detroit & Security Trust Co. of Detroit,
$3,000, 1930 to 1933 incl.: and $4,000, 128, p. 765
as follows: $3,215, 1929;
as 5s, at a premium of $550.00 equal to 100.07, a basis of about 4.08%; to
1934 to 1938 incl.
Due Oct. 1 as $523,000 series "B" paving bonds. Due Feb. 1, as follows: $62,000, 1930
35,215.00 county's portion, road improvement bonds.
193.1 incl.; and $4,000,
1933 incl.; and $55.000, 1934 to 1938 inclusive.
follows: $3,215. 1929; $3,000, 1930 to
120,000 series "A" gravel road bonds. Due $60,000. Feb. 1 1930 and
1934 to 1938 incl.
1931.
road improvement bonds. Due Oct. 1 as
21,677.00 county's portion,
82,000 series "B" sewer bonds. Due Feb. 1, as follows: 535.00, 1930
follows: $2,677, 1929; $2,000. 1930 to 1937 incl.; and $3,000,
lad
and 1931; and $6,000, 1932 and 1933.
1938.
Dated Feb. 11920.
All the above Issues aro dated Feb. 1 1929. Prin. and annual int.
-Successful bidders are re(Oct. 1) payable at the office of the County Treasurer. All bids must
BONDS OFFERED FOR INVESTMENT.
state the number of bonds bid for, on both assessment and county portion offering the issue for investment, priced to yield 4.75 to 4.35%, according
issues. A certified check payable to the order of the County Treasurer, to maturity. Bonds, it is stated, are general obligations of the entire city
for 1% of the bonds bid for is required.
and are legal investment for savings in New York, Ma.ssachesetts and
-The Hanchett Bond Connecticut. Assessed valuation for 1928 reported at $192,015,900 and
-BOND SALE.
DALE, Hamilton County, Ill.
road bonds. Dated net debt $8,997.623.
Co. of Chicago, has purchased an issue of $27.000 5%
FORT PIERCE, Saint Lucie County, Fla.
-BOND OFFERING.
Nov. 15 1928. Denominations $1,000. Due Nov. 15, as follows: $2,000
1930 and 1931; $3,000, 1932: 52,000, 1933; and $3,000. 1934 to 1939 incl. Sealed bids will be received until 7:30 p. in. on March 5 by J. W. Dunn,
Prin. and int, payable at the McLean State Bank & Trust Co., McLean. City Clerk and Treasurer, for the purchase of three issues of bonds aggregating $200,000 as follows:
Legality approved by Chapman & Cutler of Chicago.
-Scaled bids will 5100.0006% revolving fund bonds. Dated Sept. 1 1927. Due on
-BOND OFFERING.
DALLAS, Polk County, Ore.
Sept. 1 1947.
for the
be received by J. T. Ford. City Auditor, until 8 p. m. on Feb. 18.
The bonds to be offered for sale will be in 2 blocks of $50,000 each and all
Purchase of an $1,800 issue of 6% general street improvement bonds. De- bidders are required to make separate bids on each block.
1936. Prin. and
nomination $600. Dated Jan. 1 1929. Due in July 1
Dated March 16 1929 and due on
int. (J. & J.) payable in gold at the Dallas City Bank. A certified check $60,000 6% refunding, series A bonds. to
Mar. 16 as follows: $2,000, 1932
1947; 33,000, 1948, and $5,000.
for 10% of the bid, payable to the City, is required.
1949 to 1953, all inclusive.
-Sealed
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
40,000 6% refunding, series B bonds. Dated June 15 1929 and due on
bids will be received by E.E. Hagerman,Director of Finance. until Mar. 14,
June 15 as follows: $2,000, 1932 to 1942, and $3,000, 1943 to
for the purchase of an issue of $500,000 grade crossing elimination bonds
1948, all inclusive.
to bear interest at the rate of 434% payable semi-annually. Dated Mar. 15
Separate bids on each of said series are required. Denom. $1,000. Prin.
1929. Due in 30 years.
and semi-annual int. payable at the U. S. Mortgage & Trust Co. in New
DEAN HALE SCHOOL DISTRICT (P. 0. Henrietta), Clay County' York City. Thomson, Wood & Hoffman of New York City will furnish
the legal approval. A certified check for 2% of the bonds, payable to the
Tex.
-BOND SALE.
-A 310,500 issue of 5% school bonds has been purchased by Dr. A. B. Edwards of Henrietta for a $500 premium, equal city, is required.
to 100.47.
-BOND OFFERING.
FOUNTAIN COUNTY (P. 0. Covington), Ind.
- -Elizabeth IV. Spence, County Treasurer, will receive sealed bids until
-BOA D SALE.
DECATUR COUNTY (P. 0. Decaturville), Tenn.
26, for the purchase of $71.600 44% flood repair bonds.
A $16,000 issue of court house bonds has been purchased by an unknown 10 a. m. Feb.
Dated Feb. 15 1929. Denominations $1,000 and $580. Due as follows:
investor.
53.580, July 1 1929; and $3,580. Jan. and July 1, front 19:1010 1938 incl.:
-The $64,000 issue and 43,580, Jan, 1 1939. A certified check for 5% of the bonds bid for is
DECATUR, Morgan County., Ala.
-BOND SALE.
of 5Y6% public improvement bonds that was offered for sale on Dec. 3 required.
-BOND
p. 2990
-has since been purchased at par by an unknown investor.
FREMONT SCHOOL TOWNSHIP, Steuben County, Ind.
Dated Oat. 1 1928. Due from Oct. 1 1929 to 1938 inclusive.
SALE
-The $6,000 5% township bonds offered on Feb. 2-V. 128, p. 284
.- -were awarded to the Bankers Investment Co. of Indianapolis. at a pro
-BOND OFFERING
DEFIANCE COUNTY (P.O. Defiance), Ohio.
Jan.
Henry II. Reineke, County Auditor, will receive sealed bids until 2 p. m. mium of $113.00, equal to 101.88, a basis of about 4.835%. Datedwere: 1
Feb. 25. for the purchase of $7,488 5% street impt. bonds. Dated Mar. 1 1929. Due $1,000, July 1, from 1950 to 1955 incl. Other bidders
Premium.
Bidder1929. Due Sept. I, as follows: $1,488. 1930; and $1.500, 1931 10 1934 incl.
$67.70
Prin. and int. (Mar. and Sept. 1) payable at the office of the County Fletcher Savings & Trust Co.
99.80
Inland Investment Co
Treasurer. A certified check for 5% of the bonds offered is required.
51.00
Meyer-Riser Bank
62.00
- City Securities Corp
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
W. Max Shafer, County Auditor, will receive sealed bids until 10 a. m.
DISTRICT
GARLAND COUNTY RURAL SPECIAL SCHOOL
Feb. 23 for the purchase of $12,200
% bridge construction bonds.
-BOND SALE.- 'rho $20,000 sue o
Dated Jan. 11 1929. Denom. $610. Due $1,220 May and Nov. 15 from NO. 9 (P. 0. Hot Springs), Ark.
semi-annual school bonds offered for sale on June 27-V. 126, u. 3804-has
1930 to 1934 incl. Int, payable on May and Nov. 15.
FEB. 9 1929.]
FINANCIAL CHRONICLE
921
-BOND SALE.
-The $14,200 5%%
HOLLAND,Lucas County, Ohio.
been purchased by the Merchants & Planters Title & Investment Co. of
-were awarded
Pine Bluff as 5s. Dated Aug. 1 1928. Due from Aug. 1 1929 to 1948 incl. sewer construction bonds offered on Jan. 31-V. 128, p. 594
to Spitzer, Rorick & Co. of Toledo, at a premium of $57.00. equal to
-A $2.500 issue of 101.83. a basis of about 5.15%. Dated Mar. 1 1929. Due Sept. 1. as
-BOND SALE.
GERVAIS, Marion County, Ore.
follows: $1,200, 1930: $1,000, 1931; $2,000, 1932; $1,000, 1933: 82.000.
water plant bonds has been purchased by the Gervais State Bank.
1934; $1,000, 1935; 82.000, 1936; $1,000, 1937; $2,000, 1938; and $1.000.
-NO BIDS.
-No bids
GIBSON COUNTY (P. 0. Princeton), Ind.
drainage bonds scheduled 1939.
were submitted on Feb. 4 for the $34,861.65 6%
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. 0. Pennington)
to have been sold-V. 128, p. 593. Bonds are dated Dec. 31 1928.
-The 4%% coupon or registered
-BOND SALE.
Mercer County, N. J.
-was awarded to
- school bond issue offered on Feb. 2-V. 128, p. 594
GLENBURN, Renville County, N. Dak.-BOND OFFERING.
Sealed bids will be received by F. W. Winter. Village Clerk, until June 1 Bentley H. Pope & Co. of Trenton, taking $157,000 bonds $160.000 offered)
the purchase of a $4,000 issue of 6% coupon annual electric power pur- Paying $160.606, equal to a price of 102.29, a basis of about 4.52%. Dated
for
chase bonds. Denom. $100. Dated Aug. 11929. Due $400 from Aug. 1 Feb. 1 1929. Denoms. $1,000. Due Feb. 1, as follows: $5,000, 1930 and
1931 $6,000, 1932 $5,000, 1933 and 1934; $6,000, 1935; $5,000. 1936 and
1930 to 1939 incl.
1937 $6,000, 1938 85.000, 1939 and 1940: 86,000, 1941; $5,000, 1942 and
-BOND OFFERING.
- 1943 86,000, 1944 $5,000, 1945 and 1946; 86,000, 1947; 85.000, 1948 and
GLOVERSVILLE, Fulton County, N. Y.
Arthur E. Severn, Clerk Board of Education, will receive sealed bids until 1949 86,000, 1950 $5,000, 1951 and 1952; $6,000. 1953; 85,000. 1954 and
8 p. m. Feb. 19 for the purchase of $320,000 coupon or registered school 1955 $6,000. 1956 $5,000, 1957 and 1958; and $3,000, 1959.
bonds, rate of interest not to exceed 4%% and to be stated in a multiple of
HORSEHEADS UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
1-10th of 1%. Dated Feb. 1 1929. Denom. $1,000. Due Feb. 1 as fol-BOND
-The $265.000
lows: $20,000, 1930 to 1933 incl., and $15,000, 1934 to 1949 incl. Prin. Horseheads) Chemung County', N. Y. 128, p.SALE.
Feb. 4-V.
594
-were awarded
and int. payable in gold at the Guaranty Trust Co., New York, or at the coupon school bonds offered on of Elmira, as 4%s, at 100.483. a basis to
of
of the City Chamberlain. A certified check for $6,400 is required. the Merchants National Bank 1929. Due March 1 as follows:
office
about 4.44%. Dated March 1
$10,000.
Legality to be approved by Clay, Dillon & Vandewater of N.Y. City.
1931 to 1934, incl.; $11,000, 1935; 812,000, 1936: $13,000. 1937: 814.000.
GRAYSVILLE, Greene County, Pa.
-BOND OFFERING.
-W. B. 1938; 815,000, 1939; 816.000. 1940 and 1941; 817.000, 1942 and 1943;
Carpenter, Borough Secretary, will receive sealed bids until 2 p. m. on $18,000, 1944 and 1945: 819,000, 1946 and 1947, and $20,000, 1948.
April 1 for the purchase of $17,000 4.60% coupon or registered improve-BOND SALE.
INDEPENDENCE, Tangipahoa Parish, La.
-The
ment bonds. Dated Mar. 15 1929. Denom. $1,000. Due $1,000 Mar. 15
issue of 6% semi-annual sewer bonds offered for sale on Feb. 6--from 1932 to 1948 incl. Prin. and int, payable at the office of the Borough $50,000p. 434
-was awarded to the Hibernia Securities Co. of New Orleans.
V. 128,
Treasurer. A certified chock for 2% of the bonds offered is required. Le- for a premium of $3,825, equal to 107.65, a basis of about 5.17%. Dated
gality to be approved by Saul, Ewing, Remick & Saul of Philadelphia.
March 11929. Due serially in from 1 to 26 years.
GREATER GREENSBORO SCHOOL DISTRICT (P.O. Greensboro)
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
-BOND SALE.
-The $1,300,000 issue of school BOND SALE.
Guilford County, N. C.
-The $185,000 414% coupon school bonds offered on Feb. 2
-was awarded to a syndi- -V.
bonds offered for sale on Feb. 1-V. 128, p. 593
-were awarded to the Union Trust Co., Fletcher Savings
128, p. 434
cate composed of the Guaranty Co. of New York, the Illinois Merchants & Trust Co., and the Fletcher American Co., all of Indianapolis. at a
Trust Co. of Chicago, the Detroit Co. of New York and the First National premium of $259.00, equal to 100.14, a basis of about 4.44%. Dated
Co. of St. Louis. as 411% bonds, at a price of 101.03, a basis of about 4.66%. Feb. 5 1929. Due Feb. 5, as follows: $92,000. 1931; and $93.000, 1932.
Dated Feb. 1 1929. Due from Feb. 1 1932 to 1959 incl.
-BOND SALE.
-The $75,000
IRWIN, Westmoreland County, Pa.
-The above bonds are now being ofBONDS OFFERED TO PUBLIC.
-were awarded
fered for investment by the successful bidders at prices, according to 4.%% borough bonds offered on Jan. 28-V. 128. p. 284
yield about 4.50%. The following report is taken from the to Prescott, Lyon & Co. of Philadelphia, at a premium of $2,895, equal
maturity, to
to 103.85, a basis of about 4.18%. Dated Feb. 1 1929. Due Feb. 1. as
official offering circular:
The bonds, issued for school building purposes, are payable from un- follows: 84.000, 1935; 83,000, 1937; 84,000, 1939; 83.000, 1940: 84,000.
limited ad volorem taxes against all property within the District, which 1942; $3,000, 1943; $5,000, 1945; 83,000, 1946 to 1949 incl.; $4,000, 1950
comprises about three-quarters of the area of the City of Greensboro. to 1955 incl.; $5,000, 1956 and 1957; and $3.000. 1958.
together with the greater part of the city's suburbs. The assessed valuaJACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Millerton)'
tion of property in the District is $100,747,960 and the total bonded debt, Tioga County, Pa.
-The $25.000 4%% coupon school
-BOND SALE.
including this issue, is $2,300,000.
-were awarded to J. H. Holmes
bonds offered on Feb. 4-V. 128, p. 594
An official tabulation of the other bidders and their bids is as follows & Co. of Philadelphia, at a premium of $15.00, equal to 100.06. a basis of
Bankers Securities Corp.; Wm. R. Compton Co.; Eldridge &
Dated Apr. 1 1929. Due $1,000, Oct. 1, from 1930 to 1954
about
Co.; Howe Snow & Co.; First National Co.; Curtis St Sanger__$1,308,579 incl. 4.49%.
No other bid submitted.
Well Roth & Irving Co
1,301,950
JACKSONVILLE, Cherokee County, Tex.
-ADDITIONAL DEHarris, Forbes & Co. and Wachovia Bank & Trust Co ______
1,309.477
Co.; Lehman Bros.; Hountze Bros.; Ames, Emerich
TAILS.
-The $75,000 issue of 5% coupon water and sewer bonds that
Caldwell &
Co. and Stone & Webster and Blodgett
1,307.800 was purchased on Jan. 22 by Caldwell & Co. of Nashville for a premium
of $506, equal to 100.674-V. 128, P. 766-is dated Dec. 15 1928. Denom.
A. B. Leach & Co., Inc.; First Wisconsin Co.; Minnesota Co.:
Taylor, Ewart & Co.; Mississippi Valley Trust Co
1,301,677 $1,000. Due serially without option. Int, payable on Dec. & June 1.
-The above issue of bonds was registered by the
BONDS REGISTERED.
American National Corp
1,305,317
-Weld Co
White
1,309.100 State Comptroller on Jan. 28.
Duval County, Fla.
-BOND SALE.
JACKSONVILLE,
-The $435,000
GREAT NECK ESTATE (P. 0. Great Neck) Nassau County, N. Y.
-The $54,000 series A 1928. coupon or registered street issue of 5% McCoy's Creek improvement, issue of 1926 bonds, offered for
-BOND SALE.
-was Jointly awarded to Lehman Bros. of
improvement bonds offered on Feb. 4-V. 128, p. 434-were awarded to sale on Jan. 31-V. 128, p. 594
Rutter & Co. of New York, as 4%s, at 100.34, a basis of about 4.45%. New York and the Atlantic National Co., of Jacksonville, at a price of
Dated Jan. 1 1929. Due Jan. 1 as follows: $3,000, 1931 and 1932. and 102.626, a basis of about 4.73%. Dated Jan. 1 1926. Due from Jan. 1
$4,000, 1933 to 1944, incl.
1934 to 1950.
Other bidders were.
Other bidders for the bonds were as follows.
Premium.
BidderInt. Rate.
Premium.
Bidder
Dewey, Bacon & Co
4%%
$9,262.00
$43.20 Old Colony Corp. and the Detroit & Security Trust Co
Batchelder, Wack & Co
8.787.00
45.36 Braun, Bosworth & Co of Toledo
455.22 Florida National Bank of Jacksonville
First National Bank of Great Neck
AM /0
7,786.51
GREENE SCHOOL TOWNSHIP, St. Joseph County, Ind.
-BOND
JEFFERSON COUNTY RURAL SPECIAL SCHOOL DISTRICT
-BOND SALE.
OFFERING.-Seaeld bids will be received by Peter Patterson, Township NO. 27 (P. 0. Pine Bluff), Ark.
-The 88.000 issue of
Trustee, until 2 p. m. Feb. 9 for the purchase of $47,888 5% school bonds. semi-annual school bonds offered for sale on June 29-V. 126, p. 4119
Dated Feb. 1 1929. Denom. $1,000, one bond for $888. Due Dec. 30 was awarded to the Merchants & Planters Title & Investment Co. of Pine
as follows: $2,000, 1930 to 1932 incl.; 83,000, 1933 to 1939 incl.: $4,000, Bluff, as as. Dated June 1 1928. Due from Dec. 1 1930 to 1948.
1940 to 1943 incl., and $4,888, 1944. Int, payable on June 20 and Dec. 20.
JEFFERSON COUNTY SCHOOL DISTRICT NO.6(P.O. Waurika),
GREENWOOD, Greenwood County, S. C.
-An issue of $11.500 school bonds has been pur-BOND SALE.
-BOND SALE.
-The Okla.
5% sewerage bonds offered for sale on Feb. 1-V. 128, p. chased by R. J. Edwards. Inc., of Oklahoma City at par, as follows:
$50,000 issue of
-was awarded to J. H.Hagman & Co.,Inc.,and the Citizens & Southern $8,000 as 5s, and $3,500 as 4)4% bonds.
593
Co., both of Atlanta, jointly. Denom. $1,000. Dated Mar. 1 1929 and
JEFFERSON SCHOOL DISTRICT (P. 0. Jefferson), Jackson
due on Mar. 1, as follows: $1,000. 1930 to 1939 and 82.000, 1940 to 1959, County, Ga.-BOND SALE.
-A $20,000 issue of 5% school bonds has
all incl. Prin. and int.(M.& S. 1) payable at the Hanover National Bank recently been purchased by J. H. Hilsman & Co. and the Citizens & Southin New York City.
ern Co., both of Atlanta, jointly. Denom. $1,000. Dated Jan. 1 1929
GROSSE ILE TOWNSHIP TILE DRAINAGE DISTRICT NO. 4, and due on Jan. 1 as follows: $1,000, 1930 to 1934, and 1946 to 1958. and
-The $85,000 bonds offered on $2,000 on Dec. 31 1958. Prin. and iannual int. payable in New York.
-BOND SALE.
Wayne County, Mich.
-were awarded to the Detroit & Security Trust
Dec. 31-V. 127, P. 3576
JOHNSON COUNTY UNION GRADED SCHOOL DISTRICT NO.
Co. of Detroit, as 5s, at 100.26, a basis of about 4.96%. Dated Feb. 1
-The $18.500 issue of
-BOND SALE.
Okla.
.1929. Due May 1 as follows: $5,000, 1931 to 1943. incl.. and $20.000, 58 (P. 0. Tishomingo), on Oct. 17-V. 127, p. 2263
-has since been
school bonds offered for sale
1944.
unknown investor. Due $1,000 from 1931 to 1947 incl.,
Purchased by an
-BOND OFFERING.
HAMILTON, Butler County, Ohio.
-Harry and $1,500 in 1948.
H. Schuster, Director of Finance, will receive sealed bids until 12 m.
JONES COUNTY ROAD DISTRICT NO. 10 (P. 0. Anson), Tex,
(Central standard time) Feb. 12, for the purchase of $58,000 5% special
-On Jan. 29, the State Comptroller registered a
assessment paving bonds. Dated Jan. 1 1929. Denominations $1,000. BONDS REGISTERED.
Due Jan. 1, as follows: $6,000, 1931 to 1939 incl.; and $4,000, 1910. Prin. $436,000 issue of 5% serial road bonds.
and int. payable at the office of the City Treasurer. A certified check payKEMPSVILLE ROAD DISTRICT (P. 0. Princess Anne), Princess
-Sealed bids will be received
able to the order of the City Treasurer for 5% of the bonds offered is re- Anne County, Va.-BOND OFFERING.
quired.
until noon on Feb. 18 by J. F. Woodhouse, County Clerk, for the purchase
of a $293,000 issue of coupon road bonds. Denom. $1,000. Dated about
-BOND SALE.
HARDIN COUNTY (P. 0. Savannah), Tenn.
-The
810,000,
$120,000 issue of 5% coupon highway bonds unsuccessfully offered for sale Apr. 1 1929 and due on Apr. 1. as follows: 88,000, 1934;all incl. 1935
820,000, 1955 to 1957,
Prin.
on July 30-V. 127, p. 716
-has since been sold. Due in from 1 to 20 to 1949; $15,000, 1950 to 1954 and or at the office of the County
Treasurer.
and int. is payable either at Norfolk
years.
Legal opinion to be furnished by the purchaser. A $3.000 certified check
HARMON COUNTY UNION GRADED SCHOOL DISTRICT NO. must accompany the bid.
-Sealed bids will be receive
11 (P. 0. Hollis), Okla.
-BOND OFFERING.
(This is a more detailed report than was given in V. 128. p. 766.)
by Fred Boyd, Clerk of the Board of Education, until 3 p. m. on Feb. 11,
-BOND SALE.
-The 818.000
KENMORE, Summit County, Ohio.
for the purchase of a $21,000 issue of school bonds. Int, rate is to be named
-were awarded to Season6% bonds offered on Dec. 21-V. 127. p. 3279
by the bidder. A certified check for 2% must accompany the bid.
Cincinnati, at a premium of $9.00. equal to 100.05, a
good & Mayer of
HAWAII (Territory of) (P. 0. Honolulu).
-BONDS OFFERED FOR basis
5.98%. Dated Dec. 15 1928. Due Oct. 1, as follows: $3,500
INVESTMEN T.
-The $1,175,000 issue of 4%% coupon public impt. bonds 1930 of about incl.; and $4.000, 1934.
to 1933
awarded on Feb. 1 to a syndicate headed by Harris, Forbes & Co. of Now
KINGS MILLS RURAL SCHOOL DISTRICT, Warren County
York, at 100.093, a basis of about 4.24%-V. 128, p. 765
-is now being
-John W. Wilson, Clerk Board of Education,
'
-BOND OFFERING.
offered for public subscription by the purchasers, at prices ranging from Ohio.
100.44 to 101.67, to yield about 4.15%. Due from Feb. 1 1934 to 1958,incl. Will receive sealed bids until 12 m. Feb.'23, for the Purchase of $50 000
5%% school construction bonds. Dated Sept. 1 1928. Due 82.500: on
The offering circular reports as follows.
These bonds are exempt from all Federal Income taxes and by decision Sept. 1, from 1929 to 1948 incl. Interest payable on Mar. and Sept. 1.
of the United States Supreme Court are exempt from taxation by any A certified check payable to the order of the Board of Education, for $1.State in the United States or by any municipal or political subdivision of 000 is required.
such State. Legal investment for savings banks in New York, Ohio,
-BOND SALE.
KINGSTON, Luzerne County, Pa.
-The $300.000
Maryland, Michigan, Rhode Island, New Hampshire and California, and
4-V. 128, I3• 594
-were
for Trust funds in New York. These bonds have a scomplete exemption 43.5% borough bonds offered on Feb.a price of par. Dated awarded to
the 'Kingston Bank & Trust Co., at
Jan. 1
from taxation as United States Government Liberty 3%5.
Due Jan. 1 as follows: $14,000, 1930 and 1931; $15.000, 1932 to 1934 1929.
incl
HEMPFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Greenville), $18.000.1935;$25,000,1936 to 1941,incl.;$35,000. 1942.and $24,000,1943:
Mercer County, Pa.
-BOND SALE.
-J. H. Holmes & Co. of Pittsburgh,
Parish, La.
-BOND OFFERING.
LAFAYETTE, Lafayette
were awarded on Jan. 22 an issue of $25,000 43 % school bonds at a prem-Sealed
4
,
ium of $25, equal to a price of 100.10, a basis of about 4.48%. Dated Jan. bids will be received until March 11 by W. J. Peck. City Secretary for the
purchase of two issues of bonds, aggregating $311,000, as follows: ‘211,000
1 1929. Denom. $1,000. Due serially from 1932 to 1954 inclusive.
HEMPF1ELD TOWNSHIP SCHOOL DISTRICT (P. 0. Greensburg) 5% improvement and $100,000 6% improvement bonds.
Westmoreland County, Pa.
-BOND OFFERING.
-Roy E. Meek,
LAFAYETTE, Lafayette Parish, La.
-BOND OFFERING.
-Sealed
Secretary Board of Directors, will receive sealed bids until 2 p. in. Mar. 4, bids will be received until 10 a. m. on March 11, by J. Gilbert St. Julien,
for the purchase of $165,000 4 M % school bonds. Dated Apr. 10 1929. Mayor, for the purchase of four issues of bonds, aggregating $311,000 as
Denominations $1,000. Due October 10. as follows: $11,000. 1929; $13,000, follows.
1930 to 1932 incl.; $14,000, 1933: 815.000, 1934: 816.000. 1935 and 1936: $100,000 6% improvement bonds. Due from Feb. 1 1930 to 1944, incl.
$17,000. 1937; $18,000, 1938: and $19.000, 1939. A certified check payable
80,000 5% sewerage system bonds. Due from Feb. 1 1930 to 1959. incl.
'to the order of H. C. Waugaman, Treasurer, for $500, is required.
81,0005. sewerage disposal plant bonds. Due from Feb. 1 1930 to
5i0
HENDERSONVILLE, Henderson County, N. C.
-BOND SALE.
-A
ing pool bonds. Due from Feb. 1 1930 to 1959, incl.
50,000
$20,000 issue of 5g% water bonds has recently been purchased by Bray
Denoms, ssoo or 81,000 at option of purchaser. Dated Feb. 1 1929. A
Greensboro for a $75 premium, equal to 100.375.
Bros. of
certified check for $4,000 is required separately on the improvement bonds
HICO, Hamilton County, Texas.
-BOND SALE.
-A $38,000 issue and a $6,000 certified check, both payable to the city, is required on the
other three issues.
of Water bonds has been purchased by H. C. Burt & Co. of Houston.
922
FINANCIAL CHRONICLE
-The
LA GRANGE, Fayette County, Tex.
-BONDS REGISTERED.
260,000 issue of 5% semi-annual street improvement bonds that was
awarded recently
-V. 128, p. 594
-was registered on Feb. 1 by the State
Comptroller.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
Sealed bids will be received by H. K. Groves, County Treasurer, until
10 a. m. Feb. 14, for the purchase of $22,000 road bonds to bear interest
at the rate of 5%, and to mature semi-annually on May and Nov. 1 1930
to 1939, incl.
LANCASTER, Dallas County, Tex.
-BOND SALE.
-A $11,000 issue
of paving bonds has been purchased by a local investor.
LANDER, Tremont County, Wyo.-ADDITIONAL DETAILS.The $92,000 issue of 4A 7 water bonds that was purchased at par by the
0
State of Wyoming
-V. 128, p. 594
-Is dated Jan. 10 1929. Due in 30
years and optional in 15 years.
-An issue of
LANSDALE, Montgomery County, Pa.
-BOND SALE.
$100,000 4X % coupon borough bonds has recently been purchased by E.
H. Rollins & Sons of Philadelphia. Denom. $1,000. Dated Feb. 1 1929.
Due $10,000 from Feb. 1 1949 to 1958 incl. Prin. and int. (F. & A. 1)
payable at the First National Bank of Lansdale.
Financial Statement (as Officially Reported)
$4.098,590
Assessed valuation (1928)
12.296.770
Real valuation
345,100
Total bonded debt (incl. this issue)
58,876
Sinking fund
286,224
Neb debt
7.500
Population (estimated)
-TEMPORARY LOAN.
LEOMINSTER, Worcester County, Mass.
The First National Bank of Boston, was awarded on Feb. 5, a $70,000
temporary loan, dated Feb. 5 1929 and payable on Nov. 1 1929 on a discount basis of 4.725%. Salomon Bros. & Hutzler, offered to discount the
loan on a 4.81% basis plus a $1.50 premium, the Bank of Commerce &
Trust Co., offered to discount it on a 4.825% basis and the Merchants
National Bank of Leominster, offered to discount the loan on a 4.874%
beats.
-Sealed bids
-BOND OFFERING.
LIBERTY, Liberty County, Tex.
will be received until Feb. 21 by the City Clerk, for the purchase of two
issues of 5% bonds aggregating 560.000, as follows: $50,000 water works
and $10,000 fire station bonds.
LIVINGTON COUNTY SCHOOL DISTRICT NO.232(P.O. Dwight)
-The William R. Compton Co. of
III.
-BELATED BOND REPORT.
Chicago, states that on Apr. 21, last year, they were warded an issue of
$55,000 4;.4% coupon, registerable as to jorinoipal, school bonds. Dated
May 1 1928. Denominations $1,000. Due July 1, as follows: 34.000,
1930 to 1934 incl.; and $5,000, 1935 to 1941 incl. Prin. and semi-annual
Interest payable at the First National Bank, Chicago. Legality to be
approved by Holland M. Cassidy of Chicago.
Financial Statement.
$2.796,895
Assessed valuation, 1927
55,000
Total debt
Population estimated. 3,000.
-A 525,000 issue of
LONDON, Laurel County, Ky.-BOND SALE.
5% semi-annual sewer bonds has been purchased by the Weil, Roth &
Irving Co. of Cincinnati for a $27 premium, equal to 100.108, a basis of
about 4.99%. (Printed bonds and legal approval to be furnished by the
Purchaser.) Due 31,000 from Jan. 1 1929 to 1953 incl.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
--Sealed
-BOND OFFERING.
DISTRICTS (P. 0. Los Angeles), Calif.
bids will be received until 2 p. m. on Feb. 11 by L. E. Lampton, County
Clerk, for the purchase of two issues of 7% bonds aggregating $15,201.56,
as follows:
$9,084.31 District No. 10 bonds. Denom. $1,000, one for $84.31. Due
21,000 from Jan. 21 1931 to 1939 and $84.31 in 1940.
7,117.25 District No. 163 bonds. Denom.$1.000, one for $117.25. Due
21,000 from Jan. 21 1931 to 1937 and $117.25 in 1938.
Dated Jan. 21 1929. Prin. and int. (J. & J.) payable in gold at the
County Treasury. The bonds will not be sold for less than par. The official offering notice calls the attention of the bidder to the Acquisition and
Improvement Act of 1925, amended as of 1927. to the Resolution of Intention in the matter of said Acquisition and Improvement District No. 10
and No. 163 of the County of Los Angeles,and to all proceedings had thereunder. Certified checks for 10% of the bonds must accompany the bid
on each issue.
-BOND OFLOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
FERING.
-Sealed bids will be received by L. K. Lampton, County Clerk,
until 2 p. m. on Feb. 18 for the purchase of two issues of 7% bonds, aggregating 221.497.06, as follows:
$18,737.35 Acquisition and Improvement District No. 207 bonds. Denom. $1,000, $500 and one for $237.35. Due on Jan. 28 as
follows: 21,500. 1931 and 1932; $1,000, 1933; 21,500. 1934 to
1942, and $1,237.35 in 1943.
2,759.71 Acquisition and Improvement District No.92 bonds. Denom.
$100, one for $59.71. Due on Jan. 28 as follows: 5200, 1931;
$300, 1932 to 1934; $200, 1935; $300, 1936 to 1938; $200, 1939,
and $359.71 in 1940.
Dated Jan. 28 1929. Prin. and semi-annual int. payable at the County
Treasury. A certified check for 10% of the bonds, payable to the Chairman of the Board of Supervisors, must accompany the bid.
-BELATED BOND REPORT.
LOWELL, Middlesex County, Mass.
In addition to various other bonds of this city sold during 1928, we are
informed that the issues shown below were also dispoed of.
$40,000 4% permanent paving bonds awarded to the Old Colony Corp. of
Boston at 100.50, a basis of about 3.94%. Dated June 1 1928.
Due June 1 1938.
20,000 4%70 sidewalk bonds awarded to R. I.. Day & Co. of Boston.
at 100.50, a basis of about 4.40%. Dated Oct. 1 1928. Due
Oct. 1 1933.
-BOND SALE.
-The folLUCAS COUNTY (P. 0. Toledo), Ohio.
lowing issues of 534% bonds aggregating $161,110 offered on Feb.7-V.128,
Cleveland, as stated below:
p. 435
-were awarded to Otis & Co. of
$115,350 bridge bonds at a premium of 55.144.61, equal to 104.80. a basis
of about 4.51%. Due Feb. 15. as follows: $12,350, 1931:812,000,
1932 to 1935 incl.: and 511.000, 1936 to 1940 inclusive.
45,760 highway impt. bonds at a premium of $1,272.13, equal to 102.78. a
basis of about 4.68%. Due Feb. 15, as follows: $9,760, 1931:
and $9.000, 1932 to 1935 inclusive.
An official tabulation of the bids submitted follows:
Issue.
Issue.
8115,350.00 $45,760.00
Bidder
W. L. Slayton & Co., Toledo, 0., and Ryan,
462.00
1,742,00
Sutherland & Co., Toledo,0
503.36
Slier, Carpenter & Roose, Toledo,0
3,575.00
Seasongood & Mayer, Cincinnati, 0.,and Prudden
937.00
& Co., Toledo,0
4,346.00
*1,272.13
Otis & Co., Cleveland, 0
.5,144.61
A. T. Bell & Co., Toledo,0
3,820.00
961.00
Detroit & Security Trust Co., Detroit. Mich
4,732.00
492.00
The Provident Savings Bk. & Trust Co., Cin., 0_ 4,614.00
The Milwaukee Co.. Milwaukee, Wells
-Dickey Co.,
1,161.57
Minneapolis, David Robison & Co., Inc., Toledo 5.103.24
832.50
Stranahan, Harris & Oatis, Inc., Toledo
4,140.00
411.00
Spitzer, Rorick & Co., Toledo
1,614.90
* Successful'bid.
-A
McCRACKEN COUNTY (P. 0. Paducah), Ky.-BOND SALE.
$275,000 issue of5% refunding bonds has been purchased by Walter,Woody
& Heimerdinger of Cincinnati. Due in 20 years.
-Sealed
McGREGOR, Clayton County, Iowa.
-BONDS OFFERED.
bids will be received until 8 p. m. on Feb.8 by Ruth Brooks, Town Clerk,
for the purchase of three issues of bonds aggregating $18,500 as follows.
$10,000 impt.fund. $6,000 grading fund and $2,500 fire equipment bonds.
McLENNAN COUNTY (P. 0. Waco), Tex.
-BOND OFFERING-Sealed bids will be received until 10 a.m. on April 2 by R. B. Stanford,
County Judge, for the purchase of an issue of 81.160,000 4Y6% road bonds.
Denom. $1,000. Dated April 10 1929. Due $29,000 from April 10
1930 to 1969 incl.Prin. and int. (A. & 0.) payable at the National Park
Bank in N. Y. City. Thomson, Wood & Huffman of N. Y. City will
[VOL. 128.
furnish the legal approval. The required bidding forms will be furnished
to bidders. A $20,000 certified check must accompany the bid.
Financial Statement.
Actual valuation, estimated
$110,000,000.00
Assessed valuation. 1928
67,902,450.00
Assessed valuation 1929 will be in excess of
70,000,000.00
Total bonded debt,including this issue
2,196,500.00
Sinking fund on hand to retire bonds on April 1 will be
154,443.87
Population, 1920 census
82,921
Population, estimated, 1929
102,000
MAHONING COUNTY (P.O. Youngstown), Ohio.
-BOND SALE.
The $44,340.25 Milton Sewer District bonds offered on Dec. 10-V.127. p.
3128
-were awarded to the First National Co. of Detroit, as 4;is, at a
premium of $265.00. equal to 100.59, a basis of about 4.43%. Dated
Dec. 1 1928. Due Oct. 1, as follows: $2,340.25, 1930;$3,000, 1931 to 194ft
incl.; and $4,000, 1941 to 1943 incl.
MAMARONECK FIRE LIGHTING AND WATER SUPPLY DISTRICT NO. 1 (P. 0. Mamaroneck), Westchester County, N. Y.
BOND OFFERING.
-Frederick M. Sherman, Town Clerk, will receivesealed bids until 3 p. m. Feb. 15, for the purchase of $15,000
% coupon
or registered fire lighting and water supply bonds. Dated Feb. 1 1929.
Denominations $1,000. Due $3,000, Feb. 1 1930 to 1934 incl. Prin. and
int. payable in gold at the Trust Co. of Larchmont, or at the Bankers Trust
Co., New York City. A certified check payable to the order of the Town.
for $1,000 is required. Legality to be approved by Clay, Dillon & Vendawater of New York City.
MANCHESTER, Hillsborough County, N. H.
-TEMPORARY'
LOAN.
-The Amoskeag Trust Co. of Manchester, was awarded on Feb. 4.
a $500,000 temporary loan, maturing within 8 months, on a discount basis
of 5.19%. The following bids were also submitted:
BidderDiscount Basis.
Manchester Safety Deposit & Trust Co. (for $200,000)
5.14
S. N. Bond & Co.(plus $12)
5.60%
MARION TOWNSHIP SCHOOL DISTRICT (P. 0. Shelbyville
Rural Route No. 2), Shelby County, Ind.
-BOND SALE.
-The
533,6905% school bonds offered on Feb.5-V. 128, p. 435
-were awarded
to the Fletcher Savings & Trust Co. of Indianapolis at a premium or
$1,477.70, equal to 104.38, a basis of about 4.48%. Dated Feb. 5 1929.
Due as follows. 51.123 July 1 1930; $1,123, Jan. 1 and July 1 1931 to
Jan. 1 1943 Incl.; $2,246, July 1 1943, and $2,246, Jan. 1 1944. Other
bidders were.
Prem. I BidderBidderPrem.
.J. F. Wild Investment Co---- $9251 Inland Investment Co
$1,402Fletcher Savings & Trust Co__ 1,477 Meyer-Riser Bank
1,005
1,246,City Securities Corp
Bankers Investment Co
1,315
MAUD, Pottawattomie County, Okla.
-BOND SALE.
-A 275,000
,
Issue of 6
% semi-annual water bonds has been purchased by C. Edgar
Honnold, of Oklahoma City.
MAURY CITY,Crockett County,Tenn.
-ADDITIONAL DETAILS.
-The two MOMS of bonds, aggregating $10,000, that were purchased
recently
-V. 127. p. 3741-were awarded at par to Little, Wooten & Co. of
Jackson. The bonds bear interest at 6%.
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-NOTE SALE.
-The $1.200,000 issue of notes offered for sale on Feb.4-V. 128. p. 766
was awarded to the Independence Trust Co. of Charlotte, as 6s, for a
premium of $27, equal to 100.002.
-TEMPORARY LOAN.
MEDFORD, Middlesex County, Mass.
-F. B.
Moseley & Co. of Boston were awarded on Feb. 5 a $200,000 temporary
loan on a discount basis of 4.84% plus a premium of $5. The loan, which
matures in nine months, elicited the following other bids:
Discount Basis.
BidderSalomon Bros. & Hutzler (Plus $3)
4.87
Bank of Commerce & Trust Co., Boston
4.875%
4.96
Old Colony Corporation
-TEMPORARY LOAN.
-A
MEDFORD, Middlesex County, Mass.
$200,000 temporary loan, due 5100,000 respectively on Nov.8 and Nov. 15.
1929, was awarded on Feb. 5 to F. S. Moseley & Co. of Boston, on a
discount basis of 4.84%. plus a premium of $5. Other bidders were:
Discount Basis.
Bidder4.87%
Salomon Bros. & Hutzler (plus $3)
4.875%
Bank of Commerce & Trust CO
4.96%
Old Colony Corp
-BOND SALE.
MONTGOMERY COUNTY (P.O. Amsterdam), N. Y.
-The $50,000 434, coupon or registered highway bonds offered on,
Feb. 7-V. 128, p. 767
-were awarded to James A. Trowbridge of New
York, at a price of 101.113. a basis of about 4.30%. Dated Feb. 1 1929.
Due $5,0001 eb.1 1931 to 1940 incl. The following bids were alsosubmitted.
4
'
Rate Bid.
BidderRate Bid.
BidderGeorge B. Gibbons & Co___100.5494
Sherwood & Merrifield,Inc-100.90
100.533
Rutter & Co
Manufacturers & Traders100.5693 Batchelder. Wack & Co----100.082
Peoples Trust Co
-BONDMONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
SALE.
-The $3,500
% Walnut Township gravel road bonds offered
-were awarded to Thomas Patterson, a local
on Jan. 31-V. 128. p. 435
investor, at a premium of $19.00,equal to 100.54, a basis of about 4.385%.
Dated Feb. 15 1929. Due $175, on May and Nov. 15, from 1930 to 1939'
incl. Other bidders were:
Premium.
Bidder$18.00
Crawfordsville Trust Co
3.00
Fletcher American Co
COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERMONTGOMERY
ING.
-F. A. Kilmer, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m.(eastern standard time) Feb. 15,for the purchase
of the following issues of 5% bonds aggregating $905,000:
$291,000 Bell Ave. Impt. bonds. Dated Mar. 1 1929 Due Mar. 1, as
follows: $28.000. 1930 to 1932 incl.: $29,000. 1933; $30,000, 1934;
529.000, 1935 and 1936; and $30.000, 1937 to 1939 incl. A
certified check for $20,000 is required.
233,000 Dakota St. impt. bonds: Dated Mar. 1 1929. Due Mar. 1, as
follows: $30,000. 1930: 222,000. 1931; $23.000, 1932: $22,000,
1933; $24,000, 1934: 822.000. 1935 and 1936; $23,000, 1937;
$22,000, 1938; and $23,000, 1939. A certified check for $10,000
Is required.
221,000 Arcadia Ave. Improvement bonds. Dated Mar. 1 1929. Due
Mar. 1, as follows: $21,000 1930; $22.0000, 1931; 820,000, 1932:
$23,000, 1933 to 1936 incl.; $21,000, 1937; 822.000, 1938; and
$23.000. 1939. A certified check for $20,000 is required.
52,000 Burleigh Ave. impt. bonds. Dated Mar. 1 1929. Due Mar. 1.
as follows: $6,000, 1930; $5,000, 1931 to 1934 incl.: $6,000. 1935:
and $5,000, 1936 to 1939 incl. A certified check for $5,000 Is required.
42,000 Shroyer Road impt. bonds. Dated Apr. 1 1929. Due Apr. 1, as
follows: $5,000, 1930; $4,000. 1931 to 1938 incl.; and 55.000.
1939. A certified check for $4,000 is required.
37,000 Edward Drive irnpt. bonds. Dated Apr. 11929. Due Apr. 1,
as follows: 84.000. 1930; $3,000. 1931; $4,000, 1932; $3,000,
1933; 54,000. 1934 and 1935; $3,000, 1936; 84,000, 1937; $3,000,
1938; and $5,000, 1939. A certified check for $3,000 is required.
29,000 Coronette /or?. impt. bonds. Dated Mar. 15 1929. Due as follows: $3,000. 1930 to 1938 incl.; and $2,000, 1939. A certified'
check for $2,000 is required.
check
Denominations $1,000. Prin. and int. payable at the office of the County
Treasurer. Legality to be approved by D. W.and A. S. Iddings of Dayton
and Peck, Shaffer & Williams of Cincinnati. All checks to be made payable
to the order of the County Treasurer.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-F. A. Kilmer, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m. Feb. 15,for the purchase of the following issues of
6% bonds aggregating $13.500:
$11.000 Gravel St. impt. bonds. Dated Mar. 1 1929. Due Mar. 1, as
follows: 53,000. 1930; and $2.000, 1931 to 1934 incl. A certified
check for $1,000 is required.
2,600 Alley No. 4 impt. bonds. Dated Apr. 1 1929. Due Apr. 1, as
follows: $300. 1930 and 1931,$200, 1932 and 1933; $3001934 and
1935: $200. 1936 to 1938 incl. and $300, 1939. A certified check
for $100 is required.
Legality to be approved by D.W.and A.S.Iddings of Dayton and Peck.
Shaffer & Williams of Cincinnati. All checks should be made payable to •
the order of the County Treasurer.
FEB. 2 1929.]
-BOND OFFERING.
MONTGOMERY, Montgomery County, Ala.
Sealed bids will be received until Feb. 15 by the City Clerk for the purchase
of a $650,000 issue of 5% semi-annual sewer improvement bonds.
PW MULBERRY SCHOOL DISTRICT (P. 0. Mulberry), Crawford
-BOND OFFERING.
-Sealed bids NV Ill be received by the
County, Ark.
Clerk of the Board of Education, until Feb.23,for the purchase of a $25,000
issue of school bonds.
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-J. Russell McSwords, Clerk Board of County Commissioners, will
ING.
receive sealed bids until 4 p. m. Feb. 15, for the purchase of $103.000 5%
Improvement bonds. Dated Mar. 1 1929. Denoms. $1,000. Due Sept. 1,
as follows: $12.000, 1930; and $13,000, 1931 to 1937 incl. Interest payable
on Mar. and Sept. 1. A certified check for 5% of the bonds offered is
required.
NAVARRO COUNTY ROAD DISTRICT NO. 12 (P. 0. Corsicana),
Texas.
-BOND SALE.
-A $30,000 issue of road bonds has recently been
purchased at par by the Corsicana National Bank.
-BOND OFFERING*
NEW BLOOMINGTON, Marion County, Ohio.
-011ie Longshore, Village Clerk, will receive sealed bids until 12 m.Feb.23
for the purchase of $2,250 6% fire prevention apparatus bonds. To be
dated not later than Mar. 1 1929. Denom. $225. Due as follows: $450,
Mar. and Sept. 1 1930; $225, Mar. and Sept. 1 1931 and 1932; $225 Mar.
and $450 Sept. 1 1933. Interest payable on Mar. and Sept. 1. A certified
check payable to the order of the Village Treasurer,for $100, is required.
-BOND OFFERING.
NEW BRITAIN, Hartford County, Conn.
B. F. Hall, President of the Board of Finance and Taxation, will receive
% coupon
sealed bids until 12 m. Feb. 18 for the purchase of $540,000
school bonds. Dated Feb. 1 1929. Twenty-fourth series, in denom. of
$1,000. Due $18,000 Aug. 1 1929 to 1958 incl. Principal and int. (Feb.
and Aug. 1) payable at the New Britian National Bank, New Britain.
Bonds engraved under the supervision of and certified as to genuineness by
the First National Bank of Boston. Legality to be approved by Storey,
Thorndike, Palmer S: Dodge of Boston.
-BOND SALE.
NEW BUTLER (P.0. Butler), Custer County, Okla.
-A $15,000 issue of water works bonds has been purchased by C. Edgar
Ilonnold, of Oklahoma City.
-BELATED BOND REPORT.NEW FREEDOM, York County, Pa.
The First National Bank of New Freedom was awarded on August 1 last
building bonds, at a price of 100.25.
year, an issue of $12,000 4% school
Bonds are dated Aug. 11928. are in denominations of $500,and mature one
bond of $500, every five years. Interest payable on Feb. and Aug. 1.
NEWPORT BEACH MUNICIPAL IMPROVEMENT DISTRICT NO.6
-ADDITIONAL DE(P. 0. Newport Beach), Orange County, Calif.
TAILS.
-The $36;000 issue of 6% improvement bonds that was purchased
by John Simpson & Co. of Los Angeles at a price of 104.85 (V. 128, p. 595)
is dated Jan. 2 1929. Denom. $1,000. Due $2,000 from Jan. 2 1930 to
1947 incl., giving a basis of about 5.32%. hit, payable on Jan. and July 2.
-The
NEW YORK, N. Y.
-JANUARY SHORT-TERM FINANCING.
City of New York during January issued the following corporate stock notes
and bills, aggregating $93,775,000:
School Construction.
CORPORATE STOCK NOTES, 1929.
Date
IM.
Various Municipal Purposes.
Amount. Maturity. Rate. Issued.
1st,
Date
Amount. Maturity. Sate.
Issued. 52,600,000 July 10 1929 5%% Jan. 10
51.000,000 July 10 1929 551% Jan. 10 1,500,000 Oct. 11 1929 534% Jan. 11
Dock Improvement.
% Jan. 11
Water Supply.
250,000 Oct. 11 1929
REVENUE BILLS OF 1929.
1.000,000 July 10 1929 551% Jan. 10
25,500,000 June 10 1929 534% Jan. 10
Rapid Transit Construction.
10,000,000 June 101920 5.51% Jan. 9
5.500,000 Feb. 1 1929 5.20% Jan. 8 8.500,000 June 28 1929 5.20% Jan. 30
5.400,000 Feb. 11 1929 5.20% Jan. 10 8,000,000 June 28 1929 5.20% Jan. 28
3,000,000 Jan. 14 1930 4M% Jan. 14 7,000,000 June 11 1929 534% Jan. 11
2,500,000 Feb. 28 1929 5.20% Jan. 28 5,000,000 June 21 1929 5.20% Jan. 23
1,750,000 Jan. 16 1930 45j% Jan. 16 3,000,000 June 25 1929 5.20% Jan. 25
750,000 Oct. 111920 53,1% Jan. 11 1,000,000 June 21 1929 5.20% Jan. 30
500,000 Oct. 11 1929 534% Jan. 11
25,000 June 21 1930551% Jan. 21
NORFOLK COUNTY(P.O.Dedham),Mass.
-TEMPORARY LOAN.
The Boston Safe Deposit & Trust Co., was awarded on Feb. 5. a $100,000
temporary loan, on a discount basis of 4.70%. plus a premium of $1.25.
Loan is dated Feb. 5 1929 and Is due on Nov. 15, 1929.
•
The following bids were also
Discount Basis.
Bidder4.84%
Dedham National Bank (plus $1.00)
Bank of Commerce & Trust Co
First National Bank of Boston
NORTH HEMPSTEAD PORT WASHINGTON SEWER DISTRICT
-BOND SALE.
-The $151,(P. 0. Manhasset), Nassau County, N. Y.
-000 coupon or registered sewer bonds offered on Feb. 4-V. 128. p. 595
were awarded to Rutter & Co. of New York, as 43.is, at 101.30. a basis of
about 4.26%. Dated Feb. 1 1929. Due Feb. 1, as follows: $6,000. 1930
to 1953 incl.; and $7,000, 1954.
-BOND
NORTH MIAMI (P. 0. Miami), Ottawa County, Okla.
SALE.
-The $18.000 issue of water works bonds that was offered for sale
-was awarded to the County Sinking Fund.
on June 12-V. 126, p. 3635
Due $1,000 from Oct. 1 1931 to 1948 inclusive.
-NORTH WILDWOOD (P.0. Wildwood), Cape May County, N. J.
BOND SALE.
-The following coupon or registered 6% bonds, aggrerating
$55,000, offered on Feb. 5 (V. 128, p. 595), were awarded to the Marine
National Bank of Wildwood at a premium of $75, equal to 100.136, a basis
of about 5.98%:
$32,000 fire house bonds. Due Dec. 20 as follows: $2,000, 1929 and 1930:
and $1,000, 1931 to 1958 inclusive.
23,000 street improvement bonds. Due Dec. 21 as follows: $2,000. 1929
to 1938 incl., and $3,000, 1939.
Dated Dec. 20 1928.
-BOND OFFERING.
OLD FORGE, Herkimer County, N. Y.
-W.P.
Christy, Village Clerk, will receive sealed bids until 8 p. m. Feb. 13, for
the purchase of $10,000 5% coupon or registered water bonds. Dated
Jan. 1 1929. Denominations $1,000. Due $1,000, Jan. 1, from 1930 to
1939 incl. Prin. and int. payable in gold at the First National Bank,
Old Forge. A certified check for $200 is required. Legality to be approved
by Clay, Dillon & Vandowater of New York City
-BOND OFFERING.
OLMSTEAD FALLS, Cuyahoga County, Ohio.
-A. F. Schuttenberg, Village Clerk, will receive sealed bids until 12 m.
Feb. 25, for the purchase of $2,600 6% property owners' portion street
Improvement bonds. Duo Oct. 1, as follows: $500. 1930 to 1933 incl.;
and $600, 1934. Interest payable on April and Oct. 1. A certified check
payable to the order of the Village Treasurer,for 10% of the bonds offered is
required.
-The $35,000
-BOND SALE.
OLYMPIA, Thurston County, Wash.
issue of airport bonds offered for sale qn Feb.5(V. 128, P. 595) was awarded
to the State of Washington as 434% bonds at par.
-The three issues of
OMAHA, Omaha County, Neb.-BOND SALE.
bonds. aggregating $650,000 offered for sale on Feb. 4-V. 128, p. 595_
were awarded jointly to W. A. Harriman & Co. and Kean, Taylor & Co.,
both of New York, and Wachob. Bender & Co. of Omaha, for a premium
of $123.50, equal to 100.019, a basis of about 4.25%. The issues are
described as follows:
$300,000 sewer and park bonds as 4s. Due in 20 years.
300,000 sewer and park bonds as 434s. Due in 20 years.
50,000 airfield bonds as 4348. Due in 10 years.
OMAHA SCHOOL DISTRICT (P. 0. Omaha) Omaha County,
Neb.-NOTE SALE.
-The $1,000,000 issue of 5% promissory notes
-was awarded to the U. S. Trust
offered for sale on Feb. 4-V. 128. p. 595
Co. of Omaha, at a discount of 61,524, equal to 99.847, a basis of about
5.37%. Dated Feb. 25 1929. Due on Aug. 11929.
-BOND SALE.
ORANGE COUNTY (P. 0. Orlando), Fla.
-The
$625,000 block of5% road bonds offered for sale on Feb.4-V.128. p. 767
was awarded to a syndicate composed of the Illinois Merchants Trust Co.
and the Harris Trust & Savings Bank. both of Chicago, the Detroit and
Security Trust Co. of Detroit and Braun, Bosworth & Co. of Toledo, for a
discount of $17,389, equal to 97.217, a basis of about 5.20%. Dated July 1
1926 and due on July 1 1954.
923
FINANCIAL CHRONICLE
111n
-The $40,133
-BOND SALE.
OSAWATOMIE, Miami County, Kan.
ssue of 43 % internal improvement bonds offered for sale on Dec. 18-was awarded to the Commerce Trust Co. of Kansas City.
V. 127.p. 3436
Dated Feb. 1 1929. Due serially in from 1 to 10 years.
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. La Junta),
-An issue of $100,000
% school build-ELECTION SALE.
-PRE
Colo.
ing bonds has been purchased prior to an election to be held in the near
future by the International Trust Co. and the U. S. National Co., Jointly,
both of Denver.
-Bids
-BOND OFFERING.
OXFORD, Granville County, N. C.
will be received until 2 p. m. on Feb. 15 by W. P. Stradley, Clerk of the
Board of Commissioners, for the purchase of an issue of $160,000 street
Improvement bonds. Int. rate is not to exceed 534%, stated in a multiple
of % of 1%. Denom. $1,000. Dated Jan. 1 1929 and due on Jan. 1, as
follows: $12.000, 1931 to 1041 and $14,000 in 1942 and 1943. Prin. and
int.(J.& J. 1) payable in gold in New York City. Bonds cannot be sold for
less than par. The town will furnish the bonds and the legal approval of
Storey, Thorndike, Palmer & Dodge of Boston. A certified check for
2% par of the bonds bid for, is required.
OXNARD SCHOOL DISTRICT (P. 0. Ventura) Ventura County,
-Sealed bids will be received until 11 a. m.
-BOND OFFERING.
Calif.
on Feb. 19, by L. E. Hallowell, County Clerk, for the purchase of a 176.000
Issue of 5% school bonds. Denom. $1,000. Dated March 1 1929 and due
on March 1 as follows: $3.000. 1930 to 1935; 14.000, 1936 to 1947 and
$5,000 in 1948 and 1949. Prin. and semi-annual int, payable at the office
of the County Treasurer. A certified check for 2%,payable to the County
Clerk, is required.
The following statement is furnished with the official offering notice
on the bonds.
"Oxnard School District was established July 18 1903. These bonds were
authorized by an election held within the district on Jan. 5 1920. at which
61 votes were for and 10 against the issue and sale. There have been no
controversy
defaults in payments of any of its obligations and there is no The
present
or litigation pending concerning the validity of these bonds.
1929 is 6,000. This district includes the incorestimated population for
porated city of Oxnard and has an area of approximately 19 square miles,
or 12,000 acres. The assessed valuation of the taxable property of the district, as shown by the last equalized assessment. is $4,311.250, and the total
bonded indebtedness, including this issue, is $224.000."
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 17 (P. 0.
-The$180,000 coupon
-BOND SALE.
Hicksville), Nassau County, N.Y.
-were awarded
or registered school bonds offered on Jan. 30-V. 128. p. 436
to Roosevelt & Son of New York, as Ois, paying $180,933.12. equal to
100.51.3 basis of about 4.435%. Dated Feb. 1 1929. Due 510,000. Feb. 1
1931 to 1948 incl. Other bidders were:
Premium.
BidderH. L. Allen & Co
Lehman Bros.
6
0
218 0
55 1
S66 ...6
Dewey, Bacon & Co
59.40
Sherwood & Merrifield,Inc
283.00
Batchelder. NVack & Co
-A $20.000
PALISADE, Hitchcock County, Neb.-BOND SALE.
issue of 5% sewer bonds has been purchased at par by Wachob, Bender &
Omaha. Due serially in from 1 to 20 years.
Co. of
-An issue of
-BONDS REGISTERED.
PAMPA, Gray County, Tex.
$152.929.10 534% serial refunding series 1928 bonds was registered on
Feb. 1 by G. N. Holton, State Comptroller.
PARK COUNTY SCHOOL DISTRICT NO. 41 (P. 0. Clyde Park),
-The $3,000 issue of school bonds that was offered
-BOND SALE.
Mont.
-has been purchased at par by the
for sale on June 1-V. 126, p. 3007
Montana.
State of
-The
-BOND SALE.
PARKE COUNTY (P. 0. Rockville), Ind.
-were awarded
road bonds offered on Feb. 5-V. 128, p. 595
$3,400 4
of $25.02,
to the Bankers Investment Co. of Indianapolis, at a premium Due
$170.
equal to 100.73, a basis of about 4.34%. Dated Feb. 5 1929.
on May and November 15, from 1930 to 1939 incl. Other bidders were:
Premium.
Bidder$13.50
Inland Investment Co. Indianapolis
4.00
Union Trust Co. Indianapolis
PEKIN COMMUNITY HIGH SCHOOL DISTRICT (P. 0. Tazewell)
-The price paid for the $92,000
-PRICE PAID.
Tazewell County, 111.
Harris Trust &
bonds
434% coupon or registered school p. 596 awarded to the of 81.355, equal
-was a premium
-V. 128,
Chicago
Savings Bank of
to 101.47. a basis of about 4.37%. Dated Feb. 1 1929. Due Aug. 15 as
follows: $1,000, 1932 to 1943, incl.; $14,000. 1944: $15,000, 1945; 616.000.
1946; $17,000. 1947 and 118,000, 1948.
-The
PENDER, Thurston County, Neb.-PRICE PAID.by the $20,500
Omaha
was purchased
issue of 451% paving district bonds that awarded at par. Due on Jan.
-was
-V. 128. p. 767
Trust Co. of Omaha
after 1930.
1939 and optional
Wood County,
PERRYSBURG TOWNSHIP (P. 0. Perrysburg), bonds offered
on
-The $12,000 5% fire apparatus
-BOND SALE.
Ohio.
awarded to the First-Citizens Corp of Colum-were
Feb.2-V. 128, p. 767
bus,at a premium of$54.00,equal to 100.45,a basis of about 4.90%. Dated
Jan. 15 1929. Due $1,200, Sept. 1 1930 to 1939 inclusive.
-The two
-BOND SALE.
PERSON COUNTY (P. 0. Roxboro), N. C.
sale on Feb.
Issues of coupon bonds, aggregating 878,000 offered forof Chicago.
as 51,
awarded to C. W. McNear & Co.
-were
V. 128, p. 596
are described as
at a price of 101.02, a basis of about 4.84%. The issues
follows:
1931 to 1943. incl.
$65,000 school bonds. Due from Jan. 1 Jan. 1 1931 to 1943. tad.
emium.
13,000 country home bonds. Due from
The other bidders and their bids were as follows:
Rate.
Bidder5y 01
$1.030.00
The First National Co. of Detroit
5,
1,031.50
Provident Savings Bank & Trust Co
548.00
Moerlein
Mae'. Goetz &
38.00
5/0
4
Ryan, Sutherland & Co
258.00
Slayton & Co
W. L.
57,777.00
W. IC. Terry & Co
52.00
Well. Roth & Irving Co
Seasongood 3: Mayer
5
2M
8.
120 00
Peoples Bank of Roxboro
55.90
50
Breed Elliott & Harrison
COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Guernsey),
PLATTE
-Sealed bids will be received until 2 p. m. on
Wyo.-BOND OFFERING.
Mar. 4, by Mrs. R. Tomiska, District Clerk, for the purchase of a 610,000
bonds. Denom. $500. Dated Feb. 1 1929 and
issue a 534% school
due on Feb. 1, as follows: 11.000, 1929 to 1935 and $2.000. 1936 and 1937.
POLK COUNTY SCHOOL DISTRICT NO.22(P.O. Hatfield), Ark.
a
-A $22,000 issue of 5% school building bonds has been
-BOND SALE.
purchased at a price of 103.00 by M. W. Elkins & Co. of Little Rock.
to 1948.
Due serially
(This supersedes the report given in V. 128, P. 767.)
PONCA CITY SCHOOL DISTRICT(P.O. Ponca City), Kay County
-Bids will be received until 7.30 p. m. on
-BOND OFFERING.
Okla.
Feb. 12, by Jessie Bradley Esc°, Clerk of the Board of Education, for the
Purchase of a $260,000 issue of semi-annual school bonds. Int. rate is not
to exceed 5%. It is reported that the bonds will probably be sold at public
auction on one of the following propositions: 1. Lowest rate at which bidder
will pay par and accrued interest. 2. The bonus and accrued interest to
be given on 434% bonds. 3. The bonus and accrued interest upon 5%
bonds.
-The follow-BOND SALE.
PORTSMOUTH, Scioto County, Ohio.
ing issues of bonds aggregating $3610.841.68 offered on Jan. 31-V. 128.
-were awarded to a syndicate composed of the Herrick Co. of Clevep. 596
land, the William E. R. Compton Co. and the Northern Trust Co., both
of Chicago, at 100.25, a basis of about 4.61%:
$236,195.54 special assessment street and alley bonds awarded as ois.
Due Nov. 1, as follows: $23,195.54, 1930; $24.000. 1931:
523.000, 1932; $24,000, 1933 to 1935 incl.; $23.000, 1936:
524.000, 1937; 623.000, 1938; and $24,000, 1939.
6
124,646.14 special assessment sewer bonds sold as 41s. Due Jan. I. 11
follows: $16,646.14, 1931; and $12,000, 1932 to 1940 incl.
g
924
FINANCIAL CHRONICLE
The street and alley bonds are dated Nov. 1 1928 and the sewer bonds
Feb. 1 1929.
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND OFFERINGS.
George A. Deel, City Treasurer, will receive sealed bids until 2 p. m.Feb. 18
for the purchase of the following issues of 434 or 0.6% coupon or registered
Bonds aggregating $479,000:
$300.000 school bonds. Due $10,000. Feb. 1 1930 to 1959 incl.
129,000 fire alarm system bonds. Due Feb. 1, as follows: $5,000, 1930 to
1938 incl.; and $4,000, 1939 to 1959 incl.
50,000 Police Call System bonds. Due $2,000, Feb. 1 1930 to 1954 incl.
Dated Feb. 11929. Denoms. $1,000. Principal and interest payable at
the Fallkill National Bank & Trust Co., Poughkeepsie. The United
States Mortgage & Trust Co., New York will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon. A certified
check payable to the order of the City for 2% of the bonds offered is required. Legality to be approved by Hawkins, Delafield & Longfellow of
New York City.
[VOL. 128.
SALUDA, Saluda County, S. C.
-BOND SALE.
-The two issues of
coupon bonds aggregating 3175,000, unsuccessfully offered on Jan. 14V. 128, p. 596
-have since been jointly purchased at par by the Planters
National Bank and the Farmers Bank, both of Saluda. The issues are
described as follows:
$100,000 5% water bonds. Due from Jan. 1 1933 to 1958, incl.
75,0005% sewer bonds. Due from Jan. 1 1933 to 1953, incl.
SANTA CRUZ IRRIGATION DISTRICT (P. 0. Espanola), N. Mex.
MATURITY.-The $184,000 issue of 6% semi-annual
that was purchased at a price of 85 by Sutherlin, Barry irrigation bonds
& Co. of New
Orleans
-V. 128, p. 768
-is due on June 1 as follows: 320,000, 1930 to 1932;
322,000, 1933 and 1934; $25,000, 1935 and 1936 and $15,000, 1937 and 1938.
giving a basis of about 9.87%.
SCARSDALE SCHOOL DISTRICT NO. 1, Westchester County,
N. Y.
-BONDS VOTED.
-The voters on Feb. 6, approved the issuance of a
$530.500 bonds for improving the present school buildings. Only 36 votes
PROVIDENCE, Providence County, R. I.
-BOND OFFERING.
- were cast according to the report which appeared in the New York "Times"
Walter F. Fitzpatrick, City Treasurer, will receive sealed bids until 2 p. m. of Feb. 7.
Feb. 19, for the purchase of the following issues of 434% coupon or registered bonds aggregating $2,009,900:
SILVERTON INDEPENDENT SCHOOL DISTRICT(P.O.Silverton)
81.000,000 school bonds. Due Mar. 11959.
Briscoe County, Tex.
-BONDS REGISTERED.
-The $100,000 issue of
500,000 sewer bonds. Due Mar, 1 1949.
534% school bonds that was
by Geo. L. Simpson & Co. of
Dallas
500,000 Point St. Draw Bridge bonds. Due Mar. 1 1949.
-V. 127. p. 3282
-has 'been registered by the State Comptroller.
been
Dated Mar. 1 1929. Denoms. $1,000. Coupon bonds in denoms. of
$1,000 each or registered bonds in denoms. of $20,000. $10,000. $5,000 or
SOUTH NORFOLK (P. 0. Norfolk), Norfolk County, Va.-BOND
$1,000, as desired. Prin. and int. on coupon bonds payable at the fiscal SALE.
-The $125,000 issue of 5% semi-annual school bonds offered for
agency of the City in New York. City will transmit interest on registered sale on Dec. 17-V. 127, ia• 2995
-was awarded to Caldwell & Co. of
bonds by mail if so desired. A certified check payable to the order of the Nashville, for a premium of $3,921.50, equal to 103.13, a basis of about
City Treasurer, for 2% of the bonds bid for is required.
4.80%. Dated Jan. 11929. Due in 30 years.
The following information regarding the City of Providence is submitted
SOUTHPORT, Brunswick County, N. C.
-BOND OFFERING.Population.
1910 Census (Federal)
224,326 Sealed bids will be received by W. II. Walker, Clerk of the Board of County
Commissioners. until 11 a. m. on Feb. 18 for the purchase of an issue of
1920 Census (Federal)
237,595 8100,0006%
road and bridge bonds. Denom.$1,000. Dated Nov. 1 1928.
1928-1929 (estimated by Dept. of Births, Marriages and Deaths) 276,400
Due $5,000 from Nov. 1 1935 to 1954 incl. Prin. and semi-annual int.
Assessor's Valuation, 1928.
payable at the Hanover National Bank in New York City. Authority.
Real
$404,203,477.00 County Finance Act (Chap. 81, Public
Tangible personal
100,602,820.00 certified check for 2% of the bonds bidLaws, N. C. Session 1927). A
for. payable to the county, is
Intangible personal
154,719.015.00 required.
Total
$659,525,312.00
Estimated Income, 1928-29.
Tax of 1928 (rate $23.50 per $1,000 on real and tangible personal and $4.00 per $1,000 on intangible personal, including State tax)
$12,382,000.00
From all other sources
1,850,000.00
814.232,000.00
Valuation of Property Owned by the City.
Real estate
Personal property
Total
$38,565,818.12
2,218,848.87
340,784.666.99
Water Works, 1927-1928.
Receipts
$1,433,344.02
Transfer from water depreciation and extension fund
135,000.00
$1,568,344.02
Cost of managing
Interest on water debt
Depreciation and extension fund
$617,126.22
776.489.08
150,000.00
Bonded
Floating
1,543,615.30
$24,728.72
Surplus
Indebtedness Jan. 1 1929.
Total debt
Sinking funds, Jan. 1 1929
Net debt
Total water debt included in above
Sinking funds for water debt
$43,506,000.00
6,097,063.56
$49,603,063.56
14,852,520.96
$34,750,542.60
$20,231,050.00
5,251,275.80
SOUTHWEST GREENSBURG SCHOOL DISTRICT (P. 0. Greensburg), Westmoreland County, Pa.
-BOND SALE.
-The $65,000 school
bonds offered on Dec. 15--V. 127, p. 3282
-were disposed of locally. Bonds
are to bear a coupon rate of either 434 or 434%. Due as follows: $10,000.
1939 to 1944, and $15,000 in 1949, 1954 and in 1959.
SPRING GARDEN TOWNSHIP (P. 0. York), York County, Pa.
BOND SALE.
-The Guardian Trust Co. of York has purchased an issue of
$20.000 refunding road bonds. Bonds are dated Feb. 1 1928 and mature
$2,000 on Feb. 1 1929 to 1948 inclusive.
STILWELL SCHOOL DISTRICT (P.O.STILWELL),Adair County,
Okla.
-BOND SALE.
-A $14,000 issue of school bonds has been purchased
by the American-First Trust Co. of Oklahoma City.
SWEETWATER UNION HIGH SCHOOL DISTRICT (P. 0. San
Diego), San Diego County, Calif.
-BOND OFFERING.
-Sealed bids
will be received until 11.30 a. m. on Feb. 18 by J. B. McLees, County
Clerk, for the purchase of an issue of $181,000 school bonds. Int. rate
Is not to exceed 5%. Denom.81,000. Dated Nov. 13 1928 and due on Nov.
13, as follows: $12,000, 1934 to 1947 and $13,000 in 1948. Prin. and int.
(M. & N.) payable at the County Treasurer's office. Bidders may submit
alternate bids for the bonds at different interest rates. Orrick, Palmer &
Dahlquist of San Francisco will furnish the legal approval. A certified
check for 3% is required. The assessed valuation of said School District
for the year 1928 is S6,838,070.00 and the outstanding bonded indebtedness
is $160,000.00. Said School District includes an area of 142 square miles,
and the estimated population is 18,770.
SWIFT COUNTY (P. 0. Benson), Minn.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Feb. 13, by Leo E. Engleson,
County Auditor, for the purchase of a $36,000 issue of refunding bonds.
Int. rate is not to exceed 5%. Dated Mar. 1 1929. Due in 1939. Prin.
and semi-annual int, payable at the First National Bank in St. Paul. A
certified check for 5% must accompany the bid.
SWOYERVILLE (P. 0. Kingston), Luzerne County, Pa.
-PRICE
PAID.
-The price paid for the $150,000
impt. bonds awarded to J. H.
Holmes & Co. of Pittsburgh-V. 127. p• 3579
-was par plus a premium
-The of $2,575, equal to 101.71, a basis of about 4.82%. Dated Dec. 1 1928.
REFUGIO COUNTY (P. 0. Refugio), Tex.-INT. RATE.
$230,000 issue of road bonds that was purchased by Garrett & Co. of Due $10,000, Dec. 1, from 1934 to 1948 inclusive.
Dallas
-bears interest at 5.55%•
-V. 128, p. 768
TOLEDO, Lucas County, Ohio.
-CERTIFICATE SALE.-Blanchet,
-The fol- Bowman & Wood of Toledo, privately purchased during December last,
-NOTE AWARD.
ROCHESTER, Monroe County, N. Y.
- an issue of $300.000 434% special assessment street certificates, dated
lowing note issues aggregating $960,000 offered on Feb.6-V. 128. p.768
were awarded to Salomon Bros. & Hutzler of New York,on a discount basis Dec. 15 1928. Certificates are in denominations of $5,000. Due 8150,000,
on June and on Dec. 15 in 1930.
of 5.24%, plus a premium of $3.00:
$225,000 special local improvement notes. Due Mar. 11 1929.
TOLEDO, Lucas County, Ohio.
-SINKING FUND PAYMENTS.
175,000 general local improvement notes. Due Mar. 11 1929.
The following item relative to the redemption of outstanding bonds, ap150.000 school construction notes. Due Oct. 11 1929.
peared in the Jan. 31 issue of the Toledo "Blade,"
125,000 school construction notes. Due Mar. 111929.
"Deficiency bonds amounting to $1.083,616.48 were paid by the city
125,000 water works improvement notes. Due Oct. 11 1929.
sinking fund Thursday, Ward Judge, secretary of the fund trustees, an100,000 municipal aviation field notes. Due Mar. 11 1929.
nounced.
60.000 Transit subway notes. Due Mar, 11 1929.
The bonds were issued in February, 1921, to meet a deficiency in the
All the above issues are dated Feb. 11 1929. Notes are payable at the
general fund and bore 6% interest. Other payments from the sinking fund
Central Union Trust Co., New York.
were $196,000 interest on school board bonds.
-Sealed
-BOND OFFERING.
ROCK HILL, York County, S. C.
The city also paid more than $800,000 in deficiency bonds last November.
bids will be received by W. P. Goodman, City Manager, until Mar. 1, for These bonds had been issued to make up deficiencies in the general fund
in 1919.
the purchase of a $300,000 issue of water bonds.
-The $13,000
-BOND SALE.
ROSEMONT, Dakota County, Minn.
-BOND SALE.
TULSA, Tulsa County, Okla.
-A $500,000 issue of
% park bonds has recently been jointly purchased by the First National
issue of annual water main bonds offered for sale on July 16-V. 127. P.
-was jointly awarded to the First Minneapolis Trust Co. and Kuechle Co. and the Exchange National Co., both of Tulsa, and C. Edgar Ilonnold
299
of Oklahoma City at par. Due $25,000 from 1934 to 1953 incl. (These
& Co., both of Minneapolis. Due in from 1 to 20 years.
bonds were voted on Dec. 6 19270
-VOTERS TO PASS ON
ROYAL OAK, Oakland County, Mich.
-At an election to be held in April, the qualified voters
BOND ISSUES.
TYRONZA SCHOOL DISTRICT (P.0.Tyronza),Poinsett County,
be asked to pass on bond issues aggregating $360,000. The City Com- Ark.
will
-BOND SALE.
-A $37,500 issue of school building bonds has recently
mission on Jan. 30. ordered the bond issues placed on the ballots for con- been purchased by an unknown investor.
sideration, according to the Pontiac "Daily Press" of the following day.
is for $200.000 as the city's share
According to the report: "The largest
UNIVERSITY HEIGHTS (P. 0. Cleveland), Cuyahoga County,
-Carl J. Schweilert, Village Clerk, will receive
of the proposed airport at Maple Road and Coolidge Highway to be built Ohio.
-BOND OFFERING.
by all of the towns of the southern part of the county. Other issues include sealed bids until 12 m. on Feb. 19 for the purchase of $253,650 6% street
$65,000 for street paving, $40,000 for extension of water mains $45,000 improvement bonds. Dated Feb. 1 1929. Denom. $1,000. one bond for
$650. Due Oct. 1 as follows: $24,650. 1930; 325,000, 1931; $36,000, 1932;
for a new public works building and $10.000 for sewer extensions."
1934; $26,000, 1935; 825,000, 1936; $26,000, 1937;
$15,000, 1933;
SAINT FRANCIS LEVEE DISTRICT (P. 0. St. Francis), Clay $25,000, 1938; and $26,
825,000,000, 1939. Prin. and int, payable at the Guardian
-BOND CALL.
-The following official call for an issue of Trust Co., Cleveland. A certified check, payable to the order of the VilCounty, Ark.
taken from the Memphis "Appeal" of Feb. 1:
bonds is
lage Treasurer, for 3% of the bonds bid for, is required. Legality to be
Notice is hereby given that the Board of Directors St. Francis Levee approved by Squire, Sanders & Dempsey of Cleveland.
District of Arkansas will, on July 1 1929. redeem those bonds now out-BONDS OFFERED.
-Sealed
standing which are dated July 1 1909. and designated as Series "E" 20-40
VALLEY MILLS, Bosque County, Tex.
bonds and numbered one (1) to sixty-five (65), inclusive, which said bonds bids were received until 8 p. m.on Feb. 7, by A. M.Jones, Mayor,for the
were issued and will be redeemed under the provisions of Act No. 237 purchase of a $30,000 issue of sewer bonds. Chapman & Cutler of
of the Acts of the General Assembly of the State of Arkansas, approved will furnish the legal approving opinion.
May 12, 1909.
-BOND OFFVANDERBURGH COUNTY (P. 0. Evansville), Ind.
"Dated this 1st day of June, 1928."
ERING.
-Sealed bids will be received by C. 0. Wesselmann, County
-G. F. Coker, Treasurer, until 10 a. m. Feb. 20, for the purchase of $50,000 road bonds
SALEM, Essex County, Mass.
-LOAN OFFERING.
City Treasurer, will receive sealed bids until 10 a. m. Feb. 11, for the pur- to bear interest at the rate of 434%. and mature on May and Nov. 15
chase on a discount basis of a $200.000 temporary loan. Denoms. $25.000, from 1930 to 1939, incl. Interest payable on May and Nov. 15.
810.000 and $5,000. Due Oct. 18 1929. The Old Colony Trust Co.,
-BOND SALE.
-A $289,000 issue
VENICE, Sarasota County, Fla.
Boston will supervise the engraving of the notes. Legality to be approved of 6% semi-annual improvement bonds has recently been purchased by the
by Storey, Thonadike, Palmer & Dodge of Boston.
Noel Topping Co. of St. Petersburg. (These bonds are part of a $321,000
-The Issue previously offered.)
-BOND CALL.
SALT LAKE CITY, Salt Lake County, Utah.
following three issues of bonds have been called for payment on Apr. 1 1929:
VENTURA UNION HIGH SCHOOL DISTRICT (P. 0. Ventura),
$1,000 each, Ventura County, Calif.
Water bonds, series "G" No. 1 to No. 540. Incl., denoms.
-The $100.000 issue of 5% school
-BOND SALE.
dated Apr. 1 1919. due Apr. 11939,and optional Apr. 1 1929,5%•
bonds that was offered for sale on Feb. 5 (V. 128. p. 597) was awarded to
Water bonds series"H* 5%,bond Nos. 1 to 14 incl., denoms.$1,000 each, the Harris Trust & Savings Bank of Chicago for a premium of $36,673,equal
dated Apr. 1 1919, due Apr. 1 1939. and optional Apr. 1 1929.
to 103.673, a basis of about 4.54%. Dated Dec. 1 1928. Due $5,000 from
Sewer bonds series "G"5% Nos. 1 to No. 196,incl., denoms. 81,000 each, Dec. 1 1929 to 1948 inclusive.
dated Apr. 1 1919. due Apr. 1 1939. and optional Apr. 1 1929.
-PROPOSED BOND ISSUE.
-A bond issue of
VERMONT (State of).
Interest ceases on that date. Payment will be made at the National Park
$3.500,000 will be placed on the market shortly according to a report in
Bank of New York in the City of New York,
Net water debt
$14,979,774.20
FEB. 9 1929.]
FINANCIAL CHRONICLE
the New York "Herald Tribune" of Jan. 31. The proposed issue is to
bear a coupon rate of 4% and will mature in 20 years. The bonds constitute the remainder of an $8,500.000 issue authorize for flood relief purposes at a special session of the legislature on Nov. 30-V. 125, p. 3008
The first issue of $5,000,000 bore a coupon rate of 354% and was privately
purchased at par by J. P. Morgan & Co. of New York.
-V.126, P. 446.
VERO BEACH, Indian River County, Fla.
-BOND SALE.
-An issue
of $120,000 refunding bonds has been purchased by an unknown investor.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
J.0. Leek, County Treasurer, will receive sealed bids until 10 a. m. Feb. 12,
for the purchase of $119,000 434% Joseph S. Strole et al county road
bonds. Due $5,950, on May and Nov, 15, from 1930 to 1939 incl.
inapt.
Interest payable on May and Nov. 15.
VISTA SANITARY DISTRICT (P. 0. Vista), San Diego County,
-BOND SALE.
Calif.
-A $70.000 issue of 6% coupon sewerage bonds has
been purchased by the Royal Securities Co. of Los Angeles. Denom.
$1,000. Dated July 15 1928. Due from 1929 to 1960 incl. Registerable
as to principal only. Prin. and int. (J. & J. 15) payable in gold coin at the
County Treasury. Legality approved by O'Melveny, Fuller & Myers of
Los Angeles.
pa WABASH COUNTY (P. 0. Wabash), Ind.
-ADDITIONAL INFORMATION.
-In connection with the sale of $19,000 4)4% Nurses' Home
bonds at par to the Farmers & Merchants Bank of Wabash, reported in
-1r. 128, p. 769
-the bonds are dated May 15 1928 are coupon in denoms.
of $1,000 each, and mature in 10 years. Interest payable on May and
Dec. 15.
WALL SCHOOL DISTRICT (P. 0. Wall), Pennington County,
S. Dak.-BOND SALE.
-A $20,000 issue of 5'_o school building bonds has
been taken over at par by the State of South Dakota. Due in 5, 10. 15
and 20 years.
I:WAYZATA,Hennepin County, Minn.
-BONDS SALE.
-The $60,000
issue of waterworks plant bonds voted on Jan. 25-V. 128, p. 769
-has
been purchased at par by the State of Minnesota.
WELLSVILLE SCHOOL DISTRICT (P. 0. Wellsville) Montgomery
County, Mo.-ADDITIONAL DETAILS.
-The $22,000 issue of
school building bonds that was purchased by the Mississippi Valley 434%
Trust
-V. 128, p. 769
Co. of St. Louis
-was awarded at par. Due on Feb. 15
as follows: $2,000, 1940 to 1947, and $3,000 in 1948 and 1949.
WEST SENECA (P. 0. Gardenville R. F. D.) Erie County, N. Y.
-Bids submitted on Feb. 6, for the purchase of the
BIDS REJECTED.
following described bonds, aggregating $84,000 scheduled to have been
sold-V. 128, p. 598
-were rejected Fred C. Munn, Town Clerk, reports.
Coupon rate not to exceed 5%.
$63,500 highway and brdige bonds. Due Oct. 1 as follows: $3,500,
1929
and $6,000, 1930 to 1939. incl.
20,500 sewer bonds. Due Oct. 1 as follows: $2,500. 1929, and
$2,000,
1930 to 1938, incl.
Dated Oct. 1 1928.
WHEATFIELD (P. 0. Lockport), Niagara County, N. Y.
CHASER.
-The Manufacturers & Traders-Peoples Trust Co. of -PURwas the purchaser of the $38,499.04 4.40% road bonds reported Buffalo
sold in
V. 128, p. 769. Bonds are dated June 5 1928 and mature on Mar. 1 as follows: $499.04, 1929; $1,000, 1930 to 1932 inclusive, and $2,500, 1933 to
1946, inclusive.
WHITE PLAINS, Westchester County, N. Y.
-BOND OFFERING.
Loren S. Spoor, Commissioner of Finance, will receive sealed bids until
11 a. in. Feb. 11, for the purchase of the following coupon or registered
bonds aggregating 52,815,000
-rate of interest not to exceed 5% and to be
stated in multiples of kj or 1-10th of 1%.
$1,750,000 school bonds. Due 570,000, Feb. 1 1939 to 1963 incl.
425.000 school site bonds. Due 517,000, Feb. 1 1939 to 1963 incl.
200,000 Storm Water Drain bonds. Due $10,000. Feb. 1 1939 to
1958
inclusive.
75,000 sanitary sewer bonds. Due $5,000, Feb. 1 1939 to 1953
175,000 street impt. bonds. Duo Feb. 1, as follows: $22,000, incl.
1932 to
1938 incl.; and $21,000, 1939.
140,000 park bonds. Due $20,000, Feb. 1 1932 to 1938 incl.
50,000 highway bonds. Due Feb. 1, as follows: $7,000, 1932
to 1938
incl.: and $1,000, 1939.
Dated Feb. 1 1929. Denems. $1,000. Prin. and int. payable
at the Citizens Bank, White Plains, or at the Hanover Nationalin gold
Bank,
New York City. A certified check payable to the order of the
$50,000, is required. Legality to be approved by Clay, Dillon City for
&
water of New -York City. These are the bonds mentioned in-V. Vande128. P•
769.
WHITESBORO,Grayson County, Tex.
-BOND SALE.
-The 222.000
issue of 5% coupon paving bonds offered for sale on Jan. 23-V. 128, p.
508
-was awarded to the Dallas Union Trust Co. of Dallas at a price of
99,
a basis of about 5.09%. Dated Aug. 1 1928. Due from 1929 to 1958 incl.
The other bidders and their bids were as follows:
BidderPrice Bid.
Garrett & Co------------------------------------------------98.509
Brown-Crummer Inc. Co
98.30
Roger H. Evans Co
98.25
-BOND OFFERING.
WILLISTON PARK, N. Y.
-Robert Kent,
Village Clerk, will receive sealed bids until Feb. 19, for the purchase of
$210,000 434,4)4. or
% coupon or registered water bonds. Dated
1929. Denoms. $1,000. Duo Jan. 1, as follows: $5.000, 1934 toJan. 1
1939
incl.; and $6,000, 1940 to 1969 incl. Prin. and int, payable in gold at the
Nassau Trust Co., Mineola or at the National Bank of Commerce,
York City. The bonds will be engraved under the supervision of the New
States Mtge. St Trust Co., New York. A certified check payable United
to
order of the village for 2% of the bonds offered is required. Legality the
to be
approved by Hawkins, Delafield & Longfellow of New York City.
WILLARD, Huron County, 0.
--BOND SALE.
-The $60,000 hospital
bonds offered on Feb. 9-V. 128. p. 438
-were awarded to the Spitzer,
Rorick & Co. of Toledo, on its unconditional bid of par plus a premium
of
$505.00 for 5% bonds, equal to 100.84, a basis of about 4.88%.
Dated
Jan. 11929. Due $1,500, April and Oct. 1 IMO to 1949 incl.
The following bids were also submitted:
FINANCIAL
YATES (P. 0. Lyndonville), Orleans County, N. Y.
-PRICE
-The rorice paid for the $8,000 paving bonds awarded to the Citizens
PAID.
State Bank of Lydonville-V. 128. p. 769
-was par. The issue bears int.
at the rate of 5%•
CANADA, its Provinces and Municipalities.
AURORA, Ont.-BOND OFFERING.
-Sealed bids will be received by
M.L. Andrews, Town Clerk, until Feb. 15,for the purchase of the following
issues of bonds aggregating $22,233.50:
-year bonds.
$10,433.50 5% local improvement 15
-year bonds.
8,000.00 434% water works 30
3.800.00 434% local improvement 15-year bonds.
Equal annual instalments of prin. and int. payable at the Town Treasurers
office.
BURNABY DISTRICT (P.O. Edmond), B. C.
-BOND OFFERING.
Arthur G. Moore, District Clerk, will receive sealed bids until 12 m. Feb.
25, at any office of the Royal Bank of Canada, in British Columbia, or at
the principal office of the Royal Bank of Canada in the cities of Edmonton,
Calgary, Alberta, Winnipeg. Manitoba. Toronto, Ontario, Montreal or
Quebec,for the purchase of the following 5% bonds aggregating $262,000:
$114,000 road bonds. Due Feb. 1 1944.
80,000 road bonds. Due Jan. 311959.
68,000 road bonds. Due Feb. 11944.
Bids will be received for the entire offering or for individual issues. A
certified check for 5% of the bonds offered is required.
FOREST HILLS, Ont.-BOND OFFERING.
-Sealed bids will be
received by L. W. Archer, Village Clerk, until 5 p. m. Feb. 13, for the
purchase of the following 5% bond issues aggregating $115,000;
$75.000 Municipal Building Site bonds. Due in 20 annual equal instalments.
40,000 Incinerator bonds. Due in 10 equal annual instalments.
-BOND OFFERING.
ONTARIO (P. 0. Providence),
-F. A. MOLITO,
Bursar University of Toronto, will receive sealed bids until 12 m. Feb. 12
for the purchase of 5800,000 5% debentures to mature $64,193 each (including principal and interest) on Jan. 15 from 1930 to 1949 inclusive.
The advertisement states that "Payment of these debentures will be guaranteed by the l'rovince of Ontario.
ONTARIO (Province of), Canada.
-BONDS OFFERED FOR INVESTMENT.
-A. E. Ames & Co. of Toronto are offering for investment
$440,000 434% coupon University of Western Ontario debentures, guaranteed unconditionally by the Government of the Province of Ontario, at
prices ranging from 99.80 for the 1929 maturing debentures to 95.29 for
the 1958 maturing obligations, all debentures priced to yield 4.90 to 4.80%.
Debentures are dated July 2 1928. Denom. $1,000 and $500. Due annually on July 2 from 1929 to 1958 incl. Prin. and int. (Jan. and July 1)
payable at the Bank of Montreal, in Toronto. Montreal and London.
Legal opinion of Long & Daly.
-The 5140,000 5)1% 40
ROUYN,Que.-BOND SALE.
-year serial bonds
-were awarded to Prete & Co. and
offered on Dec. 17-V. 127. p. 3439
Bray. Caron & Dube, both of Quebec. Bonds are dated Oct. 1 1928, due in
1968, payable at Rouyn and Montreal.
ST. ANTOINE DE PADOUE, Que.-BOND OFFERING.
-Sealed bids
will be received by the Secretary-Treasurer, until Feb. 15, for the purchase
of $12,000 impt. bonds, to bear interest at the rate of 5%, payable semiannually, and maturing in 15 installments.
SCARSBOROUGH TOWNSHIP,Ont.-BOND SALE.
-Wood,Goudy
& Co. of Toronto, purchased during Jan. of this year, an issue of $495.071.93
5% bonds. Dated Dec. 151928. Denonas. $1,000, 5500 and odd amounts.
Prin. and annual int. (Dec. 15) payable at the Canadian Bank of Commerce. Toronto. Successful bidders are reoffering the bonds for investment at par and interest yielding 5%. Bonds mature annually on Dec. 15.
Schedule of maturities follows: 1929, $9,030: 1930. $9,482; 1931. $9,956;
1932, $8.454; 1933, $10,977: 1934. $11,525; 1935, $12,102; 1936, 512,707:
1937. $13,342: 1938. $14,009: 1939, $14,210; 1940, $14.545; 1941, $16.000:
1942, $11,000; 1943. 52.880; 1944, $3.774; 1950, 525.159: 1951, 526.417:
1952, $27.738; 1953, $29,125: 1954, $30,581: 1955, 530,110: 1956, $33,000;
1957, 535,402; 1958, 537,172.
NEW LOANS
We Specialize in
City of Philadelphia
3s
328
/
1
4s
/
41 45
4 s
/
1
2
58
51/ 8
4
51/
28
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
925
BidderJul. Rate. Premium.
Title Guarantee & Trust Co
4347
$420.00
Otis & Co
434%164.00
Well, Roth & Irving Co
4V%
12.00
Assel, Goetz & Moerlein1,025.00
A. T. Bell & Co
P
o
801.00
Seasongood & Mayer
57
783.00
Prudden & Co
5
727.00
Ryan. Sutherland & Co
703.00
Stranahan. Harris & Oatis
54
678 00
W. K. Terry & Co
54
631.00
First-Citizens Corp
o
528.00
Breed, Elliott & Harrison
5
228.00
Guardian Trust Co
5%
201.00
Commercial Savings Bank & Trust Co
534%
1,512.48
WILSON COUNTY (P. 0 Lebanon), Tenn.
-BOND SALE.
-A
$300,000 issue of 534% jail, court house annex, road and bridge bonds
has been purchased by the Commsrce Onion Co. of Nashville, at 101.666,
a basis of about 5.24%. Due $20,000 in froml to 15 years.
WINFIELD, Cowley County, Kan.
-BOND SALE.
-The $54,363.01
issue of special improvement, series No. 104 bonds offered for sale on Dec.
11-V. 127, p. 3283
-has been purchased at par by the State School Fund
Commission. Dated Dec. 1 1928. Due from Dec. 1 1929 to 1938 incl.
WORTHINGTON, Franklin County, 0.
-BOND SALE.
-The
$12,700 534% improvement bonds offered on Feb.20-V.128, p.769
-were
awarded to the First-Citizens Corp. of Columbus, at a premium of $303.06,
equal to 102.30, a basis of about 5.20%. Bonds are dated March 1 1929 and
mature on Sept. 1, as follows: $3,400, 1930: $4,000. 1931 to 1936 incl.:
51.000.1937;5500, 1938, and $700. 1939. Other bidders xere:
BidderPremium.
Ryan, Sutherland & Co., Toledo
--$178.00
W. L. Slayton & Co., Toledo
162.00
Worthington Savings Bank Co., Worthington
25.00
State of Louisiana
ROAD BONDS
Bids will be received by the Board of Liquidation of the State Debt of Louisiana for Ten Million Dollars State of Louisiana Road Bonds
until eleven o'clock a. m. Tuesday, February
26, 1929. Further particulars and information
will be furnished upon application by L. B.
Baynard, Jr.. Secretary, Board of Liquidation
of the State Debt of Louisiana, Baton Rouge,
Louisiana.
FINANCIAL
WHITTLESE?.
McLEAN &CO.
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
[VOL. 128.
FINANCIAL CHRONICLE
926
inancial
ffinancial
jrInanejai
Ala r
4;
GitenglpaumSons
Securities cori.w.io
Paul C. Dodge & Co., Inc.
535 Fifth Ave. cor. 44th St.
Phone Vanderbilt 6580
INVESTMENT SECURITIES
see
120 SOUTH LA SALLE STREET
CHICAGO
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S4
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Suitable Investments for Banks, Irian,
and Companies, Estates and Individuals
Los ANGELES-FIRST NATIONA1
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the Southern
half of California
through branches in
It. principal cities.
New York
Representative
Approved and Recommended by the
OLDEST REAL ESTATE BOND HOUSE
FOUNDED 1855
MICHIGAN
HARRIS,SMALL & CC
150 CONGRESS ST..W.
DETROIT
Resources more than
HO million dollars
rSpecializin
Joel Stockard & Co., Inc.
in investment securities of public
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Investment Securities
Main Office
E. A. Pierce & Co.
Penobscot Bldg.
DETROIT
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COMPANY
Branch Offices:
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N. Y. Stock Exch. Los Angeles Stock Exch.
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Private Wires to Branch Offices at
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A. 0. Slaughter & Co.
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120 COUTH LA SALLE STREET
PENOBSCOT BUILDING, DETROIT, MICH.
Stocks - Bonds - Grain - Cotton
CONSERVATIVE—
PROFITABLE
7% Cumulative Preferred Shame of the
Pasadena Mortgage Securities Corporation, par value 2100 each, sold at par to
net the Investor 7%•
Quarterly dividends of One and Three
Quarters. per cent have been regularly
.
paid out of earnings since organization.
Exempt from taxation In California.
Prospectus upon request.
PASADENA MORTGAGE SECURITIES
CORPORATION
223 Pacific-Southwest Bldg.
PASADENA, CALIFORNIA
CHICAGO, ILL.
LIVINGSTONE, CROUSE & CO.
Members Detroit Stock Exchange
409 Griswold Street
DETROIT
GARARD TRUST
COMPANY
INVESTMENT SECURITIES
TRUSTS • ESTATES
RALEIGH. N. C.
Durfey & Marr
1
39 So.LA SALLE ST:
114
CHICAGO
,...WIWWIWWISIWIAIWWWWWWWWAlanleartm
RALEIGH, N. C.
Southern
Industrial Securities
North Carolina's Oldest
Strictly Investment House
Market for
LACKNER, BUTZ & COMPANY
Inquiries Solicited on Chicago
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111 West Washington Street
Pacific Coast Securities
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Quotations and Information
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BUFFALO
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SUTRO & CO.
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Established 1887
LOS ANGELES
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PASADENA
SAN DIEGO
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Oakland
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CHAPMAN DE WOLFE CO.
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Thomas D. Sheerin & Company
ALABAMA
CORPORATION
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